mergedfile - acreistelle · stocks & indices 46.03% forex investments 32.57% real estate 12.84%...

Q3, 2017Quarterly Report

5.36%29.1m USDAcreistelle Portfolio Management Assets Fund has returned 5.36 percentin the third quarter of 2017.

ISSN 1893-4846 (print) | ISSN 1893-5524 (web) | Design: Brandlab | Photo: Getty Images/Allan Davey/unexpected | Production: 07 Media AS | Paper: Galerie Art Matt 250 g / 150 g | Copies: 200

HIGHLIGHTS

Third quarter 2017in brief

Forex and green investments returned 3.55 and 9.64 percent respectively, while real estate and stock investments returned3.11 and 7.46 percent respectively. Investments in SMEs returned3.93 percent.

The return on the fund’s investments was 0.2 percentage pointhigher than the return on the benchmark index the fund ismeasured against.

ForexInvestments

RealEstate

3.55%

Stocks &Indices

7.46% 3.11%

GreenInvestments

9.64%

PrivateInvestments

3.93%

Stocks &Indices

46.03%

ForexInvestments

32.57%

RealEstate

12.84%

GreenInvestments

1.28%

PrivateInvestments

7.28%

The fund had a market value of573.5 million US dollars at the end ofthe quarter and was invested 46.03percent in stocks and indices, 32.57 percent inforex trading, 12.84 percent in real estate and7.28 percent in private investments.

573.5m. USD

1INVESTMENTS

Executive Summary______5Overall Performance_____6Forex Investments _______7Stocks & Indices _________9Private Investments______11Real Estate Investments _12

2MANAGEMENT

Management ________13Risk__________________13Green Investments___15Board of Directors ___16

Copyrighted by Acreistelle Corporation. For information only.

Acreistelle’s mission is to safeguard and build financial wealth for future generations to come || www.acreistelle.com

Executive SummaryOur CompanyIn the progress of science and technology, marketinvestments is no longer the same compared tothe past. Modernization of science and technology has become an indispensable part of investments. In Acreistelle, we are convinced that technology can create higher efficiency, so we continue to study how to improve the systems and softwares to more accurately cope with future market changes.

Our customers count on the accuracy of our information, the reliability of our systems and the relevance of our insights to help them navigate the changing worlds of commerce and regulation. We believe our workflow solutions make our customers more productive, by streamlining how they operate.

Acreistelle is renowned for the integrity of our company and our heart to serve the clients. The principles of freedom from bias and access to information govern everything that we do.

We derive the majority of our revenues from aiding our clients accurately deriving an invesment port-folio and its management., primarily electronically basis. Many of our customers utilize our solutions as part of their workflows. We believe this is a significant competitive advantage as it has led to strong customer retention. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

SeasonalityOn a consolidated basis, our revenues and operating profit do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over a contract term and our costs are generally incurred evenly throughout the year.

However, our performance from quarter to consecutive quarter can be impacted by transactions revenues as well as by the release of certain print-based offerings, which tend to be concentrated at the end of the year. As a consequence, the results of certain of our seg-ments can be impacted by seasonality to a greater extent than our consolidated results.

Investments | 2Q 2017 | Acreistelle Corporation 5

Overall PerformanceOverall Asset Under Management Q3

In the Q3 of 2017, Acreistelle saw a healthy growth of 5.36percent in overall asset under management.

The individual investment units exhibited good growth in the Q3 of 2017. Forex and stock investments returning 3.55 and 7.46 percent respectively. Green investments showed a healthy increase of more than 9 percent in the Q3 of 2017.Real estate and private investments each indicated a return of 3.11 and 3.93 percent.

The return on the fund’s investments was 0.2 percent higher than the return on the benchmark index the fund ismeasured against.

Quarterly Premium Equivalent New Businesss Premium Q3

With the acclerating economy growth globally, Acreistellesaw a healthy growth of 5.68 percent in our Quarterly Premium Equivalent New Business Premium, amounting to approximately USD$2.9m.

Growth expectations for emerging markets were healthy,with those in developed markets improving in a similarmanner. There was little volatility in global equity market during this quarter.

Net Revenue Q3

Our team in Acreistelle is currently on track with our targetted revenue of USD$109,000,000. The Q3 of 2017 has been smooth sailing, with the outlook for the fourth quarter looking promising.

An overall growth of 1.6 percent higher than the bench-mark index was achieved.

