Home Philosophy Investment Approach Investors Contact Us Disclaimer Website Terms of Use About Lancaster Investment Management LLP www.lancasterim.co.uk ("this Website") is a website operated by Lancaster Investment Management LLP ("Lancaster") and the information on this Website is issued by Lancaster both inside and outside the United Kingdom. Lancaster is registered in England and Wales as a limited liability partnership with registered number OC330805 and has its registered office at 4th Floor, 60 Charlotte Street, London, W1T 2NU. Lancaster is authorised and regulated by the Financial Conduct Authority (the "FCA") and is registered as an investment adviser with the US Securities and Exchange Commission (the "SEC"). Investment Information The distribution of the information contained in this Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. This information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors should inform themselves as to applicable legal requirements, exchange control regulations and taxes in the countries of their citizenship, residence or domicile. Risk Factors Past performance is not a reliable indicator of future results. The value of investments and the income therefrom may go down as well as up and investors may not get back the original amount invested. You are not guaranteed to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefore to rise and fall. This Website is published solely for informational purposes and has no regard to the specific investment objectives, financial situation or particular needs of any person. Information contained herein is believed to be reliable but no warranty is given as to its accuracy or completeness and views and opinions, whilst given in good faith, are subject to change without notice. Opinions expressed are our present opinions only, reflecting prevailing market conditions and certain assumptions (which may not prove to be valid), and are subject to change. The information contained in this Website is not intended to constitute, and should not be construed as, investment advice. Potential investors in the funds that are described, or referred to, in this Website should seek their own independent financial advice. Lancaster neither provides investment advice to, nor receives and transmits orders from, investors in the funds described, or referred to, in this Website nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the Handbook of Rules and Guidance issued from time to time by the FCA (the "FCA Rules"). If you choose to invest in any fund described or referred to in this Website, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. Sales Restrictions The information contained in this Website relates to investment funds which are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000. The promotion of these funds, the distribution of offering materials and access to this Website is accordingly restricted by law. The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Lancaster or its affiliates to any registration requirement within such jurisdiction or country. This information on this Website is issued inside and outside the United Kingdom by Lancaster Investment Management LLP (which is authorised and regulated by the FCA and is registered as an investment adviser with the SEC) and is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA Rules. The investments and investment services to which this Website relates are only available to such persons and other persons should not act or rely on any of the information on this Website. In particular, any investment or investment service to which this Website relates is not intended for persons who are retail clients and will not be made available to retail clients. By accessing this Website beyond this point you confirm your status as a professional client or eligible counterparty (as defined in the FCA Rules) and you warrant as such. This Website and the information contained in it constitutes a financial promotion for the purposes of the Act and the FCA Rules. An application for shares in any of the investment funds referred to on this Website should only be made having read fully the relevant Prospectus or Offering Memorandum. It is your responsibility to read such Prospectus or Offering Memorandum and by making an application you will be deemed to represent that you have read such Prospectus or Offering Memorandum and agree to be bound by its contents. US Persons As required by the SEC, this Website may only be accessed by existing and prospective investors in investment funds managed by Lancaster who, among other requirements, are qualified as accredited investors, within the meaning of Regulation D under the US Securities Act of 1933, as amended or who generally are sophisticated in financial matters such that they are capable of evaluating the merits and risks of prospective investments and with whom Lancaster or the funds it manages has a substantive pre-existing relationship. Lancaster is registered as an investment adviser with the SEC. Your Use of this Website This legal notice sets out the terms on which you may make use of this Website, whether as a guest or a registered user, and apply to every page on this Website, whether or not such pages are individually disclaimed. Please read these terms carefully before you start to use the Website. By using this Website, you have indicated that you accept these terms and that you agree to abide by them. If you do not agree to these terms, please refrain from using this Website. You must NOT use this Website (or permit or procure others to use it) as follows: for any unlawful, improper or illegal purpose or activity; to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason; in a manner intended to threaten, harass, or intimidate; to violate Lancaster's or any third party's copyright, trademark, proprietary or other intellectual property rights; to damage Lancaster's name or reputation or that of our affiliated companies or any third parties; to impersonate any of our employees or other person or use a false name while using this Website or implying an association with us; to penetrate our security measures or other entities' systems ("hacking"); to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website; to generate excessive amounts of internet traffic, to interfere with our network or other's use of this Website or to engage in activities designed to or having the effect of degrading or denying service to users of this Website or