ORGANISATION PHILOSOPHY PROCESS INVESTMENT TEAM NOTIFICATIONS CONTACT US PROCESS The investment process consists of three elements: screening, research, and portfolio implementation. The screening process starts with a universe of over 6,000 companies with market capitalisations greater than US$100 million. Companies are ranked on the following three equally-weighted factors: P/B, P/E and DY. Based on these factors, companies in the cheapest quartile may be deemed attractive candidates for further research. As part of Edgbaston’s research programme, the investment team produces individual company reports which include an analysis of industry position, regulatory issues, management track record, corporate governance, growth opportunities, and the company’s financial situation. Historical financial statements are checked and restated with particular emphasis on cash flow. Valuations are considered relative to the investment universe, the company’s own history, the peer group, and the existing Investment Programme. Travel to the region and company interviews are integral to the research process. The Edgbaston Portfolio is constructed on a bottom-up basis. The Portfolio is typically invested in 60 to 80 companies diversified across a range of countries, industries and market capitalisation. The Portfolio’s country and sector weights are a by-product of the stock selection process. Edgbaston Investment Partners LLP 105 Piccadilly London W1J 7NJ United Kingdom Email: clients@edgbastonip.com US: +1 (713) 851-8769 London: +44 (0)20 7258-3170 Facsimile: +44 (0)20 7258-3188 All Rights Reserved | Disclaimer | Designed and built by Comtecs

ORGANISATION PHILOSOPHY PROCESS INVESTMENT TEAM NOTIFICATIONS CONTACT US CONTACT US Further information about Edgbaston Investment Partners is available on request. For all enquiries, contact a member of our Client Service & Business Development Team: Charlotte Gibson clients@edgbastonip.com +44 (0)20 7258-3177 Kayleigh Smith clients@edgbastonip.com +44 (0)20 7258-3183 ADDRESS Edgbaston Investment Partners LLP 105 Piccadilly London W1J 7NJ United Kingdom Google Maps Edgbaston Investment Partners LLP 105 Piccadilly London W1J 7NJ United Kingdom Email: clients@edgbastonip.com US: +1 (713) 851-8769 London: +44 (0)20 7258-3170 Facsimile: +44 (0)20 7258-3188 All Rights Reserved | Disclaimer | Designed and built by Comtecs