UBAM Variable Capital Investment Company Luxembourg

Transcription

1 Annual report, including Audited Financial Statements as at 31st December 2015 UBAM Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B

2 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report and the most recent semiannual report, if published thereafter.

3 UBAM Contents Organisation...5 Report of the Board of Directors...9 Report of the réviseur d'entreprises agréé...32 Combined statement of net assets...34 Combined statement of operations and other changes in net assets...35 UBAM CORPORATE EURO BOND...37 UBAM CORPORATE US DOLLAR BOND...47 UBAM DYNAMIC EURO BOND...59 UBAM DYNAMIC US DOLLAR BOND...67 UBAM EMERGING MARKET BOND...76 UBAM EMERGING MARKET CORPORATE BOND...85 UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND...96 UBAM EURO BOND UBAM GLOBAL BOND UBAM GLOBAL CREDIT OPPORTUNITIES UBAM GLOBAL HIGH YIELD SOLUTION UBAM LOCAL CURRENCY EMERGING MARKET BOND UBAM STERLING BOND UBAM UNCONSTRAINED BOND UBAM US DOLLAR BOND UBAM EM INVESTMENT GRADE CORPORATE BOND UBAM EUROPEAN CONVERTIBLE BOND UBAM EURO 1040 CONVERTIBLE BOND UBAM GLOBAL CONVERTIBLE BOND UBAM GLOBAL 1040 CONVERTIBLE BOND UBAM SRI EUROPEAN CONVERTIBLE BOND UBAM 30 GLOBAL LEADERS EQUITY UBAM ADAMS SMALL CAP EQUITY UBAM ASIA EQUITY UBAM ASIA EQUITY HIGH DIVIDEND (merged) UBAM DR. EHRHARDT GERMAN EQUITY UBAM EQUITY BRIC+ (merged) UBAM EUROPE EQUITY UBAM EUROPE EQUITY DIVIDEND UBAM EUROPE EQUITY FLEX UBAM EUROPEAN OPPORTUNITIES EQUITY UBAM GCM MIDCAP US EQUITY GROWTH UBAM GLOBAL EMERGING EQUITY UBAM GLOBAL EQUITY Page 3

4 UBAM Contents UBAM GLOBAL EQUITY INCOME UBAM IFDC JAPAN OPPORTUNITIES EQUITY UBAM NEUBERGER BERMAN US EQUITY VALUE UBAM RUSSIAN EQUITY UBAM SNAM JAPAN EQUITY VALUE UBAM SWISS EQUITY UBAM SWISS SMALL AND MID CAP EQUITY UBAM TURKISH EQUITY UBAM EURO EQUITY INCOME UBAM MULTIFUNDS ALLOCATION UBAM MULTIFUNDS ALLOCATION UBAM MULTIFUNDS ALLOCATION UBAM MULTIFUNDS ALTERNATIVE UBAM ASYMMETRY 50 EUR UBAM ASYMMETRY 50 USD Notes to the financial statements Unaudited information Page 4

5 UBAM Organisation REGISTERED OFFICE route d Arlon L1150 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS OF THE SICAV Mr. Pierre BERGER Mr. Daniel VAN HOVE Mr. Christian ASSEL Managing Director UBP Gestion Institutionnelle SA Geneva, Switzerland Chairman of the Board of Directors Managing Director Orionis Management S.A. Luxembourg, Grand Duchy of Luxembourg Director Managing Director UBP Asset Management (Europe) S.A. Luxembourg, Grand Duchy of Luxembourg Director MANAGEMENT COMPANY UBP Asset Management (Europe) S.A route d Arlon L1150 Luxembourg Grand Duchy of Luxembourg MANAGEMENT COMPANY S BOARD OF DIRECTORS Mr. André GIGON Mr. Ian CRAMB Mr. Christian ASSEL Ms. Isabelle ASSERAY Senior Managing Director Union Bancaire Privée, UBP SA 9698, rue du Rhône, CH1211 Genève 1 Switzerland Chairman of the Board of Directors (from 5th June 2015) Executive Managing Director Union Bancaire Privée, UBP SA 9698, rue du Rhône, CH1211 Genève 1 Switzerland Chairman of the Board of Directors (until 4th June 2015) Managing Director UBP Asset Management (Europe) S.A , route d Arlon, L1150 Luxembourg Grand Duchy of Luxembourg Managing Director UBP Asset Management (Europe) S.A , route d Arlon, L1150 Luxembourg Grand Duchy of Luxembourg Page 5

6 UBAM Organisation (continued) Mr. Patrick PALFFY Managing Director Union Bancaire Privée, UBP SA 9698, rue du Rhône, CH1211 Genève 1 Switzerland MANAGEMENT COMPANY S CONDUCTING OFFICERS Mr. Christian ASSEL Ms. Isabelle ASSERAY Mr. Pierre BERGER Managing Director UBP Asset Management (Europe) S.A , route d Arlon, L1150 Luxembourg Grand Duchy of Luxembourg Managing Director UBP Asset Management (Europe) S.A , route d Arlon, L1150 Luxembourg Grand Duchy of Luxembourg Managing Director UBP Gestion Institutionnelle SA 8, rue RobertEstienne, CH1211 Genève 1 Switzerland Subfund UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) UBAM EUROPEAN CONVERTIBLE BOND UBAM EURO 1040 CONVERTIBLE BOND UBAM GLOBAL CONVERTIBLE BOND UBAM SRI EUROPEAN CONVERTIBLE BOND UBAM ASIA EQUITY UBAM DR. EHRHARDT GERMAN EQUITY UBAM GCM MIDCAP US EQUITY GROWTH UBAM IFDC JAPAN OPPORTUNITIES EQUITY UBAM NEUBERGER BERMAN US EQUITY VALUE UBAM SNAM JAPAN EQUITY VALUE ALL OTHERS SUBFUNDS Management delegated to: Union Bancaire Gestion Institutionnelle (France) SAS Paris, France UBP Asset Management Asia Limited Hong Kong DJE Kapital AG Pullach, Germany Geneva Capital Management Ltd Milwaukee, United States of America IFDC Limited London, United Kingdom Neuberger Berman LLC NewYork, United States of America Sompo Japan Nipponkoa Asset Management Co, Ltd Tokyo, Japan Union Bancaire Privée, UBP SA Geneva, Switzerland (using the resources of its London and Zurich branches) Page 6

7 UBAM Organisation (continued) CUSTODIAN BANK Union Bancaire Privée (Europe) S.A route d Arlon L1150 Luxembourg Grand Duchy of Luxembourg ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT BY DELEGATION CACEIS Bank Luxembourg 5, allée Scheffer L2520 Luxembourg Grand Duchy of Luxembourg GENERAL DISTRIBUTOR, REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND Union Bancaire Privée, UBP SA 9698 rue du Rhône P.O. Box 1320 CH1211 Genève 1 Switzerland CABINET DE REVISION AGREE Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L2220 Luxembourg Grand Duchy of Luxembourg INFORMATION ON THE MAIN REPRESENTATIVE OFFICES ABROAD The information documents concerning the SICAV, including the articles of incorporation, the prospectus and the Key Investor Information Documents (KIIDs), the annual reports and audited financial statements and semiannual unaudited reports and the statement of changes in investments for the period referring to this report are available free of charge at the registered office of the SICAV, route d Arlon, L1150 Luxembourg and at the office of the following financial intermediaries: Page 7

