The Alternative Investment Company. Creating value in a changing world.

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1 The Alternative Investment Company. Creating value in a changing world.

2 ABOUT US Established in 1989, Van Ecker/Couder & Associates is a leading provider of alternative asset investments. The firm focuses on distinctive areas of investment that are supported by macroeconomic fundamentals and offer the potential to generate uncorrelated, above average returns on a sustainable basis. Applying an 'expertise for investment excellence' approach, Van Ecker/Couder & Associates draws on highly qualified, independent investment teams to generate a long-term edge. ALTERNATIVE INVESTMENT Van Ecker/Couder & Associates, manages a broad range of alternative investment funds and tailor-made special mandates from its Brussels headquarters and Hong Kong offices. INVESTMENT EXPERTS Van Ecker/Couder & Associates, applies the same approach to its real asset investments, where teams of investment specialists focus on their fields of expertise. INFRASTRUCTURE This is an important source of competitive advantage, particularly in real asset investments, which are still relatively new territory for many investors. OUR PHILOSOPHY GRATITUDE AND HUMILITY Positive and respectful attitudes operating with self awareness and confidence. We value debate and learning; we acknowledge the beliefs, views and attitudes of others, while at the same time having clear, concise and rational investment beliefs of our own. In the investment context, this leads to better understanding of business trends and opportunities as well as creating a sound foundation for investment decision making. INTENTIONALITY CURIOSITY AND PASSION We learn through doing the work. The curiosity and passion to learn how businesses and markets work underpins investment insight and sustained performance. IN THE MOMENT AND PRESENT Observe don t predict. Concentrate on the things that make a difference and be detached from the things we don t know or can t change. We are active, passionate investors. Our intention is to focus on industries, assets and companies that have value latency, with positive operational, industry and strategic trends run by management and industry leaders with passion, energy, clarity and competence. We believe that by focusing on Van Ecker/Couder & Associates investment principles and business philosophy that performance and business success will come. Facta non verba (action and focus, not words) will determine our success. AUTHENTICITY We are open and honest with our clients, employees and business service providers. We don t mind being different to others.

3 OUR TEAM SOCIAL RESPONSIBILITY The investment philosophy of Van Ecker/Couder & Associates is to create value in a changing world. All of our business dealings are a reflection of this principle. We are convinced that we can only be successful in the long term if we behave responsibly towards our investors, our employees and our partners. RECRUITMENT As a leading alternative investment firm operating in a dynamic and complex industry, our reputation and success depend on our employees. At Van Ecker/Couder & Associates, we seek dedicated and committed individuals who thrive in an inclusive environment where everyone can succeed based on merit. We believe no barrier should inhibit an individual from performing to his or her full potential. Whether you are a recent graduate or a professional ready to take your career to a new level, we can offer you interesting and rewarding job opportunities in a highly collaborative and intellectually stimulating environment. FINANCIAL PRODUCTS AND SERVICES ALL IN ONE PLACE Our Investment Advisors and Futures Representatives can help you diversify your portfolio with our full range of investment products and services available. FINANCIAL SERVICES COMMODITY FUTURES AND OPTIONS ON FUTURES CONTRACTS: Full-service stock, options and commodity futures brokerage. Investment planning, portfolio performance reviews and cash flow projections. Automatic collection of dividend and interest income. Competitive daily interest on free credit balances. Full range of types of investment accounts. Secure reporting, real time trade execution and online access. EQUITY PRODUCTS Common Shares Exchange Traded Funds (ETFs) Preferred Shares Mutual Funds Options (Calls, Puts, Spreads) Warrants Rights Trust Units Real Estate Investment Trusts (REITs) Flow-Through Shares CAPITAL MARKETS Sponsorships Mergers and Acquisitions Fairness Opinions Corporate Reorganizations Take-Over Bids Initial Public Offerings (IPOs) Private Placements Capital Pool Companies (CPCs) Syndicated New Issues Currencies Energy Food, Fiber, Wood Grains & Oilseeds Indices Interest Rates Livestock & Meats Metals RESEARCH Regular Independent Research and Analysis Trade Recommendations and Strategies Weekly Equity Bulletins Weekly Options Bulletins

