Capital Management Capital...Capital Management DEEP DIVE THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS

Capital ManagementDEEP DIVE

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.







REGULATORY BACKGROUND

TYPHON CAPITAL MANAGEMENT, LLC IS REGISTERED WITH THE U.S. COMMODITY FUTURES TRADING COMMISSION (THE "CFTC") AS A COMMODITY POOL

OPERATOR (“CPO”) AND IS EXEMPT FROM REGISTRATION WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) UNDER SECTION 203(B)(6) OF

THE INVESTMENT ADVISERS ACT OF 1940, AS MODIFIED BY THE DODD-FRANK ACT, AND UNDER SECTION 3(C)(1) OF THE INVESTMENT COMPANY ACT OF 1940.

THIS OFFERING IS EXEMPT FROM REGISTRATION WITH THE SEC BY REASON OF SECTION 4(A)(2) OF THE SECURITIES ACT OF 1933 AND RULE 506 PROMULGATED

THEREUNDER.

PURSUANT TO AN EXEMPTION FROM THE CFTC IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE INVESTORS. A PPM

FOR THESE POOLS IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH THE CFTC. THE CFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A

POOL OR UPON THE ADEQUACY OR ACCURACY OF A PRIVATE PLACEMENT MEMORANDUM. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS

OFFERING OR ANY PPM FOR THESE POOLS.

PURSUANT TO RULE 506(B) OF REGULATION D, THIS POOL IS OFFERED AS A PRIVATE OFFERING UNDER SECTION 4(A)(2) AND ITS INVESTORS ARE LIMITED TO

CERTAIN QUALIFIED INVESTORS.

RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE

FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD

BE 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 ANY

ADDITIONAL 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 MAINTAIN

YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU

WILL 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 THE

MARKET 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 SUCH

ORDERS.

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 LEVERAGE

CAN 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 NECESSARY

FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR

ASSETS. THE RELEVANT OFFERING DOCUMENTS CONTAIN A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY

TRADING 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 SUBJECT

TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL

THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE

EFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM

WITH 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 THEREFORE

CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE YOU TRADE INCLUDING THE DESCRIPTION OF PRINCIPAL RISK FACTORS IN

THE RELEVANT OFFERING DOCUMENTS.

THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR’S NAME FROM A CLIENT FOR TRADING

COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.




.

Etymology




Name: Ty·phon

Pronunciation: \ˈtī-ˌfän\

Etymology: Latin, from Greek Typhōn

n: (Greek mythology) a monster with a hundred heads and one of

the whirlwinds; son of Typhoneus and Echidna; father of

Cerberus and the Chimera and the Sphinx.




n: a deconstructed multi-strategy trading firm, where niche

managers can focus only on trading under an umbrella of unified

operations, compliance, independent risk management, and

business development. Clients can access these modular exposures

a la carte or via custom portfolios in Cayman or U.S. funds, or

managed accounts.

.

Passive Commodities Have No Intrinsic Returns




“Commodities are like dead money. They do not pay any interest or dividends

and are not expected to earn any return over the inflation rate. A bar of gold does

not generate any cash and will never turn into two bars of gold. Year

after year it just sits there, costing you money in storage, insurance and perhaps a

management fee if you invest in a gold ETF.”

Rick Ferri- http://online.wsj.com/news/articles/SB10001424127887323681904578643822549165446




http://online.wsj.com/news/articles/SB10001424127887323681904578643822549165446

.

Typhon Generates Alpha with Tactical Trading

http://managed-futures-blog.attaincapital.com/2014/08/25/trade-commodities-instead-of-invest-in-them/

Tactical traders can

profit from moves

to the downside of

commodity prices.

Unlike with equities,

it is simple to short

commodities, and

active trading

strategies have no

directional bias.




http://managed-futures-blog.attaincapital.com/2014/08/25/trade-commodities-instead-of-invest-in-them/

.

What Typhon looks for in a Manager

Defined edge

DifferentiatedStrategy

Uncorrelated returns

Typhon looks for managers that

have a clearly defined edge within

the markets they trade. In most

cases, this leads us to focused,

niche managers.

Typhon’s strategies are

uncorrelated to each other as well

as the broader universe of stocks,

bonds, real estate, hedge funds,

and CTAs.




.

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.




.

Typhon Risk Management




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.




.

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.




Typhon Capital Management

Market Coverage

Due Diligence

Operational Support

Risk Oversight

Investor Relations

No Additional

Fees

.

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.




http://www.commoditycustomercoalition.org/

.

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




leonidasEnergy/Macro

plutusGrain

vulcan Metals

proteusVolatility

chironCurrency

helios Deutsche

stoicRules-Based

zephyrusLivestock

.

Typhon Organization




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 Gallo

Portfolio Manager

Anthony Cicileo

Senior Trader

Ed Smith

Senior 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 Taylor

Portfolio Manager

SystematicVolatility

Matthew Thompson

Portfolio Manager

Michael Thompson

Portfolio Manager

Business Development

Robin Ravel Director

Ernst Kosower Director

.

Strategies at a Glance




Please see each strategy's one-page performance summary and offering materials for detailed information about the above

calculations. Strategies with less than 12 months track record do not have annualized return statistics.

Our Argos Alternative Funds Platform allows investors to access Typhon’s unique tactical trading

strategies with low minimum investment sizes within pooled, limited liability structures in either the

U.S. or Cayman Islands. Investors may invest in any individual strategy independently, or create

custom portfolios. Argos utilizes top service providers such as BMO for custody, Deloitte for

audit, Foley & Lardner for legal, and NAV Consulting for administration.

Our Argos Alternative Funds Platform

trade

generation

sharpe

ratio

annualized

return

leonidas Cryptocurrency Multi-Strategy

leonidas Macro Multi-Strategy

proteus Dynamic ETP Hybrid 0.8 15.3%

stoic Rules-Based Strategies Systematic 1.0 29.2%

vulcan Metals Discretionary 2.5 17.8%

vulcan Metals SP Discretionary 2.4 17.1%

.

Strategies at a Glance




Please see each strategy's one-page performance summary and disclosure document for detailed information about the above calculations. Futures trading is inherently risky and past

performance is not necessarily indicative of future returns. Typhon Capital Management only provides services for Qualified Eligible Participants and non-US Investors. Strategies with less

than 12 months track record do not have annualized return statistics.

Separately Managed Accounts

Typhon strives to offer sophisticated clients maximum flexibility in structuring its strategies.

All of our futures-based strategies are available in separately managed accounts with daily

liquidity, position-level transparency, cross-margining and choice of virtually any clearing

broker which accepts give-ups.

trade

generation

sharpe

ratio

annualized

return

notional

funding

available

chiron Currency Systematic 0.5 2.5% 5:1

helios Deutsche Systematic 0.9 7.5% 4:1

leonidas Cryptocurrency Quantitative 1:1

leonidas Energy Discretionary 5:1

proteus Dynamic Volatility Systematic 0.4 3.1% 5:1

plutus Grain Discretionary 0.8 6.9% 5:1

vulcan Metals Discretionary 2.3 15.5% 5:1

zephyrus Livestock Discretionary 1.5 45.7% 3:1

trade

generation

sharpe

ratio

annualized

return

notional

funding

available

chiron Currency Systematic 0.5 2.5% 5:1

helios Deutsche Systematic 0.9 7.5% 4:1

leonidas Cryptocurrency Quantitative 1:1

leonidas Energy Discretionary 5:1

proteus Dynamic Volatility Systematic 0.4 3.1% 5:1

plutus Grain Discretionary 0.8 6.9% 5:1

vulcan Metals Discretionary 2.3 15.5% 5:1

zephyrus Livestock Discretionary 1.5 45.7% 3:1

METALSvulcan METALS GROUP







.

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, and

Anthony Cicileo. Utilizing a global network of information on mining, usage, historical movements, and need, and

proprietary research, the methodology is exacting yet flexible enough to capitalize on daily market irregularities. Vulcan

trades a variety of metals including copper, gold, silver, platinum and palladium. Vulcan primarily engages in relative value

futures spreads, roll arbitrage, LME/COMEX arbitrage, and flow trading. The full Vulcan methodology which includes

additional strategies for futures market making and physical metals warrants is available in US and Cayman funds on our

Argos Alternative Funds platform.

AUM $39.4M

Minimum Investment US $100k fund, $10M SMA

Management Fee 2%

Incentive Allocation 20%

Max Notional Funding 5:1

Max Margin : Equity 10.0%

Liquidity SMA Daily




.

vulcan Metals Fund




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


2018 0.13% 1.63% 0.85% 2.63%

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%


-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

$0

$500

$1,000

$1,500

$2,000

$2,500

11/11 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 COM 1

Annualized Return 17.77% 0.71% (1.90%)

Max Drawdown (4.91%) (7.38%) (11.98%)

Largest Gain 8.29% 3.07% 3.80%

Largest Loss (4.44%) (2.21%) (4.86%)

Sharpe Ratio 2.51 0.19 (0.39)

Sortino Ratio 2.36 0.08 (0.15)

Volatility (σ) 6.64% 4.14% 4.67%

Correlation (r) 0.20 0.09

Selected Statistics

.

vulcan Metals Strategy




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

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

$0

$500

$1,000

$1,500

$2,000

$2,500

11/11 11/12 11/13 11/14 11/15 11/16 11/17

Vulcan Monthly Return Vulcan

BarclayHedge CTA Index HFRX COM

Vulcan BH1 HFRX COM 1

Margin:Equity Avg, Max 2.5%, 10%


Max Drawdown (4.91%) (7.38%) (11.98%)

Largest Gain 8.29% 3.07% 3.80%

Largest Loss (4.44%) (2.21%) (4.86%)

Sharpe Ratio 2.30 0.19 (0.39)


Volatility (σ) 6.74% 4.14% 4.67%


Selected Statistics


2018 0.71% 0.32% (0.02%) 1.01%

2017 (0.77%) 0.58% 1.51% 0.37% 0.02% (0.23%) 0.64% 0.10% 0.20% (0.08%) 0.30% 0.15% 2.79%

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%


.

vulcan Strategy Focus

Vulcan 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.




Silver

Copper

Gold Palladium

Platinum

.

vulcan Edge

Historical Movements

Assessing Need

Research, Mining Data

• Vulcan utilizes our global network of

information on mining, usage, historical

movements, and industrial need, as well

as proprietary research, to extract return

from intracommodity calendar spreads.

• Vulcan also tracks open interest, CFTC

statements of reporting traders, and fund

prospectuses to arbitrage the roll of

outright positions by speculators.

• Vulcan analyzes differences in delivery

patterns and geographic preferences to

arbitrage pricing between metals traded

on the London Metals Exchange and

New York Mercantile Exchange.




.

vulcan Risk Management

Protection is a key element in generating

returns - robust risk management is at the

core of this protection. We believe that

associated costs are more than

compensated for in times of market stress,

and the strategy generates strong positive

returns in rising markets.

Risk is actively managed through strict risk

budget limits at portfolio and individual

metals levels, with drawdown limits set and

enforced by Typhon’s Independent Risk

Committee.

Vulcan’s portfolio managers have traded

this strategy for between 20 and 30 years

each with their own money and all have

skin in the game.

Budget Limits

Positive Returns

Robust Risk Management




AGRICULTUREplutus GRAIN STRATEGY

zephyrus LIVESTOCK STRATEGY







.

plutus Grain Strategy


The Plutus Grain Strategy is a discretionary, diversified grain strategy designed to capture returns from the grain

markets with a low correlation to traditional assets. This methodology prioritizes capital preservation and seeks to

provide returns at a low level of volatility when compared to most other grain strategies.




AUM $19.25mm

Minimum Investment US $250k for SMA

Management Fee 2%


Max Notional Funding 5 : 1

Max Margin : Equity 5%

Liquidity SMA Daily

.

plutus Grain Strategy

Performance prior to September 2010 is proprietary pro forma for 2/20 fees and a composite of client net returns thereafter. For more information on the

BarclayHedge CTA and HFR Commodity indices, please see barclayhedge.com and HFR.com, respectively. Please see offering materials for more notes and risk

factors.




Growth of $1,000 Plutus BH1 HFR COM1


Max Margin to Equity 5.00%

Max Drawdown (10.34%) (10.74%) (22.41%)

Largest Gain 11.74% 3.54% 3.80%

Largest Loss (7.66%) (2.94%) (4.86%)

Sharpe Ratio 0.76 0.32 (0.41)


Volatility (σ) 9.16% 4.75% 5.07%

Correlation (r) -0.21% -5.18%

Selected Statistics


2018 (0.17%) (0.51%) 2.22% 1.54%

2017 (1.13%) 1.03% 0.77% 1.58% 0.73% 4.41% (2.28%) (2.80%) 0.65% 0.50% 0.04% 0.30% 3.80%

2016 0.65% 0.40% 0.50% (5.18%) (1.23%) 0.35% 1.09% (1.98%) 0.13% (0.29%) 0.13% 0.71% (4.72%)

2015 0.81% (0.46%) 2.20% 0.55% 0.92% (1.34%) 3.49% 0.79% (0.76%) 0.16% 0.41% 0.35% 7.12%

2014 (0.54%) (4.16%) (1.55%) (1.73%) 1.46% 3.42% 1.96% 0.51% 0.17% (5.16%) 2.25% 0.96% (2.41%)

2013 (0.03%) 1.10% 0.52% 0.36% 1.49% (0.56%) 0.97% 0.13% 0.59% (0.05%) (0.16%) 0.88% 5.24%

2012 1.83% (0.57%) (3.75%) (0.86%) 0.93% 0.02% 2.01% 1.52% 0.06% 1.33% (0.59%) 0.08% 2.01%

2011 0.01% 0.14% 2.56% 2.32% 1.57% 2.66% 0.90% (1.81%) 2.22% 1.18% 1.13% (0.85%) 12.03%

2010 11.74% (0.78%) 0.96% 6.14% (1.53%) 7.32% (6.21%) 1.79% 1.97% 2.26% 1.02% 0.70% 25.38%

2009 1.32% (7.66%) (2.68%) 1.43% 6.01% 7.04% (4.30%) 3.49% 1.42% 4.46% 1.31% (7.04%) 4.81%

2008 8.05% 4.05% 0.09% 0.76% 0.57% (0.03%) (0.48%) 1.55% 0.07% 14.63%


.

plutus Approach




The Plutus Grain Strategy is a

discretionary strategy based on a

combination of supply/demand

fundamentals and technical analysis

which attempts to define trends and/or

changes in trends in various agricultural

commodity markets. Fundamental

analysis incorporates factors such as

production, domestic and foreign

demand, storage cost and availability,

governmental issues, and weather, both

in the United States and around the

world. Plutus primarily trades

agricultural futures spreads including

but not limited to corn, soybeans,

wheat, soybean meal, soy oil, oats, and

rice.

production

foreign demand

domestic demand

availability

government issues

weather

storage cost




.

plutus Risk Management

The Plutus Grain Strategy primarily

expresses trading views through

spreads in order to reduce volatility.

Approximately 90% of Plutus’

positions utilize futures spreads,

some of which are described in the

diagram on the right.

Plutus may take positions in the

futures and or options markets when

market conditions meet our risk

parameters. The strategy generally

maintains a sub-5% margin-to-equity

ratio, and never exceeds 10%.

Plutus does not sell naked options.

Intra-commodity spreads between calendar months,

example: December corn vs. March corn

Inter-commodity spreads between

different commodities,

example: December soy oil vs. December

soybean meal

plutus

Inter-market spreads between markets, example: Chicago

December wheat vs. Kansas City

December wheat




.

plutus Edge

Information Flow

The portfolio manager for the strategies remains active in the cash markets, structuring futures and swap hedges for many pure users and producers of agricultural commodities. This gives us a significant information advantage and insight into fundamentals ahead of the broader market.

Risk Management

Typhon strives to provide a low-volatility return profile across its strategies. Unlike most fundamental ag programs, plutus maintains low margin-to-equity usage and defined stops and profit targets on every trade. Both programs use technicalsto guide entries and exits. Frequently positions are developed prior to markets catalyzing execution.




.

zephyrus Livestock Strategy


The Zephyrus Livestock Strategy is a discretionary livestock strategy designed to capture returns from the

hog and cattle markets with a low correlation to traditional assets. This methodology incorporates both

fundamental data and technical analysis and prioritizes capital preservation and seeks to provide returns at

a moderate level of volatility.

AUM 250k

Minimum Investment U.S. 250k

Management Fee 0%


Liquidity Daily




.

zephyrus Livestock Strategy




Performance figures are a composite of live returns net of all expenses with fees pro forma to 0/30. For more information on the BarclayHedge CTA and HFR

Commodity indices, please see barclayhedge.com and HFR.com, respectively. Please see offering materials for more notes and risk factors.

Growth of $1,000


2018 6.24% 1.92% 2.91% 11.07%

2017 5.60% 6.37% (6.53%) 7.47% 7.62% 26.10% 5.78% (6.59%) 4.90% (13.97%) 8.24% 1.06% 46.05%


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

$0

$500

$1,000

$1,500

$2,000

1/17 1/18

Zephyrus Monthly Return Zephyrus BarclayHedge CTA Index HFRX COM

Zephyrus BH1 HFR COM 1


Max Margin to Equity 25%

Max Drawdown (15.66%) (1.68%) (5.15%)

Largest Gain 26.10% 1.92% 3.80%

Largest Loss (13.97%) (1.03%) (4.86%)

Sharpe Ratio 1.48 0.80 (0.45)


Volatility (σ) 30.82% 2.67% 6.03%

Correlation (r) -56.98% 20.90%

Selected Statistics

.

Proprietary Analysis of Fundamental Informational Pathways

Technical Analysis provides entry and exit points correlated with pre-determined Typhon Proprietary Risk Management Profit and Loss Program.

