Annual Investment Report – 2025

Annual Investment Report – 2025 INCOME CAPITAL MANAGEMENT informs all clients that the Annual Investment Report for the year 2025 is available for consultation and printing directly from the Private Client Area. Within the dedicated investment section, each client can view a comprehensive overview of their positions, including performance data, invested capital, and operational configurations, with information updated according to the reporting frequency applicable to each fund. Formal Annual Report Request Clients who wish to receive the official Annual Investment Report for 2025, formally issued by Income Capital Management s.r.o., are kindly requested to submit their request by email to: 📧 investors@incomecapital.biz Please ensure that the email includes the relevant Client ID (or Client IDs, in the case of multiple investments) for which the report is requested. The document will be prepared and delivered in accordance with internal verification and compliance procedures. Return Update Frequency Investment returns displayed on the investment page are updated according to the following schedule: Weekly for the FOREX FUND Monthly for all other funds (typically by the 4th day of the following month) If an investment did not start at the beginning of a standard quarter (January, April, July, October), returns are calculated and displayed on a pro-rata basis. Explanation of Table Fields Below is a description of the main fields displayed in the investment summary table: CLIENT ID: The client identification number assigned by Income Capital Management s.r.o. Clients with multiple investments will have multiple Client IDs. END DATE: The maturity or expiration date of the investment. FUND: The type of investment subscribed. GUARANTEED CAPITAL: The percentage of capital guaranteed, where applicable. WORKING AMOUNT: The operating capital on which returns are calculated. This amount does not include any reinvested profits. RANGE: The indicative annual return range, reflecting the risk level of the selected investment. Q1, Q2, Q3, Q4: Percentage and monetary value of any profit generated in the respective quarter, if applicable. YEARLY TOTAL: Total annual profit expressed as both a percentage and an amount in EUR. For clients who do not reinvest profits quarterly, this figure is shown only for the current quarter. CAPITAL + INVESTMENT: The total amount in EUR consisting of invested capital plus any profits generated during the year. REINVESTED PROFITS ON QUARTERLY BASIS: Indicates whether quarterly profit reinvestment has been selected. PAC AMOUNT ON QUARTERLY BASIS: Indicates whether a quarterly Capital Accumulation Plan (PAC) is active and the selected contribution amount. Support and Clarifications The team at INCOME CAPITAL MANAGEMENT remains fully available for any clarification or additional information regarding the annual report, investment data, or portfolio configurations. Kind regards, INCOME CAPITAL MANAGEMENT s.r.o.

September 2025 Results: Resilience and Performance in a Volatile Market Environment

September 2025 Results: Resilience and Performance in a Volatile Market Environment “Wake me up when September ends…” sang Green Day. For many investors, September 2025 was indeed a month they would have preferred to skip. Global financial markets experienced exceptional turbulence, elevated uncertainty, and volatility at historically high levels. Gold continued its strong upward trajectory, while geopolitical and macroeconomic developments kept investor sentiment fragile throughout the month. Despite these challenging conditions, our strategies delivered solid positive performance, confirming that discipline, diversification, and a structured risk-based approach can transform uncertainty into opportunity. Market Context: A Month Defined by Volatility September unfolded against a backdrop of persistent geopolitical tension, macroeconomic realignment, and heightened sensitivity to policy signals. In such an environment, markets often reward resilience rather than speculation. Short-term reactions can amplify volatility, while structured strategies focused on risk control tend to demonstrate greater stability. Forex Fund Performance – Aggressive Level Even in this highly unstable context, the Forex Fund (Aggressive Level) closed the month with positive results: September 2025: +2.30% Year-to-date (January–September 2025): +28.16% Cumulative since inception (April 2024): +58.21% Since the beginning of August 2025, the strategy has been managed with a more cautious and prudent approach, reflecting the exceptionally high volatility observed across markets. This adjustment highlights the importance of flexibility within a disciplined framework, allowing portfolios to adapt while maintaining clear risk controls. Real Estate Fund Performance The Real Estate Fund also continued to deliver steady growth during September: September 2025: +0.45% Year-to-date (January–September 2025): +6.44% Cumulative since inception (April 2024): +12.64% While summer months typically represent a slowdown for the real estate sector, activity traditionally resumes with the arrival of autumn. Growth continues to be supported by sustained demand for tangible assets, particularly from investors seeking stability amid broader market uncertainty. Physical Gold Allocation Gold remained a central component of portfolio protection strategies throughout September. Purchased in September: 1.6 kg Total gold in custody: 11.6 kg Market value as of 30/09/2025: €1,228,440 (€105.90 per gram) The increase in demand is consistent with investors’ continued search for protection, reinforced by the strengthening of the spot gold price. In periods of elevated uncertainty, physical gold continues to fulfill its role as a strategic store of value. Transparency and Reporting Detailed performance reports are available at the following link: Access detailed reports → Active clients can find comprehensive data for all managed financial instruments in the private area, under the RESULTS section. Final Considerations September 2025 reinforces a key lesson: in times of heightened uncertainty, resilient strategies grounded in diversification and risk discipline make the difference. While markets remain unpredictable, structured investment approaches continue to demonstrate their ability not only to withstand volatility, but to convert it into sustainable performance. Original LinkedIn post: Read the original update on LinkedIn INCOME CAPITAL MANAGEMENT

