SHARE IN OUR PERFORMANCE

(1)

(2)

STRATEGY

INDEX.

CHAMELEON

FX One

4 A breakout intraday strategy, covering 9 currency pairs

CHAMELEON

FX Global

6 An extremely diversified end-of-day strategy,

covering 100 currency pairs

CHAMELEON

FX Control

8 A trend-following intraday strategy, covering 10 currency pairs

CHAMELEON

FX Fast

10 An intraday breakout strategy with overnight positions,

covering 25 currency pairs

CHAMELEON

Equity Index One

14 An end-of-day low frequency retracement strategy,

covering 7 equity index futures

CHAMELEON

Commodities Control

16 An end-of-day strategy including a built-in money-management

function, covering 7 energy and precious metals futures

CHAMELEON

Energy Fast

18 An end-of-day low frequency retracement strategy,

covering 4 oil and gas futures

CHAMELEON

Bonds Control

20 An end-of day strategy for trading a globally diversified set of

18 major treasury and interest rate futures contracts

CHAMELEON

QUANTITATIVE

STRATEGIES.

PERFORMANCE

FOR SALE.

More than 60% of todays’ activity in US equity markets is generated

by trading algorithms. Increasing reliance on algorithms can also be

observed in all other global financial markets. The reason is simple –

rule-based trading is fast, measurable, reliable, inexpensive, and it

eliminates human factors such as fear and greed which can lead to

expensive mistakes.

You don’t need your own quant division to participate in Algorithmic

Trading. With Chameleon, Intalus offers exclusive quantitative

strategies which cover a broad range of markets. These algorithms are

already proven and available to you now. You can test them before

deciding how to integrate one or more strategies into your fund or

managed account structure, or use them in your proprietary trading.

You maintain complete control over all strategies and trading, because

all strategies execute on your own hardware. You will only be charged

for using a strategy when it returns profit.

The range of strategies we offer is extensive. We are happy to

discuss or consult with you, to calling on the extensive experience

and understanding of our quant team. For more than a decade our

team has assisted institutional clients with portfolio construction and

alpha generation to meet investment objectives for risk and return.

For more information and the current performance of all strategies

please visit

www.intalus.com/chameleon

.

TELESCOPE.

Gran Telescopio Canarias.

Canary Islands / Spain.

The earth’s largest optical

reflecting telescope with a

diameter of 10.4 m (410 in).

(3)

STRATEGY

INDEX.

CHAMELEON

FX One

4 A breakout intraday strategy, covering 9 currency pairs

CHAMELEON

FX Global

6 An extremely diversified end-of-day strategy,

covering 100 currency pairs

CHAMELEON

FX Control

8 A trend-following intraday strategy, covering 10 currency pairs

CHAMELEON

FX Fast

10 An intraday breakout strategy with overnight positions,

covering 25 currency pairs

CHAMELEON

Equity Index One

14 An end-of-day low frequency retracement strategy,

covering 7 equity index futures

CHAMELEON

Commodities Control

16 An end-of-day strategy including a built-in money-management

function, covering 7 energy and precious metals futures

CHAMELEON

Energy Fast

18 An end-of-day low frequency retracement strategy,

covering 4 oil and gas futures

CHAMELEON

Bonds Control

20 An end-of day strategy for trading a globally diversified set of

18 major treasury and interest rate futures contracts

QUANTITATIVE

STRATEGIES.

PERFORMANCE

FOR SALE.

More than 60% of todays’ activity in US equity markets is generated

by trading algorithms. Increasing reliance on algorithms can also be

observed in all other global financial markets. The reason is simple –

rule-based trading is fast, measurable, reliable, inexpensive, and it

eliminates human factors such as fear and greed which can lead to

expensive mistakes.

You don’t need your own quant division to participate in Algorithmic

Trading. With Chameleon, Intalus offers exclusive quantitative

strategies which cover a broad range of markets. These algorithms are

already proven and available to you now. You can test them before

deciding how to integrate one or more strategies into your fund or

managed account structure, or use them in your proprietary trading.

You maintain complete control over all strategies and trading, because

all strategies execute on your own hardware. You will only be charged

for using a strategy when it returns profit.

The range of strategies we offer is extensive. We are happy to

discuss or consult with you, to calling on the extensive experience

and understanding of our quant team. For more than a decade our

team has assisted institutional clients with portfolio construction and

alpha generation to meet investment objectives for risk and return.

For more information and the current performance of all strategies

please visit

www.intalus.com/chameleon

.

TELESCOPE.

Gran Telescopio Canarias.

Canary Islands / Spain.

(4)

CURRENCY TRADING STRATEGY

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD

2003 0.00% -0.38% 0.54% 0.20% 1.02% 1.33% 1.97% 2.56% 1.58% -0.32% 1.86% 2.03% 12.40% 2004 1.18% 1.33% 3.81% 5.21% 2.70% -1.79% 2.37% 0.22% -0.92% 1.33% -1.39% 2.49% 16.54% 2005 0.73% -1.79% 0.60% -0.48% 0.75% 2.75% 0.89% 1.77% 2.82% 0.46% 2.41% 1.97% 12.87% 2006 2.20% 0.96% 0.89% 3.64% -0.49% 1.80% 0.48% 0.10% 1.07% 0.61% 1.41% -1.89% 10.78% 2007 1.36% 2.37% 1.99% 0.16% -0.28% 0.47% 1.66% -0.02% 2.99% 1.49% 2.43% 4.03% 18.64% 2008 -1.39% 2.08% 1.60% 3.90% -1.45% 0.18% 0.31% 0.38% 2.10% 1.84% 1.07% 3.25% 13.87% 2009 0.29% -1.85% 0.09% 2.25% 1.66% 1.65% -0.87% 2.14% -1.32% 2.65% -0.15% 1.04% 7.58% 2010 1.92% 2.09% 0.50% -0.58% 6.22% 0.16% 1.33% -0.55% -0.83% 1.17% 1.87% 3.26% 16.55% 2011 0.30% -1.33% 1.09% 0.68% 1.55% 1.01% 2.49% -5.07% 2.09% -2.15% 0.57% 2.13% 3.35% 2012 1.04% 2.05% 0.44% -1.69% 2.12% -1.56% 3.16% -3.90% -1.47% -0.26% 0.18% 1.69% 1.79% 2013 3.72% 1.39% 2.04% -0.62% -0.36% -1.75% 0.81% -0.95% -1.41% 0.67% 1.06% -1.49% 3.12% 2014 -1.59% -1.33% 1.75% -1.63% -0.15% -1.37% 0.57% 0.25% 3.06% -0.45% -1.54% 0.01% -2.42% TRADING STRATEGY STATISTICS* Since inception 115.07% Last 12 month -2.42% Year-to-date -2.42% Performance (annualized) 9.59% Best month 6.22% Worst month -5.07% Average month 0.80% Volatility (annualized) 5.87% Sharpe Ratio 1.29 Sortino Ratio 2.18 Skewness -0.29 Kurtosis 3.78 # Positive month 102

