The Hypothetical Results mentioned herebelow are the outcome of the trade recommendations which have been duly audited by an independent Chartered Accountants firm - K. N. WADIA & CO. which were e-mailed to them on the date and time on which they were made, and a certificate for the same is appended. Please Click Here to view the C.A. Certificates.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

NOTES TO PERFORMANCE CAPSULE:

All performance information has been calculated on an accrual basis of accounting in accordance with generally accepted accounting principles:

The ROR for the period has been computed on a compounded monthly basis. Rate of return (ROR) represents gross realized trading gain (loss), plus or minus changes in unrealized gain (loss), plus interest income and minus brokerage commissions, advisory fees and withdrawals. Except as described below, the rate of return figures have been calculated in accordance with Rule 4.35 - CFTC Regulations, i.e., the rate of return is based on the difference between the Beginning Net Asset Value (BNAV) at the beginning of the month (or year, as the case may be) and the Ending Net Asset Value (ENAV) on the last day of that month (or year). The ENAV for the period, represents the BNAV plus or minus additions, withdrawals, redemption and net performance.

Important Foot Notes:

1. Since these are hypothetical results we have calculated the ENAV on closed positions for the period due to which certain months show a dash (-) in the above table which reflect an open position being carried or no position taken whatsoever during the month, as the case maybe. The above results have not accounted for any brokerage, commissions or advisory fees.

2. The hypothetical results (based on 100k account size) are computed from actual trade recommendations made by us in certain non co-related assets like currencies (Spot Fx min 100k lot size), E-mini indices (Single futures contract) and precious metal futures (Single futures contract) without the use of any leverage whatsoever.

3. The above table which is based upon actual trade recommendations made by us, give the investor a guideline of what is achievable in relation to capital invested, leverage used.

4. The Hypothetical Results mentioned in this document are the outcome of the trade recommendations which have been duly audited by an independent Chartered Accountants firm with respect to the date and time on which they were made, as a copy of the same was simultaneously e-mailed to the firm for record purposes.

5. Annual Rate of Return: Represents the cumulative compounded rate of return for each year or portion thereof. It assumes a continuous investment and is computed by applying successively the respective Monthly Rate of Return for each month beginning with the first month presented in each period and represents the net percentage change since the beginning of the period presented.

6. Sharpe Ratio: The Sharpe ratio which was created by Prof. William Sharpe is a measure of the risk adjusted return of an investement and is a widely used measure of trading performance. The ratio is constructed of trading returns divided by the standard deviation (a measure of risk) of returns. As per industry consensus, a sharp ratio > 1 is considered good, > 2 is considered very good and a ratio > 3 is outstanding.

7. Largest monthly Drawdown: Represents the largest loss experienced by the Advisor in any calendar month expressed as a percentage of beginning net asset value.

8. Worst Peak-to-Valley Monthly Drawdown: Represents the greatest cumulative percentage decline in month-end net asset value due to losses sustained by the account during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value.