21 July 2014

Dear Investor,

The Q3-2014 result has had a negative performance of - 4.38 % for the period. The four asset classes have performed as follow:

Equities (MSCIAllCountryIndex) -2.02%
Bonds (USD Govn Bond 3-5 years Term Index) -2.03%
Real Estate (FTSE EPRA/NAREIT Global Dividend Index) -4.52%
Commodities (UBS Bloomberg CMCI Composite TR Index) -11.61%

The ‘Lapis Core TR Index’ has achieved during the last 60 quarters the following results:

15 quarter with negative results

45 quarter with positive results

There has been only one period that the ‘Lapis Core TR Index’ has produced 3 negative quarter in a row and this was during the ‘Lehman Brothers’ crises when the bank filed for bankruptcy. ALL the other negative quarter results were always followed by positive quarter results during the next period.

The overall result for of the ‘Lapis Core TR Index’ has been very favorable:

Starting date 30.6.1998 100.00
Result for the 30.9.2014 347.64
Total return for the period 247.64%
Annualized return 7.97%

We thank you for your continued support,

Andreas Wueger

CEO

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