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GLOBAL EMERGING MARKETS EQUITIES

MODEL PORTFOLIOS NOVEMBER 2014

FACT SHEET: MILLTRUST GEMMA UCITS

INVESTING WITH CONFIDENCE

INTO EMERGING MARKETS

Milltrust International is an award winning asset manager

regulated in the United Kingdom which focuses on investment

management expertise in Frontier and Emerging Markets, as

well as specialist real asset solutions driven by the changing

demographics of the developing world.

Milltrust delivers the industry’s first dedicated Emerging

Markets Managed Accounts (EMMA) platform, in conjunction

with State Street, offering investors access to the local equity

markets through a selection of some of the world's largest

regional asset managers, including BTG Pactual (Brazil), Itaú

Unibanco (Latin America), Value Partners (Greater China), UTI

International (India) and Lion Global Investors (ASEAN). The

funds take the form of regulated Irish UCITS funds. Milltrust

also advises the Emerging Markets Land Opportunities (EMLO)

SPC, with a specific focus on developing agricultural farmland

projects in Latin America and Australasia.

FACT SHEET: MILLTRUST GEMMA UCITS

PROFILE FUND ALLOCATIONS

Model Portfolio: Milltrust GEMMA UCITS

Fund Holdings: Milltrust EMMA UCITS Funds

Approach: Long-biased, actively managed, unconstrained

Exposure: Latin America, China, India, ASEAN

Liquidity: Weekly

Asset Class: Listed Equities

Regulation: UCITS

Infrastructure: Commingled Managed Accounts

Brazil Fund

Latin American

Fund

ASEAN Fund

India Fund

21.42%

PERFORMANCE TABLES – NET RETURNS

USD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2014 Fund -5.77% 1.81% 5.00% 1.33% 3.44% 3.44% 1.53% 3.09% -5.66% 1.49% -0.47% 8.96%

Index -6.60% 3.19% 2.92% 0.06% 3.26% 2.25% 1.93% 2.07% -7.59% 1.07% -1.12% 0.20%

2013 Fund 3.72% -0.59% -1.19% 1.31% -3.25% -7.33% -0.83% -4.05% 7.16% 5.67% -1.36% -0.33% -1.97%

Index 1.31% -1.35% -1.87% 0.44% -2.94% -6.79% 0.77% -1.90% 6.23% 4.76% -1.56% -1.53% -4.98%

2012 Fund 1.21% 0.73% 1.55% 4.08% 1.47% 0.80% 4.93% 15.65%

Index 2.20% 1.61% -0.54% 5.84% -0.73% 1.18% 4.78% 15.05%

Notes: Index = MSCI EM (USD). Performance shown above should be used as a guide only and is not an indication of the future performance of Milltrust GEMMA UCITS Model Portfolio.

