Region

Jurisdiction

Regulator

2017-11-03

Cayman Islands Monetary Authority Cancels Mutual Fund Registrations for Titan Volatility Funds

The Cayman Islands Monetary Authority has cancelled the mutual fund registrations for Titan Volatility Fund Offshore Ltd. and Titan Volatility Fund L.P. under Section 30(16) of the Mutual Funds Law. The regulatory body determined that both funds failed to submit required audited accounts for the years 2010 through 2016 and neglected to pay corresponding annual registration fees and penalties. Consequently, the funds ceased carrying on business as mutual funds and became non-compliant with statutory termination requirements, making the cancellation effective as of 31 October 2017.

Cayman Islands

Cayman Islands Monetary Authority

[LOGO: CAYMAN ISLANDS MONETARY AUTHORITY]

3 November 2017

Russell Abrams Director Titan Volatility Fund Offshore Ltd. and Titan Volatility Fund L.P. c/o Titan Capital Return LLC 399 Park Avenue, 37th Floor New York, NY 10022 USA

c/o Titan Capital Group 800 Third Avenue, 10th Floor New York, NY 10022 USA

Dear Mr. Abrams,

Re: Decision Notice – Titan Volatility Fund Offshore Ltd. (Reg. #4401) Titan Volatility Fund L.P. (Reg. #4409) (together “the Funds”)

We write to you in your capacity as operator of the Funds. We refer to the Warning Notice posted on our Website dated 12 September 2017.

The Funds remain in breach of Mutual Funds Law (2015 Revision) (“the Law”) as follows:

Titan Volatility Fund Offshore Ltd.

Sections 8(1) and 8(2) of the Law for failing to prepare and submit audited accounts for the years ended December 2010 to December 2016; and
Section 9 of the Law for failing to pay its annual registration fee increase for the year 2013, and its annual registration fees and penalties for the years 2014 to 2017.

Titan Volatility Fund L.P.

Sections 8(1) and 8(2) of the Law for failing to prepare and submit audited accounts for the years ended December 2010 to December 2016; and
Section 9 of the Law for failing to pay its full annual registration fee for the year 2012, the annual registration fee increase for the year 2013 and its annual registration fees and penalties for the years 2013 to 2017.

TAKE NOTICE: The Cayman Islands Monetary Authority of 80 Shedden Road, Elizabethan Square, PO Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action:

80 Shedden Road, Elizabethan Square, P.O. Box 10052, Grand Cayman KY1 - 1001, Cayman Islands Tel: 345-244-1639, Fax: 345-946-4651, Email: ContactCompliance@cimoney.com.ky, Web: http://www.cimoney.com.ky/

Russell Abrams 1 November 2017 Page 2

ACTION: The Authority has cancelled the Funds’ mutual fund registrations pursuant to Section 30(16) of the Law.

REASONS: The Authority is satisfied that the Funds have ceased to carry on, or attempt to carry on, business as a mutual fund. Despite repeated requests, the Funds have not satisfied the Authority’s termination requirements and become compliant with the Law.

EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 31 October 2017.

Yours faithfully,

[Signature]

Cindy Scotland Managing Director