The information contained in this Website/Document is being made available by Fraternity Fund Management Ltd. for the benefit of the present members of Fraternity Fund Ltd. (the "Fund") and such other persons expressly authorized by the Fund to receive such information, provided that such members and other persons are not prohibited under applicable laws of their citizenship, domicile or residence from receiving such information. No other persons are authorized by Fraternity Fund Management Ltd. or the Fund to receive such information. In particular, Fraternity Fund Management Ltd. and the Fund are not responsible for the accuracy of information contained within sites of other providers which may have links to or from our pages. Under no circumstances should this information or any part of it be copied for redistribution.

The information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons (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.). Additionally, the Fund is not a recognized scheme for the purposes of the Financial Services Act 1986 of the United Kingdom. Accordingly, the distribution of the information herein may only be made to persons in the United Kingdom permitted under the Financial Services Act (or regulations made thereunder) to receive it, and the shares in the Fund may only be otherwise promoted in the United Kingdom by authorized persons under such act. The information contained in this Website/Document is not intended for distribution to anyone in any jurisdiction where such distribution is not authorized or to any person to whom it is unlawful to make such distribution.

It is the responsibility of any person in possession of this information to satisfy themselves that it is permissible for them to receive this information (i.e. information on offshore investments) and that an investment into the Fund is permissible under the applicable laws, rules, and regulations of any government, governmental agency, and regulatory organization governing their citizenship, residence and or domicile. The information is given without obligation and on the understanding that any person who acts upon it or otherwise changes his or her position in reliance thereon does so entirely at his or her own risk. The user hereby acknowledges and agrees that it has not entered into this agreement in reliance upon any warranty or representation made by Fraternity Fund Management Ltd., and this agreement contains the entire understanding of the parties governing the provision of the Website/Document. Fraternity Fund Management Ltd. and the Fund accept no responsibility for the decisions made by the user of this Website/Document.

The information contained herein is for information purposes only. This information is intended to supplement information contained in the Fund's Information Memorandum and must be read in conjunction therewith. The Registration Form is not an application form to subscribe to the shares of the Fund.

In consideration of being permitted access to the Fraternity Fund Management Ltd. Website/Document, the user hereby acknowledges to have read the Registration Agreement, understand it and agree to be bound by its terms and conditions. Subsequent use of any username and password shall be deemed to constitute full acceptance by the user of the terms and conditions of Registration Agreement. The information contained in this service is relevant as of the dates expressly stated herein and no implication is being made that there has been no change in such information subsequent to such dates. This agreement replaces all terms and conditions previously applicable to the provision of the Website/Document.