GENERAL

THIS NEWSLETTER IS CONFIDENTIAL TO THE ADDRESSEE AND SHOULD NOT BE DISCLOSED OR DISTRIBUTED TO ANY THIRD PARTY WITHOUT THE PRIOR CONSENT OF MANN MANN JENSEN PARTNERS LP, A BROKER-DEALER REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND A MEMBER OF FINRA AND IS REGISTERED WITH THE U.S. COMMODITY FUTURES TRADING COMMISSION ANDA  MEMBER OF THE NFA. THE INFORMATION SET FORTH HEREIN HAS BEEN PROVIDED BY THE INVESTMENT MANAGER USING NET ASSET VALUES PREPARED BY THE ADMINISTRATOR OF THE FUND. SECURITIES DISTRIBUTION AND MARKETING SERVICES IN THE UNITED STATES ARE PROVIDED BY MANN MANN JENSEN PARTNERS LP. AN INVESTMENT IN THE FUND IS NOT SUITABLE FOR ALL INVESTORS. THIS DOCUMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE ADVICE, A RECOMMENDATION, A PROSPECTUS OR OFFERING CIRCULAR OR AN OFFER OR INVITATION TO SUBSCRIBE FOR SHARES IN THE FUND. THE FUND IS AVAILABLE FOR SUBSCRIPTION ONLY ON THE BASIS OF THE RELEVANT PROSPECTUS, WHICH IS AVAILABLE ONLY TO INVESTORS SATISFYING THE APPLICABLE ELIGIBILITY CRITERIA FOR INVESTMENT. PROSPECTIVE INVESTORS SHOULD RELY SOLELY ON SUCH OFFERING DOCUMENTS IN MAKING ANY INVESTMENT DECISION. THE BOARD OF DIRECTORS OF THE FUND MAY DECLINE TO ACCEPT ANY SUBSCRIPTION. THE INFORMATION IS AS OF THE DATE(S) INDICATED, IS NOT COMPLETE, IS SUBJECT TO CHANGE, AND DOES NOT CONTAIN MATERIAL INFORMATION REGARDING THE FUND, INCLUDING IMPORTANT DISCLOSURES CONTAINED IN THE RELEVANT PROSPECTUS AND SUBSCRIPTION AGREEMENT.

RETURN AND VOLATILITY TARGETS THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE THE TARGETED RATE OF RETURN OR VOLATILITY AND THERE IS NO GUARANTEE AGAINST LOSS RESULTING FROM INVESTMENT. INVESTMENTS IN THE FUNDS CARRIES SIGNIFICANT RISK OF LOSS OF CAPITAL AND INVESTORS SHOULD REVIEW THE TERMS OF THE PROSPECTUS AND SUBSCRIPTION AGREEMENT WITH DUE CARE AND APPROPRIATE PROFESSIONAL ADVICE. RETURN AND VOLATILITY TARGETS OR OBJECTIVES ARE USED FOR MEASUREMENT OR COMPARISON PURPOSES AND ONLY AS A GUIDELINE FOR PROSPECTIVE INVESTORS TO EVALUATE THE FUND’S INVESTMENT STRATEGY AND THE ACCOMPANYING RISK/REWARD RATIO. TARGETED RETURNS AND VOLATILITY ARE SUBJECTIVE DETERMINATIONS BY THE FUND’S INVESTMENT MANAGER BASED ON A VARIETY OF FACTORS, INCLUDING, AMONG OTHERS, INVESTMENT STRATEGY, PRIOR PERFORMANCE OR SIMILAR PRODUCTS, VOLATILITY MEASURES, RISK TOLERANCE AND MARKET CONDITIONS. PERFORMANCE MAY FLUCTUATE, ESPECIALLY OVER SHORT PERIODS. TARGETED RETURNS AND VOLATILITY SHOULD BE EVALUATED OVER THE FIVE YEAR TIME PERIOD INDICATED AND NOT OVER SHORTER PERIODS. TARGETED RETURNS AND VOLATILITY SHOULD NOT BE RELIED UPON AS AN INDICATION OF FUTURE PERFORMANCE. NO REPRESENTATION OR ASSURANCE IS MADE THAT THE FUND WILL OR IS LIKELY TO ACHIEVE THE OBJECTIVES OR TARGETED RETURNS OR VOLATILITY.

