IMPORTANT INFORMATION

The material herein has been provided directly to you for informational purposes only by Institutional Capital Network, Inc. (“iCapital Network”) or one of its affiliates (iCapital Network together with its affiliates, “iCapital”). This material is the property of iCapital and may not be shared without the written permission of iCapital. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital.

This material is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, financial product or instrument, or otherwise to participate in any particular trading strategy. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation.

The material contains information about the secured limited recourse variable return amount notes (“ETN”) to be issued by ALTETN Designated Activity Company (the “Issuer”), an Irish designated activity company with limited liability with registration number 800892.

An investment in an ETN is subject to risks and an investor can lose money, including the possible loss of the entire principal amount, on an investment in an ETN. ETNs are complex instruments that involve substantial risks and are suitable only for sophisticated investors. Each prospective investor should ensure that it fully understands the nature of the transaction into which it is entering and the nature and extent of its exposure to the risk of loss of all or a substantial part of its investment. Before making an investment decision, prospective investors of the ETNs should consider carefully all the information set forth in this Series Memorandum, the Programme Memorandum, the Underlying Offering Memorandum and the considerations set out below.

A reference to a particular ETN is not a recommendation to buy, sell, or hold such ETN or to make any other investment decisions. As explained above, the ETNs are issued by a third-party unaffiliated with iCapital. iCapital does not have any responsibility for, and disclaims any and all liability associated with, the ETNs, including any obligations associated therewith.

For more detailed information about the risks, including liquidity risk, recourse to the issuer, and other important information associated with a particular ETN, please see the offering documents, including the Series Memorandum, the Programme Memorandum, and the Underlying Offering Memorandum, which are prepared by the Issuer and provided to iCapital for use on this page.

iCapital Markets LLC operates a platform that makes available financial products to financial professionals. In operating this platform, iCapital Markets LLC generally earns revenue based on the volume of transactions that take place in these products and would benefit by an increase in sales for these products.

The information contained herein is an opinion only, as of the date indicated, and should not be relied upon as the only important information available. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. The information contained herein is subject to change, incomplete, and may include information and/or data obtained from third party sources that iCapital believes, but does not guarantee, to be accurate. iCapital considers this third-party data reliable, but does not represent that it is accurate, complete and/or up to date. iCapital makes no representation as to the accuracy or completeness of this material and accepts no liability for losses arising from the use of the material presented. No representation or warranty is made by iCapital as to the reasonableness or completeness of such forward-looking statements or to any other financial information contained herein.

Securities products and services are offered by iCapital Markets LLC, an SEC-registered broker-dealer, member FINRA and SIPC, and an affiliate of iCapital, Inc. and Institutional Capital Network, Inc. These registrations and memberships in no way imply that the SEC, FINRA, or SIPC have endorsed any of the entities, products, or services discussed herein.

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