Reinhold & Partners is the architect of your alternative investments solutions. As such,

1. Reinhold & Partners has been created to provide asset managers, service providers and investors with expertise that bridges the otherwise standalone areas of regulation, taxation, governance and operations management. • The company's comprehensive service is unique to the industry inproviding detailed guidance on the structuring and development of aclient's activities related to hedge funds, alternative as well as structured investments. • Our core areas of focus include: • Creation, and structure of funds • Operational due diligence • Analysis and monitoring of events • The initial benefit to our clients is an accelerated and trouble freestart-up, thus securing a reduced cost structure for the client'salternative investment project.Following the launch of a project, the benefit is that ongoing consultations will ensure that best practice compliance is always adhered to, thus maintaining a consistent standard of operation. • Drawing on decades of recognised experience at the cutting edge of hedge fund development, Reinhold & Partners brings to a project a level of expertise unrivalled in the industry • Reinhold & Partners is the architect of your alternative investments solutions. As such, • it assists its clients in creating and developing their structure and funds, • it provides assessments of structures in which you plan to invest, • and it analyses incidents and, if appropriate, proposes actions to reduce or avoid impacts. Construction Evaluation Appraisal

2. Specifications Investment strategies Client base Construction Environment • Building or developing a project related to alternative asset management is a complex process. • It has different phases: • analysis of the investment strategies and financial instruments, • analysis of the types and location of the targeted customers, • choice of jurisdiction according to the regulations, legislation and taxation and • choice of providers, lawyers, prime broker, administrator, auditors and directors responsible for governance of the fund. • Based on "best practices", and with its experience and its network, Reinhold & Partners enables you to set up your structure and your funds more quickly, in accordance with the regulations and industry’s guidelines, for an appropriate response to your investors demands. • The added value of Reinhold & Partners, is accelerating the implementation of projects, and coordinating service providers so that our clients are free to devote their time to investment management and business development. • Reinhold & Partners also assists its clients in developing rules of governance, such as valuation polices, and assists managers and Boards of Directors during the life of the fund. Legislation Regulations For managers Taxation Regulations For products Regulation Buy side Operational constraints Legal and agreements Valuation and accounting Best practices Coordination Lawyers, auditors, tax advisors, regulators, prime broker, administrator, transfer agent, corporate services,… Directors

3. Evaluation When investing in hedge funds, it is important to understand and validate the performance drivers proposed by the managers, and also to ensure the ability of the Manager and its providers to ensure all operational and accounting functions are sufficient, well managed and secured. Besides fraud, most hedge funds problems have resulted from a failure of operational systems: accounting delays; failing to take into account certain operations; errors in asset valuation; counterparty failures; liquidity problems, etc. Another source of failures is when the investment strategy moves away from what is mandated, e.g. increase in leverage and use of complex financial instruments with hidden risks. Thus, regulators such as the Autorité des Marchés Financiers in France, now require the implementation of operational due diligence prior to investment by funds of funds in alternative products. This approach is also now used by most institutional investors. Finally, it is worth noting that financial counterparties are increasing the focus of their credit officers on these issues prior to entry into any relationship. Reinhold & Partners provides managers of funds of funds, institutional investors, counterparties and financial auditors or financial services providers, a new added value service to achieve operational due diligences in extending the perimeter to the legal risks (contracts with counterparties, analysis of insurance ...), the agency risk, and liquidity risks. Reinhold & Partners benefits from the diversity of its experience and expertise to include due diligence on the manager as well as on the services by its providers (Prime Broker, administrator and auditors, among others) and on the functioning of governance (Directors). This work is based primarily on the review of the documentation, which is summarized on a report which will highlight inconsistencies; deviations from the best practices; and which will conclude with a summary of the main operational risks if there are viewed to be any. This analysis is complemented by a site visit and direct contacts with key providers to verify the description obtained from the documents matches reality; and also to get responses when risks have been identified. Finally, we contact the Directors to ensure that governance rules are properly monitored. Reinhold & Partners provides clients with a detailed summary report, however, the decision to invest or not is taken by the client. Reinhold & Partners can assist the client to set up the monitoring of certain indicators of operational risk.

