November 2018

Prosperously navigating

unexpected events

with great skill and agility

2

AGENDA

3

Who We Are

Investment Methodology

Performance

Current Opportunity and Investment pipeline – BIG DATA AND AI

Summary

WHO WE ARE

4

BLACK SWAN

DEXTERITAS

(“BSD”)

TECHNOLOGY EXPERTISE

• Unique insight

from entrepreneurs leading

international tech development

based on needs creation

• Advisory Committee of tech leaders

who determine the global adoption

and success of new technologies

• Representation in all BSD-invested

tech sectors and sub-sectors, for

unrivalled expertise

• Portfolio Manager with 30 years of

portfolio management experience

across various asset classes at

asset management companies (LGT,

TAL, CIBC Asset Management), and

a pension (British Petroleum)

• Exceptional research team with a

wide breadth of knowledge in

research, finance, and engineering

• Intense due diligence process for our

stock selection process

• Unique risk management overlay

to minimize drawdowns and volatility

PORTFOLIO MANAGEMENT

EXPERIENCE

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INVESTMENT METHODOLOGY

SECTOR ASSESSMENT

• Life Cycle: Sectors in introduction and growth stages with

high Total Addressable Market (TAM)

• Competition: High barrier of entry with differentiated products

and services within the sector

COMPANY ANALYSIS

• Business Model: Public ccompanies with high recurring revenue,

easily able to leverage network effects, strong negotiating power

with suppliers and customers, and strong corporate governance

• Size: Target small (500M+) to large cap public companies with

established track record of executing the business.

• Growth: Public companies with high and/or consistent revenue

growth

• Valuation: Determine if opportunities exist based on our fair

value expectation of stocks versus current stock prices

PORTFOLIO CONSTRUCTION

• Weightings: Determine % of portfolio allocated to holdings

based on risk-reward expectations

• Diversification: Well-diversified across 35 to 40 holdings to

maximize risk-adjusted returns

• Hedging: Utilize derivatives and fixed income products to

minimize drawdowns and generate alpha

IDEATION

• BSD Investment Advisory Committee: seek out global

growth themes and trends to overweight and underweight

various subsectors

• Experienced investment team sourcing trade ideas and

discussing vital macro economical forces in play

• Draw on sector experiences from members of the committee and

discuss emerging technology from the private and public space

• Deep dive into industry verticals to identify beneficiaries in other

primary, secondary, and tertiary markets

PORTFOLIO CONSTRUCTION

IDEATION

SECTOR

ASSESSMENT

COMPANYANALYSIS

PUBLIC COMPANIES

PERFORMANCE

PERFORMANCE METRICS* FUND RETURNS

FUND S&P 500

Return Since Inception

YTD Return

60 Day Return

20 Day Return

Daily Standard Dev.

Sharpe Ratio

Sortino Ratio

Correlation

46.39%

-5.63%

-10.22%

-9.00%

0.76%

0.61

0.84

-

61.26%

0.90%

-5.13%

-7.31%

0.79%

0.75

1.04

0.97

* Management fees and expenses may be associated with investments. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rate of return is the historical compounded total return including changes in share value and reinvestment of all dividends.

October 1, 2013 to October 31, 2018

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD S&P 500 YTD

-2.08% 3.63% -2.07% -4.39% 2.38% 2.80% 2.21% 3.53% -1.64% 4.95% 2.89% -1.51% 10.69% 11.43%2014

2013

GLOBAL TECH FUND MONTHLY PERFORMANCE SINCE INCEPTION

BSD has outperformed our portfolio benchmark with lower risks through active diversification across various subsectors

1.32% 0.35% 2.82% 4.55% 9.60%

0.53% 5.39% -0.16% 2.98% 0.90% -0.91% 0.43% -6.67% -1.48% 9.68% 0.63% -0.76% 10.16% 0.47%2015

