Victori Capital LLC is a registered investment adviser based in Connecticut. All of Victori’s accounts are managed on a discretionary basis. Information presented herein is for educational purposes only and does not constitute an offer or solicitation for the sale or purchase of any specific investment, security, or strategy. Investments involve risk, returns are not guaranteed, and past performance is not indicative of future performance. Readers of the information contained in this presentation should be aware that any action taken by the viewer/reader based on this information is taken at their own risk. This information does not address individual situations and should not be construed or viewed as any type of individual or group recommendation. Be sure to first consult with a qualified professional regarding tax and/or legal matters that may apply. The performance data presented herein reflect discretionary trades performed by Victori Capital that constitute recommendations under the Connecticut Uniform Securities Act. Victori Capital will furnish a list of such recommendations upon request. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list.

Actual Performance Disclosure: The performance shown for the Low-Vol portfolio for the period beginning July 1, 2014 and concluding December 31, 2016, is based upon actual trading in the Victori Master Fund Ltd., a private fund managed by the firm during the stated period. The performance shown for the Low-Vol portfolio for the period subsequent to December 31, 2016 is based on actual trading in accounts on Victori Capital’s SMA platform. A composite index of all accounts assigned to the Low-Vol portfolio was used to calculate performance, which is shown net of a 1% management and a 10% performance fee (which is accrued monthly), plus brokerage commissions and actual expenses paid by the client. The performance calculations for the period beginning July 1, 2014 and concluding December 31, 2021 have been audited or examined by licensed accountants. Copies of the accountants’ reports are available upon request. The performance calculations for the period subsequent to December 31, 2021 have not yet been audited. Actual performance may differ from presented results due to the timing of deposits, withdrawals and capital deployment, the reinvestment of dividends, the length of time positions are held, the client’s objectives and restrictions, and fees and expenses charged to the client’s account. Past performance is not indicative of future results.

Modeled Performance Disclosure: The performance shown for the Victori Portfolio and the Long-Only offerings are modeled returns. Modeled, or simulated, results do not represent actual trading and actual results may differ from the theoretical results presented. Model portfolio performance is the result of the application of Victori Capital LLC’s investment process and is tied formulaically to the actual exposures deployed in the Low-Vol portfolio. The Victori Portfolio holds every position in the Low-Vol portfolio, but at 1.5x the weight, while the Long-Only portfolio remains fully invested in the long book of the Low-Vol portfolio. Model portfolio performance is shown net of a 1% or 1.2% management fee and a 10% performance fee (which is accrued daily). With respect to the management fee, a modeled rate of 1.0% is applied to all returns except those of the Victori Portfolio subsequent to 2020, in which case a rate of 1.2% is applied. The step-up reflects the 20-bp expense ratio implemented by Victori Fund Ltd. on January 1, 2021. While we believe that they are representative of the returns that a client would have received, these model returns are theoretical and do not fully reflect the experience of owning, trading, and managing an actual investment account. For example, model performance does not fully reflect the deduction of other fees or expenses, including but not limited to brokerage fees, custodial fees, and other fees and expenses that may be charged by other investment companies. Moreover, the simulated performance shown does not fully reflect the impact that material economic and market factors may have had on decision making if actual investor money had been managed according to these portfolios since inception. A detailed attribution report since inception is available upon request, as is data that shows the dispersion in performance between accounts, a composite of all accounts by type, and the model portfolios. The data used to calculate the model performance was obtained from sources deemed reliable and then organized and presented by Victori Capital LLC. Actual performance may differ from presented results due to the timing of deposits, withdrawals and capital deployment, the reinvestment of dividends, the length of time positions are held, the client’s objectives and restrictions, and fees and expenses charged to the client’s account.

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