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Dexion Trading Ltd

During the year to 31 December 2011, the NAV of the Company’s Shares fell by 3.12 per cent.. The annualised return on Shares from inception to 31 December 2011 has been 4.46 per cent. with annualised volatility of 5.48 per cent.

The Board continued to help reduce the discount through the Company’s programme of Share repurchases, with £4,653,646 worth of Shares being repurchased in 2011. Whilst the discount narrowed slightly during the year, moving from -13.9 per cent. at 31 December 2010 to -11.0 per cent. at 31 December 2011, the market price of the Company’s Shares only rose by 0.1 per cent. over 2011. The Board intends to continue to actively use the Company’s Share repurchase authority during 2012 in attempting to manage the Share price discount utilising its credit facility or other suitable cash resources (which may be restricted by Settlement Obstructions).

As in previous years, the Board has maintained its commitment to act in the best interests of the investors, continuing to provide information and transparency on the Company’s reporting. On the 19 May and 15 September, investor audio web conference calls took place followed by live question and answer sessions to provide all investors with the chance to ask questions of the Investment Adviser.

The Company’s Investment Adviser believes that the Company is well positioned to benefit from the 2012 macro environment which offers a number of profitable trading opportunities for the Company’s managers.

Finally, I would like to take this opportunity to thank my fellow directors for their time and endeavours over the last year.

I look forward to welcoming Investors to the Annual General Meeting of the Company at 2 p.m. on 12 June 2012, which will be held at the Company’s registered office at 1 Le Truchot, St Peter Port, Guernsey.

Christopher Spencer


18 April 2012


We report that the NAV of the Company’s Shares (in £ terms) decreased by 3.12 per cent., net of fees and expenses, over 2011, compared to a decrease of 4.88 per cent. (in US dollar terms) for the HFRX Macro Index.

The following provides the Investment Adviser’s overview of the performance (in US dollar terms) of the Portfolio by hedge fund sub-strategy, over the period under review. Performance is shown net of the underlying managers’ fees and expenses only. References to the Portfolio are, where the context requires, to the portfolio of Permal Macro Holdings Ltd. (‘Permal Macro’ or the ‘Fund’), of which the Company is a feeder fund.


2011 was a challenging year for markets, where the main focus centred on unsustainable levels of government debt in the eurozone. As this sovereign debt saga escalated, emergency summits were held to address these issues, with markets typically welcoming such initiatives, before being tempered by implementation difficulties and disagreements. This pattern repeated throughout the year, creating periodic waves of volatility and sharp reversals in the markets. The turbulent environment was also characterised by short-selling bans, the collapse of governments, natural disasters – most notably in Japan (EUREX: FMJP.EXnews) – unrest in the Middle East, and the debt ceiling debate in the US.

Equity Markets

Early in the year, equity markets rallied buoyed by encouraging economic data. However, concerns about the European sovereign debt crisis and slow global growth weighed on equities worldwide for much of the remainder of the year, with selling pressures intensifying amid concerns that the eurozone was slipping back into a recession. As the year drew to a close, equity prices reversed and posted a strong rally on the back of Europe (Chicago Options: ^REURUSDnews) ‘s Long Term Refinancing Operation measures and increasingly positive economic reports from the US. The Smp;P 500 ultimately ended the year flat, although this masked considerable volatility through the year, as well as sharp sell-offs, including a 7 per cent. one day drop in August. Global (Chicago Options: ^RJSGTRUSDnews) equity fared far worse with many, particularly in the emerging markets, ending in deep negative territory for the year.

Fixed Income

After generally declining in the early part of the year, government bonds in the US, UK and Germany experienced a strong upward trend for the remainder of the year, with only small periodic reversals during intermittent bouts of market optimism. This rally was supported by several factors, notably global growth concerns, deadlocked political negotiation in the US and unrelenting fears over the deteriorating situation in Europe. The Fed’s announcement of Operation Twist and its commitment to keep rates extraordinarily low for the next two years lent further support to US Treasuries.

The spread of peripheral eurozone bond yields over Germany widened dramatically during the period with many reaching record highs. This was driven by the increased possibility of a Greek default and resulting contagion, as well as multiple downgrades of peripheral debt.

