cTORUS

cTORUS Systematic Global Opportunity Fund (+(3) + ,(+a) Presentation for. DRAFT fl ISSIBIEthalilli February 2015 1. EFTA01157277 Agenda . ATORUS • Investment Process Overview 3 • Signal Generation 4 • Investment Point of View 5 • Systematic Risk Framework 6 • Operational Risk Management 8 • Liquidity & Investment Universe 9 • Representative Trade Example 10 • Return Profile 11 • Comparative Returns 14 • Fund Terms & Service Providers 15 • Offering & Objectives 16 • Management Team 17 • Organizational Hierarchy 19 • Atorus History 20 • Contact Information 21 A torus is a surface of revolution generated by revolving a circle in three-dimensional space about an axis coplanar with the circle 2 EFTA01157278 Investment Process Overview . ATORUS Edge: Combining predictive price and realized volatility models to capture scalable alpha across global markets ProitriatarY Praciotivo Mod.' Gennentiog EinY'Snn Signals Global Pontoon SytilOmMit Construction VolaliMy Based Raeaiancing Tarpoung Comtism Portfolio Variance 4 Portfolio Monitoring and RIO raltn Or gnntrint riega, The Atoms Approach generates upsdallela with dowricale aloha Broad global investment universe to profit wherever and whenever opportunities arise Portfolio is dynamically rebalanced with respect to changes in realized volatility Targeted Sharpe ratio >1.25. Sorbno ratio >2.7 imenrrela•es1 to broader eguity,'credit markets and hedge kind strategies with a similar underlying opportunity set Defined and extensive portfolio risk management protocols and best-in-class operational risk management 3 EFTA01157279 Signal Generation ATORUS Combining proprietary price and realized volatility models to generate positive return expectancy across high and low volatility environments Is recent price trajectory in opposition to our current bias? Trade signal realized volatility? Is the price trajectory relative to realized volatility statistically significant? Highly differentiated average trade duration (>100 days) 4 EFTA01157280 Investment Point of View (IATORUS Generating upside beta in periods of economic growth with downside alpha in periods of economic contraction in comparison to relative beta Atoms Comparative Strategies Global Markets o O cr co — Ego m 3 0 8 0 CD 0 0 C3 Downside alpha drrven by proprietary signals without the negative carry costs associated with the purchase of downside protection 5 EFTA01157281 Systematic Risk Framework itATORUS Designed to provide return consistency and mitigate downside variance in both high and low realized volatility environments • • • Positions are sized relative to their current realized volatLity. Higher volatility yielding asset have lower notional exposures Realized volatility recalculated daily and positions are resized dependent upon threshold changes to target consistent portfolio variance Max notional exposures defined systematically by asset class • At defined NAV drawdown thresholds overall portfolio risk is systematically reduced Daily monitoring of realized volatility within a quantitatNe nsk framework reduces portfoto vo'aulity 6 EFTA01157282 Systematic Risk Framework (continued) ATORUS Multiple market risk monitoring tools are continuously Implemented Order Management Position Level Risk Review Risk Committee Oversight • Orders subject to detailed automated review and human confirmation before submission • Automatic monitoring of active orders for execution efficiency • In house trade reconciliation and shadow record keepiig for oontrols aganst administrator! prime broker errors • Automated posibon by position risk management ncluding potential for news and event risk assuring balance and diversity to prevent outsized single event exposure risk • Portfolio is stressed to be liquid within one day with minimal to no market impact Software tools and alerts to allow human review of risks Independent Y party parametric VAR model run daily Risk committee established to provide oversight at assigned thresholds (e.g. -2% one day drop, single position > 10% of NAV. exposure to a single nation > 25%) 7 EFTA01157283 Operational Risk Management I. RU S Operational risks are monitored, identified and remedied on a real-time continual basis • COS rates of bi-ateral creel oaunterpanies monitored daily • Estimated 75% of trades are exchange cleared • Multiple Prime Broker relationships for redundancy and informational security • Transactions reconciled internally and with Prime Brokers on a daily basis Investor funds held in custodial account that is separate from portfolio margin accounts at the Prime Broker • Internal accounting system maintains independent. real-time PnL and expenses that can be verified against the kind administrator on an ongoing and end of month basis • Portfolio manager signs off on portfolio risk metrics and trade reconciliation each day Identify and Analyze Implement Techniques Monitor Results Take out chart, screen short of article, 8 EFTA01157284 Liquidity & Investment Universe . ATORUS moo poem Volatility Risk Based Asset Allocation manna PROTECTION. it.cxot isiGH a USURPS...7% EU URPS,, LS% COMMOOrItS. ISMINIPOS f.0% MAREE71.1.400, RIDURE.C. 7% • Portfolio of highly liquid global assets: (i) G20 Equity Index Futures. (ii) G20 Rates. (iii) Commodities. (iv) GB Credit Indices. and (v) GB Listed Equities Directional risk on individual positions independent of any cross-asset correlations. based solely upon signal output generated from price 8 mated volatility models • No shorting of credit or rate products, based on Atronis proprietary research of the inherent asymmetry in upside vs. downside volatility driven by the seniority of these instruments in the sovereign capital structure Majority of positions account for less than 1% of total veume traded per day Volatility based risk allocation, not benchmark weighted, with low portfolio turnover 9 EFTA01157285 Representative Trade Example (sATORUS Accurate trade signals capture a large portion of the available return with low turnover (10 total changes in direction; Long-to-Short & Short-to- Long) 2.500 CO 2.000t0 1500 00 103000 50000 ui 4/41 / 4/44 1/2 1 44/4 11 /" /tit I ICO 0 — SPX1ren tOnl —103-0w. 400-3.11 0-elo Ippon". 0301 103 Trie infrequency of tne change ,n trade signals sows for scale and only a de minim is amount of return is driven from Initial entry and exit Urning 10 EFTA01157286 Return Profile . ATORUS Atorus 12% Annualized Downside Volatility - Historical 20 Year Simulated Net Returns ell at 9s 40 War 15111 • 1.1% 05% 4.91 154% 143% 2053 59% 4.3% 11% al% 395% 1012 53% 17% 42% 1511 11.6% /9% 42% 4.3% WM 1510 11% 4.0% 122% al% 1291 2001 42% 42% MM 10% 15214 2009 Aft 19% 113% 194% 4P9/1 2007 69% *2% 245% 1.7% 404/1 1106 fa .7.4% SA% 103% 141% 2005 42% 4.1% 141% 7.3% 19.1% 1104 114% SS% 274% MO% 2003 121% 40% 145% 242% %I% MP 191 14.1% 214% 46% 25.9% 2001 19/1 447% 293% 4441% Li% MO 41% 411% 2.9% 11.5% 41% 1999 411% ILI% .4.1% %MI 13A% 1.91% 144% 1.1% SS% 49% MI% 1997 • 52% 19.4% 01% 42% 11% 19% 42% 4.2% 15% 15.1% 233% 1955 14.816 1.3.04 44% 9.9% fa% 200 200 =S 2011 2010 2039 2036 2007 1006 2006 2001 3%. 2002 2001 1919 1910 1997 19% 1995 Generalirg upside Leta 2C..)5) 11' tn coLynside apha (2002. 