TCR Active Alpha Disclosure Document 16022017

DISCLOSURE DOCUMENT
OF
TCR-ACTIVE ALPHA
TCR-Active Alpha is a trading name of T.C.R. International Limited, a licensed Investment Firm, regulated by the
Cyprus Securities and Exchange Commission with License Number 237/14 and Company Registration Number
HE326383.
T.C.R. International Limited

48 Akropoleos Avenue,
1st Floor 2012, Nicosia
Cyprus
TRADING MAY CAUSE THE LOSS OF THE CAPITAL INVESTED
The information and opinions contained herein are subject to change or revision subsequent to
the date of this Disclosure Document.
THE DATE OF THIS DISCLOSURE DOCUMENT IS:
16TH February 2017

RISK WARNING AND LEGAL DISCLAIMER:
Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all
investors. Investors should ensure they fully understand the risks associated with investing in financial
instruments before deciding to invest as they may lose partial or all invested capital. The information contained
in this document is for general information purposes only and should not be viewed as offering any personal
investment service. Investors may choose to seek independent advice and should not risk more than they are
prepared to lose. Past performance is no guarantee of future returns.
The material herein is issued by T.C.R. INTERNATIONAL LTD (ex. 1 T.C.R. CORP. LTD) (authorized and regulated by
Cyprus Securities and Exchange Commission as a Cyprus Investment Firm with License Number 237/14 (CySEC).
Registered office: 48 Akropoles Avenue, 1st Floor 2012 Nicosia, Cyprus. Tel: +357 22 866 200. For your protection,
telephone calls are usually recorded. The material is not directed to, or intended for distribution to, or use by, any
person or entity who is a citizen or resident of, or located in any locality, state, country or other jurisdiction where
such distribution, publication, availability or use would be contrary to law or regulation or which would subject
T.C.R. to any registration or licensing requirement within such jurisdiction. The material is for information
purposes only and does not constitute an offer or invitation to anyone to invest in any T.C.R. investment programs
and has not been prepared in connection with any such offer. No part of this document may be reproduced, stored
in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise,
without the prior written consent of T.C.R. The TCR-Active Alpha Managed Account is an account where clients
assets are owned and held on a fully disclosed basis in the name of the client and T.C.R. acts as the external
manager. Any decision to invest in the products or investment programs discussed here should be made on the
basis of the information contained in the Disclosure Document, Portfolio Management Client Agreement and any
Supplemental Documents. Participation in the T.C.R. Active Alpha Managed Account program are valid only if
made on the basis of the Client Application Form, Client Questionnaire, and the Portfolio Management Client
Agreement including the Risk Disclosure, Terms and Conditions, General Investment Services Agreement, Investor
Compensation Fund, Client Categorization Policy, Pillar III Disclosures, Complaints Policy and Privacy Policy which
are available on our website. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not
authorized or to any person to whom it is unlawful to make the offer, solicitation or sale. It is your responsibility
to be aware of the applicable laws and regulations of your country of residence. Past performance is not a guide
to future performance and should not be the sole factor of consideration when selecting a product. All financial
investments involve an element of risk therefore, the value of your investment and the income from it will vary
and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies
may cause the value of investments to go up and down. Levels and basis of taxation may change from time to
time. Any research in this document has been procured and may have been acted on by T.C.R. for its own purpose.
The results of such research are being made available only incidentally. All information provided is gathered from
reputable sources and any information containing an indication of past performance is not a guarantee or reliable
indicator of future performance. T.C.R. International Limited takes no responsibility for the accuracy of any
information on this communication. The views expressed do not constitute investment or any other advice and
are subject to change. T.C.R. does not provide tax, accounting or legal advice. If you require advice in relation to
these matters, you should consult your respective tax, accounting or legal advisers.
T.C.R. INTERNATIONAL LTD (EX. 1 T.C.R. CORP. LTD) IS LICENSED AND REGULATED BY THE CYPRUS SECURITIES AND EXCHANGE COMMISSION AS
A CYPRUS INVESTMENT FIRM WITH LICENSE NUMBER 237/14
Contents
RISK WARNING AND LEGAL DISCLAIMER:................................................................................................. 1
INTRODUCTION: ........................................................................................................................................ 3
THE MANAGER: ......................................................................................................................................... 3
THE TRADER: ............................................................................................................................................. 3
ACCOUNT PROVIDER:................................................................................................................................ 3
INTRODUCING BROKER: ............................................................................................................................ 4
LITIGATION: ............................................................................................................................................... 4
PRIVACY POLICY: ....................................................................................................................................... 4
PRINCIPAL RISK FACTORS OF THE TRADING PROGRAM: .......................................................................... 4
TRADING PROGRAM: TCR-ACTIVE ALPHA................................................................................................. 5
ACCOUNT SIZE:.......................................................................................................................................... 7
MARKETS TRADED:.................................................................................................................................... 7
FEE STRUCTURE:........................................................................................................................................ 7
CONFLICTS OF INTEREST: .......................................................................................................................... 8
NOTIONALLY FUNDED ACCOUNTS DISCLOSURE:...................................................................................... 8
OWN ACCOUNT: ....................................................................................................................................... 9
PERFORMANCE RECORDS: ........................................................................................................................ 9
Exhibits
- Client Questionnaire
- Active Alpha Portfolio Management Agreement
Supplemental
-Notional Funded Accounts Disclosure

