Epicure Qatar Equity Opportunities plc

Epicure Qatar Equity Opportunities plcMarch 2010

Page 2 www.epicure-qatarequity.com

Page 2

Contents

State of Qatar

Macroeconomic Overview Page 3-8

Investment Case Page 9

Doha Securities Market (DSM)

Current Sectoral Breakdown Page 11

Increasing Market Depth Page 12

Earnings Growth Page 13

Valuation Page 14-16

Epicure Qatar Equity Opportunities plc (the “Company”)

Company Description Page 18

Investment Methodology & Guidelines Page 19

Sectoral Exposure Page 20

Investment Status Page 21-22

Summary Page 23-24

Conclusion Page 25


Macroeconomic Overview

• Third largest proven gas reserves (15% of world’s total)

• LNG contracts are long term (typically 25 years)

• Substantially increasing and diversifying energy exports

• Real GDP expected to surge 18.5% in 2010 due to higher LNG

production and subdued inflation

• Historically high govt. spending on education, health,

infrastructure and real estate sectors

• Rising population; CAGR 11% population growth for last 10 yrs

• Population increased to 1.6 mln at the end of January 2010.

Surpluses generated by high commodity prices are being redeployed to develop non hydrocarbon sectors.

The state encourages private sector and non oil economy growth through privatization , outsourcing of public services and

development of industrial zones.

Rapid growth in services, utilities, industry and real estate.

Government emphasized importance of non oil & gas projects such as QFC, Education City and Qatar Science & Technology Park

LNG exports forecast to grow to 76.4 mtpa by 2011

Oil production capacity to reach 1.1 mln bpd by 2010

Certainty of cash flows due to increasing gas sales

Attractive Demographics

Expansionary Budget

Forecasts are taken from QNB’s Qatar Economic Review 2009



Source: QNB capital, Qatar Statistics Authority,QIC* Preliminary ,** QNB Capital forecast

Source: IMF, IIF, National Accounts, Samba

Real GDP Growth (%) 2006 2007e 2008e 2009f 2010f

Qatar 15.0 15.3 19.6 9.4 18.1

Oman 5.9 7.2 12.3 3.7 6.0

Saudi Arabia 3.2 3.4 4.2 0.2 3.7

Kuwait 6.3 4.5 5.6 -1.5 3.0

UAE 9.4 7.4 7.4 -1.1 2.0

Bahrain 6.7 8.1 5.4 0.5 1.8

Qatar’s Real GDP growth expected to continue at a healthy pace

Strong GDP growth supported by the non hydrocarbon sector

Nominal GDP ($ Million) 2004 2005 2006 2007* 2008* 2009** 2010**

1. Oil & Gas Sector 17,286 25,294 32,539 40,149 61,024 55,532 80,301

% Change 24.50% 46.33% 28.64% 23.39% 51.99% -9.00% 44.60%

2. Non-Oil Sector 14,448 17,168 24,231 30,892 39,384 39,835 44,615

% Change 49.80% 18.83% 41.14% 27.49% 27.49% 1.15% 12.00%

Total GDP 31,734 42,463 56,770 71,041 100,407 95,368 124,917

Population 760,946 888,451 1,041,733 1,226,210 1,553,729 1,631,728 1,713,643

GDP per capita ($) 41,703 47,794 54,496 57,936 64,624 58,446 72,895



Source: QIC, Qatar Statistics Authority

Source: QIC,QNB

Qatar State Budget ($ Million) 2005/06 Actual

2006/07 Prelim.

2007/08 Prelim.

