Disclaimer

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This discussion material has been prepared solely for informational purposes and does not constitute an offer or the solicitation of an offer to buy or sell any securities as defined under US securities law.  Any decision to invest in the securities described herein should be made after reviewing any offering documents for the securities that may be available, conducting such investigations as the investor deems necessary and consulting the investor's own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities.

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The information contained herein is confidential information.  By accepting such information, the recipient agrees that it will, and it will cause any of its directors, partners, officers, employees and representatives, to use such information only to evaluate its potential interests in the securities described herein and for no other purpose and will not divulge any such information to any other party.  Any reproduction of such information, in whole or in part, is prohibited.

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The securities described herein will not be registered under the Securities Act of 1933, as amended, or any state or foreign securities laws and the securities will not be registered under the Investment Company Act of 1940, as amended.  The securities described herein will not be recommended by any United States federal or state or foreign securities commission or regulatory authority.  Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document.  Any representation to the contrary is a criminal offense. 

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Investing in the securities described herein is speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risk of such investment, which can include:

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• lack of liquidity in that there may be no secondary market for the securities and none is expected to develop;
• volatility of returns;
• restrictions on transferring the securities;
• absence of information regarding valuations and pricing.

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Forsyth Street and its partners are not, by making these materials available, providing investment, legal, tax, financial, accounting or other advice to the recipient or to any other party, and Forsyth Street and Pats its partners are not acting as an advisor or fiduciary to the recipient in any respect in connection with providing this information. No information or material contained herein is to be relied upon for the purpose of making or communicating investment or other decisions. No information or material contained herein should be construed as either a projection or a prediction.

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Forsyth Street and its partners cannot accept responsibility for the tax treatment of any investment product. Forsyth Street and its partners assume that, before making a commitment to invest, the investor (and where applicable) its beneficial owners have taken whatever tax, legal or other advice the investors/beneficial owners consider necessary and have arranged to account for any tax lawfully due on the income or gains arising from any investment product. 

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Forsyth Street and its partners, employees, or clients may have an interest in the financial instruments mentioned in this presentation, and may be officers of entities mentioned in the presentation.

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This discussion material contains forward-looking statements, which give current expectations of the securities' future activities and future performance.  Any or all forward-looking statements in this material may turn out to be incorrect.  They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.  Although the assumptions underlying the forward-looking statements contained herein are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurances that the forward-looking statements included in this discussion material will prove to be accurate.  In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation that the objectives and plans discussed herein will be achieved.  Further, no person undertakes any obligation to revise such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Forsyth Street and its partners do not undertake a duty or responsibility to update these materials or to notify you when or whether any analysis reflected herein has changed. Changes to assumptions made in the preparation of these materials may have a material impact on results. While the information contained in these materials is believed to be reliable, no representation or warranty, whether express or implied, is made and no liability or responsibility is accepted by Forsyth Street as to the accuracy or completeness thereof.

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Circular 230 Notice.  Any US tax advice contained herein is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding US tax penalties that may be imposed on the taxpayer; any such advice was written to support the promotion or marketing of the transactions described herein; and each taxpayer is therefore strongly urged to seek US tax advice based on the taxpayer's particular circumstances from an independent tax advisor.