(LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg

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1 Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg Annual Report Audited December 31, 2014 RCS Number: B No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Past performance is not necessarily an indication of future performance.

2 Table of Contents Organisation of the Fund 3 Board of Directors of the Management Company 4 Activity Report 5 Audit Report 10 Statement of Net Assets 12 Statement of Operations 14 Statement of Changes in Net Assets 16 Schedule of investments Balanced Blend Europe 18 Equity Blend 19 Global Emerging Market 20 Balanced Blend Global 21 Real Estate 22 Dynamic Fixed Income 23 Global Low 24 Global Medium 25 Global High 26 Balanced Blend US 27 Notes to the financial statements 28 Further unaudited information 36 2

3 Funds Organisation of the Fund Management Company Eurobank Fund Management Company (Luxembourg) S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Custodian, Administrative, Registrar, Transfer, Luxembourg Paying and Domiciliation Agent Eurobank Private Bank Luxembourg S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Investment Manager Eurobank Asset Management Mutual Fund Management Company S.A. 10, Stadiou Str., GR Athens Greece Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P L-1014 Luxembourg Grand Duchy of Luxembourg Distributor Eurobank Ergasias S.A. 8, Othonos Street Athens Greece 3

4 Funds Board of Directors of the Management Company Mr. Ioannis Kontopoulos Chairman Chief Executive Officer President of the Board of Directors Eurobank Asset Management Mutual Fund Management Company S.A., Greece Mr. Georgios Vlachakis Managing Director Eurobank Fund Management Company (Luxembourg) S.A., Grand Duchy of Luxembourg Mr Fokion Karavias General Manager Capital Markets & Wealth Management Eurobank Ergasias S.A., Greece Director Director Mrs Eleni Koritsa Director (Since 24 th January 2014) Deputy Chief Executive Officer Eurobank Asset Management Mutual Fund Management Company S.A., Greece Mrs. Eleni Laskari (Until 15 th January 2014) Managing Director Eurobank Private Bank Luxembourg S.A., Grand Duchy of Luxembourg Mr. Agamemnon Kotrozos General Manager Eurobank Fund Management Company (Luxembourg) S.A., Grand Duchy of Luxembourg Director Director 4

5 Activity Report Funds Balanced Blend Europe The sub-fund was launched on October 1 st, We have tried to keep the sub-fund invested as new money flowed in. For the first three months, we have favoured bonds over equities and thus the portfolio was underweight in equities. Funds Equity Blend The clear winners in 2014 among the major global markets were the US markets. US equities recorded strong gains which were compounded by the spectacular rise of the USD in the second half of the year. Best of the class growth rates and a dovish Fed contributed to a positive environment for equities. Swiss and Japanese equities outperformed as well, with the latter gaining strength in the last quarter responding to massive reflationary policies. European equities underperformed on disappointing growth with the major markets registering only modest gains and periphery markets coming under pressure. Emerging markets offered diverging returns, with oil importers China, India and Turkey recording strong gains while Russia and Latin America suffered considerable losses. The Equity Blend/Eurobank class recorded an annual return of % for the year ending 31/12/2014, lagging the performance of the composite index used as the FOF s Benchmark (90% MSCI AC WORLD + 10% EONIA TR INDEX). The exposure to the US and Europe was overweight for the most part of the year and was reduced close to neutral levels towards the end of the year. The exposure to Greek equities was practically eliminated in the last quarter of the year while the exposure to Japan and Asian Equities increased in the last quarter of the year to overweight levels. We remained underweight Emerging markets as a whole. During the year, our overall equity exposure ranged between 88.5% and 95.2% with an average exposure of 90.9% close to the 90% exposure of the benchmark. Funds Global Emerging Markets 2014 was a year of widely diverging returns in the emerging markets. In the first half of the year the prospect of the end of the Fed s QE policy had a negative effect on countries with current account deficits. In the second half the effects of falling oil and other commodity prices had a major negative effect on producers (Russia, Brazil, Mexico) and a positive on importers (China, India, Turkey). The Russian market was additionally hit by Western sanctions while the prospect of structural reform gave a further boost to the Indian market. The Global Emerging Markets, Eurobank class, resulted in November 2014 from the merger of New Frontiers with the BRIC. Positions in emerging markets were slight underweight throughout the year in the two constituent funds. Following the merger positions were built in large non BRIC emerging markets (Korea, Mexico) while positions in Russia and Brazil were reduced to underweight levels. 5

