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Armajaro presentation template

VIEWS: 13 PAGES: 33

									               SECURITIES LIMITED




Kiev Q1 2011
Version 1.1                         1
         Agenda

•   ARMAJARO SECURITIES subsidiary of Armajaro Holdings

•   Defining structured products

•   Changes to the landscape

•   The evolution process

•   Trends in structured products

•   Strategies to benefit from current climate

•   Products

•   Armajaro „ Final Details

                                                          2
                      Overview of the Armajaro Group

    Overview
                                                        The Group
                                 • Armajaro has over 1,000 people working for its
     Locations                   various Group and subsidiary companies around the world.
                                 Armajaro has operations in Europe, North America, West
                                 Africa and Asia.
     Armajaro
     Securities                  • Armajaro Asset Management LLP is an alternative
      Limited                    asset management partnership that specialises in the
                                 management of commodity hedge funds and other
Structured Products              alternatives assets.

Global Bond Trading              • Armajaro Trading Ltd is a leading supplier of cocoa
                                 and coffee beans to the worlds’ major chocolate
                                 manufacturers and coffee roasters.
    Cash Equity
                                 • Founded in 1998, Armajaro Securities Ltd provides
                                 financial instruments to a broad range of UK, European
 Futures & Options
                                 and Asian institutional clients and “family” offices.
                                 • In addition Armajaro has investments in cocoa
     Contacts                    processing, wine production, wine distribution and a
                                 number of start-up businesses.
    Settlements
                                 •   For more information please go to : www.armajaro.com   3
                      Corporate Structure

    Overview



     Locations



     Armajaro
     Securities
      Limited

Structured Products


Global Bond Trading


    Cash Equity


 Futures & Options



     Contacts


    Settlements
                                            4
                      Armajaro Locations

     Overview



    Locations



     Armajaro
     Securities
      Limited


Structured Products

Global Bond Trading


    Cash Equity


 Futures & Options           Africa       Asia / Pacific    Europe & Middle East      North & South America
                          Cote d’Ivoire     Indonesia              England                    USA
                            Ghana           Malaysia       Germany (Petra Armajaro)           Brazil
     Contacts
                            Nigeria        Singapore        France (Petra Armajaro)

    Settlements
                          South Africa      Vietnam
                                                                                                              5
                      Armajaro Asset Management
                       Armajaro Asset Management LLP (AAM) specialises in the management of Hedge Funds. AAM has
    Overview           in excess of US$2bn of assets under management in hedge fund products and currently operates the
                       following specialist Funds:

     Locations
                       • Armajaro Commodity Fund (ACF) invests across the main commodity sector (also on the Lyxor
                       platform of funds)

     Armajaro
     Securities        • CC+ Fund specialises in soft commodities, mainly Cocoa & Coffee
      Limited

Structured Products    • Armajaro Emerging Markets Fund Invests in Emerging equity, derivative & fixed income with a
                       macro focus
Global Bond Trading

                       • Armajaro STS Commodities Fund trades systematically in both Long & short exchange traded
    Cash Equity        commodity futures


 Futures & Options     • Armajaro Natural Resources Fund just launched in March 2011


     Contacts          • BNP Paribas Armajaro Agricultural Index (ARAGER) strategy uniquely combines Armajaro’s
                       discretionary management with the benefits of BNP’s systematic Quantitative risk modelling

    Settlements
                                                                                                                          6
                      Armajaro Securities Limited

     Overview


                                                  SECURITIES LIMITED
     Locations
                                  Founded in 1998, Armajaro Securities Limited (ASL) provides
                                  bespoke financial services to a broad range of UK, European
                                      and Asian institutional clients and family offices.
    Armajaro
    Securities                     ASL preserves the independence of its advice by not taking
     Limited                          positions as a principal in any underlying security.

Structured Products                Armajaro Securities Limited is authorized and regulated in
                                           the UK by the Financial Services Authority
Global Bond Trading

                                                        Our Philosophy„
    Cash Equity

                                 •Reliability - Permanent market coverage, a partner you can
 Futures & Options               rely on.
                                 •Anonymity – Each interest is dealt with particular
                                 discretion, that’s our priority.
     Contacts
                                 •Market experience and knowledge - Understand your
                                 expectations is our force.
    Settlements
                                 •Technology - Latest and accurate trading tools, in constant   7
                                 improvement in order to provide efficient, intelligent
                      Structured Products

