Efficient Diversified Fund – Alpha III

EFFICIENT DIVERSIFIED FUND, SPC - ALPHA III SEGREGATED PORTFOLIO Strategy Overview: Alpha III's investment approach blends momentum-based trading strategies with diversifying managers that help minimize drawdowns and improve overall return characteristics. To do this, a core exposure to systematic trend following strategies is maintained (to deliver the return of the managed futures industry), complemented by diversifying strategies that help improve risk-adjusted returns without compromising the desirable return characteristics of CTAs (e.g., non-correlation with equity beta and a propensity to have strong performance during periods of economic turmoil).

The investment strategy is achieved by identifying the very best managers in the managed futures space, balancing the portfolio across return drivers and risk factors and managing the portfolio actively for volatility and risk.

Notes: Efficient Diversified SPC - EDF-Alpha III Segregated Portfolio:

The fund performance shown in this document includes interest income, is net of all transaction costs, management fees, incentive fees and fixed costs (e.g. director's fees, accruals for audit expenses, etc.). Fees and charges applicable to the underlying advisors and Efficient Capital Management, LLC are not specifically described herein. Please refer to the fund's offering documents for more information. Nominal Allocation refers to the amount of cash in the portfolio plus the agreed upon amount of notional funds to be utilized for trading. The Efficient logo, Efficient Capital(R) and Efficient Capital Management(R) are registered trademarks of Efficient Capital Management, LLC. Benchmark data was obtained from various independent sources, such as CTA databases, Bloomberg, and Hedge Fund Research. Efficient believes these sources to be accurate. Efficient has not and cannot verify the accuracy of all such information and the recipient should be aware that the information is presented on an informational "as-is" basis and is subject to change without notice. MSCI World Index - The MSCI World Index, which is part of The Modern Index Strategy, is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country and MSCI World Index does not offer exposure to emerging markets. JPM Global Government Bond Index Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2017, J.P. Morgan Chase & Co. All rights reserved. SG CTA Index - The SG CTA Index is equal weighted and reconstituted annually and has become recognized as the key managed futures performance benchmark. The index calculates the net daily rate of return for a pool of CTAs selected from the largest managers open to new investment. HFRXGL - Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Past results are not necessarily indicative of future results. There can be no assurance that an account or fund will earn any profits at all or will be able to avoid incurring substantial losses. Pursuant to an exemption from the commodity futures trading commission in connection with accounts of qualified eligible persons, this document is not required to be, and has not been, filed with the commission. The commodity futures trading commission does not pass upon the merits of participating in a trading program or upon the adequacy or accuracy of commodity futures trading advisor disclosure. Consequently, the commodity futures trading commission has not reviewed or approved this trading program or this document. This document is not an offer to sell or a solicitation of an offer to buy any securities in any efficient fund. Any offering or solicitation will be made only to qualified prospective investors pursuant to the fund offering documents, and the subscription documents, all of which should be read in their entirety. This document does not describe all the various risks associated with investing in managed futures or foreign currency exchange, a list of which is in our fund offering documents. We can provide these documents to you upon request.