Noax Systematic L/S Equity

Notes: Track record of the systematic strategy as run live in client accounts, from July 1, 2025 (first full month), shown at 2× gross leverage in EUR: the return on gross exposure applied at a 2× gross multiple, independent of client capital flows. All returns are net of transaction and borrowing costs and of an estimated margin financing cost on the borrowed capital (effective federal funds rate plus broker spread, accrued daily on the levered long exposure in excess of capital), computed on the time-weighted return series. Target volatility ~16.5%. The Sharpe ratio is computed on monthly net returns (zero risk-free rate, annualized; the running month enters at its month-to-date return), the industry-standard basis; realized volatility and max drawdown remain daily-based. Beta and correlation vs the S&P 500 are the latest quarterly report's figures (daily returns, window to the quarter end), the same ones shown in the exhibits below. Past performance is not indicative of future results.