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KENMAR OVERVIEW

JANUARY 2012

900 King Street, Suite 100 Rye Brook, NY 10573 Tel: 914.307.7000 www.kenmar.com Email: info@kenmar.com

Disclaimer

This Thi presentation d t ti does not constitute an offer t sell or th solicitation of any offer t purchase an i t t tit t ff to ll the li it ti f ff to h interest i any of th K t in f the Kenmar F d or Funds Accounts described herein (each as defined in the Disclosures at the end of this Presentation). Any such offer may only be made by the delivery of an offering memorandum. Some of the data contained in this presentation was obtained from sources believed to be accurate but has not been independently verified. No representation is made that any Fund will or is likely to achieve its objectives or that any investor will or is likely to achieve results comparable to those shown. Past performance is not necessarily indicative, and is no guarantee, of future results. The above general summary is not a complete list of the risks and other important disclosures will be contained partially in the Disclosures at the end of this presentation and more fully in the Kenmar Fund Confidential Private Placement Memorandum. This material serves to provide general information and is not meant to be legal or tax advice for any particular investor, which can only be provided by qualified tax and legal counsel. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal and tax professionals before making any investment. The information herein is subject to change, without notice, at the discretion of The Kenmar Group, and The Kenmar Group does not undertake to revise or update this information in any way. No investment process is free of risk and there is no guarantee that the investment process described herein will be profitable. This Thi material i f use with pre-approved i t i l is for ith d investors only, and not f use with th general public. A t l d t for ith the l bli Accordingly thi d di l this document must not b t t t be acted on or relied upon by persons who are not qualified eligible investors. Any investment or investment activity to which this communication is related is available only to qualified, eligible investors and will be engaged in only with qualified eligible persons. The information in this document is confidential, intended only for the person to whom it has been delivered and under no circumstances may a copy be shown, copied, transmitted or otherwise given to any person other than the authorized recipient or their tax or legal counsel without the prior written consent of The Kenmar Group.

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Philosophy

Kenmar seeks to employ a common sense approach to creating non-correlated and transparent investment products built around a time-tested risk management framework and appropriate portfolio liquidity. q y We believe our edge can be found in:

Our experience longevity in the business and continuity of leadership -- an average of 28 years of investment experience, experience from the members of our Investment Committee.

Our focus on transparency, in our process and in how we communicate. y

Our approach to risk management is a careful blend of qualitative and quantitative analyses. We focus on being risk aware, not risk averse.

Our reputation in the industry and our trading backgrounds allow access to niche managers through differentiated sourcing.

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Table of Contents

4 5 6 9

Firm O er ie Overview Background Organization Investment Committee Investment Products Investment Process Differentiated Investment Process Disciplined Approach Manager Due Diligence Risk Management Risk Management Philosophy Qualitative Market Risk Quantitative Market Risk Measures CLariTy Managed Account & Analytics Platform Platform O Pl tf Overview i Control of Assets Monitoring & Analysis Tools Web-based Access Technology Platform Client Service & Reporting The Kenmar Advantage

11 12 13

14 15 16

18 19 20 21 22 23 24

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Background

Kenmar at a glance

Independent investment management firm, focused on creating multi-manager portfolios through investments in managed accounts and hedge funds. g

Founded in 1983, the Kenmar group of companies (Kenmar) brings more than 28 years experience to designing and managing multi-manager alternative portfolios.

Co-founders Marc S. Goodman & Kenneth A. Shewer have over 70 years combined experience in trading physical commodities, analyzing markets, and investment management.

Our specialization in global macro strategies, natural resources and managed futures stems from the teams collective years of experience in these market sectors.

CLariTy Managed Account & Analytics Platform, created in 1984, has been an integral part of Kenmars vision for y g y , , g p transparency, investment and risk management. CLariTy Managed Account & Analytics Platform LLC is registered with the SEC as an Investment Advisor and with the CFTC as a CTA and CPO, and is a member of the NFA.*

Kenmar Global Investment Management LLC is registered as an investment adviser with the SEC and as a CPO and CTA g g with the CFTC, and is a member of the NFA.*

Headquartered in Rye Brook, New York with additional offices in Richmond, Virginia, Singapore and the UK.

*Registration does not imply any level of skill or training.

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The Kenmar Organizational Chart


Kenmar has a large team of experienced professionals in each operational department, with 46 employees as of January 2012.
Co-Founders Co-Chief Executive Officers Co-Chief Investment Officers Marc S. Goodman, President Kenneth A. Shewer, Chairman Senior Executive Vice President Chief Operating Officer Esther E. Goodman Senior Executive Vice President Fund Administration & Technology
David Spohr Senior Vice President Director of Fund Administration Frank Coloccia Senior Vice President & Chief Technology Officer There are 6 additional members of Fund Administration and 5 additional members in Technology.

Corporate Administration p
Lisa Roitman, Esq. Senior Vice President General Counsel Maureen D. Howley Senior Vice President Chief Financial Officer There are 6 additional members of Corporate Administration.

Marketing & Investor Services g


Alison Schwab Senior Vice President Director of Marketing & Investor Services There are 3 additional members of Marketing & Investor Services Services.

Global Business Development p


Braxton Glasgow III Executive Vice President Bill Santos Senior Managing Director Institutional Business Development There are 2 additional members of Global Business Development.

Investment Management g
Peter J. Fell Senior Vice President Director of Due Diligence Joanne D. Rosenthal Senior Vice President Director of Research James Purnell Senior Vice President Chief Risk Officer There are 7 additional members of Investment Management.

Kenmar (Asia) Pte. Ltd.


Chris McLeod Managing Director, Research and Business Development

Current as of January 2012 y There is one additional employee in Kenmars UK office and two additional administrative employees.

Investment Committee
Experience, longevity in the business and continuity of leadership, with an average of 28 years of consistent investment experience from the members of our Investment Committee.
Marc S G d M S. Goodman - P President, co-CEO, co-CIO id t CEO CIO Co-Founded K C F d d Kenmar 1983 28 years 1983,

Mr. Marc Goodman is the President, co-Chief Executive Officer and co-Chief Investment Officer of The Kenmar Group. Prior to co-founding The Kenmar Group in 1983 with Mr. Shewer, Mr. Goodman was a Vice President and Director of Pasternak, Baum and Co., Inc., a global dealer of cash commodities, where he was largely responsible for business development in the Vegetable Oil Division outside of the United States. Mr. Goodman has conducted extensive business in South America, Europe, and the Far East as a merchandiser of various commodities. Mr. Goodman graduated from the Bernard M. Baruch School of Business of the City University of New York with a B.B.A. degree and an MBA in Finance and Investments. He was awarded an Economics and Finance Department Fellowship during his studies.

Kenneth A. Shewer - Chairman, co-CEO, co-CIO

Co-Founded Kenmar 1983, 28 years

Mr. Kenneth Sh M K h Shewer i the Ch i is h Chairman, co-Chief E Chi f Executive Offi i Officer and co-Chief I d Chi f Investment Offi Officer of Th K f The Kenmar G Group. Prior to co-founding the Kenmar Group with Mr. Goodman in 1983, Mr. Shewer was a Vice President and Director of Pasternak, Baum and Co., Inc., a global dealer of cash commodities, where he was largely responsible for creating and managing its Grain Logistics and Administration Department and creating its Domestic Corn and Soybean Trading Department. Mr. Shewers responsibilities at Pasternak, Baum included merchandising South American grain and exporting United States corn and soybeans. Mr. Shewer has traveled extensively in South America, Europe and the Far East in connection with the commodity business. While at Pasternak, Baum, Mr. Shewer was a member of the St. Louis Merchants Exchange. Mr. Shewer graduated from Syracuse University with a B.S. degree.

Esther E. Goodman - Senior Executive Vice President, Chief Operating Officer

Joined Kenmar 1986, 26 years

Ms. Esther Goodman is responsible for managing the administration and operations of The Kenmar Group. She serves as a member of the Investment Committee* and Ch i C itt * d Chairman of th O f the Operating C ti Committee. itt Ms. Goodman has been involved in the alternative investment industry for more than 30 years. For the three years prior to joining The Kenmar Group, Ms. Goodman served as a marketing executive at Commodities Corp. in Princeton, N.J. From 1979 to 1983, Ms. Goodman was a founder and principal of Westchester Commodity Management, a registered CTA, where she was instrumental in the development of its trading systems. From 1974 to 1979, Ms. Goodman worked in various capacities in the commodity futures industry. Ms. Ms Goodman graduated from Stanford University with a B A degree in Child Psychology B.A. Psychology.

*Investment Committee for Kenmar Global Investment Management LLC. Investment Committee for CLariTy Managed Account & Analytics Platform LLC. www.kenmar.com Email: info@kenmar.com

Investment Committee

Joanne D. Rosenthal - Senior Vice President, Director of Research

Joined Kenmar 1999, 12 years

Ms. Joanne Rosenthal is one of three co-heads of the Research and Risk Management Group. In her role, she is responsible for implementing portfolio strategies and serves as a member of the Investment Committee*. For the nine years prior to joining Kenmar, Ms. Rosenthal worked at the Chase Manhattan Bank in positions of increasing responsibility. From 1994 to 1999, she was a Vice President and Senior Portfolio Manager of Chase Alternative Asset Management, Inc. and from 1991 to 1994 she managed the Trade Execution Desk. Ms. Rosenthal received a B.A. degree in Economics from Concordia University in Montreal, Canada and an MBA in Finance from Cornell University.

Peter J. Fell - Senior Vice President, Director of Manager Due Diligence

Joined Kenmar 2004, 7 years

Mr. Peter Fell is one of the three co-heads of the Research and Risk Management Group. He is responsible for manager selection and due diligence and is a member of the Investment Committee*. For the five years prior to joining The Kenmar Group Mr Fell was a founding partner and Investment Director of Starview Capital Management an asset Group, Mr. Management, management firm that developed, marketed and managed multi-manager investment products. From 1996 to 2000, Mr. Fell was Vice President of Hedge Fund Research at Merrill Lynch Investment Partners. Prior to joining Merrill, Mr. Fell spent ten years in OTC fixed income derivatives, with the last six as a Vice President at Deutsche Bank. Mr. Fell holds an A.B. degree cum laude in Music Theory and History and an MBA in Finance from Columbia University.

James E. Purnell, CFA - Senior Vice President, Chief Risk Officer

Joined Kenmar 2010, 2 years

James E. Purnell is one of the three co-heads of the Research and Risk Management Group. He is responsible for investment analytics and portfolio/risk management and collaborates on manager due diligence and analytics. Mr. Purnell is a member of the Investment Committee* and the Operational Risk Committee. Mr. Mr Purnell has had 20 years of capital markets experience including seven years at Dresdner Bank in their Alternative Investment Group where he risk experience, managed and structured the US hedge fund linked structured products portfolio. Immediately prior to Dresdner, James was a Director at Swiss Re and then Natixis, modeling insurance and capital market convergence structures. After leaving Dresdner in mid-2008, James joined Tremont Capital Management as Head of Risk Management just prior to the unraveling of the Madoff ponzi scheme later that year. During James time at Tremont, he co-executed the liquidation of their fund of hedge funds portfolio. Mr. Purnell holds a BA and MA in History from Harvard and an MA in Economics and an MBA in Finance from New York University. He is an Adjunct Professor of Finance at Pace University University.

*Investment Committee for Kenmar Global Investment Management LLC. Investment Committee for CLariTy Managed Account & Analytics Platform LLC. www.kenmar.com Email: info@kenmar.com

Investment Committee

Melissa J. Cohn - Senior Vice President, Senior Research Analyst

Joined Kenmar 1988, 24 years

Ms. Melissa Cohn is responsible for managed futures, FX and macro strategies and is a member of the Investment Committee*. Ms. Cohn has been involved in the futures industry for over 25 years. Prior to joining Kenmar, she spent six years in positions of increasing responsibility in the Commodities Division at Shearson Lehman Hutton Inc. Her experience includes that of a Sales Assistant, Assistant Commodity Trader and Trader executing orders for numerous CTAs that traded through Shearson. Ms. Cohn graduated from the University of Wisconsin-Madison with a B.S. in Agriculture.

Gordon Nicholson, CFA, CAIA - Director & Senior Research Analyst Mr. Gordon Nicholson covers fixed income and arbitrage strategies and is a member of the Investment Committee*.

Joined Kenmar 2005, 7 years

From 2002 through 2005, Mr. Nicholson was the manager of credit and pricing for Bombardier Structured Finance, a captive finance company owned by the transportation manufacturer Bombardier, Inc. The group underwrote structured finance transactions and analyzed counterparty credit exposure for project finance. finance Prior to Bombardier Mr Nicholson was an analyst at Thinking Investments LLC a ventured capital backed quantitative risk management company Bombardier, Mr. Investments, company. Mr. Nicholson served to provide analysis of fixed income instruments, as well as legal, tax and corporate counsel. Prior to joining Thinking Investments, from 1997 through 2000, Mr. Nicholson was an analyst at PIMCO where he worked with portfolio managers as well as account management across a number of fixed income products. Prior to joining PIMCO, Mr. Nicholson performed legal audits for the Franklin Templeton Group. Mr. Nicholson holds a B.A. from Bishops University and a J.D. from Vermont Law School in addition to holding the CFA and CAIA designations.

Braxton Glasgow, III - Executive Vice President

Joined Kenmar 2001, 11 years

Mr. Braxton Glasgow is responsible for all worldwide business development and serves as a member of the Investment Committee*. For the nine years prior to joining The Kenmar Group, Mr. Glasgow served as Executive Vice President, Director of Client Services and a principal at Chesapeake Capital Corp., a commodities trading firm. From 1984 to 1992, Mr. Glasgow served as Senior Managing Director at Signet Investment Banking Co Mr Glasgow began his career at PricewaterhouseCoopers where from 1975 to 1984 he specialized in merger and acquisition taxation and Co. Mr. PricewaterhouseCoopers, and, since then, has amassed more than 25 years of experience in mergers and acquisitions and private equity, including extensive work in Europe and the Far East. Mr. Glasgow received a B.S. degree in Accounting from the University of North Carolina at Chapel Hill and is a Certified Public Accountant.

*Investment Committee for Kenmar Global Investment Management LLC. Investment Committee for CLariTy Managed Account & Analytics Platform LLC. www.kenmar.com Email: info@kenmar.com

Investment Products
Kenmar investment products are constructed to achieve consistent risk-adjusted returns over time.
Kenmar Global Resource Fund
Purpose: Kenmar Global Resource Fund seeks capital appreciation in rising and falling commodity markets, with significantly reduced downside volatility versus typical long only commodity indices.

Kenmar Global Managed Futures Program


Purpose: Kenmar Global Managed Futures Program is a CTA fund seeking low correlation to both traditional and alternative investments, diversified across markets, styles and timeframes. The Fund invests in futures, options on futures and interbank in currencies, global stock indices, global interest rates, energies, metals and agriculturals.

Kenmar Insignia Fund


Purpose: Insignia is a broadly diversified fund of hedge funds constructed to achieve moderate returns coupled with low volatility and low beta to the equity markets. The fund is constructed pp y, based on Kenmars opportunistically, macroeconomic views.

Inception: March 2005 69% of the portfolio is invested through managed accounts.

Inception: November 1999 100% of the portfolio is invested through managed accounts.

Inception: October 2001 27% of the portfolio is invested through managed accounts.

Performance Analysis (as of January 31 2012*) 31, 2012 )


YTD 2012 estimated return 1-year annualized return 3-year annualized return 5-year annualized return Annualized return since inception Annualized volatility since inception Drawdown maximum Correlation to S&P 500

Kenmar Global Resource Fund Kenmar Global Managed Futures Program Kenmar Insignia Fund

0.81% 0.52% (0.03%)

(11.03%) (4.59%) (5.01%)

(1.23%) (1.41%) 2.30%

(0.02%) 2.76% 0.23%

3.73% 5.13% 3.74%

8.53% 7.52% 4.84%

(19.48%) (10.17%) (14.91%)

0.3 (0.1) 0.4

KGRF performance shown is (1) actual performance for March 2005, net of pro-forma fees and expenses, and (2) actual performance since April 2005, net of all fees and expenses. Kenmar Global Managed Futures Program performance (which is based on the actual performance of the Kenmar Global Managed Futures Program strategy) is net of pro-forma fees and adjusted to include hypothetical interest income as if a client had fully funded its investment, and is therefore considered hypothetical pro-forma performance. Please see Hypothetical Pro-Forma Performance in the Disclosures at the end of this presentation. Insignia performance shown is actual performance, net of all fees and expenses. *January 2012 performance is estimated, historical and unaudited. There may be a difference between the estimated performance and actual performance. Please see Disclosures at the end of this presentation which are an integral part of this document. Past performance is not necessarily indicative of future results.

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Investment Products
Kenmar investment products are constructed to achieve consistent risk-adjusted returns over time.
Kenmar Liquid Commodity Index
Purpose: Kenmar Liquid Commodity Index has been designed to provide broad, diversified exposure to the commodity markets by referencing commodity managers. The underlying investment managers may employ either discretionary or systematic strategies in diversified or specific markets utilizing liquid financial instruments. The Indexs objective is achieved through the application of a rulesbased index construction and rebalancing methodology. All of the managers are accessed via managed accounts on Kenmars CLariTy Managed Account & Analytics Platform.

Kenmar Liquid Global Macro Index


Purpose: Kenmar Liquid Global Macro Index has been designed to provide broad, diversified exposure to global macro strategies by referencing global macro managers. The underlying investment managers may employ either systematic or discretionary strategies in liquid financial instruments. The Indexs objective is achieved through the application of a rules-based index construction and rebalancing methodology. All of the managers are accessed via managed accounts on Kenmars CLariTy Managed Account & Analytics Platform.

Inception: November 2010* 100% of the portfolio is invested through managed accounts.

Inception: January 2011 100% of the portfolio is invested through managed accounts.

Performance Analysis (as of January 31, 2012)**


YTD 2012 estimated return 2011 return 2010 return

Kenmar Liquid Commodity Index* Kenmar Liquid Global Macro Index

0.97% 0.16%

(6.21%) (4.22%)

0.75% N/A

Performance above is actual, net of pro-forma fees (1.5% management fee, 5% incentive fee and actual administrative and operating expenses) and adjusted to include hypothetical interest income as if a client had fully funded its investment and is therefore considered hypothetical pro forma performance Please see Hypothetical Pro Forma Performance in the Disclosures at the end of this presentation *KLCI commenced investment, pro-forma performance. Pro-Forma presentation. November 16, 2010. **January 2012 performance is estimated, historical and unaudited. There may be a difference between the estimated and actual performance. Please see Disclosures at the end of this presentation which are an integral part of this document. Past performance is not necessarily indicative of future results.

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Investment Process
Kenmars investment process is differentiated by:

Broad and deep manager sourcing network the result of an average of 28 years of investment experience from the members of its Investment Committee

Integration of qualitative assessment and quantitative analysis, including risk budgeting and factor analysis, in formulating investment decisions

Recognition of the importance of catalysts to investment cycles and the avoidance of the herd mentality of investing

Portfolio construction process that combines a top-down, global perspective with a bottom-up, in-depth manager analysis

Focus on building risk-efficient portfolios and proactively managing diversification

Seeking to avoid stacking risk by building portfolios with the fewest number of managers necessary to accomplish the mandates objectives

A never-wavering use of common sense as the ultimate decision-maker in our investment process

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Investment Process
A disciplined and repeatable approach to fund of funds management
Quarterly Macro Outlook

How do we see the key macroeconomic and capital market trends in the coming months? Which hedge fund styles and strategies are appropriate for this market environment?

Style & Market Analysis

Broad based asset allocation decisions given the expected macro market environment Assess the relationship between manager styles and market environments Factor/style F t / t l analysis t map managers statistically l i to t ti ti ll

Used in conjunction with discretionary judgment to tilt our portfolios towards styles likely to do well in the forthcoming market environment Once we determine the styles and strategies to be included in a portfolio, the analysts seek to y g p , y identify all managers that suit the space

Portfolio Design Options

Portfolio Optimizations

Optimization techniques include maximizing for ROR or Sharpe, minimizing drawdown or VaR Risk budgeting framework

Portfolio Construction

Kenmars Investment Committee takes all of the quantitative inputs and applies its qualitative judgment, experience and common sense in making the ultimate portfolio allocations

Monitoring includes: risk and style drift, portfolio value at risk, correlations, stress/scenario testing, exposures, leverage, asset/liability liquidity matching Managed accounts and our CLariTy Managed Account Platform facilitate visibility and access to much of the information needed for manager and portfolio monitoring

Ongoing Portfolio/Manager Monitoring

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Manager Due Diligence


Kenmar has unique access to differentiated managers given our longevity and reputation in the industry

Predicated on a thorough initial due diligence you cant know if something has gone awry if you didnt know what to expect in the first place Use transparency properly look at trading statements daily to make sure that the manager is doing what they said they would be doing Stay informed regarding new systems, research, risk management and general developments at the firm

Manager Universe

Conduct over 500 manager meetings/year, 100 initial manager reviews/year and 20 full manager due diligences/year Maintains a universe of approved managers In order to be approved, a manager must undergo Kenmars rigorous due diligence

Ongoing Manager Monitoring

New M N Manager Analysis

3rd party background checks 3rd party accounting review Review of o Cash controls o Trading/booking systems and infrastructure o Position reconciliation o NAV striking and valuation procedures o Quality of service providers Q y p o Compliance and regulatory matters o Documentation and key terms of 3rd party agreements o Disaster recovery procedures and IT infrastructure Kenmars Operational Risk Committee includes representatives from Legal, Operations, Finance and Risk


Operational Risk Assessment

Identify the Id tif th managers unique edge i d and the risks to which the manager or strategy are exposed When seeking to identify the managers unique edge, we focus heavily on the pedigree of the portfolio tf li managers and d the th robustness of the approach Kenmar adds its greatest value by finding smaller/newer, specialized or niche managers

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Risk Management Philosophy


Kenmar integrates risk analysis and management into every step of the investment process.

Being risk aware, not risk averse, is a key objective

Idiosyncratic risks should be embraced; systematic risks must be proactively managed

Transparency and liquidity can improve the management of hedge fund risk

Risk monitoring is a proactive process including ongoing monitoring of managers and the portfolio as a whole

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Qualitative Market Risk

We must first understand the qualitative risk of each manager.


Kenmar reviews how the manager

Qualitatively looks at risk Quantifies risk internally Implements risk-reducing policies

Kenmar also reviews each portfolios

Liquidity Leverage L General risk characteristics Hedging strategies and effectiveness Market t t M k t structure, crowding and short position management di d h t iti t

Kenmar also compares these features to the strategy being implemented.

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Quantitative Market Risk Measures


We budget for a full spectrum of risk exposures.

Qualitative Manager Risk Analysis

How d H do th the managers risk policies correspond t i k li i d to it its performance?

Key Risk Attributes Report

What are the key risk/return characteristics?

Correlation Monitoring Report

Are we diversifying or stacking risks?

Risk Drift Report

How are the managers risk and return characteristics dynamically changing over time? Is the I th managers return generating alpha or mimicking market t ti l h i i ki k t moves?

Market Beta Report

Portfolio Value at Risk Report

Is the manager adding more risk or return at the margin?

Operational Risk Analysis

Are the operational, legal, compliance and accounting aspects of the manager consistent with the managers strategy?

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Quantitative Market Risk Measures


We budget for a full spectrum of risk exposures.

Proprietary Kenmar risk report developed to recognize style d if d l d i l drift. This quantitative tool measures changes in risk and return and highlights results outside of an accepted range range. For results beyond the range of expectations, qualitative follow-up ensues.
Return Drift Rank 1 2 3 4 5 6 7

Risk Monitoring Drift Report


Performance Drift
Average Last 12 Months Average Z Score Z Score Monthly Last 12 Since MANAGER Since Months Inception Inception (1.58%) (1 58%) 0.98% 0 98% 0.62 0 62 (0.13) (0 13) Manager 2 (0.15%) 0.34% 0.39 0.39 Manager 1 (1.15%) 1.73% 0.38 (0.02) Manager 6 0.42% 0.43% 0.18 0.12 Manager 7 0.72% 0.72% 0.12 0.11 Manager 5 0.26% 1.13% (0.28) (0.33) Manager 3 0.41% 0.92% (0.35) (0.36) Manager 4

Risk Drift
Annual Return Annual Volatility Drift Volatility 12 Rank Since Inc Months 1 18.64% 18 64% 3.94% 3 94% 2 24.96% 19.58% 3 8.23% 8.89% 4 10.63% 16.94% 5 8.03% 14.20% 6 4.05% 9.68% 7 2.22% 11.32% Risk Regime Drift 372.63% 372 63% 27.49% (7.41%) (37.21%) (43.46%) (58.19%) (80.36%)

MANAGER Manager 7 Manager 2 Manager 1 Manager 5 Manager 6 Manager 4 Manager 3

Current Month 0.34% 0 34% 1.94% 1.60% 0.84% 1.00% 0.08% 0.00%

This report uses a Z score {(current average)/standard deviation} to determine if the return or volatility pattern has changed compared to recent averages. This example is shown for illustrative purposes only.

What do we look for?

Are a particular managers returns better or worse than their recent average? How does the managers performance compare to its peers? Has a managers volatility increased or decreased? Is it commensurate with their style or market? Have they changed their risk profile?

Please refer to Definitions at the end of this presentation. 17

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CLariTy Managed Account & Analytics Platform


Our managed account structure is a powerful tool for active portfolio management.
Transparency

All managers are accessed through individual managed accounts Access to daily position transparency at the manager level, also aggregated across entire portfolio Daily portfolio and position monitoring provides an early warning system

Liquidity y

Liquidity of the managed account is usually superior to the managers fund liquidity manager s No gating or redemption limits Knock-out clauses, limits and specific investment guidelines are applied to the managed account

Custody C

Limited Li it d counterparty risk and f ll i d t t i k d full independent custody of assets d t t d f t Securities not subject to hedge fund manager access or control Excess cash is held in segregated accounts at major banks and/or brokerage firms in the name of the institution investing in the CLariTy platform

Risk Management & Monitoring

Access to daily performance and risk reporting at manager and portfolio level Access to CLariTys proprietary monthly manager and portfolio analytics CLariTy monitors daily trading and performance

Independent Valuation

Valuation of the managed account is not subject to manager discretion; an independent administrator provides daily valuation Each managed account is audited annually CLariTy is registered* as an investment adviser with the SEC and as a CPO and CTA with the CFTC
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*Registration does not imply any level of skill or training. www.kenmar.com Email: info@kenmar.com

Control of Assets for Separately Managed Accounts (SMA)


Investor

Investor keeps a portion of their investment in a segregated account in the investors own name at the futures clearing firm (currently UBS) UBS).
o

Administrative / Cash Account Segregated account in name of investor at UBS (FCM) i t t

Upon subscribing, the investor gives CLariTy a limited power of attorney to move cash from the investors segregated Administrative/Cash Account into each CTA to fund margin requirements. As profits accrue in the trading accounts, CLariTy moves accounts excess cash back to the investors Administrative/Cash Account.

Investor t I t transfers assets as f t cash is needed for margin; excess cash in the Administrative/Cash Account is wired back to the investors account.

Assets held by investor (typically at JP Morgan) in name of investor in a fi t i segregated account*


o

The amount kept in the Administrative/Cash account would be equal to the margin requirements of the CTAs plus a cushion agreed to by the b th FCM and CL iT d CLariTy. The remainder of the cash is held by the investor unless/until such time as the futures investments require additional margin money.

Assets must meet margin calls within 24 hours.

Generally, the CTAs will employ 10%20% of the total investment level allocated to them for margin. Controls are in place to ensure that money i th i in the investors UBS account t t cannot be wired to any account for any purpose other than 1). to the individual CTA (to fund margin requirements), 2). to return the cash to the investor and 3). g p y to the funds JP Morgan account to pay administrative and operating expenses and advisory fees.

Manager g 1

Manager g 2

Manager g 3, etc

CLariTy Managed Account & Analytics Platform


*Cash held by the investor could be invested in short-term (generally less than 2 years maturity) fixed income funds managed by high quality firms Assets must be redeemable within 24 hours Cash short term firms. to meet margin calls. Kenmar would also be willing to open a bank account for the investor and invest the assets in short-term fixed income funds. We are currently using funds managed by PIMCO, Wells Fargo and JP Morgan. 19

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CLariTy Managed Account & Analytics Platform

The CLariTy Managed Account Platform provides extensive monitoring and analysis tools.

CLariTy has built extensive proprietary monitoring and evaluation systems that provide information as to leverage, concentration, performance attribution and volatility on a manager-by-manager and total portfolio basis. System Example : Daily RealTime Marked-to-the-Market Position Level Report: CLariTys RealTime system allows for up to-the-minute monitoring of performance for individual markets and each market sector for each manager and for each portfolio as a whole. The system marksto-the-market the prior days closing positions with the current market price.

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CLariTy Managed Account & Analytics Platform


CLariTy Managed Account Platform technology facilitates transparency to clients.

Each client has a secure, web-based , portal. For portfolios of managed accounts, investors can receive daily customized risk reports that analyze risk by sector and currency. VaR, beta, stress tests and scenario analyses can be run daily. Risk reports can be created for individual managers and the portfolio as a whole. Summary reports can be provided to end investors as well. Push technology can automatically send reports to clients daily, weekly or monthly, depending on client preferences.

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Technology Platform to Support Managed Accounts


Kenmar maintains a robust technology platform through partnerships with leading technology providers in order to ensure a secure, reliable system capable of gathering, housing, verifying and analyzing thousands of securities positions and transactions on a daily basis.
Technology GlobeOp Financial Services Function
GlobeOp Financial Services is a leading independent financial technology specialist in the administration industry with a distinct history of managed account processing, valuation and reporting. GoRisk is an interactive risk management system that supports a wide variety of asset classes such as fixed income, credit and equity derivatives, foreign exchange and hybrids. GoRisks ASP service provides sensitivity and scenario analysis, stress testing, Value-at-Risk (VaR) and limit monitoring at position and portfolio levels. Bloomberg lets organizations leverage real time data The Code Red Research Workspace is a complete and integrated solution that allows investment professionals to manage their research, control the flood of information filling their inbox and integrate external data. CLariTys RealTime system allows for up to-the-minute monitoring of performance for individual markets and each market sector for each manager and for each portfolio as a whole. CLariTy proprietary quantitative portfolio construction tool that applies a risk budgeting framework to support the construction of risk-efficient portfolios. It uses marginal volatility, Sharpe ratio, and correlation measures to permit understanding of the sensitivity of the overall portfolio to potential changes in the construction. A proprietary Sequel database application that incorporates warehoused daily position-level and P&L data, integrated investment analytics and portfolio risk and construction tools.

GoRisk

Bloomberg Bloomberg

Code Red

RealTime

CLariTy NAV-based Analytics

CLariTy Database

Please refer to Definitions at the end of this presentation.

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Client Service & Reporting


Kenmar prides itself on its customer service. We have a greater depth of information and report with more frequency.

An early month performance estimate is available approximately 5 business days after month-end. Monthly reports discuss performance and detail any allocation changes changes. Quarterly strategy and market commentary written by each of the Investment Committees provides broad market insight. Quarterly calls with members of each of the Investment Committees are available for institutional investors. Clients receive a monthly statement from the fund administrator.

Client1 Client 1
Year 2009 2008 2007 2006 2005 Jan 0.4% 1.5% (1.9%) 4.7% Feb 0.5% 8.9% 1.8% (2.4%) Mar 0.0% (5.2%) 1.1% 2.4% (0.8%) Apr 0.8% 1.9% 0.8% 4.9% (2.5%) May 3.1% 2.0% 1.5% (0.2%) 1.5% Jun (1.2%) 1.9% 0.8% 0.4% 2.0% Jul 0.9% (7.3%) 0.7% 0.8% 2.6% Aug 1.1% (1.5%) (1.6%) (0.3%) 1.9% Sep (5.3%) 3.5% (2.2%) 1.9% Oct (1.0%) 0.4% 5.3% (2.3%) Nov (2.4%) (1.2%) 4.6% 1.7% 12 Mo. 43

Client Logo
Dec 0.4% 2.7% 0.1% 3.9% 24 Mo. 31 Year 5.5% (6.8%) 8.8% 19.3% 10.1% 36 Mo. 19 100.0% 31.2% 31.2% N/A 58.6% 12.1% 17.8% 17.8% N/A N/A N/A N/A N/A

Risk/Return Analysis CompoundROR ArithmeticMean Arithmetic Mean StandardDev SemiDeviation GainDeviation LossDeviation DownDev Sharpe 3.27% Sortino SterlingRatio CalmarRatio LosingStreak

Monthly 0.6% 0.7% 2.7% 3.0% 1.8% 1.9% 1.7% 0.1 0.4 0.3 0.3 (11.5%)

Annual 7.9% N/A 9.5% 10.2% 6.3% 6.6% 5.7% 0.5 1.3 N/A N/A N/A

Rolling Periods Count %Profitable % Profitable AvgReturn AverageGain AverageLoss BestPeriod WorstPeriod StandardDev GainDeviation LossDeviation Gain/LossRatio Profit/LossRatio DownDev Sortino

y Distribution of Monthly Returns

72.1% 100.0% 8.5% 20.5% 14.9% 20.5% (7.8%) N/A 24.9% 40.4% (14.9%) 0.7% 11.3% 14.6% 4.9% 14.6% 4.2% N/A 1.9 N/A 4.9 N/A 4.6% N/A 1.8 18 N/A

MonthlyPeriods

14 12 10 8 6 4 2 0
3to2 9to8 7to6 5to4 9to10 <10% 1to0 1to2 3to4 5to6 7to8

Draw dow n Analysis


D e pt h Lengt h R e c o v e r P e ak V a lle y

(16.4%) (5.2%) (3.2%) (2.5%) (2.4%)

5 1 2 2 1

0 3 2 1 2

Jun08 Feb08 Feb05 Jul06 Jan06

Nov08 Mar08 Apr05 Sep06 Feb06

ReturnRange (%)

Perform ance
$1,800 $1,600 $1,400 $1,200 10% 8% 6% 4%

MonthlyReturn

VAMI

We work with each client to provide the level of reporting that they require require. Members of each of the Investment Committees are always available for ad hoc requests.

$1,000 $800 $600 $400 $200 $0

2% 0% 2% 4% 6% 8% 10%

MonthlyReturn

Client1

S&P500Index

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The Kenmar Advantage


Kenmar focuses on creating non-correlated and transparent investment products built around a time-tested risk management framework and appropriate portfolio liquidity. Our edge is in:

Our experience, longevity in the business and continuity of leadership -- an average of 28 years of investment experience from the members of our Investment Committee.

Our focus on transparency, in our process and in how we communicate. p y p

Our approach to risk management is a careful blend of qualitative and quantitative analyses. We focus on being risk aware, not risk averse.

Our reputation in the industry and our trading backgrounds allow access to niche managers through differentiated sourcing.

A never-wavering use of common sense as the ultimate decision-maker in our investment process.

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Contact

Kenmar Global Investment Management LLC CLariTy Managed Account & Analytics Platform LLC 900 King Street Suite 100 Street, Rye Brook, NY 10573 Tel Fax Email Web 914.307.7730 914 307 7730 914.307.4044 Info@Kenmar.com www.Kenmar.com www Kenmar com

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Disclosures

The Kenmar Products discussed herein (the Products) may be accessed through a private investment vehicle commonly known as a hedge fund or commodity pool (collectively Funds). As part of its investment strategy, the Products may be accessed through investments in other Funds and/or separately managed accounts managed by third-party managers or advisors (Accounts). The CLariTy Managed Account & Analytics Platform discussed herein (the Platform) provides access to third-party commodity trading advisors and hedge fund managers through separately managed accounts (Accounts) structured as Funds. Funds are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, commodity interests and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. Accounts may also invest and trade in a wide variety of investment instruments and are similarly unregistered and NOT subject to the same regulatory requirements as mutual funds. There are substantial risks in investing in Funds and Accounts. These risks are applicable to the underlying Funds or Accounts in which the Products may invest, as well as to the Products themselves. You should carefully note the following: An investment in the Products, as well as the Products investment in a Fund or Account, involves a high degree of risk and may not be suitable for all investors. The Products are speculative and investors may lose all or a substantial portion of their investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of such an investment. An investment in the Products, a Fund or an Account should be discretionary capital set aside strictly for speculative purposes. Investors must meet the definition of a qualified purchaser (generally an individual or a family entity with at least $5 million in qualified investments or any other entity with at least $25 million in qualified investments). Funds (including the Products) are illiquid investments and may be subject to significant restrictions regarding transfers. There is no secondary market for an investment in a Fund (including the Products) and none is expected to develop. Offering documents y j g g g y ( g ) p p g are not reviewed or approved by federal or state regulators. The Products, a Fund or an Account may have substantial fees and expenses, which may offset the trading profits of the Products or such Fund or Account. The Products, Fund or an Account also may use leverage, execute a substantial portion of trades on foreign exchanges and trade commodity interests. The risk of loss from such activities is substantial and may increase the volatility of performance. There is no guarantee that the Products, a Fund or an Account will achieve their goals, objectives, or targeted returns. The Products, a Fund or an Account may have little or no operating history or performance and may use hypothetical or pro forma performance, which may not reflect actual trading done by the Products investment manager (the Investment Manager) or the underlying manager or trading advisor. Investors should not place undue reliance on hypothetical or pro forma performance. Funds (including the Products) are not required to provide periodic pricing or valuation information to investors. The manager or trading advisor for a Fund or an Account has total trading authority over such Funds or Accounts investment Products and may be subject to various conflicts of interest. The managers or trading advisors for a Fund or an Account may rely on a single advisor or employ a single strategy ( (which could mean a lack of diversification and higher risk) or may rely on the trading expertise and experience of multiple third-party managers/advisors, the identity of which may not be disclosed to g ) y y g p p p p y g , y y investors. Funds and Accounts (including the Products) are not subject to the same regulatory requirements as mutual funds and they are not guaranteed by the FDIC or by any bank and they may lose value. Investments will vary in the discretion of the Investment Manager and the underlying managers and trading advisors. Any descriptions or information involving investment objectives, investment analysis, investment process, or investment strategies (including regarding natural resource investing) are provided for illustration and discussion purposes only, may be examples only, may not be fully indicative of any present or futures investments, may be changed in the discretion of the Investment Manager and the underlying managers and trading advisors, and are not intended to represent performance or that the Products will be successful. Any return objectives and similar benchmarks depicted herein are used for illustration purposes only and are targets only. No representation is made that the Products, an Account or Funds risk management, investment process or investment objectives will or are likely to be successful or achieved or that the Products, Account or Fund will , g , p j y , make a profit or will not sustain losses. No representation is made that any investor will or is likely to achieve results comparable to those shown. Past performance is not indicative of future results. While there are potential benefits involved in investing in the Products, there is also the potential for losses. The above summary is not a complete list of the risks and other important disclosures involved in investing in the Products through a Fund or Account, and is subject to the more complete disclosures contained in the Account or Products Confidential Private Placement Memorandum where applicable. You should not rely on this presentation, which does not contain certain material information about the Account or Products. Before making any investment in the Products, you should thoroughly review the Products Confidential Private Placement Memorandum, where applicable, with your financial, legal and tax advisor to determine whether an investment in the Products is suitable for you. The information regarding the Account or the Products in this document is as of the date indicated, is not complete, is for illustration and discussion purposes only, and is not intended to be, nor should it be construed or used as, financial, legal tax or investment advice or an offer to sell, or a solicitation of any offer to buy, an interest in the Products, Account or Fund. Any offer or solicitation of an investment in the applicable Products may be made only by delivery of the Account or Funds Confidential Private Placement Memorandum to qualified eligible investors. General solicitations, prospecting by mail and advertising are strictly prohibited.

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Disclosures

Any statements regarding future events or which are forward-looking constitute only subjective views, estimations or intentions, are based upon the Investment Managers expectations or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond the Investment Managers and the applicable Account or Products control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these statements. Certain information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. In light of these risks and uncertainties, there can be no assurance that these statements are now or will prove to be accurate or complete in any way. The Investment Manager undertakes no responsibility or obligation to revise, update or modify such statements, although it may do so in its discretion. p y y g p y g , p y , g y The information in this document is confidential, is intended only for the person to whom it has been delivered and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient without the Investment Managers prior written consent. The information presented herein solely represents the views and opinions of Kenmar, not those of any of the individual account managers named herein (each, a Manager). By accepting these materials, the recipient acknowledges and agrees that no Manager described or named herein has either reviewed or approved these materials and neither the Manager nor its partners, employees, officers, or affiliates have made or will make any representation or warranty with respect to any information contained in these materials.

Fees and Expenses Performance assumes reinvestment of income and is presented net of a 1.50% management fee and a 5% performance fee. Administrative and operating expenses are estimated at 0.25%. Performance is also presented net of each underlying Funds or Accounts advisory fees, brokerage or other commissions, and expenses. Past performance is not indicative of future results. Estimated Performance Estimated performance is historical and unaudited. There may be a difference between the estimated performance and actual performance. Estimated performance may not be indicative of actual results. Benchmarks Benchmarks referenced herein are broad-based indices which are used for comparative purposes only and have been selected as they are well known and are easily recognizable by investors Comparisons to benchmarks have limitations because benchmarks have volatility and other material characteristics that may differ from the Funds investors. Funds. For example, investments made for a Fund may differ significantly in terms of holdings, industry weightings and asset allocation from those of the benchmark. Accordingly, investment results and volatility of the Funds may differ from those of the benchmark.

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Disclosures

Hypothetical Pro-Forma Performance HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. THE KENMAR PRODUCTS HAVE HAD LITTLE OR NO EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CUSTOMERS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE HYPOTHETICAL PERFORMANCE RESULTS, CUSTOMERS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THESE HYPOTHETICAL PERFORMANCE RESULTS. THIS COMPOSITE PERFORMANCE RECORD IS HYPOTHETICAL AND THESE TRADING ADVISORS HAVE NOT TRADED TOGETHER IN THE MANNER SHOWN IN THE COMPOSITE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY MULTIADVISOR MANAGED ACCOUNT OR POOL WILL OR IS LIKELY TO ACHIEVE A COMPOSITE PERFORMANCE RECORD SIMILAR TO THAT SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD AND THE ACTUAL RECORD SUBSEQUENTLY ACHIEVED. ONE OF THE LIMITATIONS OF A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD IS THAT DECISIONS RELATING TO THE SELECTION OF TRADING ADVISORS AND THE ALLOCATION OF ASSETS AMONG THOSE TRADING ADVISORS WERE MADE WITH THE BENEFIT OF HINDSIGHT BASED UPON THE HISTORICAL RATES OF RETURN OF THE SELECTED TRADING ADVISORS. THEREFORE, COMPOSITE PERFORMANCE RECORDS INVARIABLY SHOW POSITIVE RATES OF RETURN. ANOTHER INHERENT LIMITATION ON THESE RESULTS IS THAT THE ALLOCATION DECISIONS REFLECTED IN THE PERFORMANCE RECORD WERE NOT MADE UNDER ACTUAL MARKET CONDITIONS AND, THEREFORE, CANNOT COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FURTHERMORE, THE COMPOSITE PERFORMANCE RECORD MAY BE DISTORTED BECAUSE THE ALLOCATION OF ASSETS CHANGES FROM TIME TO TIME AND THESE ADJUSTMENTS ARE NOT REFLECTED IN THE COMPOSITE. Pro-Forma Performance The Kenmar Fund has no or a limited performance history. Performance shown reflects the actual gross performance of the Kenmar Fund, net of pro-forma fees and expenses applicable to it as described above. The pro-forma performance is for illustration purposes only and does not reflect actual performance of the Kenmar Fund. Actual performance may differ. No representation is being made that the Kenmar Fund will or is likely to achieve profits similar to those shown or will make a profit or avoid incurring losses. Prospective investors must be aware that pro-forma performance results have certain inherent limitations, including, but not limited to the following: (a) pro-forma adjustments are only an approximate means of modifying historical records to reflect aspects of the economic terms and constitute no more than mathematical adjustments to actual performance numbers, and g give no effect whatsoever to such factors as possible changes in trading approach that might have resulted from the different fee structure, interest income, leverage, and other factors; (b) p g g pp g , , g , ;( ) there are different means by which the pro-forma adjustments could have been made; and (c) the pro-forma results may not reflect the impact that market factors may have had on an investment managers investment decisions. While the Investment Manager believes that the information herein is relevant to evaluating an investment, no representation is or could be made that such performance represents the results that the Kenmar Fund would have achieved in the past or is likely to achieve in the future.

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28

Definitions

Definitions Bloomberg is a trademark of Bloomberg Finance L.P., a Delaware limited partnership, or its subsidiaries. Code Red is a trademark and service mark of Code Red, Inc. Drift Rank: Ranking of Manager's risk drift relative to other managers in the Kenmar universe. A high rank (low number) should be interpreted as relatively higher increase in risk consumption. ETL (Expected Tail Loss) is also known as conditional value at risk. GlobeOp is a trademark of GlobeOp Financial Services. GoRisk is a trademark of GlobeOp Financial Services. Return Drift Rank: Relative ranking of Z scores across the universe of Kenmar managers Risk Regime Drift: Measures the change in manager's risk profile of last 12 months compared to risk profile from inception up to the beginning of the current 12-month period. Risk Drift between 25% of historical VaR levels are highlighted in blue. A 25% variation from the historical volatility level is considered acceptable. S&P 500 is a trademark of the McGraw Hill Companies. The S&P 500 Total Return Index is the total return version of the S&P 500 Index. Dividends are reinvested on a daily basis and the base date for the index is Jan 4, 1998. All regular cash dividends are assumed reinvested in the S&P 500 Index on the ex-date. Special cash dividends trigger a price adjustment in the price return index. Z Score Last 12 M: Number of standard deviations above/below the prior 12 months average return. We can expect 65% of all observations to be within +/- 1 Z Score. Performance outliers (both positive and negative) can be flagged by monitoring Z scores above/below 1. Managers highlighted in blue are within acceptable levels. Z Score Since Inception: Number of standard deviations above/below average monthly return since inception.

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