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vulcan Metals Group INTRODUCTION THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.
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vulcan Metals Group Metals Strategy... · The Vulcan Metals Group trades metals on a discretionary basis and is comprised of James Gallo, ... Max Notional Funding 5:1 ... vulcan .

Sep 26, 2018

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Page 1: vulcan Metals Group Metals Strategy... · The Vulcan Metals Group trades metals on a discretionary basis and is comprised of James Gallo, ... Max Notional Funding 5:1 ... vulcan .

vulcan Metals GroupINTRODUCTION

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Page 2: vulcan Metals Group Metals Strategy... · The Vulcan Metals Group trades metals on a discretionary basis and is comprised of James Gallo, ... Max Notional Funding 5:1 ... vulcan .

RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLEFOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULDBE AWARE OF THE FOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANYADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION,YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAINYOUR POSITION. IF YOU DO NOT PROVIDE THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOUWILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THEMARKET MAKES A “LIMIT MOVE.” THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR BY YOUR TRADING ADVISOR SUCH AS A “STOP-LOSS” OR “STOP-LIMIT”ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCHORDERS.A “SPREAD” POSITION MAY NOT BE LESS RISKY THAN A SIMPLE “LONG” OR “SHORT” POSITION.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGECAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARYFOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIRASSETS. THE RELEVANT OFFERING DOCUMENTS CONTAIN A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITYTRADING ADVISOR.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS.TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECTTO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPELTHE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BEEFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRMWITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS.THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD THEREFORECAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE YOU TRADE INCLUDING THE DESCRIPTION OF PRINCIPAL RISK FACTORS INTHE RELEVANT OFFERING DOCUMENTS.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR’S NAME FROM A CLIENT FOR TRADINGCOMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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vulcan Metals Group

Strategy at a Glance

The Vulcan Metals Group trades metals on a discretionary basis and is comprised of James Gallo, Edward Smith, andAnthony Cicileo. Utilizing a global network of information on mining, usage, historical movements, and need, andproprietary research, the methodology is exacting yet flexible enough to capitalize on daily market irregularities. Vulcantrades a variety of metals including copper, gold, silver, platinum and palladium. Vulcan primarily engages in relative valuefutures spreads, roll arbitrage, LME/COMEX arbitrage, and flow trading. The full Vulcan methodology which includesadditional strategies for futures market making and physical metals warrants is available in US and Cayman funds on ourArgos Alternative Funds platform.

AUM $39.4MMinimum Investment US $100k fund, $10M SMAManagement Fee 2%Incentive Allocation 20%Max Notional Funding 5:1Max Margin : Equity 10.0%Liquidity SMA Daily

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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vulcan Metals Fund

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Performance prior to June 2016 is proprietary pro forma for 2/20 fees, at a 2.25M nominal account size, and an estimated $1,000 per month in extra commissions to reflect non-member rates by NAV Consulting, Inc. Performance from June 2016 through February 2017 is a composite of client managed accounts net of actual fees, and the performance of the Vulcan Metals Fund net of all fees and expenses thereafter. Please see offering materials for more notes and risk factors.

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2018 0.13% 1.63% 1.76%2017 (0.79%) 0.56% 0.84% 2.34% 0.37% 0.73% 0.16% 0.48% 0.80% 1.53% 0.52% 1.49% 9.38%2016 2.04% 0.31% (1.81%) 2.37% 2.70% 0.31% 0.43% 0.28% 0.14% 0.06% (0.50%) (1.12%) 5.23%2015 1.60% 5.23% 1.35% 0.29% 1.54% 3.50% 2.54% 5.25% 0.42% (0.49%) 5.54% 0.32% 30.41%2014 1.61% 8.29% 0.89% 4.07% 1.34% 0.08% 0.65% 2.10% 0.84% 2.42% 2.40% 0.39% 27.84%2013 1.04% 0.34% 1.82% 2.40% (0.06%) 3.28% 1.03% 1.62% 1.08% (0.60%) 2.56% 0.67% 16.20%2012 2.47% 0.19% 1.43% 7.93% 0.37% 2.92% 4.23% 2.97% 2.64% 1.24% (4.44%) (0.47%) 23.15%2011 1.01% 0.33% 1.34%

