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<P>Please read this important legal information (the “Legal Notice") before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which BLSH’s products are authorized for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. By accessing and using the <A href="http://www.BLSHfunds.com">www.BLSHfunds.com</A> website and any pages thereof (the “Site”), you acknowledge that you have reviewed the Legal Notice and understand and agree to the terms and conditions contained herein. If you do not agree to the terms and conditions below, do not access or use this Site in any way.<BR>This Site should only be reviewed in conjunction with the Fund’s PPM. The fund’s PPM is the ONLY binding document, and the only source of information. This Site does NOT constitute an offer or a solicitation to buy or sell the fund or any shares in the fund or any securities. An investment in the fund is of a speculative nature and is NOT intended as a complete investment program. Past performance is not guaranty for future results !Each investor should consult his/her own attorney, accountant, tax advisor and financial advisor prior to investing in the fund.Investment in the fund involves substantial risks and should be considered only by persons who can tolerate an indefinite / long term period of investment, and afford a total loss of their investment. The fund's Information Memorandum is the only legally binding document on the fund. No offering materials will ormay be employed except for the fund's Information Memorandum. Investors should not rely on information not contained in the fund's Information Memorandum. BLSH is an equity long/short manager, a newly formed private investment company with no operating history, which may buy securities on margin. BLSH will invest substantially or all of its assets in stocks. The rates of return on this presentation are for the model which implements a substantially similar investment program to that which will be implemented by BLSH Management LLC This Presentationis neither an offer to sell nor a solicitation of an offer to buy any securities described herein. Any offer can only be made by the Confidential Program Memorandum, the Program Fund Descriptions and the Underlying Fund Offering Documents, which must be read carefully before any decision to invest is made. By subscribing for Units, each investor must represent, among other things, that: (a) an investment in the Fund is suitable for such investor; (b) the investor is able tobear the risk of an investment in the Fund, including the risks of losing the investor's entire investment and of the limited liquidity of the Units; and (c) the investor, either alone or together with the persons advising the investor in connection with the purchase of Units, understands the risks (i) an investment in the Fund is speculative and involves a high degree of risk; (ii) there can be no assurance that the Fund will achieve its objectives or avoid substantial or total losses; (iii) the Underlying Fund may trade with leverage; (iv) the Fund's performance may be volatile; (v) there is no secondary market for the Units and none is expected to develop; (vi) the Units are not freely transferable and are subject to restrictive redemption provisions; (vii) the Fund is subject to substantial fees and expenses which offset trading profits; (viii) the Fund and the Underlying Fund are subject to conflicts of interest; (ix) the past performance of the Underlying Fund or Underlying Manager (or its affiliates) are not necessarily indicate of future results; (x) the Fund has limited performance history of its own and the past performance of the model or Underlying Manager (or its affiliates) are not necessarily indicative of future results; (xi) the Fund is dependent upon the services of the Underlying Manager, the sole manager of the Underlying Fund; (xii) the use of a single trading advisor results in a lack of diversification and, consequently, higher risk; (xiii) neither the Fund nor the Underlying Fund is not subject to the same regulatory requirements as registered mutual funds; (xiv) the Fund is not intended as a complete investment program.<BR>This Legal Notice is governed by English Law and the English courts shall have exclusive jurisdiction over any matter arising out of this Legal Notice or from your accessing of the Site.<BR>General Provisions. This Site offers certain information about the approach of BLSH and its affiliates (“BLSH”) to providing investment funds services. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation or in which BLSH does not hold any necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use the Site.<BR>Use of Information and Material. This Site and the information herein is for general information purposes only. In addition, the information and materials contained in this Site and the terms and conditions of the access to and use of such information and materials are subject to change without notice. Not all products and advisory or management services are available in all geographic areas. Your eligibility for particular products and advisory or management services is subject to local law and regulation. Unauthorized use of the Site and BLSH’s systems, including but not limited to unauthorized entry into BLSH’s system, misuse of passwords or misuse of any information posted on this Site, is strictly prohibited. Your eligibility for a particular product or service is subject to final determination by BLSH.