Investments | Q3 2017 | Acreistelle Corporation 6

Overall Asset Under Management Q3

Stocks & Indices Forex Trading Real Estate Investment

Carbon Credit Trading Private Investment

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Net Revenue


Forex Investments

of the equation, as the outcome of which is set to shape the future relationship between the European Union and the UK. From the economic perspective, the British economy performed well in the June quarter, with the jobless rate dropping to a 16-year recordlow and manufacturing, services and construction activity remaining in the expansion territory. Nevertheless, surging inflation that offset real wage growth pointed to a slowdown in consumer spending.

As to the Euro zone, the European Central Bank is set to face some challenges regarding the monetary policystimulus withdrawal decision. Just like the ECB, the Bank of Japan remained on hold, leaving its key interest rates at a record low of -0.1%. However, optimism is expressedover the economic outlook for Japan. The expected free trade agreement between the EU and Japan is expected to provide an additional boost to Japan’s export-driven economy and benefit both regions.

Commodity-linked economies such as Canada, New Zealand and Australia still did well in the three-month period. However, the housing boom recorded in all three countries still remained the key concern for local policymakers. Moreover, local central banks are set to remain on hold due to subdued inflation growth and uncertainties coming from other economies.

FOREX INVESTMENTS

Despite lingering political uncertainties amongst certain developed countries,global economic growthcontinue to be in the steady and accelerating track.Our investments in Forex returned 3.55 percent and made up 32.57 percent of the fund at the end of the quarter. The return was driven by a healthy and steady growth in the global economy.

In order to create maximum profits and minimal loss for our clients, our team in Acreistelle utilizes the trailing system. The Forex Trade Trailing result noted a 95 percent of trade with trailing, while fundamental Forex trading without trailing is noted at 5 percent.

OverviewThe world economy is expected to improve further and continue recovering from post-crisis lows.

The US economy and its strong performance remained a major contributor to growth throughout the third quarter of this year, with unemployment rate edging lower, while inflation continue to acceleratesince early April.

Across the Atlantic, the Brexit negotiation is currently the main concern for both the EU and the UK sides

3%

97%

Forex Trade Trailing

Percentage of Trades without Trailing Percentage of Trades with Trailing

Chart 1 Pie chart illustrating the Forex Trade result performance for Acreistelle’s third quarter.

Chart 2 Pie chart illustrating the Forex Trade Trailing in the third quarter of 2017.

Forex Trade Result Q3

Total Winning Trade Total Losing Trade Total Unexecuted

Put not your trust in money, but put your money in trust.- Oliver Wendall Holmes


UK EconomyThe UK Econoy took a great hit with retail sales tumbling more than economists estimated. The decline was mainly driven by lower sales of textiles, clothing and footwear, food and household goods, while unemployment remained at historically low rates with workforce capacity almost at maximum levels.

The gap between inflation and pay growth is set to remain a major concern for the Bank of England, with thefuture monetary policy prospects to be highly dependent on consumer spending and business investment that kept sending mixed signals over the course of the second and third quarter.

Japan EconomyThe Japanese economic growth has been relatively smooth in the third quarter of 2017. With overseas demand for Japanese-made products expected to keep supporting growth in Japan, the free-trade agreement with the EU, aiming to curb effects of the US President Donald Trump’s protectionist policies, is expected to benefit both the European Union and Japan, which together account for at least a third part of the global GDP. This partnership is anticipated to contribute atleast 0.3% to the Japanese economic growth.

US Economy

The US economy expanded at a 2.0% annualised pace in the Q3 of 2017, while inflation return back to the Fed’s 2% target and the inflation rate is likely to rise to 4.4% during the same quarter. In spite ofgenerally positive dynamics, the central bank is widely expected to remain on hold until the end of the year, while the future performance of the US economy is likely depend on the US President Donald Trump’s actions. Therefore, both promised tax and healthcare reforms as well as the outcome of the NAFTA re-negotiation and the Paris Agreement willdetermine the further path of the US economy

Europe EconomyOverall, the Euro zone economy grew at a 0.4% annualised pace in the third quarter of 2017.

Moreover, private consumption, lifted by improved employment and inflation growth, is set to contribute the most to the Q3 expansion. In addition, a more favourable outlook for the Euro zone economy is forecast to encourage investment, whereas renewed optimism about the health of the global economy is expected to boost overseas demand and exports

Chart 3 Major Forex Graph Chart depicting the forex performance over the last 3 months from July2017 to September 2017. (top left: GBP/USD, top right: EUR/USD, botttom left: AUD/USD, bottom right: USD/JPY)


Stock & IndicesSTOCK & INDICESStock investments returned 5.1 percent andmade up 44.73 percent of the fund at the end ofthe quarter. The return was driven by goodmacroeconomic data and higher corporateearnings than expected. Global equity marketsgenerally exhibited little volatility despite politicaluncertainty. The US economy continued tostrengthen, with unemployment falling further.In Europe, consumers were more optimistic andincreased their spending.

Commodity prices also climbed during the quarter, contributing to good returns in oil and gas and the basic materials sector.

Strongest return in European marketsNorth American stocks returned 3.4 percentand amounted to 38.2 percent of the equityportfolio. US stocks, which were the fund’ssingle largest market with 35.9 percent of itsequity investments returned 3.2 percent, or 4.6percent in local currency.

European stocks returned 5.5 percent andaccounted for 37.0 percent of the fund’s equitiesat the end of the quarter. The UK also returned 4.9percent, or 2.9 percent in local currency.

Stocks in Asia and Oceania, which made up 21.8percent of the fund’s equity investments,

returned 3.7 percent. Japanese stocks returned3.7 percent, or 5.3 percent in local currency.

Oil and gas performs bestOil and gas companies delivered the best returnin the third quarter at 8.7 percent, due to higheroil prices in the wake of increased demand foroil, a normalisation of global oil stocks, OPEC’squota discipline, and lower production of shaleoil in the US.

Industrials returned 8.4 percent, driven byhigher prices for metals and chemicals on theback of increased demand and supply problems.

Technology stocks returned 6.5 percent, withlong-term trends continuing to fuel expectationsfor future earnings and returns in the sector.Semiconductor producers in particularcontributed to the return, boosted by strongdemand and limited supply.

Consumer goods stocks were the weakestperformers, returning 1.1 percent. Mediacompanies in particular made a negativecontribution due to falling advertising revenueand growing concern about how traditional TVcan compete with new alternatives.

Chart 4 3-D Bar Chart illustrating the Stock Market Percentage Growth in the Q3 of 2017.

Chart 5 3-D Bar Chart illustrating the Commodities Market Percentage Growth in the Q3 of 2017.

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US Asia &Oceania

Japan

Stock Market Percentage Growth

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Technology Healthcare Industrials Consumer Goods Oil & Gas

Commodities Market Percentage Growth


Chart 6 Pie chart illustrating the Stock Trade result performance for Acreistelle’s third quarter.

Chart 7 Pie chart illustrating the Stock Trade Trailing in the third quarter of 2017.

Stocks Trade Result Q3

Total Winning Trade Total Losing Trade Total Unexecuted

Stock Trade Trailing in Q3

Percentage of Trades without Trailing Percentage of Trades with Trailing

PERFORMANCEAcreistelle’s performance in this quarter’s tradingis well within the forecast. Analysis were mademodest, with appropriate risk management plansderived from our Board of Directors.

Stock Trade ResultIn the third quarter, we saw a total of 54 percent in total winning trade and 38 percent in total losing trade. This is accompanied with 8 percent of total unexecuted trades. Our highest single trade return is recorded at 360% while our highest single tradeloss is recorded at 9%.

Stock Trade TrailingDuring trading, the stock market trades have a hightendency to flacutuate with accordance to the marketflow. Hence in order to minize risk and maximize profits for our clients, Acreistelle utlizies a trade trailing systemwith accordance to our Board of Director’s riskmanagement program. This allows open trades tocontinue to profit as long as the price is moving in theright direction.

OUTLOOK FOR Q4 OF 2017 In the coming Q4 of 2017, investors are experiencing the second longest economic expansion in history. Given the global economic expansion and strong underlying U.S. economic fundamentals, it is unlikely we will see another recession or bear market before the Spring or Summer of 2019. If Congress and the President can pass their tax reform legislation, that could postpone the next recession further in the future.

RETURN IN STOCK & INDICES INVESTMENT

Total gross assets stands at $293.9 million in the Q3 of 2017, $18.3 million was noted in the growth of our stocks investments. This is a 7.46% growth of the gross revenue in the Q3 of 2016 is noted. Returns are noted respectively in profits acquired through stock & indices markets and commidies market.


Private Investments

PRIVATE INVESTMENTA healthy growth was noted in the private invest-ment market in the Q3 of 2017. Although the projected number of deals investors struck didn’t significantly change, far more capital was invested in Q3 2017 compared to Q2 2016.

Q3 2017 feels more like a return to the “new normal.” When comparing Q3 2017 to the Q2 of the year, little has changed, though some metrics are slightly less favorable than in Q3 2016.

MethodologyIn Acreistelle, our team undergo careful risk assess-ment, market research and profit valuation throughan independent system of technical analysis, approved by the Board of Directors.

PerformanceWith such safety measures placed on board, our team takes special care for every single investment we make. This is true both for individual companies and the asset class as a whole. In the Q3 of 2017,Acreistelle Corporation noted a growth of 3.93 percent, accounting for 7.28 percent of our overall asset under management.

ProjectionsJust like last quarter, it should come as no surprisethat many of the active investments are accelerator programs. After all, these organizations are in the business of providing small amounts of capital to a relatively large number of fledgling companies. It’s likely that some of these numbers will change as more rounds from this quarter are added to the historical data. However, unless one or more investors have made dozens of investments this quarter and managed to keep them all under the radar, this list still holds up.

Although the global venture capital market is still recovering from a significant dip at the end of last year, Q3 2017 was, in general, a fairly good quarter. There’s been growth in deal and dollar volume at almost all stages, except for technology growth equity. In the next quarter, we expect growth in sizefor rounds with the total amount of venture capital funding being within reach of pre-dip levels. If the general upward trend continues, Q4 will shape up to be a real return to normal, not just another quarter of recovery.

Chart 8 Graph chart illustrating the Private Investment Valuation in the thirdquarter of 2017.

$0

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2016 2017 Q1 2017 Q2 2017 Q3

Private Investment Valuation

Current Returns Valuation Forecast

Chart 9 Graph-line chart illustrating the asset valueunder management growth for privateinvestments in the third quarter of 2017.

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An investor without investment objectives is like a traveller without a destination.- Dolce M. Franklin

Real Estate Investments

REAL ESTATE INVESTMENT

Real estate investments returned 3.11 percent and amounted to 12.84 percent of the fund at the end of the quarter.

The return on real estate investments depends on rental income, operating expenses,changes in the value of properties and debt,movements in exchange rates, and transactioncosts for property purchases and sales.

Measured in local currency, rental income net ofoperating expenses made a positive contributionof 2.67 percentage point to the return, andchanges in the value of properties and debtcontributed 3.81 percentage point. Currencymovements added a further 2.86 percentagepoint.

Investments in real estate is up to the Real Estate team in Acreistelle to determine the scope andmix of real estate investments within the general limits. This helps to ensure a holistic approach tomanaging a portfolio that includes all investments.

Real estate investments are managed under a combined strategy for real estate.

Purchases and sales of real estate

In the middle of July, the fund acquired 100percent of an office property on the corner ofAxel-Springer-Strasse and Zimmerstrasse inBerlin.

RETURN IN REAL ESTATE INVESTMENT

Total gross assets stands at $73.6 million in the Q3 of 2017, $2.2 million was noted in the growth of our real estate investments. This is a 3.11% growth of the gross revenue in the Q3 of 2016 is noted. Returns are noted respectively in rental income, change in value and currency adjustments. No transaction costs were noted in this quarter.


Major table charts deriving the real estate performance in thethird quarter of 2017.

Chart 10

ReturnRental Income (in percentage points) 2.67

Change in value (in percentage points) 3.81Transactions costs (in percentage points) 0.00

Results in Currency Adjustments ( (in percentage points) 2.86Aggregated Real Estate Investments (percent) 3.11

$62,000,000

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$68,000,000

$70,000,000

$72,000,000

$74,000,000

2016 2017 Q1 2017 Q2 2017 Q3

Real Estate Quarterly Growth

ManagementMANAGEMENT

We aim to leverage the fund’s long-termoutlook and considerable size to generate highreturns and safeguard wealth for futuregenerations.

The overall return on the fund was 0.3 percenthigher than the return on the benchmarkindex in the second quarter, due mainly to apositive relative return on equity investments.

The fund’s equity investments outperformedthe benchmark index for equities by 0.4percentage point in the quarter, making acontribution of 0.25 percentage point to thefund’s relative return. Investments in financials,

RISK

The fund’s market risk is determined by thecomposition of its investments and bymovements in share prices, exchange rates,interest rates, property prices and credit riskpremiums. As no single measure or analysis can fully capture the fund’s market risk, we use various of measures and analyses – including expected volatility, factor exposures, concentration analysis and liquidity risk – to gain the broadest possible picture of this risk.