Monthly Net Performance

Growth of $1,000

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2018 0.13% 1.63% 0.85% 2.02% 4.70%2017 (0.79%) 0.56% 0.84% 2.34% 0.37% 0.72% 0.16% 0.51% 0.80% 1.53% 0.52% 1.49% 9.40%2016 2.04% 0.31% (1.81%) 2.37% 2.70% 0.31% 0.43% 0.28% 0.14% 0.06% (0.50%) (1.12%) 5.23%2015 1.60% 5.23% 1.35% 0.29% 1.54% 3.50% 2.54% 5.25% 0.42% (0.49%) 5.54% 0.32% 30.41%2014 1.61% 8.29% 0.89% 4.07% 1.34% 0.08% 0.65% 2.10% 0.84% 2.42% 2.40% 0.39% 27.84%2013 1.04% 0.34% 1.82% 2.40% (0.06%) 3.28% 1.03% 1.62% 1.08% (0.60%) 2.56% 0.67% 16.20%2012 2.47% 0.19% 1.43% 7.93% 0.37% 2.92% 4.23% 2.97% 2.64% 1.24% (4.44%) (0.47%) 23.15%2011 1.01% 0.33% 1.34%

Monthly Net Performance

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

$0

$500

$1,000

$1,500

$2,000

$2,50011/11 11/12 11/13 11/14 11/15 11/16 11/17

Vulcan Fund Monthly Return Vulcan FundBarclayHedge CTA Index HFRX COM

Vulcan Fund BH1 HFR COM1

Annualized Return 17.89% 0.72% (1.79%)Max Drawdown (4.91%) (7.38%) (13.08%)Largest Gain 8.29% 3.07% 3.21%Largest Loss (4.44%) (2.21%) (4.15%)Sharpe Ratio 2.54 0.19 (0.41)Sortino Ratio 2.39 0.08 (0.16)Volatility (σ) 6.60% 4.11% 4.22%Correlation (r) 0.20 0.07

Selected Statistics

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vulcan Metals Strategy

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Performance prior to June 2016 is proprietary pro forma for 2/20 fees, at a 2.25M nominal account size, and an estimated $1,000 per month in extra commissions to reflect non-member rates by NAV Consulting, Inc. Performance thereafter is a composite of client accounts net of actual fees. For more information on the HFRX Commodity and BarclayHedge CTA indices, please see hfr.com and barclayhedge.com, respectively. Please see offering materials for more notes and risk factors.

Growth of $1,000 Vulcan BH1 HFRX COM1

Margin:Equity Avg, Max 2.5%, 10%Annualized Return 15.38% 0.72% (1.79%)Max Drawdown (4.91%) (7.38%) (13.08%)Largest Gain 8.29% 3.07% 3.21%Largest Loss (4.44%) (2.21%) (4.15%)Sharpe Ratio 2.30 0.19 (0.41)Sortino Ratio 2.19 0.08 (0.16)Volatility (σ) 6.70% 4.11% 4.22%Correlation (r) 0.19 0.09

Selected Statistics

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

$0

$500

$1,000

$1,500

$2,000

$2,50011/11 11/12 11/13 11/14 11/15 11/16 11/17

Vulcan Monthly Return VulcanBarclayHedge CTA Index HFRX COM

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2018 0.73% 0.39% (0.04%) 0.49% 1.57%2017 (0.77%) 0.58% 1.51% 0.37% 0.01% (0.23%) 0.65% 0.09% 0.20% (0.05%) 0.30% 0.14% 2.80%2016 2.04% 0.31% (1.81%) 2.37% 2.70% 0.36% 0.45% 0.28% 0.14% 0.15% (0.47%) (1.10%) 5.42%2015 1.60% 5.23% 1.35% 0.29% 1.54% 3.50% 2.54% 5.25% 0.42% (0.49%) 5.54% 0.32% 27.09%2014 1.61% 8.29% 0.89% 4.07% 1.34% 0.08% 0.65% 2.10% 0.84% 2.42% 2.40% 0.39% 25.08%2013 1.04% 0.34% 1.82% 2.40% (0.06%) 3.28% 1.03% 1.62% 1.08% (0.60%) 2.56% 0.67% 15.18%2012 2.47% 0.19% 1.43% 7.93% 0.37% 2.92% 4.23% 2.97% 2.64% 1.24% (4.44%) (0.47%) 21.48%2011 1.01% 0.33% 1.34%

Monthly Net Performance

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vulcan Strategy FocusVulcan trades a variety of metals including copper, gold, silver, platinum and palladium. Vulcan adapts to changing market

conditions, the strategy employs intra-commodity spreads to yield additional low risk returns. The majority of Vulcan’s

trades are relative value future spreads, but it also utilizes some outrights, options-on-futures, NYMEX/LME arbitrage,

and, in our funds, sub-strategies involving physical delivery of warehouse receipts.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Silver

Copper

Gold Palladium

Platinum

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vulcan Edge

Historical Movements

Assessing Need

Research, Mining Data

• Vulcan utilizes our global network ofinformation on mining, usage, historicalmovements, and industrial need, as wellas proprietary research, to extract returnfrom intra-commodity spreads in copper,gold, silver, platinum, palladium.

