PARVEST SICAV SEMI-ANNUAL REPORT. at 31/08/2014. R.C.S. Luxembourg B

PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2014 R.C.S. Luxembourg B 33 363

Table of contents Organisation 3 Information 5 Financial statements at 31/08/2014 6 Key figures relating to the last 3 years 16 Securities portfolio at 31/08/2014 Bond Asia ex-japan 29 Bond Best Selection World Emerging 30 Bond USD 32 Bond USD Government 34 Bond World 35 Bond World Emerging Corporate 38 Bond World Emerging Local 39 Bond World High Yield 40 Bond World Inflation-Linked 44 Convertible Bond Asia 45 Convertible Bond World 46 Equity Best Selection Asia ex-japan 48 Equity Best Selection Euro 49 Equity Best Selection Europe 50 Equity Brazil 51 Equity Bric 52 Equity China 54 Equity Europe Emerging 55 Equity Europe Growth 56 Equity Europe Mid Cap 57 Equity Europe Small Cap 58 Equity High Dividend Europe 59 Equity High Dividend Pacific 60 Equity High Dividend USA 61 Equity India 62 Equity Indonesia 63 Equity Japan 64 Equity Latin America 65 Equity Russia 67 Equity Russia Opportunities 68 Equity USA Growth 69 Equity USA Mid Cap 70 Equity World Consumer Durables 71 Equity World Emerging 72 Equity World Energy 73 Page 1 Page

Table of contents Page Equity World Finance 74 Equity World Health Care 75 Equity World Low Volatility 76 Equity World Materials 78 Equity World Technology 79 Equity World Telecom 80 Equity World Utilities 81 Green Tigers 82 Real Estate Securities Pacific 83 Real Estate Securities World 84 Notes to the financial statements 85 No subscription can be received on the basis of the financial statements alone. 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. Page 2

Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. William DE VIJLDER, Vice-Chairman, BNP Paribas Investment Partners, Paris Mr. Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, Paris (until 20 March 2014) Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. François HULLO, Head of External Distribution, BNP Paribas Investment Partners, Paris (since 14 May 2014) Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy-Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 3

Organisation Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE-10725 Stockholm, Sweden BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France BNP Paribas Asset Management Inc., 75 State Street, 6 th Floor, Boston, Ma 02109, USA BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore 049319 BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas 34353 Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466, USA, Manager for the Equity High Dividend USA sub-fund The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F-75009 Paris, France, Advisor on the selection of portfolio managers from outside the Group TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas 34353 Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund TKB BNP Paribas Investment Partners JSC, Marata Street, d.69-71 liter A, 191119 St. Petersburg, Russian Federation, Advisor for the Equity Europe Emerging, Equity Russia, Equity Russia Opportunities and Equity Bric sub-funds Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 21 July 2014, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 11 August 2014. The latest version of the Articles of Association has been filed on 1 August 2014 with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363. The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company s are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: www.bnpparibas-ip.com. Financial Year The Company s financial year starts on 1 March and ends on the last day of February until February 2014. The financial year will ends on 31 December in place of the last day of February with the first time in December 2014. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: www.bnpparibas-ip.com. Page 5

Financial statements at 31/08/2014 Bond Asia ex-japan Bond Best Selection World Emerging Bond USD Bond USD Government Expressed in USD USD USD USD Notes Statement of net Assets 468 795 472 252 671 269 134 374 504 98 867 236 Securities portfolio at cost price 436 340 043 227 206 882 112 114 269 81 730 514 Unrealised gain/(loss) on securities portfolio 3 798 471 1 097 836 2 108 362 (453 553) Securities portfolio at market value 2 440 138 514 228 304 718 114 222 631 81 276 961 Net Unrealised gain on financial instruments 2,8,9,10 0 0 1 054 833 0 Cash at banks and time deposits 17 960 227 21 482 131 9 591 342 2 761 688 Other 10 696 731 2 884 420 9 505 698 14 828 587 Liabilities 3 883 018 2 950 793 26 006 865 8 864 573 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 2,8,9,10 1 310 295 1 925 408 0 30 177 Other liabilities 2 572 723 1 025 385 26 006 865 8 834 396 Net asset value 464 912 454 249 720 476 108 367 639 90 002 663 Statement of operations and changes in net Income on investments and 9 904 650 8 837 530 2 924 519 849 956 Management and advisory fees 3 2 608 199 1 658 400 379 794 225 307 Bank interest 1 209 14 153 348 1 Interest on swaps 2 0 50 556 175 361 0 Other fees 4 640 524 357 373 159 270 115 112 Taxes 5 170 181 87 654 50 427 32 290 Distribution fees 0 16 432 605 7 453 Transaction fees 18 0 0 9 565 4 006 Total expenses 3 420 113 2 184 568 775 370 384 169 Net result from investments 6 484 537 6 652 962 2 149 149 465 787 Net realised result on: Investments securities 2 (1 521 970) (11 935 512) 1 645 963 (524 403) Financial instruments (1 465 896) (6 121 133) (2 632 452) (598 435) Net realised result 3 496 671 (11 403 683) 1 162 660 (657 051) Movement on net unrealised gain/loss on: Investments securities 13 462 565 23 617 239 301 115 1 698 626 Financial instruments (2 379 749) (4 627 006) 1 182 117 14 437 Change in net due to operations 14 579 487 7 586 550 2 645 892 1 056 012 Net subscriptions/(redemptions) (28 376 450) (17 529 894) 5 647 594 10 035 847 Dividends paid 6 (7 582 925) (2 100 370) (849 565) (12 308) Increase/(Decrease) in net during the year/period (21 379 888) (12 043 714) 7 443 921 11 079 551 Net at the beginning of the financial year/period 486 292 342 261 764 190 100 923 718 78 923 112 Reevaluation of opening consolidated NAV 0 0 0 0 Net at the end of the financial year/period 464 912 454 249 720 476 108 367 639 90 002 663 Page 6

Bond World Bond World Emerging Corporate Bond World Emerging Local Bond World High Yield Bond World Inflation- Linked Convertible Bond Asia EUR USD USD EUR EUR USD 142 893 294 293 988 189 1 397 358 276 267 824 283 116 048 377 169 670 510 114 993 887 261 764 064 1 389 446 539 241 314 765 100 395 117 163 301 866 4 024 265 (2 432 133) (44 795 690) 7 287 980 7 166 351 4 649 862 119 018 152 259 331 931 1 344 650 849 248 602 745 107 561 468 167 951 728 1 459 064 0 1 392 115 0 0 97 548 14 723 576 0 31 577 281 11 505 013 8 267 908 791 099 7 692 502 34 656 258 19 738 031 7 716 525 219 001 830 135 7 097 039 26 433 630 22 688 616 8 461 362 2 503 708 1 679 123 43 190 10 996 009 0 0 0 0 0 37 059 0 2 460 956 2 363 254 0 7 053 849 15 400 562 22 688 616 6 000 406 140 454 1 679 123 135 796 255 267 554 559 1 374 669 660 259 362 921 113 544 669 167 991 387 2 094 581 8 607 903 37 677 829 8 338 533 485 367 965 775 352 433 762 434 4 106 475 1 333 493 304 141 804 700 829 46 651 21 104 853 326 6 686 274 958 508 333 563 019 0 0 0 148 947 246 275 1 334 459 361 750 132 154 244 869 40 919 45 662 191 547 106 234 34 340 58 578 0 109 0 5 447 18 809 12 505 11 020 0 0 0 5 384 9 868 829 106 1 609 464 6 216 604 1 807 777 495 154 1 137 206 1 265 475 6 998 439 31 461 225 6 530 756 (9 787) (171 431) 40 647 3 611 565 (31 192 361) 1 623 642 1 325 378 3 945 124 1 055 833 (2 256 812) 1 784 796 (3 454 439) (1 669 780) 146 931 2 361 955 8 353 192 2 053 660 4 699 959 (354 189) 3 920 624 4 961 173 (611 787) 63 685 772 6 893 052 8 506 380 2 450 941 257 077 (2 286 379) (607 415) (4 404 956) (3 178 429) 112 758 7 580 205 5 455 026 65 132 017 7 188 055 4 973 762 6 484 323 28 271 238 42 785 101 59 123 501 23 827 188 6 650 003 15 480 186 (378 794) (1 424 828) (5 490 910) (7 440 865) 0 (186 507) 35 472 649 46 815 299 118 764 608 23 574 378 11 623 765 21 778 002 100 323 606 220 739 260 1 255 905 052 235 788 543 101 920 904 146 213 385 0 0 0 0 0 0 135 796 255 267 554 559 1 374 669 660 259 362 921 113 544 669 167 991 387 Page 7

Financial statements at 31/08/2014 Convertible Bond World Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Expressed in EUR EUR EUR EUR Notes Statement of net Assets 2 116 707 518 419 736 449 1 197 014 616 2 044 440 130 Securities portfolio at cost price 1 953 754 407 356 608 620 964 158 775 1 755 481 684 Unrealised gain/(loss) on securities portfolio 63 658 773 55 677 424 231 309 187 281 108 729 Securities portfolio at market value 2 2 017 413 180 412 286 044 1 195 467 962 2 036 590 413 Net Unrealised gain on financial instruments 2,8,9,10 0 0 125 862 0 Cash at banks and time deposits 62 135 277 2 628 142 19 151 0 Other 37 159 061 4 822 263 1 401 641 7 849 717 Liabilities 60 617 844 1 694 562 2 775 344 5 725 776 Bank overdrafts 0 0 0 181 547 Net Unrealised loss on financial instruments 2,8,9,10 29 619 187 0 0 96 Other liabilities 30 998 657 1 694 562 2 775 344 5 544 133 Net asset value 2 056 089 674 418 041 887 1 194 239 272 2 038 714 354 Statement of operations and changes in net Income on investments and 17 301 534 7 699 987 20 862 763 39 674 516 Management and advisory fees 3 6 605 752 2 420 886 5 939 889 12 311 085 Bank interest 345 3 486 45 2 238 Interest on swaps 2 0 0 0 0 Other fees 4 2 313 594 713 651 2 220 774 4 277 732 Taxes 5 247 412 174 988 343 896 700 426 Distribution fees 2 702 24 411 15 438 81 822 Transaction fees 18 1 007 780 536 939 437 095 1 867 424 Total expenses 10 177 585 3 874 361 8 957 137 19 240 727 Net result from investments 7 123 949 3 825 626 11 905 626 20 433 789 Net realised result on: Investments securities 2 82 959 769 (2 749 613) 2 552 495 94 053 334 Financial instruments (15 503 133) 74 429 (124 662) 76 785 Net realised result 74 580 585 1 150 442 14 333 459 114 563 908 Movement on net unrealised gain/loss on: Investments securities (33 863 405) 52 648 207 (10 317 179) (125 468 181) Financial instruments (41 395 549) 0 63 209 (96) Change in net due to operations (678 369) 53 798 649 4 079 489 (10 904 369) Net subscriptions/(redemptions) 204 491 066 58 519 754 88 877 646 (433 929 897) Dividends paid 6 (891 917) (1 123 100) (2 407 777) (9 406 733) Increase/(Decrease) in net during the year/period 202 920 780 111 195 303 90 549 358 (454 240 999) Net at the beginning of the financial year/period 1 853 168 894 306 846 584 1 103 689 914 2 492 955 353 Reevaluation of opening consolidated NAV 0 0 0 0 Net at the end of the financial year/period 2 056 089 674 418 041 887 1 194 239 272 2 038 714 354 Page 8

Equity Brazil Equity Bric Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap USD USD USD EUR EUR EUR 303 450 988 290 820 330 376 785 594 144 294 836 754 738 870 91 871 497 251 481 003 266 864 779 337 336 328 143 004 664 606 374 420 71 390 062 28 902 624 13 810 871 19 792 965 (1 092 410) 140 821 230 16 683 009 280 383 627 280 675 650 357 129 293 141 912 254 747 195 650 88 073 071 0 0 0 0 766 015 0 17 080 697 6 662 196 6 080 430 1 756 897 0 3 616 861 5 986 664 3 482 484 13 575 871 625 685 6 777 205 181 565 3 840 243 5 054 059 14 861 852 618 698 4 106 246 200 898 0 0 0 0 4 954 0 0 0 0 0 0 33 569 3 840 243 5 054 059 14 861 852 618 698 4 101 292 167 329 299 610 745 285 766 271 361 923 742 143 676 138 750 632 624 91 670 599 6 398 509 5 924 266 7 314 867 4 343 706 13 804 135 1 302 812 2 397 815 1 943 500 2 592 437 978 762 4 228 770 605 719 840 5 161 1 192 398 1 265 30 0 0 0 0 0 0 571 590 477 351 651 896 315 973 1 589 795 168 305 127 922 420 227 145 850 51 720 239 481 37 377 27 361 26 239 130 481 15 220 9 670 8 369 457 675 787 315 842 996 166 097 910 667 152 530 3 583 203 3 659 793 4 364 852 1 528 170 6 979 648 972 330 2 815 306 2 264 473 2 950 015 2 815 536 6 824 487 330 482 (6 938 929) 6 062 113 3 098 441 (1 615 442) 37 813 132 4 764 669 (34 951) (151 675) (44 482) (51 098) 1 706 476 (294 947) (4 158 574) 8 174 911 6 003 974 1 148 996 46 344 095 4 800 204 76 374 471 24 410 975 3 978 293 5 578 091 (54 832 827) (4 518 659) 0 0 0 0 1 300 557 11 609 72 215 897 32 585 886 9 982 267 6 727 087 (7 188 175) 293 154 (23 408 431) 73 529 537 (3 042 717) (7 946 905) (100 024 634) 3 949 557 (473 080) (76 685) (649 460) (296 142) (6 273 555) (37 368) 48 334 386 106 038 738 6 290 090 (1 515 960) (113 486 364) 4 205 343 251 276 359 179 727 533 355 633 652 145 192 098 864 118 988 87 465 256 0 0 0 0 0 0 299 610 745 285 766 271 361 923 742 143 676 138 750 632 624 91 670 599 Page 9

Financial statements at 31/08/2014 Equity Europe Small Cap Equity High Dividend Europe Equity High Dividend Pacific Equity High Dividend USA Expressed in EUR EUR EUR USD Notes Statement of net Assets 1 062 146 919 690 132 699 34 680 994 123 003 865 Securities portfolio at cost price 879 945 537 592 204 768 32 133 552 107 116 675 Unrealised gain/(loss) on securities portfolio 157 450 575 87 510 066 1 384 654 14 513 731 Securities portfolio at market value 2 1 037 396 112 679 714 834 33 518 206 121 630 406 Net Unrealised gain on financial instruments 2,8,9,10 5 396 0 0 0 Cash at banks and time deposits 20 080 064 3 303 791 841 870 1 122 526 Other 4 665 347 7 114 074 320 918 250 933 Liabilities 3 027 793 6 300 685 555 729 861 470 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 2,8,9,10 0 0 0 578 302 Other liabilities 3 027 793 6 300 685 555 729 283 168 Net asset value 1 059 119 126 683 832 014 34 125 265 122 142 395 Statement of operations and changes in net Income on investments and 14 435 951 17 700 137 775 638 1 492 645 Management and advisory fees 3 7 373 127 3 037 373 240 867 823 262 Bank interest 933 1 162 701 Interest on swaps 2 0 0 0 0 Other fees 4 1 958 924 1 051 415 83 578 262 597 Taxes 5 386 122 199 604 15 120 49 106 Distribution fees 25 480 32 051 0 8 818 Transaction fees 18 1 367 579 778 381 17 243 31 830 Total expenses 11 112 165 5 098 825 356 970 1 176 314 Net result from investments 3 323 786 12 601 312 418 668 316 331 Net realised result on: Investments securities 2 17 457 291 18 520 521 (536 307) 3 261 904 Financial instruments (2 345 096) 44 609 11 794 (737 112) Net realised result 18 435 981 31 166 442 (105 845) 2 841 123 Movement on net unrealised gain/loss on: Investments securities (24 193 281) (11 454 085) 4 642 793 5 455 081 Financial instruments 253 070 0 0 (1 020 207) Change in net due to operations (5 504 230) 19 712 357 4 536 948 7 275 997 Net subscriptions/(redemptions) 123 407 480 (35 577 496) (15 240 973) (23 734 510) Dividends paid 6 (2 573 261) (1 892 273) (367 179) (485 950) Increase/(Decrease) in net during the year/period 115 329 989 (17 757 412) (11 071 204) (16 944 463) Net at the beginning of the financial year/period 943 789 137 701 589 426 45 196 469 139 086 858 Reevaluation of opening consolidated NAV 0 0 0 0 Net at the end of the financial year/period 1 059 119 126 683 832 014 34 125 265 122 142 395 Page 10

Equity India Equity Indonesia Equity Japan Equity Latin America Equity Russia Equity Russia Opportunities USD USD JPY USD EUR USD 578 395 338 124 326 621 139 898 827 771 266 631 592 1 111 892 455 83 757 238 456 869 288 109 486 782 122 305 210 655 227 667 472 1 150 111 957 85 476 921 99 783 034 5 766 442 17 171 263 816 24 625 643 (69 840 706) (5 725 071) 556 652 322 115 253 224 139 476 474 471 252 293 115 1 080 271 251 79 751 850 0 0 69 961 404 0 0 0 20 759 667 3 137 335 9 578 615 9 043 807 3 336 717 773 424 983 349 5 936 062 342 813 281 5 294 670 28 284 487 3 231 964 18 363 121 3 533 461 389 140 489 3 915 017 19 580 287 4 443 667 0 0 52 740 540 0 0 0 0 0 0 0 0 0 18 363 121 3 533 461 336 399 949 3 915 017 19 580 287 4 443 667 560 032 217 120 793 160 139 509 687 282 262 716 575 1 092 312 168 79 313 571 4 785 155 1 656 873 1 554 249 344 4 467 611 52 016 895 3 435 900 2 532 920 792 342 820 996 194 1 850 310 6 081 271 491 776 2 248 1 617 065 2 239 539 652 0 0 0 0 0 0 2 074 834 211 196 267 099 923 516 241 2 611 187 169 246 1 365 638 38 988 51 084 536 98 489 190 893 21 843 147 998 124 3 024 789 37 846 33 294 11 102 1 911 366 275 354 29 180 705 463 308 1 018 750 183 054 8 035 004 1 318 005 1 172 003 212 2 968 433 9 935 934 877 673 (3 249 849) 338 868 382 246 132 1 499 178 42 080 961 2 558 227 43 682 390 4 785 844 2 452 272 402 (108 719) (64 238 834) (2 632 143) (144 554) (9 195) (2 140 606 406) (5 448) 336 415 (126 864) 40 287 987 5 115 517 693 912 128 1 385 011 (21 821 458) (200 780) 62 262 632 5 305 597 (2 232 581 771) 54 038 225 17 778 586 (1 578 993) 0 0 (498 578 498) 0 0 0 102 550 619 10 421 114 (2 037 248 141) 55 423 236 (4 042 872) (1 779 773) 145 546 193 25 907 781 (10 908 074 124) (25 114 607) (330 597 068) (2 147 369) (125 399) (242 151) (15 683 795) (431 683) (977 390) (57 707) 247 971 413 36 086 744 (12 961 006 060) 29 876 946 (335 617 330) (3 984 849) 312 060 804 84 706 416 152 470 693 342 232 839 629 1 427 929 498 83 298 420 0 0 0 0 0 0 560 032 217 120 793 160 139 509 687 282 262 716 575 1 092 312 168 79 313 571 Page 11

Financial statements at 31/08/2014 Equity USA Growth Equity USA Mid Cap Equity World Consumer Durables Equity World Emerging Expressed in USD USD EUR USD Notes Statement of net Assets 977 821 915 1 516 878 215 127 913 986 778 249 988 Securities portfolio at cost price 780 929 307 1 205 056 483 104 595 281 655 869 204 Unrealised gain/(loss) on securities portfolio 184 085 592 212 454 342 22 583 555 86 447 932 Securities portfolio at market value 2 965 014 899 1 417 510 825 127 178 836 742 317 136 Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0 Cash at banks and time deposits 7 056 335 93 288 000 638 435 26 148 720 Other 5 750 681 6 079 390 96 715 9 784 132 Liabilities 8 786 379 15 998 120 610 544 14 608 972 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 2,8,9,10 208 071 1 152 431 0 0 Other liabilities 8 578 308 14 845 689 610 544 14 608 972 Net asset value 969 035 536 1 500 880 095 127 303 442 763 641 016 Statement of operations and changes in net Income on investments and 4 756 762 5 727 967 1 711 051 13 892 347 Management and advisory fees 3 4 477 714 11 300 998 947 100 2 965 354 Bank interest 26 37 426 4 257 Interest on swaps 2 0 0 0 0 Other fees 4 1 610 994 2 884 746 274 575 1 234 872 Taxes 5 258 098 526 001 61 649 139 048 Distribution fees 26 975 19 144 4 690 20 735 Transaction fees 18 302 055 216 811 60 837 1 580 283 Total expenses 6 675 862 14 947 737 1 349 277 5 944 549 Net result from investments (1 919 100) (9 219 770) 361 774 7 947 798 Net realised result on: Investments securities 2 66 078 273 135 313 466 429 644 14 771 600 Financial instruments (377 732) (1 558 215) 16 851 44 758 Net realised result 63 781 441 124 535 481 808 269 22 764 156 Movement on net unrealised gain/loss on: Investments securities (2 591 490) (26 131 673) (550 101) 41 899 704 Financial instruments (397 923) (1 944 491) 0 0 Change in net due to operations 60 792 028 96 459 317 258 168 64 663 860 Net subscriptions/(redemptions) (32 534 712) (140 130 932) (25 768 686) (36 298 398) Dividends paid 6 (2 428 220) (2 821 916) (339 339) (162 382) Increase/(Decrease) in net during the year/period 25 829 096 (46 493 531) (25 849 857) 28 203 080 Net at the beginning of the financial year/period 943 206 440 1 547 373 626 153 153 299 735 437 936 Reevaluation of opening consolidated NAV 0 0 0 0 Net at the end of the financial year/period 969 035 536 1 500 880 095 127 303 442 763 641 016 Page 12

Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility Equity World Materials Equity World Technology EUR EUR EUR EUR EUR EUR 196 619 837 27 563 085 314 655 508 407 562 169 87 570 859 104 837 025 173 843 839 22 873 981 251 678 461 367 196 616 72 624 900 87 123 106 16 145 003 4 428 000 52 629 778 36 640 838 14 284 455 15 986 596 189 988 842 27 301 981 304 308 239 403 837 454 86 909 355 103 109 702 0 0 0 0 0 0 1 312 014 176 647 6 636 980 0 438 079 1 557 052 5 318 981 84 457 3 710 289 3 724 715 223 425 170 271 2 424 122 79 448 6 506 431 2 536 709 323 500 726 650 0 0 0 153 108 0 0 0 0 0 0 0 0 2 424 122 79 448 6 506 431 2 383 601 323 500 726 650 194 195 715 27 483 637 308 149 077 405 025 460 87 247 359 104 110 375 2 227 474 661 770 2 134 967 6 118 792 1 288 139 517 676 1 333 492 172 530 2 003 687 2 620 761 622 496 527 192 1 095 87 158 3 663 246 54 0 0 0 0 0 0 404 644 53 684 584 416 858 694 177 064 169 826 89 493 12 467 131 848 145 029 40 811 36 825 15 483 0 12 571 4 292 0 7 324 221 577 26 297 296 023 315 184 113 262 52 217 2 065 784 265 065 3 028 703 3 947 623 953 879 793 438 161 690 396 705 (893 736) 2 171 169 334 260 (275 762) 15 799 236 1 401 732 30 033 845 22 035 822 2 225 280 4 487 118 (29 629) 9 236 (27 218) 43 526 4 371 (49 229) 15 931 297 1 807 673 29 112 891 24 250 517 2 563 911 4 162 127 8 219 285 132 620 (9 919 534) 22 790 173 2 462 470 6 316 442 0 0 0 0 0 0 24 150 582 1 940 293 19 193 357 47 040 690 5 026 381 10 478 569 (10 145 988) (4 101 720) (54 481 671) (144 377 895) (9 286 795) 3 909 586 (1 444 722) (326 288) (900 534) (645 486) (113 730) (111 263) 12 559 872 (2 487 715) (36 188 848) (97 982 691) (4 374 144) 14 276 892 181 635 843 29 971 352 344 337 925 503 008 151 91 621 503 89 833 483 0 0 0 0 0 0 194 195 715 27 483 637 308 149 077 405 025 460 87 247 359 104 110 375 Page 13

Financial statements at 31/08/2014 Equity World Telecom Equity World Utilities Green Tigers Real Estate Securities Pacific Expressed in EUR EUR EUR EUR Notes Statement of net Assets 67 770 801 82 339 868 70 806 558 61 532 602 Securities portfolio at cost price 53 954 120 72 805 941 59 889 557 53 378 583 Unrealised gain/(loss) on securities portfolio 10 533 904 8 964 646 9 167 376 6 764 129 Securities portfolio at market value 2 64 488 024 81 770 587 69 056 933 60 142 712 Net Unrealised gain on financial instruments 2,8,9,10 0 0 0 0 Cash at banks and time deposits 46 507 309 068 804 790 576 370 Other 3 236 270 260 213 944 835 813 520 Liabilities 3 007 168 367 558 180 159 843 888 Bank overdrafts 0 0 0 0 Net Unrealised loss on financial instruments 2,8,9,10 0 0 0 0 Other liabilities 3 007 168 367 558 180 159 843 888 Net asset value 64 763 633 81 972 310 70 626 399 60 688 714 Statement of operations and changes in net Income on investments and 1 435 868 1 668 083 657 943 746 183 Management and advisory fees 3 461 636 570 671 370 549 260 939 Bank interest 607 52 67 886 701 Interest on swaps 2 0 0 0 0 Other fees 4 130 637 167 395 107 437 104 932 Taxes 5 30 337 36 413 23 255 16 477 Distribution fees 0 0 0 0 Transaction fees 18 35 827 97 647 83 104 70 937 Total expenses 659 044 872 178 652 231 453 986 Net result from investments 776 824 795 905 5 712 292 197 Net realised result on: Investments securities 2 2 976 543 2 614 174 896 180 1 777 538 Financial instruments 5 378 (5 553) (175 672) 35 274 Net realised result 3 758 745 3 404 526 726 220 2 105 009 Movement on net unrealised gain/loss on: Investments securities 574 130 5 748 816 5 266 558 6 141 938 Financial instruments 0 0 0 0 Change in net due to operations 4 332 875 9 153 342 5 992 778 8 246 947 Net subscriptions/(redemptions) (5 746 316) 5 597 302 28 038 666 946 208 Dividends paid 6 (445 144) (586 559) (783 526) (540 205) Increase/(Decrease) in net during the year/period (1 858 585) 14 164 085 33 247 918 8 652 950 Net at the beginning of the financial year/period 66 622 218 67 808 225 37 378 481 52 035 764 Reevaluation of opening consolidated NAV 0 0 0 0 Net at the end of the financial year/period 64 763 633 81 972 310 70 626 399 60 688 714 Page 14

Real Estate Securities World Consolidated EUR EUR 61 341 999 19 079 851 079 56 030 769 16 664 447 407 3 393 883 1 802 437 951 59 424 652 18 466 885 358 0 4 799 357 1 664 490 355 462 481 252 857 252 703 883 913 252 286 424 677 0 9 116 242 0 38 456 521 913 252 238 851 914 60 428 747 18 793 426 402 913 486 330 682 870 215 878 100 347 971 706 173 258 0 1 259 827 118 176 33 500 227 14 625 6 686 906 0 714 161 141 845 15 376 508 491 230 158 058 858 422 256 172 624 012 1 065 682 471 312 229 2 161 (46 798 358) 1 490 099 597 137 883 6 703 351 138 148 733 0 (59 812 295) 8 193 450 675 474 321 (16 263 431) (661 995 926) (50 063) (59 904 548) (8 120 044) (46 426 153) 68 548 791 18 546 544 928 0 293 307 627 60 428 747 18 793 426 402 Page 15

Key figures relating to the last 3 years (Note 11) Bond Asia ex-japan USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 486 292 342 464 912 454 Net asset value per share Share Classic - Capitalisation 0 145.70 151.34 471 831.282 Share Classic - Distribution 0 134.72 134.54 934 280.329 Share Classic EUR - Capitalisation 0 110.61 120.47 407 082.577 Share Classic EUR - Distribution 0 96.26 100.78 126 776.784 Share Classic H AUD MD 0 94.90 96.26 27 212.489 Share Classic H EUR - Capitalisation 0 98.13 101.89 30 008.448 Share Classic H SGD MD 0 93.75 95.08 281 717.142 Share Classic MD 0 95.01 96.43 623 790.377 Share I - Capitalisation 0 174.56 182.10 97 234.380 Share IH EUR 0 99.79 104.09 584 605.759 Share N 0 101.85 105.93 1.000 Share Privilege - Capitalisation 0 98.97 102.98 2 248.000 Share Privilege - Distribution 0 102.02 102.37 1.000 Share Privilege MD 0 100.72 102.33 1 969.000 Share X 0 0 100.97 1.000 Bond Best Selection World Emerging USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 261 764 190 249 720 476 Net asset value per share Share Classic - Capitalisation 0 217.52 228.57 338 796.989 Share Classic - Distribution 0 196.24 194.75 701.605 Share Classic EUR - Capitalisation 0 97.46 107.38 4 671.714 Share Classic MD 0 29.03 29.53 1 384 033.025 Share Classic RH EUR - Capitalisation 0 75.65 79.50 404 337.453 Share Classic RH EUR - Distribution 0 32.00 31.76 140 784.534 Share I - Capitalisation 0 234.18 247.41 948.740 Share I RH EUR 0 82.18 86.87 611 601.603 Share N 0 123.24 129.18 50 034.832 Share Privilege - Capitalisation 0 98.28 103.65 5 295.564 Share Privilege - Distribution 0 90.16 89.65 14.003 Share Privilege RH EUR - Distribution 0 99.92 99.52 39 291.104 Share X 0 99.64 105.24 1.000 Bond USD USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 100 923 718 108 367 639 Net asset value per share Share Classic - Capitalisation 0 713.21 730.70 77 158.950 Share Classic - Distribution 0 343.54 343.46 99 695.279 Share Classic EUR - Capitalisation 0 108.78 116.86 4 431.764 Share Classic MD 0 117.13 118.66 11 377.389 Share I - Capitalisation 0 752.11 773.10 1 296.970 Share N 0 102.28 104.53 2 345.066 Share Privilege - Capitalisation 0 102.51 105.19 121 872.576 Share Privilege - Distribution 0 102.37 102.59 33.000 Share X 0 102.37 105.38 15 593.918 Page 16

Key figures relating to the last 3 years (Note 11) Bond USD Government USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 117 744 999 78 923 112 90 002 663 Net asset value per share Share Classic - Capitalisation 451.55 439.38 444.58 75 583.889 Share Classic H EUR - Capitalisation 114.36 110.99 112.30 9 260.678 Share Classic MD 124.33 118.55 118.92 11 615.390 Share I - Capitalisation 202 809.31 198 670.29 20.17 847 437.150 Share N 423.35 409.89 413.71 6 790.316 Share Privilege - Capitalisation 1 671.01 1 631.65 165.38 172 005.833 Share Privilege - Distribution 0 0 101.70 3 950.655 Share X 102.17 100.39 102.07 48 000.000 Bond World EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 100 323 606 135 796 255 Net asset value per share Share Classic - Capitalisation 0 297.05 316.95 179 586.428 Share Classic - Distribution 0 183.12 191.41 97 705.174 Share Classic USD - Capitalisation 0 410.39 417.63 32 944.926 Share I - Capitalisation 0 310.47 332.38 147 432.131 Share N 0 102.10 108.71 1.000 Share Privilege - Capitalisation 0 99.24 106.14 6 843.197 Share Privilege - Distribution 0 102.37 107.14 1.000 Share X 0 102.36 109.26 1.000 Bond World Emerging Corporate USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 220 739 260 267 554 559 Net asset value per share Share Classic - Capitalisation 0 113.63 116.43 599 203.549 Share Classic - Distribution 0 99.11 98.04 291 497.060 Share Classic EUR - Capitalisation 0 113.98 122.47 29 707.657 Share Classic EUR - Distribution 0 97.66 101.28 81 786.556 Share Classic MD 0 101.10 101.08 1.000 Share I - Capitalisation 0 118.13 121.73 454 999.310 Share IH EUR 0 100.46 103.55 65 378.093 Share N 0 101.12 103.36 460.928 Share Privilege - Capitalisation 0 101.41 104.34 1.000 Share Privilege - Distribution 0 104.38 103.65 3 966.900 Share X 0 137.81 142.43 623 045.444 Page 17

Key figures relating to the last 3 years (Note 11) Bond World Emerging Local USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 1 255 905 052 1 374 669 660 Net asset value per share Share Classic - Capitalisation 0 151.63 159.71 607 384.679 Share Classic - Distribution 0 97.23 95.49 49 578.549 Share Classic EUR - Capitalisation 0 95.93 105.94 150 280.265 Share Classic EUR - Distribution 0 81.87 84.30 278 600.883 Share Classic GBP 0 81.92 81.13 383.000 Share Classic HUF - Capitalisation 0 92.04 102.98 20 643.920 Share Classic MD 0 78.48 79.62 554 105.665 Share Classic RH EUR - Capitalisation 0 103.84 109.36 657 233.625 Share Classic RH EUR - Distribution 0 85.91 84.37 95 582.293 Share Classic RH SGD MD 0 89.83 91.06 300.000 Share I - Capitalisation 0 165.07 174.84 3 136 394.316 Share I - Distribution 0 98.18 96.98 152 001.000 Share I RH EUR 0 122.17 129.39 496 210.209 Share N 0 97.79 103.21 1.000 Share Privilege - Capitalisation 0 87.33 92.26 63 301.345 Share Privilege - Distribution 0 87.33 86.04 3 670.461 Share X 0 93.70 99.55 4 195 982.317 Bond World High Yield EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 235 788 543 259 362 921 Net asset value per share Share Classic - Capitalisation 0 96.42 98.49 496 551.552 Share Classic - Distribution 0 35.26 34.09 2 057 567.543 Share Classic H AUD MD 0 102.18 100.33 59 688.440 Share Classic H CZK 0 0 101.30 11 119.824 Share Classic H USD - Capitalisation 0 103.32 105.56 304 802.231 Share Classic H USD - Distribution 0 44.56 43.11 23 405.897 Share Classic H USD MD 0 102.41 100.57 300.000 Share Classic USD - Capitalisation 0 130.48 127.10 7 981.970 Share Classic USD - Distribution 0 115.80 106.79 3 742.805 Share Classic USD MD 0 103.83 97.16 654 875.521 Share I - Capitalisation 0 103.00 105.66 239 338.279 Share IH USD 0 158.21 162.31 10 181.440 Share N 0 94.05 95.82 21 351.029 Share Privilege - Capitalisation 0 105.90 108.48 5 139.565 Share Privilege - Distribution 0 108.35 105.07 276 419.635 Share X 0 102.87 105.91 30 556.854 Bond World Inflation-Linked EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 309 928 234 101 920 904 113 544 669 Net asset value per share Share Classic - Capitalisation 139.62 133.29 139.80 414 206.797 Share Classic - Distribution 128.55 122.72 128.71 69 501.605 Share I - Capitalisation 144 689.68 139 056.54 146.33 253 107.817 Share N 135.39 128.61 134.55 54 765.199 Share Privilege - Capitalisation 1 147.86 1 099.63 115.53 8 907.930 Share Privilege - Distribution 0 95.93 100.77 12 497.464 Share X 0 101.53 106.70 1.000 Page 18

Key figures relating to the last 3 years (Note 11) Convertible Bond Asia USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 244 324 079 146 213 385 167 991 387 Net asset value per share Share Classic - Capitalisation 349.66 355.80 371.65 257 410.520 Share Classic - Distribution 102.64 102.73 106.00 120 814.796 Share Classic MD 177.54 177.44 184.42 42 055.411 Share I - Capitalisation 257 230.09 263 880.74 27.68 1 475 063.447 Share N 325.04 328.77 342.40 11 971.336 Share Privilege - Capitalisation 1 968.15 2 013.38 21.09 322 241.914 Share Privilege - Distribution 0 101.89 105.37 374.000 Share X 0 100.48 105.44 1.000 Convertible Bond World EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 1 853 168 894 2 056 089 674 Net asset value per share Share Classic - Capitalisation 0 152.38 151.55 1 656 668.271 Share Classic - Distribution 0 86.73 84.73 462 892.302 Share Classic RH CHF 0 103.93 103.23 1 171.047 Share Classic RH CZK 0 3 074.88 30.53 15 503 664.640 Share Classic RH PLN 0 433.24 428.02 9 205.445 Share Classic USD - Capitalisation 0 124.83 118.40 78 963.138 Share I - Capitalisation 0 163.32 163.10 8 783 428.552 Share I - Distribution 0 104.27 102.29 79 001.000 Share I RH NOK 0 130.49 131.16 579 710.695 Share I RH USD 0 148.27 148.01 747 248.327 Share N 0 145.27 144.05 6 661.654 Share Privilege - Capitalisation 0 109.35 109.04 18 774.261 Share Privilege - Distribution 0 109.48 107.25 89 898.000 Share X 0 123.31 123.52 1 570 302.756 Equity Best Selection Asia ex-japan EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 306 846 584 418 041 887 Net asset value per share Share Classic - Capitalisation 0 398.19 460.65 496 450.359 Share Classic - Distribution 0 291.13 328.66 99 965.478 Share Classic USD - Capitalisation 0 107.85 119.01 384 766.906 Share Classic USD - Distribution 0 402.16 432.99 7 991.701 Share I - Capitalisation 0 434.29 505.00 88 760.383 Share N 0 93.69 107.98 60 145.581 Share Privilege - Capitalisation 0 97.35 113.04 424 915.883 Share Privilege - Distribution 0 92.62 104.95 139 516.567 Share X 0 99.71 116.29 43 944.572 Page 19

