1CONTENTS

1Introduction 2

2Business Overview

Jersey OfficeInternational Network Fund Administration Division Core ServicesIndependent RankingsCompetitive AdvantageStrong Relationships

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3Business Strategy

Ownership and Management Structure Future Strategy

16

4The Team 18

5Our Guarantee 20

CONTENTS

R&H Fund Services (Jersey) Limited is regulated by the Jersey Financial Services Commission.For details of our Privacy Notice please refer to www.rhj.je

R&H FUND SERVICES (JERSEY) LIMITED

PO Box 83, Ordnance House, 31 Pier Road, St Helier, Jersey JE4 8PW +44 1534 825 200 | mail@rhj.je | www.rhj.je | www.rawlinson-hunter.com

INTRODUCTION2

ABOUTR&H

In a world where stability is rare we are understandably proud of our independence and heritage.

That heritage goes back to 1972 in Jersey when our office was opened followed by the establishment of our fund administration business in 1988. In that time we have worked hard to build a reputation grounded in exceptional service, a highly personalised level of client care and an uncompromising approach to technical excellence.

Whilst the financial sector has entered a new era, the core values that R&H have always embodied are re-asserting themselves at the heart of client relationships and the way in which companies do business. We believe that confidence in your service providers is key to supporting your business and, as such, our business model sets us apart from other firms. We believe that we are ideally equipped to provide our clients with a competitive edge.

Our core values provide the framework for our relationship with our clients, our employees and our other stakeholders.

Core Values• professionalism combined with a highly

personal service• hard work, commitment and focus• stability, reliability and durability• loyalty to our clients, employees and

service providers• business ethics of the highest standard• teamwork

This has enabled us to forge long-term relationships based on a spirit of trust and openness. We have attained our market-leading position through the quality of our client base, the strength and depth of our management team, the commitment of our employees and substantial re-investment in our business.

Our core objective is to partner with our clients, service providers and employees to create a team of exceptional strength.

3INTRODUCTION

From left to rightJohn-Paul Meagher, Craig Stewart,

Hilary Jones and Steven Ross.

“Your quality of service has become a byword and a benchmark by which others have to assess themselves”Senior Partner, leading Jersey legal firm

BUSINESS OVERVIEW4

FUNDS OVERVIEW

We have built the funds services business into one of the leading privately owned financial services providers in the Channel Islands. All our partners are professionally qualified with qualifications in accountancy, law or trust and a very high percentage of our employees are also professionally qualified.

Growth has been achieved organically through referrals. We are a market leader because of the quality of our people and the business philosophy upon which our firm has been built.

Rawlinson & Hunter is an international grouping of privately owned businesses each specialising in the provision of corporate services and private client work.

Established in 1933 by Alfred Rawlinson and Robert Hunter, the London office is a highly respected Chartered Accountancy firm and is the hub of our international network. We have offices in ten jurisdictions and collectively we administer in excess of £60 billion of assets.

Our offices are in Australia, Bermuda, the British Virgin Islands, Cayman, Guernsey, Jersey, New Zealand, Singapore, Switzerland and the UK.

Jersey Office International Network

5BUSINESS OVERVIEW

GUERNSEY & JERSEY

CAYMAN & BRITISH VIRGIN ISLANDS

AUSTRALIA

NEW ZEALAND

SINGAPORE

SWITZERLAND

UNITED KINGDOM

BERMUDA

BUSINESS OVERVIEW6

FUND ADMINISTRATION DIVISION

R&H Fund Services (Jersey) Limited is a wholly owned subsidiary of R&H, Jersey. The company was incorporated in 1988 and now employs in excess of 50 employees. Funds under administration are valued at approximately £15 billion.

We provide a full range of fund administration and corporate services across a wide range of asset classes and investment structures. Our client base is of extremely high quality, drawn from across the investment management community and ranging from entrepreneurial start-ups to global asset managers. Whilst we provide all of our administration services in Jersey we have some client vehicles which are domiciled in other jurisdictions.

1st in 2018 Monterey Insight report by number of funds

£15bn of assets under administration

SOC1 Type II accredited business processes

Fund Types

Open-endedClosed-endedRetailInstitutionalListedUnlistedRegulatedUnregulated

Asset Classes

Real estatePrivate equityCommoditiesQuoted equitiesBonds

BUSINESS OVERVIEW8

CORE SERVICES

Fund establishment We aim to integrate our services and expertise from the outset to bring your business plan to life, assisting with the co-ordination of the fund launch. This can encompass reviewing the fund's constitutional documents, engagement terms with service providers, operational and process workflow set-up and the provision of tailored operating, procedural and reporting documentation to support the fund infrastructure.

