This document (the “Document”) has been prepared and issued by Allermuir Capital Limited, an Appointed Representative of Capricorn Fund Managers Limited, which is authorised and regulated by the Financial Conduct Authority (“FCA”) and is being provided for information purposes only. It is not intended as an offer or solicitation to enter into any proposed transaction or investment. You should not construe the contents of this document as legal, tax, investment or other advice. Any such offer or solicitation will be made to qualified investors only by means of a confidential private offering memorandum and related offering materials, and only in those jurisdictions where permitted by law. Such offer or solicitation may only be made by means of delivery of that document which contains important information (including investment objective, policies, risk factors, fees, tax implications, and accredited investor qualifications) relating to such investment product or fund. No undertaking, warranty or other assurance is given, and none should be implied, as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained in the document. The information contained in the document is not subject to completion, alteration and verification nor should it be assumed that the information in the document will be updated. The information contained in the document has not been verified by Allermuir Capital Limited or any of its associates or affiliates. The opinions and estimates should be regarded as indicative, preliminary, strictly non-binding and for illustrative purposes only. All example statements and any indicative terms and features of any solution given are strictly indicative and may be based on certain implicit and explicit assumptions which Allermuir Capital Limited may or may not be able to disclose at the time of the document and which will need verification in any specific case. In particular, but without prejudice to the generality of the foregoing, any forecasts, opinions, estimates and projections contained in the document constitute the judgement of Allermuir Capital Limited and are provided for illustrative purposes only. Such forecasts, opinions, estimates and projections involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forecasts, opinions, estimates and projections. Accordingly, no warrant (express or implied) is or will be made or given in relation to, and (except in the case of wilful fraud) no responsibility or liability is or will be accepted by Allermuir Capital Limited or any of its directors, officers, employees, agents or advisers in respect of, such forecasts, opinions, estimates and projections or their achievement or reasonableness. Relevant persons of the document must determine for themselves the reliance (if any) that they should place on such forecasts, opinions, estimates and projections. Investor’s capital is at risk, and investors should only invest if they are able to afford the loss of all capital invested. There is no guarantee that the investment objectives will be achieved, and past performance should not be construed as an indicator of future performance. Information contained in the document may not be distributed, published or reproduced in whole or in part or disclosed by relevant persons to any other person. The distribution of any document provided at or in connection with the document in jurisdictions other those for which it is intended may be restricted by law and therefore persons into whose possession any such documents may come should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities law of such jurisdictions. This document does not constitute, or form part of, any offer of, or invitation to apply for, securities nor shall it, or the fact of its distribution, form the basis of or be relied upon in connection with any contract or commitment to acquire any securities. The information contained in the document has been prepared to assist relevant persons in making their own evaluations and does not purport to contain all of the information that recipients of the document who are considering acquiring or subscribing for shares, bonds or other securities may need or desire. In all cases, relevant persons should conduct their own investigation and analysis of the data in the document. The document should not be considered a recommendation by Allermuir Capital Limited or any of its directors, officers, employees, agents or advisers in connection with any purchase of or subscription for securities. In the United Kingdom, this document is approved by Capricorn Fund Managers Limited, which is authorised and regulated by the FCA. This document constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the “FCA Rules”). This is for information purposes only and does not constitute an offer to subscribe for or purchase of any financial instrument. The Firm neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice. This communication and any investment or service to which this material may relate is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules, or fall into a relevant category under COBS 4.12 in the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.