ASTRANTIAASSET MANAGEMENT

First published in 2018 by Astrantia AG, SwitzerlandSecond edition 2020www.astrantia.chText © Lukas WissnerFront cover: Karl Blossfeldt, Adiantum Pedatum. American Maidenhair Fern. Young Rolled-Up Fronds Enlarged 8 Times. Plate 55 from “Urformen der Kunst” [Art Forms in Nature], 2nd edition, 1929.Page 2: Astrantia Major, Muséum de ToulousePage 8: Karl Blossfeldt, Cornus Florida, Flowering Dogwood ShootsPage 10: Karl Blossfeldt, HartriegelPage 13: Karl Blossfeldt, Sambucus Racemosa, Red Elderberry Bud of BlossomUsed with kind permission of the Whitechapel Gallery, London.© Karl Blossfeldt Archiv | Stiftung Ann und Jürgen Wilde, Pinakothek der Moderne, München.

All rights reserved. No part of this booklet may be reprinted or reproducedor utilized in any form or by any electronic, mechanical or other means,now known or hereafter invented, including photocopying and recording,without the prior written permission of Astrantia AG.

© Astrantia AG. The flower symbol and Astrantia are the registered trademarks of Astrantia AG in Switzerland. All rights reserved.

Printed and bound in Switzerlandby gammaprint AG, Lucerne

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Astrantia is a Swiss asset manager that helpsprivate and corporate clients improveinvestment performance and efficiency.

KEY FACTS• Established in 2016 in Lucerne, Switzerland

• Share capital: CHF 500 000

• Licensed by the Swiss Association of Asset Managers

• Audited by Deloitte, Zürich

• 100% owned and controlled by Swiss citizens

• Assets under Management: around CHF 100m

Astrantia AGKapellgasse 16004 LucerneSwitzerland

Tel +41 41 266 00 75Fax +41 41 266 00 75

www.astrantia.ch

account.opening@astrantia.ch

ASTRANTIA

Lucerne

Professional portfolio management covering most asset classes and regions.

Asset ManagementWe offer a diverse spectrum of actively managed investmentstrategies (fixed deposits, investment grade and high-yield bonds,single stocks, and currencies) drawing on our in-house research,in addition to passively managed index solutions (Euro Stoxx 50,S&P 500, Nikkei 225, Hang Seng China Enterprises, Kospi 200 etc.)via advisory or discretionary portfolio management mandates.

Credit ResearchOur bond analysts combine bottom-up insights on issuers toidentify opportunities we believe are undervalued by the widermarket, in addition to tactical top-down calls depending onmacroeconomic signals. Daily monitoring and data surveillancehelp us identify risks at an early stage and take the necessarysteps to adjust and protect our clients’ portfolios.

Equity ResearchOur equity research department provides quality, differentiatedcoverage of over 100 global companies enabling us to make abuy or sell recommendation with regard to specific stocks –combining classic charting techniques with in-depth fundamentalanalysis. Our cross-asset perspective identifies key macro themesand correlations between asset classes depending on marketsentiment, business cycles, and long-term trends.

Currency ResearchCurrency strategies are an additional source of diversification andreturn for a balanced portfolio when credit and equity marketsturn bearish. Our FX department seeks to identify tradeopportunities against the background of short-term marketvolatility and fundamental global growth dispersion.

KEY FACTSMinimum Investment USD 1 000 000

Management Fee 1% p.a.

Investment Strategies

• Astrantia Deposits• Astrantia Safe Bonds• Astrantia High Yield• Astrantia Equities• Astrantia Commodities• Astrantia 4 Seasons

GeographiesEurope, United States, Asia Pacific, Emerging Markets, Frontier Markets

Reference Currencies USD, EUR, CHF, GBP, RUB

Investment Currencies USD, EUR, CHF, GBP, AUD, CAD,HKD, SGD, TRY, RUB, BRL, MXN

Custodians First-class banks with aminimum credit rating of A

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ASSET MANAGEMENT

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The bank provides its operational and financialinfrastructure only if the client invests, but oftenthe bank’s investment performance is poor. Thereis no control over the bank’s actions.

