Market Neutral Selector Fund

Market Neutral Selector Fund (in liquidation) Semi-annual report January 1, 2017 until June 30, 2017

Market Neutral Selector Fund TABLE OF CONTENTS

1

Management and administration

2

Financial highlights

3

Management report

4

Balance sheet

5

Profit and loss account

6

Statements of changes in net assets

7

Cash flow statement

8

Analysis of changes in cash and cash equivalents

9

Notes to financial statements Other information

10 – 22 23

Market Neutral Selector Fund MANAGEMENT AND ADMINISTRATION

Registered address

Market Neutral Selector Fund Euclideslaan 151 P.O. Box 2600 3500 GP Utrecht The Netherlands

Manager

Finles N.V. Euclideslaan 151 P.O. Box 2600 3500 GP Utrecht The Netherlands www.finles.nl

Administrator

AssetCare B.V. Strawinskylaan 1425 1077 XX Amsterdam The Netherlands www.assetcare.nl

Trustee

AssetCare Bewaarder Services B.V. Strawinskylaan 1425 1077 XX Amsterdam The Netherlands www.assetcare.nl

Custodian

Citco Global Custody N.V. Telestone 8 - Teleport Naritaweg 165 1043 BW Amsterdam The Netherlands

2

Market Neutral Selector Fund FINANCIAL HIGHLIGHTS

3

(All amounts in thousands of euro, except for the amounts marked with *)

2017

2016

2015

2014

2013

Capital

247

456

1.191

1.294

2.134

Total net asset value

247

456

1.191

1.294

2.134

189.898

189.898

189.898

189.898

189.898

1,30

2,40

6,27

6,82

11,24

Jan. 1, 2017

Jan. 1, 2016

Jan. 1, 2015

Jan. 1, 2014

Jan. 1, 2013

Jun. 30, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

(209)

(235)

(100)

10

(684)

(1,10)

(1,24)

(0,53)

0,05

(3,60)

0,09

0,20

0,27

0,31

0,48

(45,75%)

(61,72%)

(08,06%)

0

0

Issuance of participations

-

-

-

-

-

Repurchase of participations

-

-

-

-

-

Net asset Value

Number of participations (rounded to whole nr's)*

Net asset value per participation* Net result for the period per participation

Net result for the period total participations Net result for the period per participation* Total expenses per participation* Change net asset value per participation* Turnover

Purchase of trading securities

-

-

-

-

-

Sale of trading securities

25

290

169

344

754

Total turnover

25

290

169

344

754

Market Neutral Selector Fund MANAGEMENT REPORT

4

Management Report Market Neutral Selector Fund 1st half year 2017 This is the semi-annual report 2017 of the Market Neutral Selector Fund. This report does not contain an explanation on the performance of the fund during the first half of 2017. For portfolio updates we refer to the quarterly reports and monthly NAV statements of the Market Neutral Selector Fund. The semi-annual report, quarterly reports and the monthly NAV statements can be found on the following website : www.finlescapitalmanagement.nl Finles N.V. Utrecht, Oktober 6, 2017

Market Neutral Selector Fund BALANCE SHEET (before allocation of net result) As at June 30 (All amounts in euro)

5

Note

2017

2016

153.407

366.882

153.407

366.882

Investments Trading securities

1

Total Investments Other assets Cash and cash equivalents

2

98.827

73.244

Receivable for investment sold

3

-

23.008

98.827

96.252

252.234

463.134

4.986

7.386

4.986

7.386

93.841

88.866

247.248

455.748

Total current assets Total assets

Current liabilities Accounts payable and accrued liabilities

4

Total current liabilities Total of current assets minus current liabilties Net assets

Number of participations outstanding

5

189.898

189.898

Net asset value per participation

5

1,30

2,40

The accompanying notes form an integral part of this statement of net assets.

Market Neutral Selector Fund PROFIT AND LOSS ACCOUNT 6 (All amounts in euro) 2017 (Jan - Jun)

2016 (Jan - Jun)

-

2.157

(22.908)

(18.564)

Net unrealized result on trading securities

(166.669)

(96.178)

Total investment income / loss

(189.577)

(112.585)

Note

Income Net realized result on trading securities

Expenses Management fees

6a

3.483

8.154

Administration fees

6b

10.245

10.245

Custody fees

6d

2.708

2.596

Miscellaneous expenses

6e

1.162

(199)

Regulator fee

6f

-

90

17.598

20.886

(1.325)

3.599

Result from activities before tax

(208.500)

(129.872)

Net result for the period

(208.500)

(129.872)

Result per participation

(1,10)

(0,68)

Total expenses

Foreign currency exchange gains /(losses)

7

The accompanying notes form an integral part of this profit and loss account.

Market Neutral Selector Fund STATEMENT OF CHANGES IN NET ASSETS 7 (All amounts in euro) 2017 (Jan - Jun)

2016 (Jan - Dec)

Balance start period

455.748

1.190.856

Repayment of capital

-

(500.050)

Net result for the period

(208.500)

(235.058)

Balance end of period

247.248

455.748

The accompanying notes form an integral part of this statement of changes in net assets.

Market Neutral Selector Fund CASH FLOW STATEMENT 8 (All amounts in euro) 2017 (Jan - Jun)

2016 (Jan - Jun)

Proceeds from sales of trading securities

46.339

262.249

Management fees paid

(4.184)

(8.243)

Administration fees paid

(10.245)

(10.245)

Custody fees paid

(4.407)

(1.733)

Monitoring fees and Bank Interest/costs paid

(1.162)

(338)

Net cash used in operating activities

26.341

241.690

Payments for the repayment of capital

-

(500.049)

Net cash From financing activities

-

(500.049)

26.341

(258.359)

Foreign currency exchange gains/ (losses)

(758)

2.822

Net increase in cash and cash equivalents

25.583

(255.537)

Operating activities

Financing activities

Net cash flow

The accompanying notes form an integral part of this cash flow statement.

Market Neutral Selector Fund ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS 9 (All amounts in euro) 2017 (Jan - Jun)

2016 (Jan - Dec)

Cash and cash equivalents beginning of period

73.244

315.438

Net cash flow

26.341

(245.076)

(758)

2.882

98.827

73.244

Cash at banks and brokers

98.827

73.244

Cash and cash equivalents

98.827

73.244

Foreign currency exchange gain / (loss)

Cash and cash equivalents end of period Analysis of balances:

The accompanying notes form an integral part of this analysis of changes in cash and cash equivalents

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS 10 (All amounts in euro) General Market Neutral Selector Fund (“the Fund”), located in Utrecht, at offices of the Fund’s Manager was formed as an open ended mutual investment fund. On April 18, 2002 the Fund obtained a license in compliance with art. 5 sub 1 of the Act on the Supervision of Investment Institutions. The Fund has the fiscal status of a closed investment fund. Pursuant to a private information memorandum dated April 2002 an offer was made to potential investors to subscribe in the Fund’s participations on a semi-continuous basis. The Fund commenced trading on May 29, 2002. Under circumstances as stated in the information memorandum the management may decide to postpone subscriptions and redemptions to the Fund. The investment objective of the Fund is to achieve short- and medium-term capital appreciation by investing its assets primarily in other investment funds with an average volatility, which is lower than stock markets and almost equal to bond markets. Suspension of subscriptions and redemptions On December 23, 2008, the manager has decided to temporarily suspend all subscriptions and redemptions of the Fund, due to adverse market conditions and related illiquidity of the investments of the Fund. Liquidation of the Fund On December 17, 2010, the manager has decided to liquidate the fund as per December 31, 2010, and to repay the amounts to the participants. As a result of this decision, the accounting principles of the Fund are changed to liquidation basis. The effect of the anticipated liquidation on the net asset value per December 31, 2010 and on the result for the period then ended has not been material. Effective June 30, 2012, the management of the Fund was transferred to Finles N.V. (“Finles” or “the manager”) in order to liquidate the remaining positions of the Fund and distribute the proceeds, net of expenses, to the participants of the Fund. Semi-annual financial report 1st half year 2017 and comparative figures 2017 The current report covers the period from January 1, 2017 until June 30, 2017. The report is not audited. The comparative figures are for the balance the ultimate 2016 values and for the Profit & Loss the figures of the semi-annual report of June 30, 2016. The manager has prepared the semi-annual report 1st half year 2017 in accordance with the relevant requirements as stated in Part 9 of Book 2 of the Dutch Civil Code and the Act on the Financial Supervision (AFS) (“Wet op het financieel toezicht”).

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

11

Accounting principles The accounting principles of the Fund are summarized below. These accounting principles have all been applied consistently throughout the period and the preceding period: a) Basis of accounting The financial statements are prepared under the historical cost convention as modified by the fair valuation of available-for-sale securities, financial assets and financial liabilities held for trading and all derivative financial instruments. Because it has not been possible and efficient to account for the development of the historical costs of the investment securities and the amounts receivable in the period from January 1, 2011 until December 31, 2012, the manager has decided to consider the historical cost of investment securities and amounts receivable equal to their fair value as at December 31, 2012. This has not resulted in any effect on the capital of the Fund per June 30, 2017. b) Measurement currency The financial statements are prepared in euro in accordance with the fact that the participations of the Fund are denominated in euro. c) Investments i) Recognition and basis of measurement Taking into account the matter described under a) basis of accounting, all investment securities are initially recognized at cost, which is the fair value of the consideration given including transaction costs. ii) Valuation On 20 July 2017, the Investment Manager received two notices from the Dutch Authority Financial Markets (AFM). The notices concern: (1) the suspension of purchases and sales of participations in Subfonds Finles Collectief Beheer I.L., Finles Multi Strategy Hedge Fund I.L. and the Finles Next Generation Fund I, and (2) regulatory compliance of the investment manager’s organizational procedures and in particular the valuation methodology of its fund assets. The reason for the notice is AFM’s concern regarding the valuation methodology of the investments. Finles has made significant changes to the existing valuation methodology and organizational procedures related to the valuation methodology for the investments of all Finles funds. The changes are the result of a combined effort by the Finles management and employees of investment management, compliance, finance, legal affairs in close cooperation with several external service providers. The updated methodology differentiates between ‘regular’ and ‘specific’ investments. The new valuation methodology, which also applies to Market Neutral Selector Fund, has been accepted and implemented as per 17 August 2017. The valuation of the investments is based on to the following methodologies: • Method A: Bloomberg pricing; if an investment is quoted on Bloomberg than the quote on Bloomberg will be used. • Method B: Valuation of non-listed investments based on the statements of the administrator subject to an annual report with a clean opinion. • Method C: Valuation of non-listed investments based on an estimate by an external fund manager subject to an annual report with a clean opinion no older than one year. The estimate will not be used if the estimate deviates more than 10% from reported value nor if the impact of the revaluation is more than 0.5% of the respective Finles fund(s).

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro) • •

12

Method D: Valuation based on a realizable market valuation. If available, prices on the secondary market valuation will be used. Nil valuation: If none of the abovementioned methodologies is applicable, the investment will be valued at nil.

Fund investments in liquidation, which also applies to all investments in Market Neutral Selector Fund, will be valued according to Method D. Broker policy secondary market The investment manager uses a ‘brokers list’ with qualified and accepted professional counterparties. Brokers can be added to the list if they meet the following criteria:

• • •

Fully independent from the investment manager (i.e. Finles) and its funds Part of a national or international organization and/or partnership Competitive commissions and pricing

The investment manager will select the brokers and evaluate the ‘brokers list’ at least once per year. The evaluation report will be discussed in the next periodic management meeting. New brokers will be presented to the CFO first and evaluated in cooperation with investment management. The evaluation will be discussed in the periodic management meeting. The management will decide if the new broker will be added tot he ‘brokers list’. Funds in liquidation will be valued based on secondary market prices originating from brokers on the ‘brokers list’. The investment manager will request prices from multiple brokers on the ‘brokers list’. The investment manager will request prices at least on a biannual basis. If the investment manager suspects that the price on the secondary market is no longer valid as a result fundamental and fund specific developments, updated prices will be requested. If prices were obtained from multiple brokers on the ‘brokers list’, the highest price will be used. If a price range is received, the mid-price will be used. Secondary market prices should not be older than six months. If no prices can be obtained, the investments will be valued at nil. ) 4.

Method D; Specific valuation procedure. In cases where the investment can not be categorized inthe first three categories a different valuation procedure than described above is used. In the vast majority of cases a price on the secondary market will be used. In cases where we have not received an audited annual report for the past two years, Finles will request bids from secondary market brokers to value the investment.

iii) Dividend and interest income Dividends are recorded on the date that the dividends are declared, net of applicable withholding taxes. Interest income is recognized on an accrual basis.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

13

iv) Gains and losses Gains and losses are treated as realized for financial statement purposes on the trade date of the transaction closing or offsetting the open position. Unrealized gains and losses are the difference between the value initially recognized and cost of open positions, taking into account the matter described under a) basis of accounting. All gains and losses are recognized in the profit and loss account. d) Derivative financial instruments Derivative financial instruments including foreign exchange contracts, stock market indexes and interest rate futures, forward rate agreements, currency and interest rate swaps, currency and interest rate options (both written and purchased) and other derivative financial instruments are initially recognized in the balance sheet at cost and subsequently are remeasured at their fair value, taking into account the matter described under a) basis of accounting. Fair values are obtained from quoted market prices, discounted cash flow models and option pricing models as appropriate. All derivative financial instruments are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund. Changes in fair values of derivatives are included in the profit and loss account, taking into account the matter described under a) basis of accounting. e) Translation of foreign currency Monetary assets and liabilities denominated in foreign currencies are translated into euro at the rates of exchange prevailing at year-end. Transactions in foreign currencies are translated at the rates of exchange prevailing at the date of the transaction. Realized and unrealized gains and losses on foreign currency transactions are charged or credited to the profit and loss account as foreign currency gains and losses except where they relate to investments where such amounts are included within realized and unrealized gains and losses on investments, taking into account the matter described under a) basis of accounting. f) Brokerage / expenses Commissions payable on opening and closing positions are recognized when the trade is entered into. Expenses are recorded in the period in which they originate. Transaction costs are included in the initial measurement of securities. Expenses on disposal of investments are deducted from the proceeds of disposal. g) Cash and cash equivalents For the purpose of presentation in the balance sheet and the cash flow statement, cash and cash equivalents is defined as cash at banks and brokers. The cash flow statement is prepared by using the direct method.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

14

1 Trading securities 2017 (Jan - Jun)

2016 (Jan - Dec)

Trading Securities

Trading Securities

366.882

860.868

397

-

(24.677)

(289.804)

(189.195)

(204.182)

153.407

366.882

Movement of investment securities The movement in investment securities can be specified as follows Investment securities

As per start period

Purchases / adjustments Sales Net result

As per end period

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

15

Specification trading securities The trading securities as at June 30, 2017 comprise of the following. The total market value of the trading securities in USD is 175.283 (EUR 153.407).

Fund name

Quantity

Ccy Market value

Aarkad Plc **In liquidation** Shares

1394953,05

USD

-

0,00%

Amincor Inc Class B Non-Voting Common Stoc

234766

USD

-

0,00%

Ark Discovery Fund (Offshore) Class A Series 3

18000

USD

-

0,00%

Ark Discovery Fund (Offshore) Class A Series 7

1000

USD

-

0,00%

13355,6222

USD

30.314

17,29%

211,26

USD

22.906

13,07%

50,439961

USD

142

0,08%

230,5843

USD

18.245

10,41%

Marathon Special Opportunity Fd Spec SP Class 9 USD

4,1893

USD

6.183

3,53%

Marathon Special Opportunity Fd Spec SP Class 10

5,0216

USD

6.992

3,99%

461,005

USD

90.501

51,63%

2897,6379

USD

-

0,00%

Stillwater Asset Backed Offsho PIK Shares

18837,4816

USD

-

0,00%

Whitecap (Offshore) Fund I Ltd Class A Initial Series

269,677245

USD

-

0,00%

Ark Royal Fund Ltd. Class B Series 1 Autonomy Global Macro Fund Ltd AB SPV CPIM Structured Credit Fund 20 Class A (USD) Madison Realty Capital II Ltd. Class A \ Series 0908a

Pentagon Bernini Fund Ltd. Class A Series 1 Unrestricted Stillwater Asset Backed Offsho Class A Series (02/05)

Total Investments

MV %

USD

175.283 100,00%

EUR

153.407

Note: No active trading occurred in the investments of the Fund during 2017 and 2016. Consequently, per the date of the balance sheet all investments are considered as illiquid. The market value is established based on the reported values (NAV) of the investment per date of the balance sheet. The investments were not valued by an independent valuation expert. The Fund’s manager is trying, together with the management of the investments to generate capital distributions from the investments.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

16

2 Cash and cash equivalents 2017

2016

Citco USD account

24.015

2.071

Citco Euro account

1.077

27.897

ABN Euro account

324

126

ABN USD account

11

-

73.400

43.150

98.827

73.244

2017

2016

Full Circle Fund Ltd Class A Series 1

-

23.008

Total receivable for investments sold

-

23.008

2017

2016

Management fees due

784

1.485

Administration fee due

1.708

1.708

Custody fee due

2.494

4.193

Total accounts payable and accrued liabilities

4.986

7.386

ABN Saving account

3 Receivable for investment sold Fundname

4 Account payable and accrued liabilities

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

17

5 Net assets The movement in number of participations is as follows:

Number of participations beginning of period

2017

2016

2015

189.898

189.898

189.898

Issuance of participations

-

-

-

Repurchase of participations

-

-

-

189.898

189.898

189.898

2017

2016

2015

Net asset value

247.248

455.748

1.190.856

Number of participations outstanding

189.898

189.898

189.898

1,30

2,40

6,27

Number of participations end of period

Net asset value per participation

6 Expenses Related parties are organizationally and/or financially linked to the Fund, either directly or indirectly. The following material contracts are in place: a) Management fees The Fund pays management fee to Finles N.V. (“the manager”). The manager receives a management fee of up to 1.75% per annum, calculated on the monthly net assets under management. b) Administration fees The Fund pays a fixed administration and trustee fee to AssetCare B.V. on a monthly base. - Administration fee 800 (excluding VAT) - Trust fee 750

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 (All amounts in euro)

18

c) Custody fees For holding securities in custody, Citco Global Custody N.V. charges the Fund a quarterly fee at a rate of 0.05% of the value of the Fund assets per annum held by them for the account of the Fund. d) Monitoring fee and banking interest/costs Depositary fee of USD 350 per transaction and EUR 5 per transfer charged by Citco Global Custody N.V and monitoring fee of EUR 833 to be charged by Finles N.V. e) Regulator fee Supervision fee charged by AFM/DNB.

7 Foreign currency exchange gain/loss Gain or loss results from changes in exchange rates between the basis currency and the local currency in which the transaction is denominated.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017

19

Ongoing Charge Factor (OCF) and turnover ratio 2017

2016

Expenses

OCF

Management fees

3.483

Administration fees

10.245

Custody fees Monitoring fees and banking interest/costs Regulator fees Total expenses and OCF

Expenses

OCF

0,88%

8.154

0,83%

2,58%

10.245

1,04%

2.708

0,68%

2.596

0,27%

1.162

0,29%

-199

-0,02%

-

0,00%

90

0,01%

17.598

4,43%

20.886

2,13%

The Ongoing Charge Factor (OCF) is calculated by dividing the expenses by the average net asset value during the period. The Fund invests in other investment funds, which bear their own expenses, such as management fees, performance fees and other expenses. These expenses form part of the net asset values of these funds, and are not separately charged to the Fund. Lacking sufficient and reliable information about these expenses, the manager of The Fund is not in a position to calculate the Ongoing Charge Factor of these investments as required under the provisions of Section 123 1.l of the Decree on the Financial Supervision (“Bgfo”) is presented.

