COMPANY ANNOUNCEMENT

Immediate Release

23 November 2009

The Tell Fund (the "Fund")

Re: Appointment of Additional Custodian

The Directors of The Tell Fund (the "Fund") wish to announce the following changes with respect to the custody arrangements of the Fund.  

The Fund has entered into a custody agreement (the "Agreement") dated 19 November 2009 with THE BANK OF NEW YORK MELLON SA/NV, LONDON BRANCH (the "Custodian"), a public limited liability credit institution organised under the laws of Belgium, whose registered office is at 46 Rue Montoyerstraat, B-1000 Brussels, Belgium operating through its branch at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom. The Custodian has been appointed as an additional custodian to the Fund. The Custodian has total custody assets of USD 20.7 billion as of June 2009 and is regulated in the UK by the FSA.

The Fund appoints the Custodian with effect from the date of this Agreement as custodian of the Securities deposited by it for safekeeping with the Custodian and to hold any cash, Distributions and monies received for deposit for the account of the Fund ("Cash") in accordance with the terms of this Agreement.  Securities held for the Fund shall be segregated on the Custodian's books and records from the Custodian's own property. The Custodian will identify the Securities credited to the Securities Accounts of the Fund, as being proprietary to the Fund.

The Custodian may appoint sub-custodians, to ensure the services described above for the Fund's cash and securities. The Custodian will exercise reasonable skill, care and diligence in the selection of any such sub-custodian(s) in light of prevailing rules, practices and procedures in the relevant market and will be responsible to the Fund for the duration of the sub-custody agreement(s) for satisfying itself as to the ongoing suitability of such sub-custodian(s) to provide custodian services to the Fund, will maintain what it considers to be an appropriate level of supervision over such sub-custodian(s) and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian(s) continue to be competently discharged.

The Fund shall indemnify and hold harmless the Custodian and BNY Mellon Affiliates from and against all losses, including, but not limited to, penalties, taxes, judgments and awards, reasonable counsel fees and expenses in third party suits and in a successful defense of claims asserted by the Fund, relating to or arising out of the performance of the Custodian's or BNY Mellon Affiliates' obligations under the Agreement, except to the extent resulting from the Custodian's negligence, willful misconduct or fraud. 

The Custodian shall not be liable for any losses incurred by or asserted against the Custodian or the Fund, except those losses arising out of the Custodian's fraud, negligence or wilful misconduct, but only to the extent such losses constitute direct money damages.

Either party may terminate the Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of such notice. 

    

Administration Safe Keeping Fees charged by the Custodian may vary depending on the market which is traded, and go up to a maximum of 55 basis point per annum in certain emerging markets.

The allocation of assets between the custodians to the Fund shall be determined, amongst other things, by the nature and type of transaction, execution service and rates.

 

Enquires to:                    

Maples and Calder

Ciaran Cotter +353 1 619 2000

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.

ENDISEBJBMTMMBTBML

The share data supplied on this page is provided by MoneyAM Corporate Solutions and incorporates share prices, market news, indices, charts, fundamentals, heatmaps, stock screeners and investor research tools. MoneyAM Terms & Conditions.