Anwar et al v. Fairfield Greenwich Limited et al

Filing 1040

NOTICE of Objection to Proposed Settlement. Document filed by Headway Investment Corp.. (Attachments: #1 Appendix Composite Appendix A)(Mestre, Jorge)

ComposÍte

Appendix A

i..,

_-$T

HEAD\TAY INVESTMFNT CORPORATION
2600 DOUGLÀS ROAD, SUITE 406
Conlr GÂBLES, FLoRIDÀ 33134

J"nuoy 9,2043

Mr. Raul Mas
.A:rrerican Exptess Bank Intetnational
1221 Bdckell Avenue; 8ù Floot
Miami Flotid¿ 33138

Refi

ÂËB-Geneva

ÄccountNo,23486
Deat Raul:
This wilt confuin ou¡ irut¡uctions to invest US$4,000,000 (Fo* Million US Dollats) in the
Fâirfield Senuy Ltd, Fund ('Sentry') effective Februar¡' 7,2003.Iikewise, please proceed to
liquidate o¡¡¡ þe[rri¡g of the Global Conservative Ma¡ket Neutral Fund as soón as possible,
timing this sale to genetate the funds required for the "Sentry''putchase.
Should you have aay questions, please call.

Cados E.

cc: Cados

HEADWAYOOOOOl2

(

Short Form Subscription Agreernent
For Existing Shareholders
CLASS B SHARES. ONLY

FAIRF'IELD SENTRY LIMITED
c/o Citoo Fund Sewices, (Europe) B-V
Telestono I - TelePort
Nariøwqg 1651043 Bttr/Amstcrdam
The Netherlands
Telephotre: (3 t ^Zq fl2"2100

Facsimile:

(3

l-20) 5il2-2610

9297t51.6
)3510't.2

I 2¡ 10y'0?

0J:!

h¡ì

IIEADWAYOOOOTTO

SHORT ITORM SUBSCRIP1-TON ÀGR EIIIVIENT

-

CLASS B STIARES - ONLY

THIS APPLICATION IS TO BE USED ONLY BY EXISTING REGISTERED STIAREHOLDERS
OF FAIRFIELD SENTRY LIMITED PURCHASING,ÀDÐITIONAL SHÀRES IN THE SAME
REGISTERED NAME. IT MÀY NOT BE USED BY NEW SUBSCRIBBRS'
T¡e undersignecl Subsc¡iber (l) ís an existing shareholder in Fairfield Sentry Limited ("Fund"), (2) has
previously delivered a frrlly executed Subscription Agreemcnl to the.Fund, and (3) dcsires to subscribe for
ädditional Class Bshares ("Shares") in tlre Fund. By executing in rhc space belo',v, the undersigned

shareholder hereby (1) reqxests that lhe Frrncl accept ttris short form subscription in .lieu of completing arr
cnLirely new Subscription Agreement for tlie additionaf Shares, (2) reaffirms each atrd cvery
represåntation and covenarrl made bj, the undersigned in the original Subscription Àgreemcnt as of the
daie he¡eof, subject only to the char':ged intbrmation sct forlh bçlow, aod (3) represents that if the
Subscriber is an entity, the person exeouting tlti$ Àgreemsnt has lhe full power and authoriry under lhe,
Subscriber.'i governing instrurhents and has been authorized tô do so and the Subsctiber has the full
power and authority under ib governing in,Stntmenfs to acquile Shares of the Fund.

ple¡se contact thc.A.drninistrator pr¡or to r'ending doc.umenls or lunds to ascertâln whether the Fund
cnpitol. New Subscription ln[ornration:

is

acceptlng additional

Subscriber:

Contributionf)ale:

Additional Contribution Amounu
Changes lo SubscriÞtion

- 200

#
U-S- S

Agreement: [

[

.J None

] Ycs, as followsr

IN \\ITNESS V/IIEREOF, the undersigned lras excculed this Subscription Agreement on this _-_ day of

', 200_

Corporate, PartnershiP, Tnrst or ,¿lccouni Subscribers

{

By:
f.s

7Signature

I rtl€
Telephone

Telephone:

l'ax

Fax:

200

SUB\SCRIPTION ACCEPTED AS OF

919115 1,6

,

RR-3

llSlcn

2

I

2/ I 0/02 03:

I

Ìpnr

HEADWAY000077l

F

A]RFIELD

S

ENTRY LIMITED

By:
Narrte

Title:

t29tJ5l

6

RR.4

ll5l04

?

I

¿/10,02

0l I lpi:

HEADU/AYOOOO772

303

Narne of Subscriber:

¡lçnt¡,rrRv

a

A¡nount of Subscription:

-_lñ

çp{

CrÐp

o
SUBSCRIPTION AGREEMENT

(TloN-uNrTED STATES OF ÄMÐRICA SUBSCRIBERS ONLY)
FÄIRFIELD .SENTRY LIMII'EI)
Fairfield Senty Limited
c/o Citco Fund Serr¡icos (Europe) B.V
Telestone

I

- Te.leport

Naritaweg 165
1043 BW Amsterdam

the Netherlands
Telephorre; (3 l-20) 572-2100

Facsimiìç: A 1 -20) 5'72-26L0
Dear Si¡s:

scriber') hercby subscrìbcr for voling, participating
..Funcl'),
.'Sbares') of Fairlìold Sentry Limited (the

("Rl¡I'). The Shares will

be offçred el the net asset

ofbusiness on the effective dzite ofpurchase.
re,çpects (incJutling the right to one vole per Sha
Agreement (lhe "Àgreement') tlrat are noÊ define
Confidential Private Placement Memorandum dated October I,2004 (as ame.nde.d from tirne to time, the
"MemoranCum")- Subscribsr subsc¡ibcs for that uumbel of' Sharcs that c¿n be purchaserJ for tìte
subscription amount abovo. Subscriber snbsc¡ibcs for the Shares ¡ursuaut to the te¡ms berejn, lhe
Memor¿ndurn, and the Fund's Memorandurn of Associatiort and Arlicles of Association (collectivoly, the
"Fund Þocuments"), A1l ¡cfc¡cnces hcrein to "dollars" or "$" aro to U.S. doliars,

2.

Acceplance or Rejection.

If

the Fuud aciepts this subscrþtion, Subscriber shall become

of the Frlnd and [¡e l¡ound by thc Fund ]Jocumenß. I'he minjmum lnitial subscription is
$l(J0,000- The Boald of Directors, ìn èoniultation with Fairfield Greenwich (Bemruda) fi.f çtf,"
"Irrvcstment Manager"), may reject a subscription Íor any reâson or Bo reason- Subscriptions shatl
bccomc irrevocable to the subsc¡ìber on the thircl to the lait business day of the nìonth irt rvhich such
subscrip(ion is received by the Fund. If rejectcd, ll¡e Ftnd shall promptly rehrrn the subscription funds,
a sha¡sholder

wilh any interest actually earnetJ thereon, and this Àgrccment shall be void.

?,
Paymeot of Subsc¡iptìon Funds- Subscription fr¡rds should be wjred lo the Fu.¡rd at the
folJo';ring accoullt, concrrrrently with the delivery of this Agreemen¿ to tbe -f-und. In orde¡ to compjy with
anti-money loundering regulatiors app.licablc to thc }und and Citco Fwrd Services (Europe) B.V (fhe
"Arlminístrator''), the sampJe bank letter attached herelo as Scherlulc A MUST be'"omplete<.1 by'flr"
hnancial institution which will be remítting the subscription moneys on bchalf of the subscril¡er,

I

IEADV\/AYOOOOTB5

.[nlemerlíriry, J]ank - Iie1d 56
HSBÇ.Ll¿r¡k, Now Yo¡k
3IC: MR.MDûS33
FeiJ'Wi¡s: ü2100i088
ÁclJottttt ,rilþ frtìiltur¡on - Fte*I 57
¿\ccort¡t Na¡ilr: Ci¡co Bank NedcrìanC,N.V. Dublln Bra¡rch
Aù-c01¡rit ì¡un¡b sr: 00030ti48i

BICi'CrrgrË?Ð
ReneJlclary Cuslons - ]r.ietd 59

Benofci¿ry
Il<ltelÍrdnry

Àcc'ò
Lrrterr

ed
:

EeJfur¿4c¿-'îWFT FÍ¿147fl: Na¡ne

irn,f .Full A<¡s¡",!fu!ç of Sirbsc¡ibc¡

4.
complctcd
soPY 't¿. ¡¡,"'
BôrtijurJa,

u.s.

a ¡li¡¡dat or

or tirrst)

in ihsU.S.

r,rl arry Feriion, and ti:c Subsø¡iLcr r¡¡ill upt honslb¡;:uy ol í.r$ Stràres exoeþt ori tl¡é bccks of fhc.Funrl and
ack:iowledges thet the Sherc$ sh¿JI,bê ¡ransferable orily to investo¡s wh(r.aro elígiblU:to pu."hn* S¡*=r'irì

7

II.Ir;Atw,l1.Y0000786

the F'¡¡rd as desc,ribcd aber'o '¿nd ¡n ¡lis ivlemor¿r¡clu¡n. Srrhscriber understanrlS
conrpl.lsorily tçrrrchasc such Shflrcs ín u¿csrdancê wiÈh ll¡r: lirntl Dor;¡rhcn¡9.

