Contents

Our thematic investment universe Earth Wind & Fire Fund AquaTerra Fund Why invest in multi-manager funds? Why invest in energy and natural resources? 3 4 6 7 8

Key people
Risk management

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11

Investment strategy Q & A

Due diligence process Additional information

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We are at the forefront of a worldwide dynamic change. The Energy Revolution will make a lasting difference for generations to come and will bring economic opportunities that are far greater and more far reaching than anything that we have ever seen in the past. Lauralouise Duffy, CEO

Our thematic investment universe

Clean Energy
Solar

Energy

Natural Resources
Mining & Exploration Precious & Rare Earth Metals

Water

Agriculture
Wheat Soybean Corn, Cotton Sugar Biofuel & Edible Oil

Oil

Infrastructure

Wind

Coal

Water Treatment

Hydro

Gas

Timber & Paper

Water Supply Agribusiness Water Utilities Agri Science Waste to Energy

Building & Grid Efficiency

Integrated Utilities

Energy Commodities

Waste to Energy

Refining Services

Agriculture Commodities

Land & Farming

Geothermal

Exploration & Production

Waste Management

Fertilizer

Biofuels Forestry

The EARTH WIND & FIRE Fund is an actively managed, global macro, multistrategy, multi-manager investment fund focusing on the future of energy through 8 segregated portfolios: clean energy, water, agriculture, energy, natural resources, carbon, systematic trading and hedging. Our broad spectrum approach to investing across the entire energy grid allows us to diversify our strategy by geography, sector, asset class and themes. The fund aims to provide our investors with an opportunity to participate in the mega macro opportunities around the globe across the entire energy and scarce resources spectrum while significantly reducing the extreme volatility normally associated with these markets.

We must protect and respect our planet. We have entered into a new era of social and environmental awareness, one that will support the sustainability of our energy, water and critical resources and preserve them for generations to come. 5 Lauralouise Duffy, CEO

Investing in the future of our planet and the most compelling fundamental mega macro trends facing our world. This prudently managed multi manager fund harnesses the collective expertise and resources of some of the world's premier niche managers focused on the growing agriculture, water and scarce natural resources sectors.

Why invest in multi-manager funds?

Ease Of Access

Easy to invest and track performance of one product that gives access to a diverse group of niche boutique specialist managers around the world Provides access to funds that are closed or have investment minimums in the millions

Tactical asset allocation to global niche experts in their field

Alpha Generation

Invest in emerging managers that outperform behemoth institutions Macro sector rotation: overweight positive themes, underweight unfavorable sectors

Reduced Risk

Deep due diligence: Qualitative, Quantitative, Forensic & Operational Only work with top-tier counterparties & service providers Respected Administrator & Custodian mitigate any disaster or fraud risk

Reduced Volatility

Investment pool diversified by asset type, strategy, sector and geography Strategy aims to reduce risk and downside volatility

Reduced Drawdown

Capture alpha through portfolio and strategy diversity Low correlations between portfolios drastically reduces drawdowns

Return Consistency

Low correlations to most hedge fund, equity & commodity indices Since January 2007 portfolio achieved 79% positive months

Why invest in energy and natural resources?

Population and income growth the two most powerful forces behind rising global demand for energy, water and natural resources.
Over the next 20 years 1.4 billion projected increase in population 100% projected increase in real income Disproportionately increasing demand for energy, water, natural resources Relatively inelastic supply Forces up prices, increases investment, provides opportunities

Global shift towards lower carbon energy & CO2 use

Weather & climate anomalies

China, India & developing world natural resource consumption Rapid industrialization & urbanization of emerging markets Peak Oil vs. Peak Cheap Oil

Population growth of 79 million people/year

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Key people
ANRIC BLATT Chairman Group Chairman since establishment in 2005 Principal activities: strategy allocation, portfolio management, manager research, due diligence, new product development & structuring Experienced specialist investor in energy, hedge funds, systematic trading and commodities Successfully built a number of multi-manager fund management companies over past 15 years ANRIC BLATT Chairman New York, USA

+1 212 570 7970 x 5603 AB@globalfundexchange.com

LAURALOUISE DUFFY CEO Diverse 20 year career in finance and hedge funds Experience across multitude of asset classes, both emerging & developed markets Extensive background in risk management, manager due diligence, legal, compliance, product structuring and development, and hedge fund operational management LAURALOUISE DUFFY CEO New York, USA

