THE OPPORTUNITY MAKER

ARCTIC

Our Vision

Arctic exists to improve lifestyles through increased prosperity. We seek to achieve this through the enduring values of innovation, integrity and excellence.

Arctic is a trading name of Black Iceberg Ltd, a member of Black Iceberg International Group PLC, and is both a private client and institutional offering of Black Iceberg Ltd, a company incorporated in the Seychelles under registration number 756443 and fully regulated by the Seychelles International Business Authority (SIBA) under the IBC Act 1994.

Introduction

Black Iceberg Ltd is part of the international group of companies known as “Black Iceberg International Group PLC” (“the Group”) operating from Geneva in Switzerland, with additional presence on three different continents. As a group we specialise in the provision of financial services, including Trading & Stockbroking, Custody & Administration, Cash & Investment Management and Investment Structuring.

Our origins date from 2001 when Black Iceberg was founded in order to be a facilitator in the global capital markets aggregating liquidity, offering access to financial exchanges around the world and providing its powerful suite of products and platforms to private clients, institutions, banks and brokerages.

Since then, an integrated range of financial services has been developed and the Group now has approximately $160 million of assets under management or administration.

The Group has been built on the foundations of innovation, integrity and excellence to deliver the highest quality of customer service. We focus on financial institutions such as life assurers, pension schemes, fund and wealth managers, collective investment schemes, financial intermediaries and high net worth individuals. We pride ourselves on our close working relationships with clients and our ability to deliver customised solutions. As those relationships develop, clients use a greater variety of services from the Group as we become a trusted partner in delivering a universal solution.

With clients, both private and institutional, from all corners of the world, the Group is recognised for its excellence in service and technology. Safeguarding client information and securely controlling, executing and managing real-time internal systems and client transactions are of utmost importance to the company.

THE OPPORTUNITY MAKER

ARCTIC

A market-leading trading platform which offers our clients 24/7 real-time access to their individual professionally managed accounts, along with comprehensive access to a full range of online sophisticated reporting documents.

Black Iceberg enables private investors and institutional clients to benefit from their investments being actively managed by professional money managers.

Money managers who actively trade:

Black Iceberg has an exclusive and unique access to a Swiss based fully licensed and regulated investment institution specialising in professional portfolio and fund management.

THE PROFESSIONAL MONEY MANAGER

SOLUTION

• FX CFD’s• ETF’s Stocks• Futures Options• Bonds Commodities

and other derivatives via an enhanced trading platform 24/7 six days a week.

OVERVIEWBlack Iceberg, in association with a market leading specialised Swiss banking institution, provides a unique solution known as ‘ARCTIC’ for private and institutional clients to have their investments professionally managed in a unique environment based on the following main features and priorities:

From the beginning our clients will have:

• instant online access providing them with full transparency

• and the option to control their investment.

Black Iceberg is in a truly unique position to be able to offer to its clients an investment protection level capability.

This flexible tool provides the Black Iceberg Professional Money Manager with:

• full advanced trading controls

• risk management features.

• Access to unlimited ECN liquidity• Professional trading platform• Advanced PAMM environment• Possibility of automative trading• Trading on accounts with differing base currencies as one pool• Funding facilities through wire transfer, bank guarantee or Swiss

Private Bank Custodian Service• Sophisticated professional reporting for clients• Stop loss level for each account, personally controlled by the client• Full transparency on all reports and operations

How Arctic works

Black Iceberg offers the Arctic PAMM (Percent Allocation Money Management) investment solution so as to allow our clients to attach their monies to a specified professional money manger who manages many accounts simultaneously on the basis of a limited power of attorney.

Our ARCTIC PAMM solutions allow our Money Managers via one sole trading platform to manage at the same time an unlimited quantity of managed accounts.

Depending on the value of the client’s deposit each managed client account has its own ratio in the ARCTIC solution and benefits accordingly from the money manager’s performance based on the account ratio.

