{"id":"court_sdny_654_6","court":"SDNY","case_no":"23-cr-00118","doc_number":654,"sub_number":6,"doc_type":"EXHIBIT","filed_date":"2025-04-07","title":"EXHIBIT F OFFERING MEMORANDUM","summary_zh":"数字资产基金发行备忘录 —— Himalaya Digital Assets Fund SP 发行备忘录，SDNY 1:23-cr-00118 ECF #654 展品 F，2025 年 4 月 7 日。该基金系 Hamilton Opportunity Fund SPC 的子基金（开曼群岛结构），由 Hamilton Investment Management Ltd 作为投资经理管理，向合格投资者提供加密资产投资敞口。","summary_en":"Digital Assets Fund Offering Memorandum —— Offering Memorandum for Himalaya Digital Assets Fund SP (Cayman Islands segregated portfolio), filed April 7, 2025 as Exhibit F to ECF #654 in SDNY 1:23-cr-00118. Fund managed by Hamilton Investment Management Ltd, offering qualified investors exposure to cryptocurrency assets.","body_en":"# **EXHIBIT F**\n\n# **OFFERING MEMORANDUM**\n\n### **in respect of Class A Shares in**\n\n### **Himalaya Digital Assets Fund SP**\n\n**a Segregated Portfolio of**\n\n#### **Hamilton Opportunity Fund SPC**\n\nA Cayman Islands Segregated Portfolio Company operating as a mutual fund under Section 4(3) of the Mutual Funds Act (Revised) of the Cayman Islands, a Cayman Islands Segregated Portfolio Company operating as a mutual fund under Section 4(3) of the Mutual Funds Act (Revised) of the Cayman Islands\n\n**Investment Manager**\n\nHamilton Investment Management Ltd\n\n#### **2021-02-26**\n\n**Investment Adviser**\n\nIvy Capital Advisors Limited\n\n# **NOTICE**\n\nHimalaya Digital Assets Fund SP is a Segregated Portfolio of the Fund Hamilton Opportunity Fund SPC. Each class of participating shares in the Fund will participate exclusively in one of the Fund's Segregated Portfolios, however the Fund may issue more than one class in respect of a Segregated Portfolio. Class A Shares which are offered pursuant to the terms of this Memorandum are segregated portfolio shares that are attributable to Himalaya Digital Assets Fund SP\n\nThe Fund is a Cayman Islands Segregated Portfolio Company operating as a mutual fund and registered with the Cayman Islands Monetary Authority (\"**CIMA**\") under Section 4(3) of the Mutual Funds Law (Revised) of the Cayman Islands (the \"**Mutual Funds Law**\").\n\nThis Offering Memorandum (this **\"Memorandum\"**) is furnished to each Subscriber on a confidential basis solely for the purpose of evaluating an investment in the Class A Shares of the Fund and may be furnished to existing Shareholders as an update or amendment to the existing Memorandum of the Fund delivered to Shareholders prior to the date as set out on the first page of this Memorandum.\n\nBy accepting receipt of this Memorandum, each recipient of the Memorandum agrees that the information contained in this Memorandum and any and all information regarding the business of the Fund and the Investment Manager, including, but not limited to, the Fund's performance, may not be reproduced or used in whole or in part for any other purpose or be made available to any other person not directly concerned with, or connected with a Subscriber's decision regarding such investment.\n\nIf you are in any doubt about the contents of this Memorandum, you should consult your stockbroker, bank manager, lawyer, accountant or other professional advisor(s). There will be no public offering of Class A Shares. The distribution of this document, and the offering of Class A Shares in certain jurisdictions may be restricted and accordingly any such persons who gain possession of this document are required by the Fund to duly make themselves informed about, and to observe and follow such restrictions. This document does not constitute an offer or solicitation to anyone in any jurisdiction where such an offer is not authorised, or to any person to whom it is unlawful to make such an offer or solicitation.\n\nThe Class A Shares are offered on the basis of the information and representations contained in this Memorandum, and any other information given or representations made by any person may not be relied on as having been authorised by the Fund and its Directors. Neither the delivery of this document, nor the allotment or issue of Class A Shares shall under any circumstances create any implication that there has been no change in the affairs of the Fund since the date as set out on the first page of this Memorandum.\n\nClass A Shares offered hereby have not been filed or registered with, or approved or disapproved by, any regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon or endorsed the merits of this offering or the accuracy or adequacy of this Memorandum. Any representation to the contrary is unlawful. In making an investment decision, Subscribers must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved.\n\nThe Fund will fall within the definition of a \"mutual fund\" under the Mutual Funds Law and accordingly, will be regulated under that law. The Fund will be required to file registration particulars in the prescribed form and to file this Memorandum (and any changes to it) with the CIMA, and to file audited financial statements and other prescribed reports with, and pay fees to CIMA on an annual basis.\n\nA MUTUAL FUND REGISTERED BY THE CAYMAN ISLANDS MONETARY AUTHORITY DOES NOT CONSTITUTE AN OBLIGATION OF THE AUTHORITY TO ANY INVESTOR AS TO THE PERFORMANCE OR THE CREDITWORTHINESS OF THE FUND.\n\n#### FURTHERMORE, IN REGISTERING A FUND, THE AUTHORITY SHALL NOT BE LIABLE FOR ANY LOSSES OR DEFAULT OF THE FUND OR FOR THE CORRECTNESS OF ANY OPINIONS OR STATEMENTS EXPRESSED IN ANY PROSPECTUS OR OFFERING DOCUMENT.\n\nThere are other consequences of regulation under this law. Documentation and registration particulars filed with CIMA are available for review inspection on the Fund's Dashboard and may also be requested via an email sent to the Administrator requesting such documents. No Cayman Islands authority, including CIMA, has reviewed or commented on the contents of this Memorandum or on the merits of an investment in the Class A Shares.\n\nThe Class A Shares have not been registered under any United States securities laws and, except in transaction(s) which do not violate US securities laws, may not be directly or indirectly offered or sold in the US, or any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a US person.\n\nThis Memorandum contains a summary of the memorandum of association and articles of association of the Fund (together, the **\"Articles\"**) and certain other documents as referred to herein. However, the information as set out in this Memorandum does not purport to be a complete enumeration. This Memorandum is subject to, and qualified in its entirety, by reference to the Articles and any other such documents, which should be reviewed in their entirety for complete information concerning the rights, privileges and obligations of Shareholders in the Fund. A copy of the Subscription Agreement and other documentation required for the acquisition of Class A Shares by Subscribers is accessible on the Fund's Dashboard and can be viewed and used as the basis for the Shareholders to subscribe for Class A Shares of the Fund.\n\nExcept as otherwise and specifically indicated, this Memorandum speaks as of the date of its issuance, and neither the delivery of, nor any sale made by way of this Memorandum will, under any circumstances, create any implication that there has been no change since the date as set out on the first page of the Memorandum of the condition or status of the Fund or any other matters as described in the Memorandum.\n\nAs part of its responsibility for the prevention of money laundering and terrorism or proliferation financing, the Fund (and any person acting on its behalf, including the Administrator) reserves the right to request such information as is necessary to verify the identity of a Subscriber or existing Shareholder, any beneficial owner(s) of a Subscriber or existing Shareholder and the source of any payment for the acquisition of Class A Shares. In the event of delay or failure by the Subscriber or existing Shareholder to produce the requested information required for the purposes of verifying the identity of the prospective or existing Shareholder, the Fund may refuse to accept a subscription of any such Subscriber and, in the case of an existing Shareholder, freeze such Shareholder's investment by prohibiting additional investments and/or declining or suspending any redemption requests, initiating compulsory redemption of such Shareholder's investment or withholding any redemption proceeds until all required verification documents have been provided to the Fund or the Administrator.\n\n# **DIRECTORY**\n\n#### **Hamilton Opportunity Fund SPC**\n\n| Directors | Kin Ming JE |\n|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|\n| | 71-75 Aurora House, Uxbridge Rd, Ealing, London W5 5SL, |\n| | United Kingdom |\n| | David Fallon |\n| | 71-75 Aurora House, Uxbridge Rd, Ealing, London W5 5SL, |\n| | United Kingdom |\n| Registered Office | McGrath Tonner Corporate Services Limited, Genesis Building,
5th Floor, Genesis Close, PO Box 446 Grand Cayman KY1-1106,
Cayman Islands |\n| Investment Manager | Hamilton Investment Management Ltd
c/o AMS Trustees Limited, Sea Meadow House, PO Box 116,
Road Town, Tortola, British Virgin Islands |\n| Investment Manager's
Principals | KIN JE |\n| | 71-75 Aurora House, Uxbridge Rd, Ealing, London W5 5SL, |\n| | United Kingdom |\n| | David Fallon |\n| | 71-75 Aurora House, Uxbridge Rd, Ealing, London W5 5SL, |\n| | United Kingdom |\n| Investment Adviser | Ivy Capital Advisors Limited |\n| | 3a Montagu Row, London, England, W1U 6DZ |\n| | All references to 'Investment Manager' include the Investment |\n| | Adviser. |\n| Administrator | NAV Fund Administration Group |\n| | NAV Consulting NAV Cayman NAV Backoffice |\n| | 5th Floor Harbour Place, 103 South Church Street, |\n| | George Town, Grand Cayman KY1-1202, CAYMAN ISLANDS |\n| Fund Auditor | Moore Cayman |\n| | Suite 6, 10 Market St., Camana Bay, Box 30900, KY1-1204, |\n| | Cayman Islands |\n| Legal Adviser as to
Cayman Islands law | McGrath Tonner, Genesis Building, 5th Floor, Genesis Close, PO
Box 446 Grand Cayman KY1-1106, Cayman Islands |\n\n# **DEFINITIONS**\n\nThe words and phrases as listed below are defined in this Memorandum as follows:\n\n| Administration
Agreement | the agreement between the Fund and the Administrator, as summarised
in the section titled The Administrator. |\n|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Administrator | NAV Fund Administration Group , or any other such person
appointed as the administrator of the Fund, from time to time. |\n| Articles | In accordance to the relevant context, the Memorandum of Association
and the Articles of Association of the Fund, as they may be amended,
from time to time. |\n| Auditors | Moore Cayman , or any other such reputable person or firm approved
by CIMA, as may be appointed as the auditor(s) of the Fund, from time
to time. |\n| Base Currency | The base currency of the Fund is the USD and the financial statements
of the Fund will be presented in USD. |\n| Board | The board of directors appointed in accordance with the Articles. |\n| Business Day | a day on which banks in London (United Kingdom) are authorised to
open for normal banking business. |\n| Class | any class of Participating Shares as designated by the Directors,
pursuant to the Articles (including any sub-class of such class). |\n| Class A Shares | Participating Share designated by the Directors as a Class A Shares. |\n| Class S Share | Participating Shares designated by the Directors as a Class S Shares in
the circumstances described in this Memorandum under the heading
Side Pockets, in respect of Special Investments, which are only
redeemable at the option of the Fund and only entitle holders to the
proceeds of realization, if any, of such Special Investments. |\n| Close of Business | 5:00PM (London (United Kingdom) time). |\n| CIMA | the Cayman Islands Monetary Authority. |\n| Companies Law | the Companies Law (Revised) of Cayman Islands. |\n| Dealing Currency | in respect of any Class, the currency determined by the Directors on the
establishment of the Class as the currency in which the Subscription
Price, Redemption Price and Net Asset Value per Share of such Class
will be calculated. |\n| Dealing Currency
for Class A Shares | USD |\n| Directors | The members of the Board of the Fund, as the context requires, and any
duly constituted committee of the board, and any successors to such
members or committees, as may be appointed from time to time.
Investors: |\n| Eligible Investors | • who are sophisticated investors;
• who are not members of the public in the Cayman Islands;
• who are not Non-Qualified Persons;
• who are not from a jurisdiction in which an offer of
Participating Shares is not authorized;
• to whom it is not unlawful to make the offer. |\n| | Such \"eligibility\" shall be without prejudice to the right of the Board to
refuse a subscription application. |\n| Financial Year | the financial year of the Fund ending on 31st of December of each year. |\n| Fund | In accordance to the relevant context, Hamilton Opportunity Fund SPC,
an Segregated Portfolio Company incorporated in the Cayman Islands
28 January 2020 with limited liability and unlimited duration under the |\n| | provisions of Part XIV of the Companies Law or the Segregated
Portfolio Himalaya Digital Assets Fund SP. |\n| Gate | the limitation on the ability of Shareholders to redeem Class A Shares
as described under the section headed the Gate. |\n| High-Water Mark | in relation to any Class A Shares, the greater of the Net Asset Value per Share of the relevant Class at the time of issue of that Class A Shares, and the highest Net Asset Value per Share of the relevant Class with respect to which a Performance Fee has been charged at the end of any previous Performance Period (if any) during which such Class A Shares was in issue. |\n| Initial Offering
Period | the period as determined by the Board, during which the Class A Shares are first offered for subscription, which will commence at 9:00 a.m. on the date of this Memorandum until 5:00 p.m. 29 April 2021 or at such earlier or later time or date as the Board may determine. |\n| Initial
Subscription Price | USD100.00 per Class A Shares. |\n| Investment
Manager | Hamilton Investment Management Ltd
c/o AMS Trustees Limited, Sea Meadow House, PO Box 116, Road
Town, Tortola, British Virgin Islands |\n| Investment
Adviser | Ivy Capital Advisors Limited |\n| | All references to 'Investment Manager' include the Investment Adviser. |\n| Lock-Up Period | is, with respect to a Class A Shares, a period of 6 calendar months from the day where that Class A Shares was issued. |\n| Management
Agreement | the agreement between the Fund and the Investment Manager, as summarised in the section titled Investment Manager. |\n| Management Fee | the management fee charged by the Fund to the Investment Manager, in relation to the investment management services provided by the Investment Manager to the Fund as set out in the section titled Fees and Expenses. |\n| Management
Share | a non-participating, non-redeemable, voting share, of par value
USD1.00 in the capital of the Fund, specifically designated as a Management Share. |\n| Memorandum | this offering memorandum, as amended or supplemented, from time to time. |\n| Minimum Holding | Class A Shares with an aggregate Net Asset Value of not less than USD100,000.00. |\n| Minimum Initial
Investment | USD100,000.00 or such other minimum aggregate value of Shares purchasable by a prospective investor for the time being prescribed in the Mutual Funds Law. |\n| Net Asset Value | the Net Asset Value of the Fund or each Class, in accordance to the relevant context and as applicable, determined in accordance with the section titled Net Asset Value. |\n| Net Asset Value
per Share | with respect to a Participating Share of any Class, the Net Asset Value of the relevant Class divided by the number of Participating Shares of that Class in issue. |\n| Non-Qualified
Person | in breach of the law or requirements of any country or
•
governmental authority;
where such person has given representations in a Subscription
•
Agreement which were not true when given or have ceased to be
true; or
in circumstances (whether directly or indirectly affecting such
•
person or persons and whether taken alone or in conjunction
with any other person or persons, connected or not, or any other
circumstances appearing to the Board to be relevant) in which
the Board determines the continuing ownership of Participating
Shares by such person or persons would cause an undue risk of
adverse tax or other consequences to the Fund or any of the
Shareholders. |\n| Participating
Share | a participating, redeemable, non-voting share of par value USD0.001 in
the capital of the Fund being offered for subscription by a Subscriber
under the terms of this Memorandum and in accordance with the
relevant context, a participating non-voting share of par value
USD0.001 in the capital of the Fund generally. |\n| Redemption Day | subject to any restrictions on redemptions as set out in the Articles, the
first Business Day of each calendar quarter or such other day as the
Board may determine either in any particular case or generally. |\n| Redemption Price | the Net Asset Value per Share of the relevant Class as of the Valuation
Point on the Valuation Day immediately preceding the relevant
Redemption Day. |\n| Redemption
Notice | a request for the redemption of
Class A Shares
which shall be in such
form as the Board may determine from time to time. |\n| Shareholder | a holder of one or more Participating Shares. |\n| Subscriber | a prospective investor. |\n| Subscription
Agreement | an application by a Subscriber to subscribe for Participating Shares of
any Class which shall be in any form as the Board may determine, from
time to time. |\n| Segregated
Portfolio | means a segregated portfolio of the Fund established pursuant to Part
XIV of the Companies Law, the assets and liabilities of which are kept
segregated, separate and separately identifiable from those of any other
segregated portfolios of the Fund and any general assets of the Fund. |\n| Segregated
Portfolio Assets | Means the assets of the Fund held within or on behalf of a particular
Segregated Portfolio. |\n| Subscription Day | the first Business Day of each calendar month or such other day as the
Board may determine either in any particular case or generally. |\n| Subscription Price | the price per Participating Share of the relevant Class in which
Participating Shares of that Class may be issued after the close of the
Initial Offering Period, calculated in the manner as set out in the section
titled Subscription for Class A Shares. |\n| United States or
US | the United States of America, its territories and possessions, including
the States and the District of Columbia. |\n| US Person | as defined in the Regulation S under the United States Securities Act of
1933, and as it may be amended or revised, from time to time. |\n| US\\$ or USD | the lawful currency of the United States. |\n| Valuation Day | in respect of each Class, the Business Day immediately preceding each
Redemption Day and each Subscription Day or such other day as the
Board may determine either in any particular case or generally. |\n| Valuation Point | the close of business in the last market relevant to the Fund on each
Valuation Day or any other such time as the Board may determine. |\n\nAny person holding Participating Shares:\n\nIn addition, the following matters of interpretation have to be noted:\n\n- a reference to any law is a reference to the most recent revision of such law and a reference to any law, legislation or legislative provision includes any statutory modification, amendment or re-enactment, and any subordinate legislation or regulations issued under that legislation or legislative provision;\n- a reference to any document or agreement is to that document or agreement as amended, novated, supplemented or replaced; and\n- a reference to 'including', 'include', 'in particular' or similar expression is illustrative and does not imply any limitation.\n\nCertain defined terms appear in the body of this Memorandum but may not appear in the Definitions section. This is because such defined terms are generally only used within the section where they are so defined. However, where any such defined term is used elsewhere in the Memorandum the given definition will continue to apply.\n\n# **SUMMARY OF TERMS**\n\nThe following is a summary of certain information set forth in detail elsewhere in this Memorandum, the Articles and any other documents as referred to in this Memorandum. It is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Memorandum, in the Articles and in the other referenced documents. Unless specifically noted otherwise, references throughout this Memorandum to the Fund will include the Board of the Fund or any agent authorised to act on the Fund's behalf.\n\n> Himalaya Digital Assets Fund SP is a Segregated Portfolio of the Fund Hamilton Opportunity Fund SPC. Each class of participating shares in the Fund will participate exclusively in one of the Fund's Segregated Portfolios, however the Fund may issue more than one class in respect of a Segregated Portfolio. Class A Shares which are offered pursuant to the terms of this Memorandum are segregated portfolio shares and are attributable to Himalaya Digital Assets Fund SP\n\n**The Fund**\n\nThe Fund may create one or more Segregated Portfolios in order to segregate the assets and liabilities held by the Fund on behalf of each Segregated Portfolio from the assets and liabilities held by the Fund on behalf of any other Segregated Portfolio or the general assets and liabilities of the Fund.\n\nThe Fund was incorporated with an authorised share capital of USD50,000.00 consisting of 100.00 voting Management Shares of par value of USD1.00 each and 49,900,000.00 non-voting Participating Shares of par value of USD0.001 each. The Articles provide that the Participating Shares may be issued in different Classes. The Directors has designated the Class A Shares, to be offered to Subscribers under the terms of this Memorandum. The Fund may issue, from time to time, additional classes, subclasses or series of Participating Shares which are not being offered by this Memorandum without notice to or without obtaining the consent of the existing Shareholders. Such Participating Shares may be offered on terms which are different to the terms of the Participating Shares as offered pursuant to this Memorandum, such as different Management Fees, Performance Fees and redemption rights. **Investment Objective, Strategies and Policies** The Fund's objective is to achieve absolute returns for investors during and over a long-term time period, with the aim of achieving consistent returns irrespective of the prevailing market condition, with such returns being independent of, and uncorrelated to traditional forms of securities investments. There can be no assurance that the Fund will achieve its investment objectives. Refer to the section titled \"Investment Objective, Strategies and Policies\" for further information. **Risks and Special Considerations** The purchase of Class A Shares is speculative and involves a high degree of risk. There is no assurance that the Fund will be profitable or achieve its investment objective. An investment in the Fund is suitable only for persons who can bear the economic risk of loss of their entire investment, and who have limited need for liquidity in their investment. The performance of the Fund may in the future, vary substantially over time. Past performance and the experience of the Investment Manager and its personnel is no assurance of the future success of the Fund. An investment in the Class A Shares should only be made after consultation with independent investment, tax and legal counsel. Refer to the section titled \"Risk Factors and Considerations\" for further information. **Subscription** Class A Shares are being offered for subscription during the Initial Offer Period at a fixed price of USD100.00 per Class A Shares. Following the close of the Initial Offer Period, Class A Shares will be\n\navailable for subscription on each Subscription Day at the relevant Subscription Price.\n\nThe minimum initial subscription per subscriber is USD100,000.00. The minimum subsequent subscriptions by a Shareholder are USD10,000.00.\n\nRefer to the section titled \"Subscription of Class A Shares\" for further information.\n\nClass A Shares may be redeemed at the option of the Shareholder on any Redemption Day except that Class A Shares may not be redeemed at the option of the Shareholder on any Redemption Day during the Lock-Up Period.\n\nA Shareholder wishing to redeem its Class A Shares should complete the Redemption Notice.\n\n**Redemption** Class A Shares will be redeemed at the relevant Redemption Price, subject to the limitations as described in this Memorandum, including the Lock-up Period and Gate.\n\n> Where an Investor breaks the Lock-Up period, a redemption fee of 6% will be charged with respect to Class A Shares.\n\nRefer to the section titled \"Redemption and Transfer of Class A Shares\" for further information.\n\nThe Fund is entitled to charge and pay to the Innvestment Manager an annual Management Fee with respect to the Class A Shares equal to 1% of the applicable Net Asset Value of the Class A Shares.\n\nThe Fund is also entitled to charge an annual Management Fee with respect to the Class S Shares, which shall be equal to 1% of the applicable Net Asset Value of the Class S Shares. Such fees will be accrued and only paid to the Investment Manager out of the sale proceeds of Special Investments.\n\n#### **Management Fee** The Management Fee is calculated on each Valuation Day after deducting any redemptions and adding any subscriptions as of the Redemption Day and Subscription Day immediately preceding that Valuation Day .\n\nThe Management Fee will be paid in arrears each month to the Investment Manager, after the finalisation of the Net Asset Value for the relevant Valuation Day.\n\nRefer to the section titled \"Fees and Expenses\" for further information. The Fund will bear all of its own costs and expenses including,\n\n**Expenses**\n\n**Operating** without limitation, Management Fee, legal, regulatory & government fee, audit and tax preparation, accounting & fund administrator fee,\n\n| | custody fee, bank fee, brokerage & trading/transactions related-fee,
administration & IT, directors meetings & travel, the costs and
expenses of operating the Investment Manager and its affiliates that
are attributable to the Fund. |\n|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Organisational
Expenses | In order to ensure that the Total Expense Ratio remains as low as
possible for investors, the Investment Manager shall be responsible for
the payment of the Fund's organisational expenses. |\n| Tax | There is no Cayman Islands income or profits tax, withholding tax,
capital gains tax, capital transfer tax, estate duty or inheritance tax
payable by a Shareholder with respect to its Class A Shares in the
Fund. |\n| | Shareholders and Subscribers should consult their own tax advisors in
regard to the tax consequences, and the filing requirements, if any,
associated with the purchase, ownership and disposition of the Class A
Shares in any applicable jurisdiction. |\n| Transfers | Shareholders are entitled to, with the consent of the Board, transfer
their Class A Shares by an instrument in writing acceptable to the
Board. Unless the Board otherwise determines, a Shareholder is not
entitled to transfer Class A Shares if as a result of such transfer, either
the transferor or transferee to whom the Class A Shares are to be
transferred to will hold less than the Minimum Holding. Shareholders
are not authorised to transfer Class A Shares to any person who would
not be entitled to subscribe for Class A Shares. |\n| Dividends | It is not envisaged that any income or gains will be distributed by way
of dividend. This does not preclude the Board from declaring a
dividend at any time in the future out of the Fund's lawfully
distributable reserves if the Board considers it appropriate to do so. |\n| Functional
Currency | The Fund reports its results in US dollars and transacts subscriptions
and redemptions in USD in respect of the Class A Shares. The
functional currency for financial reporting purposes is the US dollars. |\n| Accounting
Standards | International Financial Reporting Standards or IFRS. |\n| Reporting | Shareholders will receive annual audited financial statements within a
reasonable time after the Fund's financial year end. Each Shareholder
will also receive monthly statements detailing the number of Class A
Shares that it owns and the Net Asset Value of such Class A Shares. |\n| | The Fund may, in its sole discretion, agree to provide certain
Shareholders with additional or different information than that it
provided to the Shareholders as set forth above. |\n\n## **THE FUND**\n\n#### **General**\n\nHimalaya Digital Assets Fund SP is a Segregated Portfolio of the Fund. Each class of participating shares in the Fund will participate exclusively in one of the Fund's Segregated Portfolios, however the Fund may issue more than one class in respect of a Segregated Portfolio. Class A Shares which are offered pursuant to the terms of this Memorandum are segregated portfolio shares and are attributable to Himalaya Digital Assets Fund SP\n\nThe Board may, at any time, create further Segregated Portfolios in their absolute discretion, in addition to Himalaya Digital Assets Fund SP and any other Segregated Portfolios created at the date of the Memorandum. The assets of each Segregated Portfolio are invested separately in accordance with the investment objective, strategies and guidelines for such Segregated Portfolio as specified in the Memorandum and the relevant Supplement.\n\nUnder Part XIV of the Companies Act:\n\n- a segregated portfolio company may create and issue shares in one or more classes or series (including different classes or series relating to the same segregated portfolio), the proceeds of the issue of which shall be included in the segregated portfolio assets of and accounted for in the segregated portfolio in respect of which the segregated portfolio shares are issued. The proceeds;of the issue of shares, other than segregated portfolio shares, shall be included in the segregated portfolio company's general assets;\n- a segregated portfolio company may pay a dividend or other distribution in respect of segregated portfolio shares of any class or series whether or not a dividend is declared on any other class or series of segregated portfolio shares or any other shares. Such dividends or other distributions are paid on segregated portfolio shares only out of the segregated portfolio in respect of which the segregated portfolio shares were issued and otherwise in accordance with the rights of such shares;\n- it is duty of the directors of a segregated portfolio company to establish and maintain (or cause to be established and maintained) procedures (a) to segregate, and keep segregated, portfolio assets separate and separately identifiable from general assets; (b) to segregate, and keep segregated, portfolio assets of each segregated portfolio separate and separately identifiable from segregated portfolio assets of any other segregated portfolio; and (c) to ensure that assets and liabilities are not transferred between segregated portfolios or between a segregated portfolio and the general assets otherwise than at full value; and\n- any transaction or agreement which is to be binding on a segregated portfolio is required to be executed by the segregated portfolio company on behalf of such segregated portfolio must be identified and such execution must specify that it is in the name of, or by, or for the account of, such segregated portfolio. If there is any breach of this requirement the directors, as soon as they become aware of the breach, must (a) make any necessary enquiries to determine the correct segregated portfolio to which the relevant act, matter, deed, agreement, contract, instrument under seal or other instrument or arrangement should be attributed; (b) make the correct attribution; and (c) notify in writing all persons which are party to the act, matter, deed, agreement, contract, instrument under seal or other instrument or arrangement that was executed, or which may be adversely affected by any such attribution, of that attribution and the parties' rights and any person so notified (or who should have been so notified) who objects to an attribution by the directors may, within thirty days of receiving written notice under that subsection in the case of persons who received such notice, apply to the Court by petition for a reattribution; and the Court may, upon hearing the petition and taking account of the intention of the parties and such other factors as are deemed relevant by it, order that the act, matter, deed, agreement,\n\ncontract, instrument under seal or other instrument or arrangement be deemed to be attributable to a particular segregated portfolio or portfolios or to the general assets (if applicable in particular proportions or on a particular basis) and may make such orders as may be just and equitable in the case.\n\nThe location of the registered office of the Fund appears in the Directory.\n\nThe Fund is structured as an investment fund to facilitate the pooling of Participating Shareholders' subscriptions for the purpose of investment and capital appreciation in accordance with the investment objectives and strategies set out in this Memorandum. The Fund will only accept subscriptions for Class A Shares from Eligible Investors and the Fund may modify, withdraw or cancel any offering made pursuant to this Memorandum at any time prior to consummation of the offering and may reject any subscription, in whole or in part, in its sole discretion.\n\nThe Fund was incorporated with an authorised share capital of USD50,000.00 consisting of 100.00 voting Management Shares of par value of USD1.00 each and 49,900,000.00 nonvoting Participating Shares of par value of USD0.001 each.\n\nThe Board has designated the Class A Shares to be offered to Subscribers on the terms of this Memorandum.\n\nThe purchase of Class A Shares is not open to the general public and Class A Shares will be privately offered only to Eligible Investors.\n\nGeneral meetings may be called by the Board and by the holders of the Management Shares of the Fund. All general meetings require at least five (5) Business Days' prior notice. Notice may be sent by hand, mail, fax or email, or alternatively, where the recipient has agreed, by posting the notice on a secure nominated website.\n\nProspective investors should note that there are no provisions under the laws of the Cayman Islands or under the Articles conferring pre-emption rights on Participating Shareholders. The Fund may by ordinary resolution increase its share capital, consolidate its shares or subdivide any of them into shares of a smaller amount or cancel authorised but unissued shares. Subject to the provisions of Cayman Islands law and the rights of any holders of any class of shares, the Fund may by special resolution reduce its share capital or any capital redemption reserve or share premium account.\n\nUnless the context otherwise requires, the terms \"Class\", \"Series\" and \"Shares\" used herein shall refer to all Classes, Series or Shares issued by the Board. Shares within each Class and Series have equal voting, dividend, distribution and liquidation rights.\n\nDifferent Classes of Participating Shares may be established to accommodate different rights, privileges and terms associated with one or more Shareholders (including but not limited to voting rights, redemption rights, and different fees). Except as otherwise indicated herein and in the Articles, the Board shall determine the allocation of Participating Shares to a particular Class at the time of issuance.\n\nWithout prejudice to the rights previously conferred on the holders of existing Participating Shares, Participating Shares may be issued with such preferred, deferred or other special\n\nrights or such restrictions as the Board may from time to time determine. The rights of existing Participating Shareholders may only be varied with the consent in writing of the members holding not less than two-thirds of the issued Participating Shares that may be affected by such variation. The unissued Participating Shares of the Fund shall be at the disposal of the Board which may issue them at its discretion subject to the Articles. Each Class of Participating Shares may differ in terms of, among other things, the Base Currency, the fees charged, redemption rights, voting rights and minimum initial subscription amounts and minimum subsequent subscription amounts, as determined from time to time by the Board in their sole discretion.\n\nThe Fund (acting through the Board or any duly authorised agent) may enter into a written agreement with a Shareholder or Subscriber in respect of Participating Shares of a certain Class or Sub-Class providing for offering terms that vary from those applicable to other holders of Participating Shares of the same Class or Sub-Class including, without limitation, the waiver or reduction of fees payable in respect of such Participating Shares, different redemption terms, and the provision of additional information or reports, and in such circumstances the Board may issue Participating Shares of the same Class or Sub-Class to such Shareholder or may determine to issue a separate Class or Sub-Class to such Shareholder.\n\n#### **Class A Shares**\n\nThe Class A Shares are participating, redeemable non-voting shares in the capital of the Fund. A Participating Shareholder will have no right to receive notice of, attend and vote at general meetings of the Fund but will be entitled to vote at any Class meeting convened to approve\n\nany materially and adverse change to the rights attaching to Class A Shares or the terms of their offer.\n\nOn a winding-up of the Fund, the Class A Shares are entitled to the full amount of the assets of the Fund other than the paid-up capital of the Management Share. The surplus assets of the Fund attributable to each Class will be distributed among the holders of Class A Shares of that Class according to the Net Asset Value of such Class A Shares held by each of them.\n\nThe Class A Shares carry no pre-emption rights.\n\nClass A Shares are held in registered form and share certificates will only be issued at the sole discretion of the Board. Each Subscriber is furnished with a written confirmation of the amount of the investment made and the number of Class A Shares purchased.\n\n#### **Management Shares**\n\nThe Management Shares carry the right for the holders thereof to receive notice of, attend, and vote at general meetings of the Fund. The Management Shares do not carry any entitlement to participate in any profits of the Fund.\n\nOn the winding-up of the Fund, the holder of the Management Shares is only entitled to receive its paid-up capital. Management Shares are not redeemable.\n\nExcept as described under \"Modification of Class Rights\", the holders of the Management Shares have the exclusive right to vote (to the exclusion of the holders of the Participating Shares) in respect of all matters relating to the Fund. Each holder of Management Shares is entitled to one vote for each Management Share held by it.\n\n#### **Dividend Policy**\n\nIt is not envisaged that any income or gains will be distributed by way of dividend. This does not preclude the Board from declaring a dividend at any time in the future out of the Fund's lawfully distributable reserves if the Board considers it appropriate to do so.\n\n#### **The Rights of the Shareholders**\n\nThe holders of Participating Shares shall, subject to the provisions of the Articles:\n\n- except in relation to a class meeting for the purpose of varying class rights, not be entitled to vote;\n- be entitled to such dividends as the Board of Board may from time to time declare;\n- in the event of a winding-up or dissolution of the Fund, whether voluntary or involuntary or for the purposes of a reorganisation or otherwise or upon any distribution of capital, be entitled, subject to the provisions of the Articles, to share pro rata in the surplus assets of the Fund; and,\n- be entitled to, and subject, to redemption, repurchase or conversion of such Participating Shares as provided in the Articles.\n\nThe holders of Management Shares shall, subject to the provisions of the Articles:\n\n- be entitled to one vote per share in respect of such Management Shares;\n- not be entitled to any dividends in respect of such Management Shares;\n- in the event of a winding-up or dissolution of the Fund, whether voluntary or involuntary or for the purposes of a reorganisation or otherwise or upon any distribution, be entitled, pari passu with the holders of Participating Shares, to an amount equal to the amount paid up on such Management Shares but to no other or further amount; and\n- not be subject to redemption or repurchase of such Management Shares, whether at the option of the Fund or the holder.\n\n### **Modification of Class Rights**\n\nThe Articles provide that all or any of the class rights attaching to any Class or Series of Participating Shares in issue may be varied or abrogated without the consent of the holders of the issued shares of that Class or Series where such variation is considered by the Board, not to have a material adverse effect upon such holders' share rights; otherwise, any such variation shall be made only with the prior consent in writing of the holders of not less than two-thirds (2/3) by par value of such shares, or with the sanction of a resolution passed by a majority of at least two-thirds (2/3) of the votes cast in person or by proxy at a separate meeting of the holders of such shares. For the avoidance of doubt, the Board reserves the right, notwithstanding that any such variation may not have a material adverse effect, to obtain consent from the holders of such Shares. Each subscriber for Participating Shares will be required to agree that the terms of the offer set out in the applicable Subscription\n\nAgreement and the rights attaching to the Participating Shares can be varied or abrogated in accordance with the provisions of the Articles.\n\nIn the Subscription Documents, each Shareholder will agree that if the Shareholder is asked to consent to any proposed variation or abrogation of the special rights that are attached to any class of shares and written notice of such proposed variation or abrogation is given to the Shareholder in accordance with the notice provisions of the Articles, the Shareholder shall be deemed to have consented to the proposed variation or abrogation if the Shareholder does not affirmatively object in writing to such proposed variation or abrogation within twenty (20) days (or such shorter time as may be determined by the Board in its discretion) after such notice is received or deemed to have been received in accordance with the notice provisions of the Articles.\n\n#### **Segregated Portfolios**\n\nThe Board shall establish a separate Segregated Portfolio in accordance with Part XIV of the Companies Law with its own distinct name and designation for one or more Classes of Shares, and the following provisions shall apply thereto:\n\n- the proceeds from the allotment and issue of each Class of Shares shall be applied in the books of the Fund to the relevant Segregated Portfolio and the assets, profits, gains, income and liabilities, losses and expenses attributable thereto shall be applied in the books of the Fund to such Segregated Portfolio and assets required to satisfy any redemption of Shares of any such Class or paid as dividends, shall be accounted for out of the relevant Segregated Portfolio;\n- where any subsequent event takes place that may affect the previous allocation of assets or liabilities to a Segregated Portfolio, the Board may make such adjustment to the allocation as they deem appropriate to ensure any gain or loss of the Fund and all liabilities and expenses are attributable to the Segregated Portfolios properly and fairly;\n- where any asset is derived from another asset (whether cash or otherwise) such derivative asset shall be applied in the books of the Fund to the same Segregated Portfolio as the asset from which it was derived. On each revaluation of an asset, the increase or diminution in value shall be applied to the relevant Segregated Portfolio;\n- the assets of each Segregated Portfolio shall be kept separate and separately identifiable from assets attributable to other Segregated Portfolios and from the Fund's general assets; and\n- where any costs or expenses or any liabilities incurred by the Fund are specifically attributable to a particular Segregated Portfolio, they shall be borne only by such Segregated Portfolio, and where they are not specifically attributable to a Segregated Portfolio, such costs, expenses, or liabilities shall be allocated among the Segregated Portfolios on an equitable basis as determined by the Board in its discretion, after consultation with the Administrator.\n\n#### **Records**\n\nThe Fund shall, on behalf of each Segregated Portfolio, establish in its books for that Segregated Portfolio a separate record with its own distinct designation for the Classes of Shares referable to such Segregated Portfolio.\n\n#### **Side Pockets**\n\n#### **Special Investments and Class S Shares**\n\nThe Investment Manager may, in its sole and absolute discretion, designate certain investments that do not have a readily ascertainable value or which are not freely transferable as \"Special Investments\". If the Investment Manager designates an existing investment as a Special Investment, Investors at that time will have a portion of their Class A Shares automatically converted (on a \\_pro rata\\_ basis) into Class S Shares, which are not redeemable at the option of the holder. Each Special Investment will be represented by a series of Class S Shares.\n\nAny Investor who redeems their Class A Shares during the life of the side pocket will retain their Class S Shares until the relevant Special Investment is realized. Upon the occurrence of a liquidity event in respect of the Special Investment in question (generally a sale or its becoming liquid): (a) if the holder of the Class S Shares still holds Class A Shares, the net proceeds will be used to subscribe for additional Class A Shares at the then-current Net Asset Value per share, or (b) if the holder no longer holds Class A Shares, the net proceeds paid out to the holder.\n\nThe purpose and effect of such side pocketing is to segregate illiquid or hard-to-value assets from the remaining liquid portion of the Fund's investment portfolio with the intention of allowing the Investment Manager to manage cash outflows where the Fund has received substantial redemption requests in situations where a material percentage of its portfolio is illiquid.\n\nGenerally, until Class S Shares are converted back into Class A Shares, no performance will be paid in respect of the Class S Shares.\n\n#### **Winding-down by Management**\n\nThe Board may determine that, due to changes in market conditions or other circumstances, it is in the best interests of the Fund that:\n\n- the Fund commences the orderly winding-down of its investment operations over such period of time as they may determine with a view to realizing its assets and returning surplus funds to Shareholders;\n- such winding-down be carried out by the Board and/or a committee appointed by the Board and/or any other third party investment adviser who has familiarity with the Fund's investment portfolio or parts thereof. If the Board determines to imposes a wind-down plan, they may take, or cause to be taken, such steps as they deem necessary or appropriate in their sole discretion including, without limitation:\n\t- o declaring a suspension, which may be permanent, of the right of Shareholders to require redemption of their Participating Shares;\n\t- o suspending the payment of any amount due to a Shareholder in connection with the redemption of Participating Shares;\n\t- o instructing the committee or other third party investment adviser appointed by the Board responsible for implementing the wind-down plan, to sell or otherwise dispose of the assets of the Fund, and in connection therewith determine the timing, manner and terms of any such sale or other disposition,\n\nhaving due regard for the Fund's liquidity requirements, the activity and condition of the relevant market and general financial and economic conditions;\n\n- o compulsorily redeeming or requiring the transfer of Participating Shares;\n- o settling and closing the business and affairs of the Fund.\n\n### **Other Rights and Liabilities**\n\nAll Shareholders are entitled to the benefit of, are bound by and are deemed to have notice of, the provisions of the Articles. The Articles have been drafted in broad and flexible terms to allow the Board:\n\n- the ability to issue additional Classes of Participating Shares with different terms (including the offering of Shares in different currency) than those of the Shares offered and described in this Memorandum;\n- the authority to, in their discretion, determine a number of issues including the period of notice to be given for redemptions and whether or not to charge subscription or redemption fees, generally or in any particular case. In approving this Memorandum, the Board has exercised a number of these discretions granted in the Articles.\n\nUnder the terms of the Articles and Cayman Islands law, the liability of the Shareholders is limited to any amount unpaid on their Participating Shares. As the Participating Shares can only be issued if they are fully paid, the Shareholders will not be liable for any debt, obligation or default of the Fund.\n\n#### **Regulation of the Fund**\n\nThe Fund is a Cayman Islands Segregated Portfolio Company operating as a mutual fund under Section 4(3) of the Mutual Funds Law.\n\nThe Class A Shares offered hereby have not been filed or registered with, or approved or disapproved by, any regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon or endorsed the merits of this offering or the accuracy or adequacy of this Memorandum. Any representation to the contrary is unlawful. In making an investment decision, Subscribers must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved.\n\nThe Fund will fall within the definition of a \"mutual fund\" under the Mutual Funds Law of the Cayman Islands and accordingly, will be regulated under that law. The Fund will be required to file registration particulars in the prescribed form and to file this Memorandum (and any changes to it) with CIMA, and to file audited financial statements and other prescribed reports with, and pay fees to CIMA on an annual basis.\n\nThere are other consequences of regulation under this law. Documentations and registration particulars filed are available for review or inspection on the Fund's Dashboard and may also be requested via an email sent to the Administrator requesting such documents. No Cayman Islands authority, including CIMA, has reviewed or commented on the contents of this Memorandum or on the merits of an investment in the Class A Shares.\n\n# **INVESTMENT OBJECTIVES, STRATEGIES AND RESTRICTIONS**\n\n#### **Investment Objectives**\n\nThe Fund's objective is to achieve absolute returns for investors during and over a long-term time period, with the aim of achieving consistent returns irrespective of the prevailing market conditions, with such returns being independent of, and uncorrelated to traditional forms of securities investments. There can be no assurance that the Fund will achieve its investment objectives.\n\n#### **Investment Strategy**\n\nHamilton Investment Management Limited (\"Hamilton\") is a technology-focused, valueoriented investment management firm serving world-renowned institutional investors who invest in a broad spectrum of asset classes. Hamilton adopts a multi-strategy approach to investing in order to generate an optimal risk-return profile while ensuring that it captures the most compelling investment opportunities across different investment products and geographical markets. Hamilton Opportunity Fund SPC, is a fund specialised in the digital asset class. The Hamilton multi strategy fund utilizes a comprehensive set of alpha-oriented cryptocurrency trading strategies and applies them to a variety of cryptocurrencies. The aim of the fund is to optimise risk and return using modern portfolio theory, active risk management, and quantitative algorithmic trading strategies. Example fund algorithmic trading strategies include (arbitrage, macro, basis, options trading, advanced market-making and OTC). Hamilton offers a complete asset management solution that covers the lifecycle of your crypto investment. It includes a fully developed: Order Execution Management System (OEMS) Portfolio Management System (PMS) Risk Management System (RMS) Advanced Suite of Sophisticated Trading Algorithms (ALGO) Real-Time and Historical P&L and Exposure Tracking System(Reporting/Compliance) Hamilton provides a single interface into all major crypto exchanges.\n\n#### **Investment Policy and Risk Management Policy**\n\nWe have a strong understanding of the fundamentals and economic value of crypto assets; we are able to properly understand the valuations and price action of crypto assets. There are no shortage of new coins/projects coming into the crypto space. We are highly selective when choosing new projects to invest in. By being highly selective and leveraging our wide network, we continue to generate significant returns. Modern Portfolio Theory looks at returns, volatilities, and correlations of assets, and attempts to place different combinations of each together to mitigate overall portfolio risk. An 'efficient frontier' of portfolios can be built, where returns are optimised per unit of risk. The crypto asset class is uncorrelated to other asset classes, and thus can provide a diversification benefit. Because of this we believe that the efficient frontier shifts up if you include crypto assets in your portfolio of investments. We have designed the fund's investment strategies to capture these exciting new investment opportunities. Our size and network have allowed us to secure allocations to varies crypto coin's, at strategic investor rounds not available to retail investors. We only pursue opportunistic trades that we have high level of conviction in, position sizing is key, and we use our advanced suite of algorithmic trading strategies to opportunistically trade and generate returns, we actively rebalance our risk portfolio monthly.\n\n#### **Development and Risks of Fund's Investment Strategy**\n\nThe development of an investment strategy is a continuous process and the investment strategy and methods used may therefore be modified from time to time. The investment methods are confidential and the descriptions of them in this Memorandum are not exhaustive. The investment strategies utilized may differ from those used by members of the Board with respect to other accounts they may from time to time manage. Investment decisions require the exercise of judgment by the Investment Manager. The Investment Manager may, at times, decide not to make certain investments, thereby foregoing participation in price movements which would have yielded profits or avoided losses. Shareholders cannot be assured that the strategies or methods utilized by the Investment Manager will result in profitable investment for the Fund. The Fund's investment program entails substantial risks and there can be no assurance that its investment objectives will be achieved.\n\n#### **Changes to Investment Strategies and Restrictions**\n\nThe investment objective, investment strategies, investment restrictions and limits summarised above represent the current intentions of the Board. Subject to any applicable law or regulation, the Board may change the investment objective, investment strategies, investment restrictions and limits on leverage by giving Shareholders not less than 3 months' prior written notice of the proposed changes.\n\n# **MANAGEMENT OF THE FUND & SERVICE PROVIDERS**\n\n#### **Board of Directors**\n\nThe Fund has a Board of Directors and each Director serves in accordance with the laws of the Cayman Islands and the Articles. The primary function of the Board is to manage and supervise the affairs of the Fund, including managing the Fund's investment portfolio, developing investment strategies and policies and making all investment decisions on behalf of the Fund. The Board has delegated the administration of the Fund to the Administrator (see \"Administrator\" below) powers of delegation under the Articles. The Board will review the performance and operations of the Fund at its regular meetings.\n\nAs of the date of this Memorandum, the Fund's Directors are as follows.\n\n#### **Kin Ming JE**\n\nKin JE has been a fund manager and investment banker for almost 30 years, currently managing a global investment fund with an Asset Under Management of USD12 billion. Prior to that, Mr. Je was the Chairman of Equity Capital Markets, Greater China at the Macquarie Banking Group for 10 years, managing its Greater China capital markets and principal investment activities. Prior to Macquarie, Mr. Je served as the senior management for several investment banks including as the Managing Director and joint venture partner of China Merchant Securities (Hong Kong) Limited, Executive Director and Head of China of Credit Agricole Indosuez (and Board member of its securities arm, Indosuez W.I. Carr Securities), Director of Dresdner Kleinwort Wasserstein and Vice President of NatWest\n\n#### Markets.\n\nMr. Je has successfully completed more than 70 global IPO, M&A and principal investment transactions amounted to US\\$40 billion. Mr.Je is recognised by \"International Who's Who\" as a leading investment banking professional in the world and is awarded honourable citizenship of the Washington State, U.S.A. for his contribution to Sino-US relationship. Mr. Je is a Vice Chairman of the Hong Kong International Blockchain and Financial Association, an NGO promoting blockchain technology and advocating crypto market regulation.\n\nMr. Je graduated from the Manchester Business School and the University of Wales (U.K.) with a Master of Business Administration. Mr. Je is a fellow member of the Association of Chartered Certified Accountants (U.K.) and the Hong Kong Institute of Certified Accountants. He is also a member of the Certified Financial Consultant (U.S.).\n\n#### **David Fallon**\n\nDavid is a Portfolio Manager at Hamilton Investment Management Ltd. Previously, he was a Portfolio Manager at TradeLink Holdings LLC, a diversified alternative investment and proprietary trading firm founded in 1979 by Walt Weissman. Prior to his tenure at Tradelink, David was a Portfolio Manager at Vanguard Asset Management and a Portfolio Manager at the Diversified Trading Group of Mizuho Bank London.\n\nPrior to joining investment banking and Mizuho Bank in 2010, David studied applied mathematics and finance in University College Dublin. He holds an MSc in Quantitative Finance from University College Dublin, Thesis: A Genetic Programming Self Evolving Trading System and a BSc Hons in Mathematics and Computer Science from University College Dublin. Neural Networks & Natural Computing are of keen research interest to him. Natural computing (Biologically inspired algorithms for financial modelling) present a lot of opportunities for future developments of computational methods. Various bio-inspired methodologies such as neural networks, evolutionary computing (particularly genetic algorithms and grammatical evolution), particle swarm, all present endless possibilities for future developments in computational methods in finance. David has applied some of these techniques in developing proprietary trade finding tools throughout his trading career.