reporting march 31, 2015

Siège Toulouse info@montsegurfi nance.com 39, rue Marbeuf - 75008 11, rue du Rempart St Etienne - 31000 Toulouse Agrément AMF GP04000044 Tél : 01 56 43 43 70 - Fax : 01 56 43 43 71 Tél : 09 52 11 25 38 www. montsegurfi nance.com ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015 CROISSANCE

The fund mainly invest in European equities with high earnings growth potential and reasonable valuation.

CLASSIFICATION : EUROPEAN EQUITIES of antennas network which will allow the group to save important roaming costs it currently pays to Orange. We initiated a position in ARM Holdings. This is a British multinational ISIN code class C : FR0010109140, class I : FR0010784801 semiconductor and software design company. The main characteristic Recommended investment horizon : at least 5 years of the company is that the ARM chip design it licenses are far less Daily valuation Launch date 20/09/04 energy consuming. This makes them particularly attractive for mobile Portfolio manager Claire RODRIGUE (since 01/10/12) devices like smartphones where the group enjoys more than 90 % of market share. Thanks to its unique architecture, ARM Holdings is also likely to tap new markets like laptops or internet of things where Intel Investment policy had been the incumbent for a long time now.

During the quarter, markets went up further thanks to less geopolitical risks and good publications from companies. Despite the cyclical bias KEY DATA of this growth, Montségur Croissance achieved a better performance Performances STOXX 600* FUND than the Stoxx 600 Index, helped by the healthcare sector. Monthly performance + 1,68 % + 1,93 % We sold our position in SAP since we do not believe anymore the group 2015 performance + 16,67 % + 16,36 % can achieve a double digit growth of the operational profi t. Also, we 2014 performance + 7,20 % + 1,49 % took some profi ts on Inditex and Kone after their good performances. Performance since inception + 75,24 % + 27,86 % Commentary Nav as of 31 march 2015 750,44 127,86 € Net assets 40 M € In the healthcare sector, Novo Nordisk went up strongly following the submission of the antidiabetic Tresiba to the FDA in the USA which could be approved by autumn 2015. This product is a potential blockbuster which could be worth several billion euros. This increased the intrinsic value of the group by 15 %. Iliad beat again the consensus in the mobile part of its business. The number of subscribers has been growing by two millions in 2014. For 2015, we anticipate a strong growth of benefi ts due to the deployment

1 YEAR PERFORMANCE SECTOR BREAKDOWN Montségur Croissance + 18,64 % Construction & Materials 2% Stoxx 600* + 22,08 % Food & Beverage 3% Croissance

Travel & Leisure 4% 25% Stoxx 600* Retail 11% 20% Technology 11%

15% Chemicals 12%

10% Health Care 15% 18% 5% Personal & Household Goods

Industrial Goods & Services 24% 0% 0% 10% 20% 30% -5% COUNTRY BREAKDOWN -10% Sweden 3% -15% Finland 4% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Netherland 7% Denmark 8% Great-Britain 10% *Since 01/01/2013, the benchmark’s performance is calculated with net dividend reinvested. 11% Past performance is no garantee of future results. 14% Germany 17% PORTFOLIO ANALYSIS 25% 0% 5% 10% 15% 20% 25% 30% 19,7 12,6% 24,2% 16,4 8,3% 3,2% 1,6% 11,3% SALES BREAKDOWN Africa 1% Earnings growth Return on equity Latin America 4% PER 12M Dividend yield estimates Rest of the World 6% Asia 16% North America 24% Montségur Croissance Europe 49% Indice Stoxx 600* 0% 20% 40% 60%

2 ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015

PERFORMANCE MAJORS CONTRIBUTORS RISK ANALYSIS NOVO NORDISK + 0,76 % CAPITA - 0,24 % VOLATILITY 1Y 11,6 % AMADEUS IT + 0,30 % ILIAD - 0,18 % TRACKING ERROR 1Y 5,3 % L'OREAL + 0,28 % WIRECARD - 0,12 % BETA 1Y 0,8 INDITEX + 0,27 % RICHEMONT - 0,12 % ALPHA 1Y 0,5 % BAYER + 0,22 % ZODIAC - 0,10 % ACTIVE SHARE* 1Y 97,5 %

