Confidentiality and Important Disclosures – Investor Content

This report discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed or relied upon as research or investment advice, as predictive of future market or investment performance or as an offer or solicitation of an offer to buy or sell any security or investment service. This report reflects the views of Pretium Partners, LLC (“Pretium”), as of the date on the cover and these views are subject to change without notice as the market conditions change and evolve, which can occur quickly.  Past performance is not indicative of future results.

Recipients are urged to consult with their financial advisors before making any investment.  All investments entail risks, and mortgage-related investments are speculative and entail special risks. Changes in interest rates, both real estate and financial market conditions, the overall economy, the regulatory environment and the political environment can affect the market for mortgage-related investments and should be considered carefully. Investors may lose all or substantially all an investment, and no investment strategy or process is guaranteed to be successful or avoid losses.

This report is being furnished on a confidential basis and is intended solely for the person to whom it was originally delivered. Distribution of this report to any person other than the person to whom it was originally delivered is unauthorized, and any reproduction of these materials, in whole or in part, or the divulgence of any of its contents, without the prior express written consent of Pretium, is prohibited.

Certain information in this report has been obtained from published and non-published sources prepared by third parties, which, in certain cases, have not been updated through the date hereof.  While such information is believed to be reliable, Pretium has not independently verified such information, does not assume any responsibility for the accuracy or completeness of such information nor does it warrant that such information will not be changed. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities.

The information included herein may not be current and Pretium has no obligation to provide any updates or changes. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein, and nothing in this report should be relied upon as a promise or representation.

The information set forth in this report is not intended as a representation or warranty by Pretium or any of its affiliates as to the composition or performance of any future investments.  Assumptions necessarily are speculative in nature.  It is likely that some or all the assumptions set forth or relied upon in this report will not materialize or will vary significantly from any assumptions made (in some cases, materially so).  You should understand such assumptions and evaluate whether they are appropriate for your purposes.  Certain information in this report is based on mathematical models that calculate results using inputs that are based on assumptions about a variety of future conditions and events.  The use of such models and modeling techniques inherently are subject to limitations. As with all models, results may vary significantly depending upon the value and accuracy of the inputs given, and relatively minor modifications to, or the elimination of, an assumption, may have a significant impact on the results. Actual conditions or events are unlikely to be consistent with, and may differ materially from, those assumed. ACTUAL RESULTS WILL VARY, AND MAY VARY SUBSTANTIALLY FROM THOSE REFLECTED IN THESE MATERIALS.

This report includes a discussion of certain market opportunities as determined by Pretium. There can be no assurance that such opportunities will exist, and both the timing and opportunities are subject to change based on Pretium’s analysis of current market conditions.

This report contains forward-looking statements, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” intend,” continue,” “target,” “plan,” “believe,” the negatives thereof, other variations thereon or comparable terminology and information that is based on projections, estimates, and assumptions.  Such statements and information cannot be viewed as fact and are subject to uncertainties and contingencies.  Actual results during the period or periods covered by such statements and information may differ materially from the information set forth herein, and no assurance can be given that any such statement, information, projection, estimate, or assumption will be realized or accurate.

NOTICE TO NON-US RESIDENTS

IT IS THE RESPONSIBILITY OF ANY PERSONS RECEIVING THESE MATERIALS TO INFORM THEMSELVES OF AND TO OBSERVE ALL APPLICABLE LAWS AND REGULATIONS OF ANY RELEVANT JURISDICTIONS. PROSPECTIVE INVESTORS SHOULD INFORM THEMSELVES AS TO THE LEGAL REQUIREMENTS AND TAX CONSEQUENCES WITHIN THE COUNTRIES OF THEIR CITIZENSHIP, RESIDENCE, DOMICILE AND PLACE OF BUSINESS WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSAL OF ANY UNITS, AND ANY NON-U.S. EXCHANGE RESTRICTIONS THAT MAY BE RELEVANT THERETO.

NOTICE TO EEA RESIDENTS

NO INVESTMENT VEHICLES ARE BEING MARKETED (WITHIN THE MEANING OF DIRECTIVE 2001/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL ON ALTERNATIVE INVESTMENT FUND MANAGERS AND ITS IMPLEMENTING MEASURES) TO INVESTORS WHO ARE DOMICILED IN, OR HAVE A REGISTERED OFFICE IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (“EEA”) (OTHER THAN ANY OF THE MEMBER STATES REFERRED TO BELOW, IF ANY) AND THERE IS NO INTENTION THAT ANY INVESTMENT VEHICLE WILL BE SO MARKETED. THESE MATERIALS ARE ONLY BEING PROVIDED TO PROSPECTIVE INVESTORS IN SUCH OTHER EEA MEMBER STATES AT THE INITIATIVE AND SPECIFIC REQUEST OF SUCH INVESTORS WITH REGARD TO A POTENTIAL INVESTMENT IN THE PARTNERSHIP. IF THIS IS NOT THE CASE, THEN ANY SUCH PROSPECTIVE INVESTOR SHOULD DISREGARD THE INFORMATION PROVIDED HEREIN AND DELETE OR RETURN THESE MATERIALS IMMEDIATELY.

