GLOBAL VISION CREDIT

FUND ADVISED BY CAVENHAM CAPITAL LIMITED and SERAPHIM ASSET MANAGEMENT LLP

HIGH RISK ADJUSTED RETURNS

IN GLOBAL CREDIT

March 2016

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ISIN: KYG3935W1309 SEDOL: BYYQ3C4

Fund Overview

Global Vision aims at equity style returns by targeting mispriced credit instruments.

Our focus: high yield and EM special situations Main investment themes will be cornered around the following:

Idiosyncratic risk – deep fundamental analysis Low market correlation No leverage Asymmetric risk profile (market price dislocations discounting lower recovery values)

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Source: Bank for International Settlements – presentation by Claudio Borio 10 February 2016

Interest rates sink as debt soars

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More debt is not a substitute for demand!

Macro Overview

High and rising debt levels are not delivering economic growth – growth is stalled or declining Central banks are fully engaged at the zero bound and are having to adopt increasingly aggressive unorthodox policy QE/money printing appear to have lost potency and effectiveness

The traditional channel of bank lending is unable to transmit monetary stimulus effectively

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Markets are progressively replacing banks as a source of funding for companies - surge in USD denominated credit to non-banks outside the United States

However the traditional marketmakers are unable to provide liquidity due to restrictive regulations

Where does this lead? Price of Assets within the remit of Central Banks inflated : underlying risks not factored in Increasing levels of defaults in the asset classes out of the remit of CBs: over USD 1trn debt globally pricing a 50% default probability over the 5 year term (over 1000 bps spread) EM credit highly sensitive to US monetary policy and commodity cycles Poor liquidity increases market volatility

Opportunities and Capital Allocation Full consideration of market risks offers the opportunity to participate in recovery at the most senior level of the capital structure taking advantage of price dislocation and market volatility Alpha will be generated by special situations with low market correlation: Systemically important corporations hit by adverse cyclicality or political risk

Traditionally good businesses with an unsustainable capital structure

Established exporters in weak economies

Best in class corporates within distressed sectors Returns will be sought with no or very low use of leverage Buying assets with low dollar prices reduces downside risk

We prioritise capital preservation by pursuing asymmetric trades with limited downside

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Advantages of our approach Downside protection and safety in lower dollar prices

Claim is on real assets – distress brings the underlying real asset closer

Versatility: entry and exit is easier for a smaller fund without moving market

Investable universe of assets is larger for a smaller fund

Discipline in focusing on specific, high value added situations

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Investment Process

Macro Overlay

•Identify where we are in the cycle and assess visibility •Identify technical market drivers such as liquidity and sentiment

Fundamental Research Comprehensive assessment of individual risks •Business Drivers •Industry Dynamics •Management •Country Risk •Financial Metrics

Portfolio Construction Top down and bottom-up factors both drive the optimal allocation of capital •Diversification Targets •Beta Objectives •Issuer Weights •Portfolio Liquidity

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Trade - example Samarco Mineracoes bonds 4.125% 2022 (US$1bn outstanding) Brazilian iron ore producer Top 10 exporter 50% owned by BHP Billion / 50% by Vale 2014 revenues: US$2.7bn 2014 net profit: US$1bn

November 2015 – Tragic dam accident in Minas Gerais – 17 fatalities

Bonds traded down to 35% of face value – 22% yield (December 2015/January 2016) Extensive action taken by Fund to recover environmental damage Full support from shareholders 2 March – deal reached with Brazilian government to create US$5bn restoration fund

Bonds traded up to 60% of face value (March 2016) Difficult to imagine that Vale and BHP could do anything other than support Samarco in every

way, including financially Underlying fundamentals extremely strong Cash to pay all obligations for years – despite disaster recovery costs

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Bruce Goodwin

Bruce (56) is a highly experienced emerging market trader and portfolio manager, with a strong all-round skill-set and global macro perspective. Bruce is a veteran of the credit markets beginning his career in 1982 with SG Warburg & Co. He moved to Chemical Bank in 1994 and was a leading trader within the emerging market debt team at Chase Manhattan, following its merger with Chemical Bank in 1996. In 1999 he became a founding partner of Hydra Capital, a distressed debt hedge fund focused on emerging markets. In 2001 he joined Credit Suisse in a proprietary trading role, profitably navigating the Argentine crisis and the recovery in Russia. In 2003 he returned to the buy side as a fund manager at Cavenham Capital, and at Armored Wolf where he was Portfolio Manager from 2009 to 2011. In addition from 2007 to 2015 Bruce managed Global Vision’s USD special situations fund (the predecessor to the existing fund). Bruce delivered a profitable performance in 2008 during the most difficult period of the 2008-09 financial crisis.

Luca Villanti Luca (43) is a highly experienced accountant and credit analyst, with a strong background in high yield debt. He started his career as a chartered accountant in Italy advising SMEs on M&A and general corporate finance. Luca advised several leading Italian companies in the pharmaceutical, energy and luxury goods sectors. In 2000 he moved abroad working as credit manager for the international division of Intesa Sanpaolo, the third largest banking group in Europe, arranging bilateral and syndicate lending facilities for several large Scandinavian and UK corporates. Over the past 8 years Luca ran the High Yield and Distressed portfolio for the proprietary desk of Allied Irish Banks. The approach used to trade corporate credit was based on fundamentals complemented with an attentive consideration of macro developments. Through 2008, Luca achieved a zero default rate on his long positions. Luca is a chartered accountant in Italy and holds a degree in Economics and Business Administration from University of Rome, La Sapienza.

