The Milltrust India Fund (UCITS) follows an actively managed long-biased multi-cap strategy that blends both a value and growth approach to construct a portfolio of high-conviction Indian stocks that will benefit from the long-term secular economic growth of the country. The Fund has the ability to mitigate market volatility through the use of cash.

PERFORMANCE TABLES

Notes: • Inception date: 01 Mar 2013.• Index: S&P BSE 100 Index (USD).• Weekly dealing changed to daily dealing on the 9th of May 2016. Until this date, month-end performance estimates are shown above when month-end did not fall on official valuation day (Friday).• The performance hurdle changed from 3M LIBOR to the Index on the 9th of May 2016. • The administrator and custodian of the fund changed on the 1st of June 2017 from State Street Fund Services (Ireland) and State Street Custodial Services (Ireland) to SS&C Financial Services (Ireland) Limited and Bank of America Custodial Services (Ireland) Limited, respectively.

EXPOSURES & ATTRIBUTION

-15%

-10%

-5%

0%

5%

10%

15%

20%

40

60

80

100

120

140

160

180

May 20

13

Sep 20

13

Jan 2

014

May 20

14

Aug 20

14

Dec 20

14

Apr 20

15

Aug 20

15

Dec 20

15

Apr 20

16

Aug 20

16

Dec 20

16

Apr 20

17

Aug 20

17

Dec 20

17

Cumulative NAV Monthly Return

Mon

thly

Ret

urn

Cum

ulat

ive

NA

V

25.46% 0.78% 15.60%14.53% 0.75% 2.21%14.37% 1.05% 7.21%10.74% 0.78% 5.03%10.08% 0.16% 4.56%9.82% 0.20% 6.89%5.68% 0.52% 2.81%3.95% -0.17% -0.65%2.06% -0.01% 1.63%0.00% 0.00% -0.66%0.00% 0.00% 3.24%

FinancialCons. Non-Cycl.Cons. Cycl.TechnologyUtilitiesIndustrialMaterialsINDEXEnergyDiversifiedComm.

SECTORS

Total

GROSS EXPOSURE

96.68%

MTD

0.00%

YTD

0.00%

India 96.68%

7.00%5.90%5.07%4.35%3.71%

HDFC BANK LIMITEDICICI BANK LTD FOREIGN COMMON STOCK INR2.0MARUTI SUZUKI INDIA LTD COMMON STOCK INR5.0LARSEN + TOUBRO LTD COMMON STOCK INR2.POLARIS CONSULTING + SERVICE COMMON STOCK INR5.0

TOP 5 HOLDINGS WEIGHT

3.86% 4.19%11.47% 10.98%38.16% 40.00%83.60% 63.26%13.40% 10.67%58.62% 56.90%16.04% 14.21%-10.47% -12.56%10.49% 15.45%

1.57 0.07

Latest MonthLast 3 MonthsYear to DateSince Fund InceptionAnnualised ReturnPositive MonthsLargest Monthly ReturnLargest Monthly LossAnn. Standard DeviationAnn. Sharpe Ratio (RFR=1%)

SUMMARY FUND INDEX*

0%

20%

40%

Not Defined 500M - 1B 5B - 10B 50B+

Market Capitalisation (USD)

PERFORMANCE ANALYTICS

MILLTRUST INDIA FUND – NET RETURNS

COUNTRY

38.16%40.00%5.36%1.16%-3.15%-8.22%29.35%29.65%0.68%-3.11%

2017

2016

2015

2014

2013

FUNDINDEX*FUNDINDEX*FUNDINDEX*FUNDINDEX*FUNDINDEX*

5.47% 6.42% 5.30% 3.72% 0.41% -0.34% 4.31% -0.24% -2.90% 6.59% 0.69% 3.86%6.02% 5.35% 6.22% 2.78% 2.29% -0.93% 6.62% -0.83% -3.45% 7.07% -0.52% 4.19%-9.25% -10.47% 16.04% 3.25% 2.46% 3.85% 4.82% 2.02% -0.39% 2.98% -7.23% -0.04%-7.79% -8.00% 14.21% 1.34% 2.72% 1.25% 6.20% 1.87% -1.27% 0.47% -7.46% -0.25%4.32% 0.82% -3.39% -3.96% 2.32% -0.24% 2.47% -8.10% 2.02% 1.29% -1.32% 1.26%8.03% 1.26% -4.82% -5.22% 2.53% -0.81% 1.79% -9.72% 0.81% 1.59% -3.71% 0.91%-3.74% 3.11% 8.26% -0.34% 10.40% 3.60% 0.32% 1.95% 1.19% 2.94% 2.22% -3.04%-5.31% 4.17% 10.70% -0.29% 11.39% 3.90% -0.59% 3.31% -2.23% 5.40% 1.85% -4.56%

-1.13% 2.98% -4.70% -7.61% -2.92% -10.09% 9.51% 11.53% -0.66% 6.04%-0.92% 5.79% -4.18% -8.02% -3.32% -12.56% 10.81% 11.45% -2.78% 3.33%

2017

2016

2015

2014

2013

FundIndex*FundIndex*FundIndex*FundIndex*FundIndex*

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

Established in 1964 as the Unit Trust of India by an Act of Indian Parliament, UTI AMC, a quasi-sovereign entity, is the oldest and the fifth largest asset manager in India.

