STRATFOR Capital

STRICTLY CONFIDENTIAL Contents

I. Search Process

II. Relevant Search Experience

III. Global Macro Allocators

IV. Global Macro Hedge Funds

V. References

Strictly Confidenal 1 Search Process I. Search Process

A. The Partners at Goldsmith & Co drive all aspects of the execuve search process from its inial stages of development to its successful compleon. Inially, it will be crical to meet with Shea Morenz and other relevant stakeholders involved in the launch of STRATFOR Capital, including George Friedman, to develop a deeper understanding of STRATFOR Global Intelligence’s culture and product suite, as well as the overall business model and differenang characteriscs of STRATFOR Capital.

B. Goldsmith & Co will spend significant me with all relevant pares to discuss the ideal profile and characteriscs of the Chief Investment Officer/Global Macro Porolio Manager and any other topics pernent to the search.

C. Our Partners will then work with STRATFOR Capital to create a specificaon, which captures the ideal qualificaons, personal characteriscs and overall responsibilies for the Chief Investment Officer/Global Macro Porolio Manager role.

D. Our search process will begin by leveraging our deep industry contacts with investors at a variety of organizaons, which allocate to global macro hedge funds. In this capacity, we will systemacally source Porolio Managers and Manager Research professionals who have inmate knowledge of both large, well-known global macro hedge funds (such as Brevan Howard, Tudor and Moore) as well as smaller, perhaps relavely unknown managers (such as Jamison Capital’s Koppenberg Macro Fund and Pharo Management).

E. Broadly speaking, we will target the following groups in order to source candidates:

• Hedge fund of funds allocators, such as Man Group, Titan Advisors, Blackstone Alternave Asset Management, Morgan Stanley Alternave Investment Partners and Goldman Sachs Asset Management’s Hedge Fund Strategies Group.

• Endowment and Foundaon hedge fund allocators which may have a meaningful allocaon to Global Macro hedge funds, such as Harvard Management, UTIMCO, Princeton, Yale and Wellcome Trust, to name a few.

• Pension Consultants with in-house manager research professionals focused on Global Macro hedge fund research, such as NEPC, Albourne, Cliffwater and Aksia.

• Family Office investment professionals who may have an allocaon to Global Macro hedge funds including CV Starr, Wille Advisors LLC (Michael Bloomberg’s Family Office).

• Sell-side instuonal fixed income sales professionals, including Credit, Interest Rate, Foreign Exchange and Commodies Instuonal Sales professionals.

• Sell-side Global Macro Strategists, who have relaonships with buy-side Global Macro Porolio Managers.

Strictly Confidenal 3 I. Search Process (connued)

F. As the search progresses, Goldsmith & Co will:

• Diligently uncover alpha generators who may serve on a broader team as a Porolio Manager as opposed to solely targeng “named” Porolio Managers, who may in fact serve in more of a business and/or markeng capacity.

• Methodically idenfy and assess every investment team member in order to best target the appropriate prospects for STRATFOR Capital.

• Quickly dissect the marketplace and begin aggressively pursuing Porolio Managers and risk takers at Global Macro hedge funds and mul-strategy hedge funds with a meaningful global macro book.

• Conduct reference checks at the incepon of the search and connue throughout the search process to ensure that we are compiling thorough evaluaons of our candidates.

• Aer an inial phone conversaon with a prospect, meet with each prospect to determine his or her suitability prior to making an introducon via candidate background informaon.

• Send background informaon which will include a comprehensive resume and a summary of why we believe the candidate is appropriate for the role as well as quesons worth considering in assessing the candidate’s suitability. Background informaon may also include a variety of performance data.

• Proacvely communicate with you on regularly scheduled conference calls in order to discuss new candidates, candidate feedback, marketplace perspecve and any other important issues that arise during the course of the search. In advance of each weekly call, we also provide a status report that provides transparency with regard to the specific candidates, their respecve firms and interest level.

