fim partners annual equities sustainability report 2020

Strictly Confidential 1

FIM Partners

Themes

FIM Partners

Annual Equities Sustainability Report

2020

2

I am pleased to present FIM Partners’ inauguralEquities Sustainability Report which highlights ourapproach to integrating ESG factors into ourinvestment processes along with key initiatives atthe firm and portfolio level.

ESG is not an alien concept for us but rather anatural progression of our investment approachwhich emphasizes a holistic understanding of ourinvestments. What began as a strong emphasis ongovernance related factors has now evolved toincorporate environmental and social factors whichcoincides with our goal of generating strong risk-adjusted returns with a long-term investmenthorizon.

In 2019, we expanded the parameters of our duediligence framework to include environmental andsocial factors vis a vis our proprietary ESGscorecard. At the same, given the relatively weakerdisclosure requirements in our investment space,we saw immense value in developing an internalESG KPI database. In the same year, we solidifiedour commitment to responsible investing bybecoming signatories of the U.N. Principles ofResponsible Investment.

2020 was particularly important for our internalsustainability efforts. We strengthened our in-housecapabilities by hiring a Sustainability Lead who intandem with the Head of Research will worktowards augmenting our sustainability toolkit vianew initiatives and improving our existingprocesses and procedures. We also engaged aleading UK-based sustainability consultancy towhet our existing ESG strategies in line withinternational best practices.

Sustainability, like any other aspect of investing, isa journey, to which we are firmly committed tobecoming leaders in. But more importantly, Ibelieve that it can the source of a valuableinformation edge that is imperative for success inmarkets where disclosure requirements have yet tocatch up to the developed world.

Going forward, we will continue to enhance ourinternal sustainability capabilities whilst also usingour platform to enhance awareness as part of ourcommitment to being a responsible investor.

Hedi Ben MloukaFounder and CIO

Message from our CIO


Responsible Investment At FIM Partners

At FIM Partners, the integration of sustainable ormore specifically, environmental, social andgovernance (ESG) factors is an integral pillar of ourinvestment approach. Our due diligence processmandates developing a holistic view of the entireecosystem surrounding our investments and thiswould not be complete without an assessment oftheir long-term sustainability.

We firmly believe that applying an overlay ofsustainability factors over financial attributesprovides an added level of scrutiny that ultimatelyleads to better investment decisions. ESG shouldnot be a mere box ticking exercise but rather an

engine to facilitate positive change. Our decadelong experience in these markets has taught us thatengagement via constructive dialogue can be apowerful platform to do so. Engaging, and moreimportantly, educating our companies about globalbest practices allows us to understand howmanagements perceive and manage non-financialfactors which in turn feeds into our informationedge.

We also align with the six principles of the UNPrinciples of Responsible Investment and havebeen committed to embedding them in our strategyand decision-making processes.

EM Frontier Fund - Annual Sustainability Report

2020FIM Partners

Investment PillarsThemes

ESG

Macro Tracker

Business ModelValuation

▪ Countries facing sanctions

▪ UNGC violators

▪ No-go sectors such as illegal weapons, adult entertainment, gambling, alcohol and tobacco

Exclusion Integration

▪ FIM ESG Scorecard

▪ Annual Management Questionnaire

▪ Site Visits / Management Meetings

▪ FIM ESG KPI metrics database

▪ Controversy Alert tool

Engagement

▪ Proxy voting

▪ Direct engagement

▪ Emphasis on constructive dialogue

▪ 300+ corporate interactions in 2020

ESG in the Investment Process


Pillar 1 - Exclusion

There are three clearly defined levels of exclusionapplied to our investment universe:

Country exclusion: Countries that are facingsanctions by one or more Sanctions Authorities areexcluded from our investment universe. Thesanctions can be economic or financial and caneven include trade embargoes that areadministered or enforced from time to time.

UNGC violations: We exclude companies thathave consistently breached one or more of the TenPrinciples of the UN Global Compact (UNGC)without introducing any measures to mitigate theeffects. However, we monitor violators on anannual basis and those companies that have takenconcrete measures to rectify the original violationsand carry a low probability of future violations maybe allowed to become part of our investmentuniverse.

Sector exclusion: We exclude certain sectorsbased on our norms and values that we perceive ashaving a detrimental impact on the environment orsociety whilst also carrying long-term ESG tailrisks. Some of the key excluded sectors includeadult entertainment, alcohol, gambling, illegal &nuclear weapons and tobacco*.

