Audit Committee

The Audit Committee will meet at least twice per year. It comprises the entire Board including the Chair and is chaired by Maria Christina (Tintin) Stormont. The Audit Committee is responsible for the review of the annual report and the half year report, the nature and scope of the external audit and the findings therefrom, and the terms of appointment of the auditors, including their remuneration, independence and the provision of any non-audit services by them.

The Audit Committee will review the need for non-audit services and authorise such on a case by case basis.

The Audit Committee will as required meet representatives of the Administrator and Chelverton and their compliance officers who will report as to the proper conduct of business in accordance with the regulatory environment in which the Company operates. The Company’s auditor will also be required to attend the Audit Committee at its request and report on its work procedures, the quality and effectiveness of the Company’s accounting records and its findings in relation to the Company’s statutory audit. The Company meets with the auditor, without representatives of the Administrator or Chelverton being present, at least once a year.