LTG Fund Presentation 2015

Private & Confidential 1
Luxembourg Life Fund
Long Term Growth Fund Overview

Table of Contents.
3. About Us
6. What is a life settlement?
7. The industry
8. Asset Class Advantages
10. Market Future Outlook
13. Investment Strategy
14. Life Settlement Asset Variables
17. Benefits & Risks
23. Long Term Growth Fund
25. Our Management Team
29. Contact Us

About Us
Why Carlisle Funds?
Open-ended funds that seek to deliver above average market returns for investors
through the life settlement asset class or secondary market for life insurance.
Offers investors an actively managed life settlement fund strategy.
Focused exclusively in our core competency, life settlements.
Mark to Market Valuations through independent valuation service providers.
Offer returns with minimum correlation to traditional financial markets.
Why Life Settlements?
The life settlement industry is one of the fastest growing sectors in financial markets today
with 15 + consecutive years of positive growth.
Life settlements have numerous advantages unique to the asset class including easy market
entry, uncorrelated investment returns and low volatility.

Why Carlisle Funds?
Our expertise and unique knowledge within the U.S. secondary life insurance market provides investors
with a competitive advantage for three reasons:
1. We have a unique approach to how life settlement funds are managed. This is why we developed our
funds from the ground up with best practices in mind.
Mark to market valuations
Independent accounting valuation and reporting
Tax transparent and regulated investment structure
2. Our team has direct experience in every phase of the life settlement process allowing us to employ
unparalleled risk and yield assessment.
Experience: Our team has worked in every aspect of the secondary market including life settlement
brokers, life settlement providers, and numerous life settlement funds.
Efficient: Our intimate knowledge of life settlement sources allows us to acquire policies that meet
and exceed quality standards at a fraction of our competitors’ costs.
3. Attractive risk adjusted yields derived from executing strong fundamental competency while
mitigating risks during policy selection.
About Us

Why Carlisle Funds?
Fully regulated investment funds – Carlisle is a regulated fund management firm that works
with regulated investment vehicles.
Institutional Service Providers and Counterparties – Carlisle only works with approved
institutional counterparties.
Fully Tax Compliant – offering options for all types of tax situations in a compliant manner.
Completely Transparent – Our investment vehicles are fully transparent and investors are free
to perform all necessary due diligence.
Independent Valuation – All valuations are performed by independent external valuation
agents and audited periodically for compliance and accuracy.
Mark to Market Valuation approach – Our valuation methodology provides investors with
robust reporting of the fair market value of their investments.
About Us

Background:
A life settlement is the transfer of ownership and beneficiary rights of an unwanted or
unneeded life insurance policy on an insured senior in exchange for a cash settlement.
The seller no longer has the responsibility of paying future premiums. In exchange,
investors profit based on the difference of the face value of the policy and acquisition
and maintenance costs.
Market Catalyst:
Prior to life settlements, seniors who owned U.S. life insurance policies they no longer
wanted, needed, or could afford were faced with either letting the policy lapse or
surrendering the policy back to the insurance carrier for only a small cash value. The life
settlement marketplace has provided consumers with a much needed option where they
can receive substantially more than the cash surrender value.
What is a Life Settlement?
> ”By the end of
2010, total life
insurance
market in the
United States
was $18.4
trillion, an
increase of 2
percent from
2009”
-ACLI Life Insurers
Fact Book 2011

Institutional Market:
The secondary life insurance market today is dominated by institutional investors attracted by
its continued expansion and uncorrelated investment returns. The increase in sophistication
makes the market more efficient and has founded a positive evolution in the industry.
Market Driver:
Purchasing life insurance in the secondary market at a discount can produce attractive returns.
The largest institutions globally are benefiting from the stability that diversified life settlement
investments have brought to their portfolios.
Tertiary Market:
Due to its growth and number of participants, a tertiary market for life insurance has evolved
within this industry, allowing institutional investors to buy and sell policies within the space.
This tertiary market has been growing significantly and providing liquidity to the asset class.
Industry
“U.S. seniors 65+ are expected to control $800 billion of life insurance by 2030, with $161 billion
believed to be eligible for life settlements “
-Bernstein Research

Low Correlation Asset Class:
While most asset classes are typically affected by interest rate fluctuations, earning projections
or credit rating shifts, life settlements are less sensitive to general drivers of global market
turmoil and maintain an uncorrelated nature.
Limited Credit Risk:
No US Life Insurance Company has ever neglected to pay a legitimate insurance claim.
Insurance carriers are heavily regulated and are required to maintain extensive reserves and
solvency requirements in each state.
Positive Market Growth:
The U.S. life settlement industry continues to experience significant growth, with an estimated
$12 billion plus annually in transaction volume, and is expected to reach $100 billion in the
next decade.
Asset Advantages

Asset Advantages
Historical Attractive Returns:
When compared with other asset classes, life settlements have consistently generated
attractive long-term results.
0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00%
Life Settlements
Equities
Corp Bonds
Gov Bonds
Inflation
CD's
T-Bills •Intermediate Government Bonds are
represented by data from the Wall Street
Journal from c. 1977 to present
•Inflation is calculated using the Consumer Price
Index, which is published by the U.S. Bureau of
Labor Statistics
•Corporate Bonds are represented by the Long-
Term High-Grade Corporate Bond Index for the
period 1969 to present
•Large-Company Stocks are represented by the
median of S&P 500 1988-2011
•T-Bills data from NYU Stern based on raw data
from the Federal Reserve database St. Louis
(FRED)
•CD’s data from Certificates of Deposit Index
(CODI) 2011 year end
•Life settlements data from Carlisle Investment
Group

Evolution of the Life Settlements Market
Trend has been positive with slight drop after the beginning of the recession.
Post 2008 a tertiary market for life settlements developed.
Current size of the tertiary market has reached the secondary market
Growth of US Life Settlements Market – ($ Billions)
Future Outlook
0
2
4
6
8
10
12
14
16
18
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Tertiary
Secondary

Future Outlook
Expected Rates of Return
Market Rates have been in a decreasing trend during the last 24 months.
Market is still far from historical low rates.
This represents an opportunity of life settlement investors.
Life Settlement’s Market Rates – (IRR)
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Low
High

Future Outlook for the Market
After 2008 market rates increase to near historical highs, since they are decreasing
The tertiary market has been increasing and becoming stable, providing liquidity
Continued entry by investors will drive market rates to historical lows.
More interest in alternative investments.
Worldwide Investment Volume
Future Outlook
0
10
20
30
40
50
60
Europe Americas Rest of World
$BillionsofFaceValue

Long Term Growth Fund Strategy
The Long Term Growth Fund’s investment strategy is to purchase carefully selected life insurance policies
that are beyond the contestability period. The Fund seeks to build a large diversified portfolio across
numerous sectors, including but not limited to carrier concentration, expected maturities, gender, age,
impairment, geography and face value. In order to properly implement a buy and hold strategy, the fund
seeks to isolate mortality risk and build a large sample size. The fund employs a mark to market valuation
methodology to facilitate tertiary transactions. The Fund employs detailed actuarial and financial analysis
to ensure that policies purchased are accounted for longevity risk as well as other variables of the
actuarial profile.
Strategy
Uncorrelated Returns, Mortality Driven
Low Downside Risk
Low Volatility & Capital Preservation
Few assets truly have low correlation in adverse conditions. The primary risk is experienced mortality
which is unaffected by changes in the economy.
Extreme scenarios, or ‘tail risk’ in life settlements has minimal downside impact compared to other
asset classes.
A diversified portfolio with a large number of insured lives will experience limited volatility.

