The EMMA UCITS Platform

1 © Copyright 2014 | Milltrust International Group (Singapore) Pte. Ltd.

INVESTING WITH CONFIDENCE IN EMERGING MARKETS

THE EMMA UCITS PLATFORM A REGULATED GATEWAY TO INVESTING IN EMERGING MARKETS

© Copyright 2014 | Milltrust International Group (Singapore) Pte. Ltd.


EXECUTIVE SUMMARY: MILLTRUST INTERNATIONAL GROUP

MILLTRUST INTERNATIONAL GROUP is an award-winning global investment organisation focused on providing investment management expertise on both traditional and alternative investments with a focus on FRONTIER and EMERGING MARKETS.

OUR MISSION is to provide access to the best investment opportunities and to structure these opportunities to deliver the necessary transparency and safety sought by international investors today. In 2012, Milltrust International adopted the EMMA UCITS Platform for its clients’ investments into the Milltrust EMMA range of UCITS funds. The EMMA UCITS Platform is now being made available to third party frontier and emerging markets managers for the first time.

Milltrust has assembled a SENIOR INVESTMENT TEAM with over two decades of 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 LONDON with additional regional presence in some of the most dynamic markets in the world.

FRONTIER &

EMERGING MARKETS

FOCUSED

BUSINESS

EXPERIENCED

INVESTMENT

TEAM

GLOBAL

PRESENCE


EXECUTIVE SUMMARY: THE EMMA UCITS PLATFORM

Milltrust EMMA UCITS Funds EMMA UCITS Funds

A range of self-funded regional frontier and emerging markets UCITS funds investing across any UCITS-eligible asset classes. The funds serve as stand-alone investment opportunities or as complementary building blocks for a genuine GEMS offering across all the funds on the platform.

AWARD-WINNING UCITS

PLATFORM

FEATURING

SOME OF THE LEADING

ASSET MANAGERS

ACROSS THE

EMERGING MARKETS

The EMMA UCITS Platform (“the platform”) is an open-ended investment company incorporated in January 2012 under Irish company law and regulated by the Central Bank of Ireland. The company offers investment managers the opportunity to join an award-winning UCITS platform exclusively focused on frontier and emerging markets.

The platform features a range of some of the world's leading regional asset managers, each forming an individual building block to a complete global emerging markets (“GEMS”) offering. The platform also offers optional state-of-the-art managed accounts infrastructure capabilities and technology.

A range of regional emerging markets UCITS managed accounts managed by world-class, locally-based investment managers which have been selected, funded, and branded by Milltrust International Group.

EMMA UCITS Platform


EXECUTIVE SUMMARY: AWARDS, NOMINATIONS AND ACCOLADES

Risk Manager

SINGAPORE

SINGAPORE

Wealth Manager


WHY UCITS


WHY UCITS: MARKET SIZE BREAKDOWN

Source: Preqin Special Report: UCITS Hedge Funds, June 2013, Alfi, *PWC 2012

HUGE UNIVERSE

OF OVER 35,000 UCITS

INVESTMENT FUNDS

REPRESENTING

MORE THAN

EUR 6 TRILLION

IN ASSETS 155

1850

3124*

0

1000

2000

3000

4000

5000

6000

Alternative UCITS Equity UCITS Irish UCITS

EUR

(bn)

Breakdown of Total UCITS Universe by Asset Size, 2013

6000 6000 6000

2.6% of Universe 30.8% of Universe 52.1% of Universe


WHY UCITS: IRISH UCITS INDUSTRY GROWTH

Source: PWC

238 286 343 465

583 647

518 597

759 820 901

1905 1978 2088 2127 2339

2898 3097

2721 2899

3085 3124

0

500

1000

1500

2000

2500

3000

3500

0

100

200

300

400

500

600

700

800

900

1000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EUR

(bn)

No.

of

Fund

s

Growth of Irish UCITS Funds – PWC, 2012

Number of Funds Net Assets

STRONG AND STEADY

GROWTH

AMONGST

IRISH

UCITS FUNDS


WHY UCITS: INVESTOR LOCATIONS

Source: Preqin Special Report: UCITS Hedge Funds, June 2013

“UCITS growth remains firmly in Europe, with almost one-quarter of managers saying the biggest impetus for UCITS growth will come from the developments of the second pillar retirement marketplace in Europe“ - Citibank

