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PYN Elite Fund October 2014

PYN Elite Fund October 2014. PYN ELITE Facts . Geographical allocation. As of 15th of October 2014. PYN ELITE –Investment Strategy . Macro top-down: markets for 2013 – 2018 Vietnam and China / Hong Kong Undervalued, overlooked small / medium cap companies

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PYN Elite Fund October 2014

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  1. PYN Elite Fund October 2014

  2. PYN ELITE Facts Geographical allocation As of 15th of October 2014

  3. PYN ELITE –Investment Strategy • Macro top-down: markets for 2013 – 2018 Vietnam and China / Hong Kong • Undervalued, overlooked small / medium cap companies • Investment criteria: P/E, market cap / sales, dividend growth, earnings growth, assets, contrarian view and historical valuation • Company visits and regular contact with management after investment • Own research and analysis • Long-only

  4. Top Holdings Top holdings per 15 October 2014 C: Currency for the statistics for individual company Peak: Shows the year of historical highest market cap in the past decade and the published revenue, profit and equity 20EE: Shows our target market cap, revenue, profits and equity within the next three years*Mobile World listed on 14th July 2014 so the figures are pre-IPO**Mobile World market cap at subscription price*** Includes one-time gain

  5. Thailand, China, Vietnam and Asia ex Japan stock market performance for past 5 years During years of 2007 – 2012 both Vietnam and China stock markets have been declining and underperforming Asian stock markets. 2013 China and Vietnam markets have been rather stable. PYN ELITE –fund has defined Vietnam and China to be its core markets for the period of 2013 – 2018. (Indexes per 15thOctober 2014)

  6. Vietnam and Hong Kong Price to Book vs. Historical Average Over three-year period of exceptionally tight regulation of chinese real estate market and liquidity has influenced the sentiment of the stockmarket. Chinese stocks look very attractive compared to the historical price to book ratios. The uncertain economic cycle of banking and property sectors has influenced for quite some time on the general sentiment of the Vietnam stock market As a result, all the stock pricesstart to look very attractive compared to the historical price to book ratios. (Indexes per 30th September 2014)

  7. PYN ELITE vs Indexes During its 15 year history PYN ELITE has managed to achieve significantly higherreturns than related indexes. Outperformance for Asia ex Japan index and Thailands SET-index, Thailand being the main market for the funduntil the yearend of 2012. (Indexes per 30th September 2014)

  8. PYN ELITE cumulative performance Cumulative return +2 517 % Annualized return +23,1% YTD 15th October 2014 Source Bloomberg

  9. Top 20 Ranking – Funds by Morningstar per 15th October 2014

  10. Elite and Populusvs Relative Index This table clearly shows the characteristics of our funds to underperform the index during the bear markets but strongly outperform in bull markets. Relative Index: Populus Fund: MSCI Asia ex Japan Elite Fund: SET Index

  11. PYN Fund Management Ltd • Founded 1999 • Supervised by Finnish Financial Supervisory Authority • Independent and owned by management • Mutual Fund Populus was merged to Mutual Fund Elite on 30.9.2013 • Petri Deryng has been the portfolio manager since 1999

  12. Contact Details

  13. Disclaimer This document has been prepared for general information purposes on the basis of information obtained from public domain and represents the view of PYN Fund Management Ltd at the time of publishing. No information presented may be regarded as investment advice, solicitation, recommendation or invitation to subscribe or redeem fund units. Any and all information presented is subject to change without prior notice. Even though the aim of PYN Fund Management Ltd has been to obtain reliable and comprehensive information, the company guarantees neither the completeness nor correctness of the information contained in the document nor shall be held liable for any errors or omissions in the information contained therein or for any loss which may arise from reliance on the information. Past performance is no guarantee of future returns. The value of an investment may either rise or fall and investors are therefore at risk of losing assets invested in a mutual fund partly or totally. Mutual Fund Elite (non-UCITS) is not covered by Investors' Compensation Fund or Deposit Guarantee Fund. Fund regulations, key investor information documents as well as other mutual funds documents can be obtained from the website www.pyn.fi or alternatively from PYN Management Company Ltd. Before making an investment decision, customers should always familiarize themselves with these documents.

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