Report as of 31 Jul 2017

Kleinwort Benson Elite International Equity Fund A GBP Reinvest

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 equities provided a solid positive return duringJuly from the perspective of a GBP investor, but withmarked differences in performance between sectors.Materials and Energy stocks rebounded strongly, havingbeen weak in recent periods. Mining stocks in particulargained on renewed pricing strength and otherwisepositive earnings announcements. The Fund maintainsmodest positions in these areas, in part due to thehigher volatility of mining stocks, yet the recent additionof Avery Denison generated a sector-beating returnafter raising its full year outlook. Financials were alsostrong over the period, with the Insurance subsectoroutperforming; the Fund maintains an overweightstance through European insurers. The Fund’s bankstocks lagged the market, however, with renewedweakness from Wells Fargo and underperformancefrom Mizuho Financial. Information Technology alsogained. It is notable that the Fund does not currentlyhold any of the higher-profile tech stocks (Amazon,Facebook, Google) that have garnered much attentionof late, yet the Fund’s technology holdingsoutperformed in July. Internet payments processorWirecard was the standout, returning +18% for themonth. Looking ahead, we intend to review ourpositioning for potential adjustments to the portfolioafter the earnings reporting calendar begins to winddown in late August. Risk Measures

3-Yr Alpha 5.243-Yr Beta 0.76R-Squared 75.72Information Ratio 0.84Tracking Error 5.433-Yr Max Drawdown -5.50

3-Yr Sharpe Ratio 1.803-Yr Std Dev 9.363-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 44.35

Large 34.43Medium 21.22Small 0.00Micro 0.00 Avg Mkt Cap 31171 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 29.16 4.10 Fund- - -4.91 13.91 5.67 -3.61 +/- Index- - ) & & ) Quartile Rank

- 1.61 1.53 1.20 1.03 1.00 NAV Trailing Returns

(31 Jul 2017)

Return % +/-Idx

1 Month3 Months6 Months1 Year3 Years Annualised5 Years Annualised

0.862.504.78

12.5418.24

-

-0.19-1.11-1.94-4.024.56

-

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

2017 4.05 -0.81 - -2016 5.13 9.73 6.09 5.542015 9.24 -2.34 2.16 7.612014 0.11 -1.03 1.06 2.402013 - - 2.06 2.51

Portfolio 31 Jul 2017

Asset Allocation % Port.

Equities 98.17Fixed Income 0.00Real Estate 0.00Cash 1.83Alternative 0.00

Equity Sector Weightings % Equity

h Cyclical 33.61

r Basic Materials 1.41t Consumer Cyclical 9.64y Financial Services 20.65u Real Estate 1.92 j Sensitive 35.89

i Communication Services 3.91o Energy 1.41p Industrials 21.09a Technology 9.48 k Defensive 30.50

s Consumer Defensive 13.45d Healthcare 7.74f Utilities 9.31

Top 10 Holdings Sector % Port.

CLP Holdings Ltd f 3.17Berkshire Hathaway Inc B y 2.96NextEra Energy Inc f 2.88Bank of Montreal y 2.67Procter & Gamble Co s 2.67 Amdocs Ltd a 2.67Jack Henry & Associates Inc p 2.59Waste Management Inc p 2.52George Weston Ltd s 2.39Munchener... y 2.37 Total Stock Holdings 50Assets in Top 10 Holdings % 26.89 Top 10 Countries % Equity

United States 45.33Japan 9.29Germany 7.08France 7.04United Kingdom 6.83 Switzerland 6.62Canada 5.16China 3.36Hong Kong 3.23Spain 2.16

World Regions % Equity

Greater Europe 31.68Americas 50.49Greater Asia 17.83

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 International Equity Fund A GBP Reinvest

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 (31 Jul 2017) 1.5884 GBPTotal Net Assets (mil) 23.33 GBPInc/Acc IncIn-house ISA scheme NoUCITS NoISIN GG00B82YK160Bloomberg Code KBEIASR GUSEDOL B82YK16Minimum Initial Purchase 50,000Minimum Additional Purchase 5,000Ongoing Charge* 1.62%Sales Charges - up to 5.00%Dividend Paying Frequency QuarterlyDividend Yield (%) 0.62%Dividend Declared Jan Apr Jul OctOnline Valuations AvailableDistribution Status YesPricing Frequency Weekly

Inception Date 22 May 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. :

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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