Website terms of use

Legal and Regulatory notice

General

This website is issued by Galena Asset Management S.A.

Galena Asset Management S.A. (“Galena”) is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (“FINMA”). It is a société anonyme incorporated in Switzerland with its registered office at Rue de Jargonnant 1, 1207 Geneva, Switzerland. “Galena”, “Trafigura” and the associated logos are trade marks of Galena or one of its group companies.

Website Use

Access to the information on the website at www.galena-invest.com (the “Website”) is subject to the terms and conditions of use set out in this Legal and Regulatory Notice and to the Privacy Policy. By accessing the Website, you agree to these terms and conditions. If you do not accept this, you must leave the Website immediately. We may revise this notice at any time, without notice. You are advised to review these terms and conditions and the Privacy Policy on a regular basis as you will be deemed to have accepted variations if you continue to use the Website after they have been posted.

This Website is directed only at persons who are: (i) qualified investors as defined by Article 10(3) of the Swiss Act on Collective Investment Schemes of 23 June 2006 (CISA) and Article 6 of the Swiss Ordinance on Collective Investment Schemes (CISO); or (ii) are otherwise permitted to view the Website. The information provided in the Website is not directed to any United States person or any person in the United States, including any state there of or any of its territories or possessions.

The Funds managed or advised by Galena referred to in the Website have not been registered with the Swiss Financial Market Supervisory Authority FINMA. Accordingly, the Funds may not be distributed to non-qualified investors in or from Switzerland and the information related to the Funds contained in the Website may not be made available to non-qualified investors in or from Switzerland. The Funds may only be distributed and the content of the Website may only be accessible in or from Switzerland to, and be directed exclusively at, qualified investors (as defined in the CISA and its implementing ordinance).

An investment in funds managed or advised by Galena (the "Funds") should only be made by persons with professional experience of participating in such funds. Galena issues information in the Website on a confidential basis to a limited number of qualified investors for the purpose of providing information about investment in the Funds.

Information displayed on the Website contains material that may be interpreted by the relevant authorities in the country in which you are resident or from which you are viewing the Website as a financial promotion or an offer to purchase securities. Accordingly, the information on the Website is only intended to be viewed by persons who fall outside the scope of any law that seeks to regulate financial promotions in your country of residence or in the country in which the Website is being viewed.

Examples of such persons may be governmental agencies, persons sufficiently experienced in investment business to appreciate the risks associated with investment services promoted on the Website, large corporations and trusts and high net worth individuals. These examples are not country-specific, may not be relevant to the country in which the Website is being viewed and are provided for illustration purposes only. If you are uncertain about your position under the laws of your country of residence or the country in which the Website is being viewed, then you should consult your legal adviser.

Nothing on the Website constitutes an offer or invitation to acquire or sell any service or product referred to in the Website. Applications to invest in any Fund or product referred to in the Website must only be made on the basis of the specific documentation relating to that investment and the terms of such investment shall be solely as provided therein. Particular note should be taken of any risk warnings contained in such documentation.

Prohibited Uses

You are prohibited from posting or transmitting to or from the Website any material:

• which is threatening, defamatory, obscene, indecent, seditious, offensive, pornographic, abusive, liable to incite racial hatred, discriminatory, menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in breach of privacy or which may cause annoyance or inconvenience;
• for which you have not obtained all necessary licences and/or approvals;
• which constitutes or encourages conduct that would be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law of or infringe the rights of any third party, in any country in the world;
• which is technically harmful (including, without limitation, computer viruses, logic bombs, Trojan horses, worms, harmful components, corrupted data or other malicious software or harmful data).

You may not misuse the Website (including, without limitation, by hacking)

Galena shall fully co-operate with any law enforcement authorities or court order requesting or directing Galena to disclose the identity or locate anyone posting any material in breach of these requirements.

Licence

You are permitted to print and download extracts from the Website for your own use on the following basis:

• no documents or related graphics on the Website are modified in any way;
• no graphics on the Website are used separately from the corresponding text; and
• Galena’s copyright and trade mark notices and this permission notice appear in all copies

In particular, but without limitation, you must not use any part of the materials on the Website for commercial purposes without obtaining a licence to do so from us and/or our licensors.

Unless otherwise stated, the copyright and other intellectual property rights in all material on the Website (including without limitation photographs and graphical images) are owned by Galena or its licensors. For the purposes of these terms, any use of extracts from the Website other than in accordance with this section (Licence) for any purpose is prohibited. If you breach any of the terms, your permission to use the Website automatically terminates and you must immediately destroy any downloaded or printed extracts from the Website.

Subject to this section, no part of the Website may be reproduced or stored in any other website or included in any public or private electronic retrieval system or service without the prior written permission of Galena.

Any rights not expressly granted in these terms are reserved.

Disclaimer

While Galena endeavours to ensure that the information on the Website is correct, Galena does not warrant the accuracy and completeness of the material on the Website. Galena may make changes to the material on the Website, or to the products described in it, at any time without notice. The material on the Website may be out of date, and Galena makes no commitment to update such material.

