Ermitage Global Dynamic Trading Fund January 2010 Us

1

AppendixSummary Performance Analysis Investment Approach Fund Overview

Ermitage Global Dynamic Trading Fund – February ‘10For professional/sophisticated investors onlyThese presentation materials and the information contained herein, and any oral or other written information disclosed or provided is strictly confidential and may not be reproduced or redistributed, in whole or in part, nor may its contents be disclosed to any other person under any circumstances without the express written consent of Ermitage Asset Management Jersey Limited. An investment in the Fund is speculative and involves a high degree of risk. The Fund may, through its investments, employ certain trading techniques that may include short selling, options, and the use of leverage which may increase the risk of investment loss. As a result, performance may be volatile and an investor may lose some or all of his or her investment. Furthermore, the ability to withdraw investments or redeem shares or to transfer such shares or interests will be limited. It is anticipated that there will not be a secondary market for interests or shares in the Fund nor is any expected to develop. Fees and expenses may offset trading profits. Please refer to the Confidential Private Offering Memorandum when available for all risks associated with investments in the Fund. Certain information contained herein constitutes forward-looking statements. Due to various uncertainties and actual events, including those discussed herein and in the offering documents, actual results or performance of the Ermitage Global Dynamic Trading Fund (the "Fund"); a Cayman Islands limited liability company, may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment.

2


400

600

800

1000

1200

1400

1600

1800

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb

-09

Mar

-09

Apr

-09

May

-09

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Ermitage Global Dynamic Trading Fund USD

MSCI World Index

HFRX Macro Index

Global Dynamic Trading Fund – summary

� High conviction discretionary fund trading liquid futures markets

� Uses technical inputs based on pattern, time and price

� Highly adaptive to market conditions – returns can be generated irrespective of market direction

� Non-correlated to macro systematic or trend followers

� 22.65% average annual return since October 2007*

� Experienced investment team with 60 years combined expertise in investment / trading global markets

� Performance not dampened by diversification or thematic focus (fund remains in cash when market conditions are sub-optimal)

� Transparent process and robust risk management with clear, quantifiable profit and loss levels

Source: Ermitage Group and Bloomberg *The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since

October 2007 as an overlay allocation (the "Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%)

figures quoted above prior to August 2008, relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage

SPC – Global Dynamic Trading Fund Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and an annual management fee of 1.5%

and expenses. Past performance of the Overlay Allocation is not indicative nor a guarantee of future returns of the Fund.

Please refer to page 18 of this document for the description of all Indices.

Cumulative performance – Global Dynamic Trading Fund USD*

vs MSCI World Index USD and HFRX Macro Index - Oct 07 to Jan 10

+22.65%

3


Investment team

Elliot Refson

Portfolio Manager –

Global Dynamic

Trading Fund

Joined 2006

Ian Cadby

Group CEO and

Investment Trading

Director

Joined 2001

Ian Cadby is Ermitage Group’s Chief Executive Officer. An Investment professional with over 23 years industry experience, Ian joined Ermitage in 2001 initially to head up Ermitage's Strategic Investment and Hedge Fund seeding programme. He then went on to become Ermitage’s CIO (handed over FoHF CIO responsibilities to Jonathon Wauton in 2008) and finally CEO in 2004. Ian is also head of the firm’s CTA trading programme and as such chairs the Global Trading Committee. He left UBS Philips & Drew in 1990 to set up a Hedge Fund in London specialising in Asian equity arbitrage and in 1998 became Head of Hedge Fund Trading for what was then one of Asia’s largest Hedge Funds. Ian has extensive experience in options trading and equity arbitrage. For several years Ian was a registered Commodity Trading Adviser and is a Fellow of the Securities & Investment Institute. Ian is a Harvard Business School alumni, having completed the Harvard Advanced Management Programme in 2008.

Andrew N Whelan

MD – Global Wealth

Management

Services

Joined 2001

Elliot Refson is Portfolio Manager – Global Dynamic Trading Fund. Elliot joined Ermitage in 2006 and has over 20 years international experience in capital markets including an accomplished record as a technical analyst and fund / hedge fund manager (having also lectured extensively on his specialist area of market timing). Alongside his trading mandate, Elliot assists Ermitage’s Investment Management Committee and Global Wealth Management division to identify and benefit from key trend changes in major markets and currencies. Prior to joining Ermitage, Elliot worked with Ian Cadby in Hong Kong managing a futures fund with a similar profile.

Andrew Whelan is a Group Executive Director and Managing Director of Ermitage Global Wealth Management Jersey Limited (GWMS). Andrew is Chairman of the Wealth Management Portfolio Committee. He joined in 2001 from Kleinwort Benson (CI) Investment Management Limited, part of the Dresdner Private Banking Group, where he was head of the Channel Islands' Portfolio Management Division, which had funds under management of $2.5 billion. He was also a member of Kleinwort Benson's London Private Bank Investment Committee, which formulated investment strategy for both the onshore and offshore businesses with combined funds under management of circa $9 billion. In addition Andrew was the Fund Manager of the award winning Dresdner Private Banking Strategic Investment Fund, investing in core Dresdner RCM collective investment schemes. Andrew has 21 years’ experience as an investment professional and is a Fellow of the Securities & Investment Institute.