NOTICE TO AUSTRALIAN RESIDENTS ONLY

ANY PRETIUM INVESTMENT VEHICLE IS NOT A REGISTERED SCHEME OR REGISTERED AS A FOREIGN COMPANY IN AUSTRALIA, NOR IS ANY PRETIUM MANAGER.

INFORMATION CONTAINED IN THESE MATERIALS IS DIRECTED ONLY TO PERSONS WHO QUALIFY AS:

  • “WHOLESALE CLIENTS” WITHIN THE MEANING OF SECTION 761G OF THE CORPORATIONS ACT 2001 (CTH)

THESE MATERIALS ARE BEING PROVIDED FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE THE PROVISION OF ANY FINANCIAL PRODUCT ADVICE OR RECOMMENDATION. THESE MATERIALS DO NOT TAKE INTO ACCOUNT THE INVESTMENT OBJECTIVES, FINANCIAL SITUATION AND PARTICULAR NEEDS OF ANY PERSON AND NEITHER THE FUND, NOR ANY OTHER PERSON REFERRED TO IN THESE MATERIALS, IS LICENSED TO PROVIDE FINANCIAL PRODUCT ADVICE IN AUSTRALIA. YOU SHOULD CONSIDER CAREFULLY WHETHER ANY INVESTMENT IS SUITABLE FOR YOU, HAVING REGARD TO YOUR INVESTMENT OBJECTIVES, FINANCIAL SITUATION AND PARTICULAR NEEDS.

NOTICE TO BAHRAINI RESIDENTS ONLY

THESE MATERIALS HAVE BEEN PREPARED FOR PRIVATE INFORMATION PURPOSES OF INTENDED INVESTORS ONLY WHO WILL BE HIGH NET WORTH INDIVIDUALS AND INSTITUTIONS. THIS DOCUMENT IS INTENDED TO BE READ BY THE ADDRESSEE ONLY. THE FUND REPRESENTS AND WARRANTS THAT IT HAS NOT MADE AND WILL NOT MAKE ANY INVITATION IN OR FROM THE KINGDOM OF BAHRAIN.

WILL NOT MARKET OR OFFER ANY INVESTMENT VEHICLES TO ANY POTENTIAL INVESTOR IN BAHRAIN. ALL MARKETING AND OFFERING IS MADE AND WILL BE MADE OUTSIDE THE KINGDOM OF BAHRAIN.

THE CENTRAL BANK OF BAHRAIN HAS NOT REVIEWED, NOR HAS IT APPROVED, THIS DOCUMENT OR THE MARKETING OF ANY INVESTMENT VEHICLE AND TAKES NO RESPONSIBILITY FOR THE ACCURACY OF THE STATEMENTS AND INFORMATION CONTAINED IN THIS DOCUMENT, NOR SHALL IT HAVE ANY LIABILITY TO ANY PERSON FOR ANY LOSS OR DAMAGE RESULTING FROM RELIANCE ON ANY STATEMENTS OR INFORMATION CONTAINED HEREIN.

NOTICE TO CANADIAN RESIDENTS ONLY

THESE MATERIALS ARE NOT, AND UNDER NO CIRCUMSTANCES ARE TO BE CONSTRUED AS A PROSPECTUS, ADVERTISEMENT OR PUBLIC OFFERING OF THE SECURITIES REFERRED TO HEREIN. NO SECURITIES COMMISSION OR SIMILAR REGULATORY AUTHORITY IN CANADA OR ELSEWHERE HAS REVIEWED OR IN ANY WAY PASSED UPON THESE MATERIALS OR THE MERITS OF ANY SECURITIES REFERRED TO HEREIN, AND ANY REPRESENTATION TO THE CONTRARY IS AN OFFENCE.

NOTICE TO DANISH RESIDENTS ONLY

THE FUND IS AN ALTERNATIVE INVESTMENT FUND AND THE MANAGER OF THE FUND IS AN ALTERNATIVE INVESTMENT FUND MANAGER (“AIFM”) FOR PURPOSES OF THE ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (“AIFMD”). AS SUCH THE FUND MAY NOT BE MARKETED TO INVESTORS IN DENMARK UNLESS: (I) THE FUND HAS BEEN APPROVED FOR MARKETING IN DENMARK BY THE DANISH FINANCIAL SUPERVISORY AUTHORITY PURSUANT TO ART. 42 OF THE AIFMD, IN WHICH CASE SUCH AIF MAY BE MARKETED TO PROFESSIONAL AND SEMI-PROFESSIONAL INVESTORS WITHIN THE MEANING OF THE DANISH AIFM ACT ONLY OR (II) SUCH MARKETING WAS INITIATED BY THE INVESTOR. THESE MATERIALS MUST NOT BE DISTRIBUTED TO, OR RELIED UPON BY, INVESTORS IN DENMARK IN ANY OTHER CIRCUMSTANCES.