6 Activity Report (Continued) Funds Global Emerging Markets (continued) At the end of the year the main underweight positions were in Latin America, Emerging Europe while the overweight positions in Greater China and India were strengthened. The Global Emerging Markets Eurobank class recorded a performance of 7.81% in 2014, trailing the benchmark (MSCI Emerging Markets). It should be noted though that for most of the year major parts of the index were beyond the investment scope of the two preceding constituent funds. The Funds BRIC fund had a 10.64% YTD return up to the end of October slightly lower than the MCSI BRIC Index, while the Funds Global Emerging Markets had a 2.56% return in November - December period very close to the performance of the MSCI Emerging Markets Index. Funds Balanced Blend Global Both equities and bonds performed well in 2014 something we did not anticipate at the beginning of the year. US equities recorded strong gains which were compounded by the spectacular rise of the USD in the second half of the year. Best of the class growth rates and a dovish Fed contributed to the positive environment for US equities. Swiss and Japanese equities outperformed with the later gaining strength in the last quarter on policy response expectations. European equities underperformed on disappointing growth with the major markets registering modest gains. Bonds had a surprisingly strong performance in 2014 as slowing growth, signs of deflation, a dovish Fed, the prospect of QE in Europe and risk aversion pushed yields further down. Real Estate was the best performing asset class. Commodities, most notably oil prices, retreated markedly in the last quarter. For most of 2014 we kept an overweight position in equities and REITS and an underweight one in fixed income and commodities. The overweight position in equities was reduced to underweight at the end of the year. The exposure to the US and European equities was overweight for the most part of the year and was reduced close to neutral levels towards the end of the year. The exposure to Greek equities was eliminated in the fourth quarter while Japan moved from underweight at the beginning of the year to overweight. Within fixed income, we were overweight corporate bonds and high yields versus sovereigns. We kept an underweight position in commodities and an overweight position in real estate. The overall position of the Fund was underweight throughout the year. Funds Balanced Blend Global /Eurobank class recorded a +9.43% annual return in 2014, underperforming its composite index (40% MSCI AC WORLD + 45% ML EMU BROAD INDEX + 10% BLOOMBERG COMMODITY INDEX + 5% FTSE EPRA/NAREIT DEVELOPED INDEX). 6

7 Activity Report (Continued) Funds Real Estate Real Estate was among the best performing assets classes in 2014, neatly outperforming global equities. Low interest rates, the prospect of a delay in Fed s tightening and improving demand in the US led to higher prices in the US. The performance of US assets was further boosted by the strong US Dollar. The performance of the European and Asian real estate assets was more muted for most of the year, however they gained strength in the final weeks of the year as the prospect of QE in the Eurozone was getting closer. The sub-fund s Eurobank class recorded a 31.79% gain in 2014, slightly lower than the composite benchmark (50% FTSE EPRA/NAREIT DEVELOPED INDEX + 50% FTSE EPRA/NAREIT N AMERICA INDEX). On average the Fund had a 94.5% exposure to real estate equities (between 96.4%-91.2%). The exposure to the US/North America assets was on average over 68% of the total assets. The exposure to Europe was reduced in the last quarter of the year to neutral levels while the exposure to Asia increased in the second half of the year, it remained though at underweight levels. Funds Dynamic Fixed Income Bonds had a surprisingly strong performance in 2014 as slowing growth, signs of deflation, a dovish Fed, the prospect of QE in Europe and risk aversion pushed yields further down. (LF) Fund of Funds Dynamic Fixed Income invests in at least 10 of the top ranked fixed income funds according to our selection process and unless required, each of the selected investment carries an equal weight (at rebalancing). Rebalancing takes place at least four times a year, within the first month of each calendar quarter, or more often if so is deemed necessary. Throughout the year we remained fully invested, allocating between 90-95% of the sub-fund s total assets in the selected funds. That, according to our look through analysis, led to an average exposure of 79.3% in bonds. The sub-fund, Eurobank I class, recorded a 10.17% return in 2014, lagging the performance of the benchmark. Funds Global Low Both equities and bonds performed well in US equities recorded strong gains which were compounded by the spectacular rise of the USD in the second half of the year. Best of the class growth rates and a dovish Fed contributed to the positive environment for US equities. Swiss and Japanese equities outperformed with the later gaining strength in the last quarter on policy response expectations. European equities underperformed on disappointing growth with the major markets registering modest gains. Bonds had a surprisingly strong performance in 2014 as slowing growth, signs of deflation, a dovish Fed, the prospect of QE in Europe and risk aversion pushed yields further down. 7

8 Activity Report (Continued) Funds Global Low (continued) The sub-fund s Eurobank class recorded an annual return of 3.55% for the year ending December 31, 2014, lower than the composite index used as the FOF s Benchmark (10% MSCI AC WORLD + 25% MERRILL LYNCH EMU BROAD MARKET INDEX + 65% EONIA TR INDEX). During the year, we kept the fund invested with an average exposure to equities between 8.7% and 10.5%, close to the benchmark and we were mostly underweight bonds with an average exposure between 21% and 27%). During the last quarter and more so by year-end, exposure in equities was reduced to underweight levels while exposure to bonds increased to overweight. Because of the mix of funds used, exposure in Euro-periphery and in particular Greek equities and bonds took a toll on performance. The relevant positions had been decreasing in the allocation since last summer and by early December the sub-fund had no more exposure to funds investing primarily into Greek assets. Funds Global Medium Both equities and bonds performed well in US equities recorded strong gains which were compounded by the spectacular rise of the USD in the second half of the year. Best of the class growth rates and a dovish Fed contributed to the positive environment for US equities. Swiss and Japanese equities outperformed with the later gaining strength in the last quarter on policy response expectations. European equities underperformed on disappointing growth with the major markets registering modest gains. Bonds had a surprisingly strong performance in 2014 as slowing growth, signs of deflation, a dovish Fed, the prospect of QE in Europe and risk aversion pushed yields further down. The sub-fund s Eurobank class recorded a 7.38% annual return for the year ending December 31, 2014, lower than the composite index used as the FOF s Benchmark (30% MSCI AC WORLD + 55% MERRILL LYNCH EMU BROAD MARKET INDEX + 15% EONIA TR INDEX ). During the year, we kept the fund invested with an average exposure to equities between 28% and 32%, close to the benchmark and we were mostly underweight bonds with an average exposure between 37% and 51%. During the last quarter and more so by year-end, exposure in equities was reduced to underweight levels while the underweight exposure in bonds was significantly reduced. Because of the mix of funds used, exposure in Euro-periphery and in particular Greek equities and bonds took a toll on performance. The relevant positions had been decreasing in the allocation since last summer and by early December the sub-fund had no more exposure to funds investing primarily into Greek assets. 8

9 Activity Report (Continued) Funds Global High Both equities and bonds performed well in US equities recorded strong gains which were compounded by the spectacular rise of the USD in the second half of the year. Best of the class growth rates and a dovish Fed contributed to the positive environment for US equities. Swiss and Japanese equities outperformed with the later gaining strength in the last quarter on policy response expectations. European equities underperformed on disappointing growth with the major markets registering modest gains. Bonds had a surprisingly strong performance in 2014 as slowing growth, signs of deflation, a dovish Fed, the prospect of QE in Europe and risk aversion pushed yields further down. The sub-fund s Eurobank class recorded a 9.34% annual return, for the year ending December 31, 2014, lower than the composite index used as the FOF s Benchmark (65% MSCI AC WORLD + 30% MERRILL LYNCH EMU BROAD MARKET INDEX + 5% EONIA TR INDEX. During the year, we kept the fund invested with an average exposure to equities between 59% and 65%, close to the benchmark and we were mostly underweight bonds with an average exposure between 16% and 26%. During the last quarter and more so by year-end, exposure in equities was reduced to underweight levels while the underweight exposure in bonds was significantly reduced. Because of the mix of funds used, exposure in Euro-periphery and in particular Greek equities and bonds took a toll on performance. The relevant positions had been decreasing in the allocation since last summer and by early December the sub-fund had no more exposure to funds investing primarily into Greek assets. Funds Balanced Blend US The sub-fund was launched on October 1 st, We have tried to keep the sub-fund invested as new money flowed in. For the first three months, we have favoured equities over bonds and thus the portfolio was underweight in fixed income. Funds New Frontiers The New Frontiers merged in November 2014 with the BRIC to form the new Global Emerging Markets. During the year, the subfund had an average investment exposure of 87.5%. New Frontiers had an 18.57% YTD return up to the end of October underperforming the MCSI Frontier Markets Index. The figures stated in this report are historical and not necessarily indicative of future performance. Luxembourg, April 28,

10 _%, pwc Auditreport To the Unitholders of Funds We have audited the accompanying financial statements of Funds and of each of its sub-funds, which comprise the statement of net assets and the schedule of investments as at December Sr, 2ot4 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibilitg of the Board of Directors of the Management Company for thefinancial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Resp onsibility of the "Rdub eur d' entr epris es ag r Ed" Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the "R6viseur d'entreprises agt66", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the "R6viseurd'entreprises agr66" considers internal control relevant to the enti!y's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on tle effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 'i""i;;;;;;;iil;e;;;;;;;ii;;iitlit';;;;d;i;;' ;;'c;;i;;aii;;;;;;;; 6:p');q+i;'t:;'; ;'i;;;;b;;;; T: +gs t, F: goo, Cabinet de rduision agr66. Expert-comptable (autorisation gouuentementale notoozsz56) R.C.S. Lttxembourg B TUA LU t0

11 -% wc Opinion In our opinion, the financial statements give a true and fair view of the financial position of (LF) Fund of Funds and of each of its sub-funds as of December gl, 2or4, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Soci6t6 coop6rative Represented by Luxembourg, April 28, zots hthierry Blondeau

12 Statement of Net Assets Funds Balanced Blend Europe Equity Blend *1) Combined Global Emerging Market *2) *3) Balanced Blend Global Real Estate Currency Notes EUR EUR EUR EUR EUR EUR Assets Securities portfolio at market value Cash at bank Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Subscriptions in advance Other payable and accrued expenses Total liabilities Total net assets at the end of the year/period Information summary Units outstanding Eurobank Units outstanding Eurobank USD Units outstanding Eurobank I Units outstanding Private Banking Units outstanding Private Banking USD Units outstanding Interamerican Units outstanding Postbank Units outstanding Postbank BGN Units outstanding Postbank USD Units outstanding Bancpost Net asset value per unit : Eurobank EUR EUR EUR EUR EUR Net asset value per unit : Eurobank USD - USD USD USD USD Net asset value per unit : Eurobank I EUR EUR EUR EUR Net asset value per unit : Private Banking EUR EUR EUR EUR EUR Net asset value per unit : Private Banking USD USD USD Net asset value per unit : Interamerican - - EUR EUR Net asset value per unit : Postbank - EUR EUR EUR EUR Net asset value per unit : Postbank BGN Net asset value per unit : Postbank USD USD Net asset value per unit : Bancpost - EUR EUR EUR EUR Cost of securities portfolio Total net assets at year/period ended: 31/12/ /12/ /12/ N.A.V. per unit at year/period ended "Eurobank" unit : N.A.V. per unit at year ended "Eurobank USD" unit : 31/12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /12/2014 EUR EUR EUR EUR EUR /12/ USD USD USD USD /12/ USD USD USD USD /12/ USD USD USD USD N.A.V. per unit at year/period ended "Eurobank I" unit : 31/12/ EUR EUR EUR /12/ EUR EUR EUR /12/2014 EUR EUR EUR EUR N.A.V. per unit at year/period ended "Private Banking" unit : 31/12/ /12/ /12/2014 EUR EUR EUR EUR EUR N.A.V. per unit at year ended "Private Banking USD" unit : 31/12/ /12/ /12/ USD USD N.A.V. per unit at year ended "Interamerican" unit : N.A.V. per unit at year ended "Postbank" unit : N.A.V. per unit at year ended "Postbank BGN" unit : N.A.V. per unit at year ended "Postbank USD" unit : N.A.V. per unit at year ended "Bancpost" unit : 31/12/ EUR EUR /12/ EUR EUR /12/ EUR EUR /12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /12/ BGN BGN /12/ BGN BGN /12/ /12/ USD /12/ USD /12/ USD /12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR /12/ EUR EUR EUR EUR *1) launched as of October 1st, 2014 *2) New Frontiers Sub-Fund has merged into Global Emerging Market Sub-Fund as of November 13, 2014 *3) BRIC Sub-Fund changed its name into Global Emerging Market Sub-Fund as of November 13, The accompanying notes form an integral part of these financial statements.

