T2 Accredited Fund Letter to Investors June 12

7/31/2019 T2 Accredited Fund Letter to Investors June 12

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The GM Building, 767 Fifth Avenue, 18th

Floor, New York, NY 10153

July 13, 2012

Dear Partner,

Our fund rose 0.5% in June vs. 4.1% for the S&P 500, 4.1% for the Dow and 3.9% for the

Nasdaq. Year to date, our fund is up 9.0% vs. 9.5% for the S&P 500, 6.8% for the Dowand 13.1% for the Nasdaq.

Update

Im pleased to tell you that there has been a smooth transition, as discussed in our last letter toyou on June 22

nd(attached in Appendix A)

When Glenn and I decided to separate last month, I decided to sell most of our stocks as asmall firm, it was easy to exit positions like Berkshire Hathaway, Goldman Sachs, J.C. Penney,

AIG, Netflix, etc.and raise the funds cash position to nearly 70% (it would have been higher

but for the frictional costs of trading less-liquid positions). I did this for two reasons. First, when

theres a change in the funds management structure, its only fair to give investors the right to

redeem, and we couldnt predict how many would actually do so.

Secondly, even if there had been no redemptions (and I knew this would be the case in advance),I would have acted similarly because, as I resume the role of sole portfolio manager , its criticalthat I rebuild the portfolio from scratch and truly own the ideas. Over the years Ive avidly

studied investor psychology and appreciate the many powerful biases that can lead to emotionaldecision making, so I didnt want to inherit the funds positions, even though I was comfortable

with them. Instead, I wanted to start with a 0% position in each stock and then decide, after a

fresh analysis and careful weighing of other available opportunities, whether, when, and how

much to buy back (or re-short). So, for example, while it may seem counter-intuitive to have soldmy favorite stock, Berkshire Hathaway, only to repurchase it again last week, I was important

that I do so.

Rebuilding the PortfolioI am currently going through a rigorous process with each position. Berkshire was easy its

safe, cheap, growing nicely, and I know it well, having owned it for well over a decade, butcertain other positions are going to require further analysis before I make an investment decision.

Since the beginning of July, I have begun putting the funds cash back to work in what I believe

to be exceptionally attractive investments. It has been a productive period as I picked some low-

hanging fruit, and the fund is now over 50% invested on the long side and more than 20% on theshort side. I will invest more slowly in the coming months as I carefully and deliberately rebuild

the portfolio toward my approximate target of 100% long and 40% short.

I am very enthusiastic about the target-rich environment Im seeing on both the long and shortsides right now, and am hoping for continued market dislocation and volatility so that I can

invest at even better prices. In light of the weak economy in the U.S., the ongoing sovereign debtcrisis in Europe (which I am currently seeing in person at a European value investing conference


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in Italy, followed by a short stay in Germany on the way home), and the possibility of big

problems in both China and Japan, I think its a good time to have a lot of cash and be verypatient in putting it to work.

Quarterly Letters

The next letter you receive from me will be in early October. Writing letters every month wastime consuming, stress inducing, and led me (and, no doubt, many partners) at times to think

short-term, which is detrimental to my long-term-oriented investment strategy. If you do not

currently receive monthly statements from our bookkeeper, Cohen & Associates, and would liketo, please email Kelli [email protected].

ConclusionIn the past few weeks, Ive had more than 200 in-depth conversations with nearly all of the 150+

investors in our funds. I enjoyed it immensely on both a professional and personal level,

answering questions, talking stocks, and reconnecting with many old friends.

Im heartened and humbled that the vast majority of the funds partners elected to maintain theirinvestment. Im determined to reward your vote of confidence and will make every effort to

deliver the kind of results I achieved from 1999-2004 during my prior tenure as the sole portfoliomanager. In future letters, I will discuss the many steps Ive taken toward this end.

Again, I deeply appreciate your confidence and support. If you have any comments or questions,

please call me anytime on my cell phone at (646) 258-0687.

Sincerely yours,

Whitney Tilson
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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The unaudited return for the T2 Accredited Fund versus major benchmarks (including reinvested

dividends) is:

June Q2 Year to Date Since Inception

T2 Accredited Fundnet 0.5% -12.0% 9.0% 133.4%

S&P 500 4.1% -2.1% 9.5% 41.4%

Dow 4.1% -1.8% 6.8% 91.8%NASDAQ 3.9% -4.9% 13.1% 39.8%Past performance is not indicative of future results. Please refer to the disclosure section at the end of this letter. The T2Accredited Fund was launched on 1/1/99.