Intelligent Risk Assumption centers on day trades to six week construction with the majority being weekly.

Outrights and spreads with options never naked shorted

The professionals at Zephyrus have over 50 years of combined experience in complementary areas, including: livestock research and trading, investment management and risk management

zephyrus Methodology




Proprietary Analysis of Fundamental Informational Pathways





.

zephyrus Summary




Fundamental analysis incorporates factors such as production,

domestic and foreign demand, storage cost

and availability, governmental issues, and weather, both in the United States and

around the world.

Zephyrus trades are structured with

quantitative reasoning using the most appropriate

instruments, evaluating risk and

reward prior to execution

Zephyrus puts fundamental

information into analytical context with a structured approach to monitoring market

extremes

Typhon Capital provides institutional-caliber operations and risk

management capabilities

CRYPTOCURRENCYleondias CRYPTOCURRENCY GROUP







.

leonidas Crypto Market Opportunity




While cryptocurrency is incredibly risky and volatile, it has enabled some market participants to

generate spectacular returns to date, Mr. Michalopoulos believes much of the opportunity lays ahead.

“As with any new regime-changing technology in its early days, there is a lot of confusion as to what

the technology actually does, how much of it is hype, how much is real, and how to trade something

as volatile as it is, responsibly.

That confusion means there is opportunity. Experience trading crypto measured in years when

others measure it in months, is an advantage. Intimate familiarity with using the technology and

knowing its limitations is an advantage. Years of trading experience and risk management in yet

another volatile commodity – oil – is another advantage. Together it’s a unique combination of

advantages in a market rife with opportunities and risks.”

We recommend that only clients with very high risk tolerance engage in cryptocurrency

speculation, as doing so they risk the complete loss of principal while investing directly in

cryptocurrency or via a limited liability fund vehicle, and risk a loss greater than their

principal when investing in cryptocurrency futures or a managed account utilizing

cryptocurrency futures.

.

leonidas Crypto Market Opportunity




Data courtesy of coinmarketcap.com and is as of 11/21/17

.

Why Us?




With the euphoria surrounding cryptocurrencies, there has been a proliferation of funds starting

to service it. Many of their principals have never traded other asset classes, down markets, or

managed a regulated fund with proper internal controls. Typhon and Leonidas, on the other hand,

have an incredible amount of experience in the space:

• Leonidas’s Head Portfolio Manager was a senior energy derivatives trader at Citadel and has

been trading crypto using institutional strategies since 2012

• Typhon has been managing client assets in commodities since 2008, with independent risk

management resulting in low volatility return streams within volatile markets, and proper

internal controls

• Typhon’s CEO has programmed public key encryption software since 1995, began his trading

career with technology stocks in a similar environment to today’s crypto scene, and is a

vanguard of investor protection, recovering $6.7B for MF Global fraud victims, pro bono. He

was the youngest person elected to the Board and Executive Committee of the regulator for

derivatives and crypto.

.

leonidas Cryptocurrency Program


The Leonidas Cryptocurrency Program is managed by George Michalopoulos and exclusively trades

exchange-cleared derivatives, such as futures on cryptocurrencies such as Bitcoin as they become available.

The strategy is short-term quantitative in nature. The strategy is available in managed accounts only and

may also trade options on cryptocurrencies futures should they become available.

AUM 250k

Minimum Investment US 250K

Management Fee 0% (until Q2 2018, then 2%)




Liquidity Daily




.

Performance is live performance of a managed account running the program net of commission and pro forma for 2/20, and is not automatically compounded. The program

began within the Leonidas Macro Fund in December 2017. That account was closed 12/31/2017 and a new managed account was opened within the Leonidas

Cryptocurrency Fund in January 2018. YTD returns are calculated for capital invested from January 1 and do not reflect compounding. Actual returns may differ from

reported results due to differences in contribution dates, commissions, and fee structures.1-Any indices and other financial benchmarks shown are provided for illustrative

purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Data is of date of publication and may be a MTD

estimate. For more information regarding the indices included herein, see barclayhedge.com and gemini.com. Please see offering materials for more notes and risk factors.




leonidas Cryptocurrency Program


2018 1.44% 3.82% (1.59%) 3.64%

2017 0.68% 0.68%


.

leonidas Cryptocurrency Fund


The Leonidas Cryptocurrency Fund is managed by George Michalopoulos and trades a basket of

cryptocurrencies such as Bitcoin and Ether, as well as exchange traded derivatives on cryptocurrencies,

and may participate in initial coin offerings and trade those coins in secondary markets. The fund uses a

blend of discretionary algorithmic strategies. The Fund currently uses Bittrex, Gemini, and Phillip

Securities as its custodians.

Minimum Investment US $550k

Management Fee 0% (until Q2 2018, then 2%)


Liquidity Quarterly




.




leonidas Cryptocurrency Fund

Performance is of the Leonidas Cryptocurrency Fund is prepared by NAV Consulting, Inc., is net of all fees and expenses, and compounded monthly. Please see offering

materials for more notes and risk factors.


2018 (8.20%) (1.22%) (14.36%) (22.34%)


.

leonidas Cryptocurrency Index


The Leonidas Cryptocurrency Fund is managed by George Michalopoulos and will be a long-only, passive,

0 performance fee product available for investors looking for smart beta in the space, and also available on

our Argos Alternative Funds Platform. The Fund will use Gemini and Kingdom Trust as its initial

custodians.

AUM Pre-Launch

Minimum Investment US $100k

Management Fee 3%


Liquidity Quarterly




.

leonidas Cryptocurrency

The Leonidas Cryptocurrency Program launched December 10th, 2017 and the Fund launched January, 2018 under lead

portfolio manager George Michalopoulos. The fund trades Bitcoin (BTC), Ethereum (ETH), and other vetted

cryptocurrencies such as Monero (XMR), Zcash (ZEC), Ripple (XRP) and Dash (DASH), as well as CME and CBOE

Futures. The SMA strategy is futures-only currently, but may add options-on-futures as they become available. George

has been trading cryptocurrencies since 2012, and commodities since 2006 when he joined Citadel and eventually

became sole PM of the crude oil options business. The Index is pending launch. The Leonidas Cryptocurrency Group

has three approaches to the sector:




discretionary strategy based on fundamental analysis

algorithmic strategies to capitalize on the extreme volatility in the asset class

passive, long-only indexing approach

Management Fee

Only Product

.





leonidas Methodology




Limit investing universe by screening coins for integrity

Assess coin supply and demand. Make relative and tradeable statements about each

Enter and exit based on changing S&D dynamics

Maintain long bias while being prepared to cut risk dramatically.

.

leonidas Cryptocurrency Exchange FocusLeonidas only invests with established cryptocurrency platforms with credible management teams andproper governance structures. Regulated, US-based Exchanges are a cornerstone of the trading strategies.




Established Platforms

InsuredExchange Traded

DerivativesGovernance

.

leonidas Coin Pair Example




Ethereum (ETH)

Bitcoin (BTC)

Analysis uses proprietary

quantitative relationships

between coin pairs and

qualitative assessments about

integrity and adoptions

potential.

.

leonidas ICO Investment Process




Identify potential ICO’s

Evaluate Management

Well-Developed Technology

Solves a problem for which the

blockchain is a superior solution

.

leonidas Multiple Approaches




Mr. Michalopoulos has formulated three main strategies since starting to trade

cryptocurrencies in 2012.

His first approach uses a discretionary strategy based on fundamental analysis. The

analysis uses relationships between coin pairs and their corresponding supply and

demand.

His second approach uses algorithmic strategies to capitalize on the extreme volatility

in the asset class. Mr. Michalopoulos sees this as a rare window of opportunity as

barriers to entry are still comparatively low, “but won’t remain that way for long.”

His third approach is a passive, long-only indexing approach. It is outside of the scope

of this fee structure, but is available for interested investors as a management fee only

product.

.

leonidas Risk Management

Protection is a key element in

generating returns - robust risk

management is at the core of this

protection. We believe that


compensated for in times of market

stress, and the strategy generates

good positive returns in rising

markets.

Risk is actively managed through

strict risk budget limits at portfolio

and individual metals levels, with

drawdown limits.

Budget Limits

Positive Returns





ENERGY/MACROleonidas ENERGY STRATEGY

leonidas MACRO FUND







.

leonidas Energy Strategy


The Leonidas Energy Strategy is a pure discretionary macro trading strategy managed by George Michalopoulos, who was an energy portfolio

manager for Citadel Investment Group for six years. Mr. Michalopoulos has a unique understanding of global supply and demand dynamics as they

relate to WTI, Brent, and Henry Hub natural gas. Because these are physically-delivered contracts, there arises a unique trading advantage for those

understanding the fundamental dynamics. Often without taking the risk profile of outright positioning (long/short) in the underlying commodity.

This can be expressed in grade differentials, like WTI-BRT, WTI spreads, BRT spreads, and even WTI vs BRT spreads.

