Important Notices and Disclaimers – Xingtai Capital Management Limited.

The information in this document is being provided to you at your request and Xingtai Capital Management Limited (“Xingtai”) or its affiliates have not solicitated your interest.

The information in this document is confidential and you must not use it or disclose it to any other person without our consent.

This document does not constitute an offer or solicitation of an offer to make an investment into Xingtai China Fund or any other fund or account managed by Xingtai or its affiliates (each a “Fund”) and is made purely for the purposes of providing an overview of our activity (our “Strategy” or “Strategies”). Additionally, the information contained in this document is not intended for distribution in any jurisdiction where such distribution is not authorised. The information contained on our website is restricted in certain jurisdictions, and except where noted, no action has been taken to permit the distribution of this information or any offering of any investments in any jurisdiction where such action would be required. Neither the information, nor any opinion contained herein constitutes a distribution, an offer, invitation or a solicitation of an offer to buy, sell or otherwise invest in any securities, futures, options or other financial instruments or to provide any investment advice or service.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

The Funds have not been authorized by the Hong Kong Securities and Futures Commission pursuant to section 104 of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”), nor has this document been approved by the SFC pursuant to section 105(1) of SFO or section 342C(5) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (the “C(WUMP)O”) or registered by Hong Kong’s Registrar of Companies pursuant to section 342C(7) of C(WUMP)O. This document is intended for the addressee only. Any person to whom this document is sent is advised to exercise caution in relation to the contents of this document. The Fund described in this document will not be offered for sale to the public in Hong Kong, or with the view to, or in connection with, any further sale in Hong Kong, and no action has been taken, in Hong Kong or elsewhere, to permit the distribution of this document to the public of Hong Kong or in a manner in which this information may be accessed or read by the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong). This document will only be distributed to and the Fund will only be offered to persons outside of Hong Kong or to persons who are “professional investors” as defined under the SFO and the Securities and Futures (Professional Investor) Rules made thereunder. No person may offer or sell in Hong Kong, by means of any document, any interest in the Fund other than (a) to “professional investors” within the meaning of the SFO and the Securities and Futures (Professional Investor) Rules made thereunder; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the C(WUMP)O or which do not constitute an offer to the public within the meaning of that ordinance. Persons who receive this document or to whom this document is sent shall not publish or reproduce, in whole or in part, nor disclose the contents of this document to any other persons.

Xingtai has not sought to independently verify information obtained from public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update.

This material is for informational and illustrative purpose only without regard to your investment objectives, financial situation or means and is intended solely for the information of those to whom it is distributed by Xingtai. No part of this material may be reproduced or retransmitted in any manner without the prior written permission of Xingtai. Xingtai does not represent, warrant or guarantee that this information is suitable for any purpose and it should not be used as a basis for investment decisions. This material does not purport to contain all of the information that a prospective investor may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment. Past performance is no guarantee of future results.

An investment in the proposed Strategy will not be appropriate for all investors. The content of this material should not to be construed as a recommendation or a representation about the suitability or appropriateness of any securities or other investment products for you. The proposed Strategy may contain complex instruments that typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. Any investor interested in the proposed Strategy should conduct an independent investigation and analysis of the proposed transaction and consult professional advisers as to the risks involved in making such a purchases. Additionally:

A total loss of investment could occur under certain circumstances.

Benchmarks are used solely for purposes of comparison and the comparison does not mean that there will necessarily be a correlation between the returns described herein and the benchmarks.

There are limitations in using financial indices for comparison purposes because, among other reasons, such indices may have different volatility, diversification, credit and other material characteristic (such as number or type of instrument of security).

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue”, or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Xingtai has no obligation to update any of the forward-looking statements in this document.