2008/09 Budget

2009/10 Budget

Total Revenues 17,853 23,351 19,906 28,379 24,368

Total Current Expenditure 9,000 13,584 11,767 15,220 15,549

Total Capital Expenditures 4,965 4,646 6,286 11,126 10,412

Total Expenditures 13,965 18,230 18,053 26,346 25,962

Budget Surplus (Deficit) 3,888 5,121 6,744 2,033 -1,593

Qatar GDP ($ Million) Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009

Oil 6,830 8,657 8,415 3,615 3,143 4,276 4,905

Gas 7,050 7,972 8,733 7,183 4,780 3,843 4,508

Total GDP 23,592 26,535 28,947 21,333 19,473 18,644 20,748

Importance of Natural Gas

Capital expenditure program to continue


Strong fundamentals provide protection from the current global economic downturn


Substantial hydrocarbon assets

Qatar’s natural gas reserves are the world’s third largest to-date, behind those of Russia and Iran. Qatar’s North Gas Field, discovered in 1971, is the largest non-associated gas field in the world, with proven reserves currently estimated

at over 902 trillion cubic feet (tcf). In oil terms, by 2011 Qatar would be on par with Iran as the second-largest regional producer behind Saudi Arabia, and would be the

fourth-largest producer in the world behind Saudi Arabia, Russia, and the US. Qatar’s oil reserves as at December 2008 stood at 25.9 billion barrels.

Infrastructure spend

QP’s new five-year plan (2009 - 2013) budgeted an overall QR145.9 billion for projects in crude oil, natural gas, gas-to-liquids, refining, petrochemicals, industrial cities and others.

Zawya.com estimates that the total of outstanding projects in Qatar currently is c.USD220 billion. Government committed to the infrastructure projects.

Growing population

According to the 2008 survey, Qatar’s population reached 1,552,820 increasing by 108.7% from the 2004 census of 744,029. As on 28th February 2010 Qatar population stood at 1,679,110 .

Low leverage

Low leverage in the economy; Total estimated indebtedness of External debt (government) is only 12.5% of Qatar’s total nominal GDP in 2009.

Qatar stands among the highest rated GCC countries.



Proactive Government

The authorities’ preemptive intervention in the banking sector was large. Official intervention in 2009 reached about 6½ percent of GDP*.

During the current global financial crisis the Qatari government has taken proactive measures to reduce the impact within the local economy

including:

Initiated several consolidations of the listed and unlisted companies to ensure the competitiveness of various enterprises operating within

Qatar.

Announced confidence building measures through the budgetary process.

Date Event USD million spent

8-Dec Equity capital injection into banks (5%) 900.0

9-Mar Purchase of banks’ domestic equities 1,668.0

9-Jun Purchase of banks’ Real Estate assets 3,660.0

9-Dec Equity capital injection into banks (5%) 900.0

Total 7,128.0

Source: IMF



0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Production Capacity Contracted LNG Exports

World’s largest exporter of LNG.

Qatar has over 100 years of proven gas reserve at projected long-term production levels.

Qatar’s LNG sales are derived from long-term sale and purchase agreements which provide certainty of volume off take.

Most of Qatar’s exports are destined for growing markets.

By 2011, Qatar will have nearly doubled its liquefaction capacity relative to 2008 levels, to 77.6 mmtpa.

Oil & Gas industry

As of January 1,2008

Proven Expected

Natural Gas (tcf) 895.7 899.3

Crude Oil (billion barrels) 3.2 4.8

Condensate (billion barrels) 22.7 22.8

Qatar's LNG exports Destinations - 2012

38%

33%

29%

Europe Asia USA

Qatar LNG story


Investment Case


Doha Securities Market (DSM)


The DSM20 index is the local benchmark, and is made up of 20 stocks

Listed companies are divided broadly into four sectors: Banking and Investment, Insurance, Industrial and Services.

5 largest companies (Qatar National Bank, Industries Qatar, Commercial Bank of Qatar ,Qatar Islamic Bank and Nakilat) constitute 62.15% of the DSM20 Index.

Banking and Investment sector constitute 61.2% of the index

Source: Reuters

DSM 20: Current Sectoral Breakdown

DSM 20 index weight

Banking & Investment

61.17%

Services21.69%

Industrial16.80%

Insurance0.34%


-

50

100

150

200

250

300

350

400

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Market Capitalization (QR. Bln)

The Qatar Government actively encourages

companies to list on the DSM and is

promoting an increasingly robust regulatory

environment.

Currently 44 companies listed on Qatar

Exchange.

