Please remember that past performance is not a guarantee of, and is not necessarily indicative of, future results. Performance information presented herein is representative of an investment in a separately managed account (the “Account”) with the reinvestment of all dividends and other earnings. All computations are presented on a pro forma basis net of transaction costs, a quarterly management fee calculated at the rate of 1% per annum and a 10% annual performance-based allocation with a high-water mark. The performance of any investment by the Account is subject to fees, operational expenses and taxes applicable pursuant to the terms of the Account as set forth in the Investment Management Agreement. The Account’s fees and operational expenses may offset trading profits. Because some investors may have different fee arrangements, and depending on the timing of a specific investment, net performance for individual investors may vary. All returns are unaudited.

Performance returns of a benchmark index is provided to allow for certain comparisons of Three Gamma Capital, LP’s (the “Investment Manager”) performance to that of a well-known and widely-recognized index. Such information is included to show the general trend in the markets during the periods indicated and is not intended to imply that the holdings of the Investment Manager were similar to the index, either in composition or risk profile. Such index is not actively managed and therefore does not have transaction costs, management or performance fees or other operational expenses. The Investment Manager’s investment strategy is not restricted to the instruments comprising such index.  The Accounts’ portfolio may not be as diversified as such index and the volatility of an index may be materially different from the volatility of the Account.

The Investment Manager is neither a law firm nor a certified public accounting firm and no portion of the presentation content should be construed as legal or accounting advice. Each investor is encouraged to consult with their legal, financial and tax advisors with respect to any investment in the Account. The data and analysis contained in Three Gamma’s publication are provided “as is” and without warranty of any kind, either expressed or implied. The information is based on data believed to be reliable, but it is not guaranteed.  THREE GAMMA DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.

Three Gamma’s reports reflect opinions of our analysts as of the date of each report, and they will not necessarily be updated as views or information change.  All opinions expressed therein are subject to change without notice, and you should always obtain current information and perform due diligence before trading. Three Gamma or its affiliated companies or their respective shareholders, directors, officers and/or employees, may have long or short positions in the securities discussed in Three Gamma’s publications and may purchase or sell such securities without notice.  The performance of Three Gamma’s past recommendations and model results are not a guarantee of future results. Using any graph, chart, formula, model, or other device to assist in deciding which securities to trade or when to trade them presents many difficulties and their effectiveness has significant limitations, including that prior patterns may not repeat themselves continuously or on any particular occasion.  In addition, market participants using such devices can impact the market in a way that changes the effectiveness of such devices. Three Gamma believes no individual graph, chart, formula, model, or other device should be used as the sole basis for any investment decision and suggests that all market participants consider differing viewpoints and use a weight of the evidence approach that fits their investment needs. Any particular piece of content or commentary may or may not be representative of the comprehensive view of Three Gamma and may not align with any of the other content or commentary that is provided in the service. Clients seeking the usage of any Three Gamma content in a simulated portfolio back-test should contact their account representative to discuss testing that Three Gamma can perform using the client’s specific risk tolerances, fees, and other constraints.

Three Gamma’s reports are not intended to be the primary basis for investment decisions and are not designed to meet the particular investment needs of any investor. The reports do not address the suitability of any particular investment for any particular investor. The reports do not address the tax consequences of securities, investments, or strategies, and investors should consult their tax advisors before making investment decisions.  Investors should seek professional advice before making investment decisions.  The reports are not an offer or the solicitation of an offer to buy or to sell a security.

Further distribution prohibited without prior permission.nstrued as legal or accounting advice. Each investor is encouraged to consult with their legal, financial and tax advisors with respect to any investment in the Account.