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6TH ANNUAL FUND GOVERNANCE REVIEW

1 EXECUTIVE SUMMARY

3 BREXIT – ARE YOU READY?

4 A DIVERSITY OF PERSPECTIVE

5 CHANGES TO AML REQUIREMENTS

7 NAVIGATING GDPR

8 U.S. PARTNERSHIP REPRESENTATIVE

9 THE CENTRAL OF IRELAND’S ENHANCEMENTS TO THE ORIGINATING FUND RULES

10 WHAT’S NEW AT DMS?

18 CAYMAN ISLANDS REGULATORY UPDATE

20 DMS INVESTMENT FUNDS SUMMIT 2019

DMSGOVERNANCE.COM

FUND GOVERNANCE REVIEW 1 EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

We are pleased to present our annual Fund Governance Review. As 2018 came to an end, it was clear that it had been quite a challenging year for and managers. Rising interest rates, slowing growth and political turbulence all contributed to a volatile time for the financial markets.

From a regulatory perspective, Brexit continued to be a dominating influence throughout 2018 and with negotiations still ongoing, the uncertainty continues as we move into early 2019, with firms still unsure of the outcome they must prepare for. We also saw many other significant regulatory developments such as the Cayman Islands AML and MLRO requirements, the U.S. Partnership Representative requirement and GDPR in Europe. DMS welcomes the transparency that these new regulations bring to the industry, and as the worldwide leader in fund governance, risk ANNE STORIE and compliance, we work closely with our clients as they are affected by CHIEF EXECUTIVE these changes to help them meet the challenges they face. OFFICER

Another significant theme of discussion over the past year has been boardroom diversity. Institutional investors are becoming increasingly aware of the value that diversity can bring to the boardroom and are taking into consideration board diversity as a factor for evaluating investment. DMS welcomes and supports this meaningful shift towards a more diverse board composition.

DMS has continued its growth during 2018 with the expansion of the New York office, both in terms of service offering and talent. This included the launch of DMS Capital Solutions and an increase in offerings from our U.S. Regulatory Compliance Services. In Ireland, we were pleased to announce the launch of our Aviation Corporate Services.

Our continued success and growth in 2018 reflects our ability to remain a consistent and trusted service provider, offering clients expertise and depth of knowledge against a backdrop of uncertainty and change. We look forward to 2019, to further growth and the expansion of new service offerings designed to meet the needs of our clients.

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FUND GOVERNANCE REVIEW 3 BREXIT – ARE YOU READY?

BREXIT – ARE YOU READY?

With the deadline of Friday, 29 March fast approaching, Gateway Hubs, DMS teams in Ireland and Luxembourg businesses must now prepare for the possible effects continue to assist firms who wish to take advantage of the of both a “deal” and a “no-deal” Brexit. This level of marketing passport. Both Ireland and Luxembourg have an uncertainty means that businesses face crucial challenges already well-established fund industry, their geographical in the coming months as they consider the implications of proximity to the U.K. is a clear advantage. Furthermore, a range of possible scenarios. both jurisdictions have a significant standing within the E.U., favourable taxation regimes and treaties, and a Questions abound as to how the U.K. will continue to fit comprehensive legal and regulatory landscape. into the Alternative Manager Directive (AIFMD), the Undertaking for Collective Investment in What is clear, however, is that firms must ensure they are Transferable Securities (UCITS) regulatory environment prepared for Britain’s departure from the European Union, and the Markets in Financial Instruments Directive (MiFID). whatever the exit scenario may be. While the decision to leave the E.U. had immediate political and economic consequences, the effects of changes to the legal and regulatory environment will be seen more gradually. Significantly, the Central Bank of Ireland (“CBI”) has asked Irish firms with a particular exposure to the U.K. for an update regarding their contingency plans for the various possible scenarios where the U.K. is no longer part of the EU, including a “hard Brexit”.

