Disclaimer

This document (the “Report”) is proprietary and confidential and may not be reproduced or distributed in any format without the express written approval of Clocktower Group, L.P. (“Clocktower”). Any violation of the foregoing may result in material harm to Clocktower. Clocktower is an SEC registered investment adviser and information regarding the services provided and fees charged, along with other important disclosures is contained in our Form ADV, which can be obtained upon request at 1-310-458-2003 or found at www.adviserinfo.sec.gov. The receipt or the use of this Report shall not create a client-advisor relationship.

This Report is intended solely for informational purposes. It is not investment advice and should not be considered to be a recommendation to buy or sell any type of securities or investments or as an indication that any security listed in this Report is suitable for a particular person. Before making an investment decision with respect to any private fund, potential investors should carefully read the offering documents of such fund, and also consult with their tax, legal and financial advisors.

The investments described herein involve a high degree of risk, including the loss of principal investment. There can be no assurance that investment objectives will be achieved or that investors will receive a return on their capital. In addition, investment results may vary substantially on a monthly, quarterly or annual basis. Past performance is not necessarily indicative of future results.

This Report contains statements and information that is not purely historical in nature. These include, among other things, assumptions, expectations, intentions and beliefs about future events. All of these statements and information are intended as “forward-looking statements”. These forward-looking statements are identified by their use of the terms and phrases, such as “believe,” “may,” “should,” “intend,” “expect,” “anticipate,” “project,” “estimate,” “predict,” “scheduled,” and similar expressions and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those described. Clocktower expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements. The views and opinions expressed herein are those of Clocktower as of the date hereof and are subject to change based on prevailing market and economic conditions and will not be updated or supplemented. Clocktower assumes no responsibility for any losses, whether direct, indirect, special or consequential, which arise out of the use of this Report.

Clocktower does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this Report and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Opinions expressed herein are as of the date of this Report and may change without notice. The information contained herein should not be relied solely upon by any party in connection with any investment in any fund or security. Certain factual information contained herein may have been obtained from published sources prepared by other parties and has not been independently verified by the Clocktower Parties.

Certain securities referred to in this Report may not be eligible for sale in some jurisdictions. This Report may not be redistributed to persons resident in any country, state or territory where such distribution would be contrary to applicable law or regulation.