MAJESTIC Integrity-based investing providing superior risk-adjusted returns and preservation of capital for discerning individuals, families &

institutions from a diverse portfolio of idiosyncratic absolute return managers within a robust risk management framework.

Majestic Capital Management, LLC 21 Kercheval, Suite 265 Grosse Pointe Farms, MI 48236

PHILOSOPHY  

PEOPLE  

PROCESS  

PRODUCTS  

PERFORMANCE  

PARTNERS  

Integrity - An uncompromising commitment to actions, values, methods, measures, principles, expectations, and outcomes.

While there are many individuals and organizations that manage the financial aspects of investing and wealth, we stand apart by approaching those responsibilities with an Integrity-based process.

Now more than ever, investors want to have relationships and do business with people and organizations they can trust and rely on. Therefore, Integrity must be the starting point and at an organization’s heart principles and practices, which must be reinforced comprehensively and holistically.

We feel Integrity is the single most important quality any person or organization can ever develop. As such, ALL of our decisions, personal, professional, business, investing and operational originate from that core perspective.

Integrity-based investing is our initial and primary filter, which enables us to operate with humility, accuracy, reliability, consistency, honesty, probity, rectitude, honor, good character, ethics, morals, righteousness, virtue, decency, fairness, scrupulousness, sincerity, truthfulness, trustworthiness, soundness, strength, sturdiness, solidity, durability, stability and toughness.

These attributes require attention to business management, marketing, operations, investing, hiring, systems & infrastructure, governance and compliance to promote enterprise-wide execution. This demonstrates internally, to each other, and externally to our investing and operational partners that we are serious about conducting our lives and business in an ethical, performance driven way, focused on meeting expectations and delivering on commitments of delivering superior risk-adjusted returns and preservation of capital.

OUR PHILOSOPHY

INTEGRITY-BASED INVESTING

INTEGRITY: THE FOUNDATION OF OUR PEOPLE, PROCESS, PRODUCTS, PERFORMANCE & PARTNERS.

OUR PEOPLE: LEADERSHIP

“Somebody once said that in looking for people to hire, you look for three qualities: Integrity, intelligence and energy. And if you don’t have the first, the other two will kill you”.

- Warren Buffet (1930 - present) Investor, Industrialist and Philanthropist.

Anthony B. Cimmarrusti, CFA - CEO & Chief Investment Officer Mr Cimmarrusti is the CEO, Chief Investment Officer, and Portfolio Manager of Majestic Capital (the general partner of Majesty). He graduated with an AB in Economics from Harvard College and an MBA from Harvard Business School. Mr. Cimmarrusti founded Majesty in December 1995. Since the mid-1990’s he has also served as an advisor to various family offices, including the Maclellan family and foundation, the Joe Ritchie family, Peter Huizenga, the Huizenga family foundation, Johnny Musso, and Richard Crawford. On Wall Street (at Merrill Lynch / L.F. Rothschild / Goldman Sachs), Mr. Cimmarrusti worked in both sales and trading, dealing with all forms of mortgage-backed securities, options, derivatives and various other fixed income securities. In the five years prior to founding Majesty, he worked for Chicago Research and Trading as well as CRT’s founder Joe Ritchie as a family office investment manager. He gained extensive experience in private investing, real estate, derivatives and hedge funds.

Mr. Cimmarrusti has been involved in coaching for over three decades at the collegiate, high school and youth levels. He and his wife Martha have four sons, Michael, Wesley, Caleb and Mark, and attend Grace Community Church.

Bryce D. Gray, Esq., CPA - President & Chief Compliance Officer Mr. Gray oversees all legal and compliance functions, and is a senior member of the investment committee. He graduated from the honors program at Northwestern University with a BA in Mathematical Methods and Economics. He earned an MBA concentrating in finance and corporate strategy from the University of Michigan, and a Juris Doctorate from Wayne State University. Prior to joining Majesty, Mr. Gray worked for nearly a decade as Regional Director of a non-profit organization (FOCUS) and also for Coopers and Lybrand. He and his wife Melissa have six children, Bryce, Joshua, Josiah, Katherine, Kaitlyn and Anna, and attend Grace Community Church.

