1. CAPITAL
December 2011

2. INVESTMENT CASE

3. Identify the best investment opportunities in the Emerging
and Frontier Markets, providing clients non-leveraged
equity-like returns with fixed income seniority within a
company’s capital structure
OPPORTUNITY
3

4. Current Scenario
●High growth expectation for the Emerging Markets
●Tendency for the developed economies to maintain its low
fixed income rates
●Constantly growing overseas interest in Emerging Markets
assets
●Well-managed Emerging Market companies solidified their
balance sheets and are gaining access to capital
MARKET PROFILE
4

5. OPPORTUNITY
INVESTING IN EMERGING MARKETS HIGH YIELD
Emerging Markets and Advanced Economies GDP Growth
Source: Bloomberg / Dec 2010
0%
100%
200%
300%
400%
500%
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
GDP Current USD Emerging Markets
GDP Current USD Developed Economies
5

6. OPPORTUNITY
INVESTING IN EMERGING MARKETS HIGH YIELD
EM High Yield, US High Yield and US Equities accumulated return over the last 10 years
6
Source: Bloomberg / Oct 2011
-50%
-25%
0%
25%
50%
75%
100%
125%
150%
dez-01
dez-02
dez-03
dez-04
dez-05
dez-06
dez-07
dez-08
dez-09
dez-10
Accumulated returns over the last 10 years
S&P 500 Index
CS EM Corp Bonds Index
iBoxx USD Liquid HY Index
16%
11% 9%9%
71%
116%
0%
20%
40%
60%
80%
100%
120%
140%
SPX IBOXHY CEMBTOTR
Vol (Std. Dev.) Acum. Return

7. OPPORTUNITY
INVESTING IN EMERGING MARKETS HIGH YIELD
Ever since 2002, the major selloffs in EMD occurred after credit crises that emanated from the developed
world, not the emerging world. Lehman crisis created a huge buying opportunity in EMD in 2008/2009. If this
pattern holds, the selloff induced by the European crisis could be creating another big buying opportunity.
Source: JP Morgan Asset Management 7

8. OPPORTUNITY
INVESTING IN EMERGING MARKETS HIGH YIELD
The trend toward improving credit quality in EM is structural and secular in nature. The long-term drivers
of this structural change are: lower and more sustainable debt levels than most developed economies,
younger populations, higher commodity prices, improving current account balances, rising foreign
exchange reserves, sustainable wage increases driven by productivity gains, rising consumption due to
rising wages, more government taxing power due to better demographics and rising incomes, etc…
Source: IMF – as of September 2011 8

9. ●Emerging Markets countries in general have
higher expected growth rates with often
lower leverage when compared to
Developed Markets
●Selective Emerging Markets countries
still show gaps between its current ratings
and their macroeconomic reality providing
opportunities to obtain higher returns when
upgrades occur
INVESTING IN EMERGING MARKETS SOVEREIGN
OPPORTUNITY
9

10. INVESTING IN EMERGING MARKET BONDS
OPPORTUNITY
●The Emerging Markets Debt market is
dominated by Large Institutional Funds
and Private Banks
●Large institutional funds also tend to focus
on Emerging Markets High Grade credits
due to issue size and liquidity
●Private Banks will mostly offer clients
obvious Emerging Markets High Grade
names which the bank supports and that the
client feels comfortable with
Lack of reach from the larger players often
forces the Emerging Markets High Yield
asset class to provide investors higher
yields, even beyond its implicit risks
10

11. THE FUND

12. GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
●Fixed Income long-only fund specialized in both
Emerging Markets Corporate and Sovereign Credit
Bonds
●The Fund aims for consistent risk-adjusted
returns by focusing on Global Emerging Markets
●Multi-approach Due Diligence
●Highly diversified strategy
●No Leverage and No use of Derivatives
●Fully Invested
12

13. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD Since Inception
2009 1.47% 0.31% 4.21% 4.95% 6.50% 1.65% 1.94% 1.20% 24.33% 24.33%
2010 1.72% 1.44% 3.48% 1.12% -3.32% 0.64% 3.90% 0.35% 3.61% 3.22% 0.32% 1.19% 18.91% 47.84%
2011 1.87% 0.86% 0.90% 1.27% -0.02% -0.21% 2.14% -7.26% -11.82% 8.64% -4.73% -9.43% 33.90%
Historical Performance
GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
13
11.96%
13.17%
14.64%
6.80%
Annualized Return Vol (Std. Dev.)
Galloway GEM FI Fund
CS EM Corp Bonds Index
Source: Bloomberg / Oct 2011
0%
10%
20%
30%
40%
50%
60%
06-09
07-09
08-09
09-09
10-09
11-09
12-09
01-10
02-10
03-10
04-10
05-10
06-10
07-10
08-10
09-10
10-10
11-10
12-10
01-11
02-11
03-11
04-11
05-11
06-11
07-11
08-11
09-11
10-11
11-11
Galloway GEM FI Fund CS EM Corp Bond Index

14. GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
14
Uruguay
Chile
Mexico
South Africa
Cash
Peru
India
Poland
Oman
Hong Kong
Belarus
Turkey
Venezuela
Emirates
Indonesia
Russia
China
Ukraine
Brazil
0% 5% 10% 15% 20% 25% 30%
Country Breakdown
Number of Positions:
Yield To Worst (%):
Duration:
Average Rating:
45
15.01%
3.16
B
Currency Breakdown
97.6%
2.4%
USD
Euro

15. INVESTMENT PROCESS
GENERATION OF INVESTMENT IDEAS
●Experienced investment team focused on Emerging
Markets: over 50 years of EM experience combined
● Proprietary Research: In depth analysis of opportunities
through company visits, calls and meetings with
companies’ top management
●Sell Side & Buy Side Research: Wide network of
relationships with over 350 counterparties around
the world (Investment Funds, Family Offices, Brokers,
Banks, etc.) providing a deeper level of information
and access to local expertise
15

16. INVESTMENT PROCESS
PORTFOLIO CONSTRUCTION
●Committee’s based investment decisions:
• Monthly: Strategy and Risk Management Committees
• Weekly: Investment Committee
●Daily Meetings to discuss investment opportunities
●Dynamic process of monitoring the portfolio and
opportunities through the constant reassessment of
the positions
●Replacing good ideas with better ideas.
We change a position when we find a bond with:
• The same risk and a higher yield
• The same yield and a lower risk
16

17. INVESTMENT PROCESS
17
INVESTMENT TEAM
• Generation of Investment Ideas
• Discussion of Current Portfolio
• Macroeconomic Inputs
RESEARCH TEAM
• Quantitative and Qualitative
Research
• Sovereign and Company’s Bonds
Reports
RISK MANAGEMENT
• Risk Control
• Adherence to Mandates
TRADING DESK
• Trade Execution
• Pricing and Flow Information
INVESTMENT UNIVERSE
Emerging Market Bonds:
2,400+ Names
FIRST SCREENING
Emerging Market Bonds:
400 Names
CLOSE FOLLOW UP
Investment Grade:
100 Names
High Yield:
100 Names
SPECIFIC
MANDATES
High Information Flow Environment Portfolio Screening

18. There is always a reason why a given company is paying an above average market return.
To assert why, and reach conviction to invest, we first have to understand:
It is paramount for companies
and/or sovereign issues to be in
countries or regions that have a
positive growth outlook or are in a
turning point
Companies have to be
aligned with local
governments
Thoughtful analysis to understand
the sector’s importance to the
country (subsidies, government
support, etc); and its relative value
to global peers
1. COUNTRY MACRO
ECONOMIC OUTLOOK
2. GEOPOLITICS 3. SECTOR
INVESTMENT PROCESS
MULTI-APPROACH DUE DILLIGENCE
18

19. In-depth analysis of the
Company/Country’s and Bond
structure. (leverage, debt profile,
cash flow, ownership structure, etc.;
Bond seniority, guarantees,
covenants, etc.)
Company and/or country
have to be checked through
our local network of
contacts (sell and buy side)
Careful analysis of entry and
exit points, new issuance
outlook and relative value
4. CREDIT METRICS 5. LOCAL NETWORK 6.TECHNICAL ANALYSIS
INVESTMENT PROCESS
MULTI-APPROACH DUE DILLIGENCE
19
7. GOLDEN RULE: It is fundamental that the cost of a company/country not
paying its obligations be “higher” than if it pays.