In particular, but without prejudice to the generality of the above clause, commentary and other materials posted on the Website are not intended to amount to advice on which reliance should be placed.

The material on the Website is provided "as is", without any conditions, warranties or other terms of any kind. Accordingly, to the maximum extent permitted by law, Galena provides you with the Website on the basis that Galena excludes all representations, warranties, conditions and other terms (including, without limitation, the conditions implied by law of satisfactory quality, fitness for purpose and the use of reasonable care and skill) which, but for these Terms of Use, might have effect in relation to the Website.

The Website may include forward-looking statements that are based upon our current opinions, expectations and projections. Galena undertakes no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in any forward-looking statements.

Neither the FINMA nor any other regulatory body has approved or disapproved, passed on or endorsed, the merits of the securities issued by the Funds. The Website is not intended to provide specific investment advice or to make any recommendations about the suitability of any of the Funds for the circumstances of any particular user. Information on the website is provided on the understanding that you have sufficient knowledge and experience to understand the products and investments concerned.

Past performance is not a guide to the future. Prospective investors should be aware that the value of their investments and any income produced by them can fall as well as rise. Investment in the Funds carries the risk of potential loss of capital and investors may not get back the value of their original investment. Where an investment involves a foreign currency, it may be subject to fluctuations in value due to movements in exchange rates. Opportunities for redemption and transferability of interests in alternative investments are restricted so investors may not have access to capital when it is needed. There is no secondary market for interests in many alternative investments and none may develop. Alternative investments are designed only for sophisticated investors who are able to bear the economic risk of losing all of their investment. Alternative investments: (i) often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; (iv) may involve complex tax structures and delays in distributing important tax information; (v) are not subject to the same regulatory requirements as mutual funds; and (vi) often charge high fees.

Nothing on the Website constitutes investment, legal, tax or other advice. Prospective investors should evaluate any tax or legal consequences that may arise in their jurisdiction or otherwise impact on them. If you believe you need assistance in evaluating or understanding any tax, risk or investments issues, you should consult your professional adviser.

While Galena endeavours to ensure that the Website is normally available 24 hours a day, Galena shall not be liable if for any reason the Website is unavailable at any time or for any period.

Access to the Website may be suspended temporarily and without notice in the case of system failure, maintenance or repair or for reasons beyond Galena’s control.

You are responsible for making all arrangements necessary for you to have access to the Website. You are also responsible for ensuring that all persons who access the Website through your internet connection are aware of these terms, and that they comply with them.

Linking

Links to third party websites on the Website are provided solely for your convenience. If you use these links, you leave the Website. Galena has not necessarily reviewed all of these third party websites and does not control and is not responsible for these websites or their content or availability. Galena therefore does not endorse or make any representations about them, or any material found there, or any results that may be obtained from using them. If you decide to access any of the third party websites linked to the Website, you do so entirely at your own risk.

If you would like to link to the Website, you may only do so on the basis that you link to, but do not replicate, the home page of the Website, and subject to the following conditions:

• you do not remove, distort or otherwise alter the size or appearance of the Galena logo;
• you do not create a frame or any other browser or border environment around the Website;
• you do not in any way imply that Galena is endorsing or recommending any products or services other than its own;
• you do not misrepresent your relationship with Galena nor present any other false information about Galena;
• you do not otherwise use any Galena trade marks displayed on the Website without express written permission from Galena or its licensor;
• you do not link from a website that is not owned by you; and
• your website does not contain content that is distasteful, offensive or controversial, infringes any intellectual property rights or other rights of any other person or otherwise does not comply with all applicable laws and regulations.

Galena expressly reserves the right to revoke the right granted here for breach of these terms and to take any action it deems appropriate.

You shall fully indemnify Galena for any loss or damage suffered by Galena or any of its group companies for breach of these provisions.

Liability

Galena, its group companies, any other party (whether or not involved in creating, producing, maintaining or delivering the Website), and each of their officers, directors, employees, shareholders or agents of any of them, exclude all liability and responsibility for any amount or kind of loss or damage that may result to you or a third party (including without limitation, any direct, indirect, punitive or consequential loss or damages, or any loss of income, profits, goodwill, data, contracts, use of money, or loss or damages arising from or connected in any way to business interruption, and whether in tort (including without limitation negligence), contract or otherwise) in connection with the Website in any way or in connection with the use, inability to use or the results of use of the Website, any websites linked to the Website or the material on such websites, including but not limited to loss or damage due to viruses that may infect your computer equipment, software, data or other property on account of your access to, use of, or browsing the Website or your downloading of any material from the Website or any websites linked to the Website.

Nothing in these Terms of Use shall exclude or limit the liability of Galena or any other person for:

• death or personal injury caused by negligence;
• fraud; or
• misrepresentation as to a fundamental matter; or
• any liability which cannot be excluded or limited under applicable law.

This Legal and Regulatory Notice is governed and construed in accordance with English law.

The English courts will have non-exclusive jurisdiction over any claim arising from, or related to, a visit to the Website, although we retain the right to bring proceedings against you for breach of the terms in the Legal and Regulatory Notice in your country of residence or any other relevant country.