STRONG

UCITS DEMAND

FROM EUROPEAN

INVESTORS

63% 56%

50%

30% 30% 29% 21% 20% 20% 17%

13% 12%

0%

10%

20%

30%

40%

50%

60%

70%

Prop

orti

on o

f In

vest

ors

Location

Proportion of Investors Based in European Countries that Invest in UCITS – Preqin, 2013


WHY UCITS: INVESTOR TYPES

STRONG

UCITS DEMAND

FROM MOST

EUROPEAN

INVESTOR TYPES

50% 43%

35% 27%

20% 16%

12% 12% 5% 3%

0%

10%

20%

30%

40%

50%

60%

70%

Prop

orti

on o

f In

vest

ors

Investor Types

Proportion of Investor Types that Invest in UCITS – Preqin, 2013

Source: Preqin Special Report: UCITS Hedge Funds, June 2013


WHY JOIN THE EMMA UCITS PLATFORM


• Subject to the safeguards provided by the UCITS regulatory framework, and the Central Bank of Ireland

• Milltrust International LLP is regulated by the Financial Conduct Authority in the United Kingdom

REGULATED

THE EMMA UCITS PLATFORM: INVESTOR BENEFITS

• Minimum fortnightly dealing • Investments restricted to UCITS-eligible assets • No risk of manager-imposed gates

BETTER LIQUIDITY

BETTER RISK MANAGEMENT

• Detailed risk management framework ensuring a minimum level of diversification and limited exposure to third parties and leverage

• Independent teams monitoring the portfolio • Independent Company Board of Directors

• Specific Investor reporting and compliance requirements INCREASED TRANSPARENCY

Source: Laven Partners


THE EMMA UCITS PLATFORM: MANAGER BENEFITS (1)

• EU Passport (access to all European investors) • Main access for an alternative manager to European investors • Opens door to long-only institutional and retail allocations • UCITS Funds are exempt from AIFMD

PREMIER ACCESS TO EU MARKETS

ACCESS TO GLOBAL MARKETS

ACCESS NEW CLIENT SEGMENTS

• Over 80% of publicly distributed funds in Asia are UCITS regulated

• A growing number of countries in Latin America and the Middle East have accepted UCITS as providing a stable, high quality, well-regulated investment product with significant levels of investor protection.

Due to: • Greater liquidity • Strong risk framework • Trusted UCITS brand


THE EMMA UCITS PLATFORM: MANAGER BENEFITS (2)

GEMS BUILDING BLOCK

COST EFFECTIVE

TIME EFFICIENT

• EMMA UCITS funds act as stand-alone investment opportunities or as complementary building blocks for a genuine GEMS offering across all the funds on the platform

• EMMA UCITS funds are monitored by Milltrust’s Investment Advisory services and may be eligible for investment recommendations to Milltrust’s advisory clients

SET UP ASSISTANCE

• In comparison to establishing a new UCITS company, joining the existing EMMA UCITS platform would save on the following costs:

• Establishment of a new UCITS company: >EUR 300,000 • Minimum regulatory capital to act as fund promoter:

EUR 635,000 (Ireland) or EUR 7.5 million (Luxembourg) • Additional legal work to provide the wrappers and

regulation with the local regulators. • In some cases, advice on the tax liability for trading

certain markets

• Quick and efficient onboarding process taking 10-12 weeks to onboard a new fund and begin trading

• Full assistance from specialist on-boarding team to project-manage the set up and minimise the burden on the investment manager


• Help investors fulfil fiduciary obligations • Allow them to better understand the risks embedded in

portfolios

EVEN GREATER TRANSPARENCY

• Provide investors with more capital protection • Controlled by independent teams acting on behalf of the

investors

SAFEGUARDING OF ASSETS

• Investors have control over the assets not the manager • No risk of manager-imposed gates

EVEN GREATER LIQUIDITY

• Separation of fiduciary oversight and investment management function

• Independent teams monitoring the portfolio

SEPARATION OF DUTIES

THE EMMA UCITS PLATFORM: MANAGED ACCOUNTS BENEFITS (Optional)

The EMMA UCITS Platform also offers optional state-of-the-art managed accounts infrastructure capabilities providing additional appeal to a growing class of investors seeking managed accounts technology and solutions.