ARCTIC

Functional Specification

As part of the company’s mission statement we are always seeking new innovative ideas in order to facilitate the ease and simplicity the clients professional relationship is with Black Iceberg.

Some of those innovative ideas range from:

•Possibility to add and/or remove funds and accounts without interrupting trading activity

•Ability to manage through one trading platform unlimited quantity of multi-currency accounts

•Choice of base currency for the clients account

•Immediate trade allocation between managed accounts

•Performance fee calculation functionality

•Ability to block trading facilities for particular derivative products

•Interactive functionality to accept/decline new managed accounts

•Stop Loss level on individual account reached not affecting the other accounts under the PAMM solution

Money Managed Accounts

From our various prestigious worldwide locations, here at Black Iceberg we can offer an end-to-end solution for both private and institutional clients. Both the Money Manager and the Investor have access to the electronic trading platform with live trading reports and the full spectrum of research from a leading Swiss based financial institution, all day, every day, anytime of the year.

Many of the long-standing Money Managers at Black Iceberg are members of the Chartered Institute for Securities and Investment (CISI), the principal provider of qualifications for the financial services industry in the City of London and many other famous worldwide financial centres.

Black Iceberg is able to provide its clients with solutions that create an unique environment based on some of the following features and priorities:

• Choice of base currency of the deposit (€, $, £, ¥)

• Choice of funding facilities and depositary facilities

• Equity protection via the Stop Loss control

• Instant 24/7 reporting access

The diagram below explains clearly and concisely how the Arctic PAMM money management solution works for our clients.

ARCTIC worked example

CLIENT KEY BENEFITSAs can be viewed from reading both our Mission and Responsibility Statements contained towards the end of this brochure, Privacy, Integrity, Ethics and Security are all key drivers to the enhanced success of all those associated with Black Iceberg.

Key drivers that Black Iceberg takes very seriously and as such allow our precious clients to take advantage from the following benefits, which exist within both Black Iceberg Ltd and across the Group as a whole:

• Your very own personal dedicated professional money manager• Ability to invest in multi-currencies• Client is always in control of stop loss level • Sophisticated real-time online reporting detailing everything from

balance, withdrawal, deposit, P&L, commissions, to asset holdings etc • Investment Fund Platform operated by leading Swiss Bank with

worldwide presence• Client monies are never transferred to Black Iceberg • Black Iceberg has no access whatsoever to client monies• Client monies are always held by a leading Swiss Bank in a

nominated client segregate account or at a third party Swiss Bank via our custodian service

• Allows clients with small investment value to benefit from the performance of a far larger sized fund

• Dedicated professional money mangers, many of whom are members of the CISI, the principal provider of qualifications for the financial services industry in the City of London

• Swiss Bank fully regulated by FINMA - the Swiss Financial Market Supervisory Authority

•Swiss Bank - member of ACI Suisse - The Financial Markets Association•Swiss Bank - member of the Swiss Chamber of Commerce•Swiss Bank internally audited by PKF and externally audited by KPMG•Client has access via the professional money manager to the world’s most

prestigious liquidity providers offering market leading buy + sell rates on a huge range of derivative products, such as Morgan Stanley, Nomura, UBS, Deutsche Bank, J.P.Morgan and BNP Paribas.

•Access to your account from anywhere in the world, 24/7, via a variety of methods including desktop, web, iPhone/smartphone and iPad/tablet

•A very simple and easy to understand market leading low cost structure•Black Iceberg operates the ‘high watermark system’ - any loss incurred on

a client account must be fully recurred before any new performance fee can be attributed to the money manager

•Exclusive invitation to our investment event held in Geneva every month - aim of the event is to exchange views on the investment industry, current financial affairs and to conduct TV interviews with expert professionals

Protecting your funds is your top priority and it’s our top priority to make this happen. Our Swiss Bank partnership exclusively allows our clients to safely and confidentially maintain their funds with several carefully selected banks. Under this banking solution, you can have your monies professionally managed whilst keeping your capital safely at the bank of your choice - contact us for further information.

