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This document has been prepared and approved by City Fund Management Limited ("CFM") on behalf of CFM and or any of their related entities or affiliates. The information presented herein has been prepared for informational or discussion purposes only and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or fund interest. No representation or warranty is made by CFM or any of their related entities or affiliates as to the sufficiency, relevance, Importance, appropriateness, completeness or comprehensiveness of the market data, information or summaries contained herein for any specific purpose. Furthermore, the market data, information or summaries contained herein may be amended by CFM or any of their related entities or affiliates at any time without notice. The views expressed in this presentation are subject to change based on market and other conditions. There is no guarantee that CFM will make investments as discussed herein. None of the content of this document should be construed as investment advice, nor does it constitute a recommendation to buy or invest in any CFM product. Past performance figures contained in this document should not, under any circumstances, be considered as being a guide or indication to the future performance of any CFM investment fund or product. The risk of loss on an investment trading in futures and options is substantial, exchange traded future and options are implicitly leveraged products. Investments may be subject to sudden and large falls in value and there could be a significant loss on realisation, which could be greater or equal to any amount invested. The amount of any investments applied as margin for futures and options trading is determined by CFM  Ltd at its sole discretion. Your investment is not guaranteed. The prices and value of investments and the income arising from such investments may fluctuate and you may not get back what you invested.  Changes in the rates of foreign exchange against the base currency of the investor may also have an adverse effect on the value, price or income of an investment. References to tax are based on our understanding of current law and Inland Revenue practices, which may change. The investment described herein, may not be suitable for all recipients of this document and if you have any doubts, you should seek independent advice from your investment adviser, stockbroker, lawyer, accountant, bank manager or other professional adviser. The performance included in this document has been compiled to show the performance of selected portfolios managed by us against a defined index. The index benchmark(s) are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios managed by our team of Investment Managers and Traders. The portfolio(s) may not be representative of all funds managed by us. Performance tables stated to be "gross" do not reflect the deduction of investment advisory fees and where "net" fees are shown, returns are on a reinvested basis net of all expenses and fees. Past performance is not an indicator of future performance. This document is not meant for distribution to anyone who is a Retail Client as defined by statute and regulatory rules within the United Kingdom and is not an offer to purchase any product or service rendered by CFM.  Such services may only be offered subject to a discretionary management agreement, a standard draft copy of which includes a full risk disclosure in respect of derivative instruments is available from CFM. This document is confidential and may therefore not be reproduced or disclosed (in whole or in part) to any other person without our prior written permission.


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City Fund Management Limited’s offices are at 52-54 Gracechurch Street London EC3 0EH London Ph: +44 (0)20 7397 5760  Fax: +44 (0)20 7283 5348 Email:

City Fund Management Limited is registered in England and Wales under Companies House number: 2994639 with its Registered Offices at 3rd Floor 52 Jermyn Street, London SW1Y 6LX.

City Fund Management Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and by the National Futures Association (NFA) in the United States.