ECA- Forth Quarter 2012

BICsm Frontier Market Investment Managers and Advisors South Asian Economies Between India and China

INSTITUTIONAL FIRM OVERVIEW 2012

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Table of Contents

Our Organization and Proposition

The Investment Team

The Case for the BIC Frontier Markets

Our Investment Process

Appendix

Individual Country Profiles

Staff Biographies

Our Organization and Proposition

Investing In Frontier Asia | 3

Who is Elephant Capital Advisors?

Independent investment boutique investing in nine BIC Frontier Markets

-BIC (between India and China) region

Formed in 2011 by Mo Riad

-Native of the region with extensive ties there

-Educated in US with over 20 years institutional investment management experience

Objective to be a leading manager of BIC long-only and hedge funds

Headquartered in St. Louis, MO with a research and operations office in Sri

Lanka


Our Proposition

Access to a large and rapidly growing region in the world

Use active management to add value

-Country allocations

-Sector weightings

-Fundamental and quantitative company analysis

Control risk through diversification rules and on-the-ground oversight

Expect attractive returns that are lowly correlated to other equity markets

-USA, EAFE, and MSCI EM


Investment Team


Management Profiles

Mohammed Riad (USA) CEO, CIO, Portfolio Manager

Mohammed Riad is Chief Executive and Chief Investment officer of Elephant Capital Advisors, LLC a company he founded in 2011. He is responsible for the overall business leadership role at ECA, including business development, administrative, and compliance functions. Mo also directs the firm’s investment strategy and portfolio management process and Chairs the firm’s Investment Committee.

Ashekul “Huck” Huq (USA) Senior Research Analyst Huq is a Partner and joined the Elephant Capital Advisors team in February 2011. He was instrumental in the development of the investment process and is responsible for maintaining the fundamental and country specific models utilized in security selection and economic analysis. Huq is actively involved with the business development and client service activities of ECA. He also directs ECA’s full-time Internship Program as well as oversees the contributions for the firm’s strategic advisors.

Dr. Abdur Chowdhury, PhD (USA) Chief Economist Dr. Abdur Chowdhury is a Partner and joined the Elephant Capital Advisors team in April 2011. Dr. Chowdhury is a member of the Investment Committee and serves as the firm’s global economic advisor. Dr. Chowdhury utilizes his vast international experience assessing the economic, financial, trade and political landscape, and their implications for the portfolio investment companies.

Core Team


Kris Loganathan (Sri Lanka) Managing Director- Asian Operations Kris Loganathan is a Partner and joined the Elephant Capital Advisors team in South East Asia in February 2011. He provides leadership for the firm’s custodial, banking, trading, and legal operations in Asia. Kris also directs the ECA’s local data aggregation efforts and also supports the firm’s fundamental research efforts.

Team Profiles

Ara Pararajasingham (Sri Lanka) Consultant – Business Development Ara Pararajasingham serves as a Strategic Advisor to the Elephant Capital Advisor team. He offers analytical database support advice to the research team and also assists in Asian business development efforts. Ara held a variety of financial analysis and database support positions at JP Morgan in NYC.

Firoze Ahmed (USA) Consultant – Information Technology Firoze Ahmed serves as a Strategic Advisor to the Elephant Capital Advisor team. He offers technology support advice to the research team and also assists in U.S. business development efforts. Firoze brings IT consulting experience as head of Business Development at a small business federal IT solutions provider working with the US Government and its many agencies .

Consultants


Khadaega Thabet (USA) Junior Operations Specialist Khadaega is pursuing a BS in accounting degree at University of Missouri- St. Louis. For ECA, she assists in the corporate accounting, account documentation and reconciliation, as well as in operations support functions.

Riz Khan (USA) Director, Global Marketing Riz will be joining Elephant Capital Advisors LLC (ECA) as Director, Global Marketing starting October 2012. In this role ,Riz's responsibility will be to set overall marketing strategy including the planning, and execution, and managerial oversight for High Net Worth investor communities throughout the world that have strong connections to the South Asia frontier markets.

