Fermion Capital Sarl is a Luxembourg-registered alternative fund manager that manages the Fermion Equity Fund, which is made up of sub-funds linked to liabilities, assets, and debt. Under a securitization structure, Fermion Capital has set in place a system by which a custodian bank handles the assets associated with each sub-fund. The custodian’s primary role involves ensuring that each sub-fund’s assets are securely held within a bank account that has been opened for that purpose. The custodian does not hold any further responsibilities related to managing or supervising investments within the sub-funds. Fulfilling ordinary banking functions for the sub-funds, the custodian handles accounts that were opened in the management company’s name. The management company alone has the privilege of withdrawing assets from the sub-fund and making payments to third-parties using the sub-fund’s account. The custodian is complemented by a registrar and transfer agent. These enable the transfer and redemption of debt securities and units that the sub-funds issue. This ensures that debt securities and assets are handled in a predictable, transparent manner with respect to unit holders and other investment parties.

1. How the Custodian Bank Operates with Regards to Sub-
Fund Assets
Fermion Capital

2. Introduction
Fermion Capital Sarl is a Luxembourg-registered alternative fund manager that
manages the Fermion Equity Fund, which is made up of sub-funds linked to
liabilities, assets, and debt. Under a securitization structure, Fermion Capital has set
in place a system by which a custodian bank handles the assets associated with each
sub-fund.

3. The custodian’s primary role involves ensuring that each sub-fund’s assets are
securely held within a bank account that has been opened for that purpose. The
custodian does not hold any further responsibilities related to managing or
supervising investments within the sub-funds.

4. Fulfilling ordinary banking functions for the sub-funds, the custodian handles
accounts that were opened in the management company’s name. The management
company alone has the privilege of withdrawing assets from the sub-fund and
making payments to third-parties using the sub-fund’s account.

5. The custodian is complemented by a registrar and transfer agent. These enable the
transfer and redemption of debt securities and units that the sub-funds issue. This
ensures that debt securities and assets are handled in a predictable, transparent
manner with respect to unit holders and other investment parties.