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The publication issued in German is legally binding. This English translation is only for the purpose of convenience.

Factsheet (institutional share class) Multi-Asset Global 5

Last Update: 07/31/2017

AT A GLANCE Stocks or bonds? This multi-asset-investment strategy is a globally, diversified concept which offers an active management approach to the allocation of stocks, bonds and cash in global capital markets. The aim is an absolute return in Euros. The specific asset classes and their individual markets are usually allocated via exchange-traded-funds (ETFs) for cost efficiency and diversification reasons. The expected return of this fund over an investment cycle is approximately 3-5% p.a.

INVESTMENT STRATEGY The fund combines fundamental and rule-based quantitative elements in accordance with the investment philosophy of alpha beta asset management. The first step of the investment process is a mainly fundamentally driven analysis. On that basis, a rule-based system allocates the asset classes stocks, government bonds and spreads/inflation as well as their respective individual markets on the basis of relative attractiveness. Generally, the strategy is executed via ETFs; for efficiency reasons, investments via listed futures are also permitted. Generally, currency risk stemming from the asset allocation will be hedged back to Euros.

PERFORMANCE SINCE FUND LUNCH AT JULY 15, 2013

Performance (BVI method) since fund lunch (07/15/2013): 9.51%

Performance (BVI method) since fund lunch (p.a.): 2.27%

Performance (BVI method) in 2016: 2.02%

Performance (BVI method) in 2017: 0.35%

Legal Disclaimer: Performance as per the BVI method; i.e. without including the issue surcharge. Costs incurred by the fund (e.g. management fees) have been taken into account. The individual costs incurred by the client (e.g. custody account fees, commission and other charges) have not been included in the illustration and would have had a negative impact on performance if they had been taken into account. Any issue surcharge incurred reduces the invested capital and the performance shown here. Model calculation: on an investment of EUR 500,000, the investment result for the investor would be reduced as follows: a maximum of EUR 15,000 (3% according to the sales prospectus) on the first day of the investment because of the issue surcharge and annually due to the individually incurred custody account costs. Custody account costs can be obtained from the price and service schedule of your bank. Currently the issue surcharge is set at 0%. Past performance is not a reliable indicator of future performance.

Source: alpha beta asset management gmbh, Metzler Asset Management GmbH, as of July 31, 2017

KEY FIGURES

CURRENT FUND DATA PER 06/30/2017 Offering price: 107.10 Redemption price: 107.10 Current fund assets: 71.7 million EUR Issue surcharge (front load): Currently 0% Maximum administration fee: 0.55% p.a. Maximum custodian fee: 0.10% p.a. Performance fee: None Total expense ratio: n.a.1 1Note: In addition to management fee, the fund is charged further costs such as settlement and transfer agent fees, transaction costs, and various other charges. Further information on ongoing and one-off costs can be found in the sales prospectus, the most recent annual report, and the key investor information (http://www.metzler-fonds.com/metzlerfonds/servlet/linkableblob/startmetzler/23904/data/multi-asset_global_5_b_kid-data.pdf).

GENERAL FUND DETAILS ISIN: DE000A1T6KZ5 WKN: A1T6KZ Bloomberg ticker: METMAGB Fund category: Multi-asset-investment strategy Fund type: UCITS compliant fund Fund domicile: Germany Portfolio management: alpha beta asset management gmbh , Frankfurt a.M. Minimum initial investment: EUR 500,000 Frequency of price calculation: Each trading day End of year: October 31st Fund currency: EUR Dividend type: Distribution (Last dividend distribution of 1.10 Euro per share on 11/22/2016) Fund launch: July 15, 2013 Custodian bank: B. Metzler seel. Sohn & Co. KGaA Capital management company: Metzler Asset Management GmbH Registered for sale: Germany

RISK ANALYSIS SRRI: 3 Volatility p.a. (weekly data since fund launch, BVI-Method): 3.7% Max. Drawdown (based on daily data since fund launch): -9.4% Duration (Bonds and Money Market Allocation/Cash Equivalents): 3.1

