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This material is provided for informational purposes only and is not intended, and may not be relied on in any manner, as legal, tax or investment advice, a recommendation, or as an offer to sell, a solicitation of an offer to purchase or a recommendation of any interest in any fund or security offered by iCapital Markets LLC (“iCapital Markets”). You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation. This material does not intend to address the financial objectives, situation or specific needs of any individual investor. Financial products made available by iCapital Markets may be complex and/or speculative and are not suitable for all investors.

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Following implementation of the EU alternative investment fund managers directive (2011/61/EU) (“AIFMD”), including all implementing measures in each member state of the EEA (an “EEA member state”) or the UK, the offering or placement of interests to or with investors domiciled or with a registered office in an EEA member state or the UK (collectively, “European investors”) may be restricted or prohibited under national law in that EEA member state or the UK, or may be permitted only if the manager complies with certain procedural and substantive obligations, where applicable. The inclusion of an offering legend in respect of any EEA member state or the UK does not imply that an offering or placement of interests has been or will be made to or with European investors; any such offering or placement will be made only where: (i) this is permitted under national law; and (ii) the manager, if applicable, complies with all relevant procedural and substantive obligations relating to the offering or placement of interests.

© 2023 Institutional Capital Network, Inc. All Rights Reserved.