Risk Disclosure

Programs are not appropriate investments for all individuals. Investors must meet the suitability standards set forth in the prospectus. Some states impose suitability standards that are higher than the offering’s general suitability standards.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. ALL OTHER SALES AND MARKETING MATERIALS MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO FULLY COMPREHEND ALL OF THE RISKS ASSOCIATED WITH THE OFFERING OF SECURITIES. A COPY OF THE CURRENT PROSPECTUS WILL BE MADE AVAILABLE TO YOU IN CONNECTION WITH THE SECURITIES HEREIN.

Please refer to each program’s respective Prospectus for more complete information about investing in programs referenced herein, including risks, charges, and expenses and investor suitability standards for your state. The Prospectus should be read carefully before you make any investment decisions. Investments in direct participation programs involve a high degree of risk. The programs referenced herein include blind pools and there is no assurance that the investment objectives of either program will be attained. The merits of these programs have not been endorsed by any securities regulatory agency and any representation to the contrary is unlawful. Past performance is no guarantee of future results.