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VANTAGE
GLOBAL INVESTMENT STRATEGIES
  Global Research
  Investment Strategies & Trade Execution
  I    t    t St t i      T d E      ti
  Structured Investments
FAHD RACHIDY
January 2010
VANTAGE CAPITAL MARKETS LLP
The Firm

 Independence

 Vantage Capital Markets (VCM) is an independent global voice and electronic interdealer
  broker with offices in London, affiliated offices in Hong Kong and South Africa.

 Experience

 Under its former names, Vantage Derivatives Ltd and David Morgan Futures (DMF), VCM LLP
  has operated since 1979.

 Integrity

 VCM LLP is dedicated to providing exceptional levels of professional inter-dealing brokerage
                                                                       inter dealing
  services to institutional clients. An experienced team ensures that VCM LLP delivers ready
  access to equities, bonds, commodities and their relative derivative securities across a
  multitude of markets.


Macroeconomic Research & Global Investment Strategies                                     Page 2
VANTAGE CAPITAL MARKETS LLP
The Firm


 Confidentiality
                y
 Alongside our competitive presence, we offer the client peace of mind with regards to trade
  anonymity. Complete segregation of business units within the partnership ensures that there
  are no conflicts of interest
                      interest.

 Global coverage

 Independence, integrity and a solid business foundation are the fundamental principles that
  give us the mobility to provide a comprehensive suite of services in a wide range of financial
  products.

 FSA regulated
        g

 Vantage Capital Markets LLP is authorised and regulated by the Financial Services Authority.


Macroeconomic Research & Global Investment Strategies                                       Page 3
VANTAGE CAPITAL MARKETS LLP
The VGIS Platform




 Vantage Global Investment Strategies (VGIS)

     Within VCM, a dedicated Hedge Fund platform whose main activities are:

                   Macroeconomic Research and Financial Analysis,
                   Trade Execution,
                   Risk Hedging,
                   Structured Investments for Hedge Funds.




Macroeconomic Research & Global Investment Strategies                          Page 4
VANTAGE GLOBAL INVESTMENT STRATEGIES



  1.
  1    Macroeconomic Research & Fundamental Analysis
  2.   Trade Execution
  3.
  3    Risk Hedging & Structured Investments
  4.   The Team


                                                        Page 5
VGIS benefits
Macroeconomic Research & Fundamental Analysis 1/2
                                         y

 Committed to generating Alpha for Hedge Funds & Asset Managers.

 Global investment strategies and trading recommendations based on sound
  macroeconomic research and financial analysis.
                                           y

 Weekly publications on Stocks, Indices, Bonds, Option volatility. In-depth knowledge of capital
  markets.
  markets Research on merger arbitrage, event driven strategies
                             arbitrage               strategies.

 Independent Research of the highest quality with access to up-to-the-minute information.

 Research and Investment strategies can be tailor-made to suit the client’s specific
  investment profile.

 VGIS Portfolio Weekly Update: a track record of our trading recommendations available.



Macroeconomic Research & Global Investment Strategies                                       Page 6
VGIS benefits
Macroeconomic Research & Fundamental Analysis 2/2
                                         y


                                           Regular frequency publications: Daily Weekly and Quarterly which
                                                                                Daily,              Quarterly,
                                            summarize the broader economic events and figures for the period and
                                            make coherent interpretations on the impact of these on the economy.
Macroeconomic                              Focused Topical Reports: ranging from ‘Flash Notes’ on market-moving
                                                                            g g                                      g
Research                                    events to detailed thematic reports intended at achieving thought-
                                            leadership.
                                           Quantitative Analysis: ranging from simple statistical data-analysis to fully-
                                            fledged
                                            fl d d econometric modelling culminating iin th
                                                              ti    d lli     l i ti      thematic reports.
                                                                                                 ti       t


                                           Strong domain and execution expertise across equity sectors products
                                                                                                     sectors, products,
                                            regions and economies, gathering market intelligence to identify alpha.
                                           Based on our experience, we have models designed to deliver financial
Financial                                   research. Based on Client requirements we execute the “heavy lifting” for
Research
R       h                                   the Client’s in-house team and enhanced screening of investment
                                            opportunities.
                                           Experience in regions across North America and Europe.


