Disclaimer

The information on the Syndicate Asset Management and Zenith websites which relates to the Guernsey-based funds is issued by Syndicate Asset Management (CI) Limited which is licensed and regulated by the Guernsey Financial Services Commission.

Sales Restrictions

This website contains information covering different investment funds/services managed and registered in different jurisdictions. As such, laws and regulations applicable to the user may restrict access to the information contained herein. The information in this website does not constitute either an offer to sell, a solicitation, or an offer to buy in a country in which this type of offer or solicitation is unlawful, or in which a person making such an offer or solicitation does not hold the necessary authorisation to do so. It is also not directed at investors, in those cases where the law prohibits this type of offer or solicitation from being made. Accordingly, persons accessing the information on this website are responsible themselves for ascertaining the legal requirements, which would affect their acquisition of any investment, including any foreign exchange control requirements.

UK

Some of the funds/services described in this website are not authorised or recognised for sale to the public in the UK. These funds are unregulated collective investment schemes for the purposes of the United Kingdom Financial Services legislation and, as such, their promotion by authorised persons in the United Kingdom is restricted. Accordingly authorised persons in the United Kingdom may only issue this information to other persons authorised to carry on investment business in the United Kingdom. The information on this website does not constitute a solicitation to any person in the United Kingdom or elsewhere to whom it is unlawful to make such a solicitation.

USA

The funds listed herein are not registered in the United States under the Securities Act of 1933 or the Investment Company Act of 1940. In particular, none of the services or securities mentioned in this website are being offered in the United States or to US persons and units/shares of the investment funds listed herein may not be publicly sold, offered or delivered to US residents or US citizens.

Canada/Australia/Hong Kong/Singapore/Italy/Spain/South Africa

None of the funds or services listed herein are registered in Australia, Canada, Hong Kong, Singapore, Italy, Spain or South Africa and may not be sold, offered or delivered in those countries.

Other Countries

The funds listed herein are currently registered for public sale only in those countries listed below.

Guernsey based funds

'B' Schemes

• Zenith International Reserves Limited - Guernsey, Republic of Ireland
• Zenith International Bond Funds Limited - Guernsey, Republic of Ireland and, in relation to the US Dollar Bond Fund only, Malta
• Zenith International Multi-Manager Funds Limited - Guernsey

As a general rule, the shares of the investment funds listed herein may not be sold, offered or delivered in any other countries without registration. The information contained on this website is therefore not directed at specific persons, but to readers generally interested in Zenith's investment funds.

Other Information

Guernsey Class B Schemes

All the Guernsey based funds mentioned in this site are Class B Schemes within The Collective Investment Schemes (Class B) Rules 1990 (the "Class B Rules") issued under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) (the "Law"). Compensation is not available to investors under The Collective Investment Schemes (Compensation of Investors) Rules, 1998, made under the Law, in relation to Class B Schemes or under the UK Financial Services Compensation Scheme in respect of defaults of the manager, Syndicate Asset Management (CI) Limited. Certain of the funds within the schemes are listed on the Channel Islands Stock Exchange, as detailed in the Scheme Particulars.