Nachtrag Nr. 18 gemäß 10 Wertpapier-Verkaufsprospektgesetz. vom 7th June zum. unvollständigen Verkaufsprospekt/Offering Circular

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1 Nachtrag Nr. 18 gemäß 10 Wertpapier-Verkaufsprospektgesetz vom 7th June 2005 zum unvollständigen Verkaufsprospekt/Offering Circular vom 13. September 2004 PRICING SUPPLEMENT KONDITIONENBLATT 7th June 2005 ISIN: DE000BC0AYD8 Common Code: Other securities code: BC0AYD (WKN) Issue of 500,000 Index Linked Redemption Notes due 9th July 2015 (Series 18) (the "Notes") under the Euro 500,000,000 German Debt Issuance Programme The Pricing Supplement is to be read in conjunction with the Offering Circular dated 13th September The Conditions applicable to the Notes (the "Conditions") and the English language translation thereof, if any, are attached to this Pricing Supplement. They replace in full the Terms and Conditions of the Notes as set out in the Offering Circular and take precedence over any conflicting provisions of this Pricing Supplement. Das Konditionenblatt ist in Verbindung mit dem Offering Circular vom 13. September 2004 zu lesen. Die für die Schuldverschreibungen geltenden Bedingungen (die "Bedingungen") sowie eine etwaige englischsprachige Übersetzung sind diesem Konditionenblatt beigefügt. Die Bedingungen ersetzen in Gänze die im Offering Circular abgedruckten Anleihebedingungen und gehen etwaigen abweichenden Bestimmungen dieses Konditionenblattes vor. Capitalised terms used in the section relating to Index Linked Notes, Equity Linked Notes and Credit Linked Notes and not otherwise defined herein or in the Conditions shall have the meaning set out in the 2002 ISDA Equity Derivatives Definitions and, as the case may be, in the 2003 ISDA Credit Derivatives Definitions published by the International Swaps and Derivatives Association, Inc., save that any references to the 'Related Confirmation' shall be deemed to refer to the 'relevant Pricing Supplement'. In den Abschnitten über Index-, Equity- und Kreditbezogene Anleihen haben groß geschriebene Begriffe, soweit sie hier nicht anders definiert sind und soweit sich aus diesem Pricing Supplement nichts anders ergibt, die selbe Bedeutung wie in den 2002 ISDA Equity Derivatives Definitions bzw. in den 2003 ISDA Credit Derivatives Definitions, veröffentlicht durch die International Swap and Derivatives Association, Inc.. Bezugnahmen in den 2003 ISDA Credit Derivatives Definitions auf die "Related Confirmation" gelten als Bezugnahmen auf das jeweilige "Pricing Supplement". The Issuer accepts responsibility for the information contained in this Pricing Supplement, save for the information regarding the Index. To the best knowledge and belief of the Issuer, save for the information regarding the Index the information contained in this Pricing Supplement, is accurate and complete and not misleading. The information included herein with respect to the Index consists of extracts from, or summaries of, annual reports and other publicly available information. The Issuer makes no representation that any publicly available information or any other publicly available documents regarding the Index are accurate and complete and does not accept any responsibility in respect of such information. There can be no assurance that all events occurring prior to the date of this Pricing Supplement that would affect the level of the Index (and therefore the trading price and value of the Notes) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure

2 - 2 - or failure to disclose material future events concerning the Index could affect the trading price and value of the Notes. This Pricing Supplement does not constitute an offer to sell or the solicitation of an offer to buy any Notes or an investment recommendation. Neither the delivery of this Pricing Supplement nor any sale hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer since the date hereof or that the information contained herein is correct as of any date subsequent to this date. The distribution of this Pricing Supplement and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Pricing Supplement comes are required by the Issuer to inform themselves about and to observe any such restrictions. For a further description of certain restrictions on the offering and sale of the Series, see "Subscription and Sale" in the Offering Circular, as supplemented or amended by this Pricing Supplement. 1. Issuer: Anleiheschuldnerin: 2. Series Number: Nummer der Anleihe: 3. Specified Currency or Currencies: Währung(en): 4. Aggregate Nominal Amount: Gesamtnennbetrag: Series: der Serie: 5. Issue Price: Emissionspreis: 6. Specified Denomination(s): Nennbetrag/-beträge: 7. Issue Date: Begebungstag: 8. Maturity Date: Fälligkeitstag: 9. (i) Interest Basis: Zinsmodalität: (ii) Day Count Fraction: Zinstagequotient: 10. Redemption/ Payment Basis: Rückzahlungsmodalität: 11. Change of Interest or Redemption/Payment Basis: Wechsel der Zins- oder Rückzahlungsmodalität: Barclays Bank PLC Barclays Bank PLC Euro Euro 500, , per cent. of the Nominal Amount (fees paid to a distribution partner (if any) will be disclosed upon request) 100,00 % des Nennbetrages (etwaige an eine Vertriebsstelle zu zahlende Gebühren werden auf Anfrage offengelegt) Euro Euro 100,00 30th June Juni 2005 See Appendix A Siehe Anhang A Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar Index Linked Index-gebunden Not Applicable Nicht anwendbar

3 Put/Call Options: Gläubigerkündigungsrechte/ Kündigungsrechte der Anleiheschuldnerin: 13. Status of the Notes: Status der Schuldverschreibungen: 14. Listing: Börsenzulassung: 15. Method of distribution: Art der Platzierung: Applicable Anwendbar Unsubordinated Nicht nachrangig Not Applicable. Application will be made for trading of the Notes on the unregulated market (Freiverkehr) of the Frankfurt Stock Exchange. Nicht anwendbar. Die Einbeziehung der Schuldverschreibungen in den Freiverkehr an der Frankfurter Wertpapierbörse wird beantragt. Non-Syndicated Nicht syndiziert PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE BESTIMMUNGEN ZUR VERZINSUNG 16. Fixed Rate Note Provisions: Festzinsmodalitäten: 17. Floating Rate Note Provisions: Modalitäten bei variabler Verzinsung: 18. Zero Coupon Note Provisions: Null-Kupon Modalitäten: 19. Interest Bearing Equity Linked Notes Bestimmungen über die Verzinsung von Equitybezogenen Anleihen Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar (i) (ii) Minimum Rate of Interest: Mindestzinssatz: Maximum Rate of Interest: Höchstzinssatz: Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar PROVISIONS RELATING TO REDEMPTION RÜCKZAHLUNGSMODALITÄTEN 20. Call Option ( 4(3)): Vorzeitige Rückzahlung nach Wahl der Anleiheschuldnerin ( 4(3)): Applicable Anwendbar (i) Optional Redemption Date(s): Wahlrückzahlungstag(e): See Appendix A Siehe Anhang A (ii) Optional Redemption Amount(s) of each Note and method, if any, of calculation of such amount(s): Wahlrückzahlungsbetrag (-beträge), falls zutreffend, Methode zu dessen (deren) Berechnung: See Appendix A Siehe Anhang A

