ECA- Forth Quarter 2012

BICsm Frontier Market Investment Managers and Advisors
South Asian Economies Between India and China

INSTITUTIONAL FIRM OVERVIEW
2012

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Table of Contents

 Our Organization and Proposition
 The Investment Team
 The Case for the BIC Frontier Markets
 Our Investment Process
 Appendix
 Individual Country Profiles
 Staff Biographies

Our Organization and Proposition

Investing In Frontier Asia | 3

Who is Elephant Capital Advisors?

 Independent investment boutique investing in nine BIC Frontier Markets
-BIC (between India and China) region

 Formed in 2011 by Mo Riad
-Native of the region with extensive ties there
-Educated in US with over 20 years institutional investment management experience

 Objective to be a leading manager of BIC long-only and hedge funds

 Headquartered in St. Louis, MO with a research and operations office in Sri
Lanka


Our Proposition

 Access to a large and rapidly growing region in the world

 Use active management to add value
-Country allocations
-Sector weightings
-Fundamental and quantitative company analysis

 Control risk through diversification rules and on-the-ground oversight

 Expect attractive returns that are lowly correlated to other equity markets
-USA, EAFE, and MSCI EM


Investment Team


Management Profiles
Core Team

Mohammed Riad (USA) Kris Loganathan (Sri Lanka)
CEO, CIO, Portfolio Manager Managing Director- Asian Operations

Mohammed Riad is Chief Executive and Chief Investment Kris Loganathan is a Partner and joined the Elephant
officer of Elephant Capital Advisors, LLC a company he Capital Advisors team in South East Asia in February
founded in 2011. He is responsible for the overall business 2011. He provides leadership for the firm’s custodial,
leadership role at ECA, including business development, banking, trading, and legal operations in Asia. Kris also
administrative, and compliance functions. Mo also directs directs the ECA’s local data aggregation efforts and also
the firm’s investment strategy and portfolio management supports the firm’s fundamental research efforts.
process and Chairs the firm’s Investment Committee.

Dr. Abdur Chowdhury, PhD (USA) Ashekul “Huck” Huq (USA)
Chief Economist Senior Research Analyst
Dr. Abdur Chowdhury is a Partner and joined the Elephant Huq is a Partner and joined the Elephant Capital Advisors
Capital Advisors team in April 2011. Dr. Chowdhury is a team in February 2011. He was instrumental in the
member of the Investment Committee and serves as the development of the investment process and is responsible
firm’s global economic advisor. Dr. Chowdhury utilizes his for maintaining the fundamental and country specific
vast international experience assessing the economic, models utilized in security selection and economic analysis.
financial, trade and political landscape, and their Huq is actively involved with the business development and
implications for the portfolio investment companies. client service activities of ECA. He also directs ECA’s full-
time Internship Program as well as oversees the
contributions for the firm’s strategic advisors.


Team Profiles
Consultants

Riz Khan (USA) Firoze Ahmed (USA)
Director, Global Marketing Consultant – Information Technology
Riz will be joining Elephant Capital Advisors LLC (ECA) as
Firoze Ahmed serves as a Strategic Advisor to the Elephant Capital
Director, Global Marketing starting October 2012. In this
Advisor team. He offers technology support advice to the research
role ,Riz's responsibility will be to set overall marketing
team and also assists in U.S. business development efforts. Firoze
strategy including the planning, and execution, and
brings IT consulting experience as head of Business Development at a
managerial oversight for High Net Worth investor
small business federal IT solutions provider working with the US
communities throughout the world that have strong
Government and its many agencies .
connections to the South Asia frontier markets.

Khadaega Thabet (USA) Ara Pararajasingham (Sri Lanka)
Consultant – Business Development
Junior Operations Specialist
Ara Pararajasingham serves as a Strategic Advisor to the Elephant
Khadaega is pursuing a BS in accounting degree at
Capital Advisor team. He offers analytical database support advice to
University of Missouri- St. Louis. For ECA, she assists
the research team and also assists in Asian business development
in the corporate accounting, account documentation
efforts. Ara held a variety of financial analysis and database support
and reconciliation, as well as in operations support
positions at JP Morgan in NYC.
functions.


Experience Advantage

 The team has the economic, social and cultural perspectives of the region.
-5 nationalities, 5 languages/dialects, and business experience from 8 countries.
 Tangible local resources, contacts, and relationships leveraged and directed by US-based
management and research team.
 ECA portfolio management team has over 15 years of institutional equity management
experience.
 Proven “western-style” portfolio management, risk management, and compliance capabilities.
 One of the few investment managers to focus exclusively on the BIC region.
 ECA has partnered with a best-class suite of US-based and off shore service providers for
access to resources in equity and economic research, execution services, and custodial
arrangements.
 Qualified to fulfill a thorough due diligence process to access growing region via a proven
institutional investment manager.


Resources
Trading Research Fund Administration
 Nomura Securities  Asia Development Bank  Segue Partners
 Barclays Capital  World Bank/IMF
 HSBC  HSBC
Portfolio Management
 ConvergEx Group  Nomura
 Nomura Tradespex
 Capital Trust Securities (Pvt) Ltd. (Sri  Barclays Global
Lanka)  Access frontier market database
 Brookings Institute
 Elixir Securities (Pakistan)  World dataBank
 Transparency International
 Standard & Poor's Capital IQ
 World Economic Forum GCI
Legal  Local research providers (Asia)
 Friday, Edlredge, and Clarke, LLC (USA)
Marketing
 Eager, Davis, and Holmes, LLC (USA)
 Stinson Morrison Hecker LLP
 Bull Marketing, Inc. (USA)
Custody
Patents and Intellectual  Pershing (USA)
Property  Scottrade USA Banking
 Harness Dickey (USA)  Deutsche Bank Pakistan  Citibank, N.A.
 Standard Chartered  HSBC
Bank Asia Bangladesh
Tax & Accounting 

 HSBC Sri Lanka
 Burds and Kuntz PC (USA)
 American Express
 Harb, Levy, and Weilland, LLP


The Case for the BIC Frontier
Markets


BIC Frontier Asia
China

Nepal Bhutan

Pakistan Laos

Bangladesh
Vietnam
India Myanmar

Cambodia

Sri Lanka


What are Frontier Markets?
 Smaller & Less Liquid
 Frontier markets represent those economies that are smaller and less liquid than the more advanced
emerging markets. They are often considered a subset of those economies defined as emerging markets.
Frontier economies are differentiated from their bigger developing market brethren by the following more acute
risk characteristics; political instability, poor investment liquidity, inadequate financial regulation, weak
corporate legal infrastructure, substandard financial reporting, as well as larger currency fluctuations.
 All Corners of the Globe
 Frontier markets exist in all the corners of the globe with country representations in South America, Middle
East, Africa, and Asia.
 $Trillion
 Frontier markets represent roughly 4% of global GDP, and depending on your classification, over $trillion
when combined.
 50+ Stock Markets
 Roughly half of the nearly 120 stock markets worldwide representing nearly one third of the world population
can be classified as frontier markets.
 Surging Interest
 Growing demand for cheaper labor and access to new sources of raw materials, coupled with a search for
higher investment returns has led to surging interest in frontier markets.


What are Frontier Markets?
“Frontier markets have historically displayed modest correlation to both developed and emerging market indices.....global
economic forces may not influence the frontier economies to the same extent as the more interconnected developed markets.”
Source: Mekeeta Investment Group

Index Returns & Correlations
U.S. Dollar Standard Sharpe * Correlation to
Jun 2002 – Dec 2011 Returns (%) Deviation (%) Ratio MSCI Frontier Index*
MSCI Frontier 6.2 14.2 .02 1.00
MSCI Emerging Markets 10.7 22.0 .31 0.36
MSCI EAFE 2.0 20.4 -0.10 0.32
S&P 500 1.7 22.2 -0.10 0.07
BIC Region (GDP weighted Index) 19.2 12.9 1.00 0.20
JPM Global Aggregate Bond 7.3 5.9 0.57 0.08

* Returns use simple price appreciation and not total return. Risk-free rate assumed for 4% for developed markets and 7 % for Frontier. Correlation return numbers calculated using daily price change data.

MSCI Frontier Markets (FM) Index
Central & Eastern Europe &
Americas CIS Africa Middle East Asia
 Argentina  Bulgaria  Kenya  Bahrain  Bangladesh
 Trinidad & Tobago  Croatia  Mauritius  Jordan  Pakistan
 Estonia  Nigeria  Kuwait  Sri Lanka
 Kazakhstan  Tunisia  Lebanon  Vietnam
 Lithuania  Oman
 Romania  Qatar
 Serbia  United Arab Emirates
 Slovenia
 Ukraine


Characteristics of Frontier Investing
 An availability of a growing low cost labor pool, increasing literacy rates, and rising standards of the middle
class can outweigh the structural impediments inherent in many of these economies.
 Many frontier markets are undervalued but are rich in untapped natural resources and commodities
available at much lower extraction costs compared to developed economies.
 Sector and stock concentration in many less liquid developing capital markets adds a level or risk that may need
to be actively managed.
 Very few investment vehicles are offered for foreign investors for broader access to Frontier Asian Markets.
 Currency controls and restriction on foreign direct investment have to be considered in many small frontier
markets.
 Frontier equity markets exhibit low cross-correlations between themselves in a particular region thus
providing additional diversification and lowers overall portfolio volatility.
 Frontier economies are generally more dependent on indigenous demand for goods and services and less
exposed to global economic developments than emerging market.


Opportunities in Frontier Asia?
 BIC Frontier stocks directly benefit from their strategic location between the world’s two fastest growing
developing markets of India and China.
 Three of the 11 nations identified by Goldman Sachs as N-11 are major economies in the FSA.
 The FSA market alone is home to over 550 million people and with a total GDP for the region in excess of
USD$ 1.25 trillion.
 Many BIC economies also have access to shipping routes and port facilities that are vital to Indian and
Chinese exports and imports.
 FSA economies are experiencing a newfound base in manufacturing benefiting from the rising wage
structure, production costs, and currency strengths in the major regional economies of China and India.
 The region continues to be one of the fastest areas with 2010 GDP growth of 8.6%. The Asian Development
Bank projects “Developing Asia” to grow a healthy 7.3% for 2011.
 Consumer demand growth in China and India is trickling down and having a domino effect in FSA market
exports.
 The continued outsourcing trend and some of the lowest wage rates in the world benefit frontier economies
as they are the lowest cost providers of labor in the region.
 FSA is one of the largest untapped expected consumer market regions in the world with a rapidly growing
middle class.
 Continued trend of privatization of state-owned industries will add large number of investment
opportunities and increased liquidity to the investable universe for the foreseeable future.
 Majority of economies have active stock exchanges with over 1600 listed equities represented in the region.


Risks of Frontier Investing

 Frontier capital markets are less developed and stocks are more thinly traded, resulting in potentially higher
trading costs and lower liquidity.
 Macroeconomic shocks to a particular economy or region may significantly affect the performance of
frontier market stocks.
 Currency, political and social stability, non-conforming accounting practices, and lack of transparency are
new “factors” for frontier managers to incorporate in their macro models.
 Sector and individual security concentration is more pronounced and needs to be managed. For example,
bank stocks in many of the frontier markets can comprise up to 30% of the total market capitalization.
 Idiosyncratic political and economic risk can result in severe single market volatility that can be mitigated
with an active investment approach.
 Corruption in the governments and private sectors coupled with weak judicial systems remain structural risks
imbedded in all Frontier markets.


Statistics of BIC Countries
Vietnam Pakistan Sri Lanka Bangladesh

Number of issues
336 644 241 255

Stock market
capitalization $28,804 $38,278 $20,095 $31,803
($ million)

Population in
90.6 14 187.3 6 21.3 57 158.6 7
millions (rank)
GDP PPP in billions
(rank)
$278.1 42 $451.2 28 $104.7 69 $259.3 47

GDP per capita
(rank)
$3,100 167 $2,400 181 $4,900 148 $1,700 196

Government Socialist Parliamentary
Federal Republic Republic
Republic Democracy
Literacy rate 90.3 49.9 90.7 47.9
(% of total pop.)

