Somers

Somers' core investments are primarily in the banking, asset financing, and wealth management sectors. Somers has shareholders' funds of approximately US$349 million, and it invests in listed and unlisted companies, with both minority and controlling shareholdings. Somers is managed by ICM Limited ("ICM"), a Bermuda based global fund manager and corporate finance adviser which currently manages over US$2.3 billion in funds directly, and is responsible indirectly for a further US$17.8 billion of assets in subsidiary investments. ICM is a long term investor that focuses on having a deep understanding of the business fundamentals of each investment and its environment versus its economic value. Somers investments include: 100% shareholding in Bermuda Commercial Bank Limited, one of Bermuda's four licensed banks; 62.8% shareholding in UK specialist bank PCF Group plc; 62.6% shareholding in Resimac Group Limited, a leading non-bank Australian financial institution with A$13.0 billion assets under management; and, 62.5% shareholding in Waverton Investment Management Limited, a UK wealth manager with £6.0 billion assets under management. INVESTMENT OBJECTIVE