20. ● Limit of 5% per individual corporate credit at cost
● Limit of 20% per individual Sovereign Bond at cost
Corporate Risk
● Limit of 30% for any other currency than USD
● Non USD Bonds must settle via Euroclear / Cedel
Currency Risk
● Limit of 20% for single countries
● Limit of 40% for Brazil, Russia, India or China
Country Risk
Liquidity Risk
All Bonds must be Euroclearable/ DTC/ Clearstream
RISK MANAGEMENT
20
● Limit of 20% in less liquid bonds
(Issues size below USD 100 Million)

21. Easy access to Portfolio Management team
and current portfolio ideas
Portfolio positions and trading history
disclosure upon client’s request
TRANSPARENCY
FULL DISCLOSURE
21

22. THE MANAGER

23. THE MANAGER
Galloway Capital is a Global Emerging Markets
investment boutique exclusively focused on
active Fixed Income High Yield strategies.
With a solid and extensive research approach and a
performance-driven investment style, our team aims to
identify the most interesting opportunities around the world
to provide equity-like returns with fixed income risk
The investment committee members combine over 50
years of careers dedicated to Credit including: Trading,
Sales, Origination, Due Diligence and Execution.
Counting 21 professionals, Galloway Capital manages
over USD 350 Million.
23

24. INVESTMENT
COMMITTEE
Nathan Shor
Guillermo Bauder
Ulisses de Oliveira
PORTFOLIO
MANAGEMENT
Ulisses de
Oliveira
RESEARCH
Roger Braun
RISK
MANAGEMENT
João Ferrari
SALES &
PRODUCTS
Andre Simon
COMPLIANCE
Arie Milner
OPERATIONS
Tathiana Raso
TRADING
Joao Paulo
Vicente
ASSET MANAGEMENT STRUCTURE
24

25. INVESTMENT TEAM
Nathan Shor
Nathan Shor holds a BSBA from Boston University (Boston, USA) and a Masters degree in Finance from IESA (Instituto Estudios Superiores de
Administracion, Caracas, Venezuela). He began his professional carrier at The Nash Fund in 1998, being responsible for its Fixed Income, US
Equities and Forex allocations. In 2003, he joined forces with Convenção, a Brazilian Broker Dealer to develop their international division offering
Fixed Income, Futures, Commodities and US Equities to institutional clients. Envisioning the future of the Emerging Markets Fixed Income market,
Nathan decided to create Galloway Wealth Management, providing Emerging Markets Fixed Income investment solutions to institutional investors
and high net worth individuals. The idea of an asset management company focused on their Emerging Markets Fixed Income expertise came in
2006, with the creation of Galloway Capital Management.
Guillermo Bauder
Guillermo studied business in the UNIMET (Universidad Metropolitana in Caracas-Venezuela). He began his career at Confimerca, the broker
dealer of Grupo Confinanzas in 1993. Starting as a floor broker in the Caracas Stock Exchange, he was later transferred to the Local Fixed
Income Area and finally ended at the International Fixed Income Area. In 1998 was a Foreign Associate in Peru for North American Institutional
Brokers covering US Equity institutional clients. In 2000 joined FTC Securities as Foreign Associate for Latin America, in charge of developing
Fixed Income and US Equity for institutional clients. In 2003, he joined forces with Convenção, a Brazilian Broker Dealer to develop their
international division offering Fixed Income, Futures, Commodities and US Equities to institutional clients. Envisioning the future of the Emerging
Markets Fixed Income market, Nathan decided to create Galloway Wealth Management, providing Emerging Markets Fixed Income investment
solutions to institutional investors and high net worth individuals. The idea of an asset management company focused on their Emerging Markets
Fixed Income expertise came in 2006, with the creation of Galloway Capital Management.
Ulisses de Oliveira
Bachelor of Science in Finance and International Business of NEW YORK UNIVERSITY, certified Series 7 and 66 registered, FSA Rules an
Regulations, Securities and Derivatives registered. He began his career in 1996 at then commodity house E D & F Man. Later he joined Safra
Bank of NY as Assistant Treasurer until 2000 when he joined Citigroup NY as a Relationship Officer, later he was Vice President of Investments
responsible for research, originating and marketing investment ideas directly to clients on a wide range of asset classes: emerging markets and G-
7 fixed income, equities, options, and structured products. At the beginning of 2009 he joined Galloway Capital to be responsible for managing its
Emerging Markets bond funds.
25

