MILLTRUST LATIN AMERICA FUND Investment with Confidence in Latin America LONDON: 6 Stratton Street| London W1J 8LD | United Kingdom E: [email protected] | T: +44 (0)20 8123 8369

SINGAPORE: 160 Robinson Road #17-01|SBF Center| Singapore 068914 E: [email protected] | T: +65 9669 3186 © Copyright 2017 | Milltrust International LLP

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CONTENTS

1. Executive Summary 2. Itau Asset Management 3. Milltrust Latin America Fund Strategy 4. Appendix 5. Biographies

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EXECUTIVE SUMMARY: COMPANY OVERVIEW Milltrust International is an award-winning global investment organization focused on providing investment management expertise on both traditional and

OUR FIRM

alternative investments with a strong focus on the Emerging Markets. Milltrust’s Emerging Markets Managed Accounts (UCITS) Platform is an open-ended investment company incorporated in January 2012 under Irish company law and regulated by the Central Bank of Ireland. Milltrust has assembled a senior investment team with over two decades of

OUR TEAM

investment, portfolio management and fund selection experience, previously responsible for managing some of the largest institutional pools of assets dedicated to the Emerging Markets.

Milltrust is co-located in the regulated asset management hubs of Singapore and

OUR OFFICES

London with additional regional presence in some of the most dynamic markets in the world.

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EXECUTIVE SUMMARY: PRODUCTS OVERVIEW

Milltrust has launched a suite of actively-managed and regulated equity funds,

REGIONAL EMERGING MARKETS FUNDS

the Milltrust Funds, from across the Emerging Markets managed by best-in-class and locally-based investment teams. Also collectively known as EMMA (Emerging Markets Managed Accounts)

The Milltrust Global Emerging Markets equity offering provides a complete

GLOBAL EMERGING MARKETS PORTFOLIOS

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investment solution for investors looking for a true exposure to the developing world. Also known as the Milltrust GEMMA (Global Emerging Markets Managed Accounts) and Milltrust GEMS (Global Emerging Markets) Portfolios.

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EXECUTIVE SUMMARY: PRODUCTS OVERVIEW Our Emerging Markets Funds are REGULATED (UCITS), managed by leading, locally-based investment teams and structured as COMMINGLED MANAGED ACCOUNTS on the State Street custody platform.

REGIONAL EMERGING MARKETS FUNDS MILLTRUST PAKISTAN FUND*

GLOBAL EMERGING MARKETS PORTFOLIOS

MILLTRUST LATIN AMERICA FUND

MILLTRUST MENA FUND

MILLTRUST CHINA FUND

MILLTRUST INDIA FUND

MILLTRUST ASEAN FUND

*Note: launch in 2017 © Copyright 2017 | Milltrust International LLP

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EXECUTIVE SUMMARY: GEMS PORTFOLIO OVERVIEW The Milltrust Funds on the platform provide the BUILDING BLOCKS for a true Emerging Markets portfolio. The Milltrust GEMS Portfolio combines the funds on the platform with additional investment coverage across the rest of the Emerging Markets universe through carefully selected investment teams. GEMS Portfolio*

REGIONAL EMERGING MARKETS FUNDS

Africa Fund Russia Fund

Milltrust ASEAN Fund

Turkey Fund

Milltrust MENA Fund

Milltrust Latin America Korea Fund Fund

GLOBAL EMERGING MARKETS PORTFOLIOS

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Milltrust India Fund

Milltrust Greater China Fund

*GEMS Portfolio allocation breakdown is shown for illustrative purposes only. Please contact Milltrust for latest breakdown.

STRATEGY • Long-biased, actively-managed and benchmark agnostic investment strategies • Portfolio of high conviction ideas • Bottom up fundamental company analysis • Top down country/regional rotation • Overweight regions with favourable outlook

*Data to 30 June 2017 *Source and data: Milltrust International LLP, State Street Street Fund Services (Ireland), SS&C Financial Services (Ireland) Limited,

INVESTMENT TEAMS • Multi-manager approach • Managed by locally-based investment teams • Investment teams have informational edge and strong track record

