Disclaimer PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This Presentation contains information about Chelton, its employees, and the historical performance of such person on trades, in which he is/was involved in respect of the Chelton Strategy. Such information has been included only to provide prospective investors in the Strategy with information as to such person's area of expertise. Any target return figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at the time of modelling and therefore are subject to change. Any limits mentioned in this Presentation should be interpreted as current indicative guidelines only and should not be relied upon for the purpose of making an investment in the Strategy. Certain slides in this Presentation show the actual, historical performance of certain strategies or certain specific investment positions pursued by the Strategy. The case studies included in this Presentation are for illustrative purposes. They are intended to outline how certain investment ideas may be identified, developed and executed. It should not be assumed that investments shown and discussed were or will be profitable or that losses will not be incurred. In addition, due to changes in market conditions, similar opportunities may not be available currently or going forward. The case studies summarise certain information about specific prior investments made by Chelton.

This information is NOT intended to show any simulated or hypothetical performance for the Strategy. No representation is given that the Strategy will make similar investments or achieve similar returns Chelton emphasises that there is no guarantee or capital protection associated with an investment in the Strategy, investment vehicle or account. Investors may lose some or all of the amounts invested. Any investment involves a significant degree of risk, including the risk of losing the entire amount invested. Any investor must be able to bear the risks involved and must meet the suitability requirements relating to such an investment. Some or all alternative investment programmes may not be suitable for certain investors. Any person who is in any doubt about investing in the Strategy should consult an appropriately qualified and regulated or licensed person specialising in advising on such investments.

General information: This Presentation does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any interests or shares in the Strategy, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract therefor. The only intent is a case study for quantitative research purposes. Prospective investors should inform themselves and take appropriate independent financial, legal and tax advice, including advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption, disposal or taxation of any units or shares in the Strategy.

This Presentation is for background purposes only, does not purport to be full or complete and is not intended to constitute, and should not be construed as, investment advice or deal arrangement activities with a view to transactions in investments. Chelton does not, and will not, receive or transmit orders from investors and nor does it carry on any other activities with or for such investors that constitute either (a) investment services and activities or (b) ancillary services, each as specified in Annex I of MiFID. The information contained in the presentation is exclusively intended for Qualified and Institutional Investors. Certain information included in this Presentation is based on information obtained from sources considered to be reliable. However, any projections or analyses provided to assist the recipient of this Presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. No reliance may be placed for any purpose on the information and opinions contained in this Presentation or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation by Chelton, the Strategy or any of its or their directors, members, officers, employees or secondees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

The material contained in this Presentation is based upon proprietary information and is provided purely for reference and as such is confidential and intended for private use only. The text and statistical data or any portion thereof contained in this Presentation may not be stored in a computer, published, rewritten for broadcast or publication or redistributed in any medium, except with the express written permission of Chelton.

Chelton will not be liable for any inaccuracies, errors or omissions in the material or in the transmission or delivery of all or any part thereof or for any damage arising from any of the foregoing.

Disclaimer PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This Presentation contains information about Chelton, its employees, and the historical performance of such person on trades, in which he is/was involved in respect of the Chelton Strategy. Such information has been included only to provide prospective investors in the Strategy with information as to such person's area of expertise. Any target return figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at the time of modelling and therefore are subject to change. Any limits mentioned in this Presentation should be interpreted as current indicative guidelines only and should not be relied upon for the purpose of making an investment in the Strategy. Certain slides in this Presentation show the actual, historical performance of certain strategies or certain specific investment positions pursued by the Strategy. The case studies included in this Presentation are for illustrative purposes. They are intended to outline how certain investment ideas may be identified, developed and executed. It should not be assumed that investments shown and discussed were or will be profitable or that losses will not be incurred. In addition, due to changes in market conditions, similar opportunities may not be available currently or going forward. The case studies summarise certain information about specific prior investments made by Chelton.

