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THE HONEY BADGER

INVESTMENT FUND

ICO WHITEPAPER

ICO WHITEPAPER

ICO WHITEPAPER

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TABLE OF CONTENTS

SECTION ONE: EXECUTIVE SUMMARY ............................................................................................................... 2

SECTION TWO: INDUSTRY ANALYSIS ................................................................................................................ 4

2.1. Overview of the Global Invoice Factoring Market .............................................................................. 4

2.2. Market Share/ Growth of the Global Industry ................................................................................... 5

2.3. Market Challenges .............................................................................................................................. 8

2.4. Industry Trends ................................................................................................................................... 9

2.5. Blockchain Application in the Invoice Factoring Industry .............................................................. 11

2.6. SWOT Analysis ................................................................................................................................... 13

SECTION THREE: THE HONEY BADGER INVESTMENT FUND ....................................................................... 16

3.1. The HBIF Innovation .......................................................................................................................... 16

3.2. What we do? ...................................................................................................................................... 17

3.3. How HBIF Token works .................................................................................................................... 18

3.4. Token sale: ........................................................................................................................................ 19

SECTION FOUR: THE DISCLAIMER ................................................................................................................... 20

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SECTION ONE: EXECUTIVE SUMMARY

Alternative lending provides small and medium-sized businesses with the funding lifeline they

need to compete with bigger rivals. Banks, and particularly big banks, are geared for the

customers that take big loans. They will bend over backwards to give their big customers the

funding they need to put the startups or small ones out of business. Meantime, the small business

owner waits and waits for the loan application to be approved and, after jumping through all the

banking hoops, often receives a denial.

Invoice factoring, also known as accounts receivable financing or receivable factoring has been

around for years, though it has recently become more prominent as banks continue to deny small

business loans to fund business solutions. It therefore does not require handing over a part of the

business to a third party, nor will it incur debt.

Factoring has been more prominent in The United Kingdom and Australia, but has been seeing

much more widespread adoption in The United States, in recent years. The rapid growth and profit

potential are leading many to make their attempt at a piece of the pie. Money supply and liquidity

appears to be increasing. The global M1 measurement is currently rising at a rate of around 10%

p.a., the fastest since the introduction of the stimulus packages following the Great Recession of

2007. Such a rapid rate of growth in the money supply is generally expected to lead to inflation.

However, that is not the case as most interest rates remain low.

The most challenging times have passed and this sector will return to positive territory in years to

come and as the economy recovers, (which it will, although some days it seems like it may never

happen,) and when the pent-up demand is presented to small- and mid-sized companies, invoice

factoring will be a perfect solution for them to take advantage of new opportunities. Banks will

increase their lending to business owners but, as we have seen in the past, they cannot help every

growing company. Factoring will be the source of credit for early-stage companies due to their

insufficient track record as it always has.

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As existing mid-sized companies are faced with new projects and increased orders, they will be

able to leverage the incremental solution that invoice factoring brings to those with current bank

lines of credit. It is the perfect way to complement a bank line of credit and over the last few years,

we have seen many more banks being receptive to signing subordination agreements and allowing

their clients to fund incremental sales through the use of factoring.

With all the economic uncertainty in the market and traditional credit struggling to return to

normal levels, one thing is certain: Invoice factoring will remain a solution to help small

businesses with their cash needs. It has a long history in the world of credit and has stood the test

of time when it comes to financing a growing business.

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SECTION TWO: INDUSTRY ANALYSIS

2.1. Overview of the Global Invoice Factoring Market

Factoring is a service of financial nature involving the conversion of credit bill into cash1. Very often

companies need short term capital. They have invoices pending that will bring capital but it can

take between 30 to 90 days for these invoices to be paid by their clients, and they might not be able

to wait that long. To resolve this liquidity problem, one option is to sell these invoices at a discount,

thereby losing a slight part of the profit but gain immediate capital.

