NITROGEN FUND MANAGERS
Business Consulting in Johannesburg

Nitrogen Fund Managers (Pty) Ltd is an independent alternative fund management firm based in Johannesburg, South Africa, specializing in providing hedge fund management services to institutional clients and high net worth individuals. The firm currently manages the Nitrogen Fund, a low volatility long short equity fund and the SA Alpha SPC Nitrogen Segregated Offshore Portfolio, a dollar class of the Nitrogen Fund. Nitrogen Fund Managers was founded in 1998 by Rowan Williams, originally as i capital fund managers, as part of the i capital group, a niche financial services firm. As an evolution of these activities, Nitrogen Fund Managers launched the Nitrogen Hedge Fund in 2006, leveraging the experience of the i capital group in the areas of private equity, portfolio management, corporate finance and proprietary trading. The manager has specific skills and experience in the fields of corporate finance and private equity investing, providing a strong base of fundamental understanding of the operation and workings of the equity markets. These skills provide the team with specific insight into the market and the actions of market participants. This unique skill set provides the firm with an independent and well-informed approach to fundamental investing. In the long term, the team leverages its private equity skills and experience and activist investment approach to identify fundamental investment opportunities to generate low risk returns for the Nitrogen Fund. The Nitrogen Fund is managed by Rowan Williams and Cobus Potgieter, who have worked together for the last six years on the Fund, assisted by Wilhelm Landman, an analyst. Rowan Williams has overall responsibility for the fund and is responsible for the long term book and the short term trading book. Cobus Potgieter is responsible for trade analysis and execution as well as administration within the fund. Rowan has over 19 years investing experience in the South African market including involvement in listed equities, private equity, derivatives, portfolio management and IPO’s. He currently manages the Nitrogen Fund on behalf of Nitrogen Fund Managers. He has an in-depth knowledge of the financial markets having completed the CFA designation in Rowan has a master of Philosophy (Land Economy) degree from Cambridge University, where he studied as a Cambridge Livingstone Trust Scholar, and a BSc Honours (with distinction) from the University of the Witwatersrand. Cobus is a senior analyst within the investment team responsible for fundamental analysis, trade execution and administrative support for the Nitrogen Fund. He has been a member of the investment team for 8 years. Cobus has completed his B Comm Honours degree in Investment Management at the University of Pretoria, finishing at the top of his class. Wilhelm is an analyst within the investment team responsible for fundamental analysis and administrative support for the Nitrogen Fund. He has completed his B Comm Honours degree in Investment Management at the University of Stellenbosch. He has completed all three levels of the CFA designation and will qualify to be a Charterholder in Petri is the operations manager, responsible for operations, administrative support and treasury management for the Nitrogen Fund. He has completed his B Comm Honours degree in Accounting at the University of Pretoria and is a qualified CA(SA).