NAME FUND TYPE ADMINISTRATOR17 ARM Africa & CIS Opportunity Fund 1 Ltd SFM 002 Sterling (Bahamas) Limited17 Litigation Opportunities Fund Ltd SFM 002 Sterling (Bahamas) Limited21st Luxury Luxtech Fund ltd. ("formerly Giori Investments Fund Ltd.")

SFM 007 The Winterbotham Trust Company Limited

2C Investment Fund Ltd. Professional Fund Intertrust (Bahamas) Limited365 Real Estate Development Fund Ltd. Professional Fund Sterling (Bahamas) Limited

3A Capital Fund Corp. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")414 QTR Fund ICON Professional Fund Leno Corporate Services Limited47N Litigation Fund Limited SFM 004 Swiss Financial Services (Ireland) Limited4K Global Fund Ltd Professional Fund Credit Suisse AG, Nassau Branch6DS Multi Market Investment Fund IC Professional Fund Deltec Fund Services Limited918 Investment Fund Ltd SFM 0002 The Winterbotham Trust Company LimitedA&A 007 Fund Limited SFM 007 Genesis Fund Services LimitedAABYA Fund Limited SMF 002 MMG Fund Services (Bahamas) Ltd.Absolute Fund of Funds Ltd. SFM 002 Sterling (Bahamas) LimitedAC Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedACCPF Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAccuvest Alpha Brands Equity Fund Ltd. Professional Fund FundHaven Ltd.Accuvest Core Equity Fund, Ltd. Professional Fund FundHaven Ltd.Accuvest CST, Ltd. Professional Fund FundHaven Ltd.Ace Global Fund Ltd. SAC SFM 002 The Winterbotham Trust Company LimitedACG Global Investment Fund Ltd. SFM 007 Self-AdministeredADIFO Global Multi-Asset Fund Ltd. Professional Fund The Winterbotham Trust Company LimitedAdvanced Fund ICON SFM 007 Deltec Fund Services LimitedAdvantage Class II Cred Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedAGacquisition Global Markets Limited SFM 007 Sterling (Bahamas) LimitedAGF Arbitrage Fund Ltd. SFM 004 Trident Corporate Services Bahamas LimitedAgrios Fund Ltd SFM 007 Caystone Solutions LtdAim Investments Fund Limited SFM 004 The Winterbotham Trust Company LimitedAion Fund IC Professional Fund Deltec Fund Services LimitedAJLC Corporation SFM 004 Equity Investment Fund Services LimitedAJP Investment Fund Limited SFM 004 Self-AdministeredAJS International Portfolio Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.AJS2 International Portfolio Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Akeliusfonder Ltd. Professional Fund Self-Administered **Alagre Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAlba Fund Ltd. SAC SFM 007 Self-AdministeredAlbany Capital Fund Limited SFM 007 Self-AdministeredAlbatros Equity Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAlbatroz Fund IC SFM 007 Deltec Fund Services LimitedAlbatroz Fund Ltd. SFM 002 Caystone Solutions Ltd.Alchemia Capital Ltd SFM 004 The Winterbotham Trust Company LimitedAldebaran Global Strategy Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Allux International Fund Ltd. (Formerly BTG Allux International Fund Ltd.)

Professional Fund The Winterbotham Trust Company Limited

Alpha Alternative Fund Ltd. Standard Fund Citco Fund Services (Bahamas) LimitedAlpha Energy Fund Ltd. SFM 007 The Winterbotham Trust Company Limited

Alpha Resources Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")AlphaCapital Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedAlpine Asset Appreciation Fund Limited SFM 004 The Winterbotham Trust Company Limited

Investment Funds Act, 2019

Licensed Funds as at 31 March 2020

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Amber Euro HRI Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Amber Global Opportunities Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Amber USD HRI Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")AMG Investment Fund Ltd SFM 004 The Winterbotham Trust Company LimitedAnacapri Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAndromeda Global Strategy Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Anjo Fund Limited SFM 004 The Winterbotham Trust Company Limited

Antibes Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")APC Fund ICON SFM 007 Deltec Fund Services LimitedAPQCA Investments Fund ICON SFM 002 Credit Suisse AG, Nassau BranchAquaris Leonis Fund IC Professional Fund Deltec Fund Services Limited

Arcade Dynamic Event '2' Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Arcade Dynamic Event Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Arcade Venture Opportunities Fund Limited SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Arcturus Fund Limited SFM 007 Caystone Solutions Ltd.Ares Capital Fund Limited SFM 004 The Winterbotham Trust Company LimitedArgau Inc. SFM 002 Sterling (Bahamas) LimitedArgo Investment Fund Ltd. (formally Tulum RE Fund Ltd.) SFM 002 Genesis Fund Services LimitedAriston Opportunity Fund Limited SFM 007 SMP Partners (Bahamas) LimitedArmory Fund Limited Professional Fund Maitland Luxembourg S.A.Armstrong Investment Fund Inc SAC SFM 007 MMG Fund Services (Bahamas) Ltd.Armyn Investments Ltd. Professional Fund Genesis Fund Services LimitedArosa International Fund ICON SFM 007 Intertrust (Bahamas) LimitedArpex Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedArt Selection Fund Ltd. SFM 002 Sterling (Bahamas) LimitedArtemis Holding Fund Inc Professional Fund Itau Bank & Trust Bahamas Ltd.Artisans of Value Ltd. Professional Fund Genesis Fund Services LimitedAS Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedASE Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAshland Investment Fund Ltd SMF 004 Intertrust (Bahamas) LimitedAsia Financial Sector Fund Ltd. SFM 002 Caystone Solutions Ltd.AsiAmerica Fund Limited SFM 002 The Winterbotham Trust Company LimitedAT Series Fund Ltd. SAC (formerly Edelweiss Global Allocation Fund Ltd.)

SFM 007 The Winterbotham Trust Company Limited

Athalya Dollar Return Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Athalya Global Euro Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Atlantis Arbitrage Fund Ltd. SFM 007 Maitland Adminstration LimitedATMO Class I LATAM Special Opportunities Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedAtmos Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedAugusta Fund Ltd SFM 007 The Winterbotham Trust Company LimitedAugustus AOI Offshore Fund Ltd. (Formerly Augustus MJK Offshore Fund Ltd.)

Standard Fund Genesis Fund Services Limited

Avant-Garde All Weather Growth Fund Ltd SFM 002 The Winterbotham Trust Company LimitedAvenida CLO Equity Fund Ltd. (formerly Avenida CLO Fund Ltd.)

Professional Fund Genesis Fund Services Limited

B Capital UK Commercial Property Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedBAF Investment Funds Ltd. (formerly: British American Investment Funds Limited)

Standard Fund BAF Financial & Insurance (Bahamas) Ltd.

