The document describes a managed futures program offered by PIA firstcapital. It is a trading division of Price Information Advantage Limited (PIA), which is authorized in the UK. The program trades futures and forex using leverage, which carries high risk. It has a team of experienced traders who actively manage portfolios in real-time. The program offers managed accounts trading futures on major indexes and bonds. Backtested performance shows the strategy has low correlation to stocks and diversifies portfolios.

1. Managed Account Programme
PIA firstcapital is a trading division of Price Information Advantage Limited (PIA) who is authorised in the UK,
FSA Register No. 475828. Company number 6082865.

2. Risk Warning
PIA firstcapital trade in financial instruments using leverage, including such instruments as futures and
foreign exchange. Trading leveraged products on margin carries a high level of risk, and may not be
suitable for all investors. The high degree of leverage can work against you as well as for you. Before
deciding to trade leveraged products you should carefully consider your investment objectives, level of
experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your
initial investment and therefore you should not invest money that you cannot afford to lose. You should
be aware of all the risks associated with leveraged products trading, and seek advice from an
independent financial advisor if you have any doubts.
The market information relating to the past performance of an investment is not necessarily a guide to
its performance in the future. The value of investments or income from them may go down as well as
up. Hypothetical and simulated performance results do not represent actual trading, may not account
for actual market factors and have many limitations. Your accounts may not achieve similar profits or
results. No representation is being made with respect to your accounts or circumstances, profits or
results. The value of investments may rise or fall due to the volatility of world markets, interest rates
and capital values or, for investments held in overseas markets, changes in the rate of exchange in the
currency in which the investments are denominated. You may not necessarily get back the amount you
invested.
PIA firstcapital is a trading division of Price Information Advantage Limited (PIA) who is authorised in
the UK, FSA Register No. 475828. Company number 6082865.

3. You say … “I am looking for
absolute returns in
all market
“I understand high conditions”
returns are a
product of high
risk” “I want an
“I need a liquid investment actively managed
that is regulated and gives investment”
me more control”

4. About Us
City of London FSA PIA firstcapital
Location Regulated

5. Our Team
Experienced, professional All trades monitored and
trading team. managed in real-time.
PIA firstcapital
PIA first
Unique market sentiment 10 year industry award
analysis service. winning track record.

6. The Executives
Simon Abbas, Chief Executive
Originally from a financial background Simon has spent 25 years successfully building, developing, merging and selling a range of businesses across diverse
sectors, including Recruitment, Healthcare, Hospitality, Management Consultancy & Financial Services. His proven track record of optimising commercial
opportunities, effective management & strong business background has been integral to the PIA evolution over the last three years. His current primary role is
Chief Executive of Price Information Advantage Limited (PIA), of which he is both Director and Shareholder. CF1
Peter Shepherd, Managing Director
Peter is a Senior Executive with over 20 year‟s international experience in finance and capital markets. With a classic marketing background, Peter has an
extensive track record of launching new ventures and products in financial services. Roles have included Commercial Director at LIFFE and Managing Director
at LCH.Clearnet, now focusing on investment management ventures. His current primary role is Managing Director for PIA firstcapital, the PIA investment
management division, and is both Director and Shareholder of PIA. CF1, CF30, CF10
Darren Courtney-Cook, Head of Trading
Darren has over 20 years‟ experience in the financial markets. In the early 1990‟s Darren entered the Financial Futures world working as a pit trader on the
LIFFE floor (London International Financial Futures & Options Exchange) trading STIR contracts for brokers REFCO and Dean Witter. Darren was made
general manager of Turtle Futures Limited in June 2001 and in June 2010 Darren joined PIA firstcapital to head up the trading team. His current primary role is
Head of Trading for PIA firstcapital, and a Director of PIA . CF1
Philip Culver-Evans, Chief Financial Officer
Phil has extensive senior management experience managing fast growing and changing businesses in both financial and operational roles. This includes
international expansion, restructuring, fundraising, M&A and direct involvement in both regulated and unregulated businesses. Phil is a qualified accountant and
has been a main board director of various firms over the last 20 years, which include national and international businesses, private and PLC, encompassing
recruitment, marketing services, and Financial and Corporate PR within the City. In recent years Phil has taken the entrepreneurial route and put his
accumulated knowledge to good use by investing in and running a portfolio of businesses including Financial PR, Care Homes, Hospitality, Management
Consulting and Financial Services. His current primary role is Chief Financial Officer for PIA, of which he is both Director and Shareholder. CF1

7. Our Products
Financial Futures Foreign Exchange
Managed Account Managed Account

8. Managed Futures
Managed futures as an asset class has been a global growth story, as more and
more individuals and entities look for uncorrelated returns to heavily weighted
stocks and property portfolios.
Source: CME Group. Managed Futures: Portfolio Diversification Opportunities 2010

9. Managed Futures
Managed futures trading advisors can generate profit in both increasing or decreasing
markets due to the their ability to go long (buy) futures positions in anticipation of rising
markets or go short (sell) futures positions in anticipation of falling markets. Moreover,
trading advisors are able to go long or short with equal ease.

