Estimated NAVs and Performance as of January 31, 2016JanuaryDecemberYTD 2016NAV2015201412 Months Rolling Return12 Months Rolling VolatilityLiquidityLink
Areca Value Discovery USD0.09%-0.40%0.09%169.031.42%11.41%0.12%2.78%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery CHF-0.05%-0.53%-0.05%158.91-0.15%10.89%-1.40%2.71%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Value Discovery EUR0.00%-0.49%0.00%164.050.87%11.13%-0.52%2.75%Quarterlyhttp://www.ayaltis.com/products/areca-value-discovery
Areca Liquid Focus USD-0.44%-0.25%-0.44%107.463.03%-0.27%3.30%Monthlyhttp://www.ayaltis.com/products/areca-liquid-core
Narrapuno SPC - Spectrum USD0.49%-0.39%0.49%1,432.093.72%13.85%2.47%2.50%Quarterlyhttp://www.ayaltis.com/products/acantias-offshore-fund
Narrapuno SPC - Spectrum CHF0.35%-0.53%0.35%1,370.142.16%13.37%0.86%2.48%Quarterlyhttp://www.ayaltis.com/products/acantias-offshore-fund
Narrapuno SPC - Convergence USD0.08%0.30%0.08%1,018.23----24 month hardlock, Semi-annuallyhttp://www.ayaltis.com/products/narrapuno-spc-convergence-fund