Global macro november 2012 citywire conference

For Use in One-On-One Presentations to Institutional Investors Only � Eaton Vance Management (International) Ltd.

November 2012

Global Macro

2


Disclosures

2

This material is presented and issued by Eaton Vance Management (International) Limited (“EVMI”), which is authorised and regulated by the Financial Services Authority in the United Kingdom and is located at 125 Old Broad Street, London, EC2N 1AR, United Kingdom. EVMI is a wholly owned subsidiary of Eaton Vance Management. Eaton Vance Management (“EVM”) is an investment adviser registered with the United States Securities and Exchange Commission (“SEC“) and is a wholly owned subsidiary of Eaton Vance Corp. (“EVC”). The non-voting common stock of EVC, parent company of EVM, is publicly traded on the NYSE under the symbol “EV”. For purposes of this presentation, “Eaton Vance” or the “Firm” is defined as all three entities operating under the Eaton Vance brand. EVMI markets the services of the following strategic affiliates; Parametric Portfolio Associates (“PPA”) is an investment advisor registered with the SEC and is a majority owned subsidiary of EVM, and Hexavest which is an investment advisor, based in Montreal Canada, and registered with the SEC in the United States and which has a strategic partnership with Eaton Vance, who own 49% of the stock of Hexavest. EVMI has a wholly owned subsidiary, Eaton Vance Management International (Asia) Pte Limited, based in Singapore which holds a Capital Markets License under the Securities and Futures Act of Singapore (CMS100185-1). EVMI is registered as a Discretionary Investment Manager in South Korea pursuant to Article 18 of Financial Investment Services and Capital Markets Act of South Korea. EVMI is exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of the provision of financial services to wholesale clients as defined in the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission's (ASIC) Class Order 2003/1099. As stated above, EVMI is regulated by the Financial Services Authority under the laws of the United Kingdom, which differ from Australian laws. EVMI is registered as a Financial Services Provider in South Africa under the Financial Advisory and Intermediary Services Act 2002 of South Africa (Licence number 43676) The information in this presentation should not be considered investment advice, a recommendation to buy or sell any particular security or tax advice. The information in this presentation does not constitute an offer to sell or solicitation of an offer to anyone in any jurisdiction to buy investments and/or the Eaton Vance funds, and products and services offered by Eaton Vance are only available to residents of countries where offers of such products and services are permitted by law. This presentation is for the benefit of persons whom Eaton Vance reasonably believes it is permitted to communicate this information and should not be forwarded to any other person without the consent of the Eaton Vance. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient or otherwise. It is the responsibility of every person attending this presentation and reading this document to satisfy himself as to the full observance of the laws of any relevant country, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in that country. Unless otherwise stated, returns and market values contained herein are presented in U.S. Dollars. Eaton Vance Management (International) Limited utilises a third party organisation in Australia, Allen, Allen & Partners, and in the Middle East, Wise Capital Management, to promote the investment capabilities of Eaton Vance Investment Managers to institutional investors. For these services both parties are paid a fee based upon the assets that Eaton Vance provide investment advice to following these introductions.

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Firm Overview

3

Our Firm –  Eaton Vance can trace its roots back to 1924

and is listed on the NYSE (Eaton Vance Corp.)

–  Market capitalisation US$3.22bn1

–  US$198.2 billion in assets under management2 across all major asset classes for a broad array of investors

–  Offices of Eaton Vance and its affiliates in London, Boston, New York, Seattle, Atlanta, Singapore, Montreal and Sydney. Agent representation in Middle East (Wise Capital)

Our People

−  20 years on average in the investment management business, 10 years with Eaton Vance

−  Experienced and tenured team of over 160 investment professionals, more than 80 holding the CFA designation and/or advanced degrees

Source: 1Eaton Vance Corp as of 12th October 2012. 2Eaton Vance Management and its affiliates as of 30th September 2012 (not including Hexavest assets). All other data as at 30th September 2012.

• Atlanta Capital

• Hexavest

• Parametric • Eaton Vance Management

Floating-Rate Loan U.S. High Yield Global Macro

EM Inc. Frontier EM Ex. Frontier Global Equity Commodities Currency

U.S. Equities Global Equity Emerging Markets

4


Performance of Global Macro Composite at 31st October 2012

4

Investment Returns (gross-of-fees): The performance of the Global Macro Composite is used to illustrate the longer term performance track record of the Global Macro Strategy. The Composite investment objective differs from EVI (Ireland) Global Macro Fund in that the Fund cannot invest directly in commodities, it also has a different charging structure, and regulatory differences may impact on the implementation of the strategy.

