Risk Disclosure

Hedge Funds, Private Equity Funds, Real Estate Private Equity Funds and Venture Capital Funds (collectively: “Alternative Investments”) are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and 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. There are substantial risks in investing in Alternative Investments. You should note carefully the following: Alternative Investments represent speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his/her investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in an Alternative Investment. An investment in an Alternative Investment should be discretionary capital set aside strictly for speculative purposes. An investment in an Alternative Investment is not suitable or desirable for all investors. Only qualified eligible investors may invest in Alternative Investments. Alternative Investment offering documents are not reviewed or approved by federal or state regulators. Alternative Investments may be leveraged (including highly leveraged) and an Alternative Investment’s performance may be volatile. An investment in an Alternative Investment may be illiquid and there may be significant restrictions on transferring interests in an Alternative Investment. There is no secondary market for an investor’s investment in an Alternative Investment and none is expected to develop. An Alternative Investment may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and should be reviewed carefully. Investors should not place undue reliance on hypothetical or pro forma performance. An Alternative Investment’s manager or advisor has total trading and or investment authority over the Alternative Investment portfolio An Alternative Investment may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk. An Alternative Investment (for example, a fund of funds or multi-manager fund) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be fully disclosed to investors. An Alternative Investment may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors. An Alternative Investment’s fees and expenses-which may be substantial regardless of any positive return- will offset the Alternative Investment’s trading profits. Alternative Investments are not required to provide periodic pricing or valuation information to investors. Alternative Investments and their managers/advisors may be subject to various conflicts of interest. The above summary is not a complete list of the risks and other important disclosures involved in investing in an Alternative Investment and is subject to the more complete disclosures contained in an Alternative Investment’s confidential offering documents, which must be reviewed carefully.