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Not an Offer and Confidential: This communication and other information made available to you on the Doshi Capital Management LLC website (the “Materials”) is provided for your internal use only.  The information contained herein is proprietary and confidential to Doshi Capital Management LLC (the “Adviser”) and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided.  The Materials are for informational or educational purposes only and are not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account the Adviser manages or offers.  Although the information provided herein has been obtained from sources which the Adviser believes to be reliable, the Adviser does not guarantee its accuracy, and such information may be incomplete or condensed.  The information is subject to change without notice and the Adviser has no obligation to update you.  Since we furnish all information as part of a general information service and without regard to your particular circumstances, the Adviser shall not be liable for any damages arising out of any inaccuracy in the information.

Not the Basis for an Investment Decision: The materials should not be the basis of an investment decision.  An investment decision should be based on your customary and thorough due diligence procedures, which should include, but not be limited to, a thorough review of all relevant term sheets and other offering documents as well as consultation with legal, tax and regulatory experts.  Any person subscribing for an investment must be able to bear the risks involved and must meet the particular fund’s suitability requirements.  Some or all alternative investment programs may not be suitable for certain investors.  No assurance can be given that any fund will meet its investment objectives or avoid losses.  A discussion of some, but not all, of the risks associated with investing in a fund can be found in the fund’s private placement memoranda, subscription agreement, limited partnership or limited liability company agreement, articles of association or other offering documents as applicable (collectively the “Offering Documents”), among those risks, which we wish to call to your attention, are the following:

Future Looking Statements: The Materials are NOT intended to contain or express exposure recommendations, guidelines or limits applicable to any investment fund.  The information in this report does not disclose or contemplate the hedging or exit strategies of any investment fund.  While investors should understand and consider risks associated with position concentrations when making an investment decision, this report is not intended to aid an investor in evaluating such risk.  The terms set forth in the Offering Documents are controlling in all respects should they conflict with any other term set forth in other marketing materials, and therefore, the Offering Documents must be reviewed carefully before making an investment and periodically while an investment is maintained.  Statements made in this release include forward-looking statements.  These statements, including those relating to future financial expectations, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  

Performance Data and Strategy Level Performance Reporting: Unless otherwise indicated, performance data presented is estimated, unaudited and “net” of fees and other fund expenses (i.e. legal and accounting and other expenses as disclosed in the relevant fund’s Offering Documents) and with dividends, if earned, and is subject to change.  Due to the format of data available for the time periods indicated, both gross and net returns are difficult to calculate precisely.  Accordingly, the calculations have been made based on in some cases limited available data and a number of assumptions.  Because of these limitations, the performance information should not be relied upon as a precise reporting of gross or net performance, but rather merely a general indication of past performance.  The performance information, if any, presented in the Materials may have been generated during a period of extraordinary market volatility or relative stability in a particular sector.  Accordingly, the performance is not indicative of results that any fund may achieve in the future.  In addition, the foregoing results may be based or shown on an annual basis, but results for individual months or quarters within each year may have been more favorable or less favorable than the results for the entire period, as the case may be.  If index information is included, it is merely to show the general trend in the markets in the periods indicated and is not intended to imply that the portfolio was similar to the indices in either composition or element of risk.  The Materials may contain hypothetical or actual performance of specific strategies employed by the Adviser, such strategies may comprise only a portion of any specific fund’s portfolio, and, therefore, the reported strategy level performance may not correspond to the performance of any fund for the reported time period.

Investment Risks: An investment in any fund is not a complete investment program, is highly speculative and involves significant risk, including the risk of a complete loss of invested capital.  Any fund managed by the Adviser is likely to be leveraged and may engage in other speculative investment practices, including hedging, that may increase the risk of investment loss. Past results of the Adviser are not necessarily indicative of future performance of any fund, and the fund’s performance may be volatile.  The use of a single advisor could mean lack of diversification and, consequently, higher risk.  The funds advised by the Adviser may have varying liquidity provisions and limitations.  There is no secondary market for investors’ interests in any fund and none is expected to develop. 

Not Legal, Accounting or Regulatory Advice:  The Materials are not intended to represent the rendering of accounting, tax, legal or regulatory advice.  A change in the facts or circumstances of any transaction could materially affect the accounting, tax, legal or regulatory treatment for that transaction. The ultimate responsibility for the decision on the appropriate application of accounting, tax, legal and regulatory treatment rests with the investor and his or her accountants, tax and regulatory counsel. Potential investors should consult, and must rely on their own professional tax, legal and investment advisors as to matters concerning any investment fund and their investments in such fund. Prospective investors should inform themselves as to: (1) the legal requirements within their own jurisdictions for the purchase, holding or disposal of investments; (2) and applicable foreign exchange restrictions; and (3) any income and other taxes which may apply to their purchase, holding and disposal of investments or payments in respect of the investments of the fund.