1. General information This website has been created by Pharus Management SA, Switzerland (hereinafter “Pharus”), for information purposes only. Pharus selects the data and information contained in the website with utmost care from sources it believes to be reliable and carries out periodical updates. In this contest, the users are been informed that such information contained in this web site may be changed without notice. However, Pharus may not be held responsible in connection with the accuracy, reliability and completeness of the published information. 2. No distribution, no offer, no solicitation 2.1 In general The scope of the web site is not to obtain subscriptions or the conclusion about contract. This web site has only information purpose and shall not, in any case, constitute any distribution, offer or solicitation. The website may contain various information relating to collective investment schemes which shall not, in any case, constitute any distribution, offer or solicitation. The website may contain information on several collective investment schemes which are registered in different jurisdictions. Not all collective investment schemes described in this website are available in all countries. The eligibility to purchase certain products is subject to laws and regulations that apply to the investor in his/her country of residence. The information contained in this website is intended neither for individuals nor for legal persons whom, because of the jurisdiction or their qualification, nationality and/or residence, are not allowed to access or use this information because it would constitute a violation of laws or regulations. It is the responsibility of the users to ensure that they are authorized to access the information contained therein. None of the information in the website shall be considered as investment, legal or tax advice. No decision shall be made solely based on the website content. In particular, it is strongly recommended to seek for qualified advice. 2.2 Switzerland Several information on this web site may be not available by users that declare to be considered as not qualified investor. Currently none of the collective investment schemes managed by Pharus have been authorized for public distribution in Switzerland. Consequently, the information relating to such collective investment schemes may only be accessible to certain qualified investors. According to the current Swiss regulations, the information contained in the website may be addressed to the following type of qualified investors: • regulated financial intermediaries such as banks, securities dealers, fund administrators, asset managers; • regulated insurance institutions. Potential users are informed that the applicable Swiss regulations and FINMA’s practice may be subject to amendments and therefore are invited, at each access to the website, to check if they meet all necessary prerequisites. 2.3 USA The collective investment schemes contained in the website are not meant to be directly or indirectly, offered or sold in the USA or any of its territories or to US Persons, as defined under the United States Securities Act of 1933, as amended (hereinafter "Securities Act"). In particular, the collective investment schemes described on the website shall not be registered under the Securities Act or any other applicable United States securities laws (including, without limitation, any applicable law of any of the states of the United States). By proceeding, users warrant not to be a US Person. 2.4 ITALY Not all collective investment schemes managed by Pharus have been authorized for distribution in Italy. Consequently, the information relating only to certain collective investment schemes is accessible to investors residing in Italy. The relevant offering documentation is available, free of charge, on this website - after logging in as Italian resident user specifying whether as retail or institutional investor - and from the duly appointed distributors in Italy, whose list is available on this website. Further information is provided in the Prospectus in English language and in the key investor information document (KIID) in Italian language, duly filed with the Italian competent Supervisory Authority (Consob). Investors are invited to read the Prospectus and the KIID carefully before subscribing. It is also recommended to read the most recent annual financial statement in order to be better informed about the schemes’ investment policy. 3. Performance This web site may contain presentation of past performances. Past performances are not indicative of future results. Past yields are shown gross of taxation.. . 4. Applicable law and place of jurisdiction Any issue relating to the use of the website shall be subject to Swiss law, which shall exclusively govern the interpretation, application, and effect of all the conditions set out above. The courts of Mendrisio Nord shall have exclusive jurisdiction over all claims or disputes arising out of or in connection with the website and its use. Mendrisio, February 2016 Whoever intends to access to the information contained in the website confirms, by accepting the present disclaimer, to have read and understood the provisions contained above.