RELIANCE ON UNIGESTION
There is no guarantee that Sagard will be successful in achieving any investment objectives. An investment strategy contains risks, including the risk
of complete loss.
Except where otherwise specifically noted, the information contained herein, including performance data and assets under management, relates to the
entire affiliated group of Sagard entities over time. Such information is intended to provide you with background regarding the services, investment
strategies and personnel of the Sagard entities. No guarantee is made that all or any of the individuals involved in generating the performance on
behalf of one or more Sagard entities will be involved in managing any specific client account on behalf of another Sagard entity.
NOT A RECOMMENDATION OR OFFER
This is a promotional statement of our investment philosophy and services only in relation to the subject matter of this presentation. It constitutes
neither investment advice nor recommendation. This document represents no offer, solicitation or suggestion of suitability to subscribe in either the
investment vehicles to which it refers or to any securities or financial instruments described herein. Any such offer to sell or solicitation of an offer to
purchase shall be made only by formal offering documents, which include, among others, a confidential offering memorandum, limited partnership
agreement (if applicable), investment management agreement (if applicable), operating agreement (if applicable), and related subscription documents (if
applicable). Such documentation contains additional information material to any decision to invest. Please contact your professional adviser/consultant
before making an investment decision. Reference to specific securities should not be construed as a recommendation to buy or sell such securities and
is included for illustration purposes only.
RISKS
Where possible we aim to disclose the material risks pertinent to this document. The views expressed in this document do not purport to be a complete
description of the securities, markets and developments referred to in it. Sagard maintains the right to delete or modify information without prior
notice. The risk management practices and methods described herein are for illustrative purposes only and are subject to modification.
Investors shall conduct their own analysis of the risks (including any legal, regulatory, tax or other consequences) associated with an investment and should
seek independent professional advice. Some of the investment strategies or financial instruments described or alluded to herein may be construed as high
risk and not readily realisable investments, and may experience substantial & sudden losses including total loss of investment. These are not suitable for all
types of investors. Sagard has the ability in its sole discretion to change the strategies described herein.
PAST PERFORMANCE
Past performance is not a reliable indicator of future results, the value of investments, can fall as well as rise, and there is no guarantee that your initial
investment will be returned.
If performance is shown gross of management fees, you should be aware that the inclusion of fees, costs and charges will reduce investment returns.
Returns may increase or decrease as a result of currency fluctuations.
NO INDEPENDENT VERIFICATION OR REPRESENTATION
No separate verification has been made as to the accuracy or completeness of the information herein. Data and graphical information herein are for
information only and may have been derived from third party sources. Sagard takes reasonable steps to verify, but does not guarantee, the accuracy
and completeness of information from third party sources. As a result, no representation or warranty, expressed or implied, is or will be made by
Sagard in this respect and no responsibility or liability is or will be accepted. All information provided here is subject to change without notice. It
should only be considered current as of the date of publication without regard to the date on which you may access the information. An investment
with Sagard, like all investments, contains risks, including total loss for the investor.
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements, including observations about markets and industry and regulatory trends as of the original date
of this document. Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,”
or “estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect Sagard’s views as of such date with
respect to possible future events and are subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products,
market acceptance risks and other risks. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond
a strategy's or Sagard’s control. You are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the
forward-looking statements in this document
TARGET RETURNS
This document may contain forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of
this document. Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or
“estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect Sagard’s views as of such date with respect to
possible future events and are subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, market
acceptance risks and other risks. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond a strategy's
or Sagard’s control. You are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking
statements in this document
Targeted returns reflect subjective determinations by Sagard based on a variety of factors, including, among others, internal modeling, investment
strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. Target returns and/or forecasts are based
on Sagard’s analytics including upside, base and downside scenarios and might include, but are not limited to, criteria and assumptions such as macro
environment, enterprise value, turnover, EBITDA, debt, financial multiples and cash flows. Targeted returns and/or forecasts are not intended to be actual
performance and should not be relied upon as an indication of actual or future performance.
