Simran

Disclaimer: This letter may not be copied or distributed in whole or in part without the prior written consent of Maraver Capital Management, Ltd. This is not a legal document or prospectus and should not be construed as containing investment advice or a
solicitation for investment. Trading strategies and asset mixes outlined in this document are intended only to be indicative of the
Fund Manager’s general investment approach, are not intended to be rigid or definitive, and may change over time without notice. Past
performance data shown in this document may not reflect future performance. The only document that potential investors should
rely upon is a fund offering memorandum and/or other legal documentation.