The fund information in the pages of this website described as Hedge Funds, Property Funds and Commodity Fund (the 'Funds') relate to unregulated collective investment schemes, the promotion of which is restricted by Section 238 of the Financial Services and Markets Act 2000 (the 'Act'). Funds' information is only made available to persons under exemptions (see below) contained in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, and ii) under the Financial Services and Markets Act 2000 (Promotion of collective investment Schemes) (Exemptions) Order 2001 (as amended) or any other exemption to section 238 of the Act. Before entering the Funds' information pages, you are required to click the 'ACCEPT' button below. In doing so, you will be undertaking, warranting and representing to Fitzwilliam Asset Management Limited ('FAM') that you fall within one or more of the exemptions that permit you to view the information about the Funds. Access to the funds is personal to you and you are not permitted to distribute copies of the Funds information to any other person. Please note that FAM will be acting in reliance upon your undertaking, warranty and representation and you shall indemnify us and hold us harmless against all claims, liabilities, losses, damages, costs and expenses incurred or suffered by us by reason of any breach of such undertaking, warranty and representation.

The material contained on this website is provided for information purposes only and is subject to change without notice. This site does not allow visitors to make investments into any of the Funds. Investment into the Funds may only be made under the terms of the Offering Memorandum relative to each of the Funds. Nothing on the site should be construed as a solicitation, offer or invitation, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. This site may include investment related information, nothing on the site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy.

We do not give any advice or make any representations through the site as to whether any security or investment is suitable for you or will be profitable. Nothing contained in this site constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

Access to this site and any information on the site (including without limitation information related to the Funds) is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) it is prohibited to access the site or direct such information for any reason. If you are a person in a jurisdiction in which such prohibitions apply, you must not access this site. If you are a person located in any jurisdiction where there are restrictions on the type of person who may access information related to the Funds, then by clicking on the 'ACCEPT' button, you will be undertaking, warranting and representing to FAM that you are not causing FAM to breach any of those restrictions by your accessing of this site and the information about Funds on this site.

Distribution of shares or interests in the Funds may be restricted in other jurisdictions and you should satisfy yourself of investment, tax and other relevant requirements of the jurisdiction in which you are domiciled before making any investment. In particular, the Funds have not been registered under the United States Securities Act 1933 or the Investment Company Act 1940.

There are significant risks associated with an investment in the Funds. Full details of the risks are contained in the relevant Offering Memorandum of each of the Funds. The anticipated use of borrowing, leverage and/or derivative instructions and or the Funds' investments into other funds using borrowing, leverage and/or derivative instructions results in certain risks, some of which are described below.

Leveraged investments, by their nature, increase the potential loss to investors resulting from any depreciation in the value of such investments. Consequently, a relatively small price movement in a leveraged instrument may result in a substantial loss to any or all of the Funds.

The market in some of the Funds' investments may be relatively illiquid, bringing potential difficulties in acquiring, valuing and disposing of such investments. Proper information for determining their value or the risks to which they are exposed may also not be available. In the case of property Funds, the value of the investments is based on opinion and is subject to change.

The value of investments, as well as the income from them, may fall as well as rise and there can be no guarantee that investors will receive back the amount originally invested in any or all of the Funds. The past performance of any investment, investment strategy or investment style is not indicative of future performance.

Your acceptance of these terms includes your acceptance of FAM's general terms which are found in the important information section of this site.

Exemptions

1. A person authorised by the FSA to conduct regulated investment activities in the United Kingdom and a person in another member state of the EU similarly authorised by a local regulatory body equivalent to the FSA;
2. An existing participant in the Funds;
3. A government, local authority (whether in the United Kingdom or elsewhere) or an international organisation within the European Economic Area;
4. A central bank, or supranational organisation constituted by countries, central banks or national monetary authorities;
5. A body corporate whose shares are listed or admitted to trading on any European Economic Area exchange.
6. Any unregulated fund
7. Any body corporate which satisfies either of the following size requirements (i) it is a company which has more than 20 members (or is a subsidiary of a parent undertaking which has more than 20 members), and it has a called up share capital or net assets of not less than £500,000; or (ii) a company and it has a called up share capital or net assets of not less than £5 million;
8. Any unincorporated association or partnership which has net assets of not less than £5 million;
9. A trustee of a trust which has assets (before deducting the amount of its liabilities) of £10 million or more at any time during the year prior to accessing this part of the Site;
10. Any person whose ordinary activities involve him in participating in unregulated funds for the purposes of a business carried on by it, him or her.