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Saratoga Capital, LLC (“SC”) is a registered broker dealer with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (FINRA). SC has entered into an agreement with the Manager and the Fund(s) to render certain marketing services, including but not limited to acting as a placement agent for the Fund(s) and the Manager. SC is not affiliated in any way with the Fund(s) or the Manager other than as an independent contractor performing such services. The Manager compensates SC for its services by paying SC a fee which may include a portion of management fees and performance fees or allocations, if any, due to the Manager or its Affiliates.

This is not an offer or solicitation with respect to the purchase or sale of any security. Saratoga Capital LLC does not provide investment advice nor conduct research or analysis on any Funds of companies. The investor is responsible for conducting due diligence related to all investment activity. Goldman Sachs Execution and Clearing, Bear Stearns Securities Corp, and Interactive Brokers are not affiliated with Saratoga Capital, LLC.

All performance information is net of applicable fees unless otherwise noted. This material is provided for informational purposes only as of the date hereof and is subject to change without notice. Saratoga Capital is compensated for finding investors for any of the funds or managers that SC markets. This material may not be suitable for all investors and is not intended to be, nor shall it be construed as legal, tax or investment advice or as an offer, or the solicitation of any offer, to buy or sell any securities. No offer or solicitation may be made prior to the delivery of the fund’s respective offering documents to qualified investors. Before making any investment, you should thoroughly review a fund’s offering documents with your legal, tax and investment advisors to determine whether an investment is suitable for you in light of your investment objectives and financial situation. The information contained herein, including investment returns, valuations, fund targets and strategies, has been supplied by the funds or their agents to Saratoga Capital and, although believed to be reliable, has not been independently verified and cannot be guaranteed. Saratoga Capital makes no representations or warranties as to the accuracy, validity or completeness of such information. This material is not complete and is subject to the more complete disclosures and terms and conditions contained in a particular fund’s offering documents, which may be obtained directly from the fund. Although Saratoga Capital may provide its analysis, Saratoga Capital does not provide "due diligence" on an investor’s behalf and is not responsible for an investor’s investment decisions. No representation or assurance is made that any fund will or is likely to achieve its objectives, benchmarks or targeted returns or that any investor will or is likely to achieve a profit or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results.

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