This website is being provided for discussion purposes only and in strict confidence. The information contained in this website is given without any liability whatsoever to Tactical Management and/or its affiliates (“Tactical Management”) and is not intended to constitute investment, legal, tax or accounting advice, or opinion on any of the matters discussed herein.

No representation or warranty, expressed or implied, is made as to the accuracy, completeness, or thoroughness of the content of the information. The recipient should consult with its own legal, tax, or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.

Please be aware that investment funds involve investment risks, including the possible loss of the principal amount invested. The risks may include or relate to equity markets, foreign exchange rates, interest rates, credit risk, counterparty risk, market volatility, tax risks and political risks. There may be other risks that a prospective investor should consider that are relevant to their own particular circumstances or generally.

The value of the shares and the income from them may fall as well as rise and investors may not get back the full amount invested. The views and strategies described herein may not be suitable for all investors.

The information in this website has been prepared in good faith and with due care but has not been independently verified by Tactical Management. Tactical Management disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections, and forecasts set forth herein. No representation or warranty is made by or on behalf of Tactical Management that any projection, forecast, calculation, forwardlooking statement, assumption or estimate contained in this website should or will be achieved.

This website does not confer any right of publication on the recipient. This website is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Tactical Management. Neither this website nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Tactical Management.

None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or nonU.S. jurisdiction or any other U.S. or nonU.S. governmental or selfregulatory authority. No such governmental or selfregulatory authority will pass on the merits of the offering or the adequacy of the information contained herein. Any representation to the contrary is unlawful.