This summary does not constitute an offer to invest in Balestra Capital Partners, LP (“BCP”) or an offer to sell any investment advisory services of Balestra Capital, Ltd. BCP was established in 1994 and opened up to outside investment in January 1999 as a global macro hedge fund. Any offer of interests in BCP will be made only by means of BCP's private placement memorandum which contains detailed information concerning the terms and risks of an investment in BCP. Only prospective investors which meet BCP's investor suitability criteria will be permitted to invest. An investment in BCP is speculative and involves significant risks. Specifically, you should be aware that: (1) BCP’s investments in securities, futures, swaps and other  derivatives are volatile and highly leveraged (2) BCP will rely on Balestra Capital Ltd. for success (3) An investor could lose a substantial portion, or even all, of its investment in BCP (4) An investor’s annual tax liability is anticipated to exceed cash distributions to it from BCP (5) An interest in BCP may not be redeemed prior to the end of twelve (12) full months following its purchase (6) Transfers of interests are restricted; no market exists or is expected to exist for the interests in BCP (7) BCP is not a mutual fund and is not subject to regulation under the Investment Company Act of 1940, as amended. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Balestra Capital, Ltd. Is registered with the SEC as an Investment Advisor.  The funds managed by Balestra Capital, LTD. are not registered with the SEC.