ALPCOT CAPITAL MANAGEMENT

Alpcot Capital Management Limited (“Alpcot”) is an independent investment management company formed in 2005 by a group of investment professionals with significant experience of fund management and investments in Emerging Markets. Alpcot has two main business areas, alternative investments and mutual funds. Within Alternative investments, Alpcot has founded Alpcot Agro, a Swedish limited liability company, which is farming in excess of 100,000 hectares in Russia and Ukraine. Within M... utual funds, Alpcot in December 2010 launched Alpcot SICAV, which is an umbrella fund registered in Luxembourg. The first sub-fund is Alpcot Russia, which was launched in December 2010 and its UCITS ETF share was listed on NASDAQ OMX in Stockholm in February 2012. Alpcot Balanserad R was launched on 28 November 2014 and Alpcot Offensiv R on 28 May 2015. Alpcot has a number of core values, which inspire us both in the way we develop Alpcot and in the way they manage the investments. The following core values constitute Alpcot's corporate identity: Passion – Alpcot invests with passion. The potential of high return from investments in Eastern Europe cannot be realized without diligence, commitment and patience. Insights into portfolio companies are ideally gained locally at corporate visits and views are best expressed in direct dialogue with the portfolio companies. Visits at company operations far away from Moscow or Kiev may not be glamorous, but they draw satisfaction from the resulting insights captured through seeing local operations and speaking to employees at different levels in the portfolio companies. Innovation – The financial sector is a conservative bastion. There are huge vested interests in current structures, but as an independent and innovative firm, Alpcot is not prevented from challenging the traditional structures and we are convinced that things don’t have to be done as they always have been done. Innovation and creativity will always attract its critics, but those who say something cannot be done should not stop those who are doing it. Independence – Alpcot is not connected to any larger financial group. As an independent firm, Alpcot is solely loyal to its clients and investors, upon whose trust we fully depend. Alpcot realizes that the only way to keep the investors’ and clients’ loyalty is to always act with integrity and constantly improve ourselves and the investment opportunities we offer. Social Responsibility – Investors in general, and in Eastern Europe in particular, face moral dilemmas from time to time. It is Alpcot’s ambition to be a good corporate citizen and only make ethically and socially responsible investments. Alpcot's primary focus is to maximize long-term risk-adjusted returns for their investors, but they also believe they have fully compatible duty to contribute to a long-term sustainable growth in prosperity in Eastern Europe. Alpcot's name Alpcot is derived from the syllables “alp” and “cot”, which capture maybe the two most instrumental characteristics for an investment management firm. “Alp” means mountain, which provides the required view and insight into the market to realize market developments before other market participants and before market developments are reflected in the market price. “Cot” means house, which provides shelter and protects investments from market turmoil. Alpcot is authorised and regulated by the Financial Conduct Authority in the United Kingdom.More