8 UBAM Organisation (continued) General distributor, representative and paying agent in Switzerland Union Bancaire Privée, UBP SA, 9698, rue du Rhône, P.O. Box 1320, CH1211 Genève 1 Tel: + 41 (0) Payment services, execution place and jurisdiction place are established, for the shares distributed in Switzerland, in the place hereabove mentioned. Supplementary information concerning the distribution of the different types and classes of shares of the SICAV in Switzerland are specified in the prospectus and the Key Investor Information Documents (KIIDs). Information in Switzerland concerning the SICAV are published on the electronic platform Swiss Fund Data ( The subscription and redemption prices of the shares of the different subfunds are published daily on the said electronic platform at the time of each issue and redemption. Investors liable to a tax in Switzerland are hereby informed that transactions made in the SICAV s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the SICAV s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding, selling and redemption of shares, in the light of their place of residence. Additional information for Swiss investors in accordance with the Guidelines on Duties Regarding the Charging and Use of Fees and Cost of 22 May 2014 of the Swiss Funds & Asset Management Association (SFAMA) : Retrocessions for the commercialisation of the SICAV to distributors and investment managers are taken directly from the management and advisory fees. Rebates from the management and advisory fees are granted to direct investors who meet certain conditions and request to be paid such rebate as set forth in the relevant section of the prospectus. Paying agent and information place in Germany SAL. OPPENHEIM JR. & CIE. AG & Co., 4, Unter Sachsenhausen, D50667 Cologne Paying agent in Austria ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, Graben 21, A1010 Vienna Financial agent in Belgium CACEIS BELGIUM FUND ADMINISTRATION SERVICE & TECHNOLOGY NETWORK BELGIUM (FASTNET) Avenue du Port, 86 C b320, B1000 Brussels Official distributor agent in Spain ALLFUNDS BANKS S.A., Nuria 57, E28034 Madrid The information documents concerning the SICAV can be obtained by the shareholders from the distributor agent or from UBP GESTION INSTITUCIONAL S.A., Avenida Diagonal 520, 2 2aB, E08006 Barcelona. Correspondent bank in France CACEIS BANK, 13, Place Valhubert, F75206 Paris Cedex 13 The correspondent is also in charge of the subscriptions / redemptions processing and of the dividend payments of the shares of the SICAV. Paying agents in Italy Allfunds Bank S.A, via Santa Margherita 7, I20121 Milan State Street Bank S.p.A, Via Ferrante Aporti 10, I20125 Milan Official distributor agent in Portugal BEST Banco Electronico de Serviço Total, S.A., Praça Marquês de Pombal, no. 3 3, Lisbon Representative in United Kingdom PRIVEE, UBP SA, 26 St James's Square, GBLondon SW1Y4JH Distributor agent in Singapore PRIVEE (Singapore) Ltd, OUE Bayfront, 50 Collyer Quay #0803, SGSingapore Distributor agent in Sweden MFEX Mutual Funds Exchange AB, Linnégatan 911, SE Stockholm (formerly Carnegie Investment Bank AB, Gustav Adolfs Torg 18, SE Stockholm ) Page 8

9 UBAM Report of the Board of Directors 1. MANAGER'S REPORT 1.1 Retrospective on financial markets Global growth driven by consumer spending As 2015 began, observers were confident that US and European monetary policy would diverge, and that is indeed what happened, particularly at the end of the year when the Fed raised interest rates. The other major theme of 2015, which was less predictable, was the divergence between manufacturing and consumer spending in almost all of the world's regions. US manufacturing is highly exposed to the oil sector and was badly hurt by the slump in the oil price, as well as by the strong dollar. That was reflected by the decline in business confidence in the manufacturing sector, especially in the second half of the year. After a tough start to the year, once again caused by very harsh weather conditions, it became clear that US consumer spending was being supported by a very buoyant labour market. The US unemployment rate fell from 5.7% in January to 5% in December. Although wages did not rise much in nominal terms, improving consumer confidence, lower petrol prices and realestate wealth effects prompted Americans to spend money, on new cars for example. Overall, US GDP growth in 2015 was very similar to the 2014 figure at around 2.5%. The eurozone has very little exposure to the oil sector and benefited greatly from lower energy prices, which boosted real incomes and therefore consumer spending. In addition, the European manufacturing sector, helped by a significantly weaker euro, coped admirably with the Greek crisis and the slowdown in emerging markets. As in previous years, the outlook for most emerging countries worsened as the year wore on. The Brazilian and Russian economies were badly affected by falling commodity prices and were mired in deep recession. However, observers focused mainly on activity levels in China, where consumer spending and the service sector were also strong, allowing growth to stabilise at just below 7%. Like many central banks around the world, the People's Bank of China worked hard to support growth and boost inflation by cutting policy interest rates and the bank reserve ratio several times, as well as taking other more targeted measures. As expected, the ECB finally decided in January to launch a real quantitative easing programme of its own, extending its asset purchases to sovereign bonds. The ECB's communication task was more difficult in the second half, since Mario Draghi's emphasis on the inflation and growth risks stemming from emerging markets prompted investors to raise their expectations about what the ECB would do in December. In the end, the markets were disappointed with the ECB's actions, which consisted of cutting its deposit rate by 10bp to 0.3% and extending its asset purchase programme until spring The Fed prepared the markets for an initial rate hike as early as the spring, but it did not happen even in September, mainly because the market had a major bout of nerves following the surprise devaluation of China's currency in the middle of the quiet summer period. For once, the Swiss National Bank sprang the year's biggest surprise, scrapping its floor EUR/CHF rate and cutting its key interest rate by 50bp to 0.75%, just a few days before the ECB's meeting in January. By contrast, monetary policy remained unchanged at the Bank of Japan and the Bank of England. Bond markets: investors focusing on central banks Despite diverging monetary policies, bond yields in the world's various regions remained closely in step. The ECB's announcement of a QE programme contributed heavily to a sharp fall in developedcountry yields at the start of the year. In midapril, German yields were negative for maturities of up to eight years. The prospect of a rate hike in the USA and an improving economic outlook in the eurozone then pushed yields higher, and they remained broadly stable in the second half of the year. Overall, yield movements in 2015 were very small. German 10year yields rose from 0.5% in January to 0.6% in December and US 10year yields from 2.2% to 2.3%. This led to very limited returns for sovereign bonds in Germany (0.3% according to BofA ML indexes) and the USA (0.8%). For outperformance, investors had to look to debt in peripheral countries (+3.8%) and, highly unexpectedly, Switzerland (+2.6%). Corporate bonds suffered from wider credit spreads. Although widening was moderate for investmentgrade paper, returns were very slightly negative in both EUR (0.4%) and USD (0.6%). However, US highyield bonds, which are heavily exposed to the oil and gas sector, saw risk premiums rise sharply and posted a return of 4.6%. Dollardenominated bonds Page 9