Bainbridge Fund Ltd SFM 002 Caystone Solutions Ltd.Bainbridge Fund Ltd. SFM 004 UBS Trustees (Bahamas) Ltd.Baleia Fund Ltd SMF 005 Equity Investment Fund Services Limited

Page 2

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Basic International Ltd. SFM 003 W & P Fund Services Ltd.Bayalag Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedBB Global Fund Ltd SFM 007 The Winterbotham Trust Company LimitedBCC Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedBegonia International Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedBellagio Development Fund Ltd. Professional Fund Sterling (Bahamas) LimitedBellevue Fund Limited SFM 007 Self-Directed Fund *****Bemacal Investments Fund IC SFM 007 Credit Suisse AG, Nassau BranchBest Opportunity Fund Ltd. SFM 002 Sterling (Bahamas) LimitedBestgrow Development Fund Ltd. Professional Fund Sterling (Bahamas) LimitedBimini Investments Fund Limited SFM 004 The Winterbotham Trust Company LimitedBirka International Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedBlackwood Fund Inc. SFM 002 The Private Trust Corporation LimitedBlue Alps Fund Limited Professional Fund Equity Investment Fund Services LimitedBlue International Fund Ltd. SFM 007 Self-Administered **Blue Pine Fund Limited Professional Fund Credit Suisse AG, Nassau BranchBlue Sky Fund Ltd. SFM 002 Caystone Solutions Ltd.Blue Sky Multi-Strategy Fund Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Blue Sphere Fund Limited Professional Fund FC Capital Investments LimitedBluemar Azul Offshore Fund (Bahamas) Ltd. Professional Fund Genesis Fund Services LimitedBluemar Offshore Fund (Bahamas), Ltd. Professional Fund Genesis Fund Services LimitedBoston Capital FundLimited SFM 007 Self-Administered **BPC Investment Fund Limited Professional Fund Leno Corporate Services LimitedBREEC Fund Ltd. SFM 002 Sterling (Bahamas) LimitedBRIC Infrastructure Fund Ltd. SAC Professional Fund FC Capital Investments LimitedBrookline Investment Fund Ltd SFM 004 Intertrust (Bahamas) LimitedBS Palladium Ltd SFM 002 Genesis Fund Services Limited

Bullet Absolute Return Fund Ltd. SFM 004Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Butterfly Fund Limited SFM 002 Caystone Solutions Ltd.Butterfly Real Estate Fund Ltd. SFM 004 Self-AdministeredC & D Global Capital Ltd SFM 004 The Winterbotham Trust Company LimitedC&D Global Capital Ltd. SFM 004 The Winterbotham Trust Company LimitedCabano Fund Icon SFM 007 Deltec Fund Services LimitedCapinvest Fund Limited SFM 004 Self AdministeredCapital Management Select Fund Limited SFM 003 Custom House Fund Services (Ireland) LimitedCapital Protection Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedCapitor Digital Disruption Fund Ltd. SAC SFM 002 Sterling (Bahamas) LimitedCapivara Fund IC SFM 007 Deltec Fund Services LimitedCapricorn Opportunities Fund Ltd. SFM 005 The Winterbotham Trust Company LimitedCaravel CAD Fund Ltd. Professional Fund Sterling (Bahamas) LimitedCarmina Burana Fund Ltd. Professional Fund Sterling (Bahamas) LimitedCDK Net Fund IC Professional Fund Deltec Fund Services LimitedCedar Bay Investments Limited SFM 002 Caystone Solutions Ltd.Cedar Woods Asset IC Professional Fund Caystone Solutions Ltd.Ceneselli Fund Ltd. SFM 007 Maitland Adminstration LimitedCerberus Institutional Overseas III, Ltd. Professional Fund J.P. Morgan Trust Company (Bahamas) Ltd.Cerberus Institutional Overseas IV, Ltd. Professional Fund J.P. Morgan Trust Company (Bahamas) Ltd.Cerberus International, Ltd. Professional Fund J.P. Morgan Trust Company (Bahamas) Ltd.Cerejeira Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedCeres Fund Ltd. Standard Fund Self-AdministeredCerulean Fund Ltd SFM 002 Sterling (Bahamas) LimitedCFAL Balanced Fund (formerly CFAL MSI Preferred Investment Fund)

Standard Fund CFAL

CFAL Global Bond Fund, Ltd. Standard Fund CFALCFAL Global Equity Fund, Ltd. Standard Fund CFALCFAL Money Market Investment Fund, Ltd. Standard Fund CFALCFAL Target Rate Fund Ltd. Standard Fund CFALCFD Group Inc SFM 004 Self-Administered **CFDC Investment Fund Ltd. SFM 007 UBS Trustees (Bahamas) Ltd.

Page 3

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

CG Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedCHL Investment Fund Ltd. SFM 002 Caystone Solutions Ltd.Chronovalue Investment Fund SAC ltd. Professional Fund Equity Investment Fund Services LimitedCisplatina Fund IC Professional Fund Deltec Fund Services LimitedCitrus Diversified Fund Ltd. SFM 007 Dominion Management Services LimitedClairon Fund Ltd. SAC (formerly Performance Value Fund Ltd. SAC)

SFM 007 The Winterbotham Trust Company Limited

CLBB Investments Holdings Ltd Professional Fund Caystone Solutions Ltd.

Clearvision Investment Fund Limited SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")CLG GO Fund Ltd. (formerly Criteria Latin America Equity Absolute Return Fund Ltd.)

Standard Fund Amicorp Fund Services N.V.

Clifford Square Global Strategy Fund Ltd. SFM 007 J. Safra Sarasin Asset Management (Bahamas) Ltd.Clifton Fund Ltd SFM 007 Global Service Solutions Ltd.CMC Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedCocktail Fund Ltd. SFM 004 Global Service Solutions Ltd.Coller Secondary Fund L.P. Standard Fund Self-Directed Fund *****Collier Fund Limited SFM 004 Intertrust (Bahamas) LimitedColombier Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedColonia Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedColonial Bahamas Fund SFM 002 Colonial Pension Services (Bahamas) LimitedCommandery Investment Fund Ltd. SFM 007 UBS Trustees (Bahamas) Ltd.Contego Global Equity Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Courchevel Investment Fund Limited Professional Fund Credit Suisse AG, Nassau BranchCredit Suisse Brazil Arbitrage Fund Limited ( fmly. Credit Suisse Equity Hedge Brazil Fund Limited)

Professional Fund Credit Suisse AG, Nassau Branch

CSHG Equities Fund Limited SAC Professional Fund Credit Suisse AG, Nassau BranchCSHG Global Portfolio Fund Limited Professional Fund Credit Suisse AG, Nassau BranchCSHG Monashees Venture Capital Fund Limited SFM 002 Credit Suisse AG, Nassau Branch

Cumberland Private Equity Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")CWM Global Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedCygnus Fund Icon SFM 007 Deltec Fund Services LimitedD.A.M.M. Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedDalethorpe Fund IC SFM 004 Genesis Fund Services LimitedDAO Venture Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedDC Investment Fund Ltd. SFM 002 Genesis Fund Services LimitedDC Lumos Investment Fund Ltd SFM 002 Genesis Fund Services LimitedDeepblue Investment Fund Ltd. SFM 004 Genesis Fund Services LimitedDelchain Absolute Return Fund Ltd SMF 002 Deltec Fund Services LimitedDelmonte Fund Limited (formerly Delmonte Fund Limited, SAC)

