( )TerraEquitas SRI Asset Allocator EUR

Factsheet - As of 30.06.2019

Market Commentary

Last month saw a very strong rebound across the board and the best June since 1955 for the S&P. TerraEquitas benefitted from the rally, earning +2.35%. General dovish talk from central banks, anticipations of a July rate cut from the Fed and firming probability of a new QE from the ECB were all very supportive while trade tensions eased. The certificate quotes at 101.57, its highest level since launch.US equities contributed 89bps to the portfolio and Europe equities 59bps. Our clean tech fund was the best performer, with a 6.79% performance over the month. Convertibles disappointed, returning slightly over 1% and green bonds proved their benefits, outperforming sovereign bonds (2.16% vs. 1.06%) and corporate bonds (+1.79%). No changes were made to the portfolio. We still hold ~11% of cash and maintain a cautious stance.

Description

The Banque Heritage TerraEquitas Asset Allocator Certificate aims at offering a sustainable alternative to traditional investments through exposure to a diversified range of investment funds. Each of these funds either follows a strict ESG methodology or invests in sustainable development and displays above average qualities in these regards. The asset allocation profile is balanced and aims at providing long term capital appreciation while limiting downside risk.

Specificity: 16.66% of the management fees are distributed on a yearly basis to a selection of NGOs active in education, health and microfinance.

Banque Heritage SA -- Advisor61 Route de Chêne, CP 6600CH-1211 Genève 6, Suisse

Mikaël Safrana, CIIA Tel: +41 58 220 0393Jean-Christophe Rochat, CIIA Tel: +41 58 220 0379pbis@heritage.ch

Bluecap SA -- Distributor7, rue de GrenusCH-1201 Genève, Suisse

Eric Serra Tel: +41 22 347 3708eserra@bluecap.ch

SnapshotDomicileInception DateMaturityLiquidityReference CurrencyDistributionAuM (EUR)EUR Share Class NAVCHF Share Class NAVManagement FeesIssuing BankISIN EURISIN CHF

Switzerland01.06.2017

Open-EndedDailyEUR

Accumulating1'746'666

101.5799.32

1.00% + 0.20%Exane

CH0363152247CH0363152254

Statistics

Time Period: Since Inception to 30.06.2019

Annualized ReturnVolatility (ann.)Max DrawdownInformation RatioUp Percent RatioDown Percent Ratio

0.64%6.01%

-11.15%0.160.470.68

Cumulative Returns

12.2017 06.2018 12.2018 06.2019-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Asset Class Exposure%

Sovereign Bonds 12.2Green Bonds 7.2Corporate Bonds 12.1Europe Equities 13.1US Equities 17.9EM Equities 5.8Thematic Equities 5.0Convertibles 10.8Property 5.0Cash 10.9Total 100.0

Portfolio Composition%

Amundi Actions USA ISR 17.9

UBS MSCI EMU Socially Responsible ETF 7.1

Sycomore AM Happy@Work 6.0

UBS Barc. MSCI € Area Liq. Corp. Sust. ETF 7.1

DPAM Bonds Government Sustainable 12.2

Lyxor Green Bond ETF 7.2

Schelcher Prince Convertibles ISR Europe 10.8

Robeco CG High Yield Bonds 5.0

Cash & Equivalents 10.9

Vontobel Clean Technology 5.0

Candriam SRI Equity Emerging Markets 5.8

Robeco CG Property Equities 5.0

Discrete Returns

YTD 2017 2018 Since Inception-10.0-8.0-6.0-4.0-2.00.02.04.06.08.010.012.0

Retu

rn

Disclaimer

This document, as well as the information contained herein, is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation to buy, sell or subscribe to any financial instrument or banking services mentioned herein, nor should be construed or considered as a contractual document. This document is not directed at, intended for distribution to or publication for use by any person in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or would subject Heritage Bank Ltd, or any of its affiliates, to any registration, licensing or other requirement within such jurisdiction. If you have any specific questions regarding distribution restrictions please contact your relationship manager. This document is not the result of a financial analysis within the meaning of the Swiss Banking Directive on Independence Financial Research, which does not apply to this publication. Accordingly, the views expressed in this document are no official recommendations of the Bank and should be considered as short term market comments for informational purposes only. As such, the views herein are only indicative and may be subject to frequent changes without prior notice. The opinions contained in this document do not take into consideration specific investment objectives, financial situation or particular needs of any person who may receive this document. Each person must make his own independent analysis of the risks (including legal, regulatory, tax) together with professional advisors, if necessary, before making any investment decision regarding any financial instrument or financial market mentioned herein. All information and opinions as well as prices, market valuations and calculations contained herein are subject to change without notice. Its content is intended for the recipient only and should not be reproduced, published, circulated or disclosed to any other person without prior consent of Heritage Bank Ltd. herein. This document is intended primarily for internal staff of the Heritage Group but may be distributed upon request to institutional or qualified investors but not to retail investors. Investors shall in particular bear in mind that past performance should not be taken as an indication or guarantee of current or future performance and no representation or warranty, expressed or implied, is made by Heritage Bank regarding future performance. The information contained herein has been obtained from sources believed to be reliable, however Heritage Bank does not make any representation whatsoever as to its accuracy or completeness. Accordingly, Heritage Bank accepts no liability for any loss arising from the use of this document.

The selection committee has picked, among a selection of small size NGOs, the ones with the most promising projects and the most favourable ratio between their operating expenses and project financing:

ROKPA, www.rokpa.org. Founded in 1980 by Akong Tulku Rinpoche, Veit Wyler and Lea Wyler. Focuses on education, health and food particularly in Nepal.

PHILEA, www.philea.coop. Founded in 1996 by the RAFAD foundation, as a non-profit cooperative, it offers its members in two continents the appropriate financial services and technical support necessary to strengthen their autonomy.

GRAINES DE PAIX, www.grainesdepaix.org. Founded in 2005 by Delia Mamon. NGO focused on developing educational solutions to promote peace to teachers and students.

TOIT POUR TOUS, www.toitpourtous.org. NGO founded in 2017 by Kim Grootscholten. Providing access to housing and work integration for the excluded.

GRAINES DE BAOBAB, www.grainesdebaobab.org, Created in 2004 by Eliane Longet and Yaya Diallo, an association carrying out development projects in eastern Burkina Faso.