EUROPE

EUROPEAN ECONOMIC UPDATE

Austerity measures continue across Europe Greek debt crisis has not led to financial contagion Northern Europe (Germany/UK) in better shape than Southern Europe (Spain/Italy/Greece) Unemployment rates vary by region
Germany 5.7%, Austria 4.2%, Turkey, 10.2% Spain 23.6%, Greece 21%

DIVERSIFICATION
Investment Mix

20% Energy - Park Electric & Mining Co. Technology - ARM Holdings Spanish Bonds

50% 30%

ARMH ARM HOLDINGS

Investment: 30% - $30 Million ARM Holdings (Cambridge, England) Semiconductor Intellectual Property Taiwan, France, India, Sweden, United States 90% Smart Phones; 80% Digital Cameras; 28% Electronic Devices iPhones, iPads, iPods, Apple TV devices, Windows, PDAs, Nintendo handhelds, Sonys PSP, GPS devices, portable music players, etc. Zacks ranking = 1, Strong Buy
www.arm.com; www.money.cnn.com; www.investorguide.com; www.zacks.com

ARMH ARM HOLDINGS

This Quarter 03/2012
Average Estimate Number of Estimates Low Estimates 0.11 7 0.10

Next Quarter 06/2012

0.12 7 0.10

This Year 12/2012

0.51 7 0.45

Next Year 12/2013

0.62 5 0.52

High Estimate
Year Ago EPS EPS Growth

0.12
0.08 41.07%

0.13
0.11 5.19%

0.56
0.42 21.77%

0.72
0.51 20.45%

www.zacks.com

ARMH ARM HOLDINGS

Current Quarter Estimate Next Quarter Estimate Current Year Estimate Next Year Estimate Expected Earnings Growth Expected Sales Growth 0.11 0.12 0.51 0.62 17.5% 8.16% Next Report Date EPS last quarter Last Quarter EPS Surprise EPS (Trailing 12 Mos.) PE (forward) ABR Apr 24, 2012 0.12 9.09% .42 54.63 3

Surprise - Reported Earnings History

12/2011 Reported Estimate Difference Surprise 0.12 0.11 0.01 9.09% 09/2011 0.11 0.10 0.01 10.00% 06/2011 0.11 0.08 0.03 37.50% 03/2011 Average Surprise 0.08 0.09 -0.01 -11.11% 0.01 11.37%

www.zacks.com

ARMH ARM HOLDINGS

Per NASDAQ 4/19/12:
Stock Price $28.91 1 Year Target $33

Number of Shares 1,037,703.20 Year Current 1 year 2 year 3 year 4 year 5 year Price per Share $ 28.91 $ 33.00 $ 37.62 $ 42.89 $ 48.89 $ 55.74 Target Increase 14% 14% 14% 14% 14% Balance $ 30,000,000 $ 34,244,206 $ 39,038,394 $ 44,503,770 $ 50,734,297 $ 57,837,099 Profit $ 4,244,206 $ 9,038,395 $ 14,503,770 $ 20,734,298 $ 27,837,099 ROI 14.1% 30.1% 48.3% 69.1% 92.8%
www.nasdaq.com

FOREIGN BOND MARKET BASICS

Interest rates and bond valuation Increases in interest rates are highly detrimental to bond valuation Impact is only realized if bond is sold prior to maturity Treasury notes are held to maturity Currency exchange rates
Realized return from foreign treasury notes includes adjustment in exchange rates Payments from purchases of European treasury notes will reflect variances in the Euro/Dollar exchange rate

EURO/DOLLAR EXCHANGE RATE

EURO/DOLLAR EXCHANGE RATE

"The market is almost historically short of euros and long of dollars, which will make it difficult to push euro/dollar lower," said Arne Lohmann Rasmussen, head of currency research at Danske Bank in Copenhagen. European bond valuation will not be adversely affected by Euro/Dollar disparities Euro/Dollar remains consistently above $1.30 despite present debt concerns

SPANISH BOND YIELDS

PROJECTED RETURN ON INVESTMENT

Investment of $20 million in 10 year Spanish treasury notes at a coupon rate of 6.03% compounded bi -annually Bi-annual return = (0.0603/2) * $20,000,00 = 0.03015 * $20,000,000 = $603,000 return Investment would produce a return of $603,000 every six months for ten years, with a potential for reinvestment Total realized return of $12,060,000

PARK ELECTRIC AND MINING CO.

