DPAM CAPITAL B

DPAM CAPITAL B

Limited Company

Semi-annual Report

on 31 December 2016

Public UCIT with variable capital under Belgian law having opted to undertake investment fulfilling Directive 2009/65/EC

No subscriptions may be accepted on the basis of this report. Subscriptions are only valid if they are made after the key investor information or the prospectus has been provided free of charge.

DPAM CAPITAL B

ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY

For the following additional sub-funds no notification of distribution was published, so that shares of these sub-funds may not be distributed within the area of application of the Capital Investment Code:

DPAM CAPITAL B Bonds EUR Medium Term DPAM CAPITAL B Equities Belgium DPAM CAPITAL B Equities EMU Index DPAM CAPITAL B Equities Index DPAM CAPITAL B Equities Japan Index DPAM CAPITAL B Equities US Dividend DPAM CAPITAL B Equities US Index DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index DPAM CAPITAL B Real Estate EMU Dividend

DPAM CAPITAL B

SUMMARY

1. GENERAL INFORMATION OF THE FUND 7 1.1. Organisation of the Fund 7 1.2. Management Report 15 1.2.1 Information to Shareholders 15 1.2.2 Market Overview 15 1.3. Aggregated Balance Sheet 19 1.4. Aggregated Income and Expenditure Account 21 1.5. Summary of the Accounting and Valuation Rules 23 1.6.1 Summary of the Rules 23 1.6. Exchange Rate 24

2. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B BONDS EUR MEDIUM TERM 25 2.1. Management Report 25 2.1.1 Launch Date of the Compartment and Unit Subscription Price 25 2.1.2 Objective and Distinctive Features of the Investment Policy 25 2.1.3 Distributor(s) 25 2.1.4 Index and Benchmark 25 2.1.5 Investment Policy Followed During the Year 25 2.1.6 Future Investment Policy 26 2.1.7 Risk Category 26 2.2. Balance Sheet 27 2.3. Income and Expenditure Account 29 2.4. Composition of the Assets 30 2.5. Geographic Allocation of Investments 32 2.6. Economic Allocation of Investments 33 2.7. Changes in the Composition of the Assets in EUR 34 2.8. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 35 2.9. Performance 36 2.10. Ongoing Charges 39 2.11. Notes to the Financial Statements and other Information 39 2.11.1. Gross dividends paid during the fiscal year 39 2.11.2. Transparency of the Securities Financing Transactions and of Reuse 39

3. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES BELGIUM 42 3.1. Management Report 42 3.1.1 Launch Date of the Compartment and Unit Subscription Price 42 3.1.2 Objective and Distinctive Features of the Investment Policy 42 3.1.3 Distributor(s) 42 3.1.4 Index and Benchmark 42 3.1.5 Investment Policy Followed During the Year 42 3.1.6 Future Investment Policy 43 3.1.7 Risk Category 43 3.2. Balance Sheet 44 3.3. Income and Expenditure Account 46 3.4. Composition of the Assets 47 3.5. Geographic Allocation of Investments 49 3.6. Economic Allocation of Investments 50 3.7. Composition of Securities Lending on 31 December 2016 51 3.8. Changes in the Composition of the Assets in EUR 52 3.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 53 3.10. Performance 54 3.11. Ongoing Charges 57 3.12. Notes to the Financial Statements and other Information 57 3.12.1 Comment concerning the securities lending 57

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3.12.2. Transparency of the Securities Financing Transactions and of Reuse 58

4. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE 62 4.1. Management Report 62 4.1.1 Launch Date of the Compartment and Unit Subscription Price 62 4.1.2 Objective and Distinctive Features of the Investment Policy 62 4.1.3 Distributor(s) 62 4.1.4 Index and Benchmark 62 4.1.5 Investment Policy Followed During the Year 62 4.1.6 Future Investment Policy 63 4.1.7 Risk Category 63 4.2. Balance Sheet 64 4.3. Income and Expenditure Account 66 4.4. Composition of the Assets 67 4.5. Geographic Allocation of Investments 70 4.6. Economic Allocation of Investments 71 4.7. Composition of Securities Lending on 31 December 2016 72 4.8. Changes in the Composition of the Assets in EUR 73 4.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 74 4.10. Performance 75 4.11. Ongoing Charges 81 4.12. Notes to the Financial Statements and other Information 81 4.12.1. Comment concerning the securities lending 81 4.12.2. Transparency of the Securities Financing Transactions and of Reuse 82

5. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EMU INDEX 86 5.1. Management Report 86 5.1.1 Launch Date of the Compartment and Unit Subscription Price 86 5.1.2 Objective and Distinctive Features of the Investment Policy 86 5.1.3 Distributor(s) 86 5.1.4 Index and Benchmark 86 5.1.5 Investment Policy Followed During the Year 86 5.1.6 Future Investment Policy 87 5.1.7 Risk Category 87 5.2. Balance Sheet 88 5.3. Income and Expenditure Account 90 5.4. Composition of the Assets 91 5.5. Geographic Allocation of Investments 96 5.6. Economic Allocation of Investments 97 5.7. Composition of Securities Lending on 31 December 2016 98 5.8. Amount of Commitments Related to Financial Derivative Positions 98 5.9. Changes in the Composition of the Assets in EUR 99 5.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 100 5.11. Performance 101 5.12. Ongoing Charges 105 5.13. Notes to the Financial Statements and other Information 105 5.13.1. Comment concerning the securities lending 105 5.13.2. Transparency of the Securities Financing Transactions and of Reuse 106

6. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EUROPE INDEX 110 6.1. Management Report 110 6.1.1 Launch Date of the Compartment and Unit Subscription Price 110 6.1.2 Objective and Distinctive Features of the Investment Policy 110 6.1.3 Distributor(s) 110 6.1.4 Index and Benchmark 110 6.1.5 Investment Policy Followed During the Year 110 6.1.6 Future Investment Policy 111

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6.1.7 Risk Category 111 6.2. Balance Sheet 112 6.3. Income and Expenditure Account 114 6.4. Composition of the Assets 115 6.5. Geographic Allocation of Investments 123 6.6. Economic Allocation of Investments 124 6.7. Composition of Securities Lending on 31 December 2016 125 6.8. Amount of commitments related to financial derivative positions 125 6.9. Changes in the Composition of the Assets in EUR 126 6.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 127 6.11. Performance 128 6.12. Ongoing Charges 132 6.13. Notes to the Financial Statements and other Information 132 6.13.1. Comment concerning the securities lending 132 6.13.2. Transparency of the Securities Financing Transactions and of Reuse 133

7. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES JAPAN INDEX 137 7.1. Management Report 137 7.1.1 Launch Date of the Compartment and Unit Subscription Price 137 7.1.2 Objective and Distinctive Features of the Investment Policy 137 7.1.3 Distributor(s) 137 7.1.4 Index and Benchmark 137 7.1.5 Investment Policy Followed During the Year 137 7.1.6 Future Investment Policy 138 7.1.7 Risk Category 138 7.2. Balance Sheet 139 7.3. Income and Expenditure Account 141 7.4. Composition of the Assets 142 7.5. Geographic Allocation of Investments 148 7.6. Economic Allocation of Investments 149 7.7. Composition of Securities Lending on 31 December 2016 150 7.8. Amount of Commitments Related to Financial Derivative Positions 151 7.9. Changes in the Composition of the Assets in EUR 152 7.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 153 7.11. Performance 154 7.12. Ongoing Charges 158 7.13. Notes to the Financial Statements and other Information 158 7.13.1. Comment concerning the securities lending 158 7.13.2. Transparency of the Securities Financing Transactions and of Reuse 159

8. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE 163 8.1. Management Report 163 8.1.1 Launch Date of the Compartment and Unit Subscription Price 163 8.1.2 Objective and Distinctive Features of the Investment Policy 163 8.1.3 Distributor(s) 163 8.1.4 Index and Benchmark 163 8.1.5 Investment Policy Followed During the Year 163 8.1.6 Future Investment Policy 164 8.1.7 Risk Category 164 8.2. Balance Sheet 165 8.3. Income and Expenditure Account 167 8.4. Composition of the Assets 168 8.5. Geographic Allocation of Investments 171 8.6. Economic Allocation of Investments 172 8.7. Composition of Securities Lending on 31 December 2016 173 8.8. Changes in the Composition of the Assets in EUR 174 8.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 175

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8.10. Performance 176 8.11. Ongoing Charges 184 8.12. Notes to the Financial Statements and other Information 184 8.12.1. Comment concerning the securities lending 184 8.12.2. Transparency of the Securities Financing Transactions and of Reuse 185

9. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES US DIVIDEND 189 9.1. Management Report 189 9.1.1 Launch Date of the Compartment and Unit Subscription Price 189 9.1.2 Objective and Distinctive Features of the Investment Policy 189 9.1.3 Distributor(s) 189 9.1.4 Index and Benchmark 189 9.1.5 Investment Policy Followed During the Year 189 9.1.6 Future Investment Policy 190 9.1.7 Risk Category 190 9.2. Balance Sheet 191 9.3. Income and Expenditure Account 193 9.4. Composition of the Assets 194 9.5. Geographic Allocation of Investments 196 9.6. Economic Allocation of Investments 197 9.7. Changes in the Composition of the Assets in EUR 198 9.8. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 299 9.9. Performance 200 9.10. Ongoing Charges 204 9.11. Notes to the Financial Statements and other Information 204 9.11.1 Comment concerning the securities lending 204 9.11.2. Transparency of the Securities Financing Transactions and of Reuse

10. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES US INDEX 207 10.1. Management Report 207 10.1.1 Launch Date of the Compartment and Unit Subscription Price 207 10.1.2 Objective and Distinctive Features of the Investment Policy 207 10.1.3 Distributor(s) 207 10.1.4 Index and Benchmark 207 10.1.5 Investment Policy Followed During the Year 207 10.1.6 Future Investment Policy 208 10.1.7 Risk Category 208 10.2. Balance Sheet 209 10.3. Income and Expenditure Account 211 10.4. Composition of the Assets 212 10.5. Geographic Allocation of Investments 223 10.6. Economic Allocation of Investments 224 10.7. Composition of Securities Lending on 31 December 2016 225 10.8. Amount of Commitments Related to Financial Derivative Positions 225 10.9. Changes in the Composition of the Assets in EUR 226 10.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 227 10.11. Performance 228 10.12. Ongoing Charges 234 10.13. Notes to the Financial Statements and other Information 234 10.13.1. Comment concerning the securities lending 234 10.13.2. Transparency of the Securities Financing Transactions and of Reuse 235

11. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES WORLD EX JAPAN, EUROPE AND USA INDEX 239 11.1. Management Report 239 11.1.1 Launch Date of the Compartment and Unit Subscription Price 239 11.1.2 Objective and Distinctive Features of the Investment Policy 239 11.1.3 Distributor(s) 239

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11.1.4 Index and Benchmark 239 11.1.5 Investment Policy Followed During the Year 240 11.1.6 Future Investment Policy 240 11.1.7 Risk Category 240 11.2. Balance Sheet 241 11.3. Income and Expenditure Account 243 11.4. Composition of the Assets 244 11.5. Geographic Allocation of Investments 250 11.6. Economic Allocation of Investments 251 11.7. Composition of Securities Lending on 31 December 2016 252 11.8. Changes in the Composition of the Assets in EUR 253 11.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 254 11.10. Performance 255 11.11. Ongoing Charges 258 11.12. Notes to the Financial Statements and other Information 258 11.12.1. Comment concerning the securities lending 258 11.12.2. Transparency of the Securities Financing Transactions and of Reuse 259

12. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B REAL ESTATE EMU DIVIDEND 263 12.1. Management Report 263 12.1.1 Launch Date of the Compartment and Unit Subscription Price 263 12.1.2 Objective and Distinctive Features of the Investment Policy 263 12.1.3 Distributor(s) 263 12.1.4 Index and Benchmark 263 12.1.5 Investment Policy Followed During the Year 263 12.1.6 Future Investment Policy 263 12.1.7 Risk Category 263 12.2. Balance Sheet 264 12.3. Income and Expenditure Account 266 12.4. Composition of the Assets 267 12.5. Geographic Allocation of Investments 269 12.6. Economic Allocation of Investments 270 12.7. Composition of Securities Lending on 31 December 2016 271 12.8. Changes in the Composition of the Assets in EUR 272 12.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 273 12.10. Performance 274 12.11. Ongoing Charges 276 12.12. Notes to the Financial Statements and other Information 276 12.12.1. Gross dividends paid during the fiscal year 276 12.12.2. Comment concerning the securities lending 276 12.12.3. Transparency of the Securities Financing Transactions and of Reuse 277

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1. GENERAL INFORMATION OF THE FUND

1.1. ORGANISATION OF THE FUND

Registered office : 18 rue Guimard, 1040 Brussels

Date of incorporation : 8 May 1991

Board of directors of the investment company: Chairman : - Mr Hugo Lasat, Director, Chairman of the Management Committee of Degroof van Petercam Asset Management NV/SA. Membres : - Mr Yvon Lauret, Independent Director - Mr Thomas Palmblad, Director and member of the Management Committee of Degroof Petercam Asset Management NV/SA - Mrs Caroline Tubeuf, Head of Legal and General Secretary - Degroof Petercam Asset Management NV/SA - Mr Philippe Denef, Director and member of the Management Committee Degroof Petercam Asset Management NV/SA - Mr Martin Duchenne, Risk Manager - Degroof Petercam Asset Management NV/SA - Mr Peter Keunen, Branch Manager of Banque Degroof Petercam Luxembourg S.A., Brussels branch

Effective management : - Mr Philippe Denef and Mr Peter Keunen

Management type : Investment company who has designated a management company of undertakings for collective investment : Management company Degroof Petercam Asset Management S.A. Limited Company Registered office : 18 rue Guimard à 1040 Brussels Board of Directors of the management company Degroof Petercam Asset Management S.A. : - Mr Philippe Masset, Chairman of the Board of Directors - Mr Jan Longeval, Member of the Management Committee of Bank Degroof Petercam - Head of IPM - Mr Benoît Daenen, Deputy Head Private Banking Bank Degroof Petercam - Mr Johny Pauly, Director of Degroof Petercam Asset Services SA - Mr François Wohrer, CEO Bank Degroof Petercam - Mr Gautier Bataille De Longprey, Member of the Management Committee of Bank Degroof Petercam - Head of Investment Banking - Mr Eric Nols , non-executive Director - Mr Jean-Baptiste Douville De Franssu, Independent Director - Mr Christian Jacobs, independent Director - Mr Hugo Lasat, Chairman of the Management Committee - Mr Peter De Coensel, Member of the Management Committee - Mr Philippe Denef, Member of the Management Committee - Mr Guy Lerminiaux Member of the Management Committee - Mr Tomás Murillo, Member of the Management Committee - Mr Thomas Palmblad, Member of the Management Committee - Mr Vincent Planche, Member of the Management Committee - Mr Gérald Servais, Member of the Management Committee

Executive Committee composition and individuals responsible for effective management : - Mr Hugo Lasat, Chairman of the Management Committee - Mr Peter De Coensel - Mr Philippe Denef

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- Mr Guy Lerminiaux - Mr Tomás Murillo - Mr Thomas Palmblad - Mr Vincent Planche - Mr Gérald Servais

Certified Auditor : KPMG Réviseurs d’entreprises, SC s.f.d. SCRL, represented by Mr. Erik Clinck, Avenue du Bourget, 40, 1130 Brussels

Auditor : KPMG Réviseurs d’entreprises, SC s.f.d. SCRL, represented by Mr. Peter Coox, Avenue du Bourget, 40, 1130 Brussels

Financial Group Promoting : Groupe Degroof Petercam

Custodian : Banque Degroof Petercam S.A. 44 rue de l'Industrie, 1040 Brussels

Financial Management of the Portfolio : Degroof Petercam Asset Management S.A. 18 rue Guimard - 1040 Brussels

Administration and Accounting : Banque Degroof Petercam Luxembourg S.A. branch BXL 19 rue Guimard, 1040 Brussels

Financial Service : Banque Degroof Petercam S.A. 44 rue de l'Industrie, 1040 Brussels

List of the compartments and the share classes :

DPAM CAPITAL B Bonds EUR Medium Term (formerly DEGROOF BONDS EURO) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I") : : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "P" : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment. Class "V" : distribution shares offered to the public which are distinguished from class A shares by the fact that (i) they are

9 DPAM CAPITAL B

characterized by the countries in which the shares are offered, as the Netherlands, the United Kingdom and Switzerland and (ii) have a different management fees. Class "W" : capitalisation shares offered to the public which differ from Class B shares due to the fact that (i) they have a minimum initial subscription amount (ii) they are characterised by the countries in which the shares are offered, in particular The Netherlands, United Kingdom and Switzerland, and (iii) they have a different management fee.

DPAM CAPITAL B Equities Belgium (formerly DEGROOF EQUITIES BELGIUM ACTIVE) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A - Benelux" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I - Benelux") : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "L" (formerly Class "A - Outside the Benelux") : capitalisation shares offered to the public which differ from shares of class B due to the fact (i) they have a minimum initial subscription, (ii ) and a management fee that may be different. Class "P" : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment. Class "V" : distribution shares offered to the public which are distinguished from class A shares by the fact that (i) they are characterized by the countries in which the shares are offered, as the Netherlands, the United Kingdom and Switzerland and (ii) have a different management fees. Class "W" : capitalisation shares offered to the public which differ from Class B shares due to the fact that (i) they have a minimum initial subscription amount (ii) they are characterised by the countries in which the shares are offered, in particular The Netherlands, United Kingdom and Switzerland, and (iii) they have a different management fee.

DPAM CAPITAL B Equities EMU Behavioral Value (formerly DEGROOF EQUITIES EMU BEHAVIORAL VALUE) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A - Benelux" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I - Benelux" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "L" (formerly Class "A - Outside the Benelux") : capitalisation shares offered to the public which differ from shares of class B due to the fact (i) they have a minimum initial subscription, (ii ) and a management fee that may be different. Class "P" (formerly Class "HI") : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment. Class "V" : distribution shares offered to the public which are distinguished from class A shares by the fact that (i) they are characterized by the countries in which the shares are offered, as the Netherlands, the United Kingdom and Switzerland and (ii) have a different management fees.

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Class "W" : capitalisation shares offered to the public which differ from Class B shares due to the fact that (i) they have a minimum initial subscription amount (ii) they are characterised by the countries in which the shares are offered, in particular The Netherlands, United Kingdom and Switzerland, and (iii) they have a different management fee.

DPAM CAPITAL B Equities EMU Index (formerly DEGROOF EQUITIES EMU INDEX) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "P" (formerly Class "HI" ) : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment.

DPAM CAPITAL B Equities Europe Index (formerly DEGROOF EQUITIES EUROPE INDEX) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A") : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "P" (formerly Class "HI" ) : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment.

DPAM CAPITAL B Equities Japan Index (formerly DEGROOF EQUITIES JAPAN INDEX) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "A EUR Hedged" : distribution shares which differ from shares of class A due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rata to the net assets of the class A Hedged shares. For the class A EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "B EUR Hedged" : capitalisation shares which differ from shares of class B due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rate to the net assets of the class B EUR Hedged shares. For class B EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial.

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Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I") : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "E EUR Hedged" : distribution shares distinguished from class A EUR Hedged shares by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class E EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "F EUR Hedged" : capitalisation shares, distinguished from class B EUR HEDGED by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class F EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "P" (formerly Class "HI") : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment.

DPAM CAPITAL B Equities US Behavioral Value (formerly DEGROOF EQUITIES US BEHAVIORAL VALUE) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A - Benelux") : capitalisation shares offered to the public. Class "A USD" : distribution shares offered to the public which differ from shares of class A due to the fact that they are denominated in United States dollars (USD). Class "B USD" (formerly Class "A - Benelux - USD") : capitalisation shares offered to the public which differ from shares of class B due to the fact that they are denominated in United States dollars (USD). Class "A EUR Hedged" : distribution shares which differ from shares of class A due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rata to the net assets of the class A Hedged shares. For the class A EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "B EUR Hedged" : capitalisation shares which differ from shares of class B due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rate to the net assets of the class B EUR Hedged shares. For class B EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I - Benelux"): capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "E USD" : distribution shares offered to institutional or professional investors which differ from shares of class E due to the fact that they are denominated in United States dollars (USD).

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Class "F USD" (formerly Class "I - Benelux - USD") : capitalisation shares reserved for institutional or professional investors, which differ from shares of class F due to the fact that they are denominated in United States dollars (USD) Class "E EUR Hedged" : distribution shares distinguished from class A EUR Hedged shares by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class E EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "F EUR Hedged" : capitalisation shares, distinguished from class B EUR HEDGED by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class F EUR HEDGED shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "L" (formerly Class "A - Outside the Benelux") : capitalisation shares offered to the public which differ from shares of class B due to the fact (i) they have a minimum initial subscription, (ii ) and a management fee that may be different. Class "L USD" (formerly Class "A - Outside the Benelux USD" ) : capitalisation shares offered to the public which differ from shares of class L due to the fact they are denominated in United States dollars (USD). Class "P" (formerly Class "HI" ) : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment. Class "V" : distribution shares offered to the public which are distinguished from class A shares by the fact that (i) they are characterized by the countries in which the shares are offered, as the Netherlands, the United Kingdom and Switzerland and (ii) have a different management fees. Class "W" : capitalisation shares offered to the public which differ from Class B shares due to the fact that (i) they have a minimum initial subscription amount (ii) they are characterised by the countries in which the shares are offered, in particular The Netherlands, United Kingdom and Switzerland, and (iii) they have a different management fee.

DPAM CAPITAL B Equities US Dividend (formerly DEGROOF EQUITIES US FLEXIBLE) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A") : capitalisation shares offered to the public. Class "A USD" : distribution shares offered to the public which differ from shares of class A due to the fact that they are denominated in United States dollars (USD). Class "B USD" (formerly Class "A - USD") : capitalisation shares offered to the public which differ from shares of class B due to the fact that they are denominated in United States dollars (USD). Class "A EUR Hedged" : distribution shares which differ from shares of class A due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rata to the net assets of the class A Hedged shares. For the class A EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "B EUR Hedged" : capitalisation shares which differ from shares of class B due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rate to the net assets of the class B EUR Hedged shares. For class B EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a

13 DPAM CAPITAL B

minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "E USD" : distribution shares offered to institutional or professional investors which differ from shares of class E due to the fact that they are denominated in United States dollars (USD). Class "F USD" : capitalisation shares reserved for institutional or professional investors, which differ from shares of class F due to the fact that they are denominated in United States dollars (USD). Class "E EUR Hedged" : distribution shares distinguished from class A EUR Hedged shares by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class E EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "F EUR Hedged" : capitalisation shares, distinguished from class B EUR Hedged by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class F EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "P" : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment. Class "V" : distribution shares offered to the public which are distinguished from class A shares by the fact that (i) they are characterized by the countries in which the shares are offered, as the Netherlands, the United Kingdom and Switzerland and (ii) have a different management fees. Class "W" : capitalisation shares offered to the public which differ from Class B shares due to the fact that (i) they have a minimum initial subscription amount (ii) they are characterised by the countries in which the shares are offered, in particular The Netherlands, United Kingdom and Switzerland, and (iii) they have a different management fee.

DPAM CAPITAL B Equities US Index (formerly DEGROOF EQUITIES US INDEX) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "A USD" : distribution shares offered to the public which differ from shares of class A due to the fact that they are denominated in United States dollars (USD). Class "B USD" (formerly Class "A - USD") : capitalisation shares offered to the public which differ from shares of class B due to the fact that they are denominated in United States dollars (USD). Class "A EUR Hedged" : distribution shares which differ from shares of class A due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rata to the net assets of the class A Hedged shares. For the class A EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "B EUR Hedged" : capitalisation shares which differ from shares of class B due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rate to the net assets of the class B EUR HEDGED shares. For class B EUR HEDGED shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial.

14 DPAM CAPITAL B

Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "E USD" : distribution shares offered to institutional or professional investors which differ from shares of class E due to the fact that they are denominated in United States dollars (USD). Class "F USD" (formerly Class "I - USD") : capitalisation shares reserved for institutional or professional investors, which differ from shares of class F due to the fact that they are denominated in United States dollars (USD). Class "E EUR Hedged" : capitalisation shares which differ from shares of class B due to the fact that the non-euro currency risk is reduced by an active policy of exchange risk hedging against the euro. The total proportion of currencies, other than the euro, recorded in the net assets of the sub-fund will be hedged pro rate to the net assets of the class B EUR Hedged shares. For class B EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "F EUR Hedged" : capitalisation shares, distinguished from class B EUR Hedged by (i) being reserved to institutional or professional investors, (ii) having a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual fee. For class F EUR Hedged shares, the manager will seek, within the limits imposed by market constraints, to maximise the euro exposure of the net assets of said class. The investor's attention is drawn to the fact that this hedging could only be partial. Class "P" (formerly Class "HI" ) : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment.

DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index (formerly DEGROOF EQUITIES WORLD EX JAPAN, EUROPE AND USA INDEX) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "P" : capitalisation shares which differ from Class F shares due to the fact that (i) they have no management fee and (ii) no minimum initial subscription amount. These shares are reserved for certain undertakings for collective investment or for institutional or professional investors whose portfolios are managed by Degroof Petercam Asset Management SA, as stipulated in article 6, §3, paragraph 2, sub-paragraphs 1 and 2 of the Royal Decree of 12 November 2012 concerning certain public undertakings for collective investment.

DPAM CAPITAL B Real Estate EMU Dividend (formerly DEGROOF REAL ESTATE) Class "A" : distribution shares offered to the public. Class "B" (formerly Class "A" ) : capitalisation shares offered to the public. Class "E" : distribution shares which differ from Class A shares due to the fact that (i) they are reserved for institutional or professional investors as defined in article 5 §3 of the law of the third of August two thousand and twelve, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax. Class "F" (formerly Class "I" ) : capitalisation shares which differ from Class B shares due to the fact that (i) they are reserved

15 DPAM CAPITAL B

for institutional or professional investors, (ii) they have a minimum initial subscription amount, (iii) a different management fee and (iv) a different annual tax.

16 DPAM CAPITAL B

1.2. MANAGEMENT REPORT 1.2.1 Information to Shareholders

The articles of incorporation of DPAM CAPITAL B, an investment company with variable capital governed by Belgian law, were deposited with the clerk of the Brussels commercial court, where anyone may inspect or obtain a copy of them. They are also available upon request from Bank Degroof Petercam S.A., rue de l’Industrie 44, 1040 Brussels. They are an integral part of the issue prospectus.

On the 1 October 2016, the investment company changed names form Degroof to DPAM CAPITAL B and it compartments changed names as follows:

Equities Belgium Active DPAM CAPITAL B Equities Belgium Equities US Behavioral Value DPAM CAPITAL B Equities US Behavioral Value Equities Europe Index DPAM CAPITAL B Equities Europe Index Real Estate DPAM CAPITAL B Real Estate EMU Dividend Equities US Index DPAM CAPITAL B Equities US Index Bonds Euro DPAM CAPITAL B Bonds EUR Medium Term Equities Japan Index DPAM CAPITAL B Equities Japan Index Equities World ex Japan, Europe & USA Index DPAM CAPITAL B Equities World ex Japan, Europe & USA Index Equities EMU Index DPAM CAPITAL B Equities EMU Index Equities US Flexible DPAM CAPITAL B Equities US Dividend Equities EMU Behavioral Value DPAM CAPITAL B Equities EMU Behavioral Value

The annual and half yearly reports may also be obtained from Bank Degroof Petercam S.A., at the financial service and at the registered office of the Company.

The net asset value of the compartments DPAM CAPITAL B Equities World ex Japan, Europe & USA Index, DPAM CAPITAL B Equities EMU Behavioral Value, DPAM CAPITAL B Equities JAPAN Index, DPAM CAPITAL B Equities Belgium, DPAM CAPITAL B Equities Europe Index, DPAM CAPITAL B Equities EMU Index, DPAM CAPITAL B Bonds EUR Medium Term, DPAM CAPITAL B Equities US Index, DPAM CAPITAL B Equities US Behavioral Value and DPAM CAPITAL B Equities US Dividend is calculated daily. The net asset value of the compartment DPAM CAPITAL B Real Estate EMU Dividend is calculated every Thursday. If such a day is a Bank holiday in Brussels, the net asset value is calculated on the following working day. The figures are currently published in De Tijd and L’Echo.

The net asset values are denominated in euro and are calculated on the basis of the last known market price on the markets where the securities held in portfolio are chiefly traded.

Furthermore, a valuation is carried out on 31 December and 30 June of each year.

1.2.2 Market Overview

Economic context

After a weaker start of the year, the second half of 2016 showed signs of improvement. Chinese figures gradually stabilised and confidence indicators in the developed world rallied. The meagre economic recovery in the developed world started to gain momentum. The election of Donald Trump as the new president of the US caused another shockwave through markets: interest rates rose and equity prices soared. The Italian no-vote did bring down Renzi, but financial market optimism stood firm.

17 DPAM CAPITAL B

United States

Following a very weak start of the year, growth in the second half of the year came in somewhat better. Business confidence indicators showed signs of improvement even before Trump got elected. All in all, leading indicators continued to be in line with around 2% headline growth.

The manufacturing sector still suffered from the stronger USD and problems in the energy sector. Confidence in the service sector, on the other hand, held up better. What’s more, in line with the evolution seen over the past years, overall productivity growth remained very disappointing and the outlook for investment remained weak against the back of negative profit growth and relatively low capacity utilization rates. All in all, consumer spending has held up against the back of low energy prices, the continuing recovery in the housing market and decent job growth. The recovery in the labor market continued. Jobless claims remain very low and the headline unemployment dropped further below 5%.

Headline inflation has trended upwards over the period on the back of base effects linked to energy prices. More importantly, underlying inflation has been moving up at a modest pace. Trump’s plans have brought upward risks for inflation (import tariffs, stricter immigration procedures, fiscal stimulus). The Fed hiked implemented a rate hike in December, raising the federal funds target rate.

Europe

The recovery in the eurozone economy accelerated in the second half of 2016. Looking forward, economic activity should hold up in the near future against the favourable backdrop of low energy prices, the current low yield environment and EUR weakness. While the Eurozone continues to experience a cyclical recovery, this recovery is still far from spectacular and structural headwinds will remain strong in 2017. Indeed, the outlook for 2017 is challenging with elections in the Netherlands, France and Germany. The still unclear impact of the Brexit vote will likely be an additional headwind.

In line with the improvement witnessed in economic activity, the labor market has also recovered. Unemployment rates have been coming down throughout the region. Importantly, however, youth unemployment remains worryingly high, especially in Greece and Italy.

European politics remain worrying in the sense that the currency union still faces existential challenges against the back of rising populism and waning appetite for further fiscal integration. Confidence in government economic policy remains very low in a significant number of European member states. These underlying tendencies contributed to the June vote of the UK to exit the EU. The initial market effects of Brexit were very negative, especially for the GBP that fell to multi-year lows. The impact on confidence indicators has remained modest so far. Even though a new political agreement was found in late May, the Greek situation remains structurally unresolved and the can has been kicked down the road once again. Imposed budgetary tightening keeps Greece stuck in recession with unemployment and public debt levels at very high levels. The economic and social situation remains unsustainably weak. In Italy, political uncertainty increased following the No vote in the constitutional referendum held in December. The new interim government of Gentiloni is perceived as an interim solution until new elections can be held in the second half of 2017. The ECB’s QE program, however, is likely to prevent that government bond spreads widen sharply.

Meanwhile headline inflation is held down by the earlier steep fall in energy prices but base effects have supported inflation towards the end of the year. Despite the stimulating policies of the ECB, underlying price measures remain very weak reflecting the slack in the labor market. All in all, despite the easing measures taken in March, the ECB still looks to experience major difficulties in getting inflation up to its target of 2% anytime and remains therefore in easing mode. In December, the governing council decided to extent the asset purchase programme to December 2017, at a reduced rate of €60Bn per month as of April 2017, and to abolish the deposit rate floor as a technical buy limit in the QE program.

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Japan

In Japan, economic activity is still struggling although business confidence indicators have been ticking up towards the end of the year. Wage growth remains subdued despite the tightening labor market. Inflation, meanwhile, remains significantly below the Bank of Japan’s 2% target. Despite sluggish economic activity, JPY appreciation and falling stock prices in the first half of 2016, the BoJ basically refrained from adding stimulus in its July meeting. Meanwhile the Abe government announced a new fiscal stimulus package of 28.1 trillion JPY (around 5.6% of GDP). That said, only a fraction of that constitutes fresh public spending (7.5 trillion JPY of which 4.6 JPY in 2016), so that all talk of big fiscal stimulus is vastly exaggerated. It should nevertheless translate in somewhat higher GDP numbers next year. In its September meeting, on the other hand, the BoJ presented its new QQE program adding yield curve control (by targeting 10y yields around 0%) and inflation overshooting. All this implies that the BoJ firmly keeps its bias towards monetary easing.

Emerging Markets

More broadly in EM, the slowdown witnessed over the past few years reflects several factors including the negative effect of lower commodity prices, tighter external financial conditions linked to the prospect of the hiking cycle in the US, the private sector debt overhang, economic rebalancing in China, structural bottlenecks as well as distress related to (geo)political factors. Moreover, there are signs of premature deindustrialization in several important EM which is worrying in a medium to longer term perspective. Nevertheless, sentiment towards EM has improved in the first three quarters 2016 against the back of a period of (slightly) reduced USD strength and uptick in commodity prices. After the election of Trump in November, the outlook for EM has become more uncertain, especially for Mexico and China.

China’s challenging rebalancing exercise and uncertainties linked to monetary policy tightening in the US could easily expose more EM weakness. Chinese hard landing fears have been receding over the past months and a large one-off depreciation has been avoided, at least for now. The combination of monetary and budgetary measures is driving a cyclical recovery. The medium to longer term outlook for China will prove extremely challenging. Moreover, it would not be surprising that worries about the sustainability of the current recovery soon pop up again. Indeed, the background of fake growth figures, soaring house prices and continued rapid credit growth is far from comfortable and will give rise to more and more concerns about the state of China’s economy. It will be close to impossible for the Chinese policymakers to reconcile the ambition of strong growth and the need for further economic rebalancing while at the same time avoiding the stop-and-go policies seen in recent years. That’s why, despite the recent calmness, concerns about China look set for a comeback in the not so distant future.

Among other large EM, growth prospects are relatively stronger in commodity importers such as or the Philippines, although India is experiencing a temporary slowdown due the demonetisation measures introduced in November 2016. For commodity dependent EM, adjusting to lower commodity prices remains a challenge. This adjustment can take the form of an exchange rate depreciation for countries not relying on an exchange rate peg (Russia), the use of reserves to cushion the income shock (S. Arabia) or a fiscal consolidation that is as growth friendly as possible.

From an EM wide perspective, inflation remains under control. That said, significant differences between countries exist. While inflation in countries like Turkey is still at uncomfortably high levels, inflation in other countries including Korea, the Philippines, Poland or Hungary remains below target. All in all, the combination of subdued economic activity, stabilization in EM currencies and commodity prices should make sure EM inflation remains in check.

Foreign exchange markets

Expectations about the diverging path for monetary policy in the US and the Eurozone, with the Fed slowly hiking interest rates and the ECB implementing more stimulus, and the prospects of a Trump presidency have been a key driver of the strengthening of the dollar during 2016. However, USD looks rather expensive from a long term theoretical perspective.

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That said, more evidence of the Fed moving towards another rate hike, the Trump administration that implements its fiscal plans as promised, or a continuation of risk aversion because of Brexit could lead to slightly stronger safe-haven currencies such as USD.

Even after the sharp fall of the GBP immediately after the Brexit vote the outlook for the GBP remains negative while volatility will likely remain high. The Brexit vote, the already modest growth prospects and the weak underlying inflation pressures made a strong case for a rate cut by the BoE rate in the summer. The relative resilience of the British economy in the aftermath of Brexit supported the GBP towards the end of the year.

The JPY has been strengthening in the first half of 2016 but reversed its course and depreciated in the second half. The exchange rate is strongly determined by upcoming central bank moves from BoJ and ECB. The looming possibility of a sharp slowdown in China poses an upward risk for the JPY.

EM currencies have strengthened in the first three quarters of 2016 but experiences a sharp sell-off after Trump got elected. Moreover, tighter monetary conditions alongside the Fed’s path away from the ZLB still provides a challenging background for EM currencies, particularly for those running large CA deficits (Turkey, S. most notably). Given the depreciation already seen since the spring of 2013 and the recent stabilization in leading indicators, the risk of another sharp hit now looks smaller.

In contrast to what many observers have feared earlier, the RMB has not seen a large one-off depreciation so far. That said, capital outflows have been accelerating towards the end of 2016. Chinese policymakers have been making numerous initiatives in recent months to enhance the flexibility of the exchange rate and the opening up of the capital account. These efforts were rewarded by the inclusion of the RMB in the basket of SDR currencies of the IMF as of October.

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1.3. AGGREGATED BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 4 351 881 276,05 4 083 875 468,28

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 4 332 815 562,24 4 056 116 685,20 A. Bonds and other debt securities 243 511 806,89 341 327 177,33 a. Bonds 243 511 806,89 341 327 177,33 B. Money market instruments C. Shares and other securities similar to shares 4 086 143 235,31 3 709 569 709,07 a. Shares 4 075 805 195,65 3 700 521 671,28 a.1 Shares 4 075 805 195,65 3 700 521 671,28 b. UCI with a fixed number of shares 10 338 039,66 9 048 037,79 D. Other transferable securities E. UCI with variable number of shares 3 160 520,04 5 219 798,80 F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -4 013 007,59 -14 970 181,78 A. Receivables 19 067 865,76 7 527 380,52 a. Receivables 15 714 775,68 3 788 561,71 b. Tax assets 55,50 d. Others 3 353 090,08 3 738 763,31 B. Payables -23 080 873,35 -22 497 562,30 a. Payable amounts (-) -15 524 930,95 -14 145 216,47 c. Borrowing (-) -949 109,15 -5 077,65 e. Others (-) -6 606 833,25 -8 347 268,18

V. Deposits and liquidity 19 916 434,01 38 237 969,86 A. Demand bank deposits 19 916 434,01 38 237 969,86 B. Term bank deposits C. Others

VI. Deferred charges and accrued income 3 162 287,39 4 490 995,00 A. Expenses carried forward B. Accrued income 3 162 287,39 4 490 995,00 C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 4 351 881 276,05 4 083 875 468,28 A. Capital 3 845 947 338,43 4 151 835 272,39 B. Income equalisation 8 923 653,31 9 052 175,31 C. Retained earnings D. Result of the period 497 010 284,31 -77 011 979,42

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 61 899 912,01 37 735 266,78 A. Collatéral (+/-) 61 899 912,01 37 735 266,78 a. Transferable securities/money market instruments 61 899 912,01 37 735 266,78 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) 4 360 827,58 5 991 567,10 A. Purchased future contracts 4 360 827,58 5 991 567,10 B. Sold future contracts

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31 December 2016 31 December 2015 EUR EUR IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 53 386 479,04 35 548 166,36

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1.4. AGGREGATED INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 475 320 327,00 -95 635 032,94 A. Bonds and other debt securities -5 141 380,73 2 842 410,00 a. Bonds -5 141 380,73 2 842 410,00 B. Money market instruments C. Shares and other securities similar to shares 481 043 728,16 -99 994 452,42 a. Shares 480 974 682,87 -100 336 763,23 b. UCI with a fixed number of shares 69 045,29 342 310,81 D. Other transferable securities 24 167,54 -14 135,88 E. UCI with variable number of shares -81 430,59 508 926,49 F. Financial derivatives 210 379,96 138 701,45 e. On shares -81,78 -91,43 ii. Futures -81,78 -91,43 l. On financial indexes 210 461,74 138 792,88 ii. Futures 210 461,74 138 792,88 G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -735 137,34 883 517,42 b. Other exchange positions and operations -735 137,34 883 517,42

II. Investment income and expenses 36 063 047,02 34 832 257,22 A. Dividends 33 314 358,00 27 790 593,93 B. Interest (+/-) 3 504 920,83 5 125 255,49 a. Transferable securities and money market instruments 3 506 246,61 5 125 295,10 b. Deposits and liquidity -1 325,78 -39,61 C. Interest on loans (-) -39 523,47 -11 715,49 D. Swap contracts (+/-) E. Withholding tax (-) -3 536 772,86 -2 407 791,67 a. Belgian -209 911,30 -48 937,47 b. Foreign -3 326 861,56 -2 358 854,20 F. Other investment income 2 820 064,52 4 335 914,96

III. Other income 1 314 465,68 733 466,34 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 1 085 741,80 475 030,45 B. Others 228 723,88 258 435,89

IV. Operating expenses -15 687 555,39 -16 942 670,04 A. Investment transaction and delivery costs (-) -3 707 862,70 -3 360 404,86 B. Financial expenses (-) -17 177,60 -9 024,09 C. Custodian’s fee (-) -427 532,69 -510 382,48 D. Manager’s fee (-) -10 418 404,41 -12 473 657,17 a. Financial management -4 781 845,67 -2 775 145,46 b. Administration and accounting -1 987 355,81 -2 048 244,09 c. Retail Trading, Department Stores fee -3 649 202,93 -7 650 267,62 E. Administrative expenses (-) -239 476,58 -45 129,59 F. Incorporation and organisation expenses (-) -13 715,09 -9 902,34 G. Salaries and wages, social security charges and pensions (-) -1 896,48 H. Services and various goods (-) -77 525,06 -70 802,66 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -458 790,46 -462 697,70 K. Other expenses (-) -325 174,32 -669,15

Income and expenditure for the period 21 689 957,31 18 623 053,52 V. Current profit (loss) before income tax 497 010 284,31 -77 011 979,42

VI. Income tax

VII. Result of the period 497 010 284,31 -77 011 979,42

23 DPAM CAPITAL B

1.5. SUMMARY OF THE ACCOUNTING AND VALUATION RULES

1.5.1. Summary of the Rules The valuation of the Company’s assets, subdivided by compartments, is determined as follows :

a. for securities which are officially listed on a stock exchange or traded on another organized market: at the last known stock exchange or market price, unless this price is not representative;

b. for securities of which the latest price is not representative or for securities not officially listed on a stock exchange or traded on another organized market, the valuation is based on the probably realization value estimated prudently and in good faith;

c. for liquid assets: at nominal value plus accrued interest;

d. unmatured loans and advances will be determined pro rata temporis based on their exact amount when known or, failing this, on the basis of their estimated amount;

e. securities expressed in a currency other than that of the compartment concerned will be converted into the currency of the compartment on the basis of the most recent known exchange rates;

f. the notional amount of the future contracts will be recorded in Off balance sheet heading “III, Notional Amount of the future contracts”. The future contracts are accounted for in the off balance sheet captions on the basis of the following calculation: number of contracts multiplied by the price at acquisition date multiplied by the lot size; to be converted into the currency of the compartment concerned based on the last known exchange rates where the futures are expressed in a currency other than that of the compartment. Futures are valued whenever the net asset value is calculated, on the basis of the last known market price, except where this is not representative. The differences resulting from price variations are imputed to the income statement are not realized capital gains or depreciation in caption “ii. Future contracts”of the relevant captions in the heading“I. Depreciation, capital loss and capital gain – F. Financial derivatives”or in the heading“I. Depreciation, capital loss and capital gain – H. Foreign exchange positions and transactions – a. Financial derivatives – ii. Future contracts”if the underlying value concerns currencies;

g. option contracts are valued whenever the net asset value is calculated, on the basis of the last known market price, except where this is not representative. The differences resulting from variations in the value of the contract premiums are imputed to the income statement as depreciation or unrealized capital gains in caption“i. Option contracts” of the relevant captions in the heading I. Depreciation, capital loss and capital gain – F. Financial derivatives“or in the heading”I. Depreciation, capital loss and capital gain – H. Foreign exchange positions and transactions – a. Financial derivatives – i. Option contracts“if the underlying value concerns currencies. Where option contracts are exercised, the premiums are recorded as part of the purchase or sales price of the underlying securities. The underlying values of the option contracts are accounted for in the off balance sheet heading”II. Underlying values of the option contracts and warrants"on the basis of the following calculation: number of contracts multiplied by the exercise price multiplied by the quantity of underlying assets.

h. the notional amount of the swap contracts will be recorded in Off balance sheet heading“IV, Notional Amount of the swap contracts”. The swap contracts are valued whenever the net asset value is calculated, on the basis of the last known market price, except where this is not representative. The differences resulting from variations in the value of the swap contracts are imputed to the income statement as depreciation or unrealized capital gains in caption “iii. Swap contracts” of the relevant captions in the heading I. Depreciation, capital loss and capital gain – F. Financial derivatives“or in the heading”I. Depreciation, capital loss and capital gain – H. Foreign exchange positions and transactions – a. Financial derivatives – iii. Swap contracts" if the underlying value concerns currencies.

i. underlying UCIs are valued whenever the net asset value is calculated, on the basis of the last known net asset values, except where these prices are not representative.

24 DPAM CAPITAL B

To obtain the net assets, the resulting valuation is reduced by the liabilities of the Company.

25 DPAM CAPITAL B

1.6. EXCHANGE RATE

31 December 2016 31 December 2015 1 EUR 1,456600 AUD 1,493050 AUD 1 EUR 1,414450 CAD 1,508950 CAD 1 EUR 1,072000 CHF 1,087400 CHF 1 EUR 7,435550 DKK 7,462650 DKK 1 EUR 1,000000 EUR 1,000000 EUR 1 EUR 0,853600 GBP 0,737050 GBP 1 EUR 8,177650 HKD 8,418950 HKD 1 EUR 123,020800 JPY 130,676450 JPY 1 EUR 9,079000 NOK 9,615250 NOK 1 EUR 1,512650 NZD 1,586800 NZD 1 EUR 9,582000 SEK 9,158150 SEK 1 EUR 1,523800 SGD 1,541100 SGD 1 EUR 1,054750 USD 1,086300 USD

26 DPAM CAPITAL B Bonds EUR Medium Term

2. INFORMATION ABOUT THE COMPARTMENT BONDS EUR MEDIUM TERM

2.1. MANAGEMENT REPORT

2.1.1 Launch Date of the Compartment and Unit Subscription Price 30 September 1992 at a price of 2 478,93 EUR; split of shares by 20 on 31 March 2005. 2.1.2 Objective and Distinctive Features of the Investment Policy

Objective The objective is to provide shareholders with as high a global return as possible, with an accent on investments in bonds denominated in one or more European currencies and issued or guaranteed by first class debtors.

Investment policy

Authorized asset categories Bonds and other debt securities in European currencies and liquid assets. Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Characteristics of bonds and debt securities Government, quasi-government and supranational bonds, collaterized bonds (ABS including real estate bonds). These are “Investment Grade” bonds, i.e. their rating is between AAA and BBB-, though the compartment avoids investing in bonds rated lower than A. Duration of the bonds: on average between 3 and 8 years.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 2.1.3 Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 2.1.4 Index and Benchmark Not applicable. 2.1.5 Investment Policy Followed During the period The Net Asset Value of the fund (B class) amounts to 479,53 EUR. While fixed income markets worried about deflation and economic growth over the first semester of the year, the last six months of 2016 proved to be quite different. After some turbulent days in the aftermath of the Brexit vote, core interest rates bottomed out over the summer before commencing a slow but gradual move higher. At the end of this semester 10y German rates stood at 0.21% which is about 35 bps higher than at the start of the semester. Politics continued to dominate headlines and caused some sharp movements in rates and curves levels. This shows once more that fundamentals are not the sole driver of interest rate levels. Economic resilience and an anticipation of a changing policy mix - both monetary and fiscal - combined with some base effects on oil that increased inflation expectations were the main drivers of this trend. The duration of the portfolio was maintained at a level close to 4.5 while inflation linked bonds were increased over the course of the year. We continued to favour Italian and Spanish government bonds on a country allocation level and kept our non-pure sovereign bond exposure constant.

27 DPAM CAPITAL B Bonds EUR Medium Term

2.1.6 Future Investment Policy While we believe that politics will continue to dominate the headlines over the course of 2017, we feel that fixed income markets can become more reflective of underlying fundamentals next year. The change in policy mix is anticipated but has not effectively started. More clarity will prevail after the first two quarters but we feel that secular forces and continued support from central banks will limit any unwarranted tightening of financial conditions. Via active management we will try to compile a robust and diversified portfolio that can profit from any misallocation over the course of 2017. 2.1.7 Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 3.

28 DPAM CAPITAL B Bonds EUR Medium Term

2.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 250 841 186,34 355 427 201,77

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 243 511 806,89 341 327 177,33 A. Bonds and other debt securities 243 511 806,89 341 327 177,33 a. Bonds 243 511 806,89 341 327 177,33 B. Money market instruments C. Shares and other securities similar to shares D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year 326 515,25 -10 543 746,16 A. Receivables 11 999 596,20 1 782 200,75 a. Receivables 11 999 596,20 1 469 700,75 d. Others 312 500,00 B. Payables -11 673 080,95 -12 325 946,91 a. Payable amounts (-) -11 443 560,22 -11 765 581,49 c. Borrowing (-) -2 780,19 -88,80 e. Others (-) -226 740,54 -560 276,62

V. Deposits and liquidity 3 840 576,81 20 152 775,60 A. Demand bank deposits 3 840 576,81 20 152 775,60 B. Term bank deposits C. Others

VI. Deferred charges and accrued income 3 162 287,39 4 490 995,00 A. Expenses carried forward B. Accrued income 3 162 287,39 4 490 995,00 C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 250 841 186,34 355 427 201,77 A. Capital 252 747 388,90 348 029 064,00 B. Income equalisation 150 007,00 182 967,00 C. Retained earnings D. Result of the period -2 056 209,56 7 215 170,77

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) A. Collatéral (+/-) B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts B. Sold future contracts

29 DPAM CAPITAL B Bonds EUR Medium Term

31 December 2016 31 December 2015 EUR EUR IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments

30 DPAM CAPITAL B Bonds EUR Medium Term

2.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain -5 141 064,70 2 842 410,00 A. Bonds and other debt securities -5 141 064,70 2 842 410,00 a. Bonds -5 141 064,70 2 842 410,00 B. Money market instruments C. Shares and other securities similar to shares D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions

II. Investment income and expenses 3 500 532,05 5 123 675,60 A. Dividends B. Interest (+/-) 3 506 246,61 5 125 295,10 a. Transferable securities and money market instruments 3 506 246,61 5 125 295,10 C. Interest on loans (-) -2 992,06 D. Swap contracts (+/-) E. Withholding tax (-) -2 722,50 -1 619,50 b. Foreign -2 722,50 -1 619,50 F. Other investment income

III. Other income Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Autres

IV. Operating expenses -415 676,91 -750 914,83 A. Investment transaction and delivery costs (-) -38 167,53 -44 711,96 B. Financial expenses (-) -2,30 C. Custodian’s fee (-) -19 489,49 -15 667,63 D. Manager’s fee (-) -370 434,58 -612 305,92 a. Financial management -140 565,61 -104 051,06 b. Administration and accounting -104 274,25 -156 773,32 c. Retail Trading, Department Stores fee -125 594,72 -351 481,54 E. Administrative expenses (-) -15 104,16 -2 821,54 F. Incorporation and organisation expenses (-) -106,42 -776,10 G. Salaries and wages, social security charges and pensions (-) -177,51 H. Services and various goods (-) -5 539,59 -4 857,31 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -10 696,08 -63 634,21 K. Other expenses (-) 44 040,75 -6 140,16

Income and expenditure for the period 3 084 855,14 4 372 760,77 Sub-Total II + III + IV

V. Current profit (loss) before income tax -2 056 209,56 7 215 170,77

VI. Income tax

VII. Result of the period -2 056 209,56 7 215 170,77

31 DPAM CAPITAL B Bonds EUR Medium Term

2.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Bonds listed on an official stock exchange

ITALY ITALY BTP 1,60 16-010626 2 000 000 EUR 98,92 1 978 300,00 0,81% 0,79% ITALY BTP 3,75 10-010321 3 800 000 EUR 113,93 4 329 340,00 1,78% 1,73% ITALY BTP 3,75 13-010521 6 000 000 EUR 114,00 6 840 000,00 2,81% 2,73% ITALY BTP 4,50 04-010220 5 000 000 EUR 113,35 5 667 625,00 2,33% 2,26% ITALY BTP 4,50 07-010218 2 250 000 EUR 105,09 2 364 412,50 0,97% 0,94% ITALY BTP 4,50 08-010319 8 425 000 EUR 109,86 9 255 705,00 3,80% 3,69% ITALY BTP 4,75 13-010944 200 000 EUR 135,19 270 380,00 0,11% 0,11% ITALY BTP 5,00 03-010834 150 000 EUR 136,84 205 256,25 0,08% 0,08% ITALY BTP 5,00 09-010325 3 650 000 EUR 126,93 4 633 036,25 1,90% 1,85% ITALY BTP 5,00 11-010322 5 650 000 EUR 121,41 6 859 665,00 2,82% 2,73% ITALY BTP 5,25 98-011129 450 000 EUR 135,53 609 873,75 0,25% 0,24% ITALY BTP 5,50 12-010922 8 200 000 EUR 125,53 10 293 050,00 4,23% 4,10% ITALY BTP 9,00 93-011123 4 675 000 EUR 151,17 7 067 080,63 2,90% 2,82% ITALY BTP -INFLATION LINKED- 1,65 14-230420 2 750 000 EUR 105,26 2 894 595,00 1,19% 1,15% ITALY BTP -INFLATION LINKED- 2,10 10-150921 3 400 000 EUR 110,88 3 769 920,00 1,55% 1,50% ITALY BTP -INFLATION LINKED- 2,60 07-150923 675 000 EUR 116,41 785 754,00 0,32% 0,31% 67 823 993,38 27,85% 27,03%

SPAIN SPAIN KINGDOM 0,55 13-301119 1 000 000 EUR 104,25 1 042 480,00 0,43% 0,42% SPAIN KINGDOM 2,75 14-300419 2 450 000 EUR 106,80 2 616 600,00 1,07% 1,04% SPAIN KINGDOM 2,75 14-311024 2 800 000 EUR 112,47 3 149 090,00 1,29% 1,26% SPAIN KINGDOM 4,00 10-300420 1 500 000 EUR 113,12 1 696 837,50 0,70% 0,68% SPAIN KINGDOM 4,40 13-311023 3 900 000 EUR 123,70 4 824 397,50 1,98% 1,92% SPAIN KINGDOM 4,65 10-300725 2 000 000 EUR 128,03 2 560 500,00 1,05% 1,02% SPAIN KINGDOM 4,85 10-311020 6 700 000 EUR 118,00 7 905 665,00 3,25% 3,15% SPAIN KINGDOM 5,50 11-300421 6 075 000 EUR 122,75 7 456 910,63 3,06% 2,97% SPAIN KINGDOM 5,75 01-300732 1 175 000 EUR 152,24 1 788 820,00 0,73% 0,71% SPAIN KINGDOM 5,85 11-310122 6 300 000 EUR 127,39 8 025 727,50 3,30% 3,20% SPAIN KINGDOM -INFLATION LINKED- 1,80 13-301124 9 000 000 EUR 113,65 10 228 500,00 4,20% 4,08% 51 295 528,13 21,06% 20,45%

FRANCE AXA BANK EUR 3,50 10-051120 6 500 000 EUR 113,99 7 409 610,00 3,04% 2,95% CIE DE FINANCEMENT FONCIER 4,50 03-160518 4 000 000 EUR 106,50 4 260 100,00 1,75% 1,70% CIE DE FINANCEMENT FONCIER 3,50% 10-051120 8 200 000 EUR 113,85 9 335 495,00 3,83% 3,72% FRANCE OAT 3,50 10-250426 4 500 000 EUR 126,67 5 699 947,50 2,34% 2,27% FRANCE OAT 4,25 07-251023 3 500 000 EUR 128,51 4 497 727,50 1,85% 1,79% SNCF RESEAU 0,05 15-231018 2 000 000 EUR 101,01 2 020 100,00 0,83% 0,81% 33 222 980,00 13,64% 13,24%

GERMANY FMS WERTMANAGEMENT 1,875 12-090519 7 300 000 EUR 105,36 7 691 426,00 3,16% 3,07% FMS WERTMANAGEMENT 3,375 11-170621 9 700 000 EUR 116,11 11 262 476,00 4,63% 4,49% GERMANY 6,25 94-040124 3 550 000 EUR 145,64 5 170 184,50 2,12% 2,06% KFW 0,875 13-250618 2 000 000 EUR 102,17 2 043 340,00 0,84% 0,81% KREDITANSTALT FUER WIEDERAUFBAU 3,375 11-180121 3 100 000 EUR 115,43 3 578 175,00 1,47% 1,43% 29 745 601,50 12,22% 11,86%

BELGIUM BELFIUS BANK 1,375 13-050620 2 000 000 EUR 105,12 2 102 450,00 0,86% 0,84% BELGIUM OLO 4,50 11-280326 300 000 EUR 137,30 411 913,50 0,17% 0,16% COMMUNAUTE FRANCAISE 0,30 15-220519 2 500 000 EUR 101,45 2 536 275,00 1,05% 1,01% FLEMISH COMMUNITY 0,375 16-131026 600 000 EUR 97,14 582 813,00 0,24% 0,23% FLEMISH COMMUNITY 0,854 15-030722 3 000 000 EUR 104,15 3 124 425,00 1,28% 1,25%

32 DPAM CAPITAL B Bonds EUR Medium Term

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

ING BELGIUM S.A. 0,50 15-011021 5 000 000 EUR 102,25 5 112 725,00 2,10% 2,04% KBC BANK N.V. 0,125 15-280421 6 000 000 EUR 100,71 6 042 720,00 2,48% 2,41% 19 913 321,50 8,18% 7,94%

THE NETHERLANDS ABN AMRO BANK 3,625 10-220620 2 750 000 EUR 113,18 3 112 491,25 1,28% 1,24% BNG 0,25 15-070525 3 500 000 EUR 99,04 3 466 242,50 1,42% 1,38% BNG 3,00 11-251021 2 200 000 EUR 114,97 2 529 428,00 1,04% 1,01% BNG 3,75 10-140120 2 300 000 EUR 112,41 2 585 372,50 1,06% 1,03% ING BANK 3,375 12-100122 2 500 000 EUR 117,00 2 925 112,50 1,20% 1,17% 14 618 646,75 6,00% 5,83%

IRELAND IRELAND TREASURY 0,80 15-150322 2 500 000 EUR 104,86 2 621 562,50 1,07% 1,05% IRELAND TREASURY 4,50 07-181018 2 000 000 EUR 109,16 2 183 150,00 0,90% 0,87% IRISH TREASURY 1,00 16-150526 2 000 000 EUR 102,31 2 046 100,00 0,84% 0,82% IRISH TREASURY 3,40 14-180324 1 850 000 EUR 121,77 2 252 745,00 0,93% 0,90% 9 103 557,50 3,74% 3,64%

LUXEMBOURG EUROPEAN INVESTMENT BANK 2,75 11-150921 3 000 000 EUR 114,19 3 425 700,00 1,41% 1,37% LUXEMBOURG GOVERNMENT 3,375 10-180520 4 000 000 EUR 112,91 4 516 260,00 1,85% 1,80% 7 941 960,00 3,26% 3,17%

AUSTRIA AUSTRIA 3,65 11-200422 3 500 000 EUR 120,99 4 234 772,50 1,74% 1,69% AUSTRIA 4,35 07-150319 500 000 EUR 111,09 555 442,50 0,23% 0,22% 4 790 215,00 1,97% 1,91%

DENMARK DANSKE BANK 0,25 15-040620 2 500 000 EUR 101,18 2 529 375,00 1,04% 1,01% 2 529 375,00 1,04% 1,01%

FINLAND FINLAND 1,625 12-150922 500 000 EUR 110,97 554 832,50 0,23% 0,22% FINLAND 3,375 10-150420 1 625 000 EUR 113,18 1 839 183,13 0,76% 0,73% FINLAND 4,00 09-040725 100 000 EUR 132,61 132 612,50 0,05% 0,05% 2 526 628,13 1,04% 1,00%

Total Bonds 243 511 806,89 100,00% 97,08%

TOTAL PORTFOLIO 243 511 806,89 100,00% 97,08%

DEPOSITS AND LIQUIDITY 3 840 576,81 1,53%

Demand bank deposits 3 840 576,81 1,53%

OTHER RECEIVABLES AND PAYABLES 326 515,25 0,13%

OTHERS 3 162 287,39 1,26%

TOTAL OF NET ASSETS 250 841 186,34 100,00%

33 DPAM CAPITAL B Bonds EUR Medium Term

2.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

ITALY 27,85% SPAIN 21,06% FRANCE 13,64% GERMANY 12,22% BELGIUM 8,18% THE NETHERLANDS 6,00% IRELAND 3,74% LUXEMBOURG 3,26% AUSTRIA 1,97% DENMARK 1,04% FINLAND 1,04%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

34 DPAM CAPITAL B Bonds EUR Medium Term

2.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

STATE 64,00% BANKS 17,16% COMMERCIAL & PUBLIC SERVICES 8,61% FINANCIAL SERVICES - HOLDINGS 6,26% PROVINCE 2,56% EUROPEAN ORGANIZATIONS 1,41%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

35 DPAM CAPITAL B Bonds EUR Medium Term

2.7. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 28 109 989,63 28 109 989,63 Sales 21 676 751,75 21 676 751,75

Total 1 49 786 741,38 49 786 741,38

Subscriptions 23 041 963,36 23 041 963,36 Redemptions 16 529 943,57 16 529 943,57

Total 2 39 571 906,93 39 571 906,93

Reference average of the total assets 240 276 734,81 240 276 734,81 Rotation rate 4,25% 4,25%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

36 DPAM CAPITAL B Bonds EUR Medium Term

2.8. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (F) 400 307,00 19 520,00 427 190,00 68 228,00 47 835,00 447 583,00 22 353,00 21 130,00 448 806,00 Class Cap (B) 4 898,00 39 875,00 85 857,00 27 323,00 84 209,00 28 971,00 25 012,00 3 335,00 50 648,00 Class Dis (A) 87 718,00 26 279,00 220 175,00 15 133,00 202 719,00 32 589,00 470,00 10 202,00 22 857,00 TOTAL 733 222,00 509 143,00 522 311,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (F) 188 145 561,67 9 186 915,00 32 392 907,92 22 640 975,30 10 798 608,26 10 274 302,90 Class Cap (B) 2 268 478,33 18 502 579,81 12 956 139,20 40 129 812,88 12 033 321,50 1 611 123,36 Class Dis (A) 40 073 469,78 12 011 027,19 6 812 523,22 91 600 720,27 210 033,60 4 644 517,31 TOTAL 230 487 509,78 39 700 522,00 52 161 570,34 154 371 508,45 23 041 963,36 16 529 943,57

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (F) 466,34 486,24 482,06 Class Cap (B) 338 270 165,32 464,47 246 586 447,53 484,05 250 841 186,34 479,53 Class Dis (A) 450,45 458,13 446,38 TOTAL 338 270 165,32 246 586 447,53 250 841 186,34

37 DPAM CAPITAL B Bonds EUR Medium Term

2.9. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Annual return :

Class Dis (A) 10,00% 8,84%

8,00%

6,00%

4,00%

2,00% 1,26% 1,10%

0,00%

-2,00%

-4,00%

-6,00%

-8,00%

-10,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 1,10% 3,67% 27/12/2013 3,76% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

38 DPAM CAPITAL B Bonds EUR Medium Term

Class Cap (B)

Annual return :

Class Cap (B)

20,00%

15,00% 12,57%

10,00% 8,10% 8,85% 4,89% 5,00% 2,84% 2,67% 1,00% 1,25% 1,07% 0,00% -1,27% -5,00%

-10,00%

-15,00%

-20,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 1,07% 3,66% 5,18% 4,12% 29/09/1992 5,74% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

39 DPAM CAPITAL B Bonds EUR Medium Term

Class Cap (F)

Annual return :

Class Cap (F)

20,00%

15,00% 12,63%

10,00% 8,17% 8,95%

4,89% 5,00% 2,85% 2,74% 1,34% 1,16% 0,00% -1,27% -5,00%

-10,00%

-15,00%

-20,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 1,16% 3,75% 5,26% 20/12/2007 4,47% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

40 DPAM CAPITAL B Bonds EUR Medium Term

2.10. ONGOING CHARGES

- Class Dis (A) - BE6261452054: 0,45% - Class Cap (B) - BE0944432401: 0,36% - Class Cap (F) - BE0947567716: 0,37%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6261452054: 0,56% - Class Cap (B) - BE0944432401: 0,56% - Class Dis (E) - BE6289206177: 0,328% - Class Cap (F) - BE0947567716: 0,328% - Class Cap (P) - BE6289207183: 0,178% - Class Dis (V) - BE6289208199: 0,328% - Class Cap (W) - BE6289209205: 0,328%

2.11. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

2.11.1. Gross dividends paid during the fiscal year

2013/2014 14,00 euro 2014/2015 11,00 euro 2015/2016 7,61 euro

2.11.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

41 DPAM CAPITAL B Bonds EUR Medium Term

2.11.2.1. Global data

2.12.2.1.1.

