BREMNER

BREMNER CAP I TAL MAMA GEN/JEN T EFTA01078034 Table of Contents Executive Summary Chief Investment Officer Team Organisational Chart The Investment Philosophy The Investment Process Risk Management Portfolio Construction Proposed Fund Terms Trade Examples BREMNER CAPI TAL MANAGEMENT 3 4 6 7 9 14 15 16 Confidential I 2 EFTA01078035 Executive Summary Bremner Capital Management Background / Investment Team Investment Philosophy Investment Strategy Investment Objective Alignment of Interests Focus On Risk Track Record Terms BREMNER CAPI TAL MANAGEMENT A global investment firm looking to generate alpha through the careful selection of opportunistic long/short equity positions, formed on the basis of overarching macro views, and an emerging markets expertise Founded by former Atticus Capital Partner Dr. Chris Bremner Chris was the portfolio manager of the Atticus Emerging Markets Fund Investment Team has been identified Fundamental, thematic value-driven approach to stock selection after taking macro view Dual analysis fosters opportunistic investing; adopting both top-down and bottom-up approaches to maximize return. Setting risk guidelines and managing risk holistically Global fund that will opportunistically allocate Top-down thematic approach, identifying areas of significant economic/social change to identify compelling and actionable investment themes. Bottom up analysis to pick 30-80 optimal stocks (liquid market large-caps) to play these themes To generate superior, sustainable, risk-adjusted, absolute returns through equity and equity derivative products Targeting 25% returns over the cycle, with a volatility of 12-14% Partners contributing significant day one capital to the fund Risk management, allignment of interest and capital preservation are integral to, and drive, the Firm's investment approach. Bremner Capital Management will implement a Triple Risk Overlay. Portable track record from Atticus Emerging Markets Fund (June 2003 to December 2008) Annualized +16.8% net over the cycle, with a volatility of 12% Lower fees, allignment of interest, special Phoenix share class, dividend and non-dividend class of shares, hurdle rate - LIBOR + 300bps Confidential I 3 EFTA01078036 Chief Investment Officer Dr Chris Bremner BREMNER CAPITAL MANAGEMENT Dr Bremner has over 20 years of experience investing in Emerging and Developed Markets as a portfolio manager. Dr Bremner's previous professional experiences include serving as: •Portfolio Manager of Atticus Emerging Markets fund, Ltd since its formation in June 2003 to December 2008 •Managing accounts for a number of well known hedge funds based in New York as third-party manager from 1998 to 2002 •Serving as Chief Investment Officer of Oppenheimer (Bermuda) Ltd from 1994 to 1998 •Managing funds for Bankers Trust Australia Ltd from 1988 to 1994 Dr Bremner holds a medical degree from the University of New South Wales and is a private investor with passive non-controlling interests in a biotechnology company specialized in RNDNA interference and an engineering company specialized in magnetic technology. Dr Bremner has consulted a number of governmental organizations in the field of quantum physics and artificial intelligence throughout his career and is an active philanthropist in the fields of medicine and science. Confidential I 4 EFTA01078037 Team Organisational Chart Dr Chris Bremner BREMNER CAPITAL MANAGEMENT • Drives and oversees the investment process • Manages the portfolio - Sets risk guidelines and manages risk holistically - Ensures portfolio remains consistent with investment philosophy Efthymia Tsotsani -Financials, Telecoms Investment Team Analyst -Energy, Utilities 1 Brian Way Trader Business Management Team perations Manager Tancredi Marchicdo Investor Relations Vaiva Martinonyte Confidential I S EFTA01078038 The Investment Philosophy BREMNER rAPITAL MANAGEMENT A rigorous, fundamental, value-driven investment approach to stock selection after taking macro view Relative Likelihood World-View We will avoid anchoring to a single macro outcome, and will continually adjust our stock selection, exposure and risk levels based on a relative likelihood framework, taking consideration of what is 'priced in' relative to our views Thematic Macro Analysis Flexibe Flexible Mandate Our fundamental long and short portfolios