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It is very important that you read this warning and disclaimer before proceeding, as it explains certain legal and regulatory restrictions applicable to any investment services we provide.

The content of this website is issued by Stoneware Capital LLP ("Stoneware"). Stoneware is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom.

Intended audience - Notice of Treatment as Professional Client

The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website.

This website is only intended for professional clients and eligible counterparties in the United Kingdom. It is not intended for distribution to any other country where such distribution or use would be contrary to local law or regulation.

The investment products and services of Stoneware Capital LLP are only available to professional clients and eligible counterparties. They are not available to retail (investment) clients.

By accessing the contents of this web-site, you are certifying that you are a Professional Client and as a consequence of this categorisation you are considered to possess the experience, knowledge and expertise to make your own investment decisions and assess the inherent risk in these decisions. Stoneware Capital LLP will not conduct appropriateness tests in respect of the products and services provided to you.

Additionally, you may lose the protections afforded to retail clients as provided for under the FCA rules implementing Markets in Financial Instruments Directive ("MiFID") as well as any right to bring an action for damages against Stoneware Capital LLP under Sections 71 and 150 of the Financial Services and Markets Act 2000. In particular, you may lose the following protections:

• You may have no right to compensation under the Financial Services Compensation Scheme.
• You may have no right of access to the Financial Ombudsman Service.
• We may have regard to your expertise when complying with requirements under the regulatory system that communications must be clear, fair and not misleading.
• In the event that we cease to provide investment services, we are not required to ensure that any business which is outstanding is properly completed but we will nevertheless agree to do so.

Please note that you have the right to request a different categorisation by writing to us.

Risks and Performance

Past performance should not be seen as an indication of future performance.

Investment in the Fund carries risks which are summarised below and more fully described in the offering document.

No tax or legal advice

Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.

Money laundering

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Full details are contained in the relevant subscription documents.

Investment decisions

As with all financial or investment matters, you should exercise great care in using the information provided on this website or available through links from this website. You should research the facts, opinions and strategies mentioned in this website before making any financial investment decisions. If you are unsure about the meaning of any information provided please consult your financial adviser or other professional adviser.

No warranty; limitation on liability

Whilst all reasonable care has been taken in the preparation of this website, Stoneware cannot guarantee the accuracy or completeness of such information, either expressly or implied.

Neither Stoneware, any of its members, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Stoneware, or of any vendor providing software or services support.

All information and content on this website is, subject to applicable statutes and regulations, furnished "as is", without warranty of any kind, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose or non-infringement. We make no warranty as to the operation, functionality or availability of this website, that the website will be error-free or that defects will be corrected.

Intellectual property

Everything on this website is the valuable intellectual property of Stoneware, or their respective suppliers. We protect our intellectual property rights to the full extent of the law.

Copyright policy

No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.

Hyperlinks

The existence of hyperlinks should not be construed as an endorsement, approval or verification by Stoneware of any content available on third party sites. By providing access to other websites, we are not recommending the purchase or sale of products or services provided by the website's sponsoring organization. We do not review any of these third party sites. Stoneware reserves the right to require written consent for, or request the removal of, any links to our website.

Security

For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. You acknowledge and agree that users of this website and users, owners, or managers of third party websites may not: (i) collect or store personal data about other users of this website or (ii) upload, e-mail or otherwise transmit any material that contains viruses or any other computer code, files or programs that might interrupt, limit or interfere with the functionality of any computer software, hardware, database or file, or communications equipment that is owned, leased or used by Stoneware.

Privacy policy

We encourage you to read Stoneware's Privacy policy, which can be reached by clicking the Privacy policy link on the Homepage.

General terms

Deliberate misuse of any element of this Site including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the Site, and at our discretion, pass information to the legal authorities.

We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.

You shall indemnify us from and against all actions, claims, proceedings, costs and damages (including any damages or compensation paid by us on the advice of its legal advisors to compromise or settle any claim) and all legal costs or expenses arising out of your use of the Site and any breach by you of the software licenses and service agreements governing the software made available to you in connection with this website. These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.

I certify that I am not a US person.

I confirm that I have sufficient experience and understanding of the instruments which are summarised below to assess the suitability of such investments and I am aware of the risks involved in such investments. Consequently, and having carefully considered the contents and implications of the Notice of Treatment as a Professional Client, I consent to being treated as a Professional Client (as defined in the FCA Rules).

Summary of Investment Risks

An investment in any fund or portfolio managed or advised by Stoneware Capital LLP (together, "the Funds") entails substantial risks, including, but not limited to, those listed below. It should not be assumed that investments will be profitable. Investors are reminded that past performance should not be seen as an indication of future performance and that they might not get back the amount that they originally invested.