4


October 2007:

Global Dynamic Trading

Programme starts

March 2009:

Global Dynamic Trading Fund launched

August 2008:

Global Dynamic Trading Fund

Segregated Portfolio launched

Fund history

Source: Ermitage Group and Bloomberg. *The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since October

2007 as an overlay allocation (the "Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%) figures

quoted above prior to August 2008, relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage SPC –

Global Dynamic Trading Fund Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and an annual management fee of 1.5% and

expenses. Past performance of the Overlay Allocation is not indicative nor a guarantee of future returns of the Fund **Risk is measured by standard deviation.

Please refer to page 18 of this document for the description of all Indices. ***Fund AUM relates to the Ermitage Global Dynamic Trading programme.

Ermitage’s Global Dynamic Trading Programme AUM comprises two funds and a number of managed accounts.

$157.6m***

(Jan 2010)

Fund Av. Annual

Performance*Return: 22.65%

Risk: 18.19%**

Programme AUM

5


GDTF versus Discretionary and Systematic Funds

� GDTF offers a hybrid strategy, between Discretionary and Systematic Trend/Non-Trend Managers

� GDTF has low to negative correlation vs. discretionary

hedge funds*

� High conviction style, combined with benefits of time

cycle analysis

� GDTF will not ‘build’ into trades and tolerate wider losses

per trade (max trade loss for each position is up to 3% or

less of invested NAV). Normal trading in a ranging market

is 1% of NAV and 2% in a trending market

� GDTF has low to negative correlation vs. systematic trend

and non-trend hedge funds* - reflects GDTF’s adaptive

characteristics to market conditions

� If potential for trend reversal or range bound markets

grows, GDTF can go 100% to cash

� GDTF can react to and profit from short term trends or

ranging markets and is not constrained by long term

trends

� GDTF does not need a diversified ‘portfolio construction’

approach – or need to rely on complex risk management

models to identify and control risk

*Source: Ermitage Group. Refer to pages 12, 13, 14

vs. Discretionary CTA’s / Macro Funds vs. Systematic CTA’s

6


Analysis / idea generation

� Discretionary strategy aims to identify and benefit from distinct trends in a wide range of liquid futures markets –without being tied to any particular time frame

� Trading ideas are discussed daily amongst the investment team, supported by our proprietary analysis. The investment team meets monthly to review performance and determine key opportunities the Fund may exploit.

� Research focuses solely on leading indicators: starting point for analysis is Time (not Price)

� All market analysis begins with the long term Monthly chart and progresses to Weekly, Daily and Hourly charts to determine the market status in an historical context and identify points at which changes or continuation to existing trends can be expected

� The time frame for a trade is determined whether a market is ranging or trending

� While we believe our proprietary time based analysis gives an edge, our trading does not rely solely on this

� We believe time cycle analysis is a crucial edge over other directional based trading strategies

7


Investing in liquid futures markets

Equity Exchange Currencies Exchange Bonds Exchange

S&P 500 CME Japanese Yen CME Gilt LIFFE

DJ Euro Stoxx EUREX British Pound CME Long Bond CBT

FTSE LIFFE Swiss Franc CME Bund EUREX

Nikkei SGX Euro CME

Hang Seng HKFE Australian Dollar CME

Metals Exchange Precious Metals Exchange Energy Exchange

Aluminium LME Gold COMEX Crude Oil NYM

Lead LME Silver COMEX

Zinc LME Platinum COMEX

Copper LME

Tin LME

Nickel LME

Softs Exchange Grains Exchange

Cocoa ICE Corn CBOT

Coffee ICE Wheat CBOT

8


Risk management disciplines

� Transparent and repeatable process, with robust risk management (clear, quantifiable profit & loss levels)

� Positions only taken in keeping with main trend of a market

� Every position has a stop loss when the position is opened, placed ‘Good Till Cancelled’ (and where appropriate, ‘Good All Markets’)

� All positions carry an equal risk to stop loss

� Each position sizing based on ‘risk to stop loss’ of up to 3% or less of invested NAV

� Pyramid trades only implemented when the stop loss of original position becomes profitable and a fresh signal to enter a trade is generated

� Further pyramids are based on the same rule, taking into account the proximity of the profit stop

9


400

600

800

1000

1200

1400

1600

1800

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb

-09

Mar

-09

Apr

-09

May

-09

Jun-

09

Jul-0

9

Aug

-09

Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Ermitage Global Dynamic Trading Fund USD

MSCI World Index

HFRX Macro Index

Cumulative performance*

Source: Ermitage Group, Bloomberg, HFR. Index: MSCI World Index USD, HFRX Macro Index.

*The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since October 2007 as an overlay

allocation (the "Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%) figures

quoted above prior to August 2008, relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to

the Ermitage SPC – Global Dynamic Trading Fund Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and

an annual management fee of 1.5% and expenses. Past performance of the Overlay Allocation is not indicative nor a guarantee of future returns

of the Fund. Please refer to page 18 of this document for the description of all Indices.