4  

Anthony B. Cimmarrusti* CFA - CEO & CIO  

ADVISORY BOARD

SERVICE PROVIDERS

ADMINISTRATION FINANCE & OPERATIONS

INVESTMENTS

Chris Garavente Chip Combs

Rance Murray Keith Dickson

Tracey L. Wade Executive Assistant

Bryce D. Gray, Esq., CPA* President & Chief Compliance Officer

Bryan C. Streets Chief Financial Officer

David J. Smith Vice President, Administration

Matthew J. Leverenz Controller & Analyst

Joshua E. Vaudt* Executive Vice President & Director of Research

D. Quinton Dodson Vice President, Research & Marketing

Nathan A. Schwarze* Vice President, Business Development

Stephen L. Peck* Analyst

Woodfield Fund Administration Ernst & Young

Decosimo & Company InterTrust

Seward & Kissel Eric A. Brill, Esp.

Ogler

Our People: Deep Investment & Operational Experience

Majestic’s execution blueprint reflects the 48 combined years of experience of our principals, which serves as a point of distinction and competitive advantage enabling us to operate efficiently, communicate effectively and deliver on our commitment to each investing and operational partner as well as ourselves.

SUSTAINED  PERFORMANCE  

RISK MANAGEMENT

PORTFOLIO CONSTRUCTION

MANAGER EVALUATION

SUSTAINED PERFORMANCE: SUPERIOR RISK-ADJUSTED RETURNS PRESERVATION OF CAPITAL

INTEGRITY-BASED PROCESS FILTERS

QUALITATIVE QUANTITATIVE

5  

Our Process: Portfolio Construction

OUR PROCESS

Expertise & Experience  

Entry Points &

Education  

Efficiency &

Expediency

Excellence &

Exclusivity

An integrity-based investing process is a “coat of many colors”.

“All things must be examined, debated and investigated without exception”

― Denis Diderot (1713 – 1784) French philosopher, Art critic, and Writer.

Since 1997, focused on creating and managing a portfolio of hedge funds using an INTEGRITY-based process.

Consultative engagement approach to assist investors of all experience

levels within an asset class that has a significant barriers to entry, steep

learning curve, substantial knowledge base requirements, evaluation hurdles operational

challenges.  

Size and agility reflect the holistic resources to effectively and

efficiently construct and manage multi-manager portfolios in tandem

with the ability to proactively, expediently and opportunistically execute without the constraints of

larger and less “nimble” competitors, which enables us to

invest with smaller, more "nimble" funds that can exploit opportunities

where greater inefficiencies and potential alpha exist.

Manager selection represents best demonstration of fund’s core values to identify, evaluate and gain access

to smaller idiosyncratic managers not easily identifiable, appropriately

evaluate and access due to high intellectual, experience, financial and

relationship barriers.    

OUR PRODUCT: The Majesty Fund

IDIOSYNCRATIC: INTEGRITY-BASED

PROCESS Experienced Proven Team & Track Record

Outstanding Manager Sourcing &

Evaluation: BOTTOM-UP

Superior Strategy Allocation: TOP-

DOWN

Disciplined Risk Management

SUSTAINED PERFORMANCE

 25+ million of general partner and affiliated capital invested alongside our partners.

 Majestic is the general partner of The Majesty Fund (Registered Investment Adviser with the SEC).  Senior investment professionals are involved in the entirety of the manager screening and evaluation process.  Develop personal relationships that allow us to gain intelligence and act as value-added investors in regards to:

  Promotes capacity insight, new ideas, thematic clarity and performance. etc.  Relationships break down boundaries and foster a clearer sense of what is going on in a manager’s fund and life.