PRO FORMA INFORMATION ALL STATISTICAL MEASURES AND CALCULATIONS SHOWN ARE BASED ON THE ACTUAL PLUS PRO FORMA PERFORMANCE INFORMATION WHERE APPLICABLE ALTHOUGH BASED ON ACTUAL TRADING OF THE FUND, PRO FORMA PERFORMANCE RESULTS, WHERE APPLICABLE, ARE SHOWN FOR ILLUSTRATION PURPOSES ONLY AND SHOULD NOT BE RELIED UPON. NO REPRESENTATION OR ASSURANCE IS MADE THAT ANY INVESTOR WILL OR IS LIKELY TO ACHIEVE RESULTS COMPARABLE TO THOSE SHOWN OR WILL MAKE ANY PROFIT OR WILL BE ABLE TO AVOID INCURRING SUBSTANTIAL LOSSES. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

INDEXES/BENCHMARKS CERTAIN INFORMATION, INCLUDING INDEX/BENCHMARK INFORMATION, HAS BEEN PROVIDED BY THIRD-PARTY SOURCES, AND, ALTHOUGH BELIEVED TO BE RELIABLE, HAS NOT BEEN INDEPENDENTLY VERIFIED AND ITS ACCURACY OR COMPLETENESS CANNOT BE GUARANTEED. FINANCIAL INDICATORS AND BENCHMARKS ARE UNMANAGED, DO NOT REFLECT ANY MANAGEMENT FEES, ASSUME REINVESTMENT OF INCOME, ARE SHOWN FOR ILLUSTRATION PURPOSES ONLY, AND HAVE LIMITATIONS WHEN USED FOR SUCH PURPOSES BECAUSE THEY MAY HAVE VOLATILITY, CREDIT, OR OTHER MATERIAL CHARACTERISTICS THAT ARE DIFFERENT FROM THE FUND. FOR EXAMPLE, THE FUND MAY TYPICALLY HOLD SUBSTANTIALLY FEWER SECURITIES THAN ARE CONTAINED IN AN INDEX. THE FUND ALSO MAY TRADE NON-SECURITIES OR EQUITY OR DEBT SECURITIES THAT ARE NOT COMPARABLE TO THOSE CONTAINED IN AN INDEX. INDEXES SHOULD NOT BE RELIED UPON AS A FULLY ACCURATE MEASURE OF COMPARISON.

THE S&P 500 INDEX MEASURES THE PERFORMANCE OF 500 LEADING COMPANIES WITHIN LEADING INDUSTRIES WITHIN THE US. THE J.P. MORGAN GOVERNMENT BOND INDEX IS A WIDELY-USED BENCHMARK FOR MEASURING PERFORMANCE AND QUANTIFYING RISK ACROSS INTERNATIONAL FIXED INCOME BOND MARKETS. THE GSCI® IS A WORLD COMMODITIES PRODUCTION WEIGHTED INDEX, THE ANALOGUE TO MARKET CAPITALIZATION WEIGHTING FOR EQUITIES. CURRENTLY, THE GSCI INCLUDES 24 COMMODITY FUTURES CONTRACTS IN THE 5 MAJOR COMMODITY GROUPS.

EMBI+ REFERS TO THE JP MORGAN EMERGING MARKETS BOND INDEX PLUS WHICH IS COMPRISED OF EXTERNAL DEBT INSTRUMENTS TRADED IN EMERGING MARKETS. THE UNDERLYING INSTRUMENTS INCLUDE EXTERNAL CURRENCY DENOMINATED BRADY BONDS, LOANS AND EUROBONDS AS WELL AS U.S. DOLLAR LOCAL MARKET INSTRUMENTS.

EM EQUITY AND EM GLOBAL EQUITY REFERS TO THE MSCI EMERGING MARKETS INDEX WHICH IS A FLOAT-ADJUSTED MARKET CAPITALIZATION INDEX COMPRISED OF INDICES FROM MANY GLOBAL EMERGING MARKETS.