will range across industries and themes, utilising the investment expertise of our team and enabling us to pursue inefficiencies globally Value-Driven Approach Fundamental value-driven approach to stock selection after taking a macro view, applied equally to longs and shorts Value- Driven Global Equity VS with EM expertise Opportunistic Opportunistic Bottom-up analysis seeks best way to implement views opportunistically across developed and developing markets Stock Selection Confidential I 6 EFTA01078039 Investment Process — Macro Idea Generation Top Down Thematics Macro View Sector View 10-20 Actionable Themes • TOP DOWN THEMATICS Research and identify 10 — 20 compelling and actionable investment themes Fundamental Analysis 30-80 Stocks BREMNER CAPITAL MANAGEMENT MACRO VIEW - research & identify global macro themes Key Input: Established and proven global network of industry leaders, politicians, bankers, and suppliers Risk Management • Pragmatic risk management approach • Continual re-assessment of data/market versus our investment themes Analysis of Money Supply raw data through independent valuation models, disregarding common broad money supply measures. Use of: • Net bank lending • Implications of velocity on money Subsequent effects on net credit creation, timing lag, and reflection on asset price trends SECTOR VIEW — research & identify areas of significant structural change Key Input: Use extensive and well developed global network of contacts to identify changes and shifts in economies, markets, industries, demand structures, and supply chains • Regulatory: Sector specific changes, updates, changes in focus, precedents • Technological: Developments, new trends, updates, omissions, failures • Industry Specific • Political: Change in governments, policies, views, public opinion, current/capital account and relationship with industries • Demographic: Migrating populations, birth/death rates, demand structures Confidential I 7 EFTA01078040 Investment Process — Fundamental Stock Analysis BREMNER CAPITAL MANAGEMENT Macro View Top Down Thematics 10-20 Actionable Themes Sector View r Fundamen al Analysis Risk Management • Pragmatic risk management approach • • Continual re-assessment of data/market versus our Stocks 30-80 investment themes BOTTOM UP ANALYSIS - FILTERING THE UNIVERSE Search for 30-80 optimal stocks to play the themes in the most simple and liquid way Use of bottom up fundamental analysis to look at stocks with a long term perspective, to identify stocks that will be most sensitive to the themes identified as a result of the macro and sector analyses, independent of short term market dynamics FUNDAMENTAL ANALYSIS Established team of portfolio manger and analysts with sector specialization, and core skills in fundamental analysis. • Industry Experts — established and proven global network among industry thought leaders, politicians, bankers, suppliers • Corporate Access — collaborative management relationships have been developed over many years of covering companies • Financial Modelling — business drivers, income statement, cash flow statement, balance sheet. Emphasis on cash flow and balance sheet • Street Research — gauge consensus, source financial data VALUE INVESTMENT PHILOSOPHY - valuation indicators used • Intrinsic Value: Calculation of intrinsic value for a security based on discounted free cash flow formulation. Looking to purchase stock at significant margin of safety discount to this fair value • Extrapolation of the dividend discount model • Cash flow multiple. Look for low: - Price/Cash Flow - EV/EBITDA • Focus on balance sheet assets. Look for low: - Price/ Book Value - EV / Invested Capital • Earnings. Look for low: - P/E - P/E / Growth Confidential I 8 EFTA01078041 Investment Process — Risk Management BREMNER CAPITAL Risk Management • Pragmatic risk management approach • Continual re-assessment of data/market versus our investment themes Names enter the portfolio at the discretion of the CIO and are sized according to: • Conviction levels • Risk/reward analysis • Liquidity, ability to exit • Inherent risk or volatility of stock • Within the boundaries of the portfolio limits outlined overleaf MANAGEMENT Risk management is a core ethos of Bremner Capital Management, and consequently every member is tasked with managing and monitoring risks