     Overview                                       Our Devoted Structured Products


                                                        Structured Note Product Range
     Locations                    Armajaro Securities Limited creates tailor-made Structured Notes using a
                               combination of derivative and cash instruments, enabling its clients to gain
                             exposure to equity, foreign exchange, commodity and fixed income markets, with
     Armajaro                 various degrees of capital risk. Armajaro Securities has established trading
     Securities                 relationships with derivative market makers and note issuers in the City of
      Limited                   London and across Europe, enabling us to offer our clients an extensive and
                                                    innovative range of Structured Notes.
Structured Products                                         Secondary Markets
                            Armajaro Securities provides significant added value on secondary market pricing
Global Bond Trading          and portfolio restructuring. By applying our own valuation models to secondary
                                 issues held in clients' portfolios, we have often been able to identify
    Cash Equity               additional value when compared to the valuation provided by the original bank
                            issuer. This immediately unlocks potential value in the clients' investments at
                                    minimal cost in terms of time and effort on behalf of the client.
 Futures & Options                                                Advice
                              Armajaro Securities is an independent securities business that does not take
                                    market positions, ensuring its independence. Our Structured Notes
                               professionals, each with considerable experience, assess clients’ needs in
     Contacts
                                 terms of strategy, capital at risk and investment portfolio allocation.

    Settlements                                                                                                8
                      Structured Products

     Overview                                       Our Devoted Structured Products


     Locations                                                    Price
                               Our independence combined with a systematic process of price discovery and
                                analysis enables us to provide our clients with pricing that successfully
                                              competes with the largest international banks.
     Armajaro
     Securities                                                  Service
      Limited                 In both the primary and secondary markets, we support clients with a reliable
                               and prompt service through a dedicated contact. In particular, our service
Structured Products          extends across the entire life cycle of a product. In the primary market, our
                            breadth of market knowledge and access can save investors time and money. In the
                                secondary market Armajaro Securities aims to provide continuous liquidity,
Global Bond Trading                         bid/offer spreads and prices based on fair values.
                                                               Settlement
    Cash Equity               All trade settlements are effected by SG Hambros, a 100% owned subsidiary of
                               Société Générale, (AA1 rated), which also acts as principal to each trade.
 Futures & Options



     Contacts


    Settlements                                                                                                9
         Defining structured products

•   An investment that bundles up a portfolio of securities and other
    derivatives to create a single product.
    (Source: The ABC of Equity Derivatives and Structured Products)

•   Created to meet specific needs that cannot be met from standard financial
    instruments available in the markets

•   Can be used as an alternative to a direct investment, as part of the asset
    allocation process to reduce risk exposure of a portfolio, or to utilize
    the current market trend

•   A structured product appeals to the investor who has a view on the market
    and a good idea of their risk/reward appetite

•   More cost efficient for retail investors




                                                                                10
         Traditional structured products

•   Capital Protected equity structures
     — Up to 100% protection on a wide range of listed shares

•   Capital Protected Commodities structures

•   Capital Protected Income structures

•   Capital protected managed investments
    — CPPI – allocating between asset and bond, usually over manage funds
    — Bond + call option – fixed allocation, usually over an index, existing
    products have been assisted by the fall in interest rates but new ones are
    difficult

•   Structured products have been evolving to suit market environment„..why?




                                                                                 11
         Changes to the landscape

•   Market volatility at record high levels across most asset classes
    — Cost of protection has increased due to higher risks
    — Some CPPI strategies have cashlocked
    — Increased demand for lower volatility underlyings e.g. Index-based ETFs

•   Counterparty risk to the fore
    — Bear Stearns/ Lehman collapses
    — Bank/Issuer funding rates increased
    — Need for diversification

•   Interest Rates turned sharply down
    — High break costs on fixed rate loans
    — Increases cost of Bonds and Bond Floor rises
    — Investors seeking returns above cash
    — Inflation catching up

•   Competitive landscape
    — Large losses in some trading books => risk appetite diminished

                                                                            12
            Higher Volatility => Higher cost of Protection




                                                             13
Source: Bloomberg 15/03/2011
            … World Equity Index




Source: Bloomberg 15/03/2011       14
                 Traditional Managed Fund investments
    •    Psychology of investors often gets in the way of rational investment decisions –
         reluctance to take profits
    •    Time poor investors – no time to “manage” their exposures
    •    Many years of accumulated gains can disappear quickly in a year such as 2008
    •    Dynamic ERI: measures market sentiment, investor risk appetite, and equity positioning