Over the past year DMS has assisted many firms in mapping-out their individual Brexit strategies and worked with them to draft contingency plans to help put in place a solid strategy to navigate Brexit. DMS’ dedicated teams have advised investors and managers looking for pan- European marketing and distribution solutions. As EU

DMSGOVERNANCE.COM 4 FUND GOVERNANCE REVIEW A DIVERSITY OF PERSPECTIVE

A DIVERSITY OF PERSPECTIVE

Throughout 2018 there has been much dialogue on 100 Women in , a global network of professionals the issue of women’s representation on boards and the in the finance and industries was need for gender diversity at the board table, renewing launched in Ireland last year, with a key focus area of discussions on the broader aspects of diversity such as female board participation. In January 2018, the 30% experience, background, and tenure on the board. There is Club published a study of women in the also evidence that institutional investors are now regularly industry in Ireland illustrating that only 37% of participating taking into consideration board diversity as a factor for firms’ talent pools were women. It was also found that firms evaluating investment to ensure that interests are aligned. with gender targets at employee level were more confident Boardroom diversity covers age, background, gender in their ability to develop, retain and attract female talent. and ethnic diversity, and also diversity in terms of skills, This lends weight to the initiative of creating and cultivating thinking, competencies, experiences, and careers. Depth an active pipeline of female participants and widening the of perspective leads to a better dynamic and manifests in scope in terms of candidate selection. better compliance and . DMS believes that diversity and inclusion should be matters With this in mind it is evident that compiling a board with a at the forefront of any board selection. wide range of perspectives must be a conscious decision The Irish Funds Corporate Governance Code requires and flexibility needs to be considered when selecting the board to formally review its membership every three board members. A well-constructed board is able to years and following CP86 we are now seeing the review of draw upon its wide experiences in foreseeing challenges the fund board composition and skillset analysed at least and appraising risks. This diversity of perspective leads annually. These regulations are encouraging more boards to better risk management as the board can draw upon to be attuned to the value that diversity can bring and this its diverse set of skills and knowledge. In addition to the shift in attitude is very much welcomed by DMS. critical analysis that boardroom diversity can bring, it can also enhance corporate reputation, positively affecting board performance and making for better use of the skill base.

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 5 CHANGES TO AML REQUIREMENTS

CHANGES TO AML REQUIREMENTS

2018 saw significant regulatory changes in regard to Previously the first Head of Compliance at the Cayman Anti-Money Laundering as the Cayman Islands Monetary Islands Monetary Authority and the Executive Director of Authority (“CIMA”) reaffirmed its on AML/CFT the Secretariat for the Portfolio of Finance & Economics requirements. DMS has communicated CIMA’s updates in (now the Ministry of Financial Services), Don W. Ebanks an advisory capacity to its clients over the course of 2018. is widely recognized as a leading expert on AML/CFT matters in the Cayman Islands. His team of highly skilled The changes, which are summarized below, require all and experienced AML professionals based in the Cayman Cayman-domiciled funds to appoint natural persons, who Islands have assisted clients throughout 2018 to ensure are suitably qualified and experienced, as AML Compliance they meet the requirements of these CIMA regulations. Officer (“AMLCO”), Money Laundering Reporting Officer (“MLRO”) and as Deputy MLRO (“DMLRO”).

• Each Appointee must have “adequate and appropriate knowledge and expertise” to fulfil their roles; • A documented risk assessment of the Appointee (including country risk) must be conducted; • A formalized agreement to be put in place setting out the responsibilities of each party; • The policies and procedures of the Appointee are subject to initial review and tested periodically; • Cayman Islands standards must be applied where the appointee is in a country which has lower standards.

Don W. Ebanks, DMS Group Chief Risk Officer commented, “it is very helpful for CIMA to guide the financial services industry towards a clearer understanding of the details of the Anti-Money Laundering Regulations and we look forward to being joined in our work assisting asset managers in taking the necessary steps to ensure that Cayman based funds comply with these requirements.”

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FUND GOVERNANCE REVIEW 7 NAVIGATING GDPR

NAVIGATING GDPR

The General Data Protection Regulation (GDPR), which and immediate deletion of relevant information to the came into force last year, had a wide-reaching affect, appointment of a GDPR representative in the EU to ensure not only on marketing and sales efforts within Europe compliance. but also on any parties involved in the retention of a European individual’s data. The regulation, which protects DMS has highly-qualified GDPR experts, resident across European individuals from improper use of their personal its three EU offices, providing high-quality and cost- information, meant that many firms required assistance effective data governance services, including serving as EU with formulating a plan and managing the process in order Appointed Representatives. to remain compliant.

