The Core Wealth Fund Growth in Transition Economies 31st October 2018 What we do

We produce long-term asset growth in transition economies

The Core Wealth Fund searches for misunderstood value opportunities predominantly in Central and Eastern . We favour defensive, high-yielding stocks and bonds.

Cuban trade finance adds more yield and keeps us on the lookout for more profitable investments there should transition occur.

The result is a balanced and ungeared portfolio of equities and fixed income in countries where risk is falling but growth is strong

LISBON

ATHENS 1 What we come from

Richard Wood founded Wood & Company; the Prague-based investment bank in 1991

Vladimír Jaroš currently serves as its CEO.

The firm’s reputation and understanding of opportunities in Europe’s new market economies make it an important ally for our fund.

William White brings decades of success in Cuba and Latam but also brings structuring and government finance expertise that helps in our other countries.

ATHENS 2 Where we invest

Higher Ground currently invests in

LISBON

ATHENS 3 Why Transition Economies?

There are many more emerging markets than there are Transition Economies...... places where a shift in ideology creates seismic changes and a predictable re-ordering. We believe that the direction is clearer in Transition Economies and growth is stronger.

ATHENS 4 Performance Comparables

PERFORMANCE: HIGHER GROUND CORE WEALTH FUND vs HEDGE FUND INDEX

LISBON

It is easy, looking back, to find hedge fund managers who would have outperformed us over any given period. The problem is, predicting whichATHENS manager will do best in advance given that the average of all hedge fund returns is so weak. The Core Wealth Fund has produced steady gains for 10 years without significant setbacks. 5 Term Sheets

Description of fund Classes of Shares Open-ended, self-managed, ‘professional investor fund’ EUR Class incorporated in Malta as a sub-fund of Higher Ground SICAV GBP Class plc and licensed by MFSA from April 8th 2009. USD Class

Liquidity Minimum Investment Month end subscriptions/redemptions at NAV. 3 months EUR100,000 or equivalent. notice for redemptions. Investment Management Fee Board of Directors and Investment Committee 1% per annum of the Net Asset Value. Richard Wood (Vancouver), Vladimir Jaros, (Prague), William White, (Havana), David Curmi and Michael Warrington, (Malta). Performance Fee www.higherground.com.mt for CV’s. 10% of gains with high water mark. Accrued monthly but paid out every 3 years. With equalization. Investment Objective The investment objective is to provide its shareholders with capital Administrator preservation, limited volatility and long term capital appreciation from Apex Fund Services investments in transition economies. Prime Broker Investment Policy Trust Company Americas The Sub-Fund will generally invest in publicly-traded securities, other collective investment schemes and in cash and money market instruments. Auditor PwC

ATHENS 6 Fastest growing countries in Europe

6%

5%

4%

3%

GDP Growth GDP 2%

1%

0% 2014 2015 2016 2017

Czech Republic Hungary Poland European Union (28 countries) OECD - Total

Extreme politics. National populists run Poland and Hungary. Cuba’s handover to Miguel Diaz-Canel - away from the But… Anti-immigrant billionaire as Prime Minister of the CR. Conversely… popular nationalism of the Castro years. January saw ’s third PM in a year – more about

corruption than nationalism. ATHENS 7 Transition Economy Holdings

Wizzair 3%

Raiffeisen Bank 8% Cuban Trade Finance 41% Cash 6%

Zavarovalnica Triglav Cuba 5% CEE:Wide Value by asset class Wirtualna Polska Czech Republic 4% Em. Mkt. Romania Cash Equities 6.0% 52.4% Poland Other Kruk 0.1% 5% Slovenia

Prime Car Management Cash 2% Em. Mkt. Romanian Privatisation Points Fixed Income 1% Cuban Trade 0.6% Finance 5% 41.0%

Romgaz

4% ATHENS 3% 6% 8 Attribution for CWF during financial year 17/18

Em. Mkt. EquitiesEm. Fondul Mkt. Equities ProprietateaEm. Societatea Mkt. Equities NationalEm. Transelectrica Mkt. EquitiesEm. Transgaz Mkt. EquitiesEm. Prime Mkt. CarEquities ManagementEm. Raiffeisen Mkt. Zavarovalnica BankEm. Mkt. Triglav EquitiesEm. Wirtualna Mkt. Equities PolskaEm. KRUK Mkt. EquitiesEm. Moneta Mkt. EquitiesFixed Wizz Income Air UkrainianFixed Cuban Bonds TradeCurrency Finance 7.0% 6.32% 6.0%