\n\n#### **Regulation of the Directors of the Fund**\n\nEach of the Directors of the Fund is registered with and regulated by CIMA pursuant to the Directors Registration and Licensing Law, 2014 of the Cayman Islands.\n\n#### **Conflicts of Interest relating to Directors**\n\nUnder the Fund's Articles:\n\n- Any Director, or any Director's firm, partner or any company with whom any Director is associated, may act in any capacity for, be employed by or render services to the Company on such terms, including with respect to remuneration, as may be agreed between the parties, provided that a Director or a Director's firm, partner or company may not to act as an auditor to the Company.\n- A Director who is directly or indirectly interested in a contract or proposed contract with the Company (an \"Interested Director\") shall declare the nature of such interest.\n- An Interested Director who has complied with the requirements of the foregoing Article may:\n\t- o vote in respect of such contract or proposed contract; and/or\n\t- o be counted in the quorum for the meeting at which the contract or proposed contract is to be voted on,\n\nand no such contract or proposed contract shall be void or voidable by reason only that the Interested Director voted on it or was counted in the quorum of the relevant meeting and the Interested Director shall not be liable to account to the Company for any profit realised thereby.\n\n#### **Indemnification and exculpation of Directors**\n\nUnder the Fund's Articles:\n\n- the Directors (including any person appointed to any committee by the Board) acting in relation to any of the affairs of the Fund and their heirs, executors, administrators and personal representatives (each an \"indemnified party\") are indemnified and secured harmless out of the assets of the Fund from and against all actions, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, provided that such indemnity will not extend to any matter in respect of any fraud or dishonesty in relation to the Fund which may attach to any of the indemnified parties.\n- the Fund may purchase and maintain insurance for the benefit of any Director of the Fund against any liability incurred by him in his capacity as a Director or indemnifying such Director in respect of any loss arising or liability attaching to him by virtue of any rule of law in respect of any negligence, default, breach of duty or breach of trust of which the Director may be guilty in relation to the Fund or any subsidiary thereof.\n\n#### **Investment Manager**\n\nHamilton Investment Management Ltd has been appointed to provide asset management services in respect of the Fund pursuant to an agreement between the Fund and the Investment Manager (the Investment Management Agreement). The directors of the Investment Manager are David Fallon and Kin Ming Je.\n\nHamilton Investment Management Limited (\"Hamilton\") is a technology-focused, valueoriented investment management firm serving world-renowned institutional investors who invest in a broad spectrum of asset classes. Hamilton adopts a multi-strategy approach to investing in order to generate an optimal risk-return profile while ensuring that it captures the most compelling investment opportunities across different investment products and geographical markets. Hamilton Investment Management Ltd is a BVI Approved Manager, regulated by the FSC with company number 2053164.\n\nUnder the Investment Management Agreement, the Investment Manager shall invest and reinvest the assets of the Fund in accordance with the Fund's investment objective and strategies described in this Offering Memorandum as amended and/or supplemented from time to time. Furthermore, the Fund has agreed to pay to the Investment Manager the\n\nManagement Fee described in the section headed \"Fees and Expenses\" for its services as Investment Manager. The Investment Management Agreement is for an indefinite term. It may be terminated by either party giving ninety 90 days' notice in writing to the other. In certain circumstances it may be terminated immediately.\n\nThe Investment Management Agreement provides that the Investment Manager may assign or delegate to one or more to one or more suitably qualified portfolio advisors some or all of the Investment Manager's rights and duties under the Investment Management Agreement.\n\nThe Investment Manager shall be entitled to receive compensation from counterparties.\n\nThe Investment Management Agreement contains broad indemnification provisions that require the Fund, to the fullest extent permitted by law, to indemnify the Investment Manager, any affiliate of the Investment Manager, and any member, partner, shareholder, manager, director, officer, employee, or agent of the Investment Manager or any such affiliate (each, an \"Indemnitee\") from and against any and all losses, claims, damages, liabilities, expenses (including reasonable legal fees and expenses), judgments, fines, amounts paid in settlement, and other amounts actually and reasonably paid or incurred by such Indemnitee in connection with any and all claims, demands, actions, suits, or proceedings (including arbitration and mediation proceedings and actions by or in the right of the Fund), civil, criminal, administrative, or investigative, that relate, directly or indirectly, to acts or omissions (or alleged acts or omissions) of such Indemnitee in connection with the formation, business, or operations of the Fund and in which such Indemnitee may be involved, or is threatened to be involved, as a party, witness, or otherwise, whether or not the same will proceed to judgment or be settled or otherwise be brought to a conclusion (\"Losses\"), except to the extent that it is finally adjudicated that an act or omission of the Indemnitee was material to the matter giving rise to such Losses and was committed by such Indemnitee with fraud, bad faith, Gross Negligence or willful misconduct.\n\n#### **Other Activities of the Investment Manager**\n\nThe Investment Manager is not required to manage the Fund as its sole and exclusive function. Although the Investment Manager intends to devote such time to the Fund as it deems necessary to accomplish the purposes of the Fund, the Investment Manager and its principals and affiliates may engage in other business activities.\n\nIn addition to managing the investments of the Fund, the Investment Manager and its principals and affiliates may provide investment management services to other persons and may manage other accounts and/or establish other private investment funds (both domestic and offshore) which may or may not employ an investment strategy similar to that of the Fund. Such other accounts or vehicles may co-invest in all portfolio investments on a side by side basis with the Fund, subject to applicable legal, tax or regulatory considerations.\n\n#### **Investment Adviser**\n\nThe Investment Manager has appointed Ivy Capital Advisors Limited to provide investment advisory services in respect of the Fund pursuant to an agreement between the Fund, Investment Manager and the Investment Adviser (the Investment Sub-Advisor Agreement).\n\nThe key personnel of the Investment Adviser in relation to the Fund are:\n\n#### **Justin Hong**\n\nFinance and Investment Consultant\n\n#### Education and Qualification\n\nJustin obtained his undergraduate degree in Business Management and Economics from University of Manchester, and then went on to complete a master's degree in Finance at University of Cambridge. With professional experience in investment banking and successful passing of the rigorous exams, he is a fully qualified member of the well-established Chartered Financial Analyst Institute (CFA)\n\n#### Career Development\n\nHe has worked for some of the world's leading top tier investment banks such as Goldman Sachs, UBS and Morgan Stanley. Initially he was heavily involved in the trading relationship between institutional investors and the investment bank for equities products, setting up complex commission structures to facilitate trading and research spending as well as manage relationships with investors and sales desk. Later on, he explored a more technical avenue and became a specialist in leveraged financing in prime brokerage which provided collateralised lending to hedge funds. His core strengths lied in the comprehensive understanding of financial instruments across multiple asset classes, valuation and risk return analysis of investment portfolios and strategies, as well as relationship management skills from dealing with some of the most sophisticated investment fund managers in London and New York.\n\n#### Areas of Expertise\n\nAcademic and professional knowledge and understanding of:\n\nCharacteristics of financial instruments and products,\n\nInvestment risks and portfolio strategies,\n\nCapital markets and participants, both sell side (investment banks) and buy side (institutional investors and fund managers),\n\nRelationship management skills from dealing with top tier international players in the industry\n\nAll references to 'Investment Manager' include the Investment Adviser.\n\n#### **Administrator**\n\nNAV Consulting, Inc. has been engaged as the NAV calculation agent of the Fund (the \"NAV Calculation Agent\") pursuant to a Service Agreement entered into with the Fund (the \"NAV Calculation Agreement\"). The NAV Calculation Agent is responsible for, among other things, calculating the Fund's net asset value and performing certain other accounting, back-office, data processing and related professional services all as described in the NAV Calculation Agreement.\n\nNAV Fund Services (Cayman) Ltd. (the \"Administrator\") acts as the Administrator of the Fund pursuant to a Service Agreement entered into with the Fund (the \"Administration Agreement,\" the Administrative Agreement and the NAV Calculation Agreement referred to collectively as the \"NAV Agreements\"). The Administrator is responsible for, among other things: (i) maintaining the register of shareholders of the Fund and processing the issuance and transfer of Shares of the Fund; (ii) disseminating financial information to Shareholders; (iii) processing requests for redemption of Shares; (iv) keeping books and records of the Fund; and (v) performing other services in connection with the administration of the Fund as described in the Administration Agreement.\n\nThe NAV Agreements provide that the NAV Calculation Agent and the Administrator (referred to collectively as \"NAV\") shall not be liable to the Fund, any Shareholder or any other person in absence of finding of willful misconduct, gross negligence, or fraud on the part of NAV. Furthermore, Fund shall indemnify and hold harmless the NAV Calculation Agent, the Administrator, their affiliates, and their respective officers, directors, shareholders, employees, agents and representatives (collectively, the \"NAV Parties\") from and against any liability, damages, claims, loss, cost or expense, including, without limitation, reasonable legal fees and expenses (individually, \"Loss\" and collectively, \"Losses\") arising from, related to, or in connection with the services provided to the Fund pursuant to the NAV Agreements, unless any such Losses are the direct result of the willful misconduct, gross negligence or fraud of NAV. In no event shall NAV have any liability to the Fund, any Shareholder or any other person or entity which seeks to recover alleged damages or losses in excess of the fees paid to NAV by the Fund in the one year preceding the occurrence of any loss, nor shall NAV be liable for any indirect, incidental, consequential, collateral, exemplary or punitive damages, including lost profits, revenue or data, regardless of the form of the action or the theory of recovery, even if NAV has been advised of the possibility of such damages or such damages were foreseeable. Any claim brought against NAV in connection with the NAV Agreements will be barred unless it is initiated within one year of the earlier of the disclosure of the event which is the subject of such claim or the date that the party advancing such claim knew or could with due inquiry have known of such event.\n\nNAV shall not be liable to the Fund, any Shareholder or any other person for the actions or omissions of any agent, contractor, consultant or other third party performing any portion of the services under the NAV Agreements absent a finding of gross negligence or fraud on the part of NAV in appointing such agent, contractor, consultant or other third party.\n\nNAV shall not be liable to the Fund, any Shareholder or any other person for actions or omissions made in reliance on instructions from the Fund or advice of legal counsel.\n\nThe services provided by NAV are purely administrative in nature. NAV has no responsibilities or obligations other than the services specifically listed in the NAV Agreements. No assumed or implied legal or fiduciary duties or services are accepted by or shall be asserted against NAV. NAV does not provide tax, legal or investment advice. NAV has no duty to communicate with Shareholders other than as set forth in Exhibit A of the NAV Agreements. NAV does not have custody of Fund's assets, it does not verify the existence of, nor does it perform any due diligence on the Fund's underlying investments including, investments in or via related or affiliated entities. In connection with the payment processing functions, NAV shall not be responsible for performance of the due diligence on payment recipients other than in connection with payments for Investors' withdrawals from the Fund, which are subject to anti-money laundering review functions of the services.\n\nThe NAV Agreements also provide that it is the obligation of the Fund's management, and not of NAV, to review, monitor or otherwise ensure compliance by the Fund with the investment policies, restrictions or guidelines applicable to it or any other term or condition of the Fund's offering documents, including, without limitation, with its valuation policy or the Fund's stated investment strategy, and with laws and regulations applicable to its activities. The Fund's management's responsibility for the management of the Fund, including without limitation, the valuation of the Fund's assets and liabilities, including, defining and maintaining the valuation policy and for fair valuing the Fund's assets, the oversight of the services provided by NAV and the review of work product delivered by NAV shall not be affected by or limited by any of the services provided by NAV.\n\nThe NAV Agreement provides that NAV is entitled to rely on any information, including valuation information, received by NAV from the Fund, the Fund's management or other parties, including without limitation, broker-dealers and data vendors, without independent verification, audit, review, inquiry, or performing other due diligence and NAV shall not be liable to the Fund, any Shareholder or any other persons for losses suffered as a result of NAV relying on incorrect information. NAV has no responsibility to review, independently value, verify, compare to other pricing source or otherwise perform due diligence on the valuation information. NAV may accept such information as accurate and complete without independent verification. Furthermore, NAV shall not be liable to the Fund, any Shareholder or any other person for any loss incurred as a result of an error or inaccuracy of any valuation information received from the Fund or from any pricing or valuation service or data service provider or delay, interruption in service or failure to perform of any pricing or valuation service or data service provider used by NAV.\n\nThe information on investor statements and other reports produced by NAV shall not be considered an offer to sell or a solicitation of an offer to purchase any Shares, nor may it be used to induce or recommend the purchase or holding of Shares.\n\nThe NAV Agreements bar non-parties from asserting third party beneficiary claims against NAV.\n\nThe Fund pays NAV fees out of the Fund's assets, generally based upon the size of the Fund, in accordance with NAV's standard schedule for providing similar services, subject to a monthly minimum.\n\nEither party may terminate the NAV Agreements on 60 days' prior written notice as well as on the occurrence of certain events.\n\nShareholders may review the NAV Agreements by contacting the Fund; provided, that NAV reserves the right not to disclose the fees payable thereunder.\n\nNAV is not responsible for the preparation of this Confidential Memorandum or the activities of the Fund and therefore accepts no responsibility for any information contained in any other section of this Confidential Memorandum.\n\nWithin the meaning of the applicable data protection laws, NAV acts as a Processor of Fund's Personal Data. NAV engages its affiliate, Back Office IT Solutions, Pvt. Ltd. to perform some of the Services, which may include, processing of Fund's Personal Data. As NAV Consulting, Inc. is located in the United States and Back Office IT Solutions Pvt. Ltd. in India, Fund's Personal Data is exported to and processed in the United States and India. For more information about how NAV collects, processes, uses and secures the Fund's Personal Data, please reference NAV's Privacy Notice at: http\n\n#### **Auditor**\n\n**Moore Cayman** has been appointed by the Fund to serve as the Fund Auditor. The Fund may change its auditor from time to time and will provide Shareholders with reasonably prompt written notice of any such change.\n\n#### **Cayman Islands Legal Advisors**\n\nMcGrath Tonner, Cayman Islands (\"McGrath Tonner\"), acts as Cayman Islands legal counsel to the Fund. In connection with the offering of Class A Shares and subsequent advice to the Fund, McGrath Tonner will not be representing Shareholders and no independent legal counsel has been retained to represent the Shareholders. McGrath Tonner's representation of the Fund is limited to specific matters as to which it has been consulted by the Fund. There may exist other matters that could have a bearing on the Fund as to which McGrath Tonner has not been consulted. In addition, McGrath Tonner does not undertake to monitor compliance by the Fund and its affiliates with the investment program, valuation procedures and other guidelines set forth herein, nor does McGrath Tonner monitor ongoing compliance with applicable laws. In connection with the preparation of this Memorandum, McGrath Tonner's responsibility is limited to matters of Cayman Islands law and it does not accept responsibility in relation to any other matters referred to or disclosed in this Memorandum. While advising the Fund, there are times when the interests of the Shareholders may differ from those of the Fund. McGrath Tonner does not represent the Shareholders' interests in resolving these issues. In reviewing this Memorandum, McGrath Tonner has relied upon information furnished to it by the Fund and has not investigated or verified the accuracy and completeness of information set forth herein concerning the Fund.\n\n### **AML Officers**\n\nThe Board has appointed an anti-money laundering compliance officer, a money laundering reporting officer and a deputy money laundering reporting officer in accordance with the relevant and applicable Anti-Money Laundering Regulations in force in the Cayman Islands as at the date of this Memorandum.\n\n#### **Change of Service Providers**\n\nThe Board may, at any time, change any of the service providers referred to above, agree on different contractual terms with any of them, and/or appoint additional or alternative service providers, in each case without prior notice to, or the agreement of, Shareholders.\n\n# **FEES AND EXPENSES**\n\n#### **Management Fee**\n\nThe Investment Manager is entitled to receive an annual Management Fee from the Fund with respect to the Class A Shares which shall be equal to 1% of the applicable Net Asset Value of the Class A Shares. The Management Fee will be allocated and paid to individual Directors in such proportions as the Board may determine.\n\nThe Fund is also entitled to charge an annual Management Fee with respect to the Class S Shares, which shall be equal to 1% of the applicable Net Asset Value of the Class S Shares. Such fees will be accrued and only paid to the Investment Manager out of the sale proceeds if any, of Special Investments.\n\nThe Management Fee is calculated on each Valuation Day after deducting any redemptions and adding any subscriptions as of the Redemption Day and Subscription Day immediately preceding that Valuation Day .\n\nThe Management Fee will be paid to the Investment Manager as soon as reasonably practicable after the end of each calendar month, after the finalisation of the Net Asset Value for the relevant Valuation Day.\n\n#### **Subscription Fee**\n\nThe Fund shall not charge any Subscription Fee.\n\n### **Redemption Fee**\n\nThe Fund will charge a tiered redemption fee:\n\nIn the period from the day where the Class A Shares were issued up to 1 year, a redemption fee of 3% will be charged with respect to the Class A Shares.\n\nIn the period from 1 year after the day the Class A Shares were issued up to 2 years, a redemption fee of 2% will be charged with respect to the Class A Shares.\n\nIn the period from 2 years after the day the Class A Shares were issued up to 3 years, a redemption fee of 1% will be charged with respect to the Class A Shares.\n\nIn the period from 3 years after the day the Class A Shares were issued onwards, there will be no redemption fees.\n\n#### **Operating Expenses**\n\nThe Fund will bear all of its own costs and expenses including, without limitation,Management Fee, legal, regulatory & government fee, audit and tax preparation, accounting & fund administrator fee, custody fee, bank fee, brokerage & trading/transactions related-fee, administration & IT, directors meetings & travel, the costs and expenses of operating the Investment Manager and its affiliates that are attributable to the Fund.\n\n#### **Organisational Expenses**\n\nIn order to ensure that the Total Expense Ratio remains as low as possible for investors, the Investment Manager shall be responsible for the payment of the Fund's organisational expenses.\n\n# **SUBSCRIPTIONS**\n\n#### **Subscription Price and Issuance of Class A Shares**\n\nClass A Shares are offered to Eligible Investors during the Initial Offering Period at the Initial Offer Price of USD100.00 per Share and thereafter at the Subscription Price, subject to the Minimum Initial Investment and to the right of the Fund to charge a Subscription Fee. The minimum amount of any subsequent subscription is USD10,000.00 in the case of Class A Shares or such lesser amount as the Board may determine, either generally or in any particular case.\n\n#### • **Purchase of Class A Shares during the Initial Offering Period**\n\nProspective investors interested in subscribing for Class A Shares should complete the Subscription Agreement (including uploading the required supplemental documentation) on the Fund's Dashboard and digitally sign and execute accordingly. Alternatively, a hard copy of the Subscription Agreement may be completed by hand and sent by courier to the Administrator, or a digital copy of the Subscription Agreement may be completed by hand and sent by email to the Administrator.\n\nPayment for the Class A Shares should be made by wire transfer using the transfer instructions set out in the Subscription Document. The acceptance of subscriptions is subject to confirmation of the prior receipt of cleared funds credited to the Fund's subscription account, as provided in the Subscription Document, and the receipt of completed Subscription Document in a form acceptable to the Board.\n\nDuring the Initial Offering Period, the deadline for receipt of the subscription form is no later than Close of Business time on a Business Day on the last Business Day before the relevant Subscription Day (subject to the Board waiving such notice), or at such other times as the Board may determine. The deadline for receipt of the subscription money is no later than 5:00 p.m. last Business Day before the relevant Subscription Day. Any portion of a gross subscription amount not accepted for investment will be returned to the Subscriber. No interest will accrue on any returned amount.\n\n#### • **Purchase of Class A Shares after the Initial Offering Period**\n\nAfter the Initial Offering Period, the deadline for receipt of the subscription form is no later than the Close of Business time on a Business Day falling at the last Business Day before the relevant Subscription Day (subject to the Board waiving such notice), or at such other times as the Board may determine. The deadline for receipt of the subscription money is no later than 5:00 p.m. on the last Business Day before the relevant Subscription Day. If any Subscription Application or payment is received late, it will be processed on the next Subscription Day provided that following consultation with the Administrator and Investment Manager, the Board may waive those requirements in any particular case or generally if they determine that to do so will not materially prejudice the other holders of Class A Shares.\n\nAny portion of a gross subscription amount not accepted for investment will be returned to the Subscriber. No interest will accrue on any returned amount.\n\n#### **Due Diligence Requirements applicable to Investors**\n\nThe Fund reserves the right to reject any application in whole or in part. In this event, the application monies or any balance thereof or non-cash assets will be returned to the applicant without interest. The Administrator may require such information and representations from both existing and Subscribers as may be necessary to comply with all applicable laws and regulations (whether statutory or not) including, without limitation, to comply with FATCA, the US IGA, CRS and any future IGAs and Cayman Islands laws and regulations relating to the verification of an applicant's identity and source of funds. In the event of delay or failure to supply such information, the Fund may decline to accept the subscription application and the subscription money and return said money to the investor without interest or compulsorily redeem Shares.\n\nThe Administrator shall, on behalf of the Fund, acknowledge all subscriptions by way of trade confirmation upon approval of a subscription by the Fund. Should a Subscriber not receive a trade confirmation, it is the Subscriber's responsibility to contact the Administrator to ascertain the status of its subscription as it cannot assume its successful subscription until it receives a trade confirmation.\n\n#### **Payment for the Class A Shares**\n\nPayment for Class A Shares must be made in cash by electronic transfer, net of bank charges, and is due in cleared funds in USD. Cash payments must be sent to the Fund's bank account, details of which will be communicated to the Subscriber by the Administrator.\n\nIf subscription monies are received in any currency other than USD, conversion into USD will be arranged by the Administrator at the risk and expense of the Subscriber. Any bank charges in respect of electronic transfers will be deducted from subscriptions and only the net amount will be invested in Class A Shares.\n\nThe acceptance of subscriptions is subject to confirmation of the prior receipt of cleared funds credited to the Fund's subscription account, as provided in the Subscription Documents, and the receipt of completed Subscription Documents in a form acceptable to the Board.\n\nWhere a subscription for Class A Shares is accepted, the Shares are treated as having been issued with effect from the relevant Subscription Day notwithstanding that the Subscriber for those Shares may not be entered in the Fund's Register of Members until after the relevant Subscription Day. The subscription monies paid by a Subscriber for Class A Shares will accordingly be subject to investment risk in the Fund from the relevant Subscription Day.\n\nThe Board may in their sole discretion, may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it may determine, or accept/reject the subscription application. The Fund is not under any duty to give notification of any defect or irregularity in connection with the submission of Subscription Agreements or incur any liability for failure to give such notification.\n\nNone of the Directors, the Fund or the Administrator accept any responsibility for any loss arising from the non-receipt or illegibility of any Subscription Agreement sent, or for any loss caused by or as a result of any action taken in connection with instructions believed in good faith to have originated from properly authorised persons.\n\nOnce a completed Subscription Agreement has been received by the Administrator it is irrevocable.\n\nThe Fund may reject any application in whole or in part and without giving any reason for doing so. If an application is rejected, the subscription monies paid, or the balance thereof in the case of a partial rejection, will be returned (without interest) as soon as practicable to the account from which the subscription monies were originally remitted. Any costs incurred in returning the subscription monies will be borne by the Subscriber.\n\n#### **Issue of Class A Shares**\n\nWritten confirmation detailing the Class A Shares which have been issued will be sent to Subscribers whose subscription has been accepted as soon as practicable after the close of the Initial Offer Period or the relevant Subscription Day, as the case may be.\n\nClass A Shares subscribed for during the Initial Offer Period will be issued on the Business Day immediately after the close of the Initial Offer Period. Class A Shares subscribed after the Initial Offer Period are deemed to be issued on the relevant Subscription Day.\n\nClass A Shares will be issued to two decimal places. Any smaller fraction of a Participating Share that would otherwise arise will be rounded down, with the relevant subscription monies being retained for the benefit of the Fund.\n\n#### **Form of Class A Shares**\n\nAll Class A Shares will be issued in registered form, meaning that a Shareholder's entitlement will be evidenced by an entry in the register of members of the Fund and not by a certificate. No certificates will be issued unless the Board determines otherwise.\n\nA Participating Share may be registered in a single name or in up to four joint names. Where Class A Shares are registered in joint names, the joint holders may authorise the Fund to act upon the sole written instructions of any one of the joint holders in respect of the transfer or redemption of all or any of such Class A Shares. Unless so authorised, the Fund will only act upon the written instruction of all the joint holders.\n\n#### **Anti-money laundering policy**\n\nTo ensure compliance with applicable requirements relating to anti-money laundering and prevention of terrorism or proliferation financing, the Fund, or the Administrator on behalf of the Fund, will require such information and documentation as it considers necessary to verify the identity and/or source of wealth of each Subscriber. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, the application may be refused or there may be a delay in processing the application. Neither of the Fund nor the Administrator or their respective delegates, agents and affiliates will be liable for any loss suffered by a Subscriber arising as a result of any such refusal or a delay.\n\nBy subscribing for Class A Shares, a Subscriber consents to the disclosure of any information provided by the Subscriber to government agencies, regulatory bodies and other relevant persons in connection with anti-money laundering requirements and similar matters. Such disclosure may be made by the Fund the Administrator or their delegates, agents or affiliates.\n\nEach subscriber will be required to make such representations as may be required by the Fund in connection with its anti-money laundering programmes. Such representations will include representations that the subscriber is not a prohibited country, territory, individual or entity listed on the United States Department of Treasury's Office of Foreign Assets Control (OFAC) website and that it is not directly or indirectly affiliated with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programmes. Each subscriber will also be required to represent that subscription monies are not directly or indirectly derived from activities that may contravene relevant laws and regulations, including anti-money laundering laws and regulations.\n\n# **REDEMPTIONS AND TRANSFERS**\n\n#### **Procedure for the Redemption of Class A Shares**\n\nSubject to any restrictions set out in this section and under \"Net Asset Value - Suspensions\" below, and to the Lock-up Period and any Gate, Class A Shares may be redeemed at the option of the Shareholder on any Redemption Day.\n\nExisting Investors interested in redeeming their Shares should complete the Redemption Notice on the Fund's Dashboard and digitally sign and execute accordingly. Alternatively, a digital copy of the Redemption Notice may be completed by hand and sent by email to the Administrator. The completed Redemption Notice must be received by no later than 5:00 pm on the Close of Business time on a Business Day falling at least 1 month (or such shorter period as the Board may permit, either generally or in any particular case) before the relevant Redemption Day. Unless the Board agrees otherwise, any Redemption Notice received after this time will be held over and dealt with on the next Redemption Day.\n\nNone of the Directors, the Fund or the Administrator accept any responsibility for any loss arising from the non-receipt or illegibility of any Redemption Notice sent, or for any loss caused by or as a result of any action taken in connection with instructions believed in good faith to have originated from properly authorised persons.\n\nIf a Redemption Notice is received which would, if satisfied, result in the Shareholder retaining less than the Minimum Holding, the Board may treat such Redemption Notice as a request for a partial redemption (so that the Shareholder retains the Minimum Holding) or may redeem the Shareholder's entire holding of Class A Shares.\n\nA request for a redemption of Class A Shares with an aggregate Net Asset Value of less than the Minimum Holding (or such lesser amount as the Board may determine, either generally or in any particular case) will be refused. If a redeeming Shareholder owns Class A Shares of more than one Series, Class A Shares will be redeemed on a \"first in-first out\" basis for the purpose of determining the Redemption Price. Accordingly, Class A Shares of the earliest issued Series held by the Shareholder will be redeemed first, at the Redemption Price of Class A Shares of such Series until the redeeming Shareholder no longer owns any Class A Shares of such Series.\n\nOnce a Redemption Notice has been received by the Administrator it may not be revoked by the Shareholder unless redemptions have been suspended in the circumstances set out in \"Net Asset Value - Suspensions\" below or the Board otherwise agrees.\n\n#### **Limitations on Redemptions**\n\nThe Class A Shares may not be redeemed at the option of the Shareholder on any Redemption Day during the Lock-Up Period unless a redemption fee of 6% is paid in respect of such Class A Shares being redeemed.\n\nIf Redemption Notices are received by the Administrator in respect of any Redemption Day in relation to Class A Shares with an aggregate Net Asset Value of more than 20% (or such higher or lower percentage as the Board in its discretion may determine) of the Net Asset Value of the Fund, the Board may, in their discretion, reduce each request for redemptions pursuant to such Redemption Notices pro rata, so that only Class A Shares with an aggregate Net Asset Value equal to 20% (or such higher or lower percentage as the Board in its discretion may determine) of the Net Asset Value of the Fund are redeemed as at such Redemption Day. A redeeming Participating Shareholder whose request for redemption of Class A Shares is reduced in this manner will be deemed to have submitted a Redemption Notice to have the remaining balance of the Class A Shares as specified in the original Redemption Notice redeemed on the next following Redemption Day without the need to submit a further Redemption Notice.\n\nRedemptions on any such subsequent Redemption Day shall always be subject to the discretion of the Board to reduce each request for redemptions pursuant to each Redemption Notice on a pro rata basis as aforesaid. Where any redemption requests have been reduced in this manner, the Board may determine that any Redemption Notices which have been postponed from any prior Redemption Day shall have priority on any subsequent Redemption Day, or may take such other steps in respect of such postponed Redemption Notices as they deem appropriate.\n\n#### **Rights Following the Redemption Day**\n\nWith effect from the relevant Redemption Day, a redeeming Shareholder will be treated as a creditor for the redemption proceeds of the Class A Shares being redeemed (rather than a Shareholder). After the relevant Redemption Day, the redeeming Shareholder will have no rights as a Shareholder in respect of the Class A Shares being redeemed save for the right to receive the redemption proceeds and any dividend which has been declared in respect of the relevant Class A Shares prior to the relevant Redemption Day. The right of the redeeming Shareholder to receive the redemption proceeds and any such dividends shall rank ahead of the rights of remaining Shareholders in the distribution of the surplus assets of the Fund on its liquidation.\n\n#### **Redemption Price and Redemption Proceeds**\n\nThe Redemption Price of a Class A Shares will be equal to the Net Asset Value per Share of the relevant Series as at the Valuation Day immediately preceding the relevant Redemption Day.\n\n#### **Settlement**\n\nPayment of redemption proceeds will normally be made within fourteen (14) Business Days of the later of:\n\n- the finalisation of the Redemption Price for the relevant Redemption Day, and\n- the date on which the Administrator has received the original of the Redemption Notice and such other information and documentation as may be required. Payment will be made in the Dealing Currency of the Class A Shares being redeemed by direct transfer to an account in the name of the Shareholder. Any costs incurred in making the transfer will be borne by the Shareholder. No redemption proceeds will be paid to a third party. No interest will be paid to the Shareholder in respect of redemption proceeds.\n\nA Shareholder may request that payment of redemption proceeds be made in a currency other than the relevant Dealing Currency. If the Board permits payment in a currency other than the relevant Dealing Currency the cost of conversion will be deducted from the redemption proceeds.\n\nA portion of the redemption proceeds may be held back at the discretion of the Board pending completion of the next occurring annual audit. Promptly after completion of the audit, the balance, if any, of the amount to which such Shareholder is entitled after taking account of any adjustment made to the relevant Redemption Price as a result of the audit will be paid to such Shareholder. No interest will be paid in respect of redemption proceeds held back.\n\nThe Fund aims to pay all redemption proceeds in cash. However, under circumstances of low liquidity or adverse market conditions, the Board may pay redemption proceeds in whole or in part by the transfer of assets. The assets to be transferred will be valued as at the relevant Redemption Day, by reference to the valuation principles applied in the calculation of the Net Asset Value. Assets may be transferred directly to the redeeming Shareholder or may be transferred to a liquidating trust, account or entity and sold or otherwise realised for the benefit of the redeeming Shareholder. If assets are transferred to a liquidating trust, account or entity, the cash proceeds received by a redeeming Shareholder will reflect the value of the assets on the date on which they are sold or realised. The cost of operating the liquidating trust, account or entity and managing, selling or otherwise realising the assets will be deducted from the proceeds paid to the redeeming Shareholder.\n\n#### **Compulsory Redemption**\n\nThe Fund may, with or without cause and without giving any reason, redeem all or any of the Class A Shares held by a Shareholder on any day designated by the Board by giving five (5) Business Days' prior written notice to such Shareholder.\n\nIn particular, the Fund may redeem the Class A Shares held by a Shareholder if the Board becomes aware that (i) the Shareholder has ceased to be an Eligible Investor, (ii) any representation, warranty, acknowledgement or undertaking given by the Shareholder to the Fund has ceased to be accurate in any material respect, or (iii) the continued holding of Class A Shares by the Shareholder would or may, in the opinion of the Board, cause an undue risk of adverse tax, pecuniary, regulatory, legal or other consequences to the Fund or any other Shareholders. Shareholders are required to notify the Fund and the Administrator immediately if at any time they become aware that any of the above circumstances apply to them.\n\nWhere any fees, payment, withholding or deduction becomes payable by the Fund because of a particular Shareholder, the Fund may redeem a portion of such Shareholder's Class A Shares in order to pay such amount. In such circumstances, the redemption proceeds may be paid directly by the Fund to the relevant third party and not paid to the Shareholder.\n\n#### **Prevention of Money Laundering**\n\nRedemption proceeds will not be paid to a Shareholder until the Fund has received any outstanding information or documentation requested in connection with any applicable antimoney laundering requirements or similar matters. Neither of the Board, nor the Administrator will be liable for any loss arising as a result of any delay in payment of any redemption proceeds if such information and documentation have not been provided by the Shareholder.\n\nThe Fund may refuse to pay redemption proceeds to a Shareholder if the Board, the Investment Manager or the Administrator suspects or is advised that the payment of the redemption proceeds may result in a breach of any applicable laws or regulations in any relevant jurisdiction.\n\n### **Transfer of Class A Shares**\n\nClass A Shares may not be transferred without the prior written consent of the Board. The Board may withhold their consent without giving any reason for doing so. Consent will not be given if, as a consequence of such transfer, the Class A Shares retained by the transferor or registered in the name of the transferee would be less than the Minimum Holding.\n\nShareholders wishing to transfer Class A Shares must complete a transfer request, which shall be in such form as the Board may from time to time approve. The completed transfer request, duly stamped, if applicable, together with such evidence as the Board may require to show the right of the transferor to make the transfer, must be sent to the Administrator. If the transferee is not already a Shareholder, it will be required to comply with all eligibility and applicable anti-money laundering requirements or similar matters for a subscriber for Class A Shares.\n\nThe transfer will take effect upon the registration of the transferee in the register of members of the Fund maintained by the Administrator.\n\nThe transferor and transferee will be responsible for paying any taxes, duties, imposts or levies payable on, or in consequence of, a transfer of Class A Shares.\n\n# **DETERMINATION OF NET ASSET VALUE**\n\nThe Net Asset Value of the Fund and the Net Asset Value per Share of each Series will be calculated as at the Valuation Point on each Valuation Day.\n\nIn calculating the Net Asset Value per Share, the Administrator may rely, without verification, on the closing prices from automatic pricing services at each valuation day. The Administrator is not liable for any loss suffered by the Fund or any of its Shareholders by\n\nreason of any error in the calculation of Net Asset Value per Share resulting from any inaccuracy in that information.\n\n#### **Valuation of Assets**\n\nFor the purposes of calculating the Net Asset Value, assets of the Fund will be valued in accordance with the following principles:\n\n- any security which is listed or quoted on any securities exchange or similar electronic system and regularly traded thereon will be valued at its last traded price as at the Valuation Point or, if no trades occurred on such day, at the closing bid price if held long and at the closing offer price if sold short, on the relevant Valuation Day. Where prices are available on more than one exchange or system for a particular security the price will be the last traded price or closing bid or offer price, as the case may be, on the exchange which constitutes the main market for such security or the one which the Board determines provide the fairest criteria in ascribing a value to such security;\n- any security which is not listed or quoted on any securities exchange or similar electronic system or if, being so listed or quoted, is not regularly traded thereon or in respect of which no prices as described above are available will be valued at its probable realisation value as at the Valuation Point, as determined by the Board having regard to its cost price, the price at which any recent transaction in the security may have been effected, the size of the holding having regard to the total amount of such security in issue, and such other factors as the Board deems relevant in considering a positive or negative adjustment to the valuation;\n- investments, other than securities, which are dealt in or traded through a clearing house or exchange or through a financial institution will be valued as at the Valuation Point by reference to the most recent official settlement price quoted by that clearing house, exchange or financial institution. If there is no such price, then the average will be taken between the lowest offer price and the highest bid price as at the Valuation Point on any market on which such investments are or can be dealt in or traded, provided that where such investments are dealt in or traded on more than one market, the Board may determine which market shall prevail;\n- investments, other than securities, including over-the-counter derivative contracts, which are not dealt in or traded through a clearing firm or an exchange or through a financial institution will be valued by reference to the valuation obtained from an independent pricing source, but where no such valuation is available for a particular investment, the investment will be valued by comparing the latest available valuation provided by the relevant counterparty against the valuation provided by such other counterparties as the Board deems appropriate. In the event that the valuations provided respectively by the relevant counterparty and the other counterparties differ to the extent that the Board considers to be material, the investment shall be valued on the basis of the average of all of the valuations but otherwise will be valued on the basis of the valuation provided by the relevant counterparty;\n- deposits will be valued at their cost plus accrued interest; and\n- any value (whether of a security or cash) which is not in USD will be converted into USD at the rate (whether official or otherwise) which the Board deems appropriate to the circumstances having regard, inter alia, to any premium or discount which it considers may be relevant and to costs of exchange.\n\nThe Board may permit any other method of valuation to be used if they consider that such method of valuation better reflects fair value generally or in particular markets or market conditions.\n\nThe financial statements of the Fund will be drawn up in accordance with IFRS. However, the valuation policies described above may not comply with IFRS. To the extent that the valuation basis deviates from IFRS, the Board may make necessary adjustments in the annual financial statements in order to comply with IFRS. If relevant, a reconciliation note may be included in the annual financial statements to reconcile values shown in such statements determined under IFRS to those arrived at by applying the valuation policies described above.\n\nSubject to the discretions set out above, the Board has delegated to the Administrator the calculation of the Net Asset Value and the Net Asset Value per Share.\n\nThe Administrator is not liable for any loss suffered by the Fund or any of its Shareholders by reason of any error in the calculation of Net Asset Value per Share resulting from any inaccuracy in the information relied upon by the Administrator.\n\n#### **Suspensions due to Special Circumstances**\n\nThe Board may declare a temporary suspension of (i) the determination of Net Asset Value per Share of one or more Classes (ii) the redemption of Participating Shares of one or more Classes and/or (iii) the payment of redemption proceeds. The Board may declare any such suspension in such circumstances as they may deem appropriate, including:\n\n- during which any stock exchange, commodities exchange, futures exchange or market on which any significant portion of the Investments of the Company are listed, quoted, traded or dealt in is closed (other than customary weekend and holiday closing) or trading on any such exchange or market is restricted;\n- when circumstances exist as a result of which in the opinion of the Board it is not reasonably practicable for the Company to dispose of its Investments or as a result of which any such disposal would be materially prejudicial to the Members (or any of them);\n- when a breakdown occurs in any of the means normally employed in ascertaining the value of the Company's Investments or the Net Asset Value of the Company or the Net Asset Value per Share of any class or series or when for any other reason the value of any of the Investments or other assets of the Company or the Net Asset Value of the Company or the Net Asset Value per Share of any class or series cannot in the opinion of the Board reasonably or fairly be ascertained;\n- during which the Company is unable to repatriate, receive or transfer funds required for the purpose of making payments due on the redemption or purchase of Shares of the relevant class or during which any transfer of funds involved in the realisation or acquisition of Investments or payments due on the redemption or purchase of Shares of the relevant class cannot in the opinion of the Board be effected at normal rates of exchange;\n- when the business operations of the Company and/or a Service Provider (or their authorised agents) in relation to the operations of the Company are substantially interrupted or closed as a result of or arising from pestilence, acts of war, terrorism, insurrection, revolution, civil unrest, riots, strikes, cyber-attack, natural disaster or acts of God;\n- when, as a result of exchange restrictions or other restrictions affecting the repatriation or transfer of funds, transactions on behalf of the Company are rendered impracticable, or where purchases, sales, deposits or withdrawals of any asset of the Company cannot be effected at the normal rates of exchange, as determined by the Board;\n- when the Company has resolved to wind up;\n- where the Board deems it necessary to do so to comply with anti-money laundering laws and regulations or any other law or regulations applicable to the Company and/or any Service Provider, directly or indirectly, in any jurisdiction;\n- when it is not reasonably practicable to accurately ascertain the value of a material portion of the Company's assets due to such as the closure of or suspension of trading on any underlying funds or individual investment accounts and segregated accounts; or\n- when the Board otherwise determines that it is in the best interests of the Company or the Members to do so.\n\nAny suspension will take effect at the time the Board specifies in its declaration. The suspension will continue until the Board declares that it has ended. The holders of Participating Shares of the affected Class or Classes will be notified of any suspension as soon as practicable after the declaration of such suspension. Such Shareholders will also be notified when the period of such suspension has ended.\n\nApplications for Participating Shares for a Subscription Day falling within a period when the issue of Participating Shares of the relevant Class is suspended will be acted upon on the first Subscription Day after the suspension has ended. A Subscriber may withdraw his application for Participating Shares during a period of suspension provided that a withdrawal notice is actually received by the Administrator before the suspension has ended.\n\nRedemption Notices received prior to the commencement of a period of suspension will be carried forward to the next earliest relevant Redemption Day occurring after the suspension has ended and will be given priority over Redemption Notices received during a period of suspension. A Shareholder may withdraw his Redemption Notice during a period of suspension provided that a withdrawal notice is actually received by the Administrator before the suspension has ended.\n\nWhile such suspensions may be temporary, the circumstances giving rise to the decision to suspend may continue for a prolonged period of time such that the Board considers that it is appropriate that the suspension be declared permanent. In such circumstances the investments of the Fund will be managed for the sole purpose of realising all investments in anticipation of the termination of the business of the Fund and its winding up.\n\n#### **High Water Mark**\n\nIn relation to Class A Shares, the greater of the Net Asset Value per Participating Share at the time of issue and the highest Net Asset Value per Participating Share with respect to which a Performance Fee has been charged at the end of any previous Performance Period (if any) during which such Participating Share was in issue.\n\n#### **Adjustments**\n\nIf an Investor subscribes for Class A Shares at a time when the Net Asset Value per Share is other than the Peak Net Asset Value per Share, certain adjustments will be made to reduce inequities that could otherwise result to the Investor or to the Fund.\n\nThe Peak Net Asset Value per Share is the greater of: (i) the price at which Class A Shares are issued at the close of the Initial Offering Period; and (ii) the highest Net Asset Value per Share in effect immediately after the end of the previous Performance Period in respect of which a Performance Fee (other than a Performance Fee Redemption, as defined below) was charged.\n\n- If Class A Shares are subscribed for at a time when the Net Asset Value per Share is less than the Peak Net Asset Value per Share, the Investor will be required to pay a Performance Fee with respect to any subsequent appreciation in the value of those Class A Shares. With respect to any appreciation in the value of those Class A Shares from the Net Asset Value per Share at the date of subscription up to the Peak Net Asset Value per Share, the Performance Fee will be charged at the end of each Performance Period by redeeming at par value such number of the Investor's Class A Shares as having an aggregate Net Asset Value (after accrual for any Performance Fee) equal to the Relevant Percentage of any such appreciation (a Performance Fee Redemption). An amount equal to the aggregate Net Asset Value of the Class A Shares as redeemed will be paid as a Performance Fee. The Fund will not be required to pay to the Investor the redemption proceeds of the relevant Class A Shares, being the aggregate par value thereof. Performance Fee Redemptions are employed to maintain a uniform Net Asset Value per Share. In regards the Investor's remaining Class A Shares, any appreciation in the Net Asset Value per Share of those Class A Shares above the Peak Net Asset Value per Share will be charged a Performance Fee in the manner described above. If an Investor redeems Class A Shares during a Performance Period and an adjustment in accordance with the principles of this section is required in relation to such Class A Shares, such adjustment shall be deducted from the redemption proceeds and will be paid to the Investment Manager.\n- If Class A Shares are subscribed for at a time when the Net Asset Value per Share is greater than the Peak Net Asset Value per Share, the Investor will be required to pay an amount in excess of the then-current Net Asset Value per Share equal to the Relevant Percentage of the difference between the then-current Net Asset Value per Share (before accrual for the Performance Fee) and the Peak Net Asset Value per Share. This is to account for the fact that the Net Asset Value per Share has been reduced to reflect an accrued Performance Fee to be borne by existing Investors that might otherwise be payable out of the assets of the Fund but that should not, for the purposes of fairness, be charged against the Investor making the subscription because, as to such Class A Shares, no favourable performance has yet occurred. This ensures that all holders of Class A Shares have the same amount of capital at risk per Participating Share.\n\nAt the end of each Performance Period, if the Net Asset Value per Share (before accrual for the Performance Fee) exceeds the Peak Net Asset Value per Share, that portion equal to the Relevant Percentage of the excess, will be applied by subscribing for additional Class A Shares for the Investor at par value, such number of the Investor's Class A Shares as have an aggregate Net Asset Value (after accrual for any Performance Fee) equal to the Relevant Percentage of any such depreciation (a Performance Fee Subscription). Additional Class A\n\nShares will continue to be so subscribed for at the end of each Performance Period until the original Subscription Price for the Class A Shares has been reached.\n\nIf the Investor redeems Class A Shares before the original Subscription Price for those Class A Shares has been reached, the Investor will receive redemption proceeds equal to the Net Asset Value times the number of Class A Shares.\n\n# **VARIATION OF OFFERING TERMS AND SIDE LETTERS**\n\nThe Fund may waive or modify the application of, or grant special rights with respect to, any provision of this Memorandum, including, without limitation, the provisions relating to the Management Fee, the Performance Fee, redemptions, transfers, notices and transparency with respect to any Shareholder. Such waivers or modifications or the granting of any special rights by the Fund may be by way of the entry into agreements (\"Side Letters\") with certain Shareholders which amend the terms of the investments of such Shareholders in the Fund, in each case without notice to, or the consent of other shareholders.\n\n# **RISK FACTORS AND SPECIAL CONSIDERATIONS**\n\nAn investment in the Fund involves significant risks not associated with other investment vehicles and is suitable only for persons of adequate financial means who have no need for liquidity in this investment. There can be no assurances or guarantees that (i) the Fund's investment objectives will prove successful or (ii) investors will not lose all or a portion of their investment in the Fund.