DISCLAIMER | graff-fund.com

DISCLAIMER

Persons who access the information made available on the [G]RAFF and its affiliates

collectively, “[G]RAFF” website (the “website”) agree to the following:

While the material on this website is often about investments, none of it is offered as investment advice. For members of the public, this means that neither the receipt nor the distribution of information through this website

constitutes the formation of an investment advisory relationship, or any similar client relationship. The materials on this website are for informational purposes only and may not be relied on by any person for any purpose and are not, and should not be construed as investment, financial, legal, tax or other advice, recommendation or

research.

The information contained herein does not constitute a distribution, an offer to sell

or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized.

This website may contain forward-looking statements on our current expectations and

projections about future events. Statements that are predicative in nature, that depend upon or refer to future events or conditions or that include words such as “expects,” “anticipates,”

“intends,” “plans,” “believes,” “estimates,” “thinks,” “seeks,” “targets,” “forecasts,” “could”

or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe [G]RAFF’s objectives, plans or goals are forward-looking. Any forward-looking

statements are based on [G]RAFF’s current intent, belief, expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. These factors

include, among other things, (1) general economic and business conditions; (2) new governmental regulations and changes in, or the failure to comply with existing governmental regulation, (3) legislative proposals that impact our industry or the way we do business, (4) competition, and (5) our ability to attract and retain

qualified personnel. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

No representation or warranty is given in respect of the correctness of the information contained herein as at any future date. Certain information included in this communication is based on information obtained from

third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any

projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. In addition, this website may contain performance and other data. Past performance is not indicative of future performance.

This website contains hyperlinks to websites operated by [G]RAFF and other parties. [G]RAFF does not control the content or accuracy of information on third-party websites and does not otherwise endorse the material placed on such sites.

All information and content on this website is furnished “AS IS,” without warranty of any [G]RAFF, express or implied. [G]RAFF will not assume any liability for any loss or damage of any kind arising, whether direct

or indirect, caused by the use of any part of the information provided. [G]RAFF and its licensors do not warrant that the content is accurate, reliable or correct; that the website will be available at any particular time or location; that any defects or errors will be corrected; that unauthorized access to or misappropriation of the content will not occur; or that the content is free of viruses or other harmful components. Your use of the website is solely at your risk.

No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos. The information contained in www.graff-fund.com shall not be published, rewritten for broadcast or publication or redistributed in any medium without prior written permission from [G]RAFF

[G]RAFF- FUND SPC disclaimers

Modern Slavery Act 2015 Statement

This statement is made pursuant to section 54 of the Modern Slavery Act 2015.

[G]RAFF does not tolerate any slavery or human trafficking practices within its business or within its supply chains.

Whilst it is acknowledged that risk factors are present in all global supply chains and across all sectors, it is believed that [G]RAFF’s relative exposure to slavery, human trafficking and forced labour is low given the nature of its business as a regulated financial services business [G]RAFF has detailed below the following areas where it sees potential risks that need to be assessed and managed:

Direct Risk:

[G]RAFF complies with all applicable employment and human rights laws.

[G]RAFF’s employees are highly skilled professionals and [G]RAFF has implemented robust procedures to ensure the risk of employing a trafficked or exploited person within the business either directly, or through a subcontractor, recruitment agency or as a consultant is low.

Indirect Risk:

[G]RAFF’s supply chain primarily consists of regulated financial services providers, professional advisors (lawyers, accountants etc.) and IT infrastructure and office services. [G]RAFF regards each of these supplier categories to be at low risk of contravening the Act.

Additionally, when providing advice in respect of the acquisition of a controlling interest in a company, [G]RAFF

undertakes a risk assessment and due diligence process which will be amended to include inquiries regarding Modern Slavery.

Actions:

[G]RAFF will seek to require that new, and on renewal of a relevant contract,

existing suppliers provide confirmation of their compliance with the Modern Slavery Act..

[G]RAFF will amend its risk assessment and due diligence process in respect of advising on the acquisition of

controlling interests in companies to include inquiries relating to compliance with the Modern Slavery Act.

Information for

Disclosing Market Participants

On occasion [G]RAFF will be the recipient of a market sounding. A market sounding is an

interaction between an issuer or a seller of financial instruments

(or in certain circumstances, someone acting on their behalf)

(together, the “Disclosing Market Participant" or “DMP")

and one or more potential investors (the “Market Sounding

Recipient" or “MSR"), prior to the announcement of a

transaction in order to gauge the interest of MSRs in the possible

transaction. The disclosure of inside information by a bidder prior

to a takeover is also a market sounding.

In accordance with the rules and guidance prescribed by the EU Market Abuse Regulation,

[G]RAFF and 3rd Parties (as potential MSRs) have designated the following persons as contact point

to receive market soundings: Investorrelations@graff-fund.com

ANY COMMUNICATION BY

A DMP WHICH CONCERNS A MARKET SOUNDING MUST BE ADDRESSED TO THE

PERSONS ABOVE ONLY, EXCLUDING ANY OTHER [G]RAFF PERSONNEL