Olympia Capital Management

2Olympia Capital Management

An independent and experienced teamFounded in 1989 to manage funds of hedge funds

Richmond Park: an active and entrepreneurial partner since April 2011

Assets under management as of December 31, 2010: USD 2.2 billion

International presence: 58 people in Paris, New York, London and Zurich

Experienced investment team: 16 alternative investment professionals with 8 years of experience on average

A 19-year track record in alternative investmentsOlympia Star I: +8.4% net annualised returns since January 1991 as of December 31, 2010

Full range of alternative multi manager funds: diversified, thematic, customized and sub-advisory portfolios

Delivering innovative solutions since 1989

3Global reach with regional expertise

USA - Registered Investment Advisor with the Security and Exchange Commission (SEC)

UK - Registered with the Financial Services Authority (FSA)

France - Regulated by the Autoritédes Marchés Financiers (AMF)

A globally regulated company

Olympia Capital Management SAOlympia Capital Gestion SAOlympia Capital Assurances SARLHead Office

Olympia Capital Management Ltd.Research & Distribution

Olympia Capital Management AGDistribution

Olympia Capital Management Inc.Research

4Investment teamA seasoned team with 8 years average experience

5Investment Process SummaryRefined over the past 19 years

PORTFOLIO

HEDGE FUND STRATEGY OUTLOOK

Medium term macro economic outlookMedium term strategy review and outlook

RISK MANAGEMENT

Monitoring and modelling both individual hedge fund manager risk and aggregate portfolio riskOptimal portfolio construction

MANAGER SELECTION & MONITORINGA combination of in-depth quantitative, strategic and operational due diligenceDiversification amongst managers who exhibit different behaviour and characteristics

6Hedge Fund Strategy Outlook

Systematic risk factor expectationsTraditional asset classes: equities & bonds on global, regional and sector level

Alternative risk factors: market volatility, credit spreads, corporate activity, M&A spreads, emerging market spreads

Top down CommitteeA quarterly forward looking process

– Medium term macro economic scenario

– Medium term outlook for each hedge fund strategy

– Level of risk & level of leverage in portfolios

Forecasting risk premiums associated with traditional and alternative risk factors

7Manager Selection & Monitoring

Analysis of alpha relative to:

market indices peer group

Analysis of risk and portfolio diversification

Experience & background of Investment Team

Identify edge and its sustainability

Strategy & Investment process

Risk management

Capacity & liquidity

Structure of fund & organization

Service providers

Regulatory & compliance

Valuation

Background checks

Based on three ratings

QuantitativeStrategicOperational

Investment Team conference call with hedge fund manager

Olympia Rating

Manager Introduction Report

Strategic DD Report

Each fund is rated as: RejectedAAAAAA

Funds rated A and above are investable

Strategic DD ScoringOlympia Rating

ManagerSourcing

Referrals

Quantitative screenings

Quantitative Due Diligence

Quant DD ReportQuant DD Scoring

Operational DD Report & Scoring

Strategic Due Diligence

OperationalDue Diligence

Final Manager Review & Olympia Rating

8Portfolio ConstructionThe art of constructing funds of hedge funds

FINALPORTFOLIO

HEDGE FUND STRATEGY OUTLOOK

RISK MANAGEMENT

MANAGER SELECTION & MONITORING

INPUTS CONSTRAINTS

Medium term outlook on hedge fund strategies

Historical hedge fund returns, volatilities and correlations

Views on hedge fund managers based on the strategic and operational due diligence updates

Portfolio Guidelines:

Risk/Return objectives

Strategy bounds

Concentration limits

Monthly portfolio management:

Hedge fund capacity and liquidity restrictions

Portfolio flows

9Risk ManagementRisk is monitored and managed at 2 levels:

at the individual hedge fund manager level: risk management focuses on identifying significant changes in the risk taken by manager and ensuring that the risk taken remains commensurate with manager performance and initially forecasted risk

at the aggregate portfolio level: risk management ensures that the overall portfolio risk and diversification is in accordance with fund guidelines and objectives

Our risk management system includes the monitoring ofMarket riskLiquidity risk

… via various proprietary softwares : Olympia Optimizer (O2), Olympia System of Risk (OSYRIS), Olympia

Aggregated Risk Tool (ART)

ReportingA formal “red flag report” is produced if our risk system detects abnormal variations, concentration in the risk or inconsistencies between the current risk of the fund and its objectives.

A formal “exception report” is written by the analyst if a return is more than two standard deviations above or below the monthly return, outlining the reasons behind the exceptional performance.

10Dedicated/Sub-Advisory Funds: Successful Partnerships

Private BanksSwiss private bank Diversified multi-strategy & Long/Short FoHF

South African private bank Diversified multi-strategy FoHF

BanksSwiss bank Diversified multi-strategy FoHF

Japanese bank Concentrated multi-strategy FoHF

Investment BanksDeutsche Bank Structured products on Olympia FoHF

Société Générale Structured products on Olympia FoHF

BNP Paribas Structured products on Olympia FoHF

Nomura Structured products on Olympia FoHF

11Marketing and Client Service Team

Dedicated international client service team

Transparency and reportingWeekly estimated NAV report

Monthly fund fact sheet

Monthly statistical reports providing in-depth risk/ return analysis at the overall portfolio level

Quarterly conference call with commentary and outlook

Annual audited reports

Sophisticated and customized fund reporting

Access weekly NAVs, monthly newsletters and product presentations on:

www.olympiacapitalmanagement.com

Olympia Online Service : a dedicated website and reporting tool for advisory mandates

YOUR LOGO

12Olympia Capital Management : Awards & Recognition

Olympia Capital Management voted one of the 3 best fund of hedge funds managers by French institutional investors.

Olympia Star I has been higly commended by the Hedge Fund Review every year since 2005.

Olympia Global Macro won the HFMWeek European Award in the category "Fund of Hedge Funds Newcomer", in May 2009.”

Olympia Capital Management voted one of the 3 best fund of hedge funds managers by French institutional investors.

Olympia Capital Management received the Award of the “Best European Institutional Fund of Hedge Funds Product Provider” at the European Hedge Fund of Funds Awards in December 2005.

Olympia Star I received the Award of the “Best Long Term Achievement Fund of Hedge Funds over 10 years”(diversified fund of hedge funds), at the European Hedge Fund of Funds Awards in December 2004.

Allenbridge Hedgeinfo, an independent fund research group, rated Olympia Star I “AA” (the second highest rating, “benchmark quality”).

13Disclaimer

This documentation does not constitute any solicitation to invest in the portfolio or in any vehicle invested therein, but is intended for the sole destined addressee’s personal information and thus cannot be disclosed, under any circumstance, to any third party by the destined addressee. Olympia Capital Management shall not accept any responsibility on the accuracy of this information or on any consequence deriving from a situation where this information would be used outside of its intended, purely informative purpose.

Past performance is no guarantee of future results.

Olympia Capital Managementis proud to support

The Anouk Foundation’s worldwide mission is to transform the hospital and nursing home environment both for children and senior citizens into a, colorful and soothing place so as to ease

the stress and the trauma for them and for their families.

www.anouk.org

14