\n\nInvestors should consider an investment in the Fund as a supplement to an overall investment program and should only invest if they are willing to undertake the risks involved. In addition, investors who are subject to income tax should be aware that an investment in the Fund could (if the Fund is successful) create taxable income or tax liabilities in excess of cash distributions to pay such liabilities. Investors should therefore bear in mind the following risk factors and conflicts of interest before purchasing Class A Shares.\n\nThe Fund relies on each Subscriber to obtain independent, qualified investment and tax advice before purchasing Class A Shares in the Fund.\n\nThe following risk factors are a non-exhaustive summary of the main risks which need to be considered by Subscribers.\n\n#### **Risks associated with the Fund**\n\n#### **Limited Operating History**\n\nThe Fund does not have any operating history. There is no market for investments in the Fund and as such, Class A Shares may only be disposed of through the redemption procedures described in this Memorandum, or through a permitted transfer of Class A Shares to a third-party.\n\n#### **Illiquidity and Continuous Offering of Class A Shares**\n\nThe Fund is not intended to be a short-term investment. There are restrictions on redemptions of Class A Shares, and Class A Shares are not freely tradable. Accordingly, an investment in the Fund is an illiquid investment. Class A Shares are subject to the Lock-Up Period during which they may not be redeemed (except in circumstances where a redemption fee will be charged). In addition, there will be a period between the date on which Investors may submit a request for redemption, the effective date of the redemption, and the wire transfer of the redemption proceeds. Investors will bear the risk that the Fund's Net Asset Value may fluctuate significantly during such periods. The Investment Manager may limit redemptions to the extent that aggregate redemption requests by Investors exceeds the Gate, and with respect to a redeeming Investor, reserve a portion of such Investor's redemption proceeds for liabilities and for other contingencies of the Fund. The Fund may suspend redemption rights, or the payment of redemption proceeds, in whole or in part. Significant numbers of redemption requests by Investors that are not offset by new subscriptions could cause the Fund to postpone or suspend redemptions\n\n#### **Non-Voting Shares**\n\nClass A Shares do not carry any right to vote and accordingly Shareholders have limited control over the management of the Fund.\n\n#### **Risks associated with the Fund's investment objectives, strategies and policies**\n\n#### **Risks of Investments Generally**\n\nAll investments generally risk the loss of capital. No guarantee or representation is made that the Fund's investment objective, strategies and policies will be successful.\n\n#### **Operational and Strategy Risks**\n\n#### **Order execution risks**\n\nThe Fund's investment theses and trading strategies may be negatively impacted by internal (Fund) and external (third-party) actions, developments or omissions that prevent orders from being executed and cleared in a timely fashion, due to factors including but not limited to systems failures, counter-party errors or third-party service provider errors.\n\n#### **Operational risks**\n\nThe volume and complexity of the Fund's strategies and transactions may impact the Board's operational capacity. Traders' errors, system errors and other risks may impact the Fund's holdings and financial position.\n\n#### **Lack of Insurance**\n\nThe assets of the Fund are not insured by a government entity or a private insurance company. Where the Fund or/and its third-party service providers become insolvent, the Fund may be unable to recover its funds or assets in part or in full.\n\n#### **Risks associated with the Investment Management**\n\n#### **Operational and Systems Risk**\n\nThe Fund depends on the Investment Manager to develop and implement appropriate systems and procedures to control operational risk. Operational risk may arise from mistakes made in the confirmation or settlement of transactions, from transactions not being properly booked, evaluated or accounted for or other similar disruption in the Fund's operations may cause it to suffer financial losses, the disruption of business, liability to clients or third parties, regulatory intervention or reputational damage. The Fund's business may depend on the Investment Manager's ability to process a large number of transactions across numerous and diverse markets in a timely and accurate manner. Consequently, The Fund relies heavily on its financial accounting and other data processing systems. The ability of its systems to accommodate an increasing volume of transactions could also constrain the Investment Manager's ability to properly manage the portfolio.\n\nThe Fund's trading orders may not be executed in a timely and efficient manner due to various circumstances, including but not limited to system failures or human error attributable to the Investment Manager, its brokers, agents or other service providers. In such event, the Fund might only be able to acquire, or dispose of, some, but not all, of the components of such position, or if the overall positions were to need adjustment, the Fund might not be able to make such adjustment. As a result, the Fund may not be able to enter or exit the market positions selected by the Investment Manager and may incur a loss whilst liquidating its position. In addition, the Fund relies heavily on electronic execution systems, and such systems may be subject to failure, causing the interruption of trading orders made by the Fund.\n\nThe Fund depends on the Investment Manager to develop and implement appropriate systems for it. The Fund relies extensively on computer software, algorithms and systems to analyse, trade, clear and settle securities transactions, to evaluate certain securities based on real-time trading information, to monitor its portfolio and net capital, and to generate risk management and other reports that are critical to oversight of the Fund's activities. In addition, certain of the operations of the Fund and the Investment Manager interface with or are depend on systems operated or developed by third-parties, including its Prime Brokers and market counterparties, and their sub-custodians and other service providers, and as such the Investment Manager may not be in a position to verify the risks and reliability of such thirdparty systems. These systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by software-related defects, viruses and power failures. Any such defect or failure could have a material adverse impact on the Fund.\n\n#### **Reliance on the Investment Manager and its Key Personnel**\n\nThe success of the Fund depends upon the ability of the Investment Manager to develop and implement investment strategies that achieve the Fund's investment objective. Whilst the software is automated, and as such, where key personnel leave the Investment Manager, the Fund can continue to trade, no assurance can be given that the Investment Manager will be able to do so. The ability of the Investment Manager to develop and implement investment strategies that achieve the Fund's investment objective depends in substantial part upon the skill and experience of the Investment Manager.\n\n#### **Other Relationships of the Investment Manager and the Board**\n\nThe Investment Manager (including its partners, principals, employees, officers and affiliates) may have external relationships, such as having investment interests in, holding directorships or serving as executives of or otherwise being involved with, third-parties, including without limitation, other investment managers, investment companies, investment banks and public companies which may result in conflicts of interest. The activities of Directors with these other relationships may affect the Fund's ability to participate in investment opportunities that it would otherwise have been eligible to participate in or may present regulatory or reporting issues with respect to certain investments.\n\n#### **Cybersecurity Risk**\n\nAs part of its ongoing business and operations of the Fund, the Investment Manager (and its affiliates), will utilise, process, store and transmit information on its internal and external systems and technology platforms. This will include software both developed in-house by the Investment Manager (and its affiliates) and the advisor, along with software licensed or utilised from a third-party service provider or a software development companies. As such, there are operational risks that stem from the use of such technologies as well as information security risks (collectively \"Cybersecurity Risk\"). Where there are bugs, breaches, and other failures leading to Cybersecurity Risk, this may have an impact on the ongoing business and operations of the Fund, and as such, potentially negatively impacting the performance of the Fund, and cause it to be unable to continue operating during the duration the Cybersecurity Risk occurence.\n\n#### **Performance Fee**\n\nWhilst the directors of the Investment Manager (and if appointed, sub-advisors) may have a significant stake (in respect of the capital raised) in the Fund, and as such, the Investment Managers' and the investors' interests are in alignment, the payment of a performance-based fee to the Investment Manager may create an incentive for the Investment Manager to cause the Fund to make investments that are riskier or more speculative than would otherwise be the case if these payments were not made. Since a portion of the Performance Fee is calculated on a basis which includes unrealised appreciation of the Fund's assets, the Performance Fee may be greater than if it were based solely on realised gains. The Board has delegated to the Investment Manager the authority to value the Fund's assets. As the Performance Fee is paid to the Investment Manager, the Investment Manager may have an incentive to place a higher value on Fund's investments than may otherwise be the case.\n\n#### **Changes in investment strategies**\n\nThroughout the life of the Fund, the Investment Manager may develop or change its strategy over time. As such, an investment into the Fund may be subject to additional and/or different risk factors.\n\n#### **No Assurance**\n\nThere can be no assurance that the investment objective will be achieved, and certain strategies will involve higher risk, including limited liquidity and possible risks associated with more complex financial products.\n\n# **CONFLICTS OF INTEREST**\n\nDue to the operations which are or may be undertaken by the Administrator, the Directors and the Investment Manager (the \"Service Providers\"), their respective holding companies, subsidiaries and affiliates (each an \"interested party\"), conflicts of interest may arise. The Service Providers may provide similar services to others provided that the services they provide to the Fund are not impaired thereby. An interested party may acquire or dispose of any investment notwithstanding that the same or similar investments may be owned by or for the account of or otherwise connected with the Fund. Furthermore, an interested party may acquire, hold or dispose of investments notwithstanding that such investments had been acquired or disposed of by or on behalf of the Fund by virtue of a transaction effected by the Fund in which the interested party was concerned provided that the acquisition or disposal by an interested party of such investments is effected on normal commercial terms as if negotiated on an arm's length basis and the investments held by the Fund are acquired on the best terms reasonably obtainable having regard to the interests of the Fund. The Investment Manager owe fiduciary duties to the Fund and in discharging such duties will use their best efforts to ensure that investment allocations as between all accounts, including for this purpose, their own accounts, will be made in a manner which is fair and does not prejudice the interests of the Fund, or its shareholders as a whole.\n\nShould a conflict of interest arise in relation to the Fund, so far as practicable, each Service Provider will have regard to its obligation to act in the best interests of the Fund's Shareholders, having regard to its obligations to other clients, when undertaking investments. Further, each will endeavour to resolve any conflicts fairly.\n\n#### **Soft Dollar Arrangements**\n\nA broker or a dealer may offer goods or services to the Fund or the Investment Manager in consideration of directing transaction business for the account of the Fund to such broker or dealer. The Fund may be deemed to be paying for these services with \"soft\" dollars; such goods and services offered may include research and advisory services, economic and political analysis, portfolio analysis (including valuation and performance measurement), market analysis, data and quotation services, clearing and custodian services and investmentrelated publications. The goods and services which the Fund or the Investment Manager may receive, will not include any goods and services prohibited from time to time by any code or guidelines issued by any relevant regulatory authority.\n\nThe Investment Manager does not intend to receive goods or services from a broker or a dealer in consideration of directing transaction business for the account of the Fund to such broker or dealer except if:\n\n- there is no better way for such benefits to flow directly to the benefit to the Fund;\n- the goods or services to be received are of demonstrable benefit to the Fund;\n- the proposed transaction execution is consistent with best execution standards; and\n- the brokerage rates applied are not in excess of customary brokerage rates.\n\nOn behalf of the Fund, the Investment Manager will generally consider the amount and nature of research, execution and other services provided by the proposing brokers as well as the extent to which such services will be relied upon, and may attempt to allocate a portion of the Fund's brokerage business to an offering broker on the basis of that consideration. The Investment Manager will only accept such offers if it believes that such an allocation of brokerage business may help to provide research and execution capabilities and other benefits to the Fund. Any such investment information received from brokers, however, may be used by the Investment Manager and its affiliates in servicing other accounts to which they provide investment management and not all such information received may in fact be used by the Investment Manager in connection with the Fund.\n\nThe relationships with brokerage firms that provide \"soft\" dollar services to the Fund may influence the Investment Manager's judgement in allocating brokerage business and create a conflict of interest in using the services of those broker-dealers to execute brokerage transactions. The brokerage commissions paid to those firms, however, shall not differ materially from nor be in excess of the customary brokerage commissions payable to other firms for comparable services.\n\n# **TAXATION**\n\nThe following was written to support the promotion or marketing of the transactions or matters addressed herein. This summary was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax law. This discussion does not constitute an opinion or advice of counsel. Each Shareholder should seek advice from their own tax advisor based on the Shareholder's particular circumstances.\n\nThe taxation of the Fund and its Shareholders under the tax laws of the Cayman Islands is summarized below.\n\nThe following comments are based on advice received by the Fund regarding current law and practice in the Cayman Islands and the United States. Shareholders should appreciate that the taxation consequences for Shareholders may be otherwise than as stated below. Shareholders should consult their professional advisors on the possible tax consequences of their action in subscribing for, purchasing, holding, selling or redeeming Class A Shares under the laws of their countries of citizenship, residence, ordinary residence or domicile.\n\n#### **Cayman Islands Tax Matters**\n\nThere is, at present, no direct taxation in the Cayman Islands and interest, dividends and gains payable to the Fund will be received free of all Cayman Islands taxes.\n\nProspective investors must consult their own tax advisers as to the Cayman Islands tax consequences of acquiring, holding and disposing of Shares, as well as the effects of tax laws of the jurisdictions of which they are citizens, residents or domiciliaries or in which they conduct business.\n\nAlthough the Fund is not subject to tax in the Cayman Islands, the Fund may be liable for any taxes which may be withheld at source in other countries in respect of income or gains derived from its investments.\n\n#### **United States**\n\nThe United States of America (U.S.) Foreign Account Tax Compliance Act (\"FATCA\") provisions enacted under the Hiring Incentives to Restore Employment Act, 2010, and regulations issued thereunder require foreign financial institutions (\"FFIs\") to agree inter alia (i) to report to the Internal Revenue Service of the U.S. (\"IRS\") certain taxpayer information (including name, address and taxpayer identification number and account details) regarding U.S. account holders (or in the case of account holders that are non-U.S. entities owned by U.S. owners, regarding those U.S. owners) and (ii) to impose U.S. withholding tax of 30 per cent (the \"Withholding Tax\") on certain payments made to a recalcitrant account holder or a non-participating FFI.\n\nAs part of the process of implementing FATCA, the U.S. government has negotiated intergovernmental agreements (\"IGAs\") with many foreign jurisdictions to make it easier for FFIs in those partner jurisdictions to comply with the provisions of FATCA. The Cayman Islands has signed a Model 1B (non-reciprocal) inter-governmental agreement with the U.S. (the \"U.S. IGA\") to give effect to the reporting rules. Broadly, FFIs in a jurisdiction with a Model 1 IGA in place will be able to report information on U.S. account holders directly to their national tax authorities, who in turn will on an automatic basis report to the IRS.\n\nThe Tax Information Authority Law (2017 Revision) (as amended) (the \"TIA Law\") is the primary Cayman Islands legislation dealing with the implementation of the U.S. IGA, and detailed rules are contained in regulations made under the TIA Law. The Tax Information Authority (International Tax Compliance) (United States of America) Regulations (2018 Revision) (the \"U.S. FATCA Regulations\") sets out inter alia: (i) the general requirements for Cayman Islands Reporting Financial Institutions (\"Cayman Islands FIs\") to register under FATCA, (ii) the requirements of a Cayman Islands FI to identify reportable accounts, (iii) the reporting obligations of a Cayman Islands FI to the Cayman Islands Tax Information Authority (\"Cayman Islands TIA\"), (iv) that the procedures are to be complied with by a Cayman Islands FI under the U.S. IGA, and (v) that the offences for failing to comply with the reporting obligations set out in the U.S. IGA. As a Cayman Islands FI, the Fund generally will be required to register with the IRS as soon as possible and within 30 days of the Fund commencing business, and to agree to identify relevant \"Specified U.S. Persons\" (being any U.S. Shareholder and any non U.S. Shareholder with U.S. owners). Provided that the Fund complies with the U.S. IGA and the enabling legislation, it will not be subject to the related Withholding Tax. Shareholders will generally be required to provide to the Fund information that identifies their direct or indirect U.S. ownership. Any such information provided to the Fund will be disclosed to the Cayman Islands TIA, which will in turn report the information to the IRS annually on an automatic basis, unless it is otherwise exempt from the reporting and withholding rules.\n\n#### **The OECD Standard for Automatic Exchange of Financial Account Information (Common Reporting Standard)**\n\nThe Standard for Automatic Exchange of Financial Account Information (commonly referred to as the \"Common Reporting Standard\" or \"CRS\") is a regime developed by the Organisation for Economic Co-operation and Development (OECD) to facilitate and standardise the exchange of information on residents' assets and income, primarily for taxation purposes, between numerous jurisdictions around the world (the \"participating foreign jurisdictions\"). The Cayman Islands has committed to the Convention on Mutual Administrative Assistance in Tax Matters, which permits participating foreign jurisdictions to enter into agreements that provide for the automatic exchange of information with respect to\n\ncertain tax matters. On 29 October 2014, the Cayman Islands signed the OECD Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the \"MCAA\"), which provides the legal basis by which participating foreign jurisdictions can agree to implement and exchange information under CRS. the Cayman Islands, together with over 60 other participating foreign jurisdictions, committed to implement CRS with effect from 1 January 2016 and, as a result, the Fund is required to identify accounts held directly or indirectly by residents in participating foreign jurisdictions and to report information on such persons to the Cayman Islands TIA, which will then exchange such information annually with foreign fiscal authorities in the participating foreign jurisdictions (the \"foreign fiscal authorities\"). the Cayman Islands has issued the Tax Information Authority (International Tax Compliance) (Common Reporting Standards) Regulations (2018 Revision) (the \"Common Reporting Standard Regulations\"), which set out inter alia: (i) the requirements of a Cayman Islands FI to identify reportable accounts; (ii) the reporting obligations of a Cayman Islands FI to the Cayman Islands TIA; (iii) the procedures to be complied with by a Cayman Islands FI under CRS; and (iv) general offences for breach.\n\nIn future, it is possible that IGAs similar to the U.S. IGA and the MCAA may be entered into with other countries or jurisdictions by the Cayman Islands Government to introduce similar regimes for reporting to other countries' or jurisdictions' fiscal authorities.\n\n### **SHAREHOLDER ACKNOWLEDGEMENT**\n\nBy investing (or continuing to invest) in the Fund, Shareholders are deemed to have acknowledged and agreed, and have given their consent to, the following:\n\n- the Fund (or its agent) disclosing to the Cayman Islands TIA certain information in relation to the Shareholder or, if the Shareholder is an entity, its direct or indirect shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) (including, but not limited to, the name, address, jurisdiction of residence, date and place of place of birth, tax identification number (if any), social security number (if any) of the Shareholder (or any of the persons specified above), as well as financial information, information regarding the Shareholder's investment in the Fund, and any information relating to any of the persons specified above);\n- the Cayman Islands TIA automatically exchanging information as outlined above with the IRS and other foreign fiscal authorities;\n- the Fund (or its agent) disclosing to the Cayman Islands TIA, IRS and other foreign fiscal authorities certain confidential information when registering with such authorities, and if such authorities contact the Fund (or its agent directly), assisting with further enquiries;\n- the Fund requiring the Shareholder to provide additional information and documentation which the Fund is required to disclose to the Cayman Islands TIA;\n- in the event that a Shareholder's failure to comply with any FATCA or CRS related reporting requirements results in any Withholding Tax or other withholdings, costs (including without limitation all costs, legal fees, professional fees and other costs), expenses, fines, interest, penalties, debts, losses or liabilities being incurred by the Fund, the Investment Manager, the Administrator or any other agent, delegate, employee, director, officer or affiliate of any of the foregoing person related to FATCA or CRS (collectively, \"relevant liabilities\"), the Fund reserves the right to ensure that the relevant liability is economically borne by such Shareholder (including\n\nwithout limitation, by deducting such amounts from any account of, or distribution or other payment due to the Shareholder);\n\n- in the event a Shareholder does not provide the requested information or documentation and has not itself complied with the applicable requirements, whether or not that actually leads to compliance failures by the Fund, or a risk of the Fund's or its Shareholders' being subject to Withholding Taxes or other relevant liabilities as a result of FATCA or CRS, or otherwise results in withholding tax being imposed or any relevant liabilities being incurred, the Fund reserves the right to take any action and/or pursue all remedies at its disposal (including, without limitation, the immediate compulsory redemption or withdrawal of the Shareholder from the Fund for an amount equal to the Net Asset Value of the Shareholder's Participating Shares, the compulsory transfer, re-designation or conversion of the Shareholder's Participating Shares, the allocation of FATCA/CRS liabilities to the Shareholder and the deduction of such allocations from any account of, or distribution or other payment due to, the Shareholder);\n- no Shareholder (including a person who has ceased to be a Shareholder) affected by any such action or remedy pursued by or on behalf of the Fund in order to comply with FATCA or CRS, or mandatory tax information reporting requirements to which the Fund is subject (or any relevant legislation, regulations or official guidance published in connection therewith) (together, the \"Reporting Requirements\") shall have any claim against the Fund, the Administrator, the Investment Manager or any other agent, delegate, employee, director, officer or affiliate of any of the foregoing persons for any form of damages or liability as a result of such action or remedy and the Shareholder shall be deemed to have consented to the taking of such action or the exercise of such remedy and to have waived any and all rights or claims in respect thereof, to the fullest extent permitted by applicable law; and,\n- each Shareholder (including without limitation any person who has ceased to be a Shareholder) indemnifies the Fund, the Investment Manager, the Administrator, and their respective agents delegates, employees, directors, officers or affiliates for any withholding(s) (to include U.S. withholding tax), and all other relevant liabilities incurred by the relevant person(s) for or arising out of or in connection with as a result of any failure (directly or indirectly, including by virtue of the status, action or inaction of any person related or connected to such Shareholder, including without limitation the direct or indirect shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) of such Shareholder to comply in a timely manner with any Reporting Requirements, to the fullest extent permitted by applicable law.\n\nThis summary does not address all the provisions of FATCA, the U.S. IGA, CRS, the MCAA, the TIA Law or other Reporting Requirements that might be applicable to the Fund or a particular Shareholder. In addition, changes in applicable tax and regulatory laws after the date of this Memorandum may alter the anticipated tax consequences or the matters referred to in this summary. None of the Fund, the Investment Manager, the Administrator, or any of their respective officers, directors, delegates, employees, agents, accountants, counsel or consultants assumes any responsibility for the tax consequences to any Shareholder of an investment in the Fund.\n\nShareholders should consult their own tax advisors regarding FATCA, CRS and any equivalent or similar regime or Reporting Requirements and the possible implications of such rules for their investments in the Fund. An investment in the Fund could result in significant\n\nadverse tax consequences for Shareholders, which are not discussed herein. As such, Subscribers should not invest in the Fund without first consulting their tax advisors.\n\n# **ANTI-MONEY LAUNDERING REGULATIONS**\n\nIn order to comply with regulations aimed at the prevention of money laundering and of terrorism or proliferation financing (\"AML Regime\"), the Fund, or the Administrator on its behalf, is required to adopt and maintain anti-money laundering procedures, and will require detailed verification of identity and source of funds from all Subscribers. Such verification may be required at any time, including before the deadline for the submission of applications. Once the Subscriber has become a Shareholder, on-going periodic verifications may also be conducted.\n\nAlthough certain due diligence exceptions may be available under the AML Regime, the Fund, the Administrator and the Investment Manager reserve the right to request such information as is necessary to verify the identity and source of funds of a Subscriber (i.e. a subscriber or a transferee).\n\nAny information obtained from the Subscriber, or in relation to the Subscriber, its investments in the Fund or its business, may be disclosed by the Fund or the Administrator (i) to third parties, within or outside the jurisdiction, including, inter alia, affiliates , the Investment Manager, service providers and/or regulatory, legal, fiscal and administrative authorities, in the course of conduct of business of the Fund or the Administrator. Such disclosures shall not be treated as a breach of any restriction on the disclosure of information imposed by law or otherwise.\n\nIn the event of delay or failure on the part of a Subscriber in producing any information required for verification purposes, the Fund or the Administrator on the Fund's behalf, may refuse to accept the application or forcibly redeem the subscriber's position, in which case any funds received will be returned without interest in due course to the account from which they were originally debited, or dealt with by the Fund or the Administrator in compliance with the AML Regime.\n\nThe Fund and the Administrator on the Fund's behalf, also reserve the right to refuse to make any redemption or dividend payment to a Shareholder if the Board, the Administrator, or the Investment Manager suspect or are advised that the payment of redemption or dividend proceeds to such Shareholder may be non-compliant with the AML Regime or any other applicable laws or regulations, or if such refusal is considered necessary or appropriate to ensure the compliance by the Fund, the Administrator and the Investment Manager with the AML Regime or any other applicable laws or regulations. In the event of failure by an existing Shareholder to produce any information required for verification purposes, such Shareholder's Shares may be compulsorily redeemed and payment of the corresponding redemption proceeds will be delayed until all the required information and documentation is received by the Fund or the Administrator on the Fund's behalf.\n\nEach Subscriber acknowledges that the Administrator shall be held harmless against any loss arising as a result of a failure to process his application for, or request for the redemption of, Shares if such information and documentation as has been requested by the Administrator has not been provided by the applicant.\n\nEach Subscriber will be required to make such representations as may be required by the Directors in connection with anti-money laundering programmes, including, without limitation, representations that such applicant is not a prohibited country, territory, individual or entity listed on the United States Department of Treasury's Office of Foreign Assets Control (\"OFAC\") website and that it is not directly or indirectly affiliated with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programmes and that it is not named on a list of prohibited entities and individuals maintained under European Union or United Kingdom regulations (as extended to the Cayman Islands by statutory instrument), and is not operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the United Nations, the European Union or the United Kingdom.\n\nThe Fundand/or the Administrator and/or the Investment Manager may develop additional procedures to comply with applicable AML Regime.\n\nThe Fund, the Directors, the Administrator and the Investment Manager may also have responsibility to take certain other anti-money laundering measures under the laws and regulations of the Cayman Islands and other jurisdictions. Anti-money laundering regulations are developing and changing continually and the Fund, the Administrator and the Investment Manager may be required to implement other anti-money laundering measures from time to time. Subscribers shall be aware that in order to comply with any applicable anti-money laundering regulations, whether in the Cayman Islands or any other applicable jurisdiction, certain information regarding prospective and actual Shareholders may be required to be transmitted to, or held in, other jurisdictions or disclosed to certain regulatory authorities in any applicable jurisdiction.\n\nBy subscribing, applicants consent to the disclosure by the Fund, the Board, the Investment Manager and the Administrator of any information about them to regulators, law enforcement agencies, tax or other applicable authorities under applicable regulation, including treaties.\n\n#### **AML Officers**\n\nThe Board has appointed an anti-money laundering compliance officer, a money laundering reporting officer and a deputy money laundering reporting officer in accordance with the relevant and applicable Anti-Money Laundering Regulations.\n\n# **RESTRICTION OF INVITATIONS TO INVEST**\n\n#### **Canada**\n\nThe Class A Shares may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45- 106 – Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and that are permitted clients, as defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Class A Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable Canadian securities laws.\n\nSecurities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this Memorandum (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.\n\n#### **Cayman Islands**\n\nNo invitation may be made to the public in the Cayman Islands to subscribe for Participating Shares in the Fund unless such Participating Shares are listed on the Cayman Islands Stock Exchange.\n\n#### **European Union**\n\nThe Interests of the Fund may only be offered to professional investors in accordance with the local legislation implementing Directive 2011/61/EU (the \"AIFM Directive\") in member states of the European Economic Area (such as where the Memorandum or related materials has provided that the Fund has been registered under the national private placement regime of that member state) or generally in scenarios that is permitted by the local legislation of the member state (such as where the approach is at the initiative of a professional or sophisticated investor, commonly known as \"reverse solicitation\"). In connection with the offering of Interests in the European Economic Area, such Interests shall not and are not intended to be offered or made available to individuals classified as retail clients (as defined in Directive 2014/65/EU (\"MiFID II\") or a \"customer\" (as defined in Directive 2002/92/EC) where such a customer is not classified as a \"professional client\" (as defined in MiFiD II).\n\n#### **Isle of Man**\n\nNo invitation may be made to the public or individuals' resident in the Isle of Man to subscribe for Interests in the Fund. Interests in the Fund may be offered to institutional investors resident in the Isle of Man.\n\n#### **Japan**\n\nThe Class A Shares have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the \"FIEA\") and, accordingly, the Class A Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with the FIEA and all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For the purposes of this paragraph, \"Japanese Person\" shall mean any person resident in Japan, including any corporation or other entity organised under the laws of Japan.\n\n#### **Jersey**\n\nNo invitation may be made to the public or individuals' resident in Jersey to subscribe for Interests in the Fund. Interests in the Fund may be offered to a select number of institutional investors and sophisticated individual investors resident in Jersey.\n\n#### **United States of America**\n\nThe Interests have not been registered under any United States securities laws and, except in transaction(s) which do not violate US securities laws, may not be directly or indirectly offered or sold in the US, or any of its territories or possessions or areas subject to its jurisdiction, or to or for the benefit of a US person.\n\n#### **United Kingdom**\n\nThe Fund is not a recognised collective investment scheme under the Financial Services and Markets Act 2000 of the United Kingdom, as such, Interests may not be offered or sold in the United Kingdom by means of this Memorandum except to persons authorised to carry out investment businesses under such laws, persons whose ordinary business involves the acquisition or disposal of investments similar to those of the Fund and persons otherwise permitted to receive this Memorandum under the relevant laws.\n\n# **DATA PROTECTION – PRIVACY NOTICE**\n\nThe legal basis for this notification is to meet the standards required in respect of, and ensure compliance with, the requirements of the Cayman Islands' Data Protection Law, 2017 (the \"DPL\"), which came into effect on 30 September 2019. This privacy notice puts investors in the Fund on notice that through their investment in the Fund they will provide the Fund with certain personal information which constitutes personal data (\"personal data\") within the meaning of the DPL. The Fund collects, uses, discloses, retains and secures personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. The Fund will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct the activities of the Fund on an ongoing basis or to comply with legal and regulatory obligations to which the Fund is subject. The Fund will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical and organisational information security measures designed to protect against unauthorised or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data. In the use by the Fund of this personal data, the Fund will be characterised as a \"data controller\" for the purposes of the DPL, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our \"data processors\" for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to the Fund.\n\nIf you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into the Fund, this will be relevant for those individuals and you should inform such individuals of the content.\n\nUnder the DPL, individuals must be informed of the purposes for which their personal data is processed and this privacy notice fulfils the obligation of the Fund in this respect. Individuals have rights under the DPL in certain circumstances. These may include the right to request access to their personal data, the right to request rectification or correction of personal data, the right to request that processing of personal data be stopped or restricted and the right to require that the Fund cease processing personal data for direct marketing purposes.\n\nIf you consider that your personal data has not been handled correctly, or you are not satisfied with the responses of the Fund to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by email at info@ombudsman.ky.\n\n# **Subscription Document**\n\n**Class A Shares**\n\n# **Himalaya Digital Assets Fund SP**\n\n**a Segregated Portfolio of**\n\n### **Hamilton Opportunity Fund SPC**\n\nA Segregated Portfolio of the Fund Hamilton Opportunity Fund SPC, A Cayman Islands Segregated Portfolio Company operating as a Fund under Section 4(3) of the Mutual Funds Law (Revised) of the Cayman Islands.\n\n**Investment Manager**\n\nHamilton Investment Management Ltd\n\n**Investment Adviser**\n\nIvy Capital Advisors Limited\n\n### **INVESTMENT PROCEDURES**\n\n- 1. Please read the Offering Memorandum (the \"**Offering Memorandum**\") for Hamilton Opportunity Fund SPC (the \"**Fund**\") and this document in full, prior to subscribing for the Shares (as defined in the Offering Memorandum) of the Fund.\n- 2. Prospective investors are required to complete the two steps as listed below, in order for their subscriptions to be processed by the Fund Administrator:\n\t- o Complete, digitally sign and submit Know-Your-Customer (\"**KYC**\") application on the Fund's Dashboard, including uploading the required supplemental documentation. The completed \"KYC application\" will be appended to this Subscription Agreement as an Investor Supplement. The Investor Supplement will include information on the following: Investor profile, eligibility of the investor and an Anti-Money Laundering and Anti-Terrorism Compliance section.\n\t- o Complete, digitally sign and submit this Subscription Agreement.\n\t- o **The Fund Administrator being:**\n\nNAV Fund Administration Group, NAV Consulting | NAV Cayman | NAV Backoffice, 5th Floor Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1202, CAYMAN ISLANDS, P: 1.630.954.1919, P: 1.345.946.5006, F: 1.630.596.8555 F: 1.345.946.5007 F: 1.630.954.2881, Transfer.agency@navconsulting.net\n\n- 3. By submitting this document via the Dashboard, you consent to the transmission of all the attached and appended information and documentation being sent to the Administrator.\n- 4. Payment for the Shares should be made by wire transfer using the payment instructions that will be sent via email after signing of this Subscription Document.\n- 5. The Fund has the right to accept or reject (in whole or part) any Subscription Agreement(s) and/or application(s) for the purchase of Shares.\n- 6. In the event that subscription monies are received in a currency other than Fund's base currency, conversion into the Fund's base currency will be arranged by the Investment Manager at your risk and expense. In addition, any bank charges or fees incurred in association and in connection with the wire transfers will be deducted from subscription and the net amount will be deemed as the amount invested in Shares.\n\t- o Fiat Subscription\n\nThe Subscriber undertakes to remit the subscription monies in full, net of bank charges, by electronic transfer so that cleared funds are received in the bank account of the Fund by no later than 5:00 pm on the last Business Day of the Initial Offer Period or 5:00 pm (London (United Kingdom) time) on the Business Day before the relevant Subscription Day, as applicable.\n\n- 7. The payment details will be sent to the potential investor after signing this agreement.\n- 8. If you have any queries on the procedure regarding the subscription process and payment, please contact the Fund or the Administrator.\n- 9. The Subscription Agreement, together with any supporting documents, must be received no later than Close of Business time on the last Business Day before the relevant Subscription Day, as applicable.\n\n#### **SUBSCRIPTION AGREEMENT**\n\nHamilton Opportunity Fund SPC\n\nMcGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446 Grand Cayman KY1-1106, Cayman Islands\n\nRe: Application for Shares\n\nDear Sir:\n\nThe undersigned (the \"**Prospective Investor**\") hereby applies to become a shareholder (a \"**Shareholder**\") of Hamilton Opportunity Fund SPC, A Segregated Portfolio of the Fund Hamilton Opportunity Fund SPC, A Cayman Islands Segregated Portfolio Company operating as a Fund under Section 4(3) of the Mutual Funds Law (Revised) of the Cayman Islands. and to subscribe for Class A Shares or Participating Shares (\"Shares\") in the Fund upon the terms and conditions set out in this Subscription Document, in the Offering Memorandum, and in the Memorandum and Articles of Association of the Fund (the \"**Articles**\"), (collectively, the \"**Fund Documents**\") as each may be amended from time to time. Capitalised terms used herein but not defined herein shall have the meanings assigned to them in the Articles.\n\nAccordingly, the Prospective Investor agrees as follows:\n\n#### **1. SUBSCRIPTION FOR SHARES**\n\n| Class of
Shares: | Class A _________________________ |\n|---------------------------|--------------------------------------------------|\n| | _____ Individual Ownership |\n| | _____ Trust |\n| | _____ Limited Partnership |\n| | _____ Limited Liability Company |\n| Investor Type: | X _____ Corporation |\n| | _____ Individual Retirement Account (IRA) |\n| | _____ Joint (Tenants in Common) |\n| | _____ Joint (with rights of survivorship) |\n| | Other (Please specify) _________________________ |\n| Full Name of
Investor: | Sonar Advisers Inc. _________________________ |\n| Subscription
Amount: | USD1,000,000.00 _________________________ |\n\n| | Bank Name: The Reserve Trust Company |\n|-----------------------|----------------------------------------------------------------------------|\n| Wire
Instructions: | Bank Address: 5600 S. Quebec St. Suite 205D Greenwood
Village, CO 80111 |\n| | Bank ABA/Routing: [REDACTED] |\n| | Recipient Name: Medici Bank International |\n\n**Recipient Address:** 1250 Ponce de Leon AVE. Suite 301 San Juan, PR 00907\n\n| Recipient Number: | [REDACTED] |\n|----------------------------|-----------------------------|\n| Reference/Memo (required): | FFC MBI [REDACTED] Hamilton |\n| | Opportunity Fund SPC |\n\n| Name of Subscriber's Bank: | Mizuho Bank Ltd. | |\n|-----------------------------|-------------------------------|---------------------|\n| Investor Wire Instructions: | SWIFT or ABA #: | [REDACTED] |\n| | Name on Subscriber's Account: | Sonar Advisers Inc. |\n| | Subscriber's Account Number: | [REDACTED] |\n\n**Further Credit Instructions:** Wiring Instructions of Record: Please note that redemption payments, in accordance with both the current Anti-Money Laundering regulatory environment and industry best practice, will be paid only to the bank account used for the subscription payment which should be noted below and certified as the bank account of record for the Investor. The titling of the bank account must match the titling of this subscription. If not, the Registrar and Transfer Agent and the Manager must be notified now regarding the discrepancy and its reason. The Registrar and Transfer Agent and/or the Manager may reject any subscription at any time where payment is sourced from a different bank account than the bank account of record or a bank account with different titling than the subscription, regardless of whether such payment was received in advance or accordance with the payment deadline requirements.\n\n- A. The Prospective Investor agrees to become a Shareholder of the Fund on and subject to the terms and conditions of the Fund Documents and, in connection therewith, subscribes for and agrees to make the investment for the number of Shares (including fractional Shares) which can be acquired for the subscription amount set out below at the subscription price per Share set forth in the Offering Memorandum.\n- B. Payment in cleared funds for Shares must be received prior to the closing date for subscriptions specified in the Offering Memorandum. Subject to any legal or regulatory restrictions, the Prospective Investor's payment (the \"**Payment**\") will be held by the Fund (or its delegate) in trust in a segregated non-interest bearing account.\n- C. The minimum initial subscription is USD100,000.00, subject to the discretion of the Board of Directors of the Fund (the \"**Board**\") to accept a lower amount.\n- D. The minimum subscription amount for additional shares is USD10,000.00.\n- E. Investors may subscribe for additional Shares by completing the additional Subscription Form via the Dashboard or by completing a digital copy of the additional Subscription Form by hand and email the scanned copy to the Fund or to the Administrator.\n- F. The Prospective Investor understands and agrees that the Fund reserves the right to reject this subscription for Shares for any reason or no reason, in whole or in part, and at any time prior to its acceptance. If the subscription is rejected in full, the Payment will be returned to the Prospective Investor and this Subscription Agreement shall have no force or effect. Acceptance of this subscription by the Fund shall take place by the entry of the Prospective Investor's name on the Register of Members of the Fund, at which time the Prospective Investor shall become a Shareholder of the Fund and shall be subject to the terms and conditions of the Fund Documents.\n\n#### **2. Subscriber information:**\n\n| Signature: | DocuSigned by:
________________________________________________
Kentaro Azuma
________________________________________________ |\n|-------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|\n| Subscriber's
Primary
Physical
(Street)
Address: | 4-1-19F Kioicho, Chiyoda-ku, Tokyo, Japan
________________________________________________
________________________________________________ |\n| Email
Address | doi@sonaradvisers.com
________________________________________________ |\n| Phone
Number: | +81-3-6380-8199
________________________________________________ |\n| Date of
Birth: | ________________________________________________ |\n| Country of
Birth: | ________________________________________________ |\n| Country of
Citizenship: | ________________________________________________ |\n| Date of
Formation: | 20th October 2010
________________________________________________ |\n| Country of
Formation: | Japan
________________________________________________ |\n\nI Confirm that by subscribing for these shares that I am, or I am\n\n**Please Tick:**\n\nx\n\ninvesting on behalf of an accredited investor(s) and have a net worth of at least \\$1,000,000, excluding the value of my primary residence, or have an income at least \\$200,000 each year for the last two years (or \\$300,000 combined income if married) and have the expectation to make the same amount his year.\n\n#### **3. REPRESENTATIONS AND COVENANTS OF THE PROSPECTIVE INVESTOR**\n\n- A. The Prospective Investor represents and warrants that (i) it is a person who is able to acquire and hold the Shares without breaching the law or requirements of any country, regulatory body or government authority (an \"**Eligible Investor**\"); and (ii) it is not acting on behalf of, or for the benefit of, nor does it intend transferring any Shares which it may hold from time to time to, any person who is not an Eligible Investor. The Prospective Investor agrees that it will notify the Fund immediately if it becomes aware that it, or any person for whom it holds the Shares, has ceased to be an Eligible Investor.\n- B. The Prospective Investor represents and warrants that it is not a U.S. Person for the purposes of the United States Securities Act, 1933 (as amended) and that all offers to acquire the Shares were made to or by the Prospective Investor while the Prospective Investor was outside the United States, and the Prospective Investor's request to acquire the Shares originated while the Prospective Investor was outside of the United States. The Prospective Investor agrees that it will notify the Fund immediately if it becomes a U.S. person or is no longer a Non-United States person or if it becomes aware that any person for whom it holds the Shares has become a U.S. person or is no longer a Non-United States person. The Prospective Investor (i) covenants that it will not resell, reoffer or transfer any Shares or any interest therein, except with the consent of the Fund, to a U.S. Person; (ii) acknowledges that reoffers, resales or any transfer of the Shares may be made only in compliance with applicable securities laws and only with the prior authorisation of the Fund, which may, in its discretion, decline to issue any Shares to, or register Shares in the name of, any person; and (iii) understands that a transfer of Shares may only be effected on the books of the Fund and acknowledges that the Shares shall be transferable only to investors who are Eligible Investors as described in the Offering Memorandum. The Prospective Investor understands that the Fund may compulsorily redeem or repurchase all or any portion of a Shareholder's Shares in accordance with the Fund Documents.\n- C. The Prospective Investor has received, carefully read and understands the Fund Documents, including the sections of the Offering Memorandum outlining, among other things, the investment objectives and strategy of the Fund. The Prospective Investor acknowledges that it has made an independent decision to invest in the Fund and that, in making its decision to subscribe for Shares, the Prospective Investor has relied solely upon the Fund Documents and any independent investigations made by the Prospective Investor. The Prospective Investor is not relying on the Fund, the Fund's Board, the Administrator, or any other person or entity with respect to the legal, tax and other economic considerations involved in investment in the Fund other than the Prospective Investor's own advisers.\n- D. The Prospective Investor confirms that it has not been invited as a member of the public in the Cayman Islands to subscribe for Shares.\n- E. The Prospective Investor acknowledges that it is not subscribing for Shares as a result of, or pursuant to: (i) any advertisement, article, notice or other communications published in any newspaper, magazine or similar media (including any internet site whose information about the Fund is not password protected) or broadcast over television or radio; or (ii) any seminar or meeting\n\nwhose attendees, including the Prospective Investor, had been invited as a result of, or pursuant to, any of the foregoing.\n\n- F. The Prospective Investor acknowledges that it will receive or have access to confidential proprietary information concerning the Fund, including, without limitation, portfolio positions, valuations, information regarding potential investments, financial information, trade secrets and the like (collectively, \"Confidential Information\"), which is proprietary in nature and non-public. The Prospective Investor agrees that it shall not disclose or cause to be disclosed any Confidential Information to any person or use any Confidential Information for its own purposes or its own account, except in connection with its investment in the Fund and except as otherwise required by any regulatory authority, law or regulation, or by legal process. The Prospective Investor will notify the Fund of any such disclosure requirement as soon as reasonably practicable (including the basis upon which it believed the information was required to be disclosed) unless such notice is otherwise prohibited by applicable law or the relevant central bank or any governmental, regulatory or taxation authority. Furthermore, the Prospective Investor has not reproduced, duplicated or delivered the Fund Documents or this Subscription Agreement for or to any other person, except professional advisers to the Prospective Investor or as instructed or authorised by the Fund. Notwithstanding the foregoing, the Prospective Investor (and each employee, representative or other agent of the Prospective Investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of: (i) the Fund; and (ii) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Prospective Investor relating to such tax treatment and tax structure.\n- G. The Prospective Investor has consulted appropriate professional advisors to the extent it deems necessary concerning the propriety and appropriateness of making an investment in the Fund. The Prospective Investor is fully informed as to the legal, tax and regulatory requirements within the Prospective Investor's own country (or countries) and any other relevant country (or countries) regarding the investment in the Fund.\n- H. The Prospective Investor is acquiring the Shares for its own account, for investment purposes only and not with a view toward distributing or reselling the Shares in whole or in part.\n- I. The Prospective Investor understands that: (i) no governmental agency has passed upon the Shares or made any findings or determination as to the fairness of this investment; and (ii) the representations, warranties, agreements, undertakings and acknowledgments made by the Prospective Investor in this Subscription Agreement will be relied upon by the Fund, the Board, the Administrator and the Investment Manager, in determining the Prospective Investor's suitability as a subscriber for Shares and the Fund's compliance with various securities laws, and shall survive the Prospective Investor's becoming a Shareholder of the Fund.\n- J. The Prospective Investor has all requisite power, authority and capacity to acquire and hold Shares and to execute, deliver and comply with the terms of each of the instruments required to be executed and delivered by the Prospective Investor in connection with the Prospective Investor's subscription for Shares, including this Subscription Agreement, and such execution, delivery and compliance does not conflict with, or constitute a default under,\n\nany instruments governing the Prospective Investor, any law, regulation or order, or any agreement to which the Prospective Investor is a party or by which the Prospective Investor may be bound. If the Prospective Investor is an entity, the person executing and delivering each of such instruments on behalf of the Prospective Investor has all requisite power, authority and capacity to execute and deliver such instruments, and, upon request by the Fund, the Administrator or the Investment Manager, will furnish to the Fund a true and correct copy of any instruments governing the Prospective Investor, including all amendments thereto.\n\n- K. All information which the Prospective Investor has provided to the Fund, the Administrator or the Investment Manager concerning the Prospective Investor, the Prospective Investor's status, financial position and knowledge and experience of financial, tax and business matters, or, in the case of a Prospective Investor that is an entity, the knowledge and experience of financial, tax and business matters of the person making the investment decision on behalf of such entity, is correct and complete as of the date hereof.\n- L. The Prospective Investor understands that the value of its Shares and redemptions thereof, and the performance of the Fund, may be based on unaudited and, in some cases, estimated valuations of the Fund's investments and that valuations provided in an Prospective Investor's account statement may be an unaudited, estimated value.\n- M. The Prospective Investor understands and agrees that, although the Fund, the Investment Manager and the Administrator will use their reasonable efforts to keep the information provided in the answers to this Subscription Agreement strictly confidential, the Fund, the Investment Manager and the Administrator may present this Subscription Agreement and the information provided in answers to it to such parties (e.g., affiliates, attorneys, auditors, administrators, brokers and regulators) as it deems necessary or advisable to facilitate the acceptance and management of the Prospective Investor's subscription for Shares including, but not limited to, in connection with anti-money laundering and similar laws, if called upon to establish the availability under any applicable law of an exemption from registration of the Shares, the compliance with applicable law and any relevant exemptions thereto by the Fund, the Investment Manager, the Administrator and/or any of their affiliates, or if the contents thereof are relevant to any issue in any action, suit, or proceeding to which the Fund, the Investment Manager, the Administrator and/or any of their affiliates are a party or by which they are or may be bound. The Fund may also release information about the Prospective Investor if directed to do so by the Prospective Investor, if compelled to do so by law, or in connection with any government or self-regulatory organization request or investigation. The Fund seeks to carefully safeguard investor's private information and to that end, the Fund restricts access to non public personal information to those employees and other persons who need to know to enable the Fund to provide services to its investors. The Fund maintains physical, electronic and procedural safeguards to protect investor's non-public information.