áÍ:t tjie Fun<i ntay

lr.

tr! ¡t¡gdad$g. Subgc¡ibc¡ is not a 'lJ,S, }'e¡sr¡n:' uudcr Reg:uiaiion ,{.? of
}\iu¡qr 'fradlag Co¡¡ni¡;.¡i.on (rt<lopted under tbo U.$, Commodíry nrid Exchange
Àsr ot'19?4, as ameirdcd) ('Rulc..l.7') becauso (n) jf an inrlivichraÇ Subscribqf is nr¡t aiesidù¡i of.the
U.S,, snC (o) if al eniily, Subrcrlbcr ic not (i) n parrnur¡híp, coqporalion or oth6r rlntity (orber ilon aa
er:tigr organized princiþally for paasive hvcslnieitl) orgrruizcrl uiid;r -U-$. law or wÍù its prinoþal place
olbusi¡ess in rhe u.g.; (ii) au cnüry (u,terbr **äii:i"iÍå,-"r;);"1T:äTrt".¡:ì.i:*;ï:lHi
thc tI.S. Cctnmodity

Rulc 4,7; (i¡i) m eststc'or inst th¡
solrroei or (iv) a pension pla.u ibr the
rin¿'ip?l ploce.of businbsg in tt¡e U,S,

'

c.
3¡gfegCipJrJ,l-hrr"sIsfStatug. Subscribdr is a "IÌsÊssiqr¡al InuEgiot''vlthi¡ the
'IM Mutu¡ú
f tltc, BVJ aód thc J¡íab Stoclë;E*charrgc, .bcc¡rus¿
q éiiher lnrllùldually- arjointlrv wil]r spousc) cxccscls
Subseri[orts noù worth (la.tl¡e
.C00, aud.Subscúboiico¡scnts to bei¡iá lreated ns a
IJSSI,000,000 or, (j+ tþÈ cnsc
ths.l he hes such
ifru pruporÈ.of, invc;tintr1 in ttrç IqEd, n
an.i¡rveskbe¡rt in
ìn ffnancl¿l mattcir,zulticisrú to ùvÞIu¿i
'of rb,b i¡ts affl ca¡ bear rhe loss of thc
Iund.
. ::
mr:arrirrg

of

the

nn Inpurnnco compauyinvesrfug-t]ìs:ãslù-ß af itg gctieral accouut lq'thc ¡\rud, less t[ân
acor,tjtri.*qr¡scit\thâg ttselg .ôf Àu limpldydê Ee'osfiù FlaE.(aí tlprermiúed
"S."trscribcCstþetr*al
I irs

lT.the $ubsoribe5

¿SJl"-rrfiro

þ

Eto
S,¡bscrjp,tlon Àg5ccrren(. úrc Subsctiber"aþreecly ac
Sutrscdtlâr,recioãr¡r ita StricÉs anit'lvithcl¡nw,,Êórn lhe Fr¡nd
cccourt cinstih:tes nss.êis .qf qll PtnP-loyto Rcntñt PIBIL
6..

(Subecr

Pløasc índlccte the narne

of

tcd
tbe,porson at

tlr

if

rhiu

lhe

if

?5%.o,r móio ôf fbc SlbsctiÞtr's garrçrol

tìus Jcclioh is .ncl qomplcteci)

Fáirfícld Grccnv,¡ich Gro¡lp with whom lhís srbscription is

s¡sociâted.
Nirmel
Iilease in¡¡icrte tlre rraro.ç:, ill applicaltlq of tbe ¡)er.rou an<l/cr enlity lvho acts at an adví,si:¡ wìÉr rÐiller)t trj
this suhor:riptir:tt.

N¿lno of.¿r"dvisorl

3

r.rriADWAY0A0ü87

Na¡ne

o li Â

rlvisor's firm or rr r¡,;rn iztliorr :

Not A.p¡ liorblGi _....:_*_*.._--

SnbËoriber's becornÍng e shcrclioldexof

l-he

Fuñd:

All ùrfosÉadon whiqh thc Sulæchhe-r' has pmvirtecl to the liuod o¡ ¡he .Adrirlnísftator conceroürg iha
.$ubsdibc¡, thosubgc¡jber's stahis, lìlancíal position úuj lcngv¿ledgq.Rrr'il elpericlcc utrjr¡¡_¡lci¡¡ì, ui.arú
bupi¡¡ess r¡lûttcrs, ot; iú the çaso
'!s an enti¡r. 'ttre jorawlcdge arrd eRiuiencc of
financial, οx a¡id bueh¿ss tnírtleÍs
ihe. ¡r¡l'esfrcent <iecision on beh¡lfofsucl).sDtítv;
iq correcu and complctu â.; of fho r!¡
r
fbq Stl-hsclibcr inevqcâbly authoriæs ihe Fund andlor ttre ¡klrrúnjstraior lo. disrdor¡e, ar uny time, on¡,
e Fþ¡ld.or ths Aúniåintcalor in.rclâlioi to tha Su-bscribei or liis irivasfrnent in tåä
Manager ot aqy tff:rliatt of thc fnv¿strncnt M"n"g*r or rl¡c Adrnjnisril;;- --

4

I.iEADV/A}î$OO7BB

t¡

9B.CJe¡Irp*tijI¡g, Subsciber is urvat$ of tba lirrritcd proulions for iedernptions and hils ¡ead
the sèctiorr ln thù Mcnrordhdum entitled "'I¡sr¡feru. Ìlcrienrptiixrs nri¿l Tcraeinatir;ir." Subscribo. hrls no
nced tbr liquidity in tùís irrvestn)c¡¡t, çau aftbr¡l î corrtplcte loss of thii investment in tl¡q .Slrarcs antl ca¡¡
f ti¡ne. Subscrib¿r un<lorstands that ¡hc F¡urd wìll
ruoirtJi (tltc "Rerlompiion Drtu"); pruvidød t)¡¿t tt:e
ih prpper forra lxi lar¿r than 5:00 ¡r,rrr, A¡ns¡erdam

ro.

sr¡bc'iriberundr,r*0.ïÏ;::iiilïare¡

and rcriunprio,. thcrcor,
varuaiiprrs.
a¡d lhe peri'orj¡rnco. of thc Fiurd, nrs-y bg Þar!çd orr u¡oudiied lld t'n ¡o4ld c$crr; cstjmotcd, v¡luat-ions of
the t\nil'¡',ltvestn¡sirts rrnct lhot $ny rinltr¿tion providud i¡t Sr¡hscribc/s ¿bcauni shrtglfl€n! mny ho â,'

unaudilcd, cstímeEd value
.ff,q$pÍiç-i.al.OW*.çn Subscr¡br>r sckno.derlgos, o¡ if lhe Subscriþer j.-r act(ng as agunÇ
Ovrntx't)i. tltp ,SubgerjUcr. hs¡' arlvisçd .tûe
Bcnclcial Owncr tñãt (a) tho l¡rvestõfehÉ lrfana¡icr, trr trchaitìt¡f ihoFu¡d, d¡af Eqlef inio ngreenretrtt witlr
ptrceuent aÊcnts or othcr sa¡Es relar,itrnshþr to ,markct tl¡o Furrl pfovir|ing for.a p.uynrÉrrt froro the
ihves¡nent MBDager to tËu þar.ticular'p)ae 6mùrt agcnt dbr Ibo íntroductiotr, out úl llro ]!es the InvesÞa:u¡¡t
'
I\4irrugerrilceives li.om t¡e'Fbd. .

11,

lq)rescjlratíyq or ¡r(lmireo for 'n .rub¡otiber (r lEffêTirrÍ4|

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opt

S.ubqc.ribsr is

irli.¡ À vlgw'

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uùa|l

Srr,bscriber

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ub'rc¡iÙsr iiihicrib.es For.adûifioo¡il"Str¡rr:s ai'a lrrter datq
thi,i Agreeme*t in $ùscribinþ for.tÀosc Si¡arcs.

id'

ts-i'¡ldfqg

tüe Sfrarei nolely.for Inl,estrneut pirrposer un{

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The Sbües issued tb.guhscEibqr
0Ðt rn)f ,nÞIniarri.' 'Sllt¡r¿S'ÍflJ.-,bc

6{

fhò..Ftr¡Íri't
book-entry fo¡rrr.