Although essentially a European regulation, it affected any firm with oversight or retention of personal data regarding European individuals. Successfully navigating the GDPR involves establishing and continuously operating effective data governance processes, including the appointment of qualified data governance professionals to act asEU Appointed Representatives within the EU. DMS has worked with many firms globally to help resolve uncertainly and offered firms solutions ranging from complete

DMSGOVERNANCE.COM 8 FUND GOVERNANCE REVIEW U.S. PARTNERSHIP REPRESENTATIVE

U.S. PARTNERSHIP REPRESENTATIVE

The U.S. Internal Revenue Service (IRS) new partnership As the Partnership Representative has the power to bind audit rules, set out during 2018, require partnerships to the partnership and all partners with respect to the audit appoint a Partnership Representative for each tax year. The process, DMS recommends that every partnership should Partnership Representative, replaces and expands upon the select and appoint its own Partnership Representative. Tax Matters Partner, and must be named on the partnership If a partnership does not appoint its own Partnership tax return (Form 1065) effective for tax years beginning 1 Representative, the IRS can select any person to serve as January 2018. These new partnership audit rules apply to Partnership Representative with the power to bind the any domestic or foreign partnership, including any foreign partnership and all its partners. entity such as a Cayman Islands fund treated as partnership under IRS rules, that is required to file a partnership return Through its Partnership Representative solutions, DMS (U.S. Form 1065) in the United States. has been working directly with firms to meet their IRS requirements. Our New York based Partnership The regulations require that a Partnership Representative Representatives have extensive experience in U.S. tax and must be a person with a substantial presence in the United compliance matters and work directly with many leading States. A substantial presence requires the Partnership U.S. tax professionals and investment managers. As Representative to have: Partnership Representatives, they work closely with general • a U.S. taxpayer identification number; partners and professional advisors to ensure that any • a U.S. telephone number and a U.S. street address; actions taken are in the best interests of the partnership. • the ability to meet in person with the IRS at a reasonable time and place and; • if the Partnership Representative is an entity, the partnership must appoint an individual who meets the substantial presence requirements to act as the “designated individual” of the entity serving as Partnership Representative.

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 9 THE CENTRAL BANK OF IRELAND’S ENHANCEMENTS TO THE LOAN ORIGINATING FUND RULES

THE CENTRAL BANK OF IRELAND’S ENHANCEMENTS TO THE LOAN ORIGINATING FUND RULES

Ireland was the first European Union member state Derek Delaney, Global Chief Operating Officer at DMS to introduce a specific regulatory framework for loan commented, “The Irish regulatory framework for L-QIAIFs originating investment funds. Since first publishing its provides an important opportunity for asset managers to requirements in 2014 for loan origination qualifying engage in new investment strategies within a transparent alternative investment funds (“L-QIAIF”), the regulatory framework. L- QIAIFs benefit from the fast- Central Bank of Ireland has taken a pragmatic approach track authorisation procedure available to all other types with regards to the permitted activities and instruments of QIAIFs, meaning they are capable of being regulated that a L-QIAIF can undertake. within 24 hours of a single filing of documentation with the Central Bank. On 7 February 2018, the Central Bank of Ireland (CBI) announced its intention to further amend the requirements As a market leader in the establishment of loan origination, for L-QIAIFs, permitting them to cover a broader universe private /lending and related strategies, DMS of credit-focused strategies. fully supports and welcomes this important development. Asset managers, investors and consultants alike are increasingly allocating to these strategies when seeking uncorrelated returns to more traditional asset classes. 10 FUND GOVERNANCE REVIEW WHAT’S NEW AT DMS? WHAT’S NEW AT DMS? FUND GOVERNANCE REVIEW 11 WHAT’S NEW AT DMS?

LAUNCH OF DMS CAPITAL SOLUTIONS

2018 saw the launch of DMS Capital Solutions, the latest DMS Capital Solutions helps investors to meet their resource for private fund managers and investors available allocation needs and fund managers grow their enterprise, from the DMS suite of services. allowing both partners to efficiently find one another in an otherwise opaque market. DMS’ already strong relationships Howard Eisen, previously Managing Director, Moelis with fund managers and its deep understanding of their Asset Management and UBS Head of Capital Introduction, strategies, along with its advanced AI technology, means joined the U.S. based team in June. Howard has over 25 it can reliably identify managers in the strategy, asset class, years of experience in leading capital solutions teams at sector, geographic and performance categories that meet global investment , start-up firms and asset services the criteria private fund investors are seeking. firms. In Europe, the team extends to include U.K. Head of Distribution, Laurent Leclercq who has over 18 years of DMS offers investors access to a population of hundreds distribution experience in funds, UCITS, liquid and of fund managers and can make highly-targeted credit alternatives, private debt and the sector. introductions to lists of interested managers carefully curated with the investor. DMS Capital Solutions can also Expanding on DMS’ existing distribution activities in perform bespoke research of fund terms, pricing, and Europe, DMS Capital Solutions offers its participating other fund characteristics across the DMS ecosystem. clients established distribution channels into credible Other capabilities include consulting with managers on U.S. investors and offers those investors actionable fund fund terms, pricing and service providers as well as the manager opportunities from across its client base. DMS development of marketing materials, database registration benefits from being situated strategically between more and management and operational best practices. than 1300 fund managers and a global audience of private fund investors, allowing unique perspective into both investors’ preferences and managers’ products.

