Disclosure

The Directors or their associates have, or may in the future have, a beneficial interest in WPS Capital via shares and / or options. The Directors are entitled to be paid Directors' fees and to be reimbursed for expenses incurred in the performance of their duties.

Directors or their associates may invest in the managed investment schemes operated and managed by WPS Capital from time to time on the same terms that apply to any other investor.

Directors or their associates may borrow from one or more of the managed investments operated and managed by WPS Capital.  Any such loans will be made on an arms length basis and must comply with the lending policies of WPS Capital. Details of any related party loans will be disclosed in the respective fund updates issued by WPS Capital in writing and electronically.