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The Commodity Discovery Fund is an investment company (mutual fund – fonds voor gemene rekening) under Dutch law, founded by Willem Middelkoop.

Term Sheet Manager:                 Commodity Discovery Management B.V.
Depositary:                                  KAS Trust & Depositary Services B.V.
Legal Owner:                               Stichting Legal Owner CDFund
Administrator:                              Circle Investment Support Services B.V.
Financial Service Provider:          KAS Bank N.V.
Legal advisor:                              Loyens & Loeff N.V.
Accountant:                                 Ernst & Young Accountants LLP
Minimal participation amount:    25.000 Euros (extra participations as of 5.000 Euros)
Subscription per:                         Monthly, as per the first of every month
ubscription Charge:                     0.5%
Redemption per:                          Monthly*, as per the last day of the month
Redemption Charge:                  1%
Management Fee:                      2% (1.5% by a Subscription of 1,000,000 Euros or more)
Performance Fee:                      20% (15% by a Subscription of 1,000,000 Euros or more)
Hurdle-rate:                                1.5% per quarter
High watermark:                         Perpetual

*Barring suspension and restrictions relating to exceptional cases, see paragraph 4.10.4 in the Offering Memorandum.

Return based on the intrinsic value, after deduction of all costs and the management fee, but before deduction of subscription charges, redemption charges, and the performance fee if applicable. For more information, the Offering Memorandum is freely available at www.cdfund.com, including information about Commodity Discovery Fund and the manager of the Fund.