Disclaimer

NOTE: This document is issued by City Fund Management Ltd, for information purposes only. No representation is being made that any investment Fund/s described within this document will or is likely to achieve profits or losses similar to those shown. Past performance is no guide to future results. This document does not constitute an offer to sell or a solicitation of an offer to buy shares in CFM Funds. Subscription for shares in any CFM Fund/s can only be made by completing the application form that accompanies the Offering Memorandum. Neither CFM nor the administrator accept any liability from investors who rely upon any other information with regard to any CFM Fund/s. Investment allocation scenarios shown are for example only and are subject to change and may also vary from time to time. Changes in foreign exchange rates may have an adverse effect on the value or price of the investment. All trading fund programmes are denominated in US$ and all management and performance fees as described in the Offering Memorandum have been deducted from their historic track records. The track records and performance data shown is based on the actual audited results published by the underlying investment advisors within the fund, which were in existence at the time of creation. Any comparisons between different funds have been made on a Net Asset Value basis, whereas any comparisons with an index have been made on an offer to offer basis. The directors of the CFM Fund/s believe that this approach is fair and not misleading. The directors believe that such comparative data has been obtained from reliable sources. NOTE: All trademarks are recognised. The MSCI US Treasury Index is a registered trademark of Morgan Stanley Capital International Group. The investment Fund/s described within the document are not subject to FSA Regulation. CFM Constellation Fund Ltd., is registered with the Grand Cayman Monetary Authority The investment Fund/s and services offered or described within this document are marketed worldwide exclusively through City Fund Management Ltd, a company incorporated in England and Wales registered No. 3829996 and is authorised and regulated in the United Kingdom by the Financial Services Authority (FSA). © 2007

CONTACTS | INFORMATION REQUEST | SITE POLICIES