Disclaimer | Excel Investment HK

GENERAL DISCLAIMER

This website is operated by Excel Investment (HK) Limited ("Excel Investment"). Excel Investment is regulated and licensed by the Hong Kong Securities and Futures Commission ("SFC") under CE number BDL403 for the Regulated Activity of Asset Management. This website is intended only for Professional Investors as defined pursuant to the Securities and Futures Ordinance and its subsidiary legislation and is not intended for, and should not be used by, persons who are not Professional Investors.

Excel Investment is registered with the U.S. Securities and Exchange Commission as an Exempt Investment Adviser.

This website is not directed to any person in any jurisdiction where (for any reason) the publication or availability of this website is prohibited, and persons in respect of whom such prohibitions apply must not access this website.

Excel Investment does not provide investment advisory services to the public and nothing contained herein should be construed as an offer of such services.

NO OFFER OF INVESTMENT ADVICE OR SECURITIES

This site is for information purposes only. Nothing on this website should be construed as an offer to sell or a solicitation of an offer to buy any security or to participate in any trading strategy or other transaction. None of the information contained in this website is intended as financial, investment or professional advice and should not be taken as such by any party receiving it or obtaining it through any means.

NO WARRANTY

The content in this website is based on sources which Excel Investment believes to be reliable, and provided on an "as is" and "as available" basis, without any representation, warranty or condition of any kind, whether expressed or implied, and including without limitation implied representations, warranties or conditions of title, non-infringement, merchantability, fitness for a particular purpose, performance, durability, availability, timeliness, accuracy, or completeness, all of which are hereby disclaimed by Excel Investment to the fullest extent permitted by law. All information contained in this website is subject to change without notice.

Excel Investment will not under any circumstance be liable to you or any other person in any way for any loss or damages (direct, indirect, special, economic, incidental, consequential, punitive or exemplary, including without limitation loss of revenue, data, anticipated profits or lost business) in respect of the use of, or inability to use, this website, any of its content or links (including without limitation any inaccuracies or viruses), or any Web browser or other equipment.

The contents and materials on this website may not be modified, distributed, posted or transmitted without the prior written consent of Excel Investment. Visitors to this website may print out portions of the website of interest to them, for their own private use only. Copyright notices and other identifying information should not be removed from such printouts. Website contents may not be reproduced in any manner for any other purpose. The Excel Investment logo and other trademarks and service marks referenced herein are trademarks and service marks of Excel Investment unless otherwise specified. The names of other companies and third-party products or services mentioned herein may be the trademarks or service marks of their respective owners. You are prohibited from using any marks for any purpose including, but not limited to use as metatags on other pages or sites on the World Wide Web without the written permission of Excel Investment or such third party, which may own the marks.

LINKS TO OTHER WEBSITES

Excel Investment may establish links between this website and one or more websites operated by third parties. Excel Investment has no control over any such other websites, the contents therein or the products/services offered. The existence of any such links shall not constitute an endorsement of or representation or warranty by Excel Investment regarding such websites, the contents of the websites, the products or services of the websites or the operators of the websites. Your access to and use of such linked websites is governed by the terms of use and privacy policies of those sites, and shall be at your own risk. Excel Investment disclaims responsibility for the privacy policies and customer information practices of third-party internet websites hyperlinked from this website.

IMPORTANT DISCLOSURES - GENERAL

This material (the "Material") is intended only for Professional Investors as defined pursuant to the Securities and Futures Ordinance and its subsidiary legislation and is not intended for, and should not be used by, persons who are not Professional Investors. The Material is not directed to any person in any jurisdiction where (for any reason) the publication or availability of its contents is prohibited, and persons in respect of whom such prohibitions apply must not receive this Material. Excel Investment (HK) Limited ("Excel Investment") is licensed by the Securities and Futures Commission of Hong Kong with CE number BDL403for the Regulated Activity of Asset Management for Professional Investors only. Excel Investment does not provide investment advisory services to the public and nothing contained herein should be construed as an offer of such services.

The Material is delivered solely as reference material with respect to Excel Alta Capital Master Fund, and its feeder fund(s) (collectively, the "Funds"), and the description set forth herein is a summary of certain terms and is not intended to be complete. The definitive terms are set forth in the offering memorandum pertaining to the Fund (the "Confidential Private Placement Memorandum"). Please carefully review the Confidential Private Placement Memorandum and any supplements thereto for a complete description of all information regarding the Fund prior to making an investment decision.

Any information in relation to the Funds are delivered solely as reference material, and the description set forth therein is a summary of certain terms and is not intended to be complete. The definitive terms pertaining to the Funds are set forth in the offering memorandums pertaining to the Funds (the "Confidential Private Placement Memorandum"). Please carefully review the Confidential Private Placement Memorandum and any supplements thereto for a complete description of all information regarding the Funds prior to making an investment decision. The Funds are regulated by the Cayman Island Monetary Authority and are not regulated by, supervised by or authorised by any other regulatory or supervisory body. Any securities issued by any of the Funds have not been registered nor are they intended to be registered in any jurisdiction. The Information may not be used for or in connection with a public offering in any jurisdiction.

The Material is for your information only. It does not constitute an offer to sell or a solicitation of an offer to buy any securities relating to the Funds. Any such offering will be made only in accordance with the terms and conditions set forth in the Confidential Private Placement Memorandum. No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the Confidential Private Placement Memorandum and, if given or made, such other information or representation, warranty, statement or assurance may not be relied upon.

