Non-Direct Investments – Structured Products

</p><br /><p class="MsoBodyText2" align="center" style="text-align: center; text-indent: -.5in; line-height: 200%; margin-left: .5in"> <font face="Arial"><b><span lang="EN-GB" style="font-size: 12pt" xml:lang="EN-GB">Non-Direct Investments – Structured Products</span></b></font></p><br /><p class="MsoBodyText2" align="center" style="text-align: center; text-indent: -.5in; line-height: 200%; margin-left: .5in"> <font face="Arial"><b><span lang="EN-GB" style="font-size: 12pt" xml:lang="EN-GB">Specific Investment Guidelines</span></b></font></p><br /><p class="MsoBodyText2" style="text-indent: -.5in; line-height: 200%; margin-left: .5in"> <font face="Arial"><span lang="EN-GB" xml:lang="EN-GB"> </span></font></p><br /><p class="MsoBodyText2" style="text-align: justify; line-height: 200%"> <font face="Arial"><span lang="EN-GB" xml:lang="EN-GB">The Specific Investment Guidelines for this class of investment, supplementary to the General Investment Guidelines given above, are as follows:</span></font></p><br /><p class="MsoNormal" style="line-height: 200%"><font face="Arial"><b> <span lang="EN-GB" xml:lang="EN-GB"> </span></b></font></p><br /><p class="MsoTitle" style="text-align: justify; text-indent: -.25in; line-height: 200%; margin-left: .5in"> <font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">1.</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: Arial" lang="EN-GB" xml:lang="EN-GB">      </span><font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">The Company may invest in such products on a case-by-case basis with the objective of exploiting high risk and high return opportunities in which it would not otherwise normally invest.</span></font></p><br /><p class="MsoTitle" style="text-align: justify; line-height: 200%; margin-left: .25in"> <span lang="EN-GB" style="font-size: 12.0pt; font-family: Arial; font-weight: normal" xml:lang="EN-GB">  </span></p><br /><p class="MsoTitle" style="text-align: justify; text-indent: -.25in; line-height: 200%; margin-left: .5in"> <font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">2.</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: Arial" lang="EN-GB" xml:lang="EN-GB">      </span><font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">Such opportunities will normally be identified and structured internally by the Company’s Management team and presented for pricing to credit acceptable financial institutions.</span></font></p><br /><p class="MsoTitle" style="text-align: justify; line-height: 200%"> <span lang="EN-GB" style="font-size: 12.0pt; font-family: Arial; font-weight: normal" xml:lang="EN-GB">  </span></p><br /><p class="MsoTitle" style="text-align: justify; text-indent: -.25in; line-height: 200%; margin-left: .5in"> <font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">3.</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 12pt; font-family: Arial" lang="EN-GB" xml:lang="EN-GB">      </span><font face="Arial"> <span lang="EN-GB" style="font-size: 12.0pt; font-weight: normal" xml:lang="EN-GB">At least three financial institutions should be approached for best pricing on a “tender” basis and the transaction executed with the institution offering the best overall terms.</span></font></p><br /><p class="MsoNormal" style="line-height: 200%"><font face="Arial"><b> <span lang="EN-GB" xml:lang="EN-GB"> </span></b></font></p><br /><p class="MsoNormal" style="line-height: 200%"><font face="Arial"><b> <span lang="EN-GB" xml:lang="EN-GB"> </span></b></font></p><br /><p class="MsoNormal" style="line-height: 200%"><font face="Arial"> <span lang="EN-GB" xml:lang="EN-GB"> </span></font></p><br /></p><br /><p><br />Credit:ivythesis.typepad.com</p><br />

Non-Direct Investments – Structured Products

Non-Direct Investments – Structured Products Specific Investment Guidelines   The Specific Investment Guidelines for this class of in...

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