▪ Tobacco

▪ Alcohol

▪ Adult Entertainment

▪ Gambling

▪ Illegal & Nuclear Weapons

▪ Coal Mining

No-Go Sectors


2020FIM Partners

▪ Human Rights

▪ Labor Standards

▪ Environment

▪ Anti-Corruption & Bribery

UNGC Principles

*Further details on our exclusion criteria

can be found in the FIM Partner’s

Responsible Investment Policy.

Pillar 2 - Integration

Integration entails evaluating all potentialinvestments on a range of quantitative andqualitative criteria through our proprietary ESGScorecard. The Scorecard measures eachcompany performance across 40 indicatorscovering a range of quantitative and qualitativecriteria across the ESG spectrum. The purpose ofthe scorecard is not to feed into another layer ofexclusion per se but rather to identify material risksthat could lead to future areas of engagement.Scorecards are updated annually unless a materialevent occurs in the interim in which case the matteris immediately flagged to the Sustainability Leadand raised to the Investment Committee toascertain the next steps.

All portfolio companies are required to completeour annual management questionnaire along with aESG KPI supplement encompassing 16 unique

data points. Whilst aiding our scoring assessment,the combination of the questionnaire and the ESGKPI supplement serve as an awarenessmechanism to help managements get in the habitof collecting and analyzing certain data points,eventually leading to us educating them on theirmerits.

Internally, given the dearth of third-party ESGcoverage of our markets, the KPI supplement helpsaugment our internal database which we utilize forbenchmarking and cross-comparison purposes.There have been instances where we shareindustry level insights with portfolio companies toflag areas of improvement and industry bestpractices, thus feeding into our engagement efforts.


▪ FIM Proprietary ESG Scorecard covering 40 Indicators

▪ Pre & Post Investment Controversy Tracking

Method


2020FIM Partners

Our scoring methodology employs a Low risk/Bestpractice to High risk/Minimum criteria with ascoring range of 0-100 with 50 deemed as aminimum inclusion score. Exceptions to the ruleare potential investments for which there is strongevidence that the company’s score will exceed theminimum threshold in the near term. Currentlythere are no investments in the portfolio that scorebelow the minimum threshold.

We do not outsource our investment due diligenceprocess as we believe the investment team shouldhave a holistic view of an investment; withsustainability not being an exception. As such, thebulk of our sustainability related due diligenceefforts are conducted by the investment team withthe oversight of the Sustainability Lead and Headof Research.

The addition of our Sustainability Lead to the team

at the end of 2020 marks an important milestone.By augmenting our internal capabilities, we arebetter positioned to enhance our integration andengagement processes and efforts.

External Resources

We have retained the services of Sustainalytics, aleading global ESG risk rating provider, primarily toassist in flagging controversies for potential andexisting investments through their proprietaryControversy Alert Tool. We also rely on their globalexpertise to strengthen our internal methodologies,especially when it comes to sector materialityissues and global best practices. However, giventheir relatively low coverage of our investmentuniverse, coupled with its inherent publicinformation deficit, we do not rely on their riskratings.

OutputsInformation Sources

▪ Annual Management Questionnaire

▪ Public information i.e. regulatory filings, media reports, etc.

▪ Site Visits & Management Meetings

▪ Sustainalytics Controversy Alert Tool

▪ Investment ESG Score from 0-100 with 50 deemed a minimum passing score (with exceptions)

▪ FIM ESG KPI Database

▪ Identifying future engagement areas

Pillar 2 – Integration Process

Samples of FIM’s Management Questionnaire and ESG Scorecard



2020FIM Partners

Voting

Where the power to vote proxies or to takeshareholder actions on other corporate actions hasbeen delegated to FIM Partners, we vote proxiesand act in the best interest of our clients based onwhat we believe will maximize shareholder valueas a long-term investor, all in accordance with ourProxy Voting and Corporate Action Policy.

Direct Engagement

In our experience, engagement enhances businesspractices and helps to identify leadingmanagements. Building awareness aboutsustainable practices in the markets we invest inmay take time but ultimately will bear fruit. We donot delegate the responsibility of connecting with

our shareholdings to external consultants. In 2020,our analysts had over 300 corporate interactions.