NOTICE TO FINNISH RESIDENTS ONLY

THESE MATERIALS SHALL NOT CONSTITUTE AN OFFER TO THE PUBLIC IN FINLAND. THESE MATERIALS ARE DELIVERED AND ADDRESSED TO, AND INVESTMENTS IN ANY INVESTMENT VEHICLE ARE AVAILABLE SOLELY, TO INVESTORS WHO FALL INTO THE CATEGORIES OF “PROFESSIONAL CUSTOMERS” (AMMATTIMAINEN ASIAKAS) AS DEFINED IN THE FINNISH ACT ON ALTERNATIVE INVESTMENT MANAGERS (162/2014, AS AMENDED) AND “QUALIFIED INVESTORS” (KOKENUT SIJOITTAJA) AS DEFINED IN THE FINNISH SECURITIES MARKET ACT (746/2012, AS AMENDED). THE DELIVERY OF THESE MATERIALS IN FINLAND IS BASED ON APPROPRIATE REGULATORY FILINGS AND THE AUTHORISATION OF THE MANAGER TO MARKET THE FUND IN FINLAND OR, IN THE ABSENCE OF SUCH FILINGS OR AUTHORISATION, ON AN EXPLICIT REQUEST FROM THE RECIPIENT THAT THE MANAGER PROVIDES THE RECIPIENT WITH INFORMATION ABOUT AN INVESTMENT VEHICLE. NO ACTION HAS BEEN TAKEN TO PERMIT AN OFFERING OF ANY PRETIUM INVESTMENT VEHICLE TO THE PUBLIC IN FINLAND AND THE DISTRIBUTION OF THESE MATERIALS ARE NOT AUTHORIZED BY THE FINNISH FINANCIAL SUPERVISORY AUTHORITY.

NOTICE TO FRENCH RESIDENTS ONLY

THE FUND HAS NOT BEEN AUTHORIZED AND THESE MATERIALS AND ANY MARKETING THEREOF HAS NOT BEEN APPROVED BY THE AUTORITÉ DES MARCHÉS FINANCIERS OR ANY OTHER FRENCH AUTHORITY. NO MARKETING OF ANY INVESTMENT VEHICLE HAS BEEN MADE IN FRANCE OTHER THAN TO FUND OF FUNDS AND MANAGERS OF MANAGED ACCOUNTS, AND THESE MATERIALS AND ANY OTHER MATERIALS RELATING TO THE FUND ARE BEING PROVIDED ONLY AT THE REQUEST OF PROSPECTIVE INVESTORS. THESE MATERIALS AND ANY OTHER MATERIALS ARE STRICTLY CONFIDENTIAL AND MAY NOT BE DISTRIBUTED TO ANY PERSON OR ENTITY OTHER THAN THE RECIPIENTS HEREOF.

NOTICE TO GERMAN RESIDENTS ONLY

THE UNITS IN THE FUND MAY NOT BE MARKETED IN GERMANY WITHIN THE MEANING OF § 293 PARA. 1 THE GERMAN CAPITAL INVESTMENT ACT (KAPITALANLAGEGESETZBUCH, “KAGB”). A SUBSCRIPTION TO THE FUND BY PROFESSIONAL OR SEMI-PROFESSIONAL INVESTORS WITHIN THE MEANING OF THE KAGB REMAINS POSSIBLE IF THE INVESTOR HAS APPROACHED THE AIFM OR ITS AGENT ON THE INVESTOR’S OWN INITIATIVE.

NOTICE TO HONG KONG RESIDENTS ONLY

THE CONTENTS OF THESE MATERIALS HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THESE MATERIALS, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

THE FUND OR THE ISSUE OF THESE MATERIALS HAS NOT BEEN AUTHORIZED BY THE SECURITIES AND FUTURES COMMISSION IN HONG KONG PURSUANT TO THE SECURITIES AND FUTURES ORDINANCE (CAP. 571 OF THE LAWS OF HONG KONG) (THE “SFO”). THE UNITS HAVE NOT BEEN AND WILL NOT BE OFFERED OR SOLD IN HONG KONG BY MEANS OF ANY MEMORANDUM, OTHER THAN (A) TO “PROFESSIONAL INVESTORS” AS DEFINED IN THE SFO AND ANY RULES MADE UNDER THAT ORDINANCE; OR (B) IN OTHER CIRCUMSTANCES WHICH DO NOT CONSTITUTE AN OFFER OR INVITATION TO THE PUBLIC WITHIN THE MEANING OF THE SFO.