Ø Gain (positive month) 1.63%

Negative month 41

Ø Loss (negative month) -1.24%

% number of positive month 71.33%

Ø Gain / Ø Loss 1.31

Maximum Draw Down -8.36%

VaR (99%) on monthly basis 3.94%

Type of strategy Breakout

Frequency Intraday BENCHMARKS

Year of inception 2010

Portfolio 10 currency pairs ▄ DJCS HFI (MF) = Dow Jones Credit Suisse Core Hedge Fund Index (Managed Futures)

Number of trades per month 72 ▄ ESTX50 = EUROSTOXX 50 Index

Average holding period 6 hours ▄ REX(P) = REX Performance Index

Average time in the market 96%

CHAMELEON FOREX ONE is a 100% systematic computer model for institutional FOREX trading. It works without any

discretionary inputs and exactly the same rules and parameters are applied to all cross rates and all time frames (no

optimization). Its' logic is based on a simple chart pattern recognition approach combined with different volatility filters. Best results are achieved when applied on London liquid trading hours. CHAMELEON FOREX ONE can be provided with risk stops and profit targets for open overnight positions. The trading frequency is around 3 trades per week per chart. Positions are open from a couple of hours to a couple of days, depending on the strength of a trend after the opening of a position.

All installations of CHAMELEON FOREX ONE have different setups to avoid different clients receiving the same signal at the same time.

* The results are solely backtesting results that consider reasonable execution costs (spreads and slippage). To avoid curve-fitting the trading logic has been developed and calibrated on in-sample datasets and verified on out-of-sample data.

50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 250% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{FX One} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* FX One DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 -1 0% _-9% _-8% _-7% _-6% _-5% _-4% _-3% _-2% _-1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% _10% DISTRIBUTION OF RETURNS*

CHAMELEON

FX One

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CORRELATION

CORRELATION 12 MONTH SINCE INCEPTION

DJCS HFI(MF) 0.08 0.00

ESTX50 -0.07 0.01

REX(P) -0.38 -0.04

PROPOSAL

DISCLAIMER CONTACT

INTALUS GERMANY INTALUS UK & IRELAND

[email protected] [email protected]

+49 (0)69 2073-1008 +44 (0)207 156-5277

INTALUS BERMUDAS INTALUS MIDDLE EAST

+1 441 295-1422 +971 4390-3154

All trading strategies are offered to you for three months without any obligations and at no cost. The only premise: You have to be an institutional investor. Select those trading strategies that suit your needs. Test them for the three month trial and if you are satisfied with the performance let us know and participate in your success. It’s that simple.

No representation or warranty as to the accuracy of the information contained in this performance update is made or is to be implied. This update is for information purposes only, and does not constitute an offering. These materials are not, and under no circumstances are they to be construed as, a prospectus, advertisement or public offering.There is no guarantee that any account will or is likely to achieve profits or losses similar to those shown at this pages.

There are frequently differences between hypothetical results and the results achieved by real trading. The shown trading results or performances in the past are no guarantee for profits in the future. The risk of loss in trading Futures, Forex or CFDs can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. AUD / USD 10% EUR / CHF 10% EUR / GBP 10% EUR / JPY 10% EUR / USD 10% GBP / JPY 10% GBP / USD 10% USD / CAD 10% USD / CHF 10% USD / JPY 10% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -10.0% 0.0% 10.0% 20.0% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 2.11% 3.23% -3.11% 2.61% 3.01% 3.80% -0.04% 3.77% 5.62% 0.60% -1.46% 3.56% 23.72% 2004 1.98% 0.58% -1.34% 4.15% -0.83% -0.64% -0.04% -0.96% -0.78% 3.50% 2.86% 0.74% 9.23% 2005 -0.63% -0.32% 0.53% -0.37% -0.44% 3.17% 0.35% -0.47% -1.24% -1.41% 0.87% -0.43% -0.38% 2006 0.59% 0.37% -0.92% 1.47% 1.33% -0.21% -1.23% -0.36% -0.14% 0.84% 0.12% 0.06% 1.92% 2007 1.27% 1.15% 0.89% 0.71% 0.81% 1.45% 2.40% 0.66% 1.20% 0.17% 1.27% 0.91% 12.89% 2008 1.78% 3.46% -1.15% -0.03% -0.90% 2.03% -0.23% 2.50% -0.94% 10.02% 5.52% -0.97% 21.08% 2009 3.10% 4.88% 1.38% 1.11% 5.65% 3.88% 2.89% 1.51% 1.94% 1.59% 2.05% 2.44% 32.43% 2010 2.21% 1.23% 2.01% 0.04% 5.82% 1.28% 3.68% 0.75% 0.47% 1.77% 0.89% 1.42% 21.56% 2011 -1.16% 1.16% -2.42% 0.50% 1.69% 2.68% 0.52% 0.44% -0.26% 0.37% 1.44% 1.38% 6.34% 2012 -1.40% 0.47% 0.69% 1.01% -1.57% -0.09% 0.00% -0.82% 1.20% 0.39% 0.78% -0.58% 0.07% 2013 0.56% 1.46% 0.00% -0.06% 1.15% 0.16% 0.57% 0.10% 1.09% 0.55% 1.50% 1.43% 8.53% 2014 -0.25% 0.01% 0.33% -0.82% -0.21% -0.19% -0.04% -0.78% 0.17% -0.62% 0.70% 0.09% -1.61% TRADING STRATEGY STATISTICS* Since inception 135.79% Last 12 month -1.61% Year-to-date -1.61% Performance (annualized) 11.32% Best month 10.02% Worst month -3.11% Average month 0.94% Volatility (annualized) 6.20% Sharpe Ratio 1.50 Sortino Ratio 4.75 Skewness 1.25 Kurtosis 6.82 # Positive month 100

