Active Emerging Market Specialists Redwood … Akrilik Turkey Cons Disc +0.69 Pou Chen Taiwan Cons Disc +0.68 Anadolu Hayat Turkey Financials +0.61 NCSOFT Korea IT +0.49 Nokian Renkaat

SOMERSET CAPITAL MANAGEMENT LLP

Active Emerging Market Specialists

Edward Lam, Somerset Lead Manager & Partner

February 2016

Redwood Emerging Markets Dividend Growth

Somerset Capital Management LLP

Page 2 SOMERSET CAPITAL MANAGEMENT

Our Partners

An International Client Base – US$ 6.3bn AUM*

29%

28%17%

26%

Foundations & Endowments Pensions (Governmental)

Somerset, HNWI, Family Offices etc. Institutional

37.8%

24.3%

25.4%

12.5%

Managers Analysts & MacroOperations & Marketing External Partners

* 31st December 2015 * Includes internal non-UCITS Retail Scheme of $20m

Current AUM

Global EM $ 2,622m Mid Cap $ 730m Dividend Growth $ 1,856m Frontier $ 13m

Small Mid Cap $ 664m Small Cap $ 410m

Total: $6,314m*

• We made 3 graduate hires to support the investment team, added to our operations team, recruited a compliance assistant and added a co-trader. Further hires planned during 2016, including in Singapore.

• We are looking to directly resource each strategy with dedicated investment personnel to enhance our risk management and team dynamics. These developments should help us to manage capacity and liquidity issues.

• The Dividend Growth strategy may also develop greater independence over time.

SOMERSET CAPITAL MANAGEMENT Page 3

MANAGEMENT AND DEVELOPMENT

ADMINISTRATION & RISK CONTROL

Robert Diggle COO & Chief Compliance Officer

Peter Fiveash Operations Manager

Oliver Crawley Marketing

Dominic Johnson Chief Executive Officer

Meteora Partners LLP Outsourced Service

Provider

Compliance &

Regulatory Oversight

Our Management Team

Sebastian Stewart Client Services

Louise Parsons Client Services

Audrey Ng (S) Compliance Officer & Office Manager

Andrew Barber Analytics

(S) = Based in Singapore

Conor Devlin Client Services Robert Broadhurst

Compliance Analyst

Peter Osborn Central Dealer

Kay Leeds Central Dealer

Operations

Team

The Somerset Capital Investment Team


Asyraf Salman (S) Analyst ASIA

Kumar Pandit Analyst LATAM

Henrietta Seligman Analyst EMEA

Global Coverage – London & Singapore

Dhawal Mehta (S) Analyst INDIA

Fergus Argyle Analyst EMEA

Anthony Linehan (S) Analyst ASIA

(S) = Based in Singapore

Ariadne Baden-Powell Junior Analyst

Thomas Hartley Junior Analyst

Matthew Guinness Junior Analyst

Graduate Analysts: Jacob Brahms, Sherwin Chan (S) & David Heng (S)

Timothy Hay (S) Small Mid Cap

Edward Robertson Global EM & Mid Cap

Edward Lam Dividend Growth

George Birch Reynardson Frontier

Mark Asquith Small Cap


Philosophy & Process

We look for businesses that can sustain above average returns and which are run for the benefit of all

shareholders, without discrimination.

• The funds are actively managed. This means we do not replicate the index and must be

comfortable with high opportunity costs. Being different, we can add value.

• We focus on individual stock positions and bottom up research, without excluding the influence

of themes.

• The funds are conviction weighted and therefore concentrated on higher conviction ideas.

• In general, we invest for the long term, and protect against absolute risk allowing the quality of

our companies to generate returns.