Strictly Confidenal 4 Relevant Search Experience II. Relevant Search Experience

A. We conducted a Chief Investment Officer search for Ramius LLC, which, at the me, managed a $10+ billion mul-strategy hedge fund. The CIO role included oversight of all investment acvies for the hedge fund as a global macro Porolio Manager. For this search, we were asked to idenfy Senior Porolio Managers and risk takers at compeng hedge funds who managed a Global Macro sleeve as part of a broader mul- strategy hedge fund or managed a dedicated Global Macro hedge fund. Throughout the search, we spoke with and met a variety of Porolio Managers at both large and smaller hedge funds, as well as proprietary risk takers within broker dealers. As a result, we were able to develop a thorough mapping of the marketplace. Addionally, this search gave us unparalleled access to some of the most accomplished Global Macro investment professionals in the world. In addion, we built deep and long-lasng relaonships with many of the major allocators to Global Macro funds as well as sell-side instuonal sales professionals who have inmate knowledge of the investment teams at hedge funds.

B. We are currently working on a search for a Global Macro Strategy Head for one of the largest and most sophiscated Hedge Fund of Funds, Grosvenor Capital. For the past three months, we have spoken with and met many of the most senior manager research professionals at a number of organizaons spanning hedge fund of funds, endowment and foundaons as well as family offices. This search has enabled us to idenfy the professionals that have the deepest knowledge of and the strongest relaonships with the global macro hedge fund managers. As a result, we have built strong relaonships with the aforemenoned individuals, who have knowledge of and access to talented senior investors.

C. We are currently working on a search for Goldman Sachs Asset Management, which manages a $2 billion, diversified, mul-strategy “best ideas” fixed income hedge fund. We were retained to aract a Global Macro-Fixed Income Strategist/Client Porolio Manager, who will sit on the Investment Commiee, play a leading role in the asset allocaon, risk budgeng process, as well as communicate with a broad base of clients and prospects globally. In this case, our client asked us to target sell-side Global Macro Strategists. As a result, we have been able to develop strong relaonships with Macro Strategists at all major banks and broker-dealers, many of whom have significant relaonships with and perspecve on their buy-side counterparts at both hedge funds and tradional asset managers. These relaonships could also prove to be invaluable sources.

Strictly Confidenal 6 Global Macro Allocators III. Global Macro Allocators

Firm Contact Albourne Partners Geoff Krug Albourne Partners Su Yin Muser Albourne Partners Cameron Richards Albourne Partners Mark White Arden Asset Management Peter Lee Arden Asset Management Shakil Riaz Aalus Capital, LLC Robert Fu Bank of America Global Wealth and Investment Management Tanya Ghaleb-Harter Bank of America Global Wealth and Investment Management Wes Ogburn BlackRock Alternave Advisors Thomas Dobler BlackRock Alternave Advisors Edward Rzeszowski Blackstone Alternave Asset Management Michael Garrow Blackstone Alternave Asset Management Xinyu Liu Blackstone Alternave Asset Management Ian Morris Blackstone Alternave Asset Management Kristen Weldon BlueCrest Capital Management George Cooper Boston College Endowment David Martens Breton Hill Capital Michael Beaton Breton Hill Capital Ray Carroll Breton Hill Capital Simon Griffiths

Strictly Confidenal 8 III. Global Macro Allocators

Firm Contact

Brownson, Rehmus & Foxworth Keith Cardoza California Public Employees' Rerement System (CalPERS) Arvind Rao Cambridge Associates LLC. David Jallits Capula Investment Management Edward O'Reilly Centennial Partners, LLC John Apperson Cliffwater LLC Kevin Lenaghan Cliffwater LLC Christopher Solarz Columbia University Endowment Bre Anthony Bagwell Columbia University Endowment Anil Jaisinghani Columbia University Endowment Edward Yao Cornell University Endowment Kevin Brion Covariance Capital Management Sophia Papadopoulos Credit Suisse Asset Management Vanita Gaonkar Credit Suisse Asset Management Sami Robbana Credit Suisse Asset Management Xiaomeng Yang Credit Suisse Asset Management Tarek Rizk