Foreign Exchange

Currencies proved volatile during 2011. In the first half of the year, the US dollar was lower against most major counterparts, weighed down by a combination of large US budget deficits, rising government indebtedness and an unclear path of how to address such issues. Despite intensifying problems within the eurozone, the euro appreciated against the dollar in the first half. During that period, the expansion of the European Financial Stability Facility served to lift the currency, as did hawkish rhetoric from the European Central Bank (‘ECB’) in the face of rising headline inflation, yet the intensifying sovereign debt concerns ultimately weighed on the euro, which finished the year lower versus the US dollar.

After being mostly range bound against the US dollar in the first half of the year the yen, fuelled by safe haven flows, strengthened during the later part of 2011, despite multiple interventions by the Bank of Japan.

Emerging market and commodity currencies generally strengthened against the US dollar during the first half of the year, benefiting from higher inflation, as well as oil prices which rose on the back of turmoil in the Middle East. However, in the second half they declined as investors became risk averse as commodity prices fell. Apart from some notable exceptions, such as the Australian dollar, these currencies ended 2011 lower against the US dollar.

Commodities (Santiago: COMMODITIES.SNnews)

The natural resources sector experienced considerable volatility through the year. While commodities and related equities generally posted gains in the first quarter, driven by political turmoil in the Middle East, commodity prices later came under pressure as macroeconomic headwinds stalled risk appetites. Prices rose again amid supply/demand worries, but ultimately the commodities sector, with the exception of oil, gold and certain agricultural goods, ended the year in negative territory.

Performance Attribution

Systematic and Relative Value Arbitrage were positive performers for the year while Discretionary and Natural Resources detracted from the Fund’s performance.


Discretionary managers (a 51 per cent. allocation at 31 December 2011) returned -2.0 per cent. for the year against 1.4 per cent. for the HFRX Discretionary Thematic Index. It was a difficult year for many global macro managers with markets often failing to trade on the fundamental data, instead being driven by European headline news, resulting in a ‘risk-on’ ‘risk-off’ mentality. Managers that performed particularly poorly were those with short exposure to the euro early in 2011, who were arguably too early on the trade. In addition, shorting fixed income around the second quarter of the year, particularly US Treasuries, based on inflation fears and unsustainable debt levels in the US, proved detrimental. Lastly, certain managers believed emerging market currencies would continue to appreciate strongly despite global growth concerns and systemic risks emanating from Europe, and as such held long exposures to this asset class for too long. These losses more than offset gains made from managers who were long fixed income positions in various markets (for example, the US, Mexico and Norway) as well as those who were long volatility in the interest rate markets. They also detracted from gains made by managers with credit protection on European financial institutions.


Systematic managers (a 30 per cent. allocation) were up 2.1 per cent. for the year versus a 1.8 per cent. fall for the HFRX Systematic Diversified Index. Fixed income proved to be the most lucrative sector for both trend-followers and non-trend followers. Particularly profitable trades on the non-trend following side included long government bond exposure in the US and Germany. Managers with longs in the Japanese yen and Australian dollar also performed well. The decision at the start of the year to increase the Fund’s allocation to systematic managers, particularly non-trend followers, proved beneficial, with systematic being the year’s best performing strategy and non-trend followers the best performing sub-strategy in this allocation.

Natural Resources

Natural Resources (a 9 per cent. allocation) was down 9.4 per cent. for the year, while the HFRX Commodity Index was down 9.8 per cent.. These managers generally failed to capitalise on the trends in a sector characterised by an upward move in the first half of the year, and a downward move in the second half. Some were particularly hard hit by the sell-off in gold that took place in December.

Relative Value Arbitrage

Relative Value Arbitrage (a 5 per cent. allocation) was up 1.1 per cent. for the year against a 2.9 per cent. fall for the HFRX Equity Market Neutral Index. The strong outperformance of the managers in this strategy compared to the benchmark is testament to the continued focus on equity market neutral managers who capitalised successfully on global market moves and also captured the liquidity premium in certain stocks.