4. To understand Liquidity Valuation Fraud Errors Failure of counterparties Agency risk Investment manager Administrator Auditors Action Prospectus Agreements Insurance Analyse and Crisis Management Investors in hedge funds seek higher and uncorrelated returns, but also agree to take risks. It is therefore not surprising that some funds are experiencing incidents, including under performance, liquidity constraints, and, in some cases, bankruptcy. These failures remained limited until 2005 (109 failures identified by the EDHEC between 1994 and 2005) have sharply accelerated recently because of the increasing complexity of the instruments used, with hidden risks embedded and also because of the contagion generated by valuation rules and collateralization. In case of a fund’s failure, investors must quickly contact the manager of the defaulting fund, its administrator and sometimes his auditors to preserve their rights and the best interests of their investments. Reinhold & Partners assists in all these steps: - Providing an analysis of the failure, distinguishing the root causes and immediate causes, - Exploring whether this failure is due to misconduct, fraud or negligence; and where appropriate seeking compensation from the appropriate parties. Reinhold & Partners coordinates the various providers (in particular legal advisors, the administrator, auditors and financial counterparties) to achieve the best possible outcome in case of sudden liquidity restriction (activation of gates, side pockets), or recovery in case of bankruptcy. Reinhold & Partners also proposes to its customers the development and implementation of tools to enable any early warning signs to be detected and to therefore enable actions to be taken in advance of a potential failure.

5. Reinhold & Partners is an independent company founded by Alain Reinhold which benefits from the support of Grant Thornton, a leader in audit and advisory services, with a presence in 115 countries. Alain Reinhold Mr Reinhold (French,) is the Founder and Chief Executive Partner of Reinhold & Partners,. Prior to that, he was  Executive Vice President and sat on the Executive Board at ADI - Alternative Investments SA (France),- one of the largest independent alternative asset manager in France- where he has been Chief Officer for Finance, Administration, and Compliance since November 1999. In 2007 he was Chairman of Gea (a subsidiary of ADI regulated by the AMF and providing investment services to funds of hedge funds) . From 1995 to 2008, he was also a Director of Pegasus Fund Managers Ltd., an asset manager in Hong Kong. Mr Reinhold is also currently involved with various regulatory and professional bodies in relation to alternative asset management.  He has participated in the Alternative Investment Expert Group for the European Commission, and he has contributed to several “Best practices” guides published by the AIMA (Allternative Invesment Management Association). He has participated in several working groups with the AMF (Autorité des Marchés Financiers) and led the Alternative Investment Group of the AFG (Association Française de Gestion). He has also addressed various issues in relation with hedge funds at the IOSCO meeting and G7 outreach in 2007, among others. Between 1988 and November 1999, he worked for Banque de Gestion Privée (Crédit Agricole Group) (“BGP”) initially joining the Capital Markets Department.  During his time with BGP, he held the position of Head of Internal Audit. In 1992 he launched the GIE Transboard, a partnership for administration and risk management between Banque de Gestion Privée and its subsidiaries, Transoptions (market making in options) and Transbourse (stockbroker), where he was Chairman and Chief Operating Officer. During this period, he was a member of the Asset and Liabilities Management Committee of the Bank.  In 1994, he was appointed as Managing Director of Euro Pacific Advisors Limited, the Asian asset management branch of BGP in Hong Kong, where he developed the asset management methodology, the range of products and the client base by initiating a joint venture in Taiwan of which he was a Director and Vice Chairman.  Prior to that, he spent fifteen years at the head office and in several branches of Banque Nationale de Paris (“BNP”).  He was Company Secretary of Banque Natiotrésorerie, a subsidiary of BNP specialising in proprietary trading on capital markets.  He is a graduate of the Ecole Supérieure de Commerce de Paris (ESCP) and since 1989 has been a lecturer in risk and asset management at the Université de Lyon II. Mr. Reinhold is a Director of several Cayman domiciled funds.

6. Why Reinhold & Partners? • Rules are complex and changing • Legal and operational risks exist and are varied • Tax structure affects performance • Coordination of many providers (lawyers, Prime broker, administrator, auditors ...) is challenging • Compliance with rules and best practices is also challengingYour time is valuable, we save it for you. • We help asset managers to save time and money, and to secure their business • We help investors to protect their investment from operational risks • We bring experience and expertise to address crisis management issues Contact: Alain REINHOLD - C.E.O. Mobile +33 (0) 6 12 94 89 27 Tel +33 (0) 1 43 18 61 33 Fax +33 (0) 1 43 18 61 31 areinhold@reinholdpartners.com Reinhold & Partners, c.o, Grant Thornton, 58-60 rue de Prony, 75017 Paris - FRANCE Email web www.reinholdpartners.com