1. Somerset Small Cap Equity Fund World Class Institutional Funds * Licensed and recognized as a Professional Investor Fund by:

2. Our Investment Management Team Dixon Mitchell provides asset management expertise that goes beyond conventional wisdom. They began in 2000 with a small group of seasoned professionals and are currently managing approx. $900 million dollars in assets. Suite 3214, 4 Bentall Centre P.O. Box 49138, 1055 Dunsmuir Street Vancouver, British Columbia V7X 1J1 T 604.669.3136 Toll Free 1.888.340.3136 F 604.684.3104 info@dixonmitchell.com info@dixonmitchell.com

3. DM Small Cap Fund DM Small Cap Fund was created at beginning of Q2-11 to increase earnings growth in client equity mandates Lead Fund manager is Chris Page: -Former Chief Investment Officer, Maritime Life -COO and senior partner, Laketon Asset Management -Pres. & CIO, TWP Investment Counsel (ranked #1 in Canada for Institutional Small Cap Investment, 2007 & 2008) Management of fund will maintain commitment to valuation and cash flow criteria that defines all DM mandates

4. Opportunities in small cap investing Higher earnings growth: -Smaller cos. are often in higher growth stages of life cycle Lack of analyst coverage: -Most financial analysis must be done “in-house” -Limited available information can create opportunity for those able to conduct own research Limited liquidity: -Often causes elevated individual stock volatility -Increases occurrence of mis-pricing vs. intrinsic value -Imposes performance drag on larger funds, making it common for small cap funds to close in $800 million range -Best performing years for such mandates often come early, before size impacts decision making

5. DM Small Cap Fund profile – launched 01-Apr-11 Policy Guidelines Dixon Mitchell Small Cap Equity Fund Number of HoldingsMinimum 25 and maximum 40 securities Cap Size limitations Canada - $100 mm mkt float minimum / $2 billion cap maximum US - $100 mm mkt float minimum / $3 billion cap maximum Industry ExposureLimit 25% in any one sector Individual Holdings1% minimum / 6% maximum Ownership Limitationsno more than 10% of company market float BenchmarkS&P/TSX Composite Index + 3% US Security HoldingsMaximum of 30% at market value Cash Limitation 10% maximum, but flexibility to increase to 20% during market stress

6. DM Small Cap Investment Process Disciplined Security Selection Quantitative traditional valuation measures historical cash flow growth above avg. return on capital free cash flow generation Fundamental business leadership pricing power (non-cyclical) management commitment equity-financed balance sheet Portfolio is constructed through bottom-up security selection

7. Portfolio Risk Management Rigorously manage to investment policy statement to govern risk Review portfolios weekly to ensure their character and integrity Actively manage portfolio valuation, growth, leverage, industry diversification, weighting and liquidity Buy and sell equities to strengthen the portfolio

8. Sell Discipline Make room for other investment(s) with higher risk adjusted return potential Price objective reached Valuations not justified by long-term earnings growth projections Breakdown in fundamental investment thesis Deteriorating fundamentals or negative change in business trend

9. DM Small Cap Fund – sector allocation DM Small Cap Fund carries a broad sector balance BMO Nesbitt Sm Cap Index (and many competitor funds) currently hold 30%+ allocation to materials

10. DM Small Cap Fund fundamental highlights Significantly higher growth: - DM Small Cap 5 yr eps growth = 17%, Index eps growth < 0% - DM Small Cap 5 yr cf growth = 14%, Index cf growth = 2% Significantly lower valuation: - DM Small Cap trailing p/e = 16x, Index trailing p/e = 34x - DM Small Cap p/cash flow = 6.5x, Index price/cf = 11.3x Average return on equity (past 5 years): - DM Small Cap = 12%; Index = 4%

11. Portfolio attributes vs. BMO Nesbitt Sm Cap Index

12. Somerset Funds investment information For experienced investors only - Minimum initial investment of $150,000 Cdn Prices and Prospectus available at www.somersetfunds.com www.somersetfunds.com 1% management fee Monthly Fund valuation. Fund is reported and managed in Canadian dollars Statements are issued quarterly Purchase - by downloading the forms at: www.somersetfunds.com www.somersetfunds.com Redemptions - Require 30 business days notice Redemption forms and instructions available at www.somersetfunds.com www.somersetfunds.com

13. Somerset Capital Fund SICAV plc Head Office:7 th Floor, 2 Airways House, High Street Sliema SLM1549 MALTA www.somersetfunds.com T: 356 21 332544 F: 356 21 332388 AuditorsDeloitte Audit Limited, Malta CustodianSparkasse Bank Malta plc Prospectus, audited financial statements, and fund details are available at: www.somersetfunds.comwww.somersetfunds.com Licensed and recognized as a Professional Investor Fund by: