UK FCA Remuneration Code

Perspective Capital Management Limited (“PCM”), as a limited licence firm regulated by the FCA is subject to the FCA rules on remuneration. These are contained in the FCA's Remuneration Code located in the SYSC Sourcebook of the FCA's Handbook. The Remuneration Code covers an individual's total remuneration, fixed and variable. Currently, PCM pays modest fixed remuneration and further remuneration is variable.

Proportionality – PCM is required to comply with the FCA's remuneration disclosure requirements in a manner which is appropriate to its size, internal organisation and the nature, scope and complexity of its activities. PCM falls within the FCA's proportionality tier four. As such, the FCA has indicated that it would not be proportionate for PCM to comply in full with the remuneration disclosure requirements and this is reflected in the following disclosures. Decision making process – PCM is not required to establish a Remuneration Committee. The Directors are the primary decision maker in relation to the Firm's Remuneration Policy. The remuneration of the Directors themselves is subject to the approval of the Directors of the parent company - Pi Investment Management Limited. This ensures key stakeholder involvement and brings a level of independence to the process.

Variable vs fixed remuneration – all remuneration is on a fixed salary element and a variable bonus element.

Aggregate information – PCM has only one business area, that of investment management and the associated support and administration functions. PCM has identified that it has three Directors who have a material impact on PCM's risk profile, ("Code staff"). For the year to 31 December 2016 the total remuneration for these Code staff was £47,600. No severance payments were awarded.

Any questions on PCM's UK FCA Remuneration Code Disclosure can be addressed to the Chief Executive Officer, at
Enquiries@PerspectiveInvestments.com