Bookkeeping and valuations Our client administration teams are responsible for maintaining the fund’s accounting and investment records, capturing all aspects of transactions, producing the Net Asset Valuation calculation and processing payments.

Financial reporting solution Our in-house dedicated financial reporting team produce statutory financial statements in accordance with applicable accounting standards. We liaise directly with audit firms to ensure a smooth and efficient audit process.

Company secretarial services Our company secretarial department is the conduit for sharing, providing and safeguarding information between each party connected with the fund. They ensure that the board is run effectively and the duties of the board are discharged in an efficient manner. Our services include the provision of a registered office and directors, co-ordinating board meetings and maintaining statutory registers and company records.

Compliance and corporate governance We can provide support in many areas in relation to compliance and corporate governance as we understand that this is a constantly evolving landscape. Whether the fund requires a Money Laundering Compliance Officer, a Money Laundering Reporting Officer or a Compliance Officer, or there is a need for regulatory reporting and dedicated compliance monitoring, or simply that you require assistance in preparing a policies and procedures manual, our qualified and experienced staff can provide a bespoke service.

9BUSINESS OVERVIEW

“I am extraordinarily impressed by the way in which R&H have built the fund administration business and you must be delighted and proud with what has been achieved.”Senior partner, leading Jersey legal practice

Manager of Managed Entity (‘MoME’) services Our extensive experience in being a MoME allows us to offer clients a well-tested and robust launch-pad for their business. We can provide a full range of services tailored to the business needs which include, but are not limited to, providing the compliance function in line with the JFSC's Codes of Practice, corporate governance and risk management, provision of directors, company secretarial services and accounting services.

Provision of directors We are able to provide in-house directors with extensive expertise across a number of fund structures and asset classes. We also work closely with a pool of independent non-executive directors that we can propose for your consideration.

AIFMD services As an authorised Alternative Investment Fund Manager, we can provide the risk review services for Alternative Investment Funds ('AIFs') under the directive. Although we are able to delegate the portfolio management, we maintain responsibility for the oversight services in addition to providing reporting for AIFs/AIFMs in accordance with the required reporting frequency.

Shareholder dealing services This service line includes the processing of all aspects of transfer agency activities including, but not limited to, subscriptions and redemptions, capital calls and drawdowns/distributions, AML, customer due diligence and maintenance of investor registers.

Investment processing and settlement Our dedicated securities team is responsible for liaising with custodians and depositaries in order that we can ensure the accuracy and completeness of investment transactions. Whilst the trade team is independent from the client administration teams, they work together closely to ensure all transactions are captured in a timely manner.

Investor reporting services We have a dedicated in-house team to assist in the preparation of investor reports and an easy-to-use client portal where investors can obtain their latest valuations. Our services in this area also include co-ordinating and reporting under the tax reporting requirements for CRS and FATCA, portfolio and investment monitoring services.

BUSINESS OVERVIEW10

INDEPENDENTRANKINGS

Our results speak for themselves and are testament to the hard work and professionalism of our team.

We are consistently rated as one of the leading firms of independently owned fund administrators in Jersey.

Industry ranking for funds serviced and domiciled in Jersey (number of participators in brackets)

2018 2017 2016 2015 2014

Number of funds 1st(42)

1st(42)

1st(41)

1st(40)

1st(41)

Value of funds 3rd(42)

2nd(42)

3rd(41)

4th(40)

4th(41)

Source: Monetary Insight Jersey Fund Report 2018

We are the only independently owned firm to be ranked in the top decile for both the number of funds and the value of assets under administration every year since 2010.

11BUSINESS OVERVIEW

BUSINESS OVERVIEW12

13BUSINESS OVERVIEW

With 30 years of experience in the funds sector, new clients gain immediate access to a strong management team with a wealth of knowledge supported by a resilient IT and risk management infrastructure.

We have a highly distinctive culture which delivers to our clients a significant competitive advantage. With links to a professional services firm and the stability of a private ownership structure, we have been able to establish and maintain long-term client relationships built on trust and results.

COMPETITIVE ADVANTAGE

We aim to provide our clients with service of the highest quality by attracting and retaining employees of the highest quality.

