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THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MORGAN STANLEY CAPITAL INTERNATIONAL INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY RENAISSANCE CAPITAL INVESTMENT MANAGEMENT LIMITED. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARITES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Supplement to the Offering Memorandum of Russia Renaissance Fund SPC dated July 21, 2006 contains a more detailed description of the limited relationship MSCI has with Renaissance Capital Investment Management Limited and any related funds.
The MSCI sourced information is the exclusive property of Morgan Stanley Capital International Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an “as is” basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital
International and the MSCI indexes are services marks of MSCI and its affiliates.
This presentation, furnished on a confidential basis to the recipient, is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. A more complete description of the Fund, including but not limited to, the risks, fees and investment strategies of the Fund's shares (the "Shares") is contained in the Supplement to the Offering Memorandum of Russia Renaissance Fund SPC dated July 21, 2006. Any offering is made only pursuant to the relevant offering memorandum and the Fund's articles of association. No offer to purchase the Shares will be made or accepted prior to receipt by an offeree of these documents and the completion off all appropriate documentation.
The Shares will be offered and sold outside the United States to non-US Purchasers pursuant to Regulation S under the 1933 Act, and in the United States in a private placement to a limited number of US Persons who are Accredited Investors and Qualified Purchasers in transactions which are exempt from the registration requirements of the 1933 Act and the securities laws of the states and other political subdivisions of the United States.
The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under the securities laws of any state or other political subdivision of the United States and may not be placed, offered, sold, transferred or delivered, directly or indirectly, in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable securities laws of any state or other political subdivision of the United States. Neither the SEC nor any state or other regulatory agency in the United States has passed upon or endorsed the merits of this offer or the adequacy or accuracy of this document or the information memorandum. The Fund is not and will not be registered under the United States Investment Company Act of 1940, as amended and the Investment Manager is not registered as an investment adviser under the US Investment Advisers Act of 1940. Any representation to the contrary is unlawful.
The Fund is a collective investment scheme as defined in the Financial Services and Markets Act 2000 (“FSMA”) of the United Kingdom (the “U.K.”), and no invitation or inducement to participate in the Fund may be communicated in or into the U.K. otherwise than in accordance with the FSMA. The Fund has not been authorized or otherwise approved by the U.K. Financial Services Authority and is not a recognized scheme (as defined in the FSMA). No application has been or is intended to be made for an authorization order (as defined in the FSMA) in respect of the Fund. As an unregulated scheme, it accordingly cannot be promoted in the U.K. to the general public. This presentation shall be issued in the U.K. only to persons to whom it may lawfully be issued or passed on, and then only to restricted categories of recipients, namely investors to whom the Fund can be promoted without contravening sections 21(1) or 238(1) of the FSMA. Transmission of this presentation to any other person in the U.K. is unauthorized and may contravene the FSMA, and no such person shall be entitled to act upon it.
Historical return information is not necessarily indicative of future performance. There can be no assurance that the Fund's investment objective will be achieved and investment results may vary substantially over time. Investors may get back less than their investment. Subscribers for Shares should have no expectation that their Shares will be repurchased or redeemed by the Fund or that any active secondary market in the Shares will develop. Accordingly, there is no guarantee that a Subscriber will be able to realize its investment in the Fund
All statements of opinion and/or belief herein and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of the Fund represents Renaissance Capital's own assessment and interpretation of information available to it currently. No representation is made or assurance given that such statements, view, projections or forecasts are correct or that the objective of the Fund will be achieved.
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