Equity Finance Capital Introduction Disclaimer

Any information or written material (the “Materials”) provided to you concerning a fund has been prepared by, and is the sole responsibility of, the fund and/or its manager. Wells Fargo Securities, LLC (together with its affiliates and/or their officers, directors, agents and employees, collectively “Wells Fargo”) (i) has played no role in preparing nor has it approved the Materials, (ii) has not attempted to verify the adequacy, accuracy, or completeness of such Materials nor has it conducted due diligence, (iii) makes no warranty of any kind as to the suitability of the fund as an investment of any kind, and (iv) assumes no responsibility for, and none of these parties shall be liable for, any losses of any kind, whether direct, indirect, or consequential, relating to the use, adequacy, accurateness, or completeness of the Materials.

The distribution of the Materials by Wells Fargo, whether by electronic communication, in person, or by any other method, shall not be construed as (i) an endorsement or recommendation by Wells Fargo of any fund or manager or of the information contained in the Materials, (ii) advice by Wells Fargo about the merits, or the legal, regulatory, tax, or financial consequences, of investing in any fund or its manager, or (iii) an offer or solicitation to acquire or dispose of an interest in any security or fund.

You should review the Materials carefully and conduct whatever due diligence that you and any and all of your internal and external advisors and experts deem appropriate. By accepting receipt of this communication, you are acknowledging that (i) you are a sophisticated investor, are experienced in investing in hedge funds, and represent that you satisfy any asset based test or other requirement or standards to comply with any registration exemptions or other selling restrictions as set forth in the fund’s offering materials or as otherwise communicated by the fund or its manager and, (ii) any information provided to you through Wells Fargo shall not form the primary basis of any investment decision you make. You understand that (i) investments in hedge funds are speculative, involve a high degree of risk, and may be illiquid, (ii) hedge funds may be highly leveraged and their performance may be volatile, and (iii) you could lose all or a substantial portion of your investment.

Wells Fargo (a) has or may develop other business relationships with any fund and/or its manager and, as a result, may earn fees, commissions and other revenues from a fund and/or the manager and (b) may have an investment in a fund or in a separate account managed by the manager or may make the same investments (in securities, loans or otherwise) as the fund or the manager. Through its relationship with a fund and/or its manager, Wells Fargo may possess information about a fund or a manager that may be inconsistent with the Materials or in addition to the Materials. To the extent that Wells Fargo has such information, Wells Fargo has no obligation to, and shall not, disclose it to you.

This communication (including attachments) contains information from Wells Fargo Securities, LLC, or from one of its affiliates, that may be confidential. Any unauthorized review, use, disclosure or distribution of this information is prohibited. If you are not the intended recipient, please delete this communication without retaining a copy and immediately notify the sender.

Wells Fargo Securities, LLC is a registered broker-dealer. Services offered through Wells Fargo Securities, LLC are not insured by the FDIC or any other Federal Government Agency, are not deposits of or guaranteed by Wells Fargo Securities, LLC and may lose value. Nothing in this communication shall constitute a solicitation or recommendation to buy or sell a particular security.

It is important that you do not use any electronic communications to request, authorize or effect the purchase or sale of any security or commodity, to send fund transfer instructions, or to effect any other transactions. Any such request, orders, or instructions that you send will not be accepted and will not be processed by Wells Fargo Securities, LLC.

Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names  for the corporate banking, capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA and SIPC, and Wells Fargo Bank, N.A., a member of NFA. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

All messages sent to and from Wells Fargo employees are retained and subject to monitoring, review, and/or disclosure.

Wells Fargo privacy notices at https://www.wellsfargo.com/privacy-security/

California Residents Only:  For the categories of personal data that Wells Fargo may collect and how we use it, see Wells Fargo California Consumer Privacy Act Notice at Collection at  https://www.wellsfargo.com/privacy-security/notice-of-data-collection/