CORPORATE STRUCTURE

The Manager

European Capital Financial Services (Guernsey) Limited

European Capital Financial Services (Guernsey) Limited is the investment manager of the funds and provides investment management services to the fund entities pursuant to an investment management agreement. It is incorporated and regulated in Guernsey by the Guernsey Financial Services Commission and is a wholly owned subsidiary of American Capital LLC.

European Capital Financial Services Limited

The investment manager has appointed European Capital Financial Services Limited to assist it in the discharge of certain of its responsibilities under the investment management agreement. European Capital Financial Services Limited is incorporated in England and Wales and is regulated by the Financial Services Authority. It has three registered branches in Paris, Frankfurt and Madrid.