Disclaimer


This is not an offer to sell, or solicitation of an offer to buy, an investment in the fund. The fund is defined as an "Unregulated Collective Investment Scheme" and the promotion of such schemes either within the UK or from the UK is severely restricted by statute. Consequently, this document is only made available to professional clients and eligible counterparties as defined by the Financial Conduct Authority and to persons falling within the exemptions listed in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. Units in the fund should only be purchased by persons with professional experience of participating in unregulated schemes and any other person who receives this document should not rely on it. Units are only offered on the basis of the Scheme Particulars, and any supplements thereto. There are certain risk factors which are peculiar to investing in the emerging market instruments in which the fund may invest. Investment in emerging markets carries a greater degree of risk, in particular the volatility of the markets and local custody and registration arrangements, which may be less developed than in more mature markets. Past performance is not necessarily a guide to the future. Market and exchange rate movements may cause the value of units, and the income from them, to go down as well as up, and the investor may not get back the amount originally invested. Investors are advised to seek independent professional advice on the implications of investing in the fund. Issued by Adelante Asset Management Ltd. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No. 04643643. Registered office: 4-8 Heddon Street, 4th Floor, London W1B 4BS