23 November 2011 GLOBAL VALUE INVESTORS

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1 Global Value Investors Limited Level George Street Sydney NSW 2000 PO Box H104 Australia Square Sydney NSW 1215 Ph Fax ABN AFSL November 2011 GLOBAL VALUE INVESTORS Dear valued investor, I am writing to let you know of some important changes with the GVI Industrial Share Fund and GVI Industrial Share Fund - Unhedged (the Funds). The Board of Global Value Investors has decided to appoint Aubrey Capital Management Limited (Aubrey) an Edinburgh based investment manager as the sub-investment manager for the Funds. Aubrey is already an investment manager in the Treasury Group of companies. Aubrey will take over the day to day investment management of the Funds and apply their own philosophy and investment style. Treasury Group Investment Services Limited (TIS) as responsible entity of the Funds has consented to the appointment of Aubrey as it believes such an appointment is in the interests of the unitholders. Some of the reasons for the appointment of Aubrey are set out below. Aubrey is a boutique investment manager that specialises in the management of global equity portfolios. We have included a flyer on Aubrey with this communication. The overriding factor in reaching this decision was to generate the best outcome for current and future investors in the Funds. The GVI Board believes that the investment performance has not been sufficiently adequate in recent years. It also believes that Aubrey s track record as well as its highly experienced team of investment professionals, offers investors a stronger proposition in terms of global equities investment and experience. Aubrey has, over the long-term, achieved a better competitive positioning versus its peers than GVI and has also exhibited a greater capacity to create value versus its benchmark over the long-term. Under Aubrey s management, the Funds will aim to provide long-term capital and income returns through investment in attractive markets, sectors and companies on a worldwide basis. Aubrey will structure the portfolio without reference to peers or the benchmark, instead identifying proven thematic growth drivers, coupled with a concentration on company cash flow characteristics as a key risk assessment, followed by a strong sell discipline. As a result of the above a new Product Disclosure Statement (PDS) has been issued which deals in further detail about Aubrey. The GVI and TIS Boards have determined in the process to offer all existing unitholders a 10% reduction in the fees payable, and for all new investors to receive the same benefit by offering a reduction of the same 10% on all management fees. This reduction will apply whether the fees are negotiated or not. Please note that no action is required on your behalf, except to read through the new PDS, the questions and answers and the promotional material. GVI will continue to be the investment manager and TIS will continue to be the responsible entity of the Funds. Please find following a list of potential questions that you may have together with answers. If you do have further questions, please contact our Client Services Team on Sincerely, Reub Hayes Chairman Global Value Investors

2 Global Value Investors 23 November 2011 IMPACT How will investors be impacted? Investor Questions & Responses We believe the impact on investors will be positive. In making the decision to appoint Aubrey as the sub-advisor, the GVI Board s aim was to generate a better outcome for our current and future investors in the fund. What do I need to do? This decision does not require any action from investors. It is, however, advisable to read through the information in the new Product Disclosure Statement and promotional material (available on the GVI website) which contain details of the change in investment approach between GVI and Aubrey. The structure of the unitholdings will not change. Can investors withdraw their money from the funds? Are there any exit fees? Will my Regular Savings Plan be affected? Will I still receive regular distributions There are no exit fees on any of GVI s Funds. The application and redemption procedures remain unchanged through this process and beyond. No. We have implemented this change in order to minimise the impact on investors. All current arrangements with regards to regular savings plans and distributions remain unchanged. Yes. Distributions will continue to be generally paid in January and July each year. We have implemented this change in order to minimise the impact on investors. All current arrangements with regards to distributions remain unchanged.

