J. Safra Asset Management Corporation (“JSAM”) cannot guarantee the future performance of Client’s account, promise any specific level of performance, or promise that any strategy or overall management of Client’s account will be successful. The investment recommendations JSAM makes for Client, including equity, fixed-income and other investments, are subject to various risks, including but not limited to market, currency, economic, foreign, political and business risks, and will not necessarily be profitable.
The investment decisions made by JSAM are not intended as a complete investment program. In making investment decisions for the Account, JSAM will not consider any other securities, cash or other investments Client owns unless Client has told JSAM to do so in written instructions to JSAM on Schedule B of its Investment Advisory Agreement.
Certain hedge funds are speculative and involve substantial risks. Hedge funds usually are not registered or regulated under any laws, should be considered illiquid investments, are not freely transferable, may be highly leveraged, may be volatile, and may involve higher fees and expenses than other types of investments.
Except as may otherwise be provided by law, JSAM will not be liable to Client for any loss (i) that Client may suffer as a result of JSAM’s good faith recommendations or actions while acting in a fiduciary capacity; (ii) caused by following Client’s instructions; or (iii) caused by the Custodian, any broker or dealer to which JSAM directs transactions for Client’s account or by any other person. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and this Agreement does not waive or limit Client’s rights under those laws.