Strictly Confidenal 9 III. Global Macro Allocators

Firm Contact Culross Global Management Alex Campbell Deutsche Asset Management Gregory Bilse Georgetown University Endowment John Marron Global Asset Management (GAM) Kier Boley Global Asset Management (GAM) Catherine Cripps Global Asset Management (GAM) Arvin Soh Goldman Sachs Asset Management Robert Kavanagh Goldman Sachs Asset Management Sara Wolkoff Gore Creek Asset Management Sean Casey Graham Capital Management Bala Kasturi Harcourt Investment Consulng Rajiv Shey Harvard Management Company, Inc. John Barker Harvard Management Company, Inc. Geetanjali Gupta Harvard Management Company, Inc. Jonathan Herndon Harvard Management Company, Inc. Elise McDonald Harvard Management Company, Inc. Andrew Wiltshire IAM Research, LLC Jason Mercurio J.P. Morgan Alternave Asset Management Richard Bersch JAM Cap LLC John Menton K2 Advisors, LLC Robert Chrisan

Strictly Confidenal 10 III. Global Macro Allocators

Firm Contact Kinship Trust Company LLC Michael Flynn Lehigh University Endowment Jennifer Sassani LGT Capital Partners Limited Roger Hilty Lighthouse Partners Max Haller Lighthouse Partners Kevin Kribs Lyxor Asset Management Fabien Pavlowsky Lyxor Asset Management Aurelie Vincent Man Investments Osvaldo Canavosio Man Investments Mark Andrew Enman Man Investments Felix Gasser Man Investments Linus Nilsson Mesirow Advanced Strategies, Inc. Julie Hawkins Mesirow Advanced Strategies, Inc. Tristan Thomas Michigan State University Endowment Felicia David-Visser Morgan Stanley Alternave Investment Partners Mark van der Zwan Morgan Stanley Alternave Investment Partners James Stedman Morgan Stanley Alternave Investment Partners Thomas Ducrot Neuberger Berman Eric Weinstein New England Pension Consultants John Casano Northern Trust Global Investments Ken Musick

Strictly Confidenal 11 III. Global Macro Allocators

Firm Contact Northwestern University Peter Belytschko Nuveen Investment Soluons, Inc. John Simmons Ohio State University Endowment Bernie Gehlmann Parker Global Strategies, LLC Rick Babich Permal Group Martha Delivron Permal Group Javier Dyer Permal Group Robert Kaplan Permal Group Marie-Helene McAndrew Princeton Investment Management Andrew Riedl Princeton Investment Management Michael Walden Prisma Capital Partners Eric Wolfe Rice University Endowment Carmen Thompson Sawdust Investment Management Katherine Lindberg Soros Fund Management Richard Perez Southern Methodist University Endowment Bill Akmenns Stanford Management Company Mark Hayes Stanford Management Company Vera Kotlik Stanford Management Company Wafa Wei Teacher Rerement System of Texas Mahew Strube Texas Chrisan University Endowment Keith Garrison

Strictly Confidenal 12 III. Global Macro Allocators

Firm Contact Titan Advisors, LLC Chris Capalbo Titan Advisors, LLC Karl Chalupa Titan Advisors, LLC Michael Mecca Tus University Endowment Renee Nadler UBS Alternave and Quantave Investments John Smith University of California Lynda Choi University of Chicago Prakhar Bansal University of Chicago Mahew Stone University of Florida Rakesh Dahiya University of North Carolina at Chapel Hill Maurice Perry University of Notre Dame Rick Buhrman University of Notre Dame Michael Cook University of Pennsylvania Thomas Woodbury University of Texas Investment Management Company (UTIMCO) Zac McCarroll University of Texas Investment Management Company (UTIMCO) Courtney Powers University of Texas Investment Management Company (UTIMCO) Ryan Ruebsahm University of Texas Investment Management Company (UTIMCO) Mark Warner University of Virginia Investment Management Company Elizabeth Snyder Washington University in St. Louis Endowment Pamela Campbell Weizmann Instute Jun Yang Yale University Endowment Peter Ammon Yeshiva University Benne Degen