AUM $500k

Minimum Investment US $100K Fund, $500k SMA

Management Fee 2%




Liquidity SMA: Daily, Fund: Monthly




.

leonidas Energy Strategy Returns




Performance is live performance of an energy-only managed account within the Leonidas Macro Fund, net of commission and pro forma for 2/20, and is not automatically

compounded. 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

-3%

-2%

-1%

0%

1%

2%

3%

$500

$600

$700

$800

$900

$1,000

$1,100

4/17 10/17

LE Monthly Return Leonidas Energy BarclayHedge CTA Index HFRX COM

Leonidas Energy BH1 HFR COM1


Annualized Return

Max Drawdown (3.67%) (1.03%) (5.15%)

Largest Gain 1.53% 1.92% 3.80%

Largest Loss (1.32%) (1.03%) (4.86%)

Sharpe Ratio

Sortino Ratio

Volatility (σ) 2.57% 2.58% 6.79%

Correlation (r) (0.22) (0.62)

Selected Statistics


2018 (0.99%) 1.53% (1.32%) (0.80%)

2017 0.22% (0.88%) (0.22%) (0.18%) (0.83%) (0.19%) (0.30%) (0.35%) 0.22% (2.49%)


.

leonidas Energy Strategy




The Leonidas Energy Strategy launched in April 2017 and is managed by George

Michalopoulos. The strategy trades exchange-traded energy contracts and was used

successfully by George at Citadel for 6 years. It is available in Separately Managed Accounts

with a 500k nominal minimum.

The Leonidas Energy Strategy has a unique understanding of global supply and demand

dynamics as they relate to WTI, Brent, and Henry Hub natural gas.

Because these are physically-delivered contracts, there arises a unique trading advantage for

those understanding the fundamental dynamics. Often without taking the risk profile of

outright positioning (long/short) in the underlying commodity. This can be expressed in

grade differentials, like WTI-BRT, WTI spreads, BRT spreads, and even WTI vs BRT

spreads.

energy gasoil

.

leonidas Macro Fund


The Leonidas Macro Fund is a purely discretionary global macro strategy managed by George Michalopoulos. Leonidas

analyzes global monetary and fiscal policy, specifically how they change, or how they might change given certain catalysts

such as rate policy meetings, and analyzes a portfolio that is as outcome-agnostic as possible. Leonidas attempts to express

such catalysts through trades constructed with off-setting correlations, while maintaining positive expected value on as many

elements of that portfolio as possible.

AUM $1.4M

Minimum Investment US $100K Fund, $10M SMA

Management Fee 2%




Liquidity SMA: Daily, Fund: Monthly




.

leonidas Macro Fund

Performance is net of all fees and expenses is compounded monthly. 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

-8%

-6%

-4%

-2%

0%

2%

4%

$0

$200

$400

$600

$800

$1,000

$1,2004/17

Leonidas Macro Monthly Return Leonidas MacroBarclayHedge CTA Index HFRX COM


2018 3.33% 0.61% (7.03%) (3.35%)

2017 (0.60%) (1.75%) (0.96%) (0.18%) (4.69%) (5.87%) 3.20% 1.43% (5.08%) (13.94%)


Leonidas Macro BH1HFR COM

1

Annualized Return 3.51% (2.51%)

Max Drawdown (17.59%) (1.03%) (5.15%)

Largest Gain 3.33% 1.92% 3.80%

Largest Loss (7.03%) (1.03%) (4.86%)

Sharpe Ratio 1.35 (0.34)

Sortino Ratio 0.93 (0.14)

Volatility (σ) 12.09% 2.58% 6.79%


Selected Statistics

.

leonidas Macro Fund




The Leonidas Macro Fund launched in April 2017 and is managed by George Michalopoulos. The strategy a

purely discretionary global macro strategy. Leonidas analyzes global monetary and fiscal policy, specifically

how they change, or how they might change given certain catalysts such as rate policy meetings, and analyzes a

portfolio that is as outcome-agnostic as possible. Leonidas attempts to express such catalysts through trades

constructed with off-setting correlations, while maintaining positive expected value on as many elements of

that portfolio as possible.

Ste

p 1 Identify

dominant macro trends S

tep

2 Identify central drivers of trends S

tep

3 Identify offsetting risk assets if drivers change

Ste

p 4 Screen

potential offsetting risk assets that have positive expected value in status quo

Ste

p 5 Construct

appropriately risk-manged portfolio to correct size and ratios, such that the desired daily and shock-simulated VAR metrics are within Typhon guidelines

Ste

p 6 Dynamically

adjust ratios and sizing to take advantage of above- and below-trend returns and/or adjust to new market realities and return to step 1

Leonidas Macro Fund Investment Process

Rules-Basedstoic RULES-BASED STRATEGIES FUND







.

stoic Rules-Based Strategies Fund

AUM $3.5M

Minimum Investment U.S. $100k

Management Fee 0%


Liquidity Quarterly





The Stoic Rules Based-Strategies Fund combines three components to produce a unique event-driven

fund. Stoic is currently comprised of three sub-strategies: event-driven single name equity options,

comparative single name stocks, and VIX-based derivatives. All components systematically produce

directional biases that the portfolio manager then executes with discretion. No naked options are used.

.

stoic Rules-Based Strategies Fund




Performance figures prior to January 2018 are a composite of live returns net of all expenses with fees pro forma to 0/40. All performance thereafter is that of the Stoic

Rules-Based Strategies Fund and is calculated net of all expenses, management fees and incentive fees. For more information on the S&P 500 index, please see

standardandpoors.com. Please see offering materials for more notes and risk factors.

Growth of $1,000

-20%

-10%

0%

10%

20%

30%

40%

$0

$500

$1,000

$1,500

$2,000

$2,500

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17

Stoic Monthly Return Stoic S&P 500


2018 (0.42%) (3.78%) (6.62%) (10.53%)

2017 8.55% 0.49% 11.02% (3.31%) 7.66% (0.15%) 1.84% (10.48%) 15.53% 1.75% 1.33% 3.70% 41.75%

2016 (2.01%) (0.22%) 11.13% (3.63%) 10.67% (0.70%) 6.43% 5.13% (0.79%) (9.21%) 15.29% 7.64% 43.92%

2015 (4.66%) 8.02% (8.82%) 3.07% 33.22% 4.73% (14.42%) 16.52% (1.27%) 1.73% (1.45%) (4.23%) 27.65%

2014 2.26% (5.97%) 4.88% 0.42% 2.53% 5.30% 4.80% 14.58%


Stoic S&P1

Annualized Return 29.61% 9.16%

Max Drawdown (14.42%) (8.89%)

Largest Gain 33.22% 8.30%

Largest Loss (14.42%) (6.26%)

Sharpe Ratio 1.04 0.93

Sortino Ratio 0.58 0.45

Volatility (σ) 28.49% 10.01%

Correlation (r) 23.72%

Selected Statistics

.

stoic Summary




Stoic trades rules-based strategies and

are never data mined

2 of the 3 current strategies are event-

driven and trade single name stocks and options. The

3rd strategy trades VIX futures.

The strategies are traded on a

notional basis, with each trade being a pre-determined

percentage of the notional.

Typhon Capital provides

institutional-caliber operations and risk

management capabilities

.

_ _ _ _

stoic Methodology




general trading

perspective

back tested for validity, not data-

mined

identify trade entry

and exit

Trades are executed

on a percentage

of notional

basis

.

stoic Methodology




Every strategy Stoic considers must make sense from a general trading perspective. Potential strategies are

thought of and then back tested for validity, not data-mined. Stoic’s methodology is not based on scanning

price curves or other data sources for predictive patterns. Rules are followed to identify trade entry/exit, and

trades are executed manually. This prevents the portfolio manager from second-guessing the strategy or

becoming married to any trades.

Stoic concurrently trades three rules-based strategies at the present time. These strategies are traded on a

notional basis, with each trade being a certain percentage of the notional value of the fund. Two of the three

current strategies are event-driven and trade single name stocks and options. These two strategies are typically

less than 50% invested on a notional basis, so the fund typically will have a large cash balance. Hold times are

typically one week for the option strategy and typically 1.5 months for the stock strategy. The option strategy is

long only options and the stock strategy is long only stock, so there is no open-ended risk.

The third strategy trades VIX futures. This is a directional strategy driven by the shape of the curve, that can

be long, short, or not invested. This allows the strategy to profit in low vol periods as well as potentially profit

in market downturns when VIX spikes.

Strategies may be added in the future. Each strategy must be profitable on its own, and provide a differentiated

return stream to the other strategies.

Systematic - Quantitativechiron CURRENCY PROGRAM







.

chiron Currency Program


The Chiron Currency Program is an intraday-only currency overlay that trades G10 currency futures. The

strategy is 100% systematic and acts as a liquidity provider within a clearly defined daily risk budget.

