YTD

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1 Date: October 31, 2018 Management company: Degroof Petercam Asset Services; management delegated to Mercier Vanderlinden Asset Management Monthly Report N.A.V. Class R: 1.5,88 EUR N.A.V. Class C: 1.48,84 EUR N.A.V. Class R dis: 1.16,53 EUR N.A.V. Class C dis: 1.452,4 EUR Morningstar 1 Rating : ***** FUND DESCRIPTION The objective of the fund is to increase the value of your investment over the medium to longlong term. Under normal market conditions, the fund primarily invests in a diversified portfolio of equities and bonds from all countries worldwide, including from emerging countries. The fund may invest directly in equities or bonds, or indirectly by investing in units of other investment funds or in certificates of deposit. In order to take advantage or hedge against market fluctuations, or for effective portfolio management, the subfund may use derivatives. The Fund Manager will select the various investment classes, sectors and countries in a flexible manner, on the basis of macroeconomic and financial criteria. This fund is suitable for investors who understand the risks of the fund and who wish to invest for a minimum investment horizon of 3 to 5 years. RESULTS 2,3 MercLin II Pat R 3,14% +5,04% +8,2% +,58% +10,95% +12,9% +8,8% 1,50% +11,6% MercLin II Pat C 3,46% +4,62% +,83% +,15% +10,50% +12,48% Ranking Morningstar 1 % YTD These performance numbers are based on historical data and are no guarantee for future results. YTD: Performance since the 1st of January of the current calendar year. This is a cumulative return. 11 MANAGER'S COMMENT While equity markets corrected sharply during the month, bond markets remained remarkably stable providing some protection for the fund. The decision was taken to reduce slightly from 50 to 45 % the equity exposure at the beginning of the month on mounting geopolitical uncertainty, rising US yields and commodity prices. The exposure was subsequently increased to gold and cash in the fund. This increased cash position should provide some stability to the fund in the current turbulent times on equity markets, but more importantly it should offer the opportunity to reinvest it in opportunities that will inevitably arise when fund managers become forced sellers due to redemptions in their funds or when exaggerated pessimism creates interesting entry points in new opportunities. TOP 5 STOCKS RETURN 2 1 Berkshire Hathaway 2 Fairfax Financial 3 Microsoft 2,62% 1 year 3,81% 4,20% 4 Alliance Data Systems 2,26% 3 years +3,01% +2,59% 5 AnheuserBusch 1,1% 5 years +5,8% TOP 5 OTHERS 2,6% Annualized returns 4 MercLin II Pat R CAP MercLin II Pat C CAP 2,6% 12,02% Annualized since inception +6,1% +6,54% 1 Gold bullion 2 Nama Perp Call Global Evolution frontier market 4 Steinhoff RBS Perp NAV GRAPH 3, 4 3,40% 1,51% 1,13% 0,85% 0,83%,2% 4 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares, nor stock exchange turnover tax. Based on historical data, which offer no guarantee of future returns and can even be misleading. Performance is calculated on a cumulative basis for periods under one year and on an actuarial basis for periods of over one year. Performance of the Merclin II Patrimonium R Cap up to were achieved under the scope of a fund governed by Section II of the Law of 1 December 2010 on undertakings for collective investment. Inception of Merclin II Patrimonium C Cap is Merclin II Patrimonium C Cap Merclin II Patrimonium R Cap

