HORNET INFRASTRUCTURE WATER FUND (EUR)

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Why GN Invest AG as asset manager &AC Partners AG as investment advisor ?

Why to invest in theWater infrastructuresector ?

Why to invest in amutual fund ?

Outperformance of «Hornet Infrastructure Water Fund» over 3 yearsversus «iShares Global Infrastructure Index» also due to a disciplined investment process

Experienced and specialised investment team with a long term track record and a global sector research platform

Transparent and active portfolio construction with listed infrastructureequities

Low volatility asset class with low correlation to equity markets (0.23 versus MSCI World)

Above average grow potential

Real asset class with long duration assets

The fund is regulated by the finnancial market autority

Invest globally at low cost

One transaction leads to a long term successful investment

Investment Case – Key Messages

Investment Case

800mn humans worldwide without clean drinking water

2.5bn humans have no access to sanitation

OECD estimates world population will grow to 9bnpeople in 2050

1 kg beef production takes 15‘000l / 1 kg wheat needs only 1‘500l virtual water

Stable cashflows and solid investmentreturns / high dividend yields

Water sector grows faster thanworldwide GDP & MSCI equity indices

SRI / Social Responsability Investment /«Social Value»

Total market capitalisation only at approx.EUR 500-750bn

* constant average growth rate in % (CAGR %)

Source: BofA/ML / OECD / AC Partners AG

Water Environment

Investments

6 – 7% CAGR*Population growth / «virtual water» /quality improvement / water shortage

Agricultural use / waterdistribution / urbanisation

Industrialisation: energy / chemical in-dustry, electronic industry, metal mines

Performance Drivers

Top Down

«Pricing power» / inflation protectionon invested capital

Regulated capital return & -costs

«Public Private Partnerships» &privatisation of Infrastructure assets

Bottom Up

Water Utility /Infrastructure

Value Chain

Operational water utilities / assetsWater energy / hydropower assets

Environment &Service

Water treatment & service companies

Waste & sewerage management

Installation and constructioncompanies / desalination plants

Technology /Equipment

Infrastructure equipment companies in the field of irrigation,pumps, pipes, valves, filters or meters etc.

Increased demand (OECD)from 2000 to 2050

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Increased demand

Industry/Electronic +406%Energy/Electricity +144%Household +127%Livestock +63%Irrigation/Agriculture -14%

Current consumption

Agricultural economy 70 % Industrial sector 22 % Private consumption 8 %

Hornet Infrastructure Water Fund(EUR)

Investments in Water infrastructure are compliantto European (UCITS IV) law and fund rules

Utility / Infrastructure Environment / ServiceTechnology / Equipment

Depositary Bank / Liechtensteinische Landesbank,Vaduz

Treasures assets in fund account

Regulation FMA / Financial Market AuthorityRegulates und supervises asset manager & investment fund

Asset ManagerGN Invest AG, Vaduz

Investment strategy and asset management

Investment controlling

Investment AdvisorAC Partners AG, Zug/Baar

Investment analysis & valuation

Investment Structure – Value Chain

The Investor

subscribes intothe fund

Fund administration IFM, Vaduz

Set up rules of fund / net asset value calculation (NAV) /monitoring asset manager / investment advisor

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Hornet Infrastructure –Water Fund (EUR)

Investment style

The investment aim of the Hornet Infrastructure - Water Fundis to achieve long-term capital appreciation with lower volatilitycompared to equity markets. The investment strategy pursuesan active, value-oriented investment style without tracking abenchmark. The fund invests worldwide in infrastructure com-panies with stable cash flows. The fund is a "long only" structureand continually realizes and secures capital gains. The currencyexposure is actively managed.

Fund details

Net Asset Value (NAV) Fund volume / shares Security number / ISIN Fund domicileAsset managerInvestment advisor Depositary bank AdministrationRevisionLaunch / StartFund structure / Sales Management fee Depositary bank / Admin. fee DistributionSubscriptions / Redemptions Issue / Redemption price

Largest equity positions

Suez

SABESP Sp ADR

Guangdong Invest Rg

American Sts Wat Rg

American Water Works

Aqua America Rg

ACEA N

SJW Group

Pennon Grp Rg

Middlesex Water

25th October 2018

EUR 987.54EUR 28'810'492 / 29'1743.405.337 / LI0034053376LiechtensteinGN Invest AG, FL-9490 VaduzAC Partners AG, CH-6340 BaarLLB Liechtensteinische Landesbank AG, FL-VaduzIFM Independent Fund Management AG, FL-VaduzErnst & Young AG, CH-3001 Bern11th October 2007OGAW / UCITS IV 1.5% p.a. 0.15% p.a. / 0.175 % p.a.none (dividends are reinvested)weekly, each Thursday (16:00 CET)Asset value per share (NAV + / - any commissions)

