Pan Capital Management LP

(Energy Fund)

Fund Investment Objectives

PAN CAPITAL MANAGEMENT's Manager relies on proprietary fundamental research and analytical models to identify short to intermediate term mispricing and trading opportunities in the US natural gas market. The Manager expresses its view via outright price and calendar spreads and applies directional, relative value and option strategies. The fund trades the liquid exchange cleared instruments such as futures and options on futures. Most risk will be isolated in the first 12 months of the curve and positions will be constantly reviewed and rebalanced. The Manager monitors real time key pricing drivers and adjusts the risk based on its risk reward expectation.