Equinox Frontier Funds

MARCH 206 PROFILE Equinox Frontier Funds Equinox Frontier Fund Equinox Frontier Masters Fund Equinox Frontier Long/Short Commodity Fund DIVERSE RETURN OPPORTUNITIES Three distinct commodity pool options offering profit potential in up and down markets RISK REDUCTION POTENTIAL Potential to enhance returns and reduce risk when added to a traditional portfolio EXTENSIVE MANAGED FUTURES INVESTING EXPERIENCE Access to decades of managed futures investing experience

Equinox Frontier Funds MEET OUR Portfolio Management Team BUILDING BETTER ALTERNATIVES At Equinox Funds, we are pioneers in developing investor-friendly alternatives, such as the first multi-advisor managed futures mutual fund. We started with managed futures because we believe they are the single most powerful diversifier for a portfolio of stocks and bonds. But we ve also moved into other alternative assets like hedged equities, which can potentially help reduce risk and enhance the returns of an overall portfolio over time. With a deep research culture, our mission is to bring the potential benefits of alternatives to institutions and individuals by offering diverse investment strategies that can help meet the unique goals of each investor. Equinox Funds draws upon talented individuals with decades of collective experience. The Equinox Funds team is among the most experienced in the alternatives industry, including members who have been involved in alternative investments and managed futures for over 20 years. Meet members of our portfolio management team: Ajay Dravid, PhD Chief Investment Officer, Equinox Institutional Asset Management, LP Managing Director of Portfolio Strategy, Equinox Fund Management, LLC Rufus Rankin, DBA Director of Research, Equinox Institutional Asset Management, LP Director of Portfolio Management, Equinox Fund Management, LLC Richard Bornhoft Managing Director Portfolio Management, Equinox Fund Management, LLC For a full list of the Equinox Funds Leadership Team, please visit www.equinoxfunds.com/corporate-home/team 200 2009 Equinox Funds is founded 2004 Launch of Equinox Frontier Fund, Equinox Frontier Masters Fund, and Equinox Frontier Long/Short Commodity Fund The Equinox Frontier Funds are launched, the first public managed futures funds seeking daily liquidity 2

The Equinox Frontier Funds offer three distinct multi-strategy managed futures funds, each with unique exposure and risk/return characteristics. The funds seek attractive returns while managing risk and volatility by providing exposure to managed futures programs with diverse trading strategies. DIVERSE RETURN OPPORTUNITIES The Funds offer profit opportunities in both bull and bear markets due to the ability to go long (buy) futures positions during rising markets or go short (sell) futures positions during falling markets. Accessing more than 50 global markets, returns are generated from up and down price movements in: Financial futures (currencies, interest rates, equity indices) Physical commodities (metals, energy, livestock and agricultural commodities) RISK REDUCTION POTENTIAL The Funds seek diversified exposure within the managed futures asset class as well as diversification benefits relative to traditional stock and bond portfolios: Portfolio volatility is managed by actively allocating to short, medium and long term managed futures strategies with varying trading approaches The funds have historically shown low correlation to equities EXTENSIVE MANAGED FUTURES INVESTING EXPERIENCE The Equinox portfolio management team is one of the most experienced in managing multi-strategy managed futures portfolios, offering over 20 years of investing experience. Over the last decade, Equinox s Investment Professionals have structured managed futures portfolios for Public Commodity Pools, Private Funds, and Mutual Funds. When Equinox Frontier Funds launched in 2004, it was the first multi-advisor commodity pool to offer investors daily liquidity in a public fund format. Equinox Frontier Fund CLASS, 2 AND INVESTMENT OBJECTIVE The Fund seeks attractive returns while managing risk and volatility. INCEPTION DATE Class and 2: 6/9/2009 Class : 2/25/204 Equinox Frontier Masters Fund CLASS, 2 AND INVESTMENT OBJECTIVE The Fund seeks capital appreciation and reduced volatility with the goal of improving the overall performance of an investment portfolio. INCEPTION DATE Class and 2: 6/9/2009 Class : 6/7/20 Equinox Frontier Long/Short Commodity Fund CLASS A, 2A AND A INVESTMENT OBJECTIVE The Fund seeks attractive returns while managing risk and volatility. INCEPTION DATE Class a and 2a: 6/9/2009 Class a: 6/7/20 Equinox Funds sales team.866.276.600 For more information on the Equinox Frontier Funds, please contact your Investment Professional or visit equinoxfunds.com. The Equinox Frontier Funds (the Trust) was previously named The Frontier Fund. The Trust began trading on 9/24/2004. AN INVESTMENT IN FUNDS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND IS NOT SUITABLE FOR ALL