Median age (yrs.)
27.8 21.6 30.8 23.3

*CIA World Fact book
**2008 year end


Statistics of BIC Countries
Nepal Bhutan Laos Cambodia Myanmar (Burma)

Number of
289 22 3 0 0
issues
Stock market
capitalization $4,672 $250 $60 $39.2 0
($ million)

Population in
29.4 41 .7 164 6.5 103 14.7 66 53.9 24
millions (rank)
GDP PPP in
$35.3 102 $3.6 170 $15.7 135 $30.1 108 $60.1 86
billions (rank)
GDP per
$1,200 208 $5,000 144 $2,400 180 $2,000 188 $1,100 209
capita (rank)
Government Federal
Constitutional Monarchial
Democratic Communist Military Regime
Monarchy Democracy
Republic
Literacy rate
(% of total pop.)
48.6 47.0 73.0 73.6 89.9

Median age
(yrs.)
21.6 24.8 21.0 22.9 26.9

*CIA World Fact book
**2008 year end


Valuation

 BIC economies offer an attractive relative valuation profile versus developed and emerging markets.
 Competitive margins and attractive dividend yields help to offset additional risks.

Name Current Level P/E P/B ROA ROE Div Yield

S&P 500 Index 1,314.6 14.8 2.2 9.4% 25.7% 2.0%

MSCI EM Index 999.6 11.3 1.7 8.8% 20.9% 2.6%

MSCI FM Index 465.1 10.4 1.4 7.0% 16.8% 5.3%

VN - Index (Vietnam) 373.0 9.3 1.1 8.5% 20.6% 10.8%

Karachi 100 Index (Pakistan) 8,306.6 8.5 1.4 9.1% 21.8% 9.7%

DSE General Index (Bangladesh) 4,506.1 10.3 2.2 6.7% 19.6% 2.1%

Sri Lanka Colombo All Sh 5,536.1 12.3 2.0 6.8% 19.0% 2.5%

BIC Region Index (GDP weighted) 5,367.5 9.7 1.6 7.9% 20.5% 6.4%
16,995.8 17.1 2.9 23.9% 1.5%
BSE-500 Index (India) 12.0%
2,298.4 12.6 2.0 20.34% 1.8%
CSI 300 Index (China) 6.8%
As of 01/24/12:
For Composite Index: Ratio calculations are based on GDP weights of
individual countries


Regional Performance
 Returns on assets and equity are expected to significantly improve in the next several years due to
technological and management advances.
 Higher EPS and Cash Flow growth is projected due to economic growth and demographics.
 Variability in yearly country returns argues for active management of country allocations.

Country Returns

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Pakistan Pakistan Bangladesh Pakistan Vietnam Bangladesh Vietnam Sri Lanka Sri Lanka Pakistan

Sri Lanka Sri Lanka Sri Lanka Vietnam Sri Lanka Pakistan Bangladesh Bangladesh Bangladesh Sri Lanka

Bangladesh Bangladesh Vietnam Sri Lanka Pakistan Vietnam Sri Lanka Pakistan Pakistan Laos

Vietnam Vietnam Pakistan Bangladesh Bangladesh Sri Lanka Pakistan Vietnam Vietnam Nepal

Nepal Nepal Vietnam

Bangladesh


Correlations and Returns
Key Correlations

World Indices (% change)


Regional Performance
 High demand for private market financing activities and a new emerging investing class in
the regions is driving significant capital markets growth.