Not applicable

2.12.2.1.2.

Not applicable

2.12.2.2. Concentration data

2.12.2.2.1 Ten largest collateral issuers

Not applicable

2.12.2.2.2. Top ten counterparties

Not applicable

2.12.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

2.12.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Not applicable

2.12.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

Not applicable

- Country in which the counterparties are established

Not applicable

- Settlement and clearing

42 DPAM CAPITAL B Bonds EUR Medium Term

Not applicable

2.12.2.3.4. Data on reuse of colleteral

Not applicable

2.12.2.3.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

Not applicable

2.12.2.3.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

2.12.2.3.7. Data on return and cost for each type of securities financing transactions broken down, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Not applicable

43 DPAM CAPITAL B Equities Belgium

3. INFORMATION ABOUT THE COMPARTMENT EQUITIES BELGIUM

3.1. MANAGEMENT REPORT

3.1.1 Launch Date of the Compartment and Unit Subscription Price Initial subscription period: from 8 to 15 May 1991. The name of the compartment was “High Yield Belgian Shares” between 9 May 1991 and 30 March 2003, followed by “Equities Belgian High Yield” from 31 March 2003 to 22 August 2006 and “Equities Belgium Active” from 23 August 2006. Initial subscription price: EUR 2 478,93. The share was split into ten on 14 January 1997, and was split again into ten on 31 March 2005. 3.1.2 Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in Belgian equities which are deemed undervalued in the light of their future potential return.

Investment policy Authorized asset categories Equities (and other transferable securities assimilable to equities) of Belgian or foreign companies included in the “Belgian All Shares Return” index of Euronext Brussels, sicafis, warrants, convertible bonds, subscription rights, VVPR strips and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on the Belgian equity market with a view to achieving the investment objective. These contracts will be used only in a back-up mode should high levels of subscription make it impossible to invest rapidly in equities. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 3.1.3 Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 3.1.4 Index and Benchmark Not applicable. 3.1.5 Investment Policy Followed During the period The Net Asset Value of the fund (B class) amounts to 367,80 EUR. During the six-month period the name of the fund was changed from Degroof Equities Belgium Active to DPAM CAPITAL B Equities Belgium. The fund continues to focus on investing in a diversified portfolio of Belgian equities, namely equities listed on Euronext Brussels or forming part of the BEL20 index. Belgian equities continued to fluctuate within a narrow band over the first few months of the six-month period. In the run- up to the US elections markets slipped into the red, before stabilising once the result was known. After the markets had come to terms with the last political uncertainty of 2016, in the form of the Italian referendum and the resulting ‘no’ vote, a

44 DPAM CAPITAL B Equities Belgium marked recovery was witnessed over the course of December. The biggest risers within the fund were ING, Biocartis, Zetes, Econocom, KBC and Solvay, while the biggest fallers were Celyad, AB Inbev, Engie and UCB. Over the fiscal year the fund reduced its positions in Aedifica and Zetes, and increased those in MDXHealth and Orange Belgium. 3.1.6 Future Investment Policy We expect 2017 to be another volatile year on the stock markets. There is a busy political agenda, with elections in France, the Netherlands and Germany, while further preparations will be made for the Brexit negotiations. A continued upturn in economic growth and a positive corporate earnings trend are expected to support the markets. The fund will continue to focus on a diversified portfolio of undervalued Belgian equities 3.1.7 Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

45 DPAM CAPITAL B Equities Belgium

3.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 118 077 790,48 108 410 919,46

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 118 300 217,35 108 333 240,65 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 118 300 217,35 108 333 240,65 a. Shares 118 300 217,35 108 333 240,65 a.1 Shares 118 300 217,35 108 333 240,65 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -434 567,95 -219 128,78 A. Receivables 101 423,77 a. Receivables 101 423,77 B. Payables -434 567,95 -320 552,55 c. Borrowing (-) -770,45 -228,26 e. Others (-) -433 797,50 -320 324,29

V. Deposits and liquidity 212 141,08 296 807,59 A. Demand bank deposits 212 141,08 296 807,59 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 118 077 790,48 108 410 919,46 A. Capital 105 685 408,14 101 537 104,30 B. Income equalisation 7 139,00 -71 764,00 C. Retained earnings D. Result of the period 12 385 243,34 6 945 579,16

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 13 499 393,36 7 433 405,28 A. Collatéral (+/-) 13 499 393,36 7 433 405,28 a. Transferable securities/money market instruments 13 499 393,36 7 433 405,28 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts

46 DPAM CAPITAL B Equities Belgium

31 December 2016 31 December 2015 EUR EUR B. Sold future contracts

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 11 400 259,86 6 807 582,42

47 DPAM CAPITAL B Equities Belgium

3.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 12 228 928,17 6 734 422,50 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 12 228 928,17 6 454 202,97 a. Shares 12 228 928,17 6 454 202,97 D. Other transferable securities 280 219,53 E. UCI with variable number of shares F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions

II. Investment income and expenses 953 087,58 878 536,40 A. Dividends 836 454,24 627 796,34 B. Interest (+/-) C. Interest on loans (-) -1 172,39 -241,32 D. Swap contracts (+/-) E. Withholding tax (-) -167 070,63 -71 230,88 a. Belgian -154 508,63 -59 661,05 b. Foreign -12 562,00 -11 569,83 F. Other investment income 284 876,36 322 212,26

III. Other income 27 799,42 48 801,95 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Others 27 799,42 48 801,95

IV. Operating expenses -824 571,83 -716 181,69 A. Investment transaction and delivery costs (-) -181 286,53 -145 288,83 B. Financial expenses (-) -1,15 -1,15 C. Custodian’s fee (-) -14 013,46 -21 383,73 D. Manager’s fee (-) -587 277,43 -520 521,29 a. Financial management -382 075,82 -122 609,49 b. Administration and accounting -72 015,65 -90 109,04 c. Retail Trading, Department Stores fee -133 185,96 -307 802,76 E. Administrative expenses (-) -9 089,55 -2 944,51 F. Incorporation and organisation expenses (-) -51,39 -906,00 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -5 044,10 -4 934,06 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -23 909,29 -20 267,67 K. Other expenses (-) -3 727,02 65,55

Income and expenditure for the period 156 315,17 211 156,66 Sub-Total II + III + IV

V. Current profit (loss) before income tax 12 385 243,34 6 945 579,16

VI. Income tax

VII. Result of the period 12 385 243,34 6 945 579,16

48 DPAM CAPITAL B Equities Belgium

3.4. COMPOSITION OF THE ASSETS

Quantity as at Price in Valuation % % Denomination Ccy 31 December 2016 ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

BELGIUM ABLYNX N.V. 198 000 EUR 10,82 2 141 370,00 1,81% 1,81% ACKERMANS & VAN HAAREN 27 500 EUR 132,10 3 632 750,00 3,08% 3,08% AGEAS N.V. 128 000 EUR 37,61 4 814 080,00 4,08% 4,08% AGFA-GEVAERT 430 000 EUR 3,67 1 579 390,00 1,34% 1,34% ANHEUSER-BUSCH INBEV 91 500 EUR 100,55 9 200 325,00 7,78% 7,79% BIOCARTIS GROUP N.V. 174 650 EUR 10,97 1 915 037,25 1,62% 1,62% BPOST S.A. 162 000 EUR 22,50 3 645 000,00 3,08% 3,09% CELYAD S.A. 14 000 EUR 17,81 249 340,00 0,21% 0,21% CFE S.A. (Cie d'Entreprises) 45 500 EUR 103,45 4 706 975,00 3,98% 3,99% ECONOCOM GROUP -D- 255 000 EUR 13,94 3 554 700,00 3,00% 3,01% EURONAV 475 000 EUR 7,58 3 600 025,00 3,04% 3,05% EVS BROADCASTING EQUIPMENT 70 000 EUR 33,20 2 324 000,00 1,96% 1,97% EXMAR S.A. 120 000 EUR 7,71 925 080,00 0,78% 0,78% FINANCIERE DE TUBIZE 31 300 EUR 59,32 1 856 716,00 1,57% 1,57% GALAPAGOS GENOMICS 65 000 EUR 60,94 3 961 100,00 3,35% 3,35% GREENYARD FOODS 107 500 EUR 14,76 1 586 700,00 1,34% 1,34% ION BEAM APPLICATION 67 000 EUR 41,64 2 789 880,00 2,36% 2,36% JENSEN-GROUP 33 000 EUR 34,59 1 141 470,00 0,96% 0,97% KBC ANCORA 59 000 EUR 39,78 2 346 725,00 1,98% 1,99% KBC GROEP N.V. 85 000 EUR 58,83 5 000 550,00 4,23% 4,23% KINEPOLIS GROUP S.A. 80 000 EUR 42,50 3 400 000,00 2,87% 2,88% MDXHEALTH S.A. 126 000 EUR 4,79 603 036,00 0,51% 0,51% MELEXIS N.V. 63 000 EUR 63,65 4 009 950,00 3,39% 3,40% ONTEX GROUP N.V. 83 000 EUR 28,25 2 344 750,00 1,98% 1,99% ORANGE BELGIUM S.A. 77 500 EUR 19,86 1 538 762,50 1,30% 1,30% PROXIMUS S.A. 128 500 EUR 27,36 3 515 760,00 2,97% 2,98% REALDOLMEN S.A. 26 000 EUR 24,70 642 200,00 0,54% 0,54% S.I.P.E.F. 33 000 EUR 60,49 1 996 170,00 1,69% 1,69% SOFINA 13 000 EUR 125,35 1 629 550,00 1,38% 1,38% SOLVAY & CIE 52 000 EUR 111,35 5 790 200,00 4,89% 4,90% TELENET GROUP HLDG 92 000 EUR 52,72 4 850 240,00 4,10% 4,11% TESSENDERLO CHEMIE 77 000 EUR 34,80 2 679 600,00 2,27% 2,27% UCB 70 000 EUR 60,91 4 263 700,00 3,60% 3,61% UMICORE S.A. 35 000 EUR 54,15 1 895 250,00 1,60% 1,61% VAN DE VELDE 22 000 EUR 66,16 1 455 520,00 1,23% 1,23% WAREHOUSES DE PAUW 14 040 EUR 84,89 1 191 855,60 1,01% 1,01% 102 777 757,35 86,88% 87,04%

THE NETHERLANDS ING GROEP N.V. 375 000 EUR 13,37 5 013 750,00 4,24% 4,25% AHOLD DELHAIZE N.V. 305 000 EUR 20,03 6 109 150,00 5,16% 5,17% 11 122 900,00 9,40% 9,42%

FRANCE ENGIE S.A. 363 000 EUR 12,12 4 399 560,00 3,72% 3,73% 4 399 560,00 3,72% 3,73%

Total Shares listed on an official stock exchange 118 300 217,35 100,00% 100,19%

TOTAL PORTFOLIO 118 300 217,35 100,00% 100,19%

DEPOSITS AND LIQUIDITY 212 141,08 0,18%

Demand bank deposits 212 141,08 0,18%

49 DPAM CAPITAL B Equities Belgium

Quantity as at Price in Valuation % % Denomination Ccy 31 December 2016 ccy (in EUR) Portfolio Net Assets

OTHER RECEIVABLES AND PAYABLES -434 567,95 -0,37%

TOTAL OF NET ASSETS 118 077 790,48 100,00%

50 DPAM CAPITAL B Equities Belgium

3.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

BELGIUM 86,88% THE NETHERLANDS 9,40% FRANCE 3,72%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

51 DPAM CAPITAL B Equities Belgium

3.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

PHARMACOLOGY & PERSONAL CARE 12,02% FINANCIAL SERVICES - HOLDINGS 9,51% BANKS 8,47% TELECOMMUNICATIONS 8,37% TOBACCO & SPIRITS 7,78% CHEMICAL PRODUCTS 7,16% ELECTRIC & ELECTRONIC COMPONENTS 5,35% CONSUMABLE GOODS 5,16% INSURANCE COMPANIES 4,07% BUILDING MATERIALS 3,98% ENERGY SOURCES 3,72% IT & INTERNET 3,55% BIOTECHNOLOGY 3,43% AIRLIFT 3,04% AGRICULTURE & FISHING 3,03% LEISURES & TOURISM 2,87% TEXTILE & GARMENTS 2,80% NONFERROUS METALS 1,60% PHOTOGRAPHY & OPTICAL 1,34% REAL ESTATE 1,01% ELECTRIC & ELECTRONIC MATERIALS 0,96% ROAD & RAILWAY TRANSPORTS 0,78%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

52 DPAM CAPITAL B Equities Belgium

3.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

BELGIUM ABLYNX NV 183 039 EUR 1,00 10,65 1 949 365,35 ANHEUSER-BUSCH 90 000 EUR 1,00 100,05 9 004 500,00 BIOCARTIS NV /E 18 481 EUR 1,00 10,90 201 442,90 CELYAD S.A. 12 500 EUR 1,00 17,61 220 125,00 GREENYARD NV /E 1 711 EUR 1,00 14,51 24 826,61 11 400 259,86

Total shares lent 11 400 259,86

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 041318 13 816 EUR 1,00 101,58 14 034,04 BUNDESOBLIGAT 0.25 101620 11 493 EUR 1,00 103,63 11 910,30 BUNDESREPUB 2.25 090421 104 116 EUR 1,00 114,20 118 898,36 BUNDESREPUB 2.5 081546 13 410 EUR 1,00 143,19 19 202,03 BUNDESREPUB 4.25 070418 16 872 EUR 1,00 109,74 18 515,34 BUNDESREPUB 4.75 070440 10 914 EUR 1,00 188,70 20 596,17 203 156,24

UNITED STATES OF AMERICA US TREAS NTS 081525 1 758 USD 1,05 97,25 1 629,64 1 629,64

FRANCE FRANCE GOVT 0.25 072518 59 495 EUR 1,00 107,97 64 237,59 FRANCE GOVT 0 052520 3 434 EUR 1,00 101,71 3 493,27 FRANCE GOVT 0.5 052525 410 845 EUR 1,00 101,42 416 675,03 FRANCE GOVT 0.5 112519 7 871 820 EUR 1,00 103,22 8 124 934,38 FRANCE GOVT 1 112518 768 832 EUR 1,00 103,26 793 923,29 FRANCE GOVT 2.5 052530 541 EUR 1,00 121,35 656,32 FRANCE GOVT 3 042522 151 070 EUR 1,00 119,08 179 898,82 FRANCE GOVT 3.25 102521 143 433 EUR 1,00 117,70 168 813,74 FRANCE GOVT 3.5 042520 1 352 EUR 1,00 115,82 1 566,05 FRANCE GOVT 3.75 042521 163 412 EUR 1,00 120,42 196 775,21 FRANCE GOVT 4 042518 12 981 EUR 1,00 108,94 14 141,20 FRANCE GOVT 4.25 042519 108 483 EUR 1,00 114,26 123 957,72 FRANCE GOVT 4.25 102523 1 862 401 EUR 1,00 129,40 2 410 035,39 FRANCE GOVT 4.5 042541 43 454 EUR 1,00 166,74 72 454,49 FRANCE GOVT 4.75 042535 10 006 EUR 1,00 162,59 16 268,72 FRANCE GOVT 5.75 102532 373 435 EUR 1,00 170,00 634 848,43 13 222 679,65

UNITED KINGDOM UK TSY 1.2 1.25-072218 26 718 GBP 0,86 102,41 31 893,94 UNITED KINGGOV OF2.5 71724 9 336 GBP 0,86 367,87 40 033,89 71 927,83

TOTAL COLLATERAL 13 499 393,36

53 DPAM CAPITAL B Equities Belgium

3.8. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 23 213 483,01 23 213 483,01 Sales 14 566 190,37 14 566 190,37

Total 1 37 779 673,38 37 779 673,38

Subscriptions 10 874 881,72 10 874 881,72 Redemptions 2 910 197,72 2 910 197,72

Total 2 13 785 079,44 13 785 079,44

Reference average of the total assets 109 854 508,59 109 854 508,59 Rotation rate 21,84% 21,84%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

54 DPAM CAPITAL B Equities Belgium

3.9. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (L) 1 000,00 14,00 1 554,00 8,00 1 562,00 1 562,00

Class Cap (F) 9 782,00 203 076,00 4 118,00 60 006,00 147 188,00 5 685,00 100,00 152 773,00

Class Cap (B) 14 683,00 45 793,00 159 136,00 19 844,00 31 454,00 147 526,00 26 269,00 8 210,00 165 585,00 TOTAL 363 766,00 296 276,00 319 920,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (L) 306 160,00 4 228,36 2 485,20 Class Cap (F) 3 018 099,50 1 386 299,26 20 844 606,20 1 918 932,32 35 689,61 Class Cap (B) 4 538 762,84 13 833 782,20 6 591 459,52 10 503 686,86 8 955 949,40 2 874 508,11 TOTAL 7 863 022,34 13 838 010,56 7 980 243,98 31 348 293,06 10 874 881,72 2 910 197,72

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (L) 323,21 314,93 350,98 Class Cap (F) 122 613 408,99 337,81 97 727 743,54 330,82 118 077 790,48 370,66 Class Cap (B) 336,25 329,05 367,80 TOTAL 122 613 408,99 97 727 743,54 118 077 790,48

55 DPAM CAPITAL B Equities Belgium

3.10. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Cap (B)

Annual return :

Class Cap (B)

60,00%

48,20%

40,00%

23,74% 21,08% 21,52% 20,00% 16,78% 12,95% 2,91% 0,00% -2,58%

-20,00% -13,81%

-40,00%

-53,09% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 2,91% 12,20% 16,18% 3,73% 15/05/1991 11,10% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

56 DPAM CAPITAL B Equities Belgium

Class Cap (F)

Annual return :

Class Cap (F) 60,00% 48,34%

40,00%

23,80% 21,17% 21,61% 20,00% 16,82% 13,01%

2,61% 3,19% 0,00%

-20,00% -13,77%

-40,00%

-53,08% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 3,19% 12,35% 16,30% 4,35% 19/01/2006 4,83% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

57 DPAM CAPITAL B Equities Belgium

Class Cap (L)

Annual return :

Class Cap (L)

60,00% 47,60%

40,00%

23,20% 20,57% 21,00% 20,00% 16,24% 12,45% 2,39% 0,00% -2,91%

-20,00% -14,20%

-40,00%

-53,23% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (L) 2,39% 11,69% 15,66% 3,30% 15/05/1991 4,75% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

58 DPAM CAPITAL B Equities Belgium

3.11. ONGOING CHARGES

- Class Cap (B) - BE0944426346: 1,20% - Class Cap (F) - BE0947564689: 0,91% - Class Cap (L) - BE0945680271: 1,70%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289100081: 1,95% - Class Cap (B) - BE0944426346: 1,95% - Class Dis (E) - BE6289101097: 1,117% - Class Cap (F) - BE0947564689: 1,117% - Class Cap (L) - BE0945680271: 2,45% - Class Cap (P) - BE6289102103: 0,367% - Class Dis (V) - BE6289103119: 1,117% - Class Cap (W) - BE6289104125 : 1,117%

3.12. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

3.12.1 Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them.

59 DPAM CAPITAL B Equities Belgium

In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

3.12.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

3.12.2.1. Global data

3.12.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities Belgium 9,64 %

3.12.2.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities Belgium EUR 11 400 251,31 9,65 %

3.12.2.2. Concentration data

3.12.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 13 222 679,64

Germany 203 156,26

U.S.A. 1 629,64

United Kingdom 71 927,83

60 DPAM CAPITAL B Equities Belgium

3.12.2.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Citigroup Global Markets Limited 216 518,05

J.P Morgan Securities plc 9 092 550,00

Morgan Stanley & Co. International PLC 2 091 183,25

3.12.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

3.12.2.3.1 the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,00 15-250520 EUR 3 434,47 3 493,27 1 more than 1 year FRANCE OAT 0,25 11-250718 EUR 59 494,78 64 237,59 1 more than 1 year FRANCE OAT 0,50 14-250525 EUR 410 845,09 416 675,03 1 more than 1 year FRANCE OAT 0,50 14-251119 EUR 7 871 820,09 8 124 934,38 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 768 832,47 793 923,29 1 more than 1 year FRANCE OAT 2,50 13-250530 EUR 540,86 656,32 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 151 070,38 179 898,82 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 143 433,00 168 813,73 1 more than 1 year FRANCE OAT 3,50 10-250420 EUR 1 352,15 1 566,05 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 163 411,78 196 775,21 1 more than 1 year FRANCE OAT 4,00 08-250418 EUR 12 980,68 14 141,20 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 108 482,87 123 957,72 1 more than 1 year FRANCE OAT 4,25 07-251023 EUR 1 862 400,57 2 410 035,39 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 43 454,26 72 454,50 1 more than 1 year FRANCE OAT 4,75 04-250435 EUR 10 005,94 16 268,72 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 373 435,04 634 848,43 1 more than 1 year GERMANY 0,25 13-130418 EUR 13 816,03 14 034,04 1 more than 1 year GERMANY 0,25 15-161020 EUR 11 493,31 11 910,30 1 more than 1 year GERMANY 2,25 11-040921 EUR 104 115,87 118 898,36 1 more than 1 year GERMANY 2,50 14-150846 EUR 13 409,71 19 202,03 1 more than 1 year GERMANY 4,25 08-040718 EUR 16 872,47 18 515,34 1 more than 1 year GERMANY 4,75 08-040740 EUR 10 914,48 20 596,17 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 26 717,58 31 893,94 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 9 335,88 40 033,89 1 more than 1 year US TREASURY NOTE 2,00 15-150825 USD 1 757,80 1 629,64 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

61 DPAM CAPITAL B Equities Belgium

3.12.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

Security Maturity Currency Quantity Value Valuation in EUR GREENYARD NV Open EUR 1 711,00 14,51 24 818,06 ABLYNX NV Open EUR 18 000,00 10,65 191 700,00 ANHEUSER-BUSCH Open EUR 90 000,00 100,05 9 004 500,00 CELYAD Open EUR 2 000,00 17,61 35 220,00 CELYAD Open EUR 3 000,00 17,61 52 830,00 ABLYNX NV Open EUR 66 770,00 10,65 711 100,50 BIOCARTIS NV Open EUR 18 481,00 10,90 201 442,90 CELYAD Open EUR 7 500,00 17,61 132 075,00 ABLYNX NV Open EUR 98 269,00 10,65 1 046 564,85

- Country in which the counterparties are established

Country of the counterparty Market value of the transactions on 31/12/2016

United Kingdom 11 400 251,31

- Settlement and clearing All tri-party.

3.12.2.4. Data on reuse of colleteral

Not applicable

3.12.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

3.12.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

62 DPAM CAPITAL B Equities Belgium

3.12.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Lending / borrowing of Transaction Repurchase Transactions Buy- Total Return securities or raw Marging transations sell/Sell-buy back Swaps DPAM CAPITAL B meterials lending Equities Belgium

In In In % In amount % % In amount % % amount amount amount

Total Return N/A N/A 188 595,27 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 18 859,53 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 169 735,74 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions (Bank N/A N/A 84 867,87 45,00% N/A N/A N/A N/A N/A N/A Degroof Petercam Belgium)

Total net return N/A N/A 84 867,87 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 169 735,74 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

63 DPAM CAPITAL B Equities EMU Behavioral Value

4. INFORMATION ABOUT THE COMPARTMENT EQUITIES EMU BEHAVIORAL VALUE

4.1. MANAGEMENT REPORT

4.1.1 Launch Date of the Compartment and Unit Subscription Price 20 February 2002 at a price of 500,00 EUR; share split by 10 on 23 June 2009. 4.1.2 Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide the shareholders with as high a global return as possible. The compartment invests in listed equities from the European Union member countries participating in the European Monetary Union (EMU). The investment policy embraces the principles of Behavioral Finance, a psychology-based academic field that analyses the financial markets. The compartment invests in equities which are deemed undervalued and exhibit a good price momentum. The fund will continue to widely spread the risks, mainly by a large sector diversification.

Investment policy Authorized asset categories Equities (and other transferable securities assimilable to equities) in EMU zone companies, warrants, subscription rights and liquid assets. Minimum eighty percent of the gross assets of the compartment are invested in equities and other securities and certificates of companies with their registered office in the European Union member countries participating in the European Monetary Union (EMU) or exercising the majority of their activities in the European Union member countries participating in the European Monetary Union (EMU). The remaining twenty percent may be invested in liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on European equity markets (EMU zone) with a view to achieving the investment objective. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in EMU zone risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 4.1.3 Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 4.1.4 Index and Benchmark Not applicable. 4.1.5 Investment Policy Followed During the period Investment and stock selection draws on the behavioral value process developed by DPAM’s quantitative analysts and managers. Stock selection is based on the systematic application of quantitative filters in each industry group, which makes it possible to rank stocks planet-wide one against the other based on a valuation indicator and on an earnings estimate

64 DPAM CAPITAL B Equities EMU Behavioral Value revision indicator. In addition, stocks presenting the world’s worst earnings momentum are systematically excluded from the selection. In keeping with the defined strategy, the fund remains 98 to 100% invested in all sectors and industry groups, with no constraints in terms of distribution among countries.

Relative to the market (the MSCI USA index in this case) and unlike the first six months of 2016, the early months of this new financial year (June-December) were very favourable to the value strategy despite the still fragile and uncertain economic environment, highly volatile markets dominated by global political uncertainties (consequences of Brexit, US election and Trump’s victory, failure of Italy’s constitutional reform and resignation of Prime Minister Renzi, etc.) and expected changes in the Fed’s monetary policy.

Starting in the summer, world markets assimilated the consequences of Brexit and conditions in equity markets gradually improved. The rise in interest rates fostered the outperformance of the value style from which the US Behavioral Value fund benefitted fully. Trump’s election to the US presidency strengthened this trend and the last quarter of the year ended with an outperformance of more than 3% relative to the market; the month of November stood out in particular with an outperformance of more than 2.6%. Most sectors made a positive contribution to the relative performance, in particular finance, healthcare and industrials. The more negative contributions came from the technology and software sector in particular, where the fund was disadvantaged from not having invested in Microsoft and Google/Alphabet, and from its under-exposure to bank card and electronic payment card services like Mastercard and Visa. In contrast, stock selection in financials tapped into the rebound of the value style of investment and the impact of the rise in rates, enabling certain regional banks like Citizen Financial Group, Regions Financial, Keycorp and Suntrust Banks to offer returns for the half-year of up to 70% in some cases. The fund benefitted similarly from its stock selection in insurance, banks and specialised financial firms such as Voya Financial, E*trade and Capital One Financial, with returns for the half-year well above 40%. In healthcare, the strong performance of biotech firms like Biogen and Amgen, rightly overweighted as from the summer, added to the outperformance, as did Merck and Abbvie. The performance was also boosted from avoiding underperformers like Bristol Myers Squibb and Johnson & Johnson. In retail trade, after a difficult late 2015 and early 2016, several values made up part of their accumulated lag, presenting figures that were often above projections for the third quarter of 2016 (e.g. Best Buy, Kohls, Foot Locker, etc.).

The two halves of calendar year 2016 consequently showed sharply contrasting performances. The first half of 2016 was very difficult relative to the market, particularly in January and June, while the latter half was very positive, especially towards the end of the year when the value style and the US Behavioral Value fund profited fully from the rise in long-term interest rates and the prospect of an upturn in economic activity stimulated by a more determined fiscal and reflationary policy on the part of the future Trump administration. At the end of this year, the fund is reaping the rewards of the shift away from defensive sectors and styles, or the so-called “bond proxies”, and towards “value” styles, more sensitive to the economy and to lower risk aversion. 4.1.6 Future Investment Policy

As in the past, the fund will continue to implement its investment policy based on identifying “value” stocks with the most favourable valuation ratios and whose profit momentum seems strongest. In addition, special attention will be paid to analysing the stocks selected in terms of their financial risk and level of debt, as well as their projected profit momentum, with no country level constraints and with broad sector diversification. 4.1.7 Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

65 DPAM CAPITAL B Equities EMU Behavioral Value

4.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 772 621 369,19 791 219 217,75

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 772 791 129,47 790 363 416,68 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 772 791 129,47 790 363 416,68 a. Shares 769 370 329,47 786 485 916,68 a.1 Shares 769 370 329,47 786 485 916,68 b. UCI with a fixed number of shares 3 420 800,00 3 877 500,00 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -3 314 157,54 -1 708 093,13 A. Receivables 442 274,50 1 740 545,03 a. Receivables 1 327 883,23 d. Others 442 274,50 412 661,80 B. Payables -3 756 432,04 -3 448 638,16 a. Payable amounts (-) -2 455 962,39 -1 437 713,93 c. Borrowing (-) -3 439,58 -446,85 e. Others (-) -1 297 030,07 -2 010 477,38

V. Deposits and liquidity 3 144 397,26 2 563 894,20 A. Demand bank deposits 3 144 397,26 2 563 894,20 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 772 621 369,19 791 219 217,75 A. Capital 644 985 030,60 800 934 521,68 B. Income equalisation 2 180 854,00 4 886 404,00 C. Retained earnings D. Result of the period 125 455 484,59 -14 601 707,93

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 18 784 150,36 2 149 935,27 A. Collatéral (+/-) 18 784 150,36 2 149 935,27 a. Transferable securities/money market instruments 18 784 150,36 2 149 935,27 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts B. Sold future contracts

66 DPAM CAPITAL B Equities EMU Behavioral Value

31 December 2016 31 December 2015 EUR EUR

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 16 469 128,55 2 043 649,30

67 DPAM CAPITAL B Equities EMU Behavioral Value

4.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 124 524 939,91 -13 416 324,04 A. Bonds and other debt securities -316,03 a. Bonds -316,03 B. Money market instruments C. Shares and other securities similar to shares 124 553 777,10 -13 197 621,32 a. Shares 124 366 298,48 -13 273 894,20 b. UCI with a fixed number of shares 187 478,62 76 272,88 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -28 521,16 -218 702,72 b. Other exchange positions and operations -28 521,16 -218 702,72

II. Investment income and expenses 5 006 358,27 3 866 130,92 A. Dividends 4 481 185,07 3 249 179,21 B. Interest (+/-) C. Interest on loans (-) -4 324,95 -1 077,25 D. Swap contracts (+/-) E. Withholding tax (-) -283 005,33 63 576,12 b. Foreign -283 005,33 63 576,12 F. Other investment income 812 503,48 554 452,84

III. Other income 69 593,90 32 887,91 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Others 69 593,90 32 887,91

IV. Operating expenses -4 145 407,49 -5 084 402,72 A. Investment transaction and delivery costs (-) -1 516 027,49 -1 653 288,92 B. Financial expenses (-) -121,45 -26,27 C. Custodian’s fee (-) -79 401,80 -100 132,23 D. Manager’s fee (-) -2 277 237,69 -3 308 119,04 a. Financial management -1 097 716,94 -854 978,02 b. Administration and accounting -386 416,94 -475 267,83 c. Retail Trading, Department Stores fee -793 103,81 -1 977 873,19 E. Administrative expenses (-) -41 140,53 -6 157,35 F. Incorporation and organisation expenses (-) -6 151,51 -1 954,49 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -14 775,67 -12 739,26 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -59 611,17 -42 614,05 K. Other expenses (-) -150 768,27 40 628,89

Income and expenditure for the period 930 544,68 -1 185 383,89

V. Current profit (loss) before income tax 125 455 484,59 -14 601 707,93

VI. Income tax

VII. Result of the period 125 455 484,59 -14 601 707,93

4.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

68 DPAM CAPITAL B Equities EMU Behavioral Value

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

FRANCE ACCOR S.A. 170 000 EUR 35,43 6 023 100,00 0,78% 0,78% ARKEMA 105 000 EUR 92,94 9 758 700,00 1,26% 1,26% ATOS SE 110 000 EUR 100,25 11 027 500,00 1,43% 1,43% AXA 780 000 EUR 23,99 18 708 300,00 2,42% 2,42% BNP PARIBAS 360 000 EUR 60,55 21 798 000,00 2,83% 2,83% BOLLORE 900 000 EUR 3,35 3 015 000,00 0,39% 0,39% BOUYGUES 280 000 EUR 34,05 9 532 600,00 1,23% 1,23% CAP GEMINI FRANCE 150 000 EUR 80,15 12 022 500,00 1,56% 1,56% CARREFOUR SUPER MARCHE 340 000 EUR 22,89 7 782 600,00 1,01% 1,01% CASINO GUICHARD-PERRACHON & CIE 110 000 EUR 45,59 5 014 900,00 0,65% 0,65% COMPAGNIE DE SAINT-GOBAIN 285 000 EUR 44,26 12 612 675,00 1,63% 1,63% DANONE 200 000 EUR 60,20 12 040 000,00 1,56% 1,56% EIFFAGE 130 000 EUR 66,25 8 612 500,00 1,11% 1,11% ELECTRICITE DE FRANCE 300 000 EUR 9,68 2 904 000,00 0,38% 0,38% ENGIE S.A. 450 000 EUR 12,12 5 454 000,00 0,71% 0,71% EURAZEO 80 000 EUR 55,58 4 446 400,00 0,58% 0,58% EUTELSAT COMMUNICATIONS 240 000 EUR 18,40 4 414 800,00 0,57% 0,57% ICADE S.A. 65 000 EUR 67,79 4 406 350,00 0,57% 0,57% INGENICO 125 000 EUR 75,87 9 483 750,00 1,23% 1,23% KERING 53 000 EUR 213,30 11 304 900,00 1,46% 1,46% KLEPIERRE 110 000 EUR 37,35 4 107 950,00 0,53% 0,53% LAGARDERE SCA 170 000 EUR 26,40 4 487 150,00 0,58% 0,58% ORANGE S.A. 700 000 EUR 14,44 10 104 500,00 1,31% 1,31% ORPEA 80 000 EUR 76,76 6 140 800,00 0,79% 0,79% PERNOD-RICARD 120 000 EUR 102,95 12 354 000,00 1,60% 1,60% PEUGEOT 800 000 EUR 15,50 12 396 000,00 1,60% 1,60% RENAULT 170 000 EUR 84,51 14 366 700,00 1,86% 1,86% REXEL S.A. 550 000 EUR 15,64 8 599 250,00 1,11% 1,11% SANOFI 300 000 EUR 76,90 23 070 000,00 2,99% 2,99% SCHNEIDER ELECTRIC SE 240 000 EUR 66,11 15 866 400,00 2,05% 2,05% SEB S.A. 65 000 EUR 128,75 8 368 750,00 1,08% 1,08% SOCIETE GENERALE -A- 330 000 EUR 46,75 15 425 850,00 2,00% 2,00% TELEPERFORMANCE 45 000 EUR 95,30 4 288 500,00 0,55% 0,56% TOTAL S.A. 610 000 EUR 48,72 29 719 200,00 3,85% 3,85% UBISOFT ENTERTAINMENT 250 000 EUR 33,80 8 450 000,00 1,09% 1,09% VIVENDI 460 000 EUR 18,06 8 305 300,00 1,07% 1,07% 366 412 925,00 47,42% 47,43%

GERMANY AAREAL BANK A.G. 200 000 EUR 35,77 7 153 000,00 0,93% 0,93% BAYER A.G. 200 000 EUR 99,13 19 826 000,00 2,56% 2,56% DEUTSCHE POST A.G. -REG- 270 000 EUR 31,24 8 433 450,00 1,09% 1,09% DEUTSCHE TELEKOM A.G. -REG- 950 000 EUR 16,36 15 537 250,00 2,01% 2,01% FRAPORT A.G. 55 000 EUR 56,17 3 089 350,00 0,40% 0,40% FRESENIUS MEDICAL CARE A.G. 120 000 EUR 80,45 9 654 000,00 1,25% 1,25% HEIDELBERGCEMENT A.G. 110 000 EUR 88,63 9 749 300,00 1,26% 1,26% HENKEL 140 000 EUR 98,98 13 857 200,00 1,79% 1,79% PORSCHE AUTOMOBIL HLDG SE - VZ 225 000 EUR 51,74 11 641 500,00 1,51% 1,51% RHEINMETALL 105 000 EUR 63,90 6 709 500,00 0,87% 0,87% TELEFONICA DEUTSCHLAND HLDG A.G. 1 000 000 EUR 4,07 4 070 000,00 0,53% 0,53% ZALANDO SE 160 000 EUR 36,29 5 806 400,00 0,75% 0,75% 115 526 950,00 14,95% 14,95%

THE NETHERLANDS AERCAP HLDG N.V. 210 000 USD 41,61 8 284 522,40 1,07% 1,07% ASM INTERNATIONAL 200 000 EUR 42,64 8 527 000,00 1,11% 1,10%

EXOR HOLDING N.V. -REG- 170 000 EUR 40,98 6 966 600,00 0,90% 0,90% FIAT CHRYSLER INVESTMENTS N.V. -REG- 1 400 000 EUR 8,67 12 131 000,00 1,57% 1,57% HEINEKEN N.V. -CF VORM- 160 000 EUR 71,26 11 401 600,00 1,48% 1,48% NN GROUP N.V. 330 000 EUR 32,20 10 624 350,00 1,37% 1,38%

69 DPAM CAPITAL B Equities EMU Behavioral Value

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

RANDSTAD HLDG N.V. 110 000 EUR 51,53 5 668 300,00 0,73% 0,73% STEINHOFF INTERNATIONAL HLDG 1 700 000 ZAR 71,28 8 401 173,07 1,09% 1,09% 72 004 545,47 9,32% 9,32%

ITALY DAVIDE CAMPARI SpA POST FRAZION 750 000 EUR 9,29 6 967 500,00 0,90% 0,90% ENEL AZ 2 600 000 EUR 4,19 10 888 800,00 1,42% 1,42% INTESA SAN PAOLO SpA 4 250 000 EUR 2,23 9 494 500,00 1,23% 1,23% LEONARDO-FINMECCANICA SpA 650 000 EUR 13,34 8 671 000,00 1,12% 1,12% MEDIOBANCA 1 300 000 EUR 7,76 10 081 500,00 1,30% 1,30% TELECOM ITALIA SpA 7 500 000 EUR 0,84 6 277 500,00 0,81% 0,81% UNIPOLSAI SpA 4 000 000 EUR 2,03 8 120 000,00 1,05% 1,05% 60 500 800,00 7,83% 7,83%

SPAIN ACTIVIDADES DE CONSTRUCCION Y SERVICIOS -NEW- 310 000 EUR 30,02 9 306 200,00 1,20% 1,20% BANCO SANTANDER S.A. -REG- 4 801 000 EUR 4,96 23 808 159,00 3,09% 3,09% IBERDROLA S.A. 1 850 000 EUR 6,23 11 532 900,00 1,49% 1,49% REPSOL YPF S.A. 670 000 EUR 13,42 8 991 400,00 1,16% 1,16% 53 638 659,00 6,94% 6,94%

BELGIUM AGEAS N.V. 290 000 EUR 37,61 10 906 900,00 1,41% 1,42% ONTEX GROUP N.V. 250 000 EUR 28,25 7 062 500,00 0,91% 0,91% SOLVAY & CIE 90 000 EUR 111,35 10 021 500,00 1,30% 1,30% UCB 60 000 EUR 60,91 3 654 600,00 0,47% 0,47% 31 645 500,00 4,09% 4,10%

AUSTRIA IMMOFINANZ A.G. 1 200 000 EUR 1,85 2 223 600,00 0,29% 0,29% OMV 210 000 EUR 33,56 7 047 600,00 0,91% 0,91% RAIFFEISEN BANK INTERNATIONAL A.G. 180 000 EUR 17,38 3 128 400,00 0,40% 0,40% VOESTALPINE A.G. 250 000 EUR 37,29 9 322 500,00 1,21% 1,21% 21 722 100,00 2,81% 2,81%

FINLAND NOKIA -A- 750 000 EUR 4,59 3 441 000,00 0,45% 0,45% STORA ENSO OYJ (R) 660 000 EUR 10,21 6 738 600,00 0,87% 0,87% UPM-KYMMENE CORP. 420 000 EUR 23,34 9 802 800,00 1,27% 1,27% 19 982 400,00 2,59% 2,59%

LUXEMBOURG ARCELORMITTAL S.A. -REG- 1 550 000 EUR 7,02 10 874 800,00 1,41% 1,41% 10 874 800,00 1,41% 1,41%

IRELAND GLANBIA PLC 440 000 EUR 15,78 6 943 200,00 0,89% 0,89% RYANAIR HLDG PLC 200 000 EUR 14,51 2 901 000,00 0,38% 0,38% 9 844 200,00 1,27% 1,27%

PORTUGAL EDP ENERGIAS -REG- 1 800 000 EUR 2,89 5 209 200,00 0,67% 0,67% 5 209 200,00 0,67% 0,67%

UNITED KINGDOM DIALOG SEMICONDUCTOR PLC 50 000 EUR 40,17 2 008 250,00 0,26% 0,26% 2 008 250,00 0,26% 0,26%

Total Shares listed on an official stock exchange 769 370 329,47 99,56% 99,58%

UCI with a fixed number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

THE NETHERLANDS

70 DPAM CAPITAL B Equities EMU Behavioral Value

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

WERELDHAVE -DIS- 80 000 EUR 42,76 3 420 800,00 0,44% 0,44% 3 420 800,00 0,44% 0,44%

Total UCI with a fixed number of shares 3 420 800,00 0,44% 0,44%

TOTAL PORTFOLIO 772 791 129,47 100,00% 100,02%

DEPOSITS AND LIQUIDITY 3 144 397,26 0,41%

Demand bank deposits 3 144 397,26 0,41%

OTHER RECEIVABLES AND PAYABLES -3 314 157,54 -0,43%

TOTAL OF NET ASSETS 772 621 369,19 100,00%

71 DPAM CAPITAL B Equities EMU Behavioral Value

4.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

FRANCE 47,42% GERMANY 14,95% THE NETHERLANDS 9,76% ITALY 7,83% SPAIN 6,94% BELGIUM 4,09% AUSTRIA 2,81% FINLAND 2,59% LUXEMBOURG 1,41% IRELAND 1,27% 0,67% UNITED KINGDOM 0,26%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

72 DPAM CAPITAL B Equities EMU Behavioral Value

4.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 11,75% ROAD VEHICLES 6,53% BUILDING MATERIALS 6,45% INSURANCE COMPANIES 6,26% TELECOMMUNICATIONS 6,23% OIL & DERIVED 5,92% PHARMACOLOGY & PERSONAL CARE 5,62% CHEMICAL PRODUCTS 5,13% ENERGY SOURCES 4,66% IT & INTERNET 4,08% TOBACCO & SPIRITS 3,98% FINANCIAL SERVICES - HOLDINGS 3,43% ELECTRIC & ELECTRONIC MATERIALS 3,17% RETAIL TRADING, DEPARTMENT STORES 3,12% MISCELLANEOUS CONSUMER GOODS 2,88% INTERMEDIATE INDUSTRY PRODUCTS 2,61% ELECTRIC & ELECTRONIC COMPONENTS 2,59% FOOD & CLEANING MATERIALS 2,46% AEROSPACE INDUSTRY & DEFENCE 2,19% FOREST PRODUCTS & PAPER INDUSTRY 2,14% REAL ESTATE 1,83% PUBLISHING & BROADCASTING 1,66% ROAD & RAILWAY TRANSPORTS 1,49% HEALTH CARE & SERVICES 0,79% LEISURES & TOURISM 0,78% AIRLIFT 0,77% TEXTILE & GARMENTS 0,75% CONSUMABLE GOODS 0,73%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

73 DPAM CAPITAL B Equities EMU Behavioral Value

4.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

FRANCE EDF 277 191 EUR 1,00 9,73 2 696 514,04 2 696 514,04

ITALY INTESA SANPAOLO 2 326 655 EUR 1,00 2,24 5 216 360,51 5 216 360,51

THE NETHERLANDS ASM INTERNATION 199 400 EUR 1,00 42,91 8 556 254,00 8 556 254,00

Total shares lent 16 469 128,55

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 041318 13 001 EUR 1,00 101,58 13 206,29 BUNDESREPUB 2.5 081546 50 741 EUR 1,00 143,19 72 659,00 BUNDESREPUB 4.25 070418 63 844 EUR 1,00 109,74 70 060,59 BUNDESREPUB 4.75 070440 41 300 EUR 1,00 188,70 77 934,32 233 860,20

FRANCE FRANCE GOVT 0.5 052525 1 554 606 EUR 1,00 101,42 1 576 665,86 FRANCE GOVT 0.5 112519 7 407 525 EUR 1,00 103,22 7 645 710,20 FRANCE GOVT 1 112518 1 573 762 EUR 1,00 103,26 1 625 122,04 FRANCE GOVT 3 042522 532 361 EUR 1,00 119,08 633 950,20 FRANCE GOVT 3.25 102521 542 739 EUR 1,00 117,70 638 778,04 FRANCE GOVT 3.75 042521 618 337 EUR 1,00 120,42 744 582,06 FRANCE GOVT 4.25 042519 410 491 EUR 1,00 114,26 469 046,37 FRANCE GOVT 4.25 102523 1 752 553 EUR 1,00 129,40 2 267 886,89 FRANCE GOVT 4.5 042541 164 428 EUR 1,00 166,74 274 162,16 FRANCE GOVT 5.75 102532 1 413 049 EUR 1,00 170,00 2 402 217,02 18 278 120,84

UNITED KINGDOM UK TSY 1.2 1.25 072218 101 097 GBP 0,86 102,41 120 684,19 UNITED KINGGOV OF2.571724 35 326 GBP 0,86 367,87 151 485,13 272 169,32

TOTAL COLLATERAL 18 784 150,36

74 DPAM CAPITAL B Equities EMU Behavioral Value

4.8. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 344 982 783,16 344 982 783,16 Sales 359 860 853,85 359 860 853,85

Total 1 704 843 637,01 704 843 637,01

Subscriptions 179 982 999,91 179 982 999,91 Redemptions 211 028 431,70 211 028 431,70

Total 2 391 011 431,61 391 011 431,61

Reference average of the total assets 717 547 591,02 717 547 591,02 Rotation rate 43,74% 43,74%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

75 DPAM CAPITAL B Equities EMU Behavioral Value

4.9. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 End of End of End of Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions period period period Class Cap (I) - Outside the 23 000,00 86 000,00 Benelux Class Cap (W) 1,00 1,00

Class Cap (B) 642 322,00 530 609,00 3 329 116,00 489 010,00 1 430 433,00 2 387 693,00 44 086,00 284 588,00 2 147 191,00 Class Cap (P) 30 101,00 30 101,00 10 993,00 2 476,00 38 618,00 3 963,00 14 525,00 28 056,00

Class Cap (L) 2 805,00 18 521,00 34 556,00 38 494,00 14 071,00 58 979,00 3 000,00 19 808,00 42 171,00 Class Cap (F) 1 556 694,00 4 528 635,00 2 127 050,00 1 906 846,00 2 741 058,00 1 292 838,00 1 483 989,00 279 732,00 2 497 095,00 Class Dis (A) 264,00 264,00

TOTAL 5 520 823,00 3 778 128,00 4 714 778,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (I) - Outside the Benelux 1 816 105,00 7 108 730,00 Class Cap (W) 92,17 Class Cap (B) 51 310 579,65 46 383 452,14 42 254 414,86 128 949 348,44 3 823 629,52 24 196 699,65 Class Cap (P) 304 538 476,64 124 004 903,59 26 851 231,16 45 975 235,97 160 590 818,70 Class Cap (L) 240 005,90 1 465 088,23 3 203 287,63 1 181 314,19 233 010,00 1 594 760,89 Class Cap (F) 123 907 170,16 363 627 234,16 165 490 586,89 243 315 475,19 129 926 115,93 24 646 152,46 Class Dis (A) 24 916,32 TOTAL 481 812 337,35 418 584 504,53 334 953 192,97 400 297 368,98 179 982 999,91 211 028 431,70

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (I) - Outside the Benelux

Class Cap (W) 94,37 Class Cap (B) 92,26 79,40 94,32 Class Cap (P) 851 981 904,69 11 447,29 678 211 316,39 9 878,84 772 621 369,19 11 772,95 Class Cap (L) 88,43 75,41 89,39 Class Cap (F) 92,72 79,43 94,51 Class Dis (A) 94,23 TOTAL 851 981 904,69 678 211 316,39 772 621 369,19

76 DPAM CAPITAL B Equities EMU Behavioral Value

4.10. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 29/12/2016 0,00% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

77 DPAM CAPITAL B Equities EMU Behavioral Value

Class Cap (B)

Annual return :

Class Cap (B)

60,00%

40,00% 32,76% 26,67% 22,41% 20,00% 13,87%

1,91% 4,03% 2,11% 4,57% 0,00%

-20,00% -20,85%

-40,00%

-50,97% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 4,57% 6,73% 13,52% 0,29% 13/02/2002 4,36% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

78 DPAM CAPITAL B Equities EMU Behavioral Value

Class Cap (F)

Annual return :

Class Cap (F) 60,00%

40,00% 32,86% 26,77% 22,50% 20,00% 13,35% 4,09% 2,21% 4,78% 0,00%

-20,00% -20,84%

-40,00%

-50,97% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 4,78% 6,67% 13,52% 20/12/2007 0,37% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

79 DPAM CAPITAL B Equities EMU Behavioral Value

Class Cap (L)

Annual return :

Class Cap (L)

60,00%

40,00% 32,22% 26,14% 21,88% 20,00% 12,84% 3,57% 1,41% 1,66% 4,12% 0,00%

-20,00% -21,19%

-40,00%

-51,21% -60,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (L) 4,12% 6,10% 12,92% -0,20% 22/12/2005 1,63% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

80 DPAM CAPITAL B Equities EMU Behavioral Value

Class Cap (P)

Annual return :

Class Cap (P)

10,00%

8,00%

6,00% 4,49% 4,00%

2,00%

0,00%

-2,00%

-4,00%

-6,00%

-8,00%

-10,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 4,49% 19/01/2015 8,21% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

81 DPAM CAPITAL B Equities EMU Behavioral Value

Class Cap (W)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (W) 13/12/2016 1,48% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

82 DPAM CAPITAL B Equities EMU Behavioral Value

4.11. ONGOING CHARGES

- Class Dis (A) - BE6289166744: 0,99% - Class Cap (B) - BE0948777207: 0,99% - Class Cap (F) - BE0948779229: 0,79% - Class Cap (L) - BE0948778213: 1,42% - Class Cap (P) - BE6249815083: 0,61%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289166744: 1,378% - Class Cap (B) - BE0948777207: 1,378% - Class Dis (E) - BE6289167759: 0,795% - Class Cap (F) - BE0948779229: 0,795% - Class Cap (L) - BE0948778213: 1,878% - Class Cap (P) - BE6249815083: 0,295% - Class Cap (V) - BE6289168765: 0,795% - Class Cap (W) - BE6289169771: 0,795%

4.12. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

4.12.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly.

83 DPAM CAPITAL B Equities EMU Behavioral Value

The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

4.12.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

4.12.2.1. Global data

4.12.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities Emu Behavorial Value 2,13 %

4.12.2.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities Emu Behavorial Value EUR 16 469 128,55 2,13 %

4.12.2.2. Concentration data 4.12.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 18 278 120,85

Germany 233 860,2

United Kingdom 272 169,32

84 DPAM CAPITAL B Equities EMU Behavioral Value

4.12.2.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

J.P Morgan Securities plc 8 556 254,00

Morgan Stanley & Co. International PLC 7 912 874,55

4.12.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

4.12.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral

Internal rating Maturity tenor Issuer Currency Quantity Valuation (in €) (*) more than 1 year FRANCE OAT 0,50 14-250525 EUR 1 554 605,79 1 576 665,86 1 more than 1 year FRANCE OAT 0,50 14-251119 EUR 7 407 525,08 7 645 710,20 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 1 573 762,36 1 625 122,03 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 532 360,91 633 950,20 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 542 739,31 638 778,05 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 618 337,44 744 582,06 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 410 490,77 469 046,38 1 more than 1 year FRANCE OAT 4,25 07-251023 EUR 1 752 552,62 2 267 886,89 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 164 427,53 274 162,16 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 1 413 049,10 2 402 217,02 1 more than 1 year GERMANY 0,25 13-130418 EUR 13 001,13 13 206,29 1 more than 1 year GERMANY 2,50 14-150846 EUR 50 741,31 72 659,00 1 more than 1 year GERMANY 4,25 08-040718 EUR 63 844,13 70 060,59 1 more than 1 year GERMANY 4,75 08-040740 EUR 41 299,57 77 934,32 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 101 097,24 120 684,19 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 35 326,23 151 485,13 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

4.12.2.3.2. the below categories: - Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

85 DPAM CAPITAL B Equities EMU Behavioral Value

Security Maturity Currency Quantity Value Valuation in EUR ASM INTERNATION Open EUR 199 400,00 42,91 8 556 254,00 INTESA SANPAOLO Open EUR 175 655,00 2,24 393 818,51 EDF Open EUR 237 973,00 9,73 2 315 001,34 EDF Open EUR 39 218,00 9,73 381 512,70 INTESA SANPAOLO Open EUR 2 151 000,00 2,24 4 822 542,00

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 16 469 128,55

- Settlement and clearing All tri-party.

4.12.2.3.4. Data on reuse of colleteral

Not applicable

4.12.2.3.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

4.12.2.3.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

4.12.2.3.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

86 DPAM CAPITAL B Equities EMU Behavioral Value

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marge prêt Swaps

Equities Emu Behavorial Value In In In amount % In amount % In amount % % % amount amount

Total Return N/A N/A 320 570,47 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 32 057,05 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 288 513,42 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions N/A N/A 144 256,71 45,00% N/A N/A N/A N/A N/A N/A (Bank Degroof Petercam Belgium)

Total net return N/A N/A 144 256,71 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 288 513,42 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

87 DPAM CAPITAL B Equities EMU Index

5. INFORMATION ABOUT THE COMPARTMENT EQUITIES EMU INDEX

5.1. MANAGEMENT REPORT

5.1.1 Launch Date of the Compartment and Unit Subscription Price 20 April 1998 at a price of 247,89 EUR. 5.1.2 Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in equities from European Union member countries participating in the European Monetary Union (EMU). The portfolio is indexed geographically and sectorally on the MSCI EMU index of MSCI Inc.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) in EMU zone companies, warrants, convertible bonds, subscription rights and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on European equity markets within the EMU with a view to achieving the investment objective. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in EMU zone risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy.

5.1.3 Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels

5.1.4 Index and Benchmark The benchmark of the DPAM CAPITAL B Equities EMU Index fund is the MSCI EMU Net DTR index. The MSCI EMU Net DTR index, net dividends reinvested, covers countries of the EMU and is compiled by MSCI. All countries of the EMU are included in this index, apart from Luxembourg, given its limited stock market capitalisation. As of 31 December 2016, the index included 242 positions. The value of the index can be consulted on MSCI’s site, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires its clients to be licensed to access the composition of its indices.

5.1.5 Investment Policy Followed During the Year The fund’s net asset value (B share) as of 31 December was EUR 103,57 and its annual performance for the year 2016 was 4,39% (in EUR).

88 DPAM CAPITAL B Equities EMU Index

The use of futures on the Dow Jones EuroStoxx 50 index supplemented equity positions, enabling full investment in liquid instruments without disrupting the structure of the portfolio when issuing and redeeming units daily. This instrument presents a strong correlation with Morgan Stanley’s country indices that make up the EMU benchmark index. 5.1.6 Future Investment Policy The benchmark will remain the EMU index published by MSCI. The investment policy based on an indexation by geographical area and by sector will be maintained.

5.1.7 Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

89 DPAM CAPITAL B Equities EMU Index

5.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 728 740 522,83 748 638 505,61

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 727 193 819,90 746 716 042,21 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 727 193 819,90 746 716 042,21 a. Shares 727 193 819,90 746 716 042,21 a.1 Shares 727 193 819,90 746 716 042,21 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -280 430,83 -816 902,40 A. Receivables 602 194,78 530 549,61 a. Receivables 225 557,73 142 371,75 b. Tax assets 42,75 d. Others 376 637,05 388 135,11 B. Payables -882 625,61 -1 347 452,01 a. Payable amounts (-) -89 138,88 -50 726,94 c. Borrowing (-) -979,57 -132,83 e. Others (-) -792 507,16 -1 296 592,24

V. Deposits and liquidity 1 827 133,76 2 739 365,80 A. Demand bank deposits 1 827 133,76 2 739 365,80 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 728 740 522,83 748 638 505,61 A. Capital 632 885 705,91 772 228 140,69 B. Income equalisation -724 200,00 23 389,00 C. Retained earnings D. Result of the period 96 579 016,92 -23 613 024,08

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 18 042 790,25 11 291 449,40 A. Collatéral (+/-) 18 042 790,25 11 291 449,40 a. Transferable securities/money market instruments 18 042 790,25 11 291 449,40 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) 983 100,00 1 372 358,40 A. Purchased future contracts 983 100,00 1 372 358,40 B. Sold future contracts

90 DPAM CAPITAL B Equities EMU Index

31 December 2016 31 December 2015 EUR EUR

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 14 904 530,00 10 736 585,68

91 DPAM CAPITAL B Equities EMU Index

5.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 93 279 226,88 -25 907 571,01 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 93 173 061,69 -25 794 301,04 a. Actions 93 173 061,69 -25 794 301,04 D. Other transferable securities -131 582,65 E. UCI with variable number of shares F. Financial derivatives 102 380,00 71 020,00 l. On financial indexes 102 380,00 71 020,00 ii. Futures 102 380,00 71 020,00 G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions 3 785,19 -52 707,32 b. Other exchange positions and operations 3 785,19 -52 707,32

II. Investment income and expenses 4 630 454,65 4 463 730,13 A. Dividends 4 131 490,32 3 507 521,93 B. Interest (+/-) -1 330,39 b. Deposits and liquidity -1 330,39 C. Interest on loans (-) -1 336,42 -305,96 D. Swap contracts (+/-) E. Withholding tax (-) -368 942,28 -291 220,83 a. Belgian -13 018,24 -858,23 b. Foreign -355 924,04 -290 362,60 F. Other investment income 870 573,42 1 247 734,99

III. Other income 365 850,41 252 103,96 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 310 990,22 198 054,16 B. Others 54 860,19 54 049,80

IV. Operating expenses -1 696 515,02 -2 421 287,16 A. Investment transaction and delivery costs (-) -185 477,25 -327 335,08 B. Financial expenses (-) -2 149,55 -3 253,95 C. Custodian’s fee (-) -76 074,82 -92 363,76 D. Manager’s fee (-) -1 372 516,32 -1 887 544,41 a. Financial management -523 950,09 -361 607,91 b. Administration and accounting -319 322,14 -330 967,30 c. Retail Trading, Department Stores fee -529 244,09 -1 194 969,20 E. Administrative expenses (-) -38 175,06 -6 911,87 F. Incorporation and organisation expenses (-) -297,99 -1 741,28 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -6 654,58 -4 900,22 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -19 635,27 -85 592,36 K. Other expenses (-) 4 637,73 -11 644,23

Income and expenditure for the period 3 299 790,04 2 294 546,93 V. Current profit (loss) before income tax 96 579 016,92 -23 613 024,08

VI. Income tax

VII. Result of the period 96 579 016,92 -23 613 024,08

5.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

FRANCE

92 DPAM CAPITAL B Equities EMU Index

Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

ACCOR S.A. 35 800 EUR 35,43 1 268 394,00 0,17% 0,17% AEROPORTS DE PARIS 5 883 EUR 101,80 598 889,40 0,08% 0,08% AIR LIQUIDE 78 356 EUR 105,65 8 278 311,40 1,14% 1,14% ALSTOM 33 775 EUR 26,18 884 060,63 0,12% 0,12% ARKEMA 15 428 EUR 92,94 1 433 878,32 0,20% 0,20% ATOS SE 16 640 EUR 100,25 1 668 160,00 0,23% 0,23% AXA 384 400 EUR 23,99 9 219 834,00 1,27% 1,27% BNP PARIBAS 220 539 EUR 60,55 13 353 636,45 1,84% 1,84% BOLLORE 210 000 EUR 3,35 703 500,00 0,10% 0,10% BOUYGUES 43 376 EUR 34,05 1 476 735,92 0,20% 0,20% BUREAU VERITAS S.A. 52 552 EUR 18,41 967 482,32 0,13% 0,13% CAP GEMINI FRANCE 32 215 EUR 80,15 2 582 032,25 0,36% 0,35% CARREFOUR SUPER MARCHE 106 572 EUR 22,89 2 439 433,08 0,34% 0,33% CASINO GUICHARD-PERRACHON & CIE 13 300 EUR 45,59 606 347,00 0,08% 0,08% CHRISTIAN DIOR SE 10 500 EUR 199,25 2 092 125,00 0,29% 0,29% CNP ASSURANCES 31 000 EUR 17,60 545 600,00 0,08% 0,07% COMPAGNIE DE SAINT-GOBAIN 99 807 EUR 44,26 4 416 958,79 0,61% 0,61% CREDIT AGRICOLE S.A. 221 459 EUR 11,78 2 608 787,02 0,36% 0,36% DANONE 119 148 EUR 60,20 7 172 709,60 0,99% 0,98% DASSAULT AVIATION S.A. 800 EUR 1 061,60 849 280,00 0,12% 0,12% DASSAULT SYSTEMES S.A. 25 100 EUR 72,39 1 816 989,00 0,25% 0,25% EDENRED S.A. 45 143 EUR 18,84 850 268,41 0,12% 0,12% EIFFAGE 12 000 EUR 66,25 795 000,00 0,11% 0,11% ELECTRICITE DE FRANCE 48 316 EUR 9,68 467 698,88 0,06% 0,06% ENGIE S.A. 273 354 EUR 12,12 3 313 050,48 0,46% 0,45% ESSILOR INTERNATIONAL S.A. 43 168 EUR 107,35 4 634 084,80 0,64% 0,64% EURAZEO 9 990 EUR 55,58 555 244,20 0,08% 0,08% EUTELSAT COMMUNICATIONS 35 061 EUR 18,40 644 947,10 0,09% 0,09% FONCIERE DES REGIONS 7 377 EUR 82,94 611 848,38 0,08% 0,08% GECINA 8 652 EUR 131,45 1 137 305,40 0,16% 0,16% GROUPE EUROTUNNEL 107 043 EUR 9,03 967 026,46 0,13% 0,13% HERMES INTERNATIONAL S.A. 5 289 EUR 390,00 2 062 710,00 0,28% 0,28% ICADE S.A. 6 567 EUR 67,79 445 176,93 0,06% 0,06% ILIAD S.A. 6 763 EUR 182,65 1 235 261,95 0,17% 0,17% IMERYS 7 581 EUR 72,07 546 362,67 0,08% 0,07% INGENICO 11 200 EUR 75,87 849 744,00 0,12% 0,12% JC DECAUX S.A. 18 420 EUR 27,93 514 470,60 0,07% 0,07% KERING 16 035 EUR 213,30 3 420 265,50 0,47% 0,47% KLEPIERRE 49 000 EUR 37,35 1 829 905,00 0,25% 0,25% LAGARDERE SCA 19 858 EUR 26,40 524 151,91 0,07% 0,07% LEGRAND HLDG 52 678 EUR 53,95 2 841 978,10 0,39% 0,39% L'OREAL 50 976 EUR 173,40 8 839 238,40 1,22% 1,21% LVMH MOET HENNESSY LOUIS VUITTON SE 58 700 EUR 181,40 10 648 180,00 1,46% 1,47% MICHELIN -B- 35 769 EUR 105,70 3 780 783,30 0,52% 0,52% NATIXIS 203 810 EUR 5,36 1 092 421,60 0,15% 0,15% ORANGE S.A. 400 000 EUR 14,44 5 774 000,00 0,79% 0,79% PERNOD-RICARD 41 200 EUR 102,95 4 241 540,00 0,58% 0,58% PEUGEOT 105 000 EUR 15,50 1 626 975,00 0,22% 0,22% PUBLICIS GROUPE S.A. 38 777 EUR 65,55 2 541 832,35 0,35% 0,35% REMY COINTREAU S.A. 4 403 EUR 81,02 356 731,06 0,05% 0,05% RENAULT 39 100 EUR 84,51 3 304 341,00 0,45% 0,45% REXEL S.A. 64 000 EUR 15,64 1 000 640,00 0,14% 0,14% SAFRAN 58 516 EUR 68,42 4 003 664,72 0,55% 0,55% SANOFI 238 829 EUR 76,90 18 365 950,10 2,53% 2,53% SCHNEIDER ELECTRIC SE 116 634 EUR 66,11 7 710 673,74 1,06% 1,06% SCOR SE 35 167 EUR 32,83 1 154 532,61 0,16% 0,16%

SEB S.A. 3 700 EUR 128,75 476 375,00 0,07% 0,07% SFR GROUP 22 520 EUR 26,83 604 211,60 0,08% 0,08% SOCIETE BIC 4 986 EUR 129,15 643 941,90 0,09% 0,09% SOCIETE GENERALE -A- 151 607 EUR 46,75 7 086 869,22 0,97% 0,97% SODEXO 19 788 EUR 109,20 2 160 849,60 0,30% 0,30% SUEZ S.A. 72 508 EUR 14,02 1 016 199,62 0,14% 0,14% TECHNIP-COFLEXIP 22 127 EUR 67,81 1 500 431,87 0,21% 0,21% THALES 21 025 EUR 92,13 1 937 033,25 0,27% 0,27% TOTAL S.A. 454 912 EUR 48,72 22 163 312,64 3,05% 3,04%

93 DPAM CAPITAL B Equities EMU Index

Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

UNIBAIL RODAMCO SE 21 258 EUR 226,75 4 820 251,50 0,66% 0,66% VALEO S.A. 47 000 EUR 54,61 2 566 670,00 0,35% 0,35% VEOLIA ENVIRONNEMENT 92 084 EUR 16,18 1 489 458,70 0,20% 0,20% VINCI S.A. 97 349 EUR 64,70 6 298 480,30 0,87% 0,86% VIVENDI 203 200 EUR 18,06 3 668 776,00 0,50% 0,50% WENDEL 6 778 EUR 114,40 775 403,20 0,11% 0,11% ZODIAC AEROSPACE 45 000 EUR 21,82 981 675,00 0,13% 0,13% 225 861 088,23 31,08% 31,00%

GERMANY ADIDAS A.G. 37 357 EUR 150,15 5 609 153,55 0,77% 0,77% ALLIANZ A.G. -REG- 95 077 EUR 157,00 14 927 089,00 2,06% 2,06% AXEL SPRINGER SE 8 000 EUR 46,13 369 040,00 0,05% 0,05% BASF SE 188 925 EUR 88,31 16 683 966,75 2,29% 2,30% BAYER A.G. 170 104 EUR 99,13 16 862 409,52 2,32% 2,31% BEIERSDORF A.G. 21 600 EUR 80,60 1 740 960,00 0,24% 0,24% BMW-BAYERISCHE MOTOREN WERKE A.G. 64 032 EUR 88,75 5 682 840,00 0,78% 0,78% BMW-BAYERISCHE MOTOREN WERKE -PRIV- 11 715 EUR 72,70 851 680,50 0,12% 0,12% BRENNTAG A.G. 29 885 EUR 52,80 1 577 928,00 0,22% 0,22% COMMERZBANK A.G. 207 015 EUR 7,25 1 500 030,69 0,21% 0,21% CONTINENTAL A.G. 22 297 EUR 183,70 4 095 958,90 0,56% 0,56% COVESTRO A.G. 13 000 EUR 65,18 847 340,00 0,12% 0,12% DAIMLER A.G. -REG- 199 752 EUR 70,72 14 126 461,44 1,94% 1,94% DEUTSCHE BANK -REG- 279 294 EUR 17,25 4 817 821,50 0,66% 0,66% DEUTSCHE BOERSE A.G. 35 772 EUR 77,54 2 773 760,88 0,38% 0,38% DEUTSCHE LUFTHANSA -REG- 55 324 EUR 12,27 678 825,48 0,09% 0,09% DEUTSCHE POST A.G. -REG- 186 900 EUR 31,24 5 837 821,50 0,80% 0,80% DEUTSCHE TELEKOM A.G. -REG- 647 032 EUR 16,36 10 582 208,36 1,46% 1,45% DEUTSCHE WOHNEN A.G. 70 000 EUR 29,84 2 088 800,00 0,29% 0,29% E.ON SE -A- 399 432 EUR 6,70 2 676 194,40 0,37% 0,37% EVONIK INDUSTRIES A.G. 32 000 EUR 28,38 908 160,00 0,12% 0,12% FRAPORT A.G. 9 700 EUR 56,17 544 849,00 0,07% 0,07% FRESENIUS MEDICAL CARE A.G. 42 026 EUR 80,45 3 380 991,70 0,46% 0,46% FRESENIUS SE+CO KGAA 82 512 EUR 74,26 6 127 341,12 0,84% 0,84% FUCHS PETROLUB SE -AKTIE- -VZO- 14 500 EUR 39,88 578 260,00 0,08% 0,08% GEA GROUP 37 700 EUR 38,23 1 441 271,00 0,20% 0,20% HANNOVER RUECK SE 13 000 EUR 102,80 1 336 400,00 0,18% 0,18% HEIDELBERGCEMENT A.G. 27 428 EUR 88,63 2 430 943,64 0,33% 0,33% HENKEL A.G. 20 471 EUR 98,98 2 026 219,58 0,28% 0,28% HENKEL VZ 36 234 EUR 113,25 4 103 500,50 0,56% 0,56% HOCHTIEF A.G. 4 000 EUR 133,05 532 200,00 0,07% 0,07% HUGO BOSS A.G. 15 000 EUR 58,13 871 950,00 0,12% 0,12% INFINEON TECHNOLOGIES 220 984 EUR 16,51 3 648 445,84 0,50% 0,50% INNOGY SE 29 643 EUR 33,17 983 258,31 0,14% 0,13% K+S A.G. 40 433 EUR 22,69 917 424,77 0,13% 0,13% LANXESS A.G. 20 888 EUR 62,35 1 302 366,80 0,18% 0,18% LINDE 37 348 EUR 156,10 5 830 022,80 0,80% 0,80% MAN SE 6 710 EUR 94,33 632 954,30 0,09% 0,09% MERCK KGAA 26 300 EUR 99,15 2 607 645,00 0,36% 0,36% METRO A.G. 35 053 EUR 31,59 1 107 149,01 0,15% 0,15% MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. 34 235 EUR 179,65 6 150 317,75 0,85% 0,84% OSRAM LICHT A.G. 19 149 EUR 49,83 954 098,93 0,13% 0,13% PORSCHE AUTOMOBIL HLDG SE - VZ 30 412 EUR 51,74 1 573 516,88 0,22% 0,22% PROSIEBENSAT MEDIA SE 46 200 EUR 36,61 1 691 382,00 0,23% 0,23% RWE A.G. -A- 99 200 EUR 11,82 1 172 048,00 0,16% 0,16% SAP A.G. 200 410 EUR 82,81 16 595 952,10 2,28% 2,28%

SCHAEFFLER A.G. 30 000 EUR 14,06 421 650,00 0,06% 0,06% SIEMENS A.G. -REG- 158 073 EUR 116,80 18 462 926,40 2,54% 2,53% SYMRISE A.G. 27 000 EUR 57,83 1 561 410,00 0,21% 0,21% TELEFONICA DEUTSCHLAND HLDG A.G. 178 000 EUR 4,07 724 460,00 0,10% 0,10% THYSSENKRUPP A.G. 74 000 EUR 22,64 1 675 360,00 0,23% 0,23% UNITED INTERNET A.G. 25 984 EUR 37,10 963 876,48 0,13% 0,13% VOLKSWAGEN A.G. 36 334 EUR 133,35 4 845 138,90 0,67% 0,66% VOLKSWAGEN A.G. 7 800 EUR 136,75 1 066 650,00 0,15% 0,15% VONOVIA SE 88 300 EUR 30,91 2 728 911,50 0,38% 0,37%

94 DPAM CAPITAL B Equities EMU Index

Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

ZALANDO SE 18 000 EUR 36,29 653 220,00 0,09% 0,09% 216 882 562,78 29,82% 29,76%

THE NETHERLANDS ABN AMRO GROUP DEPOSITARY RECEIPTS 50 000 EUR 21,05 1 052 500,00 0,14% 0,14% AEGON N.V. 357 679 EUR 5,23 1 869 945,81 0,26% 0,26% AERCAP HLDG N.V. 35 000 USD 41,61 1 380 753,73 0,19% 0,19% AIRBUS GROUP 112 141 EUR 62,84 7 046 940,44 0,97% 0,97% AKZO NOBEL N.V. 50 992 EUR 59,39 3 028 414,88 0,42% 0,42% ALTICE N.V. -A- 73 717 EUR 18,83 1 388 091,11 0,19% 0,19% ALTICE N.V. -B- 22 239 EUR 18,93 420 984,27 0,06% 0,06% ASML HLDG N.V. 77 569 EUR 106,65 8 272 733,85 1,13% 1,13% BOSKALIS WESTMINSTER N.V. 21 330 EUR 32,99 703 676,70 0,10% 0,10% CNH INDUSTRIAL N.V. 201 358 EUR 8,27 1 664 223,87 0,23% 0,23% EXOR HOLDING N.V. -REG- 14 800 EUR 40,98 606 504,00 0,08% 0,08% FERRARI N.V. 22 627 EUR 55,30 1 251 273,10 0,17% 0,17% FIAT CHRYSLER INVESTMENTS N.V. -REG- 184 273 EUR 8,67 1 596 725,55 0,22% 0,22% GEMALTO 18 000 EUR 54,92 988 560,00 0,14% 0,14% HEINEKEN HLDG N.V. 21 049 EUR 66,14 1 392 180,86 0,19% 0,19% HEINEKEN N.V. -CF VORM- 50 442 EUR 71,26 3 594 496,92 0,49% 0,49% ING GROUP N.V. 768 253 EUR 13,37 10 271 542,61 1,41% 1,40% AHOLD DELHAIZE N.V. 243 855 EUR 20,03 4 884 415,65 0,67% 0,67% KONINKLIJKE DSM N.V. 36 000 EUR 56,96 2 050 560,00 0,28% 0,28% KONINKLIJKE KPN 663 000 EUR 2,81 1 865 682,00 0,26% 0,26% KONINKLIJKE PHILIPS N.V. 187 261 EUR 29,00 5 430 569,00 0,75% 0,75% KONINKLIJKE VOPAK 13 614 EUR 44,88 610 928,25 0,08% 0,08% NN GROUP N.V. 67 500 EUR 32,20 2 173 162,50 0,30% 0,30% NXP SEMICONDUCTORS N.V. 57 000 USD 98,01 5 296 582,13 0,73% 0,73% QIAGEN N.V. 46 586 EUR 26,68 1 242 914,48 0,17% 0,17% RANDSTAD HLDG N.V. 25 923 EUR 51,53 1 335 812,19 0,18% 0,18% RELX N.V. 198 337 EUR 15,99 3 171 408,63 0,44% 0,44% STMICROELECTRONICS 140 000 EUR 10,80 1 512 000,00 0,21% 0,21% UNILEVER N.V. 337 569 EUR 39,12 13 204 011,44 1,82% 1,81% WOLTERS KLUWER N.V. 53 589 EUR 34,42 1 844 533,38 0,25% 0,25% 91 152 127,35 12,53% 12,51%

SPAIN ABERTIS INFRAEST. S.A. -A- 120 143 EUR 13,30 1 597 301,19 0,22% 0,22% ACTIVIDADES DE CONSTRUCCION Y SERVICIOS -NEW- 37 362 EUR 30,02 1 121 607,24 0,15% 0,15% AENA S.A. 16 288 EUR 129,65 2 111 739,20 0,29% 0,29% AMADEUS IT GROUP S.A. 90 589 EUR 43,17 3 910 727,13 0,53% 0,54% BANCO BILBAO VIZCAYA ARGENTARIA 1 311 105 EUR 6,41 8 409 427,47 1,16% 1,15% BANCO DE SABADELL S.A. 1 151 562 EUR 1,32 1 523 516,53 0,21% 0,21% BANCO POPULAR ESPANOL S.A. 794 428 EUR 0,92 729 284,90 0,10% 0,10% BANCO SANTANDER S.A. -REG- 2 960 839 EUR 4,96 14 682 800,60 2,02% 2,01% BANKIA S.A. 980 000 EUR 0,97 951 580,00 0,13% 0,13% BANKINTER S.A. 130 000 EUR 7,36 956 800,00 0,13% 0,13% CAIXABANK S.A. 585 031 EUR 3,14 1 836 997,34 0,25% 0,25% DISTRIBUIDORA INTERNATIONAL ALIMENTACION 147 171 EUR 4,67 686 552,72 0,09% 0,09% ENAGAS 50 622 EUR 24,13 1 221 255,75 0,17% 0,17% ENDESA S.A. 71 000 EUR 20,13 1 428 875,00 0,20% 0,20% FERROVIAL S.A. 96 096 EUR 17,00 1 633 151,52 0,22% 0,22% GAS NATURAL FENOSA FINANCE 72 096 EUR 17,91 1 291 239,36 0,18% 0,18% GRIFOLS S.A. 56 000 EUR 18,88 1 057 280,00 0,15% 0,15% IBERDROLA S.A. 1 093 990 EUR 6,23 6 819 933,66 0,94% 0,94% INDUSTRIA DE DISENO TEXTIL S.A. 232 323 EUR 32,43 7 534 234,89 1,04% 1,03%

INTERNATIONAL CONSOLIDATED AIRLINES GROUP 196 900 EUR 5,13 1 009 900,10 0,14% 0,14% MAPFRE S.A. 179 945 EUR 2,90 521 840,50 0,07% 0,07% RED ELECTRICA CORPORACION S.A. 89 628 EUR 17,93 1 606 581,90 0,22% 0,22% REPSOL YPF S.A. 217 356 EUR 13,42 2 916 917,52 0,40% 0,40% TELEFONICA S.A. 907 767 EUR 8,82 8 006 504,94 1,10% 1,10% ZARDOYA OTIS 41 888 EUR 8,03 336 360,64 0,05% 0,05% 73 902 410,10 10,16% 10,14%

ITALY

95 DPAM CAPITAL B Equities EMU Index

Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

ASSICURAZIONI GENERALI 232 640 EUR 14,12 3 284 876,80 0,45% 0,45% ATLANTIA SpA 75 896 EUR 22,26 1 689 444,96 0,23% 0,23% ENEL AZ 1 460 664 EUR 4,19 6 117 260,83 0,84% 0,84% ENI SpA 535 594 EUR 15,47 8 285 639,18 1,14% 1,14% INTESA SAN PAOLO SpA (ISP) 2 537 929 EUR 2,43 6 157 015,75 0,85% 0,84% INTESA SAN PAOLO SpA (ISPR) 305 993 EUR 2,23 683 588,36 0,09% 0,09% LEONARDO-FINMECCANICA SpA 91 319 EUR 13,34 1 218 195,46 0,17% 0,17% LUXOTTICA GROUP 35 429 EUR 51,10 1 810 421,90 0,25% 0,25% MEDIOBANCA 122 283 EUR 7,76 948 304,67 0,13% 0,13% POSTE ITALIANE SpA 100 000 EUR 6,31 630 500,00 0,09% 0,09% PRYSMIAN SpA 36 399 EUR 24,40 888 135,60 0,12% 0,12% SAIPEM SpA 1 390 235 EUR 0,54 743 775,73 0,10% 0,10% SNAM SpA 497 288 EUR 3,91 1 946 385,23 0,27% 0,27% TELECOM ITALIA SpA 1 979 478 EUR 0,84 1 656 823,09 0,23% 0,23% TELECOM ITALIA SpA -RISP- NON CONV 1 210 113 EUR 0,69 831 347,63 0,11% 0,11% TERNA SpA 328 974 EUR 4,35 1 431 694,85 0,20% 0,20% UNICREDIT SpA 1 101 984 EUR 2,73 3 012 824,26 0,41% 0,41% UNIPOLSAI SpA 200 000 EUR 2,03 406 000,00 0,06% 0,06% 41 742 234,30 5,74% 5,73%

BELGIUM AGEAS N.V. 38 907 EUR 37,61 1 463 292,27 0,20% 0,20% ANHEUSER-BUSCH INBEV 155 857 EUR 100,55 15 671 421,35 2,16% 2,16% COLRUYT N.V. 14 572 EUR 47,01 684 956,86 0,09% 0,09% GBL-GROUPE BRUXELLES LAMBERT 16 396 EUR 79,72 1 307 089,12 0,18% 0,18% KBC GROEP N.V. 50 234 EUR 58,83 2 955 266,22 0,41% 0,41% PROXIMUS S.A. 30 000 EUR 27,36 820 800,00 0,11% 0,11% SOLVAY & CIE 15 254 EUR 111,35 1 698 532,90 0,23% 0,23% TELENET GROUP HLDG 11 200 EUR 52,72 590 464,00 0,08% 0,08% UCB 24 300 EUR 60,91 1 480 113,00 0,20% 0,20% UMICORE S.A. 21 111 EUR 54,15 1 143 160,65 0,16% 0,16% 27 815 096,37 3,82% 3,82%

FINLAND ELISA -A- 29 742 EUR 30,93 919 920,06 0,13% 0,13% FORTUM CORP. 92 000 EUR 14,57 1 340 440,00 0,18% 0,18% KONE -B- 61 734 EUR 42,57 2 628 016,38 0,36% 0,36% METSO-VALMET RAUMA CORP. 26 644 EUR 27,10 722 052,40 0,10% 0,10% NESTE OIL 25 500 EUR 36,50 930 750,00 0,13% 0,13% NOKIA -A- 1 168 261 EUR 4,59 5 359 981,47 0,73% 0,73% NOKIAN TYRES PLC 23 980 EUR 35,42 849 371,60 0,12% 0,12% ORION CORP. (NEW) -B- 21 874 EUR 42,29 925 051,46 0,13% 0,13% SAMPO OYJ 91 475 EUR 42,59 3 895 920,25 0,54% 0,53% STORA ENSO OYJ (R) 100 080 EUR 10,21 1 021 816,80 0,14% 0,14% UPM-KYMMENE CORP. 110 354 EUR 23,34 2 575 662,36 0,35% 0,35% WARTSILA CORP. -B- 28 643 EUR 42,68 1 222 483,24 0,17% 0,17% 22 391 466,02 3,08% 3,07%

IRELAND ANGLO-IRISH BANK CORP. PLC 228 652 EUR 0,00 0,00 0,00% 0,00% BANK OF IRELAND 6 400 000 EUR 0,23 1 497 600,00 0,21% 0,21% CRH PLC 159 600 EUR 32,96 5 259 618,00 0,72% 0,72% KERRY GROUP PLC 30 900 EUR 67,90 2 098 110,00 0,29% 0,29% PADDY POWER BETFAIR PLC 15 000 EUR 101,50 1 522 500,00 0,21% 0,21% RYANAIR HLDG PLC 35 969 EUR 14,51 521 730,35 0,07% 0,07% 10 899 558,35 1,50% 1,50%

LUXEMBOURG ARCELORMITTAL S.A. -REG- 364 374 EUR 7,02 2 556 447,98 0,35% 0,35% EUROFINS SCIENTIFIC S.A. 2 200 EUR 405,00 891 000,00 0,12% 0,12% RTL GROUP 7 300 EUR 69,73 509 029,00 0,07% 0,07% SES GLOBAL 75 498 EUR 20,93 1 579 795,65 0,22% 0,22% TENARIS S.A. -REG- 95 758 EUR 16,97 1 625 013,26 0,22% 0,22% 7 161 285,89 0,98% 0,98%

AUSTRIA

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Quantity as at Price Valuation % % Denomination Ccy 31 December2016 in ccy (in EUR) Portfolio Net Assets

ANDRITZ A.G. 16 200 EUR 47,70 772 659,00 0,11% 0,11% ERSTE GROUP BANK A.G. 57 700 EUR 27,83 1 605 502,50 0,23% 0,22% OMV 29 000 EUR 33,56 973 240,00 0,13% 0,13% RAIFFEISEN BANK INTERNATIONAL A.G. 22 002 EUR 17,38 382 394,76 0,05% 0,05% VOESTALPINE A.G. 20 000 EUR 37,29 745 800,00 0,10% 0,10% 4 479 596,26 0,62% 0,61%

PORTUGAL BANCO ESPIRITO SANTO S.A. 583 007 EUR 0,00 0,00 0,00% 0,00% EDP ENERGIAS -REG- 449 000 EUR 2,89 1 299 406,00 0,18% 0,18% GALP ENERGIA -B- 108 088 EUR 14,19 1 533 768,72 0,21% 0,21% JERONIMO MARTINS SGPS S.A. 49 767 EUR 14,74 733 565,58 0,10% 0,10% 3 566 740,30 0,49% 0,49%

UNITED KINGDOM COCA-COLA EUROPEAN PARTNERS PLC 45 000 USD 31,40 1 339 653,95 0,18% 0,18% 1 339 653,95 0,18% 0,18%

Total Shares listed on an official stock exchange 727 193 819,90 100,00% 99,79%

TOTAL PORTFOLIO 727 193 819,90 100,00% 99,79%

DEPOSITS AND LIQUIDITY 1 827 133,76 0,25%

Demand bank deposits 1 827 133,76 0,25%

OTHER RECEIVABLES AND PAYABLES -280 430,83 -0,04%

TOTAL OF NET ASSETS 728 740 522,83 100,00%

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5.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

FRANCE 31,08% GERMANY 29,82% THE NETHERLANDS 12,53% SPAIN 10,16% ITALY 5,74% BELGIUM 3,82% FINLAND 3,08% IRELAND 1,50% LUXEMBOURG 0,98% AUSTRIA 0,62% PORTUGAL 0,49% UNITED KINGDOM 0,18%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

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5.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 11,44% CHEMICAL PRODUCTS 7,86% PHARMACOLOGY & PERSONAL CARE 6,86% TELECOMMUNICATIONS 6,60% INSURANCE COMPANIES 6,46% OIL & DERIVED 5,63% ROAD VEHICLES 5,35% ENERGY SOURCES 4,71% IT & INTERNET 3,79% ELECTRIC & ELECTRONIC COMPONENTS 3,58% BUILDING MATERIALS 3,53% TOBACCO & SPIRITS 3,47% FOOD & CLEANING MATERIALS 3,27% TEXTILE & GARMENTS 2,73% CAPITAL GOODS (MISCELLANEOUS) 2,54% RETAIL TRADING, DEPARTMENT STORES 2,27% AEROSPACE INDUSTRY & DEFENCE 2,12% PUBLISHING & BROADCASTING 1,97% ROAD & RAILWAY TRANSPORTS 1,95% FINANCIAL SERVICES - HOLDINGS 1,88% MECHANICAL CONSTRUCTION 1,87% ELECTRIC & ELECTRONIC MATERIALS 1,84% REAL ESTATE 1,59% TYRES & RUBBER 1,20% CONSUMABLE GOODS 1,14% INTERMEDIATE INDUSTRY PRODUCTS 1,01% MISCELLANEOUS CONSUMER GOODS 1,00% FOREST PRODUCTS & PAPER INDUSTRY 0,49% AIRLIFT 0,46% MISCELLANEOUS 0,44% LEISURES & TOURISM 0,38% BIOTECHNOLOGY 0,32% NONFERROUS METALS 0,16% OTHER SERVICES 0,09%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

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5.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

BELGIUM ANHEUSER-BUSCH 144 400 EUR 1,00 100,05 14 447 220,00 14 447 220,00

FRANCE EDF 47 000 EUR 1,00 9,73 457 310,00 457 310,00

Total shares lent 14 904 530,00

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 041318 21 952 EUR 1,00 101,58 22 298,80 BUNDESREPUB 2.5 081546 2 932 EUR 1,00 143,19 4 198,33 BUNDESREPUB 4.25 070418 3 689 EUR 1,00 109,74 4 048,19 BUNDESREPUB 4.75 070440 2 386 EUR 1,00 188,70 4 503,14 35 048,46

FRANCE FRANCE GOVT 3.25 102521 31 360 EUR 1,00 117,70 36 909,41 FRANCE GOVT 0.5 052525 89 827 EUR 1,00 101,42 91 101,77 FRANCE GOVT 0.5 112519 12 507 593 EUR 1,00 103,22 12 909 768,38 FRANCE GOVT 1 112518 811 774 EUR 1,00 103,26 838 265,88 FRANCE GOVT 3 042522 51 962 EUR 1,00 119,08 61 877,39 FRANCE GOVT 3.75 042521 35 728 EUR 1,00 120,42 43 022,90 FRANCE GOVT 4.25 042519 23 719 EUR 1,00 114,26 27 102,10 FRANCE GOVT 4.25 102523 2 959 182 EUR 1,00 129,40 3 829 323,06 FRANCE GOVT 4.5 042541 9 501 EUR 1,00 166,74 15 841,44 FRANCE GOVT 5.75 102532 81 648 EUR 1,00 170,00 138 803,17 17 992 015,50

UNITED KINGDOM UK TSY 1.2 1.25 072218 5 842 GBP 0,86 102,41 6 973,29 UNITED KINGGOV OF2.571724 2 041 GBP 0,86 367,87 8 753,00 15 726,29

TOTAL COLLATERAL 18 042 790,25

5.8. AMOUNT OF COMMITMENTS RELATED TO FINANCIAL DERIVATIVE POSITIONS

In securities Contract size Ccy Price Valuation (in EUR)

Futures

On financial indexes EUROSTOXX 50 FUTURE 30,00 EUR 3 277,00 983 100,00

Total Futures 983 100,00

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5.9. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 39 507 430,57 39 507 430,57 Sales 74 876 183,64 74 876 183,64

Total 1 114 383 614,21 114 383 614,21

Subscriptions 99 659 875,86 99 659 875,86 Redemptions 159 082 495,47 159 082 495,47

Total 2 258 742 371,33 258 742 371,33

Reference average of the total assets 689 766 328,90 689 766 328,90 Rotation rate -20,93% -20,93%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

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5.10. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 End of Part Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions period Class Cap (F) 106 970,00 308 908,00 393 564,00 19 109,00 171 096,00 241 577,00 237 730,00 76 398,00 402 909,00 Class Cap (B) 141 888,00 265 893,00 653 658,00 676 564,00 355 384,00 2 935 812,00* 47 635,00 769 081,00 2 214 366,00 Class Cap (P) 10 847,00 24 726,00 2 886,00 27 612,00 4 282,00 23 330,00 Class Dis (A) 4 800,00 4 800,00 TOTAL 1 071 948,00 3 205 001,00 2 645 405,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (F) 41 920 203,74 112 803 994,47 7 232 644,95 67 979 282,73 94 597 792,95 28 373 206,85 Class Cap (B) 55 453 592,35 99 921 851,95 64 628 137,11 34 361 645,19 4 601 330,91 73 529 901,36 Class Cap (P) 137 682 542,72 41 445 005,52 57 179 387,26 Class Dis (A) 460 752,00 TOTAL 235 056 338,81 212 725 846,42 113 305 787,58 102 340 927,92 99 659 875,86 159 082 495,47

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (F) 410,59 362,19 416,84 Class Cap (B) 408,70 90,06* 103,57 773 424 444,35 691 895 115,74 728 740 522,83 Class Cap (P) 13 940,12 12 313,42 14 185,63 Class Dis (A) 103,57 TOTAL 773 424 444,35 691 895 115,74 728 740 522,83

* SPLIT by 4 on 31 July 2015

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5.11. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 09/11/2016 7,06% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

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Class Cap (B)

Annual return :

Class Cap (B) MSCI EMU Net DTR 50,00%

40,00% 27,54% 30,00% 27,32% 23,34% 22,87% 19,31% 20,00% 18,94% 9,82% 9,60% 7,81% 10,00% 7,75% 4,39% 4,37% 4,33% 4,30% 2,78% 2,40% 0,00%

-10,00%

-20,00% -14,89%

-30,00% -15,31%

-40,00%

-50,00% -44,65% 2007 2008-44,85% 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 4,39% 6,07% 11,76% 1,45% 15/04/1998 2,78% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

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Class Cap (F)

Annual return :

Class Cap (F) MSCI EMU Net DTR

50,00%

40,00% 27,61% 30,00% 27,32% 23,34% 23,00% 19,31% 20,00% 19,05% 9,82% 9,68% 10,00% 4,52% 4,39% 4,37% 4,33% 2,84% 2,40% 0,00%

-10,00%

-20,00% -14,89%

-30,00% -15,36%

-40,00%

-50,00% 2007-44,64% 2008-44,85% 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 4,52% 6,17% 11,87% 20/12/2007 1,04% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

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Class Cap (P)

Annual return :

Class Cap (P) MSCI EMU Net DTR

30,00%

20,00% 9,82% 9,82% 10,00% 4,69% 4,50% 4,37% 4,33%

0,00%

-10,00%

-20,00%

-30,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 4,69% 6,31% 20/03/2013 9,40% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

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5.12. ONGOING CHARGES

- Class Dis (A) - BE6289162701: 0,63% - Class Cap (B) - BE6278392673: 0,63% - Class Cap (F) - BE0947573771: 0,51% - Class Cap (P) - BE6249813062: 0,36%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289162701: 0,88% - Class Cap (B) - BE6278392673: 0,879% - Class Dis (E) - BE6289163717: 0,55% - Class Cap (F) - BE0947573771: 0,547% - Class Cap (P) - BE6249813062: 0,297%

5.13. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

5.13.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed.

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The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

5.13.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

5.13.2.1. Global data

5.13.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities Emu Index 2,05 %

5.13.2.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities Emu Index EUR 14 904 436,01 2,05 %

5.13.2.2. Concentration data

5.13.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 17 992 015,51

Germany 35 048,46

United Kingdom 15 726,29

5.13.2.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

J.P Morgan Securities plc 14 447 220,00

Morgan Stanley & Co. International PLC 457 216,00

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5.13.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

5.13.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,50 14-250525 EUR 89 827,11 91 101,78 1 more than 1 year FRANCE OAT 0,50 14-251119 EUR 12 507 593,21 12 909 768,38 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 811 773,68 838 265,88 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 51 961,66 61 877,39 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 31 360,17 36 909,42 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 35 728,33 43 022,90 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 23 718,69 27 102,10 1 more than 1 year FRANCE OAT 4,25 07-251023 EUR 2 959 182,05 3 829 323,06 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 9 500,83 15 841,43 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 81 647,78 138 803,17 1 more than 1 year GERMANY 0,25 13-130418 EUR 21 952,39 22 298,79 1 more than 1 year GERMANY 2,50 14-150846 EUR 2 931,90 4 198,33 1 more than 1 year GERMANY 4,25 08-040718 EUR 3 689,00 4 048,19 1 more than 1 year GERMANY 4,75 08-040740 EUR 2 386,34 4 503,15 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 5 841,53 6 973,29 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 2 041,19 8 753,00 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

5.13.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions Security Maturity Currency Quantity Value Valuation in EUR ANHEUSER-BUSCH Open EUR 144 400,00 100,05 14 447 220,00 EDF Open EUR 47 000,00 9,73 457 216,00

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- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 14 904 436,01

- Settlement and clearing All tri-party.

5.13.2.4. Data on reuse of colleteral

Not applicable

5.13.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

5.13.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

5.13.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Marging Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back lending Swaps

Equities Emu Index In % In amount % In amount % In amount % In amount % amount

Total Return N/A N/A 259 961,42 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 25 996,14 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 233 965,28 90,00% N/A N/A N/A N/A N/A N/A Third party costs

110 DPAM CAPITAL B Equities EMU Index

Repurchase Lending / borrowing of Transactions Buy- Transaction Marging Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back lending Swaps

Equities Emu Index In % In amount % In amount % In amount % In amount % amount

Handeling costs of the transactions (Bank Degroof N/A N/A 116 982,64 45,00% N/A N/A N/A N/A N/A N/A Petercam Belgium)

Total net return N/A N/A 116 982,64 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 233 965,28 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

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6. INFORMATION ABOUT THE COMPARTMENT EQUITIES EUROPE INDEX

6.1. MANAGEMENT REPORT

6.1.1. Launch Date of the Compartment and Unit Subscription Price 15 December 1992 at a price of 2 478,93 EUR; split of shares by 10 on 14 January 1997 and split by 5 on 31 March 2005. 6.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in European equities. The portfolio is indexed geographically and sectorally on the European index of MSCI Inc.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) in European companies, sicafis, warrants, convertible bonds, rights, VVPR strips, and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on European equities markets with a view to achieving the investment objective. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in European equity risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 6.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 6.1.4. Index and Benchmark The benchmark of the Equities EMU Index sub-fund is the MSCI Europe Net DTR index. The MSCI Europe Net DTR index, with its net dividends from local withholding tax reinvested, covers the European countries and was set up by MSCI. All the European countries are covered by this index, with the exception of Luxembourg, given its weak market capitalization. At 30 June 2016, the index had 448 positions. The value of the index can be consulted on the MSCI site, www.msci.com, under the heading "MSCI Index Performance". MSCI requires its clients to hold a licence to access a breakdown of its indices. 6.1.5. Investment Policy Followed During the period The fund’s net asset value (B share) as of 31 December was EUR 93.69 and its annual performance for the year 2016 was 2,01% (in EUR). Le benchmark of the DPAM CAPITAL B Equities Europe Index fund is the MSCI Europe Net DTR index.

112 DPAM CAPITAL B Equities Europe Index

The MSCI EMU Net DTR index, dividends net of local withholding tax reinvested, covers European countries and is compiled by MSCI. All European countries are included in this index, apart from Luxembourg, given its limited stock market capitalisation. As of 31 December 2016, the index included 448 positions. The value of the index can be consulted on MSCI’s site, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires its clients to be licensed to access the composition of its indices. As in the past, full investment continued in this fund. The level of liquidities, less equity index futures contracts, was maintained at a very low level. The use of futures on the Dow Jones Stoxx 50 index supplemented equity positions, enabling full investment in liquid instruments without disrupting the structure of the portfolio when issuing and redeeming units daily. 6.1.6. Future Investment Policy As in the past, the DPAM CAPITAL B Equities Europe Index fund will continue to implement an investment policy based on an indexation by geographical area and by sector. The benchmark will remain the European index published by MSCI. 6.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

113 DPAM CAPITAL B Equities Europe Index

6.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 538 860 458,53 566 971 023,63

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 537 244 825,61 563 785 468,38 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 537 244 825,61 563 785 468,38 a. Shares 537 244 825,61 563 785 468,38 a.1 Shares 537 244 825,61 563 785 468,38 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -232 608,31 -216 045,03 A. Receivables 514 501,28 869 654,49 a. Receivables 99 028,50 b. Tax assets 12,75 d. Others 514 501,28 770 613,24 B. Payables -747 109,59 -1 085 699,52 a. Payable amounts (-) -24 256,49 c. Borrowing (-) -3 564,71 -87,14 e. Others (-) -743 544,88 -1 061 355,89

V. Deposits and liquidity 1 848 241,23 3 401 600,28 A. Demand bank deposits 1 848 241,23 3 401 600,28 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 538 860 458,53 566 971 023,63 A. Capital 486 910 513,96 591 636 870,37 B. Income equalisation -193 288,00 -24 470,00 C. Retained earnings D. Result of the period 52 143 232,57 -24 641 376,74

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 973 431,12 5 483 179,53 A. Collatéral (+/-) 973 431,12 5 483 179,53 a. Transferable securities/money market instruments 973 431,12 5 483 179,53 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) 1 280 110,00 2 256 573,00 A. Purchased future contracts 1 280 110,00 2 256 573,00 B. Sold future contracts

114 DPAM CAPITAL B Equities Europe Index

31 December 2016 31 December 2015 EUR EUR

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 865 203,99 5 289 071,32

115 DPAM CAPITAL B Equities Europe Index

6.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 48 614 238,48 -27 998 090,97 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 48 616 999,04 -27 932 136,42 a. Actions 48 616 999,04 -27 932 136,42 D. Other transferable securities -48 145,43 E. UCI with variable number of shares F. Financial derivatives 11 210,00 47 120,00 l. On financial indexes 11 210,00 47 120,00 ii. Futures 11 210,00 47 120,00 G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -13 970,56 -64 929,12 b. Other exchange positions and operations -13 970,56 -64 929,12

II. Investment income and expenses 4 712 138,66 5 065 116,49 A. Dividends 4 504 878,78 4 418 678,74 B. Interest (+/-) 8,28 b. Deposits and liquidity 8,28 C. Interest on loans (-) -7 037,93 -901,35 D. Swap contracts (+/-) E. Withholding tax (-) -247 881,73 -136 996,60 a. Belgian -5 062,78 -311,86 b. Foreign -242 818,95 -136 684,74 F. Other investment income 462 171,26 784 335,70

III. Other income 277 875,30 155 577,24 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 243 303,06 127 352,09 B. Others 34 572,24 28 225,15

IV. Operating expenses -1 461 019,87 -1 863 979,50 A. Investment transaction and delivery costs (-) -157 969,89 -189 419,48 B. Financial expenses (-) -3 319,67 -2 823,73 C. Custodian’s fee (-) -57 377,45 -72 701,09 D. Manager’s fee (-) -1 165 567,83 -1 518 107,92 a. Financial management -490 159,20 -294 813,89 b. Administration and accounting -246 078,98 -256 518,32 c. Retail Trading, Department Stores fee -429 329,65 -966 775,71 E. Administrative expenses (-) -29 457,03 -5 948,37 F. Incorporation and organisation expenses (-) -234,68 -1 313,30 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -6 165,83 -6 110,22 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -59 379,76 -70 451,06 K. Other expenses (-) 18 624,18 2 895,67

Income and expenditure for the period 3 528 994,09 3 356 714,23 V. Current profit (loss) before income tax 52 143 232,57 -24 641 376,74

VI. Income tax

VII. Result of the period 52 143 232,57 -24 641 376,74

6.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

UNITED KINGDOM

116 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

3I GROUP PLC 60 746 GBP 7,04 500 997,94 0,09% 0,09% ABERDEEN GLOBAL ASSET MANAGEMENT PLC 60 000 GBP 2,57 180 857,54 0,03% 0,03% ADMIRAL GROUP PLC 17 953 GBP 18,27 384 256,46 0,07% 0,07% ANGLO AMERICAN PLC 105 736 GBP 11,60 1 436 899,72 0,27% 0,27% ANTOFAGASTA PLC 37 581 GBP 6,75 297 178,71 0,06% 0,06% ASHTEAD GROUP PLC 39 000 GBP 15,80 721 883,79 0,13% 0,13% ASSOCIATED BRITISH FOODS PLC 28 000 GBP 27,45 900 421,74 0,17% 0,17% ASTRAZENECA PLC 88 757 GBP 44,38 4 614 095,45 0,86% 0,86% AUTO TRADER GROUP PLC 83 000 GBP 4,09 397 692,13 0,07% 0,07% AVIVA PLC 309 324 GBP 4,86 1 762 595,99 0,33% 0,33% BABCOCK INTERNATIONAL GROUP PLC 15 235 GBP 9,53 170 090,85 0,03% 0,03% BAE SYSTEMS PLC 239 202 GBP 5,92 1 657 544,32 0,31% 0,31% BARCLAYS PLC (NEW) 1 251 475 GBP 2,23 3 276 031,97 0,61% 0,61% BARRATT DEVELOPMENT 75 000 GBP 4,62 406 279,29 0,08% 0,08% BERKELEY GROUP HLDG-UNITS- 10 000 GBP 28,08 328 959,70 0,06% 0,06% BHP BILLITON PLC 159 800 GBP 13,07 2 445 861,06 0,46% 0,45% BP PLC 1 420 684 GBP 5,10 8 481 496,79 1,59% 1,57% BRITISH AMERICAN TOBACCO PLC 132 900 GBP 46,22 7 195 376,64 1,35% 1,35% BRITISH LAND CO PLC 82 318 GBP 6,30 607 066,32 0,11% 0,11% BT GROUP PLC 633 944 GBP 3,67 2 724 860,05 0,51% 0,51% BUNZL PLC 26 039 GBP 21,09 643 348,77 0,12% 0,12% BURBERRY GROUP PLC 32 546 GBP 14,97 570 775,09 0,11% 0,11% CAPITA PLC 53 936 GBP 5,31 335 520,34 0,06% 0,06% CARNIVAL PLC 15 300 GBP 41,25 739 368,56 0,14% 0,14% CENTRICA PLC NEW 413 331 GBP 2,34 1 133 561,23 0,21% 0,21% COBHAM PLC 103 231 GBP 1,64 197 972,29 0,04% 0,04% COCA-COLA EUROPEAN PARTNERS PLC 16 000 USD 31,40 476 321,40 0,09% 0,09% COMPASS GROUP PLC 125 334 GBP 15,01 2 203 916,75 0,41% 0,41% CRODA INTERNATIONAL PLC 10 648 GBP 31,96 398 676,29 0,07% 0,07% DIAGEO PLC 189 044 GBP 21,10 4 672 947,99 0,87% 0,87% DIRECT LINE INSURANCE GROUP PLC 106 833 GBP 3,69 462 325,56 0,09% 0,09% DIXONS CARPHONE PLC 87 000 GBP 3,55 361 412,84 0,07% 0,07% EASYJET PLC 12 000 GBP 10,05 141 283,97 0,03% 0,03% FRESNILLO PLC 17 230 GBP 12,21 246 460,05 0,05% 0,05% G4S PLC 101 735 GBP 2,35 280 081,13 0,05% 0,05% GKN PLC 129 850 GBP 3,32 504 583,47 0,09% 0,09% GLAXOSMITHKLINE PLC 368 500 GBP 15,62 6 743 170,10 1,26% 1,25% HAMMERSON PLC 58 564 GBP 5,73 393 125,26 0,07% 0,07% HARGREAVES LANSDOWN PLC 12 000 GBP 12,13 170 524,84 0,03% 0,03% HIKMA PHARMACEUTICALS PLC 10 000 GBP 18,93 221 766,64 0,04% 0,04% HSBC HLDG PLC (0,50 USD) 1 433 400 GBP 6,57 11 030 933,22 2,06% 2,05% IMI PLC 19 375 GBP 10,40 236 059,04 0,04% 0,04% IMPERIAL BRANDS PLC 65 806 GBP 35,43 2 730 995,26 0,51% 0,51% INMARSAT PLC 38 010 GBP 7,52 334 635,84 0,06% 0,06% INTERCONTINENTAL HOTELS GROUP PLC 15 353 GBP 36,38 654 337,09 0,12% 0,12% INTERTEK GROUP PLC 10 726 GBP 34,81 437 408,69 0,08% 0,08% INTU PROPERTIES PLC 106 212 GBP 2,81 350 016,82 0,07% 0,06% INVESTEC PLC 35 405 GBP 5,36 222 318,18 0,04% 0,04% ITV PLC 296 184 GBP 2,06 716 171,25 0,13% 0,13% J.SAINSBURY PLC 115 039 GBP 2,49 335 979,65 0,06% 0,06% JOHNSON MATTHEY PLC 16 748 GBP 31,82 624 322,12 0,12% 0,12% KINGFISHER PLC 163 408 GBP 3,50 670 593,04 0,12% 0,12% LAND SECURITIES GROUP PLC 56 310 GBP 10,66 703 215,32 0,13% 0,13% LEGAL & GENERAL GROUP PLC 444 984 GBP 2,48 1 290 745,52 0,24% 0,24% LLOYDS BANK PLC GROUP PLC 4 908 465 GBP 0,63 3 594 519,06 0,67% 0,67% LONDON STOCK EXCHANGE GROUP PLC 24 110 GBP 29,14 823 061,62 0,15% 0,15% MARKS & SPENCER PLC 131 816 GBP 3,50 540 482,66 0,10% 0,10%

MEDICLINIC INTERNATIONAL PLC 32 000 GBP 7,71 289 034,68 0,05% 0,05% MEGGITT PLC 57 000 GBP 4,59 306 234,77 0,06% 0,06% MERLIN ENTERTAINMENTS PLC 51 000 GBP 4,49 268 024,84 0,05% 0,05% MONDI PLC 25 000 GBP 16,66 487 933,46 0,09% 0,09% NATIONAL GRID TRANSCO PLC 256 877 GBP 9,52 2 863 685,02 0,53% 0,53% NEX GROUP PLC -REG- 18 092 GBP 4,65 98 450,49 0,02% 0,02% NEXT PLC 9 895 GBP 49,83 577 633,38 0,11% 0,11% OLD MUTUAL PLC 402 866 GBP 2,07 978 375,37 0,18% 0,18%

117 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

PEARSON PLC 69 696 GBP 8,19 668 301,03 0,12% 0,12% PERSIMMON PLC 22 000 GBP 17,76 457 731,96 0,09% 0,08% PETROFAC LTD 16 517 GBP 8,69 168 149,87 0,03% 0,03% PROVIDENT FINANCIAL 12 000 GBP 28,49 400 515,46 0,07% 0,07% PRUDENTIAL PLC 178 000 GBP 16,28 3 393 802,72 0,63% 0,63% RECKITT BENCKISER GROUP PLC 43 730 GBP 68,86 3 527 703,61 0,66% 0,65% RELX PLC 89 211 GBP 14,49 1 514 371,36 0,28% 0,28% RIO TINTO PLC 84 754 GBP 31,59 3 136 076,72 0,58% 0,58% ROLLS-ROYCE HLDG -C- 37 321 007 GBP 0,00 43 721,90 0,01% 0,01% ROLLS-ROYCE HLDG PLC 155 000 GBP 6,68 1 212 980,32 0,23% 0,23% ROYAL BANK OF SCOTLAND GROUP PLC 252 881 GBP 2,25 665 382,77 0,12% 0,12% ROYAL DUTCH SHELL PLC -A- 307 458 EUR 25,99 7 989 296,13 1,49% 1,48% ROYAL DUTCH SHELL PLC -B- 269 714 GBP 23,54 7 437 989,18 1,38% 1,38% ROYAL MAIL PLC 75 000 GBP 4,62 406 015,70 0,08% 0,08% RSA INSURANCE GROUP PLC 68 000 GBP 5,86 466 822,87 0,09% 0,09% SAGE GROUP PLC 83 026 GBP 6,55 637 090,32 0,12% 0,12% SCHRODERS PLC -NEW- 9 473 GBP 29,98 332 709,16 0,06% 0,06% SEGRO PLC -REIT- 62 470 GBP 4,58 335 256,64 0,06% 0,06% SEVERN TRENT PLC 16 986 GBP 22,22 442 161,34 0,08% 0,08% SKY PLC 74 489 GBP 9,91 864 791,46 0,16% 0,16% SMITH & NEPHEW PLC 64 677 GBP 12,21 925 147,81 0,17% 0,17% SMITHS GROUP PLC 25 000 GBP 14,16 414 714,15 0,08% 0,08% SSE PLC 70 710 GBP 15,53 1 286 464,74 0,24% 0,24% ST.JAMES PLACE 40 000 GBP 10,14 475 164,01 0,09% 0,09% STANDARD CHARTERED PLC 264 251 GBP 6,64 2 054 322,45 0,38% 0,38% STANDARD LIFE PLC 161 336 GBP 3,72 703 104,40 0,13% 0,13% TATE & LYLE PLC 46 900 GBP 7,08 388 727,16 0,07% 0,07% TAYLOR WIMPEY PLC 270 000 GBP 1,54 485 531,87 0,09% 0,09% TESCO PLC 591 300 GBP 2,07 1 432 877,28 0,27% 0,27% TRAVIS PERKINS 19 800 GBP 14,52 336 804,12 0,06% 0,06% TULLET PREBON PLC 14 784 GBP 4,33 75 045,77 0,01% 0,01% UNILEVER PLC 97 769 GBP 32,93 3 771 139,09 0,70% 0,70% UNITED UTILITIES GROUP PLC 55 292 GBP 9,01 583 623,38 0,11% 0,11% VODAFONE GROUP PLC 1 952 510 EUR 2,00 4 571 334,63 0,85% 0,85% WEIR GROUP PLC 16 610 GBP 18,90 367 770,62 0,07% 0,07% WHITBREAD PLC 12 468 GBP 37,76 551 536,64 0,10% 0,10% WILLIAM HILL PLC 74 000 GBP 2,90 251 579,19 0,05% 0,05% WM MORRISON SUPERMARKETS PLC 180 000 GBP 2,31 486 480,79 0,09% 0,09% WORLDPAY GROUP PLC 115 000 GBP 2,70 363 618,79 0,07% 0,07% 144 178 612,83 26,85% 26,76%

FRANCE ACCOR S.A. 16 000 EUR 35,43 566 880,00 0,11% 0,11% AEROPORTS DE PARIS 1 990 EUR 101,80 202 582,00 0,04% 0,04% AIR LIQUIDE 26 460 EUR 105,65 2 795 499,00 0,52% 0,52% ALSTOM 9 158 EUR 26,18 239 710,65 0,04% 0,04% ARKEMA 4 412 EUR 92,94 410 051,28 0,08% 0,08% ATOS SE 6 760 EUR 100,25 677 690,00 0,13% 0,13% AXA 143 500 EUR 23,99 3 441 847,50 0,64% 0,64% BNP PARIBAS 74 239 EUR 60,55 4 495 171,45 0,84% 0,83% BOLLORE 70 000 EUR 3,35 234 500,00 0,04% 0,04% BOUYGUES 16 470 EUR 34,05 560 721,15 0,10% 0,10% BUREAU VERITAS S.A. 19 000 EUR 18,41 349 790,00 0,07% 0,06% CAP GEMINI FRANCE 11 982 EUR 80,15 960 357,30 0,18% 0,18% CARREFOUR SUPER MARCHE 46 617 EUR 22,89 1 067 063,13 0,20% 0,20% CASINO GUICHARD-PERRACHON & CIE 5 615 EUR 45,59 255 987,85 0,05% 0,05% CHRISTIAN DIOR SE 4 200 EUR 199,25 836 850,00 0,16% 0,16%

CNP ASSURANCES 14 354 EUR 17,60 252 630,40 0,05% 0,05% COMPAGNIE DE SAINT-GOBAIN 35 632 EUR 44,26 1 576 894,16 0,29% 0,29% CREDIT AGRICOLE S.A. 83 200 EUR 11,78 980 096,00 0,18% 0,18% DANONE 43 800 EUR 60,20 2 636 760,00 0,50% 0,48% DASSAULT SYSTEMES S.A. 10 746 EUR 72,39 777 902,94 0,14% 0,14% EDENRED S.A. 17 835 EUR 18,84 335 922,23 0,06% 0,06% EIFFAGE 4 500 EUR 66,25 298 125,00 0,06% 0,06% ELECTRICITE DE FRANCE 16 093 EUR 9,68 155 780,24 0,03% 0,03%

118 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

ENGIE S.A. 106 089 EUR 12,12 1 285 798,68 0,24% 0,24% ESSILOR INTERNATIONAL S.A. 14 145 EUR 107,35 1 518 465,75 0,28% 0,28% EURAZEO 4 781 EUR 55,58 265 727,98 0,05% 0,05% EUTELSAT COMMUNICATIONS 16 652 EUR 18,40 306 313,54 0,06% 0,06% FONCIERE DES REGIONS 2 171 EUR 82,94 180 062,74 0,03% 0,03% GECINA 3 504 EUR 131,45 460 600,80 0,09% 0,09% GROUPE EUROTUNNEL 45 800 EUR 9,03 413 757,20 0,08% 0,08% HERMES INTERNATIONAL S.A. 2 119 EUR 390,00 826 410,00 0,15% 0,15% ICADE S.A. 1 818 EUR 67,79 123 242,22 0,02% 0,02% ILIAD S.A. 1 607 EUR 182,65 293 518,55 0,05% 0,05% IMERYS 2 895 EUR 72,07 208 642,65 0,04% 0,04% INGENICO 6 000 EUR 75,87 455 220,00 0,08% 0,08% JC DECAUX S.A. 7 423 EUR 27,93 207 324,39 0,04% 0,04% KERING 5 972 EUR 213,30 1 273 827,60 0,24% 0,24% KLEPIERRE 16 787 EUR 37,35 626 910,52 0,12% 0,12% LAGARDERE SCA 8 963 EUR 26,40 236 578,39 0,04% 0,04% LEGRAND HLDG 22 307 EUR 53,95 1 203 462,65 0,22% 0,22% L'OREAL 17 982 EUR 173,40 3 118 078,80 0,58% 0,58% LVMH MOET HENNESSY LOUIS VUITTON SE 19 275 EUR 181,40 3 496 485,00 0,65% 0,65% MICHELIN -B- 11 537 EUR 105,70 1 219 460,90 0,23% 0,23% NATIXIS 76 035 EUR 5,36 407 547,60 0,08% 0,08% ORANGE S.A. 153 894 EUR 14,44 2 221 459,89 0,41% 0,41% PERNOD-RICARD 17 141 EUR 102,95 1 764 665,95 0,33% 0,33% PEUGEOT 33 000 EUR 15,50 511 335,00 0,10% 0,09% PUBLICIS GROUPE S.A. 14 200 EUR 65,55 930 810,00 0,17% 0,17% REMY COINTREAU S.A. 978 EUR 81,02 79 237,56 0,01% 0,01% RENAULT 15 273 EUR 84,51 1 290 721,23 0,24% 0,24% REXEL S.A. 26 000 EUR 15,64 406 510,00 0,08% 0,08% SAFRAN 25 312 EUR 68,42 1 731 847,04 0,32% 0,32% SANOFI 84 775 EUR 76,90 6 519 197,50 1,21% 1,21% SCHNEIDER ELECTRIC SE 37 990 EUR 66,11 2 511 518,90 0,47% 0,47% SCOR SE 11 212 EUR 32,83 368 089,96 0,07% 0,07% SEB S.A. 1 000 EUR 128,75 128 750,00 0,02% 0,02% SFR GROUP 6 500 EUR 26,83 174 395,00 0,03% 0,03% SOCIETE BIC 2 505 EUR 129,15 323 520,75 0,06% 0,06% SOCIETE GENERALE -A- 52 683 EUR 46,75 2 462 666,84 0,46% 0,46% SODEXO 6 971 EUR 109,20 761 233,20 0,14% 0,14% SUEZ S.A. 23 346 EUR 14,02 327 194,19 0,06% 0,06% TECHNIP-COFLEXIP 9 160 EUR 67,81 621 139,60 0,12% 0,12% THALES 8 184 EUR 92,13 753 991,92 0,14% 0,14% TOTAL S.A. 165 800 EUR 48,72 8 077 776,00 1,50% 1,50% UNIBAIL RODAMCO SE 6 450 EUR 226,75 1 462 537,50 0,27% 0,27% VALEO S.A. 17 550 EUR 54,61 958 405,50 0,18% 0,18% VEOLIA ENVIRONNEMENT 36 094 EUR 16,18 583 820,45 0,11% 0,11% VINCI S.A. 36 697 EUR 64,70 2 374 295,90 0,44% 0,44% VIVENDI 87 760 EUR 18,06 1 584 506,80 0,29% 0,29% WENDEL 2 227 EUR 114,40 254 768,80 0,05% 0,05% ZODIAC AEROSPACE 13 500 EUR 21,82 294 502,50 0,05% 0,05% 81 715 146,22 15,21% 15,16%

GERMANY ADIDAS A.G. 13 886 EUR 150,15 2 084 982,90 0,39% 0,39% ALLIANZ A.G. -REG- 32 160 EUR 157,00 5 049 120,00 0,94% 0,93% AXEL SPRINGER SE 3 000 EUR 46,13 138 390,00 0,03% 0,03% BASF SE 64 927 EUR 88,31 5 733 703,37 1,07% 1,06% BAYER A.G. 59 136 EUR 99,13 5 862 151,68 1,09% 1,09% BEIERSDORF A.G. 6 801 EUR 80,60 548 160,60 0,10% 0,10%

BMW-BAYERISCHE MOTOREN WERKE A.G. 26 267 EUR 88,75 2 331 196,25 0,43% 0,43% BMW-BAYERISCHE MOTOREN WERKE -PRIV- 3 336 EUR 72,70 242 527,20 0,05% 0,05% BRENNTAG A.G. 11 244 EUR 52,80 593 683,20 0,11% 0,11% COMMERZBANK A.G. 94 857 EUR 7,25 687 333,82 0,13% 0,13% CONTINENTAL A.G. 7 770 EUR 183,70 1 427 349,00 0,27% 0,26% COVESTRO A.G. 4 500 EUR 65,18 293 310,00 0,05% 0,05% DAIMLER A.G. -REG- 67 600 EUR 70,72 4 780 672,00 0,89% 0,89% DEUTSCHE BANK -REG- 102 628 EUR 17,25 1 770 333,00 0,33% 0,33%

119 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

DEUTSCHE BOERSE A.G. 13 760 EUR 77,54 1 066 950,40 0,20% 0,20% DEUTSCHE LUFTHANSA -REG- 15 089 EUR 12,27 185 142,03 0,03% 0,03% DEUTSCHE POST A.G. -REG- 72 788 EUR 31,24 2 273 533,18 0,42% 0,42% DEUTSCHE TELEKOM A.G. -REG- 241 047 EUR 16,36 3 942 323,69 0,73% 0,72% DEUTSCHE WOHNEN A.G. 27 500 EUR 29,84 820 600,00 0,15% 0,15% E.ON SE -A- 157 500 EUR 6,70 1 055 250,00 0,20% 0,20% EVONIK INDUSTRIES A.G. 13 000 EUR 28,38 368 940,00 0,07% 0,07% FRAPORT A.G. 2 987 EUR 56,17 167 779,79 0,03% 0,03% FRESENIUS MEDICAL CARE A.G. 18 081 EUR 80,45 1 454 616,45 0,27% 0,27% FRESENIUS SE+CO KGAA 30 292 EUR 74,26 2 249 483,92 0,42% 0,41% FUCHS PETROLUB SE -AKTIE- -VZO- 5 000 EUR 39,88 199 400,00 0,04% 0,04% GEA GROUP 13 838 EUR 38,23 529 026,74 0,10% 0,10% HANNOVER RUECK SE 4 363 EUR 102,80 448 516,40 0,08% 0,08% HEIDELBERGCEMENT A.G. 11 931 EUR 88,63 1 057 444,53 0,20% 0,20% HENKEL AG 7 971 EUR 98,98 788 969,58 0,15% 0,15% HENKEL VZ 13 886 EUR 113,25 1 572 589,50 0,29% 0,29% HOCHTIEF A.G. 1 500 EUR 133,05 199 575,00 0,04% 0,04% HUGO BOSS A.G. 5 100 EUR 58,13 296 463,00 0,06% 0,06% INFINEON TECHNOLOGIES 88 200 EUR 16,51 1 456 182,00 0,27% 0,27% INNOGY SE 10 000 EUR 33,17 331 700,00 0,06% 0,06% K+S A.G. 12 955 EUR 22,69 293 948,95 0,05% 0,05% LANXESS A.G. 6 111 EUR 62,35 381 020,85 0,07% 0,07% LINDE 13 317 EUR 156,10 2 078 783,70 0,39% 0,39% MAN SE 3 200 EUR 94,33 301 856,00 0,06% 0,06% MERCK KGAA 9 622 EUR 99,15 954 021,30 0,18% 0,18% METRO A.G. 14 662 EUR 31,59 463 099,27 0,09% 0,09% MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. 11 408 EUR 179,65 2 049 447,20 0,38% 0,38% OSRAM LICHT A.G. 7 087 EUR 49,83 353 109,78 0,07% 0,07% PORSCHE AUTOMOBIL HLDG SE - VZ 10 659 EUR 51,74 551 496,66 0,10% 0,10% PROSIEBENSAT MEDIA SE 19 760 EUR 36,61 723 413,60 0,13% 0,13% RWE A.G. -A- 41 833 EUR 11,82 494 256,90 0,09% 0,09% SAP A.G. 70 928 EUR 82,81 5 873 547,68 1,09% 1,09% SCHAEFFLER A.G. 10 000 EUR 14,06 140 550,00 0,03% 0,03% SIEMENS A.G. -REG- 54 273 EUR 116,80 6 339 086,40 1,18% 1,18% SYMRISE A.G. 10 400 EUR 57,83 601 432,00 0,11% 0,11% TELEFONICA DEUTSCHLAND HLDG A.G. 65 000 EUR 4,07 264 550,00 0,05% 0,05% THYSSENKRUPP A.G. 27 133 EUR 22,64 614 291,12 0,11% 0,11% TUI A.G. -REG- 35 600 EUR 13,32 474 014,00 0,09% 0,09% UNITED INTERNET A.G. 9 315 EUR 37,10 345 539,93 0,06% 0,06% VOLKSWAGEN A.G. 14 050 EUR 133,35 1 084 765,50 0,20% 0,20% VOLKSWAGEN A.G. 2 714 EUR 136,75 371 139,50 0,07% 0,07% VONOVIA SE 35 100 EUR 30,91 1 873 567,50 0,35% 0,35% ZALANDO SE 7 500 EUR 36,29 272 175,00 0,05% 0,05% 78 906 512,07 14,69% 14,64%

SWITZERLAND ABB LTD -REG- 148 716 CHF 21,48 2 979 869,10 0,56% 0,56% ACTELION LTD -REG- 7 464 CHF 220,50 1 535 272,39 0,29% 0,28% ADECCO S.A. -REG- 13 858 CHF 66,65 861 600,47 0,16% 0,16% ARYZTA A.G. 7 073 CHF 44,85 295 917,96 0,06% 0,05% BALOISE HLDG A.G. 3 218 CHF 128,30 385 139,37 0,07% 0,07% BARRY CALLEBAUT-REG- 200 CHF 1 246,00 232 462,69 0,04% 0,04% COCA-COLA HBC A.G. 14 122 GBP 17,70 292 829,66 0,05% 0,05% CREDIT SUISSE GROUP A.G. 153 198 CHF 14,61 2 087 894,38 0,39% 0,39% DUFRY A.G. 3 375 CHF 127,00 399 836,75 0,07% 0,07% EMS-CHEMIE HLDG -NAMEN AKT- 700 CHF 517,50 337 919,78 0,06% 0,06% FINANCIERE RICHEMONT S.A. 41 484 CHF 67,45 2 610 163,99 0,49% 0,48%

GALENICA A.G. 300 CHF 1 149,00 321 548,51 0,06% 0,06% GEBERIT A.G. 2 175 CHF 408,20 828 204,29 0,15% 0,15% GIVAUDAN A.G. 575 CHF 1 866,00 1 000 886,19 0,19% 0,19% JULIUS BAER GRUPPE A.G. 17 986 CHF 45,23 758 868,26 0,14% 0,14% KUEHNE + NAGEL INTERNATIONAL A.G. 3 906 CHF 134,60 490 436,19 0,09% 0,09% LAFARGE-HOLCIM LTD 35 901 CHF 53,65 1 796 724,49 0,33% 0,33% LINDT & SPRUENGLI 60 CHF 5 275,00 295 242,54 0,05% 0,05% LINDT & SPRUENGLI - NOM 4 CHF 61 900,00 230 970,15 0,04% 0,04%

120 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

LONZA GROUP A.G. -REG- 3 680 CHF 176,30 605 208,96 0,11% 0,11% NESTLE -REG- 231 700 CHF 73,05 15 788 885,26 2,94% 2,94% NOVARTIS -REG- 166 900 CHF 74,10 11 536 651,12 2,15% 2,14% PARGESA HLDG 3 645 CHF 66,30 225 432,37 0,04% 0,04% PARTNERS GROUP HLDG A.G. 800 CHF 477,25 356 156,72 0,07% 0,07% ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- 50 501 CHF 232,60 10 957 586,38 2,04% 2,04% SCHINDLER HLDG S.A. 4 729 CHF 357,50 789 890,95 0,15% 0,15% SGS -REG- 299 CHF 2 072,00 577 917,91 0,11% 0,11% SIKA FINANZ A.G. -BEARER- 114 CHF 4 892,00 520 231,34 0,10% 0,10% SONOVA HLDG A.G. -REG- 4 035 CHF 123,40 464 476,68 0,09% 0,09% SWISS LIFE HLDG -REG- 2 737 CHF 288,20 735 824,07 0,14% 0,14% SWISS PRIME SITE A.G. 5 151 CHF 83,35 400 499,86 0,07% 0,07% SWISS RE A.G. 24 436 CHF 96,50 2 199 695,90 0,41% 0,41% SWISSCOM -REG- 1 447 CHF 456,10 615 649,91 0,11% 0,11% SYNGENTA 6 854 CHF 402,50 2 573 446,83 0,48% 0,48% THE SWATCH GROUP A.G. 2 486 CHF 316,70 734 436,75 0,14% 0,14% THE SWATCH GROUP A.G. -REG-NEW 2 856 CHF 62,25 165 845,15 0,03% 0,03% UBS GROUP A.G. 278 900 CHF 15,95 4 149 678,17 0,77% 0,77% ZURICH INSURANCE GROUP A.G. 10 221 CHF 280,40 2 673 477,99 0,50% 0,50% 73 812 779,48 13,74% 13,70%

THE NETHERLANDS ABN AMRO GROUP DEPOSITARY RECEIPTS 20 000 EUR 21,05 421 000,00 0,08% 0,08% AEGON N.V. 127 103 EUR 5,23 664 494,48 0,12% 0,12% AERCAP HLDG N.V. 15 000 USD 41,61 591 751,60 0,11% 0,11% AIRBUS GROUP 41 099 EUR 62,84 2 582 661,16 0,48% 0,48% AKZO NOBEL N.V. 20 233 EUR 59,39 1 201 637,87 0,22% 0,22% ALTICE N.V. -A- 23 700 EUR 18,83 446 271,00 0,08% 0,08% ALTICE N.V. -B- 7 900 EUR 18,93 149 547,00 0,03% 0,03% ASML HLDG N.V. 25 000 EUR 106,65 2 666 250,00 0,50% 0,49% BOSKALIS WESTMINSTER N.V. 6 779 EUR 32,99 223 639,21 0,04% 0,04% CNH INDUSTRIAL N.V. 77 977 EUR 8,27 644 479,91 0,12% 0,12% EXOR HOLDING N.V. -REG- 8 560 EUR 40,98 350 788,80 0,07% 0,07% FERRARI N.V. 9 002 EUR 55,30 497 810,60 0,09% 0,09% FIAT CHRYSLER INVESTMENTS N.V. -REG- 72 022 EUR 8,67 624 070,63 0,12% 0,12% GEMALTO 7 400 EUR 54,92 406 408,00 0,08% 0,08% HEINEKEN HLDG N.V. 8 601 EUR 66,14 568 870,14 0,11% 0,11% HEINEKEN N.V. -CF VORM- 17 224 EUR 71,26 1 227 382,24 0,23% 0,23% ING GROUP N.V. 279 700 EUR 13,37 3 739 589,00 0,70% 0,69% KONINKLIJKE AHOLD DELHAIZE N.V. 89 573 EUR 20,03 1 794 147,19 0,33% 0,33% KONINKLIJKE DSM N.V. 14 200 EUR 56,96 808 832,00 0,15% 0,15% KONINKLIJKE KPN 245 022 EUR 2,81 689 491,91 0,13% 0,13% KONINKLIJKE PHILIPS N.V. 72 126 EUR 29,00 2 091 654,00 0,39% 0,39% KONINKLIJKE VOPAK 4 941 EUR 44,88 221 727,38 0,04% 0,04% NN GROUP N.V. 25 000 EUR 32,20 804 875,00 0,15% 0,15% NXP SEMICONDUCTORS N.V. 21 400 USD 98,01 1 988 541,36 0,37% 0,37% QIAGEN N.V. 19 597 EUR 26,68 522 847,96 0,10% 0,10% RANDSTAD HLDG N.V. 9 870 EUR 51,53 508 601,10 0,09% 0,09% RELX N.V. 73 987 EUR 15,99 1 183 052,13 0,22% 0,22% STMICROELECTRONICS 42 054 EUR 10,80 454 183,20 0,08% 0,08% UNILEVER N.V. 113 972 EUR 39,12 4 458 014,78 0,83% 0,83% WOLTERS KLUWER N.V. 21 825 EUR 34,42 751 216,50 0,14% 0,14% 33 283 836,15 6,20% 6,18%

SPAIN ABERTIS INFRAEST. S.A. -A- 53 002 EUR 13,30 704 661,59 0,13% 0,13% ACTIVIDADES DE CONSTRUCCION Y SERVICIOS -NEW- 14 324 EUR 30,02 430 006,48 0,08% 0,08%

AENA S.A. 3 600 EUR 129,65 466 740,00 0,09% 0,09% AMADEUS IT GROUP S.A. 28 500 EUR 43,17 1 230 345,00 0,23% 0,23% BANCO BILBAO VIZCAYA ARGENTARIA 488 911 EUR 6,41 3 135 875,15 0,58% 0,58% BANCO DE SABADELL S.A. 418 608 EUR 1,32 553 818,38 0,10% 0,10% BANCO POPULAR ESPANOL S.A. 286 964 EUR 0,92 263 432,95 0,05% 0,05% BANCO SANTANDER S.A. -REG- 1 099 999 EUR 4,96 5 454 895,04 1,02% 1,01% BANKIA S.A. 320 417 EUR 0,97 311 124,91 0,06% 0,06% BANKINTER S.A. 45 000 EUR 7,36 331 200,00 0,06% 0,06%

121 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

CAIXABANK S.A. 225 147 EUR 3,14 706 961,58 0,13% 0,13% DISTRIBUIDORA INTERNATIONAL ALIMENTACION 58 399 EUR 4,67 272 431,34 0,05% 0,05% ENAGAS 17 219 EUR 24,13 415 408,38 0,08% 0,08% ENDESA S.A. 25 000 EUR 20,13 503 125,00 0,09% 0,09% FERROVIAL S.A. 35 877 EUR 17,00 609 729,62 0,11% 0,11% GAS NATURAL FENOSA FINANCE 29 152 EUR 17,91 522 112,32 0,10% 0,10% GRIFOLS S.A. 24 894 EUR 18,88 469 998,72 0,09% 0,09% IBERDROLA S.A. 399 018 EUR 6,23 2 487 478,21 0,45% 0,46% INDUSTRIA DE DISENO TEXTIL S.A. 73 808 EUR 32,43 2 393 593,44 0,45% 0,44% INTERNATIONAL CONSOLIDATED AIRLINES GROUP 69 294 EUR 5,13 355 408,93 0,07% 0,07% MAPFRE S.A. 102 193 EUR 2,90 296 359,70 0,06% 0,05% RED ELECTRICA CORPORACION S.A. 28 000 EUR 17,93 501 900,00 0,09% 0,09% REPSOL YPF S.A. 82 605 EUR 13,42 1 108 559,10 0,21% 0,21% TELEFONICA S.A. 347 626 EUR 8,82 3 066 061,32 0,57% 0,57% ZARDOYA OTIS 10 692 EUR 8,03 85 856,76 0,02% 0,02% 26 677 083,92 4,97% 4,95%

SWEDEN ALFA LAVAL AB 19 426 SEK 150,80 305 723,31 0,06% 0,06% ASSA ABLOY AB -B- 72 987 SEK 169,10 1 288 050,69 0,24% 0,24% ATLAS COPCO -A- 46 200 SEK 277,50 1 337 977,46 0,24% 0,26% ATLAS COPCO -B- 30 095 SEK 248,60 780 799,10 0,15% 0,14% BOLIDEN AB 20 400 SEK 237,90 506 487,16 0,09% 0,09% ELECTROLUX-B- 20 466 SEK 226,30 483 349,59 0,09% 0,09% GETINGE AB -B- 16 703 SEK 146,10 254 676,30 0,05% 0,05% HENNES MAURITZ AB 68 334 SEK 253,40 1 807 121,23 0,34% 0,34% HEXAGON AB 19 783 SEK 325,50 672 027,40 0,13% 0,12% HUSQVARNA AB -B- 25 447 SEK 70,85 188 156,96 0,04% 0,03% ICA GRUPPEN AB 5 300 SEK 277,90 153 712,17 0,03% 0,03% INDUSTRIVAERDEN AB -C- 7 500 SEK 169,80 132 905,45 0,02% 0,02% INVESTMENT AB KINNEVIK -B- 19 500 SEK 218,30 444 254,85 0,08% 0,08% INVESTOR-B- 35 070 SEK 340,50 1 246 225,74 0,23% 0,23% LUNDBERGFOERETAGEN AB-B 2 500 SEK 558,50 145 715,93 0,03% 0,03% LUNDIN PETROLEUM AB 16 000 SEK 198,10 330 786,89 0,06% 0,06% NORDEA BANK AB 231 182 SEK 101,30 2 444 034,29 0,45% 0,46% SANDVIK-AB- 78 623 SEK 112,70 924 735,14 0,17% 0,17% SECURITAS AB -B- 18 112 SEK 143,40 271 056,23 0,05% 0,05% SKANDINAVISKA ENSKILDA BANKEN -A- 112 000 SEK 95,55 1 116 844,08 0,21% 0,21% SKANSKA-B-FRIA 26 336 SEK 215,10 591 199,50 0,11% 0,11% SVENSKA CELLULOSA-B-FRIA 47 000 SEK 257,30 1 262 064,29 0,23% 0,23% SVENSKA HANDELSBANKEN AB -A- 110 799 SEK 126,60 1 463 906,64 0,27% 0,27% SVENSKA KULLAGERFABRIKEN -B- FRIA 34 379 SEK 167,60 601 327,53 0,11% 0,11% SWEDBANK AB -A- 63 699 SEK 220,30 1 464 505,29 0,27% 0,27% SWEDISH MATCH AB 12 186 SEK 289,80 368 555,92 0,07% 0,07% TELE2 AK 21 091 SEK 73,05 160 790,81 0,03% 0,03% TELEFONAB ERICSSON -B- FRIA 221 800 SEK 53,50 1 238 394,91 0,23% 0,23% TELIA CO AB 205 305 SEK 36,71 786 552,55 0,15% 0,15% VOLVO AB-B 118 601 SEK 106,40 1 316 963,72 0,25% 0,24% 24 088 901,13 4,48% 4,47%

ITALY ASSICURAZIONI GENERALI 87 770 EUR 14,12 1 239 312,40 0,23% 0,23% ATLANTIA SpA 34 161 EUR 22,26 760 423,86 0,14% 0,14% ENEL AZ 587 081 EUR 4,19 2 458 695,23 0,46% 0,46% ENI SpA 176 394 EUR 15,47 2 728 815,18 0,50% 0,50% INTESA SAN PAOLO SpA (ISP) 971 426 EUR 2,43 2 356 679,48 0,44% 0,44% INTESA SAN PAOLO SpA (ISPR) 60 000 EUR 2,23 134 040,00 0,02% 0,02%

LEONARDO-FINMECCANICA SpA 37 356 EUR 13,34 498 329,04 0,09% 0,09% LUXOTTICA GROUP 10 133 EUR 51,10 517 796,30 0,10% 0,10% MEDIOBANCA 40 348 EUR 7,76 312 898,74 0,06% 0,06% POSTE ITALIANE SpA 40 000 EUR 6,31 252 200,00 0,05% 0,05% PRYSMIAN SpA 14 725 EUR 24,40 359 290,00 0,07% 0,07% SAIPEM SpA 395 370 EUR 0,54 211 522,95 0,04% 0,04% SNAM SpA 171 497 EUR 3,91 671 239,26 0,12% 0,12% TELECOM ITALIA SpA 687 999 EUR 0,84 575 855,16 0,11% 0,11%

122 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

TELECOM ITALIA SpA -RISP- NON CONV 524 240 EUR 0,69 360 152,88 0,07% 0,07% TERNA SpA 122 420 EUR 4,35 532 771,84 0,10% 0,10% UNICREDIT SpA 389 780 EUR 2,73 1 065 658,52 0,19% 0,19% UNIPOLSAI SpA 95 000 EUR 2,03 192 850,00 0,04% 0,04% 15 228 530,84 2,83% 2,83%

DENMARK AP MOELLER-MAERSK -A- 239 DKK 10 670,00 342 964,54 0,06% 0,06% AP MOELLER-MAERSK -B- 347 DKK 11 270,00 525 944,95 0,10% 0,10% CARLSBERG -B- 8 996 DKK 609,50 737 411,76 0,14% 0,14% CHR. HANSEN HLDG 8 000 DKK 391,10 420 789,32 0,08% 0,08% COLOPLAST A/S -B- 9 635 DKK 476,30 617 190,46 0,11% 0,11% DANSKE BANK A/S 53 893 DKK 214,20 1 552 525,45 0,29% 0,30% DONG ENERGY AS 5 000 DKK 267,60 179 946,34 0,03% 0,03% DSV 15 458 DKK 314,20 653 200,31 0,12% 0,12% GENMAB A-S 4 000 DKK 1 173,00 631 022,59 0,12% 0,12% ISS A-S 11 500 DKK 238,40 368 715,16 0,07% 0,07% NOVO NORDISK-B- 142 100 DKK 254,70 4 867 544,43 0,91% 0,90% NOVOZYMES-B- 19 635 DKK 243,50 643 008,59 0,12% 0,12% PANDORA A/S 6 300 DKK 924,00 782 887,61 0,15% 0,15% TDC A/S 48 000 DKK 36,26 234 075,49 0,04% 0,04% TRYG A/S 4 620 DKK 127,70 79 345,04 0,01% 0,01% VESTAS WIND SYSTEMS 16 800 DKK 459,00 1 037 071,90 0,19% 0,19% WILLIAM DEMANT HLDG AS 9 470 DKK 122,80 156 399,46 0,03% 0,03% 13 830 043,40 2,57% 2,57%

JERSEY EXPERIAN PLC 70 921 USD 15,74 1 307 751,34 0,24% 0,24% GLENCORE PLC 963 871 GBP 2,77 3 131 790,32 0,58% 0,58% RANDGOLD RESOURCES LTD 6 560 GBP 64,15 492 999,06 0,09% 0,09% SHIRE PLC 63 100 GBP 46,84 3 462 516,40 0,65% 0,65% WOLSELEY PLC 14 996 GBP 49,62 871 721,56 0,16% 0,16% WPP PLC 84 749 GBP 18,16 1 803 001,22 0,34% 0,33% 11 069 779,90 2,06% 2,05%

BELGIUM AGEAS N.V. 17 285 EUR 37,61 650 088,85 0,12% 0,12% ANHEUSER-BUSCH INBEV 53 334 EUR 100,55 5 362 733,70 1,01% 1,01% COLRUYT N.V. 5 057 EUR 47,01 237 704,29 0,04% 0,04% GBL-GROUPE BRUXELLES LAMBERT 7 400 EUR 79,72 589 928,00 0,11% 0,11% KBC GROEP N.V. 15 042 EUR 58,83 884 920,86 0,16% 0,16% PROXIMUS S.A. 10 860 EUR 27,36 297 129,60 0,06% 0,06% SOLVAY & CIE 5 508 EUR 111,35 613 315,80 0,11% 0,11% TELENET GROUP HLDG 3 200 EUR 52,72 168 704,00 0,03% 0,03% UCB 9 668 EUR 60,91 588 877,88 0,11% 0,11% UMICORE S.A. 7 243 EUR 54,15 392 208,45 0,07% 0,07% 9 785 611,43 1,82% 1,82%

FINLAND ELISA -A- 10 545 EUR 30,93 326 156,85 0,06% 0,06% FORTUM CORP. 33 576 EUR 14,57 489 202,32 0,09% 0,09% KONE -B- 24 432 EUR 42,57 1 040 070,24 0,19% 0,19% METSO-VALMET RAUMA CORP. 9 056 EUR 27,10 245 417,60 0,05% 0,05% NESTE OIL 8 800 EUR 36,50 321 200,00 0,06% 0,06% NOKIA -A- 444 079 EUR 4,59 2 037 434,45 0,38% 0,38% NOKIAN TYRES PLC 9 761 EUR 35,42 345 734,62 0,06% 0,06% ORION CORP. (NEW) -B- 6 844 EUR 42,29 289 432,76 0,05% 0,05%

SAMPO OYJ 32 527 EUR 42,59 1 385 324,93 0,27% 0,27% STORA ENSO OYJ (R) 41 436 EUR 10,21 423 061,56 0,08% 0,08% UPM-KYMMENE CORP. 46 707 EUR 23,34 1 090 141,38 0,20% 0,20% WARTSILA CORP. -B- 11 663 EUR 42,68 497 776,84 0,09% 0,09% 8 490 953,55 1,58% 1,58%

NORWAY DNB NOR ASA -A- 75 999 NOK 128,40 1 074 817,89 0,20% 0,20%

123 DPAM CAPITAL B Equities Europe Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

GJENSIDIGE FORSIKRING ASA 15 500 NOK 137,00 233 891,40 0,04% 0,04% MARINE HARVEST ASA 28 000 NOK 155,70 480 185,04 0,09% 0,09% NORSK HYDRO 102 099 NOK 41,30 464 444,18 0,09% 0,09% ORKLA ASA 56 463 NOK 78,20 486 331,82 0,09% 0,09% SCHIBSTED ASA 6 000 NOK 198,10 130 917,50 0,02% 0,02% SCHIBSTED ASA -B- 5 000 NOK 183,00 100 782,02 0,02% 0,02% STATOIL ASA 85 236 NOK 158,40 1 487 100,16 0,28% 0,28% TELENOR AS 51 027 NOK 129,00 725 022,91 0,13% 0,13% YARA INTERNATIONAL 13 954 NOK 340,00 522 564,16 0,10% 0,10% 5 706 057,08 1,06% 1,06%

IRELAND ANGLO-IRISH BANK CORP. PLC 29 329 EUR 0,00 0,00 0,00% 0,00% BANK OF IRELAND 2 400 000 EUR 0,23 561 600,00 0,10% 0,10% CRH PLC. 59 370 EUR 32,96 1 956 538,35 0,36% 0,36% DCC PLC 7 000 EUR 70,95 496 643,00 0,09% 0,09% KERRY GROUP PLC 11 114 EUR 67,90 754 640,60 0,14% 0,14% PADDY POWER BETFAIR PLC 5 100 EUR 101,50 517 650,00 0,10% 0,10% RYANAIR HLDG PLC 9 750 EUR 14,51 141 423,75 0,03% 0,03% 4 428 495,70 0,82% 0,82%

LUXEMBOURG ARCELORMITTAL S.A. -REG- 141 628 EUR 7,02 993 662,05 0,18% 0,19% EUROFINS SCIENTIFIC S.A. 800 EUR 405,00 324 000,00 0,06% 0,06% MILLICOM INTERNATIONAL CELLULAR S.A. SDR 5 356 SEK 389,30 217 604,97 0,04% 0,04% RTL GROUP 2 700 EUR 69,73 188 271,00 0,04% 0,03% SES GLOBAL 26 156 EUR 20,93 547 314,30 0,10% 0,10% TENARIS S.A. -REG- 34 576 EUR 16,97 586 754,72 0,11% 0,11% 2 857 607,04 0,53% 0,53%

AUSTRIA ANDRITZ A.G. 5 800 EUR 47,70 276 631,00 0,05% 0,05% ERSTE GROUP BANK A.G. 23 175 EUR 27,83 644 844,38 0,12% 0,12% OMV 14 917 EUR 33,56 500 614,52 0,09% 0,09% RAIFFEISEN BANK INTERNATIONAL A.G. 7 882 EUR 17,38 136 989,16 0,03% 0,03% VOESTALPINE A.G. 7 545 EUR 37,29 281 353,05 0,05% 0,05% 1 840 432,11 0,34% 0,34%

PORTUGAL BANCO ESPIRITO SANTO S.A. 191 850 EUR 0,00 0,00 0,00% 0,00% EDP ENERGIAS -REG - 197 854 EUR 2,89 572 589,48 0,11% 0,11% GALP ENERGIA -B- 31 422 EUR 14,19 445 878,18 0,08% 0,08% JERONIMO MARTINS SGPS S.A. 22 115 EUR 14,74 325 975,10 0,06% 0,06% 1 344 442,76 0,25% 0,25%

Total Shares listed on an official stock exchange 537 244 825,61 100,00% 99,71%

TOTAL PORTFOLIO 537 244 825,61 100,00% 99,71%

DEPOSITS AND LIQUIDITY 1 848 241,23 0,33%

Demand bank deposits 1 848 241,23 0,33%

OTHER RECEIVABLES AND PAYABLES -232 608,31 -0,04%

TOTAL OF NET ASSETS 538 860 458,53 100,00%

124 DPAM CAPITAL B Equities Europe Index

6.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

UNITED KINGDOM 26,85% FRANCE 15,21% GERMANY 14,69% SWITZERLAND 13,74% THE NETHERLANDS 6,20% SPAIN 4,97% SWEDEN 4,48% ITALY 2,83% DENMARK 2,57% JERSEY 2,06% BELGIUM 1,82% FINLAND 1,58% NORWAY 1,06% IRELAND 0,82% LUXEMBOURG 0,53% AUSTRIA 0,34% PORTUGAL 0,25%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

125 DPAM CAPITAL B Equities Europe Index

6.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 11,78% PHARMACOLOGY & PERSONAL CARE 10,89% OIL & DERIVED 7,59% INSURANCE COMPANIES 6,16% TELECOMMUNICATIONS 5,87% FOOD & CLEANING MATERIALS 5,82% CHEMICAL PRODUCTS 4,85% TOBACCO & SPIRITS 4,60% ENERGY SOURCES 3,85% FINANCIAL SERVICES - HOLDINGS 3,53% BUILDING MATERIALS 3,53% ROAD VEHICLES 2,88% MECHANICAL CONSTRUCTION 2,46% RETAIL TRADING, DEPARTMENT STORES 2,28% IT & INTERNET 1,95% ELECTRIC & ELECTRONIC COMPONENTS 1,77% AEROSPACE INDUSTRY & DEFENCE 1,72% ELECTRIC & ELECTRONIC MATERIALS 1,57% PUBLISHING & BROADCASTING 1,52% MISCELLANEOUS CONSUMER GOODS 1,42% ROAD & RAILWAY TRANSPORTS 1,41% TEXTILE & GARMENTS 1,40% REAL ESTATE 1,28% CAPITAL GOODS (MISCELLANEOUS) 1,18% LEISURES & TOURISM 1,16% MISCELLANEOUS 1,01% NONFERROUS METALS 0,98% INTERMEDIATE INDUSTRY PRODUCTS 0,69% JEWELLERY & WATCHMAKING 0,65% FOREST PRODUCTS & PAPER INDUSTRY 0,64% BIOTECHNOLOGY 0,59% CONSUMABLE GOODS 0,58% PRECIOUS METALS & STONES 0,57% TYRES & RUBBER 0,56% COMMERCIAL & PUBLIC SERVICES 0,33% OTHER SERVICES 0,29% AGRICULTURE & FISHING 0,19% AIRLIFT 0,18% HEALTH CARE & SERVICES 0,17% CONGLOMERATES 0,07% ASSET & MORTGAGE BACKED SECURITIES 0,03%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

126 DPAM CAPITAL B Equities Europe Index

6.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

FRANCE EDF 15 932 EUR 1,00 9,73 155 018,36 155 018,36

SWITZERLAND SWATCH GROUP AG 2 410 CHF 1,07 315,90 710 185,63 710 185,63

Total shares lent 865 203,99

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 1 101218 95 564 EUR 1,00 103,43 98 842,07 BUNDESREPUB 2.25 090421 277 968 EUR 1,00 114,20 317 434,32 BUNDESREPUB 2.5 081546 994 EUR 1,00 143,19 1 423,14 BUNDESREPUB 3.5 070419 348 970 EUR 1,00 112,59 392 913,04 BUNDESREPUB 4.25 070418 1 250 EUR 1,00 109,74 1 372,25 BUNDESREPUB 4.75 070440 809 EUR 1,00 188,70 1 526,47 813 511,29

FRANCE FRANCE GOVT 0.5 052525 30 449 EUR 1,00 101,42 30 881,56 FRANCE GOVT 1 112518 22 167 EUR 1,00 103,26 22 890,06 FRANCE GOVT 3 042522 10 173 EUR 1,00 119,08 12 113,70 FRANCE GOVT 3.25 102521 10 630 EUR 1,00 117,70 12 511,51 FRANCE GOVT 3.75 042521 12 111 EUR 1,00 120,42 14 583,85 FRANCE GOVT 4.25 042519 8 040 EUR 1,00 114,26 9 187,04 FRANCE GOVT 4.5 042541 3 221 EUR 1,00 166,74 5 369,91 FRANCE GOVT 5.75 102532 27 677 EUR 1,00 170,00 47 051,32 154 588,95

UNITED KINGDOM UK TSY 1.2 1.25-072218 1 980 GBP 0,86 102,41 2 363,80 UNITED KINGGOV OF2.571724 692 GBP 0,86 367,87 2 967,08 5 330,88

TOTAL COLLATERAL 973 431,12

6.8. AMOUNT OF COMMITMENTS RELATED TO FINANCIAL DERIVATIVE POSITIONS

In securities Contract size Ccy Price Valuation (in EUR)

Futures

On financial indexes STOXX 50 FUTURE Mars 2017 43, 00 EUR 2 977, 00 1 280 110, 00

Total Futures 1 280 110, 00

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6.9. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 21 821 503,55 21 821 503,55 Sales 50 524 703,19 50 524 703,19

Total 1 72 346 206,74 72 346 206,74

Subscriptions 62 691 313,02 62 691 313,02 Redemptions 87 309 752,38 87 309 752,38

Total 2 150 001 065,40 150 001 065,40

Reference average of the total assets 526 738 337,83 526 738 337,83 Rotation rate -14,74% -14,74%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

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6.10. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 End of Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions period Class Cap (P) 9 506,00 1 193,00 13 333,00 169,00 2 531,00 10 971,00 910,00 1 599,00 10 282,00 Class Cap (F) 244 761,00 106 309,00 815 270,00 129 123,00 164 085,00 780 308,00 176 820,00 159 690,00 797 438,00 Class Cap (B) 140 197,00 215 048,00 712 996,00 231 741,00 261 719,00 2 109 010,00* 43 422,00 271 798,00 1 880 634,00 Class Dis (A) 1 600,00 1 600,00 TOTAL 1 541 599,00 2 900 289,00 2 689 954,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (P) 120 762 543,12 16 496 732,70 2 142 460,32 33 226 767,70 11 453 014,30 20 114 412,63 Class Cap (F) 65 758 639,45 29 276 582,87 34 625 388,85 43 555 516,17 47 202 611,49 43 694 753,53 Class Cap (B) 37 771 659,38 56 070 197,69 20 157 974,45 23 423 515,87 3 896 679,23 23 500 586,22 Class Dis (A) 139 008,00 TOTAL 224 292 841,95 101 843 513,26 56 925 823,62 100 205 799,74 62 691 313,02 87 309 752,38

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (P) 13 530,96 12 021,11 13 276,07 Class Cap (F) 289,39 256,86 283,43 621 418 678,59 511 578 968,38 538 860 458,53 Class Cap (B) 287,63 85,00* 93,69 Class Dis (A) 93,69 TOTAL 621 418 678,59 511 578 968,38 538 860 458,53

* SPLIT by 3 on 31 July 2015

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6.11. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 09/11/2016 7,19% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

130 DPAM CAPITAL B Equities Europe Index

Class Cap (B)

Annual return :

Class Cap (B) MSCI Europe Net DTR

50,00%

40,00% 32,11% 31,60% 30,00% 19,82% 19,09% 17,29% 20,00% 16,63% 11,39% 11,10% 8,22% 7,81% 6,84% 10,00% 6,45% 2,69% 2,58% 2,06% 2,01% 0,00%

-10,00%

-20,00% -8,08% -9,12%

-30,00%

-40,00% -43,65%

-50,00% -44,13% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 2,01% 5,40% 10,21% 2,17% 16/12/1992 7,48% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

131 DPAM CAPITAL B Equities Europe Index

Class Cap (F)

Annual return

Class Cap (F) MSCI Europe Net DTR

50,00%

40,00% 32,15% 31,60% 30,00% 19,82% 19,24% 17,29% 20,00% 16,73% 11,45% 11,10% 8,22% 7,93% 6,84% 10,00% 6,57% 2,58% 2,18% 0,00%

-10,00%

-20,00% -8,08% -9,09%

-30,00%

-40,00% -43,65%

-50,00% -44,11% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 2,18% 5,54% 10,35% 16/11/2007 2,31% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

132 DPAM CAPITAL B Equities Europe Index

Class Cap (P)

Annual return

Class Cap (P) MSCI Europe Net DTR

50,00%

40,00%

30,00%

20,00% 8,22% 8,04% 6,84% 10,00% 6,67% 2,58% 2,32% 0,00%

-10,00%

-20,00%

-30,00%

-40,00%

-50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 2,32% 5,65% 20/03/2013 7,68% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

133 DPAM CAPITAL B Equities Europe Index

6.12. ONGOING CHARGES

- Class Dis (A) - BE6289131391: 0,68% - Class Cap (B) - BE6278393689: 0,68% - Class Cap (F) - BE0947566700: 0,51% - Class Cap (P) - BE6249809029: 0,38%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289131391: 0,905% - Class Cap (B) - BE6278393689: 0,905% - Class Dis (E) - BE6289132407: 0,572% - Class Cap (F) - BE0947566700: 0,572% - Class Cap (P) - BE6249809029: 0,322%

6.13. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

6.13.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed.

134 DPAM CAPITAL B Equities Europe Index

The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

6.13.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

6.13.2.1. Global data

6.13.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities Europe Index 0,16 %

6.13.2.1.2.

Lent Compartiment Currency Proportion of assets under management securities

DPAM CAPITAL B Equities Europe Index EUR 864 009,62 0,16 %

6.13.2.2. Concentration data

6.13.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

Germany 813 511,3

France 154 588,95

United Kingdom 5 330,88

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6.13.2.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Credit Suisse Securities (Europe) Ltd 709 023,12

Morgan Stanley & Co. International PLC 154 986,5

6.13.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

6.13.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,50 14-250525 EUR 30 449,48 30 881,57 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 22 166,65 22 890,06 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 10 172,51 12 113,69 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 10 630,42 12 511,51 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 12 111,14 14 583,85 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 8 040,14 9 187,03 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 3 220,58 5 369,91 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 27 676,86 47 051,32 1 more than 1 year GERMANY 1,00 13-121018 EUR 95 564,11 98 842,08 1 more than 1 year GERMANY 2,25 11-040921 EUR 277 968,10 317 434,32 1 more than 1 year GERMANY 2,50 14-150846 EUR 993,85 1 423,14 1 more than 1 year GERMANY 3,50 09-040719 EUR 348 970,08 392 913,04 1 more than 1 year GERMANY 4,25 08-040718 EUR 1 250,49 1 372,25 1 more than 1 year GERMANY 4,75 08-040740 EUR 808,92 1 526,47 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 1 980,15 2 363,80 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 691,92 2 967,08 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

6.13.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

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Security Maturity Currency Quantity Value Valuation in EUR SWATCH GROUP AG Open CHF 2 410,00 315,90 709 023,12 EDF Open EUR 15 932,00 9,73 154 986,50

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 864 009,62

- Settlement and clearing All tri-party.

6.13.2.4. Data on reuse of colleteral

Not applicable

6.13.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

6.13.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

6.13.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return Swaps DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending

Equities Europe Index In In In In % In amount % % % % amount amount amount amount

Total Return N/A N/A 157 636,12 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 15 763,61 10,00% N/A N/A N/A N/A N/A N/A

137 DPAM CAPITAL B Equities Europe Index

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return Swaps DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending

Equities Europe Index In In In In % In amount % % % % amount amount amount amount

(Agent lender)

Net return of N/A N/A 141 872,51 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions N/A N/A 70 936,25 45,00% N/A N/A N/A N/A N/A N/A (Bank Degroof Petercam Belgium)

Total net return N/A N/A 70 936,25 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 141 872,51 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

138 DPAM CAPITAL B Equities Japan Index

7. INFORMATION ABOUT THE COMPARTMENT EQUITIES JAPAN INDEX

7.1. MANAGEMENT REPORT

7.1.1. Launch Date of the Compartment and Unit Subscription Price 1 October 1996 at a price of 1 239,47 EUR; share split by 5 on 31 March 2005. 7.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in Japanese equities. The portfolio is indexed geographically and sectorally on the Japan index of MSCI Inc.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) in Japanese companies, warrants, convertible bonds, subscription rights and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on the Japanese equity market with a view to achieving the investment objective. These contracts (like the Topix) enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in Japanese equity risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 7.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 7.1.4. Index and Benchmark The benchmark of the DPAM CAPITAL B Equities Japan Index fund is the MSCI JAPAN Net DTR index. The MSCI JAPAN Net DTR index, net dividends reinvested, covers Japan and is compiled by MSCI. As of 31 December 2016, the index included 319 positions. The value of the index can be consulted on MSCI’s site, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires its clients to be licensed to access the composition of its indices. 7.1.5. Investment Policy Followed During the Year The fund’s net asset value (B share) as of 31 December was EUR 106,21 and its annual performance for the year 2016 was 4,68% (in EUR). The use of futures on the Nikkei 225 index supplemented equity positions, enabling full investment in a liquid instrument without disrupting the structure of the portfolio when issuing and redeeming units weekly.

139 DPAM CAPITAL B Equities Japan Index

The Nikkei 225 index presents a fairly good correlation with MSCI’s Japan index. The results obtained on these futures are therefore close to those that would have been obtained directly in equity 7.1.6. Future Investment Policy The DPAM CAPITAL B Equities Japan Index fund, which is meant to be representative of the Japanese market, will continue to implement its investment policy based on broad diversification by sector, with the Japan index published by MSCI as its benchmark. 7.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

140 DPAM CAPITAL B Equities Japan Index

7.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 192 557 382,12 241 196 649,42

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 191 262 912,48 240 462 450,19 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 190 745 113,86 240 022 233,15 a. Shares 189 786 181,71 239 054 934,14 a.1 Shares 189 786 181,71 239 054 934,14 b. UCI with a fixed number of shares 958 932,15 967 299,01 D. Other transferable securities E. UCI with variable number of shares 517 798,62 440 217,04 F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year 272 992,15 -182 910,83 A. Receivables 677 387,65 297 838,33 a. Receivables 439 515,55 7 526,25 d. Others 237 872,10 290 312,08 B. Payables -404 395,50 -480 749,16 a. Payable amounts (-) -48 857,71 -48 835,09 c. Borrowing (-) -107 250,31 -900,28 e. Others (-) -248 287,48 -431 013,79

V. Deposits and liquidity 1 021 477,49 917 110,06 A. Demand bank deposits 1 021 477,49 917 110,06 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 192 557 382,12 241 196 649,42 A. Capital 168 833 674,65 245 020 258,26 B. Income equalisation -253 624,00 2 924,00 C. Retained earnings D. Result of the period 23 977 331,47 -3 826 532,84

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 196 384,30 133 319,43 A. Collatéral (+/-) 196 384,30 133 319,43 a. Transferable securities/money market instruments 196 384,30 133 319,43 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) 931 549,79 582 620,97 A. Purchased future contracts 931 549,79 582 620,97 B. Sold future contracts

141 DPAM CAPITAL B Equities Japan Index

31 December 2016 31 December 2015 EUR EUR

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 181 765,96 75 530,06

142 DPAM CAPITAL B Equities Japan Index

7.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 22 788 406,08 -5 061 536,90 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 22 865 093,92 -5 115 761,86 a. Actions 22 946 129,66 -5 175 273,73 b. UCI with a fixed number of shares -81 035,74 59 511,87 D. Other transferable securities E. UCI with variable number of shares -32 657,37 57 819,08 F. Financial derivatives 25 845,70 50 393,97 e. On shares -81,78 -91,43 ii. Futures -81,78 -91,43 l. On financial indexes 25 927,48 50 485,40 ii. Futures 25 927,48 50 485,40 G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -69 876,17 -53 988,09 b. Other exchange positions and operations -69 876,17 -53 988,09 II. Investment income and expenses 1 644 187,90 1 957 526,87 A. Dividends 1 801 729,82 1 994 087,96 B. Interest (+/ -) C. Interest on loans (-) -5 560,42 -1 431,51 D. Swap contracts (+/ -) E. Withholding tax (-) -288 037,51 -295 097,47 b. Foreign -288 037,51 -295 097,47 F. Other investment income 136 056,01 259 967,89 III. Other income 141 103,05 46 550,81 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 138 171,23 37 776,67 B. Others 2 931,82 8 774,14 IV. Operating expenses -596 365,56 -769 073,62 A. Investment transaction and delivery costs (-) -135 033,47 -75 871,12 B. Financial expenses (-) -2 237,21 -1 424,11 C. Custodian’s fee (-) -25 537,98 -33 989,30 D. Manager’s fee (-) -401 071,22 -615 117,54 a. Financial management -161 801,70 -135 402,17 b. Administration and accounting -91 797,26 -111 607,89 c. Retail Trading, Department Stores fee -147 472,26 -368 107,48 E. Administrative expenses (-) -13 569,51 -3 997,84 F. Incorporation and organisation expenses (-) -80,43 -515,07 G. Salaries and wages, social security charges and pensions (-) -171,90 H. Services and various goods (-) -5 290,92 -4 780,43 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -10 255,17 -23 106,35 K. Other expenses (-) -3 117,75 -10 271,86 Income and expenditure for the period 1 188 925,39 1 235 004,06 V. Current profit (loss) before income tax 23 977 331,47 -3 826 532,84 VI. Income tax VII. Result of the period 23 977 331,47 -3 826 532,84

7.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

JAPAN ABC-MART INC. 1 900 JPY 6 620,00 102 242,87 0,05% 0,05% ACOM CO LTD 28 000 JPY 511,00 116 305,54 0,06% 0,06% AEON CO LTD 48 300 JPY 1 656,00 650 172,98 0,34% 0,34% AEON FINANCIAL SERVICE CO LTD 7 290 JPY 2 077,00 123 079,43 0,06% 0,06% AEON MALL CO LTD 8 210 JPY 1 644,00 109 715,11 0,06% 0,06%

143 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

AIR WATER INC. 11 000 JPY 2 110,00 188 667,28 0,10% 0,10% AISIN SEIKI 14 000 JPY 5 070,00 576 975,60 0,30% 0,30% AJINOMOTO 37 700 JPY 2 354,00 721 388,58 0,37% 0,37% ALFRESA HLDG CORP. 12 700 JPY 1 934,00 199 655,67 0,10% 0,10% ALPS ELECTRIC CO LTD 12 200 JPY 2 826,00 280 255,05 0,15% 0,15% AMADA HLDG CO LTD 25 700 JPY 1 305,00 272 624,63 0,14% 0,14% ANA HLDG INC. 71 000 JPY 314,80 181 683,10 0,09% 0,09% AOZORA BANK LTD 82 000 JPY 413,00 275 286,78 0,14% 0,14% ASAHI BREWERIES 26 200 JPY 3 690,00 785 867,11 0,41% 0,41% ASAHI GLASS 72 000 JPY 796,00 465 872,44 0,24% 0,24% ASAHI KASEI CORP. 89 000 JPY 1 019,50 737 562,27 0,39% 0,38% ASICS CORP. 9 900 JPY 2 335,00 187 907,25 0,10% 0,10% ASTELLAS PHARMA 141 885 JPY 1 623,50 1 872 450,01 0,98% 0,97% BANDAI NAMCO HLDG INC. 14 350 JPY 3 225,00 376 186,39 0,20% 0,20% BANK OF KYOTO LTD 22 300 JPY 868,00 157 342,50 0,08% 0,08% BENESSE HLDG INC. 4 300 JPY 3 220,00 112 550,07 0,06% 0,06% BRIDGESTONE CORP. 43 500 JPY 4 214,00 1 490 065,10 0,78% 0,77% BROTHER INDUSTRIES LTD 16 500 JPY 2 109,00 282 866,80 0,15% 0,15% CALBEE INC. 5 000 JPY 3 660,00 148 755,33 0,08% 0,08% CANON INC. 74 000 JPY 3 295,00 1 982 022,55 1,03% 1,03% CASIO COMPUTER 14 500 JPY 1 653,00 194 832,91 0,10% 0,10% CENTRAL JAPAN RAILWAY 10 300 JPY 19 230,00 1 610 044,81 0,84% 0,84% CHUBU ELECTRIC POWER CO INC. 44 100 JPY 1 633,00 585 391,25 0,31% 0,30% CHUGAI PHARMACEUTICAL 15 400 JPY 3 355,00 419 985,89 0,22% 0,22% CHUGOKU BANK LTD 11 000 JPY 1 678,00 150 039,67 0,08% 0,08% CHUGOKU ELECTRIC POWER CO INC. 16 100 JPY 1 371,00 179 425,76 0,09% 0,09% CONCORDIA FINANCIAL GROUP LTD. 83 000 JPY 562,60 379 576,46 0,20% 0,20% CREDIT SAISON 11 500 JPY 2 077,00 194 158,22 0,10% 0,10% CYBERDYNE INC. 6 500 JPY 1 652,00 87 286,05 0,05% 0,05% DAI NIPPON PRINTING 39 700 JPY 1 155,00 372 729,65 0,19% 0,19% DAICEL CHEMICAL INDUSTRIES LTD 21 300 JPY 1 290,00 223 352,47 0,12% 0,12% DAI-ICHI LIFE HLDG INC. 77 200 JPY 1 946,00 1 221 185,36 0,63% 0,63% DAIICHI SANKYO CO LTD 41 323 JPY 2 391,50 803 310,95 0,41% 0,42% DAIKIN INDUSTRIES 16 900 JPY 10 735,00 1 474 722,16 0,76% 0,77% DAINIPPON SUMITOMO PHARMACEUTICAL CO LTD 12 200 JPY 2 010,00 199 332,15 0,10% 0,10% DAITO TRUST CONSTRUCTION 4 700 JPY 17 580,00 671 642,52 0,35% 0,35% DAIWA HOUSE INDUSTRY CO LTD 39 000 JPY 3 196,00 1 013 194,52 0,53% 0,53% DAIWA HOUSE RESIDENTIAL INVESTMENT CORP. 100 JPY 295 600,00 240 284,57 0,13% 0,12% DAIWA SECURITIES GROUP INC. 107 000 JPY 720,30 626 496,50 0,33% 0,33% DENA CO LTD 4 500 JPY 2 554,00 93 423,23 0,05% 0,05% DENSO CORP. 33 100 JPY 5 063,00 1 362 251,75 0,71% 0,71% DENTSU INC. 14 500 JPY 5 500,00 648 264,36 0,34% 0,34% DON QUIJOTE CO LTD 8 600 JPY 4 325,00 302 347,25 0,16% 0,16% EAST JAPAN RAILWAY COMPANY 23 600 JPY 10 100,00 1 937 558,53 1,01% 1,01% EISAI CO LTD 18 500 JPY 6 708,00 1 008 756,24 0,53% 0,52% ELECTRIC POWER DEVELOPMENT CO LTD 9 280 JPY 2 690,00 202 918,53 0,11% 0,11% FAMILYMART UNY HLDG CO LTD 5 300 JPY 7 780,00 335 179,09 0,18% 0,17% FANUC CORP. 13 700 JPY 19 815,00 2 206 663,43 1,15% 1,15% FAST RETAILING CO LTD 3 730 JPY 41 830,00 1 268 288,78 0,66% 0,66% FUJI ELECTRIC CO LTD 34 000 JPY 606,00 167 483,87 0,09% 0,09% FUJI HEAVY INDUSTRIES LTD 44 000 JPY 4 772,00 1 706 768,29 0,89% 0,89%

FUJIFILM HLDG CORP. 30 100 JPY 4 435,00 1 085 129,51 0,57% 0,56% FUJITSU 128 000 JPY 649,50 675 788,16 0,35% 0,35% FUKUOKA FINANCIAL GROUP INC. 55 000 JPY 519,00 232 033,93 0,12% 0,12% HACHIJUNI BANK LTD 23 100 JPY 678,00 127 310,18 0,07% 0,07% HAKUHODO DY HLDG INC. 13 000 JPY 1 440,00 152 169,39 0,08% 0,08% HAMAMATSU PHOTONICS KK 10 200 JPY 3 075,00 254 956,89 0,13% 0,13% HANKYU HANSHIN HLDG INC. 15 800 JPY 3 750,00 481 625,87 0,25% 0,25% HIKARI TSUSHIN INC. 1 000 JPY 10 890,00 88 521,62 0,05% 0,05% HINO MOTORS LTD 19 800 JPY 1 190,00 191 528,59 0,10% 0,10% HIROSE ELECTRIC CO 1 740 JPY 14 490,00 204 945,83 0,11% 0,11% HIROSHIMA BANK LTD 33 000 JPY 546,00 146 463,04 0,08% 0,08% HISAMITSU PHARMACEUTICAL CO INC. 4 400 JPY 5 850,00 209 232,91 0,11% 0,11% HITACHI 330 000 JPY 632,00 1 695 323,07 0,89% 0,88% HITACHI CHEMICAL CO LTD 6 400 JPY 2 923,00 152 065,34 0,08% 0,08%

144 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

HITACHI CONSTRUCTION MACHINERY 7 500 JPY 2 531,00 154 303,17 0,08% 0,08% HITACHI HIGH-TECHNOLOGIES CORP. 4 300 JPY 4 715,00 164 805,46 0,09% 0,09% HITACHI METALS LTD 15 000 JPY 1 584,00 193 138,07 0,10% 0,10% HOKURIKU ELECTRIC POWER CO INC. 11 100 JPY 1 310,00 118 199,52 0,06% 0,06% HONDA MOTOR 114 400 JPY 3 415,00 3 175 690,62 1,66% 1,65% HOSHIZAKI CORP. 2 700 JPY 9 250,00 203 014,45 0,11% 0,11% HOYA CORP. 26 270 JPY 4 911,00 1 048 700,46 0,55% 0,54% HULIC CO LTD 21 000 JPY 1 039,00 177 360,25 0,09% 0,09% IDEMITSU KOSAN CO LTD 5 900 JPY 3 105,00 148 913,84 0,08% 0,08% IHI CORP. 96 000 JPY 304,00 237 228,18 0,12% 0,12% IIDA GROUP HLDG CO LTD 11 000 JPY 2 217,00 198 234,77 0,10% 0,10% INPEX CORP. 63 700 JPY 1 171,00 606 342,18 0,32% 0,31% ISETAN MITSUKOSHI HLDG LTD 23 660 JPY 1 260,00 242 329,75 0,13% 0,13% ISUZU MOTORS LTD 38 500 JPY 1 481,00 463 486,66 0,24% 0,24% ITOCHU CORP. 97 700 JPY 1 552,00 1 232 559,05 0,64% 0,64% J FRONT RETAILING CO LTD 20 150 JPY 1 575,00 257 974,67 0,13% 0,13% JAPAN AIRLINES CO LTD 7 600 JPY 3 415,00 210 972,45 0,11% 0,11% JAPAN AIRPORT TERMINAL CO LTD 2 800 JPY 4 225,00 96 162,60 0,05% 0,05% JAPAN EXCHANGE GROUP INC. 33 100 JPY 1 670,00 449 330,52 0,23% 0,23% JAPAN POST BANK CO LTD 26 600 JPY 1 403,00 303 361,71 0,16% 0,16% JAPAN POST HLDG CO LTD 31 100 JPY 1 459,00 368 839,25 0,19% 0,19% JAPAN PRIME REALTY INVESTMENT CORP. 75 JPY 460 500,00 280 745,21 0,15% 0,15% JAPAN TOBACCO INC. 77 500 JPY 3 844,00 2 421 623,01 1,27% 1,26% JFE HLDG INC. 34 442 JPY 1 780,00 498 344,67 0,26% 0,26% JGC CORP. 15 000 JPY 2 124,00 258 980,60 0,14% 0,13% JSR CORP. 14 300 JPY 1 843,00 214 231,25 0,11% 0,11% JTEKT CORP. 15 000 JPY 1 870,00 228 010,22 0,12% 0,12% JXTG HOLDINGS INC. 150 800 JPY 494,70 606 407,70 0,32% 0,31% KAJIMA CORP. 54 100 JPY 809,00 355 768,29 0,19% 0,18% KAKAKU.COM INC. 10 100 JPY 1 934,00 158 781,28 0,08% 0,08% KAMIGUMI CO. LTD 16 000 JPY 1 114,00 144 886,07 0,08% 0,08% KANEKA CORP. 16 000 JPY 952,00 123 816,46 0,06% 0,06% KANSAI ELECTRIC POWER 48 200 JPY 1 278,00 500 725,08 0,26% 0,26% KANZAI PAINT CO LTD 13 600 JPY 2 153,00 238 015,04 0,12% 0,12% KAO CORP. 36 100 JPY 5 541,00 1 625 986,01 0,85% 0,84% KAWASAKI HEAVY INDUSTRIES LTD 98 000 JPY 367,00 292 357,07 0,15% 0,15% KDDI CORP. 123 600 JPY 2 959,50 2 973 433,76 1,55% 1,54% KEIHAN ELECTRIC RAILWAY CO LTD 32 000 JPY 768,00 199 771,10 0,10% 0,10% KEIHIN ELECTRIC EXPRESS RAILWAY 30 000 JPY 1 355,00 330 431,93 0,17% 0,17% KEIO CORP. 39 500 JPY 961,00 308 561,64 0,16% 0,16% KEISEI ELECTRIC RAILWAY CO LTD 10 500 JPY 2 837,00 242 141,98 0,13% 0,13% KEYENCE CORP. 3 424 JPY 80 200,00 2 232 181,88 1,17% 1,16% KIKKOMAN CORP. 9 500 JPY 3 740,00 288 812,95 0,15% 0,15% KINTETSU CORP. 114 170 JPY 446,00 413 912,28 0,22% 0,21% KIRIN HLDG CO LTD 55 800 JPY 1 901,50 862 485,86 0,45% 0,45% KOBE STEEL LTD 19 600 JPY 1 117,00 177 963,40 0,09% 0,09% KOITO MANUFACTURING CO LTD 6 700 JPY 6 190,00 337 121,85 0,18% 0,18% KOMATSU 61 400 JPY 2 647,50 1 321 374,11 0,69% 0,69% KONAMI 100 YEN1K 6 200 JPY 4 720,00 237 878,47 0,12% 0,12% KONICA MINOLTA INC. 32 700 JPY 1 161,00 308 603,91 0,16% 0,16%

KOSE CORP. 1 600 JPY 9 710,00 126 287,59 0,07% 0,07% KUBOTA CORP. 72 650 JPY 1 668,50 985 333,58 0,52% 0,51% KURARAY 22 600 JPY 1 756,00 322 592,60 0,17% 0,17% KURITA WATER INDUSTRIES LTD 7 500 JPY 2 574,00 156 924,68 0,08% 0,08% KYOCERA CORP. 21 900 JPY 5 812,00 1 034 644,55 0,54% 0,54% KYOWA HAKKO KOGYO 17 570 JPY 1 616,00 230 799,34 0,12% 0,12% KYUSHU ELECTRIC POWER 31 600 JPY 1 268,00 325 707,52 0,17% 0,17% KYUSHU FINANCIAL GROUP INC. 20 300 JPY 793,00 130 855,11 0,07% 0,07% LAWSON INC. 4 200 JPY 8 210,00 280 294,06 0,15% 0,15% LINE CORP. 3 000 JPY 4 010,00 97 788,34 0,05% 0,05% LION CORP. 15 000 JPY 1 920,00 234 106,75 0,12% 0,12% LIXIL GROUP CORP. 17 400 JPY 2 654,00 375 380,42 0,20% 0,19% M3 INC. 12 500 JPY 2 945,00 299 238,02 0,16% 0,16% MABUCHI MOTOR CO LTD 3 300 JPY 6 100,00 163 630,87 0,09% 0,08%

145 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

MAKITA CORP. 8 000 JPY 7 830,00 509 182,19 0,27% 0,26% MARUBENI CORP. 108 700 JPY 662,80 585 643,73 0,31% 0,30% MARUI GROUP CO LTD 10 900 JPY 1 707,00 151 245,16 0,08% 0,08% MARUICHI STEEL TUBE 2 900 JPY 3 805,00 89 696,21 0,05% 0,05% MAZDA MOTOR CORP. 38 600 JPY 1 912,00 599 924,57 0,31% 0,31% MC DONALD'S HLDG CO (JAPAN) 4 100 JPY 3 060,00 101 982,75 0,05% 0,05% MEBUKI FINANCIAL GROUP INC. 63 630 JPY 433,00 223 960,42 0,12% 0,12% MEDIPAL 10 500 JPY 1 843,00 157 302,67 0,08% 0,08% MEIJI HLDG CO LTD 7 148 JPY 9 160,00 532 232,60 0,28% 0,28% MINEBEA CO LTD 19 800 JPY 1 096,00 176 399,44 0,09% 0,09% MIRACA HLDG INC. 4 300 JPY 5 250,00 183 505,55 0,10% 0,10% MISUMI GROUP INC. 19 000 JPY 1 924,00 297 153,00 0,16% 0,15% MITSUBISHI CHEMICAL HLDG CORP. 94 100 JPY 758,00 579 802,77 0,30% 0,30% MITSUBISHI CORP. 106 799 JPY 2 490,00 2 161 662,99 1,13% 1,12% MITSUBISHI ELECTRIC CORP. 128 300 JPY 1 629,50 1 699 426,85 0,89% 0,88% MITSUBISHI ESTATE 82 800 JPY 2 327,50 1 566 539,97 0,82% 0,81% MITSUBISHI GAS CHEMICAL CO LTD 12 500 JPY 1 995,00 202 709,62 0,11% 0,11% MITSUBISHI HEAVY INDUSTRIES 220 500 JPY 532,60 954 621,50 0,50% 0,50% MITSUBISHI LOGISTICS CORP. 8 000 JPY 1 653,00 107 494,02 0,06% 0,06% MITSUBISHI MATERIALS CORP. 6 930 JPY 3 590,00 202 231,66 0,11% 0,11% MITSUBISHI MOTORS CORP. 47 500 JPY 666,00 257 151,64 0,13% 0,13% MITSUBISHI TANABE PHARMACEUTICAL CORP. 14 000 JPY 2 293,00 260 947,74 0,14% 0,14% MITSUBISHI UFJ FINANCIAL GROUP INC. 894 469 JPY 720,20 5 236 485,01 2,74% 2,72% MITSUBISHI UFJ LEASE & FINANCE CO 36 300 JPY 604,00 178 223,52 0,09% 0,09% MITSUI & CO 114 700 JPY 1 607,00 1 498 306,79 0,78% 0,78% MITSUI CHEMICALS INC. 61 000 JPY 525,00 260 321,83 0,14% 0,14% MITSUI FUDOSAN 61 200 JPY 2 705,00 1 345 674,88 0,70% 0,70% MITSUI O.S.K. LINES LTD 90 500 JPY 324,00 238 349,94 0,12% 0,12% MIXI INC. 3 700 JPY 4 270,00 128 425,44 0,07% 0,07% MIZUHO FINANCIAL GROUP INC. 1 614 438 JPY 209,80 2 753 266,87 1,44% 1,43% MS & AD INSURANCE GROUP HLDG 35 349 JPY 3 624,00 1 041 326,15 0,54% 0,54% MURATA MANUFACTURING 13 600 JPY 15 650,00 1 730 113,93 0,90% 0,90% NABTESCO CORP. 8 600 JPY 2 719,00 190 076,80 0,10% 0,10% NAGOYA RAILROAD LTD 60 000 JPY 565,00 275 563,16 0,14% 0,14% NEC CORP. 171 000 JPY 310,00 430 902,74 0,23% 0,22% NEXON CO LTD 10 100 JPY 1 694,00 139 077,29 0,07% 0,07% NGK INSULATORS 16 800 JPY 2 267,00 309 586,67 0,16% 0,16% NGK SPARK PLUG CO. 12 800 JPY 2 598,00 270 315,26 0,14% 0,14% NIDEC CORP. 17 200 JPY 10 085,00 1 410 021,72 0,74% 0,73% NIKON CORP. 25 900 JPY 1 817,00 382 539,38 0,20% 0,20% NINTENDO CO LTD 8 128 JPY 24 540,00 1 621 360,94 0,85% 0,84% NIPPON ELECTRIC GLASS CO LTD 32 000 JPY 632,00 164 394,96 0,09% 0,09% NIPPON EXPRESS 53 000 JPY 629,00 270 986,70 0,14% 0,14% NIPPON MEAT PACKERS 12 500 JPY 3 155,00 320 575,87 0,17% 0,17% NIPPON PAINT CO LTD 9 500 JPY 3 185,00 245 954,34 0,13% 0,13% NIPPON PROLOGIS REIT 92 JPY 238 900,00 178 659,22 0,09% 0,09% NIPPON STEEL CORP. 54 701 JPY 2 607,00 1 159 198,34 0,61% 0,60% NIPPON TELEGRAPH & TELEPHONE 49 072 JPY 4 912,00 1 959 356,99 1,02% 1,02% NIPPON YUSEN KABUSHIKI KAISHA 118 024 JPY 217,00 208 186,00 0,11% 0,11% NISSAN CHEMICAL INDUSTRIES LTD 7 000 JPY 3 905,00 222 198,20 0,12% 0,12%

NISSAN MOTOR 163 600 JPY 1 175,50 1 563 246,22 0,82% 0,81% NISSHIN SEIFUN GROUP INC. 15 499 JPY 1 754,00 220 980,89 0,12% 0,11% NISSIN FOOD PRODUCTS 3 400 JPY 6 140,00 169 694,88 0,09% 0,09% NITORI HLDG CO LTD 5 400 JPY 13 360,00 586 437,42 0,31% 0,30% NITTO DENKO CORP. 12 200 JPY 8 969,00 889 457,72 0,47% 0,46% NOK CORP. 6 300 JPY 2 366,00 121 164,88 0,06% 0,06% NOMURA HLDG INC. 241 266 JPY 689,10 1 351 449,52 0,71% 0,70% NOMURA REAL ESTATE HLDG INC. 7 900 JPY 1 988,00 127 662,96 0,07% 0,07% NOMURA REAL ESTATE MASTER FUND INC. 232 JPY 176 800,00 333 420,04 0,17% 0,17% NOMURA RESEARCH INSTITUTE LTD 9 090 JPY 3 916,00 289 353,02 0,15% 0,15% NSK LTD 32 000 JPY 1 354,00 352 200,60 0,18% 0,18% NTT DATA CORP. 7 300 JPY 5 650,00 335 268,51 0,18% 0,17% NTT DOCOMO INC. 93 000 JPY 2 663,00 2 013 147,37 1,05% 1,05% OBAYASHI CORP. 43 300 JPY 1 117,00 393 153,84 0,21% 0,20%

146 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

OBIC CO LTD 4 000 JPY 5 110,00 166 150,76 0,09% 0,09% ODAKYU ELECTRIC RAILWAY CO LTD 17 300 JPY 2 313,00 325 269,39 0,17% 0,17% OJI PAPER CO LTD 60 000 JPY 476,00 232 155,86 0,12% 0,12% OLYMPUS OPTICAL 18 900 JPY 4 040,00 620 675,53 0,32% 0,32% OMRON CORP. 11 300 JPY 4 485,00 411 966,92 0,22% 0,21% ONO PHARMACEUTICAL CO LTD 26 500 JPY 2 555,50 550 482,11 0,29% 0,29% ORACLE CORP. JAPAN 2 500 JPY 5 890,00 119 695,21 0,06% 0,06% ORIENTAL LAND CO LTD 14 880 JPY 6 606,00 799 029,76 0,42% 0,41% ORIX CORP. 89 300 JPY 1 824,00 1 324 029,76 0,69% 0,69% OSAKA GAS 133 000 JPY 449,60 486 070,65 0,25% 0,25% OTSUKA CORP. 3 500 JPY 5 460,00 155 339,59 0,08% 0,08% OTSUKA HLDG CO LTD 27 900 JPY 5 093,00 1 155 046,14 0,60% 0,60% PANASONIC CORP. 151 902 JPY 1 189,50 1 468 755,11 0,77% 0,76% PARK24 CO LTD 6 500 JPY 3 170,00 167 492,00 0,09% 0,09% POLA ORBIS HLDG INC. 1 500 JPY 9 650,00 117 663,03 0,06% 0,06% RAKUTEN INC. 65 900 JPY 1 145,50 613 623,47 0,32% 0,32% RECRUIT HLDG CO.LTD. 23 300 JPY 4 690,00 888 280,68 0,46% 0,46% RESONA HLDG INC. 142 500 JPY 599,50 694 425,25 0,36% 0,36% RICOH 42 900 JPY 988,00 344 536,86 0,18% 0,18% RINNAI CORP. 2 100 JPY 9 430,00 160 972,78 0,08% 0,08% ROHM 6 400 JPY 6 730,00 350 119,65 0,18% 0,18% RYOHIN KEIKAKU 1 600 JPY 22 910,00 297 965,87 0,16% 0,15% SANKYO CO LTD 3 100 JPY 3 775,00 95 126,19 0,05% 0,05% SANTEN PHARMACEUTICAL CO LTD 24 750 JPY 1 430,00 287 695,25 0,15% 0,15% SBI HLDG INC. 16 020 JPY 1 487,00 193 639,94 0,10% 0,10% SECOM 15 400 JPY 8 548,00 1 070 056,45 0,56% 0,56% SEGA SAMMY HLDG 12 848 JPY 1 739,00 181 617,03 0,09% 0,09% SEIBU HLDG INC. 8 800 JPY 2 096,00 149 932,37 0,08% 0,08% SEIKO EPSON CORP. 20 300 JPY 2 475,00 408 406,55 0,21% 0,21% SEKISUI CHEMICAL 27 500 JPY 1 864,00 416 677,51 0,22% 0,22% SEKISUI HOUSE LTD 40 700 JPY 1 945,50 643 646,03 0,34% 0,33% SEVEN & -I- HLDG CO LTD 52 900 JPY 4 453,00 1 914 828,23 1,00% 0,99% SEVEN BANK LTD NEW 45 000 JPY 335,00 122 540,25 0,06% 0,06% SHARP CORP. 67 000 JPY 270,00 147 048,30 0,08% 0,08% SHIMADZU CORP. 16 000 JPY 1 862,00 242 170,43 0,13% 0,13% SHIMAMURA CORP. 1 100 JPY 14 590,00 130 457,61 0,07% 0,07% SHIMANO INC. 5 500 JPY 18 340,00 819 942,64 0,43% 0,43% SHIMIZU CORP. 41 000 JPY 1 069,00 356 273,09 0,19% 0,19% SHIN-ETSU CHEMICAL 27 500 JPY 9 067,00 2 026 832,05 1,06% 1,05% SHINSEI BANK LTD 119 847 JPY 196,00 190 943,42 0,10% 0,10% SHIONOGI CO 20 300 JPY 5 599,00 923 906,36 0,48% 0,48% SHISEIDO 25 600 JPY 2 958,50 615 648,74 0,32% 0,32% SHIZUOKA BANK 35 000 JPY 982,00 279 383,65 0,15% 0,15% SHOWA SHELL SEKIYU 11 400 JPY 1 087,00 100 729,31 0,05% 0,05% SMC CORP. 4 250 JPY 27 905,00 964 034,13 0,50% 0,50% SOFTBK GROUP CORP. 66 000 JPY 7 765,00 4 165 880,90 2,18% 2,16% SOHLDGO SECURITY SERVICES CO LTD 4 200 JPY 4 495,00 153 461,85 0,08% 0,08% SOMPO HLDG INC. 22 125 JPY 3 960,00 712 196,64 0,37% 0,37% SONY CORP. 88 329 JPY 3 275,00 2 351 451,75 1,23% 1,22% SONY FINANCIAL HLDG INC. 12 600 JPY 1 824,00 186 817,19 0,10% 0,10%

STANLEY ELECTRIC CO LTD 10 700 JPY 3 195,00 277 892,03 0,15% 0,14% START TODAY CO LTD 12 000 JPY 2 019,00 196 942,31 0,10% 0,10% SUMITOMO CHEMICAL 112 300 JPY 556,00 507 546,69 0,27% 0,26% SUMITOMO ELECTRIC INDUSTRIES 50 800 JPY 1 686,50 696 420,44 0,36% 0,36% SUMITOMO HEAVY INDUSTRIE 42 000 JPY 753,00 257 078,48 0,13% 0,13% SUMITOMO METAL MINING 32 800 JPY 1 507,00 401 798,72 0,21% 0,21% SUMITOMO MITSUI FINANCIAL GROUP INC. 94 300 JPY 4 460,00 3 418 755,21 1,79% 1,78% SUMITOMO MITSUI TRUST HLDG 22 869 JPY 4 183,00 777 600,43 0,41% 0,40% SUMITOMO REALTY DEVELOPMENT LTD 25 400 JPY 3 106,00 641 293,18 0,34% 0,33% SUMITOMO RUBBER INDUSTRIES LTD 8 000 JPY 1 856,00 120 695,04 0,06% 0,06% SUMITOMO SHOJI CORP. 76 500 JPY 1 375,50 855 349,26 0,45% 0,44% SUNDRUG CO LTD 2 500 JPY 8 090,00 164 403,09 0,09% 0,09% SUNTORY BEVERAGE & FOOD LTD 8 900 JPY 4 855,00 351 237,35 0,18% 0,18% SURUGA BANK LTD 10 400 JPY 2 609,00 220 561,08 0,12% 0,11%

147 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

SUZUKEN CO LTD 5 000 JPY 3 820,00 155 258,30 0,08% 0,08% SUZUKI MOTOR CORP. 22 500 JPY 4 114,00 752 433,74 0,39% 0,39% SYSMEX CORP. 11 200 JPY 6 770,00 616 351,06 0,32% 0,32% T&D HLDG INC. 38 200 JPY 1 545,50 479 903,40 0,25% 0,25% TAIHEIYO CEMENT CORP. 87 000 JPY 370,00 261 663,07 0,14% 0,14% TAISEI CORP. 76 000 JPY 818,00 505 345,44 0,26% 0,26% TAISHO PHARMACEUTICAL HLDG CO 2 060 JPY 9 700,00 162 427,82 0,08% 0,08% TAIYO NIPPON SANSO CORP. 10 000 JPY 1 354,00 110 062,69 0,06% 0,06% TAKASHIMAYA 19 000 JPY 964,00 148 885,39 0,08% 0,08% TAKEDA PHARMACEUTICAL CO LTD 50 400 JPY 4 835,00 1 980 835,76 1,04% 1,03% TDK CORP. 8 300 JPY 8 040,00 542 444,86 0,28% 0,28% TEIJIN LTD 10 900 JPY 2 369,00 209 900,28 0,11% 0,11% TERUMO CORP. 23 400 JPY 4 315,00 820 763,64 0,43% 0,43% THE CHIBA BANK LTD 48 000 JPY 717,00 279 757,57 0,15% 0,15% THK CORP. 8 600 JPY 2 586,00 180 779,19 0,09% 0,09% TOBU RAILWAY 71 000 JPY 580,00 334 740,14 0,18% 0,17% TOHO CO LTD 8 000 JPY 3 305,00 214 923,01 0,11% 0,11% TOHO GAS CO LTD 25 200 JPY 951,00 194 806,08 0,10% 0,10% TOHOKU ELECTRIC POWER 30 300 JPY 1 477,00 363 784,82 0,19% 0,19% TOKIO MARINE HLDG LTD 48 600 JPY 4 796,00 1 894 684,48 0,99% 0,98% TOKYO ELECTRIC POWER 98 686 JPY 472,00 378 633,47 0,20% 0,20% TOKYO ELECTRON 10 300 JPY 11 045,00 924 750,12 0,48% 0,48% TOKYO GAS 129 000 JPY 528,90 554 606,21 0,29% 0,29% TOKYO TATEMONO CO LTD 15 000 JPY 1 563,00 190 577,53 0,10% 0,10% TOKYU CORP. 74 000 JPY 859,00 516 709,37 0,27% 0,27% TOKYU FUDOSAN HLDG CORP. 33 600 JPY 690,00 188 455,94 0,10% 0,10% TONENGENERAL SEKIYU 20 200 JPY 1 232,00 202 294,25 0,11% 0,11% TOPPAN PRINTING 36 000 JPY 1 116,00 326 578,92 0,17% 0,17% TORAY INDUSTRIES 100 500 JPY 946,20 772 983,92 0,40% 0,40% TOSHIBA CORP. 260 800 JPY 283,10 600 162,57 0,31% 0,31% TOTO LTD 9 000 JPY 4 625,00 338 357,42 0,18% 0,18% TOYO SEIKAN KAISHA 9 800 JPY 2 182,00 173 821,01 0,09% 0,09% TOYO SUISAN KAISHA 6 800 JPY 4 235,00 234 090,50 0,12% 0,12% TOYODA GOSEI CO LTD 3 900 JPY 2 734,00 86 673,15 0,05% 0,05% TOYOTA INDUSTRIES 11 300 JPY 5 570,00 511 628,93 0,27% 0,27% TOYOTA MOTOR CORP. 184 622 JPY 6 878,00 10 322 076,57 5,39% 5,36% TOYOTA TSUSHO COR 14 000 JPY 3 045,00 346 526,77 0,18% 0,18% TREND MICRO INC. 7 800 JPY 4 155,00 263 443,26 0,14% 0,14% TSURUHA HLDG 2 600 JPY 11 100,00 234 594,48 0,12% 0,12% UNI-CHARM CORP. 29 600 JPY 2 557,50 615 359,35 0,32% 0,32% UNITED URBAN INVESTMENT CORP. 174 JPY 177 900,00 251 620,86 0,13% 0,13% USS CO LTD 15 800 JPY 1 862,00 239 143,30 0,13% 0,12% WEST JAPAN RAILWAY CO 11 000 JPY 7 173,00 641 379,34 0,34% 0,33% YAHOO JAPAN CORP. 104 600 JPY 449,00 381 767,96 0,20% 0,20% YAKULT HONSHA CO LTD 5 800 JPY 5 420,00 255 534,02 0,13% 0,13% YAMADA DENKI CO LTD 43 300 JPY 630,00 221 742,99 0,12% 0,12% YAMAGUCHI FINANCIAL GROUP INC. 16 000 JPY 1 273,00 165 565,50 0,09% 0,09% YAMAHA CORP. 12 400 JPY 3 570,00 359 841,59 0,19% 0,19% YAMAHA MOTOR CO LTD 19 000 JPY 2 574,00 397 542,53 0,21% 0,21% YAMATO HLDG CO LTD 24 700 JPY 2 376,50 477 151,43 0,25% 0,25%

YAMAZAKI BAKING 7 000 JPY 2 258,00 128 482,34 0,07% 0,07% YASKAWA ELECTRIC CORP. 18 700 JPY 1 818,00 276 348,39 0,14% 0,14% YOKOGAWA ELECTRIC 14 700 JPY 1 693,00 202 299,94 0,11% 0,11% YOKOHAMA RUBBER CO LTD 6 500 JPY 2 096,00 110 745,50 0,06% 0,06% 189 786 181,71 99,23% 98,57%

Total Shares listed on an official stock exchange 189 786 181,71 99,23% 98,57%

UCI with a fixed number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

JAPAN JAPAN RETAIL FUND INVESTMENT CORP. -DIS- 206 JPY 236 600,00 396 189,91 0,21% 0,21%

148 DPAM CAPITAL B Equities Japan Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

NIPPON BUILDING FUND -DIS- 107 JPY 647 000,00 562 742,24 0,29% 0,29% 958 932,15 0,50% 0,50%

Total UCI with a fixed number of shares 958 932,15 0,50% 0,50%

UCI with variable number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

JAPAN JAPAN REAL ESTATE INVESTMENT CORP. -DIS- 100 JPY 637 000,00 517 798,62 0,27% 0,27% 517 798,62 0,27% 0,27%

Total UCI with variable number of shares 517 798,62 0,27% 0,27%

TOTAL PORTFOLIO 191 262 912,48 100,00% 99,34%

DEPOSITS AND LIQUIDITY 1 021 477,49 0,52%

Demand bank deposits 1 021 477,49 0,52%

OTHER RECEIVABLES AND PAYABLES 272 992,15 0,14%

TOTAL OF NET ASSETS 192 557 382,12 100,00%

149 DPAM CAPITAL B Equities Japan Index

7.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

JAPAN 100,00%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

150 DPAM CAPITAL B Equities Japan Index

7.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

FINANCIAL SERVICES - HOLDINGS 17,09% ROAD VEHICLES 12,57% ELECTRIC & ELECTRONIC COMPONENTS 11,55% PHARMACOLOGY & PERSONAL CARE 7,18% MECHANICAL CONSTRUCTION 4,52% CHEMICAL PRODUCTS 4,04% IT & INTERNET 3,76% TELECOMMUNICATIONS 3,68% ELECTRIC & ELECTRONIC MATERIALS 3,54% CONGLOMERATES 3,49% REAL ESTATE 3,45% BUILDING MATERIALS 3,25% ROAD & RAILWAY TRANSPORTS 3,19% BANKS 2,90% TOBACCO & SPIRITS 2,13% ENERGY SOURCES 2,03% AIRLIFT 1,49% FOOD & CLEANING MATERIALS 1,40% RETAIL TRADING, DEPARTMENT STORES 1,25% TYRES & RUBBER 0,90% INFORMATION, TECHNOLOGY & COPIERS 0,89% PHOTOGRAPHY & OPTICAL 0,89% PUBLISHING & BROADCASTING 0,82% INTERMEDIATE INDUSTRY PRODUCTS 0,75% INSURANCE COMPANIES 0,74% MISCELLANEOUS CONSUMER GOODS 0,44% LEISURES & TOURISM 0,42% NONFERROUS METALS 0,42% OTHER SERVICES 0,32% TEXTILE & GARMENTS 0,24% OIL & DERIVED 0,24% CONSUMABLE GOODS 0,21% FOREST PRODUCTS & PAPER INDUSTRY 0,12% PACKAGING INDUSTRY 0,09%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

151 DPAM CAPITAL B Equities Japan Index

7.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination 31 December Ccy Rate in ccy (in EUR) 2016

Shares lent listed on an official stock exchange

JAPAN CYBERDYNE INC 6 400 JPY 122,12 1 652,00 86 559,43 LINE CORP 2 900 JPY 122,12 4 010,00 95 206,53 181 765,96

Total shares lent 181 765,96

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 101620 4 595 EUR 1,00 103,63 4 761,49 BUNDESREPUB 2.25 090421 41 623 EUR 1,00 114,20 47 533,10 BUNDESREPUB 4.25 070418 768 EUR 1,00 109,74 842,96 BUNDESREPU 4.75 070440 497 EUR 1,00 188,70 937,69 BUNDESREPUB 2.5 081546 611 EUR 1,00 143,19 874,22 54 949,46

UNITED STATES OF AMERICA US TREAS NTS 2 081525 703 USD 1,05 97,25 651,50 651,50

FRANCE FRANCE GOVT 0.25 072518 23 785 EUR 1,00 107,97 25 680,86 FRANCE GOVT 3.25 102521 6 530 EUR 1,00 117,70 7 685,68 FRANCE GOVT 3.75 042521 7 440 EUR 1,00 120,42 8 958,70 FRANCE GOVT 4.25 042519 4 939 EUR 1,00 114,26 5 643,50 FRANCE GOVT 4.75 042535 4 000 EUR 1,00 162,59 6 503,90 FRANCE GOVT 5.75 102532 17 002 EUR 1,00 170,00 28 903,12 FRANCE GOVT 0.5 052525 18 705 EUR 1,00 101,42 18 970,21 FRANCE GOVT 2.5 052530 216 EUR 1,00 121,35 262,38 FRANCE GOVT 3.5 042520 541 EUR 1,00 115,82 626,07 FRANCE GOVT 4.5 042541 1 978 EUR 1,00 166,74 3 298,68 FRANCE GOVT 0 052520 1 373 EUR 1,00 101,71 1 396,54 FRANCE GOVT 1 112518 13 617 EUR 1,00 103,26 14 061,12 FRANCE GOVT 3 042522 6 249 EUR 1,00 119,08 7 441,32 FRANCE GOVT 4 042518 5 189 EUR 1,00 108,94 5 653,36 135 085,44

UNITED KINGDOM UK TSY 1.2 1.25 072218GBP 1 216 GBP 0,86 367,87 5 216,08 UNITED KINGGOVT OF2.571724 425 GBP 0,86 97,25 481,82 5 697,90

TOTAL COLLATERAL 196 384,30

152 DPAM CAPITAL B Equities Japan Index

7.8. AMOUNT OF COMMITMENTS RELATED TO FINANCIAL DERIVATIVE POSITIONS

In securities Contract size Ccy Price Valuation (in EUR)

Futures

On financial indexes NIKKEI 225 FUTURE MA 6,00 JPY 19 100,00 931 549,79

Total Futures 931 549,79

153 DPAM CAPITAL B Equities Japan Index

7.9. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 21 964 457,06 21 964 457,06 Sales 40 959 352,01 40 959 352,01

Total 1 62 923 809,07 62 923 809,07

Subscriptions 59 086 141,32 59 086 141,32 Redemptions 79 165 436,85 79 165 436,85

Total 2 138 251 578,17 138 251 578,17

Reference average of the total assets 185 550 230,74 185 550 230,74 Rotation rate -40,60% -40,60%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

154 DPAM CAPITAL B Equities Japan Index

7.10. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (B) 36 049,00 49 746,00 203 791,00 106 530,00 91 988,00 625 915,00* 9 013,00 186 736,00 448 192,00 Class Cap (P) 3 061,00 6 771,00 1 016,00 1 811,00 5 976,00 1 334,00 3 442,00 3 868,00 Class Cap (F) 46 524,00 12 460,00 252 446,00 21 212,00 83 486,00 190 172,00 125 482,00 40 880,00 274 774,00 Class Dis (A) 500,00 500,00 TOTAL 463 008,00 822 063,00 727 334,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (B) 9 679 369,36 14 009 674,27 9 918 229,05 8 783 956,99 930 021,31 18 839 359,19 Class Cap (P) 43 662 634,57 14 806 050,00 23 817 267,73 18 715 479,04 47 669 175,47 Class Cap (F) 14 034 226,36 3 310 013,00 6 228 911,82 23 840 859,68 39 392 435,97 12 656 902,19 Class Dis (A) 48 205,00 TOTAL 67 376 230,29 17 319 687,27 30 953 190,87 56 442 084,40 59 086 141,32 79 165 436,85

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (B) 308,72 93,28* 106,21 Class Cap (P) 14 154,85 12 858,69 14 654,48 237 114 766,66 188 797 517,41 192 557 382,12 Class Cap (F) 310,40 281,67 321,06 Class Dis (A) 106,20 TOTAL 237 114 766,66 188 797 517,41 192 557 382,12

* SPLIT by 3 on 31 July 2015

155 DPAM CAPITAL B Equities Japan Index

7.11. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 09/11/2016 2,98% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

156 DPAM CAPITAL B Equities Japan Index

Class Cap (B)

Annual return :

Class Cap (B) MSCI JAPAN Net DTR

50,00%

40,00%

30,00% 23,46% 22,84% 22,05% 21,63% 21,18% 20,16% 20,00% 9,33% 8,51%

10,00% 6,52% 5,74% 5,44% 4,68% 2,94% 2,17% 0,00%

-10,00%

-20,00% -11,47% -12,13% -13,63% -30,00% -14,20%

-40,00% -25,54% -25,66%

-50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 4,68% 11,24% 11,83% 2,09% 02/10/1996 1,25% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

157 DPAM CAPITAL B Equities Japan Index

Class Cap (F)

Annual return :

Class Cap (F) MSCI JAPAN Net DTR

50,00%

40,00%

30,00% 23,46% 22,89% 22,05% 21,63% 21,30% 20,29% 20,00% 9,33% 8,61% 6,52%

10,00% 5,81% 5,44% 4,85% 2,94% 2,21% 0,00%

-10,00%

-20,00% -11,47% -30,00% -12,10%

-40,00% -25,54% -25,64%

-50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 4,85% 11,37% 11,95% 14/12/2007 4,23% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

158 DPAM CAPITAL B Equities Japan Index

Class Cap (P)

Annual return :

Class Cap (P) MSCI JAPAN Net DTR

50,00%

40,00%

30,00% 22,05% 21,44% 20,00% 9,33% 10,00% 8,73% 5,44% 4,89%

0,00%

-10,00%

-20,00%

-30,00%

-40,00%

-50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 4,89% 11,47% 31/03/2013 10,56% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

159 DPAM CAPITAL B Equities Japan Index

7.12. ONGOING CHARGES

- Class Dis (A) - BE6289154625: 0,69% - Class Cap (B) - BE6278394695: 0,69% - Class Cap (F) - BE0947568722: 0,54% - Class Cap (P) - BE6249812056: 0,42%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289154625: 0,951% - Class Cap (B) - BE6278394695: 0,951% - Class Dis (E) - BE6289157651: 0,619% - Class Cap (F) - BE0947568722: 0,619% - Class Cap (P) - BE6249812056: 0,369%

7.13. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

7.13.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed.

160 DPAM CAPITAL B Equities Japan Index

The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

7.13.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

7.13.2.1 Global data

7.13.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities Japan Index 0,10 %

7.13.2.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities Japan Index EUR 181 765,96 0,09 %

7.13.2.2. Concentration data

7.13.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

Germany 54 949,47

U.S.A. 651,5

United Kingdom 3 274,7

France 135 085,42

7.13.2.2.2 Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Citigroup Global Markets Limited 86 559,43

161 DPAM CAPITAL B Equities Japan Index

Collateral issuers Market value of the collateral on 31/12/16

Morgan Stanley & Co. International PLC 95 206,53

7.13.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

7.13.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Valuation (in Internal Maturity tenor Issuer Currency Quantity €) rating (*) more than 1 year FRANCE OAT 0,00 15-250520 EUR 1 373,03 1 396,54 1 more than 1 year FRANCE OAT 0,25 11-250718 EUR 23 784,78 25 680,86 1 more than 1 year FRANCE OAT 0,50 14-250525 EUR 18 704,79 18 970,22 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 13 616,73 14 061,12 1 more than 1 year FRANCE OAT 2,50 13-250530 EUR 216,23 262,38 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 6 248,86 7 441,32 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 6 530,16 7 685,68 1 more than 1 year FRANCE OAT 3,50 10-250420 EUR 540,56 626,07 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 7 439,74 8 958,70 1 more than 1 year FRANCE OAT 4,00 08-250418 EUR 5 189,40 5 653,36 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 4 938,96 5 643,50 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 1 978,37 3 298,68 1 more than 1 year FRANCE OAT 4,75 04-250435 EUR 4 000,17 6 503,90 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 17 001,60 28 903,12 1 more than 1 year GERMANY 0,25 15-161020 EUR 4 594,79 4 761,50 1 more than 1 year GERMANY 2,25 11-040921 EUR 41 623,37 47 533,10 1 more than 1 year GERMANY 2,50 14-150846 EUR 610,51 874,22 1 more than 1 year GERMANY 4,25 08-040718 EUR 768,16 842,96 1 more than 1 year GERMANY 4,75 08-040740 EUR 496,91 937,69 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 1 216,39 1 452,05 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 425,04 1 822,65 1 more than 1 year US TREASURY NOTE 2,00 15-150825 USD 702,73 651,50 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

162 DPAM CAPITAL B Equities Japan Index

7.13.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

Security Maturity Currency Quantity Value Valuation in EUR CYBERDYNE INC Open JPY 6 400,00 1 652,00 86 559,43 LINE CORP Open JPY 2 900,00 4 010,00 95 206,53

- Country in which the counterparties are established

Country of the counterparty Market value of the transactions on 31/12/2016 31/12/16

United Kingdom 181 765,96

- Settlement and clearing All tri-party.

7.13.2.4. Data on reuse of colleteral

Not applicable

7.13.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

7.13.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

7.13.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending Swaps

Equities Japan Index In In % In amount % In amount % In amount % % amount amount

Total Return N/A N/A 8 817,72 100,00% N/A N/A N/A N/A N/A N/A

163 DPAM CAPITAL B Equities Japan Index

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending Swaps

Equities Japan Index In In % In amount % In amount % In amount % % amount amount

Third party costs N/A N/A 881,77 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 7 935,95 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions (Bank Degroof N/A N/A 3 967,97 45,00% N/A N/A N/A N/A N/A N/A Petercam Belgium)

Total net return N/A N/A 3 967,97 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 7 935,95 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

164 DPAM CAPITAL B Equities US Behavioral Value

8. INFORMATION ABOUT THE COMPARTMENT EQUITIES US BEHAVIORAL VALUE

8.1. MANAGEMENT REPORT

8.1.1. Launch Date of the Compartment and Unit Subscription Price 1 October 2004 at a price of 500,00 EUR 8.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide the shareholders with as high a global return as possible. The compartment invests in listed American equities. The investment policy embraces the principles of Behavioral Finance, a psychologybased academic field that analyses the financial markets. The compartment invests in equities which are deemed undervalued and exhibit a good price momentum. The fund will continue to widely spread the risks, mainly by a large sector diversification.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) of U.S. companies, warrants, subscription rights and liquid assets. Minimum eighty percent of the gross assets of the compartment are invested in equities and other securities and certificates of companies with their registered office in the United States of America or exercising the majority of their activities in United States of America. The remaining twenty percent may be invested in liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on the American equity market with a view to achieving the investment objective. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in American equity risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 8.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 8.1.4. Index and Benchmark Not applicable. 8.1.5. Investment Policy Followed During the Year Investment and stock selection draws on the behavioral value process developed by DPAM’s quantitative analysts and managers. Stock selection is based on the systematic application of quantitative filters in each industry group, which makes it possible to rank stocks planet-wide one against the other based on a valuation indicator and on an earnings estimate revision indicator. In addition, stocks presenting the world’s worst earnings momentum are systematically excluded from

165 DPAM CAPITAL B Equities US Behavioral Value the selection. In keeping with the defined strategy, the fund remains 98 to 100% invested in all sectors and industry groups, with no constraints in terms of distribution among countries.

Relative to the market (the MSCI USA index in this case) and unlike the first six months of 2016, the early months of this new financial year (June-December) were very favourable to the value strategy despite the still fragile and uncertain economic environment, highly volatile markets dominated by global political uncertainties (consequences of Brexit, US election and Trump’s victory, failure of Italy’s constitutional reform and resignation of Prime Minister Renzi, etc.) and expected changes in the Fed’s monetary policy.

Starting in the summer, world markets assimilated the consequences of Brexit and conditions in equity markets gradually improved. The rise in interest rates fostered the outperformance of the value style from which the US Behavioral Value fund benefitted fully. Trump’s election to the US presidency strengthened this trend and the last quarter of the year ended with an outperformance of more than 3% relative to the market; the month of November stood out in particular with an outperformance of more than 2.6%. Most sectors made a positive contribution to the relative performance, in particular finance, healthcare and industrials. The more negative contributions came from the technology and software sector in particular, where the fund was disadvantaged from not having invested in Microsoft and Google/Alphabet, and from its under-exposure to bank card and electronic payment card services like Mastercard and Visa. In contrast, stock selection in financials tapped into the rebound of the value style of investment and the impact of the rise in rates, enabling certain regional banks like Citizen Financial Group, Regions Financial, Keycorp and Suntrust Banks to offer returns for the half-year of up to 70% in some cases. The fund benefitted similarly from its stock selection in insurance, banks and specialised financial firms such as Voya Financial, E*trade and Capital One Financial, with returns for the half-year well above 40%. In healthcare, the strong performance of biotech firms like Biogen and Amgen, rightly overweighted as from the summer, added to the outperformance, as did Merck and Abbvie. The performance was also boosted from avoiding underperformers like Bristol Myers Squibb and Johnson & Johnson. In retail trade, after a difficult late 2015 and early 2016, several values made up part of their accumulated lag, presenting figures that were often above projections for the third quarter of 2016 (e.g. Best Buy, Kohls, Foot Locker, etc.).

The two halves of calendar year 2016 consequently showed sharply contrasting performances. The first half of 2016 was very difficult relative to the market, particularly in January and June, while the latter half was very positive, especially towards the end of the year when the value style and the US Behavioral Value fund profited fully from the rise in long-term interest rates and the prospect of an upturn in economic activity stimulated by a more determined fiscal and reflationary policy on the part of the future Trump administration. At the end of this year, the fund is reaping the rewards of the shift away from defensive sectors and styles, or the so-called “bond proxies”, and towards “value” styles, more sensitive to the economy and to lower risk aversion. 8.1.6. Future Investment Policy As in the past, the fund will continue to implement its investment policy based on identifying “value” stocks with the most favourable valuation ratios and whose profit momentum seems strongest. In addition, special attention will be paid to analysing the stocks selected in terms of their financial risk and level of debt, as well as their projected profit momentum, with no country level constraints and with broad sector diversification. 8.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

166 DPAM CAPITAL B Equities US Behavioral Value

8.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 630 718 504,99 373 635 083,77

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 627 431 301,25 373 027 628,49 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 627 431 301,25 373 027 628,49 a. Shares 627 431 301,25 373 027 628,49 a.1 Shares 627 431 301,25 373 027 628,49 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -355 096,95 -367 961,59 A. Receivables 667 871,23 805 175,57 a. Receivables 171 113,83 440 524,29 d. Others 496 757,40 364 651,28 B. Payables -1 022 968,18 -1 173 137,16 a. Payable amounts (-) -50 417,86 -220 216,94 c. Borrowing (-) -980,50 -544,48 e. Others (-) -971 569,82 -952 375,74

V. Deposits and liquidity 3 642 300,69 975 416,87 A. Demand bank deposits 3 642 300,69 975 416,87 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 630 718 504,99 373 635 083,77 A. Capital 549 002 071,77 383 404 478,58 B. Income equalisation 8 594 373,31 5 546 821,31 C. Retained earnings D. Result of the period 73 122 059,91 -15 316 216,12

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 5 214 097,46 1 530 577,91 A. Collatéral (+/-) 5 214 097,46 1 530 577,91 a. Transferable securities/money market instruments 5 214 097,46 1 530 577,91 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts

167 DPAM CAPITAL B Equities US Behavioral Value

31 December 2016 31 December 2015 EUR EUR B. Sold future contracts

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 4 849 395,18 1 455 818,83

168 DPAM CAPITAL B Equities US Behavioral Value

8.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 71 457 940,63 -16 855 592,95 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 71 797 386,93 -16 791 015,89 a. Shares 71 797 386,93 -16 791 015,89 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -339 446,30 -64 577,06 b. Other exchange positions and operations -339 446,30 -64 577,06

II. Investment income and expenses 4 360 980,50 3 542 934,64 A. Dividends 5 078 109,86 4 159 583,22 B. Interest (+/-) -12,19 b. Deposits and liquidity -12,19 C. Interest on loans (-) -1 176,16 -854,60 D. Swap contracts (+/-) E. Withholding tax (-) -715 941,01 -615 793,98 b. Foreign -715 941,01 -615 793,98 F. Other investment income

III. Other income 16 704,14 14 451,30 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Others 16 704,14 14 451,30

IV. Operating expenses -2 713 565,36 -2 018 009,11 A. Investment transaction and delivery costs (-) -906 712,53 -362 654,10 B. Financial expenses (-) -6 060,89 -120,25 C. Custodian’s fee (-) -46 855,74 -48 993,05 D. Manager’s fee (-) -1 473 539,83 -1 570 636,06 a. Financial management -676 744,11 -380 281,19 b. Administration and accounting -265 588,20 -226 051,96 c. Retail Trading, Department Stores fee -531 207,52 -964 302,91 E. Administrative expenses (-) -29 474,26 -4 677,02 F. Incorporation and organisation expenses (-) -3 708,57 -822,08 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -12 240,60 -12 713,81 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -67 887,46 -32 389,48 K. Other expenses (-) -166 913,57 14 996,74

Income and expenditure for the period 1 664 119,28 1 539 376,83 Sub-Total II + III + IV

V. Current profit (loss) before income tax 73 122 059,91 -15 316 216,12

VI. Income tax

VII. Result of the period 73 122 059,91 -15 316 216,12

169 DPAM CAPITAL B Equities US Behavioral Value

8.4. COMPOSITION OF THE ASSETS

Quantity as at Valuation % % Denomination Ccy 31 December 2016 (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

UNITED STATES OF AMERICA ABBVIE INC. 115 000 USD 6 827 494,67 1,09% 1,08% ACTIVISION BLIZZARD INC. 165 000 USD 5 649 656,32 0,90% 0,90% AETNA INC. 35 000 USD 4 115 050,96 0,66% 0,65% AGCO CORP. 60 000 USD 3 291 396,07 0,52% 0,52% ALBEMARLE CORP. 40 000 USD 3 264 470,25 0,52% 0,52% ALLIANCE DATA SYSTEMS CORP. 27 000 USD 5 849 253,38 0,93% 0,93% ALLY FINANCIAL INC. 100 000 USD 1 803 270,92 0,29% 0,29% ALPHABET INC. -C- 16 000 USD 11 708 101,45 1,87% 1,86% AMEREN CORP. 44 000 USD 2 188 423,80 0,35% 0,35% AMERICAN INTERNATIONAL GROUP INC. 80 000 USD 4 953 590,90 0,79% 0,79% AMGEN INC. 50 000 USD 6 931 026,31 1,10% 1,10% ANNALY CAPITAL MANAGEMENT INC. 160 000 USD 1 512 396,30 0,24% 0,24% ANTERO RESOURCES CORP. 200 000 USD 4 484 474,99 0,71% 0,71% ANTHEM INC. 30 000 USD 4 089 215,45 0,65% 0,65% APPLIED MATERIALS 170 000 USD 5 201 137,71 0,83% 0,82% ARROW ELECTRONICS 55 000 USD 3 717 942,64 0,59% 0,59% AT&T INC. 330 000 USD 13 306 375,92 2,13% 2,11% AVALONBAY COMMUNITIES INC. 20 000 USD 3 359 089,83 0,55% 0,54% BANK OF AMERICA CORP. 620 000 USD 12 990 756,10 2,07% 2,06% BANK OF NEW YORK MELLON CORP. 110 000 USD 4 941 265,70 0,79% 0,78% BED BATH & BEYOND INC. 70 000 USD 2 697 132,02 0,43% 0,43% BEST BUY CO INC. 80 000 USD 3 236 406,73 0,52% 0,51% BIOGEN INC. 20 000 USD 5 377 198,39 0,86% 0,85% CA INC. 150 000 USD 4 518 132,26 0,72% 0,72% CAMDEN PROPERTY TRUST 40 000 USD 3 188 243,66 0,51% 0,51% CAPITAL ONE FINANCIAL CORP. 55 000 USD 4 549 134,87 0,73% 0,72% CB RICHARD ELLIS GROUP INC. -A- 100 000 USD 2 985 541,60 0,48% 0,47% CBS CORP. -B- 75 000 USD 4 523 820,81 0,72% 0,72% CELANESE CORP. - SERIES A 40 000 USD 2 986 110,45 0,48% 0,47% CELGENE CORP. 60 000 USD 6 584 498,70 1,05% 1,04% CENTENE CORP. 50 000 USD 2 678 833,85 0,43% 0,42% CENTURYLINK INC. 190 000 USD 4 283 669,12 0,68% 0,68% CHEVRON CORP. 130 000 USD 14 506 755,16 2,31% 2,30% CIGNA CORP. 25 000 USD 3 161 649,68 0,50% 0,50% CISCO SYSTEMS INC. 250 000 USD 7 162 834,79 1,14% 1,14% CITIZENS FINANCIAL GROUP INC. 205 000 USD 6 925 005,93 1,10% 1,10% CITRIX SYSTEMS INC. 60 000 USD 5 080 445,60 0,81% 0,81% COGNIZANT TECHNOLOGY SOLUTIONS CORP. 115 000 USD 6 108 983,17 0,97% 0,97% CONSOLIDATED EDISON INC. 40 000 USD 2 794 216,64 0,45% 0,44% CONSTELLATION BRAND A- 35 000 USD 5 087 319,27 0,81% 0,81% CORNING INC. 180 000 USD 4 141 834,56 0,67% 0,66% CSX CORP. 150 000 USD 5 109 741,64 0,81% 0,81% CUMMINS INC. 28 000 USD 3 628 120,41 0,58% 0,58% CVS HEALTH CORP. 80 000 USD 5 985 114,96 0,95% 0,95% DANAHER CORP. 20 000 USD 1 475 989,57 0,24% 0,23% DEVON ENERGY CORP. 120 000 USD 5 195 923,20 0,83% 0,82% DICK S SPORTING GOODS INC. 50 000 USD 2 517 184,17 0,40% 0,40% DISCOVER FINANCIAL SERVICES 60 000 USD 4 100 876,99 0,65% 0,65% DISCOVERY COMMUNICATIONS INC. -A- 150 000 USD 3 898 080,11 0,62% 0,62% DOLLAR TREE INC. 50 000 USD 3 658 686,89 0,58% 0,58% DUKE ENERGY CORP. 50 000 USD 3 679 544,92 0,59% 0,58% EBAY INC. 240 000 USD 6 755 724,11 1,07% 1,07% EDGEWELL PERSONAL CARE CO 50 000 USD 3 460 061,63 0,55% 0,55% ENTERGY CORP. 35 000 USD 2 437 971,08 0,39% 0,39% ENVISION HEALTHCARE CORP. 40 000 USD 2 400 189,62 0,38% 0,38% ETRADE FINANCIAL CORP. 110 000 USD 3 613 652,52 0,58% 0,57% EXELON CORP. 100 000 USD 3 364 778,38 0,54% 0,53%

170 DPAM CAPITAL B Equities US Behavioral Value

Quantity as at Valuation % % Denomination Ccy 31 December 2016 (in EUR) Portfolio Net Assets

EXPRESS SCRIPTS HLDG CO 36 000 USD 2 347 892,87 0,37% 0,37% FEDEX CORP. 33 000 USD 5 825 645,89 0,92% 0,91% FIDELITY NATIONAL INFORMATION SERVICES 70 000 USD 5 019 957,34 0,80% 0,80% FIRST DATA CORP. -A- 340 000 USD 4 574 164,49 0,73% 0,73% FIRSTENERGY CORP. 80 000 USD 2 348 992,65 0,37% 0,37% FOOT LOCKER INC. 50 000 USD 3 360 511,97 0,54% 0,53% FORTUNE BRANDS HOME SECURITY INC. 55 000 USD 2 787 674,80 0,44% 0,44% GILEAD SCIENCES INC. 35 000 USD 2 376 250,30 0,38% 0,38% GLOBAL PAYMENTS INC. 75 000 USD 4 935 529,75 0,79% 0,78% GOLDMAN SACHS GROUP 27 000 USD 6 129 556,77 0,98% 0,97% GOODYEAR TIRE & RUBBER CO 95 000 USD 2 780 421,90 0,44% 0,44% HELMERICH & PAYNE INC. 40 000 USD 2 935 292,72 0,47% 0,47% HEWLETT-PACKARD ENTERPRISE 200 000 USD 4 387 769,61 0,70% 0,70% HOST HOTELS & RESORTS INC. 180 000 USD 3 215 169,47 0,51% 0,51% INGREDION INC. 35 000 USD 4 146 575,02 0,66% 0,66% JUNIPER NETWORKS INC. 120 000 USD 3 215 169,47 0,51% 0,51% KEYCORP 420 000 USD 7 275 088,88 1,16% 1,15% KIMBERLY-CLARK CORP. 44 000 USD 4 760 635,22 0,76% 0,75% KINDER MORGAN INC. 165 000 USD 3 239 772,46 0,52% 0,51% KOHL'S CORP. 80 000 USD 3 745 342,50 0,60% 0,59% LABORATORY CORP. OF AMERICA HLDG 18 000 USD 2 190 888,84 0,35% 0,35% LAM RESEARCH CORP. 50 000 USD 5 012 088,17 0,80% 0,79% LEAR CORP. 20 000 USD 2 511 211,19 0,40% 0,40% LINCOLN NATIONAL CORP. 50 000 USD 3 141 502,73 0,50% 0,50% MACY'S INC. 80 000 USD 2 716 093,86 0,43% 0,43% MANPOWER GROUP INC. 30 000 USD 2 527 707,99 0,40% 0,40% MARATHON OIL CORP. 200 000 USD 3 282 294,38 0,52% 0,52% MASCO CORP. 110 000 USD 3 297 653,47 0,53% 0,52% MC DONALD'S CORP. 50 000 USD 5 770 087,70 0,92% 0,91% MGM RESORTS INTERNATIONAL 65 000 USD 1 776 676,94 0,28% 0,28% MICRON TECHNOLOGY 170 000 USD 3 532 969,90 0,56% 0,56% MOLSON COORS BREWING -B- 45 000 USD 4 151 647,31 0,66% 0,66% MONDELEZ INTL 140 000 USD 5 884 048,35 0,94% 0,93% NETWORK APPLIANCE INC. 120 000 USD 4 014 979,85 0,64% 0,64% NEW NEWSCORP INC -A- 330 000 USD 3 587 058,54 0,57% 0,57% NEWMONT MINING CORP. 120 000 USD 3 876 179,19 0,62% 0,61% NUANCE COMMUNICATIONS INC. 330 000 USD 4 661 768,19 0,74% 0,74% NUCOR CORP. 30 000 USD 1 692 913,01 0,27% 0,27% PACCAR INC. 55 000 USD 3 332 069,21 0,53% 0,53% PARKER-HANNIFINANCE CORP. 22 000 USD 2 920 123,25 0,47% 0,46% PFIZER INC. 315 000 USD 9 700 118,51 1,55% 1,54% PROLOGIS INC. 70 000 USD 3 503 484,24 0,56% 0,56% PRUDENTIAL FINANCIAL INC. 40 000 USD 3 946 337,99 0,63% 0,63% PUBLIC SERVICE ENTERPRISE GROUP INC. 70 000 USD 2 912 159,28 0,46% 0,46% PULTE GROUP INC. 115 000 USD 2 003 981,99 0,32% 0,32% PVH CORP. 20 000 USD 1 711 116,38 0,27% 0,27% QUEST DIAGNOSTICS INC. 30 000 USD 2 613 889,55 0,42% 0,41% RANGE RESOURCES CORP. 100 000 USD 3 257 643,99 0,52% 0,52% REGIONS FINANCIAL CORP. 540 000 USD 7 351 884,33 1,17% 1,17% REPUBLIC SERVICES INC. 40 000 USD 2 163 545,86 0,34% 0,34% SKYWORKS SOLUTIONS INC. 45 000 USD 3 185 304,57 0,51% 0,51% SNAP-ON INC. 20 000 USD 3 247 594,22 0,52% 0,51% SOUTHWESTERN ENERGY CO 240 000 USD 2 462 005,21 0,39% 0,39% SPECTRUM BRANDS HOLDINGS INC. 30 000 USD 3 479 402,70 0,55% 0,55% STANLEY BLACK & DECKER INC. 35 000 USD 3 805 783,36 0,61% 0,60% STAPLES INC. 330 000 USD 2 831 476,65 0,45% 0,45% SUNTRUST BANKS INC. 150 000 USD 7 800 426,64 1,24% 1,24% TARGET CORP. 70 000 USD 4 793 647,78 0,76% 0,76% TEGNA INC. 100 000 USD 2 027 968,71 0,32% 0,32% THE HARTFORD FINANCE SERVICES GROUP INC. 50 000 USD 2 258 829,11 0,36% 0,36% THE KRAFT HEINZ CO 65 000 USD 5 381 180,37 0,86% 0,85% THERMO FISHER SCIENTIFIC INC. 35 000 USD 4 682 152,17 0,75% 0,74% TIME WARNER INC. 70 000 USD 6 406 352,22 1,02% 1,02% TOTAL SYSTEM SERVICES INC. 100 000 USD 4 648 494,90 0,74% 0,74% TYSON FOODS INC. -A- 75 000 USD 4 385 873,43 0,70% 0,70%

171 DPAM CAPITAL B Equities US Behavioral Value

Quantity as at Valuation % % Denomination Ccy 31 December 2016 (in EUR) Portfolio Net Assets

UNITED RENTALS INC. 30 000 USD 3 002 986,49 0,48% 0,48% UNIVERSAL HEALTH SERVICES -B- 30 000 USD 3 025 740,70 0,48% 0,48% UNUM GROUP 80 000 USD 3 331 974,40 0,53% 0,53% VALERO ENERGY CORP. 100 000 USD 6 477 364,30 1,04% 1,02% VMWARE INC. -A- 65 000 USD 4 851 813,23 0,77% 0,77% VOYA FINANCIAL INC. 100 000 USD 3 718 416,69 0,59% 0,59% WALGREENS BOOTS ALLIANCE INC. 80 000 USD 6 277 127,28 1,00% 1,00% WELLTOWER INC. 55 000 USD 3 490 068,74 0,56% 0,55% WESTERN DIGITAL CORP. 75 000 USD 4 831 713,68 0,77% 0,77% WESTROCK CO 60 000 USD 2 888 077,74 0,46% 0,46% WHIRLPOOL CORP. 15 000 USD 2 585 020,15 0,41% 0,41% WYNDHAM WORLDWIDE CORP. 22 000 USD 1 592 927,23 0,25% 0,25% XEROX CORP. 550 000 USD 4 552 263,57 0,73% 0,72% 574 517 321,64 91,58% 91,10%

IRELAND ALLERGAN PLC 35 000 USD 6 968 807,77 1,12% 1,10% EATON CORP. PUBLIC LTD CO 70 000 USD 4 453 187,96 0,71% 0,71% INGERSOLL-RAND PLC 48 000 USD 3 414 951,41 0,54% 0,54% JAZZ PHARMACEUTICALS PLC 50 000 USD 5 168 523,35 0,82% 0,82% JOHNSON CONTROLS INTERNATIONAL PLC 100 000 USD 3 905 190,80 0,62% 0,62% MEDTRONIC PLC 70 000 USD 4 727 281,35 0,75% 0,75% 28 637 942,64 4,56% 4,54%

BERMUDA BUNGE LTD 65 000 USD 4 451 860,63 0,71% 0,71% MARVELL TECHNOLOGY GROUP LTD 275 000 USD 3 616 259,78 0,58% 0,57% XL GROUP LTD 70 000 USD 2 472 813,46 0,39% 0,39% 10 540 933,87 1,68% 1,67%

THE NETHERLANDS LYONDELLBASELL INDUSTRIES N.V. 50 000 USD 4 066 366,44 0,65% 0,64% SENSATA TECHNOLOGIES HLDG N.V. 90 000 USD 3 323 536,38 0,53% 0,53% 7 389 902,82 1,18% 1,17%

LIBERIA ROYAL CARIBBEAN CRUISES LTD 30 000 USD 2 333 443,94 0,37% 0,37% 2 333 443,94 0,37% 0,37%

BRITISH VIRGIN ISLANDS MICHAEL KORS HLDG LTD 50 000 USD 2 037 449,63 0,32% 0,32% 2 037 449,63 0,32% 0,32%

PANAMA CARNIVAL CORP. 40 000 USD 1 974 306,71 0,31% 0,31% 1 974 306,71 0,31% 0,31%

Total Shares listed on an official stock exchange 627 431 301,25 100,00% 99,48%

TOTAL PORTFOLIO 627 431 301,25 100,00% 99,48%

DEPOSITS AND LIQUIDITY 3 642 300,69 0,58%

Demand bank deposits 3 642 300,69 0,58%

OTHER RECEIVABLES AND PAYABLES -355 096,95 -0,06%

TOTAL OF NET ASSETS 630 718 504,99 100,00%

172 DPAM CAPITAL B Equities US Behavioral Value

8.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

UNITED STATES OF AMERICA 91,58% IRELAND 4,56% BERMUDAS 1,68% THE NETHERLANDS 1,18% LIBERIA 0,37% BRITISH VIRGIN ISLANDS 0,32% PANAMA 0,31%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

173 DPAM CAPITAL B Equities US Behavioral Value

8.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 9,39% FINANCIAL SERVICES - HOLDINGS 8,61% IT & INTERNET 7,98% OIL & DERIVED 6,91% RETAIL TRADING, DEPARTMENT STORES 6,01% ELECTRIC & ELECTRONIC COMPONENTS 5,87% PHARMACOLOGY & PERSONAL CARE 5,00% TELECOMMUNICATIONS 4,81% FOOD & CLEANING MATERIALS 3,86% INFORMATION, TECHNOLOGY & COPIERS 3,76% ENERGY SOURCES 3,54% MECHANICAL CONSTRUCTION 3,40% BIOTECHNOLOGY 3,39% REAL ESTATE 3,39% HEALTH CARE & SERVICES 3,10% INSURANCE COMPANIES 2,58% BUILDING MATERIALS 2,21% LEISURES & TOURISM 2,14% MISCELLANEOUS CONSUMER GOODS 2,04% PUBLISHING & BROADCASTING 1,92% MISCELLANEOUS 1,64% TOBACCO & SPIRITS 1,47% FOREST PRODUCTS & PAPER INDUSTRY 1,22% CHEMICAL PRODUCTS 1,00% ASSET & MORTGAGE BACKED SECURITIES 0,95% ROAD & RAILWAY TRANSPORTS 0,93% AIRLIFT 0,81% PRECIOUS METALS & STONES 0,62% TYRES & RUBBER 0,44% ROAD VEHICLES 0,40% UTILITIES 0,34% TEXTILE & GARMENTS 0,27%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

174 DPAM CAPITAL B Equities US Behavioral Value

8.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

UNITED STATES OF AMERICA VMWARE INC 64 300 USD 1,05 79,11 4 849 395,18 4 849 395,18

Total shares lent 4 849 395,18

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 101620 257 418 EUR 1,00 103,63 266 757,32 BUNDESREPUB 2.25 090421 2 331 903 EUR 1,00 114,20 2 662 988,81 2 929 746,13

UNITED STATES OF AMERICA US TREAS NTS 2 081525 39 370 USD 1,05 97,25 36 499,32 36 499,32

FRANCE FRANCE GOVT 0.25 072518 1 332 516 EUR 1,00 107,97 1 438 741,31 FRANCE GOVT 0 052520 76 923 EUR 1,00 101,71 78 239,41 FRANCE GOVT 2.5 052530 12 114 EUR 1,00 121,35 14 699,62 FRANCE GOVT 3.5 042520 30 284 EUR 1,00 115,82 35 075,02 FRANCE GOVT 4 042518 290 731 EUR 1,00 108,94 316 723,15 FRANCE GOVT 4.75 042535 224 105 EUR 1,00 162,59 364 373,50 2 247 852,01

TOTAL COLLATERAL 5 214 097,46

175 DPAM CAPITAL B Equities US Behavioral Value

8.8. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 348 202 769,11 348 202 769,11 Sales 191 825 305,39 191 825 305,39

Total 1 540 028 074,50 540 028 074,50

Subscriptions 396 518 253,97 396 518 253,97 Redemptions 240 613 773,16 240 613 773,16

Total 2 637 132 027,13 637 132 027,13

Reference average of the total assets 482 907 190,14 482 907 190,14 Rotation rate -20,11% -20,11%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

176 DPAM CAPITAL B Equities US Behavioral Value

8.9. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period Class Cap (B USD) 654,00 1 883,00 5 988,00 133 919,00 24 196,00 181 579,00* 83 165,00 9 969,00 254 775,00 Class Cap (F) 103 828,00 38 705,00 177 301,00 39 824,00 10 780,00 206 345,00 21 544,00 193 994,00 33 895,00 Class Cap (P) 2 370,00 2 185,00 4 555,00 23 086,00 27 641,00 Class Cap (B) 37 130,00 45 344,00 91 131,00 117 985,00 268 822,00 942 735,00* 295 766,00 73 336,00 1 165 165,00 Class Cap (F USD) 1 482,00 4 510,00 4 789,00 203,00 2 829,00 2 163,00 205,00 1 958,00 Class Cap (L) 2 373,00 2 311,00 9 773,00 478,00 9 903,00 348,00 152,00 196,00 Class Cap (L USD) 542,00 100,00 584,00 202,00 42,00 744,00 133,00 211,00 666,00 Class Cap (W) 1,00 1,00 Class Dis (A) 4 246,00 4 246,00 TOTAL 291 936,00 1 338 469,00 1 488 543,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (B USD) 696 456,49 2 088 297,74 12 430 724,28 2 230 502,02 8 143 370,10 1 007 845,89 Class Cap (F) 106 562 417,59 47 224 174,24 45 899 276,50 11 881 013,56 26 575 047,03 231 640 267,46 Class Cap (P) 28 460 457,39 329 516 673,49 Class Cap (B) 37 140 527,59 51 432 428,96 10 981 565,91 25 470 860,98 31 681 813,62 7 303 780,51 Class Cap (F USD) 1 539 517,53 4 940 046,25 247 488,45 3 133 999,74 247 168,72 Class Cap (L) 2 526 862,35 2 645 696,41 549 556,27 9 717 884,26 176 217,35 Class Cap (L USD) 536 586,17 89 120,00 220 374,60 45 665,53 149 860,41 238 493,23 Class Cap (W) 109,62 Class Dis (A) 451 379,70 TOTAL 149 002 367,72 108 419 763,60 98 789 443,40 52 479 926,09 396 518 253,97 240 613 773,16

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (B USD) 1 191,10 93,66* 108,90 Class Cap (F) 1 193,94 1 127,10 1 312,31 Class Cap (P) 14 051,77 13 278,42 15 483,56 Class Cap (B) 1 187,60 93,36* 108,49 Class Cap (F USD) 378 277 322,39 1 191,90 401 691 964,27 1 125,18 630 718 504,99 1 310,08 Class Cap (L) 1 182,38 1 110,62 1 287,30 Class Cap (L USD) 1 139,24 1 070,09 1 241,15 Class Cap (W) 108,55 Class Dis (A) 108,51 TOTAL 378 277 322,39 401 691 964,27 630 718 504,99

* SPLIT by 12 on 31 July 2015

177 DPAM CAPITAL B Equities US Behavioral Value

8.10. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 04/11/2016 14,98% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

178 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (B)

Annual return :

Class Cap (B)

50,00%

40,00% 35,07% 31,96% 30,00% 28,32% 19,96% 20,00% 14,22% 14,07% 10,00% 6,24%

0,00% -0,10% -10,00% -6,57%

-20,00%

-30,00%

-40,00% -44,52% -50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 14,07% 15,85% 18,57% 6,99% 30/09/2004 8,13% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

179 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (B USD)

Annual return :

Class Cap (B USD) 50,00%

40,00% 36,67% 37,97%

30,00%

20,00% 16,06% 12,61% 12,74% 10,84% 10,00%

0,00%

-10,00% -3,30% -4,61%

-20,00%

-30,00%

-40,00%

-50,00% -46,66% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B USD) 10,84% 6,03% 13,80% 07/12/2007 4,49% (in USD) (in USD) (in USD) (in USD) (in USD)

180 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (F)

Annual return :

Class Cap (F)

50,00%

40,00% 35,19% 32,03% 30,00% 28,44% 20,04% 20,00% 14,29% 14,34% 10,00% 6,30%

0,00% -0,06% -10,00%

-20,00%

-30,00%

-40,00% -44,52% -50,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 14,34% 16,01% 18,69% 14/12/2007 8,56% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

181 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (F USD)

Annual return :

Class Cap (F USD)

30,00%

20,00%

11,02% 10,00%

0,00%

-4,57% -10,00%

-20,00%

-30,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F USD) 11,02% 28/03/2014 5,98% (in USD) (in USD) (in USD) (in USD) (in USD)

182 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (L)

Annual return :

Class Cap (L)

30,00%

20,00% 13,54%

10,00% 5,77%

0,00%

-10,00%

-20,00%

-30,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (L) 13,54% 02/06/2014 14,92% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

183 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (L USD)

Annual return :

Class Cap (L USD)

40,00% 37,31%

30,00%

20,00% 15,50% 12,06% 12,23% 10,32% 10,00%

0,00%

-3,78% -5,05% -10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (L USD) 10,32% 5,54% 13,27% 06/08/2009 11,57% (in USD) (in USD) (in USD) (in USD) (in USD)

184 DPAM CAPITAL B Equities US Behavioral Value

Class Cap (P)

Annual return :

Class Cap (P)

30,00%

20,00% 14,57%

10,00% 6,40%

0,00%

-10,00%

-20,00%

-30,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 14,57% 10/01/2014 15,99% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

Class Cap (W)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (W) 15/12/2016 -2,86% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

185 DPAM CAPITAL B Equities US Behavioral Value

8.11. ONGOING CHARGES

- Class Dis (A) - BE6289193045: 1,25% - Class Cap (B) - BE6278396716: 1,04% - Class Cap (B USD) - BE6278399744: 0,99% - Class Cap (F) - BE0947579836: 0,83% - Class Cap (F USD) - BE0947581857: 0,80% - Class Cap (L) - BE0945682293: 2,14% - Class Cap (L USD) - BE0947583879: 1,44% - Class Cap (P) - BE6249816099: 0,36% - Class Cap (W) - BE6289204156: 0,35%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289193045: 1,431% - Class Cap (B) - BE6278396716: 1,431% - Class Dis (A USD) - BE6289194050: 1,431% - Class Cap (B USD) - BE6278399744: 1,431% - Class Dis (E) - BE6289197087: 0,848% - Class Cap (F) - BE0947579836: 0,848% - Class Dis (E USD) - BE6289198093: 0,848% - Class Cap (F USD) - BE0947581857: 0,85% - Class Cap (L) - BE0945682293: 1,931% - Class Cap (L USD) - BE0947583879: 1,93% - Class Cap (P) - BE6249816099: 0,348% - Class Dis (V) - BE6289203141: 0,848% - Class Cap (W) - BE6289204156: 0,848%

8.12. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

8.12.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred.

