AS OF 06-30-2017
| Top 10 Holdings (excluding cash) | |
| Revlon Inc. (REV) | 13.4% |
| AMC Entertainment Holdings (AMC) | 7.7% |
| International Game Technology PLC (IGT) | 7.4% |
| Clear Media Ltd. (100 HK) | 6.8% |
| Intralot SA (INLOT GA) | 6.6% |
| Jardine Strategic (JS SP) | 6.6% |
| First Pacific Corp. (142 HK) | 6.0% |
| Rallye SA (RAL FP) | 5.9% |
| KT Corp. (KT) | 4.9% |
| ABS-CBN Corp (ABS PM) | 4.8% |
| Portfolio Characteristics | |
| Mkt. Cap. (wtd. avg.) | $8.1 bil. |
| Mkt. Cap. (median) | $1.2 bil. |
| EV / EBITDA | 6.7x |
| Price / FCF | 10.3x |
| FCF yield | 9.7% |
| 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.