Disclaimer

This material is intended for the use of the recipient only and may not be reproduced or distributed to any other person, in whole or in part, without Luther Capital, LLC ("Luther Capital"). This is not an offering or the solicitation of an offer to invest in any account advised or managed by Luther Capital. Any such offer or solicitation will be made only to qualified investors by means of formal documentation and only in those jurisdictions where permitted by law. The information contained herein is qualified in its entirety by the information contained in a partner-specific Investment Policy Statement. An investment with Luther Capital is not suitable for all investors.

No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of their investment. An investment with Luther Capital involves significant risk, as disclosed in the Memorandum. Any descriptions involving investment process, investment examples, statistical analysis, investment strategies, or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be entirely indicative of any present or future investments, may be changed at the discretion of Luther Capital and are not intended to reflect performance. Certain information contained in this presentation is based on information obtained from third-party sources that Luther Capital considers to be reliable. However, Luther Capital does not represent the accuracy, fairness, or completeness of such information. An investment in an account advised or managed by Luther Capital is speculative and involves substantial risks, including the risk of loss of an investor's entire investment. These risks also include, but are not limited to, the speculative nature of trading and investing in financial instruments and otherwise trading in financial instruments on margin and through the use of other leverage. The Portfolio Manager has total trading authority over all accounts managed by Luther Capital; Luther Capital's investments may not be diversified; and trading may also occur outside the United States, which may pose more significant risks than trading in U.S. markets. Accounts managed by Luther Capital may lack transparency as to share price, valuation, and portfolio holdings. Specific risks associated with funds managed by Luther Capital include but are not limited to: investments in "high yield" bonds, distressed equities, and preferred securities, which are rated in the lower rating categories by the various credit rating agencies (or incomparable non-rated securities) financial instruments in the lower rating categories are subject to greater risk of loss of principal and interest than higher-rated financial instruments and are generally considered to be predominately speculative with respect to the issuer's capacity to pay interest and repay principal. Although such investments may result in significant returns, also they involve a substantial degree of risk. Luther Capital may pursue a long/short strategy in specific financial instruments. Because a long/short strategy consists in identifying financial instruments which are generally undervalued (or, in the case of short positions, overvalued) by the marketplace, the success of this strategy necessarily depends upon the market eventually recognizing such value in the price of the security, which may not necessarily occur or may occur over extended time frames, which may limit profitability.

For a complete list of risks, please review the Risk Memorandum. Luther Capital has a limited operating history, and performance is highly dependent upon the expertise and abilities of the Portfolio Manager. There is no assurance that the investment objectives of individual accounts under management will be achieved, and results may vary substantially over time. Any opinions, assumptions, assessments, statements or the like (collectively, "Statements") regarding future events or which are forward-looking, including regarding portfolio characteristics and limits, constitute only subjective views, beliefs, outlooks, estimations, or intentions of Luther Capital, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Luther Capital's control. Luther Capital undertakes no responsibility or obligation to revise or update such statements.