\n- N. The Prospective Investor understands and agrees that any redemption proceeds paid to it will be paid to the same account from which the subscription monies for the Prospective Investor's investment in the Fund were originally remitted, unless the Fund agrees otherwise.\n- O. The Prospective Investor acknowledges and understands that after the relevant lock-up period (if any) its investment in the Fund cannot be withdrawn except by way of redemption of Shares in accordance with the terms of the Memorandum and the Articles and that with effect from the Redemption Day in respect of which a redemption request for any Shares is received, it shall (save as provided below) cease to be entitled to any rights in respect of such Shares and accordingly, its name will be removed from the Register of Members of the Fund with respect thereto. The Prospective Investor understands and agrees that notwithstanding that its name may remain on the Register of Members of the Fund pending determination of the Redemption Price and/or payment of the redemption proceeds, it will (in the event it requests the redemption of all or any part of its Shares on any particular Redemption Day), with effect from that Redemption Day (i) be treated as a creditor of the Fund (rather than as a Shareholder of the Fund) in respect of the Redemption Price and will rank accordingly in the event of a winding up of the Fund; and (ii) have no rights as a Shareholder of the Fund in respect of the Shares being redeemed, save for the right to receive the Redemption Price in accordance with the Articles of Association and the right to receive any dividend which has been declared in respect of such Shares prior to that Redemption Day and, in particular, will not have the right to convene, receive notice of, attend or vote at any meetings of the Fund.\n- P. The Prospective Investor acknowledges and understands that in the event of a failure or delay by a Shareholder of the Fund seeking to redeem its Shares to produce any information required for verification purposes, payment of the redemption proceeds may be delayed and neither the Fund, the Administrator nor the Investment Manager (or any of their delegates or agents) will be liable to the Prospective Investor for any loss suffered as a result of the delay of payment of redemption proceeds.\n- Q. The Prospective Investor agrees and covenants that it shall not take any action to present a petition or commence any case, proceeding, proposal or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, arrangement in the nature of insolvency proceedings, adjustment, winding-up, liquidation, dissolution, composition or analogous relief with respect to the Fund or the debts of the Fund unless and until a debt is immediately due and payable by the Fund to the Investor.\n\n#### **4. ANTI-MONEY LAUNDERING**\n\n- A. The Prospective Investor acknowledges that, in order to comply with measures aimed at the prevention of money laundering and terrorism, the Fund and/or any of its delegates or agents may require verification of the identity of the Prospective Investor and the source of the Prospective Investor's subscription monies before this application can be processed. The Prospective Investor undertakes to provide (i) such information and documentation as the Fund and/or any of its delegates or agents may request to verify its identity in compliance with applicable anti-money laundering laws and regulations; and (ii) any further information and documentation as the Fund and/or any of its delegates or agents may request from time to time to ensure ongoing compliance with applicable laws and regulations.\n- B. The Prospective Investor acknowledges in the event of delay or failure by the Prospective Investor to produce any information required for verification\n\npurposes, this application may be refused or there may be a delay in processing this application. The Prospective Investor further acknowledges that neither the Fund nor any of its delegates or agents shall be liable for any loss arising as a result of a failure to process the Prospective Investor's application for Shares if such information and documentation as has been requested has not been provided by the Prospective Investor. The Prospective Investor agrees to indemnify and hold harmless the Fund and its delegates and agents against any loss incurred by them due to such information and documentation as has been requested not being provided by the Prospective Investor.\n\n- C. The Prospective Investor represents and warrants that it is not, nor is any person or entity controlling, controlled by or under common control with the Prospective Investor, acting, directly or indirectly (i) in contravention of any applicable laws and regulations, including anti-money laundering regulations or conventions; (ii) on behalf of terrorist or terrorist organisations, including those persons or entities that are included on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) or on any lists or resolutions issued by the United Nations (whether through the Security Council or otherwise) pursuant to which dealings with persons specified therein are prohibited, restricted or discouraged, as such lists may be amended from time to time; (iii) for a senior foreign political figure, any member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure unless the Directors, after being specifically notified by the Prospective Investor in writing that it is such a person, conducts further due diligence and determines that the Prospective Investor shall be permitted to invest in the Fund; or (iv) as trustee, agent, representative or nominee for a foreign shell bank, (each such person in (i) to (iv), a \"**Prohibited Person**\").\n- D. The Prospective Investor represents and warrants that to the extent the Prospective Investor has any beneficial owners it has carried out due diligence to establish the identities of such beneficial owners and, based on the evidence it holds of the identities of such beneficial owners, the Prospective Investor reasonably believes that no such beneficial owner is a Prohibited Person.\n- E. The Prospective Investor agrees that to the extent the Prospective Investor has any beneficial owners (i) it will maintain evidence of the identities of such beneficial owners for at least five years from the date of the Prospective Investor's complete redemption from the Fund; and (ii) it will make available such evidence and any additional evidence that the Fund may require upon request in accordance with applicable regulations.\n- F. The Prospective Investor acknowledges that if any of the representations, warranties or agreements in this clause cease to be true or if the Fund no longer reasonably believes that it has satisfactory evidence as to their truth, the Fund may be obligated to take certain actions relating to the Prospective Investor's holding of Shares. Such action may include disclosing the Prospective Investor's identity to OFAC or other authority. The Prospective Investor acknowledges and agrees that if the Fund is required to take any such action, it shall have no claim against the Fund for any form of damages as a result of any of such actions.\n- G. The Prospective Investor acknowledges that pursuant to the Proceeds of Criminal Conduct Law of the Cayman Islands, if a person who is a resident in\n\nthe Cayman Islands knows or suspects that a payment to the Fund (by way of subscription or otherwise) represents proceeds of criminal conduct, that person must report his knowledge or suspicion to the reporting authority. The Prospective Investor acknowledges that any such report shall not be treated as a breach of any restriction upon the disclosure of information imposed by law or otherwise.\n\n- H. Where this application is made as trustee, custodian, nominee or otherwise on behalf of another person or persons (each such person an \"**underlying investor**\"), the Prospective Investor (i) represents and warrants that (a) it has carried out reasonable verification checks on, and obtained sufficient evidence as to the identity of, each underlying investor on whose behalf the Prospective Investor will be holding the Shares so as to satisfy itself of the identity of the underlying investor or the ultimate beneficial owners of the underlying investor, as applicable, and of the provenance and legitimacy of the source of funds used to subscribe for the Shares; and (b) it has otherwise complied with the laws and regulations relating to anti-money laundering procedures that are applicable in the jurisdiction where such Shares are offered or distributed and (ii) agrees to disclose to the Fund and/or any of its delegates or agents and/or any competent regulatory authority, all relevant documentation and information held by it in relation to the underlying investor and, if required, agrees to obtain the consent of the underlying investor to such disclosure.\n- I. For Anti-Money Laundering purposes, please describe specifically:\n\n(Please fill out the section as applicable to the investor)\n\nThe source of the money/ wealth/ income used for this investment:\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nThe occupation of the Investor:\n\n**For**\n\n**Individual**\n\n**Investors:**\n\nPurpose of the Investment:\n\nExpected frequency of transactions:\n\nThe source of the money/ wealth/ income used for this investment: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 7/ &\\$1+4\\$- \\$/' +/6(34023 .0/(8 7\\*+&\\* +3\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ \\$&&5.5-\\$4(' 4\\*205)\\* \\$&4+6+4+(3 1(2.+44('\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ %8 \\$&&5.5-\\$4('\n\n**For Entity Investors:** The nature of the investor's business: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ /6(34.(/4 '6+3(2\n\nPurpose of the Investment:\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ \\$1+4\\$- \\$+/\n\nExpected frequency of transactions:\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ /&( \\$ 8(\\$2 02 -(33\n\n**Name of Trustee or IRA Custodian: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_**\n\n**If IRA Investors, EIN of Trustee or Custodian: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ Duplicate Statement Address of Trustee or Custodian:**\n\n**\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_**\n\n**\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_**\n\n**please**\n\n**provide:**\n\n#### **5. GENERAL**\n\n- A. The Prospective Investor hereby acknowledges that the Investment Manager, the Administrator, and each director and officer of the Fund are entitled to be indemnified (for all indemnities provided in this Subscription Agreement) out of the assets of the Fund as provided in the Fund Documents.\n- B. This Subscription Agreement (i) shall be binding upon the Prospective Investor and the heirs, legal representatives, successors, and permitted assigns of the Prospective Investor and shall inure to the benefit of the Fund and its successors and assigns, (ii) shall be governed, construed, and enforced in accordance with the laws of the Cayman Islands, (iii) shall survive the acceptance of the Prospective Investor as a Shareholder of the Fund, and (iv) shall, if the Prospective Investor consists of more than one person, be the joint and several obligation of each such person.\n- C. The Prospective Investor hereby irrevocably agrees that any suit, action or proceeding with respect to this Subscription Agreement or the Fund and any or all transactions relating hereto and thereto may be brought in the courts of the Cayman Islands. The Prospective Investor hereby irrevocably (i) submits to the jurisdiction of such courts with respect to any such suit, action or proceeding and agrees and consents that service of process as provided by Cayman Islands law may be made upon the Prospective Investor in any such\n\nsuit, action or proceeding brought in any of said courts, and may not claim that any such suit, action or proceeding has been brought in an inconvenient forum and (ii) consents to the service of process out of any of the aforesaid courts, in any such suit, action or proceeding, by the mailing of copies thereof, by certified or registered mail, return receipt requested, addressed to the Prospective Investor at the address of the Prospective Investor then appearing on the records of the Fund. Nothing contained herein shall affect the right of the Fund to commence any action, suit or proceeding or otherwise to proceed against the Prospective Investor in any other jurisdiction or to serve process upon the Prospective Investor in any manner permitted by any applicable law in any relevant jurisdiction.\n\n- D. If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.\n- E. If any answers provided or background documentation required under this Subscription Agreement is found to be false, forged or misleading, the Prospective Investor understands that the Fund may compulsorily redeem or repurchase the Shares held by such Prospective Investor in accordance with the Fund Documents.\n\n#### **6. INFORMATION PROVIDED IN THIS SUBSCRIPTION AGREEMENT**\n\n- A. The Prospective Investor represents and warrants that the information given in this Agreement is true, accurate and complete in all respects and may be relied upon by the Fund and/or any of its delegates and agents.\n- B. The Prospective Investor agrees to notify the Fund promptly of any change with respect to any information given in this Agreement or if any of the warranties, representations or statements in this Agreement are no longer accurate and complete in all respects.\n- C. The Prospective Investor agrees that it will, if requested to do so, provide such certifications, documents or other evidence as the Fund and/or any of its delegates or agents may reasonably require in connection with the Prospective Investor's holding of Shares, including to substantiate the warranties, representations or statements contained in this Agreement.\n- D. The Prospective Investor agrees that if it provides information or documentation to the Fund that is in anyway misleading, or fails to provide the Fund, its delegates or agents with any requested information or documentation or otherwise takes any action which directly or indirectly causes the Fund to suffer any liability, cost, expense, tax, withholding or deduction, the Fund may hold back from any redemption proceeds or distributions and retain, an amount sufficient to discharge any such liability, cost, expense, tax, withholding or deduction.\n\n#### **7. FATCA/CRS**\n\nA. For the purpose of this clause, \"**FATCA/CRS**\" means: (i) sections 1471 to 1474 of the United States Internal Revenue Code of 1986, the Standard for Automatic Exchange of Financial Account Information developed by the Organisation for Economic Co-operation and Development (each as amended from time to time), and any associated legislation, regulations or guidance, or\n\nsimilar legislation, regulations or guidance enacted in any jurisdiction which seeks to implement similar tax reporting and withholding tax regimes and common reporting standards; (ii) any intergovernmental agreement, common reporting standard, treaty, regulation, guidance or any other agreement between the Cayman Islands (or any Cayman Islands government body) and the United States or any other jurisdiction (including any government bodies in such jurisdiction), entered into in order to comply with, facilitate, supplement or implement the legislation, regulations or guidance described in paragraph (i) above (including without limitation (a) the Agreement between the Cayman Islands government and the government of the United States of America to improve tax compliance and to implement FATCA signed on 29 November 2013; and (b) the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information signed by the Cayman Islands government on 29 October 2014, each as amended from time to time); and (iii) any legislation, regulations or guidance in the Cayman Islands giving effect to the matters outlined in paragraphs (i) and (ii) above including without limitation the Tax Information Authority Law (2017 Revision) (as amended), the Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (as amended), the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (as amended), and the Guidance Notes on (i) the International Tax Compliance Requirements of the Intergovernmental Agreement between the Cayman Islands and the United States of America, or (ii) the Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters, or other guidance promulgated thereunder.\n\n- B. \"**FATCA/CRS Liabilities**\" means any withholding(s) (including without limitation U.S. withholding tax), costs, debts, expenses, penalties, obligations, losses or liabilities (including without limitation all costs, legal fees, professional fees and other costs) incurred by the Fund, the Investment Manager, the Administrator or any agent, delegate, employee, director, officer or affiliate of any of the foregoing persons for or arising out of or in connection with FATCA/CRS.\n- C. In order to comply with FATCA/CRS, the Fund, the Investment Manager, the Administrator or any agent, delegate, employee, director, officer or affiliate of any of the foregoing persons (each, a \"Relevant Person\") shall be entitled to release and to disclose to the Cayman Islands Government (and any department, ministry, agency and representative thereof, including without limitation the Cayman Islands Tax Information Authority) or any other state or governmental department or taxation or other authority (each, a \"Relevant Authority\") in relation to FATCA/CRS any information in its or its agents' or delegates' possession regarding a Prospective Investor (which for the purpose of this clause shall include a Shareholder and a person that has ceased to be a Shareholder) including without limitation financial information, information regarding the Prospective Investor's investment in the Fund and any information relating to any shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) of such Prospective Investor.\n- D. By becoming an Investor, the Prospective Investor acknowledges and agrees that:\n- I. any Relevant Person may disclose the identity of, and information relating to, the Prospective Investor (including without limitation any of the information specified in (b) above) to any Relevant Authority in order to comply with FATCA/CRS and or avoid any FATCA/CRS Liabilities;\n- II. the Prospective Investor shall take any action and provide any information and documentation that any Relevant Person requires for the Fund to (A) enter into, maintain or otherwise comply with FATCA/CRS or (B) comply with any due diligence, reporting, withholding, or other requirements under FATCA/CRS;\n- III. the Fund may exercise all available rights and remedies to ensure that all FATCA/CRS Liabilities are borne economically by the relevant Prospective Investor, the status, action or inaction of which results or may result in such withholding or noncompliance (in each case directly or indirectly, including by virtue of the status, action or inaction of any person related or connected to such Prospective Investor, including without limitation the Prospective Investor's direct or indirect shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect); and\n- IV. the Prospective Investor shall promptly notify the Fund if there is any change of circumstances that renders the information furnished under this Subscription Agreement or otherwise provided to any Relevant Person in respect of FATCA/CRS incorrect.\n- E. The Prospective Investor acknowledges and agrees that if (i) it does not provide the requested information or documentation or has not itself complied with the applicable requirements of FATCA/CRS, whether or not that actually leads to compliance failures by the Fund, or (ii) the Board in its sole discretion determines that there is a risk of FATCA/CRS Liabilities, the Board reserves the right to take any action and pursue all remedies at its disposal (including without limitation the immediate compulsory redemption or withdrawal of the Prospective Investor from the Fund for an amount equal to the Net Asset Value of the Prospective Investor's Shares, the compulsory transfer, redesignation or conversion of the Prospective Investor's Shares, the allocation of the relevant FATCA/CRS Liabilities to the Prospective Investor and the deduction of such allocations from any account of, or distribution or other payment due to, the Prospective Investor).\n- F. The Prospective Investor shall indemnify each Relevant Person for any FATCA/CRS Liabilities arising out of any failure on the part of the Prospective Investor (directly or indirectly, including by virtue of the status, action or inaction of any person related or connected to such Prospective Investor, including without limitation direct or indirect shareholders, principals, partners, beneficial owners (direct or indirect) or controlling persons (direct or indirect) of such Prospective Investor) to comply in a timely manner with FATCA/CRS and its obligations under this clause, such indemnity to be the fullest extent permitted by applicable law. The indemnity obligation of the Prospective Investor will survive the closing date and shall continue (i) where the Prospective Investor is a Shareholder and where the\n\nShareholder has redeemed but has not received the proceeds of redemption whether or not the date for Redemption Day has passed, and (ii) where the Prospective Investor has redeemed and received the proceeds of redemption.\n\n- G. For the purposes of FATCA/CRS, the Prospective Investor shall be required to self-certify and complete the necessary self-certification forms and or provide such other documents as may be required from time to time by any Relevant Person.\n- H. To the extent the Prospective Investor is affected by any action or remedy pursued by or on behalf of the Fund in order to comply with FATCA/CRS, it shall not have any claim against any Relevant Person or any other Prospective Investor or Shareholder or any agent, delegate, employee or director, officer or affiliate of any of the foregoing persons for any form of damages or liability as a result of such action or remedy and the Prospective Investor shall be deemed to have consented to the taking of such action or the exercise of such remedy and to have waived any and all rights or claims in respect thereof, to the fullest extent permitted by applicable law.\n- I. This clause shall survive termination of this Agreement and for the avoidance of doubt shall survive where the Prospective Investor has ceased to be a Shareholder of the Company.\n\n#### **8. RIGHTS UNDER THE CONTRACTS (RIGHTS OF THIRD PARTIES) LAW, 2014**\n\n- A. In accordance with section 4 of The Contracts (Rights of Third Parties) Law 2014, the indemnified parties specified in clause 4(a) of this Subscription Agreement (save the Fund which is already a party to this Subscription Agreement) shall be entitled to enforce all of the rights and benefits under clauses 4(a) of this Subscription Agreement at all times as if they were a party to this Subscription Agreement.\n- B. The indemnified parties in clause 4(a) of this Subscription Agreement (save the Fund which is already a party to this Subscription Agreement) may not bring any action to enforce their rights under this Subscription Agreement without the prior written consent of the Fund, which may be withheld at the sole discretion of the Fund.\n- C. The consent of the indemnified parties specified in clause 4(a) of this Subscription Agreement (save the Fund which is already a party to this Subscription Agreement) is not required for any rescission or variation of this agreement agreed to by the Fund and the Prospective Investor, or any termination of this agreement by the Fund and the Prospective Investor.\n- D. The indemnified parties specified in clause 4(a) of this Subscription Agreement (save the Fund which is already a party to this Subscription Agreement) may not assign their rights, in whole or in part, under this Subscription Agreement without the prior written consent of the Fund.\n\n#### **9. DATA PROTECTION**\n\n- A. The Prospective Investor acknowledges and agrees that information supplied on this Agreement and otherwise in connection with the Prospective Investor's application for Shares (collectively \"**Personal Information**\") may be held by the Fund and/or its delegates and agents and may be used for the purpose of:\n- B. processing the Prospective Investor's subscription for Shares and completion of information on the register of Shareholders;\n- C. carrying out the Prospective Investor's instructions or responding to any enquiry purporting to be given by the Prospective Investor or on behalf of the Prospective Investor;\n- D. dealing in any other matters relating to the Prospective Investor's holding of Shares (including the mailing of reports or notices); or\n- E. observing any legal, governmental or regulatory requirements of any relevant jurisdiction (including any disclosure or notification requirements to which any recipient of the data is subject).\n- F. The Prospective Investor acknowledges and agrees that, subject to the requirements of applicable law, the Fund and/or its delegates and agents may:\n- G. retain Personal Information after the Prospective Investor has redeemed or transferred all of its Shares and after the termination of the Fund;\n- H. maintain Personal Information on computer systems based or maintained in such places as the Fund and/or its delegate or agent determines, which may be in countries that have not enacted data protection legislation;\n- I. disclose and transfer Personal Information, by any method including electronically and/or by making available the original or a copy of this Agreement, to:\n\t- I. the Fund and/or any delegate or agent of the Fund and/or the professional advisers of any of them and/or any of their employees, officers, directors, agents and/or affiliates; or\n\t- II. any third party employed to provide administrative, computer or other services or facilities to any person to whom data is disclosed or transferred as aforesaid; or\n- J. disclose Personal Information where such disclosure is required by any law or order of any court or pursuant to any direction, request or requirement (whether or not having the force of law) of any central bank or governmental or other regulatory or taxation authority.\n\n#### **10. POWER AND AUTHORITY**\n\n- A. If the Prospective Investor is an entity: The person executing this Agreement for the Prospective Investor represents and warrants that he or she is duly authorised to do so and the Prospective Investor has the full power and authority under its governing instruments to acquire the Shares. The Prospective Investor represents and warrants that:\n\t- I. it is duly organised, validly existing and in good standing under the laws of its jurisdiction of organisation;\n\t- II. the execution and delivery of this Agreement and performance by it of its terms (i) are within its powers and have been duly authorised by all necessary actions on its behalf, (ii) require no action by or in respect of, or filing with, any governmental body, agency or official (except as disclosed in writing to the Fund), and (iii) do not contravene, or constitute a breach of or default under any provision of applicable law or governmental rule, regulation or policy statement or of its certificate of incorporation or other comparable organisational documents or any agreement, judgment, injunction, order, decree or other instrument binding upon it; and\n- III. this Agreement constitutes a valid and binding agreement of the Prospective Investor and is enforceable against the Prospective Investor in accordance with its terms.\n- B. If the Prospective Investor is acting as trustee, agent, representative or nominee for another person or entity (a Beneficial Owner): The Prospective Investor understands and acknowledges that the representations, warranties and agreements made in this Agreement are made by the Prospective Investor (a) with respect to the Prospective Investor, and (b) with respect to the Beneficial Owner. The Prospective Investor represents and warrants that it has all requisite power and authority from the Beneficial Owner to execute and perform the obligations under this Agreement.\n- C. If the Prospective Investor is an individual: The Prospective Investor represents and warrants that (a) this Agreement constitutes a valid and binding agreement of the Prospective Investor and is enforceable against the Prospective Investor in accordance with its terms, and (b) the Prospective Investor has legal competence and capacity to execute this Agreement.\n\n#### **11. INDEMNITY**\n\nThe Prospective Investor agrees to indemnify and keep indemnified the Fund and its directors, officers and employees, from and against any and all costs, claims, demands, liabilities, expenses, damages or losses including, without limitation, consequential losses and loss of profit and all interest, penalties and legal and other professional costs and expenses due to, or arising out of, breach of any of the representations, warranties, acknowledgements, undertakings or agreements by the Prospective Investor contained in this Agreement.\n\n#### **12. GOVERNING LAW AND JURISDICTION**\n\nThis Agreement shall be governed by, and shall be construed in accordance with, the laws of the Cayman Islands. Each party irrevocably agrees to submit to the non-exclusive jurisdiction of the courts of the Cayman Islands in respect of any claim or matter arising under or in connection with this Agreement.\n\n#### **13. COUNTERPARTS**\n\nThis Subscription Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by facsimile transmission or by email transmission of an Adobe Portable Document Format file (or similar electronic record) shall be effective as delivery of an executed counterpart signature page.\n\n# **14. Tax Fund Rules**\n\n**A. Cayman Funds Tax Form Rules**\n\n- B. For CRS (Common Reporting Standard) in the Cayman Islands, all Investors need to provide a full`y completed and signed Cayman Islands Self Certification Form.\n- **C. Non-US Funds ID Rules**\n- D. **Individual Subscribers** are required to provide a photocopy of a valid passport along with one additional form of government-issued identification (usually driver's license). If language of document is not in English, please provide explanation of document and appropriate translation of fields and data appearing on the identification into English.\n- E. **Entity (non-individual) Subscribers** are required to provide copies of their formative documents, a list of authorized signatories with specimen signatures and confirmation of the corporate authority of such signatories. If not in English, please provide explanation of document and appropriate translation of fields and data into English.\n- F. **Entity (non-individual) Subscribers** are additionally required by the Anti-Money Laundering Regulations, 2017 of the Cayman Islands to provide their beneficial ownership detail and identification of controlling parties.\n- \"Beneficial owner\" means the natural person who ultimately owns or controls the subscriber or on whose behalf this subscription transaction is being conducted.\n- For any natural person with beneficial ownership interest in the Subscriber of more than 10%, please provide first and last name, source of wealth, citizenship, date of birth, and a copy of valid passport or other valid photo government identification.\n- For any entity or trust with beneficial ownership interest in the Subscriber of more than 10%, please detail list entity's owners and provide for each first and last name, source of wealth, citizenship, date and place of birth, and a copy of valid passport or other valid photo government identification.\n- Also for any entity, please provide name of at least one individual with significant responsibility for managing the entity (controlling party). This can include any executive officer or senior manager or any other individual who regularly performs similar functions such as Managing Member, Director, or General Partner. Please provide for such controlling parties their first and last name, citizenship, date and place of birth, and a copy of valid passport or other valid photo government identification.\n\n**Partnerships** are required to provide a copy of the government registration of the Partnership with along with a copy of the signed Partnership Agreement identifying the General Partner and/or the designate empowered to sign this document. Please see items 2-4 above for significant additional beneficial ownership requirements.\n\n**Corporations** are required to provide a copy of the government registration of the Corporation with along with a copy of its articles of incorporation with officer signatures. We additionally request a signed, certified corporate resolution identifying the corporate officer(s) empowered to sign the Subscription Document. Please see items 2-4 above for significant additional beneficial ownership requirements.\n\n**Trusts** are required to provide a full copy of the Trust Agreement. We can alternatively accept copies of pages from the Trust showing the following relevant\n\nsections: articles establishing Trust (showing name of the Trust) and naming Trustees, and articles/clauses showing Trustee signatures. A valid passport or other government-issued identification (with photo) will be requested for Trustees of the Trust. If the Subscriber is a trust, please provide for each settlor, grantor, donor, and trustee their first and last name, source of wealth, citizenship, and date and place of birth.\n\n#### *FOR INTERNAL USE ONLY*\n\n#### *To be completed by a Director on behalf of Hamilton Opportunity Fund SPC*\n\n#### *SUBSCRIPTION ACCEPTED*\n\n*By: Date:* 5-8 : !\n\n#### **SIGNATURE PAGE**\n\nThe undersigned hereby represents that:\n\n- the undersigned has carefully read and is familiar with this Subscription Agreement and the Fund Documents;\n- the information contained herein is complete and accurate and may be relied upon; and\n- The undersigned agrees and consents to any proposed variation or abrogation of the special rights that are attached to the Class A Shares being purchased herein, such consent shall be deemed to have been consented to the proposed variation or abrogation if the undersigned does not affirmatively object in writing to such proposed variation or abrogation within twenty (20) days (or such shorter time as may be determined by the Fund's Board of Directors in its sole discretion) after such notice is received or deemed to have been received in accordance with the notice provisions of the Articles.\n\n&HUWLILFDWH RI IXOO UHJLVWU\\ UHFRUGVɼFHUWLILFDWH RI FRPSOHWH KLVWRULFDO UHFRUGV\n\n,V WKH FHUWLILHG UHFRUG RI WKH FRPSDQ\\ ZKLFK VKRZV WKH UHJLVWUDWLRQ ERDUG PHPEHU FDSLWDO LQMHFWLRQ DQG VR RQ\n\n履歴事項全部証明書\n\n| 会社法人等番号 | 0100-01-137540 | | |\n|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| 号
商 | ソナー・アドバイザーズ株式会社 | | |\n| 本
店 | 東京都千代田区紀尾井町3番地3 2 | | |\n| | 東京都千代田区紀尾井町4番1号 | 平成30年 4月16日移転 | |\n| | | 平成30年 4月19日登記 | |\n| 公告をする方法 | 官報に掲載してする。 | | |\n| 会社成立の年月 目 | 平成22年10月20日 | | |\n| 的
글 | 当会社は、次の事業を営むことを目的とする。
(1) 投資助言 · 代理業
(2)第二種金融商品取引業
(3) 投資運用業
(4) 投資事業組合等の組成及び投資事業有限責任組合等持分の募集又は私募
(5) 投資事業組合等財産の運用、管理業務
(6) 情報提供業務
(7) その他前各号に掲げる事業に付帯または関連する一切の事業 | | |\n| 発行可能株式総数 | 10万3000株 | | |\n| 発行済株式の総数
並びに種類及び数 | 発行済株式の総数 | 平成24年
6月30日変更 | |\n| | 4940株 | 平成24年 7月10日登記 | |\n| 資本金の額 | 金8496万3817円 | 平成24年 6月30日変更 | |\n| | | 平成24年 7月10日登記 | |\n| 株式の譲渡制限に
関する規定 | 当会社の株式を譲渡により取得するには、株主総会の承認を受けなければなら
ない。 | | |\n| 役員に関する事項 | 取締役
賢 太郎
第東東 | | |\n| | 取締役 | | |\n| | 東
賢太郎 | 令和
2年 3月
3 HEEFF | |\n| | 取締役 | | |\n| | | 横尾敏介 | 令和
年
5月 7日就任 |\n| | | | 令和
1年 5月
7日登記 |\n| | 収縮役 | 横尾敏介 | 令和 2年
3月
3日重任 |\n| | | | 令和 2年 5月26日登記 |\n| | 代表取締役 | 東京都世田谷区尾山台一丁目10番23号
東賢太郎 | |\n| | 代表取締役 | 東京都世田谷区尾山台一丁目10番23号
東 賢 太 郎 | 令和 2年 3月 3日重任 |\n| | | | 令和 2年 5月26日登記 |\n| 等の会社に対する
貴任の制限に関す
る規定
新株予約権 | 第1回新株予約権 | 限度額を限度とする旨の契約を締結することができる。 | 3条第1項の取締役の責任について、当該社外取締役が職務を行うにつき善意
でかつ重大な過失がない場合には、会社法第425条第1項に定める最低責任 |\n| | 新株予約権の数
2 4 7 個 | 新株予約権の目的たる株式の種類及び数又はその算定方法
当社普通株式247株(新株予約権1個につき当社普通株式1株)
調整により生じる1株未満の端数については、これを切り捨てる。
調整後株式数=調整前株式数×分割 · 併合の比率
合理的な範囲内で株式数を調整することができる。
金銭の払込みを要しないものとする。
新株予約権の行使に際して出資される財産の価額又はその算定方法
新株予約権1個につき金15.499円とする。
されるものとし、調整により生じる1円未満の端数は切り上げる。 | なお、当社が株式分割または株式併合を行う場合、次の算式により目的たる
株式の数を調整するものとする。ただし、かかる調整は本新株予約権のうち、
当該時点で行使されていない新株予約権の目的たる株式の数について行われ、
また、当社が合併、会社分割、株式交換または株式移転(以下総称して「合
併等」という。)を行う場合、株式の無償割当を行う場合、その他株式数の
調整を必要とする場合には、合併等、株式の無償割当の条件等を勘案のうえ、
募集新株予約権の払込金額若しくはその算定方法又は払込を要しないとする旨
なお、当社が当社普通株式につき株式分割または株式併合を行う場合、上記
の行使価額は、株式分割または株式併合の比率に応じ、次の算式により調整 |\n\n整理番号 ミ760771 \\* 下線のあるものは抹消事項であることを示す\n\n東京都千代田区紀尾井町4番1号\nソナー・アドバイザーズ株式会社\n\n東京都千代田区紀尾井町4番1号\nソナー・アドバイザーズ株式会社\n\n上記事算式において、「既発行株式数」とは当社の発行済普通株式総数から当社が保有する普通株式に係る自己株式数を控除した数とし、また、自己株式の処分を行う場合には「新規発行株式数」を「処分する自己株式数」に読み替える。さらに、当社が合併等を行う場合、株式の無償割当を行う場合、その他上記の行使価額の調整を必要とする場合には、合併等の条件、株式の無償割当の条件等を勘案のうえ、合理的な範囲内で行使価額を調整することができる。\n\n新株予約権を行使することができる期間\n\n平成32年1月31日から平成40年1月30日まで\n\n新株予約権の行使の条件\n\n(1) 本新株予約権の割当を受けた者（以下「新株予約権者」という）が権利行使時においても当社の取締役、監査役、執行役員または従業員、その他これに準ずる地位にあることを条件とする。ただし、健康上の理由による退職、任期満了による退職、定年退職その他正当な理由のある場合で、株主総会において退職後も権利行使することを個別に承認された場合はこの限りでない。なお、この株主総会による承認は、新株予約権者において新株予約権を行使した直後に発行会社又は発行会社の指定する買受人に対して株式を譲渡することにつき、発行会社と当該新株予約権者の間で合意することを前提とする。\n\n(2) 新株予約権者が在任または在職中に死亡した場合は、相続人は新株予約権を行使することができない。ただし、株主総会において相続人による承継を個別に承認した場合はこの限りではない。行使期間経過前に株主総会で承認を受けた相続人は、行使期間経過後1年以内に限り権利行使ができるものとする。なお、この株主総会による承認は、相続人において新株予約権を行使した直後に発行会社又は発行会社の指定する買受人に対して株式を譲渡することにつき、発行会社と相続人の間で合意することを前提とする。\n\n(3) 新株予約権の譲渡、質入その他の処分は認めないものとする。\n\n(4) 新株予約権は一度の手続きにおいて新株予約権の全部または一部を行使することができる。\n\n会社が新株予約権を取得することができる事由及び取得の条件\n\n(1) 新株予約権者が権利行使をする前に、行使条件に該当しなくなったため本新株予約権を行使できない場合は、株主総会が別途定める日に、当社は当該新株予約権を無償で取得することができる。\n\n(2) 当社が消滅会社となる合併契約承認の議案が株主総会で承認された場合、または当社が完全子会社となる株式交換契約承認の議案もしくは株式移転計画承認の議案が株主総会で承認された場合であって、当社株主総会が取得する日を定めたときは、当該日が到来することをもって、当社は新株予約権を無償で取得することができる。\n\n(3) 当社が当社株式を証券取引所へ上場申請又は日本証券業協会に登録申請する場合において、新株予約権者がかかる証券取引所または日本証券業協会の規則による新株予約権の継続保有義務に違反したときは、当社は新株予約権を無償で取得することができる。\n\n| | 平成30年 1月31日発行 |\n|-------------------------------------|---------------|\n| | 平成30年 2月13日登記 |\n| 第2回新株予約権
新株予約権の数
2 4 7 個 | |\n| | |\n| 新株予約権の目的たる株式の種類及び数又はその算定方法 | |\n| 当社普通株式247株(新株予約権】個につき当社普通株式1株) | |\n| なお、当社が株式分割または株式併合を行う場合、次の算式により目的たる | |\n| 株式の数を調整するものとする。ただし、かかる調整は本新株予約権のうち、 | |\n| | |\n| 当該時点で行使されていない新株予約権の目的たる株式の数について行われ、 | |\n| 調整により生じる1株未満の端数については、これを切り捨てる。 | |\n| 調整後株式数=調整前株式数×分割 · 併合の比率 | |\n| また、当社が合併、会社分割、株式交換または株式移転(以下総称して「合 | |\n| 併等」という。)を行う場合、株式の無償割当を行う場合、その他株式数の | |\n| 調整を必要とする場合には、合併等、株式の無償割当の条件等を勘案のうえ、 | |\n| 合理的な範囲内で株式数を調整することができる。 | |\n| 募集新株予約権の払込金額若しくはその算定方法又は払込を要しないとする旨 | |\n| 金銭の払込みを要しないものとする。 | |\n| 新株予約権の行使に際して出資される財産の価額又はその算定方法 | |\n| 新株予約権1個につき金7.333円とする。 | |\n| | |\n| なお、当社が当社普通株式につき株式分割または株式併合を行う場合、上記 | |\n| の行使価額は、株式分割または株式併合の比率に応じ、次の算式により調整 | |\n| されるものとし、調整により生じる1円未満の端数は切り上げる。 | |\n| 調整後行使価額=調整前行使価額×分割 · 併合の比率 | |\n| また、当社が時価を下回る価額で当社普通株式につき、新株式の発行または | |\n| 自己株式の処分を行う場合、上記の行使価額は、次の算式により調整される | |\n| ものとし、調整により生じる1円未満の端数は切り上げる。 | |\n| 1株当たり
新規発行 | |\n| 朱式数
× 拉达金額 | |\n| 既発行 + | |\n| 株式数
調整則行使血須 | |\n| 調整後 = 調整前 × | |\n| 行使価額 行使価額 | |\n| 既発行株式数 + 新規発行株式数 | |\n| 上記算式において、「既発行株式数」とは当社の発行済普通株式総数から当 | |\n| 社が保有する普通株式に係る自己株式数を控除した数とし、また、自己株式 | |\n| の処分を行う場合には「新規発行株式数」を「処分する自己株式数」に読み | |\n| 替える。さらに、当社が合併等を行う場合、株式の無償割当を行う場合、そ | |\n| の他上記の行使価額の調整を必要とする場合には、合併等の条件、株式の無 | |\n| 償割当の条件等を勘案のうえ、合理的な範囲内で行使価額を調整することが | |\n| できる。 | |\n| 新株予約権を行使することができる期間 | |\n| 令和3年12月25日から令和11年12月25日まで | |\n| 新株予約権の行使の条件 | |\n| (1) 本新株予約権の割当を受けた者(以下「新株予約権者」という)が権 | |\n| | |\n| 利行使時においても当社の取締役、監査役、執行役員または従業員、その他 | |\n| これに準ずる地位にあることを条件とする。ただし、健康上の理由による退 | |\n| 職、任期満了による退職、定年退職その他正当な理由のある場合で、株主総 | |\n| 会において退職後も権利行使することを個別に承認された場合はこの限りで | |\n| ない。なお、この株主総会による承認は、新株予約権者において新株予約権 | |\n| を行使した直後に発行会社又は発行会社の指定する買受人に対して株式を譲 | |\n| 渡することにつき、発行会社と当該新株予約権者の間で合意することを前提 | |\n| とする。 | |\n| (2) 新株予約権者が在任または在職中に死亡した場合は、相続人は新株予 | |\n| 約権を行使することができない。ただし、株主総会において相続人による承 | |\n| | |\n| 継を個別に承認した場合はこの限りではない。行使期間経過前に株主総会で | |\n| | |\n| 承認を受けた相続人は、行使期間経過後1年以内に限り権利行使ができるも | |\n\n整理番号 S760771 \\* 下線のあるものは抹消事項であることを示す。\n\n3/5\n\n東京都千代田区紀尾井町4番1号\nソナー・アドバイザーズ株式会社\n\n東京都千代田区紀尾井町4番1号\nソナー・アドバイザーズ株式会社\n\nのとする。なお、この株主総会による承認は、相続人において新株予約権を\n行使した直後に発行会社又は発行会社の指定する買受人に対して株式を譲渡\nすることにつき、発行会社と相続人との間で合意することを前提とする。\n(3) 新株予約権の譲渡、質入その他の処分は認めないものとする。\n(4) 新株予約権は一度の手続きにおいて新株予約権の全部または一部を行\n使することができる。\n会社が新株予約権を取得することができる事由及び取得の条件\n(1) 新株予約権者が権利行使をする前に、行使条件に該当しなくなったた\nめ本新株予約権を行使できない場合は、株主総会が別途定める日に、当社は\n当該新株予約権を無償で取得することができる。\n(2) 当社が消滅会社となる合併契約承認の議案が株主総会で承認された場\n合、または当社が完全子会社となる株式交換契約承認の議案もしくは株式移\n転計画承認の議案が株主総会で承認された場合であって、当社株主総会が取\n得する日を定めたときは、当該日が到来することをもって、当社は新株予約\n権を無償で取得することができる。\n(3) 当社が当社株式を証券取引所へ上場申請又は日本証券業協会に登録申\n請する場合において、新株予約権者がかかる証券取引所または日本証券業協\n会の規則による新株予約権の継続保有義務に違反したときは、当社は新株予\n約権を無償で取得することができる。\n\n令和 1年12月25日発行\n令和 2年 1月 6日登記\n\n| Labels | Values |\n|------------|--------------------------------------|\n| 登記記録に関する事項 | 平成２２年１２月２７日東京都世田谷区尾山台一丁目１０番２３号から本店移転 |\n| | 平成２３年 １月１１日登記 |\n\n\n\nこれは登記簿に記録されている閉鎖されていない事項の全部であることを証明した書面である。\n\n(東京法務局管轄)\n\n令和 3年 5月28日\n\n東京法務局渋谷出張所\n\n| 登記官 | 肥田 携士 |\n|-----|-------|\n|-----|-------|\n\n整理番号 ミ760771 \\* 下線のあるものは抹消事項であることを示す。\n\n5/5\n\nTo whom concerned\n\n# Sonar Advisers Inc. / SIGNATURE AUTHORIZATION\n\nThe individuals below are authorized to sign for all matters relating to Sonar Advisers Inc.\n\n| Name (Printed Name) | Signature | Title |\n|--------------------------------------|----------------------------|------------------------|\n| Kentaro Azuma | | President & CEO |\n| Yasuhito Doi | | Managing Director |\n| Ayane Azuma | | |\n\nPresident, CEO or Executive Director: Kentaro Azuma (Print Name)\n\n| Labels | Values |\n|-------------------------|-------------------------|\n| E-Mail Address: | azuma@sonaradvisers.com |\n| Signature: | |\n| Date: | 20 July 2021 |\n\nthe threshold in respect of a legal person is direct or indirect ownership or control of 10% or more of the shares or voting rights in the legal person, being the threshold specified by the Anti-Money Laundering Regulations, 2017 which implement the FATF Recommendations in the Cayman Islands.\n\n*We are obliged under the Tax Information Authority Law, the Regulations, and Guidance Notes made pursuant to that Law, and treaties and intergovernmental agreements entered into by the Cayman Islands in relation to the automatic exchange of information for tax matters (collectively \"AEOI\"), to collect certain information about each account holder's tax status. Please complete the sections below as directed and provide any additional information that is requested. Please note that we may be obliged to share this information with relevant tax authorities. Terms referenced in this Form shall have the same meaning as applicable under the relevant Cayman Islands Regulations, Guidance Notes or international agreements.*\n\nIf any of the information below regarding your tax residence or AEOI classification changes in the future, please ensure you advise us of these changes promptly. If you have any questions about how to complete this Form, please refer to accompanying guidelines for completion or contact your tax advisor.\n\n**Section 1: Account Holder Identification**\n\n| Sonar Advisers Inc. | Japan |\n|-----------------------------|---------------------------------------|\n| Legal Name of Entity/Branch | Country of incorporation/organisation |\n\n**Current Residence or Registered Address:**\n\n| 4-1 Kioicho, Chiyoda-ku | | |\n|-------------------------|-----------|---------|\n| Number & Street | City/Town | |\n| Tokyo, 102-0094, Japan | | |\n| State/Province/County | Post Code | Country |\n\n**Mailing address (if different from above):**\n\n| Number & Street | City/Town | |\n|-----------------------|-----------|---------|\n| | | |\n| State/Province/County | Post Code | Country |\n\n#### **PART II: US IGA**\n\n#### **Section 2: U.S. Persons**\n\nPlease tick and complete as appropriate.\n\n(a) The entity is a *Specified U.S. Person* and the entity's U.S. federal taxpayer identifying number (U.S. TIN) is as follows:\n\n(b) The entity is a U.S. Person that is not a Specified U.S. Person.\n\nIndicate exemption1\n\n*If the entity is not a U.S. person, please complete Section 3.*\n\n#### **Section 3: US FATCA Classification for all Non United States Entities**\n\nPlease complete this section if the entity is **not** a *U.S. Person*\n\n- **3.1** If the entity is a *Registered Foreign Financial Institution***,** please tick one of the below categories, and provide the entity's *FATCA GIIN at 3.1.1*.\n\t- (a) Reporting Model 1 FFI\n\t- (b) Registered Deemed Compliant Foreign Financial Institution (other than a reporting Model 1 FFI, sponsored FFI, or non-reporting IGA FFI)\n\t- (c) Reporting Model 2 FFI\n\t- (d) Participating Foreign Financial Institution\n\t- **3.1.1** Please provide your *Global Intermediary Identification number (GIIN):*\n\n(if registration in progress indicate so)\n\n- **3.2** If the entity is a *Financial Institution but unable to provide a GIIN or has a Sponsored Entity GIIN*, please complete one of the below categories:\n\t- (a) The Entity is a Sponsored Financial Institution (sponsored by another entity that has registered as a Sponsoring Entity) and (select one):\n\t\t- i. has no US reportable accounts, is a Sponsored FI in a Model 1 IGA jurisdiction and therefore not required to obtain a Sponsored Entity GIIN. Please provide the Sponsoring Entity's name and GIIN.\n\nSponsoring Entity's Name:\n\nSponsoring Entity's GIIN:\n\nCont..\n\n1 Under the US IGA and in the U.S. Internal Revenue Code, Specified US Person does not include: An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37); The United States or any of its agencies or instrumentalities; A state, the District of Columbia, a possession of the United States, or any of their political subdivisions, or instrumentalities; A corporation the stock of which is regularly traded on one or more established securities markets, as described in Reg. section 1.1472-1(c)(1)(i); A corporation that is a member of the same expanded affiliated group as a corporation described in Reg. section 1.1472-1(c)(1)(i); A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state; A real estate investment trust; A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Co mpany Act of 1940; A common trust fund as defined in section 584(a); A bank as defined in section 581; A broker; A trust exempt from tax under section 664 or described in section 4947; or A tax-exempt trust under a section 403(b) plan or section 457(g) plan.\n\n| | ii. | its Sponsor has obtained a Sponsored Entity GIIN on its behalf. |\n|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| | | Please provide the Sponsoring Entity's name and GIIN, and Sponsored Entity's GIIN. |\n\n| Sponsoring Entity's Name: | |\n|---------------------------|------------------------------------------------------------------------------------------|\n| Sponsoring Entity's GIIN: | |\n| Sponsored Entity's GIIN: | |\n\n| (b) | | The Entity is a Trustee Documented Trust. Please provide the Trustee's name and GIIN. |\n|-----|------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|\n\n| Trustee's Name: | |\n|-----------------|------------------------------------------------------------------------------------------|\n| Trustee's GIIN: | |\n\n| (c) | | The Entity is a Certified Deemed Compliant, or otherwise Non-Reporting, Foreign Financial Institution (including a Foreign Financial Institution deemed compliant under Annex II of an IGA, except for a Trustee Documented Trust or Sponsored Financial Institution). |\n|-----|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n\n| Indicate exemption: | |\n|---------------------|------------------------------------------------------------------------------------------|\n|---------------------|------------------------------------------------------------------------------------------|\n\n| (d) | | The Entity is a Non-Participating Foreign Financial Institution |\n|-----|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|\n\n**3.3 If the entity is not a Foreign Financial Institution, please confirm the Entity's FATCA status below:**\n\n| (a) | | The Entity is an Exempt Beneficial Owner. 2 |\n|-----|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|\n\n| Indicate status: | |\n|------------------|------------------------------------------------------------------------------------------|\n|------------------|------------------------------------------------------------------------------------------|\n\n| (b) | | The Entity is an Active Non-Financial Foreign Entity. 3 Indicate qualifying criteria (see Exhibit A): |\n|-----|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n\n| | |\n|--|------------------------------------------------------------------------------------------|\n|--|------------------------------------------------------------------------------------------|\n\n| (c) | | The Entity is a Direct Reporting NFFE. 4 Please provide the Entity's GIIN. |\n|-----|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|\n\n| Direct Reporting NFFE's GIIN: | |\n|-------------------------------|------------------------------------------------------------------------------------------|\n|-------------------------------|------------------------------------------------------------------------------------------|\n\n| (d) | | The Entity is a Sponsored Direct Reporting NFFE. 5 Please provide the Sponsoring Entity's name and GIIN. |\n|-----|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n|-----|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n\n| Sponsoring Entity's Name: | |\n|---------------------------|------------------------------------------------------------------------------------------|\n| Sponsoring Entity's GIIN: | |\n| Sponsored Entity's GIIN: | |\n\n| (e) | X
| The Entity is a Passive Non-Financial Foreign Entity. 6 |\n|-----|---------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|\n|-----|---------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|\n\n2 " *Exempt Beneficial Owner*\" means any of the entities listed as such in Annex II.I of the US IGA or Section 1.1471-6 or 1.1471-6T of the U S. Treasury Regulations. See additional notes in Exhibit A\n\n3 See definition of *Active Non-Financial Foreign Entity* in Exhibit A\n\n4 See US Treasury FATCA Regulations, 26 CFR 1.1472-1(c)(3)\n\n5 See US Treasury FATCA Regulations, 26 CFR 1.1472-1(c)(5)\n\n6 See definition of *Passive Non-Financial Foreign Entity* in Exhibit A\n\n#### **If you have ticked 3.3(e)** *Passive Non-Financial Foreign Entity***, please complete either i. OR ii. below**\n\ni. Indicate the full name, address, and tax reference type and number of any *Substantial U.S. Owners.*\n\n*If the Entity has chosen to use the definition of 'Substantial U.S. Owner' from the U.S. Treasury Regulations in lieu of the definition of 'Controlling Person' as permitted under Article 4(7) of the Agreement between the Government of the Cayman Islands and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA, please complete the table below providing details of any Substantial U.S. Owners.7*\n\n*Note: The decision to utilize the definition of 'Substantial U.S. Owner' in lieu of Controlling Person is only permitted with respect to PART II: US IGA.*\n\n| Full Name | Full residence address | Tax reference type and
number |\n|-----------|------------------------|----------------------------------|\n| | | |\n| | | |\n| | | |\n\nOR\n\nii. Alternatively, if you wish to use the Controlling Person definition as per the CRS definition in Exhibit B then please complete the following:\n\nPlease indicate the name of any *Controlling Person(s*)8:\n\n| Full Name of any Controlling Person(s) |\n|----------------------------------------|\n| Kentaro Azuma |\n| |\n| |\n\n**Please complete Part IV below providing further details of any ultimate Controlling Persons who are natural persons**\n\n7 See definition of *Substantial U.S. Owner(s)* in Exhibit A.\n\n8 See definition of *Controlling Person(s)* in Exhibit A.\n\n#### **PART III: Common Reporting Standard**\n\n#### **Section 4: Declaration of All Tax Residency [repeat any residences indicated in Part II, Section 2 (US)**\n\nPlease indicate the Entity's place of tax residence (if resident in more than one jurisdiction please detail all jurisdictions and associated tax reference number type and number).\n\nFor the purposes of the Common Reporting Standard (CRS), all matters in connection with residence are determined in accordance with the CRS and its Commentaries.\n\nIf an entity has no residence for tax purposes please indicate the jurisdiction in which its place of effective management is situated. Please indicate not applicable if jurisdiction does not issue or you are unable to procure a tax reference number or functional equivalent, and indicate the reason below.\n\n| Jurisdiction(s) of tax residency | Tax reference number type | Tax reference number (e.g. TIN) |\n|----------------------------------|---------------------------|---------------------------------|\n| Japan | Corporate number | 2010001137540 |\n| | | |\n| | | |\n\n**If applicable, please specify the reason for non-availability of a tax reference number:**\n\n#### **Section 5: CRS Classification**\n\nProvide your CRS classification by checking the corresponding box(es). Note that CRS classification does not necessarily coincide with your classification for US FATCA purposes.\n\n- **5.1** If the entity **is** a *Financial Institution9*, please tick this box and specify the type of Financial Institution in (a), (b), or (c) below10:\n\t- (a) Reporting Financial Institution under CRS. (Please note this classification only applies to a Financial Institution in a CRS Participating Jurisdiction. If the entity is a Financial Institution in a Non-Participating Jurisdiction11 under CRS, proceed to 5.1 (c)).\n\nOR\n\n- (b) Non-Reporting Financial Institution under CRS. (Please note this classification only applies to a Financial Institution in a CRS Participating Jurisdiction. If the entity is a Financial Institution in a Non-Participating Jurisdiction under CRS, proceed to 5.1 (c)). Specify the type of Non-Reporting Financial Institution below:\n\t- Governmental Entity\n\t- International Organization\n\t- Central Bank\n\t- Broad Participation Retirement Fund\n\t- Narrow Participation Retirement Fund\n\t- Pension Fund of a Governmental Entity, International Organization, or Central Bank\n\t- Exempt Collective Investment Vehicle\n\t- Trust whose trustee reports all required information with respect to all CRS Reportable Accounts\n\t- Qualified Credit Card Issuer\n\t- Other Entity defined under the domestic law as low risk of being used to evade tax.\n\nSpecify the type provided in the domestic law:\n\nOR\n\n 9 See definition of *Financial Institution* in Exhibit B.\n\n10 Where the entity is resident in a Participating Jurisdiction, use the terms as defined under the CRS regime in that Jurisdiction. Where the entity is resident in a Non-Participating Jurisdiction, definitions under the Cayman Islands CRS regime must be used.\n\n11 See definition of *Non-Participating Jurisdiction* in Exhibit B.\n\n- (c) Financial Institution resident in a Non-Participating Jurisdiction under CRS. Specify the type of Financial Institution below:\n\t- i. Investment Entity managed by another Financial Institution12 where a controlling ownership interest is held (directly or indirectly) by a company listed on a stock exchange and subject to disclosure requirements or is a majority owned subsidiary of such a company.\n\t- ii. Investment Entity managed by another Financial Institution (other than i. above)\n\nNote: If you are either:\n\n- (a) a widely-held, regulated Collective Investment Vehicle (CIV) established as a trust; OR\n- (b) a pension fund established as a trust,\n\nyou may apply the Controlling Persons test of a legal person as per the Controlling Person definition in Exhibit B, and where simplified due diligence procedures are permitted to be applied by the Financial Institution under the applicable AML regime13 in relation to the Account Holder and its Controlling Persons, no further information is required.\n\n**If you have ticked the box for 5.1(c) ii, and neither of the exemptions under (a) and (b) above applies, please indicate the name of the** *Controlling Person(s***) in the table below.**\n\nFull Name of any Controlling Person(s). *Please see definition in Exhibit B. (This table must not be left blank unless exemption (a) or (b) above applies)*\n\n**Please also complete Part IV below providing further details of any ultimate Controlling Person(s) who are natural person(s).**\n\n- iii. Other Investment Entity (other than i. or ii. above); OR\n- iv. Other Financial Institution, including a Depository Institution, Custodial Institution, or Specified Insurance Company.\n\n12 The managing Financial Institution must be a Financial Institution other than an Investment Entity type b) defined within the definition of a Financial Institution in Exhibit B.\n\n13 Please contact the Financial Institution to confirm whether simplified due diligence procedures under the Cayman Islands AML regime may apply to you as an Account Holder (e.g. by being a regulated pension fund in an approved jurisdiction).\n\n#### **5.2** If the entity is an *Active Non-Financial Entity* (\"NFE\") please tick this box and specify the type of Active NFE below:\n\n(a) Corporation that is regularly traded or a related entity of a regularly traded corporation. Provide the name of the stock exchange where traded:\n\nIf you are a related entity of a regularly traded corporation, provide the name of the regularly traded corporation:\n\n- (b) Governmental Entity, International Organization, a Central Bank, or an Entity wholly owned by one or more of the foregoing; OR\n- (c) Other Active Non-Financial Entity.14 Indicate qualifying criteria (see Exhibit B):\n\n#### **5.3** [X] If the entity is a *Passive Non-Financial Entity* please tick this box.15\n\n**If you have ticked this box please indicate the name of the** *Controlling Person(s***). Please refer to the definition of Controlling Person in Exhibit B.**\n\n| Full Name of any Controlling Person(s) | (must not be left blank) |\n|----------------------------------------|--------------------------|\n| Kentaro Azuma | |\n| | |\n| | |\n\n**Please complete Part IV below providing further details of any ultimate Controlling Person(s) who are natural person(s).**\n\n#### **Entity Declaration and Undertakings**\n\nI/We declare (as an authorised signatory of the Entity) that the information provided in this form is, to the best of my/our knowledge and belief, accurate and complete. I/We undertake to advise the recipient promptly and provide an updated Self-Certification form within 30 days where any change in circumstances occurs, which causes any of the information contained in this form to be inaccurate or incomplete. Where legally obliged to do so, I/we hereby consent to the recipient sharing this information with the relevant tax information authorities.\n\nI/we acknowledge that it is an offence to make a self-certification that is false in a material particular.\n\nf) we acknowledge that it is an offence to make a self-certification that is false in a material particular.\n\n| Authorised Signature: | DocuSigned by: [Signature]
27000721C48F4A2...