Key figures relating to the last 3 years (Note 11) Equity Best Selection Euro EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 1 103 689 914 1 194 239 272 Net asset value per share Share Classic - Capitalisation 0 424.29 424.62 1 260 412.648 Share Classic - Distribution 0 265.52 257.37 339 713.496 Share Classic H CZK 0 3 665.38 36.63 13 606 256.445 Share Classic H HUF - Capitalisation 0 0 10 022.01 30 000.000 Share Classic H SGD 0 105.11 105.12 10 767.690 Share Classic H USD - Capitalisation 0 105.33 105.28 59 341.834 Share Classic USD - Capitalisation 0 586.08 559.36 471.634 Share I - Capitalisation 0 472.17 474.97 762 884.099 Share N 0 403.11 401.92 10 226.783 Share Privilege - Capitalisation 0 139.17 139.80 211 957.015 Share Privilege - Distribution 0 114.96 111.86 3 482.000 Share X 0 142.53 143.81 1 047 182.846 Equity Best Selection Europe EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 2 492 955 353 2 038 714 354 Net asset value per share Share Classic - Capitalisation 0 187.45 186.52 5 392 581.075 Share Classic - Distribution 0 137.46 132.29 2 146 727.123 Share Classic CHF - Capitalisation 0 128.52 126.81 278 013.027 Share Classic CHF - Distribution 0 131.08 125.06 4 261.780 Share Classic RH HUF - Capitalisation 0 127.12 126.18 43 835.984 Share Classic USD - Capitalisation 0 258.90 245.68 12 279.445 Share I - Capitalisation 0 206.83 206.87 2 214 172.955 Share N 0 138.58 137.38 147 637.034 Share Privilege - Capitalisation 0 136.88 136.72 155 555.264 Share Privilege - Distribution 0 102.30 98.81 13 263.000 Share X 0 140.18 140.62 1 536 240.002 Equity Brazil USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 578 144 490 251 276 359 299 610 745 Net asset value per share Share Classic - Capitalisation 140.29 103.47 134.73 1 993 346.229 Share Classic - Distribution 119.26 84.23 105.67 123 459.133 Share I - Capitalisation 149 957.00 111 871.43 146.50 64 396.000 Share N 133.93 98.04 127.19 61 616.549 Share Privilege - Capitalisation 1 173.96 872.91 114.16 6 337.640 Share X 0 94.40 124.41 1.000 Equity Bric USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 502 354 449 179 727 533 285 766 271 Net asset value per share Share Classic - Capitalisation 136.13 122.99 143.19 1 838 522.964 Share Classic - Distribution 121.65 106.50 120.18 24 371.349 Share I - Capitalisation 146 664.62 134 048.30 156.95 74 324.702 Share N 129.41 116.05 134.61 52 832.603 Share Privilege - Capitalisation 1 147.81 1 045.57 122.24 6 538.236 Share X 0 96.21 113.45 1.000 Page 20

Key figures relating to the last 3 years (Note 11) Equity China USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 355 633 652 361 923 742 Net asset value per share Share Classic - Capitalisation 0 314.91 327.13 523 529.049 Share Classic - Distribution 0 218.54 219.26 78 520.585 Share Classic EUR - Capitalisation 0 96.35 104.94 327 376.303 Share Classic EUR - Distribution 0 88.11 92.70 12 514.665 Share I - Capitalisation 0 336.83 351.86 115 813.007 Share N 0 297.87 308.27 111 181.556 Share Privilege - Capitalisation 0 99.19 103.47 460 149.259 Share Privilege - Distribution 0 96.41 97.42 1 290.000 Share X 0 102.02 106.97 36 534.066 Equity Europe Emerging EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 145 192 098 143 676 138 Net asset value per share Share Classic - Capitalisation 0 1 031.54 108.96 566 760.875 Share Classic - Distribution 0 753.33 763.17 9 382.437 Share Classic USD - Capitalisation 0 1 424.99 143.54 52 716.333 Share Classic USD - Distribution 0 1 040.66 100.56 3 106.610 Share I - Capitalisation 0 1 128.21 119.84 343 944.480 Share N 0 972.58 102.34 37 900.104 Share Privilege - Capitalisation 0 80.11 84.95 278 621.663 Share Privilege - Distribution 0 90.26 92.01 173.000 Share X 0 90.39 96.52 1.000 Equity Europe Growth EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 864 118 988 750 632 624 Net asset value per share Share Classic - Capitalisation 0 41.34 40.93 4 750 919.691 Share Classic - Distribution 0 145.15 139.03 187 160.667 Share Classic RH SGD 0 0 98.63 5 189.019 Share Classic RH SGD MD 0 102.36 100.11 302 447.255 Share Classic RH USD - Capitalisation 0 0 98.78 300.000 Share Classic RH USD MD 0 102.90 100.69 287 786.853 Share I - Capitalisation 0 15 561.47 154.87 2 311 574.437 Share N 0 62.45 61.60 39 309.553 Share Privilege - Capitalisation 0 138.04 137.18 11 244.095 Share Privilege - Distribution 0 121.83 117.10 1 088 525.670 Share X 0 105.69 105.70 1.000 Equity Europe Mid Cap EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 86 655 782 87 465 256 91 670 599 Net asset value per share Share Classic - Capitalisation 494.42 596.13 597.96 127 779.539 Share Classic - Distribution 331.72 388.92 378.70 3 623.229 Share I - Capitalisation 143 724.00 175 105.96 176.55 66 054.857 Share N 448.22 536.39 536.04 3 835.999 Share Privilege - Capitalisation 1 118.27 114.44 115.22 1 503.317 Share X 0 110.83 112.17 1.000 Page 21

Key figures relating to the last 3 years (Note 11) Equity Europe Small Cap EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 308 983 965 943 789 137 1 059 119 126 Net asset value per share Share Classic - Capitalisation 116.81 150.07 148.80 4 439 925.894 Share Classic - Distribution 119.29 148.90 144.27 815 234.885 Share Classic RH SGD 0 0 103.95 4 871.000 Share Classic USD - Capitalisation 152.70 207.24 195.97 18 677.682 Share I - Capitalisation 121 677.14 158 205.37 157.80 1 349 719.569 Share N 112.52 143.48 141.74 49 663.423 Share Privilege - Capitalisation 960.25 1 244.18 123.89 270 323.068 Share Privilege - Distribution 101.75 132.36 128.80 30 935.586 Share X 101.51 132.90 133.03 152 167.040 Equity High Dividend Europe EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 785 809 689 701 589 426 683 832 014 Net asset value per share Share Classic - Capitalisation 75.21 84.83 86.97 3 809 471.793 Share Classic - Distribution 44.46 48.31 47.95 315 963.847 Share I - Capitalisation 83 085.60 94 687.73 97.58 861 525.597 Share N 68.57 76.76 78.40 104 557.138 Share Privilege - Capitalisation 952.82 1 082.48 111.40 8 499.589 Share Privilege - Distribution 101.48 115.59 115.15 345 822.434 Share X 0 104.09 107.71 1 897 085.369 Equity High Dividend Pacific EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 45 196 469 34 125 265 Net asset value per share Share Classic - Capitalisation 0 60.62 68.58 219 042.126 Share Classic - Distribution 0 44.23 48.14 201 122.130 Share Classic USD - Capitalisation 0 104.37 112.62 64 401.186 Share Classic USD - Distribution 0 98.92 102.68 7 161.392 Share Classic USD MD 0 103.75 109.51 3 475.066 Share I - Capitalisation 0 103.15 117.59 1.000 Share N 0 103.00 117.06 1.000 Share Privilege - Capitalisation 0 99.48 112.96 3 235.481 Share Privilege - Distribution 0 103.11 112.93 1.000 Share Privilege USD - Capitalisation 0 98.34 107.02 1.000 Share Privilege USD MD 0 97.70 103.91 1.000 Share X 0 90.43 103.14 26 205.128 Equity High Dividend USA USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 139 086 858 122 142 395 Net asset value per share Share Classic - Capitalisation 0 104.35 111.39 393 810.002 Share Classic - Distribution 0 125.07 128.50 33 596.845 Share Classic EUR - Capitalisation 0 151.24 169.27 36 405.727 Share Classic EUR - Distribution 0 135.58 146.04 4 139.807 Share Classic H EUR - Capitalisation 0 48.13 51.40 435 498.946 Share Classic H EUR - Distribution 0 42.10 43.28 11 991.229 Share I - Capitalisation 0 13 199.63 141.62 32 849.341 Share N 0 73.37 78.02 28 739.286 Share Privilege - Capitalisation 0 106.79 114.41 32 507.000 Share Privilege - Distribution 0 100.54 103.70 2 476.000 Share Privilege H EUR - Distribution 0 101.02 108.21 39 182.000 Share X 0 109.08 117.47 156 846.125 Page 22

Key figures relating to the last 3 years (Note 11) Equity India USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 312 060 804 560 032 217 Net asset value per share Share Classic - Capitalisation 0 95.27 123.23 836 914.050 Share Classic - Distribution 0 88.39 112.90 89 206.270 Share Classic EUR - Capitalisation 0 81.63 110.68 193 097.627 Share Classic EUR - Distribution 0 64.01 85.70 3 304.569 Share I - Capitalisation 0 16 981.67 220.89 1 558 276.096 Share N 0 34.61 44.60 884 680.648 Share Privilege - Capitalisation 0 88.45 114.88 301 346.909 Share Privilege - Distribution 0 103.04 132.25 31.850 Share X 0 103.21 135.14 1.000 Equity Indonesia USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 84 706 416 120 793 160 Net asset value per share Share Classic - Capitalisation 0 203.13 225.88 214 095.724 Share Classic - Distribution 0 177.10 193.41 63 481.965 Share Classic EUR - Capitalisation 0 92.31 107.64 88 523.744 Share Classic EUR - Distribution 0 87.07 99.72 3 607.252 Share I - Capitalisation 0 225.00 251.62 177 709.059 Share N 0 89.84 99.55 370.075 Share Privilege - Capitalisation 0 100.63 112.37 13 591.956 Share Privilege - Distribution 0 84.47 92.63 9 198.194 Share Privilege EUR - Capitalisation 0 0 100.48 1.000 Share X 0 120.87 136.08 1.000 Equity Japan JPY JPY JPY Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 52 553 774 477 152 470 693 342 139 509 687 282 Net asset value per share Share Classic - Capitalisation 3 262.00 4 221.00 4 232.00 2 418 665.036 Share Classic - Distribution 2 633.00 3 350.00 3 301.00 209 090.033 Share Classic H EUR - Capitalisation 57.96 73.40 73.48 8 092 007.236 Share Classic H USD - Capitalisation 0 96.30 96.38 62 190.225 Share I - Capitalisation 2 499 482.00 3 268 127.00 3 294.00 5 957 079.719 Share IH USD 0 0 102.86 300.000 Share N 2 946.00 3 783.00 3 779.00 211 296.666 Share Privilege - Capitalisation 68 548.00 89 355.00 89 928.00 16 472.003 Share Privilege - Distribution 0 12 823.00 12 682.00 19 270.958 Share Privilege H EUR - Capitalisation 0 99.38 99.87 116 820.848 Share X 3 947.00 5 197.00 5 257.00 4 346 995.488 Equity Latin America USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 401 055 672 232 839 629 262 716 575 Net asset value per share Share Classic - Capitalisation 814.10 625.16 775.43 193 965.347 Share Classic - Distribution 595.68 442.29 532.87 29 782.982 Share I - Capitalisation 491 489.72 381 766.32 47.62 1 033 906.825 Share N 745.32 568.06 701.97 15 343.897 Share Privilege - Capitalisation 4 439.01 3 436.46 42.81 851 103.078 Share X 0 94.82 118.96 1.000 Page 23

Key figures relating to the last 3 years (Note 11) Equity Russia EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 1 427 929 498 1 092 312 168 Net asset value per share Share Classic - Capitalisation 0 91.28 91.94 864 872.880 Share Classic - Distribution 0 79.89 76.90 300 941.642 Share Classic USD - Capitalisation 0 84.51 81.18 3 303 020.512 Share Classic USD - Distribution 0 82.92 76.15 21 951.633 Share I - Capitalisation 0 98.34 99.61 7 689 691.012 Share N 0 209.47 210.20 41 157.802 Share Privilege - Capitalisation 0 92.32 93.39 108 138.959 Share Privilege - Distribution 0 91.04 88.19 697.000 Share X 0 91.16 92.56 1.000 Equity Russia Opportunities USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 128 242 617 83 298 420 79 313 571 Net asset value per share Share Classic - Capitalisation 81.49 76.11 77.07 450 477.467 Share Classic - Distribution 76.43 68.58 66.49 32 601.340 Share I - Capitalisation 85 271.12 80 559.49 82.03 376 090.148 Share N 78.56 72.83 73.47 43 801.032 Share Privilege - Capitalisation 671.03 631.95 642.62 126.034 Share X 0 113.43 115.94 71 390.860 Equity USA Growth USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 943 206 440 969 035 536 Net asset value per share Share Classic - Capitalisation 0 218.92 233.18 948 543.816 Share Classic - Distribution 0 98.30 103.05 1 638 128.862 Share Classic EUR - Capitalisation 0 162.44 181.42 226 346.852 Share Classic H CZK 0 2 080.71 221.65 836 367.216 Share Classic H EUR - Capitalisation 0 132.30 141.00 14 471.643 Share Classic H EUR - Distribution 0 128.72 135.01 17 845.009 Share I - Capitalisation 0 21 366.60 228.75 1 428 138.712 Share N 0 93.71 99.44 70 743.085 Share Privilege - Capitalisation 0 125.92 134.61 503 979.598 Share Privilege - Distribution 0 125.43 132.51 1.000 Share X 0 118.41 127.30 854 122.839 Equity USA Mid Cap USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 419 255 305 1 547 373 626 1 500 880 095 Net asset value per share Share Classic - Capitalisation 152.40 202.79 217.08 3 601 047.420 Share Classic - Distribution 138.09 180.34 190.24 283 428.364 Share Classic H EUR - Capitalisation 112.16 148.77 159.31 338 017.900 Share Classic H SGD 0 0 105.36 590.000 Share I - Capitalisation 164 851.76 222 007.73 23.91 17 974 603.141 Share N 144.68 191.09 203.80 31 958.268 Share Privilege - Capitalisation 1 293.61 1 735.55 186.57 814 951.375 Share Privilege H EUR - Capitalisation 0 107.01 115.24 2 440.914 Share X 0 108.11 116.94 48 001.000 Page 24

Key figures relating to the last 3 years (Note 11) Equity World Consumer Durables EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 153 153 299 127 303 442 Net asset value per share Share Classic - Capitalisation 0 126.58 127.42 691 830.005 Share Classic - Distribution 0 101.72 100.66 129 312.771 Share I - Capitalisation 0 142.69 144.38 30 811.259 Share N 0 154.68 155.12 8 009.459 Share Privilege - Capitalisation 0 158.62 160.25 89 957.891 Share Privilege - Distribution 0 117.94 117.14 51 469.000 Share X 0 105.87 107.74 1.000 Equity World Emerging USD USD USD Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 735 437 936 763 641 016 Net asset value per share Share Classic - Capitalisation 0 566.05 612.90 230 850.564 Share Classic - Distribution 0 148.01 156.03 18 435.829 Share Classic EUR - Capitalisation 0 90.69 102.96 457 804.723 Share Classic EUR - Distribution 0 84.55 93.46 27 166.255 Share I - Capitalisation 0 625.51 681.12 366 582.679 Share N 0 171.24 184.72 29 926.364 Share Privilege - Capitalisation 0 86.88 94.46 415 601.125 Share Privilege - Distribution 0 105.59 112.36 1.000 Share X 0 89.34 97.76 2 653 114.569 Equity World Energy EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 181 635 843 194 195 715 Net asset value per share Share Classic - Capitalisation 0 639.82 723.88 131 017.323 Share Classic - Distribution 0 440.32 484.66 44 336.822 Share Classic USD - Capitalisation 0 112.03 120.87 328 088.617 Share Classic USD - Distribution 0 608.30 638.49 1 595.686 Share I - Capitalisation 0 693.96 789.19 13 794.560 Share N 0 606.43 683.55 6 232.476 Share Privilege - Capitalisation 0 108.19 122.85 14 884.918 Share Privilege - Distribution 0 106.68 117.85 254 670.820 Share X 0 103.66 118.32 1.000 Equity World Finance EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 29 971 352 27 483 637 Net asset value per share Share Classic - Capitalisation 0 281.72 304.22 46 921.171 Share Classic - Distribution 0 184.03 193.19 17 406.689 Share I - Capitalisation 0 319.44 346.39 3 931.729 Share N 0 101.57 109.74 1.000 Share Privilege - Capitalisation 0 100.67 109.11 2 126.742 Share Privilege - Distribution 0 113.18 119.23 69 212.349 Share X 0 101.88 110.85 1.000 Page 25

