EFA Dynamic Trade Finance FundQ2 2016

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About EFA Group

Over USD $1 billionfinancedin 2015

Over 150 real economy partnersspanning Asia, Europe, Middle East

Global presence inSingapore, Geneva, Dubai, Istanbul, London

•  Independent asset manager established in 2003, deploying capital into the real economy sector

•  Headquartered in Singapore and regulated by the Monetary Authority of Singapore (Capital Market Services license)

•  Investment strategies in trade finance, private debt and bespoke

solutions

•  Integration of environmental, social & governance (ESG) criteria in investment analysis and decision marking

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EFA Group Investment Platform

First Class Service Providers

(Banks, Insurances, Collateral managers,Warehouse, Logistic companies)

First ClassGlobal Investor Base

(Pension funds, Insurance companies, asset managers endowments & foundations, private banks,

family offices, private individuals)

Longstanding Relationshipwith Portfolio Companies

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Responsible Investments

EFA integrates ESG criteria in its investment analysis and decision making

•  The implementation of ESG factors into our portfolio construction & investment strategy helps us measuring the sustainability and ethical impact of our borrowers and identify companies with superior business models

•  We assign a questionnaire to each borrower during the due diligence process and renewal facility, to ensure that they meet our ESG scoring

EFA is a signatory to the Principles for Responsible Investment (PRI)

•  The Principles aim recognizing the materiality of environmental, social and corporate governance issues•  In implementing the Principles, EFA contributes to the development of a more sustainable global financial system

Section 1: Trade Finance Overview

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Global Trade Overview

AFRICA$0.5tr total exports (3%)

ASIA-PACIFC$5.8tr total exports (33%)

MIDDLE EAST$1.1tr total exports (6%)

CIS$0.7tr total exports (4%)

EUROPE$6.6tr total exports (37%) NORTH AMERICA

$2.4tr total exports (13%)

SOUTH & CENTRAL AMERICA

$0.7tr total exports (4%)

US$ 18 TrMerchandise exports of World Trade Organization members in 2015

US$ 12 TrGlobal trade finance market

US$ 6.5 - 8 TrBank-intermediated trade finance

Over 50%SME impacted by the lack of trade finance

WTO Trade Finance and SMEs Report (May 2016)

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The Ecosystem of the Global Trade Flow

Financiers Transport

Importers & Exporters

Professional Services

$$$

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Trade Finance is the business of financing the supply chain for commodities, raw materials and goods

Trade Finance Principles

PRODUCTION

Country A Country B

STORAGE TRANSPORT CONSUMPTION

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Uncorrelated returns

•  Income generator•  Absolute return strategy

Liquid Investment Low Risk Assets

•  Secured transactions with full recourse on balance sheet

•  Loans are short-term (usually below 180 days)

Commodity Trade Finance Features as an Asset Class

Section 2: EFA Dynamic Trade Finance Fund

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What is a Trade Finance Fund?

IT IS: IT IS NOT:

•  A diversified portfolio of direct loans made to companies buying, shipping and selling commodities, industrial materials and consumer products on a cross border basis.

•  A commodity fund •  A factoring fund•  A forfeiting fund•  A secondary market debt fund

•  Transactional finance with following features: •  Self liquidating •  Short term•  Secured•  With recourse to balance sheet & guarantors

•  General working capital•  Unsecured lending

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Fund Performance Since Inception

100%positive returns since inception

< 1%

Low correlation

volatility over 1 year of 0.41%

to all other asset classes

50.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16

EFA Dynamic ll Fund Ltd iBoxx Investment Grade BondLIBOR USD 3M Rogers Commodity Index

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Proven Track Record

ESG Compliant

Investment Philosophy

RelationshipBuilding

Existing Banking Lines

•  Excellent and proven track record in the industry

•  Strong market reputation

•  Businesses have existing credit facilities with the banks

•  Promotes and is compliant with environmental, social and corporate governance practices

•  Professional relationship between EFA & respective portfolio companies

Selection of portfolio companies

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A Need for Alternative Financiers

Why portfolio companies work with us

Diversification

•  SMEs see the need to diversify their source of capital

Speed & Flexibility Transaction Size

•  Ability to finance smaller transactions

•  Capture mid size transactions left by the bank

•  Offer flexibility, speed and reactivity

•  Able to provide bespoke financing solutions

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Recourse to Balance Sheet

Loan Features

Short-Term

Loans are short-term in nature, with maturity below 360 days

Self-liquidating

Loans are collateralized by presold transactions

Secured Collateral

The underlying goods are generally secured from legal & physical control standpoint

Loan is with recourse to the borrower’s balance sheet & the business owner (where applicable)

Loan to Value Ratio

Loan amount granted is typically between 75% to 90% of the value of the underlying commodity

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Portfolio Data (as of 30.06.2016) Portfolio Maturity Profile1