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EXECUTIVE SUMMARY: AWARDS, NOMINATIONS AND ACCOLADES

• • • • •

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FUND MANAGER EXTERNAL ASSET MANAGEMENT PLATFORM AND OFFERING ALTERNATIVE INVESTMENT MANAGER PLATFORM PROVIDER INNOVATIVE CLIENT SOLUTION

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Itau Unibanco

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MILLTRUST LATAM FUND: ITAÚ UNIBANCO CORPORATE PROFILE

Key Company Information

History 1957

Set up of first equity fund in Brazil

managers in Latin America

1974

Launch of individual portfolio management for private clients

•

60 years of experience managing investments

1998

Start in Argentina through the acquisition of Banco Buen Ayre

•

Assets under management of over US$170bn as 2006

Start in Chile through the acquisition of BankBoston´s LatAm arm

2008

Merger of Itaú and Unibanco with the creation of Itaú Unibanco Holding S.A.

•

One of the largest private sector asset

of end of March 2017 •

Signatory to the Principles for Responsible Investment (PRI)

2011

Set up of Itaú Global Asset Management (Cayman) Set up of Itaú USA Asset Management Launch of Offshore funds

2015

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Merger of Itaú Chile and CorpBanca consolidating business in Chile and Colombia

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MILLTRUST LATAM FUND: ITAÚ UNIBANCO CORPORATE PROFILE

Distribution and Support Portfolio Management

Source: Itaú Asset Management, 1st quarter of 2017. Itaú Unibanco's action through certain offshore subsidiaries or affiliates may be conducted by legal entities, duly incorporated under the laws of its jurisdiction, that belong to Itaú Unibanco’s conglomerate.

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MILLTRUST LATAM FUND: INVESTMENT TEAM EXPERIENCED TEAM OF LATAM SPECIALISTS

INTRICATE KNOWLEDGE AND

The Milltrust Latin America Fund is managed by Itau USA Asset Management Inc. Scott Piper is the lead Portfolio Manager and has nearly two decades experience investing in Latin American markets. Scott Piper is supported by investment teams locally based in New York, Brazil and Chile.

EXPERIENCE INVESTING IN LATAM EQUITY MARKETS

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MILLTRUST LATAM FUND: TEAM STRUCTURE Lead Portfolio Manager – Latin American Equities

DIRECT TEAM

SCOTT PIPER

PM/Senior Analyst - Brazil CAIO ROSSONI (New York)

PM/Senior Analyst - Mexico SYLVIA BIGIO (New York)

PM/Senior Analyst – LatAm ex-Brazil & Mexico BRIAN CHASE (Santiago) *

Analyst – Andean Region PEDRO LETELIER (Santiago) *

Operations and Trading Support Conrado Grossi Miranda (São Paulo) *

SHARED RESOURCES

Research - Brazil Consumer, Banking & Real Estate ELMER FERRAZ (São Paulo) *

Agribusiness, Industrials, Oil and Gas FREDERICO GOUVEIA (São Paulo) *

Education, Consumer, Small Caps LUCAS MOLERO (São Paulo) *

Study Leave (MBA, Chicago) VICTOR BURJACK, CFA *

Utilities & Transportation RENATO CAMARGO (São Paulo) *

Macroeconomic Team

Research – LatAm ex-Brazil & Mexico Head of Research, Banks JOSE MIGUEL BURMESTER (Santiago) *

Consumer MARIA TERESA RUBILAR (Santiago) *

Shopping Centers, Health Care MARCELO KOORO (São Paulo) *

Analyst TBD

Analyst TBD

Lead Economist FELIPE TAMEGA* (São Paulo)

* These employees are associated persons of Itaú USA Management (“IUAM”), a US SEC registered investment adviser. SEC regulations are applicable only to clients, prospects, and investors of IUAM.

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MILLTRUST LATIN AMERICA FUND STRATEGY

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MILLTRUST LATAM FUND: STRATEGY AND APPROACH ACTIVELY MANAGED,

AGNOSTIC,

The Milltrust Latin America Fund (UCITS) seeks strong long-term, risk-adjusted returns by combining rigorous bottom-up analysis with top-down country and sector allocations across the key Latin American markets.

ALPHA SEEKING,

The Fund has the ability to mitigate market volatility through the use of cash.