NOTICE TO ITALIAN RESIDENTS ONLY

THE FUND IS NOT A UCITS FUND. IT HAS NOT BEEN NOR WILL IT BE FILED WITH THE ITALIAN AUTHORITIES FOR REGISTRATION. NO ACTION HAS BEEN OR WILL BE TAKEN WHICH WOULD ALLOW THE OFFERING OF UNITS IN ITALY. ACCORDINGLY, THE UNITS CAN ONLY BE OFFERED UPON THE EXPRESS AND UNSOLICITED REQUEST OF THE INVESTOR, WHO HAS DIRECTLY CONTACTED THE FUND OR ITS AGENT ON HIS/HER/ITS OWN INITIATIVE. NO ACTIVE MARKETING OF THE FUND HAS BEEN MADE IN ITALY, AND THESE MATERIALS HAVE BEEN SENT TO THE INVESTOR AT SUCH INVESTOR’S EXPRESS AND UNSOLICITED REQUEST. THE INVESTOR ACKNOWLEDGES THE ABOVE AND HEREBY AGREES NOT TO CIRCULATE THESE MATERIALS TO OTHER ITALIAN INVESTORS UNLESS EXPRESSLY PERMITTED BY APPLICABLE LAW.

NOTICE TO JAPANESE RESIDENTS ONLY

REGISTRATION PURSUANT TO ARTICLE 4, PARAGRAPH 1 OF THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN, AS AMENDED (THE “FIEA”) HAS NOT BEEN AND WILL NOT BE MADE WITH RESPECT TO THE SOLICITATION OF AN OFFER TO PURCHASE UNITS OF ANY INVESTMENT VEHICLE ON THE GROUND THAT THE SOLICITATION QUALIFIES AS A “SOLICITATION FOR A SMALL NUMBER OF INVESTORS” (AS DEFINED IN ARTICLE 23-13, PARAGRAPH 4 OF THE FIEA), AND THE INTERESTS ARE “SECURITIES” AS DEFINED IN ARTICLE 2, PARAGRAPH 2, ITEM 6 OF THE FIEA AND BEING OFFERED IN ACCORDANCE WITH ARTICLE 2, PARAGRAPH 3, ITEM 3 OF THE FIEA WHERE THE INTERESTS ARE TO BE ACQUIRED BY 499 OR FEWER INVESTORS.

PROSPECTIVE INVESTORS SHOULD BE AWARE THAT THE GENERAL PARTNER OF ANY INVESTMENT VEHICLE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE FIEA AS “TYPE 2 FINANCIAL INSTRUMENT TRADER” (DAINISHU KINYUSHOHIN TORIHIKI GYO) NOR “INVESTMENT MANAGEMENT BUSINESS” (TOSHI UNYO GYO), AND NO TRANSFER OF UNITS SHALL BE PERMITTED IN ANY MANNER WHATSOEVER IF SUCH TRANSFER REQUIRES THE GENERAL PARTNER TO BE REGISTERED AS “TYPE 2 FINANCIAL INSTRUMENT TRADER” (DAINISHU KINYUSHOHIN TORIHIKI GYO) AND/OR “INVESTMENT MANAGEMENT BUSINESS” (TOSHI UNYO GYO) UNDER THE FIEA.

NOTICE TO KUWAIT RESIDENTS ONLY

THESE MATERIALS ARE NOT FOR GENERAL CIRCULATION TO THE PUBLIC IN KUWAIT. THE UNITS HAVE NOT BEEN LICENSED FOR OFFERING IN KUWAIT BY THE KUWAIT CAPITAL MARKETS AUTHORITY OR ANY OTHER RELEVANT KUWAITI GOVERNMENT AGENCY. THE OFFERING OF THE UNITS IN KUWAIT ON THE BASIS A PRIVATE PLACEMENT OR PUBLIC OFFERING IS, THEREFORE, RESTRICTED IN ACCORDANCE WITH LAW NO. 7 OF 2010 AND THE BYLAWS THERETO (AS AMENDED). NO PRIVATE OR PUBLIC OFFERING OF THE UNITS IS BEING MADE IN KUWAIT, AND NO AGREEMENT RELATING TO THE SALE OF THE UNITS WILL BE CONCLUDED IN KUWAIT. NO MARKETING OR SOLICITATION OR INDUCEMENT ACTIVITIES ARE BEING USED TO OFFER OR MARKET THE UNITS IN KUWAIT.