Investment Outlook

While 2011 was often characterised by unchartered territory in which managers had difficulty expressing some fundamental, well-thought out trades, we believe that the 2012 macro environment offers a number of profitable trading opportunities which our managers should be able to capture successfully. In that regard, there have been a series of encouraging trends of late. First (OTC BB: FSTC.OBnews) , market action in many sectors has been increasingly aligned to the managers’ views. Second, there has been a decrease in correlation amongst various asset classes. And finally, some of the issues that had caused so much volatility in 2011, in particular policymakers’ intervention in the markets, seem to be receding, leaving room for more traditional players (for example, the ECB) to take a more prominent role. This in turn has decreased systemic risks and should allow markets to trade on fundamentals, which is a more favourable environment for global macro strategies.

Market Outlook

While many managers in the Portfolio maintain a cautious view of the global economy, they have become more constructive on their economic outlook, especially in the short-term, in light of recent positive events.

First, economic data in the US has been surprisingly positive and managers believe that this positive momentum could prove self-sustaining, in particular if the employment situation continues to improve and consumer spending keeps rising. Second, and even more fundamentally important for some managers, the Long Term Refinancing Operation measures taken by the ECB in December have improved the liquidity situation in the European banking system and considerably reduced systemic risks by precluding a short-term funding crisis.

They believe, therefore, that there is reason for cautious optimism, particularly in the first quarter of 2012. Over the long term, however, they believe that the US still faces headwinds, notably a still high, albeit declining, unemployment rate, as well as political gridlock over key issues such as the extension of the payroll tax break and unemployment benefits.

In Europe, while the Long Term Refinancing Operation measures provide a temporary reprieve for the system to convalesce, the long-term problems have yet to be resolved. One of the dominant concerns is that a recession is unfolding in the region and slowing growth will be aggravated by austerity measures. Some managers note that negative developments in Europe could more than neutralise good news from the US.

The outlook for the UK also remains poor with the economy weighed down by sluggish wage growth and fiscal austerity.

In the emerging markets, the concern revolves around European bank exposure to emerging markets, which is substantial and likely to contract as the banks de-lever. Managers believe that emerging market central banks will cast aside inflationary concerns, which are already diminishing, and focus instead on stimulating growth by cutting interest rates.


Managers have generally positioned their portfolios to reflect their cautious optimism, especially when it comes to taking advantage of relative US outperformance.

In macro terms:

Fixed Income

• The managers’ bias in global government bonds is to be long of these assets. Managers, especially those with a more pessimistic view on Europe, hold long positions along the euro curve, especially at the frontend. Some managers also hold long positions in UK government bonds where growth is slowing, while others continue to express the ‘lower for longer theme’ through long positions in US Treasuries, as well as Mexican government bonds.


• Managers generally hold long US dollar positions versus the euro and certain emerging market currencies. The US dollar is expected to benefit from its safe haven status amid a global economic slowdown. The narrowing of the interest rate differential between Europe and the US will weigh heavily on the euro and for this reason managers are shorting the currency. In emerging markets, they note that not all currencies are created equal and tend to short those currencies where emerging market central banks are likely to cut rates in response to global growth concerns. On the long side they favour currencies with a strong positive carry, such as the Brazilian real.


• Exposure to the equity sector remains tactical. In the US, managers are expressing the country’s relative outperformance through opportunistic longs in the Smp;P, while the emerging markets focused managers have longs in equities of those markets with strong fundamentals, such as Korea, which they believe sold off indiscriminately and too sharply in late 2011.


• The sector may remain volatile in the near-term and as a result managers are trading tactically. They generally hold long exposure to gold, which stands to benefit from monetary easing as well as lack of market conviction in policy makers. Managers also have longs in oil in light of the rising geopolitical tensions.

Analysis of significant investments

The ten largest holdings of the Company as at 31 December 2011 are set out below. These investments were held via Permal Macro.

Source: Dexion Capital plc calculation based on Permal (data)

(1) Percentages of issued share capital are based on estimates of fund capital provided by underlying manager as of 31 December 2011.

(2) The total of the top 10 largest investments in 2010 was 40.97% of the Company’s net assets and no holding was larger than 8.01%.

Whilst it is generally considered best practice to disclose the full portfolio of an investment company, the composition of the Permal Macro’s investment portfolio is the subject of confidentiality provisions with Permal Macro.

