This document was issued in Finland by Gramont Capital Ltd. (the “Alternative Investment Fund Manager” or the “AIFM”), an alternative investment fund manager registered with the Finnish Financial Supervisory Authority.

This document is confidential and has been provided to you for information purposes only. This document (including but not limited to email and any attachment(s)) are confidential, protected by copyright and may be legally privileged or otherwise protected from disclosure. These are intended for the proper use of the intended recipient(s) only. If you are not the intended recipient(s), please telephone or email the sender and delete this message and any attachment(s) from your system; you must not copy this message or any attachment(s), disclose the contents to any other person or otherwise use it or any part of it in any form whatsoever.

It may not be published or distributed without the express written consent of the AIFM. This document is not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential information memorandum and the fund rules to an investor who meets the Fund’s eligibility and suitability requirements. Any investment decision should be made based solely upon the information contained in the Fund’s approved confidential information memorandum, the fund rules and subscription documents. This document may not be relied upon by you in evaluating the merits of investing in any financial instruments or investment product referred to herein.

In addition, any investor who subscribes, or proposes to subscribe, for an investment in the Fund must be able to bear the risks involved in such investment. Some or all alternative investment funds may not be suitable for certain investors. No assurance can be given that stated investment objectives will be achieved. Hedge fund investments are typically speculative and involve a substantial degree of risk. The Fund may be leveraged and engage in other speculative investment practices that may increase the risk of investment loss. An investor or prospective investor must realise that he or she could lose all or a substantial amount of his or her investment. For further information regarding the risk factors and conflicts of interest in respect of an investment in the Fund, an investor or prospective investor should refer to the Fund’s approved confidential information memorandum, the fund rules and subscription documents.

No representation or warranty is given with respect to the accuracy or completeness of this document, including the accuracy or sufficiency of any of the information or opinions herein. The AIFM on its own behalf and on behalf of its affiliates, partners and employees disclaims any and all liability relating to this document, including, without limitation, any express or implied representations or warranties for statements or errors contained in, or omissions from, this document.

The above information and figures are unaudited and may be subject to change. Past performance is not indicative of future results, and an individual investor might have experienced different results for the period in question had it withdrawn or contributed capital on an intra-year basis. Performance of the Fund may also be adjusted as disclosed in the confidential information memorandum of the Fund, for example, to account for the costs and benefits of hedging foreign currency exposure between investments in one currency and the operating currency of the Fund and allocations of the benefit of certain “new issues”. The information and analyses contained herein are not intended as tax, legal or investment advice.

The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves of, and comply with, any such restrictions. This document is not intended to be made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations.