1. Entity Structure and Regulatory Status

Audacity Advisory Corp ("Audacity"), together with its affiliated entities (collectively, "Audacity Capital"), provides strategic, advisory, research, analytical, and related services to a limited number of eligible counterparties and qualified clients. Certain affiliates of Audacity Capital may be registered with, or subject to oversight by, regulatory authorities in one or more jurisdictions; however, not all Audacity entities are registered as investment advisers, broker-dealers, commodity trading advisers, or other regulated financial institutions under the Investment Advisers Act of 1940, the Securities Exchange Act of 1934, the Commodity Exchange Act, or similar laws in other jurisdictions. No representation is made that any such registration applies uniformly across all entities within Audacity Capital, and the regulatory status of any particular entity should be independently verified as applicable.

2. Authorized Channels and Anti-Impersonation Notice

Audacity Capital operates exclusively through authorized, Audacity-controlled domains, secure client portals, and direct institutional or private relationships established through written agreements. Audacity does not engage in public offerings, general solicitation, advertising, mass marketing of investment products or financial services, cold-calling, or unsolicited outreach to prospective investors.

WARNING: FRAUDULENT IMPERSONATION
Audacity does not solicit capital from the public, hold itself out as providing investment advisory services to retail investors, or offer securities, fund interests, or investment opportunities through public websites, mobile applications, social media platforms, messaging services, unsolicited electronic communications, or third-party intermediaries not expressly authorized in writing by Audacity.

Any website, platform, service, application, social media account, communication, or individual purporting to offer investments, fund interests, solicitations, financial services, or advisory relationships on behalf of Audacity, Audacity Capital, or any affiliated entity outside of these authorized channels is not affiliated with, endorsed by, or authorized to act for Audacity. Audacity expressly disclaims any responsibility or liability for such unauthorized representations, fraudulent schemes, impersonation attempts, or misuse of the Audacity name, trademarks, or brand.

If you are contacted by any party claiming to represent Audacity through unauthorized channels, or if you have questions regarding the legitimacy of any communication, please contact Audacity directly through verified contact information.

3. No Offer or Solicitation

Nothing contained on this website, in any Audacity publication, presentation, research material, communication, or other content constitutes, or should be construed as:

• An offer to sell, or a solicitation of an offer to buy, any security, fund interest, investment product, or financial instrument in any jurisdiction;

• Investment, legal, tax, accounting, or other professional advice;

• A recommendation or endorsement of any particular investment, strategy, or course of action;

• A guarantee, warranty, or prediction of future performance, results, or outcomes.

This website and all materials provided by Audacity are for informational purposes only and are not directed at or intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation, or which would subject Audacity or its affiliates to any registration or licensing requirement.

4. Private Placement and Qualified Clients Only

Any investment-related activities conducted by Audacity or its affiliates, including activities related to pooled investment vehicles, private funds, separately managed accounts, or other investment arrangements, are undertaken solely on a private, confidential basis with eligible parties pursuant to definitive written agreements, and in accordance with applicable laws and regulatory requirements.

Such activities are limited to:

• Qualified purchasers as defined under the Investment Company Act of 1940;

• Accredited investors as defined under Regulation D of the Securities Act of 1933;

• Qualified clients as defined under the Investment Advisers Act of 1940;

• Professional clients, eligible counterparties, or other equivalent categories under applicable non-U.S. regulations;

• Institutional investors, family offices, sovereign wealth funds, endowments, foundations, and similar sophisticated entities.

Audacity makes no representation that any investment opportunity is suitable for any particular investor, and prospective investors are responsible for determining the suitability of any investment based on their own financial situation, objectives, risk tolerance, and in consultation with their own advisers.

5. No Fiduciary Relationship Absent Written Agreement

Audacity does not provide individualized investment advice, act as an investment adviser, or undertake fiduciary duties except as expressly agreed to in writing with qualified or eligible clients pursuant to a signed advisory agreement or other governing document. Audacity does not act in a fiduciary capacity except where explicitly established by contract or required by applicable law in a specific jurisdiction.

Absent a written advisory agreement, no fiduciary, advisory, or confidential relationship is created by:

• Visiting this website or reviewing Audacity materials;

• Attending presentations, meetings, or discussions with Audacity representatives;

• Receiving research, analysis, commentary, or other information from Audacity;

• Submitting inquiries, questionnaires, or other information to Audacity.

No information provided by Audacity is intended to be relied upon by any person for the purpose of making an investment decision absent a written advisory agreement or subscription agreement with Audacity or an applicable affiliate.

6. Third-Party References and No Endorsement

References in Audacity materials—including presentations, reports, website content, research publications, or communications—to third-party organizations, institutions, funds, portfolio companies, investment managers, service providers, individuals, or other entities are provided solely for informational, illustrative, educational, or discussion purposes.

Such references do not imply, and should not be interpreted as implying:

• Any affiliation, endorsement, approval, sponsorship, partnership, joint venture, or commercial relationship with Audacity unless expressly set forth in a written agreement;

• That Audacity has conducted due diligence on, verified the accuracy of information provided by, or assumes any responsibility for such third parties;

• That such third parties endorse, recommend, or are otherwise associated with Audacity's services, strategies, or viewpoints.

