Fund Tracking, LLC

1. performance Fund Tracking, LLC

2. Fund Tracking, LLC: Background • Fund Tracking , LLC is an affiliate of Fund Tracking, LLC and was established in 2012 and specialized in providing algorithmic based investment tracking products. • Fund Tracking, LLC consists of a team of investment specialists including the principals Thomas Schneeweis, Robert Schneeweis and Hossein Kazemi. The partners themselves have over fifty years of investment experience in asset trading, asset management, and structured product creation. Fund Tracking, LLC principals have been involved in the development of a range of investment product vehicles from an almost $4 billion hedge fund managed account platform (Lyra Capital/Ursa) to the creation and development of a series of commodity based products (Bache Commodity Indices) as well as a series of investible managed futures and mutual fund/hedge fund tracking products (White Bear Partners). • Fund Tracking, LLCprincipals are well known in the industry. They helped create the investible Dow Jones Hedge Fund Indices and Bache Commodity Index, established the Institute for Global Asset and Risk Management (www.ingarm.org), helped create the Chartered Alternative Investment Analyst Program (www.caia.org) and founded the Journal of Alternative Investments (www.iijournals.com).

3. Fund Tracking, LLC: Principals • Principals of Fund Tracking, LLC have substantial expertise in developing and managing alternative and traditional investment programs. Each principal has been active in alternative and traditional investment management since the 1990s. • Thomas Schneeweis : Managing Partner . He was the Michael and Cheryl Philipp Professor of Finance and founding director of the Center for International Securities and Derivatives Markets at the Isenberg School of Management, University of Massachusetts-Amherst. He is currently Emeritus Professor of Finance at the University of Massachusetts. He was the founding editor of The Journal of Alternative Investments and is co-founder of the Chartered Alternative Investment Analyst Association. and the Institute for Global Asset and Risk Management. He acted as director of research from 2003-2006 at Ursa Capital, one of the first managed account based hedge fund platforms. He has published more than 100 articles in the area of investment and asset management and is a co-author of the recently published The New Science of Asset Allocation: Risk Management in a Multi-Asset World (John Wiley, 2010) and Postmodern Investment: Fact and Fallacies in Growth Wealth in a Multi-Asset World (John Wiley, 2012). He received his Ph.D. from the University of Iowa in 1977, an M.A. from the University of Wisconsin, and a B.A. from St. John’s University.

4. Fund Tracking, LLC: Principals Hossein B. Kazemi: Managing Partner. He is  Professor of Finance at the University of Massachusetts. Mr. Kazemi is Director of Education for the Chartered Alternative Investment Analyst Association . His academic research is in the areas of equity valuation, asset allocation, and performance evaluation of active management investment products. He is a co-author of the recently published The New Science of Asset Allocation: Risk Management in a Multi-Asset World (John Wiley, 2010). and Postmodern Investment: Fact and Fallacies in Growing Wealth in a Multi-Asset World (John Wiley, 2012) He holds a Ph.D. in finance from the University of Michigan, Ann Arbor and an undergraduate degree from the National Iranian Oil Company College of Accounting and Finance. Robert Schneeweis: Managing Partner. He is also founder and President of SchneeweiFund Tracking, LLC where for 20 Years he has developed and managed investment portfolios for high new worth individuals and small businesses. Prior to that Mr. Schneeweis has been a manager of Institutional Trust Operations for US Bank and Director of planning and financial reporting for Norwest Corporation. Mr. Schneeweis is a CPA (Inactive), holds an MBA from the University of St. Thomas and an undergraduate degree from St. John’s University in Accounting and Economics.

5. Fund Tracking, LLC: Additional Personnel Edward Szado, CFA®, is the firm’s Director of Research and is the lead partner in charge of risk based investment products. He has taught finance and received his Ph.D. in finance at the Isenberg School of Management, University of Massachusetts, Amherst. His experience includes product development in the areas of volatility based investments and structured investment products. He has consulted for the Options Industry Council, the Chicago Board Options Exchange and the Commodity Futures Trading Commission. Satyabrota Das, CFA, is the Director of Trading and is a Research Associate. He has six years of experience working with Alternative Investment Analytics in the Managed Futures, Replication, and Commodities area. His primary responsibilities include developing investment products in the Replication area. He is also involved in day-to-day activities of several funds based on systematic trading strategies. He has an MSF from Clark University, Worcester, Massachusetts, and a B. Tech. from Indian Institute of Technology, Mumbai, India. Other: Additional personnel also act as support employees of Fund Tracking, LLC

6. Fund Tracking, LLC: Investment Expertise Investment Tracker Products: Fund Tracking, LLC currently offer investment management programs which track the performance of hybrid mutual funds (e.g. equity long short) as well as traditional mutual funds (e.g., large cap, international, small cap). S Capital principals are regarded as experts in the creation of systematic investment tracking programs and have actively managed investment tracking programs since 2006 (e.g. White Bear Equity Long Short and White Bear Managed Futures). They helped co-author the recent book on Liquid Alternatives to Illiquid Investment, Forthcoming, 2014. Praise for Postmodern Investment (John Wiley, 2012) Thomas Schneeweis and HosseinKazemi, S Capital Co-authors. “Serious Investment advisors and consultants would be well served by reading and absorbing the concepts in this groundbreaking book. . . . . Advisors and consultants need to free themselves from the past in order to best serve their clients in the future.” Sean R. Walters CEO/Executive Director, IMCA CAIA Investment Research Award For Excellence Thomas Schneeweis, Fund Tracking, LLC Partner given 2012 Award for Academic Excellence by Global Leader in Professional Certification in Alternative Investments (CAIA) Praise for The New Science of Asset Allocation (John Wiley, 2010) Thomas Schneeweis and HosseinKazemi, S Capital Co-Authors.= “Investing is all about keeping an open mind as to different ways of seeing the world. The authors have succeeded in compiling an insightful view of asset allocation that should go down as a landmark in this field.” Eric R.Breval, Managing Director, AVS (Swiss Federal Social Security Fund).