Ermitage Global Dynamic Trading Fund USD Performance* Net of Fees: Oct 07 – Jan 10

+22.65%

-14.92%

+0.05%

Average Annual

Return

10


Performance – quantitative analysis*

Ermitage Global Dynamic Trading Fund USD Performance* – October 2007 to January 2010

Source: Ermitage Group and Bloomberg Index: MSCI World Index USD

*The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since October 2007 as an overlay allocation (the "Overlay

allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%) figures quoted above prior to August 2008, relate to the

performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage SPC – Global Dynamic Trading Fund Segregated Portfolio. All

performance figures quoted are net of a performance fee of 20% and an annual management fee of 1.5% and expenses. Past performance of the Overlay Allocation is not

indicative nor a guarantee of future returns of the Fund. Please refer to page 18 of this document for the description of all Indices.

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2010 3.29 3.29

2009 3.22 0.06 1.01 (2.25) 0.63 (0.98) 0.75 (4.68) 5.64 (1.40) 0.59 (0.94) 1.29

2008 10.52 (2.56) 9.07 (0.83) (3.20) 2.63 4.89 (0.60) 0.64 5.02 0.40 0.92 29.22

2007 (3.30) 21.73 1.29 19.24

Risk Fund MSCI Return Fund MSCISharpe Ratio 1.14 (0.60) Average Annual Return 22.65 (14.92)Standard Deviation 18.19 24.01 Average Monthly Return 1.84 (1.10)Sortino Ratio 4.15 (0.80) Largest Monthly Return 21.73 10.90Downside-Deviation (below 0%) 5.14 20.23 Largest Monthly Loss (4.68) (19.04)Maximum Drawdown (6.46) (55.37) Compounded Return 61.19 (31.47)Months in Maximum Drawdown 5 16 % of Positive Months 64.00 43.00Correlation - (0.34)

11


Performance – trading overview

Ermitage Global Dynamic Trading Fund USD Performance* – August 2008 to October 2009

*The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since October 2007 as an overlay allocation (the

"Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%) figures quoted above prior to August 2008,

relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage SPC – Global Dynamic Trading Fund

Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and an annual management fee of 1.5% and expenses. Past performance of

the Overlay Allocation is not indicative nor a guarantee of future returns of the Fund. Please refer to page 18 of this document for the description of all Indices.

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

07-A

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8

03-S

ep-0

8

16-S

ep-0

8

01-O

ct-0

8

08-O

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8

15-O

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8

29-O

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8

13-N

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8

12-J

an-0

9

22-J

an-0

9

03-F

eb-0

9

09-F

eb-0

9

24-F

eb-0

9

11-M

ar-0

9

13-M

ar-0

9

01-A

pr-0

9

14-M

ay-0

9

28-M

ay-0

9

08-J

ul-0

9

14-J

ul-0

9

07-A

ug-0

9

10-S

ep-0

9

17-S

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9

05-O

ct-0

9

14-O

ct-0

9

27-O

ct-0

9

TR

AD

E P

&L

AS

% O

F N

AV

JPY CABLE

EUR CABLE

BRITISH POUND

SWISS FRANC

GOLD-COMEX

JAPANESE YEN

NIKKEI 225 YEN

EMINI S&P 500

IMM EMINI NSDQ

NEW FTSE 100

IMM EURO FX

EURO CCY GLOBEX

EURX EUR-BUND

EURX EUR STX 50

12


Performance – correlation analysis*

Ermitage Global Dynamic Trading Fund Correlation* – Trend Following Oct 2007 to Dec 2009

Source: Ermitage Group and

Bloomberg

*The investment programme of

Ermitage Global Dynamic Trading Fund

(The "Fund") has been actively running

since October 2007 as an overlay

allocation (the "Overlay allocation")

for Ermitage Global Wealth

Management Strategies Fund Limited.

The monthly performance (%) figures

quoted above prior to August 2008,

relate to the performance of the

Overlay allocation. Performance from

August 2008 to March 2009 relate to

the Ermitage SPC – Global Dynamic

Trading Fund Segregated Portfolio. All

performance figures quoted are net of

a performance fee of 20% and an

annual management fee of 1.5% and

expenses. Past performance of the

Overlay Allocation is not indicative nor

a guarantee of future returns of the

Fund.

This correlation chart has been

constructed from our own database

(in the absence of a published peer

group), of a selection of established

single manager hedge funds that

follow a trend following trading

technique.

Oct 07 to Dec 09

AH

L A

lpha

plc

Alti

s G

loba

l Fut

ures

Por

tfol

io In

c. C

ell (

Cla

ss A

- U

SD

)

Asp

ect D

iver

sifie

d F

und

- U

SD

Bea

ch H

oriz

on F

und

Ltd

EM

C C

lass

ic P

rogr

am

Erm

itage

Glo

bal D

ynam

ic T

radi

ng F

und

(Cla

ss A

- U

SD

)

Glo

bal D

iver

sifie

d P

rogr

amm

e

Mill

burn

Mul

ti-M

arke

ts F

und

L.P

.

