ARQUE ADVISORS LLC

Arque Advisors, llc

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Arque Advisors is an SEC Registered Investment Advisor to institutional and high net worth investors. The firm and its affiliates develop and manage proprietary funds and offer investment management and consulting services. Currently the firm is most active in investing in municipal tax lien certificates, precious metals, real estate and is an early stage investor in hedge funds.
Arque's investment philosophy is to ensure our client's preservation of capital and to provide a consistent attractive risk-adjusted return. To this end, Arque strives to offer alternative investment strategies with low volatility, stable returns, high collateral coverage and modest leverage to enhance returns. We believe in providing full transparency through technology, auditors, third-party administrators, collateral custodians and open communication to our investors.

Affiliates

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Arque's affiliate companies work together to provide our clients with specific expertise.Arque Certificate Management, LLCArque Commodities LPCPM Arque Capital Partners LLCMilton Associates

ABOUT

Guiding Principles
Arque Advisors believe:Treating our investor's funds as if it were our own personal capital because it partly is, Arque's management personally invests in its own Funds to always have the best interest of its investors in mindUpholding the highest standards of integrity, professionalism and confidentialityDelivering best-in-class investment advice and serviceTaking personal accountability for everything we doBeing good citizens in our community, nationally and globally Differentiating Arque through creative thinking and action

Mission
Arque Advisors' mission is to provide customized advice and investment services that are tailored to the specific goals and objectives of our clients. These services will generate results that significantly exceed our client's expectations for principal protection, transparency, and investment performance.

Charitable Causes
Arque Advisors believe in giving back and supports, both in labor and in funds, the following charities: Bishop Tharp Business and Technical Institute in Les Cayes, Haiti; the Burmese Migrant Workers Education Committee in Mae Sot, Thailand; and, the Mingalar Parahita School and Orphanage in Burma.

STRATEGIES

Arque Certificate Management, LLC

Arque Advisors and other affiliates
Arque Advisors is a fee only investment advisor and assists investors in the selection of money managers and investments. Arque conducts due diligence on third party managers and has created an early stage manager fund of hedge funds from this activity.Oak Real Estate Investment Partners, an Arque affiliate assists investors with evaluation and management of real estate and is a mezzanine debt lender. Milton Associates, LLC consults with hedge fund investment managers in the creation and development of their businesses including fund structure, documentation and service provider selection.

Arque Commodities LP
Arque Commodities LP ("ACL") operates investment programs in commodities and sources professional managers to manage some of these programs. In 2011, Arque established CPM Arque Capital Partners, LLC, a joint venture with the CPM Group, LLC ("CPM") to manage investments in physical precious metals and other commodities using the research and analytics of CPM.
Arque Certificate Management, LLC acquires and manages investments in, and portfolios of, municipal tax lien certificates ("Tax Certificates"). Tax Certificates are created when a property owner fails to pay property taxes or other taxes when due. Municipalities will place a first priority lien on the property and sell the Tax Certificate which is a first priority lien on the property to investors. Coverage ratios are typically 10 to 50 times the amount of the Tax Certificate.

TEAM

Team Overview

Arque's management team have combined over 100 years of direct experience in the investment, wealth management and finance business. Their backgrounds are diverse with careers spanning investment fund management, tax lien certificate acquisition and management, real estate finance, structured finance, and management consulting.

David G. Bullock

Managing Director

Scott D. Gordon Managing Director

Erik L. Olsen

Managing Director

George L. Hudspeth

Senior Vice President

* Affiliate Company Only

Meridee K. Olsen

Managing Director

James Shamah*

Managing Director

Robert W. Tam

Managing Director

Thomas W. Tomljanovic

Senior Vice President

Peter O. Bullock

Associate

David Bullock

David G. Bullock
Mr. Bullock is Managing Director and Chief Operating Officer of Arque Advisors and Senior Managing Director of Milton Associates LLC its consulting affiliate. Mr. Bullock currently manages the Arque Constellation Fund, LP an early stage manager fund of hedge funds. Active in the investment business for over 30 years, Mr. Bullock is formerly a senior officer of Continental Grain Company, a global commodity trader and its Argon Capital and Leasing Company, Partner of Fixed Income and Foreign Exchange consulting at Greenwich Associates, and Managing Director of Lehman Brothers including Head of Strategic Planning, co-head of the Lehman International Retail Branch System, and head of Central Bank Relationships. Mr. Bullock has also been a senior consultant with Rogers Caseys Manager Advisory business and with Eager Manager Advisory, a consulting arm of William Mercer. Mr. Bullock graduated from Princeton University with a BA in Economics, and from the University of Chicago with an MBA in International Finance and Statistics.