If target returns, forecasts or projections are shown gross of management fees, the inclusion of fees, costs and charges will reduce such numbers.
USE OF INDICES
Information about any indices shown herein is provided to allow for comparison of the performance of the strategy to that of certain well-known and
widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in
an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the
indices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise
the indices shown.
HYPOTHETICAL, BACKTESTED OR SIMULATED PERFORMANCE
Hypothetical, backtested or simulated performance is not an indicator of future actual results and has many inherent limitations. The results reflect
performance of a strategy not currently offered to any investor and do not represent returns that any investor actually attained. One of the limitations
of hypothetical performance results is that they are generally prepared with the benefit of hindsight.
Hypothetical performance may use, among other factors, historical financials (turnover, EBITDA, debit, financial multiples), historical valuations, macro
variables and fund manager variables. Hypothetical results are calculated by the retroactive application of a model constructed on the basis of historical
data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Changes in these assumptions may
have a material impact on the hypothetical (backtested/simulated) returns presented. Certain assumptions have been made for modeling purposes and
are unlikely to be realized. No representations and warranties are made as to the reasonableness of the assumptions.
This information is provided for illustrative purposes only. Specifically, hypothetical (backtested/simulated) results do not reflect actual trading or the
effect of material economic and market factors on the decision-making process. Hypothetical trading does not involve financial risk, and no hypothetical
trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a
particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. Since trades have not
actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may
not reflect the impact that certain economic or market factors may have had on the decision-making process. Further, backtesting allows the security
selection methodology to be adjusted until past returns are maximized.
If hypothetical, backtested or simulated performance is shown gross of management fees, the inclusion of fees, costs and charges will reduce such
numbers.
ASSESSMENTS
Sagard may, based on its internal analysis, make assessments of a company’s future potential as a market leader or other success. There is no
guarantee that this will be realised.
Country Specific Disclaimers
PLEASE READ CAREFULLY THE RESTRICTIONS ON THE PRIVATE PLACEMENT OF FUNDS AS THERE MAY BE LIMITED OR NO SITUATIONS IN WHICH MARKETING MAY BE PERMITTED WITHOUT THE FUND BEING REGISTERED, APPROVED OR OTHERWISE AUTHORISED IN THE JURISDICTION.
FOR UNITED STATES INVESTORS
In the United States, this document is disseminated by PEM, which is registered as an investment adviser with the U.S. Securities and Exchange Commission. Sagard Holdings Management Inc. owns a partial and controlling interest in PEM. Certain subsidiaries of Sagard Holdings Management Inc. could be considered affiliates or related persons of PEM, including Sagard Holdings Manager LP, Sagard Capital Partners Service Corp., Sagard Capital Partners Management Corp. and Sagard Holdings Manager (Canada) Inc.
To the extent any Sagard Manager that is not registered with the SEC engages in marketing activities directed at U.S. investors, such activities are conducted in accordance with the regulations. This document is intended only for institutional investors and is not adapted for retail clients.
THE EUROPEAN UNION — Unigestion and BEX
This document is disseminated in the European Union by Unigestion Asset Management (France) SA, which is authorised and regulated by the French Autorité des marchés financiers (AMF), and by BEX, which is registered as an AIFM with the AMF. It is intended only for "professional clients" and "eligible counterparties" as defined in MiFID II and has not been adapted for retail clients.
Eligible investors: "professional clients" and "eligible counterparties" as defined in MiFID II (Directive 2014/65/EU); not available to retail clients.
Data protection: Personal data of recipients will be processed by the disseminating entity as controller in accordance with applicable data protection law (including the EU General Data Protection Regulation (Regulation (EU) 2016/679) and, in the United Kingdom, the UK GDPR and Data Protection Act 2018) for the purposes of providing information about the funds and managing the relationship with the recipient. Further information is available in the disseminating entity's privacy notice.
