Legal notice

Please read all terms and conditions below carefully before you use this website. These terms and conditions apply each time you access or use this website. If you do not agree to all of these terms and conditions, you must immediately cease using this website and any information contained on this website. By accessing and using this website, you agree to be bound by this legal notice and all terms and conditions set out below. In particular, you acknowledge:

· that you have read and accept this legal notice

· if you are located in the US, that you are a Sophisticated Investor

· if you are located in the UK, that you are a Relevant Person

· that you will access and use the Information without breaching any laws, rules, directives, regulations, or any other restrictions that apply in your local jurisdiction, the United Kingdom or the United States.

Restricted access

This website is not intended for any person who is a resident of a country where it would be prohibited or against local laws to provide the Information in this website. Any products and services described in this website are only available to persons in jurisdictions in which BBI Group and its Affiliates are permitted to market and sell such products and services. BBI Group’ Affiliates are listed below.

BBI Group makes no representation that materials in or accessible through the site are appropriate or available for use in other locations or that access to them where their content is located is not illegal and prohibited. Those who choose to access the site from other locations do so at their own risk and are responsible for establishing the legality of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws, if and to the extent local laws are applicable. The information provided in or accessible through this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject BBI Group to any registration or other requirement within such jurisdiction or country. BBI Group reserves the right to limit access to the site to any person, geographic region or jurisdiction.

Without limiting the above matters, BBI Group does not warrant that it holds any authorisations or approvals required in all jurisdictions where the Information may be accessed. BBI Group does not and has no intention to offer or sell any funds, products or services in any jurisdiction where such an offer or sale would be unlawful under the relevant domestic law. You must satisfy yourself as to the laws which are in force in your jurisdiction and that access to the Information accords with the laws of your particular jurisdiction.

United Kingdom (“UK”)

The Information is being issued to investors inside the UK by BBI Group (UK) Limited (“BBI UK”) (which is authorised and regulated by the UK Financial Conduct Authority) and BBI UK is the only entity responsible for its contents in that jurisdiction. The Information is issued to and directed only at persons in the UK who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook (“Relevant Persons”). [In the UK this would include investment professionals and certain high net worth entities, as respectively defined in articles 19 and 49 of the FSMA (Financial Promotion) Order 2005.]

The promotion of unregulated collective investment schemes by authorised persons is restricted in the UK pursuant to section 238 of the Financial Services and Markets Act 2000 (the “Scheme Promotion Restriction”). However, the Information is exempt from the Scheme Promotion Restriction on the grounds that it is being issued to and directed only at Relevant Persons.

Any investment or investment activity to which the Information relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. The Information must not be acted on or relied on by any other persons in the UK.

United States of America (“US”)

The Information is being issued to investors inside the US by BBI Group (US) Advisor LLC and BBI Group (“BBI US”) and are the only entity responsible for its contents in that jurisdiction.

BBI US are registered as investment advisers under the Investment Advisers Act of 1940, as amended, and regulated by the United States Securities and Exchange Commission (“SEC”). BBI (US) Securities, LLC is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). BBI's investments have not been recommended by any US federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of the information contained in this website. Any representation to the contrary is a criminal offense.

The Information is intended:

· solely to provide general information about BBI Group and its subsidiaries/affiliates and the products and services available through BBI US

· only for investors (each a “Sophisticated Investor”) that are both:

4. accredited investors within the meaning of the US Securities Act of 1933 (each an “Accredited Investor”); and

5. qualified purchasers within the meaning of the US Investment Company Act of 1940 (each a “Qualified Purchaser”).

BBI US does not intend to solicit or make its services available to the general public in the US and many of BBI’s products and services are not available in the US. Under no circumstances should the Information be considered as an offer to sell, a recommendation regarding or a solicitation of an offer to buy any securities or interests in products or services sponsored by BBI US. Such offers or solicitations will be made in the US only to privately solicited investors that have been pre-qualified as an Accredited Investor or Qualified Purchaser (as applicable) and in accordance with relevant US securities laws. Accredited Investors and Qualified Purchasers are generally deemed sophisticated in financial matters such that they are capable of evaluating the merits and risks of prospective investments.

BBI (US) Securities, LLC is a limited purpose broker-dealer that sells interests in private placements to institutional investors. BBI (US) Securities, LLC is not a retail broker-dealer, and does not solicit or carry accounts for, or offer or sell securities products to retail customers. BBI (US) Securities, LLC is regulated by the Financial Industry Regulatory Authority,

Website Terms and Conditions

This website is owned and operated by BBI Group. By accessing and using this website you agree to be bound by these Website Terms and Conditions. BBI Group may change these terms and conditions at any time without notice to you. By continuing to access or use the website you accept any changed terms as they may apply from time to time. It is your responsibility to regularly check these Website Terms and Conditions for any amendments. Unless expressly stated otherwise, BBI is the only entity responsible for the content of this website (the “Information”).

In these Website Terms and Conditions, references to "we", "us" and "our" refer to BBI Group and references to "you" and "your" refer to each user of this website. References to "BVBI Parties" refer to BBI Group, its Affiliates and their directors, employees and representative. BBI Group Affiliates are listed below.

