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Fund Commentary NAVs: USD A: 15.439 GBP B: 14.530 USD C: 17.348

To seek to provide investors with long

term capital appreciation through an

actively managed portfolio of listed

equities in the Asia ex Japan consumer

sector. It may also reduce market volatili-

ty, via the use of cash and derivatives.

Return HistoryReturn HistoryReturn HistoryReturn History 30th September 201430th September 201430th September 201430th September 2014

CC Asian Evolution offers investors

high quality, high conviction concentrat-

ed exposure to the consumer sector in

the Asia ex Japan region.

The fund will invest in between 20 and

35 stocks. The fund size will be capped

to allow it to invest in the best opportu-

nities, regardless of size or liquidity.

Fund Manager Rory Dickson

Fund Size US 273m

Share Classes USD & GBP

Launch Price $ 10

Launch Date 12.01.2011

Minimum Inv A$/B 100,000

Dealing Weekly (Tue)

Denomination USD

Benchmark MSCI ac Asia exJapan

Structure Dublin OEICUCITS IV

Fund Charges

AMC 1.5%

TER (inc AMC) 1.68%*

Performance 15%**

*TER as at 31 August 2014

**15% performance fee charged on excessreturn over the benchmark, share classes A& B only.

Fund Codes:

ISIN A $ IE00B5B3NW58

B IE00B4L0PJ09

C $ IE00B65D8Q73

Sedol A $ B5B3NW5 IE

B B4L0PJ0 IE

C $ B65D8Q7 IE

Registered for sale in: UK, Ireland, Germany,Luxembourg, Finland & Sweden.

High Growth Leaders 35

Established Franchises 23

Tightly Held Dominators 30

Special Situations 7

Cash & options 5

Source: CCAM as at 30.09.14

Book ExposureBook ExposureBook ExposureBook Exposure %%%%

Fund HighlightsFund HighlightsFund HighlightsFund Highlights

Investment ObjectiveInvestment ObjectiveInvestment ObjectiveInvestment Objective

Fund StatisticsFund StatisticsFund StatisticsFund Statistics

CC Asian Evolution FundCC Asian Evolution FundCC Asian Evolution FundCC Asian Evolution Fund

In a difficult month for Asian equity markets, the

fund delivered a +4% gain over the index, with our

defensive holdings almost all holding up well. With

markets turning increasingly volatile, we take com-

fort from the index puts we bought in July, afford-

ing us protection through to January.

In spite of the now deflating democracy demon-

strations in Hong Kong, Premier Xi has increasingly

stamped his political authority through a very ef-

fective attack against tigers and flies. The on-

slaught to earnings in the luxury sector reflects theferocity of the corruption clampdown; we conse-

quently said goodbye to Prada (too much expan-

sion, not enough profitability) but the de-rating of

Sands China, our worst performer this month,

seems unmerited. Certainly it is hardly surprising

to see Macao VIP revenues drop 20% last month,

but Sands hotels remain full, and the more defen-

sive mass market, where it operates, continued to

grow at double digits. Whilst near term headwinds

prevail, we still get paid 6% to hold it.

Anti graft measures aside, Beijing is reforming

more now than it has since the time of Deng Xiao-

ping. In October, the much anticipated throughtrain is set to leave the platform, facilitating in-

vestment from the mainland into the Hong Kong

market, and vice versa. Coupled with Houkou re-

form (allowing rural residents working in urban

areas basic rights to education, housing and

healthcare), Xi is addressing the two biggest is-

sues in Chinas route to prosperity the closed

capital account and social welfare. In turn, this

reduces the dependence on investment and pro-

motes the transition of the economy towards do-

mestic consumption, providing the long term run-

way for growth that weve positioned the fund for.

No longer will China be about fixed asset invest-ment; step up the Chinese consumer.

The most significant contributor to performance

was Heineken-owned Multi Bintang, which popped

+34% on news that the Indonesia Stock Ex-

change may require the company to undertake

a stock split. While this doesnt change the eco-

nomics of the company it would make the

shares more available to retail investors the

minimum lot size costs over USD 10,000.