 Serves as a communication and information conduit for underlying managers to enhance idea generation.   Referrals from existing managers are a primary source of new hires

 Recommendations from trusted contacts are the most efficient way to uncover promising managers

A diverse portfolio of idiosyncratic absolute return managers generating superior risk-adjusted returns and preserving capital within a robust risk management framework from a comprehensive integrity-based investing approach.

PRODUCT: The Majesty Fund – Portfolio Construction

  Broad range of expertise of our principals enables us to successfully evaluate investments in multiple sectors.   Diversified strategies minimize correlation to the major market indices.   However, diversification is not our primary goal – it is a tool to achieve returns within our desired risk spectrum.

  We only take positions that serve a purpose in generating risk-adjusted returns.   The base of our portfolio is constructed with long/short equity strategies to provide stability and low volatility.   We construct the portfolio by looking forward: We do not hope or expect that history will repeat itself.

  This principle applies both to sectors and individual managers.   We seek to optimize risk/reward by allocating to various strategies based on the current market environment and available opportunities.

  Merger Arbitrage was 15% in the late 90’s; currently 0%; Distressed was 20% in 2003; 6% in 2004.   We search for managers that employ strategies that can best capture niches in inefficient market segments where they can generate out-sized risk-adjusted.

returns for our investors. them, keeping in mind our overall risk management parameters.

Integrity-investing creates asymmetrical information that idiosyncratically enables us to identify outstanding investment opportunities and exceptional investment managers to construct portfolios that consistently achieve our performance targets and return realization.

  Focused on managers in the “sweet spot” of business lifecycle.

  Avg age of manager business – 4.8 years   Target managers are optimally positioned to avoid

“diseconomies of scale” and alpha decay associated with management and deployment of a large capital base.

  Avg. manager AUM - $719.8 million median manager size is approximately $335 million.

PRODUCT: The Majesty Fund – Manager Evaluation

SOURCING & IDENTIFICATION EVALUATION ALLOCATION MONITORING &

REBALANCING

EXPERIENCED - ANALYTICAL - UNIQUE - RIGOROUS - COMPREHENSIVE

• Relationships are central to our approach. • We place strong emphasis on the integrity and character of an investment manager. • New managers are primarily sourced organically. • More than 75% of Majesty’s returns over the past five years were sourced from existing manager referrals and trusted industry contacts. • We increase efficiency and confidence in our process by sourcing through trusted personal relationships. • Recommendations from trusted contacts are the most efficient way to uncover promising managers

 Senior investment professionals are fully involved in every aspect of the manager screening process.  Focus on integrity: Comprehensive qualitative assessment extends beyond the professional and into the personal.  Majesty’s edge is assessing HOW managers generate returns.  Skill versus luck – Alpha or Beta?  Scalability: Can the manager put additional capital to work without affecting performance?  Repeatability: Will the manager continue to perform regardless of market environment?  We hire risk managers, not merely smart analysts and traders. Successful risk managers understand their limitations and the risk-reward ratio of their investments. We never assume that prior experience as an analyst or trader translates into the ability to successfully manage a portfolio.

 Qualitative analysis focus to develop meaningful relationships via regular on-site visits and phone calls and gain access to the “real story” as opposed to the “pitch”.  Screening manager activities against a robust “red flag” list .  Majesty’s edge is its ability to discern seemingly benign changes that may significantly alter the risk profile of the investments, which helps us focus on the critical issues that may not be apparent from purely quantitative analysis.  The investment committee ranks each manager against their peers within Majesty’s portfolio and articulates their views on how managers fit into the portfolio.  Managers are evaluated not solely on absolute performance, but on how we expect them to perform given certain market conditions. Top managers are considered for future allocations, while underperforming managers are placed on our watch list (“the bubble”)

 An essential aspect of our value-add is our disciplined termination process - Hiring is easy. We are committed to making the tough decisions and optimizing allocations.  The investment committee ranks each manager against peers within the portfolio to articulate how managers fit into the portfolio.  Evaluation is not solely on absolute performance, but on expected performance under various market conditions   This approach surfaces critical issues that may not be apparent from purely quantitative analysis.  Screening & monitoring manager activities against a robust “red flag” list leads to regular, focused discussions and increased attention to managers on “the bubble”. Sample red flags include: Significant asset growth, Shift from stock selection to people management, Lack of new ideas, Concerns or negative reports from peer group, Inability to admit and take responsibility for mistakes.

