This material has been prepared by The Ark Advisors Limited. It is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. This material is provided for informational and illustrative purposes and is intended for your own use only. It does not constitute an invitation or an offer to the public to subscribe for or to purchase any of the products or services mentioned. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated financial service. The information provided is not intended to provide a sufficient basis on which to make an investment decision and is not a personal recommendation or investment advice. Observations and views of the individual Asset Management personnel may be different from, or inconsistent with, the observations and views of The Ark Advisors team, and may change at any time without notice and with no obligation to update.

To the extent that these materials contain statements about future performance, such statements are forward looking and subject to several risks and uncertainties. Information and opinions presented in this material have been obtained or derived from sources which in the opinion of The Ark Advisors are reliable, but The Ark Advisors makes no representation as to their accuracy or completeness. The Ark Advisors takes no liability for loss arising from the use of this material. Unless indicated to the contrary, all figures are unaudited. All valuations mentioned herein are subject to either The Ark Advisors valuation policies and procedures, or 3rd party sources. It should be noted that historical returns and financial market scenarios are no reliable indicator of future performance.

Every investment involves risk and in volatile or uncertain market conditions, significant fluctuations in the value or return on that investment may occur. Investments in foreign securities or currencies involve additional risk as the foreign security or currency might lose value against the investor’s reference currency.

Alternative investments products and investment strategies (e.g. Hedge Funds or Private Equity) may be complex and may carry a higher degree of risk. Such risks can arise from extensive use of short sales, derivatives and leverage. Furthermore, the minimum investment periods for such investments may be longer than traditional investment products. Alternative investment strategies (e.g. Hedge Funds) are intended only for investors who understand and accept the risks associated with investments in such products.

Past performance does not indicate any future performances.

This presentation is for internal use only. Any losses are borne solely by investors and not by The Ark Advisors Limited. Additional information is available upon request.