VNL does have a share buyback mechanism. In the event that the Ordinary Shares trade at a substantial discount to the then prevailing Net Asset Value per Share for an extended period of time, the Board will consider the most appropriate method of reducing the discount, which may include implementing a buyback programme. The making and timing of any buybacks will be at the absolute discretion of the Board and not at the option of shareholders. The share buyback facility was added to the Company’s Articles of Association following the 10 December 2010 extraordinary general meeting of shareholders.