1. BigSur Partners LLC
1450 Brickell Avenue
Suite 2750
Miami, FL 33131
Introduction to BigSur
Office: 305-740-6777
Fax: 305-350-9998

2. Agenda
Why BigSur p3
How We Structured Our Model & Manage Relationships
p4
What We Offer Our Clients p6
An In-Depth Look at What We Offer our Clients
I. Creating a comprehensive system to manage wealth p7
II. Applying a sound investment process p 14
III. Providing a higher level of execution p 22
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3. Why BigSur
• Wealth is destroyed in 3 generations. We are helping our families “manage” their wealth to avoid
this trend, so that they can leave a legacy
• We found that there was no one in the industry doing this the right way, so we decided to be a
market leader and just do it ourselves
“We wanted a better way” Industry is structurally organized in a conflictive way for clients-
not aligned for best interests of clients. Pushing product, multiple fee schedules, high banker
turnover, limited access to products and investment opportunity
BigSur's mission is to provide customized and holistic solutions to select global
wealthy families, aiming to meet all of their wealth management needs.
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4. How We Structured Our Model
Alignment with Client
Independence
Interests
BigSur’s Compensation Structure Allows for Total Independence
− No “product-based” compensation (no “related party” agreements)
− Rebates paid back to clients
− No transaction fees
− All cost-savings are 100% passed on to the client
Independent Perspective 100% Open Architecture
− Goal to find “best-in-class” products based on −Access multiple trading counterparts and third
their own merit party managers
−View based mainly on “buy-side” research − No ties with any financial institution (banks,
brokers, product-producers)
Our motto is “The Value of Independence”
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5. How We Manage Our Client Relationships
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6. What We Are Offering Our Clients
I. Creating a comprehensive system to manage wealth
• Investment Policy Statement
• Ecosystem of Banks
• Network for All Wealth Management Needs
• Monthly Consolidated Reports
II. Applying a sound investment process
• Overview of Investment Process
• Investment Committee
• BigSur House View & Investment Philosophy
• Investment Research
• Model Portfolios, Cross Referencing
III. Providing a higher level of execution
• The “Instividual”
• Club of Investors
• Commercial Real Estate
• Best Execution through Pershing
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7. I. Creating a comprehensive system to manage
wealth
Broad Overview
Investment Policy Statement
“Ecosystem” of Banks/Financial Institutions
Network for all Wealth Management Needs
Monthly Consolidated Report
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8. I. Broad Overview
Steps
• IPS determines neutral asset allocation
• “Best in breed” investment vehicle selection
• Portfolio concept : choosing an “eco-
system” of banks with complimentary
expertise
• Main custodian/ prime brokerage
relationship for execution of all “plain
vanilla” securities transactions
• What is the wealth going to be used for?
• Is there any FAMILY GOVERNANCE created for operating business?
• Spending: amounts & limits
• Investment: determining Investment Policy Statement (IPS)
• Determination of fiduciary structure
• Selection of family office (which can help facilitate completing Step 1)
0 Time
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9. I. Investment Policy Statement
BigSur, together with each client, creates an Investment Policy Statement (IPS) or a
customized “road map” that lays out the path and guidelines used to manage the portfolio.
• Analyze portfolio objectives
Establish client • Liquidity needs
risk/return • Investment time horizon
profile • Tax considerations
• Factors unique to client needs
Create a • Base: Model allocations created by BigSur with inputs from BlackLitterman
analysis
strategic asset • Customized for each client in order to be 1) in line with family objectives and
allocation 2) consistent with capital market expectations
Regular reviews • Review IPS with clients on periodic basis to ensure this is in line with investment
objectives
to track • Make adjustments based on changes in capital markets
consistency
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10. I. “Ecosystem” of Banks/Financial Institutions
• Based on a client’s objectives, BigSur can help select the appropriate portfolio of financial institutions
• Generally has pre-negotiated fees with many financial institutions
Client
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11. I. Network for All Wealth Management Needs
Part of our job is to execute and maintain an efficient wealth plan for our families by
interacting with accountants, lawyers and trustees.
