HIGHER GROUND CORE WEALTH FUND

31-May-2018

FUND INFORMATION INVESTMENT OBJECTIVE INVESTMENT RESULTS SINCE INCEPTION Fund Net Asset Value (Mn) € 22.5 Capital preservation, limited volatility and long term capital ANNUALIZED GAIN SHARPE RATIO SORTINO RATIO Share Classes € (base) / £ / $ appreciation from investments in transition economies. 7.82% 0.89 1.46

Launch Price € 100 on 4 May 2009 MONTHLY PERFORMANCE € CLASS £ 100 on 1 June 2010 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD $ 100 on 1 April 2013 2018 3.09% -1.13% -0.21% 0.19% -2.08% -0.21% 2017 3.69% 1.55% 0.79% 0.88% 4.22% -2.46% 3.89% 1.28% -3.56% 1.43% 0.88% 0.43% 13.48% 2016 -4.96% 1.31% 3.68% 1.05% -2.18% -1.10% 2.98% 2.25% 0.78% 1.42% -2.42% 0.74% 3.27% NET ASSET VALUE 2015 -2.67% 3.85% -0.31% 3.03% -0.07% -1.42% 1.27% -4.34% -0.15% 6.31% -0.95% -3.06% 0.97% EUR Class - 181.83 2014 -1.11% 2.81% -0.61% -0.99% 1.85% 2.17% 0.30% 2.77% 1.43% 0.38% -2.89% -3.99% 1.87% GBP Class - 166.46 2013 3.04% -0.05% 1.57% 2.02% 1.39% -4.54% 2.33% -0.37% 2.69% 4.38% 2.30% 0.67% 16.22% USD Class - 135.61 2012 0.64% 1.97% 1.69% -0.21% -2.58% -2.36% 6.37% 0.16% 1.15% -1.62% -0.75% 1.66% 5.97% 2011 1.39% 2.01% -1.24% 1.52% -3.36% -2.43% 2.53% -1.08% -3.75% -0.11% 0.88% -0.20% -4.00% INVESTMENTS 2010 -1.96% 0.82% 3.16% 3.20% -6.64% 0.43% 1.95% -0.23% 5.10% 4.07% -0.44% 5.79% 15.61% Minima 2009 -0.86% -1.34% 2.25% 2.81% 4.10% -1.44% 3.61% 1.18% 10.59% €75,000 $100,000 £65,000 The US dollar and Sterling classes are hedged to produce the same percentage gains as the Euro class (shown) with the only divergence resulting from differences in interest rates. Charges Gains from the US dollar and Sterling classes therefore closely track the above. Full historical numbers available from Administrator. Management: 1% Monthly returns are % of value at start of month. YTD return is compounded monthly returns. Returns shown net of all fees. No mgmt fee before 7/2011. Past returns are not Performance: 10% of returns for each 3 year period. necessarily indicative of future performance. With high water mark. Paid every 3 years. MONTHLY PERFORMANCE 6% SERVICERS 4% Investment Manager 2% Higher Ground SICAV PLC 0% Investment Advisors -2%

Richard Wood, William White Return (%) Auditor -4% Deloitte - PwC from 2018 -6% Custodian -8% Trust Company Americas Administrator

31-Aug-09 28-Feb-10 31-Aug-10 28-Feb-11 31-Aug-11 29-Feb-12 31-Aug-12 28-Feb-13 31-Aug-13 28-Feb-14 29-Aug-14 27-Feb-15 31-Aug-15 29-Feb-16 31-Aug-16 28-Feb-17 31-Aug-17 28-Feb-18 Apex Fund Services (Malta) Limited 31-May-09 30-Nov-09 31-May-10 30-Nov-10 31-May-11 30-Nov-11 31-May-12 30-Nov-12 31-May-13 30-Nov-13 30-May-14 30-Nov-14 29-May-15 30-Nov-15 31-May-16 30-Nov-16 31-May-17 30-Nov-17 31-May-18 Legal Status Professional Investor Fund licensed by DISTRIBUTION OF MONTHLY RETURNS ATTRIBUTION OF LAST MONTH'S RETURNS the Malta Financial Services Authority. 0.50% 18 INVESTMENTS May Apr 0.00% Cuban Trade Finance* 38.2% 35.9% 15 Raiffeisen Bank (CEE) 8.3% 9.2% TerraVia Convertible Bonds (USA/Brazil) 0.7% 1.6% 12 -0.50% () 5.6% 5.4% Wirtualna Polska (Poland) 4.1% 4.0% -1.00% No. of months 9 (Romania) 2.5% 2.8% Prime Car Management (Poland) 2.7% 3.2% -1.50% (Romania) 4.6% 4.7% 6 Romgaz (Romania) 4.2% 4.4% Zavarovalnica Triglav (Slovenia) 5.7% 5.5% 3 -2.00% Kruk (Poland) 7.0% 6.9% Romanian Privatisation Points 1.3% 1.3% 0 -2.50% Em. Mkt. Em. Mkt. Cuban Trade Other Currency Moneta Bank (Czech Republic) 5.0% 4.9% Equities Fixed Income Finance 0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 6 to 7 7 to 8 Wizz Air (CEE) 3.6% 3.3% 0 to - 1 - 7 to - 8 - 6 to - 7 - 5 to - 6 - 3 to - 4 - 2 to - 3 - 1 to - 2 - 4 to - 5 CEZ (Czech Republic) 2.1% 2.1% Returns (%) Sub-prime RMBS (USA) 0.6% 0.5% Other 0.1% 0.1% VALUE BY ASSET CLASS Cash 4.5% 4.1% Total 100% 100% Cash Em. Mkt. Equities 4.5% 56.8% Other * from holding in Higher Ground Antillean Fund. No double fees. 0.1% CURRENCIES May Apr Exposure not hedged back to fund currency RON 19.4% 19.8% PLN 13.8% 14.1% CZK 2.5% 2.1% Total 35% 35% Cuban Trade Em. Mkt. Fixed Finance Income 38.2% 1.2% HIGHER GROUND SICAV PLC • 171 OLD BAKERY STREET • VALLETA • VLT 1455 • MALTA