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—John Mauldin

Risks

WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME ALTERNATIVE INVESTMENT PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

WITH RESPECT TO AN INVESTMENT IN A HEDGE FUND ("FUND"), YOU SHOULD BE AWARE THAT:

A FUND'S OFFERING MEMORANDUM DESCRIBES THE VARIOUS RISKS AND CONFLICTS OF INTEREST RELATING TO AN INVESTMENT IN THE SPECIFIC FUND AND TO ITS OPERATIONS. YOU SHOULD READ THE OFFERING MEMORANDUM CAREFULLY TO DETERMINE WHETHER AN INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF, AMONG OTHER THINGS, YOUR FINANCIAL SITUATION, NEED FOR LIQUIDITY, TAX SITUATION, RISK TOLERANCE AND OTHER INVESTMENTS.

KEEP IN MIND THAT THE PAST PERFORMANCE OF ANY INVESTMENT IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. YOU SHOULD ONLY COMMIT RISK CAPITAL TO A FUND INVESTMENT. ALTERNATIVE INVESTMENT PRODUCTS, INCLUDING HEDGE FUNDS, ARE NOT FOR EVERYONE AND ENTAIL RISKS THAT ARE DIFFERENT FROM MORE TRADITIONAL INVESTMENTS. YOU SHOULD OBTAIN INVESTMENT AND TAX ADVICE FROM YOUR ADVISERS BEFORE DECIDING TO INVEST.

Information presented on this site has been obtained from sources that John Mauldin reasonably believes to be reliable. However, Mauldin has not and cannot verify the accuracy of every detail of such information, and potential investors should be aware that such information is subject to change without notice. Not all products and services described on this website are available in all jurisdictions, and certain investments may not be suitable for all investors. Certain investment products that are available to U.S. persons have not been registered with any federal or state regulator, and as a result are available only to certain qualified investors. Qualifications vary from product to product.

The information on this website should not be construed as investment advice. You should obtain independent investment and tax advice before deciding to invest.

Past performance is not indicative of future results. There is risk of loss when investing in managed futures or funds. The information contained in this website may not be reproduced, reorganized or used to create and financial product including an index. This information is for informational purposes only and is provided on an "as is" basis. The user assumes the entire risk of its use. John Mauldin and Millennium Wave Investments and their affiliates expressly disclaim all warranties of originality, merchantability, of fitness for any particular purpose. Without limiting the foregoing, in no event will John Mauldin, Millennium Wave Investments or their affiliates or employees have any liability in connection with the use by any person of the information or data presented in this website.

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