Our Investment Philosophy


An Independent Manager-led Process


Edward Lam structures a concentrated portfolio

1. Idea Generation

2. Stock Research

3. Team Support

4. Portfolio Appraisal

5. Manager Decision

Universe Manager Knowledge Metric Screens

Due Diligence: public filings & corp.

history

Company Interaction: meetings, calls &

emails

Financial Modelling: Scenarios, Valuation

Watch lists & Database

Investments in Global Emerging Markets for

10 years

Value / Profit / Debt Shortlisting

Initial screen: Liquidity & Mkt

Cap: Approx. 1,000 Stocks

Manager-analyst interaction

Weekly Team Discussions

• Dividend Growth Team

• Wider Investment Team

Chief Compliance Officer – Risk Oversight

• Continual mandate compliance

• Weekly liquidity review

• Investment strategy monitoring

Portfolio Considerations & Limits

Typical Initial Position 2-3% Industry Review 20%

Stock Review 5% at cost Country Review 20%

Cash Target <10%

Key Macro Risk Analysis

• Currency & Economic

• Political & Liquidity


Redwood Portfolio


Redwood Dividend Growth Portfolio Performance & Activity

BUYS

Turk Telekom Telecoms Turkey

SELLS

BAT Malaysia Cons Stap Malaysia

Maroc Telecom Telecoms Morocco

Nokian Renkaat Cons Disc Russia

* Fund Inception 6th December 2010. Performance in CAD net of AMC. Source: MSCI & SCM

Public Bank Financials Malaysia

Nongshim Cons Stap Korea

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Cielo IT Brazil

Smiles Cons Disc Brazil

Rebased to 100 at 31st January 2015

Power Grid India

Samsung Fire & Marine Korea

AAC Technologies China

Table in CAD (net) % Jan-16 Q4 15 2015 2014 2013 Since

Inception*

Div Growth -3.03 2.62 0.44 5.28 1.33 3.15

MSCI EMI -5.10 3.89 1.29 6.90 4.05 4.36

Outperformance +2.07 -1.27 -0.85 -1.62 -2.72 -1.21

Merry Korea

AES Tiete Brazil

Millicom Divers

Proshar Divers

Access Nigeria

Redwood Dividend Growth Performance Review – 2015

Top 10 Contributors

Stock Country Sector Cont to Perf (%)

Otp Bank Hungary Financials +2.29

Samsung Fire & Mar Korea Financials +0.93

China Mobile China Telecoms +0.75

KT&G Corp Korea Cons Stap +0.74

Nongshim Korea Cons Stap +0.74

Aksa Akrilik Turkey Cons Disc +0.69

Pou Chen Taiwan Cons Disc +0.68

Anadolu Hayat Turkey Financials +0.61

NCSOFT Korea IT +0.49

Nokian Renkaat Russia Cons Disc +0.46

Top 10 Detractors

Stock Country Sector Cont to Perf (%)

IShares MSCI India India Other -0.40

Smiles Brazil Cons Disc -0.45

Nat Bank Abu Dhabi UAE Financials -0.49

Turk Telekom Turkey Telecoms -0.69

Merry Electronics Taiwan IT -0.78

PZU Poland Financials -0.78

Porto Seguro Brazil Financials -0.91

SK Hynix Korea IT -1.04

Sanlam S Africa Financials -1.04

Nampak S Africa Materials -1.14

Red denotes stocks sold during 2015 As at 31st December 2015

Source: SCM


Redwood Dividend Growth Country Breakdown


BRIC

Other EM

KEY

Source: SCM As at 31st January 2016 ex cash.

Brazil 3.4%

Chile 5.6%

Hungary 7.0%

India 11.3%

Indonesia 1.5%

Korea 23.7%

Philippines 8.6%

Poland 5.1%

S. Africa 6.8%

Taiwan 9.1%

Thailand 0.4%

Turkey 10.8%

UAE 3.6%

Redwood Dividend Growth Industry Breakdown


Source: SCM As at 31st January 2016 ex cash.