NOTICE TO NORWAY RESIDENTS ONLY

THESE MATERIALS ARE NOT A PROSPECTUS WITHIN THE MEANING OF CHAPTER 7 OF THE NORWEGIAN SECURITIES TRADING ACT OF 2007 OR THE NORWEGIAN SECURITIES FUNDS ACT OF 2011 AND THESE MATERIALS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED WITH OR APPROVED BY THE NORWEGIAN FINANCIAL SUPERVISORY AUTHORITY (NW: FINANSTILSYNET). ACCORDINGLY, THESE MATERIALS MAY NOT BE MADE AVAILABLE, NOR MAY THE UNITS BE OFFERED IN NORWAY, OTHER THAN UNDER CIRCUMSTANCES THAT ARE DEEMED NOT TO CONSTITUTE MARKETING AS DEFINED IN THE NORWEGIAN SECURITIES FUNDS ACT OF 2011 OR THE NORWEGIAN ALTERNATIVE INVESTMENT FUNDS ACT OF 2014 AND WHICH DO NOT TRIGGER ANY REQUIREMENT TO PREPARE A PROSPECTUS-PURSUANT TO CHAPTER 7 OR TO OBTAIN ANY LICENCE PURSUANT TO CHAPTER 9 OF THE NORWEGIAN SECURITIES TRADING ACT OF 2007. HENCE, NOTHING IN THESE MATERIALS IS DIRECTED TO OR INTENDED FOR INVESTORS IN NORWAY. THESE MATERIALS MUST NOT BE COPIED OR OTHERWISE DISTRIBUTED BY THE RECIPIENT.

NOTICE TO OMANI RESIDENTS ONLY

THESE MATERIALS ARE BEING SENT AT YOUR REQUEST AND BY RECEIVING THESE MATERIALS, THE PERSON OR ENTITY TO WHOM IT HAS BEEN ISSUED UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT NEITHER THESE MATERIALS NOR THE FUND HAVE BEEN REGISTERED OR APPROVED BY THE CENTRAL BANK OF OMAN, THE OMAN MINISTRY OF COMMERCE AND INDUSTRY, THE OMAN CAPITAL MARKET AUTHORITY OR ANY OTHER AUTHORITY IN THE SULTANATE OF OMAN, NOR IS THE MANAGER AUTHORIZED OR LICENSED BY THE CENTRAL BANK OF OMAN, THE OMAN MINISTRY OF COMMERCE AND INDUSTRY, THE OMAN CAPITAL MARKET AUTHORITY OR ANY OTHER AUTHORITY IN THE SULTANATE OF OMAN, TO MARKET OR SELL THE UNITS WITHIN THE SULTANATE OF OMAN. THE UNITS DESCRIBED UNDER OR SOLD PURSUANT TO THESE MATERIALS HAVE NOT AND WILL NOT BE LISTED ON ANY STOCK EXCHANGE IN THE SULTANATE OF OMAN. NO MARKETING OF ANY FINANCIAL PRODUCTS OR SERVICES HAS BEEN OR WILL BE MADE FROM WITHIN THE SULTANATE OF OMAN AND NO SUBSCRIPTION TO ANY SECURITIES, PRODUCTS OR FINANCIAL SERVICES MAY OR WILL BE CONSUMMATED WITHIN THE SULTANATE OF OMAN. THE MANAGER IS NOT A LICENSED BROKER, DEALER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR LICENSED UNDER THE LAWS APPLICABLE IN THE SULTANATE OF OMAN, AND, AS SUCH, DOES NOT ADVISE INDIVIDUALS RESIDENT IN THE SULTANATE OF OMAN AS TO THE APPROPRIATENESS OF INVESTING IN OR PURCHASING OR SELLING SECURITIES OR OTHER FINANCIAL PRODUCTS. NOTHING CONTAINED IN THIS DOCUMENT IS INTENDED TO CONSTITUTE INVESTMENT, LEGAL, TAX, ACCOUNTING OR OTHER PROFESSIONAL ADVICE IN, OR IN RESPECT OF, THE SULTANATE OF OMAN. THESE MATERIALS ARE CONFIDENTIAL AND FOR YOUR INFORMATION ONLY AND NOTHING IN THESE MATERIALS ARE INTENDED TO ENDORSE OR RECOMMEND A PARTICULAR COURSE OF ACTION. YOU SHOULD CONSULT WITH AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE RENDERED ON THE BASIS OF YOUR SITUATION. FURTHER, THE INFORMATION YOU HAVE BEEN PROVIDED WITH IN RELATION TO THESE MATERIALS DOES NOT CONSTITUTE “MARKETING OF NON-OMANI SECURITIES” AS CONTEMPLATED BY THE CAPITAL MARKET AUTHORITY DECISION NO. 1/2009 ISSUING EXECUTIVE REGULATION OF THE CAPITAL MARKET LAW.

NOTICE TO QATAR RESIDENTS ONLY

THESE MATERIALS, AND ANY OTHER MATERIAL RELATING TO THE FUND IS BEING ISSUED TO A LIMITED NUMBER OF INVESTORS AND SHOULD NOT BE PROVIDED TO ANY PERSON OTHER THAN THE ORIGINAL RECIPIENT. THEY ARE NOT FOR GENERAL CIRCULATION IN THE STATE OF QATAR AND SHOULD NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE.

