3Q18 Investment Strategy:

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Edward Lim CFA

Chief Investment Officer

Recap 2Q18 outlook:

Key messages:

• Above trend economic growth translating to strong earnings.

• 3.1 elephants – Enacted tariffs small impact to growth.

• Inflation is rising, so will interest rates.

• Remain overweight commodities and equities, underweight Fixed Income and hedge currency back to underlying mandates.

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2Q18 Performance Divergences

The Good, Bad and Ugly

• Regional views Overweight US and EM Equities:

Good: US equities +4% Ugly: EM Equities -9%.

• Overweight Commodities: Long Oil and Copper

Good: Oil +16%, Total +13%

Bad: Copper +1.6%, Glencore +3.6%.

• Real ugly: Everything in EM.

Goldman Sachs EM Debt Fund: -6%

Goldman Sachs EM Equities Fund: - 10%

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What’s driving global growth?

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Improving employment &

wages, increase spending

Improving

corporate profits

Powerful capex

recovery narrative

Trade tension small impact

unless full scale war

Global economy

growing above

trend

FY18: 3.8%

FY19: 3.7%

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0

2

3

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What’s driving global growth?Global growth strong, but not synchronised anymore

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Source: Bloomberg

What’s driving global growth?A fair’s day work for a fair day’s pay

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U6 near last bubbles’ low All wage surveys trending higher than past 3 years

What’s driving global growth?Strong corporate profits recovery

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Global profit growing 20%ar All sectors and major blocs +ve EPS growth

What’s driving global growth?The important capex narrative

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Global capex 8%ar growthConfidence, Profits, Cost of capital drives capex

What could hurt global growth?Trade war or war on trade?

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Calling your bluffBase-case impact -0.2%

Worst-case -1.4% to global GDP

% of US Imports

Ave Tariff rate

$58bn already enacted

1.9%1.7% to

2.0%

$58bn enacted + $450bn China

imports17.4% 3.6%

$58bn+ $450bn + all auto imports

29.7% 6.5%

What’s could hurt global growth?Trade war, war on trade or Thucydides' War?

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http://www.covenant-capital.com/wp-content/uploads/2018/05/The-Navigator-May-2018-Thucydides-Trap.pdf

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What’s next? Inflation to rise

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Above-trend economic growthFY16: 3.2%, FY17: 3.6%

FY18F: 3.8%FY19F: 3.7%

Inflation risingFY16: 2.8%, FY17:3.0%

FY18F: 3.3%FY19F: 3.2%

Most reliable inflation indicator pointing to 3% DM inflation expected to normalise close to 2%

What’s next? Policy rates need to rise

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Above-trend economic growthFY16: 3.2%, FY17: 3.6%

FY18F: 3.8%FY19F: 3.7%

Inflation risingFY16: 2.8%, FY17:3.0%

FY18F: 3.3%FY19F: 3.2%

Interest rate normalizing after 10 years of uber loose rates22: Central Banks to hike from now till 2019

5: No change5: Cut rates (Argentina, Chile, Russia, Turkey and China)

US 2018: 2more hikes to 2.25% 2019: 3 hikes to 3.0%Europe 2018: None 2019: 1st hike 2Q19Japan 2018: None 2019: NoneSG 3mth SIBOR 2018: 2.0% 2019: 2.40%

What’s next? We are half-way through Fed rate hike cycle

What’s next? Ecclesiastes 3:1

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We are here now

Source: Covenant Capital

2Q18

1Q18

2Q17 3Q-4Q17

What’s next for equities into last half of Fed’s hike cycle?

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• Probability of positive returns are high.• Average last-leg returns are large.• And they last for a while.• This is a very long hike cycle. Average duration of

mid-point to end of hike cycle is 9 months long.

Equities performances mid to end of rate hike (1988,1993,1998,2004)

Source: Covenant Capital

What’s next for fixed income into last half of Fed’s hike cycle?

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• Rates fair badly as expected.• EM Debt and Investment Grade are better

performers but lower than equities’ returns.• Corporate debt can extend their positive

performances long after rate hike cycle ends.

Fixed Income performances mid to end of rate hike

Source: Covenant Capital

What’s next for commodities and USD into last half of Fed’s hike cycle?

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• Commodities positive returns in the past four hike cycles with significant returns.

• USD less clear.

USD and Commodities performances mid to end of rate hike

Source: Covenant Capital

▪ Equities – Overweight

➢ Rarely index returns are negative in a year EPS growth is positive.

