Report as of 31 Jul 2017

Kleinwort Benson Elite EUR Fixed Income Fund B EUR Inc Rpt

Morningstar Rating™ Morningstar® Category

QQQ EUR Diversified Bond

Investment Objective The Fund seeks to produce returns by way of incomewith the possibility of capital growth over the mediumto long term with low volatility through a portfolio ofpredominantly Euro denominated fixed income and cashinvestments.

Fund Manager Commentary

Economic sentiment in the Eurozone hit its highest levelsince 2007, with the mood increasingly elevatedthrough 2017 by “soft” factors such as election resultsin Holland and France, and “hard” uplifts in economicgrowth and unemployment. This positivity hasincreased pressure on the European Central Bank tostart tightening its historically loose monetary policy,which in turn has sent the euro soaring; the currency isup over 11% versus the US dollar so far this year.Eurozone unemployment has fallen to 9.1%, reachingyet another post-crisis low. Crucially, there was amarked improvement in youth unemployment, whichfell to 16.7% from 18.8%. But souring the mood isinflation: headline inflation is at 1.3%, emphasisinglarge output gaps already evident from the high rate ofunemployment. As expected, the ECB made no changesto interest rates or its bonds purchase program in July.However, Mario Draghi, head of the ECB, appearedunperturbed by the recent rally in the euro. While heacknowledged the currency’s strength “received someattention”, he followed it by saying conditions remain“broadly supportive to secure a sustained return ofinflation.” That kept expectations of an impendingquantitative tightening early next year. The fund wasdown 0.2% on the month. Risk Measures

3-Yr Alpha -3-Yr Beta -R-Squared -Information Ratio -Tracking Error -3-Yr Max Drawdown-4.54

3-Yr Sharpe Ratio 0.543-Yr Std Dev 3.523-Yr Risk Avg5-Yr Risk -10-Yr Risk -

Calculations use EUR Diversified Bond (where applicable)

Morningstar Fixed Income Style Box™

Interest Rate SensitivityLtd Mod Ext

LowM

edHighCredit Q

uality

Effective Duration(Y)

5.08

Effective Maturity(Y)

-

Avg Credit Quality BBB

10.0K10.310.510.811.011.311.511.8

Growth Of 10000

(EUR)

Fund

Category

2012 2013 2014 2015 2016 YTD Performance

- -1.41 9.32 1.30 1.88 -2.06 Fund- -3.06 1.31 0.94 -0.55 -2.15 +/- Index- ) * & ( ) Quartile Rank

0.94 0.98 0.99 1.02 0.97 1.02 NAV Trailing Returns

(31 Jul 2017)

Return % +/-Idx

1 Month3 Months6 Months1 Year3 Years Annualised5 Years Annualised

-0.18-1.11-0.66-3.461.66

-

-0.36-1.27-1.68-2.38-0.07

-

Quarterly Returns 1st qtr 2nd qtr 3rd qtr 4th qtr

2017 -0.98 -0.91 - -2016 0.78 1.08 1.49 -1.462015 3.93 -4.54 1.25 0.842014 1.88 2.96 1.78 2.392013 0.02 -1.33 0.06 -0.17

Portfolio 31 Jul 2017

Asset Allocation % Port.

Equities 0.00Fixed Income 98.14Real Estate 0.00Cash 1.86Alternative 0.00

Top 10 Countries % Fixed Income

United States 21.73France 15.64Italy 13.89United Kingdom 9.06Supranational 7.71 Spain 6.66Germany 5.81Belgium 5.75Turkey 5.19Luxembourg 4.54 Top 10 Holdings

Euro Inv Bk 3% 10.15US Treasury Note 1.75% 8.25Italy(Rep Of) 4.5% 8.03Germany (Federal Republic Of) 3.5% 7.47Societe Generale 6.74Bk Amer FRN 6.53Spain(Kingdom Of) 4.65% 5.96Assic Generali Spa 5.125% 5.76Anheuser-Busch Inb 2.875% 5.16Total Cap Intl 2.5% 5.11 Top 5 Instruments and Issuers % Fixed

Income

Corporate Bond 71.01Government 19.56Government Related 7.57

Fixed Income Sector Weightings %

/ Government 27.12 › Corporate 71.01 u Securitized - ‹ Municipal - y Cash & Equivalents 1.86 ± Derivative - Credit Quality % %

AAA 13.31 BBB 47.71AA 5.52 BB 12.68A 15.33 B 0.00

Below B 0.00Not Rated 5.44

Data as of:31 Jul 2017 Coupon Range %

0 PIK 0.000 to 4 66.864 to 6 25.806 to 8 0.008 to 10 7.3410 to 12 0.00Over 12 0.00

Maturity Range %

1 to 3 20.393 to 5 8.385 to 7 12.287 to 10 41.2310 to 15 0.0015 to 20 8.3220 to 30 0.00Over 30 0.00

Due to an inconsistency between decimal places used by the Investment Manager and the reporting mechanism, on rare occasions minor rounding differences may occur in therepresentation of percentages.