Redwood Dividend Growth Portfolio – 31st January 2016

Country/Region % Weighting Country/Region % Weighting Country/Region % Weighting ASIA Taiwan Hungary China eMemory Technology 2.0 OTP Bank 7.0 China Mobile 0.2 Formosa 0.9 Total: 7.0

Total: 0.2 Pou Chen 3.7 President Chain Store 1.4 Nigeria

India TSMC 1.1 Access Bank 0.1 iShares MSCI India ETF 7.3 Total: 9.1 Total: 0.1 iShares S&P India Nifty 50 4.0

Total: 11.3 Thailand Poland Samart Corp 0.4 Bank Pekao 0.8

Indonesia Total: 0.4 PZU 3.3 Telekomunikasi 1.5 Total: 4.1

Total: 1.5 LATIN AMERICA Brazil South Africa

Korea Porto Seguro 3.4 Nampak 0.9 KT&G Corp 2.4 Total: 3.4 Sanlam 4.0 NCSOFT 2.7 Shoprite Holdings 1.9 Nexen Tire 1.8 Chile Total: 6.8 Nongshim 3.3 AFP Habitat 1.9 Samsung Electronics 4.6 Aguas Andinas 0.8 Turkey Samsung Fire & Marine 6.1 Cia Cervecerias 1.8 Turk Telekom 4.5 SK Hynix 2.8 Metropol 1.0 Aksa Akrilik 3.0

Total: 23.7 Total: 5.5 Anadolu Hayat 2.5 Sise Ve Cam 0.8

Philippines EMEA Total: 10.8 Aboitiz Power 3.4 Abu Dhabi Metro Bank 3.7 First Gulf Bank 0.9 Other PLDT 1.4 NBAD 2.1 Jeronimo Martins (Poland) 1.0

Total: 8.5 Union National Bank 0.6 Total: 1.0 Total: 3.6

Cash held: 2.8

Total: 100 Total Number of Equities: 41

Rounded to 1 Decimal Place


Strategy & Macro


• The further oil price collapse and worsening Chinese data confirms the emerging market recession scenario, flagged as a possibility in 2014. A cycle of bankruptcies, particularly in the commodity sector is likely to follow.

• Reliable earnings, such as (selectively) in the consumer sector may justifiably trade at a

premium. But we wait for the cycle to turn. The most interesting opportunities are in beaten down stocks, sectors and countries, where the risks are also greatest.

• The fund continues to carry a significant opportunity cost in commodities and China,

which remains a short term relative risk.

• The short term remains negative, though moodily sensitive to policy responses. The

long term (beyond 5 years) is discriminately bullish.

Summary and Outlook


U.S. Twin Deficit Trends Signal EM Investment Eras

Source: SCM, Bloomberg


Emerging Markets: Earnings Recession?

Source: Bloomberg, Renaissance Capital August 2011 = 100

MSCI EM & DM 12m Trailing EPS


Capital Account Balance

China: Twin Deficit Crisis

Source: Andrew Hunt Central Government Budget Balance (US$ 12m rolling)

Source: Andrew Hunt


KEY

EPS Growth: The Unreported Reality

Source: BofA Merrill Lynch Global Research, IBES


Cloud Server Spending Boom: HCL Tech, Hynix Benefit

Projected Cloud Spending – Next 12 months

Source: BTIG, Cross Current Research


Source: ICTA & company data

Turk Telekom (Avea): Improving Profitability & Decreasing Churn

EBITDA (TL m) & Margin Net Additions (thousand) & Churn

Source: company data


Appendices


Market Cap Ranges and Weighted Averages

Portfolio Comparison Analysis*

Logarithmic scale. Source: SCM as at 31st December 2015

Source: SCM, MSCI & Russell as at 31st December 2015

Active Share

Source: SCM as at 31st December 2015

* Data is for the model portfolios.

Portfolio Turnover (LTM)

Target Min. Liquidity

(ADTV, $ 000)

Global EM 21.1% 3,000

Dividend Growth 27.2% 1,000

Mid Cap 18.9% 1,000

Small Mid Cap 42.6% 700

Small Cap 15.5% 300

Frontier 16.7% 200

Henrietta Seligman – Senior Analyst. (0.5% WPP+) Henrietta graduated from St. Anne’s College, Oxford in June 2010, where she read Classics. She joined Somerset Capital as an analyst in June 2011, and she now covers EMEA.