HEDGE FUNDS FUNDS OFFERED BY MANN MANN JENSEN PARTNERS LP ARE UNREGISTERED PRIVATE INVESTMENT FUNDS OR POOLS THAT EMPLOY DIFFERENT INVESTMENT,

HEDGING, LEVERAGE AND ARBITRAGE METHODOLOGIES WITH EXPOSURE TO MANY DIFFERENT SECURITIES AND FUTURES MARKETS. THE FUNDS ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, INCLUDING MUTUAL FUND REQUIREMENTS TO PROVIDE CERTAIN PERIODIC AND STANDARDIZED PRICING AND VALUATION INFORMATION TO INVESTORS. YOU SHOULD NOTE THE FOLLOWING: MANN MANN JENSEN PARTNERS LP IS COMPENSATED BY THE INVESTMENT MANAGER OF THE FUND FOR FINDING INVESTORS. THE GLOBAL DISTRIBUTOR SHARES A PORTION OF THE MANAGEMENT FEE AND/OR INCENTIVE FEES THAT IT RECEIVES WITH THE INVESTMENT MANAGER.

THE FUND REPRESENTS A SPECULATIVE INVESTMENT AND INVOLVES A HIGH DEGREE OF RISK. AN INVESTOR COULD LOSE ALL OR A SUBSTANTIAL PORTION OF HIS/HER INVESTMENT. ANY INVESTMENT IN THE FUND SHOULD BE DISCRETIONARY CAPITAL SET ASIDE STRICTLY FOR SPECULATIVE PURPOSES. AN INVESTMENT IN THE FUND IS NOT SUITABLE FOR ALL INVESTORS. THE FUND MAY BE HIGHLY LEVERAGED AND THE FUND'S PERFORMANCE CAN BE VOLATILE. THE FUND MAY USE A SINGLE ADVISOR OR EMPLOY A SINGLE STRATEGY, WHICH COULD MEAN A LACK OF DIVERSIFICATION AND HIGHER RISK. THE FUND 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. 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 FUND AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN THE FUND'S OFFERING DOCUMENTS, WHICH SHOULD BE REVIEWED CAREFULLY.

AN INVESTMENT IN THE FUND OR OTHER MANAGED ACCOUNTS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE FUND AND OTHER MANAGED ACCOUNTS EMPLOYS CERTAIN TRADING TECHNIQUES, SUCH AS SHORT SELLING AND THE USE OF LEVERAGE, THAT MAY INCREASE THE RISK OF INVESTMENT LOSS. THE FUND AND OTHER MANAGED ACCOUNTS ALSO HAVE SUBSTANTIAL LIMITATIONS ON INVESTORS’ ABILITY TO REDEEM OR TRANSFER THEIR INTERESTS IN THE FUND AND OTHER MANAGED ACCOUNTS, AND NO SECONDARY MARKET FOR THE FUND’S INTERESTS EXISTS OR IS EXPECTED TO DEVELOP. AS WITH ALL INVESTMENTS, INVESTING IN EMERGING MARKET DISTRESSED AND/OR HIGH YIELDING SECURITIES INVOLVES VARIOUS RISKS AND UNCERTAINTIES, AS WELL AS THE POTENTIAL FOR LOSS. ALL OF THESE RISKS, AND OTHER IMPORTANT RISKS, ARE DESCRIBED IN DETAIL IN THE FUND’S PRIVATE PLACEMENT MEMORANDUM. PROSPECTIVE INVESTORS ARE STRONGLY URGED TO REVIEW THE FUND’S PRIVATE PLACEMENT

MEMORANDUM CAREFULLY AND CONSULT WITH THEIR OWN FINANCIAL, LEGAL AND TAX ADVISORS, BEFORE INVESTING.