Negative month 44

Type of strategy Indicators & Patterns

Frequency End-of-day BENCHMARKS

Number of trades per month 2 per chart ▄ ESTX50 = EUROSTOXX 50 Index

Average holding period 15 days ▄ REX(P) = REX Performance Index

CHAMELEON FX GLOBAL is an algorithmic logic that can be used to trade forex cross rates. The system is applied to charts that are plotted in EOD (end-of-day) format. CHAMELEON FX GLOBAL is a short-term trend following system that has been designed to capture relatively small forex price moves using a very flexible signal-generation logic. Two main modes are used (one for each group of crosses). They differ in that the same turning "flex" points are either used to buy or sell the market. Historically, one mode has been more successful in crosses that enjoy higher volatility while the other has been profitable in crosses where trend changes have a slower pace.

System's average trading frequency: circa 2 times per month per cross rate. Stop-loss points are fixed throughout the life of the trade. They refer to the point of entry +/- a loss distance value that is equal to 2.5 times the average true range (as calculated at entry time).

* The results are solely backtesting results that consider reasonable execution costs (spreads and slippage). To avoid curve-fitting the trading logic has been developed and calibrated on in-sample datasets and verified on out-of-sample data. 50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 250% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{FX Global} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* FX Global DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 45 -8 % -7 % -6 % -5 % -4 % -3 % -2 % -1 % _0% _1% _2% _3% _4% _5% _6% _7% _8% _9% 10% 11% 12% DISTRIBUTION OF RETURNS*

CHAMELEON

FX Global

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CORRELATION

DJCS HFI(MF) -0.14 0.14

ESTX50 0.27 -0.16

REX(P) -0.23 0.19

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

INTALUS BERMUDA INTALUS MIDDLE EAST

+1 441 295-1422 +971 4390-3154

All trading strategies are offered to you for three months without any obligations and at no cost. The only premise: You have to be an institutional investor. Select those trading strategies that suit your needs. Test them for the three month trial and if you are satisfied with the performance let us know and participate in your success. No representation or warranty as to the accuracy of the information contained in this

performance update is made or is to be implied. This update is for information purposes only, and does not constitute an offering. These materials are not, and under no circumstances are they to be construed as, a prospectus, advertisement or public offering.There is no guarantee that any account will or is likely to achieve profits or losses similar to those shown at this pages.

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. USD EUR AUD GBP CHF NZD JPY CAD DKK SEK NOK SGD PLN HUF HKD CZK ZAR TRY MXN EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 0.12% -0.09% 0.49% 0.20% 2.52% 1.74% 1.97% 1.61% 5.13% -0.10% 1.50% -1.02% 14.06% 2004 1.31% 2.89% 2.65% 2.48% 1.18% -0.55% -0.23% -0.41% 1.25% 0.21% -0.52% 1.92% 12.18% 2005 -0.34% -2.03% -0.54% -0.26% 0.75% 1.37% 2.25% 2.64% 1.16% 1.21% 0.27% 4.06% 10.54% 2006 1.50% 2.94% 1.86% 2.68% 0.55% 1.10% -0.03% -0.70% 0.83% -0.58% 0.53% -0.88% 9.81% 2007 1.24% 3.70% 1.06% -1.61% -0.91% 4.33% 1.82% 0.92% 2.67% 1.02% 1.64% 5.13% 21.01% 2008 1.26% 1.94% 0.36% 2.13% -0.71% -0.75% 0.68% 1.39% 0.74% 0.45% -0.57% 3.06% 9.99% 2009 0.99% -1.29% 2.51% 0.88% 3.14% 0.18% -0.68% 1.45% -0.75% 0.73% -0.78% 1.18% 7.57% 2010 0.67% 1.50% 1.44% -1.15% 4.80% -0.11% 0.04% -0.27% -0.36% -0.19% 0.89% -0.30% 6.96% 2011 0.79% 0.17% 1.70% 0.50% 3.47% 1.25% -0.30% -3.42% 0.22% -2.13% -1.95% 0.97% 1.27% 2012 1.44% -0.29% 1.89% -1.49% -0.14% -0.18% -0.53% -2.47% -1.86% 0.67% 1.35% 2.25% 0.64% 2013 3.23% 1.18% 1.78% 1.72% -1.45% -1.37% -0.02% 0.47% -1.08% -0.02% 1.62% 0.13% 6.18% 2014 1.43% -1.07% 0.87% -0.91% -0.24% -1.50% 0.20% -0.68% 3.07% 1.23% -1.39% -0.30% 0.71% TRADING STRATEGY STATISTICS* Since inception 100.92% Last 12 month 0.71% Year-to-date 0.71% Performance (annualized) 8.41% Best month 5.13% Worst month -3.42% Average month 0.70% Volatility (annualized) 5.34% Sharpe Ratio 1.20 Sortino Ratio 2.55 Skewness 0.27 Kurtosis 3.26 # Positive month 91

Negative month 53

Type of strategy Patern Recognition / MA breakout

Frequency Intraday BENCHMARKS

Average holding period 8 hours ▄ REX(P) = REX Performance Index

CHAMELEON FOREX CONTROL is a 100% systematic computer model for institutional FOREX trading. It works without any discretionary inputs and exactly the same rules and parameters are applied to all cross rates and all time frames (no

optimization). The system is defensive by trading only in low volatility phases. The logic is based on common technical indicators combined with several volatility measurements. Best results are achieved when applied on London liquid trading hours. CHAMELEON FOREX CONTROL can be provided with risk stops and profit targets for open overnight positions.