3 INVESTMENT APPROACH How similar is Aubrey s investment approach to that of GVI? Key elements of Aubrey s investment approach will be familiar to GVI investors. Aubrey s growth and income approach is focused on identifying attractive companies with healthy and growing dividends. Fundamental research identifying attractively priced companies with no consideration of the underlying benchmark weights are key attributes of both managers Both managers have identified quality companies in the US and both have a lower allocation to the US than the benchmark Index. As US companies generally have lower yields, this position is consistent with the yield focus of this investment approach as well as the benchmark unaware philosophy. Where the two managers differ is that Aubrey has more experience in Asia and has identified a number of attractive companies in this exciting region. As a result, Aubrey will have a much lower allocation to European companies than GVI has in the past. We believe that this is a differentiator and also a strength. Will Yield remain a focus? The Aubrey Growth and Income Strategy is yield focused. This is consistent with the approach employed by GVI. Aubrey will aim for the target yield on this portfolio to exceed the yield of the benchmark MSCI Index. Will the fund remain hedged to the AUD? How does Aubrey s performance compare to GVI s OPERATIONS Why was Aubrey selected? GVI offers both hedged and un-hedged options for its funds. The hedged fund is fully hedged back into $AUD and this policy will be maintained. GVI has utilised the expertise of a specialist currency advisor and Aubrey will continue to use this advisor to implement the hedging strategy. The un-hedged version will remain essentially un-hedged. Aubrey has, over the long-term, achieved a better competitive positioning versus its peers than GVI and has also exhibited a greater capacity to create value versus its benchmark over the long-term. Aubrey was selected to manage the fund based on a number of factors. Given the disappointing performance experience investors in GVI have had over recent years, the achievement of the investment objective of each fund is paramount. Aubrey s team has collective investment experience of over 90 years in the UK, Europe, USA Asia and emerging markets. Please refer to accompanying backgrounder on Aubrey for more information on their broader investment capability.

4 Will the funds be renamed? The funds will continue to be called the GVI Global Industrial Share Fund and the GVI Global Industrial Share Fund Un-hedged for the time being. However, over time it makes sense to have the fund reflect the sub-investment manager and strategy. The funds will be renamed the Aubrey Growth and Income Fund and the Aubrey Growth and Income Fund Unhedged. We envisage that this name change will take place in the first half of Will the fee be the same? The current fee on the GVI Global Industrial Share Funds is 1.23% pa. The GVI and TIS Boards have determined in the process to offer all existing unitholders a 10% reduction in the management fee payable, and for all new investors to receive the same benefit by offering a reduction of the same 10% on the management fee. This reduction will apply whether the fees are negotiated or not. This discount will be a flat 10% and will take effect from 1 December, Does Aubrey have a presence in Australia? GVI BUSINESS Will GVI remain operational? Yes. Whilst Aubrey s office is located in Edinburgh, Scotland Aubrey has investment staff located in Melbourne and sales staff located in Treasury Group s office in Sydney. GVI will continue to operate as a business and will continue to hold an AFSL. Clients have appointed GVI to deliver a particular outcome and the business remains committed to delivering this outcome to our investors this has not changed. GVI s Board will continue to represent GVI s shareholders as well as the investors in GVI s funds. What will Grant Cullens role be going forward? Current GVI Director, Grant Cullens, will remain with the business for an appropriate time to ensure a sound transition to Aubrey. Grant has made an impressive contribution to GVI in the time he has been managing the portfolio.