ALL PERFORMANCE INFORMATION IS NET OF APPLICABLE FEES UNLESS OTHERWISE SPECIFICALLY NOTED. THIS MATERIAL IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AS OF THE DATEHEREOF AND IS SUBJECT TO CHANGE WITHOUT NOTICE. PROXIMA ALFA SECURITIES LP IS COMPENSATED FOR FINDING INVESTORS FOR THE FUND. THIS MATERIAL MAY NOT BE SUITABLE FOR ALL INVESTORS AND IS NOT INTENDED TO BE AN OFFER, OR THE SOLICITATION OF ANY OFFER, TO BUY OR SELL ANY SECURITIES. NO OFFER OR SOLICITATION MAY BE MADE PRIOR TO THE DELIVERY OF APPROPRIATE OFFERING DOCUMENTS TO QUALIFIED INVESTORS. THE INFORMATION CONTAINED HEREIN, INCLUDING INVESTMENT RETURNS, VALUATIONS, FUND TARGETS AND STRATEGIES, HAS BEEN SUPPLIED BY THE FUNDS OR THEIR AGENTS TO MANN MANN JENSEN PARTNERS LP AND, ALTHOUGH BELIEVED TO BE RELIABLE, HAS NOT BEEN INDEPENDENTLY VERIFIED AND CANNOT BE GUARANTEED. MANN MANN JENSEN PARTNERS LP MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THIS MATERIAL IS NOT COMPLETE AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES AND TERMS AND CONDITIONS CONTAINED IN A PARTICULAR FUND'S OFFERING DOCUMENTS, WHICH MAY BE OBTAINED DIRECTLY FROM THE FUND. ALTHOUGH MANN MANN JENSEN PARTNERS LP MAY PROVIDE ITS ANALYSIS, MANN MANN JENSEN PARTNERS LP DOES NOT PROVIDE "DUE DILIGENCE" ON AN INVESTOR'S BEHALF AND IS NOT RESPONSIBLE FOR AN INVESTOR'S INVESTMENT DECISIONS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE RESULTS

THERE CAN BE NO ASSURANCES THAT THE FUND WILL HAVE A RETURN ON INVESTED CAPITAL SIMILAR TO THE RETURNS OF OTHER ACCOUNTS MANAGED BY FORUM ASSET MANAGEMENT, LLC (“FORUM”) OR ITS PORTFOLIO MANAGERS BECAUSE, AMONG OTHER REASONS, THERE MAY BE DIFFERENCES IN INVESTMENT POLICIES, ECONOMIC CONDITIONS, REGULATORY CLIMATE, PORTFOLIO SIZE, LEVERAGE AND EXPENSES. THE FACT THAT OTHER ACCOUNTS MANAGED BY FORUM AND ITS PORTFOLIO MANAGERS HAVE REALIZED GAINS IN THE PAST IS NOT AN INDICATION THAT THE FUND AND OTHER MANAGED ACCOUNTS WILL REALIZE ANY GAINS IN THE FUTURE. PRIOR PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

STANDARD DEVIATION IS A MEASURE OF HOW WIDELY MONTHLY RETURNS ARE DISPERSED FROM THE AVERAGE MONTHLY RETURN. TO ANNUALIZE THIS NUMBER, THE STANDARD DEVIATION OF ALL THE MONTHLY NET RETURNS IS MULTIPLIED BY THE SQUARE ROOT OF 12.

SHARPE RATIO IS A NUMBER CALCULATED BY TAKING A FUND'S ANNUALIZED RETURN, SUBTRACTING A RISK-FREE INTEREST RATE OF

RETURN, AND DIVIDING THE TOTAL BY THE FUND'S ANNUALIZED STANDARD DEVIATION.

LARGEST DRAWDOWN IS DEFINED AS THE PERCENT RETRENCHMENT FROM A PEAK TO A VALLEY. A DRAWDOWN IS IN EFFECT FROM THE TIME A RETRENCHMENT BEGINS UNTIL A NEW HIGH IS REACHED. (I.E. IN TERMS OF TIME, A DRAWDOWN ENCOMPASSES BOTH THE PERIOD FROM PEAK TO VALLEY (LENGTH) AND THE TIME FROM THE VALLEY TO A NEW HIGH (RECOVERY). LARGEST DRAWDOWN IS SIMPLY THE LARGEST PERCENTAGE DRAWDOWN THAT HAS OCCURRED IN ANY INVESTMENT DATA RECORD.

BETA IS A RISK METRIC EMPLOYED PRIMARILY IN THE EQUITY MARKETS. IT MEASURES THE SYSTEMATIC RISK OF A SINGLE INSTRUMENT OR AN ENTIRE PORTFOLIO. IT DESCRIBES THE SENSITIVITY OF AN INSTRUMENT OR PORTFOLIO TO BROAD MARKET MOVEMENTS.