• Vulcan also tracks open interest, CFTCstatements of reporting traders, and fundprospectuses to arbitrage the roll ofoutright positions by speculators.

• Vulcan analyzes differences in deliverypatterns and geographic preferences toarbitrage pricing between metals tradedon the London Metals Exchange andNew York Mercantile Exchange.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Page 8: vulcan Metals Group Metals Strategy... · The Vulcan Metals Group trades metals on a discretionary basis and is comprised of James Gallo, ... Max Notional Funding 5:1 ... vulcan .

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vulcan Risk Management• Risk is actively managed through strict risk budget

limits at portfolio and individual metals levels, withdrawdown limits set and enforced by Typhon’sIndependent Risk Committee.

• Virtually all positions are spreads which arehedged.

• Even though we trade futures with inherentleverage, we average only 5% margin-to-equityhistorically and thus are generally de-levered on anet notional basis.

• Vulcan’s PM’s have traded this strategy forbetween 20 and 30 years each with their ownmoney and all have skin in the game.

• Our motto is “No Position is a Position”- i.e. wedon’t trade when we don’t have edge and neverforce trades just to be in the market.

Budget Limits

Positive Returns

Robust Risk Management

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Typhon Risk Management

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Independence The Risk Committee is independent from each of our trading groups. We protect our investors by ensuring that our managers are operating within their guidelines.

Empowered The Risk Committee has the authority to reduce exposure in the event that a manager has breached its risk limits. It is important to draw a distinction between risk management and risk monitoring.

Proprietary Tools Typhon has developed a suite of proprietary tools that are customized for each strategy.

Pre-established Risk Limits Risk criteria is not ad-hoc. The Risk Committee establishes risk guidelines for each manager before it starts trading on our platform.

Regular Review of all Strategies All strategies are reviewed on a regular basis; not just when there are issues. The Risk Committee is constantly aware of the trading positions. It wants to be aware of any potential issues before they develop and work collaboratively with our managers to help them best position their portfolios.

Value -Additive Feedback Because the Risk Committee is comprised of experienced risk managers, we work with our managers to help them structure positions with the most appropriate risk profile. We strive to be collaborative not solely overseers.

Risk Reporting We make our risk analytics available to our investors. We view this as an important part of our ongoing transparency.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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The Typhon DistinctionMarket Coverage Typhon is plugged-in to the universe of emerging traders, and identifies distinctive specialists with defined edges.

Due Diligence Typhon has a rigorous due diligence process to cull the universe of emerging managers before bringing them into Typhon.

Operational Support Typhon provides its managers with best-in-class legal, compliance, accounting and administrative support. This tempers one of the largest risks associated with emerging traders.

Risk Oversight Typhon has an independent, empowered risk management committee that monitors our strategies on a daily basis.

Investor Relations Typhon has well-established relationships across the universe of investors in emerging and tactical traders.

No Additional Fees We work with our managers, not in addition to our managers. Our investors do not incur any fees, unlike with fund-of-funds or consultants.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Typhon Capital Management

Market Coverage

Due Diligence

Operational Support

Risk Oversight

Investor Relations

No Additional

Fees

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What Typhon looks for in a Manager

Defined edge

DifferentiatedStrategy

Uncorrelated returns

Typhon looks for managers thathave a clearly defined edgewithin the markets they trade. Inmost cases, this leads us tofocused, niche managers.

Typhon’s strategies areuncorrelated to each other aswell as the broader universe ofstocks, bonds, real estate, hedgefunds, and CTAs.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Typhon Benefits

Favorable Tax Treatment

Typhon investments have 60/40 long-term/short-term capital gains taxation for U.S. investors.

Liquidity

Typhon SMAs have daily liquidity, while our strategies available on platforms have intra-month liquidity.

Transparency

Typhon offers full transparency in near real-time.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Investor Protection

Commitment

Client Advocacy

Integrity

Typhon protects clients by:

• Advocating for customer protections. Our CEO co-founded the Commodity Customer Coalition and represented approximately 10,000 MF Global customers to help bring about a 100% recovery for them, completely pro bono. He also served on the Board of Directors and Executive Committee of the National Futures Association.

• Playing an active role in ensuring that market participants are properly represented.