2 CURRENCY ASSET ALLOCATION CAD 2,6% GBP 2,31% 4,5% CHF 0,85% JPY 3,18% 3,90% EURO 54,06% Bonds 33,3% Stocks 45,16% USD 32,18% Ge og Cash 1,22% SECTOR EXPOSURE BONDS Banks Consumer Goods Consumer Services Technology Healthcare Industrials Insurance Holding Companies Telecom Oil & Gas Cash & Cash Equivalents 14,64% Government 0,43% 10,2% Floating Rate Investment Grade 0,26% 10,11% Floating Rate High Yield 6,2% 9,32% Corporate Investment Grade 0,%,00% Corporate High Yield 6,% 4,09% Corporate Hybrids 1,65% 4,02% Financial Senior 0,89% 3,59% Financial Subordinated 9,84% 2,19% Convertibles 4,22% 0,3% Mutual Funds 2,18% 16,82% 1,22% LAST BUY SELL BUY SELL Henkel Rossini 2025 Aryzta Perp Mohawk Bank Van Breda Perp Renault Perp INCREASE REDUCE ADS RBS Perp Aspen Insurance L Brands Casino 2024 Tencent Picard 2023 TECHNICAL DATA Fund Name: MercLin II SICAV Ongoing Manufacturer: Degroof Petercam Asset Services Management Fee Charge 5 ISIN Bloomberg Domicile: Luxembourg Class R: 0,8% annually 1,0% LU MERPATR LX Legal Status: SICAV subject to Part I of the Luxembourg law of Class C 1,2% annually 1,4% LU MERPACC LX 1 December 2010 Class R dis: 0,8% annually 1,0% LU MERRDIS LX Type of shares: Capitalisation & Distribution Class C dis: 1,2% annually 1,4% LU MERPACD LX Belgian Financial Agent: Banque Degroof Petercam S.A. Custodian: Transfer Agent: Management company: Banque Degroof Petercam Luxembourg S.A. Banque Degroof Petercam Luxembourg S.A. Degroof Petercam Asset Services Risk indicator: please consult the KIID and/or the Prospectus for more details. Manager: Mercier Vanderlinden Asset Management Auditor: KPMGaudit Lower risk Higher risk Maturity: not determined Potentially lower rewards Potentially higher rewards N.A.V. Publication: De Tijd, L'Echo, Does not mean a riskfree investment and Minimum subscription: 1 share Class F and R : 0% (Mercier Vanderlinden) Subscription fee: Class C : Max. 3% Swing pricing: no Redemption fee: 0% 1,32% / max 4000 for Class Cap, TOB on exit : 0% for Class Dis Tax on UCITS investing more than 10% of their Yes (30%) assets in debt claims Withholding Tax: 30% N.A.V. calculation: Weekly on Thursday Subscription/Redemption: Before Thursday 2.00pm Performance fee: no Assets under management: m EUR Inception: 31/12/2009 The subfund's risk level reflects the following factor(s): The risk level does not reflect the potential impact of unusual market conditions or unforeseen events that may increase risk or trigger other risks such as: Counterparty risk: the subfund can lose money as a result of the failure of a market player with which it does business. Credit risk: risk associated with bonds becoming worthless when the issuer of the bond is not able to repay its debt on maturity. Liquidity risk: some financial securities may be impossible to sell quickly at a given time or may have to be sold at a discount. Management risk: under abnormal market conditions, the usual management techniques may be ineffective or unfavourable. Risk of derivatives: some derivatives may increase the volatility of the subfund or expose the subfund to losses that are higher than the price of the derivatives. Operating risk: in any market, and especially in the emerging markets, the subfund may lose some or all of its money if there is a failure in the custody of assets or in case of fraud, corruption, political actions or any other adverse event. The prospectus, the KIID and the periodic reports are available free of charge from the Belgian representative of the financial agent: Bank Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels or on Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. In case of complaints concerning this fund, please send a to compliance@mvam.eu. If you do not obtain a satisfactory response, you can always contact the Ombudsman of the financial services sector through the website 1 For further information about Morningstar Rating and Ranking Morningstar, please visit the Morningstar website on Specific information concerning MercLin II Patrimonium 'R' cap can be found on 2 Source data: Bloomberg, Morningstar & Banque Degroof Petercam Luxembourg. 5 Ongoing charge: charges taken from the subfund over a year (including management fees). MercLin II SICAV is a société d'investissement à capital variable (investment company with variable capital), subject to part I of the Luxembourg Law of 1 December 2010 relating to undertakings for collective investment since 20/06/2014 (subject to part II before that date) and to the European Savings Taxation Directive.

