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Legal Disclaimer

A prospective investor should only commit to an investment in the strategy if such prospective investor understands the nature of the investment and can bear the economic risk of such investment. The strategy is speculative and involves a high degree of risk. The strategy may lack diversification, thereby increasing the risk of loss. The strategy's performance may be volatile. There can be no guarantee that the strategy's investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. As a result, an investor could lose all or a substantial amount of its investment. In addition, the strategy's fees and expenses may offset its profits. In making an investment decision, you must rely on your own examination of the strategy and the terms of the investment agreement.

The information herein is not intended to provide, and should not be relied upon for, accounting, legal, or tax advice or investment recommendations. You should consult your tax, legal, accounting, or other advisors about the matters discussed herein. The strategy's ability to achieve its investment objectives may be affected by a variety of risks not discussed herein.

No representations or warranties of any kind are made or intended, and none should be inferred, with respect to the economic return or the tax consequences from an investment in the strategy. No assurance can be given that existing laws will not be changed or interpreted adversely. Prospective investors are not to construe this presentation as legal or tax advice. Each investor should consult his or its own counsel and accountant for advice concerning the various legal, tax, ERISA and economic matters concerning his or its investment.

This presentation is being furnished to you on a confidential basis to provide preliminary summary information regarding an investment in the strategy and may not be used for any other purpose. Any reproduction or distribution of this presentation or accompanying materials, if any, in whole or in part, or the divulgence of any of its contents is prohibited. An investment in the strategy has not been approved by any U.S. federal or state securities commission or any other governmental or regulatory authority.