Regulated by Commission de Surveillance Du Secteur Financier, cssf, Luxembourg

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2 Disclaimer 2 This document is not intended for any citizen of the United States or any other person or entity subject to U.S. Securities law. Without any limitation, this presentation does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. The information herein does not constitute the provision of investment advice or a recommendation; its sole purpose is to generate interest for a product proposal. Changes to this presentation may be made without notice. Opinions expressed may differ from views set out in other documents. Although the information contained herein has been taken from sources, which the authors believe to be accurate, no warranty or representation is made as to the correctness, completeness and accuracy of the information or the assessments made on its basis. The authors do not accept liability for any damage arising from the reliance on this presentation. This presentation may not be distributed by the recipient to any other person without the express written consent of the authors. Each recipient of this presentation is expected to be sophisticated and capable of independently evaluating the merits and risks of an investment in the product. If an investor decides to invest in the fund, the investor does so in reliance on his own judgement. Investing in the product reflects a particular market view the recipient of this presentation has taken independently from the authors. When making an investment decision the recipient of this presentation should rely solely on his own market and financial research and not the information contained here in. The product described herein may not suit all investors and before entering into any transaction each investor should take steps to ensure that he fully understands the product and has made an independent assessment of the suitability of the product, including its possible risks, in light of the investor s own objectives and financial situation. In particular, investing in the product may result in the return of less than the investor s original investment and even the total loss thereof. Any investor should seek advice from its professional advisors in making such assessment.

3 Content 4 S.U.R.F. 5 Trade Finance 10 Receivables Finance 12 Peer-to-Peer (P2P) Lending 14 Asset-Based Lending 17 Asset-Based Value Investing 19 Non-Life Insurance-Linked Securities (ILS) 22 Structured Credit 24 Senior ABS/MBS 26 Why S.U.R.F. 29 Terms 3

4 Synthesis Uncorrelated Returns Fund (S.U.R.F.) An Introduction 4 The objective of Synthesis Uncorrelated Returns Fund ( S.U.R.F. ) is to offer a well-diversified portfolio, investing in strategies which have proven to be little, if at all, exposed to the mercy of market cycles. The unique composition of S.U.R.F. s portfolio is the result of many years of extensive research, with strategic allocation to a select group of specialist managers, with an average of 20 years investment experience. In the past, exposure to many of these strategies was only available to an exclusive club of institutional investors. By wrapping these investment activities in a Luxembourg-domiciled Specialized Investment Fund ( SIF ), we are now able to offer such distinct opportunities to a wider range of investors. The only fee Synthesis receives is its annual management fee (and performance fees when returns are in excess of 8% per annum). We receive no other systematic form of compensation from any source, and discounts (if any) are passed on to the client. Core strategies: Trade Finance Receivables Finance Peer-to-Peer Lending Asset-Based Lending Asset-Based Value Investing Other strategies: Non-Life Insurance Linked Securities Structured Credit Senior MBS/ABS

5 Trade Finance

6 Trade Finance: 6 The fact is that around 80 per cent of world trade is financed by some form of credit Pascal Lamy WTO Director-General - Global Commodities Finance Conference, Geneva, 9 June 2010 Trade finance is the financing of international trade, and makes global trading and its growth possible. One of the oldest forms of banking, it has many attractive characteristics for investors: Consistency of returns Low volatility Real economy investment (tied to specific commercial transactions not a speculative strategy) Lower default rates than any other interest based asset class (please refer to table on page 11). BUT trade finance has never taken off as an investment for money managers due to the large amount of paperwork involved, the discipline required in respecting processes, the lack of scalability and the complexity of sourcing quality deals. Unique opportunities therefore exist for those willing to enter the space. In addition, global banking regulations (e.g. Basel III ) are constraining the ability of traditional banks to participate in trade finance activity. Our own target funds have delivered consistent returns in this exciting but challenging investment arena over many years.

7 Trade Finance: 7 Our target funds typically work in partnership with specialized trade finance banks, which have built up their experience over many years. Working with these banks allows our funds to rely on their highly sophisticated processes to mitigate risk, and to source and access a more diversified, quality deal flow. Our target funds lend mainly to non-speculative, value-added small and medium sized companies (SMEs), focusing on agricultural commodities, energies and metals. Loans have an average duration of 75 to 90 days, and are secured by the underlying commodities themselves (not just by balance sheets). The structure of loans can take many shapes, including letters of credit, factoring, direct lending and supply chain financing (tools, techniques and products which help businesses optimize their cash flows). The allocation to our target funds allows S.U.R.F. s investors a unique opportunity to invest in a large and diversified pool of borrowers and loans from across the world replacing commercial banks. This is also an opportunity to support global trade and global GDP growth.

