Summary

Esulep LLC Max invests using the Permo Investment Program, which is an absolute-return, U.S. Listed Futures and Options Strategy. It invests exclusively in broad market equity indices (e.g. S&P 500) utilizing proprietary strategies that are dynamically updated, while adhering to a tight, capital conservation risk profile. Monthly performance is designed to have minimal correlation with overall S&P 500 market movement or with other managers, the gains are achieved without borrowed funds or added leverage, and the positions are hedged appropriately to both reduce the risk of capital loss and also to ensure continuity through adverse conditions. The track record before 2012 is a composite of all Permo Strategy accounts, including the private fund with comparable returns and fee structure. All returns are netted of 2/20 fees each month.