Seminole Capital Partners, LP Monthly

Date	Seminole*	S&P**
June, 2018	-2.8%	0.6%
May, 2018	1.5%	2.4%
April, 2018	0.1%	0.4%
March, 2018	-1.2%	-2.5%
February, 2018	-1.6%	-3.7%
January, 2018	2.1%	5.7%
2017 Performance	14.6%	21.8%
December, 2017	0.2%	1.1%
November, 2017	0.5%	3.1%
October, 2017	3.1%	2.3%
September, 2017	3.6%	2.1%
August, 2017	-0.1%	0.3%
July, 2017	-0.1%	2.1%
June, 2017	2.6%	0.6%
May, 2017	1.5%	1.4%
April 2017	0.01%	1.0%
March 2017	-0.3%	0.1%
February 2017	3.2%	4.0%
January 2017	-0.4%	1.9%
2016 Performance	4.0%	12.0%
December 2016	2.0%	2.0%
November 2016	3.9%	3.7%
October 2016	-0.3%	-1.8%
September 2016	-0.4%	0.02%
August 2016	0.1%	0.1%
July 2016	1.0%	3.7%
June 2016	-1.8%	0.3%
May 2016	0.5%	1.8%
April 2016	-0.6%	0.4%
March 2016	2.4%	6.8%
February 2016	0.1%	-0.1%
January 2016	-2.8%	-5.0%
2015 Performance	-6.9%	1.4%
December 2015	0.1%	-1.6%
November 2015	-1.8%	0.3%
October 2015	3.6%	8.4%
September 2015	-1.4%	-2.5%
August 2015	-3.8%	-6.0%
July 2015	1.9%	2.1%
June 2015	-2.1%	-1.9%
May 2015	0.1%	1.3%
April 2015	-0.5%	1.0%
March 2015	-1.4%	-1.6%
February 2015	0.7%	5.7%
January 2015	-2.4%	-3.0%
2014 Performance	11.2%	13.7%
December 2014	0.02%	-0.3%
November 2014	3.0%	2.7%
October 2014	1.8%	2.4%
September 2014	-0.3%	-1.4%
August 2014	1.4%	4.0%
July 2014	-0.9%	-1.4%
June 2014	0.4%	2.1%
May 2014	2.4%	2.3%
April 2014	0.8%	0.7%
March 2014	1.0%	0.8%
February 2014	2.4%	4.6%
January 2014	-1.2%	-3.5%
2013 Performance	23.4%	32.4%
December 2013	0.4%	2.5%
November 2013	2.7%	3.1%
October 2013	2.6%	4.6%
September 2013	2.8%	3.1%
August 2013	-1.4%	-2.9%
July 2013	2.4%	5.1%
June 2013	0.5%	-1.3%
May 2013	2.3%	2.3%
April 2013	1.2%	1.9%
March 2013	3.5%	3.8%
February 2013	0.4%	1.4%
January 2013	4.1%	5.2%
2012 Performance	5.5%	16.0%
December 2012	1.3%	0.9%
November 2012	-0.7%	0.6%
October 2012	-0.5%	-1.9%
September 2012	1.4%	2.6%
August 2012	1.3%	2.3%
July 2012	0.3%	1.4%
June 2012	1.7%	4.1%
May 2012	-3.3%	-6.0%
April 2012	-2.2%	-0.6%
March 2012	1.3%	3.3%
February 2012	3.2%	4.3%
January 2012	1.9%	4.5%
2011 Performance	-0.3%	2.1%
December 2011	-0.4%	1.0%
November 2011	-1.1%	-0.2%
October 2011	7.4%	10.9%
September 2011	-2.5%	-7.0%
August 2011	-2.8%	-5.4%
July 2011	0.3%	-2.0%
June 2011	-2.7%	-1.7%
May 2011	-1.7%	-1.1%
April 2011	1.3%	3.0%
March 2011	-1.0%	0.0%
February 2011	1.1%	3.4%
January 2011	2.1%	2.4%
2010 Performance	10.2%	15.1%
December 2010	1.7%	6.7%
November 2010	-1.9%	0.0%
October 2010	3.2%	3.8%
September 2010	3.1%	8.9%
August 2010	-1.5%	-4.5%
July 2010	0.2%	7.0%
June 2010	-0.5%	-5.2%
May 2010	-0.8%	-8.0%
April 2010	2.5%	1.6%
March 2010	4.3%	6.0%
February 2010	1.5%	3.1%
January 2010	-1.9%	-3.6%
2009 Performance	16.3%	26.5%
December 2009	2.6%	1.9%
November 2009	3.0%	6.0%
October 2009	-0.3%	-1.9%
September 2009	0.5%	3.7%
August 2009	2.8%	3.6%
July 2009	3.3%	7.6%
June 2009	0.5%	0.2%
May 2009	2.3%	5.6%
April 2009	3.2%	9.4%
March 2009	0.5%	7.4%
February 2009	-3.4%	-10.7%
January 2009	0.4%	-8.4%
2008 Performance	0.6%	-37.0%
December 2008	2.1%	1.1%
November 2008	2.1%	-7.2%
October 2008	-1.6%	-16.8%
September 2008	-5.2%	-8.9%
August 2008	-1.9%	1.4%
July 2008	-4.4%	-0.8%
June 2008	5.5%	-8.4%
May 2008	3.3%	1.3%
April 2008	6.7%	4.9%
March 2008	-4.4%	-0.4%
February 2008	3.5%	-3.3%
January 2008	-4.1%	-6.0%
2007 Performance	0.2%	5.5%
December 2007	-0.8%	-0.7%
November 2007	-2.3%	-4.2%
October 2007	1.6%	1.6%
September 2007	1.7%	3.7%
August 2007	-2.2%	1.5%
July 2007	0.2%	-3.2%
June 2007	-1.5%	-1.7%
May 2007	4.8%	3.5%
April 2007	4.3%	4.4%
March 2007	-0.1%	1.1%
February 2007	-2.1%	-2.0%
January 2007	-3.0%	1.5%
2006 Performance YTD	19.4%	15.8%
December 2006	2.0%	1.4%
November 2006	5.0%	1.9%
October 2006	3.4%	3.3%
September 2006	4.5%	2.6%
August 2006	0.4%	2.4%
July 2006	-0.9%	0.6%
June 2006	-0.6%	0.1%
May 2006	-2.5%	-2.9%
April 2006	0.7%	1.3%
March 2006	2.9%	1.3%
February 2006	0.2%	0.3%
January 2006	3.3%	2.7%
2005 Performance	11.8%	4.9%
December 2005	1.2%	0.0%
November 2005	4.0%	3.8%
October 2005	-1.7%	-1.7%
September 2005	3.2%	0.8%
August 2005	-0.6%	-0.9%
July 2005	2.5%	3.7%
June 2005	0.5%	0.1%
May 2005	2.5%	3.2%
April 2005	-0.8%	-1.9%
March 2005	-2.1%	-1.8%
February 2005	3.9%	2.1%
January 2005	-1.2%	-2.4%
2004 Performance	10.4%	10.9%
December 2004	1.9%	3.4%
November 2004	3.7%	4.1%
October 2004	3.0%	1.5%
September 2004	4.3%	1.1%
August 2004	-2.0%	0.4%
July 2004	-2.2%	-3.3%
June 2004	3.3%	1.9%
May 2004	1.9%	1.4%
April 2004	-3.9%	-1.6%
March 2004	-0.8%	-1.5%
February 2004	0.9%	1.4%
January 2004	0.1%	1.8%
2003 Performance	31.2%	28.7%
December 2003	2.5%	5.2%
November 2003	0.6%	0.9%
October 2003	9.3%	5.7%
September 2003	1.6%	-1.1%
August 2003	3.7%	2.0%
July 2003	-0.5%	1.8%
June 2003	2.5%	1.3%
May 2003	6.5%	5.3%
Apr 2003	2.4%	8.2%
Mar 2003	-0.1%	1.0%
Feb 2003	0.0%	-1.5%
Jan 2003	-0.3%	-2.6%
2002 Performance	-9.0%	-22.1%
Dec 2002	-1.2%	-5.9%
Nov 2002	-1.4%	5.9%
Oct 2002	-3.7%	8.8%
Sept 2002	-1.2%	-10.9%
Aug 2002	1.0%	0.7%
July 2002	-7.3%	-7.8%
June 2002	-1.8%	-7.1%
May 2002	3.4%	-0.7%
April 2002	3.8%	-6.1%
March 2002	-0.3%	3.8%
February 2002	0.6%	-1.9%
January 2002	-0.7%	-1.5%
2001 Performance	16.1%	-11.9%
December 2001	2.2%	0.9%
November 2001	3.0%	7.7%
October 2001	-1.2%	1.9%
September 2001	-4.4%	-8.1%
August 2001	-0.8%	-6.3%
July 2001	0.9%	-1.0%
June 2001	-0.6%	-2.4%
May 2001	2.0%	0.7%
April 2001	5.7%	7.8%
March 2001	1.3%	-6.3%
February 2001	-0.4%	-9.1%
January 2001	7.7%	3.6%
2000 Performance	40.3%	-9.1%
December-2000	4.2%	0.5%
November-2000	-2.0%	-7.9%
October-2000	0.2%	-0.4%
September-2000	-3.3%	-5.3%
August-2000	4.6%	6.2%
July-00	0.8%	-1.6%
June-00	4.1%	2.5%
May-00	2.5%	-2.1%
Apr-00	1.4%	-3.0%
Mar-00	9.4%	9.8%
Feb-00	12.5%	-1.9%
Jan-00	0.9%	-5.0%
1999 Performance	48.5%	21.0%
Dec-99	21.2%	5.9%
Nov-99	13.0%	2.0%
Oct-99	4.6%	6.3%
Sep-99	-1.7%	-2.7%
Aug-99	-4.8%	-0.5%
Jul-99	-1.9%	-3.1%
Jun-99	0.5%	5.6%
May-99	6.2%	-2.4%
Apr-99	8.5%	3.9%
Mar-99	2.1%	4.0%
Feb-99	-1.7%	-3.1%
Jan-99	-2.7%	4.2%
1998 Performance	11.7%	28.6%
Dec-98	5.4%	5.8%
Nov-98	2.8%	6.1%
Oct-98	2.9%	8.1%
Sep-98	1.3%	6.4%
Aug-98	-11.8%	-14.5%
Jul-98	-5.3%	-1.1%
Jun-98	-1.0%	4.1%
May-98	-2.0%	-1.7%
Apr-98	4.2%	1.0%
Mar-98	5.1%	5.1%
Feb-98	9.7%	7.2%
Jan-98	-0.6%	1.1%
1997 Performance	98.1%	33.4%
Dec-97	-0.3%	1.7%
Nov-97	4.8%	4.6%
Oct-97	0.9%	-3.3%
Sep-97	16.2%	5.5%
Aug-97	4.9%	-5.6%
Jul-97	17.5%	8.0%
Jun-97	11.2%	4.5%
May-97	8.4%	6.1%
Apr-97	0.9%	6.0%
Mar-97	1.7%	-4.1%
Feb-97	-1.8%	0.8%
Jan-97	7.9%	6.3%
1996 Performance	18.6%	23.0%
Dec-96	0.9%	-2.0%
Nov-96	8.5%	7.6%
Oct-96	4.8%	2.8%
Sep-96	4.8%	5.6%
Aug-96	0.5%	2.1%
Jul-96	-8.9%	-4.4%
Jun-96	-10.2%	0.4%
May-96	2.0%	2.6%
Apr-96	11.6%	1.5%
Mar-96	-0.7%	1.0%
Feb-96	5.1%	0.9%
Jan-96	2.2%	3.4%
1995 Performance	-0.2%	6.4%
Dec-95	-4.8%	1.9%
Nov-95	5.0%	4.4%

