“Below is certain important information in relation to Eastern and Southern African Trade Fund (ESATF). Please read it carefully (as applicable, based on your location).

NOTICE TO PERSONS IN THE UNITED KINGDOM (UK)

ESATF is an unregulated collective investment scheme for the purposes of the UK Financial Services and Markets Act 2000 (FSMA). As such the promotion of, and investment in, ESATF is restricted by law. ESATF is not authorised or otherwise approved by the UK Financial Conduct Authority (FCA).

Investment in ESATF is only available in the UK to the following types of investor: (i) investment professionals within the meaning of paragraph (5) of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529), as amended (the "Order"); (ii) certified high net worth individuals falling within the meaning of paragraph (2) of Article 48 of the Order; (iii) high net worth companies, unincorporated associations or other bodies falling within the meaning of paragraph (2)(A) to (D) of Article 49 of the Order; or, (iv) persons to whom it may otherwise lawfully be distributed (all such persons together being referred to as "relevant persons").

Information in relation to ESATF must not be acted on or relied on in the UK by persons who are not relevant persons. Any investment or investment activity relating to ESATF is available only in the UK to relevant persons, and will be engaged in only with such persons. All or most of the protections afforded by the UK regulatory system will not apply to an investment in the ESATF and compensation will not be available under the UK financial services compensation scheme.

NOTICE TO PERSONS IN THE EUROPEAN ECONOMIC AREA (EEA)

ESATF is an ‘alternative investment fund’ for the purposes of the EU Alternative Investment Fund Managers Directive (AIFMD). As such, ESATF may not be marketed to investors domiciled or with a registered office in any member state of the European Economic Area (EEA) unless ESATF has been notified to the competent authority of the relevant member state pursuant to Article 42 of AIFMD, in which case ESATF may be marketed (but only to professional investors) in that member state. Information relating to ESATF must not be distributed to, or relied upon by, investors in the EEA in any other circumstances. Furthermore, ESATF may not be marketed or distributed by way of a public offering in any member state.

NOTICE TO PERSONS IN THE UNITED STATES OF AMERICA (US)

Nothing on this website shall be construed as an offer to sell, or a solicitation of an offer to purchase, in the United States (US), any interests in ESATF or any other entity or account. The contents of this website shall not be construed as a recommendation, representation of suitability or endorsement of any security or investment or be relied upon as investment, legal, tax or other advice.

Interests in ESATF have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or any state or other securities laws of the US, and will be offered and sold for investment only to qualifying recipients of approved materials pursuant to the exemptions from the registration requirements of the US Securities Act provided by Regulation D promulgated thereunder and in compliance with any applicable state or other securities laws, or in offshore transactions qualifying with the provisions of Regulation S under the US Securities Act.  ESATF will not be registered as an investment company under the US Investment Company Act of 1940 (the "Investment Company Act"), and consequently  US investors will not receive the protections of the Investment Company Act.

There is no public market for interests in ESATF and no such market is expected to develop in the future.  Interests in ESATF are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the governing constitutional documentation, the US Securities Act and applicable state securities law pursuant to registration or exemption therefrom.

Interests in ESATF have not been recommended by any US federal or state, or any non-US securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information or materials relating to ESATF. Any representation to the contrary is unlawful.