+1 212 570 7970 x 5601 LLD@globalfundexchange.com

JIM MOORE Director Distinguished career in finance spanning almost 40 years Holds one of Wall Streets longest multi-manager track records Early pioneer of both discretionary and systematic commodity trading Extensive risk and return management skills Special forces veteran

JIM MOORE Director New York, USA

+1 212 570 7970 JM@globalfundexchange.com

MICHAEL LEITH SMITH Director Over 40 years experience in the international financial and business community Extensive directorship experience Versatile and far-reaching skill set Wide-reaching global network

MICHAEL LEITH SMITH Director Frankfurt, Germany

+49 173 948 993 MLS@globalfundexchange.com

NICHOLAS YEAGER Chief Information Officer Head of Quantitative Analysis Dynamic 13 year career at the cross section of technology and finance Experience in quantitative portfolio optimization and risk management In depth knowledge of computerized trading systems, execution platforms, Specialist in secure IT infrastructure & communications, disaster recovery and data retention

NICHOLAS YEAGER Chief Information Officer Head of Quantitative Analysis New York, USA

+1 212 570 7970 x 5599 NY@globalfundexchange.com

HEINI BERETTA Portfolio Research Analyst

Sources new European based investment opportunities Conducts manager due diligence Worked for over a decade with alternative investments and complex derivatives at GAM, Crdit Agricole & Lazard Certifications include: Securities and Financial Derivatives Representative, Investment Management Certificate Member of CFA UK

HEINI BERETTA Portfolio Research Analyst London, UK

+44 (0) 7798 855 858 HB@globalfundexchange.com

LORRAINE KIMMEY Financial Comptroller Over 30 years of experience in the banking and finance industry Responsible for the auditing of trading and settlements Day to day financial oversight of Global Fund Exchange companies worldwide LORRAINE KIMMEY Financial Comptroller New York, USA

+1 212 570 7970 x 5602 LK@globalfundexchange.com

APRIL LERNER Research Analyst Joined team in 2008 to specialize in global energy and resources sectors Holds a B.A., magna cum laude, from Amherst College Research background in energy, environmental economics, renewable energy Honors thesis recognized by the Doshisha University, Kyoto, Japan APRIL LERNER Research Analyst New York, USA

+1 212 570 7970 x 5598 AL@globalfundexchange.com

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Risk management
Risk Management Guidelines
Allocation never exceeds 10% of underlying managers AUM Only invest in funds with a diverse investor concentration Avoid funds that lack reasonable liquidity All assets are held in custody of independent custodian and externally administered Investment team follows strict order execution process electronic draft entered, approved by firm principals, final execution by independent custodian

Asset Allocation
Macro strategy implemented through top-down strategic approach Asset class, geography, sector, strategy diversification without dilution Rigorous profit taking avoid compressed risk by sector outperformance Deep qualitative, quantitative and forensic study of underlying portfolios and advisors

Liquidity
Liquidity is always considered before making an investment Liquidity of our portfolios is calculated monthly to ensure we can deliver Liquidity transparency is made available to our investors No leverage applied at fund of funds level.

Quantitative Analysis
All portfolios subject to grueling stress tests Monthly portfolio optimization and advanced algorithms used to compare invested vs. on-deck vs. watch list assets Proprietary database of hedge funds, market indices and ETFs updated monthly Data used to test various portfolio scenarios and investment weightings Monthly Risk and Rank report review of invested funds and >100 watch list funds, all of which we have relationships with and are potential investments Weekly estimates of all invested funds to better monitor short term correlations, estimate to final performance variance and force weekly contact with all managers

Qualitative Analysis
11 Both scheduled and surprise on-site visits required prior to investment Investment team and operational staff are interviewed several times Qualitative team analyzes each potential fund, produces a detailed report and assigns investment grade Complete background check on all key people conducted using premier security forensic research consulting firm Full audit and verification of all fund counterparties in order to virtually eliminate counterparty risk

Investment Strategy Q&A

What is driving new opportunity in this space?
Global policy changes, stimulus spending, subsidy programs, legislation emissions and fuel restrictions are being implemented in developed and developing countries alike, opening new opportunities for both emerging energy and cleaner forms of traditional energy. Cash-flow rich integrated energy companies, sovereign wealth funds, pension funds, utilities and technology companies worldwide are spending vast amounts of money in the energy, commodity and natural resources sectors right now.