BENCHMARK

HIGH CONVICTION & BEST IDEAS PORTFOLIO

FUNDAMENTAL ONTHE-GROUND

• 50-60 positions mainly in small to mid-cap stocks which are poised to benefit the most from the increasing middle class and infrastructure spending • Secular growth stories benefiting from positive macro-economic trends • Attractive valuations relative to underlying growth • High quality management teams with proven track record of capital discipline and strong corporate governance • The manager adds value by combining a rigorous bottom-up research approach with a top-down overlay and leveraging a strong local presence

RESEARCH COUPLED WITH TOP DOWN MACRO ANALYSIS © Copyright 2017 | Milltrust International LLP

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MILLTRUST LATAM FUND: INVESTMENT PROCESS

IDEA GENERATION

RESEARCH

•

- Top down overlay

•

- DVS: Dynamics + Valuation + Sentiment

§

- Broad and deep

§

- Local presence

PERFORMANCE REVIEW PORTFOLIO CONSTRUCTION

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RISK CONTROL

§

Proprietary models

• Strict portfolio discipline

§

Recommendation based on DVS pillars

• Segregated risk management

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MILLTRUST LATAM FUND: IDEA GENERATION

Top Down

Major macro trends

Identify the most attractive investment theme

Country and sector calls

Dynamics

Valuation

Sentiment

Bottom up

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MILLTRUST LATAM FUND: INVESTMENT PROCESS

All discussion between team members are taken based on: 1)

Fundamental Dynamics

•

Rigorous analysis of cash flow and earnings trends

•

Focus on 1 and 3-yr earnings and free-cash-flow growth rates above market averages

•

Focus on improving trends in ROIC1 and ROE2

Top-Down Overlay Screening process to identify secular growth themes

Bottom-up Analysis

2 ) Valuation •

Identify attractive valuation relative to growth

•

Use of both DCF3 models and multiple analysis

•

Flexible approach depending on sector and company specifics

3)

Market Sentiment

•

Identify potential catalysts and market misconceptions

•

Map conventional wisdom or consensus thinking that is off-mark and subject to change

Dynamics

Valuation Portfolio

Sentiment

1 2 3

ROIC: Retrun on Invested Capital: ROE: Return on Equity DCF: Discounted Cash Flow

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MILLTRUST LATAM FUND: PORTFOLIO CONSTRUCTION Investment Universe Brazil: 176 companies Latam (ex-Brazil): 194 companies Total: 370 companies

INITIAL SCREENING • •

Liquidity: 3 Month Avg Daily Trading Vol. Market capitalization

IDEA GENERATION Closely Followed Proprietary Models, Management Visits, Sell-side Research 180 Companies

• • •

Daily / weekly team meetings In-depth analysis Dynamics, Valuation, Sentiment outputs

POSITION SIZING Final Portfolio 50-60 Companies Active weights 50 – 400 bps

• • •

RISK MONITORING • •

Ongoing risk management

Built on team’s conviction Upside expectation Liquidity

•

Risk limits and investment guidelines Liquidity on a security and portfolio level Independent risk supervision

Portfolio holdings and characteristics are subject to change without notice.

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MILLTRUST LATAM FUND: RISK MANAGEMENT

INDEPENDENT PORTFOLIO RISK MANAGEMENT TEAM: CHARLES RIVER •

Real time front and middle office systems

•

Pre and post-trade compliance and order management

Bloomberg PORT: •

Monitors portfolio risk and performance analysis i.e. beta, tracking error and VaR etc

•

Performance measurement and attribution

ITAU AM PROPRIETARY RISK SYSTEM

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•

Software developed in-house and used in conjunction with Bloomberg PORT and Charles River

•

Data is independently calculated and monitored daily by the risk management team.

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APPENDIX

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MILLTRUST LATAM FUND: LEGAL STRUCTURE

BOARD

STRUCTURED AS A EMMA* PLC (UCITS)

UCITS MANAGED ACCOUNT ON MILLTRUST’S DUBLIN-

Offering Memorandum

INVESTORS

DOMICILED PLATFORM

Subscription Agreement

REGULATED BY

PRIME BROKER & TRADING CTPY

PB Agreement, ISDA

THE CENTRAL

CUSTODIAN BANK OF AMERICA

Admin Agreement

BANK OF IRELAND

ADMINISTRATOR SS&C

Custody Agreement

AUDITOR KPMG

Audit Agreement

Investment Mgmt Agreement

SUB-FUND

Platform Infrastructure Agreement

INVESTMENT MANAGER (UCITS)

INFRAHEDGE

Appointment Letter

LEGAL COUNSEL

* Emerging Markets Managed Accounts PLC © Copyright 2017 | Milltrust International LLP

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MILLTRUST LATAM FUND: SERVICE PROVIDERS PLATFORM ADVISER, PLATFORM PROMOTER

BEST IN CLASS,

• •

INDEPENDENT AND •

CONFLICT-FREE SERVICE PROVIDERS WITH IRREPROCHABLE GOVERNANCE

• • • •

INVESTMENT MANAGER

Selection of Platform funds Comprehensive and Periodic Due Diligence of Underlying Managers Oversight & Monitoring of Investments, Operations and Risk Management of each sub-fund Monthly Compliance Review and Reporting Quarterly Compliance (Board) Reporting Central Bank of Ireland Reporting Reacting to and implementing changes in UCITS regulatory requirements

SPONSORING BROKER

CUSTODIAN*

MANAGED ACCOUNTS PROVIDER

• •

LEGAL ADVISERS

Wholly-owned subsidiary of State Street Bank Daily Independent Monitoring and Oversight of Risk Limits & Investment Guidelines

ADMINISTRATOR*

STANDARDS COMPLIANCE PARTNERS

AUDITOR

BROKERS/ PRIME BROKERS (Open Architecture)

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* From 1 June 2017

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MILLTRUST LATAM FUND: INVESTOR TOOLS

Investors benefit from the state-of-the-art and interactive web portal and, in some cases, a mobile app* which include an advanced set of portfolio monitoring and risk analytics tools which are updated on a DAILY BASIS.

INVESTOR WEB PORTAL

IOS/ANDROID MOBILE AND TABLET APP*

*IOS/Android mobile and tablet app available under certain conditions to be discussed with Infrahedge

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MILLTRUST LATAM FUND: TERMS STRUCTURE Investment Manager: Structure: Fund Domicile: Administrator: Depositary: Auditors: Legal: Platform Infrastructure Provider: Promoter & Global Distributor: INVESTMENT TERMS Subscriptions: Min Subscription Amount: Redemptions: Redemption Notice: Lockups: Penalty: Management Fee: Performance Fee: Platform Fee: Hurdle Rate: Currencies:

Itau Global Asset Management UCITS Open-ended investment company Dublin SS&C Financial Services (Ireland) Limited * Bank of America Custodial Services (Ireland) Limited * KPMG William Fry Infrahedge Limited Milltrust International LLP

Class A

Class B

Class C

Daily

Daily

Daily

USD 1,000,000

USD 100,000

USD 20,000,000

Daily

Daily

Daily

4 Business Days

4 Business Days

4 Business Days

No

No

No

No

No

No

1.25%

1.75%

0.80%

15% over Hurdle Rate

15% over Hurdle Rate

15% over Hurdle Rate

Nil

Nil

Nil

MSCI EM Latin America Index

MSCI EM Latin America Index

MSCI EM Latin America Index

USD

USD

USD

* From 1 June 2017.

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BIOGRAPHIES

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BIOGRAPHY: ITAÚ KEY INVESTMENT TEAM (1)

Scott Piper, Lead Portfolio Manager - Latin America Equities, Scott Piper has been a Latin American Portfolio Manager for over 15 years, and prior to joining Itaú USA Asset Management in March 2011 he worked for 8 years with Morgan Stanley Investment Management, where he was a member of the Emerging Markets Group and coPortfolio Manager of USD 4 billion in Latin American dedicated assets. Prior to Morgan Stanley, Mr. Piper was a Portfolio Manager at Deltec Asset Management where he managed both Latin and Emerging Market portfolios. Scott Piper holds B.A in International Relations - Tulane University and MBA from IESE Business School (Barcelona, Spain).

