Disclaimer

Website Terms and Conditions

Last updated: 27 May 2025.

THESE TERMS AND CONDITIONS APPLY TO ALL USE OF THE WEBSITE. BY CONTINUING TO USE THE WEBSITE YOU ARE INDICATING YOUR ACCEPTANCE OF THEM.

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEBSITE.

These terms and conditions (together with the various documents referred to in them) set out the terms of use on which you may make use of our website www.carrhaecap.com (the “Website”) or any sub-domains of the same. Use of the Website includes accessing it, perusing it, linking to it, copying any of the content on it or using any of the functionality offered via it.

Please read these terms and conditions carefully before you start to use the Website as they represent a binding legal agreement and you will be bound by them. We recommend that you retain a copy of these terms for future reference.

You are also responsible for ensuring that all persons who access the Website through your internet connection are aware of these terms and that they comply with them.

By using the Website, you confirm that you accept these terms and conditions and that you agree to comply with them.

If you do not agree to these terms and conditions, you must not use the Website.

Other Applicable Terms & Policies

The following additional terms also apply to your use of the Website:

Our Privacy Policy, which sets out the terms on which we process any personal data we collect from you or that you provide to us.

Our Cookie Policy, which sets out information about the cookies on the Website.

Information about the owner of the Website

The Website is operated by Carrhae Capital LLP (“we”, “our”, “us”). We are a limited liability partnership registered in England and Wales with company number OC365165 and have our registered office at 3rd Floor, 112 Jermyn Street, London, United Kingdom, SW1Y 6LS. You can contact us by writing to us at [email protected].

We are authorised and regulated by the UK Financial Conduct Authority (“FCA”) under FRN 555437. We are also registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser under the U.S. Investment Advisers Act of 1940 (SEC File No. SEC File No. 801-77064).

References on the Website to “Carrhae” include Carrhae Capital LLP and, where applicable, its subsidiaries, affiliates and related entities such as Carrhae (DIFC) Limited. Specific services or regulatory statuses may vary by entity and jurisdiction and should be interpreted accordingly. Notably, Carrhae (DIFC) is a private company incorporated on 5 July 2023 under DIFC law, with its registered address in Dubai, UAE. It is authorised and regulated by the Dubai Financial Services Authority (DFSA) and holds a Category 3C licence.

Changes to these Terms & Conditions

Please note that we reserve the right to revise or amend these terms at any time to reflect changes to our business, the services we offer or changes in the law. Where these changes are significant we will endeavour to let users of the Website know. It is however your responsibility to check these terms before each use of the Website and to make yourself aware of any changes. For ease of reference the top of these terms indicates the date on which they were last updated.

We May Suspend or Withdraw the Website

We do not guarantee that the Website, or any content on it, will always be available or be uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of the Website for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.

You Must Keep Your Account Details Safe

If you choose, or you are provided with, a user identification code, username, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party.

We have the right to disable any user identification code, username or password, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these terms and conditions.

If you know or suspect that anyone other than you knows your user identification code, username or password, you must promptly notify us at [email protected].

Your Responsibilities

When using this Website and any online communications infrastructure that we may offer users or add in the future to this Website (including when sending us emails and using enquiry forms), you agree:

• any information you submit is accurate and truthful and you will keep this information accurate and up to date;
• to keep your username and password secure at all times and to contact us immediately at [email protected] if you have reason to believe that they may no longer be secure;
• that you are responsible for maintaining the confidentiality of your account and password and for restricting access to your account / computer;
• to accept responsibility for all activities that occur under your account or password;
• not to use any other user's identity to log on to or communicate via this Website;
• not to use any other user's identity to log on to or communicate via this Website;
• not to transmit any material nor submit information or content that is unlawful or otherwise objectionable including, but not limited to, content that is defamatory, abusive, offensive, racist, sexist, homophobic, threatening, vulgar, obscene, hateful, content which promotes or incites violence or is otherwise inappropriate or to post comments which will constitute a criminal offence or give rise to civil liability on this Website;
• to refrain from using the Website and online communications systems for unauthorised mass-communication such as “spam” or “junk email”;
• not to use the Website to advertise or offer to sell any goods or services for any commercial purpose, or to promote any surveys, contests or chain letters without our express written permission;
• not to infringe our intellectual property rights or those of any third party in relation to your use of the Website, including, but not limited to, not posting or making available on the Website any material which is protected by copyright, trade mark or any other proprietary right without the express permission of the owner of the copyright, trade mark or any other proprietary right. You agree that you will be solely liable for any damages resulting from any infringement of the above. If you believe that any materials on this Website infringe your copyright or trademark or other proprietary right, you may request that they be removed. This request must be emailed with your name, address and telephone number along with any supporting information. For copyright or trademark issues relating to this Website, please email: [email protected];
• not to upload to the Website files that contain viruses or files or programs that are designed or intended to disrupt, damage or limit the functioning of any software, hardware or telecommunications equipment or to damage or obtain unauthorised access to any data or other information in the possession of any third party, and you will be solely responsible for any damages from any claims that may arise because you posted files that caused damage to the operation of another person's software, hardware or telecommunications equipment;
• you understand that the Website contains information about funds which may not be available to investors in your jurisdiction;
• to evaluate for yourself the accuracy, completeness or usefulness of any opinion, advice or other content on the Website;
• you are accessing the Website on an unsolicited basis, at your own initiative and in compliance with (a) the laws and regulations of the jurisdiction or country in which you are residing, and (b) all applicable sales restrictions in the country in which you are residing; and
• to only use the Website for lawful purposes.

Intellectual Property

We are the owner and/or the licensee of all intellectual property rights inherent in the Website, and in the material published on it including, but not limited to, text, graphics, logos, icons, images, sound clips, video clips, data compilations, page layout, underlying code and software. Unless specifically stated otherwise, nothing in these terms or on the Website shall give effect to any transfer of such intellectual property rights from us to you.

Your sole right to use the intellectual property inherent in the Website is a non-exclusive licence to make use of such content only as is strictly necessary to enable you to access the Website and to peruse its contents.

You may print off one copy, and may download extracts, of any page(s) from the Website for your personal use and you may draw the attention of others within your organisation to content posted on the Website.

You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.

Our status (and that of any identified contributors) as the authors of content on the Website must always be acknowledged.

You must not use any part of the content on the Website for commercial purposes without obtaining a licence to do so from us or our licensors.

If you print off, copy or download any part of the Website in breach of these terms and conditions, your right to use the Website will cease immediately and you must, at our option, return or destroy any copies of the materials you have made.

No Text or Data Mining, or Web Scraping

You shall not conduct, facilitate, authorise or permit any text or data mining or web scraping in relation to the Website or any services provided via, or in relation to, the Website for any purpose, including the development, training, fine-tuning or validation of AI systems or models. This includes using (or permitting, authorising or attempting the use of):

• Any "robot", "bot", "spider", "scraper" or other automated device, program, tool, algorithm, code, process or methodology to access, obtain, copy, monitor or republish any portion of the Website or any data, content, information or services accessed via the same.
• Any automated analytical technique aimed at analysing text and data in digital form to generate information or develop, train, fine-tune or validate AI systems or models which includes but is not limited to patterns, trends and correlations.
• The provisions in this section should be treated as an express reservation of our rights in this regard, including for the purposes of Article 4(3) of the Digital Copyright Directive ((EU) 2019/790).
• This section will not apply insofar as (but only to the extent that) we are unable to exclude or limit text or data mining or web scraping activity by contract under the laws which are applicable to us.

This section will not apply insofar as (but only to the extent that) we are unable to exclude or limit text or data mining or web scraping activity by contract under the laws which are applicable to us.

The content on the Website is provided for general information only. The Website and the content is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on the Website.

Although we make reasonable efforts to update the information on the Website, we make no representations, warranties or guarantees, whether express or implied, that the content on the Website is accurate, complete or up to date nor that materials on the Website are appropriate for use in all locations, or that transactions, securities products, instruments or services discussed on the Website are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties.

