FORMULAFIRST LTD.

Formulafirst Limited is a balanced mutual fund launched and managed by 2trade Group Limited. The fund invests in the public equity and fixed income markets across the Europe and the United States with a focus on central European countries such Switzerland, Austria and Germany. It also invests in convertible instruments, options, futures, and funds. The fund makes its investments in securities of companies operating across diversified sectors. It primarily uses value investment strategy to invest in companies with market capitalization of more than EUR 100 million. The fund employs a fundamental analysis with bottom-up approach to make its investments. It benchmarks the performance of its portfolio against the MSCI World Index. The fund conducts in-house research to make its investments. Formulafirst Limited was formed on December 29, 1994 and is domiciled in British Virgin Islands.