13 Statement of Net Assets (Continued) Dynamic Fixed Income Global Low Global Medium Global High Balanced Blend US *4) Currency Notes EUR EUR EUR EUR EUR Assets Securities portfolio at market value Cash at bank Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Subscriptions in advance Other payable and accrued expenses Total liabilities Total net assets at the end of the year/period Information summary Units outstanding Eurobank Units outstanding Eurobank USD Units outstanding Eurobank I Units outstanding Private Banking Units outstanding Private Banking USD Units outstanding Interamerican Units outstanding Postbank Units outstanding Postbank BGN Units outstanding Postbank USD Units outstanding Bancpost Net asset value per unit : Eurobank - EUR EUR EUR EUR Net asset value per unit : Eurobank USD USD Net asset value per unit : Eurobank I EUR EUR Net asset value per unit : Private Banking - EUR EUR Net asset value per unit : Private Banking USD Net asset value per unit : Interamerican Net asset value per unit : Postbank Net asset value per unit : Postbank BGN Net asset value per unit : Postbank USD Net asset value per unit : Bancpost Cost of securities portfolio Total net assets at year/period ended: 31/12/ /12/ /12/ N.A.V. per unit at year/period ended "Eurobank" unit : 31/12/ /12/ EUR EUR EUR /12/ EUR EUR EUR EUR N.A.V. per unit at year/period ended "Eurobank USD" unit : 31/12/ /12/ /12/ USD N.A.V. per unit at year/period ended "Eurobank I" unit : 31/12/2012 EUR /12/2013 EUR /12/2014 EUR EUR N.A.V. per unit at year/period ended "Private Banking" unit : 31/12/ /12/ /12/ EUR EUR N.A.V. per unit at year ended "Private Banking USD" unit : 31/12/ /12/ /12/ N.A.V. per unit at year ended "Interamerican" unit : N.A.V. per unit at year ended "Postbank" unit : N.A.V. per unit at year ended "Postbank BGN" unit : N.A.V. per unit at year ended "Postbank USD" unit : N.A.V. per unit at year ended "Bancpost" unit : *4) launched as of October 1st, /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ The accompanying notes form an integral part of these financial statements.

14 Statement of Operations for the year/period ended December 31, Funds Consolidated Balanced Blend Europe *1) Equity Blend Global Emerging Market *2) *3) Balanced Blend Global Real Estate Currency Notes EUR EUR EUR EUR EUR EUR Income Income on portfolio / dividends Bank interest Other income Expenses Management fees Custodian fees Subscription tax Amortisation of formation expenses Other expenses Brokerage and transaction fees Other taxes Net investment gain/(loss) ( ) (165.64) ( ) ( ) ( ) ( ) Net realised gain/(loss) ( ) on portfolio ( ) on currencies ( ) Net realised gain/(loss) for the year/period (165.64) ( ) Change in net unrealised appreciation / (depreciation) ( ) on portfolio ( ) on currencies Result of operations for the year/period *1) launched as of October 1, 2014 *2) New Frontiers Sub-Fund has merged into Global Emerging Market Sub-Fund as of November 13, 2014 *3) BRIC Sub-Fund changed its name into Funds Global - Emerging Market Sub-Fund as of November 13, The accompanying notes form an integral part of these financial statements.