4 - 4 - (iv) Notice period: Kündigungsfrist: (v) Option Exercise Date(s): Ausübungstag(e): 21. Put Option ( 4(4)): Vorzeitige Rückzahlung nach Wahl der Anleihegläubiger ( 4(4)): According to 4(3) Gemäß 4(3) Any Business Day from and including the Issue Date to and including 21st May Jeder Geschäftstag vom und einschließlich dem Begebungstag bis und einschließlich dem 21. Mai Applicable Anwendbar (i) Put Redemption Date(s): Wahlrückzahlungstag(e): See Appendix A Siehe Anhang A (ii) Optional Redemption Amount(s) of each Note and method, if any, of calculation of such amount(s): Wahlrückzahlungsbetrag (-beträge) bei vorzeitiger Rückzahlung und falls zutreffend, Methoden zu dessen Berechnung: (iii) Notice period: Kündigungsfrist: (iv) Option Exercise Date(s): Ausübungstag(e): 22. Final Redemption Amount of each Note: Rückzahlungsbetrag: 23. Early Redemption Amount: Vorzeitiger Rückzahlungsbetrag: Early Redemption Amount(s) of each Note payable on redemption on an Event of Default or Tax Call and/ or the method of calculating the same (if required or if different from that set out in 4): Rückzahlungsbetrag (-beträge) bei Kündigungen oder Steuerkündigungen und Methode zu dessen (deren) Berechnung (falls erforderlich oder falls abweichend von 4): See Appendix A Siehe Anhang A According to 4(4)) Gemäß 4(4)) Any Business Day from and including the Issue Date to and including 21st May Jeder Geschäftstag vom und einschließlich dem Begebungstag bis und einschließlich dem 21. Mai See Appendix A Siehe Anhang A See Appendix A Siehe Anhang A PROVISIONS RELATING TO INDEX LINKED NOTES BESTIMMUNGEN FÜR INDEXBEZOGENE ANLEIHEN 24. Index Linked Note Provisions: Indexbezogene Modalitäten: See Appendix A Siehe Anhang A (i) Index Basket Transaction Index Basket Transaktion Not Applicable Nicht Anwendbar

5 - 5 - (ii) (ii) Index or Indices: Index oder Indices: Name of Index Sponsor: Name des Sponsors: Estlander Rönnlund Global XL, Euro Index, see Appendix B Estlander Rönnlund Global XL, Euro Index, siehe Anhang B Estlander & Rönnlund Capital Management Limited OY Estlander & Rönnlund Capital Management Limited OY (iii) Related Exchange(s): Verbundene Börsen: (iv) Description of formula to be used to determine the Index Linked Redemption Amount: Beschreibung der Formel zur Berechnung des indexbezogenen Rückzahlungsbetrag: (v) Determination Agent: Berechnungsstelle: (vi) Index Valuation Date: Index-Bewertungstag: (vii) Valuation Time: Berechnungszeitpunkt: (viii) Provisions for determining index linked amounts where calculation by reference to Index and/or Formula is impossible or impracticable: Bestimmungen für den Fall, dass die Berechnung unter Zugrundelegung des Index und/ oder der Formel nicht möglich oder nicht zweckmäßig ist: (ix) Specified Period(s)/Specified Interest Payment Dates: Festgelegte Zinsperiode(n)/festgelegte Zinszahlungstage: (x) Business Day Convention: Geschäftstagekonvention: (xi) Relevant Financial Centre(s): Finanzzentrum (-zentren): (xii) Protection Amount: Kapitalgarantie: (xiii) Additional Provisions: Weitere Bestimmungen: Not Applicable Nicht anwendbar See Appendix A Siehe Anhang A Barclays Bank PLC Barclays Bank PLC See Appendix A Siehe Anhang A See Appendix A Siehe Appendix A Pursuant to 4d(2) Gemäß 4d(2) Not Applicable Nicht anwendbar Following Business Day Convention Folgender-Geschäftstag-Konvention London, TARGET, Clearing Systems London, TARGET, Clearing Systeme Not Applicable Nicht anwendbar See Appendix A Siehe Anhang A

6 - 6 - PROVISIONS RELATING TO EQUITY LINKED NOTES BESTIMMUNGEN FÜR EQUITYBEZOGENE ANLEIHEN 25. Equity Linked Note Provisions: Equity-Modalitäten: Not Applicable Nicht anwendbar PROVISIONS RELATING TO EXCHANGEABLE NOTES BESTIMMUNGEN FÜR UMTAUSCH-ANLEIHEN 26. Exchangeable Note Provisions: Umtauschmodalitäten: Not Applicable Nicht anwendbar PROVISIONS RELATING TO CREDIT LINKED NOTES BESTIMMUNGEN FÜR KREDITBEZOGENE ANLEIHEN 27. Credit Linked Note Provisions: Kreditbezogene Modalitäten: Not Applicable Nicht anwendbar PROVISIONS RELATING DUAL CURRENCY NOTES BESTIMMUNGEN FÜR DOPPELWÄHRUNGS-ANLEIHEN 28. Dual Currency Provisions: Doppelwährungs-Modalitäten: Not Applicable Nicht anwendbar GENERAL PROVISIONS APPLICABLE TO THE NOTES ALLGEMEINE BESTIMMUNGEN 29. Form of Notes: Temporary Global Note exchangeable for Permanent Global Note Verbriefung: Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde 30. Relevant Financial Centre(s) or other special provisions relating to Payment Days ( 5(2)): Finanzzentrum (-zentren) oder andere spezielle Vereinbarungen in bezug auf Zahltage( 5(2)): 31. Details relating to Partly Paid Notes: Einzelheiten in bezug auf Teileingezahlte Schuldverschreibungen: London, TARGET, Clearing Systems London, TARGET, Clearing Systeme Not Applicable Nicht anwendbar 32. Redenomination, renominalisation and reconventioning provisions: Währungsumstellung, Nennwertumstellung und Umstellungsbestimmungen: 33. Consolidation Provisions: Konsolidierungsbestimmungen: 34. Additional Provisions: Weitere Bestimmungen: Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar Not Applicable Nicht anwendbar

