Disclosures

Consulting Services Group, LLC (CSG) is an investment adviser that is registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. Commerce Square Trading, LLC (CST) is a broker-dealer that offers investment products and services and is a member of FINRA and SIPC. InterSec Research, LLC (InterSec) is a research consulting firm. Commerce Advisors, LLC (CA) is an investment adviser that is registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. CA is wholly owned by Commerce Holdings, LLC. CSG Fund Management, LLC (CSGFM) is an affiliated entity formed by CSG Holdings, LLC to provide investment management services in respect of various types of investments. CSGFM owns 85% of Quantitative Alternative Management, LLC (QAM). QAM was formed by CSGFM to provide investment management services in respect of various types of alternative investment replication products. Consulting Services Group, LLC, Commerce Holdings, LLC (parent company of related investment adviser, Commerce Advisors, LLC), Commerce Square Trading, LLC, CSG Fund Management, LLC and InterSec Research, LLC are each wholly-owned by CSG Holdings, LLC.

CSG, CST, InterSec, CA and CSGFM do not provide legal or tax advice to clients. All clients with tax considerations, including the effect of UBTI resulting from alternative investment strategies, are strongly urged to consult their tax advisers regarding such issues. A copy of CSG's current Form ADV Part II and important disclosures regarding the risks of investing in hedge funds may be found on CSG's website under the "Important Disclosures" section. A copy of CA's current Form ADV Part II may be obtained by contacting the firm's compliance department at 901.761.8080.