Audacity does not represent, advise, or act on behalf of any third party without explicit written authorization. Any views, opinions, or statements expressed by Audacity are solely those of Audacity and not those of any referenced third parties.

7. No Representation or Warranty; Limitations of Liability

All information, data, analysis, research, opinions, and other content provided by Audacity (collectively, "Information") is provided "as is" without any representation or warranty of any kind, express or implied, including but not limited to warranties of accuracy, completeness, timeliness, merchantability, fitness for a particular purpose, or non-infringement.

Audacity makes no representation or warranty that:

• Any Information is accurate, complete, current, or free from error;

• Any projections, forecasts, estimates, or forward-looking statements will be realized or achieved;

• Any investment strategy, approach, or methodology will be successful or profitable;

• Any particular outcome or result will occur.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment returns and principal value will fluctuate, and investments may be worth more or less than original cost when redeemed or sold. There can be no assurance that any investment objective will be achieved or that losses will be avoided.

To the fullest extent permitted by applicable law, Audacity and its affiliates, and their respective officers, directors, employees, agents, and representatives, shall not be liable for any direct, indirect, incidental, consequential, special, punitive, or exemplary damages arising from or related to:

• Use of or reliance on any Information provided by Audacity;

• Investment decisions made based on Information provided by Audacity;

• Errors, omissions, inaccuracies, or delays in Information;

• Unauthorized access to or use of Audacity's systems, data, or communications;

• Any other cause related to access to or use of this website or Audacity services.

8. Forward-Looking Statements

Certain Information provided by Audacity may contain forward-looking statements, projections, forecasts, estimates, targets, opinions, or expectations regarding future events, market conditions, economic trends, investment performance, portfolio composition, or business activities. Such forward-looking statements are based on current beliefs, assumptions, expectations, estimates, and projections as of the date made.

Forward-looking statements are inherently uncertain and subject to numerous risks, uncertainties, and assumptions, including but not limited to:

• Changes in economic, market, political, regulatory, or competitive conditions;

• Geopolitical events, pandemics, natural disasters, or other force majeure events;

• Changes in interest rates, inflation, currency exchange rates, or commodity prices;

• Liquidity constraints, counterparty risk, or operational failures;

• Model risk, estimation error, or unforeseen variables.

Audacity undertakes no obligation to update, revise, or publicly announce any forward-looking statement, whether as a result of new information, future events, changed circumstances, or otherwise. Actual results, performance, or events may differ materially from those expressed or implied in forward-looking statements.

9. Risk Factors

Investing in securities, alternative investments, private funds, derivatives, and other financial instruments involves substantial risk of loss. Prospective investors should carefully consider the risks associated with any investment, including but not limited to:

• Market Risk: Fluctuations in securities prices, interest rates, and market conditions;

• Liquidity Risk: Inability to sell or exit positions at desired prices or timeframes;

• Credit Risk: Default or downgrade of issuers, counterparties, or obligors;

• Leverage Risk: Use of borrowed funds or derivatives magnifying gains and losses;

• Concentration Risk: Lack of diversification across sectors, geographies, or asset classes;

• Operational Risk: Failures in systems, processes, controls, or personnel;

• Regulatory Risk: Changes in laws, regulations, tax treatment, or enforcement;

• Counterparty Risk: Failure of brokers, custodians, administrators, or other service providers;

• Valuation Risk: Difficulty in accurately pricing illiquid, complex, or private assets;

• Currency Risk: Fluctuations in foreign exchange rates for non-domestic investments;

• Emerging Markets Risk: Political instability, less developed legal systems, and higher volatility in certain jurisdictions;

• Cybersecurity Risk: Unauthorized access, data breaches, or disruption of technology systems.

YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT. There is no guarantee of profit, and you should not invest funds you cannot afford to lose. The risks described above are not exhaustive, and additional risks may apply to specific investments or strategies.

10. Confidentiality and Proprietary Information

All Information provided by Audacity, including but not limited to research, analysis, investment strategies, portfolio data, performance information, methodologies, models, and other materials (collectively, "Proprietary Information"), is confidential and proprietary to Audacity and its affiliates.

Recipients of Proprietary Information agree to:

• Maintain the confidentiality of all Proprietary Information;

• Use Proprietary Information solely for the purpose of evaluating a potential relationship with Audacity;

• Not reproduce, distribute, publish, or disclose Proprietary Information to any third party without Audacity's prior written consent;

• Return or destroy all Proprietary Information upon request or termination of discussions.

Proprietary Information remains the exclusive property of Audacity. Unauthorized use, reproduction, or distribution of Proprietary Information may violate intellectual property rights, confidentiality obligations, and applicable laws, and may result in legal action.