-Client Notional Funding Agreement
-Active Alpha Fact Sheet
INTRODUCTION:
T.C.R. International Limited, a licensed Investment Firm, regulated by the Cyprus Securities and Exchange
Commission (CySEC) with License Number 237/14 and Company Registration Number HE326383, whose
registered address is 48 Akropoleos Avenue, 1st Floor 2012, Nicosia Cyprus (The Manager).
The Manager relies on the skills and experience of its Authorized Trader, John Knobel (The Trader). Mr.
Knobel is registered and listed in the Cyprus Securities and Exchange Commissions Public Register of
Certified Persons with Advanced Certificate Number CN1583 and he is responsible for the overall trading
strategy of the TCR-Active Alpha program (The Program).
THE MANAGER:
The Manager is licensed by the CySEC as a Cyprus Investment Firm under the Law which Provides for the
Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated
Markets, and Other Related Matters Law 144(I)/2007 (the IF Law) with authority to provide
Investment and Ancillary Services in accordance with its license number 237/14.
The Manger is currently licensed to provide Portfolio Management, Investment Advice, Reception &
Transmission of Orders and Execution of Orders on Behalf of Clients.
In addition, the Manager is licensed for the provision of the ancillary services of Safekeeping and
Administration of Financial Instruments, including Custodianship and Foreign exchange services as these
are connected to the provision of the investment services.
THE TRADER:
John Knobel, born in 1976, is listed in the Cyprus Securities and Exchange Commission public register of
certified persons with advanced certification number CN1583 and is the Authorized Trader for the TCR-
Active Alpha managed account service. Mr. Knobel qualified to manage futures funds, commodity trading
and operate commodity pools by the NFA in 04/2000, qualified by New York Stock Exchange as
Stockbroker in 02/2000, as options principal in 01/2005, as NYSE member-firm principal in 04/2005, and
certified as Portfolio Manager in 12/2006 by Cyprus Ministry of Finance. He is a past Associate Member
of the UK Chartered Institute for Securities & Investment, and past Associate Member of the UK Society
of Technical Analysis. His professional experience spans over seventeen years with investment experience
on the buy-side and sell side as a Stockbroker, Financial Advisor, Fund Manager, Proprietary Trader, Senior
Currency Strategist, and Head of Brokerage for companies including Morgan Stanley, Wall Street Financial
Group, K&S Capital Partners, Westminster Securities Corporation, Hotforex and Cyprus based Proprietary
Trading firm YESFX.
ACCOUNT PROVIDER:
Each client of The Manger must select a broker (Account Provider) of their choice, who will hold each
clients funds and through which transactions will be executed. When trades are executed they will all be
cleared by Interactive Brokers (U.K.) Limited, either directly for clients who use Interactive Brokers (U.K.)
Limited as their Account Provider, or by the give-up process commonly used by brokers who are not
with Interactive Brokers (U.K.) Limited. Brokerage fees and other charges to accounts by the Account
Provider may vary signicantly and are negotiated between the client and its Account Provider. The
Manager maintains relationships with Interactive Brokers (U.K.) Limited and reserves the right to maintain
relationships with other oor brokers on various exchanges who may not be associated with a clients
clearing broker. The Manager reserves the right to direct all transactions to any broker or oor broker it
chooses for execution with instructions to give-up the clients clearing broker. The clearing broker will
then pay oor brokerage and any additional administrative or give-up fees to the executing broker from
the clients account.
The Clients Account Provider will maintain the clients account and provide the client with trade
confirmations and monthly statements reflecting all account activity in each month. Account Providers
now typically provide online account access, enabling clients to see the status of their account at any time
over the Internet.
The Account Provider will charge the client brokerage commissions, in addition to the Management and
performance fees. The clients monthly statement will disclose the total brokerage commissions charged
to the clients account.
The Trader believes that clients benefit from having a managed account investment rather than
participating in a pooled fund, for the following reasons: (i) Transparency: The Managers clients have
their own account, in their own name, with an established and highly regulated Account Provider selected
by the client. Clients will receive complete information regarding the investments in their account, and
the value of those investments, at any time, directly from the Account Provider. (ii) Financial Security: An
established and highly regulated Account Provider has custody of each clients assets, providing the
benefit of the financial strength of a well-capitalized firm.
INTRODUCING BROKER:
The Manager does not require clients to use any introducing broker (IB), but a client may select one to
introduce transactions for the clients account. The client should know that the use of an IB may
increase commission charges.
The Trader does not benet directly or indirectly from a clients choice of a particular Account Provider
and/or IB.
LITIGATION:
There has been no administrative, civil or criminal litigation against The Manager or The Trader in the last
five years and there is none pending, on appeal or concluded.
PRIVACY POLICY:
The Managers Privacy Policy can be found online at http://tcr-int.com/regulation/
PRINCIPAL RISK FACTORS OF THE TRADING PROGRAM:

In addition to The Managers Risk Disclosure found online at http://tcr-int.com/regulation/ , there exist
additional risk factors, including those described below, in connection with a customer participating in the
TCR-Active Alpha Managed Account Program. Prospective customers should consider all of the risk factors
described below and elsewhere before participating in any Program.
Computer Trading: The Trader may utilize a method of trading in which he uses computer-generated
information to determine trending markets. If The Trader is incorrect in the interpretation of this
information, the account may suffer a loss. Further, although steps are taken by The Trader to minimize
such problems, be aware that in certain situations such as power failures, virus attacks, loss of hard drives,
etc, computer systems can be vulnerable.
Investing in Commodity Interests Is Speculative and Volatile: Commodity Interest prices and other
contract prices are volatile. Price movements of Commodity Interests are inuenced by, among other
things, changing supply and demand relationships, governmental, agricultural and trade programs and
policies, climate and national and international political and economic events. Financial instruments and
foreign currency futures and forward and spot contract prices are inuenced by, among other things,
interest rates, changes in balances of payments and trade, domestic and international rates of ination,
international trade restrictions and currency devaluations and revaluations. None of these factors can be
controlled by The Manager or The Trader.
Opening an account with The Manager should be considered a long-term investment and may be very
volatile. It is important that clients understand that client accounts may experience volatility and losses.
Substantial draw-downs, either from initial Account Value or from peak levels of Account Value, do not
necessarily indicate a failure in the investment strategy, but rather are to be expected. Clients must,
therefore, be prepared to withstand these periods of unprotable investing, and in this regard, should be
further prepared to maintain their account for at least three years from the date opened.
It is the intention of The Trader, to minimize the risk of a complete loss of capital and to cease trading and
consult with the Client before proceeding upon any 15% drawdown.
The Trader is an Active Trader: The trading activities of The Trader may be quite active and the turnover
rate of the managed account substantial. With aggressive trading, day trading or multiple trading
strategies, the commissions that the customer pays may be more than what is considered normal for
trading. Although it is difficult to estimate the number of trades that may be made since technical factors
will determine the trades, it is possible that a trade, or trades, may be made several days in a row, then
no trades may occur for several days. The potential customer should consider this carefully before
investing.
It is the intention of The Trader, to follow clear money managed rules that would limit the number of trades
to a maximum of 3 trades per day.
Stop orders: If stop orders are used to enter or exit the market, the customer should be aware that such
orders become market orders when triggered and do not ensure that the order will be filled at the price
stated on the stop order.
TRADING PROGRAM: TCR-ACTIVE ALPHA