Experience Advantage

The team has the economic, social and cultural perspectives of the region. -5 nationalities, 5 languages/dialects, and business experience from 8 countries.

Tangible local resources, contacts, and relationships leveraged and directed by US-based management and research team.

ECA portfolio management team has over 15 years of institutional equity management experience.

Proven “western-style” portfolio management, risk management, and compliance capabilities.

One of the few investment managers to focus exclusively on the BIC region.

ECA has partnered with a best-class suite of US-based and off shore service providers for access to resources in equity and economic research, execution services, and custodial arrangements.

Qualified to fulfill a thorough due diligence process to access growing region via a proven institutional investment manager.


Resources


Trading

Nomura Securities

Barclays Capital

HSBC

ConvergEx Group

Capital Trust Securities (Pvt) Ltd. (Sri Lanka)

Elixir Securities (Pakistan)

Legal

Friday, Edlredge, and Clarke, LLC (USA)

Stinson Morrison Hecker LLP

Patents and Intellectual

Property

Harness Dickey (USA)

Tax & Accounting

Burds and Kuntz PC (USA)

Harb, Levy, and Weilland, LLP

Research

Asia Development Bank

World Bank/IMF

HSBC

Nomura

Barclays Global

Brookings Institute

Transparency International

World Economic Forum GCI

Local research providers (Asia)

Custody

Pershing (USA)

Scottrade USA

Deutsche Bank Pakistan

Standard Chartered

Fund Administration

Segue Partners

Portfolio Management

Nomura Tradespex

Access frontier market database

World dataBank

Standard & Poor's Capital IQ

Marketing

Eager, Davis, and Holmes, LLC (USA)

Bull Marketing, Inc. (USA)

Banking

Citibank, N.A.

HSBC

Bank Asia Bangladesh

HSBC Sri Lanka

American Express

The Case for the BIC Frontier

Markets


BIC Frontier Asia


Pakistan

Vietnam

Bangladesh

Sri Lanka

Laos

Cambodia

Myanmar

Bhutan Nepal

China

India

What are Frontier Markets?

Smaller & Less Liquid

Frontier markets represent those economies that are smaller and less liquid than the more advanced emerging markets. They are often considered a subset of those economies defined as emerging markets. Frontier economies are differentiated from their bigger developing market brethren by the following more acute risk characteristics; political instability, poor investment liquidity, inadequate financial regulation, weak corporate legal infrastructure, substandard financial reporting, as well as larger currency fluctuations.

All Corners of the Globe

Frontier markets exist in all the corners of the globe with country representations in South America, Middle East, Africa, and Asia.

$Trillion

Frontier markets represent roughly 4% of global GDP, and depending on your classification, over $trillion when combined.

50+ Stock Markets

Roughly half of the nearly 120 stock markets worldwide representing nearly one third of the world population can be classified as frontier markets.

Surging Interest

Growing demand for cheaper labor and access to new sources of raw materials, coupled with a search for higher investment returns has led to surging interest in frontier markets.


What are Frontier Markets?

“Frontier markets have historically displayed modest correlation to both developed and emerging market indices.....global economic forces may not influence the frontier economies to the same extent as the more interconnected developed markets.”

Source: Mekeeta Investment Group

Jun 2002 – Dec 2011

U.S. Dollar

Returns (%)

Standard

Deviation (%)

