General Disclaimer:

Investment Thesis:

Select investments in public emerging markets equity and debt securities are able to yield outsized, risk-adjusted returns that outperform traditional western benchmarks.


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Research Proposal Disclosure:

East Mill Capital is an academic endeavour serving as a demonstrative tool in confirming the assumptions of the investment thesis.

Investment Thesis:

Select investments in public emerging markets equity and debt securities are able to yield outsized, risk-adjusted returns that outperform traditional western benchmarks.

This research report (hereinafter, “Report” or “Document”) is for information purposes only and may be reproduced or distributed to other persons with proper citation of sources and credit to its authors. This Document neither constitutes a solicitation of an offer nor is it a prospectus. Any investment decision in respect of securities, financial products or investments may only be made on the basis of (i) an approved and published prospectus or (ii) the complete documentation that will be or has been published in connection with the securities, financial products or investments in question, and must not be made on the basis of this Document. Any positions stated within this Document are fictional and for the recording purposes of this study. This Document does not constitute a personal to buy or sell financial instruments. Neither this Document nor any of its components shall form the basis for any kind of contract or commitment whatsoever. This Document is not a substitute for the necessary advice on the purchase or sale of securities, investments or other financial products. In respect of the sale or purchase of securities, investments or financial products, a banking advisor may provide individualised advice which might be suitable for investments and financial products. This Document is fundamentally based on generally available information and not on any confidential information which the author that has prepared this Document has obtained exclusively on the basis of his/her client relationship with a third person. Unless otherwise expressly stated in this Document, East Mill Capital deems all of the information included herein to be reliable, but does not make any warranties regarding its accuracy and completeness. In emerging markets, there may be higher settlement and custody risk as compared to markets with an established infrastructure. The liquidity of stocks/financial instruments may be influenced by the number of market makers. Both of these circumstances may result in a higher risk in relation to the safety of the investments that will be, or may have been, made on the basis of the information contained in this Document. This Report constitutes the current judgment of the analyst as of the date of this Report and is subject to change without notice. It may be outdated by future developments, without the Document being changed or amended.

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