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Cipher Investment Management / Quantitative Cipher Program
Accepting New Investors: Yes Quantitative / Short Term / Diversified
4.7 Exempt - QEPs Only

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019			0.79%	1.38%	1.87%	1.13%	0.66%	-4.70%	2.31%	-1.34%	0.63%	0.59%
2020	0.94%	2.51%	1.62%	1.94%	0.21%	1.11%	-1.15%	-0.89%	0.60%	-2.22%	-0.28%	0.71%
2021	1.15%	3.26%	-0.98%	0.92%	-0.75%	-3.18%	-0.95%	3.78%	0.45%	-0.29%	-0.02%	2.24%
2022	2.14%	1.05%	1.96%	2.99%	1.97%	2.07%	0.95%	1.07%	1.41%	2.82%	0.17%	0.55%
2023	0.54%	1.01%	-0.87%	1.06%	-0.67%	0.15%	0.37%	0.24%	0.26%	-0.34%	0.62%	0.14%
2024	0.33%	1.24%	-1.47%	1.32%	1.94%	0.69%

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Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

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+ NOTES: Net returns for the Quantitative Cipher Program are calculated assuming 0% management fees and 30% incentive fees for a representative investor since the March 2019 launch of the Quantitative Cipher Program, which reflects the most fees paid by any investor. Returns for each month for the period from 3/1/19 through 12/31/23 were calculated by summing a daily series of aggregate returns for all client managed accounts in the Quantitative Cipher Program; the returns series then switches on 1/1/24 to the monthly return for the Cipher Fund at 1X leverage. In addition to the fees referenced above, such returns are shown net of all expenses incurred by the Cipher Fund at 1X leverage. A direct investment in the Quantitative Cipher Program returns is not possible; an individual account or particular trading portfolio may have realized more or less favorable results. Information herein that is related to the latest month�s performance is based on estimated data.

A Qualified Eligible Person ('QEP') must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-03-31 to 2024-06-30

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

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 has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.

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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. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

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