Report as of 31 Jul 2017

Kleinwort Benson Elite Multi Asset Conservative Fund B GBP Inc Rpt

Morningstar Rating™ Morningstar® Category

Q GBP Moderately Cautious Allocation

Investment Objective The Fund seeks to achieve consistent returns with a lowlevel of risk through a well diversified portfolio acrossasset classes.

Fund Manager Commentary

In the US unemployment is now 4.3%, with non-farmpayrolls rising by 209,000 in July. However,employment levels may be a red herring; falling inflationis the real concern, dampening the markets rateexpectations. Against this backdrop the US dollarweakened against both the Euro and sterling. Eurozoneunemployment fell to 9.1%, reaching a post-crisis low.Undeniably, Europe is in a virtuous cycle of jobs growthand increasing aggregate demand. Souring the mood isinflation: headline prices stayed unmoved at 1.3%, farfrom the 2% target, emphasising large output gaps. TheBank of England kept interest rates on hold at recordlows in July. It still expects inflation to rise to 3%, beforefalling back to 2.6% next year, ahead of the 2% target.GDP growth is now forecast at a meandering 1.7% thisyear; rate hikes appear off the docket for a dovish BoEfor now. The fund’s fixed income, equity andcommodities allocations all delivered positive returns.The government Index linked exposure was a modestdetractor, though this was more than offset by theperformance of the credit investments. The equityallocation provided the majority of the returns withEurope, US and emerging markets being the largestcontributors. Top 10 Holdings Sector % Port.

United Kingdom (Government Of)... - 9.44Smith & Williamson Sht-Dated... - 8.30iShares £ Ultrashort Bond ETF... - 8.14PIMCO GIS GlbInvGrdCrdt Instl... - 7.34Fidelity Index US P Inc - 6.98 United Kingdom (Government Of)... - 6.91JPM Global Corp Bd C (dist)... - 6.19United Kingdom (Government Of)... - 6.18Fidelity American Growth... - 5.32Lyxor FTSE Actuaries UK... - 5.17 Assets in Top 10 Holdings % 69.96

10.0K10.511.011.512.012.513.013.514.0

Growth Of 10000

(GBP)

Fund

Category

2012 2013 2014 2015 2016 YTD Performance

2.63 0.47 4.80 -1.32 8.45 1.54 Fund-4.78 -5.28 -0.92 -2.25 -0.25 -1.67 +/- Index) ) ( ) ( ) Quartile Rank

1.08 1.02 0.90 1.10 1.05 1.03 NAV Trailing Returns

(31 Jul 2017)

Return % +/-Idx

1 Month3 Months6 Months1 Year3 Years Annualised5 Years Annualised

0.450.581.443.623.952.86

0.01-0.50-1.70-1.74-1.31-2.58

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

2017 1.25 -0.17 - -2016 1.25 2.78 3.21 0.972015 1.72 -2.19 -1.70 0.902014 0.44 0.71 1.23 2.352013 2.34 -1.67 -0.96 0.80

Portfolio 31 Jul 2017

Asset Allocation % Port.

Equities 28.27Fixed Income 64.13Real Estate 0.00Cash 6.59Alternative 0.86

Equity Sector Weightings % Equity

h Cyclical 40.26

r Basic Materials 7.07t Consumer Cyclical 14.49y Financial Services 17.51u Real Estate 1.20 j Sensitive 36.02

i Communication Services 3.47o Energy 3.62p Industrials 13.25a Technology 15.69 k Defensive 23.71

s Consumer Defensive 11.30d Healthcare 11.00f Utilities 1.41 Fixed Income Sector Weightings %

/ Government 48.11 › Corporate 39.00 u Securitized 0.97 ‹ Municipal 0.04 y Cash & Equivalents 3.57 ± Derivative 8.31

Morningstar Style Box™

Equity Style Fixed Income Style

StyleValue Blend Growth

Small

Mid

LargeSize

Interest Rate SensitivityLtd Mod Ext

LowM

edHighCredit Q

uality

Top 10 Countries % Equity

United States 42.94United Kingdom 11.53Japan 7.61France 7.30Germany 6.36 Netherlands 4.89Switzerland 3.31China 1.62Denmark 1.61Italy 1.27 Top 10 Countries % Fixed Income

United Kingdom 54.22United States 20.47Luxembourg 5.49Netherlands 3.90Germany 3.72 France 2.63Canada 2.02Australia 1.05Supranational 0.72Switzerland 0.66

Cash allocation includes cash or near cash instruments with a duration of less than 1 year.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 changes

© 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 Multi Asset Conservative Fund B GBP Inc Rpt

Morningstar Rating™ Morningstar® Category

Q GBP Moderately Cautious Allocation Risk Measures

3-Yr Alpha -3-Yr Beta -R-Squared -Information Ratio -Tracking Error -5-Yr MaxDrawdown

-4.04

3-Yr Sharpe Ratio 0.903-Yr Std Dev 3.943-Yr Risk bel

avg5-Yr Risk bel

avg10-Yr Risk Avg

Calculations use GBP Moderately Cautious Allocation (where applicable)

Peer Group Analysis 3Yr Ann. Rtn.

-2.20

-1.10

0.00

1.10

2.20

3.30

4.40

5.50

6.60

3.10 3.65 4.21 4.76 5.31 5.87 6.42 6.98 7.53

3 Yr Standard Deviation

5Yr Ann. Rtn.

-2.20

-1.10

0.00

1.10

2.20

3.30

4.40

5.50

6.60

3.10 3.65 4.21 4.76 5.31 5.87 6.42 6.98 7.53

5 Yr Standard Deviation

10Yr Ann. Rtn.

-2.20

-1.10

0.00

1.10

2.20

3.30

4.40

5.50

6.60

3.10 3.65 4.21 4.76 5.31 5.87 6.42 6.98 7.53

10 Yr Standard DeviationFund Category Average

Operations

NAV (31 Jul 2017) 1.0679 GBPTotal Net Assets (mil) 13.08 GBPInc/Acc IncIn-house ISA scheme NoUCITS NoISIN GB00B0FQ0F77Bloomberg Code KBEARTB GUSEDOL B0FQ0F7Minimum Initial Purchase 10,000Minimum Additional Purchase 100Ongoing Charge* 2.48%Sales Charges - up to 5.00%Dividend Paying Frequency Semi AnnuallyDividend Yield (%) 2.02%Dividend Declared Jan JulOnline Valuations AvailableDistribution Status YesPricing Frequency Weekly

Inception Date 3 Aug 2005Fund Manager Delyth RichardsManager Start Date 1 Feb 2016Domicile 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. :

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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