Team Biographies & Partnership Interest


+ Working Partners Pool

Edward Robertson – Founder & Lead Manager, Global EM and Mid Cap Funds. (19% interest, 17.4% WPP+) Edward is the Lead Manager of the Global EM and Mid Cap products, and co-manager for two of our other products. He worked in Hong Kong and London before joining Lloyd George Management in 1999 where, along with Jacob Rees-Mogg, he built the Emerging Market products. He also ran the top performing Russian Fund – SIBINCo. He co-founded Somerset Capital along with Jacob Rees-Mogg and Dominic Johnson in April 2007. Edward graduated from the University of East Anglia. Mark Asquith – Lead Manager, Small Cap Fund. (7% interest, 15.3% WPP+) Mark is the Lead Manager of our Small Cap strategy, having joined Somerset in 2007. Previously he worked at Lloyd George Management, where he was instrumental in helping to build the smaller companies product along with Edward Robertson and Jacob Rees-Mogg. He also had a focus on Latin America. Mark graduated from St Andrew’s University prior to joining Lloyd George. Edward Lam – Lead Manager, Dividend Growth Fund. (6.5% interest, 15.3% WPP+) Edward is the Lead Manager of the Dividend Growth product. He joined Somerset when it was founded in 2007 to cover EMEA, and has been responsible for managing the research process since 2008. Before joining Somerset, he was a senior analyst at Lloyd George, covering Asia for GEM mandates and Taiwan. Edward graduated from Downing College, Cambridge, where he read History.

George Birch Reynardson – Lead Manager, Frontier Fund (1.5% interest, 4.5% WPP+) George is a graduate of Oxford University and holds an MSc from the London School of Economics. He began his career at Somerset in 2007 splitting his time between the operations department and the research department. Having spent three years working in the Singapore office covering ASEAN and Frontier Markets, he relocated to London in 2013. George now manages the Frontier Fund which was launched in December 2013.

Timothy Hay – Lead Manager, Small Mid Cap Fund. (3.8% interest, 10% WPP+) Timothy joined the firm in January 2008 and is the manager of the Small Mid Cap strategy and head of the Singapore office. He started his career in 2003 at Lloyd George Management where he was the EMEA investment analyst and where he assisted Edward Robertson on his SIBINCo Russian Fund. Upon joining Somerset, he covered Latin America, before launching the Small Mid Cap Fund in April 2011. Timothy graduated from Manchester University where he read Economics and Economic History.

Dominic Johnson – Founder & Chief Executive Officer. (19% interest, 17.4% WPP+) Dominic is a founding Partner, Director of Marketing and Chief Executive of Somerset Capital Management. Prior to starting Somerset Capital, he helped to build Lloyd George Management from $1.5bn to $16bn under management between 2001 and 2007. He has spent the last 16 years raising capital for various institutions in Asia, the USA and the UK including Robert Fleming and Jardine Fleming. He graduated from Durham University in 1995.

Anthony Linehan – Senior Analyst. Anthony works as a Senior Analyst on Asia from our Singapore office, having joined Somerset in 2013. He has ten years’ experience of investing in emerging markets, having worked as a fund manager and analyst at F&C Asset Management where he managed a range of Asian equity portfolios for institutional clients. He graduated from the University of Edinburgh where he read Economics & Politics, and is a CFA charterholder.

Dhawal Mehta – Senior Analyst. Dhawal joined Somerset in September 2014 as a Senior Analyst covering India in our Singapore office. He has 15 years’ experience in investing in emerging markets, most recently as manager of the Indian Equity Growth Fund at Reliance Asset Management. He graduated from Mumbai University, where he read Mathematics, and is a CFA charterholder. He has also completed a PGDM in Finance, and is a graduate of the Institute of Cost Accountants of India.

Fergus Argyle – Senior Analyst. Fergus joined Somerset in September 2014 and works as a Senior Analyst covering the EMEA region. He has 6 years’ experience, having worked for 5 years as an analyst at BlackRock, and more recently as an analyst and assistant portfolio manager at Herald Investment Management, a global technology fund. Fergus graduated from Somerville College, Oxford in 2007, where he read Classics, and spent a year studying in the Middle East at Damascus University and the Sana’a Institute of Arabic Language.