5.0%

4.0%

3.0%

2.0% 1.58% 0.79% 0.82% 1.0% 0.69% 0.58% 0.49% 0.16% 0.0%

-1.0% -0.31% -0.09% -0.13% -0.73% -2.0% -2.20% -3.0% -2.54%

ATHENS 9 The Leadership Team Seasoned professionals in Transition Economies

Richard Wood William White Board Member Board Member Investment Advisor Investment Advisor

Richard founded and led Wood & Company through post- William served as the CEO of Republic Bank for 12 years, communist transition period to become the leading investment establishing the bank’s Trade Finance business in Cuba. At bank in CEE. Offices in Prague, Warsaw, London and others. Antillean, he is responsible for Asset allocation, regulation and deal Richard is the anchor investor and is in charge of asset allocation, decisions in Havana. William is a Chartered Management structure and investor relations for Antillean fund. He is fluent in Accountant (UK) and holds an MBA from Wharton. He has lived Spanish. and worked in Havana since 1995. He is a personal investor in Antillean Fund.

10 The Leadership Team Seasoned professionals in Transition Economies

Michael Warrington David Curmi Vladimir Jaros Board Member Board Member Investment Committee Member Investment Committee Member Investment Committee Member Michael has held various senior positions with leading David runs Curmi & Partners, a multi-generational fund Vladimir Jaros is the CEO of Wood & Co. In his 25 years at entities in Malta. He started his career with Bank of management business in Malta. Before taking over from his the firm, he came up through research but then worked for Valletta Plc, moving on to Airmalta Co Plc, and father in 1995, he worked at James Capel in London. He and eventually ran the firm’s investment banking advisory subsequently the AX Holdings Group of Companies. Until holds a degree in Economics from Oxford Brookes business. That department has grown to be the leading recently Michael was the Chief Executive Officer of University regional investment bank, with landmark transactions such Novum Bank Limited and a member of its board of as the privatisations of ČSOB Bank, Czech Telecom, Slovak directors. He has held board positions with GO plc and Telecom, Matav, (Hungarian Telecom), Globtel, and Malta Properties Plc and AX Investments Plc all of which numerous capital markets transactions including the first are listed on the Malta Stock Exchange. He is currently the ever Czech IPO; Zentiva and the largest ever mandatory Chief Executive officer of the AX Holdings Group of buyout in the Czech Republic; Czech Telecom. Vladimir is Companies, a director of AX Investments plc, Forthnet A.E, a personal investor in the Antillean Fund and serves on Citadel Insurance plc, Nissan International Insurance Ltd its Investment Committee. and Valletta Cruise Port Plc. 11 HIGHER GROUND CORE WEALTH FUND

31-October-2018

FUND INFORMATION INVESTMENT OBJECTIVE INVESTMENT RESULTS SINCE INCEPTION Fund Net Asset Value (Mn) € 22.5 Capital preservation, limited volatility and long term capital ANNUALIZED GAIN SHARPE RATIO SORTINO RATIO Share Classes € (base) / £ / $ appreciation from investments in transition economies. 7.28% 0.84 1.39