Some consolidation expected in the market

during 2010.

Vodafone Qatar, Al Meera Consumer Goods

Co. listed in Qatar Exchange in 2009.

Since inception the market capitalization has

risen from QR 9.4 Bln in 1997 ($2.5bn) to QR

320 Bln ($88bn) at the end of 2009.

DSM: Increasing Market Depth

Source: DSM,QIC


Robust GDP growth during the period translated into strong earning growth across the sectors.

The growing population base is boosting demand for new residential and commercial projects, for personal credit, and increasing personal consumption.

Qatar's rapid economic growth continues to drive corporate revenues and profits.

Banking sector full year 2009 net profit growth was flat (-0.1%)

Source: DSM, QIC

DSM: Earnings Growth

Earnings Growth ($ Mln) 2005 2006 2007 2008 5 Year CAGR 9M - 08 9M - 09Banks 1,164 1,484 2,241 2,757 48.6% 2,266 2,122

Growth (%) 111% 28% 51% 23% -6%

Insurance 174 150 210 258 40.0% 268 181Growth (%) 98% -14% 40% 23% -32%

Services 835 2,074 1,810 2,464 34.9% 1,844 1,839Growth (%) 10% 148% -13% 36% -0.27%

Industry 1,015 1,154 1,606 2,349 44.5% 2,218 1,316Growth (%) 33% 14% 39% 46% -41%

Total 3,190 4,864 5,868 7,829 42.1% 6,598 5,458Growth (%) 47% 52% 21% 33% -17%


DSM: Valuation

Compelling Valuation

According to IMF, Qatar is expected to be fastest growing economy in the world in 2010.

Considering Qatar’s growth prospects and compared to the valuations of other world stock markets, we consider the Qatari

stock market to offer good value.

The recent sell-off across the GCC markets by investors has left valuations at extremely compelling levels.

Valuation P/E DY

EQEO 10.3 5.3

MSCI Trailing MultiplesForward

PE*

10-Mar

MENA Market Valuations P/E PCE P/Book DY ROE P/E 2010e

Bahrain -40.5x 120.4x 0.8x 8.20% 1.90% n/a

Egypt 15.2x 8.1x 2.3x 4.30% 15.40% 10.3

Jordan 18.0x 11.4x 2.2x 3.30% 12.10% 10.5

Kuwait 44.4x 9.1x 1.8x 3.40% 4.20% n/a

Morocco 15.3x 10.2x 4.3x 4.60% 28.00% 12.3

Oman 13.2x 7.1x 2.1x 3.80% 15.60% n/a

Saudi Arabia 30.2x 15.6x 2.3x 3.30% 7.60% n/a

United Arab Emirates 9.0x 7.4x 0.8x 2.70% 9.00% 8.5

Qatar 12.0x 6.6x 1.9x 5.90% 15.70% 10.8

MSCI Arabian Markets 22.4x 11.3x 1.9x 3.60% 8.60% n/a

Source: FactSet, Morgan Stanley Research,*Citi


DSM: Valuation

The case for near-term outperformance

Arabian Markets is still one of the cheapest regions in EM relative to ROE,trading at a 8% discount on 2010 P/B but with 100bps

higher forecast 2010 ROE.

The historical positive correlation with oil prices should start to re-assert once the region’s distinctive risks abate.

Domestic liquidity trends are re-accelerating.

Acceleration in the year-on-year change in oil prices could be another trigger.

Company earnings are surprising on the upside.

Current mispricing at the stock level offers long-term investors opportunities.

We think some catch-up is overdue... Underperformance, the higher oil price, better valuations (especially dividend yield), and

subsiding macro risks all suggest the potential for better relative performance in the coming months.


DSM: Valuation MENA equities have underperformed EM dramatically over the past year.

The rebound in the oil price suggests MENA markets should be doing better.


Epicure Qatar Equity Opportunities plc


EQEO was established:

To capitalise on attractive equity investment opportunities in Qatar.

To harness the 20 year investment track record of QIC, the Company’s Investment Adviser.