The trading frequency is around 2 trades per week per chart. Positions are open from a couple of hours to a couple of days, depending on the strength of a trend after opening a position.

50% 70% 90% 110% 130% 150% 170% 190% 210% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

PERFORMANCE* _{FX Control} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

ANNUAL RETURN* FX Control DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 -1 0% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% _10% DISTRIBUTION OF RETURNS* 50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{FX Control} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* FX Control DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 -1 0% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% _10% DISTRIBUTION OF RETURNS*

CHAMELEON

FX Control

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CORRELATION

DJCS HFI(MF) -0.31 -0.11

ESTX50 -0.36 -0.02

REX(P) -0.07 -0.02

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. AUD / USD 10% EUR / GBP 10% EUR / JPY 10% EUR / USD 10% GBP / JPY 10% GBP / USD 10% NZD / USD 10% USD / CAD 10% USD / CHF 10% USD / JPY 10% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12 MONTH VOLATILITY (rolling) -10.0% 0.0% 10.0% 20.0% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12 MONTH CORRELATION

(rolling) DJCS HFI (MM) ESTX50 REX(P)

AUD / USD 10% EUR / GBP 10% EUR / JPY 10% EUR / USD 10% GBP / JPY 10% GBP / USD 10% NZD / USD 10% USD / CAD 10% USD / CHF 10% USD / JPY 10% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -10.0% 0.0% 10.0% 20.0% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 -0.35% 0.26% 0.36% -0.35% 1.92% 2.52% 1.94% 1.63% 0.30% 1.36% 1.14% -1.01% 9.74% 2004 3.28% 0.86% 2.38% 0.51% 0.19% 0.29% 0.35% -0.88% -0.16% -0.85% 1.29% -0.08% 7.19% 2005 -0.86% -1.89% -1.23% 0.44% 1.37% 1.21% -0.22% 0.70% -0.05% 0.11% -0.49% 1.04% 0.13% 2006 0.10% -0.21% 0.59% 1.35% 0.00% 0.64% 0.19% -0.10% 0.69% 0.94% 0.54% -0.71% 4.00% 2007 0.54% 1.35% 2.24% 0.96% 0.46% 0.80% 2.63% 6.49% 3.85% 0.88% 2.57% 1.99% 24.77% 2008 -2.30% 0.66% -0.29% 0.60% 0.73% 0.45% -1.70% -0.76% -0.52% 14.31% -1.04% -3.10% 7.04% 2009 11.15% -3.92% 2.53% 9.51% 6.88% 1.10% 0.77% -0.15% -0.51% 3.81% -5.22% 1.52% 27.47% 2010 1.06% 4.07% 3.51% 3.06% 2.67% 5.93% 3.56% 1.00% 2.25% -0.37% 2.02% 0.19% 28.95% 2011 1.59% 1.76% 2.02% 0.28% -0.03% 1.68% 3.17% 3.34% 7.73% -0.20% 4.40% 0.94% 26.67% 2012 1.77% -0.95% 0.09% -0.14% 0.95% -3.16% 1.05% -3.03% -1.32% 1.01% 0.93% 2.30% -0.50% 2013 2.87% 1.11% 0.00% 3.13% -2.87% -0.04% -1.73% 1.54% -2.03% -3.10% 1.20% -0.78% -0.71% 2014 1.71% -1.69% 0.69% -0.97% 0.19% -0.29% -0.28% -0.62% 3.88% 1.37% 2.64% -0.77% 5.87% TRADING STRATEGY STATISTICS* Since inception 140.62% Last 12 month 5.87% Year-to-date 5.87% Performance (annualized) 11.72% Best month 14.31% Worst month -5.22% Average month 0.98% Volatility (annualized) 8.66% Sharpe Ratio 1.12 Sortino Ratio 2.35 Skewness 1.79 Kurtosis 10.02 # Positive month 95

Negative month 49

Type of strategy Intraday breakout

Frequency 15, 20, 25 min. bars BENCHMARKS

Average holding period 2.5 days ▄ REX(P) = REX Performance Index

CHAMELEON FX FAST is an algorithmic logic that can be used to trade forex cross rates. The system is applied on charts that are plotted in intraday (15 min, 20 min, 25 min) format. CHAMELEON FX FAST is a breakout logic that has been designed to capture short-term swings in market direction regardless of the long-term dominating trend. Two main modes are used with the intention of optimizing the system's output. They differ in the way they calculate the assumed breakout points.

System's average trading frequency : circa 12 times per month per cross rate. Stop-loss points are fixed throughout the life of the trade. They refer to the point of entry +/- a loss distance value that is equal to 1% of the traded currency. To accommodate active trading within European banking hours, the portfolio is (a) limited to the most active crosses and (b) constrained to include only those crosses with sides that display low intraday correlation.

50% 100% 150% 200% 250% 300% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{FX Fast} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* FX Fast DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 -5 % -4 % -3 % -2 % -1 % _0% _1% _2% _3% _4% _5% _6% _7% _8% _9% 10% 11% 12% 13% 14% 15% DISTRIBUTION OF RETURNS*

CHAMELEON

FX Fast

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CORRELATION

DJCS HFI(MF) -0.21 -0.02

ESTX50 0.03 -0.16

REX(P) -0.17 -0.03

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. USD 20% EUR 18% JPY 12% GBP 10% AUD 8% CHF 8% CAD 8% NZD 6% NOK 4% SEK 4% DKK 2% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 22.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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Give quantitative strategies a try, and see how they reduce risk and stabilize returns.