T2 Accredited Fund Performance (Net) Since Inception

T2 Accredited Fund Monthly Performance (Net) Since Inception

Note: Returns in 2001, 2003, 2009 and 2012 reflect the benefit of the high-water mark, assuming an investor at inception.

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Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

(%)

T2 Accredited Fund S&P 500

T2 S&P T2 S& P T 2 S&P T2 S&P T2 S& P T 2 S&P T2 S&P T2 S& P T 2 S&P T2 S&P T2 S& P T 2 S&P T2 S&P T2 S& P

AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500

January 7.8 4.1 -6.3 -5.0 4.4 3.6 -1.8 -1.5 -5.5 -2.6 4.7 1.8 1.1 -2.4 1.9 2.7 2.4 1.7 1.9 -5.9 -3.6 -8.4 -1.6 -3.6 -2.8 2.4 12.6 4.5

February -2.9 -3.1 6.2 -1.9 -0.6 -9.2 -1.1 -2.0 2.9 -1.6 7.0 1.5 2.1 2.0 -3.1 0.2 -3.3 -2.1 -6.9 -3.3 -8.9 -10.8 7.3 3.1 4.1 3.4 -0.8 4.3

March 4.1 4.0 10.3 9.8 -2.6 -6.4 3.0 3.7 1.4 0.9 3.9 -1.5 3.9 -1.7 3.9 1.3 -0.8 1.1 -2.3 -0.5 2.9 9.0 4.6 6.0 -4.1 0.0 10.9 3.3

April 2.1 3.7 -5.1 -3.0 5.1 7.8 -0.2 -6.0 10.5 8.2 2.4 -1.5 0.6 -1.9 2.2 1.4 4.4 4.6 -0.9 4.9 20.1 9.6 -2.1 1.6 1.9 3.0 1.3 -0.6

May -5.7 -2.5 -2.8 -2.0 1.8 0.6 0.0 -0.8 6.6 5.3 -1.4 1.4 -2.6 3.2 1.8 -2.9 2.5 3.3 7.9 1.2 8.1 5.5 -2.6 -8.0 -1.9 -1.1 -13.6 -6.0

June 2.2 5.8 4.1 2.4 4.6 -2.4 -7.3 -7.1 2.9 1.3 0.1 1.9 -3.1 0.1 -0.2 0.2 -3.0 -1.5 -1.2 -8.4 -5.0 0.2 4.5 -5.2 -2.4 -1.7 0.5 4.1

July -0.7 -3.2 -3.6 -1.6 -1.1 -1.0 -5.0 -7.9 2.3 1.7 4.6 -3.4 0.5 3.7 -0.9 0.7 -5.4 -3.0 -2.5 -0.9 6.8 7.6 3.5 7.0 -4.6 -2.0

Augus t 4.1 -0.4 5.4 6.1 2.5 -6.3 -4.3 0.5 0.4 1.9 -0.9 0.4 -3.2 -1.0 2.9 2.3 1.7 1.5 -3.3 1.3 6.3 3.6 -1.5 -4.5 -13.9 -5.4

September -3.3 -2.7 -7.2 -5.3 -6.1 -8.1 -5.4 -10.9 1.7 -1.0 -1.6 1.1 -1.5 0.8 5.0 2.6 -1.1 3.6 15.9 -9.1 5.9 3.7 1.7 8.9 -9.3 -7.0

October 8 .1 6.4 -4.5 -0.3 -0.8 1.9 2.8 8.8 6.2 5.6 -0.4 1.5 3.5 -1.6 6.3 3.5 8.2 1.7 -12.5 -16.8 -1.9 -1.8 -1.7 3.8 7.0 10.9

November 2.8 2.0 -1.5 -7.9 2.3 7.6 4.1 5.8 2.2 0.8 0.8 4.0 3.1 3.7 1.9 1.7 -3.6 -4.2 -8.9 -7.1 -1.2 6.0 -1.9 0.0 -0.6 -0.2

December 9.8 5.9 2.3 0.5 6.5 0.9 -7.4 -5.8 -0.4 5.3 -0.2 3.4 -1.3 0.0 1.4 1.4 -4.3 -0.7 -4.0 1.1 5.5 1.9 0.5 6.7 0.1 1.0

YTD

TOTAL31.0 21.0 -4.5 -9.1 16.5 -11.9 -22.2 -22.1 35.1 28.6 20.6 10.9 2.6 4.9 25.2 15.8 -3.2 5.5 -18.1 -37.0 37.1 26.5 10.5 15.1 -24.9 2.1 9.0 9.5

2004 20112005 2006 2007 2008 2009 2010 20121999 2000 2001 2002 2003


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Appendix A: Letter to Investors, June 22, 2012

Dear Partner,

We are writing to let you know that, after careful consideration, we have decided to cease

managing money together and will instead do so independently, in the firm belief that in doingso our investors will benefit over time.

The friendship and admiration we have for each other is unchanged, we will continue operating

our funds, and you do not need to do anything. We are, however, modifying our structure:Whitney will become the sole principal of T2 Partners and its three primary hedge funds. Glenn

will be establishing a new investment firm, Deerhaven Capital Management, that will

independently manage the T2 SPAC Fund, which will be renamed the Deerhaven Fund and

become his hedge fund vehicle. We will each have meaningful economic interests in ourrespective funds, so our interests are very much aligned.

In terms of T2s support team, Kelli Alires will remain the office manager and head of investorrelations, Damien Smith will continue as T2s analyst, and the auditor, bookkeeper, legalcounsel, compliance firm, and prime broker will remain the same. Deerhaven will develop its

own infrastructure over time.

Please allow us to tell you about our future plans:

Whitneys Plans[This section is written by Whitney]

I couldnt be more optimistic about T2s future and am looking forward to going back to doing

what I did very successfully when I was managing the T2 Accredited Fund on my own for morethan five years beginning in January 1999.

In this extremely difficult, complex, and uncertain investing environment, I truly believe that lessis more. Going forward, the funds I manage will be concentrated in my very best, carefully

researched investment ideas, with approximately 15 meaningful positions on the long side and 25

(smaller) positions on the short side. My target portfolio exposure is 90-110% long and 40-60%short. In this increasingly short-term, trading-oriented environment, I aim to do as little trading

as possible, and would be delighted if I am able to generate a handful great investment ideas each

year.

My objective is to beat the market by 5-10 percentage points per year (net) in the 1-3 yearhorizon, in both strong and weak markets, with meaningfully less volatility than we have seen in

the past year, and to earn you a compound annual return of at least 15%, measured over a

minimum of a 3-5 year horizon.

To ensure that I can focus intensely on in-depth company and industry analysis, I will adopt a

much lower public profile and let my investment returns speak for themselves. Specifically, Iwill dramatically reduce my television appearances, interviews with the media, blogging/writing,


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and public speaking, both in the investment and philanthropic realms. I also plan to write letters

to you quarterly rather than monthly (our bookkeeper will, course, continue to send you monthlystatements).

I thought it would be useful to share the track record of the T2 Accredited Fund when I was

running the fund by myself in the 5 1/3 years from January 1999 through April 2004. As you cansee in the table and chart below, the fund substantially outperformed all of the indices, beating

the S&P 500 by 12.5 percentage points per year on a compounded basis. Obviously the world

has changed a great deal since then and I cannot promise high returns, but one thing I can say forsure is that I have massively more experience now than I did then.

Total Return

Since Inception

Annualized

Since Inception

T2 Accredited Fund - gross 108.9% 14.8%

T2 Accredited Fund - net 82.7% 12.0%

S&P 500 -2.7% -0.5%

Dow 23.8% 4.1%NASDAQ -12.4% -2.5%

Notes: From January 1999-April 2004. Gross and net returns are after the 1% management fee and all other expenses of the fund.

For more information, see Appendix A for the funds performance since inception and Appendix B, Important Disclosure.

Finally, I want to say that it has truly been a pleasure being partners with Glenn for the past eight

years and I believe even more what I wrote when he joined T2: Glenn is an experienced

investor, outstanding stock picker and great person. Im confident that he will be enormously

successful going forward and couldnt be more pleased to have a meaningful economic interestin his future.

