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Reference Equity
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IMPORTANT NOTES & DISCLOSURES

The information, analysis, and opinions presented herein are for discussion and educational purposes only. This presentation is not an offer to sell securities of any investment fund or a solicitation of offers  to buy any such securities. Nothing contained herein should be construed as investment advice nor should it be relied on in any manner as legal or tax advice, or as an offer to sell or a solicitation of an offer to buy investment advisory services. Securities of the funds managed by Reference Equity are not offered to investors. All investments involve risk and, unless otherwise stated, are not guaranteed.

The information in this presentation was prepared by Reference ISC GP LLC and/or Reference GSC GP LLC (“Reference”) and is believed by Reference to be reliable and has been obtained from public sources believe to be reliable. This document may contain certain forward-looking statements, opinions and projections that are based on assumptions and judgements of Reference in respect to, among other things, future economic, competitive and market conditions and future business decision, all of which are difficult or impossible to predict accurately and may of which are beyond the control of Reference. Reference makes  no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this presentation constitute the current judgement of Reference and are subject to change without notice. Any projections, forecasts, and estimates contained in this presentation are necessarily speculative in nature and are based upon certain assumptions. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results. Accordingly, any projects are only estimates and actual results will differ and may vary substantially from the projections or estimates shown. This presentation  is not intended as a recommendation to purchase or sell any commodity or security. Reference has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Any specific securities identified herein are not representative of all securities purchased, sold, or recommended by Reference. The graphs, charts and other visual aids are provided for informational purposes only. None of these graphs,  charts or visual aids should be relied upon to make investment decisions. No representation is made that these will assist any person in making investment decisions and no graph, chart or other visual aid can capture all factors and variables required in making such decisions.

This presentation is strictly confidential and may not be reproduced or redistributed in whole or in part nor may its contents be disclosed to any person without the express consent of Reference.

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