The Directors currently intend to reinvest a large part of income to take advantage of opportunities meeting VNI’s investing policy and return objectives, and where suitable opportunities are not available, to distribute substantially all of the Company's income and capital gains to shareholders. The distribution of dividends may be made in the form of a tender offer to all shareholders at NAV for tax efficiency. Each year to date since VNI’s inception, the Directors have not recommended the payment of a dividend. VNI announced in December 2010 that it would initiate its first distribution of income after the fund was fully invested, expected in 2011.