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Commonfund Commentary

Important Notes

Market Outlook

Statements concerning Commonfund Group's views of possible future outcomes in any investment asset class or market , or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund Group fund. Such statements are also not intended as recommendations by any Commonfund Group entity or employee to the recipient of the presentation. It is Commonfund Group's policy that investment recommendations to investors must be based on the investment objectives and risk tolerances of each individual investor. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund Group. Commonfund Group disclaims any responsibility to provide the recipient of this transcipt with updated or corrected information.


General

The value of and income from investments may vary because of changes in securities prices or market indices, changes in interest rates or foreign exchange rates, operational or financial conditions of companies or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized.

The information provided in this transcript is for general informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction. These materials are also not an offer or solicitation to participate in any particular trading strategy. All Commonfund Group investment funds are offered only by means of detailed offering memoranda and related disclosure materials. Potential investors should read all such materials with care prior to investing.


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