Currency for return

Performance of the Extended Markets Currency Alpha Strategy prior to October 1, 2018 was attained at The Cambridge Strategy, an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. Please refer to the disclaimer at the end of these materials for important additional information. | 2. Performance of the Extended Markets Currency Alpha Strategy prior to October 1, 2018, was attained at The Cambridge Strategy (TCS), an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. | Notes on performance: The Extended Markets Currency Alpha Strategy commenced trading in April 2004 as a carve-out from an institutional account. From April 2004 through December 2010 performance is based on an equal-weighted composite of all accounts invested in the Extended Markets Currency Alpha Strategy; from January 2011 performance is based on the asset weighted performance of all accounts invested in that strategy. Fees are based on a client’s volatility level, which can be customized to their preference. Net returns are calculated using implied management fees of 0.75% per annum and performance fees of 10% per annum, which are the highest fee level based on the highest volatility level. Performance fees are accrued daily, paid quarterly and a high water mark is employed. Performance is in USD and all returns and statistics are based on monthly returns. The composite includes all fee paying accounts, including both commingled and managed accounts. Currency trading may involve instruments that have volatile prices, are illiquid or create economic leverage. Emerging markets securities involve risks such as currency fluctuation and political and economic instability that could result in additional volatility. Unhedged short sales expose the strategy to additional liability.

Performance of the Asian Markets Currency Alpha Strategy prior to October 1, 2018 was attained at The Cambridge Strategy, an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. Please refer to the disclaimer at the end of these materials for important additional information. | 3. Performance of the Asian Markets Currency Alpha Strategy prior to October 1, 2018, was attained at The Cambridge Strategy (TCS), an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. | Notes on performance: The Asian Markets Currency Alpha Strategy commenced trading in February 2006 as a carve-out from an institutional account. From February 2006 through December 2010 performance is based on an equal-weighted composite of all accounts invested in the Asian Markets Currency Alpha Strategy; from January 2011 performance is based on the asset weighted performance of all accounts invested in that strategy. Fees are based on a client’s volatility level, which can be customized to their preference. Net returns are calculated using implied management fees of 0.75% per annum and performance fees of 10% per annum, which are the highest fee level based on the highest volatility level. Performance fees are accrued daily, paid quarterly and a high water mark is employed. Performance is in USD and all returns and statistics are based on monthly returns. The composite includes all fee paying accounts, including both commingled and managed accounts. Currency trading may involve instruments that have volatile prices, are illiquid or create economic leverage. Emerging markets securities involve risks such as currency fluctuation and political and economic instability that could result in additional volatility. Unhedged short sales expose the strategy to additional liability.

Performance of the Extended Markets Currency Alpha Strategy prior to October 1, 2018 was attained at The Cambridge Strategy, an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. Please refer to the disclaimer at the end of these materials for important additional information. | 4. Performance of the Emerging Markets Currency Alpha Strategy prior to October 1, 2018, was attained at The Cambridge Strategy (TCS), an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. | Notes on performance: The Emerging Markets Currency Alpha Strategy commenced trading in February 2008 as a carve-out from an institutional account. From February 2008 through December 2010 performance is based on an equal-weighted composite of all accounts invested in the Emerging Markets Currency Alpha Strategy; from January 2011 performance is based on the asset weighted performance of all accounts invested in that strategy. Fees are based on a client’s volatility level, which can be customized to their preference. Net returns are calculated using implied management fees of 0.75% per annum and performance fees of 10% per annum, which are the highest fee level based on the highest volatility level. Performance fees are accrued daily, paid quarterly and a high water mark is employed. Performance is in USD and all returns and statistics are based on monthly returns. The composite includes all fee paying accounts, including both commingled and managed accounts. Currency trading may involve instruments that have volatile prices, are illiquid or create economic leverage. Emerging markets securities involve risks such as currency fluctuation and political and economic instability that could result in additional volatility. Unhedged short sales expose the strategy to additional liability.

Performance of the Sysetmatic Macro Strategy prior to October 1, 2018 was attained at The Cambridge Strategy, an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. Please refer to the disclaimer at the end of these materials for important additional information. | 5. Performance prior to February 2018 represents simulated trading with backfilled data and does not represent trading on behalf of an actual client account. The returns for February 2018 are unadjusted returns for a partial month. Performance of the Systematic Macro Strategy prior to October 1, 2018, was attained at The Cambridge Strategy (TCS), an unaffiliated investment manager. On October 1, 2018, a MFIM affiliate completed the purchase of a significant portion of TCS’ assets, including TCS’ intellectual property and hired a majority of TCS employees. Past performance is not an indication of future results. Actual results may be materially different from the results achieved historically. | Notes on performance: The Systematic Macro Multi-Strategy commenced trading in February 2018 and combines the systematic carve-outs from the Emerging, Asian and Extended Market Macro Strategies. These three carve-out components are combined into a single set of portfolio returns using an equal-risk allocation procedure based on a proprietary method of measuring each component’s portfolio risk contribution. Leverage is then used to target an overall portfolio volatility of 12% per annum. The allocation weights are simulated from January 2012 to January 2018. Fees are based on a client’s volatility level, which can be customized to their preference. Net returns are calculated using implied management fees of 0.75% per annum and performance fees of 10% per annum, which are the highest fee level based on the highest volatility level. Performance fees are accrued daily, paid quarterly and a high water mark is employed. Performance is in USD and all returns and statistics are based on monthly returns. The composite includes all fee paying accounts, including both commingled and managed accounts. Currency trading may involve instruments that have volatile prices, are illiquid or create economic leverage. Emerging markets securities involve risks such as currency fluctuation and political and economic instability that could result in additional volatility. Unhedged short sales expose the strategy to additional liability.

Source: MCM and Bloomberg. Mesirow Intelligent Currency Factors returns are generated with the benefit of hindsight. Performance prior to December 2020 for the Mesirow Intelligent Currency Factors represents simulated trading using backfilled data and does not represent trading of an actual client account. Past performance is not necessarily indicative of future results. Actual results may materially differ from those shown throughout this presentation. Please refer to the disclaimer page at the end of this paper for important additional information. Net returns are calculated using an implied fee of 0.5% pa. | Nothing contained herein constitutes an offer to sell an interest in any Mesirow investment vehicle. It should not be assumed that any trading strategy incorporated herein will be profitable or will equal past performance.