                                                                                             15
Source: Bloomberg & UBS Q12011
         The “Simplicity” and “Optimisation” phases

•   Back to basics
                                              End of                            Start of
    — What am I investing in? How             Cycle                              Cycle
    will my investment perform? Can I
    exit early?
                                              More Complex                 Simplicity &
                                                Structures                 Transparency
•   Low risk appetite
     — Seeking to preserve capital
     — Reduced demand for leverage
        strategies
     — Looking to take advantage of
        lower prices
     — Focus on counterparty risk
                                        Increased                                         Yield
•   Income is a high priority           Leverage                                   Enhancement
     — Certainty of returns
     — Strategies may deliver a
        minimum fixed return or a
                                                             Access to
        regular income stream
     — Low interest rate environment                         Diversified
        makes it difficult to achieve                         markets
        income objectives                                                                     16
         Trends in structured products

•   Shift towards capital preservation

•   Investment terms of traditional
    capital protected products becoming
    longer

•   Underlying investment exposures
    — Equity indices, ETFs
    — Less thematic and alternative
    investment exposures

•   Mechanisms changing
    — Shift away from traditional CPPT
    techniques
    — Option on CPPT
    — Lower levels of capital
    protection
                                          Source: Barclays Equity & Structured Market Survey Jan 2011
•   Demand for leverage is decreasing
    — No capital gains to offset
    — Reduced risk appetite                                                                        17
         How do we adapt?

•   Employ more conservative gearing strategies
     — Lower LVR’s and internal leverage
     — Protected lending

•   Accept upside caps on performance
    — Lower risk, lower potential return

•   Invest in less volatile underlyings
    — Index vs. direct investment
    — Choose funds which target lower volatility, and construct lower
    volatilityportfolios
    — Risk overlays

•   Consider strategies designed to benefit from current conditions
    — Take advantage of high volatility
    — Sell option volatility
    — Optimisation strategies, vol target strategies, reverse convertibles—
    Sell volatility

•   Consider payoffs which are suited to your client objectives               18
    — Minimum and fixed return structures
Each Class has its own Risk versus Return Profile




                                                    19
         Example: Optimisation strategy

•   High fixed income, paid               Potential Payoff – Capped Upside
    regardless of underlying
    share performance

•   Basket of 3-4 underlying
    shares

•   Investment term of say 6
    months perhaps up to 2 years

•   Limited capital protection
    provided shares remain above
    a certain level (e.g. 60% of
    initial price)

•   Investors forgo dividends and
    upside growth above the fixed
    return

•   If barrier is breached (e.g.
    60%) worst performing share
    delivered at Maturity, plus                                              20
    income
         Summarised results on optimised strategy

•   Optimisation strategies can compliment traditional portfolios

•   Some downside protection to traditional investment portfolios

•   Diversification of strategies within the same asset class

•   Helps to meet investor objectives
    — Capital preservation
    — Minimum return or income stream

•   Tax efficiencies
    — Potential for returns on capital account at maturity

•    May outperform other investments in sideways, slightly positive and
    slightly bearish markets



                                                                           21
                  USD 6 year Armajaro Commodity Fund (ACF) SUNRISE Note

Underlyings               Armajaro Commodity Fund (Societe Generale Lyxor           ...full capital protection
                          Platform)
                                                                                    If held to maturity.
Tenor                     6 years                                                   Investor seeks:
Payoff                    100% participation in the upside performance of the       Full principal protection at maturity
                          Armajaro Commodity Fund, without a cap or averaging,
                          by giving up the best monthly performance of the          Commodity exposure via one of the
                          shares, within each yearly period.                        world’s top performing Commodity
Soft Protection           100% Capital Protected                                    Hedge Fund
                                                                                    Investor can accept:

Currency                  USD
                                                                                    6 year investment term
Minimum Subscription      USD 1,000,000                                             Potential for losses of principal
                                                                                    invested if note is sold prior to maturity
Secondary Market          Issuer ensures a secondary market daily during the life   Credit risk of the Issuer and Guarantor
                          of the product with a maximum bid-offer spread of
                          1.0%, under normal market conditions.
Issuer                    The Issuer’s senior debt as at 01/01/2011 is rated
                          Aa3/A+ S&P




