1. Asset Management
Quant Scape*NOVEMBER 2015
U.SU.S. Equity. Equity IndexIndex
ProgramProgram

2. 1
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Risk Disclosure Notice
The risk of loss in trading commodities can be substantial. You should therefore carefully consider
whether such trading is suitable for you in light of your financial condition.
The high degree of leverage that is often obtainable in commodity trading can work against you as well
as for you. The use of leverage can lead to large losses as well as gains. In some cases, managed
commodity accounts are subject to substantial charges for management and advisory fees. It may be
necessary for those accounts that are subject to these charges to make substantial trading profits to
avoid depletion or exhaustion of their assets.
You are encouraged to request a copy and review our disclosure document. The CFTC has not passed
upon the merits of participating in this trading program nor on the adequacy or accuracy of the disclosure
document.
The disclosure document contains a complete description of the principal risk factors and each fee to be
charged to your account by the commodity trading advisor (“CTA”), QuantScape Asset Management
LLC. The regulations of the commodity futures trading commission ("CFTC") require that prospective
clients of a CTA receive a disclosure document when they are solicited to enter into an agreement
whereby the CTA will direct or guide the client's commodity interest trading and that certain risk factors
be highlighted. Our disclosure document is available upon request. This brief statement cannot disclose
all of the risks and other significant aspects of the commodity markets. Therefore, you should proceed
directly to the disclosure document and study it carefully to determine whether such trading is
appropriate for you in light of your financial condition.
We are required to provide other disclosure statements to you before a commodity account may be
opened for you. Please acknowledge your understanding of the above statement by initialing in the
space provided on this page. You may then continue to view this presentation.
Client Initials:_______________

3. 2
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Disclaimer
This report has been prepared by the QuantScape Asset Management LLC (“QuantScape”). This report
is for distribution only under such circumstances as may be permitted by applicable law, including the
following:
This report has no regard to the specific investment objectives, financial situation or particular needs of
any specific recipient. The report is published solely for informational purposes and is not to be construed
as a solicitation or an offer to buy or sell any securities or related financial instruments. The securities
described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. The
report is based on information obtained from sources believed to be reliable but is not guaranteed as
being accurate, nor is it a complete statement or summary of the securities, markets or developments
referred to in the report. Recipients should not regard the report as a substitute for the exercise of their
own judgment. Any opinions expressed in this report are subject to change without notice. QuantScape
and/or its directors, officers and employees may have or have had interests or long or short positions in,
and may at any time make purchases and/or sales as principal or agent. Options, derivative products
and futures are not suitable for all investors, and trading in these instruments is considered risky. Past
performance is not necessarily indicative of future results. QuantScape accepts no liability whatsoever
for any loss or damage of any kind arising out of the use of all or any part of this report. Additional
information will be made available upon request.
Please review the additional disclosures provided in the Important Information page at the back of this
presentation.

4. 3
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
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Executive Brief: Program in Summary

5. 4
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
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Trading Strategy Overview
This strategy attempts to profit from identifying price movement tendencies of
equity indices and capitalizes on those tendencies through positions in the
underlying index futures or options.
Index Profiling
Trade Structuring Execution & Trading
Loss Control
TRADING PROGRAM

6. 5
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
1
N
Index Profiling
A distribution of potential future price movements for an index is inferred
from historical, seasonally adjusted, or multi-factor time series data.
Index Profiling
Trade Structuring Execution & Trading
Loss Control
1
FACTORS PROFILING
Diagram Explanation:
 A “superset” of N
factors is initially
determined
 A factor’s distribution of
changes over a period
of time is mapped
against the index’s
distribution of returns
 Weights are assigned
to each factor based
on relevancy
 A distribution of likely
changes in the index is
inferred along with
potential extremes
t=0
t=t-n
2t=0
POTENTIAL RANGE
OF DISTRIBUTIONS
MOST LIKELY
PROFILE
INDEX LEVEL
ProbabilityDensityFunction
“PDF”
INDEX PROFILE
TRADING PROGRAM