What first drew you to this strategy?

Every person needs the vital resources of energy, water and food. The stress on these assets due to population growth, industrialization and finite / declining resources has created a MUST outcome for the planet. At the same time, every developed country in the world is focused on how to provide energy and food security for its people. Every major corporation in the world is focused on the business opportunity and how to be a part of it. We recognize that these sectors represent the mega macro trends for the next decades and beyond.

How do you identify opportunities?

Our investment direction is primarily driven by our extensive macro research. We focus on large, long term profit opportunities brought about by increasing demand for energy and commodities, fuelled by increasing population and accelerated industrialization of emerging economies. We track and capitalize on investment themes brought about by global policy shifts, legislation and stimulus. We closely monitor the flow of capital into these sectors.

Describe your typical allocation strategy.

Our portfolios are weighted accordingly across our three primary sectors: Equity sensitive strategies (predominantly long-biased): clean energy, water, agriculture Commodity sensitive strategies (demand and policy sensitive): energy, natural resources and carbon & emissions Alpha/Trend sensitive strategies (showing negative bear market correlation to equity sensitive strategies): systematic traders, uncorrelated hedges, cash and equivalents.

How do you determine sector weights and allocation sizes?

We allocate capital to sectors that show the most potential, while taking profits or reducing allocations to sectors that have already experienced significant outperformance. The size of an allocation is impacted by the underlying managers ability to deploy capital profitably, manage risk and downside volatility. If our research indicates uncertain times ahead for a particular sector, we proactively limit our exposure, and redistribute capital to sectors that show more promise. Sector allocations and weightings are also limited by our risk management policies. Positions are sized according to expected and realized volatility.

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The World Water Council warns that humans are extracting fresh water at rates up 100x the natural replenishment rate. Water and energy are inextricably linked and so are the investment opportunities associated with their scarcity. Anric Blatt, Chairman

Due diligence process

Complete legal document review Verification of service providers Worst case scenario liquidity analysis Investigation of side pockets, side letters

Is this a sensibly conducted business? Compensation structure Focus on references Threading key people

PROSPECTUS
Fund Structure Terms & Conditions Liquidity

PEOPLE
The Organization Ownership Structure Philosophy Reputation Key Man

PORTFOLIO
Useful Transparency Value add to sub portfolio Correlation Risk & Return analysis

PROCESS
Investment Strategy Risk Management Decision making Operations

PERFORMANCE
Track record Financial Statements Independent verification Regulatory reports

Do not take managers word, verify Analysis against peers Truly understand portfolio and be able to value it independently Weekly estimates

Identification of core expertise Investment decision rules Do they stick to the rules? Independent risk management? Robust process?

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Treat the Earth well. It was not given to you by your parents. It was loaned to you by your children. Kenyan Proverb

Additional Information
Manager & Service Provider Details
Investment manager Global Fund Exchange Ltd. 20 Genesis Close, P.O. Box 1344 Grand Cayman, KY1-1108 Cayman Islands Deutsche Bank Alternative Fund Services Deutsche Bank (Cayman) Ltd. EisnerAmper LLP Walkers LLP - Cayman Tannenbaum USA

Administrator Custodian Auditor Legal Advisors

Contact Information
Corporate Headquarters Global Fund Exchange 20 Audrey Avenue Oyster Bay, NY 11771 United States of America +1 212 570 7970 www.globalfundexchange.com info@globalfundexchange.com