3 Date: October 31, 2018 Management company: Degroof Petercam Asset Services; management delegated to Mercier Vanderlinden Asset Management Monthly Report N.A.V. Class F: 20,93 EUR N.A.V Class R: 46, EUR N.A.V Class C: 60,14 EUR Morningstar 1 Rating : **** FUND DESCRIPTION Merclin Global Equity, a subfund of MercLin SICAV, is an actively managed fund invested in equities worldwide. The objective of the fund is to increase the value of your investment over the long term while outperforming the MSCI AC World Euro Index. The composition of the subfund's portfolio may differ significantly from that of its benchmark index. Under normal market conditions, the subfund primarily invests in a diversified portfolio of equities (at least 0% of its assets) and corporate bonds from OECD countries. The subfund may invest directly in equities or bonds or indirectly by investing in units of other investment funds. The subfund may invest up to 10% of its assets in regulated hedge funds. The fund is recommended to investors with an investment horizon of at least 3 to 5 years. RESULTS 2,3 Ranking Morningstar 1 % 8 YTD Class F 3,95% +8,01% +10,10% +11,03% +19,36% +19,55% +,48% 2,01% +14,22% +31,06% 2,99% +,33% Class R 4,11% +,80% +9,8% +10,82% +19,13% +19,32% +,26% 2,20% +13,9% +30,29% Class C 4,43% +,3% +9,43% +10,38% +18,64% +18,84% +6,83% 2,59% +13,50% +29,2% MSCI AC World Euro 6 +1,9% +8,89% +11,09% +8,6% +18,61% +1,49% +14,34% 4,25% +20,50% +30,43% 39,20% +0,1% 3 These performance numbers are based on historical data and are no guarantee for future results. YTD: Performance since the 1st of January of the current calendar year. This is a cumulative return MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Subfund may therefore vary from the performance of the benchmark. 200 MANAGER'S COMMENT October has been faithful to its reputation being a very volatile month for the stock markets. Most indices have lost between 6 and 10% over the last 30 days. Market participants are betting that the best part of the economic growth is behind us and that harder times lay in front of us. CEO s are also becoming more prudent, mainly due to higher costs (energy and other raw materials), weaker emerging market currencies and trade tariffs. Local and defensive businesses have been the clear outperformers this month with pharmaceutical companies being the brightest spot. On average, cyclicals, industrials have suffered the most. There has also been a lot of profit taking on momentum or high expectation stocks. As the fund owns few companies that operate locally solely and owns few very cyclical companies, there is only a small exposure to both ends of the performance scale. Numerous stocks have lost 20% or more, giving the opportunity to look at many new and interesting companies at very attractive prices. TOP 10 STOCKHOLDINGS RETURN 2 1 Berkshire Hathaway 2 Alliance Data Systems 3 Microsoft 5,4% 1 year 3,03% 3,23% 3,62% +3,39% 4 Fairfax Financial 4,98% 3 years +4,14% +3,92% +3,51% +6,55% 5 Alphabet 3,84% 5 years +8,90% +8,68% +8,25% +10,09% 6 Fiat Chrysler 3,6% 10 years +11,20% +12,1% Citigroup 8 AB InBev 9 Johnson & Johnson 10 Facebook NAV GRAPH 3 4 5,82% Annualized 5,5% Returns 4 3,63% 3,40% Since inception +9,20% +8,0% 3,30% 2,94% 42,89% Merclin GE F CAP Merclin GE R CAP Merclin GE C CAP Benchmark +8,21% +,0% 4 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares, nor stock exchange turnover tax. Based on historical data, which offer no guarantee of future returns and can even be misleading. Performance is calculated on a cumulative basis for periods under one year and on an actuarial basis for periods of over one year. Performance of the Merclin GE F Cap up to is that of the Athena Diversified Management SubFund, of which the MercLin Global Equity SubFund is an identical successor. Previous performance is audited by Deloitte. (base : 100) MSCI World AC Euro Div Reinvested Merclin GE C Cap Merclin GE R Cap Merclin GE F Cap

