Disclaimer

This communication is not intended to constitute, and should not be construed as, investment advice. Potential investors in any of the funds referred to, or described, herein (each, a “Fund” and together, the “Funds”) that are open for investment should seek their own independent financial advice. This communication has been provided for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to in this communication. This communication is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Any decision to purchase securities or interests in any of the Funds that are open for investment must be based solely upon the information contained in the Prospectus or Private Placement Memorandum for that Fund, including any supplements thereto, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs may not be suitable for certain investors.

Distribution of information or documents contained in this communication may be restricted by law. Accordingly, this information and documents may not be distributed in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons receiving this communication should inform themselves about and observe any such restrictions. Any dissemination or other unauthorised use of this information or documents by any person or entity is strictly prohibited.

In the United Kingdom, this communication may constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000. Accordingly, it is issued only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net worth companies and certain other entities falling within Article 49 of the FPO; and (iii) any other persons to whom it may lawfully be communicated.

BlueCrest Capital Management (UK) LLP (“BCM (UK) LLP”) is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). To the extent that this communication is issued by BCM (UK) LLP, it is being issued inside and outside the United Kingdom only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the of the FCA’s Conduct of Business Sourcebook. BCM (UK) LLP is not acting for, or advising, investors in any of the Funds and is not responsible for providing such investors with the protections available under the UK regulatory system.

BlueCrest Capital Management LLP (“BCMLLP”) is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940 and with the U.S. Commodity Futures Trading Commission as a commodity pool operator and is a member of the National Futures Association in such capacity. BCMLLP is licensed and regulated by the Guernsey Financial Services Commission (“GFSC”) under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended to carry on controlled investment business in or from within the Bailiwick of Guernsey. To the extent that this communication is issued by BCMLLP, it is directed exclusively at persons who are professional clients or eligible counterparties for the purposes of the GFSC Rules, or to qualified purchasers, as defined in the U.S. Investment Company Act of 1940, as amended, or, if to U.S. persons (as defined under Regulation S promulgated under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), to U.S. persons who are accredited investors (as defined under Regulation D promulgated under the Securities Act).

Any of the Funds and other investments and investment services to which this communication relates are only available to the persons referred to above and other persons should not act or rely on the information contained on this communication.

This communication is not intended to constitute, and should not be construed as, marketing of any of the Funds in any member state of the European Economic Area (“EEA”) that has implemented the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (“AIFMD”). Recipients should note that the Funds which are Delaware limited partnerships are not available for investment by any investor domiciled, or with a registered office, in the EEA; such Funds are not being marketed in the EEA for the purposes of the AIFMD or local private placement rules in each EEA member state.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THESE POOLS IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS/THESE OFFERING(S) OR ANY OFFERING MEMORANDUM FOR THIS/THESE POOL(S).

This communication may contain simulated performance results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any particular trading program will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

Although the information in this communication is believed to be materially correct, no representation or warranty is given as to the accuracy of any of the information provided. Certain information included in this communication is based on information obtained from third-party sources considered to be reliable. Any projections or analysis provided to assist the recipient of this communication in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extent permitted by law, BCM (UK) LLP, BCMLLP, the Funds and their agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. The actual performance realised by any given investor will depend on numerous factors and circumstances. This communication may include returns for various indices. These indices are not intended to be direct benchmarks for a particular Fund, nor are they intended to be indicative of the type of assets in which a particular Fund may invest. The assets invested in by any of the Funds will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns, volatility and Sharpe ratio figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at time of modelling and therefore may change.

Among the risks we wish to call to the particular attention of prospective investors are the following: (1) each Fund's investment programme is speculative in nature and entails substantial risks; (2) the investments of each Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the total amount invested; (3) as there is no recognised market for many of the investments of the Funds, it may be difficult or impossible for a Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Funds may prematurely terminate; (5) an investment in a Fund is illiquid and there is no secondary market for the sale of interests in a Fund and none is expected to develop; (6) there are restrictions on transferring interests in a Fund; (7) BCMLLP and its affiliates may receive performance-based compensation, which may result in riskier investments, and the Funds’ fees may offset trading profits; (8) the Funds are subject to certain conflicts of interest; (9) certain securities and instruments in which the Funds may invest can be highly volatile; (10) the Funds may be leveraged; (11) a substantial portion of the trades executed for the Funds take place on non-U.S. exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each Fund; and (13) the Funds are not mutual funds pursuant to and therefore not subject to regulation under the U.S. Investment Company Act of 1940, as amended.