DISCLAIMER:

Fairtree Capital (Pty) Ltd is a registered fund manager with the Financial Services Board. The partnerships managed by Fairtree Capital (Pty) Ltd are not regulated or approved financial services products in South Africa. Fairtree Capital (Pty) Ltd's registration with the Financial Services Board does not cover its management of such products. Past performance is no guarantee of future results. Current returns shown represent past returns and may not be indicative of future returns. The performance of the fund is dependent on the making of correct assessments of the price movements of individual securities and other investments. Financial markets have historically exhibited high levels of volatility and negative movements that have affected the price of all assets within a specific class. The fund's investments will thus be subject to market risk. Through financial gearing via the Long/ Short process, the fund may be leveraged. This will mean enhanced positive gains but conversely can mean magnified losses.

No taxation has been deducted in the computation of returns. The taxation treatment of returns is the investor's responsibility. All returns are disclosed net of performance fees. We believe the information displayed is accurate and reliable, but no warranty of accuracy or reliability is given and no responsibility arising in any way for errors and omissions (including by way of negligence) is accepted by Fairtree Capital (Pty) Ltd. This information is not intended to provide advice to, or take into account individual investors objectives, or circumstances. This material should not be construed to represent a solicitation to invest in the partnership and is disclosed for reporting purposes only.