Total equity capital raised of US$ 256 Million.

*Return as of November 8th 2007

EQEO: Company Description


The Company primarily invests in quoted Qatari equities: up to 15% may be allocated in regional (GCC) stock markets.

The Company applies a top-down screening process to identify those sectors which should most benefit from Sectoral growth trends.

Fundamental industry and company analysis, rather than benchmarking, form the basis of both stock selection and portfolio construction.

The Company expects to hold positions for the long-term and thus have limited turnover.

The Company does not make use of any hedging mechanism or derivative instruments.

The Company has borrowings limited to 5% of its NAV.

No single investment to exceed 15% of Company’s NAV.

No holding to exceed 5% of the issued share capital of any one company.

EQEO: Investment Methodology & Guidelines


Source: QIC, Reuters

EQEO Data as of 31th December 2009

EQEO: Sectoral Exposure

EQEO industry allocation (% of Mkt Value)

Banks49.74%

Services23.36%

Industries16.24%

Real Estate5.31%Cash

0.80%Insurance

4.55%

Country allocation (% of Mkt Value)Qatar

98.74%

UAE0.40%

Kuwait0.06%Cash

0.80%

EQEO’s portfolio is actively managed and does not seek to replicate the DSM 20 or any other index due to the restrictions of the investment guidelines.

Currently the main difference between the Company’s sector allocation and the DSM’s are:

• Banking and Investments: the company is invested in Six banking stocks in Qatar and three in regional markets.

• Services sector: Invested in companies which do not form part of the index.

DSM20 index weight

Banking & Investment

61.17%

Services21.69%

Industrial16.80%

Insurance0.34%


* As of 31st December 2009

EQEO: Investment Status

Portfolio Evolution

5%

15%

23%

38%

13%

6%6%

16%

23%

43%

8%4%

43%

4%

16%

27%

6%4%

50%

1%

16%

23%

5% 5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Banks Services Industries Real Estate Cash Insurance

30-Jun-08 31-Dec-08 30-Jun-09 31-Dec-09

We integrate top-down sector allocation with bottom-up stock selection

We believe pricing anomalies exist and can be exploited

Actively managed portfolio based on fundamentals

Currently EQEO portfolio PE is 10.3x 2009 earnings


The Company is currently 99.2% invested*

Currently, the Company is invested in 19 companies in Qatar, four companies in UAE, and one company in Kuwait.

The top five companies constitute 58% of the Company’s NAV

* As of 31st December 2009

EQEO: Investment Status

Name Description % of NAV

Industries Qatar Industries Qatar (IQ) is the largest publicly traded company of Qatar. IQ is holding company with interests in petrochemicals via 80% owned Qatar Petrochemical Co., fertilizers via 75% owned Qatar Fertilizer Co., steel via 100% owned Qatar Steel Co. and fuel additives via 50% owned Qatar Fuel Additives Co. IQ, as many of its Middle East peers, is one of the lowest-cost producers in the industry with operating and net margins in excess of 50-55% vs. global peers with operating margins in the mid-teens level. company procures its natural gas at a price range of US$1.75-2.25/mmBtu vs. the current global natural gas prices in the range of US$5-5.5/mmBtu. With a low and largely fixed-cost structure, any uptick in basic chemical commodity prices should flow straight to the bottom line.

15.1%

Qatar National Bank

A high quality proxy stock to the Qatar economic growth given the bank’s strong ties with the public sector and access to state liquidity. The government of Qatar owns 50% of QNB. Market shares are c.42% for loans, c.55% for deposits, and as high as 70% for public-sector loans and deposits. This drives high asset quality, with NPLs at 0.7% in FY09, and offers far superior visibility on balance-sheet momentum and earnings growth. In addition to an international presence in key financial centers around the world, such as London, Paris and Geneva, QNB has been building a network of branches, representative offices and associates (Jordan, UAE, Iraq, and Tunisia) throughout the MENA region.

