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Risk, Conflicts & Tax

THERE ARE CERTAIN RISKS ASSOCIATED WITH AN INVESTMENT IN THE LOAN PROGRAMME. AN INVESTMENT IN THE LOAN PROGRAMME SHOULD ONLY BE MADE AFTER CONSULTATION WITH INDEPENDENT QUALIFIED SOURCES OF INVESTMENT AND TAX ADVICE. REFERENCES TO THE LOAN PROGRAMME OR VITA’S INVESTMENTS AND PORTFOLIO IN THE FOLLOWING SUMMARY OF RISKS REFER TO AND SHOULD BE READ AS REFERRING TO THE COMBINED RISKS RELATING TO THE INVESTMENTS AND PORTFOLIO OF THE INVESTMENT PROGRAMME.

NO GUARANTEE OR REPRESENTATION IS MADE THAT THE INVESTMENT PROGRAMME WILL BE SUCCESSFUL. THERE IS A RISK THAT AN INVESTMENT IN THE LOAN PROGRAMME WILL BE LOST ENTIRELY OR IN PART AND NO ASSURANCE CAN BE GIVEN THAT PROFITS WILL BE ACHIEVED OR THAT SUBSTANTIAL LOSSES WILL NOT BE INCURRED. AN INVESTMENT IN THE LOAN PROGRAMME SHOULD REPRESENT ONLY A PORTION OF AN INVESTOR’S PORTFOLIO.

INVESTORS SHOULD MAKE THEIR OWN INDEPENDENT EVALUATION OF THE FINANCIAL, MARKET, LEGAL, REGULATORY, CREDIT, TAX AND ACCOUNTING RISKS AND CONSEQUENCES INVOLVED IN INVESTMENT IN THE LOAN PROGRAMME AND ITS SUITABILITY FOR THEIR OWN PURPOSES. IN EVALUATING THE MERITS AND SUITABILITY OF AN INVESTMENT IN THE LOAN PROGRAMME, CAREFUL CONSIDERATION SHOULD BE GIVEN TO ALL OF THE RISKS ATTACHED TO INVESTING IN THE LOAN PROGRAMME.

THE FOLLOWING IS A BRIEF DESCRIPTION OF CERTAIN FACTORS WHICH SHOULD BE CONSIDERED ALONG WITH OTHER MATTERS DISCUSSED ELSEWHERE IN THIS MEMORANDUM. THE FOLLOWING HOWEVER, DOES NOT PURPORT TO BE A COMPREHENSIVE SUMMARY OF ALL THE RISKS ASSOCIATED WITH INVESTMENTS IN THE LOAN PROGRAMME.

AMONG THE RISKS INVOLVED WITH AN INVESTMENT IN THE LOAN PROGRAMME ARE THE FOLLOWING:

General Risks
Certain Risks Related to the Loan Programme, the Investment Programme and their Structure
Risks relating to the Loans
Risks relating to the Investment Programme’s Investment Strategy
Conflicts of Interest
Tax Aspects