Our engagements are designed to elicitconstructive dialogues with managements wherewe focus on educating versus dictating as we arecognizant that change is a gradual process. Ourengagement priorities are centered on materialESG risks and/or the development ofcontroversies. If the team does not see any signsof improvement from its engagement effortsfollowing the passage of a reasonable amount oftime, the team will consider divesting from aninvestment keeping the materiality of theengagement matters in perspective.

Highlights of our key engagement efforts during theyear are as follows:

Sample letters sent to Managements and Boards

Pillar 3 - Engagement



2020FIM Partners

Filipino Packaged Food ManufacturerIssue: Labor rights (UNGC Principles)

During the enhanced community quarantinelockdown in the Philippines, worrisome newsregarding the occupational health and safety of thecompany’s factory workers came to light frommedia reports. We immediately contactedmanagement and sought an urgent explanation.

The management explained their policies andprotocols during the lockdown and provided us withtime-stamped photographs of the worker housingfacilities. They clarified that the lockdown, coupledwith a lack of public transportation, forced some ofthe workers to briefly stay on the factory premiseswhere they were provided adequateaccommodation. All workers were also providedextra month’s pay and provided free meals, PPEand health supplements.

Outcome: Engagement successful.

Bangladeshi Mobile Telecom OperatorIssue: Sustainability Reporting & Disclosures

We have been communicating with managementon the importance of sustainability and associateddisclosures. The company issued its lastsustainability report in 2014 and since ceased thepractice. We raised this issue with managementand pro-actively worked with them by sharing bestpractice disclosures from leading global telecomoperator. After several months of discussion, werecently received a positive response frommanagement who informed us that they will beincluding sustainability disclosures with theirupcoming 2020 Annual Report.

Outcome: Engagement successful.

Egyptian Medical Diagnostic Service ProviderIssue: Business Strategy, Management Quality

Having been shareholders of the company since2015, we have historically engaged with themanagement and its Board on a range ofgovernance issues. In June 2020, we wrote adetailed letter to the CEO explaining our concernsregarding the company’s business strategy withrespect to its governance and depth ofmanagement. When theCEO’s response was not

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2020FIM Partners

very enthusiastic, we took the matter to theChairman of the Board asking him to take acomprehensive review of their business strategy. Inhis response to us, the Chairman assured us thathe will take the points raised to rest of the Board.

Outcome: Engagement ongoing.

Kuwaiti Education Service ProviderIssue: Business strategy and dividend distribution

Being shareholders since 2017, we havehistorically successfully engaged with managementon a number of issues. Recently, we have hadconcerns with the overall business strategyincluding capital allocation.

In November, we engaged the company’sChairman on their business strategy andrecommended to enhance their dividend payoutgiven the excessive cash on the balance sheet. Wealso asked the company to reconsider an optimalcapital structure for the company by considering

taking on more leverage. The company hasacknowledged our concerns and hascommunicated their willingness to consider oursuggestions.


Egyptian e-payments platformIssue: Business strategy

We engaged with the company and presentedthem with ideas to enhance their business strategy.In our formal presentation, we highlighted theopportunities the company can take up to monetizeits customer base. The ideas were well received,and we aim to follow-up with the company duringthe course of the year to track the progress of ourrecommendations.


EM Frontier Fund - ESG Highlights

* This includes financial companies which represent 30% of our portfolio, as well as companies that have not yet responded to our management questionnaires because of the grace period afforded to them due to the pandemic.

54%

companies

have adopted environmental

management systems

58%

companies

have formal environmental

policies

42%

companies

monitor their energy

consumption*

35%companies track

their carbon footprint*

96%

companies have

opportunities for human capital

development

88%

companies

have CSR initiatives and

activities

63%

companies

have at least one woman in

senior management

companies whose

Board is at least one-third independent

69%

companies have

at least one independent

director on its Audit Committee

85%

All our companies

have independent directors on

their BoDs

85%

companies have

at least one woman on the

BoD

92%companies have

anti-bribery policies

73%companies have

whistleblower programs



2020FIM Partners

Pakistani Cement ManufacturerESG Highlight: Waste heat recovery

Our portfolio company is the cleanest cementmanufacturer in the country, that is focused onlimiting its carbon emissions while enhancingenergy efficiency. Over the years, the companyhas invested in vertical grinding mills whichreduced energy consumption on average by10% on a per ton basis.