10. Managed Futures
Managed Futures (“CTA‟s”) clearly show a significantly more favorable long-term risk to return ratio
when compared to other major asset classes.
6900%
5900%
4900%
Long term
3900% comparison of
Managed
2900% Futures from
Dec 1979 to June
1900% 2010
900%
-100%
Inflation Cash MSCI Commodities Gold CTA’s
Futures
-15% Maximum
-35% Drawdown
-55%
-75%
Long-term comparison of Managed Futures (CISDM CTA Index) vs. MSCI World Index to commodities (GSCI), gold and the Euribor (deposit).

11. Diversification

12. Diversification

13. Diversification
Managed Futures are not historically correlated to equity markets and are liquid during
“fat tail” world events (below) which reduces client drawdown and enhances returns:

14. Diversification

15. Diversification

16. Our Managed Futures
Futures contracts traded:
We trade a range of the major and highly liquid financial futures contracts on
margin, currently including:
• 4 European blue chip equity index futures
– German Dax30, UK FTSE100, French CAC40 and Dow Jones EuroStoxx50 indices
• 2 European Government bond futures
– German 10 year (Bund) and 5 year (Bobl)
Futures contracts traded
• Alpha A – an „Agile‟ trading strategy looking for opportunities across the range of futures
markets throughout the day (only available through Kinesis)
• Alpha I – trades the Bund and Dax30
• Alpha II – trades the Bund and FTSE100

17. Performance
Composite Index of all Managed Futures Strategies
The market information relating to
the past performance of an
investment is not necessarily a
guide to its performance in the
future. The value of investments or
income from them may go down as
well as up. Hypothetical and
simulated performance results do
not represent actual trading, may
not account for actual market
factors and have many limitations.
Your accounts may not achieve
similar profits or results. No
representation is being made with
respect to your accounts or
circumstances, profits or results.
The value of investments may rise
or fall due to the volatility of world
markets, interest rates and capital
values or, for investments held in
overseas markets, changes in the
rate of exchange in the currency in
which the investments are
denominated. You may not
necessarily get back the amount
you invested.
MONTHLY RETURNS
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2009 15.33% 4.72% 20.05%
2010 2.88% 9.98% 2.25% 9.42% 7.99% 5.47% 1.58% 15.24% 20.83% 11.36% 4.54% 1.54% 93.07%
2011 0.14% -6.52% -1.72% -1.14% -5.61% 5.90% -3.96% 8.16% -1.94% -2.50% 1.49% 1.36% -6.36%
Returns Net of Fees?Yes
Management Fee No PIA firstcapital receives trading fees rebates from its brokers in lieu
Performance Fee Yes 30%
Highwater Mark? Yes Performance fees are calculated on a standard 'peak to peak' method

18. Performance
More Vital Statistics The market information relating to
the past performance of an
investment is not necessarily a
ANNUAL RETURNS guide to its performance in the
future. The value of investments or
Period of Simulated Trading 1/11/2009 - 3/09/2010 income from them may go down as
well as up. Hypothetical and
Period of Trading with Live Money 7/09/2010 - 31/12/2011 simulated performance results do
Net Return to date 106.76% not represent actual trading, may
not account for actual market
No of Years 2 Years 3 Months factors and have many limitations.
Your accounts may not achieve
Last 12m Net Return -6.36% similar profits or results. No
representation is being made with
respect to your accounts or
circumstances, profits or results.
PERFORMANCE ANALYSIS The value of investments may rise
or fall due to the volatility of world
Average Daily Return 0.28% markets, interest rates and capital
values or, for investments held in
Highest Daily Return 5.32% overseas markets, changes in the
rate of exchange in the currency in
Lowest Daily Return -5.10% which the investments are
denominated. You may not
Average Daily Gain 1.43% necessarily get back the amount
you invested.
Average Daily Loss -1.23%
Max Drawdown -20.24%
Standard Deviation 1.46%

19. Tax Effective
Self Invested Personal Pensions (SIPPs):
• Capital Gains exempt
• Tax efficient (depending on personal circumstances)
• Over 30 different providers available through our broker partners
Kinesis:
• Offered through our partner Capital Financial Markets Ltd.
• Spread bet structure
• Tax free returns (depending on personal circumstances)

20. Summary
• High quality market analytics & trading
• Proven intraday trading strategy
• Source of uncorrelated returns
• Profit & Loss allocated every day
• Tax effective investment options
• Monthly statements reconciled to your account

21. Contacts
PIA firstcapital
2 London Wall Buildings
London, EC2M 5UU
Email: peter.shepherd@pia-firstcapital.com
Tel: 08448 74 74 40
www.pia-firstcapital.com