NOTICE TO SAUDI ARABIAN RESIDENTS ONLY

THESE MATERIALS MAY NOT BE DISTRIBUTED IN THE KINGDOM EXCEPT TO SUCH PERSONS AS ARE PERMITTED UNDER APPLICABLE LAW OF THE CAPITAL MARKET AUTHORITY.

THE CAPITAL MARKET AUTHORITY DOES NOT MAKE ANY REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF THESE MATERIALS, AND EXPRESSLY DISCLAIMS ANY LIABILITY WHATSOEVER FOR ANY LOSS ARISING FROM, OR INCURRED IN RELIANCE UPON, ANY PART OF THESE MATERIALS. PROSPECTIVE PURCHASERS OF THE UNITS OFFERED HEREBY SHOULD CONDUCT THEIR OWN DUE DILIGENCE ON THE ACCURACY OF THE INFORMATION RELATING TO THE UNITS. IF YOU DO NOT UNDERSTAND THE CONTENTS OF THESE MATERIALS YOU SHOULD CONSULT AN AUTHORISED FINANCIAL ADVISER.

FOR SINGAPORE RESIDENTS ONLY

THESE MATERIALS HAVE NOT BEEN REGISTERED AS A PROSPECTUS WITH THE MONETARY AUTHORITY OF SINGAPORE. ACCORDINGLY, THESE MATERIALS AND ANY OTHER DOCUMENT IN CONNECTION WITH THE OFFER OR SALE, OR INVITATION FOR SUBSCRIPTION OR PURCHASE, OF UNITS MAY NOT BE CIRCULATED OR DISTRIBUTED, NOR MAY UNITS BE OFFERED OR SOLD, OR BE MADE THE SUBJECT OF AN INVITATION FOR SUBSCRIPTION OR PURCHASE, WHETHER DIRECTLY OR INDIRECTLY, TO PERSONS IN SINGAPORE OTHER THAN (I) TO AN INSTITUTIONAL INVESTOR UNDER SECTION 304 OF THE SECURITIES AND FUTURES ACT, CHAPTER 289 OF SINGAPORE (THE “SFA”) OR (II) OTHERWISE PURSUANT TO, AND IN ACCORDANCE WITH THE CONDITIONS OF, ANY OTHER APPLICABLE PROVISION OF THE SFA.

NOTICE TO SOUTH KOREAN RESIDENTS ONLY

THE FUND MAKES NO REPRESENTATION WITH RESPECT TO THE ELIGIBILITY OF ANY RECIPIENTS OF THESE MATERIALS TO ACQUIRE ANY UNITS UNDER THE LAWS OF KOREA, INCLUDING, WITHOUT LIMITATION, THE FOREIGN EXCHANGE TRANSACTION LAW AND REGULATIONS THEREUNDER. NO UNITS IN ANY PRETIUM INVESTMENT VEHICLE HAVE BEEN REGISTERED WITH THE FINANCIAL SERVICES COMMISSION OF KOREA (THE “FSC”) IN KOREA UNDER THE FINANCIAL INVESTMENT SERVICES AND CAPITAL MARKETS ACT OF KOREA, AND ANY UNITS MAY NOT BE OFFERED, SOLD OR DELIVERED, OR OFFERED OR SOLD TO ANY PERSON FOR REOFFERING OR RESALE, DIRECTLY OR INDIRECTLY, IN KOREA OR TO ANY RESIDENT OF KOREA EXCEPT PURSUANT TO APPLICABLE LAWS AND REGULATIONS OF KOREA. FURTHERMORE, THE UNITS MAY NOT BE RESOLD TO KOREAN RESIDENTS UNLESS THE PURCHASER OF THE UNITS COMPLIES WITH ALL APPLICABLE REGULATORY REQUIREMENTS (INCLUDING, WITHOUT LIMITATION, GOVERNMENTAL APPROVAL REQUIREMENTS UNDER THE FOREIGN EXCHANGE TRANSACTION LAW AND ITS SUBORDINATE DECREES AND REGULATIONS) IN CONNECTION WITH THE PURCHASE OF THE UNITS.

NOTICE TO SWEDISH RESIDENTS ONLY

THE FUND IS AN ALTERNATIVE INVESTMENT FUND (SW. ALTERNATIV INVESTERINGSFOND) PURSUANT TO THE SWEDISH ALTERNATIVE INVESTMENT FUND MANAGERS ACT (SW. LAG (2013:561) OM FÖRVALTARE AV ALTERNATIVA INVESTERINGSFONDER; THE “AIFMA”) AND IS BEING MARKETED TO SWEDISH INVESTORS ON A PURE REVERSE SOLICITATION BASIS ONLY. THESE MATERIALS ARE NOT SUBJECT TO ANY REGISTRATION OR APPROVAL REQUIREMENTS UNDER THE SWEDISH FINANCIAL INSTRUMENTS TRADING ACT (SW. LAG (1991:980) OM HANDEL MED FINANSIELLA INSTRUMENT) OR ANY MARKETING LICENCE REQUIREMENTS UNDER THE AIFMA.

