SECURITIES LIMITED

1. SECURITIES LIMITED Kiev Q1 2011 Version 1.1

2. Agenda • ARMAJARO SECURITIESsubsidiary of Armajaro Holdings • Defining structured products • Changes to the landscape • The evolution process • Trends in structured products • Strategies to benefit from current climate • Products • Armajaro … Final Details

3. Overview of the Armajaro Group Overview The Group Locations • Armajaro has over 1,000 people working for its various Group and subsidiary companies around the world. Armajaro has operations in Europe, North America, West Africa and Asia. • Armajaro Asset Management LLP is an alternative asset management partnership that specialises in the management of commodity hedge funds and other alternatives assets. • Armajaro Trading Ltd is a leading supplier of cocoa and coffee beans to the worlds’ major chocolate manufacturers and coffee roasters. • Founded in 1998, Armajaro Securities Ltd provides financial instruments to a broad range of UK, European and Asian institutional clients and “family” offices. • In addition Armajaro has investments in cocoa processing, wine production, wine distribution and a number of start-up businesses. • For more information please go to : www.armajaro.com Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

4. Corporate Structure Overview Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

5. Armajaro Locations Overview Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Africa Cote d’Ivoire Ghana Nigeria South Africa Asia / Pacific Indonesia Malaysia Singapore Vietnam Europe & Middle East England Germany (Petra Armajaro) France (Petra Armajaro) North & South America USA Brazil Futures & Options Contacts Settlements

6. Armajaro Asset Management • Armajaro Asset Management LLP (AAM) specialises in the management of Hedge Funds. AAM has in excess of US$2bn of assets under management in hedge fund products and currently operates the following specialist Funds: • Armajaro Commodity Fund (ACF) invests across the main commodity sector (also on the Lyxor platform of funds) • CC+ Fund specialises in soft commodities, mainly Cocoa & Coffee • Armajaro Emerging Markets Fund Invests in Emerging equity, derivative & fixed income with a macro focus • Armajaro STS Commodities Fund trades systematically in both Long & short exchange traded commodity futures • Armajaro Natural Resources Fund just launched in March 2011 • BNP Paribas Armajaro Agricultural Index (ARAGER) strategy uniquely combines Armajaro’s discretionary management with the benefits of BNP’s systematic Quantitative risk modelling Overview Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

7. Armajaro Securities Limited Overview SECURITIES LIMITED Locations • Founded in 1998, Armajaro Securities Limited (ASL) provides bespoke financial services to a broad range of UK, European and Asian institutional clients and family offices.ASL preserves the independence of its advice by not taking positions as a principal in any underlying security. Armajaro Securities Limited is authorized and regulated in the UK by the Financial Services Authority • Our Philosophy… • Reliability - Permanent market coverage, a partner you can rely on. • Anonymity – Each interest is dealt with particular discretion, that’s our priority. • Market experience and knowledge - Understand your expectations is our force. • Technology - Latest and accurate trading tools, in constant improvement in order to provide efficient, intelligent execution. Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

8. Structured Products Our Devoted Structured Products Overview Structured Note Product RangeArmajaro Securities Limited creates tailor-made Structured Notes using a combination of derivative and cash instruments, enabling its clients to gain exposure to equity, foreign exchange, commodity and fixed income markets, with various degrees of capital risk.  Armajaro Securities has established trading relationships with derivative market makers and note issuers in the City of London and across Europe, enabling us to offer our clients an extensive and innovative range of Structured Notes. Secondary MarketsArmajaro Securities provides significant added value on secondary market pricing and portfolio restructuring.  By applying our own valuation models to secondary issues held in clients' portfolios, we have often been able to identify additional value when compared to the valuation provided by the original bank issuer.  This immediately unlocks potential value in the clients' investments at minimal cost in terms of time and effort on behalf of the client. AdviceArmajaro Securities is an independent securities business that does not take market positions, ensuring its independence.  Our Structured Notes professionals, each with considerable experience, assess clients’ needs in terms of strategy, capital at risk and investment portfolio allocation. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