Equinox Frontier Funds Fund CTAs Broadly diversified portfolio of managed futures programs with diverse trading strategies Managed Futures Strategies in the Portfolio Chesapeake Capital Corporation Crabel Capital Mgmt, LLC Crabel Multi-Product Doherty Advisors, LLC Relative Value Emil van Essen, LLC Multi-Strategy FORT, LP Fort Global Contrarian H2O AM LLP Force 0 Landmark Trading Company Landmark Trading Quantitative Investment Mgmt, LLC Global QuantMetrics Capital Mgmt LLP Multi-Strategy Quest Partners LLC Quest Tracker Index Winton Capital Mgmt Ltd Fund Performance (%) As of //206 QTR YTD YEAR Annualized Total Returns 5 SINCE INCEPTION* CLASS CLASS 2 CLASS Commission Fee based Units that have reached the compensation limitations imposed by FINRA Rule 20 CLASS 2.52 2.52-0.05 8. 2. 2.5 CLASS 2 2.96 2.96-8.46 0.2.94 4. CLASS.0.0-8.2 -- -- 9. Performance is net of fees and expenses. The Equinox Frontier Fund was previously named the Frontier Series. *The inception date for Class and 2 is 6/9/2009. The inception date for Class is 2/25/204. The Equinox Frontier Funds (the Trust) was previously named The Frontier Fund. The Trust began trading on 9/24/2004. AN INVESTMENT IN FUNDS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND IS NOT SUITABLE FOR ALL 4 BREAKEVEN ANALYSIS % Fund Masters Fund Long/Short Commodity Fund CLASS CLASS 2 CLASS CLASS CLASS 2 CLASS CLASS A CLASS 2A CLASS A Management fee 2.55 2.55 2.55.49.49.49 5.26 5.26 5.26 Service fee 2.00 0.25 0.00 2.00 0.25 0.00 2.00 0.25 0.00 Brokerage commissions, investment and trading fees 2.58 2.58 2.58 2.40 2.40 2.40... Incentive fee 0.67 0.2 0.04 0.5 0.09 0.0 0.56 0.0 0.0 Less interest income (.6) (.6) (.6) (.6) (.6) (.6) (.6) (.6) (.6) Due diligence and custodial fees 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Redemption fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Breakeven level 6.29.99.66 6.9 4.72 4.4 9.62 7.4 7.09 The breakeven analysis shows the return the Fund must earn in order to break-even on an investment after one year. As of the 4/0/205 prospectus. Investors who redeem all or a portion of their class and class a units during the first 2 months will be subject to a redemption fee of up to 2.0% of the purchase price of the units being redeemed. After 2 months, no redemption fee will apply. There are no redemption fees associated with class 2, class 2a, class or class a units.

Masters Fund 4 CTAs Concentrated exposure to select managed futures programs Managed Futures Strategies in the Portfolio Chesapeake Capital Corporation Emil van Essen, LLC Multi-Strategy Transtrend B.V. Trend - Enhanced Risk/USD Winton Capital Mgmt Ltd Fund Performance (%) As of //206 QTR YTD YEAR Annualized Total Returns 5 SINCE INCEPTION* CLASS CLASS 2 CLASS Commission Fee based Units that have reached the compensation limitations imposed by FINRA Rule 20 CLASS 5.44 5.44-7.0 5.4 2.9 2.58 CLASS 2 5.90 5.90-5.66 7.28 4.7 4.8 CLASS 5.97 5.97-5.42 -- -- 6.06 Performance is net of fees and expenses. The Equinox Frontier Masters Fund was previously named the Frontier Masters Series. *The inception date for Class and 2 is 6/9/2009. The inception date for Class is 2/6/20. The Equinox Frontier Funds (the Trust) was previously named The Frontier Fund. The Trust began trading on 9/24/2004. Long/Short Commodity Fund Portfolio of managed futures programs with a 90% target exposure to energy, metals and agricultural commodities METALS AGS ENERGY 6 CTAs Managed Futures Strategies in the Portfolio Chesapeake Capital Corporation Emil van Essen, LLC Multi-Strategy JE Moody & Company Commodity Relative Value Landmark Trading Company Landmark Trading Red Oak Commodity Advisors, Inc. Fundamental Trading Rosetta Capital Mgmt, LLC Rosetta Trading Fund Performance (%) As of //206 QTR YTD YEAR Annualized Total Returns 5 SINCE INCEPTION* CLASS A CLASS 2A CLASS A Commission Fee based Units that have reached the compensation limitations imposed by FINRA Rule 20 CLASS A -2. -2. -2. -5.0-6.79 -. CLASS 2A -.9 -.9-2.97 -. -5.5 0.60 CLASS A -.85 -.85-2.77 -- -- -.54 Performance is net of fees and expenses. The Equinox Frontier Long/Short Commodity Fund was previously named the Frontier Long/Short Commodity Series. *The inception date for Class a and 2a is 6/9/2009. The inception date for Class a is 6/7/20. The Equinox Frontier Funds (the Trust) was previously named The Frontier Fund. The Trust began trading on 9/24/2004. AN INVESTMENT IN FUNDS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND IS NOT SUITABLE FOR ALL 5

