FinTech & InsurTech: Company presentation by Sebastian Schäfer, SteppenWolf Capital at the NOAH Conference Berlin 2019, 13-14 June - STATION.

1. 1
Machine Learning
SWARM

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3. 2
If you can`t
control emotions
you can`t control
money.

4. 3
649.873 + 350.130 – 268.977 – 731.026

5. 4
Forecasted Cumulative Global AI Revenue
18.07%Static Image Recognition and Tagging
Algorithmic Trading Strategy Improvements
Patient Data Processing
Predictive Maintenance
Object Identification, detection
Text Query of Images
Content Distribution on Social Media
Object Avoidance, Navigation
Prevention Cybersecurity
16.83%
16.44%
10.45%
9.38%
8.29%
7.96%
7.07%
5.52%
Until 2025
Source: Tractica.com

6. 5
0
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S&P Manager
S&P500
Systematic
Manager
2000 -10% 20%
2001 -13% 20%
2002 -23% 11%
2008 -39% 33%
Total Return 333% 1015%
Annual Return 6% 11%
Volatility 15% 16%
Systematic Benefits, 1996-2019

7. 6
Learning curve investors

8. 7
Large Allocators pick managers earlier
Search and Investment Programs for
smaller and emerging managers from
institutional allocators are changing the
growth speed of strong enough
offerings.
Future funding gaps will intensify the
race for talent.
SWF Australia
36bln SWF Alaska
Social Security
Kuwait
1.5bln
Texas
Retirement
System
3bln

9. 8
Success Stories In Quant-Land
Revenues per employee
35Mio.
17Mio.
2Mio.
2Mio.
1.9Mio.
1.6Mio.
1.2Mio.
1.1Mio.
1Mio.
0.9Mio.
0.7Mio.
0.69Mio.
0.68Mio.
0.59Mio.
0.56Mio.
0.53Mio.
Vinva
Renaissance Tech.
AHL/Winton
2Sigma
Apple
Facebook
Alphabet
VeriSign
Visa
Mastercard
Microsoft
Applied Material
Cisco
PayPal
Intel
AMD

10. 9
11-40%3-10%
2-9%
10-20%
21-30%
Return
Risk
Momentum
VolArb Pattern Recognition
SWARMGRAB
SWARM
GRAB

11. 10
S&P500 NASDAQ Microsoft Apple Roche
SteppenWolf
SI
2008 -38.50% -41.90% -45.40% -56.93% -16.91% 115.30%
2009 23.45% 53.54% 56.78% 146.94% 8.18% 15.35%
2010 12.79% 19.23% -8.42% 53.07% -22.06% 87.26%
2011 -0.02% 2.71% -6.98% 25.57% 16.21% 32.35%
2012 13.40% 16.82% 2.90% 31.38% 15.59% 21.46%
2013 29.61% 35.02% 40.06% 5.44% 35.42% 8.89%
2014 11.38% 17.94% 24.18% 37.71% 8.29% 68.91%
2015 -0.72% 8.43% 19.46% -4.63% 2.40% -2.32%
2016 9.55% 5.89% 12.03% 10.03% -15.84% 18.70%
2017 19.41% 31.49% 37.69% 46.12% 5.98% 25.90%
2018 -6.24% -1.05% 18.75% -6.79% -1.27% -8.04%
2019 17.51% 22.93% 28.59% 27.21% 10.35% 5.96%
Total Return 100.58% 273.23% 267.21% 609.08% 37.32% 1855.73%
Annual Return 6.33% 12.32% 12.16% 18.87% 2.84% 30.00%
Volatility 15.07% 17.89% 23.23% 30.65% 17.74% 24.22%
Systematic vs. Indices & Single Stocks
2008 - Today, including backtest years

12. 11
Apple SteppenWolf SI
2011 3.73% 1.02%
2012 31.38% 28.02%
2013 5.44% 10.17%
2014 37.71% 95.65%
2015 -4.63% -3.89%
2016 10.03% 24.15%
2017 46.12% 34.42%
2018 -6.79% -11.03%
2019 27.21% 7.60%
Total Return 259.78% 328.02%
Annual Return 17.96% 20.64%
Volatility 25.59% 25.61%
Systematic vs. Single Stock
2011 – Today, live results risk adjusted

13. 12
Performance as a Magnet
0.60
0.85
1.10
1.35
1.60
1.85
2.10
2.35
2.60
2.85
3.10
3.35
3.60
3.85
4.10
4.35
4.60
4.85
5.10
5.35
5.60
5.85
Dez 15 Mär 17 Jun 18
Hunderte
SWARM S&P500 Tesla Apple
+480%High Performance
Strong risk adjusted
performance,
outperforming equity
markets and single
equities like Tesla and
Apple
See disclaimers for more information regarding SteppenWolf Capital`s SWARM Strategy performance. Performance shown is net of fees. Past
performance is as always no guarantee for future results.

