Bienville Capital Managment - Presentation (December 2010)

CONFIDENTIAL
BIENVILLE CAPITAL MANAGEMENT, LLC

December 2010
CONFIDENTIAL
OUTLINE OF CONTENTS
I. INTRODUCTION
Bienville Capital Management, LLC Bienville Capital Partners, LP 4 5
II
WHY MACRO?
6 9
10 11 12 13
III. INVESTMENT PHILOSOPHY & PROCESS

Global Macro Research & Analysis Strategy Allocation Manager Selection Portfolio Construction & Overlay
IV. INVESTMENT OUTLOOK V. APPENDICES

Biographies Firm and Contact Information
22
50 51
Bienville Capital Management, LLC | 2
CONFIDENTIAL
INTRODUCTION
The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails. William Arthur Ward
CONFIDENTIAL
INTRODUCTION
THE FIRM
Bienville Capital Management, LLC
SEC-registered, research-intensive, independent investment advisory firm Founded in 2008 during the height of the global financial crisis Clients include high-net-worth individuals and single-family offices
Bienville Capital Partners, LP
The Bienville team has over 100 years of collective experience in investment management Significant experience in alternative investments, portfolio construction and overlay management Extensive experience in manager selection across asset classes and strategies
Why Macro?
Performance-driven culture Passionate about investing Focus on aligning interests with all investors
Investment Philosophy & Process
Emphasis is on investment risk, not business risk. Our benchmark is risk-adjusted returns Preference for value and fundamentally-oriented managers versus quantitative strategies Flexible, adaptive investment mandate
Investment Themes & Outlook
Extensive network of contacts and resources throughout the investment industry Investments in independent research Offices in New York, NY and Mobile, AL
CONFIDENTIAL
INTRODUCTION
THE PARTNERSHIP Adaptive and flexible strategy Access to a select number of exceptionally talented underlying investment managers Uncorrelated strategies that contribute to an investors overall portfolio diversification Concentrated approach with a core set of underlying managers Focused managers who concentrate capital in their highest conviction ideas Flexibility via a tactical overlay providing the ability to adapt during volatile markets
Why Macro?
Intense focus on risk-adjusted returns and capital preservation Preference for value and fundamentally-oriented managers versus quantitative strategies Consensus is often wrong
In-depth top-down research process drives strategic allocation across underlying managers Rigorous manager selection process that seeks to identify highly-skilled managers Portfolio construction that combines qualitative understanding with quantitative analysis
Periodic reviews of underlying managers, their underlying exposures and holdings Independent administrator
CONFIDENTIAL
WHY MACRO?
CONFIDENTIAL
WHY MACRO?
WHY MACRO? There are inflection points in history. This is one of them Macro is fundamental. The imbalances that exist today are fundamental in nature Until the imbalances are resolved, the macroeconomic environment will be the driver of volatility The consensus is often wrong. It is important to always challenge conventional wisdom Outlier events occur more frequently than forecasters anticipate. As a result, insurance is necessary Understanding the environment from a qualitative perspective helps to manage turbulence
Why Macro?
Nearly all assets are priced off of the risk-free rate. Yet the risk-free rate is a by-product of central bankers and macroeconomic policy globally Policymakers respond to probability distributions whereas are markets are behavioral, reliant on confidence
Not being able to predict when something will happen doesnt mean you should act is if it wont Getting the big picture right is critical
CONFIDENTIAL
WHY MACRO?
Why Macro?
WHY MACRO? At the May 2005 Ira Sohn Investment Research Conference in New York, I recommended MDC Holdings, a homebuilder, at $67 per share. Two months later MDC reached $89 a share, a nice quick return if you timed your sale perfectly. Then the stock collapsed with the rest of the sector. Some of my MDC analysis was correct: it was less risky than its peers and would hold up better in a down cycle because it had less leverage and held less land. But this just meant that almost half a decade later, anyone who listened to me would have lost about 40% of his investment, instead of the 70% that the homebuilding sector lost. The lesson that I have learned is that it isnt reasonable to be agnostic about the big picture. For years I had believed that I didnt need to take a view on the market or the economy because I considered myself to be a bottom-up investor. Having my eyes open to the big picture doesnt mean abandoning stock picking, but it does mean managing the long-short exposure ratio more actively, worrying about what may be brewing in certain industries. - David Einhorn (Greenlight Capital), Value Investing Congress (2009) If people looked at sovereign balance sheets the way value investors look at company balance sheetsas weve donethe enormity of the debt problem in several European and Eastern European countries becomes clear. We expect to see serial defaults on sovereign debt, as countries hit their Keynesian end-point, in which theyre no longer able to postpone their fiscal and economic problems with more debt and more cross-guarantees from desperate central bankers. They will literally see their debt service exceed government revenues and they will have no choice but to default and restructure. Kyle Bass (Hayman Advisors), Value Investor Insight (2010)
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INVESTMENT PHILOSOPHY & PROCESS
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GLOBAL MACRO RESEARCH & ANALYSIS
Intense research process to assess opportunities and risks across asset classes and geographies Fundamental in nature Focus on foreseeable events (i.e. grey swans) Determine the risk-reward opportunities and optimal allocation among asset classes and fundamentally-oriented investment strategies Avoid over-valued asset classes Select a concentrated group of managers with superior investment skill after conducting an intense review of their investment strategy, process, philosophy and organization Focus on managers who concentrate their best ideas and align interests with investors Avoid large institutions , as well as quantitative, arbitrage, relative value, multi-strategy and other strategies reliant on leverage or multiple portfolio managers Develop a deep understanding of each managers style, philosophy, volatility, market correlation and cross correlation to determine optimal allocation Overlay hedging in order to efficiently alter risk exposures Cheap insurance
ASSET ALLOCATION
Why Macro?
MANAGER SELECTION PHILOSOPHY & PROCESS
PORTFOLIO CONSTRUCTION
CONFIDENTIAL
GLOBAL MACRO RESEARCH & ANALYSIS