“Integrity is a threshold characteristic for managers underlying our strategies focus — if they don’t have it, we don't invest.”

QUALITATIVE   QUANTITATIVE  

PRODUCT: The Majesty Fund – Risk Management

Risk management is central to our goal of preserving capital. In addition to being concerned with the disciplines of our underlying managers, we establish risk guidelines at the fund level to further protect investor capital. We have sufficient confidence in our top managers to make them sizable positions, while at the same time limiting the size of any one manager to mitigate the risks of overexposure. We feel a set of 25 idiosyncratic managers provides optimal diversification as well as the ability for each to deliver expected performance to achieve our desired return realization and maintain strong risk controls.

Largest  posi>on  with  a  single  fund  <10%  

Aggregate  gross  exposure  of  Majesty’s  underlying  funds  <150%  

Illiquid  investments  <10%  

Size  of  strategy  alloca>ons,  excluding  our  core  long/short  equity  strategy  <25%  

NO  LEVERAGE  

Majesty’s  liquidity  with  its  underlying  investments  >50%  within  six  months  

PERFORMANCE: The Majesty Fund

We do not seek to manage the fund for relative returns, as such Majesty is not directly comparable to any particular popular or widely-used index. To that end, we consultatively and collaboratively work with each investor as well as intermediaries to mutually determine the appropriate comparable measurements or benchmarks for contextually evaluating our performance and where we may ideally fit in the asset allocation strategy on a investor-specific basis.

Total Return Since

Inception  

421.5%

Annualized Compounded

Return

10.06%

# of Up Months Since

Inception

159

Best Month

DEC 99 6.99%

Percentage Up Months

75%

# of Down Months Since

Inception

52 months

Worst Month

SEP 08 -7.01%

ONE DOWN YEAR SINCE 1996!

OUR PERFORMANCE: The Majesty Fund

For purposes of illustration only: Since its inception in 1996, Majesty sits near the efficient frontier, as created from 40 equity and bond indices. The efficient frontier is constructed by calculating the optimal portfolio weighting of all securities in a given investment universe and time frame.

MAJESTY’S EFFICIENT FRONTIER OF 40 EQUITY & BOND INDICES SINCE INCEPTION

(Major indices are plotted below)

“Optimal portfolio” is defined as the combination of securities that maximizes return per each unit of risk.

RISK-ADJUSTED RETURNS OF MAJESTY & THE INDICES SINCE INCEPTION

Equity-like returns with the risk profile of a medium-duration bond fund.

OUR PERFORMANCE: The Majesty Fund

For purposes of illustration only: We offer a perspective of our performance as a historical perspective relative to a number of popular indicies.

6.00 10.30

0.20 5.10

12.50

14.90

10.00 9.60 7.20 8.40 11.80 3.90

7.90

26.60 28.50

7.50 17.00

23.40 29.10

13.41

0.00

12.78

23.45

38.49

3.53

13.62

3.00 8.99

26.38

23.37

13.04 10.14

19.53 26.67

31.01

20.26

50.00

40.00

30.00

20.00

10.00

0.00

10.00

20.00

30.00

40.00

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996

MAJESTY S&P 500

Preservation of Capital

Not only has Majesty been able to preserve capital by avoiding losses, but when the broader markets lose, Majesty significantly outperforms.

Annualized Volatility of Monthly Returns

14  

West  6%  

South  Central  24%  

Southeast  21%  

Midwest  33%  

Northeast  15%  

%  of  Assets  by  Region  (Census  Defined  Regions):  Total  AUM  $447.9mm  As  of  November  30,  2013  

Our Partners: A View of Majesty’s Investor Base

We go beyond the pure management of assets to a more critical and crucial responsibility: Stewardship.

