| The Fund is
not an authorised or recognised collective investment scheme
for the purposes of the Financial Services and Markets
Act (2000) and the promotion of the Fund is accordingly
restricted by law. The Fund’s Prospectus may only
be issued to categories of persons permitted under the
Financial Services and Markets Act (2000) (promotion of
Collective investment Schemes) (Exemptions) Order 2001.
This document is being issued inside and outside the United
Kingdom to and/or is directed at persons who are both (a)
professional clients or eligible counterparties for the
purposes of the FSA Conduct of Business Sourcebook (“COBS”)
and (b) of a kind to whom the Fund may lawfully be promoted
by a person authorised under the Act by virtue of Section
238(5) of the Act and Annex 5 to Chapter 3 of COBS. The
investments and investment services to which this document
relates are only available to the persons referred to above
and other persons should not act or rely on it. This document
is exempt from the scheme promotion restriction in Section
238 of the Act on the communication of invitations or inducements
to participate in unregulated collective investment schemes
on the grounds that it is being issued only to the types
of person referred to above.
The Fund's investment program is entails substantial
risks. The Shares discussed may be subject to sudden
and large falls in price or value and there could be
a large loss on realisation which could equal the amount
invested. As there is no recognised market for the Shares,
it may be difficult for an investor to sell or realise
the Shares or to obtain reliable information about their
value or the extent of the risks to which they are exposed.
Changes in rates of exchange may have an adverse effect
on the value, price or income of the Shares. References
to future returns are not promises or even estimates
of actual returns an investor may achieve.
The forecasts contained herein are for illustrative
purposes only and are not to be relied upon as advice
or interpreted as a recommendation. The information herein
reflects prevailing conditions and the Investment Manager’s
judgement as of this date, all of which are subject to
change. Past performance or experience does not necessarily
give a guide for the future.
The information and opinions contained in this document
are for background purposes only and do not purport to
be full or complete. No reliance may be placed for any
purpose on the information or opinions contained in this
document or their accuracy or completeness. No representation,
warranty or undertaking, express or implied, is given
as to the accuracy or completeness of the information
or opinions contained in this document by the Investment
Manager and no liability is accepted by the Investment
Manager for the accuracy or completeness of any such
information or opinions.
Investors in the Fund will not benefit from the rules
and regulations made under the Act for the protections
of investors, or from the UK Financial Services Compensation
Scheme.
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