Scott Gordon

Scott D. Gordon
Mr. Gordon is a Managing Director of Arque Advisors and also Principal and Chief Investment Officer of Arque Certificate Management, LLC , the tax lien affiliate of Arque Advisors. Prior to joining Arque, Mr. Gordon was the Chief Risk Officer at Paramax Capital, LLC, an asset management and advisory firm. Active in the structured investment business for over 25 years, Mr. Gordon is formerly a Managing Director and Global Head of Structured Credit Products for Ambac Assurance Corp and a member of Ambac's Senior Credit Committee. Mr. Gordon was previously a Managing Director at Financial Security Assurance in the Structured Finance Group and began his career at Morgan Guaranty Trust Company and Moody's Investor Service.Mr. Gordon holds a BA in Economics from the College of Wooster and an MBA from New York University.

George Hudspeth

George L. Hudspeth
Mr. Hudspeth is Senior Vice President of Arque Advisors. He has worked for over 35 years in the organized labor field acting both as a liaison between management and labor and as an advisor and trustee to union pension funds. From 1994-2004 Mr. Hudspeth worked with Carl Domino Associates, L.P. to offer investment management and services and work with investment consultants. Mr. Hudspeth graduated from Florida Atlantic University with a BA in international Business and has a Masters of Industrial Relations from West Virginia University College of Graduate Studies, Charleston, WV.

Erik Olsen

Erik L. Olsen
Mr. Olsen is Managing Director of and Chief Investment Officer of Arque Advisors. Mr. Olsen is also Managing Director of Arque Commodities LP and Principal of Oak Real Estate Investment Partners LLC and affiliate of Arque Advisors. Mr. Olsen has over 22 years experience in investment management and fund management. He has operated investment funds in both the U.S. securities markets and an overseas emerging market, provided secured lending and equity investments to the commercial real estate market, and currently manages the OAK Real Estate Investment Fund and the OAK Real Estate Opportunity Fund. Mr. Olsen began his career in finance with First Interestate Bank as a co-manager of a $800 million corporate loan portfolio. Mr. Olsen graduated from Principia College in 1978 with a BA in Economics and from the University of California Los Angeles in 1984 with an MBA in Accounting and Finance.

Meridee Olsen

Meridee K. Olsen
Mrs.Olsen is a Managing Director of Arque Advisors, LLC and the CFO of Arque Certificate Management LLC. Mrs. Olsen has over 23 years experience in the real estate and financial services industry. During the past decade, her primary focus has been working with individual investors in the creation and preservation of real estate wealth using tax advantaged strategies and investment products. Mrs. Olsen graduated from Principia College with a BS and from the University of California Los Angeles with an MBA. Meridee is a CPA and holds series 22 and 63 securities licenses.

James Shamah

James Shamah
Mr. Shamah is a Principal and Managing Director of Arque Certificate Management LLC. He leads the tax certificate acquisitions and due diligence group. He is a highly respected consultant with long-standing relationships with tax collectors, their staffs and market participants. Mr. Shamah began his career as a financial advisor with Chubb insurance and subsequently developed a significant presence in New Jersey as one of the states most prominent buyers and advisors on the purchase of tax certificates. At Capital Asset Research Corp, Mr. Shamah worked as a due diligence contractor for CARC in New Jersey and became co-head of acquisition in New Jersey. Over his nearly 15 years in the certificate business Mr. Shamah has developed detailed policies and proprietary techniques for acquiring tax certificates and provides in-depth training in this complex skill.

Robert Tam

Robert W. Tam
Mr. Tam is a Managing Director of Arque Advisors and also Principal and Chief Administrative and Technology Officer of Arque Certificate Management, LLC, the tax lien advisory affiliate of Arque Advisors. Mr. Tam has been actively involved in international finance, asset-backed securitizations, structured financings and real estate for over twenty years. Mr. Tam is also a Principal in a private single family office and was a co-founder and Managing Member of Equicare Capital, LLC, a joint venture with Cargill Value Investments (CarVal Investors), which purchased and serviced distressed medical and consumer receivables. Mr. Tam was previously a Vice President at Financial Security Assurance in the Structured Finance Group and began his financial career as a management consultant at Kenneth Leventhal & Co (acquired by Ernst & Young, LLC). Mr. Tam began his career as a Systems Engineer at Hughes Aircraft Company designing weapon and radar systems.Mr. Tam holds an MBA in Finance and Real Estate from USCs Marshall School of Business and a BS from University of California, San Diego in Applied Mechanics and Engineering Sciences with a minor in Drama.

Thomas Tomljanovic

Thomas Tomljanovic
Thomas W. Tomljanovic is a Senior Vice President of Arque Advisors. Mr. Tomljanovic provides investment and strategic advice to clients of Arque. Mr. Tomljanovic has been actively involved in investment management and commodities brokerage activity since 2003. Prior to working in the investment field Mr. Tomljanovic was the President of Tomljanovic & Company for over 20 years. The company provided management recruiting services for a variety of companies, including Fortune 500 companies as well as smaller firms. Mr. Tomljanovic has a BS in Marketing and Management from the University of Charleston, Charleston, WV.