DAILY UPDATES

RISK ANALYTICS

EXPOSURE BREAKDOWN

AGGREGATE REPORTING

PORTFOLIO

MONITORING

PERFORMANCE ATTRIBUTION

Reproduced with the permission of Infrahedge, a wholly-owned subsidiary of State Street Bank

WEB PORTAL MOBILE AND TABLET APP

THE EMMA UCITS PLATFORM: MANAGED ACCOUNTS INVESTOR TOOLS


TOP TIER

INDEPENDENT AND

CONFLICT-FREE

SERVICE PROVIDERS

WITH

HIGH STANDARDS OF

GOVERNANCE

PLATFORM ADVISOR & PROMOTER • 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 and other regulatory requirements

THE EMMA UCITS PLATFORM: SERVICE PROVIDERS

LEGAL ADVISORS AUDITOR SPONSORING BROKER

PLATFORM PROVIDER, CUSTODIAN & ADMINISTRATOR • Daily Independent Monitoring and Oversight

of Risk Limits & Investment Guidelines • World-class service providers ensuring the

custody, trading and pricing of assets.

MANAGED ACCOUNTS PROVIDER

BROKERS/PBS (Flexible)


THE EMMA UCITS PLATFORM: LEGAL STRUCTURE

PRIME BROKER & TRADING CTPY

LEGAL COUNSEL

CUSTODIAN State Street Bank

AUDITOR KPMG

ADMINISTRATOR State Street Bank

INVESTORS

PB Agreement, ISDA

Admin Agreement

Custody Agreement

Audit Agreement

Appointment Letter

Subscription Agreement

Offering Memorandum

Investment Mgmt Agreement

Platform Infrastructure Agreement (optional) INFRAHEDGE

INVESTMENT MANAGER

BOARD

EMMA PLC (UCITS)

DUBLIN-DOMICILED

UCITS

PLATFORM SUB-FUND


Planning Execution Fund Set-up

New Launch

• Reference fund review • Introductory call with

manager for on-boarding plan, due diligence walk through, demo of reports, sharing service level standards and addressing initial queries and any other areas of discussion.

• Complete background checks

• Initiate AML, ODD and IMA / PBA negotiation

• Finalise on-boarding project plan

• Negotiation of IMA (inc investment guidelines)

• Set-up the governance framework

• Agree reporting formats and timelines

• Set-up and test system connectivity

• Initiate PB connectivity set-up

• Initiate bank account setup

• Agree on legal document details and changes

• Update PPM / Sub Docs and complete

• System set-up review and testing

• Test run prior months data

• Back test investment guidelines

• Ensure all legal documentation in place for execution between multiple stakeholders

• OM and other documentation

• AML/KYC on Investors • Execution of all legal

documents • Ensure subs received

and wired to PB account

• Monitor first NAV cycle and ensure SLAs being met

• Manage any exceptions / troubleshoot issues.

Milltrust and State Street take end-to-end responsibility for all aspects of the on-boarding and project manages the entire exercise.

CLEAR ON-BOARDING

PROCESS SUPPORTED BY

EXPERIENCED PARTIES

THE EMMA UCITS PLATFORM: ON-BOARDING PROCESS


THE EMMA UCITS PLATFORM: ON-BOARDING TIMELINE

On-boarding Timeline Parties involved

Week Number

1 2 3 4 5 6 7 8 9 10-12

IM Background checks performed SP, MIG

Review Reference fund documents SP, MIG

Define Fund requirements (inc SP's) SP, MIG

IMA / PPM process including Inv Guidelines SP, MIG, IM

Define Investor reporting requirements SP, MIG

AML/KYC SP

All-party planning meeting SP, MIG, IM

Manager Operational Due Diligence SP, MIG

Fund set up-incorporation, registrations, bank a/c SP

Other platform legal doc's SP

Connectivity set up SP, IM

PB / ISDA negotiations, Counterparty credit sign off SP, IM

All legals finalised, end to end processes fully tested, service levels agreed and funds received SP, IM

MIG: Milltrust International Group | IM: Investment Manager | SP: State Street, Infrahedge, PBs, or other Counterparties

