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2. 2 Managed Futures Industry Trends  Enhanced investor control via Managed Accounts  Investors moving capital from traditional Fund of Hedge Funds and into managed accounts or managed account platforms  Increased liquidity terms within funds – move from quarterly/monthly to semi- monthly/weekly/on demand  Daily/Monthly portfolio transparency reporting to fund investors  Independent daily reconciliation & 3rd party valuation  Multiple FCM’s  Multi-Tiered fees & additional investor level fees beyond management & performance  Enhanced investor due diligence including on-site visits

3. 3 Managed Account Platform  Large investors pushing managed account platforms towards their operational mandates: Service providers:  FCM  Auditor  Administrator  Bank Compliance/Controls/Etc:  Independent Reconciliation/Valuation  Cash Controls  Liquidity terms  Fee terms  Reporting requirements  Risk Management

4. 4 Enhanced Reporting  Aggregation of portfolio data for investors and managers/sponsors  Across investor’s managed accounts  Across investor’s pro-rata portion of Fund/MAP investments ***Fund/MAP may invest in many CTA’s via managed accounts  Segmentation, sorting & subtotaling of portfolio data for analysis:  Strategy, CTA, FCM, Investment type, Currency, etc…  Daily Investor NAV estimates by CTA & consolidated across CTA’s  Daily ROR – CTA, across CTA’s, Class, Investor

5. 5 Daily P&L Report - Master Fund

6. 6 Daily P&L Report - Master Fund (Feeder Transparency)

7. 7 Daily P&L Report - Master Fund (Feeder Transparency with Investor Segmentation)

8. 8 Daily P&L Report - Master Fund (Investor Transparency – Tom McGregor)

9. 9 Investor Transparency – Tom McGregor Investment Type / FCM

10. 10 Investor Transparency – Tom McGregor Sector (Agriculture) / Investment

11. 11 Tom McGregor Daily & MTD Investor Statement (Net of Fees)

12. 12 NFA Rule 2-46  CPO Quarterly Reporting Requirements – How can your administrator help? Most reporting requirements should be part of your administrators standard reporting package  Calculate NAV  Calculate R.O.R.  Prepare the Schedule of Investments  Schedule of Investments Administrator tracking of all trade activity allows for roll-up of data

13. 13 Daily Reconciliation  Administrator receives trades directly from each CTA  Administrator receives nightly feeds from each FCM  Administrator receives pricing directly from third party sources  T -> Flash reports - Positions and P&L  T+1-> Reconciled reports – Positions and P&L Positions

14. 14 Summary  Trend Toward Managed Account Structures  Increased Investor Control / Due Diligence  Increased Frequency of Liquidity  Enhanced Investor Reporting - Frequency & Transparency

15. 15 Spectrum Global Fund Administration  Full Service Daily – Oriented Fund Administration  US & Cayman – Funds, Managed Accounts, FoF’s  Flexible Technology To Handle Multiple Structures, Products, Complex Fees  45% Of Business Is CTA Related  75% Is Daily Reconciliation & Reporting Oriented  Daily Transparency Reporting, NAV Estimate’s And Returns  Integrated and Flexible Internal System - VBO  Facilitate on-demand Liquidity  Facilitate Independent Valuation  SAS 70