TITAN LEGACY FUND ADVISORS 750 Washington Blvd., 10th Floor, Stamford, CT 06901 TITANADVISORS.COM ROB WILSON

Titan Legacy Fund Advisors: The Evolving IDF Landscape JUNE 2018

TITAN LEGACY FUND ADVISORS 750 Washington Blvd., 10th Floor, Stamford, CT 06901 TITANADVISORS.COM TITAN ADVISORS UPDATE Unique blend of scale and independence Our investors benefit from our scale, without sacrificing the objectivity and transparency that comes from working with an employee‐owned business.

Founded in Solutions Research Technology 2001 Business • 21 Person • Best in class • Employee Owned 4 Product Lines Research Team proprietary • Commingled FoHFs Information • 41 employees • 4 Person • Dedicated Management Systems Dedicated • Funds 4.3B AUM Operational Due • Custom Solutions • 2 Full Time Diligence Team • Headquarters • Specialized Vehicles Programmers on Staff Stamford, CT

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 3 TITAN’S BUSINESS

Constant Evolution Tailored Mandates for Specific Investor Bases • fund industry has come under pressure Distribution Education & –Low rates & low volatility have impacted returnsCreating Demand Concentrated Portfolios –Fee compression • Investors are demanding additional value for their specific needs –Tailored mandates Thematic and Single Strategy –More robust information delivery Vehicles –Structural • How does a fund of hedge funds adapt?

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 4 TITAN LEGACY SYSTEMATIC

Objective: rate of return of 500‐800bps in excess of risk free rates, 8‐12% volatility and low to US and global equity markets

Renaissance Technologies Renaissance Institutional • Founded in 1982 by Jim Simons Equities Fund (RIEF) • $57B of total AUM, more than $30b of internal capital Renaissance Institutional • 120 PhDs on staff, 310+ employees Diversified Alpha Fund • Unparalleled systems and data collection (RIDA) • Titan has more than $300mln with Renaissance Renaissance Institutional • Excellent portfolio level transparency Diversified Global Equities Titan Legacy Systematic • 100% exchange traded securities, highly liquid Fund (RIDGE)

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 5 TITAN LEGACY SYSTEMATIC

AUM Inception Alpha/ Beta Fund Description & Objectives CAGR VOL Sharpe (4‐2018) Date (S&P 500)

Renaissance Institutional Equites Fund is a highly diversified portfolio of primarily US public equities listed on major exchanges. RIEF targets a modestly 8.66% RIEF _____ levered portfolio of 175% and 75% . RIEF targets a Beta of 0.4 or lower $23.23 billion 8/1/2005 11.13% 10.28% 0.94 Series B and has experienced approximately 60% of the volatility of the S&P since 0.306 inception.

Renaissance Institutional Diversified Alpha Fund targets an profile with the goal of maximizing returns at a target risk level with low 8.74% RIDA correlation to equity markets and medium to low correlation to other asset _____ $14.64 billion 3/1/2012 9.27% 11.39% 0.71 classes. RIDA combines highly diversified exposures to both US and non‐US Series A 0.084 equities along with futures and forwards. RIDA targets a 1.0 Sharpe ratio (gross of fees) and a volatility between 8 and 16%.

Renaissance Institutional Diversified Global Equities Fund combines signals 10.29% RIDGE derived from those used in RIEF with a global scope including US and non‐US _____ $5.09 billion 4/1/2016 8.29% 10.60% 0.66 exchanges. RIDGE employs a long‐term investment horizon and targets a Series A ‐0.091 volatility between 8 and 16%.