7 - 7 - DISTRIBUTION ANGABEN ZUR PLATZIERUNG 35. (i) If syndicated, names of Managers: Falls syndiziert, Namen der Manager: Not Applicable Nicht anwendbar (ii) Stabilising Manager (if any): Stelle für Kurspflege: Barclays Bank PLC Barclays Bank PLC 36. Entity accepting subscriptions: Stelle, die Zeichnungen entgegennimmt: Barclays Bank PLC Barclays Bank PLC 37. Subscription period: From and including 7th June 2005 up to and including 23rd June 2005, subject to early termination Zeitraum für die Zeichnung: 38. If non-syndicated, name of Manager: Falls nicht syndiziert, Name des Platzeurs: 39. Applicable TEFRA rules: Anwendbare TEFRA-Regelung: 40. Additional selling restrictions: Zusätzliche Verkaufsbeschränkungen: 7. Juni 2005 (einschließlich) bis 23. Juni 2005 (einschließlich), vorbehaltlich einer Verkürzung des Vertriebszeitraums Barclays Bank PLC Barclays Bank PLC TEFRA D TEFRA D Not Applicable Nicht anwendbar OPERATIONAL INFORMATION ANGABEN ZUR ABWICKLUNG 41. ISIN: DE000BC0AYD8 42. Common Code: German Securities Code: WKN: 44. (i) Any Clearing System(s) other than Clearstream Frankfurt, Euroclear and Clearstream Luxembourg and the relevant codes: Andere Clearingsysteme als Clearstream Frankfurt, Euroclear und Clearstream Luxemburg und die entsprechenden Kennnummern: BC0AYD BC0AYD Not Applicable Nicht anwendbar (ii) Clearing System for delivery of the Underlying Securities: Clearing System zur Lieferung der Basiswerte: Not Applicable Nicht anwendbar

8 - 8 - (iii) Physical Delivery: Lieferung effektiver Stücke: 45. Delivery: Lieferung: 46. Additional Paying Agent(s) (if any): Weitere Zahlstelle(n) (falls zutreffend): Not Applicable Nicht anwendbar Delivery against payment Lieferung gegen Zahlung Not Applicable Nicht anwendbar Signed on behalf of the Issuer: By: Duly authorised

9 - 9 - APPENDIX A TO THE PRICING SUPPLEMENT ENGLISH VERSION OF THE INDEX LINKED REDEMPTION AMOUNT, THE EARLY REDEMPTION AMOUNT AND THE OPTIONAL REDEMPTION AMOUNT 1. General Provisions and Definitions "First Index Calculation Date" means 11th July "Index" means the Estlander Rönnlund Global XL, Euro Index tracking the value of a non-voting, redeemable, participating share of Class K ("Class K Share" or "Share") of er Umbrella Fund Limited, Bahamas, as further described in Appendix B. "Index Calculation Date" means for the calculation and publication of the Index Level in respect of the relevant Index Valuation Date, the seventh Business Day of each following calendar month (beginning after the First Index Calculation Date and ending prior to the Maturity Date). "Index Level" means the Net Asset Value per Class K Share determined by the Index Valuation Agent as of the relevant Index Valuation Date. "Index Sponsor" means Estlander & Rönnlund Capital Management Ltd. which is the corporation or other entity that is responsible for setting and reviewing the rules and procedures and the methods of calculation and adjustments, if any, related to the relevant Index and announces (directly or through an agent) the level of the relevant Index on a regular basis during each Scheduled Trading Day; where reference to the Index Sponsor shall include a reference to the "Successor Index Sponsor" defined in 4d(1) below. "Index Valuation Date" means the last Business Day of each calendar month. "Index Valuation Agent" means Brophy Gillespie, Chartered Accountants & Registered Auditor. "Maturity Date" means, unless previously redeemed, 9th July 2015, or if the 9th July 2015 is not an Index Calculation Date, the last available Index Calculation Date immediately preceding 13th July "Net Asset Value per Class K Share" means the net value of a Class K Share as of the relevant Index Valuation Date divided by the number of outstanding Class K Shares as of the relevant Index Valuation Date. "Optional Redemption Date" means the first Business Day of each calendar month from and including the first Business Day in August 2005 to and including the first Business Day in June If the Optional Redemption Date on which the Issuer has requested early redemption would fall into a period where the determination of the Index Level or the publication of the Index Level has been suspended, the last Business Day of the month of such period shall be regarded as the Optional Redemption Date on which the Issuer has requested early redemption. "Put Redemption Date" means the first Business Day of each calendar month from and including the first Business Day in August 2005 to and including the first Business Day in June If the Put Redemption Date would fall into a period where the determination of the Index Level or the publication of the Index Level has been suspended, the first Put Redemption Date after the end of such period shall be regarded as the relevant Put Redemption Date "Settlement Date" means (i) with respect to redemption at maturity the later of (a) 13th July 2015 (the "Expected Settlement Date"), or (b) two Business Days after an actual owner of Class K Shares would have received full payment in respect of a redemption in holdings of such share on or around 1st July 2015 or (ii) with respect to early redemption a Business Day determined by the Issuer which shall not be later than two Business Days after an actual owner of Class K Shares would have received full payment in respect of a redemption in holdings of such share on the Optional Redemption Date or the Put Redemption Date, as the case may be.