DMSGOVERNANCE.COM 12 FUND GOVERNANCE REVIEW WHAT’S NEW AT DMS?

DMS AVIATION CORPORATE SERVICES TAKES OFF!

In June 2018, DMS announced the acquisition of Aviation Following the acquisition, DMS welcomed industry experts Corporate Services Limited (AvCS), an Irish-based aviation Niall McNamara and Frank Dowling plus their team of nine corporate services company. This was in direct response aviation specialists to the DMS AvCS team, all of whom have to the significant expansion of the DMS developed a strong reputation for consistently delivering business and in order to keep pace with client growth. targeted, cost-effective advice and solutions to the global aviation industry. The acquisition allowed DMS to extend its current range of corporate structures, partnerships, and trusts, providing Following the acquisition, Niall McNamara commented, greater flexibility for aviation transactions. The recent rapid “The AvCS business has been built on a partnership expansion of private capital into the aviation leasing market platform with our clients. Frank and I are delighted to have had left the private fund industry looking for high-quality found a strong strategic partner in DMS Governance that corporate service providers to serve the ever-increasing use complements this partnership approach. DMS brings the of special purpose vehicles (SPVs) in the aviation leasing professionalism, global reach and energy to move the market. DMS’ newly strengthened Structured Finance business to the next level of service offering for the aviation team was able to offer a complete suite of aviation services and corporate services market.” globally, differentiating itself from its competitors. DMS advises on the best structure for transactions and provides Derek Delaney, Global Chief Operating Officer at DMS local lawyers and tax advisors with the appropriate aviation said, “We are extremely pleased to add the experience experience to ensure completion of projects on time and and expertise of AvCS to our existing structured finance within budget. DMS’ strong relationships with some of the services. The acquisition will be integral to our growth largest law firms and professional advisors in Ireland and within this market, strengthening our product offering and internationally, ensures a seamless, best-in-class solution giving us a point of difference from our competitors.” for clients that includes; lease management, treasury services and day-to-day SPV administration. FUND GOVERNANCE REVIEW 13 WHAT’S NEW AT DMS?

DMS Aviation Leasing Services:

• Special purpose vehicle (SPV) incorporation and structuring services; • Aircraft lease and contracts management service; • SPV services; • Aviation literate and experienced Irish resident directors; • Company secretary and secretarial services; • Registered office; • Bookkeeping, taxation and reporting compliance; • Share trustee; • SPV administration services; • Bank account and treasury management services; • Waterfall calculation agent; • Registrar and paying agent (to unlisted notes).

DMSGOVERNANCE.COM 14 FUND GOVERNANCE REVIEW WHAT’S NEW AT DMS?

NEW YORK EXPANSION

DMS bolstered its New York operation with four key the latest solution for fund managers available from the appointments during 2018. Francine Balbina, who has DMS suite of services. been with DMS for over seven years, relocated to New York from the DMS São Paulo office. Francine leads all aspects of Scott Davidoff, an accomplished new business services fund governance service delivery, across multiple product professional with more than fifteen years of experience in lines, for Latin and North American clientele. Francine is the accounting, software, and financial sectors, also responsible for growing the firm’s infrastructure in joined DMS as Director, working to identify strategic these regions. Francine has extensive experience in the partnerships and business relationships to ensure DMS financial services industry, having previously served as an maintains its dominance in the fund governance sector associate at DMS where she maintained a broad portfolio within the U.S. of funds. As DMS grows its business both geographically and in Paarus Sohi joined DMS as Executive Director and plays a terms of service offerings, these new appointments in the key role in enhancing the governance capabilities of DMS, New York office are key to enhancing DMS’ ability to serve both onshore and offshore. the U.S. market with a unique and high-quality service. It demonstrates DMS’ commitment to and success within the Howard Eisen joined DMS in June and brings with him North American market. The experienced team will ensure over 25 years of experience in leading new business and that DMS continues to expand its already substantial global relationship management teams at global investment presence. banks, start-up firms and asset services firms. Howard is a key figure in the development of DMS Capital Solutions,