Statistics from inception through April 2018

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 6 TITAN LEGACY SYSTEMATIC

Titan Legacy Systematic Performance (Fund Inception November 2017 – Present*) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YEAR $2,500 2018 0.52% ‐2.35% 2.53% ‐0.33% 0.31% $2,300 2017 0.80% ‐2.12% ‐1.34% $2,100 Titan Legacy Systematic Pro Forma Performance¹ (Pro Forma Period March 2012 – October 2017*) $1,900 YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YEAR $1,700 2017 ‐1.57% 3.75% 1.39% 2.95% 5.15% ‐3.32% ‐0.25% 2.13% ‐1.76% 4.01% 12.79% $1,500 2016 7.03% 2.72% 0.60% ‐4.62% 0.87% 5.22% 1.95% ‐1.57% ‐1.24% 1.88% ‐3.20% 5.20% 15.12% $1,300 2015 2.07% 0.38% 0.26% ‐1.35% ‐2.31% ‐2.54% 6.82% ‐0.86% 8.29% 2.47% 0.16% 2.01% 15.85% 2014 ‐4.00% 2.29% 3.02% ‐0.20% 0.27% ‐4.04% ‐1.10% 1.96% 4.42% 5.43% 3.78% 0.11% 12.04% $1,100 2013 3.41% 2.17% 3.51% ‐0.44% ‐3.43% ‐1.38% 1.70% ‐3.53% 0.71% 8.22% 0.97% ‐0.52% 11.36% $900 2012 3.56% 1.03% ‐1.85% ‐0.82% 2.60% ‐1.88% 0.80% ‐2.59% 2.62% ‐1.55% 1.72% $700 Historical Data (Comprised of both Pro Forma and Fund Actual Returns) $500 S&P 500 – Barclays TLS – PF1 MSCI ACWI – Gross‐ USD HFRI FoHFs Total Return Agg. Bond Ann. Compound ROR 10.87% 13.70% 10.04% 1.88% 3.57% Volatility 10.19% 9.79% 10.50% 2.79% 3.30% 4/1/2012 4/1/2013 4/1/2014 4/1/2015 4/1/2016 4/1/2017 4/1/2018 Sharpe Ratio (1.5%) 0.92 1.21 0.83 0.15 0.63 Maximum Drawdown ‐6.98% ‐8.36% ‐13.07% ‐3.66% ‐7.58% Annualized Alpha 8.93% 10.46% 8.42% 11.74% TLS S&P 500 (TR) Beta 0.170 0.086 1.450 ‐0.080 MSCI ACWI HFRI FOF R2 0.027 0.008 0.158 0.001 *The Fund launched in November 2017. Performance data prior to that time is pro forma. For more information regarding pro forma data please see the disclaimer below.

Pro Forma Methodology • For all periods the TLS Pro Forma is rebalanced quarterly. • Fixed 90bps total fees and expenses are deducted each year (75bps fees, fund 15bps estimated expenses) 1 Pro Forma returns are based on monthly returns for the underlying Renaissance Technologies funds, net of fees and expenses. Returns are for a RIEF LLC ‐ Series BB, RIDA LLC – Series A, RIDGE Onshore LLC – Series A investor who would have been fully invested at dates listed above with no subsequent contributions or redemptions and without giving effect to the First Month Exception as set forth in the RIEF, RIDA, RIDGE Offering Memoranda. Returns reflect the reinvestment of all income earned from investment‐related activities of the fund (including dividends). Individual results may differ from the results shown due to capital flows and “High Water Marks,” where applicable.

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 7 Contact

ROB WILSON Vice President, Insurance Products [email protected] (203) 327‐8600

TITANADVISORS.COM

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 8 DISCLAIMER

This presentation is provided to you for informational purposes only. This information is not an offer to sell or a solicitation of any offer to buy any securities in the, Titan Legacy Systematic Fund, L.P. (the “Fund”). Any offering will be made only pursuant to the Fund’s prospectus and explanatory memorandum. While this information is believed to be accurate, Titan Advisors, LLC, and their affiliates make no express warranty as to its completeness or accuracy. This information is confidential and the circulation or disclosure of such information is prohibited. This presentation does not and is not intended to constitute investment advice, now does it constitute an offer to sell or provide or a solicitation of an offer to buy any , investment product, or service. This presentation does not take into account any particular investor's investment objectives or tolerance for risk. The information contained in this presentation is presented solely with respect to the date of this presentation, and may be changed or updated at any time without notice to any of the recipients of this presentation (whether or not some other recipients receive changes or updates to the information in this presentation). The views expressed in this presentation are solely those of Titan Advisors, LLC as of the date of this presentation. The views expressed in this presentation are subject to change without notice, and may not reflect the criteria employed by any company in the Titan Advisors, LLC group to evaluate investments or investment strategies.

No assurances can be made that any aims, assumptions, expectations, and/or objectives described in this presentation would be realized or that the investment strategies described in this presentation would meet their objectives. None of the companies in the Titan Advisors, LLC group; members, mangers, directors, principals, personnel, trustees, or agents of any of the foregoing shall be liable for any errors (to the fullest extent permitted by law and in the absence of willful misconduct) in the information, beliefs, and/or opinions included in this commentary, or for the consequences of relaying on such information, beliefs, and/or opinions.

TITAN ADVISORS LLC | Titan Advisors: Titan Legacy Systematic 9