Sustainability-related disclosures (SFDR): Where a fund is subject to Regulation (EU) 2019/2088 (SFDR), this document is a marketing communication and does not contradict the information contained in the fund's pre-contractual and website sustainability-related disclosures. Any reference to environmental or social characteristics (including any Article 8 classification) is qualified in its entirety by those disclosures, and no sustainability claim should be construed in a manner inconsistent with them.
Marketing communication: This document is a marketing communication. Information on risks and rewards is presented with equal prominence, and recipients should refer to the fund's offering documents before making any investment decision.
FOR UNITED KINGDOM INVESTORS — Unigestion Only
This document is disseminated in the United Kingdom by Sagard UK Management Ltd.., an Appointed Representative of Unigestion (UK) Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). It is intended only for professional clients and eligible counterparties and has not been adapted for retail clients.
Eligible investors: "professional clients" and "eligible counterparties" as defined in the FCA Handbook (implementing MiFID II); not available to retail clients.
Data protection: Personal data of recipients will be processed by the disseminating entity as controller in accordance with applicable data protection law (including the EU General Data Protection Regulation (Regulation (EU) 2016/679) and, in the United Kingdom, the UK GDPR and Data Protection Act 2018) for the purposes of providing information about the funds and managing the relationship with the recipient. Further information is available in the disseminating entity's privacy notice.
FOR SWITZERLAND INVESTORS — Unigestion Only
This document is disseminated in Switzerland by Unigestion SA, which is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) to operate as a fund manager and representative of foreign collective investment schemes; it is intended for qualified investors only. The legal documents and the latest annual and semi-annual financial reports (if any) of any applicable fund may be obtained free of charge from the Swiss representative. In the context of any offer and marketing in Switzerland, the place of performance is at the registered office of the Swiss representative, and the place of jurisdiction is at the registered office of the Swiss representative or at the seat or domicile of the investor. Swiss representative: Unigestion SA, 8C avenue de Champel, CP 387, CH-1211 Genève 12, Switzerland. Paying agent: NPB Neu Private Bank AG, Limmatquai, am Bellevue 1, 8001 Zürich, Switzerland.
Eligible investors: "qualified investors" within the meaning of the Swiss Collective Investment Schemes Act (CISA).
FOR SWITZERLAND INVESTORS — PEM Only Funds
The shares [or units] of the Fund shall be offered or advertised in Switzerland exclusively to qualified investors as defined by Article 10 of the Collective Investment Schemes Act, as amended from time to time ("CISA") ("Qualified Investors"). The Fund has not been approved by the Swiss Financial Market Supervisory Authority ("FINMA") for offering in Switzerland to non-qualified investors.
The Fund has appointed as Swiss Representative Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, switzerland@waystone.com. The Fund's paying agent is Helvetische Bank AG. Any Fund Documentation may be obtained free of charge from the Swiss Representative in Lausanne. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss Representative.
FOR CANADA INVESTORS
This Presentation is being provided to you for informational purposes only and is not, and under no circumstances should be construed as, an advertisement, offering or solicitation for purchasers of securities in Canada. Investments in any securities referenced in this Presentation may only be made through a dealer that is registered, or exempt from registration, as a dealer in your jurisdiction of residence, pursuant to applicable Canadian private placement offering documents. No securities commission or similar authority in Canada has reviewed this material or has in any way passed upon the merits of any securities referenced in this material and any representation to the contrary is an offence. The information contained herein is intended solely for "accredited investors" within the meaning of applicable securities legislation.
Sagard Holdings Manager (Canada) Inc. is registered as an exempt market dealer in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. It will act as the dealer in respect of purchases of interests in certain funds advised by the Company in the Canadian provinces in which it is registered. The Ontario Securities Commission is the principal regulator of Sagard Holdings Manager (Canada) Inc.
FOR ARGENTINA INVESTORS, BRAZIL INVESTORS, AND MEXICO INVESTORS
This presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).
FOR CHILE INVESTORS
This Presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this Presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed).