4 CURRENCY ASSET ALLOCATION CAD 4,98% 4,02% CHF 2,68% GBP 2,61% Cash 3,38% JPY 6,40% USD 59,01% EURO 20,28% Ge ogr Stocks 96,62% GEOGRAPHICAL EXPOSURE USA Euro Zone Emerging Markets Japan Switzerland Great Britain SECTOR EXPOSURE 55,42% Consumer Goods 20,43% 1,81% Technology 18,44% 8,36% 14,10%,66% Healthcare 10,8% 6,40% Insurance 8,3% 2,44% Consumer services 9,51% 1,91% Banks 8,36% Holding Companies,40% Industrials 2,15% Oil & Gas 0,00% LAST BUY SELL BUY Mohawk Henkel SELL INCREASE DECREASE L Brands Aspen Insurance Tencent Alliance Data Systems TECHNICAL DATA Fund Name: Manufacturer: Domicile Legal Status: Type of shares: Belgian Financial Agent: Custodian: MercLin SICAV Degroof Petercam Asset Services Luxembourg SICAV subject to Part I of the Luxembourg law of 1 December 2010 Capitalisation Banque Degroof Petercam S.A. Banque Degroof Petercam Luxembourg S.A. Class F 0,6% annual 0,94% LU MERLSIF LX Class R 0,8% annual 1,14% LU MERLSIR LX Class C 1,2% annual 1,54% LU MERLSIC LX Transfer Agent: Banque Degroof PetercamLuxembourg S.A Management company: Degroof Petercam Asset Services Lower risk Higher risk Manager: Mercier Vanderlinden Asset Management Potentially lower rewards Potentially higher rewards Auditor: KPMGaudit Does not mean a riskfree investment Maturity: not determined N.A.V. publication: Minimum subscription: De Tijd, L'Echo, and 1 share Subscription fee: Swing pricing: Class F and R : 0% (Mercier Vanderlinden) Class C : Max. 3% Redemption fee: 0% TOB on exit: Taxes on Sicavs with > 10% in fixed income 1,32% / max 4000 Withholding Tax: N/A N.A.V. calculation: Weekly on Thursday Subscription/Redemption: Before Thursday 2:00 pm Performance fee: Assets under Management: Inception: m EUR 31/12/2002 The prospectus, the KIID and the periodic reports are available free of charge from the Belgian representative of the financial agent: Bank Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels or on Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. In case of complaints concerning this fund, please send an to compliance@mvam.eu. If you do not obtain a satisfactory response, you can always contact the Ombudsman of the financial services sector through the website Management Fee Ongoing Charge 4 ISIN Bloomberg Risk Indicator: Please consult the KIID and/or the Prospectus for more details. The subfund's risk level reflects the following factor(s): Equity investments have greater volatility and higher risk than investments in bonds and money market instruments. The risk level does not reflect the potential impact of unusual market conditions or unforeseen events that may increase risk or trigger other risks such as: Counterparty risk: the subfund can lose money as a result of the failure of a market player with which it does business. Credit risk: risk associated with bonds becoming worthless when the issuer of the bond is not able to repay its debt on maturity. Liquidity risk: some financial securities may be impossible to sell quickly at a given time or may have to be sold at a discount. Management risk: under abnormal market conditions, the usual management techniques may be ineffective or unfavourable. Operating risk: in any market, and especially in the emerging markets, the subfund may lose some or all of its money if there is a failure in the custody of assets or in case of fraud, corruption, political actions or any other adverse event. 1 For further information about Morningstar Rating and Ranking Morningstar, please visit the Morningstar website on Specific information concerning MercLin Global Equity F cap can be found on 2 Source data: Bloomberg, Morningstar & Banque Degroof Petercam Luxembourg. 5 Ongoing charge: charges taken from the subfund over a year (including management fees). MercLin SICAV is a société d'investissement à capital variable (investment company with variable capital), subject to part I of the Luxembourg Law of 1 December 2010 relating to undertakings for collective investment and to the European Savings Taxation Directive.

