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It is important to Renaissance Partners that we keep your personal information secure and ensure that you understand how we use that information. We apply the same Privacy Policy as the Renaissance Group. Via the link at the bottom of the screen, please see the Renaissance Group Privacy Policy.

Disclaimer

Fund materials and/or information distributed to you or contained on this website on the Internet (the "Material") is the copyright of Renaissance Partners Investment Limited ("Renaissance Partners"). All rights reserved. The Material has been prepared by and, except as otherwise specified therein, is communicated by Renaissance Partners Investment Limited ("Renaissance Partners") an indirect subsidiary of Renaissance Holdings Management Limited, and an affiliate of Renaissance Capital Holdings Limited (for contact details see Bloomberg page RENA, or contact the relevant office). Together with other subsidiaries and affiliates the group of companies operate under the brand name of "Renaissance Group".

The Material is not and should not be construed as an offer, or a solicitation of an offer, or an invitation or inducement to engage in investment activity in the Fund or any other financial instruments, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price. The Material is not an advertisement of securities or an offer of securities, or related financial instruments. Offers and sales will be made only pursuant to the current prospectus for the Fund (the "Prospectus"), together with current financial statements of the Fund (if available), and a relevant subscription application, all of which must be read in their entirety. The Material has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The Material is for information purposes only. All such information is subject to change without notice, and neither Renaissance Group nor any of its subsidiaries or affiliates is under any obligation to update or keep current the information contained in the Material or in any other medium.

Descriptions of any company or issuer or their securities or the markets or developments mentioned in the Material are not intended to be complete. The Material should not be regarded by recipients as a substitute for the exercise of their own judgment as the Material has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The application of taxation laws depends on an investor's individual circumstances and, accordingly, each investor should seek independent professional advice on taxation implications before making any investment decision. The information has been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified, is provided on an ‘as is' basis and no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, merchantability or fitness for a particular purpose of such information, except with respect to information concerning the Fund, Renaissance Group, its subsidiaries and affiliates. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance of the Fund represent Renaissance Partners' own assessment and interpretation of information available to them currently. All statements relating to profits refer to net profits and do not include the original capital invested. Historical return information is not a reliable indicator of future results.

Investments in private equity funds involve a high degree of risk and are suitable only for sophisticated investors who can tolerate such risk and do not require a liquid investment. There is no secondary market for the investor's interest and none is expected to develop. No assurance can be given that the investment objectives of the Fund will be achieved. Investment results may vary substantially over any given period. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. The investment values influenced by foreign currencies effectively assume currency risk. Other risk factors affecting the price, value or income of an investment include but are not necessarily limited to political risks, economic risks, credit risks, and market risks. Investing in emerging markets such as Russia, other CIS, African or Asian countries and emerging markets securities involves a high degree of risk. A decision to invest in the Fund should only be based upon review of the Prospectus and the legal, financial, fiscal and tax consequences, and investments risks, which should be discussed with an external professional adviser.

Renaissance Group and its affiliates, their directors, representatives, employees (excluding the US broker-dealer unless specifically disclosed), or clients may have or have had interests in issuers described in the Material or long or short positions in any of the securities mentioned therein or other related financial instruments at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any such securities or other financial instruments from time to time in the open market or otherwise, in each case as principals or as agents. Renaissance Group and its affiliates (excluding the US broker-dealer unless specifically disclosed) may act or have acted as market maker in the securities or other financial instruments described in the Material, or in securities underlying or related to such securities. Employees of Renaissance Group or its affiliates may serve or have served as officers or directors of the relevant companies. Renaissance Group or its affiliates may (i) have or have had a relationship with or provide or have provided investment banking, capital markets, advisory, investment management, and/or other financial services to the relevant companies, and (ii) rely on information barriers, such as ‘Chinese Walls', to control the flow of information contained in one or more areas within the Renaissance Group of companies, including Renaissance Partners, into other areas, units, groups or affiliates of Renaissance Group. Renaissance Group maintains a conflicts of interest policy designed to prevent exploitation for either corporate or personal benefit, and ensure that the different business activities of Renaissance Group do not constitute or give rise to material damage to client interests.

