CREDO GROUP

Overview
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PRIVATE &
CONFIDENTIAL

CREDO
An Introduction

About us
The Credo Group is a personalised independent wealth management business founded in 1998. The majority shareholders of the group are senior management. Private Wealth management is our core business. We integrate all of your needs into one office providing oversight and co-ordination for all your investment-related activities. We have assets under administration in excess of 1.2 billion across 2,700 clients. The Credo Group of Companies has offices in the UK (London), Switzerland (Geneva), Bermuda, South Africa (Johannesburg and Cape Town) and BVI. We also have a presence in Australia, New Zealand and Luxembourg. The group employs over 65 people.

Our Core Private Client Services include:

Asset Management Stockbroking Property Trust Services Private Equity

ASSET MANAGEMENT
A tested model in times of uncertain market volatility

Asset Management
We manage segregated bespoke discretionary portfolios for high net worth clients. We adopt an asset allocation approach and within each asset class we use a combination of individual securities best of breed funds and ETFs. Our investments are spread across all the major asset classes including: - Equities - Fixed Income Bonds - Commodities - Property (direct real estate) - Hedge funds and - Cash

We adopt 3 risk based asset allocation models:

1. Low Volatility 2. Medium Volatility 3. High Volatility Although all clients have a bespoke discretionary portfolio, the abovementioned models form the basis for those portfolios.

MODEL PORTFOLIOS
A tested model in times of uncertain market volatility

Asset Allocation Models GBP January 2012

The following illustration shows the asset allocation between the various models

MODEL PORTFOLIOS
A tested model in times of uncertain market volatility

Asset Allocation Models USD January 2012

The following illustration shows the asset allocation between the various models

BIP
Long Only, Value Investing

Best Ideas Portfolio

Diversified portfolio of high conviction global equities. Long term value investing. Bias towards developed market large cap stocks. Strategy is to generate sustainable excess returns versus global market indexes through superior stock selection. +3.7% to (14.04.2011 to 31.12.2011), MSCI World -11.2%.

BIP
Long Only, Value Investing

Best Ideas Portfolio Investment Philosophy

Actively seeking Growth At Reasonable Prices. Identifying companies that have a strong and sustainable earnings outlook. Identifying companies that trade at a discount to intrinsic value. Add value through fundamental bottom up research and compliment this with our views on the global economy.

CIP
Solid Track Record

Income Plus Portfolio

Interest earned on cash is negligible. Yet inflation is significantly eroding the value of capital. An income solution to achieve return on capital without taking undue risk. Created the Credo Income Plus Portfolios (CIPs). Three high conviction bond portfolios across 2 currencies. Each with a minimum targeted annual return that we would expect to achieve over the life of the portfolios. The portfolios will be actively managed by our Fixed Income Team. Solid track record. Performance will be reported and updated quarterly. Daily access to their portfolios via MyCredo, which provides transparent secure online reporting.

CIP
Solid Track Record

Income Plus Portfolio

CIP
Solid Track Record

Income Plus Portfolio Investment Process

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GLOBAL TRADING
Execution only, advisory and discretionary services

Stockbroking
Credo Capital Plc is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. We act for private clients, trusts, companies, family offices, private banks and hedge funds We deal in securities quoted on almost all global stock exchanges including: - Shares - Bonds - Mutual funds - Hedge funds - Exchange traded funds - Private Equity Funds - Derivatives All these assets are traded via a single investment account, thereby providing the clients with a consolidated view of their entire portfolio.

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GLOBAL TRADING
Execution only, advisory and discretionary services

Stockbroking Team Structure

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RESEARCH
Extensive Network

Research
Through our extensive network we are able to gain access to a breadth of third party industry research from leading investment houses, including:
JP Morgan HSBC Merrill Lynch Stock Brokers Seymour Pierce Numis Securities Jefferies International Goldman Sachs Investec ING

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SAFE CUSTODY
Secure Client Assets

Custodians
We have selected trusted and sound custodians, thereby providing our clients with the peace of mind that their assets are secure and protected at all times. Our primary custodian in the UK is Pershing Securities Limited, a wholly owned subsidiary of Bank of New York Group, and is the leading custodian for private clients in the UK. Our US based custodian is JP Morgan.

Our Guernsey based custodian, recently added is BNP Paribas.

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PROPERTY
Solid track record and experience

Credo Property
Specialists in acquiring and managing commercial properties in the UK and Europe Credo Property team has acquired circa 1bn over 12 years, offering an:
Infrastructure to source and manage investments efficiently. Experienced team of professionals with a proven track record. Intimate knowledge of and extensive experience in the UK and European property markets. Extensive network of relationships (lawyers, surveyors, property agents, financiers, banks, tax advisors and industry relevant specialists).