Strictly Confidenal 13 Global Macro Hedge Funds IV. Global Macro Hedge Funds

Firm Name Fund Alphadyne Asset Management Alphadyne Investment Strategies Fund Argonaut Capital Management LP Argonaut Global Macro Fund Ltd. Armajaro Asset Management LLP Armajaro Commodies Fund Aspect Capital Aspect Diversified Fund Astenbeck Capital Management LLC Astenbeck Offshore Commodies II Auriel Capital Management Global Macro Fund Autonomy Capital Research Autonomy Global Macro Fund Avanum Investment Management Global Macro Fund Balestra Capital Global Macro Fund Banyan Equity Management LLC Banyan Capital Fund Ltd. Blenheim Capital Management LLC Blenheim Global Markets Fund BlueBay Asset Management plc BlueBay Macro Fund Ltd. BlueCrest Capital Management BlueCrest Emerging Markets Fund BlueCrest Capital Management BlueCrest Cap Intl Ltd. BlueCrest Capital Management LLP BlueTrend Fund Ltd. BlueGold Capital Management LLP BlueGold Global Fund Inc. Boronia Capital Boronia Diversified Fund Brevan Howard Asset Management Brevan Howard Asia Fund Ltd. Brevan Howard Asset Management Brevan Howard Fund Ltd. Brevan Howard Asset Management Brevan Howard Emerg Mkt Strat BTG Pactual Global Asset Management BTG Pactual Global Emerging Markets and Macro Fund C12 Capital Management LP C12 Helix Liquid Opportunity Ltd.

Strictly Confidenal 15 IV. Global Macro Hedge Funds

Firm Name Fund Capital Fund Management Discus Feeder Ltd Capula Investment Management Capula Tail Risk Fund Ltd. Cavenagh Capital Macro Fund Caxton Associates LP Caxton Global Investments Ltd. Cipher Investment Management Co. Cipher Diversified Fund Clarium Capital Management Global Macro Fund Clive Capital LLP Clive Fund Limited Collard Capital Management Global Macro Fund COMAC Capital LLP Comac Global Macro Fund Ltd. Conquest Capital Conquest Macro Fund Ltd. Covepoint Capital Advisors LLC Covepoint Emg Mkt Macro Fund Crabel Capital Management Crabel Fund Spc Ltd. Credit Suisse Hedging-Griffo Green HG Fund DigiLog Capital LLC Digilog Overseas Fund Ltd. Discovery Capital Management Discovery Global Opp Fund Ltd. DKR Fusion DKR Quantave Strategies Fund Ltd. Dymon Asia Capital Dymon Asia Macro Fund Eagle Trading Systems Inc. Eagle Global Fund Ltd. Eclecca Asset Management LLP Eclecca Fund Element Capital Management LLC Element Capital Feeder Fund Ltd. EMSO Partners Limited EMSO Ltd. Finisterre Capital LLP Finisterre Global Opportunity BNF

Strictly Confidenal 16 IV. Global Macro Hedge Funds

Firm Name Fund Fortress Investment Group Fortress Asia Macro Offshore Fund Fortress Investment Group Drawbridge Global Macro Fortress Investment Group Fortress Macro Offshore Fund Ltd. Forum Asset Management LLC Forum Global Opp Fund Ltd. Galle Global Macro Partners LLC Global Macro Fund GAM Fund Management Limited GAM Global Rates Hedge Fund Gavea Investments Gavea Fund Ltd. GLG Partners LP GLG Atlas Macro Fund Ltd. Global Trading Strategies Investment Management Global Macro Fund Global Trading Strategies Investment Management Global Trading Strategies Fund Graham Capital Management LP Graham Global Investment Fund Graham Capital Management LP Graham Global Investment Fund Proprietary Matrix Grant Capital Partners LiquidMacro Fund Ltd. Harmonic Capital Partners LLP Harmonic Alpha Plus Macro Fund Investcorp Investment Advisors Ltd. Investcorp Stoneworks Global Macro Fund ISAM (UK) Ltd. ISAM Systemac JL Capital Pte Ltd. Swordfish Fund Ltd. Kepos Capital LP Kepos Alpha Fund Ltd. Krom River Investment Management Krom River Commodity Fund Laurion Capital Management LP Laurion Capital Ltd. M&G Investments Episode Fund MAK-ro Asset Management LLC MAK-ro Capital Internaonal Ltd. Mako Investment Managers LLP Pelagus Capital Fund Inc.