Professional Fund Credit Suisse AG, Nassau Branch

Delos Strategy Fund Ltd. SFM 002 Sterling (Bahamas) LimitedDelta Opportunities Fund Ltd. SFM 002 Genesis Fund Services LimitedDeltec Global Absolute Return Fund Ltd. SFM 004 Deltec Fund Services LimitedDeltec Long Distance Equity Fund, Ltd. Professional Fund Deltec Fund Services LimitedDeltec Select Fund Limited Professional Fund Deltec Fund Services LimitedDemi Fund Limited SFM 004 Intertrust (Bahamas) LimitedDiscovery Fund Limited SAC Professional Fund Credit Suisse AG, Nassau BranchDisruption Fund ICON SFM 007 Deltec Fund Services LimitedDiversified Strategies Fund Ltd. SAC Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Dolfin Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedDolomitas Fund IC Professional Fund Deltec Fund Services LimitedDorchester Fund Ltd SFM 002 The Winterbotham Trust Company LimitedDowin Global Funds Limited Professional Fund The Winterbotham Trust Company LimitedDrawbridge Fund Ltd. SFM 002 The Private Trust Corporation LimitedDrexler Capital Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedDunamis Crypto Arbitrage Fund Ltd SFM 002 The Winterbotham Trust Company LimitedDunamis Trading (Bahamas) Ltd. SFM 007 The Winterbotham Trust Company LimitedDunlay Fund ICON SFM 007 Deltec Fund Services Limited

Page 4

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

DVIM Global Long Short Fund Ltd. SFM 002 Sterling (Bahamas) LimitedEAE - International Irmaos Fund Icon SFM 007 Genesis Fund Services LimitedEagle Investment Fund Limited Professional Fund Credit Suisse AG, Nassau BranchECG South Beach I Icon Professional Fund Leno Corporate Services LimitedEcho Icon Fund SFM 007 Genesis Fund Services LimitedEcostone Fund Ltd Smart Fund 002 Equity Investment Fund Services LimitedEDJ Limited Professional Fund Elco Securities LimitedElevation Capital Fund Ltd Professional Fund Sterling (Bahamas) LimitedEmc2 Fund Ltd. SFM 007 Self-Directed Fund *****Emerald Global Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedEmerging Energy Services Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedEmerging Income Fund Delaware LP Professional Fund Genesis Fund Services LimitedEmerging Income Fund Ltd. Professional Fund Genesis Fund Services LimitedEmerging Income Fund Master Account L.P. Professional Fund Genesis Fund Services LimitedEmerging Value Opportunites (Bahamas) Fund Ltd. Professional Fund Genesis Fund Services LimitedEmerging Value Opportunites Fund Master Account L.P. Professional Fund Genesis Fund Services LimitedEmerging Value Opportunity Fund Delaware LP Professional Fund Genesis Fund Services LimitedEmotions Films Fund Ltd. Professional Fund Global Service Solutions Ltd.Endurance Venture Capital Fund Ltd SFM 002 Genesis Fund Services LimitedEnergy Focus Fund Ltd. (SAC) SFM 007 Genesis Fund Services LimitedEnhanced High Yield Fixed Income Fund Ltd. Professional Fund Equity Investment Fund Services LimitedEnigma II Fund Limited SFM 007 Credit Suisse AG, Nassau BranchEnterprise Fund Limited Standard Fund Citco Fund Services (Bahamas) LimitedEridanus Global Strategy Fund Ltd Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.

Estlander & Partners Umbrella Fund, Ltd. Standard FundGRIT Fund Mnagement Company Ltd (formerly Estlander &

Partners Fund Management Company Ltd.)Evergreen Fund Limited SFM 004 The Winterbotham Trust Company LimitedEvolution Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedExeter Total Return Fund Limited SFM 007 Credit Suisse AG, Nassau BranchEZ Fund ICON Professional Fund Equity Investment Fund Services LimitedFAEX Fund Ltd SFM 002 The Winterbotham Trust Company LimitedFalcon Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedFama Brazil Fund Ltd Professional Fund Credit Suisse AG, Nassau BranchFarm Project Food Fund Limited SFM 002 The Private Trust Corporation LimitedFelix Fund Ltd SAC SMF 007 Sterling (Bahamas) LimitedFeyther Investment Fund Ltd SFM 004 The Winterbotham Trust Company LimitedFG Financial Fund Limited SAC Standard Fund FG Financial LimitedFidia Partners Limited SFM 002 Genesis Fund Services LimitedFincredit Fund Ltd SFM 002 The Winterbotham Trust Company LimitedFirst Oil and Energy Fund Limited SFM 002 The Private Trust Corporation LimitedFitpart Diversified Strategies Professional Fund LDC Professional Fund Credit Suisse AG, Nassau BranchFitpart Dynamic Allocation Professional Fund Professional Fund Fitpart Fund Administration Services Ltd.Fitpart Global Opportunities Professional IC Fund Professional Fund Fitpart Fund Administration Services Ltd.Fitpart High Yield IC Fund SMF 007 Fitpart Fund Administration Services Ltd.Fitpart International Growth Fund Ltd. SFM 007 Credit Suisse AG, Nassau BranchFitpart Portfolio Series IC Fund SFM 002 Fitpart Fund Administration Services Ltd.Fitpart Premium IC Fund SFM 007 Fitpart Fund Administration Services Ltd.Five Star Global Market Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedFlangel Fund Ltd. (formerley GTL Fund Ltd.) formerly Jefferson Resources Fund Ltd.

SFM 002 Genesis Fund Services Limited

Flow Global Holding Fund Ltd SFM 004 The Winterbotham Trust Company LimitedForest Square Fund Professional Fund CIBC Trust Company (Bahamas) LimitedFortified Investments II Ltd. SFM 007 Deltec Fund Services LimitedFortune International Fund Limited, SAC Professional Fund Dominion Management Services LimitedFox Growth Fund, Inc. Standard Fund Citco Fund Services (Bahamas) LimitedFulmar Ltd. SFM 004 Self-Directed Fund *****Furia Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedG.I.R. (Gestion, Investissements et Rendement) SA SFM 007 Genesis Fund Services LimitedG.S.G. (Gestion Selective Generalisee) SA SFM 007 Genesis Fund Services LimitedGAIA Global Macro Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.

Page 5

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Galliot International Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedGalviston Fund Ltd. SFM 004 The Winterbotham Trust Company Limited

Gamma Endurance Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")GAP Private Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedGap Special Opportunities Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedGCP Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedGecadia Fund Limited (SAC) SFM 002 Lombard Odier & Cie (Bahamas) LimitedGeluk Global Fund Limited Professional Fund Sterling (Bahamas) LimitedGEM GLOBAL ENERGY FUND LTD Standard Fund Genesis Fund Services Limited

General Investment Balanced Fund Ltd. Smart Fund 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")

Genesis Holding Fund Ltd. SFM 006Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")GF Multiasset Class Fund Limited (SAC) SFM 002 Genesis Fund Services LimitedGlobal Blockchain Fund Platform Ltd. SAC Professional Fund Sterling (Bahamas) LimitedGlobal Bond Fund, Ltd. Professional Fund FundHaven Ltd.Global Health and Therapy Fund Ltd. SFM 007 Sterling (Bahamas) LimitedGlobal Income Fund Ltd SFM 002 The Winterbotham Trust Company LimitedGlobal Macro Strategy Master Fund Ltd. Professional Fund Genesis Fund Services Limited

Global Private Equity Fund Ltd SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Global Special Opportunities Ltd. (formerly Recovery Opportunity Ltd.)

