Strategy

• to make no new commitments to limited partnerships or other vehicles and make no new direct investments;
• to seek to maximise returns from existing investments and return surplus cash to shareholders consistent with cash balances and banking covenants, whether by way of dividends, share buy backs, reduction of capital or otherwise;
• to seek value enhancing proposals from third parties where they offer attractive value to shareholders; and
• to run the Company with a low total expense ratio.