https://www.grahamcapital.com/content/PerformanceProfiles/MonthlyPerformanceReport.pdf

1 STRATEGIESSHARE CLASSINCEPTIONSTRATEGY AUM (mm)NAV per SHAREMARCH ROR 2018 YTDDISCRETIONARY STRATEGIES:Discretionary 6/1 Enhanced Vol Series A11/1 Enhanced Vol Series B7/1 Enhanced Vol Series C7/1 ReturnClass A1/2 ReturnClass B9/1 ReturnClass C1/1 ReturnClass D 2/1 STRATEGIES:Trend-Following:K4D-10V2/1 A11/1 B6/1 A11/1 B11/3 :Graham Quant Macro Series A3/2 Quant Macro Series B 8/17 A7/6 B2/1 C7/1 Matrix Enhanced Vol Series A8/31 Firm AUM consists of all assets under management including both client and proprietary Strategy AUM consists of all fund assets managed in whole or in part pursuant to the Discretionary Segregated Portfolio.

2 K4D Strategy AUM: $2, *Pleasenotethatallperformancereflectsthe actualperformanceofeachrespectivesegrega tedportfoliointheGrahamGlobalInvestmentF undSPC, include month-end redemptions and Strategy AUM consists of all assets managed in whole or in part pursuant to the K4D Program, comprised of fund assets, managed account assets and proprietary Absolute Return Trading Ltd. AUM consists of fund assets. -Total Firm Systematic AUM consists of all assets allocated to GCM's systematic trading strategies, including K4D Strategy AUM, Tactical Trend Strategy AUM, Graham Quant Macro AUM and other systematic programs that are not reflected in the strategies listed Disclosure: -The Proprietary Matrix Strategy AUM consists of fund assets.

3 Proprietary Matrix assets are also included in the K4D and Discretionary Strategy AUM because Proprietary Matrix allocates to the same underlying strategies as K4D and Discretionary Portfolio. -TotalFirmDiscretionaryAUMconsistsofalla ssetsallocatedtoGCM'sdiscretionarytradin gstrategies,includingDiscretionaryStrate gyAUM, programs that are not reflected in the strategies listed Trend Strategy AUM consists of all assets managed pursuant to the Tactical Trend and Tactical Trend Capped Beta strategies, comprised of fund assets, managed account assets and proprietary Quant Macro AUM consists of all fund assets managed pursuant to the Graham Quant Macro strategy.

4 Comprised of fund assets and assets allocated to the Quant Macro Strategy from the Graham Absolute Return Fund. Proprietary Matrix Strategy AUM: $ Trend Tactical Trend Capped Beta (Equities)Proprietary Matrix DISCRETIONARY/SYSTEMATIC STRATEGIES:GQM Strategy AUM: $ Strategy AUM: $1, Trend Strategy AUM: $7, Firm Systematic AUM: $11, ESTIMATED PERFORMANCE*TOTAL FIRM AUM: $15, Firm Discretionary AUM: $4, Return Strategy AUM: $2, R A H A M C A P I T A L M A N A G E M E N T, G L O B A L A L T E R N A T I V E I N V E S T M E N T S T R A T E G I E S 40 HIGHLAND AVENUE |ROWAYTON, CT 06853 | C G