May 2021 AGF

Fortem Capital Alternative Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 28th May 2021

May was characterised by a raft of positive economic data as well as inflation numbers that really began to heat up. It was perhaps unsurprising that risk assets were more muted, albeit still positive, than their stellar returns in April. It may be now the case that there is a window of how good the data can be, without being too good, in order that it does not illicit a tightening response, or at least the perception of a possible tightening response, from policymakers. Thus far investors have been happy to accept the Fed’s prognosis of ‘transitory’ inflation, it remains to be seen if and when that may change.

Within the risk premia universe, it was a similarly muted but positive month on the whole. The commodity strategies, which suffered slightly as curves steepened into their 99th percentile of backwardation over the past 12m, began to see the benefit of the back end of the curves starting to catch up. There were also positive moves in the Fund’s Volatility Arbitrage strategies. Again, the Strong Balance sheet strategies were the major detractor, having been reduced, not helped by the re-emergence of the ‘meme stock’ trade.

The Fund increased by 0.13% over the month.

The Fund’s FX Congestion Strategy was sold in May. The significant moves seen at month end in currency markets, particularly the dollar, have overwhelmed the premia, and with central bank policy and economic data continuing to be so heavily in the spotlight this is likely to continue for some time.

A further FX Value strategy was added. The strategy attempts to monetise deviations of spot from fair value, as measured by OECD PPP, of the G10 currencies. The strategy simply takes long positions in those pairs that are undervalued and vice versa.

The Fund is flat for the year, a year in which risk assets of most kinds have been on an incredible run, and in which sovereign bonds remain negative on the whole. It retains convexity in trades that should payoff in severe turbulence, in both bond and equity markets, whenever that may occur.

Total Return 2021 May
UK 100 10.4% 1.1%
US 500 12.4% 0.7%
Europe 50 16.2% 3.1%
Japan 225 6.8% 1.2%
Hong Kong 50 8.0% 2.0%
US 2000 15.3% 0.2%
Swiss 30 9.7% 3.9%
BCOM 18.9% 2.8%
US Treasury -2.3% 0.3%
FTSE EPRA 11.2% 1.7%
PGF 5.2% 0.7%
AGF 0.0% 0.1%
Real Estate 10.8% 2.8%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Alternative Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

May 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 28th May 2021

May was characterised by a raft of positive economic data, but with a slightly more muted response from risk assets compared with the previous month. It may be the case that after such a strong start to the year, risk assets were due to pause for breath, but it is likely that they might need good data, without being so good that it forces central bank hands with regards to accommodative policy. European markets performed best as the pace of vaccinations increased, restrictions started to be eased, and PMIs recovered. Hard data is now suggesting marked inflationary pressures, bond markets have been sanguine for the time being, but the effects would need to indeed turn out to be transitory for this to continue in all likelihood.

Against the positive backdrop in May the Fund increased by 0.7%. There were positive contributions across most of the greeks, led by delta and theta, and further supported by vega due to the fall in volatility over the month. Two new positions were added to the Core Portfolio in May, both with UK & European underlying indices.

The Diversifier Portfolio was positive over the month, buoyed in particular by the commodity strategies. Once more, the rates volatility strategies were the laggard as bond markets continue to look through the data for the time being.

The Fund retains a large level of protection, with cover to capital 41.6% and cover to growth 39.9% on average, and still retains the ability to outperform equity markets in multiple scenarios, as shown on the projected Fund performance on page 2 of the factsheet.

Total Return 2021 May
UK 100 10.4% 1.1%
US 500 12.4% 0.7%
Europe 50 16.2% 3.1%
Japan 225 6.8% 1.2%
Hong Kong 50 8.0% 2.0%
US 2000 15.3% 0.2%
Swiss 30 9.7% 3.9%
BCOM 18.9% 2.8%
US Treasury -2.3% 0.3%
FTSE EPRA 11.2% 1.7%
PGF 5.2% 0.7%
AGF 0.0% 0.1%
Real Estate 10.8% 2.8%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

April 2021 AGF

Fortem Capital Alternative Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th April 2021

April was another very strong month for risk assets as markets  continue to ‘follow the data’.  Developed market equities were particularly strong, returning 4.7%. Possibly more of note  was the breather in the rotation from growth into value in April, which could be seen as slightly counterintuitive given the strength of data over the month, both in terms of economies, but also the continued improvement in vaccine rollouts. It is likely over the next few months that economic data will look stellar, and whether this causes a further ‘data-tantrum’ in bond markets will largely depend how ‘transitory’ the building inflationary pressures are.

Against the positive backdrop in April the Fund was down 0.26%.

Just as the sector rotation and inflation narrative took a breather and reversed slightly, so did the Fund’s rates strategies, namely Rates Long Volatility and Rates Curve, which were the  most significant detractors.

