Metzler European Small and Micro Cap/Class A

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1 Factsheet Calculation date: 31/5/2017 Page 1 Fund Basics ISIN code Fund symbol Fund category Fund currency Management company Depositary IE00B5M17487 A1JCJW Equity funds Euro Metzler Ireland Limited Brown Brothers Harriman Trustee Services (Ireland) Limited Fiscal year 1/10/ - 30/9/ Fund launch 2/8/2011 Offering price (incl. subscription fee) Dividend type Reference benchmark Registered for sale Investment Policy EUR Distributing Germany, Austria, Finland, France, Luxembourg, Norway, Spain, Sweden, The investment objective of the Fund is to increase the value of its investments over the long term. The Fund will predominantly invest, on a diversified basis, its assets in European equities and equity related securities. Investment focus will be on small and micro cap companies, measured by market capitalisation (the value of the issued shares of a publicly traded company), with long-term growth prospects. - SRRI - Synthetic Risk and Reward Indicator Typically lower rewards Lower risk Typically higher rewards Higher risk Recommended investment horizon 5-10 years Risk Profile The indicated risk category for this Fund is 5 because it is largely invested in equities, thus being exposed to movements in equity markets generally, and to specific movements in regional equity markets (Europe). Expectations of high returns from market and currency gains are offset by high downside risk from equity and currency fluctuations and liquidity risk. An investment in the fund is only suitable for very experienced and very risk-conscious investors who are capable of estimating the risks and the value of the investment. The investor must be prepared and be in a position to accept considerable value fluctuations in the price per share and, potentially, a considerable loss of capital. Contact Details Metzler Ireland Limited Kilmore House Spencer Dock North Wall Quay Dublin 1 Ireland Phone: (+49-69) Fax: (+49-69) metzler-service@metzler.com

2 Factsheet Calculation date: 31/5/2017 Page 2 Prices & Distributions Subscription price Net asset value Volume share class Fund volume EUR EUR Mio. EUR Mio. EUR Share earnings 65.52% Share earnings for corporate investors 65.78% Property earnings 0.00% Interim earnings TIS* 0.00 EUR 0.00 EUR Last distribution date - Distribution - Redemption suspended for these target funds *Taxable income per share Performance Chart 0.00% Model Calculation The investor subscribes an amount of EUR 1,000 on 1/6/2012. In the net model calculation the subscription amount includeds an average subscription fee of 5.00%. A subscription fee of EUR is paid on the individual investment amount at subscription equalling a reduction of 4.76% of the amount invested (calculation: 1,000-[(1,000/105.00)*100] ), fund shares are subscribed for an amount of EUR Moreover, account keeping costs can reduce performance. The gross performance (calculated according to the BVI-method) includes all costs charged to the fund (e.g. management fees) but does not consider costs arising for the investor (e.g. subscription fees and account keeping costs). Performance in % Period YTD 1 month 3 months 1 year 3 years p.a. 5 years p.a. Since fund launch p.a. Fund Performance for 12-month-periods Period Fund 1/6/ /5/ /6/ /5/ /6/ /5/ /6/ /5/ /6/ /5/ /6/ /5/2013* *Including subscription fee of 5.00% (net calculation) Asset Allocation as of 31/5/2017 Equities Cash Others 92.32% 7.60% 0.08%

3 Factsheet Calculation date: 31/5/2017 Page 3 Top 10 Countries as of 31/5/2017 Euro zone Great Britain Sweden Norway Denmark Jersey Top 10 Sectors as of 31/5/2017 Technology Industrial Goods & Services Construction & Materials Personal & Household Goods Financial Services Media Retail Travel & Leisure Oil & Gas Utilities 58.64% 9.97% 7.78% 6.91% 5.61% 2.05% 1.64% 21.03% 20.97% 7.33% 7.32% 6.81% 5.91% 4.07% 3.76% 3.00% 2.35% Top 10 Equities as of 31/5/2017 ARROW GLOBAL GROUP LS-,01 LOW + BONAR PLC TOBII AB LS-,05 CENTROTEC SUSTAINABLE O.N HELMA EIGENHEIMBAU AG HYPOPORT AG NANOGATE AG ASETEK A/S DK -,10 DATA RESPONS ASA NK -,50 INVISIO COMMUNIC. AB SK 1 Key Figures as of 31/5/ % 3.61% 3.01% 3.00% 2.94% 2.83% 2.82% 2.81% 2.58% 2.55% Sharpe Ratio 3 years 1.22 Volatility since fund launch 12.98% Volatility 1 year 11.87% Volatility 3 years 13.84% Volatility 5 years 12.74% Maximum drawdown 3 years % Expenses & Fees Subscription charge 5.00% Redemption fee not applicable Management fee p.a. 1.75% Depositary fee p.a. 0.05% Performance fee - Ongoing charges* calculation date Ongoing charges* 30/9/ % *The ongoing charges contain all annual operating costs except transaction costs. Paying Agent in Germany B. Metzler seel. Sohn & Co. KGaA Untermainanlage Frankfurt am Main Germany Paying Agent in Austria Erste Bank der oesterreichischen Sparkassen AG Am Belvedere Wien Austria Tax transparent (weiß) reporting fund since: 13/9/2012

