The Website contains information covering many different investment funds, managed and registered in many different locations around the world ("the Funds"). As such, access to the information contained herein may be restricted by laws and regulations applicable to the user. This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. In particular, certain Funds can be marketed in certain jurisdictions only. The user should ensure that the use of this information and the making of any investment as a result does not contravene any such restrictions. It is the user's responsibility to be informed and to observe all applicable laws and regulations of any relevant jurisdiction.

Nothing in the Website constitutes investment advice and it is important that you do not rely upon its content to make investment decisions. The Funds may not be suitable for everyone. If you have any doubts as to suitability, you should seek advice from an investment adviser. Investment in the Funds may have tax consequences and it is important to bear in mind that Pioneer does not provide tax advice. The levels and basis of taxation can change. You should consult your own tax adviser in order to understand any applicable tax consequences.

The information contained within the Website does not constitute an offer to buy or solicitation to sell shares or units in any of the Funds referred to or any services, by or to anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Any user distributing information taken from the Website, in whatever form, to any other person, agrees to attach a copy of this page and obtain the agreement of such other person to comply with the terms set forth on this page.

In particular, the information contained in the Website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under United States laws). The Funds have not been registered in the United States under the Investment Company Act of 1940 and units or shares in the Funds are not registered in the United States under the Securities Act of 1933.

The Website is not directed at investors in Hong Kong and its content has not been approved by the Hong Kong Securities and Futures Commission.

Applications to invest in any Fund must only be made on the basis of the offer document relating to the specific Fund (e.g. prospectus, investment memorandum or other applicable terms and conditions). All users should consult an appropriate professional adviser as to whether they require any governmental or other consents or need to observe any formalities to enable them to invest in any particular Fund. If you are unsure about the meaning of any of the information contained within the Website, please consult your financial or other professional adviser.

Intellectual Property Rights

Copyrights and all other intellectual property rights subsisting in the Website and each and every piece of information provided on or through the Website is owned by Pioneer or a third party licensor. You may not copy, modify, publish, licence, sell, resell, retransmit or otherwise make the information retrieved from the Website available in any manner or on any media to any third party unless you have obtained our prior written consent.

Availability of Website

Pioneer will endeavour to make the Website available but cannot guarantee that the Website will operate continuously or without interruptions or be error free. You must not attempt to interfere with the proper working of the Website and, in particular, you must not attempt to circumvent security, tamper with, hack into, or otherwise disrupt any computer system, server, website, router or any other internet connected device.

Pioneer reserves the right to correct, improve or change the Website and to suspend access to the Website for maintenance or improvements. The Website may contain typographical errors or inaccuracies and Pioneer does not take responsibility for amending or updating such information.

The Website is provided on an "as is" basis and neither Pioneer nor any of its information providers, licensors, directors, employees, or agents warrant that their supply of information to users ("the Service") will be uninterrupted or error free nor does Pioneer or any of its information providers, licensors, directors, employees or agents make any warranty as to the results to be obtained from use of the Service.

The Service is distributed without warranties of any kind either express or implied, including but not limited to warranties of title or implied warranties of satisfactory quality or fitness for a particular purpose or otherwise, other than those warranties which are implied by and incapable of exclusion, restriction, or modification under applicable law.

All conditions, warranties or representations, not expressly stated in these Terms are excluded to the fullest extent permissible by law.

You are responsible for ensuring that your computer system meets all relevant technical specifications necessary to use the Website. You also understand that Pioneer cannot and does not guarantee or warrant that any material available on the Website will be free from infection, viruses and/or other code that has contaminating or destructive properties. You are responsible for implementing sufficient procedures and virus checks (including anti-virus and other security checks) to satisfy your particular requirements for the accuracy of data input and output.

Pioneer provides the Service free of charge and therefore neither Pioneer nor anyone else involved in creating, producing or delivering the Service shall be liable (in tort, contract or otherwise) for any direct, indirect, incidental, special or consequential damages arising out of use of the Website or Service, or inability to use the Website or Service or out of any breach of any warranty. Pioneer will not in any way be responsible for any acts or omissions of the user in connection with the Service. Pioneer is not responsible for any loss or damage that could result from interception of the Services by third parties, theft, operator error or strikes.

If Pioneer is liable in respect of the Website and/or the Service for any reason, its liability shall be limited to €100.

Neither Pioneer Global Investments Limited, Pioneer Alternative Investments UK Limited nor anyone else involved in creating, producing or delivering the Service (together, “Service Providers”) shall be liable for any direct, indirect, incidental, special or consequential damages arising out of use of the Service or inability to use the Service or out of any breach of any warranty. The Service Providers will not in any way be responsible for any selection or retention of, or the acts or omissions of, the user in connection with the Service.

Linked Sites

Pioneer may provide hypertext links to sites on the Internet and Pioneer makes no representations whatsoever about any other site(s) which you may access through this Website or which may link to the Website. When you access any other site you understand that it is independent from the Website and that Pioneer has no control over the content or availability of that site. In addition, a link to any other site does not mean that Pioneer endorses or accepts any responsibility for the content, or the use of, such a site and shall not be liable for any loss or damage caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource. Any concerns regarding any external link to any third party site should be directed to that site’s operator.

Risk Statement

You should be aware of the risks associated with securities investment. Please remember that past performance is not necessarily a guide to the future. Market and currency movements may cause the value of investments and the income from them to fall as well as rise and you may get back less than you invested when you decide to sell your investments. Smaller markets can be more volatile than developed stock markets and can carry more risk. Independent financial advice should be taken before entering into any financial transaction.

Telephone Recording

It is Pioneer’s policy to record all telephone calls for business purposes.

General

Unless otherwise stated, all views expressed are those of Pioneer. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected.

Pioneer may assign or subcontract any or all of its rights and obligations under these Terms.

Pioneer may alter these Terms from time to time and post the new version on the Website, following which all use of the Website will be governed by that version.

If any provision or term of these Terms shall become or be declared illegal, invalid or unenforceable for any reason whatsoever, such term or provision shall be divisible from them and shall be deemed to be deleted from them.

These Terms and your use of the Website are governed by English law and you submit to the non exclusive jurisdiction of the English courts.

Notice for UK Residents

Pioneer is not a participant in the Financial Services Compensation Scheme. Accordingly, you will not be entitled to compensation under the Financial Services Compensation Scheme.

The Website and its contents have been approved by Pioneer Alternative Investments UK Limited for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Pioneer Alternative Investments UK Limited is authorised and regulated by the Financial Services Authority (“FSA”) in the UK. The Funds constitute unregulated collective investment schemes and, accordingly do not carry the protection provided by the UK regulatory system and pursuant to section 238 of FSMA and the FSA rules the Website is only directed at the following classes of investors in the UK:

1. investment professionals having professional experience of participating in unregulated collective investment schemes within the meaning of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (“the Order”);

2. high net worth bodies, unincorporated associations etc within the meaning of Article 22 of the Order;

3. customers of an FSA-authorised independent financial adviser (“IFA”) for whom the IFA has determined an investment in any of the Funds would be suitable; and

4. any other person to whom the Website may be directed without breaching FSMA or the FSA rules.

The Website is directed only at persons in the UK falling within any of (a) to (d) above and no other person should rely on it. Persons in the UK not falling within any of (a) to (d) above will not be permitted by Pioneer to invest in the Funds.