DISCLOSURES

Echoing The Times Of Hoover

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These results of the Pearl Hedged VIX program ("Program") are compiled by Pearl Capital Advisors, LLC and are unaudited and may be incomplete or even inaccurate, although are deemed to be generally reliable. None of the results included herein should be construed as an offer to sell. Investors should consult their own adviser, legal, and tax consultants before making any investment decision. Individual accounts may vary in performance depending on size, funding level, and fee structure. .


The Program is subject to a variety of risks, including but not limited to: investments may be speculative and subject to a high degree of risk; investments may be illiquid; an investor could lose all or a substantial amount of any investment in the Program.


Notice: For ease of analysis only, all performance information shown herein relies on unaudited performance, and net of any management or performance fee.


This presentation is intended solely for use on a confidential basis by those persons to whom it is transmitted by Pearl. Recipients, by their acceptance and retention of this presentation, acknowledge and agree to preserve the confidentiality of its contents. This presentation may not be reproduced in whole or in part, in any format or by any means including electronically or mechanically, by photocopying, recording or by any information or retrieval system, or by any other form or manner whatsoever, without the prior written consent of Pearl. No portion of this presentation may be used for any purpose other than that for which it has been submitted, without the specific prior written consent of Pearl.


Performance is preliminary and unaudited, and subject to change. Results are shown net of all fees and estimated incentive allocation unless otherwise noted.


Direct comparisons between the Program's performance and equity market indices are not without complications. The Program's portfolio may contain options and other derivative securities, fixed income investments, may include short sales of securities and margin trading, and may not be as diversified as market indices. The indices may be unmanaged, may be market weighted, and unlike the Program, indices do not incur fees and expenses. Due to the differences among the Program's portfolio and the performance of equity market indices, no such index is directly comparable to the investment strategy of the Program.


The Program is subject to a variety of risks, including but not limited to: investments may be speculative and subject to a high degree of risk; investments may be illiquid; an investor could lose all or a substantial amount of any investment in the Program; there is no secondary market for interests in the Program nor is one expected to develop, and there are substantial restrictions on transferring an investment in the Program; the Program's portfolio may be leveraged and experience volatility; fees and expenses of the Program may be higher than those of other investments and will reduce the portfolio return. Past performance is not indicative of future results.


This presentation also contains certain hypothetical results. Readers should note the following:


HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.


ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.


Past Performance – Nothing on this site should be interpreted to state or imply that past results are an indication of future performance. Investing involves substantial risk. Portfolios fluctuate in value and may be less than present value in the future. It is highly unlikely that the past will repeat itself.


Sources of Information and Accuracy – We provide investment information that we believe to be useful and accurate. There are many different interpretations of investment statistics and different ideas about how to best use them. None of these offer guarantees. Information throughout this site is obtained from sources which we believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information.


Other Sites – This site may contain links to other sites on the Internet. These links are provided for your convenience. Links to another site do not constitute Pearl's approval or endorsement of that site or its products or advertisements.



Echoing The Times Of Hoover

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