5 Date: N.A.V. Class R N.A.V. Class F 31 October ,69 EUR 1.16,44 EUR Management company: Degroof Petercam Asset Services; management delegated to Mercier Vanderlinden Asset Management Monthly Report FUND DESCRIPTION Important tice: Minimum subscription amount: ,00 EUR Reserved for eligible investors Merclin Institutional Equity fund DBIRDT is an actively managed fund invested in equities worldwide trying to outperform the MSCI AC World Index with dividends over the long term by selecting undervalued stocks of companies primarily active in countries of the OECD. Special attention goes to managers with proven talent and significant share participation. The investment objective has a high risk and is recommended to investors with an investment horizon of at least 3 to 5 years. RESULTS 2, 3 YTD Merclin DBI/RDT R 1,59% +5,4% +8,4% +12,98% +20,14% +22,4% +,9% +1,53% Merclin DBI/RDT F 1,48% +5,95% +8,94% MSCI AC World Euro 6 +1,9% +8,89% +11,09% +8,6% +18,61% +1,49% +14,34% 4,25% 3 It concerns annual (except YTD) performance numbers based on historical data and which are no guarantee for future results. YTD is a cumulative return over a period from the 1st of January of the current year till a given date (see above) in the current year. 6 MSCI AC World Euro Net dividend reinvested. The investment policy of the fund does not include a tracking error objective with the benchmark. Performances of the Subfund may therefore vary from the performance of the benchmark. MANAGER'S COMMENT October has been faithful to its reputation being a very volatile month for the stock markets. Most indices have lost between 6 and 10% over the last 30 days. Market participants are betting that the best part of the economic growth is behind us and that harder times lay in front of us. CEO s are also becoming more prudent, mainly due to higher costs (energy and other raw materials), weaker emerging market currencies and trade tariffs. Local and defensive businesses have been the clear outperformers this month with pharmaceutical companies being the brightest spot. On average, cyclicals, industrials have suffered the most. There has also been a lot of profit taking on momentum or high expectation stocks. As the fund owns few companies that operate locally solely and owns few very cyclical companies, there is only a small exposure to both ends of the performance scale. Numerous stocks have lost 20% or more, giving the opportunity to look at many new and interesting companies at very attractive prices. TOP 10 STOCKS RETURN 2 1 Berkshire Hathaway 2 Fairfax Financial 3 Alliance Data Systems 5,4% 1 year 1,5% 1,42% +3,39% 4 Microsoft 5,19% 3 years +4,21% +6,55% 5 Alphabet 4,28% 5 years +9,5% +10,09% 6 Fiat Chrysler 3,96% Ann. since inception +9,5% +8,26% +9,32% Citigroup 3,93% Cum. since inception 8 AB InBev 9 Johnson & Johnson 10 Medtronic 6,65% 5,92% 3,82% 3,35% 3,08% 45,65% Annualized Returns 4 MercLin DBI/RDT R +104,83% MercLin DBI/RDT F Benchmark² +23,5% +101,28% 4 The return figures indicated above do not include commissions eventually linked to the issuing and redemption of shares. These are annualised returns based on historical data, which offer no guarantee of future returns. NAV GRAPH³, Merclin DBI/RDT MSCI AC World Euro Net Dividends

6 CURRENCY ASSET ALLOCATION CHF 5,15% CAD 5,92% GBP 0,00% 4,41% Cash 6,98% USD 53,65% EURO 30,8% Geog raphistocks 93,02% GEOGRAPHICAL EXPOSURE USA Euro Zone Switzerland Great Britain Emerging Markets Japan 53,65% 23,89% 12,90% 5,15% 3,92% 0,49% 0,00% SECTOR EXPOSURE Consumer Staples 26,93% Financials 18,81% Information Technology 16,19% Healthcare 12,49% Holding Companies 8,64% Consumer Discretionary 8,30% 6,98% Industrial Goods & Services 1,66% Energy 0,00% LAST BUYSELL BUY Mohawk Henkel SELL INCREASE Goldman Sachs REDUCE TECHNICAL DATA Fund Name: MercLin Institutional Fund ISIN Merclin DBI/RDT R: BE ClassR ISIN Merclin