VAA Value Strategy PLUS

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1 VAA Value Strategy PLUS The Key to Success: Value stocks with the PLUS of hedging and systematic premium income Marketing documents

2 The Basis of the Investment Strategy "Collateral Security Margin" Benjamin Graham "Quality" Warren Buffett "Patience" André Kostolany "PLUS" Hedging/ Premium income (Option strategy) VAA Opportunities and Risks The VAA Value Strategy PLUS strategy invests in affordable quality stocks that offer an above-average appreciation potential over the long term. In addition, a systematic covered call strategy is implemented. In doing so, the price risks of shares by hedging through put options are greatly reduced. Chance Risk Capital appreciation through rising share prices / rising equity markets and premium income from option trading. Price risks are limited through systematic hedging. 5

3 Jan 08 Apr 08 Jul 08 Okt 08 Jan 09 Apr 09 Jul 09 Okt 09 Jan 10 Apr 10 Jul 10 Okt 10 Jan 11 Apr 11 Jul 11 Okt 11 Jan 12 Apr 12 Jul 12 Okt 12 Jan 13 Apr 13 Jul 13 Okt 13 Jan 14 Apr 14 Jul 14 Okt 14 Jan 15 Apr 15 Jul 15 Okt 15 Jan 16 Apr 16 Jul 16 Okt 16 Jan 17 Apr 17 Jul 17 Okt 17 Jan 18 Fund: Analysis Period: VAA Value Strategie Plus Februar 2008 to März 2018 Growth of Initial 1,000 Distribution of Returns Fund VAA Value Strategie EURO STOXX Plus 50 Net DJ Return Eurostoxx EUR 50 (Tot. Deutsche Return) Borse AG REX 1 Rexp Year P1Y Monthly Performance (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year ,42% (2,59%) (0,46%) (2,63%) ,38% 0,85% (2,16%) (1,01%) (1,22%) 0,05% (0,47%) (0,42%) 0,66% 0,04% (0,69%) 0,03% (3,01%) 2016 (0,97%) 0,50% (1,76%) 2,57% 0,86% 2,20% 1,95% 0,88% 0,76% 0,89% 1,99% 1,05% 11,36% ,36% 2,01% 1,95% 1,14% 0,68% 0,31% 1,72% (4,13%) (0,91%) 3,56% 0,79% (0,78%) 6,68% 2014 (0,18%) (1,25%) 3,37% 1,13% 1,45% 0,85% (1,23%) (1,79%) 1,76% (0,61%) (5,62%) 1,16% (1,25%) ,13% (0,20%) 1,02% 1,24% 0,25% 1,47% (2,30%) 1,36% (0,79%) 1,11% 3,64% 0,28% 7,32% ,41% 1,58% 1,79% 0,00% (2,07%) 1,02% 0,57% 2,33% 0,31% (1,04%) (0,25%) (0,93%) 3,69% ,86% 3,77% 1,15% (3,15%) 1,50% (0,06%) (0,96%) (1,04%) (4,58%) (1,99%) 5,32% 2,01% 4,44% ,19% 0,00% (0,50%) 4,31% (5,03%) 0,36% (1,59%) 5,43% (0,63%) 2,73% 2,86% (2,52%) 7,38% ,76% (1,59%) 3,84% (1,67%) 4,56% 9,00% 5,30% (1,16%) 5,68% 4,50% 4,23% (0,73%) 39,98% ,00% 2,40% 0,88% 0,68% (2,21%) (0,88%) 0,69% 0,99% (8,68%) (1,82%) 6,42% (2,20%) Statistical Analysis Since Inception VAA Value Strategie Plus EURO STOXX Deutsche 50 Net Borse AG REX Return EUR 1 Year P VAA Value Strategie Plus EURO STOXX Deutsche 50 Net Borse AG REX Return EUR 1 Year P Return Annual Returns (Last 5 years) Compound Annual Return 6,5% 1,9% 0,9% 2018 (2,6%) (3,8%) (0,2%) Average Monthly Return 0,6% 0,3% 0,1% 2017 (3,0%) 9,2% (0,9%) Largest Monthly Gain 9,0% 15,5% 1,2% ,4% 3,7% (0,2%) Largest Monthly Loss (8,7%) (14,7%) (0,4%) ,7% 6,4% (0,0%) % Positive Months 63% 56% 60% 2014 (1,2%) 4,0% 0,2% Average Positive Return 1,9% 4,0% 0,2% Value Added Monthly Index (VAMI) Average Negative Return (1,7%) (4,3%) (0,1%) % Negative Months 37% 44% 40% Growth of $ , , ,71 Worst 12 Months (7,2%) (45,0%) (1,1%) Cumulative Return 89,3% 21,1% 9,7% Best 12 Months 50,1% 46,6% 6,0% Risk Latest Returns Annualized Standard dev. 8,45% 17,86% 0,76% Last Month (0,5%) (2,2%) (0,0%) Sharpe Ratio (1,3%) 0,64 0,12 (0,45) 3 Months (2,6%) (3,8%) (0,2%) Sortino Ratio (0,0%) 1,27 0,15 3,53 6 Months (3,3%) (6,0%) (0,4%) Downside Deviation (0,0%) 4,97% 12,61% 0,26% 12 Months (5,6%) (1,7%) (0,8%) Max Drawdown (11,6%) (47,0%) (1,3%) 24 Months 7,6% 18,1% (1,2%) Months in Max Drawdown Months 7,5% (1,6%) (1,3%) Months To Recover 6 61 u/w 60 Months 17,8% 46,6% (1,0%) Comparison To Benchmarks Drawdown Analysis Alpha 0,53% 0,58% Drawdown 1 (11,6%) (47,0%) (1,3%) Beta 0,08 (0,29) Drawdown 2 (10,0%) (18,9%) (0,4%) Correlation 0,18 (0,03) Drawdown 3 (7,4%) (6,1%) (0,4%) R-Squared 0,03 0,00 Drawdown 4 (7,2%) (4,3%) (0,4%) Outperformance w/benchmark is Positive 14,7% 54,8% Outperformance w/benchmark is Negative 100,0% 67,3% Upside Capture 4,8% 500,6% Downside Capture (19,4%) (286,9%) Important Information VAA Value Strategie Plus Strategie: ein reales Bloomberg Portfolio nach Kosten. Seit August 2016 die Entwicklung vom VAA Value Strategie PLUS Fonds. Page 2 of 3