Launch Price € 100 on 4 May 2009 MONTHLY PERFORMANCE € CLASS £ 100 on 1 June 2010 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD $ 100 on 1 April 2013 2018 3.09% -1.13% -0.21% 0.19% -2.08% -0.88% 2.11% -0.94% -0.09% -1.78% -1.83% 2017 3.69% 1.55% 0.79% 0.88% 4.22% -2.46% 3.89% 1.28% -3.56% 1.43% 0.88% 0.43% 13.48% 2016 -4.96% 1.31% 3.68% 1.05% -2.18% -1.10% 2.98% 2.25% 0.78% 1.42% -2.42% 0.74% 3.27% NET ASSET VALUE 2015 -2.67% 3.85% -0.31% 3.03% -0.07% -1.42% 1.27% -4.34% -0.15% 6.31% -0.95% -3.06% 0.97% EUR Class - 178.90 2014 -1.11% 2.81% -0.61% -0.99% 1.85% 2.17% 0.30% 2.77% 1.43% 0.38% -2.89% -3.99% 1.87% GBP Class - 164.52 2013 3.04% -0.05% 1.57% 2.02% 1.39% -4.54% 2.33% -0.37% 2.69% 4.38% 2.30% 0.67% 16.22% USD Class - 134.51 2012 0.64% 1.97% 1.69% -0.21% -2.58% -2.36% 6.37% 0.16% 1.15% -1.62% -0.75% 1.66% 5.97% 2011 1.39% 2.01% -1.24% 1.52% -3.36% -2.43% 2.53% -1.08% -3.75% -0.11% 0.88% -0.20% -4.00% INVESTMENTS 2010 -1.96% 0.82% 3.16% 3.20% -6.64% 0.43% 1.95% -0.23% 5.10% 4.07% -0.44% 5.79% 15.61% Minima 2009 -0.86% -1.34% 2.25% 2.81% 4.10% -1.44% 3.61% 1.18% 10.59% €75,000 $100,000 £65,000 The US dollar and Sterling classes are hedged to produce the same percentage gains as the Euro class (shown) with the only divergence resulting from differences in interest rates. Charges Gains from the US dollar and Sterling classes therefore closely track the above. Full historical numbers available from Administrator. Management: 1% Monthly returns are % of value at start of month. YTD return is compounded monthly returns. Returns shown net of all fees. No mgmt fee before 7/2011. Past returns are not Performance: 10% of returns for each 3 year period. necessarily indicative of future performance. With high water mark. Paid every 3 years. MONTHLY PERFORMANCE 6% SERVICERS 4% Investment Manager 2% Higher Ground SICAV PLC 0% Investment Advisors -2%

Richard Wood, William White Return (%) Auditor -4% PwC -6% Custodian -8% Deutsche Bank Trust Company Americas Administrator

Apex Fund Services (Malta) Limited 31-May-09 30-Nov-09 31-May-10 30-Nov-10 31-May-11 30-Nov-11 31-May-12 30-Nov-12 31-May-13 30-Nov-13 30-May-14 30-Nov-14 29-May-15 30-Nov-15 31-May-16 30-Nov-16 31-May-17 30-Nov-17 31-May-18 Legal Status Professional Investor Fund licensed by DISTRIBUTION OF MONTHLY RETURNS ATTRIBUTION OF LAST MONTH'S RETURNS the Malta Financial Services Authority. 0.75% 18 0.50% INVESTMENTS Oct Sep 0.25% Cuban Trade Finance* 41.0% 39.7% 15 0.00% Raiffeisen Bank (CEE) 7.5% 7.7% -0.25% Kruk (Poland) 5.5% 6.0% 12 Fondul Proprietatea (Romania) 5.7% 5.6% -0.50% Zavarovalnica Triglav (Slovenia) 4.8% 5.0% -0.75%

No. of months 9 Moneta Bank (Czech Republic) 4.8% 5.2% -1.00% Transgaz (Romania) 4.7% 4.7% -1.25% 6 Romgaz (Romania) 4.5% 4.6% -1.50% Wirtualna Polska (Poland) 3.9% 3.9% -1.75% Wizz Air (CEE) 2.7% 3.1% 3 Transelectrica (Romania) 2.8% 3.0% -2.00% CEZ (Czech Republic) 2.2% 2.3% 0 -2.25% Em. Mkt. Em. Mkt. Cuban Trade Currency Prime Car Management (Poland) 1.9% 1.9% Equities Fixed Income Finance 0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 6 to 7 7 to 8 Romanian Privatisation Points 1.3% 1.3% 0 to - 1 - 7 to - 8 - 6 to - 7 - 5 to - 6 - 3 to - 4 - 2 to - 3 - 1 to - 2 - 4 to - 5 TerraVia Convertible Bonds (USA/Brazil) 0.0% 0.7% Returns (%) Sub-prime RMBS (USA) 0.6% 0.5% Other 0.1% 0.1% VALUE BY ASSET CLASS Cash 6.0% 5.2% Total 100% 100% Em. Mkt. Equities Cash 52.4% 6.0% * from holding in Higher Ground Antillean Fund. No double fees. Other CURRENCIES Oct Sep 0.1% Exposure not hedged back to fund currency RON 21.0% 21.1% PLN 11.3% 11.8% CZK 2.8% 2.8% Em. Mkt. Fixed Total 34% 35% Income Cuban Trade 0.6% Finance 41.0%

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