Document:

Exhibit 10.9

 

No:

 

Provided to:

 

PRIVATE PLACEMENT MEMORANDUM

 

 

 

PRESTIGE GLOBAL FUND SPC

 

an exempted company incorporated with limited liability
under the laws of

the Cayman Islands with registration number 312284

 

PRESTIGE GLOBAL ASSET MANAGEMENT LIMITED

 

Manager

 

PRESTIGE ASSET MANAGEMENT LIMITED

 

Investment Advisor

 

28 November 2016

 

 

 

WARNING

 

The contents of this document have not been reviewed by any regulatory
authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents
of this document, you should obtain independent professional advice.

 

警告

 

本文件的內容未經在香港的規管當局審核。你應就有關要約謹慎行事。如你對本文件的任何內容有任何疑問,你應尋求獨立專業意見。

 

     

    

    

 

IMPORTANT NOTICES TO POTENTIAL INVESTORS

 

The Company is an exempted company incorporated
with limited liability and registered as a segregated portfolio company under the Companies Law. This Memorandum sets out general information
relating to the Company and its structure. A separate Supplement, to be read in conjunction with this Memorandum, will be issued in respect
of each Segregated Portfolio.

 

Responsibility statement

 

The Directors, whose names appear in the Directory,
accept responsibility for the information contained in this Memorandum and the relevant Supplement. To the best of the knowledge and belief
of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Memorandum and
the relevant Supplement is in accordance with the facts and, in the reasonable opinion of the Directors, contains such information as
is necessary to enable a prospective investor to make an informed decision as to whether or not to subscribe for Participating Shares.

 

Reliance on this Memorandum

 

Participating Shares are being offered only on
the basis of the information contained in this Memorandum and the relevant Supplement. Any further information or representations given
or made by any dealer, broker or other person should be disregarded and accordingly, should not be relied upon. No person has been authorised
to give any information or to make any representations in connection with the offering of Participating Shares other than those contained
in this Memorandum and the relevant Supplement. Information given or representations made which are not contained in this Memorandum and
the relevant Supplement must not be relied on as having been authorised by the Directors.

 

Certain information contained in this Memorandum
and the relevant Supplement constitutes “forward-looking statements”, which can be identified by the use of forward-looking
terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “project”,
“estimate”, “intend”, “believe”, the negatives of such words, other variations of such words or comparable
terminology. Due to various risks and uncertainties, including those described in the sections headed “Risk Factors” and “Conflicts
of Interest”, actual events or results or the actual performance of a Segregated Portfolio may differ materially from that anticipated
in such forward-looking statements.

 

Statements in this Memorandum are based on the
law and practice in force in the Cayman Islands at the date of this Memorandum and are therefore subject to change should that law or
practice change. Neither the delivery of this Memorandum and the relevant Supplement, nor the issue of Participating Shares, shall under
any circumstances create any implication or constitute any representation that the affairs of the Company have not changed since the date
of this Memorandum.

 

Regulation

 

[The Company is registered with CIMA pursuant
to section 4(3) of the Mutual Funds Law as a “regulated mutual fund” for the purposes of the Mutual Funds Law. The Company
can accept more than fifteen investors (a majority of whom are capable of appointing or removing the Directors). Any such registration
will not, however, imply that CIMA or any other regulatory authority in the Cayman Islands has approved this Memorandum, any Supplement
or the offering of the Participating Shares.]

 

     

    

    

 

Distribution and selling restrictions

 

Neither this Memorandum nor the relevant Supplement
or the Participating Shares described in it have been qualified for offer, sale or distribution under the laws of any jurisdiction governing
the offer or sale of mutual fund equity interests or other securities. The distribution of this Memorandum and the relevant Supplement
and the offering or purchase of Participating Shares may be restricted in certain jurisdictions. Neither this Memorandum nor the relevant
Supplement constitutes an offer, solicitation or invitation to subscribe for Participating Shares in any jurisdiction in which such offer,
solicitation or invitation is not authorised, or to any person to whom it would be unlawful to make such an offer, solicitation or invitation.
It is the responsibility of any person in possession of this Memorandum or any Supplement, and any person wishing to apply for Participating
Shares pursuant to this Memorandum and any Supplement, to inform themselves of and to observe all applicable laws and regulations of any
jurisdiction relevant to them.

 

Please review the selling restrictions set out in the Appendix.

 

Confidentiality

 

This Memorandum and any Supplement is strictly
confidential and is to be read only by the person to whom it has been delivered to enable that person to evaluate an investment in a Segregated
Portfolio. Neither this Memorandum nor any Supplement is to be reproduced or distributed to any other persons except that a potential
investor may provide a copy to its professional advisers.

 

Investor responsibility

 

No representations or warranties of any kind are
intended or should be inferred with respect to the economic return from, or the tax consequences of, an investment in a Segregated Portfolio.
No assurance can be given that existing laws will not be changed or interpreted adversely. Potential investors should not construe this
Memorandum or the relevant Supplement as legal, tax or financial advice.

 

The above information is for general guidance
only. Before making an investment in a Segregated Portfolio prospective investors should review this Memorandum and the relevant Supplement
carefully and in their entirety. Prospective investors should consult with their legal, tax and financial advisers as to any legal, tax,
financial or other consequences of subscribing for, purchasing, holding, redeeming or disposing of Participating Shares in their country
of citizenship, residence and/or domicile.

 

Risks

 

An investment in a Segregated Portfolio carries
substantial risk. There can be no assurance that the investment objective of a Segregated Portfolio will be achieved and investment results
may vary substantially over time. An investment in a Segregated Portfolio is only suitable for professional investors or sophisticated
investors who are able to bear the loss of a substantial portion or even all of their investment in a Segregated Portfolio. An investment
in a Segregated Portfolio is not intended to be a complete investment programme for any investor. There is no public market for Participating
Shares, nor is a public market expected to develop in the future.

 

Potential investors should carefully consider
the risk factors set out in the sections headed “Risk Factors” when considering whether an investment in a Segregated Portfolio
is suitable for them in light of their circumstances and financial resources. Investors are advised to seek independent professional advice
on the implications of investing in a Segregated Portfolio.

 

     

    

    

 

DIRECTORY

 

	 	Prestige Global Fund SPC
	 	 
	Registered Office	4th Floor, Harbour Place
	 	103 South Church Street
	 	PO Box 10240
	 	Grand Cayman KY1-1002
	 	Cayman Islands
	 	 
	Manager	Prestige Global Asset Management Limited
	 	4th Floor, Harbour Place
	 	103 South Church Street
	 	PO Box 10240
	 	Grand Cayman KY1-1002
	 	Cayman Islands
	 	 
	Investment Advisor	Prestige Asset Management Limited
	 	Suite 5102, Cheung Kong Center
	 	2 Queen’s Road Central
	 	Hong Kong
	 	 
	Administrator	Equinoxe Alternative Investment Services (Bermuda) Limited
	 	3 Bermudiana Road
	 	Hamilton HM 11
	 	Bermuda
	 	 
	 	Equinoxe Alternative Investment Services (Asia) Pte. Limited
	 	112 Robinson Road
	 	#12-02
	 	Singapore 068902
	 	 
	Auditors	Deloitte & Touche
	 	One Capital Place (OCP)
	 	136 Shedden Road
	 	George Town
	 	P.O. Box 1787
	 	KY1-1109
	 	Grand Cayman, Cayman Islands
	 	 
	Legal Adviser as to Hong Kong law	Eversheds
	 	21/F, Gloucester Tower
	 	The Landmark
	 	15 Queen’s Road Central
	 	Hong Kong
	 	 
	Legal Adviser as to Cayman Islands law	Harney Westwood & Riegels
	 	3601 Two Exchange Square
	 	8 Connaught Place
	 	Central
	 	Hong Kong

 

     

    

    

 

	CONTENT	 	 
	 	 	 
	Definitions	 	1
	 	 	 
	Summary	 	5
	 	 	 
	The Company	 	8
	Structure	 	8
	Participating Shares	 	8
	Dealing currency	 	8
	Additional information	 	8
	 	 	 
	Management and Administration	 	9
	Board of Directors	 	9
	Manager	 	10
	investment advisor	 	12
	investment advisor Agreement	 	12
	Administrator	 	13
	Custodian	 	16
	Distributor	 	16
	Change of service providers	 	16
	 	 	 
	Fees and Expenses	 	17
	Fees payable to the Manager	 	17
	Fees payable to the Investment Advisor	 	19
	Administration fees	 	19
	Custody fees	 	19
	Fees payable to the Directors	 	19
	Expenses	 	19
	 	 	 
	Subscriptions	 	21
	Subscriptions	 	21
	Eligible Investors	 	21
	Payment	 	21
	Subscription procedure	 	21
	Issue of Participating Shares	 	22
	Prevention of money laundering	 	23
	Form of Participating Shares	 	23
	 	 	 
	Redemption and Transfer	 	24
	Procedure for the redemption of Participating Shares	 	24
	Settlement	 	24
	Redemptions in kind	 	24
	Prevention of money laundering	 	25
	Rights following the Redemption Day	 	25
	Compulsory redemption	 	25
	Transfer of Participating Shares	 	26
	 	 	 
	Net Asset Value	 	27
	Determination of Net Asset Value	 	27
	Valuation of assets	 	27
	Suspensions	 	29
	 	 	 
	Risk Factors	 	31
	Risks associated with the structure of the Company	 	31
	 	 	 
	Conflicts of Interest	 	34
	Manager and Investment ADVISOR	 	34
	Directors	 	34
	Soft dollar arrangements	 	35
	 	 	 

     

    

    

 

	Taxation	 	36
	General	 	36
	Cayman Islands	 	36
	Hong Kong	 	36
	Other jurisdictions	 	37
	Compliance with automatic exchange of information legislation	 	37
	 	 	 
	Financial Information and Reports	 	39
	Financial year	 	39
	Financial statements	 	39
	Auditors	 	39
	Reports to Shareholders	 	39
	 	 	 
	General	 	40
	The Company	 	40
	Share capital of the Company	 	40
	Segregated portfolios	 	40
	Rights of the Management Shares	 	41
	Rights of the Participating Shares	 	41
	Variation of rights attaching to a Class	 	42
	Side letters	 	42
	Amendments to the Articles	 	42
	Winding up and termination	 	43
	General meetings	 	43
	Directors’ report	 	43
	Regulation	 	43
	Material contracts	 	44
	Documents available for inspection	 	44
	Enquiries	 	44
	 	 	 
	APPENDIX - RESTRICTIONS ON DISTRIBUTION	 	45

 

     

    

    

 

 

 

DEFINITIONS

 

 

 

In this Memorandum capitalised terms have the meanings set out below:

 

	Administrator  	 	Equinoxe Alternative Investment Services (Bermuda) Limited and Equinoxe Alternative Investment Services (Asia) Pte. Limited unless otherwise specified in the relevant Supplement.
	 	 	 
	Appendix  	 	in respect of any Segregated Portfolio, the appendix to the Supplement setting out details of a Class of Participating Shares.
	 	 	 
	Articles	 	the memorandum and articles of association of the Company, as amended from time to time.
	 	 	 
	Auditors	 	Deloitte & Touche or such other person as may be appointed from time to time.
	 	 	 
	Business Day        	 	unless otherwise specified in the relevant Supplement, a day (other than a Saturday or a Sunday) on which banks in Hong Kong are authorised to open for normal banking business and/or such other day or days as the Directors may determine, either generally or in any particular case, provided that where, as a result of a Number 8 Typhoon Signal, Black Rainstorm Warning or similar event, the period during which banks in Hong Kong are open on any day are reduced, such day shall not be a Business Day.
	 	 	 
	CIMA	 	the Cayman Islands Monetary Authority or any successor etc.
	 	 	 
	Class	 	any class of Participating Shares designated by the Directors pursuant to the Articles.
	 	 	 
	Companies Law	 	the Companies Law of the Cayman Islands, as amended or re-enacted from time to time.
	 	 	 
	Company  	 	Prestige Global Fund SPC, an exempted company incorporated with limited liability and registered as a segregated portfolio company under the Companies Law with registration number 312284.
	 	 	 
	Custodian	 	means such person or person(s) who for the time being appointed to act as custodian of the Company.
	 	 	 
	Dealing Currency    	 	in respect of any Class, the currency determined by the Directors on the establishment of the Class as the currency in which the Subscription Price, Redemption Price and Net Asset Value per Share of such Class will be calculated.
	 	 	 
	Directors	 	the directors of the Company from time to time.

 

    1

    

    

 

	Eligible Investor        	 	a person to whom the Company can lawfully make an invitation to subscribe for Participating Shares without compliance with any registration or other legal requirements, who is able to acquire and hold Participating Shares without breaching the law or requirements of any relevant country, regulatory body or government authority and who satisfies such additional eligibility requirements as may be determined by the Directors from time to time.
	 	 	 
	IFRS	 	International Financial Reporting Standards issued by the International Accounting Standards Board.
	 	 	 
	Initial Offer Period  	 	in relation to any Class, the period determined by the Directors during which Participating Shares of that Class are first offered for subscription, as specified in the relevant Supplement.
	 	 	 
	Investment Advisor  	 	Prestige Asset Management Limited or such other investment advisor as appointed by the Directors from time to time.
	 	 	 
	Management Agreement  	 	The management agreement between the Company and the Manager (as may be amended from time to time).
	 	 	 
	Management Fee	 	the management fee payable by the Company, out of the assets of the relevant Segregated Portfolio, to
	 	 	 
	 	 	the Manager pursuant to the Management Agreement, as described in the relevant Supplement.
	 	 	 
	Management Share  	 	a non-participating, non-redeemable, voting share of par value US$0.01 in the capital of the Company designated as a Management Share.
	 	 	 
	Manager  	 	Prestige Global Asset Management Limited or such other Manager as may be appointed by the Directors from time to time.
	 	 	 
	Memorandum	 	this private placement memorandum, as amended from time to time.
	 	 	 
	Minimum Holding  	 	Shares with an aggregate Net Asset Value of not less than the amount specified in the relevant Supplement.
	 	 	 
	Mutual Funds Law	 	the Mutual Funds Law of the Cayman Islands, as amended or re-enacted from time to time.
	 	 	 
	Net Asset Value  	 	the net asset value of a Segregated Portfolio, the relevant Class or series or a Participating Share, as the case may be, determined as described in the section headed “Net Asset Value”.
	 	 	 
	Net Asset Value per Share  	 	the Net Asset Value of a Participating Share, determined as described in the section headed “Net Asset Value”.
	 	 	 
	Participating Share  	 	in respect of any Segregated Portfolio, a participating, redeemable, non-voting share of par value US$0.01 in the capital of the Company attributable to that Segregated Portfolio.

 

    2

    

    

 

	Peak Net Asset Value per Share      	 	in respect of a Class is the greater of: (i) the price at which Participating Shares of that Class are issued at the close of the Initial Offer Period; and (ii) the highest Net Asset Value per Share of that Class in effect immediately after the end of the previous Calculation Period in respect of which a Performance Fee (other than a Performance Fee Redemption) was charged.
	 	 	 
	Performance Fee Redemption        	 	with respect to any appreciation in the value of those Participating Shares from the Net Asset Value per Share at the date of subscription up to the Peak Net Asset Value per Share, the Performance Fee charged at the end of each Calculation Period by redeeming at par value such number of the Shareholder’s Participating Shares of the relevant Class as have an aggregate Net Asset Value equal to the Relevant Percentage of any such appreciation.
	 	 	 
	Performance Fee    	 	the performance fee, if any, payable by the Company, out of the assets of the relevant Segregated Portfolio, to the Manager pursuant to the Management Agreement, as described in the relevant Supplement.
	 	 	 
	Redemption Day	 	in respect of any Segregated Portfolio, such day or days as may be specified in the relevant Supplement.
	 	 	 
	Redemption Notice  	 	a request for the redemption of Participating Shares which shall be in such form as the Directors may determine from time to time.
	 	 	 
	Redemption Period  	 	the period which the Redemption Notice must be submitted to the Administrator before the relevant Redemption Day pursuant to the relevant Supplement for the Segregated Portfolio.
	 	 	 
	Redemption Price  	 	the price at which a Participating Share may be redeemed, calculated in the manner described in the relevant Supplement.
	 	 	 
	Relevant Percentage  	 	the percentage of the appreciation in the Net Asset Value per Share above the Peak Net Asset Value per Share which shall be payable to the Manager pursuant to the Supplement.
	 	 	 
	Shareholder	 	a holder of one or more Participating Shares.
	 	 	 
	Segregated Portfolio	 	a segregated portfolio of the Company established in accordance with the Articles.
	 	 	 
	Subscription Agreement  	 	an application to subscribe for Participating Shares which shall be in such form as the Directors may determine from time to time.
	 	 	 
	Subscription Day	 	in respect of any Segregated Portfolio, such day or days as may be specified in the relevant Supplement.
	 	 	 
	Subscription Fee	 	the subscription fee, if any, payable by the
    subscribers and deducted from the Subscription Amount, as described in the relevant Supplement.

 

    3

    

    

 

	Subscription Price	 	the price at which a Participating Share may be issued after the close of the Initial Offer Period, calculated in the manner described in the relevant Supplement.
	 	 	 
	Supplement	 	in respect of any Segregated Portfolio, the supplement to this document setting out details of that Segregated Portfolio which includes any Appendix to that supplement.
	 	 	 
	United States or US	 	
    the United States of America, its territories
and possessions including the States and the District of Columbia. 

	 	 	 
	US Person	 	
    a citizen or resident of the United States,
a corporation, partnership or other entity created or organised in or under the laws of the United States or any person falling within
the definition of the term “United States Person” under Regulation S promulgated under the United States Securities Act of
1933, as amended.

	 	 	 
	USD, US Dollar, or US$ 	 	
    the lawful currency of the United States.

	 	 	 
	Valuation Day	 	
    in respect of each Class, the Business Day
immediately preceding each Redemption Day and each Subscription Day and/or such other day or days as the Directors may determine, either
generally or in any particular case.

	 	 	 
	Valuation Point	 	
    in respect of any Segregated Portfolio, the
close of business in the last market relevant to that Segregated Portfolio to close on the relevant Valuation Day, or such other time
as the Directors may determine.

 

    4

    

    

 

 

 

SUMMARY

 

 

 

The following summary should be read in conjunction
with the remainder of this Memorandum, the relevant Supplement, the Articles and the other documents referred to in this Memorandum and
the relevant Supplement. The following summary is qualified in its entirety by reference to such documents.

 

	The Company	 	Prestige Global Fund SPC is an exempted company incorporated with limited liability and registered as a segregated portfolio company in the Cayman Islands under the Companies Law.

                                                                  

                                                                 As a segregated portfolio company, the Company is permitted to create one or more Segregated Portfolios in order to segregate the assets and liabilities of the Company held in respect of one Segregated Portfolio from the assets and liabilities of the Company held in respect of any other Segregated Portfolio and/or the general assets and liabilities of the Company. Under Cayman Islands law, the assets of one Segregated Portfolio will not be available to meet the liabilities of another Segregated Portfolio. Notwithstanding the segregation of assets and liabilities between Segregated Portfolios, the Company is a single legal entity and no Segregated Portfolio constitutes a legal entity separate from the Company itself.

                                                                  

                                                                 This Memorandum sets out general information relating to the Company and its structure. A separate Supplement, to be read in conjunction with this Memorandum, will be issued in respect of each Segregated Portfolio. Each such Supplement will set out details of the relevant Segregated Portfolio and the Participating Shares attributable to that Segregated Portfolio.

                                                                  

                                                                 The Directors may create a Segregated Portfolio at any time without notice to, or the consent of, the Shareholders. Each Segregated Portfolio may have, and is expected to have, different investment strategies from those of other Segregated Portfolios.

	 	 	 
	Participating
Shares	 	The Company may issue Participating Shares of one or more classes in respect of a single Segregated Portfolio. Details of the Classes being offered in respect of a Segregated Portfolio are set out in the relevant Supplement.

                                                      

                                                     At any time the Directors may create and designate additional Classes in respect of a Segregated Portfolio without notice to, or the consent of, the Shareholders. The Directors may differentiate between Classes on various bases, including but not limited to the Dealing Currency, the fees payable, the level of information provided and redemption rights.

 

    5

    

    

 

	Regulation	 	[The Company is registered with CIMA pursuant to section 4(3) of the Mutual Funds Law as a “regulated mutual fund” for the purposes of the Mutual Funds Law. The Company can accept more than fifteen investors (a majority of whom are capable of appointing or removing the Directors). Any such registration will not, however, imply that CIMA or any other regulatory authority in the Cayman Islands has approved this Memorandum, any Supplement or the offering of the Participating Shares.]
	 	 	 