Asset Acquisition Process
The life settlement process can
be divided into four stages:
A. Sourcing: Acquiring the
actual life settlement assets.
B. Underwriting: A process
to determine the mortality and
other essential qualification
procedures.
C. Pricing: Using quantitative
tools to determine value of a
Particular life settlement asset.
D. Closing: The process to
acquire and maintain a life
settlement asset.
A.
B.
C.
D.
Transaction
LISA Association graphic.

Return Profile
The chart represents the IRR of an investment with the variable being the time taken to collect the
death benefit. An attractive characteristic of life settlements is the ‘extreme’ events or ‘tail risk’
result in minimal downside compared to other asset classes. The Y-Axis also represents the
probability of survival for an individual with a median life expectancy of 75 Months.
Return Profile
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
25 35 45 55 65 75 85 95 105 115 125 135 145 155 165 175
Month From Valuation Date
IRR Inforce Lives
Median Life Expectancy of 75 Months
& Projected IRR of 15%
Analysis based on one individual policy..

Valuation
Mark to Market Valuation

Investment Risk Overview
Change in Market Rates
Concentration
Mortality
Liquidity and Reinvestment
Insurance Carrier
Strategy
Benefits & Risk

Change in Market Rates
Benefits & Risk
Expected long term performance is based on market rates and it is important capital is
redeployed at the best possible yields. The interim performance of the fund will change with
current market rates.
All policies are unique and certain risk characteristics may or may not be compensated for in
price by all buyers. This leaves a window of opportunity in the market to generate profits.
Concentration Risk
Geography, Age, Gender, Impairments, insurers, can all be diversified.
A diversified portfolio will experience limited volatility and high cash flow predictability.

-100%
-80%
-60%
-40%
-20%
0%
20%
0 50 100 150 200
Changeinvaluediscountedat12%
Life Expectancy
Loss at 130% LE
Life expectancy providers assess mortality relative to a standard life.
For example a standard life has a mortality factor of 100%. If the life is
impaired they may add an additional 50% mortality factor and decrease
the median life expectancy. The higher the sensitivity to a change in
expectation or experience, the greater the volatility, and therefore a
higher required yield.
The above chart is the results of a stress analysis on a portfolio. The
Y-axis represents the change in value for a 30% extension in median
mortality assumption. It is very apparent that there are vast
differences in risk profiles. We believe this is a risk that is often
mispriced by the market and allows us to add value to our investors
by taking advantage of inefficiencies.
Longevity Risk Quantified Stress Testing Mortality Assumptions
0%
5%
10%
15%
20%
25%
60% 80% 100% 120% 140% 160%
Priceasa%ofFaceValue
Mortality Factor
Value relative to Mortality Factor
Benefits & RiskMortality Risk

Benefits & Risk
Mortality Risk contd.
Actual mortality against expected mortality, which can be reduced through building a portfolio
with a large amount of lives.
Medical underwriters may systematically be too aggressive on assumptions, which can be
reduced by using more than one provider and limiting the variation in expectations.
Mortality risk is uncorrelated to business cycles.
Extreme scenarios for longevity result in limited downside
Liquidity Risk.
Liquidity risk is the risk that the Fund may not be able to settle or meet its obligations on time.
The Fund is exposed to monthly and annual cash redemptions of units at specified amounts.
The Fund utilizes mark-to-market valuation systems that allows it to resell policies in the
tertiary market to increase its liquidity profile.
Our collective experience in both buying and selling policies allows us to meet drastic liquidity
needs in an orderly fashion if necessary.

