This material is intended to report solely on the investment strategies and opportunities identified by Yuki. Information herein is believed to be reliably sourced from Yuki Management & Research Co., Limited as at the date of issue, but Yuki does not warrant its accuracy, validity, timeliness or completeness. Opinions and estimates constitute Yuki's judgement and are subject to change without notice. Past performance is not indicative of future results. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Yuki and/or its affiliates and employees may hold a position or act as adviser to such issuer. The investments and strategies discussed herein may not be suitable for all investors, if you have any doubts you should consult your own adviser or broker. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. You should consult your tax or legal adviser about the issues discussed herein. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments.

Existing funds not registered in the US and are not accessible to US investors.