	Investment objective and strategies 	 	The investment objective, strategies and restrictions of a Segregated Portfolio are set out in the relevant Supplement. There can be no assurance that the investment objective of a Segregated Portfolio will be achieved.
	 	 	 
	Management	 	The  Directors  have  overall  responsibility  for  the  management  and  administration  of  the Company. However, the Directors have delegated responsibility for day-to-day administrative functions to the Administrator and responsibility for making day-to-day investment decisions to the Manager.
	 	 	 
	Subscriptions  	 	The  Subscription  Price  for  Participating  Shares  attributable  to  a  Segregated  Portfolio  and  any Subscription Fee is set out in the relevant Supplement.
	 	 	 
	Minimum subscription	 	The minimum initial investment per subscriber is set out in the relevant Supplement. The Directors may waive or reduce the minimum initial investment either generally or in any particular case. However, for so long as the Company is registered under section 4(3) of the Mutual Funds Law, the minimum initial investment cannot be less than US$100,000 (or its equivalent in the relevant Dealing Currency) (exclusive of any Subscription Fee).
	 	 	 
	Redemptions  	 	Participating Shares may be redeemed at the option of the Shareholder in accordance with the terms set out in the relevant Supplement.
	 	 	 
	Redemption fee  	 	A redemption fee may be charged on the redemption of Participating Shares. Details of any redemption fee are set out in the relevant Supplement.
	 	 	 
	Restrictions on redemptions    	 	The Directors may temporarily suspend the redemption of Participating Shares in certain circumstances. The Directors may also limit redemptions in certain circumstances. Details of any such limitation are set out in the relevant Supplement.
	 	 	 
	Payment of redemption proceeds	 	Redemption proceeds will normally be paid in cash by electronic transfer at the Shareholder’s risk and expense. However, in certain circumstances, the Company may pay redemption proceeds by way of a transfer of assets or partly in cash and partly by way of a transfer of assets.
	 	 	 
	Valuations	 	The Net Asset Value and the Net Asset Value per Share of each Class will be calculated as at the Valuation Point on each Valuation Day.

                                     

                                    The Directors may temporarily suspend the calculation of the Net Asset Value and/or the Net Asset Value per Share in certain circumstances.

 

    6

    

    

 

	
    Restrictions on sale and transfer

     
	 	Participating Shares will only be issued to, and may only be transferred to, persons who are Eligible Investors. Participating Shares may not be transferred without the prior written consent of the Directors.
	 	 	 
	
    Management Fee

     
	 	The Company will pay the Manager a Management Fee, out of the assets of the relevant Segregated Portfolio. Details of the Management Fee payable are set out in the relevant Supplement.
	 	 	 
	
    Performance Fee

     
	 	The Company may also pay the Manager a Performance Fee, out of the assets of the relevant Segregated Portfolio. Details of any Performance Fee payable are set out in the relevant Supplement.
	 	 	 
	
     

     

    Other fees and expenses

     
	 	All the costs of the operation and management of a Segregated Portfolio, including the fees and expenses payable to service providers and all expenses related to its investment programme will be paid out of the assets of that Segregated Portfolio. To the extent that any fees and expenses incurred by the Company do not relate to a specific Segregated Portfolio, such fees and expenses will be apportioned between all relevant Segregated Portfolios.
	 	 	 
	
    Risk factors and conflicts of interest

     
	 	An investment in a Segregated Portfolio entails risk. Potential investors should review carefully the discussions under the sections headed “Risk Factors” and “Conflicts of Interest”.
	 	 	 
	
    Reporting

     
	 	Each Shareholder will be provided with a copy of an annual report that will include audited financial statements within six months of the end of each financial year of the Company. Shareholders will also be provided with a monthly report on the investment performance of the relevant Segregated Portfolio. The financial year of the Company will end on 31 December in each year.
	 	 	 
	
    Tax

     
	 	The Company is not subject to tax in the Cayman Islands (other than annual filing fees) under the current laws of the Cayman Islands. Potential investors should consult their own advisers as to the particular tax consequences to them of their proposed investment in a Segregated Portfolio.

 

    7

    

    

 

 

 

THE
COMPANY

 

 

 

STRUCTURE

 

The Company is an exempted company incorporated
with limited liability and registered as a segregated portfolio company in the Cayman Islands under the Companies Law. The Company was
incorporated on 8 June 2016.

 

As a segregated portfolio company, the Company
is permitted to create one or more Segregated Portfolios in order to segregate the assets and liabilities of the Company held in respect
of one Segregated Portfolio from the assets and liabilities of the Company held in respect of any other Segregated Portfolio and/or the
general assets and liabilities of the Company. Under Cayman Islands law, the assets of one Segregated Portfolio will not be available
to meet the liabilities of another Segregated Portfolio. Notwithstanding the segregation of assets and liabilities between Segregated
Portfolios, the Company is a single legal entity and no Segregated Portfolio constitutes a legal entity separate from the Company itself.

 

This Memorandum sets out general information relating
to the Company and its structure. A separate Supplement, to be read in conjunction with this Memorandum, will be issued in respect of
each Segregated Portfolio. Each such Supplement will set out details of the relevant Segregated Portfolio and the Participating Shares
attributable to that Segregated Portfolio.

 

The Directors may create a Segregated Portfolio
at any time without notice to, or the consent of, the Shareholders. Each Segregated Portfolio may have, and is expected to have, different
investment strategies from those of other Segregated Portfolios.

 

PARTICIPATING SHARES

 

The Company may issue Participating Shares of
one or more classes in respect of a single Segregated Portfolio. Details of the Classes being offered in respect of a Segregated Portfolio
are set out in the relevant Supplement.

 

At any time the Directors may create and designate
additional Classes in respect of a Segregated Portfolio without notice to, or the consent of, the Shareholders. The Directors may differentiate
between Classes on various bases, including as to the Dealing Currency, the fees payable, the level of information provided and redemption
rights.

 

Participating Shares do not carry voting rights
except in relation to a modification of the rights attaching to a Class. The Management Shares, which are the voting shares in the Company,
are held by the Manager.

 

DEALING CURRENCY

 

The base currency of the Company is the US Dollar and the financial
statements of the Company will be presented in US Dollars.

 

The Directors may designate a Dealing Currency
for any Class and in the absence of any such designation, the Dealing Currency will be the US Dollar. Subscriptions for, and redemptions
of, Participating Shares of a Class will be processed in the relevant Dealing Currency, and the Net Asset Value per Share of the Class
will be calculated and quoted in such Dealing Currency. The Dealing Currency of each Class is specified in the relevant Supplement.

 

ADDITIONAL INFORMATION

 

This Memorandum does not purport to be and should
not be construed as a complete description of the Articles, the Subscription Agreement or the contracts entered into by or in respect
of the Company, on behalf of a Segregated Portfolio. Before investing in a Segregated Portfolio each potential investor should examine
this Memorandum, the relevant Supplement, the Subscription Agreement and the Articles and satisfy itself that an investment in that Segregated
Portfolio is appropriate. In the event that there is any conflict between the Articles and this Memorandum or the relevant Supplement,
the Articles shall prevail.

 

Additionally, and prior to a potential investor
purchasing any Participating Shares, the Company will make available to the potential investor the opportunity to ask questions of and
receive written answers from representatives of the Company concerning the terms and conditions of an investment in the relevant Segregated
Portfolio.

 

An investment in a Segregated Portfolio may
be considered speculative. It is not intended as a complete investment programme. It is designed only for experienced and sophisticated
investors who are able to bear the risk that all or a substantial part of their investment in the relevant Segregated Portfolio may be
lost.

 

    8

    

    

 

 

 

MANAGEMENT
AND ADMINISTRATION

 

 

 

BOARD OF DIRECTORS

 

The Directors are responsible for the
overall management and control of the Company in accordance with the Articles. However, unless otherwise specified in the relevant Supplement,
the Directors have delegated responsibility for day-to-day administrative functions to the Administrator and responsibility for making
day-to-day investment decisions to the Manager.

 

The Directors will meet periodically
to review the operations and investment performance of each Segregated Portfolio. Save for these periodic reviews, the Directors will
not have any responsibility for reviewing or approving any trade, investment, borrowing or other action of the Manager or any delegate
of the Manager.

 

The current Directors are:

 

		●	Mr. Shi Hongtao

 

Mr. Shi started his investment banking
and investment trading career at Wall Street, where he has worked for over 10 years. Prior to founding Prestige Capital in 2006, Mr. Shi
was a Director in Prudential Financial and New York JB Oxford & Co. Wall Street trading floor, and worked as managing director in
Pacific Untied, Inc. He brings to his role strong insight into technology, media, and telecom (TMT), environmental protection, healthcare,
new materials and consumer industries, built form rich experience in global capital markets and transactions at Wall Street.

 

Mr. Shi has successfully invested
and operated nearly 10 listing cases. One of which was a real estate investment company, which was managed by Mr. Shi and was acquired
by a well-known listed real estate company at the price of over HK$1 billion. He has unique professional insights and rich experience
on Chinese enterprises overseas listing, M&A and other cross-border capital operation. Mr. Shi graduated from Central University of
Finance and Economics and Towson University and received his EMBA degree from New York University.

 

		●	Mr. Sze Chi Tak

 

Mr. Sze is a successful business man
and has abundant experiences in investing and valuing properties in Asia since 1996. During the past twenty years, Mr. Sze has been actively
investing and managing the residential and commercial property projects in Hong Kong, Macau, and People’s Republic of China (PRC).
In additional to the investment experience in properties in Asia, Mr. Sze is also an expert in securities investment.

 

For the purposes of this Memorandum, the address of all
the Directors is the registered office of the Company.

 

Retirement of Directors

 

The Articles do not stipulate a retirement age for the Directors
nor do they provide for retirement of the Directors by rotation. The Directors may at any time elect to appoint another person to serve
as a Director or to fill a vacancy.

 

    9

    

    

 

Liability of Directors

 

The Articles provide that no Director
will be liable to the Company for any loss or damage in carrying out his functions unless that loss or damage arises through the actual
fraud, wilful default or gross negligence of such Director. Each Director is entitled to be indemnified out of the assets of the relevant
Segregated Portfolio against any and all liabilities, actions, proceedings, claims, demands, costs, damages and expenses (including any
legal expenses) whatsoever incurred by him as a result of any act or failure to act in carrying out his functions in respect of that Segregated
Portfolio. However, a Director will not be indemnified for any liabilities, actions, proceedings, claims, demands, costs, damages or expenses
that he incurs due to his own actual fraud, wilful default or gross negligence.

 

Insurance

 

The Company may purchase and maintain insurance for the
benefit of any person who is or was a Director.

 

MANAGER

 

Unless otherwise specified in the relevant Supplement, the
following will apply in respect of each Segregated Portfolio.

 

The Company has appointed Prestige
Global Asset Management Limited to act as manager of the relevant Segregated Portfolio pursuant to an agreement between the Company, on
behalf of the Segregated Portfolio, and the Manager (each such agreement a Management Agreement). The Manager is an exempted
company incorporated with limited liability in the Cayman Islands.

 

Under the Securities Investment Business
Law of the Cayman Islands, a person acting as an investment manager is not required to be licensed if it carries on such business exclusively
(whether directly or indirectly) for sophisticated persons or high net worth persons. The Manager intends to manage its business in such
a way that it is not required to be licensed and accordingly is not subject to regulation by CIMA.

 

The current principals of the Manager are Mr. Shi Hongtao
and Mr. Sze Chi Tak, whose biography appears under “Board of Directors” above, and:

 

Management Agreement

 

Pursuant to the Management Agreement,
the Manager is appointed to act as the manager in respect of each of the Segregated Portfolios subject to the overall control and supervision
of the Directors and to appoint the Investment Advisor as investment advisor in respect of each of the Segregated Portfolios to manage
and invest each Segregated Portfolio, on a discretionary basis, in pursuit of the Articles and the Memorandum of the Company and the Supplement
of the relevant Segregated Portfolio and subject to the terms of the Investment Advisory Agreement or as otherwise stipulated by the Directors,
from time to time, until such appointment shall be terminated. The Manager has a duty to do the following things:

 

		(a)	borrow or raise monies for the account of any Segregated Portfolio, and, from time to time without limitation
as to amount or manner and time of repayment, issue, accept, endorse and execute promissory notes, drafts, bills of exchange, bonds, debentures
and other negotiable or non-negotiable instruments and evidences of indebtedness;

 

		(b)	open, maintain and close bank accounts, brokerage accounts and custody accounts in the name of each Segregated Portfolio and, subject
to compliance with applicable laws and regulations, give instructions with respect to such accounts;

 

    10

    

    

 

		(c)	do any and all acts on behalf of the Company acting for the account of a Segregated Portfolio, and exercise
all rights of the Company (or, as applicable, a Segregated Portfolio), with respect to its interest in any person, firm, corporation or
other entity, including, without limitation, the voting of shares, participation in arrangements with creditors, the institution and settlement
or compromise of suits and administrative proceedings and other like or similar matters;

 

		(d)	lend, with or without security, any of the investments, funds or other property of a Segregated Portfolio;

 

		(e)	organize one or more corporations formed to hold record title, as nominee for each Segregated Portfolio, to investments or funds attributable
to the relevant Segregated Portfolio;

 

		(f)	engage personnel (whether part-time or full-time), lawyers and independent accountants, analysts, traders, or such other persons with
respect to each Segregated Portfolio as the Manager may deem necessary or advisable;

 

		(g)	select brokers and accept soft dollars from such brokers in accordance with applicable laws regulations and codes of conduct;

 

		(h)	to do such other acts as the Manager may deem necessary or advisable in connection with the maintenance
and administration of each Segregated Portfolio, including without limitation, communicating with investors and potential investors in
each of the Segregated Portfolios, preparing or causing to be prepared reports, financial statements and other communications with investors;

 

		(i)	permit, where the Manager deems appropriate, the acceptance of late subscription requests and funds; and

 

		(j)	authorize any employee or other agent of the Manager or agent or employee of the Company to act for and on behalf of the Company and
for the account of each Segregated Portfolio in all matters incidental to the foregoing.

 

The Manager may delegate any of its powers under the Management
Agreement to any other person or persons as the Manager considers appropriate.

 

The Management Agreement provides that
neither the Manager nor any of its directors, officers, employees or shareholders shall be liable in respect of the negligence, wilful
misfeasance, bad faith, reckless disregard, willful default or fraud of any person, firm or company through which transactions in Investments
are effected for each Segregated Portfolio, of any custodians or any other party having custody or possession of the relevant Segregated
Portfolio from time to time, or of any clearance or settlement system and the Manager shall not be liable for any loss in connection with
the Management Agreement unless such loss or damage is due to the gross negligence, wilful default or fraud of the Manager. The Management
Agreement provides further that the Company shall indemnify the Manager and each of its directors, officers, employees and shareholders,
out of the assets of the relevant Segregated Portfolio, against any and all liabilities, obligations, losses, damages, suits and expenses
which may be incurred by or asserted against the Manager in its capacity as Manager of the Segregated Portfolio other than those resulting
directly or indirectly from the Manager’s gross negligence, wilful default or fraud, in each case out of the assets of the relevant
Segregated Portfolio.

 

The Management Agreement may be terminated
by either party on not less than ninety (90) days’ written notice and, in certain circumstances, may be terminated immediately.
The Management Agreement is governed by the laws of the Cayman Islands.

 

    11

    

    

 

INVESTMENT ADVISOR

 

Unless otherwise specified in the relevant Supplement, the following
will apply in respect of each Segregated Portfolio.

 

Prestige Asset Management Limited has been appointed
to provide investment advisory and asset management services in respect of the relevant Segregated Portfolio pursuant to an agreement
between the Manager and the Investment Advisor (each such agreement and Investment Advisory Agreement). The Investment Advisor
is a company incorporated with limited liability in Hong Kong.

 

The Investment Advisor is licensed for type 4
(advising on securities) and 9 (asset management) regulated activities by the Securities and Futures Commission under the Securities and
Futures Ordinance of Hong Kong.

 

The key personnel of the Investment Advisor are
Leung Ka Yee Andrew and Chan Yin Bing, whose biography appears under “Responsible Officer” below:

 

The current responsible officers are:

 

Mr. Leung Ka Yee Andrew joined Prestige Asset
Management Limited as managing director and is the Responsible Officer holding the licences of SFC Regulated Activities Type 4 & 9
(Advising on Securities & Asset Management). He leads the business development & marketing of asset management department and
he is responsible for the management and daily operation of the Company’s Segregated Portfolio. He has accumulated fruitful experiences
in managing hedge funds, allocating asset across countries and sectors, conducting in-depth research and formulating complicated trading
strategies. Before joining Prestige Asset Management Limited, he was a portfolio manager of a global long-short hedge fund at Aria Capital
Limited. He also worked as a senior research analyst in Global Event Arbitrage Fund at Everbright Capital Management Limited and as an
industrial research analyst at Piper Jaffray (Hong Kong). Andrew graduated from the Chinese University of Hong Kong with an engineering
degree, and earned an Master of Business Administration from the Hong Kong University of Science and Technology.

 

Ms. Chan Yin Bing Bonnie joins Prestige Asset
Management Limited as a Responsible Officer holding the licences of SFC Regulated Activities Type 4 & 9 (Advising on Securities &
Asset Management). Bonnie worked in the credit and bills department of the Toronto Dominion Bank (Canada). After returning to Hong Kong,
she joined a listed asset management company as senior manager responsible for asset management of individual and corporate clients. She
also worked with private banks to manage assets for high net worth clients and arranged group insurance benefits for a US listed multi-national
company. Bonnie graduated from York University (Canada) with a double major in Economic and Psychology (Hon). She is also a certified
financial planner (CFP).

 

INVESTMENT ADVISOR AGREEMENT

 

Pursuant to the Investment Advisory Agreement,
the Investment Advisor has discretion and authority to buy, sell (including without limitation short sales), retain, convert, execute,
exchange or otherwise deal in Investments, borrow securities, incur indebtedness, make deposits, subscribe to issues and offers for sale
of, and accept placings, underwritings and sub-underwritings, of any Investments, effect transactions whether or not on any recognised
market or exchange and whether or not frequently traded on any such market or exchange (including, without limitation, derivatives, transactions,
repurchase and reverse repurchase transactions, and securities lending transactions), negotiate, settle and sign on behalf of a Segregated
Portfolio account opening and any other documentation required to be so negotiated, settled or signed in connection with the execution
of transactions in relation to the relevant Segregated Portfolio by the Investment Advisor and otherwise act as the Investment Advisor
judges appropriate in relation to the management and investment of each Segregated Portfolio. The Investment Advisor shall have discretion
to negotiate, settle and arrange for signing on behalf of each of the Segregated Portfolios account opening documentation, provided that
copies of such documentation are provided to the Company prior to signing.

 

    12

    

    

 

The Investment Advisory Agreement provides
that the Investment Advisor shall not be liable for any loss howsoever arising directly or indirectly out of or in connection with the
performance by the Investment Advisor of its duties and obligations under the Investment Advisory Agreement unless such loss or damage
is due to the gross negligence, wilful default or fraud of the Investment Advisor. The Investment Advisory Agreement provides further
that the Manager shall indemnify the Investment Advisor and each of its members, officers and employees (each an “Indemnified
Person”), out of the assets of the Manager, against any and all liabilities, obligations, losses, damages, suits and expenses
which may be incurred by or asserted against the Investment Advisor in its capacity as Investment Advisor of a Segregated Portfolio and
against any other Indemnified Person other than those resulting from the gross negligence, wilful default or fraud on the part of the
Investment Advisor or that of an Indemnified Person.

 

The Investment Advisory Agreement may
be terminated by any party on not less than ninety (90) days’ written notice and in certain circumstances may be terminated immediately.
The Investment Advisory Agreement is governed by the laws of Kong Kong.

 

ADMINISTRATOR

 

Unless otherwise specified in the relevant
Supplement, the Company, on behalf of the Segregated Portfolio, has appointed Equinoxe Alternative Investment Services (Bermuda) Limited
to act as administrator, registrar and transfer agent of the Company pursuant to an agreement between the Company, and the Administrator
dated 23 September 2016 (the “Administration Agreement”).

