1. f+m Financial is an investment boutique based in Frankfurt, Germany that specializes in absolute return concepts using bonds and liquid derivatives. 2. The company was founded in 2009 by Thomas Mühlberger and Jens Finkbeiner, who have over 20 years of combined experience in portfolio management, product development, and equity trading. 3. f+m Financial focuses on developing client-centric, tailored solutions for individual investment goals and sees clients as partners.

1. Pathsopen up as you walk them. The right way f+m FINANCIAL GmbH, Bockenheimer Landstraße 17/19, 60325 Frankfurt a. M. Tel: +49 69 710455-566 Web: www.fm-financial.de

3. Excellentresultscanbeonlybesustainedwhen all thesecomponentsmeet.

4. Wefocus on mutualfunds and nothedgefunds.

5. An absolute returntargetwhichgeneratespositive returns in anycyclerequiresspecialcompetences of the fund managers.Experience and Know-how 27.11.2009 2

7. Itspecialises on absolute returnconcepts.

9. In themid-termthecompenywants to set up a UCITSIII mutual fund.27.11.2009 3

11. Thomas Mühlberger and

12. Jens Finkbeiner.

13. Bothrepresentmorethan 20 man-years of experience.

14. Theircorecompetencesinclude

15. Development of absolute returnproducts

16. Portfolio management and

17. Equitytrading.

18. Track Record: Even in a challengingyearlike 2008 a performance of 6 percentp.a. couldbeachieved.Jens Finkbeiner Thomas Mühlberger Thefounders 27.11.2009 4 f+m FINANCIAL

20. Wedevelopclient-centric, tailormadesolutions.

21. Trustful and directcustomer relations lead to ourmotto„The right way“Tailormadesolutions 27.11.2009 5 f+m FINANCIAL

23. Development of a unique and newinvestmentapproachcalled W.I.S.E.

24. Transparency and protectionofyourassets come first

25. Combined out of long-termexperienceand thelatestscientificfindings27.11.2009 6 f+m FINANCIAL

26. 27.11.2009 f+m FINANCIAL Investment Idea 7

27. 27.11.2009 Investment strategy 8 Return: 6-10% p.a. 3% p.a. 3% p.a. Currentyield

30. W I S E 27.11.2009 11 Proof in uncertaintimes

32. Diploma in businessadministration(University of Augsburg)

33. Beforefounding his ownenterprise he managed absolute returnproducts as Senior Portfolio Manager at Lupus alpha Asset Management:

34. Development of theinvestmentconceptforLupusalphaVolatility Invest

35. ResponsabilityfortheproductlinesLupusalphaStructure Invest and Lupus alphaStructure International

36. From 2000 to 2007 he worked as Senior Portfolio Manager forBayernInvest Kapitalanlagegesellschaft:

37. Development of a portfoliomanagementprocessforequityderivatives and equityquantportfolios

38. Responsibleforstructuring and tradingexoticoptions and hedgefunds

39. Development of the passive investmentprocessforequitiesforBayernInvestThomas Mühlberger 27.11.2009 12

41. 10 years of exeriencein equitytrading and portfoliomanagement

42. Prior to founding his owncompany he worked at LupusalphaAsset Management:

43. FromJuly 2007 he worked in portfoliomanagement and trading on trading and allocatingequities, derivative, bonds.

44. Before he was workingfor UBS Global Asset Management Deutschland

45. Portfolio management und trading of equities, derivatives, bonds

46. Overlaymanagementforinstitutionalfunds

47. From 2002 to the end of 2004 at Frohne & Klein

48. Optionsmarketmaker on Eurex

49. From 2000 to 2002 at Frankfurter Wertpapierbörse

50. Specialist

51. Brokerage and proptrading of equities, bonds and derivativesJens Finkbeiner 27.11.2009 13

52. Contact Thomas Mühlberger Managing Director F+mFINANCIAL GmbH Bockenheimer Landstrasse 17/19 60325 Frankfurt am Main/Germany Tel: +49-69-710-455 546 Fax: +49-69-710-455 450 Mail: thomas.muehlbergerr@fm-financial.de Web: www.fm-financial.de Jens Finkbeiner Managing Director F+m FINANCIAL GmbH Bockenheimer Landstrasse 17/19 60325 Frankfurt am Main/Germany Tel: +49-69-710-455 564 Fax: +49-69-710-455 450 Mail: thomas.muehlbergerr@fm-financial.de Web: www.fm-financial.de 27.11.2009 f+m FINANCIAL 14

53. Disclaimer 27.11.2009 15 This presentation of f+m Financial does not provide individually tailored investment advice. f+mFinancial’sPrsentation has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. f+m Financial recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. The securities, instruments, or strategies discussed in f+m Financial Research may not be suitable for all investors, and certain investors may not be eligible to purchase or participate in some or all of them