15 Statement of Operations for the year/period ended December 31, 2014 (Continued) New Frontiers Dynamic Fixed *2) Income Global Low Global Medium Global High Balanced Blend US *4) Notes Currency EUR EUR EUR EUR EUR EUR Income Income on portfolio / dividends Bank interest Other income Expenses Management fees Custodian fees Subscription tax Amortisation of formation expenses Other expenses Brokerage and transaction fees Other taxes Net investment gain/(loss) ( ) ( ) ( ) ( ) ( ) Net realised gain/(loss) ( ) on portfolio ( ) - - on currencies ( ) ( ) Net realised gain/(loss) for the year/period ( ) ( ) ( ) (538.19) Change in net unrealised appreciation / (depreciation) ( ) on portfolio ( ) on currencies Result of operations for the year/period ( ) *4) launched as of October 1st, 2014 *2) New Frontiers Sub-Fund has merged into Global Emerging Market Sub-Fund as of November 13, The accompanying notes form an integral part of these financial statements.

16 Statement of Changes in Net Assets For the year ended December 31, Funds Consolidated Balanced Blend Europe *1) Equity Blend Global Emerging Market *2) *3) Balanced Blend Global Real Estate Currency EUR EUR EUR EUR EUR EUR Total net assets at the beginning of the year Net investment gain / (loss) ( ) (165.64) ( ) ( ) ( ) ( ) Net realised gain /(loss) ( ) Change in net unrealised appreciation / (depreciation) ( ) Movement on capital account ( ) Subscriptions Redemptions ( ) ( ) ( ) ( ) ( ) ( ) Total changes in net assets Total net assets at the end of the year/period Units in issue Units outstanding at the beginning of year 2012 Eurobank Units outstanding at the beginning of year 2012 Eurobank USD Units outstanding at the beginning of year 2012 Eurobank I Units outstanding at the beginning of year 2012 Interamerican Units outstanding at the beginning of year 2012 Postbank Units outstanding at the beginning of year 2012 Postbank BGN Units outstanding at the beginning of year 2012 Postbank USD Units outstanding at the beginning of year 2012 Polbank EUR Units outstanding at the beginning of year 2012 Polbank PLN Units outstanding at the beginning of year 2012 Bancpost Units outstanding at the end of year 2012 Eurobank Units outstanding at the end of year 2012 Eurobank USD Units outstanding at the end of year 2012 Eurobank I Units outstanding at the end of year 2012 Interamerican Units outstanding at the end of year 2012 Postbank Units outstanding at the end of year 2012 Postbank BGN Units outstanding at the end of year 2012 Postbank USD Units outstanding at the end of year 2012 Polbank EUR Units outstanding at the end of year 2012 Polbank PLN Units outstanding at the end of year 2012 Bancpost Units outstanding at the beginning of year 2013 Eurobank Units outstanding at the beginning of year 2013 Eurobank USD Units outstanding at the beginning of year 2013 Eurobank I Units outstanding at the beginning of year 2013 Interamerican Units outstanding at the beginning of year 2013 Postbank Units outstanding at the beginning of year 2013 Postbank BGN Units outstanding at the beginning of year 2013 Postbank USD Units outstanding at the beginning of year 2013 Polbank EUR Units outstanding at the beginning of year 2013 Polbank PLN Units outstanding at the beginning of year 2013 Bancpost Units outstanding at the end of year 2013 Eurobank Units outstanding at the end of year 2013 Eurobank USD Units outstanding at the end of year 2013 Eurobank I Units outstanding at the end of year 2013 Interamerican Units outstanding at the end of year 2013 Postbank Units outstanding at the end of year 2013 Postbank BGN Units outstanding at the end of year 2013 Postbank USD Units outstanding at the end of year 2013 Polbank EUR Units outstanding at the end of year 2013 Polbank PLN Units outstanding at the end of year 2013 Bancpost Units outstanding at the beginning of year 2014 Eurobank Units outstanding at the beginning of year 2014 Eurobank USD Units outstanding at the beginning of year 2014 Eurobank I Units outstanding at the beginning of year 2014 Interamerican Units outstanding at the beginning of year 2014 Postbank Units outstanding at the beginning of year 2014 Postbank BGN Units outstanding at the beginning of year 2014 Postbank USD Units outstanding at the beginning of year 2014 Bancpost Units outstanding at the end of year/period 2014 Eurobank Units outstanding at the end of year 2014 Eurobank USD Units outstanding at the end of year/period 2014 Eurobank I Units outstanding at the end of year/period 2014 Private Banking Units outstanding at the end of year 2014 Private Banking USD Units outstanding at the end of year 2014 Interamerican Units outstanding at the end of year 2014 Postbank Units outstanding at the end of year 2014 Postbank BGN Units outstanding at the end of year 2014 Postbank USD Units outstanding at the end of year 2014 Bancpost *1) launched as of October 1st, 2014 *2) New Frontiers Sub-Fund has merged into Global Emerging Market Sub-Fund as of November 13, 2014 *3) BRIC Sub-Fund changed its name into Funds Global - Emerging Market Sub-Fund as of November 13, The accompanying notes form an integral part of these financial statements.

