Ha Long Bay (Vietnam)

The Investment Manager

Terra Partners Asset Management Limited ("TPAM"), a company incorporated and regulated in Malta, has been appointed as the Company’s external Investment Manager. As of August 31, 2017, TPAM has over $270 million in assets under management and is also the manager of Worldwide Opportunity Fund (Cayman) Ltd. and Terra Global Opportunity Fund, L.P. (both funds focusing on investments in frontier markets), and Terra Real Estate Fund, L.P. (investing in real estate securities in Brazil). TPAM’s team has extensive experience in investment management in general, and in particular in investing in frontier and emerging markets. Although it is based in Malta, it has on-the-ground presence in Africa, Eastern Europe and South America. The two principals of TPAM have an average of over 15 years’ experience investing together in frontier markets through several market cycles. TPAM’s’ five analysts have, on average 7 years of frontier markets experience, and TPAM’s team is proficient in 17 foreign languages.

The principals of the Investment Manager, who also Company-founded TPAM’s predecessor, who manage the Company’s portfolio of investments are:

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Yarden Mariuma

Yarden (Jordan) Mariuma is a Partner of TPAM, the investment manager of Worldwide Opportunity Fund (Cayman) Ltd. ("WWOF"), Terra Capital Plc (an AIM-listed closed-end fund), Terra Argentine Fund, L.P. and Terra Global Opportunity Fund, L.P. He entered the investment business in 1992 as the compliance manager and broker for the boutique Wall Street firm Kern, Suslow Securities Inc. managing proprietary funds in cross-exchange hedging transactions. In 1997 Mr. Mariuma moved to another boutique investment bank, The Quadrant Group, where he operated a private merchant banking and freelance analytical operation performing private equity analysis for funds. He acted as the lead analyst or originator in over 60 Million USD in investments in every field of business, mainly on the NASDAQ market and headed the local office for various Chinese companies listed, or interested in becoming listed, on U.S. exchanges.

In 1998 Mr. Mariuma assumed the role of Country Manager for The Quadrant Group's Romanian operations in Bucharest and managed both an investment fund and two manufacturing operations. Mr. Mariuma was responsible for turning around a forging company selling train parts and military equipment which had been slated for liquidation under a Romanian government list of non-viable companies. As Chairman, he grew the company's sales and expanded operations so that its clientele included GM, Deutsche Bahn and various NATO naval applications.

Mr. Mariuma travels frequently and extensively to the countries TPAM invests in and those under active consideration and during his business travels he carries out in depth market and company research and presents his conclusions to the Investment Manager. He also works closely with other analysts working with TPAM and comments extensively on the ideas they generate. Working with Filip Montfort, Mr. Mariuma set up Terra Partners' operations in Harare, Zimbabwe, and Dhaka, Bangladesh.

As part of WWOF's activist approach Mr. Mariuma served as a Director and Chairman of the Marketing Committee for Rainbow Tourism Group, the largest hotel company in Zimbabwe, was a Director of AGNI ISP, Bangladesh's largest Internet Service Provider and was a Director of the Speymill Macau Property Company's board.

Mr. Mariuma holds a B.A. from Yeshiva University and M.A from Columbia University. He is a CFA Charterholder and is fluent in English, Hebrew, and Romanian with a good working knowledge of Arabic, Serb-Croat, Spanish, German, and French, and the ability to communicate in Italian, Greek, Bengali, and Shona.

Filip Montfort

Filip Montfort is a Partner of TPAM, the investment manager of Worldwide Opportunity Fund (Cayman) Ltd. ("WWOF"), Terra Capital Plc (an AIM-listed closed-end fund), Terra Argentine Fund, L.P., and Terra Global Opportunity Fund, L.P. Mr. Montfort has earned a Masters in Business Administration, with distinction, from DePaul University of Chicago, a Master's degree in Law from Charles University, Prague and a Bachelor of Arts from the Faculty of International Relations of the University of Economics, Prague.

In 1998 Filip began serving as the Legal and Political Advisor to the Delegation of the European Commission to the Czech Republic. Subsequent to that position he was appointed as the Chief Legal and Economic Advisor of the Czech Forum, a joint institution of the Chambers of Commerce of Britain, France, Germany, Netherlands, and Sweden. Mr. Montfort has lectured for visiting MBA programs and international business and legal conferences on the Czech Republic and Central Eastern Europe in connection with their EU accession and was interviewed on the legal and business environment in the Czech Republic prior to its EU accession for Radio Free Europe, Czech Radio and various Czech and English newspapers and magazines.

Mr. Montfort has substantial board-level experience having served as a director on numerous corporate and closed-end fund boards over the past ten years. He was the Executive Director of Beogradelektro, the largest Serbian electric trading company which also had an extensive real estate portfolio. In connection with WWOF's investments in Zimbabwe he served as the alternate Director on the board of Rainbow Tourist Association, the largest Zimbabwean tourist organization. Mr. Montfort was a Director of AGNI ISP, Bangladesh's largest Internet Service Provider listed on the Dhaka Stock Exchange and assumed a Directorship on the Speymill Macau Property Company's board, an investment fund listed on London Stock Exchange.

In collaboration with Yarden Mariuma, Filip set up Terra Partners' operations in Harare, Zimbabwe, and Dhaka, Bangladesh. He travels frequently and extensively to the countries TPAM invests in and those under active consideration. Mr. Montfort is a native Czech speaker. He is fluent in English, proficient in Italian and has understanding of other Slavic languages.


Documents Interim Report 2017 PFIC statement
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