CORRELATION IS RELATED PARAMETERS THAT INDICATE THE EXTENT TO WHICH TWO RANDOM VARIABLES CO-VARY. WHEN PRICES TEND TO RISE OR FALL TOGETHER, THE PRICES CO-VARY. CORRELATION MEASURES SUCH A TENDENCY.

Forum Absolute Return Fund, Ltd. Disclosures

This Newsletter is confidential to the addressee and should not be disclosed or distributed to any third party without the prior consent of Mann Mann Jensen Partners LP, the Global Distributor. The information set forth herein has been provided by Forum Asset Management, LLC, the Investment Manager, using Net Asset Values prepared by the Administrator of FORUM ABSOLUTE RETURN FUND, LTD. (the “Fund”). For the period from September 1999 through September 2000, returns for the Fund are calculated based on the investment return from proprietary account managed by Jose Pedreira. Although Forum currently implements a substantially similar investment strategy methodology as the investment strategy and methodology implemented for such account during such period, there can be no guarantee that future returns will be similar to the results achieved by such account during such period. The assets in such account during such period were substantially less than the assets currently under management in the Fund, and this fact may have an unpredictable effect on investment returns. Future returns may be impacted by expenses that were not present during for such account such period. Performance results are presented net of advisory fees (i.e. management fee and performance fee), brokerage costs and all other Fund expenses. The results also include reinvestment of all capital gains, dividends and other earnings. As discussed above, for the period from September 1999 through September 30, 2000, an account with a substantially similar investment methodology and strategy as the Fund was managed by Jose Pedreira and no fees were charged to that account. For purposes of this presentation, however, a 2% management fee and a 20% performance fee have been applied to the returns from such account. This Newsletter is for information purposes only and does not constitute advice, a recommendation, a prospectus or offering circular or an offer or invitation to subscribe for shares in the Fund. The Fund is available for subscription only on the basis of the relevant prospectus, which is available only to investors satisfying the applicable eligibility criteria for investment. Prospective investors should rely solely on such offering documents in making any investment decision. The Board of Directors of the Fund may decline to accept any subscription. Return and volatility targets are used as estimated guidelines or comparative measures regarding a Fund’s annual performance returns averaged over a ten year time horizon and are derived in good faith by the Investment Manager having regard to the investment policies of the Fund. They reflect objectives which the Investment Manager subjectively considers reasonable having regard to such policies and to a variety of factors including investment strategy, prior performance, volatility measures, risk tolerance and market conditions. There can be no assurance that the return or volatility targets will be met, or met over any particular time horizon, and different investment managers or advisors may differ on the likelihood or otherwise of achieving the target return. Investment performance, and therefore returns, will fluctuate, especially over short time horizons. Target returns and volatility should not be relied upon and should be evaluated over long time horizon indicated above and not over shorter periods. Past performance is not indicative of future results. There can be no assurance that the Fund will achieve the targeted rate of return or volatility and there is no guarantee against loss resulting from investment. Investments in the Fund carry significant risk of loss of capital and investors should review the terms of the Prospectus and Subscription Agreement with due care and appropriate professional advice.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE RESULTS. SEE IMPORTANT DISCLOSURES.