Sharpe *

Ratio

Correlation to

MSCI Frontier Index*

MSCI Frontier 6.2 14.2 .02 1.00

MSCI Emerging Markets 10.7 22.0 .31 0.36

MSCI EAFE 2.0 20.4 -0.10 0.32

S&P 500 1.7 22.2 -0.10 0.07

BIC Region (GDP weighted Index) 19.2 12.9 1.00 0.20

JPM Global Aggregate Bond 7.3 5.9 0.57 0.08

MSCI Frontier Markets (FM) Index

Americas

Central & Eastern Europe &

CIS Africa Middle East Asia

Argentina Trinidad & Tobago

Bulgaria Croatia Estonia Kazakhstan Lithuania Romania Serbia Slovenia Ukraine

Kenya Mauritius Nigeria Tunisia

Bahrain Jordan Kuwait Lebanon Oman Qatar United Arab Emirates

Bangladesh Pakistan Sri Lanka Vietnam


Index Returns & Correlations

* Returns use simple price appreciation and not total return. Risk-free rate assumed for 4% for developed markets and 7 % for Frontier. Correlation return numbers calculated using daily price change data.

Characteristics of Frontier Investing

An availability of a growing low cost labor pool, increasing literacy rates, and rising standards of the middle class can outweigh the structural impediments inherent in many of these economies.

Many frontier markets are undervalued but are rich in untapped natural resources and commodities available at much lower extraction costs compared to developed economies.

Sector and stock concentration in many less liquid developing capital markets adds a level or risk that may need to be actively managed.

Very few investment vehicles are offered for foreign investors for broader access to Frontier Asian Markets.

Currency controls and restriction on foreign direct investment have to be considered in many small frontier markets.

Frontier equity markets exhibit low cross-correlations between themselves in a particular region thus providing additional diversification and lowers overall portfolio volatility.

Frontier economies are generally more dependent on indigenous demand for goods and services and less exposed to global economic developments than emerging market.


Opportunities in Frontier Asia?

BIC Frontier stocks directly benefit from their strategic location between the world’s two fastest growing developing markets of India and China.

Three of the 11 nations identified by Goldman Sachs as N-11 are major economies in the FSA.

The FSA market alone is home to over 550 million people and with a total GDP for the region in excess of USD$ 1.25 trillion.

Many BIC economies also have access to shipping routes and port facilities that are vital to Indian and Chinese exports and imports.

FSA economies are experiencing a newfound base in manufacturing benefiting from the rising wage structure, production costs, and currency strengths in the major regional economies of China and India.

The region continues to be one of the fastest areas with 2010 GDP growth of 8.6%. The Asian Development Bank projects “Developing Asia” to grow a healthy 7.3% for 2011.

Consumer demand growth in China and India is trickling down and having a domino effect in FSA market exports.

The continued outsourcing trend and some of the lowest wage rates in the world benefit frontier economies as they are the lowest cost providers of labor in the region.

FSA is one of the largest untapped expected consumer market regions in the world with a rapidly growing middle class.

Continued trend of privatization of state-owned industries will add large number of investment opportunities and increased liquidity to the investable universe for the foreseeable future.

Majority of economies have active stock exchanges with over 1600 listed equities represented in the region.


Risks of Frontier Investing

Frontier capital markets are less developed and stocks are more thinly traded, resulting in potentially higher trading costs and lower liquidity.

Macroeconomic shocks to a particular economy or region may significantly affect the performance of frontier market stocks.

Currency, political and social stability, non-conforming accounting practices, and lack of transparency are new “factors” for frontier managers to incorporate in their macro models.

Sector and individual security concentration is more pronounced and needs to be managed. For example, bank stocks in many of the frontier markets can comprise up to 30% of the total market capitalization.

Idiosyncratic political and economic risk can result in severe single market volatility that can be mitigated with an active investment approach.

Corruption in the governments and private sectors coupled with weak judicial systems remain structural risks imbedded in all Frontier markets.


Statistics of BIC Countries

Vietnam Pakistan Sri Lanka Bangladesh

Number of issues 336 644 241 255

Stock market capitalization ($ million)

$28,804 $38,278 $20,095 $31,803

Population in millions (rank)

90.6 14 187.3 6 21.3 57 158.6 7

GDP PPP in billions (rank)

$278.1 42 $451.2 28 $104.7 69 $259.3 47

GDP per capita (rank)

$3,100 167 $2,400 181 $4,900 148 $1,700 196

Government Socialist Republic

Federal Republic Republic Parliamentary

Democracy

Literacy rate (% of total pop.)

