Please be advised that this is a summary document which has been prepared by, and is issued by the Company’s investment manager, Ravenscroft Specialist Fund Management Limited (“Ravenscroft”), and not by the Company. This document has not been approved by the Company or by any regulatory authority or supervisory body. In particular, the Guernsey Financial Services Commission has not reviewed this document and does not accept any responsibility for the financial soundness or for the correctness of any of the statements made or opinions expressed in this document.

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, or Ravenscroft, wholly or partly owned subsidiaries of Ravenscroft or any of their respective directors, officers, partners, employees, agents or advisers or any other person (each a “Ravenscroft Associated Party”) as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise or for any other communication written or otherwise. In addition, in issuing this document, no Ravenscroft Associated Party undertakes any obligation to up-date or to correct any inaccuracies which may become apparent in it. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently.

This document is to provide summary information only and should not be relied upon for the purpose of investment decisions. Any decision to acquire shares in the Company should only be made on the basis of the Company’s listing document, other relevant information (including subsequent announcements by the Company) and appropriate investment advice.

This document is for information purposes only and does not constitute or form part of any offer or recommendation to buy, subscribe for or exchange any securities nor shall it or any part of it form the basis of or be relied on in connection with or act as any inducement to enter into any contract whatsoever. No reliance may be placed for any purpose whatsoever on the information in this document or on its completeness, accuracy or fairness. Potential investors are asked to consult the Company’s listing document and their tax, financial and legal advisers prior to making any investment decision relating to the acquisition of shares in the Company.

Company name: Bailiwick Investments Limited

Registered office address: Sarnina House, Le Truchot, St Peter Port, Guernsey, GY1 1GR

Place of Registration & Company Number: Guernsey, 49479