PIWORLD Investor Podcasts

Digital currency adoption by Government, Central Banks and much more Tamzin Freeman is joined by Erik Townsend, the originator of  macrovoices.com, and the author of Beyond Blockchain – the death of the dollar and the rise of digital currencies.  Erik discusses how initially he ignored digital currency, and latterly realised its scope could change the world.  He’s not a bitcoin or ICO fan but sees the scope of what they offer with distributed ledger technology, which could be revolutionary for the financial system. A fascinating 45 minutes. Erik’s background and how it led to the book – 01:29 Cryptocurrency falsely judged, instead what benefits it could offer to Government? – 02:34 What needs to happen technically to make digital currency a reality? – 05:23 How quickly will it happen? – 09:00 Doesn’t the technology have to be in place before the Government can adopt it? – 10:52 Adoption of digital currency by central banks: the pros and cons – 13:41 What catalyst will lead to adoption of a digital currency by Governments? – 16:06 Who are the pioneers in the digital currency space? – 17:20 What’s Russia & China’s position? – 20:09 How could a digital currency get the trust that the Dollar has? – 23:23 Is a digital sovereign bond market possible? – 29:25 Where do international boundaries and foreign exchange fit in? – 33:56 How would Erik go about implementing a digital currency?  – 37:48 Link to Erik’s book Beyond Blockchain: https://www.macrovoices.com/bb Link to Macrovoices: https://www.macrovoices.com About Erik Townsend Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream. A teenage computer protégé, he spent most of his high school years at MIT’s Artificial Intelligence laboratory, where he taught himself several computer programming languages. Erik became an independent software development and design consultant to Digital Corporation’s manufacturing systems technology group at age 17. By age 20 he owned his first private aircraft, after earning his private and commercial pilot’s licenses. From his experience at MIT, Erik recognized that the IT industry’s failure to embrace distributed computing translated to an exceptional entrepreneurial opportunity. At age 21, Erik committed himself to developing and commercializing distributed application software technologies he was first exposed to at MIT in the late ’70s. By the mid-1980s, Erik had invented an approach to distributed system design that is now widely known as Service-Oriented Architecture (SOA). After applying SOA concepts initially at Digital Equipment Corp (where he consulted for nearly 10 years), in 1992 Erik founded the Cushing Group, a boutique consultancy focused exclusively on bringing advanced distributed application computing technologies to market. The Cushing Group’s work with Wells Fargo Bank in the early 1990s paved the way for Wells Fargo to become the world’s first Internet Bank by early 1995. By 1998, Erik had grown The Cushing Group to 35 employees, $10mm annual revenues, and an exceptional 28% net operating income. The Cushing Group was well on its way to becoming the premier authority on SOA, and many expected the company to go public after a few more years. But Erik recognized that valuations for IT Service companies were ridiculously high at the time, and that an exit through acquisition was more prudent than waiting for an IPO in a market where Erik was convinced a bubble was forming. After selling the Cushing Group to Ciber, Inc. (NYSE: CBR) in 1998, Erik briefly engaged a well-known investment bank to manage his assets, but was profoundly disappointed with their services. He subsequently took a deep dive into macroeconomic/fundamental investing and educated himself on the mechanics of derivatives trading. Erik has actively traded energy, grains, and precious metals futures markets since 2008, and has become a recognized expert in Peak Oil investing, having given lectures on that topic to Parliament in Belgium and at the ASPO technical conference. Erik has also become a financial podcast personality, having appeared regularly as the commodities commentator on a popular weekly financial program for several years. Erik has become a passionate world traveller. He moved to Hong Kong in 2009 to get a better perspective on changing global economics. While living in Hong Kong, several hedge fund professionals he met there observed that through his own passionate trading activities, Erik was “already doing all the work of running a hedge fund except for picking up the phone and calling a lawyer and turning it into a fund”. Erik was flattered by the advice of his peers in Hong Kong to launch his own hedge fund, but wanted to finish his boots-on-ground evaluation of the global economy first. He spent just over sixteen months in 2011 and 2012 exploring the world, living in 28 cities in 18 countries during that period. Erik continues to live a very international lifestyle, and presently has homes in Hong Kong, Mexico and the United States. Erik eventually took his Hong Kong friends’ advice to heart, and founded Fourth Turning Capital Management, LLC in 2013. Through that asset management company, he launched a Global Macro-strategy hedge fund in July 2013. In February 2016, Erik launched Macro Voices, a new weekly financial podcast program which will target professional finance, high net worth, and other “sophisticated” investors who desire financial content at a level of sophistication and complexity above what the retail investment-focused podcasts on the Internet presently offer.