7. 6
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Trade Structuring
The index’s distribution profiles are mapped against the current tradable,
option-implied distribution (shown below in green). Trades are structured to
capitalize on the discrepancies.
Example Trades:
 Long Bias – Outright
long position in index
futures
 Stationary Bias – Short
straddle or strangle on
the index
 Short Bias – Outright
short position in index
futures or synthetic
short through a short
call position
LONG BIAS
STATIONARY BIAS
All trades are evaluated
as to potential adverse
moves and their likelihood
of out performing LIBOR-
yielding cash
INDEX LEVEL
INDEX LEVEL
SHORT BIAS
INDEX LEVEL
PDF
PDF
PDF
Index Profiling
Trade Structuring Execution & Trading
Loss Control
Index Profile
Option-implied Profile
TRADING PROGRAM

8. 7
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Trade Execution
Structured trades are entered with entry price limits, loss-limits and profit-
capture targets. Despite having theoretical profit targets, the program does
not guarantee profitability, and significant loss may occur.
Example “Short Bias”:
 The S&P 500 index profile
suggests a lower price
path than implied by the
index options
 The option-implied profile
indicates a higher volatility
than inferred from the
index profile analysis
 A yield analysis of the call
option premiums identifies
strikes with favorable
expected returns
 A synthetic short position
is taken by shorting call
options on the index
 Constant recalibration
through comparison of
expected profit capture
versus actual profits &
losses
Time
IndexLevel
Trade Date
Historical Predictive
Index Profiling
Trade Structuring Execution & Trading
Loss Control
Index Level
PDF
SYNTHETIC SHORT
CALL STRIKE LEVEL
THEORETICAL
EDGE
Index Profile
Option-implied Profile
TRADING PROGRAM

9. 8
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Loss Control
Integrated and disciplined loss control process …
…designed explicitly into the entire program to generate
profits in excess of the risk underwritten.
INDEX PROFILING
 Limit orders are used to enter trade positions
 Legs may be increased or reduced on a structured trade to maintain a targeted net exposure
 Trades are terminated if they can not be filled within the allotted time and targeted price levels
TRADE STRUCTURING
EXECUTON & TRADING
 An index’s expected price path and return distribution profiles are based off of multi-factor
statistical inferences
 Distributional tails, or extremes, are estimated and influences trade structuring
 Predicted distribution is calibrated against observed changes allowing for real-time adjustments
which reduce estimation errors
 Trades are structured with consideration for the index profile, distributional extremes and
estimation confidence (e.g. estimation confidence affects trade size)
 Structured trades are evaluated against simply holding LIBOR-yielding cash
 Entry, loss-limit and profit stops are predetermined for each trade
Index Profiling
Trade Structuring Execution & Trading
Loss Control
TRADING PROGRAM
Loss control and risk
management processes
are attempts to mitigate
losses and are not
guarantees of profit or
loss reduction

10. 9
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Key Features & Benefits
1. Separately Managed Accounts (SMA’s)
 Advisor access to client’s SMA limited to trading privileges pursuant to program
 Only the client has authorization to move money in and out of account.
2. Total account transparency
 Clients who open an account with online brokers, such as Interactive Brokers, receive daily
statements detailing all account trading activity and direct online internet access to their
accounts.
 Client accounts are “marked to market” daily. Closing account value is updated daily.
3. IRS Section 1256 Tax Treatment
 Gains and losses from trading activity are treated under Section 1256 of the IRC which
allows for 60% long term and 40% short term capital gain or loss.
4. No lock up period
 Clients can remove funds at any time. However, to minimize trading disruption and
associated potential losses, Advisor highly recommends a 45 day notice to allow for
adequate time to liquidate positions.
5. Flexible & Low minimums
 Unlike many hedge funds or managed accounts which require account minimums of $1
million or more, we accept accounts starting at $200,000 tailored to your circumstances.
OPPORTUNITY
Benefits Summarized:
 SMA’s
 Transparent
 Tax-advantaged
 Liquid
 Flexible

