MORGAN CREEK GLOBAL EQUITY LONG/SHORT INSTITUTIONAL FUND

1. Data as of 12/01/2022 and is a percentage of gross assets.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Performance is shown as of month end for a new eligible investor, since inception, and is net of expenses. The Prospectus contains important information regarding the investment objective, risks, fees and charges related to the fund. Please read the prospectus carefully and consider these factors prior to investing. A prospectus may be obtained by calling (919) 442-6311 or visiting (www.wp.morgancreekcap.com). The election to redeem shares is made by the Board of the Feeder Fund in its sole discretion. The Advisor currently expects that it will generally recommend to the Board that the Feeder Fund offer to repurchase Shares from Shareholders quarterly on March 31, June 30, September 30 and December 31. The Fund generally on a quarterly basis expects to offer to repurchase shares from its shareholders in accordance with written tenders by shareholders at those times, in those amounts, and on such terms and conditions as its Board of the Fund may determine in its sole discretion. This is neither an offer to sell nor a solicitation of an offer to buy interests in any investment fund managed by Morgan Creek Capital Management, LLC or its affiliates. Any such offering can be made only at the time a qualified offeree receives a prospectus and other operative documents which contain significant details with respect to risks and should be carefully read. Neither the Securities and Exchange Commission nor any State securities administrator has passed on or endorsed the merits of any such offerings of these securities, nor is it intended that they will. Registration with the SEC does not mean or imply any SEC approval of the Fund as to investment quality or suitability This document is for informational purposes only and should not be distributed. There can be no assurance that the investment objectives of any fund managed by Morgan Creek Capital Management, LLC will be achieved. Morgan Creek Capital Management, LLC does not warrant the accuracy, adequacy, completeness, timeliness or availability of any information provided by non-Morgan Creek sources. Securities distributed through Morgan Creek Capital Distributors, LLC, Member FINRA/SIPC.

Important Legal Information

An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing. Please read the prospectus for complete information before investing. Securities distributed through Morgan Creek Capital Distributors, LLC, Member FINRA/SIPC.

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