The individuals, families and institutions, who we serve as our investing partners acutely understand that as stewards, the careful and responsible governance of assets entrusted to us is our passion and calling. They are deeply aligned with this integrity-based approach, which provides a high degree of stability in assets under management and greater retention rates, enabling us to avoid capricious redemption activity that may be disruptive to optimal portfolio construction and efficient deployment of capital among underlying strategies. Our investor base management and investor relations strategy has lead to high levels of holistic satisfaction and solid long-term relationships.

•   We  seek  to  align  our  interests  with  those  of  our  invesNng  partners  when  construcNng  Majesty’s  porSolio.  •   We  don’t  assume  that  Majesty  will  make  up  the  enNrety  of  a  investors  porSolio,  however  we  manage  the  Fund  as  if  it  did.  •   We  have  long-­‐term  investors  -­‐  more  than  75%  of  our  original  invesNng  partners  are  sNll  invested  with  us.  

 High  Net  Worth  Individuals  ~27%   Trusts  ~22%   FoundaNons  and  Endowments  ~18%   Corporate  EnNNes  ~16%   Pension  Plans  and  IRAs  ~11%   General  Partner  /  Affiliated  ~6%  

INVESTOR  BASE  COMPOSITION  

OUR TEAM

Anthony B. Cimmarrusti, CFA - CEO & Chief Investment Officer

Mr Cimmarrusti is the CEO, Chief Investment Officer, and Portfolio Manager of Majestic Capital (the general partner of Majesty). He graduated with an AB in Economics from Harvard College and an MBA from Harvard Business School. Mr. Cimmarrusti founded Majesty in December 1995. Since the mid-1990’s he has also served as an advisor to various family offices, including the Maclellan family and foundation, the Joe Ritchie family, Peter Huizenga, the Huizenga family foundation, Johnny Musso, and Richard Crawford.

On Wall Street (at Merrill Lynch / L.F. Rothschild / Goldman Sachs), Mr. Cimmarrusti worked in both sales and trading, dealing with all forms of mortgage-backed securities, options, derivatives and various other fixed income securities. In the five years prior to founding Majesty, he worked for Chicago Research and Trading as well as CRT’s founder Joe Ritchie as a family office investment manager. He gained extensive experience in private investing, real estate, derivatives and hedge funds.

Mr. Cimmarrusti has been involved in coaching for over three decades at the collegiate, high school and youth levels. He and his wife Martha have four sons, Michael, Wesley, Caleb and Mark, and attend Grace Community Church.

Bryce D. Gray, Esq., CPA - President & Chief Compliance Officer Mr. Gray oversees all legal and compliance functions, and is a senior member of the investment committee. He graduated from the honors program at Northwestern University with a BA in Mathematical Methods and Economics. He earned an MBA concentrating in finance and corporate strategy from the University of Michigan, and a Juris Doctorate from Wayne State University.

Prior to joining Majesty, Mr. Gray worked for nearly a decade as Regional Director of a non-profit organization (FOCUS) and also for Coopers and Lybrand. He and his wife Melissa have six children, Bryce, Joshua, Josiah, Katherine, Kaitlyn and Anna, and attend Grace Community Church.

Joshua E. Vaudt - Executive Vice President & Director of Research

Mr. Vaudt is responsible for sourcing new managers, analyzing current/potential hedge fund managers, and evaluating the Fund’s investment allocations. Along with overseeing the due diligence process, he is an active member of the investment committee, and serves as co-portfolio manager. Mr. Vaudt graduated with high distinction from the Kelley School of Business at Indiana University, earning a BS in Business Administration with a concentration in Finance. Mr. Vaudt serves as a lay leader at Mack Avenue Community Church and also serves on the Board of Directors for MACC Development. He lives in Detroit with his wife Lindsay and their sons, Oliver and Benjamin.