This video can be seen at: https://www.piworld.co.uk/2019/02/19/ra-international-group-rai-presentation-at-mello-london-november-2018/   RA International Group PLC is a United Kingdom-based remote site service provider. The Company offers integrated camp services, from the construction of camp facilities to full life support services- including camp catering and camp maintenance services foe clientele operating in remote and challenging environments. It focuses on providing remote site solutions for those involved in humanitarian operations, and the oil and gas and mining industries. The Company’s service offerings include construction, operation and maintenance, integrated facilities management, supply chain, and accommodation. It provides its services to mining, oil and gas, and humanitarian. RAI: who are we and what do we do? – 00:18 Management – 00:45 What RAI does? – 01:20 The background – 02:50 Competitive position – 05:15 Customers – 06:32 RAI locations – 08:19 Financial summary – 09:48 Business profile in a new country – 11:24 Overview of contracts – 15:05 Financials – 17:54 Growth strategy – 18:30 Market opportunity & pipeline – 20:40 Our differentiators – 22:14 The tender process – 27:59 Compliance led approach – 31:40 IPO overview – 33:15 The Board – 33:28 Summary – 34:24

This video can be seen at: https://www.piworld.co.uk/2019/02/18/the-journey-of-the-investor-from-beginner-to-pro-with-graham-neary/ The journey of the investor, from beginner to pro – interview with Graham Neary by Tamzin Freeman, piworld. Graham discusses the investing options for individuals who want to manage their future financial security. He starts with an IFA, covers the use of passive funds, and then moves into the more sophisticated skills of self-investing. Graham describes aspects of his own investing journey, with reference to specific holdings in his own portfolio. Graham Neary is Director of Cube.Investments, the platform for objective, independent financial analysis, and writes the Stockopedia Small Cap Value Report with Paul Scott. Graham is a full-time investor and analyst with a decade of financial markets experience. He has worked on the sell-side as a fixed income analyst at independent research firms, and on the buy-side as equity portfolio manager for an international financial services organisation. Graham is a CFA Charterholder, also holding the Investment Management Certificate and the STA Diploma in Technical Analysis. He graduated in mathematics from Trinity College, Dublin. Introduction to Graham – 00:38 Graham’s views on IFA’s – 02:30 Passive funds – 03:49 Managing your own money - 07:56 Where to start doing your own research? – 10:02 What’s Graham’s style of investing? - 11:13 Losses? Being OK with a 50% drawdown - 12:57 What is the catalyst for Graham to sell? - 14:44 Value v Quality - examples - 15:49 Organic growth v acquisitions – 18:05 Tandem Group (TND) – low earnings multiple – 20:47 Quality holdings in Graham’s portfolio – 23:09 Customer concentration – 26:00 Financial stocks – 26:37 What rate of return are you looking to achieve? – 29:00 Risk management - 30:20 Position size in portfolio - 32:10 Outlook for 2019 – 33:51

This video can be seen at: https://www.piworld.co.uk/2019/02/02/the-analyst-with-gareth-evans-progressive-equity-research/   Gareth Evans, Founder Progressive Equity Research interviewed by Tamzin Freeman, piworld Gareth describes the role of the analyst, clarifying where the analyst sits within the bank/broker’s services, and where they sit commercially. He gives great insight to the delicate balance of client relationships, reputation and integrity. Finally, he covers off the effects of MiFID II. Gareth has over 15 years research experience covering pan-European Chemicals & Technology sectors. He founded Progressive Equity Research in 2012. Formerly, Gareth held research positions at ABN AMRO, Canaccord & Investec, where he was Joint Head of Research and was awarded techMARK Analyst of the Year in 2006. Gareth’s background – 00:25  Where does the analyst sit within a bank? – 02:30 What’s the typical day for an analyst? – 04:44 Do you cover the whole market? – 05:58 How are analysts briefed by their manager? – 11:14 Relationships within the corporate broker and the company – 13:09 The institutional investor v the company relationship – 15:32 The different roles of the corporate broker, analyst & salesman – 17:33 Broker ‘sell’ notes – 19:23 The poor results dilemma – 22:20 The effect of MiFID II – 26:14 How do you see research playing out on-going? – 31:29

