Annual report, including Audited Financial Statements as at 31st December 2015

U ACCESS Variable Capital Investment Company

R.C.S. Luxembourg B 189 490

No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

U ACCESS

Contents

Organisation...... 4 Report of the Board of Directors...... 7 Report of the réviseur d'entreprises agréé...... 12 Combined statement of net assets ...... 14 Combined statement of operations and other changes in net assets ...... 15

U ACCESS - BEST SELECTION CHINA A ...... 16

Notes to the financial statements...... 21 Global exposure calculation method (unaudited) ...... 27

Page 3 U ACCESS

Organisation

REGISTERED OFFICE

287-289 route d’ L-1150 Luxembourg Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE FUND

Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. Luxembourg, Grand Duchy of Luxembourg Chairman of the Board of Directors

Mr. Remy PORTES Managing Director Union Bancaire Privée, UBP SA Geneva, Switzerland Director

Mr. Daniel VAN HOVE Managing Director Orionis Management S.A. Luxembourg, Grand Duchy of Luxembourg Director

MANAGEMENT COMPANY

UBP Asset Management (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg

MANAGEMENT COMPANY’S BOARD OF DIRECTORS

Mr. André GIGON Senior Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Geneva 1 Switzerland Chairman of the Board of Directors (from 5th June 2015)

Mr. Ian CRAMB Executive Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Geneva 1 Switzerland Chairman of the Board of Directors (until 4th June 2015)

Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Ms. Isabelle ASSERAY Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Mr. Patrick PALFFY Managing Director Union Bancaire Privée, UBP SA 96-98, rue du Rhône, CH-1211 Geneva 1 Switzerland

Page 4 U ACCESS

Organisation (continued)

MANAGEMENT COMPANY’S CONDUCTING OFFICERS

Mr. Christian ASSEL Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Ms. Isabelle ASSERAY Managing Director UBP Asset Management (Europe) S.A. 287-289, route d’Arlon, L-1150 Luxembourg Grand Duchy of Luxembourg

Mr. Pierre BERGER Managing Director UBP Gestion Institutionnelle SA 8, rue Robert-Estienne, CH-1211 Geneva 1 Switzerland

INVESTMENT MANAGER

Sub-fund Management delegated to: U ACCESS - BEST SELECTION CHINA A UBP Investment Management (Shanghai) Ltd People’s Republic of China

CUSTODIAN BANK

Union Bancaire Privée (Europe) S.A. 287-289 route d’Arlon L-1150 Luxembourg Grand Duchy of Luxembourg

ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT BY DELEGATION

CACEIS Bank Luxembourg 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

GENERAL DISTRIBUTOR, REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND

Union Bancaire Privée, UBP SA 96-98 rue du Rhône P.O. Box 1320 CH-1211 Geneva 1 Switzerland

CABINET DE REVISION AGREE

Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg

Page 5 U ACCESS

Organisation (continued)

INFORMATION ON THE MAIN REPRESENTATIVE OFFICES ABROAD

The information documents concerning the Fund, including the articles of incorporation, the complete prospectus and the Key Investor Information Documents (KIIDs), the annual reports and audited financial statements and semi-annual unaudited reports and the statement of changes in investments for the period referring to this report are available free of charge at the registered office of the Fund, 287-289 route d’Arlon, L-1150 Luxembourg and at the office of the following financial intermediaries:

- General distributor, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 96-98, rue du Rhône, P.O. Box 1320, CH-1211 Geneva 1 Tél: + 41 (0) 58 819 21 11 Payment services, execution place and jurisdiction place are established, for the shares distributed in Switzerland, in the place here-above mentioned. Supplementary information concerning the distribution of the different types and classes of shares of the Fund in Switzerland are specified in the complete prospectus and the Key Investor Information Documents (KIIDs). Information in Switzerland concerning the Fund are published in the Swiss Fund Data (www.swissfunddata.ch) (Switzerland). The subscription and redemption prices of the shares of the different sub-funds are daily published on the electronic platform Swiss Fund Data at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby informed that transactions made on the Fund’s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the Fund’s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding, selling and redemption of shares, in the light of their place of residence. Additional information for Swiss investors in accordance with the Guidelines on Duties Regarding the Charging and Use of Fees and Cost of 22 May 2014 of the Swiss Funds & Asset Management Association (SFAMA): Retrocessions for the commercialisation of the Fund to distributors and investment managers are taken directly from the management fees. Rebates from the management fees are granted to direct investors who meet certain conditions and request to be paid such rebate as set forth in the relevant section of the prospectus.

Page 6 U ACCESS

Report of the Board of Directors

I. MANAGER'S REPORT

1. A retrospective on financial markets

Global growth driven by consumer spending

As 2015 began, observers were confident that US and European monetary policy would diverge, and that is indeed what happened, particularly at the end of the year when the Fed raised interest rates. The other major theme of 2015, which was less predictable, was the divergence between manufacturing and consumer spending in almost all of the world's regions.

US manufacturing is highly exposed to the oil sector and was badly hurt by the slump in the oil price, as well as by the strong dollar. That was reflected by the decline in business confidence in the manufacturing sector, especially in the second half of the year. After a tough start to the year, once again caused by very harsh weather conditions, it became clear that US consumer spending was being supported by a very buoyant labour market. The US unemployment rate fell from 5.7% in January to 5.0% in December. Although wages did not rise much in nominal terms, improving consumer confidence, lower petrol prices and real-estate wealth effects prompted Americans to spend money, on new cars for example. Overall, US GDP growth in 2015 was very similar to the 2014 figure at around 2.5%. The eurozone has very little exposure to the oil sector and benefited greatly from lower energy prices, which boosted real incomes and therefore consumer spending. In addition, the European manufacturing sector, helped by a significantly weaker euro, coped admirably with the Greek crisis and the slowdown in emerging markets. As in previous years, the outlook for most emerging countries worsened as the year wore on. The Brazilian and Russian economies were badly affected by falling commodity prices and were mired in deep recession. However, observers focused mainly on activity levels in China, where consumer spending and the service sector were also strong, allowing growth to stabilise at just below 7%.

Like many central banks around the world, the People's Bank of China worked hard to support growth and boost inflation by cutting policy interest rates and the bank reserve ratio several times, as well as taking other more targeted measures. As expected, the ECB finally decided in January to launch a real quantitative easing programme of its own, extending its asset purchases to sovereign bonds. The ECB's communication task was more difficult in the second half, since Mario Draghi's emphasis on the inflation and growth risks stemming from emerging markets prompted investors to raise their expectations about what the ECB would do in December. In the end, the markets were disappointed with the ECB's actions, which consisted of cutting its deposit rate by 10bp to -0.3% and extending its asset purchase programme until spring 2017. The Fed prepared the markets for an initial rate hike as early as the spring, but it did not happen even in September, mainly because the market had a major bout of nerves following the surprise devaluation of China's currency in the middle of the quiet summer period. For once, the Swiss National Bank sprang the year's biggest surprise, scrapping its floor EUR/CHF rate and cutting its key interest rate by 50bp to -0.75%, just a few days before the ECB's meeting in January. By contrast, monetary policy remained unchanged at the Bank of Japan and the Bank of England.

Bond markets: investors focusing on central banks

Despite diverging monetary policies, bond yields in the world's various regions remained closely in step. The ECB's announcement of a QE programme contributed heavily to a sharp fall in developed- country yields at the start of the year. In mid-April, German yields were negative for maturities of up to eight years. The prospect of a rate hike in the USA and an improving economic outlook in the eurozone then pushed yields higher, and they remained broadly stable in the second half of the year. Overall, yield movements in 2015 were very small. German 10-year yields rose from 0.5% in January to 0.6% in December and US 10-year yields from 2.2% to 2.3%. This led to very limited returns for sovereign bonds in Germany (0.3% according to BofA ML indexes) and the USA (0.8%). For outperformance, investors had to look to debt in peripheral countries (+3.8%) and, highly unexpectedly, Switzerland (+2.6%). Corporate bonds suffered from wider credit spreads. Although widening was moderate for investment-grade paper, returns were very slightly negative in both EUR (-

Page 7 U ACCESS

Report of the Board of Directors (continued)

0.4%) and USD (-0.6%). However, US high-yield bonds, which are heavily exposed to the oil and gas sector, saw risk premiums rise sharply and posted a return of -4.6%. Dollar-denominated bonds issued by emerging-market governments and companies were highly resilient given the circumstances and delivered a return of just over 1% on average.

Currencies and commodities

Another major theme of 2015 was clearly the strong dollar. The dollar rose 9% against a basket of other major currencies. As a result the euro fell 10% against the dollar, but many commodity currencies fell even further, examples being the Canadian dollar (-16%), the Russian rouble (-16%) and the Brazilian real (-33%). The yen, meanwhile, was almost unchanged, while sterling was down only 6%. Finally, despite shooting up by around 20% against all currencies on 15 January, the Swiss franc ended the year almost unchanged against the dollar, close to parity. As everyone will remember, there were a few days in 2015 when a Swiss franc was worth more than a euro, but the euro then rallied to around CHF1.05 in late January and stabilised at around CHF1.09 in the second half of 2015.

Because of oil's major economic and financial implications, investors paid very close attention to oil prices, which hit their lowest level since 2004. The Brent crude price fell 35% during 2015 and the WTI price 31%. However, almost all commodity prices fell sharply, mainly because of the strong dollar, concerns about the Chinese economy, excessive supply in many cases and oil-specific geopolitical factors. The general slide also affected the gold price, which fell 10% despite the significant increase in geopolitical risk and terrorist attacks around the world.

Equity markets: almost unchanged

The MSCI All Country World index went almost nowhere in 2015 as a whole, posting a gain of 1.3% in local-currency terms with net dividends reinvested. However, this ignores the frequent market dips during the year. In particular, the latest flare-up in the Greek crisis took place in early summer, followed by concern about China in August, which was also the month when the VIX index hit its highest level since 2008 on the back of serious worries about the world economy. Then, fears about the fundamentals of certain companies, particularly in the auto sector, arose in September.

On the plus side, the eurozone market (+9.8% for the MSCI index) and Japan (+9.9%) outperformed strongly and the Swiss market (+1.2%) recovered from a disastrous start to the year. Although certain flagship US tech stocks posted extraordinary gains, such as Amazon (+118%) and Netflix (+134%), the return from the US market as a whole was only just positive (+0.7%), and even then only because of dividends. 2015 was not kind to emerging markets, which posted a 5.8% decline in local-currency terms and 14.9% in dollars, substantially underperforming developed markets for the third straight year. Given the major concern about the Chinese economy, investors kept a particularly close eye on the swings in the Shanghai Composite index, which was up 60% in mid-June before losing more than 40% in two and a half months, ending the year with an overall gain of 9%.

Page 8 U ACCESS

Report of the Board of Directors (continued)

1.2 Sub-funds’ report

U ACCESS SICAV - BEST SELECTION CHINA A sub-fund

2015 is truly one unforgettable year. A share market experienced a roller-coaster type of movement, with 50% increase in the first half of the year and then a 30% drop all the way to year end. The major indices, in the end, still delivered positive returns. Shanghai Composite Index rose 9.41%, CSI 300 index rose 5.58%, and MSCI China rose 10.77%. The strongest performer was still the ChiNext Index, with 84.41% increase of the year.

