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Sextant Funds

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• Sextant PEA
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• Sextant Grand Large
• Sextant Peak Oil
• Sextant Inc

SEXTANT Inc.

Orientation and objective

Hedge Funds often have very specific strategies. For example the “market neutral” strategy, which aims to put a short position in front of each long position thus completely, canceling the market risk. For Sextant Inc. the strategy is, there is no strategy. The idea is simply that this fund can benefit from all of our “savoir-faire”. We invest with the greatest care, with our only limitation being our domain of competence. We wish to have all the necessary tools at our disposal, but no obligation to have to use them.

We can thus :
• Strongly concentrate the portfolio, up to 30% on one share, and up to 90% for three stocks . If we find our three exceptional companies which are greatly undervalued, with an asset value which protects us from all long term losses, why invest in other stocks?
• Sell short, either because the share is too expensive, or in arbitrage with another less expensive share but having a market risk that we do not wish to take.
• Buy funds, convertible securities or raw materials through the listed ETF’s.
• Buy or sell « Index Futures »
• Buy or sell « Index Options »
• Generate a motivating effect, up to 300% of the net assets of the fund. Normally, this isn’t our style, but a little boosting effect in exceptional situations could be interesting. In particular for operations with arbitrage risks.
• And, of course, invest in any stock market in the world.

Sextant Inc. will in no case be a fund covered in permanence. On the other hand, we do not wish to make an aggressive fund, but rather a very safe one. Similar to the style of Sextant Grand Large, but with more freedom, surely more volatility, and maybe better performances. The management philosophy will be strictly identical to that of our other funds and the values will be in large part, the same.

Financial characteristics:

Custodian: RBC Dexia Investor Services Bank France S.A

Classification: ARIA EL stock fund

Isin Code:FR0010286005

Sextant Inc. is not eligible for French PEA’s.

Sextant Inc. is eligible for French life insurance contracts in units going up to a high of 10% maximum of the premiums deposited on the contract.

Recommended investment horizon: Over 5 years

Subscription, redemption, and management fees

Maximum subscription fee: 2 %

Maximum redemption fee: 1 %.

Management fees:

Fixed portion: maximum of 2% (tax incl.) of the Fund’s net assets.

Variable portion: 20% (tax incl.)of the Fund’s performance above 5%

Net asset values

The net asset value is the price at which units may be purchased or sold.

Sextant Inc. net asset values are calculated every weeks on friday. However, if this day falls on a holiday for the Paris Stock Market or another legal holiday in France, the calculation for the net asset values will be effectuated the day before.

The most recent net asset values are available to share holders:
• in the offices of the asset management company
• in the offices of the custodian
• on the Amiral Gestion website.
  

Guidelines for subscription:

Concerned investisors

In compliance with article 413-2 of the AMF regulations, subscription and acquistion of shares of the fund are reserved:

• 1° for qualified investors according to the first line of article 214-35-1 of the monetary and finance code (Code monétaire et financier).
• 2° for the State, or in the case of a federal State, to one or more of the members making up the federation.
• 3° for the Central European Bank, for Central Banks, for the Global Bank, for the international monetary Fund, for the European Investment Bank.
• 4° for investors whose initial subscription is at least 10 000 euros and who have occupied for at least one year, in the finance sector, a professional position which permitted them to acquire the knowledge of the strategy put in place by the OPCVM’s to which they plan on subscribing.
• 5° for companies responding to two out the following three criteria, at the end of the last fiscal year:
• a) Total stock budget superior to 20 000 000 euros ;
• b) Turnover (or sales figures) superior to 40 000 000 euros ;
• c) equity capital superior to 2 000 000 euros ;
• 6° for investors whose initial subscription is at least 10 000 euros and who possess, for a total value superior or equal to 1 000 000 euros, trusts, life insurance products or a portfolio of financial instruments
• 7° for investors whose subscription initial subscription is superior or equal to 125 000 euros.

Two possibilities to subscribe to Sextant INC.

Issuer-registered units:

You subscribe directly and your shares are registered with the custodian without holding fees and you organize yourself the transfer of the funds.

Via a porter :

You transmit the order of your subscription to your usual bank using the ISIN code and the settlement of the shares is effectuated by Euroclear France. Nevertheless, the regulations constrain us to verify that you are indeed part of the investors eligible according to article 413-2 of AMF regulations. Therefore, it is imperative that you return to us by fax at au +33 1 40 74 35 64 or post, the document "Déclaration du souscripteur" before your subscription.

Subscription and redemption demands are centralised before 11am. within in T + 5 business days ( “T” being the day of the establishment of the net asset value.

Subscriptions in nominative pure are expressed in cash amounts exclusively and the funds correspondents must have arrived at the custodian’s no later than T + 1 day.

Subscriptions via a porter are expressed in cash amounts or in number of shares and are settled in T + 3 days.

Redemptions are effectuated exclusively in nomber of shares (up to a thousandth) and are settled within T + 3 business days.

Fund History

The object of the management of Sextant Inc. was significantly modified December 30th 2007 and the fund was transformed in ARIA EL January 25th 2008.

The 2007 performances is not significative, being as the fund had been exclusively invested in monetary OPCVM’s during this period.

RISKS: Be cautious!

Sextant Inc. is an ARIA EL fund, susceptible to extreme fulgurations. You should not invest money in the Fund that you may need within a few months, or even within a few years. The Fund should be considered as a long-term investment, with a minimum horizon of 5 years.