-7.41% -2.78% 5.31% -0.02% 2.33% -0.29% 3.66% 0.65% 1.63% 0.38% -3.75% -0.71% -1.63% 9.50%2016

4.97% 2.14% 2.99% 2.08% 3.85% -2.55% 2.68% 2.12% 0.51% 3.41% 0.11% -0.20% 24.49% 19.42%2017

2.89% 0.63% -0.62% -1.57% 4.11% -1.63% 0.63% 1.72% -2.18% -7.87% -5.63% 0.90%2018

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

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BSD S&P 500

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HOW BSD COMPARES TO OTHER HEDGE FUNDS

HEDGE FUND STRATEGIES* 2014 RETURN 2015 RETURN 2016 RETURN 2017 RETURN

PERFORMANCE

BSD Global Technology Hedge Fund

Absolute Return

Multi-Region

Equal Weighted Strategies

Relative Value Arbitrage

Macro/CTA

Fixed Income - Credit

Global Hedge Fund

Equity Hedge

North America

Emerging Markets Composite

Market Directional

Event Driven

10.69%

0.67%

1.71%

-0.56%

-3.06%

5.09%

-1.86%

-0.60%

1.37%

-4.13%

-8.03%

5.13%

-4.06%

Our outperformance relative to other funds are indicative of our core competency in

generating outsized returns and navigating a challenging market environment

* Hedge fund index data is provided by Hedge Fund Research Index (HFRI) as of January 2018.

10.16%

2.86%

-1.19%

-1.54%

-3.10%

-1.96%

-4.38%

-3.64%

-2.33%

-9.35%

-5.26%

-8.58%

-6.94%

-1.63%

0.31%

1.95%

3.78%

1.03%

-2.93%

4.97%

2.50%

5.49%

4.14%

6.77%

9.86%

10.50%

24.99%

3.91%

6.58%

6.10%

4.28%

7.43%

4.55%

8.04%

12.78%

6.25%

8.99%

4.68%

7.22%

TOP 10 STRATEGIC TECH TRENDS FOR 2018-2020

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CURRENT OPPORTUNITIES AND INVESTMENT PIPLINE

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BIG DATA

• Worldwide Big Data market revenues for software and

services are projected to increase from $42B in 2018 to

$103B in 2027, attaining a CAGR of 10.48%.

• Big Data applications and analytics is projected to grow

from $5.3B in 2018 to $19.4B in 2026, attaining a CAGR of

15.49%.

• The software segment is projected to increase the fastest of

all categories, increasing from $14B in 2018 to $46B in

2027 attaining a CAGR of 12.6%.

• The Chinese market is predicted to be one of the fastest

growing globally, growing at a CAGR of 31.72% in 2014 to

2020.

BIG DATA AND AI

Data Sources

Hardware

Security

Data Analytics

Users (Reporting & Visualization)

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BIG DATA ECOSYSTEM

Source: Statista

2018

Expected

$166B+11%

YoY

BIG DATA AND AI

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BIG DATA AND ANALYTICS MARKET SIZE

Source: Statista

Revenue from big data and business analytics worldwide from

2015 to 2022 (in billion U.S. dollars)

0

50

100

150

200

250

300

2015 2016 2017 2018 2019 2020 2021 2022

In 2018 the revenue from big data and business analytics

expected to reach $166B

BIG DATA AND AI

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THE PROCESS

Big data is primarily about managing data infrastructure, but

business analytics is primary about using data.

So what is the difference between Big data & Data analytics?

BIG DATA AND AI

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BIG DATA

Big data is data that contains greater variety arriving in

increasing volumes and with ever-higher velocity. This is known

as the three Vs. Other concepts later attributed with big data are

veracity (i.e., how much noise is in the data) and value.