90.3 49.9 90.7 47.9

Median age (yrs.) 27.8 21.6 30.8 23.3


*CIA World Fact book **2008 year end

Statistics of BIC Countries

Nepal Bhutan Laos Cambodia Myanmar (Burma)

Number of issues

289 22 3 0 0

Stock market capitalization ($ million)

$4,672 $250 $60 $39.2 0

Population in millions (rank)

29.4 41 .7 164 6.5 103 14.7 66 53.9 24

GDP PPP in billions (rank)

$35.3 102 $3.6 170 $15.7 135 $30.1 108 $60.1 86

GDP per capita (rank)

$1,200 208 $5,000 144 $2,400 180 $2,000 188 $1,100 209

Government Federal Democratic

Republic

Constitutional

Monarchy Communist

Monarchial Democracy

Military Regime

Literacy rate (% of total pop.)

48.6 47.0 73.0 73.6 89.9

Median age (yrs.)

21.6 24.8 21.0 22.9 26.9


*CIA World Fact book **2008 year end

Valuation

BIC economies offer an attractive relative valuation profile versus developed and emerging markets.

Competitive margins and attractive dividend yields help to offset additional risks.


Name Current Level P/E P/B ROA ROE Div Yield

S&P 500 Index 1,314.6 14.8 2.2 9.4% 25.7% 2.0%

MSCI EM Index 999.6 11.3 1.7 8.8% 20.9% 2.6%

MSCI FM Index 465.1 10.4 1.4 7.0% 16.8% 5.3%

VN - Index (Vietnam) 373.0 9.3 1.1 8.5% 20.6% 10.8%

Karachi 100 Index (Pakistan) 8,306.6 8.5 1.4 9.1% 21.8% 9.7%

DSE General Index (Bangladesh) 4,506.1 10.3 2.2 6.7% 19.6% 2.1%

Sri Lanka Colombo All Sh 5,536.1 12.3 2.0 6.8% 19.0% 2.5%

BIC Region Index (GDP weighted) 5,367.5 9.7 1.6 7.9% 20.5% 6.4%

BSE-500 Index (India) 16,995.8 17.1 2.9

12.0% 23.9% 1.5%

CSI 300 Index (China) 2,298.4 12.6 2.0

6.8% 20.34% 1.8%

As of 01/24/12: For Composite Index: Ratio calculations are based on GDP weights of individual countries

Regional Performance

Returns on assets and equity are expected to significantly improve in the next several years due to technological and management advances.

Higher EPS and Cash Flow growth is projected due to economic growth and demographics.

Variability in yearly country returns argues for active management of country allocations.


Country Returns

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Pakistan Pakistan Bangladesh Pakistan Vietnam Bangladesh Vietnam Sri Lanka Sri Lanka Pakistan

Sri Lanka Sri Lanka Sri Lanka Vietnam Sri Lanka Pakistan Bangladesh Bangladesh Bangladesh Sri Lanka

Bangladesh Bangladesh Vietnam Sri Lanka Pakistan Vietnam Sri Lanka Pakistan Pakistan Laos

Vietnam Vietnam Pakistan Bangladesh Bangladesh Sri Lanka Pakistan Vietnam Vietnam Nepal

Nepal Nepal Vietnam

Bangladesh

Correlations and Returns


Key Correlations

World Indices (% change)

