Investment Strategy

The funds principal objective is to generate stable long term capital gains above the money market returns with a low level of
volatility. This objective will be achieved by running a multi-strategy portfolio that employs a selection of non-correlated strategies to
invest and trade opportunistically in the Asia Pacific markets. Despite markets turmoil, Octis succeeded in posting a positive
performance whilst dramatically reducing the Volatility of the P&L (5.3% since October 2007). The components of the multi strategy
consist of (1) Asian Equity, (2) Asian Volatility and (3) Discretionary Overlay to help master global risks. The fund has exposure to
the FX and Equity markets through Spots, Stocks, Futures, Convertible Bonds and Options.

Weighted Assets under Management (AuM)
Performances
Weighted
AuM
1 Month Return (%) 0.41
YTD Return (%) 0.33
Returns since Inception (%) 31.58
Average YTD AuM (USD) 50.2m
Monthly Net Returns (%) Weighted AuM
OCTIS Asset Management
Octis Asia Pacific Fund
2014
March
Website: www.octis.com.sg E-mail: Octis.marketing@octis.com.sg Telephone: +65 6500 1188 Fax: +65 6500 1189 Address: 80 Raffles Place #24-21 UOB Plaza 2, Singapore 048624
*Annualized, including 2008
Weighted AuM
Last 12
months
Since
Inception
Net Returns (%) 3.65 4.37*
Volatility (%) 3.51 5.03*
Return / Volatility 1.04 0.87
Max Drawdown (%) -2.14 -7.48
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.62 0.37 1.00
2008 -0.03 -0.59 -0.98 0.08 -0.19 -1.36 -0.46 -1.56 -0.69 -1.25 -0.58 -0.12 -7.48
2009 4.02 2.42 -2.29 6.88 3.94 -1.49 2.99 1.42 2.37 -1.43 0.93 0.94 22.31
2010 0.79 -0.19 2.84 -0.72 -0.56 0.51 -0.20 0.00 -0.52 0.78 0.67 0.07 3.46
2011 -0.12 -0.19 1.56 2.06 -0.50 -0.11 1.16 0.32 -1.72 1.74 -0.43 -0.35 3.40
2012 1.36 0.93 -0.24 -1.61 -0.63 1.15 -0.05 0.58 0.63 -0.02 1.03 0.41 3.55
2013 1.09 -0.14 -0.68 0.81 1.42 -2.14 1.64 -0.07 0.52 0.54 -0.20 0.80 3.58
2014 0.70 -0.78 0.41 0.33
Octis fund offers 3 Classes of Investments: EUR, AUD and USD.
Historically the fund has been denominated in EUR, but is now heavily invested in
the USD and AUD classes. YtD, on average, the AuM is equivalent to USD50.2m.
The pie chart illustrates the percentage of AuM invested in each denomination.
EUR
3%
USD
68%
AUD
29%
40.000
50.000
60.000
70.000
80.000
90.000
100.000
110.000
120.000
130.000
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Octis Weighted AuM vs Benchmarks
Octis Asia Pacific Fund (Weighted by assets)
MSCI Asia Pacific Index
Euribor 3M
Mizuho Eurekahedge Asia Pac Multi-Strat
OCTIS Asset Management
Octis Asia Pacific Fund
2014
March
Website: www.octis.com.sg E-mail: Octis.marketing@octis.com.sg Telephone: +65 6500 1188 Fax: +65 6500 1189 Address: 80 Raffles Place #24-21 UOB Plaza 2, Singapore 048624
Monthly Net Returns (%) AUD
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 1.23 0.62 1.86
2013 1.17 -0.07 -0.59 0.90 1.49 -2.07 0.52 -0.09 0.51 0.66 -0.07 0.94 3.30
2014 0.84 -0.65 0.51 0.69
Monthly Net Returns (%) USD
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 1.01 -0.22 -0.78 0.70 1.35 -2.21 2.73 -0.05 0.53 0.48 -0.24 0.74 4.02
2014 0.64 -0.83 0.37 0.18
Monthly Net Returns (%) EUR
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.62 0.37 1.00
2008 -0.03 -0.59 -0.98 0.08 -0.19 -1.36 -0.46 -1.56 -0.69 -1.25 -0.58 -0.12 -7.48
2009 4.02 2.42 -2.29 6.88 3.94 -1.49 2.99 1.42 2.37 -1.43 0.93 0.94 22.31
2010 0.79 -0.19 2.84 -0.72 -0.56 0.51 -0.20 0.00 -0.52 0.78 0.67 0.07 3.46
2011 -0.12 -0.19 1.56 2.06 -0.50 -0.11 1.16 0.42 -1.51 2.01 -0.81 -0.35 3.60
2012 1.36 0.93 -0.24 -1.61 -0.63 1.15 -0.05 0.58 0.63 -0.02 1.02 0.59 3.72
2013 0.95 -0.22 -0.85 0.73 1.33 -2.24 -0.14 -0.08 0.45 0.49 -0.25 0.72 0.86
2014 0.66 -0.80 0.36 0.22
EUR Class
Last 12
months
Since
Inception
Net Returns (%) 1.21 3.98*
Volatility (%) 3.21 5.03*
Return / Volatility 0.38 0.79
Max Drawdown (%) -2.45 -7.48
AUD Class
Last 12
months
Since
Inception
Net Returns (%) 3.49 4.16*
Volatility (%) 3.22 3.02*
Return / Volatility 1.08 1.38
Max Drawdown (%) -2.07 -2.07
USD Class
Last 12
months
Since
Inception
Net Returns (%) 4.21 4.20*
Volatility (%) 4.12 3.87*
Return / Volatility 1.02 0.86
Max Drawdown (%) -2.21 -2.21
EUR AUD USD
1 Month Return (%) 0.36 0.51 0.37
YTD Return (%) 0.22 0.69 0.18
Returns since Inception (%) 28.44 5.95 4.20
Average YTD AuM (USD) 1.51m 14.6m 34.1m
Performance Data
*Annualized, including 2008
OCTIS Asset Management
Octis Asia Pacific Fund
2014
March
Octis fund posted a positive performance in March (+0.36%, +0.51% and +0.37% respectively in EUR, AUD and USD) maintaining an
extremely low 12-month rolling 3.2% volatility. It has to be noted that we controlled market risk at a time when we were also deploying
more capital.