5 The GVI Global Industrial Share Fund offers A financially disciplined, thematic and growth based approach to investing. Global exposure to attractive markets and sectors where stocks are carefully selected for their financial and business strength. A significant yield component to total returns. A portfolio that is predominantly hedged back into $AUD. The Sub - Investment Manager Aubrey Capital Management Ltd is a specialist investment manager with a particular focus on global thematic conviction funds. Founded in 2006 and incorporated in Edinburgh, Scotland, we are a privately held company with all of our shareholders actively involved in managing the business. Investment Philosophy Aubrey aims to take medium to long term positions in strong, stable competitive companies that exhibit attractive dividends, strong earnings growth, and generate significant cash flow. Portfolios are the result of individual stock selection and are not constructed with reference to any market index and thus will show a departure from Benchmark indices with regard to the weightings given to sectors, countries and individual stocks. Investment Objectives The manager aims to construct a portfolio that: Offers long term capital and income returns. Delivers above average returns through exposure to global companies with attractive dividends and growing earnings. Is true-to-label, active bottom-up, unconstrained, conviction investing. Has an investment objective to deliver returns that exceed the MSCI World NR hedged in AUD Index on a rolling three year basis. Investment Style The manager s investment style can best be described as: Active, bottom-up, unconstrained Focussed on quality growth companies at attractive valuations Systematic and disciplined thematic and stock picking research process Not benchmark focussed Foreign Currency Management The manager offers both hedged and un-hedged options for its funds. The hedged fund is fully hedged back into $AUD and seeks to neutralise the vagaries of FX fluctuations. The manager does not actively trade currency to enhance returns as we are stock pickers, not currency traders. The un-hedged fund is open to AUD fluctuations against major currencies which can have both a positive and negative effect on the value of foreign assets. The un-hedged fund is essentially hedged to AUD. Significant Features Issued by Fund Managed by Custodian Performance Objective Distributions Paid Minimum Initial Investment Minimum Additional Investment Minimum Account Balance Entry / Exit Fee Buy / Sell spread Investment Guidelines Treasury Group Investment Services Aubrey Capital Management RBC Dexia Investor Services Trust To outperform the MSCI World NR hedged in AUD Index over rolling three year periods. Generally half yearly 500,000 50, ,000 Nil 0.60% (0.30% on application for units and 0.30% on redemption of units) Global Shares % Cash 0-20% Note (1): We retain the discretion to waive these minimums. If you invest through an IDPS operator such as a Master Trust or Wrap Account platform, these minimums may not apply to you. Note (2): In exceptional market conditions where, in the Manager s opinion no value can be found, the manager retains the right to hold higher levels of cash. * Inclusive of GST Portfolio Profile The sub-investment manager has a clear preference for companies with a strong management record, a strong franchise or brand operating in markets where there are strong barriers to entry. We have minimum earnings per share and dividend yield hurdles and specific requirements as to both debt levels and cash flow return on operating assets, all of which must be met before a stock will be considered. A company must also meet our valuation hurdles based on price earnings growth rates before a stock can be bought. Although we are medium to long term investors in companies with these characteristics, the sub-investment manager is aware that such an approach is too often synonymous with complacency. Accordingly we also apply a strong sell discipline in certain circumstances including where the investment case changes, the valuation breaches reasonable maximums, to optimise positions, or to practice portfolio renewal. Indicative International Sector Allocation*

6 Encompassing the Globe Aubrey Growth and Income Strategy The strategy seeks to offer long term growth and to provide consistent total returns to investors with a strong bias towards companies, with attractive yields and growing earnings per share. The Investment Manager Aubrey Capital Management Ltd (Aubrey) is a specialist investment manager with a particular focus on global thematic conviction funds. Founded in 2006 and incorporated in Edinburgh, Scotland, we are a privately held company with all of our shareholders actively involved in managing the business. Why invest in Aubrey Investing with Aubrey gives access to a proven high conviction, concentrated, growth and stock picking philosophy. Aubrey s team has extensive experience in UK, Europe, USA, Asia and Emerging Markets and has delivered outstanding, consistent long term performance (3 years period as at 31 October 2011) Aubrey structures the portfolio without reference to peers or the benchmark, instead identifying proven thematic growth drivers, coupled with a unique concentration on company cash flow characteristics as a key risk assessment, followed by a strong sell discipline. Aubrey s team is highly motivated and aligned with its clients interests. While having the ambition and flexibility of an investment boutique, the alliance with the Treasury Group gives Aubrey the financial security and resources of a much larger house. Investment philosophy Aubrey manages clients money using a financially disciplined, thematic and growth based approach to investing. Aubrey seeks to invest in strong, stable competitive companies that exhibit attractive dividends and earnings growth. Aubrey s aim is to take medium to long term positions in such companies where its investment team s fundamental research demonstrates that these companies are of high quality and are likely to deliver or surpass growth expectations supported by internal cash flow. At Aubrey, portfolios are the result of individual stock selection and are not constructed with reference to any market index. We expect that the portfolios will show a significant departure from Benchmark indices with regard to the weightings given to sectors, countries and individual stocks. Portfolio summary Objective Style To provide long term capital and income returns through investing in attractive markets, sectors and companies on a worldwide basis. Active bottom up, unconstrained, focused on attractively priced companies that exhibit attractive yields and strong earnings growth, with the objective of above average total return over the long term. No. Securities stocks

