1. mtx Sustainable Emerging Markets Leaders Fund
December 2017
Roger Merz, CFA
Thomas Schaffner, CFA
Approved for institutional investors in LU, AT, FR, DE, IT, LI, SE, CH, FI, FR, DE, IT, LI, NL, SG (Accredited Investors only)

2. Firm profile – mtx invests globally using a consistent investment approach
About mtx
Assets under Management (in CHF bn)
Founded in 2012
mtx is part of Vontobel Asset Management’s Sustainable & Thematic Investing Boutique with AuM of CHF 10.6 billion
Assets under management CHF 2.2 billion
Offer a range of 5 regional equity strategies
13 investment professionals located in Zurich, Switzerland
Average industry experience of 15 years
By Strategy
About Vontobel Asset Management
Active asset manager with global operations
Founded in 1988
Multi-boutique approach with focused offer in equities, fixed income and multi-asset class
399 employees in a dozen international locations
Assets under management CHF 107 billion
By Client Type
By Wrapper Type
By Client Domicile
Source: Vontobel Asset Management; AuM data as of

3. Investment team – we combine experience with one, shared investment belief
Head of mtx Portfolio Management
Roger Merz, CFA (19/7)
PM Global, Emerging Markets
Portfolio Management
Equity Research
Thomas Schaffner, CFA (18/8)
PM Emerging Markets, Asia ex Japan, China
Philip Ammann, CFA (25/14) Consumer Staples, Telecom, ESG Lead
Lara Kesterton (4/0) ESG Consultant
Diana Quirino (22/14) PM Desk Assistant
Rustem Bektenov, CFA (11/1) Healthcare, Utilities
Christoffer Slöör (14/1) Financials, Real Estate
Portfolio Advisor
Alban Cousin (10/1)
Information Technology
Ireneus Stanislawek, CFA (13/1) Quantitative Analyst
Marc Bindschädler (16/6)
Portfolio Advisor
André Frick (15/6)
Energy
William Wyman (16/1) Industrials, Materials
Antoine Hnein (11/3) Consumer Discretionary
Team Facts
13 Investment Professionals
1 Quantitative Analyst
2 Portfolio Managers
1 Portfolio Advisor
7 Sector Analysts
1 PM Desk Assistant
1 ESG Consultant
9 Nationalities
Organizational Set-up
PMs organized by regions
Analysts organized by sectors
(X/X) = years of investment experience/years with Vontobel. Source: Vontobel Asset Management.

4. Investment philosophy
We believe
There is a strong, positive correlation between improvements in a company’s return on invested capital (ROIC) and its share price performance
As guiding principles
We are benchmark agnostic and build high-conviction, concentrated portfolios
We use a combination of systematic screens (“matrix”) and fundamental research to identify companies with
Above average quality, in terms of ROIC, industry positioning and ESG
Below average valuation
More than -50%
-40% to -50%
-30% to -40%
-20% to -30%
-10% to -20%
0% to -10%
0% to +10%
-+10% to +20%
+20% to +30%
Source: Vontobel Asset Management, Goldman Sachs.

5. Investment approach – it pays off to invest in companies with high returns on invested capital
High ROIC companies outperform low ROIC companies over time
ROIC is stable through time: leaders tend to stay leaders, laggards tend to stay laggards
Source: Vontobel Asset Management, Credit Suisse HOLT, Deutsche Bank.

6. Investment approach – businesses with leading returns on invested capital are underappreciated
The financial performance of high ROIC companies is consistently underestimated by the market
Higher ROIC levels tend to support higher future growth
MSCI Emerging Markets Index
mtx Sust. EM Leaders
Source: Vontobel Asset Management, Goldman Sachs Asset Management, Credit Suisse HOLT.

7. Exceeds Minimum Criteria Return on Invested Capital (ROIC)
Investment approach – a strong framework is required to distinguish leaders from laggards
We use a 4-pillar approach to identify attractively valued industry leaders 1 2 3 4 1
Profitability (ROIC) Industry-leading companies with top-quartile profitability, measured as return on invested capital (ROIC), in their sector Industry Position Industry-leading companies in the best competitive positions to maintain top-quartile profitability (ROIC) Intrinsic Value The stock is trading at a discount to its intrinsic value Sustainability (ESG) Industry-leading companies that are superior in effectively addressing environmental, social and governance (ESG) issues
First Quartile
First Quartile
min. +25%
Valuation Upside
Exceeds Minimum Criteria 2 3 4
Return on Invested Capital (ROIC)
Industry Position
Intrinsic Value
Sustainability (ESG)
Source: Vontobel Asset Management.

8. Portfolio characteristics – our strategy offers higher quality yet is inexpensive
Cheaper valuation
Faster growth (%)
Source: UBS Portfolio Analysis System, data as of , excluding Financials.