10 UBAM Report of the Board of Directors (continued) issued by emergingmarket governments and companies were highly resilient given the circumstances and delivered a return of just over 1% on average. Currencies and commodities Another major theme of 2015 was clearly the strong dollar. The dollar rose 9% against a basket of other major currencies. As a result the euro fell 10% against the dollar, but many commodity currencies fell even further, examples being the Canadian dollar (16%), the Russian rouble (16%) and the Brazilian real (33%). The yen, meanwhile, was almost unchanged, while sterling was down only 6%. Finally, despite shooting up by around 20% against all currencies on 15 January, the Swiss franc ended the year almost unchanged against the dollar, close to parity. As everyone will remember, there were a few days in 2015 when a Swiss franc was worth more than a euro, but the euro then rallied to around CHF1.05 in late January and stabilised at around CHF1.09 in the second half of Because of oil's major economic and financial implications, investors paid very close attention to oil prices, which hit their lowest level since The Brent crude price fell 35% during 2015 and the WTI price 31%. However, almost all commodity prices fell sharply, mainly because of the strong dollar, concerns about the Chinese economy, excessive supply in many cases and oilspecific geopolitical factors. The general slide also affected the gold price, which fell 10% despite the significant increase in geopolitical risk and terrorist attacks around the world. Equity markets: almost unchanged The MSCI All Country World index went almost nowhere in 2015 as a whole, posting a gain of 1.3% in localcurrency terms with net dividends reinvested. However, this ignores the frequent market dips during the year. In particular, the latest flareup in the Greek crisis took place in early summer, followed by concern about China in August, which was also the month when the VIX index hit its highest level since 2008 on the back of serious worries about the world economy. Then, fears about the fundamentals of certain companies, particularly in the auto sector, arose in September. On the plus side, the eurozone market (+9.8% for the MSCI index) and Japan (+9.9%) outperformed strongly and the Swiss market (+1.2%) recovered from a disastrous start to the year. Although certain flagship US tech stocks posted extraordinary gains, such as Amazon (+118%) and Netflix (+134%), the return from the US market as a whole was only just positive (+0.7%), and even then only because of dividends was not kind to emerging markets, which posted a 5.8% decline in localcurrency terms and 14.9% in dollars, substantially underperforming developed markets for the third straight year. Given the major concern about the Chinese economy, investors kept a particularly close eye on the swings in the Shanghai Composite index, which was up 60% in midjune before losing more than 40% in two and a half months, ending the year with an overall gain of 9%. Page 10

11 UBAM Report of the Board of Directors (continued) Performances of the major asset classes in % (4th quarter) Performances of the major equity markets in % (4th quarter) Page 11

12 UBAM Report of the Board of Directors (continued) Performances of the major bonds markets in % (4th quarter) Performances of the major currencies against CHF in % (4th quarter) Page 12

13 UBAM Report of the Board of Directors (continued) YTD performances of the major asset classes in % YTD performances of the major equity markets in % Page 13

14 UBAM Report of the Board of Directors (continued) YTD performances of the major bonds markets in % YTD performances of the major currencies against CHF in % Page 14

15 UBAM Report of the Board of Directors (continued) 1.2. Outlook 2016 outlook: growth likely to stabilise but numerous risks remain Global growth is likely to be between 3% and 3.5% in 2016, maintaining the pace seen in late The upturn in developed countries in 2015 is likely to continue, and activity levels in emergingmarket countries should stabilise after a difficult year. However, major risks remain: the geopolitical situation remains highly uncertain, particularly in the Middle East, and there is a busy political schedule in developed countries, including the US presidential election and a likely EU membership referendum in the UK. These factors could significantly affect the growth scenario. Developed countries have the best prospects, and should achieve growth of 2%, up from 1.9% in 2015 and 1.7% in That growth will be driven mainly by domestic demand, and consumer demand in particular, supported by job creation, lower unemployment and rising incomes. However, business investment, the realestate sector and global trade are likely to provide greater support across the various regions, so that economies will be less dependent on consumer spending alone. Among developed countries, the recovery taking place in the eurozone and Japan should continue. With monetary policy still very loose and fiscal policy easier than in recent years, growth is likely to be 1% in Japan and 1.7% in the eurozone. The USA and UK should post growth of around 2.5% in 2016, very close to their figures for Both the USA and UK are further along the economic cycle than other developed countries and their economic policies are likely to provide less stimulus. The growth outlook for 2016 in emerging economies remains uncertain. Low commodity prices, the normalisation of US official interest rates and a lack of structural reform will remain serious drags on many countries, putting their currencies and external balances under pressure. We are likely to continue seeing major differences between countries that export and those that import commodities. In addition, slowing growth is creating fears that the sharp rise in credit levels since 2008 could cause a financial crisis. This is also the case in China, even though growth there is likely to stabilise between 6% and 6.5% due to various industryspecific support plans and measures to loosen monetary policy, both past and expected. In these circumstances, inflation is likely to remain low. In developed countries, the low base for comparison caused by the oil price slump in 2015 will automatically push inflation higher in early 2016, but the underlying price trend remains moderate. In the USA, inflation is likely to move close to the 2% level expected by the Fed, while in the eurozone it should remain between 1% and 1.5%, below the centralbank target range. Despite sharply lower unemployment rates in some countries the USA, the UK, Germany and Japan wage growth is likely to remain limited, although some bouts of upward pressure could occur in Monetary policies should continue to diverge, possibly at a faster pace than before. Policies are likely to fall into two camps: gradual tightening in the USA, the UK (provided economic figures remain in line with central bank forecasts) and some Latin American countries, and further loosening in the eurozone, Japan and Asia. As a result, the financial markets will probably remain volatile. However, we believe that the outlook is good for risk assets, particularly equities. Earnings growth should be in line with expected economic growth, i.e. between 5% and 7% globally. We still believe that developed countries represent the best market opportunities because of their recovering economies, support from economic policy, M&A activity and ongoing share buybacks. The consumer goods, technology and healthcare sectors should continue to outperform over the medium term. More broadly, we still favour new technologies and growth stocks, even though valuations are high in some cases. Corporate bonds are still more attractive than government bonds in our view. The yields on government paper are low because of unconventional monetary policies, but bond yields could rise slightly given that growth is strengthening. In the credit segment, we regard spreads on US highyield paper as excessively wide given likely moderate growth in the US economy, despite the segment's heavy exposure to the oil and gas sector. Page 15

16 UBAM Report of the Board of Directors (continued) Diverging monetary policies should support the dollar against other currencies, but exchange rates will remain volatile and still highly dependent on comments by central bank officials. Finally, returns from gold look likely to be modest, unless we see a strong increase in geopolitical and systemic risk. Page 16