Team Biographies & Partnership Interest + Working Partners Pool

Robert Diggle – Chief Operating Officer & Compliance Officer. (3.7% interest, 10.7% WPP+) Robert joined Somerset Capital when it was founded in 2007 and is the Chief Operating Officer. Robert worked for the Cathay International Group, a China-based investment group, for over 10 years where he spent time in corporate finance. In 2000 he returned to Cathay’s London office where he held senior finance positions with responsibility for corporate governance and compliance before becoming a Partner at Somerset. Robert graduated from Selwyn College, Cambridge in 1992 and holds an MBA from INSEAD, Fontainebleau, France.

Peter Fiveash – Operations Manager. (1% WPP+) Peter joined the team at Somerset in October 2009. He has over ten years’ experience in banking operations, working for top-tier investment banks such as The Bank of New York and Société Générale. He has specialist knowledge within the Emerging Markets sector and gained an IAQ qualification in Investments in 2005.

Kunal Gupta – Operations. Kunal graduated from University of Mumbai in 2005 and holds an MBA in Corporate Finance from University of Stirling. He has over 4 years’ experience in Operations, working at JP Morgan Chase and Principal Financial Group. He joined the Operations team at Somerset in September 2012.

Sebastian Stewart – Client Services. Sebastian graduated from the University of Edinburgh in 2012 with a First Class degree in Mathematics and Business Studies. He joined Somerset in October of the same year and works in the Client Services team.

Peter Osborn – Central Dealer. Peter graduated from the University of the West of England where he read Business Studies. Prior to joining Somerset he worked as a portfolio manager at Horizon Asset Ltd and a central dealer at Lloyd George Management, gaining 9 years’ experience in fund management. Peter joined Somerset in September 2013.

Andrew Barber – Operations. Andrew graduated from the University of East Anglia in 2013 with a First Class degree in Economics. He joined Somerset in July of the same year and he currently works in the Operations team.

Louise Parsons – Client Services. Louise graduated from the University of Leeds in 2012 with a degree in Economics and Politics. She joined Somerset in December of the same year and currently works in the Client Services team.

Asyraf Salman – Asia. Asyraf graduated from Singapore Management University after completing a BSc in Economics with a double major in finance. Prior to joining Somerset, Asyraf was awarded the School of Economics scholarship from 2009-2011 and won the Top SMU Trader in the 2011 Barclays-Oxyor Singapore Traders Trophy. He now works as an Asia analyst in our Singapore office.

Oliver Crawley – Marketing. (2.2% interest, 6.4% WPP+) Oliver joined Somerset Capital in May 2007 with special responsibility for client reporting, and he now heads up European marketing. Before joining the team at Somerset Capital, Oliver sold fixed income securities at Barclays Capital before joining Lloyds of London where he worked in both underwriting and marketing in London and Houston, Texas. He graduated from Bristol University in 2001.

Emad El-Shafie – Operations. Emad joined the Operations team in August 2014. He has over 3 years’ experience in banking working at Royal Bank of Scotland and Sumitomo Mitsui Trust and Banking.

Kumar Pandit – Senior Analyst. (0.5% WPP+) Kumar graduated from Kingston University where he read Computer Science and Business Studies. Prior to joining Somerset he was a senior project manager at a real estate development and investment company. He joined the team in January 2011 as a Latin America analyst.

Ryan Hardy – Operations. Ryan joined the Operations team in April 2015. He has over 18 years’ experience in Banking and Custody, having worked previously for BNY Mellon and Northern Trust.

Kay Leeds – Central Dealer. Kay started her career at HSBC trading Foreign Exchange for the equities division before moving to the Equity Portfolio Trading desk. She then spent 5 years working for Convergex trading Emerging and Frontier equities in the EMEA region. Kay joined Somerset in May 2015.

Ryan Bosch – Operations. Ryan joined the Operations team at Somerset Capital in April 2013. He has a Bachelor of Commerce in PPE and an Honours degree in Financial Analysis and Portfolio Management. Ryan has over 7 years’ experience in investment management operations, at firms both in South Africa and the UK.


