Terms and Conditions

This website, and any Versor Investments (formerly “ARP Investments”) group social media profile or webpage that contains a link to this website are collectively referred to as the “Content.”

The Content is provided for your information only and does not constitute investment advice or convey an offer or solicitation of any type with respect to any securities or financial products.

No assurances can be given that any aims, assumptions, expectations, and/or goals expressed or implied in the Content were or will be realized, or that the strategies described in the Content have continued or will continue at all or in the same manner as is described.

Past performance is not necessarily indicative of future results. Commodity interest trading involves substantial risk of loss. Performance results reflect the reinvestment of income.

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

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.

An investment with Versor Investments is speculative and involves substantial risks including possible loss of principal. No one should rely on any simulated performance in determining whether to invest with Versor Investments.

General Disclosures

The information contained herein is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation to enter into any investment advisory or similar

agreement with Versor Investments LP or any of its affiliates (collectively, “Versor Investments”) and may not be used or relied upon in connection with any offer or sale of securities. Any such offer may only be made by means of formal Offering Documents, the terms of which will govern in all respects. Past performance is not indicative of future results. The information set forth herein does not purport to be complete.

Investing in an investment product made available by Versor Investments or its affiliates (a “Fund”) involves a high degree of risk. No person has been authorized to make any statement concerning the Fund other than as set forth in such Fund`s Offering Documents and any such statements, if made, may not be relied upon. Prior to investing, investors must familiarize themselves with the Fund`s offering materials and subscriptions documents (collectively, the “Offering Documents”) and be prepared to absorb the risks associated with any such investment, including a total loss of all invested capital. The complete terms regarding an investment in a Fund, including but not limited to the investment program, fees and charges, tax considerations, risk factors, conflicts of interest and liquidity, are set forth in the Fund`s Offering Documents.

The information contained herein is unaudited and provided as an accommodation to investors in connection with the monitoring of their investment in a Fund. The materials provided are based upon information included in our records, as well as information received from third parties. We do not represent that such information is accurate or complete, and it should not be relied upon as such. The financial information contained herein does not provide a complete picture of the Fund`s financial position or results, in part because it is does not reflect all applicable fees, expenses and other costs that will affect the Fund`s net returns. The actual returns of the Fund will be lower – and likely much lower – than the unaudited returns included in this presentation. Please contact Versor Investments for a pro forma calculation of the impact of projected fees and expenses on the returns included herein. In the event of any discrepancy between the information contained herein and the information contained in an investor`s audited account statements, the latter shall govern.

Certain information in this document may consist of compilations of publicly-available data. Versor Investments has obtained such data from what it believes to be reliable sources. However, Versor Investments has no ability, and has not attempted independently, to verify any of such information. Versor Investments has not generated or independently verified the data included in this document and assumes no responsibility for it.

Certain information included in this document regarding Versor Investments’ “implementation” of different strategies is simulated and back-tested. These are hypothetical records only. These results have been generated by applying Versor Investments’ systems to historical pricing data for the publicly-traded instruments (including securities and futures) in which Versor Investments’ accounts will trade. The recipient should understand that Versor Investments, in using its analytics to generate simulated results, necessarily applies Versor Investments’ statistical models to historical data on a back-tested basis. Different quantitative analysts will differ as to how statistically to define the different factors. While Versor Investments believes that its method of analysis is reasonable, there are other equally reasonable methods which would generate materially different results. Relying on any form of statistical, quantitative analysis in investment decision-making is speculative and involves a high degree of risk. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Commodity interest trading involves substantial risk of loss.

Because these results are simulated, they are subject to all of the material inherent limitations of back-tested data. Due to these limitations (among others), the U.S. Commodity Futures Trading Commission requires that the following disclaimer accompany such information:

These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. Specifically, Versor Investments continuously seeks to enhance its methodologies and therefore a survivorship bias is present as these hypothetical performance results are continuously updated to apply what Versor Investments believes to be the most optimal approach at that point in time. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. An investment with Versor Investments is speculative and involves substantial risks; investors may lose their entire investment. No one should rely on any simulated performance in determining whether to invest with Versor Investments.