Regional Performance

Index 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 CAGR

Vietnam 13.8 -22.1 -8.9 43.3 28.5 144.5 23.3 -6.6 5.7 -2.0 -27.5 11.0

Pakistan -15.6 112.2 65.5 39.1 53.7 5.1 40.2 -58.3 60.0 28.1 -5.6 20.1

Sri Lanka 38.8 31.2 30.3 59.3 27.6 41.6 -6.7 -40.8 125.2 96.0 -8.5 28.1

Bangladesh 29.1 -0.9 17.7 103.7 -14.9 -4.0 87.5 -7.0 62.3 82.8 -36.6 21.1

Laos − − − − − − − − − − -9.5 -9.5

Nepal − − − − − − − − -21.3 -26.3 -21.7 -24.9

China -20.6 -17.9 10.3 -15.4 -8.3 130.4 96.7 -65.4 80.0 -14.3 -21.7 0.5

India -17.9 3.5 72.9 13.1 42.3 46.7 47.1 -52.4 81.0 17.4 -19.8 13.1


Source: MSCI *The ending date for 2011 data is 12/15/2011 for Royal Nepal Index. The beginning date for Lao Stock Index is 1/12/11. The beginning date for Royal Nepal Index is 4/1/2009

Country Returns (% change)

High demand for private market financing activities and a new emerging investing class in

the regions is driving significant capital markets growth.

Our Investment Process


Investment Process

ECA’s investment philosophy is structured on the fundamental belief that a top-down investment strategy utilizing global and regional economic data, combined with rigorous security analyses, offers institutional investors the best risk adjusted approach to Frontier Asian Markets equity portfolios.


Top Down Macro Analysis

Market Analysis

Security Analysis

Country Allocation

Global Themes

Sector Dynamics

Industry Outlooks

Quantitative Fundamental

World Economic Forum GCI Transparency International Ease of Doing Bus. Indices

GDP expected growth Global Ratings Indices ranks

Foreign Direct Investment Government policy

Monetary Policy

Global demand needs in energy Global demand for raw materials Regional infrastructure spending Imports/Export transportation Tourism demand Global outsourcing trends Regional governmental policy agendas

Natural resource availability Labor cost and skill advantages Strategic geographic legacy

Capital markets development Corporate competitiveness Regional demographics

Political alliances Regional trade pacts

Global sector attractiveness Cross-country sector

investments Government investment

Sector privatization

Industry growth analysis Regional drivers of growth Competitive industry costs Government support Industry development Competitive advantages

Business Strength Growth Drivers Management

Valuation analyses Cash Flow metrics

Security Analysis


Valuation

Ratio metrics

Margins

Industry comparison

Historical trend analysis

Return on invested capital

Cash Flow

Cash generation

Redeployment of cash flow

Balance sheet strength

Payout ratio

Capital structure

Business

Strength

Industry metrics

Competitor analysis

Barriers to entry

Technological advantages

Innovation and R&D

Growth

Drivers

Acquisition history

Sales growth

Economic trends

Operating leverage

Business drivers

Management

Capital allocation

Acquisition history

Credibility

Access to information

Length of tenure

Risk Management


Country Allocation

No more 30% in single country

Sector Allocation

No more than 35% in a single sector

Equity Holding

No more than 5% in individual security

Benchmarks

MSCI Frontier Markets

MSCI FM Asia Index

S&P Frontier BMI

Customized benchmark

0% 5% 10% 15% 20% 25% 30% 35%

Financial

Cons. Non-cyclical

Cons. Cyclical

Diversified

Industrial

Basic Materials

Energy

Communications

Utilities

Sector Breakdown

20%

21%

25%

15%

4%

3%

0%

0% 2%

10%

0%

Bangladesh

Vietnam

Sri Lanka

Pakistan

Nepal

Laos

Cambodia

Myanmar

Bhutan

Other*

Hypothetical Portfolio * Companies from periphery countries that derive > 50% of revenue from region.

APPENDIX


Country Profiles

A senior Indian foreign-service official is quoted in the book “The Rivals” by Bill Emmot. “The thing you have to understand,” he says, “is that both of us (India and China) think that the future belongs to us. We can’t both be right.”

The BIC countries stand to directly benefit from this global competition…


Pakistan The level of internet users as a % of population in

Pakistan is greater than Indonesia, Philippines, Sri Lanka, and India.

Different than most developing economies in Asia, Pakistan’s industrial sector has a higher contribution to GDP than the agricultural component.