PERFORMANCE HISTORYSince the introduction of the ARCTIC offering to both our private and institutional clients back in 2003 we have recorded on average a net yearly client return of 14% (i.e. after performance fee and annual management charge deductions). Our best ever year of 2011 recorded a net positive return of 19%, whilst our lowest positive net return to date was 5% back in 2008.

The following graph compares equivalent returns after tax of many of the most widely used structures and services, relative to the equivalent ARCTIC offering.

Unlike the majority of so called cost efficient structures, ARCTIC is remarkably simple. All too often financial products are overly complex with excessive costs and restrictive, opaque structures. Performance it seems is often relegated to the back seat, leaving customers bewildered and dissatisfied.

As we hope you have read in detailed format throughout this brochure, Black Iceberg takes the contrary view. Performance and client money security is everything. ARCTIC is designed overwhelmingly to deliver exceptional performance to our clients.

That means providing exceptional strategies, maximum flexibility and transparency, combined with a low cost and highly efficient structure – many points which are covered in greater detail towards the back of this brochure.

How to become an exclusive member of the

Arctic Club

Black Iceberg offers a unique opportunity for certain private or institutional clients to join the Arctic Club – the exclusive money management arm of Black Iceberg International Group plc.

Via either direct contact with ourselves or via your professional intermediary we will always seek to satisfy your requirements with the utmost level of service excellence.

A summary of the procedures to be undertaken in order to join our exclusive members only Arctic Club are as follows:

The Investor:

• Opens an account with the Swiss bank online and is subject to the Swiss bank’s client standards

• Agrees to the Swiss bank’s Client Agreement• Agrees to Black Iceberg’s Client Agreement• Authorises Black Iceberg to trade their account with a Limited Power of

Attorney (LPOA)• Returns relevant documents to the Swiss bank for both Compliance and

Money Laundering requirements • Makes and control deposits, withdrawals, views reports and receives a

statement of their account directly with the Swiss Bank via the online trading platform

• The Investor will compensate Black Iceberg for the Money Manager’s services via the PAMM investment tool held with the Swiss Bank in accordance with the terms and conditions as set out in the supplementary document known as ‘Fees’.

• Investor can be an individual or a corporate account

Benefits:

• Account is directly opened with the Swiss Bank• Funds are deposited with the Swiss Bank• Investor solely controls the withdrawals• Investor can withdraw funds at any time, subject to the ‘exit charging

structure’ as set out in the supplementary document known as ‘Fees’.

Investment Objective

The investment objective of ARCTIC is to generate absolute returns, generally independent of market direction, through investment in various types of derivative-type commodity assets employing a variety of alternative investment styles. (Absolute return (i) means the return that an asset achieves over a certain period of time; and (ii) differs from relative return because it is concerned with the return of a particular asset and does not compare it to any other measurement or benchmark.) Although ARCTIC should generally invest in at least 10 different derivative-type commodity assets, it is anticipated that ARCTIC should be invested in approximately 20 to 60 different classes of derivative-type commodity assets at any one time. ARCTIC will attempt to minimise risk, including by virtue of both the number, and the diversity of style, of derivative-type commodity assets in which it invests.

Investment Policy

The policy of ARCTIC will be to invest globally in a diversified portfolio of derivative-type commodity assets. This diversification will be by investment styles. The derivative-type commodity assets in which ARCTIC invests are generally open or closed ended derivatives and in a variety of legal forms (collective investment schemes, investment companies, limited partnerships etc.). Most of these derivative-type commodity assets are not quoted on recognised public exchanges. These derivative-type commodity assets may be incorporated in jurisdictions where there is no statutory investor protection legislation and where there are no legal regulatory bodies exercising control and surveillance over the derivative-type commodity assets. As a result investors should be aware that the risks associated with such asset classes are different to similar derivative-type commodity assets which are subjectto statutory regulation and investor protection legislation.