Serves as the foundation for portfolio construction Rigorous assessment of the macroeconomic landscape and geopolitical environment Focus on global imbalances and potential sources of volatility Development of long-term, structural themes coupled with short-term, tactical views Utilize extensive network of industry professionals, economists and strategists for idea generation Long-Short Equity: Focus on value-oriented managers who concentrate their long portfolio in securities believed to be trading at a discount to intrinsic value while shorting fundamentally-flawed securities perceived to be overvalued. The short book provides an additional source of return while reducing overall market risk
STRATEGY ALLOCATION
Why Macro?
Credit & Distressed: Event-driven, value-oriented strategy focusing on complex situations around corporate capital structures Fundamental Macro: Independent thinkers employing rigorous fundamental macroeconomic research in attempt to identify asymmetric return opportunities in periods of volatility and dislocation, thereby providing valuable portfolio diversification benefits Tactical Overlay: Utilized when necessary to hedge overall portfolio risk or to tactically adjust exposures
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MANAGER SELECTION PHILOSOPHY Alignment of Interests - Ensure managers have meaningful financial commitments in their respective funds, thereby aligning interests with all investors
Investment Strategy and Philosophy Definable and repeatable strategy combined with a fundamental, value investing philosophy Investment Process - Evaluate whether the managers investment process is repeatable and based on both superior research skills and analytical ability People & Organization - Interview key decision makers and assess the infrastructure, policies and procedures of the underlying managers organization Performance - History of superior performance consistent with objectives. Focus on quality of returns, downside protection and correlation, as well positioning in various market environments
Why Macro?
MANAGER SELECTION PROCESS Initial Call or Meeting - Discussion of strategy, process, performance history, team dynamics, risk management, current opportunities and positioning
Initial Internal Review - Thorough review of notes, marketing materials, website, due diligence questionnaires, previous investor letters in order to determine whether an on-site visit is warranted On-Site Due Diligence Visit - Perform an onsite review of all aspects of the firm, including personnel, investment process, performance, compliance, trading and terms of the partnership Full Review with Investment Committee - Investment Strategy Memorandum and Due Diligence Review reports are completed and reviewed by all members of the investment committee
CONFIDENTIAL
PORTFOLIO CONSTRUCTION & OVERLAY