➢ Only 3 in 30 years for S&P 500 (1994, 2000, 2002) –ve returns.

➢ Only 3 in 18 years tor MSCI Asia ex-Japan (2000,2002 and now) –ve returns.

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Asset Allocation –Overweight Equities – Nothing to fear but fear itself

▪ EM Equities – Overweight

➢3rd largest capitulation in Asia since 1997; reversing all of 2016-2017 inflows in 4months

➢EM equity flows still negative despite significant structural changes and +ve EPS growth 2018-19

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Asset Allocation –Overweight Equities – Nothing to fear but fear itself

Asia seen 3rd largest capitulation Positioning in EM Equities still low

▪ Equities – Overweight

➢Clock says – S&P 88% positive performance during hike cycle

➢Curve says – Equities peak only after yield curve inverts

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Asset Allocation –Overweight Equities – Equities, the clock and the curve

Equities +ve return during hike cycle Equities peak only after YC inverts

▪ Equities Overweight: Most indices have seen EPS revised higher and valuations cheapen.

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Asset Allocation Overweight Equities Valuation: the discount mechanism of fear and hope

EPS revised upwards but valuation has become cheaper

▪ Expecting 8-15% returns in equites

▪ Overweight US and EM equities, neutral in Europe and Japan

▪ Prefer Cyclicals to Defensive; not yet time to switch

▪ Commodities

▪ Technology

▪ Consumer Discretionary

▪ Banks fall out of preferred sectors as yield curve flattens.

▪ Key disciplines as we move later into the clock:

1. Active tactical hedging

2. More stringent due diligence

3. Be patient and don’t over-trade

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Asset Allocation –Overweight Equities

▪ Commodities – Overweight.➢ Oil and Copper preferred plays

– Oil Major equities with high dividends

– Commodity related fund managers

– Commodity Bonds

▪ Currency – Neutral

➢Hedge back to mandate’s underlying currency

▪ Cash – 5-10%

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Asset Allocation –Stay OW Commodities, Neutral FX

▪ Fixed Income – Underweight.

➢ Half way through the hike cycle and market pricing closer to Fed’s dots.

➢ Likely to move to 3-6pm of the Investment Clock by 2H19.

▪ Key disciplines as we move later into the clock:

1. Credit selection critical as default rises

2. Don’t leverage to increase income

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Asset Allocation –Underweight Fixed Income – But value emerging

Not all Fixed Income are created equal

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Asset Class Yield

US Treasury 2yrs 2.50%

US IG (BBB- & Above) 4.00%

US HY (BB+ & Below) 6.35%

US Financials IG 4.00%

Asset Class Yield

European Financials IG 1.14%

European HY (BB+ & Below) 4.22%

EM IG (BBB- & Above) 4.50%

EM HY (BB+ & Below) 7.90%

• Post corrections, attractive yields are emerging.➢ Buy short-dated below par US Financial Bonds, YTW >4%

➢ Buy EM and Asia debt managers.

Asset Allocation –Underweight Fixed Income – But value emerging

What’s next after rate hikes end?

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• Only Rates make money.• Drawdowns are large but returns in the last hoorah

larger than drawdowns.• Duration of drawdown is normally less than 1.5 years

vs average bull market lasts 8 years.

Source: Covenant Capital

Performance of end of hike cycle analysis

(Mar 1989, Apr 1995, Dec 2000, Jul 2007)

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Stay invested with astute asset allocation is important through cycles

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Covenant CapitalA comprehensive service offerings

for all your wealth matters

More than 150 years of cumulative experience, average of 16 years

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• Covenant Capital is a Singapore based independent wealth manager committed to assist ourclients to be better stewards of their assets. We are a registered fund management companyregulated by the Monetary Authority of Singapore.

• As a holistic wealth manager focused on long term wealth preservation and accumulation,Covenant Capital provides tailored investment solutions as well as wealth and estate planningadvice for our clients.

• The alignment of interests of clients with our wealth advisors is the fundamental tenet of ourbusiness. We ensure this long-term fiduciary symbiosis through the following:

– We earn predominantly via a fee based solely on the state of our clients’ wealth. Our clientsare our only paymaster, not a bank or a broker.

– We employ an open architecture approach using the best of breeds fund managers,insurance and estate planning services. We are able to select the best as well as the mostefficient cost structure for our clients.