Welcome to the Hotel California!Such a lovely place, such a lovely face,Plenty of room at the Hotel California.

[…]

Last thing I remember, I wasRunning for the doorI had to find the passage back to the placeI was before.

‘Relax’ said the night man,‘We are programmed to receive.You can check out any time you like,

But you can never leave!’

- The Eagles, 1977

CONCENTRATION OF POWERLEADS TO POSITION OF STRENGTHAND POTENTIAL CONFLICT OFINTEREST

CONCENTRATION OF TASKSLEADS TO CONSTANT BACKLOGAND MISMANAGEMENT

NO INDEPENDENT CONTROL

PRIVATE BANK

The bank controls:

pricing decisions investment decisions lending decisions

account opening / closing client compliance SAR & CRS reporting

”

”

OUTDATED PRIVATE BANKING

Banks provide their operational infrastructure,while asset managers provide investmentperformance.

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INVESTOR

BANKASTRANTIA50% DISCOUNT ON BANKING FEES

COLLABORATION AGREEMENT

CONTROL FUNCTION

LIMITED POWEROF ATTORNEY

BANKINGRELATIONSHIP

• Online Banking• Credit Cards• Payments• Lending

• Power limited to makingportfolio investments

• No power to makepayments

DIVISION OFLABOUR

CONTROL OFBANK

SMART PRIVATE BANKING

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WHAT CAN I HOPERISK APPETITE

What are my investment goals? What are my long-term life plans? What is my investment experience? What are my assets and liabilities?

WHAT MUST I DO?INVESTMENT POLICY

What will be my asset allocation? What is my time horizon? What are my investment restrictions? What is my benchmark?

The German philosopher Immanuel Kant arguedthat all philosophy ultimately boils down tothree questions: What can I know ? What can I hope ? What must I do ?Astrantia believes that these questions lieequally at the heart of the investment process.

INVESTMENT PROCESS

WHAT CAN I KNOW?INVESTMENT EDUCATION

What is the risk-return correlation? How do deposits, bonds, stocks work? What was their past average return? What happened during the last crisis?

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Risk-Return Correlation: Higher risk often gives higher returns – lower risk gives lower returns.

HIGHER RISK

HIGHER RETURN

Deposits

Safe bonds

High-yield bonds

Equities

1%

3%

7%

10%

USD denominated assets (as at 20H1)

Do Nothing

Don’t underestimate the power of doing nothing,of just going along, listening to all the things youcan’t hear, and not bothering.

- Winnie the Pooh”

”

RISK MANAGEMENT

• Due Diligence | Compliance

• Portfolio Analysis

• Bank Selection | Account Opening

• International Payments

• Lombard Lending

• Cash Management

Private Banking

• Money Market Services

• Investment Research

• Asset Management

• Structured Products

• Asset Structuring

• Transaction Structuring

• International Tax Planning

• Succession Planning

• Corporate Services

• Global Immigration

Wealth Planning

• Reputation Management

• Residential | CRE Lending

• Private Equity

• Yacht Finance

• Aircraft Finance

• Escrow Services

Family Office

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WEALTH MANAGEMENT

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Astrantia proposes a wide range of passive strategiesand five actively managed investment solutions.

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FIVE ACTIVE SOLUTIONSPASSIVE STRATEGIESDeveloped Markets in 2019 (MSCI)Australia +17% | Austria +16% | Belgium +25% |Canada +18% | Finland +8% | France +25% | Germany+20% | Hong Kong +7% | Ireland +37% | Israel +8% |Italy +25% | Japan +17% | Netherlands +31% | NewZealand +33% | Norway +8% | Portugal +21% |Singapore +10% | Spain +11% | Sweden +24% |Switzerland +27% | United Kingdom +10% | US +29%| MSCI World +25%

