Business Continuity Disclosure

AN IMPORTANT NOTICE REGARDING BUSINESS CONTINUITY

Bel Air Investment Advisors LLC, Bel Air Management, LLC (each an SEC registered investment advisor) and Bel Air Securities LLC (a FINRA member broker/dealer) (collectively, "Bel Air" or "we") has established a business continuity plan (the "Plan") to address potential disruptions to our business activities.

Bel Air's policy is to respond to a Significant Business Disruption ("SBD") by safeguarding employee's lives and firm property, making financial and operational assessments, recovering and resuming operations as quickly as possible, protecting the firm's books and records and allowing our customers to continue to transact business. In the event that we determine we are unable to continue our business, we will make every effort to provide prompt access by customers to their funds and securities.

In order for Bel Air to continue operations, we rely on the systems and processes established and implemented by our clearing firm. Risk assessment, defined protocols for managing events, written procedures, offsite storage, established alternative sites and testing are critical components of the continuity planning process. Our goal is to ensure our data processing systems, data communications facilities, information, data and business functions can be restored in a secure manner and that restoration is accomplished in a time frame consistent with legal, regulatory and business requirements while maintaining information integrity.

SUMMARY OF OUR BUSINESS CONINUITY PLAN

The Bel Air Plan provides for specific responses and procedures that address three scenarios of varying severity (e.g., system unavailable; site or location unavailable; and system and site/location unavailable).

The Plan has procedures that are designed to continue business operations during each of the three scenarios and, for each process and system utilized our planned recovery and alternative/back-up that will be used, if necessary. The expected recovery times for mission critical systems averages up to 24 hours.

Bel Air is responsible for establishing and maintaining business relationships with our customers and for most mission critical systems. We also engage in relationships with clearing firms, through contract or other agreement, to maintain other mission critical systems. Our primary clearing firm, Pershing LLC ('Pershing'), provides certain services to our account holders. In the unlikely event our customers are not able to reach us during a business disruption; please refer to www.pershing.com/disclosures or call 201-413-3333 If during an SBD we determine that our clearing firm has not or cannot put their business continuity plan in place quickly enough to meet our needs, or are otherwise unable to provide access to their services, we will seek assistance from the clearing firm in obtaining services from an alternative source.

Bel Air's Plan contains procedures for communicating with internal and external parties, including our customers, during activation of the Plan. In the event that a portion of the Plan is activated in any of the representative business units, we will assess which means of communication are still available to us, and use the means closest in speed and form (written or oral) to the means that we have used in the past to communicate with the other party. For example, if we have communicated with a party by e-mail but the Internet is unavailable, we will call them on the telephone.

Bel Air's Plan contains procedures that include, where applicable, alternative electronic processes, manual processes and alternative back-up facilities (in the event that a specific location needs to be relocated).

You may access information regarding your account via the internet at www.belair-llc.com. In the event of a material disruption in our business, there will be instructions or other guidance posted at our website.

NOTIFICATION ABOUT OUR PLAN

We provide a copy of this summary to Customers at the time their account is opened with us as well as annually.

DISCLAIMER

Bel Air's Plan is a real-time document and is therefore subject to modification without notice. Updated summaries of the Plan may be obtained upon request by writing to 1999 Avenue of the Stars, Suite 3200, Los Angeles, California 90067.