Mul

vane

y G

loba

l Mar

kets

Fun

d, L

imite

d

NuW

ave

Com

bine

d F

utur

es P

ortf

olio

Ltd

Wel

ton

Glo

bal D

irect

iona

l Por

tfolio

Win

ton

Fut

ures

Fun

d Lt

d (C

lass

B -

US

D)

AHL Alpha plc 1.0 0.5 0.6 0.6 0.6 0.3 0.6 0.6 0.6 0.3 0.6 0.6

Altis Global Futures Portfolio Inc. Cell (Class A - USD) 0.5 1.0 0.8 0.9 0.9 -0.2 0.6 0.8 0.8 0.2 0.7 0.7

Aspect Diversified Fund - USD 0.6 0.8 1.0 0.9 0.8 -0.1 0.5 0.9 0.9 0.3 0.8 0.8

Beach Horizon Fund Ltd 0.6 0.9 0.9 1.0 0.9 -0.1 0.7 0.9 1.0 0.4 0.8 0.8EMC Classic Program 0.6 0.9 0.8 0.9 1.0 -0.1 0.8 0.9 0.9 0.4 0.7 0.7

Ermitage Global Dynamic Trading Fund (Class A - USD) 0.3 -0.2 -0.1 -0.1 -0.1 1.0 0.1 -0.1 -0.1 0.2 -0.1 0.1

Global Diversified Programme 0.6 0.6 0.5 0.7 0.8 0.1 1.0 0.6 0.7 0.4 0.5 0.5

Millburn Multi-Markets Fund L.P. 0.6 0.8 0.9 0.9 0.9 -0.1 0.6 1.0 0.9 0.3 0.7 0.8

Mulvaney Global Markets Fund, Limited 0.6 0.8 0.9 1.0 0.9 -0.1 0.7 0.9 1.0 0.5 0.7 0.7

NuWave Combined Futures Portfolio Ltd 0.3 0.2 0.3 0.4 0.4 0.2 0.4 0.3 0.5 1.0 0.0 0.2

Welton Global Directional Portfolio 0.6 0.7 0.8 0.8 0.7 -0.1 0.5 0.7 0.7 0.0 1.0 0.8Winton Futures Fund Ltd (Class B - USD) 0.6 0.7 0.8 0.8 0.7 0.1 0.5 0.8 0.7 0.2 0.8 1.0

13


Ermitage Global Dynamic Trading Fund Correlation* – Non Trend Following Oct 2007 to Dec 2009


Oct 07 to Dec 09

Am

plitu

de D

ynam

ic T

radi

ng F

und

(Cla

ss C

- U

SD

)

CC

P Q

uant

itativ

e F

und

(Aris

tarc

hus

Cla

ss)

Dyn

amic

Offs

hore

Fun

d Lt

d (C

lass

B)

Erm

itage

Glo

bal D

ynam

ic T

radi

ng F

und

(Cla

ss A

- U

SD

)

Kai

ser

Tra

ding

Fun

d 2X

SP

C

Map

lerid

ge F

und

Ltd

(Cla

ss A

)

Qua

ntita

tive

Glo

bal P

rogr

am

R.G

. Nie

derh

offe

r G

loba

l Fun

d LP

I

Tho

r S

yste

mat

ic A

lpha

Fut

ures

Fun

d Lt

d -

Cla

ss A

Amplitude Dynamic Trading Fund (Class C - USD) 1.0 0.1 -0.0 0.2 0.2 0.5 0.3 0.6 0.1

CCP Quantitative Fund (Aristarchus Class) 0.1 1.0 0.0 -0.1 0.6 0.2 0.1 0.2 0.2Dynamic Offshore Fund Ltd (Class B) -0.0 0.0 1.0 -0.1 0.1 0.0 0.2 -0.1 0.2

Ermitage Global Dynamic Trading Fund (Class A - USD) 0.2 -0.1 -0.1 1.0 0.3 0.4 -0.2 0.3 -0.5

Kaiser Trading Fund 2X SPC 0.2 0.6 0.1 0.3 1.0 0.4 0.4 0.3 -0.1

Mapleridge Fund Ltd (Class A) 0.5 0.2 0.0 0.4 0.4 1.0 0.1 0.5 0.1

Quantitative Global Program 0.3 0.1 0.2 -0.2 0.4 0.1 1.0 0.1 0.2

R.G. Niederhoffer Global Fund LP I 0.6 0.2 -0.1 0.3 0.3 0.5 0.1 1.0 0.2Thor Systematic Alpha Futures Fund Ltd - Class A 0.1 0.2 0.2 -0.5 -0.1 0.1 0.2 0.2 1.0


Bloomberg





















Fund.







technique.

14


Ermitage Global Dynamic Trading Fund Correlation* – Macro Oct 2007 to Dec 2009


Oct 07 to Dec 09

Arg

onau

t Glo

bal M

acro

Fun

d C

lass

A U

SD

Unr

estr

icte

d

Bre

van

How

ard

Fun

d (C

lass

B -

US

D)

Cla

rium

Cap

ital F

und

Ltd

(Cla

ss B

)

CO

MA

C G

loba

l Mac

ro F

und

Str

ateg

y -

US

D

Con

ques

t Mac

ro

Epi

sode

Inc

Fun

d (C

lass

A -

US

D)

Erm

itage

Glo

bal D

ynam

ic T

radi

ng F

und

(Cla

ss A

- U

SD

)

Frie

dber

g G

loba

l Mac

ro H

edge

Fun

d Lt

d

Glo

bal T

radi

ng S

trat

egie

s (C

aym

an)

Pol

ar C

apita

l Dis

cove

ry A

bsol

ute

Ret

urn

Fun

d

Qua

ntum

End

owm

ent F

und

N.V

.

