© ATORUS Systematic Global Opportunity Fund t (+B) + {(+a) Presentation for: DRAFT — NOT FOR DISTRIBUTION February 2015 EFTA00505976

--=PAGE_BREAK=--

Investment Process Overview Signal Generation Investment Point of View Systematic Risk Framework Operational Risk Management Liquidity & Investment Universe Representative Trade Example Return Profile Comparative Returns Fund Terms & Service Providers Offering & Objectives Management Team Organizational Hierarchy Atorus History Contact Information EFTA00505977

--=PAGE_BREAK=--

Investment Process Overview TORUS Edge: Combining predictive price and realized volatility models to capture scalable alpha across global markets Volatity Baved rs Portfolio Rebalancing = tonoring and Constant Portfolio Variance Management Overiay The Atorus Approach generates upside beta with downside alpha 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, Sortino ratio >2.7 uncorrelated to broader equity/credit markets and hedge fund strategies with a similar underlying opportunity set Defined and extensive portfolio risk management protocols and best-in-class operational risk management EFTA00505978

--=PAGE_BREAK=--

Signal Generation TORUS Combining proprietary price and realized volatility models to generate positive return expectancy across high and low volatility environments Is recent price trajectory in What is the current opposition to our realized volatility? current bias? \s the price trajectory relative to Trade signal realized volatility statistically significant? EFTA00505979

--=PAGE_BREAK=--

Investment Point of View ®aTORUS Generating upside beta in periods of economic growth with downside alpha in periods of economic contraction in comparison to relative beta Atorus a sWNnjeay Aunaes 3 Yo DIWOUODS |Eqo|D EFTA00505980

--=PAGE_BREAK=--

Ss stematic Risk Framework TORUS Designed to provide return consistency and mitigate downside variance in both high and low realized volatility environments Position Sizing Rebalancing Exposure Limits Positions are sized relative to their current realized volatility. 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 EFTA00505981

--=PAGE_BREAK=--

Systematic Risk Framework (continued) @ATORUS Multiple market risk monitoring tools are continuously implemented Orders subject to detailed automated review and human confirmation before submission Automatic monitoring of active orders for execution efficiency Order Management In house trade reconciliation and shadow record keeping for controls against administrator / prime broker errors Automated position by position risk management including 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 Position Level Risk Review Risk Committee Software tools and alerts to allow human review of risks Oversight Independent 3“ 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%) EFTA00505982

--=PAGE_BREAK=--

Operational Risk Management TORUS Operational risks are monitored, identified and remedied on a real-time continual basis CDS rates of bi4ateral credit counterparties 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 Pn and expenses that can be verified against the fund administrator on an ongoing and end of month basis Portfolio manager signs off on portfolio risk metrics and trade reconciliation each day Take out chart, screen short of article, identify and Analyze implement Techniques Monitor Results EFTA00505983

--=PAGE_BREAK=--

Liquidity & Investment Universe TORUS weoxxqonm Volatility Risk Based Asset Allocation INFLATION PROTECTION, 9.0% __—s Portfolio of highly liquid global assets: (i) teonx tant vieuny G20 Equity Index Futures, (ii) G20 Rates, 20K (iii) Commodities, (iv) G8 Credit Indices, and (v) G8 Listed Equities Directional risk on individual positions independent of any cross-asset correlations, based solely upon signal output generated from price & realized volatility models No shorting of credit or rate products, based on Atrorus’ 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 volume traded per day EFTA00505984

--=PAGE_BREAK=--

Representative Trade Example ®aTORUS 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) 2,500.09 tty, -200=Se4L (Oetio Expoaure (15) fs PPPS, PPP EOS, HP OOP oF PP PP FE 10 EFTA00505985

--=PAGE_BREAK=--

Return Profile TORUS Atorus 12% Annualized Downside Volatility - Historical 20 Year Simulated Net Returns on oz os oA “136 86 7% 15.6% am 23% aN 28% 726 S76 146% 29% a6 1: 7.0% 2% 62% ams 20% om 9% 19.8% 55% 82K 7% om 1% 10.7% “62% 4m 1s 110% 27% 4 mm 63% “36% 1% 4 Sora am Btey “326 asx 11 EFTA00505986

--=PAGE_BREAK=--

Return Profile (continued) @ATORUS Fluctuating sources driving yearly NAV contribution, validating robustness of alpha capture mates, TIPS, HY Wusted Equity, fu & US Sectors Equity Index Futures, 12 EFTA00505987