Macroeconomic Research & Global Investment Strategies                                                            Page 7
VGIS benefits
 Portfolio Focus

         Long/short model portfolio managed by VGIS in 2010
             g             p             g    y




Simulated performance by Youdevise LTD, the independent Alpha capture trading system
Data as of Jan. 12, 2010


  Performance since inception 4th January 2010                                        VGIS is outperforming the
                                                                                       MSCI World benchmark by
                                                                                       1.39% since inception




 Macroeconomic Research & Global Investment Strategies                                                              Page 8
VGIS benefits
Portfolio Focus




Macroeconomic Research & Global Investment Strategies   Data as of Jan. 12, 2010   Source : VGIS    Page 9
VGIS benefits
 Portfolio Focus

           Long/short model portfolio managed by VGIS in 2009




Simulated performance by Youdevise LTD, the independent Alpha capture trading system
Data as of Jan. 31, 2009


  Performance since inception 11st May 2009, 59% hit ratio                            VGIS has outperformed the
                                                                                       MSCI Europe benchmark by
                                                                                       8.40%




 Macroeconomic Research & Global Investment Strategies                                                              Page 10
VGIS benefits
Portfolio Focus




Macroeconomic Research & Global Investment Strategies   Data as of Jan. 31, 2009   Source : VGIS    Page 11
VGIS benefits
Portfolio Focus


 Global model portfolio managed by VGIS in 2009: +16.24%

 2009 VGIS Global Portfolio Absolute Return in 2009 : +16.24%

Performance breakdown :

 2009 VGIS Macro Portfolio Absolute Return : +31.11%

 2009 VGIS Long/Short Equity Portfolio Absolute Return : +12.53%
 L/S Portfolio Performance Relative to MSCI Europe Benchmark : +8.40%




Datas as of oct. 29, 2009 Source : VGIS


Macroeconomic Research & Global Investment Strategies                     Page 12
VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS)



  1.
  1    Macroeconomic Research & Fundamental Analysis
  2.   Trade Execution
  3.
  3    Risk Hedging & Structured Investments
  4.   The Team


                                                        Page 13
VGIS benefits
Trade Execution 1/2

 VCM offers best execution, cross asset coverage, strong network


 Best trade execution :
       –    A single entry door to Equities, Bonds, Commodities and their relative derivative securities.
       –    Taking into account price, costs, speed, likelihood of execution and settlement, size…
       –    Large volumes traded
       –    No minimum trade volumes or trade frequency required,
       –    Electronic DMA via Fidessa trading platform.



 Leading broker on both Equity and Fixed Income options and future derivatives
  (vanilla, exotic products, listed options, OTC):
       – Ranked #2 on Dow Jones Eurostoxx50 (market share) and other European indices
       – Leading market share on European single stocks



Macroeconomic Research & Global Investment Strategies                                                        Page 14
VGIS benefits
Trade Execution 2/2

 High standard trade execution & competitive rates


 VCM’s clearing and settlement relationships are with:
       –    Crédit Agricole Cheuvreux International Ltd
       –    Dresdner Bank AG (now Commerzbank AG)
       –    Fortis Bank Global Clearing NV
       –    Man Financial

 We do not run any proprietary trading desks in the company
                                                     company.

 No extra cash needed as we don’t ask for any deposits, keeping your leverage intact.

 We cover a large range of clients: from banks and financial institutions to top-end hedge funds.



Macroeconomic Research & Global Investment Strategies                                       Page 15
VANTAGE GLOBAL INVESTMENT STRATEGIES



  1.
  1    Macroeconomic Research & Fundamental Analysis
  2.   Trade Execution
  3.
  3    Risk Hedging & Structured Investments
  4.   The Team


                                                        Page 16
VGIS benefits
Risk Hedging & Structured Investments
        g g


 Tailor-made solutions, Risk Management, Higher Returns
                       ,          g     , g



 C ti innovative and varying payout profiles.
  Creating i ti     d     i        t fil

 For positions which cannot be hedged with standard cash or derivative securities, we can provide
  tailor-made structured investment strategies according to our clients’ needs and utilising the
  full range of derivative products.

 We assist in the management of risk and raise returns for complex portfolios.




