IRIS Dcg Iris Stg

TIDMIRIS

RNS Number : 3687M

DCG IRIS Limited

15 July 2014

DCG IRIS LIMITED

Event Report: Typhoon Neoguri in Japan, July 2014

The Company today received the following report from Credit Suisse AG ('Credit Suisse'), the investment manager of CS IRIS Low Volatility Plus Fund Limited (the 'Master Fund'), in which the Company invests substantially all of its assets.

Opinions expressed in the report are those of Credit Suisse AG.

"On 6 July 2014 Typhoon Neoguri passed west of Okinawa Island, part of the most southern prefecture of Japan as a category 3 typhoon. On its way further north, it weakened to tropical storm status due to lower sea surface temperatures before it made landfall on Kyushu, the southernmost of Japan's four main islands, on 10 July 2014.

Okinawa saw 438mm of rainfall within 24 hours and maximum sustained wind speeds of 190 km/h (118 mph). As the typhoon weakened over the cooler water, peak gusts weakened to 100 km/h (62 mph) before landfall on Kyushu, but the western and southwestern part of the island in particular experienced heavy rain.

The strong winds and heavy rain caused localised flooding and landslides, damaging buildings and infrastructure as well as causing at least 55 injuries and seven deaths across Japan. There have been reports of about 100 homes being destroyed or damaged, with another 700 flooded.

Typhoons are the most frequent cause of property loss in Japan and winds are the predominant driver of loss, although Japan does have strict and well-enforced construction codes. Most losses from Neoguri will be due to damage to roofs and wall coverings. Flood damage is not covered under standard policies and flood insurance coverage is relatively low. Based on our analysis and assessment we currently expect insured losses possibly reaching around $1bn given the extent of the damage resulting from Neoguri.

The CS IRIS Low Volatility Plus Fund, the company's master fund, has exposure to Japan wind risk. However, based on the fund's exposure and the current industry loss estimates, we do not expect an impact on the performance of the fund.

We will keep you updated of any significant developments. Please do not hesitate to contact us if you have any questions."

For further information please contact:

Dexion Capital (Guernsey) Limited

+44 (0) 1481 743940

Christopher Copperwaite

Dexion Capital plc

+44 (0) 20 7832 0900

Robert Peel

Media Enquiries:

Anthony Payne and Max Hilton

Peregrine Communications

Tel (Direct): +44 20 3178 6869 / +44 20 3178 6873

This information is provided by RNS

The company news service from the London Stock Exchange

END

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