186 DPAM CAPITAL B Equities US Behavioral Value

The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

8.12.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

8.12.2.1. Global data

8.12.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities US Behavorial Value 0,77 %

8.12.2.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities US Behavorial Value EUR 4 849 395,18 0,77 %

187 DPAM CAPITAL B Equities US Behavioral Value

8.12.2.2. Concentration data 8.12.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 2 247 852,01

Germany 2 929 746,13

U.S.A. 36 499,32

8.12.2.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Citigroup Global Markets Limited 4 849 395,18

8.12.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

8.12.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,00 15-250520 EUR 76 922,50 78 239,41 1 more than 1 year FRANCE OAT 0,25 11-250718 EUR 1 332 515,77 1 438 741,31 1 more than 1 year FRANCE OAT 2,50 13-250530 EUR 12 113,78 14 699,62 1 more than 1 year FRANCE OAT 3,50 10-250420 EUR 30 284,45 35 075,02 1 more than 1 year FRANCE OAT 4,00 08-250418 EUR 290 730,72 316 723,16 1 more than 1 year FRANCE OAT 4,75 04-250435 EUR 224 104,93 364 373,50 1 more than 1 year GERMANY 0,25 15-161020 EUR 257 417,82 266 757,31 1 more than 1 year GERMANY 2,25 11-040921 EUR 2 331 902,60 2 662 988,81 1 more than 1 year US TREASURY NOTE 2,00 15-150825 USD 39 369,78 36 499,32 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

188 DPAM CAPITAL B Equities US Behavioral Value

8.12.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions Security Maturity Currency Quantity Value Valuation in EUR VMWARE INC-CLAS Open USD 9 900,00 79,11 746 640,94 VMWARE INC-CLAS Open USD 54 400,00 79,11 4 102 754,24

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 4 849 395,18

- Settlement and clearing All tri-party.

8.12.2.4. Data on reuse of colleteral

Not applicable

8.12.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

8.12.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

189 DPAM CAPITAL B Equities US Behavioral Value

8.12.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending Swaps

Equities US Behavorial Value In In % In amount % In amount % In amount % % amount amount

Total Return N/A N/A 47 478,22 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 4 747,82 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 42 730,40 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions N/A N/A 21 365,20 45,00% N/A N/A N/A N/A N/A N/A (Bank Degroof Petercam Belgium)

Total net return N/A N/A 21 365,20 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 42 730,40 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties:

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

190 DPAM CAPITAL B Equities US Dividend

9. INFORMATION ABOUT THE COMPARTMENT EQUITIES US DIVIDEND

9.1. MANAGEMENT REPORT

9.1.1. Launch Date of the Compartment and Unit Subscription Price 29 November 2007 at a price of 100,00 EUR. 9.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide the shareholders with as high a global return as possible. The compartment invests in American listed equities. The risks are widely spread, among others by a broad sector diversification. The allocation of the porfolio will change depending on the assessment of the macroeconomic outlook and the situation on the financial markets. The compartment can for example prefer or avoid certain sectors or investment styles based among others on the economic outlook..

Investment policy

Authorized asset categories Shares of American companies (and other transferable securities assimilable to equities), warrants, subscription rights and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on the American equity market with a view to achieving the investment objectives. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity linked swaps used for dealing in American equity risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 9.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 9.1.4. Index and Benchmark Not applicable. 9.1.5. Investment Policy Followed During the Year The Net Asset Value of the fund (B share) is 261.66EUR as of the end of the year 2016. 2016 was a relatively good year for our Dividend strategy with a performance of 18.97% while looking at American standard index, the S&P 500, with 10.90%. Although this year could have been seen as difficult for the fund, it performed well while also resisting during more challenging periods such as the correction of January or the Brexit vote. The expectation of a Fed rate hike was also not in favour of the fund strategy as high yielding stocks could be seen as bond proxies.

191 DPAM CAPITAL B Equities US Dividend

Many of our positions were decisive factors of this year good performance but it essentially came down to 3 sectors. First, our current largest position, Microsoft Inc., played a great role since we entered a position early April. Since then, the company, fuelled by the acquisition of LinkedIn and increasing market share in the cloud space with Azure, returned more than 16%. In the same sector, semi-conductors were important contributors with Texas Instruments and Xilinx racking performances of more than 30% year-to-date. These companies expanded their product range in entering new markets like chips for servers, cars and connected devices. A second high performing sector was Industrials and especially the Capital Goods industry group. Although it ended 2015 with a gloomy outlook for the following year, Cummins, the truck and boats engine builder, spiked and ended at more than 60%. Parker Hannifin Corp. also performed well with a +45% year-to-date return thanks to investors’ optimism on the sector and ended the year with the acquisition of Clarcor which will diversify its activity in filtration. Finally, investors expected at least a hike rate this year and Chairman Janet Yellen delivered at the end of the year helped by continuous good indicators and the surge in markets following the election of Donald J. Trump. Our positions in Banks, global and regionals ones, benefited from it the most. Everything was not just green this past year. Some of our positions unexpectedly dropped. For example, in Health Care, CVS and Cardinal Health have been hurting by a compression in their margins due to the political climate and the growing US pharmaceutical competition. Still in Health Care, Medtronic weighed down after continuing poor quarterly results due partly to slowing sales in the medical device industry. In conclusion, it was a good year for our American dividend strategy.

9.1.6. Future Investment Policy No changes looming in the upcoming future. The goal is to stay fully invested on the American market, well diversified across each sector and industry groups, and faithful to the buying and selling discipline of the new investment process. The strategy of the fund is defensive: staying invested in dividend companies and continuing to have a dividend yield higher than the overall US market while being less exposed to high volatility. 9.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

192 DPAM CAPITAL B Equities US Dividend

9.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 401 538 185,59 178 266 475,58

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 399 215 802,93 176 194 478,15 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 399 215 802,93 176 194 478,15 a. Shares 399 215 802,93 176 194 478,15 a.1 Shares 399 215 802,93 176 194 478,15 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year 1 471 128,75 -116 157,83 A. Receivables 3 242 659,69 258 790,06 a. Receivables 2 695 743,07 33 453,83 d. Others 546 916,62 225 336,23 B. Payables -1 771 530,94 -374 947,89 a. Payable amounts (-) -15 889,43 -16 173,17 c. Borrowing (-) -820 978,89 -196,37 e. Others (-) -934 662,62 -358 578,35

V. Deposits and liquidity 851 253,91 2 188 155,26 A. Demand bank deposits 851 253,91 2 188 155,26 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 401 538 185,59 178 266 475,58 A. Capital 362 631 596,13 179 564 325,12 B. Income equalisation 304 118,00 -1 065 923,00 C. Retained earnings D. Result of the period 38 602 471,46 -231 926,54

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) A. Collatéral (+/-) B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts B. Sold future contracts

193 DPAM CAPITAL B Equities US Dividend

31 December 2016 31 December 2015 EUR EUR IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments

194 DPAM CAPITAL B Equities US Dividend

9.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 36 229 130,40 -721 325,66 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 36 282 779,07 -2 061 323,29 a. Shares 36 282 779,07 -2 061 323,29 D. Other transferable securities E. UCI with variable number of shares F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -53 648,67 1 339 997,63 b. Other exchange positions and operations -53 648,67 1 339 997,63

II. Investment income and expenses 4 130 962,83 1 243 147,61 A. Dividends 4 812 941,69 1 454 347,36 B. Interest (+/-) C. Interest on loans (-) -4 325,17 -347,74 D. Swap contracts (+/-) E. Withholding tax (-) -677 653,69 -210 852,01 b. Foreign -677 653,69 -210 852,01 F. Other investment income

III. Other income Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Others

IV. Operating expenses -1 757 621,77 -753 748,49 A. Investment transaction and delivery costs (-) -224 352,81 -202 564,57 B. Financial expenses (-) -32,37 -2,30 C. Custodian’s fee (-) -34 218,04 -19 060,20 D. Manager’s fee (-) -1 312 223,91 -459 738,17 a. Financial management -720 738,96 -110 363,27 b. Administration and accounting -184 843,97 -73 466,54 c. Retail Trading, Department Stores fee -406 640,98 -275 908,36 E. Administrative expenses (-) -20 756,89 -2 805,22 F. Incorporation and organisation expenses (-) -2 789,90 -213,25 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -5 589,08 -4 900,22 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -128 272,73 -25 876,80 K. Other expenses (-) -29 214,13 -38 587,76

Income and expenditure for the period 2 373 341,06 489 399,12 Sub-Total II + III + IV

V. Current profit (loss) before income tax 38 602 471,46 -231 926,54

VI. Income tax

VII. Result of the period 38 602 471,46 -231 926,54

195 DPAM CAPITAL B Equities US Dividend

9.4. COMPOSITION OF THE ASSETS

Quantity as at Valuation % % Denomination Ccy 31 December 2016 (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

UNITED STATES OF AMERICA 3M CO 29 250 USD 4 952 047,88 1,24% 1,23% ALTRIA GROUP INC. 85 000 USD 5 449 348,19 1,36% 1,36% AMERICAN EXPRESS COMPANY 57 000 USD 4 003 375,21 1,00% 1,00% AMERIPRISE FINANCIAL INC. 30 000 USD 3 155 439,68 0,79% 0,79% AMGEN INC. 36 500 USD 5 059 649,21 1,27% 1,26% ANTHEM INC. 27 700 USD 3 775 708,94 0,95% 0,94% ARTHUR J.GALLAGHER & CO 61 500 USD 3 029 665,80 0,76% 0,75% AT&T INC. 198 200 USD 7 991 890,02 1,99% 1,99% AUTOMATIC DATA PROCESSING INC. 39 500 USD 3 849 073,24 0,96% 0,96% BANK OF NEW YORK MELLON CORP. 84 000 USD 3 773 330,17 0,95% 0,94% BB&T CORP. 83 700 USD 3 731 286,09 0,93% 0,93% BLACKROCK INC. 10 500 USD 3 788 262,62 0,95% 0,94% BRISTOL-MYERS SQUIBB 83 500 USD 4 626 442,28 1,16% 1,15% BRIXMOR PROPERTY GROUP INC. 130 500 USD 3 021 388,95 0,76% 0,75% CA INC. 95 600 USD 2 879 556,29 0,72% 0,72% CAMPBELL SOUP COMPANY 53 500 USD 3 067 214,98 0,77% 0,76% CARDINAL HEALTH INC. 46 000 USD 3 138 772,22 0,79% 0,78% CENTERPOINT ENERGY INC. 127 000 USD 2 966 845,22 0,74% 0,74% CHEVRON CORP. 64 000 USD 7 141 787,15 1,79% 1,78% CISCO SYSTEMS INC. 204 500 USD 5 859 198,86 1,47% 1,46% COACH INC. 90 000 USD 2 988 196,26 0,75% 0,74% COMCAST -A- 92 500 USD 6 055 581,89 1,51% 1,51% CORNING INC. 140 000 USD 3 221 426,88 0,81% 0,80% CUMMINS INC. 24 200 USD 3 135 732,64 0,79% 0,78% CVS HEALTH CORP. 60 500 USD 4 526 243,19 1,13% 1,13% DISCOVER FINANCIAL SERVICES 50 000 USD 3 417 397,49 0,86% 0,85% DOVER CORP. 44 000 USD 3 125 783,36 0,78% 0,78% DOW CHEMICAL CO 74 500 USD 4 041 611,76 1,01% 1,01% DR PEPPER SNAPPLE GROUP INC. 36 000 USD 3 094 685,94 0,78% 0,77% EASTMAN CHEMICAL 43 000 USD 3 066 157,86 0,77% 0,76% ELI LILLY & CO 64 000 USD 4 462 858,50 1,12% 1,11% EMERSON ELECTRIC CO 64 000 USD 3 382 792,13 0,85% 0,84% FIDELITY NATIONAL FINANCIAL -A- 94 000 USD 3 026 537,09 0,76% 0,75% FOOT LOCKER INC. 45 300 USD 3 044 623,84 0,76% 0,76% GENERAL MILLS INC. 60 500 USD 3 543 100,26 0,89% 0,88% GENERAL MOTORS CO 116 000 USD 3 831 656,79 0,95% 0,95% GENUINE PARTS CO 34 000 USD 3 079 744,02 0,77% 0,77% HASBRO INC. 41 500 USD 3 060 711,07 0,77% 0,76% HOME DEPOT 47 500 USD 6 038 208,11 1,51% 1,50% HONEYWELL INTERNATIONAL INC. 41 100 USD 4 514 278,26 1,13% 1,12% HUNTINGTON BANCSHARES INC. 265 000 USD 3 321 450,58 0,83% 0,83% IBM INTERNATIONAL BUSINESS MACHINES 36 750 USD 5 783 486,61 1,45% 1,44% ILLINOIS TOOL WORKS INC. 30 500 USD 3 541 151,93 0,89% 0,88% INTEL CORP. 173 500 USD 5 966 195,78 1,49% 1,49% INTERNATIONAL FLAVORS & FRAGRANCES 27 000 USD 3 016 269,26 0,76% 0,75% INTERNATIONAL PAPER COMPANY 65 000 USD 3 269 874,38 0,82% 0,81% INTERPUBLIC GROUP 135 500 USD 3 007 399,86 0,75% 0,75% JOHNSON & JOHNSON CORP. 82 600 USD 9 022 371,18 2,25% 2,25% JP MORGAN CHASE & CO 108 800 USD 8 901 021,10 2,22% 2,22% KIMBERLY-CLARK CORP. 33 500 USD 3 624 574,54 0,91% 0,90% KLA-TENCOR CORP. 43 000 USD 3 207 622,66 0,80% 0,80% L BRANDS INC. 50 500 USD 3 152 329,94 0,79% 0,79% MC DONALD'S CORP. 42 700 USD 4 927 654,89 1,23% 1,23% MERCK & CO INC. -NEW- 109 000 USD 6 083 744,96 1,52% 1,52% MICROSOFT CORP. 203 200 USD 11 971 413,13 3,00% 2,98% MOTOROLA SOLUTION 40 000 USD 3 143 493,72 0,79% 0,78% NORFOLK SOUTHERN CORP. 35 000 USD 3 586 110,45 0,90% 0,89%

196 DPAM CAPITAL B Equities US Dividend

Quantity as at Valuation % % Denomination Ccy 31 December 2016 (in EUR) Portfolio Net Assets

OCCIDENTAL PETROLEUM 59 000 USD 3 984 422,85 1,00% 0,99% OMNICOM GROUP INC. 40 500 USD 3 268 030,34 0,82% 0,81% ORACLE CORP. 141 500 USD 5 158 260,25 1,29% 1,28% PARKER-HANNIFINANCE CORP. 23 500 USD 3 119 222,56 0,78% 0,78% PATTERSON COMPANIES INC. 69 500 USD 2 703 564,83 0,68% 0,67% PEPSICO INC. 59 600 USD 5 912 252,19 1,48% 1,47% PFIZER INC. 221 500 USD 6 820 876,99 1,71% 1,70% PHILIP MORRIS INTERNATIONAL INC. 65 600 USD 5 690 205,26 1,43% 1,42% PNC FINANCIAL SERVICES GROUP 38 000 USD 4 213 775,78 1,06% 1,05% PPL CORP. 102 200 USD 3 299 274,71 0,83% 0,82% PROCTER & GAMBLE 88 000 USD 7 014 970,37 1,76% 1,75% PUBLIC SERVICE ENTERPRISE GROUP INC. 80 500 USD 3 348 983,17 0,84% 0,83% SABRE CORP. 127 500 USD 3 015 999,05 0,76% 0,75% SIMON PROPERTY GROUP INC. 23 500 USD 3 958 516,24 0,99% 0,99% STANLEY BLACK & DECKER INC. 28 500 USD 3 098 995,02 0,78% 0,77% TARGET CORP. 52 000 USD 3 560 995,50 0,89% 0,89% TEXAS INSTRUMENTS 61 000 USD 4 220 118,51 1,06% 1,05% THE WESTERN UNION CO 141 000 USD 2 903 550,60 0,73% 0,73% TIFFANY & CO 40 500 USD 2 973 135,81 0,74% 0,74% TIME WARNER INC. 47 000 USD 4 301 407,92 1,08% 1,07% UNITED PARCEL SERV -B- INC. 40 000 USD 4 347 570,51 1,09% 1,09% UNITEDHEALTH GROUP INC. 38 500 USD 5 841 706,57 1,46% 1,45% VERIZON COMMUNICATIONS INC. 139 200 USD 7 044 793,55 1,76% 1,76% WAL-MART STORES 76 500 USD 5 013 206,92 1,26% 1,25% WASTE MANAGEMENT INC. 52 000 USD 3 495 918,46 0,88% 0,87% WELLS FARGO & CO 146 500 USD 7 654 529,51 1,92% 1,91% WELLTOWER INC. 54 000 USD 3 426 612,94 0,86% 0,85% WYNDHAM WORLDWIDE CORP. 40 500 USD 2 932 434,23 0,73% 0,73% XILINX INC. 57 499 USD 3 291 030,70 0,82% 0,82% 371 058 136,65 92,94% 92,40%

IRELAND ACCENTURE PLC -A- 39 500 USD 4 386 475,47 1,10% 1,10% EATON CORP. PUBLIC LTD CO 54 500 USD 3 467 124,91 0,87% 0,86% INGERSOLL-RAND PLC 44 500 USD 3 165 944,54 0,79% 0,79% MEDTRONIC PLC 70 950 USD 4 791 437,31 1,20% 1,19% 15 810 982,23 3,96% 3,94%

SWITZERLAND CHUBB LTD 32 000 USD 4 008 381,13 1,01% 1,00% TECO CONNECTIVITY LTD 50 000 USD 3 284 190,57 0,82% 0,82% 7 292 571,70 1,83% 1,82%

CURACAO SCHLUMBERGER 63 500 USD 5 054 112,35 1,27% 1,26% 5 054 112,35 1,27% 1,26%

Total Shares listed on an official stock exchange 399 215 802,93 100,00% 99,42%

TOTAL PORTFOLIO 399 215 802,93 100,00% 99,42%

DEPOSITS AND LIQUIDITY 851 253,91 0,21%

Demand bank deposits 851 253,91 0,21%

OTHER RECEIVABLES AND PAYABLES 1 471 128,75 0,37%

TOTAL OF NET ASSETS 401 538 185,59 100,00%

197 DPAM CAPITAL B Equities US Dividend

9.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

UNITED STATES OF AMERICA 92,94% IRELAND 3,96% SWITZERLAND 1,83% CURACAO 1,27%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

198 DPAM CAPITAL B Equities US Dividend

9.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 11,47% PHARMACOLOGY & PERSONAL CARE 11,18% IT & INTERNET 5,97% RETAIL TRADING, DEPARTMENT STORES 5,96% TELECOMMUNICATIONS 5,36% MISCELLANEOUS CONSUMER GOODS 4,40% ELECTRIC & ELECTRONIC COMPONENTS 4,18% PUBLISHING & BROADCASTING 4,17% OIL & DERIVED 4,05% MECHANICAL CONSTRUCTION 4,03% FOOD & CLEANING MATERIALS 3,91% FINANCIAL SERVICES - HOLDINGS 3,86% INFORMATION, TECHNOLOGY & COPIERS 2,92% TOBACCO & SPIRITS 2,79% LEISURES & TOURISM 2,72% REAL ESTATE 2,61% HEALTH CARE & SERVICES 2,41% ENERGY SOURCES 2,41% ROAD & RAILWAY TRANSPORTS 1,99% CHEMICAL PRODUCTS 1,78% ROAD VEHICLES 1,73% FOREST PRODUCTS & PAPER INDUSTRY 1,73% BIOTECHNOLOGY 1,27% ASSET & MORTGAGE BACKED SECURITIES 1,13% AEROSPACE INDUSTRY & DEFENCE 1,13% UTILITIES 0,88% MISCELLANEOUS 0,87% ELECTRIC & ELECTRONIC MATERIALS 0,85% INSURANCE COMPANIES 0,76% TEXTILE & GARMENTS 0,75% OTHER SERVICES 0,73%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

199 DPAM CAPITAL B Equities US Dividend

9.7. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 164 031 799,06 164 031 799,06 Sales 96 824 081,70 96 824 081,70

Total 1 260 855 880,76 260 855 880,76

Subscriptions 87 481 816,34 87 481 816,34 Redemptions 23 344 284,73 23 344 284,73

Total 2 110 826 101,07 110 826 101,07

Reference average of the total assets 340 455 787,66 340 455 787,66 Rotation rate 44,07% 44,07%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

200 DPAM CAPITAL B Equities US Dividend

9.8. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (F) 59 690,00 98 361,00 369 636,00 716 179,00 87 829,00 997 986,00 140 065,00 34 820,00 1 103 231,00 Class Cap (B USD) 126,00 426,00 2 157,00 50 343,00 451,00 52 049,00 53 236,00 2 419,00 102 866,00 Class Cap (B) 22 625,00 30 997,00 97 503,00 139 975,00 18 202,00 219 276,00 81 322,00 56 067,00 244 531,00 Class Cap (F USD) 73 750,00 73 750,00 Class Dis (A) 40,00 40,00 TOTAL 469 296,00 1 269 311,00 1 524 418,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (F) 12 572 181,10 21 305 586,55 156 481 770,75 19 524 746,45 35 124 222,10 8 740 467,90 Class Cap (B USD) 28 201,13 94 341,26 11 393 646,46 102 575,37 12 987 011,41 600 781,70 Class Cap (B) 4 352 123,71 6 479 793,17 30 518 576,26 4 057 761,98 19 973 366,63 14 003 035,13 Class Cap (F USD) 19 387 675,00 Class Dis (A) 9 541,20 TOTAL 16 952 505,94 27 879 720,98 198 393 993,47 23 685 083,80 87 481 816,34 23 344 284,73

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (F) 220,62 235,72 263,85 Class Cap (B USD) 219,67 234,68 262,42 Class Cap (B) 103 413 697,91 219,40 298 798 182,52 234,12 401 538 185,59 261,66 Class Cap (F USD) 263,86 Class Dis (A) 261,71 TOTAL 103 413 697,91 298 798 182,52 401 538 185,59

201 DPAM CAPITAL B Equities US Dividend

9.9. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 27/10/2016 10,04% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

202 DPAM CAPITAL B Equities US Dividend

Class Cap (B)

Annual return :

Class Cap (B)

40,00%

31,14% 30,00% 25,82% 24,79% 20,20% 20,00% 18,97% 12,92% 10,43% 10,00% 8,59%

0,00%

-10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 18,97% 18,24% 19,61% 16/05/2008 11,80% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

203 DPAM CAPITAL B Equities US Dividend

Class Cap (B USD)

Annual return :

Class Cap (B USD)

40,00%

30,00%

20,00% 15,62% 10,60% 10,00%

0,00% -0,75% -10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B USD) 15,62% 8,27% 10/12/2013 9,07% (in USD) (in USD) (in USD) (in USD) (in USD)

204 DPAM CAPITAL B Equities US Dividend

Class Cap (F)

Annual return :

Class Cap (F)

40,00%

31,23% 30,00% 24,79% 25,94% 20,30% 20,00% 19,21% 13,00% 10,57% 10,00% 8,65%

0,00%

-10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 19,21% 18,40% 19,74% 16/05/2008 11,91% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

Class Cap (F USD)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F USD) 30/11/2016 2,23% (in USD) (in USD) (in USD) (in USD) (in USD)

205 DPAM CAPITAL B Equities US Dividend

9.10. ONGOING CHARGES

- Class Dis (A) - BE6289210211: 1,05% - Class Cap (B) - BE0947853660: 1,05% - Class Cap (B USD) - BE0947865789: 1,01% - Class Cap (F) - BE0947854676: 0,83% - Class Cap (F USD) - BE0947866795: 0,65%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289210211: 1,432% - Class Cap (B) - BE0947853660: 1,432% - Class Dis (A USD) - BE6289211227: 1,432% - Class Cap (B USD) - BE0947865789: 1,432% - Class Dis (E) - BE6289214254: 0,85% - Class Cap (F) - BE0947854676: 0,85% - Class Dis (E USD) - BE6289215269: 0,85% - Class Cap (F USD) - BE0947866795: 0,85% - Class Cap (P) - BE6289222331: 0,35% - Class Dis (V) - BE6289226373: 0,85% - Class Cap (W) - BE6289227389: 0,85%

9.11. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

9.11.1 Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly.

206 DPAM CAPITAL B Equities US Dividend

The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

9.11.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

9.11.2.1. Global data

9.11.2.1.1.

Not applicable

9.11.2.1.2.

Not applicable

9.11.2.2. Concentration data

9.11.2.2.1 Ten largest collateral issuers

Not applicable

9.11.2.2.2. Top ten counterparties

Not applicable

9.11.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

9.11.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral

207 DPAM CAPITAL B Equities US Dividend

Not applicable

9.11.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions

Not applicable

- Country in which the counterparties are established

Not applicable

- Settlement and clearing All tri-party.

9.11.2.3.4. Data on reuse of colleteral

Not applicable

9.11.2.3.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

Not applicable

9.11.2.3.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

9.11.2.3.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Not applicable

208 DPAM CAPITAL B Equities US Index

10. INFORMATION ABOUT THE COMPARTMENT EQUITIES US INDEX

10.1. MANAGEMENT REPORT

10.1.1. Launch Date of the Compartment and Unit Subscription Price 28 March 1996 at a price of 1 239,47 EUR; share split by 10 on 31 March 2005. 10.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in American equities. The portfolio is indexed geographically and sectorally on the American index of MSCI Inc.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) in American companies, warrants, convertible bonds, subscription rights and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on the American equity market with a view to achieving the investment objective. These contracts (like the S&P 500) enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in American equity risk. This does not significantly modify the risk profile.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 10.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 10.1.4. Index and Benchmark The benchmark of the DPAM CAPITAL B Equities US Index fund is the MSCI Daily Net Total Return USA Euro index. The MSCI Daily Net Total Return USA Euro index, net dividends reinvested, covers the United States and is compiled by MSCI. As of 31 December 2016, the index included 630 positions. The value of the index can be consulted on MSCI’s site, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires its clients to be licensed to access the composition of its indices. 10.1.5. Investment Policy Followed During the Year The fund’s net asset value (B share) as of 31 December was EUR 110.25 and its annual performance for the year 2016 was 13.88% (in EUR). The use of futures on the Standard and Poor’s 500 index supplemented equity positions, enabling full investment in a liquid instrument without disrupting the structure of the portfolio when issuing and redeeming units weekly. The Standard and Poor’s 500 index presents a fairly good correlation with MSCI’s USA index. The results obtained on these futures are therefore close to those that would have been obtained directly in equity.

209 DPAM CAPITAL B Equities US Index

10.1.6. Future Investment Policy The DPAM CAPITAL B Equities US Index fund, which is meant to be representative of the American market, will continue to implement its investment policy based on broad diversification by sector, with the US index published by MSCI as its benchmark. 10.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

210 DPAM CAPITAL B Equities US Index

10.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 575 530 546,97 517 142 803,57

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 574 018 102,05 514 190 712,53 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 572 829 248,77 512 931 409,39 a. Shares 572 829 248,77 512 931 409,39 a.1 Shares 572 829 248,77 512 931 409,39 D. Other transferable securities E. UCI with variable number of shares 1 188 853,28 1 259 303,14 F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -25 193,43 -317 232,40 A. Receivables 787 909,15 796 212,66 a. Receivables 172 712,01 126 584,64 d. Others 615 197,14 669 628,02 B. Payables -813 102,58 -1 113 445,06 a. Payable amounts (-) -48 087,23 -186 348,04 c. Borrowing (-) -5 621,97 -356,27 e. Others (-) -759 393,38 -926 740,75

V. Deposits and liquidity 1 537 638,35 3 269 323,44 A. Demand bank deposits 1 537 638,35 3 269 323,44 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 575 530 546,97 517 142 803,57 A. Capital 509 298 342,29 508 883 373,73 B. Income equalisation -399 388,00 -49 359,00 C. Retained earnings D. Result of the period 66 631 592,68 8 308 788,84

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 1 005 874,72 342 199,86 A. Collatéral (+/-) 1 005 874,72 342 199,86 a. Transferable securities/money market instruments 1 005 874,72 342 199,86 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) 1 166 067,79 1 780 014,73 A. Purchased future contracts 1 166 067,79 1 780 014,73 B. Sold future contracts

211 DPAM CAPITAL B Equities US Index

31 December 2016 31 December 2015 EUR EUR

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 935 518,39 317 409,56

212 DPAM CAPITAL B Equities US Index

10.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 62 702 210,24 5 119 554,78 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 62 799 758,04 4 868 085,19 a. Actions 62 799 758,04 4 868 085,19 D. Other transferable securities E. UCI with variable number of shares -69 097,39 313 446,18 F. Financial derivatives 70 944,26 -29 832,52 l. On financial indexes 70 944,26 -29 832,52 ii. Futures 70 944,26 -29 832,52 G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -99 394,67 -32 144,07 b. Other exchange positions and operations -99 394,67 -32 144,07

II. Investment income and expenses 5 105 095,28 4 820 137,63 A. Dividends 5 697 830,37 5 567 854,62 B. Interest (+/-) 7,05 b. Deposits and liquidity 7,05 C. Interest on loans (-) -6 150,87 -787,96 D. Swap contracts (+/-) E. Withholding tax (-) -586 591,27 -746 929,03 b. Foreign -586 591,27 -746 929,03 F. Other investment income

III. Other income 278 131,58 60 782,84 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 269 024,30 54 482,04 B. Others 9 107,28 6 300,80

IV. Operating expenses -1 453 844,42 -1 691 686,41 A. Investment transaction and delivery costs (-) -113 337,99 -218 552,36 B. Financial expenses (-) -3 076,73 -939,85 C. Custodian’s fee (-) -51 914,49 -63 887,76 D. Manager’s fee (-) -1 115 375,85 -1 323 740,99 a. Financial management -449 416,57 -286 527,34 b. Administration and accounting -250 567,33 -224 111,46 c. Retail Trading, Department Stores fee -415 391,95 -813 102,19 E. Administrative expenses (-) -30 961,86 -5 433,81 F. Incorporation and organisation expenses (-) -231,90 -1 137,44 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -6 161,98 -5 306,27 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -89 066,45 -80 496,06 K. Other expenses (-) -43 545,26 7 808,13

Income and expenditure for the period 3 929 382,44 3 189 234,06 Sub-Total II + III + IV

V. Current profit (loss) before income tax 66 631 592,68 8 308 788,84

VI. Income tax

VII. Result of the period 66 631 592,68 8 308 788,84

10.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares Listed on an official stock exchange

UNITED STATES OF AMERICA

213 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

21ST CENTURY FOX -B- 12 981 USD 27,25 335 370,70 0,06% 0,06% 3M CO 18 500 USD 178,57 3 132 064,47 0,55% 0,54% A.O. SMITH CORP. 6 460 USD 47,35 290 003,32 0,05% 0,05% ABBOTT LABORATORIES 44 238 USD 38,41 1 610 980,40 0,28% 0,28% ABBVIE INC. 48 800 USD 62,62 2 897 232,52 0,50% 0,50% ACTIVISION BLIZZARD INC. 18 181 USD 36,12 622 523,65 0,11% 0,11% ACUITY BRANDS INC. 1 500 USD 230,86 328 314,77 0,06% 0,06% ADOBE SYSTEMS INC. 15 000 USD 102,95 1 464 091,02 0,26% 0,25% ADVANCE AUTO PARTS INC. 2 088 USD 169,12 334 792,66 0,06% 0,06% AES CORP. 16 102 USD 11,62 177 392,97 0,03% 0,03% AETNA INC. 10 507 USD 124,01 1 235 338,30 0,22% 0,21% AFFILIATED MANAGERS GROUP INC. 1 737 USD 145,30 239 285,23 0,04% 0,04% AFLAC INC. 12 689 USD 69,60 837 311,59 0,15% 0,15% AGCO CORP. 3 200 USD 57,86 175 541,12 0,03% 0,03% AGILENT TECHNOLOGIES INC. 9 279 USD 45,56 400 807,05 0,07% 0,07% AGNC INVESTMENT CORP. 12 274 USD 18,13 210 976,65 0,04% 0,04% AIR PRODUCTS & CHEMICALS INC. 6 078 USD 143,82 828 763,18 0,14% 0,14% AKAMAI TECHNOLOGIES INC. 4 757 USD 66,68 300 731,70 0,05% 0,05% ALBEMARLE CORP. 4 150 USD 86,08 338 688,79 0,06% 0,06% ALBERTSON'S HLDG LLC FOR CASA LEY 8 367 USD 0,00 0,00 0,00% 0,00% ALBERTSON'S HLDG LLC FOR PDC 8 367 USD 0,00 0,00 0,00% 0,00% ALEXANDRIA REAL ESTATE EQUIT. INC. 1 630 USD 111,13 171 739,18 0,03% 0,03% ALEXION PHARMACEUTICALS INC. 6 694 USD 122,35 776 497,65 0,14% 0,13% ALIGN TECHNOLOGY INC. 2 000 USD 96,13 182 280,16 0,03% 0,03% ALLEGHANY CORP. DEL 460 USD 608,12 265 214,70 0,05% 0,05% ALLIANCE DATA SYSTEMS CORP. 1 993 USD 228,50 431 761,55 0,08% 0,08% ALLIANT ENERGY CORP. 6 924 USD 37,89 248 732,27 0,04% 0,04% ALLSTATE CORP. 11 700 USD 74,12 822 189,14 0,14% 0,14% ALLY FINANCIAL INC. 14 490 USD 19,02 261 293,96 0,05% 0,05% ALPHABET INC. -A- 8 830 USD 792,45 6 634 115,67 1,16% 1,15% ALPHABET INC. -C- 9 320 USD 771,82 6 819 969,09 1,19% 1,18% ALTRIA GROUP INC. 57 058 USD 67,62 3 657 987,16 0,64% 0,64% AMAZON.COM INC. 12 090 USD 749,87 8 595 333,78 1,50% 1,49% AMERCO 100 USD 369,59 35 040,53 0,01% 0,01% AMEREN CORP. 7 802 USD 52,46 388 047,33 0,07% 0,07% AMERICAN AIRLINES GROUP INC. 5 000 USD 46,69 221 332,07 0,04% 0,04% AMERICAN ELECTRIC POWER CO INC. 13 467 USD 62,96 803 870,41 0,14% 0,14% AMERICAN EXPRESS COMPANY 24 171 USD 74,08 1 697 641,79 0,30% 0,29% AMERICAN INTERNATIONAL GROUP INC. 31 600 USD 65,31 1 956 668,40 0,34% 0,34% AMERICAN TOWER CORP. 12 334 USD 105,68 1 235 797,22 0,22% 0,21% AMERICAN WATER WORKS CO INC. 5 823 USD 72,36 399 480,71 0,07% 0,07% AMERIPRISE FINANCIAL INC. 4 945 USD 110,94 520 121,64 0,09% 0,09% AMERISOURCEBERGEN CORP. 6 327 USD 78,19 469 028,80 0,08% 0,08% AMETEK INC. -NEW- 8 112 USD 48,60 373 778,81 0,07% 0,06% AMGEN INC. 22 400 USD 146,21 3 105 099,79 0,54% 0,54% AMPHENOL CORP. -A- 9 108 USD 67,20 580 286,89 0,10% 0,10% ANADARKO PETROLEUM CORP. 17 789 USD 69,73 1 176 038,84 0,20% 0,20% ANALOG DEVICES INC. 9 128 USD 72,62 628 466,80 0,11% 0,11% ANNALY CAPITAL MANAGEMENT INC. 21 559 USD 9,97 203 785,95 0,04% 0,04% ANSYS INC. 2 116 USD 92,49 185 549,98 0,03% 0,03% ANTERO RESOURCES CORP. 7 870 USD 23,65 176 464,09 0,03% 0,03% ANTHEM INC. 7 702 USD 143,77 1 049 837,91 0,18% 0,18% APACHE CORP. 11 345 USD 63,47 682 689,88 0,12% 0,12% APPLE INC. 161 600 USD 115,82 17 744 974,64 3,09% 3,08% APPLIED MATERIALS 31 312 USD 32,27 957 988,38 0,17% 0,17% ARAMARK 6 000 USD 35,72 203 195,07 0,04% 0,04%

ARCHER-DANIELS MIDLAND COMPANY 18 000 USD 45,65 779 047,17 0,14% 0,14% ARCONIC INC. 21 003 USD 18,54 369 182,86 0,06% 0,06% ARROW ELECTRONICS 2 800 USD 71,30 189 277,08 0,03% 0,03% ARTHUR J.GALLAGHER & CO 5 000 USD 51,96 246 314,29 0,04% 0,04% ASHLAND GLOBAL HLDG INC. 1 808 USD 109,29 187 339,48 0,03% 0,03% ASSURANT INC. 1 796 USD 92,86 158 119,52 0,03% 0,03% AT&T INC. 186 049 USD 42,53 7 501 933,13 1,31% 1,30% ATMOS ENERGY CORP. 3 500 USD 74,15 246 053,57 0,04% 0,04% AUTODESK INC. 6 900 USD 74,01 484 161,18 0,08% 0,08%

214 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

AUTOLIV INC. 2 300 USD 113,14 246 714,39 0,04% 0,04% AUTOMATIC DATA PROCESSING INC. 13 900 USD 102,78 1 354 484,00 0,24% 0,24% AUTONATION INC. 2 300 USD 48,65 106 086,75 0,02% 0,02% AUTOZONE INC. 900 USD 789,79 673 914,20 0,12% 0,12% AVALONBAY COMMUNITIES INC. 4 200 USD 177,15 705 408,86 0,12% 0,12% AVERY DENNISON CORP. 2 400 USD 70,22 159 780,04 0,03% 0,03% AVNET INC. 3 830 USD 47,61 172 881,06 0,03% 0,03% BAKER HUGHES INC. 12 560 USD 64,97 773 665,04 0,13% 0,13% BALL CORP. 5 735 USD 75,07 408 178,67 0,07% 0,07% BANK OF AMERICA CORP. 305 900 USD 22,10 6 409 471,44 1,12% 1,11% BANK OF NEW YORK MELLON CORP. 31 671 USD 47,38 1 422 680,24 0,25% 0,25% BAXTER INTERNATIONAL INC. 15 760 USD 44,34 662 525,15 0,12% 0,12% BB&T CORP. 25 714 USD 47,02 1 146 311,71 0,20% 0,20% BE AEROSPACE INC. 4 472 USD 60,19 255 197,61 0,04% 0,04% BECTON DICKINSON 5 908 USD 165,55 927 299,74 0,16% 0,16% BED BATH & BEYOND INC. 4 950 USD 40,64 190 725,76 0,03% 0,03% BERKSHIRE HATHAWAY INC. -B- 36 420 USD 162,98 5 627 619,44 0,98% 0,98% BEST BUY CO INC. 8 710 USD 42,67 352 363,78 0,06% 0,06% BIOGEN INC. 6 700 USD 283,58 1 801 361,46 0,31% 0,31% BIOMARIN PHARMACEUTICAL INC. 4 948 USD 82,84 388 615,62 0,07% 0,07% BLACKROCK INC. 3 694 USD 380,54 1 332 746,87 0,23% 0,23% BLOCK (H & R) INC. 6 561 USD 22,99 143 007,72 0,02% 0,02% BOEING 18 855 USD 155,68 2 782 978,34 0,48% 0,48% BORGWARNER INC. 7 462 USD 39,44 279 024,68 0,05% 0,05% BOSTON PROPERTIES INC. 4 247 USD 125,78 506 459,03 0,09% 0,09% BOSTON SCIENTIFIC CORP. 38 838 USD 21,63 796 459,77 0,14% 0,14% BRISTOL-MYERS SQUIBB 50 649 USD 58,44 2 806 283,54 0,49% 0,49% BRIXMOR PROPERTY GROUP INC. 11 200 USD 24,42 259 306,94 0,05% 0,05% BROADRIDGE FINANCIAL SOLUTIONS INC. 4 000 USD 66,30 251 433,99 0,04% 0,04% BROWN-FORMAN CORP. 5 722 USD 44,92 243 690,20 0,04% 0,04% C.H. ROBINSON WORLDWIDE INC. 4 400 USD 73,26 305 611,76 0,05% 0,05% CA INC. 10 500 USD 31,77 316 269,26 0,06% 0,05% CABOT OIL & GAS CORP. 12 632 USD 23,36 279 766,31 0,05% 0,05% CADENCE DESIGN SYSTEMS INC. 10 000 USD 25,22 239 108,79 0,04% 0,04% CALPINE CORP. 7 542 USD 11,43 81 730,32 0,01% 0,01% CAMDEN PROPERTY TRUST 2 900 USD 84,07 231 147,67 0,04% 0,04% CAMPBELL SOUP COMPANY 5 458 USD 60,47 312 913,26 0,05% 0,05% CAPITAL ONE FINANCIAL CORP. 13 771 USD 87,24 1 139 020,66 0,20% 0,20% CARDINAL HEALTH INC. 9 809 USD 71,97 669 309,06 0,12% 0,12% CARMAX INC. 6 851 USD 64,39 418 237,39 0,07% 0,07% CATERPILLAR INC. 17 679 USD 92,74 1 554 444,62 0,27% 0,27% CB RICHARD ELLIS GROUP INC. -A- 10 336 USD 31,49 308 585,58 0,05% 0,05% CBS CORP. -B- 13 095 USD 63,62 789 859,11 0,14% 0,14% CDK GLOBAL INC. 4 000 USD 59,69 226 366,44 0,04% 0,04% CDW CORP. (NEW) 5 000 USD 52,09 246 930,55 0,04% 0,04% CELANESE CORP. - SERIES A 4 188 USD 78,74 312 645,76 0,05% 0,05% CELGENE CORP. 22 900 USD 115,75 2 513 083,67 0,44% 0,44% CENTENE CORP. 5 000 USD 56,51 267 883,38 0,05% 0,05% CENTERPOINT ENERGY INC. 13 000 USD 24,64 303 692,82 0,05% 0,05% CENTURYLINK INC. 16 941 USD 23,78 381 945,47 0,07% 0,07% CERNER CORP. 9 029 USD 47,37 405 502,47 0,07% 0,07% CF INDUSTRIES HLDG INC. 7 200 USD 31,48 214 890,73 0,04% 0,04% CHARLES SCHWAB CORP. 33 850 USD 39,48 1 267 028,21 0,22% 0,22% CHARTER COMMUNICATIONS INC. -A- 6 459 USD 287,92 1 763 143,19 0,31% 0,31% CHENIERE ENERGY INC. 5 899 USD 41,47 231 932,63 0,04% 0,04% CHEVRON CORP. 56 371 USD 117,70 6 290 463,81 1,10% 1,09%

CHIPOTLE MEXICAN GRILL INC. -A- 868 USD 377,32 310 513,16 0,05% 0,05% CHURCH & DWIGHT CO INC. 7 612 USD 44,19 318 913,75 0,06% 0,06% CIGNA CORP. 7 379 USD 133,39 933 192,52 0,16% 0,16% CIMAREX ENERGY CO 3 013 USD 135,90 388 212,09 0,07% 0,07% CINCINNATI FINANCIAL CORP. 4 363 USD 75,75 313 341,79 0,05% 0,05% CINTAS CORP. 3 297 USD 115,56 361 224,29 0,06% 0,06% CISCO SYSTEMS INC. 150 753 USD 30,22 4 319 275,34 0,75% 0,75% CIT GROUP INC. 4 120 USD 42,69 166 733,54 0,03% 0,03% CITIGROUP INC. 86 017 USD 59,43 4 846 636,94 0,84% 0,84%

215 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

CITIZENS FINANCIAL GROUP INC. 14 000 USD 35,63 472 927,23 0,08% 0,08% CITRIX SYSTEMS INC. 4 104 USD 89,31 347 502,48 0,06% 0,06% CLOROX CY 3 882 USD 120,02 441 732,77 0,08% 0,08% CME GROUP INC. -A- 10 343 USD 115,35 1 131 135,39 0,20% 0,20% CMS ENERGY CORP. 7 614 USD 41,62 300 445,30 0,05% 0,05% COACH INC. 9 033 USD 35,02 299 915,30 0,05% 0,05% COCA-COLA CO 123 032 USD 41,46 4 836 128,68 0,84% 0,84% COGNIZANT TECHNOLOGY SOLUTIONS CORP. 18 039 USD 56,03 958 260,41 0,17% 0,17% COLGATE-PALMOLIVE CO 25 104 USD 65,44 1 557 530,94 0,27% 0,27% COMCAST -A- 72 542 USD 69,05 4 749 016,45 0,83% 0,83% COMERICA INC. 5 500 USD 68,11 355 159,99 0,06% 0,06% COMPUTER SCIENCES CORP. 4 000 USD 59,42 225 342,50 0,04% 0,04% CONAGRA BRANDS INC. 13 000 USD 39,55 487 461,48 0,08% 0,08% CONCHO RESOURCES INC. 3 806 USD 132,60 478 478,88 0,08% 0,08% CONOCOPHILLIPS 37 911 USD 50,14 1 802 187,76 0,31% 0,31% CONSOLIDATED EDISON INC. 9 212 USD 73,68 643 508,09 0,11% 0,11% CONSTELLATION BRAND -A- 5 100 USD 153,31 741 295,09 0,13% 0,13% CONTINENTAL A.G.RESOURCES INC. 3 000 USD 51,54 146 593,98 0,03% 0,03% COOPER COMPANIES INC. 1 427 USD 174,93 236 667,56 0,04% 0,04% CORNING INC. 27 400 USD 24,27 630 479,26 0,11% 0,11% COSTAR GROUP INC. 1 000 USD 188,49 178 705,85 0,03% 0,03% COSTCO WHOLESALE CORP. 13 000 USD 160,11 1 973 387,06 0,34% 0,34% COTY INC. -A- 15 000 USD 18,31 260 393,46 0,05% 0,05% CR BARD INC. 2 323 USD 224,66 494 795,15 0,09% 0,09% CROWN CASTLE REIT INC. 10 294 USD 86,77 846 845,58 0,15% 0,15% CROWN HLDG INC. 3 500 USD 52,57 174 444,18 0,03% 0,03% CSX CORP. 27 974 USD 35,93 952 932,75 0,17% 0,17% CUMMINS INC. 5 600 USD 136,67 725 624,08 0,13% 0,13% CVS HEALTH CORP. 33 034 USD 78,91 2 471 403,59 0,43% 0,43% D.R. HORTON INC. 10 878 USD 27,33 281 863,70 0,05% 0,05% DANAHER CORP. 18 900 USD 77,84 1 394 810,14 0,24% 0,24% DARDEN RESTAURANTS 3 945 USD 72,72 271 989,00 0,05% 0,05% DAVITA INC. 5 700 USD 64,20 346 944,77 0,06% 0,06% DEERE & CY 9 400 USD 103,04 918 299,12 0,16% 0,16% DELL TECHNOLOGIES INC. -V- 6 406 USD 54,97 333 859,04 0,06% 0,06% DELTA AIR LINES INC. 5 136 USD 49,19 239 525,80 0,04% 0,04% DENTSPLY INTERNATIONAL INC. 7 067 USD 57,73 386 800,58 0,07% 0,07% DEVON ENERGY CORP. 14 628 USD 45,67 633 383,04 0,11% 0,11% DEXCOM INC. 2 500 USD 59,70 141 502,73 0,02% 0,02% DIAMONDBACK ENERGY INC. 2 500 USD 101,06 239 535,43 0,04% 0,04% DICK S SPORTING GOODS INC. 3 200 USD 53,10 161 099,79 0,03% 0,03% DIGITAL REALTY TRUST INC. 4 353 USD 98,26 405 523,38 0,07% 0,07% DISCOVER FINANCIAL SERVICES 10 275 USD 72,09 702 275,18 0,12% 0,12% DISCOVERY COMMUNICATIONS INC. -A- 5 500 USD 27,41 142 929,60 0,02% 0,02% DISCOVERY COMMUNICATIONS INC. -C- 7 964 USD 26,78 202 205,19 0,04% 0,04% DISH NETWORK ECHOSTAR COMMUNIC 6 724 USD 57,93 369 302,03 0,06% 0,06% DOLLAR GENERAL CORP. 8 373 USD 74,07 587 995,36 0,10% 0,10% DOLLAR TREE INC. 5 713 USD 77,18 418 041,56 0,07% 0,07% DOMINION RESOURCES INC. 19 310 USD 76,59 1 402 183,36 0,24% 0,24% DOMINO S PIZZA INC. 1 500 USD 159,24 226 461,25 0,04% 0,04% DOVER CORP. 5 600 USD 74,93 397 826,97 0,07% 0,07% DOW CHEMICAL CO 34 041 USD 57,22 1 846 718,20 0,32% 0,32% DR PEPPER SNAPPLE GROUP INC. 5 617 USD 90,67 482 856,97 0,08% 0,08% DTE ENERGY CO 5 578 USD 98,51 520 965,90 0,09% 0,09% DU PONT DE NEMOURS 26 541 USD 73,40 1 846 986,87 0,32% 0,32% DUKE ENERGY CORP. 20 600 USD 77,62 1 515 972,51 0,26% 0,26%

DUKE REALTY INVESTMENTS INC. 8 673 USD 26,56 218 397,61 0,04% 0,04% DUN & BRADSTREET CORP. 832 USD 121,32 95 698,73 0,02% 0,02% EASTMAN CHEMICAL 4 500 USD 75,21 320 876,99 0,06% 0,06% EATON VANCE CORP. 3 983 USD 41,88 158 149,36 0,03% 0,03% EBAY INC. 31 401 USD 29,69 883 902,05 0,15% 0,15% ECOLAB INC. 8 000 USD 117,22 889 082,72 0,15% 0,15% EDGEWELL PERSONAL CARE CO 2 200 USD 72,99 152 242,71 0,03% 0,03% EDISON INTERNATIONAL 9 653 USD 71,99 658 847,57 0,11% 0,11% EDWARDS LIFESCIENCES CORP. 6 532 USD 93,70 580 278,17 0,10% 0,10%

216 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

ELECTRONIC ARTS 8 915 USD 78,76 665 698,41 0,12% 0,12% ELI LILLY & CO 30 100 USD 73,55 2 098 938,14 0,37% 0,36% EMERSON ELECTRIC CO 20 000 USD 55,75 1 057 122,54 0,18% 0,18% ENTERGY CORP. 5 765 USD 73,47 401 568,67 0,07% 0,07% ENVISION HEALTHCARE CORP. 4 170 USD 63,29 250 219,77 0,04% 0,04% EOG RESOURCES INC. 17 101 USD 101,10 1 639 166,72 0,29% 0,28% EQUIFAX INC. 3 635 USD 118,23 407 457,74 0,07% 0,07% EQUINIX INC. 2 000 USD 357,41 677 715,10 0,12% 0,12% EQUITABLE RESOURCES INC. 6 240 USD 65,40 386 912,54 0,07% 0,07% EQUITY RESIDENTIAL 10 898 USD 64,36 664 987,23 0,12% 0,12% ESSEX PROPERTY TRUST INC. 2 018 USD 232,50 444 830,53 0,08% 0,08% ESTEE LAUDER COMPANIES INC. 6 460 USD 76,49 468 476,32 0,08% 0,08% ETRADE FINANCIAL CORP. 9 000 USD 34,65 295 662,48 0,05% 0,05% EVERSOURCE ENERGY 9 899 USD 55,23 518 342,52 0,09% 0,09% EXELON CORP. 26 673 USD 35,49 897 487,34 0,16% 0,16% EXODUS COMMUNICATIONS INC. 6 400 USD 0,00 0,00 0,00% 0,00% EXPEDIA INC. 3 563 USD 113,28 382 665,69 0,07% 0,07% EXPEDITORS INTERNATIONAL OF WASHINGTON 5 907 USD 52,96 296 596,08 0,05% 0,05% EXPRESS SCRIPTS HLDG CO 19 649 USD 68,79 1 281 492,97 0,22% 0,22% EXTRA SPACE STORAGE INC. 4 780 USD 77,24 350 042,38 0,06% 0,06% EXXON MOBIL CORP. FRN 16 280218 124 900 USD 90,26 10 688 290,12 1,86% 1,86% F5 NETWORKS INC. 1 740 USD 144,72 238 741,69 0,04% 0,04% FACEBOOK INC. -A- 68 630 USD 115,05 7 486 021,81 1,30% 1,30% FASTENAL 12 400 USD 46,98 552 312,87 0,10% 0,10% FEDERAL REALTY INVESTMENT TRUST 2 371 USD 142,11 319 452,77 0,06% 0,06% FEDEX CORP. 6 983 USD 186,20 1 232 741,98 0,21% 0,21% FIDELITY NATIONAL FINANCIAL -A- 7 485 USD 33,96 240 996,07 0,04% 0,04% FIDELITY NATIONAL INFORMATION SERVICES 8 772 USD 75,64 629 072,37 0,11% 0,11% FIFTH THIRD BANCORP 23 534 USD 26,97 601 765,33 0,10% 0,10% FIRST DATA CORP. -A- 8 000 USD 14,19 107 627,40 0,02% 0,02% FIRST REPUBLIC BANK 4 557 USD 92,14 398 086,73 0,07% 0,07% FIRSTENERGY CORP. 12 991 USD 30,97 381 447,04 0,07% 0,07% FISERV INC. 6 900 USD 106,28 695 266,18 0,12% 0,12% FLEETCOR TECHNOLOGIES INC. 3 048 USD 141,52 408 962,28 0,07% 0,07% FLIR SYSTEMS INC. 4 474 USD 36,19 153 509,42 0,03% 0,03% FLOWSERVE CORP. 5 000 USD 48,05 227 779,09 0,04% 0,04% FLUOR CORP. 5 100 USD 52,52 253 948,33 0,04% 0,04% FMC CORP. 3 132 USD 56,56 167 950,62 0,03% 0,03% FMC TECHNOLOGIES INC. 7 530 USD 35,53 253 653,38 0,04% 0,04% FOOT LOCKER INC. 3 800 USD 70,89 255 398,91 0,04% 0,04% FORD MOTOR CO 113 204 USD 12,13 1 301 886,25 0,23% 0,23% FORTINET INC. 5 000 USD 30,12 142 782,65 0,02% 0,02% FORTIVE CORP. 12 800 USD 53,63 650 831,00 0,11% 0,11% FORTUNE BRANDS HOME SECURITY INC. 5 500 USD 53,46 278 767,48 0,05% 0,05% FRANKLIN RESOURCES INC. 11 671 USD 39,58 437 959,88 0,08% 0,08% FREEPORT MCMORAN 36 798 USD 13,19 459 996,80 0,08% 0,08% FRONTIER COMMUNICATIONS CORP. 34 060 USD 3,36 108 501,16 0,02% 0,02% GAP INC. 7 152 USD 22,44 152 160,11 0,03% 0,03% GARTNER INC. -A- 3 000 USD 101,07 287 470,96 0,05% 0,05% GENERAL ELECTRIC 271 359 USD 31,60 8 129 835,89 1,42% 1,41% GENERAL GROWTH PROPERTIES INC. 18 591 USD 24,98 440 296,92 0,08% 0,08% GENERAL MILLS INC. 17 247 USD 61,77 1 010 047,11 0,18% 0,18% GENERAL MOTORS CO 41 000 USD 34,84 1 354 292,49 0,24% 0,24% GENUINE PARTS CO 4 662 USD 95,54 422 287,25 0,07% 0,07% GILEAD SCIENCES INC. 39 020 USD 71,61 2 649 179,62 0,46% 0,46% GLOBAL PAYMENTS INC. 3 780 USD 69,41 248 750,70 0,04% 0,04%

GOLDMAN SACHS GROUP 10 716 USD 239,45 2 432 752,97 0,42% 0,42% GOODYEAR TIRE & RUBBER CO 8 000 USD 30,87 234 140,79 0,04% 0,04% HALLIBURTON 26 114 USD 54,09 1 339 185,84 0,23% 0,23% HANESBRANDS INC. 10 276 USD 21,57 210 147,73 0,04% 0,04% HARLEY DAVIDSON INC. 5 469 USD 58,34 302 499,61 0,05% 0,05% HARMAN INTERNATIONAL INDUSTRIES INC. 2 000 USD 111,16 210 779,81 0,04% 0,04% HARRIS CORP. 3 771 USD 102,47 366 356,36 0,06% 0,06% HASBRO INC. 3 660 USD 77,79 269 932,59 0,05% 0,05% HCA HLDG INC. 9 900 USD 74,02 694 759,90 0,12% 0,12%

217 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

HCP INC. 14 570 USD 29,72 410 543,16 0,07% 0,07% HELMERICH & PAYNE INC. 3 338 USD 77,40 244 950,18 0,04% 0,04% HENRY SCHEIN INC. 2 500 USD 151,71 359 587,58 0,06% 0,06% HESS CORP. 7 881 USD 62,29 465 425,45 0,08% 0,08% HEWLETT-PACKARD ENTERPRISE 46 852 USD 23,14 1 027 878,91 0,18% 0,18% HILTON WORLDWIDE HLDG INC. 15 272 USD 27,20 393 835,89 0,07% 0,07% HOLLYFRONTIER CORP. 5 041 USD 32,76 156 570,90 0,03% 0,03% HOLOGIC INC. 8 064 USD 40,12 306 733,99 0,05% 0,05% HOME DEPOT 36 454 USD 134,08 4 634 038,70 0,81% 0,81% HONEYWELL INTERNATIONAL INC. 23 200 USD 115,85 2 548 205,74 0,44% 0,44% HORMEL FOODS CORP. 9 066 USD 34,81 299 205,94 0,05% 0,05% HOST HOTELS & RESORTS INC. 23 584 USD 18,84 421 258,65 0,07% 0,07% HP INC. 54 552 USD 14,84 767 529,44 0,13% 0,13% HUMANA INC. 4 285 USD 204,03 828 886,99 0,14% 0,14% HUNTINGTON BANCSHARES INC. 29 487 USD 13,22 369 583,45 0,06% 0,06% HUNTINGTON INGALLS INDUSTRIES INC. S 1 500 USD 184,19 261 943,59 0,05% 0,05% IBM INTERNATIONAL BUSINESS MACHINES 27 000 USD 165,99 4 249 092,20 0,74% 0,74% IDEXX LABORATORIES INC. 3 000 USD 117,27 333 548,23 0,06% 0,06% ILLINOIS TOOL WORKS INC. 10 247 USD 122,46 1 189 710,95 0,21% 0,21% ILLUMINA INC. 4 383 USD 128,04 532 068,57 0,09% 0,09% INCYTE CORP. 4 421 USD 100,27 420 283,17 0,07% 0,07% INGREDION INC. 2 400 USD 124,96 284 336,57 0,05% 0,05% INTEL CORP. 143 000 USD 36,27 4 917 383,27 0,86% 0,85% INTERCONTINENTAL A.G.EXCHANGE INC. 18 010 USD 56,42 963 379,19 0,17% 0,17% INTERNATIONAL FLAVORS & FRAGRANCES 2 479 USD 117,83 276 938,20 0,05% 0,05% INTERNATIONAL PAPER COMPANY 12 000 USD 53,06 603 669,12 0,11% 0,10% INTERPUBLIC GROUP 10 924 USD 23,41 242 456,35 0,04% 0,04% INTUIT INC. 7 515 USD 114,61 816 586,06 0,14% 0,14% INTUITIVE SURGICAL INC. 1 110 USD 634,17 667 389,14 0,12% 0,12% IRON MOUNTAIN REIT INC. 9 452 USD 32,48 291 065,14 0,05% 0,05% J.B.HUNT TRANSPORT SERVICES INC. 3 008 USD 97,07 276 830,11 0,05% 0,05% JACOBS ENGINEERING GROUP INC. 6 500 USD 57,00 351 268,07 0,06% 0,06% JM SMUCKER CO 3 574 USD 128,06 433 928,84 0,08% 0,08% JOHNSON & JOHNSON CORP. 81 800 USD 115,21 8 934 987,44 1,56% 1,55% JONES LANG LASALLE INC. 1 500 USD 101,04 143 692,82 0,03% 0,02% JP MORGAN CHASE & CO 108 500 USD 86,29 8 876 477,84 1,55% 1,54% JUNIPER NETWORKS INC. 11 232 USD 28,26 300 939,86 0,05% 0,05% KANSAS CITY SOUTHERN 3 806 USD 84,85 306 175,97 0,05% 0,05% KELLOGG CO 8 055 USD 73,71 562 914,48 0,10% 0,10% KEYCORP 27 710 USD 18,27 479 982,65 0,08% 0,08% KIMBERLY-CLARK CORP. 11 100 USD 114,12 1 200 978,43 0,21% 0,21% KIMCO REALTY CORP. 10 657 USD 25,16 254 212,01 0,04% 0,04% KINDER MORGAN INC. 55 787 USD 20,71 1 095 376,89 0,19% 0,19% KLA-TENCOR CORP. 4 204 USD 78,68 313 601,06 0,05% 0,05% KOHL'S CORP. 5 296 USD 49,38 247 941,67 0,04% 0,04% KROGER CO 26 884 USD 34,51 879 608,29 0,15% 0,15% L BRANDS INC. 7 541 USD 65,84 470 727,13 0,08% 0,08% LABORATORY CORP. OF AMERICA HLDG 2 874 USD 128,38 349 811,92 0,06% 0,06% LAM RESEARCH CORP. 5 138 USD 105,73 515 042,18 0,09% 0,09% LAS VEGAS SANDS CORP. 13 829 USD 53,41 700 267,26 0,12% 0,12% LEAR CORP. 2 000 USD 132,44 251 121,12 0,04% 0,04% LEGGETT & PLATT INC. 4 500 USD 48,88 208 542,31 0,04% 0,04% LENNAR CORP. -A- 5 233 USD 42,93 212 991,41 0,04% 0,04% LEUCADIA NATIONAL CORP. 11 963 USD 23,25 263 702,06 0,05% 0,05% LEVEL 3 COMMUNICATIONS INC. 9 515 USD 56,36 508 428,92 0,09% 0,09% LIBERTY BROADBAND CORP. -C- WI 2 000 USD 74,07 140 450,34 0,02% 0,02%

LIBERTY INTERACTIVE GROUP 14 822 USD 19,98 280 771,33 0,05% 0,05% LIBERTY MEDIA CORP. -A- SIRIUS XM GROUP 3 230 USD 34,52 105 711,87 0,02% 0,02% LIBERTY MEDIA CORP. -C- SIRIUS XM C 6 813 USD 33,92 219 101,17 0,04% 0,04% LIBERTY PROPERTY TRUST 5 905 USD 39,50 221 140,08 0,04% 0,04% LINCOLN NATIONAL CORP. 5 754 USD 66,27 361 524,13 0,06% 0,06% LINEAR TECHNOLOGY CORP. 7 366 USD 62,35 435 430,29 0,08% 0,08% LKQ CORP. 9 515 USD 30,65 276 496,56 0,05% 0,05% LOEWS CORP. 8 644 USD 46,83 383 786,22 0,07% 0,07% LOWE'S COMPANIES INC. 26 396 USD 71,12 1 779 837,42 0,31% 0,31%

218 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

LULULEMON ATHLETICA INC. 3 235 USD 64,95 199 206,68 0,03% 0,03% M&T BANK CORP. 4 493 USD 156,43 666 356,95 0,12% 0,12% MACERICH CO 3 672 USD 70,84 246 621,93 0,04% 0,04% MACQUARIE INFRASTRUCTURE CORP. 2 500 USD 81,70 193 647,78 0,03% 0,03% MACY'S INC. 9 846 USD 35,81 334 283,25 0,06% 0,06% MANPOWER GROUP INC. 2 375 USD 88,87 200 110,22 0,03% 0,03% MARATHON OIL CORP. 30 806 USD 17,31 505 571,80 0,09% 0,09% MARATHON PETROLEUM CORP. 15 522 USD 50,35 740 964,87 0,13% 0,13% MARKEL CORP. 400 USD 904,50 343 019,67 0,06% 0,06% MARRIOT INTERNATIONAL INC. 10 269 USD 82,68 804 968,87 0,14% 0,14% MARSH & MC LENNAN 15 860 USD 67,59 1 016 333,16 0,18% 0,18% MARTIN MARIETTA MATERIALS INC. 1 824 USD 221,53 383 096,20 0,07% 0,07% MASCO CORP. 12 900 USD 31,62 386 724,82 0,07% 0,07% MASTERCARD INC. -A- 29 400 USD 103,25 2 877 980,56 0,50% 0,50% MATTEL INC. 11 133 USD 27,56 290 898,77 0,05% 0,05% MAXIM INTEGRATED PRODUCTS INC. 8 373 USD 38,57 306 183,09 0,05% 0,05% Mc CORMICK 3 609 USD 93,33 319 343,89 0,06% 0,06% MC DONALD'S CORP. 24 800 USD 121,72 2 861 963,50 0,50% 0,50% MCKESSON CORP. 6 702 USD 140,45 892 435,08 0,16% 0,16% MEAD JOHNSON NUTRITION 5 990 USD 70,76 401 851,05 0,07% 0,07% MEDNAX INC. 3 100 USD 66,65 195 875,33 0,03% 0,03% MERCADOLIBRE INC. 1 200 USD 156,14 177 642,10 0,03% 0,03% MERCK & CO INC. -NEW- 83 545 USD 58,87 4 662 995,16 0,81% 0,81% METLIFE INC. 27 664 USD 53,89 1 413 427,79 0,25% 0,25% METTLER TOLEDO INTERNATIONAL INC. 800 USD 418,56 317 466,70 0,06% 0,06% MGM RESORTS INTERNATIONAL 12 369 USD 28,83 338 087,95 0,06% 0,06% MICROCHIP TECHNOLOGY INC. 6 204 USD 64,15 377 327,90 0,07% 0,07% MICRON TECHNOLOGY 30 291 USD 21,92 629 512,89 0,11% 0,11% MICROSOFT CORP. 222 400 USD 62,14 13 102 570,28 2,28% 2,28% MID-AMERICA APARTMENT COMMUNITIES 3 800 USD 97,92 352 781,23 0,06% 0,06% MIDDLEBY CORP. 2 000 USD 128,81 244 247,45 0,04% 0,04% MOHAWK INDUSTRIES INC. 2 083 USD 199,68 394 343,15 0,07% 0,07% MOLSON COORS BREWING -B- 5 800 USD 97,31 535 101,21 0,09% 0,09% MONDELEZ INTL 47 040 USD 44,33 1 977 040,25 0,34% 0,34% MONSANTO NEW CO 13 251 USD 105,21 1 321 770,76 0,23% 0,23% MONSTER BEVERAGE CORP. 13 416 USD 44,34 563 987,14 0,10% 0,10% MOODY'S CORP. 5 105 USD 94,27 456 267,69 0,08% 0,08% MORGAN STANLEY 44 000 USD 42,25 1 762 502,96 0,31% 0,31% MOSAIC CO 10 681 USD 29,34 297 062,94 0,05% 0,05% MOTOROLA SOLUTION 4 438 USD 82,89 348 770,63 0,06% 0,06% MSCI INC. 2 300 USD 78,78 171 788,58 0,03% 0,03% MURPHY OIL CORP. 4 377 USD 31,13 129 183,23 0,02% 0,02% NASDAQ INC. 3 773 USD 67,12 240 098,37 0,04% 0,04% NATIONAL RETAIL PROPERTIES INC. 4 000 USD 44,20 167 622,66 0,03% 0,03% NATIONAL-OILWELL VARCO 12 840 USD 37,44 455 775,87 0,08% 0,08% NAVIENT CORP. 12 000 USD 16,43 186 925,81 0,03% 0,03% NETFLIX INC. 12 400 USD 123,82 1 455 670,06 0,25% 0,25% NETWORK APPLIANCE INC. 8 400 USD 35,29 281 048,59 0,05% 0,05% NEW NEWSCORP INC -A- 13 711 USD 11,47 149 036,85 0,03% 0,03% NEW YORK COMMUNITY BANCORP INC. 14 613 USD 15,91 220 424,58 0,04% 0,04% NEWELL BRANDS INC. 12 546 USD 44,65 531 101,11 0,09% 0,09% NEWFIELD EXPLORATION CO 4 500 USD 40,50 172 789,76 0,03% 0,03% NEWMONT MINING CORP. 16 063 USD 34,07 518 858,89 0,09% 0,09% NEXTERA ENERGY INC. 13 700 USD 119,49 1 552 037,57 0,27% 0,27% NIKE INC. -B- 40 742 USD 50,83 1 963 418,69 0,34% 0,34% NISOURCE INC. 10 000 USD 22,14 209 907,56 0,04% 0,04%

NOBLE ENERGY INC. 12 299 USD 38,06 443 801,79 0,08% 0,08% NORDSTROM INC. 4 510 USD 47,93 204 943,64 0,04% 0,04% NORFOLK SOUTHERN CORP. 8 923 USD 108,07 914 253,24 0,16% 0,16% NORTHERN TRUST CORP. 6 067 USD 89,05 512 222,19 0,09% 0,09% NORTHROP GRUMMAN CORP. 5 400 USD 232,70 1 191 353,40 0,21% 0,21% NUANCE COMMUNICATIONS INC. 5 842 USD 14,90 82 527,42 0,01% 0,01% NUCOR CORP. 8 575 USD 59,52 483 890,97 0,08% 0,08% NVIDIA CORP. 17 055 USD 106,74 1 725 954,68 0,30% 0,30% O REILLY AUTOMOTIVE INC. 2 854 USD 278,41 753 336,94 0,13% 0,13%

219 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

OCCIDENTAL PETROLEUM 22 385 USD 71,23 1 511 717,04 0,26% 0,26% OGE ENERGY CORP. HLDG CO 4 700 USD 33,45 149 054,28 0,03% 0,03% OMNICOM GROUP INC. 6 178 USD 85,11 498 515,84 0,09% 0,09% ONEOK NEW 4 884 USD 57,41 265 835,92 0,05% 0,05% ORACLE CORP. 91 100 USD 38,45 3 320 971,79 0,58% 0,58% PACCAR INC. 11 500 USD 63,90 696 705,38 0,12% 0,12% PACKAGING CORP. OF AMERICA 3 200 USD 84,82 257 334,91 0,04% 0,04% PALO ALTO NETWORKS INC. 3 019 USD 125,05 357 929,32 0,06% 0,06% PARKER-HANNIFINANCE CORP. 4 500 USD 140,00 597 297,94 0,10% 0,10% PARSLEY ENERGY INC -A- 4 000 USD 35,24 133 643,04 0,02% 0,02% PATTERSON COMPANIES INC. 3 200 USD 41,03 124 480,68 0,02% 0,02% PAYCHEX INC. 8 739 USD 60,88 504 413,67 0,09% 0,09% PAYPAL HLDG INC. 31 401 USD 39,47 1 175 062,78 0,20% 0,20% PEOPLE'S UNITED FINANCIAL INC. 6 571 USD 19,36 120 611,10 0,02% 0,02% PEPSICO INC. 43 058 USD 104,63 4 271 304,61 0,74% 0,74% PFIZER INC. 181 100 USD 32,48 5 576 798,29 0,97% 0,97% PG & E CORP. HLDG CO 15 379 USD 60,77 886 069,52 0,15% 0,15% PHILIP MORRIS INTERNATIONAL INC. 45 861 USD 91,49 3 978 025,97 0,69% 0,69% PHILLIPS 66 14 019 USD 86,42 1 148 632,93 0,20% 0,20% PINNACLE WEST CAPITAL CORP. 3 527 USD 78,03 260 926,11 0,05% 0,05% PIONEER NATURAL RESOURCES CO 5 000 USD 180,07 853 614,60 0,15% 0,15% PLAINS GROUP HOLDINGS LP -REG- 1 915 USD 34,68 62 964,87 0,01% 0,01% PNC FINANCIAL SERVICES GROUP 14 866 USD 116,96 1 648 473,44 0,29% 0,29% POLARIS INDUSTRIES INC. 2 093 USD 82,39 163 491,13 0,03% 0,03% PPG INDUSTRIES INC. 7 694 USD 94,76 691 238,15 0,12% 0,12% PPL CORP. 19 792 USD 34,05 638 935,86 0,11% 0,11% PRAXAIR INC. 8 744 USD 117,19 971 518,71 0,17% 0,17% PRICELINE GROUP INC. 1 446 USD 1 466,06 2 009 881,74 0,35% 0,35% PRINCIPAL FINANCIAL GROUP INC. 8 872 USD 57,86 486 687,76 0,08% 0,08% PROCTER & GAMBLE 75 901 USD 84,08 6 050 491,66 1,05% 1,05% PROGRESSIVE CORP. -OHIO 16 277 USD 35,50 547 839,30 0,10% 0,10% PROLOGIS INC. 17 083 USD 52,79 855 000,30 0,15% 0,15% PRUDENTIAL FINANCIAL INC. 13 399 USD 104,06 1 321 924,57 0,23% 0,23% PUBLIC SERVICE ENTERPRISE GROUP INC. 14 482 USD 43,88 602 484,15 0,10% 0,10% PULTE GROUP INC. 11 418 USD 18,38 198 969,27 0,03% 0,03% PVH CORP. 1 800 USD 90,24 154 000,47 0,03% 0,03% QORVO INC. 4 000 USD 52,73 199 971,56 0,03% 0,03% QUALCOMM 43 200 USD 65,20 2 670 433,75 0,47% 0,46% QUEST DIAGNOSTICS INC. 4 255 USD 91,90 370 736,67 0,06% 0,06% QUINTILES IMS HOLDINGS 4 036 USD 76,05 291 005,26 0,05% 0,05% RALPH LAUREN CORP. 1 790 USD 90,32 153 280,68 0,03% 0,03% RANGE RESOURCES CORP. 4 872 USD 34,36 158 712,42 0,03% 0,03% RAYMOND JAMES FINANCIAL INC. 3 806 USD 69,27 249 956,50 0,04% 0,04% RAYTHEON CO 9 600 USD 142,00 1 292 438,97 0,23% 0,22% REALTY INCOME CORP. REIT 7 700 USD 57,48 419 621,71 0,07% 0,07% RED HAT INC. 5 233 USD 69,70 345 807,16 0,06% 0,06% REGENCY CENTERS CORP. 3 221 USD 68,95 210 559,80 0,04% 0,04% REGENERON PHARMACEUTICALS INC. 2 221 USD 367,09 772 985,91 0,13% 0,13% REGIONS FINANCIAL CORP. 37 284 USD 14,36 507 606,77 0,09% 0,09% REINSURANCE GROUP AMERICA INC. 2 000 USD 125,83 238 596,82 0,04% 0,04% REPUBLIC SERVICES INC. 8 464 USD 57,05 457 806,30 0,08% 0,08% RESMED INC. 4 377 USD 62,05 257 495,00 0,04% 0,04% REYNOLDS AMERICAN INC. 24 726 USD 56,04 1 313 718,93 0,23% 0,23% RITE AID CORP. 29 600 USD 8,24 231 243,42 0,04% 0,04% ROBERT HALF INTERNATIONAL INC. 3 616 USD 48,78 167 232,50 0,03% 0,03% ROCKWELL AUTOMATION INC. 4 498 USD 134,40 573 151,17 0,10% 0,10%

ROCKWELL COLLINS INC. 4 444 USD 92,76 390 827,63 0,07% 0,07% ROPER TECHNOLOGIES INC. 3 359 USD 183,08 583 044,06 0,10% 0,10% ROSS STORES INC. 11 826 USD 65,60 735 516,09 0,13% 0,13% S&P GLOBAL INC. 7 949 USD 107,54 810 462,63 0,14% 0,14% SABRE CORP. 5 000 USD 24,95 118 274,47 0,02% 0,02% SALESFORCE.COM INC. 19 193 USD 68,45 1 245 567,93 0,22% 0,22% SBA COMMUNICATIONS CORP. 3 915 USD 103,26 383 278,41 0,07% 0,07% SCANA CORP. 3 861 USD 73,28 268 247,53 0,05% 0,05% SCRIPPS NETWORKS INTERACTIVE -A- 2 400 USD 71,37 162 396,78 0,03% 0,03%

220 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

SEALED AIR CORP. 6 000 USD 45,34 257 918,94 0,04% 0,04% SEATTLE GENETICS INC. 3 000 USD 52,77 150 092,44 0,03% 0,03% SEI INVESTMENTS CO 3 850 USD 49,36 180 171,60 0,03% 0,03% SEMPRA ENERGY 6 831 USD 100,64 651 786,53 0,11% 0,11% SERVICENOW INC. 4 116 USD 74,34 290 100,44 0,05% 0,05% SHERWIN-WILLIAMS COMPANY 2 450 USD 268,74 624 236,07 0,11% 0,11% SIGNATURE BANK 1 700 USD 150,20 242 085,80 0,04% 0,04% SIMON PROPERTY GROUP INC. 9 167 USD 177,67 1 544 158,23 0,27% 0,27% SIRIUS XM HLDG INC. 55 170 USD 4,45 232 762,74 0,04% 0,04% SKYWORKS SOLUTIONS INC. 5 496 USD 74,66 389 031,87 0,07% 0,07% SL GREEN REALTY CORP. 2 668 USD 107,55 272 048,73 0,05% 0,05% SNAP-ON INC. 2 700 USD 171,27 438 425,22 0,08% 0,08% SOUTHERN CO 30 289 USD 49,19 1 412 577,30 0,25% 0,25% SOUTHWEST AIRLINES 4 113 USD 49,84 194 351,19 0,03% 0,03% SOUTHWESTERN ENERGY CO 13 400 USD 10,82 137 461,96 0,02% 0,02% SPECTRA ENERGY CORP. 21 000 USD 41,09 818 099,08 0,14% 0,14% SPECTRUM BRANDS HOLDINGS INC. 800 USD 122,33 92 784,07 0,02% 0,02% SPLUNK INC. 5 170 USD 51,15 250 718,65 0,04% 0,04% SPRINT CORP. 28 365 USD 8,42 226 435,93 0,04% 0,04% ST JUDE MEDICAL INC. 8 677 USD 80,19 659 690,57 0,11% 0,11% STANLEY BLACK & DECKER INC. 5 000 USD 114,69 543 683,34 0,09% 0,09% STAPLES INC. 17 427 USD 9,05 149 527,71 0,03% 0,03% STARBUCKS CORP. 44 430 USD 55,52 2 338 709,27 0,41% 0,41% STATE STREET CORP. 11 962 USD 77,72 881 428,43 0,15% 0,15% STERICYCLE INC. 2 688 USD 77,04 196 334,22 0,03% 0,03% STRYKER CORP. 9 980 USD 119,81 1 133 637,17 0,20% 0,20% SUNTRUST BANKS INC. 15 629 USD 54,85 812 752,45 0,14% 0,14% SYMANTEC CORP. 15 790 USD 23,89 357 642,19 0,06% 0,06% SYNCHRONY FINANCIAL 25 000 USD 36,27 859 682,39 0,15% 0,15% SYNOPSYS INC. 4 960 USD 58,86 276 791,28 0,05% 0,05% SYSCO CORP. 14 700 USD 55,37 771 689,03 0,13% 0,13% T ROWE PRICE GROUP INC. 7 254 USD 75,26 517 597,57 0,09% 0,09% TARGA RESOURCES CORP. 4 000 USD 56,07 212 638,07 0,04% 0,04% TARGET CORP. 17 043 USD 72,23 1 167 116,27 0,20% 0,20% TD AMERITRADE HLDG CORP. 7 567 USD 43,60 312 795,64 0,05% 0,05% TEGNA INC. 7 000 USD 21,39 141 957,81 0,02% 0,02% TELEFLEX INC. 1 000 USD 161,15 152 785,02 0,03% 0,03% TESLA MOTORS INC. 3 879 USD 213,69 785 876,76 0,14% 0,14% TESORO CORP. 3 600 USD 87,45 298 478,31 0,05% 0,05% TEXAS INSTRUMENTS 30 230 USD 72,97 2 091 380,04 0,36% 0,36% THE HARTFORD FINANCE SERVICES GROUP INC. 12 213 USD 47,65 551 741,60 0,10% 0,10% THE HERSHEY CO 4 424 USD 103,43 433 822,54 0,08% 0,08% THE KRAFT HEINZ CO 18 000 USD 87,32 1 490 173,03 0,26% 0,26% THE WESTERN UNION CO 14 027 USD 21,72 288 851,80 0,05% 0,05% THERMO FISHER SCIENTIFIC INC. 12 570 USD 141,10 1 681 561,51 0,29% 0,29% TIFFANY & CO 3 711 USD 77,43 272 427,33 0,05% 0,05% TIME WARNER INC. 23 900 USD 96,53 2 187 311,69 0,38% 0,38% TJX COS INC. 19 624 USD 75,13 1 397 820,45 0,24% 0,24% T-MOBILE USA INC. 7 705 USD 57,51 420 113,34 0,07% 0,07% TOLL BROTHERS 3 997 USD 31,00 117 475,23 0,02% 0,02% TORCHMARK CORP. 4 000 USD 73,76 279 725,05 0,05% 0,05% TOTAL SYSTEM SERVICES INC. 4 384 USD 49,03 203 790,02 0,04% 0,04% TRACTOR SUPPLY CO 4 300 USD 75,81 309 061,86 0,05% 0,05% TRANSDIGM GROUP INC. 1 927 USD 248,96 454 843,25 0,08% 0,08% TRAVELERS COMPANIES INC. 8 975 USD 122,42 1 041 687,13 0,18% 0,18% TRIMBLE 8 563 USD 30,15 244 773,12 0,04% 0,04%

TRIPADVISOR INC. 3 806 USD 46,35 167 251,10 0,03% 0,03% TWENTY-FIRST CENTURY FOX INC. 33 568 USD 28,04 892 388,45 0,16% 0,16% TWITTER INC. 20 923 USD 16,30 323 341,93 0,06% 0,06% TYSON FOODS INC. -A- 8 189 USD 61,68 478 878,90 0,08% 0,08% UGI CORP. 7 300 USD 46,08 318 922,97 0,06% 0,06% ULTA SALON COSMETICS & FRAGRANCE 1 618 USD 254,94 391 081,22 0,07% 0,07% UNDER ARMOUR INC. -A- 5 835 USD 29,05 160 707,99 0,03% 0,03% UNDER ARMOUR INC. -C- 5 876 USD 25,17 140 221,78 0,02% 0,02% UNION PACIFIC CORP. 24 330 USD 103,68 2 391 594,60 0,42% 0,42%

221 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

UNITED CONTINENTAL A.G.HLD INC. 2 400 USD 72,88 165 832,66 0,03% 0,03% UNITED PARCEL SERV -B- INC. 20 509 USD 114,64 2 229 108,09 0,39% 0,39% UNITED RENTALS INC. 3 300 USD 105,58 330 328,51 0,06% 0,06% UNITED TECHNOLOGIES 24 289 USD 109,62 2 524 351,91 0,44% 0,44% UNITED THERAPEUTICS CORP. 1 100 USD 143,43 149 583,31 0,03% 0,03% UNITEDHEALTH GROUP INC. 27 820 USD 160,04 4 221 201,99 0,74% 0,73% UNIVERSAL HEALTH SERVICES -B- 2 379 USD 106,38 239 941,24 0,04% 0,04% UNUM GROUP 6 934 USD 43,93 288 798,88 0,05% 0,05% US BANCORP (EX-FIRSTAR) 50 891 USD 51,37 2 478 569,02 0,43% 0,43% VALERO ENERGY CORP. 14 175 USD 68,32 918 166,39 0,16% 0,16% VALSPAR CORP. 2 500 USD 103,61 245 579,52 0,04% 0,04% VANTIV INC. -A- 4 000 USD 59,62 226 100,97 0,04% 0,04% VARIAN MEDICAL SYSTEMS INC. 2 729 USD 89,78 232 291,65 0,04% 0,04% VENTAS INC. 10 276 USD 62,52 609 106,92 0,11% 0,11% VEREIT INC. 25 024 USD 8,46 200 713,95 0,03% 0,03% VERISIGN 2 805 USD 76,07 202 300,40 0,04% 0,04% VERISK ANALYTICS INC. 3 751 USD 81,18 288 699,86 0,05% 0,05% VERIZON COMMUNICATIONS INC. 120 900 USD 53,38 6 118 646,12 1,07% 1,06% VERTEX PHARMACEUTIC 7 440 USD 73,67 519 653,76 0,09% 0,09% VF CORP. 9 896 USD 53,35 500 546,67 0,09% 0,09% VIACOM INC. -B- 9 549 USD 35,10 317 771,89 0,06% 0,06% VISA INC. -A- 55 550 USD 78,02 4 109 041,00 0,72% 0,71% VMWARE INC. -A- 2 786 USD 78,73 207 956,18 0,04% 0,04% VORNADO REALTY TRUST 4 523 USD 104,37 447 561,52 0,08% 0,08% VOYA FINANCIAL INC. 6 185 USD 39,22 229 984,07 0,04% 0,04% VULCAN MATERIALS CO. 3 558 USD 125,15 422 169,90 0,07% 0,07% W.R. BERKLEY CORP. 2 291 USD 66,51 144 464,95 0,03% 0,03% W.R. GRACE & CO 2 400 USD 67,64 153 909,46 0,03% 0,03% WABANCO HLDG INC. 3 400 USD 106,15 342 175,87 0,06% 0,06% WALGREENS BOOTS ALLIANCE INC. 27 763 USD 82,76 2 178 398,56 0,38% 0,38% WAL-MART STORES 45 457 USD 69,12 2 978 893,42 0,52% 0,52% WALT DISNEY CO 44 600 USD 104,22 4 406 932,45 0,77% 0,77% WASTE MANAGEMENT INC. 13 267 USD 70,91 891 929,81 0,16% 0,15% WATERS CORP. 2 639 USD 134,39 336 245,75 0,06% 0,06% WEC ENERGY GROUP INC. 9 843 USD 58,65 547 325,86 0,10% 0,10% WELLS FARGO & CO 143 800 USD 55,11 7 513 456,27 1,31% 1,31% WELLTOWER INC. 9 834 USD 66,93 624 024,29 0,11% 0,11% WESTAR ENERGY INC. 5 000 USD 56,35 267 124,91 0,05% 0,05% WESTERN DIGITAL CORP. 8 308 USD 67,95 535 225,03 0,09% 0,09% WESTINGHOUSE AIR BRAKE TECHNO CORP. 3 521 USD 83,02 277 140,00 0,05% 0,05% WESTROCK CO 7 800 USD 50,77 375 450,11 0,07% 0,07% WEYERHAEUSER CO 23 773 USD 30,09 678 198,22 0,12% 0,12% WHIRLPOOL CORP. 2 064 USD 181,77 355 698,77 0,06% 0,06% WHITEWAVE FOODS CO 5 000 USD 55,60 263 569,57 0,05% 0,05% WHOLE FOODS MARKET INC. 11 218 USD 30,76 327 154,00 0,06% 0,06% WILLIAMS COMPANIES 21 311 USD 31,14 629 177,09 0,11% 0,11% WORKDAY INC. -A- 3 400 USD 66,09 213 041,95 0,04% 0,04% WW GRAINGER INC. 2 000 USD 232,25 440 388,72 0,08% 0,08% WYNDHAM WORLDWIDE CORP. 3 806 USD 76,37 275 576,41 0,04% 0,05% WYNN RESORTS LTD 2 055 USD 86,51 168 549,94 0,03% 0,04% XCEL ENERGY INC. 14 087 USD 40,70 543 579,90 0,09% 0,09% XEROX CORP. 29 690 USD 8,73 245 739,46 0,04% 0,04% XILINX INC. 6 927 USD 60,37 396 475,93 0,07% 0,07% XYLEM INC. 6 841 USD 49,52 321 181,63 0,05% 0,06% YAHOO INC. 27 000 USD 38,67 989 893,34 0,17% 0,17% YUM BRANDS INC. 12 608 USD 63,33 757 017,91 0,13% 0,13%

ZAYO GROUP HOLDINGS INC. 4 000 USD 32,86 124 617,21 0,02% 0,02% ZILLOW GROUP INC -C- W/I 3 000 USD 36,47 103 730,74 0,02% 0,02% ZIMMER BIOMET HLDG INC. 5 800 USD 103,20 567 489,93 0,10% 0,10% ZOETIS INC. -A- 13 485 USD 53,53 684 382,13 0,12% 0,12% 543 958 014,13 94,76% 94,50%

IRELAND ACCENTURE PLC -A- 18 525 USD 117,13 2 057 201,47 0,36% 0,36% ALKERMES PLC 4 000 USD 55,58 210 779,81 0,04% 0,04%

222 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

ALLERGAN PLC 11 487 USD 210,01 2 287 162,71 0,40% 0,40% EATON CORP. PUBLIC LTD CO 14 556 USD 67,10 926 008,63 0,16% 0,16% ENDO INTERNATIONAL PLC 7 228 USD 16,47 112 865,76 0,02% 0,02% INGERSOLL-RAND PLC 9 000 USD 75,04 640 303,39 0,11% 0,11% JAZZ PHARMACEUTICALS PLC 1 713 USD 109,03 177 073,61 0,03% 0,03% JOHNSON CONTROLS INTERNATIONAL PLC 28 371 USD 41,19 1 107 941,68 0,19% 0,19% MALLINCKRODT PLC 3 235 USD 49,82 152 801,80 0,03% 0,03% MEDTRONIC PLC 42 532 USD 71,23 2 872 296,15 0,50% 0,50% PENTAIR PLC 6 000 USD 56,07 318 957,10 0,06% 0,06% PERRIGO CO PLC 4 252 USD 83,23 335 524,02 0,06% 0,06% SEAGATE TECHNOLOGY PLC 8 659 USD 38,18 313 439,79 0,05% 0,05% WEATHERFORD INTERNATIONAL PLC 26 207 USD 4,99 123 984,76 0,02% 0,02% WILLIS TOWERS WATSON PLC 4 104 USD 122,28 475 787,74 0,08% 0,08% 12 112 128,42 2,11% 2,11%

CURACAO SCHLUMBERGER 41 390 USD 83,95 3 294 326,14 0,57% 0,57% 3 294 326,14 0,57% 0,57%

BERMUDA ARCH CAPITAL GROUP LTD 3 301 USD 86,29 270 057,63 0,05% 0,05% AXALTA COATING SYSTEMS LTD 6 220 USD 27,20 160 401,99 0,03% 0,03% AXIS CAPITAL HLDG LTD 2 700 USD 65,27 167 081,30 0,03% 0,03% BUNGE LTD 4 630 USD 72,24 317 109,46 0,06% 0,06% EVEREST REINSURANCE GROUP LTD 1 076 USD 216,40 220 759,80 0,04% 0,04% IHS MARKIT LTD 10 901 USD 35,41 365 967,68 0,06% 0,06% INVESCO PLC 11 917 USD 30,34 342 793,82 0,06% 0,05% MARVELL TECHNOLOGY GROUP LTD 12 258 USD 13,87 161 193,14 0,03% 0,03% NORWEGIAN CRUISE LINE HLDG LTD 4 400 USD 42,53 177 418,35 0,03% 0,03% RENAISSANCERE HLDG LTD 1 500 USD 136,22 193 723,63 0,03% 0,03% SIGNET JEWELERS LTD 1 903 USD 94,26 170 065,68 0,03% 0,03% XL GROUP LTD 8 888 USD 37,26 313 976,66 0,05% 0,05% 2 860 549,14 0,50% 0,49%

SWITZERLAND CHUBB LTD 13 876 USD 132,12 1 738 134,27 0,30% 0,30% TECO CONNECTIVITY LTD 11 326 USD 69,28 743 934,85 0,13% 0,13% 2 482 069,12 0,43% 0,43%

SINGAPORE BROADCOM LTD 11 651 USD 176,77 1 952 640,22 0,34% 0,34% FLEX LTD 17 000 USD 14,37 231 609,39 0,04% 0,04% 2 184 249,61 0,38% 0,38%

UNITED KINGDOM AON CORP. 8 070 USD 111,53 853 327,42 0,15% 0,15% LIBERTY GLOBAL PLC -A- 7 747 USD 30,59 224 679,53 0,04% 0,04% LIBERTY GLOBAL PLC -C- 17 800 USD 29,70 501 218,30 0,09% 0,09% LIBERTY GLOBAL PLC LILAC -C- 2 221 USD 21,17 44 577,93 0,01% 0,01% NIELSEN HLDG PLC 10 752 USD 41,95 427 633,47 0,07% 0,07% 2 051 436,65 0,36% 0,36%

THE NETHERLANDS CORE LABORATORIES N.V. 1 500 USD 120,04 170 713,44 0,03% 0,03% LYONDELLBASELL INDUSTRIES N.V. 9 400 USD 85,78 764 476,89 0,13% 0,13% MYLAN N.V. 13 000 USD 38,15 470 206,21 0,08% 0,08%

SENSATA TECHNOLOGIES HLDG N.V. 9 400 USD 38,95 347 124,91 0,06% 0,06% 1 752 521,45 0,30% 0,30%

JERSEY DELPHI AUTOMOTIVE PLC 8 215 USD 67,35 524 560,56 0,09% 0,09% 524 560,56 0,09% 0,09%

PANAMA CARNIVAL CORP. 9 300 USD 52,06 459 026,31 0,08% 0,08%

223 DPAM CAPITAL B Equities US Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

459 026,31 0,08% 0,08%

LIBERIA ROYAL CARIBBEAN CRUISES LTD 5 673 USD 82,04 441 254,25 0,08% 0,08% 441 254,25 0,08% 0,08%

CANADA WASTE CONNECTIONS INC. 4 300 CAD 105,34 320 238,96 0,06% 0,06% 320 238,96 0,06% 0,06%

BRITISH VIRGIN ISLANDS MICHAEL KORS HLDG LTD 5 256 USD 42,98 214 176,71 0,04% 0,04% 214 176,71 0,04% 0,04%

CAYMAN ISLANDS GARMIN LTD 3 800 USD 48,49 174 697,32 0,03% 0,03% 174 697,32 0,03% 0,03%

Total Shares listed on an official stock exchange 572 829 248,77 99,79% 99,52%

UCI with variable number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

UNITED STATES OF AMERICA PUBLIC STORAGE -DIS- 4 370 USD 223,50 925 996,68 0,16% 0,16% UDR INC. 7 600 USD 36,48 262 856,60 0,05% 0,05% 1 188 853,28 0,21% 0,21%

Total UCI with variable number of shares 1 188 853,28 0,21% 0,21%

TOTAL PORTFOLIO 574 018 102,05 100,00% 99,73%

DEPOSITS AND LIQUIDITY 1 537 638,35 0,27%

Demand bank deposits 1 537 638,35 0,27%

OTHER RECEIVABLES AND PAYABLES -25 193,43 0,00%

TOTAL OF NET ASSETS 575 530 546,97 100,00%

224 DPAM CAPITAL B Equities US Index

10.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

UNITED STATES OF AMERICA 94,97% IRELAND 2,11% CURACAO 0,57% BERMUDAS 0,50% SWITZERLAND 0,43% SINGAPORE 0,38% UNITED KINGDOM 0,36% THE NETHERLANDS 0,30% JERSEY 0,09% PANAMA 0,08% LIBERIA 0,08% CANADA 0,06% BRITISH VIRGIN ISLANDS 0,04% CAYMAN ISLANDS 0,03%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

225 DPAM CAPITAL B Equities US Index

10.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

FINANCIAL SERVICES - HOLDINGS 11,05% IT & INTERNET 10,84% BANKS 8,93% PHARMACOLOGY & PERSONAL CARE 7,69% OIL & DERIVED 6,77% INFORMATION, TECHNOLOGY & COPIERS 5,59% TELECOMMUNICATIONS 4,14% RETAIL TRADING, DEPARTMENT STORES 3,95% ENERGY SOURCES 3,62% FOOD & CLEANING MATERIALS 3,48% ELECTRIC & ELECTRONIC COMPONENTS 3,11% INSURANCE COMPANIES 2,45% MISCELLANEOUS CONSUMER GOODS 2,43% BIOTECHNOLOGY 2,42% REAL ESTATE 2,39% MECHANICAL CONSTRUCTION 1,92% AEROSPACE INDUSTRY & DEFENCE 1,91% PUBLISHING & BROADCASTING 1,83% TOBACCO & SPIRITS 1,82% CHEMICAL PRODUCTS 1,82% LEISURES & TOURISM 1,73% HEALTH CARE & SERVICES 1,64% ROAD & RAILWAY TRANSPORTS 1,46% ROAD VEHICLES 1,08% BUILDING MATERIALS 0,83% OTHER SERVICES 0,83% TEXTILE & GARMENTS 0,67% ELECTRIC & ELECTRONIC MATERIALS 0,56% FOREST PRODUCTS & PAPER INDUSTRY 0,50% ASSET & MORTGAGE BACKED SECURITIES 0,43% AIRLIFT 0,41% MISCELLANEOUS 0,33% UTILITIES 0,33% UNIT TRUSTS, UCITS 0,21% PRECIOUS METALS & STONES 0,17% PACKAGING INDUSTRY 0,16% COMMERCIAL & PUBLIC SERVICES 0,16% CONGLOMERATES 0,13% CAPITAL GOODS (MISCELLANEOUS) 0,11% NONFERROUS METALS 0,06% TYRES & RUBBER 0,04%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

226 DPAM CAPITAL B Equities US Index

10.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

UNITED STATES OF AMERICA TESLA MOTORS INC. 2 800 USD 1,05 214,68 573 053,06 UNDER ARMOUR INC. 5 700 USD 1,05 29,23 158 835,98 VMWARE INC. 2 700 USD 1,05 79,11 203 629,35 935 518,39

Total shares lent 935 518,39

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLI 0.25% 10/16/20/EUR/ 49 660 EUR 1,00 103,63 51 461,34 BUNDESREPU 2.25% 09/04/21/EUR/ 449 858 EUR 1,00 114,20 513 729,01 565 190,35

UNITED STATES OF AMERICA US TREAS NTS 2% 08/15/25 7 595 USD 1,05 97,25 7 041,25 7 041,25

FRANCE FRANCE (G 0.25% 07/25/18 /EUR/ 257 062 EUR 1,00 107,97 277 553,98 FRANCE (GO 4.75% 04/25/35/EUR/ 43 233 EUR 1,00 162,59 70 292,91 FRANCE (GOV 2.5% 05/25/30/EUR/ 2 337 EUR 1,00 121,35 2 835,77 FRANCE (GOV 3.5% 04/25/20/EUR/ 5 842 EUR 1,00 115,82 6 766,48 FRANCE (GOVT 0% 05/25/20/EUR/ 14 839 EUR 1,00 101,71 15 093,51 FRANCE (GOVT 4% 04/25/18/EUR/ 56 086 EUR 1,00 108,94 61 100,47 433 643,12

TOTAL COLLATERAL 1 005 874,72

10.8. AMOUNT OF COMMITMENTS RELATED TO FINANCIAL DERIVATIVE POSITIONS

In securities Contract size Ccy Price Valuation (in EUR)

Futures

On financial indexes SP 500 EMINI FUTURE 11,00 USD 2 236,20 1 166 067,79

Total Futures 1 166 067,79

227 DPAM CAPITAL B Equities US Index

10.9. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 40 027 290,56 40 027 290,56 Sales 36 091 328,56 36 091 328,56

Total 1 76 118 619,12 76 118 619,12

Subscriptions 134 021 276,00 134 021 276,00 Redemptions 135 013 856,98 135 013 856,98

Total 2 269 035 132,98 269 035 132,98

Reference average of the total assets 535 644 286,71 535 644 286,71 Rotation rate -36,02% -36,02%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

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10.10. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period Class Cap (B USD) 24 685,00 65 532,00 77 052,00 84 803,00 222 519,00 324 596,00* 26 596,00 66 196,00 284 996,00 Class Cap (F) 41 360,00 39 867,00 143 401,00 48 865,00 34 144,00 158 122,00 57 403,00 119 950,00 95 575,00 Class Cap (F USD) 934,00 4 439,00 4 439,00 4 439,00 Class Cap (P) 2 945,00 5 022,00 12 100,00 562,00 414,00 12 248,00 5 046,00 1 081,00 16 213,00 Class Cap (B) 53 482,00 172 361,00 329 940,00 170 000,00 247 752,00 1 901 888,00* 101 631,00 368 030,00 1 635 489,00 Class Dis (A) 2 250,00 2 250,00 Class Dis (A USD) 13 700,00 13 700,00 TOTAL 566 932,00 2 401 293,00 2 052 662,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (B USD) 12 420 560,77 36 305 995,52 8 139 137,45 20 399 639,44 2 793 437,88 6 714 008,79 Class Cap (F) 20 809 919,20 21 349 818,49 27 226 291,92 19 550 289,41 35 726 894,40 72 917 210,20 Class Cap (F USD) 484 674,15 Class Cap (P) 40 141 988,84 76 031 631,50 9 085 988,68 6 537 792,78 83 243 077,10 18 117 322,18 Class Cap (B) 26 841 469,06 88 668 627,91 16 026 895,26 23 467 442,67 10 638 020,93 37 265 315,81 Class Dis (A) 226 552,50 Class Dis (A USD) 1 393 293,19 TOTAL 100 213 937,87 222 840 747,57 60 478 313,31 69 955 164,30 134 021 276,00 135 013 856,98

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (B USD) 574,41 97,95* 110,71 Class Cap (F) 576,07 589,72 667,17 Class Cap (F USD) 576,31 589,99 667,46 Class Cap (P) 508 138 085,65 15 687,43 510 160 559,57 16 078,65 575 530 546,97 18 206,37 Class Cap (B) 572,51 97,57* 110,25 Class Dis (A) 110,26 Class Dis (A USD) 110,69 TOTAL 508 138 085,65 510 160 559,57 575 530 546,97

* SPLIT by 6 on 31 July 2015

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10.11. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 09/11/2016 7,47% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

Class Dis (A USD)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A USD) 19/10/2016 8,64% (in USD) (in USD) (in USD) (in USD) (in USD)

230 DPAM CAPITAL B Equities US Index

Class Cap (B)

Annual return :

Class Cap (B) MSCI USA Net DTR

40,00% 28,33% 27,71% 30,00% 27,54% 26,10% 25,49% 22,75% 22,32% 20,62% 20,00% 14,21% 13,68% 13,56% 13,10% 12,16% 11,60% 10,00% 4,75% 4,37%

0,00%

-10,00% -4,90% -5,34% -20,00%

-30,00% -36,55%

-40,00% -34,34% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 13,68% 17,40% 18,09% 8,29% 27/03/1996 8,40% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

231 DPAM CAPITAL B Equities US Index

Class Cap (B USD)

Annual return :

Class Cap (B USD) MSCI USA Net DTR 40,00% 31,81% 31,30% 30,00% 26,26% 26,10%

20,00% 15,33% 14,93% 14,77% 14,30% 12,68% 12,06% 10,89% 10,44% 10,00% 1,37% 0,97% 0,68% 0,24% 0,00%

-10,00%

-20,00%

-30,00%

-40,00% -37,58% -37,70% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B USD) 10,44% 7,45% 13,36% 21/11/2007 6,43% (in USD) (in USD) (in USD) (in USD) (in USD)

232 DPAM CAPITAL B Equities US Index

Class Cap (F)

Annual return :

Class Cap (F) MSCI USA Net DTR

40,00% 28,33% 27,76% 30,00% 27,68% 26,10% 25,65% 22,75% 22,32% 20,69% 20,00% 14,21% 13,88% 13,56% 13,17% 12,16% 11,78% 10,00% 4,75% 4,42%

0,00%

-10,00%

-20,00%

-30,00%

-40,00% -34,34% 2007-36,54% 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 13,88% 17,57% 18,24% 14/12/2007 9,84% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

233 DPAM CAPITAL B Equities US Index

Class Cap (F USD)

Annual return :

Class Cap (F USD) MSCI USA Net DTR 40,00% 31,81% 31,36% 30,00% 26,26% 26,00%

20,00% 15,33% 15,00% 14,77% 14,30% 12,68% 12,13% 10,89% 10,58% 10,00% 1,37% 1,04% 0,68% 0,31% 0,00%

-10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F USD) 10,58% 7,54% 13,44% 15/04/2008 7,43% (in USD) (in USD) (in USD) (in USD) (in USD)

234 DPAM CAPITAL B Equities US Index

Class Cap (P)

Annual return :

Class Cap (P) MSCI USA Net DTR

40,00% 28,33% 30,00% 27,83%

20,00% 14,21% 14,05% 12,16% 11,86% 10,00%

0,00%

-10,00%

-20,00%

-30,00%

-40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (P) 14,05% 17,71% 12/04/2013 17,51% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

235 DPAM CAPITAL B Equities US Index

10.12. ONGOING CHARGES

- Class Dis (A) - BE6289146548: 0,71% - Class Cap (B) - BE6278404791: 0,69% - Class Dis (A USD) - BE6289147553: 0,71% - Class Cap (B USD) - BE6278409840: 0,64% - Class Cap (F) - BE0947570744: 0,53% - Class Cap (F USD) - BE0947572765: 0,52% - Class Cap (P) - BE6249811041: 0,35%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289146548: 0,93% - Class Cap (B) - BE6278404791: 0,93% - Class Dis (A USD) - BE6289147553: 0,93% - Class Cap (B USD) - BE6278409840: 0,93% - Class Dis (E) - BE6289150581: 0,598% - Class Cap (F) - BE0947570744: 0,598% - Class Dis (E USD) - BE6289151597: 0,6% - Class Cap (F USD) - BE0947572765: 0,6% - Class Cap (P) - BE6249811041: 0,348%

10.13. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

10.13.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly.

236 DPAM CAPITAL B Equities US Index

The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

10.13.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

10.13.2.1. Global data

10.13.2.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities US Index 0,16 %

10.13.2.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Equities US Index EUR 935 518,39 0,16 %

10.13.2.2. Concentration data

10.13.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 433 643,13

Germany 565 190,35

U.S.A. 7 041,25

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10.13.2.2.2 Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Citigroup Global Markets Limited 935 518,39

10.13.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

10.13.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,00 15-250520 EUR 14 839,46 15 093,51 1 more than 1 year FRANCE OAT 0,25 11-250718 EUR 257 061,54 277 553,98 1 more than 1 year FRANCE OAT 2,50 13-250530 EUR 2 336,92 2 835,77 1 more than 1 year FRANCE OAT 3,50 10-250420 EUR 5 842,31 6 766,48 1 more than 1 year FRANCE OAT 4,00 08-250418 EUR 56 086,15 61 100,47 1 more than 1 year FRANCE OAT 4,75 04-250435 EUR 43 233,08 70 292,91 1 more than 1 year GERMANY 0,25 15-161020 EUR 49 659,61 51 461,35 1 more than 1 year GERMANY 2,25 11-040921 EUR 449 857,70 513 729,01 1 more than 1 year US TREASURY NOTE 2,00 15-150825 USD 7 595,00 7 041,25 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

10.13.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions Security Maturity Currency Quantity Value Valuation in EUR VMWARE INC-CLAS Open USD 2 700,00 79,11 203 629,35 TESLA MOTORS IN Open USD 2 800,00 214,68 573 053,06 UNDER ARMOUR IN Open USD 5 700,00 29,23 158 835,98

238 DPAM CAPITAL B Equities US Index

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 935 518,39

- Settlement and clearing All tri-party.

10.13.2.4. Data on reuse of colleteral

Not applicable

10.13.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

10.13.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

10.13.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return transations securities or raw meterials sell/Sell-buy back Marging lending Swaps DPAM CAPITAL B Equities US Index In In In In % In amount % % % % amount amount amount amount

Total Return N/A N/A 23 905,20 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 2 390,52 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 21 514,68 90,00% N/A N/A N/A N/A N/A N/A Third party costs

239 DPAM CAPITAL B Equities US Index

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return transations securities or raw meterials sell/Sell-buy back Marging lending Swaps DPAM CAPITAL B Equities US Index In In In In % In amount % % % % amount amount amount amount

Handeling costs of the transactions N/A N/A 10 757,34 45,00% N/A N/A N/A N/A N/A N/A (Bank Degroof Petercam Belgium)

Total net return N/A N/A 10 757,34 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 21 514,68EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

240 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11. INFORMATION ABOUT THE COMPARTMENT EQUITIES WORLD EX JAPAN, EUROPE & USA INDEX

11.1. MANAGEMENT REPORT

11.1.1. Launch Date of the Compartment and Unit Subscription Price 19 March 2001 at a price of 100,00 EUR. 11.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective of the compartment is to provide shareholders with as high a global return as possible, with an accent on investments in equities from Pacific Basin countries (ex-Japan), Canada and Israel. The portfolio is indexed geographically and sectorally on the MSCI World ex Japan ex Europe ex USA index of MSCI Inc.

Investment policy

Authorized asset categories Equities (and other transferable securities assimilable to equities) in companies from the Pacific Basin (ex-Japan), Canada and Israel, warrants, convertible bonds, subscription rights and liquid assets.

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Operations involving authorized financial derivatives Future contracts on stock market indices on Pacific Basin, and/or Canadia and/or Israel with a view to achieving the investment objective. These contracts enable the compartment to round off equity positions and be fully invested without upsetting the portfolio structure when issues and redemptions are undertaken. Equity link swaps used for dealing in Pacific Basin, Canadian and Israelian equity risks. This does not significantly modify the risk profile.

Loan of financial instruments The sub-fund intends to use the loan of a financial instrument.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 11.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Banque Degroof Petercam Luxembourg S.A. Rue Eugène Ruppert 12 — 2453 Luxembourg Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 11.1.4. Index and Benchmark The benchmark of the DPAM CAPITAL B Equities World ex Japan, Europe & USA Index fund is the MSCI Daily Net Total Return AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SINGAPORE and ISRAEL index. The fund’s benchmark is a composite index based on the stock market capitalisations of MSCI’s Australia, Canada, Hong Kong, New Zealand, Singapore and Israel indices (all net dividends reinvested).

241 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

As of 31 December 2016, the index included 257 positions. The value of the index can be consulted on MSCI’s site, www.msci.com, under the heading “MSCI Index Performance”. MSCI requires its clients to be licensed to access the composition of its indices. The fund fully replicated the benchmark index via all the stocks making up the benchmark index.

11.1.5. Investment Policy Followed During the Year The fund’s net asset value (B share) as of 31 December was EUR 128.60 and its annual performance for the year 2016 was 15.87% (in EUR).

11.1.6. Future Investment Policy The DPAM CAPITAL B Equities World ex Japan, Europe & USA Index fund will continue to implement its policy of a geographical and sector-based distribution close to the MSCI stock market capitalisations of the countries concerned, namely: Australia, Canada, Hong Kong, New Zealand, Singapore and Israel. 11.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

242 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 77 464 584,95 162 695 620,86

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 77 359 838,00 162 800 658,26 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 76 651 647,66 160 874 052,49 a. Shares 76 651 647,66 160 874 052,49 a.1 Shares 76 651 647,66 160 874 052,49 D. Other transferable securities E. UCI with variable number of shares 708 190,34 1 926 605,77 F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -52 687,65 -436 688,17 A. Receivables 133 471,28 309 191,97 a. Receivables 10 537,29 40 064,70 d. Others 122 933,99 269 127,27 B. Payables -186 158,93 -745 880,14 a. Payable amounts (-) -56 164,43 -395 364,38 c. Borrowing (-) -1 853,47 -1 243,96 e. Others (-) -128 141,03 -349 271,80

V. Deposits and liquidity 157 434,60 331 650,77 A. Demand bank deposits 157 434,60 331 650,77 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 77 464 584,95 162 695 620,86 A. Capital 68 082 601,41 184 159 329,05 B. Income equalisation -918 423,00 87 169,00 C. Retained earnings D. Result of the period 10 300 406,54 -21 550 877,19

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 3 426 485,22 9 371 200,10 A. Collatéral (+/-) 3 426 485,22 9 371 200,10 a. Transferable securities/money market instruments 3 426 485,22 9 371 200,10 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts

243 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

31 December 2016 31 December 2015 EUR EUR B. Sold future contracts

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 3 142 540,11 8 822 519,19

244 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain 9 239 713,17 -24 491 092,22 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 9 320 804,13 -24 526 961,92 a. Shares 9 320 804,13 -24 526 961,92 D. Other transferable securities 24 167,54 2 390,01 E. UCI with variable number of shares 28 806,50 2 911,52 F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions -134 065,00 30 568,17 b. Other exchange positions and operations -134 065,00 30 568,17

II. Investment income and expenses 1 348 428,94 3 505 331,19 A. Dividends 1 235 830,19 2 512 028,96 B. Interest (+/-) 1,47 b. Deposits and liquidity 1,47 C. Interest on loans (-) -4 023,47 -4 671,24 D. Swap contracts (+/-) E. Withholding tax (-) -92 008,44 -92 969,69 b. Foreign -92 008,44 -92 969,69 F. Other investment income 208 629,19 1 090 943,16

III. Other income 134 109,13 119 778,13 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges 124 252,99 57 365,49 B. Autres 9 856,14 62 412,64

IV. Operating expenses -421 844,70 -684 894,29 A. Investment transaction and delivery costs (-) -187 812,06 -101 082,58 B. Financial expenses (-) -173,98 -430,18 C. Custodian’s fee (-) -12 933,88 -28 544,54 D. Manager’s fee (-) -229 189,23 -529 216,88 a. Financial management -96 881,56 -111 650,21 b. Administration and accounting -46 028,37 -90 509,52 c. Retail Trading, Department Stores fee -86 279,30 -327 057,15 E. Administrative expenses (-) -8 182,81 -3 423,51 F. Incorporation and organisation expenses (-) -38,49 -406,10 G. Salaries and wages, social security charges and pensions (-) -171,91 H. Services and various goods (-) -5 157,84 -4 780,43 I. Depreciation and provisions for liabilities and charges (-) J. Taxes 10 066,82 -18 673,39 K. Other expenses (-) 11 748,68 1 663,32

Income and expenditure for the period 1 060 693,37 2 940 215,03 Sub-Total II + III + IV

V. Current profit (loss) before income tax 10 300 406,54 -21 550 877,19

VI. Income tax

VII. Result of the period 10 300 406,54 -21 550 877,19

245 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

CANADA AGNICO EAGLE MINES LTD 6 500 CAD 56,45 259 411,79 0,34% 0,33% AGRIUM INC. 3 983 CAD 134,96 380 038,66 0,49% 0,49% ALIMENTATION COUCHE-TARD INC. 12 150 CAD 60,88 522 953,80 0,68% 0,68% ALTAGAS LTD 5 500 CAD 33,90 131 818,02 0,17% 0,17% ARC RESOURCES LTD 10 000 CAD 23,11 163 385,06 0,21% 0,21% ATCO LTD -I- 2 800 CAD 44,66 88 407,51 0,11% 0,11% BANK OF MONTREAL 18 900 CAD 96,57 1 290 376,47 1,67% 1,67% BANK OF NOVA SCOTIA 35 000 CAD 74,76 1 849 906,32 2,39% 2,39% BARRICK GOLD CORP. 34 333 CAD 21,49 521 627,61 0,67% 0,67% BCE INC. 4 300 CAD 58,03 176 414,15 0,23% 0,23% BLACKBERRY LTD 15 690 CAD 9,24 102 496,09 0,13% 0,13% BOMBARDIER INC. -B- 45 352 CAD 2,16 69 256,83 0,09% 0,09% BROOKFIELD ASSET MANAGEMENT INC. 26 405 CAD 44,30 826 993,88 1,07% 1,07% CAE INC. 6 385 CAD 18,78 84 775,21 0,11% 0,11% CAMECO CORP. 10 990 CAD 14,04 109 088,06 0,14% 0,14% CANADIAN IMPERIAL BANK COMMERCE 11 736 CAD 109,56 909 043,20 1,18% 1,17% CANADIAN NATIONAL RAILWAY CO. 22 200 CAD 90,36 1 418 213,44 1,83% 1,83% CANADIAN NATURAL RESOURCES LTD 32 700 CAD 42,79 989 241,75 1,28% 1,28% CANADIAN PACIFIC RAILWAY LTD 4 400 CAD 191,56 595 895,22 0,77% 0,77% CANADIAN TIRE CORP. LTD 2 050 CAD 139,27 201 847,71 0,26% 0,26% CANADIAN UTILITIES LTD -A- 3 556 CAD 36,19 90 983,52 0,12% 0,12% CCL INDUSTRIES INC. 850 CAD 263,80 158 528,05 0,20% 0,20% CENOVUS ENERGY INC. 24 039 CAD 20,30 345 004,56 0,45% 0,45% CGI GROUP INC. -A- 6 400 CAD 64,44 291 573,40 0,38% 0,38% CI FINANCIAL CORP. 7 000 CAD 28,87 142 875,32 0,18% 0,18% CONSTELLATION SOFTWARE INC. 550 CAD 610,12 237 241,33 0,31% 0,31% CRESCENT POINT ENERGY CORP. 14 795 CAD 18,25 190 893,10 0,25% 0,25% DOLLARAMA INC. 3 200 CAD 98,38 222 571,32 0,29% 0,29% ELDORADO GOLD CORP. 20 600 CAD 4,32 62 916,33 0,08% 0,08% ELEMENT FINANCIAL CORP. 12 700 CAD 12,46 111 875,29 0,14% 0,14% EMERA INC. 2 000 CAD 45,39 64 180,42 0,08% 0,08% EMPIRE CO LTD 3 909 CAD 15,72 43 444,08 0,06% 0,06% ENBRIDGE INC. 27 200 CAD 56,50 1 086 500,05 1,40% 1,40% ENCANA CORP. 29 439 CAD 15,76 328 013,46 0,42% 0,42% FAIRFAX FINANCIAL HLDG LTD 750 CAD 648,50 343 861,57 0,44% 0,44% FINNING INTERNATIONAL 5 500 CAD 26,29 102 227,01 0,13% 0,13% FIRST CAPITAL REALTY INC. 3 100 CAD 20,67 45 301,71 0,07% 0,06% FIRST QUANTUM MINERALS LTD 19 471 CAD 13,35 183 773,09 0,24% 0,24% FORTIS INC. 11 644 CAD 41,46 341 305,98 0,44% 0,44% FRANCO-NEVADA CORP. 4 772 CAD 80,28 270 844,61 0,35% 0,35% GEORGE WESTON LTD 1 700 CAD 113,59 136 521,62 0,18% 0,18% GILDAN ACTIVEWEAR INC. 6 836 CAD 34,09 164 756,08 0,21% 0,21% GOLDCORP INC. 25 731 CAD 18,28 332 541,04 0,43% 0,43% GREAT-WEST LIFECO INC. 8 019 CAD 35,17 199 390,74 0,26% 0,26% H&R REAL ESTATE INVESTMENT TRUST 5 100 CAD 22,37 80 658,21 0,10% 0,10% HUSKY ENERGY INC. 12 053 CAD 16,29 138 812,52 0,18% 0,18% HYDRO ONE LTD 4 900 CAD 23,58 81 686,87 0,11% 0,11% IGM FINANCIAL INC. 3 200 CAD 38,20 86 422,28 0,11% 0,11% IMPERIAL OIL LTD 8 881 CAD 46,71 293 281,14 0,38% 0,38% INDUSTRIAL ALLIANCE INS FINANCE SERV 3 177 CAD 53,39 119 919,42 0,16% 0,15% INTACT FINANCIAL CORP. 3 800 CAD 96,10 258 178,09 0,33% 0,33% INTER PIPELINE LTD 10 700 CAD 29,64 224 220,01 0,29% 0,29% JEAN COUTU GROUP (PJC) INC -A- 3 000 CAD 20,92 44 370,60 0,06% 0,06% KEYERA CORP. 5 900 CAD 40,46 168 768,07 0,22% 0,22% KINROSS GOLD CORP. 38 268 CAD 4,19 113 360,61 0,15% 0,15% LINAMAR CORP. 1 200 CAD 57,69 48 943,41 0,06% 0,06%

246 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

LOBLAW COMPANIES LTD 6 219 CAD 70,84 311 466,62 0,40% 0,40% MAGNA INTERNATIONAL INC. 11 096 CAD 58,30 457 348,65 0,59% 0,59% MANULIFE FINANCIAL CORP. 58 186 CAD 23,91 983 581,79 1,27% 1,27% METHANEX CORP. 2 500 CAD 58,89 104 086,39 0,13% 0,13% METRO INC. 7 141 CAD 40,16 202 752,00 0,26% 0,26% NATIONAL BANK OF CANADA 9 900 CAD 54,53 381 665,67 0,49% 0,49% ONEX CORP. 1 900 CAD 91,38 122 748,77 0,16% 0,16% OPEN TEXT CORP. 3 612 CAD 82,92 211 748,06 0,27% 0,27% PEMBINA PIPELINE CORP. 11 500 CAD 41,96 341 150,27 0,44% 0,44% PEYTO EXPLORATION & DEVELOPMENT COR 4 600 CAD 33,21 108 003,82 0,14% 0,14% POTASH CORP. OF SASKATCHEWAN INC. 24 816 CAD 24,29 426 159,03 0,55% 0,55% POWER CORP.OF CANADA 11 300 CAD 30,05 240 068,58 0,31% 0,31% POWER FINANCIAL CORP. 6 925 CAD 33,56 164 306,27 0,21% 0,21% PRAIRIESKY ROYALTY LTD 5 546 CAD 31,94 125 235,42 0,16% 0,16% RESTAURANT BRANDS INTERNATIONAL INC. 5 976 USD 47,66 270 031,91 0,35% 0,35% RIOCAN REAL ESTATE INVESTMENT TRUST 3 272 CAD 26,63 61 602,29 0,08% 0,08% ROGERS COMMUNICATIONS INC. 11 455 CAD 51,79 419 424,12 0,54% 0,54% ROYAL BANK OF CANADA 43 689 CAD 90,87 2 806 758,41 3,62% 3,62% SAPUTO INC. 7 300 CAD 47,51 245 199,90 0,32% 0,32% SEVEN GENERATIONS ENERGY LTD 6 800 CAD 31,31 150 523,53 0,19% 0,19% SHAW COMMUNICATIONS INC. 12 500 CAD 26,94 238 078,41 0,31% 0,31% SILVER WHEATON CORP. 13 600 CAD 25,94 249 414,26 0,32% 0,32% SMART REAL ESTATE INVESTMENT TRUST 2 100 CAD 32,29 47 940,19 0,06% 0,06% SNC-LAVALIN GROUP INC. 4 524 CAD 57,79 184 836,48 0,24% 0,24% SUN LIFE FINANCIAL INC. 17 938 CAD 51,55 653 755,10 0,85% 0,84% SUNCOR ENERGY INC. 49 054 USD 32,69 1 520 336,82 1,97% 1,96% TECK RESOURCES -B- LTD 15 779 CAD 26,87 299 750,24 0,39% 0,39% TELUS CORP. 5 100 CAD 42,75 154 141,19 0,20% 0,20% THOMSON-REUTERS CORP. 9 605 CAD 58,76 399 017,14 0,52% 0,52% TORONTO DOMINION BANK 54 350 CAD 66,22 2 544 492,21 3,29% 3,28% TOURMALINE OIL CORP. 6 000 CAD 35,91 152 327,76 0,20% 0,20% TRANSCANADA CORP. 25 050 CAD 60,54 1 072 167,27 1,38% 1,39% TURQUOISE HILL RES 30 750 CAD 4,31 93 698,96 0,12% 0,12% VALEANT PHARMACEUTICALS INTERNATIONAL 9 350 CAD 19,47 128 703,38 0,17% 0,17% VERESEN INC. 7 600 CAD 13,11 70 441,51 0,09% 0,09% VERMILION ENERGY INC. 3 250 CAD 56,49 129 797,80 0,17% 0,17% WEST FRASER TIMBER CO.LTD 2 100 CAD 48,01 71 279,30 0,09% 0,09% YAMANA GOLD INC. 27 734 CAD 3,77 73 920,73 0,10% 0,10% 34 064 895,94 44,03% 43,97%

AUSTRALIA AGL ENERGY LTD 19 535 AUD 22,09 296 257,14 0,38% 0,38% ALUMINA LTD 79 105 AUD 1,83 99 383,60 0,13% 0,13% AMCOR LTD 35 774 AUD 14,95 367 171,01 0,47% 0,47% AMP LTD 87 742 AUD 5,04 303 597,20 0,39% 0,39% ANZ BANKING GROUP 85 708 AUD 30,42 1 789 947,38 2,31% 2,31% APA GROUP 36 237 AUD 8,57 213 202,73 0,28% 0,28% ARISTOCRAT LEISURE LTD 18 284 AUD 15,50 194 564,05 0,25% 0,25% ASX LTD 6 061 AUD 49,74 206 971,12 0,27% 0,27% AURIZON HLDG LTD 53 916 AUD 5,05 186 925,58 0,24% 0,24% AUSNET SERVICES STAPLED SEC 42 223 AUD 1,58 45 800,04 0,06% 0,06% BANK OF QUEENSLAND LTD 11 822 AUD 11,87 96 338,83 0,12% 0,12% BENDIGO & ADELAIDE BANK LTD 15 210 AUD 12,71 132 719,42 0,18% 0,17% BHP BILLITON LTD 94 812 AUD 25,06 1 631 188,19 2,11% 2,11% BORAL LTD BLD 28 560 AUD 7,57 148 427,30 0,19% 0,19% BRAMBLES LTD 45 513 AUD 12,40 387 451,05 0,50% 0,50% CALTEX AUSTRALIA LTD 8 247 AUD 30,46 172 458,89 0,22% 0,22% CHALLENGER FINANCIAL SERVICES GROUP LTD 13 087 AUD 11,24 100 987,15 0,13% 0,13% CIMIC GROUP LTD 2 177 AUD 34,94 52 220,50 0,07% 0,07% COCA-COLA AMATIL LTD 17 849 AUD 10,12 124 009,25 0,16% 0,16% COCHLEAR LTD 1 562 AUD 122,55 131 417,75 0,17% 0,17% COMMONWEALTH BANK OF AUSTRALIA 49 783 AUD 82,41 2 816 570,80 3,64% 3,64% COMPUTERSHARE LTD CPU 12 464 AUD 12,46 106 619,14 0,14% 0,14% CROWN LTD 10 500 AUD 11,58 83 475,22 0,11% 0,11%

247 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

CSL LTD 13 363 AUD 100,41 921 171,79 1,19% 1,19% DOMINO'S PIZZA ENTERPRISES LTD 1 636 AUD 64,99 72 994,40 0,09% 0,09% DUET GROUP QUADRUPLE STAPLED SEC 63 762 AUD 2,74 119 942,25 0,16% 0,15% FLIGHT CENTRE 1 258 AUD 31,30 27 032,40 0,03% 0,03% FORTESCUE METALS GROUP 47 823 AUD 5,89 193 380,11 0,25% 0,25% GOODMAN GROUP 55 597 AUD 7,13 272 145,14 0,35% 0,35% GPT GROUP 53 647 AUD 5,03 185 256,36 0,24% 0,24% HARVEY NORMAN HLDG LTD 18 776 AUD 5,14 66 256,10 0,09% 0,09% HEALTHSCOPE LTD 55 234 AUD 2,29 86 836,37 0,11% 0,11% INCITEC PIVOT LTD 44 085 AUD 3,60 108 956,47 0,14% 0,14% INSURANCE AUSTRALIA GROUP LTD 73 844 AUD 5,99 303 669,89 0,39% 0,39% LEND LEASE CORP. LTD 14 610 AUD 14,62 146 641,63 0,19% 0,19% MACQUARIE GROUP LTD 9 168 AUD 87,12 548 342,83 0,71% 0,71% MEDIBANK PRIVATE LTD 81 198 AUD 2,82 157 200,58 0,20% 0,20% MIRVAC GROUP 110 318 AUD 2,13 161 319,06 0,21% 0,21% NATIONAL AUSTRALIA BANK LTD 77 954 AUD 30,67 1 641 390,35 2,12% 2,12% NEWCREST MINING LTD 22 521 AUD 20,25 313 092,30 0,40% 0,40% ORICA LTD 10 423 AUD 17,68 126 512,87 0,16% 0,16% ORIGIN ENERGY LTD 50 086 AUD 6,59 226 600,81 0,29% 0,29% QANTAS AIRWAYS LTD 18 041 AUD 3,33 41 244,36 0,05% 0,05% QBE INSURANCE GROUP LTD 39 620 AUD 12,42 337 828,09 0,44% 0,44% RAMSAY HEALTHCARE LTD RHC 3 806 AUD 68,30 178 463,41 0,23% 0,23% REA GROUP LTD 1 987 AUD 55,23 75 341,21 0,10% 0,10% RIO TINTO LTD 12 076 AUD 59,90 496 603,32 0,64% 0,64% SANTOS LTD 42 416 AUD 4,02 117 061,87 0,15% 0,15% SCENTRE GROUP STAPLED SECURITY 152 502 AUD 4,64 485 795,19 0,63% 0,63% SEEK LTD 10 238 AUD 14,88 104 587,01 0,14% 0,14% SONIC HEALTHCARE LTD 12 481 AUD 21,40 183 367,71 0,24% 0,24% SOUTH32 LTD 160 251 AUD 2,75 302 547,20 0,39% 0,39% STOCKLAND STAPLED SECURITY 73 704 AUD 4,58 231 748,13 0,31% 0,30% SUNCORP GROUP LTD 36 080 AUD 13,52 334 890,57 0,43% 0,43% SYDNEY AIRPORT 34 864 AUD 5,99 143 371,80 0,19% 0,19% TABCORP HLDG LTD TAH 19 889 AUD 4,81 65 677,67 0,08% 0,08% TATTS GROUP LTD 41 254 AUD 4,48 126 883,10 0,16% 0,16% TELSTRA CORP. LTD 124 077 AUD 5,10 434 431,35 0,56% 0,56% TPG TELECOM LTD 10 773 AUD 6,82 50 440,66 0,07% 0,07% TRANSURBAN GROUP-STAPLED SECURITY 60 448 AUD 10,32 428 273,62 0,55% 0,55% TREASURY WINE ESTATES LTD 23 967 AUD 10,68 175 729,48 0,23% 0,23% VICINITY CENTRES 101 027 AUD 2,99 207 380,70 0,27% 0,27% VOCUS GROUP LTD 15 007 AUD 3,87 39 871,68 0,06% 0,05% WESFARMERS LTD 33 206 AUD 42,14 960 662,39 1,24% 1,24% WESTFIELD CORP. -STAPLED UNITS- 57 671 AUD 9,38 371 381,29 0,48% 0,48% WESTPAC BANKING CORP. 97 608 AUD 32,60 2 184 553,62 2,82% 2,82% WOODSIDE PETROLEUM LTD 21 972 AUD 31,16 470 031,25 0,61% 0,61% WOOLWORTHS HLDG LTD 37 384 AUD 24,10 618 532,47 0,80% 0,80% 24 533 144,20 31,71% 31,67%

HONG KONG AIA GROUP LTD 354 600 HKD 43,75 1 897 091,46 2,45% 2,45% BANK OF EAST ASIA LTD 33 010 HKD 29,70 119 887,38 0,15% 0,15% BOC HONG KONG LTD 114 606 HKD 27,75 388 903,47 0,50% 0,50% CATHAY PACIFIC AIRWAYS LTD 25 000 HKD 10,20 31 182,55 0,04% 0,04% CLP HLDG LTD 47 497 HKD 71,25 413 830,53 0,53% 0,53% GALAXY ENTERTAINMENT GROUP LTD 68 000 HKD 33,80 281 058,74 0,36% 0,36% HANG LUNG GROUP LTD 22 000 HKD 27,00 72 637,00 0,10% 0,10% HANG LUNG PROPERTIES LTD 75 169 HKD 16,44 151 116,56 0,20% 0,20% HANG SENG BANK LTD 21 500 HKD 144,30 379 381,61 0,49% 0,49% HENDERSON LAND DEVELOPMENT CO LTD 36 198 HKD 41,25 182 591,27 0,24% 0,24% HK ELECTRIC INVESTMENT 66 500 HKD 6,40 52 044,29 0,07% 0,07% HONG KONG & CHINA GAS CO LTD 220 580 HKD 13,74 370 616,16 0,48% 0,48% HONG KONG EXCH CLEAR 33 891 HKD 183,20 759 243,94 0,98% 0,98% HYSAN DEVELOPMENT CO LTD 15 000 HKD 32,05 58 788,28 0,09% 0,09% MTR CORP. LTD 47 871 HKD 37,70 220 691,36 0,29% 0,28%

248 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

NEW WORLD DEVELOPMENT CO LTD 171 619 HKD 8,20 172 088,04 0,22% 0,22% PC-CUM WARRANT- LTD 93 000 HKD 4,20 47 764,33 0,06% 0,06% POWER ASSETS HLDG LTD 42 900 HKD 68,35 358 564,50 0,46% 0,46% SINO LAND CO LTD 99 600 HKD 11,62 141 526,23 0,18% 0,18% SJM HLDG LTD 65 000 HKD 6,08 48 326,84 0,06% 0,06% SUN HUNG KAI PROPERTIES LTD 43 800 HKD 98,00 524 894,07 0,68% 0,68% SWIRE PACIFIC LTD 16 998 HKD 74,05 153 919,76 0,20% 0,20% SWIRE PROPERTIES LTD 34 400 HKD 21,40 90 020,97 0,12% 0,12% TECHTRONIC INDUSTRIES CO LTD 39 000 HKD 27,80 132 580,88 0,17% 0,17% THE WHARF HLDG LTD 40 758 HKD 51,55 256 928,93 0,33% 0,33% WHEELOCK & CO LTD 22 000 HKD 43,65 117 429,82 0,15% 0,15% 7 423 108,97 9,60% 9,59%

SINGAPORE ASCENDAS REAL ESTATE INVESTMENT TRUST 54 500 SGD 2,27 81 188,48 0,11% 0,11% CAPITAL COMMERCIAL TRUST 55 700 SGD 1,48 54 098,96 0,07% 0,07% CAPITALAND LTD 75 404 SGD 3,02 149 442,24 0,19% 0,19% CITY DEVELOPMENTS LTD 10 800 SGD 8,28 58 684,87 0,08% 0,08% CONMFORTDELGRO CORP. LTD 58 200 SGD 2,47 94 339,15 0,12% 0,12% DBS GROUP HLDG LTD 51 873 SGD 17,34 590 286,01 0,76% 0,76% GLOBAL LOGISTIC PROPERTIES LTD 64 200 SGD 2,20 92 689,33 0,13% 0,13% HUTCHISON PORT HLDG TRUST 159 000 USD 0,44 65 574,78 0,08% 0,08% JARDINE CYCLE & CARRIAGE LTD 3 270 SGD 41,23 88 477,56 0,11% 0,11% KEPPEL CORP. LTD 40 297 SGD 5,79 153 116,96 0,20% 0,20% OVERSEA-CHINESE BANKING CORP. LTD 94 541 SGD 8,92 553 422,84 0,72% 0,71% SATS LTD 20 000 SGD 4,85 63 656,65 0,08% 0,08% SEMBCORP INDUSTRIES LTD 28 300 SGD 2,85 52 930,17 0,07% 0,07% SINGAPORE AIRLINES LTD 16 170 SGD 9,67 102 614,45 0,13% 0,13% SINGAPORE EXCHANGE LTD 23 400 SGD 7,16 109 951,44 0,14% 0,14% SINGAPORE PRESS HLDG LTD - NEW 42 300 SGD 3,53 97 991,21 0,13% 0,13% SINGAPORE TECHNOLOGIES ENGINEERING 50 700 SGD 3,23 107 468,83 0,14% 0,14% SINGAPORE TELECOM-BOARD LOT 1000 233 322 SGD 3,65 558 882,60 0,72% 0,72% STARHUB LTD 18 000 SGD 2,81 33 193,33 0,04% 0,04% SUNTEC REAL ESTATE INVESTMENT TRUST 85 700 SGD 1,65 92 797,61 0,12% 0,12% UNITED OVERSEAS BANK LTD 37 941 SGD 20,40 507 938,31 0,67% 0,67% UOL GROUP LTD 16 100 SGD 5,99 63 288,49 0,08% 0,08% WILMAR INTERNATIONAL LTD 53 478 SGD 3,59 125 991,61 0,16% 0,16% YANGZIJIANG SHIPBUILDING HLDG 93 900 SGD 0,82 50 222,14 0,06% 0,06% 3 948 248,02 5,11% 5,10%

ISRAEL AZRIELI GROUP LTD 1 768 ILS 167,10 72 778,35 0,09% 0,09% BANK HAPOALIM B.M. 27 351 ILS 22,91 154 362,50 0,20% 0,20% BANK LEUMI LE-ISRAEL 37 530 ILS 15,86 146 630,82 0,19% 0,19% BEZEQ ISRAEL TELECOMMUNICATION LTD 67 067 ILS 7,32 120 938,19 0,16% 0,16% CHECK POINT SOFTWARE TECHNOLOGY LTD 3 950 USD 84,46 316 299,60 0,41% 0,41% ELBIT SYSTEMS LTD 600 USD 101,70 57 852,57 0,07% 0,07% FRUTAROM INDUSTRIES LTD 1 000 ILS 197,10 48 554,57 0,06% 0,06% ISRAEL CHEMICALS LTD 13 721 ILS 15,80 53 405,55 0,07% 0,07% MIZRAHI TEFAHOT BANK LTD 6 100 ILS 56,35 84 677,35 0,12% 0,12% NICE SYSTEMS LTD 1 789 ILS 262,60 115 730,70 0,15% 0,15% TARO PHARMACEUTICAL INDUSTRIES LTD 400 USD 105,27 39 922,26 0,05% 0,05% TEVA PHARMACEUTICAL INDUSTRIES LTD 27 000 USD 36,25 927 945,01 1,20% 1,20% 2 139 097,47 2,77% 2,77%

CAYMAN ISLANDS ASM PACIFIC TECHNOLOGY 6 400 HKD 82,15 64 292,31 0,08% 0,08% CHEUNG KONG PROPERTY HLDG LTD 77 178 HKD 47,55 448 761,43 0,58% 0,58% CK HUTCHISON HLDG LTD 79 178 HKD 87,90 851 069,22 1,10% 1,10% HKT LTD STAPLED SECURITY 71 922 HKD 9,51 83 639,95 0,11% 0,11% MELCO CROWN ENTERTAINMENT LTD -ADR- 6 400 USD 15,90 96 477,84 0,12% 0,12% MGM CHINA HLDG LTD 23 300 HKD 16,08 45 815,61 0,06% 0,06% SANDS CHINA LTD REG S 68 200 HKD 33,70 281 051,40 0,37% 0,37% WH GROUP LTD UNITARY 144A -REG- 232 500 HKD 6,27 178 263,32 0,23% 0,23% WYNN MACAU LTD 47 200 HKD 12,34 71 224,37 0,09% 0,09% 2 120 595,45 2,74% 2,74%

249 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

BERMUDA CHEUNG KONG INFRASTRUCTURE HLDG LTD 19 500 HKD 61,70 147 126,62 0,19% 0,19% FIRST PACIFIC CO LTD 66 750 HKD 5,42 44 240,70 0,06% 0,06% HONGKONG LAND HLDG LTD 33 100 USD 6,33 198 647,07 0,26% 0,26% JARDINE MATHESON HLDG LTD 7 400 USD 55,25 387 627,40 0,50% 0,50% KERRY PROPERTIES LTD 13 000 HKD 21,05 33 463,16 0,04% 0,04% LI & FUNG LTD 186 000 HKD 3,41 77 560,18 0,10% 0,10% NWS HLDG LTD 54 010 HKD 12,64 83 481,98 0,11% 0,11% SHANGRI-LA ASIA LTD 40 166 HKD 8,18 40 177,54 0,05% 0,05% YUE YUEN INDUSTRIAL HLDG LTD 15 500 HKD 28,15 53 355,79 0,07% 0,07% 1 065 680,44 1,38% 1,38%

NEW ZEALAND AUCKLAND INTERNATIONAL AIRPORT LTD 25 561 NZD 6,25 105 613,49 0,14% 0,14% CONTACT ENERGY LTD 17 245 NZD 4,66 53 126,43 0,07% 0,07% FLETCHER BUILDING LTD 20 225 NZD 10,60 141 728,09 0,18% 0,18% MERCURY NZ LTD 17 000 NZD 2,96 33 266,12 0,04% 0,04% MERIDIAN ENERGY LTD 42 106 NZD 2,60 72 373,38 0,09% 0,09% RYMAN HEALTHCARE LTD 13 773 NZD 8,11 73 843,28 0,10% 0,10% SPARK NEW ZEALAND LTD 55 900 NZD 3,41 126 016,59 0,16% 0,16% 605 967,38 0,78% 0,78%

IRELAND JAMES HARDIES INDUSTRIE 14 119 AUD 21,97 212 957,87 0,28% 0,27% 212 957,87 0,28% 0,27%

PAPUA NEW GUINEA OIL SEARCH LTD 39 987 AUD 7,17 196 832,89 0,25% 0,25% 196 832,89 0,25% 0,25%

THE NETHERLANDS MOBILEYE N.V. REG. 4 600 USD 38,12 166 249,82 0,21% 0,21% 166 249,82 0,21% 0,21%

ISLE OF MAN GENTING SINGAPORE PLC 187 085 SGD 0,91 111 111,65 0,14% 0,14% 111 111,65 0,14% 0,14%

MAURITIUS GOLDEN AGRI-RESOURCES LTD 225 939 SGD 0,43 63 757,56 0,08% 0,08% 63 757,56 0,08% 0,08%

Total Shares listed on an official stock exchange 76 651 647,66 99,08% 98,95%

UCI with variable number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

HONG KONG LINK REAL ESTATE INVESTMENT TRUST 66 500 HKD 50,40 409 848,80 0,53% 0,53% 409 848,80 0,53% 0,53%

AUSTRALIA DEXUS PROPERTY GROUP -DIS- 28 634 AUD 9,62 189 111,00 0,24% 0,24% 189 111,00 0,24% 0,24%

SINGAPORE CAPITAMALL TRUST -DIS- 88 300 SGD 1,89 109 230,54 0,15% 0,15% 109 230,54 0,15% 0,15%

Total UCI with variable number of shares 708 190,34 0,92% 0,92%

TOTAL PORTFOLIO 77 359 838,00 100,00% 99,87%

250 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

DEPOSITS AND LIQUIDITY 157 434,60 0,20%

Demand bank deposits 157 434,60 0,20%

OTHER RECEIVABLES AND PAYABLES -52 687,65 -0,07%

TOTAL OF NET ASSETS 77 464 584,95 100,00%

251 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

CANADA 44,03% AUSTRALIA 31,95% HONG KONG 10,13% SINGAPORE 5,26% ISRAEL 2,77% CAYMAN ISLANDS 2,74% BERMUDAS 1,38% NEW ZEALAND 0,78% IRELAND 0,28% PAPUA NEW GUINEA 0,25% THE NETHERLANDS 0,21% ISLE OF MAN 0,14% MAURITIUS 0,08%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

252 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

BANKS 28,74% OIL & DERIVED 10,46% REAL ESTATE 7,52% FINANCIAL SERVICES - HOLDINGS 7,15% INSURANCE COMPANIES 6,80% ENERGY SOURCES 4,39% ROAD & RAILWAY TRANSPORTS 3,98% INTERMEDIATE INDUSTRY PRODUCTS 3,78% TELECOMMUNICATIONS 2,82% RETAIL TRADING, DEPARTMENT STORES 2,73% PRECIOUS METALS & STONES 1,96% BUILDING MATERIALS 1,82% PHARMACOLOGY & PERSONAL CARE 1,81% IT & INTERNET 1,72% CHEMICAL PRODUCTS 1,55% LEISURES & TOURISM 1,25% ELECTRIC & ELECTRONIC MATERIALS 1,24% UNIT TRUSTS, UCITS 1,21% BIOTECHNOLOGY 1,19% ROAD VEHICLES 1,10% FOOD & CLEANING MATERIALS 0,98% NONFERROUS METALS 0,92% OTHER SERVICES 0,75% PUBLISHING & BROADCASTING 0,74% HEALTH CARE & SERVICES 0,68% AIRLIFT 0,60% PACKAGING INDUSTRY 0,47% MISCELLANEOUS 0,33% ELECTRIC & ELECTRONIC COMPONENTS 0,24% TOBACCO & SPIRITS 0,23% AEROSPACE INDUSTRY & DEFENCE 0,21% MECHANICAL CONSTRUCTION 0,15% MISCELLANEOUS CONSUMER GOODS 0,14% CONGLOMERATES 0,10% FOREST PRODUCTS & PAPER INDUSTRY 0,09% AGRICULTURE & FISHING 0,08% TEXTILE & GARMENTS 0,07%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

253 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

CANADA CAN IMPERIAL BK 11 600 CAD 1,41 110,40 905 292,92 INTER PIPELINE 10 000 CAD 1,41 29,85 211 011,63 ROGERS COMMUNICATIONS INC 11 300 CAD 1,41 52,33 418 014,40 ROYAL BANK OF CANADA 24 888 CAD 1,41 91,41 1 608 221,16 3 142 540,11

Total shares lent 3 142 540,11

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 041318 635 EUR 1,00 101,58 645,19 BUNDESOBLIGAT 0.25 101620 48 055 EUR 1,00 103,63 49 798,69 BUNDESOBLIGAT 1 101218 28 441 EUR 1,00 103,43 29 416,29 BUNDESREPUB 2.25 090421 518 049 EUR 1,00 114,20 591 602,35 BUNDESREPUB 4.25 070418 12 976 EUR 1,00 109,74 14 239,19 BUNDESREPUB 4.75 070440 8 394 EUR 1,00 188,70 15 839,45 BUNDESREPUB 2.5 081546 10 313 EUR 1,00 143,19 14 767,29 BUNDESREPUB 3.5 070419 103 857 EUR 1,00 112,59 116 934,44 833 242,89

UNITED STATES OF AMERICA US TREAS NTS 2 081525 7 350 USD 1,05 97,25 6 813,75 6 813,75

FRANCE FRANCE GOVT 0.25 072518 248 756 EUR 1,00 107,97 268 586,55 FRANCE GOVT 0 052520 14 360 EUR 1,00 101,71 14 605,86 FRANCE GOVT 0.5 052525 315 960 EUR 1,00 101,42 320 443,27 FRANCE GOVT 0.5 112519 361 893 EUR 1,00 103,22 373 529,93 FRANCE GOVT 1 112518 251 608 EUR 1,00 103,26 259 819,73 FRANCE GOVT 2.5 052530 2 261 EUR 1,00 121,35 2 744,15 FRANCE GOVT 3 042522 106 190 EUR 1,00 119,08 126 454,50 FRANCE GOVT 3.25 102521 110 307 EUR 1,00 117,70 129 825,94 FRANCE GOVT 3.5 042520 5 654 EUR 1,00 115,82 6 547,86 FRANCE GOVT 3.75 042521 125 672 EUR 1,00 120,42 151 329,66 FRANCE GOVT 4 042518 54 274 EUR 1,00 108,94 59 126,39 FRANCE GOVT 4.25 042519 83 429 EUR 1,00 114,26 95 329,49 FRANCE GOVT 4.25 102523 85 621 EUR 1,00 129,40 110 797,25 FRANCE GOVT 4.5 042541 33 418 EUR 1,00 166,74 55 721,01 FRANCE GOVT 4.75 042535 41 836 EUR 1,00 162,59 68 021,83 FRANCE GOVT 5.75 102532 287 190 EUR 1,00 170,00 488 229,18 2 531 112,60

UNITED KINGDOM UK TSY 1.2 1.25 072218 20 547 GBP 0,86 102,41 24 527,98 UNITED KINGGOV OF 2.5 071724 7 180 GBP 0,86 367,87 30 788,00 55 315,98

TOTAL COLLATERAL 3 426 485,22

254 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.8. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 3 774 798,37 3 774 798,37 Sales 75 442 891,22 75 442 891,22

Total 1 79 217 689,59 79 217 689,59

Subscriptions 5 278 912,24 5 278 912,24 Redemptions 77 690 383,85 77 690 383,85

Total 2 82 969 296,09 82 969 296,09

Reference average of the total assets 89 345 253,51 89 345 253,51 Rotation rate -4,20% -4,20%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

255 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.9. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (B) 44 722,00 48 261,00 317 086,00 46 628,00 124 746,00 556 054,00* 9 789,00 348 301,00 217 542,00 Class Cap (F) 99 921,00 70 102,00 505 516,00 24 523,00 205 695,00 324 344,00 16 732,00 150 285,00 190 791,00 Class Dis (A) 170,00 170,00 TOTAL 822 602,00 880 398,00 408 503,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (B) 10 743 825,13 11 587 430,74 5 294 506,80 13 829 235,78 1 218 052,25 41 425 780,39 Class Cap (F) 25 964 142,00 16 261 479,45 5 325 265,37 46 632 956,82 4 040 453,19 36 264 603,46 Class Dis (A) 20 406,80 TOTAL 36 707 967,13 27 848 910,19 10 619 772,17 60 462 192,60 5 278 912,24 77 690 383,85

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (B) 248,05 115,48* 128,60 Class Cap (F) 204 875 957,33 249,69 139 699 903,01 232,73 77 464 584,95 259,27 Class Dis (A) 128,60 TOTAL 204 875 957,33 139 699 903,01 77 464 584,95

* SPLIT by 2 on 31 July 2015

256 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.10. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Dis (A)

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Dis (A) 09/11/2016 5,11% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

257 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Class Cap (B)

Annual return :

Class Cap (B) MSCI Daily Net Total Return Index AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SINGAPORE AND 60,00% ISRAEL 58,79% 59,76% 40,00% 26,32% 25,54% 17,38% 16,78% 16,58% 20,00% 15,87% 14,89% 14,72% 14,22% 13,70% 1,09% 0,58% 0,00%

-20,00% -5,32% -5,99% -10,35% -10,88%

-40,00% -45,54% -60,00% -45,60% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 15,87% 7,55% 7,31% 4,85% 28/03/2001 6,18% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

258 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Class Cap (F)

Annual return :

Class Cap (F) MSCI Daily Net Total Return Index AUSTRALIA, CANADA, HONG KONG, NEW ZEALAND, SINGAPORE AND 60,00% ISRAEL 59,76% 58,93% 40,00% 26,32% 25,63% 16,58% 20,00% 15,97% 14,89% 14,72% 14,35% 13,80% 1,09% 0,69% 0,00%

-20,00% -5,32% -5,89% -10,35% -10,86%

-40,00% -45,58% -60,00% -45,54% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 15,97% 7,67% 7,42% 26/12/2007 3,66% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

259 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.11. ONGOING CHARGES

- Class Dis (A) - BE6289164723: 0,73% - Class Cap (B) - BE6278413883: 0,67% - Class Cap (F) - BE0947574787: 0,57%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289164723: 0,954% - Class Cap (B) - BE6278413883: 0,954% - Class Dis (E) - BE6289165738: 0,622% - Class Cap (F) - BE0947574787: 0,622% - Class Cap (P) - BE6249814078: 0,372%

11.12. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

11.12.1. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed.

260 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

11.12.2. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

11.12.2.1. Global data

11.12.2.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Equities World ex Japan, Europe & USA Index 4,06 %

11.12.2.1.2.

Proportion of assets under Compartiment Currency Lent securities management

DPAM CAPITAL B Equities World ex Japan, Europe & USA Index EUR 3 142 540,12 4,06 %

11.12.2.2. Concentration data

11.12.2.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

France 2 531 112,60

Germany 833 242,90

U.S.A. 6 813,75

United Kingdom 55 315,99

261 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.12.2.2.2 Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Citigroup Global Markets Limited 905 292,92

Credit Suisse Securities (Europe) Ltd 211 011,63

J.P Morgan Securities plc 418 014,40

Morgan Stanley & Co. International 1 608 221,16 PLC

11.12.2.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

11.12.2.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,00 15-250520 EUR 14 360,02 14 605,86 1 more than 1 year FRANCE OAT 0,25 11-250718 EUR 248 756,20 268 586,55 1 more than 1 year FRANCE OAT 0,50 14-250525 EUR 315 959,75 320 443,28 1 more than 1 year FRANCE OAT 0,50 14-251119 EUR 361 893,44 373 529,93 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 251 608,50 259 819,73 1 more than 1 year FRANCE OAT 2,50 13-250530 EUR 2 261,42 2 744,15 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 106 190,41 126 454,50 1 more than 1 year FRANCE OAT 3,25 10-251021 EUR 110 306,92 129 825,94 1 more than 1 year FRANCE OAT 3,50 10-250420 EUR 5 653,55 6 547,86 1 more than 1 year FRANCE OAT 3,75 05-250421 EUR 125 671,57 151 329,66 1 more than 1 year FRANCE OAT 4,00 08-250418 EUR 54 274,08 59 126,40 1 more than 1 year FRANCE OAT 4,25 03-250419 EUR 83 428,60 95 329,48 1 more than 1 year FRANCE OAT 4,25 07-251023 EUR 85 620,67 110 797,25 1 more than 1 year FRANCE OAT 4,50 09-250441 EUR 33 418,43 55 721,01 1 more than 1 year FRANCE OAT 4,75 04-250435 EUR 41 836,27 68 021,83 1 more than 1 year FRANCE OAT 5,75 01-251032 EUR 287 189,62 488 229,18 1 more than 1 year GERMANY 0,25 13-130418 EUR 635,17 645,19 1 more than 1 year GERMANY 0,25 15-161020 EUR 48 055,17 49 798,69 1 more than 1 year GERMANY 1,00 13-121018 EUR 28 440,74 29 416,28 1 more than 1 year GERMANY 2,25 11-040921 EUR 518 049,13 591 602,34 1 more than 1 year GERMANY 2,50 14-150846 EUR 10 312,72 14 767,29 1 more than 1 year GERMANY 3,50 09-040719 EUR 103 856,62 116 934,44 1

262 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year GERMANY 4,25 08-040718 EUR 12 975,75 14 239,19 1 more than 1 year GERMANY 4,75 08-040740 EUR 8 393,76 15 839,46 1 more than 1 year UK TREASURY 1,25 13-220718 GBP 20 547,11 24 527,98 1 more than 1 year UK TREASURY 2,50 86-170724 GBP 7 179,74 30 788,00 1 more than 1 year US TREASURY NOTE 2,00 15-150825 USD 7 349,61 6 813,75 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

11.12.2.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions Security Maturity Currency Quantity Value Valuation in EUR CAN IMPERIAL BK Open CAD 11 600,00 110,40 905 292,92 INTER PIPELINE Open CAD 10 000,00 29,85 211 011,63 ROGERS COMMUNIC Open CAD 11 300,00 52,33 418 014,40 ROYAL BANK OF C Open CAD 24 888,00 91,41 1 608 221,16

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 3 142 540,12

- Settlement and clearing All tri-party.

11.12.2.4. Data on reuse of colleteral

Not applicable

11.12.2.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

Le collatéral est déposé sur des comptes ouverts au nom de Banque Degroof Petercam S.A. auprès du prestataire BBH.

263 DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index

11.12.2.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

11.12.2.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back Marging lending Swaps Equities World ex Japan, Europe & USA Index In In amount % In amount % In amount % In amount % % amount

Total Return N/A N/A 62 488,87 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 6 248,89 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 56 239,98 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions (Bank N/A N/A 28 119,99 45,00% N/A N/A N/A N/A N/A N/A Degroof Petercam Belgium)

Total net return N/A N/A 28 119,99 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 56 239,98 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

264 DPAM CAPITAL B Real Estate EMU Dividend

12. INFORMATION ABOUT THE COMPARTMENT REAL ESTATE EMU DIVIDEND

12.1. MANAGEMENT REPORT

12.1.1. Launch Date of the Compartment and Unit Subscription Price 26 November 2003 at a price of 1 000,00 EUR 12.1.2. Objective and Distinctive Features of the Investment Policy

Objective The objective is to provide investors with as high a global return as possible, with an accent on investments representing the realestate sector in France, the Netherlands, Germany, Austria, Finland, Luxembourg and Belgium and in equities of real estate companies (including real estate investment companies), convertible bonds and warrant bonds issued by real estate companies, and land and real estate certificates (or similar securities).

Investment policy

Authorized asset categories Equities of French, Dutch, German, Austrian, Finnish, Luxembourg and Belgian real estate companies, investment companies investing in real estate, convertible bonds and warrant bonds issued by real estate companies, and land and real estate certificates (or similar securities).

Whilst the portfolio composition is required to respect general rules and limits prescribed by law or by the articles of incorporation, a concentration of risks can still occur in more limited asset categories or economic or geographic sectors.

Social, ethical and environmental aspects Social, ethical and environmental aspects are not taken into consideration in implementing the compartment’s investment policy. 12.1.3. Distributor(s) Banque Degroof Petercam S.A. Rue de l’Industrie 44 — 1040 Brussels Degroof Petercam Asset Management S.A. Rue Guimard 18 – 1040 Brussels 12.1.4. Index and Benchmark Not applicable. 12.1.5. Investment Policy Followed During the Year During the semester, the investment policy in real estate securities hasn’t changed. A good diversification in Belgium, France, Germany and the Netherlands has been maintained. A good diversification in the main sub sectors of the real estate market has also been maintained. 12.1.6. Future Investment Policy In accordance to its investment policy the compartment will remain invested in Belgian, French, Netherlands and German real estate securities. The weight of Belgium will be slowly reduced. The liquidity level should remain subdued and between 0% to 5% of the assets. 12.1.7. Risk Category The synthetic risk indicator gives an indication of the risk associated with the investment in an undertaking for investment or a compartment. It situates this risk on a scale between one (lowest risk) and seven (highest risk).

The current risk catagory is 6.

265 DPAM CAPITAL B Real Estate EMU Dividend

12.2. BALANCE SHEET

31 December 2016 31 December 2015 EUR EUR SECTION 1: BALANCE SHEET

TOTAL NET ASSETS 64 930 744,06 40 271 966,86

I. Fixed assets A. Incorporation and organisation expenses B. Intangible assets C. Tangible assets

II. Transferable securities, money market instruments, UCI and financial derivatives 64 485 806,31 38 915 412,33 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares 63 740 128,51 37 321 739,48 a. Shares 57 781 821,00 33 118 500,70 b. UCI with a fixed number of shares 5 958 307,51 4 203 238,78 D. Other transferable securities E. UCI with variable number of shares 745 677,80 1 593 672,85 F. Financial derivatives

III. Receivables and payables on more than one year A. Receivables B. Payables

IV. Receivables and payables up to a year -1 388 901,08 -45 315,46 A. Receivables 35 798,28 d. Others 35 798,28 B. Payables -1 388 901,08 -81 113,74 a. Payable amounts (-) -1 316 852,80 c. Borrowing (-) -889,51 -852,41 e. Others (-) -71 158,77 -80 261,33

V. Deposits and liquidity 1 833 838,83 1 401 869,99 A. Demand bank deposits 1 833 838,83 1 401 869,99 B. Term bank deposits C. Others

VI. Deferred charges and accrued income A. Expenses carried forward B. Accrued income C. Accrued expenses (-) D. Income carried forward (-)

TOTAL SHAREHOLDERS’ EQUITY 64 930 744,06 40 271 966,86 A. Capital 64 885 004,67 36 437 806,61 B. Income equalisation 176 085,00 -465 983,00 C. Retained earnings D. Result of the period -130 345,61 4 300 143,25

SECTION 2: OFF-BALANCE SHEET

I. Collateral (+/-) 757 305,22 A. Collatéral (+/-) 757 305,22 a. Transferable securities/money market instruments 757 305,22 B. Other collateral (+/-)

II. Underlying securities of the option contracts and warrants (+) A. Purchased option contracts and warrants B. Sold option contracts and warrants

III. Notional amount of futures contracts (+) A. Purchased future contracts

266 DPAM CAPITAL B Real Estate EMU Dividend

31 December 2016 31 December 2015 EUR EUR B. Sold future contracts

IV. Notional amount of the swap contracts (+) A. Purchased swap contracts B. Sold swap contracts

V. Notional amount of other financial derivatives (+) A. Purchased contracts B. Sold contracts

VI. Uncalled amounts on shares

VII. Commitments to resell on account of purchase-repurchase agreements

VIII. Commitments to repurchase on account of purchase-repurchase agreements

IX. Lent financial instruments 638 137,00

267 DPAM CAPITAL B Real Estate EMU Dividend

12.3. INCOME AND EXPENDITURE ACCOUNT

31 December 2016 31 December 2015 EUR EUR SECTION 3: INCOME AND EXPENDITURE ACCOUNT

I. Depreciation, capital loss and capital gain -603 342,26 4 120 113,53 A. Bonds and other debt securities B. Money market instruments C. Shares and other securities similar to shares -594 859,93 4 102 381,16 a. Shares -557 462,34 3 895 855,10 b. UCI with a fixed number of shares -37 397,59 206 526,06 D. Other transferable securities -117 017,34 E. UCI with variable number of shares -8 482,33 134 749,71 F. Financial derivatives G. Receivables, deposits, liquidity and payables H. Foreign exchange positions and transactions

II. Investment income and expenses 670 820,36 365 989,74 A. Dividends 733 907,66 299 515,59 B. Interest (+/-) -39,61 b. Deposits and liquidity -39,61 C. Interest on loans (-) -1 423,63 -1 096,56 D. Swap contracts (+/-) E. Withholding tax (-) -106 918,47 -8 657,80 a. Belgian -37 321,65 11 893,67 b. Foreign -69 596,82 -20 551,47 F. Other investment income 45 254,80 76 268,12

III. Other income 3 298,75 2 532,20 Fee to cover the cost of the acquisition and realisation of assets, A. to discourage redemptions and to cover the delivery charges B. Others 3 298,75 2 532,20

IV. Operating expenses -201 122,46 -188 492,22 A. Investment transaction and delivery costs (-) -61 685,15 -39 635,86 B. Financial expenses (-) -2,30 -2,30 C. Custodian’s fee (-) -9 715,54 -13 659,19 D. Manager’s fee (-) -113 970,52 -128 608,95 a. Financial management -41 795,11 -12 860,91 b. Administration and accounting -20 422,72 -12 860,91 c. Retail Trading, Department Stores fee -51 752,69 -102 887,13 E. Administrative expenses (-) -3 564,92 -8,55 F. Incorporation and organisation expenses (-) -23,81 -117,23 G. Salaries and wages, social security charges and pensions (-) -171,79 H. Services and various goods (-) -4 904,87 -4 780,43 I. Depreciation and provisions for liabilities and charges (-) J. Taxes -143,90 403,73 K. Other expenses (-) -6 939,66 -2 083,44

Income and expenditure for the period 472 996,65 180 029,72 Sub-Total II + III + IV

V. Current profit (loss) before income tax -130 345,61 4 300 143,25

VI. Income tax

VII. Result of the period -130 345,61 4 300 143,25

12.4. COMPOSITION OF THE ASSETS

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

268 DPAM CAPITAL B Real Estate EMU Dividend

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

Shares listed on an official stock exchange

FRANCE ALTAREA 12 413 EUR 185,20 2 298 887,60 3,56% 3,54% ARGAN 25 483 EUR 25,00 637 075,00 0,99% 0,98% FONCIERE DES REGIONS 36 651 EUR 82,94 3 039 833,94 4,71% 4,68% FONCIERE LYONNAISE SOCIETE S.A. 11 006 EUR 48,95 538 743,70 0,84% 0,83% GECINA 11 717 EUR 131,45 1 540 199,65 2,39% 2,37% ICADE S.A. 36 994 EUR 67,79 2 507 823,26 3,89% 3,87% KLEPIERRE 154 984 EUR 37,35 5 787 877,48 8,98% 8,91% MERCIALYS 33 635 EUR 19,25 647 305,58 1,00% 1,00% TERREIS 18 573 EUR 33,03 613 466,19 0,95% 0,94% UNIBAIL RODAMCO SE 28 261 EUR 226,75 6 408 181,75 9,94% 9,87% 24 019 394,15 37,25% 36,99%

GERMANY ALSTRIA OFFICE REIT 145 146 EUR 11,91 1 728 688,86 2,68% 2,66% DEUTSCHE EUROSHOP A.G. 48 871 EUR 38,67 1 889 841,57 2,93% 2,91% DEUTSCHE WOHNEN A.G. 142 203 EUR 29,84 4 243 337,52 6,58% 6,54% LEG IMMOBILIEN A.G. 43 178 EUR 73,80 3 186 536,40 4,94% 4,91% PATRIZIA IMMOBILIEN A.G. 58 257 EUR 15,79 919 586,75 1,43% 1,41% VIB VERMOEGEN A.G. 66 323 EUR 19,67 1 304 573,41 2,02% 2,01% VONOVIA SE 109 325 EUR 30,91 3 378 689,13 5,24% 5,20% 16 651 253,64 25,82% 25,64%

BELGIUM AEDIFICA 18 465 EUR 71,08 1 312 492,20 2,04% 2,02% ASCENCIO 323 EUR 62,65 20 235,95 0,03% 0,03% ATLANTIC CERT 8 EUR 26 300,00 210 400,00 0,33% 0,32% BEFIMMO 32 977 EUR 53,36 1 759 652,72 2,72% 2,71% COFINIMMO -SICAFI- 11 821 EUR 108,65 1 284 351,65 1,99% 1,98% INTERVEST OFFICES 32 523 EUR 23,90 777 299,70 1,21% 1,20% LEASINVEST REAL ESTATE 11 855 EUR 105,50 1 250 702,50 1,94% 1,92% MONTEA SCA 24 749 EUR 46,37 1 147 611,13 1,77% 1,77% QRF 9 585 EUR 26,90 257 788,58 0,40% 0,40% RETAIL ESTATES 25 267 EUR 75,20 1 900 078,40 2,95% 2,93% WAREHOUSES DE PAUW 22 695 EUR 84,89 1 926 578,55 2,99% 2,97% WERELDHAVE BELGIUM 3 178 EUR 107,70 342 270,60 0,53% 0,53% XIOR STUDENT HOUSING N.V. 17 738 EUR 35,67 632 714,46 0,98% 0,97% 12 822 176,44 19,88% 19,75%

LUXEMBOURG ADO PROPERTIES S.A. 51 705 EUR 32,01 1 655 077,05 2,57% 2,55% GRAND CITY PROPERTIES S.A. 40 009 EUR 17,29 691 755,61 1,07% 1,06% 2 346 832,66 3,64% 3,61%

AUSTRIA BUWOG A.G. 58 178 EUR 22,09 1 285 152,02 1,99% 1,98% 1 285 152,02 1,99% 1,98%

CYPRUS AROUNDTOWN PROPERTY HLDG PLC 153 867 EUR 4,27 657 012,09 1,02% 1,01% 657 012,09 1,02% 1,01%

Total Shares listed on an official stock exchange 57 781 821,00 89,60% 88,98%

UCI with a fixed number of shares NOT DIRECTIVE 2009/65/EC - NOT FSMA

269 DPAM CAPITAL B Real Estate EMU Dividend

Quantity as at Price Valuation % % Denomination Ccy 31 December 2016 in ccy (in EUR) Portfolio Net Assets

THE NETHERLANDS EUROCOMMERCIAL PROPERTIES -DIS- 88 726 EUR 36,59 3 246 040,71 5,03% 5,00% WERELDHAVE -DIS- 63 430 EUR 42,76 2 712 266,80 4,21% 4,18% 5 958 307,51 9,24% 9,18%

Total UCI with a fixed number of shares 5 958 307,51 9,24% 9,18%

UCI with variable number of shares NON DIRECTIVE 2009/65/CE - NON FSMA

THE NETHERLANDS VASTNED RETAIL N.V. 20 230 EUR 36,86 745 677,80 1,16% 1,15% 745 677,80 1,16% 1,15%

Total UCI with variable number of shares 745 677,80 1,16% 1,15%

TOTAL PORTFOLIO 64 485 806,31 100,00% 99,31%

DEPOSITS AND LIQUIDITY 1 833 838,83 2,83%

Demand bank deposits 1 833 838,83 2,83%

OTHER RECEIVABLES AND PAYABLES -1 388 901,08 -2,14%

TOTAL OF NET ASSETS 64 930 744,06 100,00%

270 DPAM CAPITAL B Real Estate EMU Dividend

12.5. GEOGRAPHIC ALLOCATION OF INVESTMENTS

By country % Portfolio

FRANCE 37,25% GERMANY 25,82% BELGIUM 19,88% THE NETHERLANDS 10,40% LUXEMBOURG 3,64% AUSTRIA 1,99% CYPRUS 1,02%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

271 DPAM CAPITAL B Real Estate EMU Dividend

12.6. ECONOMIC ALLOCATION OF INVESTMENTS

By sector % Portfolio

REAL ESTATE 92,89% BUILDING MATERIALS 6,58% FINANCIAL SERVICES - HOLDINGS 0,53%

TOTAL 100,00%

These allocations of assets were established on basis of data (gross) used by the entity responsible for the administration and bookkeeping and do not reflect inevitably the economic analysis which directed the assets selection.

272 DPAM CAPITAL B Real Estate EMU Dividend

12.7. COMPOSITION OF SECURITIES LENDING ON 31 DECEMBER 2016

Quantity as at Exchange Price Valuation Denomination Ccy 31 December 2016 Rate in ccy (in EUR)

Shares lent listed on an official stock exchange

CYPRUS AROUNDTOWN PROP 152 300 EUR 1,00 4,19 638 137,00 638 137,00

Total shares lent 638 137,00

COLLATERAL

Bond’s borrowing

GERMANY BUNDESOBLIGAT 0.25 041318 595 EUR 1,00 101,58 604,68 BUNDESOBLIGAT 1 101218 33 207 EUR 1,00 103,43 34 345,73 BUNDESREPUB 2.25 090421 96 589 EUR 1,00 114,20 110 302,37 BUNDESREPUB 3.5 070419 121 260 EUR 1,00 112,59 136 529,78 281 782,56

FRANCE FRANCE GOVT 0.5 112519 339 168 EUR 1,00 103,22 350 073,96 FRANCE GOVT 1 112518 20 240 EUR 1,00 103,26 20 900,13 FRANCE GOVT 3 042522 595 EUR 1,00 119,08 708,88 FRANCE GOVT 4.25 102523 80 244 EUR 1,00 129,40 103 839,69 475 522,66

TOTAL COLLATERAL 757 305,22

273 DPAM CAPITAL B Real Estate EMU Dividend

12.8. CHANGES IN THE COMPOSITION OF THE ASSETS IN EUR

Semester 1 Semester 2 Total Purchases 27 184 902,43 27 184 902,43 Sales 7 983 929,78 7 983 929,78

Total 1 35 168 832,21 35 168 832,21

Subscriptions 18 889 644,24 18 889 644,24 Redemptions 200 050,20 200 050,20

Total 2 19 089 694,44 19 089 694,44

Reference average of the total assets 52 850 354,21 52 850 354,21 Rotation rate 30,42% 30,42%

The portfolio rotation rate is an additional indicator of the size of the transaction costs. This rotation rate is calculated in accordance with the provisions of annex B, Section II, of the Royal Decree of 12 November 2012 on certain public undertakings for collective investment. The rotation rate gives the annual average of the transactions. A figure close to 0% shows that the transactions relating to the securities or the assets with the exception of deposits and liquid assets during a given period, were done exclusively in function of the subscriptions and redemptions. A negative percentage indicates that the subscriptions and redemptions give rise to only few or, as the case may be, no transactions in the portfolio.

A detailed list of the transactions carried out during the financial year can be consulted, free of charge, at Banque Degroof Petercam S.A. with registered office 44 rue de l’Industrie, 1040 Brussels and which provides the financial service.

274 DPAM CAPITAL B Real Estate EMU Dividend

12.9. EVOLUTION OF THE SUBSCRIPTIONS, THE REDEMPTIONS AND THE NET ASSET VALUE

Evolution of the number of shares in circulation 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions End of period Subscriptions Redemptions End of period Subscriptions Redemptions End of period

Class Cap (B) 37,00 87,00 64,00 151,00 183,00 70,00 264,00 Class Cap (I) 2 515,00 3 390,00 13 148,00 4 385,00 2 150,00 15 383,00 6 261,00 21 644,00 Class Cap (F) 7 367,00 7 367,00 TOTAL 20 602,00 15 534,00 21 908,00

Amounts paid and received by the UCI EUR 30 June 2015 30 June 2016 31 December 2016 Class Subscriptions Redemptions Subscriptions Redemptions Subscriptions Redemptions Class Cap (B) 104 028,85 184 362,20 541 124,60 200 050,20 Class Cap (I) 6 496 117,53 8 493 369,90 12 129 396,93 6 194 893,79 18 348 519,64 Class Cap (F) 10 463 497,44 TOTAL 6 496 117,53 8 597 398,75 12 313 759,13 16 658 391,23 18 889 644,24 200 050,20

Net Asset Value EUR 30 June 2015 30 June 2016 31 December 2016 Class of the compartment per share of the compartment per share of the compartment per share Class Cap (B) 2 605,90 2 971,25 2 947,48 Class Cap (I) 44 748 267,43 2 616,23 46 371 495,63 2 985,30 64 930 744,06 2 963,99 Class Cap (F) 1 374,15

TOTAL 44 748 267,43 46 371 495,63 64 930 744,06

275 DPAM CAPITAL B Real Estate EMU Dividend

12.10. PERFORMANCE

These are historical figures which are not a guarantee of future results. These figures do not take into account any restructuring.

Yields are stopped at the end of the financial year.

By annual return, means the absolute yield obtained over a year.

Bar chart with annual return over the past 10 years (in % and calculated in EUR):

Class Cap (B)

Annual return :

Class Cap (B) 40,00% 36,53%

30,00%

18,59% 19,59% 20,00% 14,95% 16,10%

10,00% 7,97% 3,54%

0,00%

-10,00%

-13,71% -20,00% -16,01%

-30,00%

-32,90% -40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (B) 3,54% 12,86% 12,98% 3,46% 11/12/2003 8,67% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

276 DPAM CAPITAL B Real Estate EMU Dividend

Class Cap (F)

Annual return :

Class Cap (F)

40,00% 36,54%

30,00%

18,60% 19,71% 20,00% 14,95% 16,18%

10,00% 8,05% 3,67%

0,00%

-10,00%

-13,66% -20,00%

-30,00%

-32,86% -40,00% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Table of past performance (actuarial returns) :

Average cumulated returns Since 1 year 3 years 5 years 10 years Year Value Class Cap (F) 3,67% 12,97% 13,06% 27/12/2007 6,10% (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)

277 DPAM CAPITAL B Real Estate EMU Dividend

12.11. ONGOING CHARGES

- Class Cap (B) - BE0942186256: 0,66% - Class Cap (F) - BE0947577814: 0,54%

The ongoing charges, calculated in accordance with the provisions of Regulation 583/2010 of the European Commission of 1 July 2010.

These charges include transaction costs borne by the compartment when subscribing and / or selling units in another fund but do not include (i) the costs incurred by the compartment when making investments other than subscriptions / sales of fund shares or, if applicable, (ii) the performance fee.

These fees are based on the expenses charged to the fund accounting for a year before the end of the review period.

In case of change of the in-year cost structure or when the class action is issued during the accounting period, the amount of ongoing charges is calculated on the basis of an estimation based on the expected total annual fees (which could be determined by comparison with a similar class).

Taking in to account a change of fees on 1 October 2016, the estimated ongoing charges are :

- Class Dis (A) - BE6289205161: 0,89% - Class Cap (B) - BE0942186256: 0,89% - Class Dis (E) - BE0947578820: 0,47% - Class Cap (F) - BE0947577814: 0,47%

12.12. NOTES TO THE FINANCIAL STATEMENTS AND OTHER INFORMATION

12.12.1. Gross dividends paid during the fiscal year :

2009/2010 400,00 euro 2010/2011 230,00 euro 2011/2012 nil

2012/2013 117,00 euro 2013/2014 117,00 euro 2014/2015 68,20 euro 2015/2016 nil

12.12.2. Comment concerning the securities lending :

The securities lending programme is governed by an agreement called “Overseas Securities Lender’s Agreement” (OSLA), setting out the lending terms as well as the collateral provided by the borrower to secure the execution of his obligations resulting from these loans. The securities lending programme is installed in the framework of an agency agreement facilitated by Bank Degroof Petercam SA/NV authorizing the appointed agent (hereinafter “the Agent”) to close securities lending contracts (OSLA) with a pre-approved group of borrowers to whom, as the case may be, ownership is transferred. The funds participating to the securities lending programme are remunerated by the realised proceeds of the securities lending activity, net of direct and indirect operational costs, that is after deduction of the remuneration of the manager of the securities lending system (the Agent in collaboration with Bank Degroof Petercam SA/NV) and the remuneration of Bank Degroof Petercam SA/NV in accordance with the contract concludes with the UCIT stating the role and tasks of Bank

278 DPAM CAPITAL B Real Estate EMU Dividend

Degroof Petercam SA/NV in the framework of the administration and the operational monitoring of the securities lending program with the Agent and of the legal and fiscal analysis relating to the securities lending operations. The remuneration is payable monthly. The securities participating to the lending programme are the equities. The borrowers may decide as to the particular securities to be borrowed. All shares of the compartments concerned may be eligible for securities lending, provided that the loans do not affect the management of the portfolio by the manager. To that effect, it has been decided that the securities the manager of the fund intends to sell will not be loaned and that the loaned securities can be recalled if the manager of the fund intends to cash them. In the event of a substantial change of the contents of the portfolio and in the event of a change of the securities lending market, the envelope of securities to be loaned (and the fee) can be reviewed. The obligations of the borrower resulting from securities loans are secured by financial collateral in the form of principally bonds entitled by the regulation and on ancillary basis cash. The cash collateral is not re-invested. The market value of the collateral will represent at least 105% of the market value of the loaned assets of the UCI. The ownership of the financial collateral is transferred to the compartments concerned, in accordance with the terms of the OSLA. Given the collateral, the securities lending programme represents a fairly modest risk.

12.12.3. TRANSPARENCY OF THE SECURITIES FINANCING TRANSACTIONS AND OF REUSE

Conform article 13 and Section A of the Annex of the Regulation (EU) 2015/2365 of the European Parlement and the Council of 25 November 2015, the UCIT (Sicav) has to inform investors on the use they make of securities financing transactions and total return swaps in the annual and half-yearly report. The hereafter provided information is limited to securities lending ; the UCIT does not use any other instrument envisaged by the Regulation.

12.12.3.1. Global data

12.12.3.1.1.

Compartiment Proportion of total lendable assets

DPAM CAPITAL B Real Estate EMU Dividend 0,99 %

12.12.3.1.2.

Compartiment Currency Lent securities Proportion of assets under management

DPAM CAPITAL B Real Estate EMU Dividend EUR 638 137,01 0,98 %

279 DPAM CAPITAL B Real Estate EMU Dividend

12.12.3.2. Concentration data

12.12.3.2.1. Ten largest collateral issuers

Collateral issuers Market value of the collateral on 31/12/16

Germany 281 782,56

France 475 522,65

12.12.3.2.2. Top ten counterparties

Collateral issuers Market value of the collateral on 31/12/16

Credit Suisse Securities (Europe) Ltd 246 372,00

J.P Morgan Securities plc 391 765,01

12.12.3.3. Aggregate transaction data for each type of securities financing transactions separately broken down according to:

12.12.3.3.1. the below categories :

- Type and quality of collateral - Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity - Currency of the collateral Internal Maturity tenor Issuer Currency Quantity Valuation (in €) rating (*) more than 1 year FRANCE OAT 0,50 14-251119 EUR 339 168,18 350 073,96 1 more than 1 year FRANCE OAT 1,00 12-251118 EUR 20 239,61 20 900,13 1 more than 1 year FRANCE OAT 3,00 12-250422 EUR 595,28 708,88 1 more than 1 year FRANCE OAT 4,25 07-251023 EUR 80 244,09 103 839,69 1 more than 1 year GERMANY 0,25 13-130418 EUR 595,28 604,68 1 more than 1 year GERMANY 1,00 13-121018 EUR 33 206,71 34 345,74 1 more than 1 year GERMANY 2,25 11-040921 EUR 96 588,60 110 302,37 1 more than 1 year GERMANY 3,50 09-040719 EUR 121 260,44 136 529,78 1

(*) Rating 1 = rating equivalent to AAA à AA- (S&P) or any other equivalent rating scale Rating 2 = rating equivalent to A+ à A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ à BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ à BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ à B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ or any other equivalent rating scale

280 DPAM CAPITAL B Real Estate EMU Dividend

12.12.3.3.2. the below categories :

- Maturity tenor of the securities financing transactions broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions Security Maturity Currency Quantity Value Valuation in EUR AROUNDTOWN PROP Open EUR 58 800,00 4,19 246 372,00 AROUNDTOWN PROP Open EUR 20 000,00 4,19 83 800,00 AROUNDTOWN PROP Open EUR 60 000,00 4,19 251 400,00 AROUNDTOWN PROP Open EUR 13 500,00 4,19 56 565,00

- Country in which the counterparties are established

Country of the counterparty Market value of the collateral on 31/12/16

United Kingdom 638 137,01

- Settlement and clearing All tri-party.

12.12.3.4. Data on reuse of colleteral

Not applicable

12.12.3.5. Safekeeping of collateral received by the collective investment undertaking as part of securities financing transactions

The collateral is deposited on the accounts opened in the name of Bank Degroof Petercam S.A. with the service provider BBH.

12.12.3.6. Safekeeping of collateral granted by the collective investment undertaking as part of securities financing transactions

Not applicable

281 DPAM CAPITAL B Real Estate EMU Dividend

12.12.3.7. Data on return and cost for each type of securities financing transactions broken down between the collective investment undertaking, Bank Degroof Petercam S.A. and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of securities financing transactions

Repurchase Lending / borrowing of Transactions Buy- Transaction Marging Total Return DPAM CAPITAL B transations securities or raw meterials sell/Sell-buy back lending Swaps

Real Estate EMU Dividend In In In % In amount % In amount % % % amount amount amount

Total Return N/A N/A 13 865,15 100,00% N/A N/A N/A N/A N/A N/A

Third party costs N/A N/A 1 386,52 10,00% N/A N/A N/A N/A N/A N/A (Agent lender)

Net return of N/A N/A 12 478,64 90,00% N/A N/A N/A N/A N/A N/A Third party costs

Handeling costs of the transactions (Bank Degroof N/A N/A 6 239,32 45,00% N/A N/A N/A N/A N/A N/A Petercam Belgium)

Total net return N/A N/A 6 239,32 45,00% N/A N/A N/A N/A N/A N/A

During the period related to this report, the compartment has received 12 478,64 EUR from the agent as remuneration. The compartment has transfered 50 % of this amount to Bank Degroof Petercam S.A. as remuneration of the operational administration of the securities lending.

At the date of report, the above lent out assets were borrowed by one or more of the following counterparties :

- CITIGROUP GLOBAL MARKETS LIMITED - CREDIT SUISSE SECURITIES (EUROPE) LIMITED - J.P. MORGAN SECURITIES PLC - MERRILL LYNCH INTERNATIONAL - BARCLAYS CAPITAL SECURITIES LIMITED - GOLDMAN SACHS INTERNATIONAL - MORGAN STANLEY & CO INTERNATIONAL PLC

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