Performance Disclosures

Performance information since inception is net of all expenses and performance allocations.  The net performance is net of all expenses and the General Partner's Performance Allocation and is calculated based on an individual limited partner who had a capital balance at the beginning of each year and did not have any capital transactions during the year. An individual limited partner's results may vary due to the timing of capital transactions, high watermarks, and performance. Past performance is no guarantee of future results.  All investments involve risk including loss of principal.  The S&P 500 is an index of common stock prices and is generally considered representative of the U. S. stock markets. The index depicted has not been selected as a representative benchmark to compare Metropolitan Capital’s performance, but rather is disclosed to allow for comparison of Metropolitan Capital’s performance to that of a well-known and widely recognized index.  Performance results are estimates pending the final audit at year-end.

Any investor who subscribes, or proposes to subscribe, for an investment in a hedge fund must be able to bear the risks involved and must meet a hedge fund’s suitability requirements.  Some or all alternative investment programs may not be suitable for certain investors.  No assurance can be given that a hedge fund’s investment objectives will be achieved.  Hedge fund investments are typically speculative and involve a substantial degree of risk.   A hedge fund may be leveraged and engage in other speculative investment practices that may increase the risk of investment loss.  Past results of the hedge fund investment manager are not necessarily indicative of future performance of the fund, and the fund’s performance may be volatile.  An investor must realize that he or she could lose all or a substantial amount of his or her investment in a hedge fund.

The investment manager has total trading authority over the hedge fund, and the fund is dependent upon the services of the investment manager.  The use of a single advisor could mean lack of diversification and, consequentially, higher risk.  Hedge funds are generally highly illiquid. There is no secondary market for an investor’s interest in a hedge fund and none should be expected to develop.  There are restrictions on transferring interests in a hedge fund.  The fees and expenses typically earned by a hedge fund’s investment manager may offset the fund’s trading profits.  The instruments in which a hedge fund invests may involve complex tax structures and there may be delays in distributing important tax information.  A hedge fund is not required to provide periodic pricing or valuation information to investors with respect to its individual investments.  Hedge funds are not subject to the same regulatory requirements as registered mutual funds.  Certain of the trades executed for a hedge fund may take place on foreign markets, which inherently involves greater degree of risk.  A hedge fund is subject to various other risk factors and conflicts of interest.  For further information regarding the risk factors and conflicts of interest with respect to a hedge fund in which you propose to invest or currently invest, please refer to the hedge fund’s Offering Memorandum.