15.

bryítg

I{þ orreeell *ro Shu¡e.s.

wi¡lte

rrtgígiê¡Èd ou

iSSuç.¿

'n reg:stercd

N+ruø of ¿1¡rreeJFent, 'ftris.{gc¡,rgstrt shtü bc bJndiugupon rSubsqribcr o¡d its
6¡i8nn, an<t sldl lÃùÈ to ibé bc,¡ror5¡. nf tl¡e I.\rd'¡

li

Sub¡u¡ihcr
accepl9nce o.f :lhg iqt¡-qoiipl.roq.
aod seve¡al.oblÌBqtlqn of nulL perron

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16. -(iB:e.mí¡rS.Lgg. Tliis'Agrcuirrcnt s'hqll be trov"A,o¿ *¿'*r"reÁü
lnlts of Nêry .Y¡tk, *lthTt$t aivlqri è,lcat t¡, Iis conflí I ol la'¡'s provisious'

in

accbr¿ar¡ce

wltlr the

17.. Logal Ecpi.escirtatíori.' gubscriber.underuÊâud¡ úr¡t lbei .t¡v Oftrces cif Àndrerv P.
Ëol6teín ocr" ¿r US^ Co""""l to tho Funä, and aff ¿duûscl to.tha l¡iÍ'etstm*rtt tvfttirager and its effiliaterSrrbsc,ribci aho u$<ler¡¡ihrrd.s lhat, in ionireciion xírh thi¡ olTèri¡g of $Ì¡¡t'¡e unrl subset¡ueut adr,'ice to thc
I\¡¡xl, the L¿v.¡ Offlccs pf .¡{¡Crew.E, G.ollstpin'w¡!l: +pt be rgpras.e:rting tlre sbar,rho,kjer, ¡ird no
indepc.ndcnt counsel hâB

betr c¡€aged

by thu Fund fb rcpT.e$c¡¡t

The

Âbartftoldäs-

18. ¿g,¡¡þSI¡H, grþc¿:ibcr's cåecuùior¡, Calivery a¡rrl pèrIor¡nanrx of this Agrcorluxt are
.rithín irs po1rÈ$, hnvc he e¡r duly ãlrtborÍzed qnd will not co¡utíttrtc or. result in a brcrrclt or default unrler
Ðf co1fl¡ct with any oirlvr, nlirrg oi te$úlltion of any coui.t or oùr:l trìbu¡ral or of itny governtncniol

comr¡ission o¡ agen4y, or ßr¡).¡ ÊgreênìçI¡t
aui¡, if S.ubsc¡ic-sr is noù an
papers, byJsws, indcnturc of'trusi or ¡:srÞ
sigratùc qn. this Âgrccltoni is gcauinc; gnd

qr by rvhictr
ircotporù'ion
scrib,:¡, 'I'ae

it is bourd,

tle

s¡gnä(ory,

if Sui:scri'uer is rrn indrÏdual,

bas le¿al

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to
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cri

f Subsrribc¡ is aot sn inriivilftr¡rJ, fjro sizuntory
I rhc Àp¡ee¡ne¡rt r:onsùifuict a legrri. *ii¿ ..l'ìi,f
c

ir'ith iLs lcrurs_

tr.
with iqrpecC.tq
suh¡nits to ths

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:(Ð)

oreudt/ pontrû¡Iin&, c
(¡i) to &s octcnt $ubácribe{ tn¡ *h}-bsúe[f,]¡! oÍ¡
with tftls. :lnve.rtrnent, (u) jt hts aàifød our'
..,

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ttr¿ Og^C li.*,i¡iÀi,b¡ ¡oix<¡rud ó¡i t[a'ì¡¡Þ url¡¡ip:i/¡çw*.;rnts,gory'ofsc

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bcncfîciul o)vÐers, (b) hlrccl on such rJus diligørcc, Subecrlbel reasourbþ hu'lievcs that ltr¡ stch be¡aficjttl
owDsrs are Prp.trilritcd Persons, (ci ¡t holds lhe o'¡idetrce of such idc¡tjtics atrd status ¿rrd tvjll ¡¡u¡iuùrin all
guch evirlqr¡ço f.or rl Jeast fi'ro yesrs Êom tl¡o datc of Subscriber's conrplete tcdemption &onr tlle Fux!
uul (d) it wil! m¡ke availoble suoh inlbrm¿ltion and any additiorurl infornudcn rcqucstcd by the Fu¡d ù¡at
js rcquired undcr rlpplit;:rbl c regïlâtion:i,

(C) If aoy of thcforagoing rÊpfDscóÈrrionn, wattnntìoior.covEïr¡nlg cgases to.be.trire
or if tlre llu¡d n<r loigrr icato6rt'þ Úølicr.os tlÞi ìt hås satjs.f¡ctory iv¡dearce as !o thei¡ tn¡th,
notrt¿ilhr¡trüiling any o'&îr sgreÉmeDt to tho conhar¡/, the.Frrnd may, in iccoidanco rvÍtlr apþlicaùle

' regulatipns, Êcezc Sutsc¡jborh invoshueut, e¡ther by prohibiting sddítibt¡ål irrvwltuenfs, dcclining or'
srrspcnríing ;rny rcdcrnptio¡r requûsts anC/of soggcgatiug the. osscts. eo.{sdtutiqg.t|tq hvesþnont, .ot

.,lubssrj
s
Funrl.ís

by lhe Fuod, ¡¡nri d¡e.þltnd'may rrlso be rcçircd ro
to OFAC or.ritlrer authori.ty. I¡r, lhe ovçnt üial the
ns; Sirbscr!þer t¡nrlcrstnnds aül agreei tbat ir shaJ! ha'¿a
fio.ùlâulr againsl tho lunri, fhe, InJestmÊnr Mâ¡ragôr, tbe Adinj¡fstrztor'] aird'.thcír,tg3þççdìte n{filiülei,
rlíreclo{s, metnl¡orÐ, Fattr¡ùr:l' 'shatttroldirs, oflicers. er¡ployc+ ard afcnls.fof any fotu df dãtnugt* *r a
fr-rìrltof ¿¡ry of thc eforsDlcntíoucd zcdon¡'.

.rcpott

'

Subsçríberr¡ridôrstands arid ogrces tbnt.uyrhdemlttíon ¡1rnÇecds prid to it wjtl be
tb¿ Fund '¡r'a.F 9rigir6fly nlliitcal, Èriless
p¿id ø the $amc'account Ao,m whicJr Sul¡scrit¿r's invr:sbrèrit
ihs Furd- i¡t ito sole di.tçreiit)n, a8r?Þs Pthsrwire,

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(E) 'If 4!y of tbc filreloínf'rcpres.antaNon* .r*" to bt'tnra, Srilxcr-lbcr úill¡ioupily
'ffrd& tho Fund of thc fadl$ Èçri¡ining lo- rricl! chauged sircunstaúcci' .
: ': - ' ::::

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HEADV/AYOOO(]79l

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22.

Confídentiullly. l'be Fu¡rd may ùisèlose thc .info¡matior abour Sub,qcdber ùst is
io comply *'ith appliciible law o¡ as rcqruied in ony miç

coltt¿incd bc¡ein ag tl¡c Furrcl deo¡r¡¡ ncu¿ssary

actloll, or proceerling,

b,
it¡ scn icê
thereof,

þ

con¡cslion ryith ìts subr,'o.rlption

secuiitios l¿w yioittions

or

by Subrcribenrlich ir linatly resolvcd

ty

Subsc¡ibbr ackuowlcdg+r Ìhlt o¡ch ¡Jircctor a¡rd i:flìccr of tl¡o Fr¡ntl js enti.tlert ro bo ilxlrr¡nified eut of tirc
ásËqb'of ÉÞ Suod.rgFiosl.¡Bll costg losses or çxp€¡r¡r.r ruilÍng fr.om
or l¡tacifo¡r tbirt lüo pason fmsonably'bclícrr'sd to, bs rvìtbín rli¿ sc
p.¡oridod lbaLsucÏ aè,üör¡¡ rit in¿ction¡ did ¡ot co¡iâiitr¡te grÞss.pegJ

gffiôod¿ry dnty.
Inw, it

24"
shall

l¡rw) fnd

ltt

?5.

aggIs. ther tho
Sharci

anY aPPlicablo
r¡ity otUr tt nt

.Q¡¡ctpþ+ frs
ûtrd nuy scll nr

rvillbt istuèd lö,i"hc valuo

Îruc

'plEpÐSo
äi¡y_

ht<dr

âddsll

.--rPry

detarmi¡Ío çrl

¡r-ko

xPon
rlay,'tre. r.r,rroktd

tho r>r4nç¡

sf

rubscquêuity,

frlsisb ig.vrritlng

. 2't.
r¿pjper¡¡l¡rtñe,
rÊÞiìeeónt¿uions

If

$ulxci.iber ls subscribin¡¡

¡l thc

ab.cVä

tÞ a sf:Brch¡tlder)

a.5.

ttu$tËd, Ðgcn(,

ciål S¡ra¡el¡oltior'), Subsbrìiír -ÊrcÀ rh;; th;
tbid¿ by Subscribq ',vÍrb redþect ,to itsrÍf {nd iho Bèncllci.dl
.3h;¡rehiildcr. SuLxc.iibsr has a1l rcquinit: áuthoxily fnm the ße¡ref'ciul SJrarcholdor to øcccrrte ånd
perfrrrrn ltic ohll8aHo¡ts hereúnde¿ Suùsciiber atsó agreos to iodcmnlf tlre l'uñd. rjre f:¡vestme.nt

f porfbrm tbc obligatfous horcof,

If

jnto a swrpr sfn¡chlre,.f note or olhcr derívqtive ídsln)nrs.nl, the rch¡m r-rorn rvhi¡:b
ín.part on rl¡e ¡riu* oftfis l\¡nd
(rr "Tlir.d party,),. the
s a¡ld v/ara¡rh rhqt wifh .rçBFËc¿
Srvap; fn) t¡.i fb¡rl
unclei Íts corrr¡iirutiônnl docur
o,pciuÉo4 b1.-luwrr,

the Subscriber cntcrg

I

[18^.DW/{Y0004192

..