10 "Valuation Date" means each Index Valuation Date. "Valuation Time" means 4.00 p.m. (London time) on each Index Calculation Date. 2. Index Linked Redemption Amount On the Settlement Date immediately following the Maturity Date, each Note is redeemed at the Index Linked Redemption Amount which is to be calculated by the Determination Agent as an amount per Specified Denomination of Euro , which is to be calculated in accordance with the following formula and which shall always be equal to or greater than zero and, in the event that such amount will be less than zero, shall be deemed to be zero: Index final ( Euro 100,00) ( per cent. n 12) where: Index initial "Index final " means the Index Level as of the last Business Day of the calendar month immediately preceding the Maturity Date; "Index initial " means ; and "n" means the number of calendar months from and including the Issue Date to (but excluding) the Maturity Date (rounded down to the nearest integer). Should the realisable Net Asset Value per Class K Share in respect of a hypothetical redemption of Class K Shares effected on the Index Calculation Date relating to the Maturity Date differ from the Index Level on the Index Calculation Date relating to the Maturity Date, the Determination Agent may adjust the calculation as required herein accordingly. 3. Early Redemption Amount/Optional Redemption Amount If the Notes are redeemed early, the Early Redemption Amount or the Optional Redemption Amount shall be an amount in Euro, which is to be calculated in accordance with the following formula and which shall always be equal to or greater than zero and, in the event that such amount will be less than zero, shall be deemed to be zero. In cases where the Notes are redeemed early pursuant to 4(2) and 4(3)(a) the Additional Amounts referred to in 6 payable by the Issuer and the amounts payable by the Issuer under 4(3)(a)(i) shall be deducted from the Early Redemption Amount or the Optional Redemption Amount respectively, such amounts to be determined by the Determination Agent in its sole discretion and to be notified in accordance with 12: Index Index t ( Euro 100,00) ( per cent. n 12) where: initial (a) in the case of an early redemption according to 4(2) and 4(3)(a), the terms used in the formula have the following meaning: "Index t " means the Index Level as of the respective Index Valuation Date; "Index initial " means ; and "n" means the number of calendar months from and including the Issue Date to (but excluding) the respective Index Valuation Date (rounded down to the nearest integer); and

11 (b) in the case of an early redemption according to 4(4), the terms used in the formula have the following meaning: "Index t " means the Index Level determined as of the Index Calculation Date following the respective Optional Redemption Date; "Index initial " means ; and "n" means the number of calendar months from (and including) the Issue Date to (but excluding) the respective Optional Redemption Date (rounded down to the nearest integer). Should the realisable Net Asset Value per Class K Share in respect of a hypothetical redemption of Class K Shares effected on the Optional Redemption Date in relation to the Index Calculation Date with respect to such Optional Redemption Date differ from the Index Level, the Determination Agent may adjust the calculation herein accordingly. 4. Notices In addition to the provisions of 12 notices concerning the Notes can be published on the Internet on website "www.derhedgefond.de".

12 ANHANG A ZUM KONDITIONENBLATT DEUTSCHE FASSUNG VON INDEX-BEZOGENEM RÜCKZAHLUNGSBETRAG, VORZEITIGEM RÜCKZAHLUNGSBETRAG UND WAHLRÜCKZAHLUNGSBETRAG 1. Allgemeine Bestimmungen und Definitionen "Erster Indexstand-Berechnungstag" bezeichnet den 11. Juli "Index" bezeichnet den Estlander Rönnlund Global XL, Euro Index, der sich am Nettowert einer Vorzugsaktie der Gattung der nicht stimmberechtigten Vorzugsaktien der Serie "Class K" (die "Class K Aktie" oder eine "Aktie") des er Umbrella Fund Limited, Bahamas, wie in Anhang B ausführlich beschrieben. "Indexstand-Berechnungstag" bezeichnet für die Berechnung Veröffentlichung des Indexstandes zum jeweiligen Indexstand-Bewertungstag den 7. Geschäftstag des jeweils folgenden Kalendermonats (beginnend nach dem Ersten Indexstand-Berechnungstag und endend vor dem Fälligkeitstag). "Indexstand" bezeichnet den durch die Bewertungsstelle ermittelten Nettowert je Class K Aktie am jeweiligen Indexstand-Bewertungstag. "Index-Sponsor" ist Estlander & Rönnlund Capital Management Ltd., welches die Gesellschaft oder Person ist, welche die Regelungen und Vorgehensweisen und Methoden der Berechnung des maßgeblichen Index und, soweit vorhanden, zu Anpassungen dieses Index aufstellt und überwacht, und welche regelmäßig an jedem planmäßigen Handelstag den Stand des maßgeblichen Index (entweder unmittelbar oder durch eine beauftragte Stelle) veröffentlicht; dabei gilt jede Bezugnahme auf den 'Index-Sponsor' auch als Bezugnahme auf den "Index-Sponsor-Nachfolger" wie nachfolgend in 4d(1) definiert. "Indexstand-Bewertungstag" bezeichnet den letzten Geschäftstag eines jeden Kalendermonats. "Index-Bewertungsstelle" bezeichnet Brophy Gillespie, Chartered Accountants & Registered Auditor. "Fälligkeitstag" bezeichnet, vorbehaltlich einer vorzeitigen Einlösung, den 9. Juli 2015, oder wenn der 9. Juli 2015 kein Indexstand-Bewertungstag ist, der letzte vor dem 13. Juli 2015 liegende Indexstand- Bewertungstag. "Nettowert je Class K Aktie" bezeichnet den Nettowert einer Class K Aktie an dem jeweiligen Indexstand-Bewertungstag geteilt durch die Anzahl der an dem jeweiligen Indexstand-Bewertungstag ausstehenden Class K Aktien. "Wahlrückzahlungstag" bezeichnet den ersten Geschäftstag eines jeden Kalendermonats vom und einschließlich ersten Geschäftstag im August 2005 bis und einschließlich dem ersten Geschäftstag im Juni Fällt der Wahlrückzahlungstag in einen Zeitraum, während dessen die Indexstand- Bestimmung ausgesetzt ist oder einen Zeitraum, während dessen die Veröffentlichung ausgesetzt ist, so gilt der erste Wahlrückzahlungstag nach dem Ende eines solchen Zeitraums als der jeweilige Wahlrückzahlungstag. "Abrechnungstag" bezeichnet (i) hinsichtlich der Einlösung bei Fälligkeit den späteren der folgenden Tage (a) 13. Juli 2015 (der "Voraussichtliche Abrechnungstag"), oder (b) zwei Geschäftstage nach dem Tag, an dem ein Inhaber einer Class K Aktie bei einem Verkauf dieser Aktie am oder um den 1. Juli 2015 oder (ii) hinsichtlich der vorzeitigen Einlösung einen von der Emittentin bestimmten Geschäftstag, der nicht später als zwei Geschäftstage nach dem Tag liegt, an dem ein Inhaber einer Class K Aktie bei einem Verkauf dieser Aktie an dem betreffenden Wahlrückzahlungstag eine vollständige Auszahlung des Gegenwerts dieser Aktie erhalten hätte. "Bewertungstag" ist jeder Index-Bewertungstag.