Key figures relating to the last 3 years (Note 11) Equity World Health Care EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 344 337 925 308 149 077 Net asset value per share Share Classic - Capitalisation 0 688.21 746.71 277 227.354 Share Classic - Distribution 0 524.05 556.73 86 245.140 Share Classic USD - Capitalisation 0 190.63 197.25 53 978.509 Share I - Capitalisation 0 733.01 799.40 5 029.428 Share N 0 192.80 208.41 17 883.749 Share Privilege - Capitalisation 0 137.05 149.24 235 068.919 Share Privilege - Distribution 0 116.46 124.16 17 819.454 Share X 0 113.48 124.24 1.000 Equity World Low Volatility EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 503 008 151 405 025 460 Net asset value per share Share Classic - Capitalisation 0 310.82 345.44 599 163.212 Share Classic - Distribution 0 224.94 244.00 50 804.441 Share Classic CZK 0 0 102.68 3 020.244 Share Classic USD - Capitalisation 0 430.03 455.80 106 167.326 Share Classic USD - Distribution 0 313.24 324.07 1 569.708 Share I - Capitalisation 0 336.48 375.88 305 196.502 Share N 0 157.53 174.42 6 380.957 Share Privilege - Capitalisation 0 119.34 133.11 51 679.421 Share Privilege - Distribution 0 102.58 112.01 1.000 Share X 0 115.25 129.13 199 840.335 Equity World Materials EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 91 621 503 87 247 359 Net asset value per share Share Classic - Capitalisation 0 84.10 88.88 149 924.175 Share Classic - Distribution 0 49.54 51.06 93 019.474 Share Classic USD - Capitalisation 0 116.22 117.13 652 910.993 Share I - Capitalisation 0 104.25 110.71 653.252 Share N 0 106.77 113.31 1.000 Share Privilege - Capitalisation 0 100.96 107.07 99 153.238 Share Privilege - Distribution 0 106.92 110.79 3 865.968 Share X 0 107.05 114.27 1.000 Equity World Technology EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 89 833 483 104 110 375 Net asset value per share Share Classic - Capitalisation 0 390.82 440.37 71 351.693 Share Classic - Distribution 0 351.10 389.43 18 498.483 Share Classic USD - Capitalisation 0 541.85 582.23 39 357.248 Share Classic USD - Distribution 0 150.74 159.46 3 285.141 Share I - Capitalisation 0 416.76 471.99 47 939.939 Share N 0 184.65 207.27 9 995.738 Share Privilege - Capitalisation 0 117.25 132.59 171 777.658 Share Privilege - Distribution 0 106.17 118.51 1 817.000 Share X 0 103.49 117.75 1.000 Page 26

Key figures relating to the last 3 years (Note 11) Equity World Telecom EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 66 622 218 64 763 633 Net asset value per share Share Classic - Capitalisation 0 546.19 584.07 82 037.728 Share Classic - Distribution 0 324.37 332.27 31 262.469 Share I - Capitalisation 0 110.86 119.34 1.785 Share N 0 100.05 107.34 1.000 Share Privilege - Capitalisation 0 117.49 126.10 50 486.084 Share Privilege - Distribution 0 98.98 101.78 923.000 Share X 0 100.28 108.30 1.000 Equity World Utilities EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 67 808 225 81 972 310 Net asset value per share Share Classic - Capitalisation 0 119.09 132.86 256 125.160 Share Classic - Distribution 0 69.89 74.80 117 204.373 Share Classic USD - Capitalisation 0 115.71 123.11 327 468.222 Share Classic USD - Distribution 0 96.56 98.54 4 236.765 Share I - Capitalisation 0 129.20 144.89 17 054.832 Share N 0 125.45 101.25 1.000 Share Privilege - Capitalisation 0 106.33 119.10 1 449.911 Share Privilege - Distribution 0 118.64 127.42 44 015.973 Share X 0 106.49 119.83 1.000 Green Tigers EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 37 378 481 70 626 399 Net asset value per share Share Classic - Capitalisation 0 150.10 167.06 63 234.695 Share Classic - Distribution 0 136.59 148.41 301 677.053 Share Classic USD - Capitalisation 0 0 99.30 1.000 Share Classic USD - Distribution 0 101.93 105.63 15 148.492 Share I - Capitalisation 0 102.60 114.83 121 044.925 Share N 0 102.38 114.42 1.000 Share Privilege - Capitalisation 0 102.52 114.71 52.099 Share Privilege - Distribution 0 102.51 111.93 1 521.000 Share X 0 102.67 115.26 1.000 Real Estate Securities Pacific EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 52 035 764 60 688 714 Net asset value per share Share Classic - Capitalisation 0 89.19 103.91 128 957.095 Share Classic - Distribution 0 72.39 81.68 208 911.452 Share Classic USD - Capitalisation 0 117.63 130.71 17 824.189 Share Classic USD - Distribution 0 100.01 107.62 4 539.779 Share I - Capitalisation 0 98.89 115.81 98 026.201 Share N 0 93.69 109.57 1.000 Share Privilege - Capitalisation 0 89.26 104.39 3 514.581 Share Privilege - Distribution 0 90.98 103.06 2 474.474 Share X 0 129.21 151.77 106 152.415 Page 27

Key figures relating to the last 3 years (Note 11) Real Estate Securities World EUR EUR EUR Number of shares 28/02/2013 28/02/2014 31/08/2014 31/08/2014 Net 0 68 548 791 60 428 747 Net asset value per share Share Classic - Capitalisation 0 38.36 43.98 460 167.660 Share Classic - Distribution 0 27.67 30.58 55 932.484 Share Classic USD - Capitalisation 0 127.98 139.94 3 554.527 Share I - Capitalisation 0 8 267.62 95.28 112 656.989 Share N 0 101.32 116.76 1.000 Share Privilege - Capitalisation 0 105.26 121.14 50 478.000 Share Privilege - Distribution 0 101.61 113.21 25.000 Share X 0 96.96 112.08 189 614.403 Page 28

Bond Asia ex-japan Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 394 226 185 84.79 Bonds 284 218 706 61.13 Indonesia 63 868 125 13.73 4 500 000 BANK NEGARA (LO) 4.125% 12-27/04/2017 USD 4 663 125 1.00 7 000 000 BANK RAKYAT INDO 2.950% 13-28/03/2018 USD 6 938 750 1.49 7 000 000 BERAU CAP RESOUR 12.500% 10-08/07/2015 USD 7 201 250 1.55 2 000 000 BUMI INVESTMENT 10.750% 10-06/10/2017 USD 920 000 0.20 5 000 000 INDONESIA (REP) 3.375% 13-15/04/2023 USD 4 756 250 1.02 4 000 000 INDONESIA (REP) 4.625% 13-15/04/2043 USD 3 730 000 0.80 5 000 000 INDONESIA (REP) 5.375% 13-17/10/2023 USD 5 468 750 1.18 6 000 000 PERTAMINA 4.300% 13-20/05/2023 USD 5 880 000 1.26 2 000 000 PERTAMINA 5.625% 13-20/05/2043 USD 1 920 000 0.41 2 000 000 PERUSAHAAN LISTR 5.250% 12-24/10/2042 USD 1 822 500 0.39 12 000 000 PERUSAHAAN LISTR 5.500% 11-22/11/2021 USD 12 780 000 2.75 7 000 000 PERUSAHAAN PENER 6.125% 13-15/03/2019 USD 7 787 500 1.68 South Korea 48 268 747 10.38 4 000 000 DAEGU BANK LTD 2.250% 13-29/04/2018 USD 3 963 480 0.85 10 000 000 KHFC 1.625% 13-15/09/2018 USD 9 778 800 2.10 6 350 000 KOREA E-W POWER 2.625% 13-27/11/2018 USD 6 411 722 1.38 4 000 000 KOREA EXCH BANK 2.000% 13-02/04/2018 USD 3 972 240 0.85 4 750 000 KOREA MIDLAND PW 2.750% 14-11/02/2019 USD 4 823 245 1.04 10 000 000 NONGHYUP BANK 2.625% 13-01/11/2018 USD 10 115 500 2.18 5 000 000 WOORI BANK 2.875% 13-02/10/2018 USD 5 109 000 1.10 4 000 000 WOORI BANK 4.750% 14-30/04/2024 USD 4 094 760 0.88 Cayman Islands 42 979 449 9.25 3 000 000 CHAMPION MTN 3.750% 13-17/01/2023 USD 2 766 330 0.60 4 000 000 CHINA MENGNIU 3.500% 13-27/11/2018 USD 4 097 560 0.88 11 000 000 CHINA OVERSEAS FIN 3.950% 12-15/11/2022 USD 10 432 840 2.24 10 000 000 DBS BANK LTD/SP 3.625% 12-21/09/2022 USD 10 334 594 2.22 5 500 000 GREENLAND HK HLD 4.375% 14-07/08/2017 USD 5 479 375 1.18 5 000 000 MIE HOLDINGS 6.875% 13-06/02/2018 USD 5 162 500 1.11 3 000 000 SPG LAND HOLDING 4.750% 13-18/10/2016 USD 3 048 750 0.66 1 500 000 SUNAC CHINA HLDG 12.500% 12-16/10/2017 USD 1 657 500 0.36 China 40 069 944 8.62 1 375 000 ANTON OILFIELD H 7.500% 13-06/11/2018 USD 1 409 375 0.30 10 000 000 CHINA CINDA FIN 4.000% 14-14/05/2019 USD 10 131 000 2.18 1 000 000 CHINA HONGQIAO 7.625% 14-26/06/2017 USD 1 055 000 0.23 8 000 000 FAR EAST HORIZON 4.625% 14-06/03/2017 USD 8 192 720 1.76 8 000 000 HUARONG FINANCE 4.000% 14-17/07/2019 USD 8 072 880 1.74 5 000 000 MCC HLDNG HK CP 2.500% 14-28/08/2017 USD 4 980 332 1.07 6 233 000 MCC HLDNG HK CP 2.625% 14-16/06/2017 USD 6 228 637 1.34 Singapore 17 635 033 3.79 8 000 000 OLAM INTL LTD 6.750% 13-29/01/2018 USD 8 340 000 1.79 6 000 000 OVERSEA-CHINESE 3.150% 12-11/03/2023 USD 6 050 533 1.30 3 000 000 YANLORD LAND GRP 10.625% 11-29/03/2018 USD 3 244 500 0.70 Philippines 13 852 500 2.98 6 000 000 PHILIPPINES (REP) 6.375% 09-23/10/2034 USD 7 785 000 1.67 6 000 000 SM INVESTMENTS 4.250% 12-17/10/2019 USD 6 067 500 1.31 India 11 122 870 2.39 5 000 000 HDFC BANK 3.000% 13-06/03/2018 USD 5 011 150 1.08 6 000 000 HDFC BANK LTD 3.000% 13-30/11/2016 USD 6 111 720 1.31 United States of America 10 260 000 2.21 8 000 000 PSALM 7.390% 09-02/12/2024 USD 10 260 000 2.21 United Kingdom 8 330 180 1.79 3 400 000 FPC FINANCE LTD 6.000% 12-28/06/2019 USD 3 638 000 0.78 3 000 000 ST BK INDIA LON 4.125% 12-01/08/2017 USD 3 124 680 0.67 1 500 000 VEDANTA RESOURCE 6.750% 11-07/06/2016 USD 1 567 500 0.34 Hong Kong 8 186 380 1.76 2 000 000 BANK OF CHINA HK 5.550% 10-11/02/2020 USD 2 172 160 0.47 2 000 000 CHINA CONST ASIA 3.250% 14-02/07/2019 USD 2 012 180 0.43 4 000 000 WHEELOCK FINANCE 2.750% 14-02/07/2017 USD 4 002 040 0.86 United Arab Emirates 7 425 740 1.60 7 000 000 ICICI BANK/DUBAI 4.800% 13-22/05/2019 USD 7 425 740 1.60 Sri Lanka 4 702 338 1.01 500 000 BANK OF CEYLON 6.875% 12-03/05/2017 USD 531 875 0.11 2 560 000 NATIONAL SAVINGS 8.875% 13-18/09/2018 USD 2 912 000 0.63 1 250 000 SRILANKAN AIR 5.300% 14-27/06/2019 USD 1 258 463 0.27 British Virgin Islands 4 331 400 0.93 4 000 000 PCCW CAP NO4 5.750% 12-17/04/2022 USD 4 331 400 0.93 Cyprus 3 186 000 0.69 3 000 000 SUN HUNG KAI PROPERTIES 4.500% 12-14/02/2022 USD 3 186 000 0.69 Floating rate bonds 110 007 479 23.66 Malaysia 29 590 218 6.37 1 000 000 AMBB CAPITAL 06-29/01/2049 FRN USD 1 022 600 0.22 8 000 000 MALAYAN BANKING 12-20/09/2022 FRN USD 8 079 118 1.74 10 800 000 PUBLIC BANK BERH 06-22/08/2036 SR USD 11 286 000 2.43 9 000 000 SBB CAPITAL CORP 05-29/11/2049 FRN USD 9 202 500 1.98 Singapore 28 472 834 6.12 6 000 000 OVERSEA-CHINESE 10-15/11/2022 FRN USD 6 208 733 1.34 5 000 000 OVERSEA-CHINESE 14-15/10/2024 FRN USD 5 088 653 1.09 12 000 000 UNITED OVERSEAS 12-17/10/2022 FRN USD 12 131 201 2.61 5 000 000 UNITED OVERSEAS 14-19/09/2024 FRN USD 5 044 247 1.08 Taiwan 19 136 249 4.12 18 900 000 CHINATRUST COMM 05-29/03/2049 SR USD 19 136 249 4.12 Hong Kong 15 472 053 3.33 5 000 000 CITIC BANK INTL 12-28/09/2022 FRN USD 4 959 553 1.07 7 500 000 WING HANG BK LTD 07-29/04/2049 SR USD 7 893 750 1.70 2 500 000 YANCOAL INTL TR 14-29/05/2049 FRN USD 2 618 750 0.56 China 13 227 563 2.84 1 200 000 CHALCO HK INV CO 14-29/04/2049 FRN USD 1 230 000 0.26 6 435 000 CHALIECO HK CORP 14-29/08/2049 FRN USD 6 676 313 1.44 3 000 000 CRCC YUPENG 14-28/02/2049 FRN USD 3 037 500 0.65 2 250 000 FAR EAST HORIZON 14-23/06/2049 FRN USD 2 283 750 0.49 Thailand 4 108 562 0.88 4 000 000 KRUNG THAI BANK/ 14-26/12/2024 FRN USD 4 108 562 0.88 Shares/Units in investment funds 45 912 329 9.88 Luxembourg 45 912 329 9.88 BNPP FLEXI I RMB SHORT DURATION BOND 4 500.00 FUND - I - CAP USD 45 912 329 9.88 Total securities portfolio 440 138 514 94.67 Page 29

Bond Best Selection World Emerging Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 203 273 633 81.38 Shares 2 597 0.00 Kazakhstan 2 597 0.00 556 600 ALLIANCE BANK - SPON GDR REG S USD 1 670 0.00 308 936 ALLIANCE BANK - SPON GDR REG S USD 927 0.00 Bonds 201 351 036 80.61 Venezuela 27 266 117 10.92 7 000 000 VENEZUELA 11.750% 11-21/10/2026 USD 6 212 500 2.49 4 451 300 VENEZUELA 12.750% 10-23/08/2022 USD 4 250 992 1.70 7 810 000 VENEZUELA 5.750% 05-26/02/2016 USD 7 198 087 2.88 7 229 000 VENEZUELA 9.250% 97-15/09/2027 USD 5 692 838 2.28 3 900 000 VENZOD - 189000 13.625% 01-15/08/2018 USD 3 911 700 1.57 Brazil 25 566 003 10.24 27 000 000 BRAZIL-LTN 0.000% 13-01/07/2015 FLAT BRL 11 050 238 4.43 33 000 000 BRAZIL-LTN 0.000% 13-01/07/2017 FLAT BRL 10 881 140 4.36 1 520 000 REP OF BRAZIL 5.000% 14-27/01/2045 USD 1 558 000 0.62 1 850 000 REP OF BRAZIL 5.625% 09-07/01/2041 USD 2 076 625 0.83 Russia 23 196 905 9.30 7 352 000 ALFA BANK 7.500% 12-26/09/2019 USD 7 101 958 2.84 623 000 000 RUSSIA-OFZ 6.900% 10-03/08/2016 RUB 16 094 947 6.46 Argentina 18 421 396 7.38 14 000 000 ARG BODEN 7.000% 05-03/10/2015 FLAT USD 13 215 999 5.30 7 043 839 ARGENT-$DIS 8.280% 05-31/12/2033 USD 5 205 397 2.08 Malaysia 16 537 309 6.62 11 000 000 MALAYSIAN GOVT 3.502% 07-31/05/2027 MYR 3 253 461 1.30 25 300 000 MALAYSIAN GOVT 4.181% 14-15/07/2024 MYR 8 187 372 3.28 15 600 000 MALAYSIAN GOVT 4.498% 10-15/04/2030 MYR 5 096 476 2.04 Sri Lanka 8 674 500 3.47 REPUBLIC OF SRI LANKA 5.125% 14-2 000 000 11/04/2019 USD 2 047 500 0.82 REPUBLIC OF SRI LANKA 5.875% 12-3 800 000 25/07/2022 USD 3 952 000 1.58 REPUBLIC OF SRI LANKA 6.250% 11-2 500 000 27/07/2021 USD 2 675 000 1.07 Dominican Republic 6 219 125 2.49 DOMINICAN REPUBLIC 7.450% 14-3 445 000 30/04/2044 USD 3 789 500 1.52 DOMINICAN REPUBLIC 7.500% 10-2 090 000 06/05/2021 USD 2 429 625 0.97 United States of America 6 010 338 2.41 5 000 000 CITIGROUP INC 6.750% 14-04/03/2016 USD 5 010 338 2.01 1 000 000 CITIGROUP INC 9.000% 14-17/07/2015 USD 1 000 000 0.40 Ivory Coast 5 917 896 2.37 2 250 000 IVORY COAST 10-31/12/2032 SR FLAT USD 2 258 596 0.90 3 700 000 IVORY COAST-PDI 5.375% 14-23/07/2024 USD 3 659 300 1.47 The Netherlands 5 774 250 2.32 5 000 000 MARFRIG HLDG EUR 6.875% 14-24/06/2019 USD 5 062 500 2.03 650 000 NORTHERN LIGHTS 7.000% 12-16/08/2019 USD 711 750 0.29 Kuwait 5 353 275 2.14 5 210 000 KUWAIT ENERGY 9.500% 14-04/08/2019 USD 5 353 275 2.14 Pakistan 4 829 375 1.93 1 400 000 REP OF PAKISTAN 7.250% 14-15/04/2019 USD 1 426 250 0.57 3 300 000 REP OF PAKISTAN 8.250% 14-15/04/2024 USD 3 403 125 1.36 Turkey 4 350 738 1.74 4 255 000 YASAR HOLDINGS 9.625% 10-07/10/2015 USD 4 350 738 1.74 Georgia 4 240 000 1.70 4 000 000 BANK OF GEORGIA 7.750% 12-05/07/2017 USD 4 240 000 1.70 Iraq 4 218 720 1.69 4 700 000 REPUBLIC OF IRAQ 5.800% 06-15/01/2028 USD 4 218 720 1.69 Jamaica 4 047 000 1.62 3 800 000 JAMAICA GOVT 7.625% 14-09/07/2025 USD 4 047 000 1.62 Ecuador 3 112 400 1.24 1 480 000 ECUADOR-DEF-PDI 7.950% 14-20/06/2024 USD 1 635 400 0.65 REPUBLIC OF ECUADOR 9.375% 05-1 400 000 15/12/2015 USD 1 477 000 0.59 Ghana 2 984 475 1.19 1 850 000 REP OF GHANA 7.875% 13-07/08/2023 USD 1 810 225 0.72 1 100 000 REP OF GHANA 8.500% 07-04/10/2017 USD 1 174 250 0.47 Colombia 2 807 200 1.12 2 420 000 REP OF COLOMBIA 5.625% 14-26/02/2044 USD 2 807 200 1.12 Gabon 2 348 875 0.94 2 150 000 GABONESE REPUB 6.375% 13-12/12/2024 USD 2 348 875 0.94 Senegal 2 100 143 0.84 2 050 000 SENEGAL REP OF 6.250% 14-30/07/2024 USD 2 100 143 0.84 Paraguay 2 033 000 0.81 1 900 000 PARAGUAY 6.100% 14-11/08/2044 USD 2 033 000 0.81 Mongolia 1 896 558 0.76 1 050 000 DEVT BK OF MONGO 5.750% 12-21/03/2017 USD 1 022 438 0.41 1 000 000 MONGOLIA 5.125% 12-05/12/2022 USD 874 120 0.35 Ireland 1 843 663 0.74 1 867 000 INTL BANK OF AZERB 5.625% 14-11/06/2019 USD 1 843 663 0.74 Rwanda 1 556 250 0.62 1 500 000 REPUBLIC OF RWAN 6.625% 13-02/05/2023 USD 1 556 250 0.62 Zambia 1 538 925 0.61 750 000 ZAMBIA REP OF 5.375% 12-20/09/2022 USD 729 375 0.29 700 000 ZAMBIA REP OF 8.500% 14-14/04/2024 USD 809 550 0.32 Tanzania 1 332 558 0.53 1 231 000 TANZANIA UNT REP 13-09/03/2020 SR USD 1 332 558 0.53 Armenia 1 321 219 0.53 1 275 000 ARMENIA 6.000% 13-30/09/2020 USD 1 321 219 0.53 Bangladesh 1 319 875 0.53 1 250 000 BANGLALINK DIG 8.625% 14-06/05/2019 USD 1 319 875 0.53 Luxembourg 1 184 493 0.47 1 291 000 OJSC RUSS AGRIC 6.000% 11-03/06/2021 USD 1 184 493 0.47 United Kingdom 1 155 000 0.46 1 500 000 UZ RAIL SHORTLIN 9.500% 13-21/05/2018 USD 1 155 000 0.46 Nigeria 1 146 200 0.46 1 100 000 REP OF NIGERIA 5.125% 13-12/07/2018 USD 1 146 200 0.46 Kenya 1 047 255 0.42 620 000 KENYA REP OF 5.875% 14-24/06/2019 USD 642 630 0.26 375 000 KENYA REP OF 6.875% 14-24/06/2024 USD 404 625 0.16 Floating rate bonds 1 920 000 0.77 Ireland 1 920 000 0.77 2 000 000 INTL BANK OF AZERB 07-10/05/2017 FRN USD 1 920 000 0.77 Other transferable securities 90 573 0.04 Shares 90 573 0.04 Kazakhstan 90 573 0.04 156 972 BTA BANK JSC - GDR REG S SPON USD 90 573 0.04 Page 30