Key strengths of our fund administration division:

• first class reputation

• industry specialisation, resulting in technical knowledge and expertise

• a talented and loyal management team

• market-leading retention levels for clients and employees

• a strong emphasis on internal team work and a collaborative approach with outside parties

• a proactive approach to risk management which stems from our roots of originally being a firm of chartered accountants

• SOC1 Type II accreditation

• FIS Investran, Panoptic and propriety fund administration and accounting software

BUSINESS OVERVIEW14

15BUSINESS OVERVIEW

We have a relatively small, highly entrepreneurial and successful client base which enables us to provide an exceptional level of personal service. We are very selective with whom we enter into client relationships, with new clients typically referred to us by existing clients. It is extremely rare for us to lose a client.

Our approach is based on a model of growing with our clients.

“We have an excellent working relationship with R&H which spans more than 15 years. They are very good business partners and I can only hope that the next 15 years will be as fruitful as the previous 15.”Director, quoted asset management group

STRONG RELATIONSHIPS

BUSINESS STRATEGY16

BUSINESSSTRATEGY

The Jersey business is privately owned by local partners which provides us with a very stable ownership structure and enables us to manage our business in our clients’ best interests.

We are not constrained by the unwieldy bureaucracy often associated with large financial institutions. We maintain a simple management structure which facilitates fast decision-making. Our business is managed on a conservative financial basis and we have never used debt financing.

Alternative asset classes have always been an important part of our business. This area forms a core part of our strategy and will continue to receive significant investment. Strategic alliances enable us to provide a multi-jurisdictional service offering.

Growth has not been a strategic objective of our firm but rather a consequence of facilitating our clients’ growth models. We have the infrastructure, capacity and appetite to continue to grow our business organically.

In summary, our objective is to preserve our distinctive business model and to continue to focus on pursuing our clients’ best interests.

Ownership and management structure

Future strategy

17CONTENTS

“R&H are friendly and professional, extremely responsive and hands-on.”Co-founder, private equity firm

THE TEAM18

THETEAM

Craig Stewart acaDirectorCraig joined R&H in 2000 having previously worked as a manager specialising in investment funds at Arthur Andersen. Craig qualified as a chartered accountant in 1997 and has over 20 years experience in the finance sector, with extensive experience of private equity and real estate funds. He has served as a committee member of the Jersey Funds Association.

John-Paul Meagher acaDirectorJP joined R&H in 2011 having previously worked in audit at KPMG. He qualified as a chartered accountant in 2010 and has over ten years of experience in the finance sector. JP leads our real estate and private equity division. He is a member of the Institute of Chartered Accountants in England and Wales. In 2015 JP was appointed a Director of the fund administration business.

Hilary Jones fccaDirectorHilary joined R&H in 1999 having previously worked for Barclays Private Bank. Hilary is a Fellow of the Association of Chartered Certified Accountants. She is responsible for our Company Secretarial and Corporate Services teamsand has over 30 years of experience in the finance sector. Hilary has served on the legal and technical sub-committee of the Jersey Funds Association.

Steven Ross fcaPartnerSteven joined R&H in 2012 having previously been responsible for Capita's fund operations team in Jersey for four years. Steven was admitted to the Partnership in 2017. He trained and qualified with PwC in 2005 where he subsequently became an audit manager. Steven has over 15 years of experience in the finance sector and is predominantly involved in open ended structures. Steven has served as a committee member of the Jersey Funds Association.

19THE TEAM

Karen Freeman ficaHead of ComplianceKaren joined R&H in 2017 and has worked in the finance industry in Jersey for nearly 20 years, the majority of which has been spent within risk management and compliance roles. She has undertaken a number of professional compliance and AML qualifications and is a Fellow of the International Compliance Association and a member of the Jersey Compliance Officers Association.

OUR GUARANTEE20

OURGUARANTEE

Unlike many financial institutions we do not regard our service as a product. To us, our work is all about building long-term relationships. We passionately believe that we have a culture that is rare and a business model that is distinctive. You have our personal guarantee that we will provide a level of service that is without parallel. We look forward to being of service to you.

“We all look on the firm as highly competent, efficient and always working in partnership in the best interests of the client. The spirit of the relationship between R&H and your clients is testament to the respect we have for you all and the great efficiency with which you carry out your duties.”Former Managing Director of a leading global investment management group