Ascent Capital Management CTA Report

Report Start Date: May-2020 - Report End Date: Dec-2023

Martin Fund Management, LP / Martin Options Program Discretionary / Systematic Guidance / Softs & Ags
Accepting New Investors: Yes 3C1 Exemption - QEPs Only

Performance Since May 2020

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 4.58% -2.19% 11.35% -2.60% 0.06% 0.15% 3.13% 22.25%

2021 15.38% 10.34% -5.25% 16.25% 2.51% -2.74% 18.53% 2.83% 0.56% -0.49% 5.42% -0.73%

2022 1.73% 0.17% -5.23% 0.69% 1.84% -0.22% -6.95% 11.05% -2.78% -16.65% 1.03% -1.52%

2023 4.64% -0.93% -4.36% -0.11% 0.88% 10.13% 4.07% -4.85% -3.01% 1.50% 1.71% 21.35%

2020 2021 2022 2023 YTD

ROR 40.16% 78.45% -17.68% 32.39%

Max DD -2.60% -5.25% -19.38% -7.71%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: Deloitte

Program Description: Martin Options Program (MOP) utilizes option spreads structures to profit from macro opportunities in the Softs (Coffee Sugar Cocoa), Grains
(Corn Soybeans Wheat) and Precious Metals (Gold) commodity sectors. The program recognizes that many of these commodities are at or near 30+ year lows; with a
major post-COVID crisis demand surge on the horizon, the program seeks significant opportunities using option structures within a robust multi-layered risk
management system. The program also recognizes the increased volatility in these markets given many new factors (China trade war/deal, COVID-19, EM currency
routs); the program seeks to benefit from this volatility within a systematic risk protocol. MOP targets a 15% volatility, annual return goals of 20%+, with a target
Sharpe ratio of 1.5+ or better. Strategy capacity USD 500M.

Investment Information
Trading Strategy Market Segment
Program Start Date Jul-2020
Minimum Investment 1,000,000
Management Fee 1.50%
Incentive Fee 20.00%
Margin 10% to 20%
Round Turns per Million 4,200
Currency US Dollar
NFA No: #0462880

VA MI, A UM & Worst Drawdown (since May 2020)

$ 3 ,0 0 0 $140
2021 2022 $ 2 ,5 5 5 2023

$ 2 ,4 0 0 $112

$ 1 ,8 0 0 $ 2 ,0 4 0 $84
VA MI

$ 1 ,2 0 0 $56
$ 1 ,0 0 0

$600 $28

$0 $0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

A s s ets U nder M anagement V A M I (Red L ine I ndic ates M ax D rawdown)

Program Statistics Annualized Statistics

Peak-to-Valley Drawdown (1) (Aug 2022 - Apr 2023) -20.15% Annualized Compounded ROR (2) 31.45%
Worst Monthly Return (Oct 2022) -16.65% Standard Deviation 26.69%
Current Losing Streak 0.00% Sharpe Ratio (4) 1.12
Average Monthly Return 2.58% 36 Month Calmar Ratio (3) 1.23

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK
OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT BASE
THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.

Ascent Capital Management

311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com
 Ascent Capital Management CTA Report
Report Start Date: May-2020 - Report End Date: Dec-2023

Time Window Analysis Historical Drawdown and Recoveries***

Length Best Average Worst Start Depth Length Recovery End

1 mo 22.3% 2.6% -16.7% Sep-22 -20.15% 8 mo 8 mo Dec-23

Mar-22 -9.77% 5 mo 1 mo Aug-22
3 mo 55.6% 7.1% -18.1%
Mar-21 -5.25% 1 mo 1 mo Apr-21
6 mo 76.8% 15% -17.8%
Jun-21 -2.74% 1 mo 1 mo Jul-21
12 mo 119.8% 31.6% -17.7%
Aug-20 -2.60% 1 mo 3 mo Nov-20
18 mo 144.5% 42.2% -18.4%
Jun-20 -2.19% 1 mo 1 mo Jul-20
24 mo 143.2% 50.7% -10.8%

36 mo 121.5% 101.8% 94.5%

Comparisons Program AG CTA Index SP 500 TR

Annualized Compound ROR 31.45% 5.08% 16.26%
Cumulative Return 172.58% 19.94% 73.74%
Cumulative VAMI (5) 2726 1199 1737

Largest Monthly Gain 22.25% 2.99% 10.95%

Largest Monthly Loss -16.65% -1.27% -9.21%

Correlation — 0.385 0.075
Last 12 Months 32.39% 3.78% 26.29%
Last 36 Months 94.47% 14.55% 33.11%

Growth of $1,000 VA MI - Program vs. Benchmarks (since May 2020)

$3,000
2021 2022 2023

$2,400

$1,800
VA MI

$1,200
$1,000
$600

$0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Program AG C TA Inde x SP 500 TR

Monthly Returns (since May 2020) Distribution of Returns (since May

60% 2020)
2020 2021 2022 2023
1 5 M os .

40% 1 2 M os .

9 M os .
20%
6 M os .
0%
3 M os .

0 M os .
-2 0 %
< -1 0
- 1 0 to - 8
- 8 to - 6
- 6 to - 4
- 4 to - 2
- 2 to 0
0 to 2
2 to 4
4 to 6
6 to 8
8 to 1 0
> 10

-4 0 %
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Month/Year Percent Return

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK
OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT BASE
THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.

Ascent Capital Management

311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com
 Ascent Capital Management CTA Report
Report Start Date: May-2020 - Report End Date: Dec-2023

+ NOTES: Deloitte.

A Qualified Eligible Person ('QEP') must meet the following two requirements: 1) the investor must first be an accredited investor. The most
common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years
OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having
$2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for
example, $1,000,000 in securities and $100,000 in margin).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED
ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION.
THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON
THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING
COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month,
and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2020-05-31 to 2023-12-31

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database
and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45
days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which
together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5
billion. The TR Index accounts for the reinvestment of dividends.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's
Disclosure Document.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK
OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.
THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND
OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S
CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

Ascent Capital Management

311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com