Summary

Amapa Capital Advisors, an NFA registered CTA, was founded in December 2014 by Denys Thorez. Mr Thorez brings with him 25 years of experience in energy trading and risk management. Prior to starting Amapa, he was a trading principal at AAA Capital Management, a $1B+ energy CTA, from 2002 to 2014. He started his career on the NYMEX trading floor as an options market maker, then managed the natural gas price book of Mirant, a gas and power merchant from 1997 to 2002. Mr. Thorez holds a BA in finance from University Paris-Dauphine, France and an MBA from Baruch College, NY. He is a CFA Charterholder and a member of the CFA Society of Houston. He is the largest investor in Amapa. Mr Thorez started the Amapa Investment Fund in 2007 as a friends & family program in parallel to managing up to $150 million of AAA's assets. As a result of AAA's closure, Amapa Capital Advisors was established and began trading the Fund in February 2015. At that time, a new risk management framework was implemented for the Fund's trading program as well as a recalibration of its research/investment process (performance prior to Feb 2015 is available upon request). The Fund is offering two classes of Interests: the Standard Class and the 2XL Class. Each class is traded pursuant to the same program, except that the Standard Class is traded with 1 to 1 leverage and the 2XL Class with 2 to 1 leverage. Performance herein is for the Standard Class. Amapa Capital Advisors is available to trade individual accounts for QEPs.