Belvedere Global Investors

Disclosures

Belvedere Global Investors LLC and its affiliates are providing this web site as an informational service to its clients, investors and visitors. By using this site or copying materials from this site, you agree to abide by the terms and conditions set forth in this section. If you do not agree to abide by these terms and conditions, do not use this site or copy materials from this site. Please note that it is your responsibility to be aware of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Nothing on this web site constitutes an offer to sell or solicitation of an offer to buy any securities. Specifically, nothing on this web site shall be considered a general solicitation of investments in any particular investment fund. Rather, prospective investors in any such fund must meet specific criteria, including qualifying under applicable securities laws as accredited, institutional or sophisticated investors. Access to this web site, therefore, shall not be deemed access to any particular securities or investment opportunities for Belvedere Global Investors is acting as a placement agent. Nothing on this web site constitutes a solicitation for broker services. Nothing on this site constitutes professional and/or financial advice, nor does any information on this site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. No action should be taken or admitted to be taken in reliance upon information on this site. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstance. All calls may be recorded.

Hedge Funds Risk Warning

The funds are unregistered private investment funds, or pools, which employ different investment, hedging, leverage and arbitrage methodologies, with exposure to many different securities and futures markets, are not subject to the same regulatory requirements as mutual funds or unit trusts, including mutual fund / unit trust requirements to provide certain periodic and standardized pricing and valuation information to their investors.

Readers should note the following:

• The funds represent speculative investments and involve a high degree of risk;
• An investor could lose all or a substantial portion of his/her investment;
• Any investment in the funds should be discretionary capital set aside strictly for speculative purposes;
• An investment in a fund is not suitable for all investors;
• The funds may be leveraged and a fund's performance can be volatile;
• Fund managers have total trading authority over their funds;
• Some funds may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk;
• Some funds may execute a substantial portion of trades on foreign exchanges, which could mean higher risk;
• An investment in the funds may be illiquid and there are significant restrictions on transferring interests in a fund;
• There is no secondary market for an investor's investment in a fund and none is expected to develop;
• A fund's fees and expenses-which may be substantial regardless of any positive return-will offset the fund's trading profits;
• Hedge fund fees are higher than fees for mutual funds;
• Some funds may involve complex tax structures and delays in distributing important tax information.

This summary is not a complete list of the risks and other important disclosures involved in investing in the funds and is subject to the more complete disclosures contained in the funds' respective offering documents, which should be reviewed carefully.