SFM 007 Self-Directed Fund *****

Global Strategic Fund Ltd. Professional FundBritannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Globalinvest Fund Limited Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Goksor Fund Limited SFM 002 Deltec Fund Services LimitedGold Green Fund Limited SFM 002 Caystone Solutions Ltd.Golden Gate International Fund Ltd Professional Fund Credit Suisse AG, Nassau BranchGolden Star Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedGolden Sun Emerging Fund Limited SFM 002 The Winterbotham Trust Company LimitedGrand Global Fund Ltd. SFM 004 Trident Corporate Services Bahamas LimitedGreater Than Capital Fund Ltd. Professional Fund Caystone Solutions Ltd.Green Eagle Investment Fund Ltd. SFM 007 UBS Trustees (Bahamas) Ltd.Green Focus Fund Ltd. (SAC) SFM 007 Genesis Fund Services LimitedGreen Islands Fund Limited SFM 004 Caystone Solutions Ltd.Green Pastures Fund Ltd. SFM 004 Self-Directed Fund *****Greenseat Fund Icon SFM 007 Deltec Fund Services LimitedGRG Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedGTL Resource Fund Ltd. Professional Fund Sterling (Bahamas) LimitedGuarany Partners II Fund Ltd. Professional Fund The Winterbotham Trust Company LimitedGVP Fund Ltd. SFM 002 Caystone Solutions Ltd.GW Investments Global Fund Ltd. ("formerly Anapurna Global Fund Ltd.")

SFM 007 The Winterbotham Trust Company Limited

GWL Global Equity Ltd SFM 004 Genesis Fund Services LimitedHampton Investment Fund Limited SFM 007 Credit Suisse AG, Nassau BranchHarpenden Strategy Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedHartford Growth Limited SFM 003 Custom House Fund Services (Ireland) LimitedHayworth Global Growth & Income Fund Ltd. SFM 004 Self AdministeredHayworth Global Growth & Income Fund Ltd. SFM 004 Self-AdministeredHeather Fund Limited SFM 004 Trident Corporate Services Bahamas LimitedHeracles Fund Ltd. SAC Professional Fund Equity Investment Fund Services LimitedHerafund Real Estate Fund SAC Ltd. SFM 007 Self-AdministeredHest Investment Fund Limited SFM 002 Caystone Solutions Ltd.High Bridge Investments Fund Ltd SFM 004 The Winterbotham Trust Company LimitedHigh Peak Performance Fund Ltd Professional Fund The Winterbotham Trust Company LimitedHigh View Fund Limited (SAC) Professional Fund Genesis Fund Services LimitedHighrock Private Equity Fund Ltd. SFM 002 FundHaven Ltd.Holdun Falcon 5 Fund Ltd. SFM 001 The Winterbotham Trust Company Limited

Page 6

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Holdun Income Fund Ltd. SFM 001 The Winterbotham Trust Company LimitedHoldun Opportunity Fund Ltd. SFM 001 The Winterbotham Trust Company LimitedHorbit Small Cap OpportuntiiesFund Ltd. SFM 002 Equity Investment Fund Services LimitedHorizon Global Opportunity Fund Limited SFM 007 Credit Suisse AG, Nassau BranchHorizon Income Opportunities Fund IC SFM 007 The Winterbotham Trust Company LimitedHudson Investment and Arbitrage Fund Limited Professional Fund Credit Suisse AG, Nassau BranchIdee Smart Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedIEM Fund Ltd. Professional Fund Sterling (Bahamas) LimitedImbetia Fund Inc Professional Fund Caystone Solutions Ltd. IMBUCA Fund ICON SFM 007 Deltec Fund Services LimitedImpact Fund Ltd. SFM 007 Genesis Fund Services LimitedIncome Global Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedIncremuntum Strategies Fund Ltd. SFM 002 The Private Trust Corporation LimitedInfinity Field Fund Limited SFM 004 The Winterbotham Trust Company LimitedIngeldorf Fund Professional Fund Maitland Adminstration LimitedInternational Financial Background Fenix Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedInternational Opportunities Fund Ltd. SFM 007 Self-Directed Fund *****Ipanema Investment Fund Ltd SFM 004 The Winterbotham Trust Company LimitedIporanga International Fund ICON SFM 007 Intertrust (Bahamas) LimitedIRES International Real Estate Solution Fund Ltd SFM 004 The Winterbotham Trust Company LimitedIV Fund Ltd. SAC SFM 007 Sterling (Bahamas) LimitedJacurici Fund Limited SFM 007 Credit Suisse AG, Nassau BranchJazzita Fund IC Professional Fund Itau Bank & Trust Bahamas Ltd.JBW Debt Fund Ltd SFM 004 Genesis Fund Services LimitedJF Investments Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedJJJ Master Fund, Ltd SMF 007 Citco Fund Services (Bahamas) LimitedJJJ Moore Ltd Professional Fund Citco Fund Services (Bahamas) LimitedJL Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedJMD Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedJoint Innovations Fund Ltd SFM 007 The Winterbotham Trust Company LimitedJowens Fund Ltd SFM 007 Caystone Solutions LtdJS Investments Fund Ltd. SAC Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.JSS Money Market Ltd., SAC Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Kaducaio Global Fund Ltd. SFM 007 Deltec Fund Services LimitedKata Fund ICON SFM 007 Deltec Fund Services LimitedKDP Fund Limited SFM 007 The Winterbotham Trust Company LimitedKempston Fund Icon Professional Fund Deltec Fund Services LimitedKeywise Quantamental Fund Limited SFM 007 The Winterbotham Trust Company LimitedKobe Bahamas Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedKOG Fund Limited SFM 007 The Winterbotham Trust Company LimitedKrivio Invest Fund Limited SMF 007 Caystone Solutions LtdKrugold Inc. SFM 003 W & P Fund Services Ltd.Kylix Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedL2 International Opportunities Fund Ltd. SFM 001 The Winterbotham Trust Company LimitedLanzadera Fund Limited SFM 004 The Winterbotham Trust Company LimitedLapidibus Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedLatam USD Exim Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedLatin American Investments & Properties Fund Ltd. SFM 005 Credit Suisse AG, Nassau BranchLeblon Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedLehoca Fund IC Professional Fund Credit Suisse AG, Nassau BranchLending Opportunity Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedLeno Agressive Fund Ltd. Standard Fund Leno Corporate Services LimitedLeno Balance Fund Ltd. Standard Fund Leno Corporate Services LimitedLeno Conservative Fund Ltd. Standard Fund Leno Corporate Services LimitedLeno International Investment Fund SAC Standard Fund Leno Corporate Services LimitedLewes Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedLewisham Investment Fund Ltd. SFM 007 Credit Suisse AG, Nassau BranchLight Blue Strategies Fund Limited SAC SMF 007 MMG Fund Services (Bahamas) Ltd.Ligo Capital Fund Limted SFM 004 Self-Directed Fund *****Limestone Capital Fund Ltd. Professional Fund Global Service Solutions Ltd.

