NTAsian Emerging Leaders Fund October 2016

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Performance (%) NAV/share 1m YTD 1y Since inception Annualised Total

return

NTAsian Emerging Leaders Fund – Class A*1 - - - - - NTAsian Emerging Leaders Fund – Class B*2 115.60 -0.2 +6.1 +13.1 +11.5 +15.6 NTAsian Emerging Leaders (US) Fund – Class A*1 - - - - - NTAsian Emerging Leaders (US) Fund – Class B*2 115.78 -0.2 +6.2 +13.2 +11.6 +15.8 MSCI AC Asia ex Japan -1.5 +8.5 +4.0 +11.6 -7.9** * Performance data is calculated net of fees. ** Based on inception date of NTAsian Emerging Leaders Fund – Class B. 1 Open only to amounts switching from Emerging Leaders Fund, not launched yet. 2 Inception date was on 2 July 2015.

October Review and Outlook

The NTAsian Emerging Leaders fund was marginally down for October falling by 0.2% against a fall in the MSCI AC Asia ex Japan index of 1.5%. Despite some positive news flow from our names, performance was largely undone by Korea specific issues, which we expand upon in the memoir, and US dollar strength vs the Korean Won (-3.7%) and Singapore dollar (-2%) where 22% of the portfolio is weighted. Overall, dollar strength negatively impacted the portfolio by just under 1%. With the US futures market assigning a high probability that rates will rise in December, a firmer US dollar is to be expected. Positive contributors to the portfolio came from Luk Fook (+20%), Ultrajaya Milk (+9.4%), Pakuwon (+6.7%), Singapore Post (+10%) and Indian IT services companies Hexaware (+9%) and L&T Infotech (+5%) whist the detractors were Hanon systems (-14%), Com2us (-5%), Bluebird Taxis (-5%) and Puregold (-4%).

Hanon systems, has been an excellent performer for the fund since inception but came under pressure following news

of prolonged strikes at Hyundai and Kia, its main customers, resulting in temporary lukewarm sales volume. Whilst our long term thesis remains intact (positioning well for the future of the auto industry with multiple positive medium term factors such as increasing new orders, margin expansions, potential M&As and increasing dividend) it was opportune that the fund had trimmed its holdings prior to the correction on valuation grounds. The company continues to invest overseas and announced the expansion of its operations in Chennai, one of its 4 plants in India, to deliver the HRS compressor, the company’s new rotary suction compressor technology.

Jewelry retailer Luk Fook provided an update on September-quarter retail sales with same-store-sales down 37% due

to high base last year when there was a mini “Gold Rush”. Buying sentiment for gold is stronger when price drops sharply, but during the quarter, gold price remains 20% higher YoY. However, Hong Kong gem-set same-store-sales turned positive in September and during Golden Week in early October. Positively, this comes after 12 consecutive quarters of YoY decline. The share price has reacted positively to this sign of a potential bottom for Hong Kong jewelry sales. Valuations remain on the low end of historical norms and we believe there is upside to dividend payouts.

Hexaware reported good results with 4.8% QoQ revenues growth in constant currency, and improvement in margins

with higher utilization. Management gave strong guidance with healthy pipeline of orders and increased dividend payout to use capital efficiently while still pursuing acquisition opportunities. L&T Infotech meanwhile started to see positive

increased sell side coverage.

PWON was up 7% during October driven by an unexpected rate cut of 25 bps in October coupled with the relaxation

of foreign ownership rules with lowering of eligible price threshold for apartments (from IDR5bn/unit to IDR3bn/unit) and easing of regulatory burden for developers to sell to foreign buyers.

TISCO reported 3Q16 net profit of THB1.25bn, up 54% YoY and 4% QoQ. The YoY increase was driven by lower

provisioning. Asset quality is on an improving trend and coverage ratio is 107%, up from 97% in 2Q16. Although there is likely to be negative consumer sentiment during the mourning period following the King of Thailand’s passing, the impact will be temporary and the recovery in car sales will continue in 2017.