Manager email

Service Provider

Deutsche Bank
www.db.com www.eisneramper.com

www.walkersglobal.com

www.dmsmanagement.ky

www.thsh.com
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Disclaimer
Use of this presentation is governed by our User Agreement. The content contained in this presentation is believed to be accurate at the time it was made, but is provided to users "AS IS" without any express or implied warranty as to merchantability, non-infringement, accuracy, completeness, timeliness, sequencing, fitness for a particular purpose or otherwise. Please read this user agreement carefully before using the presentation. By continuing your use of this presentation and each time you use the presentation, your use indicates your full acceptance of and agreement to abide by this user agreement in its then current form. If you do not accept the terms and conditions stated in this user agreement, do not use the presentation. Before making an investment decision with respect to the Earth Wind & Fire Fund Ltd (the Fund or EW&F Fund) managed by Global Fund Exchange Ltd. (the Investment Manager), potential investors are advised to read carefully the respective offering documents (including any relevant underlying agreements) and the related subscription documents regarding the Fund when they are available, and to consult with their tax, legal, ERISA and financial advisors. This document contains a preliminary summary of the purpose and principal business terms of the Fund; this summary does not purport to be complete and is qualified in its entirety by reference to the more detailed discussions to be contained in the Funds offering documentation. The Investment Manager has the ability in its sole discretion to change the strategies described herein. This document is being provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with a further investigation of the Fund. This material is provided for informational purposes only as of the date hereof and is subject to change without notice. Accordingly, this document may not be reproduced in whole or part, and may not be delivered to any person without the consent of the Investment Manager. This material may not be suitable for all investors and is not intended to be, nor shall it be construed as legal, tax or investment advice or as an offer, or the solicitation of any offer, to buy or sell any securities. No offer or solicitation may be made prior to the delivery of the Funds respective offering documents to qualified investors. Before making any investment, you should thoroughly review a Funds offering documents with your legal, tax and investment advisors to determine whether an investment is suitable for you in light of your investment objectives and financial situation. An investment in any Fund is not suitable for all investors. Although believed to be reliable, the information contained herein, including investment returns, valuations, fund targets and strategies cannot be guaranteed. Global Fund Exchange makes no representations or warranties as to the accuracy, validity or completeness of such information. This material is not complete and is subject to the more complete disclosures and terms and conditions contained in a particular Funds offering documents, which may be obtained directly from the Fund. No representation or assurance is made that any Fund will or is likely to achieve its objectives, benchmarks or targeted returns or that any investor will or is likely to achieve a profit or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results. The Fund is NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. You should note the following: The Fund represents a speculative investment and involves a high degree of risk. An investor could lose all or a substantial portion of his/her investment. Any investment in the Fund should be discretionary capital set aside strictly for speculative purposes. The Funds may invest outside of the United States, which may involve greater risk. Strategies intended to hedge risk may be partly or wholly unsuccessful. An investment in the Fund is not suitable for all investors. . The Fund's performance may be volatile. The Fund may use benchmarks or targets for measurement purposes. There is no guarantee that the Fund's goals, objectives, benchmarks or targeted returns will be achieved or reached. The Fund's fees and expenses-which may be substantial regardless of any positive return-will offset the funds trading profits. The Fund and its managers/advisors may be subject to various conflicts of interest. This summary is not a complete list of the risks and other important disclosures involved in investing in the Fund and is subject to the more complete disclosures contained in the Funds respective offering documents, which should be read carefully. This document contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document. Forward- looking statements may be identified by, among other things, the use of words such as expects, anticipates, believes, or estimates, or the negatives of these terms, and similar expressions. Forward-looking statements reflect the Investment Managers views as of such date with respect to possible future events. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond the Funds control. Investors are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking statements in this document. These materials should only be considered current as of the date of publication without regard to the date on which you may receive or access the information. The Investment Manager maintains the right to delete or modify information without prior notice. Charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining which securities to buy or sell or when to buy or sell securities. The fund has limited operating or performance history. The performance shown is for illustration purposes, should not be relied upon, does not necessarily reflect actual investor performance, and is not indicative of the results which may be achieved by the EW&F Fund in the future. Past performance is not necessarily indicative of future results. There can be no assurance and no representation is made that the Fund will make any profit, and a total loss of principal may occur. The use of differing performance calculation methodologies may produce different results, and the Fund's performance Information may not be comparable to the performance information provided by other funds or managers. Individual investors may not get the exact performance quoted above as the interaction of fees, timing of investment and high-water mark may affect investors differently. Past performance is definitely not indicative of future performance. There can be no assurance and no representation is made that the fund will make any profit, and as with all investments, a total loss of principal may occur. Prospective investors should refer to the Confidential Offering Memorandum of the fund for a detailed discussion of the risks and other considerations involved with making an investment in the Fund.

No representation is being made that the Fund will or is likely to achieve its objectives or will or will make any profits similar to or will not incur substantial losses.
Past performance is not a guarantee of future results. The information in this presentation is not intended to constitute legal, tax or accounting advice or investment recommendations and clients should consult their own advisors on such matters.