2008) 11 EFTA01157287 Return Profile (continued) . ATORUS Fluctuating sources driving yearly NAV contribution, validating robustness of alpha capture oha oppolLnity set inc/eases cispersion and lc, he's irlra-pertfol o ccrrela:icn 12 EFTA01157288 Return Profile (continued) 0 ATORUS Positive returns with low downside volatility scale with time 50 navy 9000% 1500% 1000% 5054 0004 400% •1000% %of Postbve ot Pontivea el Posture %or Pouthe %of Po -Anse (Meador Rolling 90. °tends, %of Poutsre Calendar Days Months Period Quarters RAN Year Years 5494% 41.11% I 46.41% 51.90% 09-91% 9000% O44.641/ Poses. istsurs 044 Poet Wins se nth" 044 Cakr44Monte tesose Patton 044 CattrOtratenesestrpete fee" W oe Int Iru 444 not Pouter Mean 045 01/411,100>P4.4 NryplAwItItUni • 64 Oitn/X0..10,NAMnttl" W 14 Pewm gay rui Int nue, Ms Rw nnutn essay ths Ire eneusunew Mourn O4 4 OW44 ror Quern 44...4 afrq Caen:144r Mali) 544 S.sstemauc nss metnccology drives me au:oconela:icn of returns 13 EFTA01157289 Comparative Returns ATORUS Uncorrelated outperformance with lower downside variance Cwrnionn• fetal R4sump3 /An I Or•edexa on P.4k Wm/IV MAY Conc4MO0 Monthly Rohm,. to 4413. 34fIn0 R.00", Pmmtupea Pesn.e Koury Y. 4ey $tivms Rai* MA9. NM, V4agry Pea zw4.11•0•Me 04. NNW 6440Me110 Pr MM. SOIOSANNIN-MJNII 40.54. 220 SUM 21 Wan NII. Dnewhdric 134166) woo COOS Fun, CAM 9 USD 2 RIM 01 410921 0 4154 41 1001 69 7 1 Cg4N.K40-14,001.3101 3 .207 00 131 Air I Btenbs &More StrOle9Y 1141040 0 42 0 74 7551 I I 31 BrOmalt0IFWAt$4, rum i 61 441 49 21d M24 3. 2 100F Clen11.7131461 I 41 202 RA .4 45 11.30 4.4:41,1Infx S 411 1 052 7294 1. C9140021, 4MINIs 4 .19 22= 241 N24 515.1550. ebbs, N 5,41 • S 494 IN NS 2- Cr104)141114140 4,r. I• 26 20 252 696 3 1,65I 5•511X0 2 6 31 200 N. 2 3 BetryllreKtrefli 9. 44 0 12. na I 51.1, OSC15510X I 4..^ as as 110? aw.rnemt0 altege/00)•4419 Mon so . 15th..rano liyilMac ONO 0. 4.201‘,4444,4M0 WIN mo Bdn,4 .atollsmeta,. In /mesa ltd relraak.,.. etb ma ts.• * -Os...n rum lieu. OW nr Ms 4J4. (*wars sera Cron.. Inn. Fauna 4) keg u44,/,sulk. nor. Consistent outperformarce over a 20 year penol 14 14 EFTA01157290 Fund Terms & Service Providers * ATORUS Fund Launch Date Mn. Individual Investment Mn. Institutional Investment Management Fee Performance Fee High Water Mark Eligible Investors Contributions Lock-Up Redemptions Terms May 1. 2015 S2 MM S10 MM 2.0% 20.0% quarterly Yes Qualified Purchasers Monthly 6-month soft. 5% penalty Monthly. following rubel 6-month period with 60- day notice Transparency Proposed Service Providers Legal Counsel Administrator Auditor Prime Broker(s) Banking Services Morgan. Lewis & Bockius LLP Maples Fund services (pending) KPMG (pending) Morgan Stanley! Nomura (pending) State Street (pending) • Monthly performance estimate on the third business day of each month • NAV available on the 1 cr busness day of each month & monthly capital account statements • Annual audited financial results • Portfo6o Managers available to discuss performance. portfolio. and policies A robust support network of operational expertse and service providers supplies opnstant and redundant operational security 15 EFTA01157291 Offerings & Objectives ATORUS Offerings • Robust and scalabe quantitative process with first-in- class systems and talent Optimal exposure to global risk markets in penods of economic expansion and contraction • Bespoke targeted volatility that allows investors to create a portfolio to suit thew needs • Uncomelated to other equity. fixed income. and global allocation strategies Superior & Sustainable. 