8 Trade Finance Typical Target Investments: 8 Potential Candidates The following candidates are being reviewed by the Managers and the Investment Committee for inclusion into Fund: BORROWER COUNTRY FACILITY TYPE UNDERLYING COMMODITY TARGET FACILITY SIZE (USD M) INTEREST RATE 1 Hong Kong Import & Inventory Ferro alloys 5 10% 2 Switzerland Structured Trade Manganese Ore 5 11% 3 Singapore Import & Inventory Subordinated Petrochemicals 5 12% 4 Switzerland Import & Inventory Oil 5 12% 5 Hong Kong Subordinated Clothing 1 15% 6 Switzerland Subordinated Oil % 7 Switzerland Subordinated Oil 5 10% 8 Switzerland Inventory & Import Petrochemicals 2 15% 9 Panama Inventory & Export Coal 3 10% 10 Australia Structured Trade Wool 3 10% 11 Dubai Inventory & Import Coffee 4 12%

9 Trade Finance Some Key Statistics: 9 INTERNATIONAL CHAMBERS OF COMMERCE DATA ON TRADE FINANCE DEFAULT & LOSS Product Transactions & in 000s Default % Loss % Fewer than 3,000 (or 0.026%) defaults were observed in the full dataset of 11.4 million transactions. Loans for Export - Bank Risk ( ) 955, ,073, During the recent crisis and only 445 (or 0.016%) defaults were reported out of a total of over 2.8 million transactions written through this period. Default rates for off-balance sheet trade products were especially low, with only 947 (or 0.018%) defaults in a sample of 5.2 million transactions. The data on default and loss rates (to the right), position trade finance - as an asset class - in an equivalent category to an A to AA rated credit. Loans for Export - Corp Risk ( ) Loans for Import - Corp Risk ( ) Import L/Cs ( ) Export Confirmed L/Cs ( ) Performance Guarantees / Standby L/Cs 1,009, ,398, , ,796, ,438, ,012, , ,664, , ,828, Source: ICC Trade Finance Register Data 2012

10 10 Receivables Finance

11 Receivables Finance 11 Invoice discounting is a process whereby companies draw short-term loans against outstanding in voices they have issued to clients. This facility allows companies to take control of their finances, improve their working capital and cash flow positions, and thus grow their businesses more efficiently. For investors, invoice discounting can represent a high return, secure investment, with low correlation to equity and bond markets. Previously only available to high street banks and a few specialized boutiques, internet (cloud-based) technology now allows investors and borrowers to be brought together to participate in invoice discounting in a more efficient manner, via online platforms. Synthesis has gained privileged access to a leading online provider, and is in the process of setting up other, similar, relationships to expand its participation in invoice discounting and other forms of receivables finance. Invoices are selected for investment according to a strict set of criteria, with independent analysis of the underlying creditors and debtors.

12 Peer-to-Peer (P2P) Lending

13 Peer-to-Peer (P2P) Lending: 13 The recent banking crisis, combined with innovation in internet technology (Web 2.0) has led to the creation of specialized online platforms, which bring together a large number of private lenders and borrowers ( peers ). Web Bank, an FDIC-insured industrial bank, makes consumer loans. Investors purchase notes from Lending Club to fund the loans at the time of origination. Lending Club has built a technology platform that acquires, originates and services loans more cost-efficiently than traditional banks and credit card companies. Lending Club s lower cost structure helps drive higher return to investors. The loans made via our selected platform, are subject to strict acceptance criteria with 9 out of 10 applications being rejected, and are characterized by high yields and short duration. Our partner funds invest in carefully composed, highly diversified portfolios of P2P loans issued by Lending Club, and Prosper ( applying additional filters to hand-pick investments from the pool of loans available.

14 Asset-Based Lending

15 Asset-Based Lending: 15 Investment in collateralized, privately-originated loans to companies. Loans granted by cash-rich, long-term investors such as pension funds, rather than banks. Loans secured by a specific asset or pool of assets with a marketable value. Through exposure to asset-based lending, S.U.R.F. aims to capture superior rates of return, equivalent to those earned by banks on their own corporate lending, irrespective of the direction of broader market activity. Loans are made to market sectors that are currently underserved by traditional sources of financing, subsequent to «cold shouldering» by the banks (itself a result of increased legislation, such as «Basel III»). Our target funds manage both deflationary and inflationary risks, through investments in hard assets that have predictable cash-flow streams. The investable universe may include: real assets such as as equipment (railcars, aircraft) and real estate. financial assets such as auto loans/leases, and commercial related assets (franchise loans, small business loans). intangible assets such as royalty and intellectual property payments and insurance opportunities.