 

Pursuant to the Administration Agreement, the duties of
the Administrator includes:

 

		(i)	delivery of any statements or reports;

 

		(ii)	implementing the Company’s procedures (as advised by the Company to the Administrator in writing from time to time and as agreed
in writing by the Administrator) for the reasonable and prompt handling of any complaints received from investors in the Company;

 

		(iii)	at its own expense providing or procuring the provision of such office accommodation, staffing and other
facilities as may be required to enable it to perform its duties under the Administration Agreement, provided that the Company shall not
be entitled to the exclusive use of any such accommodation or to the exclusive services of any particular member of the Administrator’s
staff;

 

		(iv)	keeping the register of Shareholders of the Company (the “Register”) and for all other duties incidental thereto
in accordance with applicable statutory provisions;

 

		(v)	arranging for the issue, transfer, allotment, conversion, redemption and/or purchase of Participating
Shares, including receiving Subscription Agreements and redemption notices, reviewing the information contained in the Subscription Agreement
and determining that such documents have been properly and fully completed, and entered on the Register all issues, allotments, transfers,
conversions, redemptions and/or purchases of Participating Shares including pursuant to all provisions of this Memorandum and the Memorandum
& Articles of Association of the Company (the “Articles”);

 

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		(vi)	taking or procuring that there are taken reasonable and proper precautions for the safe custody of the
Register, the seal (if any) and of the Share certificates (if any) of the Company held by the Administrator pending issue, of Share certificates
(if any) tendered for exchange, replacement, conversion, redemption or transfer by the holders thereof, of cancelled Share certificates
(if any) held by the Administrator, of share transfer forms tendered to the Administrator and of all other documents held by it in performance
of its duties hereunder;

 

		(vii)	carry out such checks and request such documentation as may be necessary to verify the identity and status
of any Shareholder; retain sufficient information on file to verify the identity of all Shareholders for such period that may be required
by Bermuda law but not less than 6 years, following the final redemption of the relevant Shareholder’s investment; and promptly
supply to the Company with copies of all documentation and information held on file relating to each Shareholder in the event of any court
order or enquiry from the legal or regulatory authorities in Bermuda or any competent jurisdiction or reasonably required by the Company
in order to enable the Company to comply with its obligations to ensure compliance with applicable Anti-Money Laundering Legislation;

 

		(viii)	receiving, recording and dealing with powers of attorney, dividend mandates, vesting orders, certificates
of marriage or death, notices of change of name and other documents affecting the title to Participating Shares or any dividends payable
upon Participating Shares or affecting the Register in accordance with the Administrator’s normal practice or in accordance with
proper instructions as set out in the Administration Agreement;

 

		(ix)	upon acceptance of each subscription for Participating Shares by the Company dealing with the related proceeds (as consideration for
such subscription) into any subscription account opened and maintained by the Administrator on behalf of the Company;

 

		(x)	in the event that Participating Share certificates are issued, preparing on behalf of the Company new
Participating Share certificates and balance certificates and procure that certificates for Participating Shares shall be issued or cancelled
only in accordance with proper instructions as set out in the Administration Agreement and in the case of the issue of Participating Shares
only after satisfying itself that the Company has received from all applicants all payments due in respect of such issue;

 

		(xi)	in the event that Participating Shares are issued in uncertificated form, issuing a notice on a timely
basis to each Shareholder evidencing that Participating Shares have been issued, but only after satisfying itself that the Company has
received from the relevant applicant all payments due in respect of such issue;

 

		(xii)	preparing on and in accordance with proper instructions as set out in the Administration Agreement within
the timescales prescribed in this Memorandum and the relevant Supplement and subject to being satisfied that sufficient monies are available,
issuing warrants or payment of redemption moneys on redemption of Participating Shares or arranging for payment of dividends or such redemption
moneys to or in accordance with the instructions of the Shareholders and notifying the Company of the amounts and warrants for payments
so made;

 

		(xiii)	dispatching all such circulars, notices of meetings, financial statements and other written material to all persons entitled to receive
the same as necessary under the Articles or as the Company may require;

 

		(xiv)	dealing with and answering all correspondence for or on behalf of the Shareholders of the Company relating to the functions of the
Administrator under the Administration Agreement;

 

    14

    

    

 

		(xv)	determining in accordance with the method of calculation agreed upon by the Company and pursuant to proper
instructions as set out in the Administration Agreement, any performance or incentive fee payable to the Manager and any accrual in relation
thereto and determining in the name and on behalf of the Company as of each valuation point the Net Asset Value and the Net Asset Value
per Share in accordance with this Memorandum and in accordance with the information supplied to it by or on behalf of the Company and
the Custodian;

 

		(xvi)	in accordance with the Articles and under the supervision of the Directors of the Company, the Administrator shall be responsible
for performing all financial and accounting duties and functions necessary or appropriate in connection with the activities of the Company;

 

		(xvii)	at the request of the Company providing details of participation by plans in the Company pursuant to the information provided by each
Shareholder in the Subscription Agreement; and

 

		(xviii)	when necessary, in accordance with instructions from the Company, further to a written resolution of the Directors, deploying payments
in relation to fund investments prior to the contracted dealing day.

 

According to the Administration Agreement,
the Administrator may appoint any affiliate to perform any of its duties under the Administration Agreement (including in such appointment
powers of sub-delegation). The Administrator will be liable for the acts and omissions of the affiliate in connection with the Administration
Agreement and any other entity to which it has delegated any of its duties and/or functions under the Administration Agreement. The fees
and other remuneration of any such affiliate will be paid by the Administrator.

 

The Administrator shall not, in the
absence of negligence, wilful default or fraud on its part or on the part of an associated person be liable for any loss, damage or expense
incurred by the Company arising out of or in connection with the performance (or failure to perform) by the Administrator or its associated
persons of its duties under or pursuant under the Administration Agreement. To the fullest extent permitted by applicable law and notwithstanding
any other provision of the Administration Agreement, the Administrator excludes all liability arising out of or in connection with the
Administration Agreement, whether in contract (including under any indemnity), in tort (including negligence), under a warranty, under
statute, by means of strict liability or under any other legal theory for indirect, prospective, speculative, exemplary, consequential
or punitive damages or losses of any kind whatsoever, regardless of the form of action, and regardless of whether the Administrator was
advised of the possibility of such losses or such losses or damages were foreseeable and these shall include but shall not be limited
to loss of profits, loss of revenue, loss of savings (actual or anticipated) and loss of goodwill. In any case, the Administrator’s
liability will always be limited to a maximum of US$500,000.

 

The Company shall indemnify and keep
indemnified on a full indemnity basis, and shall hold harmless, the Administrator and its associated persons from and against any and
all claims which may be made or brought against or suffered or incurred by the Administrator or its associated persons arising out of
or in connection with the performance of the Administrator’s duties hereunder, except where, and to the extent that, such claims
result directly from the negligence, wilful default or fraud on the part of the Administrator or any associated person in the performance
of its obligations pursuant to the Administration Agreement.

 

The Administrator shall have no liability
for the failure by the Company to adhere to any investment objective, investment policy, investment restrictions, borrowing restrictions,
operating guidelines or other restrictions established for or imposed upon the Company.

 

Please refer to the Supplement for details of the Administration
Fee.

 

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CUSTODIAN

 

Since the Segregated Portfolio will only invest
in a portfolio of fund(s) (the “Underlying Funds”), the custodian will be the bank where the Company open an account
for custody of the cash of the portfolio.

 

If the Underlying Funds dissolve and the securities
held by the Underlying Funds are distributed in kind to the Company for the account of a Segregated Portfolio, the Company may appoint
a custodian to hold any such securities temporarily until such securities can be realised. The fees of any such custodian would be expected
to be in line with current market rates.

 

Please refer to the Supplement for details of any custodian fee.

 

DISTRIBUTOR

 

The Company and/or the Manager may appoint one
or more distributors or placement agents to solicit subscriptions for Participating Shares. Such distributors or placement agents may
charge a subscriber for Participating Shares, whose subscription they have solicited, a fee of up to 5 per cent of the Subscription Amount
(which should be payable in addition to any Subscription Amount) or may share in the management and performance fees payable to the Manager.
If any such distribution or placement fee is paid to the Company, the Company will pay it to the Manager for distribution to the relevant
distributor or placement agent. Any management or performance fees payable by the Manager to a distributor or placement agent shall be
paid out of the management or performance fees paid by the Company to the Manager.

 

CHANGE OF SERVICE PROVIDERS

 

The Directors may, at any time, change any of
the service providers referred to above, agree different contractual terms with any of them, and/or appoint additional or alternative
service providers, in each case without prior notice to, or the agreement of, Shareholders.

 

    16

    

    

 

 

 

FEES
AND EXPENSES

 

 

 

FEES PAYABLE TO THE MANAGER

 

Management Fee

 

Details of the Management Fee payable to the Manager in
respect of a Segregated Portfolio are set out in the relevant Supplement.

 

Performance Fee

 

Details of any Performance Fee payable to the Manager in
respect of a Segregated Portfolio are set out in the relevant Supplement.

 

Unless otherwise specified in the relevant
Supplement, the Performance Fee will be calculated on a share-by-share basis so that each Participating Share attributable to the Segregated
Portfolio is charged a Performance Fee that is fairly attributable to that Participating Share’s performance. This method of calculation
ensures that: (i) any Performance Fee paid to the Manager is charged only to those Participating Shares which have appreciated in value
above the Peak Net Asset Value per Share; (ii) all holders of Participating Shares of the same Class have the same amount of capital per
Participating Share at risk in the Segregated Portfolio; and (iii) all Participating Shares of the same Class have the same Net Asset
Value per Share.

 

Adjustments

 

Unless otherwise specified in the relevant
Supplement, if a subscriber subscribes for Participating Shares at a time when the Net Asset Value per Share of the relevant Class is
other than the Peak Net Asset Value per Share of that Class, certain adjustments will be made to reduce inequities that could otherwise
result to the subscriber or to the Manager.

 

		(a)	If Participating Shares are subscribed for at a time when the Net Asset Value per Share is less than the
Peak Net Asset Value per Share of the relevant Class, the subscriber will be required to pay a Performance Fee with respect to any subsequent
appreciation in the value of those Participating Shares. With respect to any appreciation in the value of those Participating Shares from
the Net Asset Value per Share at the date of subscription up to the Peak Net Asset Value per Share, the Performance Fee will be charged
at the end of each Calculation Period by Performance Fee Redemption. An amount equal to the aggregate Net Asset Value of the Participating
Shares so redeemed will be paid as a Performance Fee. The Company will not be required to pay to the Shareholder the redemption proceeds
of the relevant Participating Shares, being the aggregate par value thereof.

 

Performance Fee Redemptions are employed
to maintain a uniform Net Asset Value per Share of each Class. As regards the Shareholder’s remaining Participating Shares of the
relevant Class, any appreciation in the Net Asset Value per Share of those Participating Shares above the Peak Net Asset Value per Share
of that Class will be charged a Performance Fee in the manner described above. If a Shareholder redeems Participating Shares during a
Calculation Period and an adjustment in accordance with the principles of this paragraph (a) is required in relation to such Participating
Shares, such adjustment shall be deducted from the redemption proceeds and will be paid to the Manager.

 

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		(b)	If Participating Shares are subscribed for at a time when the Net Asset Value per Share is greater than
the Peak Net Asset Value per Share of the relevant Class, the subscriber will be required to pay an amount in excess of the then current
Net Asset Value per Share of that Class equal to the Relevant Percentage of the difference between the then current Net Asset Value per
Share of that Class (before accrual for the Performance Fee) and the Peak Net Asset Value per Share of that Class (an Equalisation
Credit). At the date of subscription the Equalisation Credit will equal the Performance Fee per Participating Share accrued with
respect to the other Participating Shares of the same Class (the Maximum Equalisation Credit).

 

The Equalisation Credit is payable
to account for the fact that the Net Asset Value per Share has been reduced to reflect an accrued Performance Fee to be borne by existing
Shareholders; it serves as a credit against the Performance Fee that might otherwise be payable out of the assets of the Segregated Portfolio
but that should not, in fairness, be charged against the Shareholder making the subscription because, as to such Participating Shares,
no favourable performance has yet occurred. The Equalisation Credit ensures that all holders of Participating Shares of the same Class
have the same amount of capital at risk per Participating Share.

 

The Equalisation Credit will be at
risk in a Segregated Portfolio and will appreciate or depreciate based on the performance of the Participating Shares of the relevant
Class subsequent to the issue of the relevant Participating Shares, but will never exceed the Maximum Equalisation Credit. In the event
of a decline as at any Valuation Day in the Net Asset Value per Share of those Participating Shares, the Equalisation Credit will be reduced
by an amount equal to the Relevant Percentage of the difference between the Net Asset Value per Share (before accrual for the Performance
Fee) at the date of issue and as at that Valuation Day. Any subsequent appreciation in the Net Asset Value per Share of the relevant Class
will result in the recapture of any reduction in the Equalisation Credit but only to the extent of the previously reduced Equalisation
Credit up to the Maximum Equalisation Credit.

 

At the end of each Calculation Period,
if the Net Asset Value per Share (before accrual for the Performance Fee) exceeds the Peak Net Asset Value per Share of the relevant Class,
that portion of the Equalisation Credit equal to the Relevant Percentage of the excess, multiplied by the number of Participating Shares
of the relevant Class subscribed for by the Shareholder, will be applied to subscribe for additional Participating Shares of the relevant
Class for the Shareholder. Additional Participating Shares of the relevant Class will continue to be so subscribed for at the end of each
Calculation Period until the Equalisation Credit, as it may have appreciated or depreciated in the Segregated Portfolio after the original
subscription for Participating Shares was made, has been fully applied.

 

If the Shareholder redeems Participating
Shares before the Equalisation Credit (as adjusted for depreciation and appreciation as described above) has been fully applied, the Shareholder
will receive additional redemption proceeds equal to the Equalisation Credit then remaining multiplied by a fraction, the numerator of
which is the number of Participating Shares of the relevant Class being redeemed and the denominator of which is the number of Participating
Shares of that Class held by the Shareholder immediately prior to the redemption in respect of which an Equalisation Credit was paid on
subscription.

 

General

 

The Manager may waive, reduce or rebate
the Management Fee and/or Performance Fee with regard to certain Shareholders that are directors, officers, employees, affiliates or connected
persons of the Manager and/or the Investment Advisor or are deemed strategic investors. Any reduction of the Management Fee or Performance
Fee, or both, may be effected by capitalising an amount equal to the amount of that reduction or rebate and applying that amount to purchase
further Participating Shares of the relevant Class for that Shareholder.

 

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FEES PAYABLE TO THE INVESTMENT ADVISOR

 

The Manager will be responsible for payment of
the Investment Advisor’s fees and expenses. The Investment Advisor will not receive any compensation out of the assets of a Segregated
Portfolio.

 

ADMINISTRATION FEES

 

Details of the fees payable to the Administrator in respect of any
Segregated Portfolio are set out in the relevant Supplement.

 

CUSTODY FEES

 

The Custodian will receive such fees, out of the
assets of the relevant Segregated Portfolio, as may be agreed between the Company, on behalf of the relevant Segregated Portfolio, and
the Custodian from time to time. The fees charged by the Custodian will not exceed commercial rates. The Custodian will also be entitled
to various transaction and processing fees and to be reimbursed for all out of pocket expenses properly incurred by it in the performance
of its duties.

 

FEES PAYABLE TO THE DIRECTORS

 

The remuneration of the Directors is determined
by a resolution of the Directors. All the Directors have, however, waived their entitlement to directors’ fees until further notice.
The Directors may be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings
of the Directors or any committee of the Directors or general meetings of the Company, or in connection with the business of the Company.

 

EXPENSES

 

Preliminary Expenses

 

The Company will pay the costs and expenses of,
and incidental to, the establishment of the Company out of the proceeds of the initial issue of Participating Shares. Such costs and expenses
include those relating to the negotiation and preparation of the contracts entered into by the Company and the fees and expenses of professional
advisers.

 

These preliminary expenses are estimated to be
approximately US$100,000 and will be amortised on a straight line basis over a period of three (3) years from the initial issue of Participating
Shares attributable to each Segregated Portfolio. The Directors may shorten the period over which such expenses are amortised. Under IFRS,
establishment costs should be expensed as incurred and amortisation is not consistent with IFRS. However, the Directors believe that the
amortisation of establishment costs is more equitable and are of the opinion that the departure from IFRS is unlikely to be material to
the overall financial statements. To the extent that the preliminary expenses policy adopted in respect of a Segregated Portfolio deviates
from IFRS, certain adjustments may be made in the financial statements of such Segregated Portfolio in order to comply with IFRS.

 

In the event that additional Segregated Portfolios
are created during the period over which preliminary expenses relating to the establishment of the Company are being amortised, the Directors
may allocate a portion of such unamortised preliminary expenses to the additional Segregated Portfolios.

 

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Operating Expenses

 

Each Segregated Portfolio will bear all expenses
related to its investment programme, including (i) brokerage commissions, (ii) expenses related to buying and selling securities, including
any issue or transfer taxes chargeable in connection with any securities transactions, (iii) interest on borrowings, including borrowings
from banks, (iv) expenses incurred by the Manager in connection with a Segregated Portfolio, and (v) fees and expenses of any custodian,
escrow agent and other investment related service providers appointed by the Company in respect of that Segregated Portfolio.

 

Each Segregated Portfolio will also bear expenses
incurred in connection with its operations including (i) fees and expenses of service providers, advisers and consultants, (ii) the Management
Fee and Performance Fee, (iii) indemnification expenses and the cost of insurance against potential indemnification liabilities, (iv)
legal, administrative, accounting, tax, audit and insurance expenses, (v) all registration fees, taxes and corporate fees payable to any
relevant government, agency or regulatory authority, (vi) expenses with respect to investor communications, including marketing expenses,
expenses of meetings of Shareholders and costs of preparing, printing and distributing financial statements and other documents, (vii)
Directors’ fees (if any) and expenses, and (viii) litigation or other extraordinary expenses.

 

To the extent that any fees and expenses incurred
by the Company do not relate to a specific Segregated Portfolio or relate to more than one Segregated Portfolio, such fees and expenses
will be apportioned to the relevant Segregated Portfolios pro rata in proportion to the most recent Net Asset Value of each relevant
Segregated Portfolio, by reference to the number of relevant Segregated Portfolios or in such other proportions as the Directors determine
on an equitable basis.

 

    20

    

    

 

 

 

SUBSCRIPTIONS

 

 

 

SUBSCRIPTIONS

 

Participating Shares attributable to a Segregated Portfolio are being
offered for subscription on the terms set out in the relevant Supplement.

 

ELIGIBLE INVESTORS

 

Each subscriber for Participating Shares will
be required to represent and warrant that, amongst other things (i) it is able to acquire and hold Participating Shares without breaching
the law or requirements of any country, regulatory body or government authority, (ii) it has the knowledge, expertise and experience in
financial matters to evaluate the risks associated with investing in the relevant Segregated Portfolio, (iii) it is aware of the risks
inherent in investing in the types of assets in which the relevant Segregated Portfolio will invest and the method by which these assets
will be held and/or traded, and (iv) it can bear the loss of its entire investment in the relevant Segregated Portfolio.

 

Participating Shares will not be issued or transferred
to any person in circumstances which, in the opinion of the Directors, would or may cause an undue risk of adverse tax, regulatory or
other consequences to the Company or any Shareholders.

 

Participating Shares will not be issued to, and may not be transferred
to, any US Person except with approval from the Directors.

 

PAYMENT

 

Payment for Participating Shares must be made
in cash, by electronic transfer in immediately available funds (net of bank charges), in the Dealing Currency of the Class being subscribed
for. In the event that subscription monies are received in any currency other than the relevant Dealing Currency, conversion into the
relevant Dealing Currency will be arranged by the Company at the risk and expense of the subscriber. Any bank charges incurred in respect
of electronic transfers will be deducted from the subscription monies and only the net amount will be invested in Participating Shares.
No cheques will be accepted by the Administrator.

 

All subscription monies must originate from an
account held in the name of the subscriber. No third party payment will be permitted except with special approval from the Directors.
Interest on subscription monies will accrue to a Segregated Portfolio.

 

If timely settlement is not made, an application
may lapse and be cancelled. In such circumstances, the Company has the right to bring an action against the defaulting subscriber to obtain
compensation for any loss directly or indirectly resulting from the failure by the subscriber to make good settlement by the settlement
date.

 

SUBSCRIPTION PROCEDURE

 

Unless otherwise specified in the relevant Supplement,
subscribers for Participating Shares during the Initial Offer Period must send their completed Subscription Agreement, together with any
supporting documents, so as to be received by the Administrator by no later than 5:00 p.m. (Hong Kong time) on the Business Day which
is ten (10) Business Days before the last Business Day of the Initial Offer Period. Subscription monies must be sent by electronic transfer
so that cleared funds are received in the bank account of the relevant Segregated Portfolio by no later than 5:00 p.m. (Hong Kong time)
on a day not less than five (5) Business Days of the Initial Offer Period.

