Legal Notice

Welcome to the official website of NAO Asset Management (the “Website”). Access to this Website and to the information contained herein implies acceptance of the terms of use set out in this legal notice. Therefore, we recommend that you read the following terms of use carefully if you wish to access the information contained on this portal.

This Website is owned by NAO Asset Management:
NAO Asset Management SA SGIIC: Tax ID (NIF) A-40504607
Registered address: Plaza Ayuntamiento, 27 – 7ª, 46002 – Valencia
Registration details in the Commercial Registry of Valencia: volume 10,517, page 18, sheet V-182.585, entry 1
Registration with the Spanish National Securities Market Commission (CNMV): 267
Contact email: [info@nao-sam.com](mailto:info@nao-sam.com)

ACCESS AND RESTRICTIONS
The collective investment undertakings included on this Website are registered with the Spanish National Securities Market Commission (CNMV) for marketing in Spain.
Access to the information displayed on this Website is reserved exclusively for individuals or entities that are residents of Spain and is not directed at individuals or entities resident in other jurisdictions of States where, due to nationality, residence or other reasons, the publication or availability of this information is prohibited or whose laws require the fulfilment of other requirements for access, availability, disclosure or publication. Persons to whom these prohibitions apply must not access the information contained on this Website.
You can consult the range of NAO ASSET MANAGEMENT products registered for distribution in other countries at the following link: [*]

NO OFFER OR SOLICITATION
The contents of this Website are for information purposes only and do not constitute an offer or a solicitation to buy or sell any product or service, nor do they constitute a recommendation or personalised advice. No information contained herein should be construed as financial, tax, legal or other advice. Investors should bear in mind that investment in investment funds or other financial products contained on this Website may be subject to market, credit, issuer and counterparty, liquidity and currency risks, fluctuations in value and the possible loss of invested capital. Before making any investment decision, you should obtain appropriate and specific professional financial, tax and legal advice. Any reference to taxation should be understood as depending on personal circumstances and may vary in the future.

INFORMATION ON RESULTS AND RISKS
Past performance is not a promise or guarantee of future returns. The value of investments and the income from them may go down as well as up and an investor may not recover the amount initially invested. None of the figures corresponding to previous periods is indicative of future performance. Since the collective investment undertakings included on this Website invest in international markets, exchange rate fluctuations may positively or negatively affect any gains relating to an investment. Certain changes in taxes and tax reliefs may occur. The aforementioned taxes and tax reliefs always refer to those in force and their value will depend on each investor’s circumstances. Investments in emerging markets involve a high level of risk. Investments in the Funds must always be made taking into account the current Prospectuses, the Statements of Investment Policy Principles and the other documentation available for the Funds. The information contained on these pages does not form part of any type of contract, nor is it intended for the formalisation of a contract.
Before making any investment decision, you should obtain appropriate and specific professional financial, tax and legal advice. Likewise, before subscribing to any of our products, you must receive free of charge the documentation required by the legal provisions in force at any given time, which is available on this Website and also from NAO ASSET MANAGEMENT or at the offices of authorised distributors. This Website is not directed at any person in any country where, due to nationality, residence or any other circumstance, its availability or publication is prohibited or not permitted.

COPYRIGHT
The Website is owned by NAO ASSET MANAGEMENT SA SGIIC. The intellectual property rights and the rights of exploitation and reproduction of this Website, its pages, screens, the information contained therein, its look and feel and design, as well as its products and services, are the property of NAO ASSET MANAGEMENT, unless otherwise specified.
You may, at your own risk, download contents, copy or print any page of this Website (generally referred to as “Information”), but exclusively for your personal use and provided that you do not infringe the copyright or any other property right of NAO ASSET MANAGEMENT, nor change, modify or delete any Information, content or notices. Copying Information shall not be understood as an authorisation to transfer to you or to any person the property rights of NAO ASSET MANAGEMENT. You may not reproduce, transmit, modify, link to or make public use of the content of this Website, for any purpose, directly or indirectly, under any circumstances, without the prior written authorisation of NAO ASSET MANAGEMENT.

REGISTERED TRADEMARKS
The name and logo of NAO ASSET MANAGEMENT are registered trademarks and service identifiers. NAO ASSET MANAGEMENT may assert its rights over any trademark contained on this Website.
DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
All information and contents of the pages of this Website are subject to change by NAO ASSET MANAGEMENT without prior notice. This Website, the information contained herein, the links and the information obtained through them, or access to them, may be suspended, cancelled or restricted in any way, at any time, by NAO ASSET MANAGEMENT.
NAO ASSET MANAGEMENT considers that the information contained on this Website, as well as in the documents that may be viewed on it, is correct as of its date of publication; however, no warranty is given as to the accuracy, completeness, updating, exhaustiveness or suitability of such information. NAO ASSET MANAGEMENT hereby disclaims all liability for any damage arising from the use, error or omission of any part of this Website, to the extent permitted by law.

APPLICABLE LAW AND JURISDICTION
Access to and visit of the website, its use and these terms are governed by Spanish law and shall be interpreted in accordance therewith. The courts of Spain shall have exclusive jurisdiction over any dispute relating to the foregoing, without prejudice to NAO ASSET MANAGEMENT choosing any other jurisdiction for the dispute in question, in accordance with applicable law.