14.6%

Qatar Islamic Bank Qatar Islamic Bank, the country’s first Islamic bank, has total assets of QAR39bn. It operates through a network of 25 branches and holds a 9% loan market share. The basic structure that QIB aims to create has a strong focus on capital markets and wholesale finance activities, which are still generally in their infancy in the Sharia compliant space. By strengthening its CIB operations domestically, QIB hopes to achieve a strong enough platform for recurring deal origination on debt and eventually equity markets. The international offices would serve as placement and distribution centers. Given that there are local partners involved in the UK, Lebanon and Malaysia, the hope is that a two-way deal flow can eventually be established, with QIB’s placement power and structuring experience as the key driver.

11.8%

Commercial Bank of Qatar

CBQ represents the higher beta play within the Qatari banking universe as it was one of the fastest-growing banks in the Middle East from 2004 to 2008, but its growth has slowed significantly by domestic and global issues. CBQ’s investment case is mostly about the strength of its balance sheet: with equity to assets at 21% with a Tier 1 ratio of 17.2% at the end of 2009, CBQ can afford to pursue growth opportunities organically or through acquisition, and will likely remain a generous dividend payer in the near-term. At current prices we expect the bank to yield 7% in 2010E. CBQ also has the best funding profile in the peer group, giving it a qualitative advantage in terms of its lending outlook.

9.5%

Masraf Al Rayan Masraf Al Rayan, though relatively young, operates through two branches in Qatar, and provides Sharia-compliant commercial banking, asset management, and brokerage services. The bank went public in January 2006 and has existing associates in Pakistan that deal in Takaful (Islamic insurance), and one associate in Saudi Arabia that provides consumer finance. Management aims to grow the bank’s ex-Qatar presence by obtaining a banking license for their associate in Saudi, or possibly by acquiring other banks in the region. This bank’s balance sheet, as well as its backers, should leave no one in any doubt as to its ability to carry out an acquisition. As of yearend 2009, the bank has a 6% market share in assets, 8% in loans and 8% in deposits.

7.2%

Top Five investments


Page 23

EQEO: SummaryEQEO Performance Summary


EQEO Weekly NAV2-Aug 9-Aug 16-Aug 23-Aug 30-Aug 6-Sep 13-Sep 20-Sep 27-Sep 4-Oct 11-Oct 18-Oct

