1861 Capital Management LLC

This report was produced by 1861 Capital Management LLC. The information and opinions contained in this report have been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Each recipient of this report shall be deemed to have acknowledged and agreed that (i) this report shall not constitute, or be interpreted to constitute any recommendation or solicitation of any kind; (ii) this report is not intended to provide the recipient any assurance, guaranty or representation whatsoever as to the expected or projected performance of any party; (iii) we do not assume any obligation to update the information contained in this report; (iv) any reference to past performance in this report should not be taken as an indication of future performance; (v) all estimates and opinions included in this report constitute our judgments as of the date of this report and are subject to change without notice; (vi) this report is intended to be used solely for informational purposes and we accept no liability whatsoever for any direct or consequential loss arising from any use of any material contained in this report or any other damage or injury of any kind.

This letter does not constitute an offer to sell or a solicitation of an offer to buy or sell any securities, and is subject to, and qualified in its entirety by the information contained in the funds offering documents.

If and when included in this report, the words "expects", "estimates" and analogous expressions are intended to identify forward-looking statements. Any such statements inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, general economic and business conditions, competition, changes in political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, and various other events, conditions and circumstances beyond our control. These and other statements in the report speak only as of the date of this document. We expressly disclaim any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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