YEAR IN REVIEW

2 0 1 5

■ WELCOME

■ THE GEMINI COMPANIES – EXPANDED

● GEMINI FUND SERVICES, LLC

● GEMINI HEDGE FUND SERVICES, LLC

● GEMINI ALTERNATIVE FUNDS, LLC

● NORTHERN LIGHTS DISTRIBUTORS, LLC

● NORTHERN LIGHTS COMPLIANCE SERVICES

● BLU GIANT, LLC

■ NORTHSTAR SUMMIT

■ COMMUNITY INVOLVEMENT

■ LOOKING AHEAD

■ CEO PERSPECTIVE

TABLE OFCONTENTS

WELCOME

THE GEMINI COMPANIES – EXPANDED

GEMINI FUND SERVICES, LLC

GEMINI HEDGE FUND SERVICES, LLC

GEMINI ALTERNATIVE FUNDS, LLC

BLU GIANT, LLC

NORTHERN LIGHTS DISTRIBUTORS, LLC

NORTHERN LIGHTS COMPLIANCE SERVICES

NORTHSTAR SUMMIT

COMMUNITY INVOLVEMENT

LOOKING AHEAD

CEO PERSPECTIVE

We have enjoyed working with you over the past year and look

forward to continuing our relationship. Our continued growth in 2015

began with the expansion of The Gemini Companies to showcase

the depth and breadth of the services we offer. This included Gemini

Fund Services, LLC (Gemini Fund), Gemini Hedge Fund Services, LLC

(Gemini Hedge) and Gemini Alternative Funds, LLC (Gemini Alt). You

may have noticed the new logos, branding and websites which were

redesigned to showcase the full distribution, compliance and creative

services offered by The Gemini Companies, allowing it to be the single

solution for today’s advisor.

The Gemini Companies brand is expanding from three to six core

offerings that provide a turnkey solution for financial advisors. Our

expansion includes the addition of Northern Lights Distributors, LLC,

(NLD) Northern Lights Compliance Services, LLC (NLCS) and Blu Giant,

LLC. Uniting these companies under one umbrella allows us to become

a single point of access into new markets, while maintaining the distinct

brand of each company. Each company provides knowledgeable

professionals, robust technology and a focused vision for the future.

We look forward to sharing our comprehensive suite of specialized

services. Look for us at industry conferences, on the road and online

at www.thegeminicompanies.com.

212,600NAVs

Calculated

15,000 LBSof FoodDonated

89New Funds Launched

4,420NLD

Ad Reviews

79Events

Attended

BY THE NUMBERS

THE BRAND EXPANDS – ADMINISTRATION 2.0

THEGEMINI COMPANIES

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GEMINI HEDGE

GEMINIFUND

Gemini Fund continued its expansion

of services, staff and technology. We

further extended our expertise into the

college savings plan market with the addition of

the Vermont 529 Plan. Gemini Fund’s Administration

department also launched its first Omaha-based

Administration team in 2015 to complement the existing

Administration resources in the New York office. Gemini Fund is

also excited to share that it has begun the implementation of a new

fund accounting and reporting system, Asset Arena InvestOne by

SunGard®. Adding to the excitement is the work Gemini Fund is doing

to implement an efficient, cost-effective solution for advisors looking

for contribution reporting, attribution, portfolio stress-testing and risk

analysis via StatPro. In addition to continually increasing services, we

launched over 65 new funds and added 63 new staff members in

2015, bringing Gemini Fund to over 265 employees.

Gemini Fund’s series trusts, the Northern Lights Fund Trust I, II, III and

IV and the Two Roads Shared Trust, continue to thrive. The Northern

Lights Fund Trusts now have over 151 mutual funds registered with over

$11.9 billion in assets. The Two Roads Shared Trust has more than 12

mutual funds registered with over $1.5 billion in assets. The Northern

Lights Variable Trust, offered exclusively to insurance platforms, has

more than 25 funds registered with over $4.7 billion in assets.

