DISCLAIMER

PORTFOLIO MANAGEMENT
Site visitors should note that investments and the income from them can fall as well as rise. We invest in a wide variety of financial instruments each of which exhibits different levels of risk. We define risk as the magnitude of price volatility measured over periods of time.

Certain investments such as hedge funds and private equity funds cannot be bought and sold on a daily basis and sometimes cannot be sold for periods measured in years.This may mean that certain investments cannot be immediately sold even if an individual ceased being a client of this firm. Sometimes, investments include exposure to derivative contracts, albeit these are generally, but not always, used to manage risk.

Depending upon the investor's currency of reference (viz. the currency in which the investor is used to working), currency fluctuations may adversely affect the value of investments and the income from them.

Any investment related views expressed on this site or by any other medium are those of our team at the time and may well change in future.

Past performance and other statistics cannot and should not be used as a guide to the future. Crucially, all readers must take personal responsibility for any action taken resulting from the content of this site.

FUND MANAGEMENT
Please carefully consider this important information when viewing this website. It contains legal and regulatory notices relevant to the information contained on this website.

By proceeding please note that we will be treating you as an individual client for regulatory purposes and you agree to be bound by our terms and conditions. If you do not accept these terms and conditions, please do not continue to use or access any pages of this website.

The information within this site is issued by SCDavies&Co. It does not constitute an offer by SCDavies&Co to enter into any contract/agreement nor is it a solicitation to buy or sell any investment. If you have any doubts about your status please contact SCDavies&Co's Compliance Department.

The information below explains the legal and regulatory restrictions in relation to the SCDavies&Co website. If you accept the conditions below and wish to enter the website this page constitutes a binding legal agreement.

Please read the Terms carefully which may be subject to change without notice. By accessing any page of this website, you agree to be bound by the Terms below. If you do not agree to the Terms below, please exit the website. This page is designed to filter out unsuitable categories of investor from accessing the site and as such SCDavies&Co cannot be responsible for any misrepresentations you may make in gaining unauthorised access to the site.

These Terms may be amended without notice to you. Your continued use of the website following any changes will mean that you accept such changes.

REGULATORY DISCLOSURES
SCDavies&Co is authorised and regulated by the UK Financial Service Authority.

CONTENT OF WEB SITE
By proceeding you agree, so far as this is permitted under the provisions of the UK regulatory system, to the exclusion by us of any liability, including without limitation that arising from any loss of profit or any other damage direct or consequential, in respect of any errors and/or omissions by us and/or any relevant third parties in respect of the content. The contents of this website are based upon sources of information believed to be reliable, however, save to the extent required by applicable law or regulations, no guarantee, warranty or representation (express or implied) is given as to its accuracy or completeness and, SCDavies&Co, members, officers and employees of the managing member do not accept any liability or responsibility in respect of the information or any views expressed herein. This website may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. If you have accessed this site using a link from another site, SCDavies&Co does not accept any liability or responsibility for the accuracy of information contained within the sites of other providers who have links to any pages of this site or to whom this site is linked.

INVESTMENT RISK
There are significant risks associated with investment in the funds outlined in the site. Investment in the schemes on this site is intended for investors who can accept the risks associated with such an investment including a substantial or complete loss of their investment. Such schemes are permitted to and use gearing as an investment strategy. The effect of such gearing is that movements in the price of the schemes will be more volatile than the movements in the prices of their underlying investments.

Past performance is not a guide to future performance. The value of investments and any income derived from them can go down as well as up and the value of an investor's investment may be extremely volatile and be subject to sudden and substantial falls. The prices of commodities contracts and all derivatives instruments, including futures and options, are highly volatile. Certain investment positions may be illiquid. The Funds may invest in securities of financially troubled companies, illiquid over-the-counter securities and non-publicly traded securities.

Investment in emerging market related funds involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalisation or other confiscation could result in loss to the fund.

Income from investments may fluctuate. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. You should be aware that investments in higher yielding bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Fund charges may be applied in whole or part to capital, which may result in capital erosion

The foregoing list of risk factors is not complete and reference should be made to the relevant Offering Memorandum.

SOLICITATION
The site does not constitute an offer by SCDavies&Co to enter into any contract/ agreement nor is it a solicitation to buy or sell any investment. It should not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised. This UK site is not aimed at persons who are residents of any country, including the United States of America ("USA") where the Funds referred to herein are not registered or approved for marketing and/or sale or in which the dissemination of information on the Funds or services is not permitted. This document should not be distributed to any third party without the express approval of SCDavies&Co.

UNITED STATES OF AMERICA
The provision of the information in this web site does not constitute an offer of securities to any person in the United States or to any U.S. Person as such term is defined under the Securities Act of 1933, as amended. The information contained in this site about SCDavies&Co and/or any of its affiliates is not directed to any person in the United States. Funds referred to herein are neither registered under the Securities Act 1933 of the USA, nor are they registered under the Investment Company Act of 1940. Consequently, they cannot be offered for sale or be sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas.

ADVICE
No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way.

TAXATION
Investors should seek independent tax advice as taxation will depend on individual financial circumstances and the country of residence.

OWNERSHIP AND COPYRIGHT
The copyright in the website and (unless otherwise indicated) its contents including all information, graphics, code, text and design are owned by SCDavies&Co and should not be reproduced or distributed without permission.

PERFORMANCE DATA
Information on performance follows UK standards.

SCDAVIES&CO PRIVACY POLICY
SCDavies&Co and its affiliates are committed to protecting client privacy. We will endeavour to ensure that any personal data provided by you, either through a request for further information or registration, is kept secure against unauthorised access, loss, disclosure and destruction. Any such information is not gathered by us without users knowing, active permission and participation. We respect the privacy of users visiting our site and we do not share any personally identifiable information with any third parties.

Other than its affiliates, SCDavies&Co will not pass your information on to other product or service companies. However, your details will be used to respond to an enquiry or may be used by us to send you information on other products and services that we offer. If you prefer not to receive such information, please advise us.

The use of any personal information is covered by the Data Protection Act. Under the terms of that Act, you have the right to obtain a copy of the information we hold about you, upon payment of the appropriate fee.

Please note that messages sent via email may not be secure. We recommend that you do not send any confidential information to us via email. If you choose to do so, this is at your own risk with the prior knowledge that a third party may be able to intercept this.

We may collect information about your computer, including where available your IP address, operating system and browser type, for system administration and to report aggregate information to our advertisers. This is statistical data about out users' browsing actions and patterns, and does not identify any individual.

You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of our site. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies when you log on to our site.