9. Structured Products Our Devoted Structured Products Overview PriceOur independence combined with a systematic process of price discovery and analysis enables us to provide our clients with pricing that successfully competes with the largest international banks. ServiceIn both the primary and secondary markets, we support clients with a reliable and prompt service through a dedicated contact.  In particular, our service extends across the entire life cycle of a product.  In the primary market, our breadth of market knowledge and access can save investors time and money. In the secondary market Armajaro Securities aims to provide continuous liquidity, bid/offer spreads and prices based on fair values. SettlementAll trade settlements are effected by SG Hambros, a 100% owned subsidiary of Société Générale, (AA1 rated), which also acts as principal to each trade. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

10. Defining structured products • An investment that bundles up a portfolio of securities and otherderivatives to create a single product. (Source: The ABC of Equity Derivatives and Structured Products) • Created to meet specific needs that cannot be met from standardfinancial instruments available in the markets • Can be used as an alternative to a direct investment, as part of theasset allocation process to reduce risk exposure of a portfolio, or toutilize the current market trend • A structured product appeals to the investor who has a view on themarket and a good idea of their risk/reward appetite • More cost efficient for retail investors

11. Traditional structured products • Capital Protected equity structures — Up to 100% protection on a wide range of listed shares • Capital Protected Commodities structures • Capital Protected Income structures • Capital protected managed investments — CPPI – allocating between asset and bond, usually over managefunds — Bond + call option – fixed allocation, usually over an index, existingproducts have been assisted by the fall in interest rates but new ones aredifficult • Structured products have been evolving to suit market environment…..why?

12. Changes to the landscape • Market volatility at record high levels across most asset classes — Cost of protection has increased due to higher risks — Some CPPIstrategies have cashlocked — Increased demand for lower volatility underlyings e.g. Index-basedETFs • Counterparty risk to the fore — Bear Stearns/ Lehman collapses — Bank/Issuer funding rates increased — Need for diversification • Interest Rates turned sharply down — High break costs on fixed rate loans — Increases cost of Bonds and Bond Floor rises — Investors seeking returns above cash — Inflation catching up • Competitive landscape — Large losses in some trading books => risk appetite diminished

13. Higher Volatility => Higher cost of Protection Source: Bloomberg 15/03/2011

14. … World Equity Index Source: Bloomberg 15/03/2011

15. Traditional Managed Fund investments • Psychology of investors often gets in the way of rational investmentdecisions – reluctance to take profits • Time poor investors – no time to “manage” their exposures • Many years of accumulated gains can disappear quickly in a yearsuch as 2008 • Dynamic ERI: measures market sentiment, investor risk appetite, and equity positioning Source: Bloomberg & UBS Q12011

16. The “Simplicity” and “Optimisation” phases • Back to basics — What am I investing in? How will my investment perform? Can I exit early? • Low risk appetite — Seeking to preserve capital — Reduced demand for leverage strategies — Looking to take advantage of lower prices — Focus on counterparty risk • Income is a high priority — Certainty of returns — Strategies may deliver a minimum fixed return or a regular income stream — Low interest rate environment makes it difficult to achieve incomeobjectives End of Cycle

17. Trends in structured products • Shift towards capital preservation • Investment terms of traditional capital protected products becominglonger • Underlying investment exposures — Equity indices, ETFs — Less thematic and alternative investment exposures • Mechanisms changing — Shift away from traditional CPPT techniques — Option on CPPT — Lower levels of capital protection • Demand for leverage is decreasing — No capital gains to offset — Reduced risk appetite Source: Barclays Equity & Structured Market Survey Jan 2011

18. How do we adapt? • Employ more conservative gearing strategies — Lower LVR’s and internal leverage — Protected lending • Accept upside caps on performance — Lower risk, lower potential return • Invest in less volatile underlyings — Index vs. direct investment — Choose funds which target lower volatility, and construct lower volatilityportfolios — Risk overlays • Consider strategies designed to benefit from current conditions — Take advantage of high volatility — Sell option volatility — Optimisation strategies, vol target strategies, reverse convertibles— Sell volatility • Consider payoffs which are suited to your client objectives — Minimum and fixed return structures — Limited protection — Performance caps to improve participation/protection

19. Each Class has its own Risk versus Return Profile

20. Example: Optimisation strategy • High fixed income, paid regardless of underlying share performance • Basket of 3-4underlying shares • Investment term of say 6 months perhaps up to 2 years • Limited capital protection provided shares remain above a certainlevel (e.g. 60% of initial price) • Investors forgo dividends and upside growth above the fixed return • If barrier is breached (e.g. 60%) worst performing share delivered atMaturity, plus income • If barrier is not breached (e.g. > 60%) capital protection at Maturity,plus income Potential Payoff – Capped Upside

