Net Performance of the Pareturn Barwon Listed PE Fund

31 December 2015

Class I – EURO 1 Month 3 Months 1 Year 2 Years p.a. ITD p.a. +
Net Return -6.2% 4.6% 2.3% 8.4% 17.2%
MSCI World Index -4.5% 8.4% 10.4% 14.9% 16.6%
Net Outperformance -1.7% -3.8% -8.1% -6.5% 0.5%

+ Inception date is 30 November 2012.

Unit Price at 31 December 2015  244.51

Class G – GBP 1 Month 3 Months 1 Year 2 Years p.a. ITD p.a. ++
Net Return -1.5% 4.7% -1.8% 2.7% 14.0%
MSCI World Index 0.3% 8.4% 4.9% 8.1% 13.3%
Net Outperformance -1.8% -3.8% -6.7% -5.4% 0.7%

++ Inception date is 4 December 2012.

Unit Price at 31 December 2015 179.45

Class U – USD 1 Month 3 Months 1 Year 2 Years p.a. ITD p.a. +++
Net Return -3.5% 1.8% -6.8% -2.9% 4.3%
MSCI World Index -1.8% 5.5% -0.9% 2.0% 6.7%
Net Outperformance -1.8% -3.7% -5.9% -4.9% -2.4%

+++ Inception date is 17 June 2013.

Unit Price at 31 December 2015 224.05