Total Facilities Granted : US$ 352m

Number of Borrowers : 52

Average Facility Granted : US$ 6.8m

No. of Loans in Portfolio : 225

Average Loan Transaction Size : US$ 912k

Financing Volume Year-to-Date : US$ 274m

Average Gross Yield (excluding fees) : 7.2%

1 Computed based on weighted average of outstanding loans as of 30.06.2016

Key Performance Indicators

72%

4%

3%

21%

0% 10% 20% 30% 40% 50% 60% 70% 80%

< 60 days

61-90 days

91-180 days

> 180 days

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Portfolio Exposure

Borrower Legal Domicile (Top 5)1 Commodities (Top 10)1

Underlying Sector Exposure (Top 5)1

1 Computed based on weighted average of outstanding loans as of 30.06.2016

13.9%

11.8%

7.7%

6.9%

6.5%

6.3%

5.8%

3.9%

3.9%

3.6%

0% 2% 4% 6% 8% 10% 12% 14% 16%

Aluminium

Wheat

Sun Flower Oil

Cocoa Beans

Sunflower Seeds

Specialized Steel

Steel/Metal Scrap

Rapeseed

Food Products

Steel Flat Prod - Slabs

39%

15%

11%

10%

7%

0% 10% 20% 30% 40% 50%

Switzerland

UAE

Luxembourg

Turkey

Singapore

49%

24%

8%

5%

3%

0% 10% 20% 30% 40% 50% 60%

Agriculturaland Food

Metals &Minerals

ConsumerProducts

IndustrialRaw Materials

Energy

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Risk Management

•  Strong track record •  Extensive due diligence process, market checks, regular monitoring

•  Self-liquidating secured transaction loans•  In-depth financial & liquidity analysis

•  Under stringent Monetary Authority of Singapore’s regulation•  Full insurance on fidelity & professional risks

•  Trade flows are mostly pre-sold •  Conservative collateral coverage ratio, including mark-to-market

adjustment mechanism

•  Covered by general cargo insurance policies

•  Most loans are in USD

MitigantsRisks

•  Systematic 3rd party verifications along the supply chain

Borrower’s Performance

Credit

Fund Manager’s Operations

Commodity Price

Damage/loss Goods

FX Volatility

Fraud

Liquidity •  Portfolio composed of Self-liquidating loans, within fund liquidity terms

Exposure

Medium

Low

Low

Low

Low

Low

Low

Low

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Fund Terms

Summary Terms of the FundMaster Fund Name : EFA Dynamic Trade Finance Fund LtdFeeders : EFA Dynamic II Fund Ltd (The Company) / LP (The Partnership)Type : Absolute return, market-neutralTarget Return : 6-7% p.a. net of all feesTarget Volatility : <1%Management Fee : 1.5% p.a. payable monthlyPerformance Fee : 15% p.a. payable quarterlyHurdle Rate : NoHigh Watermark : YesLeverage : Optional (0-10% credit line for cash management)Status : Open endedSubscription : MonthlyRedemption : Quarterly (1st Business Day of January, April, July, October) with 90 days noticeManagement Company : EuroFin Investments Pte Ltd (Singapore)Legal Form : CorporationJurisdiction : Cayman IslandsCustodian : Standard Chartered Bank (Singapore)Administrator : Standard Chartered Bank (Singapore)Auditor : Ernst & YoungISIN : KYG7857A1094Bloomberg Ticker : EFADY2F KY <Equity>

Section 3:Investment Process & Risk Management

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Investment Process

ORIGINATION •  Proprietary network•  Conferences & industry events

PORTFOLIO COMPANY IDENTIFIED

•  Pre due diligence checklist•  Face-to-face meeting (Who are you? What do you do? Why do you need the money? How much

money do you need? How do you manage your risk?)

TERM SHEET •  Indicative term sheet that includes all commercial and legal terms (forms basis of facility agreement)•  Fees paid to the fund

DUE DILIGENCE •  Operational, financial, KYC and on site due diligence

INVESTMENT COMMITEE •  Information memorandum presented to Investment Committee for decision to be made at unanimity on a weekly basis

FINANCE DOCUMENTS •  Finance, securities and guarantee documents to be executed

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Portfolio & Risk Management

PORTFOLIOMANAGEMENT

•  Loan transaction, disbursement, follow up and repayment•  Daily monitoring of drawings and outstanding loans for conformity to the terms and conditions of

facility

OPERATIONAL WORKFLOW REVIEW

•  Annual credit investment review and renewal (or as and when required)YEARLY RENEWAL

•  Weekly operational and commercial review of portfolio companies and positions

MODUS OPERANDI •  Internal risk management and operational set up•  External modus operandi set up with the borrower, banks, logistics companies and insurance

Section 4: Appendix

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EFA Partners

Christian StaufferChairman

•  Over 25 years of experience in structured finance, trade finance, physical trading and direct investments

•  Previously worked for Noble Group, Andre Group and Finco Asia

Craig DimmickDirector

•  Over 30 years of experience in trade finance, corporate finance, risk management and compliance

•  Previously worked for Rabobank, Bank of Hawaii and Texas Instruments

Francois DottaChief Executive Officer

•  Over 10 years of experience in trade finance, corporate finance and direct investments in Asia, Middle East and Europe