Equinox Frontier Funds Growth of $0,000 Investment Since Inception Equinox Frontier Funds (6/2009-/206) CLASS 2 Fund CLASS 2 Masters Fund CLASS 2A Long/Short Commodity Fund $6,000 $4,000 $2,000 $0,000 $,407 $,44 $0,46 $8,000 $6,000 $4,000 $2,000 $0 6/2009 /200 2/200 9/20 6/202 /20 2/20 9/204 6/205 /206 Performance and risk since inception of Equinox Frontier Funds Class 2, Class 2a (%) From 6/9/2009 - //206 Q 206 YTD 5 YEAR 2 2 2 CUMULATIVE RETURN ANNUALIZED RETURN 2 MAXIMUM DRAWDOWN STANDARD DEVIATION 2 CORRELATION VS. MANAGED FUTURES CLASS 2 2.96 2.96-8.46 0.2.94.44 4. -24.52 4.08 0.8 CLASS 2 5.90 5.90-5.66 7.28 4.7 4.07 4.8-7.75 4.20 0.90 CLASS 2a -.9 -.9-2.97 -. -5.5 4.6 0.60-7.22 5.00 0.58 LONG ONLY COMMODITIES -2.49-2.49-28.67-24.49-7.4-50.00-9.65-64.97 9.26-0.22 MANAGED FUTURES 2.8 2.8 -.52.97.9.82.65-8.4 6.27.00 FIXED INCOME.04.04.99 2.50.79 4.7 4.46 -.66 2.8 0.4 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM. Refer to back page for important risk disclosure. The performance for Equinox Frontier Fund, Equinox Frontier Masters Fund, and Equinox Long/Short Commodity Fund is net of fees and charges, including management fees, incentive fees, brokerage commissions and trading fees and expenses, due diligence and custodial fees and expenses and service fees payable to selling brokers. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that units, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. Class 2 and 2a since inception dates: 6/9/2009. Since inception returns for benchmarks are shown as of 6//2009. 2 Annualized. Long Only Commodities: S&P GSCI Total Return Index; Managed Futures: Barclay BTOP50 Index ; Fixed Income: Barclays Capital US Aggregate Bond Index. The BTOP50 Index does not encompass the whole universe of Commodity Trading Advisors ( CTA ). The CTAs that comprise the index have submitted their information voluntarily. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Sources: Equinox Frontier Funds BNP Paribas Financial Services, LLC, PerTrac Financial Solutions, LLC. AN INVESTMENT IN FUNDS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND IS NOT SUITABLE FOR ALL 6

