Fund Information

The investment objective of the Company will be to maximise medium-term returns in a manner commensurate with acceptable risk management.

Prior to Shareholder approval of the reorganisation proposals at an extraordinary general meeting of the Company on 31 July 2009 (the “Reorganisation Proposals”), the Company sought to achieve its investment objective through investment in an actively managed diversified portfolio of underlying funds across a range of alternative investment strategies which target emerging and/or under-exploited sources of alpha.

Following the Reorganisation Proposals, the Company will seek to achieve its investment objective through an investment policy that focuses upon commodity, energy, and environmental strategies accessed, directly or indirectly, through a multi-manager, multi-strategy portfolio of commodities themed hedge funds.

The Investment Adviser will seek to realise or otherwise dispose of those investments in the portfolio which are not consistent with the revised investment policy. It is the Investment Adviser’s current expectation that approximately 90% of the portfolio will be invested in accordance with the revised investment policy by 1 October 2009.

The Company’s shares are denominated in Sterling, Euros and US Dollars and the Company implements a hedging policy to protect the Sterling and Euro value of its US Dollar denominated investments.