.,.1:::,t NaE æt:,#æWi

or rrus¿ sgrùcrnenÈ) and appllcablc law oo crtler info lhc Swr¡o rnd would aho bc su
auttrorized to inv+),rt directly,,inlo tho Fundi ft) lha lfhírdI¡art¡l bss t+csivèd'rûrd,tliewcd a copyof lftù
Menro¡andum ¿nrl îh¿ .A.greønenl; (c) thu Thild Farljr acknorvlcdg*:s tlrat the I'u¡¡d nnú its rú'ãliotes ûû ¡tol
responsihlo for tho logrrllty, suitåbiJity or.tnx cooseç¡c¡ccs of thç.$¡¡ap and tl:at ttie .Subscriber is nr¡t aa
ageni of ürc Fund; and (rl) thc Third }arly !s an "ellgíhie swrp parlÍiþa:tf' ¡¡6 a 'lqualíficd eligil¡¡e
pcrson' rndcr Co¡ru¡odity Futrxcs Tradiog Goguni¡sion ¡ries, qnd ari 'lscoreilikd investo¡'r ttndcr'
Act and a "qu4lìfied.purchaqern undor tbc lnvèstøent
It¿
to üxlcrirnif.l' ttie Fu¡d;'tlre,IËþt*é0, Mu.'"*rr oo,l lb*i.
Co
,pÈrtnc¡sh¡F agæemcr¡¡

res

ali costs¡

fccs.. ar-rd,cxpÉn6oi

(írrcluding bgal fcci and

dÍsbrnse¡¡enfs, fures, aad rû¡oonle paid in settlempnl) in oonnÉclitn rviUi apy døq,r.4ge5 ¡i.'s-uiliult.Èora the
Sr¡bscribers nli-srcpre^r*ntation or ¡ujsslatenrcnf coritsirtcd ùcreþr- Ñittldrig hereis cçngtitiles .a¡l
aBrc¿¡:reur or st¡tc¡ic¡rt by rhc !-un<i as to tlre iegaliry olia fiwap or ths:suilaôitify ot u S-,p for îbe Thi.¡d
I':rr[y,

28,

Counrg¿:$ÊpEjfiS'Di{slc'llitfq, S'¡bacribcr hns reúlswcd,t¡¡e iorrntqt-..rpecific rlísclosr¡¡cs

irr the Mcmoraudu¡,

29.

ilfirr¡lation as

m8y reqr¡es¿ û
the Subscriber
rcquÍrcnrents or its tÊx .ttagua, and.tbo'Qubscriher rigrc¿! lo pni'i"Jrlc iiüih ùrfpditÅtÍou'er ibrrj4.rentcÍnnbtyle
'' ie{ucsierl.

Subscriber sgrees to Egliii tbô fund þiompily jf .Uie¡þ i¡ aul¡ Cli¡¡e¡' 'tlíth:iospcËt tci,.any of tlre
informntion or.represcnþËord, rló heroirlun¡l þ providq tlru Fnnd'prJ{h srrch,fuilþç¡¡¡¡:o6otial'sc lft,c
Frurd.rnay rensonabl¡: roqulrc'

Tbis A.erecnreat'mey'bs e,te..c.utrid thrüugf .*te. ripe'
òounter_ourfs. Iläcli countcrp¡¡tgåû¡l" for all pnrposes,
not*'tls¡uur¡ng tåut oll p¡¡¡tlesdo 4ot Þ.x':eiltc tl¡o c'aätc counitrparL,

eÐ.

PâC¿g .ö:[
ó.Et

i4 a¡J ¡umbcr of

binding boall.thc parlies,

Éuþs.ç.çibsrJnf".asna¡Ínniud$xg-c.r¡tisÊ.

n.
b,
thc rur¡d's Uoolis in tltu
.-r--::r*Â-í1ÏìI4:4:&:--llca

Àæ$+Lçftubisngda¡!- U'S.

'

RéaisirätioLai f¡ê!qg, Tåe Shares Íss+c4!o Sbbscribcr arc to bç'rr:¡,,iste¡çrj
'

o=ffiiiîGõËi*tolåd

a,larars¡:

*+:j-l+.*-::::::;i.**-*-l----

,

:'

ln,

i..r-vri*ir+r*.*;;'::åí*

1)

HEADW¿.YOOÙ0793

ri¡

-W.fi¡lsa-Ønm¡¡rics!&itu. ¿¡.ll rvritte¡t corrrmùricarions fh¡nr
snbac¡it'er s.l¡ould be :lent ro subcc¡ibcr ut rhe following ¿cdress (iuscri artclr+sa):

d.
:8, ,

lhr

Fund

to

Ielgpho¡ú-tq.cjlrtaÞ¡dl. fclepboae:

Þ_p-r¿idlg-E!C. Sub¡c¡ibur.,
ân¡l a rsiidLït of

,if irrr i¡rdii,idual,

is

'a

cjtize.¡ of

Sulxcribe4 if au e¡¡tily,

is

orga:lia:it'trndErthùlaws'.r:f';#¿nil}¡s:itspritrcipalplacooÍbusinesgIh
''8.

fi¡c nan¡cs
t¡d subsiübc¿

1(,

rogprhdr qr:ü¡i:
S1¡bscrìbcf,

rrdtil

.bolp¡r. ..0¡¡sh

Þ fbûf.tr+dùy {¡V

püËr)ns. so

auihori?id by

qß.s

led io.nccepi

uú

c¿ecutb

by ,Subscril.lcr iti ,,¡/rìtten
r"riÙn¡ .¡nde¡l ùes ro aend

t¡ern,índeæified r3Âjnrt*ny tijs6 of aiy riaiura
úcul agting'rpo¡r,f¡csimilc,lit$¡ucttoä.E Xho ^A¡froi
sh¡rtl iirorq ao lìnbílity in ¡lsÞcct g-f irny a
,rlhe¡ lÞJlruüent bc)ic/Ed in good friith to b

For corBorate cutrìics, please ¡rrovide 4n auÊlió¡:iasd, i:.íp.¡ar.ory list
'r'hioh musf t'nclucjc tlie
namc(s) ahd sÞici¡non si¡¿rralure(s) of thr pr,rsrru(r) lvhu ar€ atrtborizcd by Subscribu to give und
rtcÉiyc insÊr.tiçtio¡U bel-^tge¡ Lt¡c Iru¡id'¿nd Subucribr¡r.

!0

r-IriAD'wAY0000794

g'
BsdeStptu¡¡-Ie][¡ìùltq. Ì,lrtil flutJrr ¡otíca fron¡. S¡¡b$criber ro täs Funcl, signed
by arry arrth<lrized perron lisied abovc, tedern;:liotr tlt ÕÈter F¡¡y$unts by th¿ Ft¡rii tc Sulrsc¡jber ¡lroulrt be
u,ùerJ orùy Éo Súl¡sø-lber auci only ír:r J'oitû$'s (pìcrbc print ör tlpó):
Bgnk narrú:

Il¿nk

n<!d¡ess:.

AB,t/ C;lilPS/

lìIC. Clx!¡¡

:

Account
¿1,ccr¡ual ¡ru¡nbct:

For ftrrthcr credlt:

h.

<..*,¡<ñ¡. aji

-,-,-{,tr:?*.r=
F!æ$s¡Êl^I0r1¡f$Èi-¡rÂlMi. Es&&ylrsrfqÞ-F.çripfisÀiÀ{p¡iqÊ.

Namei.--"-*+.*#
.p{#-

Àrlrfregp:,;r.sn,,-¿,---

Na¡rie fif ùccoûd¡ úf ,fnriËiia¡., .í¡i¡látutiorì

be-i¡¡g,

rår

d¡þitçd

for

rrrrbscrip.Éon

p.aJ¡ment:

NgFþc¡ gfsuclr àéðolfili .
data sot tbrtl¡

--*-',.

