• All investments carry risk.
• There is no guarantee of returns.
• Past performance is not indicative of future results.

• Investors may lose some or all of their invested capital.
• Capital preservation is not assured.

• Investments in SPVs, private placements, and similar vehicles are illiquid.
• There may be no secondary market.
• Transfers may be restricted or subject to VSF or regulatory approval.

• Investments may be affected by market volatility, economic downturns, interest rate changes, inflation, or currency fluctuations.
• Global events, political instability, or regulatory changes may negatively impact performance.

• Companies, issuers, or counterparties may default, become insolvent, or engage in fraud.
• Contracts and obligations may not be honored.

• SPVs, syndicates, or funds may carry structural risks, including delays, administrative errors, or mismatches between investor redemptions and underlying asset liquidity.
• Valuations of illiquid or private assets may be subjective and may not reflect realizable value.

• Investments are offered under exemptions in securities laws.
• Exempt market investments are not subject to the same protections as public securities.
• Changes in law or regulation may impact the structure, returns, or eligibility of investments.

• Failures by custodians, administrators, or technology systems may cause delays or losses.
• Cybersecurity threats, hacking, or unauthorized access may compromise investor information or funds.

• Investments in crypto assets, emerging technology, or private equity involve heightened risk, including volatility, regulatory uncertainty, and liquidity constraints.
• These assets may be difficult to value or exit.

• Investments in single opportunities or sectors may increase exposure to specific risks.
• Diversification may be limited compared to traditional investment products.

• Investments may have complex tax implications.
• Changes in tax law or regulations may negatively affect returns.
• Investors are responsible for obtaining their own tax advice.

• Investments structured by VSF are not deposits.
• They are not insured by CDIC or FDIC.
• They are not guaranteed by VSF or any government agency.

• Each investor must determine whether an investment is suitable for their objectives, financial situation, and risk tolerance.
• Investors are strongly encouraged to seek independent legal, financial, and tax advice before investing.

• VSF does not provide personalized investment, legal, or tax advice.
• Any decision to invest is the sole responsibility of the investor.

This disclosure is governed by the laws of Alberta, Canada, and applicable Canadian federal laws.