7. Sample Investment Tracker Programs Individualized Portfolio Trackers: Systematic rules based processes designed to track the return patterns of an investor specified portfolio or fund strategy benchmark. Through the use of liquid ETFs and/or liquid equity securities, tracker programs provide high levels of transparency and liquidity. Risk models keep portfolio risk at prescribed level. Traditional Mutual Fund: Systematic rules based processes designed to capture the return patterns of an investor specified mutual fund and/or multi-manager mutual fund benchmark portfolio. Through the use of liquid ETFs and/or liquid equity securities, the programs provide high levels of transparency and liquidity. Risk models keep portfolio risk at prescribed level.

8. Managing Partners: Recent Publications • T. Schneeweis. (Co-Author: Ed Szado) “Loosening Your Collar: Alternative Implementations of QQQ Collars,” Journal of Trading, Spring 2010, Vol. 5, No. 2, pp. 35-56. • T Schneeweis. (Co-Authors: Garry B. Crowder, Hossein Kazemi) “Asset Class and Strategy Investment Tracking Based Approaches,” The Journal of Alternative Investments,Winter 2011, Vol. 13, No. 3, pp. 81-101. Hossein Kazemi. “An Introduction to Risk Parity”, Alternative Investment Analyst Review (Summer, 2012) Thomas Schneeweis. (Co-authors: Garry Crowder and H. Kazemi). The New Science of Asset Allocation: Risk Management in a Multi-Asset World (John Wiley, 2010). • Thomas Schneeweis (Co-Authors: Gary Crowder,, and H. Kazemi). Postmodern Investment: Facts and Fallacies in Growing Wealth in a Multi-Asset World (John Wiley, 2012). Thomas Schneeweis (Co-Author: Ed Szado). Risk Management in a Multi-Asset World: Collaring Multi-Asset ETF Positions (OIC, 2012). The Principals of Fund Tracking have published over 200 articles in the areas of asset management. See www.scapitalmgmt.com for a complete listing.

9. Milestones In Creation of Fund Tracking, LLC Principals 1982 TRS Associates formed: Provided consulting and product creation and management services for a range of financial institutions. 1990 TRS Associates expanded into the areas of hedge fund of fund management. 1992 SchneeweiFund Tracking, LLC established to provide family office services in White Bear Lake, Minnesota.1995 Center for International Securities and Derivatives Markets (CISDM), a non-profit academic research center facilitating research in traditional and alternative investments, formed at University of Massachusetts by the managing partners(Kazemi and Schneeweis) of S Capital Partners.1996 Kazemi and Spurgin commence consulting in traditional/alternative investments through TRS Associates. 1998 Journal of Alternative Investments launched with T. Schneeweis as founding editor.2000 Development and launch of Zurich Hedge Fund Indices (subsequently named Dow Jones Hedge Fund Indexes). Schneeweis Partners formed, (subsequently renamed Alternative Investment Analytics (AIA)) .2002 Partners help co-found the Chartered Alternative Investment Analyst Association and the CAIA professional certificate.

10. Milestones In Creation of Fund Tracking, LLC 2003 AIA manages separate account in managed futures for major hedge fund under AIA Advisors LLC, a CFTC registered entity. NCM recommences trading on October 13, 2004. Strategy forms basis of a commodity index methodology sold to Prudential Bache.2006 Senior managing partner former employer (Ursa Capital) is sold to CASAM and restrictions on external investment activities are removed. White Bear Partners, LLC and S Capital Management formed.2007 White Bear Equity Long Short, LP begins trading with Partner’s capital on May 4. 2007. NCM name changed to White Bear Managed Futures Fund LLC Series A. Track record started in October, 2004 (NCM) . Despite excellent performance the Fund closed November, 2011.2008 White Bear Managed Futures Fund, LLC Series B, a vehicle limited to qualified U.S. investors, commences trading January 2, 2008. Fund closed November, 2011.2009 S Capital expands into a range of asset allocation, investment replication and custom risk based product development.2011 Two principals of Alternative Asset Analytics reduce participation in Alternative Asset Analytics to concentrate on joining S Capital offices between Amherst, MA. And White Bear Lake, MN. 2012 Makes available its On-line and In House series of investment tracker products

11. Contact Information: Fund Tracking, LLC 145 University Drive, Suite 2807 Amherst, MA 01004 Tel: 413.549.3352 2202 Fifth Street, Suite 1241 White Bear Lake, MN 55110 Tel: 651.426.5854 Email: info@Fundtracking.com Webste: www.fundtracking.com