- ...:.; -r, ,,,, --,r-,n-F----ùp,g+j*,{,_._{

. 'J, .EacgrqirD, ffiwir¡q¡s ¡vÍreieof, súhsciltrûr'bageffqcetçd
tclow:
DåtDi
i*o$l

ttii'.Àgreéiiiimi,u¡ ihq
I

I-qri$dwid-ucls'
.Pnnf n¡¡ne:

'\

Ep.¡;-ç¡riili¡r

P¡ilrt namc:'

f'rinì rulme of

¡ìulhorized sígnalory:

Irjnt litle of ¿uiho¡ized signaÈcry:
Sïgnaturci

ìl

HE.ADV/AY0000795

303
Name of Subsc¡iber; HEADI¡IIA! INUBSSMÐìT CORPORATïON

Amount of Subscription:

6t 200,ooo,00

F,T

IR

SUBSCRIPTION AGREEÙIENT

FÄIR-FITLD SIGÀ1[Ä LIMITED
Fajrfield Sigma Limited
c/o Citco Fund Services (Europo) B.V.
Telestone 8 - TelePort

Naritaweg 165
1043 BW A¡nst€rdam
The Netherlands
Telephone: (3 I -20) 572-2700
Facsimile: (31-20) 572-2610
Dear Shs:

L
subscription. The undersigred (''Subsoriber') horoby subscribes for redeemable,
voting participating shares, each with a par value O-0IEUR per sharo (fhe "Shares"), of l-airficld
Sigma Limited (the "Fund), an international business cornpany organized unde¡ rhe laws of the
British Virgin Islands (the "BYI'), The Sha¡es will be offe¡sd at a subsçripfion price per Share equal
to the Fund's Net Assot Value per Sh¿ue as of the opening of business o¡ the effective date of
purchase, The Shares have identical rights and priviJcges in all respects (including fhc rìght to one
vote per Share). All capitalized terms used in this Agreemcnt thât âtÇ not deünêd he¡ein have the
meanings seÈ forth in the Fund's Confidential Private Placement Memorarrdum, as ame¡ded f¡orn
time to ti¡¡e (rhe "lvfemo¡andum")- Subscriber st¡bscrjl¡es lo¡ that number of Sha¡es that câr¡ be
purchased for the subscription aû¡ount above- Subscriber subscribes for the Shares pwsuant to the
terms herein, the Memorandttm, and tùe Fund'g Memorandum of Association and Àrticles of
As sociali

on (collec tively, the "Fr¡nd Documenls").

Acceptanqe or Reiection. If tlre Fwrd accepts this Subscription, Subscriber shall
2.
bccome a sharelolder of the Flnd and bound by the Fund l)ocuments. The mininrum initial
subscnptron js 2û0,000 EUR. The Boa¡d of Directors, in it sole discretion, may accept subscriptions
of a lcsser anlc,ùnt or establish different minimurns in tlre future. Tl¡e Boa¡d of Directors, in
consultation with Fai¡field Creenwich (Berrnuda) Ltd- (the "Invesfment Managel'), rnay reject this
subsoriptiorr, ín whole or in part for any reason. Subscriptions shall bccomc irrcvocable to the
subscriber on the ñfÌh to the last business day of the mon{h ir¡ whicir suc}r subsr:riptiort is receivcrl by
the Fund. lf rejected, the Fund will promptly refimì the subscriprion funds, with any intercst actually
eamed (hereo¡r, an<l this Agreement wìll be void.

1.

Payment of Subscriution Funds. Subscription funds should be wired to the Fund at
thc following aÇcount, corrcurrently with the deJívery of this Agreemcnt to the Fund. In order to
comply with anti-money launderíng reguJarlons applicable to the Fund and Citco Fund Services
(Europe) B.V. (the "Admrnistrator'), the sample letter attached hereto as Schsdüle A MUST be
cornpleted by the fìnancjal ins¡jrudon which will be remitting the subscription mooeys on behalf of
ttle subscriber.

HEADWAYOOOOTT3

E"

Intermtdìøry nauk-- SIWT.Fiel¡I 56
KBC Ba'nk N.'V,, Brusscls
ËTC: KRFÐBF,BB

Accot¡nl wítlt Inttltutinn - SW.IFT Field S7
Àccoua! N¿tro: Cituo Ð onk Nerjsrlo¡ril N.!-- Dubl in Bra¡ch
'Inter[ational

Bar¡l( ¡\ccount Number: BË96 4809 5S84 4?05

BIC: CITCIEZD

8etflclary
Beneficiary

llenôfÍciarrl¡
'il"^fcran'ce-

n-

N)r IË98 ClTÜ 0000 0035 8J08.Ol

ßIYIFT Ft¿Id 70:Nanç and Full Add¡cs's Subscríb€rr

U.S. Pt¡son; or (vi!) a discrëtion'ary. or sinu'lnr

dcal.ç¡ qr oúr¿r

,

liúuciata organii-e<|, ineorporatãd

b.

Subscriber. ackrowle-<þea. tbâç excrtpt

wjth the co4¡ent of; the Furrd,

üre

Shares mey not be owned bY a
Ðcoorrut or benefif directly or irr
the Fr¡gd, the Sul¡scril¡ör will not

pe[,sorL inoluding a: U.S' ]ersórt or årry
Suhscríbor aclorowlcdgcs lhat- rooffers, res

Articlèe of Assbciation ar
oniy r4th tle prioi'wrim:
eclîle to issue any shales tro; orregisÉl shares in thuna¡ne of
a¡ly le¡sorl ând thc Subúcríber will nót tn¡i,r¡f¿r ;my of irs rharcs exuept on tlie.books of tha Fùnd
ani ,acknori'ladge.r thar the Shu¡es shall be transfe¡ab.le only to investors rv.!¡q eIÊ elig-rlie ø
L

HEADWAYOODOTT4

slrarrs Írr ilre Fund as <ioocrltrød trbtrve rurcl îr tho Msmoru,¡ilum: Sulucriþq unde¡stsnðb
the Fìrnrl mrry compuJvorily r'êpurcluse such Slurcs i.t ucso¡datçe with thc.blund'Docuncnts.

purc..brrsc

i¡at

a,.. C,E-jlÇ Bèmn¿dg¡:. Srrbsrriber is nàt a "ìtl,S. Fois¡vn" turdcr ltegrrJatlon Scc.
4.? pro;nulgnted.,ru¡der the IJ.S. Cornrnoriit¡' Exclrange A-ct 1!]97!, as arnen{cd, ('Rule 4?")
'ar-r
efiiry, Subscnnëf
ís not rcrirþrt of ite U.S., arul {o) if
olücr
S, law

in

Rule +,7i GìÐ an es¿atûiqr eust, the irrcomo of
of qou(çci o! (ñ.v) U'penliou plqn for $tc
äs. prþgpal placo of b.usíues¡i Ín the
0f

'n'f}

ì,

Subsc¡ib¡:r G a "P¡ofesg¡or¡¡Ì Investot'r wìlhín
6 of tho BVl. Ëeeauso (i) Subscribæ decla¡cs tbqù

treaisd {¡s a'Profus¡ion$ Iûvostor fo¡ thÊ d¡¡itosc
..

,:

!

'

Ptsng",..'às'd¿fiucd u

'in Or;, F¡¡4Jcss

Beuefit ÞIeq (as
af añ! timc 25%
arr Employee Bcncf¡l Plori, tbc Subscribcr shall
Icycc Ëeneñt PIâü assets hêid ¡Í ia gareral
this -cubscîiption Agreenier'$, the Subscriber exlxessly ackntiwledges thi¡r the
aç;çounì- tsy' sig¡ri¡rg
¡i*¿ *oyriq"iie U¡ãr rhe Sut¡så¡iücr.rerleãm ie Sha¡es rnd wiitilraw lioc¡ rtic:Funä if 259/o orn n¡c
of t|,.e Su-bscribet's general ar:count uorrst¡ttrtes f¡vecls of an Et¡ployce Benefit Ïlan.

3

HEADV/AY0000175

|!

-

ì.:: --!u:F,EEiqFá

tcd Ì'rofcssionuls.
(Subccripdons ùanr¡ot bc acr;cptcd

Rcl¿¡

6.

(¡)

if tljs

sectirr¡r ístro.t completed.)

Plc¿sc i¡dic¡te, if applicrrble, thc name o(1be person
Gr<nrp',,vith rvhon thís subscription is aisor:iated-

''

stFairfietd Grcenu'ich

N

Not Applicoblc
(iÐ

No t

7,
a bdpy

of

----+**---

Please inrlícate, if applicable,,ihu namc of the person and/or untiry
an ¡<Jvisorwith, rosp€ct to this ¡ubsc¡jPti.on:

Àpplicable:

iv,

ho acls zis

---...;-.--=..
Subscribci'has received'ü¡rd ,r.Þad
a.d¡ëinieu lo'Subssiihè fffi

th

alqng.