Country Returns (% change)
Index 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 CAGR

Vietnam 13.8 -22.1 -8.9 43.3 28.5 144.5 23.3 -6.6 5.7 -2.0 -27.5 11.0

Pakistan -15.6 112.2 65.5 39.1 53.7 5.1 40.2 -58.3 60.0 28.1 -5.6 20.1

Sri Lanka 38.8 31.2 30.3 59.3 27.6 41.6 -6.7 -40.8 125.2 96.0 -8.5 28.1

Bangladesh 29.1 -0.9 17.7 103.7 -14.9 -4.0 87.5 -7.0 62.3 82.8 -36.6 21.1

Laos − − − − − − − − − − -9.5 -9.5

Nepal − − − − − − − − -21.3 -26.3 -21.7 -24.9

China -20.6 -17.9 10.3 -15.4 -8.3 130.4 96.7 -65.4 80.0 -14.3 -21.7 0.5

India -17.9 3.5 72.9 13.1 42.3 46.7 47.1 -52.4 81.0 17.4 -19.8 13.1

Source: MSCI

*The ending date for 2011 data is 12/15/2011 for Royal Nepal Index. The beginning date for Lao Stock Index is 1/12/11. The beginning date for Royal Nepal Index is 4/1/2009


Our Investment Process


Investment Process
 ECA’s investment philosophy is structured on the fundamental belief that a top-down investment strategy utilizing
global and regional economic data, combined with rigorous security analyses, offers institutional investors the best
risk adjusted approach to Frontier Asian Markets equity portfolios.

Natural resource Capital markets
availability development
Labor cost and skill Corporate competitiveness
advantages Regional demographics
World Economic Forum GCI Strategic geographic legacy Global demand needs in energy
Transparency International Global demand for raw materials
Ease of Doing Bus. Indices Regional infrastructure spending
GDP expected growth
Global Ratings Indices ranks Top Down Macro Analysis Imports/Export transportation
Tourism demand
Foreign Direct Investment Global outsourcing trends
Government policy
Monetary Policy
Country Global Regional governmental policy agendas

Allocation Themes
Political alliances
Industry growth analysis
Regional trade pacts
Global sector attractiveness
Cross-country sector
Market Analysis Regional drivers of growth
Competitive industry costs
Government support
investments
Government investment Sector Industry Industry development
Competitive advantages
Sector privatization
Dynamics Outlooks

Valuation analyses Security Analysis Business Strength
Growth Drivers
Cash Flow metrics Management
Quantitative Fundamental


Security Analysis

Business Growth
Valuation Cash Flow Management
Strength Drivers
Ratio metrics Cash generation Industry metrics Acquisition history Capital allocation

Margins Redeployment of Competitor Sales growth Acquisition history
cash flow analysis
Industry
comparison Economic trends Credibility
Balance sheet Barriers to entry
Historical trend strength Operating leverage Access to
analysis Technological information
Payout ratio advantages Business drivers
Return on
Length of tenure
invested capital
Capital structure Innovation and
R&D


Risk Management
Hypothetical Portfolio * Companies from periphery Country Allocation
countries that derive > 50% of
0%
0%
2% revenue from region. No more 30% in single country
0% 10% Bangladesh
3% 20%
Vietnam
4% Sri Lanka
Sector Allocation
Pakistan
Nepal
No more than 35% in a single sector
15%
21% Laos
Cambodia Equity Holding
Myanmar
25% No more than 5% in individual security
Bhutan
Other*

Benchmarks
Sector Breakdown
MSCI Frontier Markets
Utilities
Communications MSCI FM Asia Index
Energy
Basic Materials
S&P Frontier BMI
Industrial Customized benchmark
Diversified
Cons. Cyclical
Cons. Non-cyclical
Financial