Emerging Markets in 2019 (MSCI)Brazil +22% | Chile -19% | China +21% | CzechRepublic +0% | Colombia +26% | Egypt +39% | Greece+40% | Hungary +16% | India +6% | Indonesia +6% |Malaysia -5% | Mexico +8% | Peru +1% | Philippines+9% | Poland -8% | Qatar -4% | Russia +41% | SaudiArabia +5% | South Africa +7% | South Korea +12% |Taiwan +31% | Thailand +6% | Turkey +7% | UAE -1%

Frontier Markets in 2019 (MSCI)Argentina -22% | Bahrein +52% | Botswana -60% |Bulgaria -11% | Croatia +16% | Estonia -1% | Jamaica+28% | Jordan -5% | Kazakhstan +14% | Kenya +40% |Kuwait +30% | Lebanon -50% | Lithuania +20% |Mauritius +10% | Morocco +7% | Nigeria -22% | Oman-2% | Pakistan +3% | Romania +32% | Serbia -2% |Slovenia +26% | Sri Lanka +0% | Tunisia +5% | Ukraine-8% | Vietnam +7%

Commodities in 2019Oil +34% | Gold +18% | Silver +15% | Copper +6% |Palladium +59% | Thomson Reuters CRB CoreCommodity Index +15% (mainly agriculture and energy)

1. Astrantia DepositsThe strategy compares the deposit rates of a wide rangeof European banks (rated higher than BB) and placesfiduciary deposits with those banks offering the bestconditions.The strategy combines liquidity with decent return andprovides entrepreneurs with easy access to their money.

2. Astrantia Safe BondsThe strategy invests globally in a portfolio ofinvestment-grade bonds (rating AAA-BBB).This strategy combines long-term capital preservationand regular coupon income with minimal volatility.

3. Astrantia High YieldThe strategy invests globally in riskier high-yield bonds(average rating BBB-CCC).This strategy seeks high income generation and long-term capital appreciation with moderate volatility.

4. Astrantia EquitiesThe strategy invests globally at least 75% of its assets inequities of developed markets (large and mid-cap)blending growth, market-oriented, and value styles.

5. Astrantia 4 SeasonsOur proprietary strategy aims at achieving superiorreturns in all market situations, in particular byopportunistically exploiting market overreactionsfollowing negative news leading to asset mispricings.This strategy can invest in deposits, currencies, bonds,equities, and commodity futures across developed andemerging markets without limits or constraints.

% = 2019 performance in USD (except for Eurozone)

INVESTMENT STRATEGIES

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.SPBDUB3

The benchmark for this strategy is the S&P USTreasury Bill Index (see right) which measures USTreasury bills maturing in under 3 months. Over the last 10 years, the average return of the

deposit strategy was 0.50% per year.Current indicative USD deposit rates are:

STRATEGY 1: DEPOSITS Benchmark: US Treasury Bill Index

USD DEPOSITS YIELDED 1.50%ON AVERAGE SINCE JULY 2016.

BUT BETWEEN 2009 AND 2016,DEPOSITS WERE NEGATIVE.

STRATEGY 2: SAFE BONDS

Call Deposit 0.75% p.a.

USD 3m 1.10% p.a.

USD 6m 1.00% p.a.

USD 9m 0.90% p.a.

USD 12m 0.90% p.a.

The benchmark for this strategy is the BloombergBarclays US Aggregate 3-5 Year Bond Index (“theAgg”) which measures investment-grade USDgovernment and corporate bonds. Over the last 10 years, the average return of

the safe bonds strategy was 3.50% per year.

Benchmark: Bloomberg BarclaysAggregate Bond Index

YTD +3.20%

1 Year +7.80%

3 Years 3.20% p.a.

5 Years 3.00% p.a.

10 Years 3.50% p.a.LU35TRUU

Since 2016, USD interest rates rose -- until Dec 2019

In 2019, USD safe bonds made a spectacular returndue to a heightened perception of global risks

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EXPECTED RETURN

215

217

219

221

223

225

227

229

220240260280300320340360380400420

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

+12.5%

LF98TRUU

The benchmark for this strategy is the BloombergBarclays US Corporate High Yield Bond Index (seeright) which measures the high-yield, dollar-denominated, corporate bond market (average ratingBBB-CCC). The index excludes Emerging Markets. Over the last 10 years, the average return of the

high-yield strategy was 9.80% per year.

