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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, are 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. 

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Wells Fargo Securities is the trade name for the 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 Institutional Securities, LLC, a member of FINRA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA and SIPC, and Wells Fargo Bank, N.A.