Rockwood Strategic Plc (RKW) ORD GBP0.05

The Company seeks investments in securities that the Investment Manager believes can generate a 15% IRR over the medium to long-term, principally through capital appreciation, and typically expects a holding period of at least three to five years. Investments are sought where the securities are valued at less than the Investment Manager's view of their intrinsic value. The Investment Manager seeks to invest in businesses which it believes offer opportunities for value to be unlocked or created through strategic, management or operational changes, typically leading to improved returns, profits and growth

Management fee of GBP 120,000 p.a. less than GBP 60m NAV, 1% thereafter. The performance fee equals to 10% of outperformance over the higher of a 6% p.a. total return hurdle and the high watermark.

The Directors may from time to time, as they see fit, pay such dividends on the Ordinary Shares as appear to the Directors to be justified. The dividend policy of the Company is to pay out at least 85 per cent. of portfolio income net of expenses as dividends, retaining capital for re-investment.

Richard Staveley

Richard Staveley is a fund manager and analyst with investment experience in UK and international equity markets since 1999. Before joining Majedie in 2013, Richard was a founding Partner of River & Mercantile Asset Management.Until 2006, he was a Fund Manager and subsequently Head of UK Small Companies at Société Générale Asset Management. Prior to that, he was an Assistant Fund Manager at hedge fund boutique Bradshaw Asset Management. Richard qualified as a Chartered Accountant at Coopers & Lybrand/PwC, which he joined in 1996. He holds a Bachelor of Arts degree in Politics from the University of Newcastle. He is a CFA charter holder.

Noel LambChairman, Kenneth Lever, Paul Dudley