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GLOBAL MACRO & CURRENCY MANAGEMENT

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managed CURRENCY accounts

Performance Calculation Methodology

The performance methodology shows the historic performance (net of account dealing costs and charges, ECU's management fees of 1% and 20% performance fees, where applicable, but excluding VAT) of a representative Managed Account held at Saxo Capital Markets since the inception of the FX Alpha Managed Account Programme (for clients with a GBP Base Currency) in August 2009. The investment returns shown are calculated as a percentage of the Investment Size, which is the maximum currency exposure, and thus do not represent the return on the collateral (margin) actually provided by the client, which will naturally vary from client to client.

Past performance is no guarantee of future performance.

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