DBI/RDT F: BE Class F Bloomberg: MERCINS BB Domicile: Guimardstraat 19, BE1040 Brussels, Belgium Risk Indicator : Belgian institutional SICAV with subfunds in Legal status: financial instruments and liquid assets Type of shares: Distribution Management company: Degroof Petercam Asset Services S.A. Lower risk Higher risk Financial Agent: Banque Degroof Petercam N.V. Potentially lower rewards Potentially higher rewards Custodian: Banque Degroof Petercam N.V. Does not mean a riskfree investment Banque Degroof Petercam Luxembourg S.A., Delegation of the administration: Delegation of intellectual management: Brussels branch Mercier Vanderlinden Asset Management Distributor: Auditor: Maturity: N.A.V. Publication: Minimum subscription amount Merclin DBI/RDT R: Minimum subscription amount Merclin DBI/RDT F: Banque Degroof Petercam N.V. PwC t determined ,00 EUR ,00 EUR Class F and R : 0% (Mercier Vanderlinden) Subscription fee: TOB on exit: Class C : Max. 3% Withholding Tax: 30% Tax on UCITS investing more than 10% of their assets in debt claims: Subscription/Redemption: Before Thursday 1:15 PM AntiDilution Protection: 0,08% at Subscription, 0,08% at Redemption Management Fee: 0,80% annually Performance Fee: N.A.V. calculation: Weekly on Thursday Assets Under Management: Inception: 338,1 m EUR 1/11/2010 Management Fee 0,8% annual 0,6% annual Ongoing Charge 5 0,90% 0,69% The value of an investment in a subfund increases or decreases over time. At the time of resale, the price of your shares may be less than the original price, representing a loss. If you invest in a subfund whose currency is different from your own, exchange rate fluctuations can also reduce your gains or increase your losses. The above risk level is calculated on the basis of the subfund's volatility over the medium term (i.e. on the basis of actual changes in its value over the last five years or on a simulation, if the subfund was created within that period). The volatility of the subfund may increase or decrease over time, which may change its risk level. The subfund's risk level reflects the following factor(s): Equity investments have greater volatility and higher risk than investments in bonds and money market instruments. The risk level does not reflect the potential impact of unusual market conditions or unforeseen events that may increase risk or trigger other risks such as: Counterparty risk: the subfund can lose money as a result of the failure of a market player with which it does business. Credit risk: risk associated with bonds becoming worthless when the issuer of the bond is not able to repay its debt on maturity. Liquidity risk: some financial securities may be impossible to sell quickly at a given time or may have to be sold at a discount. Management risk: under abnormal market conditions, the usual management techniques may be ineffective or unfavourable. Operating risk: in any market, and especially in the emerging markets, the subfund may lose some or all of its money if there is a failure in the custody of assets or in case of fraud, corruption, political actions or any other adverse event. ISIN BE BE In case of complaints concerning this fund, please send an to compliance@mvam.eu. If you do not obtain a satisfactory response, you can always contact the Ombudsman of the financial services sector through the website: The information document and the periodic reports are available free of charge with the financial agent: Banque Degroof Petercam S.A., 44 rue de l'industrie, B1040 Brussels. Every investor took note of the prospectus and/ or KIID and any subscription should be made on the basis of these documents. 2 Source data: Bloomberg, Morningstar & Banque Degroof Petercam Luxembourg. 5 Ongoing charge: charges taken from the subfund over a year (including management fees). information available for this period as Class F was only created in 2016.