Many Factors are common amongst the companies which decided to factor its receivables and

they include: company’s sector, management’s professionalism and ownership structure,

seasonality of sales, other supplier's cash flow (Sufficiency of trade credit), financial healthiness,

growth rate, compliance to certain covenants and financial reporting, distressed companies which

need a quick fix, access to bank credit client’s years in the market, etc2.

Fast forward to the Great Recession when bank lending tightened and credit seized even the

strongest factors, and asset-based lenders became lenders of first resort, not last, as they were

viewed in years past. Times have changed and discussions with potential factoring clients

changed3. In addition to the change in the perception of factoring, the viewpoint on the cost

associated with factoring has shifted as well. In a climate where credit is tight, whether it is due to

the economy, a company’s financial track record or it just makes good sense to leverage

receivables; clients have come to justify the additional cost associated with factoring.

Factoring has always been a simple product to use, even 20 years ago. Today, with factors

leveraging technology and online reporting, it truly can be a 24- to 48-hour turnaround from an

initial inquiry to funding. As technology becomes increasingly mobile and information can be

exchanged with relative immediacy, the flexible nature of factoring will continue to respond to the

evolving needs of business owners.

Preliminary world factoring statistics indicate that the Industry has overall held its pace with many

markets showing significant continued growth. These advances have however been offset by a

1https://www.reuters.com/brandfeatures/venture-capital/article?id=36085 2https://www.researchgate.net/publication/263697726/download 3http://www.abfjournal.com/articles/industry-outlook-factoring-withstands-the-test-of-time/

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continued reduction of volume from China, where the downturn has also affected international

figures of trade counterparty countries such as the USA - although in this case the reduction

appears to have mitigated with an increase in domestic business, at least in respect of 390 Factors

Chain International, FCI Members in 90 countries

The total volume estimated for 2016 amounts to 2,355 billion euro, which is marginally lower than

in 2015 where it reached 2,367 billion euro4. FCI Members account for 55% of the world estimated

domestic volume, 82% of international and 61% of the total.

Drivers in the market is the growing awareness about supply chain financing, including factoring

and also, the growing need for alternative source of financing for MSMEs 5 . MSMEs depend

extensively on financing to expand their business, develop new products, and invest in improved

inventory management systems and production facilities. Factoring businesses offer working

capital loans that mitigate credit risks, by providing loans without start-up fees or termination

fees.

2.2. Market Share/ Growth of the Global Industry

The global factoring market is expected to grow at a CAGR of 13.28% during the period 2018-20226,

generating USD 4.63 trillion by 2020 (at a CAGR of 11.03% during the forecast period) according to

Technavio’s latest report7.With a massive share of 63.44% in 2015, EMEA emerged as the largest

market for the global factoring market, and will continue to dominate the market over the next five

years, 2020. Furthermore, the factoring market in APAC was valued at USD 764.7 billion in 2015

and is expected to reach USD 1.26 trillion by 2020 and that of the Americans is expected to reach

USD 379.1 billion by the forecast period, posting a CAGR of 9.69%.

According to the FCI Annual Report that studied the trends in the global factoring industry in 2016

and early 2017, the world total volume of factoring came out at €2.4 billion, with Europe accounting

4http://www.abfa.org.uk/news/139/FCI:-2016-Preliminary-Global-Factoring-Statistics 5https://businessstrategies24.com/factoring-market-analysis-overview-growth-share-demand-and-forecast-research-report-to-2022/ 6https://www.businesswire.com/news/home/20180511005277/en/Global-Factoring-Market-2018-2022-Advent-Blockchain-Factoring 7https://www.businesswire.com/news/home/20160404005618/en/Technavio-Predicts-Global-Factoring-Market-Multiply-USD

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for 67.05% of the total volume8. The Middle East comes in the last place at a distant 0.32% of the

total world volume. Factoring in Asia is the second largest factoring region in the world, accounting

for 22% of the world factoring volume.