Family
BIGSUR PARTNERS
Real Estate / Private Equity Banks / Brokers Asset Managers Lawyers / Trusts Accountants / Tax Planning
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12. I. Monthly Consolidated Report
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13. I. Monthly Consolidated Report
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14. II. Applying a sound investment process
Overview of Investment Process
Investment Committee
BigSur House View
Investment Philosophy
Investment Research
Cross Referencing
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15. II. Overview of Investment Process
• Assessment of total wealth and family wealth management goals
• Assessment of risk aversion, return expectation, and duration
• Allocation across
proper asset classes
•Consolidation of defined by risk and
statements: return characteristics
* through optimization
Customized report tools
* Risk Mapping
* • Within each asset
Performance class, allocate
measurement managers and
securities with the
help of analytical tools
•Continuous monitoring of portfolio :
* Tactical rebalancing based on current economic conditions
* Analyze manager and security performance
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16. II. Overview of Investment Process
Weekly IC Meetings
to discuss our
macroeconomic
view and
investment strategy
Best ideas and Model portfolio
vehicles from our asset allocation
investment research revisited monthly to
and global fixed reflect our views on
income, equity and the market
hedge fund Constantly looking
portfolios for tactical
Also focus on “best allocation ideas
execution”
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17. II. Investment Committee
Investment Committee seeks to define:
1.BSP House Views: Outlook on key market & financial trends
2.Model Portfolio Allocation: Strategic allocation by asset class and
tactical & short-term trading ideas
3.Investment Vehicles: Selection of vehicles to best execute strategic and tactical allocation
Process:
IC meets every Tuesday
• Discuss trade ideas, portfolio positioning, current market events, market & financial
conditions
Once a month, IC focuses on macro views and updates model portfolio allocation
• Review several market & financial indicators and discuss key trends to form house view
• Update model portfolio allocation, using house view as a framework
• Discuss best vehicles to execute updated allocations
• Determine tactical & short-term trading ideas
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18. II. BigSur House View
BigSur Global Holistic View
Our added value comes from our understanding of
the dynamics and correlations across different asset
types and markets
We synthesize data and information from our research sources
• Weekly Investment
Committee meetings
• Monthly asset allocation
meetings
• Quarterly visits from BCA
strategists
Independent Leading Specialized Asset Market News
Research Houses Investment Banks Managers & Data
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19. II. Investment Philosophy
We combine a top down and bottom up approach. This is an example of one of the ways we “cross
reference” different view points and have a better holistic view of the global economy and markets
Global Economy
Regional Economy
Sector
Industry
Company
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20. II. Investment Research
We analyze data and information from “best in class” research providers across asset
types/markets to support our investment recommendations
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21. II. Cross Referencing
“Cross-referencing” is core to our investment approach: we are constantly looking at a variety of sources
when creating our views. Below is an example of one approach we use to identify high yield bonds
Analyze new buys, sells & reductions/additions to portfolio
For those new buys/adds we look to see the CreditSights view &
analyst insights on positions
For niche or specialized markets we can ask for specialist views (ie
long only managers, traders)
Yield, duration, and scenario analysis using Bloomberg Analytics
Best execution through DVP account at Pershing
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22. III. Providing a higher level of execution
The “Instividual”
Club of Investors
Commercial Real Estate
Best Execution through Pershing
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23. III. The “Instividual”
BigSur’s model is built around the “Instividual”: giving clients the benefits of the institutional and private
banking worlds
• Customized relationships to fit our clients profiles and needs
• Upgrading our client’s level of service via institutional execution and investment opportunities
BigSur Client
Cons Pros
Private banking client
• Inefficiencies in execution • Personalized service and
• Limited investment universe custom portfolio management
• In-depth knowledge of wealth
planning
