Statistical Analysis Report

Merizon Group Limited
Arpiam Ltd.

Report Start Date: Mar-2017 | End Date: Jan-2026

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Set Risk Thresholds

Set Risk-Free ROR for the Sharpe Ratio: Set Minimum Acceptable ROR for the Sortino: Omega Threshold:

Current Return: -8.14%

YTD Return: -8.14%

Annualized Return: +8.5%

AUM: $ 4,505,367

Trading Strategy

Macro / FX

Program Description

Our Opus strategy is built on a three-pillared approach, integrating global macro trends, academic insights, and an analytical framework. We focus on fundamental drivers and apply proven strategies to harvest risk premia. 1) Macro Focus: Targets fundamental drivers of financial markets, identifying divergences and possible reversals, 2) Strategic Depth: Uses value, carry, momentum, and mean-reversion strategies within the G10+ FX space, and 3) Advanced Analytics: Leverages proprietary indicators, positioning data, and sentiment analysis. Risk control is achieved through a variety of means which in most market conditions should minimize drawdowns. The first is portfolio construction and diversification; second is controlling leverage through position sizing adjusted according to account size, volatility and risk-reward analysis; and third is catastrophic stop based on money management rules.

Program Statistics
Peak-to-Valley Drawdown (2)	-14.14%
From Mar 2025 to Jan 2026
Worst Month (Jan 2026)	-8.14%
Current Losing Streak	-14.14%
Average Monthly Return	0.71%
Monthly Std. Deviation	2.23%
Gain Deviation (83 months)	1.59%
Loss Deviation (24 months)	2.11%
Gain to Loss Ratio	0.76
Omega Ratio (5% Threshold)	1.55

Annualized Performance
Compound ROR (1)	8.5%
Standard Deviation	7.73%
Downside Deviation	4.65%
Sharpe Ratio (3) 2% RF ROR	1.04
Sortino Ratio (4) 5% MAR	1.75
Calmar Ratio (5)	0.35
Sterling Ratio (6)	0.27
Gain Deviation	5.52%
Loss Deviation	7.31%
Profit Loss Ratio	2.63

Investment Information
Program Start Date	Mar-2017
Percent Discretionary	75%
Percent Systematic	25%
Currency Denomination - USD
Minimum Investment +	$310,000
Minimum Fund Investment	$310,000
Management Fee	1-2%
Incentive Fee	0.00%
NFA No:	N/A
Non US Investors or ECPS Only

Performance Since March 2017 | Track Record Compiled By: Francis-Clarke LLP | Please See Accounting Notes

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2026	-8.14%	–	–	–	–	–	–	–	–	–	–	–	-8.14%	-8.14%
2025	5.76%	0.40%	0.15%	-1.43%	-0.09%	-3.55%	3.71%	-1.39%	-1.62%	1.21%	-0.21%	-3.16%	-0.60%	-6.53%
2024	9.07%	0.90%	-0.47%	-0.46%	1.78%	0.03%	-0.69%	5.76%	1.65%	0.18%	2.57%	-4.48%	16.32%	-4.48%
2023	1.85%	1.12%	1.81%	-3.68%	4.51%	5.83%	-0.12%	0.68%	2.62%	1.81%	0.35%	-5.95%	10.76%	-5.95%
2022	-0.43%	2.34%	1.78%	0.36%	1.84%	1.33%	-0.67%	2.25%	0.21%	0.95%	0.86%	-2.19%	8.87%	-2.19%
2021	1.05%	1.00%	0.51%	-1.32%	-4.31%	6.78%	0.83%	0.46%	0.16%	-0.74%	3.00%	1.65%	9.06%	-5.57%
2020	0.20%	1.21%	1.83%	0.53%	0.44%	0.15%	-0.58%	-0.70%	2.05%	0.36%	-0.11%	0.52%	6.02%	-1.28%
2019	1.03%	0.37%	0.64%	0.07%	1.49%	0.83%	0.78%	1.25%	0.76%	0.72%	0.45%	0.48%	9.23%	0.00%
2018	1.90%	1.00%	0.92%	3.77%	0.92%	0.30%	1.33%	1.27%	0.89%	0.91%	0.91%	0.96%	16.12%	0.00%
2017	–	–	0.91%	1.43%	0.46%	0.70%	0.70%	1.64%	0.99%	0.92%	1.11%	0.88%	10.17%	0.00%

Monthly Return and $1,000 VAMI

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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: info@ascentcm.com | Web Address: http://www.ascentcm.com
© 1997 - 2026 AutumnGold.com LLC

Merizon Group Limited
Arpiam Ltd.

Report Start Date: Mar-2017 | End Date: Jan-2026

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Time Window Analysis

Length	Best	Average	Worst
1 mo	9.1%	0.7%	-8.1%
3 mo	10.5%	2.3%	-11.2%
6 mo	16.2%	4.9%	-12.8%
12 mo	19.6%	10.5%	-13.7%
18 mo	30.2%	16.4%	-3.7%
24 mo	33.8%	22.2%	-2.6%
36 mo	50.7%	34.3%	15.5%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Apr-25	n/a	-14.14%	0 mo
Dec-23	Jan-24	-5.95%	1 mo
Apr-21	Jun-21	-5.57%	1 mo
Dec-24	Jan-25	-4.48%	1 mo
Apr-23	May-23	-3.68%	1 mo
Dec-22	Feb-23	-2.19%	2 mo

Drawdown Periods Since Mar 2017

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	Merizon Group Arpiam Ltd.	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	8.50%	3.63%	14.74%
Cumulative Return	106.93%	37.47%	240.71%
Cumulative VAMI(7)	2,069	1,375	3,407
Best Monthly Return	9.07%	2.99%	12.82%
Worst Monthly Return	-8.14%	-5.53%	-12.35%
Annual Standard Deviation	7.73%	3.83%	15.64%
Profit Loss Ratio	2.63	2.22	2.00
Correlation	—	-0.16	-0.03
Last Month	-8.14%	1.61%	1.45%
Last 12 Months	-13.67%	5.09%	16.36%
Last 36 Months	15.50%	13.90%	77.67%

Growth of $1,000 VAMI Comparison

Merizon Group Limited
Arpiam Ltd.

Report Start Date: Mar-2017 | End Date: Jan-2026

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Accounting Notes

Rates of returns are calculated from trading in managed accounts as well as proprietary accounts. Returns from proprietary trading are based on proforma adjustments to a proprietary account to reflect fees. Client accounts are traded in like fashion. The information about this trading program is not intended for persons or entities resident, located or registered in jurisdictions that restrict the distribution of such trading programs.

+ Minimum Investment

Min Investment GBP 250,000

Other Fees

None

An Important Note on the Start Date and End Date of this Report

If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Saturday April 4, 2026 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries

The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Statistical Footnotes

1. The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smooths out the returns by assuming a constant growth.
2. Peak to Valley Drawdown = worst % loss between Mar-2017 and Jan-2026
3. Sharpe Ratio is calculated using a Risk-Free ROR
4. Sortino Ratio is calculated using a Minimum Acceptable ROR
5. Calmar Ratio uses the last 36 months of data
6. Sterling Ratio uses the last 36 months of data
7. VAMI = Hypothetical growth of $1,000
8. Drawdown/recovery: start = first loss, recovery = full return to prior peak

Benchmark Descriptions

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 was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering Document.

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