The Offering Memorandum (Private Placement) does not constitute an offer to sell or a solicitation of an offer to buy Participating Shares in the Fund in any jurisdiction to any person to whom it is unlawful to make such an offer or sale.

All potential investors should carefully review the information presented in the "Risk Factors" section set out in the Memorandum for a description of certain risks associated with an investment in the Fund.

While the Fund has outperformed its benchmark in the past, there can be no assurance that the Fund's investment strategy will always achieve profitable results.