Source: http://invoiceinterchange.com/fci-2017-annual-report/

The FCI Annual Report stated that China dominated the Asian factoring market, with 58% of the

total factoring volume in the region. It was followed by Japan (10%), Taiwan (9%), Hong Kong (8%),

Singapore (8%), Korea (3%) and others (4%). However, many emerging countries such as Malaysia,

Indonesia, Vietnam, and India were expected to fuel the exponential growth of factoring in Asia in

the coming years. Singapore has a factoring turnover of around €4 billion in 2016 from 9 different

companies. Although China’s economy is not growing as much as it used to, the entry of new

economies into the Asian factoring market will offset the decrease caused by China.

Africa, which is of course highly dependent of the South African market, also shows an interesting

growth rate of over 47%. It must be remembered that the data is an estimate based on the figures

of the existing Members of FCI and hence subject to modifications. It is hoped that the efforts of

new players soon start to show positive results.

European markets showed a 2.5% increase and the UK market which accounted for 20% of

European volume suffered high volatility in its currency and hence recorded a 13.2% drop, which

would have changed to a positive figure if not for the euro currency fluctuation, according to the

2017 FCI Global Factoring Statistics.

8http://invoiceinterchange.com/fci-2017-annual-report/

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The statistics below presents the development of quarterly client sales volumes in factoring

(invoice finance) in the United Kingdom (UK) from the 1st quarter of 2016 to the 2nd quarter 20179.

In the second quarter of 2017, domestic invoice discounting sales reached over 62.7 billion British

pounds.

Domestic

Factoring

Domestic Invoice

Discounting

Export

Factoring

Export Invoice

Discounting

Import

Factoring

Q1 2016 4,496 60,419 291 4,844 141

Q2 2016 4,943 64,312 294 5378 139

Q3 2016 5,046 64,577 322 5,591 134

Q4 2016 5,021 67,121 359 6,626 139

Q1 2017 4,727 64,343 328 6,886 125

Q2 2017 4,809 62,724 324 7,365 116

Source: https://www.statista.com/statistics/470773/factoring-sales-volumes-by-type-in-united-kingdom/

The rest of the “mature” markets like France (+8%) Germany (+5%) and Italy (close to +10%) show

a continued upward trend, whilst, at the other extreme, Turkey’s reduced exports pulled down its

total market figure, declining by 10%. It is worth highlighting that the Russian market increased by

+40% and the Dutch by +26%.

9https://www.statista.com/statistics/470773/factoring-sales-volumes-by-type-in-united-kingdom/

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Despite political turmoil in the USA, in 2016 the Americas grew overall by almost 10%, led by Brazil,

which increased over 50%, Mexico 16% followed by Chile 12% and Argentina 22%. The future of

the Industry in the region looks very promising and expectations are high.

Source: http://invoiceinterchange.com/fci-2017-annual-report/

Historically, factoring has been perceived as countercyclical, performing well during economic

downturns. According to the FCI Annual Report, analysis of global markets indicated that factoring

is positively correlated with economic growth. Additionally, it even demonstrated high beta

coefficient. For example, when there are increases in economic growth rates, the growth rate of

factoring increases as well. From the FCI Annual Report, it was evident during decreases in

economic growth rates, with the growth rate of factoring also decreasing.

2.3. Market Challenges

Lack of stringent regulatory framework for debt recovery mechanism in developing countries10.The

market faces challenges due to weak tax and legal and regulatory barriers. In developing

countries, weak infrastructure also creates more stalemates for the collection of receivables,

according to a 2018 report provided by Research and Markets.

Furthermore, Invoices can sometimes be bogus, fraudulent or exaggerated. In some cases, the

same invoice is forwarded to 2 separate invoice generating businesses.

Sadly, these events happen more frequently than people may assume, and sometimes on a broad

scope. A noteworthy instance of such as situation took place in 2014 and involved Citigroup, which

10https://www.prnewswire.com/news-releases/global-factoring-market-2018-2022-market-to-grow-at-a-cagr-of-13-28---key-vendors-are-bnp-paribas-deutsche-factoring-bank-eurobank-hsbc-group--mizuho-financial-group-300646946.html

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found out that they have noted around $400m. of loan funds to a firm that generated fake invoices

to cover the loans11.