 

    21

    

    

 

Once a completed Subscription Agreement has been
received by the Administrator it is irrevocable. Subscription Agreements received late or late cleared funds may be held over until the
first Subscription Day and Participating Shares, if issued, will then be issued at the Subscription Price applicable on that first Subscription
Day, although the Administrator may, under direction from the Investment Advisor, allow late cleared funds.

 

Unless otherwise specified in the relevant Supplement,
after the Initial Offer Period subscribers for Participating Shares and Shareholders wishing to apply for additional Participating Shares
must send their completed Subscription Agreement, together with any supporting documents, so as to be received by the Administrator by
no later than 5:00 p.m. (Hong Kong time) on the Business Day which is ten (10) Business Days before the applicable Subscription Day. Subscription
monies must be sent by electronic transfer so that cleared funds are received in the bank account of the relevant Segregated Portfolio
by no later than 5:00 p.m. (Hong Kong time) on a day not less than five (5) Business Days (inclusive of the day when payment is received)
prior to the applicable Subscription Day.

 

The Directors may waive the requirements specified
above, either generally or in any particular case. Unless the Directors determine otherwise, if the completed Subscription Agreement and
subscription monies in cleared funds are not received by the applicable time referred to above, the application will be held over to the
Subscription Day following receipt of the outstanding documentation and/or subscription monies, as the case may be. Participating Shares
will then be issued at the relevant Subscription Price on that Subscription Day.

 

Subscription Agreements may be sent by facsimile
or email provided the original follows promptly. None of the Directors, the Company or the Administrator accept any responsibility for
any loss arising from the non-receipt or illegibility of any Subscription Agreement sent by facsimile or email, or for any loss caused
by or as a result of any action taken in connection with facsimile or email instructions believed in good faith to have originated from
properly authorised persons.

 

Unless otherwise directed by the Directors, once a completed Subscription
Agreement has been received by the Administrator it is irrevocable.

 

The Company may reject any application in whole
or in part and without giving any reason for doing so. If an application is rejected, the subscription monies paid, or the balance thereof
in the case of a partial rejection, will be returned (without interest) as soon as practicable to the account from which the subscription
monies were originally remitted. Any costs incurred in returning the subscription monies will be borne by the subscriber.

 

A Subscription Fee may be payable, details of which are set out in
the relevant Supplement.

 

ISSUE OF PARTICIPATING SHARES

 

Written confirmation detailing the Participating
Shares which have been issued will be sent to successful subscribers as soon as practicable after the close of the relevant Initial Offer
Period or the relevant Subscription Day, as the case may be.

 

Participating Shares subscribed for during an
Initial Offer Period will be issued on the Business Day immediately after the close of the Initial Offer Period. Participating Shares
subscribed after an Initial Offer Period are deemed to be issued on the relevant Subscription Day.

 

Participating Shares will be issued to three decimal
places. Any smaller fraction of a Participating Share that would otherwise arise will be rounded down, with the relevant subscription
monies being retained for the benefit of the relevant Segregated Portfolio.

 

    22

    

    

 

PREVENTION OF MONEY LAUNDERING

 

To ensure compliance with applicable requirements
relating to anti-money laundering and anti-terrorism initiatives, the Company, or the Administrator on behalf of the Company, will require
such information and documentation as it considers necessary to verify the identity and/or source of wealth of each subscriber. In the
event of delay or failure by the subscriber to produce any information required for verification purposes, the application may be refused
or there may be a delay in processing the application. None of the Company, the Manager, the Investment Advisor, the Administrator or
their respective delegates, agents and affiliates will be liable for any loss suffered by a subscriber arising as a result of any such
refusal or a delay.

 

By subscribing for Participating Shares, a subscriber
consents to the disclosure of any information provided by the subscriber to government agencies, regulatory bodies and other relevant
persons in connection with anti-money laundering requirements and similar matters. Such disclosure may be made by the Company, the Manager,
the Investment Advisor, the Administrator or their delegates, agents or affiliates.

 

Each subscriber will be required to make such
representations as may be required by the Company in connection with its anti-money laundering programmes. Such representations will include
representations that the subscriber is not a prohibited country, territory, individual or entity listed on the United States Department
of Treasury’s Office of Foreign Assets Control (OFAC) website and that it is not directly or indirectly affiliated
with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programmes. Each subscriber
will also be required to represent that subscription monies are not directly or indirectly derived from activities that may contravene
relevant laws and regulations, including anti-money laundering laws and regulations.

 

If, as a result of any information or other matter
which comes to his or her attention during the course of his or her business, trade, profession or employment, any person resident in
the Cayman Islands (including the Company) knows or suspects that a payment to the Company (by way of subscription or otherwise) constitutes
or is derived from the proceeds of crime, such person is required to report such knowledge or suspicion pursuant to the Proceeds of Crime
Law (2014 Revision) of the Cayman Islands. Such a report shall not be treated as a breach of any restriction upon the disclosure of information
imposed by law or otherwise.

 

FORM OF PARTICIPATING SHARES

 

All Participating Shares will be issued in registered
form, meaning that a Shareholder’s entitlement will be evidenced by an entry in the register of members of the Company and not by
a certificate. No certificates will be issued unless the Directors determine otherwise.

 

A Participating Share may be registered in a single
name or in up to four joint names. Where Participating Shares are registered in joint names, the joint holders may authorise the Company
to act upon the sole written instructions of any one of the joint holders in respect of the transfer or redemption of all or any of such
Participating Shares. Unless so authorised, the Company will only act upon the written instruction of all the joint holders.

 

    23

    

    

 

 

 

REDEMPTION AND TRANSFER

 

 

 

PROCEDURE FOR THE REDEMPTION OF PARTICIPATING SHARES

 

Participating Shares may be redeemed
at the option of the Shareholder in accordance with the terms set out in the relevant Supplement.

 

A Shareholder wishing to redeem its Participating
Shares must send a completed Redemption Notice to the Administrator at the address specified in the Redemption Notice. The completed Redemption
Notice must be received by no later than the time specified in the relevant Supplement.

 

A Redemption
Notice may be sent by facsimile or email but redemption proceeds will not be paid until the Administrator has received the original Redemption
Notice. None of the Directors, the Company or the Administrator accept any responsibility for any loss arising from the non-receipt or
illegibility of any Redemption Notice sent by facsimile or email, or for any loss caused by or as a result of any action taken in connection
with facsimile or email instructions believed in good faith to have originated from properly authorised persons.

 

Once a Redemption Notice has been
received by the Administrator it may not be revoked by the Shareholder unless redemptions have been suspended in the circumstances set
out in “Net Asset Value - Suspensions” below or the Directors otherwise agree.

 

A redemption fee may be payable, details
of which are set out in the relevant Supplement.

 

SETTLEMENT

 

Unless otherwise specified in the
relevant Supplement, payment of redemption proceeds will normally be made within 15 Business Days of the later of (i) the finalisation
of the Redemption Price for the relevant Redemption Day, and (ii) the date on which the Administrator has received the original of the
Redemption Notice and such other information and documentation as may be required. Payment will be made in the Dealing Currency of the
Participating Shares being redeemed by direct transfer to an account in the name of the Shareholder. Any costs incurred in making the
transfer will be borne by the Shareholder. No redemption proceeds will be paid to a third party. No interest will be paid to the Shareholder
in respect of redemption proceeds.

 

A Shareholder may request that
payment of redemption proceeds be made in a currency other than the relevant Dealing Currency. If the Directors permit payment in a currency
other than the relevant Dealing Currency the cost of conversion will be deducted from the redemption proceeds.

 

REDEMPTIONS IN KIND

 

The Company aims to pay all redemption
proceeds in cash. However, under circumstances of low liquidity or adverse market conditions, the Directors may pay redemption proceeds
in whole or in part by the transfer of assets. The assets to be transferred will be valued as at the relevant Redemption Day, by reference
to the valuation principles applied in the calculation of the Net Asset Value. Assets may be transferred directly to the redeeming Shareholder
or may be transferred to a liquidating trust, account or entity and sold or otherwise realised for the benefit of the redeeming Shareholder.
If assets are transferred to a liquidating trust, account or entity, the cash proceeds received by a redeeming Shareholder will reflect
the value of the assets on the date on which they are sold or realised. The cost of operating the liquidating trust, account or entity
and managing, selling or otherwise realising the assets will be deducted from the proceeds paid to the redeeming Shareholder.

  

    24

    

    

 

PREVENTION OF MONEY LAUNDERING

 

Redemption
proceeds will not be paid to a Shareholder until the Company has received any outstanding information or documentation requested in connection
with any applicable anti-money laundering requirements or similar matters. None of the Directors, the Manager, the Investment Advisor
or the Administrator will be liable for any loss arising as a result of any delay in payment of any redemption proceeds if such information
and documentation has not been provided by the Shareholder.

 

The Company may refuse to pay redemption
proceeds to a Shareholder if the Directors, the Manager, the Investment Advisor or the Administrator suspects or is advised that the payment
of the redemption proceeds may result in a breach of any applicable laws or regulations in any relevant jurisdiction.

 

RIGHTS FOLLOWING THE REDEMPTION DAY

 

From the relevant Redemption Day,
a redeeming Shareholder will be treated as a creditor for the redemption proceeds of the Participating Shares being redeemed (rather than
a Shareholder). After the relevant Redemption Day, the redeeming Shareholder will have no rights as a Shareholder in respect of the Participating
Shares being redeemed save for the right to receive the redemption proceeds and any dividend which has been declared in respect of the
relevant Participating Shares prior to the relevant Redemption Day. The right of the redeeming Shareholder to receive the redemption proceeds
and any such dividends shall rank ahead of the rights of remaining Shareholders in the distribution of the surplus assets of a Segregated
Portfolio on the liquidation of the Company.

 

COMPULSORY REDEMPTION

 

The Company may, with or without
cause and without giving any reason, redeem all or any of the Participating Shares held by a Shareholder on any day designated by the
Directors by giving prior written notice to such Shareholder.

 

In particular, without prejudice
to any relevant provisions in the relevant Supplement, the Company may redeem the Participating Shares held by a Shareholder if the Directors
become aware that (i) the Shareholder has ceased to be an Eligible Investor, (ii) any representation, warranty, acknowledgement or undertaking
given by the Shareholder to the Company has ceased to be accurate in any material respect, or (iii) the continued holding of Participating
Shares by the Shareholder would or may, in the opinion of the Directors, cause an undue risk of adverse tax, pecuniary, regulatory, legal
or other consequences to the Company, any Segregated Portfolio or any other Shareholders. Shareholders are required to notify the Company
and the Administrator immediately if at any time they become aware that any of the above circumstances apply to them.

 

Where any fees, payment, withholding
or deduction becomes payable out of the assets of a Segregated Portfolio because of a particular Shareholder, the Company may redeem a
portion of such Shareholder’s Participating Shares in order to pay such amount. In such circumstances, the redemption proceeds may
be paid directly by the Company to the relevant third party and not paid to the Shareholder.

 

    25

    

    

 

TRANSFER OF PARTICIPATING SHARES

 

Participating Shares may not be
transferred without the prior written consent of the Directors. The Directors may withhold their consent without giving any reason for
doing so. Consent will not be given if, as a consequence of such transfer, the Participating Shares retained by the transferor or registered
in the name of the transferee would be less than the Minimum Holding.

 

Shareholders wishing to transfer
Participating Shares must complete a transfer request, which shall be in such form as the Directors may from time to time approve. The
completed transfer request, duly stamped, if applicable, together with such evidence as the Directors may require to show the right of
the transferor to make the transfer, must be sent to Administrator. If the transferee is not already a Shareholder, it will be required
to comply with all eligibility and identification requirements for a subscriber for Participating Shares.

 

The transfer will take effect upon the
registration of the transferee in the register of Shareholders maintained by the Administrator.

 

The transferor and transferee will be responsible
for paying any taxes, duties, imposts or levies payable on, or in consequence of, a transfer of Participating Shares.

 

Prospective transferees of Participating Shares
will be asked to provide satisfactory evidence of identity and source of funds within such reasonable time as the Company, the Administrator
or the Manager may determine in compliance with applicable anti-money laundering laws and regulations.

 

    26

    

    

 

 

 

NET ASSET VALUE

 

 

 

DETERMINATION OF NET ASSET VALUE

 

The Net Asset Value of each Segregated
Portfolio and the Net Asset Value per Share of each Class will be calculated as at the Valuation Point on each Valuation Day.

 

For the purposes of determining
the Net Asset Value of each Class, a separate accounting record will be established in the books of the Company in respect of each Class.
An amount equal to the proceeds of issue of each Participating Share will be credited to the record for the relevant Class. Any increase
or decrease in the Net Asset Value of the relevant Segregated Portfolio (disregarding for these purposes (i) any changes in the Net Asset
Value due to subscriptions, redemptions or the payment of dividends and (ii) any designated adjustments (as described below)) will be
allocated pro rata to the record for each Class based on the previous Net Asset Value of each Class. Those costs, expenses, losses,
dividends, profits, gains and income which the Directors determine relate solely to a particular Class (the designated adjustments)
will then be allocated to the record of the relevant Class. The costs and any benefit of hedging the foreign currency exposure of any
Class whose Dealing Currency is other than the US Dollar will be allocated to the record of the relevant Class.

 

The Net Asset Value per Share on
any Valuation Day will be calculated by dividing the Net Asset Value of the relevant Class or series, as the case may be, by the number
of Participating Shares of such Class or series in issue, the resulting amount being rounded to 3 decimal places unless the Directors
determine otherwise.

 

VALUATION OF ASSETS

 

For the purposes of calculating the
Net Asset Value, assets of a Segregated Portfolio will be valued in accordance with the following principles:

 

	(a)	any security which is listed or quoted on any securities exchange or similar electronic
system and regularly traded thereon will be valued at its last traded price as at the Valuation Point or, if no trades occurred on such
day, at the closing bid price if held long and at the closing offer price if sold short, on the relevant Valuation Day. Where prices are
available on more than one exchange or system for a particular security the price will be the last traded price or closing bid or offer
price, as the case may be, on the exchange which constitutes the main market for such security or the one which the Directors determine
provides the fairest criteria in ascribing a value to such security;

 

	(b)	any security which is not listed or quoted on any securities exchange or similar
electronic system or if, being so listed or quoted, is not regularly traded thereon or in respect of which no prices as described above
are available will be valued at its probable realisation value as at the Valuation Point, as determined by the Directors having regard
to its cost price, the price at which any recent transaction in the security may have been effected, the size of the holding having regard
to the total amount of such security in issue, and such other factors as the Directors deem relevant in considering a positive or negative
adjustment to the valuation;

 

	(c)	investments, other than securities, which are dealt in or traded through a clearing
house or exchange or through a financial institution will be valued as at the Valuation Point by reference to the most recent official
settlement price quoted by that clearing house, exchange or financial institution. If there is no such price, then the average will be
taken between the lowest offer price and the highest bid price as at the Valuation Point on any market on which such investments are or
can be dealt in or traded, provided that where such investments are dealt in or traded on more than one market, the Directors may determine
which market shall prevail;

 

    27

    

    

 

	(d)	investments, other than securities, including over-the-counter derivative contracts,
which are not dealt in or traded through a clearing firm or an exchange or through a financial institution will be valued by reference
to the valuation obtained from an independent pricing source, but where no such valuation is available for a particular investment, the
investment will be valued by comparing the latest available valuation provided by the relevant counterparty against the valuation provided
by such other counterparties as the Directors deem appropriate. In the event that the valuations provided respectively by the relevant
counterparty and the other counterparties differ to an extent that the Directors consider to be material, the investment shall be valued
on the basis of the average of all of the valuations but otherwise will be valued on the basis of the valuation provided by the relevant
counterparty;

 

	(e)	deposits will be valued at their cost plus accrued interest;

 

	(f)	any value (whether of a security or cash) which is not in US Dollars will be converted
into US Dollars at the rate (whether official or otherwise) which the Directors deem appropriate to the circumstances having regard, inter
alia, to any premium or discount which it considers may be relevant and to costs of exchange; and

 

	(g)	the Segregated Portfolio’s interest in an Underlying Fund will generally
be valued at an amount equal to the Segregated Portfolio’s interest in such Underlying Fund, as determined pursuant to the instrument
governing such Underlying Fund, and reported by the relevant Underlying Manager or its administrator (which value may be estimated and/or
unaudited). The Company will rely on these valuations in calculating a Segregated Portfolio’s Net Asset Value for reporting, redemptions,
fees, and other purposes, and generally will not make any adjustments with respect to redemption payments. Such valuations may not be
indicative of what actual fair market of such interest would be in an active, liquid, or established market. As a general matter, the
governing instruments of Underlying Funds will commonly provide that any securities or investments that are illiquid, not traded on an
exchange or in an established market, or for which no value can be readily determined are assigned such value as the respective Underlying
Managers may determine in their judgment based on various factors, which include, but are not limited to, dealer quotes or independent
appraisals, and may include estimates and/or not be subject to audit or other independent verification. In no event and under no circumstances
will the Company, the Directors, the Administrator or the Investment Advisor incur any individual liability or responsibility for reliance
on net asset value information provided by such Underlying Managers or administrators of Underlying Funds.

 

The Company may rely on estimates
of the net asset value of an Underlying Fund. If an Underlying Fund produces an unacceptable level of variation between estimated and
final net asset value, in the opinion of the Investment Advisor, or even comes close to it on a more than occasional basis, then the Investment
Advisor will investigate further with a view to understanding with the Underlying Manager of the Underlying Fund why the variance has
arisen. If unsatisfactory or insufficient explanation is provided, the Investment Advisor may seek more formal examination (to the extent
it is able/empowered to do so). If the paucity of explanation is incapable of remedy then the Investment Advisor will consider whether
to remain invested in the relevant Underlying Fund.

 

    28

    

    

 

Variance of a Segregated Portfolio’s Net Asset
Value

 

Where in respect of any Valuation Day:

 

	(i)	the Company relies on estimates of the net asset value of one or more Underlying Funds
in determining a Segregated Portfolio’s Net Asset Value; and

 

	(ii)	the Net Asset Value for the relevant Segregated Portfolio is published; and

 

	(iii)	the estimated net asset value of the relevant Underlying Fund(s) subsequently proves to be incorrect

 

the Company will not restate the relevant
Segregated Portfolio’s Net Asset Value unless the variance between the published Net Asset Value and the revised Net Asset Value
is greater than 0.50%.

 

The Directors may permit any other method
of valuation to be used if they consider that such method of valuation better reflects fair value generally or in particular markets or
market conditions.

 

The financial statements of each
Segregated Portfolio will be drawn up in accordance with IFRS. However, the valuation policies described above may not comply with IFRS.
To the extent that the valuation basis deviates from IFRS, the Directors may make necessary adjustments in the annual financial statements
in order to comply with IFRS. If relevant, a reconciliation note may be included in the annual financial statements to reconcile values
shown in the annual accounts determined under IFRS to those arrived at by applying the valuation policies described above.

 

Subject to the discretions set out
above, the Directors have delegated to the Administrator the calculation of the Net Asset Value and the Net Asset Value per Share.

 

Pursuant to clause 8.2(v) of the
Administration Agreement, the Company acknowledges that the Administrator has not been appointed under the Administration Agreement to,
and does not under the Administration Agreement, create or generate prices or valuations for assets held by the Company and to the extent
the Administrator, in calculating the Net Asset Value and Net Asset Value per Share, relies on information (including, but not limited
to, prices generated by automatic pricing services reasonably chosen by the Administrator, prices or valuations of OTC derivatives and
prices (including estimated prices) of collective investment schemes provided by such schemes or their administrators) supplied by the
Company or brokers, other financial intermediaries or third party pricing sources in connection with the calculation of the Net Asset
Value, and the Administrator shall incur no liability for the accuracy of such information or the accuracy of underlying data or for any
loss suffered by the Company and any of its Shareholders by reason of any error in the calculation of the Net Asset Value resulting from
any inaccuracy of any such information, in circumstances other than the negligence, wilful default or fraud on the part of the Administrator
or its associated persons in computations that use such information.

