Disclaimer

Important Note : The Gavekal Asian Opportunities UCITS Fund, the Gavekal Asian Growth Fund, the Gavekal China Fixed Income Fund, the Gavekal Global Asset Allocation UCITS Fund, and the Gavekal Asian Value Fund (the "Funds") are sub-funds of Gavekal UCITS Fund, an open-ended umbrella unit trust established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). The Gavekal Global Equities UCITS Fund is a subfund of Gavekal Multi-Fund PLC, an open-ended umbrella variable investment company established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). Gavekal Capital Limited has been appointed as investment adviser to the Gavekal UCITS Fund and the Gavekal Multi-Fund PLC. The distribution of the prospectuses relating to the Funds (each the "Prospectus") is restricted in certain jurisdictions and accordingly it is the responsibility of any person or persons wishing to make an application to invest therein to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.