Tiberius Asset Mgmt

(Commodity Alpha OP)

Fund Investment Objectives

COMMODITY ALPHA OP's investment objective is to create attractive added value through active management in the commodities sector. The Commodity Alpha OP (The Fund) aims to give potential investors access to the benefits of commodities as an asset class by investing mainly in commodity futures which exclude the possibility of physical delivery on expiry. Commodity futures have three sources of return: spot yield, roll yield and collateral yield. The spot yield comprises the change in the spot price. A roll yield can be realized by closing a position in a commodity future at a higher selling price, while simultaneously opening a new position in the next contract at a lower acquisition price. Collateral yields consist of interest income earned by depositing fixed-interest securities as collateral for the futures positions. At present, over 90% of the commodity futures asset class on the market consist of passive products on recognized commodity indices, including Goldman Sachs Commodity indices, Dow Jones AIG Commodity indices, the Reuters/Jeffries CRB Index, the Deutsche Bank Commodity Index, the Rogers International Commodity Index etc.