An investment in the Funds involves a high degree of risk, including the risk that the entire amount invested may be lost. The Excel Alta Capital Master Fund will engage in short selling. A short sale creates risk of a theoretically unlimited loss. These risks may be amplified by the use of leverage. The Fund's portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Prior to investing, investors are strongly urged to review the Confidential Private Placement Memorandum (including the risk considerations described therein), the subscription agreement and all related Fund documents, to ask such additional questions of Excel Investment as they deem appropriate, and to discuss any prospective investment in the Fund with their legal and tax advisers. Past performance is not necessarily indicative of future results, which may vary. The value of the Fund and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur.

The Material is based upon information that is believed to be reliable. However, there is no representation as to its accuracy, completeness, or fairness. Excel Investment expressly disclaims any liability relating to the Material including any expressed or implied representations or warranties for statements or errors in, or omissions therefrom. Opinions and information are subject to change without notice. Certain assumptions may have been made in the preparation of the Material which are not disclosed; changes in these assumptions may have a material impact upon the information identified therein.

IMPORTANT DISCLOSURES – SPECIFIC JURISDICTIONS

FOR INVESTORS LOCATED IN HONG KONG, the Fund has not been authorized by the Hong Kong Securities and Futures Commission nor been delivered for registration to the Registrar of Companies in Hong Kong. Accordingly, no person may issue, or have in its possession for the purpose of issue, any invitation, advertisement or other document relating to the shares of the Fund whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of the Fund which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder.

In addition, the shares of the Fund described in the Material may not be offered or sold in Hong Kong by means of any document other than in other circumstances which do not result in such document being a "prospectus" as defined in the Companies Ordinance (Cap. 32 of the Laws of Hong Kong) or which do not constitute an offer to the public within the meaning of the Companies Ordinance.

Warning - the contents of the offering document of the Fund described in this Material have not been reviewed by any regulatory authority in Hong Kong. Prospective investors are advised to exercise caution in relation to the offer. If investors are in any doubt about any of the contents of the offering document of the Fund, investors should obtain independent professional advice.

FOR INVESTORS LOCATED IN SINGAPORE, the Fund is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are not allowed to be offered to the Singapore retail public. This Material is not a prospectus as defined in the Securities and Futures Act, Cap. 289 of Singapore (the "SFA") and accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply.

This Material has not been registered as a prospectus by the MAS, and the offer of the shares of the Fund ("Shares") is made pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, the Shares may not be offered or sold, nor may the Shares be the subject of an invitation for subscription or purchase, nor may this Material or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Share be circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.

Where the Shares are acquired by persons who are relevant persons specified in Section 305A of the SFA, namely: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, the shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except: (1) to an institutional investor or to a relevant person as defined in Section 305(5) of the SFA, or which arises from an offer referred to in Section 275(1A) of the SFA (in the case of that corporation) or Section 305A(3)(i)(B) of the SFA (in the case of that trust); (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

FOR INVESTORS LOCATED IN THE EUROPEAN ECONOMIC AREA (“EEA”), the Material is not addressed to, directed at or intended for any person in any EEA member state except persons who have previously confirmed at their own initiative (and not at the initiative of the manager of the Fund) that they are interested in receiving the Information and to whom the Information may be provided otherwise in compliance with all applicable laws. The Material and information therein are not intended, in any jurisdiction, to constitute (i) marketing (for the purposes of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU), (ii) the distribution or (iii) an offer or solicitation of an offer to purchase or sell any interest in any product, entity, security or instrument whatsoever by Excel Investment. Any of the foregoing may only be made in those jurisdictions, and to those persons, where and to whom they may be lawfully made. None of the information herein should be construed as providing any type of investment or other form of advice.

FOR INVESTORS LOCATED IN SWITZERLAND, the Fund is not authorised by the Swiss Financial Market Supervisory Authority ("FINMA") as a foreign collective investment scheme pursuant to Article 120 of the Swiss Federal Act on Collective Investment Schemes of June 23, 2006 ("CISA"). Accordingly, none of the shares of such Fund may be sold, marketed or otherwise distributed in or from Switzerland by way of public advertising within the meaning of CISA and its implementing ordinances and notices, each as amended from time to time, and no offering material relating to any of the shares of such Fund may be used in connection with any such offer or distribution. Investors cannot avail themselves of the protection afforded by CISA.

FOR INVESTORS LOCATED IN THE UNITED KINGDOM, the Material is only directed at persons who are investment professionals under Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and the investment or investment activity to which these materials relate is only available to and will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely upon the contents of these materials.

FOR INVESTORS LOCATED IN THE UNITED STATES, the Material is only directed at persons who are both "Accredited Investors" within the meaning of Rule 501 of Regulation D under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and "Qualified Purchasers" within the meaning of Section 2(a)(51) of the U.S. and the investment or investment activity to which these materials relate is only available to and will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely upon the information herein. Excel Investment is registered with the U.S. Securities and Exchange Commission as a Registered Investment Adviser.

We reserve the right to track visitors and usage of this Website through "cookies" and similar methods, and to use any resulting information as we deem appropriate in our sole discretion. Visits to this Website are only viewed as "hits" and we do not collect any personally identifiable information from you unless you send us a personal email.

Subject to any applicable terms and conditions set forth in our Privacy Policy, any communication or other material (other than your personal data) that you send to us through the Internet or post on the Website by electronic mail or otherwise, is and will be deemed to be non-confidential and non-proprietary and Excel Investment shall have no obligation of any kind with respect to such data and information. Excel Investment and third parties on our behalf shall be free to use any data and information contained in such communication for any purpose whatsoever, without any compensation due or payable to you.

All rights reserved. No part of this Material may, without prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.