Shãres, Sübs
.

rhun ,ths Subsodùer's ,swq E+v!¡èrsr

,::

i¡wsttEçnt
of rbc subscrìber àrd wÍIl.not êdvtr6tly of¡ç." ù:
llorv rcquiicrrcn$
. ¿'itet¡ifirat- and uçädity.
g. subscÉhqlçgltbi_Ëriç4giatl afl<l FíÐilusl-.3ll-g¡$lil¡9¡1,suþscrib.er
'.ùi¡t etperiens. iit fto
i: and businçs-$ T1.t¿rs tl¡at ii is ¡u¡1þlc gf.ev
i

u,ith.thd

-S

{iù4.qrish

ireed,.fot

.

lnu"r'u¡""t,

St¡bscriþr¡

lae obtaiued'sufñcisnt, ioformatisu'ûosi

bas'such luowledgc

tho

rflrlted with iho S¡¡bsöri,bsr't own ädvlso.rs snd il
'sirbscriber'i :own.coq¡iry
ægÉnünß.ftÐ
of tho
tlie'Boa¡d of DireÉÍo¡sï or suy other portom or'

. repredortlative itt co¡rnectiorr
dre

Fun4 under.r'tands tþøre

tmÊnt for it. $ubsr?rlb¿rrs. l¡rveslmeiit is qo..!¡istent
hils defEnnined ttrot ltre
wlth its invesmrc¡t purpôses ¡nrl objectivcs arld cash flow requireratarro, urd witl uot advéis+iy.a{fccc
of
Subsqribey's ovcr¡ti need for diverú.ficarióo a¡d Iiquidiry. Subscríbq can dfford s conrplcte loss
î4vestruc[], aùd Çafr ef{'o¡d ro irojd thc Sharcs fb¡ an indefinilp li¡na.
¡f¡i¡

Shnr

a

4

Ifl1,ADWAY00AD776

1-.fr

compliance with varloüs .sccr:ritics laws, and sh¿rll surr¡íve the Subscribc¡'s l>ecrmring u shareholder of
'ùu Funtl.
informf¡tjon !;lúch t}ie Sùbecríbcr h*r provided. to ùc Iund or,the Aú¡rinislr¡rtor concemjng the
Sub¡ðriber" {hc Suhsixibc/¡'stafüs, {inaircial posltioil and lsrowledgc and exporience of finanoial, tor
and b',si¡esb ¡l¿furs, or. in fhq.cags gf a S\¡b€ciribér üat ls ân snÌ¡sy, the F,rcr"vlvdge and çx_usrir-'nË€
of fi¡arr,cial, tax and busilcgs n¡¡FcrÌ of ñe pcnion moJring thc- ¡nvestme&ù tìecision on bèhalf of such
entlty, is corrÞct Ând coraplete ils gfthS datc sçt lbr-tb hprsin.

,{ll

T¡e 5¡bscribe.r irrevocably au¡horiz,r:s the Fund audlor the Ad¡ninisl¡ator to disclose, ñt ùrJ rjrirc,.
a,ry irrforrnation hald by.ftre Furul or the Admûriitatbr iri rclatiõrr to tbu S¡rbspribe¡ or his.
ínvcgtment þ tho Frnd to ilre loveslúËnt Matugi:r,or ony àfn]iste of the ]¡rvestmÊat Mauagor or
lhe Adminisk¿tcir.

10. , 'Ea;ll#lg¡Èr $ubscpbe¡ r,qclcrslands tfrgt thavaluc.sf its Shares arr{'rcdçrn¡rtíg.n¡
in some cisbs, cstin-rntei!,
rbcrcof ¿id thJ;ffif,8Ëca'of,ths Frind, inay bc based on uuau,lílod
^d
'valuailårs'of thc. Fuí¿t'invocnfiffits and.t[aô.4uy v.aluaticrr.piovìäêit in SuÞsêribeds lrc4ou¡t
.st¿tsrEçnt

lI' ,
'reptesÊntativo

12.
¿¡rd not

'

mcy bÞ hS i¡üãudttF4 estfoådþd'vatug''

with

a

:'

,

1 ti

:. ,

çr

(r

,.IJtVÊAl#dJgtçnç.. Sri$scriber is buying rbe St¡arÉ4 Éololy for i¡vestrnenl þqrposes
v;cw toä¡stributc, s:rÈdivido or.re;scÛ tho Sbares. '.

13.

SubsequeDt Su.b$ao+:tio4$. Jf Subsor-il¡cr .çr¡bssrílrar foi tdtlitionol Sharcs at a latcr
dafe, Suhsc¡ibrr sirall :t¡ç d¿erned to lnv¿,rÊ-Ëxest¡ted this Agru'ement in uubscribing for thoso Sl¡arc(.
SSESr311qq Æ.-$!rye$ JÇe¡'iificales. l'hÞ Shartx issued to Subsc,rribe¡ wil! .bp
registcred on .ire Frrnd'c toôl'ä in dro ¡pme of Subscriber and.oot aoy nortiiuee. Sfutre cenificatcs
oot be issugd to Subsç'Ð'bet urúess ít ¡o requÈ'(ls in

14.

rvríting.
fhebe'pl
t {ild

*íl

15,
h
ccerlil fil thc

undcrlyiug

the þlemorar¡durn (the '?lerlgee')-

lhc rmdcrsigned furthe¡

:

âgrõùe tlìát fhe asscts
tu thc eulity a;t+ndíng

g acsouflt doscrjbed

i¡

agrecs tltat such Pledgec may takc a,ny

l

HEADV/AYOOOA777

, r

:-'11,i'1i:È

cvenß t}e Fund i'ails trr Pay''rmy t¡utgurts
on accoult of the Sharcs, witltout ,not!ce, inrlrr<ling, but uòt linlited to or<lcriag
orved to such Pledgce
tle .urile trf any of the Ple<tged Âssutr qt nny lüne t$ut there is È dof¿t¡lt in the Fr¡¡rd's oblígaticns, dnd
owcd by thc t'-urrd; to s
lpplting 'Jre proceeds of suuh sdc -in pnymÞrrt of ony debt
äËoeïni'oi tfrè Shares; ond thsl,my rction tsken by thc Plcdgec with respcct io .ruch
shdl nct be douialed a waiver a.s to any r)thçr actlon tvailalrlc to ütc Plcdgcc wilh
obligatious.

ù¡d ùll aotion with respect to the lrledged r\ssots, rn thc

,

16.
È'*,1', íou
Subsc,ribcr

rt frall be binrling upoo SubecriÞc¡ ryd.
.o4d chfrU hruie to the. hcncfit otÌ the,

itl fieir¡ r

1c1f*üiac of the irUsp¡Þq¡.o"- ,ff'

ÊFçel¡|ent

-rhu
slttll be the joint errcke,yeral.oþlig¿fio¡

ofcaçh pêrlorr.

l'7.
NeW YOrk

Gove+rl+g-W. This Agre*menf shall

law;."ititfto"t gi"¡nS

elTÞct to

bc.govrlrnod.and coforc.ed
'.

Íir conflioÈ of lawa ¡travitiorii.

h

acco;dsñcc \i¡iTb

'

.Gotdstqin w¡ll hbt tB rsprqçonting lhe sh¡rs.bpld-e1
ð Fr$raf tq reprclrûrt tþc s--harcirolders.

.i ::..

ryLurs

wltÌrin
uú¿¿i,

döfãtilt

ef

Eovcrnimcnta¡, commission or agenc]"

¿¡nY

of

iDitrry'0. uy.which it is bduíd, and, ifB
thþ.4groc¡qen! Ís gentrilc end rhc sigpqgor-v;
s ..r¡rd cap.rr.city tq excctrlq'.thç ÂBre¿r¡mt, ,or,
y authorized to execute the

if
if

ohligatio¡ of Suo-rcribei
accp¡üanss. wíth

20.

;t¡ re:iÐ&

N.C"tC.-Tp.rK.,,.ÇSJlfl+., Srrbscrib*

("ilocccäínE")'With rcspcct to this Àgrcomcru
Èubscriber irre'roca-bly e'ubr:rits ro Èe jurisülutío¡r

rr

HÍr"îi:::il|;:äi'ffti.Jiiffiifliifä:eding

has boen Þrousät in an inconyedenr fonrn-

Su¡ir¡¡r¿t r"t =ät, to theservice of process out of any New York cóurtjin nay such Proceedíng, b¡r
t¡ic mon¡ng of'copies'r'hpreo{ by csrrified or registc,rcd ¡.ari! roturl fps0ipt-reqì¡€sled, a¡ldrx'se¡-l to
Sr¡bsuriber-¿r theãd.<lress

çf

Sutrscriber

ttrer

Alfect thc Furrd's right tçr cornmdncc tny P
any ortrer jurisrti,:tion sr io sclc procÊ.îe upon
Iaw in any relevant juriediction'

21.
Find

'QËçe

Su

tecords- Nolhlng b-erein shall
Pfpcecd againSt Subscríber in
cr psrrnitted by arry ap¡licuble

ofForcienAssç!$-Cgnto1. (Ä) Strb-<cribcr'uhder$rtio3 and agrccs tt¡¿t rhc
of funds by any porqotÌ-s or oniiiieu that are acfírg, tlircctly or

prohíbitslihe iuvesÍÌ-nent

6

HI]ADTyVAYAû00778

r. -a:i:ïræry-*jg{#i

indÍrcctly,

{i) in

conÌravention

of sny Àpp

laundering rcgulationa or cotrvcntions, (ii) orl
lho.se po:sprrs o¡ endÈics that arc irrolurJcd on thc I
porsons maintaincd"by thc U,S. Trcasury Departrneatts Officc of ForÈignÁsscts Çonlr¡:lr (iOIÀC")
¡s -srrch lict moy bs amcudcrl from titne to t¡nìe, (iä) J'or. a sarrior foreign.poiitical figuro, any mcriter

t¡f a scníor foçeign lroliticaì fi¡¡urc's i¡:uncrli¡lc fnqdly or.rruy closc 4ssocíato.of a ssnior foreþ
polilical üg*o1, r.rnless the ,l'und, añc.r bcing tpsciñôally notificd by Srtbscrib¿¡ irt rrriting. that it io
irætr q pÉnon, coridusts ñüher due dili_gcncc, snd dcler¡nines..ihst ¡:1ç!r i¡vcs.utent shdll be
pcrmitteã, o¡ (iv) for n lbrci.grr shell b¡nk] (nuch pcrson's r¡r Ërdúies i" (Ð.- (ir¡) are uollettivcly.
' rel'e¡reil to âs "Prohibited PcrsonC').