Bond Best Selection World Emerging Securities portfolio at 31/08/2014 Expressed in USD Shares/Units in investment funds 24 940 512 10.00 Luxembourg 24 940 512 10.00 PARVEST BOND WORLD EMERGING 174 788.10 CORPORATE - X - CAP USD 24 940 512 10.00 Total securities portfolio 228 304 718 91.42 Page 31

Bond USD Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 88 562 069 81.73 Bonds 88 446 835 81.63 United States of America 82 988 049 76.59 125 000 21ST CENTURY FOX 5.400% 14-01/10/2043 USD 144 077 0.13 125 000 ALEXANDRIA REAL 4.600% 12-01/04/2022 USD 133 115 0.12 200 000 ALTRIA GROUP INC 4.750% 11-05/05/2021 USD 222 799 0.21 320 000 AMER INTL GROUP 4.125% 13-15/02/2024 USD 340 074 0.31 150 000 AMER INTL GROUP 6.250% 06-01/05/2036 USD 191 862 0.18 325 000 AMERICAN TOWER 3.450% 14-15/09/2021 USD 325 548 0.30 550 000 APPLE INC 2.850% 14-06/05/2021 USD 559 988 0.52 100 000 ASSURANT INC 4.000% 13-15/03/2023 USD 101 849 0.09 150 000 ASSURED GUARANTY 5.000% 14-01/07/2024 USD 156 013 0.14 250 000 AUTONATION INC 5.500% 12-01/02/2020 USD 274 375 0.25 400 000 AUTONATION INC 6.750% 10-15/04/2018 USD 458 750 0.42 BANK OF AMERICA CORP 2.600% 13-520 000 15/01/2019 USD 525 068 0.48 BANK OF AMERICA CORP 4.200% 14-350 000 26/08/2024 USD 355 282 0.33 BANK OF AMERICA CORP 6.500% 09-300 000 01/08/2016 USD 329 748 0.30 100 000 BERKLEY (WR) 4.750% 14-01/08/2044 USD 100 506 0.09 105 000 BERKLEY (WR) 5.375% 10-15/09/2020 USD 117 597 0.11 50 000 BERKLEY (WR) 7.375% 09-15/09/2019 USD 60 550 0.06 BERKSHIRE HATHAWAY 5.150% 14-500 000 15/11/2043 USD 582 135 0.54 60 000 BORG-WARNER AUTO 4.625% 10-15/09/2020 USD 64 917 0.06 100 000 BURLINGTON NORTH 4.450% 13-15/03/2043 USD 102 460 0.09 85 000 CARGILL INC 7.350% 09-06/03/2019 USD 102 975 0.10 200 000 CELGENE CORP 3.625% 14-15/05/2024 USD 203 854 0.19 800 000 CGCMT 2014-GC19 D 14-10/03/2047 FRN USD 760 050 0.70 100 000 CHESAPEAK MDSTRM 6.125% 12-15/07/2022 USD 108 750 0.10 200 000 CITIGROUP INC 1.700% 13-25/07/2016 USD 202 348 0.19 500 000 CITIGROUP INC 1.750% 13-01/05/2018 USD 497 651 0.46 2 100 000 CITIGROUP INC 2.550% 14-08/04/2019 USD 2 120 614 1.96 1 000 000 CNH CAPITAL LLC 3.875% 13-01/11/2015 USD 1 015 000 0.94 150 000 COMCAST CORP 3.375% 14-15/02/2025 USD 151 649 0.14 300 000 COMCAST CORP 6.950% 07-15/08/2037 USD 413 153 0.38 500 000 COMM 2013-CR11 C 13-10/10/2046 FRN USD 539 014 0.50 390 000 COMM 2013-CR9 C 13-10/07/2045 FRN USD 394 636 0.36 1 000 000 COMM 2014-CR16 D 14-10/04/2047 FRN USD 942 981 0.87 334 000 CON EDISON NY 6.750% 08-01/04/2038 USD 455 830 0.42 75 000 CONTINENTAL RES 4.900% 14-01/06/2044 USD 79 239 0.07 500 000 CONTINENTAL RES 5.000% 12-15/09/2022 USD 539 375 0.50 350 000 CREDIT SUISSE 5.400% 10-14/01/2020 USD 394 194 0.36 680 000 CROSSTEX ENERGY 7.125% 13-01/06/2022 USD 785 400 0.72 300 000 CVS CAREMARK 6.125% 09-15/09/2039 USD 383 895 0.35 300 000 DELPHI CORP 6.125% 12-15/05/2021 USD 331 500 0.31 DIRECTV HOLDING/FIN 4.450% 14-100 000 01/04/2024 USD 107 292 0.10 DIRECTV HOLDING/FIN 6.000% 10-75 000 15/08/2040 USD 89 173 0.08 750 000 DISCOVER BANK 7.000% 10-15/04/2020 USD 898 624 0.83 550 000 DOMINION RES 8.875% 08-15/01/2019 USD 701 589 0.65 260 000 DUKE ENERGY CORP 3.750% 14-15/04/2024 USD 270 547 0.25 51 000 DUKE ENERGY CORP 6.450% 02-15/10/2032 USD 67 215 0.06 350 000 EL PASO NAT GAS 5.950% 07-15/04/2017 USD 388 543 0.36 300 000 EXPRESS SCRIPTS 3.900% 13-15/02/2022 USD 316 979 0.29 300 000 FIFTH THIRD BANK 4.300% 13-16/01/2024 USD 315 357 0.29 8 452 654 FNR 2012-99 SD 12-25/09/2042 FRN USD 2 088 584 1.93 7 778 872 FNR 2012-99 SK 12-25/09/2042 FRN USD 1 936 269 1.79 225 000 FORD MOTOR CO 6.625% 98-01/10/2028 USD 279 674 0.26 889 006 GCCFC 2005-GG3 A4 05-10/08/2042 FRN USD 893 319 0.82 250 000 GEN ELECTRIC CO 4.500% 14-11/03/2044 USD 272 086 0.25 500 000 GEN MOTORS FIN 2.625% 14-10/07/2017 USD 502 266 0.46 GENERAL ELECTRIC CAP SVC 7.500% 95-297 000 21/08/2035 USD 425 953 0.39 1 040 000 GENERAL MOTORS 3.500% 14-02/10/2018 USD 1 062 100 0.98 75 000 GENWORTH FINL 6.500% 04-15/06/2034 USD 88 812 0.08 87 000 GENWORTH FINL 7.700% 10-15/06/2020 USD 105 341 0.10 100 000 GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD 132 776 0.12 100 000 GILEAD SCIENCES 5.650% 11-01/12/2041 USD 121 663 0.11 4 935 282 GNR 2010-H19 JI 10-20/08/2060 FRN USD 532 611 0.49 13 052 528 GNR 2011-26 CS 11-16/02/2041 FRN USD 2 489 600 2.30 4 319 475 GNR 2011-H03 HI 11-20/01/2061 FRN USD 241 044 0.22 2 413 106 GNR 2011-H05 HI 11-20/01/2061 FRN USD 149 379 0.14 5 397 830 GNR 2012-H02 AI 12-20/01/2062 FRN USD 358 567 0.33 1 508 758 GNR 2013-H01 FI 13-20/01/2063 FRN USD 193 423 0.18 12 662 297 GNR 2013-H04 BI 13-20/02/2063 FRN USD 1 604 389 1.48 2 060 046 GNR 2013-H08 IO 13-20/03/2063 FRN USD 239 948 0.22 1 576 000 GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD 1 595 126 1.47 500 000 GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD 514 179 0.47 250 000 GOLDMAN SACHS GP 5.950% 06-15/01/2027 USD 289 358 0.27 1 000 000 GSMS 2014-GC18 D 14-10/01/2047 FRN USD 939 954 0.87 HEWLETT - PACKARD CO 3.750% 10-300 000 01/12/2020 USD 314 834 0.29 673 000 HSBC FINANCE CORP 5.500% 06-19/01/2016 USD 714 617 0.66 50 000 JOHNSON CONTROLS 4.950% 14-02/07/2064 USD 51 619 0.05 800 000 JPMBB 2014-C18 D 14-15/02/2047 FRN USD 753 404 0.70 600 000 JPMBB 2014-C19 C 14-15/04/2047 FRN USD 615 433 0.57 340 000 JPMBB 2014-C22 B 14-15/09/2047 FRN USD 353 062 0.33 220 000 JPMORGAN CHASE 2.350% 14-28/01/2019 USD 222 129 0.20 250 000 JPMORGAN CHASE 6.400% 08-15/05/2038 USD 324 065 0.30 200 000 KERR-MCGEE CORP 6.950% 04-01/07/2024 USD 255 886 0.24 250 000 KILROY REALTY LP 4.250% 14-15/08/2029 USD 251 499 0.23 184 000 KINDER MORGAN EN 6.950% 07-15/01/2038 USD 225 867 0.21 100 000 KRAFT FOODS INC 6.500% 10-09/02/2040 USD 131 241 0.12 50 000 LAZARD GROUP 6.850% 07-15/06/2017 USD 56 703 0.05 300 000 MACYS RETAIL HLD 4.375% 13-01/09/2023 USD 321 040 0.30 250 000 MEDTRONIC INC 4.450% 10-15/03/2020 USD 277 718 0.26 740 000 MLCFC 2006-3 AM 06-12/07/2046 FRN USD 794 757 0.73 150 000 MONSANTO CO 3.375% 14-15/07/2024 USD 152 843 0.14 1 002 000 MORGAN STANLEY 6.625% 08-01/04/2018 USD 1 160 230 1.07 NORTHROP GRUMMAN 7.750% 01-100 000 15/02/2031 USD 139 965 0.13 55 000 NRTHRP GRMMN SYS 7.875% 96-01/03/2026 USD 75 496 0.07 75 000 PFIZER INC 4.400% 14-15/05/2044 USD 78 468 0.07 PHILIP MORRIS INTERNATIONAL 4.500% 10-125 000 26/03/2020 USD 138 531 0.13 300 000 PLAINS ALL AMER 3.650% 12-01/06/2022 USD 310 652 0.29 75 000 PROLOGIS LP 6.875% 11-15/03/2020 USD 89 415 0.08 640 000 PRUDENTIAL COVER 2.997% 12-30/09/2015 USD 654 335 0.60 PRUDENTIAL FINANCIAL 6.625% 10-193 000 21/06/2040 USD 256 339 0.24 100 000 SYNCHRONY FINANC 3.750% 14-15/08/2021 USD 102 058 0.09 50 000 SYNCHRONY FINANC 4.250% 14-15/08/2024 USD 51 180 0.05 TIME WARNER CABLE INC 6.550% 07-150 000 01/05/2037 USD 192 181 0.18 650 000 TOLL BR FIN CORP 4.000% 13-31/12/2018 USD 661 375 0.61 50 000 TORCHMARK CORP 9.250% 09-15/06/2019 USD 64 792 0.06 50 000 TYSON FOODS INC 2.650% 14-15/08/2019 USD 50 655 0.05 50 000 TYSON FOODS INC 3.950% 14-15/08/2024 USD 51 196 0.05 50 000 TYSON FOODS INC 4.875% 14-15/08/2034 USD 52 623 0.05 UNITED TECHNOLOGIES CORP 6.125% 08-500 000 01/02/2019 USD 587 685 0.54 1 668 000 US STRIP PRINC 0.000% 12-15/08/2042 USD 682 362 0.63 7 300 000 US TREASURY N/B 0.375% 13-31/08/2015 USD 7 318 818 6.75 4 583 000 US TREASURY N/B 1.375% 13-31/07/2018 USD 4 585 506 4.23 3 606 000 US TREASURY N/B 2.500% 13-15/08/2023 USD 3 674 456 3.39 6 129 900 US TREASURY N/B 3.625% 13-15/08/2043 USD 6 783 113 6.26 1 010 578 US TSY INFL IX N/B 0.625% 13-15/02/2043 USD 954 681 0.88 8 542 153 US TSY INFL IX N/B 0.625% 14-15/01/2024 USD 8 839 795 8.17 200 000 VENTAS REALTY LP 4.750% 11-01/06/2021 USD 220 445 0.20 Page 32

Bond USD Securities portfolio at 31/08/2014 Expressed in USD VERIZON COMMUNICATIONS 6.550% 13-200 000 15/09/2043 USD 257 596 0.24 VERIZON COMMUNICATIONS INC 3.450% 700 000 14-15/03/2021 USD 726 049 0.67 WASTE MANAGEMENT 3.500% 14-75 000 15/05/2024 USD 76 301 0.07 600 000 WFRBS 2014-LC14 D 14-15/03/2047 FRN USD 551 088 0.51 500 000 WHIRLPOOL CORP 4.000% 14-01/03/2024 USD 518 826 0.48 75 000 WILLIAMS COS INC 4.550% 14-24/06/2024 USD 75 528 0.07 180 000 XEROX CORP 2.800% 14-15/05/2020 USD 179 260 0.17 400 000 XTO ENERGY INC 6.750% 07-01/08/2037 USD 593 689 0.55 600 000 ZIONS BANCORP 4.500% 12-27/03/2017 USD 636 082 0.59 United Kingdom 3 361 007 3.10 134 000 HSBC HOLDINGS PLC 6.500% 07-15/09/2037 USD 169 301 0.16 ROYAL BANK SCOTLAND 1.875% 14-2 100 000 31/03/2017 USD 2 114 022 1.95 1 000 000 SANTANDER UK PLC 5.000% 13-07/11/2023 USD 1 077 684 0.99 Italy 940 964 0.87 900 000 INTESA SANPAOLO 3.875% 13-15/01/2019 USD 940 964 0.87 Canada 575 865 0.54 250 000 BARRICK GOLD COR 6.950% 09-01/04/2019 USD 298 843 0.28 188 000 TRANS CANADA PL 7.625% 09-15/01/2039 USD 277 022 0.26 Panama 316 607 0.29 300 000 CARNIVAL CORP 3.950% 13-15/10/2020 USD 316 607 0.29 Luxembourg 151 736 0.14 150 000 ACTAVIS FUNDING 3.850% 14-15/06/2024 USD 151 736 0.14 The Netherlands 112 607 0.10 100 000 LYB INTL FIN 5.250% 13-15/07/2043 USD 112 607 0.10 Floating rate bonds 112 750 0.10 United States of America 112 750 0.10 100 000 METLIFE INC 6.400% 06-15/12/2036 FRN USD 112 750 0.10 Options, Warrants, Rights 2 484 0.00 53 PUT US 10YR NOTE FUT (CBT) 26/09/14 123 USD 2 484 0.00 Other transferable securities 17 062 076 15.74 To be Announced ("TBA") Mortgage Back Securities 17 062 076 15.74 United States of America 17 062 076 15.74 1 700 000 FGLMC 3.5 9/11 3.500% 11-15/03/2041 USD 1 746 856 1.61 1 100 000 FGLMC 4.5 9/10 4.500% 10-15/12/2039 USD 1 187 656 1.10 1 700 000 FNCI 2.5 9/12 12-25/07/2027 USD 1 722 844 1.59 1 400 000 FNCI 3 9/12 3.000% 12-25/05/2027 USD 1 451 472 1.34 1 400 000 FNCI 3.5 9/12 3.500% 12-25/05/2026 USD 1 479 188 1.36 2 800 000 FNCL 3 9/13 13-25/06/2043 USD 2 787 750 2.57 (6 800 000) FNCL 3.5 9/12 12-25/04/2042 USD (7 001 662) (6.46) 3 000 000 FNCL 4 9/10 10-25/05/2040 USD 3 179 531 2.93 1 400 000 FNCL 4.5 9/11 11-25/11/2040 USD 1 512 000 1.40 1 100 000 FNCL 5 9/10 10-25/12/2035 USD 1 213 077 1.12 900 000 FNCL 6 9/11 6.000% 11-25/08/2038 USD 1 015 031 0.94 1 200 000 G2SF 3 9/12 12-20/07/2042 USD 1 216 969 1.12 700 000 G2SF 5 9/11 5.000% 11-20/08/2040 USD 768 825 0.71 2 000 000 GNSF 3.5 9/12 12-15/05/2042 USD 2 080 312 1.92 1 200 000 GNSF 4 9/10 4.000% 10-15/06/2040 USD 1 279 875 1.18 900 000 GNSF 4.5 9/10 4.500% 10-15/04/2040 USD 978 469 0.90 400 000 GNSF 5.5 9/10 5.500% 10-15/09/2038 USD 443 883 0.41 Shares/Units in investment funds 8 598 486 7.93 Ireland 6 528 227 6.02 2 277.92 FFTW MORTGAGE TOTAL RETURN AAC USD 6 528 227 6.02 Luxembourg 2 070 259 1.91 PARVEST CONVERTIBLE BOND WORLD - X - 12 712.00 CAP EUR 2 070 259 1.91 Total securities portfolio 114 222 631 105.40 Page 33