There are some measures to ensure none of these cases occur again, but unfortunately, they can

require a great deal of work and funds to be carried out and the final result may be poor. Taking

into account the limitations of invoice validation, it’s not wise for lenders to bother with minor

invoices.

From the perspective of an invoice seller, this necessary movement amplifies the cost and

increases the time span of getting the funds, which is a problem for SMEs.

In spite of these problems, the international invoice field has been flourishing over the past 10 years

and is now a $3 trillion industry with estimated figures in the future reaching $4.63 trillion, by 202012.

2.4. Industry Trends

Growing adoption of digital platforms for factoring: Much like every other industry, technology is

rapidly changing the factoring industry. New startups offering innovative products and services

are appearing all the time 13 . They are threatening the market share of the old established

companies who must change their ways to stay competitive.

Most brokers and lenders alike are increasing their online presence. Through the use of SEO best

practices and Pay Per Click (PPC) marketing, these old lenders are able to enter the digital age.

Advertising on these platforms makes it an extremely granular form of marketing and can drive

cost per lead down tremendously if used effectively.

Another trend in the market is advent of blockchain in factoring services. Governments of various

countries are investing heavily in blockchain technology, due to the steady growth of value and

acceptance in the mainstream payment method. Our analysts report that this technology has the

capability to modify the functioning of exchanges such as the stock market, patent awarding, and

factoring.

11https://www.reuters.com/article/us-citigroup-mexico-fraud/citigroup-reports-fraud-in-mexico-unit-lowers-2013-results-idUSBREA1R10Q20140228 12https://www.businesswire.com/news/home/20160404005618/en/Technavio-Predicts-Global-Factoring-Market-Multiply-USD 13https://factoringjournal.com/factoring/factoring-industry/

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Media headlines are full of buzz about cryptocurrency especially with bitcoin (BTH), one of the big

four, including Ethereum (ETH), Litecoin (LTC), and Ripple (XRT) and these dominate the crypto

space for good reason. They each provide a unique use of blockchain technology that provides not

just a fiat currency alternative and store of value but also lightning fast funding, total transaction

security, and smart-contract technology that allows businesses to instantly transact business

without fear of the other party defaulting. These innovations, unavailable with fiat currencies, open

possibilities for open, secure, and efficient flows of currency never before thought possible. As a

result, cryptocurrency factoring can be leveraged to make more money available.

Nearly 200 factors from a wide range of company sizes were surveyed in the 2017 International

Factoring Association (“IFA”) Independent Business Profile and Performance Survey of the

industry. This was conducted by Industry Insights, Inc., an independent research and consulting

firm headquartered in Ohio and the following industry trends and industry benchmarking data was

reviewed14.

• There are many well-established firms, with 37% having been in business 16 or more years.

But there is a large and growing influx of new factors: 25% had been in business 5 years or

less.

• Transportation was the largest business segment for Factors, comprising 36.4% of gross

invoices funded, followed by the Service Industry (10.9%) and Construction (7.3%).

• Technology use continues to increase steadily, with 85.9% of respondents now using online

capabilities to give customers access to account information.

• Word of mouth continues to be the most effective means of reaching new customers, yet

many Factors are finding success with new marketing tactics including eblasts (60.6%) and

LinkedIn (50.9%).

• Half of respondents, 50.3%, reported relatively small average monthly deal size of $100,000

or less.

14https://www.factoring.org/files/Press/IFA%20Factoring%20Industry%202017%20Survey%20Release.pdf

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2.5. Blockchain Application in the Invoice Factoring Industry

Cryptocurrency factoring uses new technology to make invoice factoring in bitcoin possible. In

using cryptocurrency factoring, one can enjoy a worldwide marketplace for invoice factoring needs

and for creating a competitive lending landscape, it is a great bottom line15.It also eliminates one

of the biggest drawbacks of cross-borders lending. Fiat currency bank fees create a drain on any

business but are especially damaging to small- and medium-sized businesses operating on thin

margins or that are in the midst of expansion and need every penny for investment. Invoice

factoring in bitcoin therefore, eliminates these fiat currency bank fees and makes the lending

experience formerly available only to the elite.

