Shepherd Energy Fund becomes Shepherd Energy Portfolio

From 1 October 2013 the Shepherd Energy Fund transitioned into a discretionary asset management under the name of Shepherd Energy Portfolio. The discretionary asset management is done with similar conditions, and with the same objectives as the management of Shepherd Energy Fund were done. The new AIFM Directive does not allow investment firms managing special funds, such as Shepherd Energy Fund. However Shepherd Energy AB"s securities license include the Company to conduct discretionary management and therefore the administration will continue in that form of management.

The selected strategies will be the same as the ones communicated to customers at the beginning of 2013 which was fully implemented in the fund management in April. From April to September 2013, the return of the fund amounted to 6.41%.