26. RESEARCH TEAM
Roger Braun – Head of Research
Roger Braun Barends is a partner at Galloway where he works as Head of Research and New Transactions. Roger has large experience in the
credit analysis of companies since he has acted as a corporate finance banker in various industry sectors in special the commodity sector incl.
agribusiness. In the past 2 years he acted as a financial advisor for foreign funds (Texel Capital & DZB) developing investment opportunities in
Brazil. He started his career as auditor with Coopers & Lybrand and after joining the finance department of Ralston Puring Canada, where he
developed feasibility studies for clients to expand their livestock business, entered the banking market. Roger acted for the last 15 years in the
Brazilian market where he worked for BNP Paribas, HVB, Calyon and Natixis in leadership positions focused in Project Finance, ECA and
Structured Trade & Commodity Finance- STCF in Petrochemicals, Energy, Pulp & Paper, Metals & Mining and Soft commodities. In these last
institutions, he was involved in financing the largest Brazilian corporates such as Riopolimeros, CVRD, Petrobras, Ipiranga, Aracruz, Votorantim
and Cosan. When working as financial advisor he focused on funding the middle sized companies of the soft & hard commodity business. Roger
has a degree in Business Administration from Vienna University and a European Masters of Business Science from Heriot-Watt University and is
member of the Brazilian Capital Markets Institute “APIMEC” since 1998.
26
Giuliano Amaral – Research Analyst
Graduated in Business Administration from Fundação Getúlio Vargas in São Paulo in 2009. He started an internship at Moody’s Investors Service
in July 2008, where he spent 18 months supporting analysts covering various industries within the Corporate Finance Group. In December 2009,
he joined the Structured Finance Group as an Associate Analyst, focusing in ABS backed by several asset classes such as auto loans, consumer
loans and mortgages. Giuliano joined Galloway Capital in May 2011 as a research analyst.

27. APPENDICES

28. GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
28
0
10
20
30
40
50
60
70
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Assets Under Management (USD million)
Galloway Global Emerging Markets FI Fund

29. FUNDS MAIN CHARACTERISTICS
Galloway Global
Emerging Markets
Fixed Income Fund
Galloway LatAm
Fixed Income Fund
Galloway Brazil
Fixed Income Fund
NAV Liquidity Monthly Monthly Monthly
Minimum Initial Investment USD 100,000 USD 100,000 USD 100,000
Additional Investment USD 25,000 USD 25,000 USD 25,000
Redemption Monthly with 15 days notice Monthly with 15 days notice Monthly with 15 days notice
Management Fee 1.5 % per year 1 % per year 0.5 % per year
Performance Fee 15% quarterly on a HWM basis 10% quarterly on a HWM basis 10% quarterly on a HWM basis
ISIN Code VGG3723N1024 VGG3723N1362 VGG3723N1446
Administrator SFT Fund Admin. Services SFT Fund Admin. Services SFT Fund Admin. Services
Custodian Pershing Pershing Pershing
Auditor Ernst & Young Ernst & Young Ernst & Young
29

30. This presentation has been prepared by Galloway Capital. This presentation is provided for informational purposes only and does not constitute or
should not be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instrument or to participate in any particular
trading strategy in any jurisdiction. The information herein is believed to be reliable as of the date in which this material was issued and has been
obtained from public sources believed to be reliable. Galloway Capital does not make any representation or warranty, express or implied, as to the
completeness, reliability or accuracy of such information, nor is this presentation intended to be a complete statement or summary of the
securities, markets or developments referred to herein. Opinions, estimates, and projections expressed herein constitute the current judgment of
the analyst responsible for the substance of this presentation as of the date in which it was issued and are therefore subject to change without
notice. Prices and availability of financial instruments are indicative only and subject to change without notice. The financial instruments discussed
in this presentation may not be suitable for all investors, and it does not take into account the investment objectives, financial situation or particular
needs of any particular investor. Investors should obtain independent financial advice based on their own particular circumstances before making
an investment decision on the basis of the information contained herein and it is strongly recommended that investors read carefully the disclosure
document of the funds presented herein before making an investment decision. Foreign investments may involve greater risk than domestic
investments. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely
affect the price or value of, or the income derived from, the financial instrument, and the reader of this presentation assumes any currency risk.
Income from financial instruments may vary and its price or value, either directly or indirectly, may rise or fall. Past performance is not necessarily
indicative of future results, and no representation or warranty, express or implied, is made herein regarding future performances. Galloway Capital
does not accept any liability whatsoever for any direct or consequential loss arising from any use of this presentation or its content. This
presentation may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the prior written consent of
Galloway Capital. Additional information relative to the financial products discussed in this presentation
CONTACT & LEGAL INFORMATION
30
+55 11 4082-2250
galloway@gallowaycapital.com
www.gallowaycapital.com