Dexion Capital (Guernsey) Limited

18 April 2012


The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) and applicable law.

The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

- select suitable accounting policies and apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies (Guernsey) Law, 2008. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Under applicable laws and regulations the Directors are also responsible for preparing this Directors’ report and Corporate Governance Statement that comply with Company law and regulations.

Directors’ Responsibility Statement

The Directors confirm that they have complied with the above requirements in preparing the financial statements and that to the best of our knowledge and belief:

(a) This management report (comprising the Chairman’s Statement, Manager’s Report and Directors’ Report) includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces; and

(b) The financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair view of the assets, liabilities, financial position and profit of the Company.

By order of the Board


As at

31 December



As at

31 December




Current assets

Financial assets at fair value through profit or loss



Cash and cash equivalents



Other receivables



Total (Other OTC: TTFNF.PKnews) assets




Current liabilities

Bank overdraft



Accounts payable and accrued expenses



Total liabilities



Net (Frankfurt: A0Z22Enews) assets



Represented by:

Shareholders’ equity and reserves

Share premium



Other reserves



Total Shareholders’ equity



Net assets per Share




For the

year ended

31 December



For the

year ended

31 December 2010



Interest income



Net changes in fair value on financial assets at fair value through profit or loss



Net (loss)/ income




Directors’ remuneration and expenses



Fund administration fee



Custodian fee



Audit fee



Legal fees



Other professional fees



Other operating expenses



Total operating expenses before finance costs



Finance costs

Interest expense



Total comprehensive income



Basic and Diluted (loss)/earnings per Share



All items derive from continuing activities



Financial Risk Management

The Investment Manager provides services to the Company, co-ordinates access to domestic and international financial markets, monitors and manages risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks.

The techniques and instruments utilised for the purposes of efficient portfolio management are those which are reasonably believed by the Investment Manager to be economically appropriate to the efficient management of the Company. The Company’s financial instruments include investments designated as fair value through profit or loss, cash and currency hedging instruments. The main risks arising from the Company’s financial instruments are market price risk, interest rate risk, currency risk, liquidity risk and credit risk.

a) Capital risk management

The Company manages its capital to ensure that it is able to continue as a going concern while maximising the return to equity holders through the optimisation of equity balance. The capital structure of the Company consists of Shareholders’ equity which comprises issued share capital, and other reserves. To maintain or adjust the capital structure, the Company may return capital to Shareholders or issue new Shares. There are no regulatory requirements to return capital to Shareholders. During the year, 3,796,453 Shares were repurchased and cancelled so as to maximise the value of the Company to remaining Shareholders. The Shares had been trading at a discount to net asset value during the year. The Company adheres to the Listing Rules of the UK Listing Authority.

b) Market risk

Market risk embodies the potential for both losses and gains and includes currency risk, interest rate risk and price risk.

The Company’s strategy on the management of investment risk is driven by the Company’s investment objective. The Company’s investment objective is detailed in the Directors’ Report (see full Annual Report mp; Accounts). The Company’s main investment guidelines and restrictions are:

- The Company invests all or substantially all of its assets in Class A £ shares issued by Permal Macro. The investment policy of Permal Macro is to diversify its investment risk.

- No more than 20% of the value of Permal’s gross assets may be lent to or invested in the securities of any one issuer (including the issuer’s subsidiaries and affiliates) or may be exposed to the creditworthiness or solvency of any one counterparty (including that counterparty’s subsidiaries or affiliates).

- Gross assets in excess of 20% and up to 40% of the value of Permal Macro may be invested in any one Underlying Fund or may be allocated to any one Portfolio Manager to manage on a discretionary basis, provided that each such Underlying Fund or Portfolio Manager operates on the principle of risk spreading. Permal Asset Management will monitor the investment portfolio of the Underlying Funds and Portfolio Managers with which Permal Macro has invested more than 20% of the value of its gross assets to ensure that, in the aggregate, the restrictions quoted above are not breached.

- Permal Macro may not invest in aggregate more than 20% of the value of its gross assets in other funds whose principal investment objectives include investing in other funds.