13 "Bewertungszeitpunkt" bedeutet Uhr (Londoner Zeit) an jedem Indexstand-Berechnungstag. 2. Index-bezogener Rückzahlungsbetrag Am auf den Fälligkeitstag unmittelbar folgenden Abrechnungstag werden die Schuldverschreibungen zu einem Rückzahlungsbetrag pro Stückelung von Euro 100,00 zurückgezahlt, der durch die Berechnungsstelle nach folgender Formel bestimmt wird und der in jedem Fall größer als oder gleich Null sein wird und, sollte dieser Betrag negativ sein, als Null gilt: Indexstand final ( Euro 100,00) ( % n/ 12) Dabei gilt folgendes: Indexstand initial "Indexstand final " bezeichnet den Indexstand zum letzten Geschäftstag des Kalendermonats, der dem Fälligkeitstag unmittelbar vorausgeht; "Indexstand initial " bezeichnet 100,00; und "n" bezeichnet die Anzahl der Kalendermonate von dem Emissionsdatum (einschließlich) bis zum Fälligkeitstag (ausschließlich) (auf einen vollen Kalendermonat abgerundet). Für den Fall, dass bei einer hypothetischen Rückzahlung einer Class K Aktie zum auf den Fälligkeitstag bezogenen Indexstand-Berechnungstag der Nettowert je Class K Aktie nicht dem Indexstand entspricht, wie er an dem für den Fälligkeitstag maßgeblichen Indexstand-Berechnungstag festgestellt wird, kann die Berechnungsstelle eine Anpassung ihrer Berechnungen vornehmen. 3. Vorzeitiger Rückzahlungsbetrag/Wahlrückzahlungsbetrag Werden die Schuldverschreibungen vorzeitig zur Rückzahlung fällig, so ist der Vorzeitige Rückzahlungsbetrag bzw. der Wahlrückzahlungsbetrag ein Betrag in Euro, der durch die Berechnungsstelle nach folgender Formel bestimmt wird und der in jedem Fall größer als oder gleich Null sein wird und, sollte dieser Betrag negativ sein, als Null gilt. Im Falle der vorzeitigen Rückzahlung von Schuldverschreibungen gemäß 4(2) und 4(3)(a)(i) sind die von der Emittentin nach 6 zahlbaren Zusätzlichen Beträge und die von der Emittentin nach 4(3)(a)(i) zahlbaren Beträge, die jeweils durch die Berechnungsstelle in ihrem alleinigen Ermessen zu bestimmen Emittentin nach 12 bekannt zu machen sind, vom Vorzeitigen Rückzahlungsbetrag bzw. Wahlrückzahlungsbetrag abzuziehen: Indexstand final ( Euro 100,00) ( % n/ 12) Dabei gilt folgendes Indexstand initial (a) bei vorzeitiger Rückzahlung gemäß 4(2) und 4(3) haben die in der Formel verwendeten Begriffe die folgende Bedeutung: "Indexstand t " bezeichnet den Indexstand zum jeweiligen Indexstand-Bewertungstag; "Indexstand initial " bezeichnet 100,00; und "n" bezeichnet die Anzahl der Kalendermonate von dem Emissionsdatum (einschließlich) bis zum entsprechenden Indexstand-Bewertungstag (ausschließlich) (auf einen vollen Kalendermonat abgerundet).

14 (b) bei vorzeitiger Rückzahlung gemäß 4(4) haben die in der Formel verwendeten Begriffe die folgende Bedeutung: "Indexstand t " bezeichnet den Indexstand, wie er an dem Indexstand-Berechnungstag, der auf den Wahlrückzahlungstag folgt, festgestellt wird; "Indexstand initial " bezeichnet 100,00; und "n" bezeichnet die Anzahl der Kalendermonate von dem Emissionsdatum (einschließlich) bis zum jeweiligen Wahlrückzahlungstag (ausschließlich) (auf einen vollen Kalendermonat abgerundet). Für den Fall, dass bei einer hypothetischen Rückzahlung einer Class K Aktie zum jeweiligen Wahlrückzahlungstag der Nettowert je Class K Aktie nicht dem Indexstand entspricht, wie er an dem für den Wahlrückzahlungstag maßgeblichen Indexstand-Berechnungstag festgestellt wird, kann die Berechnungsstelle eine Anpassung ihrer Berechnungen vornehmen. 4. Mitteilungen In Ergänzung zu 12 können Mitteilungen, welche die Schuldverschreibungen betreffen, im Internet auf der Website "www.derhedgefond.de" veröffentlicht werden.

15 APPENDIX B TO THE PRICING SUPPLEMENT ENGLISH VERSION OF THE INDEX DESCRIPTION Estlander Rönnlund Global XL, Euro Index Overview The Estlander Rönnlund Global XL, Euro Index (the "Index") tracks the value of one non-voting, redeemable, participating share of Class K ("Class K Share" or "Share") of er Umbrella Fund Limited, Bahamas (the "Umbrella Fund"). The assets and liabilities attributable to the Class K Shares of the Umbrella Fund constitute the er Global Markets XL II, Euro Sub-Fund (the "Sub-Fund"). Thus, the Index indirectly tracks the value of a share in the Sub-Fund. The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund will seek to achieve its investment objective through the speculative trading of commodity futures contracts on a broad range of commodities, as well as spot currency transactions and forward contracts on currencies (collectively, the "Commodity Interests") via an investment in Elk Euro Fund Ltd. Thus, the trading assets of the Sub-Fund will be held by, and its investment activities will be conducted through, Elk Euro Fund Ltd. (the "Trading Company") who will act as the trading company of the Sub-Fund. The actual trading activities will be carried out by Estlander & Rönnlund Capital Management Oy acting as the trading manager (the "Trading Manager"). The Index The Estlander Rönnlund Global XL, Euro Index tracks the value of one Class K Share of the Umbrella Fund and, thus, the value of the Sub-Fund constituted by the assets attributable to all Class K Shares. The Index Level as of each Index Valuation Date is determined by Brophy Gillespie Chartered Accountants & Registered Auditor, 6 St. Gall's Gardens South, Milltown, Dublin 14, Ireland (the "Index Valuation Agent"), and equals the Net Asset Value per Class K Share (expressed in Euro, rounded to the nearest cent) as of such Index Valuation Date. On the basis of such Index Level, Barclays Bank PLC, 54 Lombard Street, London EC3P 3AH, United Kingdom (the "Determination Agent") determines the value of the Notes as of the respective Index Valuation Date according to the following formula: Index Index t ( Euro 100,00) ( per cent. n/ 12) initial where: "Index t " means the Index Level as of the respective Index Valuation Date; "Index initial " means 100,00; and "n" means the number of calendar months from (and including) the Issue Date to (but excluding) the respective Index Valuation Date (rounded down to the nearest interger). Umbrella Fund, Sub-Fund, Trading Company and Trading Manager Umbrella Fund er Umbrella Fund Ltd. is a limited liability company designed to permit investors to participate in professionally managed portfolios. It was incorporated as an International Business Company under the laws of the Commonwealth of The Bahamas on 29th November 1995 as Estlander & Rönnlund Global Fund Ltd. and has its registered office at The Goodman's Bay Corporate Centre, West Bay Street, PO Box N9058, Nassau, Bahamas. The registered number of the Umbrella Fund is 38,398 B. The Umbrella Fund changed its name to er Umbrella Fund Ltd. On 14th February The Memorandum and Articles of Association of the Umbrella Fund were amended and restated on 15th April The

