* The inception date of Brummer Multi-Strategy (Cayman) Ltd is 1 October, 2023. Key figures have been calculated using simulated returns during the period 1 April 2002 (Brummer Multi-Strategy’s launch date) to Brummer Multi-Strategy (Cayman) Ltd first month October 2023. 1 April 2002 – 1 Jan 2005 pro forma figures are based on historical monthly returns since inception for the Brummer Multi-Strategy fund, adjusted for 2 x leverage. 1 Jan 2005 – 1 October 2023 pro forma figures based on the actual historical performance of the Brummer Multi-Strategy 2xL fund. The simulated returns have been adjusted for differences in how fees are charged as well as the more efficient use of unencumbered cash and hence cheaper financing of the 2x volatility target vs the original BMS fund, facilitated by the managed account structure. Neither the simulated performance nor the historical performance of Brummer Multi-Strategy 2xL fund on which it is based on, have been adjusted for inflation.

Note that the indexes referred to do not constitute a reference to how the management of each fund is structured. For information on the investment strategy and asset management objectives of each fund, please refer to the current information memorandum with related fund rules and the key investor information.