Source: Eaton Vance. The above information is for informational purposes only and does not constitute investment advice and should not be viewed as a recommendation to buy or sell any particular securities or to adopt any investment strategy. The information for the Global Macro Composite is based upon the total net assets of all discretionary, fee-paying accounts eligible for inclusion in such Composite for the periods shown. Gross returns are calculated in US dollars and include the reinvestment of distributions, are after transactions costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Such fees and expenses would reduce the results shown. This information is supplemental to the Composite’s fully-compliant GIPS® presentation contained herein. Past performance does not predict future results. The index represents the amount generated based on the compounded daily rate of a three-month LIBOR deposit in USD. It is not possible to invest directly in an Index. Please refer to the Appendix and GIPS® presentations for important additional information and disclosure.

As of 30th September 2012 1 Year 3 Year 5 Year 7 Year 10 Year Volatility (%) 3.42 2.76 3.03 2.90 2.97 Sharpe Ratio 1.62 1.45 1.52 1.54 1.97 EV Composite Positive Return (gross-of-fees) Monthly Quarterly

67% 75%

72% 83%

77% 85%

79% 86%

81% 88%

Annualised Results (%)

Annual Results 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

EV Institutional Global Macro Composite (Gross) 0.4% 5.6% 12.1% 2.6% 12.3% 7.8% 7.0% 10.5% 13.0% 6.7% 12.2% 5.4%

EV Institutional Global Macro Composite (Net) -0.46% 4.7% 11.2% 1.9% 11.6% 7.2% 6.3% 9.9% 12.4% 6.0% 11.5% 4.8% U.S. LIBOR Market 3-Month Return Index 0.32% 0.3% 0.8% 3.5% 5.6% 5.2% 3.4% 1.5% 1.3% 1.9% 4.5% 6.7%

-0.3

2.0

4.7 4.1 3.9 5.5

6.8 7.8 8.3

-0.4

1.8

3.9 3.3 3.0

4.6 6.0

7.1 7.6

0.0 0.1 0.4 0.5 0.4 1.2 2.4 2.2

3.5

-5%

0%

5%

10%

1 Month Ending

31/10/2012

3 Months YTD 1 year 3 years 5 years 7 years 10 Years Since Inception (1/1/1996)

EV Global Macro Composite (gross)

EV Global Macro Composite (net)

US LIBOR Market 3-Month Return Index

5


Quarterly Absolute Returns – 7 Negative Quarters in 67

Global Macro Composite (not the EVI (Ireland) Global Macro Fund)

Sources: Eaton Vance. Performance as 30th September 2012 is for illustrative purposes only. Past performance is not a reliable indicator of future performance. Full details of the Composite calculation methodology is contained in the appendix and are supplemental to the GIPS presentation. 5

The performance of the Global Macro Composite is used to illustrate the longer term performance track record of the Global Macro Strategy. The Composite investment objective differs from EVI (Ireland) Global Macro Fund in that the Fund cannot invest directly in commodities, it also has a different charging structure, and regulatory differences may impact on the implementation of the strategy.

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

Absolute Returns (%)

6


Global Macro

1 As at 30th September 2012 Global Macro Composite assets. 2 Represents the gross return on the Global Macro Composite Since inception on the 1st January 1996. Source: Eaton Vance and Citi Fund Accounting

Inefficiencies in the global financial markets result in mispriced assets. Long-term economic growth is fostered by broad application of: the rule of law, independent judiciary & central bank, minimal regulation, fiscal responsibility & simple tax code. An environment that supports & sustains long-term economic growth is hospitable for capital.

Top-down macroeconomic & political research across all investable markets, including frontier Long & Short positions implemented at the country level across asset classes Implementation through most liquid & efficient cash or derivative instruments Target low beta to Equities, Credit & EURUSD exchange rate No use of financial leverage. No prime broker; actively manage collateral pool internally

