SKYBRIDGE CAPITAL Third Quarter 2012

AMERICA AT THE CROSSROADS

AMERIDCNA

This document is for informational purposes only and is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any securities. Important Information

. This document is offered for informational purposes only and does not constitute an offer to sell any securities. An offer or solicitation will be made only through the Offering Document and Subscription Application, and is qualified in its entirety by the terms and conditions contained in such documents. The Offering Document contains additional information needed to evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. This material must be preceded or accompanied by a copy of the Offering Document in connection with any subscription. The information contained herein is confidential and is not to be reproduced or distributed except with the permission of SkyBridge Capital II, LLC (“SkyBridge”)

. SkyBridge is not acting as the advisor or agent for clients purchasing an investment and thus clients cannot rely on SkyBridge in connection with their decision to invest.

. The investments described herein are offered to potential investors on the basis of the information in the Offering Document. No person has been authorized to make representations or provide any information relating to these investments that are inconsistent with or not otherwise contained in the Offering Document.

. As further described in the offering documents, an investment in alternative investments can be highly illiquid, speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks may include: . loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; . lack of liquidity in that there may be no secondary market for the fund and none is expected to develop; . volatility of returns; . restrictions on transferring interests in the Fund; . potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; . absence of information regarding valuations and pricing; . complex tax structures and delays in tax reporting; . less regulation and higher fees than mutual funds; and . Investment manager risk. . Individual funds will have specific risks related to their investment programs that will vary from fund to fund. See "Certain Risk Factors" in the Offering Document.

PAGE 2 | SKYBRIDGE CAPITAL Important Information

The third party information used in this document has been obtained from various published and unpublished sources considered to be reliable. However, SkyBridge cannot guarantee its accuracy or completeness and thus does not accept liability for any direct or consequential losses arising from its use. SkyBridge cannot accept responsibility for the tax treatment of any investment product. SkyBridge assumes that, before making any commitment to invest, the investor and (where applicable, its beneficial owners) have taken whatever tax, legal or other advice the investor/beneficial owners consider necessary and have arranged to account for any tax lawfully due on the income or gains arising from any investment product provided by SkyBridge. An investor who is required to file a U.S. tax return may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this investment and its transactions and all materials of any kind (including opinions or tax analyses) that are provided to the investor relating to such tax treatment and tax structure. SkyBridge does not provide tax or legal advice. For such advice, please consult your tax, legal, or other advisors as appropriate. An investor should consider carefully the investment objectives, risks, and charges and expenses of a fund before investing. The Offering Materials contain this and other important information and are available upon request to SkyBridge. Read the Offering Document carefully before investing. This document is not intended as a substitute for the Offering Document and should not be relied upon as such. Past performance does not guarantee future results. Actual results may vary. The performance information and investment opportunities contained herein are for informational purposes and are not to be construed as indicative of the future performance or investment strategy of the SkyBridge hedge fund portfolios. IRS Circular 230 Disclosure: SkyBridge does not provide tax or legal advice. To ensure compliance with U.S. Treasury Regulations, we hereby inform you that any discussion of U.S. tax matters contained in these materials (and any attachments) (i) were not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any U.S. tax-related tax-penalties and (ii) were written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed in these materials. Accordingly, you should seek advice based on your circumstances from an independent tax advisor. Except as provided above under "Non-Confidentiality", the information included herein is confidential and intended solely for the use by SkyBridge and its placement agents, its clients and their advisers. It is not to be reproduced or distributed except with the permission of SkyBridge. Non-US Legal Considerations. Investors who are residents of countries other than the U.S. should consult their legal and tax advisors concerning the regulatory and tax implications of an investment prior to making an investment decision. Performance data represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Confidential Offering Memorandum or Prospectus. SkyBridge is affiliated with Hastings Capital Group LLC (“Hastings”), a registered broker-dealer and a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Series G is a limited liability company registered under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company.

PAGE 3 | SKYBRIDGE CAPITAL The United States Federal Budget

2000 2012

SURPLUS DEFICIT ACTUAL JUNE 2012 CBO ESTIMATE

$235,000,000,000 ($1,079,000,000,000)

Congressional Budget Office’s Baseline Budget Outlook (in Billions):

2013 2014 2015 2016 2017 2018 2019 2020

($585) ($345) ($269) ($302) ($220) ($196) ($258) ($280)

Source: Congressional Budget Office – June 2012 Outlook. PAGE 4 | SKYBRIDGE CAPITAL America at the Crossroads

Runs

Anti-West (Al-Qaeda, Islamic VISITOR Extremism, Iran) The U.S. and its Interests and HOME Allies

* September 11, 2001 was the start, and the end is TBD. Attendance: 7 Billion PAGE 5 | SKYBRIDGE CAPITAL Evolution of The SALT Conference

2009 2010 2011 2012

INAUGURAL SALT 2ND ANNUAL SALT 3RD ANNUAL SALT TH Las Vegas – Encore Wynn Las Vegas – The Bellagio Las Vegas – The Bellagio 4 ANNUAL SALT 600 Attendees 1,200 Attendees 1,760 Attendees Las Vegas – The Bellagio May 8 – 11, 2012

Keynote Speakers included: Al Gore, Sarah Palin , Robert Gates

INAUGURAL SALT ASIA

Michael Milken, Chairman Milken President Bill Clinton, 42nd President President George W. Bush, 43rd Singapore – Marina Bay Sands Institute of the U.S. President of the U.S. October 17 – 19, 2012

Featured Speakers: Featured Speakers: Featured Speakers: Keynote Speakers include: General Wesley K. Clark (Ret.), David Darst, James Dinan, Kenneth Brian Sandoval, Laurence Meyer, Tony Blair, Al Gore Congressman Richard Gephardt, Griffin, Robert Matza, Steve Israel Englander, Daniel Loeb, Niall Harvey Pitt and Frank Meyer Tananbaum, Nouriel Roubini and Ferguson, Kyle Bass and Leon Jeremy Siegel Cooperman

PAGE 6 | SKYBRIDGE CAPITAL Macroeconomic Overview

REVIEW OF MARKETS – SECOND QUARTER 2012 S&P 500 vs. CBOE VIX

The rally in risk assets off the lows set in the third quarter 2011 faded in the second quarter of 2012. 1,430 30 1,410 The broad gains in risk assets and subdued volatility in capital markets were driven in part by 25 aggressive, continued global central bank easing, unfolding evidence of a decreasing likelihood of a 1,390 near-term recession in the U.S. and the realization that a European implosion was unlikely to 1,370 20 1,350 materialize overnight – despite frustratingly incremental, reactionary measures by European policy 15 makers. 1,330 1,310 10 In the second quarter 2012, both familiar and new challenges to the capital markets weighed on 1,290 investor sentiment and risk assets, especially in May. Risk-off headwinds prevailed, including the 5 1,270 potential secular decline in emerging market growth rates, a slowing Chinese export market, the 1,250 0 ongoing European sovereign debt and banking crisis, U.S. macroeconomic data pointing to a slower than expected second half of 2012, the potential for damaging long-term inflation due to loose Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 global monetary policy, and political gridlock in Washington with the looming “fiscal cliff” on the horizon. S&P 500 CBOE SPX Volatility Index (VIX) Risk-on action returned in June, driven by action taken by global central banks and European policy makers. During the month, the European Central Bank (ECB) expanded its collateral program, EUR/USD vs. 10-Yr Treasury European policy makers announced a Spanish bank recapitalization plan, and results from Greece’s 2.60 1.40 election helped alleviate the fear of more drastic outcomes in the short-term. 2.40 1.35 2.20 1.30 S&P 500 Barclays Agg. MSCI EAFE MSCI Emerging EUR./USD 2.00 1.25 1,450 112 1,700 1,100 112 1.80 1.20 1,600 Rate (%) 1,400 111 1,050 1.60 1.15 111 1,500 1,350 1,000 110 1,400 1.40 1.10 950 10-Yr 1,300 110 1,300 109 900 1.20 1.05 Q1: +12.59% 109 Q1: -0.30% 1,200 Q1: +9.97% Q1: +13.65% 1,250 850 +7.9% 1.00 1.00 Q2: -2.75% 108 Q2: +2.06% 1,100 Q2:+5.7% -8.37% Q2: -10.00% 1,200 108 1,000 800 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Feb Jun - Apr Mar Jan Jan Feb Jun - Apr May May Mar Feb Jun - Apr Mar Jan May Jan Feb Jun - Apr May Mar ------12 12 12 12 - - - 12 12 12 12 12 12 - - 12 12 12 12 12 - 12 12 12 12 12 12 12 12 12 U.S. 10 Yr Yield EUR/USD

