The above is the Investment Manager’s return on actually invested capital, as realized (it is not a back-test). Through mid-2016, the return is based on a consolidated view of the Investment Manager’s private accounts, which were since converted into corporate accounts under the Rapaport Flagship Limited name. Since mid-2016 it is based on the Investment Manager’s Share Series return, which excludes Investment Management Fees, Legal and Accounting Costs, but it includes Trading Costs, Commissions, and Account Maintenance Fees. The return is unaudited, it is meant for illustration only, and it should not serve as basis for any investment decision, be construed as investment advice or an offer to purchase shares. Account records and statements are available upon request.