--=PAGE_BREAK=--

Return Profile (continued) Positive returns with low downside volatility scale with time s0.00% 25.00% > 20.00% 15.00% + 10.00% SDom = opo% 500% — Wolfen of Ponte Days ice tof Postive Rolling Year etal = $4,94% rs 33% Corry 67.90% “20 yer srredatnd rena, gros Of Sos TORUS Ciieag. Dusty Positive Return (ling. Daily Negaewe Return Biting. Calendar Monthhy Positive Return (Biting. Calendar Monthhy Negative Return Bivag. Rolhrg 92-Peried Penitive Meters Qiirag. Rothrg 92-Period Nepative Return (Bites, Calendar Quarter Positive Return Big. Calendar Quarterly Negative Return ieeg, Rolling Yearhy Positive Return, eog. Nolhrg Youarhy Magative Return Biireg, Calendar Year Positive Return Witeeg. Calendar Veor Negative Return 13 EFTA00505988

--=PAGE_BREAK=--

TORUS Comparative Returns Uncorrelated outperformance with lower downside variance AHL Diversied ple (3031/98) Funures Fund Class 8 USD 18.68% tackrock Giabel Aocaten Fund 2040 Global Macro Fund index 8 26.79% 94 tt rar “Unieas Civerwtie seted at eorperativo wrkhly returns ase horn V5 - 12/51! Alsass Bystoreaby Ghibut Opportaniy Fund 3)-yeer swatahed retere ‘Sartre Ration in calcsiated on mordty tine riarvals, arciis ret iichaive of a rak-foea rahe Cornette Toted Rar XI" teri fees. MA oober cee labons ere rons 0" Corrgmraites retur date was sauce from publicly aewiable marcas 14 EFTA00505989

--=PAGE_BREAK=--

Fund Terms & Service Providers TORUS Fund Terms Proposed Service Providers Launch Date May 1, 2015 Legal Counsel Morgan, Lewis & Min. Individual Investment $2MM Bockius LLP Min. Institutional Investment $10 MM Management Fee 2.0% Administrator Maples Fund services Performance Fee 20.0% quarterly (pending) High Water Mark Yes Eligible Investors Qualified Purchasers Contributions Monthly - Lock-Up 6-month soft, 5% Exiaas Eeokcals) Moran Stanley f Auditor KPMG (pending) penalty Nomura (pending) Redemptions Monthly, following initial - - 4 6-month period with 60- Banking Services State Street (pending) day notice * Monthly performance estimate on the third business day of each month * NAV available on the 10 business day of each month & monthly capital account statements * Annual audited financial results * Portfolio Managers available to discuss performance, portfolio, and policies 15 EFTA00505990

--=PAGE_BREAK=--

Offerings & Objectives ®aToRUS Offerings Objecti Robust and scalable quantitative process with first-in- class systems and talent Optimal exposure to global risk markets in periods of economic expansion and contraction Bespoke targeted volatility that allows investors to create a portfolio to suit their needs Uncorrelated to other equity, fixed income, and global allocation strategies Superior & Sustainable, 20+ years, Sortino of >2 net of fees Target Retum 2X Annualized Downside Volatility Target Annualized Bespoke (10-35%) Volatility Target Initial Capitalization (+B) + | (+a 16 EFTA00505991

--=PAGE_BREAK=--

Management Team @ TORUS 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 ~ Chief investment Officer, Portfolio Manager (trading, postion java! analysis, quantitative systoms development, and risk management) Michael's career has been focused on understanding the nuances of complex financial systems and markets, In 2007 Michael was the Co-Founder and Senior Portioto Manager at Red Dot Trading, LLC, where in cooperation with Joshua, he was resporsible for the day to day trading of 8 sector specific core Feted-equily book. Price to tis, he was the Director of Structured Products & Finance at The Geneva Group in New York where he was reaporisitle for developing financial structures lo provide bank-reguiatory capital relief solutions given Basel & risk re-weightings, Michael also focused on project and acquisition financings: primarily in the infrastructure, read estate and energy industries, including the acquisition of London City Airport by vanous European banks. He began he financial career at the age af 14 as a runner for the American Stock Exchange and at the age of 16 was hired by the hedge fund MHG Capital as an equty and equity derivatives trader. Michael an avid ultra marathoner who runs 50 and 100 mie+ races. Joshua L. Levy — Chie! Executive Officer (quantitative Joshua has focused on bringing simelicily and systematic thinking to complex processes, In addition to his role as founder and director with Michael Fowler at Red Dot Trading, Joshua, since 2002, has been instrumental in directing and supporting the growth of Round Mil Capital, 2 European investment / asset management company with more then $68 USO in transactions completed. Joshua was also the Director cf Private Investments at MUUS Asset Management, responsibie for the operational restructuring and management of partioiio companies. Previously Joshua worked at Alvarez & Marsal Europe where he focused on advising distressed international compartes and their debt restructurings. In 1996, he founded Creative ideas International, a consumer goods distibution and fem in Eastern Eurape, which he sold toa NYSE listed company in 2001. Recognized as a global operations and tumarcund expert, he holds an MBA from the MIT Sioan School of Management and & BA from Vanderbilt University, Joshua is an ice hockey goalie who has played for teams in the USA, Poland and Norway. 17 EFTA00505992

