Amendment To Investment Management Agreement

The Company and Pembroke Investment Managers LLP (the „Manager“), the Company`s investment manager, today entered into an agreement to amend and reissue (the „IMA Variant“) the Company`s Investment Management Agreement (the „IMA“). Since the director is a close party to the company in accordance with the listing rules, the modification of the IMA, due to his participation management as investment manager of the company, constitutes a transaction governed by the listing rule 11.1.10R. The amendment to the IMA relates to the compensation granted by the director to the company under the IMA for the annual operating costs of the company (the „cost cap“). Prior to the amendment to the AMI, the annual operating costs that were subject to the cost cap were tied to a fixed amount of money. In view of the increase in the size of the company since the implementation of these previous agreements, the cost ceiling resulting from the amendment of the IMA is now set to the net asset value of the company („NAV“), with the manager now agreeing to compensate and compensate the company for the amount corresponding to the excess corresponding to an overrun of 0.5% of the company`s annual operating costs. Calculated on an annual basis. The City Partnership (UK) Limited (Company Secretary). . .

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