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TULIP TREND FUND D USD 2014-10

INVESTMENT STRATEGY MANAGED FUTURES

PROGRESSIVE CAPITAL PARTNERS LTD


Provides access to directional trading strategies across a highly diversified global portfolio of futures and forwards. Based on quantitative analysis of price
behaviour, buy and sell signals are generated in order to participate in a systematic, pre-defined and dynamic way in market movements. The strategy is trend
following in nature and has historically generated strong returns in trending markets, while it has suffered during choppy and trendless periods. The program can
be long, short or neutral in every market traded.

TABLE OF MONTHLY NET RETURNS

8.00

9.00

10.00

11.00

12.00
1.00 2.00 3.00 4.00 5.00 6.00 7.00

1993 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
1994 2.86% 3.00% 16.21% -0.25% 4.08% 1.84% -7.97% -11.25% 3.44% -3.97% 17.94% -2.14% 21.89%
1995 -11.58% 18.33% 19.40% -0.75% 11.10% 6.39% -3.56% -1.30% 0.93% -3.86% 5.02% 10.11% 56.52%
1996 6.58% -10.65% -0.43% 14.87% -5.10% -0.85% 5.26% 11.21% 10.89% 12.33% 1.83% -5.89% 43.23%
1997 13.18% 9.86% -3.81% -6.82% -1.03% 1.28% 26.58% -0.50% 2.82% -17.51% 11.52% 15.15% 53.25%
1998 2.91% 0.17% 5.11% -10.14% 7.09% 1.16% -6.70% 34.52% 4.42% -0.54% -1.22% 2.72% 39.51%
1999 -6.99% 2.86% -5.34% 5.98% -5.47% 8.57% 2.85% -4.85% 0.75% -14.65% 4.72% 7.81% -6.42%
2000 3.38% -3.62% -5.58% -0.28% 5.44% -5.55% -1.03% 4.15% 1.49% 5.78% 9.50% 7.08% 21.22%
2001 0.41% 2.25% 10.62% -3.42% 2.56% -2.14% 8.76% 4.33% 12.93% 1.81% -5.31% 7.97% 46.82%
2002 -2.48% -1.83% 2.30% -2.77% 3.35% 12.49% 9.98% 5.49% 5.17% -5.11% -3.15% 12.03% 39.07%
2003 8.63% 6.99% -9.70% 5.06% 11.04% -5.24% -6.68% -0.23% -5.83% 6.18% -2.21% -0.11% 5.52%
2004 5.98% 9.05% -3.63% -7.78% -1.02% -6.34% -3.32% -1.67% 2.82% 8.31% 18.70% 2.70% 22.88%
2005 -9.60% 6.99% 4.16% -8.91% 3.77% 8.52% 6.22% -1.40% 3.27% -1.65% 6.35% -5.34% 10.66%
2006 3.48% -4.68% 2.03% 3.72% -8.57% -3.56% -10.24% 13.49% 0.06% 11.13% 7.00% 8.88% 21.46%
2007 3.17% -8.85% -8.32% 15.14% 11.19% 5.95% -4.99% -5.76% 17.31% 15.23% -3.39% 1.94% 39.38%
2008 -1.26% 9.30% 2.31% 0.40% 5.08% 5.49% -5.04% -3.64% 11.25% 11.58% 4.33% 3.60% 50.87%
2009 -0.54% 1.36% -7.54% 0.58% 2.99% -2.76% -5.02% 0.44% -2.54% -8.52% 5.53% -12.72% -26.45%
2010 -11.04% 3.20% 22.80% 4.61% -11.89% -0.44% -1.78% 7.49% 9.70% 8.27% -1.37% 6.81% 36.66%
2011 -1.82% 3.59% -4.41% 6.28% -9.46% -7.47% 5.97% -8.75% -5.51% -5.97% 1.21% 4.73% -21.19%
2012 3.22% 6.70% -2.37% 1.51% 17.73% -11.52% 9.85% -2.85% -7.56% -9.42% -1.07% 1.89% 2.42%
2013 0.85% -3.00% 6.81% 7.66% -11.82% -1.22% 0.86% -6.68% -4.00% 4.23% 2.06% 4.75% -1.35%
2014 -8.40% 2.94% 1.15% 3.60% 8.81% 2.57% -3.79% 8.94% 5.63% -5.57% 15.28%
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RETURNS. THE VALUE OF YOUR INVESTMENT MAY GO UP OR DOWN.
Returns from December 1993 to March 2003 are simulated results based on the actual performance of the Standard Risk USD subset (due to longer history) of the Diversified Trend Program composite track record of the Fund's trading advisor with pro-forma adjustments
made for the Fund's fee and notional funding particulars. As such, such returns do not represent actual returns of the Fund during such time periods prior to April 1, 2003. Hypothetical performance results have many inherent limitations, some of which are described below.
No representation is being made that the Fund will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading
program. One of the risks of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of
financial risk in actual trading.
Returns from April 1, 2003 to October 31, 2004 reflect audited A EUR returns adjusted for fees and fx & ir differentials.