17 UBAM Report of the Board of Directors (continued) 2. EVOLUTION OF ACTIVITY AND OF THE FINANCIAL SITUATION NET ASSETS AND PERFORMANCES Bond subfunds Subfund Ccy Net assets as at 31/12/13 (mios) Net assets as at 31/12/14 (mios) Net assets as at 31/12/15 (mios) Net Asset Value per AC share as at 31/12/13 Net Asset Value per AC share as at 31/12/14 * Net Asset Value per AC share as at 31/12/15 * Performance 2014 Performance 2015 UBAM CORPORATE EURO BOND EUR % 1.23% UBAM CORPORATE US DOLLAR BOND USD % 0.34% UBAM DYNAMIC EURO BOND EUR % 0.38% UBAM DYNAMIC US DOLLAR BOND USD % 0.04% UBAM EMERGING MARKET BOND USD % 4.00% UBAM EMERGING MARKET CORPORATE BOND USD % 1.39% UBAM EM HIGH YIELD SHORT (1) USD % 0.91% DURATION CORPORATE BOND UBAM EURO BOND EUR % 0.52% UBAM GLOBAL BOND (2) USD , , % 1.41% UBAM GLOBAL CREDIT (3) OPPORTUNITIES EUR N.R. 0.32% UBAM GLOBAL HIGH YIELD SOLUTION USD 1, , , % 1.54% UBAM LOCAL CURRENCY EMERGING MARKET BOND USD % 16.71% UBAM STERLING BOND GBP % 0.59% UBAM UNCONSTRAINED BOND (4) EUR % 0.06% UBAM US DOLLAR BOND USD , , , % 0.40% Feeder bond subfund UBAM EM INVESTMENT GRADE (5) USD % 1.76% CORP BOND Feeder convertible bond subfunds UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) (6) EUR N.R. 2.04% UBAM EUROPEAN CONVERTIBLE BOND EUR % 2.56% UBAM EURO 1040 CONVERTIBLE BOND EUR % 2.21% UBAM GLOBAL CONVERTIBLE (7) BOND EUR % 3.86% UBAM SRI EUROPEAN (8) CONVERTIBLE BOND EUR N.R. Equity subfunds UBAM 30 GLOBAL LEADERS (9) EQUITY EUR % 14.18% UBAM ADAMS US SMALL CAP (10) EQUITY USD N.R. UBAM ASIA EQUITY USD % 6.11% UBAM DR. EHRHARDT GERMAN EQUITY EUR , , , % 14.61% UBAM EUROPE EQUITY EUR % 9.00% UBAM EUROPE EQUITY DIVIDEND+ EUR % 2.58% UBAM EUROPE EQUITY FLEX (11) EUR N.R. 6.77% UBAM EUROPEAN (12) OPPORTUNITIES EQUITY EUR N.R % UBAM GCM MID CAP US EQUITY GROWTH USD % 1.92% UBAM GLOBAL EMERGING EQUITY (formerly UBAM MULTIFUNDS EMERGING MARKETS) (13) USD % 16.94% UBAM GLOBAL EQUITY (14) EUR N.R. Page 17

18 Subfund Ccy Net assets as at 31/12/13 (mios) UBAM Report of the Board of Directors (continued) Net assets as at 31/12/14 (mios) Net assets as at 31/12/15 (mios) Net Asset Value per AC share as at 31/12/13 Net Asset Value per AC share as at 31/12/14 * Net Asset Value per AC share as at 31/12/15 * Performance 2014 Performance 2015 UBAM GLOBAL EQUITY INCOME (15) EUR N.R. 9.71% UBAM IFDC JAPAN OPPORTUNITIES EQUITY UBAM NEUBERGER BERMAN US EQUITY VALUE JPY 6, , , ,431 11, % 11.88% USD , , % 10.54% UBAM RUSSIAN EQUITY USD % 11.32% UBAM SNAM JAPAN EQUITY VALUE JPY 44, , , ,130 1,253 1, % 7.50% UBAM SWISS EQUITY CHF , % 6.10% UBAM SWISS SMALL AND MID (16) CHF N.R. CAP EQUITY UBAM TURKISH EQUITY USD % 31.95% Feeder equity subfund UBAM EURO EQUITY INCOME (17) EUR N.R. 9.00% Fund of funds subfunds UBAM MULTIFUNDS ALLOCATION (18) 30 USD N.R. 1.21% UBAM MULTIFUNDS ALLOCATION (19) 50 USD N.R. 2.14% UBAM MULTIFUNDS ALLOCATION (20) 70 USD N.R. 3.38% UBAM MULTIFUNDS (21) ALTERNATIVE USD N.R. 2.50% Asset Allocation subfunds UBAM ASYMMETRY 50 EUR (22) EUR N.R. 4.68% UBAM ASYMMETRY 50 USD (23) USD N.R. 7.65% * The performance is calculated on the basis of the AC class of shares of each subfund. As exception, it is calculated on the basis of the: AHC CHF class of shares for UBAM GLOBAL BOND APC class of shares for UBAM GLOBAL CREDIT OPPORTUNITIES, UBAM UNCONSTRAINED BOND and UBAM IFDC JAPAN OPPORTUNITIES EQUITY UC class of shares for UBAM MULTIFUNDS ALTERNATIVE (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) This subfund was launched on 19 th August 2013 at a price of USD The first calculated net asset value is dated 20 th August This subfund changed its base currency on 24 th November This subfund was launched on 30 th October 2014 at a price of EUR The first calculated net asset value is dated 31 st October This subfund was launched on 19 th June 2013 at a price of EUR The first calculated net asset value is dated 20 th June This subfund was launched on 30 th January 2013 at a price of USD The first calculated net asset value is dated 31 st January This subfund was launched on 9 th October 2014 at a price of EUR The first calculated net asset value is dated 10 th October It changed its name on 10 th August 2015 (please see note 19). This subfund was launched on 23 rd August 2013 at a price of EUR The first calculated net asset value is dated 26 th August This subfund was launched on 7 th August 2015 at a price of EUR The first calculated net asset value is dated 10 th August 2015 (please see Note 19). This subfund changed its base currency on 17 th January This subfund was launched on 14 th October 2015 at a price of USD The first calculated net asset value is dated 15 th October 2015 (please see Note 19). This subfund was launched on 30 th April 2014 at a price of EUR The first calculated net asset value is dated 2 nd May This subfund was launched on 27 th March 2014 at a price of EUR The first calculated net asset value is dated 28 th March This subfund was launched on 5 th February The first calculated net asset value of the AC class of shares is dated 15 th April It changed its name and investment policy on 9 th November 2015 (please see note 19). This subfund was launched 30 th January 2015 at a price of USD The first calculated net asset value is dated 2 nd February 2015 (please see Note 19). Page 18

19 UBAM Report of the Board of Directors (continued) (15) (16) (17) (18) (19) (20) (21) (22) (23) This subfund was launched on 30 th July 2014 at a price of EUR (AD class of shares). The first calculated net asset value is dated 31 st July The AC class of shares has been launched on 8 th September 2014 at price of EUR. This subfund was launched 10 th July 2015 at a price of CHF (IPC CHF class of shares). The first calculated net asset value is dated 13 th July The AC class of shares was launched on 15 th July 2015 at a price of CHF (please see Note 19). This subfund was launched on 10 th July 2014 at a price of EUR The first calculated net asset value is dated 11 th July This subfund was launched on 10 th July 2014 at a price of USD The first calculated net asset value is dated 11 th July This subfund was launched on 10 th July 2014 at a price of USD The first calculated net asset value is dated 11 th July This subfund was launched on 10 th July 2014 at a price of USD The first calculated net asset value is dated 11 th July This subfund was launched on 10 th July 2014 at a price of USD The first calculated net asset value is dated 11 th July This subfund was launched on 6 th October 2014 at a price of EUR The first calculated net asset value is dated 7 th October This subfund was launched on 6 th October 2014 at a price of USD The first calculated net asset value is dated 7 th October Page 19

