Three Palms, LLC is an alternative investment platform that offers diversified alternative investment strategies and products. It has a team of investment professionals with extensive experience in alternative investments. Three Palms structures customized portfolios, funds, and structured products to add value and diversification to clients' overall investment portfolios. It also provides portfolio administration, reporting, and other services to support clients' alternative investment needs.

1. Three Palms, LLC
Alternative Investment Platform
Corporate Profile
2010

2. Introduction
I d i
Now more than ever before, we are witnessing a growing interdependence among world economies and their respective equity and debt
markets. T effectively address thi constantly changing i
k t To ff ti l dd this t tl h i investment environment, b th private and i tit ti
t t i t both i t d institutional i
l investors are redefining and
t d fi i d
expanding their investment strategies and policies to include specialized, low‐correlated forms of investing. The proliferation of innovative
financial instruments and sophisticated investment strategies has greatly expanded the portfolio and risk management options available to
investors and portfolio managers today.
At Three Palms we offer a comprehensive platform of Alternative Investment strategies and products designed to add diversification and
provide capital growth to an investors overall portfolio mix. Clients may choose from an array of Alternative Investment vehicles which
include single and multi strategy funds, investable indexes and structured products. Alternative Investment opportunities include a broad
range of Hedge Fund and Managed Futures strategies, Structured Asset products and Private Equity offerings. In addition, Three Palms
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supports this platform offering clients complete portfolio development, administration and reporting services.
Three Palms has assembled a team of investment professionals with extensive knowledge and expertise in a highly specialized field. Our
principals have, on average, eighteen years experience in Alternative Investments. This breadth of actual experience, combined with
unparalleled research, proprietary strategies and structured products, assures that clients receive comprehensive service and unique
investment programs designed to add value to their overall portfolio.
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3. Investment Philosophy and Strategy
I Phil h dS
Three Palms is committed to providing prudent investment strategies designed to meet both private and institutional investor's need for
portfolio diversification and capital growth. Our collective beliefs regarding the nature of capital markets and portfolio management are in
effect a concise statement of our investment philosophy:
We believe investment opportunities are not limited to traditional markets, strategies or instruments. Properly diversified portfolios
should include participation in Alternative Investments.
We believe allocating a portion of investable assets to Alternative Investments is the key to consistent overall portfolio performance.
We believe successful participation in this sector requires the specialized knowledge and portfolio management expertise of
professional Alternative Investment managers.
We believe that our commitment to the research and evaluation of Alternative Investment strategies and opportunities is paramount to
our success.
We believe a multi‐manager, multi‐strategy approach is critical to consistent overall portfolio performance.
We believe in a dynamic investment management approach designed to optimize performance and reduce volatility by strategically
allocating and periodically re‐balancing assets among selected Alternative Investment strategies and managers.
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On the foundation of these beliefs, we structure, implement and manage Alternative Investment programs designed to add value to a private
or institutional investor’s overall investment portfolio.
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4. Client Roster
Cli R
Three Palms and/or its affiliated entities have structured, managed or administered Alternative Investment strategies, portfolios and products
for the following entities:
Access International Advisors The Heritage Foundation
ABN AMRO Japan Leasing Corporation
Asset Alliance JP Morgan
Australian New Zealand Bank Legends Fund, LP
Bank of America Nesbitt Burns (Canada)
Bank of Montreal Raiffeisen Vermögensverwaltungsgellschaft mbH
Bank of Seoul San Diego County Employees Retirement Association
Blue River Asset Management Seven Trust Global Advisors
Chicago Transit Authority Toyota Tsusho Corporation
Citibank University of British Columbia
COMINCO, Ltd. Virginia Retirement Systems
Daiwa Futures Company Wellspring Capital Advisors
Dow Chemical Corporation Virtus Asset Management
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5. Products and Services Overview
P d dS i O i
The specialized services provided by Three Palms reflect both the nature of the firm’s client base and the extent of its flexibility in adapting to
the specific needs of clients. Three Palms offers an array of Alternative Investment products and services designed to diversify and enhance
traditional portfolio mixes and support both private and institutional client participation in Alternative Investments.
Platform products and services include:
Proprietary Investment Strategies
Single & Multi‐Strategy Funds
Structured Products
Comprehensive Manager Due‐Diligence Reviews
Portfolio Administration, Risk Management and Reporting
Three Palm's unique point of differentiation is that we leverage our human resources and Alternative Investment platform, customizing our
services to address the client’s specific mandate and investment requirements.
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6. Proprietary Investment Strategies
P i t I t t St t i
Three Palms offers private and institutional investors proprietary investment strategies accessed through funds and/or individual managed
account programs. Investors can choose from a diverse range of strategies and styles allowing the flexibility to actively and strategically
diversify across investment strategies asset classes market sectors and geographic regions while being afforded liquidity and transparency
strategies, classes, transparency.
Specifically, Three Palms provides:
Global Managed Futures Programs
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Diversified Hedge Fund Strategies
Structured Asset Strategies
Tax Efficient Strategies
Niche Real Estate Strategies
Private Equity Opportunities
In addition, Three Palms will assist client’s in the initial asset allocation process as well as reallocations of deployed assets. An emphasis on
continued portfolio review allows Three Palms and a client to refine the initial investment strategy, respond to new Alternative Investment
opportunities, reallocate assets among existing strategies and/or, if necessary, eliminate a selected strategy.
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7. Single and Multi‐Strategy Funds
Si l dM l i S F d
Three Palms offers private and institutional investors single and multi‐strategy funds accessed through both affiliated and independent, non‐
affiliated managers. Assets are strategically allocated to a composite of Alternative Investment managers and/or funds who employ differing
investment disciplines and trading methodologies.