D. Quinton Dodson - Vice President, Research & Marketing Mr. Dodson works in research for the Fund, and also serves as a liaison to a number of Majesty’s Southwest investors. Mr. Dodson earned an MBA in Finance & Entrepreneurship from the University of Texas and a BA in Business/Economics from Wheaton College. Mr. Dodson coaches basketball and soccer, co-leads the Titan Men’s ministry and the semi-annual Austin Christian Business Summit. He resides in Austin, Texas with his wife Melissa and their six children, Luke, Emma, Jacob, Eleanor, Annamarie and Levi.

OUR TEAM

Bryan C. Streets - Chief Financial Officer Bryan is the Chief Financial Officer at Majesty. Bryan heads up the finance group and also helps oversee client services. He received a BA in International Business and Finance from Florida State University, and is currently attaining an MBA in Finance at the Wharton Executive MBA Program. Bryan lives in Grosse Pointe with his wife Mary Caitlin and their two children, Brady and Merriweather.

David J. Smith - Vice President, Administration Dave is responsible for general administration at Majesty. He graduated from Walsh College with both an MS in Corporate & International Finance and a BA in Business Administration, with a concentration in Finance. Both he and his wife, Allison, have been involved in ministry at Grace Community Church in Detroit. They have four children, Emily, Peter, Joshua and Colin.

Nathan A. Schwarze – Vice President, Business Development Nate serves as Director of Business Development at Majesty. He received a BA in Economics and a BA in Sports Management from Rice University, while playing basketball for Rice. Nate was named four times to the Conference USA's Commissioner's Honor Roll, and was also an all-state football and basketball player at Chelsea High School. He is a volunteer with Young Life and coaches youth sports in Grosse Pointe.

Matthew J. Leverenz - Controller & Analyst Matt serves as Controller for Majesty. Matt also provides analytical and accounting support to various areas of the Fund’s operations. He graduated from Michigan State University with a degree in Finance, and resides in Detroit. He coaches baseball, served on the Grosse Pointe youth football board of directors, and is an avid Tigers fan.

Stephen L. Peck - Analyst Stephen is an analyst on our research team. He helps source new hedge fund managers, analyzes current managers, and assists in the due diligence process. He graduated in 2013 from Washington and Lee University with a BS degree with special attainments in Commerce. Stephen was a four-year varsity football letter winner at W&L, garnering All-Conference, Academic All-District, and Scholar Athlete honors. He coaches youth football and resides in Grosse Pointe.

Tracey L. Wade - Executive Assistant Tracey serves as Executive Assistant to Tony Cimmarrusti and coordinates all office activity. She has worked in several managerial capacities over the past 20 years, as well as an executive assistant for over 10 years. Tracey has led a Bible study and has been on her church’s worship teams for the past 15 years. Tracey and her husband Mike attend Cornerstone Baptist Church and have four grown children.

SUMMARY OF TERMS

ONSHORE OFFSHORE

Funds Majesty I, LP Majesty II-QP, LP

Majesty Offshore, Ltd

Domicile Delaware Cayman Islands

Minimum Investment $500,000 $1,000,000

Investment Manager Majestic Capital Management, LLC Majestic Capital Management, LLC

Subscriptions Monthly Monthly

Redemptions Annually on 12/31 with 100 days prior written notice Annually on 12/31 with 100 days prior written notice

Lock-up 1 year 1 year

Management Fee 1.0% per annum 1.0% per annum

Expense Fee 0.4% per annum 0.4% per annum

Incentive Fee n/a n/a

Administrator Woodfield Fund Administration, LLC n/a

Auditor Ernst & Young LLP Ernst & Young LLP

Tax Professionals Joseph Decosimo & Company PLLC n/a

Custodian / Registrar & Transfer Agent Bank of America Intertrust (Cayman) Limited

Legal Counsel Seward & Kissel LLP Eric A. Brill, Esq.

Seward & Kissel LLP Eric A. Brill, Esq.

Ogier

18  

Our Performance: Dashboard

Returns and performance data are reported net of all fees and expenses, and reflect reinvestment of earnings.

