Disclaimer This presentation has been prepared by Watermark Global Leaders Fund Limited ( Company ) and Watermark Funds Management Pty Ltd (together Watermark ). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Watermark has not considered the objectives, financial position or needs of any particular recipient. Watermark strongly suggests that investors consult a financial advisor prior to making an investment decision. This presentation is strictly confidential and is intended for the exclusive benefit of the institution to which it is presented. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Watermark. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Watermark, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation. This presentation includes “forward looking statements” . Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Watermark and its officers, employees, agents or associates that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Watermark assumes no obligation to update such information. This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. The Company’s offer of securities is made pursuant to a prospectus issued by the Company and dated 27 October 2016, which describes the terms of the offer (Offer Document). This Offer Document is available at www.wfunds.com.au . Prospective investors should consider the Offer Document in deciding whether to acquire securities under the offer. Prospective investors who want to acquire securities under the offer will need to complete an application form that is in or accompanies the Offer Document. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. None of the securities discussed in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. NOT FOR DISTRIBUTION IN THE UNITED STATES 2
Watermark Global Leaders Fund Limited The Company aims to achieve attractive returns that are: • Uncorrelated to traditional asset classes. • Relatively low volatility compared with the share market. The fund is expected to be largely hedged with long and short portfolios of roughly equal value and composition, with the objective to minimise market risk, industry risk and currency risk. Watermark is an experienced Australian manager with a strong track record implementing market neutral strategies of this nature. 3
Watermark Funds Management The Company’s Portfolio will be managed by Watermark Funds Management Pty Ltd ( Watermark ). Watermark has a strong track record across its three long/short portfolios. Its flagship fund, Australian Leaders Fund Limited, has delivered a 14% p.a. return since its inception in 2004. Watermark’s market neutral funds have typically delivered returns that are negatively correlated to the Australian share market . Watermark is a specialist long/short equity investor with a team of eight investment professionals who have deep expertise across a range of industries. Watermark’s CIO has been a professional investor for over 25 years , with 12 years managing hedge funds. Past performance is not indicative of future performance and the performance of the Company could be significantly different to the performance of other portfolios 4 managed in the past by the Manager. There can be no certainty that the performance of the Company will be similar to the historic performance of WMK and WMNT.
Australian Managers Amongst the Best Globally Using the Preqin database of 453 global market neutral funds WMNT is ranked: 20 th for annualised return since inception 23 rd for Sortino Ratio 22 nd for Sharpe Ratio Henderson Perpetual Watermark Market Neutral Fund Ltd Ellerston Watermark Market Neutral Trust Bennelong Regal -12 -11.5 -11 -10.5 -10 -9.5 -9 -8.5 -8 -7.5 -7 -6.5 -6 -5.5 -5 -4.5 -4 -3.5 -3 -2.5 -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 9 9.5 10 10.5 11 11.5 12 12.5 13 13.5 14 14.5 15 15.5 16 16.5 17 17.5 18 18.5 19 19.5 20 20.5 21 21.5 22 22.5 23 23.5 24 24.5 25 Returns % Bennelong Long Short Equity Fund, Ellerston Australian Market Neutral Fund, Henderson Absolute Return Aus Equity Fund, Perpetual Pure Equity Alpha Fund, Regal Tasman Market Neutral Fund, Watermark Market Neutral Trust. This chart displays a normal distribution of the annualised net returns for 453 market neutral strategies in the Preqin database as at the date of the prospectus. It is not a forecast and does not represent the future behaviour of the Company. Past performance is not indicative of future performance and the performance of 5 the Company could be significantly different to the performance of other portfolios managed in the past by the Manager. There can be no certainty that the performance of the Company will be similar to the historic performance of WMK/WMNT.
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