The content of this website may not be published, distributed or disclosed without the express written consent of Autonomy Capital (Jersey) LP (together with its affiliates, “Autonomy”). These materials do not constitute an offer or solicitation by Autonomy for the purchase or sale of interests in any of the investment products or services described herein (collectively, the “Investment(s)”) or in any other Investment or investment product. Any such offer or solicitation may only be made by means of delivery of the applicable legal offering documents, as amended from time to time (each, a “Memorandum”), and other documents associated with the investment, each of which should be reviewed in its entirety prior to investment (including the sections “Certain Risk Factors” and “Potential Conflicts of Interest” contained in the applicable Memorandum). This website is for informational purposes only and not to be relied upon as investment, legal, tax, or financial advice. Prospective investor should consult with their independent advisors as to the legal, tax or other matters relevant to the suitability of Investments.

HISTORICAL PERFORMANCE INFORMATION DEPICTED HEREIN IS NOT INDICATIVE OF FUTURE PERFORMANCE OR INVESTMENT RETURNS, AND ACTUAL EVENTS OR CONDITIONS MAY NOT BE CONSISTENT WITH, AND MAY DIFFER MATERIALLY FROM, THOSE DEPICTED. Any information provided herein relating to the Investment’s performance has been provided by Autonomy and is unaudited unless otherwise noted. Any such information has not been independently reviewed or approved by either an Investment’s auditor or administrator and is subject to adjustments. Autonomy makes no representations or warranties as to the accuracy or completeness of such estimated performance figures, and further no such estimated performance figures shall be relied upon as a promise by, or representation by, Autonomy whether as to past or future performance results. Further, there can be no assurance that any investment opportunity offered by Autonomy with an investment objective similar to the Investment(s) and/or strategy (ies) being described herein will achieve its investment objective, generate positive returns, anticipated diversification or asset allocations will be met. Any investments depicted in this material are not, and are not intended to be, a complete depiction of all investments made by any such Investments or accounts, or to be made by the Investment. Returns and valuations of unrealized investments are inherently uncertain and should not be relied upon as a basis for transfer or related investment decisions.

This website is intended to be a summary only and Autonomy makes no representation as to the accuracy of such information. This website may contain targeted returns and forward-looking statements. “Forward-looking statements,” can be identified by the use of forward-looking terminology such as “may”, “should”, “expect”, “anticipate”, “outlook”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof, or variations thereon, or other comparable terminology. Investors are cautioned not to place undue reliance on such returns and statements, as actual returns and results could differ materially due to various risks and uncertainties. In considering any transactional history or prior performance information contained herein, investors should bear in mind that transactional history or prior performance is not necessarily indicative of future results, and there can be no assurance that the Investment will achieve comparable results. Such descriptions are provided for illustrative purposes only and there can be no assurance that Autonomy will be able to implement its investment strategies in a similar manner or pursue similar transactions or be able to avoid losses.

Any categorizations, estimates, quantifications, sensitivities and other information contained in this website are substantially based on estimated information, which may be inaccurate or incomplete and may not reflect the criteria employed by Autonomy to evaluate exposure, risks, or trading strategies. As a result of these estimates, the information in this website is subject to material change. Further, any such categorizations, estimates, quantifications, sensitivities and other information presented in this website are unaudited and do not reflect adjustments that might result when closing the books for the period that includes the date of this website. There is no guarantee that the portfolio of the Investment will continue to contain any or all of the investments identified herein, that any such investments will actually be available for purchase at such prices or be sold at such prices. Any reference to specific investments is not intended to be and must not be relied upon as recommendations to purchase or sell such investments. All investments involve risk including the loss of principal.

Statements in this website are made as of the date of publication, unless stated otherwise herein, and the information contained herein may not be correct as of any time subsequent to such date. Certain information contained herein has been obtained from published sources prepared by other parties and has not been independently verified by Autonomy, and Autonomy makes no representation that such information is accurate or complete. Opinions expressed herein are subject to change without notice and any investment views expressed herein represent Autonomy’s views as of the date of preparation only and not as of any future date. None of Autonomy, the Investment, and any personnel, or agents of any of the foregoing shall be liable for any errors (to the fullest extent permitted by law) in the production or contents of this website. As used in the website, all reference to “dollars” or “$” refer in all cases to U.S. dollars. This website may be discontinued at any time. Historical results, exposure, allocations, and trading are not indicative of future results, exposures, allocations, and trading, or for the full fiscal year. In addition, no limitation on the current or future use of the net assets of the Investment or any other investment or investment vehicle is created or implied by the information in this website.