others; to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items; to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or to transmit confidential or proprietary information, except solely at your own risk. When using this Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this Website in certain countries and we and our affiliated companies disclaim all responsibility if you download any information from this Website in breach of any law or regulation of the country in which you reside. User Identification Code You will be provided with a user identification code and password to access this Website. You must treat this information as confidential and you must not disclose it to any third party or allow any third party to access this Website using your user code or password. You agree to notify Lancaster immediately if you suspect unauthorised use of this Website or of your user identification code or password. Termination and Suspension of Access to this Website Lancaster reserves the right to deny you access to this Website, or immediately to suspend or terminate your access to this Website, or to disable any user identification code or password (whether chosen by you or allocated by us) at any time if your use of this Website (in our sole discretion) in any manner breaches these terms or for any other reason. Intellectual Property Rights The entire contents of this Website are subject to copyright with all rights reserved. You may download or print individual sections of this Website for your personal use and information only provided that you retain all copyright and other proprietary notices. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose this Website without the prior written permission of Lancaster. You must not transmit any virus, "worm", "Trojan horse", or other item of a destructive nature to this Website and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items. Nothing on this Website should be construed as granting any licence or right in relation to any of our trademarks or those of our affiliated companies or any third party. Liability for Use of this Website Access to this Website is permitted on a temporary basis and we reserve the right to withdraw or amend the service we provide on this Website without notice. We do not accept any liability if, for any reason, this Website is unavailable at any time or for any period. The materials and information displayed on this Website are provided without any guarantees, conditions or warranties as to accuracy or completeness and are not intended to amount to advice. We disclaim all liability and responsibility arising from any reliance placed on such materials and information by any visitor to this Website, or by anyone who may be informed of any of its contents. The information, except as otherwise stated, on this Website has been prepared, approved and issued by us and the information and opinions contained in this Website have been compiled, or arrived at, in good faith and on the basis of publicly available information, internally developed data and sources believed to be reliable as at the date of publication. However, to the extent permitted by law, we, our affiliated companies and other third parties connected to us hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect or consequential loss or damage of any kind incurred by any user in connection with this Website or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of this Website or any websites linked to it or materials posted on it. This does not affect our liability for any loss or damage which cannot be excluded or limited under applicable law. The internet is not a completely reliable transmission medium and neither we nor any of our affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from us or any of our affiliated companies. Any such transmission of information is entirely at your own risk. Where this Website contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources and neither we nor any of our affiliated companies make any representation as to the accuracy or completeness of such sites or resources and have not and will not review or update them. Neither we nor any of our affiliated companies accept any responsibility for sites and resources provided by third parties or for any loss or damage that may arise from your use of them. You undertake to indemnify and hold Lancaster harmless from and against all or any claims, actions, liabilities, demands, proceedings or judgments ("Proceedings") brought or established against Lancaster and against all losses and all reasonable costs, charges and expenses (including legal fees) which Lancaster may suffer or incur (including, but not limited to, all such losses, costs, charges or expenses reasonably suffered or incurred in disputing or defending any Proceedings and/or in establishing its right to be indemnified and/or in seeking advice in relation to any Proceedings) and which in any such case arise in connection with or out of any breach or alleged breach by you of any of your obligations and/or undertakings under these terms. This does not exclude or restrict any duty or liability that we have to our customers under the regulatory system in the United Kingdom and in the United States. Law and Variation This Website is established in England by Lancaster in accordance with and shall be governed by, and your browsing in and use of this Website shall be deemed acceptance of, the laws of England and Wales. A condition of using this Website is that in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the English Courts and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum. Lancaster may revise this legal notice at any time by amending this page. You are expected to check this page from time to time to take notice of any changes Lancaster makes, as they are binding on you. Each time you use this Website, a condition of use is that you comply with the above terms. Lancaster Investment Management LLP 4th Floor, 60 Charlotte Street, London, W1T 2NU © Lancaster Investment Management LLP 2011. Lancaster Investment Management LLP is registered in England No. OC330805. Authorised and regulated in the UK by the Financial Conduct Authority and registered as an investment adviser with the US Securities and Exchange Commission. Disclaimer Privacy Accessibility Pillar 3 Disclosure Stewardship Code LANCASTER INVESTMENT MANAGEMENT LLP IS REGISTERED IN ENGLAND NUMBER OC330805 AND IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY