Esulep LLC

(Permo Fund)

Fund Investment Objectives

ESULEP'S PERMO Fund is continually engineered to be an absolute-return style U.S. listed futures and options fund. The Permo Fund needs to invest only in the S&P 500 for accounts under 100M, with no additional leverage for its returns. The fund uses proprietary analytics for its entry and exit points, and the already-hedged Core positions are hedged with two separate sub-strategy hedges to both protect gains and ensure continuity through catastrophic events.