                                                                                                                      22
Armajaro Commodities Fund




                            23
                  EUR 2 year Incremental Autocall 13%p.a. Russian Equity Index Note

Underlyings                 Basket of Russian shares                                  Early redemption mechanism... If on
(Bloomberg)                 o   ROSNEFT (ROSN LI)                                     anniversary date, the level of the
                            o   MMC NORILSK NICKEL (MNOD LI)                          basket is over its initial level, the
                            o   SBERBANK (SBER RU)
                            o   MAGNIT (MGNT LI)
                                                                                      invested capital is fully reimbursed &
                            o   MOBILE TELESYSTEMS (MBT UN)                           increased by a coupon of 6.50%
                            o   URALKALI (URKA LI)                                    multiplied by the number of semesters
Tenor                       2 years                                                   ...with conditional capital protection
Payoff                      Semi-annual. The product is cancelled if at the           After 2 years, if the level of the basket
                                  end of any 6 month period the basket has            has not declined by over 30% from its
                                  a positive performance compared to date             initial level, the capital is entirely
                                  0.
                                                                                      reimbursed. If the contrary applies, the
                            In this case, the product pays 6.50%*the
                                  number of the relevant semester.                    capital will be lessened by the
                                                                                      (negative) performance of the basket.
Soft Protection             70% European Barrier so if on maturity the underlying
                                 index closes below the barrier the investor is       Investor seeks:
                                 exposed 1:1 on the downside
                                                                                      Soft principal protection at maturity
Currency                    EUR
                                                                                      Russian Equity exposure
Minimum Subscription        1,000,000 EUR
                                                                                      Investor can accept:
Secondary Market            Issuer ensures a secondary market daily during the life
                                  of the product with a maximum bid-offer spread of
                                                                                      Two year investment term
                                  1.0%, under normal market conditions.               Potential for losses of principal
Issuer                      The Issuer’s senior debt as at 01/01/2011 is rated        invested if note is sold prior to maturity
                                  Aa3/A+ S&P                                          or if on maturity the underlying is
                                                                                      below a 70% European barrier 24
                                                                                      Credit risk of the Issuer and Guarantor
                  Soft Principal Protected Note On Brazilian Equity Index -
                  Euros
Underlyings       iSHARES-BRAZIL in EUR
                                                                                           Early redemption mechanism... If at a
Tenor             1 years                                                                  quarterly anniversary date, the level of the
Payoff            Early Redemption (Every 3 months): If on any Observation                 Index is over its initial level, the invested
                  Date, the underlying closes at or above 100% of its initial              capital is fully reimbursed in anticipation and
                  spot price, You are early redeemed and receive a coupon                  increased by a coupon of 14.0%p.a multiplied
                  payment of 14.0% p.a. plus 14.0% p.a. for each Quarter
                  previously unpaid.
                                                                                           by the number of quarters of ownership.
                  At Maturity (no redemption): one of the following scenarios              ... with conditional protection of the capital
                  will occur:
                  (i)If on the final Observation Date the underlying closes at             After 1 year, if the level of the Index has not
                  or above 100% of its initial spot price You receive                      declined by over 40% from its initial level, the
                  114.6%
                  (ii)If on the final Observation Date the underlying closes at
                                                                                           capital is entirely reimbursed. If the contrary
                  or above 60% and below 100% of its initial spot price You                applies, the capital will be lessened by the
                  receive 100% of your nominal                                             (negative) performance of the basket.
                  (iii)If the underlying closes below 60% of its initial spot
                  price You receive the performance of the underlying in                   Investor seeks:
                  shares
                                                                                           Soft principal protection at maturity
Soft Protection   60% European Barrier so if on maturity the underlying index closes
                  below the barrier the investor is exposed 1:1 on the downside            Brazilian Equity exposure

Currency          EUR
                                                                                           Investor can accept:
Minimum           1,000,000 EUR                                                            One year investment term
Subscription

Secondary
                                                                                           Potential for losses of principal invested if note
                  Issuer ensures a secondary market daily during the life of the product
Market
                  with a maximum bid-offer spread of 1.0%, under normal market
                                                                                           is sold prior to maturity or potential loss of
                  conditions.                                                              capital on maturity if the underlying is below a
                                                                                           60% European barrier on maturity
Issuer            The Issuer’s senior debt as at 01/01/2011 is rated Aa3/A+ S&P
                                                                                           Credit risk of the Issuer and Guarantor 25
                  USD 1 year Booster 15%p.a. Russian Equity Index Note

Underlyings        Russian Depositary Index (RDX)
                                                                            Investment Summary
                                                                            Leveraged performance on the upside (x 200%) but
Tenor                                      1 years                          capped

Payoff               On maturity: Long 200% the underlying
                                                                            Leveraged performance on the downside (x111%) if
                           index with a cap of max 16%                      the index closes below 90% of the initial value


