The information regarding investment funds referenced on this website should not be regarded as an offer, solicitation or recommendation for such investment funds or products in any jurisdiction where such activity is unlawful. This website is not directed at you, if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use which would be contrary to local law or regulation. Every effort has been made to ensure the accuracy of the financial information herein but it may be based on unaudited figures. Past performance is not indicative of future performance. The price of fund units can go down as well as up and may be affected by changes in rates of exchange. An investor may not get back the amount invested.

This warning and disclaimer is addressed to you whether you access this site for yourself or for somebody else. You must agree to the terms and conditions set forth below for your own behalf and for all others, on whose behalf you access the following site and acquire information about Baltic Investment Holdings and the New Europe Opportunity Fund ("the Fund").

No action has been taken to permit the distribution of the Fund in any jurisdiction where action would be required for such purpose. Accordingly, no person receiving a copy of the Fund’s Offering Memorandum and/or an Application Form in any territory may treat it as constituting an invitation to him to purchase or subscribe for Shares nor should he in any event use such an Application Form unless in the relevant territory such an invitation could lawfully be used without compliance with any registration or other legal requirement.

The Shares of the Fund have not been nor will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under any State securities law and, except with the specific consent of the Board, may not be offered or sold directly or indirectly, in the United States of America, its territories or possessions or any area subject to its jurisdiction or to any U.S. Person. In addition the Fund will not be registered under the United States Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to the benefits of the 1940 Act.

No broker, dealer, salesman or other person has been authorised by the Fund, its Directors, or any of the appointed functionaries to issue any advertisement or to give any information or to make any representations in connection with the offering or sale of Shares other than those contained on this website and in the documents referred to herein, in connection with the offer hereby made, and if given or made, such information or representations must not be relied upon as having been authorised by the Company, its Directors, or any of the appointed functionaries.

Potential subscribers of Shares should inform themselves as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their citizenship, residence, incorporation or domicile and which might be relevant to the subscription, holding, or disposal of Shares in the Fund.

Investment in the Fund involves significant risks. Whilst it is the intention of the Manager to implement strategies which are designed to minimise potential losses, there can be no assurance that these strategies will be successful. It is possible that an investor may lose a substantial proportion or all of its investment in the Fund. As a result, each investor should carefully consider whether it can afford to bear the risks of investing in the Fund.

It is the responsibility of any persons in possession of this Offering Memorandum and any persons wishing to apply for Shares to inform themselves of, and to observe and comply with, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for Shares should inform themselves as to the legal requirements of so applying and any applicable exchange control requirements and taxes in the countries of their nationality, residence or domicile.

The Shares have not been nor will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under any State securities law and, except with the specific consent of the Board, may not be offered or sold directly or indirectly, in the United States of America, its territories or possessions or any area subject to its jurisdiction (the "United States") or to any U.S. Person (as defined in Regulation S of such Act, as amended from time to time). In addition the Fund will not be registered under the United States Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to the benefits of the 1940 Act. Based on interpretations of the 1940 Act by the staff of the United States Securities and Exchange Commission relating to foreign investment companies, if the Fund has more than 100 beneficial owners of its securities who are U.S. Persons, it may become subject to the 1940 Act. The Board will not knowingly permit the number of holders of Shares who are U.S. Persons to exceed 70.

A copy of this Offering Memorandum has been lodged with the Registrar of Companies in Malta, in accordance with the requirements of the Prospectus of Collective Investment Schemes Regulations (Legal Notice 103 of 1996). Applications for the purchase of Shares are accepted only on the basis of the current Offering Memorandum. Any person relying on the information contained in this Offering Memorandum, which was current at the date shown, should check with the Company that this document is the most current version, and that no revisions or additions have been made nor corrections published to the information contained in this Offering Memorandum since the date shown.

Statements made in this Offering Memorandum, except where otherwise stated, are based on the law and practice currently in force in Malta and are subject to changes therein. Unless otherwise indicated specifically, investment in the Company should be regarded as a long-term investment. Your attention is drawn to the section headed "Risk Factors" of this Offering Memorandum.