Macroeconomic Research & Global Investment Strategies                                     Page 17
VANTAGE GLOBAL INVESTMENT STRATEGIES



  1.
  1    Macroeconomic Research & Fundamental Analysis and Event driven
  2.   Trade Execution
  3.
  3    Risk Hedging & Structured Investments
  4.   The Team


                                                              Page 18
VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS)
     The Hedge Fund Sales Team
            g

Fahd Rachidy – Head of Hedge Fund Sales                                                   Corporate Bonds
            g
Macro Strategist
                                                                                    - Mainly Western Europe countries
Senior Equity Index derivatives prop- trader at SOCIETE GENERALE and CALYON
                                                                                    -1 analyst, 3 brokers
Head of Macroeconomic research on monetary policy at the European Central Bank
(statistical division Banque de France)
Sciences Po Paris , Lecturer Applied Macroeconomics                                        Emerging Markets Bonds, sovereign and corporate
                                                                                                             Bonds
MSc in Macroeconomics University Paris-I Sorbonne – MSc Ecole Centrale Paris
                                                                                    -Covering emerging markets: Russia, Central Europe, Turkey, Greece, Middle East
Equities: team of 14 people                                                         -1 analyst, 4 brokers


                                                                                          ABS, CMBS, CDS, CLO, DLO
     Cash Equity Sales Force:
                                                                                    -Regions covered include UK & Ireland, France, Benelux, Germany, Scandinavia and Italy
-Pan European stocks coverage, Western and Central Europe                                  from London office. Coverage of Asian & Australian investors via HK office.
-5 analysts 4 sales 1 sales trader 4 traders
   analysts, sales,         trader,                                                 -1 analyst, 5 brokers
                                                                                     1 analyst


Fixed Income: team of 19 people                                                     The Hedge Fund team

                                                                                    -The team tends to deal largely with real money investors
                                                                                     The                                              investors.
     Sovereign Bonds                                                               -Our aim is to trade bonds and equities between end investors rather than using bank
                                                                                           dealing desks.
-Mainly Western Europe countries                                                    -Every member of the team has a minimum of 10 years in the market working for the big
-1 analyst, 3 brokers                                                                      banks, and building client relationships at senior level


     And 85 inter-dealer brokers at VCM LLP: With a wealth of experience in cash and derivative execution (Equity, Fixed Income, Metals, in Europe, Asia, Emerging).

    Macroeconomic Research & Global Investment Strategies                                                                                                   Page 19
VANTAGE GLOBAL INVESTMENT STRATEGIES



   Contact details
   Disclaimer




                                        Page 20
VGIS contact details


 For any enquiries, do not hesitate to contact us
        y q        ,

VANTAGE GLOBAL INVESTMENT STRATEGIES                    VANTAGE CAPITAL MARKETS
Hedge Fund Platform

 Fahd Rachidy                                           Roderick Wurfbain
Senior Partner                                          Managing member
Head of Global Investment Strategies                    rwurfbain@vcmllp.com
frachidy@vcmllp.com                                     +44 (0)20 3107 5005
+44 (0)20 3107 5373                                     +44 (0)75 0003 5010
+44 (0)75 0003 8515
                                                         Robert Hampel
                                                        Capital Partner
                                                        rhampel@vcmllp.com
                                                        +44 (0)20 3107 5050
                                                        +44 (0)75 0003 5010




Macroeconomic Research & Global Investment Strategies                              Page 21
Vantage Capital Markets LLP
Research Note disclaimer

