Legal Disclaimer

Laguna Investment Funds, LLC (the “General Partner”) is not registered as an investment adviser with the Securities and Exchange Commission (“SEC”) or any state’s securities commission. However, the General Partner has filed as an exempt reporting adviser under the “private fund advisor exemption” with the State of California, Department of Financial Protection and Innovation. The limited partnership interests (the “Interests”) in Laguna Partners Fund, LP (the “Fund”), are offered under a separate private offering memorandum (the “Offering Memorandum”), have not been registered under the Securities Act of 1933, as amended (the “Securities Act"), nor any state's securities laws, and are sold for investment only pursuant to an exemption from registration with the SEC and in compliance with any applicable state or other securities laws. Interests are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws. Investors should be aware that they could be required to bear the financial risks of this investment for an indefinite period of time. A prospective investor should only commit to an investment in the Fund if such prospective investor understands the nature of the investment and can bear the economic risk of such investment. 

THE FUND IS HIGHLY SPECULATIVE AND INVOLVES A SIGNIFICANT DEGREE OF RISK. The Fund is not subject to any significant limitations on the amount of Partnership capital which may be committed to any one investment, security type, issuer or geographic location. As a consequence of this potential investment concentration, the Fund may be subject to greater losses than would be the case if it maintained a more diversified portfolio. Gains and losses can occur quickly as volatility will be higher with a highly concentrated portfolio. This can lead to partial or full loss of capital. 

As of the date hereof, the Fund has the vast majority of the its portfolio invested in Tesla (ticker: TSLA) stock and long-term options. The Fund may invest up to the its entire portfolio in Tesla stock and options. Based on future market conditions, the Fund may also reduce or sell all of the Tesla position. This highly concentrated Tesla position materially increases the volatility and risk to which investors in the Partnership are subject. The movement of Tesla stock will be closely correlated with the movement of the fund value of the Partnership. If Tesla increases in value, the fund Partnership will likely increase in value; if Tesla falls in value, the fund Partnership would likely fall in value as well. The Partnership may increase or decline in value more than will Tesla stock due to the Partnership’s use of options and leverage. Again, this highly concentrated Tesla position greatly increases the risk and volatility of the Partnership. Tesla is one of the most active and most volatile stocks in the stock market, and the Partnership holds the vast majority of the its portfolio in Tesla. If Tesla declines rapidly, investors could lose a substantial amount or all of their capital. Investors should carefully consider and accept this risk prior to investing in the Partnership. In addition, the top 10 holdings in the portfolio of the Fund currently represent over ninety percent of the overall fund portfolio of the Fund. 

THE FUND MAY INVEST THE ENTIRE PORTFOLIO IN ONE OR TWO COMPANIES. The Fund lacks diversification, thereby increasing the risk of loss. The Fund's performance may be volatile. There can be no guarantee that the Fund's investment objectives will be achieved, and the investment results may vary substantially from year to year or even from month to month. 

AS A RESULT, AN INVESTOR COULD LOSE ALL OR A SUBSTANTIAL AMOUNT OF ITS INVESTMENT. 

In addition, the Fund's fees and expenses may offset its profits. There are restrictions on withdrawing and transferring interests from the Fund. In making an investment decision, you must rely on your own examination of the Fund and the terms of the Offering Memorandum and such other information provided by the General Partner to you and your tax, legal, accounting or other advisors. The information herein is not intended to provide, and should not be relied upon for, accounting, legal, or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the matters discussed herein. The Fund's ability to achieve its investment objectives may be affected by a variety of risks not discussed herein. Please refer to the Offering Memorandum for additional information regarding risks and conflicts of interest. No representations or warranties of any kind are made or intended, and none should be inferred, with respect to the economic return or the tax consequences from an investment in the Fund. No assurance can be given that existing laws will not be changed or interpreted adversely. Prospective investors are not to construe this presentation as legal or tax advice. Each investor should consult his or its own counsel and accountant for advice concerning the various legal, tax, ERISA and economic matters concerning his or its investment. No person other than the General Partner, and its Principals, has been authorized to make representations, or give any information, with respect to these membership interests, except the information contained herein, and any information or representation not expressly contained herein or otherwise supplied by the Principals in writing must not be relied upon as having been authorized by the General Partner or any of its members. Any further distribution or reproduction of these materials, in whole or in part, or the divulgence of any of its contents, is prohibited. An investment in the Fund has not been approved by any U.S. federal or state securities commission or any other governmental or regulatory authority. Furthermore, the foregoing authorities have not passed upon the accuracy, or determined the adequacy, of this document, the Offering Memorandum or limited partnership agreement associated with the Fund. Any representation to the contrary is unlawful. Certain information contained in this document constitutes “forward-looking statements” which can be identified by use of forward-looking terminology such as “may,” “will,” “target,” “should,” “expect,” “attempt,” “anticipate,” “project,” “estimate,” “intend,” “seek,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events or results in the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. The General Partner is the source for all graphs and charts, unless otherwise noted.  Furthermore, no representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any such estimates, opinions or assumptions should be considered speculative and are qualified in their entirety by the information and risks disclosed in the Offering Memorandum. The assumptions and facts upon which any estimates or opinions herein are based are subject to variations that may arise as future events actually occur. There is no assurance that actual events will correspond with the assumptions. Potential investors are advised to consult with their tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. Neither the General Partner nor any other person or entity makes any representations or warranty as to the future profitability of the Fund.                                       

PAST PERFORMANCE IS NOT INDICATIVE OR A GUARANTEE OF FUTURE RESULTS. 

INVESTING INVOLVES RISK INCLUDING PARTIAL OR FULL LOSS OF CAPITAL.