In January 2010, T Rowe Price International Ltd acquired a 26% stake in UTI AMC. The remaining 74% is equally split between four of the largest state-owned Indian financial companies - Life Insurance Corporation, State Bank of India, Bank of Baroda and Punjab National Bank

UTI International (Singapore) Pte Ltd, a fully-owned subsidiary of UTI AMC, is the flagship company representing the offshore interests of UTI AMC. With two incorporated entities (in Guernsey and Singapore), and branch / representative offices in Dubai, Mauritius and United Kingdom.

The Fund is managed by an experienced team of Indian specialists led by V. Srivatsa who has been running the highly-rated flagship strategy for over a decade. The Portfolio manager is supported by a dedicated team of over 20 investment professionals, one of the largest India dedicated teams amongst its peers.

The Milltrust India Fund (UCITS) adopts an actively managed, long-biased, multi-cap strategy that blends both a value and growth approach to construct a portfolio of high-conviction Indian stocks that will benefit from the long-term secular economic growth of the country.

The strategy involves the identification of stocks with a long-terminvestment perspective that combines large cap heavyweights with off-benchmark mid cap stocks. Investments also follow a thematic basedselection discipline with a focus on niche sectors and a contrarianapproach.

The Portfolio holds 35-40 positions with 60-65% in large caps and the balance in mid and small caps with a 2-3 year investment horizon. A large emphasis is placed on research and selection of mid and small cap stocks which are designed to be the main alpha generators of the fund.

The Fund has the ability to mitigate market volatility through the use of cash.

STRATEGY

FUND PROFILE PARTNERSAdministrator:Depositary:Auditor:Legal:Infrastructure Provider:Promoter & Global Distributor:

SS&C Financial Services (Ireland) LimitedBank of America Custodial Services (Ireland) LimitedKPMGWilliam FryInfrahedge LimitedMilltrust International LLP

IDENTIFIERSISIN Code:Lipper Code:Bloomberg Code:

IE00B9601C5068211936MTINDIA LN

CONTACT INFORMATION

Address:

Telephone:Email:Website

6 Stratton StreetLondon W1J 8LDUnited Kingdom+44 (0)20 8123 8369emma@milltrust.comwww.milltrust.comDealing Investor Queries: milltrust.ir@sscinc.comDealing Trade Instructions: ISTradedesk@sscinc.com

Company: Milltrust International LLP

Investment Manager:

Structure:

Strategy:

Domicile:

Inception Date:

Currency:

Share Classes:

Min. Initial Investment:

Management Fee:

Performance Fee:

Hurdle Rate:

Dealing Frequency:

Notice Period:

Lockup:

Penalty:

UTI International (Singapore) Pte Ltd

UCITS Open-ended Investment Company

Long biased Indian equities

Dublin, Ireland

01 March 2013

USD

Class (A), Class (B), Class (C)

USD 1m (A), USD 100,000 (B), USD 20m (C)

1.30% (A), 1.80% (B), 0.80% (C)

15% over Hurdle Rate

BSE 100 Index (USD)

Daily (Dealing deadline: 10 a.m. Irish time – Notice Period prior to the Dealing Day)