Caio Rossoni, Portfolio Manager / Senior Analyst – Brazil, joined Itaú USA Asset Management in November 2012 and is based in our New York office. Caio has over 15 years of industry experience in both the buy and sell sides. Prior to joining Itaú, Caio spent eight years at Triogem Asset Management and Tiedemann Investment Group, where he was part of the Global Emerging Markets Long Short team as a portfolio manager covering LatAm and EMEA, as well as global basic materials. Caio began his career in 1997 in equity research covering a variety of sectors. He has worked for Robert Fleming (currently JP Morgan), ABN AMRO and Merrill Lynch, among others. Originally from São Paulo, Caio attended FEA - USP (University of São Paulo) where he graduated as a BSc in Economics in 2000.

Sylvia Bigio, Portfolio Manager / Senior Analyst – Mexico, joined Itaú USA Asset Management in February 2012. Sylvia has over 15 years of fundamental equity research experience, including over 10 years providing investment recommendations on Latin American stocks at hedge funds and other asset management firms. Prior to joining Itaú USA Asset Management, Sylvia’s primary coverage responsibilities included domestic industries in Mexico and Brazil. Sylvia began her career in 1997 as an Investment Banking analyst at Goldman Sachs, where she focused on Mexico and the Andean countries, before becoming an equity research analyst, also at Goldman Sachs, focusing on Latin American banks and global bank strategy. Sylvia holds a B.A. in History from the University of Maryland at College Park (magna cum laude) and an M.S. in Foreign Service from Georgetown University (with honors).

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BIOGRAPHIES: ITAÚ KEY INVESTMENT TEAM (2)

Brian Chase *, Portfolio Manager / Senior Analyst LatAm ex-Brazil & Mexico, joined Itau Chile Asset Management in October 2011 and is based in Santiago, Chile. He is responsible for equity investment decisions in the Andean Region and LatAm Periphery, as part of the LatAm Equities Team. He is also lead Portfolio Manager for two Chiledomiciled equity strategies, LatAm Ex-Brazil and Chile National. Brian has 14 years of professional experience, of which 11 have been in equity research in the region. Prior to joining Itau, Brian was Head of Southern Cone & Andean Equity Research / Strategy for J.P. Morgan, where he was consistently recognized by Institutional Investor Magazine as a leading analyst. Prior to J.P. Morgan, Brian held similar equity research positions at UBS Pactual and Celfin Capital. He began his career in the M&A Group at CIBC World Markets in New York, where he completed 9 transactions across various industries. Brian graduated with honors from Brown University, earning Bachelor of Arts degrees in Business Economics and Organizational Behavior & Management. He is fluent in English and Spanish.

*Affiliate entities, Itau Unibanco S.A. and Itau Chile Administradora de Fondos, are considered “participating affiliates” and some of their employees are “associated persons” of IUAM as per relevant SEC no-action guidance. Employees identified as associated persons of IUAM in the Latin American Equities organizational chart perform activities directly or indirectly related to the investment advisory services provided by IUAM. In those situations, these individuals are deemed to be acting on behalf of IUAM, a US SEC registered investment adviser. SEC regulations are applicable only to clients, prospects and investors of IUAM.

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MILLTRUST BIOGRAPHIES: SIMON HOPKINS Simon Hopkins – Chief Executive Officer, has been a senior figure in the international investment management industry for more than two decades. He was an early advocate of hedge fund investing for institutional investors, and has been a prolific capital raiser for single manager funds, funds of funds and listed closed-end funds. Mr. Hopkins has a strong record fighting for the rights of shareholders throughout his professional career, where he has been an outspoken critic of egregious practices in asset management and an ardent champion of investors’ interests. He was an early advocate and exponent of managed account investing. After pursuing a successful investment banking career spanning more than a decade at S.G. Warburg, UBS, HSBC James Capel and Nomura where he participated in numerous Emerging Markets transactions, in 1996 Mr. Hopkins created one of the industry’s first dedicated research and investment consulting businesses, Global Fund Analysis, to provide truly objective analysis for investors. At its peak GFA had over 27,000 registered users around the globe. Concurrently, Mr. Hopkins played a pioneering role in seeding many of the incipient European hedge funds through the Fortune Group, an award-winning alternatives investment banking and advisory business, which he also created in 1996, and which merged with Global Fund Analysis in 2000. Fortune Group went on to become one of the UK’s pre-eminent hedge fund advisory firms with clients in 24 countries and a focus on pension funds, charities and endowments, as well as a number of the world’s leading families. The firm was successfully sold to UK-listed, financial services group, Close Brothers Group PLC, in 2006, culminating in its full integration in January 2010. Mr. Hopkins is a regular commentator on fund industry topics in the financial media and has addressed numerous conferences, the OECD and the London School of Economics on hedge fund investing. He now serves as a director of Swallowcourt, Xoomtrip, Novare Fund Manager, CITIC Securities One Belt One Road Fund (CSOBOR) and Roslin Technologies, and is a member of NUS Medicine International Council. He graduated from the University of Bristol Faculty of Law (LLB Hons). He was profiled in a significant interview with FTfm in December 2008. He graduated with honours from the University of Bristol's Faculty of Law in 1986 and speaks fluent French. He now resides with his family in Singapore.

