Commodity Asset Management / MAP Accepting New

Ascent Capital Management CTA Report Report Start Date: Jan-2017 - Report End Date: Sep-2020

Commodity Asset Management / MAP Discretionary / Fundamental / Diversified Accepting New Investors: Yes 4.7 Exempt - QEP Investors Only

Performance Since January 2017

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

2017 0.23% -1.17% 0.40% -2.11% -2.47% 2.60% 4.03% 7.54% -3.79% 6.14% -5.73% 12.50%

2018 1.28% -2.65% -8.30% 7.12% 8.77% -5.08% -0.02% 0.88% 0.06% -2.17% -0.65% -0.58%

2019 6.24% 5.49% -2.60% -4.93% -2.66% 2.18% 0.71% 3.31% 0.34% 0.76% -1.10% 1.15%

2020 -0.05% 5.43% 0.39% -5.54% -3.59% 2.85% -0.33% 3.09% -2.27%

2017 2018 2019 2020 YTD ROR 18.03% -2.49% 8.62% -0.50%

Max DD -5.73% -10.73% -9.86% -8.93%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: KPMG

Program Description: Commodity Asset Management ("CAM") is a specialized industrial commodities focused asset manager, founded by alumni of AQR Capital Management and Marc Rich & Co. CAM invests in lesser covered, but still liquid, exchange traded industrial commodities, where it believes it has a distinct fundamental edge. CAM sources its alpha from proprietary relationships across the industrial commodities value chain, as well as alternative data. CAM dampens the volatility inherent in commodities through active hedging and risk management, and has low correlation to traditional indexes. CAM utilizes both futures and equities in its core fund, and offers futures only managed accounts. CAM is proud to be featured in Bloomberg's "Hedge Fund Briefs," US News and World Report's "The Outlook for Investing in Metal in 2018," and on Strategic Investor Radio's "Investing in Niche Commodities" podcast.

Investment Information Trading Strategy Program Start Date Jan-2017 Minimum Investment 1,000,000 Management Fee 2.00% Incentive Fee 20.00% Market Segment Margin 6-12% Round Turns per Million 4,000 Currency US Dollars NFA No: #0492970

VAMI, AUM & Worst Drawdown (since Jan 2017) $ 1 ,4 0 0 $ 0 2 0 1 8 2 0 1 9 2 0 2 0

$ 1 ,2 8 0 $ 0 $ 1 ,1 9 4

$ 1 ,1 6 0 $ 0

VAMI $ 1 ,0 4 0 $ 0 $ 1 ,0 0 0 $ 1 ,0 6 6

$ 9 2 0 $ 0

$ 8 0 0 $ 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Assets Under Management V A MI (Red Line Indicates Max Drawdown)

Program Statistics Annualized Statistics Peak-to-Valley Drawdown (1) (Jan 2018 - Mar 2018) -10.73% Annualized Compounded ROR (2) 5.99% Worst Monthly Return (Mar 2018) -8.30% Standard Deviation 14.57% Current Losing Streak -5.94% Sharpe Ratio (4) 0.40 Average Monthly Return 0.57% 36 Month Calmar Ratio (3) 0.55

Ascent Capital Management 311 S. Wacker Drive - Suite 600 * Chicago, IL 60606 Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com Ascent Capital Management CTA Report Report Start Date: Jan-2017 - Report End Date: Sep-2020

Time Window Analysis Historical Drawdown and Recoveries*** Length Best Average Worst Start Depth Length Recovery End

1 mo 12.5% 0.6% -8.3% Feb-18 -10.73% 2 mo 2 mo May-18

3 mo 14.8% 1.8% -9.9% Mar-19 -9.86% 3 mo 9 mo Feb-20

6 mo 21.2% 3.7% -6.9% Apr-20 -8.93% 2 mo 4 mo n/a

12 mo 31% 8% -6.5% Jun-18 -7.43% 7 mo 2 mo Feb-19

18 mo 21.9% 10.5% -1.3% Nov-17 -5.73% 1 mo 1 mo Dec-17 Feb-17 -5.27% 4 mo 2 mo Jul-17 24 mo 30.2% 14.3% -3.1%

36 mo 33% 25.5% 16.8%

Comparisons Program AG CTA Index Annualized Compound ROR 5.99% 1.20% Cumulative Return 24.38% 4.56% Cumulative VAMI (5) 1244 1046

Largest Monthly Gain 12.50% 2.61%

Largest Monthly Loss -8.30% -5.53% Correlation — 0.290 Last 12 Months 0.29% 4.60% Last 36 Months 18.62% 5.25%

Growth of $1,000 VAMI - Program vs. Benchmarks (since Jan 2017) $1,400 2018 2019 2020

$1,280

$1,160

VAMI $1,040 $1,000 $920

$800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Program AG CTA Index

Monthly Returns (since Jan 2017) Distribution of Returns (since Jan 2017) 1 5 % 1 5 M os . 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 1 2 M os . 1 0 % 9 M os . 5 % 6 M os .

0 % 3 M os .

0 M os . -5 % 0 > 1 10 < -1 -1 0 % 2 to 0 4 to 2 6 to 4 8 to 6 -2 to 0 to -2 t 0 1 to 8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -6 to -8 -4 to -6 -2 to -4 -1 0 to -8 to 0 -1 Month/Year Percent Return

+ NOTES:

A Qualified Eligible Person ('QEP') must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2017-01-31 to 2020-09-30

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

Ascent Capital Management 311 S. Wacker Drive - Suite 600 * Chicago, IL 60606 Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com