Important Disclaimers

• Risk parameters for a Risk Based Portfolio Margining account are set and subject to change by the SEC, other regulatory bodies, our clearing firms and Saratoga Capital, LLC and differ relating to the type of instruments and other factors. Risk levels and related capital requirements in a Risk Based Portfolio Margining account can vary significantly day-to-day depending on the volatility of positions and on the movements of the overall market. Risk Based Portfolio Margining risks do not represent all risks associated with positions in a particular portfolio. Margin requirements may be significantly greater than simple Risk Based Haircut calculations.

• Options are not suitable for all investors. Investing in options carries substantial risk and tax consequences. Investors may realize losses on any investments made utilizing leverage. Future returns are not guaranteed, and use of leverage may magnify trading losses. Prior to buying or selling an option, a client must receive a copy of Characteristics and Risks of Standardized Options. Copies of the ODD are available from Saratoga Capital, LLC (212-422-1760), or by calling 1-888-OPTIONS.

• 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 or companies. The client is responsible for conducting due diligence related to all investment activity. Saratoga Capital, LLC reserves the right to approve or not approve an account for Risk Based Portfolio Margin status for any reason. Saratoga Capital, LLC also reserves the right to sell out any position at any time in a Risk Based Portfolio Margining account. Saratoga Capital,LLC will apply its own risk guidelines and limits to all approved Risk Based Portfolio Margin accounts. These guidelines and limits may be more stringent than what is available under Risk Based Portfolio Margining. Saratoga Capital, LLC may also require additional margin beyond the Risk Based Portfolio Margining requirements, particularly for positions with naked or uncovered calls or puts.

• The information provided in the material is based upon sources believed to have been reliable by Saratoga Capital, LLC, but Saratoga Capital, LLC has not taken any steps to verify the accuracy or completeness of the information. Neither Saratoga nor any of its officers, employees, agents, affiliates or advisers make any representation or warranty as to the accuracy or completeness of the material or are under any obligation, express or implied, to update the information to correct any inaccuracies it may contain or to reflect any changes that may occur in the future. It is not a research report and is not intended as such.

• This material has been prepared and distributed by Saratoga Capital, LLC for informational purposes only and should not be construed as legal, accounting, tax or other professional advice. You should consult with your own independent legal, accounting, tax andother professional advisors before taking any action on the basis of this information.

• This material is confidential and may not be disclosed to any person other than the intended recipient without the express written approval of Saratoga Capital, LLC. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means or (ii) redistributed, without Saratoga Capital, LLC prior written consent.