T REET O P G L O B A L OPPORTUNIT I E S

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1 T REET O P G L O B A L OPPORTUNIT I E S Quarterly Report TreeTop Global Opportunities 4Q 2018 S u b - f u n d o f T r e e T o p G l o b a l S I C A V M a n a g e d b y T r e e T o p A s s e t M a n a g e m e n t S. A., a M a n a g e m e n t c o m p a n y u n d e r L u x e m b o u r g l a w QUARTERLY REPORT 4Q 2018 The present Quarterly Report on its own does not give complete information about the SICAV and should therefore be read before any investment together with the Key Investor Information Document (KIID), the prospectus as well as the latest annual/semi-annual report of the SICAV. General information Technical Datasheet Name of the sub-fund Legal form Type of financial product Duration of the product Currency Investment objective Share classes Manager Co-managers Sub-fund assets (as of 31/12/18) Recommended holding period TreeTop Global Opportunities, a sub-fund of TreeTop Global SICAV Sub-fund of a SICAV under Luxembourg law Undertaking for Collective Investment Indefinite EUR The sub-fund aims to increase the value of your investment over the long term. Under normal market conditions, the sub-fund invests mainly in shares from issuers anywhere in the world, including in emerging markets, China and Russia. The sub-fund also invests in other types of securities that are consistent with its objective. The sub-fund may use derivatives for investment purposes or to reduce investment risks (hedging). Fundamental to the fund manager's approach is the belief that companies with accelerating earnings growth will deliver the best absolute returns. This points the sub-fund towards those areas experiencing high growth, or where growth is re-accelerating. The subfund aims to invest in about 50 to 70 companies diversified in terms of economic sectors and geographical areas. For the AH share class only, the manager's objective is to hedge positions in currencies other than the Euro which represent more than 2.5% of the net asset value of the share class. The MSCI All Country World index provides a reference of the investment universe of the fund manager. It is provided for information purpose only as indeed the sub-fund is managed on a discretionary basis and its portfolio will show a significant departure from the index. The sub-fund may not be appropriate for investors who plan to withdraw their money within 6 years. The share classes do not distribute dividends (meaning that any income earned by the sub-fund is added to the share price). You can place orders to buy or sell shares of the sub-fund daily. These objectives as well as the investment policy are an exact copy of those indicated in the corresponding KIID. Class Dividend policy Launch date ISIN code AH EUR Capitalisation 01/01/2008 LU B USD Capitalisation 01/01/2008 LU C GBP Capitalisation 01/01/2008 LU Peter Robson Ben Shields, Jonathan Alvis 88 million More than 6 years Management and Distribution Management Company TreeTop Asset Management S.A., a Management company under Luxembourg law 1

2 Custodian Bank Financial Service (Belgium) Financial Service (Luxemburg) External Auditor Liquidity Display of NAVs Minimum initial subscription Cut-off Registered in Documents Banque Degroof Petercam Luxembourg S.A. Banque Degroof Petercam S.A. Banque Degroof Petercam Luxembourg S.A. PricewaterhouseCoopers Daily NAVs are published in l'echo and De Tijd 250 / $ / 1:15 pm Belgium, France, Luxemburg, Spain, the Netherlands, Sweden, Switzerland and the United Kingdom The KIID, as well as the prospectus and periodic reports in English, French and Dutch are available on request and free of charge from TreeTop Asset Management S.A. 12 rue Eugène Ruppert L-2453 Luxembourg, from the bank in charge of the fund administration in Belgium: Banque Degroof Petercam SA, rue de l'industrie 44 in B-1040 Brussels or on Fees and Taxation Entry fee None Redemption fee None Ongoing charges (as of AH: 1.53%; B: 1.53%; C: 1.54% 31/12/17) Performance fee 12% of the daily increase in the fund value if the share price exceeds the highest share price ever achieved by the fund Stock exchange transaction 1.32% max. 4,000 tax Belgian savings tax on Not applicable redemption Belgian withholding tax Not applicable The tax regime applies to an average retail customer, being a natural person residing in Belgium. Risk and Reward Profile Legal information The sub-fund does not offer either protection or any capital guarantee or a guaranteed yield. The risk/reward rating of the subfund reflects the following factors: 1) it invests mainly in shares, and 2) it may favour particular economic sectors or regions, including emerging markets. Moreover, it is also exposed to the following risks: counterparty (the sub-fund could lose money if any entity with which it does business becomes unwilling or unable to honor its obligations to the subfund), legal and tax risks (the sub-fund could be affected by foreign legal and tax changes, some of which may be retroactive). The figures in this Quarterly Report have not been audited and should not be considered as investment advice. Complaints can be addressed to the attention of the Compliance Officer, at the following address: TreeTop Asset Management Belgium, rue des Francs, 79, 1040 Brussels. We will send you an acknowledgement of receipt within 5 working days. We will analyze your complaint and give a detailed response in the month following its receipt, provided that the complaint is complete and specific. Complaints relating to investment products and services can be addressed to the Ombudsfin (Banks, Credits and Investments Mediation Service), North Gate II, Avenue Roi Albert II 8, B-1000 Brussels ( or ombudsman@ombudsfin.be). The mediation service may suggest solutions for resolving the dispute. In the event of a lack of mutual acceptance of the proposed solutions, either party can turn to the competent courts. 2