(B) .- Subscrif,# rÈprÞssuLl; wnn?nl$ and óoþe¡raqls that (Ð it'ia not n6r is ¡ny
eirtÍty contlolling,' çonholled bv
Þcr$oo, Ând (jÐ to tl¡e ç¡rte¡¡t Subscriber he
in conr¡ectiou'v¿ith ttris inve.srrntnt, (a) ít hos
itlentiii¡s of sush.beûefioial o$vocrs, @) basea on sueh due'diligcncc. Subscnlrcr rtasonably'bellcven
thar'no such bénoficisl otiiÐerg a¡e Prohibitpd Peroont, (c) ír hobs'.lbe svhlence of such Ídcr¡titìæ and,
pÊ¡'EoÀ or'

fof st løri$t.f,we
(d) ít ï,i[t ¡lntÞ
tbalir rcçlreùrm.

:'
if

(O

,. l: "' .warÍnntie¡
or cove¡¡¡tis

'

'If.any of

thc ftregoing representatläns,

eeasq.s

trl be

tlo.Fr¡nri no longci fcasonabli be
norwithstsúdhg oay othe-r trgrtemetrt to lhc

rus or

regulations, f,æe
suspending rurY
$ubsari-bc/q inv

iUe/s id-en!þ to OFÀC.¿tr othgi¡uthorit¡',

lr

Êhe

:H;
bnts

emcntíoheil aêþ'onii.

Íuo grtac

lhtuy

bc

aerggcd or tlrc Èdr rt büp:/v¡/w.1trer.5rrr'/oÍuo,
I

rstrJ¡r

widr tho ecoJnr lórsíÉD Þùlftlt;ôl ,¡gurrr onl iwludw

k¡¡sootiql.Er

É.rÞp¡f of rba ¡c+icq

forcig¡polítiel

figurc.

a

pmin

wl.o

-

.

_

|
Ëcu¿fui¿l c!¡mffi rviUiþrfì¡dr' but;htfl nol bc ll
,
(v) tf-e gm¡tor of e æ-vmbfê r SnnlD¡ihì¡si (vi) tþ þmficiuiu
fiü) ftcnrbcr¡ of s tirúrcd lirblllty rompmyi (iv) Ìrvëtm íû s Âud oJ;i¡d¡¡
(viD thc í¡iúívlio.l'wÈo gnliuic¿ r¡ lX-A¡ (vill) rtr prnieiproi ìr r ælflCirtaciC'pcrolon qbt (lxl Iào:¡óirrar uluy
U í, ;*"i""új.

ørãpi.q "*r; ii.r;;y pcrson t cû,¿ r¡iænrJ by thc subrcríw ín u r6ot, ¡Ep¡eúli¡iYi, iDll!{orr,¡¡¡nine T:ld.lt fi*:,y:
-i
"¡*
ü.ñ'¡.*l¡"irf oi"* irlrr.jfi .rDrtry. 16È i¡Jomtio¡ md rcpn¡cølobnr 6é1 folth:bþte¡il rruet rJro lc given wÍtlr rapect ø itu iiiüjv.idual
i'*ürr¡.i"r"i", Jfso¡acribøisapublicly-rradudctiripmy.;tr¡wrlilutcôrduclCr¡odiligæcc¡¡toil¡¡etr0flliqlôttüE7

FIEADWAYOOOOTT9

$)S Subscribe¡ nnrlersm¡ds xrd agrces thst auy rcdcrnpÈio4 pr9cccds paid lo it
bç paid to lhu srrne accourlt frour which Subscribe¡'s jlrvest¡uent in t:l-è Ì:u!rd was origjrutlly
.rerruüe<i, uniess the l'und, ìn its sglo di.scictioir, ítgteùs othcrwisc,
vill

(R) .If any of
prornptly rrotify
nn

tle

A¡ti

cBA6É to be: true, Subscriber vrill
bjrcuÍretãäccs..

lr¡e foregoiag reþresentaÏbds

Fûúd of the f¿cts pertdniag to such changed

,

Llo¡ey:LgÐgflcrüts. Su.h¡cr.ibo¡ roprasents that the subscrÍption'fu¡ds arc ¡ot
.

thc di¡ect o¡ 'inC¡rect procçcds of drug kafãckirrg of otller sl¡ch. crimirrnl .actÍvÍç-,

actionb

lh¡it conh¿vcne thp cnti-nroney lar.rndcr.ing lawe and rcgrrlalione . of uty

tkc cE¡b'fietitê

23.

Contdcntialitv. Tåe Frrnd rtlay riiscloce th¿ i¡rformarjou about,sr¡bsefjlìer th¿t,ls
contgin¡d i¡çrri.n ¡s rh" nuiã-ìgerns 4enesdar¡, io .o*piy wlth upþlicalle lalv qr as'roqui..O'io
suit, action¡ or proceedÍirg.

24.

*y

edøl&slisu

otircr ssrvic€ provirlar to.iq. antl
ot äflílialt thffËóf, ágriinst:oly
of covûnåtrt bi Subbçribtr l¡mgí¡
with its subscripfion-

ø b'nay otüer:document'fisnishrd by Su,bscriber

irt

cofiirp.ction.

?.5- 'E¡&çpqhi¡itr. If,any provigion he¡eof is ir¡vatid or usenforceable

uoder any

it shall ba deomcd inoperablo to that o.tÎêtrt (and .rnodilied 10 the crtL;nt lreçsssí¡ry to
comply wilh tlüt Jaw) and íÎu. iwalittity or un¿¡forceabllif shail ßot Êffeit any other prrvjsíon
applicable law,

hereof.

U.S.

?,6. .Ç$¡{p.n+jp.-s, Su.bvçritrcr aolarowledgev tÊat it is zubscrÍbing ïn o crnrbncy othei tha¡r
Doilan, Subscribcr egroes that fhs Fr¡nd rnay scll such subscriptjç¡n funds at tlrc markot r{te for
I
I{E¡\DW¿.Y 0000780

,.,

^-. ,.trf,ryw.a

ttrat orrency a¡rd ìhat thc Sha¡cs wìll bc issuod lc il¡c vaiue of thc proccerJs, rninus tho re¡sonable
co.sts ¡elating to tÏrc .sale.
'Sübs.cÌiþÈr hcr.cþ desi8¡qtcg
urrd appoints tlic

21.
Ad¡rinistrntor

kuö û¡d lavñrl pdxy aqd atlonieV:in-f'act fór tho

of votir-'g ths Shmes subsoribqd fo
cletcrmine or any a:rd alt.rirattei3:lvhich rnay-

purposs

such Slia¡.e.r oould bq voto{ by Shâreholders ples
revo.kcd hy the owrier of ¡eeortl of tho Shaitli
prcscntation of a subsequcntly. execuþd pror¡-'at
tho á.dminiqtrðtöi 4! thc aboVo: Edd¡ess.(or:srioh'o
lìrrnísh

ir wriring to a, S.h.s-mholdor),rcøøivei1 befere ihr'rnéetíng.

U¡Frúi0rþirãrtãddn .o¡ nì¡sstatem¿nf

in ,co¡rn-ostit¡t rvfth. Þnf ûryruÈr

ai¡ih¡rizatíor ñom thç Dçnoficial

or tùç

oblig¿tiong hprpof

and c4psns
ectio:t çidr

hercin.as

rndarnôunts
presentetíon
by thc Frrnd

$ó

to lhs Iegality of u Swap'or thê suíøbiliry of a S

29.