Page 7

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Lino Vento International Fund Professional Fund Equity Investment Fund Services LimitedLiquid Estate Fund Ltd (SAC) Professional Fund Genesis Fund Services LimitedLiquid Strategy Master Fund Ltd. Professional Fund Genesis Fund Services LimitedLira Global Investment Opportunities Fund Ltd. SFM 002 Sterling (Bahamas) LimitedLiuede Fund IC formerly Ustoy Fund ICON SFM 005 Deltec Fund Services LimitedLocarno International Corporation Ltd. SFM 002 Ansbacher (Bahamas) Ltd.Loen Investment Fund Ltd SMF 004 Intertrust (Bahamas) LimitedLohengrin Fund Ltd SFM 002 Sterling (Bahamas) LimitedLong Term Green Investment Fund Ltd. (SAC) Professional Fund Genesis Fund Services LimitedLosice Fund Ltd. SFM 002 Sterling (Bahamas) LimitedLudwig Fund Icon Professional Fund Deltec Fund Services LimitedLumina Capital Fund Ltd. SFM 007 Credit Suisse AG, Nassau BranchLyford Diversified Global Fund, SAC Professional Fund Deltec Fund Services LimitedLyndhurst Fund Corp. Professional Fund Itau Bank & Trust Bahamas Ltd.Lynwood Capital Management Fund Limited (formerly A&NN Capital Management Fund Limited)

SFM 003 Trident Corporate Services Bahamas Limited

Machlin Credit Opportunity Fund Ltd. (formerly Machlin Oracle Credit Opportunity Fund Ltd.)

Professional Fund Sterling (Bahamas) Limited

Magnet Venture Capital Fund Ltd. SFM 002 Deltec Fund Services LimitedMagnolia Investments Fund IC Professional Fund Deltec Fund Services LimitedMalta I Fund ICON SFM 007 Intertrust (Bahamas) LimitedMalvin Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedManhattan Fund IC Professional Fund Deltec Fund Services LimitedMaranatha Fund Limited Professional Fund Custom House Fund Services (Ireland) LimitedMaranello Partnership Fund L P SFM 007 Genesis Fund Services LimitedMata Nova Fund ICON SFM 007 Deltec Fund Services LimitedMatrix Fund Investments Ltd. SAC (formerly Matrix Fund Investments Limited)

Professional Fund Credit Suisse AG, Nassau Branch

Mediatrix Capital Fund Ltd. Professional Fund Sterling (Bahamas) LimitedMelfort International Fund Ltd. Professional Fund Credit Suisse AG, Nassau BranchMeron Fund Icon Professional Fund Deltec Fund Services LimitedMesoamerican Dairy Investments Fund Ltd. Professional Fund Deltec Fund Services LimitedMF Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedMG Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedMIP Fund IC SFM 007 Deltec Fund Services LimitedMK Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedMoara Investment Fund Ltd., SAC SFM 004 The Winterbotham Trust Company LimitedMogno Allocation Fund Limited (formerly Courchevel Fund Limited)

Professional Fund Credit Suisse AG, Nassau Branch

Monte Leone Arbitrage Fund Ltd. (SAC) Professional Fund Global Service Solutions Ltd.Monte Leone Special Situations Fund Ltd. Professional Fund Global Service Solutions Ltd.Montrose Global Strategy Fund Ltd SFM 007 J. Safra Sarasin Asset Management (Bahamas) Ltd.Moore Global Fixed Income Fund (Master) LP Professional Fund Citco Fund Services (Bahamas) LimitedMoore Global Investments Limited Standard Fund Citco Fund Services (Bahamas) LimitedMoore Global Investments, L.P. SFM 003 Citco Fund Services (Bahamas) LimitedMoore Macro Fund, L.P. SFM 003 Citco Fund Services (Bahamas) LimitedMoore Macro Managers Fund, Ltd. Professional Fund Citco Fund Services (Bahamas) LimitedMorubixaba ICON Fund SFM 004 EFG Bank & Trust (Bahamas) Ltd.Mountville Investment Fund Ltd. (formerly Safe Invest Fund Ltd.)

SFM 007 J. Safra Sarasin Asset Management (Bahamas) Ltd.

MR2BI Fund Ltd SFM 004 The Winterbotham Trust Company LimitedMRK Fund Ltd. SFM 002 Genesis Fund Services LimitedMultistrategy Amadeo Fund Ltd. SFM 007 Self-AdministeredMyhobby Global Strategy Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Nalbra Fund Corp Professional Fund Itau Bank & Trust Bahamas Ltd.Nalbra Overseas Fund Corp. Professional Fund Itau Bank & Trust Bahamas Ltd.NDV Resource Fund Ltd. Professional Fund Sterling (Bahamas) LimitedNeptuno Fund Ltd. SFM 007 Self-Directed Fund *****Nest Total Return Fund Ltd SMF 002 Credit Suisse AG, Nassau BranchNew Epoch Fund Professional Fund CIBC Trust Company (Bahamas) Limited

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Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

New Ventures Investment Fund Ltd. SFM 002 Genesis Fund Services LimitedNew World Trust Fund SFM 003 CIBC Trust Company (Bahamas) LimitedNext Generation Fund Ltd. (SAC) (formerly IN Fund of Hedge Funds Ltd.)

Professional Fund Global Service Solutions Ltd.

NF Fund SAC Limited SFM 002 Equity Investment Fund Services LimitedNineFold Cap Fund Ltd., SAC SFM 007 The Winterbotham Trust Company LimitedNobis Capital Growth Technology Fund Limited Professional Fund Genesis Fund Services LimitedNobis Global Fund Limited (SAC) Professional Fund Genesis Fund Services LimitedNobis Global Special Situations Fund Ltd. Professional Fund Genesis Fund Services LimitedNobis Money Market Funds Ltd.SAC (formerly Ansbacher Money Market Fund Limited SAC)

Professional Fund Genesis Fund Services Limited

Nobis Sovereign Fund Limited (SA) formerly Nobis Short Term Fund (SAC) Ltd.