Certain analysis or statements included herein may constitute forward-looking statements. The forward-looking statements are not historical facts but reflect Versor Investments’ current statistical conclusions regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from history or current expectations. Although Versor Investments believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future results or events and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

While Versor may consider ESG factors when making investment decisions, Versor does not pursue an ESG-based investment strategy or limit its investments to those that meet specific ESG criteria or standards.

It should not be assumed that any ESG initiatives, standards, or metrics described herein will apply to each asset in which Versor invests or that any ESG initiatives, standards, or metrics described herein have applied to Versor’s prior investments. ESG is only one of many considerations that affect Versor’s investment decisions. Other considerations outweigh ESG considerations in certain circumstances. The information provided herein is intended solely to provide an indication of the ESG initiatives and standards that Versor applies when seeking to evaluate and/or improve the ESG characteristics of its investments as part of the larger goal of maximizing financial returns on investments. Any ESG initiatives described herein will be implemented with respect to a portfolio investment only to the extent Versor determines these initiatives to be consistent with its broader investment goals and applicable laws. Accordingly, certain investments may exhibit characteristics that are inconsistent with the ESG initiatives, standards, or metrics described herein.

This document is confidential and is intended solely for the addressee. The information contained herein is proprietary and confidential to Versor Investments and may not be disclosed to third parties, or duplicated or used for any purpose other than the purpose for which it has been provided. Unauthorized reproduction or the distribution of this document (or any excerpts hereof) is strictly prohibited. The recipient agrees to dispose of this document promptly upon the request of Versor Investments.

Australia Disclosures

Australia Legal Disclaimer

This document is issued by Versor Investments LP (“Versor Investments”), a U.S. investment adviser registered with the U.S. Securities and Exchange Commission. The information in this document (the “Information”) has been prepared without taking into account individual objectives, financial situations or needs. It should not be relied upon as a substitute for financial or other specialist advice. This document does not constitute investment advice or any offer or solicitation to sell investment advisory services in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. This document is directed at and intended for wholesale clients, professional clients, eligible counterparties and other “institutional investors” (as such term is defined in various jurisdictions). This document is provided on a confidential basis for informational purposes only and may not be reproduced in any form or transmitted to any person without authorization from Versor Investments.

By accepting a copy of this presentation, you agree (a) that the Information is confidential and proprietary to Versor Investments , (b) to keep the Information confidential, (c) not to use the Information for any purpose other than to evaluate a potential investment in any product described herein, and (d) not to distribute the Information to any person other than persons within your organization or to your client that has engaged you to evaluate an investment in such product. This document is supplied on the condition that it is not passed on to any person who is a retail client. Past performance is not indicative of future results. Unless otherwise specified, investments are not bank deposits or other obligations of a bank, and the repayment of principal is not insured or guaranteed. They are subject to investment risks, including the possibility that the value of any investment (and income derived thereof (if any)) can increase, decrease or in some cases, be entirely lost and investors may not get back the amount originally invested. The contents of this document have not been reviewed by any regulatory authority in the countries in which it is distributed. Versor Investments accepts no liability whatsoever for any direct, indirect or consequential loss arising from or in connection with any use of, or reliance on, this document which does not have any regard to the particular needs of any person. Versor Investments takes no responsibility whatsoever for any use, reliance or reference by persons other than the intended recipient of this document.

Opinions and views expressed constitute the judgment of Versor Investments as of the date of this document, may involve a number of assumptions and estimates which may not be valid, are not guaranteed, and are subject to change without notice. Although the information and any opinions or views given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness or accuracy.

The opinions and views herein are not intended to be recommendations of particular financial instruments or strategies to you. This document does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You are advised to exercise caution in relation to any information in this document. If you are in doubt about any of the contents of this document, you should seek independent professional advice.

Legal Disclaimer

It is the responsibility of any persons wishing to engage investment advisory services to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdictions. Prospective clients should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the acquisition, holding or disposal of any investments in stock or bonds, and any foreign exchange restrictions that maybe relevant thereto. Versor Investments products or services are not registered for public sale in Australia, New Zealand or Papua New Guinea, respectively.

The Information is provided for informational purposes only. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable. The views and strategies described may not be suitable for all clients.

References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.

