Disclaimer

This material does not constitute an offer or the solicitation of an offer to purchase an interest in Cipher Chain Partners, LP (the “Fund”), which such offer will only be made via a confidential private placement memorandum (the “Memorandum”). An investment in the Fund is speculative and is subject to a risk of loss, including a risk of loss of principal. There is no secondary market for interests in the Fund and none is expected to develop. No assurance can be given that the Fund will achieve its objective or that an investor will receive a return of all or part of its investment. All statements herein are qualified in their entirety by reference to the Memorandum, and to the extent that this document contradicts the Memorandum, the Memorandum shall govern in all respects.

This material is confidential and may not be distributed or reproduced in whole or in part without the express written consent of Cipher Chain Capital, LLC (the “Investment Manager”). The information in this document is not personalized investment advice or an investment recommendation on the part of the Investment Manager. No representation, warranty, or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein, and no liability is accepted as to the accuracy or completeness of any such information or opinions. The performance data discussed herein represent the performance of the Fund since its inception, and are presented “net-of-fees.” The results shown reflect the deduction of: (i) an annual asset management fee of 2.0%, charged quarterly; (ii) a performance allocation of 20%, taken semi-annually, subject to a “high water mark;” and (iii) transaction fees and other expenses actually incurred. Results were achieved using the investment strategies described in the Memorandum. From March 2022 to October 2022 the management company has covered expenses and from November 2022 onwards expenses are slowly being introduced through the Fund. Performance is calculated by the Fund’s Administrator, NAV Consulting.

Results are compared to the performance of various indexes (collectively, the “Comparative Indexes”) for informational purposes only. The Fund’s investment program does not mirror any of the Comparative Indexes and the volatility of the Fund’s investment program may be materially different from the volatility of the Comparative Indexes. The instruments included in the Comparative Indexes are not necessarily included in the Fund’s investment program and criteria for inclusion in the Comparative Indexes are different than criteria for investment by the Fund. The performance of the Comparative Indexes reflect the reinvestment of dividends, as applicable

Sharpe Ratio (T-Bill) measures the excess return per risk taken by a Fund or index since Its inception. It measures the average monthly performance minus an average risk-free rate (91-day Treasury Bill) during the same period, divided by the standard deviation of monthly returns, annualized since inception.

Annualized Alpha quantifies a strategy’s value-added relative to a benchmark. It is the Y-intercept of the regression line. It measures the value added or not added if the benchmark is 0%. For example, an annualized alpha of 5% would mean that the strategy would be expected to outperform by +5% over the chosen benchmark, and an annualized alpha of -5% would mean that the strategy would be expected to underperform by -5% versus the chosen benchmark.

Correlation can range from -1 to +1. A correlation value near +1 indicates a high positive correlation between the Fund and index, indicating similar monthly returns; a correlation of -1, indicates investments have an absolute negative correlation and returns opposite of monthly returns.

Beta measures a fund’s risk relative to the market as a whole. For example, for equities, the stock market is an independent variable and has a beta of 1. A fund with a beta of 0.5 will participate in broad market moves but only half as much as the market overall.