21. Summarised results on optimised strategy • Optimisation strategies can compliment traditional portfolios • Some downside protection to traditional investment portfolios • Diversification of strategies within the same asset class • Helps to meet investor objectives — Capital preservation — Minimum return or income stream • Tax efficiencies — Potential for returns on capital account at maturity • May outperform other investments in sideways, slightly positive and slightly bearish markets

22. USD 6 year Armajaro Commodity Fund (ACF) SUNRISE Note ...full capital protection If held to maturity. Investor seeks: Full principal protection at maturity Commodity exposure via one of the world’s top performing Commodity Hedge Fund Investor can accept: 6 year investment term Potential for losses of principal invested if note is sold prior to maturity Credit risk of the Issuer and Guarantor

23. Armajaro Commodities Fund

24. EUR 2 year Incremental Autocall 13%p.a. Russian Equity Index Note Early redemption mechanism... If on anniversary date, the level of the basket is over its initial level, the invested capital is fully reimbursed & increased by a coupon of 6.50% multiplied by the number of semesters ...with conditional capital protection After 2 years, if the level of the basket has not declined by over 30% from its initial level, the capital is entirely reimbursed. If the contrary applies, the capital will be lessened by the (negative) performance of the basket. Investor seeks: Soft principal protection at maturity Russian Equity exposure Investor can accept: Two year investment term Potential for losses of principal invested if note is sold prior to maturity or if on maturity the underlying is below a 70% European barrier Credit risk of the Issuer and Guarantor

25. Soft Principal Protected Note On Brazilian Equity Index - Euros Early redemption mechanism...If at a quarterly anniversary date, the level of the Index is over its initial level, the invested capital is fully reimbursed in anticipation and increased by a coupon of 14.0%p.a multiplied by the number of quarters of ownership. ... with conditional protection of the capital After 1 year, if the level of the Index has not declined by over 40% from its initial level, the capital is entirely reimbursed. If the contrary applies, the capital will be lessened by the (negative) performance of the basket. Investor seeks: Soft principal protection at maturity Brazilian Equity exposure Investor can accept: One year investment term Potential for losses of principal invested if note is sold prior to maturity or potential loss of capital on maturity if the underlying is below a 60% European barrier on maturity Credit risk of the Issuer and Guarantor

26. USD 1 year Booster 15%p.a. Russian Equity Index Note Investment Summary Leveraged performance on the upside (x 200%) but capped Leveraged performance on the downside (x111%) if the index closes below 90% of the initial value Investor seeks: Soft principal protection at maturity Russian Equity exposure Investor can accept: One year investment term Potential for losses of principal invested if note is sold prior to maturity or potential loss of capital on maturity in a geared fashion if the underlying is below a 90% European barrier on maturity Credit risk of the Issuer and Guarantor

27. USD 5 year 100% Principal Protected Note Floored Floating Rates ...full capital protection If held to maturity. Investor seeks: Full principal protection at maturity Predefined Interest Rate Returns Investor can accept: 5 year investment term Potential for losses of principal invested if note is sold prior to maturity Credit risk of the Issuer and Guarantor

28. Global Bond Trading Cash Bonds Overview PriceOur independence combined with a systematic process of price discovery and analysis enables us to provide our clients with pricing that successfully competes with the largest international banks. Service We offer institutional investors a platform for Global Fixed Income execution services across Investment Grade Credit and High Yield markets. We trade directly with asset managers around the world and have access to significant trading books covering the USA, Europe & Emerging Markets. Trading is enhanced by our Emerging Market Hedge fund overseeing equity derivatives, fixed income, mainly in Russia, Greece , S. Africa , Israel , Middle East , Czech Republic , Poland , Hungary and Turkey SettlementAll trade settlements are effected by SG Hambros, a 100% owned subsidiary of Société Générale, (AA1 rated), which also acts as principal to each trade. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