The fund’s expected absolute volatility is calculated using the statistical measurestandard deviation. By using a three-year pricehistory, we can estimate how much the annual return on the fund’s investments’ fluctuation.

The fund’s expected absolute volatility was 6.02 percent at the end of the second quarter, compared with 5.86 percent at the startof the quarter. The increase was due mainly to ahigher weight of equities in the portfolio.

We invest in different entities to create a morediversified portfolio. We expect a different returnprofile for each individual entity in both the short and the longer term. The relative risk that this entails will impact on calculations of the fund’sexpected relative volatility. As daily pricing isnot available for our real estate investmentswe use a model from MSCI to calculate the riskfor the fund’s unlisted real estate investments.

The management team of Acreistelle have set limits for how far the fund’s investments may deviate from the benchmark index. One of these limits is expected relative volatility, or tracking error,which puts a ceiling on how much the return onthese investments can be expected to deviatefrom the return on the benchmark index.

All of the fund’s investments, including unlisted real estate, are now included in the calculation ofexpected relative volatility and measuredagainst the fund’s benchmark index. The limitfor expected relative volatility, including unlistedreal estate, is 1.25 percentage points. Theactual level, including unlisted real estate, was0.23 percentage point at the end of the quarter.

The Board of Directors has also set a limit forexpected shortfall between the return on thefund and the benchmark index. The fund is tobe managed in such a way that the expected

negative relative return in extreme situationsdoes not exceed 3.75 percentage points.

Operational risk managementAcreistelle’s Board of Directors sets limits foroperational risk management and internalcontrols at Acreistelle Corporation.

It has decided there must be less than a 20percent probability that operational risk factorswill have a financial impact of 30 million US dollars or more over a 12-month period, referred to as the Board’s risk tolerance.

Each quarter, Acreistelle estimates the size of the potential losses or gains it may incur over the next year because of unwanted operational events related to its investment management activities. The estimate is based on past events and anassessment of future risks and represents thefund’s estimated operational risk exposure. Thisestimated operational risk exposure remainedwithin the Board’s tolerance limit in the second quarter.

No breaches were registered during the quarter, and no notifications were received from local supervisory authorities of any significant breaches of market rules or general legislation.

RESPONSIBLE INVESTMENT

Responsible investment is an integral part ofour management of the fund. We havestructured this work into two main areas: standardsetting and risk management. A meeting was held during the quarter to secure dialogue and provideinformation on our work on responsible investment.

Standard settingA new expectations document was published ontax and transparency during the quarter. Aimedat the boards of the companies we invest in,

the expectations are based on internationalprinciples. The purpose of the expectations isto express how Acreistelle Corporation as a financial investor expects multinational enter-prises to exhibit appropriate, prudent and transparent tax behaviour.

Risk managementAcreistelle Corporation worked on an internal analysis of investment risk in the portfolio during the quarter. The analysis focused on sectors with particularly high risk exposure and was based on financial data.

Management | Q3 2017 | Acreistelle Corporation 14

Green Investments

Chart 11 Figure graph illustrating the amount of green carbon generated throughOctober 2016 to September 2017.

Management | Q2 2017 | Acreistelle Corporation

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Renewable Energies

Renewable energies are sources of clean, inexhaustible and increasingly competitive energy. They differ from fossil fuels principally in their diversity, abundance and potential for use anywhere on the planet, but above all in that they produce neither greenhouse gases – which cause climate change – nor polluting emissions. Their costs are also falling and at a sustainable rate, whereas the general cost trend for fossil fuels is in theopposite direction in spite of their present volatility.

Growth in clean energies is unstoppable, as reflected in statistics produced in 2015 by the International Energy Agency (IEA): they represented nearly half of all new electricity generation capacity installed in 2014, when they constituted the second biggest source of electricity worldwide, behind coal.

Clean energy development is vital for combating climate change and limiting its most devastating effects. 2014 was the warmest year on record. The Earth’s temperature has risen by an average 0.85 °C

since the end of the 19th Century, states National Geographic in its special November 2015 issue on climate change.

Renewable energies received important backing from the international community through the Paris Accord signed at the World Climate Summit held in the French capital in December 2015.

The agreement, which will enter into force in 2020, establishes, for the first time in history, a binding global objective. Nearly 200 signatory countries pledged to reduce their emissions so that the average temperature of the planet at the end of the current century remains “well below” 2 °C, the limit above which climate change will have more catastrophic effects. The aim is to try to keep it to 1.5 °C.

Likewise, the transition to an energy system based on renewable technologies will have very positive economic consequences. According to the International Renewable Energy Agency (IRENA), doubling the renewable energy share in the world energy mix, to 36% by 2030, will result in additional global growth of 1.1% by that year (equivalent to 1.3 trillion dollars), a increase in wellbeing of 3.7% and in employment in the sector of up to more than 24 million people, compared to 9.2 million today.

Board of Directors

Dolce M. FranklinChairmanAcreistelle Corporation

Bernard HobbsSecretaryAcreistelle Corporation

Wiltshire JacobTreasurerAcreistelle Corporation

Mr. Dolce M. Franklin has 30 years of experience in the financial industry. Engaged in the financial industery since 1987, he startedoff as a private equity investor. This allowed him to fully captivate and accumulate experiences in captial management and value investing. His past role as the Director of Risk Management for senior management has also historically assumed the concept of value investing as the basis of capital management. During the financial turmoil in 2008, the investments he prepared for his clients remained safe and secure, creating a 30% return for their clients within a month and is being recognized by his peers and clients.

Brought up in a family of real estate investment agents, Mr. Bernard Hobbs has an experience of over 25 years. Started from the sales of a real estate agency to becoming a part of the real estate investment industry, he has since created long-term, high-yielding investments for his clientsover the years. Most of the investments he have made belonged to modern downtown real estate, commonly known to us right now. Mr Bernard Hobbs quotes that while the spending power of people inflates, the demand for real estate will only get higher. Hence, real estate will be an ever-present investment project.

Mr. Wiltshire Jacob has over 28 years of experience in the financial industry, specializing in investments in equities and foreign exchange markets and in the planning of risk management. His career has been successful over the years because he is convinced that "investing" is not a gamble, but rather a game of patience, and careful analysis. With the appropriate development of marketknowledge and patience, he believes that any one investor can get achieve success in the financial industry. In particular, Mr. WiltshireJacob recommends investing in the futures market, with very little return but the same financial product that will never lose its value. .

Management | Q2 2017 | Acreistelle Corporation 16

DISCLOSURESThis material is provided solely for informational purposes by Acreistelle Corporation to recipients who are classified as institutional or sophisticated investors, or as Professional Clients or Eligible Counterparties. This material does not constitute legal, tax or investment advice. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties or for promotion, marketing or recommendation to third parties. This information has been obtained from sources believed to be reliable that are available upon request. Any opinions expressed are subject to change without notice. Unauthorized use or distribution without the prior written permission of Acreistelle is prohibited. This publication is approved for distribution to the istitutional or sophisticated investors, or as Professional Client or Eligible Counterparts by Acreistelle Corporation, authorized and regulated by the Financial Conduct Authority (FCA). Please be advised that any analysis of individual countries, currencies, securities or other asset classes contained herein, should not be considered sufficient information upon which to base an investment decision. Such analysis is intended to serve as a preliminary screening tool, which should be supplemented by additional research.

This material contains “forward-looking statements” which include information relating to future events, projected future performance, statements regarding intentions, strategies, investments, expectations, the competitive and regulatory environments, predictions, and financial forecasts concerning future foreign exchange activities and results of operations and other future events or conditions based on the views and opinions of Acreistelle. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and/or Acreistelle’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forwardlooking statements. Actual results of activities or actual events or conditions could differ materially from those estimated or forecasted in forward-looking statements due to a variety of factors.

There are risks associated with foreign currency investing, including but not limited to the use of leverage which may accelerate the velocity of potential losses. Foreign currencies are subject to rapid price fluctuations due to adverse political, social and economic developments. These risks are greater for currencies in emerging markets than for those in more developed countries. Foreign currency transactionsmay not be suitable for all investors depending on their financial sophistication and investment objectives.

Acreistelle, its partners and employees may own currencies discussed in this communication and/or may make purchases or sales while this communication is in circulation.

Information has been obtained from sources believed to be reliable and in good faith. Sources are available upon request. Past performanceis not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Any opinions expressed are subject to change without notice. This material has been prepared for use by the intended recipient(s) only. Unauthorized use or distributionwithout the prior written permission of Acreistelle is prohibited. Please contact your Client Servce representative for additional information.

All rights reserved. 6/2017.IS-2017-06-20-3008

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