Professional Fund Genesis Fund Services Limited

Noila Fund Ltd. SFM 007 Ansbacher (Bahamas) Ltd.Nordica Balanced Fund Limited Professional Fund Sterling (Bahamas) LimitedNorseman Strategic Growth Fund Ltd. SFM 004 Self-AdministeredNorth America Opportunities SFM 001 Fund Haven LtdNorthern Premier Development Fund Ltd. Professional Fund Sterling (Bahamas) LimitedOcean Investments Resources Fund Limited SFM 002 The Winterbotham Trust Company LimitedOcean TTP Limited Standard Fund Swiss Financial Services (Ireland) LimitedOctogone Partners Ltd Professional Fund Deltec Fund Services LimitedOdysseus Offshore Income Fund Ltd Professional Fund Sterling (Bahamas) LimitedOmicron Fund Ltd. SFM 002 Genesis Fund Services LimitedOODA Venture Fund (formerly Enercom Venture Fund Limited)

SFM 002 The Private Trust Corporation Limited

Oracle Private Equity Fund III Ltd. Professional Fund Sterling (Bahamas) LimitedOrange Lake Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedOrchid Growth Fund Ltd. Professional Fund The Winterbotham Trust Company LimitedOros Patrimonial Fund Ltd. (SAC) Professional Fund Genesis Fund Services LimitedOrtalis Fund Limited SFM 004 The Winterbotham Trust Company LimitedOsprey Network Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedOverseas Fund Ltd. SFM 004 Amicorp Fund Services N.V.Oxford Balanced Fund IC (formerly Oxford Balanced Fund Limited)

Professional Fund Credit Suisse AG, Nassau Branch

P/E Funds Ltd. Professional Fund Genesis Fund Services LimitedP/E FX Master Fund Ltd. Professional Fund Genesis Fund Services LimitedPaC International Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPage 14 Fund Ltd. SFM 007 Intertrust (Bahamas) LimitedPalm Tree Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPamase Fund Icon Professional Fund Deltec Fund Services LimitedPanamericana Fund Limited SAC Professional Fund FC Capital Investments LimitedPanorama Fund LDC (formerly Panorama Fund Ltd. SAC) Professional Fund Credit Suisse AG, Nassau BranchParacelsus Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedParadis Wine Fund Ltd. (formerlyOracle Paradis Wine Fund Ltd.)

Professional Fund Sterling (Bahamas) Limited

Pararanga Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPascal Investment Partners, L.P. Professional Fund Deltec Fund Services LimitedPatrimondial Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedPavao Investment Fund LLC Professional Fund Ansbacher (Bahamas) Ltd.Pavilion Rouge Multi-Strategy Fund Ltd. SFM 007 The Winterbotham Trust Company Limitedpegasus Alternative Fund ltd. SAC Professional Fund Equity Investment Fund Services LimitedPegasus Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPerseus Fund Ltd. Professional Fund Equity Investment Fund Services LimitedPet Fund Limited SFM 002 Credit Suisse AG, Nassau BranchPFH Investment Fund Ltd. Professional Fund Sterling (Bahamas) LimitedPHARMAINVEST FUND DELAWARE LP Professional Fund Genesis Fund Services LimitedPHARMAINVEST FUND LTD. Professional Fund Genesis Fund Services LimitedPhoenix Strategy Ltd Professional Fund Caystone Solutions Ltd. Pioneer Investment Fund Ltd SMF 004 MMG Fund Services (Bahamas) Ltd.PJP Investment Fund Limited SFM 004 Self-Administered

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Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Planeta Fund Ltd. Professional Fund Caystone Solutions Ltd.Planifolia Trade Dinance Fund ltd SFM 007 The Winterbotham Trust Company LimitedPlescorp Global Fund Ltd. Professional Fund Caystone Solutions Ltd.PM Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPMLS Investment High Yield Fund Ltd SFM 002 The Winterbotham Trust Company Limited

Portofino Fund Ltd. SFM 002Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust

(Bahamas) Limited")Portogalo Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedPotencial Investment Fund ltd. SFM 004 The Winterbotham Trust Company LimitedPotterville Fund Limited SFM 007 J. Safra Sarasin Asset Management (Bahamas) Ltd.Powder Multistrategy Fund Limited Professional Fund Credit Suisse AG, Nassau BranchPP Investments Fund ICON SFM 002 Credit Suisse AG, Nassau BranchPreferred Share Fund Ltd SMF 002 Caystone Solutions Ltd. Premium Strategies Fund Ltd. SAC Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Primo Investment Strategy Fund Limited Professional Fund Clairmont Trust Company LimitedPrimo Investment Strategy Fund Ltd SAC Professional Fund Credit Suisse AG, Nassau BranchPrivate Growth Fund Ltd. SFM 007 FC Capital Investments LimitedProfelio Fund Icon SFM 007 Deltec Fund Services LimitedProfit Art Fund Ltd. Professional Fund Sterling (Bahamas) LimitedPro-mall Investment Fund IC SFM 007 Deltec Fund Services LimitedProspect Global Company Ltd. SFM 007 The Winterbotham Trust Company LimitedProtection Strategy Fund Limited SAC Professional Fund Credit Suisse AG, Nassau BranchProvidence Capital Fund Ltd SFM 002 The Winterbotham Trust Company LimitedPrufrock Partners Ltd. SFM 004 Genesis Fund Services LimitedPumas Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedQuaddra Fund Limited SFM 007 Credit Suisse AG, Nassau BranchQuantalpha Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedQuantum Analysis Fund Ltd. Professional Fund Apex Fund Services LimitedQueluz Brazil Funds SAC Ltd. Standard Fund The Winterbotham Trust Company LimitedQuercus Multi-Strategy Funds Ltd. SFM 004 The Winterbotham Trust Company LimitedRadar Capital Fund Limited Standard Fund Pictet Bank & Trust Ltd.Rahmani Fund Ltd SMF 002 Caystone Solutions Ltd. Ravenna Mosaico Fund Ltd. SFM 007 Ansbacher (Bahamas) Ltd.RBMH Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedRBN Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedRed Bird Fund Ltd. SFM 002 Caystone Solutions Ltd.Resolution Global Fund LDC SFM 004 Credit Suisse AG, Nassau BranchReV Capital Fund Ltd Professional Fund Sterling (Bahamas) LimitedRF202 Fund Ltd. SFM 004 The Winterbotham Trust Company Limited

Richo Offshore Hedge Fund Limited SAC SFM 002SS & C Fund Services (Formerly GlobeOp Financial Services

(Cayman) Limited)Rio Mogi Find IC Professional Fund Deltec Fund Services LimitedRio Real Fund Inc. (Formally Rio Real Participacoes Inc.) Professional Fund Itau Bank & Trust Bahamas Ltd.Rio Verde Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedRise International Fund Limited SFM 002 Genesis Fund Services LimitedRising Sun Global Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedRivers Global Investment Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedRow Fund Limited SMF 007 Caystone Solutions Ltd. Royal Fidelity Bahamas International Investment Fund Limited

Standard Fund Royal Fidelity Merchant Bank & Trust Limited

Royal Fidelity Bahamas Opportunities Fund Limited Standard Fund Royal Fidelity Merchant Bank & Trust LimitedRoyal Fidelity International Investment Fund Limited Standard Fund Royal Fidelity Merchant Bank & Trust LimitedRP Fund Limited Professional Fund Credit Suisse AG, Nassau BranchRQSI Global Asset Allocation Master Fund, Ltd. Professional Fund Genesis Fund Services LimitedSafeharbor SAC, Ltd. SFM 002 The Winterbotham Trust Company LimitedSaffrey Square Global Strategy Fund Ltd. SFM 007 Caystone Solutions Ltd.Safra Dynamic Hedge Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra FX Hedge Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Galileo Global Macro Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Global Trader Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.

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Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Safra International Equities Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Lemuria Investment Fund Ltd.( formerly Safra Galileo Global Fund Ltd.)

Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.