Global Macro Assets of US$7.2bn 1

Strategy return since inception: 8.4%p.a2

Philosophy Process Outcome

6

7


Global Fixed Income Team

Source: Eaton Vance 7

Mark Venezia, CFA

Director of Global Fixed Income, Portfolio Manager

Michael Cirami, CFA Portfolio Manager

Research Team Leader: Central/Eastern Europe, Africa, and Middle East

John Baur Portfolio Manager

Research Team Leader: Latin America and

Commodities

Eric Stein, CFA Portfolio Manager

Research Team Leader: Asia, Dollar Bloc, and

Western Europe

Patrick Campbell, CFA

Global Analyst

Federico Segueda

Associate Analyst

Kyle Lee, CFA Associate Analyst

Danat Abdrakhmanov, CFA

Portfolio Manager

Sarah Gelinas Global Analyst

Michael O’Brien, CFA Head of Global Trading

Michael Ortiz Global Trader

Brian Shaw, CFA Senior Global Trader

Hoa Nguyen Global Trader

Anna Semakhin

Assistant Trader

Courtney Graham

Trading Assistant

David Doggett Trading Assistant

Jennifer Young Trading Operations

Manager

Charles Cheng

Global Operations Manager

Kathleen Flynn

Global Product Specialist

Four Portfolio Associates/ Assistants

Matthew Murphy, CFA

Global Portfolio Specialist

Zamir Klinger Senior Quantitative

Analyst

Portfolio Management & Research Trading Operations & Support

Justin Beauregard Quantitative Associate

Investment Analytics & Risk

Management

Marc Moran Director of Investment

Analytics & Risk Management

Andrew Geraghty Quantitative Research

Assistant

Payson Swaffield CIO Income & Alternatives

Bradford Godfrey, CFA

Institutional Portfolio Specialist

8


Investment Process - Portfolio Construction

Trade Execution

Assess Global Macro Environment

Fundamental Region & Country Analysis

Investment Positioning

Dynamic Portfolio

Construction

Pinpoint best opportunities within each country

Right size positions to manage down side

Manage overall portfolio risk budget

Leverage local market contacts to source unique investment opportunities

Determine most efficient method of implementation

Execute trades efficiently

Determine targeted return and risk profile for the various assets within each country or region:

−  Credit

−  Interest Rate

−  Currency

−  Equity

Evaluate trends and forces that impact growth in various regions

Survey political landscape and likely impact

Frame context for individual country analysis

Analyses within each country:

−  Long term structural trends

−  Intermediate-term fundamentals

−  Short-term factors

8

9


Investment Process - Access Global Macro Environment

Global Demand &

Supply

Monetary policies of the U.S. Federal

Reserve, European Central Bank & Bank

of Japan

Central bank reserve

accumulation

Cycle convergence

of major economies

Obstacles to free

movement of capital & Labour

International geopolitical alignments

9

10


Investment Process - Region and Country Analysis

Long-Term Structural

Trends

Intermediate-

Term Fundamentals

Short-Term Factors

−  Demographics & social change

−  Constitutional & government structure

−  Natural resources, human capital & infrastructure

−  Geography

−  Politics −  Monetary & Fiscal policy −  Inflation −  GDP growth −  Balance of payments, Net

External Trade −  Terms of trade −  Purchasing Power Parity

−  Country risk sentiment −  Unexpected policy moves −  Flow of funds −  M&A activity −  Events: natural disasters,

epidemics etc.

10

11


11

Investment Process - Asset Class and Instrument Selection

Currency Interest Rate Credit Equity

− Forwards with Delivery

− Non-Deliverable Forwards

− Deposits and Bills

− Local Sovereign Bonds

− Swaps

− Futures

− External Bonds

− Local Sovereign Bonds

− Credit Default Swaps

− Index Futures

− Swaps

− Back-to-Back Swaps

Country Selection

Positioning Within Country

12


Investment Process - Portfolio Construction

12

Director of Global Fixed Income

–  Macro Positioning –  Duration –  Currency –  Credit

–  Regional Allocation –  Final Position Approval

Regional Portfolio Managers/Analyst –  Regional Analysis –  Country Selection –  Fundamental Research –  Instrument Selection

Close proximity of investment team –  Weekly meetings

–  Research –  Portfolio analysis –  Trading & operations

–  Dedicated trading –  Risk management

13


Risk Management

Qualitative evaluation –  Constant review and exploration of sources at risk –  Continuous monitoring of financial market

developments and portfolio impact –  Comprehensive assessment of counterparty risk Quantitative evaluation –  Value at risk (VaR) –  Stress test –  Scenario analysis

Position size based on anticipated return versus volatility Portfolio team evaluates opportunity in the context of the entire portfolio to ensure overall risk is appropriate Dedicated, 24 hour trading desk (6 trading staff) −  Local Counterparties −  Local Information

Target Ranges

Position Weights 0 - 15%

Number of Countries 30 - 60

Duration 0 - 3 years

Credit Spread Duration -2 - +2 years

Individual Non-US Fixed Income Country Exposure 0 – 15%

Total Non-US Fixed Income Country Exposure 0-100%

Individual Currency Exposure -15% - +15%

Total Non-US Currency Exposure Long: 0 to 100% Short: 0 to 100%

Individual Country Equity Exposure -5% - +5%

Total Equity Exposure -10% - +10%

Historical / Targeted Portfolio Volatility 2.5% - 5.5%

Annual Turnover, ex rolls 19%

13

14


14

As of 30th September 2012 for the International (Ireland) Global Macro Fund . Currency Exposures include all Foreign Exchange denominated securities and derivatives. Derivatives are either based on notional exposure, delta adjusted notional, or unrealised gains/losses, dependent on derivative type. Foreign Sovereign External Debt includes market value of bond holdings plus credit default swaps, valued at notional plus unrealised gains/losses. External debt exposure is defined as exposure to sovereign debt, through bond or derivative investments, issued in a currency different from the currency that the sovereign entity can produce (print) itself. Absolute value by percent of net assets. Currency exposures include all foreign exchange dominated assets, currency derivatives and commodities. Fund statistics may not be representative of the Fund’s current or future investments and are subject to change due to active management. All numbers are as a percentage of total net assets.