Bond USD Government Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 81 276 961 90.31 Bonds 79 676 537 88.54 United States of America 78 414 309 87.14 1 000 000 AMXCA 2013-1 A 13-16/02/2021 FRN USD 1 002 602 1.11 1 000 000 BEAR STEARNS CO 6.400% 07-02/10/2017 USD 1 141 349 1.27 560 000 CCCIT 2013-A4 A4 13-24/07/2020 FRN USD 563 034 0.63 500 000 CCCIT 2013-A7 A7 13-10/09/2020 FRN USD 501 823 0.56 1 000 000 CHAIT 2012-A10 A10 12-16/12/2019 FRN USD 998 772 1.11 1 000 000 CITIGROUP INC 6.125% 08-15/05/2018 USD 1 146 914 1.27 1 000 000 COMET 2007-A5 A5 07-15/07/2020 FRN USD 992 356 1.10 400 000 CSX CORP 6.250% 07-15/03/2018 USD 462 059 0.51 300 000 DAIMLER FINANCE 2.625% 11-15/09/2016 USD 309 461 0.34 600 000 DCENT 2013-A6 A6 13-15/04/2021 FRN USD 601 687 0.67 584 000 DOMINION RES 5.600% 06-15/11/2016 USD 641 810 0.71 1 000 000 DUKE ENERGY CORP 2.100% 13-15/06/2018 USD 1 008 592 1.12 GENERAL ELECTRIC CAP CRP 5.625% 08-1 000 000 01/05/2018 USD 1 138 115 1.26 838 051 GNR 2004-28 PC 5.500% 04-20/04/2034 USD 915 922 1.02 1 024 306 GNR 2004-34 FN 04-20/02/2034 FRN USD 1 028 653 1.14 847 574 GNR 2008-50 KB 6.000% 08-20/06/2038 USD 951 420 1.06 1 000 000 GOLDMAN SACHS GP 6.250% 07-01/09/2017 USD 1 131 424 1.26 1 000 000 MERRILL LYNCH 6.400% 07-28/08/2017 USD 1 136 121 1.26 1 000 000 MORGAN STANLEY 6.250% 07-28/08/2017 USD 1 132 081 1.26 500 000 TIME WARNER CABLE 8.250% 09-01/04/2019 USD 629 015 0.70 7 000 000 US TREASURY N/B 0.375% 14-31/01/2016 USD 7 011 214 7.79 5 375 000 US TREASURY N/B 0.875% 14-15/07/2017 USD 5 369 539 5.97 5 000 000 US TREASURY N/B 0.875% 14-15/08/2017 USD 4 992 190 5.55 5 350 000 US TREASURY N/B 1.000% 13-31/05/2018 USD 5 291 064 5.88 10 760 000 US TREASURY N/B 1.500% 11-31/07/2016 USD 10 966 795 12.19 8 000 000 US TREASURY N/B 1.625% 14-31/07/2019 USD 8 000 624 8.90 5 350 000 US TREASURY N/B 1.875% 10-30/06/2015 USD 5 428 998 6.03 10 000 000 US TREASURY N/B 2.250% 11-31/07/2018 USD 10 340 619 11.50 1 003 600 US TSY INFL IX N/B 0.125% 14-15/07/2024 USD 994 113 1.10 VERIZON COMMUNICATIONS 8.750% 08-750 000 01/11/2018 USD 945 751 1.05 1 000 000 WACHOVIA CORP 5.750% 08-01/02/2018 USD 1 136 636 1.26 500 000 WALGREEN CO 1.800% 12-15/09/2017 USD 503 556 0.56 Switzerland 748 194 0.83 750 000 UBS AG STAMFORD 1.375% 14-14/08/2017 USD 748 194 0.83 United Kingdom 514 034 0.57 500 000 BP CAPITAL PLC 2.248% 11-01/11/2016 USD 514 034 0.57 Floating rate bonds 1 600 424 1.77 United States of America 850 017 0.94 800 000 MACYS RETAIL HLD 08-15/07/2015 FRN USD 850 017 0.94 United Kingdom 750 407 0.83 750 000 DEUTSCHE BK LOND 14-30/05/2017 FRN USD 750 407 0.83 Total securities portfolio 81 276 961 90.31 Page 34

Bond World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 107 847 000 79.40 Bonds 107 091 377 78.86 United States of America 40 898 114 30.11 125 000 21ST CENTURY FOX 5.400% 14-01/10/2043 USD 109 382 0.08 100 000 ADOBE SYSTEMS INC 4.750% 10-01/02/2020 USD 84 165 0.06 125 000 ALEXANDRIA REAL 4.600% 12-01/04/2022 USD 101 059 0.07 300 000 ALTRIA GROUP INC 4.750% 11-05/05/2021 USD 253 719 0.19 200 000 AMER INTL GROUP 6.250% 06-01/05/2036 USD 194 212 0.14 425 000 AMERICAN TOWER 3.450% 14-15/09/2021 USD 323 198 0.24 135 000 ASSURANT INC 4.000% 13-15/03/2023 USD 104 385 0.08 200 000 ASSURED GUARANTY 5.000% 14-01/07/2024 USD 157 924 0.12 350 000 AUTONATION INC 5.500% 12-01/02/2020 USD 291 622 0.21 50 000 AUTONATION INC 6.750% 10-15/04/2018 USD 43 535 0.03 BANK OF AMERICA CORP 2.600% 13-330 000 15/01/2019 USD 252 973 0.19 BANK OF AMERICA CORP 4.200% 14-300 000 26/08/2024 USD 231 193 0.17 BANK OF AMERICA CORP 6.500% 09-500 000 01/08/2016 USD 417 233 0.31 200 000 BERKLEY (WR) 4.750% 14-01/08/2044 USD 152 606 0.11 50 000 BERKLEY (WR) 7.375% 09-15/09/2019 USD 45 969 0.03 BERKSHIRE HATHAWAY 5.150% 14-200 000 15/11/2043 USD 176 780 0.13 100 000 BURLINGTON NORTH 6.200% 06-15/08/2036 USD 97 332 0.07 50 000 CELGENE CORP 5.250% 13-15/08/2043 USD 42 619 0.03 1 070 000 CGCMT 2014-GC19 D 14-10/03/2047 FRN USD 771 764 0.57 700 000 CHESAPEAK MDSTRM 6.125% 12-15/07/2022 USD 577 930 0.43 700 000 CITIGROUP INC 1.750% 13-01/05/2018 USD 528 934 0.39 1 000 000 CITIGROUP INC 2.550% 14-08/04/2019 USD 766 638 0.56 500 000 CITIGROUP INC 3.875% 13-25/10/2023 USD 393 499 0.29 900 000 CNH CAPITAL LLC 3.875% 13-01/11/2015 USD 693 517 0.51 157 000 COMCAST CORP 6.950% 07-15/08/2037 USD 164 149 0.12 1 000 000 COMM 2013-CR11 C 13-10/10/2046 FRN USD 818 424 0.60 700 000 COMM 2013-CR9 C 13-10/07/2045 FRN USD 537 747 0.40 240 000 CONTINENTAL RES 4.900% 14-01/06/2044 USD 192 503 0.14 275 000 CREDIT SUISSE 5.400% 10-14/01/2020 USD 235 138 0.17 500 000 DELPHI CORP 6.125% 12-15/05/2021 USD 419 450 0.31 750 000 DISCOVER BANK 7.000% 10-15/04/2020 USD 682 223 0.50 176 000 DOMINION RES 8.875% 08-15/01/2019 USD 170 444 0.13 111 000 DOMINION RESOUR 5.250% 03-01/08/2033 USD 96 833 0.07 100 000 DUKE ENERGY CORP 3.750% 14-15/04/2024 USD 78 998 0.06 100 000 DUKE ENERGY CORP 6.450% 02-15/10/2032 USD 100 056 0.07 100 000 EXPRESS SCRIPTS 6.125% 13-15/11/2041 USD 95 602 0.07 6 416 674 FHS 311 S1 13-15/08/2043 FRN USD 1 101 781 0.81 250 000 FIFTH THIRD BANK 4.300% 13-16/01/2024 USD 199 512 0.15 1 877 171 FNR 2012-99 SD 12-25/09/2042 FRN USD 352 137 0.26 5 263 522 FNR 2013-53 CS 13-25/10/2040 FRN USD 823 799 0.61 200 000 FORD MOTOR CO 4.750% 13-15/01/2043 USD 158 925 0.12 200 000 FORD MOTOR CO 7.450% 99-16/07/2031 USD 206 825 0.15 236 590 GCCFC 2005-GG3 A4 05-10/08/2042 FRN USD 180 488 0.13 250 000 GEN ELECTRIC CO 4.500% 14-11/03/2044 USD 206 564 0.15 800 000 GEN MOTORS FIN 2.625% 14-10/07/2017 USD 610 101 0.45 GENERAL ELECTRIC CAP SVC 7.500% 95-83 000 21/08/2035 USD 90 371 0.07 700 000 GENERAL MOTORS 3.500% 14-02/10/2018 USD 542 723 0.40 75 000 GENWORTH FINL 6.500% 04-15/06/2034 USD 67 425 0.05 200 000 GENWORTH HOLDING 4.900% 13-15/08/2023 USD 161 034 0.12 100 000 GEORGIA-PACIFIC 7.250% 98-01/06/2028 USD 100 801 0.07 150 000 GILEAD SCIENCES 2.050% 14-01/04/2019 USD 114 258 0.08 100 000 GILEAD SCIENCES 5.650% 11-01/12/2041 USD 92 365 0.07 4 485 711 GNR 2010-H19 JI 10-20/08/2060 FRN USD 367 517 0.27 2 095 789 GNR 2011-123 SH 11-20/09/2041 FRN USD 327 389 0.24 4 248 994 GNR 2011-H03 HI 11-20/01/2061 FRN USD 180 011 0.13 2 372 379 GNR 2011-H05 HI 11-20/01/2061 FRN USD 111 492 0.08 4 974 470 GNR 2012-H02 AI 12-20/01/2062 FRN USD 250 869 0.18 1 709 926 GNR 2013-H01 FI 13-20/01/2063 FRN USD 166 423 0.12 14 687 447 GNR 2013-H04 BI 13-20/02/2063 FRN USD 1 412 836 1.04 3 733 833 GNR 2013-H08 IO 13-20/03/2063 FRN USD 330 174 0.24 738 000 GOLDMAN SACHS GP 2.625% 14-31/01/2019 USD 567 079 0.42 600 000 GOLDMAN SACHS GP 2.900% 13-19/07/2018 USD 468 429 0.34 100 000 GOLDMAN SACHS GP 6.750% 07-01/10/2037 USD 93 648 0.07 600 000 GSMS 2014-GC18 D 14-10/01/2047 FRN USD 428 160 0.32 HEWLETT - PACKARD CO 2.750% 14-100 000 14/01/2019 USD 77 714 0.06 HEWLETT - PACKARD CO 3.000% 11-270 000 15/09/2016 USD 212 816 0.16 HEWLETT - PACKARD CO 4.050% 12-200 000 15/09/2022 USD 160 418 0.12 163 000 IBM CORP 6.500% 98-15/01/2028 USD 162 246 0.12 100 000 INTEL CORP 4.000% 12-15/12/2032 USD 76 425 0.06 50 000 JOHNSON CONTROLS 4.950% 14-02/07/2064 USD 39 188 0.03 560 000 JPMBB 2014-C22 B 14-15/09/2047 FRN USD 441 478 0.33 350 000 JPMCC 2012-C6 A3 3.507% 12-15/05/2045 USD 276 708 0.20 160 000 JPMORGAN CHASE 2.350% 14-28/01/2019 USD 122 645 0.09 100 000 JPMORGAN CHASE 6.400% 08-15/05/2038 USD 98 410 0.07 200 000 KERR-MCGEE CORP 6.950% 04-01/07/2024 USD 194 265 0.14 100 000 KILROY REALTY LP 4.250% 14-15/08/2029 USD 76 374 0.06 107 000 KINDER MORGAN EN 6.950% 07-15/01/2038 USD 99 716 0.07 100 000 KRAFT FOODS INC 6.500% 10-09/02/2040 USD 99 636 0.07 100 000 MACYS RETAIL HLD 4.300% 12-15/02/2043 USD 72 928 0.05 200 000 MLCFC 2006-3 AM 06-12/07/2046 FRN USD 163 073 0.12 100 000 MONSANTO CO 3.375% 14-15/07/2024 USD 77 357 0.06 675 000 MORGAN STANLEY 3.125% 14-05/08/2021 CAD 473 492 0.35 439 000 MORGAN STANLEY 6.625% 08-01/04/2018 USD 385 913 0.28 142 000 NEWS AMER INC 6.650% 07-15/11/2037 USD 137 994 0.10 NORTHROP GRUMMAN 7.750% 01-100 000 15/02/2031 USD 106 259 0.08 200 000 OMEGA HEALTHCARE 4.950% 14-01/04/2024 USD 156 846 0.12 533 000 PFIZER INC 6.200% 09-15/03/2019 USD 477 170 0.35 PHILIP MORRIS INTERNATIONAL 4.500% 10-125 000 26/03/2020 USD 105 171 0.08 200 000 PLAINS ALL AMER 3.650% 12-01/06/2022 USD 157 228 0.12 75 000 PROLOGIS LP 6.875% 11-15/03/2020 USD 67 883 0.05 560 000 PRUDENTIAL COVER 2.997% 12-30/09/2015 USD 434 667 0.32 PRUDENTIAL FINANCIAL 6.625% 10-87 000 21/06/2040 USD 87 725 0.06 500 000 REGIONS BK ALAB 7.500% 08-15/05/2018 USD 447 915 0.33 200 000 SOUTHERN POWER 5.150% 11-15/09/2041 USD 172 311 0.13 150 000 SYNCHRONY FINANC 3.750% 14-15/08/2021 USD 116 222 0.09 50 000 SYNCHRONY FINANC 4.250% 14-15/08/2024 USD 38 855 0.03 TIME WARNER CABLE INC 6.550% 07-150 000 01/05/2037 USD 145 901 0.11 430 000 TOLL BR FIN CORP 4.000% 13-31/12/2018 USD 332 163 0.24 50 000 TYSON FOODS INC 2.650% 14-15/08/2019 USD 38 457 0.03 100 000 TYSON FOODS INC 3.950% 14-15/08/2024 USD 77 735 0.06 50 000 TYSON FOODS INC 4.875% 14-15/08/2034 USD 39 951 0.03 1 725 000 US STRIP PRINC 0.000% 12-15/08/2042 USD 535 743 0.39 1 073 600 US TREASURY N/B 0.625% 13-15/08/2016 USD 817 068 0.60 4 821 000 US TREASURY N/B 2.000% 13-15/02/2023 USD 3 597 128 2.65 704 813 US TSY INFL IX N/B 0.625% 13-15/02/2043 USD 505 488 0.37 8 680 029 US TSY INFL IX N/B 0.625% 14-15/01/2024 USD 6 819 370 5.02 VERIZON COMMUNICATIONS 6.550% 13-290 000 15/09/2043 USD 283 567 0.21 VERIZON COMMUNICATIONS INC 3.450% 470 000 14-15/03/2021 USD 370 096 0.27 150 000 WASTE MANAGEMENT 3.500% 14-15/05/2024 USD 115 853 0.09 100 000 WEYERHAEUSER CO 7.375% 02-15/03/2032 USD 104 708 0.08 600 000 WFRBS 2014-LC14 D 14-15/03/2047 FRN USD 418 378 0.31 250 000 WILLIAMS COS INC 4.550% 14-24/06/2024 USD 191 132 0.14 710 000 ZIONS BANCORP 4.500% 12-27/03/2017 USD 571 437 0.42 Page 35