Soft Protection     10% European Barrier so if on maturity the underlying   Investor seeks:
                          index closes below the barrier the investor is
                            exposed Short x1.1111 on the downside           Soft principal protection at maturity
                                                                            Russian Equity exposure

Currency                                    USD
                                                                            Investor can accept:
Minimum                               1,000,000 USD                         One year investment term

Secondary           Issuer ensures a secondary market daily during the      Potential for losses of principal invested if note is sold
     Market                life of the product with a maximum bid-offer     prior to maturity or potential loss of capital on maturity
                               spread of 1.0%, under normal market          in a geared fashion if the underlying is below a 90%
                                             conditions.                    European barrier on maturity
                                                                            Credit risk of the Issuer and Guarantor
Issuer              The Issuer’s senior debt as at 01/01/2011 is rated
                                         Aa2/A+ S&P
                                                                                                                              26
                USD 5 year 100% Principal Protected Note Floored Floating
                Rates
Underlyings     USD LIBOR 3M
(Bloomberg)
                with a minimum of 2.90% p.a. and a maximum of 6.5% p.a.,
                paid quarterly,                                                  ...full capital protection
                30/360, adjusted                                                 If held to maturity.
                                                                                 Investor seeks:

    Tenor       5 years                                                          Full principal protection at maturity
                                                                                 Predefined Interest Rate Returns
  Currency      USD
                                                                                 Investor can accept:
  Issue Date    April 6th, 2011                                                  5 year investment term
                                                                                 Potential for losses of principal
Maturity Date   April 6th, 2016                                                  invested if note is sold prior to maturity

  Minimum       50,000 USD
                                                                                 Credit risk of the Issuer and Guarantor
 Subscription



  Secondary     Issuer ensures a secondary market daily during the life of the
   Market
                product with a maximum bid-offer spread of 1.0%, under
                normal market conditions.



 Redemption     100% of the principal invested on maturity

    Issuer      The Issuer’s senior debt as at 01/01/2011 is rated Aa2/A+
                                                                                                                          27
                      Global Bond Trading

     Overview                                                 Cash Bonds

                                                                  Price
     Locations                 Our independence combined with a systematic process of price discovery and
                                analysis enables us to provide our clients with pricing that successfully
                                              competes with the largest international banks.
     Armajaro                                                   Service
     Securities
                            We offer institutional investors a platform for Global Fixed Income execution
      Limited
                            services across Investment Grade Credit and High Yield markets.     We trade
                            directly with asset managers around the world and have access to significant
Structured Products
                            trading books covering the USA, Europe & Emerging Markets.
Global Bond Trading         Trading is enhanced by our Emerging Market Hedge fund overseeing equity
                            derivatives, fixed income, mainly in Russia, Greece , S. Africa , Israel ,
   Cash Equity              Middle East , Czech Republic , Poland , Hungary and Turkey
                                                               Settlement
                              All trade settlements are effected by SG Hambros, a 100% owned subsidiary of
                               Société Générale, (AA1 rated), which also acts as principal to each trade.
 Futures & Options



     Contacts


    Settlements                                                                                              28
                      Cash Equity

     Overview                                   Cash Equity Business Has Been Launched


                              Armajaro Securities Ltd now provides wide and complete range of advisory and
     Locations               execution services, on both Developed and Emerging Markets, with sophisticated
                                           single stock, pair and basket trading specialties.
                             We provide to Institutional Investors, from renowned Hedge Fund to small Asset
     Armajaro                             Managers a global investment and execution solutions.
     Securities
      Limited                We have developed a deep expertise on Emerging and Commodities markets, synergy
                                   from our asset management and physical trading so-called divisions.
Structured Products

                                Transparency of our investment advice guarantees the sole interest of our
Global Bond Trading                                              clients:
                                                         No proprietary trading,
   Cash Equity
                                         No security transaction (no IPO, no ABB, no placement),
                                              No credit line or loan proposed to corporate.
 Futures & Options



     Contacts


    Settlements                                                                                                29
                      Cash Equity

     Overview                                   Cash Equity Business Has Been Launched


                               Our capabilities tend to be wider as possible; we propose bespoke solutions
     Locations                                       matching each client’s demands:
                                               Slippage reduced to achieve Best Execution,

     Armajaro                Algorithms (% volume, VWAP, TWAP, Stop, Stop Loss linked to Profit Taking, and
     Securities                                               many others),
      Limited
                            Multi-Trading Facilities : All trading will use our Smart Order Router to enable
                              access to liquidity on Chi-X, NASDAQ OMX, BATS, Turquoise and BLINK (crossing
                                                engine) unless client specifies otherwise.
Structured Products
                                                         DMA connectivity, CFDs.
Global Bond Trading

                                                  Ideas origination and Market Colours
   Cash Equity
                                  We originate trade ideas every day and, as Armajaro Securities Ltd is a
                                principal outsourced trading desk for large fund managers, the significant
 Futures & Options
                             traded volume and flow allow us to identify market, sector, and thematic trends
                                                 which help our execution decision process.