Currency Foreign Sovereign External Debt

Country (%) Assets Argentina 8.76 Poland 3.41 Albania 2.49 Venezuela 1.93 Cyprus 1.53 Hungary 1.49 Croatia 1.35 Sri Lanka 0.88 South Africa 0.62 Bermuda 0.47 Uganda 0.06

Country (%) Assets Tunisia -1.13 Mexico -1.27 Thailand -1.57 Belgium -1.62 Egypt -1.68 China -1.69 Philippines -2.63 Colombia -3.08 Russia -3.36 Lebanon -3.58 Brazil -3.92 Spain -4.01 France -6.58 Germany -8.37

Country (%) Assets India 10.17 Malaysia 6.23 Serbia 5.56 South Korea 5.19 Mexico 5.03 Turkey 4.45 China 4.37 Singapore 3.74 Philippines 3.68 Nigeria 3.66 Sweden 2.92 Brazil 2.50 Dominican Republic 2.46 Norway 2.45 Sri Lanka 2.35 Poland 2.26 Uruguay 1.68 Peru 1.46 Uganda 1.14 Ghana 1.03 New Zealand 0.14

Country (%) Assets Hungary -0.11 Japan -2.76 South Africa -2.96 Australia -4.17 Taiwan -6.93

Portfolio Composition International (Ireland) Global Macro Fund

15


15

Asset Mix (%) as of 30th September 2012 for the International (Ireland) Global Macro Fund. Based on percent of total net assets. Other net assets represents other assets less liabilities and includes investment types, if any, each less than 1% of net assets. Any securities sold short will be subtracted from the corresponding assets. Percentages may not total 100% due to rounding.

1.0%

1.8%

6.9%

7.8%

17.0%

65.5%

0% 10% 20% 30% 40% 50% 60% 70%

Equity

U.S. Treasury & Gov't Agency Bonds

Other Net Assets

Cash Equivalents

U.S. Gov't Agency Mortgage Backed Securities

Non U.S. Sovereign Bonds

Percentage

Portfolio Composition International (Ireland) Global Macro Fund

16


Appendix

17


Global Footprint

Eaton Vance Atlanta Capital Management Parametric Hexavest Distribution Partners

Boston Atlanta Seattle Montreal Australia

New York Westport, Connecticut Japan

New Jersey

London

Singapore 17

18


Growing Capabilities, Timely Innovation

1979 Eaton & Howard, Inc. (founded 1924) merges with Vance, Sanders & Company (founded 1934) to form Eaton Vance Corp.

1982 High yield bonds

1984 Mortgage-backed securities

1989 Floating-rate loans

1990 Emerging markets bonds

1998 Structured emerging

market equity capability launched

1996 James B. Hawkes

becomes President

& CEO

Listed on NYSE (symbol: EV)

1996 Tax-Managed

Strategy

1997 Global Macro

Strategy launched

Corporate Income Equity Alternatives

2001 Acquired control of Atlanta Capital Mgmt (est.1969) Established London office

2003 Acquired control

of Parametric Portfolio

Associates (est 1987)

2004 Launched first in a series of equity option closed-end funds

2006 75th anniversary of EV Large-Cap Value Strategy (est 1931)

2007 Thomas Faust

becomes Chairman

& CEO

2008 Tax-Advantaged Bond Strategies (TABS) business acquired from M.D. Sass

1980 1990 2000

2007 Parametric acquires Parametric Risk Advisors, launches DeltaShift™ program

1978 Municipal bond funds

1992 First China-focused

mutual fund

2010

2011 Established Singapore office

2012 Acquired a

minority interest in Hexavest

(est 2004)

18

19


Notes to Schedule

19

Eaton Vance Management Notes to Schedule: Firm

Organisation

Eaton Vance Management (EVM or the Company) is an SEC registered investment adviser with its headquarters located in Boston, Massachusetts. Since 1924, the Company has provided a full range of investment products to corporations, public agencies, labor unions, hospitals, charitable and educational organisations, individuals and various qualified investment plans. It supplies investment advisory services through several SEC registered investment advisers and a trust company – EVM, Boston Management and Research (BMR), Eaton Vance Investment Counsel (EVIC), and Eaton Vance Trust Company (EVTC). The Company is defined as all four entities operating under the Eaton Vance brand. Effective May 1, 2011, EVM’s Real Estate Investment Group, a constituent of EVM, is operating as a separate division of EVM, and its assets are no longer represented in EVM’s total assets under management.

