Disclaimer

Conditions of Use and Legal Provisions
Please read through these conditions carefully. By accessing the Jefferies website and its pages you are declaring that you have understood and accepted the following conditions of use and legal information in connection with the Jefferies website and the material contained therein. The content of these web pages is intended as information for institutional, professional and private investors, who have the requisite knowledge relating to the contents of these web pages. If you object to the following conditions, your only recourse is to cease using the Jefferies website and its pages.

General Information
While we attach great importance to the accuracy of the information on the Jefferies website and to regularly updating such information, neither Jefferies (Switzerland) Ltd. (hereinafter referred to as "Jefferies"), nor the investment company referred to below, or any additional party involved gives any warranty as to the accuracy or completeness of information, texts, links, graphics or any other material on this website.

Jefferies draws your attention to the fact that the use of e-mail and electronic forms in communications with Jefferies involves risks which should not be underestimated. Information transmitted in this way may be seen and tampered with by third parties. Equally Jefferies may be identified as the recipient. Accordingly conclusions may be drawn in regard to your relationship with our organization.

Jefferies, the investment company referred to below, or any additional party involved, disclaim any liability for loss or damage which may occur of any nature whatsoever, arising directly or indirectly from use of the Jefferies website (or from the inability to access or use the website) and/or information, texts, links, graphics or other material contained therein. In addition no liability shall be accepted and no guarantee given that functions on the Jefferies website shall be uninterrupted or error-free, that errors will be corrected, or that the Jefferies website and/or current server is free of viruses or harmful components.

Where there is no indication to the contrary, all views and information on the Jefferies website consist solely of opinions held by Jefferies and shall be subject to alteration, which may be made without  prior notification.

Jefferies has not vetted the linked websites and shall not be answerable for the content nor the products, services or other items offered through these external sites or other websites, which are linked to the Jefferies website. Establishing connections to external sites or other websites shall be at your own risk.

No links may be made to the Jefferies website and its contents without the prior consent of Jefferies in writing.

Overview of Registration of Investment Companies Represented by Jefferies (Switzerland) Ltd.
The content of the web pages of the Jefferies website, relating to funds, investment funds and/or investment companies, are solely aimed at institutional and private investors with domicile or permanent place of residence in one of the following countries, in which the funds, investment funds and/or investment companies (hereinafter "Funds") represented by Jefferies are registered.

Overview of Countries of Registration
The funds represented by Jefferies are registered in the following countries:

«Jefferies Umbrella Fund» Luxembourg: 
Sub-funds:

Luxembourg, Switzerland, Germany, Austria, Liechtenstein

We expressly reserve the right to make further registrations.

No Offer to Buy or Sell
Shares of the investment company shall be publicly offered and/or traded exclusively in the aforementioned countries in connection with the registration of the investment company's shares. Information on the Jefferies website does not constitute any offer or invitation to buy or sell shares of the investment company represented by it. In this connection we should point out in particular that shares of the aforementioned investment company shall not be acquired or held by or for investors of US nationality and/or permanent place of residence in the USA or its national territories and shall also not be transferred to such investors.

Risk Clause
Your attention is drawn to the fact that shares of the aforementioned investment company carry an investment risk, which may also potentially amount to loss of the capital invested. Furthermore past performance offers no guarantee of future performance. The capital invested and the possible earnings thereon may fluctuate, so that the value of an investor's shares on redemption may be more or less than his original investment. Owing to constant volatility in the market, fund performance may alter significantly in the short term. In addition, emerging markets may constitute an exposure to greater risks. The investment company may also invest in currencies differing from the base currency. This carries the additional risk of currency fluctuations.

Copyright
All material on the Jefferies website is owned fully and exclusively by Jefferies (in particular copyright and other rights), unless stated otherwise. The material is only freely usable for browsing purposes. If material is reproduced in any form in whole or in part, either electronically or in writing, Jefferies shall require to be expressly named as the author of such material. In addition the prior consent of Jefferies must be obtained in order to republish any material.

Ownership
All Jefferies logos, trademarks and service marks appearing herein are property of Jefferies & Company, Inc. No constituent part of the Jefferies website is designed to grant a licence or right to use any image, registered trade mark or logo. By downloading or copying the Jefferies website or its contents, you shall not be assigned any rights whatsoever to the software or the Jefferies website. Jefferies reserves all rights (in particular copyright and trade mark rights) in respect of all material on the Jefferies website and shall fully avail itself of every means to enforce such rights.

Complimentary Copies of Documents
Investments should only be made after carefully reading the appropriate prospectuses in advance. Prospectuses, Articles of Association, annual and interim reports may be obtained free of charge from Jefferies (Switzerland) Ltd., Uraniastrasse 12, 8021 Zurich.

Copyright © 2005
Jefferies (Switzerland) Ltd., Zurich