– We are not restricted to a single house view and instead have access to street-wide researchto deliver the an independent and unbias prognosis for our clients in an increasinglychallenging and changing world.

– Every member of the founding team are stake owners of the firm which means we areintricately linked to our clients’ well-being both financially and personally.

• We prided ourselves to be different from other wealth managers as our core team are largelyinvestment-focus folks with a combined of more than 100 years of investment management,private banking, trading and analysis experiences.

Executive Committee/Board of Directors

TAY Kian Ngiap Edwin LEE Edward LIM

TAY Kian NgiapChief Operating Officer

Edwin LEEChief Executive Officer

Damien LongInvestment Analyst

Covenant Capital: Organizational Chart

Edward LIMChief Investment Officer

Soon Kay HockSenior Portfolio Manager

Richard LeeSenior Vice President,

Relationship Management

Josh LeAssociate Portfolio Manager

Christine HoOperations Analyst

Sherlyn SeeCompliance /Operations Analyst

Tricor Singapore Pte LtdAccounting, GST, Payroll and

Tax

Lymon Pte LtdCompliance Retainer Support

Outsourced Partners

Shaun FonsecaVice President, Relationship

Management

Edward PangSenior Vice President,

Relationship Management

Adriel Chua Investment Analyst

Tshua NgeeHead of Fixed Income

Edwin Lee CFA, CAIA - CEO

• As CEO of Covenant Capital, Edwin leads the firm’s strategic direction and drives businessgrowth. He started his career with Salomon Smith Barney (SSB) in 2000, providingcomprehensive investment advice to individual and institutional clients over the course of12 years. As the key manager for the team’s discretionary multi-asset class portfolios, heoversaw the team’s portfolio decisions, including the use of options to hedge andgenerate income.

• Following the stint at SSB, he spent two years with DBS as a private banker, advising bothhigh-net-worth and ultra-high-net-worth individuals and families. Before co-foundingCovenant Capital, he was with Swaen Capital, an independent asset manager based inSingapore, leading the global asset allocation portfolio management team.

• Edwin graduated from the Nanyang Technological University’s Nanyang Business School in2000 with a Bachelor of Business Studies, majoring in Financial Analysis. He obtained theChartered Financial Analyst (CFA) designation in 2003 and Chartered AlternativeInvestment Analyst (CAIA) designation in 2007. He is also a member of the CFA Institute,CFA Singapore and the CAIA Association.

• For leisure, Edwin enjoys mountain biking, running and adventure sports. He also servesas chairman of the board of a local church and currently holds the appointment of divisionliaison officer in his military unit.

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• Edward has 20+ years of financial industry experience including various investmentmanagement roles since 1997. He has been an investment manager since 2001 includingthe last decade running absolute return mandates. As the CIO of Covenant Capital, he isresponsible for the firm’s overall investment strategy including all discretionary andadvisory mandate.

• Prior to forming Covenant Capital with Edwin, Edward was the CIO of Swaen Capital, aleading independent wealth manager based in Singapore. He was headhunted to start upTokai Tokyo’s first asset management firm outside of Japan in Singapore where he alsoserved as their CIO and was responsible for running their Asia ex-Japan equities absolutereturn fund. He was the Head of Asia Equities in TRG, a leading global emerging marketsmacro hedge fund and also led the Long/Short Strategy group in Citigroup PrincipalEquities Strategies based out in Asia. Before he joined Citigroup, Edward held dual roles asSenior Portfolio Manager and the Head of Research for BNP Paribas Asset Management inAsia. Edward started his investment career as an investment analyst with Citigroup PrivateBank and DBS Vickers Research.

• He is a CFA charter holder since 2001 and graduated with a Magna-cum-laude Honors, BBA from the University of Oklahoma. Edward also achieved the President and Dean’s HonorRolls for several years and was awarded the Oklahoma’s Bankers Association and Farmers ’Insurance Scholarships.

• Edward is an avid swimmer, having represented his schools in his younger days. In his freetime, what he enjoys most are his whiskey and cigars.

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Edward Lim CFA- CIO

• Kian Ngiap has more than 10 years of financial industry experience which entails a widespectrum of middle and back office experience including fund administration, investment andfinance accounting, day-to-day settlement and reconciliation issue resolution. As the COO ofCovenant Capital, Kian Ngiap is responsible for managing the Company’s compliance andoperations roles.