     Contacts


    Settlements                                                                                                30
                      Futures & Options

     Overview                                         Derivatives Brokerage Service


     Locations              •Armajaro Securities Ltd has launched a derivatives brokerage platform to provide
                               institutional clients and hedge funds with a real-time market insight from
                                                          research to execution.
     Armajaro
     Securities
      Limited                  •Our brokerage desk covers major futures exchanges & provides personalized
                                 execution across a wide range of listed derivatives from commodities to
                                                    equities, energy and fixed income.
Structured Products


Global Bond Trading             •Our brokerage-unit is an independent body, therefore guarantees complete
                                anonymity of service to its clients. Armajero Securities Limited does no
    Cash Equity                                            proprietary trading.


Futures & Options            •Our office will always be striving the best it can to provide its clients with
                                 a multitude of bespoke OTC structured products thus ensuring a permanent
                                                          coverage of the market.

     Contacts


    Settlements                                                                                                 31
                      ARMAJARO SECURITIES LIMITED: Settlement process


     Overview                                 SG Hambros acts as principal for settlement trades.
                             Armajaro has a dedicated Euroclear account through SG Hambros: 11064 for its use only
     Locations


                                                                                                           Investors
     Armajaro            Investment Banks                                            Price              Insurance Companies
     Securities                                                                                         Corporate Treasuries
                                                                                                          Private Banks etc.
      Limited

                           Market Makers
Structured Products


Global Bond Trading       Issuer of EMTN
                                                        Physical Flow               Depositary                Physical flow


    Cash Equity

                                                                                   SG Hambros
 Futures & Options
                                                                                    100% owned
                                                                                Subsidiary by Société
                                                                                      Générale
  Settlements


                                                                                                                        32
                      Contacts
                       Terry Manning                            Helmut Kleinschrod                       Sofiane Megharbi

     Overview          Chief Executive Officer                  Structured Products Solutions            European Head of Sales
                       Tel: +44 207 529 3662                    Tel: +44 207 647 3100                    Tel: +44 207 255 7913
                       Email: terry.manning@armajaro.com        Email: helmut.kleinschrod@armajaro.com   Email: sofiane.megharbi@armajaro.com
     Locations         Group: futures@armajaro.com              Group: structuredproducts@armajaro.com   Group: structuredproducts@armajaro.com

                       Theodore Pitsillides                     Andrej Gustin                            Tony Myers
                       Structured Products Solutions            Structured Products Solutions            Operations Manager
     Armajaro          Tel: +44 207 255 7920                    Tel: +44 207 647 3100                    Tel: +44 207 647 3118
     Securities        Email: theodore.pitsillides@armajaro.com Email: andrej.gustin@armajaro.com        Email: tony.myers@armajaro.com
      Limited
                       Group: structuredproducts@armajaro.com Group: structuredproducts@armajaro.com     Group: structuredproducts@armajaro.com

Structured Products
                       Giuseppe Ardito                          Tim Manning                              Rex Hill

Global Bond Trading    Structured Products Solutions            Structured Product Solutions             Aid Compliance
                       Tel: +44 207 255 7929                    Tel: +44 207 647 3143                    Tel: +44 207 255 7936
                       Email: giuseppe.ardito@armajaro.com      Email: tim.manning@armajaro.com          Email: rex.hill@armajaro.com
    Cash Equity
                       Group: structuredproducts@armajaro.com Group: structuredproducts@armajaro.com     Group: compliance@armajaro.com


 Futures & Options      Benjamin Chekroun                                                                Guillaume Roy
                        Cross Asset Solutions                                                            Commodity Broker
                        Tel: +44 207 529 3679                                                            Tel: +44 207 529 3688
     Contacts           Email: benjamin.chekroun@armajaro.com                                            Email: guillaume.roy@armajaro.com
                        Group: equity@armajaro.com                                                       Group: futures@armajaro.com

                                                                                                                                          33

								
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