9. Screening the Opportunity Set Portfolio Construction & Risk Management
Investment Process – our process is designed to find attractively valued industry leaders
We narrow the investable universe in stages before we seek to find Emerging Markets Leaders through fundamental research and build concentrated portfolios
Idea Generation
Research
Portfolio Management
Screening the Opportunity Set
Fundamental Analysis
Portfolio Construction & Risk Management
Step 1 2 3 4
mtx
Step
Step
Step
high
high
ROIC
Valuation
low
low
ROIC
Industry Position
Intrinsic Value
ESG
weak
Industry
Position
strong
negative
ROIC
Change
positive
Number of companies:
p.a p.a.
10-15 p.a
Key Criteria
Key Criteria
Key Criteria
Level of profitability Top quartile ROIC
History of profitability Track record of top quartile ROIC
Trend of profitability Improving ROIC
Strong business franchise Top quartile Industry Position
Intrinsic value Offering 25% upside
Managing ESG risks Meet our minimum ESG criteria
Leadership Top quartile ROIC and Industry Position
Buy criteria Upside to intrinsic value, improving ROIC
Sell criteria No upside to intrinsic value, risk considerations
Guidelines Portfolio construction and risk management
Source: Vontobel Asset Management.

10. Structural improvement in ROIC over 5 years
Step 1: ROIC opportunity set – we search for high ROIC companies able to further improve their ROIC
We sort companies based on ROIC to differentiate between ROIC leaders and ROIC laggards
Companies become candidates for investment once they show high and improving ROIC characteristics
Example: Diversified Telecom Services (GICS Level 3)
Example: Telekomunikasi Indonesia (Indonesia, Diversified Telecom. Services)
COMPANY
COUNTRY
ROIC (IN %)
QUARTILE
2015A
2016A
2017E
Emirates Telecommunications
ARE
12.4
13.2
11.1 1
HKT Trust and HKT Ltd
HKG
11.5
11.7
11.4
PCCW Limited
10.4
10.6
Singapore Telecommunications
SGP
8.1
7.2
Telekomunikasi Indonesia
IDN
7.8
8.9
10.0
Bezeq Israel Telecommunication
ISR
8.6
6.9
7.5 2
China Communications Services
7.4
6.8
Bharti Infratel Ltd
IND
5.9
6.5
8.0
Hutchison Telecom Hong Kong
5.0
3.5
3.4
LG Uplus
KOR
4.0 KT
2.1
1.9
1.8 3
Telefonica Brasil SA
BRA
1.4
2.2
Tata Communications Ltd
1.1
0.1 4
China Telecom Corp Ltd
1.0
Telekom Malaysia Berhad
MYS
0.8
0.9
1.2
Telkom SA Soc Ltd
ZAF
0.4
Turk Telekomunikasyon AS
TUR
0.6
0.2
2.6
Orange Polska SA
POL
-0.4
-1.1
-0.6
Rostelekom Pao
RUS
-0.8
-1.5
-1.6
True Corporation Public
THA
-2.8
-1.0
Structural improvement in ROIC over 5 years
Investable
Not Investable
Source: Vontobel Asset Management, Credit Suisse HOLT; for illustrative purposes only.

11. Step 2: Industry Position assessment – better positioned companies are more likely to improve future ROIC
We assess the source of a firm’s competitive advantage in order to separate leaders from laggards. High ROIC companies become candidates for investments once their industry leadership is confirmed.
Example: IT – Semiconductors in Emerging Markets1
INDUSTRY POSITIONING DRIVERS
GROWTH
PRICING POWER
MARGIN EXPANSION
WEIGHTED IP SCORE
Industry Positioning Category
Access to Growth
Earnings Growth
Relative Pricing Advantage
Gross Margin Expansion
EBITDA Margin Expansion
Through-Cycle Resilience
Percentile
Quartile
Broadcom Ltd
100 92 75 33 Q1
Hermes Microvision Inc 83 42 17 58
Taiwan Semiconductor 25
Mediatek Inc 8
SK Hynix Inc 67 Q2
ASM Pacific Technology 50
Advanced Semiconductor
Nanya Technology Corp Q3
Inotera Memories Inc
Siliconware Precision
Semiconductor Manufacturing Q4
Vanguard International
United Microelectronics Corp
Investable
Not Investable
1 Based on mtx industry position framework (scores in percentile).
Source: Vontobel Asset Management; for illustrative purposes only.

12. Step 3: Valuation – our valuation work separates fundamentals from expectations
Synthesizing an outside with an inside view, we build financial scenarios and estimate fair value. We seek leaders offering a gap between our forecasts of fundamentals and the market’s expectations.
Example: Sunny Optical (China, Information Technology)1
Upside Potential
ROIC 17.8%
HKD 38.4
Bull Case
+112%
ROIC 16.4%
HKD 32.1
ROIC 15.3%
HKD 26.8
Base Case +77%
Bear Case
+48%
Market Expectation
in July 2015
ROIC 7.2%
HKD 18.1
1 Assumptions based on initiation of investment in July 2015
Source: Vontobel Asset Management, Credit Suisse HOLT.