Gallup Pakistan in a June 2009 study estimated that total TV viewership in the country was 86 million with a near split between terrestrial and Sat/Cable technologies.

The All Pakistan Newspapers Society (APNS) estimates that there are over 1000 daily newspapers. A 2008 BBC survey found more than 42% of men read newspapers regularly.

A high growth country, GDP averaged roughly 7% per annum from 2000-2007.

Highest urbanization in South Asia. The urban population is likely to equal its rural population by 2030.

Vietnam Coastline of about 3,400 kilometers facing the

South China Sea giving access to shipping routes to China and Japan.

The Ho Chi Minh City port facilities strategic location for access to both Indian Ocean and South China Sea ranked 29th in the world, with cargo volumes surging more than 4 times from 1999 to 2009.

GDP rose by average of 7.3% annually over the last decade.

With a literacy rate of over 90%, adding over 1 million people a year to its workforce.

Lowest labor cost for Southeast Asia economies with average monthly wage of US$100.

China has become a “banker” to Vietnam infrastructure with 4 out of 9 power projects use loans from China.

Chinese FDI in Vietnam was up 74% in 2010. Asia’s third largest producer of oil.

Country Profiles

Bhutan

Transitioned from an Absolute Monarchy to Constitutional Democracy Monarchy in 1998.

One-third of the population is under the age of 14; the median age is 24.8 years.

First country with a constitutional obligation of the population to preserve at least 60% of the nation’s forests.

Government forecasts the unemployment rate is forecast to drop to 2.5% be the end of 2012

Power generation from Hydropower is large and fast growing part of GDP with electricity sales accounting for over 25% of exports.

Nepal

Nearly 50% of total trade value is with next door neighbor, India.

Agriculture accounts for 40% of GDP and with 76% of the labor force engaged in some form of agricultural industry.

The top income and corporate tax rate is 25%.

A nearly 10 year long insurgency by Maoist rebels ended in 2006 with a drafting of a new constitution in April 2008 ending the power of the ruling Monarchy.

Myanmar (Burma)

India at 13% and China at 11% are the 2 largest export partners.

Offshore Shwe and Shwephyu Fields are expected to hold between 5.7-10 trillion cubic feet of natural gas.

Pipeline construction under way will link China’s Yunnan province to natural gas fields and ports in Rakhine State for Africa-origin crude oil.

Produces more than 90% of the world’s rubies and fine-quality Jade.

China contributed to nearly 2/3 of all foreign investment in Burma over the financial year 2010-2011.


Country Profiles

Cambodia

Benefits as a member of ASEAN group from China-Asean free trade agreement (FTA).

China is the largest financier of infrastructure projects.

The 20th century was a disastrous one for Cambodia who were under French control from 1863-1953 and 70’s under the brutal Khmer Rouge reign of terror.

National stock exchange is expected to debut summer of 2012 with US Dollar and Cambodian Riel as currency choices.

The United States remains the largest export part with nearly 50% of total exports.

GDP expected to average 6.5% in 2011 and 2012 according to ADB.

Laos

Construction to begin on high-speed railway connecting capital of Vientiane with Kunming, China and to be completed in 2015 and China to finance 70% of US$4 billion cost.

China National Petroleum Corp. is financing a natural gas pipeline from Myanmar to Yunnan province.

Korea is the number one investor and China the number 2.

The government expects the economy to grow at 8.5% in 2012 with a trade surplus resulting from the export of commodities, including gold, copper, electricity, and garments.

Thailand continues to be main trading partner for exports and imports.

First stock exchange opened this January with 2 companies listing initially.

GDP has expanded by an average of 7.9% a year for the past 5 years.


Country Profiles

Sri Lanka

China was largest foreign investment financer involved in nearly all of the country’s major infrastructure projects countrywide.

Chinese companies are largest investors in country’s major infrastructure projects.

Tumultuous 25-year civil war with minority Tamil separatists ended in June 2009 and ushered in the beginnings of a new era of rebuilding and economic growth.

