EMPLOYMENT AGREEMENT

THIS IS AN AGREEMENT made today, 13th April 2009,

BETWEEN ZZZ, a company incorporated in the Republic of Cyprus with registration number HE119950 having
its registered office at 221, Christ. Haggipavlou street, Helios Court, 1st floor, 3036 Limassol, Cyprus, hereinafter
called "The Company" of the one part

and

KKK, of ADRESS with Passport number NNN, hereinafter called "The Employee" of the other part.

WHEREBY IT IS MUTUALLY AGREED as follows:

1. The Company shall employ the Employee and the Employee shall serve the Company in the post of the
Head of Proprietary Trading and shall perform such duties, that are associated with such function and
position as well as additional or other duties in line with operational and management requirements. For the
avoidance of doubt, the Employee will, if required by the Company, carry out duties for and/or act in a
capacity as employee of any other Group Company.

2. The initial period of the agreement shall be for a period of twelve (12) months commencing on 13/4/2009
and ending on 12/4/2010, with the option for renewal for further successive periods of twelve (12) months or
any other periods subsequently agreed between the Company and the Employee, at each expiration date.
The Company shall inform the Employee at least 3 months prior to any expiration date if the agreement will
not be renewed or if there will be any amendment or modification to it. During its initial period both parties
have the right of termination of the agreement by giving 1 month written notice in advance to the other party.
The first three (3) months of the above period will be considered a probational period for the Employee and
during this period the company has the right of termination of the agreement by giving 2 weeks written notice
in advance to the Employee.

3. The Employee must devote the whole of his time, attention, and abilities during normal working hours to the
business of the Company or any Group Company. The Employee will at all times conform with the
Company’s reasonable instructions and will comply with all the Company’s rules, regulations, policies and
procedures from time to time in force.

4. During the course of the Employee’s employment, whether or not the Employee is subject to any period of
notice to terminate his/her employment, the Employee may not undertake directly or indirectly in any
capacity, any other duties of whatever kind for any other individual, firm or company without the prior consent
of the Company.

5. In the execution of his duties the Employee will be responsible as proprietary trader for all the duties and
responsibilities which are required and specified for this role by the relevant laws and regulations and the
directives which govern the legal and regulatory framework under which the Company operates. It is
expected that the Employee will fully familiarize himself with this framework. The Company may request, at
it’s own costs, that the Employee obtains a professional competence certificate if this is required by Law or
by the Regulator.

6. The remuneration of the Employee during the initial duration of his agreement shall be according to the
current emolument agreement with the Company’s Holding company, Alpinex Asset Management AG, as
this may be jointly, employee and the holding company, may agree from time to time.

7. The working hours are 40 hours per week, Monday to Friday from 9am to 6pm with 1 hour break, plus such
additional hours as may be necessary for the proper performance of the Employee’s duties. The Employee
will not be entitled to any additional remuneration for such additional hours worked.

8. The Employee shall be entitled to 20 working days paid holiday leave in addition to any public holidays.
Such leave will be calculated pro rata on the period of service. For any annual leave of more than 2 working
days, the time and duration of the annual leave will be agreed together with the Directors of the Company.

9. The Employee’s employment under this agreement may be terminated forthwith by the Employer
without prior notice if the Employee shall at any time:

(a) commit a serious or persistent breach of any of the provisions herein contained;

(b) be guilty of any grave misconduct or willful neglect in the discharge of his duties hereunder;

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(c) be convicted of any criminal offence other than an offence which in the reasonable opinion of
the board does not effect his position as an [job title] of the company.

(d) become insolvent.

10.Except in the case of illness or after obtaining permission for absence, the Employee shall not be
absent from his employment during working hours. In the case of absence due to illness of more than 2
working days and provided the Employee produces to the Company, if so demanded, a certificate of a
doctor, accepted by the Company, the Company will pay to the Employee all remuneration specified in
clause 6 of this agreement for the entire duration of the absence due to illness, provided that absence is not
exceeding a period of one month in aggregate in a whole year. If the absence continues for more than six
months the Company may decide thereupon to terminate this agreement with one month notice. The
Company will cover the costs for basic medical insurance and the Employee has the option to extend this
insurance to a more comprehensive scheme by covering the additional cost himself or requesting from the
Company to cover the additional cost. The Company has the option to do so by deducting any such amount
from the Employee’s gross salary.

