Report as of 30 Jun 2017

Kleinwort Benson Elite International Equity Fund A GBP Inc Rpt

Morningstar Rating™ Morningstar® Category

QQQQQ Global Large-Cap Blend Equity

Investment Objective The Fund seeks to maximise capital growth over themedium to long term through a diversified portfolio ofpredominantly international equity based securities.

Fund Manager Commentary

Global equity markets declined slightly over the monthof June from the perspective of a GBP pound sterlinginvestor, while there were some significant divergencesbetween sectors. The Financials sector provided forstrong returns (c. +3.5% in GBP terms) driven in part byan improving outlook for the banking sub sector. In theUS, all major banks passed their stress tests asadministered by the Federal Reserve Bank. This clearsthe way for paying out higher dividends, thus boostingthe share prices. The Fund’s holding in US bank WellsFargo returned c. +7.7% in GBP. The Energy sector faredpoorly over the month (c. -2.3%), as crude oil pricescontinued to decline. The Fund, however, was wellplaced for this; the only energy-related holdingremaining is US refiner Valero, which returning c.+9.1%. Less positive were holdings in ConsumerDiscretionary stocks, particularly the auto-parts subsector. The Fund’s holding in US retailer AutoZone fellas consensus sentiment turned negative. Early in themonth, we sold out of some underperforming stocks,with a well-time sale of US grocer Kroger (which laterfell sharply on news of Amazon’s plan to acquire WholeFoods). Risk Measures

3-Yr Alpha 4.633-Yr Beta 0.77R-Squared 75.26Information Ratio 0.77Tracking Error 5.483-Yr Max Drawdown -5.51

3-Yr Sharpe Ratio 1.703-Yr Std Dev 9.493-Yr Risk Low5-Yr Risk -10-Yr Risk -

Calculations use Global Large-Cap Blend Equity (where applicable)

Morningstar Equity Style Box™ % Equity

StyleValue Blend Growth

Small

Mid

LargeSize Giant 43.76

Large 33.48Medium 22.76Small 0.00Micro 0.00 Avg Mkt Cap 30836 GBP

10.0K11.012.013.014.015.016.017.0

Growth Of 10000

(GBP)

Fund

Category

2012 2013 2014 2015 2016 YTD Performance

- - 2.53 17.27 29.15 3.21 Fund- - -4.91 13.91 5.66 -3.37 +/- Index- - ) & & ) Quartile Rank

- 1.57 1.52 1.20 1.02 1.00 NAV Trailing Returns

(30 Jun 2017)

Return % +/-Idx

1 Month3 Months6 Months1 Year3 Years Annualised5 Years Annualised

-0.95-0.813.21

15.5617.39

-

-0.61-2.04-3.37-6.124.24

-

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

2017 4.05 -0.81 - -2016 5.12 9.73 6.09 5.542015 9.24 -2.36 2.17 7.612014 0.10 -1.02 1.06 2.40

Portfolio 30 Jun 2017

Asset Allocation % Port.

Equities 99.73Fixed Income 0.00Real Estate 0.00Cash 0.27Alternative 0.00

Equity Sector Weightings % Equity

h Cyclical 33.37

r Basic Materials 1.41t Consumer Cyclical 9.72y Financial Services 20.33u Real Estate 1.91 j Sensitive 35.77

i Communication Services 3.84o Energy 1.41p Industrials 21.39a Technology 9.14 k Defensive 30.85

s Consumer Defensive 13.53d Healthcare 7.95f Utilities 9.37

Top 10 Holdings Sector % Port.

CLP Holdings Ltd f 3.25Jack Henry & Associates Inc p 3.11Berkshire Hathaway Inc B y 2.96NextEra Energy Inc f 2.86Bank of Montreal y 2.68 Procter & Gamble Co s 2.65Amdocs Ltd a 2.65George Weston Ltd s 2.57Waste Management Inc p 2.55Nestle SA s 2.49 Total Stock Holdings 50Assets in Top 10 Holdings % 27.77 Top 10 Countries % Equity

United States 45.66Japan 9.24France 6.90United Kingdom 6.84Switzerland 6.70 Germany 6.65Canada 5.26China 3.33Hong Kong 3.26Spain 2.13

World Regions % Equity

Greater Europe 31.17Americas 50.93Greater Asia 17.90

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 30 Jun 2017

Kleinwort Benson Elite International Equity Fund A GBP Inc Rpt

Morningstar Rating™ Morningstar® Category

QQQQQ Global Large-Cap Blend Equity Peer Group Analysis 3Yr Ann. Rtn.

-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

24.00

-5.80 -2.90 0.00 2.90 5.80 8.70 11.60 14.50 17.40

3 Yr Standard DeviationFund Category Average

Operations

NAV (30 Jun 2017) 1.5736 GBPTotal Net Assets (mil) 22.89 GBPInc/Acc IncIn-house ISA scheme NoUCITS NoISIN GG00B8S9ML96Bloomberg Code KBEIEIR GUSEDOL B8S9ML9Minimum Initial Purchase 50,000Minimum Additional Purchase 5,000Ongoing Charge* 1.59%Sales Charges - up to 5.00%Dividend Paying Frequency QuarterlyDividend Yield (%) 1.05%Dividend Declared Jan Apr Jul OctOnline Valuations AvailableDistribution Status YesPricing Frequency Weekly

Inception Date 16 Oct 2013Fund Manager Gene SalernoManager Start Date 1 Jan 2015Domicile GuernseyCurrency Pound SterlingLegal 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. :

Key Risks - 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 PCCLimited (“the Fund”). Kleinwort Benson is the brand name of Kleinwort Benson (Channel Islands) Investment Management Limited which is a company incorporated in Guernsey with company number 59377. Registered Office Dorey CourtAdmiral Park St Peter Port Guernsey GY1 3BG. It is regulated by the Guernsey Financial Services Commission for the conduct of investment business. The Fund is a protected cell company registered in Guernsey and regulated by theGuernsey 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 Alternative Investment 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 / class of the Fund asat 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 be considered 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 contained therein. Readers shouldalso 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 past performance of any Fundcell / 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, the original 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 not available for general distributionin, 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 Act 2000. The Fund is registered withthe 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 Economic Area. Important Information -Kleinwort Benson is the brand name used by companies in the Kleinwort Benson group. Telephone calls to Kleinwort Benson group companies may be recorded. This document has been approved and issued in the Channel Islands byKB(CI)IML. This document has been approved and issued in the United Kingdom by Kleinwort Benson Bank Limited, it is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PrudentialRegulation Authority firm reference number is 119269. KBBL is a company incorporated in England and Wales with company number 2056420 and VAT number 991 2295 95. Registered Office: 14 St. George Street London W1S 1FE.Telephone +44 (0) 20 3207 7000. Telephone calls may be recorded. Kleinwort Benson (Channel Islands) Investment Management Limited is a company incorporated in Guernsey with company number 59377. Registered Office: Dorey CourtAdmiral Park St Peter Port Guernsey GY1 3BG. It is regulated by the Guernsey Financial Services Commission for the conduct of investment business. Telephone number +44 (0) 1481 727111. Kleinwort Benson (Channel Islands) InvestmentManagement Limited’s activities are covered by the Channel Islands Financial Ombudsman (“CIFO”). Further information about the CIFO is available on its website www.ci-fo.org. The CIFO can also be contacted on 01481 722218 or 01534748610 and its address is PO Box 114, Jersey, Channel Islands JE4 9QG. Telephone calls may be recorded.

© 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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