4 OUR DERIVATIVE BROKERAGE KNOW-HOW Van Ecker/Couder & Asociates Derivatives Brokerage offers independent expertise in structured products. Bank- and issuer-independent advice for institutional investors. Quantitative research on derivatives. Management and co-management of portfolio strategies. Discrete and professional advice on the implementation and settlement of trading strategies in derivative products. MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE MIFID WAS DESIGNED TO: Create harmonization across jurisdictions. Protect investors Increase efficiency Enhance financial transparency. MiFID is part of the European Commission's Financial Services Action Plan. The European Union has two main objectives in implementing these uniform pan-european regulations: to strengthen competition between financial markets and to enhance client protection. It aims to achieve these objectives by increasing market transparency and through harmonised European supervisory rules for the provision of investment services. In the light of this, in future we are required to classify clients into legally determined categories on which the level of protection provided to them depends. A distinction is now made between retail clients, professional clients and eligible counterparties. INITIAL PUBLIC OFFERING (IPO) An Initial Public Offering (IPO) is the first offering of a company's ordinary shares to i nvestors. The following are often cited as key benefits of admission to a public market: Listing provides access to capital growth, enabling companies to raise finance for further development, both at the time of admission and through further capital raisings. The transfer of ownership of a business from a Government to a privately owned entity which is often achieved through listing the new private company on the stock market. Creating a market for the company's shares thus broadening the shareholder base. Placing an objective market value on the company's business. Increases the company's ability to make acquisitions, using quoted shares as currency. To increase and improve the public image of the company. BENEFITS No stamp duty payable No commission charged on your initial investment RISKS There may be a lack of historical data on a company that is subject to an IPO. During the period between the intention to float being announced and the start of the offer, the intention may be withdrawn. You may not receive the full amount that you have applied for as the company may scale back the applications if the offer is oversubscribed. Share prices can fall as well as rise. The listing price of the stock may be lower than the issue price. Tax treatment depends on the individual circumstances of each client and may be subject to change in future. You are not guaranteed to make a profit; the value of your investments can go down as well as up. You may not get back all the funds you invest.

5 USEFUL INFORMATION TIPS FOR SUCCESSFUL STOCK TRADING Successful traders analyze stocks by comparing various reports and charts. Using technical analysis and stock charts can give you a better picture of the effect of buying and selling on stock price. A successful investor has a lot of patience, common sense and the willingness to research, practice and build up a portfolio that will provide a high enough return to meet personal investment goals. Successful traders are highly disciplined, consistent and rational. Highly effective people will do what needs to be done even if they aren't in the mood. You should search for reliable stock market news sources to keep you informed of what is going on in the market. Investors can get up-to-the-minute markets news from The Wall Street Journal. Successful traders are goal oriented. Setting a clear goal will increase your chances of achieving that goal. Successful traders employ appropriate investment strategies and techniques. Don't use any trading strategy that you don't fully understand. You should never invest huge amount of money all at once. It would be wiser to put in the money at various times. A successful trader should calculate the risk-reward ratio of a particular trade and try to minimize their risk exposure. Before executing a trade, you must make a well-defined trading plan that is realistic, specific, and detailed. A successful trader has a strong desire to succeed. A strong determination to succeed can be the one factor that makes all the difference. Understand where you have made errors in the past so as to avoid making the same mistakes. Don't be afraid of taking losses. Successful trader takes losses in his stride and tries to understand why the market moved against him. Every investor is different and what's good for one isn't necessarily good for another. You must develop an effective strategy that works for you. Investing should not be emotional. Find ways to keep your emotions out of buy and sell decisions, and stick to your plan. Don't Overtrade! This is a very serious problem and you should learn to avoid it. THE BEST TIME TO BUY STOCKS The best time to buy stocks is during a recession: When the industry is in a recession, it is definitely the right time to start searching for company shares that are selling for less than they are actually worth. During a severe recession, share prices on premium companies can be very attractive, and that will be the right time to enter the market. When there is a widespread panic-selling in equity markets: Panic selling occurs when investors rush to sell their shares in a panic. This will often create some excellent buying opportunities for well-informed traders and investors. Another best time to purchase stocks is when there is a new public offering: When a new company reaches a certain stage in its growth, it may decide to go public with an initial public offering (IPO). An IPO can be viewed as the ultimate sign of a company's success. Historically, IPOs have always been under-priced. This can lead to significant gains for those who have bought an IPO at the offering price and then selling the stock soon after it starts trading on the open market. When the bear market is coming to an end: A bear market can be the best time for investors to pick profitable stocks.