SHORT AND EFFICIENT

10-12 WEEK

ON-BOARDING TIMELINE


• Entirely focused on Frontier and Emerging Markets Strategies • EMMA UCITS funds act as stand-alone investment opportunities or as complementary building blocks

for a genuine GEMS offering across all the funds on the EMMA UCITS platform

GEOGRAPHY

THE EMMA UCITS PLATFORM: SUMMARY

• The EMMA UCITS Platform can accommodate both traditional and alternative strategies

NUMBER OF FUNDS

DISTRIBUTION • Contrary to some platforms that take full exclusivity for controlling distribution, branding and marketing which can act to the detriment of the investment manager, the EMMA UCITS Platform offers investment managers a simple and attractive infrastructure solution that is designed to appeal to both large and established Frontier/EM groups that have their own distribution and marketing capabilities, and/or to growing managers looking to minimise costs

STRATEGIES

• The EMMA UCITS Platform is focused on offering an exclusive number of first-rate funds rather than a large supermarket of products

• All EMMA UCITS funds undergo a thorough due diligence review by Milltrust International, who is ultimately responsible as Promoter and Guarantor of the fund

• Although Milltrust does not offer active fund-specific distribution services, our global team is constantly travelling around the world road promoting the merits of the entire EMMA UCITS Platform to investors

• In addition, EMMA UCITS funds are monitored by Milltrust’s Investment Advisory services and may be eligible for investment recommendations to Milltrust’s advisory clients

FUNDING

FEES

INDIRECT EXPOSURE

• The EMMA UCITS funds are self-funded by the investment managers and their clients

• Milltrust is able to offer attractive and truly cost-efficient terms by removing the need for costly distribution and co-seeding arrangements that are typical across most other platforms

MANAGED ACCOUNTS • The EMMA UCITS Platform can offer optional sophisticated managed accounts technology


MILLTRUST BIOGRAPHIES


BIOGRAPHIES: MILLTRUST TEAM (1)

Mark Ebert, Chairman, Switzerland 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 co-founded 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.

Simon Hopkins – Chief Executive Officer, Singapore has been a senior figure in the international investment management industry for more than a decade. 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 investor. 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 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.


Alexander Kalis – Managing Partner & Investment Director, United Kingdom is a successful business executive and entrepreneur, and is responsible for heading Milltrust’s manager selection, due diligence and discretionary client advisory practice, along with running the business generally. Mr Kalis has over 13 years experience working at top-tier asset management firms managing some of the largest pools of capital dedicated to Emerging Markets funds, globally. He has an award-winning portfolio management track record and extensive experience carrying out investment research, due diligence and client advisory on traditional and alternative investment managers across all asset classes. In December 2010, Mr Kalis co-founded Milltrust International Group, an investment organisation focusing exclusively on investment management expertise in the Frontier and Emerging Markets. 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. Prior to this, Mr Kalis was the Portfolio Manager of the Optimal Asian Opportunities Fund with peak assets of $300 million and co-PM of the Optimal Global Opportunities Fund at Banco Santander’s Alternative Investment Group in London which he joined in 2007. Mr Kalis started his career at LCF Edmond de Rothschild Asset Management in London and oversaw Asian and Emerging Markets manager research and advised the investment committee for the Asian Capital Holdings Fund which grew from $300m to $1.3 billion during his tenure. He is a frequent commentator in the financial media including Bloomberg and Reuters, and has addressed numerous conferences on both traditional and alternative investments. He speaks fluent English and French and is conversational in Dutch. He holds a Master's degree (Cum Laude) in Economics and Management from the Université Catholique de Louvain in Belgium.


Eric Anderson – Managing Partner, United Kingdom

brings over a decade of international investment industry experience in the United States, Europe, and Asia. He has a successful track record of building and developing investment and operations teams, integrating new businesses within large financial institutions and growing assets for emerging asset managers. proven self-starter and entrepreneur, Mr. Anderson most recently co-founded Think Alternative Advisors LLP, a boutique consultancy company established in 2009 specialising in independent research and advisory services on Emerging Market funds. The firm gained significant visibility and credibility amongst industry professionals and was subsequently acquired by the Milltrust International Group to provide the research and advisory services. Mr. Anderson has also played a significant role in promoting the need for more rigorous due diligence on hedge funds having previously been responsible for investment and non-investment due diligence for structured products at Credit Suisse. Mr. Anderson brings first-hand Emerging Markets expertise, as he was previously responsible for developing the operational infrastructure and marketing efforts for Ortus Capital, a prominent hedge fund in Hong Kong. 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.

Gary Thornton FCA, Partner & Head of Finance and Operations, United Kingdom 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.

Vishaal Shah, Partner & Head of Private Equity Research, United Kingdom is responsible for Private equity fund selection, research and portfolio construction. Mr Shah was, until recently a co-portfolio manager within the hedge fund team at Close Brothers Group PLC, a UK listed financial services group, where he co-managed $300m in client assets. Mr. Shah brings over 5 years of expertise in investing in emerging and frontier markets. In 2007, Mr. Shah began his career at Fortune Asset Management, one of the UK’s pre-eminent hedge fund advisory firms. The firm was acquired by Close in 2006 and fully integrated in 2010. Mr Shah was the lead analyst for a fund of hedge fund segregated mandate, managing an uncorrelated, concentrated and highly liquid managed account. The portfolio had annualized returns of in excess of 9% between Jan 2008 and April 2011 with no negative years. Mr. Shah grew up in Kenya. He speaks fluent English, Swahili, Gujarati with working knowledge of Hindi. He graduated with honours in BSc Actuarial Science from Cass Business School, City University, London.


Edward Vickery, Senior Investment Advisor, USA is a British citizen. He was university educated in both the UK (University of Sheffield) and Italy (University of Bologna) before beginning a career with alternative investments in London with Incisive Media. Following a move to Southern California in 2009, he has been successfully uncovering and researching hedge fund and emerging markets strategies for which he has successfully raised several hundred million dollars of assets. Edward has lived in seven countries and speaks Italian and French fluently and is conversational in Spanish and Russian. Edward’s academic background and personal interest in current affairs, politics and economics is the driving force behind his work as Senior Investment Advisor at Milltrust International. Holder of the following FINRA licenses: Series 65: Uniform Investment Adviser License, Series 63: Uniform Securities Agent State Law License, Series 7: General Securities Representative License, Series 3: Commodities and Futures Contracts License, and Series 30: Futures Branch Office Manager License. He is affiliated with Silver Leaf Securities LLC.


Dr. Ahmed Farooq, Senior Investment Advisor, Kuwait has wide experience in Private Equity, Investment Banking/Corporate Finance, New Business Development and M&A. He has experience in the GCC markets and the Silicon Valley in the US in a career that spans over 15 years and investments exceeding USD 500M. Ahmed is the founder of Radiance Capital, Milltrust's partner advising Middle East investors. In his previous assignment, Ahmed headed the Investment Banking Group at Rasameel Investments, a USD120M shariah compliant investment firm in Kuwait. Prior to that, Ahmed was the Head of Indian Investments at Noor Financial Investment Company, a top 5 Kuwaiti investment bank, where in addition to leading on several transactions, he launched the Kuwait India Fund targeting investments in India with a capital of USD 120M. Before moving to the GCC, Ahmed was the founder of arcadiaOne, a venture funded Silicon Valley based Enterprise Software company which he sold to iMediation in a USD17M deal. Prior to that, he was on the founding team for Calico Commerce, a Kleiner Perkins backed company which had a successful IPO on the NASDAQ with a market cap of USD 2B.

Hualin Li, Associate, United Kingdom is responsible for marketing distribution and investor relations. Previously, Ms Li worked in Financial Services in both China and the UK with experience in the luxury industry, private banking and corporate finance. Ms Li is a part-qualified management accountant. She is bilingual in both English and Chinese and graduated with Master’s degree in Finance and Management from St Andrews University, Scotland. She received a bachelor's degree with honours in International Accounting from University of Shanghai for Science and Technology.

Shizue Uchikawa, Senior Associate, United Kingdom/Japan has nearly two decades of professional experience in hedge funds and investment banking at major institutions. Ms. Uchikawa started her career on the proprietary trading desk at Bankers Trust in Tokyo, and went to hold a number of roles in fixed income derivatives sales and trading. More recently she worked with Simon Hopkins at Fortune Group (now Close Brothers Group plc) where she has successfully developed hedge fund advisory business with the Japanese institutional investors. Ms. Uchikawa holds a B.S. in Finance and International Business from New York University in the US and an MSc in Mathematical Trading and Finance from CASS Business School in London.

James Cotton, Senior Investment Advisor, Thailand is an experienced portfolio manager with over two decades of public markets and private equity experience. For the first 10 years of his professional career, Mr. Cotton was an award winning portfolio manager at Singer & Friedlander Group Plc, in the City of London, where for 7 years he served as Head of Small Company Investment. From 1997 to 2004, he variously worked for Montanaro Asset Management, ABN Amro Asset Management and as a consultant to Troy Asset Management in a variety of senior roles. From 1998 to 2004, he co-founded, served as a Director and helped float Stream Group PLC, a successful telecoms business, on the London Stock Exchange. From 2004 to present, Mr. Cotton has been living in Asia from where he has been successfully restructuring and investing in a number of private companies in South-East Asia. He serves as non-executive Director of Medeguide Holdings, an internet based medical search engine, focused on Emerging Markets. Mr. Cotton graduated with a BSc. (Hons) in Management Sciences from the University of Manchester's Institute of Science and Technology in 1987 and studied investment management at London Business School (1994). He is conversational in French and Thai. He currently resides with his family in Bangkok, Thailand.


BIOGRAPHIES: EMMA BOARD

David Suratgar, United Kingdom, is the Chairman of the Emerging Markets Managed Accounts PLC He is also the chairman of BMCE Bank International plc and Advisory Board of Taylor-DeJongh Inc. David Suratgar has more than 40 years of project finance experience. He is a former vice-chairman of Deutsche Morgan Grenfell and member of the Board of BMCE Bank and Senior Advisor to the Chairman. He serves as chairman of Masawara plc and of Fortune Funds Ltd. and Director, Global Alumina Inc., and of Taylor-DeJongh (Bermuda). Member of the Advisory Board of Al Farida Investment Company (Abu Dhabi). Member of the Advisory Board of XPV Capital and of K&M Engineering, Washington DC. Member of the Board, the Major Projects Association. Member of the International Advisory Board, School of Oriental and African Studies (University of London). He is a senior research fellow and member of the Advisory Counsel of the International Law Institute in Washington, DC. Mr. Suratgar holds an MA (Law) from Oxford University, a Master of International Affairs and a Certificate in International and Comparative Law from Columbia University and from The Hague Academy of International Law. He did the AMP (Corporate Finance) at Harvard Business School. He has been Professor of International Financial Law at Georgetown University School of Law and lectured at NYU Law School, at Oxford University’s Templeton College and at The Hague Academy of International Law. He served as a senior attorney at the World Bank (1963-1973) and as a special legal advisor to the World Bank, to the European Investment Bank and to the Bank of England.

Denise Kinsella, Ireland is an independent non-executive director of a number of investment funds and has over 20 years experience in international financial services. She is a lawyer and for six years (1999 to 2005) was a Partner at Dillon Eustace Solicitors specialising in financial services law and regulation, in particular investment funds. Prior to that she was a senior executive at Bank of Ireland Group where she worked for 11 years, including, in Bank of Ireland Securities Services (now Northern Trust), as Director of Client Services and Director of Legal Affairs and, in Bank of Ireland Asset Management, as a Senior Manager. Denise is a former Chairman of the Irish Funds Industry Association (“IFIA”) and IFIA’s legal and regulatory sub-committee and has participated in a number of key funds industry working groups. She holds an honours law degree from Trinity College Dublin and was admitted as a solicitor by the Law Society of Ireland in 1987. She also holds a diploma in company direction from the Institute of Directors (UK).

Dermot Walsh, Ireland joined Davy Asset Management in 2008 from Focus Investments, an independent subsidiary of Davy where he was Investment Manager, Executive Director and a founder shareholder of the company. He was Head of the Investment Services Division in Davy from 1986 to December 2000. Prior to joining Davy he worked with Guinness & Mahon Bank, initially as an investment manager and subsequently as a Director of Investment Services. Dermot holds a BA Degree in Economics from Trinity College, Dublin and a MBS in Banking and Finance from University College, Dublin. He is also a Registered Stockbroker and a member of the Securities Institute.

Mark Ebert, Switzerland is also Chairman of Milltrust International Group, see bio in previous slides.


