We are an asset management focused on Emerging Markets High Yield Bonds, based in Brazil.

1. CAPITAL
June 2011

2. INVESTMENT CASE

3. OPPORTUNITY
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
3

4. MARKET PROFILE
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
4

5. OPPORTUNITY
INVESTING IN EMERGING MARKETS HIGH YIELD
Emerging Markets and Advanced Economies GDP Growth
500%
GDP Current USD Emerging Markets
400%
GDP Current USD Developed Economies
300%
200%
100%
0%
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
Source: Bloomberg / Dec 2010
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
125% 140%
118%
100% S&P 500 Index 120%
CS EM Corp Bonds Index
100%
75%
iBoxx USD Liquid HY Index 77%
80%
50%
60%
25%
40%
0% 20% 16% 17%
11% 9%
-25% 0%
SPX IBOXHY CEMBTOTR
-50%
Vol (Std. Dev.) Acum. Return
dez-01 out-02 ago-03 jun-04 abr-05 fev-06 dez-06 out-07 ago-08 jun-09 abr-10 fev-11
Source: Bloomberg / Mar 2011
6

7. OPPORTUNITY
INVESTING IN EMERGING MARKETS SOVEREIGN
●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
7

8. OPPORTUNITY
INVESTING IN EMERGING MARKET BONDS
● 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
8

9. THE FUND

10. 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, No Hedging and No use of Derivatives
● Fully Invested
10

11. GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
Historical Performance
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% 4.97% 55.19%
60% 23.48%
50% 18.97%
40%
30%
6.75%
20% 5.53%
10%
0% Annualized Return Vol (Std. Dev.)
07-10
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
08-10
09-10
10-10
11-10
12-10
01-11
02-11
03-11
04-11
05-11
Galloway GEM FI Fund
Galloway GEM FI Fund CS EM Corp Bond Index CS EM Corp Bonds Index
11

12. GALLOWAY GLOBAL EMERGING
MARKETS FIXED INCOME FUND
Country Breakdown Currency Breakdown
Brazil 5.6%
Argentina 4.3%
Cash USD
Ukraine
Brazilian Real
Colombia
Argentine Peso
Mexico
Kazakhstan
China
Indonesia 90.1%
Oman
Belarus
Ivory Coast Number of Positions: 36
Poland
Turkey
Yield To Worst (%): 10.06
Nigeria Duration: 4,23
Uruguay Average Rating: B
Chile
0% 5% 10% 15% 20% 25% 30% 35%
12

13. 0
5
10
15
20
25
30
35
40
45
50
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Galloway Global Emerging Markets FI Fund
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Assets Under Management (USD million)
Dec-10
MARKETS FIXED INCOME FUND
Jan-11
GALLOWAY GLOBAL EMERGING
Feb-11
Mar-11
Apr-11
May-11
13

14. 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
14

15. 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
15

16. INVESTMENT PROCESS
PORTFOLIO CONSTRUCTION
●High Diversification:
• Average Number of Positions: 30 – 50
• Average Position Size: 2% – 3%
●Technological tools and a large network
of liquidity providers (over 350 counterparties)
to enter and exit positions at the best available
prices
16

17. INVESTMENT PROCESS
MULTI-APPROACH DUE DILLIGENCE
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:
1. COUNTRY MACRO 2. GEOPOLITICS 3. SECTOR
ECONOMIC OUTLOOK
It is paramount for companies Companies have to be Thoughtful analysis to understand
and/or sovereign issues to be in aligned with local the sector’s importance to the
countries that have a positive governments country (subsidies, government
growth outlook or are in a turning support, etc); and its relative value
point to global peers
17

18. INVESTMENT PROCESS
MULTI-APPROACH DUE DILLIGENCE
4. CREDIT METRICS 5. LOCAL NETWORK 6.TECHNICAL ANALYSIS
Company/Country’s leverage, Company and/or country Careful selection of entry and
its cash flow and ownership have to be checked through exit points, new issuance
structure our local network of outlook and relative value
contacts (sell and buy side)
7. GOLDEN RULE: It is fundamental that the cost of a company/country not
paying its obligations be “higher” than if it pays.
18

19. RISK MANAGEMENT
Country Risk
● Limit of 40% for Brazil, Russia, India or China
● Limit of 20% for other countries
Currency Risk
● Limit of 30% for any other currency than USD
● Non USD Bonds must settle via Euroclear / Cedel
Corporate Risk
● Limit of 5% per individual corporate credit at cost
● Limit of 20% per individual Sovereign Bond at cost
Limit of 20% in less liquid bonds
(Issues size below USD 100 Million)
All Bonds must be Euroclearable/ DTC/ Clearstream
19

20. TRANSPARENCY
FULL DISCLOSURE
Easy access to Portfolio Management team
and current portfolio ideas
Portfolio positions and trading history
disclosure upon client’s request
20

21. THE MANAGER

22. 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
Between the 4 main partners, Nathan Shor, Guillermo
Bauder, Ulisses De Oliveira and Roger Braun, Galloway
Capital has over 50 years combined of careers
dedicated to Credit including: Trading, Sales,
Origination, Due Diligence and Execution
22

23. ASSET MANAGEMENT STRUCTURE
INVESTMENT
COMMITTEE
Nathan Shor
Guillermo Bauder
Ulisses de Oliveira
PORTFOLIO
RISK SALES & OPERATIONS
MANAGEMENT RESEARCH COMPLIANCE
MANAGEMENT PRODUCTS Tathiana Raso
Ulisses de Roger Braun Arie Milner
João Ferrari Andre Simon
Oliveira
TRADING
Joao Paulo
Vicente
23

