Summary

The QMS Financials-Only Global Macro strategy is a quantitative, systematic, long-short investment program, well-diversified across asset classes, conceptual investing themes, modeling approaches, and trading time-horizons. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. The investment strategies described in this presentation carry certain risks, including the risk of loss of some, all, or amounts in excess, of the principal invested. The information contained in this presentation has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase any interests or shares in funds managed by QMS Capital Management LP ("QMS"). Any such offer will be made only pursuant to an offering memorandum and the documents relating thereto describing such securities. The risk of loss in trading futures and foreign exchange can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in futures trading can lead to large losses, including the loss of some, all, or amounts in excess of, your entire investment. You should only invest risk capital. The information contained in this presentation is believed to be reliable but QMS makes no representation or warranty as to its accuracy or completeness. Net returns are net of an annual pro-forma management fee of 2% and a pro-forma incentive fee of 20%, subject to a high water mark, that was assessed on an annual (calendar year) basis prior to January 2019 and on a quarterly basis beginning January 2019. The management fee deducted for the three months of 2013 was 0.49%. Returns are net of actual brokerage commissions, dealer spreads, give-up fees, NFA fees, exchange fees, and related transaction fees and expenses. Returns include interest earned and interest charges on margin posted at FCMs/FX prime brokers. An account included in the composite from May 2018 through May 2019 was a proprietary account (the “Proprietary Account”). Beginning June 2019, this Proprietary Account became part of a commodity pool vehicle (the “Pool”) for which QMS serves as commodity pool operator. Returns for the Proprietary Account and the Pool are net of custody and other operating expenses paid by the Proprietary Account and the Pool, which are capped at 50 basis points per year. Returns include the Proprietary Account’s and the Pool’s income from excess cash and cash equivalents. The Proprietary Account traded currency futures and not OTC currency forwards. Prior to June 2016, monthly returns are not compounded daily. Beginning June 2016, monthly returns are compounded daily. All annual returns are compounded monthly. All performance numbers are unaudited and subject to change. The Financials-Only Global Macro strategy (the “strategy”) commenced live trading on September 25, 2013. Performance numbers show the performance of a blended composite of all of QMS’s accounts (including client and proprietary accounts) that traded in the strategy for the full reported month. Performance numbers have been computed by QMS using account-level performance numbers provided by NAV Consulting, Inc., an independent fund administration service provider that is not affiliated with QMS. Returns do not represent the return of any individual client of QMS. Individual client returns differed from the returns presented. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. No representation is made that results similar to those shown can be achieved. This material is strictly confidential. This presentation is provided to you on a confidential basis and is intended solely for the use of the person to whom it is provided. It may not be modified, reproduced or redistributed in whole or in part without the prior written consent of QMS. For Australian Investors: QMS is exempt from the requirement to hold an Australian financial services license (AFSL) under the Corporations Act 2001 (Cth) in respect of financial services, in reliance on ASIC Class Order 03/824, a copy of which may be obtained at the web site of the Australian Securities and Investments Commission, http://www.asic.gov.au. The class order exempts financial services providers with a limited connection to Australia from the requirement to hold an AFSL where they provide financial services only to wholesale clients in Australia on certain conditions. Financial services provided by QMS may be regulated under non-Australian laws and regulatory requirements, which are different from the laws applying in Australia.