ARCTIC will principally invest in derivative-type commodity assets which:

1. delegate custody of their assets to a recognised bank or custodian;2. delegate audit responsibilities to a recognised firm of auditors; and3. calculate the net asset value at least once a month.

Investment Process

The Money Manager utilises a combination of top-down (macro) analysis and bottom-up derivative-type commodity asset selection to select and allocate assets among portfolio investors. Through its related investment advisory activity, the Money Manager has developed knowledge of the universe of portfolio investors and has developed a disciplined procedure for evaluating, selecting and monitoring performance of such portfolio investors. The Money Manager intends to utilise the knowledge gained through its advisory activities in evaluating and monitoring potential derivative-type commodity assets. While derivative-type commodity assets inherently have a degree of opaqueness because they do not disclose details of their underlying security and only report their performance on a periodic basis, the Money Manager seeks to mitigate this opaqueness by adhering to its due diligence process. Elements of the due diligence process include:

Notes

* Top down macro analysis - Macro analysis incorporates an assessment of various factors to determine which asset classes, investment strategies and styles should experience a favourable investment climate for the foreseeable future. This analysis then has an impact on the amount of capital that may be allocated to the different strategies. Factors considered in this analysis by the Money Manager are:

• General market conditions and the outlook for the global economy and key asset classes, including valuation and technical factors;

• Capital inflows or outflows to the various asset classes and investment styles; and • Geopolitical events.

* Preliminary screening and on-going monitoring of the universe of derivative-type commodity assets with concentration on ARCTIC’s main focus areas as outlined above.

* For those potential derivative-type commodity assets who pass the initial screen, the Money Manager considers a variety of factors including:

- The background and historic performance of the derivative-type commodity assets focusing on risk adjusted performance and the ability to generate alpha; - Performance over time and during different market phases including change leverage and exposure levels; - The consistency of actual investments with ARCTIC’s stated investment objectives over time; - The derivative-type commodity assets correlation with various market indices; - Evaluation of the investment process; - Evaluation of risk management policies and procedures; - Evaluation of current and prior financial statements, including accounting and valuation policies and procedures; - Evaluation of trading practices, policies and procedures; - Evaluation of operational practices and controls; - Review of asset-class organisational structure and documentation; - Identification and understanding of ARCTIC’s sustainable advantage; - Analysis of key risk factors; - The degree of management co-investment; and - Concentration of investors, capacity agreements and preferential terms.

* Once a derivative-type commodity asset has been selected, its impact on ARCTIC is evaluated from the perspective of ARCTIC’s resulting asset allocation and risk concentrations. In addition, the Money Manager will evaluate and assess each derivative-type commodity asset’s key risk factors in combination with the key risk factors of other Money Managers in order to prevent risk concentrations, including the impact on the diversification of assets and the expected impact on the ARCTIC’s volatility.

* Once a derivative-type commodity asset is included in the portfolio of ARCTIC, its performance will be monitored on an on-going basis. Factors included in the on-going review include:

• Review of periodic performance, at least weekly; • Consistency of investment style with stated objectives; • Review of portfolio risks versus stated risk objectives and limits; • On-going re-assessment of key risk factors; • On-going reassessment of portfolio’s impact on key risk factors; and • Periodic face-to-face meetings or conference calls with the Money Managers.

The identity and number of derivative-type commodity assets for ARCTIC is likely to change frequently over time. The Money Manager may remove a derivative-type commodity asset or appoint new derivative-type commodity assets without prior notice to or with the consent of ARCTIC investors. ARCTIC may invest through investment partnerships, corporations and other entities managed by underlying securities governed as derivative-type commodity assets. Some of the investments may be made through one or more investment entities for which the Money Manager or an associated person may serve as the general partner, sponsor or manager. The Money Manager may, with the agreement of the Chief Investment Officer, alter or modify the investment strategies of ARCTIC (in the context of the investment styles and strategies of the underlying derivative-type commodity assets in which ARCTIC may invest) in light of available investment opportunities or to take advantage of changing market conditions, where the Money Manager concludes that such alterations or modifications are consistent with the goal of maximising returns to ARCTIC investors.

