Fund Manager's Comment

Historical Performance

Calendar Year Performance

Asset Exposure

0.01

0.53

10.81%

0.23

0.76

12.21%

-8.52%

18.51%

-24.55%

52.71%

47.29%

Portfolio Statistics

Fund Holdings

Minerva ETF Strategic FundBNP Paribas Multi Asset StrategyMinerva Harvest Dynamic Navigator FundCommerzbank Multi Asset StrategyCash USD

41.38%

21.31%

21.17%

14.29%

1.85%

Market atmosphere was generally sound in July but European stocks lagged a little. MSCI World and EM indices both performed well and enjoyed positive growths. US market was led higher by the solid performance of the technology sector resulting from their strong earnings reports. In contrast, European equities fluctuated when ECB confirmed to exit from their monetary easing policies. Meanwhile, USD continued its decline as FED finally admitted their weak inflation. Our ABF portfolio has generated a positive growth during the month.

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This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for any investment products or services. Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell. Past performance is not necessarily a guide to future performance. Investors may not get back the full amount invested, as prices of shares and the income from them may fall as well as rise. Performance shown on this document is for reference only.

Disclaimer

Fund Information28TH NOVEMBER 2011

USDVGG6140Y1060

ABFMASA: VI

Launch Date Base CurrencyISIN CodeBloomberg Code

Alpha Beta Std Dev Sharp Ratio Correlation Best Month Worst Month Max Gain Max Drawdown Up Period Percent Down Period Percent

31 July, 2017

The objective of this portfolio is to achieve a reasonable return over the long run with minimal volatility by investing into a globally diversified multi-asset portfolio of funds and other financial instruments. The underlying investments may invest into a wide variety of asset classes, such as equities, fixed income, commodities, currencies, futures and other alterna-tive investments.

Investment Objective

Inception of ABF Multi-Asset Strategic Segregated Portfolio (Red Perpendicular in Graph)

Equity Fund 0.00% Bond Fund 0.00% Managed Fund 21.17%Alternative 76.98% Cash 1.85%

*35% MSCI World Index + 35% MSCI Emerging Markets Index + 30% Merrill Lynch Global Governments Bond Index

0.00

1.00

15.45%

0.19

1.00

10.56%

-26.69%

52.59%

-26.69%

59.69%

40.31%

FUND BMK

ABF Portfolio 2.06% -0.61% -8.10% 2.58% 2.84% -1.69% -11.75% 11.72% 23.34% -12.26% 27.11% 29.52%

Benchmark Index* 14.49% 5.86% -8.08% -0.59% 3.53% 10.64% -6.99% 9.59% 37.06% -35.19% 19.28% 37.02%

YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 TotalReturn

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC2017 0.07% 0.91% -0.47% -0.21% 1.85% -0.25% 0.18%

2016 -1.28% -0.46% 3.94% -0.40% -0.69% -0.61% 2.38% 0.12% -1.12% -1.88% -1.51% 1.07%

2015 -1.24% 3.60% 0.73% 2.69% -0.81% -3.62% -4.05% -1.82% -1.67% -1.60% 0.26% -0.61%

2014 -2.65% 2.19% -1.82% -0.76% 2.71% 1.90% 0.32% 0.76% -3.55% 0.84% 1.76% 1.07%

2013 3.95% -0.77% -0.21% 0.45% 2.09% -6.80% 1.52% 1.09% 1.63% 0.30% -0.55% 0.47%

2012 0.34% 0.89% -1.18% -0.95% -5.99% 0.73% 0.27% 0.14% 1.21% -0.57% -1.15% 4.89%

2011 -3.33% -0.22% 0.74% 3.17% -1.27% -3.37% 0.92% -6.24% -7.52% 8.38% -3.62% -0.44%

2010 -4.43% 0.21% 3.03% 2.95% -4.09% 1.44% -0.01% 2.61% 5.88% 2.36% -1.87% 3.59%

2009 -3.27% -1.66% 2.88% 7.05% 10.92% -2.12% 0.45% 1.25% 3.04% -0.05% 5.83% -2.18%

2008 -0.88% 3.97% 0.63% 1.59% 0.86% -1.30% -3.24% -3.43% -6.91% -6.89% -1.89% 5.28%

2007 0.38% 0.79% 1.99% 3.43% 1.43% 4.97% 4.81% -2.87% 4.94% 4.11% 0.35% 0.21%