Performance data in this presentation dates back to 1/1/96 AND represents historical data of the non-directional family of fund-of-funds (Majesty I, LP, Majesty II-QP, LP and Majesty Offshore, Ltd). Data for fiscal year 1996 represents the RS Crawford pool of assets, the forerunner to Majesty. The pool was managed by the CEO of the Fund’s general partner, in the same manner as the Fund is managed, and was transferred into Majesty I, LP on 1/1/97 when the Fund was opened to outside investors. Management fees were not charged during 1996.

The performance shown herein is compared to a variety of broad-based securities indices. Some broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Please see below for a description of indices referenced in this presentation. AEX: The best-known index of Euronext Amsterdam, the AEX index®, is made up of the 25 most active securities in the Netherlands. Barclays Aggregate Bond Index: tracks the performance of investment grade bonds traded in the U.S. Barclays High Yield Credit Bond Index: dollar-denominated, fixed-rate, non-investment grade U.S. corporate debt Barclays Intermediate Government/Credit Index: measures performance of U.S. Treasuries and investment grade U.S. corporate securities with remaining maturities between one and ten years Barclays Long Government/Credit Index: includes all investment grade bonds with at least ten years until maturity Bel-20: The BEL 20 Index is a modified capitalization-weighted index of the 20 most capitalized and liquid Belgian stocks that are traded on the Brussels Stock Exchange. CAC40: The CAC-40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse. DAX: This German Stock Index is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The equities use free float shares in the index calculation DJ Americas: The Dow Jones Americas Total Stock Market Index includes equity securities with readily available prices that trade in the Americas region. The index is a subset of the Dow Jones Global Total Stock Market Index. DJ Asia-Pacific: The Dow Jones Asia/Pacific Total Stock Market Index includes equity securities with readily available prices that trade in the Asia/Pacific region. The index is a subset of the Dow Jones Global Total Stock Market Index. DJ Global Index: The Dow Jones Global Index is a broad yet investable measure of the global stock market. It targets 95% coverage of markets open to foreign investment. DJ Global Index ex U.S.: The Dow Jones Global ex-U.S. Total Stock Market Index includes equity securities with readily available prices that trade globally, excluding the U.S. The index is a subset of the Dow Jones Global Total Stock Market Index. Euro Stoxx: The Euro Stoxx 50 (Price) Index is a free-float market capitalization-weighted index of 50 European blue-chip stocks from those countries participating in the EMU. Each component's weight is capped at 10% of the index's total free float market capitalization. FTSE 100: The FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. FTSE MIB: This Index consists of the 40 most liquid and capitalized stocks listed on the Borsa Italiana. The Global Dow: The Global Dow is a 150-stock index of the most innovative, vibrant and influential corporations from around the world. Unlike the Industrial Average, The Global Dow tracks leading companies from around the world—and not just based on size and reputation, but also on their promise for the future. The Global Dow Euro: The Dow Jones Europe Index covers approximately 95% of the market capitalization of the represented European countries. Hang Seng: The Hang Seng Index is a free-float capitalization-weighted index of selection of companies from the Stock Exchange of Hong Kong. Dow Jones Industrial AverageSM: The Dow consists of 30 of the most widely held and actively traded stocks listed on the U.S. stock markets. Stocks in the Dow represent companies that typically are dominant firms in their respective industries. HFRI ® Equity Market Neutral Index: hedge funds from the Hedge Fund Research Inc (HFRI) database that follow equity market neutral strategies. These strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities. HFRI ® Fund of Funds Composite Index: includes funds of hedge funds from the HFRI database. IBEX 35: The IBEX 35 is the official index of the Spanish Continuous Market. The index is comprised of the 35 most liquid stocks traded on the Continuous market. IPC All-Share: The Mexico Stock Market Composite Index is a capitalization weighted index of the 60 leading and largest companies traded on the Mexican Stock Exchange. Merrill Lynch 3-Month T-Bills: U.S. Treasury Bills maturing in 90 days. Nasdaq Composite® Index: securities listed on the NASDAQ stock market. These are primarily technology and growth companies, and include some non-U.S. companies Russell 2000® Index: index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. As of June 25, 2010, the market capitalization was between $112 million and $2.3 billion. The median capitalization was $448 million. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Russell 2000® Growth Index: includes Russell 2000® companies with higher price-to-book ratios and forecasted growth values Sanitago IPSA: The IPSA Index is a Total Return Index and is composed of the 40 stocks with thehighest average annual trading volume in the Santiago Stock Exchange (Bolsa de Comercio de Santiago). Sao Paulo Eovespa: The Eovespa Index is a gross total return index weighted by traded volume and is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange. Shanghai Composite: The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. Stoxx Europe 600: The STOXX Europe 600 (Price) Index is a broad based capitalization-weighted index of European stocks designed to provide a broad yet liquid representation of companies in the European region. The equities use free float shares in the index calculation. S&P/ASX 200: The S&P/ASX 200 index is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities Exchange from Standard & Poor's. S&P/TSX Comp: The S&P/Toronto Stock Exchange Composite Index is a capitalization-weighted index designed to measure market activity of stocks listed on the TSX. S&P 500®: index of 500 of the largest U.S. companies from a variety of industries. It is an unmanaged index designed to represent the risk/return characteristics of the large-cap universe. With a “TR” (Total Return) means that particular measurement assumes dividend reinvestment when calculating returns. S&P 100® Index: based on 100 of the largest and most established companies in the S&P 500® S&P MidCap 400® Index: created to measure the performance of mid-sized U.S. equities S&P SmallCap 600® Index: designed to be an efficient portfolio of small-cap U.S. equities Swiss Market: The Swiss Market Index is a capitalization-weighted index of the 20 largest and most liquid stocks of the SPI universe. SX All Share: The OMX Stockholm All-Share Index includes all the shares listed on OMX Nordic Exchange Stockholm. Tel Aviv: The TA-25 Index is the TASE's flagship index. The TA-25 index tracks the prices of the shares of the 25 companies with the highest market capitalization on the exchange. Wilshire 5000 Total Market Index SM : broad index composed of all U.S. equities with readily available price data

