Montaque Securities International, Ltd ("MSI" or "Montaque Securities International") is a Bahamian company established for the purpose of providing general financial and investment advisory services to private individuals and corporations in both the domestic and international markets. Its mission is to introduce to the domestic market innovative methods of financial planning beneficial to the needs of the local population and a growing economy. In the international market, MSI utilizes a network of investment advisors, brokers and dealers to assist in the formulation and implementation of clients investment strategies offshore. MSI is committed to a uniquely personalized service in a professional and confidential manner.

MSI, as sponsor of the Fund, has been appointed as and will take on the responsibility of Fund Manager, Investment Advisor, and Administrator. Any potential conflict of interest in these roles has been addressed and a delineation of responsibility and accountability within the operation has been developed in consultation with the auditors of both the Fund and MSI, who are required to monitor the process on a continual basis.

The functions of MSI in respect of its services to the Fund are detailed in a Management Protocol dated 14 October, 1994. This Management Protocol is considered binding on all parties.
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The professional team at MSI draws together a wealth of experience and proven success in several areas of specialization in the financial services sector:

Mr. Owen S-M. Bethel
President and Managing Director, has served as Assistant Vice President of Credit Suisse (Bahamas) Ltd., Assistant to the Executive Director at both the International Monetary Fund and World Bank, Washington, DC, and Executive Director of both The Bahamas Financial Services Secretariat and the Bahamas Investment Authority. Mr. Bethel is currently a member of the Board of Directors of Surety Bank & Trust Co. Ltd. and InterTrust Bank. He is also a member of the International Fiscal Association. Mr. Bethel studied finance and law and received his Master of Laws from University College London, University of London. Mr. Bethel received the 1996 CIBC/Ernst & Young Emerging Entrepreneur of The Year Award, and he is the Chairman of the Advisory Board of the Centre for Entrepreneurship, College of The Bahamas.

Dr. Paulette Bethel
Vice-President - Administration & Client Relations, brings to the operations of MSI an international experience and perspective that is very much in keeping with the company's vision and global thrust. Dr. Bethel has had a long and distinguished career in the international and diplomatic field, working at both the United nations (U.N.) and the Organization of American States (O.A.S.). She has served as a diplomatic officer, at the highest levels, for the Government of The Bahamas in several posts abroad and, most recently, she has held the position of Director of the Department of Fellowships and Training at the O.A.S. in Washington, D.C. In addition to her wide experience in human resources training, she has to her credit a certificate in various aspects of organizational development. Dr. Bethel received her Ph.D. in Sociology from the University of Massachusetts and began her working career in the world of academia, lecturing and serving as the Chairperson of the Social Sciences Division of The College of The Bahamas.

Mr. Steven I. Miller
Assistant Vice-President - Operations, formerly served in the capacity of Marketing Assistant in The Bahamas Financial Services Secretariat before joining Coutts & Co. [Bahamas] Ltd in 1993 as an Assistant Trust Officer. He joined MSI in 1997. Mr. Miller holds a Bachelor of Arts Degree from St. Meinrad College, St. Meinrad, Indiana and a Diploma in Law from the University of Wolverhampton, United Kingdom, with further studies toward the Bachelor of Law degree.

Administrative Support:

G. Andre White
Investment Analyst, is a Chartered Financial Analyst and a member of the Association of Investment Management and Research. He served as an Investment Trader with Matrix Investments Limited, joined MSI as an Investment Analyst and then served as Head of Trading with Dynamo M. Ltd. Mr. White has studied economics and international finance and received his Master of Business Administration from Columbia University, New York.

Gomez & Nairn
An accounting firm, serve as the internal auditors of the Fund and provide general accounting services to MSI.

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