Summary

2. Summary Managed Futures Program • Profit from upward and downward long-term price movements in assets • Systematic and automated • Low trading frequency • 130 futures contracts monitored across 25 global exchanges • Low correlation to traditional investments • Liquid investment in exchange traded futures contracts • Quarterly entry and exit; no lock-up • 5-Year+ investment horizon Exposure to all major asset classes • Currencies • Energy • Equity Indices • Grains • Interest Rates • Meats • Metals • Soft Commodities • Volatility

3. Investment Philosophy • Axiom: “... a premise or starting point of reasoning. As classically conceived, an axiom is a premise so evident as to be accepted as true without controversy.” * Axiomatic regularities emerge when an asset is traded in a marketplace • Shorter term patterns • Tend to be transient • Are easily arbitraged away • Are fragile to the need for continued evolution, improvement in speed and execution • Longer term patterns • Tend to be axiomatic regularities – emerge from the interplay of fundamental drivers and crowd behaviour • Are well known market phenomena – the source of profits are less susceptible to degradation, competition and market frictions Long-term price trends are axiomatic of all asset markets • It is self-evident that • Asset price movements are distributed non-normally; and • at times tend to persist in one direction or another • These regularities are reliable sources of trading edge; however • One must face a long-term investment horizon • One must face long periods of under-performance punctuated by short periods of high profitability • One must be comfortable utilising crude heuristics that are not fragile to changing market regimes * http://en.wikipedia.org/wiki/Axiom

4. Methodology The Global Positioning System (GPS) • A long-term trend following system • Algorithmically simple – aims to mitigate fragility to changing market regimes via simple heuristics consistently applied to all markets • Applied to a basket of 130 futures markets across all major asset classes • Automated order entry, execution, portfolio monitoring and risk management RiskManagement • Conducted on an individual trade basis • Each position is small enough to mitigate the risk of volatile inter-market correlations • Automated and algorithmically defined The Trading Process • Employs a variety of order types • A risk controlled long (short) position is taken when GPS signals the potential for an upward (downward) price trend • Allocated capital is in part determined by recent volatility and liquidity conditions • A covering stoploss order is activated, monitored and adjusted throughout the life of the trade • If the potential trend emerges • GPS continues to monitor and manage the trade so long as the price trend continues in the same direction • If the trend fails to materialise • The position is exited with a small loss when the predefined stoploss is executed

5. Performance

6. Performance

7. Performance

8. The Managers Adam Tomas • Tomas Technology Pty Ltd • Portfolio Manager • Trading software and algorithm development • Management of GPS and IT infrastructure • 12 years trading financial and commodities markets • Intra-day to multi-year position taking • Bonds, equities, commodities, futures, options, physical electricity and gas • Specialise in computational approaches to trading • Education • Bachelor of Commerce – First Class Honours in Finance • Master of Computing (on hiatus) Max Merven • Hobereau Investments Pty Ltd • Responsible Officer / Business Manager • Australian Financial Services Licence – 244539 • Custodial Services • 30 years investing and managing risk in financial markets • Director Risk Management Macquarie Bank • Principal trader and investment manager of Hobereau since 2000 • Specialising in equities, options and futures • Education • Bachelor of Commerce – Accounting and Finance • Institute of Chartered Accountants in Australia