The following is a brief summary of only some of the risk factors which may apply:  Investment and Trading Risks in General:  the Funds' capital may be lost in its entirety. The Funds' investment program will utilize investment techniques such as leverage, options and other derivatives, practices which can, in certain circumstances, maximize the adverse impact to which the Funds may be subject. Futures:  Futures prices are highly volatile and this may lead to substantial risks and returns. A relatively small price movement in a futures contract may result in immediate and substantial gains or losses for the Funds. Futures trading at times may be illiquid. Due to regulatory requirements, the Funds may be unable to take futures positions in particular futures or may be forced to liquidate positions in particular futures. Stock Index Options:  The Funds may purchase and sell call and put options on stock indices listed on securities exchanges or traded in the over-the-counter market. Successful use by the Funds of options on stock indices will be subject to the Investment Manager's ability to correctly predict price movements in the direction of the stock market generally or of particular industries or market segments. Short Sales:  The Funds will engage in "short sale" transactions. In a generally rising market, the Funds' short positions may be more likely to result in losses because the environment would be more conducive for the securities sold short to increase in value. A short sale involves the theoretically unlimited risk of an increase in the market price of the securities sold short. Leverage:  The Funds expect to use significant "leverage", or borrowing and will pledge their assets to financial institutions to achieve this. Borrowing will tend to magnify the profits or losses of the Funds and subject the Funds to a "margin call," pursuant to which the Funds must either deposit additional funds with the broker, or suffer mandatory liquidation of the pledged securities to compensate for the decline in value. In the event of a sudden precipitous drop in the value of the Funds' assets, the Funds might not be able to liquidate assets quickly enough to pay off its margin debt. Hedging Transactions:  The Funds may utilize options and swaps for hedging purposes or as part of its trading strategies. Hedging transactions may limit the opportunity for gain; also the Funds may not be able to achieve the intended hedge and protect its assets against declines in the value. Currency Hedging:  the value of unhedged assets of the Funds will fluctuate with exchange rates as well as with price changes of the Funds' investments in the various local markets and currencies. Forward Currency Contracts:  The Funds may enter into forward currency contracts, swaps or other forms of derivative instruments for purposes of hedging currency exposure. Forward currency contracts, swaps and other derivatives are subject to the risk of non-performance by the counterparty. Forward currency contracts, swaps and other derivatives are not guaranteed by an exchange or clearing house or regulated by any U.S. or foreign governmental authority. It may not be possible to dispose of or close out a forward, swap or derivative position without the consent of the counterparty, and the Funds may not be able to enter into an offsetting contract in order to cover its risk. Options:  The Funds may invest in, or write, options. The purchaser of a put or call option runs the risk of losing his entire investment in a relatively short period of time if an option expires unexercised. The uncovered writer of a call option is subject to a risk of loss should the price of the underlying security increase, and the uncovered writer of a put option is subject to a risk of loss should the price of the underlying security decrease. Swaps and Derivatives:  The Funds may invest and trade in swaps, contracts for differences (CFD's), "synthetic" or derivative instruments, certain types of options and other customized financial instruments. Swaps and other derivatives are subject to the risk of non-performance by the swap counterparty, are not guaranteed by an exchange or clearing house or regulated by any U.S. or foreign governmental authority. It may not be possible to dispose of or close out a swap or other derivative position without the consent of the counterparty, and the Funds may not be able to enter into an offsetting contract in order to be able to cover its risk. Illiquid Assets:  The Funds may invest in instruments for which the markets are limited and illiquid. Consequently, it may be relatively difficult for the Funds to dispose of investments rapidly at favorable prices.

Emerging Markets Securities.  Investing in securities of issuers based in emerging markets involves risks and the Funds will be exposed to the consequences of potential political, economic, social and diplomatic changes in such markets. Limited Liquidity:  There is not expected to be any secondary market for Shares of the Funds. The Directors of the Funds have the power to suspend redemptions or to compulsorily redeem Shares at the Directors' discretion in certain circumstances. Absence of Regulatory Oversight:  the Funds are not registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), or any other similar law of any other country or jurisdiction (other than registration with the local regulator of the respective Funds' domicile). Accordingly, certain provisions of the Investment Company Act will not be applicable. Performance Fee:  the payment to the Investment Manager of a fee based upon the performance of the Funds may create an incentive for the Investment Manager to cause the Funds to make investments that are riskier or more speculative than would be the case in the absence of such a fee. Prime Broker Risks:  the Funds will rank as one of the unsecured creditors of the prime broker and, in the event of the insolvency of the prime broker, the Funds may not be able to recover such equivalent assets in full. The Funds will be subject to the risk of the inability of the prime broker to perform with respect to transactions, whether due to insolvency, bankruptcy or other causes. Systemic Risk: Credit risk may also arise through a default by one or several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. Lack of Diversification:  concentration of the Funds' assets may tend to result in more rapid changes in the Net Asset Value than would be the case if the Funds were required to maintain a wider diversification among industry sectors, securities and type of securities and other instruments, and may result in the Funds' returns being volatile. Conflicts of Interest:  The Investment Manager may, from time to time, face conflicts of interest relating to its dealings with the Funds. Valuation of Fund Assets:  The Funds' securities will be valued by reference to their market price, but when no market exists for an investment or the market price does not fairly represent the value of the investment, the Directors will value such investment as they reasonably determine. The Funds are not required to have such valuations independently determined.

The foregoing summary list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment. Prospective investors must read the entire Offering Memorandum of the relevant Fund and should consult with their own legal, tax and financial advisers before deciding to invest.