Similarly, the company has invested in WasteHeat Recovery plants which account for 50% ofits energy requirements with the remainingbalance derived from natural gas. The companyalso focuses on other environmental initiativeswhich include finding alternate sources of energyfrom shredded tyres, municipal waste and ricehusk. These practices have led to a reportedreduction of 29,000 metric tons of carbonemissions. The culmination of these initiativeshas led to the company being the lowest costcement producer in the country.

Peruvian BankESG Highlight: Financial inclusion

According to The World Bank’s Global FindexDatabase 2017, 31% of the world’s adults (1.7billion) have no access to any financial services.This portfolio company emphasizes bridging thefinancial inclusion gap by educating clients aswell as non-clients about financing, budgetingand saving through digital learning platforms aswell as physical lectures and workshops.

Key initiatives include: (i) providing services viadedicated agents in small stores, pharmacies,internet cafes etc, (ii) providing mortgage loansto low-income populations through a statehousing program and, (iii) introducing mobilewallets and apps which allow users to makedeposits, withdrawals, transfers etc usingcellular phones. Through its microfinancebusiness, the company has reached 1.21 millionpreviously unbanked Peruvians.

EM Frontier Fund - ESG Highlights (contd.)

11

2020 in Review

Business case for ESG

To promote sustainability initiatives, FIM Partnershas not only been communicating with itsportfolio companies, regulators and like-mindedinvestors, but has also been actively trying tobuild awareness by uplifting the UN Principles ofResponsible Investments on various publicplatforms.

Earlier in the year, FIM Partner’s Head ofResearch Mohammad Ali Hussain published anarticle in Pension & Investments where hehighlighted the opportunities as well as thechallenges of ESG investing in Frontier Markets(to read the article, please click here). He alsospoke to Citywire where he emphasized theimportance of educating corporates as well asregulators about ESG factors (to read the article,please click here).

Enhancing our Sustainability Toolkit

Sustainability is a journey to which we arecommitted to enhancing and improving. This yearwe have strengthened our internal capabilities byadding a Sustainability Lead to our team. Thismarks an important milestone as we recognizethe value of having a dedicated resource towardsleading our sustainability efforts.

In June 2020, we engaged Sancroft, aninternational sustainability consultancy with over20 years of experience in helping developsustainable strategies, integrating ESG factors ininvestment processes and establishing effectivestakeholder engagement. Banking on Sancroft’sexpertise, we aim to enhance our sustainabilityassessments by re-balancing our ESG scoringmethodology to assign higher materiality tosector specific ESG risks in line with the SASBguidelines. In addition, Sancroft is developing anEngagement Tracking Tool which will facilitateenhanced auditing of our engagement activities.

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Year in Review: 2020 Initiatives

https://www.pionline.com/industry-voices/commentary-esg-investing-expanding-universe-new-frontiers

https://citywiremiddleeast.com/news/dubai-based-fim-partners-turns-attention-to-esg/a1341893


Year in Review: 2020 Events

In early November, FIM Partners held its annualinvestor conference in the form of a series ofwebinars over the span of four weeks. Thewebinars explored a range of topics relevant forfrontier and emerging markets and were in aninteractive style format with over 200 uniqueattendees logging onto the different sessions.

One of the conference sessions opened up thediscussion on the importance of ESG in frontiermarkets. The session was led by FIM Partners’Head of Research, Mohammad Ali Hussain and itspanelists included Majdi Chammas, from theexternal management team of Forsta AP-fonden’s(AP1) and Chris Po, Century Pacific Food Inc’sExecutive Chairman.

Some of the key takeaways from the discussionwere:

• Engagement, building corporate awareness andbeing on the ground are key to investing andcontributing sustainably in frontier markets;

• While the family ownership structures in thisuniverse can be concerning from a minorityshareholder rights perspective, each companyneeds to be scrutinized on its own merits asthere are avenues for a strong alignment ofinterests;

• Sustainability awareness is steadily increasingin the frontier space and in some instances, it isconsumer-driven; and,

• With coal increasingly facing negative regulatoryscrutiny, frontier markets have the opportunity tobypass massive carbon footprints and leapfrogto renewables.

To view the recorded session of the webinar,please contact us [email protected].


