Disclaimer.

Phronesis Management LLC is an investment adviser to funds that are in the business of buying and selling securities and other financial instruments. This information is provided for informational purposes only and does not constitute investment advice or an offer or solicitation to buy or sell an interest in a private fund or any other security. An offer or solicitation of an investment in a private fund will only be made to accredited investors pursuant to a private placement memorandum and associated documents.

Phronesis Management LLC may change its views about or its investment positions in any of the securities mentioned in this document at any time, for any reason or no reason. Phronesis Management LLC may buy, sell, or otherwise change the form or substance of any of its investments. Phronesis Management LLC disclaims any obligation to notify the market of any such changes.

2020 performance returns are estimated pending the year-end audit. Past performance is not indicative of future results. Actual returns may differ from the returns presented. Net return figures are reported net of all fees and expenses including management and performance fees. Each partner will receive individual statements showing returns from the Partnerships’ administrator. Reference to an index does not imply that the funds will achieve returns, volatility, or other results similar to the index. The total returns for the index do not reflect the deduction of any fees or expenses which would reduce returns. References to net exposure and attribution data are calculated using Interactive Brokers, which could be subject to errors.

An investment in the fund/partnership is speculative and involves a high degree of risk. Opportunities for withdrawal/redemption and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop. The portfolio is under the sole trading authority of the general partner. A portion of the trades executed may take place on non-U.S. exchanges. Leverage may be employed in the portfolio, which can make investment performance volatile. An investor should not make an investment, unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

The enclosed material is confidential and not to be reproduced or redistributed in whole or in part without the prior written consent of Phronesis Management LLC. The information in this material is only current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which will fluctuate. Any statements of opinion constitute only current opinions of Phronesis Management LLC which are subject to change and which Phronesis Management LLC does not undertake to update. Due to, among other things, the volatile nature of the markets, and an investment in the fund/partnership may only be suitable for certain investors. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal and tax professionals before making any investment.

The fund/partnership is not registered under the investment company act of 1940, as amended, in reliance on an exemption thereunder. Interests in the fund/partnership have not been registered under the securities act of 1933, as amended, or the securities laws of any state and are being offered and sold in reliance on exemptions from the registration requirements of said act and laws.

The Global Market index fund (Vanguard Total World Stock ETF, ticker $VT) invests in securities in and seeks to track the performance of the FTSE Global All Cap Index, which covers both well-established and still-developing markets. The S&P 500 is a US equity index and commonly used as a proxy for the US equity markets. The ARC USD Equity Risk Private Client Index ("PCI") provides insight into the actual returns being generated by investment managers for their discretionary private client portfolios, based on real performance numbers (net of fees) provided by participating investment managers in five major currencies. The Barclay Hedge Fund Index is a measure of the average return of all hedge funds (excepting Funds of Funds) in the Barclay database. The index is simply the arithmetic average of the net returns of all the funds that have reported that month.

 These items are included for informational purposes only and may not be representative of the type of investments made by the fund. References made to these items are for comparative purposes only, with the Global Market index fund utilized as a proxy for the global equity markets. The fund’s portfolio is less diversified than these items. Returns for these items are stated as a total return amount which includes dividends.