AS OF 09-30-2018
| Top 10 Holdings (excluding cash) | |
| Aimia Inc. (AIM CN) | 18.3% |
| Revlon Inc. (REV) | 16.6% |
| AMC Entertainment Holdings (AMC) | 14.9% |
| Jardine Strategic (JS SP) | 4.8% |
| KT Corp. (KT) | 4.5% |
| Clear Media Ltd. (100 HK) | 4.4% |
| International Game Technology PLC (IGT) | 4.1% |
| Intralot SA (INLOT GA) | 4.0% |
| HC2 Holdings (HCHC) | 3.3% |
| CMIC Holdings Ltd. (2309 JP) | 3.3% |
| Portfolio Characteristics | |
| Mkt. Cap. (wtd. avg.) | $4.8 bil. |
| Mkt. Cap. (median) | $855 mil. |
| EV / EBITDA | 6.9x |
| Price / FCF | 9.4x |
| FCF yield | 10.6% |
| 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.