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Investment Policy and Objective

At an extraordinary general meeting of the Company held on 12 August 2011, shareholders approved the adoption of a new investment policy. As provided by the new policy, the Company will seek to realise its outstanding investment portfolio in an orderly manner.

The Company will not purchase or subscribe for new equity investments other than in connection with an exchange of its existing investments. The Company may, however, exercise warrants and convert its preferred stock so that the value of the resulting common stock may be realized.

The Company may invest in short-dated bonds or near cash equivalent securities pending distribution of cash to Shareholders.

The Company may not make any other investments or borrow, save to provide working capital.

Returns to Shareholders will be in such quantum, on such terms and in such manner as the Board may determine in its absolute discretion.