“SINCE THE GEMINI COMPANIES ALL SHARE THE SAME GOAL—TO PARTNER WITH OUR CLIENTS TO PROVIDE INNOVATIVE SOLUTIONS —WE TOOK THE PROACTIVE AND LOGICAL STEP OF

COMBINING ALL OUR EXPERTISE AND RESOURCES UNDER ONE BANNER.”ANDREW ROGERS

Chief Executive Officer of The Gemini Companies

“WE ARE FAR MORE THAN JUST AN ADMINISTRATOR—WE ARE A PARTNER. EVERYTHING WE DO AND PROVIDE

IS DESIGNED TO ENSURE OUR CLIENTS CAN REMAINCOMPETITIVE IN THE MARKETPLACE.”DAVID YOUNG

President of Gemini Hedge Fund ServicesGemini Hedge has enhanced its technology platform

with cloud-based portfolio analytics and reporting features.

These ongoing advancements provide fund managers with a

single, transparent gateway to view, analyze and deliver data from

any location. In turn, this has helped develop stronger relationships

with investors and financial advisors alike. This began with the

release of the Gemini Online Account Link (GOAL). GOAL provides

online access to portfolio and fund level financial reports, as well

as investor statements and confirmations. GOAL allows managers

to add and send formal letters, fund governance documents and any

other type of report. Within one integrated portal, users have access

to advanced investment software. SunGard®’s Hedge360 solution

provides additional functionality and reporting, which combined with

the service abilities of StatPro, provides managers with a dashboard

that includes in-depth security-level analysis of all asset classes,

including performance, asset allocation, contribution, attribution, and

risk analysis.

Growth has enabled Gemini Hedge to hire 10 new employees and launch

23 new funds in 2015.

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BLU GIANTBlu Giant had an exciting year in 2015. Combining Blu Giant’s expertise

with its sister firm, Gemcom, LLC, allowed Blu Giant to enhance its service

offering to provide custom creative solutions and continues to act as an

EDGAR filing agent. Together their talents and proficiency in printing,

branding, social media, video and web mediums provide a comprehensive

suite of solutions for financial services companies. To further increase

productivity in 2015, Blu Giant acquired additional digital presses and

finishing equipment to expand its in-house print capabilities, as well as

began utilizing new EDGAR conversion software.

“WHETHER WE’RE CREATING SHAREHOLDER REPORTS OR CUSTOM ENVELOPES, WE PRODUCE

MATERIALS THAT ARE THE FIRST IMPRESSION OF OUR CLIENTS AND WE TAKE THAT VERY

SERIOUSLY. HAVING THE ADDITIONAL CREATIVE FIREPOWER BEHIND OUR OFFERING CAN ONLY

BENEFIT OUR CLIENTS.”JOSEPH MIOLAPresident of Blu Giant

The Galaxy Plus Fund, LLC

Managed Account Platform

(MAP) launched in April, 2015.

As a relative newcomer in the MAP

space, we continue to see growth in the

number of managers and different types of

fund strategies as well as in asset growth. Qualified

Eligible Purchasers can now invest into several fund

strategies utilizing a single point of entry via the Galaxy

Plus MAP. Galaxy Plus provides investors with an operationally

efficient infrastructure as well as diversification options for building

their portfolios.

Last summer, Gemini Alt held its first networking golf event for registered

investment advisors and fund managers in Dallas. The event provided

an opportunity to pair-up investors seeking access to alternative

investment strategies with trading managers who offer a variety of

fund strategies.

In December, after a rigorous Request For Proposal process, Gemini Alt

was awarded a contract from the Iowa Public Employees’ Retirement

System’s (IPERS) to service their Liquid Absolute Return Strategy program.

The IPERS allocation, expected to be upward of $700 million will be

spread across 7-10 different Commodity Trading Advisors.

2015 closed on a positive note with exciting news that Gemini Alt’s Galaxy

Plus MAP was selected as a finalist for Managed Account Platform of the

year by CTA Intelligence.

2016 promises to be another exciting year as we look to continue our

growth trajectory through educating both managers and investors on

the benefits of using a MAP.

