GLDUS140 Lawrence Hirsch to predict whether, or to what extent, any changes in the Code or interpretations thereof will occur. Prospective Limited Partners should note that the Access Fund will not undertake to advise Limited Partners of any legislative or other developments. No rulings have been or will be requested from the IRS. Furthermore, any changes in the Partnership Agreement or the operations of the Access Fund could affect the tax consequences described above. Prospective Limited Partners should consult their own tax advisors regarding pending and proposed legislation or other changes. The foregoing is a summary of some of the important U.S. federal income tax rules and considerations affecting the Limited Partners and the Fund's operations and does not purport to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in purchasing or holding an interest in the Access Fund. Prospective investors in the Access Fund are urged to consult their own tax advisors. CERTAIN REGULATORY MATTERS Securities Act of 1933. The offer and sale of the Interests will not be registered under the Securities Act, or any other federal, state or foreign securities laws. including state blue sky laws. The Interests arc offered in reliance upon the exemptions from registration provided in the Securities Act and/or Regulation D promulgated thereunder, and similar regulations of the Securities and Exchange Commission (the "SEC") applicable to transactions not involving a public offering. Each investor will be required in the Subscription Agreement pursuant to which it subscribes for an Interest to make customary private placement representations and warranties, including representations as to its status as an "accredited investor" under Regulation D promulgated under the Securities Act. Each investor must be prepared to bear the economic risk of the investment in the In