Introduction

FourWinds Capital Management has been appointed Investment Manager of the Company. The Investment Manager is responsible for advising the Company on the overall management of the Company’s investments and for managing the Company’s cash and investments in fixed income instruments in accordance with the Company’s investment objective and policy and subject to the overall control and supervision of the Company's Board of Directors.

FourWinds is a Cayman Islands exempted company with offices in Boston, London, Hong Kong and Dubai. FourWinds Capital Management (US) Inc. is a member of the National Futures Association and registered with the Commodity Futures Trading Commission as a CPO.

The Investment Manager is primarily responsible for researching, selecting and monitoring the Company’s investments and making decisions on when and how much to invest in or withdraw from a particular investment, subject to the policies and control of the Board of the Company.

The Investment Manager focuses on the development of, and risk management of, investment vehicles for commodities and real assets. The Investment Manager currently has five other products under management, namely Zephyr Commodity Fund, Zephyr Liquid Commodities Fund II LLC, Ceres Agriculture II, Aqua Resources Fund Limited, and Waste Resource Fund L.P.

The Zephyr Commodity Fund is a broadly diversified multi-manager, multi-strategy fund of funds that covers energy, metals and agriculture. The fund is an open ended Cayman Islands Company.

The Zephyr Liquid Commodities Fund II LLC focuses on commodity investments via futures and options in the energy, metals and agriculture sectors. The fund is an open ended Delaware limited liability company.

The Ceres Agriculture II Fund is an actively-managed pure agriculture fund that invests in discretionary trading strategies across exchange-traded agriculture complexes. The fund is a Cayman Islands open ended (exempt limited liability) company.

Aqua Resources Fund Limited is a Guernsey registered closed ended fund which is listed on the Official List of the UK Listing Authority and traded on the LSE Main Market for Listed Securities. It invests in the full value chain of global water.

Waste Resource Fund L.P. is a Cayman Islands limited partnerhip which invests in urban, industrial, and rural waste management. The program targets waste as a natural resource with a focus on high growth markets.