LEGAL DISCLAIMERS

Confidentiality

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This information is being furnished to you on a confidential basis to provide selected information regarding Ratel Capital Management LLC (“Ratel”) and certain funds managed by Ratel (collectively, the “Fund”). Information contained herein is non-public, confidential or proprietary in nature. By accepting these materials, you agree to keep the information contained herein or otherwise provided to you by Ratel or any of its representatives strictly confidential.

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Risk Factors

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An investment in the Fund will be speculative and involves risk. As a result, an investor could lose all or a substantial amount of its investment. In addition, management fees, incentive fees and other expenses may offset or exceed profits.

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Forward-Looking Statements

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The projected results and statements contained in these materials that are not historical facts are based on current expectations but involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. The projected results and forward-looking statements in these materials are based on current expectations, speak only as of the date of this document and are susceptible to a number of risks, uncertainties and other factors. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Ratel. Although we believe that the assumptions underlying the projected results and forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in these materials will prove to be accurate. In light of the significant uncertainties inherent in the projected results or forward-looking statements included herein, the inclusion of such information should not be regarded as a representation of future results or that the objectives and plans expressed or implied by such projected results or forward-looking statements will be achieved. We will not undertake and specifically decline any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. In addition, it is our policy generally not to make any projections as to future results, and we do not endorse any projections regarding future performance that may be made by third parties.

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Not an Offer to Sell:

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All information contained in these materials is subject to revision and these materials are neither an offer to sell nor a solicitation of any offer to buy any securities in the Fund nor shall there be any sale of a security in any jurisdiction where such solicitation or sale would be unlawful. The information contained in these materials is provided for informational purposes only and is not complete, and does not contain certain material information about any fund managed by us, including important disclosures and risk factors associated with such funds. Any offering is made only pursuant to the Fund’s confidential offering memorandum, limited partnership agreement and the relevant subscription documents, all of which must be read in their entirety. No offer to purchase securities will be made or accepted prior to receipt by the offeree of these documents and the completion of all appropriate documentation.

 

These materials have not been registered or filed with, or reviewed by, any federal, regional or local regulatory authority. Accordingly, the foregoing authorities have not recommended or approved these materials or confirmed their adequacy or accuracy.

These materials are not an advertisement and are not intended for public use or distribution.

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Investment Performance Disclaimer

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The performance representations contained herein are not representations that such performance will continue in the future or that any investment scenario or performance will be consistent with such historical results. References to past performance are for informational purposes only and the composition of future investment portfolios may differ from the securities that comprise the portfolio described herein.

Ratel commenced operations in April 2011. From April 2011 through December 2012, Mr. Batra and a co-portfolio manager jointly managed an institutional managed account along with the Fund. The performance results included herein represent the time during which Mr. Batra managed the account as sole portfolio manager employing the strategy outlined herein.