Detailed quantitative analysis is combined with qualitative knowledge attained from in-depth discussions and analysis Manager philosophy, style, sector or capitalization preference are considered relative to each other Correlations, cross-correlations and contribution to portfolio risk are assessed
MONITORING & RISK ANALYSIS
Why Macro?
Internal models to assess quantitative factors in conjunction with our fundamental and qualitative understanding of manager positions Assessment of individual themes, as well as holdings for underlying managers where position-level detail is essential Review aggregate portfolio exposures to ensure they are consistent with stated objectives Analysis of returns, correlations and cross-correlations among managers Concentrated nature of the partnership allows for intense focus on managers selected Balance liquidity with opportunity

CONFIDENTIAL
PORTFOLIO CONSTRUCTION Diversification across asset classes in paramount, however, due to increased correlations, focus should also be on the best fundamental opportunities while avoiding unattractive and overvalued asset classes...
SAMPLE PORTFOLIO Cash, 5.0% Investment Grade Bonds, 10.0% Enhanced Fixed Income, 7.0% TIPS, 3.0%
Why Macro?
Hedge Funds, 25.0%
Foreign Currency, 10.0% Public Equities, 25.0%
Gold , 15.0%
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PORTFOLIO CONSTRUCTION Throughout 2010, tactical adjustments have largely been focused on three assets classes: foreign currency, gold and enhanced fixed income
TACTICAL PORTFOLIO Cash, 5.0% Investment Grade Bonds, 10.0% Enhanced Fixed Income, 7.0% TIPS, 3.0% Foreign Currency, 10.0% Public Equities, 25.0% Gold , 15.0%
Why Macro?
Hedge Funds, 25.0%
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PORTFOLIO CONSTRUCTION Focus on long volatility assets and strategies. High quality fixed income and cash can serve as portfolio stabilizers while hedge funds and foreign currency may be used to capitalize on dislocations
VOLATILITY REDUCTION Investment Grade Bonds, 10.0% Enhanced Fixed Income, 7.0% TIPS, 3.0%
Cash, 5.0%
Why Macro?
Hedge Funds, 25.0% Foreign Currency, 10.0% Public Equities, 25.0% Gold , 15.0%
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PORTFOLIO CONSTRUCTION In a deleveraging scenario, deflationary pressures are intense. Cash, bonds and gold typically perform well. Tactical use of foreign currency can assist in protecting against a strong US dollar rally
DEFLATION PROTECTION Cash, 5.0% Investment Grade Bonds, 10.0% Enhanced Fixed Income, 7.0% TIPS, 3.0%
Why Macro?
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PORTFOLIO CONSTRUCTION Despite recent deflationary pressures, layering in inflation protection is prudent given the hyperstimulative response of policymakers. Gold is interesting as an inflation and deflation hedge
INFLATION PROTECTION Cash, 5.0% Investment Grade Bonds, 10.0% Enhanced Fixed Income, 7.0% TIPS, 3.0%
Why Macro?
CONFIDENTIAL
PORTFOLIO CONSTRUCTION Bienville focuses on strategies that are fundamental in nature where intense research can unlock opportunities. Long-short equity, macro and event-driven strategies have outperformed
Risk / Return
Jan uary 1991 - October 2010 (Sin gle Computation ) 16%
Equity Hedge, Event-Driven and Macro have delivered higher returns with less volatility
14%
12%
Why Macro?
10%
HFRI Event-Driven (Total) Index HFRI Equity Hedge (Total) Index HFRI Macro (Total) Index
Return
8%
MSCI EAFE MSCI EM (EMERGING MARKETS)
6%
S&P GSCI Barclays Capital U.S. Aggregate
4%
BofA Merrill Lynch Municipals, 3-7yr Market Benchmark: S&P 500
2%
0% 0% 5% 10% 15% Stan dard Deviation 20% 25%
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PORTFOLIO CONSTRUCTION In volatile markets, protecting capital is essential for wealth preservation and accumulation
Why Macro?
CONFIDENTIAL
Broad assessment of global opportunities, imbalances and risks across asset classes and geographies
THE BIENVILLE MACRO VIEW
Wall Street Research

