CARADOR INCOME FUND PLC
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1 CARADOR INCOME FUND PLC Interim Management Statement 19 May 2014 NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
2 Carador Income Fund Plc ( Carador or the Company ) INVESTMENT MANAGER S REPORT U.S. Loan Market Overview Interim Management Statement 19 May 2014 INTERIM MANAGEMENT REPORT 1 The following interim management statement relates to the period from 1 January 2014 to 19 May 2014 and has been prepared solely to provide information to meet the requirements of the Transparency (Directive 2004/109/EC) Regulations INVESTMENT OBJECTIVE The Company s investment objective is to produce attractive and stable returns with low volatility compared to equity markets by investing in a diversified portfolio of Senior Notes of Collateralised Loan Obligations ( CLOs 2 ), collateralised by Senior Secured Bank Loans and Equity and Mezzanine tranches of CLOs. The Company seeks to achieve its investment objective through investment in cashflow CLO transactions, managed by portfolio managers with proven track records. It seeks to achieve diversification across asset class, manager and maturity profile. U.S. DOLLAR SHARE NAV AND PERFORMANCE 1 JANUARY 2014 TO 31 MARCH 2014 As at 19May 2014, the Company only had one share class outstanding, the U.S. Dollar Share Class. The performance of the Company by both Share Price and NAV up to the end of March when the latest NAV was available is set out below: U.S. Dollar Shares 1 Jan Mar 14 Dividends Paid Total Return Share Price 3 $ $ $ % NAV per Share $ $ $ % Prem / (Disc) 0.62% 0.50% A dividend of $ per U.S. Dollar Share in respect of the period from 1 October to 31 December 2013 was paid on 5 February In addition a first quarter dividend of $ per U.S. Dollar Share was paid on 8 May U.S. leveraged loan volumes increased in the first quarter to $161.8 billion from $126.7 billion in the prior fourth quarter, notwithstanding the slowdown of refinancing activity, and driven by strong M&A and dividend recapitalization activity 4. The chart below shows the new issue loan volume on a quarterly basis. $200B $180B $160B $140B $120B $100B $80B $60B $40B $20B $B Quarterly Leveraged Loan Volume 4 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 In particular, the issuance of the second lien segment has been particularly strong in the first quarter. Volume of $11.3 billion is the second largest quarter on record as illustrated in the chart below 4. The S&P/LSTA Index total return is up 1.31% in the year to April, although it suffered a 0.24% drop in the last four weeks due to a combination of slowing retail inflows and rising supply. In particular, the loan mutual fund category has experienced an outflow of $1.3 billion, the first monthly outflow since June 2012 Page 1 $15B $13B $11B $9B $7B $5B $3B $1B $1B New Issue Volume of Second Lien Loans 4 1Q02 4Q02 3Q03 2Q04 1Q05 4Q05 3Q06 2Q07 1Q08 4Q08 3Q09 2Q10 1Q11 4Q11 3Q12 2Q13 1Q14
3 and the largest monthly outflow since December By comparison, March saw $2.2 billion of inflows. The chart below represents U.S. loan market inflows by CLO Issuance and Mutual Funds 5. US CLO issuance is the 2 nd highest month in history and the highest post financial crisis month. The table below shows the top US CLO issuance months 7. $20B $15B $10B $5B $0B $5B Inflows from CLO and Mutual Funds 5 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 CLO Issuance European Loan Market Overview European institutional issuance increased to 11.1 billion in the first quarter of 2014, up 42% year on year. The main reason is the sharp increase in crossborder issuance, up 37% from the first three months of The chart below represents domestic versus cross border volumes in Europe 6. 