• Before Covenant Capital, Kian Ngiap was with a boutique hedge fund since its inception andwas part of the inaugural team where he built his knowledge and experience for 5 years. Hethen moved on to become an Account Manager for the World’s largest fund administrator,Citco Fund Services for 4 years. His contributions in Citco included onboarding newbusinesses to the firm and increased profitability for his Clients. He then moved to SwaenCapital and played a key role in the establishment and oversight of the Covenant Asia EquityAbsolute Return Fund operations. Additionally, he also played an instrumental role inimproving workflows, tightening processes and keeping Operations and Compliance policiesrelevant to the market conditions.

• He was part of the pioneer batch of students from Singapore Management University andgraduated with a Bachelor of Business Management, majoring in Finance and Accounting andis still participating in the school’s Alumni activities.

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Tay Kian Ngiap- COO

• Richard is a veteran in the wealth management industry spending over 40 years in thefinance industry. Prior to joining Covenant Capital, he was working for Citigroup as awealth adviser since 1994. He has also overseen the strategic development and businessoperations of one of the key team in that business unit.

• He joined the finance industry back in 1975 as a fund manager for Chartered Unit Trusts.From 1976 to 1994, he has held various positions with international financial institutionssuch as Bache Halsey Stuart Shields, Lehman Brothers and Salomon Smith Barney,providing investment services and managing investment portfolios for institutions andhigh net-worth private clients.

• Richard graduated from the University of Singapore in 1972 with a Bachelor of SocialScience (Honours) degree majoring in Economics.

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Richard Lee –Senior VP Relationship Manager

Soon Kay Hock CFA –Senior Portfolio Manager

• Kay Hock has more than 30 years of experience in the investment industry.

• He started his career with Overseas Union Bank in 1986. He was an economist for the first2 years before becoming a portfolio manager handling both institutional and privateclients’ funds for the next 8 years.

• In 1995, he joined Singapore MRT Limited where he managed their investment portfolio.He was responsible for setting the investment policy, asset allocation and the execution andmonitoring of the investments. Besides managing the in-house funds, he was alsoresponsible for the selection and monitoring of external asset managers.

• In January 2001, he joined Citigroup Global Markets as a financial consultant. He held theposition of Senior Vice President and Senior Investment Management Specialist. Hisresponsibilities include prospecting, servicing, advising and managing private clients’portfolios. A major part of his business was managing clients’ money on a discretionarybasis. He continued his practice for more than 16 years until August 2016 when he left tojoin Covenant Capital.

• Kay Hock is a graduate of National University of Singapore with Bachelor of Arts degree andan Honors degree in Economics. He has also been a CFA charter holder since 1992.

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• Tshua Ngee is the Head of Fixed Income at Covenant Capital. He brings over 25 years of experience in thefinancial industry. With earlier experience as a senior credit analyst in Corporate Banking in Citibank SingaporeN.A., he then moved to become a seasoned Fixed Income Portfolio Manager / Analyst covering Asia Pacificfixed income since 2002. Tshua Ngee was the dedicated FI Research Analyst in Asia (ex-Japan & Australia) forCitigroup Asset Management (CAM) from 2002 to 2005. Following the acquisition of CAM by Western AssetManagement (WAMCO, a subsidiary of Legg Mason) in 2005, he took on the role of Lead Credit PortfolioManager / Analyst for Asia (ex-Japan & Australia).

• In 2007, Tshua Ngee joined US New Jersey-based ZAIS Group as the Chief Risk / Credit Manager in Singapore.He was a member of the senior team in Singapore managing the seed capital for structured credits funded byMAS. In 2010, he was head hunted to Bank of Singapore as Senior Advisor / Analyst covering Asian corporatecredits and high yield bonds.

• Tshua Ngee graduated from the National University of Singapore with a 2nd Class Upper Honors BachelorDegree in Business Administration. Among other electives, he studied Investment Analysis, FinancialManagement, Corporate Finance, Bank Management as well as Econometrics.

• At his leisure time, he enjoys a wide array of activities including fishing, traveling and photography. He swimsregularly and has much love for water-based sports and enjoyed scuba diving at his younger age. Among moreextreme ventures, Tshua Ngee had completed the Annapurna circuit in Nepal in 1991, successfully crossing theThorong La pass at a height of 5400 meters.

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Tshua Ngee –Head of Fixed Income

• Edward joined Covenant Capital in 2017. He brings along over 20 years of experience in assetmanagement and investment advisory. His clients included executives of Fortune 500 companies,philanthropists, charitable and non-profit foundations as well as regional insurers and assetmanagement companies.

