We have a strategic research partnership with Applied Global Macro Research, an independent research firm specializing in developed-country/global analysis of both macroeconomic and market trends. The firm was founded in 1989 and has offices in Vail, Colorado and Copenhagen, Denmark. AGMR publishes and distributes its research separately, but we also cooperate on joint reports, conference calls and other activities aimed at providing investors with a truly global view. For more information, please visit the AGMR website at www.appliedglobalmacroresearch.com.

Carsten Valgreen joined Applied Global Macro Research as a partner in February 2008 and is located in Copenhagen, Denmark. Mr. Valgreen was previously Chief Economist of Danske Bank, the second largest financial institution in Scandinavia. Mr. Valgreen has 11 years of experience in economic research and forecasting. His work has focused on the interaction between the global economy and financial markets, and he also managed a quantitative macro hedge fund at Danske Bank. Mr. Valgreen has also been a visiting Scholar at the IMF and a member of the International Conference of Commercial Bank Economists.

Niels-Henrik Bjorn joined Applied Global Macro Research as a partner in March 2008 and is located in Copenhagen, Denmark. He has ten years of experience in analyzing and researching the European economies. Prior to joining AGM, Mr. Bjørn spent six years as a Senior Economist in Danske Bank as an expert Euro Area economics. Mr. Bjørn began his career at Jyske Bank, in global macroeconomic research and went on to specialize in European economics. Mr. Bjørn also has served as a lecturer at two universities and has been a special advisor to the Danish Minister of Economic Affairs.

Mary Allyn joined Applied Global Macro Research as a partner in August 2008. She retired from Merrill Lynch in 2005 as the Chief Operating Officer of the Private Banking and Investment Group. Having spent over 20 years on Wall Street, first with Salomon Brothers Inc and then with Merrill, Mary has extensive client and business management experience. She is located in Vail, Colorado.