July 2025: Extreme Volatility and Forex Fund Performance Under Unprecedented Market Stress

July 2025: Extreme Volatility and Forex Fund Performance Under Unprecedented Market Stress July 2025 proved to be one of the most challenging months in recent financial market history, particularly during its final two weeks. A period that is typically characterized by low volatility and reduced trading activity instead delivered extreme and unpredictable market movements, driven by a combination of political tension, speculative positioning, and fragile liquidity conditions. An Unusual Market Environment The month was dominated by escalating tensions over trade tariffs between Europe and the United States. These developments triggered a rapid sequence of events that destabilized the currency markets, particularly the EUR/USD pair. Initially, the European Central Bank intervened to artificially support the Euro, aiming to strengthen the European Commission’s position during ongoing negotiations. This was followed by a swift resurgence of the US Dollar as the dominant global currency. Crucially, these movements occurred against a backdrop of very low trading volumes, amplifying price swings and resulting in levels of volatility that, in certain moments, were unprecedented—even compared to the 2008 financial crisis. EUR/USD: Exceptional Price Swings The EUR/USD exchange rate illustrated the severity of market dislocation: Such rapid reversals within a compressed timeframe underscore the fragility of market sentiment and the risks associated with speculative flows during low-liquidity periods. Geopolitical Escalation and Risk Perception Market instability was further compounded by emerging geopolitical tensions, including the deployment of US submarines. While the prospect of nuclear escalation remains theoretical, even the suggestion of such risk materially affects investor behavior, volatility expectations, and capital allocation decisions. In environments like this, risk perception often outweighs fundamentals, creating conditions where price movements become disconnected from traditional valuation frameworks. Forex Fund Performance Overview Against this exceptionally turbulent backdrop, the Forex Fund (Aggressive Strategy) recorded the following results: While July closed negatively, the broader performance context remains solid, reflecting the strength of the strategy over longer horizons. Capital Protection as a Priority In periods of extreme and irregular volatility, prudence becomes essential. Our primary objective remains capital protection, with profit generation as a secondary goal. While speculative market movements are inherently unpredictable and beyond direct control, our focus is on maintaining vigilance and preserving the ability to act decisively when conditions normalize. This disciplined approach allows us to manage drawdowns while keeping portfolios positioned for recovery when market dynamics become more rational. Transparency and Reporting A detailed monthly return overview is available in the private area: View the full July 2025 performance report → We believe transparent reporting is essential, especially during challenging phases, enabling investors to evaluate performance within its proper market context. Final Considerations July 2025 serves as a reminder that extreme volatility can emerge even during periods traditionally considered stable. In such environments, discipline, risk management, and a long-term perspective remain the most effective tools for navigating uncertainty. INCOME CAPITAL MANAGEMENT

Risk Management and Consistency: The Foundations of Sustainable Investment Results