 

SUSPENSIONS

 

The Directors may declare a temporary
suspension of (i) the determination of Net Asset Value per Share of one or more Classes (ii) the redemption of Participating Shares of
one or more Classes and/or (iii) the payment of redemption proceeds. The Directors may declare any such suspension in such circumstances
as they may deem appropriate, including:

 

	(a)	when any securities exchange or similar electronic system on which a substantial part
of the assets of the relevant Segregated Portfolio are traded is closed (other than customary closings) or dealings are otherwise restricted
or suspended;

 

    29

    

    

 

	(b)	when, in the opinion of the Directors, it is not possible to determine the value
of a substantial portion of the assets of the relevant Segregated Portfolio or the disposal of a substantial part of the assets of the
relevant Segregated Portfolio would not be reasonably practicable or could not be carried out in an orderly manner;

 

	(c)	when redemption proceeds cannot lawfully be paid by the Company in the Dealing Currency of the relevant Class;

 

	(d)	if one or more Underlying Funds in which the assets of a Sub-Fund have been invested,
impose or have imposed Liquidity Constraints which are then continuing.

 

	(e)	when, due to a breakdown in the systems normally used to determine the Net Asset
Value or for any other reason, it is not reasonably practicable to accurately determine the Net Asset Value;

 

	(f)	when the business operations of the Manager, Investment Advisor, any prime broker
or the Administrator in respect of the relevant Segregated Portfolio are substantially interrupted or closed due to pestilence, acts of
war, terrorism, insurrection, revolution, civil unrest, riot, strikes, cyber-attack, natural disaster or other events beyond the reasonable
control of the relevant party;

 

	(g)	when the proceeds of the sale or redemption of Participating Shares cannot be transmitted
to or from the bank account of the relevant Segregated Portfolio;

 

	(h)	when, in the opinion of the Directors, it would be in the best interests of the Company to do so; or

 

	(i)	after the passing of a resolution to wind-up the Company.

 

Any suspension will take effect
at the time the Directors specify in their declaration. The suspension will continue until the Directors declare that it has ended. The
holders of Participating Shares of the affected Class or Classes will be notified of any suspension as soon as practicable after the declaration
of such suspension. Such Shareholders will also be notified when the period of such suspension has ended.

 

Applications for Participating
Shares for a Subscription Day falling within a period when the issue of Participating Shares of the relevant Class is suspended will be
acted upon on the first Subscription Day after the suspension has ended. A subscriber may withdraw his application for Participating Shares
during a period of suspension provided that a withdrawal notice is actually received by the Administrator before the suspension has ended.

 

Redemption Notices received prior
to the commencement of a period of suspension will be carried forward to the next earliest relevant Redemption Day occurring after the
suspension has ended and will be given priority over Redemption Notices received during a period of suspension. A Shareholder may withdraw
his Redemption Notice during a period of suspension provided that a withdrawal notice is actually received by the Administrator before
the suspension has ended.

 

While such suspensions may be temporary,
the circumstances giving rise to the decision to suspend may continue for a prolonged period of time such that the Directors consider
that it is appropriate that the suspension be declared permanent. In such circumstances the investments of the relevant Segregated Portfolio
will be managed for the sole purpose of realising all investments in anticipation of the termination of that Segregated Portfolio.

 

Further details in relation
to subscriptions and redemptions applicable to a Segregated Portfolio are set out in the relevant Supplement. 

 

    30

    

    

 

 

 

RISK FACTORS

  

 

 

An investment in a Segregated Portfolio
entails substantial risk. The nature of the investments of a Segregated Portfolio involves certain risks and the Investment Advisor may
utilise investment techniques which carry additional risks. Potential investors should carefully consider the following factors and the
risk factors set out in the relevant Supplement, amongst others, in determining whether an investment in a Segregated Portfolio is suitable
for them.

 

RISKS ASSOCIATED WITH THE STRUCTURE
OF THE COMPANY

 

Absence of regulatory oversight.
Although the Company is registered as a regulated mutual fund under the Mutual Funds Law, it is not required to, nor does it intend to,
register under the laws of any other jurisdiction. As a consequence, the securities laws of other jurisdictions (which may provide certain
regulatory safeguards to investors) generally will not apply. Accordingly Shareholders may not have the benefit of all the protections
afforded to them by the securities laws of their home jurisdiction or other relevant jurisdictions. In addition, the Manager intends to
manage its business in such a way that it is not required to be licensed by, and accordingly is not subject to regulation by, CIMA.

 

Business
risk. The Company will compete with other investment funds and market participants for investment opportunities. Such competitors
may be substantially larger and have considerably greater financial, technical and marketing resources than are available to the Company.
They may also have a lower cost of capital and access to funding sources that are not available to the Company. Such factors may result
in the Company being at a competitive disadvantages with respect to investment opportunities. In addition, the number of investment funds
and market participants and the scale of the assets managed by such entities is increasing. The effect of such increase may be to reduce
the opportunities available for the Company to generate returns and/or reduce the quantum of these returns.

 

Cross Class liability. Separate
records will be established in the books of the Company for each Class for the purpose of allocating assets and liabilities of the Company
to the relevant Class. However, if the assets attributable to one Class are insufficient to meet the liabilities attributable to that
Class, assets attributable to all other Classes may be used to meet such liabilities.

 

Dependence on key personnel.
The investment performance of the Segregated Portfolio will be substantially dependent on the expertise of the Investment Advisor, its
principals and employees. In particular, the departure for any reason of the key individuals who will be primarily responsible for managing
the investment of the assets of the Segregated Portfolio may have a material adverse impact on the performance of the Segregated Portfolio.

 

FATCA. Sections 1471 through
1474 of the US Internal Revenue Code (referred to as FATCA) will impose a withholding tax of 30 per cent on certain US-sourced
gross amounts paid to the Company, unless various information reporting requirements are satisfied. Amounts subject to withholding under
these rules include gross US-source dividend and interest income and gross proceeds from the sale of property that produces US-source
dividend or interest income. To avoid withholding under FATCA, the Company will be required to report certain information to the Cayman
Islands Tax Information Authority which in turn will report relevant information to the United States Internal Revenue Service. Although
the Company will attempt to satisfy any obligations imposed on it to avoid the imposition of this withholding tax, no assurance can be
given that the Company will be able to comply with the relevant reporting requirements or other obligation. If the Company becomes subject
to a withholding tax as a result of FATCA, the value of Participating Shares may be materially affected.

 

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Illiquidity of Participating
Shares. It is not anticipated that there will be an active secondary market for the Participating Shares and it is not expected that
such a market will develop. Participating Shares are not transferable without the approval of the Directors. Consequently, Shareholders
may not be able to dispose of their Participating Shares except by means of redemption. Redemptions may be subject to an overall limit
by reference to the Net Asset Value and may be suspended in certain circumstances. The Company may pay redemption proceeds in whole or
in part by the transfer of assets or may establish a liquidating trust, account or entity to hold the relevant investments until they
are liquidated at a later date. As such, a Shareholder may not receive cash proceeds on redemption or in the event that the Company is
terminated or may not receive cash proceeds in a timely manner.

 

In-kind distributions. A
redeeming Shareholder may, at the discretion of the Directors, receive securities which form part of the assets of the Segregated Portfolio
in lieu of or in combination with cash. The value of securities distributed may decrease before the securities can be sold and the redeeming
Shareholder will incur transaction costs in connection with the sale of those securities. Additionally, securities distributed to a Shareholder
in connection with a redemption may not be readily marketable. The redeeming Shareholder bears the risk of loss and delay in liquidating
those securities, with the result that it may ultimately receive less cash than it would otherwise have received if it had been paid in
cash alone for its Participating Shares on the date of redemption.

 

Lack of operating history.
The Company is newly established. As such there is no operating history that a prospective investor can evaluate before making an investment
in the Segregated Portfolio. The investment results of the Segregated Portfolio are reliant upon the success of the Investment Advisor
and no guarantee or representation is made in this regard. There can be no assurance that the investment objective of the Segregated Portfolio
will be achieved.

 

Limited rights of holders of
Participating Shares. An investment in the Segregated Portfolio should be regarded as a passive investment. Shareholders have no right
to participate in the day-to-day operations of the Company or the Segregated Portfolio. Nor are Shareholders entitled to receive notice
of, attend or vote at general meetings of the Company, other than a general meeting to vote on a proposed variation of the rights attaching
to their Participating Shares. Consequently, Shareholders have no control over the management of the Company or over the appointment and
removal of its Directors and service providers. As holder of the Management Shares, the Manager controls all of the voting interests in
the Company, other than in respect of a proposal to vary the rights attaching to the Participating Shares. Consequently, the Manager may
make any changes to the Articles that it considers appropriate, including increasing the share capital, consolidating the shares and sub-dividing
the shares. Only the Manager can appoint and remove the Directors and, in turn, only the Directors can terminate the services of the service
providers, including the Manager.

 

Limited disclosure of information.
The Directors believe that disclosure of the composition of the investment portfolio of the Segregated Portfolio could be disadvantageous,
for instance by increasing competition for limited investment capacity in underlying strategies. Accordingly, as is common with other
hedge funds, Shareholder will be provided with a general performance review but typically will not have access to detailed information
regarding the composition of the investment portfolio of the Segregated Portfolio.

 

No separate counsel; No independent
verification. Eversheds acts as legal counsel to the Manager and the Company as to matters of Hong Kong laws and Harney Westwood&
Riegels acts as legal counsel to the Advisor and the Company as to matters of Cayman Islands laws (together the “Legal Counsel”).
The Directors and the Company do not have independent counsel. The Legal Counsel do not represent investors in the Segregated Portfolio,
and no independent counsel has been retained to act on behalf of the Shareholder. This Memorandum is based on information furnished by
the Directors and the Investment Advisor. The Legal Counsel has not independently verified such information.

 

Performance Fee.
In addition to receiving a Management Fee, the Manager may also receive a Performance Fee (which it will share with the Investment Advisor)
based on the appreciation in the Net Asset Value per Share. The Performance Fee will increase with regard to both realised and unrealised
gains and accordingly a Performance Fee may be paid on unrealised gains which may subsequently never be realised. The Performance Fee
may create an incentive for the Manager to make investments for the Segregated Portfolio which are riskier than would be the case in
the absence of a fee based on the performance of the Segregated Portfolio.

 

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Possible effect of substantial
redemptions. Substantial redemptions by one or more investors in the Segregated Portfolio at any one time could require the liquidation
of positions more rapidly than otherwise desired in order to raise the cash necessary to fund those redemptions. The Investment Advisor
may find it difficult to liquidate positions on favourable terms in such a situation, possibly reducing the value of the assets of the
Segregated Portfolio and/or disrupting the investment strategies. The Company is permitted to borrow for the purposes of redeeming Participating
Shares and may pledge assets of the Segregated Portfolio as collateral security for the repayment of that borrowing. In such circumstances,
the continuing Shareholders will bear the cost and risk of any such borrowing.

 

Receipt of non-public information.
From time to time, the Investment Advisor may come into possession of non-public information concerning specific companies although internal
structures are in place to prevent the receipt of such information. Under applicable securities laws, this may limit the Investment Advisor’s
flexibility to buy or sell securities issued by such companies which may have an impact on the investment strategies of the Segregated
Portfolio.

 

Regulatory risks of investment
funds. The regulatory environment for hedge funds is evolving and any changes may adversely affect the ability of the Segregated Portfolio
to pursue its trading strategies or obtain the leverage it might otherwise have obtained. Regulatory changes may also adversely affect
the ability of the Investment Advisor to market the Segregated Portfolio. In particular, the Alternative Investment Fund Managers Directive
(AIFMD) regulates the marketing in the European Economic Area (EEA) of the securities of any alternative investment
fund, such as the Company. In the event that the Company is “marketed” (as such term is defined for the purposes of the AIFMD)
to investors in the EEA, whether by the Investment Advisor or a third party, the Company will incur significant additional compliance
costs. The effect of any future regulatory change on the Company could be substantial and adverse.

 

Segregated portfolio structure.
The Company is a single legal entity and no segregated portfolio constitutes a legal entity separate from the Company itself. Under the
Companies Law, shareholders may only enforce claims against the segregated portfolio to which their shares are attributable and creditors
of a particular segregated portfolio will not be able to claim against assets of another segregated portfolio. However the legislation
is untested in the courts of the Cayman Islands and elsewhere. In the Cayman Islands the applicable legislation will have the force of
law and should be upheld in any court proceedings. However, there is a risk that the segregation of assets and liabilities between segregated
portfolios is not recognised in any court proceedings outside the Cayman Islands. In such an event there is a risk that a creditor may
have recourse against the assets of all segregated portfolios.

 

Side letters. From time
to time the Company may enter into agreements (Side Letters) with certain Shareholders which provide such Shareholders with
rights which are additional to and/or different from, the rights provided to other Shareholders. Such rights may include rights with respect
to access to information and preferential redemption rights. In general, the Company will not be required to notify any other Shareholders
of any such Side Letters or any of the rights and/or terms or provisions of such Side Letters. Nor will the Company be required to offer
such additional and/or different rights and/or terms to any or all of the other Shareholders. As a consequence of being provided with
additional information a Shareholder may be able to take action based on such additional information (for example by making a redemption
request) that other Shareholders, in the absence of such information, do not take.

 

Valuation of the investments.
The valuation of the securities and other investments of the Segregated Portfolio may involve uncertainties and judgmental determinations.
Independent pricing information about some of the securities and other investments of the Segregated Portfolio may not always be available.
If a valuation is incorrect, the Net Asset Value per Share, and consequently the Subscription Price and the Redemption Price, may be overstated
or understated. As a consequence a redeeming Shareholder may, in effect, be overpaid or underpaid and a new Shareholder could underpay
or overpay for Participating Shares. Additionally, as the fees of a number of the service providers to the Segregated Portfolio are tied
to the Net Asset Value, any discrepancy in valuation may result in overpayment or underpayment to those service providers. None of the
Company, the Directors or the Administrator will be liable if a price or valuation used in good faith in the calculation of the Net Asset
Value later proves to be incorrect or inaccurate. In the absence of manifest error, the Company does not intend to adjust the Net Asset
Value per Share retroactively.

 

The risk factors above and
those set out in the relevant Supplement do not purport to be complete. Nor do they purport to be an entire explanation of the risks involved
in an investment in the relevant Segregated Portfolio. A potential investor should read this Memorandum and the relevant Supplement in
their entirety as well as consult with its own legal, tax and financial advisers before deciding to invest in a Segregated Portfolio.

 

    33

    

    

 

 

 

CONFLICTS OF INTEREST

 

 

 

The Directors, the Manager, the
Investment Advisor, the Administrator and any prime broker, custodian or broker appointed by or in respect of the Company, and their respective
directors, officers and employees may, from time to time, act as director, promoter, manager, investment manager, investment adviser,
registrar, administrator, transfer agent, trustee, custodian, broker, distributor or placing agent to, or be otherwise involved in, other
collective investment schemes which have similar investment objectives to those of a Segregated Portfolio. Similarly, one or more of them
may provide discretionary fund management or ancillary administration, custodian or brokerage services to investors with similar investment
objectives to those of a Segregated Portfolio. Consequently, any of them may, in the course of their business, have potential conflicts
of interests with respect to a Segregated Portfolio. Each will at all times have regard to its obligations to the Company and will endeavour
to resolve such conflicts fairly.

 

MANAGER AND INVESTMENT ADVISOR

 

The Manager and the Investment Advisor
are engaged in the business of discretionary investment management and advising clients, which may include other investment vehicles,
in the purchase and sale of securities and financial instruments. In managing other clients’ assets or advising other clients, the
Manager and/or the Investment Advisor may use the information and trading strategies which it obtains, produces or utilises in the performance
of services in respect of a Segregated Portfolio.

 

The Manager
and/or the Investment Advisor may have conflicts of interest in managing the assets of a Segregated Portfolio because its compensation
for managing and/or advising other investment vehicles or accounts may exceed its compensation for managing the assets of such Segregated
Portfolio, thus providing an incentive to prefer such other investment vehicles or accounts. Moreover, if the Investment Advisor makes
trading decisions in respect of such investment vehicles or accounts and in respect of a Segregated Portfolio at or about the same time,
that Segregated Portfolio may be competing with such other investment funds or accounts for the same or similar positions. The Investment
Advisor will endeavour to allocate all investment opportunities on a fair and equitable basis between the relevant Segregated Portfolio
and those other investment vehicles and accounts.

 

The Manager, the Investment Advisor
and/or any of their associates may invest, directly or indirectly, in assets which may also be purchased or sold for the account of a
Segregated Portfolio. None of the Manager, the Investment Advisor or any of their associates shall be under any obligation to account
to the Company in respect of (or share with the Company or inform the Company of) any such transaction or any benefit received by any
of them from any such transaction.

 

The Company has been established
at the request of the Manager and the Investment Advisor. Accordingly the selection of the Manager and the Investment Advisor and the
terms of their appointment, including the fees and compensation payable under the Management Agreement, are not the result of arms-length
negotiations.

 

DIRECTORS

 

Shi Hongtao and Sze Chi
Tak are the directors of the Manager which may receive a Management Fee and may receive a Performance Fee in respect of its services
as Manager of a Segregated Portfolio. Leung Ka Yee Andrew and Sze Chi Tak are the directors of the Investment Advisor which will receive
fees from the Manager in respect of its services as Investment Advisor. The fiduciary duties of the Directors may compete with or be
different from the interests of the Manager and the Investment Advisor. At all times, so far as practicable, the Directors will have
regard to their obligations to act in the best interests of the Company and will seek to ensure that any conflict of interest is resolved
fairly. 

 

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A Director may be a party to, or
otherwise interested in, any transaction or arrangement with the Company or in which the Company is otherwise interested. The Director
will not be liable to account to the Company for any profit he derives from such a transaction or arrangement provided the nature and
extent of any material interest has been disclosed to the other Directors.

 

A Director who has an interest
in any particular business to be considered at a meeting of the Directors may be counted for the purpose of determining whether the meeting
is duly constituted and may vote at such meeting provided that the interest has been disclosed.

 

Save as disclosed in this Memorandum
or the relevant Supplement, no Director has any interest, direct or indirect, in the promotion of, or in any assets which are proposed
to be acquired, disposed of by or leased to, the Company. Save as disclosed in this Memorandum or the relevant Supplement, no Director
has a material interest in any contract or arrangement entered into by the Company which is unusual in nature or conditions or significant
in relation to the business of the Company, nor has any Director had such an interest since the Company was incorporated.

 

SOFT DOLLAR ARRANGEMENTS

 

The Manager or Investment Advisor
may receive goods or services from a broker or a dealer in consideration for directing transaction business for the account of a Segregated
Portfolio to such broker or dealer provided that (i) the goods or services are of demonstrable benefit to that Segregated Portfolio, and
(ii) the transaction execution is consistent with best execution standards and the brokerage rates are not in excess of customary full
service brokerage rates.

 

Goods and services may include research
and advisory services, economic and political analysis, portfolio analysis (including valuation and performance measurement), market analysis,
data and quotation services, clearing and custodian services and investment-related publications. The goods and services which the Manager
or Investment Advisor receives will not include any goods and services prohibited from time to time by any code or guidelines issued by
any relevant regulatory authority.

 

A Segregated Portfolio may be deemed
to be paying for these services with “soft” dollars. Although the Manager or Investment Advisor believes that the relevant
Segregated Portfolio will demonstrably benefit from the services obtained with soft dollars generated by trades, the relevant Segregated
Portfolio does not benefit from all of these soft dollar services. The Manager or Investment Advisor and other accounts managed by the
Manager or Investment Advisor or its affiliates also derive substantial direct or indirect benefits from these services, particularly
to the extent that the Manager or Investment Advisor uses soft dollars to pay for expenses the Manager or Investment Advisor would otherwise
be required to pay itself.

 

The relationships with brokerage
firms that provide soft dollar services to the Manager or Investment Advisor may influence the Manager or Investment Advisor’s judgement
in allocating brokerage business and create a conflict of interest in using the services of those brokers to execute transactions. The
brokerage commissions paid to those firms, will not, however, differ materially from, nor will they be in excess of, customary full brokerage
commissions payable to other firms for comparable services.

 

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TAXATION

 

 

 

GENERAL

 

The following is based on the Company’s
understanding of certain aspects of the law and practice currently in force in the Cayman Islands and Hong Kong. The comments below are
based on laws, regulations, guidelines, published administrative rulings and judicial decisions currently in effect, all of which may
change or be subject to different interpretations, possibly with retroactive effect. Any such changes could adversely affect the comments
made below. There can be no guarantee that the tax position at the date of this Memorandum or at the time of an investment will endure
indefinitely.

 

In view of the number of different
jurisdictions where local laws may apply to Shareholders, the comments below do not address the tax consequences to potential investors
of the purchase, ownership and disposition of Participating Shares. Prospective investors are urged to consult their own tax advisers
in determining the possible tax consequences to them under the laws of the jurisdictions of which they are citizens, residents or domiciliaries,
jurisdictions in which they conduct business and jurisdictions in which they purchase, hold, redeem or dispose of Participating Shares.
The comments below do not constitute tax advice.

