BL FUNDS MANDATE B L- E X P E R T. A portfolio investing in a selection of Banque de Luxembourg funds.

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1 B L- E X P E R T BL FUNDS MANDATE A portfolio investing in a selection of Banque de Luxembourg funds. The BL Funds Mandate (1) brings together our expertise in asset management. This portfolio comprises a selection of funds managed using a tried and tested strategy, which is reflected in consistent performance over time. Consolidated in one discretionary management mandate, these funds give you the advantage of a riskoptimised portfolio that is aligned with your investor profile.

2 The BL Funds Management Mandate Our experience in asset management shows that thanks to the additional level of diversification they offer, investment funds enhance returns and reduce a portfolio s volatility (2). The BL funds Mandate is unique in that all your assets are invested in a selection of funds managed by Banque de Luxembourg Investments. 1 COMPREHENSIVE WEALTH MANAGEMENT, TAILORED TO YOUR NEEDS The BL Funds Mandate offers comprehensive wealth management. Your portfolio benefits from optimum diversification between the various types of instruments (equity funds, bond funds, etc.) and geographic regions. The allocation to asset classes that are weakly correlated helps to smooth out the performance of your portfolio. It is determined on the basis of your investment strategy, from the most defensive to the most dynamic. Other assets (bond funds, absolute return (3), etc.) Equity funds Defensive Conservative Balanced Dynamic Growth 100% 70% 50% 25% 0% 0% 30% 50% 75% 100% (1) The term BL funds is used generically to refer to the sub-funds of the Luxembourg BL and BL fund Selection SICAVs. (2) Volatility measures the fluctuations of a financial asset portfolio. (3) Absolute return strategies aim to generate a return regardless of the markets performance.

3 A PORTFOLIO THAT MATCHES YOUR INVESTOR PROFILE In today s financial markets, it is important to manage the risks to which your portfolio is exposed and ensure that the level of risk is constantly aligned with your investor profile. This requires a thorough portfolio-building process, correct diversification and continuous monitoring of your investments. 2 FUNDS RECOGNISED FOR THEIR MANAGEMENT QUALITY (4) Your portfolio contains around 14 BL funds (5), which are managed by Banque de Luxembourg Investments. Each of these funds invests in between 40 and 60 securities. Some are selected to protect your assets and reduce risk in your portfolio. Others contribute to the long-term appreciation of your wealth. Capital preservation/ Volatility management Long-term capital growth Bond Funds BL Bond Emerging Markets BL Bond Dollar BL Global Bond BL Global Bond Opportunities Absolute Return Fund (3) Equity Funds BL Equities Europe BL Equities America BL Equities Asia BL Equities Japan BL Emerging Markets BL European Family Businesses Small Cap Equity Fund BL Fund Selection 0-50 BL Fund Selection Alternative Strategies BL European Smaller Companies BL American Smaller Companies (4) Source: European Funds Trophy. Banque de Luxembourg Investments was selected for Best European asset management company awards in 2008, 2010, 2011, 2012, 2013 and (5) The list of funds included in portfolios varies according to the investment strategy.

4 3 A SELECTION OF QUALITY SECURITIES WITHIN EACH FUND Our approach seeks to avoid capital loss by managing risks. We only select companies with a long-term competitive edge, solid fundamentals and low levels of debt. They are thus likely to be highly profitable over time. Within this universe, we choose only those securities that are reasonably priced. Sectors in which it is harder to identify quality companies and add value are not included. For the bond portion, we prefer eurozone government bonds, emerging market sovereign bonds, and investment grade corporate bonds. 4 TRANSPARENT ALL-IN FEE STRUCTURE Two options are available: An all-in quarterly management fee of 0.10% (6) OR An all-in quarterly management fee of 0.05% (6) + 10% of the positive performance of the portfolio. These two options each include: the fee for accessing Private Banking and related services; the definition of your investor profile; suitability tests on your portfolio; management of your assets; a quarterly management report; all transaction fees; securities custody; your tax statement. BL-Expert gives you access to BL fund units with a reduced management fee. (6) Subject to 17% VAT.

5 5 CONTINUOUS INFORMATION ON YOUR ASSETS At any time A statement of your assets including detailed information on each of the positions in your portfolio, available to view in the e-banking area. Immediate notification if your portfolio loses 10% of its value. On a quarterly basis - A management report which includes an overview of the financial markets performance, a statement of the main trades carried out in your portfolio, and a performance analysis. On an annual basis A report on the suitability of your positions in relation to your investment profile. A cost and fees report. A tax statement.

6 This is not a contractual document and is intended purely for marketing purposes. The information it contains is provided purely as a guideline and is not exhaustive. It is only valid at the time it is issued and may be updated or amended without notice. Under no circumstances can this information be interpreted as legal or tax advice or a recommendation to invest. Any investment involves risks, including loss of capital. Past performance is not a reliable indicator of future performance. Banque de Luxembourg (hereinafter the "Bank") assumes no responsibility for future performance or financial returns. The Bank cannot be held liable for the information provided or for any decisions that may be taken on the basis thereof. Potential investors are responsible for ensuring that they understand all the risks involved in their investment and other decisions, and should refrain from investing until they have carefully considered, in conjunction with their own professional advisers, the appropriateness of the services proposed for their investments and their specific financial situation, particularly with regard to the legal, tax and accounting aspects and any potential legal and regulatory constraints concerning the proposed transactions. Subscription to any Bank service may only be made after a detailed and comprehensive review of all the corresponding contractual documentation. Information about the characteristics, costs and risks of the financial instruments that are or may be included in the management mandates (such as the relevant KIIDs and prospectuses), and about all applicable charges and fees, can be obtained from the Bank free of charge at any time. It is illegal to reproduce, transmit, distribute or publish this document or the information it contains without the Bank s explicit prior agreement in writing. For further information on BL-EXPERT discretionary portfolio management, please contact your adviser. BANQUE DE LUXEMBOURG SA 14, boulevard Royal L-2449 Luxembourg Tel.: (+352) Banque de Luxembourg, société anonyme, 14 boulevard Royal, L-2449 Luxembourg RCS B5310 BL/2017/044/FR/EN/DE December Design: Illustrations: Marie Bretaud and Helena Le Gal.