When designing a multi‐strategy portfolio, Three Palm's proprietary research and analysis focuses on the interrelationships among the
Alternative Investment strategies and/or managers. The contribution of each strategy and/or manager is assessed and incorporated into the
composite portfolio selection process. The objective is to structure a multi‐manager portfolio designed to offer more consistent performance
potential with less volatility than that of any individual manager component In general Three Palm's objective is to:
component. general, Palm s
Employ a Multi‐Strategy, Multi‐Manager Approach
Preserve Capital and Maintain Consistent, Long‐Term Performance
Control Downside Volatility and Risk
Achieve Strategic Market Diversification
Enhance the Client's Overall Investment Portfolio
Three Palm's multi‐strategy portfolios provide private and institutional investors access to strategy and manager diversification, active asset
allocation and rebalancing in addition to overall portfolio monitoring and risk management.
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8. Structured Products
S dP d
Three Palms offers private and institutional investors a range of customized structured Alternative Investment products. Using a solution
oriented process, Three Palms structures investment vehicles designed in accordance with a client’s specific mandate. Structured investment
programs include:
Specialized Fund of Funds
Principal Protected Notes
Investable Index Structures
Portable Alpha Strategies
Dynamic Leverage Vehicles
Rated Instruments
Tax Efficient Structures
Structured products are either managed in‐house by Three Palms portfolio specialists or through the employment of third party Alternative
Investment managers selected after extensive due‐diligence review for their overall investment expertise.
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9. Manager Due‐Diligence Reviews
M D Dili R i
Three Palms provides clients with non‐biased, third‐party Alternative Investment manager due‐diligence reviews. Our due‐diligence process
includes review and analysis of the following:
Confidential Due‐Diligence Questionnaire
Alternative Investment Manager Disclosure Document / Offering Memorandum / Customer Agreements
Program description and contracts /securities traded within the strategies and portfolios employed by each Alternative Investment
Manager
Performance records including audit review and audit procedures
Written risk management policies
On‐site visits and key personnel interviews
Principal and key personnel background, reference and employment verification
Marketing and promotional materials
Regulatory registrations and current status including pending legal and regulatory issues
Daily performance data and month‐end account statements
Corporate financial statements and audits
Three Palms compiles all gathered information into a comprehensive due‐diligence report describing the Alternative Investment manager and
the strategy or strategies being offered.
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10. Portfolio Administration, Monitoring and Reporting
P f li Ad i i i M i i dR i
Our tenure in the Alternative Investment industry and our practical experience operating Alternative Investment funds has given Three Palms
principals and associates a thorough understanding of the specific needs of both private and institutional clients. We are able to minimize a
clients involvement in administration back office and accounting so they can focus on the management and allocation decisions for their
administration,
overall asset mix.
Specifically, Three Palms provides clients with complete portfolio administration, monitoring and reporting services to simplify the challenges
of data gathering, strategy integration, performance and risk analysis. Services include:
Weekly or monthly reporting
Daily portfolio monitoring and analysis
Custom integration of multiple data sources into single weekly reports
Web based password protected client and portfolio reporting
Interface with industry professionals (i e Prime Brokers Lawyers Auditors Offshore Administrators)
(i.e., Brokers, Lawyers, Auditors,
Three Palm's administration platform is designed to interface with multiple prime brokers, futures commission merchants (FCMs), Alternative
Investment managers, Hedge Funds and custodians integrating position data with market data to provide weekly reports across multiple time
zones and international markets.
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11. Distinguishing Characteristics
Di i i hi Ch i i
The principals of Three Palms, on average, have over eighteen years experience in the Alternative Investment industry.
Proprietary Alternative Investment strategies and programs.
Internally generated and maintained Alternative Investment manager database.
Expertise in the identification, evaluation, selection and ongoing management of independent Alternative Investment strategies and
managers.
Extensive quantitative and qualitative analysis of United States and internationally based Alternative Investment managers.
Strategically designed multi‐manager multi‐strategy investment portfolios
multi‐manager, portfolios.
Ongoing research and a commitment to the identification of niche strategies and emerging Alternative Investment managers.
Diligent monitoring and review of implemented strategies and multi‐manager portfolios.
Established infrastructure offering internal administration, accounting and reporting services.
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12. Three Palms, LLC
Th P l LLC
and Affiliated Entities
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13. Professional Registrations
P f i lR i i
Professional registrations of Three Palms, LLC and/or its affiliated companies include:
Securities & Exchange Commission
Registered Investment Advisor
Commodity Futures Trading Commission
Registered Commodity Trading Advisor
Registered Commodity Pool Operator
R i t dC dit P l O t
National Futures Association
Member
Managed Funds Association
Managed Funds Association
Member
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14. Professional References
P f i lR f
Professional references for Three Palms, LLC and its affiliated companies include:
Legal
Rothgerber, Johnson & Lyons, LLP Philip A. Feigin
One Tabor Center (303) 623‐9000
1200 Seventeenth Street, Suite 3000
Denver, CO 80202
Auditors
Deloitte & Touche Steve Conrad
555 Seventeenth Street, Suite 3600 (303) 312‐4143
Denver, CO 80202
Banking
Guarantee Bank & Trust
Guarantee Bank & Trust Karin Blosmuss
Karin Blosmuss
3301 E. First Avenue (303) 296‐9600
Denver, CO 80206
* Personal and client references available upon request
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15. Contact Information
C I f i
Independence, objectivity, exhaustive analysis and disciplined investment strategies have earned Three Palms and its affiliated
entities an international reputation as a provider of performance‐oriented strategies and products. For more information please
performance oriented
contact:
700 Seventeenth Street
700 Seventeenth Street
Suite 2400
Denver, Colorado 80202
(303) 629‐1100
www.threepalms.com
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