PART A - NOTICE

ORDER OF THE ROYAL COURT

On 18 August 2026, the Royal Court of Guernsey made an order pursuant to the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the "Law"), upon the application by the Guernsey Financial Services Commission, that the Company be placed into administration management. Matthew Wright and Sophie Smith of Harbour House, South Esplanade, St Peter Port, GY1 1AP, were appointed as the Joint Administration Managers of the Company (the "Joint Administration Managers").  

An administration management order may be made by the Royal Court where satisfied that an administered person has caused, or is likely to cause, undue risk to customers or potential customers, and/or for the protection of the public or the reputation of the Bailiwick as a finance centre (together the "Purposes").

It should be noted that an administration management order is an order directing that the business, property and affairs of the Company shall be managed by an independent person appointed by the Royal Court. The Joint Administration Managers have not been instructed by, and are not providing services to the benefit of, the Company, its directors or officers.

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The Joint Administration Managers are managing the company's affairs in accordance with the orders of the Royal Court and in consultation with the Guernsey Financial Services Commission.

The Joint Administration Managers will endeavour to update investors in due course. Should any investors wish to contact the Joint Administration Managers, they should email [email protected].

PART B - CLARIFICATION OF THE COMPANY ANNOUNCEMENT DATED 18 AUGUST 2026

The Joint Administration Managers are aware that the Company made an announcement on the morning of 18 August 2026 (the "Announcement") prior to their appointment and without consultation with the Joint Administration Managers. Several statements within the Announcement require clarification.

1.   The Announcement refers to an "administration" process and the appointment of "administrators"

It should be noted that an administration management order is an order directing that the business, property and affairs of the Company shall be managed by an independent person appointed by the Royal Court and may only be applied for by the Guernsey Financial Services Commission. The primary role of the Joint Administration Managers is to attempt to fulfil the Purposes.  

We understand the wording of the Announcement may be interpreted to refer to an administration process pursuant to the Companies (Guernsey) Law 2008, as amended (the "Companies Law"), which is an insolvency-based rescue process which can be initiated by a company's members, creditors or directors. The administration process is entirely distinct from and different to the administration management process to which the Company is subject. Administration Management is a process arising out of Guernsey's regulatory regime and is a remedy only available to the Guernsey Financial Services Commission.

The Joint Administration Managers have not been instructed by, and are not providing services to the benefit of, the Company, its directors or officers.

2.   The Announcement refers to the process leading to the cancellation by OFAC of the EO.14404 designation and removal of the Company from the list of Specially Designated Nationals Upon which blocked persons appear (the "Designation").

The Joint Administration Managers are independent officers of the Royal Court of Guernsey. They offer no opinion or position with respect to the Designation and have not provided any indication as what steps, if any, they intend to take in this regard at this stage.  

3.   The Announcement refers to the suspension of trading of the Company's shares of the Specialist Fund Segment of the London Stock Exchange

The Joint Administration Managers have not taken a position with regard to the Company's trading status and have not provided any indication as to what steps, if any, they intend to take in this regard at this stage.

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