Goldman Sachs JP Morgan Societe Generale
Independent Research
Capital Economics ISI Strategas The Gartman Letter Ed Yardeni Grants David Rosenberg Ned Davis Research
Proprietary, Internal Research

Federal Reserve Congressional Budget Office (CBO) International Monetary Fund (IMF) U.S. Bureau of Economic Analysis (BEA) Bank of International Settlements (BIS) OECD
Why Macro?
Deutsche Bank CLSA Jefferies
News & Periodicals

Financial Times
Lombard Street Research Bloomberg Trim Tabs Research Manager Proprietary Research
Proprietary, Internal Research

GDP, Inflation, Interest Rates, Commodity Prices, Credit Spreads, CDS, Political & Social Factors, Fiscal & Monetary Policy, Currency, Money Supply & Credit Creation, Equity Prices, PE Multiples, Psychology, Volatility
Wall Street Journal New York Times The Economist
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INVESTMENT THEMES & OUTLOOK

I have yet to see any problem, however complicated, which, when looked at the right way did not become still more complicated. - Poul Anderson, author
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INVESTMENT OUTLOOK
CORE INVESTMENT THEMES

Unraveling of the multi-decade credit bubble Secular deleveraging of the private sector in developed economies resulting from excessive debt Sovereign discredit Oscillating volatility paradigm, increased correlation across asset classes High-quality versus low-quality equities Global fiscal and monetary policy divergence, protectionism Monetary instability
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK
UNRAVELING OF THE CREDIT BUBBLE

Unchartered territory. As Irving Fisher explained, major disturbances in economic cycles occur from too much debt relative to GDP
Why Macro?
Source: Hoisington
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INVESTMENT OUTLOOK
UNRAVELING OF THE CREDIT BUBBLE

Shuffling the deck chairs aroundHouseholds are beginning the necessary deleveraging while the government ramped up to socialize losses
Why Macro?
Rapid accumulation of debt
Early stages of deleveraging
Transfer of bad private debts to the public sector
Source: Federal Reserve Flow of Funds
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INVESTMENT OUTLOOK
SOVEREIGN CREDIT
Sovereign credit will remain a critical issueand one of insolvency, not liquidity
Why Macro?
Source: GMO
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INVESTMENT OUTLOOK
DELEVERAGING & GLOBAL REBALANCING

The sum of financial flows in an economy must equal zero. Therefore, one sectors financial balance cannot be viewed in isolation as its effects will be felt elsewhere Sectoral financial balancesthat is, how much a sector borrows or savesrepresents a flow over time. Contrarily, balances show how much a sector owes (or is owed) and represents a stock at a moment in time. For example, the US government gross debt-toGDP is ~85%. This is the stock of debt Because the public sector is currently in deficit, the private sector and the foreign capital account must, by definition, be in surplus. They are providing the funding to the public sector
CURRENT US SECTORAL FINANCIAL BALANCE
Why Macro?
PUBLIC SECTOR
+ +
PRIVATE SECTOR 7.0%
+ +
CURRENT ACCOUNT 3.0%
= =
0 0
-10.0%
HOUSEHOLDS 2.0%
BUSINESSES 5.0%
Source: Lombard Street Research; Bloomberg, Bienville Capital Management, LLC,
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INVESTMENT OUTLOOK