FOR UNITED ARAB EMIRATES RESIDENTS ONLY (EXCLUDING THE DUBAI INTERNATIONAL FINANCIAL CENTRE (“DIFC”) AND THE ABU DHABI GLOBAL MARKET (“ADGM”)):

THE UNITS ARE NOT REGULATED UNDER THE LAWS OF THE UNITED ARAB EMIRATES (“UAE”) RELATING TO FUNDS, INVESTMENTS OR OTHERWISE. NEITHER THE FUND NOR THESE MATERIALS ARE APPROVED BY THE UAE CENTRAL BANK, THE UAE SECURITIES AND COMMODITIES AUTHORITY (“SCA”), THE DUBAI FINANCIAL SERVICES AUTHORITY (THE “DFSA”), THE ADGM’S FINANCIAL SERVICES REGULATORY AUTHORITY (“FSRA”) OR ANY OTHER REGULATORY AUTHORITY IN THE UAE, WHICH HAVE NO RESPONSIBILITY FOR THEM. ACCORDINGLY THE OFFERING OF THE UNITS DOES NOT CONSTITUTE A PUBLIC OFFER OF SECURITIES IN THE UAE (INCLUDING THE DIFC AND THE ADGM) IN ACCORDANCE WITH THE COMMERCIAL COMPANIES LAW (FEDERAL LAW NO. 2 OF 2015), SCA BOARD OF DIRECTORS’ CHAIRMAN DECISION NO. (9/R.M) OF 2016 CONCERNING THE REGULATIONS AS TO MUTUAL FUNDS (THE “REGULATIONS AS TO MUTUAL FUNDS”), SCA CHAIRMAN’S DECISION NO. (3/R.M) OF 2017 REGULATING THE PROMOTION AND INTRODUCTION (THE “PROMOTION AND INTRODUCTION REGULATIONS”) OR OTHERWISE. ACCORDINGLY, THE UNITS MAY NOT BE OFFERED TO THE PUBLIC IN THE UAE (INCLUDING THE DIFC AND THE ADGM). NO AGREEMENT RELATING TO THE SALE OF THE UNITS IS INTENDED TO BE CONSUMMATED IN THE UNITED ARAB EMIRATES (INCLUDING THE DIFC AND THE ADGM). THE UNITS TO WHICH THESE MATERIALS RELATE MAY BE ILLIQUID AND/OR SUBJECT TO RESTRICTIONS ON THEIR RESALE. PROSPECTIVE INVESTORS SHOULD CONDUCT THEIR OWN DUE DILIGENCE ON THE UNITS. NOTHING CONTAINED IN THESE MATERIALS IS INTENDED TO CONSTITUTE INVESTMENT, LEGAL, TAX, ACCOUNTING OR OTHER PROFESSIONAL ADVICE IN, OR IN RESPECT OF, THE UAE. THESE MATERIALS ARE STRICTLY PRIVATE AND CONFIDENTIAL AND ARE BEING ISSUED TO A LIMITED NUMBER OF INSTITUTIONAL AND INDIVIDUAL INVESTORS

(A) WHO FALL WITHIN THE EXEMPT ENTITY CRITERIA IN ACCORDANCE WITH ARTICLE (2)3C. OF THE REGULATIONS AS TO MUTUAL FUNDS;

(B) WHO FALL WITHIN THE EXEMPT ENTITY CRITERIA IN ACCORDANCE WITH ARTICLE 2(3)(III) OF THE PROMOTION AND INTRODUCTION REGULATIONS;

(C) UPON THEIR REQUEST AND CONFIRMATION THAT THEY UNDERSTAND THAT THE UNITS HAVE NOT BEEN APPROVED OR LICENSED BY OR REGISTERED WITH THE UAE CENTRAL BANK, THE SCA, THE DFSA, THE FSRA OR ANY OTHER RELEVANT LICENSING AUTHORITIES OR GOVERNMENTAL AGENCIES IN THE UAE (INCLUDING THE DIFC AND THE ADGM) NOR HAS THE PLACEMENT AGENT, IF ANY, RECEIVED AUTHORISATION OR LICENSING FROM THE UAE CENTRAL BANK, THE SCA, THE DFSA, THE FSRA OR ANY OTHER RELEVANT LICENSING AUTHORITIES OR GOVERNMENTAL AGENCIES IN THE UAE (INCLUDING THE DIFC AND THE ADGM);

(D) ON THE CONDITION THAT IT MUST NOT BE PROVIDED TO ANY PERSON OTHER THAN THE ORIGINAL RECIPIENT, IS NOT FOR GENERAL CIRCULATION IN THE UNITED ARAB EMIRATES (INCLUDING THE DIFC AND THE ADGM) AND MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE; AND

(E) ON THE CONDITION THAT NO SALE OF UNITS OR OTHER INVESTMENT PRODUCTS IN RELATION TO OR IN CONNECTION WITH THE FUND IS INTENDED TO BE CONSUMMATED WITHIN THE UAE (INCLUDING IN THE DIFC AND THE ADGM).