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PROPERTY
Solid track record and experience

Track Record of significant acquisitions

Property investment portfolio acquired of circa 1bn over 12 years. Some highlights are set out below:
2011 Distribution centre pre-let to Marks & Spencer Plc (UK) 69m Kings Mall shopping centre (London, UK) 120m 2009 Anglo American global head office (London, UK) 66.5m 2008 Warehouse let to Sainsbury 14.6m Call centre let to Car Phone Warehouse 13m Development in Scotland 2.7m Development in Poland 4m A retail outlet let to Rewe in Germany 2.8m 2007 24 supermarkets (Germany) 56.9m 2006 1 DIY supermarket (Germany) 12.4m 1 shopping centre (Switzerland) CHF230m 5 Ashbourne nursing homes (UK) 20m 4 Peugeot showrooms (Germany) 20m 2005 15 Hilton Hotels (UK) 400m 13 Burger King outlets (Germany) 20m Office investment in St Austell, Cornwall (UK) 6.5m 28 ATU auto part properties (19 Germany, 9 Austria) 68m 15 Netto Marken Discount supermarkets (Germany) 31.8m 2004 85 Volkswagen showrooms (UK) 250m 6 GWB shopping centres in Germany 25.6m 2003 Kodak headquarter (Paris, France) 60m 130 National Car Parks parking facilities (UK) 600m 2002 Camden property let to Viacom & others 24.9m

We have successfully exited from a large number of these investments prior to the market fall in August 2008.

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OFFSHORE FIDUCIARY
Protecting your assets offshore

Trust Services
Trust and Fiduciary Services administered out of Geneva, Switzerland. Guardian Trust Company Limited, a Credo Group company, provides our personalised range of offshore trust, company and fiduciary services. We provide structuring advice and arrange for the formation and administration of trusts and companies in selected jurisdictions. These structures afford you the opportunity to manage and protect your wealth and provide for the smooth and orderly transfer of your assets to future generations.

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UNIQUE OPPORTUNITIES
Expertise and resources of a team of professionals

Private Equity
Private equity, as an asset class, plays an important part in a well-managed diversified portfolio. We actively seek unique private equity opportunities As a consequence clients for whom such investments are suitable, have participated in numerous high quality private equity investments, either directly or via third party funds. Credo and Ki Corporation Limited have launched the Credo Ki Private Equity Fund ("The Fund") which targets fast growing businesses with a proven business model that require capital to fund their expansion.

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CONSOLIDATED AND SECURE

Up to the minute reports all in one place

MyCredo
MyCredo is a multi-asset class, multi-currency web based reporting system with 2 distinct versions:

MyCredo for the Professional Advisor

Consolidated view of all your clients accounts Large suite of reports including performance reporting Subscription service Enter trades on-line

MyCredo for the Private Client

Secure web based reporting tool Transparency Transactional history Performance reporting Consolidated view of the accounts via a single login

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CONSOLIDATED AND SECURE

Up to the minute reports all in one place

MyCredo white labelled version Login Page

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CONSOLIDATED AND SECURE

Up to the minute reports all in one place

MyCredo white labelled version Home Page

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CONSOLIDATED AND SECURE

Up to the minute reports on the go

MyCredo App Coming Soon

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WWW.CREDOGROUP .COM

LONDON
83 PALL MALL SW1Y 5ES LONDON UNITED KINGDOM T. +44 (0)20 7968 8300 F. +44 (0)20 7968 8301

GENEVA
15, BOULEVARD HELVETIQUE CH-1207 GENEVA SWITZERLAND T. + 41 (0)22 718 7200 F. +41 (0)22 718 7201

CAPE TOWN
ROZENHOF COURT, UNIT 6 20 KLOOF STREET, 8000 CAPE TOWN SOUTH AFRICA T. +27 (0)21 422 4273 F. +27 (0)21 422 5047

JOHANNESBURG
WIERDA MEWS, BLOCK B 41 WIERDA ROAD WEST, 2196 JOHANNESBURGH SOUTH AFRICA T. +27 (0)11 883 3222 F. +27 (0)11 883 9905

BERMUDA
CENTURY HOUSE 16 PAR-LA-VILLE ROAD P.O. BOX HM 1806 HAMILTON, HM HX, BERMUDA T. +1 441 292 7478 F. +1 441 295 4164

BVI
GENEVA PLACE 333, WATERFRONT DRIVE ROAD TOWN, TORTOLA BRITISH VIRGIN ISLANDS T. +1 (0)284 494 4388 F. +1 (0)284 494 3088

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