PERFORMANCE ANALYTICS

SUMMARY FUND INDEX*

Latest Month: -0.47% -1.12%

Last 3 Months: -4.70% -7.65%

Year to Date: 8.96% 0.20%

Since Fund Inception: 23.53% 9.54%

Annualised Return: 8.82% 3.71%

Positive Months: 63.33% 60.00%

Largest Monthly Return: 7.16% 6.23%

Largest Monthly Loss: -7.33% -7.59%

Ann. Standard Deviation: 12.00% 11.85%

Ann. Sharpe Ratio (RFR=4%): 0.40 -0.02

* INDEX: MSCI EMERGING MARKETS in USD

24.72%

9.10%

18.72%

26.04%

Greater China Fund

SECTOR ALLOCATION MARKET CAP

0%

5%

10%

15%

20%

25%

30%

35%

100M

-500M

500M

-1B 1B -

5B

5B -

10B

10B -

50B

50B+

Cash

MODEL PORTFOLIOS

FACT SHEET: MILLTRUST GEMMA UCITS

60.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00

140.00

-10.00%

-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

Jun-1

2

Jul-

12

Aug-1

2

Sep-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Jul-

13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-

14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Cum

ula

tive N

AV

Month

ly R

etu

rn

Milltrust GEMS Milltrust GEMS

Comm., 6.23%

Cons. Cycl., 13.29%

Cons. Non-Cycl., 14.13%

Diversified, 1.64%

Energy, 5.34%

Financial, 34.33%

Industrial, 7.36%

Materials, 1.97%

Technology, 3.70%

Utilities, 3.24%

FACT SHEET: MILLTRUST GEMMA UCITS

STRATEGY: The Fund aims to achieve strong long-term, risk-adjusted returns by actively investing in companies in Latin America with both high-quality fundamentals and those that will benefit the most from the region’s structural growth story. TEAM: The Milltrust Latin America Fund is managed by Scott Piper, one of the most knowledgeable managers in the region with nearly two decades experience investing in Latin American markets. Scott Piper is supported by one of the largest dedicated investment teams locally based in Brazil, Peru, Chile and Mexico.

STRATEGY: The Fund follows a concentrated and actively managed long-biased Brazil equity strategy designed to capture capital gains from the growing domestic sectors that will benefit from the favourable investment climate and the more stable political environment in Brazil. TEAM: The Fund is managed by one of the most experienced, award-winning equity teams in Brazil led by Jose Zitelmann and Gustavo Hungria. The core team has worked together since 1998 and has won the S&P/ Valor Economico award for 3 years in a row.

STRATEGY: The Fund employs a long biased equity strategy with a focus on value across the Greater China markets from which it aims to capture capital gains from undervalued and exceptional businesses in the region. TEAM: The Fund is managed by a highly reputable and award-winning team led by Cheah Cheng Hye and Louis So and supported by a team of 38 investment professionals leveraging off the firm’s 20 year history of network connections, stock analysis, and company research in the Asia- Pacific region.

STRATEGY: The Fund follows an actively managed long-biased multi-cap strategy with a value approach in India, incorporating fundamental research and quantitative multi-factor models to construct a portfolio of high-conviction stocks that will benefit from the India story. TEAM: The Fund is managed by an experienced team of India specialists led by N. Murali and V. Srivatsa who have been running the highly-rated strategy for over 5 years. The managers are supported by a dedicated team of 23 investment professionals, one of the largest India dedicated teams amongst its peers.

STRATEGY: The Fund aims to provide long-term capital growth by investing in listed securities in South East Asia. The team employs an actively managed, high conviction value approach combined with a top-down thematic focus on sectors and stocks that will benefit from the long-term secular economic growth of the region.

TEAM: Led by Gerard Lee and Alan Tan, and supported by over 50 professionals, Lion Global Investors has one of the largest and most experienced investment teams in Asia. A true Asian specialist, the team manages one of the few dedicated South East Asia funds and has won numerous performance awards over the years.

MILLTRUST LATIN

AMERICA FUND

MILLTRUST

BRAZIL FUND

MILLTRUST GREATER

CHINA FUND

MILLTRUST INDIA FUND

MILLTRUST

ASEAN FUND

Itaú Asset Management

BTG Pactual

Value Partners

Group Limited

UTI

International

Lion Global

Investors

FUND HOLDINGS

FACT SHEET: MILLTRUST GEMMA UCITS

Milltrust Global Emerging Markets Managed

Accounts (“GEMMA”) UCITS Milltrust Global Emerging Markets

Approach: Long-biased, actively managed, unconstrained Long-biased, actively managed, unconstrained

Fund Holdings: Invests only in the Milltrust Emerging Markets Managed Accounts (“EMMA”) UCITS Funds

May invest in offshore, onshore, open-ended, closed-ended and passive (ETFs) investments

Current Geographical

Exposure: Latin America, China, India, ASEAN

Latin America, China, India, ASEAN, Korea, MENA, South Africa, Russia, Eastern Europe

Liquidity: Weekly Weekly

Asset Class: Listed equities Listed Equities

Regulatory Structure:

UCITS Regulated and offshore funds allowed

Infrastructure: Commingled managed accounts All structures considered

20.95%

Follow a multi manager approach by selecting locally-based

leading investment teams who have both the local

penetration and informational edge in their respective

markets to run country or regional unconstrained, alpha-

seeking strategies.

Allocate between the different regional investments teams to

the regions in the developing world that provide the most

favourable environment.

Emphasis on fundamental and on-the-ground company

research where the teams seek out strong growing companies

that are well-run and levered to the dominant domestic

themes in each region.