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MILLTRUST BIOGRAPHIES: MARK EBERT & GRIFF WILLIAMS Mark Ebert, is the Chairman of Milltrust International Group, a global investment organisation focused exclusively on providing investment management expertise on traditional and alternative investments in the Emerging Markets. Mr Ebert plays an active role overseeing the firm’s private placements business, which is focussed on the agricultural sector and he serves on the advisory boards of a number of agricultural investment companies. Mr. Ebert is a senior figure in the investment world with over 32 years of experience in managing investment banking, equity brokerage, private equity and asset management businesses. He qualified as a Certified Public Accountant at Price Waterhouse, joined Citicorp Scrimgeour-Vickers in London responsible for trans-Atlantic M & A, and moved to UBS where he became Head of Mergers & Acquisitions. He then became co-head of Panmure Gordon, a UK institutional broker, and helped found the private equity business there, now Lyceum Capital. He was recruited by Lombard Odier & Cie. to head up its investment banking activities, which included its private equity funds business, now Akina Partners, where he served on the funds’ boards for 7 years. Mr Ebert cofounded Quadrum Partners in Zurich, focussed on advising investment managers, and then became Chairman of the Fortune Group in London, which provided advice on hedge fund strategies. Fortune was sold to Close Asset Management in the UK, and 2 years later he left to join his former Fortune colleagues as Chairman of Milltrust. Mr. Ebert is a Certified Public Accountant, has UK/Swiss nationality, and resides with his family in Switzerland. Griff Williams, CFA, Co-founder and CIO at Milltrust Agricultural Investments, is primarily responsible for advising on the investment portfolios for Milltrust’s segregated and collective accounts. Mr Williams is a New Zealand national and comes from a farming family in the North Island where he continues to have dairy farming interests. Prior to joining Milltrust, Mr Williams was Head of Europe and interim CEO at Itau Asset Management in London, responsible for Institutional sales across the region. Previous to this he was Institutional Solutions Strategist at Pioneer Global Investments in London and prior to that Investment Director for Railpen Investments, one of the UK’s largest Pension Funds where he managed the global equities portfolio. Mr Williams commenced his career in Brazil where he worked as an investment analyst for Banco Bozano Simonsen based in Rio de Janeiro. Mr. Williams is a CFA Charterholder and holds a Bachelor of Commerce and Administration degree from Victoria University, Wellington. In addition to English, Mr. Williams is a fluent Portuguese speaker. He resides with his family in London.

