Information and any disclosures provided in this document are in summary form and have been prepared solely for marketing and informational purposes only. Neither information nor any opinion expressed in this presentation has a binding character or constitutes a solicitation, an offer or a recommendation to buy, sell or dispose of any investment, to engage in any other transaction or to provide any investment advice or service. Such an offering of will be made only by means of a definitive confidential private offering memorandum and only in those jurisdictions where permitted by law.

This document serves as promotional material and is not mandatory. The strategy information provided in this presentation has been prepared for investors' general information. It is not designed to replace the investor's own market research nor any other legal, tax or financial information or advice. It does not contain all information required to make important economic decisions and may differ from information and estimates provided by other sources or market participants. We accept no liability for the accuracy, completeness or topicality of this document. All opinions reflect the current views of Commodity Futures Services and can be changed without prior notice.

In the case of any inconsistency between the information and disclosures contained herein and the information and disclosures contained in any relevant offering memorandum, the offering memorandum will control. Any purchase made on the basis of information and any disclosures not contained in or consistent with the offering memorandum will be solely at own risk.

Investment performance

The performance representations contained herein are not representations that such performance will continue in the future or that any investment scenario or performance will even be similar to such description. Any investment described herein is an example only and is not a representation that the same or even similar investment scenarios will arise in the future or that investments made will be profitable. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between prior performance results and actual results achieved by a particular trading program.

Performance shown is gross unless otherwise noted. The gross performance considers all costs incurred at portfolio level (e. g. trading costs) and assumes reinvestment of any distributions. Costs incurred at customer level such as management and performance fees are not included.

Because clients have different fee arrangements and depending upon the timing of a specific investment, net performance for an individual client may vary from the gross performance stated herein. Actual returns will vary among clients in accordance with the terms of the pertinent investment management agreements. Investment returns


and the principal value of an investment will fluctuate and may be quite volatile and depend, among other things, on the tax treatment of the personal circumstances of each investor. In addition to exposure to adverse market conditions, investments may also be exposed to changes in regulations, change in providers of capital and other service providers. Investors risk loss of their entire investment. Past performance is no guarantee of future results.


References to indices contained herein are solely for the purpose of comparison to certain industry segments. Reference to indices are for comparative purposes only. Investment holding times may vary significantly from the investment that comprise the index above. Past performance of an index should not be construed as an indicator of future performance of your account.

Forward looking statements

Certain information contained in this material constitutes forward-looking statements, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance. Due to various risks and uncertainties, actual events or results or the actual performance of the firm may differ materially from those reflected or contemplated in such forward-looking statements.


Illustrative purposes only

Examples of our processes and any other ideas presented herein are for illustrative purposes only. There is no guarantee that Commodity Futures Services will acquire a position referenced in such examples or ideas or that any such position would be profitable.