Monthly Reports Institutional Investors September 2016 RETURNS a DEDICATED TEAM

Monthly Reports Institutional Investors September 2016 RETURNS A DEDICATED TEAM

Ann. Vol. NAV Sept. 2016 3 Years Inception SUSTAINABLE equities Ret. 3 Yr Sycomore Francecap (I) 481.89 € Performance 2.3% 4.8% 43.1% 381.9% 11.1% 14.9% FR0010111724 - Equity Savings Plan (PEA) France - Inception: Oct 01 CAC All-Tradable NR 0.5% -1.1% 18.8% 89.2% 4.4% 19.1% Laurent DELTOUR Sycomore Sélection Responsable (I) 351.02 € Performance 0.0% 3.8% 37.1% 75.5% 10.4% 13.8% Founding Partner FR0010971705 - Equity Savings Plan (PEA) Phone: +33 1 44 40 16 02 European Union - Inception: Jan 11 EUROSTOXX TR -0.1% -3.5% 19.3% 32.4% 5.1% 19.5% [email protected] Sycomore European Growth (I) 362.97 € Performance 1.2% -0.1% 32.1% 142.0% 6.4% 13.4% FR0010117085 - Equity Savings Plan (PEA) European Union - Inception: Jun 02 EUROSTOXX TR -0.1% -3.5% 19.3% 85.7% 4.4% 19.4% Christine KOLB Sycomore European Recovery (I) 315.37 € Performance 0.1% -8.6% 16.5% 57.7% 3.9% 20.2% Founding Partner FR0010148015 - Equity Savings Plan (PEA) European Union - Inception: Dec 04 EUROSTOXX 50 TR -0.6% -5.7% 12.6% 45.5% 3.2% 20.9% Phone: +33 1 44 40 16 06 Sycomore Sélection PME (I) 4 776.77 € Performance 3.9% 15.9% 77.3% 131.6% 8.6% 7.6% [email protected] FR0011707470 - Equity Savings Plan (PEA-PME) European Union - Inception: Jul 06¹ EUROSTOXX TMI Small TR 0.9% -1.8% 32.4% 51.1% 4.1% 16.8% David CZUPRYNA Ann. Vol. THEMATIC equities NAV Sept. 2016 3 Years Inception International Sales Ret. 3 Yr Phone: +33 1 44 40 16 13 Sycomore Happy@Work (I) 108.13 € Performance 1.2% 8.1% - 14.6% - - [email protected] LU1301026206 - Equity Savings Plan (PEA) European Union - Inception: Nov 15² EUROSTOXX TR -0.1% -3.5% - -4.4% - - Sycomore Eco Solutions (I) 105.09 € Performance 1.3% 1.2% - 5.1% - - Maximilian RIESSER LU1183791281 - Equity Savings Plan (PEA) International Sales Europe - Inception: Aug 15 MSCI Europe NR 0.0% -3.3% - -2.6% - - Phone: +33 1 73 54 16 13 Synergy Smaller Cies (A) 600.47 € Performance 0.5% 0.6% 39.1% 200.2% 9.0% 13.5% [email protected] FR0010376343 - Equity Savings Plan (PEA) European Union - Inception: Dec 03 MSCI EMU Small NR 1.2% -0.6% 39.8% 203.5% 9.0% 16.7%

Ann. Vol. Jean-Pierre GRIGNON NAV Sept. 2016 3 Years Inception FLEXIBLE strategies Ret. 3 Yr Institutional Sales Sycomore Partners (I) 1 649.12 € Performance 0.5% 3.4% 23.9% 64.9% 6.1% 6.3% Phone: +33 1 44 40 16 09 FR0010601898 - Equity Savings Plan (PEA) [email protected] European Union - Inception: Mar 08 EUROSTOXX TR -0.1% -3.5% 19.3% 20.2% 2.2% 19.4% Sycomore Partners (IB) 1 643.68 € Performance 0.4% 3.2% 23.2% 61.4% 5.8% 6.3% Christophe HOURTOULLE FR0012365013 - Equity Savings Plan (PEA) European Union - Inception: Mar 08 EUROSTOXX TR -0.1% -3.5% 19.3% 20.2% 2.2% 19.4% Institutional Sales Sycomore Allocation Patrimoine (I) 140.36 € Performance 0.1% 2.3% 24.0% 40.3% 5.1% 4.2% Phone: +33 1 44 40 16 07 FR0010474015 - Balanced Fund [email protected] Global Asset Allocation - Dec 09³ Compounded Eonia+2% 0.0% 1.1% 5.8% 15.7% 2.2% - Sycomore L/S Opportunities (I) 356.72 € Performance 0.5% 2.2% 17.6% 78.4% 4.9% 7.0% FR0010473991 - Equity Savings Plan (PEA) Fidy RAMAMONJISOA Europe&US - Long/Short - Inception: Oct 04 Compounded Eonia 0.0% -0.2% -0.2% 16.7% 1.3% - Institutional Sales Sycomore L/S Market Neutral (I) 109.17 € Performance 0.2% 1.8% 4.3% 9.2% 0.8% 2.7% Phone: +33 1 44 40 16 04 FR0010473876 - Equity Savings Plan (PEA) Europe - Long/Short - Inception: Sep 05 Compounded Eonia 0.0% -0.2% -0.2% 14.4% 1.2% - [email protected]

Ann. Vol. NAV Sept. 2016 3 Years 12.12⁴ CREDIT crossover Ret. 3 Yr Laszlo BANIER Institutional Sales Sycomore Sélection Crédit (I) 122.55 € Performance -0.4% 4.8% 17.6% 22.6% 5.5% 2.2% FR0011288489 - Corporate Bond Fund Phone: +33 1 44 40 16 37 European Union - Inception: Sep 12⁴ Barclays Eur Corp exFin. 0.0% 7.2% 16.1% 17.9% 4.4% 2.4% [email protected]

1 I share was created on 27/01/14, previous data represents a simulation of performance by the fund’s X share. 2 Data calculated since 6/7/15. The performance shown prior 4/11/2015 is the track record of an identical French-domiciled fund 3 New investment strategy implemented: 29.12.09 4 Data calculated since 05/12/12, investment start date

Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and the capital is not guaranteed. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com SYCOMORE FRANCECAP I SEPTEMBER 2016 OUR TOP CONVICTIONS ON THE FRENCH MARKET

Cyril CHARLOT PERFORMANCE (as of 30.09.2016) Sept.: 2.3% | 2016: 4.8% Founding Partner ESTP, ESSEC, SFAF Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 2.3% 4.8% 13.4% 43.1% 127.7% 381.9% 11.1% 23.4% 3.3% 31.7% 26.5% Thomas DHAINAUT Senior portfolio manager Bench. 0.5% -1.1% 3.9% 18.8% 76.0% 89.2% 4.4% 11.7% 3.0% 22.5% 19.8% Mastère ESCP, SFAF 490 SYCOMORE FRANCECAP : 381.9% 490 CAC ALL-TRADABLE NR : 89.2% (Bench.) Sycomore Francecap seeks to beat the French equity market by outperforming the 440 440

CAC All-Tradable NR index over the long term. 390 390 The investment universe comprises all listed French stocks with no sector, style or size constraints. 340 340 Depending on the fund manager’s expectations, a large part of the portfolio may be 290 290 invested in mid cap stocks. 240 240

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FUND INFO NAV: 481.89 | Assets: €396 M STATISTICS ENENENENENENENEN ENESGC FOOTPRINT 3 years Inception Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE 30.10.2001 Yes D-12pm (BPSS) Correlation 0.97 0.88 Beta 0.76 0.66 E 3.2 Benchmark UCITS V Cash settlement ESG Alpha 7.4% 7.6% S 3.4 CAC All Tradable NR Yes T+2 3.3 / 5 Volatility 14.9% 16.8% G 3.4 ISIN Pricing Fixed mgmt fees Vol. bench. 19.1% 22.5% FR0010111724 Daily 1.00% Fund Tracking Error 5.9% 11.2% CARBON IMPACT* (t eq. CO₂/year/€m invested) Bloomberg Quote currency Performance fees Sharpe Ratio 0.85 0.57 SYCMICI FP Equity EUR 20% > Benchmark Info. Ratio 1.14 0.60 220 C AMF classification Investment horizon Turnover fees Max Drawdown -17.2% -56.9% 529 French equities 5 years None Drawdown bench. -23.9% -57.5% Fund Bench. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE FRANCECAP I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The fund performed well, driven in particular by the strong appreciation of digital Net equity exposure 97% PER 2016 16.0x services stocks. Beyond the takeover offer on Octo, a fairly small position in the Overlap with benchmark 23% EPS growth 2016 17.5% fund, we note the solid result publications of Neurones and Groupe Open. Number of holdings 87 P/BV 2016 1.5x Additonally, Chargeurs was the best contributor this month. Operational efficiency Weight of top 20 stocks 46% Return on Equity 2016 9.4% has continued to improve and the results seen since the arrival of Michael Fribourg Median market cap 1.7 bn€ Dividend Yield 2016 2.1% to head the group are promising. Conversely, two companies disappointed in September. Firstly, Korian lost ground following the publication of mixed half-year MARKET CAP STYLE results and an investor day which presented disappointing financial targets. 4% Secondly, Ingenico cut its 2016 targets due to a sudden and temporary fall in the US 14% 10% market and challenges in Latin America. 15% CONTRIBUTIONS Below €150 m 34% Growth/Visibility €150 m - €1 bn Recovery 44% €1-3 bn Positive Wgt avg Contrib. Negative Wgt avg Contrib. Assets €3-20 bn Chargeurs 2.4% 0.57% Ingenico 0.8% -0.19% 31% Dividend yield Above €20 bn Maisons du Mo. 2.2% 0.32% Parrot 0.4% -0.15%

Groupe Open 1.9% 0.30% FFP 2.1% -0.13% 31% TOP 3 LARGE CAPS PORTFOLIO CHANGES 17% Michelin 3.5% COUNTRY SECTOR Bought Sold AXA 3.4% Essilor 2.7% Sanofi BNP Paribas Consumer Services 17% Bouygues Gemalto Technology 15%

TOP 3 SMID CAPS Octo Tech. STEF Industrials 25%

Mediawan 3.6% Telecoms 3%

STEF 2.9% Financials 15% France Chargeurs 2.6% Utilities 2%

Consumer Goods 16% The chart opposite reflects the FCP's exposure to all French market Lower risk, potentially lower returns. Basic Materials 2% capitalisation sizes. The FCP’s risk category is not guaranteed and may change over time. The lowest category does not mean "risk free". 1 2 3 4 5 6 7 Health Care 6% Fund Weight Historic data used to calculate the synthetic indicator may not represent 100% Oil & Gas Active Weight* a reliable indication of the fund’s future risk. Higher risk, potentially higher retruns. *Weight Francecap – Weight CAC All Tradable NR

