Alternative Investment 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 and private equity funds 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.

Business Continuity Planning

Belvedere Global Investors LLC has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our Business Continuity Plan.

Contacting Us

If, after a significant business disruption, you cannot contact one of the firm’s principal (Patrick Beaudan on 415-839-5239 or Keith Pagan on 415-435-5600), you can contact us via electronic mail at investor@bvrgi.com.

Our Business Continuity Plan

We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data back up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, and regulators; alternate physical location of operations; critical supplier contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.

Our firm backs up our important records in a separate physical location than the firm’s office. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, our objective is to restore our own operations and be able to complete existing transactions and accept new transactions within two days.

Varying Disruptions

Significant business disruptions can vary in their scope, affecting only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to another site when needed and expect to recover and resume business within one (1) day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside the affected area, and recover and resume business within two (2) days. In either situation, we plan to continue in business, and notify you through electronic mail, or through a message at our main number, 1-415 839 5239, about how to contact us. If the significant business disruption is so severe that it prevents us from remaining in business, we will inform our customers promptly.

For more Information

If you have questions about our business continuity planning you can contact us at 1-415-839-5239.