Performance Disclosures

Seminole Capital Partners, L.P.

*Performance for Seminole Capital Partners, L.P. (the “Fund”) is presented on a total return basis (without provision for federal or state income taxes) including all interest, accrued income, realized and unrealized gains or losses, and is net of all execution costs. Performance is net of all applicable advisory fees and expenses. Performance figures include the reinvestment of dividends and income. Current year (YTD), 5 year (5Y) and 10 year (10Y) returns are derived from monthly returns. Monthly performance for 2016 is unaudited. Monthly returns are derived from: 1) 1995-1999: brokerage reports 2) 2000-2008 Seminole Management Co., Inc. for fee paying investor 3) 2009 to present: independent administrator for fee paying investor.  Past performance does not guarantee future results. Individual results may vary based on the timing of contributions and withdrawals.  Annualized since inception was derived by compounding the monthly returns for a fee paying investor derived from the administrator’s reports and includes unaudited returns for 2017 and 2018.

 **The S&P 500 is comprised of a representative sample of 500 large-cap companies.  The index is an unmanaged, market-value weighted index with each stock's weight in the index proportionate to its market value. Index returns are presented on a total return basis and include the reinvestment of dividends.   There are significant differences between the S&P 500 index and the Fund.  The index is non-managed. The adviser of the Fund used leverage and sold securities short. The index is not subject to any of the fees or expenses to which the portfolio would be subject.  It is not possible to invest in this index.  The index is used for comparison purposes only.  Market information was compiled from sources that Seminole believes to be reliable. No representation is made with respect to the accuracy or completeness of the data.