Risk disclosures

This does not constitute an offer or a solicitation of an offer to buy a security. Any offer or solicitation must be made only by means of a delivery of a definitive private offering memorandum.

This material is intended for professional use only. Because this presentation gives data about the past, the fund's holdings and the manager's views may have changed since it was prepared. None of the information in the reprint is intended as investment advice for individual investors. Past performance is not necessarily indicative of future results. An investment in the fund is speculative, illiquid and carries a high degree of risk, including the risk of loss of your entire investment. An investment in the Partnership involves a number of significant risks. 1.Option Transactions. The purchase or sale of an option by the Partnership involves the payment or receipt of a premium payment and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying investment for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying investment does not change in price in the manner expected, so that the option expires worthless and the investor loses its premium. Selling options, on the other hand, involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying investment in excess of the premium payment received. 2.Banking Industry Risk. The Partnership may be susceptible to adverse economic or regulatory occurrences affecting the financial services industry. Financial services companies are subject to extensive government regulation that may affect the scope of their activities, their profitability, the prices that they can charge and the amount of capital and liquid assets that they must maintain. In addition, changes in interest rates can have a disproportionate effect on the financial services industry; financial services companies whose securities the Partnership may purchase may themselves have concentrated portfolios of loans or investments that make them vulnerable to economic conditions that affect that industry. Credit, borrower, asset, depositor and counterparty concentration can negatively impact financial services companies in which the Partnership invests. Negative public perception and increased competition also may adversely affect the profitability or viability of financial services companies. 3.Non-U.S. Exchanges and Markets. The Partnership may engage in trading on non-U.S. exchanges and markets. Trading on such exchanges and markets may involve certain risks not applicable to trading on U.S. exchanges and is frequently less regulated. For example, certain of those exchanges may not provide the same assurances of the integrity (financial and otherwise) of the marketplace and its participants, as do U.S. exchanges. There also may be less regulatory oversight and supervision by the exchanges themselves over transactions and participants in such transactions on those exchanges. 4. General Investment Risks. The Partnership’s success depends on the General Partner’s ability to implement its investment strategy. Any factor that would make it more difficult to execute timely trades, such as a significant lessening of liquidity in a particular market, may also be detrimental to profitability. No assurance can be given that the investment strategies to be used by the Partnership will be successful under all or any market conditions. The Fund may deploy leverage such that gross exposure exceeds Net Asset Value. Investors should consider an investment in the Partnership only if the investor is willing to undertake the risks involved. Investors should therefore bear in mind the following risk factors and conflicts of interest before purchasing an Interest. The following is not intended to be a complete description or an exhaustive list of risks. Other factors ultimately may affect an investment in the Partnership in a manner and to a degree not now foreseen. Prospective investors should carefully consider, in addition to the matters set forth elsewhere in this Memorandum, the factors discussed below. An investment in the Partnership should form only a part of a complete investment program, and an investor must be able to bear the loss of its entire investment.

Prospective investors should also consult with their own financial, tax and legal advisors regarding the suitability of this investment. None of the Partnership, the General Partner, or any of their respective affiliates has recommended the Interests as a suitable investment, provided investment advice to any current or prospective investor, or acted in a fiduciary capacity in connection with any determination to invest in the Partnership. Current and prospective investors are solely responsible, together with such advisors as they determine appropriate, to determine whether a proposed or current investment in the Partnership is appropriate for them.