Administrator Transparency Report GIM Portfolio Strategies Funds - Europe Dynamic Long-Short Fund (the "Fund") As of June 29, 2018 EUR *

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1 Overview Administrator Transparency Report This report was prepared to provide transparency in relation to the Fund's net asset value ("NAV") calculation process and was prepared by HSBC Bank plc, Luxembourg Branch ("HSBC") at the request of the Fund's Management Company (being JPMorgan Asset Management (Europe) S. à r.l.) pursuant to the terms of an administration, corporate agent, paying agent and listing agent agreement, as amended from time to time concluded between the Fund's Management Company and HSBC (the "Agreement"). This report is expressly subject to the terms of the Agreement, including the limitation of liability provisions included therein. This report is also subject to amendment from time to time upon mutual agreement between HSBC and the Fund's Management Company. This report outlines certain administration functions provided by HSBC to the Fund; it is provided for information purposes only and is not intended to discuss the full range of processes used in NAV production. This report also includes a summary and confirmation of the Fund s assets and liabilities and sources of price inputs, among others used in determining the Fund s NAV and is subject to the definitions and notes and the disclosures and disclaimers included in this report. A. Balance Sheet and NAV Reconciliation Independently reconciled or verified Investments Cash Non-trading balances Not Independently reconciled or verified 226,425, ,577, , (91,246,075.60) (2,930,038.25) (947,589.99) 135,179, ,647, (672,569.73) % % (0.42 %) Net asset value in EUR: Net asset value in USD: $185,685, Notes - Balance Sheet and NAV Reconciliation 1. HSBC's operating model supports the reconciliation and verification of assets and liabilities in the Fund. The Net Asset Value is generally defined as the assets less the liabilities of the Fund, net of any uncrystallised performance fees/performance reallocations and is calculated in accordance with HSBC's NAV calculation processes and procedures in line with terms of the Fund's prospectus and the Agreement. 2. For the monthly official dealing NAV calculation, account statements are independently received from the Fund's third parties holding the Fund's cash and investments including prime brokers, counterparties and/or other asset-holding third parties. A full cash and position reconciliation is performed between the Fund administration records and those of the relevant third party. Where differences are identified, a full investigation is carried out and appropriate action is taken to resolve any reconciliation breaks in a timely manner. 3. Non-trading assets and liabilities include, but are not limited to accrued receivables and payables, and are verified against relevant supporting documentation and/or support calculations in line with relevant contracts or with the terms of the Fund's prospectus. 4. The Balance Sheet and NAV Reconciliation chart reflects the percentages of net assets and liabilities that HSBC was able to reconcile against independent sources or verify against supporting documents as of the Fund's valuation point. The percentage identified as 'Not Independently Reconciled or Verified' indicates no statements or supporting documents were available to complete an independent reconciliation or verification as of the Fund's valuation point. Where applicable, a breakdown into investments, cash and non-trading balances will be provided for 'Not Independently Reconciled or Verified' assets or liabilities, if any. Page 1 of 5

2 B. Pricing Source Confirmation Investments Independently priced and verified Not Independently priced and verified Cash and non-trading balances 226,425, ,852, (91,246,075.60) (3,877,628.24) 135,179, ,974, % % Notes - Pricing Source Confirmation 1. Exchange traded and listed instruments are priced in accordance with the Fund's prospectus and valuation policy using independent pricing vendors including Reuters and Bloomberg. 2. OTC instruments are valued in accordance with the Fund's prospectus and valuation policy. For the monthly official dealing NAV calculation, primary values are sourced independently from third party pricing vendors, brokers or counterparties. Where a client-supplied price is used in the valuation, this is verified independently and compared against other accepted pricing sources and any differences are assessed using pre-agreed tolerance levels. 3. For the purposes of this report, vendor, broker, counterparty and HSBC-modelled prices are classified as independently-sourced prices. The process of independently verifying a price, involves a comparison between the price from the primary source to the price received from a secondary source. The table below outlines a range of possible pricing scenarios. In some cases, where prices from brokers or counterparties are not available, prices will be secured from the original counterparty to the transaction. Scenario Price Validation Status Classification for NAV Transparency A. A single source price. Primary price used in NAV is a client price source is readily available Not an independent price source and no independent verification possible B. Primary prices used in the NAV are broker prices, counterparty prices or vendor prices but price is received from the client not directly from the third party provider. Not an independent price source C. Primary price used in NAV is a client price. However, this price is compared against vendors' prices, multiple broker or counterparty prices (or the average of multiple broker quotes) but is outside of agreed tolerances. Not an independent price source and fails independent verification process D. Primary price used in NAV is a broker price, counterparty price, vendor price or HSBC-modelled price. Treated as independent price source Independently Priced or Verified E. Primary price used in NAV is either a broker price, counterparty price, vendor price or HSBC-modelled price. This primary price is compared against an alternative source (that is not the client price) and is within agreed tolerance levels F. Primary price used in NAV is a client price which is a non-independent price source. However, this price is compared against vendors prices, multiple broker or counterparty prices (or the average of multiple broker quotes) and is within agreed tolerances. Treated as independent price source and independently verified Treated as an independently verified price Independently Priced or Verified Independently Priced or Verified Page 2 of 5

3 C. Counterparty Analysis Deutsche Bank AG Ltd UBS AG HSBC Money market funds Non-trading balances 168,759, , , , (93,606,944.33) (569,169.52) (947,589.99) 75,152, , , (672,569.73) % 0.03 % 0.01 % % (0.42 %) Notes - Counterparty Analysis 1. Balances reflected for each counterparty include market values of the Fund's assets and liabilities, including cash and investments placed with or borrowed from the counterparty, and unrealised gains/losses on forward contracts and on spot contracts and on other derivatives, such as futures, contracts for difference, among others. 2. Investments in Money market funds which themselves are regulated funds, are not held in custody but rather are registered and held with the respective money market fund transfer agent, and considered under applicable regulations as 'other assets' subject to asset verification, recordkeeping and other depositary controls performed by HSBC, also acting as the Fund's depositary. 3. Dividends receivable or payable on the investments, accrued income receivable from and fees payable to the counterparty and any other assets and payables of the Fund are included in nontrading balances. Page 3 of 5

4 D. ASC 820 (Formerly FAS 157) / IFRS 13 Classifications Administrator Transparency Report Level 1 Level 2 Level 3 Cash and Non-trading balances 141,806, ,852, (90,628,134.39) (617,941.21) (3,877,628.24) 51,177, ,001, ,974, % % % Notes - ASC 820 (formerly FAS 157) / IFRS 13 Classifications 1. The ASC 820 (formerly FAS 157) chart represents the categorization of the Fund's investments recorded at fair value in accordance with the hierarchy defined under ASC 820 (formerly FAS 157) as promulgated by the Financial Accounting Standards Board. The hierarchy gives the highest priority to the unadjusted quoted prices in active markets for identical assets and liabilities (level 1), a lesser priority on valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly (level 2), and the lowest priority to unobservable inputs (level 3). Only the fair value of the Fund's investments, including listed and unlisted instruments which may include, amongst others, futures, options, contracts for differences, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts (including credit default swaps) are included in the ASC 820 classification. Cash and non-trading balances are not considered for the ASC 820 / IFRS 13 classification and are therefore presented separately. 2 The ASC 820 classifications in this report has not been reviewed or evaluated by HSBC, and is based on information available at the time of producing the report and may be subject to change as part of the Fund's annual audit process. Page 4 of 5

5 Definitions and Notes: * All amounts indicated in this report are expressed in EUR, the Fund's reporting currency, unless indicated otherwise. Amounts expressed in other currencies are derived by converting the respective EUR values using the prevailing foreign currency exchange rates used by HSBC for the NAV calculation as at the date of this report. ** Where applicable, percentages of absolute values, instead of percentages of NAV, shall be used for the charts in this report to avoid negative percentages being represented. Disclosures and Disclaimers The information contained in this report is based on unaudited information on the Fund that is available to HSBC at the date of this report. HSBC is not liable for the accuracy of third party information used for the preparation of this report. This report does not establish a business, client, contractual or agency relationship between HSBC and the Fund s investors. This report should not be used as a basis for investment decisions made with respect to the Fund. HSBC, its affiliates or their respective directors, officers or employees expressly disclaim any responsibility and liability for damages or losses (whether asserted on the basis of contract, tort or otherwise) related to the use of this report by the Fund, by its Management Company and its affiliates, and by the Fund s investors or their advisors. All express or implied representations or warranties of any kind with respect to this report or the information contained herein, including, without limitation, warranties as to the accuracy, completeness, timeliness, suitability, merchantability or use for a particular purpose are also hereby disclaimed. Page 5 of 5