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SEXTANT PEAK OIL

Orientation and objectives

Since the end of the 19th century, the world has experienced an industrial development without precedent, based on the progressive depletion of fossil fuel (carbon and then petrol). While a part of the scientific community evokes the possibility of Peak Oil, we realize that our developed economies are incapable of functioning without petrol, unless the model of our society radically changes.

Peak Oil occurs when the production of petrol reaches it maximum level. The prevision models for Peak Oil are based on the level of reserves, new discoveries and production; the underlying idea being that to produce petrol it needs to have been discovered some time beforehand (the cutoff point for the production and exploitation). In the United States, the Peak of production was reached in 1970, since this date the production of crude oil has decreased by half. Throughout the world, Peak Oil has already happened in 64 countries. Nowadays, we consume 3 barrels of petrol for every one that is discovered.

For us the challenge is not to know if Peak Oil will happen, but when it will happen. We need to be ready beforehand. With Sextant Peak Oil, we are looking for companies taking advantage of what is a systemic risk for the global economy. In first place, are the oil companies who dispose of reserves, assuring many years of production in regions that are politically safe. Other sectors may enter into our investment sphere, such as renewable energies. But the evaluations are still high for technologies that are instable and not economically profitable.

Sextant Peak Oil can also constitute a type of protection against the decrease of other financial assets, the day when peak oil becomes an accepted reality.

Presentation letter for the fund

December 2007 newsletter announcing the launching of Sextant Peak Oil.

Management report of the fund

Management report (June 2008).

Financial charasteristics

Custodian : RBC Dexia Investor Services Bank France S.A

AMF Classification: International equity fund

ISIN Code : FR0010547869

Tax treatment : not eligible for French equity savings plans (PEA’s).

Recommended investment horizon : Over 5 years.

Subscription, redemption, and management fees :

Maximum subscription fee: 2 %

Maximum redemption fees: 1 %

Management fees :

Fixed portion : maximum of 2.4 % (tax incl.) of the fund’s net assets

Incentive fees: 15% (tax incl.) of the Fund’s performance above 5%

Net asset value

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

Given that the fund Sextant Peak Oil is decimalized, units may be purchased or sold in thousandths, allowing you to invest a specified amount.

Sextant Peak Oil net asset values are calculated weekly using closing prices by RBC Dexia Investor Services France.

The most recent net asset value is available 24 hours a day, 7 days a week on our voice mail service at +33 1 47 20 78 17 and on the Amiral Gestion website .

Fund history

Launch of the fund the 17th of December 2007 with a price 100 Euros. .

RISQUES: Soyez Prudent !

Sextant Peak Oil is an equity fund that is susceptible to sharp fluctuations and declines. 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.