The following contains information about the regulatory status and further important notices relating to Ermitage Limited and its subsidiary undertakings.

Fund and Investment Management
Jersey registered companies
UK registered company
US registered company
Bermudan registered company
Group structure
Investment and investment service warnings
Additional warnings for people accessing this site from The Republic of South Africa
Additional warnings for people accessing this website from the United Kingdom
General investment warnings
General warnings


Fund and Investment Management

Ermitage Asset Management Jersey Limited is registered with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 for the conduct of investment business and fund services business.

Ermitage Asset Management Jersey Limited is also registered with the Securities and Exchange Commission ("SEC") in the US as an Investment Adviser.

Ermitage Global Wealth Management Jersey Limited is registered with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 for the conduct of investment business and fund services business.

Ermitage UK Limited is authorised and regulated by the Financial Services Authority.

Ermitage Management (Bermuda) Limited is registered with the Bermuda Monetary Authority.

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Ermitage Group is a trading name of all of the companies listed below.

Jersey registered companies

The registered office of all the companies listed below is 1st Floor, 47 The Esplanade, St. Helier, Jersey, JE1 9LB.

Ermitage Limited
Ermitage Jersey Limited
Ermitage Asset Management Jersey Limited
Ermitage Global Wealth Management Jersey Limited

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UK registered company

Ermitage UK Limited. Registered office address is 25 Savile Row, London W1S 2ES.

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US registered company

Ermitage Americas Inc. Registered office address is Suite 917, 9th Floor, 330 Madison Avenue, New York NY10017, USA.

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Bermuda registered company

Ermitage Management (Bermuda) Limited. Registered office address is 6, Front Street, Hamilton, Bermuda.

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Group structure

Ermitage Limited is owned 92% by Caledonia Investments Plc and 8% by the senior management team headed by Ian Cadby (Group Chief Executive Officer) and the Ermitage Employee Benefit Trust 2006. Ermitage Limited owns Ermitage Jersey Limited and Ermitage Management (Bermuda) Limited and Ermitage Jersey Limited’s subsidiary undertakings.

Ermitage Limited and all its subsidiary undertakings may be referred to as the Ermitage Group on this website.

Ermitage Limited has its registered office at 1st Floor, 47 The Esplanade, St Helier, Jersey, Channel Islands, JE1 9LB

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Investment and investment service warnings

Issued by Ermitage Group

Investment services are not available in jurisdictions where Ermitage Limited and its subsidiary undertakings are not authorised to conduct investment business.

When making investments, it must be remembered that past performance is not a guarantee of future performance. The price of units or shares can go down as well as up and may be affected by changes in rates of exchange. An investor may not receive back the amount invested.

Subscriptions will only be received and units or shares will only be issued in Ermitage Funds on the basis of the current Offering Document for the Fund, and prospective investors should carefully consider the risk warnings and disclosures for the Fund set out therein. Investors should also consider any other factors that may be relevant to their circumstances, including tax considerations, before making any investment. Units or shares in the Fund are not for sale in any jurisdiction in which such sale would be prohibited.

Discretionary and Advisory clients should note that investments will only be made on the terms of a Discretionary or Advisory Investment Management Agreement signed by Ermitage Global Wealth Management Jersey Limited and the client. Prospective clients should carefully consider the terms of and risk warnings and disclosures set out in such Discretionary or Advisory Investment Management Agreement. Clients should also consider any other factors that may be relevant to their circumstances, including tax considerations, before entering into the Discretionary or Advisory Investment Management Agreement.

Ermitage Global Wealth Management Jersey Limited is registered with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998 for the conduct of investment business and fund services business. The address of the Jersey Financial Services Commission is PO Box 267, 14-18 Castle Street, St Helier, Jersey, JE4 8TP.

Ermitage Global Wealth Management Jersey Limited operates from and can be contacted at 1st Floor, 47 The Esplanade, St. Helier, Jersey, JE1 9LB.

If you authorise Ermitage Global Wealth Management Jersey Limited to exercise discretion over your portfolio or manage your portfolio on an advisory basis, the investments selected will be determined by your investment objectives and may include investments in both regulated and unregulated collective investment schemes operated, managed, sponsored or advised by Ermitage Group or by other parties and traditional equity and fixed income securities.

The information on the website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons being resident in the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof. The shares or units in any of the Ermitage funds have not been, and will not be registered under the United States Securities Act 1933.

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Additional note for people accessing this site from The Republic of South Africa

When issued in SA, issued by Ermitage Global Wealth Management Jersey Limited, a representative of STANLIB Wealth Management Limited ("STANLIB"), an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 2002, with FSP No 26/10/590. STANLIB’s contact details are as follows: 17 Melrose Boulevard, Melrose Arch, 2169, P O Box 202, Melrose Arch, 2076, Tel +27 (0) 11 - 448 6000, Fax 0867 277 505, contact centre 0860 123 003, www.stanlib.com.

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Additional warnings for people accessing this website from the United Kingdom.

The content of this website is only directed at persons to whom it may lawfully be directed at under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 including persons who are authorised under The Financial Services and Markets Act 2000 (the "Act"), certain persons having professional experience in matters relating to investments described herein, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts and certified sophisticated investors. It must not be relied or acted upon by any other persons in the United Kingdom. The content of this website is exempt from the general restriction in Section 21 of the Act on the communication of invitations or inducements to engage in investment activity and from the requirement to be approved by an authorised person on the grounds that it is being directed at only the types of person referred to above.

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General investment warnings

In making an investment decision, prospective investors must rely on their own due diligence and evaluation of the investments and investment services to which this website relates, including the merits and risks involved. Each prospective investor should consult their own advisers with respect to the legal, tax, regulatory, financial and accounting consequences of any investment and prospective investors should not treat the contents of the website as advice in relation to such matters.

None of the Ermitage Group range of funds are registered under the Securities Act 1933 of the USA, nor registered under the Investment Company Act of 1940.

Under no circumstances will Ermitage Group be responsible for any costs or expenses incurred by any investor or prospective investor in connection with any due diligence or evaluation of any investment

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General warnings

Ermitage Group believes the information contained in this website is accurate at the time of writing and is subject to change without notice.

Telephone calls may be recorded and may be monitored to ensure security for you and our staff, and to help maintain our service quality.

This website shall be governed by and construed in accordance with the laws of the jurisdiction in which Ermitage Limited has its registered office.

This site has been approved and issued by Ermitage Group.

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Issued: March 2010