(Terms and Conditions and Risk Warnings)

Due to restrictions under applicable securities laws, all information contained on this website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the united states or any other jurisdictions where to do so would constitute a violation of the respective laws or regulations of such jurisdictions.

The content of this website is issued by Wardhaven Capital Limited (“WCL”) which is authorised and regulated by the Securities and Futures Authority in Hong Kong (the “SFC”). The investment products and services of WCL are only available to persons who are professional clients and eligible counterparties for the purposes of the SFC’s rules. They are not available to retail clients.

WCL has taken all reasonable care to ensure that the information contained in this web-site is accurate at the time of publication, however it does not make any guarantee as to the accuracy of the information provided. While many of the thoughts expressed in this website are presented in a factual manner, the discussion reflects only WCL’s beliefs and opinions about the financial markets in which it invests portfolio assets following its investment strategies, and these beliefs and opinions are subject to change at any time.

This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document 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 local law or regulation. In particular this website is not intended for distribution in the United States or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”).

Nothing in this website should be construed as a recommendation to invest in WCL’s products or as legal, regulatory, tax, accounting, investment or other advice. You should seek their own independent financial advice.

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

Copyright Policy
Copyright, trademarks, database rights, patents and all similar rights in this site and the information contained in it are owned by WCL, its licensors or relevant third-party providers. No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.

The existence of hyperlinks should not be construed as an endorsement, approval or verification by WCL 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. WCL does not accept any liability arising out of the information contained on any linked website or Information provided by a third party and the use of such sites and information is at your own risk. This does not exclude or restrict any duty or liability that WCL has to its customers under the regulatory system in the Hong Kong SAR, of the People’s Republic of China.

No Warranty; Limitation on Liability
Whilst all reasonable care has been taken in the preparation of this website, we cannot guarantee the accuracy or completeness of such information, either expressly or implied. 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.

Material Interests
WCL and its affiliated companies and their partners, directors, officers and/or employees may have holdings in the products referred to on this website and may otherwise be interested in transactions that you effect in these products.

You agree to indemnify, defend, and hold harmless WCL, its affiliates and licensors, and the officers, partners, employees, and agents of WCL and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Information.

Governing Law
You agree that your use of this site and any dispute arising from the use of this site is subject to the laws of the Hong Kong Special Administrative Region of the People’s Republic of China. A condition of using this site is that you irrevocably submit to the exclusive jurisdiction of the Hong Kong courts for any dispute or proceeding arising from the use of this site and waive any objection to proceedings in such courts on the ground or venue or on the grounds that they are an inconvenient forum.

Data Protection
WCL is committed to safeguarding the personal information which you may provide to WCL through this site and to the extent that WCL collects any personal information, WCL will hold it in confidence in accordance with relevant laws and regulations of Hong Kong Special Administrative Region of the People’s Republic of China.

Risk Warnings
Past Performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise. Where an investment involves foreign currency, it may be subject to fluctuations in value due to movements in exchange rates. Investors may not get back the amount originally invested.

The following is a summary of only some of the risk factors which may apply to an investment in a product managed by WCL (collectively an “Account”): Investment and Trading Risk: All investments risk the loss of capital. Investing in Emerging Markets: The Account will invest primarily in securities traded outside of the United States which entail risks typically not associated with investing in U.S. securities or property such as less publicly available information; accounting, auditing and financial reporting standards not comparable to those of U.S. companies; limited volume in securities markets, more volatile prices, slower settlement, less extensive regulation and additional costs. Concentration of Investments: the Investment Adviser may hold few and relatively large securities positions in relation to the Account’s capital that could result in a loss that materially reduces the Account’s capital. Equity Securities: the prices of these may be affected by general economic and market conditions, such as a broad decline in stock market prices, or by conditions affecting specific issuers, such as changes in earnings forecasts. Small and Mid-Cap Securities: The Account invests in such securities, the stock prices of which can be highly volatile. These companies may experience higher rates of bankruptcy or other failures than larger companies and they may be more likely to be negatively affected by changes in management. Fixed Income Securities: the Account will invest in fixed income securities which may be below “investment grade” and face adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments. Companies that issue such securities often are highly leveraged and may not have available to them more traditional methods of financing. A major economic recession could severely disrupt the market for such securities and it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. Convertible Instruments: If a convertible instrument held by the Account is called for redemption, the Account will be required to permit the issuer to redeem the instrument, or convert it into the underlying stock, and will hold the stock to the extent the Investment Adviser determines that such equity investment is consistent with the investment objective of the Account. Currencies: the Account will invest in securities denominated in currencies other than the currency in which the Account is valued and therefore the value of the Account’s assets will fluctuate with U.S. dollar exchange rates as well as with price changes of the Account’s investments in the various local markets and currencies. Illiquid Assets: certain investment positions of the Account may become illiquid and such investments may require a significant amount of time from the date of initial investment before disposition. Limited Liquidity: an investment in the Account is not freely transferable and withdrawals are generally permitted only at certain periods upon prior written notice. Valuation Risks:certain securities held by the Account may be difficult to value and third party pricing information for the Account’s securities or other investments may not always be available. Absence of Regulatory Oversight. the Account does not intend to register under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and interests in the Account are not registered under the Securities Act of 1933, as amended (the “Securities Act”), Imposition of Tax Regardless of Cash Distributions: the Account may generate taxable income for a Member even though the value of the Member’s interest in the Account has declined. A Member may have to use personal funds to pay the income tax owed on the income or gain allocated to the Member. Brokerage: the Investment Adviser need not seek the lowest available commission cost and may cause commissions to be paid to a broker that pays for research or other services at a higher price than that which might be charged by another broker or dealer for effecting the same transaction. In-Kind Distributions: Members may receive in-kind distributions of securities or obligations in the Account’s portfolio which may not be readily marketable or saleable. Conflicts of Interest: the Investment Adviser may, from time to time, face conflicts of interest relating to its dealings with the Account.

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

This document is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by Wardhaven Capital Limited. Any offering is made pursuant to the relevant information memorandum, together with the current financial statements of the relevant fund, if available, and the relevant subscription application, all of which must be read in their entirety. No offer to purchase shares will be made or accepted prior to receipt by the offeree of such documents and the completion of all appropriate documentation.

The shares have not and will not be registered for sale, and there will be no public offering of the shares. No offer to sell (or solicitation of an offer to buy) will be made in any jurisdiction in which such offer or solicitation would be unlawful.

This document is not an advertisement and is not intended for public use or distribution.