The Directors have overall responsibility for the Fund’s activities, including the review of its investment activity and performance.  The Directors have primary responsibility for determining and implementing the SICAV’s overall investment objectives, strategy and policy.

The board will meet at least four times a year to review the Company’s investment objectives and, as necessary, to approve investments. On a day-to-day basis many of these activities have been delegated to KMG Capital Markets Luxembourg S.A. as Global Investment Manager to the fund. The Directors of the KMG SICAV-SIF oversee the Global Investment Manager and maintain responsibility.

The Directors of the KMG SICAV-SIF are:

	Vincent J. Derudder	Hanna Duer	Richard N. B. Goddard	Kevin A. Mudd