14. 13
Meet Expectations
The execution of the strategy is systematic,
and all facets of the models, risk management
and trade allocation are fully automated
Quick turnaround times for special vehicle
requests
Scalability via strategy mix and sufficient
resources
Sufficient connection points via versatile
platform and offering variation

15. 14
Communication

16. 15
Green Shoots
Switzerland UK Germany New Zealand Korea
Spain JV France JV Chile JV China JV CEE JV
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 … 120

17. 16
Outlook

18. 17
2019 Disclaimer
This material has been prepared by SteppenWolf Capital LLC ("SWC"). This document, and the information contained herein, is intended solely for the intended recipients and their authorized agents and may not be
disclosed or distributed to any other person in any fashion without SWC’s express prior written consent. SWC is authorized and regulated by Swiss VQF, itself authorized and regulated by FINMA. SWC is also registered
with the Commodity Futures Trading Commission as a commodity trading advisor and is a member of the National Futures Association. Pursuant to an exemption from the Commodity Futures Trading Commission in
connection with accounts of qualified eligible persons, this document is not required to be, and has not been, filed with the Commission.
The data included herein has been produced by SWC for its internal reporting purposes and is being made available to you for illustrative purposes only and on an ad hoc basis. SWC may at its discretion decide to
provide you with further or different data or material but makes no representation that such further data or material will be calculated or produced on the same basis, or in the same format, as this material. This
material has been provided specifically for the use of the recipient only and must be treated as proprietary and confidential information. It may not be passed on, nor reproduced in whole or in part under any
circumstances without express written consent from SWC. The material provided is not intended to provide a sufficient basis on which to make an investment decision. Information and opinions presented in this material
have been obtained or derived from sources believed by SWC to be reliable, but SWC makes no representation as to their accuracy or completeness. Descriptions of entities and securities mentioned herein are not
intended to be complete. This document is not, and should not be construed as, an offer, or solicitation of an offer, to buy or sell any securities or other financial instruments. Such offer may only be made at the time a
qualified offeree receives a disclosure document, offering memorandum or other related subscription materials. The transaction(s) or product(s) mentioned herein may not be appropriate for all investors and before
entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness. This material is not intended to constitute, and
should not be construed as, investment advice. Potential investors in the SI should seek their own independent financial advice. SWC neither provides investment advice to, nor receives and transmits orders from,
investors in the SI nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FINMA Rules.
The investment strategy described herein is offered solely on the basis of the information and representations expressly set forth in the relevant offering circulars, and no other information or representations may be
relied upon in connection with the offering of the investment strategy. SteppenWolf Capital LLC and SteppenWolf Systematic Ltd SPECIFICALLY DISCLAIM ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR
OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR
TIMELINESS THEREOF.
This material is made available exclusively to and/or directed exclusively at persons who are Professional Clients or Eligible Counterparties for the purposes of the NFA Rules. The investments and investment services to
which this document relates are only available to the persons referred to above and other persons should not act or rely on it. Moreover, any investment or service to which this material may relate is not intended for
Retail Clients and will not be made available to Retail Clients for the purposes of the NFA Rules. SWC and its affiliates give no representations or warranty that any indicative performance or return will be achieved in
the future or that the investment objectives and policies from time to time of SWC will be achieved.

19. 18
2019 Disclaimer
The SteppenWolf SWARM Strategy (“SWARM”), commenced trading in November 2015. Net performance calculated for all years is net of a 1% management fee per annum and a 20% performance fee per annum and
reflects the reinvestment of income. Past performance is not indicative of future results, which will vary, and a loss of principal may occur. From November 2015 through the date of this report performance is based on the
performance of a managed account invested in the SWARM strategy, scaled to the respective volatility target of 10%. 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. Performance information is not a measure of return to the investor, is not based on audited financial statements, and is dated; return may have
decreased since the issuance of this report. Alternative Investments by their nature involve a substantial degree of risk and performance may be volatile which can lead to a partial or total loss of the invested capital. SWC
may modify its investment approach with respect to the investment products it manages and/or any portfolio parameters set forth herein at any time and in any manner which it believes is consistent with the overall
investment objectives and disclosures outlined in the applicable offering materials of the respective SteppenWolf Investment Product, without notice to investors. AN INVESTMENT IN ANY OF THE STEPPENWOLF
INVESTMENT STRATEGIES IS SPECULATIVE AND INVOLVES SIGNIFICANT RISKS, INCLUDING THE RISK OF TOTAL LOSS OF CAPITAL. OPPORTUNITIES FOR WITHDRAWAL OR TRANSFER OF INTERESTS IN THE INVESTMENT
PRODUCTS DESCRIBED HEREIN ARE LIMITED AND THEREFORE AN INVESTOR MAY NOT HAVE ACCESS TO CAPITAL WHEN THEY DESIRE. THE INVESTMENT PRODUCTS DESCRIBED HEREIN ARE NOT REGISTERED AS
INVESTMENT COMPANIES UNDER THE US INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "INVESTMENT COMPANY ACT"). CONSEQUENTLY, INVESTORS WILL NOT BE AFFORDED THE PROTECTIONS OF THE
INVESTMENT COMPANY ACT. THE INTERESTS IN THE INVESTMENT PRODUCTS WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED, OR THE LAWS OF ANY JURISDICTION, INCLUDING THE LAWS
OF ANY STATE OF THE UNITED STATES OF AMERICA OR THE LAWS OF ANY NON-US JURISDICTION.
Past performance, whether actual or simulated, is no guarantee and not a reliable indicator of future results. The strategy may not achieve its objectives. Net performance figures do not reflect the effect of applicable
taxes, which if it were included would have the effect of reducing performance for taxable investors. Actual client returns will be reduced by potentially higher advisory fees depending on assets invested and any other
expenses incurred in the management of the investment advisory account or product. Valuations and returns are computed and stated in U.S. dollars. When an investment is denominated in a currency other than your
local or reporting currency, changes in exchange rates may have an adverse effect on the value, price or income of that investment. Currency trading may involve instruments that have volatile prices, are illiquid or create
economic leverage.
Products with Limited Operating and Actual Performance History:
Certain of the SteppenWolf Investment Products may have limited operating and actual performance history. Simulated performance results and performance statistics based on back-tested results should not be relied
upon. 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 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.