MILLTRUST APPENDICES


ELIGIBLE ASSETS

APPENDIX: UCITS INVESTMENT RESTRICTIONS (1)


FINANCIAL DERIVATIVE INSTRUMENTS

• Transferable Securities (e.g. stocks, bonds) and money market instruments either listed on a recognized stock exchange or dealt on a market which is regulated, operated regularly and is open to the public

• Recently issued Transferable Securities to be dealt on a regulated market within 12 months (pre IPOs). • Investments in UCITS funds and other eligible UCIs (being collective investment schemes which the EU Member State regulator

considers to be of an equivalent standard of recognition to that of UCITS funds). • Deposits with credit institutions (repayable on demand and maturing in no more than 12 months). • Financial Derivative Instruments (“FDIs”). • Financial indices (sufficiently diversified and properly listed). • Repos, reverse repos, swap and forwards (provided that they are used within an Efficient Portfolio Management oversight and are

ancillary to the UCITS fund’s investment strategy, and are used mostly for risk management). • Transferable Securities and money market instruments not listed on a recognized stock exchange or dealt on a market which is

regulated (e.g. investments in hedge funds), are allowed, up to a maximum limit of 10% of a UCITS fund’s assets. • Ancillary liquid assets (cash).

FDIs should be based on an underlying Eligible Asset, and either traded on a regulated market or OTC with institutional recognised counterparties (e.g. foreign exchange swaps, S&P 500 index futures). It is important to note that FDIs on commodities, including non-financial indices, are not considered to be Eligible Assets. FDIs and OTC FDIs should meet the following criteria: • They must be cash settled and not result in the delivery or in the transfer to the UCITS fund of assets other than Eligible Assets.

Their risks must be adequately captured by the Risk Management Policy of the UCITS fund. • They must be valued accurately and sufficiently verified. For example, according to the UCITS Luxembourg Law of 17 December 2010

(Article 41 (1) g), UCITS funds must apply a “reliable and verifiable valuation on a daily basis for the OTC FDIs” in order to establish a fair value. The UCITS fund will ensure that the valuation:

- Does not rely on market quotations given by the counterparty. - Is based on reliable up to date market value or on a pricing model using an adequate methodology. - The UCITS fund remains in all cases responsible for the correct valuation of OTC FDIs through its own valuation systems.

NON-ELIGIBLE ASSETS

Investments either directly or indirectly (i.e. through the use of derivatives) are not generally permitted in the following: • Property/Real Estate; • Commodities, including precious metals or certificates representing them, and any other non-financial indices; or • Private Equity. Within limits, UCITS funds may however be permitted to gain exposure to the above by investing in a FDI representing the returns of a recognised index.


SHORT SELLING



CONCENTRATION LIMITS

Physical (uncovered) short selling is not permitted in UCITS funds, although certain synthetic shorting strategies are possible through FDIs.

A key investor protection measure of the UCITS Directive is risk diversification or risk-spreading obligations. The concentration limits can be summarised as follows: “5/10/40 RULE” Generally, no more than 10% of net assets of a UCITS fund can be invested in Transferable Securities or money market instruments issued by the same issuer (“10% Rule”). • Where investments in Transferable Securities and money market instruments each represent more than 5% of net assets of a fund,

these investments in aggregate must not exceed 40% (“40% Rule”) of the total net assets of the fund (“5% Rule”). • The 10% Rule limit does not apply to:

- Deposits and OTC FDIs made with financial institutions subject to prudential supervision. - Certain Transferable Securities. - Investments in other UCITS funds or UCIs. For Index replicating UCITS funds however, the 10% Rule can be raised to 20% (or, if justified, 35%) whereby the investment policy is to replicate an index recognised by the regulator.

INVESTING IN UCITS OR UCIS

• UCITS Fund of Funds may be able to invest up to 20% of their net assets in a single UCITS fund or other Eligible UCI. Where the underlying UCI is an umbrella fund, each sub-fund of that umbrella fund may be regarded as if it were a separate UCI for the purposes of this limit.

This prohibition does not apply to feeder UCITS fund investing almost all of its assets into a diversified portfolio of a master UCITS fund. These restrictions would apply however to the master UCITS fund’s strategy. • UCITS Fund of Funds may not invest more than 30% of its total net assets in UCIs that are not UCITS funds. • A UCITS Fund of Funds may not invest in any other fund which invests more than 10% of its assets in other funds (so called “funds of funds of funds”).