All our strategies posted a positive return.

The Quantitative fundamental long-short equity model - our alpha strategy (alpha being the return not explained by the overall
market) - made up for the losses incurred the previous month and proved nimble in adapting to swings in market conditions. We
however perceive that there is some rotation underneath among the different investment styles (price momentum, earnings, value,
quality) and we monitor very closely whether or not we see some significant changes in the decay of our various factors.

The Asian systematic book (equity future and FX mainly) our quantitative beta strategy (beta being the exposure to overall market)
- ended positive and delivered a smooth P&L profile in Q1. Here, we look for opportunities in order to gradually increase the size of the
book.

Finally, the Volatility book our sigma strategy (sigma being the statistical jargon to name volatility) kept on delivering stable yield
and remained a key contributor to the overall Sharpes ratio of the fund. We however see few opportunities in order to increase the size
of the book.

All in all, we remain convinced that such an alpha sigma beta portfolio structure, due to its capacity to adapt to switches in
investors sentiment, provides our investors with a superior edge in order to create and protect wealth.

Market wise, we feel that the turmoil in Ukraine may obviously weight on global risk appetite even if we dont see any serious danger for
European peace. In the meanwhile, expectations of strong GDP growth for Q1 have been revised down weeks after weeks (15% lower
than what was expected last year) and momentum in PMI has waned from an otherwise high level. This disconnection between world
stocks and growth expectations is a concern to us. Indeed, it means that investors will receive lower return for even higher level of risks
as evidenced with the sheer size of margin debt at record high (USD451bn). Once combined with the gradual normalization of US
monetary policy, these developments lead us to be particularly cautious and to closely monitor any signals (break in volatility,
asset/sector/style reallocation) which could herald a substantial risk re-pricing.

In Asia, China is clearly the main source of risk. Authorities have embarked in profound structural reforms but the task is huge after
almost two decades of misallocation of capital (read: over-capacities, ghost cities, soil, water and natural resources exhaustion, ..) and
at a time when the Chinese banks hoard assets (loans) worth of USD26 trillion, i.e. 280% of GDP (90% of GDP in the USA). Rudi
Dornbusch, Nobel prize in economics, already said in the early 2000s that the Chinese banking system was the biggest threat to world
economic stability. This has never been so true, which makes the implementation risk of these reforms very high. Chinese authorities
claim NPLs are hovering around 1%, as BoJ did in Japan 30 years ago while it never forced banks to provision. Banking crisis always
prove that NPLs are largely under-estimated and it has to be remembered that NPLs peaked at 50% in China during the Asian financial
crisis. When such thing happens, there is no place, i.e. no sector, to hide in the market as the systemic risk subsumes everything.
Therefore, though we are pleased to find value in China, we are concerned by this hefty risk and are reluctant to increase positions
there.