This material is intended for existing Professional Clients of Vantage Capital Markets LLP ("Vantage") as defined in the Financial Services Authority (FSA) Conduct of Business Sourcebook and other persons who are
not clients of Vantage who have expressed interest in receiving it who are professional investors meeting the criteria described below, together, the "intended recipients". Where you are an existing client of Vantage you
acknowledge that you are a Professional Client. Notwithstanding this you acknowledge that neither this research note, nor any subsequent discussions or communications connected with this research note, constitute
                                              Client                                                                    note                                                                                      note
investment advice, nor shall Vantage be responsible to you in this regard. This research note is not for distribution to retail clients as defined by the Financial Services Authority.
Where you are not an existing client of Vantage, Vantage will not be responsible to you for providing the client protections required by the FSA. Further, where you are not an existing client, this research note is being
made only to and is directed only at persons having professional experience in matters relating to investments, those persons being "investment professionals" as defined in Article 19 (5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2001 (as amended); and any other persons to whom this research note for the purposes of Section 21 of the Financial Services and Markets Act 2000 can otherwise
lawfully be communicated.
This research note is confidential and is solely for use of the intended recipients and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. No part of this
material may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without Vantage s prior written consent
                      copied photocopied                                                                          Vantage’s               consent.
It must not be acted on or relied upon by persons other than the intended recipients.
The material in this research note is for the general information of the intended recipients only. Any investments referred to in this research note may not be appropriate for all investors. It should not be construed as an
offer to buy or sell any investment or security. It does not take into account the particular investment objectives, financial situation or needs of individual intended recipients and it should be noted that investment
involves risk, including the risk of capital loss. We are not soliciting any action based on this material. Past performance is no guide to future performance. Before acting on any advice or recommendations in this
material, intended recipients should consider whether it is appropriate for their particular circumstances and, if necessary, seek professional advice.
From time to time Vantage and any of its officers or members may, to the extent permitted by law, have a position or otherwise be interested in any transactions in investments (including derivatives) directly or indirectly
the subject of or relating to our research
             of,                   research.
This research note is based on information Vantage has received from certain publicly available reports and industry sources. It is not responsible for such information and its bases and assumptions, nor is it responsible
for the independent verification of such information and it makes no representation, either express or implied, as to the accuracy or completeness of such information or its fitness for purpose. Information may be
available to Vantage, which is not reflected in this material. Any opinions or estimates in this research note constitute a judgement as at the date of this report. There can be no assurance that future results or events will
be consistent with any such opinions or estimates. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. Vantage accepts no
liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this research note or its contents or otherwise arising in connection with this research note (except in respect of wilful
default and to the extent that any such liability cannot be excluded by the applicable law).
Other than disclosures relating to Vantage this research is based on current public information that we consider reliable but we do not represent it is accurate or complete, and it should not be relied on as such.
                                     Vantage,                                                                          reliable,                                         complete                                     such
NEITHER THIS RESEARCH NOTE NOR ANY COPY HEREOF MAY BE DISTRIBUTED IN ANY JURISDICTION OUTSIDE THE UK WHERE ITS DISTRIBUTION MAY BE RESTRICTED BY LAW. PERSONS WHO
RECEIVE THIS RESEARCH NOTE SHOULD MAKE THEMSELVES AWARE OF AND ADHERE TO ANY SUCH RESTRICTIONS.
In accordance with and subject to the provisions of Rule 15a-6 of the Securities Exchange Act 1934, Vantage has approved the distribution of this research to major institutional investors domiciled in the United States.
This research note is issued by Vantage Capital Markets LLP which is Authorised and Regulated by the FSA.
Vantage Capital Markets LLP, registered in England & Wales No. OC308882.
Registered Office: Equitable House, 47 King William Street, London EC4R 9AF.
A list of members’ names is available for inspection at our registered office.
          members                                                          office
Authorised and regulated by the Financial Services Authority.




VCM LLP, Equitable House, 47 King William Street, London EC4R 9 AF United Kingdom                                                                   www.vcmllp.com

