Past results are no guarantee of future results and no representation is made that a client will or is likely to achieve results similar to those shown above. The foregoing should not be deemed an offer to sell or a solicitation of an offer to buy an interest in Preservation Capital unless accompanied or preceded by a current Offering Document.

The Offering Documents contains particulars of the Fund and the Shares and Partnership Interests which are the subject of this Offering. The Shares and Partnership Interests are offered on the basis of the information and representations contained in this Offering Document. Potential investors should read the entire Offering Document carefully before making any investment decision regarding the Fund. Purchase of the Shares and Partnership Interests involves a high degree of risk and there is no assurance that the Fund's objective will be achieved. The Fund's investment results may vary substantially on a monthly, quarterly and annual basis.

The Shares and Partnership Interests are suitable for sophisticated investors who are Eligible Investors (as defined in the offering document), who do not require immediate liquidity for their investment, for whom an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the investment program of the Fund. Investors that subscribe for Shares and Partnership Interests must represent that they are acquiring the Shares and Partnership Interests for investment purposes only. Any Transfer of Shares and Partnership Interests is subject to the consent of the directors of the Fund and to limitations imposed by the Articles of the Fund.

Potential investors are not to construe the contents of the Offering Document as legal, tax, investment or other advice. Potential investors should review this Offering Document and all other documents received in connection with the Offering with their professional advisors, including but not limited to legal counsel, accountants and business and tax advisors, on whose opinion they should rely as to all legal, tax, regulatory, financial and related matters concerning an investment in the Shares and Partnership Interests. Potential investors should inform themselves as to: (a) the legal requirements within the countries of their citizenship, residence, domicile and place of business for the acquisition, holding and disposition of Shares and Partnership Interests; (b) any foreign exchange restriction or exchange control requirements which they might encounter on acquisition or disposition of Shares and Partnership Interests; and (c) the income tax and any other tax consequences which might be relevant to the acquisition, holding or disposition of Shares and Partnership Interests.

The distribution of the Offering Document and the offer and sale of Shares and Partnership Interests may be wholly or partly restricted in certain jurisdictions. No action has been or will be taken to permit an offering in any jurisdiction where action would be required for that purpose. Accordingly, Shares and Partnership Interests may not be offered or sold, directly or indirectly, and the Offering Document may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Shares and Partnership Interests that are acquired by investors not entitled to hold them will be compulsorily redeemed. It is the responsibility of any persons in possession of the Offering Document and any persons wishing to make applications for Shares and Partnership Interests pursuant to or on the basis of this Offering Document to inform themselves of and to observe fully the applicable laws and regulations of any relevant jurisdiction. The Offering Document does not constitute an offer to sell or a solicitation of an offer to buy any of the Shares and Partnership Interests in any jurisdiction to any person or entity to whom it is unlawful to make such an offer or sale.

The Shares and Partnership Interests are not registered for sale, and there is no public market for the Shares and Partnership Interests and none is expected to develop. No application has been or is currently intended to be made to list the Shares and Partnership Interests on any stock exchange.

The Shares and Partnership Interests offered hereby have not been filed with or approved by any regulatory or governmental authority of any country or jurisdiction, including, but not limited to, the United States Securities and Exchange Commission, nor has any such regulatory authority passed upon or endorsed the merits of this Offering or the accuracy or adequacy of this Offering Document. Any representation to the contrary is unlawful and may be a criminal offense.

The Shares and Partnership Interests have not been and will not be qualified under the securities laws of any province or territory of Canada or registered under the United States Securities Act of 1933 (as amended). The Fund has not been registered as an investment company under the United States Investment Company Act of 1940 (as amended).