20 UBAM Report of the Board of Directors (continued) 3. PERFORMANCE OVER THE PAST THREE FINANCIAL YEARS Name Type UBAM CORPORATE EURO BOND AC EUR +1.68% +7.70% 1.23% UBAM CORPORATE EURO BOND AD EUR +1.70% +7.70% 1.23% UBAM CORPORATE EURO BOND AHC CHF +1.39% +7.40% 2.39% UBAM CORPORATE EURO BOND AHC USD N.R. 0.87% UBAM CORPORATE EURO BOND ASC EUR N.R % 2.28% UBAM CORPORATE EURO BOND IC EUR +2.01% +8.07% 0.89% UBAM CORPORATE EURO BOND ID EUR N.R % 0.89% UBAM CORPORATE EURO BOND IHC CHF N.R. UBAM CORPORATE EURO BOND IHC GBP N.R % 0.18% UBAM CORPORATE EURO BOND ISC EUR N.R % 1.89% UBAM CORPORATE EURO BOND UD EUR N.R. UBAM CORPORATE EURO BOND RC EUR +0.97% +6.95% 1.92% Merrill Lynch EMU Corporate Large Cap Index +2.35% +8.32% 0.49% UBAM CORPORATE US DOLLAR BOND AC USD +0.19% +3.69% +0.34% UBAM CORPORATE US DOLLAR BOND AD USD +0.19% +3.68% +0.34% UBAM CORPORATE US DOLLAR BOND AHC EUR 0.13% +3.32% 0.04% UBAM CORPORATE US DOLLAR BOND AHC CHF 0.45% +3.23% 1.50% UBAM CORPORATE US DOLLAR BOND AHC GBP N.R. UBAM CORPORATE US DOLLAR BOND ASC USD N.R. 0.27% 0.44% UBAM CORPORATE US DOLLAR BOND IC USD +0.53% +4.03% 0.69% UBAM CORPORATE US DOLLAR BOND ID USD N.R % 0.69% UBAM CORPORATE US DOLLAR BOND IHC EUR +0.16% +3.67% 0.31% UBAM CORPORATE US DOLLAR BOND IHC CHF N.R. 1.16% UBAM CORPORATE US DOLLAR BOND IHC ILS N.R. UBAM CORPORATE US DOLLAR BOND ISC USD N.R % 0.04% UBAM CORPORATE US DOLLAR BOND UD USD N.R. UBAM CORPORATE US DOLLAR BOND RC USD 0.51% +2.96% 0.35% Merrill Lynch US Corporate Large Cap 110 Yrs Index +0.06% +4.37% +1.08% UBAM DYNAMIC EURO BOND AC EUR +0.89% +0.70% 0.38% UBAM DYNAMIC EURO BOND AD EUR +0.88% +0.70% 0.39% UBAM DYNAMIC EURO BOND AHC CHF +0.49% +0.41% 1.45% UBAM DYNAMIC EURO BOND AHC GBP N.R % 0.48% UBAM DYNAMIC EURO BOND IC EUR +1.14% +0.94% 0.14% UBAM DYNAMIC EURO BOND ID EUR N.R. 0.14% UBAM DYNAMIC EURO BOND IHC CHF +0.75% +0.65% 1.22% UBAM DYNAMIC EURO BOND IHC GBP N.R % 0.72% UBAM DYNAMIC EURO BOND UC EUR N.R. UBAM DYNAMIC EURO BOND UD EUR N.R. UBAM DYNAMIC EURO BOND UHC CHF N.R. UBAM DYNAMIC EURO BOND UHD CHF N.R. UBAM DYNAMIC EURO BOND UHC USD N.R. UBAM DYNAMIC EURO BOND UHD USD N.R. UBAM DYNAMIC EURO BOND UHC GBP N.R. UBAM DYNAMIC EURO BOND RC EUR +0.27% +0.12% 0.58% Citigroup EUR 3M Eurodeposit Index +0.08% +0.16% 0.05% UBAM DYNAMIC US DOLLAR BOND AC USD +1.36% +0.23% +0.04% UBAM DYNAMIC US DOLLAR BOND AD USD +1.37% +0.23% +0.04% UBAM DYNAMIC US DOLLAR BOND AC EUR N.R. UBAM DYNAMIC US DOLLAR BOND AHC EUR N.R. Page 20

21 UBAM Report of the Board of Directors (continued) Name Type UBAM DYNAMIC US DOLLAR BOND AHC CHF +0.89% 0.15% 1.72% UBAM DYNAMIC US DOLLAR BOND AHC GBP N.R % +0.24% UBAM DYNAMIC US DOLLAR BOND IC USD +1.61% +0.47% +0.28% UBAM DYNAMIC US DOLLAR BOND IC EUR N.R. UBAM DYNAMIC US DOLLAR BOND IHC EUR N.R. UBAM DYNAMIC US DOLLAR BOND IHC CHF +1.13% +0.09% 1.49% UBAM DYNAMIC US DOLLAR BOND IHC GBP N.R % +0.49% UBAM DYNAMIC US DOLLAR BOND IHD GBP +3.85% +0.86% +0.48% UBAM DYNAMIC US DOLLAR BOND UC USD N.R. UBAM DYNAMIC US DOLLAR BOND UD USD N.R. UBAM DYNAMIC US DOLLAR BOND UHC EUR N.R. UBAM DYNAMIC US DOLLAR BOND UHD EUR N.R. UBAM DYNAMIC US DOLLAR BOND UHC CHF N.R. UBAM DYNAMIC US DOLLAR BOND UHD CHF N.R. UBAM DYNAMIC US DOLLAR BOND UHC GBP N.R. UBAM DYNAMIC US DOLLAR BOND RC USD +0.66% 0.34% 0.16% Citigroup USD 3M Eurodeposit Index +0.31% +0.22% +0.37% UBAM EMERGING MARKET BOND AC USD 7.16% +2.65% 4.00% UBAM EMERGING MARKET BOND AD USD 7.16% +2.65% 4.00% UBAM EMERGING MARKET BOND AHC EUR 7.45% +2.62% 4.59% UBAM EMERGING MARKET BOND AHD EUR 7.44% +2.61% 4.57% UBAM EMERGING MARKET BOND AHC CHF 7.76% +2.27% 5.13% UBAM EMERGING MARKET BOND AHC GBP N.R. 3.76% UBAM EMERGING MARKET BOND ASC USD N.R. 3.68% 4.73% UBAM EMERGING MARKET BOND AHSC EUR N.R. 3.82% 5.68% UBAM EMERGING MARKET BOND IC USD 6.29% +3.63% 3.09% UBAM EMERGING MARKET BOND IHC EUR 6.58% +3.58% 3.70% UBAM EMERGING MARKET BOND RC USD 7.34% +2.44% 4.27% JP Morgan EMBIG USD Index 6.58% +5.53% +0.60% UBAM EMERGING MARKET CORPORATE BOND AC USD 2.28% +3.93% 1.39% UBAM EMERGING MARKET CORPORATE BOND AD USD 2.29% +3.93% 1.38% UBAM EMERGING MARKET CORPORATE BOND AHC EUR 2.57% +3.77% 1.80% UBAM EMERGING MARKET CORPORATE BOND AHD EUR 2.56% +3.77% 1.80% UBAM EMERGING MARKET CORPORATE BOND AHC CHF 2.70% +3.59% 2.48% UBAM EMERGING MARKET CORPORATE BOND ASC USD N.R 0.16% 2.20% UBAM EMERGING MARKET CORPORATE BOND AHSC EUR N.R. 2.97% UBAM EMERGING MARKET CORPORATE BOND AHSC CHF N.R. 3.43% UBAM EMERGING MARKET CORPORATE BOND APC USD 1.61% +4.61% 0.72% UBAM EMERGING MARKET CORPORATE BOND APHC EUR 1.91% +4.43% 1.33% UBAM EMERGING MARKET CORPORATE BOND APHC CHF 2.05% +4.29% 1.83% UBAM EMERGING MARKET CORPORATE BOND IC USD 1.36% +4.91% 0.45% UBAM EMERGING MARKET CORPORATE BOND IHC EUR 1.66% +4.75% 0.89% UBAM EMERGING MARKET CORPORATE BOND IHSC EUR N.R +1.15% 1.83% UBAM EMERGING MARKET CORPORATE BOND IPC USD 1.12% +5.16% 0.19% UBAM EMERGING MARKET CORPORATE BOND IPHC EUR 1.43% +4.92% 0.86% UBAM EMERGING MARKET CORPORATE BOND RC USD 2.78% +3.42% 1.85% UBAM EMERGING MARKET CORPORATE BOND ZC USD N.R % JP Morgan Corporate EMBI Diversified USD Index 1.73% +5.71% +1.18% UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AC USD N.R % +0.91% UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AD USD N.R % +0.91% UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AHC EUR N.R % +0.53% Page 21

22 UBAM Report of the Board of Directors (continued) Name Type UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) AHC CHF N.R. 0.34% 0.23% UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) IC USD N.R % UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) IHC EUR N.R % +1.47% UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) IHD EUR N.R % UBAM EM HIGH YIELD SHORT DURATION CORPORATE BOND (1) RC USD 0.64% UBAM EURO BOND AC EUR +1.73% % +0.52% UBAM EURO BOND AD EUR +1.75% % +0.52% UBAM EURO BOND IC EUR +2.18% % +0.96% UBAM EURO BOND RC EUR +1.30% % +0.02% ML EMU DIRECT Gvts AAA 130 Years in Euro Index +2.30% % 1.65% UBAM GLOBAL BOND (2) AHC EUR 1.37% +7.40% 0.02% UBAM GLOBAL BOND (2) AHC CHF 1.78% +7.07% 1.41% UBAM GLOBAL BOND (2) AHD CHF 1.84% +7.06% 1.40% ML Global Government Bond Index II hedged CHF Index 0.74% +8.07% 0.23% UBAM GLOBAL CREDIT OPPORTUNITIES (3) APC EUR N.R. 0.32% UBAM GLOBAL CREDIT OPPORTUNITIES (3) APHC CHF N.R. 1.38% UBAM GLOBAL CREDIT OPPORTUNITIES (3) APHC USD N.R. 0.04% UBAM GLOBAL CREDIT OPPORTUNITIES (3) APHC GBP N.R % UBAM GLOBAL CREDIT OPPORTUNITIES (3) IPC EUR N.R % UBAM GLOBAL CREDIT OPPORTUNITIES (3) IPHC USD N.R. UBAM GLOBAL CREDIT OPPORTUNITIES (3) IPHD USD N.R. UBAM GLOBAL CREDIT OPPORTUNITIES (3) UD EUR N.R. UBAM GLOBAL CREDIT OPPORTUNITIES (3) UPHC GBP N.R. UBAM GLOBAL CREDIT OPPORTUNITIES (3) UPHD GBP N.R. UBAM GLOBAL CREDIT OPPORTUNITIES (3) RC EUR N.R. 0.84% UBAM GLOBAL CREDIT OPPORTUNITIES (3) ZC EUR N.R. UBAM GLOBAL HIGH YIELD SOLUTION AC USD % +4.29% +1.54% UBAM GLOBAL HIGH YIELD SOLUTION AD USD % +4.28% +1.54% UBAM GLOBAL HIGH YIELD SOLUTION AHC EUR % +4.10% +1.11% UBAM GLOBAL HIGH YIELD SOLUTION AHD EUR % +4.11% +1.10% UBAM GLOBAL HIGH YIELD SOLUTION AHC CHF % +3.96% 0.18% UBAM GLOBAL HIGH YIELD SOLUTION AHD CHF % +3.96% 0.18% UBAM GLOBAL HIGH YIELD SOLUTION AHC GBP N.R +4.40% +1.66% UBAM GLOBAL HIGH YIELD SOLUTION IC USD % +4.49% +1.73% UBAM GLOBAL HIGH YIELD SOLUTION ID USD N.R +4.49% +1.72% UBAM GLOBAL HIGH YIELD SOLUTION IHC EUR % +4.30% 1.30% UBAM GLOBAL HIGH YIELD SOLUTION IHD EUR % +4.31% +1.29% UBAM GLOBAL HIGH YIELD SOLUTION IHC CHF % +4.15% +0.01% UBAM GLOBAL HIGH YIELD SOLUTION IHD CHF N.R % UBAM GLOBAL HIGH YIELD SOLUTION IHC SEK N.R % UBAM GLOBAL HIGH YIELD SOLUTION IHC GBP N.R +4.60% +1.85% UBAM GLOBAL HIGH YIELD SOLUTION IHD GBP % +4.60% +1.85% UBAM GLOBAL HIGH YIELD SOLUTION UC USD N.R. UBAM GLOBAL HIGH YIELD SOLUTION UD USD N.R. UBAM GLOBAL HIGH YIELD SOLUTION UHC EUR N.R % UBAM GLOBAL HIGH YIELD SOLUTION UHD EUR N.R % UBAM GLOBAL HIGH YIELD SOLUTION UHC CHF N.R. UBAM GLOBAL HIGH YIELD SOLUTION UHD CHF N.R. UBAM GLOBAL HIGH YIELD SOLUTION UHC GBP N.R. UBAM GLOBAL HIGH YIELD SOLUTION UHD GBP N.R. Page 22

23 UBAM Report of the Board of Directors (continued) Name Type UBAM GLOBAL HIGH YIELD SOLUTION VD USD N.R. UBAM GLOBAL HIGH YIELD SOLUTION VHC EUR N.R. UBAM GLOBAL HIGH YIELD SOLUTION VHD GBP N.R. UBAM GLOBAL HIGH YIELD SOLUTION RC USD % +3.98% +1.24% UBAM GLOBAL HIGH YIELD SOLUTION RHC EUR N.R +3.77% +0.81% UBAM GLOBAL HIGH YIELD SOLUTION RD USD N.R. UBAM GLOBAL HIGH YIELD SOLUTION ZC USD N.R +4.75% +1.98% UBAM LOCAL CURRENCY EMERGING MARKET BOND AC USD 9.32% 7.91% 16.71% UBAM LOCAL CURRENCY EMERGING MARKET BOND AD USD 9.32% 7.90% 16.72% UBAM LOCAL CURRENCY EMERGING MARKET BOND AHC EUR 9.78% 8.13% 17.47% UBAM LOCAL CURRENCY EMERGING MARKET BOND AHD EUR 9.78% 8.14% 17.46% UBAM LOCAL CURRENCY EMERGING MARKET BOND AHC CHF 9.85% 8.40% 18.39% UBAM LOCAL CURRENCY EMERGING MARKET BOND IC USD 8.47% 7.02% 15.93% UBAM LOCAL CURRENCY EMERGING MARKET BOND IHC EUR 8.94% 7.27% 16.68% UBAM LOCAL CURRENCY EMERGING MARKET BOND IHC CHF 9.04% 7.53% 17.62% UBAM LOCAL CURRENCY EMERGING MARKET BOND RC USD 9.78% 8.35% 17.35% JP Morgan GBIEM Global Diversified USD Index 8.98% 5.72% 14.92% UBAM STERLING BOND AC GBP 5.17% % 0.59% UBAM STERLING BOND AD GBP 5.17% % 0.57% UBAM STERLING BOND IC GBP 4.69% % 0.15% Merrill Lynch UK Gilts 130 Years in GBP Index 4.25% % +0.47% UBAM UNCONSTRAINED BOND (4) APC EUR N.R % 0.06% UBAM UNCONSTRAINED BOND (4) APD EUR N.R % 0.08% UBAM UNCONSTRAINED BOND (4) APHC CHF N.R % 1.12% UBAM UNCONSTRAINED BOND (4) APHC USD N.R % 0.19% UBAM UNCONSTRAINED BOND (4) APHC GBP N.R % +0.70% UBAM UNCONSTRAINED BOND (4) APHD GBP N.R % +0.60% UBAM UNCONSTRAINED BOND (4) IPC EUR N.R % +0.23% UBAM UNCONSTRAINED BOND (4) IPHC CHF N.R % 0.78% UBAM UNCONSTRAINED BOND (4) IPHC USD N.R % +0.50% UBAM UNCONSTRAINED BOND (4) UPHC GBP N.R. UBAM UNCONSTRAINED BOND (4) RC EUR N.R % 0.45% UBAM US DOLLAR BOND AC USD 3.81% +5.44% 0.40% UBAM US DOLLAR BOND AD USD 3.81% +5.47% 0.40% UBAM US DOLLAR BOND AHC GBP N.R. UBAM US DOLLAR BOND IC USD 3.39% +5.90% +0.04% UBAM US DOLLAR BOND ID USD N.R. UBAM US DOLLAR BOND UD USD N.R. UBAM US DOLLAR BOND RC USD 4.29% +4.91% 0.90% ML US Treasury Master 130 Years in USD Index 3.35% +6.02% +0.83% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) AC USD N.R % 1.76% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) AD USD N.R. 1.77% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) AHD EUR N.R. UBAM EM INVESTMENT GRADE CORPORATE BOND (5) ASC USD N.R % 2.42% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) IC USD N.R % 0.84% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) IHC EUR N.R. UBAM EM INVESTMENT GRADE CORPORATE BOND (5) IHC CHF N.R. UBAM EM INVESTMENT GRADE CORPORATE BOND (5) ISC USD N.R % 1.78% UBAM EM INVESTMENT GRADE CORPORATE BOND (5) IHSC EUR N.R % 2.04% Page 23

