IMPORTANT NOTICE AND DISCLAIMER

Authorized Use
Berens manages investment vehicles considered funds of hedge funds (collectively, “Alternative Investments”). Alternative Investments can be illiquid and may engage in investment practices which may involve volatility of returns and significant risk of loss, including the potential for loss of the principal invested. Alternative Investments are not suitable for all investors. Investing in Alternative Investments is intended only for experienced and sophisticated investors who are willing to bear the high economic risks of the investment. Potential risks may include, but are not limited to: no investor control; losses due to leveraging, short-selling and hedging transactions; lack of liquidity; absence of information regarding valuations and pricing; complex tax structures and delays in tax reporting; and limited government regulation.

Only individuals or institutions that have been provided password access to this Website (“Authorized Users”), including current investors in one of the Alternative Investments managed by Berens (the “Berens Funds”), or their authorized advisers or agents, are permitted to use this Website.

The contents of this Website do not constitute an offer of, or solicitation for, the purchase and sale of any securities under any circumstances. The information provided on this Website is for informational purposes only and should not be relied on for purposes of making any investment decision to purchase or sell securities. In making any such investment decision, investors should rely solely on information contained in the private placement memorandum and related subscription documents for the relevant Berens Fund and periodic fund reports. Sales of interests in any Berens Fund are only made only to certain eligible investors pursuant to such private placement memorandum and related subscription documents. Such materials contain more complete information on the applicable Berens Fund, including fees and risk factors. Please read such materials carefully before making any investment in a Berens Fund. Prospective investors must make an independent assessment of such matters in consultation with their own professional advisors. Nothing in this Website should be construed as investment, legal, tax, regulatory or accounting advice.

Security
Each Authorized User has been issued a unique user I.D. and password which is meant for use only by the person to whom it was assigned. For security purposes, your user I.D. and password are NOT to be transferred or assigned to any other individual or entity. You agree that you will at all times keep your password strictly confidential and will not permit anyone else to gain access to this Website using your password. You further agree that if your password ever becomes known to anyone else, you will immediately report that fact to Berens so that Berens can take such action as it deems appropriate to maintain the security of this Website. Berens shall not be responsible for any unauthorized access of this Website as a result of the use of your password by any other person.

Performance Information
The performance and other information contained in this Website may be preliminary, subject to change, and does not constitute a complete description of our investment services or performance.

Historical performance results for the Berens Funds are net of all fees (including reallocation of profits) and expenses for the fund as a whole. Such results may be unaudited. All documents provided on this Website with dates prior to the current date are provided only for historical or archival purposes, are current only as of the date of their issuance and should not be relied on as being current after that date.

Individual investor return will vary depending on timing of investment, eligibility of new issue income and fee structure. Past performance is not necessarily indicative of future results.

Confidentiality
The information contained in this Website is confidential and subject to certain copyright and other protections and may not under any circumstances be copied, reproduced or distributed to any persons not associated with the Authorized User.