AUM $2mm

Minimum Investment US $250k for SMA

Management Fee 2%

Incentive Allocation 20% Monthly



Liquidity SMA Daily




.

chiron Currency Program




Performance from February 2008 to January 2010 was calculated on proprietary performance of the system, pro forma for fees and reflects automatic compounding. Performance

from February 2010 through February 28, 2012 is of the Arktos Currency Program within the Xenfin Diversified Fund, SPC and was audited by Baker Tilly. Performance

thereafter is a composite of client managed accounts managed by Typhon and does not reflect automatic compounding.

Growth of $1,000

-4%

-2%

0%

2%

4%

6%

$0

$500

$1,000

$1,500

2/08 2/10 2/12 2/14 2/16 2/18

Chiron Monthly Return Chiron

Chiron BH1 HFR COM 1


Max Margin to Equity

Max Drawdown (7.46%) (10.74%) (21.29%)

Largest Gain 5.35% 5.52% 9.11%

Largest Loss (3.38%) (2.94%) (4.86%)

Sharpe Ratio 0.46 0.40 (0.22)


Volatility (σ) 5.20% 5.01% 5.82%

Correlation (r) -1.67% 10.27%

Selected Statistics


2018 2.59% 0.04% (1.61%) 1.02%

2017 (0.67%) (0.52%) (0.11%) (0.83%) (0.30%) (0.52%) 0.60% 0.06% 0.16% 0.31% (1.01%) (0.57%) (3.40%)

2016 2.16% 2.82% 0.95% (1.74%) (0.78%) (1.04%) (0.31%) (0.04%) 0.27% 0.76% 2.17% 0.19% 5.41%

2015 0.98% (1.42%) (0.93%) 2.02% (3.27%) 1.51% (1.23%) 1.86% (1.82%) (0.62%) (1.43%) (0.99%) (5.34%)

2014 (0.01%) 1.17% (0.70%) (0.24%) 0.58% (1.04%) 0.28% (0.21%) 0.76% 0.58% 0.89% (0.33%) 1.73%

2013 (0.61%) 1.15% 1.30% (1.96%) 0.14% 2.41% (1.53%) (1.87%) (1.77%) 2.01% (0.27%) 0.60% (0.40%)

2012 (1.26%) 1.06% (1.72%) (0.27%) 1.25% 0.31% (2.43%) (0.16%) 0.48% (0.21%) 0.87% (1.30%) (3.38%)

2011 1.05% 0.63% 1.52% 0.80% 0.18% (2.23%) 0.45% 1.27% (0.40%) 2.38% (0.07%) 0.51% 6.19%

2010 0.33% 0.34% 0.47% (0.31%) 2.05% 1.47% 1.58% 0.03% (0.26%) (0.20%) 0.77% 0.04% 6.46%

2009 4.30% 1.21% (1.15%) (2.47%) 0.75% 5.05% (3.38%) 0.50% 0.11% (0.94%) (2.94%) (0.81%) (0.14%)

2008 0.55% 1.66% 0.52% (0.80%) 2.77% 0.83% 2.41% 3.25% (0.13%) 5.35% (0.16%) 17.32%

Client Monthly Net Performance

.

chiron Philosophy

chiron

USD

EUR

JPY

GBP

CHF

CAD

The Chiron Currency Program was born out of a

need to protect assets when markets are doing poorly

and to generate acceptable returns when core markets

are doing well.

Currency markets were chosen for their liquidity,

trading efficiency, transparency and diversification.

For global investors as a diversifying source, Chiron

mitigates exposure to equity and bond market beta,

providing portfolio protection when necessary.

The investment approach is both pragmatic and

realistic. Chiron strives to both protect capital and

generate returns, while containing costs without

sacrificing framework for the security of the assets

managed.




.

chiron Strategy Focus

The Chiron Currency Program is intraday-only and trades G10 currency futures. The strategy is 100%systematic and acts as a liquidity provider within a clearly defined daily risk budget. Chiron dynamicallyapplies risk weightings which reduce exposure in adverse market environments. Chiron trades a diversifiedbasket of currencies based on a quantitatively-determined directional bias with a volatility-based cashmanagement model setting pre-defined entry, exit, and stop levels for each trade within a daily risk budget.

chiron MSCI World

2008 +16.25% vs -42.00%

2011 +6.09% vs -7.60%




.

chiron Edge

Diversification

Downside Protection

Liquidity

Chiron is a concentrated

portfolio for existing CTAs

and currency investors, using

six currency pairs and carefully

controlled managed risk for

downside protection.

Chiron is also a diversifying

source of return for a global

investment portfolios, notably

mitigating exposure to equity

market beta.




.

chiron Risk Management

Protection is a key element in

generating returns - robust risk

management is at the core of this

protection. We believe that


compensated for in times of

market stress, and the strategy

generates good positive returns in

rising markets.

Risk is actively managed through

strict risk budget limits at portfolio

and individual pair levels, with

drawdown limits.

Budget Limits

All open positions close by 8pm GMT, with no overnight

positions





SYSTEMATIC- STOCK INDEXhelios DEUTSCHE PROGRAM







.

helios Deutsche Program


The Helios Deutsche Program, managed by Damian Taylor and Hubert Van Den Bergh, uses a

proprietary short-term systematic model to trade DAX® futures in an attempt to generate absolute returns

uncorrelated to other asset classes. The DAX®'s volatility and price action have made it an ideal

instrument for expressing the Helios methodology.

AUM $14M

Minimum Investment $500k SMA

Management Fee 2%




Liquidity SMA Daily




.

helios Deutsche Program




Prior to October 2015, performance is proprietary pro forma for 2/20, and thereafter, of the McLean Systematic Fund Class D, net of actual fees and has

been audited by a big 4 auditor. For more information about the DAX® and BarclayHedge CTA indices, see https://www.dax-indices.com/ and

barclayhedge.com, respectively. Please see offering materials for more notes and risk factors.


2018 3.37% (1.98%) 3.37% 4.76%

2017 (1.66%) 2.03% (0.25%) 2.84% 0.03% (2.16%) 1.95% (0.88%) 0.52% 0.12% (0.42%) (0.17%) 1.95%

2016 (4.16%) 2.45% (0.41%) 2.28% (4.93%) 4.91% 0.90% 2.85% (1.32%) (1.10%) (1.63%) 2.31% 2.15%

2015 4.31% 2.80% 4.44% (2.84%) (1.01%) (2.06%) 4.10% 2.40% (0.76%) 3.09% 1.09% (2.41%) 13.15%

2014 (0.22%) 1.61% 0.28% 1.42% 0.88% 1.60% (3.09%) 2.93% 2.74% 8.15%


Growth of $1,000 Helios DAX®1

BH1

Margin:Equity 15%

Annualized Return 7.54% 6.80% 2.08%

Max Drawdown (7.18%) (20.65%) (6.32%)

Largest Gain 4.91% 12.32% 3.07%

Largest Loss (4.93%) (9.28%) (2.14%)

Sharpe Ratio 0.92 0.49 0.51

Sortino Ratio 0.44 0.20 0.24

Volatility (σ) 8.18% 15.87% 4.19%


Selected Statistics

-6%

-4%

-2%

0%

2%

4%

6%

$0

$500

$1,000

$1,500

4/14 4/15 4/16 4/17

Helios Monthly Return Helios

DAX BarclayHedge CTA Index

.

helios Deutsche Program Focus




Helios is a systematic strategy that only trades the

DAX® future

Helios employs no leverage and

positons are held on average for 2

days

The model has analyzed all c. 14,000 days in the DAX®

trading history, and recognizes short-term patterns that have

occurred in the past, when similar criteria and patterns

emerge in the present

.

helios Deutsche Program Edge




Concentrated

Volatile

Liquid

The DAX ® is liquid- the

average daily value traded in

2015 was EUR 30.7B, average

in 2016 was EUR 26.1 B

The DAX ® is volatile- the

average 30 day volatility

(annualized) in 2015 was

23.1%, in 2016 was 21.06%

The DAX ® is concentrated-

the top 10 shares make up

65.9% of the index.

.

helios Deutsche Program Risk Management




Helios is short-term trend following and ensures a losing position is flattened quickly

Helios utilizes a 7.5% positional stop loss target

All trades are done using a volatility overlay – as volatility rises, leverage is reduced

Helios inputs trades at least 30 minutes before the fixed trading time each day, a risk officer checks these trades at this time

We set a maximum contract limit at the prime broker-level, ensuring no “fat finger” or rogue algo trades can be processed for an additional layer of operational security.

SYSTEMATIC- VOLATILITYproteus DYNAMIC VOLATILITY PROGRAM

proteus RISK OVERLAY







.

proteus Dynamic Volatility Program


The Proteus Dynamic Volatility Program trades the VIX futures term structure. The program analyzes the

shape of the curve to determine whether it should be short-vol, flat, or long-vol. We also operate an overlay

which utilizes only the long-VIX signals as a dynamic tail hedge strategy. Proteus is long VIX only about 3%

of the time.

