EFTA Document EFTA01391864

GLOUS142 Ironsides Asset Mgmt SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% min SOF -SOF 11 60% 40% 20% 0% 20% -40% -60% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 2 OA 1.6X 1.4X I 24 1.0x 0.44c 0 CU 0 4x 0,2x 0.Ox Quarters from inception -$PF sennia. SOF 80iS 40'.% - 20% ESOP ••• •$<;:c 4 HI 1 3 5 7 9 11 13