Disclaimer

Introduction

This site is operated by Virema Capital Limited. Virema Capital Limited is registered in England and Wales with Company number 12030309, whose principal place of business and/or registered office is situated at 3rd Floor 11-12, St James's Square, SW1Y 4LB London, United Kingdom, and is an Appointed Representative of Finex LLP, which is authorised and regulated in the UK by the Financial Conduct Authority (“FCA”) with firm reference number 507537 and in the US by the National Futures Association (“NFA”) with firm ID number 0461979.

By using this site, you are agreeing to these terms of use. Virema Capital Limited may change these terms at any time without further notice to you, and you are responsible for periodically reviewing these terms for updates. Your continued use of this site constitutes agreement by you to all such changes.

This site is not intended for any person in any jurisdiction where Virema Capital Limited would become subject to license or registration regulations of that jurisdiction, or the publication or availability of the contents is prohibited.

Description Of This Site

This site is for informational purposes only. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice.

None of the contents of this site is an offer to sell or the solicitation of any offer to buy securities in any investment vehicle or account sponsored, managed and/or advised by Virema Capital Limited (each a “Product”). It is not an offer or sale of securities in the United States or to, or for the account or benefit of, any US person (as defined in relevant US securities laws, including residents of the United States or partnerships or corporations organised there). Unless specifically stated, no fund referred to on this site has been registered under the US Investment Company Act of 1940 and no interests therein are registered under the US Securities Act of 1933.

Intellectual Property

The contents of this site are the intellectual property of Virema Capital Limited and its third-party licensors and may not be copied, distributed, uploaded, posted, republished, decompiled, disassembled, reverse-engineered or transmitted in any way without the prior written consent of Virema Capital Limited . The intellectual property rights in the Virema Capital Limited name and logo are owned by Virema Capital Limited . Nothing in these terms or on this site should be construed as granting any licence or right to use the Virema Capital Limited name or logo or any other contents of this site. Virema Capital Limited enforces and will enforce any infringements of its intellectual property rights to the fullest extent permitted by the law.

No Warranty

None of Virema Capital Limited, its directors or employees makes any representations or warranties regarding this site or its contents (including but not limited to, with respect to accuracy, adequacy, reliability, timeliness, completeness or suitability) and all contents are provided “as is”. Virema Capital Limited, to the fullest extent permitted by law, expressly disclaims all representations and warranties, express or implied, as to this site and its contents, including any implied warranties of merchantability, fitness for a particular purpose, title, non-infringement and availability. Virema Capital Limited also disclaims liability for errors and omissions in this site and its contents.

Liability And Indemnity

In no event shall Virema Capital Limited , its directors or employees be liable for any claims, liabilities, losses, costs or damages of any kind, including (i) direct, indirect, consequential, punitive, exemplary, incidental or special losses or (ii) loss of profit, loss of business, business interruption, loss of business opportunity or loss of data arising out of or in any way connected with (a) your use of or inability to access and/or use this site, (b) the contents of this site, or (c) the contents of any third party sites linked or linking to this site. The foregoing applies even if Virema Capital Limited, its directors or employees have been advised of the possibility of such claims, liabilities, losses, costs or damages or could have foreseen them. Virema Capital Limited, its directors and employees shall not be responsible for any failure by you or any third party to comply with these terms or with applicable law. If any part of this term is unenforceable under applicable law, the aggregate liability of Virema Capital Limited, its directors and employees will be limited to the maximum extent permitted by such law and shall in no event exceed £100.

Your sole remedy for dissatisfaction with your use of this site is to cease using this site.

You agree, at your own expense, to indemnify, defend and hold Virema Capital Limited , its directors, members and employees harmless from and against any claims, liabilities, losses, costs or damages of any kind (including any legal fees and costs) suffered or incurred by these parties in connection with any claim arising out of any breach of these terms by you. You shall cooperate as fully as reasonably required or requested in the defence of any such claim. Virema Capital Limited may, at its own expense, assume the exclusive defence and control of any matter otherwise subject to indemnification by you and you shall not in any event settle any matter without the written consent of Virema Capital Limited .

Third Party Sites

Virema Capital Limited is not responsible for the contents of any third party sites linked or linking to this site and disclaims all liability arising from your use of or reliance on such sites, their contents and any products and services referred to on such sites. Your use of any such sites is at your own risk. Virema Capital Limited ’s inclusion of links to third party sites does not imply any endorsement of any kind by Virema Capital Limited of such third parties, their sites or their products or services.

Prohibited Acts

You must not use any data mining, robots or similar data gathering or extraction programs or methods, whether automated or manual, to access, acquire, copy or monitor any portion of this site or any of its contents.

You must not misuse this site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to this site, the server on which it is stored or any server, computer or database connected to this site. You must not attack this site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990 (UK). Virema Capital Limited will report any such breach to the relevant law enforcement authorities and will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use this site will cease immediately.

Forward-Looking Statements

This site and its contents may contain forward-looking statements that are based on current indicators, expectations and assumptions that Virema Capital Limited believes to be reasonable but are subject to a wide range of risks and uncertainties and, therefore, there can be no assurance that actual results will not differ from those expressed or implied by such forward-looking statements. These statements speak only as of the date on which they are made.

Simulated Performance Results

This site and its contents may contain simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity and cannot completely account for the impact of financial risk in actual trading. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any investment will or is likely to achieve profits or losses similar to those being shown.

US CFTC (NFA) Specific Disclaimer

HYPOTHETICAL PERFORMANCE

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSESHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED. FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN DVERSELY AFFECT ACTUAL TRADING RESULTS.

THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY OPTION OR ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A ‘‘LIMIT MOVE.’’

THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A ‘‘STOP-LOSS’’ OR ‘‘STOP-LIMIT’’ ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS.

A ‘‘SPREAD’’ POSITION MAY NOT BE LESS RISKY THAN A SIMPLE ‘‘LONG’’ OR ‘‘SHORT’’ POSITION.
THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY INTEREST TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. SEE DISCLOSURE DOCUMENT FOR A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THE DISCLOSURE DOCUMENT AND COMMODITY INTEREST TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER
RELEVANT JURISDICTIONS.

ELLIGIBLE PERSONS

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR THIS ACCOUNT DOCUMENT.

TO BE ELIGIBLE TO INVEST IN THIS PROGRAM YOU MUST BE CONSIDERED A QUALIFIED ELIGIBLE PERSON UNDER THE TERMS AND CONDITIONS DEFINED BY COMMODITY FUTURES TRADING COMMISSION REGULATION 4.7.

General

A failure by Virema Capital Limited to enforce a provision of these terms or act on a breach or default by you does not constitute a waiver of any of Virema Capital Limited ’s rights or remedies.

These terms constitute the entire agreement between Virema Capital Limited and you with respect of your use of this site and they supersede all prior or contemporaneous communications, agreements and understandings between Virema Capital Limited and you with respect to the subject matter hereof.

These terms are governed by and shall be construed in accordance with the laws of England and Wales. You agree that the Courts of England shall have exclusive jurisdiction over any disputes arising in relation to use and browsing of this site.

Please send any questions about these terms or the contents of this site to: enquiries@viremacapital.co.uk

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