Report as of 31 Jul 2017

Kleinwort Benson Elite Sterling Fixed Income Fund A GBP Inc

Morningstar Rating™ Morningstar® Category

QQQ GBP 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 offixed income and cash investments.

Fund Manager Commentary

High inflation (2.6%) and weak wage growth (2.0%) arealready choking spending power for UK consumers.Now, they will also have to negotiate tightening creditconditions too as financial institutions are cutting backsupply of unsecured lending, such as credit cards, dueto a “changing economic outlook” and a “significant”spike in default rates. This comes as demand for creditis skyrocketing – the domestic savings rate hasplummeted to its lowest since 1963 – as many attemptto maintain standards of living in the face of negativewage growth. The UK economy grew by 0.3% in thesecond quarter, confirming what many already know:economic momentum is wobbling as inflation remainsabove wage growth, squeezing spending power fromBritish consumers. These factors had already pushedthe International Monetary Fund to downgrade its UKGDP forecast to 1.7% for 2017 from an earlier estimateof 2%. Decelerating growth – along with some relief oninflation – should be enough to leave the Bank ofEngland’s monetary policy on hold for the foreseeablefuture and supports Governor Mark Carney’s “now isnot yet the time” argument. Both Sterling and UK yieldscooled from their recent blistering run. The fund was up0.5% on the month. Risk Measures

3-Yr Alpha -3-Yr Beta -R-Squared -Information Ratio -Tracking Error -5-Yr Max Drawdown-5.48

3-Yr Sharpe Ratio 0.953-Yr Std Dev 4.073-Yr Risk bel

avg5-Yr Risk bel

avg10-Yr Risk Avg

Calculations use GBP Diversified Bond (where applicable)

Morningstar Fixed Income Style Box™

Interest Rate SensitivityLtd Mod Ext

LowM

edHighCredit Q

uality

Effective Duration(Y)

4.51

Effective Maturity(Y)

-

Avg Credit Quality BBB

10.0K10.511.011.512.012.513.013.5

Growth Of 10000

(GBP)

Fund

Category

2012 2013 2014 2015 2016 YTD Performance

5.77 -3.54 7.75 -0.30 6.66 1.56 Fund-1.59 -2.47 -3.04 -0.52 -2.36 -0.61 +/- Index( ) ( ( ) ( Quartile Rank

11.39 10.55 9.93 10.16 9.83 9.88 NAV Trailing Returns

(31 Jul 2017)

Return % +/-Idx

1 Month3 Months6 Months1 Year3 Years Annualised5 Years Annualised

0.540.112.070.824.302.36

0.05-0.08-1.10-0.59-1.79-2.28

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

2017 1.08 -0.05 - -2016 2.72 2.33 3.10 -1.572015 2.52 -2.45 -0.07 -0.242014 1.27 1.34 0.88 4.082013 0.74 -3.59 -0.05 -0.64

Portfolio 31 Jul 2017

Asset Allocation % Port.

Equities 0.00Fixed Income 95.16Real Estate 0.00Cash 4.84Alternative 0.00

Top 10 Countries % Fixed Income

United Kingdom 71.08United States 11.66Supranational 5.47Cayman Islands 3.58Australia 2.74 Sweden 2.00Netherlands 1.42France 1.16Belgium 0.89 Top 10 Holdings

United Kingdom (Government Of) 5% 7.12United Kingdom (Government Of) 2.25% 6.91United Kingdom (Government Of) 1.875% 6.40United Kingdom (Government Of) 2.75% 5.55Euro Inv Bk FRN 4.98Thames Wtr Cayman 4% 4.47Verizon Commun 4.073% 3.94Tesco 5% 3.87Nordea Bk Ab 2.125% 3.67Bpce FRN 3.55 Top 5 Instruments and Issuers % Fixed

Income

Corporate Bond 47.63Government 37.71Government Related 5.67Asset Backed 3.71

Fixed Income Sector Weightings %

/ Government 43.38 › Corporate 47.63 u Securitized 3.71 ‹ Municipal - y Cash & Equivalents 5.28 ± Derivative - Credit Quality % %

AAA 12.59 BBB 15.87AA 40.44 BB 12.24A 14.05 B 0.00

Below B 0.00Not Rated 4.82

Data as of:31 Jul 2017 Coupon Range %

0 PIK 0.000 to 4 55.264 to 6 40.306 to 8 0.008 to 10 0.8910 to 12 0.00Over 12 3.55

Maturity Range %

1 to 3 15.533 to 5 13.025 to 7 35.857 to 10 28.1610 to 15 3.8915 to 20 0.0020 to 30 0.00Over 30 3.55

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 Sterling Fixed Income Fund A GBP Inc

Morningstar Rating™ Morningstar® Category

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

-3.20

-1.60

0.00

1.60

3.20

4.80

6.40

8.00

9.60

3.60 3.99 4.39 4.78 5.18 5.57 5.97 6.36 6.75

3 Yr Standard Deviation

5Yr Ann. Rtn.

-3.20

-1.60

0.00

1.60

3.20

4.80

6.40

8.00

9.60

3.60 3.99 4.39 4.78 5.18 5.57 5.97 6.36 6.75

5 Yr Standard Deviation

10Yr Ann. Rtn.

-3.20

-1.60

0.00

1.60

3.20

4.80

6.40

8.00

9.60

3.60 3.99 4.39 4.78 5.18 5.57 5.97 6.36 6.75

10 Yr Standard DeviationFund Category Average

Operations

NAV (31 Jul 2017) 10.9302 GBPTotal Net Assets (mil) 27.06 GBPInc/Acc IncIn-house ISA scheme NoUCITS NoISIN GB00B13QQM54Bloomberg Code KBESILB GUSEDOL B13QQM5Minimum Initial Purchase 50,000Minimum Additional Purchase 5,000Ongoing Charge* 1.08%Sales Charges - up to 0.00%Dividend Paying Frequency QuarterlyDividend Yield (%) 3.36%Dividend Declared Jan Apr Jul OctOnline Valuations AvailableDistribution Status YesPricing Frequency Weekly

Inception Date 25 Apr 2006Fund Manager Mark AbleManager Start Date 17 Sep 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. :

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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