The Millburn Alloy Program

Important Disclosures

Millburn Ridgefield LLC is the successor to an asset management organization that first began its operations in 1971.  The term “Millburn” is used herein to refer to the activities of Millburn Ridgefield LLC, its predecessors, and its affiliated entities.

RISKS OF AN INVESTMENT IN EACH PROGRAM include but are not limited to the following: (i) The Program is speculative. Investors may lose all or a substantial portion of their investment and, unless structured as a limited liability entity, greater than the amount invested in the Program; (ii) The Program is leveraged. The Program can acquire positions resulting in a total notional exposure that is several times its total equity. Leverage magnifies the impact of both profit and loss; (iii) Investors will sustain losses if the Program is unable to generate sufficient trading profits and interest income to offset its fees and expenses; (iv) A lack of liquidity in the markets in which the Program trades could make it impossible for the Program to realize profits or limit losses or provide for withdrawals; (v) A substantial portion of the trades executed for the Program take place on non-U.S. exchanges. No U.S. regulatory authority or exchange has the power to compel the enforcement of the rules of a non-U.S. board of trade or any applicable non-U.S. laws; (vi) The performance of the Program is expected to be volatile. The performance and other information, including markets, models, leverage, portfolio weights, and other data or statistics described herein, change over time but are accurate as of the date indicated herein. This investment summary is not an offer to sell or solicitation of an offer to open an account trading the strategy and must be supplemented by a disclosure document when considering an investment. An investment may arise only when a disclosure document has been received and reviewed and certain agreements have been executed. (vii) the Program has a limited operating history

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE POTENTIAL FOR PROFIT IS ACCOMPANIED BY THE RISK OF LOSS. Commodity interest accounts are illiquid, speculative, employ significant leverage, are not suitable for all investors, and involve a high degree of risk. Commodity interest accounts involve high fees. Please see the disclosure document for a detailed description of these and other "Risk Factors" and "Conflicts of Interest” and other material aspects of an investment; this must be read carefully before any decision on whether to invest is made. To request a disclosure document, please contact us. Unless labeled otherwise, all figures are net of the fees and expenses described below. The most recent month-to-date (MTD) and year-to-date (YTD) figures may be estimates. Estimated performance results are subject to final verification. Unless indicated otherwise, all information provided was prepared by Millburn, and the source of such information is Millburn.

FOR EUROPEAN UNION INVESTORS: The information being provided relates to investment strategies and Millburn; it does not pertain to any investment vehicles unless specifically stated to the contrary. The Alternative Investment Fund Managers Directive (the "AIFM Directive") imposes regulatory requirements on each EU country.  Accordingly, any offering of interests or shares of an investment vehicle (a “Fund”) to prospective investors in the EU must be made in accordance with national private placement marketing rules in force in each EU jurisdiction, which have been amended to comply with the AIFM Directive requirements.  It should be noted that some EU member states have not yet implemented the provisions of the AIFMD Directive, and others have allowed transitional periods for compliance. A Fund may permit an investment by an investor located in an EU country even where it does not comply with the national private placement marketing requirements, provided that the investor acknowledges and agrees that none of Millburn Ridgefield Corporation, or any of its directors or officers, any director or officer of a Fund, nor any of their affiliates or representatives, marketed, offered or solicited an investment in the Fund to the investor and the investor agrees that it initiated contact regarding the Fund with Millburn.

FOR UK INVESTORS: The same principles described above for EU investors are applicable to UK persons. This document has been approved for communication by Millburn International (Europe) LLP (“Millburn-Europe”), which is authorized and regulated by the UK Financial Conduct Authority (“FCA”, Reference Number 581612). The Program is not a recognized scheme for the purposes of s238 the United Kingdom Financial Services and Markets Act 2000 (“FSMA”). The communication of this report or any invitation or inducement in the United Kingdom to invest in the program is accordingly restricted by law. This report is being communicated by Millburn-Europe only to persons of a kind to whom this document may, for the time being, be communicated by Millburn-Europe by virtue of the Conduct of Business Rules of the FCA or any other exemption to section 238 of FSMA, and this document is being communicated only to/or directed only at, persons who are, or are capable of being treated by Millburn-Europe as professional clients or eligible counterparties, as each term is defined in the rules of the FCA, together with any other persons to whom this document may lawfully be communicated under FSMA. Investors will be investors in the program and not customers of Millburn. As such, they are advised that in respect of an investment in the Program they will not generally benefit from the protection of FSMA and provisions made thereunder or the United Kingdom Financial Services Compensation Scheme and will not have access to the United Kingdom Financial Ombudsman Service in the event of a dispute. Investors will also have no rights of cancellation or withdrawal under the cancellation and withdrawal rules of the FCA. Past performance is not necessarily a guide to future performance. The value of investments in the program and the income derived from them may go down. Changes in rates of exchange may be one of the causes of the value of the investment in the program to go up and down. This report is written for the benefit of the category of persons described above. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient.

FOR SWISS INVESTORS: The shares of the Fund shall be offered or advertised in Switzerland exclusively to qualified investors as defined by Article 10 of the Collective Investment Schemes Act, as amended from time to time (“CISA”) (“Qualified Investors”). The Fund has not been approved by the Swiss Financial Market Supervisory Authority (“FINMA”) for offering in Switzerland to non-qualified investors. The Fund has been appointed as Swiss Representative Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, switzerland@waystone.com. The Fund’s paying agent is Helvetische Bank AG. Any Fund Documentation may be obtained free of charge from the Swiss Representative in Lausanne. In respect to the Shares offered in Switzerland, the place of performance is at the registered office of the Swiss Representative; the place of jurisdiction is at the registered office of the Swiss Representative or the registered office or domicile of the investor.