25B 20B 15B 10B 5B 0B European issuers have been attracted by lower yields in the U.S. market. As reported by LCD, U.S. components cleared at 4.14% on average, 30bps inside the European tranches which cleared at 4.44% U.S. CLO Market Overview Mutual Fund Inflows Domestic vs Cross border European Volume 6 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Cross Border Domestic Primary CLO issuance has remained very active in the U.S. with $35.5 billion of new issue as at the end of April The trend remains strong and April 2014 Rank Month Deal Count Amount ($mm) 1 Nov ,069 2 Apr ,458 3 Aug ,979 4 Feb ,650 5 Jun ,420 6 Mar ,297 7 Mar ,474 8 Apr ,974 9 Jun , Nov ,598 The pricing CLO pipeline seems robust; according to S&P data there are $15.75 billion of new U.S. CLO transactions, of which $3.34billion is in visible nearterm supply 7. The regulatory treatment of CLOs has been one of the major concerns since December last year, when U.S. regulators released the Volcker Rule. On its latest update from April 7, the Federal Reserve granted a two year extension for banks to comply with Volker s restriction on bank ownership of certain types of CLO tranches. The deadline is July 2017, but only CLOs in place as of year end 2013 would be eligible for the extension. The extension has not been seen as a complete relief and that, together with the large amount of primary supply, has kept AAA spreads somewhat wide 8. The below chart shows the AAA new issue spreads and CLO Issuance. Page 2 $12B $10B $8B $6B $4B $2B $0B CLO Issuance and AAA new Issue spreads 13 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Issuance Average AAA spread (excl. MM) Average AAA spread (bps)
4 Additionally, the market has seemed receptive to newer managers. In 2014 year to date, there have been 10 managers, totaling $4bn, that didn t issue last year 7. European CLO Market Overview Primary European CLO issuance rebounded during the first 4 months of the year. As of 12 May, total volume reached $4.06 billion from nine deals, versus 930 million from three deals in the same period last year, according to LCD 9. The nine 2014 deals have come from eight different managers 9. For the pre financial crisis CLOs the concentration risk is playing an increased role as post reinvestment deals continue to pay down their liabilities. The default of Vivarte in February was remarkable not only for its prevalence across the European CLO universe but also for its high exposure in many deals. In the case of Autobar which was restructured in April, it was not included in as many deals as Vivarte but it had higher exposure across the deals 10. Default Rates As at the end of April, the S&P/LSTA Index lagging twelve month rate increased to a near four year high of 4.64%, from 1.21% in March. The main reason is the final default of Energy Future Holdings (formerly known as TXU). Excluding this default, the rate would have dropped to an 18 month low of 1.14% 11. Although TXU was widely held across 1.0 U.S. CLOs, the impact is expected to be small, some OC ratios may be affected but most CLOs have already been haircutting the securities at market value % 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Lagging Twelve Month Default Rate Principal Amount 11 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 In Europe, default data is similarly impacted by legacy loans, most notably the 3.4 billion default of Vivarte in January and the 0.9 billion restructuring of Autobar. The lagging 12 month default rate for the S&P European Leveraged Loan Index (ELLI) climbed to 5.3% by par amount in April from 2.88% at the end of Carador Portfolio Pages 5 and 6 of this report include data on the Carador portfolio including the list of all securities held and the estimated look through exposure to the underlying corporate loans and industry sectors as at the end of March All investments in the portfolio are valued using the average of traded prices, firm bids or third party broker dealer mark to market valuations. As at the end of March, the portfolio, by NAV, consisted of 53.41% CLO Mezzanine Notes, 54.81% CLO Income Notes and a negative Cash of 8.2%. The negative balance reflects trade date cash balance, not settled cash balance. As we have discussed in the Carador monthly