Tra

xis

Fun

d LP

Argonaut Global Macro Fund Class A USD Unrestricted 1.0 0.2 -0.1 0.5 0.2 -0.5 -0.1 0.2 0.2 0.1 0.4 -0.3

Brevan Howard Fund (Class B - USD) 0.2 1.0 0.4 0.7 0.3 -0.1 0.3 0.2 0.6 0.4 0.0 -0.3

Clarium Capital Fund Ltd (Class B) -0.1 0.4 1.0 0.3 0.4 0.1 0.1 0.4 0.1 0.1 0.2 0.1

COMAC Global Macro Fund Strategy - USD 0.5 0.7 0.3 1.0 0.5 -0.5 0.2 0.3 0.6 0.3 0.2 -0.6

Conquest Macro 0.2 0.3 0.4 0.5 1.0 -0.4 0.4 0.2 0.5 0.5 0.1 -0.4 Episode Inc Fund (Class A - USD) -0.5 -0.1 0.1 -0.5 -0.4 1.0 -0.3 0.0 -0.5 -0.3 0.0 0.9

Ermitage Global Dynamic Trading Fund (Class A - USD) -0.1 0.3 0.1 0.2 0.4 -0.3 1.0 0.1 0.5 0.6 -0.2 -0.4

Friedberg Global Macro Hedge Fund Ltd 0.2 0.2 0.4 0.3 0.2 0.0 0.1 1.0 0.2 0.4 0.6 0.1

Global Trading Strategies (Cayman) 0.2 0.6 0.1 0.6 0.5 -0.5 0.5 0.2 1.0 0.6 -0.2 -0.6

Polar Capital Discovery Absolute Return Fund 0.1 0.4 0.1 0.3 0.5 -0.3 0.6 0.4 0.6 1.0 0.1 -0.4

Quantum Endowment Fund N.V. 0.4 0.0 0.2 0.2 0.1 0.0 -0.2 0.6 -0.2 0.1 1.0 0.2Traxis Fund LP -0.3 -0.3 0.1 -0.6 -0.4 0.9 -0.4 0.1 -0.6 -0.4 0.2 1.0


Bloomberg





















Fund.







technique.

15


Global Dynamic Trading Fund – summary

Since October 2007, the Fund’s average annual return is 22.65%, versus -14.92% for the MSCI

World Index and 0.05% for HFRX Macro Index*

Source: Ermitage Group and Bloomberg *The investment programme of Ermitage Global Dynamic Trading Fund (The "Fund") has been actively running since

October 2007 as an overlay allocation (the "Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%)

figures quoted above prior to August 2008, relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage

SPC – Global Dynamic Trading Fund Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and an annual management fee of

1.5% and expenses. Past performance of the Overlay Allocation is not indicative nor a guarantee of future returns of the Fund.

Please refer to page 18 of this document for the description of all Indices.

� High conviction discretionary fund trading liquid futures markets

� Trading ideas generated through proprietary technical analysis – not reliant upon computerised systems, positive market conditions or a general appreciation of asset values

� Directional long term and/or intra week positions in global equities, bonds, currencies, commodity markets

� Highly adaptive to market conditions (fund remains in cash when market conditions are sub-optimal)

� Rule based, disciplined risk management targets sustainable profit profile

� Experienced investment team with 60 years combined expertise in investment / trading global markets

� We believe time cycle analysis is a crucial edge over other directional based trading strategies

16


Reporting

� Ermitage Investor Relations:

Monthly / Fortnightly Performance & NAV email

Monthly Fund Factsheet

� Fund administrator:

Bank of America Fund Services (Ireland) Limited:

7th Floor, 2 Park Place, Hatch Street, Dublin 2, Ireland

Tel: +3531 619 6515

email: [email protected]

17


Share characteristics

Refer to fact sheet & explanatory memorandum for full details

LFS Custodial Services (Ireland) LtdCustodian

Dechert LLP (English and US Law); Walkers (Jersey)Legal advisors

Fortnightly - Dealing day 1st & 15th day of each month subject to 3 business days noticeLiquidity

1.5% per annumManagement fee

Minimum $100,000 initial subscription. To be received by the Administrator by 8am (Dublin time) on the relevant subscription day (1st and 15th day of each month)

Subscription

To be received by the Administrator 3 business days prior to the Redemption Day (1st &15th each month).Redemption payment normally within 30 calendar days of relevant Redemption Day

Redemption

Performance fee

Administrator

Structure An exempted limited liability company incorporated under the laws of the Cayman Islands on 16 February 2009 with registration number 223228

Bank of America Fund Services (Ireland) Limited

20% with a high watermark and no hurdle

Ermitage Global Dynamic Trading Fund Class USD

18


MSCI World Index: The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As

of June 2006 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France,

Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the

United States.

