IMPORTANT NOTICE

THIS DOCUMENT IS ONLY INTENDED FOR QUALIFIED INSTITUTIONAL AND QUALIFIED INDIVIDUAL INVESTORS. IT DOES NOT CONSTITUTE AN OFFER TO SELL NOR A SOLICITATION OF AN
OFFER TO BUY INTERESTS DESCRIBED HEREIN. NO SUCH OFFER OR SOLICITATION WILL BE MADE PRIOR TO THE DELIVERY OF AN OFFERING MEMORANDUM AND OTHER MATERIALS
RELATING TO THE MATTERS MENTIONED HEREIN. BEFORE MAKING AN INVESTMENT DECISION, POTENTIAL INVESTORS ARE ADVISED TO READ CAREFULLY THE PRIVATE OFFERING
MEMORANDUM, THE LIMITED PARTNERSHIP AGREEMENT, AND THE RELATED SUBSCRIPTION DOCUMENTS AND TO CONSULT WITH THEIR TAX AND FINANCIAL ADVISERS AND LEGAL
COUNSEL.

THIS DOCUMENT IS BEING PROVIDED TO YOU ON A CONFIDENTIAL BASIS SOLELY TO ASSIST YOU IN UNDERSTANDING AIS’S VIEWS AND INVESTMENT STRATEGIES. IT SHOULD NOT BE
CONSTRUED AS PROVIDING SPECIFIC INVESTMENT ADVICE. ACCORDINGLY, THIS DOCUMENT MAY NOT BE REPRODUCED IN WHOLE OR IN PART AND MAY NOT BE DELIVERED TO ANY
PERSON WITHOUT THE PRIORWRITTEN CONSENT OF AIS CAPITAL MANAGEMENT, L.P.
THE PROGRAM MAY EMPLOY LEVERAGE, WHICH CAN MAKE ITS INVESTMENT PERFORMANCE VOLATILE. OPPORTUNITIES FOR WITHDRAWAL AND TRANSFERABILITY OF INTERESTS ARE
RESTRICTED, SO INVESTORS MAY NOT HAVE ACCESS TO CAPITAL WHEN IT IS NEEDED. AN INVESTOR SHOULD NOT INVEST UNLESS HE OR SHE IS PREPARED TO LOSE ALL OR A
SUBSTANTIAL PORTION OF HIS OR HER INVESTMENT.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. INVESTMENTS IN AIS’S FRONTERA PROGRAMS INVOLVE A SUBSTANTIAL AMOUNT OF RISK, INCLUDING LOSS
OF CAPITAL, AND MAY NOT BE SUITABLE FOR ALL INVESTORS. AIS OFFERS NO GUARANTEE OR REPRESENTATION THAT AN INVESTMENT IN ITS FRONTERA PROGRAMS WILL GENERATE
PROFITS OR WILL NOT INCUR LOSSES OF INVESTED CAPITAL. AIS COMPUTES ITS PROGRAMS’ PERFORMANCE BASED ON COMPOUNDED DAILY RETURNS. AS SUCH, THE TIMING OF
INFLOWS AND OUTFLOWS FROM THESE PROGRAMSWILL IMPACT PERFORMANCE.