_________________________ | Authorised Signature: | _________________________ |\n|-----------------------|-----------------------------------------------------------------------------------------------|-----------------------|-----------------------------|\n| Position/Title: | President & CEO _________________________ | Position/Title: | _________________________ |\n| Date (dd/mm/yyyy): | 2021年7月20日 9:06:06 午後 PDT | Date (dd/mm/yyyy): | 2021年7月20日 9:06:06 午後 PDT |\n\n14 See definition of *Active Non-Financial Entity* in Exhibit B.\n\n15 Please see the definition of *Passive Non-Financial Entity* in Exhibit B.\n\n#### **PART IV: Controlling Persons**\n\n#### **(please complete for each Controlling Person who is a natural person)**\n\n| Section 6 – Identification of a Controlling Person | |\n|-----------------------------------------------------------------------------------------------------------------------|-------------------------------|\n| 6.1 Name of Controlling Person: | |\n| Family Name or Surname(s): | Azuma |\n| First or Given Name: | Kentaro |\n| Middle Name(s): | |\n| 6.2 Current Residence Address: | |\n| Line 1 (e.g. House/Apt/Suite Name, Number, Street) | 1-10-23 Oyamadai, Setagaya-ku |\n| Line 2 (e.g. Town/City/Province/County/State) | Tokyo |\n| Country: | Japan |\n| Postal Code/ZIP Code: | 158-0086 |\n| 6.3 Mailing Address: (please complete if different from 6.2) | |\n| Line 1 (e.g. House/Apt/Suite Name, Number, Street) | |\n| Line 2 (e.g. Town/City/Province/County/State) | |\n| Country: | |\n| Postal Code/ZIP Code: | |\n| 6.4 Date of birth 16 (dd/mm/yyyy) | 4th Feb 1955 |\n| 6.5 Place of birth 17 | |\n| Town or City of Birth | Tokyo |\n| Country of Birth | Japan |\n| 6.6 Please enter the legal name of the relevant entity Account Holder(s) of which you are a Controlling Person | |\n| Legal name of Entity 1 | Sonar Advisers Inc. |\n| Legal name of Entity 2 | K.K. Raison |\n| Legal name of Entity 3 | |\n\n16 The Controlling Person's date of birth is not required to be collected if the Controlling Person is not a Reportable Jurisdiction Person\n\n17 The Controlling Person's place of birth is not required to be collected if the Controlling Person is not a Reportable Jurisdiction Person\n\n#### **Section 7 – Jurisdiction of Residence for Tax Purposes and related Taxpayer Reference Number or functional equivalent (\"TIN\")**\n\nPlease complete the following table indicating:\n\n- *(i) where the Controlling Person is tax resident;*\n- *(ii) the Controlling Person's TIN for each jurisdiction indicated;18 and,*\n- *(iii) if the Controlling Person is a tax resident in a jurisdiction that is a Reportable Jurisdiction(s) then please also complete Section 10 \"Type of Controlling Person\".*\n\n*If the Controlling Person is tax resident in more than three jurisdictions please use a separate sheet*\n\n| | Jurisdiction(s) of tax residency | Tax reference number
type | Tax reference number (e.g. TIN) |\n|---|----------------------------------|------------------------------|---------------------------------|\n| 1 | Japan | My number | 476720738664 |\n| 2 | | | |\n| 3 | | | |\n\n**If applicable, please specify the reason for non-availability of a tax reference number:**\n\n 18 The Controlling Person's TIN is not required to be collected if the Controlling Person is not a Reportable Jurisdiction Person.\n\n#### **Section 8 – Type of Controlling Person**\n\n*(Please only complete this section if you are tax resident in one or more Reportable Jurisdictions)*\n\n| Please provide the Controlling Person's Status by ticking the appropriate box. | | Entity 1 | Entity 2 | Entity 3 |\n|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|-----------------------|-----------------------|---------------------|\n| a. | Controlling Person of a legal person – control by ownership | Image: Ticked box (X) | Image: Ticked box (X) | Image: Unticked box |\n| b. | Controlling Person of a legal person – control by other means | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| c. | Controlling Person of a legal person – senior managing official | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| d. | Controlling Person of a trust – settlor | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| e. | Controlling Person of a trust – trustee | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| f. | Controlling Person of a trust – protector | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| g. | Controlling Person of a trust – beneficiary | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| h. | Controlling Person of a trust – other | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| i. | Controlling Person of a legal arrangement (non-trust) – settlor-equivalent | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| j. | Controlling Person of a legal arrangement (non-trust) – trustee-equivalent | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| k. | Controlling Person of a legal arrangement (non-trust) – protector-equivalent | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| l. | Controlling Person of a legal arrangement (non-trust) – beneficiary-
equivalent | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n| m. | Controlling Person of a legal arrangement (non-trust) – other-equivalent | Image: Unticked box | Image: Unticked box | Image: Unticked box |\n\n#### **Controlling Person Declaration and Undertakings**\n\n- x I acknowledge that the information contained in this form and information regarding the Controlling Person(s) and any Reportable Account(s) may be reported to the tax authorities of the jurisdiction in which this account(s) is/are maintained and exchanged with tax authorities of another jurisdiction(s) in which [I/the Controlling Person] may be tax resident pursuant to international agreements to exchange financial account information.\n- x I certify that either (a) I am the Controlling Person, or am authorised to sign for the Controlling Person, of all the account(s) held by the entity Account Holder to which this form relates; or (b) I am authorised by the Account Holder to make this declaration.\n- x **I declare that all statements made in this declaration are, to the best of my knowledge and belief, correct and complete.**\n- x I acknowledge that it is an offence to make a self-certification that is false in a material particular.\n- x I undertake to advise the recipient within 30 days of any change in circumstances which affects the tax residency status of the individual identified in Part IV of this form or causes the information contained herein to become incorrect, and to provide the recipientwith a suitably updated self-certification and Declaration within 30 days of such change in circumstances**.**\n\nSignature:\n\nSignature: ***\\_***DocuSigned by:***\\_***\n 27000721C48F4A2...\n\nPrint name:\n\n\"(-+) 1.'\n\nDate (dd/mm/yyyy): / /\n\n2021年7月20日 | 9:06:06 午後 PDT\n\n**Note**: If you are not the Controlling Person, and not authorised to sign the Declaration on behalf of the Account Holder, please indicate the capacity in which you are signing the form on behalf of the Controlling Person. If signing under a power of attorney or other equivalent written authorisation, on behalf of the Controlling Person, please also attach a certified copy of the power of attorney or written authorisation.\n\nCapacity: +\",%!\"(- -\n\n#### **EXHIBIT A**\n\n#### **US IGA DEFINITIONS**\n\n*Account Holder* means the person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account. A person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes of this Agreement, and such other person is treated as holding the account. For purposes of the immediately preceding sentence, the term \"Financial Institution\" does not include a Financial Institution organized or incorporated in a U.S. Territory. In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary of the contract. If no person can access the Cash Value or change the beneficiary, the Account Holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract. Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder.\n\n*Active Non-Financial Foreign Entity* means any NFFE which is a Non U.S. entity that meets any of the following criteria:\n\n- (a) Less than 50 percent of the NFFE's gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the NFFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;\n- (b) The stock of the NFFE is regularly traded on an established securities market or the NFFE is a Related Entity of an Entity the stock of which is traded on an established securities market;\n- (c) The NFFE is organized in a U.S. Territory and all of the owners of the payee are bona fide residents of that U.S. Territory;\n- (d) The NFFE is a non-U.S. government, a government of a U.S. Territory, an international organization, a non-U.S. central bank of issue, or an Entity wholly owned by one or more of the foregoing;\n- (e) substantially all of the activities of the NFFE consist of holding (in whole or in part) the outstanding stock of, and providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an NFFE shall not qualify for this status if the NFFE functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes;\n- (f) The NFFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution; provided, that the NFFE shall not qualify for this exception after the date that is 24 months after the date of the initial organization of the NFFE;\n- (g) The NFFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganizing with the intent to continue or recommence operations in a business other than that of a Financial Institution;\n- (h) The NFFE primarily engages in financing and hedging transactions with or for Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or\n- (i) The NFFE is an \"excepted NFFE\" as described in relevant U.S. Treasury Regulations; or\n- (j) The NFFE meets all of the following requirements:\n\t- i) It is established and maintained in its country of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labour organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare;\n\t- ii) It is exempt from income tax in its country of residence;\n\t- iii) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets;\n\t- iv) The applicable laws of the Entity's country of residence or the Entity's formation documents do not permit any income or assets of the Entity to be distributed to, or applied for the benefit of, a private person or non- charitable Entity other than pursuant to the conduct of the Entity's charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the Entity has purchased; and\n\t- v) The applicable laws of the Entity's country of residence or the Entity's formation documents require that, upon the\n\nEntity's liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the Entity's jurisdiction of residence or any political subdivision thereof.\n\n*Code* means the U.S Internal Revenue Code of 1986, as amended.\n\n*Controlling Person* means the natural persons who exercise direct or indirect control over an entity. In the case of a trust, such term means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term 'Controlling Persons' shall be interpreted in a manner consistent with the Financial Action Task Force Recommendations (\"FATF\").\n\n#### **FATF Recommendations on Controlling Persons**:\n\nIdentify the beneficial owners of the customer and take reasonable measures to verify the identity of such persons, through the following information. For legal persons19:\n\n- (a) The identity of the natural persons (if any as ownership interests can be so diversified that there are no natural persons (whether acting alone or together) exercising control of the legal person or arrangement through ownership) who ultimately have a controlling ownership interest20 in a legal person; and\n- (b) to the extent that there is doubt under (a) as to whether the person(s) with the controlling ownership interest are the beneficial owner(s) or where no natural person exerts control through ownership interests, the identity of the natural persons (if any) exercising control of the legal person or arrangement through other means.\n- (c) Where no natural person is identified under (a) or (b) above, financial institutions should identify and take reasonable measures to verify the identity of the relevant natural person who holds the position of senior managing official.\n\n*Entity* means a legal person or a legal arrangement such as a trust.\n\n*Exempt Beneficial Owners* under the US IGA include Government entities, International Organisations, Central Bank, Broad Participation Retirement Funds, Narrow Participation Retirement Funds, Pension Funds of an Exempt Beneficial Owner, and Investment Entities wholly owned by Exempt Beneficial Owners. Please refer to the IGA for detailed definitions.\n\n*Financial Institution* means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company, where:\n\n- (a) *Custodial Institution* means any entity that holds, as a substantial portion of its business, financial assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity's gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the Entity's gross income during the shorter of: (i) the three-year period that ends on 31 December (or the final day of a noncalendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the entity has been in existence;\n- (b) *Depository Institution* means any entity that accepts deposits in the ordinary course of a banking or similar business;\n- (c) *Investment Entity* means any entity that conducts as a business (or is managed by an entity that conducts as a business) one or more of the following activities or operations for or on behalf of a customer: (1) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; (2) individual and collective portfolio management; or (3) otherwise investing, administering, or managing funds or money on behalf of other persons. The term Investment entity shall be interpreted in a manner consistent with similar language set forth in the definition of \"financial institution\" in the Financial Action Task Force Recommendations; and\n- (d) *Specified Insurance Company* means any entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.\n\n*NFFE* means any Non-U.S. Entity that is not a Financial Institution as defined in US FATCA.\n\n*Non-U.S. Entity* means an Entity that is not a U.S. Person.\n\n19 Measures (a) to (b) are not alternative options, but are cascading measures, with each to be used where the previous measure has been applied and has not identified a beneficial owner.\n\n20 A controlling ownership interest depends on the ownership structure of the company. It may be based on a threshold, e.g. any person owning more than a certain percentage of the company (e.g. 25%).\n\n*Passive Non-Financial Foreign Entity* means any NFFE that is not an Active Non-Financial Foreign Entity.\n\n*Related Entity* An entity is a *Related Entity* of another entity if either entity controls the other entity, or the two entities are under common control. For this purpose control includes direct or indirect ownership of more than 50 percent of the vote or value in an entity. Notwithstanding the foregoing, either Party may treat an entity as not a related entity if the two entities are not members of the same affiliated group, as defined in Section 1471(e)(2) of the Code.\n\n*Specified U.S. Person* means a U.S. Person other than:\n\n- (a) a corporation the stock of which is regularly traded on established securities markets;\n- (b) any corporation that is a member of the same expanded affiliated group;\n- (c) the United States or any wholly owned agency or instrumentality thereof;\n- (d) any State of the United States, any U.S. Territory, any political subdivision or wholly owned agency or instrumentality of any one or more of the foregoing;\n- (e) any organization exempt from taxation under section 501 (a) of the Internal Revenue Code (the \"Code\") or certain individual retirement plans defined in section 7701(a)(37) of the Code ;\n- (f) any bank as defined in section 581 of the Code;\n- (g) any real estate investment trust as defined in section 856 of the Code;\n- (h) any regulated investment company defined in section 851 of the Code or any entity registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940;\n- (i) any common trust fund as defined in section 584(a) of the Code;\n- (j) any trust that is exempt from tax under section 664(c) of the Code or that is described in 4947(a)(1) of the Code;\n- (k) a dealer in securities, commodities, or derivative financial instruments that is registered as such under the laws of the United States or any State;\n- (l) a broker as defined in section 6045(c) of the Code; or\n- (m) any tax-exempt trust under a plan that is described in section 403(b) or section 457(g) of the Code\n\n*Substantial U.S. Owner* (as defined in Regulations section 1.1473-1(b)) means generally:\n\n- (a) With respect to any foreign corporation, any Specified U.S. Person that owns, directly or indirectly, more than 10 percent of the stock of such corporation (by vote or value);\n- (b) With respect to any foreign partnership, any Specified U.S. Person that owns, directly or indirectly, more than 10 percent of the profits interests or capital interests in such partnership; and\n- (c) In the case of a trust–\n\t- i. Any Specified U.S. Person treated as an owner of any portion of the trust under sections 671 through 679 of the IRC; and\n\t- *ii.* Any Specified U.S. Person that holds, directly or indirectly, more than 10 percent of the beneficial interests of the trust.\n\n*U.S. Person* means a U.S. citizen or resident individual, a partnership or corporation organized in the United States or under the laws of the United States or any State thereof, a trust if (i) a court within the United States would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust, and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decedent that is a citizen or resident of the United States. Refer to the U.S. Internal Revenue Code for further interpretation.\n\n#### **EXHIBIT B**\n\n#### **CRS DEFINITIONS**\n\n*Account Holder* means the person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account. A person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account for purposes of the Common Reporting Standard, and such other person is treated as holding the account. In the case of a Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any person entitled to access the Cash Value or change the beneficiary of the contract. If no person can access the Cash Value or change the beneficiary, the Account Holder is any person named as the owner in the contract and any person with a vested entitlement to payment under the terms of the contract. Upon the maturity of a Cash Value Insurance Contract or an Annuity Contract, each person entitled to receive a payment under the contract is treated as an Account Holder.\n\n*Active Non-Financial Entity* means any NFE that meets any of the following criteria:\n\n- a) less than 50% of the NFE's gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50% of the assets held by the NFE during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;\n- b) the stock of the NFE is regularly traded on an established securities market or the NFE is a Related Entity of an Entity the stock of which is regularly traded on an established securities market;\n- c) the NFE is a Governmental Entity, an International Organisation, a Central Bank, or an Entity wholly owned by one or more of the foregoing;\n- d) substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an Entity does not qualify for this status if the Entity functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes;\n- e) the NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFE does not qualify for this exception after the date that is 24 months after the date of the initial organisation of the NFE;\n- f) the NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganising with the intent to continue or recommence operations in a business other than that of a Financial Institution;\n- g) the NFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution; or\n- h) the NFE meets all of the following requirements:\n\t- i) it is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare;\n\t- ii) it is exempt from income tax in its jurisdiction of residence;\n\t- iii) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets;\n\t- iv) the applicable laws of the NFE's jurisdiction of residence or the NFE's formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non- charitable Entity other than pursuant to the conduct of the NFE's charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFE has purchased; and\n\t- v) the applicable laws of the NFE's jurisdiction of residence or the NFE's formation documents require that, upon the NFE's liquidation or dissolution, all of its assets be distributed to a Governmental Entity or other non-profit organisation, or escheat to the government of the NFE's jurisdiction of residence or any political subdivision thereof.\n\n**Controlling Person** means the natural persons who exercise direct or indirect control over an entity.\n\nIn the case of a trust, such term means the settlor(s), the trustees(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. The term 'Controlling Persons' shall be interpreted in a manner consistent with the Financial Action Task Force Recommendations (\"FATF\").\n\nIdentify the beneficial owners of the customer and take reasonable measures to verify the identity of such persons, through the following information. For legal persons $^{21}$ :\n\n-\n-\n-\n\n**Financial Institution** means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company, where:\n\n-\n-\n- - -\n\t\t-\n\t-\n\t-\n\nAn entity is treated as primarily conducting as a business one or more of the activities described in limb (A), or an entity's gross income is primarily attributable to investing, reinvesting, or trading in Financial Assets for purposes of limb (B) if the entity's gross income attributable to the relevant activities equals or exceeds 50% of the entity's gross income during the shorter of: (i) the three-year period ending on 31 December of the year preceding the year in which the determination is made; or (ii) the period during which the entity has been in existence. The term \"Investment Entity\" does not include an entity that is an Active Non-Financial Foreign Entity because it meets any of the criteria in subparagraphs d) through (g) of the definition of Active NFE.\n\nThe preceding paragraph shall be interpreted in a manner consistent with similar language set forth in the definition of \"financial institution\" in the Financial Action Task Force Recommendations; and\n\n(d) *Specified Insurance Company* means any entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.\n\n*Non-Financial Entity* or *NFE* means any Entity that is not a Financial Institution.\n\n*Non-Participating Jurisdiction* means a jurisdiction that is not a Participating Jurisdiction.\n\n*Non-Reporting Financial Institution* means any Financial Institution that is:\n\n- (a) a Governmental Entity, International Organisation or Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution;\n- (b) a Broad Participation Retirement Fund; a Narrow Participation Retirement Fund; a Pension Fund of a Governmental Entity, International Organisation or Central Bank; or a Qualified Credit Card Issuer;\n- (c) any other Entity that presents a low risk of being used to evade tax, has substantially similar characteristics to any of the Entities described in subparagraphs B(1)(a) and (b), and is defined in domestic law as a Non-Reporting Financial Institution, provided that the status of such Entity as a Non-Reporting Financial Institution does not frustrate the purposes of the Common Reporting Standard;\n- (d) an Exempt Collective Investment Vehicle; or\n- (e) a trust to the extent that the trustee of the trust is a Reporting Financial Institution and reports all information required to be reported pursuant to Section I with respect to all Reportable Accounts of the trust.\n\n*Participating Jurisdiction* means a jurisdiction (i) with which an agreement is in place pursuant to which it will provide the information specified in Section I (of the CRS), and (ii) which is identified in a published list.\n\n*Participating Jurisdiction Financial Institution* means (i) any Financial Institution that is resident in a Participating Jurisdiction, but excludes any branch of that Financial Institution that is located outside such Participating Jurisdiction, and (ii) any branch of a Financial Institution that is not resident in a Participating Jurisdiction, if that branch is located in such Participating Jurisdiction.\n\n*Passive Non-Financial Entity* means any: (i) Non-Financial Entity that is not an Active Non-Financial Entity; or (ii) an Investment Entity described in limb B (or subparagraph A(6)(b) of the Standard) of the definition of Investment Entity that is not a Participating Jurisdiction Financial Institution.\n\n*Related Entity* means an entity related to another entity because (i) either entity controls the other entity; (ii) the two entities are under common control; or (iii) the two entities are Investment Entities described limb B of the definition of Investment Entity, are under common management, and such management fulfils the due diligence obligations of such Investment Entities. For this purpose control includes direct or indirect ownership of more than 50 % of the vote and value in an Entity.","body_zh":"证据 F\n发售备忘录\n关于 Himalaya Digital Assets Fund SP（喜马拉雅数字资产基金独立投资组合）之 A 类股份\n\nHamilton Opportunity Fund SPC（汉密尔顿机会基金独立投资组合公司）之独立投资组合\n\n开曼群岛独立投资组合公司，根据开曼群岛《共同基金法（修订版）》（Mutual Funds Act (Revised)）第 4(3) 条作为共同基金运营；开曼群岛独立投资组合公司，根据开曼群岛《共同基金法（修订版）》第 4(3) 条作为共同基金运营\n\n投资经理\n\nHamilton Investment Management Ltd（汉密尔顿投资管理有限公司）\n2021-02-26\n\n投资顾问\n\nIvy Capital Advisors Limited（常春藤资本顾问有限公司）\n通知\n\nHimalaya Digital Assets Fund SP 是基金 Hamilton Opportunity Fund SPC 的一个独立投资组合。本基金的每一类参与股份将专门参与本基金的其中一个独立投资组合，但本基金可就一个独立投资组合发行多个类别。根据本备忘录条款发售的 A 类股份是归属于 Himalaya Digital Assets Fund SP 的独立投资组合股份。\n\n本基金是一家作为共同基金运营的开曼群岛独立投资组合公司，并已根据开曼群岛《共同基金法（修订版）》（“《共同基金法》”）第 4(3) 条在 Cayman Islands Monetary Authority（开曼群岛金融管理局，“CIMA”）注册。\n\n本发售备忘录（本“备忘录”）系在保密基础上提供给每位认购人，仅用于评估对本基金 A 类股份的投资，并可作为对在本备忘录首页所列日期之前已向股东交付的本基金现有备忘录的更新或修订而提供给现有股东。\n\n接受本备忘录即表示每位备忘录接收人同意，本备忘录所载信息以及有关本基金和投资经理业务的任何及所有信息（包括但不限于本基金的业绩），均不得全部或部分复制或用于任何其他目的，亦不得提供给与认购人关于该项投资的决定没有直接关系或联系的任何其他人。\n\n如果您对本备忘录的内容有任何疑问，应咨询您的股票经纪人、银行经理、律师、会计师或其他专业顾问。A 类股份将不进行公开发售。本文件的分发以及在某些司法管辖区发售 A 类股份可能受到限制，因此，本基金要求获得本文件的任何此类人员应正式了解并遵守此类限制。本文件在任何未经授权进行此类要约的司法管辖区内，或对向其进行此类要约或招揽属于非法的任何人，均不构成要约或招揽。\n\nA 类股份系根据本备忘录所载的信息和陈述发售，任何人给出的任何其他信息或作出的任何陈述，均不得被信赖为已获得本基金及其董事的授权。无论是交付本文件，还是配发或发行 A 类股份，在任何情况下均不得暗示自本备忘录首页所载日期以来本基金的事务未发生变化。\n\n特此发售的 A 类股份尚未在任何国家或司法管辖区的任何监管机构备案或注册，亦未获得任何此类监管机构的批准或不予批准，任何此类监管机构也未对本次发售的优劣或本备忘录的准确性或充分性作出裁定或认可。任何相反的陈述均属违法。在作出投资决定时，认购人必须依靠自身对本基金和发售条款的审查，包括所涉及的优缺点和风险。\n\n本基金将符合《共同基金法》下“共同基金”的定义，因此将受到该法律的监管。本基金将被要求按规定格式提交注册登记详情，并将本备忘录（及其任何变更）向 CIMA 备案，并按年度向 CIMA 提交经审计的财务报表及其他规定报告并向其缴纳费用。\n\n由开曼群岛金融管理局注册的共同基金并不构成该局对任何投资者就该基金的业绩或信誉承担任何义务。\n此外，在对基金进行注册时，该局不对该基金的任何损失或违约承担责任，亦不对任何招股说明书或发售文件中表达的任何意见或陈述的正确性承担责任。\n\n根据该法律进行监管还有其他后果。向 CIMA 提交的文件和注册登记详情可在本基金的仪表板上查阅，亦可通过向行政管理人发送电子邮件索取此类文件。包括 CIMA 在内的任何开曼群岛机构均未审查或评论本备忘录的内容或投资 A 类股份的价值。\n\nA 类股份尚未根据任何美国证券法进行注册，除不违反美国证券法的交易外，不得直接或间接在美国境内、其任何领地或属地或受其管辖的区域内，或向美国人士或为其利益发售或出售。\n\n本备忘录载有本基金组织章程大纲及章程细则（统称“《章程》”）以及本备忘录提及的某些其他文件的摘要。但是，本备忘录所列信息并不旨在详尽列举。本备忘录受制于并完全受限于《章程》及任何其他此类文件，应通读其全文以获取有关本基金股东权利、特权和义务的完整信息。认购人认购 A 类股份所需的认购协议及其他文件的副本可在本基金的仪表板上获取，并可作为股东认购本基金 A 类股份的基础供查阅和使用。\n\n除另有明确说明外，本备忘录仅代表其发布之日的情况，交付本备忘录或通过本备忘录进行的任何销售，在任何情况下均不得暗示自备忘录首页所列日期以来，本基金的状况或地位或备忘录中所述的任何其他事项未发生变化。\n\n作为其防范洗钱、恐怖主义或防扩散融资责任的一部分，本基金（及代表其行事的任何人，包括行政管理人）保留索取为核实认购人或现有股东、认购人或现有股东的任何实益拥有人身份以及获取 A 类股份的任何付款来源所必需的信息的权利。如果认购人或现有股东延迟或未能提供用于核实潜在或现有股东身份所需的索取信息，本基金可拒绝接受任何此类认购人的认购，对于现有股东，可通过禁止追加投资和/或拒绝或暂停任何赎回请求、对该股东的投资启动强制赎回，或扣留任何赎回款项，直至向本基金或行政管理人提供所有必需的核实文件为止，从而冻结该股东的投资。\n\n名录\nHamilton Opportunity Fund SPC\n董事 Kin Ming JE（余建明）\n英国伦敦 Uxbridge 路 Ealing Aurora House 71-75 号，邮编 W5 5SL\nDavid Fallon\n英国伦敦 Uxbridge 路 Ealing Aurora House 71-75 号，邮编 W5 5SL\n注册办事处 McGrath Tonner Corporate Services Limited，开曼群岛大开曼 KY1-1106 邮箱 446 号，Genesis Close，Genesis 大厦 5 楼\n投资经理 Hamilton Investment Management Ltd\n英属维尔京群岛托尔托拉罗德城邮箱 116 号 Sea Meadow House 转交 AMS Trustees Limited\n投资经理负责人 KIN JE\n英国伦敦 Uxbridge 路 Ealing Aurora House 71-75 号，邮编 W5 5SL\nDavid Fallon\n英国伦敦 Uxbridge 路 Ealing Aurora House 71-75 号，邮编 W5 5SL\n投资顾问 Ivy Capital Advisors Limited\n英国英格兰伦敦 Montagu Row 3a 号，邮编 W1U 6DZ\n所有提及“投资经理”之处均包括投资顾问。\n行政管理人 NAV Fund Administration Group\nNAV Consulting NAV Cayman NAV Backoffice\n开曼群岛大开曼乔治敦 KY1-1202 南教堂街 103 号 Harbour Place 5 楼\n基金审计师 Moore Cayman\n开曼群岛 KY1-1204 邮箱 30900 号 Camana Bay 市场街 10 号 6 室\n开曼群岛法律顾问 McGrath Tonner，开曼群岛大开曼 KY1-1106 邮箱 446 号 Genesis Close，Genesis 大厦 5 楼\n\n定义\n\n本备忘录中使用的下述词语和词组定义如下：\n\n行政管理协议（Administration Agreement）：本基金与行政管理人之间的协议，概述于标题为「行政管理人」的章节中。\n\n行政管理人（Administrator）：NAV Fund Administration Group（NAV 基金行政管理集团），或不时被委任为本基金行政管理人的任何其他该等人士。\n\n组织章程（Articles）：根据相关上下文，指本基金的组织章程大纲及组织章程细则（可能不时予以修订）。\n\n审计师（Auditors）：Moore Cayman（摩尔开曼），或由 CIMA（开曼群岛金融管理局）批准并可能不时被委任为本基金审计师的任何其他该等声誉良好的个人或事务所。\n\n基础货币（Base Currency）：本基金的基础货币为 USD，本基金的财务报表将以 USD 呈列。\n\n董事会（Board）：根据组织章程委任的董事会。\n\n营业日（Business Day）：位于 London (United Kingdom)（英国伦敦）的银行获授权开门办理正常银行业务的日期。\n\n类别（Class）：董事根据组织章程指定的任何类别的参与股（包括该类别的任何子类别）。\n\nA 类股份（Class A Shares）：由董事指定为 A 类股份的参与股。\n\nS 类股份（Class S Share）：由董事在关于特别投资且符合本备忘录「侧袋」标题下所述情形时指定为 S 类股份的参与股，该等股份仅可由本基金选择进行赎回，且仅使持有人有权获得该等特别投资的变现收益（如有）。\n\n营业结束时间（Close of Business）：5:00PM（London (United Kingdom)（英国伦敦）时间）。\n\nCIMA：Cayman Islands Monetary Authority（开曼群岛金融管理局）。