Source: Bloomberg, BofA Merrill Lynch. Market Indices above are in USD. PAGE 7 | SKYBRIDGE CAPITAL Macroeconomic Overview

ECONOMIC OVERVIEW & OUTLOOK Unemployment vs. New Jobs Added

Relatively strong U.S. economic activity in the first quarter came to an abrupt end in the second 300,000 9.2% quarter 2012. Much of the data was below market expectations, and perhaps the most 9.0% disappointing figures were the employment reports released during the quarter. 250,000

8.8% (%) Rate Unemployment 200,000 After adding a significant number of new jobs (590,000) over the first three months of the year, the 8.6% number of new jobs added for April, May and June (260,00) were all well below expectations. If the 150,000 8.4% negative trend continues, this will continue to weigh on the U.S. economy, slowing an already tepid 8.2% recovery. 100,000

New Jobs Added 8.0% 50,000 And U.S. economic growth is definitely slowing. In the fourth quarter 2011, GDP growth was 3.0%. 7.8% In the second quarter, the Bureau of Economic Analysis released its third estimate for first quarter - 7.6% 11 12 11 11 11 12 11 12 12 12 11 11 12 11 11 11 11 2012 GDP, a seasonally adjusted annualized rate of 1.9%. Economists were disappointed with 11 ------Jul Oct Feb Apr Feb Apr Jan Jan Jun - Jun - Dec Sep -

growth under 2.0%, and had originally expected 2.5% for the first quarter. Consensus expectations Nov Aug Mar Mar May May call for 2.1% GDP in the third quarter, and 2.3% in fourth quarter 2012. New jobs added Unemployment Rate During the second quarter, the Federal Reserve (Fed) announced it would leave interest rate policy unchanged (target range of 0.0% to 0.25%), however given conditions, the Fed also announced it would extend its Operation Twist program, which was set to expire on June 30th. Under the Crude Oil Prices Decline program, the Fed uses proceeds from expiring short-term securities on its balance sheet to purchase 115 1850 longer-dated issues. 110 1800 105 1750 By opting to extend the Twist program, the Fed has bought itself time – perhaps saving QE3 for a 100 1700 more extreme scenario at a later date. However, we believe the Fed and the markets are wary of Prices Spot Gold QE’s diminishing returns vs. prior quantitative measures. 95 1650 90 1600

The disappointing U.S. growth and unemployment picture, combined with the ongoing sovereign Crude Prices 85 1550 and banking crisis in Europe, resulted in an extreme risk-off environment. The yield on the 10 year 80 1500 Treasury fell from 2.33% at the end of the first quarter 2012 to as low as 1.47% at the beginning of 75 1450 June, a clear indicator of risk-off sentiment and a lack of perceived safe haven investment 70 1400 opportunities. Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 More broadly, the global economic slowdown is best evidenced by the retreat in commodity prices, with oil down approximately 18% in the second quarter, on anticipation for softer demand. On a Gold Spot Prices ($/oz) NYMEX WTI Crude Prices positive note, lower oil prices enable the core U.S. inflation rate to remain subdued for now.

Source: Bloomberg, Federal Reserve Bank of St. Louis - FRED PAGE 8 | SKYBRIDGE CAPITAL Macroeconomic Overview

EUROPEAN SOVEREIGN DEBT CRISIS / MONETARY POLICY Euro zone Bank Risk Volatility The Euro zone sovereign debt and banking crisis, which saw several positive developments in 900 the first quarter as a result of the Long-Term Refinancing Operation (LTRO), once again owned 700 the headlines, and was the primary source for uncertainty in the capital markets in the second

quarter. 500 Against a continuing backdrop of weak economic activity, the Euro zone crisis had several dramatic moments during the second quarter. Greece went to the polls in June, and finally 300 designated a government that wants to continue to receive bailout funds, although on a 100 Bank Bank CDS Rates Jan Feb Jun - Apr May conditional basis. And at the request of the Spanish government, a 100 billion European Mar - - - - 12 12 - 12 12