reports, the Company has been very active in the primary and secondary markets. Carador traded above $190 million notional including Mezzanine and Income Notes over their reinvesting period. In general, we have reduced some CLO 1.0 Income Note exposure and high dollar priced Mezzanine Notes, into lower dollar priced Mezzanine and CLO 2.0 Income Notes, which we believe will have a more stable NAV profile going forward. Outlook We will continue to rotate out of existing positions into CLO 2.0 Income Notes which we believe will provide a more sustainable income generation. With a strong pipeline of CLO issuance, we believe the Company is well positioned to take advantage of any relative value opportunities that arise. DIVIDENDS The Company declared total dividends for 2013 of $ per U.S. Dollar Share, representing a historic Page 3
5 dividend yield of 13.7% based on the 2013 year end share price of $ The Company announced a dividend for Q of $ per U.S. Dollar Share. Therefore rolling forward to include declared dividends for the four quarters ended Q and the share price of $ as at 16 May 2014 gives a historic dividend yield of 13.3%. MATERIAL EVENTS On 22 January 2014 the Company announced a dividend of $ per U.S. Dollar Share in respect of the period from 1 October to 31 December This takes the aggregate declared dividend in respect of 2013 to $ per U.S. Dollar Share. On 14 March 2014 the Board of the Company noted the rules of the UK Financial Conduct Authority ( FCA ) on the promotion of non mainstream pooled investments which came into effect on 1 January 2014 (the NMPI Rules ). Following the receipt of independent legal advice, the Board confirmed that it conducts the Company s affairs, and intends to continue to conduct its affairs, such that the Company s share should be classified as excluded securities under the NMPI Rules. On 23 April 2014 the Company announced a dividend of $ per U.S. Dollar Share in respect of the period from 1 January 2014 to 31 March That dividend follows the target provided by the Board on October 2013 of $ per U.S. Dollar share to be distributed evenly in four quarterly payments. On 29 April 2014 the Company released its audited Annual Report and Accounts for the full year On 30 April 2014 the Company announced that the Annual General Meeting of the Company will take place at the offices of State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson s Quay, Dublin 2 at 9.00 am (Irish time) on 24 June Information on past performance, where given, is not necessarily a guide to future performance. Unless otherwise provided for herein, all defined terms shall have the same meaning set forth in the Prospectus of the Company. There can be no assurance that the Company will achieve results comparable to these or any fund, or that the Company will be able to implement its Investment Objective. 2 CLOs are debt securities backed by a diverse portfolio of loan assets. The CLO uses the cashflows from this portfolio of assets to back the issuance of multiple classes of rated debt securities which, together with the Equity Notes, are used to fund the purchase of the underlying loans. 3 Bloomberg as at relevant month end. 4 S&P, LCD Quarterly Review 1Q14 5 S&P, Loan Stats May S&P, LCD European Leveraged Lending Review 1Q14 7 JP Morgan, US Fixed Income Markets Weekly 2 May Wells Fargo, The CLO Salmagundi: Volcker Extension Details 28 April S&P, LCD News 12 May Deutsche Bank Analysing concentrating risk in leveraged loan CLOS 13 May S&P, LCD News 1 May S&P, EUR LCD News 8 May Thomson Reuters, Leveraged Loan Monthly March Page 4