The TCR-Active Alpha program is based on a discretionary intra-day trading system that trades within a
focused universe of commodity futures markets. The system follows clear money management rules per
below:
Margin to equity of no more than 12%
Positions are opened and closed before the end of the European session (7:00am - 5:00pm GMT)
Minimum of 0 to a maximum of 3 trades per session
Maximum daily stop loss set not to exceed 1.8% of account trading level
Markets traded: Energy, equity indices, interest rate, currency and metals
The programs model encompasses a single asset class, Futures (Exchange Traded Standardized Futures
Contracts). The primary aim of The Traders investment style is to capture market moves at their inception
and continue to adapt as cycles change. The Trader trades intra-day with a clear view of the bigger picture;
positions that are closed at the end of the trading session can be reopened during the following session,
allowing The Trader to follow the trend while eliminating the risk of unexpected overnight draw-down.
The Traders approach to closing positions at the end of a trading session may work in the Programs favor
or against it, in that there is always the risk of missing an important overnight market event.
The Programs investment style aims to capture market moves through exposure to a momentum
investment process: a rule based methodology derived by a set of market timing tools:
Focus on inter market trading patterns: cautious positioning for low probability high impact
events
Focus on the expected value approach: continuous appraisal of probability versus payoff
Focus on dynamic risk scaling at portfolio level: emphasis on capturing or avoiding sudden shocks
in the markets
To account for low probability high impact events, The Trader appraises investments in terms of
expected value. For example, the Aussie dollar is expected to move up, but the expected value is
negative. Thus, a short position is in order.
The Programs position sizing:

Positions are fixed according to client account trading level and not to exceed a margin to equity ratio of
12% and they are optimized to replicate the intended risk level.
Most positions are associated with a minimum of 2-1 risk-reward target, although sometimes this may
not the case as it depends on the relevant support and resistance levels that may not match exactly to
The Traders indented risk-reward targets within certain time frames.
P/L volatility is measured constantly with the aim to manage risk at both the right tail and left tail of the
VaR distribution, in order to scale back on draw downs and rescale on over performance.
Position Selection:
The Program trades actively a momentum strategy with a macro overlay. The Traders strategy aims to
capture expected movements in line with the prevailing trend as well as capturing counter trend
retracements by employing decision trees based on probabilities and payoffs.
The Trader may employ from time to time a research driven strategy based on technical and fundamental
analysis reports that are acquired from independent trusted sources.
The Trader may employ from time to time a Currency macro strategy based on Equity indices: It aims to
exploit the relative relatedness of equity indexes to currencies. Moves in these equity indexes can be used
as a leading indicator to trade those currencies and vice versa.
The Trader may employ from time to time a Currency macro strategy based on Commodity prices: It aims
to exploit the relative relatedness of commodity prices to currencies. Moves in commodity prices can be
used as a leading indicator to trade those currencies and vice versa.
ACCOUNT SIZE:
The minimum account size for the TCR-Active Alpha program is 125,000 or equivalent. However, the
Manager reserves the right to waive the requirements on a case-by-case basis. A fully funded account will
have a trading level equal to actual funds. Partially funded accounts will have a trading level higher than
actual funds and requires a signed notional funding agreement.
MARKETS TRADED:
The primary markets traded will be Exchange Traded Standardized Futures Contracts.
However, the client reserves the right to request to trade all financial instruments offer through the
Account Provider, if deemed necessary. In this case, The Manger will require the Client to sign a new
Portfolio Management Agreement.
FEE STRUCTURE:
In return for services, The Manager intends to charge the following range of fees:
A. Performance fee
The Manager may charge at his discretion a maximum monthly performance fee of 30% of net new profits.
Net new profits include profits, if any, on all closed positions and profits, if any, on open positions. The
profits on open positions are not realized profits and they are carried over into the following month. In
the following month, these unrealized profits could be lost or realize a further gain. Gains and losses will
be net after commissions. The account will also be adjusted for any deposits or withdrawals. In order for
a performance fee to be payable, the net new profit value at the end of the month must exceed the
highest adjusted net new high profit value of any previous month. Therefore, no performance fee will be
due unless and until all losses are recouped. The highest adjusted net new high profit simply means the
highest profit achieved in the account after being adjusted down for the fees charged to the account. The
performance fee will be calculated on the last trading day of each month. The performance fee shall be
paid from funds in the client's account after the end of each period. Accounts closed before the end of a
calendar month will pay any fees due at the time the account is closed.
B. Management Fee: The monthly Management Fee shall be 1/12th of the annualized Management Fee
level payable as set out below plus any applicable VAT.
Base Currency Trading Level
EUR 1,000,000 or less 1,000,001 or more
Annual Management fee 1.75% 1.50%
The performance fee shall not be repaid if subsequent losses occur. If an account is opened during a
month and a performance fee is due at the end of a month, the performance fee is payable in full without
prorating.
The performance and management fees shall be based upon the final net asset value of the account
including notional. The Manager will require each client to sign an authorization directed to the Account
Provider authorizing the Account Provider to pay The Managers fees directly from the client's account.
C. Commissions:
For the TCR-Active Alpha program, The Manager will add a maximum //$1.00 commission mark-up over
and above an Account Providers standard commission rate per contract, per side, for exchange traded
futures contracts.
CONFLICTS OF INTEREST:
The Manager may pay persons or firms who introduce accounts to it a portion of the fees it receives from
such accounts. Thus, persons or firms who introduce your account to the TCR-Active Alpha program may
have an incentive to do so based on the payments they will receive. This fee would be a part of the
maximum commission, and/or performance fees disclosed in this document.
PERFORMANCE FEES. A conflict of interest exists insofar as both The Manager and The Trader is
compensated on a performance fee basis, which may increase the likelihood that The Trader may engage
in trading which is riskier than that which is described in the trading program. However, neither The
Manager or The Trader have any intention of engaging in trading in any manner not consistent with the
trading program described herein.
NOTIONALLY FUNDED ACCOUNTS DISCLOSURE:

You should request The Manager to advise you of the amount of cash or other assets (Actual Funds) which
should be deposited to the Program for your account to be considered Fully-Funded. This is the amount
upon which The Manager will determine the position exposure to be traded in your account and should
be an amount sufficient to make it unlikely that any further cash deposits would be required from you
over the course of your participation in the program. You are reminded that the account size you have
agreed to in writing (the nominal or notional account size) is not the maximum possible loss that your
account may experience. You should consult the account statements received from your Account Provider
in order to determine the actual activity in your account, including profits, losses and current cash equity
balance. To the extent that the equity in your account is at any time less than the nominal account size
you should be aware of the following:
I. Although your gains and losses, fees and commissions measured in your base currency will be the
same, they will be greater when expressed as a percentage of account equity;
II. you may receive more frequent and larger margin calls; and
III. the conversion chart below may be used to convert actual rates of return (RORs) to the
corresponding RORs for particular funding levels.
Rate of 100% 75% 50% 25%

Return funded funded funded funded
-20% -20% -30% -40% -80%
-10% -10% -15% -20% -40%
-5% -5% -7.5% -10% -20%
0% 0% 0% 0% 0%
5% 5% 7.5% 10% 20%
10% 10% 15% 20% 40%
20% 20% 30% 40% 80%
Note that net profits and losses will affect the nominal account size and additions and withdrawals will
not affect the nominal account size.
Additions or withdrawals will materially affect RORs of notionally funded accounts. This is because the
Manager will continue to trade the account at the agreed trading level without taking into consideration
additions or withdrawals (unless instructed otherwise by the Client), and thus any additions or
withdrawals of actual funds will not result in a corresponding proportional increase or decrease in the
nominal funding of an account. For example, assume that a Client opens an account with an actual funding
level of 100,000, and instructs The Manager to trade the account at a nominal level of 200,000. If the
Client withdraws 50,000 of actual funds from the account, The Manager will continue to trade the
account at a nominal level of 200,000. Before the withdrawal, the account would be traded at a 50%
funding level, but after the withdrawal the account would be traded at a 25% funding level. If the trading
program were to experience a -5% rate of return, then if that performance occurred before the
withdrawal the actual performance would be -10% return but if that performance occurred after the
withdrawal the actual performance would be -20%.
It is not anticipated that changes in account equity attributable to trading profits and losses will materially
affect RORs of notionally funded accounts. This is because any trading profits and losses in actual funds
will result in a corresponding proportional increase or decrease in the nominal funding of an account. For
example, assuming that a Client opens an account with an actual funding level of 100,000 and instructs
The Manager to trade the account at a nominal level of 200,000, if a Clients account achieves actual
trading profits of 100,000 resulting in an actual funding level of 200,000, The Manager will trade the
account at nominal level of 400,000. Further, if Clients account sustains actual trading losses of 50,000
resulting in an actual funding level of 50,000, The Manager will trade the account at nominal level of
100,000. However, the RORs experienced by the account would be the same following the losses because
the proportion of actual to notional funding will remain the same.