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2010 presentation vgis

  • 1. VANTAGE GLOBAL INVESTMENT STRATEGIES Global Research Investment Strategies & Trade Execution I t t St t i T d E ti Structured Investments FAHD RACHIDY January 2010
  • 2. VANTAGE CAPITAL MARKETS LLP The Firm  Independence  Vantage Capital Markets (VCM) is an independent global voice and electronic interdealer broker with offices in London, affiliated offices in Hong Kong and South Africa.  Experience  Under its former names, Vantage Derivatives Ltd and David Morgan Futures (DMF), VCM LLP has operated since 1979.  Integrity  VCM LLP is dedicated to providing exceptional levels of professional inter-dealing brokerage inter dealing services to institutional clients. An experienced team ensures that VCM LLP delivers ready access to equities, bonds, commodities and their relative derivative securities across a multitude of markets. Macroeconomic Research & Global Investment Strategies  Page 2
  • 3. VANTAGE CAPITAL MARKETS LLP The Firm  Confidentiality y  Alongside our competitive presence, we offer the client peace of mind with regards to trade anonymity. Complete segregation of business units within the partnership ensures that there are no conflicts of interest interest.  Global coverage  Independence, integrity and a solid business foundation are the fundamental principles that give us the mobility to provide a comprehensive suite of services in a wide range of financial products.  FSA regulated g  Vantage Capital Markets LLP is authorised and regulated by the Financial Services Authority. Macroeconomic Research & Global Investment Strategies  Page 3
  • 4. VANTAGE CAPITAL MARKETS LLP The VGIS Platform  Vantage Global Investment Strategies (VGIS) Within VCM, a dedicated Hedge Fund platform whose main activities are:  Macroeconomic Research and Financial Analysis,  Trade Execution,  Risk Hedging,  Structured Investments for Hedge Funds. Macroeconomic Research & Global Investment Strategies  Page 4
  • 5. VANTAGE GLOBAL INVESTMENT STRATEGIES 1. 1 Macroeconomic Research & Fundamental Analysis 2. Trade Execution 3. 3 Risk Hedging & Structured Investments 4. The Team  Page 5
  • 6. VGIS benefits Macroeconomic Research & Fundamental Analysis 1/2 y  Committed to generating Alpha for Hedge Funds & Asset Managers.  Global investment strategies and trading recommendations based on sound macroeconomic research and financial analysis. y  Weekly publications on Stocks, Indices, Bonds, Option volatility. In-depth knowledge of capital markets. markets Research on merger arbitrage, event driven strategies arbitrage strategies.  Independent Research of the highest quality with access to up-to-the-minute information.  Research and Investment strategies can be tailor-made to suit the client’s specific investment profile.  VGIS Portfolio Weekly Update: a track record of our trading recommendations available. Macroeconomic Research & Global Investment Strategies  Page 6
  • 7. VGIS benefits Macroeconomic Research & Fundamental Analysis 2/2 y  Regular frequency publications: Daily Weekly and Quarterly which Daily, Quarterly, summarize the broader economic events and figures for the period and make coherent interpretations on the impact of these on the economy. Macroeconomic  Focused Topical Reports: ranging from ‘Flash Notes’ on market-moving g g g Research events to detailed thematic reports intended at achieving thought- leadership.  Quantitative Analysis: ranging from simple statistical data-analysis to fully- fledged fl d d econometric modelling culminating iin th ti d lli l i ti thematic reports. ti t  Strong domain and execution expertise across equity sectors products sectors, products, regions and economies, gathering market intelligence to identify alpha.  Based on our experience, we have models designed to deliver financial Financial research. Based on Client requirements we execute the “heavy lifting” for Research R h the Client’s in-house team and enhanced screening of investment opportunities.  Experience in regions across North America and Europe. Macroeconomic Research & Global Investment Strategies  Page 7
  • 8. VGIS benefits Portfolio Focus  Long/short model portfolio managed by VGIS in 2010 g p g y Simulated performance by Youdevise LTD, the independent Alpha capture trading system Data as of Jan. 12, 2010  Performance since inception 4th January 2010 VGIS is outperforming the MSCI World benchmark by 1.39% since inception Macroeconomic Research & Global Investment Strategies  Page 8
  • 9. VGIS benefits Portfolio Focus Macroeconomic Research & Global Investment Strategies Data as of Jan. 12, 2010 Source : VGIS  Page 9
  • 10. VGIS benefits Portfolio Focus  Long/short model portfolio managed by VGIS in 2009 Simulated performance by Youdevise LTD, the independent Alpha capture trading system Data as of Jan. 31, 2009  Performance since inception 11st May 2009, 59% hit ratio VGIS has outperformed the MSCI Europe benchmark by 8.40% Macroeconomic Research & Global Investment Strategies  Page 10
  • 11. VGIS benefits Portfolio Focus Macroeconomic Research & Global Investment Strategies Data as of Jan. 31, 2009 Source : VGIS  Page 11
