November, 2019

Prosperously navigating

unexpected events

with great skill and agility

2

AGENDA

Investment Methodology

- Top 10 Strategic Tech Trends for 2019-2020

- Current Opportunities and Investment Pipeline

- Diversification

- Risk Management

Performance

Automous driving

Summary

3

DISCLAIMER: The information and opinions expressed herein are current as of this document date and Black Swan Dexteritas Inc. assumes no obligation to provide updates or

advise on further developments. Any reference should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as any indication of the

portfolio of any Black Swan Dexteritas investment fund or how it will be invested. Commissions, trailing commissions, management fees and expenses may all be associated with fund

investments. Please read the prospectus before investing.

Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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INVESTMENT METHODOLOGY

SECTOR ASSESSMENT

• Life Cycle: Sectors in introduction and growth stages with

high Total Addressable Market (TAM)

• Competition: High barrier of entry with differentiated products

and services within the sector

COMPANY ANALYSIS

• Business Model: Public ccompanies with high recurring revenue,

easily able to leverage network effects, strong negotiating power

with suppliers and customers, and strong corporate governance

• Size: Target small (500M+) to large cap public companies with

established track record of executing the business.

• Growth: Public companies with high and/or consistent revenue

growth

• Valuation: Determine if opportunities exist based on our fair

value expectation of stocks versus current stock prices

PORTFOLIO CONSTRUCTION

• Weightings: Determine % of portfolio allocated to holdings

based on risk-reward expectations

• Diversification: Well-diversified across 35 to 40 holdings to

maximize risk-adjusted returns

• Hedging: Utilize derivatives and fixed income products to

minimize drawdowns and generate alpha

IDEATION

• BSD Investment Advisory Committee: seek out global

growth themes and trends to overweight and underweight

various subsectors

• Experienced investment team sourcing trade ideas and

discussing vital macro economical forces in play

• Draw on sector experiences from members of the committee and

discuss emerging technology from the private and public space

• Deep dive into industry verticals to identify beneficiaries in other

primary, secondary, and tertiary markets

PORTFOLIO CONSTRUCTION

IDEATION

SECTOR

ASSESSMENT

COMPANYANALYSIS

PUBLIC COMPANIES

TOP 10 STRATEGIC TECH TRENDS FOR 2019-2020

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CURRENT OPPORTUNITIES AND INVESTMENT PIPLINE

• DIGITALIZATION & ELECTRIFICATION

The automotive revenue pool will grow and diversify with new services potentially becoming a ~USD 1.5

trillion market in 2030

• 5G DEPLOYMENT

The 5G market will grow to $1.23 trillion by 2026, according to a new report by Ericsson announced at the

Mobile World Congress

• DIGITAL TWINS

The digital twin market is expected to grow at a CAGR of 37.87%, to reach USD 15.66 Billion by 2023

• BIG DATA

Worldwide Big Data market revenues for software and services are projected to increase from $42B in

2018 to $103B in 2027, attaining a CAGR of 10.48%.

• AUTOMATION & ROBOTIZATION

After growing at a compound rate of 17 per cent a year, the robot market will be worth $135bn by 2019,

according to IDC

• OLED – Organic Light Emitting Diode

The OLED market is expected to be valued at USD 48.81 Billion by 2023, growing at a CAGR of

15.2% between 2017 and 2023

• GAMING

Gaming market to grow at a CAGR of +6.2% toward 2020 to reach $128.5 billion

Source: Statista, Gartner, Ericson, Newzoo

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INVESTMENT METHODOLOGY DIVERSIFICATION

BSD seeks out high potential technology sectors with promising unit sales projections and revenue

projections and minimizes exposure to low potential sectors

PORTFOLIO BY MARKET CAP PORTFOLIO BY TECH SUBSECTOR

$5B to $10B

5.0%

Over $10B

91.0%

As of October 31, 2019

BSD is well-diversified across 10 technology subsectors

across 30 to 35 holdings with minimal correlation.

Under $5B

4.0%

7

1.99%

3.63%

3.69%

3.95%

4.05%

7.13%

8.90%

13.42%

13.79%

Consumer Electronics

Technology Real Estate

Automation

Cyber Security

Consumer Services

Fintech

Communication Equipment

Semiconductors

Internet Software

PERFORMANCE

PERFORMANCE METRICS* FUND RETURNS

FUND S&P 500

Return Since Inception

YTD Return

60 Day Return

20 Day Return

Daily Standard Dev.

Sharpe Ratio

Sortino Ratio

Correlation

56.08%

11.81%

-1.66%

-0.98%

0.80%

0.57

0.79

-

79.75%

20.57%

2.34%

2.05%

0.84%

0.74

0.92

0.96

* Management fees and expenses may be associated with investments. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rate of return is the historical compounded total return including changes in share value and reinvestment of all dividends.

October 1, 2013 to October 31, 2019

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD S&P 500 YTD

GLOBAL TECH FUND MONTHLY PERFORMANCE SINCE INCEPTION

BSD has outperformed our portfolio benchmark with lower risks through active diversification across various subsectors

2013 1.32% 0.35% 2.82% 4.55% 9.60%

2014 -2.08% 3.63% -2.07% -4.39% 2.38% 2.80% 2.21% 3.53% -1.64% 4.95% 2.89% -1.51% 10.69% 11.43%

2015 0.53% 5.39% -0.16% 2.98% 0.90% -0.91% 0.43% -6.67% -1.48% 9.68% 0.63% -0.76% 10.16% 0.47%

2016 7.41% -2.78% 5.31% -0.02% 2.33% -0.29% 3.66% 0.65% 1.63% 0.38% -3.75% -0.71% -1.63% 9.50%

2017 4.97% 2.14% 2.99% 2.08% 3.85% -2.55% 2.68% 2.12% 0.51% 3.41% 0.11% -0.20% 24.49% 19.42%

2018 2.89% 0.63% -0.62% -1.57% 4.11% -1.63% 0.63% 1.72% -2.18% -7.87% 2.70% -7.41% -10.01% -6.55%

2019 7.09% 1.55% -0.91% 1.86% 0.44% 0.70% 1.83% -0.27% -0.13% -1.43% 11.81% 20.57%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19

BSD S&P 500

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HOW BSD COMPARES TO OTHER HEDGE FUNDS

HEDGE FUND STRATEGIES* 2014 RETURN 2015 RETURN 2016 RETURN 2017 RETURN 2018 RETURN

PERFORMANCE

BSD Global Technology Hedge Fund

Absolute Return

Multi-Region

Equal Weighted Strategies

Relative Value Arbitrage

Macro/CTA

Fixed Income - Credit

Global Hedge Fund

Equity Hedge

North America

Emerging Markets Composite

Market Directional

Event Driven

10.69%

0.67%

1.71%

-0.56%

-3.06%

5.09%

-1.86%

-0.60%

1.37%

-4.13%

-8.03%

5.13%

-4.06%

Our outperformance relative to other funds are indicative of our core competency in

generating outsized returns and navigating a challenging market environment

* Hedge fund index data is provided by Hedge Fund Research Index (HFRI) as of January 2018.

10.16%

2.86%

-1.19%

-1.54%

-3.10%

-1.96%

-4.38%

-3.64%

-2.33%

-9.35%

-5.26%

-8.58%

-6.94%

-1.63%

0.31%

1.95%

3.78%

1.03%

-2.93%

4.97%

2.50%

5.49%

4.14%

6.77%

9.86%

10.50%

24.99%

3.91%

6.58%

6.10%

4.28%

7.43%

4.55%

8.04%

12.78%

6.25%

8.99%

4.68%

7.22%

-10.02%

-0.49%

-5.90%

-5.35%

-1.17%

-3.25%

-2.55%

-6.72%

-9.42%

-7.62%

-7.55%

-12.54%

-11.68%

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AUTONOMOUS DRIVING UPDATE

AUTONOMUS DRIVING

AUTONOMOUS DRIVING ECOSYSTEM

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Automakers

Suppliers

Semiconductors &

Communications

Software

Shared Mobility Services

Source: Frost & Sullivan

The Global

Autonomous Driving

Market is Expected

Grow up to

$173.15 Bby 2030

AUTONOMUS DRIVING

GRADATION OF AUTOMATED DRIVING

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AUTONOMUS DRIVING

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20 LEADING AUTOMATED DRIVING SYSTEMS COMPANIES

Source: Navigant Research

AUTONOMUS DRIVING

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20 LEADING AUTOMATED DRIVING SYSTEMS COMPANIES

Source: Navigant Research

2018 2019

1 GM-Cruise Waymo

2 Waymo GM-Cruise

3 Daimler-Bosch Ford AV

4 Ford AV Aptiv

5 Volkswagen Group Intel-Mobieye

6 BMW-Intel-FCA Volkswagen Group

7 Aptiv Daimler-Bosch

8 Renault-Nissan-Mitsubishi-Aliance Baidu

9 Volvo-Veoneer-Ericsson-Zenuity Toyota

10 PSA Renault-Nissan-Mitsubishi-Aliance

11 Jaguar Land Rover BMW-Intel-FCA

12 Toyota Volvo-Veoneer-Ericsson-Zenuity

13 NAVYA Zoox

14 Baidu May Mobility

15 Hyundai Motors Group Hyundai Motors Group

16 Honda Uber

17 Uber NAVYA

18 Apple Voyage

19 Tesla Tesla

20 Apple

Leaders Contenders Challengers

AUTONOMUS DRIVING

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Autonomous vehicle technology, or "self-driving“, refers to vehicles

that use sensory data of the surrounding environment to navigate

without the use of human drivers.

SENSOR FUSION FOR AUTOMATED DRIVING

AUTONOMUS DRIVING

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• Three main groups of sensor systems: camera-, radar-, and lidar-

based systems.

• Mono and stereo cameras in conjunction with radar systems provide

a precise evaluation of speed and distance as well as the outlines of

obstacles and moving objects.

Camera - today’s camera systems use CMOS image sensors - HD with 1 to 2

megapixels. Video images provide most of the details for the human driver but are

also suitable as an input parameter for highly automated driving.

RADAR - stands for Radio Detection And Ranging, which means the detection and

localization of objects using radio waves.

LIDAR - stands for Light Detection And Ranging and is a laser-based system. Used

primarily to measure distances to stationary as well as moving objects.

GPS - stands for Global Positioning System and is a satellite-based radionavigation

system owned by the United States government. It is a global navigation satellite

system that provides geolocation and time information to a GPS receiver anywhere

on Earth

SENSOR FUSION FOR AUTOMATED DRIVING

AUTONOMUS DRIVING

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THE SELF-DRIVING CAR COMPANIES GOING THE DISTANCE

Source: Statista

AUTONOMUS DRIVING

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PAST PICKS VS NEW PTCKS

2016 – Suppliers &

Semiconductors 2019 – Software,

Semiconductors &

Communications

AUTONOMUS DRIVING

AUTONOMOUS DRIVING ECOSYSTEM

19

Automakers

Suppliers

Semiconductors &

Communications

Software

Shared Mobility Services

Source: Frost & Sullivan

The Global

Autonomous Driving

Market is Expected

Grow up to

$173.15 Bby 2030

AUTONOMUS DRIVING

20

GLIMPSE TO THE FUTURE

Waymo tells riders that ‘completely driverless’

vehicles are on the way

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SUMMARY

• We bring unique, proven strengths

• Principal with 30 years of portfolio management experience

• Dynamic stock selection methodology

• Disciplined risk management process

• Our expertise in technology is unparalleled

• Team consisting of seasoned entrepreneurs that have co-founded billion dollar companies

• Global networks of advisors and analysts examining tech vendors and tech end-users

• Significant out-performance in risk-adjusted returns

• The BSD Global Tech Hedge Fund returned 54.98% since inception versus S&P 500 index

return of 74.94%

• Exhibited only 83% of the benchmark volatility

• Hedging strategy acts as an “insurance policy” in anticipation of adverse market events,

by limiting drawdowns and often generating alpha

* Management fees and expenses may be associated with investments. Investment funds are not guaranteed, their values change frequently and past performance may not be

repeated. The indicated rate of return is the historical compounded total return including changes in share value and reinvestment of all dividends.