6 CARADOR PORTFOLIO DATA AS AT 31 MARCH, 2014 Carador Top 10 Look Through Exposures (NAV as at 31 March, 2014)* Issuer Rating Sector % 1 HCA Ba3/BB Healthcare 1.12% 2 First Data B1/B+ Financial Intermediaries 1.04% 3 RPI Finance Trust (Royalty Pharma) Baa2/BBB Financial Intermediaries 0.86% 4 Nielsen Finance Ba2/BBB Publishing 0.82% 5 TWCC Holdings Ba3/B+ Cable Television 0.78% 6 Delta Airlines Ba1/BB Air Transport 0.78% 7 Reynolds Group Ba3/BB Containers and Glass Products 0.77% 8 Chrysler Group Ba1/BB+ Automotive 0.76% 9 Mediacom Ba3/BB+ Cable Television 0.75% 10 Sungard Data Systems Ba3/BB Financial Intermediaries 0.69% Carador Top 30 Look Through Industries (NAV as at 31 March, 2014)* Cosmetics/Toiletries Telecom/Cellular Commnctns Industrial equipment Beverage and Tobacco Ecological Services & Equipment Surface Transport Food / Drug Retailers Insurance Air Transport Drugs Food Service Publishing Non Ferrous Metals / Minerals Food Products Conglomerates Broadcast Radio & Television Lodging and Casinos Aerospace and Defense Utilities Oil and Gas Leisure Goods/Activities/Movies Telecommunications Automotive Financial Intermediaries Cable Television Retailers (except food and drug) Chemicals / Plastics Electronics / Electric Business Equipment & Services Healthcare 0% 2% 4% 6% 8% 10% Carador Portfolio By Tranche (NAV as at 31 March, 2014) Tranche Par Value NAV Mezzanine Notes (Original rating A/BBB/BB) $292,173,001 $273,045,655 Income Notes (Unrated) $399,387,957 $280,193,268 * Based on notional tranche weighted exposure to par portfolios of CLO investments. Source: Intex, trustee reports and Bloomberg Page 5
7 CARADOR PORTFOLIO DATA AS AT 31 MARCH, 2014 Investment (*) Manager Original Rating % NAV 1 ACASC X F American Capital Leveraged Finance NR/B 0.93% 2 ACASC X E American Capital Leveraged Finance NR/B 1.26% 3 ADPK A E GSO / Blackstone Debt Funds Management LLC NR/BB 1.01% 4 AMMC X E American Money Management Corp Ba2/BB+ 0.90% 5 AMMC X E American Money Management Corp NR/BB 2.25% 6 Apidos E Apidos Capital Management Ba2/BB 0.75% 7 APID A E Apidos Capital Management NR/BB 0.71% 8 APID A F Apidos Capital Management NR/B 0.89% 9 APID X E Apidos Capital Management B2e/NR 2.05% 10 Ares RA E Ares Capital Management Ba2/BB 1.26% 11 Ares X SUB Ares Capital Management NR/NR 2.57% 12 BNPIP X D BNP Paribas Asset Management NR/(P)BB 2.88% 13 BNPIP X E BNP Paribas Asset Management NR/(P)B 2.38% 14 BNPIP X SUB BNP Paribas Asset Management NR/NR 4.12% 15 Callidus V X D GSO / Blackstone Debt Funds Management LLC Ba2/BB 0.37% 16 Callidus V X INC GSO / Blackstone Debt Funds Management LLC NR/NR 1.34% 17 Callidus VI A INC GSO / Blackstone Debt Funds Management LLC NR/NR 2.24% 18 Callidus VII A INC GSO / Blackstone Debt Funds Management LLC NR/NR 3.37% 19 Carlyle Azure CLO INCOME The Carlyle Group NR/NR 0.77% 20 Carlyle Azure CLO B1L The Carlyle Group Baa2/BBB 1.19% 21 Carlyle Daytona CLO B2L The Carlyle Group Ba2/BB 2.22% 22 Carlyle Daytona CLO INCOME The Carlyle Group NR/NR 0.88% 23 CDAR A SUBA 40/86 Advisors NR/NR 1.79% 24 CLRLK A D Babson Capital Ba2/BB 1.13% 25 COLPK A SUB GSO / Blackstone Debt Funds Management LLC NR/NR 4.52% 26 CTRPK A SUB GSO / Blackstone Debt Funds Management LLC NR/NR 0.49% 27 Denali Capital CLO VI PREF DC Funding Partners LLC NR/NR 0.09% 28 Eaton Vance CDO VIII SUBORD Eaton Vance NR/NR 1.65% 29 FAIRW A B2L PIMCO Ba3/BB 1.34% 30 Franklin CLO VI E Franklin Advisers Ba2/BB 1.00% 31 FTHIL A E The Carlyle Group Ba2/BB 0.78% 32 FTHIL A SUB The Carlyle Group NR/NR 1.76% 33 Galaxy SUB Pinebridge Investments NR/NR 0.17% 34 Galaxy X E Pinebridge Investments NR/BB 0.33% 35 Gale Force 2 CLO EQUITY GSO / Blackstone Debt Funds Management LLC NR/NR 1.17% 36 Gale Force 3 CLO D GSO / Blackstone Debt Funds Management LLC Baa2/BBB 1.12% 37 Gale Force 3 CLO E GSO / Blackstone Debt Funds Management LLC Ba2/BB 0.76% 38 Gale Force 3 CLO PREF GSO / Blackstone Debt Funds Management LLC NR/NR 1.26% 39 Gale Force 4 CLO INCOME GSO / Blackstone Debt Funds Management LLC NR/NR 2.76% 40 ING Investment Management II Pref ING Investment Management NR/NR 2.99% 41 ING Investment Management II C ING Investment Management A2/A 1.69% 42 ING Investment Management II D ING Investment Management Baa2/BBB 2.79% 43 ING Investment Management IV D ING Investment Management Ba2/BB 0.34% 44 ING Investment Management V SUBORD ING Investment Management NR/NR 0.62% 45 ING Investment Management D ING Investment