LEGAL INFORMATION

Persons accessing the BSI Ifabanque S.A. website should note the following:
The BSI Ifabanque S.A. website is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or
otherwise) the publication or availability of the BSI Ifabanque S.A. website is prohibited.
The fund information contained in the BSI Ifabanque S.A. website is provided for information only and should not form the basis of an
investment decision. BSI Ifabanque S.A. believes that the information given on the website is accurate at the date of publication, but no
warranty of accuracy is given. BSI Ifabanque S.A. accepts no liability for any loss or damage arising from any use of
information contained in the website.
Past performance is not necessarily a guide to future performance and investors may not get back the full amount invested.
The Net Asset Value (NAV) will fluctuate and exchange rate fluctuations and the fund changes affect the return to the investor.
Nothing in the BSI Ifabanque S.A. website should be construed as a solicitation or offer, or recommendation to acquire or dispose
of any investment or to engage in any other transaction.
Before making any investment decision you should inform yourself of the risks as outlined
in the various funds Offering Memoranda.

UNITED STATES

Sales of shares of Haussmann Holdings, the Permal Family of Funds and the Challenger Funds are not being offered or sold in the
United States or to U.S. persons. Such shares are not registered in the United States under applicable U.S. securities laws nor is
any investment fund among those mentioned above registered under the U.S. Investment Act of 1940, as amended. BSI Ifabanque S.A. may refuse
to register a transfer of a share to a U.S. person and may require the compulsory redemption of shares that
come to be held by a U.S. person.