In India, Modi magic continued to fuel an exu-

berant market; of our holdings, Marico was the

standout rising +14%. Weve taken some profit.

A trip to Vietnam reinforced our view that a) we

need exposure to this young, large, dynamic

market with an improving economy; and b) the

only sensible way is through Vinamilk, the coun-

trys biggest and best consumer franchise. We

had a constructive meeting with Vinamilks

Chairwoman, and despite a difficult first half

the result of increased competition and margin

pressure the company remains well positioned

for growth with its capex heavy lifting now done.

We added two new holdings last month: PVR

Cinemas is consolidating Indias fragmented

and underpenetrated cinema sector, which de-

spite its huge popularity (Bollywood is after allpart and parcel of the India story), remains poor-

ly served by tired single screens. PVRs acquisi-

tion and turnaround of Cinemax two years ago

demonstrated its management capability and

extended its leadership position. Facing such a

long runway of growth, its market cap of less

than USD 500m feels cheap to us.

Also offering good value at 15x next years earn-

ings is RFM, the Philippines leading ice cream

and pasta franchise. Its close relationship with

Unilever lends comfort, as do recent share pur-

chases by the founding family. The company has

a strong track record of developing leading

brands and now has the balance sheet, distribu-

tion strength and management focus to suc-

cessfully expand its product portfolio.

Source: Northern Trust International Fund Administration Services (Ireland) Limited. All performance details shown are net NAV to NAV percentage returns with

gross income re-invested. You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall

as well as rise and investors may not get back the full amount invested. Independent returns are calculated weekly by Northern Trust International Fund Admin-

istration Services (Ireland) Limited. The benchmark performance is that of the MSCI ac Asia ex Japan index in US$ (MXASJ for the period to 31

August 2013, M2ASJ for the period from 1 September 2013 to 9 October 2013 and M1ASJ from 10 October 2013). Benchmark performance & A USD Share class

performance since 12th January 2011 & B GBP Share Class performance since 3rd May 2011.

1 month1 month1 month1 month 3 months3 months3 months3 months 1 year1 year1 year1 year 2 year2 year2 year2 year InceptionInceptionInceptionInception

A Class USDA Class USDA Class USDA Class USD -1.70 0.74 -1.22 12.96 54.39

B Class GBPB Class GBPB Class GBPB Class GBP -1.70 0.81 -1.12 12.87 45.30

IndexIndexIndexIndex -5.86 -1.66 8.25 11.69 0.59

YTDYTDYTDYTD

1.12

1.13

4.68

3 year3 year3 year3 year

46.13

46.78

30.32

THE FUND IS CLOSED TO NEW INVESTORSTHE FUND IS CLOSED TO NEW INVESTORSTHE FUND IS CLOSED TO NEW INVESTORSTHE FUND IS CLOSED TO NEW INVESTORS

For professional investors and their advisors onlyFor professional investors and their advisors onlyFor professional investors and their advisors onlyFor professional investors and their advisors only

8/10/2019 CCAsianEvolution-09-14

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Important InformationThis document does not purport to provide investment advice and should not be relied on for the purposes of any investment decision. It is not an offer tosell or the solicitation of an offer to purchase shares in CC Asian Evolution Fund. Any such offer or solicitation can only be made by means of the formal

