Legal Notice

ACCESS AND RESTRICTIONS
Collective investment institutions and other alternative investment vehicles (“Products”) included on this Website are registered with the National Securities Market Commission (CNMV in Spain) or notified to the Commission de Surveillance du Secteur Financier (“CSSF” in Luxembourg), as applicable.

This website is primarily aimed at professional investors, as well as individuals / entities that have the necessary capacity and the sufficient degree of sophistication to assume the financial risks associated with the investments of the Products included in this website.

Access to the information displayed on this website is not directed to those individuals or entities resident in jurisdictions where, for reasons of nationality, the publication or availability of this information is prohibited or whose laws require compliance with other requirements of access, availability, disclosure or publication. Persons to whom these prohibitions apply should not access the information contained in this website.

Access to any of the pages of this website may be limited by the laws and provisions of the different jurisdictions in which some products managed by SANTANDER ALTERNATIVE INVESTMENTS are registered. If you access these pages, you will do so at your own risk.

Restrictions on U.S. citizens (including any citizen or resident of the United States or any legal entity incorporated under or under U.S. law, or any political subdivision in that country). The Products offered on this Site are not directed to U.S. investors. SANTANDER ALTERNATIVE INVESTMENTS is not responsible, in any case, for the losses, damages, sanctions or any other damages that may arise, directly or indirectly, from the use of this Website or its content by US investors.

NO OFFER OR SOLICITATION
The contents of this Website are for informational purposes only and do not constitute an offer or a solicitation to buy or sell any product or service, nor does it constitute a recommendation or personalized advice. No information contained therein should be construed as financial, tax, legal or other advice. Investors should bear in mind that investment in the Products contained in this website may be subject to market, credit, issuer and counterparty risks, liquidity and currency exchange, fluctuations in value and possible loss of capital invested. Before deciding on any investment, you should get the appropriate and specific financial, tax and legal professional advice. All tax related references will depend on personal circumstances and may vary in the future.

FINANCIAL ANALYSIS AND PROMOTION AND OTHER ISSUES OF INTEREST
This website may contain or provide access to publications or analysis reports prepared by GRUPO SANTANDER ASSET MANAGEMENT. (which includes the entities indicated in the section Owner of the Web) In certain jurisdictions such reports may not be distributed or circulated, directly or indirectly, to individuals or certain persons, and access to these publications may be denied or restricted on this Website. This material should not be considered as an offer to sell or a solicitation to purchase securities (e.g., the mentioned securities, options, warrants or rights in any securities).

The opinions and/or the contents may be subject to any change without prior notice.

Any decision by a person accessing this website to buy or sell or use its services must be based on publicly available information, where applicable, about the Product or service to which it refers and, where applicable, account should be taken of the contents of the information prospectus registered and available in the regulatory body of the market concerned.
GRUPO SANTANDER ASSET MANAGEMENT accepts no responsibility for any loss, direct or induced, as a result of the use of such publications or analysis reports. These may not be reproduced, distributed or published by any recipient for any purpose.

SANTANDER ASSET MANAGEMENT GROUP entities may occasionally provide advisory services or have relationships with issuing entities, trade securities or other investments or hold positions in such companies. On the other hand, SANTANDER ASSET MANAGEMENT GROUP and/or its directors or employees may have, or have had, interests or interests in such issuers or businesses.

INFORMATION ON RESULTS AND RISKS
Past performance is not a guarantee of future returns. The value of the investments and the return obtained from them may vary upwards and downwards and an investor may not recover the amount initially invested. None of the figures for previous periods is indicative of future profitability. Since the products included in this website invest in international markets, fluctuations in exchange rates may positively or negatively modify any gain relative to an investment. There may be certain changes in tax levies and tax relief. The aforementioned tax impositions and deductions always refer to those in force at the relevant time and their value will depend on the circumstances of each investor. Investments in emerging markets pose a high level of risk. Investments in the products must always be made taking into account the current legal documentation and other available documentation thereof. The information contained in these pages does not form part of any type of contract, nor does it have any purpose linked to the formalization of a contract.

Before deciding on any investment, you should get the appropriate and specific financial, tax and legal professional advice. Also, before investing in any of our Products, you must receive free documentation required by the legal provisions in force at all times, which you can obtain, if applicable, at this Web, SANTANDER ALTERNATIVE INVESTMENTS or at the offices of authorized distributors. This website is not directed to any person in any country where, by reason of nationality, residence, or any other circumstance, its making available or publication is prohibited or not permitted.