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(13)

PERFORM WELL?

Give quantitative strategies a try, and see how they reduce risk and stabilize returns.

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(14)

FUTURES TRADING STRATEGY

2003 0.00% 0.00% -4.65% 1.54% 2.50% -0.39% -2.24% 0.38% 0.78% 4.50% 5.06% 3.21% 10.69% 2004 2.03% 3.07% 2.79% 0.35% -2.81% -0.69% 0.21% 1.56% -3.88% 2.58% 0.79% 0.94% 6.93% 2005 -2.21% -1.10% -0.03% 1.91% 1.17% 2.13% -0.54% -2.86% 0.91% 7.28% 0.60% 0.49% 7.76% 2006 -1.39% -1.44% 0.86% 1.14% 6.81% 1.52% 3.29% -3.17% 1.79% 2.62% 1.46% 0.05% 13.52% 2007 2.41% 0.43% 1.29% 0.37% -0.67% 7.94% 2.60% 1.16% 5.88% -3.40% 5.89% -0.02% 23.88% 2008 -2.31% 3.03% -3.10% 6.86% 2.57% 2.18% 2.13% 2.06% 11.36% 13.24% -1.70% 5.02% 41.33% 2009 3.15% 6.77% -3.48% -0.70% 3.05% -3.20% 5.64% 1.43% 7.97% -0.39% -1.07% -0.01% 19.17% 2010 -2.27% 5.18% 2.13% -0.60% 6.14% 3.65% 2.59% -3.86% 0.78% -1.72% 3.21% 2.30% 17.53% 2011 0.20% 4.03% -4.30% 6.09% -8.80% 13.23% 1.93% 2.87% 3.47% -0.98% -1.20% -3.12% 13.42% 2012 0.04% -2.16% 10.58% -5.76% 4.81% 8.26% 6.74% -3.01% 7.89% 3.91% 0.81% 0.07% 32.18% 2013 2.62% -2.69% -0.44% 5.09% -0.94% 8.75% -1.93% -1.07% -0.03% 13.25% 0.36% 14.54% 37.49% 2014 -3.05% -10.63% -1.93% 1.76% -2.79% -8.62% -1.70% 6.37% -2.74% -5.32% -5.08% -1.21% -34.95% TRADING STRATEGY STATISTICS* Since inception 188.93% Last 12 month -34.95% Year-to-date -34.95% Performance (annualized) 15.74% Best month 14.54% Worst month -10.63% Average month 1.31% Volatility (annualized) 14.56% Sharpe Ratio 0.94 Sortino Ratio 1.76 Skewness 0.27 Kurtosis 3.99 # Positive month 88

Negative month 54

Type of strategy Statistically proven patterns

Portfolio 7 index futures ▄ DJCS HFI (MF) = Dow Jones Credit Suisse Core Hedge Fund Index (Managed Futures)

Average holding period 1 day ▄ REX(P) = REX Performance Index

CHAMELEON EQUITY INDEX ONE is a 100% quantitative and systematic strategy; used for low frequency trading in liquid index futures based on end-of-day data. It can be characterized as a retracement strategy.

The strategy depends on market volatility and seeks statistically significant market movements to enter positions, in the direction of the current trend. Depending on several filters the strategy opens between one and three positions

simultaneously. There are three different logics that control the closing of these positions. The strategy uses market volatility to determine stop levels and exit points (Profit Targets). Open positions are held from several hours up to several days.

50% 100% 150% 200% 250% 300% 350% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{Equity Index One} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 60% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* Equity Index One DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 -1 5% _-14% _-12% _-11% -9% -8% -6% -5% -3% -2% 0% 2% 3% 5% 6% 8% 9% _11% _12% _14% _15% _17% DISTRIBUTION OF RETURNS*

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CORRELATION

ESTX50 -0.13 -0.08

REX(P) 0.26 -0.09

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. DAX 15% EuroSTOXX50 15% S&P 500 14% Dow Jones 14% NASDAQ100 14% S&P 400 Midcap 14% RUSSEL 2000 14% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 22.5% 25.0% 27.5% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -40.0% -30.0% -20.0% -10.0%0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 -0.67% 1.56% 0.32% 1.76% 1.36% -1.71% 1.79% -0.47% -0.54% 4.87% 1.17% 3.68% 13.13% 2004 0.75% 2.73% -1.58% 4.30% 0.64% -1.70% 2.08% 1.00% 2.77% 2.29% 1.64% 4.15% 19.09% 2005 0.33% 5.75% -0.86% 2.28% 2.03% 3.39% -0.55% 3.88% -0.01% -0.30% 1.05% 2.61% 19.60% 2006 2.14% 0.26% 4.26% 8.76% 0.28% 0.45% 1.17% -0.57% 4.65% -0.02% 1.55% 0.05% 23.00% 2007 2.90% -2.72% 1.88% -0.21% 0.64% 0.23% 0.17% -1.05% 3.76% -0.21% 0.65% -0.29% 5.75% 2008 1.20% 4.58% 0.11% 0.48% 0.81% -1.39% 3.18% 1.28% 0.00% 3.61% -0.76% 1.97% 15.06% 2009 0.95% 0.61% -2.83% -0.58% 4.12% -1.59% 1.96% 0.64% 1.12% -0.76% -0.36% 2.38% 5.66% 2010 3.23% 0.27% 0.18% 0.55% 2.97% -0.81% 0.02% 1.26% -0.65% 1.44% -0.55% 1.06% 8.97% 2011 -1.22% 1.10% 1.13% 2.99% 0.57% -1.27% -0.01% 2.66% 2.14% -0.31% -0.55% 0.13% 7.36% 2012 -1.49% -0.90% -1.51% -1.97% 4.70% 0.27% -0.92% -0.43% 0.85% -0.75% -1.99% 0.66% -3.46% 2013 0.05% 2.46% -1.78% 3.47% -3.10% 1.96% -1.16% 1.36% -0.77% -0.92% 0.20% -0.04% 1.73% 2014 -0.56% 1.34% -0.07% -2.71% -0.30% 2.91% -0.05% 0.73% 2.66% 0.09% 0.18% 0.32% 4.55% TRADING STRATEGY STATISTICS* Since inception 120.42% Last 12 month 4.55% Year-to-date 4.55% Performance (annualized) 10.04% Best month 8.76% Worst month -3.10% Average month 0.84% Volatility (annualized) 6.57% Sharpe Ratio 1.22 Sortino Ratio 2.87 Skewness 0.73 Kurtosis 4.18 # Positive month 92