Insurance Carrier Risk
Insurance carrier risk is rather limited, even in the current environment.
Up to $500k guaranteed by state funds.
Books of policies are generally sold in the event of an insurance company liquidating.
Life policies have seniority against any other creditors
Diminished
Capital Base
Bankruptcy/
Receivership
Raising Capital
Government Lending
Restructuring / Asset Sale / Liability
Reduction
Rival Firms take over existing blocks of
policies
Seniority/
Insolvency
Insurance contract has seniority over all
forms on a bankruptcy after bankruptcy
related fees and expenses
Guarantee Up to 500k guarantee depending by state
Investment Manger Due Diligence
and Ongoing Monitoring
Weed out high risk carriers through
credit risk underwriting
Diversity among carriers
Minimum ‘A’ Rating by S&P
Case Studies:
Executive Life Insurance
Mutual Benefit Life Insurance
New England Mutual Life
Insurance
Kentucky Central Life Insurance
Risk Risk Mitigation or potential outcome
1
2
3
4
HighLow
Benefits & Risk

The primary risk in the fund is mortality. This is followed by the ability to quickly redeploy cash inflows at attractive rates, or
market rate movements. The fund must maintain an adequate cash reserve for premium payments, which creates minimal
interest on investment for the fund. An optimal reserve amount is determined by stressing mortality assumptions as cash
inflows relative to premiums that will be paid. Mark to Market Valuation methodology allows the fund to resell policies if
necedssary. Diversification and the law of large numbers will reduce the volatility of the returns of the fund.
Policies are purchased Portfolio
Performance
Drivers
Risks
Risk Mitigation
Access to product
Policy selection and
underwriting
Market yields
Mortality experienced
Cash return
Diversity
Reinvestment rates
Portfolio Count
Capacity and execution Mortality experienced
compared to expected
Significant advances in
medical fields
Liquidity
Changes in legal
environment
Access to providers
Access to sellers of
portfolios
Strict underwriting
Diversification
Efficient management of
portfolio and cash
Robust analysis of carriers
Credit monitoring of
insurance carriers
Strategy
Strategy Specific Risks Benefits & Risk

Product Category Open-Ended Fund
ISIN LU0412489550
Currency Base USD
Management Style Active
Invest Period Open Ended
Manager Fee 2.00%
Incentive Fee 20% with 8% hurdle
Lock-up period N/A
Liquidity Quarterly with 90 day notice
NAV Monthly
Minimum Investment USD $250,000
Fund Facts
Long Term Growth Fund

Service Providers
Fund Structure
9, Rue Sainte Zithe, 4th Floor
L-2763 Luxembourg
Custodian Bank
Caceis Bank Luxembourg
5, Allée Scheffer
L-2520 Luxembourg
Central Administration
Caceis Investor Services
5, Allée Scheffer
L-2520 Luxembourg
Valuation Agent
Lewis & Ellis
P.O. Box 851857
Richardson, TX 75085-1857
Investment Manager
Carlisle Management Company SCA
9 rue Sainte Zithe, 4th Floor
L-2763 Luxembourg
Legal Advisor
Rutsaert Legal
14, rue de Strassen
L-2555 Luxembourg
Auditor
KPMG Luxembourg
9 Allée Scheffer
L-2520 Luxembourg
Tax Advisor
Baker & McKenzie
10 - 12 Boulevard Roosevelt
L-2450 Luxembourg

Jose Garcia is CEO of Carlisle Management Company SCA a Luxembourg
based fund management firm focused on the United States secondary life
insurance market known as life settlements. As its Chief Executive, Mr.
Garcia is responsible for the companies overall business and investment
strategy. Carlisle specializes in alternative asset strategy consulting and
life settlement fund development. Mr. Garcia has a ten year track record
of success across several sectors of the Life Settlement industry, extending
to industry brokers, life settlement providers, to fund management, fund
structuring, and investment marketing. During his tenure at a leading life
settlement fund, Jose Garcia has led and overseen the purchase of more
than $3 billion in life settlements while raising more than $1 Billion in
capital. Mr. Garcia graduated with honors from Old Dominion University
with degrees in Finance and Economics. He holds a Masters of Business
Administration from George Mason University.
Our Team
Jose Garcia – Chief Executive Officer