© 2017 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2)may not be copied or redistributed except as specifically authorised;(3) do not constitute investment advice;(4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and(6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information beforeusing it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go downas well as up.

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Report as of 31 Jul 2017

Kleinwort Benson Elite EUR Fixed Income Fund B EUR Inc Rpt

Morningstar Rating™ Morningstar® Category

QQQ EUR Diversified Bond Peer Group Analysis 3Yr Ann. Rtn.

-0.70

-0.35

0.00

0.35

0.70

1.05

1.40

1.75

2.10

-2.60 -1.73 -0.87 0.00 0.87 1.73 2.60 3.47 4.34

3 Yr Standard DeviationFund Category Average

Operations

NAV (31 Jul 2017) 0.9378 EURTotal Net Assets (mil) 4.08 EURInc/Acc IncIn-house ISA scheme NoUCITS NoISIN GG00B7MCT053Bloomberg Code KBEEIBE GUSEDOL B7MCT05Minimum Initial Purchase 12,000Minimum Additional Purchase 120Ongoing Charge* 1.54%Sales Charges - up to 5.00%Dividend Paying Frequency QuarterlyDividend Yield (%) 2.98%Dividend Declared Jan Apr Jul OctOnline Valuations AvailableDistribution Status YesPricing Frequency Weekly

Inception Date 18 Oct 2012Fund Manager Mark AbleManager Start Date 17 Sep 2015Domicile GuernseyCurrency EuroLegal Status Open Ended Protected Cell CompanyFund Company Kleinwort Benson (C.I) Inv Mgt LtdPhone +44 (0) 1481 752630Website www.kleinwortbenson.comEmail offshorefunds@kleinwortbenson.comAddress Kleinwort Benson

PO Box 44Dorey CourtAdmiral ParkSt. Peter PortGuernseyGY1 3BG

*calculated as at 31-Jan-2017. This amount may fluctuate according to fund size and underlying holdings. :

This document is issued by Kleinwort Benson (Channel Islands) Investment Management Limited (“KB(CI)IML”) in its capacity as Investment Manager and Alternative Investment Fund Manager of Kleinwort Benson Elite PCC Limited (“theFund”). Kleinwort Benson and Kleinwort Hambros are the brand names of Kleinwort Benson (Channel Islands) Investment Management Limited, which is regulated by the Guernsey Financial Services Commission ("GFSC") for the conductof investment business. The company is incorporated in Guernsey under number 59377 and its registered address is Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 2HT. The Fund is a protected cell company registered in Guernseyand regulated by the Guernsey Financial Services Commission as an Authorised Scheme under the Authorised Collective Investment Schemes (Class B) Rules, 2013. It is also registered with the Financial Conduct Authority as an AlternativeInvestment Fund (“AIF”). Shares in the Fund can only be marketed to investors who are categorised as “professional”. The purpose of this document is to provide summary information regarding the performance of a particular cell / classof the Fund as at the date stated. Investment in the Fund is through the purchase of shares (“Shares”). This document does not constitute an offer to transact business in the Shares in any jurisdiction where such an offer would beconsidered unlawful. Before deciding to invest in the Fund, potential investors should read the latest Prospectus document and note the important regulatory disclosures and risk warnings, restrictions and acknowledgements containedtherein. Readers should also note that, in some or all respects, the regulatory regime applying in Guernsey (including any investor protection or compensation schemes) may well be different from that of their home jurisdiction. The pastperformance of any Fund cell / class is not necessarily a guide to any future performance of that cell / class. The price and value of investments can fall as well as rise and investors may not receive, on redemption of their Shares, theoriginal amount invested. Changes in rates of exchange between currencies may have an independent effect, which may be favourable or unfavourable, on the value of investments and income derived from them. This document is notavailable for general distribution in, from or into the United Kingdom because the Fund is an unregulated Collective Investment Scheme whose promotion is restricted by sections 238 and 240 of the Financial Services and Markets Act2000. The Fund is registered with the Financial Conduct Authority for marketing purposes as an Alternative Investment Fund. The Fund is however not registered for marketing purposes in any other member state of the European EconomicArea. Important Information - Kleinwort Benson and Kleinwort Hambros are the brand names used by companies in the Kleinwort Hambros Group. Telephone calls to Kleinwort Hambros Group companies may be recorded. This documenthas been approved and issued in the Channel Islands by KB(CI)IML. This document has been approved and issued in the United Kingdom by Kleinwort Benson Bank Limited, the appointed Portfolio Manager by the AIFM. Kleinwort Bensonand Kleinwort Hambros are the brand names of Kleinwort Benson Bank Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Thefirm reference number is 119269. The company is incorporated in England and Wales under number 2056420 and its registered address is 14 St. George Street, London W1S 1FE. Telephone +44 (0) 20 3207 7000.

© 2017 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2)may not be copied or redistributed except as specifically authorised;(3) do not constitute investment advice;(4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and(6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information beforeusing it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go downas well as up.

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