GVQ OPPORTUNITIES FUND 2017 interim review and Fund outlook Notice to recipients This document is given to the recipient on condition that the recipient accepts that it is not a client of GVQ Investment Management Limited (“GVQ Investment Management” or “GVQIM”) and that hence, none of the client protections applicable to GVQIM’s clients are in fact in force or available, and GVQIM is not providing any financial or other advice to it. This document has been issued by GVQIM in the UK solely for the purposes of section 21 of the UK Financial Services and Markets Act 2000. GVQIM, whose registered office is at 12-13 St. James’s Place, London, SW1A 1NX, is registered in England: No 4493500 and is authorised and regulated by the UK Financial Conduct Authority. This document is confidential, is for informational purposes only, and is intended solely for the person to whom it is delivered. It may not be reproduced, photocopied or disseminated to any other person without the express prior written consent of GVQIM. GVQIM acts as the investment manager for the various funds included in this presentation. The information in this presentation is subject to change without notice, its accuracy is not guaranteed, and it may be incomplete and is condensed. This document is not intended to provide, and should not be relied on for, accounting, legal or tax advice or investment recommendations. All opinions and estimates included in this document speak as of the date of this document and are subject to change without notice and reliance should not be placed on the information given herein. 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Switzerland: The Prospectus and the Supplements of the Funds, the Key Investor Information Documents (“KIIDs”), the Memorandum and Articles of Association as well as the annual and interim reports of the Company are available only to Qualified Investors free of charge from the Swiss Representative. In respect of the Shares distributed in Switzerland to Qualified Investors, place of performance and jurisdiction is at the registered office of the Representative. Swiss Representative: Vescore Fondsleitung AG, Bahnhofstrasse 8, CH- 9001 St. Gallen. Swiss Paying Agent: Notenstein La Roche Private Bank Ltd, Bohl 17, CH-9004 St. Gallen Source & Copyright: CITYWIRE. Jamie Seaton is A rated by Citywire for his 3 year risk adjusted performance for the period 30/06/2014 – 30/06/2017 The Prospectus and key information document (KIID’s) for the GVQ UK Focus Fund [sub fund or GVQ Investment Funds (Dublin) Plc] are available in English on GVQIM’s website www.gvqim.com. Please see offering documents for full term and conditions. 1 2017 interim review and Fund outlook Manager’s review1,2 Whilst twelve months is a spuriously short period of time over which to measure investment performance, given the magnitude of BREXIT, we think it is poignant to take stock. A reminder again of what we wrote a year ago in the immediate aftermath of the referendum: “Following the BREXIT referendum and in a twist of irony, our view is that UK assets now have a big ‘for sale’ sign over the top of them, given the dramatic negative move in sterling vis-à-vis other major global currencies, particularly the US dollar, with cable trading at close to 30 year lows. Our view on the Fund’s annualised ‘cost of money’ remains unchanged, currently 20.0%. Historically this has been a good guide to future Fund returns. BREXIT clearly presents massive uncertainty to the domestic UK economy. The Fund is largely positioned away from this in overseas earning assets or strong domestic niches such as Sky. We remain of the belief the patient investor will be handsomely rewarded, and given the M&A angle, this is not a market one wants to be out of in the short term.” The outcome to date: • The Fund has delivered a positive total return of 25.2%, (I class shares), over the last year, outperforming the FTSE All Share index (the “index”) by 7.1%. • Three takeouts since BREXIT: Lavendon, e2v technologies and SKY; average bid premium of c. 50%. • One merger, Aberdeen Asset Management and Standard Life. The index has had a very strong thematic over the last year, with commodity related sectors driving the market in eight out of the twelve periods, (based on rolling prior three month returns). This has provided a natural headwind to relative performance as the Fund has zero exposure to these sectors. Against this backdrop, it is pleasing to note the strong outperformance of the Fund over the twelve month period, driven in a large part, by its high exposure to stock specific ‘merger and acquisition’ (“M&A”) activity. Specifically, H1 2017 was a solid period for the Fund. It delivered a positive total return of 6.4% (I class shares), slightly outperforming the index, which delivered a positive total return of 5.5% over the equivalent period. This included outperforming in April and June when the index delivered negative returns, building on the Manager’s strong history of relative capital preservation. Following from this, and albeit a slightly abstract article, we were pleased to receive recognition in the recent Bank Holiday edition of 'The Times'. Based on data from Citywire's Research department and purely quantitative, covering all sectors and Managers available for sale in the UK market, (c.1800 in total), the article looked to identify which universities have produced the highest percentage of top performing fund managers; Southampton, my former university, came out top, as did GVQ's track record. The Manager was consistently rated by Citywire over the sample Source: 1. GVQIM 2. Bloomberg 3. Northern Trust Past performance is no guarantee of future performance and the value of investments can go down as well as up 2 2017 interim review and Fund outlook period, including an unbeaten, (in the UK All Companies space), 40 consecutive months as AAA. (For information purposes, Citywire ratings are produced monthly and are based on rolling 3 year risk adjusted returns). Performance review1,2,3 As highlighted, H1 2017 was a solid period for the Fund, building on the strong returns witnessed by the Fund since the BREXIT referendum. NAV per share increased to £11.67 for the I class shares, delivering a total positive return of 6.4%, and NAV per share increased to £11.66 for the A class shares, delivering a total positive return of 6.3%. The Fund declared an interim dividend on the 30th June of £0.14 (I class shares) and £0.14 (A class shares); the annual equivalent total dividend yield for the I class shares was 2.0% and for the A class shares, 1.9%. 6 months to 1 year to 3 years to 5 years to Share Class 30th June 2017 30th June 2017 30th June 2017 30th June2017 I Class Shares 6.4% 25.2 - - A Class Shares 6.3% 25.1 - - FTSE All-Share 5.5% 18.1 - - Performance over H1 was driven principally by the Fund’s high exposure to the ‘Asset Managers’. The Fund’s holdings in Jupiter Fund Management (“Jupiter”), and Aberdeen Asset Management (“Aberdeen”), delivered 178 basis points (“bps”) and 166bps of positive contribution respectively. Taking each in turn, Jupiter delivered a very solid set of FY results in February and followed this up with a very strong trading update in April. The latter showed record Q1 net inflows, materially ahead of market expectations, resulting in upgrades. We believe market expectations at the time were for net inflows of c. £1.6bn for FY 2017; the company delivered £1.3bn in Q1 2017 alone. On our analysis, the company offers a strong combination of cash flow and structural long term growth. Given these attributes, the fact that the company is regularly cited as a potential bid candidate is of no surprise to us. Continuing the Asset Management and M&A themes, and as we drew attention to in your company’s FY 2016 accounts, (again included below for context), we wrote in our December 2016 Fund Factsheet re Aberdeen: “The company’s share price has had another volatile year, as sentiment around emerging market equities in particular, has ebbed and flowed, coupled with some market commentators seeing new regulation and technology as the ‘death knell’ for the industry. This, however, is not the first time an industry has been subject to similar or worse threats, cue the Tobacco industry in the late 90’s: smoking and advertising bans, health warnings, e-cigarettes to name but a few challenges. Back then the sector found little support from the investment community, but despite these threats, the Source: 1. GVQIM 2. Bloomberg 3. Northern Trust Past performance is no guarantee of future performance and the value of investments can go down as well as up 3 2017 interim review and Fund outlook FTSE All Share Tobacco index has delivered a total return of 1046.4% since the turn of the millennium, an annualised 15.4% compared to the broader index’s 4.5% per annum.