J.P. Morgan Capital Advisory Group Disclosure

IMPORTANT DISCLAIMER

These materials (“Materials”) have been prepared by J.P. Morgan’s Capital Advisory Group (“CAG”) for informational purposes only. No research department within JPMorgan Chase & Co. was involved in the preparation of or data collected for these Materials. These Materials are intended to serve solely as a summary of survey responses provided to CAG by institutional hedge fund investors that participate in J.P. Morgan’s Capital Introduction Program (the “CAG Program”). The number of institutional hedge fund investors polled for these Materials is small relative to the size of the institutional hedge fund investor marketplace, and these Materials are not intended to summarize the views of the institutional hedge fund investor marketplace at large. Further, the information presented in these Materials does not represent any assumptions, estimates, views, predictions or opinions of JPMorgan Chase & Co. or of any of its subsidiaries, their respective affiliates, successors, assigns, agents, or any of their respective officers, directors, employees, agents or advisers (collectively, “J.P. Morgan”).

These Materials have not been verified for accuracy or completeness by J.P. Morgan, and J.P. Morgan does not guarantee these Materials in any respect, including but not limited to, their accuracy, completeness or timeliness. Information for these Materials was collected and compiled during the stated timeframe. Past performance is not necessarily indicative of future results and J.P. Morgan in no way guarantees the investment performance, earnings or return of capital invested in any of the products or securities detailed in the Materials. These Materials may not be relied upon as definitive, and shall not form the basis of any decisions contemplated thereby. It is the user’s responsibility to independently confirm the information presented in these Materials, and to obtain any other information deemed relevant to any decision made in connection with the subject matter contained in these Materials. It is the responsibility of the recipients of these Materials (and the information therein) to consult with their own financial, tax, legal, or equivalent advisers prior to making any investment decision. J.P. Morgan makes no representation or warranty (express or implied) regarding the fairness, accuracy, fitness for purpose, correctness or completeness of the statements, opinions, estimates, conclusions and other information contained in these Materials and J.P. Morgan accepts no responsibility whatsoever for any loss, direct or indirect, arising from the Materials. J.P. Morgan has no obligation to update any portion of these Materials.

J.P. Morgan does not charge or receive fees for introduction services provided through the CAG Program. The CAG Program does not provide capital raising, placement agent, referral, solicitation or equivalent services (“Placement Services”) to funds, their related investment managers, general partners, managing members or their equivalents that participate in the CAG Program (“Manager Participants”). The CAG Program does not provide investment recommendations or endorsements of any kind (“Advisory Services”) to eligible prospective institutional investors participating in the CAG Program (“Investor Participants”), including in relation to Manager Participants, recommendations or endorsements of their services, products, investments or investment strategies. Placement Services and Advisory Services may, however, be provided by J.P. Morgan businesses unrelated to the CAG Program. Information presented in connection with the CAG Program may not be suitable for all institutions. Under all applicable laws, including but not limited to, the U.S. Employee Retirement Income Security Act of 1974, as amended, or the U.S. Internal Revenue Code of 1986, none of the information presented in connection with the CAG Program shall constitute, or be construed as constituting or be deemed to constitute “investment advice,” and J.P. Morgan is not acting as fiduciary for any purpose.

These Materials do not constitute, and shall not be construed as constituting or be deemed to constitute an invitation to treat in respect of, or an offer or a solicitation of an offer to buy or sell, any securities or constitute advice to buy or sell any security. In the United States, these Materials are intended solely for institutions that are “accredited investors” (as defined by the U.S. Securities Act of 1933) and “qualified purchasers” (as defined in the U.S. Investment Company Act of 1940). In the United Kingdom, these Materials are intended solely for institutions that are “investment professionals” for the purposes of Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “CIS Order”) or that qualify as a “high net worth company or unincorporated association” for the purposes of Article 22 of the CIS Order. In other jurisdictions where such standards exist, these Materials are intended solely for institutions qualifying under equivalent standards to that of an “accredited investor”, “qualified purchaser” or “investment professional” under the laws of the jurisdictions of their residence.

An investment in a hedge fund is speculative and involves a high degree of risk, which each investor must carefully consider. Returns generated from an investment in a hedge fund may not adequately compensate investors for the business and financial risks assumed. An investor in hedge funds could lose all or a substantial amount of his or her investment. While hedge funds are subject to market risks common to other types of investments, including market volatility, hedge funds employ certain trading techniques, such as the use of leveraging and other speculative investment practices that may increase the risk of investment loss. Other risks associated with hedge fund investments include, but are not limited to, the fact that hedge funds: can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; often charge higher fees and the high fees may offset the fund’s trading profits; may have a limited operating history; can have performance that is volatile; may have a fund manager who has total trading authority over the fund and the use of a single adviser applying generally similar trading programs could mean a lack of diversification, and consequentially, higher risk; may not have a secondary market for an investor’s interest in the fund and none may be expected to develop; may have restrictions on transferring interests in the fund; and may affect a substantial portion of its trades on foreign exchanges.

These Materials and the information contained herein is confidential. These Materials are provided for the intended recipients’ internal use only. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of the Information contained herein (including any reliance thereon) is STRICTLY PROHIBITED.

IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

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