The document outlines an investment opportunity in a long/short equity fund called the Delos Long/Short Fund, which employs a market neutral, sector neutral, and dollar neutral strategy focused on developed markets using fundamental and technical analysis to generate absolute returns. Backtesting shows the fund achieved returns of 12.45% in its first 9 months of operation outperforming peers. Projections estimate the fund could grow assets to $750 million over 10 years generating a 9.4x multiple on original investment for early anchor investors.

1. LONG SHORT FUND
January 2015

2. The Investment Opportunity:
• Timing is exceptional for Equity Long /Short
• High Growth/High Margin Business
• Clients are Ultra High Net Worth Families with
>US300m in net worth,
• Senior Partners have over 45+ yrs combined in the
industry and access to UHNW families.
• We have already soft circled US135m for the first fund
• Well received value proposition from UHNW families
• Investors looking at 5X-10X multiple of invested capital
Confidential 1

3. Our Value Proposition
2
1)
Transparency
 Daily access to all trades & positions
 Weekly newsletter
2) Liquidity  Liquid assets traded (equities T+3 & options T+1)
 Daily mark-to-market
 Monthly NAV subscriptions & redemptions
 Weekly redemptions upon request
3) Performance  Absolute return
 Target return: 8-12% per annum net of fees
4) Fair Fee
Schedule
Standard Fees
 Management Fee: 1.5%
 Performance Fee: 20.0%
 Hurdle rate: US CPI + 1.5%
 High Water Mark Yes
First Close Fees
1.5%
15.0%
US CPI+ 1.5%
Yes
5) Low
Leverage (1:1)
US$ 1 Long = US$ 1 Short

4. • Equity pairs in equal proportions
• Long – expected to Outperform
VS
• Short - expected to Underperform
• Objective: Absolute Returns
• Focus: liquid & developed markets
• Fund is market, sector, and dollar neutral.
• Equity Options: reduce risk & enhance returns.
Confidential 3
The Delos Long/Short Fund: Strategy

5. Low Systematic (beta)
Risk
a. Market Neutral  50% Long / 50% Short
b. Sector Neutral  Pharma to Pharma
c. Dollar Neutral  Equal weightings on L/S
Alpha Generation a. Fundamental & technical analysis
 Finding the right pairs
b. Capture Alpha in up and down markets
Active Risk Management a. Low leverage (1:1)  Low volatility
b. Option-based portfolio insurance to mitigate risk
c. Stop-loss triggers on the pairs
Absolute Return Focus
4

6. 5
Back TestingDelos Return Attribution 2014:
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
8.46%
2.08%
3.45%
13.98%
0.01% -1.54% 0.00%
-1.53%
8.47%
0.53%
3.45%
12.45%
Realized
Unrealized
Total
April 14-Dec. 31: +12.45%
Annualized: +17.57%

7. 6
Back TestingDelos Long/Short Comparables 2014 and 2015 YTD:
Delos Long Short Performance: April 14-Dec. 31 YTD
2014 2015 Since Inception
% Return
LONG Equities 8.47% 0.05%
SHORT Equities 0.53% -2.08%
PUT Premiums 0.68%
CALL Premiums 3.45% -0.44%
Realized Gain/Loss 1.76%
Total Portfolio Gain 12.45% -0.01% 12.44%
Neuberger Berman Long/Short 3.54% 0.08% 3.62%
Diamond Hill Long/Short 7.12% -1.73% 5.26%
Vanguard Market Neutral Fund 1.68% 0.17% 1.86%
JP Morgan Market Neutral Fund 0.78% -1.10% -0.32%

8. --32 Pairs
--10 sectors
--50% Long VS 50% Short
--Market Neutral, Sector Neutral, Dollar Neutral
Confidential 7
Delos Long/Short 2015 Composition
Energy
10%
Healthcare
19%
Financials
9%
Tech
13%
Consumer Discretionary
22%
Airlines/Shipping
6%
Consumer Staples
6%
Semis
9%
Telecoms
3%
Metals/Mining
3%

9. Execution Platform: Interactive Brokers
8
 Recognized industry leader: Barron’s #1 electronic broker 3 years straight
 Largest US electronic broker
 Listed on Nasdaq and Frankfurt exchanges
 Access to 100+ markets in 24 countries
 Total Client Assets: US54Bn
 US5.2bn equity capital, low leverage, solid balance sheet
 Rated A-/A-2 by Standard & Poors
 Trading: multiple desktop and mobile trading platforms
 Shorting: Availability and cost to short all on line
 Low Cost & Best Execution
 Segregation of client assets from brokers balance sheet

10. 9
Delos Long/Short Timeline:
Staffing: 5
US35m
Yr 1 Yr 3 Yr 5 Yr 8 Yr 10
Staffing: 13
US500m
Staffing: 20
US750m
Staffing: 8
US250m
0
200
400
600
800
1000
1 2 3 4 5 6 7 8 9 10
AUMs (000s)
Current Soft Interest: US 135m

11. 10
Estimated Equity Value of Delos CP:
5.7x MOIC* for Anchor Investors by year 5 with 15%
9.4x MOIC* for Anchor Investors by year 10 with 15%
*DIVIDENDS NOT INCLUDED IN MOIC CALCULATION
Enterprise Value
AUMs (3 funds) 500m 750m
Year 5 Year 10
Total Operating Costs 2,937,000 3,062,000
Total Revenue 12,500,000 18,750,000
Net Income 9,563,000 15,688,000
Delos Estimated Enterprise Value = $57,378,000 $94,128,000
Assuming PE of
6.00

12. 11
For Investors:
Yr 1 Yr 3 Yr 5 Yr 8 Yr 10
Delos Capital Partners is seeking US1.5m
of working capital from investors
in exchange for 15% of equity in Delos
Capital Partners
Delos Capital
Partners
85%
Anchor Investor
15%