ACATIS GANÉ VALUE EVENT FONDS

1 ACATIS GAN VALUE EVENT FONDSAS OF: OCTOBER 31, 2018 MARKET COMMENTARYIn October, the fund price fell by Since the beginning of the year, the fundhas returned In the reporting month, Linde received approval for its mer-ger with Praxair. We significantly increased our position. Grenke impressed with a24% increase in sales for the nine-month period and raised its forecast. L'Occi-tane and LVMH reported sales growth of 9% and 11%, respectively, while Micro-soft increased earnings by 19% and profits by 34% thanks to the booming Cloudbusiness. Only AB InBev was a disappointment in this regard, as its profits decli-ned (mainly due to foreign currency effects) and the dividend was reduced - adevelopment that we welcome, however, in light of the accelerating reduction indebt.

2 Oracle was sold in October. Instead, we increased our position in LVMH,invested a smaller amount in existing positions and purchased two short-termforeign currency bonds (World Bank and Pfizer).INVESTMENT OBJECTIVE AND - PHILOSOPHYIn the selection of the fund's positions the philosophy of VALUE investing is com-bined with an " EVENT -driven VALUE " approach. The aim is to reduce fundamentalrisks in the selection of the fund's positions by focusing on companies withstrong business quality. By business quality the management means business mo-dels that stand out for their sustainability, the ability to defend an existing com-petitive advantage and the capacity to generate high free cash flows.

3 The port-folio is diversified through various types of EVENT and different holding paper and bonds can be added to the FACTS/ EMTWKNA0X754 (Cl. A)A1C5D1 (Cl. B, Inst.)A1T73W (Cl. C)A2DR2M (Cl. D)A2 JQJ2 (Kl. E)A2H7NC (Cl. X)ISINDE000A0X7541 (Cl. A)DE000A1C5D13 (Cl. B)DE000A1T73W9 (Cl. C)DE000A2DR2M0 (Cl. D)DE000A2 JQJ20 (Kl. E)DE000A2H7NC9 (Cl. X)DistributionDividends reinvested (Cl. A, B, E)Divid. distrib. quarterly (Cl. C)Divid. distributed (Cl. D, X)Investment categoryBalanced Fund Global FlexibleBenchmark50% MSCI World Perf. -gdr- EUR,50% EONIA TRCurrencyEURT otal net asstes2, Mill.

4 EURNet asset EUR (Cl. A)17, EUR (Cl. B)1, EUR (Cl. C)1, EUR (Cl. D)1, EUR (Cl. E) EUR (Cl. X)ManagerACATIS Investment,Advisor: BN Partners &Capital AGInvestment companyACATIS InvestmentDomicileGermanyCustodianHauck& Aufh user, FFMDate of inceptionDec. 15, 2008 (Cl. A)Oct. 15, 2010 (Cl. B)Jul. 10, 2013 (Cl. C)Jun. 7, 2017 (Cl. D)Oct. 1, 2018 (Kl. E)Dec. 22, 2017 (Cl. X)Fiscal year endSep. 30 Permission for publicdistributionCl. A: DE, AT, CH, ES, FR, NL,PT; Cl. B, C, X: DE, AT, CH,ES, FR, NL; Cl. E: DE; Cl. D:DERepresentative inSwitzerland1741 Fund Solutions AGPaying agent inSwitzerlandBank Vontobel AGThis document is only intended for information purposes.

5 It is solely directed at professional clients or suitable counterparties in terms of the Securities Trading Act, and is not intended for distribution to retail customers. Past performance does not guarantee future results. ACATIS accepts no liability that the market forecasts will be achieved. The information is based on carefully selected sources which ACATIS deems to be reliable, but ACATIS makes no guarantee as to its correctness, completeness or accuracy. Holdings and allocations may change. Theopinions are those of the fund managers at the time of publication and may not agree with an opinion at a later time.

6 The opinions promote understanding of the investment process and are not intended as a recommendation to invest. The investment opportunity discussed inthis document may be unsuitable for certain investors depending on their specific investment objectives and depending on their financial situation. Furthermore, this document does not constitute an offer to persons to whom it may not be distributed under the respectively prevailinglaws. The information does not represent an offer nor an invitation to subscription for shares and is intended solely for informational purposes. Private individuals and non-institutional investors should not buy the funds directly.

7 Please contact your financial adviser for additionalinformation on ACATIS products. The information may not be reproduced or distributed to other persons. Not all ACATIS funds are authorized in all European jurisdictions. Sales prospectuses, interim reports, annual reports and the KID are available free of charge from ACATISI nvestment KVG mbH. ACATIS Investment KVG mbH is regulated by the German Federal Financial Supervisory Authority, BAFIN, Lurgiallee 12, 60439 Frankfurt. Deadline for this issue: November 6 , 2018, CETACATIS Investment KVG mbH, mainBuilding, Taunusanlage 18, D-60325 Frankfurt am Main, Tel: +49/69/97 58 37-77, Fax: +49/69/97 58 37-99, E-Mail: Info: AS OF END OF MONTH* * Information in on monthly basisSource: Bloomberg, ACATIS ResearchPERFORMANCE VS.

8 INDEX MSCI WORLD (50%), EONIA TR (50%)100%150%200%250%01/0901/1001/1101/1 201/1301/1401/1501/1601/1701/18 ACATIS GAN VALUE EVENT FondsMSCI World Perf. -gdr- (50%), EONIA TR (50%)TOP 10 POSITIONSL inde Hathaway 'Occitane nchener R ALLOCATION - CLASSESCash 28%Fixed Income 12%Equity 60%Global balanced fund, flexible(All general data refer to share class A)Global balanced fundCONTINUATION PRODUCT FACTS/ EMTUCITS IVyesInvestment horizonlong-termRisk-return profile4 of 7 Investor type(minimum requirement)Private Customerexclusively Institutionalinvestors (Cl. X)Investment objectiveCapital AccumulationSkills/ Experiences(minimum requirement)BasicsLoss Carrying Capacityno Capital GuaranteeFront end fee5%Ongoing Charges(as of Sep.)

9 30, 2017) (Cl. A, C) (Cl. B) (Cl. D) (Cl. E) (Cl. X)Management fee ex (Cl. A, C) (Cl. B) (Cl. D, E) (Cl. X)Transaction costs ex fee ex antemaximal 20%Fondsmanager 2017 Lipper LeaderSauren Research(A)Scope top ratingMorningstar top rating (5 years)MLP 2017 Investment AwardFonds-NoteAWARDS