24 UBAM Report of the Board of Directors (continued) Name Type UBAM EM INVESTMENT GRADE CORPORATE BOND (5) RC USD N.R % 1.99% JPM Corporate EMBI Diversified Investment Grade Index Index N.R % +1.28% UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) AC EUR N.R % UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) AD EUR N.R. UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) (6) AHC CHF N.R % UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) (6) AHC USD N.R % UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) (6) AHD USD N.R % UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 CONVERTIBLE OPPORTUNITIES) (6) AHC GBP N.R % UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) IC EUR N.R. UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) IHC CHF N.R. UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) IHC USD N.R. UBAM GLOBAL 1040 CONVERTIBLE BOND (formerly UBAM 1040 (6) CONVERTIBLE OPPORTUNITIES) RC EUR N.R. UBAM EUROPEAN CONVERTIBLE BOND AC EUR % +1.00% +2.56% UBAM EUROPEAN CONVERTIBLE BOND AD EUR % +1.02% +2.54% UBAM EUROPEAN CONVERTIBLE BOND AHC CHF N.R % +1.61% UBAM EUROPEAN CONVERTIBLE BOND AHC USD % +0.86% +2.29% UBAM EUROPEAN CONVERTIBLE BOND IC EUR % +1.49% +3.07% UBAM EUROPEAN CONVERTIBLE BOND IHC CHF N.R % UBAM EUROPEAN CONVERTIBLE BOND UC EUR N.R. UBAM EUROPEAN CONVERTIBLE BOND UD EUR N.R. UBAM EUROPEAN CONVERTIBLE BOND UHC CHF N.R. UBAM EUROPEAN CONVERTIBLE BOND UHC USD N.R. UBAM EUROPEAN CONVERTIBLE BOND UHD USD N.R. UBAM EUROPEAN CONVERTIBLE BOND RC EUR % +0.14% +1.75% UBAM EURO 1040 CONVERTIBLE BOND AC EUR +8.87% +2.62% +2.21% UBAM EURO 1040 CONVERTIBLE BOND AD EUR +8.85% +2.62% +2.20% UBAM EURO 1040 CONVERTIBLE BOND AHC CHF +8.60% +2.28% +1.52% UBAM EURO 1040 CONVERTIBLE BOND AHC USD N.R % +2.33% UBAM EURO 1040 CONVERTIBLE BOND AHC SEK N.R. UBAM EURO 1040 CONVERTIBLE BOND AHC GBP N.R % +2.51% UBAM EURO 1040 CONVERTIBLE BOND IC EUR +9.40% +3.13% +2.71% UBAM EURO 1040 CONVERTIBLE BOND ID EUR +9.40% +3.13% +2.72% UBAM EURO 1040 CONVERTIBLE BOND IHC CHF +9.14% +2.78% +2.02% UBAM EURO 1040 CONVERTIBLE BOND IHC USD +9.52% +2.98% +2.84% UBAM EURO 1040 CONVERTIBLE BOND IHD USD +9.52% +2.98% +2.84% UBAM EURO 1040 CONVERTIBLE BOND IHC SEK N.R % UBAM EURO 1040 CONVERTIBLE BOND IHC GBP N.R % UBAM EURO 1040 CONVERTIBLE BOND IHD GBP +9.83% +3.21% +3.02% UBAM EURO 1040 CONVERTIBLE BOND UC EUR N.R % UBAM EURO 1040 CONVERTIBLE BOND UD EUR N.R % UBAM EURO 1040 CONVERTIBLE BOND RC EUR +7.88% +1.69% +1.28% UBAM GLOBAL CONVERTIBLE BOND (7) AC EUR N.R % +3.86% UBAM GLOBAL CONVERTIBLE BOND (7) AHC CHF N.R % +3.09% UBAM GLOBAL CONVERTIBLE BOND (7) AHC USD N.R % +3.77% UBAM GLOBAL CONVERTIBLE BOND (7) AHC GBP N.R % +3.88% UBAM GLOBAL CONVERTIBLE BOND (7) IC EUR N.R % +4.36% UBAM GLOBAL CONVERTIBLE BOND (7) IHC CHF N.R % Page 24

