Pathstone Family Office LLC

fees and compensation.
        Effect of Carried Interest. The existence of a carried interest payable to the
        underlying managers may create an incentive to make more risky or more
        speculative investments on behalf of their underlying funds. In addition, underlying
        managers of certain underlying funds may be permitted to take carried interest
        distributions prior to the time they have returned capital to their investors. This may
        result in lower returns and/or higher losses for the investors in such underlying
        funds.
        Conflicts Related to Multiple Underlying Fund Managers. Because the underlying
        managers make their trading decisions independently, it is theoretically possible that
        one or more such managers may, at any time, take investment positions that are
        opposite of positions taken by other underlying managers. It is also possible that the
        underlying funds or separate accounts may compete for similar positions at the same
        time.
        Investment Techniques May Increase Risk of Loss. An Affiliated Fund or the
        underlying managers may employ leverage and other investment techniques, which
        may increase the volatility of the performance and increase the risk of loss.

        Contribution in Excess of Capital Commitment. Pursuant to a limited partnership
        or similar agreement of an underlying fund to satisfy an indemnification obligation,
        a client or Affiliated Fund may be required to contribute to an amount in excess of
        its uncalled commitment. Each investor will typically be obligated to contribute its
        pro rata share of the contribution, which may be an amount more than its capital
        commitment to the underlying fund.

    5. Direct Investments
        Direct investments may involve taking positions in the equity or debt securities of
        private companies. Often, little or no secondary market exists for such securities
        and many of the direct investments could involve placing investor capital at risk for
        longer periods than for investments in underlying funds. Direct investments in
        private and public companies may entail a higher-than-normal level of volatility,
        especially during periods of market dislocation. There can be no assurance that the
        future performance of direct investments will be positive or will result in rates of

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        return that are consistent with historical performance. The markets for securities
        of private companies have limited liquidity and depth.

    6. Tax Reporting Considerations
        Pathstone and the Affiliated Funds endeavor to report year-end tax information in
        accordance with IRS requirements. However, Pathstone must rely on the timely
        receipt of the corresponding tax information from all the underlying funds and other
        investments. It is anticipated that clients and Affiliated Fund investors will need to
        seek tax filing extensions for any given year, particularly because of illiquid
        investments. The tax liability for the income and gains of an underlying fund or
        Affiliated Fund for a year may exceed the amounts withdrawn by or distributed to
        the investor.
        Investing in private funds generally gives rise to complex tax consequences.
        Pathstone is not a tax accounting firm and generally does not provide tax advice
        relating to underlying funds or Affiliated Funds tax reporting. Clients are urged to
        consult with their own tax advisors.

    7. Other Considerations
        Investor Eligibility. An investment in the Affiliated Funds is not suitable or desirable
        for all investors. U.S. persons typically must qualify as “accredited investors,”
        “qualified clients” and “qualified purchasers.” Other suitability/eligibility criteria may
        apply.

        Systems and Operational Risk. Pathstone relies on certain financial, accounting,
        data processing and other operational systems and services that are employed by it
        and/or by third-party service providers, including prime brokers, third-party
        administrators, market counterparties and others. Many of these systems and
        services require manual input and are susceptible to error. These programs or
        systems may be subject to certain defects, failures, or interruptions. For example,
        Pathstone, its managers and its clients, could be exposed to errors made in the
        confirmation or settlement of transactions, from transactions not being properly
        booked or accounted for or related to other similar disruptions in the clients’
        operations. In addition, despite certain measures established by Pathstone and
        third-party service providers to safeguard information in these systems, they are
        subject to risks associated with a breach in cybersecurity (described further below)
        which may result in damage and disruption to hardware and software systems, loss,
        or corruption of data and/or misappropriation of confidential information. Any such
        errors and/or disruptions may lead to financial losses, the disruption of client

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Pathstone                                                                               Brochure

        investment activities, and liability under applicable law, regulatory intervention or
        reputational damage.
        Systemic and Counterparty Risk. Credit risk may arise through a default by one of
        several large institutions that are dependent on one another to meet their liquidity
...

ITEM 7. TYPES OF CLIENTS
Pathstone Advisory Clients (“Advisory Clients” or “Clients”)

As described in Item 4 of this Brochure, Pathstone provides a broad range of discretionary
and non-discretionary investment advisory and other professional services to its clients
pursuant to various written agreements. Pathstone primarily serves UHNW families,
including individual family members and their family-related entities, such as trusts,

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Pathstone                                                                                                          Brochure

estates, private charitable organizations, and single-family offices. Pathstone also advises
corporations and business entities, pooled investment vehicles, pension and profit-sharing
plans, public non-profits, endowments, foundations, and other clients. Subject to the types
of services selected, client portfolios generally begin with assets under management of $10
million or more for investment advisory related services. Clients in the Affiliated Funds
meet the requirements of the Affiliated Fund and U.S. persons typically must qualify as
“accredited investors,” “qualified clients” and “qualified purchasers. 2” Other
suitability/eligibility criteria may apply. Pathstone is not precluded from advising other
types of clients that are not listed above.

Observations Regarding Treating Affiliated Funds as Advisory Clients

Pathstone also provides advisory services to its Affiliated Funds pursuant to separate
agreements and as a result, each Affiliated Fund is treated as an advisory client. Pathstone
assists and advises with managing certain investment and business operations of the
Affiliated Funds, in each case to the extent provided in the applicable governing agreement.

Observations Regarding Certain Limited Partners of Pathstone Affiliated Funds

Certain limited partners invested in the Affiliated Funds who have no other relationship
with Pathstone (i.e., they are not receiving investment advisory services pursuant to a
separate agreement), may be referred to as “Limited Partners,” “LPs,” “LP Only Investors,”
“Non-client Limited Partner,” “Partnership Investors,” etc. depending on the reporting
practices of each legacy organization. This is not a complete or exhaustive list, but rather a
small sampling of the various descriptions that may be used to describe limited partners
throughout firm materials. As a result, such limited partners are not counted as advisory
clients for Item 5D of Part 1A.