Team Biographies & Partnership Interest + Working Partners Pool

Matthew Guinness – Investment Analyst. Matthew graduated from The Queen’s College, Oxford in 2013 with a degree in Philosophy, Politics & Economics. He joined Somerset in May 2014 and currently works as a Junior Analyst covering Latin America and Frontier. He had previously helped marketing and client services whilst building up his skills to join the investment team.

Audrey Ng – Singapore Office Manager & Compliance. Audrey joined Somerset Singapore in 2013, having spent 7 years in the hedge fund industry. Audrey is the office manager and head of compliance in the Singapore office.

Alice Rule – Executive Assistant. Alice graduated from the University of Oxford Brookes in 2011 with a First Class degree in History. She joined Somerset in March 2013 and provides support for two of the senior partners and the office manager.

Vanessa Ayoola – Executive Assistant. Vanessa graduated from the University of Reading in 2011 with a degree in Management and Business Administration. She joined Somerset in October 2013 and provides support to the CEO and another of the senior partners.

Jemma Willis – Office Support. Jemma graduated from Kingston University in May 2014 with a degree in English Literature. She joined Somerset in September of the same year and currently works on reception and provides secretarial support to a number of the team members.

Sarah Shiels – Executive Assistant. Sarah graduated from Newcastle University in 2013 with a degree in Politics and Sociology. She joined Somerset in March 2015 and currently supports two of the fund managers and the rest of the Investment team.

Fiona Oldfield-Hodge – Office Manager. (0.5% interest, 1% WPP+) Fiona has worked with the Investment team since 2003 and is responsible for the management of the office and the smooth running of the business. She has been involved with Somerset Capital since its founding in 2007 and plays a further key support role to members of the Investment team.

Robert Broadhurst – Compliance Analyst. Robert graduated from the University of Durham in 2006 with a First Class degree in Politics with Law. Between 2007 and 2015 he worked in the House of Commons, providing research on European matters to MPs. Robert joined the Operations team as Compliance Analyst in June 2015.

Jacob Rees-Mogg – Founder. (19% interest) Jacob, along with Edward Robertson and Dominic Johnson, founded Somerset Capital in early 2007. He started his career working for J. Rothschild Investment Management in London before joining Lloyd George Management in Hong Kong in 1992. Jacob pioneered the GEM products at Lloyd George, growing it from $150m to over $5bn in 2007. Jacob graduated from Trinity College, Oxford in 1991. He was elected as an MP in May 2010.

Thomas Hartley – Investment Analyst. Thomas graduated from the University of Cambridge in 2008 where he read Natural Sciences. He has 6 years’ experience in consulting in the technology and financial services sectors. He joined the Investment team in September 2015.

Ariadne Baden-Powell – Investment Analyst. Ariadne joined Somerset in July 2015 and currently works as a Junior Analyst covering EMEA. Ariadne graduated from CASS Business School in 2015 with an MSc in Investment Management, and previously graduated from the London School of Economics. She graduated through our internship programme.

Conor Devlin – Client Services. Conor graduated from Queen’s University Belfast in 2015 where he studied Mathematics with Statistics. He joined Somerset in November 2015 and works in the Client Services team.

This document is issued by Somerset Capital Management LLP (“SCM”) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (the “FCA”) and is registered as an investment adviser under the US Investment Advisers Act of 1940, as amended (the “Advisers Act”) with the Securities and Exchange Commission of the United States (“SEC”). However, SCM does not comply with the Advisers Act with regard to non-US clients.

The investment products and services of SCM are only available to persons who are professional clients for the purposes of the FCA’s rules. They are not available to retail clients.

This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular this document is not intended for distribution in the United States 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 "qualified purchasers" (as defined in the United States Investment Company Act of 1940, as amended (the “Companies Act”)) and "accredited investors" (as defined in Rule 501(a) under the Securities Act).