3 NAV evolution of TreeTop Global Opportunities AH EUR 1 vs. MSCI All Country World Performance of TreeTop Global Opportunities AH EUR as of 31 December TreeTop Global Opp. AH EUR MSCI AC World Calendar year performance of TreeTop Global Opportunities AH EUR 1 vs. MSCI AC World 2 since % 80% 60% 40% 20% 0% -20% -40% -60% -80% 73.9% 29.2% 18.6% 10.7% -6.7% -21.4% 18.2% 15.0% 31.4% 26.2% 10.1% 1.1% 1.4% -2.4% TreeTop Global Opp. AH EUR MSCI AC World -1.8% 8.6% 28.1% 19.8% -8.5% -35.9% Performance summary as of 31 December 2018 TreeTop Global MSCI AC World² Opportunities AH EUR 1 Cumulated returns 1 month -11.0% -7.4% 3 months -23.6% -13.1% YTD -35.9% -8.5% 1 year -35.9% -8.5% Annualized returns 3 years -6.9% 6.0% 5 years -4.5% 5.9% 10 years 7.2% 9.9% Inception 1.3% 4.1% Sources: Degroof Petercam Asset Services and Bloomberg (base 100 at inception date: 01/01/2008). Past performance and NAV evolution are no guarantee of future performance. The returns, calculated in the reference currency (EUR), do not reflect any entry charges or taxes a Belgian private individual might have to pay. 1 There are other share classes (B USD and C GBP): the relevant returns as well as the net asset value evolution are available on request and free of charge from TreeTop Asset Management and are also presented on the website 2 The investment policy does not stipulate any correlation between the sub-fund and the index (MSCI All Country World in local currency - Bloomberg code: NDLEACWF). Consequently, the performance of the sub-fund may differ from the performance of the index. 3

4 Performance Contribution Analysis Performance Contribution over the last 12 months (31 Dec Dec. 18) -0.2% -0.4% -0.6% -0.8% -1.2% -1.4% -1.6% -1.8% -0.76% -0.81% Top 15 Absolute Perf. Contributions (last 12 months) -0.91% -0.92% -0.97% -0.98% -0.98% -0.99% -1.07% -1.19% -1.24% -1.28% -1.42% -1.67% -1.86% 2.0% -8.0% Country contribution (last 12 months) Asia: -9.79% Europe: -10.8% America: % 1.0% -3.0% -5.0% -7.0% -8.0% -9.0% Sector contribution (last 12 months) -1 Performance Contribution over the last 3 months (30 Sept Dec. 18) Top 15 Absolute Perf. Contributions (last 3 months) -0.2% -0.4% -0.6% -0.8% -1.2% -1.4% -0.64% -0.65% -0.66% -0.68% -0.78% -0.79% -0.80% -0.88% -0.91% -0.95% -1.00% -1.02% -1.05% -1.14% -1.6% -1.8% -1.57% Country contribution (last 3 months) Sector contribution (last 3 months) 2.0% -8.0% -1 Asia: -4.07% Europe: -8.52% America: -9.58% 1.0% -3.0% -5.0% -7.0% Source: TreeTop Asset Management 4

5 Portfolio Structure as of 31 December 2018 Sector breakdown 0% 5% 10% 15% 20% 25% Technology Finance Health Care Energy Cons. Discret. Materials Cons. Staples Cash Telecom Industry Geographic breakdown Pacific 29.5% including: India 10.7% Vietnam 4.8% Japan 4.6% China 4.5% Americas 39.1% USA 29.4% Argentina 5.9% Canada 3.8% Cash 4.0% Europe 27.4% including: UK 11.2% Germany 6.2% Spain 4.5% Sweden 2.7% Type of securities Market capitalisation Equity 96.0% 40% 30% 30% 33% 37% 20% 10% Main holdings of the portfolio Cash 4.0% 0% < 1 Bn 1-5 Bn > 5 Bn Average market capitalisation : 12.2 billion Securities Underlying Sector Country % NAV Equity FPT CORP WRT (JPM) TECHNOLOGY VIETNAM 4.8% Equity PRESTIGE ESTATES PROJECTS WRT (CLSA) FINANCE INDIA 3.8% Equity IQE PLC TECHNOLOGY UK 3.3% Equity NATIONAL OILWELL VARCO INC ENERGY US 3.0% Equity CITIGROUP INC FINANCE US 2.9% Equity ITRON INC TECHNOLOGY US 2.9% Equity DEUTSCHE BANK AG-REGISTERED FINANCE GERMANY 2.9% Equity NUANCE COMMUNICATIONS INC TECHNOLOGY US 2.8% Equity CAMECO CORP ENERGY CANADA 2.7% Equity ANTHEM INC HEALTH CARE US 2.6% TOTAL 31.7% Source: TreeTop Asset Management 5