Couu.try-Snecific

.Disèlojwes, Suþscriber h¿s lpvielred tlte

coùntw-specific

disclosurcs conf¿Laed,in the M¡:úoratrdum-

30,
infonhotiofi
and nay re
eligibility ot tlE Subsixiher to hold slnres or

tó

such additional
acqnirè Shares,
determi¡re lhc
onrpliancc wíth

I
HE.{D'\rVAY000078l

applicablc regulatory rcqujrcrßcnl3 or itg ta:r stalus, and ihe Subscribe¡ agrsùs to proeids Such
iuformation âc EÂy rcasonably be requestcd.
.lubscribcr agresri to notiíy tha.Fuld prrrnrytly if there is any chang" ,ui¿ ¡e..pc,èt to qìy'qf its
ínfoirnaiion or representations made herbin rnd to provirie the Fr¡n¡i rvith such fi:rther'inñninti,on us
thc l;r¡nd muy reasonably rrquiro,
A-Eeqment may bc cxecut¿d through the usc of sepaatr: sígnnDruc P6ßcs or iu any number of
countcrpaiio, -Eãch courrterpart shall, for all pur oses, constitutc onc agreentent, :binding.crn ali

Tliit

.!artie¡, npFryith¡sta¡ding that all parties do not cx*cutg üre samo counter¡ett

31.
.
',

$t¿hstrrlnfcm*tpngrCJÀscÈia!-

r,
b-

^ÀEstr¡!Lç!SjLb-s-çf.$l-ig$.--

e'¿tu-ù*-.'----nt',n-

&çÉtr-¿tiø,.p..f-S.hg..-gg, l}¡e Sha¡¿s isspsd to Subscribsr-rro to bê rsgisterçd
in thc Fu¡d¡s ùooke in the n'smu of (insort namc and arfulreÉs):

f¡sn

c-

'Fu¡d'lo

Subss¡iber shoiild be rent to Subscríber atthc foltori'i¡.g .q{dfs.1s. (ir sott 4 ddtê3s):

';¡Þ¡-::+-!:ri!+!rr-.ra4!r'!-i*rrú-r-j.ùr.j,-dr'*-'*;L'*.+å-¡id.r,4_*1!?+

d.

l'elephonc,Faxsndlinail:

Têle'.p¡ono!

EnaÍl¡,*

Fax:
c,

Domiçí!c-.Èiç. Subscriber, if en i¡dividual, is t citiecn of

,,..--.,,..,r,--.

"-

md + rcsidetrt

ofæ-

if an eltity, is dr'ganized under tho taws of
plaÇc ofibusiness

Subccribcr,
and has its principal

itr ,-'-,......

.-::i-,!;-:,-....,..,--::'.

-.*.,.*
{ 'Â!¡tùÈ
of the pcrsons autho

Thc

Fund
rumes
o¡d Suì:ssdber, togcflær with t4eir siga¿hues; aro.sst forth bolow Such ¡rcrsons are the onJy
petsone so authmized by Subscribrr until ñuti¡er ¡otice to the Fund by ary one qf suih persoDs;

t0

I.IEADWAYA00A782

?..

4.

-

The Àdminisnqtor ar¡d the Fund nrc eaclr hercby
to ripcapr æd
in rrspect of t]rc She¡cS to v¿hi_ch rhi
by Subscriber
en hy Suìñ.crihcq by fbæinile, Sribacribcr
ìn wrítæn form or.by far¡siriaileexectlté alry ixrstruclions

origina¡
Of

io ns Àdrnùrisùi'rior ¿nit,the Fund, and
against rxly,!æs sf .ally.nb$¡Tç rfh$tsöeier,rriuing
.upon fadeitrri!È i$i{!u
ncu¡ nó lJgbllily in.æ

tq ¡Écn4 thc
Subscríber a;'rder to jioøp e¿ch

unde¡lahcs

r

i¡stilüeàttelisvcd

tobc signed by ¡top-ù authorized þursous.
'Fòr corpotitù ontittes;,pleaiO.proriide an ruthorize¡l sjg¡¡¡qgry lidt which,itubt irrclräs the

g
insb-ric

n'¿¡'-re(s) und:

f

rccejve

who arc iäuthor;izcd,b.y Suþscribui. tó

¡fd

and Súbacribcr.

!;

,thc person(s)

g¡.1¡s

Iþdeælign_te¡ep¡le. Uniil furllrer ¡otice Éom,Subecrltcc

to, tho,Fuärl
above, rodernpliú, o¡',otliei fayrireuts by the Iruqd tO
Suì¡ecnber should ba,wíred only to Suìscnlor ôíd only'ss follorvs (pleæe'print or,typé)r
signed

by aty.nrrthorieert perso¡ lirted

l1

HEAD\4i^Y0000783

.t

1,.,:.:.W|FWï#¿

Bünk rtâ¡nc:
Bs¡k adùtr$sl

.

-.,*i-çcr-*-:,-r-.Hå-i-;:+'.j.#t-#-¡!+il¡.__;.fu

LBA/ CI-ïIS/ BlC

...

Curd¡n:l

Àccounf'namci

Addrusr;

Nuno'of .a¿çpr¡ct

*

fi¡r¡¡qìal iÉititt¡tiqn bçiog. dcbitcd for nrlacriptÍor

?ryüeúli
Ngmbsr. or¡aìå. ûöcaü! g

i.
tho .dqåe'sqi

qgg&+ h

wikro¡c wlrüüaoû, Subsofibsr

h.EB eà(çct¡Îed

thir-Agrecurrat oq:

fgùr bo¡o$î

úÞ¡ :,,, .. . .. ,

,ryr,¡1.,-r

?0.

*

FsisdMè¡$¡e

Sigoaturo:
Fpr-ou¡itíæ

?rint¡àøe,
Pri¡t r¡aup of authoriz¡d siþnatory;

f¡Rrix'8" "ffiitñA&.E4' -..--.lTl$ç[p:

t

Iinint title of ¿uthorízed sÍgnatot'¡t

ilig¡t*ure¡

12

IIEADWAVO(]OO?84

FÈarri

-

Je l0

American :ExpressiBank lntemational

Siatement tlate: 31 August 2005
Reîerence Currency: EUR0

Miami Branch

llll

BrlckellAvenue

Miarl, Floricfa 33131
Cliem Numbø.Po¡tf olio:

Telèphone (305)3507750

Telefax

(305) 3744524
www.ameiicanaxpress.com/pçivalebank

gEGtt..R:lT
Tra¡sactton

tN
ÍRANSFER OUr
sFor PURCHASE
sEc TRANSFER

Ë'9,*gG.oLlNr AêTÑHY

Trade
.

REDEMPTION

¡

Price

-....i-¡.-_.j
...

-

'7.06ô.æ FATRFÍELÐ sÉilTRY;LTD-StilaREsAUG2OO5
' 38,825.22i:ti,FNRFlEtB StG¡,'lA hIA,€HARES2005
6-4q0,000,00 FAIRFIEUDT:SIGI¡A LTD €HS- DEL PENO
25 JUL 2OO5
24 AuG 2o0s
ege.4r6.91 FATRFTELD:5¡6¡¡A LTo -sHS-rÐEL pENÐ

01

2s JuL

TRÄÑSACÍION REVERSEO ON
AUG,2ú05

dI

USD
EUR
EuR

1,057.74
- 159.6s
l'00

EuR

1.oo
1,00
s05.û3

7û,9.S||1,ÞÞ

l

¡.t

''I
J

U

I

Þ

Exc,hange

çies against Refe¡€nca

Gulr'€I-¡911:

USO {i2342

Thb document ls consídered aÞproved unless we'are n€tiñed in writ¡ng 0t any objÊclion \trihin one month;

\ì
\o
UJ

:\gS..P.

8q.f1

EUR
,-dÈqr41agt

fÊu'i

SE.P:20O5

POSN TBANSF IN

L¡

Cost/
Proceeds

,ç¡+¡jí,¡+slÉ,rF,
6;395,203.73 USD
ê,39s.203.73 USD

American Express Bank lnternational

.Je

l\¡'liami B¡¿nch

I

Statement Date: 30 September 2005
Heference Cunency: EtJ RO

1221 8¡icxell Avenue
Miam¡. Flo¡idâ 33131

Telsphe¡e

(305) :150 7750
Telelax
[phone]
v¡ww.amerícanexpress.com/privatebank

Client Number-Portfolio

SECURITIES ACC@UNT ACTIVITY
Ttansaction

SPOT PURCHASE

POSN TRANSF IN

Currency

Trade Date

FAIRFIELD SIGMA LTD -SHARÉSFAIRFIELD SIGMA LTD -SHS- DEL PEND
TRANSACTION REVERSED ON 15
FAIRFIELD SIGMA LTD -SHS- DEL PEND
FAIRFIELD SIEMA LTD -SHS- DEL PEND
FAIRFIELD SIGMA LTD -SHS- DEL PEND
FAIRFÍELD SIGMA LTD -SHS. DEL PENO
FAIRFIELD SIGMA LTO -SHS- DEL PEND
FAIRFIELD SIGMA LTD -SHS- DEL PEND

TransactÍon

EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

,JL 1.1

!

Exuhange fats6 againsl Reference Cunency EUR .f.0000

O
oo

a
Ç.1

This docurnent is considered approved unl€ss wê are notiñed in writing of any objection within one monh"

CosU

1,749,82E.43 EUR
966,416.91 EUR
100
1.00
1.00
1.00
1.00
1.00

EUR
EUR
EUR

EUR
EUR
EUR