Disclaimer

1) Neither an offer nor an invitation
This presentation and the offering memorandum contain neither an offer nor an invitation for the acquisition or the subscription of shares in the fund.This applies especially for jurisdictions,

• where such an offering or invitation is not permitted,
• when the person making such an offer or invitation is not qualified or
• where such offerings or invitations to certain persons are illegal.

2) Legal clarification
Any person, who is in possession of this presentation or of the offering memorandum or who otherwise would like to acquire shares in the fund, isresponsible for finding out about the legitimacy of the acquisition of fund shares according to the prevailing law and to observe the relevant legal regulations.Possible interested parties for shares in the fund should additionally inform themselves with regard to the legal, fiscal, regulatory and foreign currency requirements for the acquisition of fund shares according to the law of their home country, place of residence or current abode and seek expert, professional advice.

3) Reliable sources
The information contained in the presentation and in the offering memorandum come from sources which we regard as reliable. Nevertheless no guarantee for the accuracy of the information can be given.

4) Performance
Past performance cannot be taken as an indicator of future performance. The value of an investment can both increase and decrease.

5) Regulations under the law of the United States of America (USA)
The shares in the fund are neither registered under the “United States Securities Act of 1933” (“1933 Act”) nor under the securities rights of the member states of the USA. Without the explicit consent of the fund manager, the shares may not be directly or indirectly offered or sold in either the USA or anywherethat the law of the USA prevails, to so-called “US Persons” (according to the definition of Regulation S of the “1933 Act”).The fund will not be registered under the Investment Company Act from 1940 (“1940 Act”). According to the Securities and Exchange Commission’s interpretation of the “1940 Act” for foreign funds, the fund could be or become subject to the “1940 Act”, were the fund to have over 100 beneficial owners”, who, according to USA law, are so-called US Persons. To the best of his knowledge, the fund manager,, will not accept more than 70 such “beneficial owners”.

6) Registration in Malta
A copy of the offering memorandum is to be deposited with the Registrar of Companies in Malta and at the MFSA (Malta Financial Services Authority) in compliance with the requirements of PIFs according to the Maltese Investment Services Act of 1994 and will also be lodged with the listing authorities and the stock exchange of Malta, in compliance with the listing requirements.

7) Risks
Investing in the fund should be seen as a long-term investment. Please refer to the section “Risk Factors” in the offering memorandum.