Negative month 52

Type of strategy short term swing trading

Portfolio 7 Energy & Precious Metals Futures ▄ DJCS HFI (MF) = Dow Jones Credit Suisse Core Hedge Fund Index (Managed Futures)

CHAMELEON COMMODITIES CONTROL is an algorithmic logic that issues specific BUY/SELL trading signals. Trading this logic is 100% mechanical and purely systematic. NO trading discretion is required on the user's part at ANY time. The system is "in the market" nearly 100% of the time, continuously attempting to capitalize on short-term market swings by placing BUY STOP / SELL STOP orders that try to anticipate the direction of the market's imminent move.

The same set of system rules and parameters is applied to all markets at all times. Trading Orders are issued once a day at the end of the day's trading session looking for potential fills on the following day's session. On average, the system's trading frequency is around 4 trades per market per month. The system features a built-in money-management function that equalizes risk over time in each market and allows the user to set trading risk as a percentage of the allocated capital. Based on the user's criteria and prevailing conditions of market-volatility , the system will use this function to increase or decrease the number of traded contracts per trading signal.

* The results are solely backtesting results that consider reasonable execution costs (spreads and slippage). To avoid curve-fitting the trading logic has been developed and calibrated on in-sample datasets and verified on out-of-sample data. 50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{Commodities Control} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* Commodities Control DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 35 40 -1 0% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% _10% DISTRIBUTION OF RETURNS*

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CORRELATION

ESTX50 0.16 -0.04

REX(P) -0.25 0.01

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

All trading strategies are offered to you for three months without any obligations and at no cost. The only premise: You have to be an institutional investor. Select those trading strategies that suit your needs. Test them for the three month trial and if you are satisfied with the performance let us know and participate in your success. It’s that simple. No representation or warranty as to the accuracy of the information contained in this

performance update is made or is to be implied. This update is for information purposes only, and does not constitute an offering. These materials are not, and under no circumstances are they to be construed as, a prospectus, advertisement or public offering.There is no guarantee that any account will or is likely to achieve profits or losses similar to those shown at this pages.

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. GC 15% SI 15% HG 14% CL 14% HO 14% RB 14% NG 14% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -10.0% 0.0% 10.0% 20.0% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 0.45% 3.19% -1.68% 1.48% 0.69% -1.12% -0.28% -0.99% 0.79% 1.63% -4.92% 4.11% 3.35% 2004 -2.35% -0.70% -2.82% 0.85% 1.97% -1.16% 1.31% 2.21% -2.54% 2.45% -4.54% 6.93% 1.61% 2005 -0.97% 3.23% 0.99% 5.05% -4.11% 2.27% 3.01% 7.83% -1.21% 6.97% -2.88% 5.13% 25.31% 2006 5.97% 3.59% 2.33% 3.63% -3.83% -0.72% 1.77% -3.09% 3.27% -3.42% -2.20% 1.60% 8.89% 2007 4.42% 0.09% 0.79% -1.33% -1.31% 2.90% 0.76% 2.86% 0.57% 1.32% -0.72% -4.44% 5.91% 2008 -1.58% 2.18% -0.05% 3.20% 3.98% -2.25% 9.75% 0.53% 5.83% 6.00% -2.60% 2.38% 27.38% 2009 1.92% -0.18% 2.60% -3.90% 4.06% 0.10% 4.47% 0.27% 3.51% 0.18% -1.57% 3.36% 14.84% 2010 4.71% -1.39% -0.87% -1.73% 8.81% -0.17% -3.21% 6.19% 1.02% -1.90% 1.42% -1.47% 11.41% 2011 -0.93% 0.63% 2.74% 1.48% 1.76% -3.35% -2.95% 3.60% -0.30% -0.49% -0.62% -0.90% 0.67% 2012 -0.30% 0.02% -2.63% -3.14% 6.68% -0.04% 1.83% 2.00% -0.11% -1.18% -2.96% -0.07% 0.10% 2013 -0.45% 0.66% -1.52% 2.98% -0.25% -0.25% 5.10% 2.32% -4.41% -3.66% 0.45% -0.08% 0.88% 2014 1.29% 1.67% 0.34% 1.11% -1.50% 1.33% 1.83% -1.51% -0.47% 4.15% 4.26% 1.32% 13.80% TRADING STRATEGY STATISTICS* Since inception 114.15% Last 12 month 13.80% Year-to-date 13.80% Performance (annualized) 9.51% Best month 9.75% Worst month -4.92% Average month 0.79% Volatility (annualized) 10.06% Sharpe Ratio 0.75 Sortino Ratio 1.55 Skewness 0.50 Kurtosis 3.08 # Positive month 81

Negative month 63

Type of strategy Statistical prooven pattern

Portfolio 4 energy futures ▄ DJCS HFI (MF) = Dow Jones Credit Suisse Core Hedge Fund Index (Managed Futures)

Average holding period 1 day ▄ REX(P) = REX Performance Index

CHAMELEON ENERGY FAST relies on a asset, multi-strategy approach for its trading logic. Combining two logics within one portfolio enables the system to maintain diversification in two directions. Diversifying assets as well as strategies in this way leads to stable returns and reduces overall risk. It is a low frequency trading approach but the system targets mainly on short term trades.