DMSGOVERNANCE.COM THE DMS EXPANSION CONTINUES WITH THE CREATION OF A FURTHER 50 JOBS IN IRELAND

In 2018, DMS Europe brought its commitment to jobs in on 6 June 2018 by the Minister for Business Enterprise and Ireland to a landmark 150. Having experienced significant Innovation, Heather Humphreys TD, of the IDA in Ireland. expansion of the Structured Finance business during the past year, DMS announced the acquisition of Aviation This milestone is a reflection of the continued expansion Corporate Services Limited (AvCS), an Irish-based aviation of the DMS Dublin operation and the creation of new corporate services company leading to 50 newly created roles in Cashel Co. The project was supported by the Irish roles in Cashel Co. Tipperary and these were announced government through a partnership with IDA Ireland.

HEDGEWEEK AWARD WINS FOR DMS IN BOTH THE U.S. AND THE U.K.

DMS was delighted to receive a coveted Hedgeweek The Hedgeweek publication reaches a global audience of award in both the U.S. and the U.K in 2018. In the U.S., investors, fund managers and industry service providers and DMS was named Best Offshore Regulatory Advisory Firm these important awards wins are further evidence that the by Hedgeweek readers. The awards recognize excellence DMS brand is well-known and highly-regarded internationally. amongst managers and service providers across the globe and are based on a rigorous peer review survey of Hedgeweek’s readers.

In the U.K., DMS was named Best Offshore Regulatory Advisory Firm for the fifth consecutive year. The award recognized DMS’ commitment to delivering high-quality and tailored services to the global fund management community.

DMSGOVERNANCE.COM 16 FUND GOVERNANCE REVIEW 2018 WHAT’S NEW AT DMS?

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 17 WHAT’S NEW AT DMS?

LAUNCH OF CAYMAN COMPLIANCE SERVICES

As a result of the increased demand for compliance services DMS Compliance Services encompasses a team of highly and in conjunction with the changes to AML requirements, skilled AML professionals whose goal is to help clients it was a natural decision to launch Cayman Compliance navigate the compliance landscape requirements in the Services, led by DMS Group Chief Risk Officer, Don Ebanks. Cayman Islands.

EXPANSION OF THE ASIA PACIFIC TEAM

DMS has continued to increase its footprint in the region, We are delighted to welcome the new team members as we having successfully opened operations in Hong Kong in enter this exciting stage of growth. Seamus and Jovi bring 2010 and subsequently Singapore in 2017. DMS now offers with them skill sets that directly reflect the client demand we a further professional, independent director in the Asia are seeing and this serves to demonstrate our commitment time-zone (SGT), with fluency in Mandarin and Cantonese to the Asia-Pacific region. It is important that DMS expands language skills. Seamus Fox and Jovi Yuan Hong Gan join its team in order to keep pace with a maturing market. the DMS Asia-Pacific team as a direct result of growing client Seamus and Jovi’s professional expertise in their fields serves demand in the region. to strengthen the high-quality service we currently offer our Asia-Pacific clients. Seamus Fox joins as Associate Director, based in Hong Kong, and he will lead the European Fund Management Solutions operation. Seamus brings with him extensive experience, with a particular specialism in aviation, investment funds and capital markets transactions. Seamus will work with and assist investment managers based in the Asia-Pacific region who seek a European presence for their funds, utilizing DMS’ European AIFM and UCITS Management Company services. Joining the DMS team as Director in Singapore is Jovi Yuan Hong Gan who will serve as an Independent Director for DMS as they expand their service offering within the South- East Asia area. Jovi has over 13 years of experience in the fund governance industry, having worked in a number of senior roles before joining DMS from Citco Fund Services in Singapore. As Vice President at Citco, Jovi managed a team of 20 to support hedge fund clients located in both Asia and North America.