Information on the planned investment styles and strategies of the derivative-type commodity assets into which ARCTIC invests.

While it is anticipated that actual derivative-type commodity assets selection and performance will result in differing concentrations of asset classes and investment styles over time, the Money Manager generally expects to focus on the following core investment styles and asset classes:

* Long/Short Equity: Money Managers who employ the long/short equity style typically take long and short positions in publicly traded equity securities. Various derivative strategies may also be employed by long/short Money Managers. The resulting ARCTIC portfolio may be either long-biased or short-biased depending on the market view of the Money Manager. Generally, long biased strategies have a positive correlation to equity markets while short bias strategies tend to have a negative correlation to such markets. Security selection is typically based on fundamental research.

* Fixed Income: Money Managers who employ fixed income arbitrage strategies attempt to capture mispricing within and across global fixed income markets and their associated derivative markets. The markets where anomalies may exist from time to time include government bond markets, corporate debt markets and mortgage markets. Typically these strategies attempt to capture trading anomalies within and between interest rates, rather than outright predictions of their directions. Identified anomalies are usually small and Money Managers utilise leverage to enhance their returns.

* Event Driven: Distressed Securities, Risk Arbitrage, Multi-Strategy Event Driven. The Company Black Iceberg Ltd may focus on Distressed Securities and Risk Arbitrage. Money Managers who employ distressed securities/event driven strategies take long and short positions in the equity, debt and derivative securities of companies which are in financial distress, in a bankruptcy proceeding or in a major restructuring. Investment ideas in the distressed sector may be implemented in any one of, or combination of, financial instruments including, but not limited to, bank loans, secured and unsecured bond obligations, equities and derivatives on the underlying securities. Style of investment may range from directional long, where the Money Manager expects the investment to appreciate, to directional short, where the Money Manager expects the investment to depreciate, to capital structure arbitrage, where the Money Manager expects one portion of the capital structure of a specific company to outperform another portion of the capital structure. In general, the distressed debt market is less liquid than other markets. Money Managers who employ risk or merger arbitrage usually invest in the securities of companies involved in mergers or acquisitions. Risk arbitrageurs are typically long the stock of the company being acquired and short the stock of the acquirer. The major risk is deal risk, or the possibility that the merger or acquisition will not go through.

* Global Macro: Money Managers employing global macro strategies seek to profit from changes in global financial markets and take positions to exploit changes in interest rates, exchange rates, liquidity and other macro-economic factors. Investment ideas may be executed through a variety of financial instruments including long or short cash securities, futures contracts, derivative contracts or options. Global macro funds such as ARCTIC may employ a variety of asset classes including equities, fixed income, currencies or commodities and typically employ leverage in their portfolios.

* Other: Some Money Managers deploy market strategies that do not conform with the above classifications. Such strategies may be too diversified to fit in any of the above classifications or they could be involved in other markets such as emerging markets, convertible arbitrage or quantitative / volatility / statistical arbitrage.

No Offer: Nothing contained in this document constitutes a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Information contained in this brochure (and any of the data and documents that may be downloaded via the company website) shall not be construed as an offering or solicitation of any products or services by Black Iceberg Ltd. This document, any information, data and documents it contains or refer to, are provided for general information purposes only. By downloading any data and/or documents from the company website, and in particular the Black Iceberg account opening documents in partnership with one of our associated external financial institutions, you acknowledge and agree that Black Iceberg Ltd makes such document available to you at your request and discretion only.If you are residing outside of Switzerland, you should take appropriate advice from a suitably qualified professional adviser in the country in which you reside or do business in order to find out if any restrictions are applicable.

