Disclaimer :

This document serves, among other things, as marketing material (marketing).

This document has been prepared by Quantum Investing Limited ("Quantum Investing") solely for the purpose of providing background information to the person to whom it has been delivered. The information contained herein is strictly confidential and is only for the use of the person to whom it is sent and/or who attends any associated presentation. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Quantum Investing. Notwithstanding anything to the contrary herein, such person may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) any presented product and (ii) any materials of any kind (including opinions or other tax analyses) that may be provided to the recipient relating to such tax treatment and tax structure.

The distribution of this document may be restricted in certain jurisdictions. The information herein is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.

The summary description included herein and any other materials provided to you are intended only for information purposes and are not intended to be complete. This information is not intended to provide, and should not be relied upon for accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. Material terms of any presented product may be subject to change. This document makes a number of general observations and is not intended as a recommendation or investment advice. Any of the information provided in the document and expressed opinions are the ones of Quantum Investing at the time of publication and are subject to change without notice. Any forward looking statements reflect the view and future expectations of Quantum Investing. Nevertheless, actual developments and results can deviate significantly from those expectations. All information has been compiled with care. However, the accuracy and completeness cannot be guaranteed. Any past performance is not necessarily indicative of actual and future performance. If a fund or any other investment vehicle implements any strategy advised by Quantum Investing any prospective investors should not rely on this marketing materials to make their investment decisions. BEFORE MAKING A DECISION TO INVEST IN ANY POTENTIAL VEHICLE IMPLEMENTING ANY STRATEGY ADVISED BY QUANTUM INVESTING PROSPECTIVE INVESTORS SHOULD REVIEW THE ULTIMATE OFFERING MEMORANDUM, INCLUDING BUT NOT LIMITED TO THE RISK FACTORS IN THE OFFERING MEMORANDUM. Potential vehicles implementing a strategy advised by Quantum Investing may invest in derivatives. Past performance is no guarantee of future performance and investors must be ready and able to accept potential loss of the invested capital, up to and including total loss.

This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular this document is not intended for distribution in the United States or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) except to persons who are "qualified purchasers" (as defined in the United States Investment Company Act of 1940, as amended (the "Company Act")) and "accredited investors" (as defined in Rule 501(a) under the Securities Act). Quantum Investing is not registered with the United States Securities and Exchange Commission as an investment adviser. In the case that the Strategy is implemented as a fund, the fund will not be registered under the Securities Act or the securities laws of any of the states of the United States and interests therein may not be offered, sold or delivered directly or indirectly into the United States, or to or for the account or benefit of any US person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements such securities laws. The securities will be subject to restrictions on transferability and resale. The fund will not be registered under the Company Act.

This document is being communicated by Quantum Investing, a firm authorised and regulated by the UK Financial Conduct Authority ("FCA"). In the United Kingdom it is only being provided to those persons to whom it may lawfully be issued under The Financial Services and Markets Act 2000 (Financial Promotions) Order 2006 or The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/ or Chapter 4.12 of the FCA's Conduct of Business Rules, as appropriate.

No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by any of Quantum Investing, its employees or affiliates and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance. Opinions expressed herein may not be shared by all employees of Quantum Investing and are subject to change without notice.

Quantum Investing Limited is registered in England and Wales under Company Number 9114843. Business Address: 25 Wilton Road, London, SW1V 1LW