29. Cash Equity Cash Equity Business Has Been Launched Overview Armajaro Securities Ltd now provides wide and complete range of advisory and execution services, on both Developed and Emerging Markets, with sophisticated single stock, pair and basket trading specialties. We provide to Institutional Investors, from renowned Hedge Fund to small Asset Managers a global investment and execution solutions. We have developed a deep expertise on Emerging and Commodities markets, synergy from our asset management and physical trading so-called divisions. Transparency of our investment advice guarantees the sole interest of our clients: No proprietary trading, No security transaction (no IPO, no ABB, no placement), No credit line or loan proposed to corporate. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

30. Cash Equity Cash Equity Business Has Been Launched Overview Our capabilities tend to be wider as possible; we propose bespoke solutions matching each client’s demands: Slippage reduced to achieve Best Execution, Algorithms (% volume, VWAP, TWAP, Stop, Stop Loss linked to Profit Taking, and many others), Multi-Trading Facilities : All trading will use our Smart Order Router to enable access to liquidity on Chi-X, NASDAQ OMX, BATS, Turquoise and BLINK (crossing engine) unless client specifies otherwise. DMA connectivity, CFDs. Ideas origination and Market Colours We originate trade ideas every day and, as Armajaro Securities Ltd is a principal outsourced trading desk for large fund managers, the significant traded volume and flow allow us to identify market, sector, and thematic trends which help our execution decision process. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

31. Futures & Options Derivatives Brokerage Service Overview • Armajaro Securities Ltdhas launched a derivatives brokerage platform to provide institutional clients and hedge funds with a real-time market insight from research to execution. • Our brokerage desk covers major futures exchanges & provides personalized execution across a wide range of listed derivatives from commodities to equities, energy and fixed income. • Our brokerage-unit is an independent body, therefore guarantees complete anonymity of service to its clients. Armajero Securities Limited does no proprietary trading. • Our office will always be striving the best it can to provide its clients with a multitude of bespoke OTC structured products thus ensuring a permanent coverage of the market. Locations Armajaro Securities Limited Structured Products Global Bond Trading Cash Equity Futures & Options Contacts Settlements

32. ARMAJARO SECURITIES LIMITED: Settlement process Overview SG Hambros acts as principal for settlement trades. Armajaro has a dedicated Euroclear account through SG Hambros: 11064 for its use only Locations InvestorsInsurance CompaniesCorporate Treasuries Private Banks etc. Price Armajaro Securities Limited Investment Banks Market Makers Structured Products Global Bond Trading Issuer of EMTN Depositary Physical flow Physical Flow Cash Equity SG Hambros Futures & Options 100% owned Subsidiary by Société Générale Settlements

33. Contacts Terry Manning Chief Executive Officer Tel: +44 207 529 3662 Email: terry.manning@armajaro.com Group: futures@armajaro.com Helmut Kleinschrod Structured Products Solutions Tel: +44 207 647 3100 Email: helmut.kleinschrod@armajaro.com Group: structuredproducts@armajaro.com Sofiane Megharbi European Head of Sales Tel: +44 207 255 7913 Email: sofiane.megharbi@armajaro.com Group: structuredproducts@armajaro.com Overview Locations Theodore Pitsillides Structured Products Solutions Tel: +44 207 255 7920 Email: theodore.pitsillides@armajaro.com Group: structuredproducts@armajaro.com Andrej Gustin Structured Products Solutions Tel: +44 207 647 3100 Email: andrej.gustin@armajaro.com Group: structuredproducts@armajaro.com Tony Myers Operations Manager Tel: +44 207 647 3118 Email: tony.myers@armajaro.com Group: structuredproducts@armajaro.com Armajaro Securities Limited Structured Products Giuseppe Ardito Structured Products Solutions Tel: +44 207 255 7929 Email: giuseppe.ardito@armajaro.com Group: structuredproducts@armajaro.com Tim Manning Structured Product Solutions Tel: +44 207 647 3143 Email: tim.manning@armajaro.com Group: structuredproducts@armajaro.com Rex Hill Aid Compliance Tel: +44 207 255 7936 Email: rex.hill@armajaro.com Group: compliance@armajaro.com Global Bond Trading Cash Equity Futures & Options Benjamin Chekroun Cross Asset Solutions Tel: +44 207 529 3679 Email: benjamin.chekroun@armajaro.com Group: equity@armajaro.com Guillaume Roy Commodity Broker Tel: +44 207 529 3688 Email: guillaume.roy@armajaro.com Group: futures@armajaro.com Contacts