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 or any other fund in respect of which BlueCrest Capital Management Limited ("BCML") acts as investment manager (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.

The terms of investment in any of the Funds are solely as set out in the Fund's prospectus or private placement memorandum (including any supplements thereto), as the case may be, application forms and/or memorandum and articles of association or limited partnership agreement, as the case may be (collectively, the "Fund Documents"). Before acquiring an interest in any Fund, each prospective investor is required to confirm that it has carefully reviewed the various risks of an investment in the Fund, as set out in the Fund Documents, and is required to acknowledge and agree to the existence of any actual and potential conflicts of interests described in the Fund Documents and waive, to the fullest extent permitted by any applicable law, any claim with respect to the existence of any such conflicts.

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 Fund Documents, 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.

BCML is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940 and with the U.S. Commodity Futures Trading Commission as a commodity trading advisor and a commodity pool operator and is a member of the National Futures Association in such capacity. BCML is licensed and regulated by the Jersey Financial Services Commission ("JFSC") under the Financial Services (Jersey) Law (the "FSJL") to conduct fund services business in and from within Jersey. The JFSC does not take any responsibility for the financial soundness of the Funds or for the correctness of any statements made or expressed herein. The JFSC is protected by the FSJL against liability arising from the discharge of its functions under that law.

To the extent that this communication is issued by BCML, it is directed exclusively at persons who are professional clients or eligible counterparties for the purposes of the FSJL and any other legislation, regulations and orders which may be applicable from time to time, together with the requirements of any relevant codes of practice and guidance issued by the JFSC from time to time (the "JFSC Regulatory Requirements"), 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) and to qualified purchasers, as defined in the U.S. Investment Company Act of 1940, as amended (the "Investment Company 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.

The shares or interests in the Funds have not been filed with or approved or disapproved by any regulatory authority of the United States or any state thereof, nor has any such regulatory authority passed upon or endorsed the merits of an offering of a Fund or the accuracy or adequacy of this document. Any representation to the contrary is unlawful.


Information for investors in the European Union ("EU") and European Economic Area ("EEA"): "): In relation to each member state of the EU and EEA (each a "Member State") which has implemented the Alternative Investment Fund Managers Directive ("AIFMD") (and for which transitional arrangements are not available or are no longer available), this document may only be distributed and the interests in the Funds may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this document may be otherwise lawfully distributed and the interests in the Funds may lawfully be offered or placed in that Member State (including at the initiative of the potential investor). In relation to each Member State of the EEA which, at the date of this document, has not implemented AIFMD, this document may only be distributed and the interests in the Funds may only be offered or placed to the extent that this document may be lawfully distributed and the interests in the Funds may lawfully be offered or placed in that Member State (including at the initiative of the potential investor).

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 as at the date of issue, no representation or warranty is given as to the accuracy of any of the information provided. Furthermore no representation or warranty is given in respect of the correctness of the information contained herein as at any future date. 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, BCML, the Funds and their affiliates, 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 group 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) BCML 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 Investment Company Act.