Please note that the increased leverage resulting from notional funding may lead to more frequent and
larger margin calls in the event of a draw-down in an account.
OWN ACCOUNT:
The Manager and/or The Trader may trade for their own account(s). You should be aware that the trading
activity in these account(s) might significantly differ from the trading activity in a clients account. There
is no assurance that the trading results in The Traders proprietary account(s) will be the same as the
performance in a customers Account since The Manager and/or The Trader may trade more aggressively
or use his account(s) for testing new concepts. If trades of The Manager and/or its Traders are blocked,
with those of its customers, The Manager will, in accordance with ethical trading practice, ensure that
assignment of any split fills is consistent and equitable. The records for the proprietary account(s) of
The Manager and its Traders will be available for review by customers of the Manager during normal
business hours at the Managers place of business by appointment only.
PERFORMANCE RECORDS:
THE TRADER HAS NOT DIRECTED ANY ACCOUNTS SINCE JANUARY 2015. THIS GAP IN TIME IS SINCE THE
TRADER TOOK TIME OFF FROM TRADING TO BE EMPLOYEED AS THE SENIOR CURRENCY STRATEGIST,
AND DEALER ON BEHALF OF EUROPEAN INVESTMENT FIRM(S) FROM JANUARY 2015 TO FEBUARY 2017.
IT IS THE INTENTION FOR THE TRADER TO RESUME THE STRATEGY FROM APRIL 2017.
This below performance does not take into consideration of any management and performance fees.
Strategy Statistics
Strategy has a proven track record over a period of time in 2014 and 2015. The trader will apply the same
risk management principles that generated the following statistics during the track record generation.
Active Alpha Strategy statistics reveal consistency and a tendency to produce positive returns.
Cumulative return: 7.47% Max. consecutive losing days: 4

Daily mean return: 0.10% Max. consecutive winning days: 10
Annualized return: 26.7% Max. drawdown: 3.43%
Annualized volatility: 8.79% Days to recovery: 9
Sharpe ratio: 3.07 Expected shortfall: -1.14%
Days profitable: 64% VAR (1 day): -0.84%
Source: Proprietary 50,000 account. Trader: John Joseph Knobel Jr Trader Daily Report 31/01/2015. Fundseeder Analytics
17/09/2014 - 30/01/2015 a/c TA8032190.
Projected annualized returns and drawdowns at various levels of funding based on the above actual
trading statistics
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

No representation is being made that a customers account will or is likely to achieve profits or incur losses similar to those
shown.
RISK WARNING: Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all investors. Investors should ensure
they fully understand the risks associated with investing in financial instruments before deciding to invest as they may lose partial or all invested capital.
The information contained in this document is for general information purposes only and should not be viewed as offering any personal investment service.
Investors may choose to seek independent advice and should not risk more than they are prepared to lose. Past performance is no guarantee of future
returns.

TCR Active Alpha Disclosure Document 16022017

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DISCLOSURE DOCUMENT

T.C.R. International Limited

TRADING MAY CAUSE THE LOSS OF THE CAPITAL INVESTED

THE DATE OF THIS DISCLOSURE DOCUMENT IS:

16TH February 2017

-Notional Funded Accounts Disclosure

PRINCIPAL RISK FACTORS OF THE TRADING PROGRAM:

TRADING PROGRAM: TCR-ACTIVE ALPHA

The Programs position sizing:

NOTIONALLY FUNDED ACCOUNTS DISCLOSURE:

Rate of 100% 75% 50% 25%

Cumulative return: 7.47% Max. consecutive losing days: 4

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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