* the percentage of fund’s stock holdings that differs from STOXX 600

FUND HOLDINGS Security name Sector (ICB) Quantity Price (€) Perf. 1 M Market Value (€) % NOVO NORDISK Health Care 40 000 49,80 € + 16,3 % 1 992 021 5,0 % L'O R E A L Personal & Household Goods 11 600 171,35 € + 5,6 % 1 987 660 4,9 % CHRISTIAN DIOR Personal & Household Goods 9 250 175,75 € + 1,4 % 1 625 688 4,0 % INDITEX Retail 54 000 29,88 € + 6,4 % 1 613 520 4,0 % ESSENTRA Industrial Goods & Services 115 000 13,69 € - 2,2 % 1 574 376 3,9 % LINDE Chemicals 8 250 189,65 € + 4,3 % 1 564 613 3,9 % UNILEVER Personal & Household Goods 39 237 38,92 € + 0,0 % 1 526 908 3,8 % AMADEUS IT Industrial Goods & Services 38 000 39,96 € + 8,4 % 1 518 480 3,8 % BAYER Chemicals 10 800 139,95 € + 6,0 % 1 511 460 3,8 % CAPITA Industrial Goods & Services 98 000 15,38 € - 5,8 % 1 507 069 3,7 % SODEXO Travel & Leisure 15 050 90,79 € + 0,8 % 1 366 390 3,4 % KONE Industrial Goods & Services 31 000 41,28 € + 0,2 % 1 279 680 3,2% BRENNTAG Chemicals 22 600 55,76 € + 6,7 % 1 260 176 3,1 % H & M Retail 31 300 37,64 € - 3,0 % 1 178 174 2,9 % DIA Retail 157 000 7,29 € + 7,1 % 1 143 902 2,8 % LINDT & SPRUENGLI Food & Beverage 220 4 991,86 € + 1,4 % 1 098 210 2,7 % INGENICO Technology 10 600 102,30 € + 2,8 % 1 084 380 2,7 % GEMALTO Technology 14 000 74,17 € + 2,2 % 1 038 380 2,6 % WIRECARD Industrial Goods & Services 26 000 39,36 € - 4,6 % 1 023 360 2,5 % ILIAD Technology 4 700 217,30 € - 6,4 % 1 021 310 2,5 % COLOPLAST Health Care 14 300 70,42 € - 1,3 % 1 006 961 2,5 % ARM HOLDINGS Technology 66 000 15,23 € - 4,4 % 1 004 961 2,5 % ROCHE HOLDING Health Care 3 730 256,63 € + 5,7 % 957 225 2,4 % ZODIAC AEROSPACE Industrial Goods & Services 30 000 30,83 € - 4,1 % 924 900 2,3 % RICHEMONT Personal & Household Goods 12 250 74,95 € - 4,9 % 918 134 2,3 % GRIFOLS Health Care 28 200 31,17 € + 5,3 % 878 853 2,2 % INTERTEK GROUP Industrial Goods & Services 25 500 34,42 € - 1,0 % 877 759 2,2 % GEBERIT Construction & Materials 2 500 349,38 € + 9,6 % 873 456 2,2 % HERMES INTERNATIONAL Personal & Household Goods 1 370 328,40 € + 13,9 % 449 908 1,1 % ESSILOR INTERNATIONAL Health Care 4 000 106,80 € + 2,2 % 427 200 1,1 % Total Equity 36 235 115 90,1 % Cash and monetary UCITS 3 961 332 9,9 % 0 % equity share hedged NET ASSETS 40 196 446 100 %

This document is for information purpose only and does not constitute an offer to subscribe for any security. Figures used in this factsheet have been obtained from reliable sources, but cannot yet be guaranteed. For further informations, please refer to the KIID (Key Investor Information Document) available on the website www.montsegurfi nance.com 3 ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015 OPPORTUNITÉS

The fund mainly invests in French equities that either may be the target of a takeover bid of face cyclical downturn.

CLASSIFICATION : FRENCH EQUITIES Given operational diffi culties experienced by Steria, the merged entity Group will be governed by Sopra management. Investors seem to be surprised by the friendly course of the merger ISIN code class C : FR0010109157 between the two competitors in which the oldest takes control of the Recommanded investment horizon : at least 5 years whole. The group targets 6 % operating margin and organic growth Daily valuation this year. Laucnh date : 20/09/04 Portfolio manager Alain CROUZAT Atos is one of the world’s leading IT services group. Despite being engaged in a major transformation program, the entity achieved all its fi nancial and operational targets in 2014. The acquisition of Bull Investment policy should strengthen Atos expertise in the “cloud” fi eld. In the same way, the integration of Xerox should enhance the outsourcing division The Federal Reserve Chairman speech was the primary focus in and signifi cantly increase Atos footprint in North America. The stock March. Stock markets proved to be less dynamic than in the last two valuation does not refl ect the benefi ts above-mentioned since Atos months. Nevertheless, European equity market still benefi ted from a trades at a discount compared to its peers. We anticipate a target price high level of foreign capital infl ows. Two new positions were added to of 87 €. the portfolio, Atos and Quadrige, a mutual fund focused on innovative small and medium sized companies. In the turnaround stock segment, we added to CGG, , Derichebourg, as well as Dassault KEY DATA Aviation whose free-fl oat increased after the sale of additional Performances CAC 40 * FUND stake by Airbus Group. Conversely, we took some profi ts on PCAS, 2015 performance + 17,97 % + 14,40 % Sequana, Carrefour, Saft and Vivendi and sold out Areva, Alcatel- Lucent and UFF. 1Y performance + 17,25 % + 5,07 % 3Y performance + 54,36 % + 35,41 % Commentary 5Y performance + 26,66 % + 17,22 % Areva announces a transformation plan that sets several challenging NAV as of 31 march 2015 5 033,64 119,04 € goals, among which a positive net cash fl ow generation in 2018. Net Assets 26 M € There are no details provided regarding the group recapitalization and uncertainties remain as to shareholders treatment. Therefore, we sold the position.

1 YEAR PERFORMANCE SECTOR BREAKDOWN Montségur Opportunités + 5,07 % Construction & Materials 1% CAC 40* + 17,25 % Automobiles & Parts 2% 20% Food & Beverage 3% Opportunités 3% 15% Retail CAC 40* Chemicals 4% 10% Basic resources 5%

5% Utilities 5%

0% Insurance 6% -5% Technology 7% Oil & Gas 11% -10% Banks 13% -15% Media 14%

-20% Industrial Goods & Services 27% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 0% 10% 20% 30%

* Since 01/01/2013, the benchmark’s performance is calculated with net dividend reinvested. Past performance is no garantee of future results. Montségur Opportunités CAC 40

PORTFOLIO ANALYSIS SALES BREAKDOWN

2,1 22,8% 15,5% Africa 0% 1,3 1,5 1,3 13,9% 5,4% Latin America 3% Asia 6% Entreprise value to Operating income Price to book Volatility 1Y Rest of the World 10% sales growth estimates North America 10% Montségur Opportunités Europe 71%

Indice CAC 40 0% 20% 40% 60% 80%

4 ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015

PERFORMANCE MAJORS CONTRIBUTORS RISK ANALYSIS ESSO + 0,39 % CGG - 0,65 % VOLATILITY 1Y 15,5 % SOCIETE GENERALE + 0,39 % SOPRA STERIA GROUP - 0,50 % TRACKING ERROR 1Y 8,8 % BNP PARIBAS + 0,34 % ARCELORMITTAL - 0,45 % BETA 1Y 0,7 NRJ GROUP + 0,27 % EDF - 0,27 % ALPHA 1Y -7,8 % VALLOUREC + 0,25 % - 0,22 % ACTIVE SHARE* 1Y 99,8 %