20+ years. Bonin° of >2 net of fees Objectives Target Return 2X Annualized Downside Volatility Target Annualized Bespoke (10.35%) Volatility Target Initial Capitalization 550O MM T (FP) ± 1 (+a) 16 EFTA01157292 Management Team . ATORUS Diverse backgrounds and experience combined with complementary skill sets is the foundation for creating and growing Atorus into a global, leadership-driven asset management business Michael J. Fowler Cnol Investment Center. Portroirp Manager D'odng. posfron revel analysis ouancreav swims deverosnmer. and ass mon.norrvV) ?ached. Career hati been loaned On underelardn9'he 0!90005 01 complex finance, systems and markets. In 2007 Michael wee 0 CO-F0,444” and Senor POrtrete Manager et Red Dot Trading. PLC. where n COOperden wax Joerma. he was reepOnSitde 104 the dig today IMCID2 01 e WOW 'OKAY COM lilted-Emily 000k. Pro to the, he was the Died*, d SWciwed Pro/eels S rename al The Geneva Group in New Yolk where he wee Repeineble ter CITY4Opro2Tnantral dirrclureti 10 Mel* benk-regoletOry Cap DI rater eduliOn8 give) Bead a risk remeightinge. Itched deo Darted en ['Meer Ord ACQueition nnallOng5 Primarily 41 the inhartruclure. re &de and enelgY inextres, ircludir9 it* soveilon 011.0NJOn City Airpou by varcus Eurogoan born. He began ho Imancmi career at me ago of lJ x a rummer tee the Amoncan Stock Exchange and at To age 0110 was heed by the bodge turr3 MI4GCactial as an gouty yid °zany banvaInt. sato'. lAchael a as avid ursa rrxathanor who runs 50 and I00 mle• races. Jrnhua E. Levy - Chiel Exe0Ane 046Cer (QuenItaPee sysSems development xplemenlea00. WO °moons) Delve henDa:rad on terser* eirrOiely Ord syrolemede Dieting loccmpbx docent. In addition DNB ND as Waft( and Cirector wei Michael Fowler el Red Doe Tradhg. Joshua. since 2002. has been iregrumental in droning and supparbng To growth d Round Nil Capra. a Europpan investment / asset management congener wen more rhea SOB USLI in Iransacecas comdcted. Joshua was also To Director d Priv.Y.o Invesimerts at klUUS Asset Manager-roe. responsble tar Iwo operabanal restructunng and management et pordolo company's. Previously lOalU3 worked X Nvarca Marsal Europe *here ho boned on athisng distressed intonatunal compance and Tea MM rostrudunngs In 1990. ho Jounced Croat:re Mons Iracinabor.S. a consumer prods estnhteon and rnarkdng Irm in Easton Europe. which he sold lea NYSE DIX company n 2001. Recognized as a global oppralsons and turnaroc.nd expert. he holds an MBA rpm Us MIT Stan Shod or Management and a BA from venaerta Uriveleily. JOSI108 isan he rocker peal, whO he.8 payed to teensin tre USA. Adam, and Denver 17 EFTA01157293 Management Team (continued) ATORUS Carey al felt- Cher $Paragni (on meee9ement. Mwsior agenons ~Moo conanrona9 Carey Mott began his investment career as allay trader en me mASOAO SCES market in 1994. In 1997 he began his Energy nadir)g career wan Enron Capra, 8 Trace as a member el the Texas naval gas trading desk, Ho mentor to Amencan Etennc Ponce in Can% 20)i Telewing the acquisitional Houton Porelro now Enron. aprons ea subsequently drooled Ve' estern Unroll Stases natural gar. radrd oporalens. Schowing *Era deoson to can den:Inbred trading In tlp lal d 2002. Carat tamed Crain' Investoren' Group in 2002 as may burn oui enpige 'acing oporden. CareyletCitadel lo found Alpha Energy Partners in 2001. and lainharl IrWitesicle Energy ISIBAUMI as Chef invosMront Office in 2007. Carey Ha Matege adviser bore AIMS/end g0t and continual10$~ es Q0 la Whileedt. Energy Carey is an avid OrAdOoramen. end mac potter and snanOdieder. He lgurd$ *BS taw tie Uriveisily ol Tenn 75 DellaS