This video can be seen at; https://www.piworld.co.uk/2019/01/26/international-biotechnology-trust-ibt-presentation-at-mello-london-november-2018/   By Carl Harald Janson, Lead Investment Manager, IBT International Biotechnology Trust plc is an investment trust company. The Company's investment objective is to achieve long-term capital growth by investing in biotechnology and other life sciences companies. The Company will seek to achieve its objective by investing in a diversified portfolio of companies, which may be quoted or unquoted and whose shares are considered to have growth prospects, with experienced management and strong potential upside through the development and/or commercialization of a product, device or enabling technology. It may invest through equities, index-linked securities and debt securities, cash deposits, money market instruments and foreign currency exchange transactions. Investments may also be made in related sectors, such as medical devices and healthcare services. Its portfolio is split between large, mid and small-capitalization companies, primarily quoted on stock exchanges in North America. Its investment manager is SV Life Sciences Managers LLP. Disclaimer and risk warning - 00:18 Agenda - 00:41 Video introducing IBT - 01:03 Management team - 03:50 SV Health Managers: The Manger of IBT - 04:18 Biotech is a high growth sector – 05:04 IBT dividend - 05:53 Growth drivers - 06:23 Risk: Politics in US and regulation - 09:28 Sector valuations at some of lowest in 20 yrs - 12:10 Performance of IBT - 12:47 Portfolio breakdown - 15:49 How to cope with pricing pressure and slow growth - 18:38 Portfolio changes - 19:09 Portfolio acquisitions in 17/18 - 19:47 Unquoted portfolio - 21:07 Investment process - 21:44 Risk mitigation - 22:52 Summary - 23:45

This video can be seen at: https://www.piworld.co.uk/2019/01/25/petards-group-peg-presentation-at-mello-london-november-2018/?preview=true&_thumbnail_id=2419   Introduced by Osman Abdulah, Group CEO. Presentation by Paul Negus, Group Business Development Director Petards Group plc (Petards) supplies advanced security and surveillance systems. The Company operates in the development, supply and maintenance of technologies used in advanced security, surveillance and ruggedized electronic applications segment. It offers software driven on-board digital video and sensor systems for fitment to new build or retrofitted to existing rolling stock, and its applications include driver only operation, condition monitoring, saloon car closed circuit television (CCTV), drivers view cameras and automatic passenger counting systems. It offers electronic defensive countermeasure systems for fitment to rotary and fixed wing aircraft, threat simulation systems and mobile radios predominantly for the United Kingdom Ministry of Defense. It offers mobile speed enforcement and automatic number plate recognition (ANPR) systems to law enforcement agencies, and is sold under the Provida brand. It serves markets, including transport, defense and emergency services. Introduction, Osman Abdulah – 00:17 Paul Negus, Group Business Development Director – 01:09 Overview of PEG: Markets – 02:40 Executive board – 03:34 Strategic plan – 03:50 Order highlights – 05:44 Video of PEG products – 06:54 Technology highlights 2018 – 09:41 Value creation in the ‘New Build’ market – 14:40 UK rail market opportunities 2019/20 – 17:16 Product roadmap – 19:08 The Rail outlook – 22:03 Traffic technology offering & highlights – 23:23 Defence Services Offering – 24:25 Petards Group – 25:00 Q&A – 26:00