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MULTI-ASSET GLOBAL 5 B

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MARKET COMMENT OF FUND MANAGEMENT In July, the continuation of the Euro strength was a dominant topic in our markets and slowed down the positive run of many European stock indices. The European Monetary Union’s currency rose to approximately 1.18 US-Dollar at the end of the month and now is about 12.3% above its value at the end of 2016. Therefore, it is barely surprising that European stock indices tended to perform worse than their global counterparts in July. Chinese and Russian stocks were among the better performers and gained approximately 5% measured by their respective indices, in addition to strong raw material markets such as oil or copper. Among the monthly winners was also the S&P 500 and – as the only European representative – the Italian FTSE MIB index. These markets ended the month with a plus of 2.1% and 4.6%. Burdened by press releases on a potential cartel among German automobile manufacturers and also the strong Euro, the German DAX index lost 1.7%; additionally, the broader market index STOXX 600 Europe fell by 0.3%. For the upcoming weeks, the further development of the external value of the Euro will play a key role, as a further significant increase in value of the Euro will have an inevitably negative impact on the European export industry and the entire economy. In July, the European Central Bank was still little concerned and did not comment – as expected - on the Euro’s appreciation. For the bond markets, currency movements were less influential over last month. 10-year German Bund yields rose slightly from 0.47% to 0.54% while yields of 10-year Italian government bonds fell by 6 bps to 1.80%. The performance of the European investment grade credit markets was once again more positive. These markets managed to compensate for their June losses and increased by 0.8% on a broad market basis. European and US high yield markets, which have been part of our portfolio since the end of last year, gained 0.8% and 1.1% on average. Overall, the result was a monthly performance of +0.13% for our Multi-Asset Global 5. Due to the holiday season, we expect only little relevant new information for our markets in the upcoming weeks. Trump’s policy and its (negative) impact on the greenback still remain a risk factor. Our rule-based, systematic investment process also points to a weakening of the global momentum in capital markets. On a positive note, we see promising developments in some Southern European and Asian countries. Those markets are supposed to help with positive performance contributions and also add to the diversification of the portfolio.

PORTFOLIO STRUCTURE

STRATEGIC COMMENT OF FUND MANAGEMENT § In July, the equity ratio of the fund was increased to 21% via purchases of the

German DAX index at the end of the month. Investments in emerging market equities stand at approximately 7%.

§ We continue to see a short-term risk of rising yields in government bonds. Our duration of 3.1 years is still relatively low, but could be reduced even further in case of higher yield movements in Europe via our rule-based allocation mechanism.

§ In July, high yield renewed its positive trend from spring and remained unchanged in terms of portfolio weight.

§ Money market instruments, short-term government bonds and cash remain stable at around 17%. They continue to function as an essential part of the portfolio’s risk management in an environment of political uncertainty.

Source: alpha beta asset management gmbh, Metzler Asset Management GmbH, as of July 31, 2017

TOP 3 POSITIONS PER 07/31/2017

BONDS EQUITIES

iShares Euro Govt 3-5y 7.7% iShares DAX 5.6% iShares EB. R. Money Market 7.2% iShares MSCI Emerging Markets 3.4% iShares Euro BBB-BB 6.8% db x-trackers MSCI China 3.1%

MONTHLY RETURNS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2013 Fund was launched on 15 July, 2013 -0.29% -0.35% 0.33% 1.26% 0.33% -0.06% 1.22% 2014 -0.53% 0.82% -0.41% 0.13% 1.15% 0.58% 0.41% 1.69% 0.03% -0.24% 1.02% 0.26% 4.99% 2015 3.27% 1.29% 1.31% -0.26% -0.56% -1.88% 0.51% -1.87% -0.85% 0.80% 0.49% -1.47% 0.66% 2016 -0.93% -0.36% 0.41% 0.19% 0.30% 1.14% 0.73% 0.26% 0.06% -0.21% -0.24% 0.67% 2.02% 2017 -0.43% 1.00% 0.15% 0.15% -0.03 -0.61% 0.13% 0.35%

OPPORTUNITIES AND RISKS The fund is suited for such investors who intend to capture the growth and return opportunities of international stock, bond and currency markets. Stocks and equities-based ETFs offer above-average return potential over a long-term horizon, but can experience significant volatilities and fluctuations. Bonds and bond-based ETFs offer a coupon or dividend and experience usually lower volatilities. Rising interest rates can cause bond price decreases before bond maturity. ETFs in foreign currency or ETFs based on stocks and/or bonds from outside the Euro area experience currency risk as well. The fund is suited for at least medium-term-oriented, risk-aware and experienced investors.

Opportunities: + Attractive risk-reward ratio through active allocation policy (asset allocation) + Stability via broad diversification of global investments + General price appreciation opportunities + Strategy incorporates implicit risk management; additional ex-post risk controlling + Innovative portfolio management concept based on two pillars of analysis

14%

7%

30%

3%6%

17%

6%

17%Equities Developed Markets

Equities Emerging Markets

Nominal Government Bonds

Inflation-linked Bonds

IG Corporate Bonds

High Yield Bonds

Emerging Markets Bonds

Cash or Cash-like Instruments

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Risks: – General risk reference: The assets of this fund determine the fund price and are subject to high price- and currency risks – Liquidity: Risk of illiquidity of individual instruments in the fund – Volatility: Risk of increased volatility of individual instruments in the fund – Default risk: Even with a careful selection of instruments a loss due to a shortfall in payments by an issuer cannot be ruled out – Increased risks due to the use of derivative instruments for hedging purposes or to generate additional income cannot be excluded (leverage effect) – The fund value can fall below the investor’s purchase price at any time – The complete presentation of risks can be found in the prospectus of the fund and should be carefully read