•  Previously from Pricewaterhouse Coopers

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EFA Management Team

•  Co-founded two FinTech companies in financial planning, mobile payments and loyalty processing solutions

•  Over 10 years of experience in mergers & acquisitions, private equity investments, strategic planning and corporate finance

•  Over 11 years of operations and risk management experience in structure commodity trade-finance, corporate finance

•  Previously worked at UBS Singapore as Executive Director, European Offshore Team and JP Morgan Private Bank Office, Zurich

•  Previously worked at Associate in the Manila office of Baker & McKenzie International

Etienne Van den BogaertChief Operating Officer

Chen MuyuChief Financial Officer

Clement SchapplerChief Risk Officer

April RaimundoChief Legal Officer

Dominik OggenfussHead of Investor Relations

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EFA Group Organizational Chart

ADMIN / HR

DISCRETIONARY PORTFOLIO

MANAGEMENT

BUSINESS FUNCTIONAL

CEOFrancois Dotta

IT

Audit Committee

Executive Chairman Christian Stauffer

STRUCTURED TRADE & COMMODITY

FINANCE

Investment Committees

Remuneration Committee

Risk Committee

Executive Director Craig Dimmick

PRIVATE CAPITAL

OPERATIONS INVESTOR RELATIONS COMMUNICATIONS FINANCE LEGALCOMPLIANCERISK

Compliance Committee

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Awards Won

WINNER 2014: EuroFin Asia Most Innovative Product - SingaporeAsia Asset Management BoB Awards, Jan. 14

WINNER 2014: EuroFin AsiaBest Alternative Trade Financier, Asia PacificGTR Magazine Awards, July 2014

WINNER 2013: EuroFin AsiaBest Trade Finance Boutique, Asia Pacific Trade Finance Magazine, June 2013

WINNER 2014: EuroFin AsiaBest Trade Finance Boutique, Asia PacificNo. 2 Trade Finance Boutique, GlobalTrade Finance Magazine, June 2014

Trade Finance

FINALIST 2015: EuroFin Asia Credit Fund of 2014, Credit Fund – Long Term PerformanceInvestors Choice Awards, Mar. 15

NOMINATED 2015: EuroFin Asia Independent Wealth Manager, Alternative Investment ManagerWealthBriefing Singapore Awards, Mar. 2015

Asset Management

WINNER 2015: EFA GroupBest Trade Finance Boutique, Asia PacificTrade Finance Magazine, June 2015

WINNER 2015: LH Asian Trade Finance FundMost Consistent Asia-based Fund Eurekahedge Asian Hedge Fund Awards, May. 15

WINNER 2015: EuroFin Asia Boutique Investment Manager of the Year, Asia, Best Niche Income Strategy, Asia2015 International Fund Awards, May. 2015

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Contact

Disclaimer EuroFin Investments Pte Ltd make no representations or give any warranties in relation to this presentation and disclaims all responsibility in relation thereto and for any consequences arising from the recipient investing in preferred shares of the proposed Fund as a result of matters disclosed hereby. The recipient should not rely on the contents of this presentation and should seek independent professional advice before investing in the proposed Fund.This presentation does not purport to provide all of the information the recipient may require in order to evaluate an investment in the proposed Fund. This presentation contains statements, opinions, views and matters, the truth, accuracy or completeness of which is not assured or warranted. Actual results could also differ materially. The past investment performance of EuroFin Investments Pte Ltd cannot be construed as an indication of the future results of an investment in the proposed Fund. Neither EuroFin Investments Pte Ltd, nor its related entities, affiliates and officers guarantee or make any representations as to the success of the proposed investment programme, nor as to the economic return or target return mentioned in this presentation. The delivery of this presentation does not, under any circumstances, imply that the affairs of EuroFin Investments Pte Ltd or the prospects of the proposed Fund, or any information affecting it have been fully or correctly stated or that they have not changed since the date of this presentation, or since the date at which the information is expressed to be applicable, or the date at which the information was obtained. EuroFin Investments Pte Ltd is not responsible for updating any such information or to inform recipients of any new information which EuroFin Investments Pte Ltd may become aware in relation to the prospects of the proposed Fund or the matters herein.This presentation shall not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for any preferred shares. Any further distribution or reproduction of this document, in whole or in part, or the divulgence of any of its contents, is prohibited. The state of origin of the Fund is the Cayman Islands.The state of origin of the Fund is the Cayman Islands. This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art10 Para. 3,3bis and 3ter CISA. The Representative in Switzerland is ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zürich, whist the Paying Agent is NPB Neue Privat Bank AG Limmatquai 1/am Bellevue PO Box CH-8022 Zurich. The basic documents of the fund as well as the annual report may be obtained free of charge at the registered office of the Swiss Representative.

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EuroFin Asia Group Pte Ltd6 Raffles Quay #11-05

Singapore 048580T: +65 6325 0150F: +65 6220 4312

investor.relations@efa-group.netwww.efa-group.net