6 Portfolio Composition as of 31 December 2018 Underlying Curr. Region % portf. Mkt cap. EUR bn Sector ADANI PORTS & SPECIAL ECON USD PAC/INDIA INDUSTRY ADECOAGRO SA USD AMER/ARGENTINA CONS. STAPLES AERIE PHARMACEUTICALS INC USD AMER/USA HEALTH CARE AIMMUNE THERAPEUTICS INC USD AMER/USA HEALTH CARE ALLERGAN PLC USD AMER/USA HEALTH CARE ANTHEM INC USD AMER/USA HEALTH CARE BANCO DE SABADELL SA EUR EUROPE FINANCE BANCO MACRO SA ADR USD AMER/ARGENTINA FINANCE BIOCARTIS NV EUR EUROPE HEALTH CARE CAMECO CORP USD AMER/CANADA ENERGY CELGENE USD AMER/USA HEALTH CARE CITIGROUP INC USD AMER/USA FINANCE CTRIP.COM INTERNATIONAL-ADR USD PAC/CHINA CONS. DISCRET. DALI FOODS GROUP CO LTD HKD PAC/CHINA CONS. STAPLES DESPEGAR.COM CORP USD AMER/ARGENTINA CONS. DISCRET. DEUTSCHE BANK AG-REGISTERED EUR EUROPE FINANCE DOWDUPONT INC USD AMER/USA MATERIALS EVR HOLDINGS PLC GBP EUROPE TECHNOLOGY EXACT SCIENCES CORP USD AMER/USA HEALTH CARE FPT CORP USD PAC/VIETNAM TECHNOLOGY GETINGE AB-B SHS SEK EUROPE HEALTH CARE GVC HOLDINGS GBP EUROPE CONS. DISCRET. INDIABULLS HOUSING FINANCE USD PAC/INDIA FINANCE INVESCO LTD USD AMER/USA FINANCE IQE PLC GBP EUROPE TECHNOLOGY ITRON INC USD AMER/USA TECHNOLOGY LEKOIL LTD GBP EUROPE ENERGY MODEC INC JPY PAC/JAPAN ENERGY MOMO INC-SPON ADR USD PAC/CHINA TECHNOLOGY NATIONAL OILWELL VARCO INC USD AMER/USA ENERGY NOKIA EUR EUROPE TELECOM NORDIC SEMICONDUCTOR ASA NOK EUROPE TECHNOLOGY NUANCE COMMUNICATIONS INC USD AMER/USA TECHNOLOGY ONO PHARMACEUTICAL CO LTD JPY PAC/JAPAN HEALTH CARE ORBCOMM INC USD AMER/USA TELECOM PRESTIGE ESTATES PROJECTS INR PAC/INDIA FINANCE RELIANCE NIPPON LIFE AM INR PAC/INDIA FINANCE SEEING MACHINES LTD GBP PAC/AUSTRALIA TECHNOLOGY SHAKEY'S PIZZA ASIA VENTURES PHP PAC/PHILIPPINES CONS. DISCRET. SIEMENS GAMESA RENEWABLE ENE EUR EUROPE ENERGY SOUTHWESTERN ENERGY CO USD AMER/USA ENERGY SPOTIFY TECHNOLOGY SA USD EUROPE TECHNOLOGY SYRAH RESOURCES LTD AUD PAC/AUSTRALIA MATERIALS TECHNIPFMC PLC EUR EUROPE ENERGY TELE COLUMBUS AG EUR EUROPE TECHNOLOGY TURQUOISE HILL RESOURCES LTD USD AMER/CANADA MATERIALS US SILICA HOLDINGS INC USD AMER/USA MATERIALS WANDISCO PLC GBP EUROPE TECHNOLOGY XAAR PLC GBP EUROPE TECHNOLOGY ZOOPLUS AG EUR EUROPE CONS. DISCRET. TOTAL WEIGHTED AVERAGE Source: TreeTop Asset Management 6

7 GLOSSARY CONSUMER DISCRETIONARY SECTOR: The Consumer Discretionary Sector encompasses those businesses that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, leisure equipment and textiles & apparel. The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services. CONSUMER STAPLES SECTOR: The Consumer Staples Sector comprises companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers. PERFORMANCE CONTRIBUTION: it represents the performance (excluding currency exchange impact), positive or negative, realised for each security held over a given period of time (quarter or year). The same calculation is performed by country and by economic sector. The absolute performance contribution charts show the 15 most important contributions of the portfolio, positive or negative. STOCK MARKET CAPITALISATION: a company s total value at a given point in time, obtained by multiplying the stock market price by the number of shares in circulation. There are three commonly recognised categories of capitalisation, namely large caps (>2 billion $), midcaps (between 0.4 and 2 billion $) and small caps (< 0.4 billion $). Stock market capitalisation and the volume of shares traded on a daily basis are used as indicators of the liquidity of the shares selected. 7