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PARTIES TO THE FUND

Issue and Redemption of Shares

Unless stated in an Appendix to the contrary the Manager is available to receive requests for the issue and redemption of Shares on each Dealing Day between 9.00 a.m. and 5.00 p.m. (10.30 a.m. close on the last Business Day preceding Christmas Day and New Year's Day).

Client Money Rules

The Manager is required to operate a client money account in respect of money received from subscribers or held for the account of redeeming Investors. Any interest accruing in respect of such account is for the benefit of the Manager.

Publication of Prices

Where Shares in a Cell of the Fund are listed on the CISX, the Net Asset Value per Share will be reported to the CISX as soon as practicable after the relevant Valuation Point.

Prices are available from the Manager during normal business hours. If the Shares are quoted on the Channel Island Stock Exchange, they may be available through Reuters.

TAXATION

The Fund

The Fund is resident in Guernsey and has been granted tax exempt status pursuant to the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 upon payment of an annual fee which is, at present, £600. A company that has exempt status for Guernsey tax purposes is exempt from tax in Guernsey on both bank deposit interest and any income that does not have its source in Guernsey. Payments of dividends and interest by a company that has exempt status for Guernsey tax purposes are regarded as having their source outside Guernsey and hence are payable without deduction of tax in Guernsey. It is the intention of the Directors to conduct the affairs of the Fund to ensure that it retains such exempt status subject to any changes brought about by adherence to the European Code of Conduct as set out below.

Persons interested in purchasing Shares should inform themselves as to any tax consequences particular to their circumstances arising in the jurisdiction in which they are resident or domiciled for tax purposes in connection with the acquisition, ownership, redemption or disposition by them of Shares.

RISK WARNINGS (General)

These Particulars contain several risk warnings that are highlighted below. The entirety of these Particulars should be read and understood by each potential investor prior to undertaking any investment in the Fund.

The Manager shall make every endeavour to minimise such risk by adhering to the investment restrictions set out herein but shall be reliant upon specialist advice.

The Guernsey Financial Services Commission has authorised the Fund as a Class B Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended). It must be distinctly understood that in giving this authorisation the Commission does not vouch for the financial soundness or the correctness of any of the statements made or opinions expressed with regard to the Fund. Shareholders in the Fund are not eligible for the payment of any compensation under the Collective Investment Schemes (Compensation of Investors) Rules 1988 made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended).

Investors should be aware that the authorisation as mentioned in the paragraph above represents a precedent for a collective investment scheme authorised in Guernsey that invests in wine as a physical asset. Therefore, no track record exists for such a product.

Any person relying on the information contained in these Scheme Particulars, which were current at the date shown, should check with the Manager that this document is the current version and that no revisions have been made nor corrections published to the information contained in these Scheme Particulars since the date shown.

It must be emphasised that the value of Shares will fluctuate in accordance with the value of the underlying investment and, in certain circumstances, can go down as well as up. Past performance is not an indication of future performance. There is no obligation to redeem Shares at the Subscription Price originally paid.

This document is important and you should read all of the information contained in it carefully. If you are in any doubt as to the meaning of any information contained in this document, you should consult either the Manager or your independent financial adviser.

An investment in a Cell of the Fund should only be made by persons who are able to bear the risk of loss of capital invested.

Investors should have sufficient financial awareness to evaluate risks; persons not able to assess the risks should not consider an investment.

Registered office: 3rd Floor, NatWest House, Le Truchot, St Peter Port, Guernsey, GY1 1WD

Registered number: 46636

Listed on the Channel Islands Stock Exchange:

A Class SEDOL:- B39T4K6

A Class ISIN:- GG00B39T4K65

B Class SEDOL:- B39T4L7

B Class ISIN:- GG00B39T4L72

C Class SEDOL:- B39T4M3

C Class ISIN:- GG00B39T4M89