• Edward started his career in wealth management in 1997, in Seattle, with Smith Barney as a portfoliomanagement associate, where he and his team managed in access of US$400 million for individualsand institutions.

• In 2001, Edward moved to Laird Norton Trust Company and its subsidiary – Wentworth Hauser andViolich. There, Edward advised family clients of the Laird Norton family office, as well as foundationsand private wealth clients, on their investment mandates. He also served as the WHV’sTelecommunication and Information Technology Services analyst.

• Subsequently, in 2006, Edward returned to Singapore and rejoined Citi Smith Barney as a financialadvisor. Over a period of 10 years, Edward managed discretionary mandates, and advised both privateand institutional clients around the region.

• Prior to Covenant Capital, Edward was a Director at Havenport Advisors, the private wealth division ofHavenport Asset Management.

• Edward graduated with a BA in Business Administration from the University of Washington and a MBAfrom Imperial College, University of London. An avid sportsman, Edward continues to play and mentorstudents as part of Oldham Water Polo Club and volunteers at Singapore Water Polo.

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Edward Pang–Senior VP Relationship Manager

Shaun Fonseca –VP Relationship Manager

• Shaun Fonseca has been in the financial industry since 2010. He started his wealthmanagement career with Morgan Stanley Smith Barney, Australia, where he won the HenryMorgan Award 2011, a Morgan Stanley Smith Barney Country Award. While in Australia,Shaun also worked at the Apeiron Global Macro Fund and the Department of QueenslandTransport and Main Roads, where he assisted the team in the economic modeling andforecasting of a multi-million state government research project.

• In 2012, Shaun moved back to Singapore and joined Citigroup Global Markets Asia Limited,where he advised and provided investment solutions to HNW and UHNW individuals acrossmulti-asset classes. While at Citigroup Global Markets Asia Limited, Shaun took the lead incollaborating with some of the biggest hedge funds in the world to educate HNW & UHNWindividuals on hedge funds strategies and was instrumental in fund raising as well.

• Shaun graduated from Queensland University of Technology with a Bachelor of Businessmajoring in Finance and Economics and has a Certificate in Fintech with The MassachusettsInstitute of Technology.

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• Damien has 20 years of financial industry experience including last 10+ years in investmentanalysis and investment management roles focusing on value-investment and concentrating inSouth East Asia markets. In his current role, he supports the CIO as an Investment Analystspecialising in bottom-up stock coverage across key industries such as global oil and gas,regional consumer plays and Southeast small-cap stocks.

• He had a dual role of Fund Manager and Business Development with Aegis Portfolio ManagersPte Ltd who specializes in investing in “multi-baggers” in small mid cap investments in Asia ex-Japan. Damien was responsible for generating investment ideas and conducting due diligenceon companies in the Consumer and Lifestyle, Food and Beverage, Oil and Gas and HealthcareSector.

• Before he joined Aegis, Damien was Product Manager for Investment and Insurance products atan international bank. He started his career as a Credit Analyst and Relationship Manager at alocal bank.

• He is a Certified Financial Planner (“CFP”) holder since 2006 and graduated with Distinctions,BSc from Indiana University at Bloomington.

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Damien Long CFP –Investment Analyst

• Josh Le started his investment career his career with Bank of America Merrill Lynch in 2008He and subsequently joined Star Financials, a trading firm, and Conrad-Ottess Private AssetManagement, a Singapore-based family office. He oversaw Long Short portfolio as well asLong only and Momentum portfolios in Conrad-Ottess. Alongside the CIO, he co-managesseveral of the firm’s discretionary and advisory mandates

• His key expertise is in portfolio management and trading as well as financial modelling manyof the firm’s investment analytics.

• Josh graduated with a Master of Financial Engineering from Nanyang Technology University,Bachelor of Electrical Engineering from National University of Singapore and obtained Cert. ofComputational Finance from Carnegie Mellon University. Josh is also a CFA charterholder.

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Josh Le CFA, MSc in FE

Associate Portfolio Manager

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Adriel Chua–Investment Analyst

• Adriel is a graduate from the Nanyang Technological University’s Nanyang Business School andgraduated with a Bachelor of Business degree with honours, majoring in Banking and Finance.During the course of his graduate studies, he was also accepted into Citibank’s and the Royal Bankof Canada’s global markets and portfolio management summer programs respectively.