Promotional message. This is an advertisement which has not been drawn up in line with regulatory provisions in favour of promoting independent financial analysis. SYCOMORE AM is not bound by the ban on dealing in the instruments concerned before this advertisement is disseminated. Past performance is not a reliable indicator of future returns. Before investing, please consult the Key Investor Information Document (KIID) which is available on our site www.sycomore-am.com. MorningstarTM Rating at 31.08.16

SYCOMORE SÉLECTION RESPONSABLE I Category : Eurozone Flex-Cap Equity SEPTEMBER 2016 A RESPONSIBLE SELECTION OF EUROZONE STOCKS BASED ON PROPRIETARY ESG ANALYSIS¹

PERFORMANCE (as of 30.09.2016) Sept.: 0.0% | 2016: 3.8%

Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 0.0% 3.8% 10.6% 37.1% 107.2% 75.5% 10.4% 19.7% 5.0% 23.8% 23.1% Bench. -0.1% -3.5% 2.8% 19.3% 72.8% 32.4% 5.1% 10.3% 4.1% 23.7% 19.3% Bertille KNUCKEY Cyril CHARLOT Arnaud d'ALIGNY Alban PRÉAUBERT Head of SRI & Senior Founding Partner Senior Portfolio Manager Analyst portfolio manager Portfolio Manager Sycomore Sélection Responsable seeks to outperform the EURO STOXX TR index 170 170 SYCOMORE SÉLECTION RESPONSABLE : 75.5% over the medium to long term with a selection of SRI eurozone equities. Holdings are selected after proprietary ESG (Environment, Social and Governance) 150 EURO STOXX TR : 32.4% (Bench.) 150 analysis reflecting sustainable development principles.

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Past performance is not a reliable indicator of future returns. 70 70 ¹The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com.

FUND INFO NAV: 351.02 | Assets: €568 M STATISTICS ENENENENENENENEN ENENESGC FOOTPRINT 3 years Inception Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE Correlation 0.95 0.95 24.01.2011 Yes D-12pm (BPSS) 3.3 E Beta 0.67 0.77 3.1 Benchmark UCITS V Cash settlement ESG 3.5 Alpha 6.3% 5.9% S 3.4 / 5 EURO STOXX TR Yes T+2 3.1 Volatility 13.8% 16.5% 3.2 / 5 3.6 ISIN Pricing Fixed mgmt fees G Vol. bench. 19.5% 20.5% 3.4 FR0010971705 Daily 1.00% Tracking Error 7.7% 6.9% Fund Bench. Bloomberg Quote currency Performance fees Sharpe Ratio 0.81 0.62 CARBON IMPACT* (t eq. CO₂/year/€m invested) SYSEREI FP Equity EUR 20% > Benchmark Info. Ratio 0.65 0.77 253 C AMF classification Investment horizon Turnover fees Max Drawdown -13.7% -24.2% 444 Eurozone equities 5 years None Drawdown bench. -25.9% -30.7% Fund Bench. The FCP’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf The FCP’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf SYCOMORE SÉLECTION RESPONSABLE I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

Fresenius announced the acquisition of Quirónsalud, the leading Spanish private Net equity exposure 93% PER 2016 16.7x hospital operator, for €5.8bn. This transaction, well-received by the market, Overlap with benchmark 13% EPS growth 2016 13.3% comforts its leadership in Europe and provides a new platform for consolidation in a Number of holdings 55 P/BV 2016 2.2x Spanish market that remains extremely fragmented. Ingenico reduced its 2016 Weight of top 20 stocks 60% Return on Equity 2016 12.9% guidance due to delays in the switch to the EMV technology in the US and challenging economic conditions in Brazil. All its other activities however Median market cap €7.5 bn Dividend Yield 2016 2.1% (ePayments, Asia, Europe) are performing well. We took advantage of the excessive share price correction (-30% since the beginning of the year) to increase our ESG CONSTRUCTION LONG TERM TRENDS position. We conversely reduced our position in certain stocks that had risen 20-30% Portfolio coverage rate 100% since early July, such as Schneider Electric, AXA and ING, thereby decreasing the Selectivity (% eligible stocks) 25-30% 22% fund’s exposure rate from 96% to 93% at the end of the month. Health Care 47% Mobility CONTRIBUTIONS BEST ESG SCORES Food & Beverage Circular Economy Energy transition Positive Wgt avg Contrib. Negative Wgt avg Contrib. ESG E S G Security Green Chemicals Kion Group 3.1% 0.37% Ingenico 2.6% -0.53% Schneider 4.1 4.7 4.2 3.7 Education 14% None Maisons du Mo. 2.2% 0.32% Ontex 3.2% -0.41% Air Liquide 4.0 4.2 3.9 4.2 Valeo 1.6% 0.18% Smurfit Kappa 3.6% -0.33% Tarkett 4.0 4.3 4.2 3.7 7% TOP 3 LARGE CAPS PORTFOLIO CHANGES SSR Fund 3.4 3.3 3.5 3.6 1% 3% 6% Weight ESG score Bought ESG score Sold ESG score MARKET CAP SECTOR GEA Group 3.7% 3.2 Iliad 3.7% 3.3 Ingenico 3.7 Schneider E. 4.1 Health Care 22% 1% AXA 3.7% 3.6 Amer Sports 3.5 AXA 3.6 7% Consumer Services 10% Shire 3.5 Faiveley 3.4 TOP 3 SMID CAPS Technology 8% Below €150 m Basic Materials 11% Smurfit Kappa 3.5% 3.8 43% €150 m - €1 bn Industrials 17% Elior 3.0% 3.4 €1-5 bn 37% Consumer Goods 19% Interxion Holding 2.9% 3.4 €5-10 bn Telecoms 4% Above €10 bn

The chart opposite reflects the FCP’s variable and discretionary exposure Lower risk, potentially lower returns. Utilities 1% to the portfolio's eligible assets. The FCP’s risk category is not Fund Weight guaranteed and may change over time. The lowest category does not Oil & Gas 1 2 3 4 5 6 7 Active Weight* mean "risk free". Historic data used to calculate the synthetic indicator 12% Financials 8% may not represent a reliable indication of the fund’s future risk. Higher risk, potentially higher retruns. *Weight SSR – Weight EURO STOXX TR

SYCOMORE EUROPEAN GROWTH I Category : Eurozone Flex-Cap Equity SEPTEMBER 2016 A SELECTION OF HIGH VISIBILITY GROWTH STOCKS IN THE EUROZONE¹

Frédéric PONCHON PERFORMANCE (as of 30.09.2016) Sept.: 1.2% | 2016: -0.1% Senior Portfolio Manager ESC Rouen, SFAF, CFA Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 1.2% -0.1% 5.6% 32.1% 91.0% 142.0% 6.4% 15.1% 8.4% 21.0% 22.3% Arnaud d'ALIGNY Senior Portfolio Manager Bench. -0.1% -3.5% 2.8% 19.3% 72.8% 85.7% 4.4% 10.3% 4.1% 23.7% 19.3% MBA Wharton School, Supaéro SYCOMORE EUROPEAN GROWTH : 142.0% 290 290 EURO STOXX TR : 85.7% (Bench.) Sycomore European Growth focuses on high visibility growth companies. EURO STOXX TMI GROWTH TR : 99.3% It seeks to beat eurozone equity markets over the long term by outperforming the 240 240 EURO STOXX TR index. The investment universe comprises all listed continental European stocks with no 190 190 size constraints.

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Past performance is not a reliable indicator of future returns. 40 40 ¹The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com.

FUND INFO NAV: 362.97 | Assets: €142 M STATISTICS ENENENENENENENEN ENESGC FOOTPRINT 3 years Inception Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE 24.06.2002 Yes D-12pm (BPSS) Correlation 0.95 0.89 Beta 0.66 0.55 E 3.1 Benchmark UCITS V Cash settlement ESG Alpha 5.2% 3.4% S 3.3 EURO STOXX TR Yes T+2 3.2 / 5 Volatility 13.4% 13.7% G 3.4 ISIN Pricing Fixed mgmt fees Vol. bench. 19.4% 22.3% FR0010117085 Daily 1.00% Fund Tracking Error 7.8% 11.9% CARBON IMPACT* (t eq. CO₂/year/€m invested) Bloomberg Quote currency Performance fees Sharpe Ratio 0.73 0.36 SYCMTWI FP Equity EUR 20% > Benchmark Info. Ratio 0.47 0.16 74 C AMF classification Investment horizon Turnover fees Max Drawdown -17.5% -55.7% 444 Eurozone equities 5 years None Drawdown bench. -25.9% -60.2% Fund Bench.

*Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf SYCOMORE EUROPEAN GROWTH I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

Following a challenging first half to the year - profit warning by Eutelsat, capital Net equity exposure 98% PER 2016 19.4x increase for the buyback of O3b’s minority interests, doubts surrounding the Overlap with benchmark 12% EPS growth 2016 9.2% sector’s structural growth - SES Global was the main contributor to the fund's Number of holdings 55 P/BV 2016 2.3x performance in September. The share rebounded, driven by the prospect of an Weight of top 20 stocks 59% Return on Equity 2016 11.6% acceleration in growth in the third quarter, reconfirmed by management, along with a better perception of O3b’s operations (opportunities for business Median market cap 5.7 bn€ Dividend Yield 2016 1.8% development as well as operational and financial costs savings). Korian, however, disappointed during its investors day. The plan presented was less ambitious than MARKET CAP STYLE expected in terms of margins, but structuring the group was essential and the new 3% management team appears to be taking a cautious approach and maintaining a 19% 13% certain margin of safety. 33%

Below €150 m CONTRIBUTIONS Established leaders €150 m - €1 bn Positive Wgt avg Contrib. Negative Wgt avg Contrib. €1-3 bn Challengers €3-20 bn 21% Tomorrow's leaders 58% SES Global 5.0% 0.30% Bayer 2.8% -0.20% Above €20 bn 23% CANCOM 2.6% 0.24% Korian Medica 1.3% -0.13% Puma 2.2% 0.15% Zealand Pharma 1.0% -0.13% 30% TOP 3 LARGE CAPS PORTFOLIO CHANGES SES Global 5.2% COUNTRY SECTOR Bought Sold Sanofi 5.1% Essilor 4.1% Sanofi Danone Health Care 43% 14% Norma Beiersdorf Consumer Services 11% TOP 3 SMID CAPS Luxottica Group Iliad 6% Technology 9% France Rhön-Klinikum 4.4% 34% Germany Consumer Goods 18% 6% CANCOM 3.1% Italy Telecoms 3% Netherlands C&C Group 2.3% Basic Materials 5% 10% United Kingdom Fund Weight Oil & Gas 0% Others Active Weight* The chart opposite reflects the FCP's exposure to equities on eurozone Lower risk, potentially lower returns. Utilities 0% markets. The FCP’s risk category is not guaranteed and may change over time. The lowest category does not mean "risk free". Historic data used 1 2 3 4 5 6 7 Industrials 8% to calculate the synthetic indicator may not represent a reliable 29% Financials 3% indication of the fund’s future risk. Higher risk, potentially higher retruns. *Weight European Growth – Weight EURO STOXX TR

Thomas DHAINAUT PERFORMANCE (as of 30.09.2016) Sept.: 0.1% | 2016: -8.6% Senior portfolio manager Mastère ESCP, SFAF Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 0.1% -8.6% -0.9% 16.5% 94.4% 57.7% 3.9% 17.1% 0.3% 31.2% 30.3% Cyril CHARLOT Founding Partner Bench. -0.6% -5.7% -0.3% 12.6% 60.0% 45.5% 3.2% 6.4% 4.0% 21.5% 18.1% ESTP, ESSEC, SFAF 200 SYCOMORE EUROPEAN RECOVERY : 57.7% 200 EURO STOXX 50 TR : 45.5% (Bench.)

Sycomore European Recovery focuses on highly discounted companies, recovery 180 180 stocks and special situations. It seeks to outperform the EuroStoxx 50 TR over the long term. 160 160 The investment universe comprises mainly European blue chips with no sector constraints. 140 140

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FUND INFO NAV: 315.37 | Assets: €41 M STATISTICS ENENENENENENENEN ENESGC FOOTPRINT 3 years Inception Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE 30.12.2004 Yes D-12pm (BPSS) Correlation 0.95 0.96 Beta 0.92 1.01 E 3.2 Benchmark UCITS V Cash settlement ESG Alpha 1.4% 0.9% S 3.1 EURO STOXX 50 TR Yes T+2 3.1 / 5 Volatility 20.2% 24.4% G ISIN Pricing Fixed mgmt fees 3.2 Vol. bench. 20.9% 23.3% FR0010148015 Daily 1.00% Fund Tracking Error 6.4% 7.0% CARBON IMPACT* (t eq. CO₂/year/€m invested) Bloomberg Quote currency Performance fees Sharpe Ratio 0.26 0.11 SYCLGCP FP Equity EUR 20% > Benchmark Info. Ratio 0.19 0.10 290 C AMF classification Investment horizon Turnover fees Max Drawdown -27.4% -61.2% 341 Eurozone equities 5 years None Drawdown bench. -28.4% -58.6% Fund Bench.

*Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE EUROPEAN RECOVERY I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The fund outperformed its benchmark in a market that was roughly stable overall Net equity exposure 91% PER 2016 12.3x over the month of September. Certain stocks posted notable positive performances, Overlap with benchmark 17% EPS growth 2016 0.4% such as Senvion (an increase of more than 10%). This German wind turbine Number of holdings 39 P/BV 2016 0.9x manufacturer benefited from a positive second quarter publication, from new Weight of top 20 stocks 61% Return on Equity 2016 7.6% orders in Chile and Japan, as well as from an acquisition in India. Chargeurs posted Median market cap 10.9 bn€ Dividend Yield 2016 3.2% the largest gain (more than 20%) following a better-than-expected results publication, which was driven by an improvement in its operational efficiency. MARKET CAP STYLE Conversely, Italian banks (BPM, BPER and Intesa) fell by more than 10% in the wake 0% 9% of declining interest rates. We have maintained our positions as valuations look 16% increasingly attractive. 37% Below €150 m Operational CONTRIBUTIONS 20% €150 m - €1 bn recoveries Positive Wgt avg Contrib. Negative Wgt avg Contrib. €1-3 bn Special situations €3-20 bn 24% 60% Chargeurs 1.7% 0.40% Bayer 2.9% -0.21% Above €20 bn Multiple Senvion 2.0% 0.23% Danieli 2.3% -0.20% recoveries Kion Group 1.5% 0.22% Intesa Sanpaolo 2.7% -0.20% TOP 3 LARGE CAPS PORTFOLIO CHANGES 34% Crédit Agricole 4.9% COUNTRY SECTOR Bought Sold Airbus 4.6% Nokia 3.6% Iliad Daimler Financials 35% 17% Luxottica Group KBC holdings Industrials 25% TOP 3 SMID CAPS Veolia Thyssen Krupp 3% Consumer Services 6% France Piaggio 3.3% Technology 9% 4% Italy Euler Hermes 3.0% Germany Utilities 2% Finland 51% Fund Weight Indra Sistemas 2.8% Telecoms 2% Netherlands Active Weight* 9% Others Health Care 2% The chart opposite reflects the FCP's exposure to equities on eurozone Lower risk, potentially lower returns. Consumer Goods 16% markets. The FCP’s risk category is not guaranteed and may change over time. The lowest category does not mean "risk free". Historic data used 1 2 3 4 5 6 7 16% Basic Materials 4% to calculate the synthetic indicator may not represent a reliable Oil & Gas indication of the fund’s future risk. Higher risk, potentially higher retruns. *Weight European Recovery – Weight EURO STOXX 50 TR

Cyril Alban Edouard PERFORMANCE (as of 30.09.2016) Sept.: 3.9% | 2016: 15.9% CHARLOT PRÉAUBERT POULLE Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Founding Partner Analyst portfolio Analyst portfolio ESTP, ESSEC, SFAF manager manager Fund* 3.9% 15.9% 24.4% 77.3% 131.3% 131.6% 8.6% 24.0% 10.9% 29.7% 11.0% ESCP, SFAF Dauphine Bench. 0.9% -1.8% 6.6% 32.4% 91.6% 51.1% 4.1% 21.5% 2.3% 25.1% 25.2%

240 240 SYCOMORE SELECTION PME : 131.6% 220 220 Sycomore Sélection PME seeks significant returns over a 5-year investment horizon EURO STOXX TMI SMALL NR : 51.1% (Bench.) with a rigorous selection of European equities and bonds issued primarily by small 200 200 and mid cap companies. 180 180

SME selection criteria: 160 160 - Less than 5,000 employees 140 140 - Sales < €1.5bn or total assets < €2bn - Head office in the EU, Iceland or Norway. 120 120 100 100

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FUND INFO NAV: 4776.77 | Assets: €64 M STATISTICS ENENENENENENENEN ENESGC FOOTPRINT 3 years* Inception* Inception date PEA/PEA PME Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE 31.07.2006 Yes/Yes D-12pm (BPSS) Correlation 0.75 0.76 Beta 0.34 0.39 Benchmark UCITS V Cash settlement E 3.1 Alpha 15.8% 6.4% ESG - Yes T+2 S 3.5 Volatility 7.6% 10.8% 3.3 / 5 ISIN Pricing Fixed mgmt fees G 3.3 Vol. bench. 16.8% 21.0% FR0011707470 Daily 1.20% Fund Tracking Error 12.3% 14.5% CARBON IMPACT** (t eq. CO₂/year/€m invested) Bloomberg Quote currency Performance fees Sharpe Ratio 2.77 0.70 SYCPMEI FP Equity EUR 20% > Ann. net perf. of 7% Info. Ratio 0.91 0.31 86 AMF classification Investment horizon Turnover fees C Max Drawdown -13.1% -42.6% 626 EU equities 5 years None Drawdown bench. -21.3% -65.8% Fund Bench. *As the I and R shares were created on 27/01/2014, previous data represents a simulation of performance by the fund’s X share. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *As the I and R shares were created on 27/01/2014, previous data represents a simulation of performance by the fund’s X share. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE SÉLECTION PME I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

In a roughly stable market overall over the month of September, the fund posted a Net equity exposure 87% PER 2016 17.1x substantial outperformance. This progression was mainly driven by the takeover bid Net bond exposure 0% EPS growth 2016 20.8% on Octo Technology, a company specialising in the digital transformation of Number of holdings 71 corporates, by Accenture, with a premium of 44%. In the same theme, the fund also Sensitivity - benefited from the excellent results and positive outlook for the remainder of the Bond yield - year for companies such as Devoteam and Groupe Open. In a different sector, we MARKET CAP SECTOR note the strong performance of Chargeurs, a global leader in technical textiles,

0% which continued to grow its operating margin and profits over the first half of the 11% Technology 36% year. 24% Consumer Services 13% CONTRIBUTIONS Below €150 m €150 m - €1 bn €1-3 bn Positive Wgt avg Contrib. Negative Wgt avg Contrib. Utilities 4% €3-20 bn Octo Technology 2.3% 0.88% Figeac Aero 2.5% -0.15% Above €20 bn Chargeurs 2.6% 0.62% Microwave Vision 0.7% -0.09% Industrials 20% Direct Energie 2.0% 0.40% Criteo 1.3% -0.07% 64% Consumer Goods 17% TOP 3 SMALL CAPS PORTFOLIO CHANGES INDUSTRIALS Chargeurs 2.7% COUNTRY Bought Sold Telecoms Maisons du Mo. 2.7% Devoteam 2.4% Delfinger Criteo Orchestra Bastide Confort M. Health Care 6% TOP 3 MICRO CAPS Aubay Groupe Guillin 2% Octo Technology 2.6% Basic Materials 1% Focus Home 1.6% France AURES Tech. 1.6% Oil & Gas Italy

The chart opposite reflects the FCP's exposure to SME equity markets in Lower risk, potentially lower returns. Financials 3% the European Union. The FCP’s risk category is not guaranteed and may change over time. The lowest category does not mean "risk free". 1 2 3 4 5 6 7 Historic data used to calculate the synthetic indicator may not represent 98% Fund Weight Active Weight* a reliable indication of the fund’s future risk. Higher risk, potentially higher retruns. *Weight Séléction PME – Weight EURO STOXX TMI Small

Bertille KNUCKEY PERFORMANCE (as of 30.09.2016) Sept.: 1.2% | 2016: 8.1% Head of SRI & Senior Portfolio Manager London School of Economics, Sciences Po Paris Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. Fund* 1.2% 8.1% 14.7% - - 14.6% - Cyril CHARLOT Founding Partner Bench. -0.1% -3.5% 2.8% - - -4.4% - ESTP, ESSEC, SFAF 120 120

Sycomore Happy@Work is a European equity stock picking fund that pays attention SYCOMORE HAPPY@WORK : 14.6% EURO STOXX TR : -4.4% (Bench.) to how companies value human capital, as a key performance driver. Stock selection is driven by thorough fundamental analysis combined with proprietary ESG 110 110 research with a strong emphasis on social factors. The analysis draws upon the experience and knowledge of field experts, human capital managers and employees, and fund managers also carry out on-site visits. The fund seeks to 100 100 outperform the EURO STOXX TR index over 5 years.

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FUND INFO NAV: 108.13 | Assets: €62.5 M STATISTICS ENENENENENENENEN ENENESGC FOOTPRINT 1 year* Inception* Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE Correlation 0.91 0.91 04.11.2015 Yes D-11am (BPSS) 3.4 E Beta 0.55 0.55 3.1 Benchmark UCITS V Cash settlement ESG 3.7 Alpha 11.6% 12.5% S 3.6 / 5 EURO STOXX TR Yes T+2 3.1 Volatility 12.7% 13.7% 3.2 / 5 3.6 ISIN Pricing Fixed mgmt fees G Vol. bench. 21.2% 22.7% 3.4 LU1301026206 Daily 1.00% Tracking Error 11.0% 11.8% Fund Bench. Bloomberg Quote currency Performance fees Sharpe Ratio 1.17 0.86 CARBON IMPACT** (t eq. CO₂/year/€m invested) SYCHAWI LX Equity EUR 20% > Benchmark Info. Ratio 1.08 1.29 150 C Sub-fund Investment horizon Turnover fees Max Drawdown -11.8% -11.8% 444 Sycomore Fund Sicav 5 years None Drawdown bench. -21.9% -24.7% Fund Bench. *The performance shown prior to the 4/11/2015 is the track record of an identical French-domiciled fund that was liquidated on that day; its assets were transferred to the Luxembourg fund. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. The fund’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *The performance shown prior to the 4/11/2015 is the track record of an identical French-domiciled fund that was liquidated on that day; its assets were transferred to the Luxembourg fund. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. The fund’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE HAPPY@WORK I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The fund continued to outperform its benchmark this month, mainly driven by small Net equity exposure 81% PER 2016 18.3x cap picks involved in the digital transformation of corporates. Octo Technology, Overlap with benchmark 11% EPS growth 2016 14.2% Number of holdings 62 P/BV 2016 2.4x which rose more than 40% following the announcement of a takeover bid at €22.5 Weight of top 20 stocks 45% Return on Equity 2016 13.4% by consulting firm Accenture, was yet again the fund’s main contributor. We have Median market cap €2.1 bn Dividend Yield 2016 1.9% committed to tender our shares to this transaction. Esker, the specialist in ESG COVERAGE HAPPY@WORK UNIVERSE document dematerialisation solutions, also performed well, with strong growth in sales and profit during the first half of the year. The site visit that we performed Portfolio coverage rate >90% >2.5/5 ESG score <10 pts Controversies this month also confirmed the company’s commitment towards its employees. >3/5 Human capital structure BEST SCORES CONTRIBUTIONS >3/5 Happy@Work score Positive Wgt avg Contrib. Negative Wgt avg Contrib. H@W ESG >3/5 Employees' views and surveys Octo Technology 3.2% 0.90% Ingenico 1.4% -0.46% Octo Technology 4.5 3.6 ESG and H@W scores are the result of Sycomore AM internal valuation methods, and then subject to evolution. The H@W rating Valeo 2.4% 0.28% Ontex 1.2% -0.21% Focus Home 4.2 3.6 is based on our assessment of the company’s human capital 1000Mercis 4.2 3.1 structure and on the five pillars fundamental to employees’ well- Maisons du Mo. 1.8% 0.26% Parrot 0.7% -0.18% being and performance, namely: fairness, autonomy, personal and TOP 3 LARGE CAPS PORTFOLIO CHANGES H@W fund 3.6 3.6 career development, purpose and working relations. Weight H@W score Bought H@W score Sold H@W score MARKET CAP SECTOR Michelin 3.5% 4.1 Octo Tech. 4.5 Danone 3.8 AXA 3.0% 3.8 Technology 19% Ontex 3.6 Parrot 4.0 Unilever 2.8% 3.7 9% Consumer Goods 32% Maisons du M. 3.1 Schneider E. 3.9 Consumer Services TOP 3 SMID CAPS 34% 14% Below €150 m Health Care 6% Octo Technology 4.3% 4.5 €150 m - €1 bn Industrials 15% Mediawan 2.2% 3.0 €1-5 bn 31% Basic Materials 6% Maisons du Mo. 2.2% 3.1 €5-10 bn Utilities 2% Above €10 bn

The chart opposite reflects the fund's exposure to all caps equity Lower risk, potentially lower returns. Telecoms Fund Weight markets in the European Union. The fund’s risk category is not 7% guaranteed and may change over time. The lowest category does not 1 2 3 4 5 6 7 Oil & Gas Active Weight* mean "risk free". Historic data used to calculate the synthetic indicator 19% Higher risk, potentially higher retruns. Financials 6% may not represent a reliable indication of the fund’s future risk. *Weight HAPPY@WORK – Weight EURO STOXX TR

Jean-Guillaume Thomas Alban PERFORMANCE (as of 30.09.2016) Sept.: 1.3% | 2016: 1.2% PÉLADAN DHAINAUT PRÉAUBERT Portfolio manager - Senior portfolio Analyst portfolio Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. manager manager Head of Environmental Fund 1.3% 1.2% 9.5% - - 5.1% - Strategy Bench. 0.0% -3.3% 1.8% - - -2.6% -

109 SYCOMORE ECO SOLUTIONS : 5.1% 109 Sycomore Eco Solutions focuses on economic players whose business models MSCI EUROPE NR : -2.6% (Bench.) contribute towards the Environmental and Energy Transition in five key areas: mobility; energy; renovation and construction; the circular economy and ecosystem- 104 104 related businesses. The fund excludes companies that are fully or partially involved in businesses that destroy natural capital or whose ESG rating is too low. The fund’s 99 99 investment universe primarily includes European stocks from the entire market capitalisation spectrum and allows for a possible diversification outside of Europe. 94 94 The fund’s performance is measured against the MSCI Europe NR.

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FUND INFO NAV: 105.09 | Assets: €31.9 M STATISTICS ENENENENENENENEN ESG FOOTPRINT 1 year Inception ENVIRONMENT / SOCIAL / GOVERNANCE Inception date PEA Eligibility Cut-Off Correlation 0.92 0.93 3.7 31.08.2015 Yes D-11am (BPSS Lux.) E 3.1 Beta 0.80 0.80 ESG Benchmark UCITS V Cash settlement 3.4 S MSCI Europe NR Yes T+2 Alpha 7.5% 6.3% 3.1 3.4 / 5 3.4 3.2 / 5 Volatility 18.1% 18.5% G ISIN Pricing Fixed mgmt fees 3.4 Vol. bench. 20.8% 21.4% LU1183791281 Daily 1.00% Fund Bench. Tracking Error 8.4% 8.2% Bloomberg Quote currency Performance fees Sharpe Ratio 0.54 0.27 CONTRIBUTION EET: 48%* SYCECOI LX Equity EUR 20% > Benchmark We analyse how the company’s business model is aligned with Info. Ratio 0.92 0.86 the green transition by looking at each business unit. This is Sub-fund Investment horizon Turnover fees Max Drawdown -18.3% -18.3% quantified by a degree of Contribution to the Environmental & Sycomore Fund Sicav 5 years None Energy Transition (CEET) and expressed as a percentage of the Drawdown bench. -21.2% -21.2% company’s turnover. *Portfolio average.

The fund’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. The fund’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE ECO SOLUTIONS I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The fund delivered a solid perfoamnce in September, in a roughly stable market Net equity exposure 85% PER 2016 14.3x overall. German wind turbine manufacturer Senvion (ex-Repower) benefited from a Overlap with benchmark 13% EPS growth 2016 12.9% positive second quarter publication, order intake in Chile and Japan as well as from Number of holdings 45 P/BV 2016 1.4x the acquisition of assets in India. DEME, a subsidiary of CFE and specialised in Weight of top 20 stocks 57% Return on Equity 2016 9.9% dredging and the installation of offshore wind turbines, was supported by a favourable sales outlook. We sold Continental and Toyota (due to a less favourable Median market cap €3.6 bn Dividend Yield 2016 1.9% outlook and the revaluation of their share prices) as well as Zumtobel (lighting specialist), as its recovery in profitability already seems to be well factored in with ESG CONSTRUCTION BREAKDOWN BY BUSINESS a performance of more than +80% in its share price since end-June. Finally, we have Portfolio coverage rate 100% 7% increased our exposure to renewable energies (introduction of developer-operator Selectivity (% eligible stocks) 20% 11% Energiekontor, increased positions in SIF Holding and Sunpower). BEST ESG SCORES Energy 37% CONTRIBUTIONS Transport Ecosystems Positive Wgt avg Contrib. Negative Wgt avg Contrib. ESG E S G 13% Circular economy Senvion 3.4% 0.39% SunPower 1.9% -0.19% Schneider 4.1 4.7 4.2 3.7 Construction Valeo 2.5% 0.28% Smurfit Kappa 2.1% -0.19% Valeo 3.9 3.9 3.9 4.0 Kion Group 1.9% 0.27% Piaggio 3.1% -0.16% UPM Kymmene 3.9 3.8 3.9 4.1 32% TOP 3 LARGE CAPS PORTFOLIO CHANGES SES Fund 3.4 3.7 3.4 3.4 Weight CEET* Bought CEET* Sold CEET* MARKET CAP SECTOR Alstom 4.3% 79% Peugeot 3.4% 32% Energiekontor100% Zumtobel 50% Industrials 41% Porr 28% Air Liquide 10% Consumer Goods 29% Michelin 3.3% 39% 26% Continental 31% 24% TOP 3 SMID CAPS Utilities 14% Below €1 bn Basic Materials 7% Senvion 3.5% 100% €1-5 bn Energy 6% Plastic Omn. 3.3% 30% €5-10 bn Consumer Services 4% Europcar 3.3% 11% Fund Weight Above €10 bn Health Care 14% The chart opposite reflects the fund’s variable and discretionary Lower risk, potentially lower returns. Telecoms exposure to the portfolio's eligible assets. The fund’s risk category is not 35% guaranteed and may change over time. The lowest category does not 1 2 3 4 5 6 7 Technology mean "risk free". Historic data used to calculate the synthetic indicator may not represent a reliable indication of the fund’s future risk. Higher risk, potentially higher retruns.

*Estimated intensity of Contribution to the Environmental and Energy Transition as a percentage of the company’s turnover. Promotional message. This is an advertisement which has not been drawn up in line with regulatory provisions in favour of promoting independent financial analysis. SYCOMORE AM is not bound by the ban on dealing in the instruments concerned before this advertisement is disseminated. Past performance is not a reliable indicator of future returns. Before investing, please consult the Key Investor Information Document (KIID) which is available on our site www.sycomore-am.com. SYNERGY SMALLER CIES A SEPTEMBER 2016 THE EXPERTISE OF 6 LOCAL EUROPEAN SMID CAP SPECIALISTS

Pays-Bas France Spain Italy Eastern Europe Germany Netherlands PERFORMANCE (as of 30.09.2016) Sept.: 0.5% | 2016: 0.6%

Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 0.5% 0.6% 8.9% 39.1% 100.6% 200.2% 9.0% 23.2% 3.3% 32.3% 19.3% Bench. 1.2% -0.6% 8.3% 39.8% 110.9% 203.5% 9.0% 24.3% 3.8% 33.9% 23.9%

320 320 SYNERGY SMALLER CIES : 200.2%

Synergy Smaller Cies invests in European small and mid cap stocks. It seeks to beat 280 MSCI EMU SMALL NR : 203.5% (Bench.) 280 eurozone SMID cap equity markets over the long term by outperforming the MSCI EMU Small TR index. 240 240 Co-managed by 6 local teams, the portfolio benefits from the experience and know- how of each team on its national market. 200 200

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FUND INFO NAV: 600.47 | Assets: €248 M STATISTICS ENENENENENENENEN ENESGC FOOTPRINT 3 years Inception Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE 10.12.2003 Yes D-12pm (BPSS) Correlation 0.97 0.97 Beta 0.78 0.75 E 2.8 Benchmark UCITS V Cash settlement ESG Alpha 2.2% 1.8% S 3.2 MSCI EMU Small NR Yes T+2 3.1 / 5 Volatility 13.5% 14.4% G 3.2 ISIN Pricing Fixed mgmt fees Vol. bench. 16.7% 18.4% FR0010376343 Daily 2.00% Fund Tracking Error 5.0% 5.8% CARBON IMPACT* (t eq. CO₂/year/€m invested) Bloomberg Quote currency Performance fees Sharpe Ratio 0.87 0.53 SYNSMAC FP Equity EUR 20% > Benchmark Info. Ratio -0.04 -0.02 397 C AMF classification Investment horizon Turnover fees Max Drawdown -17.9% -62.1% 484 Eurozone equities 5 years None Drawdown bench. -19.5% -65.3% Fund Bench. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYNERGY SMALLER CIES A

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The markets saw a few outbursts of volatility in response to the announcements of Net equity exposure 93% PER 2016 14.0x central banks and fluctuations in the oil price, but remained more or less flat over Overlap with benchmark 11% EPS growth 2016 11.8% the month in general. Moleskine, which had already posted strong growth since the Number of holdings 82 P/BV 2016 1.3x beginning of the year, benefited from the acquisition by D’Ieteren of the 41% stake Weight of top 20 stocks 42% Return on Equity 2016 9.6% of Syntegra Capital and Index Ventures. The Belgian group should therefore launch a takeover bid with a premium of at least 12%. Cegid was also subject to a takeover Median market cap 1059.1 M€ Dividend Yield 2016 2.5% bid to which we tendered our shares. Maisons du Monde continued its excellent performance since its IPO in May at €17. Recent announcements reiterated targets MARKET CAP STYLE set by management and reinforced the Group’s profitable growth expectations. Conversely, the main negative contributors were Sol and Leoni (victim of a fraud in 7% 6% 13% which it incurred losses of €40m) and Amplifon. 14%

CONTRIBUTIONS Below €150 m Growth/Visibility €150 m - €1 bn 41% Recovery €1-3 bn Positive Wgt avg Contrib. Negative Wgt avg Contrib. Assets €3-20 bn 17% Dividend yield Moleskine 2.8% 0.39% Cairo Comm. 1.1% -0.18% Above €20 bn 62% SAF-Holland 2.1% 0.25% Danieli 1.8% -0.16% 39% Kontron 1.3% 0.17% Elumeo 1.2% -0.12% TOP 3 LARGE CAPS PORTFOLIO CHANGES Campari Group 1.4% COUNTRY SECTOR Bought Sold Zodiac 1.1% Galp Energia Elecnor Galp Energia 1.1% 6% Industrials 29%

Zon Multimedia Mapfre SA Consumer Goods 18% 13% 24% TOP 3 SMID CAPS Danieli Cegid Financials 17% Moleskine 3.0% Germany Italy Consumer Services 13% Leoni 2.9% Netherlands Oil & Gas 6% France SUSS MicroTec 2.6% 16% Spain Basic Materials 5% Emerging Eur. The chart opposite reflects the FCP's exposure to equities on eurozone Health Care 5% Lower risk, potentially lower returns. 23% markets. The FCP’s risk category is not guaranteed and may change over Technology 3% time. The lowest category does not mean "risk free". Historic data used 1 2 3 4 5 6 7 18% Fund Weight to calculate the synthetic indicator may not represent a reliable Utilities 1% indication of the fund’s future risk. Higher risk, potentially higher retruns. Telecoms 1%

SYCOMORE PARTNERS I Category : EUR Flexible Allocation SEPTEMBER 2016 EQUITY EXPOSURE OF BETWEEN 0% AND 100%²

Cyril CHARLOT PERFORMANCE (as of 30.09.2016) Sept.: 0.5% | 2016: 3.4% Founding Partner ESTP, ESSEC, SFAF Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 0.5% 3.4% 7.5% 23.9% 60.1% 64.9% 6.1% 8.1% 7.6% 13.1% 12.5% Emeric PRÉAUBERT Founding Partner Index -0.1% -3.5% 2.8% 19.3% 72.8% 20.2% 2.2% 10.3% 4.1% 23.7% 19.3% ESSEC, SFAF 180 SYCOMORE PARTNERS : 64.9% 180 160 EURO STOXX TR : 20.2% (Index) 160

Sycomore Partners is a concentrated stock picking fund with variable equity 140 140 exposure of between 0% and 100%. 120 120 It seeks significant returns over a 5-year investment horizon with a concentrated 100 100 selection of highly discounted European stocks, and opportunistic, discretionary management of equity market exposure. 80 80 60 60 Past performance is not a reliable indicator of future returns. 40 40

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 -2.8% 0.5% 2.1% 1.4% 1.1% -1.1% 1.3% 0.5% 0.5% - - - 2015 3.2% 2.6% 0.6% 0.5% 0.7% -0.7% 1.1% -1.7% -2.3% 3.0% 1.4% -0.4% ²The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. 2014 0.0% 1.6% 1.0% 1.1% 0.9% 0.3% -0.2% 0.6% -1.0% 0.2% 2.7% 0.2%

FUND INFO NAV: 1649.12 | Assets: €1117 M STATISTICS* ENENENENENENENEN ENENENENENENENENENENENENENENNET EQUITY EXPOSURE 3 years Inception Inception date PEA Eligibility Cut-Off 54% 05.03.2008 Yes D-12pm (BPSS) Correlation 0.90 0.86 48% 46% Beta 0.29 0.49 Benchmark UCITS V Cash settlement 41% 41% 42% Alpha 5.2% 4.9% 37% - Yes T+2 35% 34% 35% 32% Volatility 6.3% 14.7% 32% ISIN Pricing Fixed mgmt fees Vol. index 19.4% 25.5% FR0010601898 Daily 0.50%** Sharpe Ratio 1.19 0.37 Bloomberg Quote currency Performance fees Max Drawdown -8.3% -31.7% SYCPRTI FP Equity EUR 20% > Comp. Eonia +3% Drawdown index -25.9% -53.4% AMF classification Investment horizon Turnover fees Recovery Period 2 m¹ 17 m¹ Diversified 5 years None Rec. Period index - 58 m¹

*Data carried out with EURO STOXX. ** This rate is not based on the fund’s total net assets but the portion of assets invested in equities. ¹m : months. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf *Data carried out with EURO STOXX. ** This rate is not based on the fund’s total net assets but the portion of assets invested in equities. ¹m : months. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to: http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf SYCOMORE PARTNERS I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The end of the half-year reporting season confirmed the good momentum of digital Net equity exposure 32% PER 2016 14.0x services companies. Devoteam published second quarter organic growth of 20%. Number of holdings 39 EPS growth 2016 14.9% Maisons du Monde climbed close to 15% over the month following the announcement Median market cap 3.7 bn€ P/BV 2016 1.5x of excellent half-year results. Tarkett also rose significantly following the Return on Equity 2016 10.9% publication of operating profit that was up 18%. We reduced our positions in banking stocks at the beginning of the month, taking profit of around 15%. We have Dividend Yield 2016 2.8% initiated two new positions in the portfolio: Ackermans and Ingenico. Ackermans is a Belgian holding company with activities in dredging and banking. Ingenico issued a MARKET CAP COUNTRY profit warning, following a change in behaviour by Visa in the United States. The 3% 2% 30% drop in the share price since the beginning of the year has created an 5% opportunity for us to take a initial position in this quality stock. 24% 26% 5% 7% CONTRIBUTIONS Below €150 m France €150 m - €1 bn Switzerland Germany Positive Wgt avg Contrib. Negative Wgt avg Contrib. €1-3 bn Spain €3-20 bn Maisons du Mo. 0.8% 0.13% SunPower 0.3% -0.06% Netherlands Above €20 bn Belgium 17% Devoteam 0.8% 0.08% FFP 1.0% -0.06% 78% Direct Energie 0.4% 0.08% Sanofi 1.7% -0.04% 33% TOP 3 LARGE CAPS PORTFOLIO CHANGES Sanofi 1.9% Bought Sold SECTOR ESGC FOOTPRINT Roche 1.9% Sanofi Crédit Agricole BMW Pref 1.4% Consumer Services 22% ENVIRONMENT / SOCIAL / GOVERNANCE Ackermans AXA TOP 3 SMID CAPS Industrials 19% Sunpower Natixis E 3.1 Consumer Goods 15% ESG Faurecia 1.5% S 3.3 Health Care 13% 3.2 / 5 Elior 1.4% G 3.2 Mediawan 1.3% Financials 13% Fund Technology 5% The chart opposite reflects the FCP’s variable and discretionary exposure to CARBON IMPACT* (t eq. CO /year/€m invested) Oil & Gas 5% ₂ European equity markets. It uses historic data on volatility which do not Lower risk, potentially lower returns. represent a reliable indication of the FCP’s future risk profile. The FCP’s risk Utilities 4% category is not guaranteed and may change over time. The lowest category 1 2 3 4 5 6 7 50 C does not mean "risk free". Historic data used to calculate the synthetic Telecoms 4% Higher risk, potentially higher retruns. 444 indicator may not represent a reliable indication of the fund’s future risk. Fund Weight Basic Materials 0% Fund Index *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Promotional message. This is an advertisement which has not been drawn up in line with regulatory provisions in favour of promoting independent financial analysis. SYCOMORE AM is not bound by the ban on dealing in the instruments concerned before this advertisement is disseminated. Past performance is not a reliable indicator of future returns. Before investing, please consult the Key Investor Information Document (KIID) which is available on our site www.sycomore-am.com. SYCOMORE PARTNERS IB SEPTEMBER 2016 EQUITY EXPOSURE OF BETWEEN 0% AND 100%

Cyril CHARLOT PERFORMANCE (as of 30.09.2016) Sept.: 0.4% | 2016: 3.2% Founding Partner ESTP, ESSEC, SFAF Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund* 0.4% 3.2% 7.3% 23.2% 58.5% 61.4% 5.8% 8.1% 7.1% 12.9% 12.3% Emeric PRÉAUBERT Founding Partner Index -0.1% -3.5% 2.8% 19.3% 72.8% 20.2% 2.2% 10.3% 4.1% 23.7% 19.3% ESSEC, SFAF 180 SYCOMORE PARTNERS : 61.4% 180 160 EURO STOXX TR : 20.2% (Index) 160

40 40

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 -2.8% 0.5% 2.1% 1.3% 1.1% -1.2% 1.3% 0.5% 0.4% - - - 2015 3.4% 2.6% 0.6% 0.5% 0.6% -0.7% 1.1% -1.7% -2.3% 2.9% 1.4% -0.4% 2014 0.0% 1.6% 1.0% 1.0% 0.9% 0.3% -0.2% 0.6% -1.0% 0.2% 2.7% 0.0%

FUND INFO NAV: 1643.68 | Assets: €1117 M STATISTICS**ENENENENENENENEN ENENENENENENENENENENENENENENNET EQUITY EXPOSURE 3 years Inception Inception date PEA Eligibility Cut-Off 54% 05.03.2008 Yes D-12pm (BPSS) Correlation 0.90 0.86 48% 46% Beta 0.29 0.49 Benchmark UCITS V Cash settlement 41% 41% 42% Alpha 5.0% 4.6% 37% - Yes T+2 35% 34% 35% 32% Volatility 6.3% 14.7% 32% ISIN Pricing Fixed mgmt fees Vol. index 19.4% 25.5% FR0012365013 Daily 1.00%*** Sharpe Ratio 1.16 0.35 Bloomberg Quote currency Performance fees Max Drawdown -8.3% -31.8% SYCPRTB FP Equity EUR 20% > Comp. Eonia +3% Drawdown index -25.9% -53.4% AMF classification Investment horizon Turnover fees Recovery Period 2 m¹ 18 m¹ Diversified 5 years None Rec. Period index - 58 m¹

*As the IB share was created on 04/12/2014, previous data represents a simulation of performance by the fund’s I share.**Data carried out with EURO STOXX.*** This rate is not based on the fund’s total net assets but the portion of assets invested in equities.¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *As the IB share was created on 04/12/2014, previous data represents a simulation of performance by the fund’s I share.**Data carried out with EURO STOXX.*** This rate is not based on the fund’s total net assets but the portion of assets invested in equities.¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE PARTNERS IB

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The end of the half-year reporting season confirmed the good momentum of digital Net equity exposure 32% PER 2016 14.0x services companies. Devoteam published second quarter organic growth of 20%. Number of holdings 39 EPS growth 2016 14.9% Maisons du Monde climbed close to 15% over the month following the announcement Median market cap 3.7 bn€ P/BV 2016 1.5x of excellent half-year results. Tarkett also rose significantly following the Return on Equity 2016 10.9% publication of operating profit that was up 18%. We reduced our positions in banking stocks at the beginning of the month, taking profit of around 15%. We have Dividend Yield 2016 2.8% initiated two new positions in the portfolio: Ackermans and Ingenico. Ackermans is a Belgian holding company with activities in dredging and banking. Ingenico issued a MARKET CAP COUNTRY profit warning, following a change in behaviour by Visa in the United States. The 3% 2% 30% drop in the share price since the beginning of the year has created an 5% opportunity for us to take a initial position in this quality stock. 24% 26% 5% 7% Below €150 m France CONTRIBUTIONS €150 m - €1 bn Switzerland Germany €1-3 bn Positive Wgt avg Contrib. Negative Wgt avg Contrib. Spain €3-20 bn Netherlands Maisons du Mo. 0.8% 0.13% SunPower 0.3% -0.06% Above €20 bn Belgium 17% Devoteam 0.8% 0.08% FFP 1.0% -0.06% 78% Direct Energie 0.4% 0.08% Sanofi 1.7% -0.04% 33% TOP 3 LARGE CAPS PORTFOLIO CHANGES Sanofi 1.9% SECTOR ESGC FOOTPRINT Bought Sold Roche 1.9% Sanofi Crédit Agricole BMW Pref 1.4% Consumer Services 22% ENVIRONMENT / SOCIAL / GOVERNANCE Ackermans AXA Industrials 19% TOP 3 SMID CAPS E 3.1 Sunpower Natixis Consumer Goods 15% ESG Faurecia 1.5% S 3.3 Health Care 13% 3.2 / 5 Elior 1.4% G 3.2 Financials 13% Mediawan 1.3% Fund Technology 5% The chart opposite reflects the FCP’s variable and discretionary exposure to CARBON IMPACT* (t eq. CO /year/€m invested) Oil & Gas 5% ₂ European equity markets. It uses historic data on volatility which do not Lower risk, potentially lower returns. represent a reliable indication of the FCP’s future risk profile. The FCP’s risk Utilities 4% category is not guaranteed and may change over time. The lowest category 1 2 3 4 5 6 7 50 C does not mean "risk free". Historic data used to calculate the synthetic Telecoms 4% Higher risk, potentially higher retruns. 444 indicator may not represent a reliable indication of the fund’s future risk. Fund Weight Basic Materials 0% Fund Index *Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. Promotional message. This is an advertisement which has not been drawn up in line with regulatory provisions in favour of promoting independent financial analysis. SYCOMORE AM is not bound by the ban on dealing in the instruments concerned before this advertisement is disseminated. Past performance is not a reliable indicator of future returns. Before investing, please consult the Key Investor Information Document (KIID) which is available on our site www.sycomore-am.com. MorningstarTM Rating at 31.08.16

SYCOMORE ALLOCATION PATRIMOINE I Category : EUR Moderate Allocation – Global SEPTEMBER 2016 FLEXIBLE, CONSERVATIVE CAPITAL GROWTH WITH A GLOBAL INVESTMENT UNIVERSE¹

Stanislas de BAILLIENCOURT PERFORMANCE (as of 30.09.2016) Sept.: 0.1% | 2016: 2.3% Senior portfolio manager ESSCA, University West England, CFA Sept. 2016 1 yr 3 yrs 5 yrs 12/09* Annua. 2015 2014 2013 2012 Fund 0.1% 2.3% 6.0% 24.0% 42.6% 40.3% 5.1% 6.1% 10.1% 8.4% 7.6% Emmanuel de SINETY Senior portfolio manager Bench. 0.0% 1.1% 1.6% 5.8% 10.6% 15.7% 2.2% 1.9% 2.1% 2.1% 2.2% Dauphine, IAE Paris, SFAF 150 60% NET EQUITY EXPOSURE (right) : 30.2% Sycomore Allocation Patrimoine combines flexible, diversified asset allocation and SYCOMORE ALLOCATION PATRIMOINE : 40.3% 140 50% recognised expertise in European bond and stock picking with know-how in COMPOUNDED EONIA + 2% : 15.7% international asset allocation to achieve performance and diversification. The strategy is based on a rigorous, structured investment process based on 130 40% fundamental company analysis and a macroeconomic approach. Active management of equity exposure (0-60%) and bond holdings helps optimise 120 30% the fund’s risk/return profile to achieve capital growth. 110 20%

100 10%

¹The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor 90 0% Information Document (KIID) for each fund which is available on our site www.sycomore-am.com.

Past performance is not a reliable indicator of future returns.

FUND INFO NAV: 140.36 | Assets: €192 M STATISTICS**ENENENENENENENEN ENESGC FOOTPRINT Inception date PEA Eligibility Cut-Off 3 years 12/09* ENVIRONMENT / SOCIAL / GOVERNANCE 27.11.2002 No D-12pm (BPSS) Correlation 0.86 0.72 E 3.2 Benchmark UCITS V Cash settlement Beta 0.19 0.14 ESG S 3.3 Comp. Eonia +2% Yes T+2 3.2 / 5 Volatility 4.2% 4.1% ISIN Pricing Fixed mgmt fees G 3.2 FR0010474015 Daily 0.80% Max Drawdown -6.7% -10.8% Fund Bloomberg Quote currency Performance fees Sharpe Ratio 1.77 1.19 CARBON IMPACT*** (t eq. CO₂/year/€m invested) SYCOPAI FP Equity EUR 20% > Benchmark Fund Sensitivity 1.6% AMF classification Investment horizon Turnover fees C 257 Bond Yield 3.8% Diversified 3 years None Fund *The current fund manager's arrival date. Previous performance relied on a different investment strategy. **Data carried out with EURO STOXX TR (Reinvested dividends). ***Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to : http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf *The current fund manager's arrival date. Previous performance relied on a different investment strategy. **Data carried out with EURO STOXX TR (Reinvested dividends). ***Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to : http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf SYCOMORE ALLOCATION PATRIMOINE I

FUND COMMENTARY EQUITIES BONDS

Our holdings in services providers helping in the digital transformation of corporates Net equity exposure 30% Bond exposure 53% performed very well during the month, driven in particular by solid results from Number of holdings 55 Number of holdings 124 Groupe Open and Accenture’s takeover bid on Octo Technology, which boosted the Weight of top 20 stocks 11% Number of issuers 93 entire sector. Other positive contributors this month included Maisons du Monde, which continued on its growth and development path, and Dassault Aviation, which ASSET ALLOCATION BONDS ALLOCATION (finally) signed the sales contract with India for the Rafales aircrafts. Finally, we 2% 1% maintained our position in Ingenico despite its underperformance in the United 14% Bonds 53% States and Latin America. In our corporate bond segment, we continued to make investments, in particular in the new FNAC issuance with a coupon of 3.25%. High yield Equities 30% Investment grade 17% CONTRIBUTIONS NR Emerging Money markets 12% Govies Positive Weight Contrib. Negative Wgt avg Contrib. 66%

Chargeurs 0.3% 0.07% Ingenico 0.4% -0.10% Absolute return 5% Groupe Open 0.4% 0.07% Figeac Aero 0.5% -0.03% Maisons du Monde 0.4% 0.06% Societe FFP 0.5% -0.03%

DIRECT EQUITIES BONDS POSITIONS EQUITY COUNTRY ALLOC. CURRENCY EXPOSURE NET EQUITY EXPOSURE Terreis 1.1% Accor Sa 4.125% Perp 1.2% 3% 0% 0% 4% 3% Rhön-Klinikum 0.7% Bpce Sa 12.5% Perp 1.1% 10% Diseno Textil 0.7% Picard aug-2019 1.0%

Carrefour 0.6% Fnac 3.25% sep-2023 1.0% Europe EUR

Europcar 0.6% SG 9.375% Perp 1.0% Emerging USD

North America JPY

Japan Others The chart opposite reflects the FCP’s variable and discretionary exposure to the portfolio's eligible assets. The FCP’s risk category is not Lower risk, potentially lower returns. guaranteed and may change over time. The lowest category does not mean "risk free". 1 2 3 4 5 6 7 87% 93% Historic data used to calculate the synthetic indicator may not represent Higher risk, potentially higher retruns. a reliable indication of the fund’s future risk.

Gilles SITBON PERFORMANCE (as of 30.09.2016) Sept.: 0.5% | 2016: 2.2% Senior portfolio manager MBA Columbia, MS Baruch College, MSTCF Dauphine, DESCF Sept. 2016 1 yr 3 yrs 5 yrs Incep. Annua. 2015 2014 2013 2012 Fund 0.5% 2.2% 5.6% 17.6% 51.8% 78.4% 4.9% 7.8% 5.1% 10.5% 15.5% Olivier MOLLÉ Senior portfolio manager Eonia 0.0% -0.2% -0.3% -0.2% 0.3% 16.7% 1.3% -0.1% 0.1% 0.1% 0.2% École Nationale des Ponts et Chaussées, SFAF Stoxx* -0.1% -3.5% 2.8% 19.3% 72.8% 76.6% 4.9% 10.3% 4.1% 23.7% 19.3%

210 SYCOMORE L/S OPPORTUNITIES : 78.4% 210 Sycomore L/S Opportunities is a flexible, opportunistic long/short equity fund with 190 EONIA CAPITALISÉ : 16.7% (Index) 190 EURO STOXX TR : 76.6% net equity exposure reflecting the fund manager’s convictions. It seeks to capture 170 170 equity market rises but with reduced volatility using a strategy combining long and 150 150 short equity positions over a 5-year investment horizon. By picking stocks with asymmetrical upside/downside risk and adjusting equity 130 130 exposure, the fund manager aims to capture 2/3 of rises and only register 1/3 of 110 110 falls over the medium term. 90 90

70 70

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 -2.5% 0.5% 0.6% 0.2% 2.5% -2.0% 1.8% 0.6% 0.5% - - - 2015 2.5% 2.8% 0.0% 1.2% 1.9% -3.1% 2.1% -1.6% -1.5% 2.9% 1.2% -0.8%

FUND INFO NAV: 356.72 | Assets: €389 M STATISTICS* ENENENENENENENEN ENENENENENENENENENENENENENENNET EQUITY EXPOSURE 3 years Inception Inception date PEA Eligibility Cut-Off 62% 11.10.2004 Yes D-12pm (BPSS) Correlation 0.86 0.78 57% 55% 54% 55% 56% Beta 0.31 0.38 50% 51% 50% Benchmark UCITS V Cash settlement 45% Compounded Eonia Yes T+2 Alpha 3.2% 2.7% 38% Volatility 7.0% 10.5% 37% ISIN Pricing Fixed mgmt fees Vol. index 19.4% 21.6% FR0010473991 Daily 1.00% Sharpe Ratio 0.80 0.35 Bloomberg Quote currency Performance fees Max Drawdown -8.6% -27.0% SYCOPTI FP Equity EUR 15% > Benchmark Drawdown index -25.9% -60.2% AMF classification Investment horizon Turnover fees Recovery Period 6 m¹ 40 m¹ Diversified 5 years None Rec. Period index - 71 m¹

*Data carried out with EURO STOXX TR (Reinvested dividends). ¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *Data carried out with EURO STOXX TR (Reinvested dividends). ¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE L/S OPPORTUNITIES I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

The market welcomed the FED’s intention to soon increase short-term interest Net equity exposure 56% PER 2016 Long ptf 17.5x rates and the BoJ’s willingness to steepen its yield curve. Uncertainties surrounding Active gross exposure 80% PER 2016 Short ptf 21.1x the upcoming US Presidential election and Italian referendum temper the actions of Number of holdings 53 EPS growth 2016 Long ptf 11.0% central banks. Contrary to our post-Brexit expectations, the pace of merger and Weight of top 20 stocks 37.8% EPS growth 2016 Short ptf 10.4% acquisition transactions did not slow in the third quarter (supported by low interest Median market cap Long 5.7 bn€ ROE Long ptf 8.5% rates), which in our view justifies maintaining a limited number of short positions Median market cap Short 22.6 bn€ ROE Short ptf 9.0% and hedging rather through indices. The fund's net exposure increased from 55% to 56% and the weight of financial stocks increased slightly. In terms of our long MARKET CAP SECTOR positions, we sold our holdings in Telecom Italia and Société Générale and initiated Consumer Services 19% new positions in Veolia, Natixis, Peugeot and Saban Capital. Below € 3 bn 26%

CONTRIBUTIONS € 3-20 bn 21% Technology 12%

Positive Weight Contrib. Negative Weight Contrib. Above € 20 bn 16% Industrials 7% Maisons du Mo. 1.5% 0.19% Ontex 0.3% -0.17% Hedges -7% Consumer Goods 6% SES Global 2.4% 0.17% Korian Medica 1.3% -0.16% Atos 1.9% 0.17% Interxion Holding 3.4% -0.13% Active Gross Expo. Net Eq. Expo. Financials 6% LONG HOLDINGS SHORT HOLDINGS ACTIVE EQUITY EXPOSURE Telecoms 5% Mediawan 5.3% Consumer Services 1 -0.6% Health Care 3% Interxion 3.5% Industrials 1 -0.5% Long Eq. 66% SES 2.4% Health Care 1 -0.3% Utilities 2% Carrefour 2.0% Consumer Goods 1 -0.3% Short Eq. -3% Orange 2.0% Industrials 2 -0.3% Basic Materials 1% Hedges -7%

The chart opposite reflects the implementation of a long-short strategy Oil & Gas 0% with equity exposure ranging from -50% to +150%. It uses historic data on Net Eq. Expo. 56% Lower risk, potentially lower returns. volatility which do not represent a reliable indication of the FCP’s future risk profile. The FCP’s risk category is not guaranteed and may change 1 2 3 4 5 6 7 Hedges -7% over time. The lowest category does not mean "risk free". Historic data use to calculate the synthetic indicator may not represent a reliable Higher risk, potentially higher retruns. indication of the fund’s future risk. Net Eq. Expo.

Olivier MOLLÉ PERFORMANCE (as of 30.09.2016) Sept.: 0.2% | 2016: 1.8% Senior portfolio manager École Nationale des Ponts et Chaussées, SFAF Sept. 2016 11.08** 1 yr 3 yrs 5 yrs Incep. 2015 2014 2013 2012 Fund 0.2% 1.8% 14.6% 3.3% 4.3% 11.2% 9.2% 5.1% -3.1% 1.5% 3.3% Gilles SITBON Senior portfolio manager Bench. 0.0% -0.2% 2.4% -0.3% -0.2% 0.3% 14.4% -0.1% 0.1% 0.1% 0.2% MBA Columbia, MS Baruch College, MSTCF Dauphine, DESCF 120 120 SYCOMORE L/S MARKET NEUTRAL : 14.6% COMPOUNDED EONIA (Bench.) : 2.4% Sycomore L/S Market Neutral seeks annual outperformance of the capitalised Eonia 115 115 index with an absolute return strategy on European equities. 110 110 The portfolio consists of long positions and index or equity hedging strategies. Equity exposure is between -10% and +10% (market neutral strategy since November 105 105 21 2008). 100 100

95 95

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 -0.9% -0.8% 0.9% 0.3% 0.8% -0.4% 0.9% 0.8% 0.2% - - - 2015 1.5% 0.7% 0.2% 1.8% 0.1% -0.4% 0.4% 0.3% -0.9% 0.7% -0.1% 0.9% 2014 -0.5% -0.8% 0.4% 0.2% 0.7% -1.1% -0.7% -1.2% -2.0% 0.0% 1.2% 0.8%

FUND INFO NAV: 109.17 | Assets: €91 M STATISTICS* ENENENENENENENEN ENENENENENENENENENENENENENENNET EQUITY EXPOSURE 1 year 11.08** Inception date PEA Eligibility Cut-Off 9% 9% 15.09.2005 Yes D-12pm (BPSS) Correlation 0.57 0.24 8% 7% 7% Beta 0.07 0.04 7% 7% Benchmark UCITS V Cash settlement 7% Alpha 3.0% 1.3% 6% 6% Compounded EONIA Yes T+2 6% Volatility 2.7% 3.3% ISIN Pricing Fixed mgmt fees 5% Vol. index 22.0% 22.0% FR0010473876 Daily 0.60% Sharpe Ratio 1.30 0.43 Bloomberg Quote currency Performance fees Max Drawdown -2.5% -6.1% SYCPATI FP Equity EUR 20% > Benchmark Drawdown index -21.9% -30.7% AMF classification Investment horizon Turnover fees Recovery Period 3 m¹ 6 m¹ Diversified 24 months None Rec. Period index - 20 m¹

*Data carried out with EURO STOXX. **Since 21/11/08, the fund has been managed with a market neutral approach. ¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. *Data carried out with EURO STOXX. **Since 21/11/08, the fund has been managed with a market neutral approach. ¹ m : months. Past performance is not a reliable indicator of future returns. The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com. SYCOMORE L/S MARKET NEUTRAL I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

September was slightly more volatile than August, fuelled by numerous questions Net equity exposure 9% PER 2016 Long ptf 14.8x concerning the global macroeconomic environment, increasing political uncertainty Active gross exposure 155% PER 2016 Short ptf 17.4x across Europe (Italy, France, the UK) and in the United States. However, the Number of holdings 78 EPS growth 2016 Long ptf 9.7% Japanese central bank has led the way and a similar steering and steepening of the Weight of top 20 stocks 34.6% EPS growth 2016 Short ptf 7.8% yield curve by the ECB cannot be ruled out. Although there has been no impact as Median market cap Long 23.7 bn€ ROE Long ptf 11.1% of yet on sovereign debt, hopes of steepening yield curves in Europe have led to the Median market cap Short 16.7 bn€ ROE Short ptf 11.9% outperformance of cyclical stocks in recent weeks. We took advantage of this trend to take profit in certain cyclical stocks and have overweighted some more defensive PAIR TRADE CONTRIBUTIONS sectors which have largely underperformed recently (Telecom, Pharma, Consumer staples). Weight Contrib. Aperam / Klöckner & Co 0.6% 0.15% CONVICTION CONTRIBUTIONS POSITIVE C.Dior / Hermès + L'Oréal + LVMH 2.7% 0.13% ASML + Atos + Nets + Nokia / STOXX Tech. 4.0% 0.12% Positive Weight Contrib. Negative Weight Contrib. Faurecia + Continental / Valeo 1.4% -0.11% Veolia 2.5% 0.18% Korian Medica 0.9% -0.09% NEGATIVE Akzo Nobel+Evonik / BASF+Covestro+Umicore 2.1% -0.08% Wirecard 1.2% 0.06% Inchcape 0.8% -0.08% Criteo+Havas+ProSiebenSat1 / STOXX Media 2.4% -0.06% Technicolor 0.9% 0.04% Vodafone Group 0.7% -0.05%

MAIN CONVICTIONS MAIN PAIR TRADE ACTIVE EQUITY EXPOSURE SECTOR

Veolia 2.5% Novartis + Roche + Shire/ STOXX healthcare 5.4% Utilities 2.9% Telecoms 2.2% KBC Groupe SA 1.4% ASML + Atos + Nets + Nokia / STOXX Tech. 4.0% Long Eq. 82% Wirecard 1.2% Deutsche Telekom + Orange / STOXX Telecom 3.4% Technology 1.7% Short Eq. -28% Nets 1.2% Daimler + Peugeot + Renault / STOXX Auto 3.0% Consumer Services 1.0%

Air Liquide 1.0% C. Dior / Hermès + L'Oréal + LVMH 2.7% Oil & Gas 1.0% Short Index -28% Health Care 0.9% Short Sect. Index -17% The chart opposite reflects the FCP’s exposure to equity markets and the Financials 0.4% implementation of a long-short strategy. It uses historic data on volatility Lower risk, potentially lower returns. Basic Materials 0.0% which do not represent a reliable indication of the FCP’s future risk profile. Net Eq. Expo. 9% The FCP’s risk category is not guaranteed and may change over time. The 1 2 3 4 5 6 7 Consumer Goods -0.1% lowest category does not mean "risk free". Historic data use to calculate the synthetic indicator may not represent a reliable indication of the fund’s future Higher risk, potentially higher retruns. Industrials -1.1% risk. Net Eq. Expo. Promotional message. This is an advertisement which has not been drawn up in line with regulatory provisions in favour of promoting independent financial analysis. SYCOMORE AM is not bound by the ban on dealing in the instruments concerned before this advertisement is disseminated. Past performance is not a reliable indicator of future returns. Before investing, please consult the Key Investor Information Document (KIID) which is available on our site www.sycomore-am.com. MorningstarTM Rating at 31.08.16

SYCOMORE SÉLECTION CRÉDIT I Category : EUR Corporate Bond SEPTEMBER 2016 A RESPONSIBLE AND OPPORTUNISTIC SELECTION OF EUROPEAN BONDS BASED ON PROPRIETARY ESG ANALYSIS¹

Stanislas de BAILLIENCOURT PERFORMANCE (as of 30.09.2016) Sept.: -0.4% | 2016: 4.8% Senior portfolio manager ESSCA, University West England, CFA Sept. 2016 1 yr 3 yrs 5 yrs 12.12* Annua. 2015 2014 Vol. Emmanuel de SINETY Fund -0.4% 4.8% 6.8% 17.6% - 22.6% 5.5% 1.7% 7.5% 2.2% Senior portfolio manager Bench. 0.0% 7.2% 8.4% 16.1% - 17.9% 4.4% -1.3% 8.9% 2.4% Dauphine, IAE Paris, SFAF 125 125 SYCOMORE SÉLECTION CRÉDIT : 22.6%

Sycomore Sélection Crédit invests in bonds issued by European SRI companies with BARCLAYS CAPITAL EURO CORPORATE EX-FINANCIALS TR : 17.9% (Bench.) 120 120 no rating (Investment Grade, High Yield and Not Rated) or capitalisation size constraints. 115 115 Bond eligibility is decided through proprietary ESG analysis of the investment universe. The fund focuses on non-financial companies (10% maximum). 110 110

105 105

100 100

Past performance is not a reliable indicator of future returns. 95 95 ¹The fund does not guarantee returns or performance and might entail capital loss. Before investing, please consult the Key Investor Information Document (KIID) for each fund which is available on our site www.sycomore-am.com.

FUND INFO NAV: 122.55 | Assets: €164.6 M ESGC FOOTPRINT ENEN ENENENENENENENENENENBEST ESG SCORES

Inception date PEA Eligibility Cut-Off ENVIRONMENT / SOCIAL / GOVERNANCE ESG E S G 01.09.2012 No D-12pm (BPSS) Edp Finance 3.7 3.7 3.6 4.1 E 3.1 3.2 Benchmark UCITS V Cash settlement ESG Paprec Holding 3.6 3.9 3.9 3.2 Barclays E.C. ex-Fin. TR Yes T+3 S 3.2 3.1 3.2 / 5 Scor 3.6 3.0 3.6 4.0 ISIN Pricing Fixed mgmt fees G 3.2 3.1 / 5 3.1 Cie des Alpes 3.5 3.3 3.7 3.6 FR0011288489 Daily 0.60% Fund Analyzed Universe Fonc. Lyonnaise 3.5 3.3 3.9 3.2 Bloomberg Quote currency Performance fees CARBON IMPACT** (t eq. CO₂/year/€m invested) SSC fund 3.2 3.1 3.2 3.2 SYCSCRI FP Equity EUR 10% > Benchmark 378 AMF classification Investment horizon Turnover fees C ESG CONSTRUCTION 668 Euro Bonds 5 years None Fund Analyzed Universe Selectivity (% eligible stocks) 65% *Investment start date : 05.12.2012. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. The FCP’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to : http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf *Investment start date : 05.12.2012. **Weighted average of scope 1, 2 and part of scope 3 greenhouse gas emissions. The figure does not take into account all of the company’s emissions and does not include emissions that were avoided. The FCP’s performance may partly stem from ESG indicators on portfolio holdings although these may not play a decisive part in performance trends. ©2016 Morningstar. All Rights Reserved. For more detailed information about Morningstar Rating, including its methodology, please go to : http://corporate.morningstar.com/US/documents/MethodologyDocuments/MethodologyPapers/MorningstarFundRating_Methodology.pdf SYCOMORE SÉLECTION CRÉDIT I

FUND COMMENTARY PORTFOLIO VALUATION RATIOS

New corporate issuances rebounded strongly in September, which partly explains Bond exposure 86% Sensitivity 3.2 the slight increase in spreads in recent weeks. We subscribed to several of these Number of positions 124 Yield to maturity 3.8 issues. Telefonia issued €1bn of hybrid bonds with a fairly short maturity (initial call date of five and a half years) with a coupon of 3.75%. Schaefffler Verwaltung, the Number of issuers 94 Average maturity 3.7 years holding which controls Schaeffler AG and owns 46% of Continental, refinanced its debt. The group remains the portfolio’s largest position. Axalta, one of the leading COUNTRY SECTOR manufacturers of paints for light and commercial vehicles and industrial applications, completed the refinancing of a portion of its debt through an 8-year France 44% Automobiles & Parts 8% bond paying a coupon of 3.75%. FNAC issued €650m with a coupon of 3.25% for Germany 10% Telecommunications 8% Italy 8% Food & Beverage 7% Industrial Services 7% seven years to finance the acquisition of Darty (for £914m), for which we held the United States 4% Real Estate 6% Spain 4% simultaneously recalled bond. Retail 5% Switzerland 3% Industrial Goods 5% Belgium 3% Health Care 5% ALLOCATION BY MATURITY Netherlands 2% Technology 4% Denmark 1% Travel & Leisure 4% 17% 14% 15% 15% Ireland 1% Construction & Materials 4% 12% Banks Fund Weight 9% 9% Austria 1% Fund Weight 3% Utilities 3% 5% 4% United Kingdom 1% Insurance 2% 1% Others 3% Others 6% Cash 14% Cash 14% Cash 2017 2018 2019 2020 2021 2022 2023 2024 >2024 MAIN HOLDINGS RATING ASSETS Weight Sector ESG score YTM 1% Salini Impregilo 3.75% jun-2021 1.6% Construction 3.0 / 5 2.9% 14% 12% 14% Elis 3.0% apr-2022 1.6% Industrial Services 3.5 / 5 2.8% 1% A Travel & Leisure 13% Accor Sa 4.125% Perp 1.5% 3.5 / 5 3.6% BBB Bonds Cerba Healthcare 7.0% feb-2020 1.5% Health Care 3.1 / 5 5.7% BB B Convertible Chimical 34% Axalta 3.75% jan-2025 1.4% 3.1 / 5 3.9% 0% CCC NR Cash The chart opposite reflects the FCP’s variable exposure to bonds and Cash other debt or money market securities in the eurozone, notably those Lower risk, potentially lower returns. 85% issued by small and mid cap companies. The FCP’s risk category is not 25% guaranteed and may change over time. The lowest category does not 1 2 3 4 5 6 7 mean "risk free". Historic data used to calculate the synthetic indicator Higher risk, potentially higher retruns. may not represent a reliable indication of the fund’s future risk.