Bond World Securities portfolio at 31/08/2014 Expressed in EUR Germany 20 429 439 15.05 3 150 497 BUNDESOBL 0.500% 12-13/10/2017 EUR 3 199 699 2.36 3 851 000 BUNDESOBL-167 1.000% 13-12/10/2018 EUR 3 994 631 2.94 BUNDESOBLIGATION-I/L 0.750% 11-2 408 166 15/04/2018 EUR 2 516 509 1.85 8 327 000 BUNDESSCHATZANW 0.250% 14-10/06/2016 EUR 8 367 982 6.17 190 000 CRH FINANCE GERM 1.750% 14-16/07/2021 EUR 193 672 0.14 240 000 DAIMLER AG 1.750% 13-08/11/2017 GBP 302 086 0.22 371 667 DEUTSCHLAND REP 1.500% 13-15/02/2023 EUR 396 105 0.29 157 000 DEUTSCHLAND REP 4.750% 98-04/07/2028 EUR 226 176 0.17 1 000 000 DT PFANDBRIEFBAN 1.875% 12-20/12/2019 GBP 1 232 579 0.91 United Kingdom 10 009 073 7.37 ABBEY NATIONAL TREASURY 2.000% 14-250 000 14/01/2019 EUR 261 396 0.19 BARCLAYS BANK PLC 10.000% 09-104 000 21/05/2021 GBP 175 165 0.13 100 000 BAT INTL FINANCE 6.000% 09-29/06/2022 GBP 150 792 0.11 250 000 BP CAPITAL PLC 2.177% 14-28/09/2021 EUR 265 592 0.20 700 000 CAIXA GERAL DEPO 3.000% 14-15/01/2019 EUR 745 047 0.55 180 000 COMPASS GROUP 1.875% 14-27/01/2023 EUR 185 428 0.14 150 000 CREDIT AGRICOLE 5.971% 08-01/02/2018 EUR 173 427 0.13 140 000 HAMMERSON PLC 2.000% 14-01/07/2022 EUR 144 040 0.11 152 000 HSBC HOLDINGS PLC 6.500% 07-15/09/2037 USD 145 796 0.11 180 000 HSBC HOLDINGS PLC 6.500% 09-20/05/2024 GBP 285 172 0.21 200 000 IMP TOBACCO FIN 2.250% 14-26/02/2021 EUR 208 062 0.15 100 000 LLOYDS TSB BANK 7.500% 09-15/04/2024 GBP 167 485 0.12 141 000 NATIONAL GRID GAS 6.000% 08-13/05/2038 GBP 233 944 0.17 ROYAL BANK SCOTLAND 1.875% 14-1 890 000 31/03/2017 USD 1 444 442 1.06 600 000 SANTANDER UK PLC 5.000% 13-07/11/2023 USD 490 898 0.36 220 000 TESCO CORP TREAS 1.375% 14-01/07/2019 EUR 221 802 0.16 91 000 TESCO PLC 6.125% 09-24/02/2022 GBP 133 337 0.10 440 000 UK TREASURY 4.250% 08-07/12/2049 GBP 717 181 0.53 262 000 UK TREASURY 4.250% 09-07/09/2039 GBP 409 112 0.30 190 000 UK TSY GILT 4.500% 08-07/03/2019 GBP 269 998 0.20 2 252 680 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 3 042 105 2.24 100 000 WPP GROUP PLC 6.000% 07-04/04/2017 GBP 138 852 0.10 Italy 9 760 927 7.18 450 000 INTESA SANPAOLO 2.000% 14-18/06/2021 EUR 463 437 0.34 500 000 INTESA SANPAOLO 3.875% 13-15/01/2019 USD 396 870 0.29 300 000 INTESA SANPAOLO 4.000% 12-09/11/2017 EUR 329 398 0.24 4 606 900 ITALY BTPS 0.000% 12-22/10/2016 EUR 4 785 647 3.52 877 000 ITALY BTPS 4.750% 08-01/08/2023 EUR 1 056 345 0.78 523 000 ITALY BTPS 5.250% 98-01/11/2029 EUR 661 701 0.49 616 000 ITALY BTPS 5.500% 12-01/09/2022 EUR 772 780 0.57 444 000 ITALY BTPS 6.000% 11-15/11/2014 EUR 449 142 0.33 400 000 UNICREDIT SPA 1.500% 14-19/06/2019 EUR 405 810 0.30 250 000 UNICREDIT SPA 3.250% 14-14/01/2021 EUR 273 989 0.20 150 000 UNICREDIT SPA 3.625% 13-24/01/2019 EUR 165 808 0.12 The Netherlands 6 501 665 4.77 200 000 ABN AMRO BANK NV 2.250% 13-11/09/2017 GBP 254 124 0.19 450 000 ALLIANZ FINANCE 4.750% 09-22/07/2019 EUR 535 836 0.39 180 000 BMW FINANCE NV 1.500% 12-05/06/2018 EUR 186 203 0.14 196 000 DEUTSCHE TEL FIN 6.000% 09-20/01/2017 EUR 221 425 0.16 207 000 EADS FINANCE BV 4.625% 09-12/08/2016 EUR 223 346 0.16 200 000 GAS NAT FENOSA F 2.875% 14-11/03/2024 EUR 216 928 0.16 350 000 GAS NATURAL CAP 4.375% 09-02/11/2016 EUR 378 410 0.28 200 000 GAS NATURAL CAP 6.375% 09-09/07/2019 EUR 249 959 0.18 100 000 IBERDROLA INTL 3.000% 13-31/01/2022 EUR 110 561 0.08 300 000 IBERDROLA INTL 4.250% 12-11/10/2018 EUR 340 211 0.25 342 000 ING BANK NV 4.500% 12-21/02/2022 EUR 423 556 0.31 100 000 LYB INTL FIN 5.250% 13-15/07/2043 USD 85 490 0.06 2 685 000 NETHERLANDS GOVT 3.500% 10-15/07/2020 EUR 3 163 027 2.33 90 000 RABOBANK 4.125% 10-14/07/2025 EUR 112 589 0.08 Spain 5 249 715 3.87 200 000 ABERTIS 2.500% 14-27/02/2025 EUR 204 763 0.15 BANCO BILBAO VIZCAYA 3.500% 12-600 000 05/12/2017 EUR 655 832 0.48 600 000 BANCO POP ESPAN 2.125% 14-08/10/2019 EUR 623 898 0.46 400 000 BANKINTER SA 2.750% 13-26/07/2016 EUR 416 188 0.31 100 000 BBVA SENIOR FIN 2.375% 14-22/01/2019 EUR 106 191 0.08 1 000 000 CAIXABANK 2.625% 14-21/03/2024 EUR 1 082 187 0.80 200 000 SANTANDER INTL 1.375% 14-25/03/2017 EUR 203 577 0.15 820 000 SPANISH GOVT 2.750% 13-31/03/2015 EUR 832 174 0.61 478 000 SPANISH GOVT 5.400% 13-31/01/2023 EUR 608 527 0.45 200 000 TELEFONICA EMIS 3.987% 13-23/01/2023 EUR 232 419 0.17 200 000 TELEFONICA EMIS 5.597% 12-12/03/2020 GBP 283 959 0.21 France 5 094 745 3.76 100 000 AUTOROUTES PARIS 2.250% 14-16/01/2020 EUR 105 782 0.08 200 000 AXA SA 10-16/04/2040 FRN EUR 226 072 0.17 BANQUE FED CREDIT MUTUEL 2.625% 13-100 000 24/02/2021 EUR 108 897 0.08 BANQUE FED CREDIT MUTUEL 3.000% 14-100 000 21/05/2024 EUR 105 745 0.08 200 000 BNP PARIBAS 2.250% 14-13/01/2021 EUR 212 798 0.16 200 000 BPCE 2.125% 14-17/03/2021 EUR 210 478 0.15 140 000 CARREFOUR SA 1.750% 14-15/07/2022 EUR 143 288 0.11 110 000 CARREFOUR SA 4.000% 10-09/04/2020 EUR 127 330 0.09 100 000 CASINO GUICHARD 2.798% 14-05/08/2026 EUR 102 124 0.08 110 000 CIE FIN FONCIER 4.875% 09-25/05/2021 EUR 139 127 0.10 650 000 CIF EUROMORTGAGE 4.000% 06-25/10/2016 EUR 701 880 0.52 100 000 ELEC DE FRANCE 6.250% 08-30/05/2028 GBP 158 419 0.12 1 087 900 FRANCE O.A.T. 2.250% 13-25/05/2024 EUR 1 197 238 0.88 668 000 FRANCE O.A.T. 5.500% 98-25/04/2029 EUR 997 399 0.73 130 000 FRANCE TELECOM 7.250% 00-10/11/2020 GBP 202 946 0.15 170 000 FRANCE TELECOM 8.000% 02-20/12/2017 GBP 254 049 0.19 100 000 GECINA 1.750% 14-30/07/2021 EUR 101 173 0.07 Poland 1 854 183 1.37 POLAND GOVT BOND 3.000% I/L 04-7 570 732 24/08/2016 PLN 1 854 183 1.37 Portugal 1 113 602 0.82 1 100 000 BANCO SAN TOTTA 1.625% 14-11/06/2019 EUR 1 113 602 0.82 Japan 895 334 0.66 51 200 000 JAPAN GOVT 30-YR 2.000% 10-20/09/2040 JPY 409 266 0.30 66 150 000 JAPAN GOVT 5-YR 0.300% 12-20/03/2017 JPY 486 068 0.36 Sweden 876 484 0.65 150 000 NORDEA BANK AB 2.250% 12-05/10/2017 EUR 158 114 0.12 6 000 000 SWEDEN GOVT 3.750% 06-12/08/2017 SEK 718 370 0.53 Norway 874 449 0.64 7 200 000 NORWEGIAN GOVT 2.000% 12-24/05/2023 NOK 874 449 0.64 Mexico 834 820 0.61 13 480 000 MEXICAN BONOS 6.500% 11-10/06/2021 MXN 834 820 0.61 Cayman Islands 618 625 0.46 490 000 IPIC GMTN LTD 5.875% 11-14/03/2021 EUR 618 625 0.46 Canada 612 604 0.46 250 000 BARRICK GOLD COR 6.950% 09-01/04/2019 USD 226 877 0.17 100 000 BARRICK NA FIN 4.400% 11-30/05/2021 USD 79 870 0.06 ROGERS COMMUNICATIONS INC 5.340% 11-300 000 22/03/2021 CAD 238 736 0.18 60 000 TRANS CANADA PL 7.625% 09-15/01/2039 USD 67 121 0.05 Switzerland 597 882 0.44 670 000 SWISS (GOVT) 1.250% 12-11/06/2024 CHF 597 882 0.44 Luxembourg 347 498 0.25 150 000 ACTAVIS FUNDING 3.850% 14-15/06/2024 USD 115 196 0.08 195 000 ENEL FIN INTL NV 5.750% 11-24/10/2018 EUR 232 302 0.17 Page 36

Bond World Securities portfolio at 31/08/2014 Expressed in EUR Panama 260 394 0.19 325 000 CARNIVAL CORP 3.950% 13-15/10/2020 USD 260 394 0.19 Belgium 145 792 0.11 110 000 ANHEUSER - BUSCH 4.000% 13-24/09/2025 GBP 145 792 0.11 Australia 116 032 0.09 100 000 BHP BILLITON FIN 3.250% 12-24/09/2027 EUR 116 032 0.09 Floating rate bonds 752 385 0.54 Total securities portfolio 119 018 152 87.64 France 204 022 0.15 100 000 BPCE 14-08/07/2026 FRN EUR 102 272 0.08 100 000 GDF SUEZ 14-02/06/2049 FRN EUR 101 750 0.07 United Kingdom 202 975 0.14 100 000 AVIVA PLC 14-03/07/2044 FRN EUR 101 321 0.07 100 000 CREDIT AGRICOLE 05-29/11/2049 SR EUR 101 654 0.07 Germany 152 905 0.11 150 000 BAYER AG 14-01/07/2075 FRN EUR 152 905 0.11 The Netherlands 105 173 0.08 100 000 VOLKSWAGEN INTFN 14-29/03/2049 FRN EUR 105 173 0.08 United States of America 87 310 0.06 102 000 METLIFE INC 6.400% 06-15/12/2036 FRN USD 87 310 0.06 Options, Warrants, Rights 3 238 0.00 91 PUT US 10YR NOTE FUT (CBT) 26/09/14 123 USD 3 238 0.00 Other transferable securities 1 493 107 1.10 Options, Warrants, Rights 190 777 0.14 (230 000) CALL USD / BRL 11/09/2014 2.3 USD (251) 0.00 394 000 CALL USD / EUR 14/11/2014 1.33 USD 5 305 0.00 1 415 000 CALL USD / JPY 13/11/2014 102 USD 26 289 0.02 (230 000) CALL USD / RUB 12/09/2014 36.5 USD (3 773) 0.00 610 000 PUT 6M GBP-LIBOR 02/06/2023 3.872 GBP 36 991 0.03 1 030 000 PUT EUR/USD 01/12/2014 1.36 EUR 37 923 0.03 380 000 PUT EUR/USD 13/11/2014 1.36 EUR 13 816 0.01 2 040 000 PUT EUR/USD 30/10/2014 1.36 EUR 73 479 0.05 350 000 PUT USD / RUB 07/11/2014 35 USD 206 0.00 213 000 PUT USD / RUB 23/04/2015 35 USD 461 0.00 170 000 PUT USD / ZAR 07/11/2014 10.3 USD 331 0.00 To be Announced ("TBA") Mortgage Back Securities 1 302 330 0.96 United States of America 1 302 330 0.96 600 000 FGLMC 3.5 9/11 3.500% 11-15/03/2041 USD 468 067 0.34 400 000 FGLMC 4.5 9/10 4.500% 10-15/12/2039 USD 327 874 0.24 600 000 FNCI 2.5 9/12 12-25/07/2027 USD 461 633 0.34 500 000 FNCI 3 9/12 3.000% 12-25/05/2027 USD 393 549 0.29 500 000 FNCI 3.5 9/12 3.500% 12-25/05/2026 USD 401 064 0.30 1 000 000 FNCL 3 9/13 13-25/06/2043 USD 755 865 0.56 (6 500 000) FNCL 3.5 9/12 12-25/04/2042 USD (5 081 055) (3.74) 1 100 000 FNCL 4 9/10 10-25/05/2040 USD 885 081 0.65 500 000 FNCL 4.5 9/11 11-25/11/2040 USD 409 961 0.30 400 000 FNCL 5 9/10 10-25/12/2035 USD 334 891 0.25 300 000 FNCL 6 9/11 6.000% 11-25/08/2038 USD 256 866 0.19 400 000 G2SF 3 9/12 12-20/07/2042 USD 307 969 0.23 200 000 G2SF 5 9/11 5.000% 11-20/08/2040 USD 166 766 0.12 600 000 GNSF 3.5 9/12 12-15/05/2042 USD 473 803 0.35 400 000 GNSF 4 9/10 4.000% 10-15/06/2040 USD 323 888 0.24 300 000 GNSF 4.5 9/10 4.500% 10-15/04/2040 USD 247 613 0.18 200 000 GNSF 5.5 9/10 5.500% 10-15/09/2038 USD 168 495 0.12 Shares/Units in investment funds 9 678 045 7.14 Ireland 8 326 165 6.14 3 826.84 FFTW MORTGAGE TOTAL RETURN AAC USD 8 326 165 6.14 Luxembourg 1 351 880 1.00 10 934.00 PARVEST CONVERTIBLE BOND WORLD - X - CAP EUR 1 351 880 1.00 Page 37

Bond World Emerging Corporate Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 259 327 116 96.93 Bonds 227 910 922 85.18 The Netherlands 17 175 750 6.42 6 000 000 INDO ENERGY FIN 6.375% 13-24/01/2023 USD 5 115 000 1.91 9 500 000 MARFRIG HLDG EUR 6.875% 14-24/06/2019 USD 9 618 750 3.60 3 700 000 METINVEST 8.750% 11-14/02/2018 USD 2 442 000 0.91 Argentina 16 992 000 6.35 8 000 000 ARGNT BONAR 8.750% 14-07/05/2024 FLAT USD 6 672 000 2.49 12 000 000 BUENOS AIRES PROV 9.375% 06-14/09/2018 USD 10 320 000 3.86 United Arab Emirates 16 384 170 6.12 14 410 000 DP WORLD LTD 6.850% 07-02/07/2037 USD 16 384 170 6.12 Cayman Islands 15 637 959 5.84 2 600 000 INTERCORP RETAIL 8.875% 11-14/11/2018 USD 2 814 500 1.05 5 500 000 MARFRIG OVERSEAS 9.500% 10-04/05/2020 USD 5 912 500 2.21 6 350 000 TAM CAPITAL 3 8.375% 11-03/06/2021 USD 6 910 959 2.58 Luxembourg 13 334 028 4.98 14 533 000 OJSC RUSS AGRIC 6.000% 11-03/06/2021 USD 13 334 028 4.98 Russia 12 446 359 4.66 10 070 000 ALFA BANK 7.500% 12-26/09/2019 USD 9 727 519 3.64 3 000 000 OAO TMK 6.750% 13-03/04/2020 USD 2 718 840 1.02 Kuwait 12 432 750 4.65 12 100 000 KUWAIT ENERGY 9.500% 14-04/08/2019 USD 12 432 750 4.65 Ghana 11 252 750 4.21 11 500 000 REP OF GHANA 7.875% 13-07/08/2023 USD 11 252 750 4.21 Brazil 10 500 000 3.92 4 000 000 BRASIL TELECOM 5.750% 12-10/02/2022 USD 3 805 000 1.42 6 500 000 QGOG CONSTELLATI 6.250% 12-09/11/2019 USD 6 695 000 2.50 Ukraine 10 080 000 3.77 10 500 000 NAFTOGAZ UKRAINE 9.500% 09-30/09/2014 USD 10 080 000 3.77 United States of America 9 010 338 3.37 5 000 000 CITIGROUP INC 6.750% 14-04/03/2016 USD 5 010 338 1.87 4 000 000 CITIGROUP INC 9.000% 14-17/07/2015 USD 4 000 000 1.50 Bermuda 8 964 000 3.35 10 800 000 ALLIANCE OIL CO 7.000% 13-04/05/2020 USD 8 964 000 3.35 Chile 8 958 500 3.35 8 200 000 MASISA SA 9.500% 14 05/05/2019 USD 8 958 500 3.35 Austria 8 579 250 3.21 8 200 000 OAS INVESTMENT G 8.250% 12-19/10/2019 USD 8 579 250 3.21 United Kingdom 7 843 430 2.93 3 983 000 PRIVATBANK 9.375% 10-23/09/2015 USD 3 027 080 1.13 6 255 000 UZ RAIL SHORTLIN 9.500% 13-21/05/2018 USD 4 816 350 1.80 Georgia 7 420 000 2.77 7 000 000 BANK OF GEORGIA 7.750% 12-05/07/2017 USD 7 420 000 2.77 Peru 7 069 050 2.64 6 830 000 CAMPOSOL SA 9.875% 12-02/02/2017 USD 7 069 050 2.64 Kazakhstan 6 795 000 2.54 9 000 000 BTA BANK JSC 5.500% 12-21/12/2022 USD 6 795 000 2.54 Turkey 6 748 500 2.52 6 600 000 YASAR HOLDINGS 9.625% 10-07/10/2015 USD 6 748 500 2.52 Venezuela 6 277 500 2.35 9 000 000 VENEZUELA 7.650% 05-21/04/2025 USD 6 277 500 2.35 Ireland 5 562 588 2.08 5 633 000 INTL BANK OF AZERB 5.625% 14-11/06/2019 USD 5 562 588 2.08 Bangladesh 5 279 500 1.97 5 000 000 BANGLALINK DIG 8.625% 14-06/05/2019 USD 5 279 500 1.97 British Virgin Islands 3 167 500 1.18 3 500 000 GOLD FIELDS OROG 4.875% 10-07/10/2020 USD 3 167 500 1.18 Floating rate bonds 31 416 194 11.75 Luxembourg 8 325 900 3.11 9 570 000 SBERBANK 14-26/02/2024 FRN USD 8 325 900 3.11 Ireland 7 324 500 2.74 3 000 000 GAZPROMBANK 13-28/12/2023 FRN USD 2 812 500 1.05 4 700 000 INTL BANK OF AZERB 07-10/05/2017 FRN USD 4 512 000 1.69 Bahrain 4 429 000 1.66 4 300 000 ICICI BANK LTD 07-30/04/2022 SR USD 4 429 000 1.66 Russia 4 165 000 1.56 4 250 000 ALFA BANK 07-22/02/2017 SR USD 4 165 000 1.56 Cayman Islands 4 009 000 1.50 5 000 000 BANCO BRASL (CI) 13-29/10/2049 FRN USD 4 009 000 1.50 Turkey 2 011 940 0.75 3 002 000 ASYA SUKUK CO 13-28/03/2023 FRN USD 2 011 940 0.75 United Kingdom 1 150 854 0.43 1 770 000 PRIVATBANK 06-09/02/2016 SR USD 1 150 854 0.43 Other transferable securities 4 815 0.00 Shares 4 815 0.00 Kazakhstan 4 815 0.00 8 345 BTA BANK JSC - GDR REG S SPON USD 4 815 0.00 Total securities portfolio 259 331 931 96.93 Page 38