The system combines a break-out-logic with a retracement approach. Positions are either opened when Break-Outs in a certain market condition or statistical significant market moves during price setbacks occur. The trading logics monitor these open positons according to market volatility to determine stop levels and exit points. Open positions are held from one day up to one week on average and are either closed “Market on Close” or by reaching the trailing stop levels.

50% 70% 90% 110% 130% 150% 170% 190% 210% 230% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{Energy Fast} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* Energy Fast DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 -1 0% _-9% _-8% _-7% _-6% _-5% _-4% _-3% _-2% _-1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% _10% DISTRIBUTION OF RETURNS*

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CORRELATION

DJCS HFI(MF) -0.22 -0.09

ESTX50 -0.16 -0.15

REX(P) -0.25 0.09

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

No representation or warranty as to the accuracy of the information contained in this performance update is made or is to be implied. This update is for information purposes only, and does not constitute an offering. These materials are not, and under no circumstances are they to be construed as, a prospectus, advertisement or public offering.There is no guarantee that any account will or is likely to achieve profits or losses similar to those shown at this webpage.

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. Crude Oil 25% Heating Oil 25% Natural Gas 25% RBOB Gasoline 25% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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2003 0.97% 3.87% -8.17% 0.28% 3.93% -3.12% 4.05% 0.64% 1.36% -4.73% 0.08% 0.93% 0.07% 2004 -0.73% 2.76% 2.32% -0.37% 2.51% -0.49% -0.72% 3.90% 0.24% 1.33% -0.24% 0.81% 11.33% 2005 1.67% 0.12% -0.35% 1.71% 4.22% 0.13% -0.75% -2.00% -3.71% 3.79% 0.18% -1.96% 3.05% 2006 -2.00% -0.20% 3.78% 2.56% -1.23% -1.65% -1.77% 3.75% 0.47% -3.42% 0.69% -1.58% -0.59% 2007 2.90% -1.03% -2.42% -1.73% 4.87% 2.68% -3.44% 3.73% -1.60% -2.74% 5.09% -1.24% 5.06% 2008 1.60% 0.25% 0.41% -0.26% 1.62% 0.01% -1.51% 3.17% 2.32% 1.37% 3.35% 3.55% 15.88% 2009 -0.35% -0.90% 0.00% -0.25% 2.45% -1.27% -0.84% 0.37% 1.23% -3.01% 2.25% -2.57% -2.90% 2010 -0.98% 1.81% 0.45% -0.69% 3.37% 2.23% -0.10% 5.50% -4.88% -0.20% 1.35% 1.56% 9.41% 2011 1.49% -1.70% 0.68% 0.10% 4.47% 1.13% 2.31% 3.79% 3.15% -0.48% -2.07% 0.47% 13.34% 2012 -0.51% 0.24% -2.10% 1.67% 5.82% -1.95% 0.85% -4.95% -3.19% -3.17% -0.35% -1.69% -9.33% 2013 2.55% -0.88% -1.22% 2.64% 1.15% 1.35% -0.93% -1.39% 0.76% 1.20% -1.11% 0.02% 4.14% 2014 2.94% 1.09% 1.43% 1.02% 5.02% -0.23% 2.01% 5.22% -2.75% -0.15% 1.37% 2.41% 19.38% TRADING STRATEGY STATISTICS* Since inception 68.83% Last 12 month 19.38% Year-to-date 19.38% Performance (annualized) 5.74% Best month 5.82% Worst month -8.17% Average month 0.48% Volatility (annualized) 8.27% Sharpe Ratio 0.45 Sortino Ratio 0.85 Skewness -0.10 Kurtosis 3.36 # Positive month 84

Negative month 60

Type of strategy Medium term swing trading

Portfolio 18 bonds futures ▄ DJCS HFI (MF) = Dow Jones Credit Suisse Core Hedge Fund Index (Managed Futures)

Number of trades per month 0.7 per chart ▄ ESTX50 = EUROSTOXX 50 Index

CHAMELEON BONDS CONTROL is an algorithmic logic that issues specific BUY/SELL trading signals. Trading this logic is 100% mechanical and purely systematic. NO trading discretion is required on the user's part at ANY time.

The system attempts to capture medium to short-term swings in Global Treasury and Interest Rate markets.

Portfolio Composition: a globally diversified set of major Treasury and Interest Rate future contracts.

The trading system is a medium term trend-following logic where the same set of system rules and parameters are applied on all markets at all times. Trading Orders are issued once a day at the end of each day's trading session. These orders are placed looking for potential fills on the following day's session.

All orders are LIMIT orders. On average, excluding contract rollovers, the system's trading frequency is around 8 trades per year per contract.

* The results are solely backtesting results that consider reasonable execution costs (spreads and slippage). To avoid curve-fitting the trading logic has been developed and calibrated on in-sample datasets and verified on out-of-sample data. 50% 70% 90% 110% 130% 150% 170% 190% 210% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

PERFORMANCE* _{Bonds Control} _{DJCS HFI (MF)} _ESTX50 _REX(P)

-60% -40% -20% 0% 20% 40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

ANNUAL RETURN* Bonds Control DJCS HFI (MF) ESTX50 REX(P)

0 5 10 15 20 25 30 -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% DISTRIBUTION OF RETURNS*

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CORRELATION

ESTX50 -0.01 -0.23

REX(P) 0.70 0.33

PROPOSAL

DISCLAIMER CONTACT

+49 (0)69 2073-1008 +44 (0)207 156-5277

+1 441 295-1422 +971 4390-3154

You could smooth the equity curve of your entire portfolio (reduce volatility), if you combine those Chameleon strategies which have non-correlated weekly returns. ED 5% _5%TU _FV 5% TY 5% US 5% UL2 5% CGB 5% FEI 5% E2S 5% E2M 5% E2L 5% EBX 5% BTP 5% FSS 5% FLG 5% YBA2 5% YTT2 5% YTC2 5% JG2 5% EXPOSURE SUMMARY 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH VOLATILITY (rolling) -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH PERFORMANCE (rolling) -1.0 -0.5 0.0 0.5 1.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12 MONTH CORRELATION

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GLOSSARY.

