Disclosures

Disclosure A

The information in this document which highlights funds managed by Criterion Capital Management, LLC (“Criterion”) is solely to help you determine whether you are interested in receiving additional information about Criterion or any fund it manages. The description herein of the funds managed by Criterion is in summary form, is incomplete and does not include all information necessary for you to evaluate an investment in any Criterion fund. This document is not intended as and does not constitute an offer to sell any securities to any person or a solicitation of any person or any offer to purchase any securities. Such an offer or solicitation can be made only by the confidential offering circular of the respective fund. This information omits most of the information material to a decision whether to invest in any fund. For example, an investment in any Criterion fund involves certain risks. Some of these are disclosed in the funds’ offering circulars under “Risk Factors” and you cannot determine whether the risks and conflicts of interest are acceptable to you without reading such offering circular carefully. Accordingly, you should not rely on any information in this document, but instead should reply exclusively on the offering circular of a fund in considering whether to invest in that fund.

Disclosure B

The performance shown for each strategy is the weighted average of the performance of each Fund that is managed using that strategy. The performance of separately managed accounts is not included in the average because those accounts may be managed with slightly different objectives and guidelines from those of the Funds. The performance for each Fund is represented by the performance that would be experienced by a hypothetical investor who invested in that Fund on its launch date, does not make subsequent contributions or withdrawals, pays 1.5% management fees and 20% performance fees/allocations, and is eligible to receive “new issue” profits and losses. Such performance is not the actual performance experienced by any actual investor in that Fund. Returns experienced by actual investors will vary materially and substantially from the performance shown, depending on the date of investment, capital activity, and eligibility to receive “new issue” profits and losses. The performance of each Fund is available on request.

The performance results have not been audited, but are based on the Funds‟ audited financial statements, except that results for 2012 are based on each Fund’s internal records and are subject to adjustment following the 2012 audit. The composite performance shown above includes the results of either Criterion Capital Partners, LP, Criterion Institutional Partners, LP, Criterion Capital Partners BP, Ltd. and Criterion Capital Partners, Ltd.; Criterion Horizons Fund, LP, Criterion Horizons Fund II, LP and Criterion Horizons Offshore, Ltd.; or Criterion Vista Fund, LP and Vista Offshore Ltd, as the case may be, and does not include the results of separately managed accounts managed by Criterion because those accounts may be managed with different investment objectives and guidelines than the Funds. Criterion believes that the performance shown was generated with an investment philosophy and methodology similar to that described in each Fund’s offering circular, but the information is historic and should not be taken as any indication of future performance. Any attribution data, portfolio composition and exposure analyses shown are based on the aggregate of the portfolios of either Criterion Capital Partners, LP, Criterion Institutional Partners, LP Criterion Capital Partners BP, Ltd. and Criterion Capital Partners, Ltd.; Criterion Horizons Fund, LP, Criterion Horizons Fund II, LP and Criterion Horizons Offshore, Ltd.; or Criterion Vista Fund, LP and Vista Offshore Ltd, as the case may be, and do not reflect the portfolios of separately managed accounts. The S&P 500 and/or MSCI World indexes are not directly comparable to the Funds‟ performance, because they represent a more broadly diversified mix of equity securities. The presentation of this index data does not reflect a belief by Criterion that the indexes are an investment alternative to the Funds or are comparable to the Funds in any way. Criterion believes that the indexes may be useful in measuring the Funds‟ performance, but cautions investors that comparison with any single market index is inappropriate because the Funds‟ portfolio may not be as diversified as the index shown.