The Fund Manager writes Morningstar Rating

(5 year 31-08-2018)

Fund Performance

SinceReturn in euro* 1 mnth 3 mnths 2018 2017 2016 2015 2014 start**TCM Global High Dividend -1,43% -4,02% 0,03% 3,94% 10,78% -2,31% 30,13% 69,21%Frontier Markets TR Index -4,49% -4,78% -9,36% 15,68% 5,77% -4,74% 21,75% 55,56%iShares Frontier 100 ETF -5,10% -4,44% -10,16% 19,48% 5,10% -7,81% 17,65% 45,85%

* Based on Total Return (Bloomberg data)** Data is from inception of the fund: 15-11-2012

Fund Profile

Despite increases in Vietnam and Bangladesh, sales pressures in Argentina and Nigeria caused the frontier 100 ETF toshow a decrease of 5.10% in August, based on total return in euro. The TCM Global Frontier fund limited the damage to a1.43% decrease over the same period. This means that the relative outperformance has increased further. Since the startof the year, the ETF has decreased by 10.16%, while the fund still has a minor positive return of 0.03%. In August, we sawnet inflow into the fund, which increased the number of outstanding shares by 22,204 shares to a total of 2,317,374. Thisis remarkable since Frontier Markets funds generally struggle with outflow in the past period. For example, the Global XArgentina Index saw 33% outflow (source: Bloomberg).The Merval Index in Argentina lost over 26% in euro in August.The benchmark has a weighting of more than 15%, while the fund has a 2.5% weight in Argentina for the first time. Theunderweight has contributed to the outperformance. In the past month we increased the allocation on the decline toArgentina. Meanwhile, the Argentine Central Bank has raised interest rates from 45% to 60%, to fight inflation of morethan 30%.Thailand does not seem to suffer from the correction in emerging countries. The Thai Bath outperformed allother currencies in emerging markets and the Thai Stock Exchange Index showed an increase of 3.88% measured ineuro. The low participation of foreign investors, the surplus on the current account and the large foreign exchangereserves are the reasons for this. One of our positions in the country, Hana Microelectronics, has recently increasedconsiderably. In August the share price went up by more than 9%, making it the largest position within the fund. After themonth's closing, we skimmed some profit and reduced the weight. The fund took up a new position in Glencore, active inthe field of raw materials and agricultural products. The company derives a large part of its turnover from frontiercountries in Asia and Africa and notes 8x the expected profit with a dividend yield of 5%. The fund currently holds(equally weighted) positions in 82 shares across 24 different countries. The countries with the largest weightings areBangladesh (10.74%), Vietnam (10.71%) and Nigeria (8.27%). These markets currently have the most interesting highdividend stocks that meet the quality requirements. The fund can therefore deviate strongly from the benchmark.

The fund will invest in stocks listed on the local exchanges of the Frontier Markets Universe. To set up theportfolio the fund will make a selection of countries on the basis of quantitative and qualitative screening. Byusing these selection criteria the fund will have a diversified portfolio invested in several countries and sectors.The equally weighted portfolio will be re-weighted and re-allocated on a periodically scale. The risk profile ishigh, due to investment in equities and Frontier Markets. To achieve its objective, the Fund invests 95% to 100%of its total assets through TCM Investment Funds Luxembourg in units of TCM Global Frontier High DividendEquity (Lux). The Fund qualifies as feeder-structure.

Trading:The fund is listed on Euronext, whichmeans that the fund can be traded ontrading days through any bank or broker.On trading days the fund will sell sharesagainst NAV with a positive deviation of0.5% and buy back against NAV withnegative deviation of 0.5%.

Managing Company:TRUSTUS Capital Management

Fund Management:Frontier Markets TeamWytze RiemersmaMarco Balk

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TCM High Dividend iShares Frontier 100 ETF Frontier Markets TR Index

Net Asset Value: 13.07Share Price: 13.13Total Net Assets: 30.3 millionNumber of Shares: 2,317,374Start Date: 15 November 2012Structure: Open end

Aim: high dividend income as well aslong term capital appreciation

Dividend: ± 5% per annum, payabletwice a year

Latest Dividend:2018-04: 0,32 gross dps(for historical dividends check thewebsite)

Benchmark: Frontier Markets Index(Total Return)

Management Fee: 0.9 % per annum

Performance fee: 10%These costs will only be charged at the levelof TCM Global Frontier High Dividend Equity(Lux).

Ongoing Charges Figure:1.83% (Budget 2018)

ISIN Code: NL0010278073

Bloomberg Ticker: TCMGF NA

31 August 2018

Sector Allocation Top 10 Holdings

Position Weighting

Hana Microelectronics Pcl 2,02%Jarir Marketing Co 1,93%Mhp Se 1,92%Saudi Airlines Catering Co 1,83%Kcb Group Ltd 1,80%Al Rajhi Bank 1,78%Safaricom Plc 1,77%Premier Bank Ltd/The 1,74%Guaranty Trust Bank 1,74%Pilipinas Shell Petroleum 1,69%

Total weightings Top 10 18,20%

Country Allocation - Top 15 Fund Characteristics

Characteristics Fund Benchmark

Number of positions 82 115Dividend Yield in %* 6,87 3,86Price/Earnings Ratio* 8,9 14,4Price to Book Ratio * 1,51 1,88

* source: Bloomberg/TCM

Investment Limits

Fund Benchmark

GCC-Region limit max. 35% 26,71%Country limit max. 20% 21,15%Sector limit max. 30% 43,51%Company limit (equally weighted) 1-2% 7,05%

The above data refers to the underlying portfolio of the master fund in Luxembourg in which the Dutch feeder fund invests for 95% to 100%.

Sustainability

Morningstar

DisclaimerNo rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions.These documents may be obtained from the website or the address mentioned above. The manager of IIF has obtained a licence for this fund from theNetherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.

For the benchmark this concerns the weighting for the GCC-region, theweighting for Kuwait (Country), Financials (Sector) and the largestindividual position.

TCM has entered into an agreement with Sustainalytics for thescreening of the portfolios of the TCM equity funds on ESG criteria (UNGlobal Compact and Controversial Weapons).

Copyright © Morningstar Benelux. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed; and (3) is not warranted to be accurate, complete of timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. Past performance is no guarantee of future results.

1,45%2,02%2,79%3,22%

6,57%6,60%

8,38%10,18%13,04%

17,02%28,71%

Health Care

Information Technology

Cash

Consumer Staples

Telecommunication Services

Energy

Utilities

Industrials

Consumer Discretionary

Materials

Financials

1,92%

1,98%

2,51%

2,79%

2,98%

2,99%

4,15%

4,21%

5,60%

6,20%

6,96%

7,89%

8,12%

8,27%

10,71%

10,74%

Ukraine

Ghana

Argentina

Cash

Romania

Morocco

Slovenia

Sri Lanka

Kenya

Thailand

Saudi Arabia

Egypt

Pakistan

Nigeria

Vietnam

Bangladesh

Contact InformationSewei 2, 8501 SP Joure, The Netherlands+31 (0)513 48 22 00info@tcminvestmentfunds.nlwww.tcminvestmentfunds.com