AUM $7.6M

Minimum Investment $250k SMA

Management Fee 2%




Liquidity SMA Daily




.

proteus Dynamic Volatility Program

Performance prior to April 2013 is proprietary pro forma for 2/20 fees and a composite of net client returns thereafter. VXX is the ETF designed to track the

SPVIXSTR, S&P 500 VIX Short-Term Futures Index and XVZ is the ETF designed to track the S&P 500 Dynamic VIX Futures Index; see

www.spindices.com for more information. Please see offering materials for more notes and risk factors.




Growth of $1,000

$0

$500

$1,000

$1,500

10/11 10/12 10/13 10/14 10/15 10/16 10/17

Proteus VXX XVZ

Proteus VXX XVZ


Annualized Return 3.08% (57.20%) (16.37%)

Max Drawdown (10.72%) (99.76%) (69.75%)

Largest Gain 6.50% 67.47% 11.07%

Largest Loss (5.41%) (31.57%) (12.35%)

Sharpe Ratio 0.42 (1.17) (1.21)

Sortino Ratio 0.17 (0.51) (0.40)

Volatility (σ) 7.06% 57.03% 13.82%

Correlation (r) (0.46) (0.22)

Selected Statistics


2018 (2.14%) (2.20%) (3.48%) (7.82%)

2017 0.20% 0.78% 0.57% 0.44% 0.09% (0.24%) 0.36% 2.48% 0.38% 1.19% 0.76% 0.97% 7.98%

2016 0.12% (1.56%) 2.28% (2.48%) 0.22% 1.77% (0.72%) (0.32%) 1.40% 0.25% (5.41%) 3.13% (1.32%)

2015 (1.71%) 2.04% 0.15% 0.44% 0.80% (0.38%) 2.00% 0.79% (1.46%) 2.03% (3.75%) (2.52%) (1.57%)

2014 0.60% (0.45%) (1.61%) 0.82% 0.35% 1.28% 0.33% 0.58% (0.44%) 2.02% 1.97% (3.95%) 1.50%

2013 6.50% 0.09% 0.46% 1.25% (1.03%) (1.73%) 1.67% (2.03%) 1.69% 1.47% 1.28% (0.35%) 9.31%

2012 6.01% (1.40%) 0.99% (0.75%) (3.41%) 0.01% 1.17% 3.38% 2.68% (0.95%) 2.15% (2.31%) 7.43%

2011 3.05% (2.12%) 2.59% 3.48%


proteus

“The long term expected value of your ETN is zero. If you hold your ETNs as a long term investment, it is likely that you will lose all or a substantial portion of your investment.”- Credit Suisse’s VelocityShares




“Virtually guaranteed to lose money through time.”

- Robert E. Whaley, The Creator of VIX

“VXX: Where Wealth Goes to Die”- Daniel Putnam

.

When Diversification Fails




Diversification can help mitigate risk, but leaves portfolios vulnerable in liquidation periods when correlations rise.

During the

Financial Crisis,

diversification

benefits

disappeared as

correlations

increased.

Source: CBOE & Edward Szado, CFA

Correlation To S&P 500 Index

0.02

0.51

-0.22

0.56

0.22

0.87

0.52

0.85

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

Bonds High Yield Bonds Commodity Real Estate

2004-2006

2007-2008

.

VIX Helps Complete Diversification

VIX reliably rises during market stress, providing an effective offset for rising correlations during crisis periods.

VIX Index

+172.4%

IEF 10yr Treasury ETF

-1.8%

S&P 500 Index

-24.2%

Return Comparison: September – October 2008

Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and may not reflect the

impact of advisory fees. Data is of date of publication. For more information regarding the benchmarks included herein, see ishares.com, cboe.com, and standardandpoors.com.




.

Static Approaches To VIX Fall Short

Gaining exposure to VIX via static approaches is easy to implement but doesn’t produce the desired portfolio effect.

Short VIX Futures ProfileLong VIX Futures Profile

Can profit during rising volatility, but -40% annual since Mar 2004. Profitable in rising markets, but does not hedge against rising

volatility.

S&P 500 VIX Short Term Futures

Index

Daily Inverse S&P 500 VIX Short Term Futures Index

Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and may not reflect the

impact of advisory fees. Data is of date of publication. For more information regarding the benchmarks included herein, see ishares.com, cboe.com, and standardandpoors.com.




.

proteus Summary




Traditional correlation-based

diversification fails when correlations rise, commonly in

times of stress

Since its correlation is

reliably negative, adding volatility (VIX) exposure can help address

this issue

Proteus Dynamic Volatility program

may provide a more effective

volatility exposure than static VIX

approaches

Typhon Capital provides

institutional-caliber operations

and risk management capabilities

.

proteus Dynamic ETP Fund


The Proteus Dynamic ETP Fund is a systematic, uncorrelated capital appreciation strategy using a rules-

based trading system on Exchanged-Traded Products (ETPs) that track VIX futures, either long or short.

Strategy AUM $14.5M

Minimum Investment U.S. $100k

Management Fee 2%


Liquidity Bi-Monthly




.

proteus Dynamic ETP Fund Returns




Performance figures are a composite of managed account returns normalized to 2/20. Returns from October 1st, 2011 to July 31, 2016 have been independently

verified by Alpha Performance Verification Services. VXX is the ETF designed to track the SPVIXSTR, S&P 500 VIX Short-Term Futures Index and

XVZ is the ETF designed to track the S&P 500 Dynamic VIX Futures Index; see www.spindices.com for more information. Please see offering materials for

more notes and risk factors.


2018 (4.53%) (3.97%) (6.05%) (13.87%)

2017 4.42% 3.74% 2.33% 1.27% (1.16%) (1.43%) 1.87% 0.53% 1.34% 1.73% 0.43% 1.75% 17.99%

2016 3.88% 0.42% (2.30%) (0.86%) 0.41% 3.28% (5.36%) (1.25%) (0.45%) 1.71% 5.54% 3.89% 8.71%

2015 0.02% 0.06% 2.54% 2.47% 2.46% 1.95% 5.21% (0.33%) (3.12%) 2.12% (0.48%) (0.25%) 13.12%

2014 (1.42%) (4.54%) (2.03%) (0.39%) 0.19% 2.64% 1.78% 1.18% (1.19%) (1.49%) 0.69% (5.86%) (10.27%)

2013 16.96% 0.50% 2.19% 4.41% (4.37%) (6.12%) 7.40% (5.15%) 6.79% 2.96% 2.44% 3.82% 34.13%

2012 24.18% (6.11%) 7.36% (1.91%) (12.45%) 8.78% 5.00% 11.46% 11.77% (4.39%) 7.09% (6.49%) 46.46%

2011 15.20% (12.56%) 13.57% 14.40%


Growth of $1,000

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

$0

$500

$1,000

$1,500

$2,000

$2,500

Proteus ETP Monthly Return Proteus ETP Fund XVZ VXX

Proteus XVZ VXX

Annualized Return 15.28% (16.37%) (57.20%)

Max Drawdown (14.55%) (69.75%) (99.76%)

Largest Gain 24.18% 11.07% 67.47%

Largest Loss (12.56%) (12.35%) (31.57%)

Sharpe Ratio 0.80 (1.21) (1.17)

Sortino Ratio 0.40 (0.40) (0.51)

Volatility (σ) 20.34% 13.82% 57.03%

Correlation (r) -27.99% -49.84%

Selected Statistics

.

VIX is a Closed Loop




Since it tracks expectations for 30-day variability in the VIX1 , the VIX Index is a closed loop. It simply oscillates over and under

its long term average price of about 20. Using VIX ETPs* and VIX futures and options, each loop can be a potential profit

opportunity. The pace and size of loops may vary, but this is all the VIX ever does.**

Price High: 40+

Price Low: 10 - 12

VIX loops are independent of:

• Level of S&P (bull/bear markets)

• Interest rates

• Earnings / economic conditions

Avg = 20

*Exchange-Traded Products **Source: Bloomberg

VIX Rising

S&P Falling

VIX Falling

S&P Rising

.


2017 4.40% 3.70% 2.30% 1.30% (1.20%) (1.40%) 1.87% 0.53% 1.34% 13.43%

2016 3.90% 0.40% (2.30%) (0.90%) 0.40% 3.30% (5.40%) (1.30%) (0.40%) 1.70% 5.50% 3.90% 8.59%

2015 0.00% 0.10% 2.50% 2.50% 2.50% 1.90% 5.20% (0.30%) (3.10%) 2.10% (0.50%) (0.30%) 13.07%

2014 (1.40%) (4.50%) (2.00%) (0.40%) 0.20% 2.60% 1.80% 1.20% (1.20%) (1.50%) 0.70% (5.90%) (10.23%)

2013 17.00% 0.50% 2.20% 4.40% (4.40%) (6.10%) 7.40% (5.20%) 6.80% 3.00% 2.40% 3.80% 34.07%

2012 24.20% (6.10%) 7.40% (1.90%) (12.50%) 8.80% 5.00% 11.50% 11.80% (4.40%) 7.10% (6.50%) 46.58%

2011 15.20% (12.60%) 13.60% 14.38%

Client Monthly Net Performance

Return Characteristics




Proteus Dynamic ETP performs best in trending markets (up or down) and seeks to recover quickly from drawdowns

Past performance is no guarantee of future results. Performance results prior to the Kaizen inception date includes accounts managed at another entity. The persons managing the account at Kaizen were primarily

responsible for achieving the performance results at the prior firm and the strategy is currently being managed in a similar manner.

