Summary

The Sugar Creek Geneva Commodities program is an opportunistic portfolio focused on implementing both directional and relative value positions. The portfolio's commodity exposure(s) can at times be concentrated in one market or one sector or be spread out across multiple markets and sectors. This program is offered by Sugar Creek Investment Management, LLC. PERFORMANCE NOTES: ALL PRO-FORMA RETURNS FROM JANUARY 2015 THROUGH DECEMBER 2016 ARE DERIVED FROM COMPOSITE RETURNS OF SUGAR CREEK CLIENT ACCOUNTS AND CALCULATED TO REFLECT 2% MANAGEMENT AND 20% PERFORMANCE FEES ("2/20"). ALL ASSETS UNDER MANAGEMENT REPORTED DURING THIS PERIOD WERE ASSETS MANAGED BY SUGAR CREEK INVESTMENT MANAGEMENT, LLC. PRO-FORMA RETURNS ON PERFORMANCE AFTER DECEMBER 2016 ARE DERIVED FROM A PROPRIETARY ACCOUNT AND CALCULATED TO REFLECT 2/20 FEES AT A $25,000.00 NOMINAL ACCOUNT SIZE.  ALL RETURNS HAVE BEEN CALCULATED BY NAV CONSULTING, INC.