This information is NOT intended to show any simulated or hypothetical performance for the Strategy. No representation is given that the Strategy will make similar investments or achieve similar returns Chelton emphasises that there is no guarantee or capital protection associated with an investment in the Strategy, investment vehicle or account. Investors may lose some or all of the amounts invested. Any investment involves a significant degree of risk, including the risk of losing the entire amount invested. Any investor must be able to bear the risks involved and must meet the suitability requirements relating to such an investment. Some or all alternative investment programmes may not be suitable for certain investors. Any person who is in any doubt about investing in the Strategy should consult an appropriately qualified and regulated or licensed person specialising in advising on such investments.

General information: This Presentation does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any interests or shares in the Strategy, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract therefor. The only intent is a case study for quantitative research purposes. Prospective investors should inform themselves and take appropriate independent financial, legal and tax advice, including advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption, disposal or taxation of any units or shares in the Strategy.

This Presentation is for background purposes only, does not purport to be full or complete and is not intended to constitute, and should not be construed as, investment advice or deal arrangement activities with a view to transactions in investments. Chelton does not, and will not, receive or transmit orders from investors and nor does it carry on any other activities with or for such investors that constitute either (a) investment services and activities or (b) ancillary services, each as specified in Annex I of MiFID. The information contained in the presentation is exclusively intended for Qualified and Institutional Investors. Certain information included in this Presentation is based on information obtained from sources considered to be reliable. However, any projections or analyses provided to assist the recipient of this Presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. No reliance may be placed for any purpose on the information and opinions contained in this Presentation or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation by Chelton, the Strategy or any of its or their directors, members, officers, employees or secondees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

The material contained in this Presentation is based upon proprietary information and is provided purely for reference and as such is confidential and intended for private use only. The text and statistical data or any portion thereof contained in this Presentation may not be stored in a computer, published, rewritten for broadcast or publication or redistributed in any medium, except with the express written permission of Chelton.

Chelton will not be liable for any inaccuracies, errors or omissions in the material or in the transmission or delivery of all or any part thereof or for any damage arising from any of the foregoing.

Disclaimer PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This Presentation contains information about Chelton, its employees, and the historical performance of such person on trades, in which he is/was involved in respect of the Chelton Strategy. Such information has been included only to provide prospective investors in the Strategy with information as to such person's area of expertise. Any target return figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at the time of modelling and therefore are subject to change. Any limits mentioned in this Presentation should be interpreted as current indicative guidelines only and should not be relied upon for the purpose of making an investment in the Strategy. Certain slides in this Presentation show the actual, historical performance of certain strategies or certain specific investment positions pursued by the Strategy. The case studies included in this Presentation are for illustrative purposes. They are intended to outline how certain investment ideas may be identified, developed and executed. It should not be assumed that investments shown and discussed were or will be profitable or that losses will not be incurred. In addition, due to changes in market conditions, similar opportunities may not be available currently or going forward. The case studies summarise certain information about specific prior investments made by Chelton.

This information is NOT intended to show any simulated or hypothetical performance for the Strategy. No representation is given that the Strategy will make similar investments or achieve similar returns Chelton emphasises that there is no guarantee or capital protection associated with an investment in the Strategy, investment vehicle or account. Investors may lose some or all of the amounts invested. Any investment involves a significant degree of risk, including the risk of losing the entire amount invested. Any investor must be able to bear the risks involved and must meet the suitability requirements relating to such an investment. Some or all alternative investment programmes may not be suitable for certain investors. Any person who is in any doubt about investing in the Strategy should consult an appropriately qualified and regulated or licensed person specialising in advising on such investments.

General information: This Presentation does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any interests or shares in the Strategy, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract therefor. The only intent is a case study for quantitative research purposes. Prospective investors should inform themselves and take appropriate independent financial, legal and tax advice, including advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption, disposal or taxation of any units or shares in the Strategy.