at all times Real-time assessment of key risk parameters (factor risks, fund leverage, position correlation, and foreign exchange exposure) to ensure that these parameters remain within portfolio limits Portfolio Construction Gross Exposure Max 300% / Typical 130% Net Exposure Max 150% / Typical +65% Limit: Sector Max 30% in any one sector Limit: Top Ten Names Max 50% of NAV The COO performs the role of Chief Risk Officer (CROI • The COO is tasked with monitoring and reporting risk limits to the CIO on daily basis • The COO presents all positions to the CIO on a weekly basis, highlighting any risk limits that are being approached • The COO reports to the board on a ongoing basis, any breaches of risk limits, and how these breaches were managed Post-Trade Analytics Reporting/Monitoring RISK / REWARD ANALYSIS • This is the appropriate metric to appraise the risk / return profile of each individual position — maintained and reviewed on a continuous basis for each position RISK • Downside risk from current security price to downside protection • Downside protection can be ascertained, for example by strong technical support levels on the stock price chart, or compelling value on a fundamental basis REWARD • The upside from current security price to target price, derived from fundamental analysis of intrinsic fair value. Fair value periodically reviewed, as good quality companies increase intrinsic value over time CORRELATION • The extent to which positions vary together and are correlated will be monitored using Prime Brokerage risk reports and a Barra risk framework to track factor risks and potential correlations • For new positions, correlation with the existing portfolio is determined before adding the position to the portfolio. Reduction in overall portfolio correlation is desirable as risk is reduced Confidential l 9 EFTA01078042 Investment Process — Risk Management BRENINER CAP ITAL MANJAGEIVIENT RISK REPORTING - kc i." SRL ( ,Lopat Bremner Capitol Management will implement a full transparency approach using an innovative reporting/monitoring tool • Increase transparency and oversight with intelligent alerts ,/ Compliance and style drift monitoring ,/ Investment concentration monitoring ,/ Adherence to investment management guidelines ,/ Investment exposure, monitoring and extreme market scenario analysis • Tighten operational processes  Shadow valuation across all investments, both in-house and third- party for daily NAV (estimation)  Fund allocation transaction management and bookings rebalance and cash flow forecast • Decision support What-if analysis Factor sensitivity analysis /Sensitivity analysis , identify main risk contributors to risk /Factor decomposition and VaR, R2 for overall fit /Scenario analysis and stress test (empirical and factor) /Risk decomposition: marginal VaR and component VaR /Empirical VaR - VaR, modified VaR. CVaR (expected shortfall) /Factor VaR - VaR, modified VaR. CVaR (expected shortfall) /Proxy portfolios and fund replication with daily pricing /Position risk calculations (greeks) /FX exposure monitoring /Position and trade level information /Fully integrated and interactive reporting engine (webripad) Confidential I 10 EFTA01078043 Investment Process — Risk Management Risk Management • Pragmatic risk management approach • Continual re-assessment of data/market versus our investment themes Managing Entry/Exit points of trade Adjust portfolio to have highest conviction and best risk/reward positions as largest in the portfolio MACRO — Trade entry/exit points are assessed based on the macro environment BREMNER CAPITAL MANAGEMENT Thesis: The extent of monetary stimulus, especially the rate of change of the money supply, impacts financial asset prices, typically with a lag of 6-9 months. Strategy: Use purchased third party data (central banks (money supply, quantitative easing), net bank lending, movement in current account) to forecast the rate of change of the money supply. Use of rd order derivatives. Objective: To develop a monthly risk-on/risk-off indicator to use in both sizing trades, and timing of entry and exit points MICRO Entry: • Entry price — to offer significant margin of safety upside to intrinsic value target price established as a result of fundamental analysis • Time horizon • Catalyst • Upside / Downside Analysis • Conviction