INTEGRATED MULTI-MANAGERS PLATFORMOFFERING CUSTOMIZED M-M SOLUTIONS

BERYL Platform Overview

Web Based Managers Access Customized Reports

Transparent Hedge Fund investing seeking out Diamonds-in-the-Rough

About Us• BERYL, founded in 2004, provides independent hedge fund research and portfolio

construction to family offices and institutions.

• BERYL provides: 1) Manager Search; (2) Fund Due Diligence; 3) Multi Manager• BERYL provides: 1) Manager Search; (2) Fund Due Diligence; 3) Multi-Manager Portfolio Construction; (4) Alpha / Risk Overlay (5) Customized Reports (HF Industry, HF Strategy, Single HF Stat).

• BERYL Fund Library consists of about 1 500 handpicked established (brand name) and• BERYL Fund Library consists of about 1,500 handpicked established (brand name) and upcoming (emerging) managers.

• BERYL TOOLS™, our proprietary hedge fund analytics software, enables our analysts and strategic partners to seamlessly build multi-manager portfolios across all strategies, styles, geographies, and asset classes.

• Interactive Hedge Group (IHG) serves as BERYL's dedicated Online Platform providing a wide range of investment solutions to BERYL analysts and strategic partners.

We have spent five years and millions of dollars generating a scalable and powerful web system

CASE STUDYPortfolio Construction of Tailored Credit Portfolio

Credit Multi-Manager Portfolio – Target StatsAnnual Avg. Return 15-18%Standard Deviation < 6%Max Drawdown < 2%

Sharpe Ratio > 2%Winning Months > 75%Max / Min Allocation per Fund 10% / 2%

PHASE 1 Manager Long ListSourcing and qualitative due diligence process identifies long list of suitable funds (c. 50 in total).g q g p g ( )

PHASE 2 Quantitative AnalysisBERYL Proprietary Scoring Model is deployed to original long list to identify suggested shortlist (c. 25 in total).Qualitative judgment applied to that output and short list of 15-20 funds is finalized.

PHASE 3 Asset Allocation (BOTH Top-down and Bottom-up)BERYL Portfolio Optimizer assigns weights to each of shortlist funds.BERYL Model Portfolio is back-tested to assess annualized returns, volatility and correlation with indices and relevant benchmarks.

PHASE 4 Ongoing Monitoring of Managers and Rebalancing of the Portfolio

PORTFOLIO CONSTRUCTION

The Platform can instantly calculate hundreds of cross correlations

The more “green” the better watch out for “red” flags

Replacements sought for the funds that correlate with each other

PORTFOLIO CONSTRUCTION Bottom Up & Top Down Optimization

We can combine both bottom up and top down portfolio optimization

Top Down Optimization

Macro EconomicAssessment

Bottom Up Various hedge fund strategies p

Optimizationfund strategies

PORTFOLIO CONSTRUCTION Optimum Allocation

S

Pre – Optimization 20 funds – each fund received

5% allocation

PHASE 2

5% allocation

Post – Optimization 20 funds – each fund receives

different allocation

PHASE 3

different allocationPortfolio Constraints

Max Allocation 10% per fund

Min Allocation 2% per fund

PORTFOLIO CONSTRUCTION Stats Comparison

Post – OptimizationPre – Optimization

The recommended portfolio vs beforeportfolio vs. before optimization:

~ Expected return

> Sharpe / sortino

> Alpha

< Volatility

< VAR

< Max monthly loss< Max monthly loss

< Beta to S&P500

< Max drawdown

PORTFOLIO CONSTRUCTION Selected Funds

BERYL0285 - Allocation 2% BERYL0239 – Allocation 6% BERYL0295 - Allocation 2% BERYL0295 - Allocation 10% BERYL0632 - Allocation 10%

BERYL0347 - Allocation 2% BERYL0691 - Allocation 10% BERYL0220 - Allocation 2% BERYL0074 - Allocation 10% BERYL0523 - Allocation 10%

PORTFOLIO CONSTRUCTIONEfficient Frontier

The optimization is seeking the historical hedge fund combination which would have given the lower probability of receiving extreme negative returns for a given expected future portfolio return.

Th difi d ffi i t f ti i th The modified efficient frontier is the location of the portfolio with low volatility, positive skewness and low kurtosis.

It is the combination of the three in an optimum portfolio that causes it to exbit a very lowprobability of extreme negative returns

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PORTFOLIO CONSTRUCTION Final Product

Pro-forma tailored portfolio displays higher returns, lower volatility and a smoother return profile than S&P 500 index.

Pro-forma Credit Portfolio

S&P 500

SERVICES Solution System

TASK Customized Type of Assignment

FrequencyAssignment

Fund Summary Stats ReportsDue DiligencePortfolio Construction

Yes Quantitative & Qualitative

Monthly

HF Industry Summary Report (assets flows, new launches, etc.)

Yes Qualitative Quarterly

HF Strategy Focus Reports (assets Yes Qualitative Quarterlyflows, new launches)

HF I d t d HF St t iHF Industry and HF Strategies Quarterly and Monthly Reports

VALUE PROPOSITION

The BERYL MethodThe BERYL method is built on endless investigation of conventional wisdom and yesterday's facts. In early 2004 we recognized astructural flaw in the fund of funds industry. A pattern of inadequate due diligence had formed. Many of our competitors werepracticing "surface / check-the-box" due diligence. This led to an abundance of "friend of friends" or "faith-based" allocations. As apracticing surface / check the box due diligence. This led to an abundance of friend of friends or faith based allocations. As aresult, the fund of funds industry was becoming commoditized and alpha generation started to fade.

Our solution was a truly independent model founded on a integrated suite of proprietary software tools, BERYL TOOLS™, whichenables systematic and disciplined Fund Due Diligence and Portfolio Construction.

Specialist TeamBERYL's founder has assembled a team of senior hedge fund specialists to conduct "drill-down" fund due diligence and constructcustomized multi-managers portfolios. BERYL Team consists of former traders, portfolio managers, securities analysts andeconomists. Besides top-down macro analysis and bottom-up fund due diligence, we offer alpha risk overlay with the objective toenhance portfolios risk-adjusted returns.

Proprietary Models & TechnologyWith our experienced team and our technology powering our process, BERYL is prudent and efficient in selection of investmentthemes, strategies, managers and the construction of hedge fund portfolios. Our due diligence, quantitative assessment and fundreporting process are fully transparent. BERYL's online platform, Interactive Hedge Group (IHG), enables our clients instant access

anytime and anywhere- anytime and anywhere.

Bespoke Solutions & Proactive AdviceAll of BERYL's services are customizable. Through this flexibility, we offer cost-efficient and high quality solutions. Clients canoutsource various components of our Service Offerings. BERYL takes a highly pro-active and educational approach when dealingwith clients We do not simply direct our clients how to allocate their capital and let them to simply "hang in" there Instead wewith clients. We do not simply direct our clients how to allocate their capital and let them to simply hang-in there. Instead, weassist them in rebalancing of their investment portfolios.

Recognized BrandBERYL continues to build upon its reputation and strong network of managers, institutional investors, prime brokers and serviceproviders by actively attending and speaking at industry events Our analysts are regularly called by the financial media to provideproviders by actively attending and speaking at industry events. Our analysts are regularly called by the financial media to provideexpert opinion on hedge fund related topics. An alliance with London based Clontarf Capital, provides us with a broadergeographical reach and additional investment ideas.