Our Publications and use of any Forward-Looking Statements

We may from time to time produce various communications (including but not limited to articles, publications, and commentary) that are classified as non-independent research. These materials are not prepared in accordance with legal requirements designed to promote the independence of investment research and are not subject to restrictions on dealing ahead of distribution.

We define market commentary and insights as illustrative, educational notes that support or expand on previously published marketing materials. These communications qualify as minor non-monetary benefits (‘MNMBs’) under MiFID II (as transposed into UK law), meaning they are generic in nature and may be shared with any investment firm or the general public. They may also be delivered through events such as seminars or training sessions related to our investment products or services.

In addition, content on the Website may include forward-looking statements (including but not limited to expectations or projections) based on our current views and assumptions. These are subject to known and unknown risks and uncertainties, and actual outcomes may differ materially from those expressed or implied.

Words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “should,” “will,” and similar expressions are used to identify such forward-looking statements. These statements reflect our views at the time they were made and are not guarantees of future performance.

Because forward-looking statements are inherently uncertain, factors such as economic developments, market conditions, catastrophic events, or changes in capital markets may cause actual results to differ significantly. We make no representations, warranties or guarantees, whether express or implied, regarding the accuracy, completeness, or timeliness of these statements. We and our affiliates accept no liability for any actions taken or decisions made based on this information.

No Offer or Solicitation and No Advice

Further to the sections above, and your acceptance that the contents of the Website is for general information purposes only, you acknowledge and accept that:

• The Website does not constitute an offer or solicitation to buy or sell any security or related financial instrument to any person. Any decision to purchase securities or interests with respect to any of funds or products described on the Website must be based solely upon the information contained in the relevant prospectus. offering memorandum and supplemental documentation. The Website does not allow users to make investments in any of funds or products; and
• The Website is not intended, and we do not provide, investment, accounting legal or tax advice to you, users of the Website, or our clients. Any investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to any subscription, purchase, holding, exchange, redemption or disposal of any investments.

If you require additional information, please contact us using the details set out in the “Contact Us” section below.

User-Generated Content

The Website may include information and materials uploaded by other users of the Website, including to bulletin boards and chat rooms. This information and these materials have not been verified or approved by us. The views expressed by other users on the Website do not represent our views or values.

If you wish to complain about information and materials uploaded by other users please contact us at [email protected].

Consequences of breaching terms

Failure to comply with these terms constitutes a breach of the terms upon which you are permitted to use the Website, and may result in our taking all or any of the following actions:

• Immediate, temporary or permanent withdrawal of your right to use the Website.
• Immediate, temporary or permanent removal of any user-generated content uploaded by you to the Website.
• Issue of a warning to you.
• Legal proceedings against you for reimbursement of all costs on an indemnity basis (including, but not limited to, reasonable administrative and legal costs) resulting from the breach.
• Further legal action against you.
• Disclosure of such information to law enforcement authorities as we reasonably feel is necessary or as required by law.

Indemnity

You acknowledge that you are responsible for any material that you post on the Website and that if you breach any of these terms and conditions you may be personally liable to any third party that suffers harm as a result.

You agree to indemnify and keep indemnified us, our successors and assigns, our directors, trustees, offices, employees and agents from and against all liabilities, claims, losses, costs, damages and expenses including legal fees which are reasonably incurred by us should you breach any of these terms and conditions.

This indemnity includes your use of the information you read on the Website, together with any introduction or collaboration that you may enter into as a result of viewing the Website.

Limitation of our liability

Nothing in these terms and conditions excludes or limits our liability for death or personal injury arising from our negligence, or our fraud or fraudulent misrepresentation, or any other liability that cannot be excluded or limited by English law.

To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to the Website or any content on it, whether express or implied.

We will not be liable to any user for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:

• use of, or inability to use, the Website;
• use of or reliance on any content displayed on the Website;
• loss of profits, sales, business, or revenue;
• business interruption;
• loss of anticipated savings;
• loss of business opportunity, goodwill or reputation; or
• any indirect or consequential loss or damage.