No general availability/suitability: Not all products or services will be available to all investors: they are intended only to clients in those countries and regions where applicable laws and regulations so permit. FX, precious metals and CFD trading may be subject to restrictions in different countries; residents of those countries and/or certain categories of investors may be not eligible for certain products or services referred to in this document. The information contained herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not intended for use by any person in any jurisdiction where the publication or availability of our services is prohibited, by reason of that person’s nationality, residence or otherwise. Persons under these restrictions must not use this brochure.

General risks in FX, precious metals and CFD trading on margin: Trading FX, precious metals and CFD on margin (i.e. using leverage) is not suitable for everyone. Investing in such instruments involves a high degree of risk of loss. Before trading on margin you should be aware of the risks involved due to the fluctuation in the value of such instruments' prices, which can cause fluctuations in the value of your investment. Any type of market or trade speculation that can yield an unusually high return on investment is subject to unusually high risks. Large losses may be suffered within a relatively short period of time due to adverse market movements or to position build-up. Before deciding to enter into FX, precious metals or CFD trading on margin, you should carefully consider your investment objectives, level of experience, and risk appetite. You should only trade the portion of your own assets you are disposed and cannot afford to lose entirely: only your surplus funds should be placed at risk and if you do not have such surplus funds you should imperatively avoid engaging in margin trading. In case of doubts on the risks related to FX, precious metals and CFD trading on margin you should consult any independent financial advisor and request any necessary information.

Legal notice to US/UK residents: This brochure and its content has been prepared for information purposes only, is intended solely for use by Black Iceberg Ltd, its duly authorised officers or agents, and selected regulated investment professionals and professional financial advisors. The information contained herein is believed to be correct, but its accuracy cannot be guaranteed. Any reference to past performance is not necessarily a guide to the future. This brochure is exempt from the restriction on communication in section 21 of the Financial Services and Markets Act 2000 and US equivalent. In accordance with FSMA Order 2001, this brochure and its content is directed solely towards Derivative “Investment professionals” (as defined in section 19(5) of the Order), “certified high net worth individuals” (as defined in section 48(2) of the Order), persons set forth in section 49(2) of the Order, “certified sophisticated investors” (as defined in section 50(1) of the Order) and associations set forth in section 51 of the Order, and US equivalent. Other persons should not act upon the contents of this brochure. The content of this brochure is exempt from an approval by a US/UK authorised person, as is otherwise required under section 21 of the Act and its US equivalent. Engaging in Derivative trading involves significant risks of losing part or all of the investment. If in doubt about engaging in Derivative trading one should consult an authorsised advisor. This document is deemed to have been delivered in Switzerland. Black Iceberg Ltd makes no representation that the material contained herein is appropriate or available for use in other locations outside of Switzerland and is not soliciting any business from any location outside of Switzerland.

Disclaimer

• Liquidity Focus: Through our innovation and advanced technology, Black Iceberg provides its clients with exclusive access to one of the most important financial liquidity networks in the world, known as the ECN access.

• Client Focus: The success of the client is the success of Black Iceberg. Black Iceberg deploys all its resources to understand and meet the high expectations of its clients.

• Industry Focus: Black Iceberg raises the industry quality standard bar and develops new benchmarks for all its clients via its technology.

Our Mission

Our Responsibility

• Privacy: based in Switzerland, land of confidentiality, Black Iceberg places great importance on individual’s rights and therefore applies strict confidentiality.

• Integrity and ethics: Black Iceberg strives to protect interests of clients and to provide a fair trading environment where all clients, whether private or institutional, act on equal footing in Compliance with Black Iceberg’s Code of Conduct.

• Security: In association with its unique partnership agreement with a leading Swiss Financial Institution, Black Iceberg has proved to be a reliable ECN user over the years and additionally offers custody solutions with third party Swiss banks.

Black Iceberg Ltd20, Rue Adrien-Lachenal1207 GenevaSwitzerland

T! Geneva +41 225 181 671! London +44 203 5147 487! New York +1 646 513 2713! Hong Kong +852 300 85744

E! info@black-iceberg.org

www.black-iceberg.org