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GEMINI ALT

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NORTHERN LIGHTSDISTRIBUTORSNLD continued to elevate the client experience in 2015 with a renewed internal

wholesaler marketing service offering and an enhanced strategic relationship

development model. The internal wholesaler marketing service assists both new funds

in building distribution channels, as well as existing funds of any size with development of

key relationships and marketing content creation.

The Strategic Relationship team made two key hires from the independent broker dealer community

to assist in the continued growth of our investment adviser clients. In addition, the team created the

“Cornerstones of Distribution” philosophy providing a framework for engaging current and new clients to

uncover sales and marketing opportunities and develop executable action plans.

NLD will continue to elevate the client experience in 2016, focusing on increasing visibility of investment adviser clients

by seeking prominent sponsorships with speaking opportunities, enhancing product placement, and providing mutual

fund distribution education through the launch of the online Advisor Knowledge Center. The Advisor Knowledge Center

resource will provide continued education and guidance for NLD adviser clients and others interested in fund marketing

and distribution.

NORTHERN LIGHTS COMPLIANCE SERVICES

“HEIGHTENING THE VISIBILITY OF OUR CLIENTS WITH SOLUTIONS THAT FACILITATE SCALABLE GROWTH IS A KEY

PART OF OUR STRATEGIC PLAN.” BRIAN NIELSEN

Chief Executive Officer ofNorthern Lights Distributors

Northern Lights Distributors, LLC Member FINRA/SIPC

NLCS continued its growth in 2015 and closed the year serving as Chief

Compliance Officer to almost 280 funds. In addition to providing its

core services to funds, NLCS also expanded its offering of compliance

consulting services to investment advisers, private equity firms and

hedge fund advisers.

As cybersecurity became a key focus in 2015, NLCS rolled out a

cybersecurity practice review. Entering into 2016, the SEC is very active

with several proposals on the table which points to yet another year of

increasing attention to the compliance needs of your firm.

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NORTHSTAR SUMMIT SEPTEMBER 2015

In September 2015, we enjoyed our second annual NorthStar

Summit in Nashville, Tennessee. This year provided a truly unique

Nashville experience with a musical keynote song session by multiple

Billboard #1s and Grammy award winning singer/songwriters Billy Dean,

Monty Powell and Anna Wilson. The conference offered individual company

sessions focusing on growth and business and included an energizing

and uplifting keynote speech from ABC’s Shark Tank business reality star,

Damon John. Additional conference activities included tours of the Grand

Ole Opry, Ryman Auditorium, President Andrew Jackson’s Hermitage

and Skeet Shooting. Our main event included dinner, entertainment and

full access to the three-story Country Music Hall of Fame and Museum.

It was great to spend time with you, our clients, and partners. We hope

you join us at our next Advisor Summit in April of 2017.

COMMUNITY INVOLVEMENT

• Aidan’s Animals• American Cancer Society • American Heart Association• Boy Scouts of America• Cancer Care Lung Cancer Walk• Career Transition Associates• Catholic Charities USA• Children’s Respite Care Center• Edna’s Foundation of Hope• Girl Scouts of America• Good Samaritan Hospital• Goodwill Industries• Great Strides Long Island: Therapeutic Horseback Riding Program• Guardians of Rescue• Habitat for Humanity of Omaha• Hauppauge Industrial Association• Hope for Warriors• House of Hope

• Huntington Community First Aid Squad• Island Harvest Food Bank• Juvenile Diabetes Research Foundation• Kids Against Hunger• Kings Park Soccer Club• Lifegate Church: Financial Peace University• Local School Boards• March of Dimes• Marmion Abbey and Academy• Millard Athletic Association• Mooseheart Child City and School• National MS Society• Omaha Hockey Club• Open Door Mission• Operation Christmas Child• Our Lady of Victory Church• Paws of War • Ronald McDonald House of Omaha• SCPA