At beginning, A share market carried on with the recovery momentum since 2014. Sectors supported by national policies remained the hot topics within the market. The top five performers were Computers (+100.29%), Light Manufacturers (89.86%), Textile and Apparels (89.17%), Leisure and Services (78.45%), and Media (76.74%). The traditional sectors, such as Non-Financials (-16.90%), Banks (-1.36%), Mining (-0.43%) and Steels (+1.80%) remained weak.

The exciting investment momentum was supported by the relatively loose liquidity which boosted leverage behaviors and gambling desire in the A share market. As of June 18th, 2015, the daily funding amount had increased by 127.3% since last year end. Shadow banking, accordingly, became another channel to finance. However, its irregular mode eventually caused authorities’ attention. In the mid-year, shadow banking business was strictly prohibited by regulators which initiated a huge sell-off in the market. A-share market experienced unstoppable plummet until September, when authorities released more stimulus policies to ease the concerns. The continuous depreciation of Chinese currency, renminbi, also enhanced the pessimistic sentiment and drove a huge amount of capital outflows.

The Sub-Fund was established at May 12th, 2015, the time when A-market was close to its peak. To track the allocation of its benchmark, MSCI China A, the Sub-Fund manager invested mainly in industrial and financials (up to 40% to 50%), which happened to be the weaker performers of the year.

Even though the Sub-Fund was established during challenging times, now supported by supply-side reform and booming of real estate sectors, we believe the large-caps still have positive investment potentials in the long run. In order to capture the possible rebound, the fund manager maintains a higher exposure in A-share market.

Page 9 U ACCESS

Report of the Board of Directors (continued)

2. Outlook

2016 outlook: growth likely to stabilise but numerous risks remain

Global growth is likely to be between 3% and 3.5% in 2016, maintaining the pace seen in late 2015. The upturn in developed countries in 2015 is likely to continue, and activity levels in emerging-market countries should stabilise after a difficult year. However, major risks remain: the geopolitical situation remains highly uncertain, particularly in the Middle East, and there is a busy political schedule in developed countries, including the US presidential election and a likely EU membership referendum in the UK. These factors could significantly affect the growth scenario.

Developed countries have the best prospects, and should achieve growth of 2%, up from 1.9% in 2015 and 1.7% in 2014. That growth will be driven mainly by domestic demand, and consumer demand in particular, supported by job creation, lower unemployment and rising incomes. However, business investment, the real-estate sector and global trade are likely to provide greater support across the various regions, so that economies will be less dependent on consumer spending alone. Among developed countries, the recovery taking place in the eurozone and Japan should continue. With monetary policy still very loose and fiscal policy easier than in recent years, growth is likely to be 1% in Japan and 1.7% in the eurozone. The USA and UK should post growth of around 2.5% in 2016, very close to their figures for 2015. Both the USA and UK are further along the economic cycle than other developed countries and their economic policies are likely to provide less stimulus. The growth outlook for 2016 in emerging economies remains uncertain. Low commodity prices, the normalisation of US official interest rates and a lack of structural reform will remain serious drags on many countries, putting their currencies and external balances under pressure. We are likely to continue seeing major differences between countries that export and those that import commodities. In addition, slowing growth is creating fears that the sharp rise in credit levels since 2008 could cause a financial crisis. This is also the case in China, even though growth there is likely to stabilise between 6% and 6.5% due to various industry-specific support plans and measures to loosen monetary policy, both past and expected.

In these circumstances, inflation is likely to remain low. In developed countries, the low base for comparison caused by the oil price slump in 2015 will automatically push inflation higher in early 2016, but the underlying price trend remains moderate. In the USA, inflation is likely to move close to the 2% level expected by the Fed, while in the eurozone it should remain between 1% and 1.5%, below the central-bank target range. Despite sharply lower unemployment rates in some countries – the USA, the UK, Germany and Japan – wage growth is likely to remain limited, although some bouts of upward pressure could occur in 2016.

Monetary policies should continue to diverge, possibly at a faster pace than before. Policies are likely to fall into two camps: gradual tightening in the USA, the UK (provided economic figures remain in line with central bank forecasts) and some Latin American countries, and further loosening in the eurozone, Japan and Asia.

As a result, the financial markets will probably remain volatile. However, we believe that the outlook is good for risk assets, particularly equities. Earnings growth should be in line with expected economic growth, i.e. between 5% and 7% globally. We still believe that developed countries represent the best market opportunities because of their recovering economies, support from economic policy, M&A activity and ongoing share buybacks. The consumer goods, technology and healthcare sectors should continue to outperform over the medium term. More broadly, we still favour new technologies and growth stocks, even though valuations are high in some cases.

Corporate bonds are still more attractive than government bonds in our view. The yields on government paper are low because of unconventional monetary policies, but bond yields could rise slightly given that growth is strengthening. In the credit segment, we regard spreads on US high-yield paper as excessively wide given likely moderate growth in the US economy, despite the segment's heavy exposure to the oil and gas sector.

Page 10 U ACCESS

Report of the Board of Directors (continued)

Diverging monetary policies should support the dollar against other currencies, but exchange rates will remain volatile and still highly dependent on comments by central bank officials. Finally, returns from gold look likely to be modest, unless we see a strong increase in geopolitical and systemic risk.

II. EVOLUTION OF ACTIVITY AND FINANCIAL SITUATION

Performance Net assets NAV per as at share APC 2015 Ccy Sub-fund 31/12/15 as at (millions) 31/12/15

U ACCESS SICAV - BEST SELECTION CHINA A CNH 75.24 692.72 N.R.

U ACCESS - BEST SELECTION CHINA A sub-fund has been launched on 2nd June 2015 at a price of 1,000 CNH.

III. PERFORMANCE FOR THE LAST THREE YEARS

Name Type 2015 U ACCESS SICAV - BEST SELECTION CHINA A APC CNH N.R. U ACCESS SICAV - BEST SELECTION CHINA A APC USD N.R. U ACCESS SICAV - BEST SELECTION CHINA A APC EUR N.R. U ACCESS SICAV - BEST SELECTION CHINA A APD EUR N.R. U ACCESS SICAV - BEST SELECTION CHINA A APHC USD N.R. U ACCESS SICAV - BEST SELECTION CHINA A APHC EUR N.R. U ACCESS SICAV - BEST SELECTION CHINA A APHD USD N.R. U ACCESS SICAV - BEST SELECTION CHINA A IPC USD N.R. U ACCESS SICAV - BEST SELECTION CHINA A IPHC USD N.R. MSCI CHINA A NR CNY Index N.R.

U ACCESS - BEST SELECTION CHINA A sub-fund has been launched on 2nd June 2015. The first calculated net asset value is dated 3rd June 2015.

Luxembourg, 29th March 2016 The Board of Directors

Note: The information in this report represents historical data and is not an indication of future results.

Page 11

Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg B.P.1173 L-1011 Luxembourg

Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

REPORT OF THE RÉVISEUR D’ENTREPRISES AGRÉÉ

To the Shareholders of U ACCESS

Following our appointment by the general meeting of the shareholders of 22nd April 2015, we have audited the accompanying financial statements of U ACCESS (the ‘’Fund’’), which comprise the combined statement of net assets, the statement of net assets and the statement of investments and other net assets as at 31st December 2015 and the combined statement of operations and other changes in net assets and the statement of operations and other changes for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Board of Directors of the Fund’s responsibility for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the réviseur d’entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Fund, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895 Page 12

Deloitte.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of U ACCESS as of 31st December 2015, and of the results of its operations and changes in its net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Emphasis of matter

We draw attention to Note 10 to the Financial Statements which describes the fact that the sub-fund U ACCESS - BEST SELECTION CHINA A holds 5 securities as at 31 st December 2015 for which the quotation has been suspended. In absence of quotation, the Board of Directors of the Fund valued those securities with caution and in good faith in accordance with the valuation policy as described in Note 2. Those securities represent 8.03% of the Total Net Assets of the sub-fund as at 31 st December 2015. Our opinion is not qualified on this matter.

For Deloitte Audit, Cabinet de revision agree

Virginie Ng Wing Lit-Boulot, Reviseur d'entreprises agree Partner

Luxembourg, 18th April 2016 560 , rue de Neudorf L-2220 Luxembourg

Societe a responsabilite limitee au capital de 35.000 EUR RCS Luxembourg B 67.895 Page 13 U ACCESS Combined Financial Statements as at 31/12/2015 Statement of net assets as at 31/12/2015 Expressed in USD

Assets 11,523,115.45 Securities portfolio at market value Note 2 10,807,053.18 Cash at banks 616,249.39 Formation expenses, net Note 2 39,659.10 Unrealised profit on forward foreign exchange contracts Note 2, 7 60,153.78 Liabilities 69,113.38 Interest payable on bank liabilities and expenses payable 69,113.38 Net asset value at the end of the year 11,454,002.07

The accompanying notes form an integral part of these financial statements Page 14 U ACCESS Combined Statement of operations and changes in net assets from 01/01/2015 to 31/12/2015

Expressed in USD

Income 51,885.87 Dividends, net Note 2 51,673.38 Interest on bank accounts 211.72 Other income 0.77 Expenses 280,206.21 Amortisation of formation expenses Note 2 5,218.00 Management fees Note 3 88,131.28 Custodian fees 11,182.05 Subscription duty ("Taxe d'abonnement") Note 4 3,142.76 Central administration costs 18,117.49 Audit fees 24,913.08 Interest paid on bank liabilities 843.68 Legal fees 2,110.04 Transaction fees Note 2 95,669.98 Other administration costs Note 5, 6 15,964.23 Other expenses 14,913.62 Net investment loss -228,320.34 Net realised gain/(loss) on: - securities portfolio Note 2 -2,073,869.54 - forward foreign exchange contracts Note 2 166,742.96 - foreign exchange Note 2 16,082.02 Realised result -2,119,364.90 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -2,249,148.66 - forward foreign exchange contracts Note 2 60,153.78 Result of operations -4,308,359.78 Subscriptions capitalisation shares 15,802,618.27 Subscriptions distribution shares 803,895.47 Redemptions capitalisation shares -739,874.23 Redemptions distribution shares -139,688.67 Total changes in net assets 11,418,591.06

Reevaluation of opening consolidated NAV -2,100.54

Total net assets at the beginning of the year 37,511.55

Total net assets at the end of the year 11,454,002.07

The accompanying notes form an integral part of these financial statements Page 15 U ACCESS - BEST SELECTION CHINA A Financial Statements as at 31/12/2015 Statement of net assets as at 31/12/2015 Expressed in CNH

Assets 75,694,734.79 Securities portfolio at market value Note 2 70,990,959.66 Cash at banks 4,048,109.58 Formation expenses, net Note 2 260,518.53 Unrealised profit on forward foreign exchange contracts Note 2, 7 395,147.02 Liabilities 454,002.13 Interest payable on bank liabilities and expenses payable 454,002.13 Net asset value at the end of the year 75,240,732.66

Changes in number of shares outstanding from 01/01/2015 to 31/12/2015

Shares Shares outstanding as at Shares issued Shares redeemed outstanding as at 01/01/2015 31/12/2015

AP shares Capitalisation shares 0.000 3,347.706 0.000 3,347.706

AP USD shares Capitalisation shares 0.000 25,296.728 2,751.759 22,544.969

AP EUR shares Capitalisation shares 0.000 1,502.171 0.000 1,502.171 Distribution shares 0.000 1,000.000 0.000 1,000.000

APH USD shares Capitalisation shares 0.000 85,037.646 4,897.553 80,140.093 Distribution shares 0.000 7,390.000 2,110.000 5,280.000

APH EUR shares Capitalisation shares 0.000 10,180.083 3,863.000 6,317.083

IP USD shares Capitalisation shares 0.000 45,000.000 0.000 45,000.000

IPH USD shares Capitalisation shares 0.000 4,014.141 0.000 4,014.141

The accompanying notes form an integral part of these financial statements Page 16 U ACCESS - BEST SELECTION CHINA A Key figures

Year ending as at: 31/12/2015

Total Net Assets CNH 75,240,732.66

AP shares CNH Capitalisation shares Number of shares 3,347.706 Net asset value per share 692.72

AP USD shares USD Capitalisation shares Number of shares 22,544.969 Net asset value per share 65.39

AP EUR shares EUR Capitalisation shares Number of shares 1,502.171 Net asset value per share 68.26 Distribution shares Number of shares 1,000.000 Net asset value per share 66.99

APH USD shares USD Capitalisation shares Number of shares 80,140.093 Net asset value per share 67.40 Distribution shares Number of shares 5,280.000 Net asset value per share 66.67

APH EUR shares EUR Capitalisation shares Number of shares 6,317.083 Net asset value per share 67.28

IP USD shares USD Capitalisation shares Number of shares 45,000.000 Net asset value per share 65.68

IPH USD shares USD Capitalisation shares Number of shares 4,014.141 Net asset value per share 67.69

The accompanying notes form an integral part of these financial statements Page 17 U ACCESS - BEST SELECTION CHINA A Statement of investments and other net assets as at 31/12/2015 Expressed in CNH Number/ % of total Description Currency Cost Market value nom. value net assets Transferable securities admitted to official stock exchange listing and/or dealt in on 85,765,498.05 70,990,959.66 94.35 another regulated market Shares 85,765,498.05 70,990,959.66 94.35 Chinese Yuan 85,765,498.05 70,990,959.66 94.35 12,200 ANHUI SUN-CREATE ELECTRONICS CO LTD -A-* CNY 1,628,401.41 945,370.26 1.26 253,500 ANYUAN COAL IND -A- CNY 2,449,806.11 1,497,628.67 1.99 180,000 BEFAR GROUP CO -A- CNY 1,449,288.00 1,460,360.94 1.94 52,600 BEIJING TIANTAN BIOLOGICAL PRODUCTS CORP -A- CNY 2,543,042.61 1,858,650.21 2.47 105,500 CHENGDU DR PENG TECHNOLOGY -A- CNY 3,028,946.40 2,531,514.85 3.36 47,200 CHINA ANIMAL HUSBANDRY INDUSTRY -A- CNY 1,846,525.70 1,020,852.59 1.36 450,000 CHINA CITIC BANK CORPORATION LTD-SHS.A CNY 2,788,005.72 3,286,722.57 4.37 98,780 CHINA CYTS TOURS HOLDINGS -A- CNY 2,507,588.31 2,329,295.73 3.10 290,859 CHINA RAILWAY TIELAND CONTAINER LOGISTIC -A- CNY 4,245,600.30 2,704,029.05 3.59 39,800 CHONGQING DEPARTMENT STORE -A-* CNY 1,698,522.81 1,206,252.47 1.60 400,000 CINDA REAL ESTATE -A- CNY 2,834,220.00 2,812,277.23 3.74 302,400 CITICHAMP DARTONG -A- CNY 3,295,595.98 2,673,662.32 3.55 29,699 CZ XINGYU AUTOM -A- CNY 1,738,863.18 1,132,952.48 1.51 47,400 FIBERHOME TELECOMMUNICATION TECHNOLOGIES -A- CNY 1,768,940.69 1,367,064.15 1.82 211,100 GUODIAN NARI TECHNOLOGY -A- CNY 5,051,271.06 3,562,030.35 4.74 125,100 GX GUIDONG ELECTRIC POWER CO LTD A CNY 1,704,761.56 1,202,248.52 1.60 23,500 HB HENGSHUI LAO -A- CNY 1,688,635.69 1,430,412.21 1.90 145,200 HUATAI SECURITIES CO LTD -A- CNY 2,065,472.14 2,896,588.90 3.85 204,200 INDUSTRIAL BANK -A- CNY 3,781,651.16 3,526,164.71 4.69 125,600 INNER MONGOLIA YI LI INDUSTRY CO LTD -A- CNY 2,394,395.10 2,087,567.55 2.77 90,927 JIANGXI COPPER CO LTD -A- CNY 1,459,978.47 1,447,807.85 1.92 105,558 JILIN YATAI GROUP -A- CNY 1,703,475.54 773,113.14 1.03 64,918 JS YABANG DYESTUFF CO LTD -A- CNY 1,524,073.39 1,469,733.35 1.95 90,464 JS YUEDA INVESTMENT CO LTD -A- CNY 1,846,213.92 1,158,571.46 1.54 40,000 KING S LUCK BREW -A- CNY 1,441,308.00 1,356,772.02 1.80 144,700 MEIHUA HOLDINGS GROUP CO LTD -A-* CNY 1,805,961.01 1,411,103.60 1.88 26,024 PIENTZEHUANG -A- CNY 1,603,944.89 1,810,976.00 2.41 90,000 PING AN INSURANCE GROUP CO.SHS.A CNY 3,706,242.61 3,277,618.07 4.36 110,300 QINGDAO HAIER CO LTD -A-* CNY 1,700,743.62 1,247,471.55 1.66 203,700 SHANGHAI TUNNEL ENGINEERING -A- CNY 3,257,293.49 2,192,532.26 2.91 40,100 SHENYANG NEUSOFT CO LTD -A- CNY 1,394,742.98 1,259,561.31 1.67 156,700 SICHUAN GUANGAN AAA -A- CNY 1,782,077.63 1,217,428.75 1.62 162,500 SINOLINK SECURITIES CO LTD -A- CNY 2,051,319.54 2,649,913.75 3.52 69,000 SINO-PLATINUM METALS CO LTD -A- CNY 1,461,371.70 1,463,031.59 1.94 66,100 SJEC CORPORATION -A- CNY 1,701,002.66 1,048,481.70 1.39 147,466 TIAN DI SCIENCE & TECHNOLOGY CO LTD -A- CNY 1,807,952.31 1,018,886.81 1.35 110,000 XIAMEN TUNGSTEN CO LTD -A- CNY 2,087,591.00 2,093,123.32 2.78 132,100 YUNNAN WENSHAN ELEC -A-* CNY 1,797,579.23 1,225,421.48 1.63 58,800 ZHENGZHOU YUTONG COACH -A-* CNY 1,123,092.13 1,337,765.89 1.78

Total investments in securities 85,765,498.05 70,990,959.66 94.35

Cash at banks/(bank liabilities) 4,048,109.58 5.38

Other net assets/(liabilities) 201,663.42 0.27

Total 75,240,732.66 100.00

(*) Note 10

The accompanying notes form an integral part of these financial statements Page 18 U ACCESS - BEST SELECTION CHINA A

Geographical classification of investments

(by domicile of the Issuer) % of net assets China 94.35

94.35

Industrial classification of investments

% of net assets Machine and apparatus construction 13.94 Holding and finance companies 8.54 Utilities 6.84 Chemicals 6.36 Retail trade, department stores 5.34 Communications 5.18 Transportation 5.13 Hotels and restaurants 4.98 Non-ferrous metals 4.70 Banks and credit institutions 4.37 Insurance 4.36 Tobacco and alcoholic drinks 3.70 Miscellaneous consumer goods 3.52 Electrical engineering and electronics 3.17 Miscellaneous trading companies 2.77 Pharmaceuticals and cosmetics 2.41 Precious metals and stones 1.94 Road vehicles 1.78 Office supplies and computing 1.67 Agriculture and fishery 1.36 Electronics and semiconductors 1.26 Building materials and trade 1.03

94.35

Page 19 U ACCESS - BEST SELECTION CHINA A Statement of Operations and Changes in Net Assets from 01/01/2015 to 31/12/2015 Expressed in CNH

Income 340,835.55 Dividends, net Note 2 339,439.66 Interest on bank accounts 1,390.80 Other income 5.09 Expenses 1,840,659.80 Amortisation of formation expenses Note 2 34,276.75 Management fees Note 3 578,929.74 Custodian fees 73,454.28 Subscription duty ("Taxe d'abonnement") Note 4 20,644.65 Central administration costs 119,012.82 Audit fees 163,652.67 Interest paid on bank liabilities 5,542.12 Legal fees 13,860.71 Transaction fees Note 2 628,451.10 Other administration costs Note 5, 6 104,868.18 Other expenses 97,966.78 Net investment loss -1,499,824.25 Net realised gain/(loss) on: - securities portfolio Note 2 -13,623,139.16 - forward foreign exchange contracts Note 2 1,095,325.70 - foreign exchange Note 2 105,641.97 Realised result -13,921,995.74 Net variation of the unrealised gain/(loss) on: - securities portfolio Note 2 -14,774,538.39 - forward foreign exchange contracts Note 2 395,147.02 Result of operations -28,301,387.11 Subscriptions capitalisation shares 103,806,562.07 Subscriptions distribution shares 5,280,746.76 Redemptions capitalisation shares -4,860,194.63 Redemptions distribution shares -917,607.50 Total changes in net assets 75,008,119.59

Net assets at the beginning of the year 232,613.07

Net assets at the end of the year 75,240,732.66

The accompanying notes form an integral part of these financial statements Page 20 U ACCESS

Notes to the financial statements as at 31st December 2015

Note 1 - General information

U ACCESS (hereinafter the “Fund”) is a variable capital investment company incorporated in Luxembourg on 7th August 2014 in accordance with part I of the amended law of 17th December 2010 relating to undertakings for collective investments, (the “2010 Law”). The Articles of the Fund were filed with the Luxembourg district Court Registry and published in the Luxembourg Mémorial, Recueil des Sociétés et Associations on 21st August 2014.

The Fund is structured as an umbrella fund to provide its shareholders with a variety of sub-funds to which a specific investment objective, investment policy, reference currency and other specific features particular to each sub-fund apply.

The Fund was incorporated with an initial capital of EUR 31,000, equivalent to USD 37,511.55. The capital of the Fund shall be equal at all times to the aggregate net assets of all the sub-funds.

UBP Asset Management (Europe) S.A. (the “Management Company”) has been appointed as the Management Company of the Fund. It was incorporated on 17th May 2013 for an indefinite period under the laws of the Grand Duchy of Luxembourg and is licensed as an authorised management company under the chapter XV of the 2010 Law. The Management Company is in charge of the management, administration and distribution of the Fund.

As at 31st December 2015, three sub-funds are available for subscriptions : - U ACCESS - GMI UCITS (not yet launched) - U ACCESS - Trend Macro UCITS (not yet launched) - U ACCESS - BEST SELECTION CHINA A (launched as at 2nd June 2015)

Types of shares

Within each sub-fund, shareholders may be offered various Types of Shares: - Type A shares; - Type I shares, reserved exclusively for institutional investors who may subscribe on their own behalf or on behalf of third parties, who must also be institutional investors. - Type R shares; - Type U shares are only available for: • United Kingdom resident investors who purchase the Shares directly or; • investors who indirectly purchase the Shares through a business organisation located in the United Kingdom (such as a fund platform or wealth management firm) which provides fee based investment advisory services to investors under a separate investment management agreement and which are pre-approved by UBP or; • others investors having received a specific approval given by the Board of Directors. - Type Z shares, which are reserved for institutional investors who have signed a specific remuneration agreement with Union Bancaire Privée, UBP SA or with any other member of the UBP Group.

Shares with performance fees The Types of shares which include the letter “P” in their name bear a performance fee.

Shares in currencies other than the sub-fund's Base Currency Shares in currencies other than the Base Currency of each sub-fund may be offered. These Shares will bear all exchange-related costs concerning the subscription price and/or redemption price respectively received or paid in the sub-fund’s Base Currency, costs relating to the calculation of the Net Asset Value and any related costs. Depending on the sub-fund, the currency risk for these Shares may or may not be hedged. The hedged Shares will be covered largely by hedging transactions. The objective of the hedging transactions is to cover the exchange-related risks between the Base Currency of a sub-fund and the share's currency. All the costs and risks resulting from hedging transactions will be borne by the Shares denominated in these currencies respectively.

Currency hedged Shares will include the letter "H" in their denomination.

Page 21 U ACCESS

Notes to the financial statements as at 31st December 2015 (continued)

Note 2 - Principal accounting methods a) Presentation of the financial statements

The financial statements are prepared in accordance with legal and regulatory requirements relating to undertakings for collective investments and generally accepted accounting principles in Luxembourg. b) Valuation of assets

The value of cash at hand or in deposits, bills and notes payable on sight and accounts receivable, accrued expenses, dividends and interest announced or accrued but not yet received, is based on the nominal value of such assets, unless it is unlikely that this value may be received; in this last case, the value is determined by deducting a certain amount as deemed appropriate by the Fund in order to reflect the actual value of such assets.

The valuation of any security traded on another regulated market is based on the last available price. Where securities held in the portfolio are not traded or listed on a stock exchange or another regulated market, or where the price determined in respect of securities listed or traded on a stock exchange or another regulated market is not representative of the real value of those securities, such securities are valued on the basis of probable sales estimated with caution and in good faith by the Board of Directors. c) Net realized gains/(losses) on sales of securities

The net realized gains/(losses) on sales of securities are determined on the basis of the average cost of the securities sold and are recorded in the statement of operations and other changes in net assets. d) Income

Dividends are accounted at the ex-date. Interests are accounted on a prorata temporis basis. e) Formation expenses

Expenses in connection with the incorporation of the Fund are amortised on a straight line basis over five years period. f) Transaction fees

The transaction fees, i.e. fees charged by the brokers for securities transactions and similar transactions, are recorded separately in the statement of operations and other changes in net assets under the caption "Transaction fees". g) Forward foreign exchange contracts

Forward foreign exchange contracts that have not matured on the valuation date are valued on the basis of the forward rates applicable on that date. Resulting unrealized gains and losses are disclosed in the statement of net assets. Realized gains or losses and changes in unrealized gains or losses are disclosed in the statement of operations and other changes in net assets.

h) Combined statements

The various items appearing in the combined financial statements of the Fund are drawn up in EUR.

The following exchange rates were used by the Fund as at 31st December 2015:

1 USD = 6.56895 CNH 0.92056 EUR

Page 22 U ACCESS

Notes to the financial statements as at 31st December 2015 (continued)

Note 3 - Management and performance fees

The Management Company is entitled to receive a management fee, accrued on each Valuation Day and payable quarterly in arrears out of the assets of each sub-fund. The management fee is based on the monthly average net assets of each sub-fund at a maximum rate in accordance with the table below :

U ACCESS - BEST SELECTION CHINA A Share Currency ISIN Forex Maximum Maximum Benchmark index or Class hedging Management Performance Minimum return rate Fee Fee per annum (Hurdle) * APC CNH LU1223210961 APC EUR LU1223211183 APC USD LU1223211001 APD EUR LU1223404226 APHC EUR LU1223405116 √ 1.50% 20% MSCI CHINA A NR APHC USD LU1223404903 √ APHD USD LU1223405033 √ IPC USD LU1223211936 1.00% IPHC USD LU1223406353 √

In addition to its management fee, and for the shares which include the letter “P” in their name,the Management Company is also entitled to receive a performance fee from the relevant sub-fund, payable on a yearly basis in arrears at the end of each 12-month period (financial year) and equivalent to a percentage, as set out in the table above, of the sub-fund higher net return, respectively for each class in relation to the MSCI CHINA A NR benchmark index. If this difference is negative or equal to zero, the sub-fund will not pay any performance fee.

No performance fees were due by the sub-fund during the year.

Note 4 - Subscription duty ("taxe d’abonnement")

The Fund is subject in Luxembourg to an annual tax representing 0.05% of the Fund’s net assets for Types of shares that are not exclusively reserved to institutional investors. This tax is payable quarterly and is calculated at the end of the relevant quarter. Types of shares that are exclusively reserved to institutional investors benefit from a reduced "taxe d’abonnement", representing 0.01% of the value of their dedicated net assets.

Note 5 - General distributor fee

Union Bancaire Privée, UBP SA, Genève has been appointed as General Distributor (the “General Distributor”) for the Fund’s Shares, in order to organise and oversee the marketing and distribution of the Fund's Shares, and centralise investors' subscription, redemption or conversion orders for the Fund’s Shares that are submitted directly to Union Bancaire Privée, UBP SA.

U ACCESS - BEST SELECTION CHINA A As remuneration for its service as general distributor, Union Bancaire Privée, UBP SA, Genève, receives an annual distribution fee of 0.10%, accrued on each Valuation day and payable quarterly in arrears, calculated on the average net assets of Types A shares of the sub-fund.

These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs" which is primarily composed of marketing fees and distribution fees. There is no distributor fee for the Classes of Shares IP and Z.

Page 23 U ACCESS

Notes to the financial statements as at 31st December 2015 (continued)

Note 6 - Marketing fee

Union Bancaire Privée, UBP SA, Genève has been appointed as Marketing Agent (the “Marketing Agent”). Union Bancaire Privée, UBP SA, will promote and market the Fund in Europe, coordinate the marketing activities of the local distributors and the reporting duties in consideration of the distribution activities.

These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs".

U ACCESS - BEST SELECTION CHINA A As remuneration for its service as marketing agent, Union Bancaire Privée, UBP SA, Genève, receives an annual marketing fee of 0.10%, accrued on each Valuation day and payable quarterly in arrears calculated on the average net assets of Types A shares of the sub-fund.

These fees are recorded in the statement of operations and other changes in net assets under the item "Other administration costs".

Note 7 - Forward foreign exchange contracts

As at 31st December 2015, the following forward foreign exchange contracts are outstanding :

The exposure corresponds to the commitment in the sub-fund’s currency.

U ACCESS - BEST SELECTION CHINA A

Unrealized Currency Purchases Counterparty Currency Sales Maturity result (in CNH)

Forward foreign exchange contracts linked to APH USD and IPH USD UNION BANCAIRE USD 5,774,637.00 PRIVEE GENEVE CNH -37,662,182.51 22/01/2016 384,981.92 UNION BANCAIRE USD 227,584.00 PRIVEE GENEVE CNH -1,499,346.15 22/01/2016 129.21 UNION BANCAIRE USD 187,112.00 PRIVEE GENEVE CNH -1,229,475.53 22/01/2016 3,343.27 UNION BANCAIRE CNH 1,338,465.91 PRIVEE GENEVE USD -202,927.00 22/01/2016 1,451.64 389,906.04

Unrealized Currency Purchases Counterparty Currency Sales Maturity result (in CNH) Forward foreign exchange contracts linked to APH EUR UNION BANCAIRE EUR 407,575.00 PRIVEE GENEVE CNH -2,913,264.59 22/01/2016 5,156.60 UNION BANCAIRE EUR 16,162.00 PRIVEE GENEVE CNH -115,558.30 22/01/2016 168.92 UNION BANCAIRE EUR 13,083.00 PRIVEE GENEVE CNH -94,380.76 22/01/2016 -700.57 UNION BANCAIRE CNH 103,770.74 PRIVEE GENEVE EUR -14,406.00 22/01/2016 616.03 5,240.98

Page 24 U ACCESS

Notes to the financial statements as at 31st December 2015 (continued)

Note 8 - Total expense ratio ("TER") and portfolio turnover rate ("PTR")

The TER and the PTR are calculated for the last 12 months preceding the date of this report.

Transaction fees are not taken into account in the calculation of the TER.

The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100

with Total 1 = Total securities transactions = X + Y X = Securities purchases Y = Securities sales

Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions

M = average net assets

If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the last 12 months preceding indicated reference date.

TER

As at 31st December 2015, the TER calculated for each Class of Shares is as follows:

Sub-fund and Codes ISIN Class of share TER in %

U ACCESS - BEST SELECTION CHINA A LU1223210961 APN CNH C 3.00* LU1223211001 AP USD C 3.04* LU1223211183 AP EUR C 3.16* LU1223404226 AP EUR D 3.00* LU1223404903 APH USD C 3.01* LU1223405033 APH USD D 3.05* LU1223405116 APH EUR C 3.10* LU1223211936 IP USD C 2.26* LU1223406353 IPH USD C 2.31*

* : annualized

Portfolio Turnover Ratio “PTR”

As at 31st December 2015, the PTR calculated for U ACCESS - BEST SELECTION CHINA A is 84.76%.

Note 9 - Changes of the investment portfolio

Details of changes in the securities portfolio for the period referring to this report are available upon request - free of charge - at the Fund’s registered office, and at the office of the financial intermediaries as described in the Organisation chapter of this report.

Page 25 U ACCESS

Notes to the financial statements as at 31st December 2015 (continued)

Note 10 - Pricing suspension

The sub-fund U ACCESS - BEST SELECTION CHINA A holds several securities in its portfolio for which the pricing has been suspended during a certain period due to corporate actions on those securities. Consequently, the Board of Directors of the Fund, in accordance with its prospectus, has decided to value these securities with caution and good faith and to adjust and update the price of these securities according to the performance of the relevant sectorial indexes, during the period of suspension.

As at December 31, 2015, the following five securities are suspended and valued in accordance with above described methodology :

Share name Suspension Relevant sectorial index Percentage date of Net assets ANHUI SUN-CREATE ELECTRONICS CO LTD -A- 31/08/2015 MSCI China A COMMN EQUIP - NR 1.26 CHONGQING DEPARTMENT STORE -A- 23/07/2015 MSCI China A M/LINE RTL - NR 1.60 MEIHUA HOLDINGS GROUP CO LTD -A- 17/12/2015 MSCI China A FD PRD - NR 1.88 QINGDAO HAIER CO LTD -A- 19/10/2015 MSCI CHINA A HH DUR - NR 1.66 YUNNAN WENSHAN ELEC -A- 23/09/2015 MSCI China A Utilities - NR 1.63 Total: 8.03

Note 11 - Pledge of the assets

The assets of the Fund are pledged in favor of Union Bancaire Privée (Europe) S.A. in case of any potential bank overdraft.

Page 26 U ACCESS

Global exposure calculation method (unaudited)

The sub-fund U ACCESS - BEST SELECTION CHINA A uses the commitment approach in order to monitor and measure the global risk exposure.

Page 27