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MILLTRUST BIOGRAPHIES: ALEXANDER KALIS & ERIC ANDERSON Alexander Kalis, Managing Partner & Head of Investments, serves as investment manager for Milltrust’s Private Equity and Venture Capital Investments on Milltrust’s ICAV Platform which includes the Milltrust Agriculture Buy & Lease Funds in Australia and New Zealand, the British Innovation Fund, and South Asia Hospitality Funds. He is also responsible for overseeing the sub advisory relationships with Milltrust Agricultural Investments and East India Capital Management Pte Ltd, whilst also helping to originate new investments, carry out research and due diligence for the individual sub-funds, formulate investment strategies, and promote the various Milltrust International Group funds to investors, including the Asian Music Fund and Asian Film Fund. He is also involved in Milltrust’s Investment Solutions and Milltrust’s Multi-Manager Managed Accounts UCITS business, where he is responsible for manager research and due diligence. He heads the Milltrust London office and manages the business generally. Prior to co-founding Milltrust International Group in December 2010, Mr. Kalis was most recently Managing Partner at Think Alternative Advisors LLP, an independent FCA-authorised Emerging Markets research and advisory firm he co-founded in 2009 which was formally acquired by Milltrust International Group in 2011. He has over 15 years’ experience working at top-tier asset management firms including LCF Edmond de Rothschild and Banco Santander where he managed some of the largest Emerging Markets multi-manager funds in the industry. He has an award-winning portfolio management track record and has an extensive network of relationships and coverage of the Emerging Markets fund universe. He holds a Master's degree in Economics and Management from the Université Catholique de Louvain in Belgium. Eric Anderson, Managing Partner & Head of Investment Solutions, is responsible for running Milltrust’s Investment Solutions and Multi-Manager Managed Accounts business. He also serves as investment manager for the Milltrust International Managed Investments ICAV. In December 2010, Mr Anderson co-founded Milltrust International Group, an investment organisation focusing exclusively on investment management expertise in the Frontier and Emerging Markets, and offering specialist real asset solutions driven by the changing demographics of the developing world. Mr Anderson was most recently Managing Partner at Think Alternative Advisors LLP, an independent FCA-authorised emerging markets research and advisory firm he co-founded in 2009 which was formally acquired by Milltrust International Group in 2011. Mr Anderson has spent nearly a decade focused exclusively on the Emerging Markets where he has extensive experience setting strategic fund allocations for institutional investors, researching local investment managers, providing investment research and full due diligence capabilities and structuring and seeding a number of fund strategies in these regions. Mr Anderson has established a highly credible reputation within the Emerging Markets industry and is a frequent commentator at industry conferences and in the financial media. Mr. Anderson began his career as an auditor and performance analyst for fixed income, equity and derivative products at State Street Global Advisors. Mr. Anderson is a candidate for CFA Level 3 and has a degree in International Economics from the University of California, Berkeley. He speaks fluent English and French and is conversational in Spanish. © Copyright 2017 | Milltrust International LLP

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MILLTRUST BIOGRAPHIES: ANAIS DE BRETIZEL & WERNER SCHUENEMANN Anaïs de Bretizel, Managing Director, started her career in 1985 at BFCE (Natixis) then at Lehman Brothers in London as an interest rate and foreign exchange trader. She became head of Fixed Income Sales at James Capel (HSBC group), Nomura Securities, BNP and then Head of Credit and Structured Credit Sales at Dresdner Kleinwort Wasserstein in Paris. In 2003, she joined Greenwich Associates, a strategic consultant firm based in Stamford (CT, USA). She was in charge of client relationship management with investment banks, asset management companies and large corporations based in France. Anaïs has developed an important portfolio of french and european institutional clients and has an extensive in-depth knowledge of foreign exchange, interest rate and credit markets.She holds a Masters degree in Foreign Service from Georgetown University, Washington D.C., USA.

Werner Schuenemann, Managing Director – Switzerland, is responsible for European marketing and business development based in Switzerland. Most recently Werner developed a hedge fund portal and managed accounts platform for emerging hedge fund managers at Sofos Asset Management. Previously Werner managed the business development at Galtere Ltd, a New York/Switzerland based hedge fund focusing on the commodity/macro and real assets private equity space. There he was responsible for marketing and investors relations across a wide spectrum of investors ranging from pension plans to sovereign wealth funds to family offices. He also handled press interviews, conference panel and TV appearances. Prior to Galtere Ltd Werner was with Swiss Alpha GmbH a systematic trading fund where he was for the early stage growth of the firm, creating awareness and launching the UCITs Investment Fund. Prior to Swiss Alpha GmbH, Werner was the Global Head of Sales and Business Development at Pamplona Capital Management based in Zug and London. Pamplona Capital was a diversified firm with a number of verticals ranging from private equity, to single manager funds to fund of hedge funds. There he was responsible for setting up the Zug, Switzerland office along with expanding the marketing reach of the firm. He also oversaw the negotiations of various structured products. Prior to Pamplona Werner worked briefly as a consultant for Absolute Capital Management, and Titanium Capital LLC. Prior to his foray into hedge funds Werner worked at JP Morgan/Chase- Flemings as Deputy Head of Sales, Emerging Market Equities, Morgan Stanley & Co. Intl, Vice President of equity sales in non-Japan Asia, UBS, Director of Japanese Equities, Robert Fleming Ltd, equity sales and Yamaichi Fleming Ltd, equity sales. Werner holds a Bachelor of Arts in Finance (Bankkaufmann) and has successfully completed the Bank of America training program.