STOCK PICKING HAS BECOME THE PRIMARY DRIVER OF

ALPHA. Drilling down and distinguishing between different

sectors and companies within an EM allocation is of greater

importance now.

LOCAL PRESENCE WITH DEEP REGIONAL PENETRATION IS

A MUST. Deeply entrenched local investment teams have an

important informational edge which enables them to take

high conviction positions in exceptional companies. They

are in a better position to uncover growing companies that

are not in the index; the companies that are currently US$2

to 3bn today and US$7 to 8bn tomorrow.

9.12%

19.55%

27.54%

RATIONALE

REGIONAL ALLOCATION PROCESS

Use quantitative models to create a

disciplined and transparent framework for

comparisons between the countries.

Rely on our team of experienced

professionals to bring in the necessary

qualitative analysis to interpret the model

outputs and identify other levels of risk and

opportunities.

Overweight the regions and countries that

provide the most favourable environment for

growing economic activity, rising income

levels and expanding investment

opportunities.

FUND SELECTION PROCESS

• Select underlying regional or country Funds

from our pre-approved elite Fund list of

locally-based investment teams from across

the developing world.

Ongoing monitoring and due diligence of the

underlying Funds.

OPTIMAL PORTFOLIO CONSTRUCTION

Update and review allocation models on a

monthly basis which then recalibrates the

optimal portfolio.

Rebalance the portfolio on a quarterly basis.

Release allocation report on a quarterly

basis.

PROCESS

Build a portfolio of best ideas stocks from across the

developing world and deliver strong risk adjusted returns

across the market cycle irrespective of overall market

performance.

OBJECTIVE

Milltrust International produces a selection of Model Portfolios for investments in Emerging Markets equities. Our focus is on

building liquid, transparent and alpha-seeking portfolios.

STRATEGY

MODEL PORTFOLIOS

FACT SHEET: MILLTRUST GEMMA UCITS

Category Description Factors – what we look for

GROWTH

Factors that forecast the size and growth of the

economy and investment universe.

• Growing economies with increasing

productivity

• Deepening and broadening capital markets

SECULAR

TRENDS

Factors that drive medium to long-term economic

activity

• Strong demographics

• Improving information and communication

technologies

• Increasing urbanization and growing labour

markets

• Rising levels of income and savings rate

Factors that evaluate sovereign and fiscal risk as

well as a country’s external balance and foreign

exposure.

• Sustainability of the debt service obligations

• Low risk of default

• Healthy current account balance

Factors that look at the robustness and strength of

financial systems.

• Bank solvency and resiliency

• Asset quality in loan portfolio and bank

efficiency

Factors that measure the effectiveness of the

government, regulatory environment and legal

framework in a country.

• Government effectiveness

• Regulatory quality and environment

• Rule of law

• Control of corruption

Strategic Regional Allocation Model (SRAM) Tactical Regional Allocation Model (TRAM)

Approach: Multi-factor quantitative model Multi-factor quantitative model and qualitative

analysis

Time Horizon: Medium to long-term Short to medium-term

Frequency: Quarterly updates. Annual data and YOY% Monthly updates

Factors:

Thirty-six factors grouped into five different

categories. The focus is on identifying the key

drivers of medium to long term economic activity

and the important economic, financial and

political risks.

Twelve factors including: Valuation, Momentum,

Sentiment, Growth, Demand, Consumer

Confidence, External Balance, Foreign Exposure,

FX, Monetary Policy, Political Review and

Structural Reform.

Methodology:

Each country gets a score for each factor which then receives a weighting according to relevance. The

weighted scores are then summed up to provide an overall relative weighting percentage within each

model which are then combined to form the optimal portfolio and recommended allocation range (which

is +/- 5% of final weighting).

REGIONAL ALLOCATION

Our proprietary models include the medium to long term Strategic Regional Allocation Model (SRAM) and the shorter term

Tactical Regional Allocation Model (TRAM).

