Disclosures

IMPORTANT: Please read this legal risk disclosure carefully. By investing in the Gray Fund Investment Fund (the "Fund"), you acknowledge and accept the risks outlined below. If you have any questions or concerns, consult with a professional financial advisor before making any investment decisions.

1. Investment Risk: Investing in the Fund involves risk, including the potential loss of the principal amount invested. The value of the investments in the Fund may fluctuate, and there is no guarantee that the Fund will achieve its investment objectives. Past performance is not indicative of future results.

2. Market Risk: The value of the Fund's investments may be adversely affected by changes in market conditions, such as economic, political, or other factors, which can lead to declines in the overall value of the Fund.

3. Concentration Risk: The Fund may concentrate its investments in specific industries, sectors, or asset classes, increasing the risk of loss if that particular area performs poorly.

4. Liquidity Risk: The Fund's investments may be subject to liquidity risk, which means that the Fund may not be able to sell an investment at an advantageous time or price, potentially leading to losses.

5. Currency Risk: The Fund may invest in securities denominated in currencies other than the base currency of the Fund. As a result, changes in exchange rates may affect the value of the Fund's investments.

6. Regulatory Risk: Changes in laws, regulations, or government policies may affect the Fund's operations, investments, or performance. The Fund cannot predict the impact of such changes, which may be adverse.

7. Tax Risk: The tax treatment of the Fund, its investments, and its investors may be subject to change. Investors should consult their tax advisors regarding the tax consequences of investing in the Fund.

8. Management Risk: The Fund relies on the expertise and judgment of its investment manager. The investment manager's strategies, decisions, or actions may not produce the desired results, which could lead to losses.

9. Operational Risk: The Fund may be subject to operational risks, such as human error, system failures, or other disruptions, which could negatively affect the Fund's performance.

10. Leverage Risk: The Fund may use leverage, which can magnify both gains and losses. The use of leverage may result in the Fund experiencing greater losses than if it had not used leverage.

11. Counterparty Risk: The Fund may engage in transactions with counterparties, such as brokers or custodians, which may be subject to default, insolvency, or bankruptcy, potentially leading to losses.

Investors should carefully consider their investment objectives, risk tolerance, and financial circumstances before investing in the Fund. The risks outlined above are not exhaustive, and investors should review the Fund's offering documents for a more complete discussion of the risks associated with investing in the Fund.

By investing in the Gray Fund “Investment Fund”, you acknowledge that you have read, understood, and accepted the risks detailed in this legal risk disclosure.