Please read these terms carefully as they explain certain information and restrictions on your use of this website, including information on the placing of cookies by this website onto your computer equipment (see below the section entitled "Cookies").

The supplement at the end of these terms also details some terms which are specific to certain jurisdictions, and which you should be aware of if you are based in, or are accessing the Website from, any such listed jurisdiction. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction which relate to your use of this website.

1. Important Information

1.1 The information contained in this website (the "Website") relates to investment funds which are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "Act"). The promotion of these funds to, and access to this Website by, persons in the United Kingdom is accordingly restricted by law.

1.2 This Website is issued inside and outside the United Kingdom by IVC Holdings Limited ("IVC"), BVI registered number 309339. The registered address of IVC is Trident Chambers, PO Box 146, Wickhams Cay, Road Town, Tortola, British Virgin Islands.

1.3 This Website is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA's Conduct of Business Sourcebook. By accessing this Website beyond this point you represent and warrant that you are a professional client or eligible counterparty (as defined in the FCA Rules), and that you have read and understood these terms and conditions. Please consult your legal adviser or visit the Financial Conduct Authority website at www.fca.org.uk for further explanation.

1.4 This Website and the information contained herein constitute a financial promotion for the purposes of the Act, and the Handbook of Rules and Guidance issued by the FCA as amended from time to time (the "FCA Rules").

1.5 This Website is exempt from the scheme promotion restriction (in Section 238 of the Act) on the communication of invitations or inducements to participate in unrecognised collective investment schemes on the grounds that it is directed only at the types of person referred to in 1.3 above. Accordingly:

(A) investment in the funds and participation in any other investment activity to which the Website relates are only available to such persons and this Website must not be relied or acted upon by any other person. In particular, any investment referred to on this Website is not intended for retail clients and will not be made available to retail clients;

(B) investors in the funds may not benefit from the rules and regulations made under the Act for the protection of investors, from the Financial Services Compensation Scheme, or from the Financial Ombudsman Service, or from any other protections afforded to retail clients under the FCA Rules; and

(C) shares in the funds may not be dealt in or on a recognised or designated investment exchange for the purposes of the Act and there may not be a market maker in such shares, and it may therefore be difficult for an investor to dispose of his shares otherwise than by way of redemption.

1.6 The distribution of the information contained in this Website in certain countries may be restricted by law and persons who access it are required to inform themselves of and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised. Prospective investors should inform themselves as to (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the tax consequences which might be relevant to the acquisition, holding or disposal of any investment.

1.7 The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject IVC or its affiliates to any registration requirement within such jurisdiction or country.

1.8 This Website is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person. It does not constitute an offer to buy or sell, or amount to a solicitation or incitement or offer to buy or sell, any investments referred to herein. Information contained herein is believed to be reliable but no warranty is given as to its accuracy or completeness and views and opinions, whilst given in good faith, are subject to change without notice. The information contained in this Website is not intended to constitute, and should not be construed as, personal recommendations or investment advice. The information on this Website is provided solely on the basis that you make your own financial and investment decisions. IVC neither provides investment advice to, nor receives and transmits orders from, investors in the funds described, or referred to, in this Website nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. Subscriptions for any of the funds referred to on this Website are to be made on the terms of the relevant prospectus and no reliance should be placed on the information on this Website. We strongly recommend that you seek professional, independent investment advice before making any investment decision.

1.9 Where a link to a non-IVC Website exists, to the extent permitted by the FCA Rules, IVC does not accept responsibility for the content of such site nor the products, services or other items offered through that site.

1.10 You should note that, if you choose to invest in any fund described or referred to in this Website, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. Past performance is not a guide to future performance. You should refer to the relevant offering documents with respect to individual investment products for a complete list of relevant risk factors.

1.11 This Website is established in England by IVC in accordance with and shall be governed by, and your browsing in and use of this Website shall be deemed acceptance of, the laws of England and Wales. A condition of using this Website is that in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the English Courts and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.

1.12 In addition, certain professional investors who are able to demonstrate that they are permitted to receive information about unregulated collective investment schemes will be provided with a user identification code and password to access certain parts of this website providing information about investment funds. Investors who have been issued with a user identification code and password should refer to clause 2.4 of these terms and conditions in relation to their use of such identification code and password.

1.13 As required by the U.S. Securities and Exchange Commission, this password-protected website may only be accessed by existing and prospective clients of IVC who, among other requirements, are qualified as accredited investors or who generally are sophisticated in financial matters such that they are capable of evaluating the merits and risks of prospective investments.

1.14 IVC shall have no responsibility for ensuring that the Website is kept up to date. IVC reserves the right in its absolute discretion to add to or remove any material from the Website or to amend, alter, redesign or change anything contained in or on it at any time and without notice or liability. IVC may also suspend the Website at any time, without notice or liability, or may disable any user identification code or password. You will be bound by revised versions of these terms and conditions that IVC posts on the Website, which shall be effective immediately upon posting to the Website unless IVC indicates otherwise. You will be deemed to have accepted any such changes to these terms and conditions on access to the Website following the changes.