Risk Management and Consistency: The Foundations of Sustainable Investment Results Investment performance is often judged by returns alone. However, over full market cycles, it is risk management—not return maximization—that ultimately determines the sustainability of results. In an environment characterized by frequent volatility, rapid sentiment shifts, and geopolitical uncertainty, the ability to control downside exposure becomes a decisive competitive advantage. Why Risk Management Comes First Every investment strategy operates within uncertainty. The difference between durable performance and capital erosion lies in how risk is identified, measured, and managed. Effective risk management is not reactive. It is embedded into portfolio construction and execution through: Defined exposure limits aligned with volatility Diversification across instruments and risk drivers Continuous monitoring and adjustment of positions This framework allows portfolios to remain operational even when market conditions deteriorate. Consistency Across Market Cycles Short-term results can be influenced by favorable market phases. Consistency, however, is achieved only through disciplined execution across multiple cycles. Strategies that prioritize repeatability over opportunistic risk-taking are better positioned to deliver stable outcomes over time. Capital Preservation as a Strategic Objective Preserving capital during adverse phases is not a defensive stance—it is a strategic choice that enables long-term participation. By limiting drawdowns and avoiding forced decisions, portfolios maintain the flexibility required to reallocate capital when opportunities emerge. Risk Management and Investor Alignment Transparent risk frameworks also strengthen alignment between investors and portfolio managers. When risk parameters are clearly defined and consistently applied, investors can evaluate performance with a full understanding of the trade-offs involved. Final Considerations In uncertain markets, consistency is rarely accidental. It is the outcome of structured processes, disciplined risk controls, and a long-term perspective that prioritizes durability over short-term excitement. Original LinkedIn post: Read the original discussion on LinkedIn INCOME CAPITAL MANAGEMENT

Managing Volatility in Forex Markets: A Disciplined Investment Framework

Managing Volatility in Forex Markets: A Disciplined Investment Framework Volatility has become a structural feature of global financial markets. In 2025, currency markets in particular have reflected a complex mix of monetary policy divergence, geopolitical tension, and shifting capital flows. For investors, this environment reinforces a simple truth: performance is not driven by prediction, but by process. At INCOME CAPITAL MANAGEMENT, our approach to Forex investing is built around this principle. Rather than reacting to short-term noise, we focus on structured execution, controlled exposure, and continuous risk assessment. The Forex Market in 2025: Complexity, Not Chaos Foreign exchange markets are often perceived as purely speculative. In reality, they are among the most liquid and information-rich markets globally. However, in periods of heightened uncertainty, liquidity alone is not enough. Throughout 2025, FX markets have been influenced by: Diverging interest rate expectations across major economies Persistent geopolitical risk affecting capital allocation Increased correlation between currencies and broader risk assets This backdrop rewards strategies that are adaptive, disciplined, and grounded in measurable risk parameters. A Structured Approach to Forex Exposure Our Forex strategy does not rely on directional bets or discretionary timing. Instead, it is designed to operate through a defined framework that emphasizes: Risk-adjusted positioning, with predefined exposure limits Active management based on evolving market conditions Capital preservation as a core objective, not a secondary consideration Consistency of execution, reducing emotional decision-making This structure allows the strategy to remain operational even when market conditions become less predictable. Why Discipline Matters More Than Direction In volatile markets, attempting to forecast every move often leads to overexposure and inconsistent outcomes. A disciplined framework, by contrast, focuses on managing what can be controlled: risk, position sizing, and execution quality. Our experience confirms that sustainable performance in Forex investing is achieved not by maximizing exposure, but by maintaining flexibility while respecting defined risk constraints. Transparency and Investor Alignment Transparency remains a central pillar of our investment philosophy. Clear reporting, measurable performance, and a well-defined strategy allow investors to understand not only what results are achieved, but how they are generated. In an environment where volatility is likely to persist, clarity and structure become competitive advantages. LinkedIn Source This article is based on the original update published on LinkedIn: View the original LinkedIn post → Looking Forward As global markets continue to evolve, our focus remains unchanged: disciplined execution, robust risk management, and consistent alignment with investor objectives. In Forex markets especially, the ability to navigate volatility with structure—not speculation—will continue to define long-term success. INCOME CAPITAL MANAGEMENT

From ESG to AI: Hype Cycle or Structural Shift in Investing?

