LEGAL STRUCTURE
NCF, the Funds and the permission to manage accounts are regulated by the Swedish Regulatory Authority for the Financial Services (”Finansinspektionen” or “FI”). The Funds are so called Special Funds (“specialfonder”) governed by the Swedish Investment Funds Act (2004:46). All assets are held by and controlled by the Custodian (Skandinaviska Enskilda Banken). The Custodian furthermore ascertains that all instructions given by NCF are in line with the regulations stated in the Investment Memorandum. The assets are administrated (including NAV calculations) by the Administrator (Wahlsted Sageryd Financial Services).

AUDITING, INDEPENDENT SURVEILLANCE & COMPLIANCE
Auditing company is PricewaterhouseCoopers AB. Authorised auditor is Peter Nilsson. Responsible for independent surveillance is KPMG Bohlins with Lena Stämmgård and Niklas Lundblad as reviewers. The Managing Director is responsible for legal compliance. Supporting the compliance function is Helen Hallåker from KPMG Bohlins. Legal advisory in license questions and other laws and rules connected to fund management is the firm Advokat Björn Wendleby AB. Other legal advisory is handled by Strömberg & Partners AB.

CLEARING BROKER
The company has chosen to use a clearing broker to minimise administration and costs from trading multiple markets and exchanges. This means getting one counter part and one system for all transactions. NCF has chosen BHF Bank as clearing broker to access the futures, forwards and options at exchanges Nord Pool, EEX och ICE.

CUSTODIAN
The funds assets are deposited at Skandinaviska Enskilda Banken AB (Publ) that acts as Custodian. The Custodian is acting independent of the fund managers and explicitly in the interest of the share owners of the funds. The main assignment of the custodian is to keep the fund assets, handle share purchase and sales and supervise that the fund managers are acting according to laws, regulations and fund prospects.

FUND ADMINISTRATION
NCF has chosen Wahlsted Sageryd Financial Services AB (WS) as Fund Administrator. WS has long experience as fund administrator and personnel resources to administrate purchase and sales of fund shares, calculate net asset values and reporting to Finansinpektionen.

ADMINISTRATION & IT-SERVICES
All Together Now AB (ATN) performs administration like book keeping, salaries and invoicing. ATN has established routines and personnel resources to provide a far more economical and optimised service than an in-house solution. All IT-services, hardware and software, network, firewalls, virus protection, etc. is handled by Atrox Development AB. Software is under remote surveillance during all business hours and professional personnel can be on-site within one hour.

Nordic Commodity Funds AB (NCF) is a Swedish limited company (“AB”) based in Stockholm. The company became operational in January 2007 and got the license from the Swedish Regulatory Authority for the Financial Services to manage funds and discretionary trade individual accounts in March 2007.