Financial Stability Fund (EFSF) loan was arranged to help recapitalize Spanish banks, as concern 12 12 grew that the banking sector’s bad debts could trigger a systemic bank collapse throughout Banca Monte CDS EUR 5 Yr (Italy) Europe. Banco Santander CDS EUR 5 Yr (Spain) BNP Paribas CDS EUR 5 Yr (France) Regardless, Spain and Italy experienced spikes in sovereign yields, indicating the bond market Credit Agricole CDS EUR 5 Yr (France) believed those countries would require bailout packages, as had Greece. The Spanish 10 Yr yield breached 7% during the second quarter, which is considered an unsustainable level. The ECB – Balance Sheet Expansion Italian 10 Yr broke 7% back in January, but has since retreated, settling at a lower 6%-plus 3,100 level. 2,600 We believe austerity measures will weigh on the Euro zone and are expected to result in a 2,100 prolonged recession as the debt burden is worked off. This outlook is compounded by weakness in the Euro zone banking system because banks have outsized exposure to sovereign bonds 1,600 issued by peripheral nations. 1,100 U.S. equity markets have reacted to the perceived odds of additional asset purchases by the Fed

ECB Balance Sheet 600 (QE3) – rallying when odds improve. We believe additional asset purchases, likely centered on mortgage-backed securities (MBS) are probable in the event the economy requires a second-half 100 10 10 11 11 10 11 11 12 10 12 10 11 12 10 11 ------2012 boost or the U.S. economic outlook continues to deteriorate significantly, or the situation - Jul Jul Jan Jan Jan Sep - Sep - Nov Nov Mar Mar in the Euro zone unravels. Mar May May May

ECB Total Assets LTRO Lending

Source: Bloomberg, Board of Governors of the Federal Reserve, European Central Bank PAGE 9 | SKYBRIDGE CAPITAL Hedge Fund Strategy Outlook

SKYBRIDGE VIEW AT THIS STAGE OF THE MARKET CYCLE* . Expect continued risk on/risk off price action . Expect continued uncertainty and heightened volatility . Expect high equity and asset class correlations

INVESTMENT THESIS* INVESTMENT THEMES*

. Prepayment Sensitive MBS . Position for maximum exposure to strong, consistent cash flow . Distressed Credit Sensitive MBS generative strategies that are relatively less affected by risk . Stressed/Distressed Corporate Credit on/risk off price action

. Maintain smaller exposures to lower beta strategies with . Basel III performance tied to hard catalysts . Event Driven Equity

. Avoid strategies dependent on monetizing difficult to time, mark to . Long/Short Equity market gains/losses . Macro

. Position for modest volatility beta relative to the S&P 500; mitigate beta-related losses and protect against downside risk

* Based on Investment Manager’s current view of the markets as July 31, 2012 and subject to change without notice. Not to be relied upon. Past performance does not guarantee future results. There can be no assurance that the investment thesis will be achieved. Hedge fund investing is not suitable for all clients. Investors must understand that any investment is subject to substantial risk, involving risk of loss of the entire principal amount invested, and are urged to review the applicable Fund’s Offering Materials for a full discussion of risks together with disclosures herein in the section entitled Risk Factors. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform PAGE 10 | SKYBRIDGE CAPITAL Act of 1995, and is subject to the safe harbors created therein. INVESTMENT THEME EVOLUTION SKYBRIDGE MULTI-ADVISER HEDGE FUND PORTFOLIOS LLC – SERIES G

2007 2008 2009 2010 2011 2012 (Jun YTD)

1700 Credit crisis: 2007 QE1: Dec 2008 – Mar 2010 QE2: Nov 2010 – Jun 2011 Operation Twist Recession: Dec 2007 – Jun 2008 1500

1300

1100 9/08: Lehman Brothers LTRO (2) files for bankruptcy 3/11: Japan ($672B) 900 5/10: Flash Crash Earthquake S&P 500

700 10/08: TARP 2/09: Economic 8/11: S&P downgrades 6/12: U.S. 10-Yr sets ($700B) Stimulus ($787B) U.S. sovereign debt intra-day low 1.44% 500 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

Short Subprime (ABX) Prepayment Sensitive MBS RV Credit Event Driven Equity – Activist Distressed Credit Stressed/Distressed Corporate Credit

Late-stage / Post-Reorganization Equity

THEMES Short – Corporate Credit Event Driven Equity PORTFOLIO PORTFOLIO Long – Volatility Credit Sensitive MBS