\n\n公司法（Companies Law）：Cayman Islands（开曼群岛）的《公司法（修订版）》。\n\n交易货币（Dealing Currency）：就任何类别而言，指董事在设立该类别时确定的货币，即计算该类别的每股认购价格、赎回价格及资产净值时所使用的货币。\n\nA 类股份的交易货币（Dealing Currency for Class A Shares）：USD\n\n董事（Directors）：根据上下文需要，指本基金董事会的成员，以及董事会任何正式设立的委员会，以及可能不时委任的该等成员或委员会的任何继任者。\n\n合格投资者（Eligible Investors）：投资者：\n• 属于老练投资者；\n• 不属于开曼群岛的公众人士；\n• 不属于非合资格人士；\n• 并非来自要约发售参与股未获授权的司法管辖区；\n• 向其发出要约并不属于违法的人士。\n该等「资格」不应损害董事会拒绝认购申请的权利。\n\n财政年度（Financial Year）：本基金的财政年度，于每年的 12 月 31 日结束。\n\n基金（Fund）：根据相关上下文，指 Hamilton Opportunity Fund SPC（汉密尔顿机遇基金独立投资组合公司，一家于 2020 年 1 月 28 日根据《公司法》第 XIV 条之规定在开曼群岛注册成立的有限责任且无限存续期的独立投资组合公司）或独立投资组合 Himalaya Digital Assets Fund SP（喜马拉雅数字资产基金独立投资组合）。\n\n限赎门槛（Gate）：如标题为「限赎门槛」的章节中所述，对股东赎回 A 类股份能力的限制。\n\n高水位线（High-Water Mark）：就任何 A 类股份而言，指以下两者中的较高者：发行该 A 类股份时相关类别的每股资产净值，以及在发行该 A 类股份期间的任何先前业绩期（如有）结束时已收取业绩费的相关类别的最高每股资产净值。\n\n首次要约期（Initial Offering Period）：由董事会确定的首次发售 A 类股份以供认购的期间，该期间将于本备忘录之日上午 9:00 开始，直至 2021 年 4 月 29 日下午 5:00 或董事会可能确定的较早或较晚的时间或日期止。\n\n首次认购价格（Initial Subscription Price）：每股 A 类股份 USD100.00。\n\n投资管理人（Investment Manager）：Hamilton Investment Management Ltd（汉密尔顿投资管理有限公司），地址：c/o AMS Trustees Limited, Sea Meadow House, PO Box 116, Road Town, Tortola, British Virgin Islands\n\n投资顾问（Investment Adviser）：Ivy Capital Advisors Limited（常青藤资本顾问有限公司）\n所有提及「投资管理人」之处均包括投资顾问。\n\n锁定期（Lock-Up Period）：就 A 类股份而言，指自该 A 类股份发行之日起 6 个日历月的期间。\n\n管理协议（Management Agreement）：本基金与投资管理人之间的协议，概述于标题为「投资管理人」的章节中。\n\n管理费（Management Fee）：就投资管理人向本基金提供的投资管理服务，本基金向投资管理人收取的管理费，列明于标题为「费用及开支」的章节中。\n\n管理股（Management Share）：本基金股本中面值为 USD1.00、具体被指定为管理股的无参与权、不可赎回且有表决权的股份。\n\n备忘录（Memorandum）：本发售备忘录，可能不时予以修订或补充。\n\n最低持股量（Minimum Holding）：合计资产净值不低于 USD100,000.00 的 A 类股份。\n\n最低首次投资额（Minimum Initial Investment）：USD100,000.00 或《共同基金法》当时规定的准投资者可购买的股份的其他最低合计价值。\n\n资产净值（Net Asset Value）：根据相关上下文及适用情况，按照标题为「资产净值」的章节确定的本基金或各类别之资产净值。\n\n每股资产净值（Net Asset Value per Share）：就任何类别的参与股而言，指相关类别的资产净值除以该类别已发行的参与股数量。\n\n非合资格人士（Non-Qualified Person）：\n• 违反任何国家或政府机构的法律或规定的人士；\n• 在认购协议中作出陈述而在作出时不真实或已不再真实的人士；或\n• 在董事会判定该人或该等人士继续持有参与股将对本基金或任何股东造成不利税务或其他后果的不当风险之情形下的人士（无论该情形直接或间接影响该人或该等人士，也无论单独发生还是与任何其他关联或非关联的人士共同发生，或董事会认为相关的任何其他情形）。\n\n参与股（Participating Share）：本基金股本中面值为 USD0.001 的有参与权、可赎回且无表决权的股份，根据本备忘录的条款供认购人认购；并根据相关上下文，泛指本基金股本中面值为 USD0.001 的有参与权且无表决权的股份。\n\n赎回日（Redemption Day）：在遵守组织章程规定的任何赎回限制的前提下，指每个日历季度的第一个营业日，或董事会在任何个别情况下或一般情况下可能确定的其他日期。\n\n赎回价格（Redemption Price）：在紧接相关赎回日之前的估值日估值点时的相关类别每股资产净值。\n\n赎回通知（Redemption Notice）：赎回 A 类股份的申请，其形式应符合董事会不时的规定。\n\n股东（Shareholder）：一股或多股参与股的持有人。\n\n认购人（Subscriber）：准投资者。\n\n认购协议（Subscription Agreement）：认购人认购任何类别参与股的申请，其形式应符合董事会不时的规定。\n\n独立投资组合（Segregated Portfolio）：指根据《公司法》第 XIV 条设立的本基金的独立投资组合，其资产和负债与本基金任何其他独立投资组合及本基金的任何普通资产保持隔离、分开并可单独识别。\n\n独立投资组合资产（Segregated Portfolio Assets）：指本基金在某一特定独立投资组合内持有或代表该特定独立投资组合持有的资产。\n\n认购日（Subscription Day）：每个日历月的第一个营业日，或董事会在任何个别情况下或一般情况下可能确定的其他日期。\n\n认购价格（Subscription Price）：在首次要约期结束后发行相关类别参与股所依据的每股参与股价格，按标题为「认购 A 类股份」的章节所载方式计算。\n\n合众国或美国（United States or US）：美利坚合众国及其领土和属地，包括各州及哥伦比亚特区。\n\n美国人士（US Person）：具有《1933 年美国证券法》S 规例（可能不时予以修订或修改）中所界定的含义。\n\nUS$ 或 USD：美国的法定货币。\n\nValuation Day（估值日） 就每个类别而言，紧接在每个赎回日和每个认购日之前的营业日，或董事会（Board）在任何特定情况下或普遍确定的其他此类日期。\n\nValuation Point（估值时点） 每个估值日在与本基金（Fund）相关的最后一个市场的营业结束之时，或董事会可能确定的任何其他此类时间。\n\n持有参与股份（Participating Shares）的任何人士：\n\n此外，须注意以下释义事项：\n\n- 提及任何法律是指该法律的最新修订版本，且提及任何法律、立法或法律条款包括任何法定修改、修订或重新制定，以及根据该立法或法律条款颁布的任何附属立法或规章；\n\n- 提及任何文件或协议是指经修订、更替、补充或替换的该文件或协议；以及\n\n- 提及“包括”（including）、“包含”（include）、“特别是”（in particular）或类似表述仅具说明性，并不意味着任何限制。\n\n某些定义术语出现在本备忘录（Memorandum）的正文中，但可能未出现在“定义”（Definitions）一节中。这是因为该等定义术语通常仅在其被定义的章节中使用。但是，凡任何该等定义术语在本备忘录的其他地方使用时，所给出的定义将继续适用。\n\n条款概要\n\n以下是本备忘录、《组织章程》（Articles）以及本备忘录所提及的任何其他文件中详述的某些信息的概要。其整体受制于本备忘录、《组织章程》及其他被引用的文件中出现的更详细信息。除另有特别说明外，本备忘录通篇提及的“基金”将包括基金董事会或获授权代表基金行事的任何代理人。\n\nHimalaya Digital Assets Fund SP（喜马拉雅数字资产基金独立投资组合）是基金 Hamilton Opportunity Fund SPC（汉密尔顿机会基金独立投资组合公司）的一个独立投资组合（Segregated Portfolio）。基金中的每一类参与股份将专门参与基金的其中一个独立投资组合，但基金可就一个独立投资组合发行多个类别的股份。根据本备忘录的条款发售的A类股份（Class A Shares）属于独立投资组合股份，并归属于 Himalaya Digital Assets Fund SP。\n\n基金\n\n基金可以创建一个或多个独立投资组合，以便将基金代表每个独立投资组合持有的资产和负债，与基金代表任何其他独立投资组合持有的资产和负债或基金的一般资产和负债进行隔离。\n\n基金成立时的法定股本为 USD50,000.00，包括 100.00 股每股票面价值为 USD1.00 的有表决权管理股份（Management Shares），以及 49,900,000.00 股每股票面价值为 USD0.001 的无表决权参与股份。《组织章程》规定参与股份可分不同类别发行。董事已指定根据本备忘录的条款向认购人发售A类股份。基金可在未通知现有股东或未获得现有股东同意的情况下，不时发行本备忘录未发售的额外类别、子类别或系列的参与股份。该等参与股份的发售条款可能与根据本备忘录发售的参与股份的条款不同，例如不同的管理费（Management Fees）、业绩费（Performance Fees）和赎回权。 投资目标、策略及政策 基金的目标是在长期内为投资者实现绝对回报，旨在实现与现行市场状况无关的一致回报，且该等回报独立于传统形式的证券投资且与之不相关。无法保证基金将实现其投资目标。欲了解更多信息，请参阅标题为“投资目标、策略及政策”的一节。 风险及特殊考量 购买A类股份属于投机性质，涉及高度风险。无法保证基金将盈利或实现其投资目标。对基金的投资仅适合能够承担损失其全部投资的经济风险、且对投资流动性需求有限的人士。基金的未来业绩可能会随着时间的推移而发生重大变化。过往业绩以及投资经理（Investment Manager）及其人员的经验并不能保证基金未来的成功。在投资A类股份之前，应咨询独立的投资、税务和法律顾问。欲了解更多信息，请参阅标题为“风险因素及考量”的一节。 认购 在首次发售期（Initial Offer Period）内，A类股份正以每股A类股份 USD100.00 的固定价格发售以供认购。首次发售期结束后，A类股份将在每个认购日（Subscription Day）以相关认购价（Subscription Price）供认购。\n\n每位认购人的最低首次认购额为 USD100,000.00。股东的最低后续认购额为 USD10,000.00。\n\n欲了解更多信息，请参阅标题为“A类股份的认购”的一节。\n\nA类股份可由股东选择在任何赎回日（Redemption Day）予以赎回，但A类股份不得由股东选择在锁定期（Lock-Up Period）内的任何赎回日予以赎回。\n\n希望赎回其A类股份的股东应填写赎回通知（Redemption Notice）。\n\n赎回 A类股份将以相关赎回价予以赎回，但须受本备忘录所述限制的约束，包括锁定期和赎回门槛限制（Gate）。\n\n如果投资者违反锁定期，将就A类股份收取 6% 的赎回费。\n\n欲了解更多信息，请参阅标题为“A类股份的赎回与转让”的一节。\n\n基金有权就A类股份向投资经理收取并支付相当于A类股份适用资产净值（Net Asset Value）1% 的年度管理费。\n\n基金亦有权就S类股份（Class S Shares）收取年度管理费，该费用应等于S类股份适用资产净值的 1%。该等费用将予计提，且仅在特殊投资（Special Investments）的变现收益中支付给投资经理。\n\n管理费 管理费在每个估值日（Valuation Day）计算，此前须扣除紧接该估值日之前的赎回日和认购日截至的任何赎回并加上任何认购。\n\n在相关估值日的资产净值最终确定后，管理费将于每月期后支付给投资经理。\n\n欲了解更多信息，请参阅标题为“费用与开支”的一节。基金将承担其自身的所有成本和开支，包括：\n\n开支\n\n运营费用 包括但不限于管理费、法律、监管与政府费用、审计与税务编制、会计与基金管理人费用、托管费、银行费、经纪与交易/事务相关费用、行政与信息技术费用、董事会议与差旅费用，以及由基金承担的运营投资管理人及其关联方的成本与费用。\n\n设立费用 为确保投资者的总费用率保持在尽可能低的水平，投资管理人应负责支付基金的设立费用。\n\n税务 股东就其持有的基金 A 类股份，无需缴纳任何开曼群岛（Cayman Islands）的所得税或利润税、预扣税、资本利得税、资本转让税、遗产税或继承税。\n\n股东和认购人应就其在任何适用司法管辖区购买、持有和处置 A 类股份所涉及的税务后果以及申报要求（如有），向其自身的税务顾问进行咨询。\n\n转让 股东有权在获得董事会同意的情况下，通过董事会可接受的书面文书转让其 A 类股份。除非董事会另有决定，若转让会导致转让人或拟受让 A 类股份的受让人持有的股份少于最低持股量，则股东无权转让 A 类股份。股东无权向任何无资格认购 A 类股份的人员转让 A 类股份。\n\n股息 预计不会以股息方式分配任何收益或利润。这并不妨碍董事会在其认为适当的情况下，于未来任何时间从基金的合法可分配储备中宣布派发股息。\n\n功能货币 基金以美元报告其业绩，并以美元办理 A 类股份的认购和赎回。用于财务报告目的的功能货币为美元。\n\n会计准则 国际财务报告准则（International Financial Reporting Standards）或 IFRS。\n\n报告 股东将在基金财政年度结束后合理时间内收到经审计的年度财务报表。每位股东还将收到月度报表，详细列明其持有的 A 类股份数量及该等 A 类股份的资产净值。\n\n基金可自行决定同意向特定股东提供与上述提供给股东的信息不同或额外的信息。\n\n本基金\n概述\n\nHimalaya Digital Assets Fund SP 为基金的一个独立投资组合（Segregated Portfolio）。基金的每一类参与股份将专门参与基金的某一个独立投资组合，但基金可就某一独立投资组合发行一个以上的股份类别。依据本备忘录（Memorandum）条款发售的 A 类股份为独立投资组合股份，归属于 Himalaya Digital Assets Fund SP。\n\n除 Himalaya Digital Assets Fund SP 及于本备忘录出具之日设立的任何其他独立投资组合外，董事会可在任何时候全权酌情决定设立更多的独立投资组合。每个独立投资组合的资产均根据本备忘录和相关补充文件（Supplement）中为该独立投资组合规定的投资目标、策略和指引单独进行投资。\n\n根据《公司法》（Companies Act）第 XIV 部分：\n\n- 独立投资组合公司可设立并发行一个或多个类别或系列的股份（包括与同一独立投资组合相关的不同类别或系列），其发行所得款项应计入发行该等独立投资组合股份所针对的独立投资组合资产中，并在该独立投资组合中核算。发行除独立投资组合股份以外的股份所得款项，应计入独立投资组合公司的一般资产；\n- 独立投资组合公司可就任何类别或系列的独立投资组合股份派发股息或其他分配，不论是否就任何其他类别或系列的独立投资组合股份或任何其他股份宣布派发股息。该等股息或其他分配仅能从发行该等独立投资组合股份所针对的独立投资组合中支付，并以其他符合该等股份权利的方式支付；\n- 独立投资组合公司的董事有责任建立并维持（或促成建立并维持）以下程序：(a) 将组合资产与一般资产隔离开来并保持隔离，使其可单独识别；(b) 将每个独立投资组合的组合资产与任何其他独立投资组合的独立投资组合资产隔离开来并保持隔离，使其可单独识别；以及 (c) 确保资产和负债不在各独立投资组合之间、或独立投资组合与一般资产之间进行转让，除非按全额价值转让；以及\n- 任何对独立投资组合具有约束力的交易或协议，如需由独立投资组合公司代表该独立投资组合签署，必须予以明确标明，且该签署必须指明是以该独立投资组合的名义、由其签署或为其利益签署。如违反本项要求，董事一经获悉该违规行为，必须立即：(a) 进行必要调查，以确定已签署的有关行为、事项、契约、协议、合同、盖印文书或其他文书或安排应归属于哪个正确的独立投资组合；(b) 作出正确的归属划分；以及 (c) 就该归属划分及当事方的权利，书面通知签署该行为、事项、契约、协议、合同、盖印文书或其他文书或安排的所有当事方，或可能受到该等归属划分不利影响的所有人员；任何收到该等通知（或本应收到该等通知）并对董事作出的归属划分持有异议的人员，在收到该款项下的书面通知后三十日内（适用于收到该通知的人员），可向法院提出呈请请求重新归属划分；法院在听取呈请并考虑当事方的意图以及法院认为相关的其他因素后，\n\n可命令将该行为、事项、契约、协议、合同、盖印文书或其他文书或安排视为归属于某一特定或多个独立投资组合，或归属于一般资产（如适用，按特定比例或特定基准），并可作出在该案件中公正合理的命令。\n\n基金注册办事处的位置载于名录（Directory）中。\n\n基金被构建为一家投资基金，旨在汇集参与股东的认购款项，以便根据本备忘录所列的投资目标和策略进行投资和资本增值。基金仅接受合格投资者（Eligible Investors）对 A 类股份的认购，且基金可在发售完成前的任何时间修改、撤回或取消依据本备忘录进行的任何发售，并可自行全权决定拒绝全部或部分认购。\n\n基金设立时的法定股本为 50,000.00 美元，由 100.00 股每股票面价值为 1.00 美元的有表决权管理股份，以及 49,900,000.00 股每股票面价值为 0.001 美元的无表决权参与股份组成。\n\n董事会已指定根据本备忘录的条款向认购人发售 A 类股份。\n\nA 类股份的购买不对公众开放，A 类股份将仅向合格投资者进行私募发售。\n\n股东大会可由董事会以及基金管理股份的持有人召集。所有股东大会均须至少提前五（5）个工作日发出通知。通知可通过专人送达、邮寄、传真或电子邮件方式发送，或者在接收人同意的情况下，通过在指定的安全网站上发布通知的方式发送。\n\n拟投资者应当注意，根据 Cayman Islands（开曼群岛）法律或 Articles（《公司章程》）的规定，均未赋予参与股东优先购买权。本基金可通过普通决议增加其股本、合并其股份、将其任何股份细分为金额较小的股份，或注销已授权但未发行的股份。在遵守开曼群岛法律规定及任何类别股份持有人的权利的前提下，本基金可通过特别决议减少其股本或任何资本赎回储备金或股份溢价账户。\n\n除非文义另有所指，本文所使用的“Class”（类别）、“Series”（系列）及“Shares”（股份）等词语均指董事会发行的所有类别、系列或股份。各类别及各系列内的股份享有平等的表决权、股息权、分配权及清算权。\n\n可设立不同类别的参与股份，以适应与一名或多名股东相关的不同权利、特权及条款（包括但不限于表决权、赎回权及不同的费用）。除本文及《公司章程》另有说明外，董事会应在发行时确定参与股份归属于特定类别。\n\n在不损害此前赋予现有参与股份持有人的权利的前提下，参与股份在发行时可附带董事会不时决定的优先权、递延权或其他特殊权利，或附带此类限制。现有参与股东的权利仅可在获得可能受该等变更影响的已发行参与股份不少于三分之二面值的股东书面同意后方可变更。本基金未发行的参与股份应由董事会处置，董事会可在遵守《公司章程》的前提下酌情发行该等股份。各类别参与股份在基础货币、收取的费用、赎回权、表决权以及最低初始认购金额和最低后续认购金额等方面可能有所不同，具体由董事会全权酌情不时决定。\n\n本基金（通过董事会或任何经正式授权的代理人行事）可就某一类别或子类别的参与股份与股东或认购人订立书面协议，约定不同于适用于同类别或同子类别其他参与股份持有人的发售条款，包括但不限于免除或减少就该等参与股份应支付的费用、不同的赎回条款，以及提供额外信息或报告；在该等情况下，董事会可向该股东发行同类别或同子类别的参与股份，或可决定向该股东发行单独的类别或子类别。\n\nClass A Shares（A 类股份）\n\nA 类股份为本基金股本中参与性、可赎回的无表决权股份。参与股东无权接收本基金股东大会的通知、出席大会并进行表决，但有权在为批准对 A 类股份所附权利或其发售条款产生重大不利影响的任何变更而召集的任何类别股东会议上进行表决。\n\n在本基金清算时，除 Management Share（管理股份）的实缴股本外，A 类股份有权获得本基金资产的全部金额。归属于每个类别的本基金剩余资产，应根据各持有人所持有的该等 A 类股份的 Net Asset Value（资产净值），在该类别 A 类股份的持有人之间进行分配。\n\nA 类股份不附带优先购买权。\n\nA 类股份以记名形式持有，且仅在董事会全权酌情决定时方予签发股票凭证。向每位认购人提供一份关于已投资金额及已购买 A 类股份数量的书面确认书。\n\nManagement Shares（管理股份）\n\n管理股份赋予其持有人接收本基金股东大会通知、出席大会并在会上表决的权利。管理股份不附带参与本基金任何利润分配的权利。\n\n在本基金清算时，管理股份的持有人仅有权收回其实缴股本。管理股份不可赎回。\n\n除“类别权利的变更”项下所述情况外，管理股份的持有人对与本基金相关的所有事项享有专属表决权（排除了参与股份持有人的表决权）。每位管理股份持有人就其所持有的每股管理股份享有一票表决权。\n\nDividend Policy（股息政策）\n\n目前预计不会以股息方式分配任何收益或利得。若董事会认为适当，这并不排除董事会未来任何时候从本基金依法可分配的储备金中宣布分红。\n\nThe Rights of the Shareholders（股东权利）\n\n参与股份的持有人在遵守《公司章程》规定的前提下，应享有以下权利：\n\n- 除涉及旨在变更类别权利的类别会议外，无权表决；\n- 有权获得董事会不时宣布的该等股息；\n- 在本基金清算或解散时（无论是自愿或非自愿，亦或是出于重组目的或其他目的），或在进行任何资本分配时，在遵守《公司章程》规定的前提下，有权按比例分享本基金的剩余资产；以及\n- 有权且须按照《公司章程》的规定，赎回、回购或转换该等参与股份。\n\n管理股份的持有人在遵守《公司章程》规定的前提下，应：\n\n- 就该等管理股份享有每股一票的表决权；\n- 就该等管理股份无权获得任何股息；\n- 在本基金清算或解散时（无论是自愿或非自愿，亦或是出于重组目的或其他目的），或在进行任何分配时，有权与参与股份持有人享有同等顺位（pari passu），获得等于该等管理股份实缴金额的款项，但无权获得任何其他或进一步的金额；以及\n- 该等管理股份不受赎回或回购的约束，无论是由本基金还是由持有人选择。\n\nModification of Class Rights（类别权利的变更）\n\n《公司章程》规定，若董事会认为该等变更不会对该类别或系列已发行股份持有人的股份权利产生重大不利影响，则已发行的任何类别或系列参与股份所附带的全部或任何类别权利可在未经该类别或系列已发行股份持有人同意的情况下予以变更或废除；否则，任何该等变更仅可在事先获得持有该等股份按面值计算不少于三分之二（2/3）的持有人的书面同意，或经由该等股份持有人单独会议上亲自或由代理人出席并投出的表决权中至少三分之二（2/3）多数通过的决议批准后，方可作出。为免疑义，董事会保留在任何该等变更即便可能不具有重大不利影响的情况下，仍向该等股份持有人获取同意的权利。每位参与股份认购人均须同意：适用的 Subscription Agreement（《认购协议》）中载明的发售条款以及参与股份所附带的权利，可根据《公司章程》的规定予以变更或废除。\n\n在认购文件中，每位股东将同意：如果该股东被要求对任何类别股份所附带特殊权利的任何拟议变更或废除表示同意，且已按照《公司章程》的通知规定向该股东发出关于该等拟议变更或废除的书面通知，若该股东在收到或视为收到该通知后二十（20）日内（或由董事会酌情决定的更短时间内）未以书面形式明确提出异议，则该股东应被视为已同意拟议的变更或废除。\n\nSegregated Portfolios（独立投资组合）\n\n董事会应根据 Companies Law（《公司法》）第 XIV 部分的规定，为一个或多个类别的股份设立单独的独立投资组合，并附有其自身独特的名称和标示，下列规定应适用于该组合：\n\n- 配发及发行每个类别股份所得的款项应在本基金账目中计入相关的独立投资组合，且归属于该组合的资产、利润、利得、收入以及负债、亏损和费用均应在本基金账目中计入该独立投资组合，满足任何该类别股份赎回或作为股息支付所需的资产，均应从相关的独立投资组合中结算；\n- 若随后发生可能影响先前向某一独立投资组合分配资产或负债的事件，董事会可对其认为适当的分配作出调整，以确保本基金的任何利得或亏损以及所有负债和费用均恰当且公平地归属于各独立投资组合；\n- 若任何资产衍生自另一项资产（无论是否为现金），该衍生资产应在本基金账目中计入与衍生来源资产相同的独立投资组合。在对资产进行每次重估时，价值的增加或减损均应计入相关的独立投资组合；\n- 每个独立投资组合的资产应与归属于其他独立投资组合的资产以及本基金的一般资产分开保管并可单独识别；以及\n- 若本基金产生的任何成本、费用或任何负债明确归属于某一特定独立投资组合，则该等成本、费用或负债应仅由该独立投资组合承担；若未明确归属于某一特定独立投资组合，则该等成本、费用或负债应在咨询 Administrator（行政管理人）后由董事会酌情决定在各独立投资组合之间按公平原则分摊。\n\nRecords（记录）\n\n本基金应代表每个独立投资组合，在其账目中为该独立投资组合建立单独的记录，并为涉及该独立投资组合的股份类别附上其独特的标示。\n\nSide Pockets（侧袋）\n\nSpecial Investments and Class S Shares（特别投资与 S 类股份）\n\nInvestment Manager（投资经理）可全权且绝对酌情将某些不具有易于确定价值或不可自由转让的投资指定为“特别投资”。如果投资经理将某项现有投资指定为特别投资，则当时的投资者其持有的部分 A 类股份将自动按比例（pro rata）转换为 S 类股份，该 S 类股份不可由持有人选择赎回。每项特别投资将由一个系列的 S 类股份代表。\n\n任何在侧袋存续期间赎回其 A 类股份的投资者，将继续持有其 S 类股份，直至相关特别投资实现变现。一旦该特定特别投资发生流动性事件（通常为出售或其变得具有流动性）：(a) 若 S 类股份的持有人仍持有 A 类股份，则净收益将用于按当时每股资产净值认购额外的 A 类股份，或 (b) 若持有人不再持有 A 类股份，则净收益将支付给该持有人。\n\n设置此类侧袋账户的目的和效果是将流动性较差或难以估值的资产与本基金投资组合的其余流动部分隔离开来，其意图是在本基金投资组合中有相当大比例缺乏流动性的情况下，当基金收到巨额赎回请求时，允许投资经理管理现金流出。\n\n通常情况下，在 S 类股份转换回 A 类股份之前，不会就 S 类股份支付任何业绩报酬。\n\n管理层清盘\n\n董事会可认定，由于市场状况或其他情况的变化，进行以下事项符合本基金的最佳利益：\n\n- 本基金在其可能决定的期限内开始有序清结其投资业务，以变现其资产并将剩余资金返还给股东；\n- 此类清盘由董事会和/或董事会任命的委员会和/或任何其他熟悉本基金全部或部分投资组合的第三方投资顾问进行。如果董事会决定实施清盘计划，他们可全权酌情采取或促成采取其认为必要或适当的措施，包括但不限于：\n\t- o 宣布暂停（该暂停可能是永久性的）股东要求赎回其参与股份的权利；\n\t- o 暂停支付与赎回参与股份相关的应付给股东的任何款项；\n\t- o 指示由董事会任命、负责实施清盘计划的委员会或其他第三方投资顾问出售或以其他方式处置本基金的资产，并就此确定任何此类出售或其他处置的时间、方式和条款，\n\n充分考虑本基金的流动性需求、相关市场的活跃度与状况以及总体金融和经济状况；\n\n- o 强制赎回或要求转让参与股份；\n- o 清算并了结本基金的业务和事务。\n\n其他权利与义务\n\n所有股东均有权享有 Articles（《组织章程细则》）之规定的利益，受其约束，并被视为已知悉该等规定。《组织章程细则》的拟定条款宽泛且具灵活性，以赋予董事会：\n\n- 发行条款与本 Memorandum（《招募备忘录》）所要约和描述之股份不同的其他类别参与股份的能力（包括以不同货币发售股份）；\n- 全权酌情决定若干事项的权力，包括一般性或在任何特定情况下赎回应给出的通知期限，以及是否收取申购或赎回费用。在批准本《招募备忘录》时，董事会已行使了《组织章程细则》中授予的若干此类酌处权。\n\n根据《组织章程细则》的条款和 Cayman Islands（开曼群岛）法律，股东的责任仅限于其参与股份的任何未付金额。由于参与股份只有在全额付清后才能发行，因此股东不对本基金的任何债务、义务或违约承担责任。\n\n本基金的监管\n\n本基金是一家 Cayman Islands Segregated Portfolio Company（开曼群岛独立投资组合公司），根据 Mutual Funds Law（《共同基金法》）第 4(3) 条作为共同基金运营。\n\n特此发售的 A 类股份尚未在任何国家或司法管辖区的任何监管机构备案或登记，亦未获得任何监管机构的批准或否决，任何此类监管机构亦未对本次发售的优劣或本《招募备忘录》的准确性或充分性作出裁定或认可。任何相反的陈述均属违法。在作出投资决定时，认购人必须依靠自己对本基金以及包括所涉及的优劣和风险在内的发售条款的审查。\n\n本基金将符合开曼群岛《共同基金法》下“共同基金”的定义，并将因此受该法律的监管。本基金将被要求以规定格式向 CIMA（开曼群岛金融管理局，Cayman Islands Monetary Authority）提交登记详情，并向其备案本《招募备忘录》（及其任何变更），并每年向 CIMA 提交经审计的财务报表和其他规定报告并缴纳费用。\n\n依据该法律进行监管还会产生其他后果。已备案的文件和登记详情可在本基金的仪表盘（Dashboard）上查阅或检视，也可以通过向管理人发送请求此类文件的电子邮件来索取。包括 CIMA 在内的任何开曼群岛机构均未对本《招募备忘录》的内容或投资 A 类股份的优劣进行审查或发表意见。\n\n投资目标、策略与限制\n\n投资目标\n\n本基金的目标是在长期时间段内为投资者实现绝对回报，旨在不论当前市场状况如何均实现持续的回报，且此类回报独立于传统形式的证券投资且与之不相关。无法保证本基金将实现其投资目标。\n\n投资策略\n\nHamilton Investment Management Limited（Hamilton投资管理有限公司，以下简称“Hamilton”）是一家专注于技术、以价值为导向的投资管理公司，服务于投资广泛资产类别的世界知名机构投资者。Hamilton 采用多策略投资方法，以产生最佳的风险回报特征，同时确保捕捉不同投资产品和地域市场中最具吸引力的投资机会。Hamilton Opportunity Fund SPC（Hamilton机会基金独立投资组合公司）是一家专门从事数字资产类别的基金。Hamilton 多策略基金采用全套以 Alpha 为导向的加密货币交易策略，并将其应用于各种加密货币。该基金的目的是利用现代投资组合理论、主动风险管理和量化算法交易策略来优化风险和回报。基金算法交易策略示例包括（套利、宏观、基差、期权交易、高级做市和场外交易 OTC）。Hamilton 提供涵盖您加密投资全生命周期的完整资产管理解决方案。它包含一个完全开发的：订单执行管理系统（OEMS）、投资组合管理系统（PMS）、风险管理系统（RMS）、高级复杂交易算法套件（ALGO）、实时与历史盈亏及敞口跟踪系统（报告/合规）。Hamilton 提供通往所有主流加密货币交易所的单一接口。\n\n投资政策与风险管理政策\n\n我们对加密资产的基本面和经济价值有着深刻的理解；我们能够准确把握加密资产的估值和价格走势。进入加密领域的新代币/项目层出不穷。我们在选择投资的新项目时具有高度的选择性。通过高度选择性并利用我们广泛的网络，我们持续产生可观的回报。现代投资组合理论关注资产的回报率、波动率和相关性，并试图将每种资产的不同组合放在一起，以减轻整体投资组合的风险。可以构建投资组合的“有效边界”，在此边界上每单位风险的回报得到优化。加密资产类别与其他资产类别不相关，因此可以提供分散化的益处。正因为如此，我们认为如果在投资组合中加入加密资产，有效边界就会向上移动。我们设计了该基金的投资策略以捕捉这些令人兴奋的新投资机会。我们的规模和网络使我们能够在战略投资者轮次中获得各种加密代币的分配配额，而这些轮次不对散户投资者开放。我们只进行具有高度确信度的主动型交易，仓位规模是关键，我们使用我们先进的算法交易策略套件进行机会性交易并产生回报，我们每月主动对我们的风险投资组合进行再平衡。\n\n基金投资策略的发展与风险\n\n投资策略的发展是一个持续的过程，因此所采用的投资策略和方法可能会不时修改。投资方法属保密信息，本《招募备忘录》中对它们的描述并非详尽无遗。所使用的投资策略可能与董事会成员就其可能不时管理的其他账户所使用的策略不同。投资决策需要投资经理进行专业判断。投资经理有时可能会决定不进行某些投资，从而放弃参与本可产生利润或避免损失的价格变动。股东无法确信投资经理所采用的策略或方法将为本基金带来盈利性投资。本基金的投资计划伴随重大风险，无法保证其投资目标一定能够实现。\n\n投资策略与限制的变更\n\n上述概括的投资目标、投资策略、投资限制和额度代表了董事会当前的意向。在遵守任何适用法律或法规的前提下，董事会可通过提前不少于 3 个月向股东发出拟议变更的书面通知，对投资目标、投资策略、投资限制和杠杆限制进行变更。\n\n基金的管理与服务提供商\n\n董事会\n\n本基金设有董事会，每位董事均根据开曼群岛法律和《组织章程细则》履职。董事会的主要职能是管理和监督本基金的事务，包括管理本基金的投资组合、制定投资策略和政策，并代表本基金作出所有投资决策。董事会已根据《组织章程细则》下的转授权力将本基金的行政管理工作委托给管理人（见下文“管理人”）。董事会将在其定期会议上审查本基金的业绩和运营情况。\n\n截至本《招募备忘录》发布之日，本基金的董事如下。\n\nKin Ming JE（余建明）\n\nKin JE（余建明）从事基金经理和投资银行家工作近 30 年，目前管理着一家资产管理规模（Asset Under Management）达 120 亿美元（USD12 billion）的全球投资基金。在此之前，余先生在 Macquarie Banking Group（麦格理银行集团）担任大中华区股权资本市场主席长达 10 年，负责管理其大中华区资本市场和自有资金投资活动。在加入麦格理之前，余先生曾担任多家投资银行的高级管理人员，包括担任 China Merchant Securities (Hong Kong) Limited（招商证券（香港）有限公司）的董事总经理兼合资合伙人、Credit Agricole Indosuez（东方汇理银行）的执行董事兼中国区主管（及其证券部门 Indosuez W.I. Carr Securities（汇嘉证券）的董事会成员）、Dresdner Kleinwort Wasserstein（德累斯顿佳禾投资银行）的董事以及 NatWest Markets（国民西敏寺市场）的副总裁。\n\n余先生已成功完成 70 多笔全球首次公开发行（IPO）、并购（M&A）及自有资金投资交易，金额达 400 亿美元（US$40 billion）。余先生被《International Who's Who》（《国际名人录》）公认为全球领先的投资银行专业人士，并因其对中美关系的贡献被授予美国 Washington State（华盛顿州）荣誉公民称号。余先生是 Hong Kong International Blockchain and Financial Association（香港国际区块链与金融协会）的副会长，该协会是一家致力于推广区块链技术和倡导加密市场监管的非政府组织（NGO）。\n\nJe（余建明）先生毕业于 Manchester Business School（曼彻斯特商学院）及 University of Wales (U.K.)（英国威尔士大学），获工商管理硕士学位。Je 先生是 Association of Chartered Certified Accountants (U.K.)（英国特许公认会计师公会）资深会员以及 Hong Kong Institute of Certified Accountants（香港会计师公会）资深会员。他亦是 Certified Financial Consultant (U.S.)（美国注册财务顾问）会员。\n\nDavid Fallon\n\nDavid 是 Hamilton Investment Management Ltd（汉密尔顿投资管理有限公司）的投资组合经理。此前，他曾任 TradeLink Holdings LLC（TradeLink 控股有限责任公司）的投资组合经理，该公司是一家由 Walt Weissman（沃尔特·韦斯曼）于 1979 年创立的多元化另类投资及自营交易公司。在 TradeLink 任职之前，David 曾任 Vanguard Asset Management（先锋资产管理公司）的投资组合经理以及 Mizuho Bank London（瑞穗银行伦敦分行）多元化交易部的投资组合经理。\n\n在 2010 年加入投资银行业及瑞穗银行之前，David 在 University College Dublin（都柏林大学学院）学习应用数学与金融。他持有都柏林大学学院的量化金融学硕士学位，论文题目为《遗传编程自我演化交易系统》（A Genetic Programming Self Evolving Trading System），以及都柏林大学学院的数学与计算机科学荣誉理学士学位。神经网络与自然计算是他浓厚的研究兴趣所在。自然计算（用于金融建模的仿生算法）为计算方法的未来发展提供了大量机遇。神经网络、演化计算（尤其是遗传算法和语法演化）、粒子群等各种仿生方法学，都为金融领域计算方法的未来发展展现了无限可能。在整个交易生涯中，David 已将其中部分技术应用于开发自营交易寻找工具。\n\n基金董事的监管\n\n根据 Cayman Islands（开曼群岛）《2014 年董事登记及许可法》（Directors Registration and Licensing Law, 2014），基金的每位董事均已在 CIMA（开曼群岛金融管理局）登记并受其监管。\n\n与董事有关的利益冲突\n\n根据基金章程：\n\n- 任何董事，或任何董事的事务所、合伙人或与任何董事有关联的任何公司，均可以双方约定的条款（包括薪酬条款）以任何身份为本公司行事、受雇于本公司或向本公司提供服务，但董事或董事的事务所、合伙人或公司不得担任本公司的审计师。\n- 对与本公司的合同或拟议合同直接或间接享有利益的董事（以下简称“利害关系董事”）应申报该等利益的性质。\n- 遵守了前述条款要求的利害关系董事可以：\n\t- o 就该等合同或拟议合同进行表决；及/或\n\t- o 计入对该合同或拟议合同进行表决的会议的法定人数，\n\n且任何该等合同或拟议合同均不得仅因利害关系董事对其进行了表决或被计入相关会议的法定人数而无效或可撤销，利害关系董事亦无须就因此实现的任何利润向本公司负责。\n\n董事的赔偿与免责\n\n根据基金章程：\n\n- 就基金的任何事务行事的董事（包括董事会向任何委员会任命的任何人）及其继承人、遗嘱执行人、遗产管理人和个人代表（每位统称“受赔偿方”）均由基金财产予以赔偿并使其免受损害，免于承担因他们在执行其职责中或就执行其职责所作出的、同意的或遗漏的任何行为而导致或可能导致其产生或遭受的一切诉讼、费用、支出、损失、损害赔偿和开支，前提是该等赔偿不适用于可能归责于任何受赔偿方的、与基金有关的任何欺诈或不诚实行为。\n- 基金可为基金任何董事的利益购买并维持保险，承保其以董事身份招致的任何责任，或就董事在涉及基金或其任何子公司时因任何疏忽、违约、失职或违反信托依任何法律规则可能归责于该董事的任何损失或产生的责任向该董事提供赔偿。\n\n投资管理人\n\nHamilton Investment Management Ltd（汉密尔顿投资管理有限公司）已获委任，根据基金与投资管理人之间的协议（即《投资管理协议》（Investment Management Agreement））提供有关基金的资产管理服务。投资管理人的董事为 David Fallon 和 Kin Ming Je（余建明）。\n\nHamilton Investment Management Limited（以下简称“Hamilton”）是一家以技术为重点、以价值为导向的投资管理公司，服务于投资广泛资产类别的全球知名机构投资者。Hamilton 采用多策略投资方法，以产生最佳的风险回报特征，同时确保在不同投资产品和地域市场中捕捉到最引人注目的投资机会。Hamilton Investment Management Ltd 是一家 BVI（英属维尔京群岛）核准管理人，受 FSC（金融服务委员会）监管，公司编号为 2053164。\n\n根据《投资管理协议》，投资管理人应按照本发售备忘录（经不时修订及/或补充）中所述的基金投资目标和策略，投资及再投资本基金的资产。此外，基金已同意就投资管理人提供的投资管理人服务，向投资管理人支付“费用与开支”一节中所述的管理费。\n\n《投资管理协议》为无固定期限。任何一方均可通过向另一方发出九十（90）天的书面通知予以终止。在特定情况下，该协议可立即终止。\n\n《投资管理协议》规定，投资管理人可将其在《投资管理协议》下的部分或全部权利和职责转让或委托给一名或多名具有适当资质的投资组合顾问。\n\n投资管理人应有权从交易对手方收取报酬。\n\n《投资管理协议》包含广泛的赔偿条款，要求基金在法律允许的最大范围内，赔偿投资管理人、投资管理人的任何关联方，以及投资管理人或任何该等关联方的任何成员、合伙人、股东、经理、董事、高级管理人员、雇员或代理人（每位统称“受补偿人”），并使其免受任何及所有损失、索赔、损害赔偿、责任、开支（包括合理的律师费和开支）、判决书、罚金、和解支付金额以及该受补偿人因与直接或间接涉及该受补偿人在基金设立、业务或运营方面的作为或不作为（或被指控的作为或不作为）的任何及所有索赔、要求、民事、刑事、行政或调查性的诉讼、起诉或程序（包括仲裁和调解程序，以及由基金提起或以基金权利提起的诉讼），且该受补偿人作为当事人、证人或其他身份可能卷入或面临被卷入威胁（无论该等程序最终是否进入判决、达成和解或以其他方式告终）而实际且合理支付或产生的所有其他金额（统称“损失”），除非最终裁决认定受补偿人的作为或不作为对导致该等损失的事项具有实质性，并且是该受补偿人出于欺诈、恶意、严重疏忽（Gross Negligence）或故意不当行为所为。\n\n投资管理人的其他活动\n\n投资管理人无需将管理本基金作为其唯一且排他的职能。尽管投资管理人打算向基金投入其认为实现基金目的所必需的时间，但投资管理人及其主要负责人和关联方可从事其他商业活动。\n\n除管理基金的投资外，投资管理人及其主要负责人和关联方可向其他人提供投资管理服务，并可管理其他账户及/或设立其他私募投资基金（包括境内和离岸），该等基金采用的投资策略可能与基金相似，也可能不同。在符合适用的法律、税务或监管考量的前提下，该等其他账户或实体可与基金并排对所有投资组合项目进行共同投资。\n\n投资顾问\n\n投资管理人已委任 Ivy Capital Advisors Limited（常春藤资本顾问有限公司），根据基金、投资管理人与投资顾问之间的协议（即《投资副顾问协议》（Investment Sub-Advisor Agreement））提供有关基金的投资顾问服务。\n\n投资顾问关于基金的关键人员为：\n\nJustin Hong\n\n财务与投资顾问\n教育背景与资格\n\nJustin 获得 University of Manchester（曼彻斯特大学）商业管理与经济学学士学位，随后在 University of Cambridge（剑桥大学）完成金融学硕士学位。凭借在投资银行业的专业经验并顺利通过严格的考试，他是历史悠久的 Chartered Financial Analyst Institute (CFA)（特许金融分析师协会）的正式合格会员。\n职业发展\n\n他曾任职于多家世界顶尖的一流投资银行，例如 Goldman Sachs（高盛）、UBS（瑞银）和 Morgan Stanley（摩根士丹利）。起初，他深度参与机构投资者与投资银行之间的股票产品交易关系，建立复杂的佣金结构以促进交易和研究支出，并管理与投资者及销售交易台的关系。后来，他探索了更具技术性的领域，成为主经纪商业务中杠杆融资领域的专家，为主冲基金提供抵押贷款。他的核心优势在于对跨多个资产类别的金融工具具有全面的理解、对投资组合和策略的估值及风险回报分析，以及在与伦敦和纽约一些最顶尖的投资基金经理打交道过程中积累的关系管理技能。\n专长领域\n\n以下方面的学术和专业知识与理解：\n\n金融工具和产品的特征，\n\n投资风险与投资组合策略，\n\n资本市场与参与者，包括卖方（投资银行）和买方（机构投资者与基金经理），\n\n与业内顶级国际参与者打交道的关系管理技能\n\n凡提及“投资管理人”之处均包括投资顾问。\n\n行政管理人\n\nNAV Consulting, Inc.（NAV 咨询公司）已根据与基金订立的服务协议（即《NAV 计算协议》（NAV Calculation Agreement））被聘为基金的资产净值计算代理人（以下简称“NAV 计算代理人”）。NAV 计算代理人负责（其中包括）计算基金的资产净值，并履行《NAV 计算协议》中所述的若干其他会计、后台、数据处理及相关专业服务。\n\nNAV Fund Services (Cayman) Ltd.（NAV基金服务（开曼）有限公司）（以下简称「行政管理人」）根据与本基金签订的服务协议（以下简称「行政管理协议」，该行政管理协议与净值计算协议统称为「NAV协议」）担任本基金的行政管理人。行政管理人负责的事项除其他外包括：(i) 维护本基金的股东名册，并处理本基金股份的发行与转让；(ii) 向股东分发财务信息；(iii) 处理股份赎回申请；(iv) 保存本基金的账簿和记录；以及 (v) 履行行政管理协议中所述与本基金行政管理有关的其他服务。\n\nNAV协议规定，净值计算代理人及行政管理人（统称为「NAV」）在不存在NAV故意不当行为、重大过失或欺诈裁定的情况下，不对本基金、任何股东或任何其他人承担责任。此外，本基金应赔偿净值计算代理人、行政管理人、其关联方及其各自的高级职员、董事、股东、员工、代理人和代表（统称为「NAV当事方」），使其免受因根据NAV协议向本基金提供服务而引起的、与之相关的或与之有关的任何责任、损害赔偿、主张、损失、成本或费用，包括但不限于合理的律师费和费用（单称「损失」，统称「各项损失」），除非任何此类损失是由于NAV的故意不当行为、重大过失或欺诈直接造成的。在任何情况下，对于寻求追讨超过发生任何损失前一年内本基金向NAV支付费用的指称损害赔偿或损失的本基金、任何股东或任何其他个人或实体，NAV均不承担任何责任；无论诉讼形式或求偿理论为何，即使NAV已被告知发生此类损害赔偿的可能性或此类损害赔偿是可以预见的，NAV亦不对任何间接的、附带的、后果性的、间接附带的、惩戒性的或惩罚性的损害赔偿（包括利润、收入或数据损失）承担责任。与NAV协议有关的针对NAV提起的任何权利主张均将被禁止，除非该主张在该主张标的事件被披露之日，或提出该主张的一方知悉或经正当调查本应知悉该事件之日（以较早者为准）起一年内提起。\n\n如果不存在NAV在指定代理人、承包商、顾问或其他第三方方面存在重大过失或欺诈的裁定，NAV对履行NAV协议项下任何部分服务的任何代理人、承包商、顾问或其他第三方的作为或不作为，不对本基金、任何股东或任何其他人承担责任。\n\nNAV对依赖本基金的指示或法律顾问的意见而作出的作为或不作为，不对本基金、任何股东或任何其他人承担责任。\n\nNAV提供的服务纯属行政管理性质。除NAV协议中明确列出的服务外，NAV不承担任何责任或义务。NAV不接受也不得对NAV主张任何假定或默示的法律或信义义务或服务。NAV不提供税务、法律或投资建议。除NAV协议附件A中规定的以外，NAV没有与股东沟通的义务。NAV不托管本基金的资产，不核实本基金基础投资（包括对相关或关联实体或通过相关或关联实体进行的投资）的存在性，亦不对其进行任何尽职调查。在款项处理职能方面，除与投资者从本基金提款相关的付款（属于服务中反洗钱审查职能的管辖范围）外，NAV不负责对收款人进行尽职调查。\n\nNAV协议还规定，审查、监督或以其他方式确保本基金遵守适用于其的投资政策、限制或指引，或本基金发售文件的任何其他条款或条件（包括但不限于其估值政策或本基金载明的投资策略），以及遵守适用于其活动的法律法规，是本基金管理层的义务，而非NAV的义务。本基金管理层对本基金管理的责任（包括但不限于对本基金资产和负债的估值，包括制定和维持估值政策以及对本基金资产进行公允估值、监督NAV提供的服务以及审查NAV交付的工作成果）不受NAV提供的任何服务的影响或限制。\n\nNAV协议规定，NAV有权依赖NAV从本基金、本基金管理层或其他方（包括但不限于经纪交易商和数据供应商）处收到的任何信息（包括估值信息），而无需进行独立核实、审计、审查、调查或进行其他尽职调查，且NAV对因NAV依赖不正确信息而遭受的损失，不对本基金、任何股东或任何其他人承担责任。NAV没有责任对估值信息进行审查、独立估值、核实、与其他定价来源进行比对或以其他方式进行尽职调查。NAV可将此类信息视为准确和完整予以接受，而无需独立核实。此外，对于因从本基金或从任何定价或估值服务机构或数据服务提供商处收到的任何估值信息存在错误或不准确，或因NAV使用的任何定价或估值服务机构或数据服务提供商发生延误、服务中断或未能履行而导致的任何损失，NAV均不对本基金、任何股东或任何其他人承担责任。\n\n投资者账户对账单及NAV编制的其他报告中的信息不得被视为出售要约或购买任何股份的要约邀请，亦不得用于诱导或建议购买或持有股份。\n\nNAV协议禁止非合同当事方向NAV主张第三方受益人权利。\n\n本基金自本基金资产中向NAV支付费用，通常根据本基金的规模，按照NAV提供类似服务的标准收费表支付，并设有每月最低限额。\n\n任何一方均可提前 60 天发出书面通知终止NAV协议，亦可在发生特定事件时终止。\n\n股东可通过联系本基金查阅NAV协议；但前提是，NAV保留不对外披露其项下应付费用的权利。\n\nNAV不负责编制本机密备忘录或本基金的活动，因此对本机密备忘录任何其他部分所包含的任何信息不承担任何责任。\n\n在适用数据保护法的含义范围内，NAV作为本基金个人数据的处理者。NAV聘请其关联方 Back Office IT Solutions, Pvt. Ltd.（后勤IT解决方案私人有限公司）履行部分服务，其中可能包括处理本基金的个人数据。由于 NAV Consulting, Inc.（NAV咨询公司）位于美国，Back Office IT Solutions Pvt. Ltd. 位于印度，因此本基金的个人数据将被导出至美国和印度并在两地进行处理。有关NAV如何收集、处理、使用和保障本基金个人数据安全的更多信息，请参阅NAV的隐私声明，网址为：http\n\n审计师\n\n本基金已任命 Moore Cayman（开曼摩尔会计师事务所）担任本基金审计师。本基金可不时更换其审计师，并将就任何此类变更向股东发出合理及时的书面通知。\n\n开曼群岛法律顾问\n\nMcGrath Tonner, Cayman Islands（开曼群岛麦格拉斯·汤纳律师事务所，简称「McGrath Tonner」）担任本基金的开曼群岛法律顾问。关于A类股份的发售以及随后向本基金提供的咨询，McGrath Tonner将不代表股东，且未聘请独立的法律顾问代表股东。McGrath Tonner对本基金的代理仅限于本基金向其咨询的具体事项。可能存在其他可能对本基金产生影响但未向McGrath Tonner进行咨询的事项。此外，McGrath Tonner不承诺监督本基金及其关联方对本备忘录中规定的投资计划、估值程序和其他指引的遵守情况，McGrath Tonner亦不监督对适用法律的持续遵守情况。关于本备忘录的编制，McGrath Tonner的责任仅限于开曼群岛法律事项，对于本备忘录中提及或披露的任何其他事项不承担责任。在向本基金提供咨询时，有时股东的利益可能与本基金的利益不一致。McGrath Tonner在解决这些问题时不代表股东的利益。在审阅本备忘录时，McGrath Tonner依赖本基金向其提供的信息，并未对本备忘录所载有关本基金的信息的准确性和完整性进行调查或核实。\n\n反洗钱主管\n\n董事会已根据截至本备忘录出具之日在开曼群岛生效的相关且适用的《反洗钱条例》，任命了一名反洗钱合规主管、一名洗钱报告主管和一名副洗钱报告主管。\n\n服务提供商的变更\n\n董事会可随时变更上述任何服务提供商，与其中任何一家商定不同的合同条款，和/或任命额外或替代的服务提供商，在每种情况下均无需事先通知股东或征得股东同意。\n\n费用与开支\n\n管理费\n\n投资管理人有权就A类股份从本基金收取年度管理费，该费用应等于A类股份适用资产净值的 1%。管理费将按照董事会可能决定的比例分配并支付给各位董事。\n\n本基金亦有权就S类股份收取年度管理费，该费用应等于S类股份适用资产净值的 1%。此类费用将予以计提，且仅在有特定投资的出售收益时，自该出售收益中支付给投资管理人。\n\n管理费在每个估值日计算，计算时须扣除截至紧接该估值日之前的赎回日的任何赎回，并计入截至紧接该估值日之前的申购日的任何申购。\n\n管理费将在相关估值日的资产净值最终确定后，在每个日历月结束后在合理可行的情况下尽快支付给投资管理人。\n\n申购费\n\n本基金不收取任何申购费。\n\n赎回费\n\n本基金将收取阶梯式赎回费：\n\n自A类股份发行之日起至 1 年内的期间，将就A类股份收取 3% 的赎回费。\n\n自A类股份发行之日后 1 年起至 2 年内的期间，将就A类股份收取 2% 的赎回费。\n\n自A类股份发行之日后 2 年起至 3 年内的期间，将就A类股份收取 1% 的赎回费。\n\n自A类股份发行之日后 3 年起的期间，将不收取赎回费。\n\n运营开支\n\n基金将承担其自身的所有成本和费用，包括但不限于管理费、法律、监管与政府规费、审计与税务筹备费、会计与基金管理人费、托管费、银行费、经纪及交易/往来相关费用、行政与信息技术费、董事会议与差旅费，以及运营投资管理人及其关联方归属于基金的成本和费用。\n\n组织费用\n\n为确保投资者的总费用率保持尽可能低的水平，投资管理人应负责支付基金的组织费用。\n\n认购\n\nA类股份认购价格与发行\n\nA类股份在首次发售期内按每股100.00美元（USD100.00）的初始发售价向合格投资者发售，此后按认购价格发售，但须遵守最低初始投资额以及基金收取认购费的权利。就A类股份而言，任何后续认购的最低金额为10,000.00美元（USD10,000.00），或由董事会普遍或针对任何特定情况确定的较低金额。\n\n• 在首次发售期内购买A类股份\n\n有意认购A类股份的意向投资者应在基金仪表盘上填写《认购协议》（Subscription Agreement）（包括上传所需的补充文件），并进行相应的电子签署和执行。或者，也可以手动填写《认购协议》的纸质副本并通过快递发送给管理人，或手动填写《认购协议》的电子副本并通过电子邮件发送给管理人。\n\nA类股份的付款应按照认购文件中列明的转账指引通过电汇进行。认购的接受须以确认预先收到已清算资金记入基金的认购账户（如认购文件所规定），并收到董事会认可形式的填写完整的认购文件为前提。\n\n在首次发售期内，收到认购表格的截止时间不迟于相关认购日之前的最后一个工作日的营业结束时间（董事会放弃该等通知要求的除外），或董事会可能确定的其他时间。收到认购款项的截止时间不迟于相关认购日之前的最后一个工作日下午5:00（5:00 p.m.）。总认购金额中未被接受用于投资的任何部分将退还给认购人。任何退还金额均不计利息。\n\n• 在首次发售期后购买A类股份\n\n首次发售期后，收到认购表格的截止时间不迟于相关认购日之前的最后一个工作日的营业结束时间（董事会放弃该等通知要求的除外），或董事会可能确定的其他时间。收到认购款项的截止时间不迟于相关认购日之前的最后一个工作日下午5:00（5:00 p.m.）。如果迟延收到任何认购申请或付款，其将在下一个认购日处理，前提是在与管理人及投资管理人协商后，董事会可在任何特定情况或普遍情况下免除这些要求，只要董事会认定这样做不会对A类股份的其他持有人造成重大不利影响。\n\n总认购金额中未被接受用于投资的任何部分将退还给认购人。任何退还金额均不计利息。\n\n适用于投资者的尽职调查要求\n\n基金保留全部或部分拒绝任何申请的权利。在此情况下，申请款项或其任何余额或非现金资产将不计利息退还给申请人。管理人可要求现有投资者及认购人提供遵守所有适用法律法规（无论是否为法定）所必需的信息和陈述，包括但不限于遵守《外国账户税收遵从法》（Foreign Account Tax Compliance Act，简称FATCA）、《美国政府间协定》（US IGA）、《共同申报准则》（Common Reporting Standard，简称CRS）以及任何未来的政府间协定（IGA）和与核实申请人身份及资金来源相关的开曼群岛（Cayman Islands）法律法规。如果迟延或未能提供该等信息，基金可拒绝接受认购申请及认购款项，并不计利息将上述款项退还给投资者，或强制赎回股份。\n\n在基金批准认购后，管理人应代表基金通过交易确认书的方式对所有认购予以确认。如果认购人未收到交易确认书，认购人有责任联系管理人以确定其认购状态，因为在收到交易确认书之前，其不得推定认购成功。\n\nA类股份的付款\n\nA类股份的付款必须通过电子转账以现金方式支付（扣除银行手续费后），且必须以美元（USD）已清算资金到账。现金付款必须汇入基金的银行账户，该账户的详细信息将由管理人传达给认购人。\n\n如果收到的认购款项为美元以外的任何货币，管理人将安排兑换为美元，风险和费用由认购人承担。有关电子转账的任何银行费用将从认购款中扣除，仅净额将用于投资A类股份。\n\n认购的接受须以确认预先收到已清算资金记入基金的认购账户（如认购文件所规定），并收到董事会认可形式的填写完整的认购文件为前提。\n\n凡对A类股份的认购获得接受，该等股份即视为自相关认购日起生效发行，即使该等股份的认购人可能在相关认购日之后才被记入基金的股东名册。因此，认购人就A类股份支付的认购款项将自相关认购日起承担基金的投资风险。\n\n董事会可全权酌情决定免除任何瑕疵或不规范之处，或允许在董事会确定的期限内纠正瑕疵或不规范之处，或接受/拒绝认购申请。基金没有义务发出与提交《认购协议》有关的任何瑕疵或不规范之处的通知，亦不对未能发出该等通知承担任何责任。\n\n董事、基金或管理人概不对因未收到所发送的任何《认购协议》或其字迹不清而导致的任何损失，或因与善意相信源自经正当授权人士的指示相关的任何行动所造成或引起的任何损失承担任何责任。\n\n填写完整的《认购协议》一经管理人收到，即不可撤销。\n\n基金可全部或部分拒绝任何申请，且无需说明任何理由。如果申请被拒绝，已支付的认购款项（或在部分拒绝情况下的余额）将尽快（不计利息）退还至最初汇出认购款项的账户。退还认购款项所产生的任何费用将由认购人承担。\n\nA类股份的发行\n\n详细列明已发行A类股份的书面确认书将在首次发售期结束或相关认购日（视情况而定）后尽快发送给认购已被接受的认购人。\n\n在首次发售期内认购的A类股份将在首次发售期结束后的紧接工作日发行。在首次发售期后认购的A类股份视为在相关认购日发行。\n\nA类股份将精确发行至小数点后两位。否则将产生的任何更小的参与股份零碎份额将向下取整，相关认购款项将为了基金的利益予以保留。\n\nA类股份形式\n\n所有A类股份均将以记名形式发行，这意味着股东的权利将以基金股东名册中的登记为凭证，而非以股票证书为凭证。除非董事会另有决定，否则不发行股票证书。\n\n一股参与股份可以登记在单一姓名/名称下，或最多登记在四个联名姓名/名称下。在A类股份登记为联名持有的情况下，联名持有人可授权基金就转让或赎回全部或任何该等A类股份仅根据联名持有人中任何一人的书面指示行事。除非获得如此授权，否则基金将仅根据所有联名持有人的书面指示行事。\n\n反洗钱政策\n\n为确保遵守与反洗钱以及防范恐怖主义或扩散融资有关的适用要求，基金或代表基金的管理人将要求提供其认为核实每位认购人身份和/或财富来源所必需的信息和文件。如果认购人迟延或未能提供核实目的所需的任何信息，申请可能会被拒绝，或者处理申请可能会有所迟延。基金、管理人或其各自的受托人、代理人及关联方均不对认购人因任何该等拒绝或迟延而遭受的任何损失承担责任。\n\n认购人认购A类股份，即表示同意就反洗钱要求和类似事项将认购人提供的任何信息披露给政府机构、监管机构和其他相关人员。该等披露可由基金、管理人或其受托人、代理人或关联方作出。\n\n每位认购人均须作出基金就其反洗钱计划可能要求的陈述。该等陈述将包括陈述认购人并非美国财政部海外资产控制办公室（Office of Foreign Assets Control，简称OFAC）网站上列出的被禁止的国家、地区、个人或实体，且其未直接或间接与OFAC名单上指名的或被任何OFAC制裁计划禁止的任何国家、地区、个人或实体有关联。每位认购人还将须陈述认购款项并非直接或间接来源于可能违反相关法律法规（包括反洗钱法律法规）的活动。\n\n赎回与转让\n\nA类股份赎回程序\n\n在遵守本节及下文“资产净值 - 暂停”（Net Asset Value - Suspensions）所载的任何限制，以及遵守锁定期（Lock-up Period）和任何赎回门槛/限额（Gate）的前提下，A类股份可由股东选择在任何赎回日赎回。\n\n有意赎回其股份的现有投资者应在基金控制面板（Dashboard）上填写《赎回通知》（Redemption Notice），并据此进行数字签名和签署。或者，《赎回通知》的电子副本可通过手工填写并通过电子邮件发送给管理人。填写完毕的《赎回通知》必须在相关赎回日之前至少 1 个月（或董事会可能普遍或在任何特定情况下允许的较短期限）的营业日营业结束时间下午 5:00 之前送达。除非董事会另行同意，在此时间之后收到的任何《赎回通知》将被顺延至下一个赎回日处理。\n\n任何董事、基金或管理人均不对因发送的任何《赎回通知》未送达或字迹不清而造成的任何损失，亦不对因善意认为来自正当授权人员的指示所采取的任何行动造成或引起的任何损失承担任何责任。\n\n如果收到的《赎回通知》在得到满足后会导致股东保留的股份少于最低持有量，董事会可将该《赎回通知》视为部分赎回请求（以便股东保留最低持有量），或者可以赎回该股东持有的全部 A 类股份。\n\n对于总资产净值低于最低持有量（或董事会可能普遍或在任何特定情况下确定的较低金额）的 A 类股份赎回请求将予以拒绝。如果赎回股东拥有多个系列的 A 类股份，在确定赎回价格时将按“先进先出”原则赎回 A 类股份。据此，股东持有的最早发售系列的 A 类股份将按该系列 A 类股份的赎回价格优先赎回，直至赎回股东不再拥有该系列的任何 A 类股份。\n\n一旦管理人收到《赎回通知》，股东不得撤销，除非在下文“资产净值 - 暂停”所述情况下暂停赎回，或董事会另行同意。\n\n赎回限制\n\n在禁售期内的任何赎回日，股东均不得选择赎回 A 类股份，除非就该等被赎回的 A 类股份支付 6% 的赎回费。\n\n如果管理人就任何赎回日收到的关于 A 类股份的《赎回通知》所涉及的总资产净值超过基金资产净值的 20%（或董事会自行决定的更高或更低比例），董事会可自行决定按比例削减依据该等《赎回通知》提出的各项赎回请求，以便在该赎回日仅赎回总资产净值等于基金资产净值 20%（或董事会自行决定的更高或更低比例）的 A 类股份。以此种方式被削减 A 类股份赎回请求的赎回参与股东，将被视为已提交《赎回通知》，要求在紧随其后的下一个赎回日赎回原《赎回通知》中载明的剩余 A 类股份余额，而无需再行提交《赎回通知》。\n\n在任何该等后续赎回日的赎回，均应始终受制于董事会按前述比例削减依据每份《赎回通知》提出的各项赎回请求的酌情决定权。凡任何赎回请求以此种方式被削减的，董事会可决定从先前任何赎回日推迟的任何《赎回通知》在任何后续赎回日享有优先权，或可就该等被推迟的《赎回通知》采取其认为适当的其他措施。\n\n赎回日后的权利\n\n自相关赎回日起，赎回股东将被视为被赎回 A 类股份赎回款项的债权人（而非股东）。在相关赎回日之后，赎回股东对被赎回的 A 类股份将不再享有作为股东的任何权利，但有权收取赎回款项以及在相关赎回日之前就相关 A 类股份已宣布的任何股息。在基金清算时分配剩余资产过程中，赎回股东收取赎回款项及任何该等股息的权利应优先于其余股东的权利。\n\n赎回价格与赎回款项\n\nA 类股份的赎回价格将等于紧邻相关赎回日之前的估值日该相关系列每股资产净值。\n\n结算\n\n赎回款项通常将在以下较晚日期后的十四（14）个营业日内支付：\n\n- 相关赎回日赎回价格最终确定的日期，以及\n- 管理人收到《赎回通知》正本及可能要求的其他信息和文件的日期。款项将以被赎回 A 类股份的交易货币直接转账至以股东名义开立的账户进行支付。转账产生的任何费用将由股东承担。赎回款项不会支付给第三方。对于赎回款项，不向股东支付任何利息。\n\n股东可请求以相关交易货币以外的货币支付赎回款项。如果董事会允许以相关交易货币以外的货币进行支付，折算费用将从赎回款项中扣除。\n\n董事会可自行决定保留一部分赎回款项，直至下一次年度审计完成。审计完成后，在考虑因审计导致相关赎回价格所作的任何调整后，该股东有权获得的剩余金额（如有）将迅速支付给该股东。保留的赎回款项不计付利息。\n\n基金旨在以现金支付所有赎回款项。但是，在流动性不足或市场不利的情况下，董事会可以通过资产转让的方式支付全部或部分赎回款项。拟转让的资产将参照计算资产净值时适用的估值原则在相关赎回日进行估值。资产可直接转让给赎回股东，或可转让给清算信托、账户或实体，并为了赎回股东的利益进行出售或以其他方式变现。如果资产转让至清算信托、账户或实体，赎回股东收到的现金收益将反映资产在出售或变现之日的价值。运营清算信托、账户或实体以及管理、出售或以其他方式变现资产的费用将从支付给赎回股东的款项中扣除。\n\n强制赎回\n\n基金可在有因或无因且不提供任何理由的情况下，在董事会指定的任何日期，通过提前五（5）个营业日向股东发出书面通知，赎回该股东持有的全部或任何 A 类股份。\n\n特别是，如果董事会获悉以下情况，基金可赎回股东持有的 A 类股份：(i) 该股东已不再属于合格投资者，(ii) 该股东向基金作出的任何陈述、保证、确认或承诺在任何重大方面不再准确，或 (iii) 董事会认为，该股东继续持有 A 类股份将会或可能对基金或任何其他股东造成重大不利的税务、金钱、监管、法律或其他后果的风险。如果股东在任何时候获悉上述任何情况适用于自身，须立即通知基金和管理人。\n\n凡因特定股东而导致基金应支付任何费用、款项、预扣税或扣减款项时，基金可赎回该股东的一部分 A 类股份以支付该等金额。在此等情况下，赎回款项可由基金直接支付给相关第三方，而不支付给该股东。\n\n反洗钱预防措施\n\n在基金收到有关任何适用的反洗钱要求或类似事宜所要求的所有未提供信息或文件之前，不会向股东支付赎回款项。如果股东未提供该等信息和文件，董事会和管理人均不对因任何赎回款项延迟支付而引起的任何损失承担责任。\n\n如果董事会、投资经理或管理人怀疑或收到通知称支付赎回款项可能导致违反任何相关管辖区内的任何适用法律或法规，基金可拒绝向股东支付赎回款项。\n\nA 类股份的转让\n\n未经董事会事先书面同意，A 类股份不得转让。董事会可不说明任何理由而拒绝同意。如果转让的结果会导致转让人保留的或以受让人名义登记的 A 类股份少于最低持有量，则不会给予同意。\n\n希望转让 A 类股份的股东必须填写转让请求书，该请求书应采用董事会可能不时批准的形式。填写完毕的转让请求书（如适用，已完税）连同董事会可能要求的证明转让人有权进行转让的证据，必须一并送交管理人。如果受让人尚未成为股东，则将被要求遵守 A 类股份认购人的所有合格性及适用的反洗钱要求或类似事宜。\n\n转让将在受让人登记于管理人保管的基金成员名册时生效。