Duet Asset Management Ltd.

(Commodities Fund)

Fund Investment Objectives

The fund is comprised of relative value and directional trades expressed through futures and options. 30 to 40% of the fund is focused on longer term core themes. 60 to 70% of the portfolio is tactical and opportunistic with shorter-term positions. The RV & Directional trades are expressed with exchange traded instruments. Core themes can be with a holding period of 1 week to 3 months. The core themes are often expressed in options and futures and have a low turnover. Allocations expressed through Directional and Relative Value shorter term momentum trades have a holding period of 1 day to 1 month. Estimated total annual turnover of approximately 400%.