<BR>Ownership. Copyright © BLSH. All Rights Reserved. All content of the pages and in the screens displaying the pages, and in the information and material therein and in their arrangement and “look and feel” of the Site, is, unless otherwise specifically stated, owned by BLSH and is protected by copyright, database rights or other intellectual property rights. BLSH will enforce such rights to the full extent of applicable law. Except as otherwise agreed in writing or to the extent necessary to use the Site in accordance with these terms and conditions, you shall not: (1) copy the Site in whole or in part (2) display, reproduce, create derivative works from, transmit, sell, distribute, rent, lease, sublicense, time-share, lend or transfer or in any way exploit the Site in whole or in part; (3) embed the Site into other products; (4) use the Site in any timesharing arrangement; (5) create function calls or other embedded links from any software program to the Site; (6) remove or obscure any copyright notice of BLSH or any of its suppliers; (7) use any trademarks, service marks, domain names, logos, or other identifiers of BLSH or any of its third party suppliers; or (8) except to the extent permitted under by law, reverse engineer, decompile, disassemble, or access the source code of the Site.<BR>Nothing in the Site is designed to grant any license or right to use any image, trademark or logo. No act of downloading or otherwise copying from the Site will transfer any legal entitlement to any software or material on the Site to you. BLSH reserves all intellectual property rights (such as copyright and trademark rights) to all material on the Site, and will enforce such rights to the full extent of applicable law.<BR>Registrations and Licenses. Some entities, or management services and products of BLSH are not registered or licensed under applicable United Kingdom, U.S., Canadian or other financial services laws and regulations. </P> <P>No Advice, Offers or Solicitations. The information and materials in this Site should not be construed as to provide tax, legal or investment advice. In addition, the information and materials herein shall not constitute an offer or solicitation, or an offer to sell, shares of any of the funds or any advisory or management service in any jurisdiction. Shares of any funds may only be made by the private placement memorandum or scheme particulars for the relevant fund, and only to investors who meet certain eligibility requirements. The type of securities mentioned may not be suitable for everyone. USERS ARE URGED TO BASE THEIR INVESTMENT DECISIONS UPON A THOROUGH INVESTIGATION AND TO OBTAIN ALL NECESSARY PROFESSIONAL ADVICE.<BR>Passwords and Security. Access to any password-protected portion of the Site requires that a user obtain a username and password from BLSH. In consideration of being granted a username and password and permitted access to certain portions of the Site, you hereby acknowledge having read and understood this Legal Notice and agree to be bound thereby. Subsequent use of any username and password issued by BLSH shall be deemed to constitute full acceptance and understanding of the terms and conditions in this Legal Notice. Any use of or action taken under your password on the Site and maintaining the confidentiality and security of your password is your sole responsibility. In addition, full responsibility for all activity conducted through your account is your sole responsibility, and you hereby release BLSH from any and all liability concerning such activity. You must immediately notify BLSH of any actual or suspected loss, theft or unauthorized use of a user’s username or password. BLSH has no obligation to inquire as to the authority or propriety of any use of or action taken under your password and will not be responsible for any loss to you arising from any such use or action or from your failure to comply with the above.<BR>Please note that when using any Internet facility (such as this Site), data is transported over an open network that is accessible to third parties and may not be secure and there is a risk that information may be corrupted or interrupted during transmission or that any encryption technology may not provide complete protection. Data is also regularly transmitted across international borders. This also applies to data transfers where both the sender and recipient are located in the same country.<BR>Investigation and Disclosure of Information. BLSH has the right, but not the obligation, to monitor any activity and material associated with the Site. BLSH may investigate any complaint or reported violation of its policies and take any action that it deems appropriate. Such action may include, but is not limited to, issuing warnings, suspending or terminating your use of all or any portion of the Site and denying you access to all or any portion of the Site. BLSH also reserves the right to report any activity that it suspects may violate any law or regulation to appropriate law enforcement officials, regulators, or other persons or entities. In order to cooperate with governmental requests, to protect BLSH’s systems and other users, to ensure the integrity and operation of the Site, business or systems, or otherwise to comply with the law and legal process, BLSH may access and disclose any information it considers necessary or appropriate.<BR>Past Performance. Past performance is no indication of future performance, and nothing on this Site should be interpreted to state or imply otherwise. The value of investments may fall as well as rise and investors may not get back the full amount invested. Changes in rates of foreig</P> <P> </P>