BigSur Partners LLC1450 Brickell Avenue

Suite 2750Miami, FL 33131

Office: 305-740-6777Fax: 305-350-9998 Introduction to BigSur

Agenda

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Why BigSur p 3How We Structured Our Model & Manage Relationships

p 4What We Offer Our Clients p 6

An In-Depth Look at What We Offer our Clients

I. Creating a comprehensive system to manage wealth p 7II. Applying a sound investment process p 14III. Providing a higher level of execution p 22

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BigSur's mission is to provide customized and holistic solutions to select global wealthy families, aiming to meet all of their wealth management needs.

Why BigSur

• Wealth is destroyed in 3 generations. We are helping our families “manage” their wealth to avoid this trend, so that they can leave a legacy

• We found that there was no one in the industry doing this the right way, so we decided to be a market leader and just do it ourselves

“We wanted a better way” Industry is structurally organized in a conflictive way for clients- not aligned for best interests of clients. Pushing product, multiple fee schedules, high banker turnover, limited access to products and investment opportunity

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BigSur’s Compensation Structure Allows for Total Independence− No “product-based” compensation (no “related party” agreements)− Rebates paid back to clients− No transaction fees− All cost-savings are 100% passed on to the client

Independent Perspective− Goal to find “best-in-class” products based on their own merit−View based mainly on “buy-side” research

100% Open Architecture−Access multiple trading counterparts and third party managers− No ties with any financial institution (banks, brokers, product-producers)

Our motto is “The Value of Independence”

How We Structured Our Model

Alignment with Client Interests Independence

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How We Manage Our Client Relationships

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I. Creating a comprehensive system to manage wealth• Investment Policy Statement • Ecosystem of Banks• Network for All Wealth Management Needs • Monthly Consolidated Reports

II. Applying a sound investment process • Overview of Investment Process • Investment Committee• BigSur House View & Investment Philosophy • Investment Research• Model Portfolios, Cross Referencing

III. Providing a higher level of execution• The “Instividual”• Club of Investors • Commercial Real Estate• Best Execution through Pershing

What We Are Offering Our Clients

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I. Creating a comprehensive system to manage wealth

Broad OverviewInvestment Policy Statement “Ecosystem” of Banks/Financial InstitutionsNetwork for all Wealth Management Needs Monthly Consolidated Report

• What is the wealth going to be used for? • Is there any FAMILY GOVERNANCE created for operating business? • Spending: amounts & limits• Investment: determining Investment Policy Statement (IPS)• Determination of fiduciary structure• Selection of family office (which can help facilitate completing Step 1)

• Portfolio concept : choosing an “eco-system” of banks with complimentary expertise • Main custodian/ prime brokerage relationship for execution of all “plain vanilla” securities transactions

• IPS determines neutral asset allocation• “Best in breed” investment vehicle selection

I. Broad Overview

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Steps

Time0

BigSur, together with each client, creates an Investment Policy Statement (IPS) or a customized “road map” that lays out the path and guidelines used to manage the portfolio.

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Establish client risk/return profile

• Analyze portfolio objectives• Liquidity needs• Investment time horizon• Tax considerations• Factors unique to client needs

Create a strategic asset allocation

• Base: Model allocations created by BigSur with inputs from BlackLitterman analysis • Customized for each client in order to be 1) in line with family objectives and 2) consistent with capital market expectations

Regular reviews to track consistency

• Review IPS with clients on periodic basis to ensure this is in line with investment objectives • Make adjustments based on changes in capital markets

I. Investment Policy Statement

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I. “Ecosystem” of Banks/Financial Institutions

Client

• Based on a client’s objectives, BigSur can help select the appropriate portfolio of financial institutions• Generally has pre-negotiated fees with many financial institutions

I. Network for All Wealth Management Needs

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Part of our job is to execute and maintain an efficient wealth plan for our families by interacting with accountants, lawyers and trustees.

Asset Managers Lawyers / TrustsReal Estate / Private Equity Banks / Brokers Accountants / Tax Planning

Family

BIGSUR PARTNERS

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I. Monthly Consolidated Report

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I. Monthly Consolidated Report

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II. Applying a sound investment process

Overview of Investment ProcessInvestment Committee BigSur House ViewInvestment PhilosophyInvestment ResearchCross Referencing

• Assessment of total wealth and family wealth management goals • Assessment of risk aversion, return expectation, and duration

•Continuous monitoring of portfolio :* Tactical rebalancing based on current economic conditions* Analyze manager and security performance

• Allocation across proper asset classes defined by risk and return characteristics through optimization tools

• Within each asset class, allocate managers and securities with the help of analytical tools

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II. Overview of Investment Process

•Consolidation of statements:

* Customized report * Risk Mapping

* Performance measurement

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Weekly IC Meetings to discuss our macroeconomic view and investment strategy

Model portfolio asset allocation revisited monthly to reflect our views on the marketConstantly looking for tactical allocation ideas

Best ideas and vehicles from our investment research and global fixed income, equity and hedge fund portfolios Also focus on “best execution”

II. Overview of Investment Process

II. Investment Committee

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Investment Committee seeks to define:

1.BSP House Views: Outlook on key market & financial trends

2.Model Portfolio Allocation: Strategic allocation by asset class and

tactical & short-term trading ideas

3.Investment Vehicles: Selection of vehicles to best execute strategic and tactical allocation

Process:

IC meets every Tuesday

• Discuss trade ideas, portfolio positioning, current market events, market & financial

conditions

Once a month, IC focuses on macro views and updates model portfolio allocation

• Review several market & financial indicators and discuss key trends to form house view

• Update model portfolio allocation, using house view as a framework

• Discuss best vehicles to execute updated allocations

• Determine tactical & short-term trading ideas

• Weekly Investment Committee meetings• Monthly asset allocation meetings• Quarterly visits from BCA strategists