 

CAYMAN ISLANDS

 

The Company is not subject to any income,
withholding or capital gains taxes in the Cayman Islands.

 

The Company is registered as an
exempted company, limited by shares, under Cayman Islands law. As such, it has received an undertaking from the Governor-in-Cabinet that,
for a period of 20 years from the date of the undertaking, no law subsequently enacted in the Cayman Islands that imposes any tax to be
levied on profits, income, gains or appreciations will apply to the Company or its operations.

 

Shareholders
will not be subject to any income, withholding or capital gains taxes in the Cayman Islands with respect to their Participating Shares
and dividends received on those Participating Shares, nor will they be subject to any estate or inheritance taxes in the Cayman Islands.
There are no exchange controls in the Cayman Islands.

 

HONG KONG

 

The Company has not registered,
and does not intend to register, a branch in Hong Kong pursuant to Part XI of the Companies Ordinance of Hong Kong. It is not intended
that the Company will have any place of business in Hong Kong. However, the Company may be considered to be carrying on a business in
Hong Kong by virtue of the activities of the Investment Advisor. As such no assurance can be given that the Company will not be considered
by the Hong Kong Inland Revenue Department to be subject to Hong Kong profits tax.

 

Hong Kong imposes profits tax at
a flat rate of 16.5 per cent on incorporated persons, such as the Company, on profits which arise in or are derived from Hong Kong, from
the carrying on of a trade, business or profession in Hong Kong. Capital gains derived from the sale of investments are not generally
considered to be profits for Hong Kong tax purposes and thus are not subject to any Hong Kong tax. However, gains which are considered
to be derived from a trading activity, as opposed to mere investment activity, carried on in Hong Kong may potentially be subject to Hong
Kong profits tax.

 

Under the Revenue Ordinance of
Hong Kong (the Ordinance), as amended by the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance of Hong Kong,
the Company should be exempted from potential profits tax liability in respect of certain transactions, provided the specific requirements
under the Ordinance are met. It is intended that the affairs of the Company will be conducted and managed, so far as possible, in a manner
which complies with the condition for exemption under the Ordinance and so minimises the risk of any potential liability to Hong Kong
profits tax. However, no assurance can be given that profits from the disposal of certain investments will not give rise to a liability
for profits tax in Hong Kong.

 

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There is no Hong Kong withholding tax
on dividends and interest.

 

Distributions by the Company should
generally not be subject to Hong Kong profits tax. The Ordinance, however, contains certain anti-avoidance and “round-tripping”
provisions which deem certain Hong Kong residents to have derived assessable profits from an offshore fund from securities transactions
made by the offshore fund. This is notwithstanding the fact that the offshore fund is itself exempted and despite no distribution being
made by the offshore fund. These deeming provisions may apply, inter alia, where the Hong Kong resident, alone or with his associates,
holds 30 per cent or more of the beneficial interest in the relevant offshore fund or where such Hong Kong resident is an associate of
the offshore fund.

 

The register of Shareholders will
be maintained outside Hong Kong. Accordingly the Participating Shares will not constitute Hong Kong stock for the purposes of the Stamp
Duty Ordinance of Hong Kong and a charge to Hong Kong stamp duty should not arise on the redemption or transfer of any Participating Shares.

 

OTHER JURISDICTIONS

 

It is possible
that certain dividends, interest and other income received by the Company in respect of a Segregated Portfolio from sources within certain
countries may be subject to withholding taxes imposed by such countries. The Company may also be subject to capital gains taxes or other
taxes in some of the countries where it purchases and sells securities or otherwise conducts business. It is impossible to predict in
advance the rate of tax that will be paid since the amount of the assets of a Segregated Portfolio to be invested in various countries
is uncertain.

 

COMPLIANCE WITH AUTOMATIC EXCHANGE
OF INFORMATION LEGISLATION

 

US Foreign Account Tax Compliance
Act

 

Sections 1471 through 1474 of the
US Internal Revenue Code (commonly referred to as FATCA) will impose a withholding tax of 30 per cent on certain US-sourced
gross amounts paid to certain “Foreign Financial Institutions”, including the Company, unless various information reporting
requirements are satisfied. Amounts subject to withholding under these rules generally include gross US-source dividend and interest income,
gross proceeds from the sale of property that produces dividend or interest income from sources within the US and certain other payments
made by “Participating Foreign Financial Institutions” to “recalcitrant account holders” (so called “foreign
pass thru payments”).

 

The Cayman Islands Government has
entered into a Model 1 intergovernmental agreement with the United States (the US IGA) and implemented domestic regulations
to facilitate compliance with FATCA. To comply with its obligations under applicable legislation, the Company will be required to report
FATCA information to the Cayman Islands Tax Information Authority (the Cayman TIA) which in turn will report relevant information
to the United States Internal Revenue Service (IRS). To avoid withholding under FATCA, the Company may request additional
information from any Shareholder and its beneficial owners (that may be disclosed to the Cayman TIA and the IRS) to identify whether Participating
Shares are held directly or indirectly by “Specified US Persons” (as defined in the US IGA). If the Company is not able to
comply with reporting requirements under the US IGA (whether due to a failure of one or more Shareholders to provide adequate information
or otherwise), the 30 per cent withholding tax under FATCA could apply to the Company.

 

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UK requirements regarding tax reporting

 

The Cayman
Islands Government has also signed an intergovernmental agreement with the United Kingdom (the UK IGA) in a broadly similar
form to the US IGA. The UK IGA and the Cayman Islands implementing regulations impose similar requirements to the US IGA, so that the
Company will be required to identify Participating Shares held directly or indirectly by “Specified United Kingdom Persons”
(as defined in the UK IGA) and report information on such Specified United Kingdom Persons to the Cayman TIA. The Cayman TIA will then
exchange such information annually with HM Revenue & Customs, the United Kingdom tax authority.

 

OECD Common Reporting Standard
requirements regarding tax reporting

 

The OECD has adopted a “Common
Reporting Standard” (CRS), which is intended to become an international standard for financial account reporting.
The Cayman Islands Government is a signatory to the multi-lateral competent authority agreement (MCAA) that will be adopted
by all jurisdictions committing to the CRS (each a Participating Jurisdiction). Participating Jurisdictions that have committed
to adopt the CRS and the MCAA will become Reportable Jurisdictions when they implement local legislation and it is expected
that the first exchanges of information under this regime will begin in 2017. Under the Cayman Islands implementing regulations (the CRS
Regulations) the Company will be required to make an annual filing in respect of Shareholders who are resident in a Reportable
Jurisdiction or whose “Controlling Persons” are resident in a Reportable Jurisdiction and who are not covered by one of the
limited exemptions in the CRS Regulations. The MCAA and reporting obligations under the CRS Regulations are very similar to the UK IGA
and will eventually replace the UK IGA.

 

A list of Participating Jurisdictions
is available on the Cayman TIA website (www.tia.gov.ky). The list of Reportable Jurisdictions is expected to be published by the Cayman
TIA in due course.

 

Implications for Shareholders

 

In order to comply with the US
IGA, the UK IGA, the MCAA and the relevant domestic legislation (collectively AEOI Legislation), the Company may be required
to disclose certain confidential information provided by Shareholders to the Cayman TIA, which in turn will report the information to
the relevant foreign fiscal authority. In addition, the Company may at any time require a Shareholder to provide additional information
and/or documentation which the Company may be required to disclose to the Cayman TIA.

 

If a Shareholder does not provide
the requested information and/or documentation, whether or not that actually leads to compliance failures by the Company, or a risk of
the Company being subject to any withholding tax or other liability or being required to withhold amounts from distributions to be made
to any Shareholder, the Company may take any action and/or pursue any remedy at its disposal. Such action or remedy may include the compulsory
redemption of some or all of the Participating Shares held by the Shareholder concerned or the conversion of such Participating Shares
into Participating Shares of another Class.

 

To the extent the Company incurs
any costs or suffers any withholding as a result of a Shareholder’s failure, or is required by law to apply a withholding against
the Shareholder, it may set off such amount against any payment otherwise due from the Company to the Shareholder or may allocate such
amount to the Participating Shares held by such Shareholder. No Shareholder affected by any such action or remedy shall have any claim
against the Company for any form of damages or liability as a result of actions taken or remedies pursued by or on behalf of the Company
in order to comply with the AEOI Legislation.

 

Shareholders are encouraged to
consult their own advisors regarding the possible application of the AEOI Legislation and the potential impact of the same, on any their
investment in a Segregated Portfolio.

 

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FINANCIAL INFORMATION AND
REPORTS

 

 

 

FINANCIAL YEAR

 

The financial year of the Company will
end on 31 December in each year.

 

FINANCIAL STATEMENTS

 

The books and records of the Company
will be audited as at the end of each financial year by the Auditors. The first audit of a Segregated Portfolio will be for the period
beginning on the commencement of the operations of a Segregated Portfolio and ending on the date specified in the relevant Supplement.
The financial statements of a Segregated Portfolio will be presented in US Dollars and prepared in accordance with IFRS, unless the Directors
otherwise deem appropriate.

 

Once the Company is registered
as a regulated mutual fund, the Company is required to file copies of the audited financial statements with CIMA within six months of
the end of each financial year.

 

AUDITORS

 

Unless otherwise specified in the relevant
Supplement, Deloitte & Touche acts as the auditor for each Segregated Portfolio. The Directors may replace the Auditor without prior
notice to Shareholders.

 

REPORTS TO SHAREHOLDERS

 

Each Shareholder will be provided with a copy
of an annual report that will include audited financial statements of the relevant Segregated Portfolio within six months of the end of
each financial year of the Company. Shareholders will also be provided with a monthly report on the investment performance of the relevant
Segregated Portfolio.

 

    39

    

    

 

 

 

GENERAL

 

 

 

THE COMPANY

 

The Company is an exempted company
incorporated with limited liability and registered as a segregated portfolio company under the Companies Law. Its constitution is defined
in the Articles. The Company’s objects, as set out in clause 3 of its memorandum of association, are unrestricted and so include
the carrying on of the business of an investment company.

 

All Shareholders are entitled to the benefit
of, are bound by and are deemed to have notice of, the memorandum of association and articles of association of the Company. The liability
of a Shareholder is limited to the amount, if any, unpaid on its Participating Shares. As Participating Shares may only be issued if they
are fully paid, a Shareholder will not be liable for any debt, obligation or default of the Company beyond its investment in the Company.

 

SHARE CAPITAL OF THE COMPANY

 

The Company has an authorised share
capital of US$50,000 which is made up of 100 Management Shares of US$0.01 par value each and 4,999,900 participating shares of US$0.01
par value each which may be issued in respect of different Segregated Portfolios and in different classes.

 

The Directors
are authorised under the Articles to resolve from time to time the Segregated Portfolio to which participating shares are attributable
and the class to which participating shares are to be designated.

 

Subject to the provisions of the
Articles and the Companies Law, the Company may increase or reduce its authorised share capital, divide all or any of its share capital
into participating shares of a smaller amount or combine all or any of its share capital into participating shares of a larger amount.

 

The Articles provide that unissued
participating shares are at the disposal of the Directors who may offer, allot, grant options over or otherwise dispose of them to such
persons, at such times and for such consideration and upon such terms and conditions as the Directors may determine. All participating
shares will be issued in registered form only.

 

There are no provisions under the
laws of the Cayman Islands or under the Articles conferring pre-emption rights on the holders of participating shares or Management Shares.
No capital of the Company is under option or agreed conditionally or unconditionally to be put under option.

 

SEGREGATED PORTFOLIOS

 

The Articles provide that the Directors
may from time to time establish one or more Segregated Portfolios. Each Segregated Portfolio shall be separately designated by reference
to a name that includes the words “Segregated Portfolio” or the letters “S.P.” or “SP”. The Directors
shall identify:

 

	(a)	each asset of the Company as either a general asset or a portfolio asset and, in the
case of a portfolio asset, the Segregated Portfolio to which it is attributable;

 

	(b)	each liability of the Company as being that of a creditor in respect of a particular
Segregated Portfolio (a portfolio creditor) or a general creditor and in the case of a portfolio creditor, the Segregated
Portfolio of which such person is a creditor.

 

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The proceeds from the issue of
Participating Shares shall be applied to the Segregated Portfolio in respect of which the Participating Shares are issued. The assets
and liabilities and income and expenditure attributable to that Segregated Portfolio shall be applied to such Segregated Portfolio and,
subject to the provisions of the Articles, to no other Segregated Portfolio.

 

The assets held in each Segregated
Portfolio shall be applied solely in respect of the liabilities of such Segregated Portfolio in accordance with the provisions of the
Articles and the Companies Law. Any surplus assets in a Segregated Portfolio shall be held, subject to the provisions of the Articles
and the Companies Law, for the benefit of holders of participating shares attributable to such Segregated Portfolio.

 

Liabilities of the Company which,
in the opinion of the Directors, are attributable to a particular Segregated Portfolio shall be discharged from the assets of such Segregated
Portfolio. If, in the opinion of the Directors a liability is fairly attributed to two or more Segregated Portfolios, such liability shall
be allocated between such Segregated Portfolios on a pro rata basis unless the Directors determine that another method of allocation
is more equitable. If, in the opinion of the Directors, any costs and expenses payable by the Company are fairly attributed to all Segregated
Portfolio, such costs and expenses shall be allocated to all Segregated Portfolios on a pro rata basis unless the Directors determine
that another method of allocation is more equitable. Such costs and expenses may include government registration fees, annual return fees,
regulatory fees, costs and expenses, professional fees, service provider fees, the cost of insurance, taxes, fines and penalties and any
other liabilities of a recurring nature necessarily incurred in maintaining the continued existence and good standing of the Company.

 

Income, receipts and other property
acquired by the Company and not otherwise attributable to the Segregated Portfolios shall be applied to and comprise the general assets
of the Company. Liabilities of the Company which are not otherwise attributable to or allocated to the Segregated Portfolio will be discharged
from the general assets.

 

RIGHTS OF THE MANAGEMENT SHARES

 

The Management Shares are held by the
Manager.

 

The Management Shares do not participate
in the profits and losses of the Company and carry no right to dividends. On the winding up of the Company, the holder of the Management
Shares is only entitled to receive its paid-up capital of US$0.01 per Management Share. Management Shares are not redeemable.

 

Except as described under “Variation
of rights attaching to a Class” below, the holder of the Management Shares has the right to vote (to the exclusion of the holders
of the Participating Shares) in respect of all matters relating to the Company. However, the holder of the Management Shares may, at any
time, resolve to relinquish irrevocably its right to appoint and remove Directors and in that event, such right will vest in the holders
of the Participating Shares to be exercised by ordinary resolution (being a resolution passed by a majority of votes cast).

 

RIGHTS OF THE PARTICIPATING SHARES

 

Participating Shares confer the following
rights on Shareholders:

 

	●	As to voting. The holders of Participating Shares have no right to vote
except as described under “Variation of rights attaching to a Class” below and, if the holder of the Management Shares resolves
to relinquish its right to appoint and remove the Directors, on any resolution to appoint or remove a Director.

 

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	●	As to income. The holders of Participating Shares have the right to receive
dividends declared in respect of the relevant Class. Participating Shares within each Class carry an equal right to such dividends as
the Directors may declare.

 

	●	As to redemption. The holders of Participating Shares have the right to redeem
their Participating Shares on the terms set out in the relevant Supplement and the Articles.

 

	●	As to capital. The holders of Participating Shares have the right on the
winding up or dissolution of the Company, to participate in the surplus assets of a Segregated Portfolio in proportion to the aggregate
Net Asset Value per Share of the Participating Shares held by each of them.

 

VARIATION OF RIGHTS ATTACHING TO A CLASS

 

The rights attaching to Participating Shares
of any Class, as described above, may only be varied with the consent in writing of Shareholders holding two-thirds of the Participating
Shares of the Class affected by the proposed modification or with the sanction of a resolution passed at a meeting of the holders of Participating
Shares of the Class affected by not less than two-thirds of the votes cast.

 

Seven days’ prior notice
will be given of any meeting of the holders of Participating Shares of the relevant Class. The quorum will be one or more persons holding
(or representing by proxy) not less than one-third of the issued Participating Shares of the relevant Class. The Directors may treat two
or more Classes as forming one Class if they consider that all such Classes would be affected in the same way by the proposals under consideration.
At any meeting, all voting will be on a poll and each holder who is present in person or by proxy will have one vote for every US$1.00
of the aggregate Net Asset Value of the Participating Shares held.

 

The Directors may determine to treat
two or more Classes as comprising a single Class for these purposes if they determine that all such Classes will be affected in the same
way by the proposed variation of the rights attaching to the Participating Shares of such Classes.

 

Any resolution by the holder of
the Management Shares to relinquish its right to appoint and remove Directors will not be deemed to modify the rights attaching to any
Class.

 

SIDE LETTERS

 

The Company may enter into side
letters with certain prospective or existing Shareholders whereby such Shareholders may be subject to terms and conditions that are more
advantageous than those set out in this Memorandum and/or the relevant Supplement. Such terms and conditions may, for example, provide
for special rights to make future investments in a Segregated Portfolio; special redemption rights (whether relating to frequency, notice,
a reduction or rebate in fees or otherwise) and/or rights to receive reports in relation to a Segregated Portfolio on a more frequent
basis and such other rights as may be agreed with such Shareholders. The modifications are solely at the discretion of the Directors and
may, amongst other things, be based on the size of the relevant Shareholder’s investment in a Segregated Portfolio or affiliated
investment entity, an agreement by the Shareholder to maintain such investment in a Segregated Portfolio for a significant period of time
or other commitment by the Shareholder.

 

AMENDMENTS TO THE ARTICLES

 

Except as described under
“Variation of rights attaching to a Class” above, the holder of the Management Shares may, by special resolution, amend the
Articles. 

 

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WINDING UP AND TERMINATION

 

The Company may voluntarily commence
to wind up and dissolve by a special resolution of the holder of the Management Shares.

 

The Articles provide that the business
of the Company shall continue for so long as the Company holds assets, irrespective of whether the Directors have determined that the
Company shall not acquire any further investments in respect of any Segregated Portfolio. Accordingly, the investments of a Segregated
Portfolio may be managed for the sole purpose of realising all investments in anticipation of the termination of the business of the Company
(the Realisation). Unless the Directors consider it is in the best interests of the Company that it be placed into liquidation
under the Companies Law, the Realisation shall be managed by the Directors, together with, if the Directors so determine, the Manager
and/or the Investment Advisor. If the Directors determine that the Manager and/or the Investment Advisor is to manage the Realisation,
the appointment of the Manager and/or the Investment Advisor will continue on the terms of the agreement then in force unless the Directors
determine otherwise.

 

GENERAL MEETINGS

 

As a Cayman Islands exempted company,
the Company is not required to hold annual general meetings of Shareholders.

 

DIRECTORS’ REPORT

 

The Company does not have, nor since
its incorporation has it had, any employees, nor is it expected to have any in the future. Since its incorporation the Company has not
been, nor is it currently, engaged in any litigation or arbitration. So far as the Directors are aware, no litigation or claim is pending
or threatened against the Company.

 

REGULATION

 

[The Company is registered with
CIMA pursuant to section 4(3) of the Mutual Funds Law as a “regulated mutual fund” for the purposes of the Mutual Funds Law.
The Company can accept more than fifteen investors (a majority of whom are capable of appointing or removing the Directors). Any such
registration will not, however, imply that CIMA or any other regulatory authority in the Cayman Islands has approved this Memorandum,
any Supplement or the offering of the Participating Shares.]

 

For registration of the Company as a mutual
fund under section 4(3) of the Mutual Funds Law, the Company has filed with CIMA a copy of this Memorandum and certain details of this
Memorandum, as required by the Mutual Funds Law. The Company has also paid the prescribed initial registration fee as required by the
Mutual Funds Law.

 

The Company’s continuing
obligations following future registration under the Mutual Funds Law are (i) to file with CIMA prescribed details of any changes to this
Memorandum and any Supplement, (ii) to file annually with CIMA accounts audited by an approved auditor and an annual return containing
certain key statistical data, and (iii) to pay the relevant prescribed annual fee.

 

As a regulated mutual fund, the
Company is subject to the supervision of CIMA. At any time, CIMA may instruct the Company to have its accounts audited and to submit them
to CIMA within a specified time. Failure to comply with any supervisory request by CIMA may result in substantial fines. CIMA has wide
powers to take certain actions if certain events occur. For instance, it has wide powers to take action if it is satisfied that a regulated
mutual fund (i) is or is likely to become unable to meet its obligations as they fall due, or (ii) is carrying on or is attempting to
carry on business or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors.

 

The powers of CIMA include (i) the
power to require a Director to be replaced, (ii) the power to appoint a person, at the expense of the Company to advise the Company on
the proper conduct of its affairs, and (iii) the power to appoint a person, at the expense of the Company, to assume control of the affairs
of the Company, including for the purpose of terminating the business of the Company. CIMA also has other remedies available to it including
applying to the courts of the Cayman Islands for approval of other actions, and requiring the Company to re-organise its affairs in a
manner specified by CIMA.

 

    43

    

    

 

MATERIAL CONTRACTS

 

The following contracts, which are or may be material, have
been entered into by or in respect of the Company:

 

	(a)	a management agreement between the Company, on behalf of the relevant Segregated Portfolio,
and the Manager pursuant to which the Manager was appointed to provide certain management services in respect of the relevant Segregated
Portfolio; and

 

	(b)	an administration agreement between the Company, on behalf of the relevant Segregated
Portfolio, and the Administrator pursuant to which the Administrator was appointed to provide administration services in respect of the
relevant Segregated Portfolio.

 

These contracts are summarised in the
section headed “Management and Administration” above. Additional contracts, if any, which are or may be material and which
have been entered into by the Company on behalf of a specific Segregated Portfolio are described in the relevant Supplement.

 

DOCUMENTS AVAILABLE FOR INSPECTION

 

Subject to any applicable confidentiality provisions, the
following documents are available for inspection during normal business hours, on any day (except Saturdays, Sundays and public holidays)
at the registered office of the Company:

 

	(a)	the Articles;

 

	(b)	the Companies Law and the Mutual Funds Law;

 

	(c)	the material contracts described above; and

 

	(d)	the most recent financial statements of the relevant Segregated Portfolio.

 

Copies of these documents may be obtained free of charge
from the Manager or Investment Advisor.

 

ENQUIRIES

 

Enquiries concerning a Segregated Portfolio and this offering
(including information concerning subscription procedures) should be directed to the Investment Advisor at the address set out in the
Directory.

  

    44

    

    

 

 

 

APPENDIX - RESTRICTIONS
ON DISTRIBUTION

 

 

 

Cayman Islands: No invitation
may be made to the public in the Cayman Islands to subscribe for the Participating Shares.

 

Hong Kong: The contents
of this Memorandum have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to
the offer. If you are in any doubt about any of the contents of this document you should obtain independent professional advice. This
Memorandum has not been registered by the Registrar of Companies in Hong Kong. The Company is a collective investment scheme as defined
in the Securities and Futures Ordinance of Hong Kong (the SFO) but has not been authorised by the Securities and Futures
Commission pursuant to the SFO. Accordingly, the Participating Shares may only be offered or sold in Hong Kong to persons who are “professional
investors” within the meaning of the SFO or in circumstances which are permitted under the Companies Ordinance of Hong Kong and
the SFO. In addition, neither this Memorandum nor the relevant Supplement may be issued or possessed for the purposes of issue, whether
in Hong Kong or elsewhere, and the Participating Shares may not be disposed of to any person unless such person is outside Hong Kong,
such person is a “professional investor” within the meaning of the SFO or as otherwise may be permitted by the SFO.

 

Japan: The Participating
Shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan
(Law no. 25 of 1948, as amended) and, accordingly, none of the Participating Shares nor any interest in them may be offered or sold, directly
or indirectly, in Japan or to, or for the benefit, of any Japanese person or to others for re-offering or resale, directly or indirectly,
in Japan or to any Japanese person except under circumstances which will result in compliance with all applicable laws, regulations and
guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For this purpose,
a “Japanese person” means any person resident in Japan, including any corporation or other entity organised under the laws
of Japan.

 

Korea: The Participating
Shares have not been registered under the Securities and Exchange Act of Korea and none of the Participating Shares may be offered, sold
or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or
to any resident of Korea except pursuant to applicable laws and regulations of Korea.

 

People’s Republic of China:
Neither this Memorandum nor the relevant Supplement constitutes a public offer of the Participating Shares, whether by sale or subscription,
in the People’s Republic of China. The Participating Shares are not being offered or sold directly or indirectly in the People’s
Republic of China to or for the benefit of, legal or natural persons of the People’s Republic of China.

 

Republic of China (Taiwan):
The Participating Shares may not be sold, issued or offered in Taiwan. No person or entity in Taiwan has been authorised to offer, sell,
give advice regarding or otherwise intermediate the offering and sale of the Participating Shares.

 

Singapore: The offer or
invitation which is the subject of this Memorandum and the relevant Supplement does not relate to a collective investment scheme which
is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA) or recognised under
Section 287 of the SFA. The Company is not authorised or recognised by the Monetary Authority of Singapore (MAS) and Participating
Shares are not allowed to be offered to the retail public. Each of this Memorandum and any other document or material issued in connection
with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under that Act in relation to the content
of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.

 

    45

    

    

 

This Memorandum has not been registered
as a prospectus with MAS. Accordingly, this Memorandum and any other document or material in connection with the offer or sale, or invitation
for subscription or purchase, of Participating Shares may not be circulated or distributed, nor may Participating Shares be offered or
sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other
than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person
pursuant to Section 305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (iii) otherwise pursuant to,
and in accordance with the conditions of, any other applicable provision of the SFA.

 

Generally: The distribution
of this Memorandum and any Supplement, and the offering of Participating Shares may be restricted in certain jurisdictions. The above
information is for general guidance only, and it is the responsibility of any person or persons in possession of this Memorandum and any
Supplement and wishing to make application for Participating Shares to inform themselves of, and to observe, all applicable laws and regulations
of any relevant jurisdiction. Prospective applicants for Participating Shares should inform themselves as to legal requirements also applying
and any applicable exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

 

Neither this Memorandum nor
any Supplement constitutes an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised
or to any person to whom it would be unlawful to make such offer or solicitation.

 

 

 46Exhibit 10.10

 

INVESTMENT ADVISORY AGREEMENT

 

Between

 

PRESTIGE GLOBAL ASSET
MANAGEMENT LIMITED

(the “Manager”)

 

and

 

PRESTIGE ASSET MANAGEMENT
LIMITED

(the “Investment Advisor”)

 

in respect of the Prestige Global Allocation Fund

 

     

     

    

 

	CONTENTS
	 	 	 
	1.	Interpretation	1
	2.	Regulatory Status	3
	3.	Appointment of the Investment Advisor	3
	4.	Duties of the Investment Advisor	3
	5.	Delegation	5
	6.	Voting	5
	7.	Execution of Orders and Transactions	5
	8.	Representations and Warranties of the Manager	6
	9.	Representations and Warranties of the Investment Advisor	6
	10.	Manager’s Obligations	6
	11.	Restrictions and Requirements	6
	12.	Fees and Expenses	7
	13.	Limitation of Liability and Indemnity	7
	14.	Resignation and Termination	8
	15.	Conflicts of Interest	9
	16.	Complaints	10
	17.	Market Rules	10
	18.	No Licence	10
	19.	Confidentiality	10
	20.	Notices	11
	21.	Assignment	12
	22.	Amendments	12
	23.	Reservation of Rights	13
	24.	Whole Agreement	13
	25.	Severability	13
	26.	Force Majeure	13
	27.	Counterparts	13
	28.	No Partnership	13
	29.	Contracts (Rights of Third Parties) Ordinance	14
	30.	Governing Law	14
	31.	Jurisdiction	14

 

    i

     

    

 

THIS AGREEMENT is dated 21st February
2017 and made

 

BETWEEN:

 

		(1)	PRESTIGE GLOBAL ASSET MANAGEMENT LIMITED, (the “Manager”), an exempted company
incorporated in the Cayman Islands with limited liability, having its registered office at 4th Floor, Harbour Place, 103 South Church
Street, PO Box 10240, Grand Cayman KY1-1002, Cayman Islands; and

 

		(2)	PRESTIGE ASSET MANAGEMENT LIMITED, (the “Investment Advisor”), a limited company formed under the laws of
Hong Kong and having its principal place of business at Suite 5102, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong.

 

BACKGROUND:

 

		(A)	Prestige Global Allocation Fund (the “Company”) is incorporated as an exempted company with limited liability in
the Cayman Islands.

 

		(B)	The Company has appointed the Manager to manage the assets the Portfolio (as defined below).

 

		(C)	The Manager wishes to appoint the Investment Advisor as its delegate to assist in managing the assets
of the Portfolio (as defined below) on a discretionary basis in pursuit of the investment programme and subject to such restrictions and
limits as described in this Agreement, which appointment the Investment Advisor wishes to accept.

 

THE PARTIES AGREE THAT:

 

		1.	Interpretation

 

	1.1	In this Agreement, unless the
context otherwise requires, the following words have the following meanings:

 

“Administrator” means the administrator
appointed by the Company from time to time;

 

“Articles” means
the memorandum and articles of association of the Company, as amended from time to time, provided that such amendments are notified to
the Investment Advisor;

 

“Associate” in
relation to a person means a holding company or subsidiary undertaking of that person or a subsidiary of the holding company (all as defined
in the Companies Ordinance (Cap 622) of the Laws of Hong Kong;

 

“Authorised Officer”
means any person from time to time designated by the Company and/or the Manager, as the case may be, as authorised to instruct the Investment
Advisor;

 

“Business Day”
means a day (other than a Saturday or a Sunday) on which banks in Hong Kong are authorised to open for normal banking business and/or
such other day or days as the Directors may determine, either generally or in any particular case, provided that where, as a result of
a Number 8 Typhoon Signal, Black Rainstorm Warning or similar event, the period during which banks in Hong Kong are open on any day are
reduced, such day shall not be a Business Day;

 

“Company” means Prestige Global Allocation
Fund;

 

“Custodian” means
such person or persons appointed by the Company as a custodian(s) of the assets of the Company and any sub-custodian duly appointed by
it/them;

 

    1

     

    

 

“Directors” means
the members of the board of directors of the Company, for the time being and any duly constituted committee thereof and any successors
to such members as may be appointed from time to time;

 

“Gross Negligence”
means any act or omission showing so marked a departure from the normal standard of conduct of a professional person exercising ordinary
professional care and skill as to demonstrate reckless or wilful disregard of the consequences of that act or omission.

 

“Investments” means
any investment or other asset of any description, the making or acquisition of which is authorised by the Articles, and the private placement
memorandum of the Company dated [ ] (the “Private Placement Memorandum”);

 

“Investment Management Agreement”
means the agreement dated on or around the date of this Agreement pursuant to which the Company appointed the Manager to manage and invest
all or any part of the Portfolio on a discretionary basis and to appoint the Investment Advisor;

 

“Net Asset Value” and “Net Asset
Value per Share” are defined in the Private Placement Memorandum;

 

“Notifying Party” has the meaning given
to it in Clause 14.1;

 

“Participating Shares”
means the participating redeemable shares in the capital of the Company issued for and on behalf of the Company in accordance with the
Articles;

 

“Portfolio” means
all the assets and Investments of the Company, as the case may be, including, for the avoidance of doubt, any uninvested cash;

 

	1.2	Clause headings shall not affect
the interpretation of this Agreement.

 

	1.3	A person includes a
natural person, corporate or unincorporated body (whether or not having separate legal personality).

 

	1.4	Unless the context otherwise
requires, words in the singular shall include the plural and in the plural shall include the singular.

 

	1.5	Unless the context otherwise
requires, a reference to one gender shall include a reference to the other genders.

 

	1.6	A reference to a statute or
statutory provision is a reference to it as amended, extended or re-enacted from time to time.

 

	1.7	A reference to writing
or written includes faxes and e-mail.

 

	1.8	Any obligation on a party not
to do something includes an obligation not to allow that thing to be done.

 

	1.9	References to Clauses are to
the clauses of this Agreement.

 

	1.10	Any words following the terms including, include, in particular, for example
or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase
or term preceding those terms.

 

	1.11	Unless the context otherwise requires or except as expressly provided contrary herein, words and expressions
contained in this Agreement shall bear the same meaning as in the Articles.

 

	1.12	References herein to a party
are to any party or together the parties to this Agreement.

 

    2

     

    

 

		2.	Regulatory Status

 

		2.1	The Investment Advisor is authorised and regulated by Securities and Futures Commission (the “SFC”)
in accordance with the laws of Hong Kong.

 

		3.	Appointment of the Investment Advisor

 

		3.1	The Manager hereby appoints the Investment Advisor to manage and invest
the Portfolio in accordance with its instructions and the Articles and the Private Placement Memorandum or as otherwise agreed between
the Manager and the Company.

 

	3.2	This Agreement shall come into
force upon its due execution by the parties hereto with effect from the date above written.

 

		3.3	Except as expressly provided in Clause 4, or as the Investment Advisor may
be otherwise authorised, the Investment Advisor has no authority to act for or represent the Company and/or the Manager, as appropriate,
and the Investment Advisor shall not be deemed an agent of the Company.

 

		3.4	The Manager may not appoint any other entity as investment advisor (or its
equivalent) in respect of the Portfolio other than the Investment Advisor, except with the prior written consent of the Company.

 

		3.5	In carrying out its duties under this Agreement, the Investment Advisor
may only appoint agents and/or delegates subject to the prior written consent of the Manager.

 

		4.	Duties of the Investment Advisor

 

		4.1	Subject to the Manager’s oversight and review, to Clause 3 and to
the Articles and the Private Placement Memorandum, the Investment Advisor shall have the authority in relation to the execution of investment
decisions made by the Manager and the management and investment of the Portfolio as the delegate of the Manager (and without prior reference
to the Company, or the Manager), to buy, sell (including without limitation short sales), retain, convert, execute, exchange or otherwise
deal in Investments, borrow securities, incur indebtedness, make deposits, subscribe to issues and offers for sale of, and accept placings,
underwritings and sub-underwritings, of any Investments, effect transactions whether or not on any recognised market or exchange and whether
or not frequently traded on any such market or exchange (including, without limitation, derivatives, transactions, repurchase and reverse
repurchase transactions, and securities lending transactions), negotiate, settle and sign on behalf of the Company account opening and
any other documentation required to be so negotiated, settled or signed in connection with the execution of transactions in relation to
the Portfolio by the Investment Advisor and otherwise act as the Investment Advisor judges appropriate in relation to the management and
investment of the Portfolio. The Investment Advisor shall have discretion to negotiate, settle and arrange for signing on behalf of the
Company account opening documentation, provided that copies of such documentation are provided to the Company prior to signing.

 

		4.2	The Articles and the Private Placement Memorandum shall not be deemed to
have been breached as a result of any appreciation or depreciation in value, redemptions and subscriptions, changes in interest or exchange
rates or by reason of the receipt of any right, bonus or benefit in the nature of capital or by reason of any other action affecting every
holder of the relevant investment. If any such restrictions are exceeded as a result of such events or otherwise or are breached, the
Investment Advisor shall:

 

		(A)	so notify the Manager, as soon as practicable;

 

    3

     

    

 

		(B)	acquire or dispose of, as the case may be, no further Investments for the account of the Company as the case may be which at the date
of acquisition or disposal would result in any restrictions being further exceeded or breached; and

 

		(C)	consult with the Manager as to the steps to be taken to remedy the situation,

 

PROVIDED THAT the Investment Advisor shall always be entitled
to acquire or dispose of Investments with a view to remedying any such excess or breach.

 

		4.3	The Investment Advisor is authorised to give the Custodians, the Administrator,
dealers or counterparties (including central clearing counterparties) any instructions on behalf of the Company, which may be necessary
or desirable for the proper performance of the Investment Advisor’s duties under this Agreement and the Manager will use its best
efforts to procure that the Company will confirm such authority to such parties on request.

 

	4.4	The Investment Advisor will,
without prejudice to the generality of the foregoing, also provide the following services:

 

		(A)	analysis of the progress of all Investments and other assets within the Portfolio;

 

		(B)	the provision of the reports notified by the Manager to the Investment Advisor from time to time to the
Company, and the Administrator in accordance with the timelines notified by the Manager to the Investment Advisor from time to time. All
reports will be provided in either an excel spreadsheet or other format as agreed between the Company, and the Investment Advisor or in
such other format as may be reasonably determined by the Company from time to time. The reports provided shall be generated from the internal
systems of the Investment Advisor and not from reports provided by broker(s);

 

		(C)	preparation of material for inclusion in the reports of the Company whenever the Manager shall reasonably require such material;

 

		(D)	keeping or causing to be kept such books, records and statements as shall be necessary to give a complete
record of all transactions which the Investment Advisor carries out for the account of the Company, as appropriate, which the Manager
and the Company and persons authorised in writing by the Company, as appropriate, shall be entitled to inspect at all reasonable times.

 

		4.5	The Investment Advisor acknowledges that additional cash may be added to
the Portfolio with no less than 2 Business Days’ notice to the Manager and cash or other assets may be withdrawn from the Portfolio
to enable the Company to meet redemptions of Shares and other outgoings with no less than 30 calendar days’ notice to the Manager
before the month-end date on which such redemption shall be effected.

 

		4.6	In the event that the Investment Advisor shall make any acquisitions or
disposals of any Investments which will or may give rise to any obligations of disclosure imposed on the Company by any applicable legislation
or regulatory requirement with respect to the Company’s interest therein, the Investment Advisor shall notify the Manager or the
Company, as appropriate as soon as possible of the obligation of disclosure and the transaction giving rise to such obligation.

 

		4.7	Without prejudice to the Investment Advisor’s power to give instructions
to any Custodian to transfer cash or securities held by them on behalf of the Company in connection with the settlement of transactions
or for collateral or cash margin management purposes, the Investment Advisor is expressly prohibited from taking or receiving possession
of any of the Investments. The Investment Advisor is not permitted to make payments or transfer securities from an account with any Custodian
to another account which is not maintained in the name of the Company.

 

    4

     

    

 

		4.8	The Investment Advisor will retain for a period of at least 6 years, or
longer as required by any applicable law, such books, records and statements as may be necessary to give to the Company a complete record
of all transactions carried out by the Manager and the Investment Advisor for and on behalf of the Company, copies of any documents generated
or received by the Manager in the ordinary course of business pertaining to the Company or the compensation payable to the Manager and
the Investment Advisor.

 

		4.9	The Company may enter into agreements which require the consent from relevant
parties to the recording and retention of telephone conversations with respect to matters pertinent to the management of the Portfolio.
The Investment Advisor, its directors, officers, employees and agents consent to the recording and retention of such conversations and
recognizes that conversations may be recorded without notice.

 

		5.	Delegation

 

		5.1	The Investment Advisor may not delegate any of its functions, powers and
duties under this Agreement to any person except with the prior consent of the Manager. In connection with any such delegation, the Investment
Advisor may provide information about the Manager, the Company and/or the Portfolio to the delegate. Except to the extent otherwise agreed
with the Manager or the Company, as applicable, the Investment Advisor shall be responsible for the costs of any such delegation including,
without limitation, any fees and expenses of the delegate.

 

		5.2	The Investment Advisor shall remain liable for the acts and omissions of
its delegates which it would have been liable for under the terms of this Agreement had such acts or omissions been those of the Investment
Advisor committed by it in the performance or non-performance of its obligations under this Agreement.

 

		5.3	Without limitation to the foregoing, the Investment Advisor may engage brokers
for the Company’s account and may also engage third parties to advise in relation to the performance by it of any of the services
to be provided under this Agreement.

 

		6.	Voting

 

The Investment Advisor shall exercise, or refrain from
the exercise of, any voting or other rights attached to the Investments comprised in the Portfolio as the Investment Advisor shall in
its absolute discretion think fit.

 

		7.	Execution of Orders and Transactions

 

		7.1	The parties agree that, when executing transactions in Investments on behalf
of the Company, or placing orders relating to Investments on behalf of the Company with brokers for execution by those brokers, the Investment
Advisor shall (except where there is no choice of execution venue) owe a duty to take all reasonable steps to obtain the best possible
result for the Company, taking into account the terms of the Investment Advisor’s order execution policy, a summary of which has
been provided to the Manager and the Company.

 

		7.2	The Investment Advisor shall maintain an authorized signatory list for the
purposes of instructing the Custodian. The Investment Advisor may modify the authorized signatory list from time to time and must notify
such change to the Manager, and the Company promptly after the modification. Wherever practically feasible, the Investment Advisor shall
use its best efforts to arrange for any instructions to the Custodian to be jointly given by two authorized persons.

 

    5

     

    

 

	7.3	By signing this Agreement, the
Manager hereby expressly consents to:

 

		(A)	the Investment Advisor’s order execution policy.

