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Dear investor,

April was a particularly good month for the fund, which as previously stated, presently has an overweight allocation towards volatility arbitrage strategies. The fund’s return for April was +9.3% net of all fees, bringing our YTD return to 12.8%.

On a continuous basis our team is researching and modelling innovative arbitrage strategies, some of which are being implemented and executed. Proprietary strategies designed to screen for, and capitalize on, dislocations and market inefficiencies. The current environment is presenting us with a unique opportunity-set for our volatility strategies, which we expect will remain for the coming quarters.

Our strategies focusing on these niche volatility opportunities are delivering an above average return attribution currently. With the elevated return profile, we anticipate a higher return volatility, at least for the coming period.

Our allocation of capital is driven by the opportunity set the market gives us. The coming months we expect no change in our volatility focus. Our other strategies continue to run in the background. If and when market circumstances change, we will exploit our agility to allocate more capital to other arbitrage strategies.

With lockdowns easing, feel free to drop by our offices anytime.

Team Savin

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