We synthesize data and information from our research sources

Our added value comes from our understanding of the dynamics and correlations across different asset types and markets

Independent Research Houses

Leading Investment Banks

Specialized Asset Managers

Market News & Data

BigSur Global Holistic View

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II. BigSur House View

We combine a top down and bottom up approach. This is an example of one of the ways we “cross reference” different view points and have a better holistic view of the global economy and markets

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II. Investment Philosophy

Global Economy

Regional Economy

Sector

Industry

Company

We analyze data and information from “best in class” research providers across asset types/markets to support our investment recommendations

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II. Investment Research

“Cross-referencing” is core to our investment approach: we are constantly looking at a variety of sources when creating our views. Below is an example of one approach we use to identify high yield bonds

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II. Cross Referencing

Analyze new buys, sells & reductions/additions to portfolio

For those new buys/adds we look to see the CreditSights view & analyst insights on positions

For niche or specialized markets we can ask for specialist views (ie long only managers, traders)

Yield, duration, and scenario analysis using Bloomberg Analytics

Best execution through DVP account at Pershing

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III. Providing a higher level of execution

The “Instividual” Club of Investors Commercial Real Estate Best Execution through Pershing

III. The “Instividual”

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• Personalized service and custom portfolio management• In-depth knowledge of wealth planning • Ability to services private client specific needs• Ability to leverage personal relationship with private banks for other uses (ie credit)

• Inefficiencies in execution• Limited investment universe

• Better execution through multiple institutional trading desks and lower transaction costs • Wider scope of investment opportunities – illiquid assets such as real estate and private equity• Greater sophistication of research and investment opportunities

• Standardized investment approach• Lack of understanding of family wealth planning & other needs

Pros Cons

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BigSur Client

BigSur’s model is built around the “Instividual”: giving clients the benefits of the institutional and private banking worlds

• Customized relationships to fit our clients profiles and needs• Upgrading our client’s level of service via institutional execution and investment opportunities

III. Club of Investors

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Institutional Investment Opportunities through “Club of Investors” • Provide BigSur clients access to illiquid assets and “institutional” opportunities by pooling capital of our private investors with institutional capital

• Opportunistic in areas of private equity, real estate and other illiquid hands-on investments

• Clients can choose to participate or not, given profiles, preferences and exposures

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Private equity direct investment• “Pure” exposure to real estate as an asset class • Greater control/choice

Core investments• Well located, well built and significantly leased real estate properties‐ ‐• Characterized by low to moderate risk and stable to moderate returns• Not focused on:

− Value-added: restoring and re-occupying properties in need of financial/physical revival− Opportunistic: ground-up development, land plays, distressed portfolios

Income producing investments• Substitute for fixed income in portfolio: steady income stream • Significantly leased properties- high occupancy rates • High quality tenants

III. BigSur Focus within Commercial Real Estate

BigSur Scoresheet • Qualitative score: average score based on ratings of several qualitative factors• Return analysis: expected return based on three different scenarios• See Scoresheet in following pages

Institutional share classes of mutual funds Access to institutional share classes: clients pay lower fees for the same product. Examples include:

Legg Mason US High Yield, Templeton Offshore funds

Ability to execute cross sale transactionsIf a client wants to sell a bond and another client wants to buy the same bond, we can execute a direct cross sale between the two accounts. Example: A General Electric Float Bond On Feb 23 traded between 94.80 and 97.50 We executed at a mid point (96.15) for our clients and they are not charged any commission and are given the most fair pricing.

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III. Best Execution through Pershing Advisor Solutions

Legg Mason US High Yield Fund Expense Ratio*

Class A Shares 1.49%

Institutional Share Class 0.63%

*Expense ratio data as of February 2011

The fees or commissions at Pershing are much lower than those of typical private banks. These cost savings are 100% passed on to our clients

Pershing Typical Private Bank “Savings”

Equities, ETFs 0.5 cents/ share(min ticket $10)

8 cents/ share (min ticket $150)

94%

Listed Options $1 per contract $8 per contract 88%

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III. Fixed Income DVP Trading

Client 1’s account at Pershing

BigSur allocation account at Pershing*

Broker A

Broke D

Broker BBroker C Broker D

Broker E

Client 2’s account at Pershing

Client 3’s account at Pershing

DVP accounts

*BigSur allocation account vehicle at Pershing: this is a BigSur account with a zero balance.

Clients are granted access to all the brokers that BigSur has relationships with- giving them more investment opportunities and competitive pricing

Access to several trading counterparts

Trading as an institution rather than on an individual private client basis increases the volumes of our trades. This increased volume allows for better pricing and opens up access to a broader range of players

Volume

We look to provide best execution for our clients. One way is through BigSur’s prime brokerage relationship with Pershing Advisor Solutions, a subsidiary of the Bank of New York Mellon • BNY Mellon has $27.9 trillion assets under custody or administration

• Provides institutional execution for Over The Counter trades: access to multiple institutional trading desks and lower transaction costs

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III. Institutional Trading Counterparts

All asset classes:• Morgan Stanley

• JP Morgan• Barclays• Deutsche Bank AB (New York)

• Deutsche Bank AG (London)

• UBS• Credit Suisse

Developed Fixed Income:• Morgan Stanley

• Carolina Capital Markets• Maxim Group (convertibles)

Emerging Markets Fixed Income:• HSBC

• Jefferies• Global Advisors International (GAI)• EFG

Clients have access to all of BigSur’s institutional trading counterparts through Pershing:

Equities:• Goldman Sachs • Morgan Stanley• Merrill Lynch

• Pershing (access to US & 28 local markets)