By analyzing sectoral balances, it is clear that it is a mathematical impossibility for both the public and private sector to delever without the trade deficit swinging towards balance Since the government sector debt-to-GDP will soon reach 100%, in order to stabilize the ratio, the annual budget deficit cannot exceed nominal GDP growth, which is estimated to be 3.0%. In fact, budget deficits are being targeted to 3.0% (see CBO projections) Normal private sector surpluses are 4.0% (3.0% for households and 1.0% for businesses). For that to occur, the current account needs to be in balance. This natural tendency towards equilibrium is in contrast with Chinas policy and the currency regime in place
SUSTAINABLE US SECTORAL FINANCIAL BALANCE
Why Macro?
PUBLIC SECTOR
+ +
PRIVATE SECTOR 4.0%
+ +
CURRENT ACCOUNT -1.0%
= =
0 0
-3.0%
HOUSEHOLDS 3.0%
BUSINESSES 1.0%
CONFIDENTIAL
INVESTMENT OUTLOOK

When looking at the flows between sectors, imbalances become obvious For the Government sector to reduce its annual deficits, the Foreign account must fall towards zero. However, the Chinese yuan peg is preventing it from occurring
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK
JAPAN WHEN, NOT IF

Equity and land prices burst over 20 years ago and remain at substantially lower levels.
Why Macro?
Source: Capital Economics
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INVESTMENT OUTLOOK
JAPAN WHEN, NOT IF

Rather than restructuring private debts, losses were socialized. Debt-to-GDP is now higher than any country in the developed world.
Why Macro?

Source: Capital Economics
CONFIDENTIAL
INVESTMENT OUTLOOK
JAPAN WHEN, NOT IF

When credit grows faster than the economy, trouble always ensues.
Why Macro?
Source: Japan Ministry of Finance
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INVESTMENT OUTLOOK
JAPAN WHEN, NOT IF

When credit grows faster than the economy, trouble always ensues.
FY 2010 (Initial)
in Yen 37,396 (27,269) (9,800) 327
Tax Revenues Social Security Expenditures Interest Expense* Surplus to Fund other Budget Items
Why Macro?
Source: Japan Ministry of Finance
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INVESTMENT OUTLOOK
CHINA THE NEXT CREDIT CRISIS?

Net capital inflows have been expanded into the money supply through bank loans
Why Macro?
Source: Independent Strategy
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INVESTMENT OUTLOOK

The bank loans have driven enormous investments into capacity, much of it unnecessary Despite widespread belief, investment in fixed assets drives economic growth
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK

What distinguishes China from other emerging markets is the intensity and duration of its fixed asset investment cycle. No country has maintained a ratio over 35% of GDP for as long However, the trend is unsustainable as efficiency of investment deteriorates
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK

When credit grows faster than the economy, capital is grossly misallocated. Trouble always ensues Booms can quickly turn to busts
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK

Net capital inflows have been expanded into the money supply through bank loans Despite Chinas economy being a third of the size of the US, its money supply is nearly 20% larger
China
(in RMB) (in USD)
United States
(in USD)
China as % of US 205% 116% 35% 587% 332%
M1
Why Macro?
24,100 67,400 34,051
3,601 10,072 5,088 71% 198%
1,757 8,704 14,579 12% 60%
M2 GDP M1 / GDP M2 / GDP

Source: Bloomberg
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INVESTMENT OUTLOOK
OSCILLATING VOLATILITY
Excessive debt globally has lead to a new volatility regime

VIX Index
90 80 70 60
Why Macro?
50 40 30
20 10 0
Jun-04
Jan-05 Aug-05 Mar-06 Oct-06 May-07 Dec-07
Jul-08
Feb-09 Sep-09 Apr-10
Source: Bienville Capital Management, Bloomberg
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INVESTMENT OUTLOOK
Weve seen this movie beforea lot of volatility but no gains

Dow Jones Industrial Average (1967 - 1982)
1,100
+23%
1,000
+65%
+35%
+37%
Why Macro?
900
800
-15% -26% -30%
-15%
700
600
-40% Investment Themes & Outlook

