Summary Managed Futures Program Profit from upward and downward long-term price movements in assets Systematic and automated Low trading frequency 130 futures contracts monitored across 25 global exchanges Low correlation to traditional investments Liquid investment in exchange traded futures contracts Quarterly entry and exit; no lock-up 5-Year+ investment horizon Exposure to all major asset classes Currencies Energy Equity Indices Grains Interest Rates Meats Metals Soft Commodities Volatility

Investment Philosophy Axiomatic regularities emerge when an asset is traded in a marketplace Shorter term patterns Tend to be transient Are easily arbitraged away Are fragile to the need for continued evolution, improvement in speed and execution Longer term patterns Tend to be axiomatic regularities – emerge from the interplay of fundamental drivers and crowd behaviour Are well known market phenomena – the source of profits are less susceptible to degradation, competition and market frictions Long-term price trends are axiomatic of all asset markets It is self-evident that Asset price movements are distributed non- normally; and at times tend to persist in one direction or another These regularities are reliable sources of trading edge; however One must face a long-term investment horizon One must face long periods of under-performance punctuated by short periods of high profitability One must be comfortable utilising crude heuristics that are not fragile to changing market regimes Axiom: “... a premise or starting point of reasoning. As classically conceived, an axiom is a premise so evident as to be accepted as true without controversy.” * *

Methodology The Global Positioning System (GPS) A long-term trend following system Algorithmically simple – aims to mitigate fragility to changing market regimes via simple heuristics consistently applied to all markets Applied to a basket of 130 futures markets across all major asset classes Automated order entry, execution, portfolio monitoring and risk management Risk Management Conducted on an individual trade basis Each position is small enough to mitigate the risk of volatile inter-market correlations Automated and algorithmically defined The Trading Process Employs a variety of order types A risk controlled long (short) position is taken when GPS signals the potential for an upward (downward) price trend Allocated capital is in part determined by recent volatility and liquidity conditions A covering stoploss order is activated, monitored and adjusted throughout the life of the trade If the potential trend emerges GPS continues to monitor and manage the trade so long as the price trend continues in the same direction If the trend fails to materialise The position is exited with a small loss when the predefined stoploss is executed

Performance

Comparison

The Managers Adam Tomas Tomas Technology Pty Ltd Portfolio Manager Trading software and algorithm development Management of GPS and IT infrastructure 12 years trading financial and commodities markets Intra-day to multi-year position taking Bonds, equities, commodities, futures, options, physical electricity and gas Specialise in computational approaches to trading Education Bachelor of Commerce – First Class Honours in Finance Master of Computing (on hiatus) Max Merven Hobereau Investments Pty Ltd Responsible Officer / Business Manager Australian Financial Services Licence – Custodial Services 30 years investing and managing risk in financial markets Director Risk Management Macquarie Bank Principal trader and investment manager of Hobereau since 2000 Specialising in equities, options and futures Education Bachelor of Commerce – Accounting and Finance Institute of Chartered Accountants in Australia