Risk Disclosures and Important Information

Strictly confidential and not for distribution. This page summarizes certain risks associated with the strategies and structures described by Typhon Capital Management. It is not exhaustive. Each product is offered only through its own offering documents, which contain complete risk disclosures and should be read in full before any investment decision.

Principal risk factors

Loss of capital

All Typhon products are speculative. Investors may lose all or substantially all of their investment. There is no assurance that any strategy will achieve its objectives or that past patterns of return, correlation, or drawdown will persist.

Leverage and derivatives

Futures, options, and swaps are inherently leveraged. Small market movements can produce large gains or losses relative to margin deposited. Notionally funded managed accounts and leveraged notes, including structures with participation of up to 13x notional, magnify both returns and losses; an investor in such a structure may lose the entire amount invested.

Liquidity and lock-ups

Fund interests are redeemable only at stated intervals and may be subject to notice periods. Notes, SPV interests, swaps, and litigation finance interests may have no secondary market and can require holding to maturity, in some cases eight years or longer. JurisTrade is a marketplace, not a guarantee of liquidity.

Market and concentration risk

Individual strategies are concentrated in specific sectors such as metals, energy, grains, livestock, equity indices, or digital assets and may experience sharp, correlated losses within that sector. Digital assets are subject to extreme volatility, evolving regulation, and custody risk.

Litigation finance

Litigation-finance outcomes are uncertain and can be binary. Adverse rulings, settlements below expectation, appeals, delay, collectability of judgments, and changes in the law or regulation of litigation funding, including champerty and disclosure rules, can reduce or eliminate returns. Duration is difficult to forecast.

Structured notes and protection features

Notes are obligations of special-purpose vehicles, not of Typhon. Insurance wraps are subject to policy terms, exclusions, claims procedures, and the credit of the insurer. Treasury-based principal protection applies only if the note is held to maturity and depends on the credit of the United States. Protection features do not cover fees, currency movements, or early exit.

Counterparty and custody

Assets held at futures commission merchants, prime brokers, banks, and clearing systems are exposed to the insolvency or default of those institutions. Swap counterparties may change margin terms or terminate.

Reliance on key personnel and sub-advisers

Performance depends on individual portfolio managers and on Typhon’s risk team. Departure or incapacity of key people could adversely affect results. Certain strategies are managed by sub-advisers under agreements that may be terminated.

Performance information

Returns shown are net of fees since inception through August 2026 and may include pro forma fee adjustments described in the strategy tear sheets. Pantheon figures are hypothetical: the managers have not traded together in the form shown, and hypothetical results have inherent limitations. Past performance is not necessarily indicative of future returns.

Conflicts of interest

Typhon and its affiliates act as investment manager, general partner, sponsor, SPV managing member and, on JurisTrade, as intermediary and settlement agent earning a spread. Typhon, its principals, and staff invest proprietary capital alongside clients and may have interests that differ from those of investors. Conflicts are addressed under written policies described in the DDQ.

Regulatory, tax, and currency

Products are offered across multiple jurisdictions under differing regimes, which may change. Tax treatment depends on an investor’s circumstances and domicile and may be adverse; investors should obtain independent advice. Notes denominated in GBP or EUR expose investors to currency risk against their home currency. ERISA investors should consider plan-asset and fiduciary requirements.

Limited-life structures and reinvestment

Many Typhon transactions return capital at maturity. Investors may be unable to reinvest proceeds on comparable terms, and platform assets may fluctuate materially as transactions mature.

Important information

This page is furnished on a confidential basis, is intended solely for the person to whom it is delivered, and is neither an offer to sell any securities nor a solicitation of an offer to invest in any fund or managed product. Any offering is made only pursuant to the relevant offering documents, which must be read in their entirety.

Typhon only provides services related to listed derivatives to Qualified Eligible Participants as defined in CFTC Rule 4.7, manages private funds only for non-US investors, Accredited Investors, and Qualified Purchasers, and offers swaps only to Eligible Contract Participants. The risk of loss in trading commodity interests can be substantial. Forward-looking statements reflect current views only and are subject to change. Past performance is not necessarily indicative of future returns.

This summary does not constitute an offer or investment advice. Refer to the relevant offering documents, Form ADV, and CFTC disclosure documents for detailed risk disclosures; additional risks may apply.