This video can be seen at: https://www.piworld.co.uk/2019/01/19/the-financial-pr-with-reg-hoare-managing-director-mhp-communications/ piworld’s Tamzin Freeman interviews Reg Hoare about the role of the Financial PR. Reg’s background: Reg joined MHP in 2010 and has over 30 years City experience, initially gained with 11 years in investment banking and securities, principally at SG Warburg and Nomura. He switched to financial PR in 1995, and specialises in advising mid market companies, from FTSE 250 to AIM 100 across a number of sectors, and has a long track record of advising in complex situations including IPOs, fund raisings, M&A, crises and restructurings. He also served for 8 years as a Board member of the Investor Relations Society, Europe’s leading body for investor relations practitioners. Reg’s background and how he got into financial PR – 00:39 What is the role of the financial PR? – 02:53 What makes a good RNS? – 05:49 Why companies don’t put the consensus forecasts on their website? – 07:15 What notice do you have of the good news, or bad news, of a trading update? – 08:43 Profit warnings – 09:56 What’s the biggest challenge for the PR? – 13:31 As a PR, how do you feel about the retail investor? – 15:21 How do you gear a comms strategy to include the retail investor? – 17:00 The regulation that the companies have to adhere to? – 18:24 Has MiFIDII affected you, as a financial PR? – 23:14 How has the PR function changed over the period? – 26:13 How has the proliferation of media affected you? – 29:50 As a PR, what are the constraints for you as a private investor? – 32:04 If you weren’t a financial PR, what would you do? – 34:35

This video can be seen at: https://www.piworld.co.uk/2018/12/21/palace-capital-pca-presentation-at-mello-london-november-2018/ By Neil Sinclair, Chief Executive Stephen Silvester, Finance Director Richard Starr, Executive Director Palace Capital plc is a property investment company. The Company invests in commercial real estate in the United Kingdom. The Company's property portfolio includes investment properties located throughout England, predominantly regional investments outside London and consists of a diverse portfolio of commercial buildings. The Company's properties include Hudson House, York; Fraser House, Staines, and Midsummer Boulevard, Milton Keynes. The Company invests in a range of sectors, such as leisure, auto, legal, hotels, retail, health, research and development, and car parking. The Company's subsidiaries include Palace Capital (Leeds) Limited, Palace Capital (Northampton) Limited, Palace Capital (Properties) Limited, Palace Capital (Developments) Limited, Palace Capital (Halifax) Limited and Property Investment Holdings Limited. Introduction - 00:19 Investment case - 00:41 Regional UK commercial property market - 01:09 Track record of outperforming in UK Real Estate - 02:12 HY19 Sept 2018 highlights - 03:20 The financials - 04:24 The UK property market - 08:09 Permitted development impact on regional office stock - 08:59 Urbanisation & connectivity - 09:42 Portfolio overview - 10:29 Outlook - 16:00

This video can be seen at: https://www.piworld.co.uk/2018/12/20/eservglobal-esg-presentation-at-mello-london-november-2018/   eServGlobal (ESG) presentation at Mello London 2018 by John Conoley, Executive Chairman eServGlobal Limited is a provider of mobile financial technology, offering mobile money solutions. The Company covers a spectrum of mobile financial services, including mobile wallet, mobile commerce, analytics, advanced recharge, promotions and agent management. The Company is engaged in the provision of telecommunications software solutions to mobile and financial service providers on a global basis. The Company’s solutions include Mobile Money, Remittance and Recharge. The Company’s PayMobile platform is an end-to-end solution for mobile money and mobile financial services. PayMobile is a recharge solution, which includes a featured prepaid account recharge solution. The Company’s Remittance solution allows sending money. The PayMobile interfaces with the HomeSend global payments hub. The HomeSend is a solution, which enables cross-border transfer between mobile money accounts, payment cards, bank accounts or cash outlets. Introduction – 00:17 The two businesses – 01:05 The core business – 02:13 HomeSend – 03:20 Recent fundraise – 07:50 Newflow – 13:45 Typical finTechs – 15:40 Q&A – 20:34

This video can be seen at: https://www.piworld.co.uk/2018/12/19/john-rosier-reflections-on-2018-interview-by-tamzin-freeman/   John Rosier: reflections on 2018 John Rosier, a full time private investor with over 30 years’ investment experience and a regular contributor to the Investors Chronicle magazine. John runs a website, which is a journal of two live portfolios. It reports on the progress, explains the rational behind each investment decision and comments on latest company news, portfolio strategy, topical issues and performance. http://johnsinvestmentchronicle.com John’s background – 00:30 How’s the last year been? – 02:02 What have you learnt from the profit warnings? – 03:30 What are your views on the tricky market? – 09:13 What are your methods to remain balanced with a profit warning? – 14:08 What’s your cash position? – 16:37 The power of dividends – 18:00 What are you looking to buy? – 19:00 Where do you see the market going forward? – 25:00