Finding Companies Serving Largest Concentration of Consumers In History

David Gong, JD, MBASenior Portfolio Manager

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SLG International Opportunities Portfolio

Capability to transact in 45 countries

Suitable for Institutional and High Net Worth Investors

Acquires High Growth; Low Debt; Basic Service Companies

Executes trades on local exchanges

Diversified Holdings: 90+ Positions - 35 Different Countries

AD-STAR screening finds great companies before Institutional Investors

Outperformed emerging market benchmark since inception

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Portfolio Managers

David Gong, JD, MBA 30 year experience in global asset management Former Emerging Markets Manager for Hong Kong office of Rowe-Price Fleming Former Head of Emerging Markets and Asian Equities for Ardsley Growth Fund Former Attorney for the U.S. Securities and Exchange Commission M.B.A. from Stanford University’s Graduate School of Business J.D. from the University of California, Davis B.A. from the University of California, Berkeley

Bradford Stanley, CFA 10 years investment experience B.S. Computer Science, Carnegie Mellon University Developer of AD-STAR System CFA Charterholder PSN Top Gun Manager

Mark Painter, CFA 10 years investment experience B.S. in Business Administration, Carnegie Mellon University CFA Charterholder PSN Top Gun Manager Lead Manager SEL - American Realty Capital Interval Fund & ARC Dividend & Value Fund

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Emerging Market Headlines

“Emerging Markets Bloodbath Today…Political risk is rising in Thailand, Turkey, and Argentina” – Emerging Money

“U.S. tapering will make emerging markets decline worse” – Value Walk

“Emerging-market equity funds see worst outflow streak in 11 years” – MarketWatch

“Turkish Lira, Emerging-Market Currencies Continue to Slump” – Wall Street Journal

“Rupee at record low, rupiah slides as capital outflows bite” – Business Recorder

“Ukraine Protests and Riots News: Tens of Thousands Face-Off With Violence Reported in Crimea” – Christian Post

“Crimea Votes to Secede From Ukraine as Russian Troops Keep Watch” – The New York Times

“History Did Not End, The Emerging Markets Story Did” – Seeking Alpha

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What the Headlines Do Not Say

86% of the World’s Population - 6.07 Billion People

Generally younger populations

Thousands of companies

55 Countries, some with stronger legal & accounting standards than the U.S.

Consumer companies growing rapidly

Trading for single digit P/E Multiples

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The Consumer Class

GDP per cap reaching $4000-5,000 triggering an acceleration in domestic private consumption "That's a level at which people can really make consumer purchases ... middle

class in my mind should able to afford a washing machine and go out and buy a motorbike" - David Cowan, Citigroup Africa Economist

Goods in demand include the whole spectrum from the basics such as food staples, housing, education, healthcare, travel, transportation, financial services, personal electronics including mobile phones

China shifting the engine of growth from exports and investment to consumption

Consumer spending has been the key to recent economic growth in Africa, Asia and Latin America China’s Automobile Market: 1983 to the present Infant formula in China Mobile phones in Indonesia Air coolers in India Casinos in Asia

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Emerging Market Opportunities: The Global Middle Class

China, India and other emerging economies creating a vast new population of consumers

In Asia 525 million people in the middle class

Today, China has around 150 million people earning between $10-100 USD per day

500 million Chinese to enter the global middle class over the next decade

India’s global middle class of 50 million people to grow steadily over the next decade reaching 200 million by 2020

500 million people may join the middle class in Indonesia, Malaysia, the Philippines, Thailand, and Vietnam alone over the next five years

Africa's global middle class close to 150 million

Between 2000 and 2009, 50 million added to the middle class in Latin America and the Caribbean—bringing the total from around 115 million people to over 165 million

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How We Got Here

Prior to 2004 - Traditional Separate Account Manager

AD-STAR implemented to remove reliance on sell side research

Bottoms-up system for finding excellent companies before the crowd

Every listed & traded security in the world passes through screen

Operational excellence will be shown in the numbers

Evaluates over 600 financial ratios

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AD-STAR

Continual Revaluation& AssessmentPortfolio

Valuation(Level 3)

600+ Financial Screens (Level 2)

All Listed Companies

(Level 1)

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What We Learned

With AD-STAR - Domestic portfolio performance increased exponentially

Screens found fast growing companies, but were unable to access due to being on foreign exchanges

Tech-like Growth in Basic Service Companies

Securities available for single digit multiples – 8X – built in fear discount of emerging markets

Little or no foreign ownership in some of the screened companies

Institutions eventually find these companies and push prices

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Qualitative Overlay

Qualitative Review After Passing AD-STAR: Competitors/Competitive Advantages

Market Potential/Market Share

Product Mix

Business Model

Governance

Risk

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Company Attributes

* Data as of 03/19/14

Portfolio Statistic IOPSLG High

GrowthSLG U.S.