From ESG to AI: Hype Cycle or Structural Shift in Investing? Financial markets have always been fertile ground for narratives. Over the years, entire investment frameworks have risen, peaked, and faded—often driven as much by storytelling as by substance. Few examples illustrate this better than the recent trajectory of ESG investing. A few years ago, ESG was everywhere. Asset managers, funds, and advisory firms rushed to demonstrate alignment with environmental, social, and governance principles. New products were launched, reporting frameworks multiplied, and ESG quickly became a commercial and marketing standard. Then, almost as quickly, the momentum faded. The Rise and Cooling of ESG Today, much of the ESG hype has dissipated. Many ESG-labelled products have been rebranded, consolidated, or quietly discontinued. Investors have shifted their focus, becoming more selective and increasingly sceptical of surface-level claims that lack measurable impact. This evolution does not mean sustainability has lost relevance. Rather, it highlights a familiar pattern in finance: when a concept becomes primarily a narrative tool instead of an operational discipline, disillusionment follows. AI Takes Centre Stage Now, a new theme dominates the conversation: Artificial Intelligence. From asset managers to analysts and technology providers, AI is being embraced across the investment industry. The enthusiasm is unmistakable. Yet this raises a critical question: is AI simply the next ESG—another hype cycle destined to fade? Where AI Is Already Changing the Game Unlike ESG narratives, AI is already delivering tangible applications—particularly in trading and, even more so, in the foreign exchange market. Machine learning models are increasingly used to: Optimize signal detection across complex market environments Adapt execution strategies dynamically Manage risk exposure in real time Process vast volumes of macroeconomic data, news flow, and central bank communications Some investment strategies now rely on AI-driven systems to interpret market sentiment and anticipate currency movements with a speed and depth that traditional models cannot replicate. Why AI Is Not a Shortcut That said, AI is not magic. Its effectiveness depends on data quality, model governance, and disciplined human oversight. Without these elements, AI risks becoming little more than a sophisticated buzzword—much like ESG did at its peak. Technology alone does not eliminate risk. It reshapes how risk is identified, measured, and managed. The Key Difference Between ESG and AI The crucial distinction lies in utility. While ESG often struggled to move beyond narrative alignment, AI offers concrete tools that directly influence decision-making processes. It enhances speed, consistency, and analytical depth—but only when embedded within a robust investment framework. Still, it is too early to declare AI a definitive structural shift. Finance has a long history of turning innovation into storytelling cycles: enthusiasm, saturation, disillusionment, and eventual correction. A Measured Perspective AI may indeed reshape how investments are managed—but only if applied with discipline, transparency, and accountability. Otherwise, it risks following the same arc as previous trends. In investing, technology should serve process—not replace judgment. Understanding this distinction is what separates durable innovation from temporary hype. This article is based on a recent market commentary originally published on LinkedIn. 👉 Read the original LinkedIn post here Paolo Volpicelli INCOME CAPITAL MANAGEMENT s.r.o.

INCOME CAPITAL MANAGEMENT Shines in H1 2025: Performance, Discipline, and Conviction

