Disclaimer, Terms and Conditions of Web Site Use

1. Disclaimer for general web site

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS SITE

This web site is provided by ENA Investment Capital LLP and its affiliates ("ENA Group").

This web site is subject to international copyright laws and other intellectual property rights with all rights reserved. No information contained in this web site, any part of this web site, or associated documents (together the "Information"), may be redistributed in whole or in part, stored in a retrieval system, modified, linked into, republished, uploaded, transmitted in any form or by any means electronic or mechanical, or by photocopying, recording or otherwise without the express prior written permission of the ENA Group.

The names, logos, or identifying marks relating to the products and services of the ENA Group are proprietary trademarks/ service marks of the ENA Group and may not be used in any way without express prior written consent of the ENA Group.

The Information is confidential and is not intended to influence you in making any investment decisions and should not be considered as advice or a recommendation to invest. Any Information in this web site may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors and relevant offering material. Any investment decisions must be based upon an investor's specific financial situation and investment objectives and should be based solely on the information in the relevant offering memorandum. Income from or the price or value of any financial instruments may rise or fall. Past performance is not necessarily indicative of future results.

The content of this web site is not intended, and must not be construed, as an offer of, or a solicitation of an offer to purchase, any investments in any jurisdiction where such offer or solicitation would be unlawful. In particular, this web site is not intended as marketing of any fund in any member state of the European Economic Area for the purposes of the Directive 2011/61/EU on Alternative Investment Fund Managers.

The ENA Group assumes no responsibility or liability for the correctness, accuracy, timeliness or completeness of the Information, for any viruses contained in, or attached to, this web site or for any loss, damage or lost opportunities resulting from the use of the Information. Any views, opinions or assumptions may be subject to change without notice. Any of the Information may be out of date at any given time, and the ENA Group is under no obligation to update it.

The ENA Group will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our web site.

The content of this web site is not directed at or intended for persons, individuals or entities that are US Persons (as defined by Regulation S of the US Securities Act of 1933, as amended) and no securities or services are being offered in the United States or to US Persons. Neither ENA nor its affiliates holds itself out as an investment adviser in the United States or offers its services to the general public in the United States.

ENA Investment Capital LLP is authorised and regulated by the Financial Conduct Authority of the United Kingdom. Its registered office address is Carrington House, 126-130 Regent Street, London, W1B 5SE, United Kingdom.

By using our site, you confirm that you accept these terms of use and that you agree to comply with them. If you do not agree to these terms of use, you must not use our site.

2. Disclaimer for log-in access

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY

Our Privacy Notice applies to your use of our web site. By using our web site, you consent to our Privacy Notice and you warrant that all data provided by you is accurate.

Our web site uses cookies to distinguish you from other users of our web site. By using our web site, you consent to our use of cookies and our Cookies Policy.

Your username and password is for your personal use only and neither may be transferred to any other person. The information contained in this web site, any part of this web site, or associated documents (the "Information") is confidential and may not be shared without our consent.

In addition to the foregoing, by entering this web site you agree and confirm to ENA Investment Capital LLP and its affiliates ("ENA Group") that:

  1. you have chosen to access this web site and are requesting the Information on your own initiative;
  2. you will not distribute, copy or otherwise reproduce any of the Information;
  3. you understand that none of the Information comprises or includes a financial promotion or investment advertisement and the Information is not intended as an offer or solicitation with respect to the purchase or sale of any security, and that the Information is provided for your information only;
  4. you understand that the Information is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation;
  5. you are a professional investor within the meaning of the Directive 2011/61/EU on Alternative Investment Fund Managers; and
  6. where you are in the United States, because the Information is only intended for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")), you are a "qualified purchaser" (as defined in the United States Investment Company Act of 1940, as amended (the "Company Act")) and/ or an "accredited investor" (as defined in Rule 501(a) under the Securities Act).

3. Privacy Notice

Please click here to view our Privacy Notice.

4. Cookies Policy

We collect information about your visits to this web site through use of Internet "cookies" (an information collecting device from a web server) as described further below.

We may send text files (e.g., "cookies" or other cached files) or images to your web browser to store information on your computer. Such text files and images are used for technical convenience to store information on your computer. For instance, we may use a session cookie to store form information that you have entered so that you do not have to enter such information again. We may use information stored in such text files and images to customise your experience on this web site and to monitor use of this web site. You may set your browser to notify you when you receive a cookie. Many web browsers allow you to block cookies. If you do block cookies you may not be able to access certain parts of this web site. You can disable cookies from your computer system by following the instructions on your browser or at www.allaboutcookies.org

Regulatory Disclosures

Under Rule 2.2.3R of the Financial Conduct Authority's (“FCA”) Conduct of Business Sourcebook, ENA Investment Capital LLP (“ENA” or the “Firm”), to the extent it is managing investments for a professional client (as defined by the FCA), is required to include a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, explain its considered choice based on the Firm’s investment approach. The Code is a voluntary code and sets out a number of principles relating to engagement by investors in UK-listed companies.

ENA takes long or short positions in securities of companies that it has identified as undervalued (long equity positions) and overvalued (short equity positions) and will purchase equity securities of companies with strong long-term fundamentals when it believes the securities can be purchased at an attractive discount to fair value. In the alternative, ENA also takes short positions in equity securities of companies when it believes the market has over-estimated the quality of the franchise and management team or when identifiable catalysts may exist for eliminating the spread between price and fair value. To the extent ENA invests in companies to which the Code applies, ENA will engage with those companies and vote in a way that it believes is consistent with maximising shareholder value.

Accordingly, whilst ENA supports the objectives that underlie the Code, ENA does not believe that the Code is relevant to its investment strategy.

ENA Investment Capital LLP is considering the impact of the Directive (EU) 2017/828 as regards the encouragement of long-term shareholder engagement on its investment strategy, and will publish a statement on its approach to shareholder engagement in due course.