Performance Returns Unless otherwise stated, composite returns and market values are reported in U.S. dollars. All performance returns are presented as total returns, which include the reinvestment of all income and distributions. Returns for periods less than one year are not annualised.

Information regarding policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request.

Composite Dispersion

Annual internal return dispersion is represented by the highest and lowest returns of all portfolios within a composite. Internal dispersion is shown only for composites that held at least six accounts for the full year. Internal dispersion is shown as not applicable, “N/A”, for composites that held five or fewer accounts for the full year. External composite and benchmark dispersion are shown to demonstrate the variability of returns over time, and is represented by the three-year ex-post standard deviation of monthly returns. External composite and benchmark dispersion are shown as not applicable, “N/A”, for composites with less than 3 years of monthly history, as of the most current quarter-end. External dispersion is not shown for composite inception through December 2010, as it is not required for periods prior to 2011.

Other Matters A complete list of all composites maintained by EVM with descriptions and related performance results for each is available upon request. To receive a complete list and description of the Company’s composites and/or a presentation that adheres to the GIPS®, contact the Performance Department at (800) 225-6265 ext. 26733 or write to Eaton Vance Management, Two International Place, Boston, MA 02110, Attention GIPS Performance Department, 6th floor.

20


International (Ireland) Global Macro Composite

Eaton Vance Management International (Ireland) Global Macro Composite (MF 171)

Notes to Schedule

Composite Definition

The investment objective of this style is to seek total return, defined as income plus capital appreciation. Portfolios seek to achieve the objective through exposure to currencies and to U.S. and non-U.S interest rates and issuers. Such exposure may be achieved by investing in securities and other instruments, including debt securities (which may be fixed and/or floating-rate and rated or unrated) issued by governments of both developed and emerging-market countries or their sub-divisions, government agencies and government-sponsored enterprises, mortgage-backed securities and other asset-backed securities, units in closed-ended collective investment schemes, inflation-indexed bonds issued by both governmental, quasi-governmental and/or corporate issuers, corporate debt securities (including, without limitation, convertible securities and corporate commercial paper), structured products which comply with the requirements set out in the Undertakings for Collective Investment in Transferable Securities (UCITS) Notices, and deposits. Portfolios may also achieve this exposure by investing in derivative instruments and transactions including, but not limited to, currency forwards, sovereign-credit default swaps, other swaps, and options and futures contracts. In accordance with UCITS Regulations, no more than 10% of a portfolio’s net assets will be invested in securities that are not listed on worldwide Recognised Markets. A new account is added to the composite at the beginning of its first full month under management, and a closed account is included through its last full month under management. No selective periods of performance have been used.

Benchmark

The Composite’s benchmark is the US LIBOR (London Inter-Bank Offered Rate) Market 3-Month Return Index. It is the compounded daily rate of a three-month deposit in USD.

Gross and Net Returns

Composite gross returns are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Composite net returns are calculated by deducting the maximum management fee, 1.90% charged by EVM for a separately managed, institutional account of this style from the gross performance returns. The complete management fee schedule is as follows: 1.90% on total assets.

Notes to Composite

The creation date of this composite is June 2010, and the inception date is June 2010. Clients or prospective clients should not assume that they will have an investment experience similar to that indicated by past performance results, as shown on the Schedule.

21


International (Ireland) Global Macro Composite

Gross Net Benchmark Number of Total Composite Total Firm Composite AssetsPeriod Returns Returns Returns Accounts High Low Assets $(000) Assets $(000) as % of Firm Assets Composite Benchmark2009 < 6 NA NA 129,168,540 0.002010* 1.63 0.51 0.24 < 6 NA NA 611,946 150,907,196 0.412011 1.27 -0.63 0.32 < 6 NA NA 423,363 142,155,060 0.301Q12 2.59 2.11 0.14 < 6 NA NA 384,348 149,900,379 0.262Q12 -0.24 -0.72 0.12 < 6 NA NA 321,361 145,243,727 0.223Q12 3.26 2.77 0.12 < 6 NA NA 274,679 148,485,347 0.18

YTD 1 Year 3 Years 5 Years 7 Years 10 Years InceptionComposite Gross 5.67% 7.03% NA NA NA NA 3.66%

Composite Net 4.19% 5.03% NA NA NA NA 1.72%Benchmark 0.37% 0.48% 0.37% 1.33% 2.43% 2.26% 0.40%

*Partial PeriodInception Date: 6/1/2010

Eaton Vance Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Eaton VanceManagement has been independently verified for the period January 1, 1996 through March 31, 2012. A copy of the verification report is available upon request. Verification asseses whether (1) thefirm has complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance incompliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Please see Notes to Schedule accompanying these returns (MF 171).