THESE MATERIALS ARE CONFIDENTIAL AND FOR YOUR INFORMATION ONLY AND NOTHING IN THESE MATERIALS IS INTENDED TO ENDORSE OR RECOMMEND A PARTICULAR COURSE OF ACTION. YOU SHOULD CONSULT WITH AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE RENDERED ON THE BASIS OF YOUR SITUATION.

NOTICE TO SWISS RESIDENTS ONLY

THE FUND HAS NOT BEEN APPROVED BY THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (“FINMA”) AS A FOREIGN COLLECTIVE INVESTMENT SCHEME PURSUANT TO ARTICLE 120 OF THE SWISS COLLECTIVE INVESTMENT SCHEMES ACT OF JUNE 23, 2006, AS AMENDED (“CISA”). THE UNITS (I) WILL BE DISTRIBUTED IN, INTO OR FROM SWITZERLAND EXCLUSIVELY TO REGULATED QUALIFIED INVESTORS (BEAUFSICHTIGTE FINANZINTERMEDIÄRE/BEAUFSICHTIGTE VERSICHERUNGSEINRICHTUNGEN/INTERMÉDIAIRES FINANCIERS SOUMIS À UNE SURVEILLANCE/ASSURANCES SOUMISES À UNE SURVEILLANCE) AS DEFINED IN THE ARTICLES 10(3)(A) AND (B) CISA (“REGULATED QUALIFIED INVESTORS”), AND/OR OTHERWISE IN A MANNER WHICH DOES NOT CONSTITUTE DISTRIBUTION (VERTRIEB/DISTRIBUTION) WITHIN THE MEANING OF THE CISA, ITS IMPLEMENTING ORDINANCE AND GUIDELINES, AND (II) NOT IN A MANNER WHICH CONSTITUTES A PUBLIC OFFERING WITHIN THE MEANING OF ART. 652A OR 1156 OF THE SWISS CODE OF OBLIGATIONS (“CO”) AND ALL OTHER APPLICABLE LAWS AND REGULATIONS IN SWITZERLAND. THE UNITS WILL NOT BE LISTED ON THE SIX SWISS EXCHANGE (“SIX”) OR ON ANY OTHER TRADING VENUE IN SWITZERLAND. THESE MATERIALS AND ANY OTHER OFFERING OR MARKETING MATERIALS RELATING TO THE FUND OR UNITS HAVE BEEN PREPARED WITHOUT REGARD TO THE DISCLOSURE STANDARDS FOR PROSPECTUSES UNDER THE CISA, ARTICLE 652A OR 1156 CO OR THE LISTING RULES OF SIX OR SIMILAR RULES OF ANY OTHER TRADING VENUE IN SWITZERLAND AND THEREFORE DO NOT CONSTITUTE A PROSPECTUS WITHIN THE MEANING OF THE CISA, ARTICLE 652A OR 1156 CO OR THE LISTING RULES OF SIX OR SIMILAR RULES OF ANY OTHER TRADING VENUE IN SWITZERLAND. THESE MATERIALS AND ANY OTHER OFFERING OR MARKETING MATERIAL RELATING TO THE FUND OR THE UNITS (I) WILL BE DISTRIBUTED IN, INTO OR FROM SWITZERLAND EXCLUSIVELY TO REGULATED QUALIFIED INVESTORS AND/OR OTHERWISE IN A MANNER WHICH DOES NOT CONSTITUTE DISTRIBUTION (VERTRIEB/DISTRIBUTION) WITHIN THE MEANING OF THE CISA, ITS IMPLEMENTING ORDINANCE AND GUIDELINES, AND (II) NOT IN A MANNER WHICH CONSTITUTES A PUBLIC OFFERING WITHIN THE MEANING OF ART. 652A OR 1156 CO AND ALL OTHER APPLICABLE LAWS AND REGULATIONS IN SWITZERLAND. NEITHER THESE MATERIALS NOR ANY OTHER OFFERING OR MARKETING MATERIALS RELATING TO THE FUND OR THE UNITS HAVE BEEN OR WILL BE FILED WITH, OR APPROVED BY, ANY SWISS REGULATORY AUTHORITY. THE INVESTOR PROTECTION AFFORDED TO INVESTORS OF INTERESTS IN COLLECTIVE INVESTMENT SCHEMES UNDER THE CISA DOES NOT EXTEND TO ACQUIRERS OF UNITS.

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June 2022

Pretium’s State of ESG Report

Read here to learn more.