13. Step 4: ESG analysis – our ESG framework mitigates company-specific risks and lowers volatility
Companies are only investable if our ESG analysis confirms they address ESG risk factors effectively
Eliminating weak ESG companies from a sample of high ROIC companies improves shareholder returns
Example: Yes Bank (India, Financials)
minimum
standard
Source: Vontobel Asset Management, Bloomberg PORT. Past performance is not a reliable indicator of current or future performance. Data as of

14. Portfolio construction – Portfolio Managers select industry leaders after engaging with analysts
We use a scoring system to find industry leaders with improving returns and attractive valuation
Our Portfolio Managers follow clear buy, review and sell criteria in order to manage portfolio risks
Example: Qualified companies with top-quartile ROIC and top-quartile Industry Position in the Information Technology sector
negative
Expected ROIC Change
Valuation
positive
high
low
Software & Services
Technology Hardware & Equipment
Semiconductors & Semiconductor Equipment
Buy
Criteria
In-depth company research
Upside to intrinsic value
Attractive gap between fundamentals and expectations
Diversifier of portfolio risks
Review
Criteria
Change in outlook or guidance
Significant external events
Change in risk profile
Change in strategy or management
Substantial fall in share price
Price target is reached
Sell
Criteria
No longer qualifies as top-quartile ROIC company
No longer qualifies as industry leader
ESG deterioration and drop below minimum standard
Alternative ideas with better risk-return-profile
Source: Vontobel Asset Management, Credit Suisse HOLT; for illustrative purposes only.

15. Risk management – we aim to control company-specific risks and portfolio construction
We focus on leadership characteristics of businesses and apply portfolio construction and sizing rules
Company-Specific
Risks
Focus on top-quartile ROIC companies
Focus on best industry-positioned companies
Integration of business cycle and fundamental risk analysis
Continuous attention to intrinsic value
Integration of ESG analysis
Healthy balance sheet
Strong free cash flow
Security Risk
Portfolio Construction and Position Sizing
Adhere to strict portfolio construction guidelines
Simulation and scenario analysis (Bloomberg PORT)
Aggregation of fundamental risk factors and business cycle risks on portfolio level
Ongoing monitoring of portfolio characteristics (Bloomberg PORT/UBS Portfolio Analysis System)
Regular control of key risk metrics by Vontobel Asset Management’s Risk Manager
Portfolio
Risk
Source: Vontobel Asset Management.

16. weighted average of portfolio
Risk Management – we use business cycle and fundamental risk analysis to control portfolio risk
Our analysis aims at avoiding overexposure to companies with a deteriorating business cycle
We create fundamental risk categories to avoid unintended exposure to risks not captured in models 2 3 4 1
2.4
2.4
positive
negative
weighted average of portfolio
2.5
Technology Total 15.2%
Apple supply chain 5.3%
China smartphone supply chain 4.9%
Data infrastructure 2.2%
IT offshoring 0.2%
Memory demand 2.7%
2.7
1.8
Global Economy Total 10.5%
Global car sales 0.2%
Global GDP 6.4%
Global smartphone demand 3.0%
Lower US interest rates 1.0%
Portfolio exposure to business cycles
2.9 4
Contraction 1
Recovery 2
Expansion 3
Slowdown
2.3
Commodity Prices Total 7.4%
Gas to oil spread 0.4%
Oil prices 5.2%
Refining spreads 1.7%
2.0
2.2
2.0
Source: Vontobel Asset Management; data as of ; for illustrative purposes only.

17. Risk Management – portfolio construction guidelines ensure diversification and limit risk
Our portfolio construction process incorporates risk control and considers investment constraints
Risk limits help portfolio managers construct diversified, yet still focused portfolios
Number of portfolio holdings
30-50
Number of GICS sectors to be invested anytime
6 out of 11
Maximum weight per holding/ at initiation of a new position
7% 1%-5%
Maximum deviation from benchmark weight in terms of GICS sectors
20% -points
Maximum contribution to tracking error per position
10%
Maximum deviation from benchmark weight in terms of countries
Maximum contribution to tracking error per factor risk
20%
Maximum cash position/ target cash position
10% 2%-3%
Liquidity
Risk
Managing liquidity risks in portfolio context and capping weight of companies with low liquidity
Tracking
Error
Capping increase in weights for companies with a high contribution to tracking error
Factor
Risks
Avoiding unintended factor concentrations
Country
Risks
Avoiding large exposure to countries at risk of currency devaluations
Event
Risks
Using derivatives for pre-emptive
hedging purposes