Adam Cleary Adam (42) is a highly experienced investment manager and entrepreneur, with a strong background in credit analysis and a deep knowledge of emerging markets and the dynamics of distressed debt in that context. Adam started his career at Intercapital Securities in London in 1995, broking emerging market debt in the wake of the 1994 Mexican crisis. In 1997 Adam joined Kleinwort Benson Limited, latterly Dresdner Bank, as a proprietary trader on the emerging market desk, where was involved in buying and restructuring distressed bonds and loans following the Russian and Asian crises in 1998-99. In 2000, he moved to Mizuho Securities in a similar role in London before relocating to the Hong Kong office in 2001. In 2003, Adam joined ING Bank NV in London as Director of Emerging Market Debt Research, heading a team of 5 analysts covering Russia and CIS. In 2005, Adam founded Cavenham Capital Limited, where he established a specialist hedge fund focused on frontier emerging market equities. In addition to supporting the Global Vision Credit Fund Adam continues to act as Chief Investment Officer of Cavenham Capital Limited advising a number of managed accounts focused on emerging market debt and global macro. Adam has a Masters in Economic History and a BSc(Economics) from the London School of Economics.

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GLOBAL VISION Performance since inception (Bruce Goodwin)

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2007 2008 2009 2010 2011 2012 2013 2014 2015

GV Performance vs Emerging Markets Credit Index

EMBIV Index BG - Global Vision BG - Armoured Wolf*

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2007 2008 2009 2010 2011 2012 2013 2014 2015

GV Performance vs SPX 500

SPX Index BG - Global Vision BG - Armoured Wolf*

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2007 2008 2009 2010 2011 2012 2013 2014

LV up to 2013* vs SPX 500

SPX Index LV

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75

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175

2007 2008 2009 2010 2011 2012 2013 2014

LV up to 2013* vs Markit Eur High Yield Index

Markit Iboxx Eur HY Index LV

* Data presented are indicative only since they refer to unaudited management accounts from Allied Irish Banks.

Performance since inception (Luca Villanti)

Summary

• Large market opportunity

• Specialised fund focused on distressed credit

• Experienced managers with complementary expertise and a track record of outperformance

through the cycle

• High risk adjusted returns

• Rigorous risk management framework

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The Fund is advised by 2 established UK FCA regulated investment management firms:

Seraphim Asset Management LLP is an asset management and advisory firm specialising in bespoke investment solutions for high net worth individuals, sophisticated investors and financial institutions. Seraphim is an appointed representative of Met Facilities LLP, which is regulated by the UK Financial Conduct Authority.

Founded in 2005 to advise clients on emerging market investments, Cavenham Capital Limited is an investment management firm based in London and regulated by the UK Financial Conduct Authority.

Investment advisors:

Appendix

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The Fund is supported by strong partners and service providers:

Global Prime Partners is a multi-award winning financial services firm based in London that provides prime brokerage, execution, clearing and custody services to hedge funds, broker-dealers, asset managers, family offices and professional traders. GPP is regulated by the FCA.

Trinity is a leading fund administrator with offices in Dublin, Cyprus, the Cayman Islands, New York and Brazil. Trinity is regulated by the Central Bank of Ireland and the Cayman Islands Monetary Authority.

Baker Tilly (Cayman) Ltd. is a leading firm of Chartered Accountants and Auditors in the Cayman Islands, and is a member of the Baker Tilly International group.

Service providers

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Disclaimer

The information contained herein is confidential information regarding Global Vision Credit Fund SP Participating Shares (the “Fund”). By accepting this information the recipient agrees that it, and its officers, directors and employees will use the information only to evaluate its potential interest in the Fund and for no other purpose and will not divulge such information to any other party. Any reproduction of this information, in whole or in part, is prohibited. The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or any interest in the Fund or any other Fund or to participate in any trading strategy. If any offer to purchase any interest in the Fund is made in due course it shall be made only pursuant to a definitive Offering Memorandum prepared by or on behalf of the Fund which would contain material information not contained herein and which shall supersede this information in its entirety. Any decision to invest in the Fund should be made only in compliance with and subject to the limitations imposed by applicable laws applying to the ability to offer these securities to prospective investors in their relevant jurisdictions and after reviewing the definitive Offering Memorandum, conducting investigations as deemed necessary by the investor and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities.

The Fund cannot accept investments from any US person and this presentation is not for use by any US person. No registration statement has been filed with the United

States Securities and Exchange Commission or any U.S. State Securities Authority with respect to the shares of the Fund. None of the Shares in the Fund have been or will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”). None of the Shares in the Fund may be offered, sold, transferred, assigned or delivered, directly or indirectly, in the United States of America, its territories and possessions, any State of the United States of America or the District of Columbia (the “United States”), or to any U.S. Person as defined herein. In addition, Cavenham Capital Limited and the Fund have not been and will not be registered under the United States Investment Fund Act of 1940, as amended (the “1940 Act”). None of the Shares in the Fund may be offered, sold, transferred, assigned or delivered, directly or indirectly, to any person in circumstances which might result in Cavenham Capital Limited or the Fund incurring any liability to taxation or suffering any other pecuniary disadvantages which they might not otherwise incur or suffer, or would result in them being required to register under the 1940 Act.

All information contained herein is subject to change without notice. Please refer to the definitive Offering Memorandum for a full list of risks. This presentation is issued by Cavenham Capital Limited as Investment Advisor. Cavenham Capital Limited is authorised and regulated by the Financial Conduct

Authority in the United Kingdom. Cavenham Capital Limited accepts responsibility for the contents of this presentation. Cavenham Capital Limited Registered in England Fund number 5482935.

Registered Office: 86-90 Paul Street, London EC2A 4NE