Management NR/BB 0.66% 46 Inwood Park CDO SUBORD GSO / Blackstone Debt Funds Management LLC NR/NR 3.09% 47 Inwood Park CDO A E GSO / Blackstone Debt Funds Management LLC Ba2/BB 2.94% 48 Inwood Park CDO A D GSO / Blackstone Debt Funds Management LLC Baa2/BBB 0.74% 49 KEUKA A E GSO / Blackstone Debt Funds Management LLC Ba3/NR 1.43% 50 LIGHT A D LightPoint Capital Management Ba2/BB 0.92% 51 Mountain View CLO II PREF Seix Advisors NR/NR 0.12% 52 Mountain View CLO II E Seix Advisors Ba2/BB 1.52% 53 NACLO A E Fortis Investment Management Ba2/BB 1.79% 54 NEUB A E Neuberger Bermen NR/BB 1.27% 55 NEUB X F Neuberger Bermen NR/B 2.10% 56 NYLIM Flatiron CDO SUBORD New York Life NR/NR 0.20% 57 OHAPA A SUB Oak Hill Advisors NR/NR 1.31% 58 Prospect Park CDO SUBORD GSO / Blackstone Debt Funds Management LLC NR/NR 1.39% 59 Rampart CLO A SUBORD Stone Tower Debt Advisors NR/NR 1.31% 60 RPARK 1X SUB GSO / Blackstone Debt Funds Management LLC NR/NR 4.19% 61 RSIDE X SNR GSO / Blackstone Debt Funds Management LLC NR/BB 1.91% 62 Saturn D Pinebridge Investments Ba2/BB 0.76% 63 Sheridan Square A INC GSO / Blackstone Debt Funds Management LLC NR/NR 2.47% 64 Sheridan Square A F GSO / Blackstone Debt Funds Management LLC NR/B 2.10% 65 Silverado CLO 2006 I SUBORD Wells Capital Management NR/NR 0.63% 66 Stone Tower CLO X D Stone Tower Debt Advisors Ba2/BB 0.39% 67 Stone Tower CLO X SUBORD Stone Tower Debt Advisors NR/NR 0.26% 68 Stone Tower CLO A SUBORD Stone Tower Debt Advisors NR/NR 1.26% 69 Stone Tower CLO X SUBORD Stone Tower Debt Advisors NR/NR 0.97% 70 TPCLO X E GSO / Blackstone Debt Funds Management LLC NR/B 0.86% 71 TPCLO A SUB GSO / Blackstone Debt Funds Management LLC NR/NR 2.30% 72 TRBPK A SUB GSO / Blackstone Debt Funds Management LLC NR/NR 0.73% 73 VITES A B1L TCW Advisors Baa3/BBB 1.13% 74 Westbrook CLO E Shenkman Capital Management Ba2/BB 0.56% Cash(**) 8.22% (*) Investment in Gale Force 3 Combination Note split into individual components (**) The negative balance reflects trade date cash balance, not settled cash balance Page 6
8 Important Information Any reference herein to future returns or distributions is a target and not a forecast and there can be no guarantee or assurance that it will be achieved. The actual principal and income in any particular case will be determined by the cash flows received. This document has been issued by GSO / Blackstone Debt Funds Management LLC (the Manager ), a wholly owned subsidiary of GSO Capital Partners LP, which is registered as an investment adviser with the U.S. Securities and Exchange Commission. It does not constitute an invitation and should not be taken as an inducement to engage in any investment activity and is for the purpose of providing information about the Manager and certain of the Manager s affiliates, including without limitation, the Blackstone Group LP, GSO Capital Partners LP and GSO Capital Partners International LLP, collectively the Manager s Affiliates. It may not be relied upon and should not be used for the purpose of making any investment decision. This document and the information contained herein is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan or to any "U.S. person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute or contain an offer of, or the solicitation of an offer to buy or subscribe for, securities for sale anywhere in the world, including in or into the United States, Canada, Australia or Japan. This document is being furnished to you solely for your information and no recipient may forward, reproduce, distribute, or make available in whole or in part, this document (directly or indirectly) to any other person. The distribution of this document in certain jurisdictions may be restricted by law and recipients of this document should inform themselves about and observe any such restrictions and other applicable legal requirements in their jurisdictions. Accordingly, recipients represent that they are able to receive this document without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. By accepting this document, you agree to be bound by the foregoing limitations. This document has been prepared by Carador Income Fund PLC ("Carador") and is the sole responsibility of Carador. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document is accepted and no representation, warranty or undertaking, express or implied, is or will be made by Carador, the Manager or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Manager nor any of its respective Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to Carador or as to the truth, accuracy or completeness of this document, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in this document and nothing in this document is or should be relied on as a promise or representation as to the future. Although the portfolio reflected in this document (the Portfolio ) is consistent with the investment strategy of the Company, there is no guarantee that the portfolio acquired will be identical to the make up of the Portfolio. Moreover, the future investments to be made by the Company may differ substantially from the investments included in the Portfolio. Therefore, the Portfolio parameters, industry concentration, rating concentration, spread distribution and other factors related to the Portfolio could all be materially different than those of the future portfolio acquired by the Company. Carador has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and investors will not be entitled to the benefits of that Act. The securities described in this document have not been and will not be registered under the Securities Act, or the laws of any state of the United States. Consequently, such securities may not be offered, sold or otherwise transferred within the United States or to or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, applicable state laws and under circumstances which will not require Carador to register under the Investment Company Act. No public offering of the securities is being made in the United States. If you are in the United States and are not either (a) a "qualified institutional buyer" (as defined in Rule 144a under the Securities Act) who is also a "qualified purchaser" (as defined in Section 2(a)(51) of the Investment Company Act) for purposes of Section 3(c)(7) of the Investment Company Act; or (b) an "accredited investor" (as defined in Rule 501 of the Securities Act) who is either a qualified purchaser or an eligible Investment Company Act investor, you should not open this document and should destroy it. Certain information contained in this document constitutes forward looking statements, which can be identified by the use of forward looking terminology such as may, will, should, expect, anticipate, target, intend, continue or believe, or the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Carador described herein may differ materially from the events, results or performance reflected or contemplated in such forward looking statements. Any projections, forecasts and estimates contained herein are based upon certain assumptions that Carador considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize and/or that actual events and consequences thereof will vary significantly from the assumptions upon which projections contained herein have been based. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and the Fund is under no obligation to update or keep current such information. Unless otherwise indicated, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date. Recipients of this document are encouraged to contact Carador s representatives to discuss the procedures and methodologies used to make the projections and other information provided herein. Carador is an investment company with variable capital incorporated under the laws of Ireland and authorised by the Central Bank of Ireland as a professional investor fund. A copy of the Carador prospectus may be obtained from the website of the Company at Page 7
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