DISCLAIMER

The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the matters discussed herein. The Funds will not register as investment companies under the U.S. Investment Company Act of 1940, as amended (the "Company Act").

An investment in the Fund will be suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment will provide limited liquidity because interests in the Fund will not be freely transferable and may be withdrawn infrequently and only under certain limited circumstances. There will be no public or secondary market for interests in the Fund, and it is not expected that a public or secondary market will develop.

Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. Nothing herein is intended to imply that an investment in the Fund or the Fund's investment strategies may be considered "conservative," "safe," "risk free" or "risk averse." Distribution of this information to any person other than the person to whom this information was originally delivered and to such person's advisors is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents, without the prior consent of Empire Group or ERC Management, LLC in each such instance is prohibited. Each Fund could experience volatile performance from time to time depending on prevailing market conditions. Past performance is not indicative of future results and future results could materially vary. Moreover, fees payable by the fund could offset profits. Accordingly, an investment in each Fund is speculative and involves a high degree of risk and could result in the loss of all or a substantial portion of the amount invested. Neither Empire Group, ERC Management, LLC, nor its principals, officers, employees or associated funds or entities make any representation to any person or entity as to the suitability for any purpose of an investment.

Figures provided herein are rounded as applicable.

Securities or investment ideas listed are not presented in order to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio holdings identified and described herein were or will be profitable. ERC Management, LLC may, at any time, re-evaluate its holdings in any such positions.