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INVESTOR - Risk Warning

It is very important that you read this warning and disclaimer before proceeding, as it explains certain legal and regulatory restrictions applicable to any investment services we provide.

The content of this website is issued by Horseman Capital Management Ltd, ("HCM") 9 Chester Close, London,SW1X 7BE

HCM is authorised and regulated by the Financial Services Authority ("FSA") in the United Kingdom.

Intended Audience

The information on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced on this website.

This website is only intended for Professional Clients. It is not intended for distribution to, or use by, any person in any other jurisdiction, where such distribution or use would be contrary to local law or regulation.

Advice

Nothing on this website constitutes investment, legal, tax or other advice nor should it be relied upon in making an investment decision.

Fund/s

Subscriptions may only be made on the basis of the relevant prospectus and most recent financial statement and semi-annual financial statements published thereafter. These can be obtained from HCM at the above address.

Past performance is not a guide to future performance. Stock markets and currency movements may cause the value of investments and income from them to fall as well as rise and investors may not get back the amount they originally invested.

No Warranty; Limitation on Liability

Whilst all reasonable care has been taken in the preparation of this website, HCM 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.

Intellectual Property

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

Copyright Policy

No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.

Hyperlinks

The existence of hyperlinks should not be construed as an endorsement, approval or verification by HCM 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.

Security

For your protection, we require the use of encryption technologies for certain types of communications conducted through this website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide suitable security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error.

Privacy Policy

We encourage you to read HCM's Privacy Policy that can obtain by clicking the Privacy Policy button found on the Homepage.

General Terms

Deliberate misuse of any element of this Site including, without limitation, hacking, introduction of viruses or similar code, disruption or excessive use or any use in contravention of applicable law, is expressly prohibited and we reserve the right to terminate your access to the Site, and at our discretion, pass information to the legal authorities.

We reserve the right at any time on giving notice to change or modify these terms and conditions or to impose new conditions in respect of this website or to change or discontinue any aspect or feature of this website. We shall be entitled to terminate your access to this website at any time on giving notice to you and in any event if you commit any breach of these terms and conditions. We shall have no liability to you for such termination. Notices may be served by any reasonable method including posting on this website.

These terms and conditions shall be governed by and construed in accordance with the laws of England without regard to conflicts of law principles. Nothing in these Terms and Conditions will exclude or restrict any duty or liability we may have under applicable rules or regulations.

This information is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by us. Any offering is made only 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 these documents and the completion of all appropriate documentation.

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