ALGORITHMIC TRADING

Algorithmic trading is the act of making trades in a

market, based purely on instructions generated by

quantitative (measurable) algorithms. Algorithmic

trading – as we understand it – has nothing to do

with trading speed. In general all our strategies are

based on algorithms designed to incorporate expert

knowledge rather than use brute force

high-fre-quency modeling. This means that a considered and

intelligent approach provide the competitive

advantage of our strategies rather than time to

market.

DRAW DOWN (MAXIMUM)

We calculate the maximum Draw Down on a

monthly basis. The figure gives you an idea of what

a strategy’s maximum loss has been in the past;

measured from equity high to the largest low of the

equity curve during the following months. This

figure should always be compared with the annual

performance.

KURTOSIS

Usually you don’t rely on performance where only

a handful of monthly results are responsible for the

entire result when taken over many months; and

because you want to avoid a bumpy development

of your portfolios’ equity curve, you are likely

looking for even distribution of monthly results.

Therefore the Kurtosis characterizes the relative

peakedness or flatness of the distribution of our

monthly results compared with the normal

distribu-tion. The higher this figure is, the less normally

distributed are the results. Since a picture is better

than a thousand words, we always display the

distribution of returns as a graph in our factsheets.

SHARPE RATIO

The Sharpe Ratio is a ‘rate of return-to-risk-

measurement’. The calculation subtracts the

risk-free rate – such as that of the 10-year U.S.

Treasury bond – from the rate of return for a

portfolio and dividing the result by the standard

deviation of the portfolio returns. Example:

Assuming the 10-year U.S. T-bond rate is 2% and

the annual performance of a strategy is 11% and

the volatility of this strategy is 4% then the Sharpe

Ratio is 2.25% ((11% - 2%) / 4%). In other words,

the return in the past was 2.25 times higher than

the volatility (risk).

SKEWNESS

A normal distribution of monthly results has a

Skewness of zero. Usually you are looking for

strategies with a positive Skewness, which means

that the positive results occur much more often

than negative ones. This means the distribution

should be more stretched (skewed) to the positive

(right-hand) side.

SORTINO RATIO

As mentioned earlier, the Sharpe Ratio takes the

volatility into account, whether it comes from the

positive (gains) or negative (losses) side. The

Sortino Ratio is similar to the Sharpe Ratio, except it

uses downside deviation for the denominator

instead of standard deviation.

VOLATILITY

The (annualized) Volatility measures (in %) how

much the equity curve (Returns) is oscillating

around the mean. The higher this value the more

the equity curve is going up and down.

It is preferable to compare volatility against the

annual average return to judge the quality of a

strategy. For example, if the return (reward) is 12%

and the volatility (risk) is 6%, then the

reward-to-risk-ratio is 2.

TELESCOPE.

Gemini North.

Mauna Kea / Hawaii.

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ALGORITHMIC TRADING

Algorithmic trading is the act of making trades in a

market, based purely on instructions generated by

quantitative (measurable) algorithms. Algorithmic

trading – as we understand it – has nothing to do

with trading speed. In general all our strategies are

based on algorithms designed to incorporate expert

knowledge rather than use brute force

high-fre-quency modeling. This means that a considered and

intelligent approach provide the competitive

advantage of our strategies rather than time to

market.

DRAW DOWN (MAXIMUM)

We calculate the maximum Draw Down on a

monthly basis. The figure gives you an idea of what

a strategy’s maximum loss has been in the past;

measured from equity high to the largest low of the

equity curve during the following months. This

figure should always be compared with the annual

performance.

KURTOSIS

Usually you don’t rely on performance where only

a handful of monthly results are responsible for the

entire result when taken over many months; and

because you want to avoid a bumpy development

of your portfolios’ equity curve, you are likely

looking for even distribution of monthly results.

Therefore the Kurtosis characterizes the relative

peakedness or flatness of the distribution of our

monthly results compared with the normal

distribu-tion. The higher this figure is, the less normally

distributed are the results. Since a picture is better

than a thousand words, we always display the

distribution of returns as a graph in our factsheets.

SHARPE RATIO

The Sharpe Ratio is a ‘rate of return-to-risk-

measurement’. The calculation subtracts the

risk-free rate – such as that of the 10-year U.S.

Treasury bond – from the rate of return for a

portfolio and dividing the result by the standard

deviation of the portfolio returns. Example:

Assuming the 10-year U.S. T-bond rate is 2% and

the annual performance of a strategy is 11% and

the volatility of this strategy is 4% then the Sharpe

Ratio is 2.25% ((11% - 2%) / 4%). In other words,

the return in the past was 2.25 times higher than

the volatility (risk).

SKEWNESS

A normal distribution of monthly results has a

Skewness of zero. Usually you are looking for

strategies with a positive Skewness, which means

that the positive results occur much more often

than negative ones. This means the distribution

should be more stretched (skewed) to the positive

(right-hand) side.

SORTINO RATIO

As mentioned earlier, the Sharpe Ratio takes the

volatility into account, whether it comes from the

positive (gains) or negative (losses) side. The

Sortino Ratio is similar to the Sharpe Ratio, except it

uses downside deviation for the denominator

instead of standard deviation.

VOLATILITY

The (annualized) Volatility measures (in %) how

much the equity curve (Returns) is oscillating

around the mean. The higher this value the more

the equity curve is going up and down.

It is preferable to compare volatility against the

annual average return to judge the quality of a

strategy. For example, if the return (reward) is 12%

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Disclaimer: No representation or warranty as to the accuracy of the information contained at these pages is made or is to be implied. These pages are for information purposes only, and do not constitute an offering. These materials are not, and under no circumstances are they to be construed as, a prospectus, advertisement or public offering. Hypothetical performance results – as shown in this publication – have several inherent limitations. There is no guarantee that any account will or is likely to achieve profits or losses similar to those shown at these pages. There are frequently differences between hypothetical results and the results achieved by real