11. 10
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Performance History* | NET RETURNS TO CLIENT
PERFORMANCE
* Past performance is not indicative of future results. Commodity trading involves substantial
risk of loss.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -0.17% 0.47% -1.44% 0.50% -7.75% -0.81% 10.46% -3.49% 8.85% 1.73% 1.90% 3.55% 13.23%
2011 1.27% 3.12% 0.84% 3.25% 2.38% 2.22% 4.00% -3.64% 2.21% 5.61% 10.09% 2.52% 38.93%
2012 0.57% -0.51% 0.48% 0.97% -3.19% 5.04% 2.49% 1.14% 0.21% 0.99% -1.10% 2.21% 9.48%
2013 0.79% 0.92% 1.46% 0.03% -1.73% 2.40% -1.79% -0.22% 5.11% 1.83% 0.32% 2.20% 11.72%
2014 -8.99% 11.53% 2.40% 1.61% -2.58% -2.85% 1.48% 3.92% -0.61% 1.67% 2.25% 1.53% 10.60%
2015 1.23% 5.17% 2.41% -0.60% 2.80% -0.48% 2.14% -4.90% -2.40% 5.93% 1.51% 13.03%
Returns, net of all fees,
to client

12. 11
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Performance History1 | GROWTH OF $1,000 VERSUS BENCHMARKS*
PERFORMANCE
* Benchmarks constructed from
Vanguard Index Funds
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
U.S. Equity Index
Program
Benchmark 1*:
60% Total Stock Market
Index
40% Total Bond Market
Index
Benchmark 2*:
50% Total Stock Market
Index
25% Total Bond Market
Index
25% REIT Index
Returns, net of all fees,
to client
1 Past performance is not indicative of future results. Commodity trading involves substantial
risk of loss.

13. 12
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Performance History1 | 01.2010 to 11.2015
PERFORMANCE
1 Past performance is not indicative
of future results. Commodity trad-
ing involves substantial risk of
loss.
* Benchmarks constructed from
Vanguard Index Funds
U.S. Equity Index
Program
Benchmark 1*:
60% Total Stock Market
Index
40% Total Bond Market
Index
Benchmark 2*:
50% Total Stock Market
Index
25% Total Bond Market
Index
25% REIT Index
Annualized Metrics
Over Period
Benchmark 1 Benchmark 2
U.S. Equity Index
Program (EIP)
Returns
(Higher is Better)
9.56% 11.37% 16.56%
Standard Dev., aka Risk
(Lower is Better)
7.94% 10.02% 11.80%
Risk-adjusted Return
(Higher is Better)
0.830 0.838 1.152
Notes:
Risk-adjusted Return = Sharpe Ratio = [Return(Asset) – Return(Treasury Rate)] / [Standard Deviation(Asset)]
Treasury Rate used was 2.97%, the implied 5-year 11-month rate as at January 1, 2010.
Returns, net of all fees to client.
Comparison of the U.S. Equity Index Program to the Benchmark Portfolios

14. 13
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Performance History1 | 01.2010 to 11.2015
PERFORMANCE
U.S. Equity Index
Program
Benchmark 1*:
60% Total Stock Market
Index
40% Total Bond Market
Index
Benchmark 2*:
50% Total Stock Market
Index
25% Total Bond Market
Index
25% REIT Index
Annualized Metrics
Over Period
75% Benchmark 1 75% Benchmark 2
25% U.S. EIP 25% U.S. EIP
Returns 11.38% 12.78%
Standard Dev., aka Risk 7.84% 9.22%
Risk-adjusted Return 1.073 1.064
Improvements in
Risk and Return
75% Benchmark 1 75% Benchmark 2
25% U.S. EIP 25% U.S. EIP
Return Yield Enhancement 1.82% 1.42%
Risk Reduction -0.10% -0.80%
Risk-adjusted Return
(Overall Improvement)
0.243 0.226
Notes:
Risk-adjusted Return = Sharpe Ratio = [Return(Asset) – Return(Treasury Rate)] / [Standard Deviation(Asset)]
Treasury Rate used was 2.97%, the implied 5-year 11-month rate as at January 1, 2010.
Returns, net of all fees to client.
Hypothetical impact of adding the U.S. Equity Index Program
to the Benchmark Portfolios2
[ [] ]
[ [] ]
1 Past performance is not indicative
of future results. Commodity trad-
ing involves substantial risk of
loss.
2 Please review hypothetical risk
disclaimer on page 15.
* Benchmarks constructed from
Vanguard Index Funds.