Asian Development Bank forecasts SL GDP growth of 8% in 2011 and 2012.

Best performing international stock market in 2010 with a 96% return.

India was the largest source of foreign direct investment to Sri Lanka in 2010 with US$110 million committed.

Bangladesh

Fourth largest rice producer in the world.

Southern port city of Chittagong is home to the world’s largest ship breaking yard.

2010 GDP growth of 6.66% is highest since post independence period of 1973-1974.

Home to the largest mangrove forest in the world and the world’s longest beach at Cox’s Bazaar.

The agriculture sector employs nearly 50% of the labor force and generates roughly 20% of GDP.

One of the largest democracies in the world, Bangladesh is also the third most populous Muslim nation.

Remains the largest exporter of Jute goods (carpet backing, twine, sacks) and the second largest producer of Jute globally.


Biographies

Mohammed Riad CEO, CIO, Portfolio Manager

Mr. Riad has nearly 20 year of experience in the investment management industry. From 1999 to 2010, Mo held the titles of Managing Director, and Senior Portfolio Manager at Fiduciary Asset Management Co., LLC (FAMCO) an investment subsidiary of the middle market investment bank Piper Jaffray Cos. Mr. Riad served on the firm's Strategy, Investment, and Risk Management Committees and has held a wide range of senior portfolio management and executive roles at FAMCO. Mo developed extensive experience in portfolio strategy, research, and trading through his lead portfolio management roles in large and small cap equity, hedged equity, and quantitative enhanced portfolios. Mo was instrumental in the development of the firm’s option-based institutional hedged products and trading methodologies. Early in his career, Mr. Riad worked in Wealth Management where he obtained his licensed advisor and securities principal licenses for his roles in branch management at Legg Mason (Smith Barney) in the Washington D.C. and New York offices. Mo serves on the Institutional Advisory Board at CBOE and is active in the options community as a frequent speaker and panelist at industry conferences and events. Mr. Riad received a Bachelor of Science in Business from Wake Forest University and his Masters of Business Administration from Washington University in St. Louis. He was born in Dhaka, Bangladesh and resides in St. Louis, MO.

Abdur Chowdhury Chief Economist

With over 25 years of experience, Dr. Abdur Chowdhury has served as a senior economist in the world’s foremost economic policy and research institutions. Most recently as Chief Economist and Director, Dr. Chowdhury led the United Nations Economic Commission for Europe’s Economic Analysis Division located in Geneva, Switzerland. In addition, Dr. Chowdhury served as Senior Researcher at the Institute for Transition Economics for the Bank of Finland in Helsinki, Finland. While in Finland Dr. Chowdhury also worked as Visiting Researcher at the World Institute for Development Economics Research of the United Nations. The Food and Agriculture Organization of the United Nations in Rome, Italy named Dr. Chowdhury as a Consultant in 1998. Recognized as an expert in macroeconomic analysis, Dr. Chowdhury has continued to serve as Professor of Economics at Marquette University since 1989.


Biographies (cont.)

Kris Loganathan Managing Director, Asian Operations

Kris began his career as an Analyst for the World Bank in Washington, D.C. He then moved to New York to join the Emerging Markets Equities Group at UBS where he spent six years as a Sales Trader advising on South Africa, Latin America and Emerging Asia markets for institutional buy-side clients. Kris has also worked for the firm’s Equity Derivatives Desk focusing on hedging concentrated equity positions for U.S. asset managers, hedge funds and high net worth clients. Kris currently resides in his hometown of Colombo, Sri Lanka. He is an independent consultant providing strategic advisory services to multinational firms and foreign investors. He is an active investor in the public and private markets in Sri Lanka and South Asia. Kris received his Bachelor of Arts in Economics from Hampden Sydney College in Virginia.