 

		7.4	Subject to applicable law and regulations, the Investment Advisor may when
executing transactions in Investments on behalf of the Company or placing orders relating to Investments on behalf of the Company with
brokers for execution by those brokers, aggregate those transactions or orders with those of one or more of the Investment Advisor’s
other clients. The Investment Advisor will allocate aggregated orders on a fair and reasonable basis in accordance with all legal and
regulatory requirements and the Investment Advisor’s order allocation policy. Aggregation may, however, on some occasions operate
to the disadvantage of the Company.

 

		8.	Representations and Warranties of the Manager

 

	8.1	The Manager represents and
warrants that:

 

		(A)	it is validly existing and is duly empowered and authorised to execute, deliver and perform this Agreement and to give effect to the
transactions contemplated hereby;

 

		(B)	this Agreement is binding upon it and enforceable in accordance with its terms except insofar as enforcement may be limited by bankruptcy,
insolvency or other laws relating to or affecting enforcement of creditors’ rights or general principles of equity; and

 

		(C)	it has complied with and will continue to comply with all laws, rules and regulations or court and governmental orders by which it
is bound or to which it is subject in connection with the execution and performance of this Agreement.

 

		9.	Representations and Warranties of the Investment Advisor

 

	9.1	The Investment Advisor represents
and warrants that:

 

		(A)	it is validly existing, duly empowered and authorised to execute, deliver and perform this Agreement and to give effect to the transactions
contemplated hereby;

 

		(B)	this Agreement is binding upon it and enforceable in accordance with its terms except insofar as enforcement may be limited by bankruptcy,
insolvency or other laws relating to or affecting enforcement of creditors’ rights or general principles of equity; and

 

		(C)	it has complied with and will continue to comply with all laws, rules and regulations or court and governmental orders by which it
is bound or to which it is subject in connection with the execution and performance of this Agreement.

 

		10.	Manager’s Obligations

 

		10.1	The Manager will supply or procure the supply to the Investment Advisor of a copy of the Articles and
the Private Placement Memorandum and all other information as the Investment Advisor shall reasonably require to enable it to perform
its duties hereunder.

 

		11.	Restrictions and Requirements

 

		11.1	In carrying out its duties hereunder, the Investment Advisor shall comply
with all instructions of (i) the Manager and (ii) the Company; in connection therewith to the extent that such instructions are not inconsistent
with applicable law or regulation. Such instructions may be given by letter, fax or by email, in each case, signed by an Authorised Officer
or by telephone provided that telephone instructions shall be confirmed in writing by an Authorised Officer. The Investment Advisor shall
not be required to acknowledge the instructions howsoever such instructions may be received.

 

    6

     

    

 

		11.2	Any instruction or stipulation given to the Investment Advisor seeking to
amend or vary either the terms of this Agreement, which requires the prior agreement of the relevant parties, shall be disregarded by
the Investment Advisor and shall require the requisite prior agreement of the relevant parties.

 

		12.	Fees and Expenses

 

		12.1	The Manager shall pay to the Investment Advisor by way of remuneration for
its services hereunder such fees as may be agreed from time to time.

 

		12.2	Fees payable pursuant to Clause 12.1 shall be inclusive of any value added
tax payable in relation thereto which, if payable, shall be borne by the Investment Advisor.

 

		12.3	The Investment Advisor may, in its absolute discretion, from time to time
waive or rebate all or any part of its fees hereunder to any third party.

 

		12.4	The Manager shall reimburse to the Investment Advisor such expenses as are
agreed between the Manager and the Investment Advisor, but subject thereto, the Investment Advisor will be responsible for its expenses
under this Agreement and for the fees and expenses of any investment advisor appointed by it, or any person to whom functions and duties
are delegated under Clause 5 but for the avoidance of doubt not the fees of the Custodians, the Administrator, or any auditors, legal
advisors or counterparty appointed by the Company.

 

		12.5	The Investment Advisor will confirm (on behalf of the Manager) whether fee
calculations received from the Administrator are correct and notify the Administrator.

 

		13.	Limitation of Liability and Indemnity

 

		13.1	Save as provided in Clause 5.2 and subject to Clause 13.5 the Investment
Advisor shall not be liable in respect of any act or omission of any person, firm or company through whom transactions in Investments
are effected for the Company’s account, of the Custodians or any other party having custody or possession of the Company’s
assets from time to time, or of any clearance or settlement system.

 

		13.2	Save as provided in Clause 5.2 and subject to Clause 13.5, the Investment
Advisor shall not be liable for any loss howsoever arising except to the extent such loss is due to the Investment Advisor’s Gross
Negligence, wilful default or fraud. No warranty is given by the Investment Advisor as to the performance or profitability of the Portfolio
or any part of the Portfolio. Any such claim shall be brought only against the Investment Advisor and no claims in respect of this Agreement
will be brought personally against any other persons involved in the performance of this Agreement, whether actual or deemed agents of
the Investment Advisor or not.

 

		13.3	Notwithstanding anything to the contrary in this Agreement, the Investment
Advisor shall not be liable for any loss of profits, incidental, indirect or consequential losses or for exemplary or punitive damages.

 

		13.4	The Manager out of its own assets will indemnify and keep indemnified the
Investment Advisor and the members, officers and employees of the Investment Advisor (each an “Indemnified Person ”)
from and against any and all liabilities, obligations, losses, damages, suits and expenses which may be incurred by or asserted against
the Investment Advisor in its capacity as Investment Advisor of the Portfolio and against any other Indemnified Person other than those
resulting from the Gross Negligence, wilful default or fraud on the part of the Investment Advisor or that of an Indemnified Person.

 

    7

     

    

 

		13.5	Nothing in this Agreement shall exclude or restrict any duty or liability which the Investment Advisor
may have under applicable law or regulation.

 

		13.6	The parties hereto agree that each Indemnified Person shall be entitled pursuant to the Contracts (Rights
of Third Parties) Ordinance to enforce the terms of this Clause 13.

 

		14.	Resignation and Termination

 

		14.1	This Agreement shall continue and remain in force unless and until terminated
by a party giving to all other parties not less than 90 days’ written notice PROVIDED THAT this Agreement may be terminated forthwith
by notice in writing by a party (the “Notifying Party”), if any other party shall:

 

		(A)	commit any material breach of its obligations under this Agreement and if such breach is capable of being made good, shall fail to
make good such breach within 30 days of receipt of written notice from the Notifying Party requiring it so to do; or

 

		(B)	be liquidated or dissolved (except a voluntary liquidation or a voluntary dissolution for the purposes
of reconstruction or amalgamation upon terms previously approved in writing by the Notifying Party) or be unable to pay its debts as they
fall due or commit any act of bankruptcy under the laws of any jurisdiction to which that party may be subject or if a receiver is appointed
over any of its assets.

 

		14.2	Notwithstanding the foregoing provisions of this Clause 14, this Agreement will terminate automatically
upon the termination for whatever reason of the Investment Management Agreement.

 

	14.3	Notwithstanding the foregoing
provisions of this Clause 14 this Agreement may be terminated forthwith:

 

		(A)	if the Investment Advisor ceases to be appropriately authorised by the SFC;

 

		(B)	by the Investment Advisor giving written notice to the other parties hereto if the SFC requires the Investment Advisor to cease acting
as the Investment Advisor of Portfolio.

 

		14.4	On termination of this Agreement, the Investment Advisor shall be entitled to receive all fees and other
monies accrued due up to the date of such termination but shall not be entitled to compensation in respect of such termination.

 

		14.5	Termination of this Agreement shall be without prejudice to the completion of transactions already initiated.
Such transactions will be completed by the Investment Advisor as soon as practicable.

 

		14.6	Upon termination in accordance with this Clause 14, the rights and obligations of the parties under
this Agreement shall terminate and be of no future effect, except that Clauses 1, 13, 19, 29, 30 and 31 shall remain in full force and
effect.

 

		14.7	As soon as written notice has been served by the Notifying Party pursuant to Clause 14.1, the Investment
Advisor will ensure the orderly transfer, liquidation or closing out of all outstanding Investments at the date of such notice and no
further Investments shall be made.

 

    8

     

    

 

		15.	Conflicts of Interest

 

		15.1	The services of the Investment Advisor hereunder are not to be deemed exclusive.
Each of the Manager and the Company acknowledge that the Investment Advisor and its members, officers, employees or Associates may from
time to time act as investment adviser, manager, investment manager, director or dealer in relation to, or be otherwise involved in, funds
or accounts other than the Manager or the Company which have similar or different objectives to those of the Manager or the Company (including
investment funds and other vehicles which may invest, directly or indirectly, in the Company and/or in which the Company may invest, directly
or indirectly). The Manager further acknowledges that one or more Associates of the Investment Advisor and their members, directors, officers
or employees may from time to time act as an investment manager. It is, therefore, possible that any of them may, in the course of business,
have potential conflicts of interest with the Manager or the Company. Each will, at all times, have regard in such event to its obligations
to the Manager and the Company and will endeavour to ensure that such conflicts are resolved fairly.

 

		15.2	The Investment Advisor has a conflicts of interest policy which specifies
the procedures that it follows and the measures that it has adopted in order to identify such conflicts and to avoid or to manage and/or
disclose such conflicts in a way that ensures fair treatment for the Company.

 

		15.3	Subject always to the applicable rules and regulations, the Investment Advisor
or any of its Associates or any person connected with the Investment Advisor may invest in, directly or indirectly, or manage or advise
other investment funds or accounts which invest in assets which may also be purchased or sold by the Manager or the Company. None of the
Investment Advisor, any of its Associates or any person connected with them is under any obligation to offer investment opportunities
of which any of them becomes aware to the Manager or the Company or to account to the Manager or the Company in respect of (or share with
the Manager or the Company or inform the Manager or the Company of) any such transaction or any benefit received by any of them from any
such transaction, but will allocate such opportunities on an equitable basis between the Company and other clients.

 

		15.4	Subject always to the applicable rules and regulations, the Investment Advisor
will not, and will procure that any Associate of the Investment Advisor will not, deal as principal or agent with the Company except where
dealings are carried out as if effected on normal commercial terms negotiated on an arm’s length basis and provided also that:

 

		(A)	the Investment Advisor and any of its Associates may buy, hold and deal in any Investments upon its individual
account notwithstanding that similar Investments may be held by the Manager or the Company and without prior reference to the Manager
or the Company; and

 

		(B)	nothing herein contained shall prevent the Investment Advisor or any of its Associates, whether as principal
or agent without prior reference to the Manager or the Company from contracting or entering into any financial or other transaction with
any member, partner and/or director of the Manager or the Company, or with any company or body any of whose shares or securities are held
by or for the account of the Investment Advisor, the Manager or the Company or from being interested in any such contract or transaction.

 

		15.5	For the avoidance of doubt, the Investment Advisor and any of its members, officers, employees or their
related entities may invest in the Company through the direct or indirect acquisition of Shares.

 

    9

     

    

 

	15.6	The parties hereto acknowledge
that:

 

		(A)	directors, members, officers, agents and shareholders of the Manager and/or the Company are or may be
interested in the Investment Advisor as members, officers, employees or otherwise, and that members, directors, officers, and agents of
the Investment Advisor and its Associates are or may be interested in the Manager or the Company as directors, officers, members, shareholders
or otherwise;

 

		(B)	no person so interested shall be liable to account for any benefit to the other parties by reason solely of such interest; and

 

		(C)	the services being supplied by the Investment Advisor or any of its Associates hereunder or otherwise
may at the option of the Investment Advisor or such Associate be supplied through directors, officers, members, shareholders, employees
or agents who are so interested.

 

		16.	Complaints

 

		16.1	The Investment Advisor has in operation a written procedure for the effective consideration and proper
handling of complaints from customers.

 

	16.2	Any complaints received should
be referred to the compliance officer of the Investment Advisor.

 

		17.	Market Rules

 

		17.1	All transactions in Investments shall be subject to the rules and customs
of the exchange or market and/or any clearing house through which the transactions are executed (if any), so far as they are applicable,
and to any applicable law, rules or regulations. If there is any conflict between this Agreement and any such rules, customs or applicable
law, the latter shall prevail.

 

		18.	No License

 

	18.1	Each of the parties hereto
acknowledge for the benefit of each other that:

 

		(A)	no provision of this Agreement grants either of them any rights, except as contained herein, in any intellectual property belonging
to or developed by the other party; and

 

		(B)	this Agreement does not constitute a license in respect of any such intellectual property.

 

		19.	Confidentiality

 

		19.1	The parties shall at all times respect and protect the confidentiality of
information acquired in consequence of this Agreement except pursuant to any right or obligation to or by which the relevant party may
be entitled or bound to disclose information or under compulsion of law or pursuant to the requirements of competent regulatory authorities.

 

Nothing in this Clause 19 shall prevent
the disclosure of information by any party to its auditors, legal or other professional advisers in the proper performance of their duties.
In addition, the Manager hereby authorizes the Investment Advisor and any delegate appointed pursuant to Clause 5.1 to make available
such information as may be required by any applicable law or regulation to and any regulatory authorities and to any trade repository
or counterparty.

 

		19.2	The Investment Advisor acknowledges that the Manager and the Company, in conducting its activities,
will be required to disclose certain information (including portfolio information and documentation) to certain advisors and third parties
including:

 

		(A)	the Administrator;

 

    10

     

    

 

		(B)	the existing investors of the Company; and

 

		(C)	the potential investors of the Company to the extent that the information to be disclosed pertains to
the gross and net exposure numbers, liquidity and risk profiles and past performance of the relevant Company and that no information pertaining
to individual investment positions shall be disclosed without the prior consent by the Investment Advisor.

 

In relation to the above, the Company
has agreed under the Investment Management Agreement to take all reasonable measures necessary to ensure that such information remains
confidential between the parties concerned and that no such information is used for activities competing with the trading activities of
the Manager or the Investment Advisor.

 

		19.3	Neither the Investment Advisor nor any of their principals, employees, affiliates
or agents shall use, publish, circulate or distribute any material in relation to the Company nor shall any of the foregoing parties engage
in any marketing, sales or promotional activities in connection with the offering of shares in the Company.

 

		19.4	None of the parties hereto shall do or commit any act, matter or thing which
would or might prejudice or bring into disrepute in any manner the business or reputation of another party or any director or partner
of such party.

 

		20.	Notices

 

	20.1	For the purposes of this clause,
but subject to Clause 20.2 and20.3, notice includes any other communication.

 

		20.2	Any notice given hereunder shall be in writing and may be delivered by hand,
or sent by fax, email or by pre-paid airmail, courier or first class post (or analogous service provided by a licensed postal operator)
as appropriate to the registered office or principal place of business, fax number or email address provided by the party to whom it is
addressed or to such other address, fax number or email address as may from time to time be notified to each other party to this Agreement.

 

Notices given by pre-aid airmail,
courier or post as appropriate shall be deemed to have been given seven days after sending or delivery to the courier, as appropriate.
Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence that the notice has been sent
by post or pre-paid airmail. Evidence that the fax was duly dispatched to the current fax number of the addressee shall be conclusive
evidence that the notice has been delivered. Evidence that a notice sent by courier was properly addressed and delivered to the courier
shall be conclusive evidence that the notice has been sent. Notices given by hand or fax shall be deemed to have been given when delivered.
Notices given by email shall be deemed to have been given when actually received in readable form.

 

	20.3	For the purposes of notices
provided under this Agreement, the parties shall use the following details unless notified to the contrary:

 

If to the Company:

 

Prestige Global Allocation Fund

4th Floor, Harbour Place

103 South Church Street

PO Box 10240

Grand Cayman

KY1-1002, Cayman Islands

	 	Phone:	+1 345 949 8599
	 	Fax:	+1 345 949 4451
	 	Email:	fund.admin@prestigefh.com

 

    11

     

    

 

If to the Manager:

 

Prestige Global Asset Management Limited

4th Floor, Harbour Place

103 South Church Street

PO Box 10240

KY1-1002, Cayman Islands

	 	Phone:	+1 345 949 8599
	 	Fax:	+1 345 949 4451
	 	Email:	fund.admin@prestigefh.com

 

If to the Investment Advisor:

 

Prestige Asset Management Limited

Suite 5102, Cheung Kong Center

2 Queen’s Road Central

Hong Kong

	 	Phone:	+852 2122 8599
	 	Fax:	+852 2122 8589
	 	Email:	fund.admin@prestigefh.com

 

If to the Administrator:

 

Prestige Global Allocation Fund

 

c/o Equinoxe Alternative Investment Services (Asia) Pte.
Limited

112 Robinson Road

#12-02

Singapore 068902

 

Attn: Liam McHugh/ Jenny Halim

	 	Tel No:	+65 6800 9701
	 	Fax No.	+ 65 6222 8407
	 	E-mail:	prestige@equinoxeais.com

 

		20.4	This Clause does not apply to the service of any proceedings or other documents in any legal action
or, where applicable, any arbitration or other method of dispute resolution.

 

		21.	Assignment

 

	21.1	This Agreement may not be assigned
by any party to this Agreement without the written consent of the others.

 

		22.	Amendments

 

	22.1	This Agreement may only be
amended by written agreement between the parties hereto.

 

    12

     

    

 

		23.	Reservation of Rights

 

		23.1	The rights, powers, privileges and remedies provided in this Agreement are cumulative and are not exclusive
of any rights, powers, privileges or remedies provided by law or otherwise.

 

		23.2	No failure to exercise nor any delay in exercising by either party to this Agreement of any right, power,
privilege or remedy under this Agreement shall impair or operate as a waiver thereof in whole or in part.

 

		23.3	No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent
any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

 

		24.	Whole Agreement

 

		24.1	This Agreement, together with any documents referred to in it, constitutes
the whole agreement between the parties relating to its subject matter and supersedes and extinguishes any prior drafts, agreements, undertakings,
representations, warranties and arrangements of any nature, whether in writing or oral, relating to such subject matter.

 

		25.	Severability

 

		25.1	If any provision of this Agreement shall be held to be illegal, void, invalid
or unenforceable under the laws of any jurisdiction, such provision shall be deemed to be deleted from this Agreement as if it had not
originally been contained in this Agreement and the legality, validity and enforceability of the remainder of this Agreement in that jurisdiction
shall not be affected, and the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction shall not
be affected. Notwithstanding the foregoing in the event of such deletion the parties shall negotiate in good faith in order to agree the
terms of a mutually acceptable and satisfactory alternative provision in place of the provision so deleted.

 

		26.	Force Majeure

 

		26.1	Neither party shall be responsible for any failure to perform its duties
hereunder if and for so long as such failure shall be caused by or directly or indirectly due to war, enemy action, the act or regulation
of any government or other competent authority, riot, civil commotion, terrorism, rebellion, storm, tempest, act of God, accident, fire,
lock-out, strike or other cause whether similar or not beyond the control of the relevant party, provided that the relevant party shall
use all reasonable efforts to minimize the effects of the same.

 

		27.	Counterparts

 

		27.1	This Agreement may be executed in any number of counterparts, which shall together constitute one Agreement.
Each party may enter into this Agreement by signing any such counterpart.

 

		28.	No Partnership

 

		28.1	Nothing in this Agreement shall constitute or be deemed to constitute any
partnership, joint venture or similar relationship between the parties hereto and/or any other person nor, except as expressly provided
in Clause 4, shall it constitute, or be deemed to constitute, any party the agent of the other party for any purpose.

 

    13

     

    

 

		29.	Contracts (Rights of Third Parties) Ordinance

 

29.1 No person other than the parties
to this Agreement and the Indemnified Persons solely for the purposes of Clause 13 shall have any rights under the Contracts (Rights of
Third Parties) Ordinance (Cap. 623) to enforce or copy the benefit of any provision of this Agreement

 

		30.	Governing Law

 

		30.1	This Agreement and any non-contractual obligations arising from or connected with it shall be governed
by Hong Kong law and this Agreement shall be construed in accordance with Hong Kong law.

 

		31.	Jurisdiction

 

		31.1	In relation to any legal action or proceedings arising out of or in connection
with this Agreement (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”),
each of the parties irrevocably submits to the non-exclusive jurisdiction of the Hong Kong courts and waives any objection to Proceedings
in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum.

 

[remainder of page left intentionally blank]

 

    14

     

    

 

IN WITNESS, whereof the parties hereto have caused this Investment
Advisory Agreement to be signed as of the day and year first above written

 

SIGNED BY /s/ SHI Hongtao

 

for and on behalf of

PRESTIGE GLOBAL ASSET MANAGEMENT LIMITED

 

SIGNED BY /s/ Leung Ka Yee Andrew

 

for and on behalf of

PRESTIGE ASSET MANAGEMENT LIMITED

 

 

15

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