Commerzbank Capital Markets Corporation and CML have mutually agreed to terminate the Sub Advisory Agreement whereby CML, via Philippe Bonnefoy, provided investment advice to Commerzbank's

Commerzbank Capital Markets Corporation and CML have mutually agreed to terminate the Sub Advisory Agreement whereby CML, via Philippe Bonnefoy, provided investment advice to Commerzbank's Alternative Investment Strategies (AIS) division.

Commerzbank and CML(which will change its name to Cedar Partners Investment Management (NP) Limited), are mutually ending the agreement after four years of cooperation. All parties will independently pursue opportunities in the alternative investment space.

Although Commerzbank remains an investor in the Cedar Fund, Commerzbank will no longer act as distribution agent for the Cedar Fund. Distribution will be made by Cedar Partners (Suisse) SA.