18. Portfolio profile Top 10 holdings Portfolio characteristics*
Company Name
Country
Industry GICS Sectors
% Portfolio
SAMSUNG ELECTR-GDR KR
Information Technology
5.83
TAIWAN SEMICONDUCTOR-SP ADR TW
5.55
TENCENT HOLDINGS LTD CN
5.06
LUKOIL PJSC-SPON ADR RU
Energy
3.62
BROADCOM LTD US
3.42
FOMENTO ECONOMICO MEX-SP ADR MX
Consumer Staples
3.41
NASPERS LTD-N SHS ZA
Consumer Discretionary
3.25
BANK RAKYAT INDONESIA PERSER ID
Financials
3.00
LG HOUSEHOLD & HEALTH CARE
2.99
IND & COMM BK OF CHINA-H
2.95
Total Top 10
39.08
PORTFOLIO
REFERENCE INDEX
Number of Holdings/Issuers (ex cash)
46/41
839
Volatility (3y)
16.49%
15.42%
ex-ante Tracking Error (1y)
3.79%  -
ex-post Tracking Error (3y)
7.30%
Alpha (3y)
10.17%
Beta (3y)
0.95
Active Share
85.20%
Information Ratio (3y)
1.43
Upside Capture (3y)
1.10
Downside Capture (3y)
0.60
Portfolio Turnover** (YTD 2017)
11.80%
Average Market Capitalization (USD bn)
52.3
5.9
Median Market Capitalization (USD bn)
20.7
2.7
* Data as of ** PTR = (sum of transactions – sum of subscriptions and redemptions) /average net assets.
Source: Vontobel Asset Management, UBS Portfolio Analysis System, data as of

19. Sector and country positioning
Sector positioning
Country positioning
Source: Bloomberg, data as of

20. Vontobel Fund – mtx Sustainable Emerging Markets Leaders
Fund characteristics
Indexed net return
Share Class
Vontobel Fund – mtx Sustainable Emerging Markets Leaders I USD (LU )
Reference Index
MSCI Emerging Markets TRN
Currency
USD
Inception Date
(since January 2013 with the current investment approach)
Reporting Period –
Indexed net return
Rolling 12-month net returns (in %)
PERIOD
mtx Sustainable Emerging Markets Leaders
29.94
25.17
-5.62
6.73
2.34
MSCI Emerging Markets TRN
22.46
16.78
-19.28
4.30
0.98
Fund versus reference index (annualised, since inception2)
Period
QTD
YTD
2016
2015
2014
2013
3 Jahre
5 Jahre
Seit Lancierung
mtx Sustainable Emerging Markets Leaders
4.33
45.10
9.60
-5.47
8.30
0.93
13.61
11.18
7.56
MSCI Emerging Markets TRN
3.71
32.53
11.19
-14.92
-2.19
-2.60
6.15
4.61
2.19
Difference (bps)
+62
+1257
-159
+945
+1049
+353
+746
+657
+537
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies.
Source & Copyright: Vontobel Asset Management, Bloomberg.

21. Advantages and risks of the Vontobel Fund – mtx Emerging Market Leaders
Broad diversification across numerous securities- Possible extra returns through single security analysis and active management- Gains on invested capital possible- Use of derivatives for hedging purposes may increase subfund’s performance and enhance returns"
Price increases of investments based on market, sector and company developments are possible
Gains through participating in the growth potential of Russia and other countries of the former Soviet Union are possible
Investment universe is diversified across global equity markets
Investments in foreign currencies might generate currency gains
Gains through participating in the growth potential of emerging markets are possible
Gains by participating in the increasing demand for commodities and shortage of the same and subsequent price development are possible
Gains by participating in the growth of industry-leading companies that address environmental, social and governance (ESG) issues are possible
The sustainability analysis ensures that ecological, social and governance risks are transparent and increases the potential to create added financial value.
Limited participation in the potential of single securities- Success of single "- Broad diversification across numerous securities- Possible extra returns through single security analysis and active management- Gains on invested capital possible
Use of derivatives for hedging purposes may increase subfund’s performance and enhance returns"
Price increases of investments based on market, sector and company developments are possible
Gains through participating in the growth potential of Russia and other countries of the former Soviet Union are possible"
Investment universe is diversified across global equity markets
Investments in foreign currencies might generate currency gains
Gains through participating in the growth potential of emerging markets are possible
Gains by participating in the increasing demand for commodities and shortage of the same and subsequent price development are possible
Gains by participating in the growth of industry-leading companies that address environmental, social and governance (ESG) issues are possible
There is no guarantee that all sustainability criteria will always be met for every investment. Negative impact on subfund’s performance possible due to pursuing sustainable economic activity rather than a conventional investment policy.
Disclaimer: The listed advantages and risks concern the current investment strategy of the fund and not necessarily the current Portfolio.
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.

