Legal Information/Disclaimer

Your use of this web site is governed by the version of the Disclaimer in effect on the date the web site is accessed by you. Madison Capital Management, LLC ("Madison") may modify this Disclaimer at any time and without prior notice. The terms of this Disclaimer are in addition to any other agreements between you and Madison.

Certain parts of this web site are protected by passwords and/or require a login. You may not obtain or attempt to obtain unauthorized access to such parts of the web site, or to any other protected materials or information, through any means not intentionally made available by Madison for your specific use.

The summary of performance included in this web site should not be regarded as a representation of future performance by any Fund. Past performance is not indicative of future Fund performance.

Certain of the statements in this web site consist of, or contain, forward-looking statements. Those statements include references to each Fund's investment objective, investment strategy, anticipated or estimated performance and risk management, as well as statements containing words such as expects or expected, projected, estimated, believe or belief. Forward-looking statements are inherently speculative and should not be relied upon in making an investment. There can be no assurance that the results reflected in any such anticipated or estimated summaries of performance will be realized by any Fund. Actual Fund results will vary from the estimates of performance, and those variations may be material. Actual performance may differ materially and a Fund may not be able to achieve its investment objectives due to various risks, including, but not limited to, the following:

• There can be no assurance that investors will receive any return on, or the return of, their invested capital.
• There can be no assurance that a Fund will be able to locate and acquire assets meeting its objectives.
• Each Fund is likely to compete for desirable investments with other investment funds (including, potentially, other funds sponsored by Madison), institutional investors and wealthy individuals, some or all of which may have capital and resources in excess of a Fund. These organizations and individuals may invest in promising opportunities before a Fund is able to do so or their competitive offers to invest may drive up prices of prospective investments, thereby limiting suitable investment opportunities.
• An investment in a Fund will also be subject to risks associated with distressed and special situation investments and investments in real estate, real estate-backed financial instruments, bankruptcy claims and estates and other assets owned by the entities in which a Fund will invest.
• The majority of investments to be made by a Fund will, in general, be relatively illiquid. As a result, a Fund may not be able to dispose of such investments promptly or at a favorable price should a Fund choose to dispose of such investments prior to the anticipated liquidation event for such investment. Further, an investment in a Fund is relatively illiquid.
• Although it has not been Madison's past practice to utilize fund-level leverage, a Fund may utilize limited borrowings to acquire investments or to defray certain expenses. While the use of leverage may increase the return on Fund capital, it also will create greater potential for capital loss. There can be no assurance that a Fund will have the ability to borrow in all circumstances where it deems appropriate.
• Affiliates of Madison intend to serve as the Investment Managers of one or more investment entities which may have substantially the same investment objectives as a Fund, and accordingly Madison will not devote its resources exclusively to the business of any one Fund.

INVESTORS ARE DIRECTED TO THE OFFERING MEMORANDUM OF EACH FUND FOR A MORE COMPLETE DESCRIPTION OF THE RISKS ASSOCIATED WITH AN INVESTMENT IN EACH FUND.

This web site does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved offering memorandum of a Madison fund (a "Memorandum"). An approved offering memorandum must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs may not be suitable for certain investors.

No person has been authorized in connection with this web site to give any information other than as contained in this web site. Statements in this web site are made as of June 30, 2005, unless stated otherwise herein, and neither the accessing of this web site at any time, nor any sale in any Fund, shall under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date. Although Madison believes the information provided is reliable and endeavors to keep such information current, Madison does not assure or guaranty that such information is accurate, current or complete and therefore, it should not be relied on as such. Since Madison makes no representations or warranties as to the accuracy of the information, Madison does not accept liability for any loss arising from the use of such information.

You are responsible for complying with all laws and regulations as they pertain to use of the internet and access of this web site in your jurisdiction. Madison is in no way responsible for the content of any site owned by a party other than Madison that may be linked to this site. Any link or reference to this site without the express written consent of Madison is strictly prohibited. Nothing contained herein should be deemed to be the granting of permission to copy, download, reproduce or redistribute any of the information contained herein.