2020FIM Partners

mailto:[email protected]

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In the Spotlight

This year we wanted to showcase our investment inCentury Pacific Foods Inc which is a leadingpackaged consumer goods manufacturer from thePhilippines that is driving sustainable change. In2018, the company began to officially integrate andimplement ESG strategies in its operations. By 2020,the company had won the Best ESG Mid-CapCompany (Philippines) award by Capital FinanceInternational. We present a snapshot of thecompany’s successful sustainability journey.


Spotlight: Century Pacific Food Inc

Century Pacific Food Inc (CNPF) is a diversifiedconsumer packaged foods company in thePhilippines with a diverse product range acrossmarine, meat, dairy and coconut-based products.The company's recently released ESG policyoutlines its continued commitment to becoming amore responsible company.

The company attained a 79/100 score in FIM’sESG Scorecard, which is well above the portfolioaverage. CNPF has several outstanding practicesbased on its ‘People, Planet, Protein’ sustainabilitymantra – a few of which will be delved into below.

Environmental initiativesThe company is cognizant of its operational impacton the environment and has been working towardsutilizing resources efficiently. This is executed bymonitoring consumption, measuring efficienciesand adopting industry’s leading practices. Forexample, in terms of water conservation, CNPFrelies on rainwater recycling and utilizing deep wellwater by processing it through reverse osmosistechnology for its various business segments.

Through these efforts, the company aims to reduceits freshwater consumption by 30% over the next 3years. The company is cognizant of the importanceof recycling and minimizing food waste. In itsmarine segment, fish waste, which would otherwisebe disposed, is converted into commercial fishmeal. Similarly, used coconut shells from thecoconut segment are sold to third parties whoconvert it to copra, which can be used as analternative fuel source to coal.

The company also aims to achieve carbonneutrality in its coconut business by 2028. For thenext five years, it will support coconut farmers byproviding 10,000 seedlings a year which willreportedly result in offsetting 416,680 metric tons ofemissions over the next eight years. Finally, thecompany is currently in the midst of installing a4.5MW solar power plant at its General Santosmarine manufacturing facility, which will not onlycover 20% of its electricity requirement, but alsolead to a material improvement in power costs.


2020FIM Partners



2020FIM Partners

By doing so, the company estimates a reduction of123,900 metric tons of carbon dioxide emissions.

Plastic Neutral status achieved in 2020

For effectively addressing its non-food waste,CNPF entered into a partnership with a localcement company to co-process consumer plastic

waste in 2019. This process converts plastic wasteinto energy which replaces coal as an alternativefor fuel in cement production. As a result, CNPFaccomplished plastic neutrality for one year in early2020. This initiative will continue through thecompany’s partnership with the Plastic CreditExchange.

Product Development

In 2021, CNPF will roll out 20% less sodiumcontent in two of its products – Century TunaFlakes in Oil and Argentina Corned Beef. It will alsointroduce a vegan brand called “UnMeat”. Not onlyis this the healthier option but also great for theenvironment as plant-based meat alternativesconsume less water and energy than theirtraditional counterparts.

100%LED lighting in its

tuna plant; coconut business in the

process of complete conversion

14%DECREASE

in total energy intensity i.e. energy

consumed for every tonnage produced

4%DECREASE

in total water intensity i.e. water consumed

for every manufactured

tonnage

15.7

14.0

13.6

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

2017 2018 2019

Water Intensity (M3/MT)

2.1

1.8

1.6

-

0.5

1.0

1.5

2.0

2.5

2017 2018 2019

Energy Intensity (MWH/MT)


Social factorsThe company emphasizes the need for tracing theorigins of its major raw materials such as fish,meat, milk powder and coconut back to therequisite sources. CNPF also has plans toincorporate a code of conduct and ethics for all itsraw material suppliers that will require compliancewith established sustainability standards. Thecompany’s commitment to gender diversity can beseen in the increase in the number of women inmanagement - from 16% in 2016 to over 37% in2019. From an inclusion perspective, CNPF’splants largely employ locals and there are alsoprograms focused on providing employmentopportunities to indigenous people. Buildingemployee capacity is also important to thecompany as can be seen by the emphasis onemployee trainings in 2019 - almost 33,000 hours,which is double the training time provided in 2018.CNPF’s CSR program addresses socio-economicproblems such as hunger, malnutrition, lack ofeducation and environmental degradation.

