These documents are provided for your internal use only. The information contained therein is proprietary and confidential to Arthena and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided. These cash flow projections are expressed in good faith and while every care has been taken in preparing these documents, Arthena makes no representations and gives no warranties of whatever nature in respect of these documents, including but not limited to the accuracy or completeness of any information, results, facts, or opinions contained therein. The information is estimated, unaudited and for illustrative purposes only and is subject to change without notice, and Arthena shall not be liable for any damages arising from any information, results or forecasts found in these documents. Although some of the information provided herein has been obtained from third party sources which Arthena believes to be reliable, Arthena does not guarantee its accuracy, and such information may be incomplete or condensed. These documents are not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account Arthena manages or offers. An investment decision should be based on the recipient’s customary and thorough due diligence procedures, including a thorough review of all offering documents, which may include but are not limited to, a private placement memoranda, subscription agreement, limited partnership agreement or other offering documents as applicable (collectively the “Offering Documents”), as well as consolation with legal, tax and regulatory experts. An investment is subject to risks and uncertainties, including the risk of loss of principal as described in the Offering Documents. Nothing herein shall constitute indications of any exposure recommendations, concentration limits or guidelines. The terms set forth in the Offering Documents are controlling in all respects should they conflict with any other term set forth in these documents. Statements made in these documents include forward-looking statements. These statements, including those relating to future financial expectations, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Performance data is presented as gross numbers less fees paid to Auction Houses, and do not include all other applicable fees and expenses that would be paid by investors, as those fees and expenses have not been determined at this time. Furthermore, calculations have been made based on in some cases limited available data and a number of assumptions. Because of these limitations, the performance information should not be relied upon as a precise reporting of gross performance, but rather merely a general indication of past performance. As these documents contain hypothetical and back-tested data, the reported strategy level performance does not correspond to the performance of any fund for the reported time period. Past results of Arthena are not necessarily indicative of future performance.