INCOME CAPITAL MANAGEMENT Shines in H1 2025: Performance, Discipline, and Conviction The first half of 2025 has been anything but simple for global financial markets. Persistent geopolitical tensions, fluctuating monetary policies, and ongoing macroeconomic uncertainty have created an environment where consistency and discipline matter more than bold predictions. Against this backdrop, INCOME CAPITAL MANAGEMENT delivered a solid and measurable result, confirming the robustness of its investment framework and the effectiveness of its risk-controlled execution. 📊 Strong Performance in a Challenging Environment During the first half of 2025, our Aggressive Investment Level achieved: +32.03% cumulative return (H1 2025) +62.08% cumulative return since April 2024 These figures are not the result of isolated market events or short-term positioning. They reflect a structured and repeatable investment process built around: Disciplined FX strategy execution Dynamic exposure management Continuous risk monitoring and adjustment Data-driven decision-making Past performance refers to the Aggressive Investment Level and is not indicative of future results. 📌 Structure Over Speculation As highlighted by our Founder & CEO, Paolo Volpicelli, performance is not driven by luck: “Our edge is not luck — it is structure, conviction, and execution.” At INCOME CAPITAL MANAGEMENT, we do not attempt to predict markets. Instead, we focus on understanding them, adapting to changing conditions, and maintaining a disciplined framework that prioritizes capital preservation alongside growth. In an environment where many strategies struggle to remain consistent, our approach continues to demonstrate resilience through methodical positioning and controlled risk exposure. 🔍 Transparency and Measurable Results We believe that performance should always be: Measurable – backed by real data Transparent – clearly reported and accessible Consistent – aligned with a defined investment process Our results reflect not only market opportunities but also the strength of a framework designed to operate effectively during both expansionary and volatile phases. 🔗 Further Insights For the original update and additional context, you can view the LinkedIn article here: View the original LinkedIn post → 🧠 Looking Ahead The first half of 2025 reinforces a key principle: in complex markets, conviction and consistency outperform noise and reaction. As we move into the second half of the year, our focus remains unchanged — protecting capital, managing risk intelligently, and delivering sustainable performance through disciplined execution. INCOME CAPITAL MANAGEMENT continues to build results through structure, not shortcuts.

Navigating Storms, Delivering Solid Results: Our First Half of 2025

Navigating Storms, Delivering Solid Results: Our First Half of 2025 The first half of 2025 has tested investors worldwide. Geopolitical tensions, persistent inflationary pressures, and volatile global markets have created an environment where consistency has been difficult to achieve and true outperformance even harder. Yet it is precisely during these phases that disciplined investment strategies reveal their value. A Market Environment Defined by Complexity The past six months can reasonably be described as a period of global instability. Financial markets have had to absorb overlapping shocks — from geopolitical uncertainty and shifting monetary policies to sudden changes in risk sentiment. In such an environment, remaining invested is not enough. Navigating volatility requires clarity of process, disciplined execution, and the ability to distinguish noise from structural opportunity. Performance That Reflects Method, Not Momentum At Income Capital Management, we do not aim to react to markets — we aim to understand them, structure around them, and outperform them through disciplined strategy. As we close the first half of 2025, the results of this approach are clearly visible: June 2025: +3.45% Q2 2025: +12.00% Year-to-Date (Jan–Jun 2025): +32.03% Cumulative since April 2024: +62.08% These figures refer to the Aggressive Investment Level of our flagship Forex strategy. As always, it is important to note that past performance is not indicative of future results. Why These Results Matter Outperformance in a strong market can be attributed to momentum. Outperformance in a fragile and uncertain market, however, reflects structure, risk control, and execution. Our results are the outcome of: A proprietary FX strategy built on active market analysis Disciplined risk management and exposure control Flexibility in adapting to rapidly changing market conditions Continuous focus on capital protection alongside return generation While many investors struggled to remain invested amid volatility, our strategy maintained coherence and direction. Conviction Over Noise Periods dominated by political headlines, central bank speculation, and short-term market reactions often tempt investors to abandon strategy in favor of emotion. We believe the opposite approach is required. In complex environments, capital seeks conviction, consistency, and process — not narratives. This philosophy has guided our decisions throughout the first half of 2025 and continues to shape our outlook for the months ahead. A Message to Investors To our investors, we extend our sincere appreciation for your continued trust. Your confidence allows us to execute strategies with discipline and long-term perspective. For those observing from the sidelines, this period serves as a reminder that sustainable performance is built through method, not speculation. A performance comparison chart related to this update is available on LinkedIn at the following link: View the performance update on LinkedIn As markets continue to evolve, our commitment remains unchanged: protecting capital, managing risk, and delivering consistent, transparent results.

