Note on US persons

The Shares, the Warrants and any Shares that may be issued pursuant to the Warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation S under the US Securities Act and in this document. The Company and the New Master Fund have not been registered and will not register under the United States Investment Company Act of 1940, as amended (the "US Investment Company Act").

The Company may force a shareholder to sell or may repurchase any Securities sold in contravention of any of the prohibitions contained in this Admission Document. In addition, the Company may force a shareholder to sell or may repurchase the Securities of any investor at any time if, at the Directors' discretion, (a) they believe such sale or repurchase would be appropriate to protect the Company from a requirement to register as an Investment Company under the US Investment Company Act, from adverse tax consequences or from other adverse legal or regulatory consequences or (b) such sale or repurchase would be appropriate to avoid the Investment Manager’s being required to register as an Investment Adviser under the US Investment Advisers Act or (c) for purposes of the Investment Manager’s retaining the applicable exemption from certain disclosure, record keeping and reporting obligations claimed under the US Commodity Exchange Act. The Company also may refuse to register a transfer of Securities on the foregoing grounds. The Company also may require information from any investor.