However, while the overall narrative shifted slightly, commodity markets took no notice as curves continued to steepen into backwardation on a combination of supply side issues and continued demand for goods in the absence of consumers being able to spend regularly on services. This led to the Fund’s Commodity Curve strategies also suffering. However, commodity curves’ natural home resides in contango, hence why the premia itself exists, and those strategies are beneficiaries of the move back, as and when it occurs. Historically when curves have been this backwardated, the prognosis for the premia has been very good.

The Fund has been relatively flat thus far this year in a severely risk on environment in which a number of premia, in particular commodity based and Equity Quality, have struggled in the face of strong reflationary growth. As the initial re-opening risk-on environment matures into something more sustained, or not, a number of premia are beginning to look  interesting once more and the portfolio is well positioned to benefit going forward, while still retaining some defensive convexity against significant market stress such as that experienced last year.

Total Return 2021 Apr
UK 100 9.3% 4.1%
US 500 11.7% 5.3%
Europe 50 12.7% 1.8%
Japan 225 5.5% -1.3%
Hong Kong 50 6.2% 1.3%
US 2000 15.1% 2.1%
BCOM 15.8% 8.3%
US Treasury -2.6% 0.8%
FTSE EPRA 9.3% 6.1%
PGF 4.5% 1.2%
AGF -0.1% -0.3%
Real Estate 7.8% 5.7%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

April 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th April 2021

April was another very strong month for risk assets as markets continue to ‘follow the data.’ Developed market equities were particularly strong, returning 4.7%. Possibly more of note was the breather in the rotation from growth into value in April, which could be seen as slightly counterintuitive given the strength of data over the month, both in terms of economies, but also the continued improvement in vaccine rollouts. It is likely over the next few months that economic data will look stellar, and whether this causes a further ‘data-tantrum’ in bond markets will largely depend how ‘transitory’ the building inflationary pressures are.

Against the positive backdrop in April the Fund increased by 1.2%. As one would expect, increases in the underlying equity indices to which the Fund is exposed were the main contributor, with positive contributions also from theta (time) and vega (volatility).

The Diversifier Portfolio was flat for the month. As the rotation out of growth into value reversed slightly in April, so too did the Diversifier contributions compared to Q1. Whereas previously the Fund’s Rates Volatility strategies were the best performers, April saw them lag, while Equity Quality, the worst performer for much of the year thus far, was the biggest contributor.

The Fund’s level of protection continues to grow, and it still retains the ability to outperform equity markets in multiple scenarios, as shown on the projected Fund performance on page 2 of the factsheet.

Total Return 2021 Apr
UK 100 9.3% 4.1%
US 500 11.7% 5.3%
Europe 50 12.7% 1.8%
Japan 225 5.5% -1.3%
Hong Kong 50 6.2% 1.3%
US 2000 15.1% 2.1%
BCOM 15.8% 8.3%
US Treasury -2.6% 0.8%
FTSE EPRA 9.3% 6.1%
PGF 4.5% 1.2%
AGF -0.1% -0.3%
Real Estate 7.8% 5.7%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

March 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 31st March 2021

After the turbulence at the end of February, equities enjoyed a very strong March as hopes grew over vaccine distributions, re-openings, and global economic growth in general, with many forecasting a robust recovery into H2.

However, it was again bond markets that bore the brunt of the prospect of more robust growth bringing an end finally to the goldilocks environment of low inflation, unending stimulus and ZIRP. The Fund increased by 3.7% over the month.

Within the Core Portfolio, the fall in volatility over the month was the biggest contributor, adding 1.7%, while the rise in the underlying equity indices to which the Fund is exposed added a further 1.3%. The other significant contributor was theta (the passage of time).

The Diversifier Portfolio was flat for the month. The Fund’s most defensive position, which is effectively long credit spreads, suffered as would be expected while the Core Portfolio performs particularly well. Elsewhere, US equity quality was a detractor, while European equity quality performed well. Rates curve and rates volatility strategies continued to perform well as they have thus far this year.

Compared to February, it would seem that investors are happy to take on equity risk in light of more positive data, but have become increasingly wary of longer dated bonds. The Fund’s average distance to barriers continue to increase as the underlying equity indices do, leaving a high level of protection at these levels, and attractive expected returns, even if markets were to be rangebound from here, as shown on the mark-to-market grid overleaf.

Total Return 2021 Mar
UK 100 5.0% 4.2%
US 500 6.1% 4.3%
Europe 50 10.7% 7.9%
Japan 225 6.9% 1.2%
Hong Kong 50 4.6% -1.8%
US 2000 12.7% 1.0%
     
PGF 3.3% 3.7%
     

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."