Strictly Confidenal 17 IV. Global Macro Hedge Funds

Firm Name Fund Man Investments Man Ahl Diversified Plc Mellon Capital Management Mellon Offshore Global Opportunies Fund Ltd. Mellon Capital Management Mellon Offshore AlphaAccess Fund Ltd. Merchant Commodity Fund Merchant Commodity Fund (Composite) Minerva Capital Management Macro Fund MKP Capital Management LLC MKP OppOffshore Fund Ltd. Moore Capital Management Moore Emerging Fx. Inc & Cry Fund Moore Capital Management Moore Emerging Market Fund Moore Capital Management Moore Global Investments Ltd. Moore Capital Management Moore Macro Managers Fund Ltd. Nylon Capital LLP Nylon Flagship Fund Ltd. OGI Capital Partners Global Macro Fund Onslow Capital Management Ltd. Onslow Macro Fund Ltd. Panda Global Advisors LLC Global Macro Fund Peak Partners LP MLM Macro Peak Partners Offshore Fund Ltd. Pharo Management LLC Pharo Macro Fund Ltd. Pharo Management LLC Pharo Trading Fund Pia Capital Managment LP Pia Macro Fund Ltd. Pilgrim Partners Asia Pte Global Macro Fund Ping Capital Management Ltd. Ping Exceponal Value EM Macro Pivot Capital Management Pivot Global Value Fund PointState Capital Global Macro Fund Principalis Asset Management Global Macro Fund PSQR Management LLC Global Macro Fund

Strictly Confidenal 18 IV. Global Macro Hedge Funds

Firm Name Fund QFR Capital Management LP QFR Victoria Fund Ltd. QFS Asset Management LP QFS Global Macro Fund Renaissance Instuonal Management Renaissance Instuonal Equies Renaissance Instuonal Management Renaissance Instuonal Futures Riley Paterson Investment Management Riley Paterson Asian Opp Fund Round Table Investment Management Company LP Round Table Global Macro Fund Ltd. Rubicon Fund Management LLP Rubicon Global Fund SemperMacro Capital LLP Global Macro Fund SLJ Macro Partners Macro Fund Soros Fund Management Global Macro Fund Stevens Capital Management LP Tewksbury Investment Fund Ltd. Strategic Fixed Income Capital Fund Suranya Capital Partners Global Macro Fund Taylor Woods Capital Management Taylor Woods Master Fund Ltd. Tewksbury Capital Management Tewksbury Investment Fund Ltd. Tiresias Capital Limited Omni Macro Fund Ltd. Traxis Partners LP Traxis Fund LP (Offshore) Trigon Investment Advisors LLC Global Macro Fund Tudor Investment Corporaon Tudor BVI Global Fund Ltd. Tudor Investment Corporaon Tudor Momentum Fund Ltd. Tudor Investment Corporaon Tudor Tensor Fund Ltd. Tulip Trend Fund Tulip Trend Fund Ltd.

Strictly Confidenal 19 IV. Global Macro Hedge Funds

Firm Name Fund Two Sigma Investments LLC Two Sigma Horizon Cayman Fund Ltd. Two Sigma Investments LLC Two Sigma Compass Cayman Fund Universa Investments LP Macro Fund Wadhwani Asset Management Keynes Leveraged Quantave Strategies Fund Winton Capital Management Ltd. Winton Futures Fund Ltd. Winton Capital Management Ltd. Winton Evoluon Fund Woodbine Capital Advisors Woodbine Capital Fund Ltd. Yannix Management LP Yannix Fund Ltd.

Strictly Confidenal 20 References V. References Eric Lane Partner & Chief Operang Officer Goldman Sachs Asset Management Office: 212-902-8816

Peter Kraus Chairman of the Board and Chief Execuve Officer AllianceBernstein Office: 212-969-1050

Thomas Strauss Chief Execuve Officer Ramius LLC Office: 212-845-7970

Michael Sacks Chief Execuve Officer Grosvenor Capital Management Office: (312) 506-6501

George Walker Chief Execuve Officer Neuberger Berman Office: 212-476-8815

Christopher Sullivan President of Bond Group Fidelity Investments Office: 603-791-6611

22 Strictly Confidenal