24. INVESTMENT TEAM
Nathan Shor
Nathan holds a BSBA from Boston University (Boston, USA) and a Masters degree in Finance from IESA (Instituto Estudios Superiores de
Administracion, Caracas, Venezuela). In 1998 he worked at The Nash Fund being responsible for its US equities, Forex and Fixed Income
allocations. In 2003, he joined forces with Convenção a Brazilian Broker Dealer to develop their international division offering Futures,
Commodities, US Equities and International Fixed Income to Institutional clients. The relationship with Convenção resulted in a new company
called Galloway Emerging Markets In 2009, he was responsible to start up the Galloway Global Emerging Markets Fixed Income Fund.
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 US
Equity and Fixed Income for institutional clients. In 2003 he joined forces with Convenção a Brazilian Broker Dealer to develop their international
division offering Futures, Commodities, US Equities and International Fixed Income to Institutional clients. The relationship with Convenção
resulted in a new company called Galloway Emerging Markets. In 2009, he was responsible to start up the Galloway Global Emerging Markets
Fixed Income Fund.
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 to be responsible for managing its
Emerging Markets bond funds.
24

25. 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.
João Ferrari – Senior Research Analyst
Graduated in Business Administration from Fundação Getúlio Vargas in São Paulo and has a Master’s degree in economy from Pontifícia
Universidade Católica of São Paulo. He started his career in finance as a credit analyst at HSBC and has also worked for Saint George Bank in
the Personal Customer Division. In 2004 he joined Daycoval Asset Management, where he participated in the management of Fixed Income and
Variable Income Funds until 2006. Still in 2006 he joined Galloway in the capacity of analyst.
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.
Ricardo Pereira – Research Analyst
Holds a bachelors degree in business finance from Suffolk University in Boston. He graduated in May of 2010 with honors. In June he started an
internship at Barclays Wealth in New York, where he supported different sales teams. After Barclays he went on to do an internship at a family
office where he spent seven months working as an Equity analyst. Ricardo then joined Galloway in May 2011.
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26. SALES TEAM
Andre Simon – Head of Sales
With a Bachelor degree in Business Administration and graduation in Marketing and Publicity from Fundação Armando Alvares Penteado (FAAP),
Andre has been working in the asset management industry since 1998. He started his career at BCN Alliance, a joint venture between Alliance
Bernstein and Banco BCN, as a sales manager. In 2001, became an associate wholesaler at Alliance Bernstein, distributing offshore funds to Latin
American investors. Later in 2004, Andre joined Santander Asset Management as a Sales Manager to start its third-party distribution channel. Was
hired in 2007 by Unibanco Asset Management (later Itau Asset Management) to develop the International Distribution channel providing Brazilian
investment solutions to investment companies around the world. Joined Galloway Capital in 2010 as Global Head of Sales.
Alexandre M. Preuss – Sales Manager
Holds a master degree in Finance from BBS ( Brazilian Business School) and also graduated in Engineering from Escola de Engenharia Mauá.
He started his career in finance in 2003 as an investment advisor at Banco Santander where he later led the structuring of the Wealth
Management business. In 2007 he was invited to join GAP Asset Management to develop sales at the Sao Paulo office. He joined Galloway in
2009 as a sales manager.
Lorraine Hac – Sales Manager
Holding a master degree in Business Management (option Finance) from HEC – University of Liege (Belgium), she started her career in Finance
as part of the Sales Team of the investment banking arm of Emirates National Bank of Dubai, placing equity and debt capital market primary
offerings to the market. She joined Galloway in 2010 as a research analyst later becoming sales manager.
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27. OTHER KEY PERSONEL
João Vicente – Head of Trading
Graduated in Business Administration and Marketing from Escola Superior de Propaganda e Marketing, Joao Paulo began his career in the
advisory area of Unibanco Asset Management in 2001. He joined Galloway Capital in 2006 and is responsible for the Trading department.
Arie Milner – Chief Operating Officer and Head of Compliance
Graduated in Civil Engineering from Escola de Engenharia Mauá in São Paulo. He started his career in 1991 working with constructions business
until 2001, acting as a partner in several projects. In 2002 he joined the technology markets as a commercial consultant acting in many sectors as
energy systems, security and IT solutions (hardware and software).He came to Galloway in 2010 being responsible for administrative department,
evolving IT infrastructure, telephony, marketing and utilities.
Tathiana Raso – Head of Operations
Graduated in Business Administration from Universidade Paulista in São Paulo. She began her career in 1998 at Credit Suisse Investment Bank
working with Operations in the back office. She came to Galloway in 2007 being responsible for the back office department.
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28. APPENDICES

29. FUNDS MAIN CHARACTERISTICS
Galloway Global
Galloway LatAm Galloway Brazil
Emerging Markets
Fixed Income Fund Fixed Income Fund
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 30 days after upcoming NAV 30 days after upcoming NAV 30 days after upcoming NAV
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 IFCE Fund Services IFCE Fund Services IFCE Fund Services
Custodian IFCE / Pershing IFCE / Pershing IFCE / Pershing
Auditor Ernst & Young Ernst & Young Ernst & Young
29

30. LEGAL INFORMATION
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
30

31. CONTACT
INFORMATION
+55 11 4082-2250
galloway@gallowaycapital.com
www.gallowaycapital.com