QUEST MANAGEMENT INC.

Thailand Fund Management Specialists

PERFORMANCE HISTORY

April 25, 1990 (Commencement of Operations) to August 31, 2017

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Net Rate of Return(%) of Hypothetical Investor

Investment

Investment

Value of

Value of

Value of

Year

Period

of $1,000

SET Index

S&P 500

of $1,000

SET Index

S&P 500

$1,000

$1,000

$1,000

Quarter

Quarter

Quarter

Year

Year

Year

Investment
in Quest

Investment in SET

Investment in S&P 500

1990

2Q

2.5

25.7

8.2

1,025

1,257

1,082

3Q

-24.1

-38.4

-14.5

778

774

925

4Q

9.2

-3.8

7.9

-15.0

-25.6

-0.2

850

744

998

1991

1Q

18.1

39.6

13.6

1,003

1,039

1,134

2Q

2.3

-12.6

-1.1

1,026

908

1,122

3Q

2.4

-11.8

4.5

1,050

802

1,173

4Q

10.8

7.2

7.5

36.9

15.4

26.3

1,163

859

1,261

1992

1Q

11.9

14.2

-3.2

1,301

981

1,220

2Q

-1.0

-7.6

1.1

1,288

906

1,234

3Q

44.2

13.6

2.4

1,857

1,029

1,263

4Q

6.7

3.7

4.3

70.4

24.3

4.5

1,982

1,068

1,317

1993

1Q

-1.8

-2.4

3.7

1,946

1,042

1,365

2Q

1.9

1.8

-0.3

1,984

1,061

1,362

3Q

17.1

10.8

1.9

2,323

1,176

1,387

4Q

114.4

71.2

1.7

151.2

88.5

7.1

4,980

2,013

1,410

1994

1Q

-1.9

-25.6

-4.4

4,883

1,499

1,348

2Q

11.3

3.4

-0.3

5,433

1,550

1,343

3Q

4.5

17.2

4.1

5,676

1,817

1,399

4Q

-12.6

-9.0

-0.7

-0.4

-17.9

-1.5

4,962

1,654

1,388

1995

1Q

-6.1

-8.8

9.0

4,659

1,509

1,514

2Q

16.6

14.3

8.8

5,434

1,725

1,647

3Q

-5.5

-8.8

7.3

5,137

1,574

1,767

4Q

1.0

-1.4

5.4

4.5

-6.1

34.1

5,186

1,553

1,862

1996

1Q

11.5

0.5

4.8

5,785

1,560

1,951

2Q

-3.3

-3.9

3.9

5,594

1,499

2,027

3Q

-9.4

-12.0

2.5

5,067

1,320

2,078

4Q

-28.5

-24.9

7.8

-30.1

-36.2

20.3

3,625

991

2,239

1997

1Q

-7.4

-17.2

2.2

3,357

820

2,289

2Q

11.9

-20.7

16.9

3,756

650

2,676

3Q

-1.5

-28.7

7.0

3,700

464

2,864

4Q

0.6

-48.3

2.4

2.6

-75.8

31.0

3,720

240

2,933

1998

1Q

65.3

48.9

13.5

6,150

357

3,331

2Q

-11.1

-46.0

2.9

5,404

193

3,428

3Q

-1.5

1.5

-10.3

5,432

196

3,074

4Q

-8.7

51.2

20.9

33.7

21.2

26.7

4,976

297

3,716

1999

1Q

-22.8

-3.6

4.6

3,843

286

3,889

2Q

84.8

53.9

6.7

7,101

440

4,150

3Q

-14.1

-32.6

-7.6

6,103

291

3,834

4Q

8.8

35

15.8

33.5

32.3

19.5

6,641

392

4,442

2000

1Q

4.9

-17.7

2.0

6,967

323

4,513

2Q

-7.4

-21.3

-2.9

6,452

254

4,382

3Q

-11.5

-21.1

-1.3

5,709

201

4,326

4Q

-9.0

-5.1

-8.1

-21.8

-51.5

-10.2

5,194

190

3,976

2001

1Q

-4.4

4.3

-12.1

4,968

199

3,495

2Q

15.1

9.6

5.5

5,718

218

3,688

3Q

-5.6

-12.5

-15.0

5,398

190

3,135

4Q

7.7

10.3

10.3

12.0

10.3

13.0

5,816

210

3,458

2002

1Q

24.4

25.2

-0.1

7,235

263

3,455

2Q

7

8.8

-13.7

7,743

286

2,982

3Q

-9.2

-18.3

-17.6

7,031

234

2,455

4Q

5.4

7.8

7.9

27.4

19.9

-23.4

7,411

252

2,650

2003

1Q

0.1

3.2

-3.6

7,416

260

2,555

2Q

27.7

29.2

14.9

9,472

336

2,935

3Q

44.8

31.7

2.2

13,714

442

3,000

4Q

36.1

34.6

11.6

151.9

136.3

26.4

18,670

595

3,349

2004

1Q

-5.2

-15.8

1.3

17,707

501

3,392

2Q

-5.2

-3.7

1.3

16,778

485

3,436

3Q

6.8

-1.5

-2.3

17,922

478

3,357

4Q

4.0

10

8.7

-0.2

-12.1

9

18,632

526

3,650

2005

1Q

4.0

1.7

-2.6

19,373

534

3,556

2Q

-7.9

-5.8

0.9

17,849

503

3,588

3Q

2.3

7.7

3.1

18,269

542

3,701

4Q

-7.4

-1.4

1.6

-9.2

1.6

3.0

16,914

534

3,760

2006

1Q

5.2

8.6

3.7

17,791

580

3,900

2Q

-12.0

-5.9

-1.9

15,661

546

3,826

3Q

7.1

2.8

5.2

16,770

561

4,023

4Q

6.9

5.0

6.2

5.9

10.3

13.6

17,920

589

4,272

2007

1Q

2.9

0.3

0.2

18,447

591

4,279

2Q

24.1

16.9

5.8

22,884

691

4,528

3Q

11.2

9.7

1.6

25,454

758

4,598

4Q

-0.5

3.1

-3.8

41.4

32.7

3.5

25,330

782

4,422

2008

1Q

-3.4

2.2

-9.9

24,460

799

3,984

2Q

-3.2

-11.6

-3.2

23,677

706

3,855

3Q

-21.7

-23.3

-8.9

18,537

541

3,513

4Q

-20.2

-26.5

-22.6

-41.6

-49.1

-38.5

14,794

398

2,720

2009

1Q

-0.5

-6.1

-11.7

14,530

374

2,403

2Q

5.4

44.3

15.2

15,317

539

2,769

3Q

18.9

22.2

15.0

18,209

659

3,184

4Q

7.0

2.7

5.5

31.7

69.9

23.5

19,476

676

3,358

2010

1Q

16.3

10.7

4.9

22,642

749

3,522

2Q

7.1

0.9

-11.9

24,242

756

3,104

3Q

27.5

31.0

10.7

30,898

989

3,437

4Q

23.1

6.8

10.2

95.4

56.2

12.8

38,049

1,056

3,788

2011

1Q

-6.1

0.6

5.4

35,733

1,063

3,993

2Q

-5.9

-2.0

-0.4

33,628

1,041

3,977

3Q

-15.3

-13.4

-14.3

28,490

902

3,408

4Q

-2.9

10.6

11.2

-27.3

-5.5

0.0

27,677

998

3,788

2012

1Q

22.6

19.6

12.0

33,945

1,194

4,242

2Q

-10.1

-4.5

-3.3

30,508

1,140

4,103

3Q

16.2

13.5

5.8

35,454

1,294

4,339

4Q

16.5

8.1

-1.0

49.2

40.1

13.4

41,300

1,399

4,295

2013

1Q

42.9

17.2

10.0

59,000

1,639

4,726

2Q

-18.9

-12.2

2.4

47,843

1,439

4,838

3Q

-7.6

-5.5

4.7

44,203

1,360

5,064

4Q

-11.7

-10.3

9.9

-5.5

-12.8

29.6

39,039

1,220

5,567

2014

1Q

9.6

6.9

1.3

42,802

1,304

5,639

2Q

5.1

7.9

4.7

44,996

1,407

5,904

3Q

4.7

6.8

0.6

47,105

1,502

5,940

4Q

-2.6

-6.9

4.4

17.5

14.7

11.4

45,887

1,399

6,201

2015

1Q

1.8

1.5

0.4

46,698

1,420

6,228

2Q

0.6

-3.7

-0.2

46,970

1,368

6,214

3Q

-3.5

-16.7

-6.9

45,342

1,139

5,783

4Q

2.2

-3.6

6.5

1.0

-21.5

-0.7

46,347

1,098

6,156

2016

1Q

1.1

12.1

0.8

46,870

1,231

6,203

2Q

18.9

2.7

1.9

55,717

1,264

6,321

3Q

3.0

4.2

3.3

57,381

1,317

6,530

4Q

22.1

0.4

3.3

51.2

20.4

9.5

70,054

1,323

6,743

2017

1Q

-35.7

6.5

5.5

45,043

1,409

7,116

2Q

2.0

1.2

2.6

45,924

1,426

7,299

3QTD

-2.6

4.9

2.0

44,727

1,496

7,444

 

TABLE MUST BE READ IN CONJUCTION WITH THE ACCOMPANYING FOOTNOTES WHICH ARE AN INTEGRAL PART    
HEREOF.  PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Notes

 

