The members of identified staff who are fully or partly involved in the activities of the Fund that havea material impact on the risk profile of the Fund, such as Directors and Investment Committeemembers and the like are compensated through a fixed salary. Variable remuneration rules andpolicies are not applicable since the directors and investment committee members are exclusivelyremunerated through a fixed salary and the reimbursement of expenses incurred in the carrying outtheir duties. Disapplication has been deemed justifiable and proportionate on the basis of anassessment of size, internal organisation as well as the nature, scope and complexity of the activitiesit carries out. The Directors have resolved to disapply the Pay-Out Process principles as listed in itsstandard licence conditions and not to appoint a remuneration committee. Such derogation wasapproved by the MFSA for a period of two years ended 21 January 2022.