This website, which is being provided on a confidential basis, shall not constitute an offer to sell or the solicitation of any offer to buy interests in sierra europe, l.P. Or sierra europe offshore ltd. (collectively, the “fund”), which may only be made at the time a qualified offeree receives the confidential explanatory memorandum or confidential private offering memorandum (collectively, “offering memoranda”) relating to the fund, which contains important information (including investment objective, policies, risk factors, fees, tax implications and relevant qualifications), and only in those jurisdictions where permitted by law. In the case of any inconsistency between the descriptions or terms in this document and the offering memoranda, the offering memoranda shall control.

These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. This document is not intended for public use or distribution. While all the information prepared in this document is believed to be accurate, sierra global management, l.L.C. (“sierra”) makes no express warranty as to its completeness or accuracy, nor can it accept responsibility for errors appearing in the document. Only those representations and warranties that may be made by sierra in an executed written agreement shall have any legal effect. Sierra shall not have any liability to you or any other party resulting from the use of, or reliance on, the material contained herein.

An investment in the fund is speculative and involves a high degree of risk. Opportunities for withdrawal/redemption and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop. The fund’s portfolio, which is under the sole trading authority of sierra, will be primarily composed of long and short positions in securities of european-based issuers and such lack of diversification may result in higher risk and substantial volatility. Such trading involves a significant degree of inherent leverage, which can result in a high degree of volatility. Certain trades may take place on non-u.S. Exchanges. An investor should not consider investing in interests of the fund unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

There is no guarantee that the fund’s investment objective will be achieved. Moreover, the past performance of the fund should not be construed as an indicator of the fund’s future performance. The information provided herein is for informational purposes only and should not be construed as investment advice. Any projections, market outlooks or estimates in this document are forward looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the returns or performance of the fund. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Certain information has been provided by third-party sources, and while believed to be accurate, has not been independently verified.

Any return targets described herein are merely objectives of the manager, do not reflect performance of the fund, and are intended to be evaluated on a rolling basis over the time period stated.

The information provided herein, including, without limitation, investment strategies, investment restrictions and parameters, and investment personnel, may be modified, terminated or supplemented at any time without further notice in a manner which sierra believes is consistent with its overall investment objective.

The representative of the fund in switzerland is hugo fund services sa, 6 cours de rive, 1204 geneva. The distribution of shares in switzerland must exclusively be made to qualified investors. The place of performance for shares in the fund distributed in switzerland is at the registered office of the representative.