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MILLTRUST BIOGRAPHIES: MICHAEL HANBURY-WILLIAMS & GARY THORNTON Michael Hanbury-Williams, Senior Advisor, has over 30 years of experience in the financial services industry. He was an early investor in the Emerging and Developing Markets of the Pacific Basin and over the years has delivered a strong performance track record, built successful investment teams, and implemented robust investment processes. More recently he has worked with CCLA on global equity investment and is currently acting as a Senior Advisor for Milltrust. In September 1990 Mr Hanbury-Williams moved to head up Royal Insurance Pacific Basin Equity team. He remained with the company through several mergers and acquisitions, ultimately becoming part of the F&C BMO group, and continued to build the investment team, performance track record and the assets under management in the region. In 2011 after 20 years as Director, Head of Pacific Basin Equities, Mr Hanbury-Williams took on the responsibility of business development in the Pacific Basin region and client relationship management for F&C’s strategic institutional clients. He enabled changes to address client needs and significantly improved the company’s relationship with it major clients. Mr Hanbury-Williams started his investment career working for Tyndall Investment Management in Bristol in 1984. He immediately focused on investing in the Pacific Basin equity markets moving to Hong Kong in 1987 with Aetna Life. Mr Hanbury-Williams graduated in 1984 with a Bachelor of Engineering from Exeter University taking investment management courses as part of the degree and later completed a number of courses at the London Business School.

Gary Thornton FCA, Head of Finance and Operations, is an experienced finance professional with over two decades of professional experience. Gary has worked with Simon Hopkins for many years, first as auditor of Fortune Group whilst at HW Fisher in London, then as finance director at Fortune, and more recently as head of finance and operations within the institutional team at Close Asset Management, a subsidiary of the UK-listed financial services group to whom Fortune was successfully sold in 2006. Gary's experience extends to fund structuring and compliance and corporate governance. He has been instrumental in the launch of numerous funds including managed accounts. Gary qualified as a chartered accountant with Moore Stephens, an international firm of accountants, in 1993. He graduated from Trinity Hall, Cambridge with a degree in Modern Languages (French and German) and History of Art

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DISCLAIMER Milltrust International Group (Singapore) Pte Ltd. is a group holding company for the group's operating companies. Milltrust International LLP whose registered address is 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ, United Kingdom, is a subsidiary of Milltrust International Group (Singapore) Pte Ltd. and is authorised and regulated by the Financial Conduct Authority in the United Kingdom. East India Capital Management Pte Ltd. is a wholly-owned subsidiary of Milltrust International LLP. Milltrust International (Singapore) Pte. Ltd is registered with the Monetary Authority of Singapore as a Registered Fund Management Company (RFMC). This document does not constitute any offer or invitation to purchase or subscribe for any shares or other securities. This document is confidential. It is being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published in whole or in part for any purpose without the prior written consent of Milltrust International LLP. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by Milltrust International LLP as to the accuracy, fairness, sufficiency or completeness of the information, opinions or beliefs contained in this document. Save in the case of fraud, no liability is accepted for any loss, cost or damage suffered or incurred as a result of the reliance on such information, opinions or beliefs. Any financial projections given are illustrative only and none of the projections or assumptions should be taken as forecasts or promises on the part of Milltrust International LLP. www.milltrust.com Notice to Swiss Investors: Swiss representative and paying agent is: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, P.O. Box, 8027 Zurich, Switzerland. The prospectus, memorandum and articles of association, the latest annual and semi-annual reports as well the Portfolio changes may be obtained free of charge from the Swiss representative. Notice to US investors: The shares of Milltrust International Managed Investments ICAV have not been registered under the 1933 Securities Act or under the 1940 Act; however, the company takes advantage of the 3(c)7 exemption and shares are available to 3(C)(1) US “qualified purchasers” and those qualifying under Reg D. Distribution activity in the US is undertaken by Silverleaf Partners LLC, a registered broker-dealer based in New York.

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www.milltrust.com LONDON: 6 Stratton Street| London W1J 8LD | United Kingdom E: [email protected] | T: +44 (0)20 8123 8369

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