subscription documentation and the related Prospectus dated 5th June 2014 together with the CC Asian Evolution Fund Supplement dated 5th June 2014(together the Prospectus) and only in those jurisdictions where it is permitted by law. In particular this document is not intended for distribution in the UnitedStates or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the Securities Act))except to persons who are "accredited investors" (as defined in Rule 501(a) under the Securities Act). Coupland Cardiff Asset Management LLP(CCAM) is not registered with the United States Securities and Exchange Commission as an investment adviser. CC Asian Evolution Fund will not beregistered under the Securities Act or the securities laws of any of the states of the United States and shares may not be offered, sold or delivered directlyor indirectly into the United States, or to or for the account or benefit of any US person, except pursuant to an exemption from, or in a transaction not sub-ject to, the registration requirements of such securities laws. The shares will be subject to restrictions on transferability and resale. CC Asian EvolutionFund will not be registered under the United States Investment Company Act of 1940. An investment in CC Asian Evolution Fund is speculative and is notsuitable for all investors. It is intended for investors who are willing to bear the risks of the investment which are described in the Prospectus. PROSPEC-TIVE INVESTORS SHOULD REVIEW THE PROSPECTUS, INCLUDING THE RISK FACTORS THEREIN, BEFORE MAKING A DECISION TO INVEST.

This document and its contents are confidential and must not be copied or otherwise circulated to any other person. Certain assumptions may have beenmade in the calculations and analysis in this document which have resulted in returns detailed herein.

This document is based upon information which Coupland Cardiff Asset Management LLP (CCAM) considers reliable, but no representation is made that itis accurate or complete and nor should it be relied upon as such. Past performance is no guarantee of future performance. All information and researchmaterial provided herein is subject to change and this document does not purport to provide a complete description of the funds, securities or other invest-

ments or markets referred to or the performance thereof. All expressions of opinion are subject to change without notice.Investments denominated in foreign currencies expose investors to the risk of loss from currency movements as well as movements in the value, price orincome derived from the investments themselves; and some of the investments referred to herein or underlying investments undertaken by issuers may bederivativesor other products which may involve different and more complex risks as compared to listed securities.

This document is issued for the purposes of section 21 of the Financial Services and Markets Act 2000 by Coupland Cardiff Asset Management LLP, 31-32St. Jamess Street, London SW1A 1HD, who are authorised and regulated by the Financial Conduct Authority. Coupland Cardiff Management (Singapore)Pte Limited is regulated by the Monetary Authority of Singapore.

Top 10 CountriesTop 10 CountriesTop 10 CountriesTop 10 Countries Top 10 SectorsTop 10 SectorsTop 10 SectorsTop 10 Sectors Top 10 HoldingsTop 10 HoldingsTop 10 HoldingsTop 10 Holdings

Country (%)

HK/China 20

India 18

Indonesia 12

Korea 3

Malaysia 4

Philippines 7

Singapore 10

Sri Lanka 11

Vietnam 5

Total 100

Cash/other 10

Sector (%)

Beverage 6

Commercial Services 9

Diversified Financial 6

Food 17

Healthcare Products 7

Household Products 8

Lodging 7

Retail 7

Tobacco 14

Total 100

Cash/other 19

Holding (%)

Multi Bintang 6.1%

Vinamilk 5.4%

New Oriental 4.9%

Bata India 4.7%

Marico Ltd 4.6%

ITC 4.5%

Sands China 4.1%

Nestle Lanka 4.0%

John Keels 3.8%

Total 45.8%

Sun Art Retail 3.7%

Source: CCAM & Bloomberg.

Source: CCAM.

High GrowthLeaders

EstablishedFranchises

Tightly HeldDominators

Special Sits Portfolio

Weighting 35% 23% 30% 7% 95%Holdings 9 6 9 2 26

Median Market Cap (USDm) 3,536 5,583 930 1,709 1,925

Valuation

PER FY1 24.6 18.3 22.5 12.9 21.6

PER FY2 20.7 16.0 19.2 10.9 18.4

EV/EBITDA 14.2 13.2 12.5 N/A 12.4

EV/OCF 19.2 15.6 16.7 N/A 16.2

EV/Sales 3.0 2.8 4.7 N/A 3.3

Yield 1.8% 2.6% 2.3% 2.5% 2.2%

EPS Growth FY1 22% 8% 10% 5% 14%

ROCE 41% 42% 63% 15% 46%

Weighted Ave Stock Beta 0.78 0.94 0.75 0.94 0.82