Annualized Returns for Periods Ending 9/30/2012

3-Yr External DispersionInternal Dispersion

Eaton Vance ManagementInternational (Ireland) Global Macro Composite

Schedule of Performance Returns

22


Global Macro Composite

Eaton Vance Management Global Macro Composite (MF 143)

Notes to Schedule

Composite Definition

The investment objective of this style is to provide a high level of total return by investing in a global portfolio consisting primarily of foreign and domestic obligations. Assets are invested in income-producing securities and derivative instruments in different countries and currencies, and with various credit ratings including below investment-grade quality. Investments are made in foreign and U.S. securities, such as the sovereign debt of foreign countries, which include emerging-market countries, U.S. Government mortgage-backed debt obligations and high-yield corporate bonds. Derivatives, such as currency forwards, sovereign-credit default swaps, other swaps, options and futures contracts are used frequently to generate return.

An account is included in the composite at the beginning of the first full month that the portfolio manager deems it fully invested, and a closed account is included through the last full month under management. No selective periods of performance have been used.

Benchmark

The Composite’s benchmark is the US LIBOR (London Inter-Bank Offered Rate) Market 3-Month Return Index. It is the compounded daily rate of a three-month deposit in USD.

Gross and Net Returns

Composite gross returns are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses.

Composite net returns are calculated by deducting the maximum management fee, 0.85% charged by EVM for a separately managed, institutional account of this style from the gross performance returns. The complete management fee schedule is as follows: 0.85% on total all assets.

Notes to Composite The creation date of this composite is June 2006, and the inception date is January 1996. Effective July 1, 2008, the complete management fee schedule changed from: 0.60% (maximum management fee) on the first $25 Million; 0.55% on the next $25 Million; 0.50% on the next $50 Million; 0.40% on the balance. Clients or prospective clients should not assume that they will have an investment experience similar to that indicated by past performance results, as shown on the Schedule.

23


Global Macro Composite

Gross Net Benchmark Number of Total Composite Total Firm Composite AssetsPeriod Returns Returns Returns Accounts High Low Assets $(000) Assets $(000) as % of Firm Assets Composite Benchmark1996 20.89 20.17 5.77 <6 NA NA 133,969 17,713,695 0.761997 10.67 10.01 5.92 <6 NA NA 130,018 21,379,582 0.611998 4.07 3.44 5.85 <6 NA NA 131,735 31,067,758 0.421999 6.09 5.46 5.49 <6 NA NA 148,338 42,203,261 0.352000 5.41 4.79 6.69 <6 NA NA 159,143 48,387,459 0.332001 12.19 11.52 4.52 <6 NA NA 179,070 49,878,722 0.362002 6.67 6.03 1.90 <6 NA NA 192,956 47,396,631 0.412003 13.04 12.37 1.27 <6 NA NA 302,597 61,472,938 0.492004 10.53 9.88 1.48 <6 NA NA 363,011 77,002,901 0.472005 6.96 6.32 3.39 <6 NA NA 461,178 88,569,140 0.522006 7.80 7.16 5.24 <6 NA NA 595,516 107,608,002 0.552007 12.30 11.64 5.60 <6 NA NA 761,784 127,327,734 0.602008 2.60 1.86 3.48 <6 NA NA 774,520 100,776,048 0.772009 12.12 11.17 0.80 <6 NA NA 1,923,790 129,168,540 1.492010 5.60 4.71 0.34 <6 NA NA 9,130,628 150,907,196 6.052011 0.40 -0.46 0.32 <6 NA NA 7,687,639 142,155,060 5.41 2.56 0.101Q12 2.54 2.33 0.14 <6 7,855,673 149,900,378 5.24 2.73 0.072Q12 -0.56 -0.77 0.12 <6 7,682,377 145,243,727 5.29 2.88 0.043Q12 2.97 2.76 0.12 <6 7,251,619 148,485,347 4.88 2.73 0.03

YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since InceptionComposite Gross 5.01 6.01 4.38 5.95 6.91 8.10 8.40

Composite Net 4.34 5.12 3.50 5.10 6.11 7.34 7.69Benchmark 0.37 0.48 0.37 1.33 2.43 2.26 3.46

Inception Date: 1/01/96

Eaton Vance Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Eaton VanceManagement has been independently verified for the period January 1, 1996 through December 31, 2011. A copy of the verification report is available upon request. Verification asseses whether (1) the firmhas complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliancewith the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Please see Notes to Schedule accompanying these returns (MF 143).

Annualized Returns for Periods Ending 9/30/12

Eaton Vance ManagementGlobal Macro Composite

Schedule of Performance Returns

Internal Dispersion 3-Yr External Dispersion

24


Performance – Information Ratio as of 30th June 2012

Source: MercerInsight MPA. This information is for illustrative purposes only, is subject to change at any time and should not be considered investment advise or a recommendation to buy or sell any particular security. The information is based upon the total assets of all fee-paying discretionary accounts comprising the Global Macro Composite as of 30th June 2012. Gross returns for the Composite are calculated in U.S. dollars, include the reinvestment of distributions, and are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Such fees and expenses would reduce the results shown. It is not possible to directly invest in an Index. Past performance does not predict future results. 24

!