4 Fund: VAA Value Strategie Plus Firm: Analysis Period: Februar 2008 to März 2018 Time Window Analysis 1m 3m 6m 1 Yr 18m 2Yr 30m 3 Yr Return (Not annualised) Periods Mean 0,6% 1,7% 3,6% 8,0% 12,7% 16,2% 19,2% 22,4% Gain Mean 1,9% 4,4% 6,1% 9,8% 13,5% 16,2% 19,2% 22,4% Loss Mean (1,7%) (2,3%) (3,3%) (2,0%) (0,9%) Max 9,0% 20,0% 31,0% 50,1% 55,1% 64,1% 69,7% 63,8% Min (8,7%) (9,5%) (11,6%) (7,2%) (1,8%) 1,1% 2,5% 6,8% Risk Measures (Not annualised) S.d 2,4% 4,5% 7,1% 10,8% 12,6% 14,9% 15,6% 16,3% Gain S.d 1,8% 3,5% 6,5% 10,8% 12,5% 14,9% 15,6% 16,3% Loss S.d 1,7% 2,1% 2,8% 2,0% 0,7% Skew -0,02 0,75 1,38 2,01 1,57 1,64 1,59 1,31 Kurtosis 2,29 2,27 3,20 4,27 1,75 1,65 1,45 0,15 Risk Adjusted Return (Not annualised) Sharpe 0,18 0,31 0,41 0,62 0,86 0,92 1,03 1,14 Down Dev (0.0%) 1,4% 2,0% 2,2% 1,1% 0,3% 0,0% 0,0% 0,0% Down Dev (5.0%) 1,6% 2,6% 3,4% 3,4% 3,1% 2,9% 3,0% 3,3% Down Dev (10.0%) 1,8% 3,3% 4,9% 6,8% 8,3% 11,0% 13,9% 17,1% Down Dev (MAR) 1,4% 2,0% 2,2% 1,1% 0,3% 0,0% 0,0% 0,0% Sortino (0.0%) 0,37 0,81 1,49 6,75 45,92 Sortino (5.0%) 0,07 0,15 0,25 0,72 1,46 1,75 1,78 1,73 Sortino (10.0%) -0,15-0,24-0,31-0,37-0,40-0,51-0,62-0,68 Sortino (MAR) 0,37 0,81 1,49 6,75 45,92 Detailed Drawdown Analysis Consecutive Gain Periods Consecutive Loss Periods Depth Length Recovery Peak Valley Run-up Length Start End Run-down Length Start End (11,6%) Mai Nov 08 20,0% Mai Jul 09 (10,3%) Okt Nov 08 (10,0%) Mrz Okt 11 16,5% Apr Feb 17 (8,4%) Jun Okt 11 (7,6%) 13 1u 28. Feb Mrz 18 15,1% Sep Nov 09 (6,2%) Okt Nov 14 (7,4%) Jun Nov 14 11,5% Nov Mrz 12 (5,0%) Mai Mai 10 (6,2%) Apr Jul 10 9,7% Dez Jul 15 (5,0%) Aug Sep 15 (5,0%) Jul Sep 15 9,4% Dez Jan 09 (4,3%) Mrz Mai 17 Benchmark Analysis Benchmark Correlation Alpha Beta R Squared Tracking ErroTreynor Active PremiuInfo Ratio OP Bmk-ve Upside Cap Dwnside Cap EURO STOXX 50 Net Return EUR 0,18 0,53% 0,08 0,03 18,4% 0,63 4,6% 0,25 100,0% 4,8% (19,4%) Deutsche Borse AG REX 1 Year P -0,03 0,58% -0,29 0,00 8,7% - 0,18 5,6% 0,64 67,3% 500,6% (286,9%) EURO STOXX 50 Net Return EUR Deutsche Borse AG REX 1 Year P VAA Value Strategie Plus Correlation Matrix EURO Deutsche VAM 100,00% -45,64% 17,59% -45,64% 100,00% -2,59% 17,59% -2,59% 100,00% Important Information VAA Value Strategie Plus Strategie: ein reales Bloomberg Portfolio nach Kosten. Seit August 2016 die Entwicklung vom VAA Value Strategie PLUS Fonds.

5 Fund information Fund name VAA Value Strategy PLUS fund Domicile Liechtenstein The currency of the (sub) fund EUR Legal Form Trusteeship Fund type UCITS Accounting year 31 Dec Launch date 29/03/2016 Initial offer price EUR Profit utilisation Distribution Organisation Management company IFM Independent Fund Management AG Asset Manager Value Asset Management GmbH Custodian Liechtensteinische Landesbank AG Auditors Ernst & Young AG, Berne Fund fees Max. entry charge 5% Max. redemption fee 0% Max. redemption fee in favour of fund 0% Management fee Up to 1.5% Performance fee 10.00% Hurdle rate 5.0% p.a. High water mark yes Asset Category Investment universe Category Mixed funds Global Clearing information Evaluation interval Weekly Valuation Day Friday Cut-off expenses Prior to the valuation day, no later than 4:00 pm (CET) Deadline for withdrawals Prior to the valuation day, no later than 4:00 pm (CET) Minimum investment 1 share Value date T+3 ISIN Security number Bloomberg Ticker Basic data LI VAMVSPF LE Market Approval for sale to private investors LI, DE Admission to the market for professional investors LI, DE Sales restrictions USA 7

6 Legal Notice: This document is advertising material. The information contained herein does not constitute advice or specific investment advice. The use of the information is the sole responsibility of the reader. The past performance of the investment strategy or a fund unit is no guarantee for the current and future performance. The value of a fund share will rise or fall at any time. No guarantee can be given for the achievement of the investment objective of the investment fund. Incurred commissions and fees on the issue and redemption are not included in the performance shown. Individual costs, such as fees, commissions and other charges, are not included in the presentation and would have a negative impact on the development of value. Prospective investors should inform themselves about possible tax consequences, the legal requirements and any foreign exchange restrictions or control requirements that apply in the countries of their citizenship, residence or domicile and relevant to the subscription, holding, conversion, redemption or sales of shares. Further tax considerations are described in the prospectus. A liability for any error or omission contained in this promotional material is not accepted. In all transactions, prospective investors should refer to the most recent version of the prospectus, the Key Investor Information Document (KIID), support of the trust agreement and the Annex A "UCITS Overview". These documents, together with the latest annual and semi-annual reports, if already published, are available free of charge on a durable data carrier at the management company, the depositary, the paying agents and all sales agents at home and abroad and on the website of the LAFV investment Fund Association at At the request of the investor, the aforementioned documents may also be provided in paper form free of charge. Further information on the UCITS can be found at and at IFM Independent Fund Management AG, Austrasse 9, FL-9490 Vaduz, during business hours. The published information does not constitute an invitation or an offer or recommendation to subscribe for fund shares. The fund shares may be offered for sale or sold only in those jurisdictions in which such an offer or sale is permitted. Particularly, the fund shares have not been registered in the United States of America (USA) pursuant to the United States Securities Act of 1933 and can therefore neither be sold in the US, or offered or sould to US citizens. This document and the information contained therein may not be distributed in the United States. The distribution and publication of this document and the offering or sale of the shares may be restricted in other jurisdictions. Contact person

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