The fund took a small position in Singapore Post in September having been monitoring the company and seeing its

share price slide for some time. Our thesis that the company could be positioned to be one of Alibaba’s main logistics vehicles was strengthened following the announcement that regulatory approval had been obtained for Alibaba's second investment (S$187.1m) to raise its stake in Singapore Post to 14.4% (from 10.2%), and S$86.2mn for a 34% stake in Quantium Solutions, SingPost's logistics subsidiary. This investment is targeted to be completed by 28 February 2017, post its shareholder meeting and removes the overhang on the stock.

Bluebird Taxis reported a strong recovery in profits in 3Q16, from a depressed 2Q16, with +45% earnings growth

QoQ. We are of the view that the impact of tariff adjustments since April 2016 (11% reduction) has been normalized and the company has since focused on improving utilization and efficiency. On the 9M16 basis, overall revenue fell 10% YoY on the back of competition and tariff adjustments while EBITDA fell 19% YTD but up 16% QoQ. The non-taxi side including buses and rental grew 12% YoY, now accounting for 16% of revenue. Positive news is EBITDA margin in 3Q16 has recovered to normalised levels similar to that of last year as the company adjusts its cost structure to cope with changing environment including drivers’ compensation scheme. Cash flow wise, free cash flow has considerably improved from IDR172bn in 9M15 to IDR238bn as the company is scaling back its CAPEX on new fleet.

NTAsian Emerging Leaders Fund October 2016

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Fund information Management company

Fund name: NTAsian Emerging Leaders Fund – Class A Investment Advisor: NTAsset (Thailand) Co., Ltd Launch Date: n/a Bloomberg: NTAELFA KY Investment Manager: NTAsset (Cayman) Limited Current Price: n/a ISIN: KYG6688E1089 190 Elgin Avenue Fund Size: n/a Sharpe Ratio: n/a George Town Grand Cayman KY1-9005 Fund name: NTAsian Emerging Leaders Fund – Class B Cayman Islands Launch Date: 2 July 2015 Bloomberg: NTAELFB KY Tel: +662 679 6790 Current Price: USD115.60 ISIN: KYG6688E1162 Fax: +662 679 6799 Fund Size: USD60.02m Sharpe Ratio: 0.73 Website: www.ntasset.com E-mail: mail@ntasset.com Fund name: NTAsian Emerging Leaders (US) Fund – Class A Custodian: HSBC Institutional Trust Launch Date: n/a Bloomberg: NTELUSA KY Administrator: Bank of Bermuda (Cayman) Current Price: n/a ISIN: KYG6689F1046 Auditors: Ernst & Young Fund Size: n/a Sharpe Ratio: n/a Fund name: NTAsian Emerging Leaders (US) Fund – Class B Launch Date: 2 July 2015 Bloomberg: NTELUSB KY Current Price: USD115.78 ISIN: KYG6689F1129 Fund Size: USD135.71m Sharpe Ratio: 0.74 Total firm assets: USD893.70m Investment Policy: The fund is an absolute return, long only value fund, with target to achieve 10-15% p.a. by investing long term in primarily,

but not exclusively, midcap stocks of around USD1bn market capitalisation or larger which are becoming emerging leaders in their respective fields.

Investment Geography: Asia ex Japan Management Fee:

Class A: 1.00% p.a. Class B: 1.25% p.a.

Performance Fee: Class A: 10% p.a. over 5% compounding hurdle. Class B: 10% p.a. over 5% compounding hurdle. 6% redemption fee payable to the fund in the first years, 3% for second year and 0% thereafter.

Top holdings Market cap brackets

Stock Mkt cap (USDbn) Country Business

% of NAV Market cap (USD) % of NAV

Pakuwon 2.7 Indonesia Real estate developer 13.0 1 - 3bn 78 Minth 4.6 Hong Kong Automobile body parts manufacturer 11.3 > 3bn 20 Silverlake Axis 1.2 Singapore Banking software solutions provider 9.7 Cash 2 Cosmo Lady 0.9 Hong Kong Female intimate wear manufacturer 9.0 Average market cap/investment USD1.8bn Puregold 2.3 Philippines Wholesale and retail stores 8.3 Top 5 holdings 51.3 Total number of holdings 15 Top 10 holdings 86.1 Cash 2.0

Asset allocation Country Industry

HK/China30%

Indonesia24%

Korea11%

Singapore11%

Philippines8%

Thailand8%

India6%

Cash2%

Consumer Discretionary

38%

Information Technology

19%

Consumer Staples

14%Real estate

13%Financials

8%

Industrials6%

Cash2%

NTAsian Emerging Leaders Fund October 2016

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Avg PER EPS growth FY16F valuation Mkt EV/ Cap 15A 16F 17F 15A 16F 17F EBITDA Yield P/Sales P/BV DE ROE ROCE USDm x x x % % % x % x x % % %

Total ten investments* 2,050 17.2 13.7 12.0 8.5 11.1 14.1 10.1 2.9 3.0 3.1 5.4 21.0 23.9 Total average* 1,831 17.0 15.2 13.3 9.3 11.2 14.8 9.7 2.8 2.8 3.1 4.1 21.8 25.6

Asian average** 15.0 14.4 12.9 5.0 8.9 11.8 10.6 2.8 1.7 1.6 47.4 10.7 n/a

* Calculation is based on core profit. ** Bloomberg’s consensus weighted by market capitalisation.

Net monthly performance

NTAsian Emerging Leaders Fund – Class B (% MoM)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2015 -1.2 -4.4 +1.7 +6.4 +1.6 +4.9 +9.0 2016 -7.8 +3.3 +4.3 +1.5 +0.8 +1.7 +3.5 -0.02 -0.7 -0.2* +6.1*

NTAsian Emerging Leaders (US) Fund – Class B (% MoM)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2015 -1.2 -4.4 +1.7 +6.4 +1.6 +4.9 +9.0 2016 -7.8 +3.3 +4.3 +1.5 +0.8 +1.7 +3.5 -0.01 -0.7 -0.2* +6.2*

Gross NAV vs. MSCI AC Asia ex Japan

70

80

90

100

110

120

130

2-Jul-15(Inception)

Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16

NTAsian Emerging Leaders Master Fund's gross NAV (USD/share) MSCI AC Asia ex Japan (rebase to 100)

NTAsian Emerging Leaders Fund October 2016

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Disclaimer

The contents of this message are intended for informational purposes only and are not for distribution to and does not constitute an

offer to sell or the solicitation of any offer to buy or sell any securities to any person in any jurisdiction. While NTAsset has done its

best to verify the accuracy of all information contained herein, no reliance should be placed on the information or opinions in this

communication or their accuracy or completeness, for the purpose of making any investment or any other purpose. No representation,

warranty or undertaking, express or implied, is given as to the information or opinions in this communication or their accuracy or

completeness, by NTAsset or by their respective directors, officers, partners, employees, affiliates or agents, and no liability is

accepted by any of the foregoing as to the information or opinions in this communication or their accuracy or completeness.

Any investment information is intended for use by professional investors only. An offer to buy or sell any securities may only be made

through offering documents in compliance with the Securities Act of 1933 or exemptive provisions there under.

Past performance is not a guarantee of future returns. All investment strategies entail some risk. When an investment involves a

transaction denominated in a foreign currency, it may be subject to currency fluctuations that will have an impact on the value of the

investment in another currency. In addition complex tax structures and delays in distributing important tax information, differences in

regulatory requirements and fees. Investments in the emerging markets involve risks not normally associated with investments in

more developed and economically stable jurisdictions with more sophisticated capital markets and regulatory regimes. Such risks

include political, economic and currency risks and the risk associated with investing in underdeveloped legal, regulatory and

accounting environments. In addition, investments are volatile, and have limited liquidity, transparency and depth, which may make it

difficult to achieve a desired purchase or sale price for investments or to purchase or sell investments at any particular time. Any

investment should not be made without careful reference to the relevant Prospectus. Nothing herein shall constitute an investment

recommendation or investment, accounting, tax or legal advice. All content is for informational purposes only.

Index

MSCI AC (All Country) Asia ex Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure

the equity market performance of Asia, excluding Japan. As of December 2012 the MSCI AC Asia ex Japan Index consisted of the

following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines,

Singapore, Taiwan, and Thailand. The Fund is an actively managed portfolio as compared to the index which is unmanaged. In

addition there may be significant differences between the Fund and the indices including liquidity and volatility.