Risks associated with global macro and special situations investing include, but are not limited to, the following: the strategy speculative and is subject to a risk of total loss, (ii) the strategy may borrow funds for purposes of leveraging its portfolio, which may magnify the effect of portfolio losses, (iii) the performance of the strategy may be volatile, (iv) the investment manager of the strategy will retain ultimate authority over the assets and investment decisions, (v) the fees and expenses of the strategy may offset any profits of the strategy, (vi) the strategy’s investments may involve complex tax structures and delays in distributing important tax information, (vii) the strategy is not subject to the same regulatory requirements as mutual funds, (viii) the strategy may not be required to provide periodic pricing or valuation information to investors, (ix) the strategy may have investments that are considered relatively illiquid which may not disposed of immediately at valuations used by the strategy, (x) the strategy may invest in distressed investments which have increased risk because of the uncertainties of investing in the issuer undergoing the financial distress. Distressed investments may present a substantial risk of default or may be in default at the time of investment. The strategy may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings, (xi) the strategy may invest in loans that hold a lower priority to other lien holders which in the event of a default may provide no recovery for the strategy, (xii) the strategy may make long-term, illiquid designated investments which have numerous risks (e.g., the unavailability of a readily implementable exit strategy as well as exposure to the effect of years of changing market conditions on the same business or investment)and (xiii) all or a significant portion of the trades and investments entered into by the strategy may take place in foreign jurisdictions. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments.

Risks associated with Spanish real estate investments include, but are not limited to, the following: (i) the strategy is speculative and its investments are subject to a risk of total loss; (ii) the strategy may be concentrated in real estate in certain cities; (iii) the strategy may borrow Investments for purposes of leveraging its portfolio, which will magnify the effect of portfolio losses; (iv) investors may not see the liquidity in the Investment they desire (v) investors will not participate in the management of the strategy; (vi) the fees and expenses of the strategy may offset any profits it would otherwise have recognized; (vii) the strategy may involve complex tax structures and delays in distributing important tax information; (viii) the strategy operates in a regulatory environment that is new for Autonomy; and (ix) investing in Spain involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial losses due to adverse political, economic or other developments.

Autonomy Capital (Jersey) Limited, in its capacity as general partner to the investment manager of the Investment Autonomy Capital (Jersey) LP (registered in Jersey, number 89144) and Autonomy Research Two Limited (registered in Jersey, number 109785), with its Swiss branch regulated by the Swiss Financial Market Supervisory Authority FINMA, are regulated by the Jersey Financial Services Commission (“JFSC”) for the conduct of Fund Services Business. Registered Office for Jersey entities: 2nd Floor Conway House 7-9 Conway Street, St. Helier JE2 3NT Jersey, Channel Islands. Autonomy Research LLP is authorized and regulated by the Financial Conduct Authority. Registered in England, number OC303616. Registered Office: 8-11 Denbigh Mews, London SW1V 2HQ, UK.

In the United Kingdom, information on this website is being made only to, or directed only at: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FP Order”) or Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “PCISE Order”); (ii) high net worth companies and certain other entities falling within Article 49 of the FP Order or Article 22 of the PCISE Order; or (iii) persons to whom this document may be provided pursuant to Section 4.12 of the Conduct of Business Sourcebook of the UK Financial Conduct Authority (together, “relevant UK persons”). This website must not be acted or relied upon by persons who are not relevant UK persons. Any investment or investment activity to which this website relates is available only to relevant UK persons and will be engaged in only with relevant UK persons.  The representative in Switzerland is ARM Swiss Representatives SA, Route de Cité-Ouest 2, 1196 Gland, Switzerland.  The paying agent in Switzerland is Banque Heritage SA, Route de Chêne 61, 1206 Genève, Switzerland.  The Prospectus, the Articles of Association and the annual financial statements can be obtained free of charge from the representative in Switzerland.  The place of performance and jurisdiction is the registered office of the representative in Switzerland with regards to distribution in and from Switzerland.