Safra Quantitative Global Fund 2 Ltd Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Quantitative Global Fund Ltd Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Strategy Hedge Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Safra Upside Fund Ltd. SAC Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Salto Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedSan Lorenzo Fund ICON SFM 007 Deltec Fund Services LimitedSanta Ana International Fund IC Professional Fund Deltec Fund Services LimitedSanta Anastacia Inv. & Arbitrage Fund Limited Professional Fund Credit Suisse AG, Nassau BranchSanta Anna Investments & Arbitrage Fund Limited Professional Fund Credit Suisse AG, Nassau BranchSanta Marta Inv. & Arbitrage Fund Ltd. Professional Fund Credit Suisse AG, Nassau BranchSanta Rita Fund Icon SFM 007 Deltec Fund Services LimitedSapphire I Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedSaturno International Portfolio Fund Ltd Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.SBG Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedSchooner Fund Ltd. Professional Fund Credit Suisse AG, Nassau BranchSea Express Futures Fund Limited Standard Fund Genesis Fund Services LimitedSedona Development Fund Ltd. Professional Fund Sterling (Bahamas) LimitedSegundo Fund Limited SFM 002 Caystone Solutions Ltd.Selworth Fund Limited SAC Professional Fund Equity Investment Fund Services LimitedSequoia Capital Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedSeven 777 Fund IC SFM 007 Maitland Adminstration LimitedShark Investment Fund Ltd SMF 007 Credit Suisse AG, Nassau BranchShiva Private Equity Fund LDC SAC Professional Fund Credit Suisse AG, Nassau BranchShogun Worldwide Investment Fund Ltd. SFM 002 Ansbacher (Bahamas) Ltd.Sidera Investment Fund Ltd. SFM 007 Self-Directed Fund *****Silver Fountain Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedSilver Palm Fund Ltd SMF 007 Caystone Solutions Ltd. Silver Stone Fund ICON SFM 007 Deltec Fund Services LimitedSilverberry Fund ICON SFM 007 Deltec Fund Services LimitedSithma Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedSkylight Offshore Limited SFM 002 MMG Fund Services (Bahamas) Ltd.Skylight Performance (Bahamas) Fund Ltd. (formerly Harbinger Ville Limited)

SFM 004 The Winterbotham Trust Company Limited

Skyros Strategy Fund Ltd. SFM 002 Sterling (Bahamas) LimitedSlot Arbitrage and Equity Fund Ltd. (formerly Fitpart Fund Ltd.)

SFM 004 Credit Suisse AG, Nassau Branch

Slot Hedge Fund Limited SFM 004 Credit Suisse AG, Nassau BranchSmart Green Fund Ltd. SFM 002 Caystone Solutions Ltd.Sofisa Investment Fund Limited SFM 003 The Winterbotham Trust Company LimitedSOL Real Estate Lending Corp SFM 007 The Winterbotham Trust Company LimitedSolidarity Investments Limited SFM 002 The Winterbotham Trust Company LimitedSolitarium Fund ICON SFM 007 Deltec Fund Services LimitedSolum Fund ICON SFM 002 Leno Corporate Services LimitedSomerset Fund Ltd. SAC Professional Fund FC Capital Investments LimitedSouth America-Brazil Capital Investments Fund LDC SFM 007 Credit Suisse AG, Nassau BranchSouth American Investment Fund Limited SFM 005 FundHaven Ltd.Sovereign Liquidity Fund Ltd SMF 004 FundHaven Ltd.Spa Global Fund Ltd SAC Professional Fund Credit Suisse AG, Nassau BranchSpa Global Real Assets Ltd. SAC Professional Fund The Winterbotham Trust Company LimitedSPA Opportunities Fund Limited SAC Professional Fund Credit Suisse AG, Nassau BranchSpa Real Estate Fund Ltd. SAC SFM 007 The Winterbotham Trust Company LimitedSPA Real Estate Lending Fund Ltd Professional Fund The Winterbotham Trust Company LimitedSpartan Fund Ltd. SAC Professional Fund Equity Investment Fund Services LimitedSpectral Fund Ltd. SFM 002 Genesis Fund Services LimitedSpiral Hedge Fund IC Professional Fund Deltec Fund Services LimitedSport Opportunities Fund Limited SFM 007 Caystone Solutions Ltd.Stafford Investments Fund Ltd. Professional Fund Caystone Solutions Ltd.

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Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Star Fund Limited SMF 004 Cayston Solutions Ltd.Stella 23 Fund Ltd. SFM 007 Intertrust (Bahamas) LimitedSterling River Emerging Markets High Yield Fund Ltd SFM 007 The Winterbotham Trust Company LimitedStonehedge Fund Ltd. Professional Fund FC Capital Investments LimitedStrategic Income Fund Ltd. SFM 002 Caystone Solutions Ltd.Strategic Investments Fund I Ltd. SFM 004 J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Investments Fund II Ltd. SFM 004 J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Investments Fund III Ltd. SFM 004 J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Investments Fund IV Ltd. SFM 004 J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Investments Fund V Ltd. SFM 004 J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Multi-Manager Master USD Fund Ltd. Professional Fund J. Safra Sarasin Asset Management (Bahamas) Ltd.Strategic Portfolio Management (Bahamas) Ltd. SFM 002 Credit Suisse AG, Nassau BranchStrategic Portfolio Management II Ltd. SFM 002 Credit Suisse AG, Nassau BranchSturgeon Wealth Fund Ltd. SAC Professional Fund FC Capital Investments LimitedStyx International, Ltd. Professional Fund J.P. Morgan Trust Company (Bahamas) Ltd.Suelopetrol Energy Fund Ltd Professional Fund FC Capital Investments LimitedSunrise Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedSunshine Fund Limited (SAC) SFM 007 Genesis Fund Services LimitedSuppliercard International Fund Limited SFM 007 Caystone Solutions Ltd.Svalbard Fund ICON SFM 007 Deltec Fund Services LimitedSweet Venture Fund Ltd. SFM 002 The Private Trust Corporation LimitedSwissquote Quant Alpha Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedSWS Resource Fund Ltd. Professional Fund Sterling (Bahamas) LimitedT Wealth Fund Ltd SFM 007 The Winterbotham Trust Company LimitedTactical Opportunities CBLV Fund Limited SMF 002 Credit Suisse AG, Nassau BranchTactical Opportunities CBLV2 Fund Limited SMF 002 Credit Suisse AG, Nassau BranchTactical Opportunities G4 Fund Limited SMF 002 Credit Suisse AG, Nassau BranchTaguaiba Fund ICON SFM 007 Deltec Fund Services LimitedTaiba Global Investment Fund Limited SAC Professional Fund Credit Suisse AG, Nassau BranchTarget Investment Fund Ltd. SAC Standard Fund Amicorp Fund Services N.V.Tauranga Fund IC SFM 004 Genesis Fund Services LimitedTechcine International Fund Ltd. SFM 007 Sterling (Bahamas) LimitedTerceto Fund ICON SFM 007 Deltec Fund Services LimitedTerritorio Fund Ltd. Professional Fund Caystone Solutions Ltd.TFO ADV GPE VIII Fund LDC SFM 004 Credit Suisse AG, Nassau BranchTFO CIP VII Fund LDC SFM 004 Credit Suisse AG, Nassau BranchTFO OKT Enhanced Income Fund II LDC SFM 004 Credit Suisse AG, Nassau BranchTGE Total Return Fund Ltd. SFM 004 Self-AdministeredThasos Strategy Fund Ltd. SFM 002 Sterling (Bahamas) LimitedThe A Series Fund Ltd. SAC SFM 007 The Winterbotham Trust Company LimitedThe Bayfront Unit Trust Fund SFM 007 Equity Bank And Trust Bahamas LimitedThe Biotech Global Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedThe BTL Fund Limited SFM 002 Trident Corporate Services Bahamas Limited