  • 12. VGIS benefits Portfolio Focus  Global model portfolio managed by VGIS in 2009: +16.24%  2009 VGIS Global Portfolio Absolute Return in 2009 : +16.24% Performance breakdown :  2009 VGIS Macro Portfolio Absolute Return : +31.11%  2009 VGIS Long/Short Equity Portfolio Absolute Return : +12.53%  L/S Portfolio Performance Relative to MSCI Europe Benchmark : +8.40% Datas as of oct. 29, 2009 Source : VGIS Macroeconomic Research & Global Investment Strategies  Page 12
  • 13. VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS) 1. 1 Macroeconomic Research & Fundamental Analysis 2. Trade Execution 3. 3 Risk Hedging & Structured Investments 4. The Team  Page 13
  • 14. VGIS benefits Trade Execution 1/2  VCM offers best execution, cross asset coverage, strong network  Best trade execution : – A single entry door to Equities, Bonds, Commodities and their relative derivative securities. – Taking into account price, costs, speed, likelihood of execution and settlement, size… – Large volumes traded – No minimum trade volumes or trade frequency required, – Electronic DMA via Fidessa trading platform.  Leading broker on both Equity and Fixed Income options and future derivatives (vanilla, exotic products, listed options, OTC): – Ranked #2 on Dow Jones Eurostoxx50 (market share) and other European indices – Leading market share on European single stocks Macroeconomic Research & Global Investment Strategies  Page 14
  • 15. VGIS benefits Trade Execution 2/2  High standard trade execution & competitive rates  VCM’s clearing and settlement relationships are with: – Crédit Agricole Cheuvreux International Ltd – Dresdner Bank AG (now Commerzbank AG) – Fortis Bank Global Clearing NV – Man Financial  We do not run any proprietary trading desks in the company company.  No extra cash needed as we don’t ask for any deposits, keeping your leverage intact.  We cover a large range of clients: from banks and financial institutions to top-end hedge funds. Macroeconomic Research & Global Investment Strategies  Page 15
  • 16. VANTAGE GLOBAL INVESTMENT STRATEGIES 1. 1 Macroeconomic Research & Fundamental Analysis 2. Trade Execution 3. 3 Risk Hedging & Structured Investments 4. The Team  Page 16
  • 17. VGIS benefits Risk Hedging & Structured Investments g g  Tailor-made solutions, Risk Management, Higher Returns , g , g  C ti innovative and varying payout profiles. Creating i ti d i t fil  For positions which cannot be hedged with standard cash or derivative securities, we can provide tailor-made structured investment strategies according to our clients’ needs and utilising the full range of derivative products.  We assist in the management of risk and raise returns for complex portfolios. Macroeconomic Research & Global Investment Strategies  Page 17
  • 18. VANTAGE GLOBAL INVESTMENT STRATEGIES 1. 1 Macroeconomic Research & Fundamental Analysis and Event driven 2. Trade Execution 3. 3 Risk Hedging & Structured Investments 4. The Team  Page 18
  • 19. VANTAGE GLOBAL INVESTMENT STRATEGIES (VGIS) The Hedge Fund Sales Team g Fahd Rachidy – Head of Hedge Fund Sales  Corporate Bonds g Macro Strategist - Mainly Western Europe countries Senior Equity Index derivatives prop- trader at SOCIETE GENERALE and CALYON -1 analyst, 3 brokers Head of Macroeconomic research on monetary policy at the European Central Bank (statistical division Banque de France) Sciences Po Paris , Lecturer Applied Macroeconomics  Emerging Markets Bonds, sovereign and corporate Bonds MSc in Macroeconomics University Paris-I Sorbonne – MSc Ecole Centrale Paris -Covering emerging markets: Russia, Central Europe, Turkey, Greece, Middle East Equities: team of 14 people -1 analyst, 4 brokers  ABS, CMBS, CDS, CLO, DLO  Cash Equity Sales Force: -Regions covered include UK & Ireland, France, Benelux, Germany, Scandinavia and Italy -Pan European stocks coverage, Western and Central Europe from London office. Coverage of Asian & Australian investors via HK office. -5 analysts 4 sales 1 sales trader 4 traders analysts, sales, trader, -1 analyst, 5 brokers 1 analyst Fixed Income: team of 19 people The Hedge Fund team -The team tends to deal largely with real money investors The investors.  Sovereign Bonds -Our aim is to trade bonds and equities between end investors rather than using bank dealing desks. -Mainly Western Europe countries -Every member of the team has a minimum of 10 years in the market working for the big -1 analyst, 3 brokers banks, and building client relationships at senior level  And 85 inter-dealer brokers at VCM LLP: With a wealth of experience in cash and derivative execution (Equity, Fixed Income, Metals, in Europe, Asia, Emerging). Macroeconomic Research & Global Investment Strategies  Page 19
  • 20. VANTAGE GLOBAL INVESTMENT STRATEGIES  Contact details  Disclaimer  Page 20
  • 21. VGIS contact details  For any enquiries, do not hesitate to contact us y q , VANTAGE GLOBAL INVESTMENT STRATEGIES VANTAGE CAPITAL MARKETS Hedge Fund Platform  Fahd Rachidy  Roderick Wurfbain Senior Partner Managing member Head of Global Investment Strategies rwurfbain@vcmllp.com frachidy@vcmllp.com +44 (0)20 3107 5005 +44 (0)20 3107 5373 +44 (0)75 0003 5010 +44 (0)75 0003 8515  Robert Hampel Capital Partner rhampel@vcmllp.com +44 (0)20 3107 5050 +44 (0)75 0003 5010 Macroeconomic Research & Global Investment Strategies  Page 21
