Alternative investments are speculative and involve substantial risks. It is possible that investors may lose some or all of their investment.

Alternative investments may not be appropriate for all investors. The risks associated with alternative investments arise from several factors, dependent on the specific type of investment.

Some alternative investments: 

• Use leverage and other speculative strategies that may increase the risk of loss
• Are impacted by fluctuations in interest rates, currency values or credit quality
• Do not provide periodic pricing or valuation information to investors
• May delay distribution of important tax information
• May charge high fees

Before investing, review the detailed explanation of risks as well as all other information in the offering materials. Central Park Group does not provide tax or legal advice. Please contact your tax and legal advisors regarding your specific situation.

There are risks associated with investing in alternatives, including hedge funds, funds-of-funds, private equity and real estate. There is no assurance that objectives will be achieved or that the investment program will be successful. Risks typically associated with hedge funds include investments in short sales, options, small-cap stocks, "junk bonds," derivatives, distressed securities, non-U.S. securities and illiquid investments. Investors in funds-of-funds bear management fees as well as other fees and expenses imposed by the funds-of-funds as well as the underlying hedge funds. Private equity involves capital calls that may be made on short notice and failure to meet the capital calls can result in consequences including, but not limited to, a total loss of investment. Risks relating to real estate include debt, changes in general economic or local market conditions, changes in government, tax, real estate and zoning laws.

All investments in securities involve risk of the loss of capital. Alternative investments are sold to qualified investors only by a Confidential Offering Memorandum or Prospectus. Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities and derivatives, using leverage and engaging in short sales. An investment in an alternative investment fund is speculative, involves substantial risks, and should not constitute a complete investment program. An alternative investment fund may be highly leveraged. The volatility of the price of its interests may involve complex tax structures and there may be delays in distributing important tax information.

These funds may not be subject to the same regulatory requirements as mutual funds, and their fees and expenses may be high. This summary is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy interests in any fund. Interests are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency.

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