Long-Biased/Thematic Short – Financial Services Gold Long Biased Equity

Relative Value (Blue)

Event Driven (Grey)

Directional Macro (Green) PORTFOLIO PORTFOLIO ALLOCATIONS Directional Equity (Lt. Blue)

2007 2008 2009 2010 2011 2012 (Jun YTD)

PAGE 11 | SKYBRIDGE CAPITAL *Please reference the last section of this document for disclaimers and additional information. Investment Theme Outlook

PREPAYMENT SENSITIVE MBS SkyBridge View: Overweight

Theme % Portfolio: Approx. 40% Opportunity Set Hedge Fund . Dislocations due to sharp decline in U.S. housing prices, tighter underwriting standards and Relative Value interest rate volatility. Strategy: . Very large and complex , yet liquid market. Sub-Strategy: Prepayment Sensitive MBS . Dominated by long-only and mandate constrained investors. . Heterogeneous market with varying underlying collateral pool characteristics. Prime Agency MBS . Should benefit from a sustained, gradual increase in the back end of the yield curve as higher Instruments: mortgage rates further depress prepayments. Jumbo Prime, Non-Agency MBS . Strong carry streams present opportunities for realizable, non-correlated returns.

Key Risks Mortgage Current Coupon OAS . Government policy wild card risk, potential for market shocks remain. (FNMA 30 Yr) . If/when the Fed hikes rates – carry streams will be reduced. 50 . Higher rates reduce the likelihood for additional political action – which is aimed at keeping 40 rates low in the first place. 30

Top Allocations in Theme Focus 10 SSH Non-Agency Prime Jumbo MBS 0 Metacapital Mortgage Opportunities Diversified MBS -10 -20 Jul Jul Jul Providence MBS Agency MBS Jan Jan Jan ------10 11 12 Midway Market Neutral Diversified MBS 10 11 12

Source: Bloomberg As of July 31, 2012. All information contained herein is subject to change at any time without notice. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Offering Document. Past performance does not guarantee future results. Portfolio strategy allocations and strategy PAGE 12 | SKYBRIDGE CAPITAL classifications are subject to change at any time at the Adviser’s discretion. Investment Theme Outlook

CREDIT SENSITIVE MBS SkyBridge View: Overweight

Opportunity Set Theme % Portfolio: Approx. 25% . Suffered from a significant sell-off in Q2 2011, and further weakness in Q3 and Q4 of 2011 as a result Hedge Fund of an unsuccessful Maiden Lane auction, Wall Street market maker deleveraging and a fear that Event -Driven European banks would be forced to sell MBS and other securities to meet solvency requirements. Strategy: . Credit sensitive MBS is a straight value with attractive carry, modest upside, and optionality to an improving economy and housing market play. Sub-Strategy: Distressed Credit Sensitive MBS . Credit Sensitive MBS is split between senior tranches with lower carry, lower risk, and less upside and mezzanine tranches such as credit IO’s with higher carry, higher risk, and greater upside. Non-Agency MBS (Sub-prime, . Q1 2012 price gains were driven by a successful Maiden Lane auction and the ECB’s LTRO, which Instruments: effectively addressed European bank solvency in the short term. Alt-A, ARM), CMBS . After the substantial Q1 rally, we expect a slow oscillating rebound going forward where managers can once again benefit from competitive yields and price appreciation. ABX Index (AAA Rated Subprime Bonds) . Provides a fundamental and technical hedge to Prepayment Sensitive MBS exposures. 65

Key Risks 60 . More correlated exposure to economic conditions, and therefore, broader markets. 55 . Market prone to illiquidity shocks given Wall Street is the predominant player in the space. . Subject to government intervention. 50 45

Top Allocations in Theme Focus 40 Pine River Fixed Income Non-Agency RMBS, Agency IO/IIOs 35 30 Marathon Securitized Credit ABS, CMBS, Non-Agency RMBS 11 11 12 11 11 12 11 11 12 12 11 12 11 11 11 12 11 11 ------Jul Oct Feb Apr Feb Apr Jan Jan Jun - Jun - Dec Sep - Nov Aug Mar Non-Agency RMBS and CMOs Mar May Axonic Credit Opportunities May