No offer or advice

The Information is general in nature and is provided for informational purposes only. It does not constitute legal, tax, financial product or investment advice and does not constitute a recommendation, solicitation, or offer of any securities, product or service and should not be relied upon as securities advice. The Information does not contain anything in it that forms the basis of any contract or commitment.

Additionally, the Information on this website does not constitute a representation that the solutions described herein are suitable or appropriate for any person. Past performance is no guarantee of future performance. No consideration has been given to the impact of any tax and revenue laws on prospective investors. Prospective investors should consult their own tax advisers in relation to any such consequences.

Product information

The Information on this website in relation to specific product(s) is intended to only be presented to those investors that are professional and domiciled in the relevant jurisdiction in which that product is offered. This investor criteria must be attested to in order to obtain access any such product information on this website. BBI Group does not take responsibility if investors access this information through false attestation. The product information on this website is presented accordance with European Union’s Sustainable Finance Disclosure Regulations and is not a recommendation, solicitation, or offer of any product and should not be relied upon as investment advice.

Forward looking statements

The Information may contain forward-looking statements that are based on BBI Group’ current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. The words ‘forecast’, ‘estimate’, ‘project’, ‘intend’, ‘expect’, ‘should’, ‘believe’ and similar expressions are intended to identify forward-looking statements.

All forward-looking statements should be evaluated with an understanding of their inherent uncertainty and are not a guarantee of future performance, and actual results, performance or achievements may vary materially from those expressed or implied. Forward looking statements in the Information involve known and unknown risks and uncertainties and other factors which may be beyond the control of BBI Group’. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time.

BBI Group’ investments

This website contains information about investment profiles. This information is provided as examples for the purposes of clarifying and describing BBI Group’ investment approach, not as an exhaustive catalogue of BBI Group’ investments. No representation is made that an investor will or is likely to achieve results that are similar to those of the companies described. These investments were not chosen for their returns on investment.

Information is provided for information purposes only

The Information provided is general in nature and may be used for information purposes only. It is not intended to be, and must not alone be taken as, the basis for an investment decision.

The Information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. You should assume all information is written and prepared for large and experienced institutional investors with the highest degree of financial sophistication and knowledge and the capacity to withstand and assess any financial losses. BBI Group’ recommends that before making an investment decision, each prospective investor should consult a financial adviser and should consider whether any investments are appropriate in light of their particular investment needs, objectives and financial circumstances.

The Information is only intended to provide a general overview of the matters with which it deals. The Information is not intended to be comprehensive, nor does it purport to constitute legal, tax, financial product or investment advice. All Information available on this website should be assessed in consultation with your investment, financial, tax, accounting and legal advisors. To the extent that the Information on this website relates to an BBI Group’ fund into which an investor may invest, the Information is qualified in its entirety by the reference to the applicable confidential information memorandum or private placement memorandum of the relevant BBI Group’ fund and must be read in conjunction with such memoranda in order to fully understand all of the implications and risks of investing in BBI Group’ funds. The achievement of any or all goals of any investment that may be described herein is not guaranteed. Risks of BBI Group’ investment programs typically include but are not limited to:

· assets of BBI Investors funds have limited liquidity

· no public market currently exists, and one may never exist for interests in BBI Investors funds

· distributions are uncertain

· a return on your investment is not guaranteed and you may lose all or a substantial amount of your investment

· substantial fees and expenses are typically paid to an offerings advisor, its affiliates and participating broker dealers

· unfavourable economic conditions in the markets in which BBI Investors funds operate could adversely affect your investment

· assets acquired with leverage have risks including loss of value and limits on flexibility needed if there are changes in the business or industry.

For a more fulsome list of applicable risk factors, please read the relevant memorandum carefully and consult your own investment, financial, accounting, legal and tax advisors prior to undertaking an investment in interests in BBI Group funds. An investment in any of these investment programs should be made only after careful review of the risk factors described in the relevant memorandum.

Prospective investors should conduct their own investigation and analysis of an investment with BBI Investors (or any of its related bodies corporate) and the Information and make their own assessment of the appropriateness of the Information and any proposed investment having regard to their own objectives, financial situation and needs, independently and without reliance on BBI Group or its respective directors, employees, agents and affiliates. In addition, prospective investors are strongly urged to consult their own legal counsel and financial, accounting, regulatory and tax advisers before making any investment decisions.

Before making any investment decisions, potential investors should consult the relevant disclosure document in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. Any investment decision must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. You should do this before making an investment decision by making this assessment yourself, or seeking the assistance of an adviser.

Information subject to change

The Information is subject to change at any time at BBI Group’ discretion with or without prior notice and BBI Group’ is under no obligation to notify any person of any change, including anyone who has printed or had access to a hard copy of the Information. It is recommended that you review the Information provided on or via this website, periodically for changes. BBI Group’ will endeavour to ensure that information is updated as soon as practicable when it becomes aware that material changes have occurred.