MontLake Trinity Street Global Equity UCITS Fund USD Class A Pooled Shares

Investment Objective The investment objective of the Sub-Fund is to provide shareholders with a return through long-term capital growth. Investment Policy The Sub-Fund will invest in shares of companies located in developed markets and, to a limited extent, in emerging market countries. The Sub-Fund will focus primarily on mid to large capitalisation companies, with some focus on small capitalisation companies. The Sub-Fund's allocation of investments is not predetermined and can be made across all types of economic sectors, regions or countries, although investment in any one country, except the US, will be limited to 30% of the Sub-Fund's net asset value. The strategy of the Sub-Fund is to invest at any given time in around 20-35 companies (although it may have up to 50 investments) undergoing some kind of change, the value of which has not yet been recognised by the market and which is expected to lead to price appreciation in the company's stock. The Sub-Fund will limit investment in small capitalisation companies and companies in emerging markets to 30% of net asset value, and will not make investments in companies with less than US$2 billion in publicly traded securities at the time of investment. The Sub-Fund may also invest in open-ended exchange traded funds and other open ended collective investment schemes which enable the Sub-Fund to achieve its investment objective. The Sub-Fund may also invest in cash and money market instruments for cash management purposes. Subscription and Redemption You may sell your shares in the Sub-Fund on any day that banks are open in Ireland and the United Kingdom. You must submit your application to the Sub-Fund's Administrator before 1.00 p.m. one business day before the day on which you want to sell. Income Your shares do not pay income, but instead the Sub-Fund reinvests such income to grow your capital. Benchmark The Sub-Fund is actively managed, meaning the Investment Manager will actively select, purchase and sell securities with the aim of meeting the investment objective of the Sub-Fund. The Sub-Fund's performance is measured relative to the MSCI All Countries World Total Return Net Index (USD) ("the Index") for the purposes of the performance fees payable by the Sub-Fund. The Index does not define asset allocation of the Sub-Fund and depending on market conditions the Sub-Fund may deviate significantly from the Index. Investment Horizon Recommendation: the Sub-Fund may not be appropriate for investors who plan to withdraw their money within 5 years.