Estimated NAVs and Performance as of November 30, 2016NovemberOctoberYTD 2016NAV2015201412 Months Rolling Return12 Months Rolling VolatilityLiquidityLink
Areca Value Discovery B USD-0.90%-0.29%-3.10%115.892.30%12.45%-3.41%2.62%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery B CHF-1.06%-0.50%-4.82%112.390.71%11.86%-5.25%2.52%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery B EUR-1.06%-0.46%-4.37%113.341.76%12.16%-4.76%2.56%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Liquid Focus B USD-0.72%-0.49%-4.75%102.803.03%--4.99%1.83%Monthlyhttp://www.ayaltis.com/products/areca-liquid-focus
Areca Azure C USD0.24%-0.06%-1.57%98.43----Monthlyhttp://www.ayaltis.com/products/areca-azure
Narrapuno SPC - Spectrum A USD-1.06%-0.48%-1.90%1,398.033.72%13.85%-2.28%2.72%Quarterlyhttp://www.ayaltis.com/products/narrapuno-spectrum-fund
Narrapuno SPC - Spectrum A CHF-1.23%-0.70%-3.76%1,313.942.16%13.37%-4.27%2.68%Quarterlyhttp://www.ayaltis.com/products/narrapuno-spectrum-fund
Narrapuno SPC - Convergence A USD0.26%0.22%3.08%1,048.75----24 month hardlock, Semi-annuallyhttp://www.ayaltis.com/products/narrapuno-convergence-fund