Estimated NAVs and Performance as of August 31, 2016AugustJulyYTD 2016NAV2015201412 Months Rolling Return12 Months Rolling VolatilityLiquidityLink
Areca Value Discovery USD0.20%0.88%-3.33%163.261.42%11.41%-4.07%2.70%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery CHF0.03%0.66%-4.48%151.87-0.15%10.89%-5.72%2.62%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery EUR0.06%0.76%-4.13%157.270.87%11.13%-5.16%2.64%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Liquid Focus USD-0.68%0.85%-3.59%104.023.03%--3.64%2.19%Monthlyhttp://www.ayaltis.com/products/areca-liquid-core
Narrapuno SPC - Spectrum USD-0.26%0.96%-1.32%1,406.253.72%13.85%-1.19%2.74%Quarterlyhttp://www.ayaltis.com/products/acantias-offshore-fund
Narrapuno SPC - Spectrum CHF-0.43%0.73%-2.61%1,329.692.16%13.37%-2.97%2.73%Quarterlyhttp://www.ayaltis.com/products/acantias-offshore-fund
Narrapuno SPC - Convergence USD0.74%0.53%2.22%1,039.96----24 month hardlock, Semi-annuallyhttp://www.ayaltis.com/products/narrapuno-spc-convergence-fund