Key Fund Facts of the Wine Fund

Structure: Bermuda Incorporated Mutual Fund

Term: 5 years

Base currency: Sterling GBP

Min investment: £10,000.00

Subscription fee: 5% (of subscription proceeds)

Management fee: 1.5% pa (fixed, not on increasing nav)

Performance fee: 20% (of net profits at maturity)

Manager: Anpero Capital Limited

Administrator: TrominoFinancial Services Ltd

Auditors: MazarsLLP

NAV: calculated monthly

Valuations: independently by Liv-ex, the fine wine exchange (www.liv-ex.com)

Reporting: monthly valuation on Fund´s website, quarterly reports, annual report and accounts annual Subscribers´ dinner in London April.