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PPM- Private Placement Memorandum.DOC

BADGER SPECIALISED CAPITAL
PRIVATE PLACEMENT MEMORANDUM

1

PPM- Private Placement Memorandum.DOC

DISCLAIMER
This Private Placement Memorandum (“PPM”) and any attachments to it are provided in connection with Badger
Specialised Capital (Proprietary) Limited, registration number 2008/003130/07, ("the Company") and Badger Quant
Trust, IT number 2090/2008, (“the Trust) (together “the Fund”). The Company, the Trust and the Fund are not financial
services providers in South Africa and nothing in this PPM should be construed as constituting the canvassing for, or
marketing or advertising of financial services by the Company, the Trust and the Fund in South Africa.
This PPM is not an invitation to purchase debentures in the Company and an interest in the Fund. The distribution of
this PPM may be restricted by law and persons into whose possession this PPM comes should inform themselves about,
and observe such restrictions.
Past performance of the Fund