As Chief Operating Officer of Carlisle Management Company SCA, Mr. Mol
is responsible for overseeing all structuring, legal and regulatory operating
activities. Before joining the Carlisle Group, Mr. Mol was employed by the
Equity Trust Group for thirteen years and spent the first two years working
in the Netherlands and the last eleven years in Curacao where he was the
Director of Operations. As the Director of Operations he was responsible
for the day-to-day management of the Curacao office and leading a team
of 40 trust professionals. Furthermore he was involved with the
management of several regulated mutual funds with assets totaling more
than $ 1.5 billion. Mr. Mol has extensive experience in the fiduciary
services industry advising both corporate and private clients, and handling
complex accounting issues. Mr. Mol has knowledge of life settlement
investment vehicles as well as the institutional investment environment.
Mr. Mol has a Bachelors in Accounting and has a Masters in Business
Administration from Henley Business School/University of Reading, United
Kingdom.
Our Team
Tim Mol – Chief Operating Officer

As Chief Financial Officer for the Carlisle Management Company SCA,
Victor Heggelman oversees all internal and external financial operations
and investment reporting. Prior to joining the Carlisle, Mr. Heggelman was
senior controller for Morgan Stanley where he oversaw financial and tax
matters as well as corporate compliance for a portfolio of companies
within Morgan Stanley’s real estate funds. Previously, as Audit Manager
for KPMG, he audited and advised numerous life settlement investment
vehicles on accounting policies and valuation. Mr. Heggelman also worked
closely with funds and fund managers in Geneva, London and New York
on financial audits and valuation issue. He also assisted various life
settlement funds with valuation methodology of their life settlement
investments. Mr. Heggelman graduated from Jacksonville University with
degrees in Accounting and Finance and is an active member of the Florida
Institute of Certified Public Accountants since 2001.
Our Team
Victor Heggelman – Chief Financial Officer

Mr. Xavier Deu serves as Carlisle’s Chief Marketing Officer and is
responsible for overseeing all business development projects. Prior to
joining Carlisle, Mr. Deu created Grupo Misame, a Spanish firm that
developed a new approach to allow the dual ownership of residential real
state by families and investors, and allow for securitization of such
mortgage related product. Under Grupo Misame, developed several
consulting projects among them for the Government of Andorra and the
Government of Catalonia in Spain. Prior to Grupo Misame developed
several consulting tasks, among them as Consultant for the Homebuilders
Association of Andorra, the Ministry of Economics in Andorra, in de
development and implementation of future economic laws. In the US,
worked at The Riskmetrics Group, spin-off of J.P. Morgan, in the sales &
Marketing department. Before joining Riskmetrics worked as a trader for
several years and before developed several tasks on distribution for
financial products for several firms in the US. He holds a degree in
Economics from the University Autonomous of Barcelona and a Masters in
International Finance and Economics from Brandeis University.
Our Team
Xavier Deu – Chief Marketing Officer

Carlisle Management Company, SCA
9, Rue Sainte Zithe
4th Floor
L-2763 Luxembourg
This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. Reliance should not be placed on the views and
information in these presentations when making individual investment and/or strategic decisions.
A fund’s investment objectives, risks, charges and expenses should be considered carefully before investing. This document contains information in summary form only and its
accuracy or completeness cannot be guaranteed. No liability is accepted for any loss of whatsoever nature arising from the use
of this information. Application for units in this fund may only be made on the basis of a prospectus relating to the fund and this document may only be distributed to those
eligible to receive that prospectus. The distribution of this document may be restricted in certain jurisdictions and it is the responsibility of any person or persons in possession of
this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. The prospectus contains this and other important
information about the Funds. To obtain a prospectus free of charge, call Carlisle Management Company’s registered office in Luxembourg, or contact us by sending an email to
info@cmclux.com or by visiting our Web site at www.cmclux.com . Please read the prospectus carefully before investing or sending money.
Source: Carlisle Management Company (SCA).
Long Term Growth Fund
Bloomberg Ticker PENLIFA LX
ISIN Code LU0412489550

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