7 Andrew Dalrymple Chief Investment Officer Principal & Investment Manager 25 years experience Andrew Dalrymple joined First State/Stewart Ivory in During his time at First State he was able to build a successful track record for the Global Opportunities Fund, which he managed and established from inception (July 1998) through to July Andrew has a BA (hons) Land Economics from Cambridge University. Sharon Bentley-Hamlyn Head of Research Principal & Investment Manager 20 years experience Sharon was with Walter Scott & Partners from 1992 to 2006 and from 2001 as a main Board Director. There she had a global remit following extensive research experience in the major markets of the world: the UK and Europe (including emerging Europe), the USA and Far East. However, Sharon s multi-lingual abilities, particularly in French and Italian, led to a strong interest in European markets. For almost a decade she held primary responsibility for the firm s European stock selection and also for the firm s regional European assignments, either fully discretionary or with client-specific parameters. Sharon helped develop the firm s institutional fund management business and also managed several publicly quoted SICAVs. Sharon is a graduate of Bristol University and also has an MBA from Edinburgh University. She started her financial career with Crédit Commercial de France as an analyst in its Mergers & Acquisitions division, having originally trained as an opera singer in the 1980s. Andrew Dalrymple and Sharon Bentley-Hamlyn are co-portfolio managers on the Aubrey Growth and Income Strategy. Aubrey Capital Management Limited 22 STAFFORD STREET, EDINBURGH EH3 7BD Telephone: +44(0) info@aubreycm.co.uk Contact Us For more information about Aubrey Capital Management Funds, please visit UK OFFICE 22 Stafford Street, Edinburgh EH3 7BD Tel: +44 (0) info@aubreycm.co.uk AUSTRALIAN OFFICE Treasury Group Ltd Sydney Office Level 5, 50 Margaret Street Sydney NSW 2000 Tel: Important Information: The content of this brochure is suitable only for wholesale investors. Neither Aubrey Capital Management Limited ( Aubrey ) nor Treasury Group Investment Services Limited ( TIS ) authorises the provision of this brochure to potential retail investors. While the information contained in this document has been prepared with all reasonable care, Aubrey accepts no liability or responsibility for errors, omissions or misstatements, however caused. Aubrey is authorised and regulated by the Financial Services Authority in the UK. Aubrey is exempt from the requirement to hold an Australian financial services licence under the Corporations Act (Cth) 2001 in respect of the financial services. This document is provided for information purposes only and does not constitute personal financial product advice. You are recommended to take independent professional advice as to the suitability of this investment for your purposes before investing. Any research or analysis used in the preparation of this document has been procured by Aubrey for its own use and should not be relied upon by others. The information and opinions contained in this document are subject to change without notice. Investors should be aware that past performance is not indicative of future performance. Investment markets can go down as well as up. The value of an investment in the Fund, and any income from it, can fall as well as rise and investors may not get back the amount invested. Changes in exchange rates may cause the value of investments to diminish and increase. As the Fund can invest in smaller companies and emerging markets, and may from time-to-time hold a concentrated portfolio of investments, it may be more volatile than a broadly diversified portfolio investing in developed equity markets. The Fund should be considered a long term investment. Treasury Group Investment Services Limited ( TIS ) is the responsible entity for the Aubrey Global Conviction Fund. Potential investors should consider the product disclosure statement and obtain independent advice before deciding whether to invest, or continue to invest, in the Aubrey Global Conviction Fund. Applications can only be made on the form in the current product disclosure statement dated 23 November 2011 which can be obtained by contacting Aubrey Capital Management or TIS.