DMSGOVERNANCE.COM 18 FUND GOVERNANCE REVIEW CAYMAN ISLANDS REGULATORY UPDATE

CAYMAN ISLANDS REGULATORY UPDATE

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 19 CAYMAN ISLANDS REGULATORY UPDATE

The headline issue for 2019 is The International Tax The Cayman Islands Government brought into effect on Co-operation (Economic Substance) Law that imposes 1st January 2019 certain amendments to the Mutual Funds requirements on certain Cayman domiciled entities for Law and related Regulations supportive of continued appropriate levels of activity within the Cayman Islands. access to EU markets for Cayman domiciled funds. DMS It is important to note that investment funds, both CIMA has substantial operations in Ireland and Luxembourg registered/regulated and unregulated, are excluded from where additional compliance and risk services are offered. these requirements. entities currently registered as exempt from licensing under the While the Cayman Islands Monetary Authority currently has Securities Investment Business Law are likely to ultimately the power to impose administrative fines for breaches of fall under these substance requirements that carry financial AML/CFT requirements, it is our understanding that this penalties for non-compliance. We are working with our will be expanded in the future to include other matters clients to ensure that they are aware of the relevant issues such as late filing of returns or audited financial statements. and assisting them in complying with these requirements if needed.

The Cayman Data Protection Law is expected to commence on 30th September 2019 and requires that breaches be reported within five days. Funds will be Data Controllers with geographically dispersed Data Processors/service providers, some of whom are likely to be outside of the Cayman Islands. The governing bodies and fund managers will therefore need to implement a solution and DMS is ready to assist in this area.

DMSGOVERNANCE.COM 20 FUND GOVERNANCE REVIEW DMS 2019 INVESTMENT FUNDS SUMMIT –NEW YORK

NEW YORK

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 21 DMS 2019 INVESTMENT FUNDS SUMMIT – NEW YORK

Thursday the 24th January 2019 saw the third annual DMS Investment Funds Summit held in New York. We were delighted to have over 500 attendees this year from both our global client base and key sectors of the industry.

DMSGOVERNANCE.COM 22 FUND GOVERNANCE REVIEW DMS 2019 INVESTMENT FUNDS SUMMIT –NEW YORK

We welcomed to the event this year a total of nine speakers on a wide range of topics:

R. David Kelly, The Board of Trustees, Teacher System of Texas Antony Phillipson, HM Consul General and HM Trade Commissioner for North America Frances Stacy, Director, Portfolio Strategy, Optimal Capital David Weild IV, Founder, Chairman & CEO, Weild & Co Jeff Bollerman, Managing Director, Houlihan Lokey Andrew Gitlin, CEO, PAAMCO Launchpad Jeff Hammer, Managing Director, Houlihan Lokey Dave Philipp, CFA, CAIA, Managing Director, Crestline Bill Reeves, Director Strategic Partnerships and Technology Innovations, Mathematica Policy Research

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 23 DMS 2019 INVESTMENT FUNDS SUMMIT – NEW YORK

We were delighted to welcome R. David Kelly, Andrew Gitlin and Dave Philipp who took part in our investor debate panel. 24 FUND GOVERNANCE REVIEW KEY GLOBAL CONTACTS

KEY GLOBAL CONTACTS

DMSGOVERNANCE.COM FUND GOVERNANCE REVIEW 25 KEY GLOBAL CONTACTS

ANNE DEREK DAVID CAOIMHGHIN STORIE DELANEY MORRISSEY O’DONNELL

CHIEF EXECUTIVE OFFICER CHIEF OPERATING MANAGING DIRECTOR MANAGING DIRECTOR Cayman Islands OFFICER Ireland Dublin [email protected] Dublin [email protected] [email protected] +1.345.749.2584 [email protected] +353.1.619.2342 +353.1.619.2375 +353.1.619.2300

COLM NIAZ ALAINA KEVIN A. O’DRISCOLL KHAN DANLEY PHILLIP

MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR Cayman Islands Hong Kong Cayman Islands Cayman Islands [email protected] [email protected] [email protected] [email protected] +1.345.749.2795 +852.3478.3822 +1.345.749.2455 +1.345.749.2590

JOHN WILLIAM H. MATTHEW DON W. D’AGOSTINO WOOLVERTON BROWN EBANKS HEAD OF INVESTOR MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR ENGAGEMENT New York New York Cayman Islands New York [email protected] [email protected] [email protected] [email protected] +1.212.403.2781 +1.345.749.2562 +1.212.257.5051 +1.212.403.2793 DMSGOVERNANCE.COM