Common use of THE NATURE AND RISKS OF CERTAIN INVESTMENTS Clause in Contracts

THE NATURE AND RISKS OF CERTAIN INVESTMENTS. The information contained in this notice cannot disclose everything about the nature and risks of all financial instruments in each Portfolio. Rather it is a general description of the nature and risks of financial instruments, which explains the nature of the specific types of instruments which the Investment Adviser may include in each Portfolio’s investment guidelines (the “Investment Guidelines”), as well as the risks particular to those instruments. The Investment Adviser should not include these financial instruments in the Investment Guidelines unless the Investment Adviser understand the nature of the financial instruments the Investment Adviser is permitting Xxxxxx Xxxxxxx Investment Management Limited (the “Local Manager”) to enter into on the Investment Adviser’s behalf and the extent of the Investment Adviser’s exposure to risk. The Investment Adviser should also be satisfied that such financial instruments are suitable for each Portfolio in light of the Investment Adviser’s circumstances and financial position. Certain strategies, such as a spread position or “straddle”, may be as risky as a simple “long” or “short” position. While financial instruments can be utilised for the management of investment risk, certain financial instruments are unsuitable for certain investors. Different financial instruments involve different levels of exposure to risk, and in deciding whether to include such instruments in the Investment Guidelines, the Investment Adviser should be aware of the following points.

THE NATURE AND RISKS OF CERTAIN INVESTMENTS. The information contained in this notice cannot disclose everything about the nature and risks of all financial instruments in each Portfoliothe Fund. Rather it is a general description of the nature and risks of financial instruments, which explains the nature of the specific types of instruments which the Investment Adviser may include in each Portfolio’s the Fund's investment guidelines (the “"Investment Guidelines”"), as well as the risks particular to those instruments. The Investment Adviser should not include these financial instruments in the Investment Guidelines unless the Investment Adviser understand the nature of the financial instruments the Investment Adviser is permitting Xxxxxx Xxxxxxx Investment Management Limited (the “"Local Manager”") to enter into on the Investment Adviser’s 's behalf and the extent of the Investment Adviser’s 's exposure to risk. The Investment Adviser should also be satisfied that such financial instruments are suitable for each Portfolio the Fund in light of the Investment Adviser’s 's circumstances and financial position. Certain strategies, such as a spread position or “"straddle”", may be as risky as a simple “"long” " or “"short” " position. While financial instruments can be utilised for the management of investment risk, certain financial instruments are unsuitable for certain investors. Different financial instruments involve different levels of exposure to risk, and in deciding whether to include such instruments in the Investment Guidelines, the Investment Adviser should be aware of the following points.

THE NATURE AND RISKS OF CERTAIN INVESTMENTS. The information contained in this notice cannot disclose everything about the nature and risks of all financial instruments in each Portfolio. Rather it is a general description of the nature and risks of financial instruments, which explains the nature of the specific types of instruments which the Investment Adviser may include in each Portfolio’s 's investment guidelines (the “"Investment Guidelines”"), as well as the risks particular to those instruments. The Investment Adviser should not include these financial instruments in the Investment Guidelines unless the Investment Adviser understand the nature of the financial instruments the Investment Adviser is permitting Xxxxxx Xxxxxxx Investment Management Limited (the “"Local Manager”") to enter into on the Investment Adviser’s 's behalf and the extent of the Investment Adviser’s 's exposure to risk. The Investment Adviser should also be satisfied that such financial instruments are suitable for each Portfolio in light of the Investment Adviser’s 's circumstances and financial position. Certain strategies, such as a spread position or “"straddle”", may be as risky as a simple “"long” " or “"short” " position. While financial instruments can be utilised for the management of investment risk, certain financial instruments are unsuitable for certain investors. Different financial instruments involve different levels of exposure to risk, and in deciding whether to include such instruments in the Investment Guidelines, the Investment Adviser should be aware of the following points.