DISCLOSURES

No offer of interests in Majesty I, LP, Majesty II-QP, LP, Majesty Offshore, Ltd or Majesty Long Bias, LP (each, the “Fund”) is being made by this summary document. Any such offer will be made only pursuant to the Fund’s offering documents. Investors should review the offering documents carefully, especially the explanations of significant investment risks involved in an investment in the Fund. Those risks include the following, among others:

• The Fund involves a high degree of risk.

• The Fund’s performance may vary substantially over time.

• An investor could lose all or a substantial amount of his or her investment.

• The Fund’s general partner has sole authority to allocate Fund assets among investment managers, and each investment manager selected by the Fund has total trading authority over the Fund’s assets allocated to the manager.

• The Fund has no formal diversification requirements. It is possible that different investment managers selected by the general partner will employ similar trading methods or policies, which could result in a lack of diversification.

• There is no secondary market for the investor’s interest in the Fund and none is expected to develop. Additionally, there are substantial restrictions on withdrawing or transferring interests in the Fund.

• The Fund may be leveraged, and investment managers selected by the Fund may engage in leveraged trading.

• The Fund’s fees and expenses, combined with the high fees and expenses of some underlying managers, may offset the Fund’s profits.

• Past performance is not indicative of future results. The Fund’s future returns may be lower than its past returns, and it may incur losses.

This presentation serves as a concise introduction to our approach, people, process, performance and risks of an investment in Majesty. Should you have further interest, we welcome the opportunity to discuss any specifics in greater detail.

This presentation serves as a concise introduction to our approach, people, process and performance. Should you have further interest, we welcome the opportunity to discuss any specifics in greater detail.

Contact Nathan Schwarze, Director of Business Development: 313.640.7979 or nschwarze@majestyfund.com

MAJESTIC

Majestic Capital Management, LLC 21 Kercheval, Suite 265 Grosse Pointe Farms, MI 48236