16 financial year of the Umbrella Fund ends on 31st December and the Umbrella Fund has retained Ernst & Young, Chartered Accountants, One Montague Place, East Bay Street, P.O. Box N-3231, Nassau, Bahamas, as its independent auditors. The Umbrella Fund is a limited liability company that has the power to issue and redeem shares. The Umbrella Fund it structured as a multi-class umbrella fund meaning that it may issue one or more classes of shares, to each of which classes of shares is attributable a different pool of assets and liabilities. The price at which a share of a particular class may be issued or redeemed is determined solely by reference to the value of the assets and liabilities attributable to that class of shares, except that during the initial offering period of a particular sub-fund, shares shall be issued at the initial offering price. The characteristics of each class of shares are determined by the Umbrella Fund's directors. Sub-Fund As mentioned above, the Sub-Fund consists of the assets and liabilities attributable to the Class K Shares of er Umbrella Fund Ltd. (the Umbrella Fund). Trading Company The Sub-Fund will seek to achieve its investment objective via an investment in Elk Euro Fund Ltd. (the Trading Company), and the trading assets of the Sub-Fund will be held by, and its investment activities will be conducted through, the Trading Company. The Trading Company was incorporated as an International Business Company under the laws of the Commonwealth of The Bahamas on 4th March 2004 and has its registered office at The Goodman's Bay Corporate Centre, West Bay Street, PO Box N-9058, Nassau, Bahamas. The registered number of the Trading Company is B. The Trading Company is a wholly owned subsidiary of the Umbrella Fund. The Trading Company holds the trading assets of the Sub-Fund, in addition to the trading assets of other sub-funds of the Umbrella Fund. The Trading Company may, at the discretion of its directors, accept investments from external parties outside the Umbrella Fund group. The Sub-Fund will, however, have its own investment and trading policies, distinct from any other such sub-funds of the Umbrella Fund group. The authorised share capital of the Trading Company is US$50,000, divided into 5,000 preferred voting shares of US$1.01 each par value and 4,500,000 redeemable non-voting shares of common stock of US$0.01 each par value. The redeemable non-voting shares of common stock are diversified into 20 classes of 225,000 shares per class, named Class A to T consecutively. The Trading Company will issue redeemable non-voting shares of common stock to the Umbrella Fund on behalf of the Sub- Fund in proportion to the amount of assets of the Sub-Fund which are invested in the Trading Company. Trading Manager The Trading Company has appointed Estlander & Rönnlund Capital Management Oy, Aleksanterinkatu 50 A, Helsinki, Finland, as its Trading Manager for certain sub-funds, including the Sub-Fund. The responsibilities of the Trading Manager include the management of the assets of the Sub-Fund in accordance with the Trading Management Agreement between the Trading Company and the Trading Manager in respect of the Sub-Fund. The Trading Manager is registered with the United States Commodity Futures Trading Commission as a Commodity Trading Advisor ("CTA") and Commodity Pool Operator ("CPO") and is a member of the National Futures Association, the self-regulatory organisation of the futures industry in the United States, I.D. number The Trading Manager is, in addition, subject to the prudential supervision of the Finnish Financial Supervision Authority. The key personnel of the Trading Manager, together with a summary of their respective qualifications and experience, are as follows: Martin Estlander is a Director and CEO of the Trading Manager, and is a principal of Estlander & Rönnlund Group Oy. Mr. Estlander holds a M.Sc. degree in Industrial Management and Computer Science. Kaj Rönnlund is a Director of the Trading Manager and Chairman and principal of Estlander & Rönnlund Group Oy. Mr. Rönnlund holds an MSc. Degree in Economics from the Swedish School of Economics.