Proteus Dynamic ETP drawdowns are typically around these

transition points. Importantly, these transitions also set up the

next opportunity as VIX continues around the loop.

This is why the system’s most profitable periods have been

immediately following transitions.

2016 Transition Examples

Recovery Examples

.

ETP Risk/Reward Trade




25.2%

-12.6%

Top 10 vs Worst 10 Trades: Avg ROR

Top 10 Avg ROR Worst 10 Avg ROR

Proteus Dynamic ETP Trade ROR Distribution

The Typhon Team







.




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 Customers

Chicago Tribune- Hedge-fund Manager an Impassioned Advocate for Commodities Customers

Forbes- The Hero of MF Global’s High-Noon James Koutoulas Wins Big for Little Guys

Fortune- The Boy Wonder of the MF Global Nightmare

Motley Fool- You Want Real Change in the Financial Industry? I suggest you keep an eye on James Koutoulas

Thomson Reuters- Brash Commodities Trader Shakes up MF Global case

Typhon’s CEO, James L. Koutoulas, Esq., founded Typhon 2008 in order to provide investors with the

ability to access emerging managers who are surrounded by institutional infrastructure. He sits on Typhon’s

Risk and Investment Committees. James has 20 years experience in accounting, computer programming,

operations, and trading. He graduated from the University of Florida with a B.S. in Finance as a National

Merit Scholar, and has a J.D. from the Northwestern University Prtizker School of Law with a

concentration in Securities Law. Northwestern Law named James its top Emerging Leader in 2016.

James is one of the leaders of the futures industry. He is the President and co-founder of the Commodity

Customer Coalition and led the recovery of $6.7B for customers affected by the MF Global Bankruptcy.

He served on the Board of Directors of the National Futures Association for three years. James has a

Series 3 and Series 65. He is an Advisor to Basis and was named one of “Wall Street’s Top Crypto

Rockstars” by Business Insider.

Chief Executive Officer




http://goo.gl/V7qG9

http://goo.gl/PqWqL

http://goo.gl/4Ks7IP

http://goo.gl/ywCt6

http://goo.gl/62rFA

http://goo.gl/Nldr6

.

David Klusendorf

David Klusendorf is the Chief Investment Officer and a principal of Typhon Capital Management which he

joined in March 2015. Mr. Klusendorf began his career at Timber Hill, LLC, a propriety option market

making firm based in New York, N.Y., as a floor clerk in March 1987. In June 1987, Mr. Klusendorf was

promoted to floor trader and became a member at the Chicago Mercantile Exchange. He was responsible for

making markets in the S&P options and hedging the firm’s position in the S&P futures pit. In November

1988, Mr. Klusendorf became a member at the Chicago Board of Trade and was promoted to the head of the

CBOE 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 Timber

Hill’s new foreign currency operation. In March 1992, Mr. Klusendorf left Timber Hill to trade Eurodollars

for Bob Levinson’s Proprietary Trading Group located in Chicago, Illinois. The firm gave him his own

discretionary account allowing him to manage his own positions independently. Mr. Klusendorf was assigned

the responsibility of training the firm’s new traders, educating them in execution, spreading and hedging

techniques. In April 1993, Mr. Klusendorf purchased a full membership at the CME and founded Klusendorf

Trading as its President. Klusendorf Trading was a propriety trading company specializing in interest rate

products 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 a

Bachelor of the Arts in Finance in December 1986. January 1987, Mr. Klusendorf enrolled in the graduate

school of Business at Loyola University Chicago from where he graduated with a Masters of Business

Administration in June 1991. He holds a Series 3 and 30

Chief Investment Officer




.

James Gallo

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




.

Edward Smith




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

.

Anthony Cicileo




Anthony Cicileo is a Senior Trader for Typhon’s Vulcan Metals Group and joined

the group in January 2017. Mr. Cicileo adds his expertise as a Silver Metals Specialist

to the Vulcan trade group.

Prior to joining Typhon, Mr. Cicileo held the roles of floor trader, broker and

President and owner of Arch/AC Trading from October of 1998 to present. While

owning and operating Arch/AC, Mr. Cicileo also performed speculative proprietary

trading.

Previous to Arch/AC, Mr. Cicileo worked for Credit Suisse from September 1996 to

October 1998 and Republic National Bank from February 1990 through June 1996

on their respective trading desks as a Market Maker in precious metals bouillon and

forwards. Mr. Cicileo hedged and managed bank portfolios valued at over $300M

and participated in speculative trading.

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

York, New York.

Mr. Cicileo remains an active member of COMEX.

Senior Trader: Vulcan Metals Strategy

.

Alexander Green

In November of 2017, CALCULATED TRADING LLC joined Typhon to head the Stoic Rules-Based Strategies

Group. Alexander Green is the Managing Member and Chief Investment Officer of CALCULATED TRADING

LLC, which he founded in March 2014.

Prior to starting CALCULATED TRADING LLC, Mr. Green was a Managing Director at Crestline Investors,

Inc where he worked from 2004 to 2014. While at Crestline Mr. Green was the Strategy Head for Structured

Credit, Mortgage Arbitrage, Interest Rate Arbitrage, Volatility Arbitrage, Managed Futures, Municipal Bond

Arbitrage, Macro, Convertible Bond Arbitrage, and Currency strategies. He managed 20-25% of Crestline’s

Diversified Fund of Hedge Funds ($3+ billion AUM) and sourced several opportunistic trades for the fund and

clients.

From 2001 to 2004 Mr. Green was a Portfolio Manager at Freddie Mac working on the mortgage portfolio. Mr.

Green’s focus was non-agency mortgage securities (CMBS, Subprime, Alt-A, HELOC, FHA/VA, etc.) where he

developed and tracked prepayment and loss models as well as reverse engineered all RMBS deals. Before moving

onto the mortgage portfolio, Mr. Green ran the internal risk management for Freddie Mac’s $3 billion external

money manager program from 2000 to 2001.

Previous to Freddie Mac, Mr. Green was a Proprietary Equity Trader from 1999 to 2000 and worked for Atlantic

Portfolio Analytics & Management (APAM), a mortgage hedge fund, from 1998 to 1999. At APAM Mr. Green

traded interest rate derivatives, agency debentures, currencies, and US Treasuries.

Mr. Green graduated from The University of Florida in 1995 with a BSBA with Honors in Finance where he was

a member of the Men’s Track and Field Team, made the SEC Academic Honor Roll in 1994, and was an SEC

Scholar Athlete award winner in 1994.

Mr. Green graduated from Boston College in 1997 with a MS in Finance.

Portfolio Manager: Stoic Rules-Based Strategies Fund




.

George Michalopoulos




Portfolio Manager: Leonidas Crypto, Energy, and Macro Group

George Michalopoulos joined Typhon in December 2016 as the head of the Leonidas

Crypto, Energy, and Macro Group.

Prior to joining Typhon, Mr. Michalopoulos worked for Citadel Investment Group in

London and Chicago from August of 2005 through March of 2011 where he held various

roles, among them Portfolio Manager and as a Junior Trader for their crude oil portfolio-

ultimately becoming the Director of Citadel’s sole speculative crude volatility business.

During his tenure at Citadel, Mr. Michalopoulos gained valuable skills and experience

trading in the energy products, including Crude Oil, WTI, Brent, and Natural Gas.

Following his time at Citadel, Mr. Michalopoulos founded Empeopled, a social project to

self-govern social media and create crowd-based decision making, in April of 2012 in Los

Angeles, California and continues working on today.

Mr. Michalopoulos graduated from The University of Chicago in June of 2005 with a BA in

Economics and a 3.8 GPA, he was named to the Dean’s List from 2001 thru 2005, and was

a Metcalf Fellow in 2004. Mr. Michalopoulos was elected Phi Beta Kappa in 2005.

.

Jerod Leman




Jerod Leman is the principal trader and portfolio manager for the Plutus Grain Strategy.

He also continues to structure cash market hedges for end users and producers of

agricultural products at Wellington Commodities.

Mr. Leman was born and raised on a farm in Indiana. He graduated from Purdue

University with a Bachelors Degree in Agricultural Economics. Mr. Leman brings a real

world meets higher education approach to trading agricultural strategies.

Previous to joining Typhon, Mr. Leman held the position of Hedge Account Executive at

Overmeyer Commodities, Commercial Hedgings. He was also involved in Direct-Ship

Cash Grain with Starke Indy Direct.

Portfolio Manager: Plutus Grain Strategy




.