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70

90

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04

(%)



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Glenns Plans

[This section is written by Glenn]

I completely share Whitney's feelings about our business partnership and personal friendship,

and look forward to his future success. I am proud of our track record since I joined T2 Partners

in 2004 (see Appendix A) and, like Whitney, believe that we will both be very successful asindependent portfolio managers.

I am delighted to be launching Deerhaven Capital Management and the Deerhaven Fund, whichwill be managed in a traditional hedge fund structure similar to the funds weve been managing.The funds target exposures are approximately 120% long and 60% short, somewhat lower than

what we have been running recently. The long positions will be familiar to you: deeplyresearched ideas based on fundamental analysis, which will generally fall into three categories:

1) High-quality businesses with strong cash flows, available at a discount;2) Special situations (mergers, workouts, SPACs, etc.) (my investment banking background

is a competitive advantage in this space); and3) Mispriced options.Long position sizes will vary depending on safety and opportunity, but generally the long book

will be highly concentrated, with weightings skewed towards a few very high conviction

investments.

The short book will be far more diversified than the long book, and will be focused on frauds,

promotions, and failed business modelsthe world is awash in such opportunities. The short

book is intended to both generate alpha and reduce portfolio volatility. In addition, whenavailable at reasonable cost, the portfolio will hold securities intended to protect assets from

large downdrafts.

As background, we set up the T2 SPAC Fund in late 2008, as the world was coming apart, totake advantage of the extreme mispricings I had identified in the niche market of Special Purpose

Acquisition Companies (SPACs) (for more on this fund, please read our August 2009letter; user

name: tilson; password: funds). I have deep expertise in this market and am pleased that the fundwas a great success: it returned more than 100% in two years. Weve returned most of the SPACFunds capital to investors so its the perfect vehicle for me to launch my own hedge fund,

saving me the time and expense of setting up a new fund.

I look forward to working with both existing investors and new limited partners in this very

exciting time. If you have any questions or would like to discuss investing with me, you can

contact me directly [email protected] (917) 969-5364.
http://www.tilsonfunds.com/private/monthlyletter-aug09.pdfhttp://www.tilsonfunds.com/private/monthlyletter-aug09.pdfhttp://www.tilsonfunds.com/private/monthlyletter-aug09.pdfmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.tilsonfunds.com/private/monthlyletter-aug09.pdf


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Redemption Window

In light of these changes, we are giving each investor a redemption window at the end of June(this does not change your current redemption options). If you choose to redeem, please notify

Whitney [email protected] later than next Wednesday, June 27th

and he will

send you further details shortly thereafter.

ConclusionIf you have any questions, please dont hesitate to email or call us at (212) 386-7160. Thank you

for your continued confidence in us.

Sincerely yours,

Whitney Tilson and Glenn Tongue
mailto:[email protected]:[email protected]:[email protected]:[email protected]


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Appendix A from June 22, 2012 Letter to Investors

T2 Accredited Fund Performance (Net) Since Inception (Jan. 1999-May 2012)

T2 Accredited Fund Monthly Performance (Net) Since Inception

Note: Returns in 2001, 2003, 2009 and 2012 reflect the benefit of the high-water mark, assuming an investor at inception.

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20

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100

120

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160

180

200

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

(%)


T2 S&P T2 S& P T 2 S&P T2 S&P T2 S&P T2 S&P T2 S&P T2 S&P T2 S& P T 2 S&P T2 S&P T2 S& P T 2 S&P T2 S&P

AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500 AF 500

January 7.8 4.1 -6.3 -5.0 4.4 3.6 -1.8 -1.5 -5.5 -2.6 4.7 1.8 1.1 -2.4 1.9 2.7 2.4 1.7 1.9 -5.9 -3.6 -8.4 -1.6 -3.6 -2.8 2.4 12.6 4.5

February -2.9 -3.1 6.2 -1.9 -0.6 -9.2 -1.1 -2.0 2.9 -1.6 7.0 1.5 2.1 2.0 -3.1 0.2 -3.3 -2.1 -6.9 -3.3 -8.9 -10.8 7.3 3.1 4.1 3.4 -0.8 4.3