The CFAL Bond Fund Ltd. Standard Fund CFAL

The DIII Offshore Fund, L.P. Professional Fund SS & C Fund Services (Formerly GlobeOp Financial Services The Global Expedition Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedThe IBS Opportunity Fund, Ltd. Professional Fund Genesis Fund Services LimitedThe Ikonic Fund SAC Limited Standard Fund Genesis Fund Services Limited

The Logus Fund, Ltd. SAC Standard Fund Trident Corporate Services Bahamas Limited

The Pluto Fund Limited SFM 004 Britannia Bank & Trust Ltd. (Formerly "Amber Bank & Trust The Stonehaven Property Trading Fund Ltd. Professional Fund Sterling (Bahamas) LimitedThe Transportation Infrastructural Equity Fund Limited SFM 002 XP FundServices (Bahamas) Ltd.The V Fund Ltd. SAC Professional Fund Sterling (Bahamas) LimitedTimbalda Fund Ltd SFM 007 Caystone Solutions LtdTitan Balanced Income Fund Limited Standard Fund Genesis Fund Services LimitedTitan Fixed Income Fund Limited Professional Fund Genesis Fund Services LimitedTMB3 Fund Ltd SFM 007 The Winterbotham Trust Company LimitedTOP 21 Fund Limited SFM 004 The Winterbotham Trust Company Limited

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Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The Bahamas

Topaz Global Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedTornado Investment Fund Ltd (SAC) SMF 002 MMG Fund Services (Bahamas) Ltd.Torus Investment Fund Limited SFM 001 Equity Investment Fund Services LimitedTravertine Fund Limited SFM 002 Sterling (Bahamas) LimitedTrent Master Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedTriple M Opportunities Investment Fund Ltd SAC SMF 004 MMG Fund Services (Bahamas) Ltd.Tropicus Isle Fund SFM 002 Genesis Fund Services Limited

TSAG Digital Multi-Strategy Fund Ltd. SAC Professional Fund Leno Corporate Services Limited

TWG Investment Fund Limited ( formerly Riviera Professional Fund The Winterbotham Trust Company LimitedTwynam Investment Fund Ltd. SFM 002 The Winterbotham Trust Company LimitedUCAP AA Leverage Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedUcatang ICON Fund SFM 004 EFG Bank & Trust (Bahamas) Ltd.Ukrainian Investment Fund Ltd. SFM 002 Sterling (Bahamas) LimitedUltra Distressed Securities Fund Limited Professional Fund Equity Investment Fund Services LimitedUna Investment Fund Ltd. SFM 002 Ansbacher (Bahamas) Ltd.Unicus Fund Ltd. SFM 007 Self-Administered **Uzbek Capital Markets Fund Ltd Professional Fund Fund Haven LtdV Five Investment Fund Ltd. SFM 004 The Winterbotham Trust Company LimitedVantage Capital Fund Ltd SMF 002 Deltec Fund Services LimitedVAR Fund Limited SFM 004 The Winterbotham Trust Company LimitedVCK Investment Fund Limited SFM 004 Caystone Solutions Ltd.Vela Capital Fund Ltd. Professional Fund The Winterbotham Trust Company LimitedVela Investment Strategies Ltd. SAC SFM 002 The Winterbotham Trust Company LimitedVenture Wildwood Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedVenturi Global Fund Ltd., SAC Professional Fund Sterling (Bahamas) LimitedVertex Global Fund Limited Professional Fund Itau Bank & Trust Bahamas Ltd.Vesta International Fund Limited SAC Professional Fund Maitland Adminstration LimitedVezuse Fund Icon Professional Fund Deltec Fund Services LimitedVI Fund Ltd. SAC SFM 007 Sterling (Bahamas) LimitedVirtus Multistrategy Fund Limited SAC Professional Fund Caystone Solutions Ltd.Vitriz Plus Ltd. SFM 004 Self-AdministeredVJP Investment Fund Limited SFM 004 Self-AdministeredVortex Street Fund Limited SFM 002 Swiss Financial Services (Ireland) LimitedVostok Fund Ltd. (formerly BGI Fund Ltd.) SFM 007 Sterling (Bahamas) LimitedVPartners Opportunity Fund Ltd. SAC SFM 002 The Winterbotham Trust Company LimitedW Invest Fund Limited SAC SFM 007 The Winterbotham Trust Company LimitedW Liquidity Fund Limited SFM 007 The Winterbotham Trust Company LimitedWaleton Fund Icon SFM 007 Deltec Fund Services LimitedWarehouse Tech Fund Limited SFM 007 Ansbacher (Bahamas) Ltd.Watercourse Fund ICON SFM 007 Deltec Fund Services LimitedWB II Investment Fund Ltd SFM 004 The Winterbotham Trust Company LimitedWeCap Alternative Fund Ltd SFM 004 The Winterbotham Trust Company LimitedWentworth Fund Icon Professional Fund Deltec Fund Services LimitedWestCay Absolute Return Limited SFM 002 Sterling (Bahamas) LimitedWestwood Capital Fund Limited SFM 007 The Winterbotham Trust Company LimitedWhite Conch Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedWhitewater Fund Limited Professional Fund Global Service Solutions Ltd.Willisin Fund Limited SAC SFM 002 Lombard Odier & Cie (Bahamas) Limited

Winton Investment Fund Ltd. SFM 002 The Winterbotham Trust Company Limited

WNT Master Feeder Fund Ltd. (SAC) (formerly Back SFM 002 The Winterbotham Trust Company LimitedWorld Equities Fund Ltd (formerly DWL Global Equiy Ltd) SFM 004 Genesis Fund Services LimitedWorld Invest Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedWorld Oil System Fund Limited SFM 007 The Winterbotham Trust Company LimitedWorld Opportunity Fund Ltd. SFM 007 The Winterbotham Trust Company LimitedXapphire G Fund Limited Professional Fund Leno Corporate Services LimitedYork Investment Fund Ltd. SFM 002 Sterling (Bahamas) LimitedYork Investment Limited Professional Fund State Street (Cayman) Trust LimitedYPE Fund Ltd. SFM 002 Caystone Solutions Ltd.

Page 13

Investment Funds Act, 2019 Licensed funds as at 31 March 2020 Securities Commission of The BahamasZambezi Industrial Midcap Fund Ltd. SFM 004 Self-AdministeredZodiac International Investment Fund Ltd. SFM 002 Caystone Solutions Ltd.

Page 14