Nick Nickols

Nick A Nickols is currently Co-Head of Typhon’s Capital’s livestock group where he manages the

Zephyrus Livestock Strategy. Mr. Nickols is President of NK Commodity Brokers, Inc. which began in

1991 providing financial risk strategies and execution services to their Institutional clients. Prior to 1991,

Mr. Nickols began his career in 1981 with Security Pacific National Bank in their Primary Dealer Group

and was VP of their Futures Commission Merchant Sales staff, focusing on Treasury and Eurodollar

strategies and cross currency arbitrage strategies.

With the consolidation of the banking industry in the mid 1990’s, NK Commodity Brokers focus was

shifted into the traditional commodities, with new clientele needing risk management solutions in Coffee,

Sugar & Cocoa, Live Cattle & Hogs.

In 2007, NK Commodity Brokers established a small Exempt Commodity Pool with multiple outside

managers to provide additional products to new clients. Mr. Nickols took over 100% of the trading in the

pool in 2015 to focus on a single market sector, Livestock.

Mr. Nickols has been a member of the NFA since 1989.

He Received his Bachelor of Science in Business Administration from West Coast University.

He was on the Board of Directors of Michrom BioResources Inc. a Scientific Instrumentation

manufacturer of HPLC and Mass Spectrometers and was instrumental in the purchase of the Company to

Bruker, Inc. in 2011.

Mr Nickols has a Series 3

Portfolio Manager: Zephyrus Livestock Strategy




.




D. Matthew Thompson

Matthew Thompson is currently Co-Head of Typhon Capital’s volatility group where he manages

the Proteus Dynamic Volatility Program and Proteus Risk Overlay. Mr. Thompson became a

principal of Typhon in November 2013, and in January 2014, he also became an associated person to

operate Proteus exclusively for Typhon. In July of 2015 Mr. Thompson took on an additional role at

mutual fund manager Kaizen Advisory, LLC to head their strategy research and risk management

efforts. Previous to Typhon, Mr. Thompson was a principal at Advocate Asset Management and a

proprietary trader for Avalon Trading, a group within the prop trading arm of ED&F Man Ltd.

Earlier in his career, Mr. Thompson was a portfolio manager at Hills Capital Management, a

$100MM family office where he co-developed the Proteus strategy. Prior to Hills, Mr. Thompson

held business development and strategy research roles at Actuarials Exchange LLC, a startup

derivatives exchange in Chicago IL.

Prior to these roles, Mr. Thompson held portfolio analytics and management roles at Northern Trust

and a $500MM registered investment advisor in Chicago, IL as well as a portfolio analytics and

consulting role at Envestnet, a $3B consultant to registered investment advisors across the US.

Mr. Thompson holds a BS in Economics from the University of Illinois at Urbana/Champaign and

has earned the CFA designation. He is currently a member of the CFA Institute and the CFA Society

of Chicago.

Portfolio Manager: Proteus Dynamic Volatility Program




.




Michael A. Thompson

Michael Thompson is currently Co-Head of Typhon Capital’s volatility group where he manages the

Proteus Dynamic Volatility Program and Proteus Risk Overlay. Mr. Thompson became a principal

of Typhon in November 2013, and in January 2014, he also became an associated person to operate

Proteus exclusively for Typhon. In July of 2015 Mr. Thompson took on an additional role at mutual

fund manager Kaizen Advisory, LLC to head their strategy research and risk management efforts.

Previous to Typhon, Mr. Thompson was a principal at Advocate Asset Management and a

proprietary trader for Avalon Trading, a group within the prop trading arm of ED&F Man Ltd.

Earlier in his career, Mr. Thompson was a portfolio manager at Hills Capital Management, a

$100MM family office in Barrington, IL where he co-developed the Proteus strategy. Prior to Hills,

Mr. Thompson held the Chief of Business Development and strategy research roles at Actuarials

Exchange LLC, a startup derivatives exchange in Chicago IL.

Mr. Thompson has also held portfolio management roles at a $500MM registered investment advisor

and an investment analyst role at William Blair & Company where he developed and implemented an

options overlay strategy for a mutual fund and client portfolios. Mr. Thompson began his career at

Northern Trust & Co as a performance analytics analyst in the Global Custody department before

moving to the Northern Investment Counselor investment group as an Investment Officer.

Mr. Thompson earned a BS in Economics from the University of Illinois at Urbana/Champaign and

holds the CFA designation. He is also a member of the CFA Institute and the CFA Society of

Chicago.

Portfolio Manager: Proteus Dynamic Volatility Program




.

Damian Taylor

In February of 2017, Messrs. van den Bergh and Taylor joined Typhon as the co-heads of the Helios

Deutsche Program.

Prior to joining Typhon Mr. Taylor set up the equity trading desk for the Seaport Group from June of

2014 through May of 2015. Before that, he was a partner and head of Equity trading at NSBO Ltd (North

Square Blue Oak) from November of 2008 through March of 2014.

From August of 2007 to October of 2008 Mr. Taylor was appointed head of trading at Matrix Alternative

Asset Management, a hedge fund group with 3 funds running over $40M AUM. He came to Matrix after

working at Pali International from February of 2006 until July 2007 as a senior trader for Institutional

Derivatives and Equities.

Before joining Pali, Mr. Taylor set up the Mountcashel Fund from May 2002 through January 2006-a long-

short equity hedge fund based on a proprietary algorithm he helped to write and develop and served as

Partner and Senior Fund Manager.

From September 1997 to April 2002 Mr. Taylor worked for ING Barings where he developed a trading

system that systematically traded long-short equities, relative value and directional futures for one of their

proprietary books. Mr. Taylor began his career as a closed-end funds analyst at Caspian Securities from

January 1996 to August 1997.

Mr. Taylor received his BA from the University of Manchester in 1995 with Honors in Economics and

Econometrics. Mr. Taylor completed 3 A levels in Economics, Math and Chemistry in 1991. He currently

holds an Investment Management Certificate.

Portfolio Manager: Helios Deutsche Program




.

Hubert Van den Bergh

In February of 2017, Messrs. Van den Bergh and Taylor joined Typhon as the co-heads of

the Helios Deutsche Program.

Prior to joining Typhon, Mr. Van den Bergh worked in equity sales for The Lazarus

Partnership from 2014 to 2015 and Oriel Securities from 2013 to 2014. Prior to this Mr.

Van den Bergh was at Kew Capital LLP, 2010 through 2011, as manager of an equity

long/short book.

From 2004 to 2009 he co-managed a fund at Park Town Asset Management LLP, a

business later sold to Matrix Asset Management LLP.

Mr. Van den Bergh was at Merrill Lynch Investment Managers from 1998 to 2004 where he

managed $1bn of pension fund money. Simultaneously, he co-managed the UK equity

hedge fund.

Mr. Van den Bergh received a BA degree from Oxford University in French and Linguistics.

His earlier education was completed at Eton College. Mr. Van den Bergh holds both CFA

and IMC (Investment Management Certificate), credentials.

Portfolio Manager: Helios Deutsche Program




.

chiron Trading GroupSim

on H

arr

isP

ort

folio

Man

ager •30 years Financial

Markets experience: equities, bonds & foreign exchange in proprietary trading and brokerage in senior management roles since 1982

•Senior Trading and Business Management roles at Wood MacKenzie, Williams de Broe, Tullet & Tokyo

•Risk Management experience running trading teams, Head of Risk at TMS Capital

Nic

hola

s Blo

om

Hea

d o

f R

esea

rch •30 years Financial

Markets in trading and portfolio manager selection and management

•Trading roles with Richco, Chemical Bank Int’l. and Lehman Bros.-metals, money and credit markets

•Manager FI prop trading & Internat’l US Gov’t. Securities

•FI prop trading at Barclays Capital and West Deutsche Landesbank

Luca B

ono

Curr

ency

Str

ateg

ist

•25 years experience in Global currency markets-trading, options and research with JP Morgan, Catalina Capital, Clessidra Alternatives, family office advisory, and others

Jam

es

Mit

chell

Sen

ior

Tra

der

•16 years Trading and Administration experience in Financial Futures

•Responsible for execution and reconciliation, client reporting and liaison and fund administration




.

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.

Dia

na R

ydbeck

Man

agin

g D

irec

tor • Compliance, Operations

and Investor Relations since 2009, Typhon

• Operations, Commodity Customer Coalition

• BS, University of Florida

Ale

x K

ara

Dir

ecto

r o

f O

per

atio

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




.

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]



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, with

a 4.7 exemption for serving Qualified Eligible Participants only. Typhon Global Fund Management, LLC provides services only to non-US investors and tax

exempt US institutional investors. Typhon Securities, LLC is currently exempt from registering with the Securities and Exchange Commission.




mailto:[email protected]

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Capital Management Capital...Capital Management DEEP DIVE THIS MATERIAL IS CONFIDENTIAL AND IS PROVIDED SOLELY FOR PRESENTATION PURPOSES. IT IS INTENDED FOR QUALIFIED ELIGIBLE PARTICIPANTS