$0.96 $0.96 $0.97 $0.97 $0.97 $0.98 $0.98 $0.99 $1.01 $1.03 $1.05 $1.08

25-Oct 1-Nov 8-Nov 15-Nov 22-Nov 29-Nov 6-Dec 13-Dec 20-Dec 27-Dec

$1.08 $1.14 $1.12 $1.13 $1.13 $1.12 $1.13 $1.13 $1.12 $1.14

3-Jan 10-Jan 17-Jan 24-Jan 31-Jan 7-Feb 14-Feb 21-Feb 28-Feb 6-Mar 13-Mar 20-Mar

$1.14 $1.20 $1.20 $1.11 $1.11 $1.15 $1.15 $1.15 $1.19 $1.18 $1.17 $1.14

27-Mar 3-Apr 10-Apr 17-Apr 24-Apr 1-May 8-May 15-May 22-May 29-May 5-Jun 12-Jun

$1.13 $1.14 $1.21 $1.27 $1.26 $1.30 $1.33 $1.34 $1.34 $1.35 $1.36 $1.39

19-Jun 26-Jun 3-Jul 10-Jul 17-Jul 24-Jul 31-Jul 7-Aug 14-Aug 21-Aug 28-Aug 4-Sep

$1.37 $1.35 $1.38 $1.34 $1.33 $1.35 $1.34 $1.32 $1.26 $1.24 $1.19 $1.15

11-Sep 18-Sep 25-Sep 2-Oct 9-Oct 16-Oct 23-Oct 30-Oct 6-Nov 13-Nov 20-Nov 27-Nov

$1.07 $0.98 $1.00 $1.04 $0.85 $0.86 $0.83 $0.76 $0.80 $0.63 $0.64 $0.63

4-Dec 11-Dec 18-Dec 25-Dec

$0.65 $0.67 $0.71 $0.71

1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar

$0.72 $0.68 $0.60 $0.54 $0.57 $0.56 $0.57 $0.55 $0.52 $0.51 $0.53 $0.55

26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May 4-Jun 11-Jun

$0.60 $0.59 $0.61 $0.64 $0.65 $0.67 $0.75 $0.76 $0.78 $0.76 $0.85 $0.85

18-Jun 25-Jun 2-Jul 9-Jul 16-Jul 23-Jul 30-Jul 6-Aug 13-Aug 20-Aug 27-Aug 3-Sep

$0.77 $0.78 $0.77 $0.70 $0.74 $0.76 $0.79 $0.81 $0.83 $0.79 $0.82 $0.83

10-Sep 17-Sep 24-Sep 1-Oct 8-Oct 15-Oct 22-Oct 29-Oct 5-Nov 12-Nov 19-Nov 26-Nov

$0.83 $0.86 $0.88 $0.87 $0.88 $0.86 $0.84 $0.83 $0.82 $0.80 $0.83 $0.83

3-Dec 10-Dec 17-Dec 24-Dec 31-Dec

$0.81 $0.80 $0.83 $0.81 $0.80

7-Jan 14-Jan 21-Jan 28-Jan 4-Feb 11-Feb 18-Feb 25-Feb 4-Mar 11-Mar

$0.81 $0.79 $0.79 $0.77 $0.80 $0.82 $0.82 $0.81 $0.80 $0.81

2007

2008

2010

2009

EQEO Performance Summary EQEO DSMFrom top of market -41.5% -45.2%From inception -15.7% -9.9%2009 10.4% 1.1%Ytd 2010 1.7% -2.1%


EQEO Price vs. NAV

$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6

2/Aug/07 15/Nov/07 28/Feb/08 12/J un/08 25/Sep/08 8/J an/09 23-Apr-09 6-Aug-09 19-Nov-09 4-Mar-10-60%-50%-40%-30%-20%-10%0%10%20%30%40%

Last P rice NAV P remium / Discount -RHS

Page 24

EQEO: SummaryEQEO trades discount to NAV


Indices 2008 31-Mar-09 30-Jun-09 30-Sep-09 31-Dec-09 2009 YTD

Qatar (DSM) -28.1% -29.0% 32.8% 14.2% -6.1% 1.1% 1.3%

Saudi (TASI) -56.5% -2.1% 19.0% 13.0% -3.2% 27.5% 8.0%

Dubai (DFMGI) -72.4% -4.1% 13.8% 22.8% -17.7% 10.2% -2.5%

Abu Dhabi (ADI) -47.5% 4.1% 5.8% 18.7% -12.2% 14.8% 4.3%

Kuwait (KWSE) -38.0% -13.3% 19.8% -3.3% -10.4% -10.0% 6.3%

Bahrain (BAX) -34.5% -11.5% -0.9% -1.7% -6.2% -19.2% 3.5%

Oman (MSI) -39.8% -14.9% 21.2% 17.1% -3.1% 17.0% 3.9%

Regional market performance


Page 25

Macroeconomic outlook is positive for Qatar.

Market structure, depth, liquidity and regulatory environment are improving.

Valuation and earnings outlook remain compelling.

The Company is well-positioned to benefit from all these positive trends.

EQEO: Conclusion

DisclaimerBy attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:

THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. This document does not form part of any offer of securities, or constitute a solicitation of any offer to purchase or subscribe for securities. Its content may not be suitable for U.S. persons. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this comes should inform themselves about, and observe, any such restrictions. The contents of this document have not been verified. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this document and no reliance should be placed on such information or opinions. None of the Company, Epicure Managers Qatar Ltd, the Qatar Insurance Company or any of their respective members, directors, officers or employees nor any other person accepts liability whatsoever for any loss, howsoever arising, from any use of such information or opinions. The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, historical, or otherwise, are not indicative of future performance. Forecasted information is based on a number of bases of assumptions none of which may materialise. There can be no guarantee that the Company will attain its investment objective.

The information presented in this document is subject to change without notice.

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