22. Appendix

23. Portfolio characteristics
EM Leaders offer higher profitability at a cheaper valuation than the benchmark
PORTFOLIO
REFERENCE INDEX
DIFFERENCE
Aggregate Statistics: Value
P/E (12m forward)
12.3
12.6
-0.3
Yield (12m forward)
2.7
2.6
0.1
Price/Book (last reported)
2.4
1.8
0.6
EV/EBIT (12m trailing)
11.2
12.0
-0.8
Aggregate Statistics: Growth
Historic Earnings Growth (5y trailing)
7.2
1.0
6.2
Forecast Earnings Growth (12m forward, based on consensus)
15.9
13.5
Forecast Dividend Growth (12m forward, based on consensus)
15.3
11.3
4.0
Aggregate Statistics: Quality
Return on Equity (12m forward)
20.5
14.4
6.1
Dividend Cover (12m forward)
3.1
0.0
Debt/Equity Ratio in % (last reported) 2 27
-25
Style Weights (%)
Growth Composite*
25.8
34.8
-9.0
Value Composite*
17.3
31.0
-13.6
High 6m Price Momentum*
66.6
53.8
12.8
High Dividend Cover*
63.8
52.0
11.8
Mid Cap*
13.3
22.0
-8.7
High Free Cash-Flow Yield*
43.1
32.5
10.6
* Shows the percentage of the portfolio and benchmark that are held in the stocks qualifying as constituents of the selected styles. There are overlaps between the styles.
Source: Vontobel Asset Management, UBS Portfolio Analysis System; data as of

24. Investment process – Mondi: our thesis in six charts
Mondi enjoys a leading market position1…
…supported by superior top-line growth as a function of a strong product portfolio…
…with rising operating margins closing the margin gap against its competitors…
1 Based on proprietary industry position score (in percentile).
Source: Credit Suisse HOLT, Bloomberg, Vontobel Asset Management.

25. Investment process – Mondi: our thesis in six charts
…leading to high and improving ROIC in the past 6 years…
…and scoring well in our ESG framework…
…while still offering a more attractive valuation than its peers on FCF yield
Source: Credit Suisse HOLT, Bloomberg, Vontobel Asset Management.

26. ESG analysis – our framework identifies companies at risk due to poor ESG management
We require companies to fulfil our sector-specific minimum standards on ESG
Environment
Social
Governance
Environment Management System
Eco-efficient operations
Product stewardship
Employee relations
Social and economic development
Supply chain
Board efficiency
Shareholder rights
Executive remuneration
External sources
Sustainalytics
Governance Metrics by MSCI ESG Research
Hermes EOS
Internal sources
ESG Sector Papers
Vontobel proprietary ESG database
ESG Investment Committee
Score 0-10, average score >5 is investable
Proxy voting and engagement
Source: Vontobel Asset Management.

27. ESG analysis – we take a differentiated ESG focus for each sector
We weight ESG components according to their importance in their sector
Source: Vontobel Asset Management.

28. ESG analysis – company example: Mondi addresses “E” issues well, but falls short in “S”
Mondi still qualifies as investable in our ESG framework despite shortcomings in Social
Criteria
Score
mtx Sector Weighting
Weighted Final Score
SOCIAL
GOVERNANCE
ENVIRONMENT
Employee Relations
5.0
Board Accountability
10.0
7.5
Environmental Management
Social & Economic
Development
Shareholder Rights
2.5
Operational Eco-Efficiency
Community Relations
Executive Remuneration
Environmental Risk Management
4.2
5.8
8.3
30%
20%
50%
6.6
Source: Vontobel Asset Management.

29. ESG analysis – our ESG guiding principles incorporate exclusions, voting and engagement
We only exclude a limited number of industries and define high ESG standards for controversial sectors
By voting and engaging with companies we align our goals with those of our investors
Excluded:
Voting
Weapons
We exclude producers controversial weapons (threshold 0%), and firms with weapon-related military contracting (threshold 25%) from our investment universe
We consider active ownership as central to sustainable investing
Exercising voting rights is in the best interests of our clients (part of our fiduciary duty)
We have partnered with Hermes Equity Ownership Services (Hermes EOS)
Tobacco
We exclude tobacco producers (threshold 0%) and tobacco retailers (threshold 25% from our investment universe
Nuclear Energy
We exclude companies with an exposure to nuclear power (threshold 25%) from our universe
Engagement
Formal engagement carried out by Hermes EOS on behalf of mtx
Ability to exert greater influence than the size of mtx’s holdings would otherwise permit
mtx analysts benefit from Hermes EOS’ specialist resources and experience
Analysts engage with company management and raise issues of concern directly
Specific high ESG standards:
Gambling
Gambling companies we invest in have:
A policy on responsible gambling
Procedures to protect the addicted and minors
Training on gambling addiction for employees
Policy and programs to prevent
Money laundering
Alcohol
Companies we invest in have:
Responsible marketing policies
Programs that raise awareness
Active role in prevention of alcohol abuse

30. ESG analysis – examples of how companies score in our ESG Minimum Standard Framework
Historical development of overall ESG Score
Company Examples
Comply
Yes Bank
Taiwan Semiconductor
Lenovo
Brilliance
Monitoring
Samsung
Tencent
Largan
Hero Motors
BOC Hong Kong
Netease
Do not comply
Sichuan Tianqi Lithium
Etisalat
Cosan
Sino Bio
Source: Vontobel Asset Management. Data as of

