Confidence in Conifer Boutique Approach. Institutional Expertise. Conifer Financial Services is an institutional firm with an entrepreneurial heritage. Bringing together some of the best and brightest professionals from the industry, we have built a high-caliber team of experts, along with a suite of innovative products, to meet the needs of our clients.

1. SAN FRANCISCO | NEW YORK | TORTOLA | HALIFAX | SINGAPORE
Confidence
In Conifer.
FUND
ADMINISTRATION
MIDDLE & BACK
OFFICE SOLUTIONS
EXECUTION
SERVICES
PRIME
BROKERAGE

2. Table of
Contents
WHO WE ARE
Conifer Financial Services
WHAT WE DO
Unique Product Array
HOW WE DO IT
Innovative Solutions
WHO WE SERVE
Our Clients
Contact Information
Disclaimers
03
05
09
11

3. WE ARE
We are a leading independent asset services firm with 25 years’ experience
providing exceptional client care to hedge funds, private equity and venture
capital firms, family offices, pensions, foundations and endowments.
WHO

4. Boutique Mindset. Global Expertise.
Innovative Technology.
Providing comprehensive fund services and technology solutions
to investment managers is our only business. We have a proven
history of assisting clients with fund administration, middle- and
back-office operations, execution services, prime brokerage, and
technology solutions to help them run more efficiently. Our ex-
perienced staff will work with you to define the scope of services
that bests fits the need for each of your funds.
Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.
{ Confidence In Conifer.
Over 200 clients including
Pensions, Foundations,
Endowments, Hedge Funds, PE
Funds, Venture Capital
More than $100B in AUA SSAE 16 certified

5. Rooted in the
1989
Conifer founded in
SF, launches multi-
manager hedge
fund platform
2003
Vastardis Capital
founded in NY by Bill
Vastardis
2007
Conifer establishes
offshore fund adminis-
tration business in BVI
2008
Vastardis opens
Singapore office to
serve Asia Pacific
2012
Vastardis opens SF
office to meet client
demand
2008
Conifer acquires
buyside trading
business from
Morgan Stanley
2011
Conifer launches
iCon®
cloud
platform
2014
Merger of Conifer
& Vastardis to form
Conifer Financial
Services
2006
Vastardis opens in
Toronto with Envisor™
development staff
{ Confidence In Conifer.
INDUSTRY
Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.

6. Why Conifer?
BENEFIT
EXPERIENCE
GAIN
from 25 years of expertise and
first-rate client service for your
outsourced operations.
a boutique approach while deriving
value from stable counterparties and
partners.
greater insight and flexibility with our
innovative investment operating and
reporting technology.
{ Confidence In Conifer.

7. WHATWE DO
As a leading global asset services firm, we understand that our primary job is to
leverage our industry knowledge, product expertise and innovative technology
resources and provide you with exceptional client care. In turn, our solutions
enable you to focus on your primary job – to attract clients, generate superior
returns, and run a profitable business. By partnering with Conifer you will access
an institutional-grade platform, scaled to your needs. We invite you to leverage our
latest technologies and services without having to build, buy or maintain them.

8. Unique Product Array
Whether your needs are in the
Front, Middle or Back Office,
Conifer’s comprehensive suite
of services has the right solu-
tion for you.
Global fund administration, middle- and
back-office services, quality trade execu-
tion and prime brokerage: Conifer Finan-
cial Services offers institutional quality
infrastructure that you can leverage in a
cost effective, risk mitigating & investor
friendly manner.
FUND
ADMINISTRATION
MIDDLE & BACK
OFFICE
EXECUTION
SERVICES
PRIME
BROKERAGE
{ Confidence In Conifer.
Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.

9. FUND
ADMINISTRATION
Conifer is one of the leading fund administrators for
both onshore and offshore hedge funds, funds of funds,
private equity and venture capital funds. We also provide
administration and performance measurement services
for endowments, foundations and pensions. We leverage
proprietary technology and expertise to deliver outsourc-
ing services that meet your business objectives. We offer
dedicated fund accounting, tax and operations staff that
all have extensive industry experience. Conifer’s client-
focused service model, efficient operating procedures,
accounting and shareholder reporting and technology, en-
sure that we can effectively support any client relationship.
The services include fund set-up, investor due diligence,
Net Asset Value calculations, including full accruals for
operating expenses, incentive fees and commissions and
outstanding service for your investors. We have a robust
review program that includes “Know Your Customer” pro-
tocols that meet anti-money laundering and Patriot Act
requirements. Conifer understands the constantly evolv-
ing regulatory demands on alternative investments and
their managers and has the expertise to manage them on
your behalf.
Data integrity is another cornerstone of our business. We
recognize how important receiving timely and accurate
reporting is to a smoothly running back-office. We have
developed a centralized source of all data elements, com-
bined with redundant quality checks to ensure informa-
tion integrity.
Our senior employees offer decades of experience in
accounting, performance measurement, pricing, com-
pliance and regulatory issues. We take pride in staying
current on industry issues and regulations. Because we
specialize in investment operations, we know when and
where to apply evolving best practices in tested, yet
creative ways.
› Onshore offshore administration
› Customized, high touch client service and investor
relations
› Able to service funds of all sizes and structures
across all asset classes
› Monthly NAV
› Fund performance and benchmark reporting
› Compliance review program
› Preparation of annual financial statements
› Advent Geneva accounting platform
› $100B+ AuA
› Locations in San Francisco, New York, Tortola,
Halifax, and Singapore
{ Confidence In Conifer.
We offer flexible and personalized support and tailor our full range of administration
services to fit your business requirements. Our approach combines professional
knowledge of securities, capital markets and operational processes and procedures
with state of the art technology to provide accurate and timely information 24 hours
a day, seven days a week.

10. MIDDLE BACK
OFFICE SERVICES
Conifer’s outsourced middle office solutions offer you
seamless integration of best-of-breed proprietary technol-
ogy that we deliver with maximum operational efficiency
so your daily operations run smoothly. We allow you to run
your business better by leveraging processes that we have
proven. Our staff of middle-office operations experts works
seemlessly with you before, during and after the trading
day to ensure your firm’s critical operational processes are
handled promptly and accurately. Conifer’s iCon®
platform
allows you to transform data into meaningful insight for im-
proved decision making. It also allows you to customize
reporting the way you want it, when you want it.
Our platform provides advanced data management offer-
ing managers reliable, relevant data to effectively manage
risk and make well-informed decisions. Aggregation and
normalization is critical. In our comprehensive data man-
agement model, we aggregate data from all of your prime
brokers and executing brokers, normalize and validate the
data, apply quality controls to ensure consistency and ac-
curacy, then deliver the data in meaningful context.
We have the systems and experience covering all asset
classes and most fund structures. We also offer you auto-
mated process flow which captures an audit trail to deliver
additional transparency and oversight.
Using our services can also help protect your firm by re-
ducing your reliance on manual processes, and decreasing
the probability of errors or losses. We also reduce your
operational fixed costs and eliminate your reliance on
spreadsheets, which are prone to inefficiencies and hu-
man error. And we do all this with infrastructure that in-
tegrates the latest and best technology enhancements for
compliance, risk management, valuation and tax, and in-
vestor reporting to provide you with a robust institutional-
grade platform. Using Conifer can also help you get your
funds to market faster by leveraging consistently applied
processes, incorporating best practices and process im-
provements. You can rely on the expertise of our network
of internal and external experts.
› Daily cash, position and trade reconciliation across
all counterparties
› Trade break identification and resolution
› Corporate action processing
› Independent valuation using “best in class” pricing
sources
› Dynamic multi-prime reporting and data
transmission capabilities
› Cloud-based iCon®
reporting portal accessible
through any browser
› Portfolio level analytics including performance
attribution and risk metrics across real-time and
historical inquiries
› Trade and position comparison views across
counterparties
› Customizable interface by end user
{ Confidence In Conifer.
Conifer’s Middle and Back Office Services offer a true outsourcing solution
that enables managers to leverage a scalable infrastructure without the
burdensome fixed costs associated with trade operations, data storage,
disaster recovery and system maintenance.

11. EXECUTION
SERVICES
Conifer is a full service outsourced global trading
solution with locations in San Francisco and New
York, with access to over 90 brokerage firms on
an agency basis. Whether serving as a complete
outsourced solution, supplementing an existing
desk, or ensuring business continuity and back-
up, we add exceptional value to our clients by
transforming a heavy fixed cost to a variable cost
component. Our collective experience ensures
our clients access to a diverse and global network
of established buy and sell-side relationships,
enabling us to support them through often vola-
tile markets, keep them informed, optimize their
trading and facilitate their success.
More than providing execution, we sup­port our
clients through all stages of a trade. We provide
each of our clients with an experienced, dedi-
cated trader - a partner who is focused on your
needs – as well as a dedicated back-up trader to
provide continuity. Our team of trad­ers becomes
your team, being your eyes and ears into the mar-
ket, whatever the size of your operation. Our in-
terests are aligned with those of our managers, as
we do not participate in principal trading.
› Execution of global equities, options,
and ETFs
› Direct access to over 90 brokerage firms on an
agency basis
› Soft dollar and commission management
› Full coverage desks located in New York and San
Francisco
› Global trading relationships
› No proprietary trading
{ Confidence In Conifer.
Conifer offers trade execution services ranging from a complete outsourced
solution, a supplement to an existing desk, or as business continuity for clients
who need a reliable backup. Our core mission is to add unmatched value with
attention to detail throughout the entire trading process.
Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.

12. PRIME
BROKERAGE
Our service offering includes financing, securi-
ties lending, asset custody and reporting. Addi-
tionally, our platform is multi asset class and has
the ability to clear over 75 countries including
some emerging markets. While our client’s as-
sets reside within J.P. Morgan or Pershing, our
client service is driven out of Conifer.
Most of our client service representatives have
experience working at large prime brokers and
our client service representatives average 15
years of industry experience.
Our reporting capabilities include both custody
reporting, and portfolio reporting which can be
viewed online or delivered via PDF. Upon balanc-
ing your portfolio we can independently price
your portfolio and provide you with consolidat-
ed, multi prime broker reporting to showing ag-
gregate positions across custodians.
› Clearing through J.P. Morgan Clearing Corp. or
Pershing
› Multi asset class capabilities
› Multi prime broker reporting capabilities
› Clearing capabilities in over 75 countries
› Reg T and Portfolio Margin solutions available
› High touch client service of Conifer
{ Confidence In Conifer.
Conifer offers its managers a full suite of prime brokerage services using either
J.P. Morgan Clearing Corp. or Pershing as the global clearing firm. Our prime
brokerage platform is multi asset class and affords our clients counterparty safety
complemented by the high-touch client service of Conifer.
Securities offered through Conifer Securities, LLC - Member FINRA/SIPC.

13. WE DO IT
HOWOur products and services go well beyond what other service providers
loosely refer to as investment operations. With both human and technological
components, we ensure best practices are always followed.

14. Scope of Services
A true outsourcing solution, not just “Admin-Plus”
{ Confidence In Conifer.
Trade Lifecycle
› Trade Execution
› Trade Capture
› Transactions
› Resolve Breaks
Actions
› Wire Transfers
› ISDA Payments
› Corporate Actions
› Executing Broker
Documentation
Portfolio Management
› Reporting
› PL
› Tax Lots
› Data Warehousing
› Document Management
Analysis
› Attribution
› Exposure
› Risk
› Benchmarking
› Liquidity
Portfolio Accounting
› Reconcile Cash
(to all PBs/Custodians)
› Reconcile Listed Positions
(to all PBs/Custodians)
› Reconcile OTC Exposures
(to all ISDA Counterparties)
› Accruals
iCon®
TECHNOLOGICAL
ELEMENT
HUMAN
ELEMENT

15. Envisor™
Our Multi-manager Solution Offering Comprehensive Reporting Access
The heart of our multi-manager
solution is an advanced cloud-based
data-hub that ensures clients receive
comprehensive and consistent
reporting and analytical tools
accessible over the web.
{ Confidence In Conifer.

16. Envisor™
Our Multi-manager Solution Offering Comprehensive Reporting Access
Envisor provides Operations Teams
with a robust, transparent workflow
tool for capturing, categorizing, and
processing manager communications
to provide timely and accurate
information to the investment team.
Envisor provides Investment Teams
with a feature-rich reporting and
analytical tool for performance
measurement, liquidity planning,
and exposure analysis, to effectively
manage their complex portfolios.
{ Confidence In Conifer.

17. iCon®
Our Single Manager Solution
Conifer’s iCon® is an industry
leading cloud based tool for portfolio
aggregation, accounting, reporting
and data warehousing for single
manager portfolios and managed
accounts. Conifer’s proprietary
web-based platform features
accurate, fully integrated reporting,
across many products and markets,
regardless of which prime brokers or
custodians our clients use.
{ Confidence In Conifer.

18. iCon®
Our Single Manager Solution
Key benefits of the platform include:
› Fully integrated and reconciled multi-
prime broker/custodian reporting
› Flexible information access and delivery
via data files and/or reports
› Reports that can be fully customized to a
manager’s specifications
› Global remote connectivity via secure
internet connection
› Multi-currency and multi-asset class
capability
› Transaction and tax lot level data
› Data integrity and consistency across all
portfolios.
› Information is easily accessible by
authorized third parties.
{ Confidence In Conifer.

19. Form PF solution
An Trusted End-to-end Form PF Service that Reduces the Time and Cost of Compliance
Conifer provides a comprehensive Form
PF solution including aggregation and
mapping of data and the production
reports for filing with regulators. Our
Form PF tool allows fund managers
to effectively respond to regulatory
requirements through an institutionalized
process of integrating data from prime
brokers, custodians and other fund
administrators.
We offer an end-to-end software
solution which automates the complex
data aggregation processes required to
help fund managers meet new Form PF
requirements.
{ Confidence In Conifer.

