WHITE RHINO FUND 31st March 2014 4TH April Category Company Investment Manager ISIN Number Starting date Currency Fund Manager Management Fees Performance Fees Min. inv. Amount AUM AAM Alpha Funds Plc Albemarle Asset Management IE00B4W71478 March 2008 EUR Umberto Borghesi 1% p.a. 20% outperformance of Euribor 3m. Euro 250,000 (Class A) € 16 mln Dealing Date & NAV Cut-off for subs. Cut-off for red. Settlement date for sub. Settlement date for red. Domicile Administrator Auditors Custodian QIF Monthly, T T-2 (business days) before 2.30pm T-85 (calendar days) before 2.30pm T+2 (business days) T+5 (business days) Ireland Northern Trust Securities Services (Ireland)Ltd Deloitte & Touche Northern Trust Fiduciary Services(Ireland)Ltd White Rhino Fund is a QIF (“qualified investor fund”) incorporated in Ireland with an absolute return investment approach. The investment objective of the sub-fund is to achieve a consistent medium to long term outperformance compared to the market by minimizing short-term volatility while investing in a high conviction concentrated portfolio of undervalued securities. Performance & Risk Data (Class A) White Rhino Detailed Monthly Track Record Feb Mar Apr May Jun Jul Aug Set Oct Nov Dec NAV Jan 100.00 103.47 104.25 102.73 90.72 86.59 88.50 83.48 72.42 67.48 66.44 YTD - 2008 - 3.47% 0.75% -1.46% -11.69% -4.55% 2.21% -5.68% -13.25% -6.82% -1.53% -33.56% NAV 60.83 51.52 56.31 68.25 71.41 70.12 73.45 78.36 82.91 79.80 78.00 79.07 - 2009 -8.45% -15.30% 9.29% 21.22% 4.62% -1.80% 4.75% 6.68% 5.80% -3.75% -2.26% 1.37% 19.01% NAV 80.80 78.02 83.32 83.04 80.30 78.07 82.64 79.90 83.91 87.69 77.75 85.02 - 2010 2.19% -3.44% 6.79% -0.33% -3.30% -2.78% 5.85% -3.31% 5.01% 4.50% -11.33% 9.35% 7.53% NAV 85.78 87.36 88.30 87.49 81.23 76.73 67.14 59.22 55.96 59.74 50.77 48.93 - 2011 0.89% 1.84% 1.08% -0.92% -7.15% -5.54% -12.50% -11.80% -5.51% 6.76% -15.02% -3.62% -42.45% NAV 55.17 59.58 58.08 54.99 47.20 50.48 49.54 53.70 54.80 56.09 55.06 57.16 - 2012 12.75% 7.98% -2.51% -5.32% -14.18% 6.97% -1.88% 8.41% 2.05% 2.36% -1.84% 3.81% 16.82% NAV 64.56 63.87 65.45 67.49 73.33 68.98 74.29 76.95 79.48 93.92 96.70 98.19 - 2013 12.94% -1.06% 2.47% 3.12% 8.65% -5.93% 7.70% 3.58% 3.29% 18.17% 2.96% 1.54% 71.78% NAV 103.90 117.67 127.96 - 2014 5.82% 13.25% 8.74% 30.32% 120% 110% 100% 1 mth White Rhino 8.74% Italian Equities 6.15% 3 mths 30.32% 14.55% 90% YTD 30.32% 14.55% 80% 2013 71.78% 17.63% 70% 2012 16.82% 8.36% 2011 -42.45% -24.29% 2010 7.53% -11.49% 2009 19.01% 20.32% 40% Cumul. Perf. since inc. 27.96% -23.11% 30% Ann. Perf. since inc. 4.11% -4.21% Ann. Vol. since inc. 26.13% 24.31% 60% White Rhino 03/14 12/13 09/13 06/13 03/13 12/12 09/12 06/12 03/12 12/11 09/11 06/11 03/11 12/10 09/10 06/10 03/10 12/09 09/09 06/09 03/09 12/08 09/08 06/08 03/08 50% Italian Equities Index Asset Allocation Breakdown 21.22% 18.17% Worst Month -15.30% -15.42% Sector Breakdown Fund Benchmark Top Five Equity Holdings 60% 50% 40% Equities 100% Best Month 30% 20% La Doria 20.24% Cembre 10.24% Cementir 10.02% Pirelli 9.37% El.En 8.20% Technology Financials Utilities Telecoms Cons. Services Health Care Industrials Basic Materials Oil & Gas 0% Cons. Goods 10% Country breakdown Italy 100% Issued and approved by Albemarle Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. This material is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is intended solely for professional investors and not, under any circumstances, intended for distribution to the general public. Accordingly, this information is only being communicated to persons to whom it may lawfully be issued under The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes Exemptions Order 2001). Recipients may pass on this document but only to others falling within this category. All reasonable efforts have been made to ensure that the contents of this document are accurate. However, errors and omissions may exist and the contents are subject to change without notice. This information should be read in conjunction with the relevant fund documentation which may include the fund’s prospectus, simplified prospectus or supplement documentation.