11.The Employee shall at all times during his employment ensure that no conflicts of interest arise and
that confidentiality is maintained at all times. In particular:

(a) The Employee shall not without the consent of the Employer during the continuance of this agreement be
engaged or interested either directly or indirectly in any capacity in any trade business or occupation
whatsoever other than the business of the Employer. In this clause the expression “occupation” shall include
any other public or private work which in the opinion of the employer may hinder or otherwise interfere with
the performance by the Employee of his duties under this agreement.

(b) The Employee shall not except as authorized by the Employer or required by his duties reveal to any
person/persons or company any trade secret/secrets or confidential operations processes or dealings or any
information concerning the organization, business, finances, transactions or affairs of the Employer which
may come to his knowledge during his employment hereunder and shall keep with complete secrecy all
confidential information entrusted to him and shall not use or attempt to use any such information in any
manner which may or likely to injure or cause loss either directly or indirectly to the employer or its business
or may likely so to do. This restriction shall continue to apply after the termination of this agreement without
limit in point of time but shall cease to apply to information or knowledge which may come into the public
domain.

(c) The Employee shall not during the continuance of this agreement make otherwise than for the benefit of
the Employer any notes or memoranda relating to any matter within the scope of the business of the
Employer or concerning any of its dealings or affairs nor shall the Employee either during the continuance of
this agreement or afterwards permit to be used any such notes or memoranda otherwise than for the benefit
of the Employer being the intention of the parties hereto that all such notes or memoranda made by the
Employee shall be the property of the Employer and left at its administrative/business office upon the
termination of the Employee’s employment hereunder.

(d) all the above will apply with respect to any holding, subsidiary or associate of the Employer or any of its
clients.

(e) The Employee will comply with all obligations imposed by the Investment Services Laws, and the
Regulations and Directives of the Cyprus Securities and Exchange Commission and any other Government
or Regulatory body.

12.The Company will provide the Employee with computing and communication facilities. These facilities
may not be used for personal purposes, unless the employee obtains the Company’s explicit permission to
do so. Upon termination of this agreement the Employee shall return to the Company all keys, computer
hardware and software, all files, records, documents, notes, drafts and any copies which belong to the
Company or relate to the Company’s activities, its holding company, associated company, shareholders of
the Company or other Employees of the Company.

13.This Agreement shall be governed and construed in accordance with Cyprus law. The parties agree to
submit to the exclusive jurisdiction of the courts of Cyprus..

14. This agreement is made in 2 originals and each party receives one original. The terms of this
agreement may be amended at any time only by a mutual written agreement between the two concerned
parties.

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15.The Employee and the Company will, except only in so far as is required by law or regulation; or
permitted in writing by a mutual agreement between both parties, ensure that all matters relating to this
agreement are kept strictly confidential between the Employee and the Company and its associated
companies.

Declaration for Data Protection

a) The Employee consents to the Company or a Group Company holding and processing both
electronically and manually any data (which may include sensitive personal data) which relates to the
Employee for the purposes of the administration and management of its employees and its business
and for compliance with applicable procedures, laws and regulations. The Employee also consents to
the transfer of such personal data to other Company offices or to a Group Company, whether or not in
the European Economic Area, for administration or other purposes, but in connection with his
employment where it is necessary for the Company to do so.

b) If during the course of the Employee’s employment, the Employee has access to personal data, in
whatever form, the Employee shall keep such data in confidence, and use all reasonable endeavors to
ensure the safe-keeping of such data. The Employee shall not access, reproduce, display, distribute,
erase, alter or use such data or seek to do so, except for the legitimate business purposes of the
Company and in compliance with all applicable laws and policies concerning data protection. Failure to
comply with these obligations may lead to the Employee’s criminal prosecution under the applicable
legislation. In addition, the Employee may be subject to action under the Company’s disciplinary
procedure. The term ‘data’ is not confined to electronic data but includes written records and any other
form of data whatsoever.

IN WITNESS whereof the said parties hereto have hereunto set their respective hands the day and year first
above written.

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EMPLOYEE

NAME AND I.D. / PASSPORT NUMBER SIGNATURE

1. Name: KKK
I.D. / Passport Number: NNN
……………….………………………

ZZZ SIGNATURE

1. Director1
……………….………………………

2. Director2

……………….………………………

WITNESSES SIGNATURE

1.

……………….………………………

2.
……………….………………………

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