1. Investor Equities Sicav-SIF Specialized Investment Fund November 2009 1

2. Disclaimer Investor Asset Management Bvba, Fundmanager of Lux-Investment Partners Sicav-FIS SCA - Investor Equities.All information on this website is solely for information purposes and is in no way intended as advice. This investment is in line with the Luxembourg law of February 13, 2007 on "Fondsd'InvestissementSpécialisé" (FIS) and the prospectus has been approved by the "Commission de Surveillance du Secteur Financier" (CSSF) by the decision of 20/05/2008 (VISA 2008/37329- 5,555 to 0-PC).This offer is only for "informed investors" in accordance with Article 1 of the Luxembourg law of February 13, 2007 on the "FIS".This investment has no public character in accordance with the Belgian law of 20 July 2004 on certain forms of collective management of investment portfolios. It is not subject to the obligation to publish a prospectus approved by the CBFAas the Act of June 16, 2006 prescribes.The minimum investment amount for Belgian residents is 250.000 euro in accordance with Article 5, Section 1, 4° of the Belgian law of July 20, 2004.Individuals or institutions who join the fund are invited to take note of and are submitted to the contents of the prospectus. The information does not constitute an offer or solicitation in any country in which such an offer or solicitation is not authorizedor to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in any investment fund should inform themselves as to: (i) the applicable law within the countries of their nationality, residence, ordinary residence or domicile for such acquisition and (ii) the income tax or other tax consequences which might be relevant to the acquisition, holding or disposal of any shares in an investment fund. 2

3. Structure 3

4. Investor Equities A Luxemburg based Sicaf-Sif Managed by Investor Asset Management Bvba A “long only” equity fund We mainly invest European small- and midcap stocks A focused portfolio of around 20 to 25 stocks 4

5. Our philosophy Outperform the market by: Avoiding bad companies Investing in small- and midcaps Emphasis on growth stocks at reasonable price 5

6. Philosophy: When do we sell? Let your profits run! 4 good reasons to sell: Deteriorating outlook expensive stocks (e.g 2x the valuation of the overall market) better alternatives portfolio rebalancing 6

9. Recurring losses

10. Poor financial position

12. Company presentations(visits & conferences)

14. Understanding the company and its financials

15. Understanding its strengths and weaknesses

16. Selection criteria : check-list

18. Changes in company fundamentals

19. Changes in valuation

20. Better idea replacing existing holdingPORT-FOLIO 8

22. EBIT margins (EBITA/S)

23. FCF generation

24. Gearing (Net Debt/Equity)

26. EPS growth track-record

27. Clear & consistent strategy

28. Focus on core activities

29. Corporate culture

30. Uniqueness / “niche” strategy

31. “Sustainability”

32. Innovation

34. Benefiting from growth trends (“themes”)

35. Market share gains

36. External growth potential

37. Long term margin potential

38. Current FY EPS growth

40. Sensitivity to currency fluctuations

41. Sensitivity to other external factors

42. Diversification / Multiple revenue streams

43. Competitive position

44. Barriers to entry

45. Power of suppliers

47. Valuation vs. historical average

48. Valuation vs. most comparable peer(s)

50. Free float

51. Average daily volumestock PRICE 9

53. Since launch European small caps lost 23.77% (index: DJ Stoxx small index return SCXP)

54. Evolution Investor Equities 11

56. Technical Information Investor Equities is a sub fund of Lux-Investment Partners Sicav-SIF, an open-end investment company established under the laws of the Grand Duchy of Luxembourg Characteristics: all dividends and investment revenues are capitalized Currency: EUR Minimum Initial Subscription: 125.000 Euro or 250.000 EUR for Belgian citizens Investment Restrictions: No more than 20% of NAV in any one position Management Fee: 1% Performance Fee: 1/5th of total increase of the NAV over a hurdle rate of 10% annual return with high watermark. Subscription Fee: 0%; only if bought through intermediary max. 1% Redemption Fee: 0% Taxation: No withholding tax Investment Advisor: Investor Asset Management Bvba Depositary Bank:Banque et Caisse d’Epargne de L’Etat Luxembourg (BCEE). Financial Services: EFA - European Fund Administration Auditor: Ernst&Young Net Asset Value: Monthly Reporting & Liquidity: Monthly ISIN-Code: LU0349406651 Bloomberg: LUXINVA LX 13