EXHIBIT P
PURCHASE AGREEMENT
Purchase Agreement dated _________ ___, 2004 between Xxxxxxx Global
Commodities Stock Fund, Inc., a corporation organized under the laws of the
State of Maryland (the "Fund"), and Deutsche Investment Management Americas Inc.
(the "Sole Initial Shareholder"), a corporation organized under the laws of the
state of Delaware.
WHEREAS, the Fund is an investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Fund proposes to issue and sell shares of its common
stock, par value, $.01 per share (the "Common Stock"), to the public pursuant to
a Registration Statement on Form N-2 (the "Registration Statement") filed with
the Securities and Exchange Commission; and
WHEREAS, Section 14(a) of the 1940 Act requires each registered
investment company to have a net worth of at least $100,000 before making a
public offering of its securities;
NOW THEREFORE, the Fund and the Sole Initial Shareholder agree as
follows:
1. The Fund offers to sell to the Sole Initial Shareholder,
and the Sole Initial Shareholder agrees to purchase from
the Fund, 6,981 number of shares of Common Stock (the
"Shares") for an aggregate price of $100,002.82 on a
date to be specified by the Fund, prior to the effective
date of the Registration Statement.
2. The Sole Initial Shareholder represents and warrants to
the Fund that the Sole Initial Shareholder is acquiring
the Shares for investment purposes only and not with a
view to resale or further distribution.
3. The Sole Initial Shareholder's right under this Purchase
Agreement to purchase the Shares is not assignable.
IN WITNESS WHEREOF, the Fund and the Sole Initial Shareholder have
caused their duly authorized officers to execute this Purchase Agreement as of
the date first above written.
XXXXXXX GLOBAL COMMODITIES STOCK
FUND, INC.
By: ______________________________
Name:
Title:
DEUTSCHE INVESTMENT MANAGEMENT
AMERICAS INC.
By: ______________________________
Name:
Title:
