Dean Parsons

Investments purchased and owned by GDI involve risk of material loss. GDI Investors could lose some or all of their investment.  Prior to making any investment decision prospective investors should carefully review and consider the following information contained in this risk disclosure summary statement.  This summary highlights the material risks that could materially affect investments in the GDI asset allocation framework. This risk disclosure statement summary is not intended to be all-inclusive; rather, it is intended to highlight certain of significant factors and special risks relating to the investments GDI participates in.

a)      Overall Investment Risk

All securities investments risk the loss of capital. Many unforeseeable events, including actions by various government agencies and domestic and international political and economic events and other events of force majeure, such as acts of God, and certain other events beyond reasonable control (e.g. war, riot, urban unrest, terrorism), may cause sharp market volatility and investment price fluctuations.

b)      Market Risk /Volatility Risk

The securities market on which the securities to be invested in are traded or listed may be directly or indirectly impacted by a jurisdiction which may have political, economic, legal and regulatory conditions. Further to the above which are internal factors, trading volume and price of the securities may also be affected by other factors, which are those relating to the securities themselves or by external factors such as war, global or regional economic and/or financial crisis. Changes in these factors may also have an impact upon the trading volume and price of the securities.

c)      Settlement Risk

Investment in securities involves the execution, delivery and clearing of the transactions.  Though unlikely, these factors may give rise to increased risk, including risks of fraud, delivery failure, or settlement confusion over precise payment and repayment and delivery terms and mechanisms, and other factors which may result in loss, loss of opportunities, delays and added operational and legal costs.

d)     Currency Risk

As the investments in the securities and/or any action relating to the investment in the Securities will be settled and denominated in foreign currencies, returns on the investments and/or any action with respect to the investments may be significantly influence by currency. If any devaluation occurs in any currency in which the investors have invested, the investors may suffer losses.

e)      Credit Risk

Investors may be exposed to the credit risk of the counterparty, including the issuer of the purchased securities. Investors may be subject to risk of loss in the event of such counterparty’s or the issuer’s bankruptcy or insolvency or inability or unwillingness to perform its obligation, including the obligation to return the capital or redeem the invested securities.

f)       Execution Risk

Interactive Brokers, acting as a broker for the purchase, sale and/or investment in the securities, may, on certain occasions, not be able to execute the purchase or sale or to undertake any action relating to the securities in accordance with the investors’ instruction. These occasions include, among other things, a situation where the market conditions are not favorable, the order cannot be matched, the laws and regulations of the Exchange or other competent authorities in those countries impose limitation, etc. As a result, the investors may incur loss or risk from such investment.

g)      Risk Relating to the Investor’s Own Investment

Any decision by an investor to invest in the securities outside of GDI is his/her own independent decision. GDI does not act as an advisor or serving as a fiduciary to the investors on decisions made outside of GDI and its framework. Before making a decision to invest, the investors should confirm that they have carefully studied and considered all information relating to the status, business, financial condition and operation of the company/entity issuing the securities, including the underlying assets of or other information relating to the securities in which the investors will invest, and other relevant factors relating to the investment such as political, economic, legal and regulatory conditions of the relevant countries, as well as market conditions, demand, supply and price of the underlying goods of the securities. As a result, the investors bear all risks from the investment and GDI has no fiduciary duty to the investors and no liability in connection with and are not responsible for any liabilities, claims, damages, losses, costs and expenses arising from such investment.