\n\n转让人和受让人将负责支付在 A 类股份转让时或因转让而应付的任何税费、关税、赋税或征费。\n\n资产净值的确定\n\n基金的资产净值及每个系列的每股资产净值将在每个估值日的估值时间点进行计算。\n\n在计算每股资产净值时，管理人可信赖各估值日来自自动定价服务的收盘价格，而无需核实。对于基金或其任何股东因该等信息中的任何不准确导致每股资产净值计算出现任何错误而遭受的任何损失，管理人概不负责。\n\n资产估值\n\n为计算资产净值之目的，基金资产将按照以下原则进行估值：\n\n- 任何在任何证券交易所或类似电子系统上市或挂牌并在其上定期交易的证券，将按其在估值时点的最后交易价格进行估值；若在相关估值日未发生交易，则多头持有的按收盘买入价估值，空头卖出的按收盘卖出价估值。如果某一特定证券在多个交易所或系统上均有价格，则该价格应为作为该证券主要市场的交易所上的最后交易价格或收盘买入或卖出价（视情况而定），或由董事会（Board）认定能为该证券确定价值提供最公平标准的交易所上的价格；\n\n- 任何未在任何证券交易所或类似电子系统上市或挂牌的证券，或者虽经如此上市或挂牌但未在其上定期交易，或未能获得上述价格的证券，将按董事会考量其成本价格、该证券近期可能已达成的任何交易价格、结合该证券已发行总量考虑的持仓规模、以及董事会在考虑对估值进行正向或负向调整时认为相关的其他因素后，所确定的在估值时点的可能变现价值进行估值；\n\n- 除证券以外的、通过清算所或交易所或通过金融机构进行买卖或交易的投资，将在估值时点参考该清算所、交易所或金融机构报出的最新官方结算价格进行估值。若无此等价格，则按在这些投资当前进行或可以进行买卖或交易的任何市场上在估值时点的最低卖出价与最高买入价之间的平均值计算，但若该等投资在多个市场上进行买卖或交易，董事会可决定以哪个市场为准；\n\n- 除证券以外的投资，包括场外衍生品合约，若未通过清算公司或交易所或通过金融机构进行买卖或交易，将参考从独立定价来源获得的估值进行估值；但若无法获得某一特定投资的该等估值，则将通过将相关交易对手方提供的最新可用估值与董事会认为适当的其他交易对手方提供的估值进行比较来对该投资进行估值。如果相关交易对手方与其他交易对手方各自提供的估值差异达到董事会认为重大的程度，则该投资应按所有估值的平均值进行估值，否则将按相关交易对手方提供的估值进行估值；\n\n- 存款将按其成本加上应计利息进行估值；以及\n\n- 任何非以美元（USD）计价的价值（无论是证券还是现金），将按董事会结合具体情况认为适当的汇率（无论是官方汇率还是其他汇率）折算为美元，其中除其他事项外，需考量其认为可能相关的任何溢价或折价以及兑换成本。\n\n如果董事会认为任何其他估值方法总体上或在特定市场或市场条件下能更好地反映公允价值，则董事会可允许使用该等其他估值方法。\n\n基金（Fund）的财务报表将根据国际财务报告准则（IFRS）编制。然而，上述估值政策可能不符合 IFRS。在估值基础偏离 IFRS 的范围内，董事会可在年度财务报表中作出必要调整以符合 IFRS。如相关，年度财务报表中可包含一份调节附注，以将该等报表中根据 IFRS 确定的价值与应用上述估值政策得出的价值进行调节。\n\n在受限于上述自由裁量权的前提下，董事会已将资产净值（Net Asset Value）和每股资产净值（Net Asset Value per Share）的计算委托给行政管理人（Administrator）。\n\n对于因行政管理人所依赖的信息存在任何不准确而导致每股资产净值计算出现任何错误，进而使基金或其任何股东遭受的任何损失，行政管理人概不承担责任。\n\n因特殊情况引起的暂停\n\n董事会可宣布暂时暂停：(i) 确定一个或多个类别的每股资产净值；(ii) 赎回一个或多个类别的参与股份（Participating Shares）；和/或 (iii) 支付赎回款项。董事会可在其认为适当的情况下宣布任何此类暂停，包括：\n\n- 本公司（Company）的大部分投资所上市、挂牌、交易或买卖的任何证券交易所、商品交易所、期货交易所或市场关闭的期间（惯常的周末和节假日休市除外），或在任何此类交易所或市场上的交易受到限制的期间；\n\n- 存在使董事会认为本公司处置其投资在合理可行范围内不可行、或导致任何此类处置将对各成员/股东（Members）（或其中任何一方）造成重大不利损害的情形时；\n\n- 通常用于确定本公司投资价值或本公司资产净值或任何类别或系列的每股资产净值的任何手段发生故障时，或因任何其他原因导致董事会认为无法合理或公允地确定本公司的任何投资或其他资产的价值、或本公司的资产净值、或任何类别或系列的每股资产净值时；\n\n- 本公司无法汇回、接收或划转为支付相关类别股份赎回或购买到期款项所需资金的期间，或董事会认为投资变现或收购涉及的任何资金划转、或支付相关类别股份赎回或购买到期款项无法按正常汇率进行的期间；\n\n- 本公司和/或服务提供商（Service Provider）（或其授权代理人）与本公司运营相关的业务运营，因瘟疫、战争行为、恐怖主义、暴乱、革命、内乱、暴动、罢工、网络攻击、自然灾害或不可抗力导致或由此引起的大幅中断或关闭时；\n\n- 当由于外汇管制或影响资金汇回或划转的其他限制，导致代表本公司的交易无法实行，或由董事会确定本公司任何资产的购买、出售、存入或提取无法按正常汇率进行时；\n\n- 本公司已决议进行清算时；\n\n- 董事会认为为遵守在任何司法管辖区直接或间接适用于本公司和/或任何服务提供商的反洗钱法律法规或任何其他法律法规而有必要这样做时；\n\n- 由于任何底层基金或单独投资账户和隔离账户的关闭或暂停交易等原因，导致在合理可行范围内无法准确确定本公司重大比例资产的价值时；或\n\n- 董事会以其他方式确定这样做符合本公司或各成员/股东的最佳利益时。\n\n任何暂停将自董事会在其声明中指定的时间起生效。该暂停将持续至董事会声明其结束为止。在宣布该等暂停后，将尽快通知受影响的一个或多个类别的参与股份持有人。在该等暂停期结束时，也将通知该等股东。\n\n针对认购日落在相关类别参与股份发行暂停期间的参与股份申请，将在暂停结束后的第一个认购日予以处理。认购人（Subscriber）可在暂停期内撤回其参与股份申请，前提是撤回通知在暂停结束前已被行政管理人实际收到。\n\n在暂停期开始前收到的赎回通知（Redemption Notices）将顺延至暂停结束后发生的下一个最早的相关赎回日，并优先于在暂停期内收到的赎回通知。股东可在暂停期内撤回其赎回通知，前提是撤回通知在暂停结束前已被行政管理人实际收到。\n\n虽然此类暂停可能是暂时的，但引起暂停决定的情形可能会持续较长时间，以致董事会认为宣布永久暂停是适当的。在此等情况下，基金的投资将出于预期终止基金业务并对其进行清算而变现全部投资的唯一目的进行管理。\n\n高水位线（High Water Mark）\n\n就 A 类股份而言，指发行时的每股参与股份资产净值，与在发行该等参与股份期间的任何以往业绩期（Performance Period，如有）结束时已就其计提业绩报酬（Performance Fee）的最高每股参与股份资产净值之间的较高者。\n\n调整\n\n若投资者在每股资产净值不等于每股峰值资产净值（Peak Net Asset Value per Share）时认购 A 类股份，将进行某些调整，以减少否则可能对投资者或基金造成的不公平情况。\n\n每股峰值资产净值是指以下两项中的较高者：(i) 在初始发行期结束时发行 A 类股份的价格；以及 (ii) 在紧接已计提业绩报酬（下文定义的业绩报酬赎回除外）的上一业绩期结束后立即生效的最高每股资产净值。\n\n- 如果认购 A 类股份（Class A Shares）时每股资产净值（Net Asset Value per Share）低于每股历史最高资产净值（Peak Net Asset Value per Share），则投资者须就该等 A 类股份随后的任何增值支付业绩报酬（Performance Fee）。对于该等 A 类股份自认购日每股资产净值起至每股历史最高资产净值止的任何增值，业绩报酬将在每个业绩期（Performance Period）结束时收取，方式是以面值赎回投资者所持有的相应数量的 A 类股份，其合计资产净值（扣除任何应计业绩报酬后）等于该等增值的相关百分比（Relevant Percentage）（即“业绩报酬赎回”，Performance Fee Redemption）。相当于被赎回 A 类股份合计资产净值的金额将作为业绩报酬予以支付。本基金（Fund）无需向投资者支付相关 A 类股份的赎回款项（即其合计面值）。采用业绩报酬赎回机制是为了维持统一的每股资产净值。就投资者剩余的 A 类股份而言，该等 A 类股份每股资产净值超出每股历史最高资产净值的任何增值，将按上述方式收取业绩报酬。如果投资者在某一业绩期内赎回 A 类股份，且根据本节原则须对该等 A 类股份进行调整，则该等调整应从赎回款项中扣除并支付给投资管理人（Investment Manager）。\n\n- 如果认购 A 类股份时每股资产净值高于每股历史最高资产净值，则投资者须支付超出当时每股资产净值的金额，该金额等于当时每股资产净值（计提业绩报酬前）与每股历史最高资产净值之间差额的相关百分比。这是为了考虑到每股资产净值已被调减以反映现有投资者应承担的应计业绩报酬，该报酬原本可能从基金资产中支付，但为公平起见，不应向进行认购的投资者收取，因为就该等 A 类股份而言，尚未产生有利的投资表现。这确保了所有 A 类股份持有人在每股参与股份（Participating Share）上承担相同金额的风险资本。\n\n在每个业绩期结束时，如果每股资产净值（计提业绩报酬前）超过每股历史最高资产净值，则相当于超出部分相关百分比的该部分金额，将用于以面值为投资者认购额外的 A 类股份，该等投资者 A 类股份的数量具有相当于任何该等减值的相关百分比的合计资产净值（扣除任何应计业绩报酬后）（即“业绩报酬认购”，Performance Fee Subscription）。额外的 A 类\n\n股份将在每个业绩期结束时继续以此方式认购，直至达到 A 类股份的原始认购价格（Subscription Price）。\n\n如果投资者在达到该等 A 类股份的原始认购价格之前赎回 A 类股份，投资者将获得相当于资产净值乘以 A 类股份数量的赎回款项。\n\n发售条款的变更及附函（VARIATION OF OFFERING TERMS AND SIDE LETTERS）\n\n本基金可就任何股东放弃适用、修改本备忘录（Memorandum）的任何条款，或授予与本备忘录任何条款相关的特殊权利，包括但不限于与管理费（Management Fee）、业绩报酬、赎回、转让、通知以及透明度相关的条款。本基金作出的该等豁免或修改，或授予的任何特殊权利，可通过与特定股东订立协议（“附函”，Side Letters）的方式进行，该等协议修改该等股东在本基金中的投资条款，且在每种情况下均无需通知其他股东或征得其他股东同意。\n\n风险因素及特别考量事项（RISK FACTORS AND SPECIAL CONSIDERATIONS）\n\n对本基金的投资涉及其他投资工具所不具有的重大风险，且仅适合资金充裕且对此项投资无流动性需求的人士。无法保证或担保：(i) 本基金的投资目标将证明是成功的，或 (ii) 投资者不会损失其在本基金中的全部或部分投资。\n\n投资者应将对本基金的投资视为整体投资计划的补充，且仅应在愿意承担相关风险的情况下进行投资。此外，须缴纳所得税的投资者应注意，对本基金的投资可能（在本基金成功的情况下）产生超过用于支付该等负债的现金分配的应纳税所得额或税务负债。因此，投资者在购买 A 类股份之前应牢记以下风险因素及利益冲突。\n\n本基金依赖于每位认购人（Subscriber）在购买本基金 A 类股份之前获得独立的、合格的投资与税务建议。\n\n以下风险因素是对认购人需要考虑的主要风险的非穷尽性概述。\n\n与本基金相关的风险（Risks associated with the Fund）\n\n有限的运营历史（Limited Operating History）\n\n本基金没有任何运营历史。本基金的投资不存在任何市场，因此，A 类股份只能通过本备忘录中描述的赎回程序处置，或通过经许可向第三方转让 A 类股份的方式处置。\n\nA 类股份的非流动性及持续发售（Illiquidity and Continuous Offering of Class A Shares）\n\n本基金并非旨在作为短期投资。A 类股份的赎回存在限制，且 A 类股份不能自由交易。因此，对本基金的投资属于非流动性投资。A 类股份受限于锁定期（Lock-Up Period），在此期间不得赎回（收取赎回费的情况除外）。此外，在投资者可以提交赎回申请的日期、赎回生效日以及电汇赎回款项之间存在一定的时间间隔。投资者将承担本基金资产净值在此类期间可能大幅波动的风险。如果投资者的合计赎回申请超过赎回限额（Gate），投资管理人可限制赎回，并针对进行赎回的投资者，保留该投资者赎回款项的一部分用于本基金的负债和其他应急事项。本基金可全部或部分暂停赎回权或赎回款项的支付。投资者提出的大量且未被新认购抵消的赎回申请，可能导致本基金推迟或暂停赎回。\n\n无表决权股份（Non-Voting Shares）\n\nA 类股份不附带任何表决权，因此股东对本基金的管理控制权有限。\n\n与本基金投资目标、策略及政策相关的风险（Risks associated with the Fund's investment objectives, strategies and policies）\n\n一般投资风险（Risks of Investments Generally）\n\n所有投资通常都存在资本损失的风险。本基金的投资目标、策略和政策能否成功，不作任何保证或陈述。\n\n运营及策略风险（Operational and Strategy Risks）\n\n订单执行风险（Order execution risks）\n\n由于包括但不限于系统故障、交易对手方错误或第三方服务提供商错误等因素，导致订单无法及时执行和清算等内部（基金内部）和外部（第三方）的作为、事态发展或不作为，可能会对本基金的投资逻辑和交易策略产生负面影响。\n\n运营风险（Operational risks）\n\n本基金策略和交易的规模及复杂性可能会影响董事会（Board）的运营能力。交易员错误、系统错误及其他风险可能会影响本基金的持仓和财务状况。\n\n缺乏保险（Lack of Insurance）\n\n本基金的资产未由政府实体或私人保险公司承保。在本基金或/及其第三方服务提供商破产的情况下，本基金可能无法部分或全部收回其资金或资产。\n\n与投资管理相关的风险（Risks associated with the Investment Management）\n\n运营及系统风险（Operational and Systems Risk）\n\n本基金依赖投资管理人开发并实施适当的系统和程序以控制运营风险。运营风险可能源于交易确认或结算中出现的错误、交易未被妥善记录、评估或核算，或者本基金运营中的其他类似中断可能导致其遭受财务损失、业务中断、对客户或第三方的责任、监管干预或声誉受损。本基金的业务可能取决于投资管理人以及时且准确的方式处理跨越众多及多样化市场的大量交易的能力。因此，本基金高度依赖其财务会计和其他数据处理系统。其系统容纳日益增长的交易量的能力，也可能制约投资管理人妥善管理投资组合的能力。\n\n由于各种情况（包括但不限于归咎于投资管理人、其经纪商、代理人或其他服务提供商的系统故障或人为错误），本基金的交易订单可能无法及时且高效地执行。在此类情况下，本基金可能仅能获得或处置该持仓的某些组成部分而非全部组成部分，或者如果整体持仓需要调整，本基金可能无法进行此类调整。结果是，本基金可能无法建仓或平仓投资管理人所选定的市场头寸，并可能在对该头寸进行平仓变现时蒙受损失。此外，本基金高度依赖电子执行系统，而此类系统可能会发生故障，从而导致本基金发出的交易订单中断。\n\n本基金依赖投资管理人为其开发并实施适当的系统。本基金广泛依赖计算机软件、算法和系统来分析、交易、清算和结算证券交易，根据实时交易信息评估某些证券，监控其投资组合和净资本，并生成对监督本基金活动至关重要的风险管理报告及其他报告。此外，本基金及投资管理人的某些运营会与第三方（包括其主经纪商（Prime Brokers）和市场交易对手方，以及其次保管人（sub-custodians）和其他服务提供商）运营或开发的系统相连接或依赖于这些系统，因此投资管理人可能无法核实此类第三方系统的风险和可靠性。这些系统可能会存在某些缺陷、发生故障或中断，包括但不限于由软件相关缺陷、病毒和停电所引起的情况。任何此类缺陷或故障均可能对本基金造成重大不利影响。\n\n对投资管理人及其关键人员的依赖（Reliance on the Investment Manager and its Key Personnel）\n\n本基金（Fund）的成功取决于投资管理人（Investment Manager）制定并实施实现本基金投资目标的投资策略的能力。尽管该软件是自动化的，因此在关键人员离开投资管理人时，本基金仍可继续交易，但无法保证投资管理人能够做到这一点。投资管理人制定并实施实现本基金投资目标的投资策略的能力，在很大程度上取决于投资管理人的技能和经验。\n\n投资管理人与董事会的其他关系\n\n投资管理人（包括其合伙人、主要负责人、员工、高级职员和关联方）可能拥有外部关系，例如在第三方中拥有投资权益、担任董事（Directors）或高管职务，或以其他方式参与第三方事务，第三方包括但不限于其他投资管理人、投资公司、投资银行和上市公司，这可能会导致利益冲突。拥有此类其他关系的董事的活动可能会影响本基金参与其原本有资格参与的投资机会的能力，或可能会就某些投资引发监管或报告方面的问题。\n\n网络安全风险\n\n作为本基金日常业务与运营的一部分，投资管理人（及其关联方）将在其内部和外部系统及技术平台上使用、处理、存储和传输信息。这将包括由投资管理人（及其关联方）和顾问自主开发的软件，以及从第三方服务提供商或软件开发公司获得许可或使用的软件。因此，存在源自使用此类技术的操作风险以及信息安全风险（合称“网络安全风险（Cybersecurity Risk）”）。凡出现导致网络安全风险的漏洞、泄露和其他故障，均可能对本基金的日常业务与运营产生影响，从而可能对本基金的业绩产生负面影响，并导致其在网络安全风险发生期间无法继续运营。\n\n业绩报酬\n\n虽然投资管理人的董事（以及如果已任命的次级顾问）可能在本基金中拥有重大权益（相对于所筹集资本而言），且因此投资管理人与投资者的利益是一致的，但向投资管理人支付基于业绩的报酬可能会诱使投资管理人促使本基金进行比未支付该等报酬时风险更大或更具投机性的投资。由于业绩报酬（Performance Fee）的一部分是基于包含本基金资产的未实现升值的基数计算的，因此业绩报酬可能高于仅基于已实现收益计算的数额。董事会（Board）已向投资管理人授予对本基金资产进行估值的权力。由于业绩报酬系支付给投资管理人，投资管理人可能会有动机对本基金的投资给予高于实际情况的估值。\n\n投资策略的变更\n\n在本基金的存续期内，投资管理人可能会随着时间的推移制定或变更其策略。因此，对本基金的投资可能会受到额外和/或不同的风险因素的影响。\n\n不予保证\n\n无法保证投资目标一定能够实现，且某些策略将涉及更高的风险，包括有限的流动性以及与更复杂的金融产品相关的可能风险。\n\n利益冲突\n\n由于行政管理人（Administrator）、董事及投资管理人（合称“服务提供商（Service Providers）”）、其各自的控股公司、子公司和关联方（各为一方“利益关联方（interested party）”）正在或可能开展的业务，可能会产生利益冲突。服务提供商可以向其他人提供类似服务，前提是其向本基金提供的服务不因此受到损害。利益关联方可以收购或处置任何投资，即使相同或类似的投资可能由本基金拥有、以本基金名义持有或以其他方式与本基金相关联。此外，利益关联方可以收购、持有或处置投资，即使该等投资是由本基金或代表本基金通过涉及利益关联方的本基金达成的交易而收购或处置的，前提是利益关联方对此类投资的收购或处置系按正常商业条款进行（如同在公平协商的基础上进行谈判），且在考虑本基金利益的情况下，本基金持有的投资系以可合理获得的最佳条件收购。投资管理人对本基金负有信义义务，在履行该等义务时将尽最大努力确保在所有账户（包括为此目的其自身账户）之间的投资分配以公平且不损害本基金或其全体股东利益的方式进行。\n\n若发生与本基金有关的利益冲突，在切实可行的范围内，各服务提供商在进行投资时，将在兼顾其对其他客户的义务的前提下，顾及其为本基金股东的最大利益行事的义务。此外，各方均将努力公平解决任何冲突。\n\n软美元安排\n\n经纪商或交易商可以向本基金或投资管理人提供商品或服务，作为将本基金账户的交易业务引荐给该经纪商或交易商的对价。本基金可被视为使用“软”美元（soft dollars）支付这些服务；所提供的此类商品和服务可能包括研究和咨询服务、经济与政治分析、投资组合分析（包括估值和业绩衡量）、市场分析、数据和报价服务、清算和托管服务以及与投资相关的出版物。本基金或投资管理人可能收到的商品和服务，不得包括相关监管机构不时发布的任何守则或指引所禁止的任何商品和服务。\n\n投资管理人不打算从经纪商或交易商处接收商品或服务作为将本基金账户的交易业务引荐给该经纪商或交易商的对价，除非：\n\n- 没有更好的方式使此类利益直接惠及本基金；\n- 将收到的商品或服务对本基金具有明显的益处；\n- 拟议的交易执行符合最佳执行标准；且\n- 所适用的经纪费率未超过通常的经纪费率。\n\n投资管理人代表本基金，通常将考虑提议经纪商所提供的研究、执行及其他服务的数量和性质，以及对该等服务的依赖程度，并可能根据该考虑尝试将本基金的一部分经纪业务分配给提供服务的经纪商。投资管理人仅在其认为该等经纪业务分配可能有助于为本基金提供研究与执行能力及其他利益时，方会接受此类要约。然而，从经纪商处获得的任何此类投资信息，均可由投资管理人及其关联方用于服务其提供投资管理的其他账户，且所获得的此类信息并非全部都会实际由投资管理人用于与本基金相关的事务。\n\n与向本基金提供“软”美元服务的经纪公司的关系可能会影响投资管理人在分配经纪业务时的判断，并在使用这些经纪交易商的服务执行经纪交易时产生利益冲突。然而，向这些公司支付的经纪佣金与就可比服务向其他公司支付的通常经纪佣金相比，不得有实质性差异，亦不得过高。\n\n税务\n\n下文编写系为支持本文所述交易或事项的推广或营销。本概述的目的并非用于且任何纳税人均不得将其用于规避根据美国联邦税法可能对纳税人施加的处罚。本讨论不构成律师意见或律师建议。各股东应根据该股东的具体情况向其自身的税务顾问寻求建议。\n\n根据开曼群岛（Cayman Islands）税法对本基金及其股东的征税情况概述如下。\n\n以下评述基于本基金就开曼群岛和美国（United States）现行法律及实践所收到的意见。股东应了解，股东所面临的税务后果可能与下文所述不同。股东应就其根据其国籍国、居住国、经常居住国或住所地国法律认购、购买、持有、出售或赎回 A 类股份（Class A Shares）的行为可能产生的税务后果咨询其专业顾问。\n\n开曼群岛税务事项\n\n开曼群岛目前不征收直接税，应支付给本基金的利息、股息和收益在收取时将免缴所有开曼群岛税款。\n\n预期投资者必须就取得、持有和处置股份（Shares）的开曼群岛税务后果，以及其作为公民、居民或定居者的管辖区或其开展业务所在的管辖区的税法影响，咨询其自身的税务顾问。\n\n尽管本基金在开曼群岛无需缴税，但本基金可能需承担其他国家就其投资所获收入或收益进行源泉扣缴的任何税款。\n\n美国\n\n根据《2010年恢复就业招聘激励法案》（Hiring Incentives to Restore Employment Act, 2010）颁布的美利坚合众国（美国 / U.S.）《海外账户税收合规法案》（Foreign Account Tax Compliance Act，简称“FATCA”）条款及其项下发布的法规要求外国金融机构（foreign financial institutions，简称“FFIs”）除其他事项外（inter alia）同意：(i) 向美国国税局（Internal Revenue Service of the U.S.，简称“IRS”）申报有关美国账户持有人（或者在账户持有人为美国所有人拥有的非美国实体的情况下，有关该等美国所有人）的特定纳税人信息（包括姓名/名称、地址、纳税人识别号及账户详情），以及 (ii) 对向不配合账户持有人或不参与的 FFI 支付的某些款项征收 30% 的美国预提所得税（“预提税（Withholding Tax）”）。\n\n作为实施 FATCA 进程的一部分，美国政府已与许多外国管辖区谈判达成了政府间协议（intergovernmental agreements，简称“IGAs”），以使这些合作管辖区的 FFI 更容易遵守 FATCA 的规定。开曼群岛已与美国签署了模式 1B（非对等）政府间协议（“美国政府间协议（U.S. IGA）”），以使上述申报规则生效。概括而言，已实施模式 1 政府间协议的管辖区内的 FFI 将能够直接向其本国税务机关申报美国账户持有人的信息，而该税务机关将继而自动向 IRS 申报。\n\n《税务信息局法（2017年修订版）》（经修订）（“TIA Law（《税务信息局法》）”）是开曼群岛处理落实《美国跨政府协议》（U.S. IGA）的主要立法，具体细则包含根据《税务信息局法》制定的各项规例中。《税务信息局（国际税收合规）（美利坚合众国）规例（2018年修订版）》（“U.S. FATCA Regulations（《美国海外账户税收合规法案规例》）”）尤其规定了：(i) 开曼群岛申报金融机构（“Cayman Islands FIs（开曼群岛金融机构）”）根据 FATCA（《海外账户税收合规法案》）进行注册的一般要求，(ii) 开曼群岛金融机构识别应申报账户的要求，(iii) 开曼群岛金融机构向开曼群岛税务信息局（“Cayman Islands TIA（开曼群岛税务信息局）”）履行的申报义务，(iv) 开曼群岛金融机构在《美国跨政府协议》项下应遵守的程序，以及 (v) 未能遵守《美国跨政府协议》所载申报义务的违法行为。作为一家开曼群岛金融机构，本基金通常须在可行情况下尽快且在本基金开始营业后 30 日内向 IRS（美国国税局）进行注册，并同意识别相关的“Specified U.S. Persons（特定美国人士）”（即任何美国股东以及任何具有美国所有者的非美国股东）。只要本基金遵守《美国跨政府协议》及授权立法，便无需缴纳相关的代扣代缴税款。股东通常须向本基金提供用以识别其直接或间接美国所有权的信息。向本基金提供的任何此类信息均将披露给开曼群岛税务信息局，除另行获免遵守申报和代扣代缴规则外，该局将反过来每年自动向美国国税局申报该等信息。\n\n经济合作与发展组织金融账户涉税信息自动交换标准（共同申报准则）\n\n金融账户涉税信息自动交换标准（通常称为“Common Reporting Standard（共同申报准则）”或“CRS”）是由 OECD（经济合作与发展组织）制定的一项制度，主要出于税务目的，旨在促进并规范全球众多管辖区（“参与外国管辖区”）之间关于居民资产和收入信息的交换。开曼群岛已承诺遵守《多边税收征管互助公约》，该公约允许各参与外国管辖区订立就特定税务事项自动交换信息的协议。2014年10月29日，开曼群岛签署了《经合组织主管当局关于自动交换金融账户涉税信息的单车多边协议》（“MCAA（《多边主管当局协议》）”），该协议为各参与外国管辖区同意根据 CRS 实施和交换信息提供了法律依据。开曼群岛与 60 多个其他参与外国管辖区一同承诺自 2016年1月1日 起实施 CRS，因此，本基金须识别由参与外国管辖区居民直接或间接持有的账户，并向开曼群岛税务信息局申报该等人士的信息，该局随后每年将与参与外国管辖区内的外国税务主管机关（“外国税务主管机关”）交换此类信息。开曼群岛已颁布《税务信息局（国际税收合规）（共同申报准则）规例（2018年修订版）》（“Common Reporting Standard Regulations（《共同申报准则规例》）”），其中尤其规定了：(i) 开曼群岛金融机构识别应申报账户的要求；(ii) 开曼群岛金融机构向开曼群岛税务信息局履行的申报义务；(iii) 开曼群岛金融机构在 CRS 项下应遵守的程序；以及 (iv) 违规的一般违法行为。\n\n未来，开曼群岛政府可能会与其他国家或管辖区订立类似于《美国跨政府协议》和《多边主管当局协议》的跨政府协议，以引入类似的向其他国家或管辖区税务主管机关申报的制度。\n\n股东确认\n\n投资（或继续投资）于本基金，即视为股东已确认、同意并许可下列事项：\n\n- 本基金（或其代理人）向开曼群岛税务信息局披露有关该股东，或在该股东为实体时，有关其直接或间接股东、委托人、合伙人、受益所有人（直接或间接）或控制人（直接或间接）的特定信息（包括但不限于该股东（或上述任何人士）的姓名/名称、地址、居住管辖区、出生日期和出生地点、纳税人识别号（如有）、社会保障号（如有），以及财务信息、有关该股东对本基金投资的信息，以及与上述任何人士相关的任何信息）；\n- 开曼群岛税务信息局如上所述自动与美国国税局及其他外国税务主管机关交换信息；\n- 本基金（或其代理人）在向开曼群岛税务信息局、美国国税局及其他外国税务主管机关注册时向其披露特定保密信息，且若该等主管机关直接联系本基金（或其代理人），则协助进行进一步问询；\n- 本基金要求股东提供本基金须向开曼群岛税务信息局披露的额外信息和文件；\n- 若股东未能遵守任何与 FATCA 或 CRS 相关的申报要求，导致本基金、投资经理、行政管理人或上述任何人士的任何其他代理人、受托人、雇员、董事、高级职员或关联方发生任何与 FATCA 或 CRS 相关的代扣代缴税款或其他扣缴、成本（包括但不限于所有成本、律师费、专业费用及其他成本）、费用、罚款、利息、惩罚、债务、损失或责任（统称“相关责任”），本基金保留确保该相关责任在经济上由该股东承担的权利（包括但不限于从该股东的任何账户、或应向该股东分配或支付的其他款项中扣除该等金额）；\n- 若股东未提供所要求的信息或文件且自身未遵守适用要求，无论该情况是否实际导致本基金合规失败，或导致本基金或其股东面临因 FATCA 或 CRS 而被征收代扣代缴税款或其他相关责任的风险，或在其他情况下导致被强加代扣代缴税款或发生任何相关责任，本基金保留采取任何行动及/或寻求其可支配的所有救济措施的权利（包括但不限于按等于该股东参与股份资产净值的金额强制赎回该股东或强制其自本基金退出、强制转让、重新指定或转换该股东的参与股份、向该股东分摊 FATCA/CRS 责任，以及从该股东的任何账户、或应向该股东分配或支付的其他款项中扣除此类分摊金额）；\n- 受到本基金或代表本基金为遵守 FATCA、CRS 或本基金须遵守的强制性税务信息申报要求（或与之相关的任何已发布的有关立法、规例或官方指引）（统称“申报要求”）而采取的任何此类行动或寻求的救济影响的任何股东（包括已不再是股东的人士），均无权因该等行动或救济而以任何形式的损害赔偿或责任向本基金、行政管理人、投资经理或上述任何人士的任何其他代理人、受托人、雇员、董事、高级职员或关联方提出任何索赔，并且在适用法律允许的最大范围内，该股东应被视为已同意采取此类行动或行使此类救济，并已放弃就此享有的任何及所有权利或索赔；以及\n- 每位股东（包括但不限于已不再是股东的任何人士）均就相关人士因该股东未能及时遵守任何申报要求的任何失误（直接或间接，包括凭借与该股东相关或相连的任何人士的地位、作为或不作为，包括但不限于该股东的直接或间接股东、委托人、合伙人、受益所有人（直接或间接）或控制人（直接或间接））而发生、由其引起或与之相关的所有扣缴（包括美国代扣代缴税款）以及所有其他相关责任，在适用法律允许的最大范围内对本基金、投资经理、行政管理人及其各自的代理人、受托人、雇员、董事、高级职员或关联方作出赔偿。\n\n本概述并未涵盖 FATCA、《美国跨政府协议》、CRS、《多边主管当局协议》、《税务信息局法》或可能适用于本基金或特定股东的其他申报要求的全部条款。此外，在本备忘录出具之日后适用税法和监管法律的变更可能会改变预期的税务后果或本概述中提及的事项。本基金、投资经理、行政管理人，或其各自的高级职员、董事、受托人、雇员、代理人、会计师、法律顾问或咨询顾问中的任何一方，均不对任何股东投资于本基金的税务后果承担任何责任。\n\n股东应就 FATCA、CRS 以及任何同等或类似制度或申报要求，以及此类规则对其在本基金投资的可能影响，咨询其自身的税务顾问。对本基金的投资可能会对股东产生重大不利的税务后果，此等后果在此并未予以讨论。因此，认购人在未事先咨询其税务顾问的情况下，不应投资于本基金。\n\n反洗钱规例\n\n为遵守旨在防止洗钱以及防止向恐怖主义或扩散活动融资的规例（“AML Regime（反洗钱制度）”），本基金或代表本基金的行政管理人须采纳并维持反洗钱程序，并将要求所有认购人提供详细的身份及资金来源核实。此类核实可能在任何时候被要求进行，包括在提交申请的截止日期之前。一旦认购人成为股东，亦可能会进行持续的定期核实。\n\n尽管反洗钱制度项下可能存在某些尽职调查豁免，但本基金、行政管理人和投资经理保留要求提供核实认购人（即认购人或受让人）身份及资金来源所必需信息的权利。\n\n本基金或行政管理人从认购人处获得的、或与认购人、其在本基金的投资或其业务相关的任何信息，可由本基金或行政管理人在本基金或行政管理人开展业务的过程中披露给管辖区内外的第三方（i），包括尤其披露给关联方、投资经理、服务提供商及/或监管、法律、税务和行政机关。此类披露不得被视为违反法律或其他方面施加的任何信息披露限制。\n\n如果认购人（Subscriber）在提供用于核实目的所需的任何信息方面发生迟延或未能提供，基金（Fund）或代表基金的管理人（Administrator）可拒绝接受该申请，或强制赎回该认购人的持仓；在此情况下，收到的任何资金将在适当时期内无息退还至最初扣款的账户，或由基金或管理人按照反洗钱制度（AML Regime）进行处理。\n\n基金以及代表基金的管理人亦保留在以下情况下拒绝向股东（Shareholder）进行任何赎回付款或股息分配的权利：董事会（Board）、管理人或投资经理（Investment Manager）怀疑或获告知向该股东支付赎回或股息收益可能不符合反洗钱制度或任何其他适用法律法规；或者，如果认为此类拒绝对于确保基金、管理人及投资经理遵守反洗钱制度或任何其他适用法律法规而言属必要或适当。如果现有股东未能提供用于核实目的所需的任何信息，该股东的股份（Shares）可能会被强制赎回，且相应赎回收益的支付将被推迟，直至基金或代表基金的管理人收到所有必需的信息和文件。\n\n每位认购人均确认，如果申请人未提供管理人所要求的信息和文件，对于因未能处理其认购股份申请或赎回股份请求而产生的任何损失，管理人概不承担责任并应免受损害。\n\n每位认购人都将被要求作出董事（Directors）就反洗钱计划可能要求的陈述，包括但不限于陈述：该申请人并非美国财政部海外资产控制办公室（United States Department of Treasury's Office of Foreign Assets Control，简称“OFAC”）网站上所列的受禁止国家、地区、个人或实体；且其不直接或间接附属于 OFAC 名单上所列的或受任何 OFAC 制裁计划禁止的任何国家、地区、个人或实体；且其未被列入根据欧盟（European Union）或英国（United Kingdom）法规（通过法定文书延伸适用于开曼群岛（Cayman Islands））所维护的受禁止实体和个人名单中；并且其运营基地或住所地不在联合国（United Nations）、欧盟或英国当前发布制裁所针对的国家或地区。\n\n基金和/或管理人和/或投资经理可制定额外程序以遵守适用的反洗钱制度。\n\n基金、董事、管理人及投资经理还可能负有根据开曼群岛及其他司法管辖区的法律法规采取某些其他反洗钱措施的责任。反洗钱法规在不断发展和变化，基金、管理人及投资经理可能需要不时实施其他反洗钱措施。认购人应知悉，为遵守任何适用的反洗钱法规（无论是在开曼群岛还是在任何其他适用司法管辖区），关于拟认购股东及实际股东的某些信息可能需要被传输至其他司法管辖区、在其他司法管辖区保存，或披露给任何适用司法管辖区的某些监管机构。\n\n认购即表明，申请人同意基金、董事会、投资经理及管理人根据包括条约在内的适用法规，向监管机构、执法机构、税务或其他适用主管机关披露关于他们的任何信息。\n\n反洗钱合规人员\n\n董事会已根据相关且适用的《反洗钱条例》（Anti-Money Laundering Regulations）任命了一名反洗钱合规官、一名洗钱报告官和一名副洗钱报告官。\n\n投资邀请限制\n\n加拿大\n\nA类股份（Class A Shares）在加拿大仅可出售给以委托人身份购买或被视为以委托人身份购买的购买人，且该购买人须为加拿大国家法规 45-106《招股说明书豁免》（National Instrument 45-106 – Prospectus Exemptions）或《证券法（安大略省）》（Securities Act (Ontario)）第 73.3(1) 小节所定义的合资格投资者（accredited investors），并且须为加拿大国家法规 31-103《登记要求、豁免及登记人持续义务》（National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations）所定义的获许可客户（permitted clients）。A类股份的任何转售均必须依据适用加拿大证券法的招股说明书要求之豁免进行，或在不受该等招股说明书要求约束的交易中进行。\n\n如果本备忘录（包括对其进行的任何修订）包含不实陈述，加拿大某些省或地区的证券立法可能会为购买人提供撤销或损害赔偿的补救措施，前提是该等撤销或损害赔偿的补救措施须由购买人在其所在省或地区的证券立法所规定的期限内行使。购买人应查阅其所在省或地区证券立法的任何适用规定以了解这些权利的具体细节，或咨询法律顾问。\n\n开曼群岛\n\n不得向开曼群岛公众发出认购基金参与股份（Participating Shares）的邀请，除非该等参与股份已在开曼群岛证券交易所（Cayman Islands Stock Exchange）上市。\n\n欧洲联盟\n\n基金的权益（Interests）仅可根据欧洲经济区（European Economic Area）成员国实施第 2011/61/EU 号指令（即《另类投资基金经理指令》，the \"AIFM Directive\"）的当地立法（例如备忘录或相关材料规定基金已在该成员国的国家私募配售机制下注册的情形），或通常在成员国当地立法允许的情形下（例如由专业或成熟投资者主动接洽的情形，通称“反向推销/reverse solicitation”），向专业投资者发售。关于在欧洲经济区发售权益，该等权益不得且无意向被归类为零售客户（如第 2014/65/EU 号指令《金融工具市场指令II》，\"MiFID II\" 所定义）的个人或“客户”（如第 2002/92/EC 号指令所定义，且该客户未被归类为 MiFID II 所定义的“专业客户”）发售或提供。\n\n马恩岛\n\n不得向马恩岛（Isle of Man）的公众或居民个人发出认购基金权益的邀请。基金权益可向居住在马恩岛的机构投资者发售。\n\n日本\n\nA类股份尚未且将不会根据《日本金融商品交易法》（Financial Instruments and Exchange Act of Japan，1948 年第 25 号法案及其修订案，简称“FIEA”）进行登记，因此，A类股份不得直接或间接在日本境内、或向任何日本人士（Japanese Person）或为了其利益发售或出售，亦不得直接或间接在日本境内或向任何日本人士转售或转让给他人以进行再次发售，但依据 FIEA 的登记要求豁免，并在其他方面遵守由日本相关政府和监管部门颁布且在相关时间有效的所有适用法律、法规及准则的情况除外。就本段而言，“日本人士”系指居住在日本的任何人，包括根据日本法律组建的任何公司或其他实体。\n\n泽西岛\n\n不得向泽西岛（Jersey）的公众或居民个人发出认购基金权益的邀请。基金权益可向选定数量的居住在泽西岛的机构投资者和成熟个人投资者发售。\n\n美利坚合众国\n\n该等权益未根据任何美国证券法进行登记，且除不违反美国证券法的交易外，不得直接或间接在美国境内、或其任何领地、属地或受其管辖的区域内，或向美国人士（US person）或为了其利益发售或出售。\n\n英国\n\n基金不是英国《2000年金融服务与市场法》（Financial Services and Markets Act 2000）项下获认可的集合投资计划，因此，不得通过本备忘录在英国境内发售或出售权益，但向根据该等法律获准开展投资业务的人士、通常业务涉及收购或处置与基金类似投资的人士，以及根据相关法律另行获准接收本备忘录的人士发售或出售除外。\n\n数据保护——隐私声明\n\n本通知的法定依据是满足开曼群岛于 2019 年 9 月 30 日生效的《2017年数据保护法》（Data Protection Law, 2017，简称“DPL”）所要求的标准并确保遵守其规定。本隐私声明告知基金投资者：通过其对基金的投资，他们将向基金提供构成 DPL 含义内的个人数据（“个人数据/personal data”）的某些个人信息。基金仅在合理需要的范围内以及在正常业务过程中可合理预期的范围内收集、使用、披露、保留和保护个人数据。基金仅在为持续开展基金活动或遵守基金所受法律及监管义务而正当需要的范围内处理、披露、传输或保留个人数据。基金仅按照 DPL 的要求传输个人数据，并将采取适当的技术和组织信息安全措施，旨在防止对个人数据进行未经授权或非法的处理，并防止个人数据意外丢失、毁损或损坏。在基金使用该个人数据的过程中，就 DPL 而言，基金将被界定为“数据控制者”（data controller），而我们在开展活动过程中可能从我们处接收该个人数据的关联方及服务提供商，就 DPL 而言既可充当我们的“数据处理者”（data processors），亦可出于其自身与向基金提供服务相关的合法目的处理个人信息。\n\n如果您是自然人，这将直接影响到您。如果您是机构投资者（就此目的而言，包括信托或豁免有限合伙等法律安排），因与您对基金投资相关的任何原因而向我们提供与您有关联的个人的个人数据，这将与该等个人相关，您应当将本内容告知该等个人。\n\n根据 DPL，必须告知个人处理其个人数据的目的，本隐私声明履行了基金在这方面的义务。在某些情况下，个人在 DPL 项下享有权利。这些权利可包括请求查阅其个人数据的权利、请求更正或修正个人数据的权利、请求停止或限制处理个人数据的权利，以及要求基金停止为直接营销目的处理个人数据的权利。\n\n如果您认为您的个人数据未得到正确处理，或者您对本基金就您提出的有关使用您个人数据的任何请求所作出的答复不满意，您有权向Cayman Islands' Ombudsman（开曼群岛监察员公署）投诉。可通过电子邮件 info@ombudsman.ky 与监察员公署取得联系。\n\n认购文件\n\nA类股份\nHimalaya Digital Assets Fund SP\n\nHamilton Opportunity Fund SPC之独立投资组合\n\n本基金 Hamilton Opportunity Fund SPC 之独立投资组合，系一家根据开曼群岛《Mutual Funds Law (Revised)》（《共同基金法（修订版）》）第 4(3) 条作为基金运营的开曼群岛独立投资组合公司。\n\n投资管理人\n\nHamilton Investment Management Ltd\n\n投资顾问\n\nIvy Capital Advisors Limited\n\n投资程序\n\n- 1. 在认购 Hamilton Opportunity Fund SPC（下称「本基金」）的股份（定义见招股备忘录）之前，请完整阅读本基金的招股备忘录（下称「《招股备忘录》」）以及本文件。\n- 2. 拟投资者须完成下列两个步骤，以便基金行政管理人处理其认购：\n\t- o 在本基金的控制面板上填写、进行数字签名并提交「了解你的客户」（下称「KYC」）申请，包括上传所需的补充文件。填写完毕的「KYC 申请」将作为投资者补充文件附于本认购协议之后。投资者补充文件将包含以下方面的信息：投资者基本资料、投资者资格以及反洗钱与反恐合规部分。\n\t- o 填写、进行数字签名并提交本认购协议。\n\t- o 基金行政管理人为：\n\nNAV Fund Administration Group，NAV Consulting | NAV Cayman | NAV Backoffice，5th Floor Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1202, CAYMAN ISLANDS，电话：1.630.954.1919，电话：1.345.946.5006，传真：1.630.596.8555，传真：1.345.946.5007，传真：1.630.954.2881，Transfer.agency@navconsulting.net\n\n- 3. 通过控制面板提交本文件，即表示您同意将所有随附和附加的信息及文件传送给行政管理人。\n- 4. 股份款项应通过电汇方式支付，电汇付款指引将在签署本认购文件后通过电子邮件发送。\n- 5. 本基金有权接受或拒绝（全部或部分）任何认购协议及/或购买股份的申请。\n- 6. 如果收到的认购款项币种非本基金的基础货币，则由投资管理人安排兑换为本基金的基础货币，风险和费用由您自行承担。此外，因电汇而产生及与之相关的任何银行手续费或费用均将从认购款中扣除，净额将被视为投资于股份的金额。\n\t- o 法定货币认购\n\n认购人承诺通过电子转账方式全额汇出扣除银行费用后的认购款项，以确保在初始发售期的最后一个工作日下午 5:00 之前，或在相关认购日之前的一个工作日下午 5:00（英国伦敦时间）之前（视情况而定），已结算的资金汇入本基金的银行账户。\n\n- 7. 付款详情将在签署本协议后发送给潜在投资者。\n- 8. 如果您对认购流程及付款相关的程序有任何疑问，请联系本基金或行政管理人。\n- 9. 认购协议连同任何证明文件，最迟须在相关认购日之前最后一个工作日的营业结束时间前送达（视情况而定）。\n\n认购协议\n\nHamilton Opportunity Fund SPC\n\nMcGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446 Grand Cayman KY1-1106, Cayman Islands\n\n事由：股份申请\n\n敬启者：\n\n下述签署人（下称「拟投资者」）特此申请成为 Hamilton Opportunity Fund SPC（本基金 Hamilton Opportunity Fund SPC 之独立投资组合，一家根据开曼群岛《Mutual Funds Law (Revised)》第 4(3) 条作为基金运营的开曼群岛独立投资组合公司）的股东（下称「股东」），并根据本认购文件、《招股备忘录》以及本基金的公司组织章程大纲及细则（下称「《公司章程》」）（统称「基金文件」，各项文件均可能不时修订）中载明的条款和条件，认购本基金的 A 类股份或参与股份（下称「股份」）。本文件中使用但未作定义的首字母大写术语，应具有《公司章程》中赋予它们的含义。\n\n据此，拟投资者同意如下：\n\n1. 股份认购\n股份类别：A 类 _________________________\n_____ 个人所有\n_____ 信托\n_____ 有限合伙\n_____ 有限责任公司\n投资者类型：X _____ 公司\n_____ 个人退休账户 (IRA)\n_____ 共同共有（按份共有）\n_____ 联名共有（享有生存者继承权）\n其他（请注明）_________________________\n投资者全称：Sonar Advisers Inc. _________________________\n认购金额：USD1,000,000.00 _________________________\n银行名称：The Reserve Trust Company\n电汇指引：银行地址：5600 S. Quebec St. Suite 205D Greenwood Village, CO 80111\n银行 ABA/路由代号：[已遮蔽]\n收款人姓名/名称：Medici Bank International\n\n收款人地址：1250 Ponce de Leon AVE. Suite 301 San Juan, PR 00907\n收款人账号：[已遮蔽]\n附言/备注（必填）：FFC MBI [已遮蔽] Hamilton Opportunity Fund SPC\n认购人开户行名称：Mizuho Bank Ltd.（瑞穗银行有限公司）\n投资者电汇指引：SWIFT 或 ABA 号码：[已遮蔽]\n认购人账户名：Sonar Advisers Inc.\n认购人账号：[已遮蔽]\n\n进一步转付指引：备案电汇指引：请注意，根据当前的反洗钱监管环境和行业最佳实践，赎回款项将仅支付至用于支付认购款的银行账户，该账户应在下方注明并被认证为投资者的备案银行账户。银行账户的户名必须与本认购的名称一致。如果不一致，必须立即将不符之处及其原因通知过户登记及转让代理人以及管理人。过户登记及转让代理人和/或管理人可在任何时候拒绝付款资金来源非备案银行账户或户名与认购不符的任何认购，无论该等款项是提前收到还是符合付款截止时间的要求。\n\n- A. 拟投资者同意根据并受制于基金文件的条款和条件成为本基金的股东，并据此认购并同意按照《招股备忘录》中载明的每股认购价格，就按下文载明的认购金额所能获得的股份数量（包括不足一股的零碎股份）进行投资。\n- B. 认购股份的已结算款项必须在《招股备忘录》规定的认购截止日期之前收到。在符合任何法律或监管限制的前提下，拟投资者的付款（下称「付款」）将由本基金（或其受托代理人）以信托方式存放在一个独立的无息账户中。\n- C. 最低首次认购额为 USD100,000.00，本基金董事会（下称「董事会」）有权自行决定接受较低的金额。\n- D. 追加股份的最低认购金额为 USD10,000.00。\n- E. 投资者可通过控制面板填写追加认购表格，或亲笔填写追加认购表格的电子副本并将扫描件通过电子邮件发送给本基金或行政管理人，以认购追加股份。\n- F. 拟投资者理解并同意，本基金保留在接受认购之前的任何时候，出于任何原因或无任何原因，全部或部分拒绝此股份认购的权利。如果认购被全部拒绝，付款将退还给拟投资者，且本认购协议不具有任何效力。本基金对本认购的接受，应以将拟投资者的姓名/名称载入本基金的名册为准，届时拟投资者应成为本基金的股东，并应受基金文件的条款和条件约束。\n\n2. 认购人信息：\n签名：由以下人员电子签署：\n\nKentaro Azuma（东健太郎）\n________________________________________________\n认购人主要实际（街道）地址：日本东京都千代田区纪尾井町4-1-19F\n\n________________________________________________\n电子邮件地址：doi@sonaradvisers.com\n________________________________________________\n电话号码：+81-3-6380-8199\n________________________________________________\n出生日期：________________________________________________\n出生国家：________________________________________________\n国籍国：________________________________________________\n设立日期：2010年10月20日\n________________________________________________\n设立国家：日本\n________________________________________________\n\n我确认，通过认购这些股份，我本人是，或者我是\n\n请勾选：\n\nx\n\n代表合格投资者进行投资，且净资产至少为 $1,000,000（不包括主要居所的价值），或者在过去两年中每年的收入至少为 $200,000（如已婚，则合计收入为 $300,000），并预期今年将获得相同金额的收入。\n\n3. 拟投资者的陈述与承诺\n\n- A. 拟投资者陈述并保证：(i) 其系能够在不违反任何国家、监管机构或政府主管机关的法律或要求的情况下认购并持有股份的主体（“合格投资者”，即 Eligible Investor）；以及 (ii) 其并非代表任何非合格投资者的利益或为其利益行事，亦无意向任何非合格投资者转让其不时可能持有的任何股份。拟投资者同意，若其获悉自身或其代为持有股份的任何主体已不再是合格投资者，其将立即通知基金。\n\n- B. 拟投资者陈述并保证，就经修订的《1933年美国证券法》（United States Securities Act, 1933）而言，其不属于美国人（U.S. Person），且认购股份的所有要约均是在拟投资者身处美国境外时向拟投资者发出或由拟投资者发出的，并且拟投资者认购股份的请求亦是在拟投资者身处美国境外时提出的。拟投资者同意，若其成为美国人或不再是非美国主体，或者获悉其代为持有股份的任何主体已成为美国人或不再是非美国主体，将立即通知基金。拟投资者：(i) 承诺除经基金同意外，不会向任何美国人转售、重新发售或转让任何股份或其中的任何权益；(ii) 确认重新发售、转售或对股份的任何转让仅可在遵守适用证券法且事先获得基金授权的情况下进行，基金可自行决定拒绝向任何主体发行股份或将股份登记在任何主体名下；以及 (iii) 理解股份的转让仅可在基金的名册上生效，并确认股份仅可转让给发售备忘录（Offering Memorandum）中所述的属于合格投资者的投资者。拟投资者理解，基金可根据基金文件强制赎回或购回股东全部或任何部分的股份。\n\n- C. 拟投资者已收到、仔细阅读并理解基金文件，包括发售备忘录中概述基金投资目标和策略等内容的相关章节。拟投资者确认其已独立作出投资于基金的决定，且在作出认购股份的决定时，拟投资者仅依赖于基金文件以及拟投资者所作的任何独立调查。在投资于基金所涉及的法律、税务及其他经济考量方面，除拟投资者自身的顾问外，拟投资者并未依赖基金、基金董事会、管理人或任何其他个人或实体。\n\n- D. 拟投资者确认，其未曾作为开曼群岛（Cayman Islands）的公众成员受到认购股份的邀请。\n\n- E. 拟投资者确认，其并非由于或根据以下情形而认购股份：(i) 在任何报纸、杂志或类似媒体（包括有关基金的信息未受密码保护的任何互联网站点）上发布的或通过电视或广播播放的任何广告、文章、通知或其他通信；或 (ii) 任何研讨会或会议，\n\n其参会人员（包括拟投资者）是因上述任何情形或根据上述任何情形而受到邀请的。\n\n- F. 拟投资者确认，其将收到或有权访问有关基金的保密专有信息，包括但不限于投资组合持仓、估值、有关潜在投资的信息、财务信息、商业秘密等（统称“保密信息”），该等信息具有专有性质且属非公开。拟投资者同意，除与对基金的投资有关以及任何监管机构、法律或法规、或法律程序另有要求外，其不得向任何主体披露或促使披露任何保密信息，亦不得为自身目的或自身账户使用任何保密信息。拟投资者将在合理可行的范围内尽快将任何此类披露要求通知基金（包括其认为该等信息被要求披露的依据），除非适用法律、相关中央银行或任何政府、监管或税务机关另行禁止该等通知。此外，除拟投资者的专业顾问或经基金指示或授权外，拟投资者未曾为任何其他主体复制、复印或向任何其他主体送交基金文件或本认购协议（Subscription Agreement）。尽管有前述规定，拟投资者（以及拟投资者的每位雇员、代表或其他代理人）可向任何及所有主体无限制地披露：(i) 基金；以及 (ii) 其任何交易的税务处理及税务结构，以及向拟投资者提供的与该等税务处理和税务结构相关的任何形式的所有材料（包括意见书或其他税务分析）。\n\n- G. 拟投资者已在其认为必要的范围内，就对基金进行投资的妥当性与适宜性咨询了适当的专业顾问。拟投资者对拟投资者本国（或各国）及任何其他相关国家（或各国）关于对基金进行投资的法律、税务及监管要求已充分知悉。\n\n- H. 拟投资者系为自身账户获取股份，仅出于投资目的，而非旨在分销或全部或部分转售股份。\n\n- I. 拟投资者理解：(i) 没有任何政府机构对股份进行过审查，亦未就本项投资的公平性作出任何认定或决定；以及 (ii) 基金、董事会、管理人及投资经理在确定拟投资者作为股份认购人的适格性以及基金对各项证券法的合规性时，将信赖拟投资者在本认购协议中作出的陈述、保证、协议、承诺及确认，且该等内容在拟投资者成为基金股东后应继续有效。\n\n- J. 拟投资者拥有获取和持有股份以及签署、交付并遵守拟投资者就认购股份所需签署和交付的各项法律文书（包括本认购协议）条款的全部必要权力、授权和能力，且该等签署、交付及遵守不与管辖拟投资者的任何法律文书、任何法律、法规或命令，\n\n或拟投资者作为一方当事人或拟投资者可能受其约束的任何协议相抵触，亦不构成上述各项之下的违约。若拟投资者为实体，则代表拟投资者签署并交付上述各项法律文书的人员拥有签署和交付该等法律文书的全部必要权力、授权和能力，并将在基金、管理人或投资经理要求时，向基金提供管辖拟投资者的任何法律文书（包括对其的所有修订）的真实准确副本。\n\n- K. 拟投资者向基金、行政管理人或投资经理提供的关于拟投资者自身、拟投资者身份、财务状况以及关于财务、税务和商业事务之知识与经验的所有信息，或者，在拟投资者为实体的情况下，代表该实体作出投资决策之人关于财务、税务和商业事务的知识与经验，截至本协议签署之日均属真实、准确且完整。\n\n- L. 拟投资者理解，其股份价值及其赎回以及基金的业绩表现，可能基于基金投资的未经审计的估值，且在某些情况下可能基于预估估值；并且拟投资者账户对账单中提供的估值可能是未经审计的预估价值。\n\n- M. 拟投资者理解并同意，尽管基金、投资经理和行政管理人将尽其合理努力对就本 Subscription Agreement（认购协议）所作回答中提供的信息严格保密，但基金、投资经理和行政管理人可向其认为必要或明智的当事方（例如关联方、律师、审计师、行政管理人、经纪人及监管机构）出示本认购协议及在回答中所提供的信息，以便利受理和管理拟投资者对股份的认购，包括但不限于与反洗钱及类似法律相关的事项；若被要求确立在任何适用法律项下豁免股份登记的适用性；基金、投资经理、行政管理人和/或其任何关联方遵守适用法律及任何相关豁免的情况；或者其内容与基金、投资经理、行政管理人和/或其任何关联方作为当事方或受其约束（或可能受其约束）的任何诉讼、起诉或法律程序中的任何争议点相关。如果拟投资者指示，或法律强制要求，或与任何政府或自律组织的请求或调查相关，基金亦可披露拟投资者的信息。基金力求审慎保护投资者的私人信息，为此，基金将非公开个人信息的访问权限限制在为使基金能够向其投资者提供服务而确有必要知悉该等信息的雇员及其他人员范围内。基金维持物理、电子和程序上的防护措施以保护投资者的非公开信息。\n\n- N. 拟投资者理解并同意，支付给其的任何赎回款项将支付至最初汇出拟投资者投资该基金认购款项的同一账户，除非基金另行同意。\n\n- O. 拟投资者确认并理解，在相关锁定期（如有）过后，除根据 Memorandum（组织章程大纲）和 Articles（组织章程细则）的条款赎回股份外，其在基金中的投资不得撤回；且自收到任何股份赎回申请的相关赎回日起，拟投资者应（除下文规定外）不再享有与该等股份相关的任何权利，因此，其姓名/名称将就此从基金的 Register of Members（股东名册）中予以除名。拟投资者理解并同意，尽管在确定赎回价格和/或支付赎回款项期间，其姓名/名称可能仍保留在基金股东名册上，但自该赎回日起（如果拟投资者要求在任何特定赎回日赎回其全部或任何部分股份），其将：(i) 就赎回价格而言被视为基金的债权人（而非基金的股东），并在基金清算时享有相应的受偿顺序；以及 (ii) 就被赎回的股份而言不再享有作为基金股东的权利，但有权根据组织章程细则收取赎回价格，并有权收取在该赎回日之前就该等股份已宣布派发的任何股息，尤其是无权召集、接收通知、出席或在基金的任何会议上表决。\n\n- P. 拟投资者确认并理解，如果寻求赎回其股份的基金股东未能或延迟出具有关核实目的所需的任何信息，赎回款项的支付可能会被延迟，基金、行政管理人或投资经理（或其任何代表或代理人）均不对拟投资者因延迟支付赎回款项而遭受的任何损失承担责任。\n\n- Q. 拟投资者同意并承诺，其不得采取任何行动，根据任何司法管辖区（国内或国外）关于破产、资不抵债、重组、破产程序性质的安排、调整、清算、变结、解散、和解或针对基金或基金债务的类似救济的现行或未来法律，针对基金或基金债务提出申请或启动任何案件、法律程序、方案或其他行动，除非且直至基金对该投资者负有立即到期应付的债务。\n\n4. 反洗钱\n\n- A. 拟投资者确认，为遵守旨在防止洗钱和恐怖主义的措施，基金和/或其任何代表或代理人可能在本申请得到处理之前，要求核实拟投资者的身份及拟投资者认购款项的来源。拟投资者承诺提供：(i) 基金和/或其任何代表或代理人为依据适用反洗钱法律法规核实其身份而可能要求的该等信息和文件；以及 (ii) 基金和/或其任何代表或代理人可能不时要求的任何进一步信息和文件，以确保持续遵守适用法律法规。\n\n- B. 拟投资者确认，若拟投资者延迟或未能出具核实目的所需的任何信息，本申请可能会被拒绝，或在处理本申请时可能出现延迟。拟投资者进一步确认，如果拟投资者未提供所要求的该等信息和文件，基金或其任何代表或代理人均不对因未能处理拟投资者的股份认购申请而产生的任何损失承担责任。拟投资者同意赔偿基金及其代表和代理人，并使其免受因拟投资者未能提供所要求的该等信息和文件而导致的任何损失。\n\n- C. 拟投资者声明并保证，其自身以及控制拟投资者、受拟投资者控制或与拟投资者受共同控制的任何个人或实体，均未直接或间接地：(i) 违反任何适用法律法规，包括反洗钱法规或公约；(ii) 代表恐怖分子或恐怖组织行事，包括被列入 U.S. Treasury Department's Office of Foreign Assets Control（美国财政部海外资产控制办公室，简称 OFAC）维护的 List of Specially Designated Nationals and Blocked Persons（特别指定国民和被封锁人员清单）中的个人或实体，或被列入 United Nations（联合国）（无论是通过安全理事会还是其他方式）发布的禁止、限制或不鼓励与其指定人员进行交易的任何清单或决议中的个人或实体（该等清单可能不时修订）；(iii) 代表外国高级政界人物、外国高级政界人物的任何直系亲属或外国高级政界人物的任何关系密切人员行事，除非董事在收到拟投资者的具体书面通知确认其属于该等人员后，进行了进一步的尽职调查并认定应允许拟投资者投资于基金；或 (iv) 作为外国空壳银行的受托人、代理人、代表或指定人行事（上述 (i) 至 (iv) 项中的每一类人员统称为“Prohibited Person（禁止人员）”）。\n\n- D. 拟投资者声明并保证，在拟投资者拥有任何受益所有人的范围内，其已开展尽职调查以确定该等受益所有人的身份，并且根据其持有的关于该等受益所有人身份的证据，拟投资者合理确信不存在属于禁止人员的该等受益所有人。\n\n- E. 拟投资者同意，在拟投资者拥有任何受益所有人的范围内：(i) 其自拟投资者从基金完全赎回之日起，将该等受益所有人的身份证明文件保留至少五年；以及 (ii) 其将根据适用法规，应要求提供基金可能需要的该等证据及任何补充证据。\n\n- F. 拟投资者确认，如果本条中的任何声明、保证或协议不再属实，或者基金不再合理确信其拥有关于其真实性的充分证据，基金可能有义务就拟投资者持有的股份采取某些行动。该等行动可能包括向 OFAC 或其他主管机关披露拟投资者的身份。拟投资者确认并同意，如果基金被要求采取任何该等行动，拟投资者不得因任何该等行动而向基金索赔任何形式的损害赔偿。\n\n- G. 拟投资者确认，根据 Proceeds of Criminal Conduct Law of the Cayman Islands（开曼群岛《犯罪所得法》），如果开曼群岛居民知悉或怀疑向基金支付的款项（通过认购或其他方式）属于犯罪所得，该人员必须向报告机关报告其知悉或怀疑的情况。拟投资者确认，任何该等报告均不应被视为违反法律或其他方式施加的关于信息披露的任何限制。\n\n- H. 若本申请系作为受托人、托管人、指定人或以其他方式代表另一人或多名人员（每一该等人员称为“underlying investor（底层投资者）”）提出，拟投资者 (i) 声明并保证：(a) 其已对代表其持有股份的每位底层投资者进行了合理核查，并取得了关于其身份的充分证据，以使其确信底层投资者的身份或底层投资者的最终受益所有人的身份（视情况而定），以及用于认购股份的资金来源的出处与合法性；以及 (b) 其已在其他方面遵守在要约或分销该等股份的司法管辖区适用的反洗钱程序相关的法律法规；并且 (ii) 同意向基金和/或其任何代表或代理人和/或任何有管辖权的监管机构披露其所持有的与底层投资者相关的所有相关文件和信息，并且如被要求，同意就该等披露取得底层投资者的同意。\n\n- I. 出于反洗钱目的，请具体说明：\n\n（请根据适用于投资者的情况填写本节）\n\n用于本次投资的资金／财富／收入来源：\n\n__________________________________________________\n\n__________________________________________________\n\n__________________________________________________\n\n__________________________________________________\n\n__________________________________________________\n\n投资者的职业：\n\n适用于\n\n个人\n\n投资者：\n\n投资目的：\n\n预期交易频率：\n\n用于本次投资的资金／财富／收入来源：__________________________________________________ 本金及投资者资金，该资金系\n\n__________________________________________________ 通过许可活动积累\n\n__________________________________________________ 通过积累\n\n适用于实体投资者：投资者的业务性质：__________________________________________________ 投资顾问\n\n投资目的：\n\n__________________________________________________ 资本增值\n\n预期交易频率：\n\n__________________________________________________ 每年一次或更少\n\n受托人或 IRA（个人退休账户）保管人姓名／名称：___________________________\n\n若为 IRA 投资者，受托人或保管人的 EIN（雇主身份识别号）：___________________________ 受托人或保管人的对账单副本寄送地址：\n\n__________________________________________________________\n\n__________________________________________________________\n\n请\n\n提供：\n\n5. 一般条款\n\n- A. 拟投资者特此确认，Investment Manager（投资管理人）、Administrator（行政管理人）以及 Fund（基金）的每位董事和高级职员均有权按照基金文件的规定，从基金资产中获得赔偿（针对本认购协议中规定的所有赔偿保证）。\n\n- B. 本认购协议：(i) 对拟投资者以及拟投资者的继承人、法定代理人、承继人和获许可的受让人具有约束力，并应符合基金及其承继人和受让人的利益；(ii) 应受 Cayman Islands（开曼群岛）法律管辖，并依其解释和执行；(iii) 在拟投资者被接纳为基金股东后继续有效；并且 (iv) 若拟投资者由一人以上组成，则应为该等各人的连带责任。