15. 14
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Performance History1 | 01.2010 to 11.2015
PERFORMANCE
1 Past performance is not indicative
of future results. Commodity trad-
ing involves substantial risk of
loss.
2 Please review hypothetical risk
disclaimer on page 15.
* Benchmarks constructed from
Vanguard Index Funds.
U.S. Equity Index
Program
Benchmark 1*:
60% Total Stock Market
Index
40% Total Bond Market
Index
Benchmark 2*:
50% Total Stock Market
Index
25% Total Bond Market
Index
25% REIT Index
RISK REDUCTION
YIELDENHANCEMENT
Hypothetical impact of adding the U.S. Equity Index Program
to the Benchmark Portfolios2
9%
10%
10%
11%
11%
12%
12%
13%
13%
6% 7% 8% 9% 10% 11% 12%
Over the period from January 2010 to
November 2015, both benchmark
portfolios would have benefited from
both an yield enhancement and a
reduction in risk with the addition of
the U.S. Equity Index Program.

16. 15
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Hypothetical Risk Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No
representation is being made that any account will or is likely to achieve profits or losses similar to those
shown. In fact, there are frequently sharp differences between hypothetical performance results and the
actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the
benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical
trading record can completely account for the impact of financial risk in actual trading. For example, the
ability to withstand losses or to adhere to a particular trading program in spite of trading losses are
material points which can also adversely affect actual trading results. There are numerous other factors
related to the markets in general or to the implementation of any specific trading program which cannot
be fully accounted for in the preparation of hypothetical performance results and all of which can
adversely affect actual trading results.

17. 16
Asset Management
Copyright 2015 by QuantScape Asset
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Quant Scape*
Fees & High-water Marks
1. Management Fee
 2% annualized fee based on net liquidation value of the client’s account and is paid monthly
to QuantScape.
 Example: On January 1, account value is $1,000,000. By January 31, account value has
increased to $1,100,000. Management fee for January is
$1,100,000 x 2% ÷ 12 = $1,833.33.
2. Incentive Fee
 20% of net new profits is paid quarterly to QuantScape, subject to the account’s high water
mark.
 Example: Continuing the example, incentive fee for January is
$100,000 x 20% = $20,000.00.
3. High-water mark
 Incentive fees are paid only if profits exceed prior period’s account value.
 Example: Continuing the above example, trading losses in February reduces the account to
$1,090,000 at the end of February. No further incentive fees accrue until trading profits
bring the account value above $1,100,000 (which was the prior high-water mark).*
* Additional capital deposited into the account will raise the high-water mark. In the example
above, if an additional $200,000 was put into the account at the end of February, the high-
water mark would rise to $1,300,000 (i.e. $1,100,000 + $200,000 = $1,300,000). Likewise,
capital withdrawn from the account would decrease the high-water mark. In the example
above, if $100,000 was withdrawn at the end of February, the high-water mark would be
reduced to $1,000,000 (i.e. $1,100,000 – $100,000 = $1,000,000).
FEES
Fees Summarized:
Management Fee:
2% per annum
Incentive Fee:
20% of profits
High-water Mark:
YES

18. 17
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
How to Invest | NEXT STEPS
1. Request and carefully review our U.S. Equity Index Program’s Disclosure
Document. Direct requests to
info@quantscape.com
2. Engage us by signing and returning the advisory management agreement for a
separately management account included with the Disclosure Document
3. Open an account with a commodities broker
4. Fund the account with the amount you would like to invest
This process is fairly seamless, simple and straightforward.
It would be our pleasure to assist you every step of the way!
HOW TO INVEST

