Performance
Yield after fees  2008		(%)  2007		2006		2005		2004		2003		2002	2001	2000
January	-15.82	65.38		5.40		12.38		2.10		0.99		4.01	1.93	17.4
February	-3.36	6.09		-6.56		-16.31		2.34		2.76		0.77	4.38	-0.85
March	-2.32	-2.49		-29.13		9.78		3.92		5.70		3.78	5.45	-2.75
April	1.04	-7.66		1.33		-18.15		-3.56		4.28		0.94	3.12	3.62
May	-4.12	-9.88		15.76		2.02		4.44		1.94		0.03	2.97	-4.60
June	10.44	-22.97		17.82		-1.8		5.91		0.38		1.73	2.90	-1.43
July	-3.42	59.77		-10.71		9.05		-4.57		-3.62		-0.31	0.03	-1.18
August	-8.10	31.93		-23.90		-0.71		1.78		3.26		-1.96	2.63	2.11
September		-9.12		-0.03		20.15		8.64		17.33		0.36	2.70	5.84
October		-25.26		-5.75		1.53		2.55		-4.38		0.39	2.91	7.89
November		-14.53		3.88		3.57		13.13		1.40		-0.28	0.45	3.62
December		2.48		22.05		10.84		21.53		30.54		-0.88	1.59	-1.44
-24.5		37.5		-21.7		28.4		72.3		73.0		8.7	35.8	29.8

* the historical rate of return up to and including January 2004 was obtained in the investment program ‘The Alfa portfolio’. The investment program operated with the same investment objectives and polices as ALFA ENERGY FUND SPC.  

Investment objective and polices
The investment objective is to obtain capital preservation and appreciation by investing directly in financial derivatives in the electricity market. The Company will seek to achieve its investment objective through use of derivatives in the Nordic Electricity market. The Company will use several different strategies with a proven track-record to reach the profit goals for the investors. The main strategies are trend, spreads and arbitrage. These strategies are based upon fundamental analysis of and technical information from the day to day market. This is made to give the best opportunities to reach the yearly target return of between 15 to 25 percent to the investors, at a lowest possible risk scenario.

Fees and expenses
The Investment Manager will receive an annual Management Fee of 2% of the Net Asset Value in addition to an 20% Incentive Fee. The Company will also pay its operating expenses including the administration and custodial fees, government registration fees and audit fees.

Administrator
Custom House Administration & Corporate Services Limited has been appointed to act as Administrator. The Administrator provides management and administrative services to numerous funds, managed accounts and investment companies. The Administrator is regulated by the Irish Financial Services Regulatory Authority and is certified to operate as a financial services company under section 446 of the Taxes Consolidation Act, 1997. In addition, it is a participating member of the Dublin Funds Industry Association (D.F.I.A.).

Subscriptions
Persons interested in acquiring participating shares should contact Custom House Administration & Corporate Services Limited. www.customhousegroup.com           Tel. +353 1 878 0807

Important notice
Persons interested in acquiring Participating Shares should inform themselves as to: the legal requirements within the countries of their nationality, residence, ordinary residence or domicile for such acquisition; any foreign exchange restrictions or exchange control requirements which they might encounter on acquisition or disposal of Participating Shares; and the income tax and other taxation consequences which might be relevant to the acquisition, holding or disposal of Participating Shares.

Risks
All asset management is exposed to risks and the value of an investment can fall as well as rise. Past performance is not necessarily a guide to future performance.

The Nordic Electricity Clearing House (NECH) is used as clearing house for all settlements, which means that Alfa Energy Fund SPC does not carry out any bilateral deals which carry exposure to credit risk. The risk of a counterparty being unable to fulfil its obligations is eliminated by using NECH.