Corporate governanceThe Board of Directors is made up of ninedirectors; two of the directors are women and threeare independent. All Board Committees are chairedby independent directors. As of 2020, the companyaims to expand the role of its Board’s corporategovernance committee to oversee the integration ofsustainability matters for proper accountability. Thecompany has a detailed Code of Business Conductand Ethics which includes policies on corruption,extortion, bribery as well as an insider trading andno gift policy. Whistleblowers can anonymouslyreport misconduct or concerns via email and thereport is treated confidentially. CNPF aligns withseveral international initiatives of sustainabilityincluding the Sustainable Development Goals.


2020FIM Partners

250,000food cans distributed to

disaster-struck areas

43%

IncreaseTraining Hours

per Employee in 2019

5.1MILLION

meals provided

175,000children fed

and 120 students sent

to school

Response to COVID-19

During the pandemic and when the lockdownwas announced, CNPF executed workersafety protocols which included providingemployees with special allowances releasingpro-rated 13th month pay and also providedfree meals and personal protectiveequipment. The company also arranged forshuttle services and free accommodation toworkers affected by the shut down of publictransportation.

Spotlight: Century Pacific Food Inc (contd.)

16%

14%

10%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2017 2018 2019

Employee Turnover Rate

18

Outlook 2021

➢FIM Partners will continue to prioritize better and more nuanced engagement with its portfolio companies. With the recent addition of our Sustainability Lead to the team, we are in a better position to enhance our engagement efforts.

➢Our collaboration with Sancroft has enhanced our internal analytical toolkit with granular insight on sector specific ESG risks leading to the development of sector specific ESG scorecards.

➢Addition of a robust Engagement Tracker Tool to enhance our engagement audit process.

➢Continuing with our awareness initiatives, we plan to host an inaugural sustainability event in one of our markets where we intend to bring together leading corporates, regulators and asset allocators to facilitate a dialogue on the importance of sustainability and the focus areas to enhance awareness.

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Photo credits

Cover photo by Possessed Photography on Unsplash

Pages2 and 18 photo by Mukund Nair on Unsplash

Page 7 photo by Simon Reza on Unsplash

Page 8 photo by Simon Berger on Unsplash

Page 10 photosby XYZ and Express Tribune

Page 11 photo by Anne Lin on Unsplash

Page 14 photo by Michael Louie on Unsplash

Pages15 and 16 photosby Century Pacific Food Inc

FIM Partners has been a signatory of the UnitedNations Principles for Responsible Investing (UNPRI) since 2019. We are committed to integratingESG factors into our investment processes,decision making and active ownership practices.

EM Frontier Fund - Annual Sustainability Report 2020 FIM Partners

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UAE (HQ)Al Fattan Currency HouseOffice 903, Level 9, DIFCP.O. Box 482011Dubai, UAE

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United KingdomOffice 3014 Cavendish SquareLondon, W1G 0PGUnited Kingdom

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FIM Partners Investor [email protected]

This document is provided by Frontier Investment Management Partners Ltd. (FIM Partners) on aconfidential basis. FIM Partners is authorised and regulated by the Dubai Financial Services Authority.The information in this document is for informational purposes only. It does not constitute, or form partof, any offer to sell or issue, or any offer to purchase or subscribe for interests in any fund orcompany, nor shall this document or any part of it or the fact of its distribution form the basis of or berelied on in connection with any contract. This document is not intended for public use or distribution.An investment in securities is speculative and carries a high degree of risk and is not suitable for allinvestors. FIM Partners has not taken any steps to ensure that the interests referred to in thisdocument are suitable for any particular investor and no assurance can be given that the desiredinvestment objectives would be achieved. No representation is made or assurance given that suchstatements, opinions, projections or forecasts in this document are complete or correct. FIM Partnerscannot accept responsibility for errors appearing in this document.

Past performance (if any) of the investment should not be construed as an indicator of futureperformance. Material aspects of the descriptions in this document may change at any time withoutnotice. Any projections, market outlooks or estimates in this document are forward-looking statementsand are based upon certain assumptions. Other events which were not taken into account may occurand may significantly affect the returns of the investment. Any projections, outlooks or assumptionsshould not be construed to be indicative of the actual events which will occur. This document is not anadvertisement and is not intended for public use or distribution. Distribution of this report to anyperson, other than the person to whom it was originally delivered and to such person's advisors, isunauthorised, and any reproduction of this document or the disclosure of any of its contents withoutthe prior consent of FIM Partners in each such instance is prohibited. By accepting delivery of thisdocument, the recipient agrees to the foregoing.

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