Seer Capital Non-Agency RMBS, CMBS, CLOs ABX.HE 06-2 AAA Price

Source: Bloomberg As of July 31, 2012. All information contained herein is subject to change at any time without notice. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Offering Document. Past performance does not guarantee future results. Portfolio strategy allocations and strategy PAGE 13 | SKYBRIDGE CAPITAL classifications are subject to change at any time at the Adviser’s discretion. Investment Theme Outlook

DISTRESSED / STRESSED CORPORATE CREDIT SkyBridge View: Overweight

Opportunity Set Theme % Portfolio: Approx. 10% . Mainly centered on U.S. corporate credit exposure – companies generally have healthy balance Hedge Fund sheets, yet spreads crossed 900 over in Q3 2011. Event-Driven . Generated attractive gains in the Q1 2012, primarily from price appreciation and secondarily Strategy: from cash flow. Sub-Strategy: Distressed Corporate Credit . Credit spreads are still 100 to 300 bps wider than their recent tights, while equities have regained all of 2011’s losses. High Yield Bonds, Bank Debt, Instruments: . Spreads are unusually high despite corporate credit health being unusually strong and expected Credit Derivatives future defaults being unusually low; due in part to the Euro zone crisis. . Defaults have remained extremely low and are expected to continue to stay low, especially if the U.S. economy avoids recession. 1,000 ML High Yield Master II Index Key Risks . Correlated to the broader markets. 900

. Mark to market losses, and potential for realized losses, in the event the European situation 800 deteriorates enough to drag the U.S. economy into recession. 700 Top Allocations in Theme Focus 600 JLP Credit Opportunity U.S. York Credit Opportunities Global 500

Solus Recovery Global 400 - Sep - Sep - Sep Mar Jul Mar Jul Mar Nov Jul Mar Nov Nov Jan Jan Jan Jan May May May May ------09 10 11 ------CapeView Recovery Europe - - - - - 09 10 11 12 09 10 11 09 10 11 09 10 11 12 09 10 11 12

Source: Bloomberg, BofA Merrill Lynch As of July 31, 2012. All information contained herein is subject to change at any time without notice. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Offering Document. Past performance does not guarantee future results. Portfolio strategy allocations and strategy PAGE 14 | SKYBRIDGE CAPITAL classifications are subject to change at any time at the Adviser’s discretion. Investment Theme Outlook

BASEL III U.S. Bank Recapitalizations SkyBridge View: Overweight

Theme % Portfolio: Approx. 5% Opportunity Set . Primarily centered on U.S. bank recapitalizations. Hedge Fund Relative Value . U.S. banks are solvent, but need to retire expensive junior debt securities over time in order to Strategy: meet their new, more stringent Tier I capital requirements as prescribed by the Basel III mandate. Sub-Strategy: Relative Value Credit . This is a correlated theme, but one with far less downside in the event of a market sell-off due to the hedged nature of the strategy. Instruments: Bank Issued Corporate Debt . This theme is also very catalytic in nature as banks periodically seize periods of market calm to issue equity and/or utilize organic earnings and/or issue more senior debt to take out these securities at a premium to where they trade in the secondary market. . We also believe the underpinnings of the theme are fairly predictable and persistent. Key Risks . Not a scalable theme, few managers executing on theme with conviction. . Narrow opportunity set.

Top Allocations in Theme Focus

EJF Debt Opportunities Bank Issued Corporate Debt

As of July 31, 2012. All information contained herein is subject to change at any time without notice. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Offering Document. Past performance does not guarantee future results. Portfolio strategy allocations and strategy PAGE 15 | SKYBRIDGE CAPITAL classifications are subject to change at any time at the Adviser’s discretion. Investment Theme Outlook