Forum Asset Based Investment Fund, Ltd. Disclosures

This Newsletter is confidential to the addressee and should not be disclosed or distributed to any third party without the prior consent of Mann Mann Jensen Partners LP, the Global Distributor. The information set forth herein has been provided by Forum Asset Management, LLC, the Investment Manager, using Net Asset Values prepared by the Administrator of FORUM ASSET BASESD INVESTMENT FUND, LTD. (the “Fund”). For the period from August 2005 through September 2007, returns for the Fund are calculated on, based on the investment return from the ABL portion of the Forum Absolute Return Fund and the Forum Global Opportunities Fund. Although the Forum Asset Based Investment Fund will implement a substantially similar investment strategy and methodology as the investment strategy and methodology implemented for the ABL portion during such period, there can be no guarantee that future returns will be similar to the results achieved by such portion during such period. The assets in the ABL portion in the Forum Absolute Return Fund and the Forum Global Opportunities Fund during such period could be substantially less than the anticipated assets under management in the Fund, and this fact may have an unpredictable effect on investment returns. This Newsletter is for information purposes only and does not constitute advice, a recommendation, a prospectus or offering circular or an offer or invitation to subscribe for shares in the Fund. The Fund is available for subscription only on the basis of the relevant prospectus, which is available only to investors satisfying the applicable eligibility criteria for investment. Prospective investors should rely solely on such offering documents in making any investment decision. The Board of Directors of the Fund may decline to accept any subscription. Return and volatility targets are used as estimated guidelines or comparative measures regarding a Fund’s annual performance returns averaged over a five year time horizon and are derived in good faith by the Investment Manager having regard to the investment policies of the Fund. They reflect objectives which the Investment Manager subjectively considers reasonable having regard to such policies and to a variety of factors including investment strategy, prior performance, volatility measures, risk tolerance and market conditions. There can be no assurance that the return or volatility targets will be met, or met over any particular time horizon, and different investment managers or advisors may differ on the likelihood or otherwise of achieving the target return. Investment performance, and therefore returns, will fluctuate, especially over short time horizons. Target returns and volatility should not be relied upon and should be evaluated over the five year time horizon indicated above and not over shorter periods. Past performance is not indicative of future results. There can be no assurance that the Fund will achieve the targeted rate of return or volatility and there is no guarantee against loss resulting from investment. Investments in the Fund carry significant risk of loss of capital and investors should review the terms of the Prospectus and Subscription Agreement with due care and appropriate professional advice.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE RESULTS. SEE IMPORTANT DISCLOSURES.

Forum Global Opportunities Fund, Ltd. Disclosures

This Newsletter is confidential to the addressee and should not be disclosed or distributed to any third party without the prior consent of Mann Mann Jensen Partners LP, the Global Distributor. The information set forth herein has been provided by Forum Asset Management, LLC, the Investment Manager, using Net Asset Values prepared by the Administrator of FORUM GLOBAL OPPORTUNITIES FUND, LTD. (the “Fund”). From the inception of the Fund in August 2005 through December 2005, the Fund allocated capital across four different investment strategies: emerging market equities, G7 distressed investments, asset-based investments, and foreign currencies. Effective as of January 1, 2007, the Fund divested its G7 distressed investments and asset-based investments, and beginning as of such date the Fund will concentrate on long-short emerging market equity investments and foreign currency investments. Had the Fund employed such an investment strategy from its inception, performance results may have been materially different. As a result, the past performance of the Fund should not be relied upon as indicative of future results. This Newsletter is for information purposes only and does not constitute advice, a recommendation, a prospectus or offering circular or an offer or invitation to subscribe for shares in the Fund. The Fund is available for subscription only on the basis of the relevant prospectus, which is available only to investors satisfying the applicable eligibility criteria for investment. Prospective investors should rely solely on such offering documents in making any investment decision. The Board of Directors of the Fund may decline to accept any subscription. Return and volatility targets are used as estimated guidelines or comparative measures regarding a Fund’s annual performance returns averaged over a five year time horizon and are derived in good faith by the Investment Manager having regard to the investment policies of the Fund. They reflect objectives which the Investment Manager subjectively considers reasonable having regard to such policies and to a variety of factors including investment strategy, prior performance, volatility measures, risk tolerance and market conditions. There can be no assurance that the return or volatility targets will be met, or met over any particular time horizon, and different investment managers or advisors may differ on the likelihood or otherwise of achieving the target return. Investment performance, and therefore returns, will fluctuate, especially over short time horizons. Target returns and volatility should not be relied upon and should be evaluated over the five year time horizon indicated above and not over shorter periods. Past performance is not indicative of future results. There can be no assurance that the Fund will achieve the targeted rate of return or volatility and there is no guarantee against loss resulting from investment. Investments in the Fund carry significant risk of loss of capital and investors should review the terms of the Prospectus and Subscription Agreement with due care and appropriate professional advice.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE RESULTS. SEE IMPORTANT DISCLOSURES.