This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). Date of the offer: [date of PPM] (i) This offer is made pursuant to Rule 336 issued by the Comisión para el Mercado Financiero of Chile (CMF); (ii) This offer deals with securities that are not registered in the Securities Registry nor in the Foreign Securities Registry kept by the CMF, and that are, therefore, not subject to the supervision of the CMF; (iii) Given that the securities are not registered, there is no obligation for the issuer to disclose in Chile public information about said securities; and (iv) The securities may not be publicly offered as long as they are not registered in the corresponding Securities Registry.
FOR PERU INVESTORS
Specifically, the Fund will not be subject to a public offering in Peru. The Fund described herein have not been and will not be approved by or registered with the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de Valores, or the "SMV") or the Lima Stock Exchange (Bolsa de Valores de Lima). Accordingly, the Fund may not be offered or sold in Peru except, among others, if such offering is considered a private offer under the securities laws and regulations of Peru. The Fund cannot be offered or sold in Peru or in any other jurisdiction except in compliance with the securities laws thereof. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the Fund to determine their ability to invest in the Fund. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).
NOTICE TO RESIDENTS OF KUWAIT
The offering of interests in the Fund has not been approved or licensed by the Kuwait Capital Markets Authority or any other relevant licensing authorities in the state of Kuwait, and accordingly does not constitute a public offer in the state of Kuwait in accordance with law no. 7 for 2010 regarding the establishment of the Capital Markets Authority and the regulating securities activities ("CMA law"). This pitch book is strictly private and confidential and is being issued to a limited number of professional investors: Who meet the criteria of a professional client by nature as defined in article 2-6 of module 8 of the executive regulations no. 72 of 2015 of the CMA law; Upon their request and confirmation that they understand that the interests have not been approved or licensed by or registered with the Kuwait Capital Markets Authority or any other relevant licensing authorities or governmental agencies in the state of Kuwait; and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purposes whatsoever.
NOTICE TO RESIDENTS OF ABU DHABI GLOBAL MARKET AND/OR DUBAI INTERNATIONAL FINANCIAL CENTRE
This pitch book relates to a fund which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority ("FSRA") nor Dubai Financial Services Authority ("DFSA"). This pitch book is intended for distribution only to persons of a type specified in the FSRA's and/or DFSA's rules (i.e. "Professional clients") and, therefore, must not be delivered to, or relied on by, any other type of person. This pitch book is for the exclusive use of the persons to whom it is addressed and in connection with the subject matter contained therein. The FSRA and/or DFSA has no responsibility for reviewing or verifying any pitch book or other documents in connection with this fund. Accordingly, the FSRA and/or DFSA has not approved this pitch book or any other associated documents nor taken any steps to verify the information set out in this pitch book, and has no responsibility for it. The interests to which this pitch book relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the interests. If you do not understand the contents of this document you should consult an authorized financial adviser. Sagard (MENA) Ltd., an affiliate of Sagard, is regulated by the ADGM Financial Services Regulatory Authority (the "FSRA"). To the extent this material is made available to Sagard (MENA) Ltd., the financial products or services to which this material relates will only be made available to Professional Clients or Market Counterparties as such terms are defined by the FSRA and no other person should act upon it.
NOTICE TO RESIDENTS OF UNITED ARAB EMIRATES
As per the rules stated in UAE Securities and Commodities Authority ("SCA") Decision No. (13) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rule Book ("SCA Rule Book") and SCA Decision No. (04/RM) of 2023 concerning the promotion of foreign funds, the promotion of a fund to retail investors is prohibited. The promotion of a fund to "professional investors" and "counterparties" within the state ("UAE"), each term as defined in the SCA rule book, shall be limited to only funds that are registered with SCA for marketing on a private placement basis. SCA approval for promotion of a fund in the UAE should not be considered a recommendation by the SCA to invest in the Fund, and the SCA shall not be responsible for any relevant party's failure to perform its functions and duties or for the accuracy of the information contained in the Fund's offering documents. The Fund and the interests have not been approved by or licensed or registered with the UAE Central Bank, the SCA, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "authorities"). The authorities assume no liability for any investment that the named addressee makes as a professional investor. This pitch book is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). The interests may be illiquid or subject to restrictions on their resale. Prospective investors should conduct their own due diligence on the interests. If you do not understand the contents of this pitch book you should consult an authorised financial advisor.