  • 22. Vantage Capital Markets LLP Research Note disclaimer This material is intended for existing Professional Clients of Vantage Capital Markets LLP ("Vantage") as defined in the Financial Services Authority (FSA) Conduct of Business Sourcebook and other persons who are not clients of Vantage who have expressed interest in receiving it who are professional investors meeting the criteria described below, together, the "intended recipients". Where you are an existing client of Vantage you acknowledge that you are a Professional Client. Notwithstanding this you acknowledge that neither this research note, nor any subsequent discussions or communications connected with this research note, constitute Client note note investment advice, nor shall Vantage be responsible to you in this regard. This research note is not for distribution to retail clients as defined by the Financial Services Authority. Where you are not an existing client of Vantage, Vantage will not be responsible to you for providing the client protections required by the FSA. Further, where you are not an existing client, this research note is being made only to and is directed only at persons having professional experience in matters relating to investments, those persons being "investment professionals" as defined in Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended); and any other persons to whom this research note for the purposes of Section 21 of the Financial Services and Markets Act 2000 can otherwise lawfully be communicated. This research note is confidential and is solely for use of the intended recipients and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. No part of this material may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without Vantage s prior written consent copied photocopied Vantage’s consent. It must not be acted on or relied upon by persons other than the intended recipients. The material in this research note is for the general information of the intended recipients only. Any investments referred to in this research note may not be appropriate for all investors. It should not be construed as an offer to buy or sell any investment or security. It does not take into account the particular investment objectives, financial situation or needs of individual intended recipients and it should be noted that investment involves risk, including the risk of capital loss. We are not soliciting any action based on this material. Past performance is no guide to future performance. Before acting on any advice or recommendations in this material, intended recipients should consider whether it is appropriate for their particular circumstances and, if necessary, seek professional advice. From time to time Vantage and any of its officers or members may, to the extent permitted by law, have a position or otherwise be interested in any transactions in investments (including derivatives) directly or indirectly the subject of or relating to our research of, research. This research note is based on information Vantage has received from certain publicly available reports and industry sources. It is not responsible for such information and its bases and assumptions, nor is it responsible for the independent verification of such information and it makes no representation, either express or implied, as to the accuracy or completeness of such information or its fitness for purpose. Information may be available to Vantage, which is not reflected in this material. Any opinions or estimates in this research note constitute a judgement as at the date of this report. There can be no assurance that future results or events will be consistent with any such opinions or estimates. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. Vantage accepts no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this research note or its contents or otherwise arising in connection with this research note (except in respect of wilful default and to the extent that any such liability cannot be excluded by the applicable law). Other than disclosures relating to Vantage this research is based on current public information that we consider reliable but we do not represent it is accurate or complete, and it should not be relied on as such. Vantage, reliable, complete such NEITHER THIS RESEARCH NOTE NOR ANY COPY HEREOF MAY BE DISTRIBUTED IN ANY JURISDICTION OUTSIDE THE UK WHERE ITS DISTRIBUTION MAY BE RESTRICTED BY LAW. PERSONS WHO RECEIVE THIS RESEARCH NOTE SHOULD MAKE THEMSELVES AWARE OF AND ADHERE TO ANY SUCH RESTRICTIONS. In accordance with and subject to the provisions of Rule 15a-6 of the Securities Exchange Act 1934, Vantage has approved the distribution of this research to major institutional investors domiciled in the United States. This research note is issued by Vantage Capital Markets LLP which is Authorised and Regulated by the FSA. Vantage Capital Markets LLP, registered in England & Wales No. OC308882. Registered Office: Equitable House, 47 King William Street, London EC4R 9AF. A list of members’ names is available for inspection at our registered office. members office Authorised and regulated by the Financial Services Authority. VCM LLP, Equitable House, 47 King William Street, London EC4R 9 AF United Kingdom www.vcmllp.com