0% 5% 10% 15% 20% 25% 30% 35%


APPENDIX


Country Profiles
A senior Indian foreign-service official is quoted in the book “The Rivals” by Bill Emmot. “The thing you have to
understand,” he says, “is that both of us (India and China) think that the future belongs to us. We can’t both be right.”
The BIC countries stand to directly benefit from this global competition…
Vietnam Pakistan
 Coastline of about 3,400 kilometers facing the  The level of internet users as a % of population in
South China Sea giving access to shipping Pakistan is greater than Indonesia, Philippines, Sri Lanka,
routes to China and Japan. and India.
 The Ho Chi Minh City port facilities strategic  Different than most developing economies in Asia,
location for access to both Indian Ocean and Pakistan’s industrial sector has a higher contribution to
South China Sea ranked 29th in the world, with GDP than the agricultural component.
cargo volumes surging more than 4 times from  Gallup Pakistan in a June 2009 study estimated that total
1999 to 2009. TV viewership in the country was 86 million with a near
 GDP rose by average of 7.3% annually over the split between terrestrial and Sat/Cable technologies.
last decade.  The All Pakistan Newspapers Society (APNS) estimates
 With a literacy rate of over 90%, adding over 1 that there are over 1000 daily newspapers. A 2008 BBC
million people a year to its workforce. survey found more than 42% of men read newspapers
 Lowest labor cost for Southeast Asia economies regularly.
with average monthly wage of US$100.  A high growth country, GDP averaged roughly 7% per
 China has become a “banker” to Vietnam annum from 2000-2007.
infrastructure with 4 out of 9 power projects  Highest urbanization in South Asia. The urban population
use loans from China. is likely to equal its rural population by 2030.
 Chinese FDI in Vietnam was up 74% in 2010.
 Asia’s third largest producer of oil.


Country Profiles
Bhutan
 Transitioned from an Absolute Monarchy to Constitutional Democracy Monarchy in 1998.
 One-third of the population is under the age of 14; the median age is 24.8 years.
 First country with a constitutional obligation of the population to preserve at least 60% of the nation’s forests.
 Government forecasts the unemployment rate is forecast to drop to 2.5% be the end of 2012
 Power generation from Hydropower is large and fast growing part of GDP with electricity sales accounting for over
25% of exports.
Nepal
 Nearly 50% of total trade value is with next door neighbor, India.
 Agriculture accounts for 40% of GDP and with 76% of the labor force engaged in some form of agricultural industry.
 The top income and corporate tax rate is 25%.
 A nearly 10 year long insurgency by Maoist rebels ended in 2006 with a drafting of a new constitution in April 2008
ending the power of the ruling Monarchy.
Myanmar (Burma)
 India at 13% and China at 11% are the 2 largest export partners.
 Offshore Shwe and Shwephyu Fields are expected to hold between 5.7-10 trillion cubic feet of natural gas.
 Pipeline construction under way will link China’s Yunnan province to natural gas fields and ports in Rakhine State for
Africa-origin crude oil.
 Produces more than 90% of the world’s rubies and fine-quality Jade.
 China contributed to nearly 2/3 of all foreign investment in Burma over the financial year 2010-2011.


Country Profiles
Cambodia
 Benefits as a member of ASEAN group from China-Asean free trade agreement (FTA).
 China is the largest financier of infrastructure projects.
 The 20th century was a disastrous one for Cambodia who were under French control from 1863-1953 and 70’s under
the brutal Khmer Rouge reign of terror.
 National stock exchange is expected to debut summer of 2012 with US Dollar and Cambodian Riel as currency choices.
 The United States remains the largest export part with nearly 50% of total exports.
 GDP expected to average 6.5% in 2011 and 2012 according to ADB.
Laos
 Construction to begin on high-speed railway connecting capital of Vientiane with Kunming, China and to be completed
in 2015 and China to finance 70% of US$4 billion cost.
 China National Petroleum Corp. is financing a natural gas pipeline from Myanmar to Yunnan province.
 Korea is the number one investor and China the number 2.
 The government expects the economy to grow at 8.5% in 2012 with a trade surplus resulting from the export of
commodities, including gold, copper, electricity, and garments.
 Thailand continues to be main trading partner for exports and imports.
 First stock exchange opened this January with 2 companies listing initially.
 GDP has expanded by an average of 7.9% a year for the past 5 years.