31. Companies closely monitored
ESG profile
Overall scores based on Minimum Standard Frameworks (MSF)
Companies closely monitored
Weighted average score of the Vontobel Fund – mtx Sustainable EM Leaders Fund is 6.3
Source: Vontobel Asset Management, data as of

32. Summary of proxy votings – Q2 2017* (1/2)
COMPANY
COUNTRY
MEETING DATE
MEETING TYPE
VOTING ACTION
VOTING EXPLANATION
China Overseas Land & Investment Ltd.
Hong Kong
12/06/2017
Annual
Against Board Proposal
Issue of equity raises concerns about excessive dilution of existing shareholders
Guangdong Investment Ltd.
23/06/2017
Concerns related to attendance at board or committee meetings
Too many board members
BOC Hong Kong (Holdings) Ltd.
28/06/2017
Issue of capital raises concerns about excessive dilution of existing shareholders
Broadcom Limited
Singapore
05/04/2017
All For
Taiwan Semiconductor Manufacturing Co.
Taiwan
08/06/2017
Insufficient/poor disclosure
Largan Precision Co., Ltd.
14/06/2017
Brilliance China Automotive Holdings Ltd.
Bermuda
16/06/2017
Kroton Educacional S.A.
Brazil
28/04/2017
Special
Anta Sports Products Ltd.
Cayman Islands
06/04/2017
Apparent failure to link pay and appropriate performance
Too many board members/Too many other time commitments
Tencent Holdings Ltd.
17/05/2017
Apparent failure to link pay & appropriate performance
Concerns related to inappropriate membership of committees
AAC Technologies Holdings Inc.
24/05/2017
Source: Vontobel Asset Management / Hermes EOS * data for Q3’17 is available as of

33. Summary of proxy votings – Q2 2017* (2/2)
COMPANY
COUNTRY
MEETING DATE
MEETING TYPE
VOTING ACTION
VOTING EXPLANATION
Sunny Optical Technology Group Co., Ltd.
Cayman Islands
26/05/2017
Annual
Against Board Proposal
Issue of capital raises concerns about excessive dilution of existing shareholders
China Resources Land Ltd.
02/06/2017
Concerns related to attendance at board or committee meetings
Issue of equity raises concerns about excessive dilution of existing shareholders
Zhengzhou Yutong Bus Co., Ltd.
China
19/04/2017
Concerns to protect shareholder value
Insufficient justification for related party transaction
Insufficient/poor disclosure
Chongqing Rural Commercial Bank Co., Ltd.
05/05/2017
Zhuzhou CRRC Times Electric Co., Ltd.
13/06/2017
Concerns related to Non-audit fees
China Construction Bank Corporation
15/06/2017
Concerns about reducing shareholder rights
PICC Property and Casualty Co., Ltd.
23/06/2017
Industrial and Commercial Bank of China
27/06/2017
HCL Technologies Ltd.
India
12/05/2017
Special
All For
Yes Bank Limited
06/06/2017
PT Telekomunikasi Indonesia Tbk
Indonesia
21/04/2017
Inappropriate bundling of election of directors on a single vote
LUKOIL PJSC
Russia
21/06/2017
Concerns about overall board structure
Mondi Ltd
South Africa
11/05/2017
Source: Vontobel Asset Management / Hermes EOS * data for Q3’17 is available as of

34. Summary of engagement activities – Q2 2017*
ENGAGEMENT TYPE
COMPANY
COUNTRY
TOPICS ENGAGED ON
Engagement through mtx
AAC Technologies
China
Our Portfolio Manager Thomas Schaffner proposed in meeting with Investor Relations of AAC in June 2017 the strengthening of board/management structure as well as improvement in disclosure. AAC was open to our proposals
China Resources Land
Company will publish an ESG report after we have pushed them to increase ESG related disclosure for 1.5 years. This was confirmed to Thomas Schaffner during meeting in June 2017
Collaborative Engagement through Hermes EOS
LG Chem Ltd
South Korea
Shareholder Protection and Rights / Climate Change / Labour Rights / Bribery and Corruption
Samsung Electronics Co Ltd
Board Diversity / Independence / Skills and Experience of Board Members / Executive Remuneration / Integrated Reporting and Other Disclosure / Business Strategy / Human Rights
Taiwan Semiconductor Manufacturing Co Ltd
Taiwan
Succession Planning
China Construction Bank Corp
Risk Management / Environmental Policy and Strategy
Industrial & Commercial Bank of China Ltd
Climate Change / Risk Management / Integrated Reporting and Other Disclosure / Bribery and Corruption
LUKOIL PJSC
Russia
Board Diversity / Independence / Skills and Experience of Board Members / Climate Change / Labour Rights / Risk Management / Succession Planning /
Tencent Holdings Ltd
Cayman Islands
Shareholder Protection and Rights / Climate Change / Integrated Reporting and Other Disclosure / Business Strategy
Source: Vontobel Asset Management / Hermes EOS * data for Q3’17 is available as of

