The Shares offered hereby are offered to prospective investors for whom such an investment would be considered suitable and would be lawful and who can afford an investment in an enterprise having the risks, objectives and prospects of the Fund.

The Fund's policies do not permit the sale of Shares to (i) an individual who is a citizen or resident of the United States (including the possessions and other areas subject to its jurisdiction (the "United States"), (ii) a corporation, partnership or other entity created or organized under the laws of or existing in the United States or any political subdivision thereof, or (iii) an estate or trust the income of which is subject to United States Federal Income Tax regardless of its source (a "U.S. Person"); or (iv) a person deemed resident in The Bahamas for Exchange Control Purposes (a "Bahamian Person). The Fund's policies also prohibit the sale of Shares to certain other persons, including any investor to whom such sale would be unlawful. The Fund has, and will exercise, the right to force the redemption of any Shares sold in contravention of these prohibitions. In addition, the Fund has, and will exercise, the right to involuntarily redeem any or all the Shares held by any investor, at any time, if in the Fund's opinion such redemption would be appropriate to protect the Fund from registration under the United States Securities Act 1933, the United States Investment Company Act of 1940 or the United Sates Employee Retirement Income Security Act of 1940 or any regulatory body wherever located, or adverse tax or other consequences.

The Fund has, and will exercise, the right to force the redemption of any Shares sold to an investor who has made a misrepresentation in his Subscription Agreement.

No invitation may be made to the public of The Bahamas to subscribe for the securities offered hereby.