Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>Low correlation with Western stock markets, and low correlation to the Filipino market relative to its sector</li><li>Nickel prices should grow further due to global supply cut as a result of the Philippine government audit resulting in possible mine closures cutting around 50% production. NIKL is ready to benefit and gain market share</li><li>NIKL is one of the largest global suppliers of lateritic nickel ore used for stainless steel production in China, which imports 90% of nickel ore from Philippines. Its 32% domestic market share in 2015 should expand in 2017</li><li>Trades at an attractive 17CE* PEG ratio of 0.4 versus Asian Materials at a PEG of 1.2 and NIKL is net cash</li><li>Risks: Mines mentioned in the audit finally not being closed</li></ul><p><em>* Consensus Estimates</em></p>

Low correlation with Western stock markets, and low correlation to the Filipino market relative to its sectorNickel prices should grow further due to global supply cut as a result of the Philippine government audit resulting in possible mine closures cutting around 50% production. NIKL is ready to benefit and gain market shareNIKL is one of the largest global suppliers of lateritic nickel ore used for stainless steel production in China, which imports 90% of nickel ore from Philippines. Its 32% domestic market share in 2015 should expand in 2017Trades at an attractive 17CE* PEG ratio of 0.4 versus Asian Materials at a PEG of 1.2 and NIKL is net cashRisks: Mines mentioned in the audit finally not being closed* Consensus Estimates

NIKL: Ore Miner Well Placed to Cash in on Mine Audits

Nickel Asia

NIKL: Ore Miner Well Placed to Cash in on Mine Audits