The Material is not intended for distribution to the public and may be confidential. It may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of Renaissance Partners, and neither Renaissance Partners nor any of its affiliates accepts any liability whatsoever for the actions of third parties in this respect. The information may not be used to create any financial instruments or products or any indices. Neither Renaissance Group and its affiliates, nor their directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the Material.

Bermuda: Neither the Bermuda Monetary Authority nor the Registrar of Companies of Bermuda has approved the contents of the Communication and any statement to the contrary, express or otherwise, would constitute a material misstatement and an offence.

DIFC, Dubai: Distributed by Renaissance Group Dubai Limited, licensed for business in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.

EEA States: Distributed by Renaissance Securities (Cyprus) Limited, regulated by Cyprus Securities and Exchange Commission, or Renaissance Capital Limited, regulated in the UK by the Financial Services Authority ("FSA") in relation to designated investment business (as detailed in the FSA rules). Private equity funds are not a designated investment, which contributes to their lack of transparency. Cyprus: Except as otherwise specified herein the Communication is not intended for, and should not be relied upon by, retail clients of Renaissance Securities (Cyprus) Limited. The Cyprus Securities and Exchange Commission Investor Compensation Fund is available where Renaissance Securities (Cyprus) Limited is unable to meet its liabilities to its retail clients, as specified in the Customer Documents Pack. United Kingdom: Approved and distributed by Renaissance Capital Limited only to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules). The Communication does not apply to, and should not be relied upon by, retail clients; neither the FSA's protection rules nor compensation scheme may be applied.

Kazakhstan: Distributed by Renaissance Capital Investments Kazakhstan JSC, regulated by the Agency for the Regulation and Supervision of the Financial Market and Financial Organizations.

Kenya: Distributed by Renaissance Capital (Kenya) Limited, regulated by the Capital Markets Authority.

Nigeria: Distributed by Renaissance Securities (Nigeria) Limited, regulated by the Securities and Exchange Commission.

Russia: Distributed by CJSC Renaissance Capital, LLC Renaissance Broker, or Renaissance Online Limited, entities regulated by the Federal Financial Markets Service.

Ukraine: Distributed by Renaissance Capital LLC, authorized to perform professional activities on the Ukrainian stock market.

United States: Distributed in the United States by RenCap Securities, Inc., or by a non-US subsidiary or affiliate that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. RenCap Securities, Inc. accepts responsibility for the content of a Communication prepared by another non-US affiliate when distributed to US persons by RenCap Securities, Inc. Although it has accepted responsibility for the content of non-US affiliate Communications when distributed to US investors, RenCap Securities, Inc. did not contribute to the preparation of the Communication and the authors of the Communication are not employed by, and are not associated persons of, RenCap Securities, Inc. Among other things, this means that the entity issuing the Communication and the authors of the Communication are not subject to all the disclosures and other US regulatory requirements to which RenCap Securities, Inc. and its employees and associated persons are subject. Any US person receiving the Communication who wishes to effect transactions in any securities referred to therein should contact RenCap Securities, Inc., not its non-US affiliate. RenCap Securities, Inc. is a subsidiary of Renaissance Capital Holdings Limited and forms a part of a group of companies operating outside of the United States as "Renaissance Capital". Contact: RenCap Securities, Inc., 780 Third Avenue, 20th Floor, New York, New York 10017, Telephone: +1 (212) 824-1099.

Other distribution: The distribution of the Communication in other jurisdictions may be restricted by law and persons into whose possession the Communication comes should inform themselves about, and observe, any such restriction.

Additional information and supporting documentation is available upon request.

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Regulated by the Cyprus Securities and Exchange Commission (Licence No: KEPEY 053/04).
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