Country Profiles
Sri Lanka
 China was largest foreign investment financer involved in nearly all of the country’s major infrastructure projects
countrywide.
 Chinese companies are largest investors in country’s major infrastructure projects.
 Tumultuous 25-year civil war with minority Tamil separatists ended in June 2009 and ushered in the beginnings of a
new era of rebuilding and economic growth.
 Asian Development Bank forecasts SL GDP growth of 8% in 2011 and 2012.
 Best performing international stock market in 2010 with a 96% return.
 India was the largest source of foreign direct investment to Sri Lanka in 2010 with US$110 million committed.
Bangladesh
 Fourth largest rice producer in the world.
 Southern port city of Chittagong is home to the world’s largest ship breaking yard.
 2010 GDP growth of 6.66% is highest since post independence period of 1973-1974.
 Home to the largest mangrove forest in the world and the world’s longest beach at Cox’s Bazaar.
 The agriculture sector employs nearly 50% of the labor force and generates roughly 20% of GDP.
 One of the largest democracies in the world, Bangladesh is also the third most populous Muslim nation.
 Remains the largest exporter of Jute goods (carpet backing, twine, sacks) and the second largest producer of Jute
globally.


Biographies
Mohammed Riad CEO, CIO, Portfolio Manager
Mr. Riad has nearly 20 year of experience in the investment management industry. From 1999 to 2010, Mo held the titles of Managing Director,
and Senior Portfolio Manager at Fiduciary Asset Management Co., LLC (FAMCO) an investment subsidiary of the middle market investment bank
Piper Jaffray Cos. Mr. Riad served on the firm's Strategy, Investment, and Risk Management Committees and has held a wide range of senior
portfolio management and executive roles at FAMCO. Mo developed extensive experience in portfolio strategy, research, and trading through his
lead portfolio management roles in large and small cap equity, hedged equity, and quantitative enhanced portfolios. Mo was instrumental in the
development of the firm’s option-based institutional hedged products and trading methodologies. Early in his career, Mr. Riad worked in Wealth
Management where he obtained his licensed advisor and securities principal licenses for his roles in branch management at Legg Mason (Smith
Barney) in the Washington D.C. and New York offices. Mo serves on the Institutional Advisory Board at CBOE and is active in the options
community as a frequent speaker and panelist at industry conferences and events. Mr. Riad received a Bachelor of Science in Business from Wake
Forest University and his Masters of Business Administration from Washington University in St. Louis. He was born in Dhaka, Bangladesh and
resides in St. Louis, MO.

Abdur Chowdhury Chief Economist
With over 25 years of experience, Dr. Abdur Chowdhury has served as a senior economist in the world’s foremost economic policy and research
institutions. Most recently as Chief Economist and Director, Dr. Chowdhury led the United Nations Economic Commission for Europe’s Economic
Analysis Division located in Geneva, Switzerland. In addition, Dr. Chowdhury served as Senior Researcher at the Institute for Transition
Economics for the Bank of Finland in Helsinki, Finland. While in Finland Dr. Chowdhury also worked as Visiting Researcher at the World
Institute for Development Economics Research of the United Nations. The Food and Agriculture Organization of the United Nations in Rome,
Italy named Dr. Chowdhury as a Consultant in 1998. Recognized as an expert in macroeconomic analysis, Dr. Chowdhury has continued to serve
as Professor of Economics at Marquette University since 1989.


Biographies (cont.)

Kris Loganathan Managing Director, Asian Operations
Kris began his career as an Analyst for the World Bank in Washington, D.C. He then moved to New York to join the Emerging Markets Equities
Group at UBS where he spent six years as a Sales Trader advising on South Africa, Latin America and Emerging Asia markets for institutional buy-
side clients. Kris has also worked for the firm’s Equity Derivatives Desk focusing on hedging concentrated equity positions for U.S. asset
managers, hedge funds and high net worth clients. Kris currently resides in his hometown of Colombo, Sri Lanka. He is an independent consultant
providing strategic advisory services to multinational firms and foreign investors. He is an active investor in the public and private markets in Sri
Lanka and South Asia. Kris received his Bachelor of Arts in Economics from Hampden Sydney College in Virginia.