STRATEGY 3: HIGH YIELD Benchmark: Bloomberg Barclays USCorporate High Yield Bond Index

STRATEGY 4: EQUITIES

YTD +1.00%

1 Year +6.70%

3 Years 6.00% p.a.

5 Years 6.70% p.a.

10 Years 9.80% p.a.

The benchmark for this strategy is the MSCI WorldIndex which captures large and mid-cap equitiesacross 23 developed countries. With 1644constituents, it covers roughly 85% of each country’smarket capitalization. The largest index holdings areMicrosoft (3.2%), Apple (3.2%), Amazon (2.3%),Facebook (1.1%). Over the last 10 years, the average return of the

equities strategy was 6.50% per year.

Benchmark: MSCI World Index

YTD -21%

3 Years 0.00% p.a.

5 Years 3.25% p.a.

10 Years 6.50% p.a.

.MIWO00000PUS

High-yield bonds are more exposed to external shocks

Equities and high-yield bonds share similar features

+362% from trough to peak

+356% from trough to peak

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EXPECTED RETURN

500

700

900

1100

1300

1500

1700

1900

2100

2300

2500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GLOBAL FINANCIALCRISIS: -55%

CORONAVIRUSPANDEMIC: -31%

500

700

900

1100

1300

1500

1700

1900

2100

2300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GLOBAL FINANCIALCRISIS: -37%

CORONAVIRUSPANDEMIC: -21%

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100% CAPITAL PROTECTION

To implement our passive strategies, we usestructured products with 100% capital protectionissued by first-class global investment banks.

GENERAL FACTS

Issuing Banks Société Générale (Rating: A)Goldman Sachs (Rating: A-)Nomura (Rating: A-)

Currency USD | EUR | CHF | GBP | RUB

Equity index Euro Stoxx 50

S&P 500

Nikkei 225

Kospi 200

Hang Seng China Enterprises

or any passive strategy from p. 9

Maturity 3 - 5 years

Capital Protection 100% at maturity

Participation 100% participation in the indexgrowth (but no losses if it falls)

ISIN termsheet@astrantia.ch

Issue price 100%

Minimum investment USD 500 000

SSPA product type Capital Protection Certificatewith Participation (1100)

Euro Stoxx 50Represents Europe’s 50 largest companies: L’Oréal, Total, Siemens, etc.

S&P 500Represents America’s 500 largest companies: Apple, Amazon, IBM, etc.

Nikkei 225Represents Japan’s 225 largest companies: Softbank, Sony, Toyota, etc.

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2400

2900

3400

3900

4400

2015 2016 2017 2018 2019 2020

1800

2300

2800

3300

3800

2015 2016 2017 2018 2019 2020

14000160001800020000220002400026000

2015 2016 2017 2018 2019 2020

For qualified investors only. The information contained in this publication is intended for general information. It does not consider the specificinvestment objectives, financial situation, or needs of any particular person. The investments discussed in this publication may therefore not be suitablefor all investors. This document is intended for information purposes only and constitutes neither an offer nor a solicitation to conclude a contract of anykind or to buy or sell securities of any kind or related financial instruments. The products or securities described herein may not be eligible for sale in alljurisdictions or to certain categories of investors. Neither Astrantia AG, or any affiliate, or any of their respective officers, directors, partners, oremployees accept any liability whatsoever for any direct or consequential loss arising from any use of, or reliance upon, this publication or its contents,or for any omission. Past performance does not guarantee or predict future performance. The information herein is not intended to predict actual results,which may differ substantially from those reflected.© 2020 Astrantia AG. The flower symbol and Astrantia are the registered trademarks of Astrantia AG in Switzerland.www.astrantia.ch

Astrantia AGKapellgasse 16004 LucerneSwitzerland

Tel +41 41 266 00 75

www.astrantia.ch

Layout and RealisationAstrantia AG