* the percentage of fund’s stock holdings that differs from STOXX 600

FUND HOLDINGS Security name Sector (ICB) Quantity Price (€) Perf. 1 M Market Value (€) % ESSO Oil & Gas 29 000 45,30 € + 8,7 % 1 313 700 5,0 % AXA Insurance 55 000 23,46 € + 3,4 % 1 290 025 4,9 % SOCIETE GENERALE Banks 28 000 44,97 € + 8,8 % 1 259 160 4,8 % BNP PARIBAS Banks 20 000 56,57 € + 8,6 % 1 131 400 4,3 % ARCELORMITTAL Basic resources 120 000 8,78 € - 10,2 % 1 053 000 4,0 % SOPRA STERIA GROUP Technology 15 000 69,23 € - 11,3 % 1 038 450 3,9 % VALLOUREC Industrial Goods & Services 45 000 22,73 € + 7,2 % 1 022 625 3,9 % CANAL PLUS Media 160 000 6,23 € - 4,7 % 996 800 3,8 % GL EVENTS Industrial Goods & Services 51 550 18,97 € + 5,7 % 977 904 3,7 % QUADRIGE French Equities Fund 6 342 146,42 € + 4,9 % 941 773 3,6 % CGG Oil & Gas 170 000 5,25 € - 18,7 % 892 500 3,4 % DERICHEBOURG Industrial Goods & Services 310 000 2,85 € - 6,5 % 884 740 3,4 % PCAS Chemicals 200 528 4,20 € - 4,3 % 842 218 3,2 % CARREFOUR Retail 26 000 31,09 € + 5,2 % 808 340 3,1 % NRJ GROUP Media 110 000 7,34 € + 9,6 % 807 400 3,1 % SEQUANA Basic resources 260 000 3,08 € - 6,1 % 800 800 3,0 % Banks 100 000 6,96 € + 7,6 % 696 100 2,6 % VIVENDI Media 30 000 23,13 € + 6,0 % 693 750 2,6 % ASSYSTEM Industrial Goods & Services 35 000 19,68 € + 5,0 % 688 800 2,6 % SAFT GROUPE Industrial Goods & Services 20 000 34,24 € + 9,1 % 684 800 2,6 % EDF Utilities 30 000 22,34 € - 9,6 % 670 200 2,5 % Industrial Goods & Services 20 000 31,38 € - 4,9 % 627 600 2,4 % Media 24 000 26,01 € + 4,7 % 624 240 2,4 % VILMORIN & CIE Food & Beverage 7 700 75,53 € - 3,8 % 581 581 2,2 % DASSAULT AVIATION Industrial Goods & Services 500 1 128,00 € - 11,8 % 564 000 2,1 % VEOLIA ENVIRONNEMENT Utilities 30 000 17,62 € + 1,2 % 528 450 2,0 % Automobiles & Parts 21 000 24,59 € - 9,6 % 516 285 2,0 % ATOS Technology 8 000 64,27 € + 0,9 % 514 160 1,9 % TECHNIP Oil & Gas 5 000 56,37 € - 3,2 % 281 850 1,1 % SAINT-GOBAIN Construction & Materials 6 500 40,90 € + 1,6 % 265 818 1,0 % SQLI BSAAR Technology 150 236 0,45 € - 11,8 % 67 606 0,3 % Total Equity 24 066 074 91,2 % Cash and monetary UCITS 2 309 768 8,8 % 0 % equity share hedged NET ASSETS 26 375 842 100 %

This document is for information purpose only and does not constitute an offer to subscribe for any security. Figures used in this factsheet have been obtained from reliable sources, but cannot yet be guaranteed. For further informations, please refer to the KIID (Key Investor Information Document) available on the website www.montsegurfi nance.com 5 ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015 RENDEMENT

The fund mainly invests in European equities with high net returns. Share classess capitalize (Class C) or distribute (Class D) dividends.

CLASSIFICATION : EUROPEAN EQUITIES yield. The company also announced the closing of an agreement to acquire Eres, one of the main independent specialists in supply- transportation-logistic-retail of bitumen, operating in Western Africa. In ISIN code class C : FR0010263574, class D : FR0010271676 2014, Eres sales reached 550 million dollars, totaling 20 % of Rubis Recommanded investment horizon : at least 5 years revenue. Based on this acquisition, the target is valued six times its Daily valuation operating profi t. Rubis earnings per share should increase by 7 % Launch date 30/12/05 following this transaction. We hold our position. Portfolio manager : Marine MICHEL & François CHAULET Scor delivered sound 2014 fi nancial results. Gross written premium were up 4,2 % on a like for like basis and reached 11.3 billion euros, the Investment policy combined ratio improved to 91.4 % compared to 93,9 % in 2013 and The fund benefi ted from its exposure to the fi nancial sector (Allianz, fi nancial products attained 597 million euros supported by an increase Axa, BNP Paribas) representing 12 % of total assets, and thus in the effective bond portfolio duration from 3,4 to 4 years. Moreover, outperformed its benchmark over the month. For the fi rst quarter 2015 the Japanese insurer Sompo Holdings announced the acquisition of the fund posted a total return of 14,5 %. Profi ts were taken in positions 7,8 % of Scor’s outstanding capital, we hold the stock. that offer a dividend yield lower than the 3 % threshold (Wolters KEY DATA Kluwer). Performances STOXX 600* FONDS Commentary 2015 performance + 16,67 % + 14,49 % 1Y performance + 22,08 % + 16,95 % Fimalac completed the sale of 30 % of Fitch Group to the American mass media group Hearst for 1,99 billion dollars. Thanks to the dollar`s 3Y performance + 60,45 % + 62,22 % appreciation against the euro since the planned sale was announced 5Y performance + 60,30 % + 43,81 % mid-December, the price raised from 1,6 to 1.87 billion, generating a NAV as of 31 march 2015 750,44 135,50 € 270 million euros additional profi t. We slightly reduced our position at Net Assets 31 M € 82 €. Despite a particularly chaotic business environment, Rubis revealed solid 2014 fi nancial results. Indeed, the group posted a 12 % net profi t growth and a 5 % increase in dividend, translating a 3,5 % dividend

1 YEAR PERFORMANCE SECTOR BREAKDOWN Montségur Rendement + 16,95 % Banks 2% Stoxx 600* + 22,08 % Personal & Household Goods 3% Chemicals 3% Rendement 25% Retail 3% Financial Services 3% Stoxx 600* 20% Technology 3% Telecommunications 3% 15% Food & Beverage 3% 4% 10% Construction & Materials Oil & Gas 5% 5% Automobiles & Parts 7% Real Estate 7% 0% Health Care 8% Utilities 10% -5% Industrial Goods & Services 11% 12% -10% Media 12% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Insurance 0% 10% 20%

* Since 01/01/2013, the benchmark’s performance is calculated with net dividend reinvested. Past performance is no garantee of future results Montségur Rendement Stoxx 600

PORTFOLIO ANALYSIS SALES BREAKDOWN

16,4 8,3% AfriqueAfrica 1% 15,5 7,8% 3,8% 3,2%4,5% 3,8% AmériqueLatin America Latine 3% AsiaAsie 7%6% Earnings growth Cash-fl ow to sales PER 12M 12M yield estimates RestReste of duthe Monde World 13%14% estimates AmériqueNorth duAmerica Nord 16%17% Rendement Europe 59%59%

Stoxx 600 0% 20% 40% 60% 80%

6 ASSET MANAGEMENT COMPANY FACTSHEET I MARCH 2015

PERFORMANCE MAJORS CONTRIBUTORS RISK ANALYSIS FIMALAC + 0,32 % ORANGE - 0,27 % VOLATILITY 1Y 10,1 % ALLIANZ + 0,27 % GDF SUEZ - 0,20 % TRACKING ERROR 1Y 4,3 % MICHELIN + 0,26 % DEUTSCHE POST - 0,13 % BETA 1Y 0,9 RUBIS + 0,25 % TOTAL - 0,09 % ALPHA 1Y -1,9 % SCOR + 0,25 % SHELL -0,06 % ACTIVE SHARE* 1Y 95,9 %

* the percentage of fund’s stock holdings that differs from STOXX 600

FUND HOLDINGS Security name Sector (ICB) Quantity Price (€) Perf. 1 M Market Value (€) % SCOR Insurance 38 000 31,42 € + 6,6 % 1 193 770 3,9 % AXA Insurance 49 000 23,46 € + 3,4 % 1 149 295 3,7 % VINCI Construction & Materials 21 500 53,23 € + 0,4 % 1 144 445 3,7 % Real Estate 29 000 38,92 € + 5,8 % 1 128 535 3,7 % SANOFI Health Care 11 900 91,93 € + 4,8 % 1 093 967 3,6 % MICHELIN Automobiles & Parts 11 700 92,61 € + 7,7 % 1 083 537 3,5 % GL EVENTS Industrial Goods & Services 56 500 18,97 € + 5,7 % 1 071 805 3,5 % ALLIANZ Insurance 6 500 161,85 € + 8,2 % 1 052 025 3,4 % SIEMENS Industrial Goods & Services 10 300 100,70 € + 0,9 % 1 037 210 3,4 % ROCHE HOLDING Health Care 4 000 256,63 € + 5,7 % 1 026 515 3,3 % VIVENDI Media 43 000 23,13 € + 6,0 % 994 375 3,2 % BMW Automobiles & Parts 8 200 116,45 € + 3,1 % 954 890 3,1 % SES Media 29 000 32,92 € + 6,9 % 954 680 3,1 % SUEZ ENVIRONNEMENT Utilities 59 500 16,03 € + 0,5 % 953 488 3,1 % NEOPOST Technology 18 500 51,15 € + 6,1 % 946 275 3,1 % KLEPIERRE Real Estate 20 000 45,69 € + 4,6 % 913 800 3,0 % NESTLE Food & Beverage 13 000 70,26 € + 0,6 % 913 372 3,0 % RUBIS Utilities 15 368 59,11 € + 9,0 % 908 402 3,0 % ORANGE Telecommunications 60 000 14,97 € - 8,2 % 897 900 2,9 % TOTAL Oil & Gas 19 000 46,28 € - 4,1 % 879 225 2,9 % DEUTSCHE POST Industrial Goods & Services 30 000 29,10 € - 4,4 % 872 850 2,8 % FIMALAC Financial Services 11 000 78,00 € + 11,1 % 858 000 2,8 % RALLYE Retail 24 500 35,02 € + 3,3 % 857 990 2,8 % COMMUNICATIONS Media 25 665 30,84 € + 1,0 % 791 380 2,6 % AIR LIQUIDE Chemicals 6 600 119,80 € + 1,4 % 790 680 2,6 % GDF SUEZ Utilities 41 000 18,41 € - 7,4 % 754 605 2,5 % UNILEVER Personal & Household Goods 18 334 38,92 € + 0,0 % 713 468 2,3 % WOLTERS KLUWER Media 19 000 30,40 € + 4,9 % 577 600 1,9 % Oil & Gas 17 000 27,84 € - 4,9 % 473 195 1,5 % BNP PARIBAS Banks 7 500 56,57 € + 8,6 % 424 275 1,4 % Total Equity 27 411 554 89,1 % Cash and monetary UCITS 3 354 190 10,9 % 0 % equity share hedged NET ASSETS 30 765 744 100 %

This document is for information purpose only and does not constitute an offer to subscribe for any security. Figures used in this factsheet have been obtained from reliable sources, but cannot yet be guaranteed. For further informations, please refer to the KIID (Key Investor Information Document) available on the website www.montsegurfi nance.com 7 Siège Toulouse info@montsegurfi nance.com 39, rue Marbeuf - 75008 Paris 11, rue du Rempart St Etienne - 31000 Toulouse Agrément AMF GP04000044 Tél : 01 56 43 43 70 - Fax : 01 56 43 43 71 Tél : 09 52 11 25 38 www. montsegurfi nance.com