• Ensuring those same ethical standards are upheld by our managers and staff.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Typhon’s Divisions

Our strategies are specialized, modular, and structure agnostic. Each is available a la carte in separately managed accounts or in U.S. or Cayman funds within our Argos Alternative Funds Platform. Clients can build their own custom portfolios, or have us construct one that provides acceptable risk based on the demands of the overall portfolio.

Typhon never charges layered fees, even for multi-manager products.

A Modular Approach to Allocations

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

leonidasEnergy/Macro

plutusGrain

vulcan Metals

proteusVolatility

chironCurrency

helios Deutsche

stoicRules-Based

zephyrusLivestock

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Typhon Organization

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

James KoutoulasChief Executive Officer

Operations and Compliance

Diana RydbeckManaging Director

Alex KaraDirector of Operations

Due Diligence and Risk

David KlusendorfChief Investment Officer

Portfolio Management

Agricultural

Jerod LemanPortfolio Manager

Nick NickolsPortfolio Manager

Metals

James GalloPortfolio Manager

Anthony CicileoSenior Trader

Ed SmithSenior Trader

Crypto, Energy, Macro

George Michalopoulos

Portfolio Manager

Stoic Rules-Based

Alex GreenPortfolio Manager

SystematicCurrency

Simon HarrisPortfolio Manager

Luca BonoCurrency Strategist

James MitchellSenior Trader

Nicholas BloomPortfolio Manager

SystematicStock Index

Hubert Van den Bergh

Portfolio Manager

Damian TaylorPortfolio Manager

SystematicVolatility

Matthew Thompson

Portfolio Manager

Michael Thompson

Portfolio Manager

Business Development

Robin Ravel Director

Ernst Kosower Director

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James Gallo

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

James Gallo joined Typhon Capital Management in May 2016 as the Portfolio Manager of the Vulcan Metals Strategy.

In 1987, Mr. Gallo became a member of Commodity Exchange, Inc., COMEX, based in New York, NY, as the youngest member in its history. Once Mr. Gallo graduated from high school he embarked on what has become a three-decade career in the financial industry, all spent at the COMEX/NYMEX where he has both run All American Copper and been a proprietary trader for 29 years.

Mr. Gallo has also served as President and CEO for the All American Copper Corporation, a order execution firm in New York, NY, since 1994.

Mr. Gallo lives in New Jersey and is an avid sports fan and aficionado of American History.

Portfolio Manager: Vulcan Metals Strategy

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Edward Smith

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Edward Smith is a Senior Trader within Typhon’s Vulcan Metals Group and is a Precious Metals Specialist.

Mr. Smith has spent nearly three decades working in the financial industry, beginning as a phone clerk for Harmon, Lichtenstein & Company. Since the start, Mr. Smith has been persistent and keen to learn from each position he has held at each institution.

In 1994 Mr. Smith became a member of COMEX trading proprietary accounts. In 2005, Mr. Smith was hired by Hudson River Futures to trade gold, silver and copper. After working at the NYMEX for over two decades, Mr. Smith parlayed his experience and passion for metals into a new venture with a partner, forming Hudson Floor Brokerage. While growing this new business, Mr. Smith continued to have great rapport with his customers, maintaining his excellent reputation within the industry. Through Hudson, he has worked closely with James Gallo, the head of the Vulcan Metals Group since 2006.

Mr. Smith remains a member of both the COMEX and NYMEX.

Senior Trader: Vulcan Metals Strategy

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Anthony Cicileo

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

Anthony Cicileo is a Senior Trader for Typhon’s Vulcan Metals Group and joinedthe group in January 2017. Mr. Cicileo adds his expertise as a Silver Metals Specialistto the Vulcan trade group.

Prior to joining Typhon, Mr. Cicileo held the roles of floor trader, broker andPresident and owner of Arch/AC Trading from October of 1998 to present. Whileowning and operating Arch/AC, Mr. Cicileo also performed speculative proprietarytrading.

Previous to Arch/AC, Mr. Cicileo worked for Credit Suisse from September 1996 toOctober 1998 and Republic National Bank from February 1990 through June 1996on their respective trading desks as a Market Maker in precious metals bouillon andforwards. Mr. Cicileo hedged and managed bank portfolios valued at over $300Mand participated in speculative trading.

Mr. Cicileo received a Bachelor’s degree in Finance from Baruch College in NewYork, New York.

Mr. Cicileo remains an active member of COMEX.