\n\n- C. 拟投资者特此不可撤销地同意，针对本认购协议或基金以及与此相关的任何或所有交易所提起的任何诉讼、起诉或法律程序，均可在开曼群岛法院提起。拟投资者特此不可撤销地：(i) 就任何此类诉讼、起诉或法律程序服从该等法院的管辖权，并同意且赞同可按照开曼群岛法律的规定，在向任何前述法院提起的任何此类\n\n诉讼、起诉或法律程序中向拟投资者送达法律文书，且不得声称任何此类诉讼、起诉或法律程序是在不便管辖法院提起的；以及 (ii) 同意在任何此类诉讼、起诉或法律程序中，通过挂号信或保价信（要求回执）将法律文书副本邮寄至基金记录中当时显示的拟投资者地址，从而完成任何前述法院发出的法律文书送达。本协议所载的任何内容均不影响基金在任何其他管辖区对拟投资者提起任何起诉、诉讼或法律程序或以其他方式对拟投资者采取行动的权利，亦不影响基金在任何相关管辖区以任何适用法律所允许的任何方式向拟投资者送达法律文书的权利。\n\n- D. 若本认购协议的任何条款根据任何适用法律被认定为无效或不可执行，则该条款在其可能与适用法律相抵触的范围内应被视为不生效，并应被视为已修改以符合该适用法律。根据任何适用法律可能被认定为无效或不可执行的本协议任何条款，均不应影响本协议任何其他条款的有效性或可执行性，且在此范围内，本协议的各项条款应是可分割的。\n\n- E. 若发现根据本认购协议提供的任何回答或要求的背景证明文件存在虚假、伪造或误导性，拟投资者理解基金可根据基金文件的规定强制赎回或回购该拟投资者持有的股份。\n\n6. 本认购协议中提供的信息\n\n- A. 拟投资者声明并保证，本协议中提供的信息在所有方面均真实、准确且完整，可供基金和／或其任何受托人和代理人信赖。\n\n- B. 拟投资者同意，若本协议中提供的任何信息发生任何变动，或本协议中的任何保证、声明或陈述在任何方面不再准确和完整，应立即通知基金。\n\n- C. 拟投资者同意，若被要求，将提供基金和／或其任何受托人或代理人在拟投资者持有股份方面可能合理要求的证明、文件或其他证据，包括用以证实本协议中所载保证、声明或陈述的证据。\n\n- D. 拟投资者同意，若其向基金提供以任何方式具有误导性的信息或文件，或未能向基金、其受托人或代理人提供任何被要求的信息或文件，或以其他方式采取任何直接或间接导致基金遭受任何责任、费用、开支、税款、代扣或扣除的行动，基金可从任何赎回款项或分红中暂扣并保留足以清偿任何此类责任、费用、开支、税款、代扣或扣除的金额。\n\n7. FATCA/CRS（海外账户税收合规法案／通用报告准则）\n\nA. 就本条款而言，“FATCA/CRS”系指：(i) 《United States Internal Revenue Code of 1986》（1986年美国国内税收法典）第 1471 至 1474 条、由 Organisation for Economic Co-operation and Development（经济合作与发展组织）制定的《金融账户涉税信息自动交换标准》（各项均经不时修订），以及任何相关立法、法规或指引，或\n\n在任何管辖区颁布的旨在实施类似税务申报与预扣税制度及通用报告标准的类似立法、法规或指引；(ii) 开曼群岛（或任何开曼群岛政府机构）与 United States（美国）或任何其他管辖区（包括该管辖区内的任何政府机构）之间为了遵守、促进、补充或实施上文第 (i) 项所述的立法、法规或指引而订立的任何政府间协议、通用报告标准、条约、法规、指引或任何其他协议（包括但不限于：(a) 开曼群岛政府与美利坚合众国政府于 2013 年 11 月 29 日签署的《关于提高国际税收合规性及实施 FATCA 的协定》；以及 (b) 开曼群岛政府于 2014 年 10 月 29 日签署的《关于金融账户涉税信息自动交换的多边主管当局间协议》，各项均经不时修订）；以及 (iii) 在开曼群岛使上述第 (i) 项和第 (ii) 项所述事项生效的任何立法、法规或指引，包括但不限于经修订的《Tax Information Authority Law (2017 Revision)》（2017年修订版税务信息主管当局法）、经修订的《Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014》（2014年税务信息主管当局（国际税收合规）（美利坚合众国）规例）、经修订的《Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015》（2015年税务信息主管当局（国际税收合规）（通用报告标准）规例），以及关于以下事项的指引说明：(i) 《开曼群岛与美利坚合众国政府间协定的国际税收合规要求》，或 (ii) 《税务事项中金融账户涉税信息自动交换的通用报告标准》，或根据其颁布的其他指引。\n\n- B. “FATCA/CRS 责任”（FATCA/CRS Liabilities）系指由基金、投资管理人、行政管理人或前述任何主体的任何代理人、受托人、雇员、董事、高级管理人员或关联方因 FATCA/CRS、由 FATCA/CRS 引起或与 FATCA/CRS 相关而发生的任何预提款项（包括但不限于美国预提所得税）、费用、债务、开支、罚款、义务、损失或责任（包括但不限于所有费用、律师费、专业顾问费及其他成本）。\n\n- C. 为遵守 FATCA/CRS，基金、投资管理人、行政管理人或前述任何主体的任何代理人、受托人、雇员、董事、高级管理人员或关联方（统称“相关人士”）有权向开曼群岛政府（及其任何部门、部委、机构和代表，包括但不限于 Cayman Islands Tax Information Authority（开曼群岛税务信息局））或关于 FATCA/CRS 的任何其他国家或政府部门或税务或其他主管机关（统称“相关主管机关”）发布并披露其或其代理人或受托人所持有的关于拟投资人（就本条款而言应包括股东及已不再担任股东的人士）的任何信息，包括但不限于财务信息、关于拟投资人在本基金中投资的信息，以及与该拟投资人的任何股东、主要负责人、合伙人、（直接或间接）受益所有人或（直接或间接）控制人相关的任何信息。\n\n- D. 拟投资人通过成为投资人，确认并同意：\n\n- I. 任何相关人士均可向任何相关主管机关披露拟投资人的身份及与拟投资人相关的信息（包括但不限于上述 (b) 项中指明的任何信息），以遵守 FATCA/CRS 及/或避免产生任何 FATCA/CRS 责任；\n\n- II. 拟投资人应采取任何行动并提供任何信息和文件，凡任何相关人士为使本基金 (A) 加入、维持或以其他方式遵守 FATCA/CRS，或 (B) 遵守 FATCA/CRS 项下的任何尽职调查、报告、预提或其他要求而所需者；\n\n- III. 本基金可行使所有可用的权利和救济，以确保所有 FATCA/CRS 责任在经济上均由相关拟投资人承担，该拟投资人的身份状态、作为或不作为导致或可能导致该等预提或违规（在每种情况下均直接或间接产生，包括凭借与该拟投资人相关或关联的任何人士的身份状态、作为或不作为而产生，包括但不限于该拟投资人的直接或间接股东、主要负责人、合伙人、（直接或间接）受益所有人或（直接或间接）控制人）；以及\n\n- IV. 若发生任何情势变更导致根据本认购协议提供或以其他方式就 FATCA/CRS 向任何相关人士提供的信息失实，拟投资人应立即通知本基金。\n\n- E. 拟投资人确认并同意，若 (i) 其未提供所要求的信息或文件，或其自身未遵守 FATCA/CRS 的适用要求，无论该情况是否实际导致本基金未能合规，或 (ii) 董事会经自行酌情裁量认定存在 FATCA/CRS 责任的风险，则董事会保留采取任何行动并寻求其可采取的一切救济的权利（包括但不限于按拟投资人股份的资产净值等额金额立即对拟投资人实施强制赎回或使其退出本基金、对拟投资人的股份进行强制转让、重新指定或转换、向拟投资人分摊相关的 FATCA/CRS 责任，以及从拟投资人的任何账户、应付拟投资人的分配款或其他应付款项中扣除该等分摊金额）。\n\n- F. 拟投资人应就因拟投资人未能及时遵守 FATCA/CRS 及其在本条款项下的义务（直接或间接未能遵守，包括凭借与该拟投资人相关或关联的任何人士的身份状态、作为或不作为而未能遵守，包括但不限于该拟投资人的直接或间接股东、主要负责人、合伙人、（直接或间接）受益所有人或（直接或间接）控制人）而产生的任何 FATCA/CRS 责任向每位相关人士作出赔偿，该等赔偿应在适用法律允许的最大范围内进行。拟投资人的赔偿义务在交割日后继续有效，并应在以下情况下继续存续：(i) 拟投资人系股东，且该股东已申请赎回但尚未收到赎回款项，无论赎回日是否已届满；以及 (ii) 拟投资人已赎回并已收到赎回款项。\n\n- G. 为 FATCA/CRS 之目的，拟投资人应被要求进行自我证明并填写必要的自我证明表格，及/或提供任何相关人士可能不时要求的其他文件。\n\n- H. 在拟投资人受到本基金或代表本基金为遵守 FATCA/CRS 而采取的任何行动或寻求的救济影响的范围内，拟投资人无权因该等行动或救济而向任何相关人士或任何其他拟投资人或股东，或前述任何主体的任何代理人、受托人、雇员或董事、高级管理人员或关联方主张任何形式的损害赔偿或法律责任，且拟投资人应被视为已在适用法律允许的最大范围内同意采取该等行动或行使该等救济，并放弃就此享有的任何及所有权利或主张。\n\n- I. 本条款在本协议终止后继续有效，且为免生疑问，在拟投资人不再担任本公司股东后仍应继续有效。\n\n8. THE CONTRACTS (RIGHTS OF THIRD PARTIES) LAW, 2014（2014年《合同（第三方权利）法》）项下的权利\n\n- A. 根据 The Contracts (Rights of Third Parties) Law 2014（2014年《合同（第三方权利）法》）第 4 条，本认购协议第 4(a) 条中指明的获赔偿各方（已作为本认购协议当事方的本基金除外）有权在任何时候强制执行本认购协议第 4(a) 条项下的所有权利和利益，犹如其为本认购协议的当事方一样。\n\n- B. 本认购协议第 4(a) 条中的获赔偿各方（已作为本认购协议当事方的本基金除外）未经本基金事先书面同意，不得提起任何诉讼以强制执行其在本认购协议项下的权利，本基金可自行酌情裁量拒绝给予该等同意。\n\n- C. 本基金与拟投资人经商定对本协议进行任何解除或变更，或本基金与拟投资人终止本协议，均无需获得本认购协议第 4(a) 条中指明的获赔偿各方（已作为本认购协议当事方的本基金除外）的同意。\n\n- D. 本认购协议第 4(a) 条中指明的获赔偿各方（已作为本认购协议当事方的本基金除外）未经本基金事先书面同意，不得全部或部分转让其在本认购协议项下的权利。\n\n9. 数据保护\n\n- A. 拟投资人确认并同意，在本协议中及以其他方式就拟投资人申请认购股份所提供的信息（统称“个人信息”），可由本基金及/或其受托人和代理人持有，并可用于以下目的：\n\n- B. 处理拟投资人的股份认购并完成股东名册上的信息填写；\n\n- C. 执行拟投资人的指示或对声称由拟投资人或代表拟投资人发出的任何问询进行答复；\n\n- D. 处理与拟投资人持有股份相关的任何其他事项（包括邮寄报告或通知）；或\n\n- E. 遵守任何相关法域的任何法律、政府或监管要求（包括数据接收方须遵守的任何披露或通知要求）。\n\n- F. 拟投资人确认并同意，在符合适用法律要求的前提下，本基金及/或其受托人和代理人可以：\n\n- G. 在拟投资人已赎回或转让其全部股份后以及在本基金终止后，保留个人信息；\n\n- H. 在本基金及/或其受托人或代理人决定的地点设立或维护的计算机系统上维护个人信息，该等地点可能位于尚未颁布数据保护立法的国家；\n\n- I. 通过任何方式（包括以电子方式及/或通过提供本协议的原件或副本）向以下各方披露和转移个人信息：\n\n\t- I. 本基金及/或本基金的任何受托人或代理人，及/或其中任何一方的专业顾问，及/或其任何雇员、高级管理人员、董事、代理人和/或关联方；或\n\n\t- II. 获聘向接受如前所述披露或转移数据的任何人士提供行政、计算机或其他服务或设施的任何第三方；或\n\n- J. 在任何法律或法院命令要求进行披露，或根据任何中央银行或政府或其他监管或税务主管机关的任何指示、请求或要求（无论是否具有法律效力）进行披露的情况下，披露个人信息。\n\n10. 权限与授权\n\n- A. 若拟投资者为实体：代表该拟投资者签署本协议的人士声明并保证，其已获得正式授权签署本协议，且该拟投资者根据其组织管治文件拥有认购股份的充分权力和权限。该拟投资者声明并保证：\n\t- I. 其根据其设立管辖地的法律正式设立、有效存续且信誉良好；\n\t- II. 本协议的签署与交付以及对其各项条款的履行 (i) 在其职权范围内，且已通过其一切必要的行动获得正式授权，(ii) 不需要任何政府机构、部门或官员的行动、与之相关的行动或向其备案（向本基金书面披露的除外），以及 (iii) 不违反、不构成违约或不违反适用法律、政府规则、法规或政策声明的任何规定，或其公司注册证书或其他具有可比性的组织文件，或对其具有约束力的任何协议、判决、禁令、命令、法令或其他法律文书；以及\n- III. 本协议构成该拟投资者的有效且具有约束力的协议，并可根据其条款对该拟投资者强制执行。\n- B. 若拟投资者作为另一人士或实体（实益拥有人）的受托人、代理人、代表或指定人行事：拟投资者理解并确认，本协议中所作的声明、保证和约定均由拟投资者 (a) 针对拟投资者自身作出，以及 (b) 针对实益拥有人作出。拟投资者声明并保证，其已获得实益拥有人的所有必要权力和授权，以签署并履行本协议项下的义务。\n- C. 若拟投资者为个人：拟投资者声明并保证 (a) 本协议构成拟投资者的有效且具有约束力的协议，并可根据其条款对拟投资者强制执行，以及 (b) 拟投资者具有签署本协议的完全民事行为能力和法律资格。\n\n11. 赔偿\n\n拟投资者同意赔偿本基金及其董事、高级职员和雇员，并使其免受因拟投资者违反本协议中包含的任何声明、保证、确认、承诺或约定而导致的或由此引起的任何及所有费用、索赔、请求、责任、开支、损害或损失，包括但不限于间接损失和利润损失，以及所有利息、罚金以及法律和其他专业费用及开支。\n\n12. 管辖法律与管辖权\n\n本协议应受 Cayman Islands（开曼群岛）法律管辖，并依其解释。各方不可撤销地同意，就因本协议引起或与本协议有关的任何索赔或事项，服从开曼群岛法院的非排他性管辖。\n\n13. 副本\n\n本认购协议可签署任意数量的副本，每份一经签署均应视为原件，但所有此类副本共同构成同一份法律文书。通过传真传输或以 Adobe 便携式文档格式（PDF）文件（或类似电子记录）通过电子邮件传输交付的签署副本签名页，应与交付已签署的副本签名页具有同等效力。\n\n14. 税务基金规则\n\nA. 开曼基金税务表格规则\n\n- B. 就开曼群岛的 CRS（Common Reporting Standard / 共同申报准则）而言，所有投资者均需提供一份完整填写并签署的开曼群岛自我证明表格。\n- C. 非美国基金身份识别规则\n- D. 个人认购人须提供有效护照复印件以及额外一种政府签发的身份证明（通常为驾照）。如文件语言非英文，请提供文件说明，并将身份证明上出现的字段和数据作适当的英文翻译。\n- E. 实体（非个人）认购人须提供其设立文件的副本、附有签字样本的授权签字人名单以及对此类签字人公司授权的确认文件。如非英文，请提供文件说明，并将字段和数据作适当的英文翻译。\n- F. 开曼群岛《2017年反洗钱法规》（Anti-Money Laundering Regulations, 2017）额外要求实体（非个人）认购人提供其实益所有权详情及控制方的身份证明。\n- “实益拥有人”系指最终拥有或控制认购人，或本认购交易代表其进行的自然人。\n- 对于在认购人中拥有超过 10% 实益所有权权益的任何自然人，请提供姓名、财富来源、国籍、出生日期，以及有效护照或其他有效政府带照片身份证件的复印件。\n- 对于在认购人中拥有超过 10% 实益所有权权益的任何实体或信托，请详细列出该实体的所有者，并为每位所有者提供姓名、财富来源、国籍、出生日期和出生地，以及有效护照或其他有效政府带照片身份证件的复印件。\n- 此外，对于任何实体，请提供至少一名对管理该实体承担重大责任的个人（控制方）的姓名。这可以包括任何执行官或高级经理，或任何定期履行类似职能的其他个人，例如管理成员、董事或普通合伙人。请为此类控制方提供其姓名、国籍、出生日期和出生地，以及有效护照或其他有效政府带照片身份证件的复印件。\n\n合伙企业须提供合伙企业的政府登记证明副本，连同已签署的合伙协议副本，其中载明普通合伙人和/或被授权签署本文件之指定人员。重大额外的实益所有权要求请参阅上文第 2-4 项。\n\n公司须提供公司的政府登记证明副本，连同其附有高级管理人员签名的公司章程副本。我们还要求提供一份已签署并经证明的公司决议，其中载明被授权签署认购文件的一名或多名公司高级职员。重大额外的实益所有权要求请参阅上文第 2-4 项。\n\n信托须提供信托协议的完整副本。我们亦可接受显示以下相关内容的信托页面副本：\n\n章节：设立信托的条款（显示信托名称）及指定受托人的条款，以及显示受托人签名的条款/条款。将要求信托的受托人提供有效护照或其他政府签发的身份证件（附照片）。若认购人为信托，请为每位财产授予人、让与人、捐赠人和受托人提供其姓名、财富来源、国籍，以及出生日期和出生地。\n\n仅供内部使用\n由董事代表 Hamilton Opportunity Fund SPC 填写\n认购已获接受\n\n签署人： 日期： 5-8 : !\n\n签名页\n\n下述签署人特此声明：\n\n- 下述签署人已仔细阅读并熟悉本认购协议及基金文件；\n- 本文所载信息完整、准确，可供信赖；以及\n- 下述签署人同意并认可拟对本文所购 A 类股份所附带的特别权利作出的任何拟议变更或废止；如下述签署人在收到或根据章程的通知条款被视为收到该通知后二十（20）天内（或本基金董事会全权酌情决定的更短时间内）未以书面形式明确提出异议，则应视为下述签署人已同意该拟议的变更或废止。\n\n全套登记记录证书/完整历史记录证书\n\n是公司的经证明记录，其中显示登记、董事会成员、注资等情况\n\n全部事项履历证明书\n公司法人等编号 0100-01-137540\n商号：Sonar Advisors Co., Ltd.（索纳顾问株式会社 / ソナー・アドバイザーズ株式会社）\n总店：东京都千代田区纪尾井町3番地32\n东京都千代田区纪尾井町4番1号 平成30年4月16日迁址\n平成30年4月19日登记\n公告方式：刊登于官报进行公告。\n公司成立年月日：平成22年10月20日\n目的：本公司以经营下列业务为目的。\n(1) 投资咨询及代理业务\n(2) 第二类金融商品交易业务\n(3) 投资管理业务\n(4) 投资事业组合等之组建，以及投资事业有限责任组合等份额之募集或私募\n(5) 投资事业组合等财产之运用、管理业务\n(6) 信息提供业务\n(7) 附带或关联于前述各项业务之一切其他业务\n\n可发行股份总数 10万3000股\n\n已发行股份总数以及种类和数量\n已发行股份总数 平成24年6月30日变更\n4940股 平成24年7月10日登记\n资本金金额 金8496万3817日元 平成24年6月30日变更\n平成24年7月10日登记\n\n关于股份转让限制的规定\n通过转让取得本公司股份，须经股东大会批准。\n\n关于高级管理人员的事项\n董事 Kentaro Higashi（东贤太郎）\n董事 Kentaro Higashi（东贤太郎） 令和2年3月3日退任\n董事 Shinsuke Yokoo（横尾敏介） 令和1年5月7日就任\n令和1年5月7日登记\n董事 Shinsuke Yokoo（横尾敏介） 令和2年3月3日重任\n令和2年5月26日登记\n代表董事 东京都世田谷区尾山台一丁目10番23号 Kentaro Higashi（东贤太郎）\n代表董事 东京都世田谷区尾山台一丁目10番23号 Kentaro Higashi（东贤太郎） 令和2年3月3日重任\n令和2年5月26日登记\n\n关于限制董事等对公司责任的规定\n就公司法第423条第1款规定的董事责任，在相关外部董事执行职务时系善意且无重大过失的情况下，可以订立以公司法第425条第1款规定的最低责任限额为限的合同。\n\n新股预约权\n第1期新股预约权\n\n新股预约权数量\n247个\n\n作为新股预约权标的的股份种类及数量或其计算方法\n本公司普通股247股（每个新股预约权对应本公司普通股1股）\n此外，本公司进行股份分割或股份合并时，标的股份数量按下述公式进行调整。但该调整仅针对本新股预约权中在该时点尚未行使的新股预约权标的股份数量进行，调整所产生的不足1股的零碎股予以舍去。\n调整后股份数 = 调整前股份数 × 分割·合并比例\n此外，本公司进行合并、公司分割、股份交换或股份转移（以下统称“合并等”）、进行股份无偿配发，或其他需要调整股份数量的情形时，在综合考量合并等或股份无偿配发之条件等的基础上，可在合理范围内调整股份数。\n\n募集新股预约权的应缴金额或其计算方法，或无需缴款的说明\n无需缴纳金钱。\n\n行使新股预约权时出资的财产价值或其计算方法\n每个新股预约权为金15,499日元。\n此外，本公司就本公司普通股进行股份分割或股份合并时，上述行权价格将根据股份分割或股份合并的比例按下述公式进行调整，调整所产生的不足1日元的零数向上取整。\n\n整理编号 MI760771 * 有下划线者表示已被注销的事项\n\n东京都千代田区纪尾井町4番1号\nSonar Advisors Co., Ltd.（索纳顾问株式会社 / ソナー・アドバイザーズ株式会社）\n\n东京都千代田区纪尾井町4番1号\nSonar Advisors Co., Ltd.（索纳顾问株式会社 / ソナー・アドバイザーズ株式会社）\n\n在上述计算公式中，“已发行股份数”是指从本公司已发行普通股总数中扣除本公司持有的普通股库存股数量后的股数；在对库存股进行处分时，将“新发行股份数”替换为“处分的库存股数”。此外，本公司进行合并等、进行股份无偿配发，或其他需要调整上述行权价格的情形时，在综合考量合并等之条件、股份无偿配发之条件等的基础上，可在合理范围内对行权价格进行调整。\n\n可行使新股预约权的期间\n\n平成32年1月31日至平成40年1月30日止\n\n新股预约权行使条件\n\n(1) 以获配本新股预约权之人（以下称为“新股预约权人”）在行使权利时仍处于本公司的董事、监事、执行官或员工、或其他准用地位为条件。但因健康原因离职、因任期届满离职、达到法定年龄退休或其他正当理由离职，且经股东大会单独批准在离职后仍可享有并行使权利的，不在此限。该股东大会之批准，以发行公司与该新股预约权人之间达成合意、约定新股预约权人行使新股预约权后应立即将股份转让给发行公司或发行公司指定的受让人为前提。\n\n(2) 新股预约权人在任或在职期间死亡的，继承人不得行使新股预约权。但股东大会单独批准由继承人承继的，不在此限。在行权期届满前获得股东大会批准的继承人，仅可在行权期届满后1年内行使权利。该股东大会之批准，以发行公司与继承人之间达成合意、约定继承人行使新股预约权后应立即将股份转让给发行公司或发行公司指定的受让人为前提。\n\n(3) 不得转让、质押或以其他方式处分新股预约权。\n\n(4) 在单次程序中可以行使全部或部分新股预约权。\n\n公司可以取得新股预约权的事由及取得条件\n\n(1) 新股预约权人在行使权利前，因不再符合行使条件而无法行使本新股预约权的，本公司可在股东大会另行指定的日期无偿取得该新股预约权。\n\n(2) 经股东大会批准本公司作为消灭公司的合并合同议案，或者经股东大会批准本公司作为全资子公司的股份交换合同议案或股份转移计划议案，且本公司股东大会确定了取得日期的，自该日期到来之时起，本公司可以无偿取得新股预约权。\n\n(3) 当本公司向证券交易所申请股票上市或向日本证券业协会申请注册时，若新股预约权人违反该证券交易所或日本证券业协会规则规定的新股预约权持续持有义务，本公司可无偿取得该新股预约权。\n\n平成30年1月31日发行\n平成30年2月13日登记\n第2期新股预约权\n新股预约权数量\n247个\n新股预约权标的股票的种类及数量或其计算方法\n本公司普通股247股（每1个新股预约权对应本公司普通股1股）\n另，若本公司进行股份分割或股份合并，标的股票数量应按下列公式进行调整。但该项调整仅针对本新股预约权中在该时间点尚未行使的新股预约权标的股票数量进行，因调整产生的不足1股的零碎股份应予以舍去。\n调整后股份数 = 调整前股份数 × 分割·合并比例\n此外，若本公司进行合并、公司分立、股份交换或股份移转（以下统称「合并等」），进行股份无偿配股，或发生其他需要调整股份数量之情形时，在综合考量合并等、股份无偿配股的条件等因素后，可在合理范围内对股份数量进行调整。\n募集新股预约权的缴纳金额或其计算方法或无需缴纳出资的说明\n无需缴纳金钱。\n行使新股预约权时出资的财产价额或其计算方法\n每个新股预约权为金额7,333日元。\n另，若本公司就本公司普通股进行股份分割或股份合并，上述行使价额应根据股份分割或股份合并的比例按下列公式进行调整，因调整产生的不足1日元的零碎金额向上取整。\n调整后行使价额 = 调整前行使价额 × 分割·合并比例\n此外，若本公司以低于市价的价格就本公司普通股发行新股或处置库存股，上述行使价额应按下列公式进行调整，因调整产生的不足1日元的零碎金额向上取整。\n调整后行使价额 = 调整前行使价额 × (已发行股份数 + (新发行股份数 × 每股缴纳金额 / 调整前行使价额)) / (已发行股份数 + 新发行股份数)\n在上述公式中，「已发行股份数」指本公司已发行普通股总数扣除本公司所持有的普通股库存股数量后的数额，在处置库存股的情况下，「新发行股份数」应替换为「处置的库存股数量」。此外，若本公司进行合并等、进行股份无偿配股，或发生其他需要调整上述行使价额之情形时，在综合考量合并等的条件、股份无偿配股的条件等因素后，可在合理范围内对行使价额进行调整。\n新股预约权可行使期间\n自令和3年12月25日起至令和11年12月25日止\n新股预约权行使条件\n(1) 获得本新股预约权配发的人员（以下称「新股预约权人」）在行使权利时仍应为本公司的董事、监事、执行官或员工，或处于其他准此地位。但因健康原因离职、任期届满离职、达到法定退休年龄退休或其他具有正当理由的情形，且经股东会个别批准在离职后仍可行使权利的，不在此限。另，该股东会批准以发行公司与该新股预约权人之间就新股预约权人在行使新股预约权后立即将股份转让给发行公司或发行公司指定的受让人达成协议为前提。\n(2) 新股预约权人在任或在职期间死亡的，继承人不得行使新股预约权。但在股东会个别批准由继承人继承的情况下，不在此限。在行使期间届满前获得股东会批准的继承人，仅限在行使期间届满后1年内行使权利。另，该股东会批准以发行公司与继承人之间就继承人在行使新股预约权后立即将股份转让给发行公司或发行公司指定的受让人达成协议为前提。\n\n整理编号 S760771 * 带有下划线者表示为已注销事项。\n\n3/5\n\n东京都千代田区纪尾井町4番1号\nSonar Advisers Inc.（索纳顾问股份有限公司）\n\n东京都千代田区纪尾井町4番1号\nSonar Advisers Inc.（索纳顾问股份有限公司）\n\n(3) 新股预约权不得转让、质押或进行其他处分。\n(4) 新股预约权可在单次程序中行使全部或部分新股预约权。\n公司可取得新股预约权的事由及取得条件\n(1) 新股预约权人在行使权利前因不再符合行使条件而无法行使本新股预约权的，本公司可在股东会另行确定的日期无偿取得该新股预约权。\n(2) 本公司作为消灭公司的合并合同批准议案获得股东会通过，或本公司成为完全子公司的股份交换合同批准议案或股份移转计划批准议案获得股东会通过，且本公司股东会确定了取得日期的，自该日期到来时起，本公司可无偿取得该新股预约权。\n(3) 当本公司向证券交易所申请股票上市或向日本证券业协会申请注册时，若新股预约权人违反该证券交易所或日本证券业协会规则规定的新股预约权持续持有义务，本公司可无偿取得该新股预约权。\n\n令和1年12月25日发行\n令和2年1月6日登记\n项目：内容\n登记记录相关事项：平成22年12月27日总公司自东京都世田谷区尾山台一丁目10番23号迁入\n平成23年1月11日登记\n\n此件为证明登记簿所载未注销之全部事项之书面文件。\n\n（东京法务局管辖）\n\n令和3年5月28日\n\n东京法务局涩谷出张所\n登记官 肥田 携士\n\n整理编号 S760771 * 带有下划线者表示为已注销事项。\n\n5/5\n\n敬启者：\nSonar Advisers Inc.（索纳顾问股份有限公司）/ 签名授权书\n\n以下个人获授权代表 Sonar Advisers Inc. 签署所有相关事项。\n姓名（正楷印刷体） 签名 职务\nKentaro Azuma（东健太郎） 总裁兼首席执行官\nYasuhito Doi（土井泰仁） 董事总经理\nAyane Azuma（东绫音）\n\n总裁、首席执行官或执行董事：Kentaro Azuma（印刷姓名）\n项目：内容\n电子邮件地址：azuma@sonaradvisers.com\n签名：\n日期：2021年7月20日\n\n就法人而言，门槛为直接或间接拥有或控制该法人10%或以上的股份或表决权，该门槛由在开曼群岛实施 FATF（金融行动特别工作组）建议的《Anti-Money Laundering Regulations, 2017》（2017年反洗钱条例）规定。\n\n根据《Tax Information Authority Law》（税务信息局法）、依据该法制定的法规和指导说明，以及开曼群岛就涉税信息自动交换签署的条约和政府间协议（统称「AEOI」），我们有义务收集有关每个账户持有人税务状况的特定信息。请按照指示填写以下各部分并提供所要求的任何补充信息。请注意，我们可能有义务与相关税务机关共享此信息。本表格中引用的术语应具有相关开曼群岛法规、指导说明或国际协议下适用的相同含义。\n\n如果以下关于您的税务居民身份或 AEOI 分类的任何信息在未来发生变更，请确保及时通知我们这些变更。如果您对如何填写本表格有任何疑问，请参阅随附的填写指南或联系您的税务顾问。\n\n第1节：账户持有人身份识别\nSonar Advisers Inc. 日本\n实体/分支机构法定名称 注册成立/设立国家\n\n当前住所或注册地址：\n纪尾井町4-1，千代田区\n门牌号与街道 城市/城镇\n东京，102-0094，日本\n州/省/县 邮政编码 国家\n\n邮寄地址（如与上述不同）：\n门牌号与街道 城市/城镇\n州/省/县 邮政编码 国家\n第二部分：美国政府间协议（US IGA）\n第2节：美国人（U.S. Persons）\n\n请按适用情况勾选并填写。\n\n(a) 该实体为特定美国人（Specified U.S. Person），该实体的美国联邦纳税人识别号（U.S. TIN）如下：\n\n(b) 该实体为非特定美国人的美国人。\n\n请注明豁免情形1\n\n如该实体非美国人，请填写第3节。\n第3节：所有非美国实体的美国 FATCA（外国账户税收遵从法案）分类\n\n如果该实体不是美国人，请填写本节\n\n3.1 如果该实体是注册外国金融机构（Registered Foreign Financial Institution），请勾选以下类别之一，并在 3.1.1 处提供该实体的 FATCA GIIN。\n(a) 报告型模式1外国金融机构（Reporting Model 1 FFI）\n(b) 注册视为合规的外国金融机构（除报告型模式1外国金融机构、赞助外国金融机构或非报告型政府间协议外国金融机构之外）\n(c) 报告型模式2外国金融机构（Reporting Model 2 FFI）\n(d) 参与型外国金融机构（Participating Foreign Financial Institution）\n3.1.1 请提供您的全球中介机构识别号（GIIN）：\n\n（如正在注册中请注明）\n\n3.2 如果该实体是金融机构但无法提供 GIIN 或拥有被赞助实体 GIIN，请填写以下类别之一：\n(a) 该实体为被赞助金融机构（由已注册为赞助实体的另一实体赞助）且（选择一项）：\ni. 无美国应申报账户，是处于模式1政府间协议管辖区内的被赞助金融机构，因此无需获取被赞助实体 GIIN。请提供赞助实体的名称和 GIIN。\n\n赞助实体名称：\n\n赞助实体 GIIN：\n\n续页..\n\n1 根据美国政府间协议以及《美国国内税收法典》，特定美国人不包括：根据第 501(a) 节免税的组织或第 7701(a)(37) 节所定义的任何个人退休计划；美国或其任何机构或部门；州、哥伦比亚特区、美国属地或其任何政治分支或部门；其股票在如财政部法规第 1.1472-1(c)(1)(i) 节所述的一个或多个成熟证券市场上定期交易的公司；与财政部法规第 1.1472-1(c)(1)(i) 节所述公司属于同一扩展关联集团成员的公司；根据美国或任何州的法律注册为此类交易商的证券、商品或衍生金融工具（包括名义本金合同、期货、远期和期权）交易商；房地产投资信托；第 851 节所定义的受监管投资公司，或在纳税年度内始终根据《Investment Company Act of 1940》（1940年投资公司法）注册的实体；第 584(a) 节所定义的共同信托基金；第 581 节所定义的银行；经纪商；根据第 664 节免税或第 4947 节所述的信托；或根据第 403(b) 计划或第 457(g) 计划设立的免税信托。\nii. 其赞助人已代表其获取被赞助实体 GIIN。\n请提供赞助实体名称和 GIIN，以及被赞助实体 GIIN。\n赞助实体名称：\n赞助实体 GIIN：\n\n被赞助实体 GIIN：\n\n(b)\n该实体为受托人证明信托（Trustee Documented Trust）。请提供受托人名称和 GIIN。\n受托人名称：\n受托人 GIIN：\n\n(c)\n该实体为经认证视为合规的或属于其他非申报型的外国金融机构（包括根据政府间协议附件二视为合规的外国金融机构，受托人证明信托或被赞助金融机构除外）。\n请注明豁免情形：\n(d)\n该实体为非参与型外国金融机构\n\n3.3 如果该实体不是外国金融机构，请在下方确认该实体的 FATCA 身份：\n(a)\n该实体为豁免受益所有人（Exempt Beneficial Owner）。2\n请注明身份：\n(b)\n该实体为积极非金融外国实体（Active Non-Financial Foreign Entity）。3 请注明符合条件的准则（参见附件A）：\n(c)\n该实体为直接申报非金融外国实体（Direct Reporting NFFE）。4 请提供该实体的 GIIN。\n直接申报非金融外国实体 GIIN：\n(d)\n该实体为被赞助直接申报非金融外国实体。5 请提供赞助实体的名称和 GIIN。\n赞助实体名称：\n赞助实体 GIIN：\n\n被赞助实体 GIIN：\n\n(e) X\n该实体为消极非金融外国实体（Passive Non-Financial Foreign Entity）。6\n\n2 「豁免受益所有人」指美国政府间协议附件二第一节或美国财政部法规第 1.1471-6 或 1.1471-6T 节中列为此类实体的任何实体。参见附件A中的补充说明。\n\n3 参见附件A中「积极非金融外国实体」的定义。\n\n4 参见美国财政部 FATCA 法规，26 CFR 1.1472-1(c)(3)。\n\n5 参见美国财政部 FATCA 法规，26 CFR 1.1472-1(c)(5)。\n\n6 参见附件A中「消极非金融外国实体」的定义。\n如果您已勾选 3.3(e) 消极非金融外国实体，请填写下方的 i. 或 ii.\n\ni. 说明任何实质性美国所有人（Substantial U.S. Owners）的全名、地址以及税收参考类型和编号。\n\n如果该实体根据开曼群岛政府与美利坚合众国政府关于改善国际税收合规及实施 FATCA 的协定第 4(7) 条的允许，选择使用美国财政部法规中「实质性美国所有人」的定义代替「控制人」的定义，请填写下表提供任何实质性美国所有人的详细信息。7\n\n注：使用「实质性美国所有人」定义代替「控制人」的决定仅允许适用于第二部分：美国政府间协议。\n全名 完整居住地址 税收参考类型及编号\n\n或\n\nii. 或者，如果您希望按照附件B中的 CRS 定义使用控制人定义，则请填写以下内容：\n\n请说明任何控制人（Controlling Person(s)）的姓名8：\n任何控制人的全名\nKentaro Azuma（东健太郎）\n\n请填写下方的第四部分，提供作为自然人的任何最终控制人的进一步详细信息\n\n7 参见附件A中「实质性美国所有人」的定义。\n\n8 参见附件A中「控制人」的定义。\n第三部分：共同申报准则（CRS）\n第4节：所有税收居所声明 [重复在第二部分第2节（美国）中注明的任何居所]\n\n请注明实体的税收居所所在地（如果在多个管辖区拥有税收居所，请详细说明所有管辖区以及相关的税收参考编号类型和编号）。\n\n就共同申报准则（CRS）而言，与居所相关的所有事项均按照 CRS 及其评注予以确定。\n\n若某一实体出于税务目的无居所，请注明其实际管理机构所在地管辖区。若管辖区不发放或您无法获取税收识别号或具有同等功能之号码，请注明不适用，并在下方说明原因。\n税务居民管辖区 税收识别号类型 税收识别号（例如 TIN）\nJapan（日本） Corporate number（法人番号） 2010001137540\n\n如适用，请具体说明无法提供税收识别号的原因：\n第 5 节：CRS 分类\n\n请勾选相应方框以提供您的 CRS（共同申报准则）分类。请注意，CRS 分类不一定与您出于美国 FATCA（外国账户税收合规法案）目的之分类一致。\n\n- 5.1 若该实体属于金融机构 9，请勾选此方框并在下文 (a)、(b) 或 (c) 中具体说明金融机构的类型 10：\n\t- (a) CRS 项下的申报金融机构。（请注意，本分类仅适用于 CRS 参与管辖区内的金融机构。若该实体属于 CRS 项下非参与管辖区 11 内的金融机构，请跳至 5.1 (c)）。\n\n或\n\n- (b) CRS 项下的非申报金融机构。（请注意，本分类仅适用于 CRS 参与管辖区内的金融机构。若该实体属于 CRS 项下非参与管辖区内的金融机构，请跳至 5.1 (c)）。请在下方具体说明非申报金融机构的类型：\n\t- 政府实体\n\t- 国际组织\n\t- 中央银行\n\t- 广泛参与型退休基金\n\t- 狭窄参与型退休基金\n\t- 政府实体、国际组织或中央银行设立的养老基金\n\t- 免税集体投资工具\n\t- 受托人就所有 CRS 应申报账户申报所有必需信息的信托\n\t- 合资格信用卡发卡机构\n\t- 国内法规定被用于避税风险较低的其他实体。\n\n请注明国内法规定的具体类型：\n\n或\n\n 9 见附件 B 中金融机构之定义。\n\n10 若该实体为某一参与管辖区的居民，请使用该管辖区 CRS 制度下定义的术语。若该实体为某一非参与管辖区的居民，则必须使用 Cayman Islands（开曼群岛）CRS 制度下的定义。\n\n11 见附件 B 中非参与管辖区之定义。\n\n- (c) CRS 项下非参与管辖区内的居民金融机构。请在下方具体说明金融机构的类型：\n\t- i. 由另一金融机构管理的投资实体 12，且其控股所有权权益由在证券交易所上市并受披露要求约束的公司（直接或间接）持有，或是该等公司拥有多数股权的子公司。\n\t- ii. 由另一金融机构管理的投资实体（上述 i. 以外的实体）\n\n注：若您属于以下任一情况：\n\n- (a) 作为信托设立的广泛持有且受监管的集体投资工具（CIV）；或\n- (b) 作为信托设立的养老基金，\n\n您可根据附件 B 中的控制人定义适用法人控制人认定标准；若金融机构根据适用的 AML（反洗钱）制度 13 获准对账户持有人及其控制人适用简化尽职调查程序，则无需进一步提供信息。\n\n若您已勾选 5.1(c) ii 方框，且上述 (a) 和 (b) 项下的豁免均不适用，请在下表中注明控制人姓名/名称。\n\n任何控制人的全名。请参见附件 B 中的定义。（除非上述 (a) 或 (b) 项豁免适用，否则本表不得留空）\n\n亦请填写下文第四部分，提供作为自然人的任何最终控制人的进一步详细信息。\n\n- iii. 其他投资实体（上述 i. 或 ii. 以外的实体）；或\n- iv. 其他金融机构，包括存款机构、托管机构或特定保险公司。\n\n12 进行管理的金融机构必须是附件 B 金融机构定义中所定义的投资实体 b) 类以外的金融机构。\n\n13 请联系金融机构确认开曼群岛反洗钱制度下的简化尽职调查程序是否可适用于您作为账户持有人（例如属于经批准管辖区内受监管的养老基金）。\n5.2 若该实体属于积极非金融实体（“NFE”），请勾选此方框并在下方具体说明积极 NFE 的类型：\n\n(a) 经常性交易的公司，或经常性交易公司的关联实体。请提供其上市交易的证券交易所名称：\n\n若您是经常性交易公司的关联实体，请提供该经常性交易公司的名称：\n\n- (b) 政府实体、国际组织、中央银行，或由前述一项或多项全资拥有的实体；或\n- (c) 其他积极非金融实体 14。请注明符合的资格标准（见附件 B）：\n5.3 [X] 若该实体属于消极非金融实体，请勾选此方框 15。\n\n若您已勾选此方框，请注明控制人姓名/名称。请参阅附件 B 中控制人的定义。\n任何控制人的全名（不得留空）\nKentaro Azuma（东健太郎）\n\n请填写下文第四部分，提供作为自然人的任何最终控制人的进一步详细信息。\n实体声明与承诺\n\n本人/我们（作为该实体的授权签署人）声明，就本人/我们所知所信，本表格所提供的信息真实、准确且完整。若发生导致本表格所载任何信息变为不准确或不完整的任何情况变更，本人/我们承诺将及时通知接收方并在 30 天内提供更新的自我证明表格。若法律上有此义务，本人/我们特此同意接收方与相关税务信息机关共享此等信息。\n\n本人/我们知悉，作出在重大事项上不实的自我证明属违法行为。\n\nf) 我们知悉，作出在重大事项上不实的自我证明属违法行为。\n授权签名：DocuSigned by: [Signature]\n 27000721C48F4A2...\n _________________________ 授权签名： _________________________\n职位/头衔：President & CEO（总裁兼首席执行官） _________________________ 职位/头衔：_________________________\n日期 (日/月/年)：2021年7月20日 9:06:06 午後 PDT 日期 (日/月/年)：2021年7月20日 9:06:06 午後 PDT\n\n14 见附件 B 中积极非金融实体之定义。\n\n15 请参见附件 B 中消极非金融实体之定义。\n第四部分：控制人\n（请为每一位作为自然人的控制人填写）\n第 6 节 – 控制人身份识别\n6.1 控制人姓名：\n姓氏：Azuma（东）\n名：Kentaro（健太郎）\n中间名：\n6.2 现居住地址：\n第 1 行（例如 房屋/公寓/套房名称、门牌号、街道） 1-10-23 Oyamadai, Setagaya-ku（世田谷区尾山台 1-10-23）\n第 2 行（例如 镇/市/省/县/州） Tokyo（东京）\n国家/地区：Japan（日本）\n邮政编码：158-0086\n6.3 邮寄地址：（如与 6.2 不同请填写）\n第 1 行（例如 房屋/公寓/套房名称、门牌号、街道）\n第 2 行（例如 镇/市/省/县/州）\n国家/地区：\n邮政编码：\n6.4 出生日期 16 (日/月/年) 1955年2月4日\n6.5 出生地 17\n出生城镇或城市 Tokyo（东京）\n出生国家/地区 Japan（日本）\n6.6 请输入您作为控制人的相关实体账户持有人的法定名称\n实体 1 的法定名称 Sonar Advisers Inc.\n实体 2 的法定名称 K.K. Raison（株式会社 Raison）\n实体 3 的法定名称\n\n16 若控制人非应申报管辖区人士，则无需收集该控制人的出生日期\n\n17 若控制人非应申报管辖区人士，则无需收集该控制人的出生地点\n第 7 节 – 税务居民管辖区及相关纳税人识别号或具有同等功能之号码（“TIN”）\n\n请填写下表并注明：\n\n- (i) 控制人在何处构成税务居民；\n- (ii) 所注明的每个管辖区内控制人的 TIN；18 以及，\n- (iii) 若控制人在属于应申报管辖区的管辖区内构成税务居民，则亦请填写第 10 节“控制人类型”。\n\n若控制人在三个以上管辖区构成税务居民，请使用附页\n税务居民管辖区 税收识别号类型 税收识别号（例如 TIN）\n1 Japan（日本） My number（个人番号） 476720738664\n\n如适用，请具体说明无法提供税收识别号的原因：\n\n 18 若控制人非应申报管辖区人士，则无需收集该控制人的 TIN。\n第 8 节 – 控制人类型\n\n（仅在您构成一个或多个应申报管辖区的税务居民时填写本节）\n请通过勾选相应方框提供控制人的身份状态。 实体 1 实体 2 实体 3\na. 法人实体的控制人——通过所有权控制 图示：已勾选方框 (X) 图示：已勾选方框 (X) 图示：未勾选方框\nb. 法人实体的控制人——通过其他方式控制 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nc. 法人实体的控制人——高级管理人员 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nd. 信托的控制人——委托人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\ne. 信托的控制人——受托人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nf. 信托的控制人——保护人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\ng. 信托的控制人——受益人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nh. 信托的控制人——其他 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\ni. 法律安排（非信托）的控制人——相当于委托人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nj. 法律安排（非信托）的控制人——相当于受托人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nk. 法律安排（非信托）的控制人——相当于保护人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nl. 法律安排（非信托）的控制人——相当于受益人 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\nm. 法律安排（非信托）的控制人——相当于其他人员 图示：未勾选方框 图示：未勾选方框 图示：未勾选方框\n控制人声明与承诺\n\n- x 本人确认，本表格所载信息以及关于控制人（Controlling Person(s)）和任何申报账户（Reportable Account(s)）的信息，可根据关于交换金融账户信息的国际协议，向维护该账户的管辖区税务主管机关申报，并与［本人/该控制人］可能是税收居民的另一管辖区税务主管机关进行交换。\n- x 本人证明：要么 (a) 本人是与本表格相关的实体账户持有人所持有的所有账户的控制人，或获授权代表该控制人签署；要么 (b) 本人获该账户持有人授权作出本声明。\n- x 本人声明，据本人所知及确信，本声明中所作的一切陈述均正确且完整。\n- x 本人确认，在重大细节上作出虚假的自我证明属于违法行为。\n- x 本人承诺，如果发生影响本表格第四部分所指明个人的税收居民身份，或导致此处所载信息变得不正确的任何情况变化，将在 30 天内通知接收方，并在该情况变化发生后 30 天内向接收方提供经过适当更新的自我证明及声明。\n\n签名：\n\n签名：DocuSigned by:\n 27000721C48F4A2...\n\n印刷体姓名：\n\n\"(-+) 1.'\n\n日期（日/月/年）： / /\n\n2021年7月20日 | 9:06:06 午後 PDT\n\n注：如果您不是控制人，且未获授权代表账户持有人签署本声明，请注明您代表控制人签署本表格所具有的身份。如根据授权委托书或其他同等书面授权代表控制人签署，请同时附上授权委托书或书面授权的经证明副本。\n\n身份：+\",%!\"(- -\n证据 A（EXHIBIT A）\n美国政府间协议定义（US IGA DEFINITIONS）\n\n账户持有人（Account Holder）指由维护该账户的金融机构列明或确定为金融账户持有人的个人或实体。除金融机构外，以代理人、托管人、指定人、签字人、投资顾问或中介人身份为他人的利益或账户持有金融账户的人员，就本协议而言不被视为持有该账户，该他人被视为持有该账户。就紧接的前一句而言，术语“金融机构”不包括在美国领地设立或注册成立的金融机构。对于现金价值保险合同或年金合同，账户持有人指有权获取现金价值或变更合同受益人的任何人。如果无人能够获取现金价值或变更受益人，则账户持有人指在合同中被指定为所有人的人员，以及根据合同条款享有既得收款权利的任何人。在现金价值保险合同或年金合同到期时，有权根据合同收取款项的每个人均被视为账户持有人。\n\n积极非金融外国实体（Active Non-Financial Foreign Entity）指符合下列任何标准的非美国实体的任何 NFFE（非金融外国实体）：\n\n- (a) 该 NFFE 在上一日历年或其他适当申报期间的总收入中，被动收入占比低于 50%，且该 NFFE 在上一日历年或其他适当申报期间持有的资产中，产生被动收入或为产生被动收入而持有的资产占比低于 50%；\n- (b) 该 NFFE 的股票在成熟证券市场上定期交易，或该 NFFE 是其股票在成熟证券市场上交易的实体的关联实体；\n- (c) 该 NFFE 设立于美国领地，且收款人的所有所有人均为该美国领地的真正居民；\n- (d) 该 NFFE 为非美国政府、美国领地政府、国际组织、非美国发钞中央银行，或由上述一个或多个机构全资拥有的实体；\n- (e) 该 NFFE 的绝大部分活动包括持有从事金融机构业务以外的行业或业务的一个或多个子公司的已发行股票（全部或部分），并向其提供融资和服务，但如果该 NFFE 作为投资基金（如私募股权基金、风险投资基金、杠杆收购基金或任何旨在收购或资助公司并将这些公司的权益作为资本资产持有用于投资目的的投资工具）运作（或自称如此运作），则该 NFFE 不符合此项地位资格；\n- (f) 该 NFFE 尚未开展业务且无过往经营历史，但正在将资本投资于资产，意图从事金融机构以外的业务；前提是，自该 NFFE 初始设立之日起满 24 个月后，该 NFFE 将不再符合本项例外资格；\n- (g) 该 NFFE 在过去五年内不是金融机构，并且正在清理其资产或正在进行重组，意图继续或重新开展金融机构以外的业务；\n- (h) 该 NFFE 主要与非金融机构的关联实体进行融资和套期保值交易，或为其进行此类交易，且不向任何非关联实体的实体提供融资或套期保值服务，前提是任何此类关联实体集团主要从事金融机构以外的业务；或\n- (i) 该 NFFE 是相关美国财政部规章中所述的“特例 NFFE”；或\n- (j) 该 NFFE 符合下列所有要求：\n\t- i) 其仅出于宗教、慈善、科学、艺术、文化、体育或教育目的而在其居住国设立并维持；或在其居住管辖区设立并运营，且属于专业组织、商业联盟、商会、劳工组织、农业或园艺组织、公民联盟或专门为促进社会福利而运营的组织；\n\t- ii) 在其居住国免征所得税；\n\t- iii) 没有对其收入或资产拥有所有权权益或受益权益的股东或成员；\n\t- iv) 该实体居住国的适用法律或该实体的设立文件不允许将该实体的任何收入或资产分配给私人或非慈善实体，或用于其利益，除非是按照开展该实体的慈善活动而进行，或作为所提供服务的合理报酬支付，或作为代表该实体所购财产公允市场价值的款项支付；且\n\t- v) 该实体居住国的适用法律或该实体的设立文件要求，在该\n\n实体清算或解散时，其所有资产必须分配给政府实体或其他非营利组织，或收归该实体居住管辖区的政府或其任何政治分支机构所有。\n\n国内税收法典（Code）指经修订的 1986 年《美国国内税收法典》。\n\n控制人（Controlling Person）指对某实体行使直接或间接控制权的自然人。在信托的情况下，该术语指委托人、受托人、保护人（如有）、受益人或受益人类别，以及对信托行使最终有效控制权的任何其他自然人；在除信托以外的法律安排的情况下，该术语指处于同等或类似地位的人员。“控制人”一词的解释应与金融行动特别工作组（FATF，Financial Action Task Force）的建议保持一致。\n关于控制人的 FATF 建议：\n\n识别客户的受益所有人，并通过以下信息采取合理措施核实该等人员的身份。对于法人19：\n\n- (a) 最终对法人拥有控制性所有权权益20的自然人（如有，因为所有权权益可能高度分散，以至于没有自然人（无论是单独还是共同行动）通过所有权对法人或法律安排行使控制权）的身份；以及\n- (b) 在根据 (a) 项对具有控制性所有权权益的人员是否为受益所有人存有疑问，或没有自然人通过所有权权益行使控制权的情况下，通过其他方式对法人或法律安排行使控制权的自然人（如有）的身份。\n- (c) 如果根据上述 (a) 或 (b) 项未能识别出任何自然人，金融机构应识别并采取合理措施核实担任高级管理人员职位的相关自然人的身份。\n\n实体（Entity）指法人或法律安排（如信托）。\n\n美国政府间协议（US IGA）项下的豁免受益所有人（Exempt Beneficial Owners）包括政府实体、国际组织、中央银行、广泛参与退休基金、狭隘参与退休基金、豁免受益所有人的养老基金，以及由豁免受益所有人全资拥有的投资实体。详细定义请参阅政府间协议（IGA）。\n\n金融机构（Financial Institution）指托管机构、存款机构、投资实体或指定保险公司，其中：\n\n- (a) 托管机构（Custodial Institution）指作为其实质业务部分为他人账户持有金融资产的任何实体。如果实体在以下较短期间内归属于持有金融资产及相关金融服务的总收入达到或超过该实体总收入的 20%，则该实体作为其实质业务部分为他人账户持有金融资产：(i) 在作出确定之年之前的截至 12月31日（或非日历年会计期间的最后一天）止的三年期间；或 (ii) 该实体存续期间；\n- (b) 存款机构（Depository Institution）指在银行或类似业务的正常经营过程中接受存款的任何实体；\n- (c) 投资实体（Investment Entity）指以业务形式开展（或由以业务形式开展的实体管理的）为客户或代表客户进行下列一项或多项活动或运营的任何实体：(1) 货币市场工具（支票、汇票、存单、衍生品等）、外汇、汇率、利率和指数工具、可转让证券或商品期货交易；(2) 个人和集体投资组合管理；或 (3) 以其他方式代表他人投资、行政管理或管理基金或资金。投资实体一词的解释应与金融行动特别工作组建议中“金融机构”定义所列的类似表述保持一致；以及\n- (d) 指定保险公司（Specified Insurance Company）指作为保险公司（或保险公司的控股公司）的任何实体，其签发关于现金价值保险合同或年金合同的保单，或有义务就此类合同付款。\n\n非金融外国实体（NFFE）指并非美国海外账户税收合规法案（US FATCA）所定义的金融机构的任何非美国实体。\n\n非美国实体（Non-U.S. Entity）指并非美国人的实体。\n\n19 措施 (a) 至 (b) 不是替代性选项，而是递进级联措施，每项措施均在前一项措施已实施但未能识别受益所有人时方可使用。\n\n20 控股所有权权益取决于公司的所有权结构。其可基于某一门槛，例如任何拥有超过公司特定比例（例如 25%）的人员。\n\n消极非金融外国实体（Passive Non-Financial Foreign Entity）是指任何不属于积极非金融外国实体的 NFFE。\n\n关联实体（Related Entity）如果任一实体控制另一实体，或两个实体处于共同控制之下，则该实体为另一实体的关联实体。就此目的而言，控制包括直接或间接拥有某一实体超过 50% 的投票权或价值。尽管有上述规定，若两个实体不属于 Code（《国内税收法典》）第 1471(e)(2) 条所定义的同一关联集团的成员，任何一方均可将某一实体视为非关联实体。\n\n特定美国人（Specified U.S. Person）是指除下列各项之外的美国人（U.S. Person）：\n\n- (a) 其股票在既定证券市场上定期交易的公司；\n- (b) 作为同一扩大关联集团成员的任何公司；\n- (c) 美国或其任何全资机构或工具；\n- (d) 美国的任何州、任何美国领地、任何政治分支机构，或前述任何一项或多项的全资机构或工具；\n- (e) 根据 Internal Revenue Code（《国内税收法典》，即“Code”）第 501(a) 条免税的任何组织，或 Code 第 7701(a)(37) 条中定义的某些个人退休计划；\n- (f) Code 第 581 条中定义的任何银行；\n- (g) Code 第 856 条中定义的任何房地产投资信托；\n- (h) Code 第 851 条中定义的任何受监管投资公司，或根据 Investment Company Act of 1940（《1940年投资公司法》）向 U.S. Securities and Exchange Commission（美国证券交易委员会）注册的任何实体；\n- (i) Code 第 584(a) 条中定义的任何普通信托基金；\n- (j) 根据 Code 第 664(c) 条免税或在 Code 第 4947(a)(1) 条中描述的任何信托；\n- (k) 根据美国或任何州的法律注册为证券、大宗商品或衍生金融工具交易商的交易商；\n- (l) Code 第 6045(c) 条中定义的经纪商；或\n- (m) 符合 Code 第 403(b) 条或第 457(g) 条所述计划的任何免税信托\n\n主要美国所有人（Substantial U.S. Owner，定义见联邦税法法规第 1.1473-1(b) 条）通常指：\n\n- (a) 就任何外国公司而言，直接或间接拥有该外国公司超过 10% 股票（按投票权或价值计）的任何特定美国人；\n- (b) 就任何外国合伙企业而言，直接或间接拥有该合伙企业超过 10% 的利润权益或资本权益的任何特定美国人；以及\n- (c) 就信托而言——\n\t- i. 根据 IRC（《国内税收法典》）第 671 条至第 679 条被视为该信托任何部分之所有人的任何特定美国人；以及\n\t- ii. 直接或间接持有该信托超过 10% 受益权益的任何特定美国人。\n\n美国人（U.S. Person）是指美国公民或居民个人、在美国设立或根据美国或其任何州的法律设立的合伙企业或公司、在以下情况下设立的信托：(i) 美国境内的法院根据适用法律有权就该信托管理的基本所有问题作出命令或判决，且 (ii) 一名或多名美国人有权控制该信托的所有重大决定，或作为美国公民或居民的已故人士的遗产。进一步解释请参阅 U.S. Internal Revenue Code（《美国国内税收法典》）。\n\n证据 B（EXHIBIT B）\nCRS 定义（CRS DEFINITIONS）\n\n账户持有人（Account Holder）是指由维护该账户的金融机构列明或确定为金融账户持有人的个人或实体。除金融机构外，作为代理人、托管人、指定代理人、签字人、投资顾问或中间人为了他人利益或代他人持有金融账户的人，就 Common Reporting Standard（共同申报准则）而言不被视为持有该账户，而该他人被视为持有该账户。就现金价值保险合同或年金合同而言，账户持有人是指有权使用现金价值或变更合同受益人的任何人。如果无人能够使用现金价值或变更受益人，则账户持有人为合同中指定为所有人的任何人，以及根据合同条款享有既定支付权利的任何人。在现金价值保险合同或年金合同到期时，每个有权根据合同获得款项的人均被视为账户持有人。\n\n积极非金融实体（Active Non-Financial Entity）是指符合下列任一标准的任何 NFE：\n\n- a) 在上一公历年度或其他适当申报期间，该 NFE 的被动收入占其总收入的比例低于 50%，且该 NFE 在上一公历年度或其他适当申报期间持有的资产中，产生或为产生被动收入而持有的资产占比低于 50%；\n- b) 该 NFE 的股票在既定证券市场上定期交易，或者该 NFE 是其股票在既定证券市场上定期交易的实体的关联实体；\n- c) 该 NFE 为政府实体、国际组织、中央银行，或由上述一个或多个机构全资拥有的实体；\n- d) 该 NFE 的绝大部分活动包括（全部或部分）持有从事除金融机构业务以外的行业或业务的一家或多家子公司的已发行股票，或向其提供融资及服务，但如果该实体的职能是（或自称是）投资基金，如私募股权基金、风险投资基金、杠杆收购基金或旨在收购或资助公司并随后出于投资目的持有这些公司权益作为资本资产的任何投资工具，则该实体不符合该身份；\n- e) 该 NFE 尚未开展业务且无先前的经营历史，但正在将资本投资于资产，意图开展除金融机构业务以外的业务，前提是自该 NFE 最初设立之日起 24 个月后，该 NFE 不再符合此例外情况；\n- f) 该 NFE 在过去五年内不是金融机构，并且正在清理其资产或正在重组，意图继续或重新开始除金融机构业务以外的业务运营；\n- g) 该 NFE 主要与非金融机构的关联实体进行融资和套期保值交易，或为其进行此类交易，且不向任何非关联实体的实体提供融资或套期保值服务，前提是任何此类关联实体集团主要从事除金融机构业务以外的业务；或\n- h) 该 NFE 符合下列所有要求：\n\t- i) 其在其税收居所管辖区内设立和运营的目的完全是为了宗教、慈善、科学、艺术、文化、体育或教育目的；或者其在其税收居所管辖区内设立和运营，且属于专业组织、商业联盟、商会、劳工组织、农业或园艺组织、公民联盟或专门用于促进社会福利的组织；\n\t- ii) 在其税收居所管辖区免征所得税；\n\t- iii) 没有对其收入或资产享有所有权或受益权益的股东或成员；\n\t- iv) 该 NFE 税收居所管辖区的适用法律或该 NFE 的设立文件不允许将该 NFE 的任何收入或资产分配给私人或非慈善实体，或用于其利益，除非是按照该 NFE 开展慈善活动的方式，或作为提供服务的合理补偿金，或作为代表该 NFE 所购财产公允市场价值的款项；以及\n\t- v) 该 NFE 税收居所管辖区的适用法律或该 NFE 的设立文件要求，在该 NFE 清算或解散时，其所有资产必须分配给政府实体或其他非营利组织，或归该 NFE 税收居所管辖区政府或其任何政治分支机构所有。\n\n控制人（Controlling Person）是指对某一实体实施直接或间接控制的自然人。\n\n就信托而言，该术语指委托人、受托人、保护人（如有）、受益人或受益人类别，以及对信托实施最终有效控制的任何其他自然人；就除信托以外的法律安排而言，该术语指处于同等或类似地位的人员。“控制人”一词应按照与 Financial Action Task Force Recommendations（“FATF”，金融行动特别工作组建议）一致的方式进行解释。\n\n识别客户的受益所有人，并通过以下信息采取合理措施核实此类人员的身份。对于法人 21：\n\n金融机构（Financial Institution）是指托管机构、存款机构、投资实体或特定保险公司，其中：\n\n如果实体归属于相关活动的营业总收入在该实体存续期间或截至做出确定当年上一年度 12 月 31 日止的三年期间（以较短者为准）内，等于或超过该实体营业总收入的 50%，则该实体被视为主要将(A)项中所述的一项或多项活动作为业务开展，或者就(B)项而言该实体的营业总收入主要归因于投资、再投资或买卖金融资产。“投资实体”一词不包括因符合积极 NFE 定义中第 d) 至 (g) 项的任何标准而属于积极非金融外国实体的实体。\n\n前款应按照与 Financial Action Task Force Recommendations（金融行动特别工作组建议）中“金融机构”定义所载类似表述一致的方式进行解释；以及\n\n(d) 特定保险公司（Specified Insurance Company）是指发行现金价值保险合同或年金合同，或负有与该等合同相关的付款义务的任何保险公司（或保险公司的控股公司）实体。\n\n非金融实体（Non-Financial Entity）或 NFE 是指任何不属于金融机构的实体。\n\n非参与管辖区（Non-Participating Jurisdiction）是指不属于参与管辖区的管辖区。\n\n非申报金融机构（Non-Reporting Financial Institution）是指符合下列条件的任何金融机构：\n\n- (a) 政府实体（Governmental Entity）、国际组织（International Organisation）或中央银行（Central Bank），但就特定保险公司（Specified Insurance Company）、保管机构（Custodial Institution）或存款机构（Depository Institution）所从事类型的商业金融活动相关的债务所产生的款项除外；\n- (b) 广泛参与退休基金（Broad Participation Retirement Fund）；狭窄参与退休基金（Narrow Participation Retirement Fund）；政府实体、国际组织或中央银行的养老基金；或合格信用卡发卡机构（Qualified Credit Card Issuer）；\n- (c) 呈现出极低的逃税风险、与第 B(1)(a) 和 (b) 小段中所述的任何实体具有实质相似的特征、且在国内法中被定义为非申报金融机构（Non-Reporting Financial Institution）的任何其他实体，前提是该实体作为非申报金融机构的地位不会挫败通用申报准则（Common Reporting Standard）的目的；\n- (d) 免税集合投资工具（Exempt Collective Investment Vehicle）；或\n- (e) 信托，以该信托的受托人为申报金融机构（Reporting Financial Institution）且根据第一节就该信托的所有应申报账户申报了所有要求申报的信息为限。\n\n参与管辖区（Participating Jurisdiction）系指以下管辖区：(i) 已达成协议，据此将提供（通用申报准则的）第一节中指明的信息，且 (ii) 在公布的清单中指明的管辖区。\n\n参与管辖区金融机构（Participating Jurisdiction Financial Institution）系指：(i) 属于参与管辖区居民的任何金融机构，但不包括位于该参与管辖区之外的该金融机构的任何分支机构，以及 (ii) 非属于参与管辖区居民的金融机构的任何分支机构，如果该分支机构位于该参与管辖区内。\n\n消极非金融实体（Passive Non-Financial Entity）系指符合以下条件的任何实体：(i) 不是积极非金融实体的非金融实体；或 (ii) 投资实体定义中第 B 肢（或准则第 A(6)(b) 小段）中所述的、不是参与管辖区金融机构的投资实体。\n\n关联实体（Related Entity）系指因以下原因而与另一个实体相关的实体：(i) 任一实体控制另一个实体；(ii) 两个实体处于共同控制之下；或 (iii) 两个实体属于投资实体定义中第 B 肢所述的投资实体，处于共同管理之下，且该管理履行了该等投资实体的尽职调查义务。就此目的而言，控制包括直接或间接拥有一个实体超过 50% 的表决权和价值。","key_entities":["CIPA","Je","Himalaya","Kin Ming Je","RICO"],"ecf_references":[],"word_count":42942,"status":"published","published_at":"2025-04-07 00:00:00","created_at":"2025-04-07","updated_at":"2026-08-23 08:53:36"}