EFTA Document EFTA01363038

DISCIPLINED INVESTMENT MANAGEMENT PROCESS 108 105 100 93 88 NO DIRECTION BIAS, CONTAINED RISK Sell options to generate premium; simultaneously buy cheaper options to contain and quantify risk Exposure limited to the difference between the short call strike and long call strike less premium received Benefits from a market that is relatively range bound Maximum profit reakzed if the index expires between the short call and short put Exposure limited to the difference between the short put strike and long put strike less premium received HARVEST VOLAMII MANACEMV: DIVERSIFIED POSITIONS, STAGGERED ENTRY 115 1 110 I • 105 1 • 100 95 1 90 1 85 Seek to reduce sensitivity of returns to path of the underlying index by staggering positon entry and diversifying across expiration dates, and strike prices a A • • • A • • --r A • • • • • week 1 week 2 week 3 Week 0 Week S Week 6 SPX • loN•CAI a Shat 0/1 A snort Put a Iona Put RISK FOCUSED ACTIVE MANAGEMENT Attempt to reduce drawdowns and the volatility of returns by adjusting positions to mitigate market directional risk and reducing exposure to gap risk around market events /toy ax" d e 4, oe; "All images for illustrative purposes only" CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0052879 SDNY_GM_00199063 EFTA01363038