Business Plan

CONFIDENTIAL – NOT FOR DISTRIBUTION

January 2012

This document is issued by Odin Capital Management Ltd. which is authorised and regulated by the Financial Services Authority. This document is only made available to Professional Clients. Information contained in this document is provided on a strictly confidential basis only and does not constitute an offer to sell or a solicitation of an offer to buy any security, nor is it advice or a recommendation to enter into any transaction. Any offer to sell or a solicitation of an offer to buy or sell shall be made solely by a Confidential Offering Memorandum. This document is being circulated on a confidential basis only and may not be distributed to unauthorized parties and is subject to modification, updating, validation and amending. All investments involve a risk of loss of capital and no guarantee or representation can be made that an investment will generate profits or that an investment will not incur loss of invested capital.

Disclaimer

Odin Capital Management Ltd - Strictly confidential

Odin Capital Management Ltd - Strictly confidential

Structure 4

Service providers 5

Organisational chart 6

Associated company: Odin Trading Ltd 7

Performance and risk 8

The Odin Capital Management edge 9

Capacity 10

Marketing strategy 11

Terms 12

Contents

UK investment management firm founded in 2006 & registered with the FSA since 2008

Fully functional offices in Surrey, next to London, with a robust and efficient technology infrastructure

In-house Compliance and BCP procedures

4

Odin Capital Management Ltd - Strictly confidential

Structure

A mature structure

Odin Financial LtdBVI offshore fund

Odin Capital Management LtdUK investment manager

Management

Qualified investors Founder & CIO

Risk & OperationsInformation Technology

Macro quant 1 PM

Macro quant 2 CFO (TBD)

5

Odin Capital Management Ltd - Strictly confidential

Fund Service providers

• JP MorganCustodian• NewedgeClearing broker

• CCP Accountancy ServicesAuditor• Fidelity Corporate Services• Director 2Directors

• Charter Group Fund AdministrationAdministrator

• Fidelity Corporate ServicesLegal Counsel

• Rees PollockInvestment manager auditor

• XXXInvestment manager counsel

6

Odin Capital Management Ltd - Strictly confidential

Organisational chart

Patrick Moerth, Founder & CIO2006-2011: Odin Capital

2002-2006: Credit Suisse, Global Macro quant strat2001-2002: Feri Alternative, HF analyst

PhD Economics from Univ. St Gallen, CFA, CAIA, FRM

Tigrane Kibarian, Risk & Operations2008-2011: Odin Capital

2004-2008: Goldman Sachs, portfolio restructuring2001-2004: General Electric, corporate finance

2000-2001: Arthur Andersen, AuditMBA from ESSEC – French Grande Ecole

Deepak G.C., Information Technology2009-2011: Odin Capital

MSc Computing

TBA, Macro quant strat2009-2011: Odin Capital

2008-2009: Barclays, structured products2007-2008: Lehman, structurer

2006-2007: Calyon, FX research2002-2006: IBM, developer

MBA from Bocconi, Software Engineer

TBA, Portfolio manager2009-2011: Family office prop trader

2006-2008: Absolute Capital, portfolio manager2005-2006: Barep (SocGen HF), risk manager

French Engineer

TBA, Macro quant strat2009-2011: Odin Capital

2004-2008: Project manager, Travelsky Group, ChinaMBA from Oxford, Msc Computer Science in Beijing

1st prize of China Physics competition - CFA, FRM, IMC

TBD, CFO

10 in-house proprietary traders active on US and European equity indices, bonds, currency and commodity futures

Manager runs operations, letting Odin Capital staff fully dedicated to fund management

Independent and segregated business with no access to client information or positions

7

Odin Capital Management Ltd - Strictly confidential

Associated company: Odin Trading Ltd

Discussions between PM’s and

traders about market structure

Ability to spot top traders for Odin

Capital

Discussions about quant strategies based on market

observations

ODIN TRADING Ltd

SYNERGIES WITH ODIN CAPITAL

Key performance & risk metrics

8

Odin Capital Management Ltd - Strictly confidential

Performance & risk

*Performance overview exhibits net returns since inception accounting for 1% management fee and 25% performance fee subject to a high watermark as well as operational and trading costs.

*

J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec Year Sharpe ratio MSCI World2006 1.82% 1.98% 2.70% 6.44% -0.02% -1.81% 4.37% 16.28% 17.95%2007 2.18% 2.60% 5.22% 0.01% 0.70% 5.28% 4.83% 11.27% 1.94% 3.19% 2.09% 7.03% 56.83% 7.09%2008 9.71% 4.40% 10.84% 0.21% 1.48% 4.61% 1.21% 6.49% 1.82% 7.01% 3.27% 3.36% 69.31% -42.08%2009 0.29% -0.01% 1.63% -6.49% -0.42% 0.26% 0.11% 0.16% -0.25% -0.01% -0.01% -0.13% -4.98% 26.98%2010 0.50% -0.96% 1.13% 0.87% 5.41% 2.04% 0.49% 0.26% 3.47% 0.73% -1.36% 1.88% 15.24% 9.55%2011 1.91% 1.55% 2.82% -1.31% -6.04% 3.49% 1.65% 0.36% 3.70% 0.49% 8.56% -9.17%

Return p.a 27.13%

Standard dev. p.a 10.95%

Sharpe ratio 2.3

Positive months 80.0%

Upside potential ratio 1.92

Omega 7.25

Maximum drawdown -7.28%

Modified VaR -3.64% -8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

9

Odin Capital Management Ltd - Strictly confidential

The Odin Capital Management edge

•Low or negative correlation to equities and most hedge funds

•Robust investment process: consistently positive track record through different economic environments & cycles

•Access to talent: unique ability to select traders with good performance metrics and scalable strategies from Odin Trading Ltd

Correlations CS/Tremont Hedge Fund Index

CS/Tremont Global Macro Index

CS/Tremont Managed Futures Index

Odin Capital Management -0.36 -0.09 0.05

•In-house trading and programming expertise: market observations analysed and translated into systematic strategies

2006 2007 2008 2009 2010 2011

+16.28% +56.83% +69.31% -4.98% +15.24% +8.56%

•Fee structure of 1%/25%: fully aligns interest of investor with that of Odin Capital

10

Odin Capital Management Ltd - Strictly confidential

Capacity

80%

5%

5%

5%5%

Strategies for 20MMUSD AUM

Global MacroQuant strategies equity indicesQuant strategies bondsQuant strategies currenciesQuant strategies commodities

40%

15%15%

15%

15%

Strategies for 200MMUSD AUM

Global macro

Quant strategies equity indices

Quant strategies bonds

Quant strategies currencies

Quant strategies commodities

11

Odin Capital Management Ltd - Strictly confidential

Marketing strategy

USD and EUR share classes

Subscriptions and redemptions at month end

Minimum subscription 100,000USD

Redemptions free of charge with 30 days notice

0.5% charge for shorter notice redemptions

High-water mark applies

12

Odin Capital Management Ltd - Strictly confidential

Terms

No gate or lock-up period

Monthly redemptions

1% management fee

25% performance fee