BIG DATA AND AI

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BIG DATA

The Three Vs of Big Data: 1.Volume, 2.Velocity, 3.Variety

BIG DATA AND AI

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This is what

happens in an

internet in 60

seconds

DATA SOURCES

BIG DATA AND AI

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Servers CPUs/GPUs FPGA RAM

IBM

HP

Dell

Oracle

Cray

IBM

Intel

Nvidia

AMD

Intel

Xilinx

Samsung

Micron

SK hynix

HARDWARE

HARDWARE VENDORS

BIG DATA AND AI

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SECURITY

Company Cybersecurity Sector

Cisco Threat Protection & Network Security

Juniper Networks Threat Intelligence & Network Security

Microsoft Datacenter to Endpoint Protection

Amazon Web Services Cloud-Powered Security

Akamai Technologies Secure Cloud & Mobile Computing

VMware Mobile, Data Center & Cloud Security

Symantec Endpoint, Cloud & Mobile Security

Check Point Software Unified Threat Management

Palo Alto Networks Threat Detection & Prevention

Splunk Big Data Security

CYBERSECURITY LEADERS

BIG DATA AND AI

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BIG DATA MARKET SIZE

Source: Statista

Forecast of Big Data market size, based on revenue, from

2011 to 2027 (in billion U.S. dollars)

0

20

40

60

80

100

120

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Worldwide Big Data market revenues for

software and services are projected to

increase from $42B in 2018 to $103B in

2027, attaining a CAGR of 10.48%

BIG DATA AND AI

19Source: Statista

Big data revenue worldwide from 2016 to 2027, by major

segment (in billion U.S. dollars)

0

20

40

60

80

100

120

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Sofware Hardware Services

The software segment is projected to increase

the fastest of all categories, increasing from

$14B in 2018 to $46B in 2027 attaining a

CAGR of 12.6%.

BIG DATA MARKET SIZE

BIG DATA AND AI

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DATA ANALYTICS

Data analytics (DA) is the process of examining data sets in

order to draw conclusions about the information they contain,

increasingly with the aid of specialized systems and software.

BIG DATA AND AI

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Big data analytics helps organizations harness their data and

use it to identify new opportunities. That, in turn, leads to

smarter business moves, more efficient operations, higher

profits and happier customers.

So why is big data analytics important?

DATA ANALYTICS & VISUALIZATION

Data & Analytics Vendors:

Amazon

IBM

Microsoft

Google

Oracle

Salesforce

Adobe

SAP

Tableau Software

BIG DATA AND AI

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AI AND MACHINE LEARNING

BIG DATA AND AI

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AI AND MACHINE LEARNING

Machine Learning examples:

BIG DATA AND AI

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Benefits of Big Data and Data Analytics

USERS

• Big data makes it possible for you to gain more complete answers

because you have more information.

• More complete answers mean more confidence in the data—which

means a completely different approach to tackling problems.

BIG DATA AND AI

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Benefits of Big Data and Data Analytics – Example:

USERS

BIG DATA AND AI

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USERS

Benefits of Big Data and Data Analytics – Example:

BIG DATA AND AI

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USERS

Benefits of Big Data and Data Analytics – Example:

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SUMMARY

• We bring unique, proven strengths

• Principal with 30 years of portfolio management experience

• Dynamic stock selection methodology

• Disciplined risk management process

• Our expertise in technology is unparalleled

• Team consisting of seasoned entrepreneurs that have co-founded billion dollar companies

• Global networks of advisors and analysts examining tech vendors and tech end-users

• Significant out-performance in risk-adjusted returns

• The BSD Global Tech Hedge Fund returned 60.87% since inception versus S&P 500 index

return of 61.54%

• Exhibited only 58% of the S&P 500 index volatility in 2017

• Hedging strategy acts as an “insurance policy” in anticipation of adverse market events,

by limiting drawdowns and often generating alpha

* Management fees and expenses may be associated with investments. Investment funds are not guaranteed, their values change frequently and past performance may not be

repeated. The indicated rate of return is the historical compounded total return including changes in share value and reinvestment of all dividends.