Exit: • Hits Price Target • Thesis Changed • Better Alternative Investment • Stop Loss - Stock Level — Dynamic adjustment according to trading conditions and external environment - Book Level — maximum loss on individual position: 7% of AUM Confidential I 11 EFTA01078044 Investment Process — Risk Management Dynamic Stop Losses Non — Variable Factors BREMNER CAPITAL MANAGEMENT • Portfolio! Hard Stop - Losses • Triple Risk Overlay Variable Factors - likelihood of change on individual position stop losses External Environment Money supply Interest rates Legislation Total Score = 2 Technology 2 Internal Environment Liquidity 3 Price targets Correlation Value indicators Total Score = 2,5 Confidential I 12 EFTA01078045 Expected Normal Inflation Investment Process — Risk Management Uncertain Market Outlook 2013 - 2014 Scenario BREMNER CAP I TAL MANAGEMENT Impact on asset classes: Equities t * Commodities Bonds t Real Estate At a Credit • Consumption stabilises at average levels, unemployment comes down, real estate stabilises in developed markets • Monetary policy becomes gradually more restricted • Diminishing marginal effect of any future QE • IR reversal •Liquidity trap Confidential I 13 EFTA01078046 Portfolio Construction Typical Gross Exposure Typical Net Exposure Asset Class Exposure Longs Shorts Geography Concentration Stop-loss triggers Typical Holding Period Liquidity BREMNER CAPITAL MANAGEMENT Typically 130%, max 300%. Adjusted for market conditions Typically +65%, max 150% Equities (cash, swap, indices) Derivatives: All vanilla (swaps, futures, options) SO longs (Position limit at initiation, no more than 10% of NAV) Typical position size: 2-3% of NAV Maximum position size 7% NAV Average holding period: 12 months 30 shorts (Position limit at initiation, no more than 5% of NAV) Typical position size: 1-2% of NAV Maximum position size 5% NAV Average holding period 6 months Global, opportunistic portfolio positioning in developed and emerging markets with a particular focus on larger, liquid names 10 — 20 themes, expressed in 30— 80 names. All liquid, large cap listed stocks Sector: Max 30% in any one sector Top Ten Names: Max S0% of NAV Dynamic adjustment according to trading conditions and external environment Max 7% of AUM 12 months Exit 60% of portfolio within one trading session, 90% within 5 trading sessions, remaining 10% within 5 days Confidential I 14 EFTA01078047 Proposed Fund Terms Inception Date Redemption Frequency Notice Period Gates / Lock-Ups Management Fee Incentive Fee High-water Mark Hurdle Rate Prime Broker Legal Fund Administrator Fund Auditor BREMNER CAPITAL MANAGEMENT Expected in Q2 2013 TBD 30 days No Founders: 1.25% Main: 1.50% • Phoenix: TBD Founders: 15% Main: 20% • Phoenix: TBD Yes LIBOR + 300bps Goldman Sachs, UBS Schulte, Roth & Zabel IFS Ernst & Young • Phoenix Shore [kiss only ovoilabk ex-Atticus investors, respecting their 11WM Confidential I 15 EFTA01078048 Trade Example Long Generali, Short Unicredit GRAB BEE f9 Save As Ile Actions - Edit 98 Table 03/01/2011 10 3D 11 al 'ITO 1Y SI Max Daly • 11/27/2012 111Compate '1. . Pa- '3.48S Sectrity/Study Line Chart M t.c•,: Last Price ■G IM Equity 12.61 • LKG Ill Equity 3.488 ■G IM Equity - Volume 3.131M 1•511AVG (15) 4.92314 '"lev. IA Sep Dec Mar Jun Sec 2011 2012 Auatrolia Cl 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2012 Bloomberg Finance L.P. SH 783155 H645-4774-0 27-Hbv-12 15.40.28 GMT WIT.0.00 BREMNER CAPITAL MANAGEMENT Macro: Secure financing vs unstable deposit base. Description: Generali is adequately capitalised being an insurance co. Unicredit has been recapitalised 3 times since 2008. Entry Rationale: Governance change at Generali. Unicredit has a large book of defaulting loans and shrinking Eastern European operations. Entry Date: lune 2012 @ 8.5. Target Price: 22. Confidential I 16 EFTA01078049 Trade Example Long Airports of Thailand GRAB LOT TE Equit 10/03/2011 1D 3D iM 6M YTD 99 Save As 9 nA i ons 9$ Table 11/27/2012 •Last Price 1 90.25 T High on 11/26/12 90.50 -9-Average 59.14 I. Low on 11/07/11 35.75 TMIMuni. 