Business Plan January 2012 CONFIDENTIAL NOT FOR DISTRIBUTION

Business Plan January 2012 CONFIDENTIAL – NOT FOR DISTRIBUTION

Disclaimer This document is issued by Odin Capital Management Ltd. which is authorised and regulated by the Financial Services Authority. This document is only made available to Professional Clients. Information contained in this document is provided on a strictly confidential basis only and does not constitute an offer to sell or a solicitation of an offer to buy any security, nor is it advice or a recommendation to enter into any transaction. Any offer to sell or a solicitation of an offer to buy or sell shall be made solely by a Confidential Offering Memorandum. This document is being circulated on a confidential basis only and may not be distributed to unauthorized parties and is subject to modification, updating, validation and amending. All investments involve a risk of loss of capital and no guarantee or representation can be made that an investment will generate profits or that an investment will not incur loss of invested capital. Odin Capital Management Ltd - Strictly confidential

Contents Structure 4 Service providers 5 Organisational chart 6 Associated company: Odin Trading Ltd 7 Performance and risk 8 The Odin Capital Management edge 9 Capacity 10 Marketing strategy 11 Terms 12 Odin Capital Management Ltd - Strictly confidential

Structure A mature structure § UK investment management firm founded in 2006 & registered the FSA since 2008 with § Fully functional offices in Surrey, next to London, with a robust and efficient technology infrastructure § In-house Compliance and BCP procedures Odin Financial Ltd BVI offshore fund Management Odin Capital Management Ltd UK investment manager Qualified investors Founder & CIO Risk & Operations Information Technology Macro quant 1 PM Macro quant 2 CFO (TBD) 4 Odin Capital Management Ltd - Strictly confidential

Fund Service providers Custodian • JP Morgan Clearing broker • Newedge Auditor • CCP Accountancy Services Directors • Fidelity Corporate Services • Director 2 Administrator • Charter Group Fund Administration Legal Counsel • Fidelity Corporate Services Investment manager auditor • Rees Pollock Investment manager counsel • XXX 5 Odin Capital Management Ltd - Strictly confidential

Organisational chart Patrick Moerth, Founder & CIO 2006 -2011: Odin Capital 2002 -2006: Credit Suisse, Global Macro quant strat 2001 -2002: Feri Alternative, HF analyst Ph. D Economics from Univ. St Gallen, CFA, CAIA, FRM Tigrane Kibarian, Risk & Operations Deepak G. C. , Information Technology 2008 -2011: Odin Capital 2004 -2008: Goldman Sachs, portfolio restructuring 2001 -2004: General Electric, corporate finance 2000 -2001: Arthur Andersen, Audit MBA from ESSEC – French Grande Ecole 2009 -2011: Odin Capital MSc Computing TBA, Macro quant strat TBA, Portfolio manager 2009 -2011: Odin Capital 2008 -2009: Barclays, structured products 2007 -2008: Lehman, structurer 2006 -2007: Calyon, FX research 2002 -2006: IBM, developer MBA from Bocconi, Software Engineer 2009 -2011: Family office prop trader 2006 -2008: Absolute Capital, portfolio manager 2005 -2006: Barep (Soc. Gen HF), risk manager French Engineer TBA, Macro quant strat TBD, CFO 2009 -2011: Odin Capital 2004 -2008: Project manager, Travelsky Group, China MBA from Oxford, Msc Computer Science in Beijing 1 st prize of China Physics competition - CFA, FRM, IMC 6 Odin Capital Management Ltd - Strictly confidential

Associated company: Odin Trading Ltd ODIN TRADING Ltd § 10 in-house proprietary traders active on US and European equity indices, bonds, currency and commodity futures § Manager runs operations, letting Odin Capital staff fully dedicated to fund management § Independent and segregated business with no access to client information or positions SYNERGIES WITH ODIN CAPITAL Ability to spot top traders for Odin Capital Discussions between PM’s and traders about market structure Discussions about quant strategies based on market observations 7 Odin Capital Management Ltd - Strictly confidential

Performance & risk Key performance & risk metrics * *Performance overview exhibits net returns sinception accounting for 1% management fee and 25% performance fee subject to a high watermark as well as operational and trading costs. 8 Odin Capital Management Ltd - Strictly confidential

The Odin Capital Management edge • Robust investment process: consistently positive track record through different economic environments & cycles 2006 2007 2008 2009 2010 2011 +16. 28% +56. 83% +69. 31% -4. 98% +15. 24% +8. 56% • Low or negative correlation to equities and most hedge funds Correlations CS/Tremont Hedge Fund Index CS/Tremont Global Macro Index CS/Tremont Managed Futures Index Odin Capital Management -0. 36 -0. 09 0. 05 • Access to talent: unique ability to select traders with good performance metrics and scalable strategies from Odin Trading Ltd • In-house trading and programming expertise: market observations analysed and translated into systematic strategies • Fee structure of 1%/25%: fully aligns interest of investor with that of Odin Capital 9 Odin Capital Management Ltd - Strictly confidential

Capacity Strategies for 20 MMUSD AUM 5% 5% Strategies for 200 MMUSD AUM Global Macro Global macro Quant strategies equity indices Quant strategies bonds 80% Quant strategies currencies Quant strategies commodities 15% 40% 15% Quant strategies equity indices Quant strategies bonds Quant strategies currencies 15% Quant strategies commodities 10 Odin Capital Management Ltd - Strictly confidential

Marketing strategy 11 Odin Capital Management Ltd - Strictly confidential

Terms § 1% management fee § No gate or lock-up period § 25% performance fee § Monthly redemptions § USD and EUR share classes § Subscriptions and redemptions at month end § Minimum subscription 100, 000 USD § Redemptions free of charge with 30 days notice § 0. 5% charge for shorter notice redemptions § High-water mark applies 12 Odin Capital Management Ltd - Strictly confidential