Company engaged in copper mining and electricity production.
Mining : Copper Production and Asphaltite Production.

Energy : Cogeneration energy plants for electricity, energy and vapor generation, and establishing power stations for the generation and distribution of electricity. The Company is also involved in the production of fiber and fiber products from glass, mine and mine derivations.

PARK ELECTRIC AND MINING CO.

Investment: 50 % - $50 Million Turkey - Energy and Mining Company : Park Elektrik Uretim Madencilik Sanayi ve TAS Stock Investment Bloomberg: PRKME TI / Reuters: PRKME IS Financal Times : PRKME:IST Park Electric and Mining is a subsidiary of Park Holding A.S http://www.parkelektrik.com.tr

PARK ELECTRIC AND MINING CO.

Source : Financal Times Market Data

PARK ELECTRIC AND MINING CO.

Source : Financal Times Market Data

PARK ELECTRIC AND MINING CO.

Source : Financal Times Market Data

PARK ELECTRIC AND MINING CO.

Source : Financal Times Market Data

PARK ELECTRIC AND MINING CO.

Source : Bloomberg

PARK ELECTRIC AND MINING CO.

Mining investments
Park Elektrik increased its concentrated copper capacity 750 to 1.2mn tons/year

1.8mn tons/year which is planned to be completed in 2015

Asphaltite 135MW to 405MW in 2015 Park Elektrik will triple its asphaltite production.

PARK ELECTRIC AND MINING CO.

Energy investments
The company plans to build 50.5MW "run of river type" of HEPP in Diyarbakr with total capital expenditure of US$60mn for which the production licence will be valid for 49 years. Construction of the HEPP is expected to start in 2013 and will take approximately three years for the plant to generate revenues.

REFERENCES
h t t p : / / w w w. a r m . c o m / a b o u t / c o m p a ny - p r o f i l e / i n d e x . p h p h t t p : / / m o n e y. c n n . c o m / 2 0 1 2 / 0 3 / 0 9 / t e c h n o l o g y / a r m - i p a d - i n t e l / i n d e x . h t m h t t p : / / w w w. i nve s t o r g u i d e . c o m / a r t i c l e / 7 5 5 6 / a r m - h o l d i n g s - a r m h - p o i s e d - t o - b e c o m e - t h e next-intel-intc/ h t t p : / / w w w. z a c k s . c o m / s t o c k / q u o t e / A R M H h t t p : / / w w w. z a c k s . c o m / re s e a rc h / r e p o r t . p h p ? t y p e = e s t i m a t e s & t = A R M H h t t p : / / w w w. z a c k s . c o m / re s e a rc h / r e p o r t . p h p ? t y p e = e s t i m a t e s & t = A R M H h t t p : / / w w w. b l o o m b e r g . c o m / q u o t e / P R K M E : T I h t t p : / / w w w. i s ya t i r i m . c o m . t r / We b M a i l e r / f i l e s _ a t t / 2 _ 2 0 1 2 0 3 1 3 1 7 2 6 0 0 3 0 4 _ 1 . p d f h t t p : / / i nve s t i n g . b u s i n e s s w e e k . c o m / r e s e a r c h / s t o c k s / s n a p s h o t / s n a p s h o t . a s p ? t i c k e r = P R K ME:TI h t t p : / / w w w. r e u t e r s . c o m / f i n a n c e / s t o c k s / ove r v i e w ? s y m b o l = P R K M E . I S h t t p : / / m a r k e t s . f t . c o m / Re s e a r c h / M a r ke t s / Te a r s h e e t s / B u s i n e s s - p r o f i l e ? s = P R K M E : I S T h t t p : / / w w w. c n b c . c o m / i d / 4 7 1 1 2 9 1 9 h t t p : / / w w w. b l o o m b e r g . c o m / q u o t e / G S P G 1 0 Y R : I N D / c h a r t h t t p : / / w w w. r e u t e r s . c o m / a r t i c l e / 2 0 1 2 / 0 4 / 1 9 / m a r k e t s - f o re x - i d U S L 6 E 8 F J 7 N G 2 0 1 2 0 4 1 9 B re n n a n , C . ( 2 0 1 2 , A p r i l 2 0 ) . I n t e r v i e w by P E H H e a t h [ Pe r s o n a l I n t e r v i e w ] . B o n d re s e a rc h s t ra t e g i e s .