25


-0.19%

1.94% 1.94%

4.47% 4.27%

2.02%

0.03% 0.11% 0.23%

0.41% 0.48% 0.40%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Month Ending 31/10/2012

3 Months 6 Months YTD 1 Year Life of the Fund

Global Macro International Ireland Class I2$

US Libor Market 3 Month Return Index

EVI (Ireland) Global Macro Fund Performance– I2$

25

1 As at 30th September 2012 International (Ireland) Global Macro Fund. Source: Eaton Vance and Citi Fund Accounting. Performance given is for the EVI (Ireland) Global Macro I2$ as at 31st October 2012 (inception 6th May 2010) and is for illustrative purposes only. Past performance is not a reliable indicator of future performance. Performance less than 1 year is cumulative. * Benchmark since inception return number is based on the A2$ and I2$ share class. 2As of 30th September 2012 Global macro Composite assets.

Key Facts –  Irish-domiciled UCITS

(Sophisticated Status) Fund

–  The EVI (Ireland) Global Macro Fund is unable to invest directly in commodities

–  Inception: 6th May 2010

–  Fund Assets: US$274.7mn1

–  Strategy Assets: US$7.2bn2

–  Benchmark: U.S. LIBOR Market 3-Month Return Index

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-0.28%

1.84% 1.74%

4.26% 4.15%

2.10%

0.03% 0.11% 0.23%

0.41% 0.48% 0.40%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Month Ending 31/10/2012

3 Months 6 Months YTD 1 Year Life of the Fund

Global Macro International Ireland Class I2€

US Libor Market 3 Month Return Index

EVI (Ireland) Global Macro Fund Performance– I2€

26

As at 31st October 2012 International (Ireland) Global Macro Fund. Source: Eaton Vance and Citi Fund Accounting. Performance given is for the EVI (Ireland) Global Macro I2€ as at 31st October 2012 (inception 6th May 2010) and is for illustrative purposes only. Past performance is not a reliable indicator of future performance. Performance less than 1 year is cumulative. * Benchmark since inception return number is based on the I2€ share class.

27


Biographies

27

Mark S. Venezia, CFA Vice President, Director of Global Fixed Income

Mark Venezia is a vice president of Eaton Vance Management, director of the Global Bond Department and portfolio manager on Eaton Vance’s global/fixed-income team. Mark joined Eaton Vance in 1984 after two years as vice president and general manager at Network Utilities and three years at the Options Clearing Corporation. Mark earned a B.A. in economics from Stanford University, an M.B.A. from the University of Chicago and a master’s in philosophy from the University of Illinois. He is a CFA charterholder and a member of the Bond Analysts Society, the Ludwig von Mises Institute and the American Economic Association.

John Baur Vice President, Portfolio Manager

John Baur is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global/fixed-income team. John joined Eaton Vance in 2005 as an analyst covering Latin America before becoming a portfolio manager in 2008. From 1995-2002, John was affiliated with Applied Materials in an engineering capacity, spending five of his seven years there in Asia. John earned a B.S. in mechanical engineering from M.I.T. and an M.B.A. from the Johnson Graduate School of Management at Cornell University. He is a member of the Boston Economics Club.

Michael Cirami, CFA Vice President, Portfolio Manager

Mike Cirami is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global/fixed-income team. Mike joined Eaton Vance’s global fixed income department in 2003. Previously, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich. Mike earned a B.S. in business administration and economics, cum laude, from Mary Washington College and an M.B.A. with honors from the William E. Simon School at the University of Rochester. He is a CFA charterholder and a member of the Fixed Income Management Society of Boston and the Ludwig von Mises Institute. Mike also serves as a board member and chairman of the investment committee of the Boston Civic Symphony.

Eric Stein, CFA Vice President, Portfolio Manager

Eric Stein is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global/fixed-income team. In addition to his overall portfolio management responsibilities, he serves as a regional portfolio manager focusing on Asia and non-EU Western Europe. He also covers the policies and actions of the Federal Reserve and Treasury. Eric originally joined Eaton Vance in 2002 and rejoined the company in 2008. He previously worked on the Markets Desk of the Federal Reserve Bank of New York. In addition, he has experience at Citigroup Alternative Investments. Eric earned a B.S., cum laude, in business administration from Boston University and an M.B.A. in analytic finance and economics, with honors, from the University of Chicago Booth School of Business. He is a CFA charterholder and a member of the Boston Security Analysts Society and Boston Economics Club. Eric also serves as a board member and member of the investment committee of the Boston Civic Symphony.