35. Our aim is to achieve 2-3% p.a. outperformance versus benchmark
Main characteristics of the Vontobel Fund – mtx Sustainable Emerging Markets Leaders
PERFORMANCE TARGET
Outperformance of bps p.a. versus benchmark
REFERENCE INDEX
MSCI Emerging Market TRN
NUMBER OF PORTFOLIOS HOLDINGS
30-50
TRACKING-ERROR
No tracking error limits defined
MARKET CAP FOCUS
No specific focus, minimum market capitalization of USD 1bn
INVESTMENT STYLE
We use a combination of systematic screens (“matrix”) and fundamental research to identify companies with
Above average quality, in terms of ROIC, industry positioning and ESG
Below average valuation
INVESTMENT UNIVERSE
The fund is allowed to invest in stocks outside the benchmark universe. Generally, Emerging markets are all countries considered as such by the World Bank, the International Finance Corporation, the United Nations or that are included in the MSCI Emerging Markets Index or the MSCI Frontier Markets (FM) Index.
Source: Vontobel Asset Management.
Subject to change, without notice, only the current prospectus or comparable document of the fund is legally binding.

36. Vontobel Fund – mtx Sustainable Emerging Markets Leaders
Track record
What makes us special?
Indexed net return
Net return p.a. %
Roger Merz, CFA
Head of mtx Portfolio
Management, Co-Portfolio Manager
Thomas Schaffner, CFA
Co-Portfolio Manager
A combination of systematic screens (“matrix”) and fundamental research This ensures style consistency and the probability of outperformance.
Strong focus on valuation The entry point significantly determines the rate of return of the fund in the medium-term.
ESG improves risk management and enhances performance This is proofed by latest academic research and our own performance data.
Share Class
Vontobel Fund – mtx Sustainable Emerging Markets Leaders I USD (LU )
Reference Index
MSCI Emerging Markets TRN
Currency
USD
Inception Date
(since January 2013 with the current investment approach)
3 Years (Net)
Portfolio
Reference Index
Volatility (p.a.) in %
16.12
15.48
Sharpe Ratio (p.a.)
0.81
0.36
Tracking Error (p.a.) in %
6.68
Beta
0.95
Information Ratio (p.a.)
1.12
Correlation
0.91
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. Source & Copyright: Vontobel Asset Management, Bloomberg.

37. Robust risk management set-up with three lines of defence
Risk management, control and oversight are independent of primary risk owners, but interact intensively1
1st Line of Defence
2nd Line of Defence
3rd Line of Defence
Primary Risk Owners
Risk Management
Risk Control
Oversight and Audit
Risk appetite based on client and legal requirements e.g. mandates, fund prospectus, UCITS regulations
Portfolio Managers
AM Services
Sales
Product and Sales Management
AM Risk Management
Investment Control
Operational Risk
Compliance
Group Management
Supervisory Board
Internal Audit
External Auditor
Primary responsibility for day-to-day risk management
Formulation and implementation of the investment risk framework and regular investment risk reviews with primary risk owners
Define strategies and policies for managing non-investment risks and monitor execution by business
Provide independent and objective assurance on effective-ness of internal controls as well as recommendations for improving governance and risk control framework
1 Detailed organisation charts are available upon request.
Source: Vontobel Asset Management.

38. Committees support each line of defence
Key governance committees and certifications
MEETING AND COMMITTEE NAME
CHAIR, ATTENDEES
FREQUENCY
1st Line of Defence
Investment team meetings
Investment risk meeting per boutique
Performance Review Committee per boutique
Global Asset Management Committee
As per investment process description
Head AM Risk Management, Boutique Head and PMs
Head AM, Boutique Head, AM Functional Heads
Head AM, Management team
Various
Monthly
Quarterly
2nd Line of Defence
Risk and Compliance Meeting AM
Breach meeting
Group CFO, Group Head Operations, Head and COO AM, Heads of Risk Control, Investment Control, General Counsel, Legal & Compliance and others as needed
Head Investment Control, Legal & Compliance, Risk Manager AM, Head Investment Platform, Head Boutique
3rd Line of Defence
Group management committee
Supervisory board
Audit committee
Group CEO, AM and other BU CEOs, Group Head Finance and Risk
Board chairman, Board members, others as needed
Sub-committee of Board
Certifications
GIPS
Assures that performance figures meet international standards for accuracy and completeness.
Last verification as of
ISAE 3402
Type II certification of operational procedures achieved, last certification audit by PWC Q
Note: Investment team meetings not shown – see investment process for details of these discussions.