EVENT DRIVEN EQUITY SkyBridge View: Neutral

Opportunity Set Theme % Portfolio: Approx. 10% . Since the financial crisis, corporations have stockpiled cash, termed out debt, right sized Hedge Fund Event -Driven operating structures, fixed balance sheets, and have generally taken a highly conservative stance Strategy: on expanding through debt. Typically, after taking such steps, businesses embark upon a multi- year period of acquisitions, spin-offs, divestitures, and expansions – utilizing cheap debt to Sub-Strategy: Equity / Multi-Strategy / Activist benefit shareholders. . Theme played out well over 2011 until the capital markets contracted over the summer months. . Strong performance rebound in Q1 2012 as the reopening of capital markets resulted in increased Instruments: Equities corporate activity. . Event driven theme should benefit from hedge fund manager staying power – conviction in activities that drive value creation keep managers invested through difficult times. 5000 Announced M&A Transactions ($) Key Risks 4500 . Higher degree of equity beta given the broad macro environment. 4000 . The propensity for management teams to embark upon shareholder friendly behavior has been 3500 reduced due to the global economic slowdown and the European sovereign debt crisis. 3000 2500 Top Managers in Theme Focus 2000 1500 Third Point Ultra Multi-Strategy Deal Volume ($BB) 1000 BHR Fund U.S. 500 Paulson Recovery U.S. 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Amber Global Opportunities Global Australasia Europe US Source: Bloomberg As of July 31, 2012. All information contained herein is subject to change at any time without notice. This document contains certain forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, and is subject to the safe harbors created therein. Actual results could differ materially from those projected in the forward looking statements, as a result of risks and other factors discussed in the applicable Offering Document. Past performance does not guarantee future results. Portfolio strategy allocations and strategy PAGE 16 | SKYBRIDGE CAPITAL classifications are subject to change at any time at the Adviser’s discretion. Disclaimers

. This document is offered for informational purposes only and does not constitute an offer to sell any securities. An offer or solicitation will be made through the applicable Prospectus and Subscription Application, and is qualified in its entirety by the terms and conditions contained in such documents. The Prospectus contains additional information needed to evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. This material must be preceded or accompanied by a copy of the Prospectus in connection with any subscription. The information contained herein is confidential and is not to be reproduced or distributed except with the permission of SkyBridge Capital II, LLC (“SkyBridge”). . SkyBridge is not acting as the advisor or agent for clients purchasing an investment and thus clients cannot rely on SkyBridge in connection with their decision to invest. . The investments described herein are offered to potential investors on the basis of the information in the Prospectus. No person has been authorized to make representations or provide any information relating to these investments that are inconsistent with or not otherwise contained in the Prospectus. . As further described in the offering documents, an investment in alternative investments can be highly illiquid, speculative and not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks may include: . loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; . lack of liquidity in that there may be no secondary market for the fund and none is expected to develop; . volatility of returns; . restrictions on transferring interests in the Fund; . potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; . absence of information regarding valuations and pricing; . complex tax structures and delays in tax reporting; . less regulation and higher fees than mutual funds; and . Investment manager risk. . Individual funds will have specific risks related to their investment programs that will vary from fund to fund. See "Certain Risk Factors" in the Prospectus.

An investor should consider carefully the investment objectives, risks, and charges and expenses of a fund before investing. The Prospectus contains this and other important information and are available upon request to SkyBridge. Read the Prospectus carefully before investing. This document is not intended as a substitute for the Prospectus and should not be relied upon as such. Past performance does not guarantee future results. Actual results may vary. The performance information and investment opportunities contained herein are for informational purposes and are not to be construed as indicative of the future performance or investment strategy of the SkyBridge hedge fund portfolios. IRS Circular 230 Disclosure: SkyBridge does not provide tax or legal advice. To ensure compliance with U.S. Treasury Regulations, we hereby inform you that any discussion of U.S. tax matters contained in these materials (and any attachments) (i) were not intended or written to be used, and cannot be used or relied upon, by you for the purpose of avoiding any U.S. tax-related tax-penalties and (ii) were written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed in these materials. Accordingly, you should seek advice based on your circumstances from an independent tax advisor. Except as provided above under "Non-Confidentiality", the information included herein is confidential and intended solely for the use by SkyBridge and its placement agents, its clients and their advisers. It is not to be reproduced or distributed except with the permission of SkyBridge. Non-US Legal Considerations. Investors who are residents of countries other than the U.S. should consult their legal and tax advisors concerning the regulatory and tax implications of an investment prior to making an investment decision. Performance data represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

SkyBridge is affiliated with Hastings Capital Group LLC (“Hastings”), a registered broker-dealer and a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

PAGE 17 | SKYBRIDGE CAPITAL Contact Information

SKYBRIDGE CAPITAL 527 Madison Avenue, 16th Floor New York, NY 10022 212-485-3100

Anthony Scaramucci Jason Wright Managing Partner Senior Partner, Global Head of Marketing [email protected] [email protected] 212-485-3108 212-485-3104

PAGE 18 | SKYBRIDGE CAPITAL