500
Dec-67 Nov-69 Nov-71 Nov-73 Nov-75 Nov-77 Nov-79 Nov-81
CONFIDENTIAL
INVESTMENT OUTLOOK
There has to be a better way

S&P 500 (Trailing 10 Years)
+95%
1,600
1,400
+83%
Why Macro?
1,200
1,000
-14%
800
-47% -57%
Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10
600
Jun-00
CONFIDENTIAL
INVESTMENT OUTLOOK
Stay hedged, focusing on high quality versus low quality
Attractive uncorrelated spread to be captured via long high-quality, short low-quality
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK
POLICY RESPONSE
US Treasury yields have been falling for nearly 30 years as policymakers responded asymmetrically to financial market crises
US Government 10-Year Yield
16.0 14.0 12.0
Penn Square Bank Failure Continental Illinois Failure
Why Macro?
10.0 8.0 6.0 4.0 2.0
87 Crash S&L Crisis / Gulf War I Mexican Peso Crisis Russia Default / LTCM Failure Dot.com Bust 9-11 Subprime Credit Crisis
0.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
CONFIDENTIAL
INVESTMENT OUTLOOK
POLICY RESPONSE
With no more room to cut rates, the Fed is targeting its balance sheet. How far will they go?
Federal Reserve Bank Total Assets
$2,500,000
$2,000,000
Why Macro?
$1,500,000
$1,000,000

$500,000
$94
97
00
03
06
09
CONFIDENTIAL
INVESTMENT OUTLOOK
POLICY RESPONSE
By all measures, the policy reaction to the Great Recession was inconceivably disproportionate, currently running at an estimated 30% of GDP
Contraction Stimulus as % of GDP Length 43 13 11 10 8 10 11 16 6 16 8 8 18 Monetary 3.4% 0.0% -2.2% 0.7% 0.3% 0.9% 0.4% 0.3% 1.0% 1.3% 22.1% Fiscal 4.9% 2.2% 5.5% -1.4% 3.2% 1.0% 2.4% 3.1% 1.1% 3.5% 1.8% 5.9% 11.9% Total 8.3% 2.2% 3.3% -1.4% 3.2% 1.7% 2.7% 4.0% 1.5% 3.8% 2.8% 7.2% 31.0%
Cycle Peak August 1929 May 1937 November 1948 July 1953 August 1957 April 1960 December 1969
Cycle Trough March 1933 June 1938 October 1949 May 1954 April 1958 February 1961 November 1970 March 1975 July 1980 November 1982 March 1991 November 2001 June 2009
in GDP -27.0% -3.4% -1.7% -2.7% -3.2% -1.0% -0.2% -3.1% -2.2% -2.6% -1.3% -0.2% -4.1%
Why Macro?
November 1973 January 1980 July 1981 July 1990 March 2001 December 2007
Source: Blackstone; Alan S. Blinder; Mark Zandi; The National Bureau of Economic Research; Lombard Street Research; Bienville Capital Management, LLC estimates
CONFIDENTIAL
INVESTMENT OUTLOOK
MONETARY INSTABILITY
Gold is telling us something about the viability of the current monetary framework
Gold (in USD)
1,600 1,400 1,200
Why Macro?
1,000 800 600 400 200
0 01 02 03 04 05 06 07 08 09 10
CONFIDENTIAL
INVESTMENT OUTLOOK
MONETARY INSTABILITY
Faced with these confusing and competing considerations, Von Havenstein decided to play for time, supplying the government with whatever money it needed. Contrary to popular myth, he was perfectly aware that printing money to finance the deficit would bring inflation. But he hoped that it would be modest, and that in the meantime, something would turn up to induce the Allies to lower their demands or at least agree to a moratorium on actual payments, giving Germany some breathing space. It was a total miscalculation. Von Havenstein failed to recognize that experimenting with the currency was like a knife-edge. A moderate degree of inflation does not remain moderate for long. At some point the public loses confidence in the authoritys power to maintain the value of money, and deserts the currency in panic. Germany passed this tipping point in the middle of 1921. Instead of admitting that he had made a terrible mistake, Von Havenstein, with his dogged Prussian sense of duty, dug in his heels, refusing to change any of his policies and continuing to print as much money as the government needed. - Liaquat Ahamed, Lords of Finance
Why Macro?
CONFIDENTIAL
INVESTMENT OUTLOOK
SUMMARY AND POSITIONING