Components of the Strategic Regional Allocation Model (SRAM):

ECONOMIC

RISKS

MODEL PORTFOLIO

PROCESS

FINANCIAL

RISKS

POLITICAL

RISKS

FACT SHEET: MILLTRUST GEMMA UCITS

PEDIGREE AND REPUTATION

EDGE

INVESTMENT EXPERIENCE

ETHICAL PRINCIPLES

INVESTMENT PROCESS

RISK MANAGEMENT DISCIPLINE

TRACK RECORD

ABILITY TO MANAGE A BUSINESS OR TEAM

KOREA

Optimal Weight: xx%

Fund: Korea Fund

FUND SELECTION

The Milltrust team has a long track record in identifying and selecting third party managers in the developing world for

investment. We seek to identify managers that have an excellent:

The portfolio construction process combines the results of our regional allocation and fund selection processes. We typically

assign one investment team/fund per country/region which is subject to our ongoing monitoring and due diligence. The

portfolio is rebalanced on a quarterly basis.

RISK

OPTIMAL PORTFOLIO CONSTRUCTION

INCLUDED IN MODEL PORTFOLIO 1: Milltrust Global Emerging Markets Managed Accounts (“GEMMA”) UCITS

INCLUDED IN MODEL PORTFOLIO 2: Milltrust Global Emerging Markets

CHINA

Optimal Weight: xx%

Fund: Milltrust Greater

China Fund

ASEAN

Optimal Weight: xx%

Fund: Milltrust ASEAN Fund

INDIA

Optimal Weight: xx%

Fund: India Fund

SOUTH AFRICA

Optimal Weight: xx%

Fund: South Africa Fund

EMERGING EUROPE

Optimal Weight: xx%

Fund: Emerging Europe Fund

MENA

Optimal Weight: xx%

Fund: MENA Fund

BRAZIL

Optimal Weight: xx%

Fund: Milltrust Brazil Fund

LATIN AMERICA

Optimal Weight: xx%

Fund: Milltrust LatAm Fund

RUSSIA

Optimal Weight: xx%

Fund: Russia Fund

MILLTRUST MODEL PORTFOLIOS

FACT SHEET: MILLTRUST GEMMA UCITS

Vishaal Shah was, until recently a co-portfolio manager within the hedge fund

team at 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. 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.

Alexander Kalis is responsible for Milltrust’s manager selection, due diligence

and discretionary client advisory practice. He 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 in the industry. 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.

Eric Anderson, an economics major from the University of California,

Berkeley, brings nearly fifteen years of international investment industry

experience in the United States, Europe, and Asia. Mr. Anderson has a

successful track record in building and developing a multi-manager investment

platform and setting strategic fund allocations for institutional investors. He

has spent nearly a decade focused exclusively on the Emerging Markets, where

he has extensive experience on the ground researching local investment

managers, providing full due diligence capabilities and structuring and seeding

a number of fund strategies in these regions.

MILLTRUST CHIEF EXECUTIVE OFFICER

Simon Hopkins, Chief Executive Officer, has been a senior figure in the

international investment management industry for more than two decades.

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 fund investing. 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.

MODEL PORTFOLIO

EMERGING MARKETS EQUITY TEAM

FACT SHEET: MILLTRUST GEMMA UCITS

DISCLAIMER: 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. Accessing this document or using its information is not intended for persons who are restricted or prohibited from accessing or using this document or its information by relevant laws in any jurisdiction, and it is the responsibility of any person accessing the information contained in this document to observe all applicable laws and regulations of such jurisdiction. Any investment in the fund should be based on the full details contained in the relevant prospectus which is available

from the Milltrust International LLP website ( www.milltrust.com ).

HOW TO INVEST:

Direct Investments. Investors invest directly into

each Fund as per the desired weighting which

removes the necessity for an over-arching fund of

funds structure or any additional fees.

Single Structure. If required by the investor,

Milltrust can also structure a single vehicle on the

Platform that invests across the Milltrust Funds.

ALLOCATION DECISIONS:

Investors are able to outsource their allocation

decisions to the regulated investment advisory team

at Milltrust who maintain and provide full

transparency to the Milltrust Model Portfolios

Do-it-yourself. Investors are also able to build their

own Global Emerging Markets portfolio by investing

across the Milltrust Funds and weighting the

different investments as they see fit.

CONTACT US:

LONDON: Hudson House | 8 Tavistock Street London WC2E 7PP E: info@milltrust.com | T: +44 (0)20 3427 3440 SINGAPORE: 80 Raffles Place | #26-01 UOB Plaza 1 Singapore 048624 E: info@milltrust.com | T: +65 6225 3052