This material is intended for discussion purposes only and does not create any legally binding obligations on the part of FHL-Capital. Without limitation, this material does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. FHL-Capital transacts business with counterparties on an arm’s length basis and on the basis that each counterparty is sophisticated and capable of independently evaluating the merits and risks of the Fund.

This Fund may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you have fully understand the nature of the Fund and have made an independent assessment of the appropriateness of the Fund in the light of your own objectives and circumstances, including the possible risks and benefits. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into this transaction, you do so in reliance on your own judgment. Although FHL-Capital believes the contents of this document to be reliable, FHL-Capital does not make any representations as to the completeness or accuracy of the information.

This fund has been designed for sophisticated Accredited Investors.  In the event you decide to enter the proposed transaction, losses to investments may occur due to a variety of factors - market values may be affected by market volatility, interest rates, exchange rates, time to maturity, dividend yields, migration of issuer credit ratings and other systemic factors. These and other factors are interrelated in complex ways, and as a result, the effect of any one factor may be offset or magnified by the effect of another factor.

If after making your own assessment, you independently decide you would like to pursue a specific transaction with FHL-Capital, there will be separate offering and other legal documentation of the terms which will (if agreed) supersede any indicative and summary terms contained in this document. FHL-Capital does not accept liability for any direct, consequential or other loss arising from reliance on this document.

You may not distribute this document, in whole or in part, without the express written permission of FHL-Capital.