Considering all significant aspects of the Group’s relationship with the IMEs, the Directors are of the opinion that although the Group manages the investment resources of the IMEs, the existence of: termination provisions in the Investment Management Agreements (IMAs) which allow for the removal of the Group as the investment manager; the influence exercised by investors in the control of their IMEs and the arm’s length nature of the Group’s contracts with the IMEs; and independent Boards of Directors of the IMEs, the Group does not control the IMEs and therefore the assets, liabilities and net profit are not consolidated into the Group’s financial statements.