NOTICE TO RESIDENTS OF BAHRAIN
The central bank of Bahrain, the Bahrain bourse and the ministry of industry and commerce of the kingdom of Bahrain take no responsibility for the accuracy of the statements and information contained in this or the performance of the fund, nor shall they have any liability to any person, investor or otherwise for any loss or damage resulting from reliance on any statements or information contained herein. This pitch book is only intended for accredited investors as defined by the central bank of Bahrain. We have not made and will not make any invitation to the public in the kingdom of Bahrain to subscribe to the interests in the fund and this pitch book will not be issued, passed to, or made available to the public generally. The central bank of Bahrain has not reviewed, nor has it approved, this pitch book or the marketing thereof in the kingdom of Bahrain. The central bank of Bahrain is not responsible for the performance of the fund.
NOTICE TO RESIDENTS OF SAUDI ARABIA
This pitch book and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this pitch book may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This pitch book and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This pitch book is directed at and intended for the persons allowed to receive it under the applicable laws and regulations. This pitch book is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this pitch book, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This pitch book is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).
FOR ISRAEL INVESTORS
Specifically, capitalized terms that are used in the following paragraphs and are not otherwise defined herein, shall have the meaning ascribed to them under the Regulation of Investment Advice, of Investment Marketing, and of Portfolio Management Law, 1995 (the "Investment Advice Law").
This presentation, as well as investment in the Fund described herein, is directed at and intended for Investors that fall within at least one category in each of: (1) the first Schedule of the Israeli Securities Law, 1968 ("Sophisticated Investors"); and (2) the First Schedule of the Investment Advice Law ("Qualified Clients").
No action has been taken or will be taken in Israel that would permit the public offering of the Funds, or distribution of materials that relate to investment therein to the public in Israel. Neither this document, nor any other document that relates to the Fund, has been approved by the Israel Securities Authority.
It is hereby noted that with respect to Qualified Clients, the Marketer is not obliged to comply with the following requirements of the Investment Advice Law: (1) ensuring the compatibility of service to the needs of client; (2) engaging in a written agreement with the client, the content of which is as described in section 13 of the Investment Advice Law; (3) providing the client with appropriate disclosure regarding all matters that are material to a proposed transaction or to the advice given; (4) a prohibition on preferring certain Securities or other Financial Assets; (5) providing disclosure about "extraordinary risks" entailed in a transaction (and obtaining the client's approval of such transactions, if applicable); (6) a prohibition on making Portfolio Management fees conditional upon profits or number of transactions; (7) maintaining records of advisory/discretionary actions.
By receiving this document you hereby declare that you are a Sophisticated Investor and a Qualified Client, that you are aware of the implications of being considered a Sophisticated Investor and a Qualified Client (including the implications mentioned in the above paragraph), and consent thereto. Any Investor which is either: (1) not a Sophisticated Investor; or (2) not a Qualified Client — must immediately return this presentation to: Ittai Dissentshik, 6 Masryk Blvd., Tel-Aviv, Israel. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). In any case, the Fund shall not be offered or sold to any investor in Israel which is not a Sophisticated Investor.
This presentation is not intended to serve, and should not be treated as Investment Advice or Investment Marketing. Accordingly, the content of this presentation does not replace and should not serve as substitution for Investment Marketing or Investment Advising that take into account the special characteristics and needs of each investor. The Marketer is affiliated with the Fund, has a personal interest in the sale of the Fund and might prefer the Fund over other Financial Assets, due to the fact that the Marketer may receive a financial benefit from the issuer.
OTHER JURISDICTIONS
This document may not be distributed in, and securities may not be offered or sold to investors located in, any other jurisdiction except where such distribution or offer complies with applicable law.