4 Factsheet Calculation date: 31/5/2017 Page 4 Representative and Paying Agent for RBC Investor Services Bank S.A. Esch-sur-Alzette Zweigniederlassung Zürich Badenerstrasse Zürich Security number: Spanish Representative and Distributor ALLFUNDS BANK, S.A. Madrid Estafeta, 6 La Moraleja Complejo Plaza de la Fuente Alcobendas Madrid Spain Paying Agent in Finland SKANDINAVISKA ENSKILDA BANKEN AB (publ) HELSINKI BRANCH GTS Financial Institutions Global Transaction Services Finland SEB Merchant Banking Finland Unioninkatu 30, FI Helsinki Finland French Centralising and Financial Agent BNP Paribas Securities Services 3 rue d'antin Paris France Luxembourg Paying and Branch Representation Agent BNP Paribas Securities Services S.C.A Luxembourg 33, Rue de Gasperich L-5826 Hesperange Luxembourg Paying Agent in Sweden SKANDINAVISKA ENSKILDA BANKEN AB (publ) Custody Services SEB Merchant Banking Sergels Torg 2 SE Stockholm Sweden

5 Factsheet Calculation date: 31/5/2017 Page 5 Fund Manager Market & Fund Comments The European equity markets recorded significant gains in the first quarter of The global stock markets were boosted by generally favorable economic developments and early indicators pointed to continued economic stability. The fund closed the quarter with a gain of 9.71%, thus performing better than both the broad European equity market and the indices for European small and mid caps. Fund manager Stefan Meyer, Lorenzo Carcano Fund manager Stefan Meyer joined Metzler in 2006.He is Portfolio Manager in the team Equities and responsible for the investment strategy European small & micro caps. From 2000 to 2006, he worked at Sal. Oppenheim jr. & Cie. AG & Co. KGaA in Cologne, Germany, where he focused on managing European small and mid caps. Mr. Meyer studied international business administration at the International Business School in Bad Homburg, Germany, and in 1999, he received a Bachelor of Science degree from Florida Atlantic University in a dual degree program. Co-fund manager Lorenzo Carcano, CFA, joined Metzler in He is Co-Head of the team Equities and as Portfolio Manager responsible for the investment strategy European small & mid caps. As Portfolio Manager he has been specializing in European equities since Prior to starting as a Portfolio Manager for German equities in 1997, he completed a one-year trainee program at Metzler. Mr. Carcano graduated in economics and business administration (Italian Dottore in Economia e Commercio) from L. Bocconi in Milan/Italy. He also completed the program Goethe Executive MBA in Alliance with Duke in Best-performing shares included the Italian manufacturer of laser systems Prima Industrie (52.9%) which published good quarterly results. Favorable conditions on the labor market brought the Italian personnel services provider Openjobmetis a gain of 43.2%. Shares in Asetek, a Norwegian specialist in liquid cooling for highperformance PCs, recorded a gain of 39.9%. Shares in British financial services provider Arrow Global recorded a gain of 20.1% due to the company's very successful credit portfolio business. In contrast, shares in the Norwegian specialist for aquaculture technology Akva Group disappointed (- 21.3%). They started off at a high level and were dragged down by declining salmon prices. Shares in Finnish specialist for pulp and paper technologies Munksjö lost 9.1% after having recorded high gains last year; they seem to be taking a breather after the merger with Ahlstrom. In the reporting period, we purchased shares in the course of an IPO in the German company IBU-tec Advanced Materials, a production services provider mainly for the chemical industry. We foresee profitable growth for the company due to a consistently growing client base. In addition, we bought shares in the German media group Pantaleon Entertainment in connection with a share placement because we saw upside mainly due to its new film streaming platform. In exchange, we sold off our stake in Asiakastieto, a Finnish provider of business and consumer information services, because we saw no more upside from the current price level. As of March 31, 2017