UAE Removed from the EU Blacklist: A Turning Point for Global Investors

UAE Removed from the EU Blacklist: A Turning Point for Global Investors The recent decision by the European Union to officially remove the United Arab Emirates from the EU blacklist of non-cooperative jurisdictions marks a significant milestone for global financial markets. This development reinforces the UAE’s position as a credible, transparent, and internationally aligned financial hub, strengthening confidence among institutional investors, asset managers, and private clients worldwide. A Regulatory Milestone with Concrete Implications The EU decision reflects years of regulatory progress by the UAE in aligning with global financial standards, particularly in areas such as: Anti-money laundering (AML) frameworks Counter-terrorism financing (CTF) controls Transparency and investor protection International regulatory cooperation From an investment perspective, this step materially reduces regulatory friction and jurisdictional risk, making UAE-based structures more accessible and attractive to European and international investors. What This Means for Asset Management and Private Funds For asset managers and fund sponsors, the removal from the EU blacklist has immediate operational and strategic relevance. It simplifies cross-border capital flows, improves banking relationships, and enhances the credibility of UAE-based investment vehicles, particularly in: Alternative investments Private funds Forex-based strategies International portfolio structures Most importantly, it strengthens investor confidence by confirming that the UAE operates within a globally recognized regulatory framework. Income Capital Management’s Perspective At INCOME CAPITAL MANAGEMENT, this decision further validates our long-standing commitment to building secure, compliant, and transparent investment structures rooted in international best practices. Our presence in the region has always been guided by a clear objective: offering investors regulated access to global opportunities, while maintaining rigorous standards of governance, reporting, and risk management. The EU’s decision supports this vision and creates an even stronger foundation for institutional adoption of UAE-based investment strategies. Looking Ahead As global investors increasingly prioritize regulatory clarity and jurisdictional stability, the UAE continues to position itself as a strategic gateway between Europe, the Middle East, and global capital markets. We see this milestone not as an endpoint, but as part of a broader evolution toward a more connected, transparent, and resilient global financial system. For those interested in the original announcements and discussion, the related LinkedIn updates can be viewed here: EU decision on UAE LinkedIn post – Income Capital Management commentary In an environment where regulation and trust increasingly define investment success, developments like this matter — and they matter a lot.

Forex Traders Summit Dubai 2025: Market Dialogue, Strategy and Professional Exchange

Forex Traders Summit Dubai 2025: Market Dialogue, Strategy and Professional Exchange On 14th and 15th May 2025, Income Capital Management will be present at the Forex Traders Summit 2025, held at the Festival Arena in Dubai. The event represents one of the most relevant international meeting points for professionals operating across FX trading, asset management, brokerage, and financial technology. In a global market environment characterized by evolving monetary policies, geopolitical uncertainty, and rapidly changing liquidity conditions, direct dialogue between market participants remains a critical component of informed decision-making. An International Platform for Market Insight The Forex Traders Summit brings together traders, portfolio managers, brokers, fintech providers, and institutional investors from different regions. Its value lies not only in scheduled panels and market updates, but also in the exchange of practical experience, strategies, and operational perspectives among professionals actively engaged in the FX and investment industry. Topics typically addressed during the event include: Developments in global FX markets and macroeconomic trends Risk management frameworks in volatile market phases Trading strategies across different liquidity environments Technology and infrastructure supporting modern FX operations Income Capital Management’s Approach Participation in events such as the Forex Traders Summit reflects Income Capital Management’s ongoing commitment to maintaining a disciplined, informed, and globally connected investment process. Engaging directly with market participants allows us to continuously test assumptions, compare methodologies, and refine our approach to portfolio construction and risk control. While market data and analytics remain essential, professional dialogue and on-the-ground insights often provide additional context that cannot be fully captured through models alone. Professional Exchange Beyond the Agenda Beyond formal sessions, the summit offers an opportunity for direct professional exchange. If you are attending the event or will be in Dubai during the same period, we welcome the opportunity to connect and exchange perspectives. For reference, the original LinkedIn announcement can be viewed here: Forex Traders Summit Dubai 2025 – LinkedIn post We look forward to an intense and insightful week of discussion, learning, and professional interaction within the global FX and investment community.