Ashekul Huq Senior Research Analyst

Huq has extensive experience in the financial services industry and began his banking career in the Consumer Banking division of integrated financial services firm Regions Financial. Huq graduated from Regions Leadership Development Program and later joined the bank's Commercial Loan Department as a Relationship Manager in Business Banking. Huq actively managed a portfolio of major commercial relationships, developed new business relationships, and consulted Branch Managers in the Consumer Banking Team for small business development. He coordinated client service activities with other areas of the organization such as treasury management, private banking, public funds, trust, mortgage, and investments. He has also led numerous civic, business and charity events for the bank. Huq served as a liaison between the U.S. Small Business Administration and Regions Bank in Arkansas. Huq has served on the local boards of many organizations in Arkansas including Civitan International. His education background includes a Master's in Business Administration from the University of Arkansas - Little Rock and a Bachelor's of Science degree in Computer Science from University of Central Arkansas.

Riz Ali Khan Director, Global Marketing

As a senior sales professional with 20 yrs of experience, Riz has held executive sales management roles for multinationals in India, United Kingdom, and the US. He is an accomplished specialist in brand building, large account management, product portfolio development, as well as channel and distribution management, Riz spent 9 years with FedEx India as Manager Sales- Corporate Accounts responsible for all-India corporate clients. He was also a Sales Supervisor for Sonex Communications PLC, one of the largest electronics resellers in the United Kingdom. Riz held the position of regional and country head for Airex Logistics in Delhi, India. While in the United States, he has continued his association with Airex by performing consulting and advisory services. He is also a co-founder and principal with BGH India, an India-based construction company with 3 locations in India. Riz also an active member and volunteer of National MS Society. Riz earned his Business Leadership Management Program certificate from Cornell University, NY, USA in 2011.


Biographies (cont.)

Khadaega Thabet Junior Operations Specialist

Khadaega has participated in the 2012 Volunteer Income Tax Assistance (VITA) program, where she assisted low income, disabled, and elderly file their tax returns. Her experience also includes cashiering and daily banking responsibilities for a St. Louis-based, family owned and operated retail merchandiser. Khadaega is pursuing a BS in accounting degree at University of Missouri- St. Louis. She was also nominated to the All-Missouri Academic Team 2012; a regional academic recognition.

Firoze Ahmed Consultant – Information Technology

Firoze is currently the Vice President of Business Development for Telophase Corporation, an Arlington, VA based 8(a) small business federal service IT provider. His clients are mainly focused on the United States Government which includes both the Civilian and Defense Agencies. He has contracted multi-million dollar agreements where enterprise IT solutions and management consulting services were supplied to the U.S. Government. Firoze was also the Director of Government Affairs and his responsibilities included overall business and operations management. He also worked for Net2000 Communications, a regional telecommunications company in the role of a technology program officer. Firoze earned a Bachelor of Arts from the University of Maryland, and resides in the Washington, D.C. metropolitan area.

Ara Pararajasingham Consultant – Business Development

Ara co-founded a Bangalore-based India sports management firm Leander Sport Pvt. Ltd and currently serves as its CEO. While at Leander Sport, Ara developed deep relationships in the sports management industry and with the investor community. He worked with sponsors, rights holders, agencies, media and sporting team/franchise owners within India. He also pioneered a turn-key Sports Infrastructure practice from Design, Marketing, Development, to Operations for Indian clients ranging from real estate developers, academic institutions and state associations. Prior to this venture, Ara worked for JP Morgan in New York City from 1997-2005. His last position was working with Office of the Chairman as well as various division CFO’s as a Vice President for Corporate Risk and Information. He also held V.P. and Associate positions in Investment Banking Finance, Foreign Exchange, and Commodities trading. Earlier in his career he was a Senior Fixed Income Analyst for Reuters in Stamford, CT. Ara earned a Bachelor of Sciences in Mathematics from Madras Christian College in Chennai, India and an MBA in Finance from the Barney School of Business at the University of Hartford in Hartford, CT.


ECA- Forth Quarter 2012

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Transcript of ECA- Forth Quarter 2012