Further, you acknowledge that the author of each posting on the Website is responsible for his or her comments. Insofar as the law permits, we shall not be liable for any loss, damage or distress incurred as a result of material posted on the Website.

We are not responsible for the accuracy, veracity or reliability of any opinion, advice or statement made on the Website and such communications shall not be considered to be reviewed, screened, monitored, edited or approved by us.

We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of the Website or to your downloading of any content from it, or from any website linked to it.

Events Outside our Control

We will not be liable or responsible for any failure to perform, or delay in performance or, any of our obligations under these terms and conditions that is cause by an Event Outside Our Control (as defined in the paragraph below).

An “Event Outside Our Control” means: any act or event beyond our reasonable control, including where it would be either commercially, technologically or organisationally unreasonable to mitigate the risk of the event as well as extraneous events such as (and without limitation) strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, or other natural disaster, epidemic, pandemic, or failure of public or private telecommunications.

If an Event Outside Our Control takes place that affects the performance of our obligations under these terms and conditions our obligations will be suspended and the time for performance of our obligations will be extended for the duration of the Even Outside Our Control.

Viruses

We do not guarantee that the Website will be secure or free from bugs or viruses.

You are responsible for configuring your information technology, computer programmes and platform in order to access the Website. You should use your own virus protection software.

You must not misuse the Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to the Website, the server on which the Website is stored or any server, computer or database connected to the Website. You must not attack the Website via a denial-of-service attack or a distributed denial-of service attack. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use the Website will cease immediately.

Linking to the Website

You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it.

You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.

You must not establish a link to the Website in any website that is not owned by you.

The Website must not be framed on any other site, nor may you create a link to any part of the Website other than the home page.

We reserve the right to withdraw linking permission without notice.

Third party website links & resources in the Website

Where the Website contains links to other sites and resources provided by third parties, these links are provided for your information only.

We have no control over the contents of those sites or resources.

We assume no responsibility for the content of websites linked to from the Website. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.

If you do link from the Website to other websites, your use thereof will also be subject to those websites’ terms and conditions.

Risk Notice

Investments in all funds and hedge funds, including funds managed by us are speculative and involve a high degree of risk and are intended only for experienced and sophisticated investors. Investment in a fund may expose an investor to a significant risk of losing all of the property, capital or other assets invested. You therefore may lose some or all of the amount you choose to invest.

Past performance is not and should not be seen as an indication of future results and as such it is not a reliable indicator of future results. Investments in funds all involve risk.

Other factors are also to be considered prior to making an investment. Changes in exchange rates between the base currency and currency in which the investments are held may also cause the value of interests to decrease or increase. Tax assumptions may also change if the law changes and the tax treatment applicable to you will depend on your individual circumstances and may be subject to change in the future. You should consult your own tax adviser in order to understand the tax consequences of an investment in a fund or product.

The risk factors set out above are not, are not intended to be, complete and you must refer to the relevant offering documents with respect to the risks attaching to investment in individual funds. The Website should not be relied upon as including sufficient information to support any investment decision.

As further set out in these terms and conditions, all the opinions, forecasts, estimates and comparable information given on the Website are the non-binding opinions of our research personnel and neither we nor any of our officers and/or employees and affiliates makes any guarantees, representation or warranty, nor does any person accept any responsibility or liability for any loss or profit, indirect or other consequential losses or other economic losses suffered by any person arising from reliance upon any information, statement or opinion contained in the Website (whether such losses are caused by the negligence of such person or otherwise).

Applicable law

Please note that these terms and conditions, and their subject matter are governed by English law. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction over any disputes. However, if you are a resident of Northern Ireland you may also bring proceedings in Northern Ireland, and if you are resident of Scotland, you may also bring proceedings in Scotland.

If you are a business, these terms and conditions and their subject matter (and any non-contractual disputes or claims) are governed by English law. You and we both agree to the exclusive jurisdiction of the courts of England and Wales.

Contact Us

You can write to us at our registered office at:

3rd Floor, 112 Jermyn Street, London, United Kingdom, SW1Y 6LS

Alternatively, please email us at [email protected]