- Permal Macro may not take or seek to take legal or management control of the issuer of any of its underlying investments.

- Permal Macro may not invest more than 10% in aggregate, of the value of its gross assets directly in physical commodities.

- Permal Macro has the power to borrow and may do so not only to meet redemptions (which would otherwise result in Permal Macro prematurely liquidating investments), but also as part of its investment philosophy. Such borrowing, in the aggregate, will not exceed 20% of the net assets of Permal Macro.

i) Market price risk management

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential for both loss and gain that might be suffered through holding market positions in the face of price movements. The Company’s investment portfolio is exposed to market price fluctuations which are monitored by the Investment Adviser in pursuance of its investment objective and policies.

Details of the Company’s exposure in underlying investments held via Permal Macro as at 31 December 2011 are disclosed in summary form in the Manager’s Report (see full Annual Report mp; Accounts).

Price sensitivity analysis

The Company’s only investment is in Permal Macro. Therefore, market price risk is managed indirectly through diversification of the investment portfolio in Permal Macro.

The Investment Adviser provides a Portfolio mp; Risk analysis for Permal Macro that is included within the Board report process. The analysis provides data on a Value at Risk measurement of 99% on a best fit or ‘proxy’ data that aligns with the investment strategy of the portfolio. Performance data is approximated reasonably by using Extreme Value Theory. The Investment Adviser also analyses the time-varying market factor sensitivities of Permal Macro.

The following details the Company’s sensitivity to a 10% increase and decrease in the market prices, with 10% being the sensitivity rate used when reporting price risk internally to key management personnel and representing management assessment of the possible change in market prices. At 31 December 2011 if the market prices had been 10% higher with all other variables held constant, the increase in the net assets attributable to equity Shareholders for the year would have been £13,052,693 (2010: £13,931,161); an equal change in the opposite direction would have decreased the net assets attributable to equity Shareholders.

Actual trading results may differ from the above sensitivity analysis and those differences may be material.

ii) Interest rate risk management

Interest rate risk represents the uncertainty of investment return due to changes in the market rates of interest. Substantially all of the Company’s assets are non-interest bearing equity investments and its exposure to interest rate changes is minimal. Interest receivable on bank deposits and interest payable on bank overdraft positions will be affected by fluctuations in interest rates. All cash balances and bank overdrafts are at variable rates. Increases in interest rates will increase the borrowing costs of the Company should the overdraft facility be used. The rate of interest in respect of the overdraft facility is fixed at Royal Bank of Canada (Channel Islands) Limited base rate plus 1%. Credit monies are sufficient to provide liquidity for ongoing expenses of the Company.

The Company’s investment in Permal Macro is not directly exposed to interest rate risk. However, the Company may be indirectly exposed through the underlying portfolio held by Permal Macro.

As at 31 December 2011, all of the Company’s assets and liabilities were non-interest bearing with the exception of cash and cash equivalents (see table below).

As at 31 December 2010, all of the Company’s assets and liabilities were non-interest bearing with the exception of cash and cash equivalents (see table below).

Interest rate sensitivity analysis

Cash and cash equivalents will be affected by movements in interest rates. However there will be no material impact on the Statement of Comprehensive Income or Statement of Changes in Shareholder’s Equity from movements in interest rates due to the immateriality of the bank balances at year end. At year end the Company’s cash balance was £(629,018) (31 December 2010: £20,847).

iii) Currency risk management

The Company’s investment in Permal Macro is predominantly in pounds sterling; therefore, the effect of currency fluctuation is minimal. Permal Macro’s investments comprises predominantly of US dollar denominated investments. Whilst Permal Macro will (subject to the availability of appropriate foreign exchange and credit lines) engage in currency hedging in an attempt to reduce the impact on its Class A £ shares of currency fluctuations, volatility of returns may result from such currency exposure. Any uninvested monies such as working capital requirements are monitored by the Investment Manager.

The Company had no significant exposure to currency risk at 31 December 2011 and 31 December 2010.

c) Liquidity risk management

The ultimate responsibilities for liquidity risk management rests with the Board of Directors which has appropriately reviewed the funding requirements for the management of the Company’s short, medium and long-term funding needs. The Company maintains adequate reserves by continuously monitoring forecast and actual cash flows and maintains an overdraft facility as described on page 35 of the Annual Report mp; Accounts to assist with any unforeseen timing mismatches.