GN Invest AG Tel. +423 239 32 33 info@gninvest.comAC Partners AG Tel. +41 41 711 10 20 info@ac-partners.ch

Investment focus

The fund invests its assets solely in equity of companies whichare active in the infrastructure sector, such as water utilities,transportation, communication and social infrastructure facili-ties. The focus is on operational, regulated water utilities, whichown the facilities and for example treat and distribute drinkingwater regionally or which are active in energy production(hydro power) or water technology as well as in water environ-ment & service.

Sector allocation

Country allocation

Performance in % YTD 2018 1 year 2 years 3 years 5 years C

Hornet Infrastructure - Water 0.73% -1.66% 0.98% 11.23% 30.34%

Source: IFM / MSCI / Telekurs (fund performance cum. after administrative costs resp. net)

Risk figures YTD 2018 1 year 2 years 3 years ince 2007

Volatility p.a. 8.35% 7.74% 7.32% 9.58% 9.20%Correlation vs. MSCI World -0.26 -0.37 -0.38 0.63 0.79

Risk profile Recommended investment horizon

moderate medium high 3 years 5 years 7 years

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Review

Hornet Infrastructure –Water Fund (EUR)

General market review

Global equity markets have undergone a significant correctionin October. The US stock index S&P 500 lost -9% in the monthunder review, as did the German stock index DAX with -10%or the Eurostoxx with -8%. This comes despite continued goodeconomic data from the US. In Q3 2018, US GDP rose +3.5%,which has been driven by strong consumer spending. The ex-port figures came in at -3.5%, which is significantly lower than inQ2 2018 (+9.3%) and mainly caused by the trade dispute withChina. In the month under review, indices in the emerging mar-kets were able to outperform clearly, such as the Brazilian Bove-spa with +7% or the PSE index in the Philippines, which finishedmore or less unchanged. Consolidated, the MSCI World P Indexlost EUR -5.9%.

GN Invest AG Tel. +423 239 32 33 info@gninvest.comAC Partners AG Tel. +41 41 711 10 20 info@ac-partners.ch

Investment Portfolio

The Hornet Infrastructure - Water Fund (EUR) NAV climbs+7.36% to EUR 987.54 in October and YTD 2018 +0.73%. Inaddition to good stock selection, the performance is currentlybeing driven by the market's rotation from growth to value aswell as the attractive valuation of our global portfolio. Our mar-ket hedge has also contributed to the performance togetherwith a strengthening USD. In the month under review, the USDrose by around +2.5% against the EUR. In addition, the emer-ging markets currencies, relevant to us, have recovered. The glo-bal infrastructure portfolio absorbed the political upheavals inItaly and according to the latest numbers is about 8.5% belowthe fair value.

Market review Infrastructure

The infrastructure sector was a significant counterpoint to theoverall market, also in October, and closed the month almostunchanged. This was mainly due to the stable utility sector inthe US, which was able to escape the market trend and gainedmore than +2%. By contrast, the cyclical subindex transport lostaround -15%. The infrastructure sector as a whole is benefitingfrom market rotation as market participants invest in stable andsustainable sectors with inflation protection. In contrast to bondinvestments, well-regulated infrastructure investments also offerinflation protection in countries with higher political risks, asexamples in Brazil or China shows.

This document has been forwarded to you upon request. It is for information purposes only and does not constitute an offer to acquire, any investment advice or recommendation and it is not an independent financial analysis. It does not replace any in-dividual and professional advice from an investment advisor. The information has been compiled with care. However, no guarantee can be given for the correctness and completeness of the information. The prospectus as well as the annual report fromthe HORNET Infrastructure - Water Fund (EUR) are available for free at GN Invest AG, Vaduz or on the homepage of the IFM Independent Fund Management AG (www.ifm.li). For a detailed risk explanation, please see our fund prospectus.

Attractive NAV / price potential for the infra-structure portfolio

Despite the significant outperformance of the portfolio in themonth under review, there is still good upside potential: takingthe current weighted undervaluation of the portfolio againstthe fair value of each company we calculate, we see a short-term undervaluation of around 8.5%. If we compare our port-folio with the investable universe in terms of price / earningsratio (P/E ratio) for 2019, we see a discount of almost 17%.Based on our dynamic asset pricing model, the portfolio has arequired return of 6.7% p.a. and an alpha yield of 3.2% p.a.,which implies a medium-term performance potential of around10% p.a.