Summary

NOTES IN REGARDS TO THE EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS:

1. This pro-forma track record is based upon an actual client account that clears at Interactive Brokers. The account is the trading strategy’s first account and has been active since its inception. Thus, its profits and losses are representative of those experienced by subsequent accounts in the strategy.
2. All non-futures-related trading impacts have been excluded from this proforma track record. Interest was excluded according to industry practice as some separately managed accounts notionally fund their accounts or fund the trading from other accounts.
3. The extracted futures-only performance excludes all performance impacts from trading securities. If the performance from trading securities was included, the performance since inception would be lower than what is presented for the futures-only proforma by approximately 5%.
4. This proforma track record includes and is displayed net of a pro-forma fee structure of 1.50% Management Fee paid monthly in arrears and a 15.00% quarterly Incentive Fee.