Platforms like Paypie, Populous, and Hive have generated their own tokens and are geared towards

providing their clients an invoice factoring option using blockchain technology. Although these

platforms differ from one another in their targets, they share a similar blockchain model as stated

below16:

1. Automation: 2X invoicing gets more difficult.

An exclusive fingerprint is given to every invoice that is generated and tokenized through

blockchain, and can only be shared one time. Thus, the method of validation against

duplicate invoicing becomes automated.

A scam company could still send an invoice to 2 service providers at the same time. However,

they won’t pay the invoice in any of these two services and the credit mark of the company

will reveal it, which blocks the service from being used again.

In the future, we can assume that companies that provide invoice factoring services through

blockchain, will all adhere to a common approach and standard for validating invoices and

share reports with each other for the purpose of preventing duplicate invoicing.

15https://businessfactors.com/blog/trends-cryptocurrency-factoring/# 16https://medium.com/tokenpub/invoice-factoring-on-blockchain-4cdc16c7f7d1

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2. Transparency: (Credit Risk Evaluation Becomes Less Complex): PayPie and hive focus

primarily on the credit risk reports. They note down the company’s track record on the site

and let them submit their financial details automatically on the platform, helping that way

the development of a reliable credit score and enabling the lender to invest with no worries

and stay away from bogus companies.

Additionally, the credit score can be utilized in other cases besides invoice factoring--the

most noteworthy one being lending. Furthermore, it stops the bogus alteration of invoices

as they will be generated straight from digital accounting programs. This type of service can

create a positive effect on the business era as it will give an edge to businesses with proven

and clean financial records.

3. Reduce inequality: Making things fairer for both parties: the use of an invoice factoring

system is a fair practice for both the seller and the lender. Invoice factoring is not only used

by baking institutions and fortune 100 companies. Platforms like PayPie and Populous have

made it easy for anyone that has tokens from these providers to purchase invoices. Those

how own smaller tokens can also purchase smaller invoices or collaborate with other third

parties to purchase larger invoices. The limitation to entering an invoice factoring is

minimized for smaller businesses as they can sell their invoices even if they are not big.

4. No need for trust: people and business from all corners of the globe can communicate

without having to rely on each other. This democratic and constructive climate also occurs

remotely. For example, someone from Singapore can purchase an invoice from a UK

company. Folks from separate countries across the world can collaborate with each other

from a distance. Borders are no longer limiting tokenization as everything can now be

exchanged immediately.

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The graph presents the benchmark transaction value of the Fintech invoice factoring platforms

sector in the United Kingdom in 2014 till a forecast period, 2020. The statistic shows the annual

transaction value in the market as a share of the referring total market potential in percentage

terms. In 2014, the FinTech invoice factoring platforms sector had a share of 0.06% and reaching

a 0.7% share growth in 202017.

2.6. SWOT Analysis

Strengths

1. It provides immediate cash and extra capital to support business growth18. For businesses

that landed a large contract that will lead to growth, factoring is suitable. The instant cash

flow boost will allow the purchase of the materials needed, or the hire the staff needed to

serve the new client.

2. Eliminates/ lowers extra credit risk especially for new businesses. While it may be difficult

to say no when offered a lucrative contract, small business owners should carefully

examine proposed credit terms and determine if it really is in their best interest.

3. It doesn’t add debt19. Factoring is not a loan, so there is no debt created by it since the cash

received from invoice factoring is based on the credit and payment history of a business’s

customers, not that of the business itself.