Commentary
Website: www.octis.com.sg E-mail: Octis.marketing@octis.com.sg Telephone: +65 6500 1188 Fax: +65 6500 1189 Address: 80 Raffles Place #24-21 UOB Plaza 2, Singapore 048624
Asian
Equity
54%
Asian
Volatility
27%
Overlay
13%
Cash
6%
Strategic Allocation (in %AuM) @ Mar 2014


0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
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Volatility: Octis vs Major Equity Markets
Octis Eur 12m Volat. MSCI World Index
ASX 200 Index MSCI Asia Pacific Index
OCTIS Asset Management
Octis Asia Pacific Fund
2014
March
Comparison to Benchmarks
* AUD Class Inception: 01 November 2012; USD Class Inception: 01 January 2013
Weighted
AuM
EUR
Class
AUD
Class*
USD
Class*
Euribor
3M
Eureka
Hedge
MSCI Asia
Pacific
1 Month 0.41% 0.36% 0.51% 0.37% 0.02% -0.03% 0.12%
3 Months 0.33% 0.22% 0.69% 0.18% 0.07% -0.47% -2.37%
6 Months 1.47% 1.18% 2.23% 1.16% 0.13% -0.66% -0.40%
1 Year 3.65% 1.21% 3.49% 4.21% 0.24% 0.67% 1.80%
2 Years p.a 2.69% 1.36% - - 0.32% 2.94% 4.41%
3 Years p.a 3.20% 2.37% - - 0.68% 0.50% 0.54%
Since Inception p.a 4.37% 3.98% 4.16% 3.35% 1.56% 0.31% -3.31%
Since Inception
Weighted
AuM
EUR
Class
AUD
Class*
USD
Class*
Euribor
3M
Eureka
Hedge
MSCI Asia
Pacific
Net of Fees Returns 31.58% 28.44% 5.95% 4.20% 10.42% 2.01% -19.43%
Annualized Average Return 4.37% 3.98% 4.16% 3.35% 1.56% 0.31% -3.31%
Annualized Volatility 5.03% 5.03% 3.02% 3.87% 0.46% 7.95% 20.30%
Returns / Volatility 0.87 0.79 1.38 0.86 3.38 0.04 -0.16
12 Months Return 3.65% 1.21% 3.49% 4.21% 0.24% 0.67% 1.80%
12 Months Volatility 3.51% 3.21% 3.22% 4.12% 0.01% 6.44% 12.31%
Average Positive Month 1.34% 1.33% 0.85% 0.95% 0.13% 1.75% 4.09%
Average Negative Month -0.68% -0.68% -0.59% -0.72% - -1.79% -4.64%
Sortino Ratio** 5.37 4.80 1.74 3.99 - -0.28 -0.90
Standard Dev. of Downside 0.63% 0.62% 0.77% 0.79% - 1.48% 4.49%
Correlations to EUR Class 0.44 0.07
** Sortino Ratio calculated using the monthly 3 mth Euribor
Octis Asset Management Pte Ltd (OCTIS) is regulated as a Registered Fund Management Company by the Monetary Authority of Singapore (MAS) and is exempt from the requirement to hold a capital markets services license. Octis
Asset Management Pte Ltd is subject to MAS registration requirements which include serving not more than 30 qualified investors and managing assets the aggregate of which does not exceed $S 250M.This presentation and the
information included herein is for general information purposes only and does not constitute an offer to sell or solicitation of an offer to purchase any security, any commodity futures contract or commodity-related product, or any
advisory or trading management service described herein. By viewing this presentation you agree to be bound by the Terms and Conditions of Use. This material is intended as a general outline only and is not a definitive statement on
the subject matter. It is not intended for public use or distribution. This presentation should not be regarded as investment advice or financial product advice and should not be relied upon as such. In making any investment decision,
prospective investors must rely on their own examination of the merits and risks involved. The information contained in this document is subject to change without notice. Any research or analysis used to derive, or in relation to, the
information has been procured from sources deemed reliable by OCTIS for its own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor. The fund mentioned in this
presentation are suitable for professional or institutional investors only. All investment involves risk and past performance is not indicative of future results. Our investment management services relate to a variety of investments, each
of which can fluctuate in value. The value of funds and portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The loss on realization or cancellation may be very high
including total loss of investment, as the value of such an investment may fall suddenly and substantially. Access to information about the fund is limited to investors who qualify as accredited, expert and institutional investors as
defined under the Securities and Futures Act and Financial Advisers Act of Singapore, and the funds are not intended for the public in Singapore. The information memorandum is not a prospectus as defined in the Securities and Futures
Act. Accordingly statutory liability under that Act in relation to the content of prospectuses would not apply.

Funds Information
Website: www.octis.com.sg E-mail: Octis.marketing@octis.com.sg Telephone: +65 6500 1188 Fax: +65 6500 1189 Address: 80 Raffles Place #24-21 UOB Plaza 2, Singapore 048624
Fund Strategy Multi-Strategy, Asian Equity, Low Volatility Management Fee 2%
Denomination EUR, with USD and AUD classes Performance Fee 20% with Historical High Water Mark
EUR Class Inception 01 October 2007 Redemption Notice 30 Calendar Days
Fund AuM USD 54.5m (EUR 39.5m) Initial / Redemption Fees None
Minimum Subscription 500,000 either EUR, USD, AUD Lock-up Period None