Risks Associated with the use of AI Tools

The utilization of AI Tools in investment management, driven by advancements in computing technology and data analytics, is on the rise. These tools are applied to various aspects of portfolio management, trading, and portfolio risk management, with some market participants exploring increased autonomy. The Investment Manager integrates AI Tools for pre-trade analysis, trade execution, and post-trade analysis, encompassing descriptive, predictive, or prescriptive tasks. They are employed not only in quantitative or algorithmic trading but also in sophisticated fundamental analysis, including textual analysis, and optimizing asset allocations within the Fund’s portfolio. It’s important to acknowledge that while AI Tools offer advantages, potential risks exist. Many AI Tools are relatively recent developments and may harbor undetected errors, defects, or security vulnerabilities. Some errors may only surface after widespread use or substantial marketplace operations, potentially leading to significant financial losses, liabilities, or sanctions. The rapid execution capabilities of AI-integrated trading technology, particularly when combined with other algorithmic systems, can amplify the impact of these flaws. Additionally, certain technological and operational limitations may hinder or prevent human intervention. Investors considering initial or additional investments in the Fund should be aware of these risks associated with AI Tools and exercise caution. Careful due diligence and ongoing monitoring are advisable to mitigate potential drawbacks.

Undetected Errors and Security Risks: AI Tools, being relatively recent developments, may harbor undetected errors, defects, or security vulnerabilities. Some issues may only surface after extensive use, potentially leading to substantial financial losses, material liabilities, or sanctions. The rapid integration of AI Tools into trading technology may magnify the impact of such flaws, especially when interacting with other algorithmic systems.

Implementation Risk: Despite our commitment to implement AI Tools diligently, their use in portfolio management, trading, and risk assessment may produce results that do not align with our existing models or expectations, possibly resulting in losses to the Fund. If AI Tools are employed in line with the standard of care outlined herein, the Investment Manager will not be held liable for such losses.

Regulatory Risk: Governmental entities are increasingly active in considering regulations and market restrictions on algorithmic and machine-assisted trading strategies. Such regulations may include requirements for pre-testing, automatic volume controls, or liability for negative market impacts. These rules might limit our ability to fully employ AI Tools, potentially affecting the Fund’s performance.

Interdependence and Opacity: Understanding and explaining the inferences made by most AI Tools can be challenging due to their complexity. As AI Tools rely on historical data, predicting their behavior in “black swan” events is difficult. This opacity can introduce risks, such as cascading market crashes, especially when multiple asset management companies use similar AI Tools.

Incorrect Outputs: AI Tools may make erroneous decisions based on irrelevant data patterns. Complex analytical frameworks used by AI Tools can make it challenging to identify such errors, especially when integrating new data, which may differ from the training data.

Data Quality: AI Tools depend on the quality and sufficiency of data. Poor-quality data can lead to suboptimal performance. As AI Tools become more complex, identifying data-related issues becomes harder, potentially resulting in market instability.

Learning Limitations: AI Tools lack human judgment and context, which may limit their effectiveness in certain environments. Learning limitations may affect strategic deployment and risk-based reviews, leading to unexpected issues.

Potential Attacks: The use of AI Tools increases the risk of potential malicious attacks, including data privacy breaches, data poisoning, and model extraction. Such attacks may compromise data privacy, affect AI Tool performance, or lead to the extraction of investment models. These attacks can harm the Fund’s investment performance.

Bias Risk: AI Tools may amplify risks related to biased outcomes or discrimination. The evolving nature of data ethics and fairness introduces the risk of unfair outcomes. Governmental entities may impose restrictions on AI Tool use, potentially affecting Fund operations.

Drift: Drift may introduce various errors and risks in AI Tools. Changing relationships between variables over time can impact tool accuracy. Detecting drift and mitigating associated risks is a priority, but it may be challenging to do so before losses occur. If monitoring is implemented in line with the standard of care outlined herein, the Investment Manager will not be liable for losses due to drift.

Disclaimer: The use of AI Tools in investment management involves risks, and the effectiveness of these tools may vary. Investors should exercise caution and conduct thorough due diligence. The information provided is for informational purposes only and should not be considered as financial advice. Investment decisions should be made after consulting with qualified financial professionals and considering individual circumstances. Past performance is not indicative of future results.