17 Statement of Changes in Net Assets For the year ended December 31, 2014 (Continued) New Frontiers *2) Dynamic Fixed Income Global Low Global Medium Global High Balanced Blend US *4) Currency EUR EUR EUR EUR EUR EUR Total net assets at the beginning of the year Net investment gain / (loss) ( ) ( ) ( ) ( ) ( ) Net realised gain/(loss) ( ) Change in net unrealised appreciation / (depreciation) ( ) Movement on capital account ( ) Subscriptions Redemptions ( ) - ( ) ( ) ( ) ( ) Total changes in net assets ( ) Total net assets at the end of the year/period (0.00) Units in issue Units outstanding at the beginning of year 2012 Eurobank Units outstanding at the beginning of year 2012 Eurobank USD Units outstanding at the beginning of year 2012 Eurobank I Units outstanding at the beginning of year 2012 Interamerican Units outstanding at the beginning of year 2012 Postbank Units outstanding at the beginning of year 2012 Postbank BGN Units outstanding at the beginning of year 2012 Postbank USD Units outstanding at the beginning of year 2012 Polbank EUR Units outstanding at the beginning of year 2012 Polbank PLN Units outstanding at the beginning of year 2012 Bancpost Units outstanding at the end of year 2012 Eurobank Units outstanding at the end of year 2012 Eurobank USD Units outstanding at the end of year 2012 Eurobank I Units outstanding at the end of year 2012 Interamerican Units outstanding at the end of year 2012 Postbank Units outstanding at the end of year 2012 Postbank BGN Units outstanding at the end of year 2012 Postbank USD Units outstanding at the end of year 2012 Polbank EUR Units outstanding at the end of year 2012 Polbank PLN Units outstanding at the end of year 2012 Bancpost Units outstanding at the beginning of year 2013 Eurobank Units outstanding at the beginning of year 2013 Eurobank USD Units outstanding at the beginning of year 2013 Eurobank I Units outstanding at the beginning of year 2013 Interamerican Units outstanding at the beginning of year 2013 Postbank Units outstanding at the beginning of year 2013 Postbank BGN Units outstanding at the beginning of year 2013 Postbank USD Units outstanding at the beginning of year 2013 Polbank EUR Units outstanding at the beginning of year 2013 Polbank PLN Units outstanding at the beginning of year 2013 Bancpost Units outstanding at the end of year 2013 Eurobank Units outstanding at the end of year 2013 Eurobank USD Units outstanding at the end of year 2013 Eurobank I Units outstanding at the end of year 2013 Interamerican Units outstanding at the end of year 2013 Postbank Units outstanding at the end of year 2013 Postbank BGN Units outstanding at the end of year 2013 Postbank USD Units outstanding at the end of year 2013 Polbank EUR Units outstanding at the end of year 2013 Polbank PLN Units outstanding at the end of year 2013 Bancpost Units outstanding at the beginning of year 2014 Eurobank Units outstanding at the beginning of year 2014 Eurobank USD Units outstanding at the beginning of year 2014 Eurobank I Units outstanding at the beginning of year 2014 Interamerican Units outstanding at the beginning of year 2014 Postbank Units outstanding at the beginning of year 2014 Postbank BGN Units outstanding at the beginning of year 2014 Postbank USD Units outstanding at the beginning of year 2014 Bancpost Units outstanding at the end of year/period 2014 Eurobank Units outstanding at the end of year/period 2014 Eurobank USD Units outstanding at the end of year/period 2014 Eurobank I Units outstanding at the end of year/period 2014 Private Banking Units outstanding at the end of year 2014 Private Banking USD Units outstanding at the end of year 2014 Interamerican Units outstanding at the end of year 2014 Postbank Units outstanding at the end of year 2014 Postbank BGN Units outstanding at the end of year 2014 Postbank USD Units outstanding at the end of year 2014 Bancpost *4) launched as of October 1st, 2014 *2) New Frontiers Sub-Fund has merged into Global Emerging Market Sub-Fund as of November 13, The accompanying notes form an integral part of these financial statements.