11. Intellectual Property Rights

All content on this website and in Audacity materials, including but not limited to text, graphics, logos, images, data, software, design elements, and the compilation thereof (collectively, "Content"), is the property of Audacity or its licensors and is protected by copyright, trademark, trade secret, and other intellectual property laws.

You may not:

• Copy, reproduce, modify, distribute, transmit, display, perform, publish, license, create derivative works from, or sell any Content without Audacity's prior written permission;

• Use any trademarks, service marks, trade names, or logos of Audacity without authorization;

• Frame, mirror, or deep-link to this website or any Content without consent;

• Use automated systems (bots, scrapers, crawlers) to access or extract Content.

Any unauthorized use of Content may violate intellectual property rights and other laws and may result in civil or criminal penalties.

12. Privacy and Data Protection

Audacity is committed to protecting the privacy and security of personal information. Collection, use, storage, and disclosure of personal data is governed by Audacity's Privacy Policy, which is incorporated herein by reference and available on this website.

By accessing this website or providing information to Audacity, you acknowledge and consent to the practices described in the Privacy Policy, including:

• Collection of personal and business information for legitimate purposes;

• Use of information to provide services, communicate, and comply with legal obligations;

• Disclosure to affiliates, service providers, and regulatory authorities as necessary;

• Implementation of reasonable security measures to protect data;

• Compliance with applicable data protection laws, including GDPR, CCPA, and other regulations.

Audacity implements administrative, technical, and physical safeguards to protect information, but cannot guarantee absolute security against unauthorized access, cyber-attacks, or data breaches. You acknowledge and accept the inherent risks of electronic communication and data transmission.

13. Jurisdictional Limitations and Compliance

This website and Audacity services are not directed to, or intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Audacity or its affiliates to any registration requirement, licensing obligation, or other legal or regulatory burden.

Certain countries and jurisdictions restrict or prohibit access to investment services, private funds, or financial information of the type provided by Audacity. It is your responsibility to ascertain and comply with all applicable laws and regulations in your jurisdiction.

If you access this website or engage with Audacity from outside authorized jurisdictions, you do so at your own risk and are responsible for compliance with local laws. Audacity reserves the right to limit access to this website or its services based on geographic location, regulatory status, or other factors.

14. No Tax, Legal, or Accounting Advice

Nothing provided by Audacity constitutes tax, legal, accounting, or other professional advice. Audacity does not provide guidance on the tax treatment, legal implications, or accounting consequences of any investment, transaction, or strategy.

You are strongly encouraged to consult with your own qualified tax advisers, legal counsel, accountants, and other professional advisers regarding:

• The suitability of any investment for your particular circumstances;

• Tax consequences, including income tax, capital gains tax, estate tax, and withholding obligations;

• Legal and regulatory compliance in your jurisdiction;

• Accounting treatment and financial reporting requirements;

• Estate planning, succession, and wealth transfer considerations.

Audacity assumes no responsibility for any tax, legal, or accounting consequences arising from your investment decisions or reliance on Information provided by Audacity.

15. Modifications and Updates

Audacity reserves the right to modify, amend, update, or discontinue this website, these Legal Disclaimers, or any Information, services, or materials provided, at any time without prior notice.

Your continued use of this website or engagement with Audacity following any changes constitutes acceptance of such changes. It is your responsibility to review these Legal Disclaimers periodically for updates.

Audacity may, from time to time, update performance data, research conclusions, investment strategies, portfolio holdings, or other Information as new data becomes available or circumstances change. Historical Information may not reflect current views or positions.

16. Entire Agreement and Severability

These Legal Disclaimers, together with Audacity's Privacy Policy and Terms of Use, constitute the entire agreement between you and Audacity with respect to use of this website and access to Information, and supersede all prior or contemporaneous understandings, agreements, representations, and warranties, whether written or oral.

If any provision of these Legal Disclaimers is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, or if such modification is not possible, the provision shall be severed, and the remaining provisions shall continue in full force and effect.

17. Governing Law and Dispute Resolution

These Legal Disclaimers and any disputes arising out of or relating to this website, Information provided by Audacity, or your relationship with Audacity shall be governed by and construed in accordance with the laws of the State of Delaware, United States, without regard to its conflicts of law principles.

Any dispute, controversy, or claim arising out of or relating to these Legal Disclaimers, or the breach, termination, or invalidity thereof, shall be resolved through arbitration in accordance with the rules of the American Arbitration Association.

You hereby irrevocably waive any objection to venue or jurisdiction and consent to personal jurisdiction in the designated forum.

18. Contact Information and Verification

For questions regarding these Legal Disclaimers, to verify the authenticity of any communication purporting to be from Audacity, to report suspected impersonation or fraud, or for other inquiries, please contact:

Audacity Advisory Corp
860 Broadway, New York, NY, 10016, USA

Authorized domains: [List all legitimate Audacity domains]

IMPORTANT: Audacity will never contact you via unsolicited emails, social media messages, messaging apps, or phone calls requesting personal information, account credentials, wire transfers, or investment commitments. If you receive such communication, do not respond and contact Audacity immediately through verified channels.

Last Updated: March 2026

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