• Adriel also has a background in financial planning and was previously a Monetary Authority ofSingapore (MAS) registered financial advisor at Great Eastern Life.

• In his current role, he supports the CIO and investment team as an Investment Analyst fromperforming portfolio and performance data analytics to providing trade support for the portfoliomanagers.

• Christine Ho has 20 years of private and institutional client customer service andoperations experience. Over the years, she served more than 15 senior financialconsultants supporting them in various aspects of client engagement, trade andoperational support. As the operations analyst with Covenant Capital, she supports theteam’s operational & administrative needs.

• She started her financial career as a secretary with US securities brokerage firm KidderPeabody, Hong Kong, in 1993 and an operations assistant with Paine Webber, Hong Kong,in 1995. In 1996, she followed the team to join Salomon Smith Barney Hong Kong Limitedin 1996 and Citigroup Global Markets Asia Limited, Hong Kong as Senior Sales Associate in2002. In 2003, she relocated to Singapore and settled down with her family.

• She continued her senior sales service role with Citigroup Global Markets Singapore PrivateLimited until Sept 2014. She worked across business , functional and regional lines toprovide clients with integrated solutions that meet their needs.

• Tight follow-up and swift response are hallmarks of her work with a keen focus onunderstanding clients and exceeding their expectations. She is an excellent team playerand effective in backing up teammates. Operational seamlessness and continuity inservicing accounts with teammates are key priorities for Christine.

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Christine Ho –Operations Analyst

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Sherlyn See –Operations Analyst

• Sherlyn See began her career as an auditor in a public accounting firm, RSM Singaporefor two and a half years. RSM Singapore is a member of RSM International ranked asworld’s 6th largest accounting and consulting network. As the operations analyst withCovenant Capital, she supports the team’s operational & compliance needs.

• She performed statutory audits for group audits and reviewed consolidated financialstatements within tight reporting deadline. She also assisted in SGX listed companiesand non-profit organizations audits which also involved identifying control weaknessesof companies.

• Sherlyn is a graduate of Nanyang Technological University (NTU) with Bachelor ofAccountancy. She is also a Chartered Accountant of Singapore with the Institute ofSingapore Chartered Accountants (ISCA) .

Contact us

• E-mail: • edwinlee@covenant-capital.com• edwardlim@covenant-capital.com• richardlee@covenant-capital.com• sfonseca@covenant-capital.com• tshuangee@covenant-capital.com• khsoon@covenant-capital.com• damienlong@covenant-capital.com• joshle@covenant-capital.com• edwardpang@covenant-capital.com• adrielchua@covenant-capital.com

• Address: 31 Club Street #03-02 Singapore 069468• Contact : (65) 6819 0860• Fax: (65) 6819 0850

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Disclaimer

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Disclaimer: This is a not a marketing or offering document. Notwithstanding anything contained in this document, this document does not constitute, and no recipient of this document may treat the same as, an offer, solicitation or invitation for the sale and purchase of any securities, instruments or any other properties AND the information contained in this document shall not form the basis of any offer or contract. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in any jurisdiction.

This document is provided for information purposes only and is specifically for accredited and qualified investors. Nothing in this document shall constitute investment advice. None of Covenant Capital Pte Ltd. or its subsidiaries nor any of their respective directors, officers, employees, agents, contractors or advisers (collectively, the “CC”) makes any representation or warranty as to the truth, accuracy or completeness of this document (including statements of opinion or expectation) or as to the achievement or reasonableness of any past performance or any future projections, estimates, prospects or returns or any of the assumptions underlying them made nor shall any of them have any liability (whether arising from negligence or otherwise) for any representations (expressed or implied) contained in, or for any omissions from, this document or for any written or oral communications transmitted to the recipient (or its advisers or representative).

No person has been authorized to give any information or make any representations other than that contained herein, and any information or representations not contained herein are not authorized by any member of the CC and must not be relied upon. The delivery of this document at any time shall not, under any circumstances, imply that there has been no change in any matters described herein since the date hereof or that the information contained herein is correct as of any time subsequent to the date hereof. In furnishing this document, CC does not undertake any obligation to provide the recipients with access to any additional information or to correct any inaccuracies in or update this document.

Composite performance results have been calculated by using time-weighted returns. Performance results are total return and include the reinvestment of all income. Performance results are Net of fees and reflect the deduction of actual management fees charged and transaction costs. Past performance does not guarantee future results and other calculation methods may produce different results. Results are based on fully discretionary accounts under management.