17 Martin Estlander and Kaj Rönnlund began their professional collaboration in 1985 when they started trading stocks together. With the founding in 1987 of Sophos AB, a market maker on the Swedish OM, they became involved in trading derivative instruments such as futures contracts, options on futures and equities. In 1988, Messrs. Estlander and Rönnlund founded Servisen Group Arctos & Partners Oy ("SAPO") in Helsinki, together with the Servisen Group of Sweden, to which the partners sold Sophos. SAPO became one of the major brokers and market-makers on the Finnish Options Market. Messrs. Estlander and Rönnlund left SAPO and moved to Frankfurt in 1990, where they established, with the Servisen Group, Servisen Arctos & Partners GmbH ("SAP"), a market maker on Eurex (former Deutsche Terminbörse). In 1992, Messrs. Estlander and Rönnlund acquired the Servisen Group's interest in SAP, and subsequently changed SAP's name to Estlander & Rönnlund GmbH ("ERG"). ERG is today a market maker in futures, futures options and equity options on Eurex, and a member of the Deutsche Börse AG, where it trades equities via the Börse's electronic trading systems. During 1990 and 1991, Mr. Estlander developed a computer program for the systematic trading of futures and futures options. Using the program, Messrs. Estlander and Rönnlund began managing client accounts in August In November 1992, the partners formed Estlander & Rönnlund Managed Derivatives Ltd., the predecessor of the Trading Manager, to offer managed futures advisory services to clients utilising the program developed by Mr. Estlander. These services have been offered through the Trading Manager since In 1995, Messrs. Estlander and Rönnlund formed Estlander & Rönnlund Financial Products Oy, a Finnish corporation that acts as market maker on the exchanges EUREX, Xetra, HEX and OMX. In 1999, Estlander & Rönnlund Capital Management Oy was formed and in 2000, the operation of Estlander & Rönnlund Capital Management Limited, Ireland was transferred thereto as a result of a decision to relocate the operation from Dublin to Helsinki, where the company finds better synergies to the other Estlander & Rönnlund companies. In 2000 Estlander & Rönnlund Group Oy was formed to become the holding company of Estlander & Rönnlund Capital Management Limited, Estlander & Rönnlund Capital Management Oy, and Estlander & Rönnlund Financial Products Oy. Investment Objective, Investment Factors and Investment & Trading Policies Investment Objective The investment objective of the Sub-Fund is to achieve long-term capital appreciation. Investment Factors Unlike an individual who trades commodity interests directly through a managed account, an investor in the Sub-Fund is not individually subjected to margin calls and his liability for the Trading Company's debts is limited to the value of his investment. Professional commodity interest trading management can provide the sophisticated analysis, continuous monitoring and disciplined trading which may be unavailable to non-professionals due to such factors as lack of expertise, time or resources. The trading of commodity interests through an investment in the Sub-Fund enables an investor to obtain diversification from more traditional forms of investments. Moreover, the Trading Company is as likely to be profitable during periods of declining stock, bond and real estate prices as when such prices are rising. Conversely, the Trading Company may be unprofitable during periods of generally favourable economic conditions. Investment & Trading Policies The Sub-Fund will seek to achieve its investment objective through the speculative trading of commodity interests via an investment in the Trading Company. The actual trading activities will be carried out by the Trading Manager. In its commodity trading, the Trading Manager employs a computerised, technical trading system that relies primarily upon a quantitative analysis of market prices. The system is designed to identify and track medium to long-term price movements. It has the ability to adapt to different market characteristics, which therefore allows the Trading Manager to apply it to a variety of markets.

18 The trading system also seeks to limit risk exposure from any one position, instrument and market through the application of various risk management measures. The margin to equity ratio of accounts previously managed by the Trading Manager at a similar degree of leverage has averaged approximately 30%. The er Global Markets Strategy The Trading Manager trades Commodity Interests for the Trading Company pursuant to its er Global Markets Strategy (the "Strategy"). The Strategy consists of a broad-based portfolio of futures contracts traded on exchanges worldwide; forward contracts on currencies in the interbank market; and spot currency transactions. The Trading Manager may also engage in so-called "exchange-for-physicals" transactions ("EFPs") in currencies, in which a spot currency position is exchanged for a futures position or vice-versa. To reach a high degree of diversification, the Trading Manager currently follows over one hundred different instruments, and typically trades approximately fifty to seventy instruments at any one time. Futures contracts traded by the Strategy may include the following types of commodities: foreign currencies, financial instruments, stock indices, agricultural products, precious metals and energy products. In order to effectuate the differing levels of leverage sought, the Trading Manager, in its discretion, may vary the amount of monies that are invested in the Trading Company and the amount held by Sentinel Management Group, Inc., Edens Corporate Center, 650 Dundee Road, 4th Floor, Northbrook, IL 60062, United States of America in its capacity as the cash manager (the "Cash Manager"). To the extent the Trading Manager organises other investment entities in the future, such entities may also invest their assets in the Trading Company for Commodity Interest trading. The Cash Manager will provide cash management services to the Sub-Fund at the discretion of the Trading Manager to cover the Trading Company s operating expenses. The assets of the Trading Company will be deposited in a trading account with Fimat USA, Inc., 630 Fifth Avenue, New York, New York 10111, United States of America acting as principal broker (or such other principal broker as may be appointed from time to time, the "Principal Broker") for trading by the Trading Manager, and, should the Trading Manager so require, Barclays Bank PLC of Bay Street, Nassau, Bahamas (acting as the principal banker for the time being, the "Principal Banker") shall be responsible for investing in short-term money market instruments, including on an overnight repurchase basis, (i) the assets of the Sub-Fund not invested in the Trading Company, and (ii) the excess margin funds in the Trading Company's trading account, subject to the supervision and direction of the directors of the Umbrella Fund and the Trading Company. Initial Composition At the date hereof, no Class K Share has yet been issued and the Sub-Fund has not yet commenced its operation. It is expected that Class K Shares be issued, and the Sub-Fund commence its operation on or about 15th April Moreover, it is expected that the initial composition of the Sub-Fund's indirect portfolio, through the contemplated investment in the Trading Company, will largely correspond to the then current composition of the portfolio of the er Global Markets XL sub-fund. As of 1st April 2005, the er Global Markets XL portfolio had a market exposure of 20% to currencies, 25% interest rate futures, 22% futures on equity indices, 15% futures on agriculturals, 16% futures on oil and energy as well as 4% futures on metals; and the margin to equity ratio of the strategy was at approximately 20%. The Sub-Fund's initial composition is subject to change over time, and is expected to follow as closely as reasonably possible that of the er Global Markets XL sub-fund as both sub-funds will have the same investment & trading policies; nevertheless, the two compositions may differ given that exact tracking may not be possible due to different account sizes etc. Fees, Commissions and Other Operating Expenses Fees of the Trading Manager The Trading Manager is entitled to receive a management fee, calculated monthly and payable quarterly in arrears, at an annual rate of 3.5% of the net asset value of the Sub-Fund (the "Management Fee"). The Trading Manager is also entitled to receive an incentive fee in respect of the Sub-Fund, accrued monthly but paid quarterly in arrears, of 20% of Net New Profits (as defined below), if any (the "Incentive Fee").