The HFRX Indices ("HFRX") are a series of benchmarks of hedge fund industry performance which are engineered to achieve representative performance of a larger universe

of hedge fund strategies. Hedge Fund Research, Inc. ("HFR, Inc.") employs the HFRX Methodology, a proprietary and highly quantitative process by which hedge funds are

selected as constituents for the HFRX Indices. This methodology includes robust classification, cluster analysis, correlation analysis, advanced optimization and Monte Carlo

simulations. More specifically, the HFRX Methodology defines certain qualitative characteristics, such as: whether the fund is open to transparent fund investment and the

satisfaction of the index manager's due diligence requirements. Production of the HFRX Methodology results in a model output which selects funds that, when aggregated

and weighted, have the highest statistical likelihood of producing a return series that is most representative of the reference universe of strategies. Macro strategies

attempt to identify extreme price valuations in stock markets, interest rates, foreign exchange rates and physical commodities, and make leveraged bets on the anticipated

price movements in these markets. To identify extreme price valuations, trading managers generally employ a top-down global approach that concentrates on forecasting

how global macroeconomic and political events affect the valuations of financial instruments. These approaches may be systematic trends following models, or

discretionary. The strategy has a broad investment mandate, with the ability to hold positions in practically any market with any instrument. Profits are made by correctly

anticipating price movements in global markets and having the flexibility to use any suitable investment approach to take advantage of extreme price valuations. Trading

managers may use a focused approach or diversify across approaches. Often, they will pursue a number of base strategies to augment their selective large directional bets.

The Dow Jones EURO STOXX 50 Index is a free-float market capitalization-weighted index of 50 European blue-chip stocks from those countries participating in the

European Monetary Union. Each component’s weight is capped at 10% of the index’s total free float market capitalization. The index was developed with a base value of

1000 as of December 31, 1991.

Standard & Poor's 500 is a basket of 500 stocks that are considered to be widely held. The S&P 500 index is weighted by market value, and its performance is thought to be

representative of the stock market as a whole. The S&P 500 index was created in 1957, although it has been extrapolated backwards to several decades earlier for

performance comparison purposes. This index provides a broad snapshot of the overall U.S. equity market; in fact, over 70% of all U.S. equity is tracked by the S&P 500. The

index selects its companies based upon their market size, liquidity, and sector. Most of the companies in the index are solid mid cap or large cap corporations.

There are significant differences between the Fund's investments and the investments of the indices described above. The Funds may use leverage and invest in securities

that have a greater degree of risk and volatility, as well as less liquidity, than those securities contained in the indices. Moreover, the indices are not subject to any of the

fees or expenses that the Fund will incur. It should not be assumed that the Fund will invest in any specific securities that comprise any index, nor should it be understood

to mean that there is a correlation between the Fund's returns and the returns of any index. The indices are included for informational purposes only.

Indices – key notes

19


Appendix Peer Group AnalysisFor professional/sophisticated investors only

An investment in the Fund is speculative and involves a high degree of risk. The Fund may, through its investments, employ certain trading techniques that may include short selling, options, and the use of leverage which may increase the risk of investment loss. As a result, performance may be volatile and an investor may lose some or all of his or her investment. Furthermore, the ability to withdraw investments or redeem shares or to transfer such shares or interests will be limited. It is anticipated that there will not be a secondary market for interests or shares in the Fund nor is any expected to develop. Fees and expenses may offset trading profits. Please refer to the Confidential Private Offering Memorandum when available for all risks associated with investments in the Fund. Certain information contained herein constitutes forward-looking statements. Due to various uncertainties and actual events, including those discussed herein and in the offering documents, actual results or performance of the Ermitage Global Dynamic Trading Fund (the "Fund"); a Cayman Islands limited liability company, may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment.

2020


� The downside deviation graph (right) shows departures from normality in fund return distributions

� Funds below the black line tend to have right-tails; funds above it will have left-tails

� Ermitage Global Dynamic Trading Fund (“GDTF”) is the most right-tailed of all funds in the peer group

Peer Group Analysis

Right-tailed funds Left-tailed funds

Source: Ermitage; Bloomberg. See page 8 for Peer Group information and 9 for Disclaimer.

*The investment programme of Ermitage Global Dynamic Trading Fund (“GDTF”; The "Fund") has been actively running since October 2007 as an overlay allocation

(the "Overlay allocation") for Ermitage Global Wealth Management Strategies Fund Limited. The monthly performance (%) figures quoted above prior to August 2008,

relate to the performance of the Overlay allocation. Performance from August 2008 to March 2009 relate to the Ermitage SPC – Global Dynamic Trading Fund

Segregated Portfolio. All performance figures quoted are net of a performance fee of 20% and an annual management fee of 1.5% and expenses. Past performance of

the Overlay Allocation is not indicative nor a guarantee of future returns of the Fund.

Based on performance attribution between October 1995 and October 2009*

2121


� The histogram (left) shows GDTF is

right-tailed

� This is primarily due to the strict stop-

loss procedure followed for every trade

� Each trade employs both a stop-loss

and a profit-stop; These are not simply

binary market calls - there are clear

targets to the upside and downside,

which, if breached, trigger the stop

procedure

GDTF – Return Distribution

Source: Ermitage; Bloomberg. Based on performance attribution between October 2007 and October 2009

No losses of

more than 5%

Several gains of

more than 5%

2222


Cluster Analysis – Correlation Dendrogram

� Correlation measures linear

dependence between funds

� Dendrogram (right) shows the main

themes of the Correlation Matrix in

pictorial form

� Funds on left-hand side (with lower 1-

R2 distance between them), tend to be

closely linked

� Funds on right-hand side tend to be

diversifiers

GDTF is a diversifier in terms of linear

correlation vs. left hand side funds

Source: Ermitage; Bloomberg. Based on performance attribution between October 2007 and October 2009

2323


� χ2 Matrix, measuring

probability of independence

� Funds with low probability of

independence (ie. high

probability of dependence) are

highlighted in red

� GDTF is highly independent

Cluster Analysis – χ2 test

GDTF is the greatest diversifier

by some distance

Source: Ermitage; Bloomberg. Based on performance attribution between October 2007 and October 2009.

