Adjustment to Paulson Exposure Planned

Given the difficult performance over the last few years of the Altegris Paulson Advantage Fund Limited, the decision has been made to wind that fund down and allow investors to switch into the newly created Belmont Corporate Event Fund Limited. This new vehicle will invest entirely in the Paulson International Fund Limited, the non-US version of the original Paulson Partners LP. With a track record of 22 years and a more defined opportunity set, it is believed that this will better serve Belmont clients in the years ahead. Further, losses incurred in the course of the firm’s investment in the prior Altegris fund will be used to create a performance fee holiday until such losses have been recouped. It is expected that the new fund will be live on January 1st, 2016.