Summary

Accounting Notes: June 2015 - October 2018 represents pro-forma proprietary returns which have been adjusted to reflect a 2% management fee and 20% incentive fee. This period also represents proprietary AUM. Performance from November 2018 represents client returns and client AUM only. The first client account began trading on November 20, 2018; therefore, the return for November 2018 is that of a partial month. The proprietary account that has been trading since June 2015 realized a 1.80% pro-forma rate of return for the full month of November 2018.