The Company’s financial instrument is an investment in Permal Macro which generally may be illiquid. The Company is currently required to give 20 days prior notice of redemption to redeem its holdings in Permal Macro.

Some of the investments made by Permal Macro may not be readily realisable and their marketability may be restricted and it may be difficult for Permal Macro to sell or realise its investments in whole or in part.

d) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The carrying amounts of financial assets best represent the maximum credit risk exposure at the reporting date. Investments made by Permal Macro may not be regulated by the rules of any stock exchange or investment exchange or other regulatory body or authority. The counterparties to such investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit requirements. As a result, the Company will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by the counterparties with which the Company deals. The diversity of the portfolio assists with the mitigation of such risk.

The Company’s financial assets which were exposed to credit risk via investment in Permal Macro were concentrated as follows:

Significant Agreements and Related Parties

a) Directors’ Remuneration mp; Expenses

Up until 30 June 2011, the annual Directors’ fees comprised £26,000 paid to Mr Spencer, the Chairman, £22,000 to Ms Goodwin as Chairman of the Audit Committee and £20,000 to Mr Niven. From 1 July 2011 the annual Director’s fees were each increased to comprise £32,000 paid to Mr Spencer, the Chairman, £28,000 to Ms Goodwin as Chairman of the Audit Committee and £26,000 to Mr Niven. Mr Bowie has waived his right to his fee of £26,000. Directors’ fees payable at 31 December 2011 were £21,441 (2010: £17,140).

Any additional remuneration where Directors are involved in duties beyond those normally expected as part of a Director’s appointment will be disclosed in the Directors’ Report of the financial statements in respect of that financial year.

b) Manager

Following the restructuring of the Company from 1 October 2007, Permal Macro will pay the Investment Adviser an annual fee (payable monthly in arrears) of 2.0% of the value of the Total Assets attributable to its Class A shares in Permal Macro held by the Company (together with certain other operational costs and expenses). The Investment Adviser has agreed to rebate half of that amount to the Manager in complete discharge of the Company’s obligation to pay fees to the Manager pursuant to the Investment Management Agreement out of which 0.5% will be available as a trail commission to Qualifying Investors.

During the year ended 31 December 2011, Permal Macro paid a total annual fee amounting to the equivalent of £2,698,392 (2010: £2,641,226) to the Investment Adviser and half of this amount (the equivalent of £1,349,196, 2010: £1,320,613) was paid by the Investment Adviser to the Manager.

The Manager is responsible for discharging all the fees of the Investment Consultant.

The Investment Management Agreement may be terminated by either party giving to the other not less than 9 months’ notice, or otherwise in circumstances where, amongst other things, one of the parties has a receiver appointed of its assets or if an order is made or an effective resolution passed for the winding up of one of the parties or if, following a continuation vote not being passed or if a resolution for the winding-up of the Company is passed.

Under the Investment Advisory Agreement, the Company pays a nominal fee to the Investment Adviser save where the Company’s investment in Permal Macro is redeemed otherwise than on at least nine months’ notice in which case a termination fee equal to the fee which would otherwise have been payable if due notice had been given in respect of the Company’s investment in Permal Macro which is then being redeemed (as at the Valuation Date immediately preceding redemption) is payable by the Company to the Investment Adviser.

c) Administrator

RBC Offshore Fund Managers Limited (the ‘Administrator’), performs administrative duties for which it was remunerated at a rate of 0.03% of the Net Asset Value of the Company subject to a minimum of £30,000 per annum.

d) Secretary

Dexion Capital (Guernsey) Limited (‘the Secretary’) performs secretarial duties for which it was remunerated at an annual fee of £20,000.

e) Custodian

Royal Bank of Canada (Channel Islands) Limited (‘the Custodian’), is remunerated at an annual rate of 0.03% of the Net Asset Value of the Company subject to a minimum of £10,000 per annum.


Carol Kilby:

Dexion Capital (Guernsey) Limited

Tel: +44 (0) 1481 743943

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