TAILIEUCHUNG - Market Outlook and Investment Strategy for 2013: Dr. Marvin Appel Signalert Asset Management

The Management Company may decide to issue within a sub-fund Share Classes having a different reference currency (currency denomination) which denotes the currency in which the Net Asset Value per Share will be calculated. In principle, Share Classes may be issued in the following reference currencies: Euro, Hong Kong Dollar and Pound Sterling ("Share Class Reference Currencies"). Share Classes in other Share Class Reference Currencies may be available on application to the Company. A Share Class Reference Currency is identified by a standard international currency acronym added as a suffix, . "ACEUR" for a Capital-Accumulation Share Class expressed in Euro. Subscriptions and redemptions are only accepted. | Market Outlook and Investment Strategy for 2013 Dr. Marvin Appel Signalert Asset Management 150 Great Neck Road Great Neck New York 11021 516-829-6444 mappel@ January 9 2013 Market and investment climate The Fed is printing money aggressively. The economy is growing slowly. Inflation will eventually be a problem but likely not this year. Everyone is printing money Liquidity Injections by the Major Central Banks Size of Balance Sheet. Dec 1999 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 .

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