March 4.1 4.0 10.3 9.8 -2.6 -6.4 3.0 3.7 1.4 0.9 3.9 -1.5 3.9 -1.7 3.9 1.3 -0.8 1.1 -2.3 -0.5 2.9 9.0 4.6 6.0 -4.1 0.0 10.9 3.3

April 2.1 3.7 -5.1 -3.0 5.1 7.8 -0.2 -6.0 10.5 8.2 2.4 -1.5 0.6 -1.9 2.2 1.4 4.4 4.6 -0.9 4.9 20.1 9.6 -2.1 1.6 1.9 3.0 1.3 -0.6

May -5.7 -2.5 -2.8 -2.0 1.8 0.6 0.0 -0.8 6.6 5.3 -1.4 1.4 -2.6 3.2 1.8 -2.9 2.5 3.3 7.9 1.2 8.1 5.5 -2.6 -8.0 -1.9 -1.1 -13.6 -6.0

June 2.2 5.8 4.1 2.4 4.6 -2.4 -7.3 -7.1 2.9 1.3 0.1 1.9 -3.1 0.1 -0.2 0.2 -3.0 -1.5 -1.2 -8.4 -5.0 0.2 4.5 -5.2 -2.4 -1.7

July -0.7 -3.2 -3.6 -1.6 -1.1 -1.0 -5.0 -7.9 2.3 1.7 4.6 -3.4 0.5 3.7 -0.9 0.7 -5.4 -3.0 -2.5 -0.9 6.8 7.6 3.5 7.0 -4.6 -2.0

Augus t 4.1 -0.4 5.4 6.1 2.5 -6.3 -4.3 0.5 0.4 1.9 -0.9 0.4 -3.2 -1.0 2.9 2.3 1.7 1.5 -3.3 1.3 6.3 3.6 -1.5 -4.5 -13.9 -5.4

September -3.3 -2.7 -7.2 -5.3 -6.1 -8.1 -5.4 -10.9 1.7 -1.0 -1.6 1.1 -1.5 0.8 5.0 2.6 -1.1 3.6 15.9 -9.1 5.9 3.7 1.7 8.9 -9.3 -7.0

October 8 .1 6.4 -4.5 -0.3 -0.8 1.9 2.8 8.8 6.2 5.6 -0.4 1.5 3.5 -1.6 6.3 3.5 8.2 1.7 -12.5 -16.8 -1.9 -1.8 -1.7 3.8 7.0 10.9

November 2.8 2.0 -1.5 -7.9 2.3 7.6 4.1 5.8 2.2 0.8 0.8 4.0 3.1 3.7 1.9 1.7 -3.6 -4.2 -8.9 -7.1 -1.2 6.0 -1.9 0.0 -0.6 -0.2

December 9.8 5.9 2.3 0.5 6.5 0.9 -7.4 -5.8 -0.4 5.3 -0.2 3.4 -1.3 0.0 1.4 1.4 -4.3 -0.7 -4.0 1.1 5.5 1.9 0.5 6.7 0.1 1.0

YTD

TOTAL31.0 21.0 -4.5 -9.1 16.5 -11.9 -22.2 -22.1 35.1 28.6 20.6 10.9 2.6 4.9 25.2 15.8 -3.2 5.5 -18.1 -37.0 37.1 26.5 10.5 15.1 -24.9 2.1 8.5 5.2

20121999 2000 2001 2002 2003 2004 20112005 2006 2007 2008 2009 2010


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Appendix B from June 22, 2012 Letter to Investors

IMPORTANT DISCLOSURE

T2 Accredited Fund, L.P. (formerly known as the Tilson Growth Fund) commenced operations

on January 1, 1999. The information regarding the T2 Accredited Fund shows the performancefor the period January 1999 through April 2004, the period of time Whitney Tilson served as thesole portfolio manager of such fund and the performance of the T2 Accredited Fund for the

period January 1999 through May 2012.

Performance results shown are for the T2 Accredited Fund and are presented gross and net ofincentive fees. Gross returns reflect the deduction of management fees, brokerage commissions,

administrative expenses, and other operating expenses of the T2 Accredited Fund. Gross returns

are reduced by the incentive allocation. Gross and net performance includes the reinvestment of

all dividends, interest, and capital gains.