2017

2016

Issuance of participations (A)

-

-

Repurchase of participations (B)

-

-

Purchase of trading securities (transferred from ACF) (C)

397

-

Sale of trading securities (D)

24.677

250.992

Total Turnover (F) = [(C)+(D)-(A)-(B)]

25.074

250.992

Average net asset value (E) Turnover ratio % (F)/(E)*100

397.564

982.692

6,31

25,54

The average net asset value (used for both the expense and turnover rate) is the average of each monthend net asset value of the Fund for 2016. When the total turnover is negative, the turnover ratio is considered to be nil.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 Use of financial instruments

20

In the normal course of its business, the Fund purchases and sells (derivative) financial instruments, which are exposed to a variety of financial risks, including among others, market risk, credit risk, liquidity risk, currency risk and interest-rate risk. a) Market risk Market risk is the possibility that future changes in market prices may make a financial instrument less valuable or more onerous. The Fund’s market risk is managed through diversification of the investment portfolio. For the overall on-balance sheet market exposure we refer to the investment securities disclosure. (note 1). b) Credit risk The principal credit risk is counterparty default (i.e., failure by the counterparty to perform as specified in the contract) due to financial impairment or for other reasons. Credit risk is generally higher when a nonexchange-traded or foreign exchange-traded financial instrument is involved. Credit risk is reduced by dealing with reputable counterparties. The Fund manages credit risk by monitoring its aggregate exposure to counterparties. c) Liquidity risk Per the date of the balance sheet all investments in portfolio can be considered as illiquid. d) Interest rate risk The Fund is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The general risk of changes in fair value of financial instruments as a result of changes in interest rates is considered to be included in the term market risk as described above. The table below summarizes the Fund’s exposure to interest rate risks. Included in the table are the Fund’s assets and liabilities at fair values categorized by the earlier of contractual reprising and maturity dates. The fair values of derivative financial instruments are included in other assets and other liabilities under the heading non-interest bearing. The off-balance sheet gap represents the net notional amounts of all interest sensitive financial instruments.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017

21

(All amounts in euro) As at June 30, 2016 Up to 1 year

Non-interest Bearing

Total

Trading securities

-

153.407

153.407

Equities

-

-

-

-

Receivable

98.827 0

-

98.827 0

Total assets

98.827

153.407

252.234

Other liabilities

-

4.986

4.986

Total liabilities

-

4.986

4.986

Assets

Cash and cash equivalents

Liabilities

Interest sensitivity gap for on balance sheet items 98.827

e) Currency risk The Fund has significant currency risk. The currency risk is managed through the geographically diversified portfolio including cash and cash equivalents. The currency exposure of the fund’s net assets is as follows: 2017

2016

Fair value

Fair value

United States Dollars

199.885

407.816

Total currency exposure

199.885

407.816

-

-

199.885

407.816

Currency exposure hedged

Remaining currency exposure

The above schedule shows assets netted with liabilities of the Fund denominated in an other currency than euro.

Market Neutral Selector Fund NOTES TO FINANCIAL STATEMENTS (continued) For the 6-months’ period from January 1, 2017 until June 30, 2017 Personnel The Fund employed no personnel during current and prior book year. Voting rights The Fund has not actively used any applicable voting rights. Large investor The Fund has no so-called large investors per date of the balance sheet. Events subsequent to the date of the balance sheet There are no subsequent events to report.

22

Market Neutral Selector Fund OTHER INFORMATION 23 Interests Members of the Management Board had the following interests per June 30, 2017: No interests in the Fund (June 30, 2016: no interests). Dutch Corporate Governance Code For complying to the Dutch Corporate Governance Code we refer to the “Principes van Fondsbestuur bij Finles Capital Management” on the website of Finles; www.finlescapitalmanagement.nl.

Finles N.V. Utrecht, Oktober 6, 2017