1. These results represent unaudited performance for funds under the management of Doug Barnett (the "Manager") from April 1990 to present. New investors can invest in our mutual fund, Thai Focused Equity Fund (the "Fund"), which commenced operations on October 21, 1997, and has a December 31 fiscal year-end. Shares in the Fund are privately offered from time to time to certain U.S. investors pursuant to Rule 506 under Regulation D of the U.S. Securities Act of 1933 and are also offered to non-U.S. investors. Performance is shown quarterly for the period April, 1990, to present.

 

2. "Net Rate of Return of Hypothetical Shareholder Investment of $1,000" reflects increases or decreases in each period of a hypothetical shareholder investment of $1,000 with the Manager, and is calculated by dividing the Net Performance for such hypothetical shareholder’s $1,000 investment in each period by the beginning investment value for such period. The figures presented assume that $1,000 was invested with the Manager on commencement date and held to present.

Net Performance in each period equals gross income less expenses. Gross income consists primarily of dividends, interest income and realized and unrealized capital gains and losses. Expenses consist primarily of fixed and incentive fees paid to the Investment Manager, commissions, transactional fees, and other operating expenses. The initial value for the initial period is equal to the initial contributed capital; thereafter, each period’s beginning value is equal to the ending value from the prior period adjusted for subscriptions effective on such date. Ending value is equal to the beginning value plus or minus redemptions and Net Performance.

 

THE RATE OF RETURN FOR AN INVESTOR ADMITTED AFTER INCEPTION OR WHICH HAS CONTRIBUTED OR WITHDRAWN CAPITAL SINCE SUCH DATE MAY DIFFER FROM THE RETURN REFLECTED HEREIN FOR ANY PERIOD.

 

3. The S&P 500 and the SET Index reflect the percentage increase (or decrease) for each period for the Standard & Poor’s 500 Composite Stock Price Index and the Stock Exchange of Thailand. The statistical data reflected by these Indices has been obtained from sources believed to be reliable but which are not warranted as to accuracy or completeness. The Indices are well-known, broad-based stock market indices which contain only seasoned equity securities. The Manager uses his assets to purchase and sell equity securities (some of which may be of a speculative nature or which at the time of their acquisition may be restricted as to the transferability or disposition thereof), purchase and sell currency forward contracts and currency options, engage in currency exchange transactions and invest and trade in various other investment instruments such as fixed income derivatives and various derivative instruments. For the foregoing reason and other reasons, the performance of the Fund and the performance of the Index are not comparable.

 

4. Annual and year-to-date return computed on a compounded quarterly basis.