25 UBAM Report of the Board of Directors (continued) Name Type UBAM GLOBAL CONVERTIBLE BOND (7) UHC GBP N.R. UBAM GLOBAL CONVERTIBLE BOND (7) RC EUR N.R. Thomson Reuters Global Convertible Index EUR Hedged Index N.R % +0.77% UBAM SRI EUROPEAN CONVERTIBLE BOND (8) AC EUR N.R. UBAM SRI EUROPEAN CONVERTIBLE BOND (8) AD EUR N.R. UBAM SRI EUROPEAN CONVERTIBLE BOND (8) IC EUR N.R. UBAM 30 GLOBAL LEADERS EQUITY (9) AC EUR N.R % % UBAM 30 GLOBAL LEADERS EQUITY (9) AD EUR N.R % % UBAM 30 GLOBAL LEADERS EQUITY (9) AHC EUR N.R % +5.20% UBAM 30 GLOBAL LEADERS EQUITY (9) AHC CHF N.R % +3.95% UBAM 30 GLOBAL LEADERS EQUITY (9) AC USD N.R % 2.50% UBAM 30 GLOBAL LEADERS EQUITY (9) AD USD N.R % UBAM 30 GLOBAL LEADERS EQUITY (9) AHC USD N.R % +4.46% UBAM 30 GLOBAL LEADERS EQUITY (9) AHC GBP N.R % +4.69% UBAM 30 GLOBAL LEADERS EQUITY (9) IHC EUR N.R % +5.99% UBAM 30 GLOBAL LEADERS EQUITY (9) IHC CHF N.R. UBAM 30 GLOBAL LEADERS EQUITY (9) IC USD N.R % +3.27% UBAM 30 GLOBAL LEADERS EQUITY (9) IHC USD N.R % +5.25% UBAM 30 GLOBAL LEADERS EQUITY (9) RC EUR N.R % % MSCI AC World Net Return Index % +4.16% 2.36% UBAM ADAMS US SMALL CAP EQUITY (10) AC USD N.R. UBAM ADAMS US SMALL CAP EQUITY (10) IC USD N.R. UBAM ADAMS US SMALL CAP EQUITY (10) RC USD N.R. Russel 2000 Net Return Index N.R. UBAM ASIA EQUITY AC USD +7.65% +5.30% 6.11% UBAM ASIA EQUITY AD USD N.R. UBAM ASIA EQUITY AC EUR +3.02% % +4.53% UBAM ASIA EQUITY APC USD N.R % 5.74% UBAM ASIA EQUITY IPC USD +9.01% +6.34% 5.22% UBAM ASIA EQUITY IPD USD N.R. UBAM ASIA EQUITY IPC EUR N.R. UBAM ASIA EQUITY UPC USD N.R. UBAM ASIA EQUITY RC USD +6.58% +4.22% 7.03% MSCI AC Asia exjapan Net Return Composite Index +3.07% +4.80% 9.17% UBAM DR. EHRHARDT GERMAN EQUITY AC EUR % 4.57% % UBAM DR. EHRHARDT GERMAN EQUITY AHC USD N.R % UBAM DR. EHRHARDT GERMAN EQUITY IC EUR % 3.85% % UBAM DR. EHRHARDT GERMAN EQUITY RC EUR % 5.52% % DAX 30 Total Return Index % +2.65% +9.56% UBAM EUROPE EQUITY AC EUR % +9.38% +9.00% UBAM EUROPE EQUITY AD EUR % +9.38% +9.00% UBAM EUROPE EQUITY AC CHF % +7.32% 1.42% UBAM EUROPE EQUITY AC USD N.R. 3.96% 2.14% UBAM EUROPE EQUITY AHC USD N.R. UBAM EUROPE EQUITY AC GBP N.R % +3.52% UBAM EUROPE EQUITY IC EUR % % +9.80% UBAM EUROPE EQUITY ID EUR % % +9.81% UBAM EUROPE EQUITY IC USD N.R. 1.42% Page 25

26 UBAM Report of the Board of Directors (continued) Name Type UBAM EUROPE EQUITY IHC USD N.R. UBAM EUROPE EQUITY UD EUR N.R. UBAM EUROPE EQUITY UC GBP N.R. UBAM EUROPE EQUITY RC EUR % +8.83% +8.45% MSCI Europe Net Return Index % +6.84% +8.22% UBAM EUROPE EQUITY DIVIDEND+ AC EUR +4.45% 0.25% +2.58% UBAM EUROPE EQUITY DIVIDEND+ AD EUR +4.38% 0.24% +2.58% UBAM EUROPE EQUITY DIVIDEND+ AHC EUR N.R. 2.28% +1.65% UBAM EUROPE EQUITY DIVIDEND+ AC CHF +6.07% 2.13% 7.23% UBAM EUROPE EQUITY DIVIDEND+ AD CHF +6.01% 2.13% 7.25% UBAM EUROPE EQUITY DIVIDEND+ AHC CHF +5.84% 2.52% 0.66% UBAM EUROPE EQUITY DIVIDEND+ AHD CHF +5.78% 2.48% 0.67% UBAM EUROPE EQUITY DIVIDEND+ AC USD +9.16% 12.40% 7.91% UBAM EUROPE EQUITY DIVIDEND+ AD USD +9.10% 12.40% 7.93% UBAM EUROPE EQUITY DIVIDEND+ AHC USD +5.75% 3.08% +0.01% UBAM EUROPE EQUITY DIVIDEND+ AHC SEK N.R. 2.31% +0.15% UBAM EUROPE EQUITY DIVIDEND+ IC EUR +5.22% +0.50% +3.34% UBAM EUROPE EQUITY DIVIDEND+ ID EUR +5.15% +0.49% +3.31% UBAM EUROPE EQUITY DIVIDEND+ IHC EUR N.R. 1.57% +2.44% UBAM EUROPE EQUITY DIVIDEND+ IC CHF +6.84% 1.40% 6.53% UBAM EUROPE EQUITY DIVIDEND+ IC USD N.R % 7.23% UBAM EUROPE EQUITY DIVIDEND+ ID USD +9.90% 11.74% 7.24% UBAM EUROPE EQUITY DIVIDEND+ ID GBP +7.85% 6.26% 1.83% UBAM EUROPE EQUITY DIVIDEND+ IHC GBP +6.87% 1.96% +1.49% UBAM EUROPE EQUITY DIVIDEND+ IHD GBP +6.81% 1.96% +1.47% UBAM EUROPE EQUITY DIVIDEND+ RC EUR +3.92% 0.75% +2.07% UBAM EUROPE EQUITY DIVIDEND+ RD EUR +3.86% 0.74% +2.04% MSCI Europe High Dividend Yield Net Return EUR * Index % +9.80% +7.69% UBAM EUROPE EQUITY FLEX (11) AC EUR N.R % UBAM EUROPE EQUITY FLEX (11) IPC EUR N.R % UBAM EUROPE EQUITY FLEX (11) RC EUR N.R. UBAM EUROPE EQUITY FLEX (11) ZC EUR N.R. N.R. MSCI Europe Net Return EUR Index N.R % UBAM EUROPEAN OPPORTUNITIES EQUITY (12) AC EUR N.R % UBAM EUROPEAN OPPORTUNITIES EQUITY (12) AC CHF N.R % UBAM EUROPEAN OPPORTUNITIES EQUITY (12) IC EUR N.R % UBAM EUROPEAN OPPORTUNITIES EQUITY (12) UPC GBP N.R % MSCI Europe Net Return EUR Index N.R % UBAM GCM MIDCAP US EQUITY GROWTH AC USD % +3.31% +1.92% UBAM GCM MIDCAP US EQUITY GROWTH AD USD % +3.30% +1.92% UBAM GCM MIDCAP US EQUITY GROWTH AHC EUR % +2.89% +1.53% UBAM GCM MIDCAP US EQUITY GROWTH AHC CHF N.R % +1.14% UBAM GCM MIDCAP US EQUITY GROWTH IC USD % +4.07% +2.68% UBAM GCM MIDCAP US EQUITY GROWTH IHC CHF % +3.60% +1.90% UBAM GCM MIDCAP US EQUITY GROWTH UD USD N.R. UBAM GCM MIDCAP US EQUITY GROWTH RC USD % +2.28% +0.91% Russel Mid Cap Growth Net Return ** Index % % 0.51% UBAM GLOBAL EMERGING EQUITY (formerly UBAM MULTIFUNDS (13) AC USD N.R. 6.94% 16.94% EMERGING MARKETS) UBAM GLOBAL EMERGING EQUITY (formerly UBAM MULTIFUNDS AD USD N.R. 6.94% 16.94% Page 26