OK-Score 1997 – 2016

OK-Score Institute B.V.(1997)/CvBA (2013) DIRECTORS W.D. Okkerse MBA CEO Drs. G.F.C. van Ravenzwaay PR A.H. Hoek MBA CIO Advisory Board Ardashir Dubash (Private Banker ex Credit Suisse) Antonis Partellas RA

OK-Score Institute B.V./CvBA (1997/2013) THE PERSPECTIVE IN MARKET CAPITALIZATION PWC NETHERLANDS € 100.000.000.000 DUTCH STOCK EXCHANGE € 600.000.000.000 OK-Score Institute € 6.000.000.000 .000

Het Effectenhuis Commissionairs BV (2010) DISTRIBUTION CHANNEL Netherlands Het Effectenhuis Commissionairs BV (2010) DIRECTORS R. Boer W. Groot BELGIUM UNDER CONSTRUCTION

Special observations - No payroll obligations - All parties engaged within a long term endurable cooperation - One principle : Dare to share

Achtergrond OK-Score ™ MBA (cum laude) 1990 PhD Programma 1995-2000 Doelstelling Beperking Z-Score Vervolgonderzoek Aandelen 2000-2003 Doelstelling Is verlaging risico tegelijkertijd mogelijk met rendements- verhoging Real life since 2003 -

KNUPPEL MAAR IN HET HOENDERHOK

GEMEENSCHAPPELIJKE FACTOR

Professor Breesch Universiteit van Brussel >70% bij FAILLISEMENT GEEN GCO >95% bij GCO GEEN FAILLISEMENT

OK-Class 10 = Business Failure (Class 9 upfront warning) Relevant definition: Default (failure to reimburse) Chapter 11 Bankruptcy Forced increase of capital Forced recapitalization Forced asset stripping Forced split Forced takeover Financial statement fraud (cooking the books) ....leading to a substantial drop in share value. 02/09/2015 OK-SCORE INSTITUTE MEETS DFT

DE OK-SCORE KLASSEN 1 2 3 4 5 6 7 8 9 10

DE OK-SCORE IN PERSPECTIEF De verwachtingskloof 100% 50% 0% AUDITORS 95%/70% CRA C-grades 63%/73% NIET ONTDEKTE GCO OK-Score Klasse 10 1,6%/0,04% 0% 50% 100% FOUT GEGEVEN GCO

DE OK-SCORE IN PERSPECTIEF De verwachtingskloof 100% 50% 0% AUDITORS 95%/70% Z-Score 35%/25% NIET ONTDEKTE GCO CRA NI 5%/93% OK-Score Klassen 9 + 10 0,0%/0,0% 0% 50% 100% FOUTE GEGEVEN GCO

…OK-Scores te gebruiken als gelegaliseerde voorkennis 02/09/2015 Results …OK-Scores te gebruiken als gelegaliseerde voorkennis (FALSE POSITIVE) TYPE 1 True positives (number of true negatives (FALSE NEGATIVE) TYPE 2 TOTAL TOTAL 1 60 61 2489 1 2490 2490 61 2551 False positive 1/61 = 1,64% correct defined business failures 60/61 = 98,36% False negative 1/2490 = 0,04% correct defined running companies 2489/2490 = 99,96% OK-SCORE INSTITUTE MEETS DFT

ONLY IN 2013 CONFIRMATION OF OK-SCORE THEORY IMPORTANT ONLY IN 2013 CONFIRMATION OF OK-SCORE THEORY C. Walkshäusl (2013) lower risks and better performances http://www.corporate-finance-fachportal.de/content/aufsatz/aufsatz/dft,316,572961 University of Regensburg

Practical results OK-AEX Portfolio Real life 1.1.2003 – 31.12.2013 (Yield 255% vs AEX 72%) OK-World Fund Real life since October 1, 2013 (successor of AEX-fund) Yield 12.5% Nett as per Dec. 31,2015 OK-Magnificent Twenty Fund (ex S&P 500) real life since 1.1.2003 Yield 604% Gross as per Dec. 31-2015 OK-Interest Dividend Fund Real life since February 1, 2014 Yield 6,5% Nett as per Dec 31 - 2015

TOPICS FOR DISCUSSION ESSENTIAL FOR WORLD WIDE SET-UP 1. EXCELLENT QUALITY OF INPUT-DATA (Auditors driven) 2. EXCELLENT SELECTION PROCESS OK-SCORE INSTITUTE OBJECTIVE - TRANSFER DATA INTO HIGH VALUE INFORMATION - ADDED VALUE DIFFERS IN EACH INDIVIDUAL MARKET - NO FIXED PRICE : DARE TO SHARE