See page 8 for Peer Group information and 9 for Disclaimer. NB. The funds used in this document are for illustrative purposes only and are intended as a

comparative measure.

2424


� Of the 5 funds selected*, GDTF

has 2nd largest absolute return

over the time period¹

� AHL, Welton and Winton are

closely linked (as their return

patterns appear very similar)

� Intuitively, GDTF and BlueTrend

would appear to be the

diversifiers

Cumulative Return Analysis

Source: Ermitage; Bloomberg. Based on performance attribution between October 2007 and October 2009.

* See page 8 for Peer Group information and 9 for Disclaimer. NB. The funds used in this document are for illustrative purposes only and are intended as a


2525


� This graph displays the

cumulative return of an equally-

weighted composite portfolio of

all the funds in the Trend-

Following peer group* versus the

return of GDTF.

� The annualised return of GDTF is

more than twice that of the

composite portfolio.

Composite Portfolio Analysis

Source: Ermitage; Bloomberg. Based on performance attribution between January 2008 and December 2009.

See page 8 for Peer Group information and 9 for Disclaimer. NB. The funds used in this document are for illustrative purposes only and are intended as a


2626


Source: Ermitage; Bloomberg. ¹ Based on performance attribution since each fund’s inception as at 31st December 2009.

* See page 8 for Peer Group information and 9 for Disclaimer. NB. The funds used in this document are for illustrative purposes only and are intended as a


Peer Group Analysis Summary

� GDTF has the highest annualised mean return of all funds in the peer group*

� Perhaps more significantly, GDTF’s largest monthly loss is much lower than the other funds,

helped by GDTF’s stop-loss and risk management procedures

2727


Disclaimer – GDTF Peer Group

Absolute Insight Plus Currency Fund

Absolute Trading Fund

Accela Global Diversified 2X Program

ACT Currency Fund

AHL Alpha plc

AHL Currency Fund

AIM Strategic Currency (ASC)

AIMF Fund

AIMhedge Global Diversified Fund Ltd

AIS Futures Fund (3x - 6x) LP

Alder Global 10

Alis Alternative Advisors Fund Acc

ALPHA STRATEGIEN Futures MH

AlphaQuest Composite Fund Ltd

Alternative Treasury Strategy LLC

Altin:Fund

Altis Global Futures Portfolio Inc. Cell (A)

Altius Capital Partners

Aspect Diversified Fund - USD

Aspect Master Fund

Auspice Diversified Commodity Fund

Barep Epsilon - USD

Baryon Momentum Global Fund

Beach Horizon Fund Ltd

Beach Horizon HFR Managed Account

Blackwater Global Onshore Fund

BlueTrend - USD

BlueTrend Fund Ltd (Class B - USD)

Bohemia Capital Investments

Borromeo Reduced Leverage Program

Cabana Capital Management

Campbell Financial Futures Fund LP

Campbell Global Assets Fund

Cipher Diversified Fund

Clarke FX-plus

Clarke Millennium Program

Claughton ARP Strategy

Cogitam T15 Systematic

CTA CONCEPT FUND

C-View Ltd (3X Leverage)

Cyril Systematic

Dexia Systemat

Drury Capital Inc

Drury Currency Strategy

Drury Financial Strategy (Offshore) Fund Ltd

Drury Offshore Diversified Fund Ltd

Eclipse Global Monetary Fund Ltd

EMC Classic Program

EMC Currency Program

Endeavour Pembroke Fund Limited

Epsilon Futures (Euro)

Ermitage Global Dynamic Trading Fund (Class A)

Estlander & Rönnlund Global Markets

Fall River Capital - Global Strategies

Fall River Global Strategies STD Program

FEM Currency Portfolio Ltd

Friedberg Currency Fund Ltd

FTC Futures Fund - Dynamic

FX Concepts Global Currency Program Fund Ltd

FX Concepts Global Financial Markets Fund

FX Concepts Multi-Strategy Fund

GLC Directional Fund - USD

Global Currency Program

Global Diversified Programme

GMO Global Tactical Fund

Hasenbichler Futures Diversified Fund (Offshore)

Hyman Beck FastTrac

ICM Diversified Fund

IKOS Equity Hedge Fund - USD

IMFC Global Program

JWH - International Foreign Exchange Program

Kybrant Capital - Select Strategies Program

Loewen Global Futures Fund Ltd

Lynx Hedge Fund

Man AHL Diversified Futures Ltd

Man AHL Guaranteed Futures Ltd

Man Barnegat Fund Limited (Series B)

Marathon System CFE Portfolio

Marathon System Diversified Portfolio

Marathon System Financial Portfolio

Millburn International (Cayman) Ltd - Diversified

Millburn Multi-Markets Fund L.P.

