Regulatory & Compliance
Martial Capital Ltd. has been granted an Investment Business License and Martial Funds Ltd. have been approved by the Bermuda Monetary Authority. For more details visit their website at www.bma.bm

Tax Reporting
Our funds do not report the investment activities of its clients to any tax authority. There are no Bermuda taxes due on your investing in either of our funds.

Audits
Our funds are audited by D&H Ltd. The first audit will be for the 13 months ending September 30, 2008.

Withholding
Both the IRS and Revenue Canada will withhold 30% of the interest and dividends earned by the funds in lieu of taxes. Since virtually all of our gains come from capital gains, this withholding should not be material.

United States and Canadian Residents
It is perfectly legal for a resident of the US or Canada to buy units in our Bermuda-based funds. What is not legal is for Martial Funds Ltd. to market to US or Canadian residents. Therefore, in an abundance of caution, we have voluntarily decided not to accept US or Canadian residents in any of the Bermuda funds.