Active Alpha Managed Accounts FACT SHEET

Profile
Low volatility trading strategy employed by an active trader on most liquid commodity futures markets. The Active Alpha trader
trades a proprietary strategy that benefits short term dependence and reversion to the mean with a macro overlay. When a
short-term dependence exists, trader aims to capture expected movements in line with the prevailing trend while seeking to
exploit mispricing of assets in ranging environment by employing decision trees based on probability and pay-off assessment.

Investment Objective: The trader seeks capital appreciation in all market circumstances.

Diversification: Strategy has low correlation to conventional investments and markets.

Targeted annual return: 20% - 30%

Expected annual investment risk: < 10%

Liquidity: Monthly

Strategy Statistics
Strategy has a proven track record over a period of time in 2014 and 2015. The trader will apply the same risk management
principles that generated the following statistics during the track record generation. Active Alpha Strategy statistics reveal
consistency and a tendency to produce positive returns.

Cumulative return: 7.47% Max. consecutive losing days: 4

Daily mean return: 0.10% Max. consecutive winning days: 10
Annualized return: 26.7% Max. drawdown: 3.43%
Annualized volatility: 8.79% Days to recovery: 9
Sharpe ratio: 3.07 Expected shortfall: -1.14%
Days profitable: 64% VAR (1 day): -0.84%

Source: Proprietary 50,000 account. Trader: John Joseph Knobel Jr Trader Daily Report 31/01/2015. Fundseeder Analytics 17/09/2014 - 30/01/2015 a/c TA8032190.

Comparison to conventional investments

While equity, commodity and foreign exchange markets are known to produce periods of persistent trends that can lead to
relative under performance of Active Alpha Strategy they are known to have periods of high volatility and substantial negative
performance. Majority of investors typically employ buy to hold approach to investing in these markets and are often forced to
either liquidate their holdings at substantial losses or sustain sometimes extended periods of negative returns.

Active Alpha Managed Account service follows a track record with highly favorable comparison to traditional investments. While
investors that opt for buy and hold strategy in currencies, equities and commodities are exposed to unpredictable swings in their
portfolios, Active Alpha allows market exposure only when the trader deems it justified based on careful inter-market risk
assessment. This approach allows the trader to safeguard client funds from the risks that long only, buy to hold investors and
managers are exposed to. As the globally interconnected markets are now facing new uncertainties related to political geopolitical
and economic risks Active Alpha Strategy answers a real and tangible need among both private and institutional investors.

RISK WARNING: Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all investors. Investors should ensure
they fully understand the risks associated with investing in financial instruments before deciding to invest as they may lose partial or all invested capital.
The information contained in this document is for general information purposes only and should not be viewed as offering any personal investment service.
Investors may choose to seek independent advice and should not risk more than they are prepared to lose. Past performance is no guarantee of future
returns.
 Active Alpha vs. The Underlying FX Basket
10.00%

8.00%

6.00%

4.00%
Active Alpha
FX Basket
2.00%

0.00%
1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97
-2.00%

-4.00%

Illustration 1: Comparison of Active Alpha track record to the buy and hold performance of the underlying currency pairs
from 17/09/2014 to 30/01/2015.

Active Alpha vs. Traditional Investments

10.00%

5.00%

0.00%
1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89 93 97 Active Alpha
S&P 500
-5.00%
CRB Index
FX Basket
-10.00%

-15.00%

-20.00%

Illustration 2: Comparison of Active Alpha track record to the buy and hold performance of S&P 500 index, the CRB
Commodity Index and the underlying currency basket from 17/09/2014 to 30/01/2015.

RISK WARNING: Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all investors. Investors should ensure
they fully understand the risks associated with investing in financial instruments before deciding to invest as they may lose partial or all invested capital.
The information contained in this document is for general information purposes only and should not be viewed as offering any personal investment service.
Investors may choose to seek independent advice and should not risk more than they are prepared to lose. Past performance is no guarantee of future
returns.
Key Facts

Name TCR-Active Alpha Currency EUR

Structure Managed Account *Minimum Investment 125.000

Authorized Trader John Knobel Management Fee 1.75% p.a.

Investment Firm T.C.R. International Limited Performance Fee 30% (peak to peak)

Account Provider Interactive Brokers (U.K.) Limited Liquidity Monthly

Regulator Cyprus Securities and Exchange Commission Notice Period 10 days

*Notional funding available upon request

Trader Profile
The trader has over 17 years of experience in serving the investors both locally and internationally. Over the years of analyzing,
trading and investing in the markets the trader has gained experience in trading in equity, commodity and foreign exchange
markets. The trader has firsthand experience on how economic geopolitical and macro events impact the markets as well as
trading conditions in those markets. This experience has enabled the trader to create effective risk management methods that
are the corner stone of his strategies.