19. 18
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
About the Commodity Trading Advisor
ADVISOR BIOGRAPHY
J. Guan | Founding Partner & Chief Investment Officer
Jenny is responsible for research strategy and trading for the trading program. She has over fifteen years of experience
in investment management, trading and financial quantitative research. She has worked in analytical and infrastructure
development roles at Morgan Stanley (a premier investment bank) and R.J.K. Associates (an econometric market
research firm). Prior to founding QuantScape Asset Management LLC, Jenny was head of quantitative analysis at
Pacifica Strategic Advisors LLC, an econometrics and capital markets research firm. She is currently the managing
member of QuantScape and a frequent guest lecturer at UC Berkeley’s Finance Certificate programs.
Jenny holds a Masters in Finance degree from the London Business School (with specialization in portfolio risk
management), a M.S. in Mathematical Computer Science from the University of Illinois, and a bachelor degree in
Industrial Economics from Renmin University, Beijing.
jenny.guan@quantscape.com
Tony Yeh | Managing Director, Investment Research
Tony is the managing director overseeing investment research and client engagement. His research has been published
in key management publications such as Harvard Business Review and CFO Magazine. Prior to Quantscape, he held
senior positions in the areas of investment research and portfolio management at premier investment banks and trading
houses, such as UBS AG, Swiss Bank Corporation and O’Connor & Associates. He currently chairs the Finance
Advisory Board for UC Berkeley’s finance certificate programs.
Tony received his MBA from the University of Chicago (specialization quantitative finance), a Master in Engineering from
the Rensselaer Polytechnic Institute (specialization in artificial intelligence), and a bachelors degree in Engineering
Computer Science from University of Illinois, Urbana-Champaign.
tony.yeh@quantscape.com

20. 19
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
QuantScape Asset Management
 QuantScape Asset Management LLC (QuantScape) is a
macro fund manager specializing in econometric analysis of
financial markets for use in trading and investment
management
 QuantScape is a registered commodity trading advisor (CTA)
with the CFTC and a member of the National Futures
Association
 QuantScape is a registered investment advisor with the State
of California
 QuantScape provides asset management services to
individuals and institutions
Museum Parc, Suite 419
300 Third Street
San Francisco, CA 94107
Headquarters:
APPENDIX

21. 20
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Important Information
IRS Circular 230 Disclosure: QuantScape Asset Management LLC does not provide tax advice. Accordingly, any
discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used,
and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with
QuantScape Asset Management LLC of any of the matters addressed herein or for the purpose of avoiding U.S. tax
related penalties.
QuantScape Asset Management LLC is referred to herein as QuantScape. This document is for distribution only
as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is
a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution,
publication, availability or use would be contrary to law or regulation or would subject QuantScape to any
registration or licensing requirement within such jurisdiction. It is published solely for information purposes; it is not
an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any
particular trading strategy. No representation or warranty, either express or implied, is provided in relation to the
accuracy, completeness or reliability of the information contained in this document (‘the Information’), except with
respect to Information concerning QuantScape. The Information is not intended to be a complete statement or
summary of the securities, markets or developments referred to in the document. QuantScape does not undertake
to update or keep current the Information. Any opinions expressed in this document may change without notice and
may differ or be contrary to opinions expressed by other business areas or groups of QuantScape.
Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or
appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation.
Investments involve risks, and investors should exercise prudence and their own judgment in making their
investment decisions. The financial instruments described in the document may not be eligible for sale in all
jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all
investors, and trading in these instruments is considered risky.
The value of any investment or income may go down as well as up, and investors may not get back the full amount
invested. Past performance is not necessarily a guide to future performance. Neither QuantScape nor any of its
directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of
the use of all or any of the Information.
Any prices stated in this document are for information purposes only and do not represent valuations for individual
securities or other financial instruments. There is no representation that any transaction can or could have been
effected at those prices, and any prices do not necessarily reflect QuantScape’s internal books and records or
theoretical model-based valuations and may be based on certain assumptions. Different assumptions by
QuantScape or any other source may yield substantially different results.
APPENDIX

22. 21
Asset Management
Copyright 2015 by QuantScape Asset
Management LLC. All rights reserved.
Quant Scape*
Contact Information
QuantScape Asset Management LLC
Museum Parc, Suite 419
300 Third Street
San Francisco, CA
USA
Phone: +1-415-546-7523
Email: info@quantscape.com
APPENDIX