18 Balanced Blend Europe Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Transferable securities admitted to an official exchange listing Investment Funds EUR FF - EURO BOND FUND % EUR FF EUROPEAN AGGRESSIVE FUND % EUR INVESCO PAN EUR STRUC EQTY - C % EUR ISHARES B EURO AGG BOND % EUR ISHARES DJ EURO STOXX % EUR MORGAN STANLEY-EURO STRAT BOND % EUR MS EURO CORPORATE BD FUND (Z -Acc) % EUR MS INVF - EUROPEAN PROPERTY FND (Z ) % EUR PARVEST BD EURO GOVERNMENT % EUR PIONEER FDS EURO BOND (I-Acc- ) % Total Investments in Investment Funds % Total Investments % Portfolio breakdown By countries Germany 13.47% Ireland 12.76% Luxembourg 73.77% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 18

19 Equity Blend Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Transferable securities admitted to an official exchange listing Investment Funds EUR (LF) EQUITY - MENA FUND (ERB I ) % EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF)I EQUITY- EMERGING EUROPE FUND % EUR BGF - EUROPEAN VALUE (D ) % EUR BGF EUROPEAN FOCUS FD % EUR EUROBANK GLOBAL EQUITIES FUND % EUR FIDELITY FDS-EURO SM-Y ACC % EUR INVESCO PAN EUROPEAN EQUITY C % EUR ISHARES MCSI NORTH AMERICA % EUR PIONEER FDS US PIONEER (I-Acc- ) % EUR PowerShares Global EQQQ Nasdaq % EUR SCHRODER INTL EUROPEAN EQ ALPHA (C-Acc) % EUR SILK-ROAD FRONTIERS FUND % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD FF GLOBAL OPPORTUNITIES FUND (Y$-ACC) % USD FIDELITY FNDS-LATIN AM-Y AC$ % USD FIDELITY FUNDS-AMERICA-Y ACC % USD INVESCO JAPANESE EQUITY CORE(C$H) % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % % Total Investments in Investment Funds % Total Investments % Portfolio breakdown By countries Greece 1.39% Ireland 19.78% Luxembourg 78.83% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 19

20 Global Emerging Market Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Transferable securities admitted to an official exchange listing Investment Funds EUR (LF) EQUITY - MENA FUND (ERB I ) % EUR BARING ASEAN FRONTIER-I % EUR BGF INDIA FUND % EUR DWS INVEST BRAZILIAN EQS-LC % EUR FRANKLIN TEMP INV FRONTIER MKTS FND (I ) % EUR HSBC GIF-MEXICO EQUITY (I ) % EUR PARVEST EQUITY RUSSIA (I ) % EUR RBS MSCI FRONTIER MKTS % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD BNY MELLON GL-BRAZIL EQUITY % USD FIDELITY- INDIA FOCUS FUND (Y$-ACC) % USD FIDELITY-CHINA FOCUS FUND (Y$-Acc) % USD FTIF-FRANKLIN MENA FUND (I$) % USD FTIF-TEMPLETON AFRICA FUND % USD HSBC GIF- INDIAN EQUITY I-C % USD INVESCO GRTER CHINE EQTY - C % USD JP MORGAN GREATER CHINA (C$) % USD JPM BRAZIL ALPHA PLUS (c$-acc) % USD JPMF - KOREA EQUITY FUND (C$) % USD MORGAN STANLEY INVEST F-INDIAN EQUITY Z$ % USD PARVEST EQUITY BRAZIL-I % USD PF (LUX) GREATER CHINA - I $ % USD SCHRODER INTL FRONTIER MKT (C$) % USD SCHRODER INTL GREATER CHINA (C$-Acc) % USD SCHRODER INTL MIDDLE EAST MKT EQTY (C$) % % Total Investments in Investment Funds % Total Investments % Portfolio breakdown By countries Ireland 6.10% Luxembourg 93.90% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 20