A UCITS fund generally cannot borrow, except under the following borrowing limits. The combined amount of the following borrowing limits may not exceed 15% of the net assets of the UCITS fund: • To finance redemption requests from its investors, it may borrow up to 10% of its net assets, provided that the loan is on a short

term basis. • Up to 10% of the net assets can be borrowed in relation to the acquisition of immovable property essential for the direct pursuit

of its business (i.e. business premises). • Despite the above, UCITS funds can be leveraged up to 100% of its net assets through the use of FDIs. However at all times, the

UCITS fund must be in a position to pay back all of its obligations.

DEALING WITH ONE ISSUER


DEPOSITS • No more than 20% of the UCITS fund’s net assets can be invested in deposits made with the same body.

FDIS AND OTC FDIS • Maximum OTC FDI counter party risk exposure is limited to 5% of the UCIT fund’s net assets. This is increased to 10% where the counterparty is a credit institution, i.e. a bank. OVERRIDING LIMITS • No more than 20% of the net assets of a UCITS fund may be invested in any combination of the following with the same issuer: - Transferable Securities or money market instruments - Deposits - OTC FDIs

These concentration limits may be increased in the following circumstances: • The 10% Rule can be increased to 35% if the Transferable Securities are issued or guaranteed by an EU Member State or its local

authorities, by a non-Member State or by a public international body. • The 10% Rule can also be increased to 25% for certain debt securities (i.e. bonds) if they are issued by a credit institution whose

registered office is situated in an EU Member State and follows applicable regulation (i.e. public supervision). However under the 5% Rule principle, such investments must not in aggregate exceed 80% of the net assets of the fund.

The transferable securities and money market instruments referred to in the above two points shall not be taken into account for the purpose of applying the limit of the 40% rule. However the concentration limits in the increased limit situations above cannot be combined with the normal limits on dealings with one issuer so that exposure to a single issuer exceeds in total 35% of the net assets.

INCREASING CONCENTRATION LIMITS

BORROWING LIMITS





OTHER LIMITS FOR UCITS FUNDS

• A UCITS fund may invest no more than 10% of its net assets in Transferable Securities and money market instruments which are not listed on a regulated market.

• A UCITS fund may not grant loans and acting as guarantor to third parties is not permitted.

ISSUER CONTROL LIMITS

• A UCITS fund, or its Management Company overseeing a number of funds, may not acquire any voting shares which would enable it to exercise significant influence over the management of an issuer.

• A UCITS fund may acquire no more than the following issuer control limits: - 10% of the non-voting shares of the same issuer - 10% of the debt securities of the same issuer - 25% of the units of the same UCITS funds and/or other UCIs - 10% of the money market instruments issued by the same issuer Other than for non-voting shares, the issuer control limits laid down may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the money market instruments, or the net amount of the securities in issue cannot be calculated. Issuer control limit restrictions do not apply to: • Transferable Securities and money market instruments issued or guaranteed by EU Member States or its local

authorities as well as non-EU Member States. • Transferable Securities and money market instruments issued by public international bodies of which one or more

EU Member States are members (i.e. OECD)

Shares held in an intermediary incorporated in a non-EU Member State which invests mainly in securities issued by that state and where such holding is the only way in which the UCITS funds can hold these securities.


Milltrust International Group (Singapore) Pte Ltd. is a group holding company for the group's operating companies. Milltrust International LLP is a subsidiary of Milltrust International Group (Singapore) Pte Ltd. and is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Milltrust International (Singapore) Pte. Ltd. is a wholly-owned subsidiary of Milltrust International LLP. Milltrust International (Singapore) Pte Ltd has submitted a notification for Exempt Fund Manager status to the Monetary Authority of Singapore, and in accordance with the changes to the regulatory regime for fund management companies in force from August 2012 will supplement this notification during the prescribed transition period to comply with the new rules. 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 Edward Vickery is a Registered Representative of Silver Leaf Partners. Securities are offered through Silver Leaf Partners, a member of FINRA, NFA, MSRB & SIPC. This communication is for informational purposes only. The information above is not guaranteed as to its accuracy or completeness. If such information is related to a security or product then you are further advised that we do not provide investment counsel thereon nor do we certify such information as complete or accurate. To determine suitability, you must secure, read & understand all relevant information related thereto, conduct a thorough due diligence and seek expert independent counsel, if necessary, prior to investing. We further caution that past performance is not indicative of future results.

DISCLAIMER


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