DISCLAIMER AND PRIVACY POLICY Multi-Manager Investment Programmes PCC Limited ("mmip") is an open ended investment protected cell company governed by the provisions of The Companies (Guernsey) Laws, 1994 and 1996, as amended, and The Protected Cell Companies Ordinance, 1997 ("the Ordinance"). Persons investing in and dealing with a cell of the Company shall only have recourse to and their interest shall be limited to the assets from time to time attributable to that cell and they shall have no recourse to the assets of any other cell or, except as provided under the Ordinance, against any non-cellular assets of the Company. For regulatory reasons, the information in this web-site is only directed at certain high net worth companies, unincorporated associations, partnerships and high value trusts and the investments referred to on this web-site are only available to such persons. Accordingly, the contents of this web-site may only be acted upon by those classes of person. In addition, the investments referred to on this web-site are only available to residents of certain countries, including the United Kingdom. If you are not within the classes of person described above your enquiry cannot be accepted. The information contained in this web-site is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulatory requirements. Persons using this web-site acknowledge that they are not restricted by any local law or regulation and that we are in no way responsible for your use of the web-site or any liability, loss or damage arising from use of the website or the information contained on it. Information on this web-site may be subject to change without notice. Information contained in this web-site does not constitute a solicitation or offer by mmip or its affiliates to buy or sell any securities or other financial instruments or the provision of any investment advice or other service. This web-site is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person. Information contained herein is believed to be reliable but no warranty express or implied is given as to its accuracy or completeness and views and opinions, whilst given in good faith, are subject to change without notice. Investments can fluctuate in value and you should be aware that you may not realise the initial amount invested and may incur additional liabilities. As investments in securities or financial instruments may entail above average risk, you should carefully consider whether or not your financial circumstances permit you to invest and if necessary seek the advice of an independent financial adviser. Foreign currency denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or negative effect on their value, price or the income derived from the securities or financial instrument concerned. Past performance should not be taken as a guide to future performance. You are advised that we are unable to provide advice as to the tax consequences of a particular investment or investment strategy and you are advised to seek professional advice in this respect. This web-site is owned and maintained by mmip. Unless otherwise indicated, all intellectual property in the content of the web-site including without limitation copyright and database rights, trademarks, service marks, logos, domain names and patents belongs to mmip and its licensors. mmip reserves all rights with respect thereto and will enforce such rights to the full extent of the law. Subject to the terms of this disclaimer, nothing in this web-site constitutes a licence or right to use any text, image, trademark, service mark, logo or any other material displayed at the web-site by any person. You may not reproduce, disclose, transmit, distribute, display, sell, store, archive or publish any information in the web-site whether in hard copy or electronic or any other form without the express written consent of mmip in any way and for any other purpose and in particular no part of the website may be distributed or copied for any commercial purpose or modified or reposted to other web-sites. mmip accepts no liability for any loss or damage suffered as a result of the use of the information or negligence in procuring, compiling, interpreting, reporting or delivering the information or any other content. Any links to any other web-site have been provided by mmip as a convenience to you. mmip has not reviewed and does not endorse or recommend any of the web-sites linked to this web-site, and is not responsible for the content of off-site pages or any other web-site linked or linking to this web-site. By using any such links, you agree that mmip is not responsible for any damages or losses caused by such use, including by any delays, defects or omissions that may exist in the services, information or other content provided in any such site. Information is collected automatically upon your visit to this web-site, for example, your IP address and details of the parts of the site visited by you. This information may be used anonymously to help us analyse browsing preferences so that we can regularly improve our website. Contact details given on this web-site for those interested in purchasing investments are of mmip's representative Stamford Associates Limited based in England. mmip's representative will require information from you in order to determine your eligibility and suitability for the purchase of mmip's investments. Any personal data that you give mmip's representative when contacting them will be processed in accordance with the UK Data Protection Act 1998. Any such personal data may also be transferred by mmip's representative to mmip in Guernsey. This Disclaimer is governed by and shall be construed in accordance with the laws of England. If any provision of this notice is found to be invalid by any court having competent jurisdiction, the invalidity of that provision will not affect the validity of the remaining provisions, which shall remain in full force and effect. By using this web-site, you acknowledge that you accept the terms of this Disclaimer as binding upon you. mmip reserves the right to change the terms of this Disclaimer without notice, and by accessing or using the web-site you agree to abide by such changes.