Terms and Conditions for Use and Legal Information

Please read through these terms and conditions carefully. By accessing the website of the Jefferies Umbrella Fund you are declaring to have read, understood and accepted the following terms and conditions of use and the legal information in connection with the Jefferies Umbrella Fund website and the material contained therein. The content of these web pages is intended as information for institutional, professional and private investors, who have the requisite knowledge relating to the contents of these web pages. If you object to the following conditions, your only recourse is to cease using the Jefferies Umbrella Fund website and its pages.

General Information

While we attach great importance to the accuracy of the information on this website and to regularly updating such information, neither Jefferies (Switzerland) Ltd. nor the Jefferies Umbrella Fund and its Sub-funds (hereinafter referred to as «The Investment Companies»), or any additional company mentioned on the website, gives any warranty as to the accuracy or completeness of information, texts, links, graphics or any other material on the website.

Jefferies draws your attention to the fact that the use of e-mail and electronic forms in communications with Jefferies involves risks which should not be underestimated. Information transmitted in this way may be seen and tampered with by third parties. Equally Jefferies may be identified as the recipient. Accordingly conclusions may be drawn in regard to your relationship with our organization.

Jefferies, The Investment Companies or any other party mentioned on the website disclaim, without limitation, all liability for any loss or damage of any kind, including any direct, indirect or consequential damages, which might be incurred through the use or access (or the inability to use or access the website) to the Jefferies Umbrella Fund website and/or information, texts, links, graphics or other material contained therein. In addition no liability shall be accepted and no guarantee given that functions on this website shall be uninterrupted or error-free, that errors will be corrected, or that this website and/or current server are free of any viruses or harmful components.

Where there is no indication to the contrary, all views and information on the Jefferies Umbrella Fund website consist solely of opinions held by Jefferies and shall be subject to alteration, which may be made without prior notification.

Jefferies has not vetted the linked websites and shall not be answerable for the content on these external sites or other websites, which are linked to the Jefferies Umbrella Fund website. Establishing connections to external sites or other websites shall be on the own risk of the user. No links may be made to this website and its contents without the prior consent of Jefferies in writing.

Overview of the Funds, Investment Funds and Investment Companies represented by Jefferies (Switzerland) Ltd.

The content of the web pages of this website, relating are solely aimed at institutional and private investors with domicile or permanent place of residence in one of the following countries, in which the Funds, Investment Funds and/or Investment Companies represented by Jefferies are registered.

Overview of the Countries of Registrations

The following Funds represented by Jefferies are recognised for distribution in the countries listed hereafter:

“Jefferies Umbrella Fund”, Luxemburg:

Sub-funds:

Global Convertible Bonds Europe Convertible Bonds

Luxembourg, Switzerland, Germany, Liechtenstein, Austria, Italy and UK.

We expressly reserve the right to make further registrations.

No Offer to Buy or Sell

The information on this website does not constitute any offer or invitation to buy or sell shares of the investment companies represented by Jefferies. Shares of the investment companies shall be publicly offered and/or traded exclusively in the aforementioned countries in connection with the registration of the investment companies' shares, but not in countries where no approval for distribution has been obtained. In this connection we should point out in particular that shares of the aforementioned investment companies shall not be acquired or held by or for investors of US nationality and/or permanent place of residence in the USA or its national territories and shall also not be transferred to such investors.

Risk Clause

Attention is drawn to the fact that shares of the aforementioned investment companies carry an investment risk, which may also potentially amount to loss of the capital invested. Furthermore past performance offers no guarantee of future performance. The capital invested and the possible earnings thereon may fluctuate, so that the value of an investor's shares on redemption may be more or less than his original investment. No assurance can be given that the value of the assets will rise or that no losses will be incurred. Neither Jefferies nor The Investment Companies or any additional company mentioned on this website gives any guarantee for specific results or services. Owing to constant volatility in the market, fund performance may alter significantly in the short term. In addition, emerging markets may constitute an exposure to greater risks. The investment company may also invest in currencies differing from the base currency. This carries the additional risk of currency fluctuations.

Copyright, Ownership

All material on the Jefferies Umbrella Fund website is owned fully and exclusively by Jefferies (in particular copyright, utilization right, any other rights and ownership), unless stated otherwise. If material is reproduced, re-published or used otherwise in any form, the prior written consent of Jefferies must be obtained.

Jefferies (Switzerland) Ltd., the names of its subsidiary companies and that of the aforemen¬tioned investment companies are the registered trade marks of Jefferies International Ltd. No constituent part of the Jefferies Umbrella Fund website is designed to grant a licence or right to use any image, registered trade mark or logo. By downloading or copying the Jefferies Umbrella Fund website or its contents, no rights whatsoever to the software or the Jefferies Umbrella Fund website shall be assigned. Jefferies reserves all rights (in particular, but not only, copyright and trade mark rights) in respect of all material on the Jefferies Umbrella Fund website and shall fully avail itself of every means to enforce such rights.

Copyright © 2005, Jefferies (Switzerland) Ltd., Zurich