AS OF 12-31-2018
| Top 10 Holdings (excluding cash) | |
| Aimia Inc. (AIM CN) | 19.8% |
| Revlon Inc. (REV) | 15.9% |
| Clear Media Ltd. (100 HK) | 12.1% |
| AMC Entertainment Holdings (AMC) | 8.1% |
| Jardine Strategic (JS SP) | 5.4% |
| KT Corp. (KT) | 5.3% |
| Village Roadshow Ltd. (VRL AU) | 4.0% |
| International Game Technology PLC (IGT) | 3.7% |
| CMIC Holdings Ltd. (2309 JP) | 3.1% |
| Intralot SA (INLOT GA) | 3.0% |
| Portfolio Characteristics | |
| Mkt. Cap. (wtd. avg.) | $4.0 bil. |
| Mkt. Cap. (median) | $722 mil. |
| EV / EBITDA | 6.3x |
| Price / FCF | 9.2x |
| FCF yield | 10.9% |
| Country Exposure | |
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Note: The top ten holdings and portfolio characteristics shown above are based on a representative account. The representative account is an actual, separately managed portfolio representative of the firm’s investment strategy. The information shown is not intended nor should it be construed to be a recommendation to buy or sell an individual security.