Nothing set forth herein shall constitute an offer to sell any securities or constitute a solicitation of an offer to purchase any securities. Any such offer to sell or solicitation of an offer to purchase shall be made only by formal offering documents for Praetorian Capital Fund LLC (the “Master Fund”) or Praetorian Capital Offshore Ltd. (collectively, the “Funds” or each a “Fund”), managed by Praetorian PR LLC (the “Investment Manager” or “PPR”) and Praetorian Capital Management LLC (the “Manager”), which include, among others, a confidential offering memorandum, operating agreement and subscription agreement, as applicable.  Such formal offering documents contain additional information not set forth herein, including information regarding certain risks of investing in a Fund, which are material to any decision to invest in a Fund.

No information is warranted by PPR or its affiliates or subsidiaries as to completeness or accuracy, express or implied, and is subject to change without notice. This site and documents may contain forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document which constitute opinions of the PPR. Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar expressions.  Actual results could differ materially from those in the forward-looking statements due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors, including those beyond PPR’s control.  Investors are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking statements in this document. These materials should be considered current only as of the date of publication without regard to the date on which you may receive or access the information.

PPR maintains the right to delete or modify information without prior notice. Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate a particular investment program’s investment strategy and accompanying information. Targeted returns, if any, reflect subjective determinations by PPR based on a variety of factors, including, among others, internal modeling, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions.

Performance may fluctuate, especially over short periods. Targeted returns should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance. Statements made herein that are not attributed to a third-party source reflect the views and opinions of PPR.

The past performance of the Funds, its principals, members, or employees is not indicative of future returns.

The performance reflected herein and the performance for any given investor may differ due to various factors including, without limitation, the timing of subscriptions and withdrawals, applicable management fees and incentive allocations, and the investor’s ability to participate in new issues. There is no guarantee that PPR will be successful in achieving the Funds’ investment objectives.

The performance information herein has been prepared by the Manager on behalf of PPR, and has not been independently audited or verified except for certain year-end data. The estimated net returns were based on an individual investor in the Master Fund since inception and reflect the reinvestment of dividends and other earnings. Returns are net of 1.25% management fee and 20% performance fee.

An investment in the Funds contains risks, including the risk of complete loss. The investments discussed or referenced herein, if any, are not meant to be indicative or reflective of the portfolio of the Master Fund. Rather, such examples, are meant to exemplify PPR’s analysis for the Funds and the execution of the Funds’ investment strategies. While these examples may reflect successful trading, not all trades are successful and profitable. As such, the examples contained herein should not be viewed as representative of all trades made by PPR.