Risk Disclosure Statement (Only for investors into the Madison Wealth Fund)

The primary investment goal of the Madison Wealth Fund is long-term capital growth. The objective of the fund is to provide the investor with optimal risk- adjusted return while aggressively growing the client’s capital.

The investment horizon is medium to long term with a time period of more than three years in order to reap the full benefits. Clients of the fund should be able to tolerate some fluctuations in the value of their investment in the short-term

In order to achieve the investment goal, the fund shall invest the funds as guided by the Asset allocation prescribed below:

Please note that the specific Asset allocation will be communicated periodically through the fund fact sheets.

To facilitate the achievement of the investment goal, the Madison Wealth Fund will have a lock up period as below:

• A unitholder may not withdraw any amounts from the fund for the first three months after the date of first investment.
• A unitholder may withdraw any of their funds between the fourth and twelfth month after the date of first investment. This withdrawal will be subject to a redemption charge of 3% of the amount withdrawn.
• A unitholder may withdraw any of their funds without any penalties once twelve months have elapsed from the date of first investment.

I/We hereby acknowledge that I/We have read, understood and accepted the risk disclosure statement above. I/We confirm that I/We are willing to invest in Madison Wealth Fund, taking into account the risks described above.

We refer to Investment(s) through this application form in the name of in Madison Investment Managers Ltd ("the Company") and wish to advise and confirm as follows:

1. That I/We hereby request and authorize the company to honor and act upon any and all instructions sent by fax, internet, electronic mail and scanned copies of documentation for investment transactions with the company which have been issued or provided by Me/Us through the following e-mail address

2. The company shall not be liable for having acted in good faith upon instructions purporting to come from Me/Us but which, is subsequently discovered to, or may, emanate from unauthorized individuals or in any other circumstanceswhatsoever.

3. I hereby ratify and confirm all Instructions sent to the company prior to execution of this indemnity.

4. I/We undertake to keep the company indemnified at all times against all actions, proceedings, claims, loss, damage, costs and expenses which may be brought against or incurred by the company by reason of the company accepting the fax, internet, electronic mail, scanned copies of the documentation and/or instructions.

5. I/We hereby agree that where the company receives an e-mail from an e-mail address that is different from the e-mail address existing in the company’s records it shall not honor the instructions. If the company suspects an e-mail to have been tampered with or from a fraudulent source, it shall not honor the instructions.

6. The Company shall not be liable to Me/Us or any other person where:

1. The e-mail instructions are not received by the company or receipt of mails from my/our e-mail address is temporarily or permanently barred
2. The transaction details received do not contain the correct information;
3. My/Our receipt of funds is intercepted by legal process or other encumbrance restricting the transfer; or
4. Unforeseen circumstances prevent the execution of a request by the company despite any reasonable precautions taken by it. Such circumstances may include, but are not limited to acts of God, power outages, fire, flood, theft, equipment breakdowns, internal mechanical malfunction or bank system delays or failures.
5. The present Letter of Indemnity shall be governed by the Laws of the Republic of Kenya and all disputes in relation thereto shall be submitted to the exclusive jurisdiction of the Courts of the Republic of Kenya. This authorization is given by me/us* to whom it may concern at the company and is valid until formal written revocation from me/us*