Peter Bullock

Peter O. Bullock

Mr. Bullock is a senior Analyst at Arque Advisors. Mr. Bullock performs primary due diligence, including quantitative and qualitative analysis on money managers used by Arque for its clients. Prior to Arque Advisors, Mr. Bullock was a legal assistant at NYSE Regulation in the Division of Market Surveillance and a Legal Assistant in markets litigation at Cadwalader, Wickersham and Taft in New York. Mr. Bullock graduated from Union College with a major in history and minors in economics and geology, attended New York University and obtained an ABA-approved Diploma in Paralegal Studies and is studying for the CFA. Peter holds a series 65 securities license.

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Team Overview

David Bullock

Scott Gordon

George Hudspeth

Erik Olsen

Meridee Olsen

James Shamah

Robert Tam

Thomas Tomljanovic

Peter Bullock

NEWS

Latest News
January 2012 - Private Wealth Magazine - Lien Times by Leila B. Boulton - Hedge funds, family offices and wealthy individuals are buying tax liens for consistent, uncorrelated returns. As the economy continues to falter, more residential and commercial real estate owners are falling behind on their property taxescreating opportunities for investors, who are increasingly looking to tax liens for attractive returns with virtually no correlation to stocks and bonds. - http://www.fa-mag.com/component/content/article/9564.html?issue=184&magazineID=3&Itemid=226September 30, 2011 - Arque Advisors announced the formation of Arque Commodities LP and the establishment of CPM Arque Capital Partners. CPM Arque Capital Partners is a joint venture with the CPM Group (www.cpmgroup.com) of New York and will manage investment programs in precious metals and other commodities on behalf of Arque Commodities. The principal of CPM is Jeffrey M. Christian. Erik Olsen has been named the Managing Director of Arque Commodities and with David Bullock are members of the Management Committee of CPM Arque Capital Partners. George Hudpseth has joined Arque Advisors as a Senior Vice President and Director of Marketing and Partner of Arque Commodities. Tom Tomljanovic, a Senior Vice President of Arque Advisors, is also a Partner of Arque Commodities. The partnership with CPM and the formation of Arque Commodities are a continuation of Arque Advisors objective to bring innovative and timely investment strategies to the Arque's clients. February 10, 2010 - Hedge Fund Alert -- "Tax-Lien Probe Benefiting Some Operators" A U.S. Justice Department probe into the investment market for property-tax liens is creating an opportunity for hedge funds that target the niche strategy. The investigation, focusing on suspected collusion at tax-lien auctions, has prompted the markets biggest buyer, a J.P. Morgan subsidiary, to pull back for the time being. This is making it easier for smaller investment managers to operate in a market that has ballooned to at least $4 billion annually since the real estate downturn. Arque Advisors of Rye, N.Y., which runs both a hedge fund and fund of funds that target property-tax liens, is soliciting capital to pour into the breach. Were looking for larger investors wishing to gain exposure to this market, said managing director David Bullock. We could do way more than we are doing. We have the capacity to buy upwards of $200 million, maybe up to $500 million. http://www.hfalert.com February 1, 2010 - New York -- Arque Advisors, LLC, a leading investment advisory firm to institutional and high net worth investors, today announced that Scott Gordon has been named Managing Director. Prior to joining Arque, Scott served as Chief Risk Officer of Paramax Capital, an asset management and advisory firm. Arque's CEO, David Bullock, commented that "Scott is a well respected financial services executive and proven leader who is uniquely qualified to help manage Arque's various product offerings. His understanding of the risks of Structured Products and the various asset types underlying the funds provides our clients with a high level of comfort. Arque and its clients will benefit enormously from his breadth of experience, industry acumen and deep knowledge of the financial services sector. We have the utmost confidence in Scott and are pleased to welcome him to Arque's team." Scott will initially be involved with assessing the risk characteristics of tax liens certificates and helping to structure and mitigate potential issues with this asset type. About Arque Advisors LLCArque Advisors is a SEC Registered Investment Advisor, which provides investment management, investment consulting and financial planning services to institutions and high net worth investors. Affiliates of Arque Advisors are active in managing real estate investments, real property tax lien investments and in providing consulting services to money managers. The firm is also significantly involved in the development of proprietary investment products for its clients. Arque Advisors offers due diligence, selection and management services for traditional and non-traditional investments that are non-correlated and that offer attractive performance in comparison to market indices and systematic return products. For more information about Arque Advisors, LLC please visit www.arqueadvisors.com.

CONTACT Arque Advisors, LLCDavid BullockE-mail: dbullock_arqueadvisors.comTel: (914) 316-8800 Fax: (914) 921-1336Address:Arque Advisors, LLCP.O. Box 218 Rye, NY 10580

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No Solicitation or Investment Advice: the material contained on this website is for informational purposes only and Arque Advisors, LLC is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to invest in or buy or sell any funds nor is it to be construed as investment advice. Additionally, the material accessible through this website does not constitute a representation that the funds described herein are suitable or appropriate for any person. © Arque Advisors LLC 2012 All rights reserved and preserved.
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