6 WHY DO STOCK PRICES GO UP AND DOWN? WHY STOCK PRICES GO UP After a stock split, the stock price may go up as more people rush to buy stocks at lower rates. When a company buys back its own shares, the fewer remaining shares in the market tend to go up in price. Other stocks in the same industry group or sector go up. The company achieved success in growing sales. Company earnings are more than the prediction. Announcing exciting new product and service. More exciting products and services are expected. Enter into a new business with the expectation of more profit for the company in future. The company hires a new CEO with a proven track record of success. The company is acquired by or merged with another big company. Acquisition rumors. Other good company news. WHY STOCK PRICES GO DOWN Government makes stricter rules or laws that might hurt sales. Sales and profits drop. Lots of people are selling shares on the same day. Other stocks in the same industry group or sector go down. Someone files a lawsuit against the company. The company's workers go on strike. Negative rumors about the company. A natural disaster. The company successfully lands a huge contract. A recession occurs. An increasing number of people are purchasing the products. Other bad news. FINANCIAL RATIO ANALYSIS Financial ratios are used to measure a company's financial strengths and weaknesses, as well as the profitability of a business. Investors can use financial ratios to evaluate the performance of a company by comparing them to others in the same industry. For instance, the dividend payout ratio can be used to figure out what percentage of the company's earnings are being paid out to shareholders in the form of dividends. Generally, the higher the payout ratio the more attractively are shares of the firm seen by stock traders. This also indicates that the company pays more in dividends and thus less earnings are invested back into the business to create future growth.

7 HOW TO ANALYZE STOCKS? (FOR BEGINNERS) TIPS FOR ANALYZING STOCKS The first thing you need to do is to find out what the company is doing, its businesses and its industry. Calculate the market capitalization: You need to learn how to calculate market cap of individual stocks. Analyze valuation ratios: You need to find out the price/earnings ratio (the ratio of the market price to the earnings per share), the price to sales (the ratio of the share price to the annual sales), and other financial ratios/data from the company. If you are a beginner in stock market investing, then you need to learn how to analyze stocks or shares. To decide on which company to invest in, you need to take a look at how well the company is doing now, how it has performed in the past, and what it is planning to achieve in the future. Finally, you need to decide which stocks are good buys and which are not. One rule of thumb is that the PEG (Price/Earnings To Growth) ratio should be less than 1, which indicates that the stock is undervalued. HOW TO PREDICT FUTURE PRICE OF STOCKS? Use price earnings (P/E) ratio and predicted earnings per share to predict the future price of stocks. If you have the predicted future earnings per share then you can use the P/E ratio to predict future prices because a stock will tend to trade within a certain P/E range. FOR EXAMPLE: Assume that the share price of Company XYZ is $20. The earnings per share (EPS) of the stock for the last 12 months is $2. Based on the formula (Price Earnings Ratio = Market price per share / Earnings per share), the P/E ratio of the stock XYZ will be 20/2 = 10. Now, we assume that the EPS in future will be $3.00. Also assume that P/E ratio will remain the same at 10. Then, the price of the share will be: 3*10 = $30. This will give you an indication whether the stock of Company XYZ is a good buy or not. However, investors should be aware that this is not the sole criteria for stock prices going up or down. Find reliable market related news: Following the latest news, you will be able to predict whether it will have a positive or negative impact on the share prices. Most of the times, stock price will go up when good news is announced. Study the stock chart patterns of a company to analyze and forecast future price movements. Observe the volume growth: Increasing volume is a sign of positive growth in the stock due to some positive news, and this implies a rise in its value in the future. You should be able to predict the earnings of a company. The growth of a company's earnings is the most important factor to consider when analyzing a company. Good financial results will increase investor confidence and this implies an increase in trading volume and price.

8 HEAD OFFICE: 10 Rue Albert De Mayer, 1020 Bruxelles, Belgium / info@vecassociates.com

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