Fund Administration

Undertaking administrative services including:

Supervising the administration of the procedures for the holding of assets and securities of the Fund by the Custodian.

Effecting all necessary registrations with governmental and similar agencies in connection with the maintenance of the listing of the shares of the Fund on any stock exchange on which they are listed.

Dealing with the administration of the procedure for the issue, transfer, allotment, redemption and purchase of the shares of the Fund in accordance with the Articles of Association and enter on the register of members of the Fund ("the Register") all issues, allotments, transfers, conversions, redemptions, and/or purchases of shares.

Making a valuation of the Fund, and calculation of the Net Asset Value (NAV), on a fixed basis or otherwise as determined by the Directors of the Fund.

Keeping the accounts of the Fund and such financial books and records as are required by law in the jurisdiction of the Fund or otherwise for the proper conduct of the financial affairs of the Fund.

Despatching all such circulars, notices of meetings, reports, financial statements and other written material to all persons entitled to receive the same under the Articles of Association as the Fund may require.