This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation. 

This section contains the reports for our offshore fund, “Systematic Alpha Futures Fund, Ltd.” (the “Fund”), generated by RiskMetrics™ on the basis of the information independently obtained from the Fund’s Administrator, SS&C Technologies (the “Administrator”). These reports represent a compressed merger of four standard RiskMetrics™ reports: Exposure report, Historical Stress Test report, Risk report, and Scenario Analysis report.  

The reports are based on individual positions and the total value of the Fund’s Net Assets (the “Net Assets”), as reported by the Administrator, held collectively by Class A (“Single Leverage”) and Class B (“Double Leverage”) share classes, whereas Class B trades with the leverage factor of 2X. Net Assets referred to herein are un-leveraged or “cash” assets of the Fund. As a result, the risk reports presented here are overestimating the risks for Class A share class and are underestimating the risks for Class B share class. The percent of assets in each share class varies over time, with the majority of the assets currently held in the Class B (“Double Leverage”) product. 

Please also note, that the daily or weekly historical data for various markets used by RiskMetrics™ for calculations of various risk measures (such as correlations, betas, volatilities, etc.) is not synchronized across various trading time zones and markets, so that, for example, Nikkei 225 futures and S&P 500 futures will be taken at shifted times by several hours with respect to each other. This is an existing limitation of RiskMetrics™ and not of Systematic Alpha Management, LLC, and the corresponding measurements should be understood in light of such limitation.   

Systematic Alpha Futures Fund Ltd:
Performance and Monthly Updates

Systematic Alpha Futures Fund L.P:
Performance and Monthly Updates

Systematic Alpha Diversified Fund Ltd.
Performance and Monthly Updates

SAM MAY DETERMINE, IN ITS SOLE DISCRETION, THE SUITABILITY OF A POTENTIAL INVESTOR TO INVEST IN THE RELEVANT FUND BEFORE PROVIDING OFFERING DOCUMENTS TO SUCH INVESTOR, AND SAM RESERVES THE RIGHT TO REFUSE TO PROVIDE OFFERING DOCUMENTS TO ANY POTENTIAL INVESTOR.

THIS FOLLOWING DISCUSSION CONTAINS A PRELIMINARY SUMMARY OF THE PURPOSE AND PRINCIPAL BUSINESS OF THE FUNDS; THIS SUMMARY DOES NOT PURPORT TO BE COMPLETE AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE MORE DETAILED DISCUSSIONS TO BE CONTAINED IN THE RESPECTIVE FUNDS’ OFFERING DOCUMENTS.  SAM HAS THE ABILITY IN ITS SOLE DISCRETION TO CHANGE THE STRATEGIES DESCRIBED HEREIN.

THIS INFORMATION IS BEING PROVIDED TO YOU ON A CONFIDENTIAL BASIS SOLELY TO ASSIST YOU IN DECIDING WHETHER OR NOT TO PROCEED WITH A FURTHER INVESTIGATION WITH SAM OR IN A FUND.  ACCORDINGLY, THIS DOCUMENT MAY NOT BE REPRODUCED IN WHOLE OR PART, AND MAY NOT BE DELIVERED TO ANY PERSON WITHOUT THE CONSENT OF SAM.

THE INFORMATION CONTAINED IN THIS COMMUNICATION IS NOT AUDITED (UNLESS OTHERWISE INDICATED) AND IS BASED UPON ESTIMATES AND ASSUMPTIONS.  NO INFORMATION IS WARRANTED BY SAM OR ITS AFFILIATES OR SUBSIDIARIES AS TO COMPLETENESS OR ACCURACY, EXPRESS OR IMPLIED, AND IS SUBJECT TO CHANGE WITHOUT NOTICE.  TO THE EXTENT THAT THESE MATERIALS CONTAIN STATEMENTS ABOUT THE FUTURE, SUCH STATEMENTS ARE FORWARD LOOKING AND SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPACT OF COMPETITIVE PRODUCTS, PRODUCT DEMAND AND MARKET ACCEPTANCE RISKS, RELIANCE ON KEY STRATEGIC ALLIANCES, FLUCTUATIONS IN OPERATING RESULTS AND OTHER RISKS.

THESE MATERIALS SHOULD ONLY BE CONSIDERED CURRENT AS OF THE DATE OF PUBLICATION WITHOUT REGARD TO THE DATE ON WHICH YOU MAY ACCESS THE INFORMATION.  SAM MAINTAINS THE RIGHT TO DELETE OR MODIFY INFORMATION WITHOUT PRIOR NOTICE. 

THE PAST PERFORMANCE OF FUNDS OR MANAGED ACCOUNTS MANAGED BY SAM, ITS AFFILIATES AND ANY OF ITS SHAREHOLDERS, PRINCIPALS OR EMPLOYEES IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

AN INVESTMENT WITH SAM, IN A FUND OR A MANAGED ACCOUNT, LIKE ALL INVESTMENTS, CONTAINS RISK INCLUDING THE RISK OF TOTAL LOSS.

COMMODITIES' TRADING INVOLVES A SIGNIFICANT DEGREE OF RISK, WHICH EACH PROSPECTIVE INVESTOR SHOULD SERIOUSLY CONSIDER. THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL.  PROSPECTIVE INVESTORS SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR THEM IN LIGHT OF THEIR FINANCIAL CONDITION.  THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITIES TRADING CAN WORK AGAINST THE INVESTORS AS WELL AS FOR THEM.  THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

Investment into the SAM’s trading program is available to interested investors who meet certain eligibility criteria via the following investment vehicles:

• Offshore:  Systematic Alpha Futures Fund, Ltd., Classes A (“Standard Leverage”) and B (“Double Leverage”)
• US Onshore:  Systematic Alpha Futures Fund, L.P., Classes A (“Standard Leverage”) and B (“Double Leverage”)
• Separately Managed Accounts

Please contact Andrew Kaplan at info@systematicalpha.com for more information about investment opportunities or to request any offering documentation. AN INVESTMENT WITH SAM, LIKE ALL INVESTMENTS, CONTAINS RISK INCLUDING THE RISK OF TOTAL LOSS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

For further information regarding the investment programs offered by Systematic Alpha Management, LLC,  please contact us at info@systematicalpha.com