Clients are reminded that past performance is not indicative of future performance and that they might not get back the amount that they originally invested. Clients in the UK are reminded that they will not benefit from the UK investors compensation scheme. Nothing in these materials should be construed as a recommendation to invest in SCM’s products or as legal, regulatory, tax, accounting, investment or other advice. Clients should seek their own independent financial advice. SCM does not provide investment advice to clients nor does it carry on any other activities with or for clients that constitute "MiFID or equivalent third country business" for the purposes of the FCA's rules. SCM may provide advisory or other services relating to, and connected persons may take positions in, investments mentioned herein.

SCM has taken all reasonable care to ensure that the information contained in this document is accurate at the time of publication, however it does not make any guarantee as to the accuracy of the information provided. Comparison to the index where shown is for information only and should not be interpreted to mean that there is a correlation between the portfolio and the index. While many of the thoughts expressed in this document are presented in a factual manner, the discussion reflects only SCM’s beliefs and opinions about the financial markets in which it invests portfolio assets following its investment strategies, and these beliefs and opinions are subject to change at any time.

The information contained in this document is strictly confidential and is intended only for use of the person to whom SCM has provided the material. No part of this report may be divulged to any other person, distributed, and/or reproduced without the prior written permission of SCM.

The following is a brief summary of only some of the risk factors which may apply to an investment with SCM (an “Account”): Investing in Emerging Markets: Investment in emerging markets may involve a higher than average degree of risk. Companies in emerging markets may not be subject: (a) to accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to companies in major markets; or (b) to the same level of government supervision and regulation of stock exchanges as countries with more advanced securities markets. Certain emerging markets may not afford the same level of investor protection as would apply in more developed jurisdictions. Concentration of Investments: SCM may hold few and relatively large securities positions in relation to the Account’s capital that could result in a loss that materially reduces the Account’s capital. Equity Securities: the prices of these may be affected by general economic and market conditions, such as a broad decline in stock market prices, or by conditions affecting specific issuers, such as changes in earnings forecasts. Small and Mid-Cap Securities: The Account may invest in such securities, the stock prices of which can be highly volatile. These companies may experience higher rates of bankruptcy or other failures than larger companies and they may be more likely to be negatively affected by changes in management. Fixed Income Securities: the Account may invest in fixed income securities which may be below “investment grade” and face adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments. Convertible Instruments: If a convertible instrument held by the Account is called for redemption, the Account will be required to permit the issuer to redeem the instrument, or convert it into the underlying stock, and will hold the stock to the extent SCM determines that such equity investment is consistent with the investment objective of the Account. Currencies: the Account will invest in securities denominated in currencies other than the currency in which the Account is valued and therefore the value of the Account’s assets will fluctuate with changing exchange rates as well as with price changes of the Account’s investments in the various local markets and currencies. Illiquid Assets: certain investment positions of the Account may become illiquid and such investments may require a significant amount of time from the date of initial investment before disposition. Valuation Risks: certain securities held by the Account may be difficult to value and third party pricing information for the Account’s securities or other investments may not always be available. Brokerage: SCM need not seek the lowest available commission cost and may cause commissions to be paid to a broker that pays for research or other services at a higher price than that which might be charged by another broker or dealer for effecting the same transaction. Conflicts of Interest: SCM may, from time to time, face conflicts of interest relating to its dealings with the Account.

The foregoing summary list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment with SCM. Prospective clients should consult their own legal, tax and financial advisers before deciding to make such an investment.

Registered Address: 28 Ely Place, London, EC1N 6TD


Important Notice & Disclaimers

Contact Louise Parsons, Marketing

110 Buckingham Palace Road London, SW1W 9SA +44-207-259-1300

[email protected]

Sources: Somerset Capital Management (SCM) as at 31st January 2016 unless otherwise stated.

mailto:[email protected]

Documents

Active Emerging Market Specialists Redwood … Akrilik Turkey Cons Disc +0.69 Pou Chen Taiwan Cons Disc +0.68 Anadolu Hayat Turkey Financials +0.61 NCSOFT Korea IT +0.49 Nokian Renkaat