• Ability to services private client
specific needs
• Ability to leverage personal
relationship with private banks
for other uses (ie credit)
Pros Cons
• Better execution through • Standardized investment
multiple institutional trading approach
Institutional Client
desks and lower transaction • Lack of understanding of
costs family wealth planning &
• Wider scope of investment other needs
opportunities – illiquid assets
such as real estate and private
equity
• Greater sophistication of
research and investment
opportunities
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24. III. Club of Investors
Institutional Investment Opportunities through “Club of Investors”
• Provide BigSur clients access to illiquid assets and “institutional” opportunities by pooling
capital of our private investors with institutional capital
• Opportunistic in areas of private equity, real estate and other illiquid hands-on
investments
• Clients can choose to participate or not, given profiles, preferences and exposures
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25. III. BigSur Focus within Commercial Real Estate
Private equity direct investment
• “Pure” exposure to real estate as an asset class
• Greater control/choice
Core investments
• Well‐located, well‐built and significantly leased real estate properties
• Characterized by low to moderate risk and stable to moderate returns
• Not focused on:
− Value-added: restoring and re-occupying properties in need of financial/physical revival
− Opportunistic: ground-up development, land plays, distressed portfolios
Income producing investments
• Substitute for fixed income in portfolio: steady income stream
• Significantly leased properties- high occupancy rates
• High quality tenants
BigSur Scoresheet
• Qualitative score: average score based on ratings of several qualitative factors
• Return analysis: expected return based on three different scenarios
• See Scoresheet in following pages
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26. III. Best Execution through Pershing Advisor Solutions
The fees or commissions at Pershing are much lower than those of typical private banks.
These cost savings are 100% passed on to our clients
Pershing Typical Private Bank “Savings”
Equities, ETFs 0.5 cents/ share 8 cents/ share (min 94%
(min ticket $10) ticket $150)
Listed Options $1 per contract $8 per contract 88%
 Institutional share classes of mutual funds
Access to institutional share classes: clients pay lower fees for the same product. Examples include:
Legg Mason US High Yield, Templeton Offshore funds
Legg Mason US High Yield Fund Expense Ratio*
Class A Shares 1.49%
Institutional Share Class 0.63%
 Ability to execute cross sale transactions
If a client wants to sell a bond and another client wants to buy the same bond, we can execute a
direct cross sale between the two accounts.
Example: A General Electric Float Bond
On Feb 23 traded between 94.80 and 97.50
We executed at a mid point (96.15) for our clients and they are not charged any commission and are
given the most fair pricing.
*Expense ratio data as of February 2011
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27. III. Fixed Income DVP Trading
We look to provide best execution for our clients. One way is through BigSur’s prime brokerage relationship
with Pershing Advisor Solutions, a subsidiary of the Bank of New York Mellon
• BNY Mellon has $27.9 trillion assets under custody or administration
• Provides institutional execution for Over The Counter trades: access to multiple institutional trading desks
and lower transaction costs
Access to several trading counterparts Broker C Broker D
Clients are granted access to all the brokers that Broker B
Broke
BigSur has relationships with- giving them more Broker E
Broker A D
investment opportunities and competitive pricing
DVP accounts
Volume BigSur allocation account at Pershing*
Trading as an institution rather than on an
individual private client basis increases the
volumes of our trades. This increased volume
allows for better pricing and opens up access to
a broader range of players Client 1’s Client 2’s Client 3’s
account at account at account at
Pershing Pershing Pershing
*BigSur allocation account vehicle at Pershing: this is a BigSur
account with a zero balance.
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28. III. Institutional Trading Counterparts
Clients have access to all of BigSur’s institutional trading counterparts through Pershing:
All asset classes: Developed Fixed Income:
• Morgan Stanley • Morgan Stanley
• JP Morgan • Carolina Capital Markets
• Barclays • Maxim Group (convertibles)
• Deutsche Bank AB (New York)
• Deutsche Bank AG (London)
Emerging Markets Fixed Income:
• HSBC
• UBS
• Jefferies
• Credit Suisse
• Global Advisors International (GAI)
• EFG
Equities:
• Goldman Sachs
• Morgan Stanley
• Merrill Lynch
• Pershing (access to US & 28 local markets)
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