Valuation Policy

Valuation Policy of DBAY Advisors Limited ("DBAY"), LDG's Investment Manager

DBAY applies the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines in its valuation practices. IPEV set out recommendations intended to represent current best practices on the valuation of private capital (unlisted) investments. The IPEV Guidelines have been prepared with the goal that Fair Value measurements, derived when using these guidelines, are compliant with the International Financial Reporting Standards.

Quoted investments

For quoted investments, pricing is sourced from a market data vendor. Consideration is given as to whether trading activity in the relevant instrument type is sufficient for the market in that instrument to be considered "active". Generally, a market is considered active if transactions are taking place regularly at an arms-length basis with sufficient volume and frequency to determine a price on an on-going basis.

Unquoted investments

For unquoted investments, for up to 12 months following a take-private transaction DBAY's policy is to value these assets at the take-private price. However, adequate consideration is given to the facts and circumstances at the measurement date, including but not limited to, changes in the market or changes in the performance of the asset. Where the take-private price is no longer considered fair and reasonable, assets are valued in line with the IPEV guidelines using the methodologies as recommended by the IPEV.