Hedged equity exposure exploiting the attractive spread between high-quality and lowquality securities while reducing correlation to broad indices Event-driven and special situations in credit and distressed debt markets Thematic macro exposure to capitalize on oscillations in volatility and battle between intensifying deflationary pressures and reflationary policy response Physical gold and gold-related equities, foreign currency to protect from monetary instability Protection against a sovereign credit crises focused on Europe and Japan Flexibility!
Why Macro?
CONFIDENTIAL
APPENDICES
CONFIDENTIAL
BIOGRAPHIES
M. Cullen Thompson, CFA Co-Founder, Bienville Capital Management, LLC Managing Partner, CIO Previously: Director of Investments, RR Advisory Group, LLC Senior Research Analyst, Citigroup Private Bank Senior Portfolio Analyst, Lehman Brothers Trust Co. Associate , Arthur Anderson LLP BA University of Alabama Donald Stoltz III Partner Director of Trading & COO, Bienville Capital Management, LLC Previously: Proprietary Trader, First New York Securities, LLC Vice President, JPMorgan Chase & Co. BA Pennsylvania State University
William H. Stimpson II Managing Partner, CEO
Co-Founder, Bienville Capital Management, LLC Previously: Managing Director , Bay Crest Securities, LLC Executive Director, JPMorgan Chase & Co. Vice President, Deutsche Bank BA Vanderbilt University
Shruti Bansal, CFA Director
Manager Due Diligence, Bienville Capital Management, LLC Previously: Head of Research, SCS Financial Vice President, Atlantic Trust Senior Analyst, Muirfield Capital Management Portfolio Manager, Lehman Brothers BA Montclair State University
Ralph F. Reynolds Partner, Senior Advisor
Co-Founder, Bienville Capital Management, LLC Previously: Founder and CIO, Carlyle Blue Wave Managing Director, Deutsche Bank President & CEO, NatWest Managing Director, Morgan Stanley Principal, OConnor and Associates MBA University of Chicago BA University of Pennsylvania
Edward B. Meyercord Senior Advisor, Bienville Capital Management, LLC Senior Advisor Previously: Director, Stralem & Company Partner, Eagle Capital Management Executive, Hillcrest Partners Executive, Altiva Financial Corporation Executive, Mclean Securities Executive, XM Partners BA Birmingham Southern College
CONFIDENTIAL
FIRM AND CONTACT INFORMATION

