Important Note: The Gavekal Asian Opportunities UCITS Fund, the Gavekal China Fixed Income Fund and the Gavekal China Onshore RMB Bond Fund (the "Funds") are a sub-funds of the Gavekal UCITS Fund, an open-ended umbrella unit trust established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). The Gavekal Global Equities UCITS Fund is a sub-fund of Gavekal Multi-Fund PLC, an open-ended umbrella variable investment company established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). Gavekal Capital Limited has been appointed as investment adviser to the Gavekal UCITS Fund. The distribution of the prospectus relating to the Fund is restricted in certain jurisdictions and accordingly it is the responsibility of any person or persons wishing to make an application to invest therein to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. The information below is for general guidance only and further information is available in the Prospectus. The taxation implications of investing in the Funds will depend on individual financial circumstances and the investor’s country of residence. Application to invest in the Funds must only be made on the basis of the Prospectus and subscription documentation, which includes a discussion of the terms of the investment and the risk factors.

The copyright, trademarks and all similar rights of this presentation and the contents, including all information, graphics, code, text and design, are owned by Gavekal Capital Limited.

Disclaimers: This presentation is not intended to be distributed to retail investors. This presentation is confidential and proprietary and intended only for use by the recipient and under no circumstance may a copy be shown, copied, transmitted, or otherwise given to any person other than the authorized recipient without the prior written consent of Gavekal Capital Limited. The information contained herein is preliminary, is provided for information and discussion purposes only, is only a summary of key information, is not complete, and does not contain certain material information about the Fund, including important conflicts disclosures and risk factors associated with an investment in the Fund, and is subject to change without notice. Unless otherwise indicated, the information contained herein is believed to be accurate as of the date on the front cover.

This presentation is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, interests or shares in the Fund. No offer or solicitation may be made prior to the delivery of the applicable definitive private placement memorandum and applicable supplement, if any (the "Prospectus"), which will contain additional information about the Fund, including disclosures relating to risk factors and conflicts of interest. The information contained herein does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and is qualified in its entirety by the applicable Prospectus. In the event of any discrepancies between the information contained herein and the applicable Prospectus, the Prospectus will control. This presentation is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should make an independent investigation of the investment described herein, including consulting your tax, legal, accounting or other advisors about the matters discussed herein.

Certain information contained in this presentation constitutes "forward-looking statements, " which can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Funds may differ materially from those reflected or contemplated in such forward-looking statements.

Swiss Mandatory Disclosure: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, this document may only be provided to qualified investors within the meaning of art. 10 para. 3 and 3ter CISA. In Switzerland, the representative is ACOLIN Fund Services AG, succursale Genève, 6 cours de Rive, 1204 Geneva, Switzerland, whilst the paying agent is Swissquote Bank SA, Chemin de la Crétaux 33, 1196 Gland, Switzerland. The basic documents of the fund as well as the annual and, if applicable, semi-annual report may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Please be aware that this document may include funds for which neither a representative nor a paying agent in Switzerland have been appointed. These funds cannot be offered in Switzerland to qualified investors as defined in art. 5 para 1 FinSA.

Use of Indexes: Market index information shown herein is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that are believed to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data. The HSBC Offshore Renminbi Investment Grade Total Return Index and Markit iBoxx China Offshore IG Total Return Index (USD unhedged) track the total return performance of Renminbi-denominated and Renminbi-settled fixed-income instruments that are investment grade and are issued outside of the People’s Republic of China. Markit iBoxx China Offshore Non-Government IG Total Return Index track the total return performance of Renminbi-denominated and Renminbi-settled Non-Government fixed-income instruments that are investment grade and are issued outside of the People’s Republic of China. The Bloomberg China Treasury 1-10 Years Total Return Index tracks the total return performance of the 1-10 Years Treasury component of the Bloomberg China Aggregate Index.

Cross Trading Disclosure: Our trading philosophy has always been to provide our investors with best execution. Sometimes, best executions could be achieved by performing cross trades between funds with similar strategy (due to subscription/redemption) or different strategy (due to asset allocation). For the past and in the future, the fund will continue to participate to provide best execution through cross trading opportunities. All cross trading activities will need to be in straight compliance with our cross trading policy (available upon request) which provides a fair and transparent methodology to carry out the crossing activity.

Limitation of Liability and Indemnity: No warranty of any kind, implied, expressed or statutory, is given in conjunction with the information and data. Gavekal accepts no liability for any loss or damage arising out of the use or misuse of, or reliance on, the information provided including, without limitation, any loss of profits or for any other damage, direct or indirect, save to the extent that such liability may not be excluded pursuant to relevant law or regulation.

You agree to indemnify and hold harmless Gavekal Capital Limited and its affiliates, and the partners and employees of Gavekal Capital Limited and its affiliates from and against any and all liabilities, claims, damages, losses or expenses, including legal fees and expenses, (together, “Losses”) arising out of your access to or use or misuse of the information in this presentation, save to the extent that such Losses may not be excluded pursuant to relevant law or regulation.

Risk Disclosure Statement: Investment in the Funds carries substantial risk. There can be no assurance that the investment objectives of the Funds will be achieved and investment results may vary substantially over time. An investment in the Fund may not be suitable for all investors but only for certain financially sophisticated investors who meet certain eligibility requirements, have no need for immediate liquidity in their investment, and can bear the risk of an investment in the Fund for an extended period of time. Hence, you should carefully consider your financial situation and consult your professional advisory before making any investment.

The value of all investments and the income derived there from can decrease as well as increase. This may be due, in part, to exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the Funds. The value of commodity and derivative investments such as options and futures can be extremely volatile. The Funds may invest in securities of distressed companies, illiquid securities and non-publicly traded securities.

Past performance is no guide to or guarantee of future performance. Unless otherwise stated, returns are after trading costs, administration, management and incentive fees (“Net”). Persons considering investing in the Funds should read the risk disclosure in the Prospectus.