Disclaimer

Before making an investment decision with respect to L.E.S Asset Management (the “Partnership”) managed by L.E.S (the “Investment Manager”), potential investors are advised to read carefully the respective offering documents (including any relevant underlying agreements) and the related subscription documents regarding the Partnership and the Fund, and to consult with their tax, legal, ERISA and financial advisors. This document contains a preliminary summary of the purpose and principal business terms of the Partnership and the Fund; this summary does not purport to be complete and is qualified in its entirety by reference to the more detailed discussions to be contained in the Partnership’s and the Fund’s offering documentation. The Investment Manager has the ability in its sole discretion to change the strategy described herein. The specific terms of an investment in the Partnership and the Fund are subject to the offering materials. Such terms may change from the time you receive these materials and the time you receive the offering documents.

This document is being provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with a further investigation of the Partnership and the Fund. Accordingly, this document may not be reproduced in whole or part, and may not be delivered to any person without the consent of the Investment Manager.

Nothing set forth herein shall constitute an offer to sell any securities or constitute a solicitation of an offer to purchase any securities. Any such offer to sell or solicitation of an offer to purchase shall be made only by formal offering documents relating to the Partnership and the Fund, which include, among others, a confidential offering memorandum, limited partnership agreement (with respect to the Partnership), subscription agreement and related subscription documents. Such formal offering documents contain additional information not set forth herein, which such additional information is material to any decision to invest in the Partnership and/or the Fund. The confidential offering memorandum specific to the Partnership and the Fund each contains additional information, including information regarding certain risks of investing which are material to any decision to invest in the Partnership and/or the Fund, respectively.

Mr. Scott Steinman, the Fund Manager, is a registered employee of FBN Securities, Inc. (“FBN”), a SEC/FINRA registered Broker Dealer. Some FBN officers or employees shall receive a passive interest in the Fund for nominal consideration but will not make any investment decisions on behalf of the Fund. FBN does not render any investment advice, manage, control nor make any decisions on behalf of the fund whatsoever. In no event shall FBN or any of its officer/directors be liable for any consequential, incidental, or direct damages suffered in relation to any investments in the fund. FBN does not, in any way, guarantee nor make any representations regarding any fund documents’ legality, accuracy, adequacy, or completeness.

No information is warranted by the Investment Manager or its affiliates or subsidiaries as to completeness or accuracy, express or implied, and is subject to change without notice. This document contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document. Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect the Investment Manager’s views as of such date with respect to possible future events. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond the Partnership’s and/or the Fund’s control. Investors are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking statements in this document.

These materials should only be considered current as of the date of publication without regard to the date on which you may receive or access the information. The Investment Manager maintains the right to delete or modify information without prior notice. Charts, tables, and graphs contained in this document are not intended to be used to assist the reader in determining which securities to buy or sell or when to buy or sell securities.

There is no guarantee that the Investment Manager will be successful in achieving the Partnership’s and/or the Fund’s investment objectives. An investment in the Partnership and/or the Fund contains risks, including the risk of complete loss. Past performance of the Investment Manager, the Partnership, or the Fund, or any affiliate or employee thereof is not an indication of future performance.