--=PAGE_BREAK=--

Management Team (continued) @ATORUS Carey M. Metz — Chie! Strategist (risk management, investor revations, portfobe cansivuction) Carey Matz bagan his investment career as a day trader on the NASDAQ SOES market in 1994. In 1997 he began his Energy trading careor with Enron Capital & Trade as a mamber of the Texas natural gas trading desk. He maved to American Electric Power in earty 2001 following the acquisition af Houston Pipeline trom Enron, where he subsequently directed the Western United ‘States natural gas tracing operations. Following AEP's decision to exit deregulated trading in the fal of 2002, (Carey joined Cradel Investment Group in 2002 as they buit ‘out their energy trading operation. Carey left Citadel to co found Alpha Energy Partners in 2004, and launched Whiteside Energy ($18 AUM) as Chief investment Officer in 2007. Carey is a strategic adviser to the Alorus fund Foup and continues to serve a8 CIO for Whiteside Energy. Carey is an avid outdoorsman, and prolific golfer and snowboarder, He holds & BS from the University of Texas: & Dallas and an MBA in Finance from the University of Chicago Michael Zatorski ~ Chief Risk Officer, Portfolio Manager (trading, risk management) Michael has over 20 years of experience trading the U.S equity and financial futures markets. Over the past & years. Michael has developed and implemented quantitative Models to assist him in generating positive outsized returns, Michael has produced positive retums in ow and high volatility markets throughout Nie career, demonstrating upside and Gownside alpha. During tre financiet crisis of 2006-2009. Michael generated substantial positive returns, marking 2008 88 one of the beat of his career. Prior to trading independently and a an exempt QEP trader (Qualified Eligttte Person). Michael was @ Principal with Comersione Securties/(Protrader Group), unsl the firm was purchased by Inatinet in 2001, During his tenure at Comersions, Miche! was consistently one of the premier traders in the firm. Prior to Comersione, he wae also one of the top traders at Momentum Securties from 1995 — 1996. Michael atlended the University cf Texas at Austin, majoring in Economics. Michael is an avid tennis player, golfer, and skier. 18 EFTA00505993

--=PAGE_BREAK=--

Organizational Hierarch TORUS Combined trading and operational experience in excess of 100 years Trading — CIO (1) Operations COO / CFO i) Chief Risk Chief Officer (1) Strategist (1) Capital Raising / Investor Relations(1) = Junior Computer Narn ta} Scientist(1) 19 EFTA00505994

--=PAGE_BREAK=--

Atorus History @ TORUS * 2006 — Michael Fowler and Joshua Levy were introduced to collaborate on a leveraged buyout of a major US Of and Gas company 2006 - 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 securities 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 — Michael Zatorski & Carey Metz joins as partners. Total Partners’ capital contributions exceed $20MM. 20 EFTA00505995

--=PAGE_BREAK=--

Contact Information ®ATO RUS For further information: Michael Fowler, Chief Investment Officer, Atorus Ph: +1 (970) 239-1076 a 314 Galena Street 2° Floor Aspen, CO 81611 USA 21 EFTA00505996

--=PAGE_BREAK=--

®sTORUS T (+B) + V (+a) EFTA00505997

--=PAGE_BREAK=--

Appendix — Drawdown Correlation Matrix TORUS Uncorrelated drawdowns from peak monthly NAV with significantly higher cumulative total returns 23 EFTA00505998

--=PAGE_BREAK=--

Appendix — Top/Bottom NAV Contribution ATORUS Top avg. 20 positions contribute demonstrably more than bottom avg. 20 positions with minimal variance fay HAV Contribution of Beit 20 Penitior 4g NAY Contribution ot ‘Worst 20 Positions 208 208 2 2082 2080 9M 296 1987 2: risk methodology allows f , iance, while maximizing 24 EFTA00505999