2. Your use of the Website

2.1 IVC grants you a limited right to use the Website. Your right to use the Website is subject to your agreement to abide by this Agreement in its entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Website. At any time and for any reason we may revoke your right to use all or any portion of the Website. You may not violate or attempt to violate the security of the Website.

2.2 The entire contents of this Website are subject to copyright with all rights reserved. You may download or print individual sections of the site for your personal use and information only provided that you retain all copyright and other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the site without the prior written permission of IVC. You must not transmit any virus, "worm", "Trojan horse", or other item of a destructive nature to the site and it is your responsibility to ensure that whatever you download or select for your use from the site is free from such items.

2.3 When accessing and using any information provided on the Website, to the extent you may now or in the future be entitled to do so pursuant to these terms and conditions, you warrant, represent and undertake that you will not upload, post or submit to or transmit or otherwise publish through the Website any content or information which: (a) is unlawful, threatening, abusive, libellous, defamatory, obscene, pornographic, profane or otherwise objectionable information of any kind, or which may be reasonably considered to be so. This includes without limitation any transmissions constituting or encouraging conduct that would constitute a criminal offence, give rise to civil liability or otherwise violate any national or international law; (b) restricts or inhibits any other user from using the Website; (c) infringes the rights (including, without limitation, intellectual property rights such as copyright, trade marks and patents) of any third party; (d) contains a virus, other computer or-data corrupting or data-damaging material or other harmful component; (e) contains advertising of any kind; or (f) constitutes or contains false or misleading indications of origin or statements of fact.

2.4 To the extent that you are provided with a user identification code and/or passwor, you are fully responsible for keeping this information confidential and secure. You may not disclose your user identification code and/or password to any third party without IVC's consent. You accept full responsibility for any use of your user identification code and/or password. You must notify IVC immediately of any actual or suspected loss, theft or unauthorized use of this Website or of your user identification code and/or password. IVC is not obligated to inquire as to the authority or propriety of any use of or action taken under your user identification code. IVC will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

3. Cookies

3.1 As part of your use of the Website, IVC may send cookies to your computer. Cookies are strings of information that are sent out by a website and saved in your computer. IVC may use session specific cookies and "web bugs" to automatically collect data about website usage when you visit the Website, including your IP address, "click-stream" data regarding the portions of the Website that you visit and the information or other services you obtain or input (including domain name, Internet service provider, protocol, browser type, operating system etc.) ("Usage Information"). This information is collected primarily for purposes of administering the Website, compiling demographic information and monitoring usage and performance of the Website. IVC may also use cookies or other data collection technology on certain portions of our Website to collect usage information, and to facilitate your movement within the Website (e.g. remembering passwords during a session and recording the country you may have elected as your country of residence). By using the Website, you consent to IVC sending these cookies to your computer. If you do not consent to IVC sending cookies to your computer, please either cease to use the Website or change your web browser settings to cease accepting cookies from the Website. If you turn off the cookie function in your browser you may not receive all the information or the full functionality on the Website.

4. No Warranty

4.1 The Website, including information and materials contained in the Website, text, graphics, software, links and other items are provided "as is," "as available". IVC does not warrant the accuracy, adequacy, completeness, timeliness or availability of the Website, and expressly disclaims liability for errors or omissions in the Website. There is no warranty of merchantability, no warranty of fitness for a particular purpose, no warranty of non-infringement, no warranty of any kind, implied, express or statutory, in conjunction with the Website.

4.2 IVC cannot guarantee that any information displayed on the Website has not been changed or modified through any malicious attack or through any "hacking".

5. Limitation of Liability

5.1 Save for any liability which cannot by law be excluded or limited, in no event will IVC be liable for any damages, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the Website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if IVC, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

The above does not exclude or restrict any duty or liability that IVC may have to you under the regulatory system in the United Kingdom.

6. Indemnification

6.1 As a condition of your use of the Website, you agree to indemnify and hold IVC and its third party providers harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys' fees) arising from your use of the Website, or from your violation of these terms. This provision may not apply to participants in certain employer-sponsored workplace savings plans.

7. Privacy and Data Protection

7.1 IVC Holdings Limited of 5th Floor, 37 Esplanade, St Helier, Jersey JE1 2TR acts as Data Controller and Data Processor for this website. As a result of your use of this website, IVC may hold and process personal information about you and may use it to provide services to you and to send to you information about IVC's products and services. All personal data held by IVC will be treated in accordance with the Data Protection Act 1998.

8. Governing Law and Jurisdiction

8.1 These terms and conditions (and any non-contractual obligations arising out of them) shall be governed by the laws of England and Wales. The parties hereby submit to the exclusive jurisdiction of the courts of England and Wales.