233014 •5 VG (Is) 3.30214 Last Pnce 1Y SY Flax Day • LiniChart Line 111COMpare Nov. lingo> „srunty ,"jc, Event O TIC "I t2 M CBI Volume • Oct Nov Dec Jan Feb Mar Apr May Jun 2011 2012 Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japer, 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2012 Bloomberg Finance L.P. SN 783155 H645-4774-0 27-Nov-12 18.44, 28 GMT CIIT40:00 em0 -so 9-40 - r Jut Aug Sep Oct Nav BREMNER C APITAL MANAGEMENT Macro: Changing Government and regulation. Description: Airports of Thailand ore experiencing high passenger volume and hove been offering discounted landing fees for Thai Air since 2008. Entry Rationale: Discount rote for Thoi Air is currently rolling off combined with 60% volume growth over the last 4 years. Entry Date: March 2012 @ 52. Target Price: 110. Confidential I 17 EFTA01078050 Trade Example Long Pfizer GRAB PFE Uti Noir:, 03/01/2012 1D 30 1M 99 Save As 90 Pth6ns - 11/27/2012 64 YTD 1Y LastPdce La last Price 24.3599 T High on 1048/12 26.035 +-Average 23.3141 / low on 03/06/12 21.265 5Y IR Line Max Daly V 97/ Edit • 11)Compart 98I Table Min • ftf: Security/Stu:1y Line Chart IR use PR Event Volume O y•Volume 6.1B3M 9411% (15) 30.43114 I . iliiiii ig;im7ri Mar ter May Jun AA Mm Sep Oct Nov 2012 Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong e52 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2012 Bloomberg Finance L.P. SN 783155 M645-4774-0 27-Nov-I2 15.45.08 GMT GMT+0.00 BREMNER CAPITAL MANAGEMENT Macro: Industry has undergone a rationalisation of its cost structure. Description: Currently trading at 10.2x earnings and should be trading at 20x. Entry Rationale: Pfizer hos closed non- performing divisions and acquired competitors to counter the effect of accelerating potent expiries — allowing the earning momentum in worst case scenario environment. Entry Date: March 2012 @ 22. Target Price: 60. Confidential I 18 EFTA01078051 Trade Example Short Apple GRAB ALPL US Equit, 09/04/ 2012 1D 3D 1H 611 YTD 99 Save As 90 Actions - 9n Edit - 9$ Table 11/27/2012 Last Price lY PI one PI 5Y Max Daily • INConpdte Line Chart MIIMM Volume r USD Pl 11 Event 0 Security/Study 1 • Last Price 586.199 T High on 09/19/12 702.10 `I' -0-Average 627.147 1 Low on 11/15/12 525.62 0'650 TM6Murne 12.621H Ili bIIll Sep 7 Sep 14 Ser) 21 Sep 28 belt 8 Oa 1t Oct 23 Oct 31 2012 Australia 61 2 9777 8600 BrazIl 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2030 Copyright 2012 Bloomberg Finance L.P. SN 783155 11645-4774-0 27-Nov-12 18.42 38 GM' GPIT+0.00 •51,4AvG (15) 23 41361 •-600 Nov 8 Nov 15 BREMNER CAPITAL MANAGEMENT Macro: Unsustainable market share within a growing technology sector. Description: Too reliant on 3r° party technology — recent patent disputes. Current operating morgins are unsustainable. Entry Rationale: Chonge in leadership. Lacklustre product launch. Excessive market capitalisation. Entry Date: September 2012 @ 660. Target Price: 4S0. Confidential I 19 EFTA01078052 Disclaimer BREMNER CAP I TAL MANAGEMENT IMPORTANT INFORMATION This presentation has been prepared solely for the purpose of providing background information to the person/persons to whom it has been delivered. The information contained herein is strictly confidential and is only for the use of the person/persons to whom it is sent and/or who attend any associated presentation. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose. The distribution of this document may be restricted in certain jurisdictions. The information herein is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant Jurisdiction. The summary description included herein and any other materials provided to you are intended only for information purposes and convenient reference and are not intended to be complete. This information is not intended to provide and should not be relied upon for accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. Material terms of the Fund are subject to change. Past performance is no guarantee of future performance. 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 "Company Act")) and accredited investors" (as defined in Rule 501(a) under the Securities Act). As of the date of this document "Bremner Capital Management" does not yet constitute a registered or legal entity. As of the date of this document "Bremner Capital Management" is not yet authorised or regulated by the UK Financial Services Authority. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the Information or opinions contained in this document by anyone, and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance. Confidential I 20 EFTA01078053