and an MBA in Finance from ha University ol Croarn Michael Zateeskl - Chat ask Office. nontab Manager (nady); nar managomon0 mourn*: over 20 years ol mar:nonce trading the U.S equity ard lnancd futures ~cols. Over tie pasta years. Michaal hasdew/4dd and meltand quantnaino modelsto eitHst him in generating positiveoutsized returns. Wheel he* tredveed °Wive 'Sine in low and hiqh ~HO Markel,. IhlteighOUt toa career. dancostreling spade and downside alpha. Owing the linenrati crisis 012008-2009. Mchoel 9erdroted etArlanliel doenive re orm narking 2008 as one d the beet 01 he career pier 0) »Ong indedenderdy endes en exempt OEP valet lauSliced Elyse Perim). Michael wee e Principel with Cornerstone Sea see/( Growl. vial me km irate puretteeed My Icahn.. in 2001. Oaring his Innate et COMer11000. Melbal vemantradengy one dine premier Seden in the firm Prior tO Corm:ninon. he wee 91.3 ore el the toe »dere et Atirnentum Senines from 1998 - 1998. MiChael attended the Unhandy et Texas at Austin. nyeng in Economics Mead is an and tonne player. gol1o7 and %bon Significant team experience managing institutional and pnvate investment capital across multiple market environments and disciplines 18 EFTA01157294 Organizational Hierarchy ▪ A• TO RUS Combined trading and operational experience in excess of 100 years Risk Committee CEO (1) Operations - COO / CFO (1) Capital Raising! Investor Relations(1) Trading - CIO (1) Chief Risk Officer (I) Chief Strategist(I) Clearly defined roles and processes ensuring team continu ly Computer Seientictil/ 19 EFTA01157295 Atorus History . ATORUS • 2006 — Michael Fowler and Joshua Levy were introduced to co_ Aerate on a leveraged buyout of a major US Oil and Gas company • 2C06 - Research and development of the Atorus methodology begins • 2008 - Red Dot Trading. LLC is incorporated and later becomes a Registered Investment Advisor In New York and the principals begin successfully trading utilizing their research • 2011 - Red Dot Trading. LLC was purchased by Eastbridge who utilized the Atorus methodology as a part of a trading strategy for US listed financial secunbes for a large European commercial bank with Credit Suisse as the prime broker 2012 - Atorus registers as a Registered Investment Advisor in the State of Massachusetts • 2013 - The founders leave to finalize research and development on the portfolio construction methodology given a global mandate • 2014 - klichael Zatorski & Carey Metz joins as partners. Total Partners capital contnbutons exceed SZ0MM. Over seven years of quantitative systems development 20 EFTA01157296 Contact Information . ATORUS For further information: Michael Fowler, Chief Investment Officer, Atoms 314 Galena Street rd Floor Aspen, CO 81611 USA 21 EFTA01157297 .ATORUS 22 EFTA01157298 Appendix — Drawdown Correlation Matrix . ATORUS Uncorrelated drawdowns from peak monthly NAV with significan ly higher cumulative total returns . . . I,. - ,— --- ....... 0... M1... . .... , .... ,;...= 6_ . ... , ... .. . . . ....... • • ,... . . . . . ........... I _ 1N.... . _ tv„....‘ ,... --ti l" I . lac . , .........ax• . „. . r s.... '''' ....a ...ye c....... ....a... . > Annualized Resums < Downside Volatility Correlaticr zit 23 EFTA01157299 'fly lineuloled shays, — 4 k. Appendix — Top/Bottom NAV Contribution . ATORUS Top avg. 20 positions contribute demonstrably more than bottom avg. 20 positions with minimal variance . AmtNAV C but on al POU1.3111 -4.q NAV Combuibro al AVM 10 P0,00,4 Sys:ematc risk me:hcc,atogy allows for controlled downside variance. white maximizing upside returns 24 EFTA01157300