• Smile Train• St. Andrew’s United Methodist Church• St. John’s Evangelical Lutheran Church• St. Jude’s Children’s Hospital• St. Patrick’s Church• St. Peter’s Lutheran Church• Stephen Center Homeless Shelter• Stony Brook Children’s Hospital• TeamMates Mentoring Program• Ted E. Bear Hollow• The Hope Children’s Fund• Tunnel to Towers Charity Run• West Babylon Community Center Basketball• West Hills Church• Wounded Warriors Project• YMCA• Youth soccer

Employees of The Gemini Companies believe in giving back to the

community and it clearly shows throughout all of our offices. Many

corporate events were held in 2015 including food drives, a fleece

blanket drive, participation in the Adopt-a-Student program, volunteering

at the Open Door Mission and Habitat for Humanity. NorthStar also held

its third annual charity run for the nationally recognized TeamMates

Mentoring Program.

On an employee level, we are humbled by our staff’s dedication and

involvement in giving back to the communities where they live. Here is

a list of just some of the places our employees graciously donated their

time and resources in 2015:9

A CEO’S PERSPECTIVEBY ANDREW ROGERS

LOOKING AHEADTO 2016

As 2015 came to an end, a crisis of confidence continued to reign amid

concerns of global terrorism and insecurity over the American way of life.

A charged political landscape has developed ahead of the upcoming

presidential election, which has reached a new pitch with Donald Trump

becoming a serious candidate. However, I believe the lasting story of

2015 will be the impact of technology and climate change on fossil fuels.

The continued investment in alternative energies and the continued

concerns over climate change are leading the reduction in fossil fuel

demand within developed countries. In addition, the slowing growth of

China and the strong US dollar have caused steep declines in energy

costs. Many emerging market countries rely upon commodities for a

large portion of their economy and the impact of lower revenues will be

very disruptive to social programs that could lead to political unrest. The

strong US dollar and lower earnings on energy companies are reducing

corporate profits and straining equity valuations. However, the turmoil

in the marketplace, as well as the potential for a rate increase in 2016

has created opportunities for many Gemini clients with active strategies

to shine.

For the Gemini Companies, 2015 has been a great year. Our parent

company, NorthStar Financial Services LLC was acquired by TA

Associates on May 1, 2015. The acquisition has provided intellectual

capital as well as financial capital to continue our strategic growth.

The Gemini Companies have also invested tremendous capital in

technology. We are excited to offer an integrated accounting solution

that will provide tremendous automation and reporting for accounting,

financial reporting, and performance analytics. Gemini personnel have

2016 promises to be another busy year for The Gemini Companies.

We continue to grow across our two main office locations in New York

and Omaha. NorthStar broke ground on a second building in Omaha

that will offer an additional 60,000 square feet for operations. It will

be conveniently located next door to our current Omaha location.

Employees are anxiously awaiting the additional space set to be open

in late July 2016.

The Gemini Companies and all of the firms housed under this banner

will continue to cross markets. Their solution-based services create new

exposure and opportunities for our partners and clients. Our goal

is to bring new integrated client experiences and seamlessly

blend our unique services.

been working diligently in 2015 to create a technology platform that we

expect to catapult Gemini for years to come.

The Gemini Companies have continued its expansion into hedge funds

and CTAs. The Gemini Alternative Fund platform provides a platform

for pension systems to invest into alternative investments. The ability

to provide transparency, liquidity, and compliance in an integrated

platform will be transformational in the alternative space.

Northern Lights Distributors continues to develop solutions to assist

advisors with asset gathering. In 2015, NLD increased participation

at third party intermediary events raising the visibility of our clients

through premium sponsorship levels which allowed us to highlight

our fund managers on investment panels. NLD’s new Cornerstones of

Distribution philosophy will be instrumental in continuing to drive value

to our clients and industry partners.

I would like to thank our great clients, employees and strategic partners

for making 2015 one of our best years. The continued growth of The

Gemini Companies is based on our engaged employees providing

innovative solutions for our clients. I look forward to a great 2016.

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A SINGLE SOLUTIONFOR TODAY’S ADVISOR

80 Arkay Drive, Suite 110, Hauppauge NY 11788

thegeminicompanies.com

844-798-3455

6752-GFS-3/4/20167090-NLD-3/4/2016