COMMON TO ALL THREE STRATEGIES Fund FUND TYPE Public commodity pool Masters Fund MANAGING OWNER Equinox Fund Management, LLC BLUE SKY REGISTRATION All states, except AL and AR MINIMUM INVESTMENT/ELIGIBILITY $,000 in most states (RIA Investors and other benefit plan investors have no minimum). Long/Short Commodity Fund SUBSCRIPTIONS/REDEMPTIONS Daily ADMINISTRATOR BNP Paribas Financial Services, LLC TRANSFER AGENT Phoenix American Financial Services, LLC Varies by states, but no less than $250,000 net worth (exclusive of home, furnishings and automobiles) or $70,000 net worth (similarly calculated) and $70,000 annual gross income. DEFINITIONS OF TERMS AND INDICES Annualized rate of return (AROR) is the geometric average return for a period greater than or equal to one year, expressed on an annual basis or as a return per year. The Barclay BTOP50 Index (BTOP50) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. To be included in the BTOP50, the following criteria must be met: Program must be open for investment; Manager must be willing to provide daily returns; Program must have at least two years of trading activity; Program s advisor must have at least three years of operating history; The BTOP50 s portfolio will be equally weighted among the selected programs at the beginning of each calendar year and will be rebalanced annually. The index does not encompass the whole universe of CTAs. The CTAs that comprise the index have submitted their information voluntarily. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Managed Futures programs in the BTOP50 may be subject to leverage risk, volatility, and risk of loss that may magnify with the use of leverage. Source: barclayhedge.com. The Barclays Capital US Aggregate Bond Index covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors. The US Aggregate Index is a component of the US Universal Index in its entirety. The index was created in 986, with index history backfilled to January, 976. Source: barcap.com. Correlation is a statistical measure of how two investments move in relation to each other. A correlation of +.0 implies that as one investment moves, either up or down, the other investment will move lockstep, in the same direction. A correlation of -.0 means that if one investment moves in either direction the other investment will move in the opposite direction. A correlation of 0 indicates that the movements of the investments have no correlation; they are completely random. Discretionary traders is when a discretionary CTA trades futures, forwards and options contracts without relying on a computer system to make trading decisions. Generally, discretionary managers use a combination of fundamental and technical inputs to make their trading decisions for each market. trend-following is a strategy that encompasses all three horizons short, medium, and long-term. A long position refers to the buying of a security with the expectation that the asset will rise in value. There is risk of loss. You can lose money by utilizing a long position. There is no assurance that any investment strategy will be profitable, or that they will be able to avoid losses. Maximum drawdown is a measure of risk (also known as Worst Historical Loss) that illustrates the largest peak-to-valley decline, based on monthly rates of return, during a given time period. The Worst Historical Loss depicted in this presentation is not the maximum loss that can occur in an individual s managed account. There is no guarantee that managed futures or any particular investment will meet its intended objective; accordingly, investors could lose a substantial portion, or even all, of their investment. The S&P GSCI Total Return Index is widely recognized as a leading measure of general price movements and inflation in the world economy. It provides investors with a reliable and publicly available benchmark for investment performance in the commodity markets, and is designed to be a tradable index. The index is calculated primarily on a world production-weighted basis and is comprised of the principal physical commodities that are the subject of active, liquid futures markets. Source: standardandpoors.com. A short position is a position whereby an investor sells a security which they do not own in anticipation of a price decline. The investor is then required to return an equal number of shares at some point in the future. There is risk of loss. You can lose money by utilizing a short position. There is no assurance that any investment strategy will be profitable, or that they will be able to avoid losses. Spread/Relative value traders whereby a CTA will seek to take advantage of relative discrepancies in prices and/or spreads between futures contracts, typically within similar markets, thereby allowing investors to potentially profit from "relative value" of the contracts. For example, buying July 202 corn futures and selling December 202 corn futures is a spread trade. Total cumulative return is the return or yield on an investment or portfolio over a given period of time, expressed in non-annualized terms. Trend-following strategy generally seeks to identify the general direction of one or more global market segments (either up or down), using indicators such as current market prices and moving average prices, and buy or sell investments based on the assessment of these trade signals, as determined before a trade is made. Trend-following generally focuses on the direction an investment or global market segment already has gone and not on the direction it may go. Spread traders simultaneously purchase of one security and sell a related security. Spread trades are usually executed with options or futures contracts, but other securities are sometimes used. They are executed to yield an overall net position whose value, called the spread, depends on the difference between the prices of the securities. Spread trades are executed to attempt to profit from the widening or narrowing of the spread, rather than from movement in the prices of the securities directly. Spreads are either bought or sold depending on whether the trade will profit from the widening or narrowing of the spread. Standard deviation (Volatility) is a measure of fluctuation in the value of an asset or investment. Lower volatility improves the stability and lowers the risk of an investment portfolio. AN INVESTMENT IN FUNDS IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND IS NOT SUITABLE FOR ALL 7

FUNDS A WORD ABOUT RISK There is a substantial risk of loss in managed futures, and there can be no guarantee that any managed futures program or the Equinox Frontier Funds will meet their intended objective; accordingly, an investment in the Equinox Frontier Funds may not be suitable for everyone. The Funds are highly speculative and their success depends upon the ability of Equinox Fund Management, LLC to allocate assets to multiple strategies and commodity trading advisors ( CTAs ). The Funds also rely on each of the CTAs chosen in meeting the investment objectives. An investment in the Funds involve a high degree of risk due to substantial price volatility in domestic and foreign markets for financial instruments, currencies, energy, metals, and commodities and the uncertainty as to the ability of the CTAs to profit in the markets traded. Futures, forward, and options trading are speculative, volatile, and highly leveraged; select markets and instruments may be subject to liquidity restrictions from time to time. An investor could lose a substantial portion, or even all, of his or her investment. An investor s annual tax liability may exceed cash distributions. There is no secondary market for the units and the transfer of units is restricted. If you redeem all or portion of your class units before the end of 2 months following your purchase, you will be charged a redemption fee of up to 2% of the purchase prices of the units being redeemed. The Funds face the risk of non-performance by the counterparties to the OTC contracts. The Equinox Frontier Funds are not mutual funds and are not subject to regulation under the Investment Company Act of 940, as amended. This is neither an offer to sell nor a solicitation of an offer to buy units in any security. Investors should carefully consider the investment objectives, risks, charges and expenses of Equinox Frontier Funds. This and other important information about the Funds is contained in the Prospectus, which can be obtained by calling.877.87.0600 (option ). The Prospectus should be read carefully before investing. Please consult your financial advisor to discuss whether an investment is suitable for your overall financial objectives. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM. Securities offered through Equinox Group Distributors, LLC, Member FINRA. 47 Hulfish Street, Suite 50 Princeton, NJ 08542 T.877.87.0600 equinoxfunds.com FRF-BO-00-046