This Presentation is for background purposes only, does not purport to be full or complete and is not intended to constitute, and should not be construed as, investment advice or deal arrangement activities with a view to transactions in investments. Chelton does not, and will not, receive or transmit orders from investors and nor does it carry on any other activities with or for such investors that constitute either (a) investment services and activities or (b) ancillary services, each as specified in Annex I of MiFID. The information contained in the presentation is exclusively intended for Qualified and Institutional Investors. Certain information included in this Presentation is based on information obtained from sources considered to be reliable. However, any projections or analyses provided to assist the recipient of this Presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. No reliance may be placed for any purpose on the information and opinions contained in this Presentation or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation by Chelton, the Strategy or any of its or their directors, members, officers, employees or secondees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

The material contained in this Presentation is based upon proprietary information and is provided purely for reference and as such is confidential and intended for private use only. The text and statistical data or any portion thereof contained in this Presentation may not be stored in a computer, published, rewritten for broadcast or publication or redistributed in any medium, except with the express written permission of Chelton.

Chelton will not be liable for any inaccuracies, errors or omissions in the material or in the transmission or delivery of all or any part thereof or for any damage arising from any of the foregoing.

Disclaimer PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This Presentation contains information about Chelton, its employees, and the historical performance of such person on trades, in which he is/was involved in respect of the Chelton Strategy. Such information has been included only to provide prospective investors in the Strategy with information as to such person's area of expertise. Any target return figures quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates at the time of modelling and therefore are subject to change. Any limits mentioned in this Presentation should be interpreted as current indicative guidelines only and should not be relied upon for the purpose of making an investment in the Strategy. Certain slides in this Presentation show the actual, historical performance of certain strategies or certain specific investment positions pursued by the Strategy. The case studies included in this Presentation are for illustrative purposes. They are intended to outline how certain investment ideas may be identified, developed and executed. It should not be assumed that investments shown and discussed were or will be profitable or that losses will not be incurred. In addition, due to changes in market conditions, similar opportunities may not be available currently or going forward. The case studies summarise certain information about specific prior investments made by Chelton.

This information is NOT intended to show any simulated or hypothetical performance for the Strategy. No representation is given that the Strategy will make similar investments or achieve similar returns Chelton emphasises that there is no guarantee or capital protection associated with an investment in the Strategy, investment vehicle or account. Investors may lose some or all of the amounts invested. Any investment involves a significant degree of risk, including the risk of losing the entire amount invested. Any investor must be able to bear the risks involved and must meet the suitability requirements relating to such an investment. Some or all alternative investment programmes may not be suitable for certain investors. Any person who is in any doubt about investing in the Strategy should consult an appropriately qualified and regulated or licensed person specialising in advising on such investments.

General information: This Presentation does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any interests or shares in the Strategy, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract therefor. The only intent is a case study for quantitative research purposes. Prospective investors should inform themselves and take appropriate independent financial, legal and tax advice, including advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption, disposal or taxation of any units or shares in the Strategy.

This Presentation is for background purposes only, does not purport to be full or complete and is not intended to constitute, and should not be construed as, investment advice or deal arrangement activities with a view to transactions in investments. Chelton does not, and will not, receive or transmit orders from investors and nor does it carry on any other activities with or for such investors that constitute either (a) investment services and activities or (b) ancillary services, each as specified in Annex I of MiFID. The information contained in the presentation is exclusively intended for Qualified and Institutional Investors. Certain information included in this Presentation is based on information obtained from sources considered to be reliable. However, any projections or analyses provided to assist the recipient of this Presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. No reliance may be placed for any purpose on the information and opinions contained in this Presentation or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this Presentation by Chelton, the Strategy or any of its or their directors, members, officers, employees or secondees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.

The material contained in this Presentation is based upon proprietary information and is provided purely for reference and as such is confidential and intended for private use only. The text and statistical data or any portion thereof contained in this Presentation may not be stored in a computer, published, rewritten for broadcast or publication or redistributed in any medium, except with the express written permission of Chelton.

Chelton will not be liable for any inaccuracies, errors or omissions in the material or in the transmission or delivery of all or any part thereof or for any damage arising from any of the foregoing.