MKP Global Futures Fund Offshore Ltd

MLM Index Fund Leveraged (Class B)

MLM Index Fund Unleveraged B

Mulvaney Global Markets Fund, Limited

Nestor Partners

Northfield International Ltd

NuWave Combined Futures 2X

NuWave Combined Futures Portfolio Ltd

Paskewitz Asset Management

Permal Systematic Macro Ltd A

Pulsar Fund

QFS Currency Fund Ltd

Quadriga GCT Futures Fund (USD)

QuantiSquare (USD Class)

Quantitative Ultra Fund (3X)

R.G. Niederhoffer Global Fund LP I

R.G. Niederhoffer Negative Correlation Fund

Rhicon 4XiM CMP Fund

Richmond Global Currency Program

Richmond Optimus Fund Co., Ltd. – Class A

Rivoli International Fund - USD

Rivoli Long Short Bond Fund

Rivoli Managed Account Program - USD

Rochester Capital Managed Futures Fund

Rotella Orion Fund LLC

Rotella Polaris Fund Ltd

Roy G. Niederhoffer Optimal Alpha Fund Ltd

Roy G. Niederhoffer TrendHedge Fund Ltd

RQSI Managed Futures 1X Leverage

RQSI Managed Futures 2X Leverage

SingleHedge Currency Fund Plus

SMN Diversified Futures Fund (Euro)

Snowbird Partners LP

SSARIS Diversified Trading Program

Sunrise Capital Diversified Ltd

Sunrise Select Davco Fund LP

Swiss-Systematic Short Trends Limited

Systematiska Tornado

Threadneedle Emerging Currencies Crescendo Fund - USD

Transtrend Diversified Trend Program - Enhanced Risk USD

Transtrend Diversified Trend Program - Standard Risk USD

Trendline Diversified Fund

Trycon CI Global Futures Fund HAIG

Tunnelbrook Deep Blue Fund Ltd

Two Sigma Compass Funds Group

Valu-Trac Strategic

Vantage Horizon Fund

VCM Systematic Macro Segregated Portfolio

Vesuvius Investment Fund

Vision Capital Partners, LP

Welton Global Directional Portfolio

Winton Evolution Fund

Winton Futures Fund Ltd (Class B - USD)

NB. The funds used in this document are for illustrative

purposes only and are intended as a comparative measure.

This peer group list contains all of funds from Ermitage’s

"Directional - Trend Following" peer group that have a

minimum of 5 data points retrospectively from October

2009. The peer group has been constructed from our own

database (in the absence of a published peer group) of a

selection of established single manager hedge funds.

Source for data: Ermitage, Bloomberg, TASS, Altvest,

InvestHedge

28


DISCLAIMER Ermitage Asset Management Jersey Limited ("EAMJL") is registered with the Jersey Financial Services Commission for the conduct of investment business and fund services business and with the U.S. Securities

and Exchange Commission as an investment adviser. Information contained in this publication, where not externally sourced, has been provided by EAMJL. EAMJL has issued this publication which is for private circulation

only, is published solely for information purposes and does not constitute an offer to sell or an invitation to buy any of the securities or funds mentioned herein or any other financial instruments. Subscriptions will only be

received and units or shares issued on the basis of the current offering document (s) for the fund and prospective investors should carefully consider the risk warnings and disclosures for the fund set out therein. Investors

should also consider any other factors that may be relevant to their circumstances. The investor must take an independent assessment of any legal, credit, tax, regulatory and accounting issues and determine with his or her

professional advisors any suitability or appropriateness implications of any transaction contemplated or referred herein. Units or shares in the fund are not for sale in any jurisdiction in which such sale would be prohibited.

Without limiting the generality of the previous statement, with particular reference to the UK, this document may only be distributed to and acted upon by those persons in the UK pursuant to the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2001 as amended. None of the funds described herein are regulated under the Financial Services and Markets Act 2000, and for such funds protections provided by the UK

regulatory system do not apply, nor are the benefits available under the Financial Services Compensation Scheme. When issued in the UK, this publication is issued by Ermitage UK Limited, which is authorised by the Financial

Services Authority. The Fund will not register as an investment company under the U.S Investment Company Act of 1940, as amended (the “Company Act”) and, accordingly, the provisions of the Company Act will not be

applicable to the Fund. Whilst reasonable efforts have been made to ensure the accuracy of the information herein, which may be based on proforma, estimated or unaudited figures, the Ermitage Group accepts no

responsibility for its accuracy, nor the reasonableness of the conclusions based upon such information. The contents of this document are believed to be accurate at the date hereof but are subject to change without prior

notification. Past performance is not a guarantee of future performance. The price of units or shares can go down as well as up and may be affected by changes in rates of exchange. An investor may not receive back the

amount invested.

Ermitage Asset Management Jersey Ltd

47 The Esplanade, St Helier, Jersey

Channel Islands JE1 9LB

Tel: +44 (0) 1534 615500

Fax: +44 (0) 1534 615520

Ermitage UK Ltd

25 Savile Row, London, W1S 2ES

Tel: +44 (0) 207 333 0900

Fax: +44 (0) 207 333 0443

Ermitage Americas Inc

Suite 917, 9th Floor, 330 Madison Avenue

New York, NY 10017

Tel: +1 646 495 5665

[email protected]

www. ermitagegroup.com

Ermitage Global Dynamic Trading Fund January 2010 Us

Economy & Finance

Transcript of Ermitage Global Dynamic Trading Fund January 2010 Us