COPYRIGHT
The Website is property of SANTANDER ALTERNATIVE INVESTMENTS SGIIC SAU. The intellectual property rights and rights of exploitation and reproduction of this website, its pages, screens, the information they contain, their appearance and design, the Products and services are property of SANTANDER ALTERNATIVE INVESTMENTS, unless otherwise specified.
At your own risk, you may download the contents, copy or print any page of this Website (in general terms “Information”), but exclusively for your personal use and, provided that, by doing so, it does not infringe the copyright or any other proprietary right of SANTANDER ALTERNATIVE INVESTMENTS, nor does it change, modify, or delete any information, content or warnings. The copy of information should not be construed as an authorization to transfer to you or anyone the property rights of SANTANDER ALTERNATIVE INVESTMENTS. You may not reproduce, transmit, modify, or facilitate the public use, for any purpose, of the content of this Website, directly or indirectly, under any circumstances, without the prior written permission of SANTANDER ALTERNATIVE INVESTMENTS.

REGISTERED TRADEMARKS
The name and logo SANTANDER ALTERNATIVE INVESTMENTS and those of any SANTANDER ASSET MANAGEMENT GROUP company are registered trademarks and service identifiers. SANTANDER ALTERNATIVE INVESTMENTS may claim its rights to any trademark contained on this Website.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
All the information and contents of the pages of this Website are subject to change by SANTANDER ALTERNATIVE INVESTMENTS, without prior notice. This website, the information contained in it, the links and the information obtained through them or the access to them may be suspended, cancelled, or restricted in any way, or at any time by SANTANDER ALTERNATIVE INVESTMENTS.

SANTANDER ALTERNATIVE INVESTMENTS considers that the information contained in this website, as well as in the documents that can be viewed on it, is correct on its publication date; however, there is no guarantee of the accuracy, completeness, updating or adequacy of such information. Regarding the documentation related to the products, it is recommended to go directly to the official website of the National Securities Market Commission (CNMV). SANTANDER ALTERNATIVE INVESTMENTS hereby denies all liability for any damages arising from the use, error or omission of any part of this Website, to the extent permitted by law.

None of the companies of the SANTANDER ASSET MANAGEMENT GROUP as a whole or any of its subsidiaries, as well as its employees and authorized personnel shall be liable for any damages, losses, claims or expenses of any kind, whether or not they come from the use of the Website of the information acquired or accessed by or through it, or from computer viruses, from operational failures or interruptions in the service or transmission, failures in the line; the use of the Web, both by direct connection or by link or other means, constitutes a warning to any user that these possibilities may occur. GRUPO SANTANDER ASSET MANAGEMENT states that it will not be responsible for any loss or damage that may result from having intercepted third parties the information available on the Web. This website may contain links to sites developed by third parties. Links to our website may also appear on others developed by third parties. SANTANDER ALTERNATIVE INVESTMENTS has not reviewed any third-party sites that include links to ours, or to which our own site contains links. Therefore, in accordance with current legislation, SANTANDER ALTERNATIVE INVESTMENTS is not responsible for the content that may be directly or indirectly found on websites developed by third parties, nor does it approve or recommend the products and services presented therein. If you decide to connect with them through links, you will do so at your own risk.

OWNER OF THE WEB
This website is owned by the asset management unit in Spain of the SANTANDER ASSET MANAGEMENT GROUP, currently composed comprised of the following companies:7

Santander Alternative Investments SGIIC, SAU: NIF A13823745
- Address: Paseo de la Castellana, 24, 28046, Madrid
- Registration data in the Commercial Registry: Volume 45273, folio 155, sheet M-796419
- Registration data with the National Securities Market Commission: Number 287
Santander ASSET MANAGEMENT SA SGIIC: IFRS A-28269983
- Address: Paseo de la Castellana, 24, 28046 Madrid
- Registration data in the Commercial Registry: Volume 42,889 Folio 118 Entry 235 Sheet M- 67304.
- Registration data with the National Securities Market Commission: Number 12
- Contact email: consultasweb@santanderam.com
Santander Pension SA EGFP: NIF A-78637675
- Address: Paseo de la Castellana, 24, 28046 Madrid
- Registration data in the Commercial Registry: Volume 28175, Folio 220, Sheet M-39693
- Registration data at the General Directorate of Insurance and Pension Funds: Number G-0080
- Contact email: consultasweb@santanderam.com

APPLICABLE LEGISLATION AND JURISDICTION
The access to the website, the use of it and these conditions, are governed by Spanish legislation, and must be interpreted in accordance with it. The courts of Madrid, Spain shall have exclusive legal jurisdiction over any dispute relating to the foregoing without prejudice to SANTANDER ALTERNATIVE INVESTMENTS choosing any other jurisdiction for the dispute in question, in accordance with the applicable law.