Stratton Street PCC - Change in Dealing Day etc

STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release 16 January 2012

Stratton Street PCC Limited (the "Company")

Renminbi Bond Fund (the "Fund")

Re: Change in Dealing Day and creation of two new sub-classes of shares in the Fund, new CNH Renminbi and CHF currency classes and

Updates to the Scheme Particulars

The Directors of the Company wish to announce the Company will offer two new currency classes in the Fund: CNH Renminbi and CHF Swiss Francs which will increase the total number of currency classes to seven.

The Company is also creating two new sub-classes of shares within each of the seven currency Classes of the Fund: A shares and B Shares. Eligible Investors may now, subject to eligibility in respect of the relevant Class, choose to subscribe for A Shares or B Shares, which are subject to different Management Fees and eligibility criteria. Therefore there is a change to the name of the existing currency share classes of the Fund:

The Company has also amended the Dealing Day to every Thursday (or if any Thursday is not a Business Day the next Business Day) and the Valuation Point has been amended to 12 noon in Guernsey on the Business Day immediately preceding the relevant Dealing Day. These amendments will become effective on 1 February 2012 with the first amended valuation point being Wednesday 8 February 2012 with the dealing day being Thursday 9 February 2012.

The new currency share classes and B shares will launch and list on or around the 1^st February 2012.

The Fund's scheme particulars have been updated to incorporate the above changes. Defined terms used in this announcement shall bear the same meaning as they have been given in the updated scheme particulars.

A brief summary of the changes made to the scheme particulars is set out below:

· The Manager is entitled to receive a monthly fee in arrears of up to 1.5 per cent. per annum of the Net Asset Value of the Fund calculated as at each Valuation Point. However, the Manager has agreed with the Company that until further notice it shall receive a reduced monthly fee in arrears calculated at the Valuation Point of 1.25 per cent. per annum of the Net Asset Value of the B Shares.

· Transaction charges may now be applied by the Custodian in addition to their agreed fee.

· Each Director other than the Chairman shall receive an annual fee of $24,000. The Chairman of the Board of Directors shall receive an annual fee of $28,000. The Directors' Fees are to be apportioned 50 per cent. across each Fund within the Company equally; and 50 per cent. pro-rata across the Company's Funds according to the Net Asset Value of the Funds.

· Auditors' Fees and fees for Directors' insurance are to be apportioned 50 per cent. across each Fund equally within the Company, and 50 per cent. pro-rata across the Company's Funds according to the Net Asset Value of the Funds.

· Additional investment restrictions must now be adhered to in the management of the Fund; the Fund will not invest in any precious metals or immoveable property or more than 10 per cent. of its gross assets in any 'collective investment scheme'.

· The Prime Broker Newedge Group (UK Branch) is now operating in the UK through Newedge UK Financial Limited ("Newedge UK") and remains a wholly owned subsidiary of Newedge Group. Newedge UK is an authorised firm under the Financial Services and Markets Act 2000 (as amended) and is lead regulated and supervised by the Financial Services Authority in the UK. The Prime Brokerage agreement between the Fund and the Prime Broker has been novated from Newedge Group (UK Branch) to Newedge UK.

· It is noted that application has been made to the Irish Stock Exchange for both (i) the B Shares of all Classes of the Fund and (ii) the A Shares of the CNH and CHF Classes of the Fund, issued and available for issue, to be admitted to the Official List and to trading on the Main Securities Market of the Irish Stock Exchange. The A Shares of the USD, GBP, SGD, Yen and Euro Classes are already so admitted.

Enquiries to;

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange.