OPTIMAL VALUE R Eurozone Value Equity ISIN FR0012144590 MONTHLY REPORT AUGUST 31, 2021

Risk profile <ul style="display: flex;"><li style="flex:1">1</li><li style="flex:1">2</li><li style="flex:1">3</li><li style="flex:1">4</li><li style="flex:1">5</li><li style="flex:1">6</li><li style="flex:1">7</li></ul>Mandarine Optimal Value selects eurozone companies with two specific characteristics: stocks that are undervalued by the market and offer an improving financial and extrafinancial outlook (positive momentum). Performance 1 month Performance YTD Volatility 1 year PERFORMANCES AND RISKS The data presented relates to past periods, past performance is not an indicator of future results. Statistical indicators are calculated on a weekly basis. <ul style="display: flex;"><li style="flex:1">Bench. </li><li style="flex:1">Bench. </li><li style="flex:1">Bench. </li></ul>Benchmark: EuroStoxx Large NR Evolution since inception Net asset value <ul style="display: flex;"><li style="flex:1">Fund </li><li style="flex:1">Bench. </li></ul>Yohan SALLERON Florian ALLAIN Even if some fears persist regarding the pace of future growth (thereby favouring stocks with generally defensive profiles over the month), the eurozone stock markets pursued their rebounds, consequently showing solid annual gains. As could be expected, the best contributors to the fund’s performance over the month included healthcare (Merck, Eurofins scientific) and public services (Verbund). Our luxury goods stocks (LVMH, Moncler and Kering) suffered in August due to Chinese statements evoking the idea of a better distribution of wealth in China. Annual performances <ul style="display: flex;"><li style="flex:1">Fund </li><li style="flex:1">Bench. </li></ul>Despite the rather cyclical bias in our portfolio, which we are maintaining due to these stocks’ <ul style="display: flex;"><li style="flex:1">good financial momentum (which is </li><li style="flex:1">not </li></ul>weakening), the fund nevertheless succeeded in slightly outperforming its benchmark index over the month, thereby adding to its cumulative outperformance since the beginning of the year. Rolling / annualized performances <ul style="display: flex;"><li style="flex:1">Rolling performances </li><li style="flex:1">Annualized performance </li></ul>1 month +2.7% +2.6% +0.2% <ul style="display: flex;"><li style="flex:1">YTD </li><li style="flex:1">1 year </li><li style="flex:1">3 years </li><li style="flex:1">5 years Inception 3 years 5 years Inception </li></ul>Fund Bench. Diff. +24.2% +35.5% +20.6% +48.7% +62.1% +20.3% +31.8% +32.0% +57.5% +68.7% +6.4% +9.7% -3.2% +8.3% +9.5% -1.3% +7.3% +8.0% <ul style="display: flex;"><li style="flex:1">-0.6% </li><li style="flex:1">+3.9% </li><li style="flex:1">+3.7% </li><li style="flex:1">-11.4% </li><li style="flex:1">-8.8% </li><li style="flex:1">-6.6% </li></ul>Rank* 383/1395 69/1321 149/1296 825/1089 525/876 446/777 Main transactions over the month *Morningstar - Eurozone Equity Large Cap Risk indicators (+) New holding (-) Sale Benchmark <ul style="display: flex;"><li style="flex:1">Fund volatility </li><li style="flex:1">Tracking error </li><li style="flex:1">Information ratio </li><li style="flex:1">Sharpe ratio </li></ul>volatility 16.9% 22.5% Major contributors/detractors over the month (%) 1 year 16.9% 22.1% 4.2% 4.5% <ul style="display: flex;"><li style="flex:1">0.9 </li><li style="flex:1">2.0 </li></ul>0.3 3 years -0.7 PORTFOLIO STRUCTURE <ul style="display: flex;"><li style="flex:1">Main holdings </li><li style="flex:1">Sector </li><li style="flex:1">Country </li></ul>Cons.Discretionary Industrials Technology 19.6% 17.5% 15.3% 13.3% 9.9% 7.7% 5.1% 4.6% 4.0% 3.0% 0.1% <ul style="display: flex;"><li style="flex:1">France </li><li style="flex:1">36.4% </li></ul>23.5% 11.0% 6.9% 5.3% 4.4% 4.2% 3.8% 2.4% 2.0% 0.1% MERCK KGAA 3.5% 3.0% 2.9% 2.8% 2.8% 2.6% 2.6% 2.3% 2.3% 2.3% Health Care / Germany Cons.Discretionary / France Technology / France Germany Netherlands Austria Italy Spain Luxembourg Finland Belgium Ireland LVMH CAP GEMINI SA ASM INTERNATIONAL LOREAL Financials Technology / Netherlands Cons.Discretionary / France Basic Materials / Germany Cons.Discretionary / France Technology / France Basic Materials Health Care Energy Cons.Staples Utilities COVESTRO AG KERING DASSAULT SYSTEMES SE IMCD GROUP NV SIEMENS AG Telecommunications Cash & Others Basic Materials / Netherlands Industrials / Germany Cash & Others FUND PROFILE Key figures at August 31 2021 Asset under management Equity exposure <ul style="display: flex;"><li style="flex:1">Capitalisation </li><li style="flex:1">Currency </li></ul>22.0M€ 99.9% 56 Number of holdings Active share 71.2% 52.9 Average capitalisation (Bln €) PTF-MOM 8.2 Mega Cap Large Cap Mid Cap 36.5% 33.9% 28.0% 1.5% <ul style="display: flex;"><li style="flex:1">EUR </li><li style="flex:1">100.0% </li></ul>Small Cap <ul style="display: flex;"><li style="flex:1">Cash & Others </li><li style="flex:1">0.1% </li></ul>CHARACTERISTICS ISIN FR0012144590 Bloomberg code MANVOVR FP Equity Inception of the fund 11/06/2014 Shareclass inception 06/11/2014 Legal Status French FCP Shareclass currency EUR Investment horizon 5 years Management company Mandarine Gestion Depositary BNP Securities Services Valuation Daily Cut-Off 13H00 Settlement D+2 <ul style="display: flex;"><li style="flex:1">Management Fee </li><li style="flex:1">Performance Fee </li></ul>15% of the outperformance over the benchmark if perf > 0 Initial charge 2.00% Redemption Fee <ul style="display: flex;"><li style="flex:1">0% </li><li style="flex:1">2.20% </li></ul>DISCLAIMER The purpose of this document is to present, for information purposes only, the characteristics of Mandarine Gestion products. It in no manner constitutes a sale or subscription offer. The indices cited in this document are based on net dividends reinvested (“NR”). The described performances do not take into account fees and costs potentially charged in connection with the subscription or redemption of fund units. This document has been drawn up for information purposes only and does not constitute an offer or personalised recommendation or a solicitation to subscribe to this product. The information, opinions and analyses contained in this document do not have any contractual value. Only the information contained in the KIID and prosp<a href="/goto?url=http://www.mandarine-" target="_blank">ectus is legally binding. The prospectus is available on simple demand from Mandarine Gestion and is available on the www.mandarine- </a>gestion.com website. Your money will be principally invested in financial instruments selected by the management company. These instruments will be subject to market fluctuations and uncertainties. Past performances do not guarantee future performances. Performances are notably not constant over time. The performance data mentioned in the document does not take into account fees and charges assessed in connection with the issue and redemption of units or shares and does not include taxes imposed by the country of residence of the client. The UCITS is exclusively destined for sale to residents of those countries in which the UCITS is registered. Sales in jurisdictions other than those countries in which the UCITS is registered are not authorised. RISK PROFILE – RISKS ASSOCIATED WITH THE PRODUCT Risk of capital loss, equity market risk, risk linked to the ownership of small and midcaps, interest rate risk, credit risk and discretionary management risk, and to a lesser extent emerging market risk, counterparty risk and exchange rate risk. The descriptions and details are included in the complete prospectus of the UCITS. Investors are invited to read the prospectus in order to obtain detailed information regarding the risks to which the fund is exposed prior to any investment decision. Mandarine Gestion 40 avenue George V | 75008 Paris <a href="/goto?url=http://www.mandarine-gestion.com" target="_blank">www.mandarine-gestion.com </a>This product does not offer any guarantee as to returns or the capital invested, which may not be entirely returned.

OPTIMAL VALUE R Eurozone Value Equity ISIN FR0012144590 MONTHLY REPORT AUGUST 31, 2021

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