Atorus, LLC 5/23/2014 Current Date: 5/23/2014 Change on Day: 0.21% Total Return since 1/1/12: 84.95% MSCI World Change on 712M Return: 29.87% Day 0.33% T9O Day Return: 1.45% No of Positions T3O Day Return: 0.92% (+MTM) on Day 270 Current Long Exposure @ Cost: 5,500,207 No of Positions (•MTM) Current Short Exposure @ Cost: (386,181) on Day 166 Net Exposure: 5,114,026 Current No. of Starting Capital: 1,000,000 Positions: 438 Current NAV: 1,849,527 Current Leverage (Gross Exposures): 3.18 Profit Factor: Win Ratio: T24M (+) NAV Days T24M Avg. Daily NAV (+) Change T24M Avg. Daily NAV (•) Change Target Vol•Adj. Risk Listed Equities Target Vol-Adj. Risk Global Macro Targeted Max Loss (ex•Leverage) Leverage Target At Inception: Notes on Leverage: T24M Sharpe Ratio: Historical Sharpe & Notes: Historically 2.25X • 3.25X, depending on measurement Interval 40% - 50% historically We implement leverage of 2X, in other words at inception we upsize our positions by a factor two times greater than our volatility adjusted position sizing. Leverage levels can be customized to eac h investor. Historical sharpe ratio is in excess of 2.0X (backtest from 1995, see Investor Presentation). Our shame ratio increases materially during market downturns in excess of 20 days of realized volatility. Since we generate positive returns in these environments, the variance in our downside volatility is materially less than broader markets. Recessions, which generally result in market directionality in excess of 20 days of volatility are significant alpha capture opportunities for us. Additionally, by never dollar cost averaging and concurrently adding to our winners we have an inherent assymetry in our volatility profile. NAV x,000,000.00 1,800,000.00 1600,000.00 1,400,000.00 1,200,000.00 1,000,000.00 800000.00 COO 000 00 1 11, 'IP 19 0' 4 'V Q, Ate 4s 'V 61.' 'Is eb ib eb 0) 04 • 0' 61.' Os' oyb c• c• 419 is,