39. Disclaimer
This document was produced for Institutional clients, for distribution in LUX AUT LIE DEU CHE SGP SWE FIN FRA ITA NLD NOR ESP GBR. This document is for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell shares of the fund/fund units or any investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Subscriptions of shares of the fund should in any event be made solely on the basis of the fund’s current sales prospectus (the “Sales Prospectus”), the Key Investor Information Document (“KIID”), its articles of incorporation and the most recent annual and semi-annual report of the fund and after seeking the advice of an independent finance, legal, accounting and tax specialist. This document is directed only at recipients who are institutional clients such as eligible counterparties or professional clients as defined by the Markets in Financial Instruments Directive 2004/39/EC (“MiFID”) or similar regulations in other jurisdictions. In particular, we wish to draw your attention to the following risks: Investments in the securities of emerging- market countries may exhibit considerable price volatility and – in addition to the unpredictable social, political and economic environment – may also be subject to general operating and regulatory conditions that differ from the standards commonly found in industrialised countries. The currencies of emerging-market countries may exhibit wider fluctuations. Investments in derivatives are often exposed to the risks associated with the underlying markets or financial instruments, as well as issuer risks. Derivatives tend to carry more risk than direct investments. Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed. Interested parties may obtain the above-mentioned documents free of charge from the authorised distribution agencies and from the offices of the fund at Boulevard de la Foire, L-1528 Luxembourg, the paying agent in Austria Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, the paying agent in Liechtenstein: Bank Vontobel (Liechtenstein) AG, Pflugstrasse 20, FL9490 Vaduz, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, Frankfurt/Main, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich. Refer for more information on the fund to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). These documents may also be downloaded from our website at vontobel.com/am. The fund and its subfunds are not available to retail investors in Singapore. Selected sub-funds of the fund are currently recognized as restricted schemes by the Monetary Authority of Singapore. These sub- funds may only be offered to certain prescribed persons on certain conditions as provided in the “Securities and Futures Act”, Chapter 289 of Singapore. The KIID is available in Swedish. The KIID is available in Finnish. The KIID is available in French. The fund is authorized to the commercialization in France since 01/05/2013. Refer for more information on the funds to the Document d’Information Clé pour l’Investisseur (DICI). Refer for more information regarding subscriptions in Italy to the Modulo di Sottoscrizione. For any further information: Vontobel Asset Management S.A., Milan Branch, Piazza degli Affari 3, Milano, telefono: , The Fund and its subfunds are included in the register of Netherland’s Authority for the Financial Markets as mentioned in article 1:107 of the Financial Markets Supervision Act (“Wet op het financiële toezicht”). The KIID is available in Norwegian. In Spain, funds authorised for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 280). The KIID can be obtained in Spanish from Vontobel Asset Management S.A., Spain Branch, Paseo de la Castellana, 95, Planta 18, E Madrid or electronically from The funds authorised for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number This communication is directed only at recipients who are eligible counterparties or professional clients, as defined in the “Glossary to the Financial Conduct Authority’s Handbook of Rules and Guidance”. Any investment or service to which this communication relates is only available to and will only be engaged in with such persons. Any other person who receives this communication should not rely on or act upon this communication. This information was approved by Vontobel Asset Management SA, London Branch, which has its registered office at Third Floor, 22 Sackville Street, London W1S 3DN and is authorised by the Commission de Surveillance du Secteur Financier (CSSF) and subject to limited regulation by the Financial Conduct Authority (FCA). Details about the extent of regulation by the FCA are available from Vontobel Asset Management SA, London Branch, on request. The KIID can be obtained in English from Vontobel Asset Management SA, London Branch, Third Floor, 22 Sackville Street, London W1S 3DN or downloaded from our website vontobel.com/am. © 2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties”) makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. This document is not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association are not applicable. Vontobel Asset Management AG, ist affiliates and/or ist board of directors, executive management and employees may have or have had interests or positions in, or traded or acted as market maker in relevant securities. Furthermore, such entities or persons may have executed transactions for clients in these instruments or may provide or have provided corporate finance or other services to relevant companies. Although Vontobel Asset Management AG (“Vontobel”) believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document. Except as permitted under applicable copyright laws, none of this information may be reproduced, adapted, uploaded to a third party, linked to, framed, performed in public, distributed or transmitted in any form by any process without the specific written consent of Vontobel. To the maximum extent permitted by law, Vontobel will not be liable in any way for any loss or damage suffered by you through use or access to this information, or Vontobel’s failure to provide this information. Our liability for negligence, breach of contract or contravention of any law as a result of our failure to provide this information or any part of it, or for any problems with this information, which cannot be lawfully excluded, is limited, at our option and to the maximum extent permitted by law, to resupplying this information or any part of it to you, or to paying for the resupply of this information or any part of it to you. Neither this document nor any copy of it may be distributed in any jurisdiction where its distribution may be restricted by law. Persons who receive this document should make themselves aware of and adhere to any such restrictions. In particular, this document must not be distributed or handed over to US persons and must not be distributed in the USA.