Disclaimer

THIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS IN ANY POOLED INVESTMENT VEHICLE MANAGED BY CLEAR STAR RE LTD. CAPITAL MANAGEMENT LLC OR ANYONE ELSE. AN OFFERING OF INTERESTS IN ANY SUCH VEHICLE WILL BE MADE ONLY THROUGH A CONFI-DENTIAL PRIVATE OFFERING MEMORANDUM AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.

The strategy to be pursued by Clear Star Re Ltd. Capital Management LLC (“Clear Star Re Ltd.”) is speculative and involves a high degree of risk.

Prospective investors are strongly urged to consult with their own financial, legal, and tax advisors before investing.

There can be no assurances that an account managed by Clear Star Re Ltd. will have a return on invested capital similar to the historical returns of other accounts managed by Clear Star Re Ltd. There may be differences in trading policies, economic conditions, regulatory climate, portfolio size, leverage, and expenses. The fact that other accounts managed by Clear Star Re Ltd. have realized gains in the past is not an indication that an account managed by Clear Star Re Ltd. will realize any gains in the future. Prior performance is not necessarily indicative of future results.

Certain information contained herein has been supplied to Clear Star Re Ltd. by third parties. While Clear Star Re Ltd. believes such sources are reliable, it cannot guarantee the accuracy of any such information and does not represent that such information is accurate or complete.

The portfolio construction characteristics, target returns, and other parameters described herein are estimates and are provided for illustrative purposes only and are based on Clear Star Re Ltd.’s perception of such matters as of the date of this presentation. The development of an investment strategy and related portfolio construction characteristics is an ongoing process that is expected to change over time. Accordingly, the portfolio construction characteristics set forth herein should not be relied upon as being in effect at any point in time and will vary over time without notice.

Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology.

Due to various risks and uncertainties, actual events, results, or the actual performance of investments may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future.

This presentation does not constitute an offer of interests or shares in any fund to investors domiciled or with a registered office in the European Economic Area (“EEA”). Clear Star Re Ltd. does not currently intend to engage in any marketing (as defined in the Alternative Investment Fund Managers Directive) in the EEA with respect to interests or shares in a fund. Receipt of this presentation by an Clear Star Re Ltd. investor is solely in response to a request for information about a fund which was initiated by such investor.

Any other receipt of this presentation is in error, and the recipient thereof shall immediately return to Clear Star Re Ltd., or destroy, this presentation without any use, dissemination, distribution, or copying of the information set forth herein.

The information contained herein is proprietary and confidential to Clear Star Re Ltd. Capital Management LLC (“Clear Star Re Ltd.”) and is being provided to you only in response to your request for it. By accepting this information, you acknowledge the foregoing and agree that you will keep all information contained herein strictly confidential.

Furthermore, you agree to use such information for the sole purpose of evaluating investments and potential investments by you in an investment fund managed by Clear Star Re Ltd. (the “Fund”). You should not rely on the information contained herein to make any investment decision with respect to the Fund or any other security.

Past performance is not necessarily predictive of future results.

Please refer to the Fund’s confidential private placement memorandum for a more complete description of the risks associated with making an investment in the Fund.