DISCLAIMER: The information contained herein is not for retail investors but intended for use by institutional and professional investors including “Qualified Purchaser” within the meaning of the 1040 Act which also qualifies it for the status of “Qualified Eligible Person” under CFTC Regulation 4.7. Alternative investments are speculative, involve substantial risks and are not suitable for all investors. This information is not a solicitation for investment. Such investment is only offered based on information and representations made in the appropriate offering documentation. The information in this document is confidential and intended for QEP investors only. Past performance is not necessarily indicative of future results. No assurance that Royal Oak’s Funds will achieve their objectives or avoid losses. 

HYPOTHETICAL PERFORMANCE RISK DISCLOSURE: One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. The risk of trading commodity futures, options, and foreign exchange (“forex”) is substantial. The high degree of leverage associated with commodity futures, options, and forex can work against you as well as for you. The high degree of leverage can result in substantial losses as well as gains. You should carefully consider whether commodity futures, options, and forex are suitable for you in light of your financial condition. If you are unsure, you should seek professional advice. ** In some cases, managed accounts are charged substantial commissions and advisory fees. Those accounts subject to these charges may need to make substantial trading profits just to avoid depletion of their assets. Each Commodity Trading Advisor (“CTA”) is required by the Commodity Futures Trading Commission (“CFTC”) to issue the prospective clients a risk disclosure outlining these fees, conflict of interest, and other associated risks. A hard copy of these risk disclosure documents is immediately available upon request. Note that the investment manager's fees stated on Slide 11 above do not include fees paid to the underlying sub-investment advisors. The fees/costs netted from the performance (and related statistics) presented on Slides 7-10, however, do include such underlying fees. The pro forma results assume monthly compounding, netting of sub-advisor fees, fund fees, and conservative levels of brokerage. The full risk of commodity futures, options, and forex trading cannot be addressed in this risk disclosure statement. No consideration to invest should be made without thoroughly reading the risk disclosure document. The CFTC has not passed on the merits of participating in any of the preceding programs nor on the adequacy or accuracy of the disclosure documents. Other disclosure statements are required to be provided to you before an account may be opened for you. 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. You should carefully consider whether commodity futures are suitable for you in light of your financial condition. An investor must read and understand the manager’s current disclosure statement before investing.