Disclaimer

IMPORTANT INFORMATION

The information contained in this 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.

This Website is issued inside and outside the United Kingdom by Lansdowne Partners Limited (which is authorised and regulated by The Financial Conduct Authority of the United Kingdom ("FCA")) acting as general partner of Lansdowne Partners Limited Partnership (together with Lansdowne Partners Austria GmbH, "Lansdowne") and is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA's Conduct of Business Sourcebook.

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 above. Accordingly 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 persons.

This Website and the information contained in it constitutes a financial promotion for the purposes of the Act and the handbook of rules and guidance issued from time to time by the FCA (the "FCA Rules").

Prospective and existing investors confirm, by accessing this website, that information accessed therein is obtained at their own violation and does not constitute active marketing undertaken by Lansdowne or its affiliated entities. 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 and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction. Prospective investors should inform themselves as to applicable legal requirements, exchange control regulations and taxes in the countries of their citizenship, residence or domicile.

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. 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, investment advice. Potential investors in the funds that are described, or referred to, in this Website should seek their own independent financial advice. Lansdowne 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.

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 Lansdowne. 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.

Where an unauthorised link to a non-Lansdowne Website exists, to the extent permitted by the Rules of the Financial Conduct Authority, Lansdowne does not accept responsibility for the content of such site nor the products, services or other items offered through that site.

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. This Website is established in England by Lansdowne 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.

By accessing this Website beyond this point you confirm your status as professional client or eligible counterparty (as defined in the FCA Rules) and you warrant as such. Accordingly, the protections afforded to retail clients under the FCA Rules may not be available to you if you become a client of Lansdowne. You will not be able to sue Lansdowne Partners Limited under sections 71 or 150 of the United Kingdom Financial Services and Markets Act 2000. Please consult your legal adviser or visit The Financial Conduct Authority for further explanation.

Each time you use this Website, a condition of use is that you comply with the above terms.

Lansdowne comprises:

i.   Lansdowne Partners Limited (registered in England No. 3514088), authorised and regulated in the U.K. by the Financial Conduct Authority and registered as an investment adviser with the U.S. Securities and Exchange Commission;

ii.  Lansdowne Partners Limited Partnership (registered in England No: LP5841), registered as an investment adviser with the U.S. Securities and Exchange Commission; and

iii. Lansdowne Partners Austria GmbH (registered in Vienna No. FN 324567f), licensed as an investment firm by the Austrian Financial Market Authority and registered as an investment adviser with the U.S. Securities and Exchange Commission.