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KP High Frequency Trading Strategy

Managed by Kaufman Partners LTD.

Marktgasse 12, 8001 Zurich, Switzerland

Contact: as@sar-ag.chPhone: +41 (43) 268 8444

STRATEGY DESCREPTION

SAR applies a quantitative intraday mean-reversion strategy to about

2'000 of the most liquid US stocks and ETFs. The system is 100%

systematic and price driven. It only enters long positions, via limit orders,

and does not use any leverage. Positions are either closed out via stop

loss, profit target or time exit orders. The order execution is fully computer

automated. Two redundant servers are set up in low latency professional

server housings. The maximum position size per trade is 1.5% and its sizeis limited to 5% of a stocks average daily trading volume. Maximum loss per

trade is limited to 0.375% of NAV. There is a maximum of 4 trades per day

per stock. The strategy is available via an offshore fund or managed account.

TERMS AND STRUCTURE

Investment manager Kaufman Partners Limited

Structure Software License

Minimum investment $10,000

Currency Any

Management fee 0%

Performance fee 20% charged monthly subject to High-Water-Mark

Liquidity Daily

Notice period Three days notice

Lockups or gates None

Prime Broker, Custodian London Multi Asset Exchange (LMAX)

MONTHLY RETURNS (NET OF ALL FEES AND COSTS)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Annualized Daily MDD*4

2013 0.03%1 0.01%1 8.36% 6.94% 15.93% 6.09% -3.54%

2012 25.97% 17.55% 11.64% 6.68% 7.33% 12.34% 7.86% 4.71% 2.85% 4.91% 2.68% -0.16% 165.65% 14.42% -2.91%

2011 17.59% 12.75% 9.92% 6.42% 5.81% 11.44% 11.81% 15.27% 11.60% 9.03% 11.05% 29.91% 313.47% 17.12% -2.85%

2010 22.43% 25.39% 11.99% 11.76% 28.83% 11.57% 8.47% 12.53% 9.44% 10.70% 4.89% 6.56% 356.47% 38.63% -6.31%

*1 In-sample backtesting commenced January 1995. *2 Out-of-sample backtest ing comm enced beginning of December 2008. *3 Actual trading commenced 10 May 2010.

*4 Maximum Drawdown calculated on daily n et retuns. *5 SAR Intraday Index = mean open to close (intraday) return f or the eligible st ock universe - see presentation

KEY STATISTICS (DAILY DATA)

Aver age Mon th ly Retur n 11.21%

Avg . An nual Compounded Retur n 238.37%

Total Compounded Return 5716.01%

Sharpe Ratio (RF T-Bills) 5.14

Sortino Ratio 1464.04

Sterling Ratio 21.05

Calmar Ratio 1322.82

Skewness 1.01

Kurtosis 0.91

Drawdown -0.16%

Standard Deviation (monthl y) 7.36%

Downwards Deviation 0.03

DRAWDOWN ANALYSIS (DAILY DATA)

Depth Length Recovery Peak Valley

-8.19% 72 39 19.12.02 30.05.03

-6.92% 19 30 31.07.98 08.10.98

-6.31% 52 54 21.04.08 18.09.08

EXPOSURE ANALYSIS

Mean number of trades per month 210Mean annual portfolio tu rnover 38 x or 3791%Mean annual transaction co sts 2.69%Median daily peak portfolio exposure 6%Maximum daily peak portfolio exposure 100%Mean cumulated posit ion size per stock 3.56%

DISCLAIMER

No representation or assurance is made that an investment willor is likely to achieve its objectives, or that any investor will or

is likely to achieve a profit or will be able to avoid incurring

substantial losses. Past performance is not indicative of

future results.

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