Important Disclosures

This website was prepared by Night Watch Investment Management, LLC (“NWIM”) on December 6th, 2023, based on information available as of December 6th, 2023, and is subject to amendment. The information and opinions contained on this website (including information obtained from third-party sources) are for background purposes only and do not purport to be full or complete, and do not in any way constitute personalized investment advice or an investment recommendation on the part of NWIM. No representation, warranty, or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document, and no liability is accepted as to the accuracy or completeness of any such information or opinions.

All investments involve the risk of a loss of capital. NWIM believes that its proprietary investment program, research and risk-management techniques moderate this risk through the careful selection of portfolio investments. However, no guarantee or representation is made that NWIM’s investment program will be successful, and investment results may vary substantially over time. Past performance is not a guide to future performance. This publication makes no recommendations whatsoever regarding buying, selling, or holding any specific security, class of securities, or securities of a class of issuers. You are required to conduct your own due diligence, analyses, draw your own conclusions, and make your own investment decisions. Commentary is provided without reference to any investment strategy or product offered by NWIM. NWIM or entities managed by NWIM may be invested in any of the industries or securities mentioned. They may trade in and out of those positions without providing any updates.

Certain information contained in this document constitute “forward- looking statements,” which can be identified by the use of certain 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. Any projections or other estimates in this document, including estimates of returns or performance, are “forward- looking statements” and are based upon certain assumptions that may change. Due to various risks and uncertainties, actual events or results, or the actual performance of any investment vehicle, portfolio or product described herein may differ materially from those reflected or contemplated in the forward-looking statements. Actual events are difficult to project and often depend upon factors that are beyond the control of NWIM.

TO THE FULL EXTENT PERMITTED BY LAW NEITHER, NWIM NOR ANY OF ITS AFFILIATES, NOR ANY OTHER PERSON OR COMPANY, ACCEPTS ANY LIABILITY WHATSOEVER FOR ANY DIRECT, INDIRECT, OR CONSEQUENTIAL LOSS ARISING FROM, OR IN CONNECTION WITH, ANY USE OF THIS PUBLICATION OR THE INFORMATION CONTAINED HEREIN. NWIM AND ITS AFFILIATES EXPRESSLY DISCLAIM ANY GUARANTEES, INCLUDING, BUT NOT LIMITED TO, FUTURE PERFORMANCE OR RETURNS.