Senior Trader: Vulcan Metals Strategy

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THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

James Koutoulas

National Media ProfilesBusiness Insider- Meet James Koutoulas, The Man Who Never Wanted To Be A Lawyer But Now Fights For 8,000 MF Global CustomersChicago Tribune- Hedge-fund Manager an Impassioned Advocate for Commodities CustomersForbes- The Hero of MF Global’s High-Noon James Koutoulas Wins Big for Little GuysFortune- The Boy Wonder of the MF Global NightmareMotley Fool- You Want Real Change in the Financial Industry? I suggest you keep an eye on James KoutoulasThomson Reuters- Brash Commodities Trader Shakes up MF Global case

Typhon’s CEO, James L. Koutoulas, Esq., founded Typhon 2008 in order to provideinvestors with the ability to access emerging managers who are surrounded by institutionalinfrastructure. He sits on Typhon’s Risk and Investment Committees. James has 20 yearsexperience in accounting, computer programming, operations, and trading. He graduatedfrom the University of Florida with a B.S. in Finance as a National Merit Scholar, and has aJ.D. from the Northwestern University School of Law with a concentration in SecuritiesLaw.

James is one of the leaders of the futures industry. He is the President and co-founder ofthe Commodity Customer Coalition and led the recovery of $6.7B for customers affectedby the MF Global Bankruptcy. He served on the Board of Directors of the NationalFutures Association for three years. James has a Series 3 and Series 65.

Chief Executive Officer

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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David Klusendorf

David Klusendorf is the Chief Investment Officer and a principal of Typhon Capital Management which hejoined in March 2015. Mr. Klusendorf began his career at Timber Hill, LLC, a propriety option marketmaking firm based in New York, N.Y., as a floor clerk in March 1987. In June 1987, Mr. Klusendorf waspromoted to floor trader and became a member at the Chicago Mercantile Exchange. He was responsible formaking markets in the S&P options and hedging the firm’s position in the S&P futures pit. In November1988, Mr. Klusendorf became a member at the Chicago Board of Trade and was promoted to the head of theCBOE 250 futures operation at the Chicago Board Options Exchange.

In August 1989, Mr. Klusendorf returned to the CME to serve as the head of futures trading for TimberHill’s new foreign currency operation. In March 1992, Mr. Klusendorf left Timber Hill to trade Eurodollarsfor Bob Levinson’s Proprietary Trading Group located in Chicago, Illinois. The firm gave him his owndiscretionary account allowing him to manage his own positions independently. Mr. Klusendorf was assignedthe responsibility of training the firm’s new traders, educating them in execution, spreading and hedgingtechniques. In April 1993, Mr. Klusendorf purchased a full membership at the CME and founded KlusendorfTrading as its President. Klusendorf Trading was a propriety trading company specializing in interest rateproducts with a focus on Eurodollar futures located in Chicago, Illinois.

Mr. Klusendorf enrolled at Loyola University Chicago located in Chicago Illinois in the fall 1983. He earned aBachelor of the Arts in Finance in December 1986. January 1987, Mr. Klusendorf enrolled in the graduateschool of Business at Loyola University Chicago from where he graduated with a Masters of BusinessAdministration in June 1991.

Chief Investment Officer

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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OperationsTyphon’s Due Diligence, Risk, and Operations Group has a wide breadth of experience across the commodities and securities industries and supervises manager on-boarding, risk, and operations across all of Typhon’s trading groups.

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and Investor Relations since 2009, Typhon

• Operations, Commodity Customer Coalition

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ns • Facilities & Office Coordinator, Balyasny Asset Management, LP

• Runner/Clerk, JP Morgan Futures, Inc.

• ASCJ, Associate of Science in Criminal Justice, Moraine Valley Community College

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

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Contact InformationTyphon Capital Management, LLC - Headquarters1776 N. Pine Island Rd., Suite 316Plantation, FL 33322+1.312.836.1180

Typhon Capital Management, LLC – Chicago190 South LaSalle St., Suite 3000Chicago, Illinois 60603+1.312.836.1180

Typhon Capital Management, LLC – New York724 Fifth Avenue, 9th FloorNew York, NY 10019+1.312.836.1180

Typhon Capital Management, LLC – Paris16-18 Rue EscudierBuilding A, 2nd Floor92100 Boulogne BillancourtIle-de-FranceFrance

[email protected]

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.Typhon Capital Management, LLC is registered as a Commodity Trading Advisor and Commodity Pool Operator with the National Futures Association, witha 4.7 exemption for serving Qualified Eligible Participants only. Typhon Global Fund Management, LLC provides services only to non-US investors and taxexempt US institutional investors. Typhon Securities, LLC is currently exempt from registering with the Securities and Exchange Commission.

THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS ONLY. PAST

PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.