17https://www.statista.com/statistics/497571/digital-market-outlook-invoice-factoring-benchmark-transaction-value-uk/ 18https://factoringjournal.com/factoring/a-good-idea/ 19https://www.tcicapital.com/what-is-factoring/

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4. It eliminates wait on customer’s payment. While many businesses turn directly to a bank

when they need working capital which can take weeks or even months, invoice factoring is

simple and quick since it eliminates the need to wait on customer’s payment by making

funds available.

5. It is a simple transaction since it is straightforward and easy.

Weaknesses

1. It may result to unsustainable business. While invoice factoring for a long term solution can

provide relief, it does not solve underlying problems which may keep the business afloat.

2. Difficulty in acquiring new customers 20 .With the alternative finance industry rapidly

growing, it’s becoming increasingly difficult to generate new invoice factoring leads

whether as a factoring broker or a factoring company. This may usually be because many

competitors are using the exact same sales tactics or resorting to archaic methods such

as cold calling prints media and advertising, etc.

3. With the increase in difficulty comes a higher cost per lead acquired, which eats into ones

bottom line.

Opportunities

1. Avenue for business growth and expansion21. In the modern business world, it is often

crucial to react quickly to market changes while planning for future growth at the same

time. Invoice factoring is therefore a legitimate way to grow businesses and plan for the

future with the guarantee of receiving proper financing and support.

2. Clients have increasingly turned to external competitors to maintain control over their sales

ledgers

20https://factoringjournal.com/factoring/factoring-leads/ 21https://capitalnow.ca/8-industries-invoice-factoring-can-benefit/

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Threats

1. Increasing competition. The sudden influx of competitors in utilizing innovative marketing

strategies has made it more difficult to compete in the online factoring world.

2. The growth in accounts receivable financing has come with escalating criticism22.

3. Hidden charges from operators discouraged small business owners from using invoice

discounting

22https://googleweblight.com/i?u=https://www.reuters.com/brandfeatures/venture-capital/article?id%3D36085&hl=en-NG

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SECTION THREE: THE HONEY BADGER INVESTMENT FUND

3.1. The HBIF Innovation

HBIF is an investment fund dedicated to financing invoices globally with the use of blockchain

technology. The HBIF token is expected to outperform the industry by reinvesting fifty percent of

the monthly income to further grow the assets. This growth in assets provides the Fund with a

slight compound effect.

The hypothesis for this project is that the

Invoice Factoring industry is to be overtaken

in its entirety by Blockchain based solutions.

This global market offers a great opportunity

to ride the wave in adoption and then benefit

from the returns to further add value.

Furthermore, the ease of access for both the

borrower & the lender will serve to enlarge

the market on both ends.

The global invoice factoring market has been

booming in the last decade, it is currently a $3

trillion market and it is expected to reach

$4.63 trillion by 2020.

Individuals from various nations can pool

together to purchase invoices throughout the

world. Somebody from India can purchase an

invoice from a French organization.

Security is a very important aspect of the blockchain technology and the precautions regarding the

matter are crucial. We are experts in handling crypto transactions and pay attention to the security

of the accounts. We filter through the reports of businesses with dedication, carefulness and time.

We are well equipped to overcome problems that arise from the challenges in the market. There

are great difficulties in the verification of invoices and sometimes small invoices are not even

considered for verification, which complicates the process further. However, global invoice

factoring market is booming for the past 10 years and is expected to grow in the coming years.

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3.2. What we do?

HBIF finances invoices worldwide and

provides the economy with the liquidity

for better business growth. We will

initiate pooling of funds that will

provide positive diversification. When

the contributor holds the HBIF token,

he will benefit from re-investments. We

at HBIF manage the system efficiently

and aim to reduce the volatility in the

market through cost averaging. The

owners can keep their HBIF coins in

their own digital wallet.

The application of blockchain

technology to the factoring and finance

industry will help with tremendous

growth and here are the advantages that come with the platform:

• Relational Blockchain: It helps in connecting the investors and businesses with the use of

Blockchain technology.

• Transparency: The transactions with invoices are done in a flawless manner.