The T2 Accredited Funds current fee schedule for the Investment Manager is 1.5% annualmanagement fee and a 20% incentive allocation. For the periods prior to June 1, 2004, theInvestment Manager was entitled to a 1% annual management fee and a 20% incentive

allocation, subject to a 10% hurdle rate. In practice, the incentive allocation is earned on an

annual, not monthly, basis or upon a withdrawal from the T2 Accredited Fund. Because someinvestors may have different fee arrangements and depending on the timing of a specific

investment, net performance for an individual investor may vary from the net performance as

stated herein.

The return of the S&P 500 and other indices are included in the presentation. The volatility of

these indices may be materially different from the volatility in the T2 Accredited Fund. In

addition, the T2 Accredited Funds holdings differ significantly from the securities that comprisethe indices. The indices have not been selected to represent appropriate benchmarks to compare

an investors performance, but rather are disclosed to allow for comparison of the investors

performance to that of certain well-known and widely recognized indices. You cannot invest

directly in these indices.

Past results are no guarantee of future results and no representation is made that an investor will

or is likely to achieve results similar to those shown. All investments involve risk including theloss of principal. This document is confidential and may not be distributed without the consent of

the Investment Manager and does not constitute an offer to sell or the solicitation of an offer to

purchase any security or investment product. Any such offer or solicitation may only be made by

means of delivery of an approved confidential offering memorandum.

Additional information regarding the T2 Accredited Fund and its performance is available upon

request.


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T2 Accredited Fund, LP (the Fund) commenced operations on January 1, 1999. The Funds

investment objective is to achieve long-term after-tax capital appreciation commensurate withmoderate risk, primarily by investing with a long-term perspective in a concentrated portfolio of

U.S. stocks. In carrying out the Partnerships investment objective, the Investment Manager, T2

Partners Management, LLC, seeks to buy stocks at a steep discount to intrinsic value such that

there is low risk of capital loss and significant upside potential. The primary focus of theInvestment Manager is on the long-term fortunes of the companies in the Partnership s portfolio

or which are otherwise followed by the Investment Manager, relative to the prices of their stocks.

There is no assurance that any securities discussed herein will remain in Fund s portfolio at the

time you receive this report or that securities sold have not been repurchased. The securities

discussed may not represent the Funds entire portfolio and in the aggregate may represent only asmall percentage of an accounts portfolio holdings. It should not be assumed that any of the

securities transactions, holdings or sectors discussed were or will prove to be profitable, or that

the investment recommendations or decisions we make in the future will be profitable or will

equal the investment performance of the securities discussed herein. All recommendations within

the preceding 12 months or applicable period are available upon request.

Performance results shown are for the T2 Accredited Fund, LP and are presented gross and netof incentive fees. Gross returns reflect the deduction of management fees, brokerage

commissions, administrative expenses, and other operating expenses of the Fund. Gross returns

will be reduced by accrued performance allocation or incentive fees, if any. Gross and net

performance includes the reinvestment of all dividends, interest, and capital gains. Performancefor the most recent month is an estimate.

The fee schedule for the Investment Manager includes a 1.5% annual management fee and a 20%incentive fee allocation. For periods prior to June 1, 2004, the Investment Managers fee

schedule included a 1% annual management fee and a 20% incentive fee allocation, subject to a

10% hurdle rate. In practice, the incentive fee is earned on an annual, not monthly, basis or

upon a withdrawal from the Fund. Because some investors may have different fee arrangementsand depending on the timing of a specific investment, net performance for an individual investor

may vary from the net performance as stated herein.

The return of the S&P 500 and other indices are included in the presentation. The volatility of

these indices may be materially different from the volatility in the Fund. In addition, the Fund s

holdings differ significantly from the securities that comprise the indices. The indices have notbeen selected to represent appropriate benchmarks to compare an investors performance, but

rather are disclosed to allow for comparison of the investors performance to that of certain well-

known and widely recognized indices. You cannot invest directly in these indices.

Past results are no guarantee of future results and no representation is made that an investor will

or is likely to achieve results similar to those shown. All investments involve risk including the

loss of principal. This document is confidential and may not be distributed without the consent of

the Investment Manager and does not constitute an offer to sell or the solicitation of an offer topurchase any security or investment product. Any such offer or solicitation may only be made by

means of delivery of an approved confidential offering memorandum.

Documents

T2 Accredited Fund Letter to Investors June 12