DISCLAIMER

The information contained in this Website/Document has been compiled by Fraternity Fund Management Ltd. for the assistance of recipients to evaluate an investment in the shares of Fraternity Fund Ltd. (the "Fund"). It has been obtained from sources which Fraternity Fund Management Ltd. believes to be reliable.

In making an investment decision, investors must rely on their own examination of the Fund and its terms, including the merits and risks involved. This Website/Document is not be construed as investment advise and does not have regard to the specific investment objectives, financial situation and particular needs of any person to whom this Website/Document is delivered.

The content of this Document must not be construed as legal, tax or financial advice, and it is not a substitute for consultation with qualified professional advisors as to the legal, tax, financial,securities and banking regulations, or other matters which may be relevant to the suitability and propriety of investment in the Fund based on an investor’s particular circumstances, including issues relating to your citizenship, residency or domicile.

The registration of the Fund as a public mutual fund under the Mutual Funds Act, 1996 of the British Virgin Islands (as amended) should not be taken to imply that the Fund has been approved by any regulatory authority in any other jurisdiction other than the British Virgin Islands. Specifically the Fund and any person involved in the Fund's management are not registered or approved under the securities laws of the United States that are regulated by the U.S. Securities and Exchange Commission (SEC) and therefore the Fund's shares may not be purchased directly or indirectly by any United States person (being citizen or resident in the United States of America, or partnerships or corporations organized under the laws of the United States of America or any state, territory or possession thereof).

Further neither the Fund's shares described herein nor this Website/Document shall constitute, and may not be used for the purposes of, an offer or solicitation in any jurisdiction (i) in which such offer or solicitation is not authorized, or (ii) in which the person making such offer or solicitation is not qualified to do so, or (iii) to any person to whom it is unlawful to make such offer or solicitation. The above information is for general guidance only and it is the responsibility of any person reading this Website/Document to inform him or herself of all applicable legal and regulatory requirements and other consequences that might apply in any relevant jurisdiction, as a consequence of his or her citizenship, residence or domicile or otherwise.

The Fund has no affiliation with Mr. George Soros, Soros Fund Management, or any affiliate of George Soros or SFM. The Fund is not directly managed or advised by George Soros or SFM. The only relationship with George Soros or SFM is that as stated in the "Objectives and Policy" of the Fund in the Information Memorandum.

Past performance is not necessarily a guide to future performance. The Fund's share price and return will vary and you may have a gain or loss when you sell your shares. Also where an investment is made in a local currency other than the currency of the Fund (the US$ dollar), exchange rate fluctuations will affect the investor's return either more positive or adverse when converted back in their local currency.

No person is authorized to make any representations concerning the Fund or its shares which are inconsistent with those contained in the Information Memorandum.

This Website/Document has not been prepared by Fraternity Fund Ltd. and neither it nor Fraternity Fund Management Ltd. accept any liability whatsoever for any direct or consequential loss arising from the use of the contents of this Website/Document.