19 The Incentive Fee is based on the profitability of the Sub-Fund. The Incentive Fee is accrued monthly but paid quarterly in respect of each performance period ending on the last Valuation Day of March, June, September and December in each year (each a "Quarter"). The Incentive Fee in respect of each Quarter shall equal 20% of Net New Profits (if any) for such Quarter. For these purposes, "Net New Profits" means the increase of the net asset value of the Sub-Fund prior to the Incentive Fee during the Quarter over and above the post Incentive Fee net asset value on the date on which the Incentive Fee was last payable, adjusted for Share subscriptions and redemptions during such Quarter. Losses are carried forward from the previous Quarter or Quarters and no Incentive Fee is payable until the previous "high-watermark" has been reached. The rates of such fees may be amended by the Trading Manager giving to the Umbrella Fund not less than 30 days notice in writing specifying the new rates which will apply at the expiry of such notice. In addition, the Trading Manager is entitled to receive, as additional fee, any interest earned by the Sub-Fund on its cash positions, payable quarterly in arrears. Fees of the Cash Manager For its services to the Trading Company and each of the Sub-Funds, the management fee to which the Cash Manager shall be entitled is a maximum of 50 basis points and a minimum of 15 basis points on the assets under its management. The fee payable to the Cash Manager shall include all custody and security fees payable to the custodian. Fees of the Directors of the Trading Company The directors of the Trading Company are entitled to a directors' fee as agreed by the board of directors from time to time (currently a total amount of US$1,500 p.a.). Each of the directors shall also be entitled to the reimbursement of expenses incurred in carrying out his respective duties. Such fees and expenses are allocated pro rata to all sub-funds investing in the Trading Company. Fees of the Administrator Genesis Fund Services Limited, The Goodman's Bay Corporate Centre, West Bay Street, PO Box N9058, Nassau, Bahamas (the "Administrator" is currently entitled to a fee in the amount of US$4,000 p.a. for the provision of the Registered Office facility and acting as Secretary and Registered Agent to the Trading Company. Such fee is allocated pro rata to all sub-funds investing in the Trading Company. In addition, for services rendered to the Sub-Fund pursuant to the fund administration agreement, the Administrator is entitled to an annual fee in the amount of US$2,500. Brokerage Commissions The Umbrella Fund will be responsible for brokerage commissions and related transaction costs incurred in connection with the Trading Company s Commodity Interest trading. Such costs are borne by each share class of the Umbrella Fund in proportion to that class's investment in the Trading Company. The Trading Company has negotiated with the Principal Broker commission rates at prevailing market rates on behalf of the Trading Company. Other operating expenses In addition to the fees referred to above, the Trading Company will bear all other expenses incidental to its operations and business, including: (i) banking charges; (ii) fees of legal advisers and independent auditors; (iii) any income tax, withholding taxes, transfer taxes and other governmental charges and duties occurring for the Trading Company; and (iv) the costs of preparing, printing and distributing any prospectuses, reports as well as notices to the shareholders.

20 ANHANG B ZUM KONDITIONENBLATT DEUTSCHE FASSUNG DER INDEXBESCHREIBUNG Estlander Rönnlund Global XL, Euro Index Überblick Der Estlander Rönnlund Global XL, Euro Index (der "Index") orientiert sich am Wert einer nicht stimmberechtigten, (auf Verlangen des Aktionärs) einziehbaren, gewinnberechtigten Stammaktie (nonvoting redeemable (at the option of the holder) participating share of common stock) der Serie "Class K" ("Class K Aktie" oder "Aktie") der er Umbrella Fund Limited, Bahamas (der "Umbrella Fund"). Die den Class K Aktien des Umbrella Fund zuzurechnenden Aktiva und Passiva bilden den er Global Market XL II, Euro Sub-Fund (der "Sub-Fund"). Der Index orientiert sich daher indirekt am Wert eines Anteils am Sub-Fund. Anlageziel des Sub-Funds ist die Erzielung einer langfristigen Wertsteigerung. Der Sub-Fund verfolgt dieses Anlageziel durch spekulativen Handel in Warenterminkontrakten bezogen auf ein breites Spektrum von Waren sowie durch Kassa- und Termingeschäfte in Devisen (nachfolgend zusammenfassend "Waren & Devisen") über eine Investition in Elk Euro Fund Ltd. Die Handelsaktiva des Sub-Fund werden daher durch die Elk Euro Fund Ltd. (die "Trading Company") gehalten, über welche auch die Handelsaktivitäten durchgeführt werden. Der tatsächliche Handel wird durch die Estlander & Rönnlund Capital Management Oy in ihrer Funktion als "Trading Manager" ausgeführt (der "Trading Manager"). Der Index Der Estlander Rönnlund Global XL, Euro Index orientiert sich am Wert einer Class K Aktie des Umbrella Fund und damit an der Entwicklung des Sub-Funds, der aus den allen Class K Aktien zuzurechnenden Aktiva und Passiva besteht. Der Indexstand zum jeweiligen Indexstand-Bewertungstag wird durch Brophy Gillespie Chartered Accountants & Registered Auditor, 6 St. Gall's Gardens South, Milltown, Dublin 14, Irland (die "Bewertungsstelle") bestimmt und entspricht dem Nettowert je Class K Aktie zum jeweiligen Indexstand-Bewertungstag (ausgedrückt in Euro, gerundet auf den nächsten Cent). Auf der Basis dieses Indexstandes bestimmt die Barclays Bank PLC, 54 Lombard Street, London EC3P 3AH, England (die "Berechnungsstelle") den Wert der Schuldverschreibungen zum betreffenden Indexstand-Bewertungstag nach folgender Formel: Indexstand Indexstand t ( Euro 100,00) ( % n/ 12) initial Dabei gilt folgendes: "Indexstand t " bezeichnet des Indexstand zum jeweiligen Indexstand-Bewertungstag, "Indexstand initial " bezeichnet 100,00 und "n" bezeichnet die Anzahl der Kalendermonate von (einschließlich) dem Emissionsdatum bis (ausschließlich) zum jeweiligen Indexstand-Bewertungstag (auf einen vollen Kalendermonat abgerundet). Umbrella Fund, Sub-Fund, Trading Company und Trading Manager Umbrella Fund er Umbrella Fund Ltd. ist eine Gesellschaft mit beschränkter Haftung (limited liability company), welche Investoren die Teilhabe an professionell verwalteten Portfolios ermöglichen soll. Sie wurde als International Business Company nach dem Recht des Commonwealth of The Bahamas am 29. November 1995 als "Estlander & Rönnlund Global Fund Ltd." gegründet und hat ihren eingetragenen Sitz in The Goodman's Bay Corporate Centre, West Bay Street, PO Box N9058, Nassau, Bahamas. Die Registernummer des Umbrella Fund lautet 38,398 B. Der Umbrella Fund änderte am 14. Februar 2003 seinen Namen in "er Umbrella Fund Ltd." Die Satzung (Memorandum and Articles of

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