Back-tested, hypothetical or model performance results are achieved through the retroactive
application of a simulated model, designed with the benefit of hindsight. These results have
inherent limitations. Actual results will vary from the analysis and the investment strategy may be
adjusted at any time, for any reason, and can continue to be changed until desired or better
performance results are achieved. Model performance should not be taken as an indication or
guarantee of actual performance, and no representation or warranty, expressed or implied is made
regarding future performance.Unlike an actual performance record, back-tested results may not represent the results of actual
performance, trading costs or the impact of taxes and should not be interpreted as an indication of
such performance. These results may not reflect the impact that any material market or economic
factors might have had on the back-tested model if the model had been used during the period to
actually manage client assets. In addition, back-testing 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 adhere to a particular trading program in spite of trading losses). There
are frequently sharp differences between hypothetical performance results and the results
subsequently achieved by any particular trading or investment program.
The returns presented herein should not be considered indicative of the skill of Deer Lake Strategic
Management, LLC. There can be no assurance that it would have selected or will select underlying
securities or proxies similar to those taken in the results presented. During the back-tested period,
Deer Lake Strategic Management did not manage the strategy depicted herein nor did it manage
any other client assets.The back-tested results shown are hypothetical and provided only to illustrate historical return
performance had the portfolio been available over the relevant time period shown. Note that a
client’s return will be reduced by the amount of advisory fees and any other expenses, and the
inclusion of such fees and other expenses will have a negative impact on performance.COMPARATIVE DISCLAIMER
The comparison of the partnership’s performance to a single market index is imperfect because the
partnership’s portfolio may contain options and other derivative securities, may include margin trading and
other leverage and is not as diversified as the Standard and Poor’s 500 Index or other indices. Due to the
differences between the partnership’s investment strategy and the methodology used to compute most
indices, the investment adviser cautions potential investors that no indices are directly comparable to the
results of the partnership.