www.dalmacapital.com

Dalma Unified Return Fund2014 Annual Report

Dalma Capital Management Ltdis Regulated by the Dubai Financial

Services Authority (DFSA)

Dalma Capital SICAV plcis Regulated by the Malta Financial

Services Authority (MFSA)

Dalma Capital Management LtdGate Precinct 5, Level 6 - PO Box 9361Dubai International Financial Centre

Dubai, United Arab Emirates

Main: +1.800.643.7560Office: +971.4.375.6060

Fax: +1.800.791.1150

2014 (1.21%) 2.29% 0.28% 2.15% 1.55% 2.06% (2.32%) 3.61% - - - -

2013 2.88% 0.50% 3.46% 1.92% (3.97%) 4.25% (0.31%) (0.98%) 0.72% 0.63% 1.92% 2.34%

2012 - - - - - - - - 1.84% 4.01% 2.46% 2.61%

Statistics Dalma Fund

HFRX Equity Hedge Index

Standard Deviation (Ann) 6.836 4.624

Market Correlation (spx) 20.20% 86.30%

Beta (spx) 0.167 0.483

Alpha (spx) 13.929 -2.241

Info. Ratio (HFRX) 1.37 NA

STRATEGY Long/Short Equity Hedge

DOMICILE Malta, EU; Delaware, United States

ADMINISTRATOR Apex Fund Services Limited

PRIME BROKER Exante Limited

AUDITOR PriceWaterhouseCoopers

COUNSEL Latham & Watkins llp; Mourant Ozannes llp; Fenech & Fenech llp

MIN INVESTMENT USD $500,000 Initial, USD $10,000 Subsequent

Primary Objectives

After six years of research and development based on forty-seven years of back-testing analysis and optimization by a prodigious team with over eight decades of combined experience, Dalma’s hedge fund recently began accepting new investors in July of this year.

The Dalma Unified Return Fund deploys a dynamic global equity strategy with the objective of delivering efficient diversification and a positively asymmetric, absolute return profile while maintaining mitigated market risk-parity. The risk-centric approach capitalizes on the expectation that markets exhibit cycles, momentum (trends) and statistical arbitrage opportunities. These predictable patterns are driven by market (endogenous), economic (exogenous) and behavioral factors. Dalma utilizes a fully unified approach of fundamental, quantitative and technical analysis and invests its diversified portfolio primarily in developed market indices, sectors and large/mid cap index constituents.

0.0

5.0

10.0

15.020.0

VaR & Expected Shortfall

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Background & Strategy

MANAGEMENT FEE 2%

PERFORMANCE FEE 20%

HURDLE RATE 5%

HIGH WATERMARK YES

LOCKUP NONE

LIQUIDITY MONTHLY

SUBSCRIPTION/REDEMPTION FEE NONE

Other Information

Unified Analysis & Strategy

Risk ParityReturn

Absolute

Liquidity

Investment Reduced

Correlation

Downside

Protection

FundamentalAnalysis

Foundational Evaluation

TechnicalExecution

Entry/Exit Timing

Quantitative-Computational

Relative Asset Ranking

1

2

3

Outperform

Underperform997

998

999

PrudentialRisk Management

Long-TermEconomic Evaluation Model (EEM)

Economic/Credit Cycles

Market/Sector CyclesMedium

Term

Market Value Model (MVM)

Opportunistic/Arbitrage

Tactical Allocation Model (TAM)

ShortTerm

Three

Me

thod

s Three

Mo

dels

Diversified Asset Allocation

~90%

DevelopedMarkets

~10%

EmergingMarkets

35-50 Positions Long & Short

5-10 Countries 7-12 SectorsIndex & Sector

ETFs

~60%

~30%

~10%

Small & Mid Cap Equities

Large Cap Equities

Diversified Asset Allocation

Performance

Risk-Adjusted Returns

The Dalma Unified Return Fund has generated robust performance since its inception. It has significantly outperformed its benchmark, the Hedge Fund Research Equity Hedge Index (HFRX - EH) on both an absolute and risk adjusted basis.

As the fund has been optimized and developed to maximize risk adjusted returns - we believe that the Sharpe Ratio, Sortino Ratio and Gain:Loss Ratio are demonstrative of the fund’s effectiveness in delivering results with limited volatility and downside by following the risk-parity protocol. Furthermore, the fund has generated both absolute and asymmetric performance to date, capturing positive returns on average even in bear markets and generating an alpha above the S&P 500 (SPX) equity index of 13.929. The low correlation and beta of the fund to the equity indices are particularly characteristic and support results observed in the extensive back-testing conducted - demonstrating the virtue of the fund as a powerful diversifier for investors’ portfolios.

Diversified Asset AllocationAbsolute Performance

0.0

0.7

1.4

2.12.5

Benchmark =1.49 Dalma = 2.53

Sharpe Ratio Sortino Ratio Gain:Loss Ratio

Total Returnto Date

Compound AnnualRate of Return

Average Monthly Return

0.0

0.7

1.4

2.83.5

Benchmark =0.86 Dalma = 3.10

0.0

1.2

2.5

4.04.8

Benchmark =2.71 Dalma = 4.71

0

10

20

3035

25

15

5

Volatility & Downside Risk

Avg. Bull Market Monthly Return

37.69% 17.35% 1.34%Monthly Returns

Risk and Regression Analysis

+1.52% +0.75%

Avg. Bear Market Monthly Return

c/o Apex Fund Services (Malta) Ltd.6th Floor,Airways House, Gaiety LaneSliema SLM 1549, Malta, EU

Transamerica Square 10th Floor401 North Tryon StreetCharlotte NC 28202, USA

94 Solaris Avenue - PO Box 1348Camana Bay KY1-1108Cayman Islands

DISCLOSURE: FOR INFORMATION PURPOSES ONLY. Dalma Capital Management Ltd is regulated by the Dubai Financial Services Authority. Dalma Unified Return Fund is regulated by the Malta Financial Services Authority. The fund in its origin was formed in August 2012 with proprietary investment in order to establish the strategy and track record. This fund opened to 3rd party investors on July 1st, 2014. Past performance cannot be relied upon as an indication of future returns. This il-lustrative document does not provide sufficient information on which to make any investment decision. This information is neither an offer to sell nor a solicitation of an offer to buy securities, which can only be done in an offering summary in compliance with appropriate jurisdictional laws and regulations. Historical fund performance data is currently unaudited, but has been independently verified by of third party fund administrators. Unauthorized reproduction or dissemination of this document is not permitted. This document is directed to professional and/or qualified clients only. Persons other than professional and/or qualified clients, such as Retail Clients, are not the intended recipients of our communications and must not act upon or rely upon the content of this communication.

DEFINITIONS: As with other measures of risk, those listed above do not fully account for all risks. Statistics are produced by Statpro. INPUTS: Hurdle = 5% ann.; Risk-free rate =1 mo t-bill annualized; HFRX equity hedge (HFRXEH) is the Hedge Fund Research (HFR) hedge fund index. The “Balance Portfolio” represents a portfolio of 60% bonds (represented by JP Morgan Global Aggregate Bond Index) and 40% equities (represented by S&P 500 index)