KEY FIGURES COMPARISON VS MAJOR INDICES


NAV per share at month-end USD 3,150.10 10000

Compound annual rate of return [CARR] 20.14%


Annualised standard deviation [VOL] 26.35%
Sortino Ratio (0%) [CARR/DDEVIATION] 1.31 1000
Mar Ratio [CARR/MAXDD] 0.57
Sharpe Ratio (RF 2.91%) [(CARR-RF)/VOL] 0.65
Positive monthly returns 57.96% 100
Positive rolling 12 month returns 65.63%
Maximum Drawdown [MAXDD] -35.10%
Correlation to S&P 500 (USD) -0.04 S&P 500 (USD) HFRI FoF (USD)
10
Correlation to Eurostoxx 50 (EUR) -0.01
1994 1997 2000 2003 2006 2009 2012
Correlation to HFRI FoF (USD) 0.12

MONTHLY RETURN ATTRIBUTION ROLLING 12 MONTH RETURNS


+0%

+2%

+4%
-6%
-8%

-4%

-2%

90%

Foreign Exchange 65%


Interest Rates
40%
Equities
15%
Energy
-10%
Metals
-35%
1995 1998 2001 2004 2007 2010 2013
Agriculturals
12 month period ending...

FUND FACTS
Investm. Advisor Progressive Capital Partners Ltd Valor 1.764.145 Lockup None
Trading Advisor Transtrend B.V. Bloomberg TULITDU KY Gate None
Administrator Swiss Financial Services (Ireland) Ltd ISIN KYG912381327 Redemption Fee 1.00%
Clearing Brokers Newedge UK Financial Ltd, UBS Ltd Liquidity Monthly Min. Investment USD 100,000
Auditor PricewaterhouseCoopers Notice Period 2 Business Days Fund Assets USD 365m

Any returns, statistics, charts and general information in this document have been prepared by Progressive Capital Partners Ltd; Transtrend B.V. does not accept any responsibility or liability for it. Transtrend B.V. is only
acting as the trading advisor of Tulip Trend Fund Ltd. and no further relationship exists between Transtrend B.V. nor its officers and/or Tulip Trend Fund Ltd. and/or Progressive Capital Partners Ltd. Progressive Capital
Partners Ltd is not an agent or representative of Transtrend B.V. Information contained herein has been obtained from sources believed to be reliable but Progressive Capital Partners Ltd does not guarantee its accuracy or
completeness. Data might partially reflect unaudited, provisional estimates (E). Index returns are sourced from the respective index provider. Tulip Trend Fund Ltd. is a HIGH RISK investment product; the purchase of
shares in this fund is only suitable for investors who can understand and evaluate associated risks. For additional and more detailed information about risks and restrictions, please consult the funds Offering
Memorandum. This document is not intended as an invitation or recommendation to buy or sell any investment(s). Shares in the fund may be purchased privately and upon request only and are not targeted at retail
investors as the fund is not registered in any jurisdiction for public distribution. Any distribution (even partially) and/or use of information and/or charts included in this document without permission is strictly prohibited.
This document is not targeted at US persons and is prohibited to be distributed or made accessible to US persons. Learn more about the fund on www.trend.ky