è Recommended investment horizon: at least 5 years

Ratings & Awards TELOS Fund Ratings (06/2017, 05/2016, 05/2015, 04/2014):

About alpha beta asset management gmbh alpha beta asset management gmbh (former Gauly | Dittrich | van de Weyer Asset Management GmbH) is a specialized, partner-led company that puts asset allocation at the heart of fund management. Based in Frankfurt am Main, the company was founded in 2012. Its managing directors Markus van de Weyer and Carsten Vennemann have many years of experience in the domestic and international capital markets, especially in portfolio management. The investment solutions offered include fund and asset management concepts and are aimed at both institutional and private investors. Our systematic, rule-based investment process offers above-average profit opportunities based on quantitative indicators and is subject to strict risk management. alpha beta asset management manages its own public fund and individual mandates for special and public funds of institutional investors.

Our Partners Fund administrator: Metzler Asset Management GmbH, Untermainanlage 1, 60329 Frankfurt am Main, Germany Custodian bank: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Frankfurt am Main, Germany

Further information The official sales prospectus, annual and semiannual reports, key investor information as well as further information can be obtained from the administration company Metzler Asset Management GmbH (www.metzler-fonds.com) or from the address below: alpha beta asset management gmbh Sandra Kirstein OpernTurm . Bockenheimer Landstrasse 2-4 60306 Frankfurt am Main T +49 69 767 578 14 sandra.kirstein@abam.email or on our website at www.abam-gmbh.com Member of the association of independent Founding member of the Petersmann Institut asset managers in Germany for the independent financial adviser

Legal Disclaimer

This promotional material was exclusively created by alpha beta asset management gmbh for this specific information purpose. This publication is addressed solely to professional clients or institutional investors. The information and estimates contained herein do not constitute investment advice or any other form of recommendation. Detailed information about the fund(s) can be found in the sales prospectus together with the articles of association, management regulations or contract conditions, in conjunction with the latest audited annual report and semi-annual report if published later than the most recent annual report. These documents form the sole binding basis for any purchase. The said documents and the key investor information are available free of charge in German from the respective management company/investment company or the custodian and from alpha beta asset management gmbh (http://abam-gmbh.com/investmentstrategien/multi-asset-global-5/), or from distributors in those countries where the funds have been licensed for distribution. alpha beta asset management gmbh considers the sources on which the information in this publication is based to be up-to-date and trustworthy. Despite taking the utmost care, alpha beta asset management gmbh provides no guarantee, express or implied, for the accuracy, reliability or completeness of any of the information. This does not apply if alpha beta asset management gmbh has acted intentionally or in a grossly negligent manner, or in the event of fatal or physical injuries or harm to health. No statement made in this publication should be understood as a guarantee or warranty. In this publication, views and forward-looking statements are made that involve risks and uncertainties. All forecasts, opinions and estimates reflect the judgment of alpha beta asset management gmbh at the time this publication is published. The forecasts and scenarios provided here are based on our assessment at the present time and on a variety of assumptions. Changes to these assumptions can lead to different results. Therefore, this publication is not intended to predict future events. Past performance is no guarantee or indication of future performance. Any and all opinions and assessments expressed in this publication can be changed by alpha beta asset management gmbh without prior notice. alpha beta asset management gmbh reserves the right to modify or correct assessments as well as information on products, share prices, prices and other conditions at any time without prior notice, or not to update the information, opinions or assessments contained in this publication. alpha beta asset management gmbh specifically disclaims any liability for any direct or indirect damages arising from use of this publication or its contents. The information provided does not constitute an offer, an invitation to subscribe or to purchase financial instruments, or a recommendation to purchase them. This information is not intended as a basis for any contractual or other obligation, nor do they serve to substitute any legal/tax or investment advice or investment recommendation. This is a communication for marketing purposes. alpha beta asset management gmbh recommends investors to consider advice from an investment consultant to judge suitability. The information in this publication has not been checked or approved by the German regulator. Unless alpha beta asset management gmbh has granted written permission beforehand, it is prohibited to publish, reproduce, or in any other way make available to third parties this document or its contents, in whole or in part, or to summarize or reference it. The dissemination, distribution or use of this publication may be limited in some countries by legal or regulatory provisions. Persons who come into possession of this publication are obliged to inform themselves about any restrictions and to observe them. In particular the units of this fund may not therefore be offered for purchase or sold within the USA or to or for the account of US citizens or US persons domiciled in the USA. This document and the information contained herein may not be distributed in the USA. The distribution and publication of this document and the offering or sale of the fund’s units may be subject to restrictions in other jurisdictions as well. Further information regarding the strategies mentioned are available upon request at the premises of alpha beta asset management gmbh.