There are a number of risks, both specific to Early Stage Capital Expansion Fund and general investment risks, which may materially, individually or in combination, adversely affect the future operating and financial performance of Early Stage Capital Expansion Fund and the value of Partnership Interests. Many of these risks are outside the control of Early Stage Capital Expansion Fund and the General Partners. There can be no guarantee that Early Stage Capital Expansion Fund will achieve its stated objectives.

Before accepting the Offer, prospective investors should read the entire Information Memorandum and all Sections, including Sections 3, 11 and 18, and carefully consider the risk factors. Investors should have regard to their own investment objectives and financial circumstances and should consider seeking independent professional advice before deciding whether to invest.

Copies of the following documents are available for inspection during normal office hours, at the registered office of Early Stage Capital Expansion Fund, for 4 months after the date of this Information Memorandum:

• Information Memorandum; and
• The Partnership Agreement of Early Stage Capital Expansion Fund