John Knobel, born in 1976, is listed in the Cyprus Securities and Exchange Commission public register of certified persons with
advanced certification number CN1583 and is the Authorized Trader for the TCR-Active Alpha managed account service. Mr.
Knobel qualified to manage futures funds, commodity trading and operate commodity pools by the NFA in 04/2000, qualified by
New York Stock Exchange as Stockbroker in 02/2000, as options principal in 01/2005, as NYSE member-firm principal in 04/2005,
and certified as Portfolio Manager in 12/2006 by Cyprus Ministry of Finance. He is a past Associate Member of the UK Chartered
Institute for Securities & Investment, and past Associate Member of the UK Society of Technical Analysis. His professional
experience spans over seventeen years with investment experience on the buy-side and sell side as a Stockbroker, Financial
Advisor, Fund Manager, Proprietary Trader, Senior Currency Strategist, and Head of Brokerage for companies including Morgan
Stanley, Wall Street Financial Group, K&S Capital Partners, Westminster Securities Corporation, Hotforex and Cyprus based
Proprietary Trading firm YESFX.

Contact Information

T.C.R. International Limited: TCR- Active Alpha Authorized Trader:

48 Akropoleos Avenue, 1st Floor 2012 John Knobel

Nicosia, Cyprus Direct: +357 99 582762

Phone: +357 22866200 Office Hours: (8:30 to 17:30)

Email: info@tcr-int.com

RISK WARNING: Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all investors. Investors should ensure
they fully understand the risks associated with investing in financial instruments before deciding to invest as they may lose partial or all invested capital.
The information contained in this document is for general information purposes only and should not be viewed as offering any personal investment service.
Investors may choose to seek independent advice and should not risk more than they are prepared to lose. Past performance is no guarantee of future
returns.
Legal Disclaimer:

The material herein is issued by T.C.R. INTERNATIONAL LTD (ex. 1 T.C.R. CORP. LTD) (authorized and regulated by Cyprus
Securities and Exchange Commission as a Cyprus Investment Firm with License Number 237/14 (CySEC). Registered office: 48
Akropoles Avenue, 1st Floor 2012 Nicosia, Cyprus. Tel: +357 22 866 200. For your protection, telephone calls are usually
recorded. The material is not directed to, or intended for distribution to, or use by, any person or entity who is a citizen or
resident of, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or
use would be contrary to law or regulation or which would subject T.C.R. to any registration or licensing requirement within
such jurisdiction. The material is for information purposes only and does not constitute an offer or invitation to anyone to
invest in any T.C.R. investment programs and has not been prepared in connection with any such offer. No part of this
document may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical,
recording or otherwise, without the prior written consent of T.C.R. The T.C.R. Active Alpha Managed Account is a managed
account where T.C.R. acts as the external manager to the account provider where the client funds are held. Any decision to
invest in the products or investment programs discussed here should be made on the basis of the information contained in the
Portfolio Management Client Agreement and any Supplemental Documents. Participation in the T.C.R. Active Alpha Managed
Account program are valid only if made on the basis of the Client Application Form, Client Questionnaire, and the Portfolio
Management Client Agreement including the Risk Disclosure, Terms and Conditions, General Investment Services Agreement,
Investor Compensation Fund, Client Categorization Policy, Pillar III Disclosures, Complaints Policy and Privacy Policy which are
available on our website. No sale will be made in any jurisdiction in which the offer, solicitation, or sale is not authorized or to
any person to whom it is unlawful to make the offer, solicitation or sale. It is your responsibility to be aware of the applicable
laws and regulations of your country of residence. Past performance is not a guide to future performance and should not be
the sole factor of consideration when selecting a product. All financial investments involve an element of risk therefore, the
value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes
in the rates of exchange between currencies may cause the value of investments to go up and down. Levels and basis of
taxation may change from time to time. Any research in this document has been procured and may have been acted on by
T.C.R. for its own purpose. The results of such research are being made available only incidentally. All information provided is
gathered from reputable sources and any information containing an indication of past performance is not a guarantee or
reliable indicator of future performance. T.C.R. International Limited takes no responsibility for the accuracy of any
information on this communication. The views expressed do not constitute investment or any other advice and are subject to
change. T.C.R. does not provide tax, accounting or legal advice. If you require advice in relation to these matters, you should
consult your respective tax, accounting or legal advisers.

RISK WARNING: Investment in financial instruments involves a high degree of risk. As such, they may not be suitable for all investors. Investors should ensure
they fully understand the risks associated with investing in financial instruments before deciding to invest as they may lose partial or all invested capital.
The information contained in this document is for general information purposes only and should not be viewed as offering any personal investment service.
Investors may choose to seek independent advice and should not risk more than they are prepared to lose. Past performance is no guarantee of future
returns.