BlendIOP

Rank

Market Cap (US $) 793 M 4.30 B 9.03 B 1

Insider Ownership 53.1% 4.1% 1.0% 1

Dividend Yield 3.03% 1.38% 2.85% 1

Revenue Growth (5-year) 30.7% 18.9% 6.6% 1

Profit Growth (5-year) 67.7% 26.2% 15.2% 1

Price to Earnings Ratio 9.15 16.01 13.36 1

Debt to Capital 17.44 14.41 41.08 2

Beta 0.83 1.1 0.97 1

Capex Spending (% of profits) 22.2% 32.8% 34.3% 1

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Company Profiles• Company Symphony

• Industry Household Appliances• Country India• Market Cap $232 Million (64% Insider Ownership)• 5-yr Sales Growth 51.5%• 5-yr Profit Growth 147.3%• Dividend Yield 2.95%• P/E (Est.) 8.43• Description Manufactures a wide range of air coolers. The Company's products include

evaporative air coolers, air conditioners, and water heaters. Symphony has a 50 per cent market share in the branded air cooler market in India.

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Company Profiles• Company Eurocash Group

• Industry Food Retail• Country Poland• Market Cap $2.32 Billion (45% Insider Ownership)• 5-yr Sales Growth 29.5%• 5-yr Profit Growth 35.6%• Dividend Yield 2.19%• P/E (Est.) 9.24• Description Operates cash and carry stores in Poland. The stores retail food, drinks, alcohol,

tobacco, and household and personal hygiene products. The Company also franchises the ABC Neighborhood Shops grocery stores.

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Company Profiles• Company Future Bright Holdings

• Industry Restaurants• Country Macau• Market Cap $97 Million (46% Insider Ownership)• 5-yr Sales Growth 30.9%• 5-yr Profit Growth 87.8%• Dividend Yield 2.79%• P/E (Est.) 4.20• Description Engages in the sales of food and beverage in Macau and mainland China. It also

provides logistic support services such as food sourcing and food process facilities.

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Company Profiles• Company Bajaj Finance

• Industry Consumer Finance• Country India• Market Cap $1.06 Billion (66% Insider Ownership)• 5-yr Sales Growth 39.8%• 5-yr Profit Growth 98.5%• Dividend Yield 1.69%• P/E (Est.) 7.34• Description Diversified non-banking financial company, engaged primarily in the business of

financing. The Company focuses on Consumer Finance and Small Business loans. Consumer finance includes auto loans, consumer durables, personal loan cross sell, salaried loans, and co-branded credit cards.

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Company Profiles• Company Asian Property Development

• Industry Real Estate Development• Country Thailand• Market Cap $816 Million (53% Insider Ownership)• 5-yr Sales Growth 16.29%• 5-yr Profit Growth 15.6%• Dividend Yield 5.88%• P/E (Est.) 7.13• Description Develops residential property projects in the Bangkok area. APD focuses on the

development and sales of residential projects, including single detached houses, townhouses and condominiums.

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SLG Int’l Opportunities Portfolio Performance

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-8.00%

-6.00%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

2012 2013 2014

SLG InternationalOpportunities PortfolioEmerging Market IndexETF (EEM)

2012 2013 2014SLG International Opportunities Portfolio 8.00% 3.10% 3.73%

Emerging Market Index ETF (EEM) 4.93% -3.97% -5.54%

• 2012 Period measured 2/1/2012 through 12/31/2012• 2014 data as of 2/28/2014• Portfolio returns measured net of fees. Benchmark returns measured with reinvested distributions• A complete list of composite definitions and GIPS® compliant presentations are available upon request