20. AT A GLANCE
› Simple in design for the users, but
sophisticated enough to handle all types
of permutations for the inputs
› Regulatory changes are monitored
and enhancements made to the tool
to ensure that the necessary data is
collected
› Have completed Form PF filings for both
small and large size managers, and both
single and multiple portfolio aggregation
› Data aggregation can be tailored to an
individual manager’s perspective and
interpretation of the form
› Answers are made available to client in
both an easy to view PDF format, as well
as the XML format required by regulators
Form PF solution
An Trusted End-to-end Form PF Service that Reduces the Time and Cost of Compliance
{ Confidence In Conifer.

21. WHOWE SERVE
For over 25 years we have been solely focused on enabling institutional
and alternative managers to improve efficiencies, reduce costs, enhance
transparency and spend more time on where they best add value—in
managing money.

22. › Private equity, venture
capital, real estate and
natural resource funds
› Hedge funds
› Private long only funds
› Separately-managed accounts
› BDCs
› Funds-of-funds
› Pooled endowment products
› Traditional endowments,
foundations, pension plans
› Family offices and wealth
management organizations
› Outsourced CIOs
SINGLE
MANAGER FUNDS
(domestic and offshore)
MULTI-MANAGER
PORTFOLIOS
(domestic and offshore)
With over 200 client firms worldwide representing more than $100 billion of combined
assets under administration, Conifer Financial Services offers front to back capabilities
across all asset classes and client types.
Vast expertise
CLIENT TYPES
{ Confidence In Conifer.

23. Vast expertise cont.
Expertise in a broad range of investment products:
EQUITIES
› US
› International
› Emerging markets
PRIVATE SECURITIES
› Equity securities, including preferred
stock and other ownership structures
common in private equity
› Mezzanine debt
COMMINGLED
INVESTMENT VEHICLES
› Partnership interests
› Open-end funds
› Private equity and other drawdown funds
› Share-based funds
REAL ESTATE
› Including direct ownership,
REITs and funds
DERIVATIVES
› Options, caps, floors and swaptions
› Futures
› Swaps, including interest rate, equity,
total return and currency swaps
› Credit derivatives (single issue and index)
› Forwards
› Contracts for difference
FIXED INCOME
› Corporate debt
› High Yield/Distressed
› Emerging market debt
› Asset-backed securities, including
mortgage-backed securities
› Sovereign debt, including emerging markets
› Short-term instruments
› Bank loans
› Repurchase and reverse repurchase
agreements
{ Confidence In Conifer.

24. Why outsource with Conifer?
Confidence In Conifer.
INCREASE
FOCUS
› Dealing with unfamiliar operational issues
is an opportunity cost for professional
money managers
› Removing these distractions creates or-
ganizational focus and clarity around the
investment process
LOWER
EXPENSES
› Retaining an in-house operations staff un-
necessarily burdens the investment office
with fixed salary costs
› Maintaining adequate technology requires
large capital expenditures and countless
upgrades
GAIN
EXPERTISE
› Gaining the collective knowledge of an
entire team with diverse clients ensures
continued best practices
› Leveraging a dedicated operations team
complements the investment office’s ex-
pertise in managing money
MEET INVESTOR
DEMANDS
› Investors are demanding independent
administration to add assurance that fund
information and returns are accurate
› Institutional investors expect a high degree
of infrastructure and operational soundness
REDUCE STAFF
COMPLICATIONS
› Filling back-office roles is distracting and
often ineffective for money managers
› Eliminating turnover in back-office per-
sonnel improves overall firm morale
REDUCE
RISK
› Staying current on industry issues, regula-
tions and best practices presents unique
challenges
› Conifer provides institutional quality infra-
structure and the necessary scale to adapt
and succeed

25. Contact
Conifer
Conifer.com
SAN FRANCISCO
NEW YORK
TORTOLA
HALIFAX
SINGAPORE
One Ferry Building
Suite 255
San Francisco, CA 94111
Tel 415-677-1500
Toll Free 800-521-2424
767 Third Avenue
39th Floor
New York, NY 10017
Tel 212-676-5500
Yamraj Building
P.O. Box 4818
Road Town, Tortola
British Virgin Islands VG1110
Tel +1 284-494-4133
36 Solutions Drive
Halifax, NS B3S 1N2
Canada
61 Robinson Road
#07-01 Robinson Center
Singapore 068893
Tel +65 6592-0115
© 2014 Conifer Financial Services, LLC. All Rights Reserved.
This document is for your information only and should not be regarded as a solicitation or
recommendation of any particular security, market participant or trading strategy. Securities are
offered through Conifer Securities, LLC - Member FINRA/SIPC. All product and company names
are marks or registered marks of Conifer Financial Services, LLC and the Conifer Group, LLC.

26. Confidence In Conifer.
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