16 Asset-Based Lending: 16 The Attraction of Private Loans: Lower historical default rates and higher historical principal recovery rates. Default rates from 80% to over 100% higher for non-private loans. Recovery rates superior to large capitalization loans and all types of bonds. Private loans typically involve a small lending group ( club ), facilitating exchange of information and improving monitoring/oversight. Club lenders can benefit from direct access to borrowers management teams, as well as opportunities to obtain board seats or board observation rights with respect to borrowers. Club transactions allow lenders to customize covenent and default provisions in loan documents tailored to suit individual borrowers, leading to improved overall performance of these investments, particularly when the financial performance of a portfolio company deteriorates. Default Rates by Loan Size Recovery Rate by Loan Class 10,0% 100% 8,0% 80% 6,0% 60% 4,0% 40% 4,10% 7,00% 8,60% 8,10% 7,50% 86% 81% 71% 52% 35% 2,0% 20% 0,0% 0% Private $100MM- $250MM- $500MM All Loans $200MM $499MM or Greater Private Loans Large Cap Loans (>$200MM) Senior Secured Bonds Senior Unsecured Bonds Senior Subordinated Bonds Source: (1) S&P LSTA. Note, cumulative institutional loan default rates by deal size from 1995 to Source: (2) S&P LSTA. Note, reflects ultimate recovery rates for the period 1989 to 2009.

17 17 Asset-Based Value Investing

18 Asset-Based Value Investing: 18 The strategy seeks to uncover and invest in mispriced assets, using fundamental analysis and an in-depth understanding of asset valuation. The aim is to generate durable cash-flows from assets purchased at attractive yields, as well as profits from the sale of undervalued assets. Investment opportunities are sourced by a team of specialists from a broad spectrum of real and financial assets: Real assets may include railcars, aircraft, vessels, and residential and commercial real estate Financial assets may include auto loans, credit card loans, franchise loans and equipment leasing, and CMBS/RMBS The senior investment team dedicated to this strategy has over 100 years combined experience in asset-based investing, complemented with strong credit and restructuring skills. Emphasis is on achieving superior risk-adjusted returns with low volatility, low correlation to broad-based indices and a focus on capital preservation. Current market dislocation, including illiquidity, repricing of assets, deleveraging, and regulatory changes, are creating compelling asset based investment opportunities.

19 Non-Life Insurance-Linked Securities (ILS)

20 Non-Life Insurance-Linked Securities (ILS): 20 Strategies dedicated solely to managing portfolios of Non-Life Insurance Linked Securities (ILS). The insurance industry is at a stage of a dramatic transformation, that being a significant shift in insurance risks from companies balance sheets to capital markets. Insurance linked securities ( ILS ) offer low correlation to fixed income, credit and equity markets. Investors are exposed to low frequency, high severity risks, such as catastrophic hurricanes or earthquakes. A stock market crash cannot cause a natural disaster The ILS market has produced good quality earnings over the past few years, with the following characteristics: instruments are liquid and cash flow positive. instruments are self liquidating (no market timing required on exit at maturity). less volatility relative to traditional and other non-traditional asset classes observed over the last 5 years. Our target fund is the first ILS fund manager to combine capital markets ILS experience and London Market insurance underwriting through its 50/50 Joint Venture with one of the largest specialist insurance and reinsurance underwriting companies in the world.

21 Non-Life Insurance-Linked Securities (ILS): 21 ILS vs Traditional Asset Classes

22 Structured Credit

23 Structured Credit 23 The manager of S.U.R.F. s target fund seeks to take advantage of dislocations and pricing inefficiencies in the structured credit markets. Using extensive fundamental, technical, legal and structural analysis, the manager selects assets which are intrinsically cheap relative to their liquidation value. The fund s investment universe includes all sectors within structured credit (CMBS, ABS, CDO, aircraft leases, small business loans, SIV, RMBS, etc.). The highly diversified nature of the portfolio mitigates correlation to the more common «pure play» residential mortgage or traditional fixed income funds. Focus is on instruments of short duration and of the highest seniority. If a given debtor goes into liquidation, holders of senior securities are the first in line to receive money back from the sale of assets. Many of the instruments held in the portfolio usually circulate between investment banks and are generally difficult to access, making this another rare investment opportunity. The manager of our target fund has gained exceptional access to this exclusive market through an extensive, long-established network of industry relationships. Deleveraging of balance sheets and selling from investment vehicles will continue to provide unique investment opportunities.