Bienville Capital Management, LLC is an SEC-registered, independent investment advisory firm offering sophisticated and customized investment solutions to high-net-worth and institutional investors. The members of the Bienville team have broad and complementary expertise in the investment business, including over 100 years of collective experience in private wealth management, institutional investment management, trading, investment banking and private equity. We have established a performance-driven culture focused on delivering exceptional advice and service to a select number of investors. We communicate candidly and frequently with our clients in order to articulate our views. Our clients include high-net-worth families and single family offices with complex needs. Bienville Capital Management has offices in New York, NY and Mobile, AL.
New York Bienville Capital Management, LLC 32 Avenue of the Americas, Ste 2100 New York, NY 10013 Phone: 212.226.7348 Alabama Bienville Capital Management, LLC 64 North Royal Street Mobile, AL 36602 Phone: 251.445.8139 Email Cullen Thompson cullen.thompson@bienvillecapital.com Donald Stoltz donald.stoltz@bienvillecapital.com
www.bienvillecapital.com
CONFIDENTIAL
DISCLAIMER
Bienville Capital Partners, LP (the Fund) is offered in reliance upon an exemption from registration under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering. This document is not intended to be, nor should it be construed or used as, an offer to sell or a solicitation of any offer to buy securities of the Fund. No offer or solicitation may be made prior to the delivery of the Confidential Private Offering Memorandum of the Fund (the Memorandum). Securities of the Fund shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. No public or other market is available or is likely to develop for securities of the Fund. Furthermore, securities of the Fund have limited withdrawal rights and are not transferable without the prior written consent of Bienville Capital GP, LLC (the "General Partner"). Accordingly, an investment in the Fund is a relatively illiquid investment. This document is confidential, intended only for the person to whom it has been provided, and under no circumstance may be shown, transmitted or otherwise provided to any person other than the authorized recipient. While all information in this document is believed to be accurate, the General Partner makes no express warranty as to its completeness or accuracy and is not responsible for errors in the document. Furthermore, the information is furnished as of the date shown or cited, and the General Partner does not undertake any responsibility for updating the information herein. This document is provided for informational purposes only, does not contain all material information about the Fund is subject to change without notice. Furthermore, estimates, investment strategies and views expressed in this document are based upon current market conditions and/or may be based on information provided by unaffiliated third parties. In making an investment decision, investors must rely on their own examination of the Fund and the terms of the offering, including, but not limited to, the merits and risks involved. The interests of the Fund have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this presentation. Any representation to the contrary is a criminal offense. The information contained herein does not take into account the particular objectives or circumstances of any specific prospective investor and should not be construed as accounting, legal, tax or investment advice. Prospective investors should consult their tax, legal, accounting or other advisors about the matters discussed herein. An investment in the Fund may not be suitable for all investors and eligibility criteria will apply. No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the Memorandum and any such information may not be relied upon. This document contains information about the Funds investment objective, programs, guidelines and restrictions. Material economic conditions, market forces, and other factors may cause the Fund to adjust such objective, programs, guidelines and restrictions as necessary. No guarantee or representation is made that the Funds investment programs, including, without limitation, its investment objectives, diversification strategies or risk management goals, will be successful, and investment results may vary substantially over time. AN INVESTMENT IN THE FUND IS A SPECULATIVE INVESTMENT, INVOLVES SIGNIFICANT RISKS AND IS SUITABLE ONLY FOR THOSE PERSONS WHO CAN BEAR THE ECONOMIC RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT AND WHO HAVE A LIMITED NEED FOR LIQUIDITY. THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE ITS INVESTMENT OBJECTIVE.

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CONFIDENTIAL

BIENVILLE CAPITAL MANAGEMENT, LLC

III. INVESTMENT PHILOSOPHY & PROCESS

IV. INVESTMENT OUTLOOK V. APPENDICES

Bienville Capital Management, LLC | 2

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 4

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 5

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 7

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 8

INVESTMENT PHILOSOPHY & PROCESS

INVESTMENT PHILOSOPHY & PROCESS

Bienville Capital Management, LLC

GLOBAL MACRO RESEARCH & ANALYSIS

Bienville Capital Partners, LP

MANAGER SELECTION PHILOSOPHY & PROCESS

Investment Philosophy & Process

Bienville Capital Management, LLC | 10

INVESTMENT PHILOSOPHY & PROCESS

GLOBAL MACRO RESEARCH & ANALYSIS

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 11

INVESTMENT PHILOSOPHY & PROCESS

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Investment Philosophy & Process

Investment Themes & Outlook

Bienville Capital Management, LLC | 12

INVESTMENT PHILOSOPHY & PROCESS

Bienville Capital Management, LLC

PORTFOLIO CONSTRUCTION & OVERLAY

Bienville Capital Partners, LP

MONITORING & RISK ANALYSIS

Investment Philosophy & Process

Bienville Capital Management, LLC | 13

INVESTMENT PHILOSOPHY & PROCESS

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Hedge Funds, 25.0%

Investment Philosophy & Process

Foreign Currency, 10.0% Public Equities, 25.0%

Bienville Capital Management, LLC | 14

INVESTMENT PHILOSOPHY & PROCESS

Bienville Capital Management, LLC

Bienville Capital Partners, LP

Hedge Funds, 25.0%

Investment Philosophy & Process