• Aligned interest: We deduct our operation fees from the profits incurred.

• Global market: Numerous companies worldwide will receive benefits with invoice factoring.

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3.3. How HBIF Token works

Blockchain technology offers the opportunity to participate in invoice factoring worldwide thanks

to solution provided by third party.

Current platforms using blockchain such as, Populous, etc, (provide easy accessibility for both the

lender and the borrower and will cater to a large market), have issued tokens (cryptocurrency

running on the blockchain ethereum).

They provide the decentralized market. So you can buy tokens from these companies, and on their

platforms act as an investor by buying bills, thus obtaining a monthly ROI.

Nevertheless this requires invoices purchases every day, great dexterity in the use of blockchain.

The time & resources required to optimize (correctly filter through company invoices available for

financing, manage the risk in terms of delays & price fluctuations)

What HBIF is proposing: Use ICO and other private investments to buy the underlying assets that

allow HBIF to actively manage different Invoice day after day.

The HBIF token will therefore reflect the price of the underlying token asset and outperform it by

reinvesting 50% of the monthly income in the fund in order to grow our capital and thus our ability

to purchase bills. Thus benefiting from an multiplicator effect. The remaining 50% of the monthly

returns are allocated to operations, divided between: 20% for gold and Bitcoin asset insurance,

and 30% for cold storage and other business expenses.

Tokens are currently available through this website (hbifund.co) & through a private sale. They will

be then listed on multiple exchange platforms. In parallel, a service dedicated to providing liquidity

based on the NAV will ensure a base price and facilitate withdrawals in Ethereum or Bitcoin.

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3.4. Token sale:

We at Honey badger investment funds have the strength, ferocity and toughness to provide our

clients with customer focused services. We are a financial powerhouse that has developed a robust

system within a short span of time to help businesses, investors and buyers reach out globally.

With diligent efforts and great leadership, we have achieved global recognition and offer you

perfect services in the field of investment funds. We are a technologically advanced company that

offers tech-savvy services on innovative blockchain platforms so that the investment and factoring

can be done digitally. We have a dedicated team of experts with unsurpassed and deep knowledge

of the volatile market and the team is committed to help the clients globally. HBIF is the first step

in the direction of growth and success as we look forward to tougher challenges and more

milestones to conquer, so that our clients receive the best of everything.

Distribution of tokens Use of proceeds

Our values are:

v We serve our clients dedicatedly and honestly

v We hold years of experience and expertise in the financing field

v Our performance is instant and up to mark

v We are totally committed to satisfy our clients and help them achieve growth and success

v With us you will get personalized funding solutions with top notch customer services through our

professional team.

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SECTION FOUR: THE DISCLAIMER

The present document is not directed to any person in any jurisdiction where (by reason of that’s person

nationality, residence or otherwise) its publication or availability is prohibited. Persons within the scope of

such prohibitions must seek information regarding/not apply for subscription of shares of the Fund. The

information contained in this document should not be considered as an offer or solicitation by anyone in

any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such

offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or

solicitation. The present document is only made available to institutional investors, professional investors

and persons with experience in participating in unregulated schemes. Prospective investors should inform

themselves as to applicable requirements.

To avoid any doubt, this document is not intended to constitute “marketing” as such term is defined in the

alternative investment fund managers directive.

The fund is not registered under the United States Act of 1933, nor the United States Investment Company

Act of 1940 and therefore may not directly or indirectly be offered or sold in the United States of America or

any of its states, territories, possessions or other areas subject to its jurisdiction or to or for the benefit of

a United States Person. No US persons (natural persons or legal entities) are allowed to seek information

regarding/subscribe for shares of the Fund.

Applications to invest in the Fund must only be made on the basis of a subscription request to be formally

accepted by the general partner – subject to provision of any and all information/documents requested by

the General Partner.

Kindly note that, as a result of money laundering regulations, additional documentation for identification

purposes may be required if and when a subscription request is formally accepted by the General Partner.