All persons using the DFN Management LLC website ("Site") expressly agree to the foregoing disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site including, without limitation, news articles, informational materials and all other manager-specific information, have been prepared for informational purposes only and do not constitute financial, legal, tax or any other advice. All information contained herein is provided "as is" and DFN Management LLC expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment. In no event shall DFN Management LLC be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data.

By accessing the password-protected area of this site, you agree not to invest in any posted hedge fund or alternative investment vehicle (other than hedge funds or alternative investment vehicles in which you or your affiliates are already invested, have already been solicited for or are already actively considering an investment in) for thirty (30) days after the approval of your application. DFN Management LLC reserves the right to terminate, at any time, any registered user's account with DFN Management LLC (as well as access to the latter's web site), without giving notice or a reason for such termination to the user.

Additionally, by accessing the password-protected area of this site, you agree to immediately contact DFN Management LLC if there is any change in your status as an "accredited investor" under Regulation D promulgated under Securities Act of 1933. For individuals such changes may include, for example, a registered user's net worth declining below $1,000,000, an expectation that income for the next twelve months may total less than $200,000, or an expectation that the registered user's combined income with his or her spouse may total less than $300,000 in the next twelve months All registered users, including individuals and entities, should communicate with their legal advisors if they believe that their status as an accredited investor has changed. If a registered user's status as an accredited investor has changed, such registered user agrees to immediately notify DFN Management LLC of such change. Nothing in this Site may be considered as an offer or solicitation to purchase or sell securities or other services. If any provision in this Disclaimer Agreement is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.

Users of the DFN Management LLC website may view, download and print information and materials on this Site for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish any information obtained from this Site. Registered User shall not use this site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using this Site.

DFN Management LLC, and the logos and marks included on the DFN Management LLC site that identify DFN Management LLC services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of DFN Management LLC is strictly prohibited. Copyright in the pages and in the screens of the Site, and in the information and material therein, is proprietary material owned by DFN Management LLC unless otherwise indicated. The unauthorized use of any material on the DFN Management LLC website may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.

The information herein is being provided on a confidential basis so that you may obtain additional information regarding DFN Management LLC, a Delaware limited liability company (“DFN”), or your investment in DFN Alpha Advantage Fund LP or DFN Alpha 90/10 Fund LP, each a Delaware limited partnership (the “Funds”). The information herein may not be disclosed to any other person or entity without the prior written consent of DFN.

You are not to construe the contents of this website as legal, business, tax, accounting, investment or other advice, and you are urged to consult with your own advisors with respect to legal, tax, regulatory, financial and accounting consequences of an investment in the Funds.

Certain information contained in this website constitutes “forward-looking statements” that can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “project,” “target,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Furthermore, any projections or other estimates herein, 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 the Funds may differ materially from those reflected or contemplated in such forward-looking statements. DFN does not undertake any obligation to update or revise forward-looking statements contained herein to reflect events or circumstances occurring after the date of this website.


Neither delivery of these materials nor any statement herein should be taken to imply that any information herein is correct as of any time subsequent to the date hereof. The information contained herein is based on data currently available to DFN, as well as various expectations, estimates, projections, opinions and beliefs with respect to future developments, and is subject to change. Any projections or estimates included in these materials are based upon assumptions, all of which are difficult to predict and many of which are beyond DFN’s control. There can be no assurance that any projected or estimated returns can be realized or that the actual returns will not be materially lower or higher than those projected or estimated and included in these materials.

Neither the Funds nor DFN (nor any of their related persons and entities) makes any representation or warranty, express or implied, as to the accuracy, completeness or adequacy for any particular purpose or use of the information contained herein or the assumptions, expectations, estimates, projections, opinions and beliefs used in preparing such information. Any reliance that a current or prospective investor makes upon information contained herein is solely at such person or entity’s own risk. You further agree that none of DFN, the Funds and any of their related persons and entities or any other person or entity shall have any liability relating to or resulting from such information, any errors or inaccuracies therein or omissions therefrom or the use thereof.

The information herein does not constitute an offer to sell or the solicitation of an offer to buy any interest in the Funds. Any such offer or solicitation will be made only pursuant to the Confidential Private Placement Memorandum, Partnership Agreement and Subscription Documents of the applicable Fund. In the event that any information regarding the Fund set forth in these materials is inconsistent with, or contrary to, the terms included in such offering documents, the information contained in such other documents will control.

Interests in the Fund have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction, nor is such registration contemplated. The interests in the Funds will be offered and sold in the United States under the exemption provided by Section 4(a)(2) and Rule 506 of the Securities Act and other similar exemptions under the laws of the states and jurisdictions where the offering will be made. The interests in the Funds have not been approved or disapproved of by the U.S. Securities and Exchange Commission (the “SEC”) or by the securities regulatory authority of any other jurisdiction, nor has the SEC or any such securities regulatory authority passed upon the accuracy or adequacy of this presentation. Any representation to the contrary is a criminal offense. The distribution of the information herein and/or the offer and sale of interests in the Funds may be restricted by law in certain jurisdictions.

Potential investors should be aware that an investment in the Funds involves a high degree of risk. There can be no assurance that the Funds’ objectives will be realized or that there will be any return of capital invested in the Funds. Prospective investors should carefully consider the risks described in the applicable Confidential Private Placement Memorandum before purchasing an interest in a Fund. If any of such risks actually occur, such Fund’s business could be materially harmed and its financial condition and results of operation could be materially and adversely affected. As a result, an investor in the Fund could lose all or part of its investment.







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