28


Biographies

28

Danat Abdrakhmanov, CFA Assistant Vice President, Senior EMEA Analyst and Institutional Portfolio Manager

Danat is a member of the investment team responsible for the Eaton Vance Global Macro Absolute Return Strategy, with specific responsibility for Eastern Europe, Middle East and Africa. He has been with Eaton Vance for nearly 7 years, joining the Global Fixed Income Department in 2006. Danat received his B.S. (cum laude) in Finance and Economics from the Carroll School of Management at Boston College and is a CFA charterholder. Born in Kazakhstan, Danat is fluent in a number of languages, including Russian.

Michael P. O’Brien, CFA Vice President, Head of Global Trading

Michael O’Brien is a vice president of Eaton Vance Management and head of global trading, overseeing a team responsible for best execution of all trades for the Global Fixed Income Department as well as other foreign exchange spot and hedging trades for other Eaton Vance investment teams. In addition, he is responsible for trading-related research and broker-dealer relationships for the Global Fixed Income department. Prior to joining Eaton Vance in 2005, Michael was affiliated with Wellington Management Company for two years and spent three years at Brown Brothers Harriman. Michael earned a B.A. in economics and Spanish from the Colby College, and an M.S. in finance from the Carroll School of Management at Boston College. He is a CFA charterholder and a member of the Boston Security Analysts Society.

Zamir Klinger Vice President, Quantitative Analyst

Zamir is a vice president of Eaton Vance Management and quantitative portfolio analyst. Zamir joined Eaton Vance in 2008 and works on risk management and statistical projects for the Global/Government Fixed Income Department. He was previously employed at Teradyne Inc. and Zoran Corp. as an electrical engineer. Zamir earned his M.B.A. with a concentration in asset management from the Boston College Carroll School of Management and his Bachelor’s of Engineering with Distinction from McGill University.

29


Important Additional Information and Disclosure This material has been prepared by Eaton Vance Management (EVM). The data and information presented is for informational and illustrative purposes only. This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. Any investment views and market opinions/analyses expressed constitute judgments as of the date of this presentation and are subject to change at any time without notice. Any investment views and market opinions/analyses expressed may not reflect those of EVM as a whole, and different views may be expressed based on different investment styles, objectives views or philosophies. While every effort has been made to verify the third-party information contained herein. EVM make no representation as to its accuracy.

Each investor’s portfolio is individually managed and may differ significantly from the information shown in terms of portfolio holdings, characteristics and performance. Readers should not assume that any investments in securities, companies, sectors or markets described were or will be profitable. Readers should not view this material as representative of any particular investor’s experience or assume that any investor will have an investment experience similar to any returns shown or to any previous or existing investor. There are no guarantees concerning the achievement of investment objectives, target returns or measurements such as alpha, tracking error, stock weightings and information ratios. The use of tools cannot guarantee performance. It is not possible to directly invest in an Index or a blend of indices.

Investment results for the Global Macro Composite include all fully discretionary, fee paying accounts managed in this style for the periods shown. Gross returns are calculated in U.S. dollars and are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses and include the reinvestment of distributions. Such fees and expenses would reduce the returns shown. EVM’s schedule of fees is described in Part II of Form ADV which is available upon request. For a separately managed Global Macro account in this style with a value of $50,000,000 the investment advisory fees would be 0.85% per annum. An account growing at an annual rate of 10% for the period shown and subject to such fees would produce a 9.15% return. The Composite includes an investment company advised by EVM whose holdings may differ significantly from that of a separately managed account. The returns experienced by a particular client, including a separately managed account, will be different from those included in this presentation.

The composite’s benchmark is the US LIBOR (London Inter-Bank Offered Rate) Market 3-Month Return Index. The index is generated using the theory that a basket of cash is invested daily at the prevailing LIBOR maturity rate. Interest is compounded daily for Total Return series.

The Representative Account information is based upon the total assets of a single account which is included in the Composite for the periods shown. This account was selected because it is the only account in the Composite. Portfolio Characteristics are subject to change at anytime. It should not be assumed that any of the securities listed were or will be profitable. Actual holdings may vary for each client and there is no guarantee that a particular client’s account will hold any or all or all of the securities listed .

Investing entails risks and there can be no assurance that EVM will achieve profits or avoid incurring losses. Past performance does not predict future results. This material is to be used in one-on-one presentations only.

Global Macro GIPS® Presentation

EVM has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The CFA Institute has not been involved in the preparation or review of this report. To receive a complete list and description of EVM’s composites and/or a fully compliant GIPS® presentation, please contact the Performance Department at (800) 225-6265 x6733 or write to EVM at Two International Place, Boston, MA 02110 – Attn: GIPS Performance Department, 6th floor.

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