2 business days

None

None

DISCLAIMERFor professional investors only. This document is strictly private and confidential and is issued by Milltrust International LLP, incorporated in the United Kingdom, which is authorised and regulated bythe Financial Conduct Authority. Milltrust International LLP has its registered office at 5 Market Yard Mews, 194-204 Bermondsey Street, London, SE1 3TQ, United Kingdom and is a subsidiary of MilltrustInternational Group (Singapore) Pte. Ltd. None of the investment products mentioned herein are regulated collective investment schemes for the purposes of the UK Financial Services and Markets Act2000. The promotion of such products and the distribution of this document are, accordingly, restricted by law. Most of the protections provided by the UK regulatory system and compensation under theUK’s Financial Services Compensation Scheme will not be available. The investments described herein are only available to investors permitted to invest in the prospectus of the Fund, and are notavailable to private investors. The nature of the Fund’s investments carries certain risks and the Fund may utilise investment techniques which may carry additional risk. The value of investments andthe income from them may fall as well as rise and is not guaranteed. The performance information set out above refers to the past. Past performance is not a reliable indicator of future performance.The investor may not get back the original amount invested. There can be no assurance or guarantee that the Fund’s investment objective and any target return will be achieved, and investment returnsmay vary substantially over time. This document is being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published in whole or in part for anypurpose without the prior written consent of Milltrust International LLP. Accessing this document or using its information is not intended for persons who are restricted or prohibited from accessing orusing this document or its information by relevant laws in any jurisdiction, and it is the responsibility of any person accessing the information contained in this document to observe all applicable lawsand regulations of such jurisdiction. Any investment in the fund should be based on the full details contained in the relevant prospectus and supplements which are available from the MilltrustInternational LLP website www.milltrust.com. Notice to Swiss Investors: Swiss representative and paying agent is: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19,P.O. Box, 8027 Zurich, Switzerland. The prospectus, memorandum and articles of association, the latest annual and semi-annual reports as well the Portfolio changes may be obtained free of chargefrom the Swiss representative. Notice to US investors: The shares of Emerging Markets Managed Accounts plc have not been registered under the 1933 Securities Act or under the 1940 Act; however, thecompany takes advantage of the 3(c)7 exemption and shares are available to 3(C)(1) US “qualified purchasers” and those qualifying under Reg D. Distribution activity in the US is undertaken by SilverleafPartners LLC, a registered broker-dealer based in New York.

INVESTMENT MANAGER

3

Indian Economy India's GDP rebounded sharply to 6.3% in Q2 2017-18, compared to a three-year low of 5.7% in Q1. The gross value added (GVA) to the economy was at 6.1%, up from 5.6% in the last quarter. After witnessing healthy growth in two months – 4.5% (August 2017) and 4.1% (September 2017) – the Index of Industrial Production (IIP) growth almost halved to 2.2% in October 2017. While the electricity sector continued its slow growth, it was the mining sector that led towards the slowdown in the IIP. On the inflation front, Nov CPI at 4.88% came in sharply higher than 3.58% (Oct). The price momentum (1.1%) indicates an across the board increase in inflation (food, fuel, housing as well as core). Price momentum in core items remained elevated. The print reflects: 1. Pass through of higher vegetable prices 2. An upsurge in fuel prices (given the steep price hike in LPG) 3. Higher core inflation and 4. Sustained acceleration in housing index (HRA implementation). The headline inflation readings imply a northbound trajectory until the fiscal year end. Core inflation moved up to 4.9% v/s 4.6% in Oct. India's Q2FY18 current account deficit stood at USD 7.2 billion (bn) (1.2% of GDP); lower than USD 15 bn (2.5% of GDP) seen in Q1FY18. On a QoQ basis, lower CAD was due to lower trade deficit (USD 32.8bn). Higher exports, lower overall imports, lower gold imports implied a lower trade deficit. YoY basis marked higher invisibles tracking a healthy growth in services (13.2%) as well as stronger remittances. Capital Markets The capital markets ended on a spectacular note with the bse sensex giving returns of 28% and mid cap and small cap indices giving 48% and 60% respectively. The month also saw positive returns of 3.8% in local terms for the BSE 100 index. While there was caution in the start of the month, the positive outcome of the provincial elections where the ruling party got elected buoyed the markets and the markets rallied towards the end of the month. Barring the banking sector, most of the sectors outperformed the market with the high beta sectors of resources and real estate leading the way in the current month. In the current year, the rally was led by cyclical such as real estate, consumer discretionary and energy while IT and healthcare underperformed. The domestic liquidity flow continued unabated with the mutual funds pumping in $950 million in the current month and the calendar year saw a record $17 billion of inflows into the markets by the mutual funds and FII flows were negative in the current month, however the year ended with positive flows of $7.7 billion which was substantially higher than the last two years. The next few months would be determined by the outcome of the union budget which would be presented on February 1 and the upcoming quarterly results which is expected to be much better than the previous quarters. Milltrust India fund The Milltrust fund returned a positive return of 3.86% for the current month and performed in line with the benchmark. The key outperformers for the month were IT, real estate and power utilities. The top three sector positions were financials, Information Technology and utilities. Our investment in financials is led by our belief of long term attractiveness of the sector and this sector being a proxy for the recovery of the Indian economy. While there are short term challenges, we believe that the banking industry is strong enough to tide over the short term challenges. Our positions in financials comprises of large cap private sector financials who have demonstrated their ability to grow above market rates and not compromising on quality and make consistent high return on equity. It also comprises of four mid cap banks with strong management, processes and well spread and have the potential to consistently outgrow the industry. Our investment in Information technology is led by our belief of the sector returning to low growth as against market expectation of decline in the profitability, the effective capital allocation of retuning the excess cash through buybacks and higher payout ratio also makes this as a stand out sector in a market where valuations are on the higher side. Our position in utilities is led by demand growth, strong operating leverage and attractive valuations amongst the top sectors.

UTI – December 2017