24 24 Senior MBS/ABS

25 Senior ABS/MBS 25 The manager of S.U.R.F. s target fund focuses on deeply discounted, high yielding ABS and MBS, with the following strategic approach : Selecting securities which have been shown to be significantly undervalued limits downside risk. Ensuring that bonds purchased have high cashflow (1-3% per month) provides liquidity and pricing stability throughout market cycles. Maintaining a shorter term portfolio (average life 3-6 years) reduces pricing volatility and interest rate risk. Buying securities which can comfortably be held to term, but also traded if market conditions dictate reduces the need to liquidate securities in a market decline. Avoiding the use of leverage reduces portfolio volatility, and creates opportunites to buy cheaply when other, leveraged players are forced into «panic sales». Seizing opportunities throughout market cycles reduces correlation to «pure» RMBS, CMBS or other fixed income funds. Investment in ABS and MBS is an extremely specialized area, with high barriers to entry. Significant infrastructure costs and the difficulty of acquiring the required expertise create and perpetuate a unique opportunity.

26 Why S.U.R.F.?

27 Why an Investment in S.U.R.F.? 27 Synthesis Uncorrelated Returns Fund ( S.U.R.F. ) offers a truly unique combination of uncorrelated strategies, of which an illustrative sample has been set out in this presentation. S.U.R.F. s investment universe has been constructed as a result of many years of extensive research. The specialist managers selected for S.U.R.F., and their individual strategies, have been monitored over a long period of due diligence, which has included numerous on-site visits. S.U.R.F. s capital is allocated dynamically and opportunistically, across the range of underlying funds, according to perceived macro-economic trends, ongoing research and without reference to any benchmark or index. S.U.R.F. seeks to generate a competitive risk-adjusted return, irrespective of economic conditions, by focusing on effectively managing downside risk, not simply on maximizing returns. Spreading portfolio risk across a plethora of strategies, which have themselves been individually selected for their attractive risk-return profiles, and which have low correlation or are uncorrelated to each other, should allow us to achieve this objective.

28 Why an Investment in S.U.R.F.? 28 S.U.R.F. is a Sub-Fund of a Luxembourg-domiciled Specialized Investment Fund, regulated by the Commission de Surveillance du Secteur Financier (CSSF), and is supported by the appointment of a set of first rate service providers: Two highly experienced, Luxembourg-domiciled Independent Directors. Banque Privée Edmond de Rothschild Europe as Custodian and Administrator. Allen & Overy as Legal Counsel. Deloitte as Auditor. Systemic Risk Management Solutions as an independent provider of risk analysis. S.U.R.F. has a simple and transparent fee structure. Only management fees - and performance fees when returns are in excess of 8% per annum are charged. There is no other systematic form of compensation and any discounts revert to the shareholders. We strongly believe that S.U.R.F. is invested in strategies whose time has come. More and more focus is now starting to be given within the asset management industry to the type of real economy assets which are the essence of S.U.R.F. s investment portfolio. By anticipating this trend, and beginning to source best in class target funds many years ago, we can offer investors a product of the future right now.

29 TERMS 29 Fund: Synthesis Uncorrelated Returns Fund S.U.R.F. Investment Company: Synthesis Multi-Asset Architecture SICAV-SIF S.C.A. Targeted Return: 8%-10% over $ LIBOR (non-leveraged) Annual Management Fee: 1.5% Performance Fee: 10% Threshold of Performance Fee: minimum of 8% p.a. High Water Mark: Yes Minimum Investment: Eur 125,000 (or U.S. Dollars equivalent, hedged) Subscriptions: Monthly Redemptions: Quarterly with 90 days notice Legal Form: SICAV-SIF Custodian & Administrator: Banque Privée Edmond de Rothschild Europe Auditor: Deloitte S.A. Legal Counsel: Allen & Overy

30 Head Office: 20, Boulevard Emmanuel Servais, L-2535 Luxembourg Grand Duchy of Luxembourg Tel: , Fax: (Shareholder Operational Support, Banque Privée Edmond de Rothschild Europe) (for general enquiries): Cell: &