Ashekul Huq Senior Research Analyst
Huq has extensive experience in the financial services industry and began his banking career in the Consumer Banking division of integrated
financial services firm Regions Financial. Huq graduated from Regions Leadership Development Program and later joined the bank's Commercial
Loan Department as a Relationship Manager in Business Banking. Huq actively managed a portfolio of major commercial relationships, developed
new business relationships, and consulted Branch Managers in the Consumer Banking Team for small business development. He coordinated
client service activities with other areas of the organization such as treasury management, private banking, public funds, trust, mortgage, and
investments. He has also led numerous civic, business and charity events for the bank. Huq served as a liaison between the U.S. Small Business
Administration and Regions Bank in Arkansas. Huq has served on the local boards of many organizations in Arkansas including Civitan
International. His education background includes a Master's in Business Administration from the University of Arkansas - Little Rock and a
Bachelor's of Science degree in Computer Science from University of Central Arkansas.

Riz Ali Khan Director, Global Marketing
As a senior sales professional with 20 yrs of experience, Riz has held executive sales management roles for multinationals in India, United
Kingdom, and the US. He is an accomplished specialist in brand building, large account management, product portfolio development, as well as
channel and distribution management, Riz spent 9 years with FedEx India as Manager Sales- Corporate Accounts responsible for all-India
corporate clients. He was also a Sales Supervisor for Sonex Communications PLC, one of the largest electronics resellers in the United Kingdom.
Riz held the position of regional and country head for Airex Logistics in Delhi, India. While in the United States, he has continued his association
with Airex by performing consulting and advisory services. He is also a co-founder and principal with BGH India, an India-based construction
company with 3 locations in India. Riz also an active member and volunteer of National MS Society. Riz earned his Business Leadership
Management Program certificate from Cornell University, NY, USA in 2011.


Biographies (cont.)

Khadaega Thabet Junior Operations Specialist
Khadaega has participated in the 2012 Volunteer Income Tax Assistance (VITA) program, where she assisted low income, disabled, and elderly file
their tax returns. Her experience also includes cashiering and daily banking responsibilities for a St. Louis-based, family owned and operated retail
merchandiser. Khadaega is pursuing a BS in accounting degree at University of Missouri- St. Louis. She was also nominated to the All-Missouri
Academic Team 2012; a regional academic recognition.

Firoze Ahmed Consultant – Information Technology
Firoze is currently the Vice President of Business Development for Telophase Corporation, an Arlington, VA based 8(a) small business federal
service IT provider. His clients are mainly focused on the United States Government which includes both the Civilian and Defense Agencies. He
has contracted multi-million dollar agreements where enterprise IT solutions and management consulting services were supplied to the U.S.
Government. Firoze was also the Director of Government Affairs and his responsibilities included overall business and operations management.
He also worked for Net2000 Communications, a regional telecommunications company in the role of a technology program officer. Firoze earned
a Bachelor of Arts from the University of Maryland, and resides in the Washington, D.C. metropolitan area.

Ara Pararajasingham Consultant – Business Development
Ara co-founded a Bangalore-based India sports management firm Leander Sport Pvt. Ltd and currently serves as its CEO. While at Leander Sport,
Ara developed deep relationships in the sports management industry and with the investor community. He worked with sponsors, rights holders,
agencies, media and sporting team/franchise owners within India. He also pioneered a turn-key Sports Infrastructure practice from Design,
Marketing, Development, to Operations for Indian clients ranging from real estate developers, academic institutions and state associations. Prior
to this venture, Ara worked for JP Morgan in New York City from 1997-2005. His last position was working with Office of the Chairman as well as
various division CFO’s as a Vice President for Corporate Risk and Information. He also held V.P. and Associate positions in Investment Banking
Finance, Foreign Exchange, and Commodities trading. Earlier in his career he was a Senior Fixed Income Analyst for Reuters in Stamford, CT.
Ara earned a Bachelor of Sciences in Mathematics from Madras Christian College in Chennai, India and an MBA in Finance from the Barney
School of Business at the University of Hartford in Hartford, CT.


ECA- Forth Quarter 2012

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