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Investor Presentaiton

Manager Overview (Future Generations Fund) Fund Manager Lead Portfolio Manager Region of Domicile Date of Fund Inception 2017 Returns NSIA'S NAV $(min) NSIA Inception Fund Strategy AQR Style Premia Cliff Asness Connecticut, U.S.A. 1-Sept-2012 -1.35% 25.7 16-Jan-2015 Fund Master JHL Capital Group Fund Jim Litinsky Chicago, U.S.A. 1-Aug-2006 -18.46% 23.4 Arbiter Partners Paul Isaac London, U.K. 1-Apr-2001 12.59% 25.4 Nigeria Sovereign Investment Authority Fund Logo AQR was founded in 1998 by Cliff Asness, David Kabiller, John Liew and Robert Krail. The firm offers a variety of quantitatively driven alternative and traditional investment vehicles to both institutional clients and financial advisors. AOR 31-Dec-2013 Founded in 2006 by Jim Litinsky, JHL invests both long and short across primarily liquid equities but also across fixed income and derivatives. The manager employs deep fundamental analysis and is not constrained by sector or geography. Net exposure will fluctuate over time, and the fund has recently been net short. JHL has traditionally exhibited low correlation to other hedge fund managers. J 28-Feb-2014 Founded in 2001, Arbiter is an opportunistic, value-oriented long/short equity hedge fund. The manager employs a long-term approach to investing and has historically demonstrated a strong US bias. Exposures tend to be aggressive in both net (0.5-1.2x) and gross (1.7-3.0x) terms. Arbiter is willing to invest in thinly traded and micro-cap securities, taking advantage of inherent inefficiencies. The risk/return profile is high, with annualised returns since inception of 19.0%, but with cumulative drawdowns as high as -41% over a 7 month period. A ARBITER FUND MANAGERS Blue Mountain Andrew Feldstein & Stephen Siderow New York, U.S.A. 1-Nov-2003 5.98% 27.2 31-Dec-2013 Blue Mountain is a multi-strategy / relative value credit fund founded in 2003. The fund covers three primary strategies (long/short credit, structured credit, and index arbitrage), exploiting investment opportunities that arise at the intersection of different security types, e.g., where traditional credit investors are restricted by artificially imposed boundaries such as rating or geographic restrictions. Blue Mountain exhibits a low to moderate risk/return profile. Blue Mountain CAPITAL MANAGEMENT LLC 52 52
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