Bond World Emerging Local Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 268 935 952 92.31 Bonds 1 268 935 952 92.31 Mexico 170 044 456 12.37 241 450 000 MEXICAN BONOS 10.000% 05-05/12/2024 MXN 24 599 704 1.79 506 700 000 MEXICAN BONOS 5.000% 12-15/06/2017 MXN 39 919 869 2.90 242 658 900 MEXICAN BONOS 6.500% 11-10/06/2021 MXN 19 794 785 1.44 339 000 000 MEXICAN BONOS 6.500% 12-09/06/2022 MXN 27 522 442 2.00 153 150 000 MEXICAN BONOS 7.250% 06-15/12/2016 MXN 12 635 402 0.92 227 600 000 MEXICAN BONOS 7.750% 11-29/05/2031 MXN 19 864 555 1.45 293 230 000 MEXICAN BONOS 8.000% 10-11/06/2020 MXN 25 707 699 1.87 Brazil 168 315 837 12.24 10 700 000 BANCO SAFRA SA 10.250% 11-08/08/2016 BRL 4 554 872 0.33 17 270 000 BANCO SANTAN BS 8.000% 13-18/03/2016 BRL 7 399 115 0.54 BANCO VOTORANTIM 6.250% 11-19 380 000 16/05/2016 FLAT BRL 10 025 410 0.73 7 800 000 BRAZIL NTN-B 6.000% 03-15/05/2015 FLAT BRL 8 862 160 0.64 99 000 000 BRAZIL NTN-F 0.000% 07-01/01/2017 FLAT BRL 43 793 558 3.19 25 300 000 BRAZIL NTN-F 10.000% 12-01/01/2018 FLAT BRL 11 102 084 0.81 51 000 000 BRAZIL-LTN 12-01/07/2016 FLAT BRL 18 709 457 1.36 97 000 000 BRAZIL-LTN 13-01/01/2017 FLAT BRL 33 720 295 2.45 20 100 000 BRF SA 7.750% 13-22/05/2018 BRL 7 860 162 0.57 NOTA DO TESOURO NAC 6.000% 04-18 521 000 15/05/2045 FLAT BRL 22 288 724 1.62 South Africa 132 394 896 9.64 REPUBLIC OF SOUTH AFRICA 10.500% 98-300 500 000 21/12/2026 ZAR 33 749 529 2.46 REPUBLIC OF SOUTH AFRICA 6.750% 06-192 800 000 31/03/2021 ZAR 17 407 063 1.27 REPUBLIC OF SOUTH AFRICA 7.000% 10-112 440 000 26/02/2031 ZAR 9 225 058 0.67 REPUBLIC OF SOUTH AFRICA 8.250% 04-507 580 000 15/09/2017 ZAR 49 589 303 3.61 REPUBLIC OF SOUTH AFRICA 8.750% 12-237 500 000 28/02/2048 ZAR 22 423 943 1.63 Poland 130 025 017 9.46 202 400 000 POLAND GOVT BOND 0.000% 13-25/07/2015 PLN 62 007 878 4.51 POLAND GOVT BOND 3.000% I/L 04-125 338 809 24/08/2016 PLN 40 434 486 2.94 70 100 000 POLAND GOVT BOND 5.750% 08-25/04/2029 PLN 27 582 653 2.01 Turkey 129 608 881 9.42 33 600 000 AKBANK 7.500% 13-05/02/2018 TRY 14 084 153 1.02 21 088 157 TURKEY GOVT BOND 4.000% 10-29/04/2015 TRY 9 877 368 0.72 23 983 425 TURKEY GOVT BOND 4.500% 10-11/02/2015 TRY 11 227 911 0.82 139 300 000 TURKEY GOVT BOND 5.000% 13-13/05/2015 TRY 62 793 001 4.56 50 900 000 TURKEY GOVT BOND 8.300% 13-07/10/2015 TRY 23 418 345 1.70 19 700 000 TURKIYE GARANTI 7.375% 13-07/03/2018 TRY 8 208 103 0.60 Russia 111 942 757 8.15 2 110 000 000 RUSSIA-OFZ 7.000% 13-16/08/2023 RUB 48 395 738 3.52 608 654 000 RUSSIA-OFZ 7.050% 13-19/01/2028 RUB 13 287 526 0.97 2 074 228 000 RUSSIA-OFZ 8.150% 12-03/02/2027 RUB 50 259 493 3.66 Malaysia 96 861 607 7.05 49 800 000 MALAYSIAN GOVT 3.492% 12-31/03/2020 MYR 15 547 860 1.13 155 348 000 MALAYSIAN GOVT 4.181% 14-15/07/2024 MYR 50 272 404 3.66 95 900 000 MALAYSIAN GOVT 4.240% 03-07/02/2018 MYR 31 041 343 2.26 Indonesia 85 156 898 6.19 124 954 000 000 INDONESIA GOVT 10.000% 07-15/02/2028 IDR 11 942 601 0.87 56 700 000 000 INDONESIA GOVT 12.800% 06-15/06/2021 IDR 6 034 751 0.44 13 970 000 000 INDONESIA GOVT 5.625% 12-15/05/2023 IDR 1 016 624 0.07 18 500 000 000 INDONESIA GOVT 6.625% 12-15/05/2033 IDR 1 293 695 0.09 355 204 000 000 INDONESIA GOVT 8.375% 13-15/03/2024 IDR 30 935 163 2.25 138 462 000 000 INDONESIA GOVT 8.375% 13-15/03/2034 IDR 11 573 517 0.84 250 000 000 000 INDONESIA GOVT 9.000% 13-15/03/2029 IDR 22 360 547 1.63 Hungary 73 784 133 5.37 2 880 000 000 HUNGARY GOVT 10-22/12/2015 FRN HUF 12 013 576 0.87 5 800 000 000 HUNGARY GOVT 4.000% 14-25/04/2018 HUF 24 829 468 1.81 2 900 000 000 HUNGARY GOVT 6.000% 07-24/11/2023 HUF 13 540 446 0.98 3 084 000 000 HUNGARY GOVT 6.500% 08-24/06/2019 HUF 14 503 368 1.06 1 918 000 000 HUNGARY GOVT 6.750% 01-24/11/2017 HUF 8 897 275 0.65 Thailand 58 291 909 4.23 130 450 000 THAILAND GOVT 3.250% 11-16/06/2017 THB 4 159 511 0.30 109 046 000 THAILAND GOVT 3.580% 12-17/12/2027 THB 3 354 390 0.24 496 700 000 THAILAND GOVT 3.625% 09-22/05/2015 THB 15 715 903 1.14 593 000 000 THAILAND GOVT 3.650% 10-17/12/2021 THB 18 991 997 1.38 494 172 000 THAILAND GOVT 3.875% 09-13/06/2019 THB 16 070 108 1.17 Colombia 33 723 404 2.45 19 680 000 000 REP OF COLOMBIA 4.375% 12-21/03/2023 COP 9 343 755 0.68 15 587 000 000 REP OF COLOMBIA 7.750% 10-14/04/2021 COP 9 103 560 0.66 REP OF COLOMBIA 9.850% 07-21 897 000 000 28/06/2027 FLAT COP 15 276 089 1.11 Romania 26 117 614 1.90 53 700 000 ROMANIA GOVT 5.950% 11-11/06/2021 RON 17 861 038 1.30 26 200 000 ROMANIA GOVT 6.000% 11-30/04/2016 RON 8 256 576 0.60 Nigeria 22 877 024 1.67 1 472 600 000 NIGERIA T-BOND 15.100% 12-27/04/2017 NGN 9 855 147 0.72 1 800 000 000 NIGERIA T-BOND 16.000% 12-29/06/2019 NGN 13 021 877 0.95 Peru 18 462 566 1.34 27 000 000 REPUBLIC OF PERU 7.840% 05-12/08/2020 PEN 11 004 617 0.80 17 151 000 REPUBLIC OF PERU 8.200% 06-12/08/2026 PEN 7 457 949 0.54 Luxembourg 6 000 784 0.44 COSAN LUXEMBOURG 9.500% 13-14 755 000 14/03/2018 BRL 6 000 784 0.44 Cayman Islands 5 328 169 0.39 13 000 000 ODEBRECHT FINANCE 8.250% 13-25/04/2018 BRL 5 328 169 0.39 Shares/Units in investment funds 75 714 897 5.51 Luxembourg 75 714 897 5.51 BNPP FLEXI I BOND ASIA LOCAL 34 500.00 CURRENCY - I - CAP USD 33 901 425 2.47 PARVEST BOND WORLD EMERGING 246 361.85 ADVANCED - X - CAP USD 25 877 849 1.88 PARVEST BOND WORLD EMERGING 111 680.03 CORPORATE - X - CAP USD 15 935 623 1.16 Total securities portfolio 1 344 650 849 97.82 Page 39

Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 245 743 048 94.76 Bonds 238 230 583 91.87 United States of America 161 937 861 62.46 500 000 ACI WORLDWIDE 6.375% 13-15/08/2020 USD 396 675 0.15 1 150 000 ACMP/ACMP FIN 4.875% 12-15/05/2023 USD 918 900 0.35 500 000 ACTIVISION BLIZZ 5.625% 13-15/09/2021 USD 410 435 0.16 1 100 000 ACTIVISION BLIZZ 6.125% 13-15/09/2023 USD 918 615 0.35 1 200 000 ADVANCED MICRO D 6.750% 14-01/03/2019 USD 954 297 0.37 300 000 ADVANCED MICRO D 7.000% 14-01/07/2024 USD 231 742 0.09 500 000 AES CORPORATION 5.500% 14-15/03/2024 USD 386 236 0.15 29 000 AES CORPORATION 8.000% 07-15/10/2017 USD 25 374 0.01 1 625 000 AES CORPORATION 8.000% 09-01/06/2020 USD 1 461 908 0.56 645 000 ALERIS INTL 7.625% 11-15/02/2018 USD 508 038 0.20 1 165 000 ALERIS INTL 7.875% 13-01/11/2020 USD 919 830 0.35 2 230 000 ALTA MESA HLDGS 9.625% 11-15/10/2018 USD 1 777 634 0.69 260 000 AMER AXLE & MFG 6.250% 13-15/03/2021 USD 209 232 0.08 440 000 AMER AXLE & MFG 6.625% 12-15/10/2022 USD 359 095 0.14 325 000 AMER AXLE & MFG 7.750% 11-15/11/2019 USD 280 662 0.11 700 000 AMERIGAS FINANCE 6.750% 12-20/05/2020 USD 565 973 0.22 400 000 AMSURG CORP 5.625% 14-15/07/2022 USD 310 507 0.12 1 350 000 ANTERO RESOURCES 5.125% 14-01/12/2022 USD 1 040 275 0.40 900 000 ANTERO RESOURCES 5.375% 14-01/11/2021 USD 703 766 0.27 500 000 ANTERO RESOURCES 6.000% 13-01/12/2020 USD 400 926 0.15 200 000 ATHLON HLDS LP / 6.000% 14-01/05/2022 USD 156 392 0.06 900 000 ATLAS PIPELINE 5.875% 14-01/08/2023 USD 693 517 0.27 1 500 000 ATLAS PIPELINE 6.625% 13-01/10/2020 USD 1 201 412 0.46 550 000 AUDATEX NORTH AM 6.000% 13-15/06/2021 USD 442 606 0.17 250 000 AUDATEX NORTH AM 6.125% 13-01/11/2023 USD 201 184 0.08 1 050 000 AVAYA INC 7.000% 11-01/04/2019 USD 793 160 0.31 700 000 AVIS BUDGET CAR 5.125% 14-01/06/2022 USD 535 416 0.21 150 000 BASIC ENERGY SVC 7.750% 11-15/02/2019 USD 120 141 0.05 605 000 BE AEROSPACE 5.250% 12-01/04/2022 USD 497 201 0.19 1 550 000 BELDEN INC 5.500% 13-15/04/2023 EUR 1 615 875 0.62 400 000 BERRY PETROL CO 6.375% 12-15/09/2022 USD 316 581 0.12 1 270 000 BOISE CASCADE CO 6.375% 13-01/11/2020 USD 1 022 016 0.39 2 150 000 BONANZA CREEK EN 6.750% 13-15/04/2021 USD 1 713 863 0.66 750 000 CABLEVISION SYS 5.875% 12-15/09/2022 USD 577 930 0.22 700 000 CALPINE CORP 5.750% 14-15/01/2025 USD 536 745 0.21 1 800 000 CALPINE CORP 5.875% 13-15/01/2024 USD 1 462 193 0.56 150 000 CALPINE CORP 6.000% 13-15/01/2022 USD 122 703 0.05 685 000 CALUMET SPECIAL 9.625% 13-01/08/2020 USD 587 648 0.23 345 000 CASE NEW HOLLAND 7.875% 11-01/12/2017 USD 299 243 0.12 200 000 CATAMARAN CORP 4.750% 14-15/03/2021 USD 152 976 0.06 900 000 CBS OUT AMER CAP 5.250% 14-15/02/2022 USD 698 641 0.27 100 000 CBS OUT AMER CAP 5.625% 14-15/02/2024 USD 78 196 0.03 900 000 CCO HOLDINGS LLC 5.250% 12-30/09/2022 USD 693 517 0.27 2 005 000 CCO HOLDINGS LLC 5.750% 14-01/09/2023 USD 1 564 028 0.60 350 000 CCO HOLDINGS LLC 7.250% 10-30/10/2017 USD 277 672 0.11 1 050 000 CEDAR FAIR LP/CA 5.375% 14-01/06/2024 USD 801 131 0.31 500 000 CENTURYLINK INC 5.800% 12-15/03/2022 USD 400 471 0.15 1 350 000 CENTURYLINK INC 6.450% 11-15/06/2021 USD 1 122 267 0.43 960 000 CENTURYTEL INC 7.600% 09-15/09/2039 USD 741 573 0.29 250 000 CHAPARRAL ENERGY 7.625% 12-15/11/2022 USD 203 794 0.08 915 000 CHESAPEAKE ENRGY 5.375% 13-15/06/2021 USD 734 598 0.28 300 000 CHESAPEAKE ENRGY 6.125% 11-15/02/2021 USD 257 934 0.10 60 000 CHESAPEAKE ENRGY 6.625% 10-15/08/2020 USD 52 498 0.02 790 000 CHRYSLER GP/CG C 8.250% 12-15/06/2021 USD 670 229 0.26 100 000 CHS/COMMUNITY 5.125% 14-01/08/2021 USD 77 817 0.03 300 000 CHS/COMMUNITY 6.875% 14-01/02/2022 USD 241 991 0.09 1 190 000 CHS/COMMUNITY 8.000% 12-15/11/2019 USD 982 482 0.38 270 000 CINC BELL INC 8.375% 10-15/10/2020 USD 222 404 0.09 300 000 CITIZENS COMM CO 9.000% 02-15/08/2031 USD 245 976 0.09 760 000 CLEAR CHNL WORLD 6.500% 13-15/11/2022 USD 617 370 0.24 770 000 CLEAR CHNL WORLD 7.625% 12-15/03/2020 USD 625 493 0.24 900 000 CLOUD PEAK ENRGY 6.375% 14-15/03/2024 USD 707 182 0.27 400 000 COMPASS MIN INTL 4.875% 14-15/07/2024 USD 301 397 0.12 610 000 COMSTOCK RES INC 7.750% 11-01/04/2019 USD 494 363 0.19 1 495 000 COMSTOCK RES INC 9.500% 12-15/06/2020 USD 1 276 856 0.49 1 230 000 CONCHO RES/MIDLA 5.500% 12-01/04/2023 USD 996 830 0.38 1 500 000 CONSOL ENERGY 5.875% 14-15/04/2022 USD 1 190 024 0.46 800 000 CONSOL ENERGY 8.250% 11-01/04/2020 USD 646 827 0.25 650 000 CONSTELLATION BR 6.000% 12-01/05/2022 USD 555 772 0.21 850 000 CORELOGIC INC 7.250% 12-01/06/2021 USD 684 027 0.26 800 000 COTT BEVERAGES 5.375% 14-01/07/2022 USD 604 312 0.23 900 000 COVANTA HOLDING 5.875% 14-01/03/2024 USD 707 182 0.27 1 400 000 CROWN CASTLE INT 4.875% 14-15/04/2022 USD 1 081 461 0.42 600 000 CRSTWD MID PART/ 7.750% 11-01/04/2019 USD 483 981 0.19 1 800 000 CRSTWD PART/FIN 6.125% 14-01/03/2022 USD 1 414 364 0.55 350 000 CSC HOLDINGS LLC 5.250% 14-01/06/2024 USD 263 058 0.10 600 000 CSC HOLDINGS LLC 6.750% 11-15/11/2021 USD 501 063 0.19 1 810 000 CVR REF/COFF FIN 6.500% 13-01/11/2022 USD 1 425 657 0.55 730 000 CYRUSONE LP/CYRU 6.375% 13-15/11/2022 USD 586 073 0.23 450 000 DANA HOLDING 5.375% 13-15/09/2021 USD 354 445 0.14 100 000 DANA HOLDING 6.000% 13-15/09/2023 USD 80 853 0.03 1 100 000 DAVITA HEALTHCARE 5.125% 14-15/07/2024 USD 847 109 0.33 1 375 000 DAVITA INC 5.750% 12-15/08/2022 USD 1 113 038 0.43 400 000 DENALI BORROW LL 5.625% 13-15/10/2020 USD 320 377 0.12 800 000 DENBURY RESOURCE 6.375% 11-15/08/2021 USD 648 345 0.25 1 050 000 DIAMONDBACK ENER 7.625% 13-01/10/2021 USD 872 874 0.34 350 000 DISH DBS CORP 4.625% 12-15/07/2017 USD 277 008 0.11 1 240 000 DISH DBS CORP 5.000% 13-15/03/2023 USD 936 684 0.36 1 550 000 DISH DBS CORP 6.750% 11-01/06/2021 USD 1 316 417 0.51 24 000 DONNELLEY & SONS 6.125% 07-15/01/2017 USD 19 450 0.01 1 000 000 DONNELLEY & SONS 7.875% 13-15/03/2021 USD 857 880 0.33 300 000 ECHOSTAR DBS 7.125% 06-01/02/2016 USD 243 129 0.09 500 000 ECHOSTAR DBS 7.750% 08-31/05/2015 USD 397 624 0.15 850 000 ENDO FINANCE LLC 7.250% 14-15/01/2022 USD 699 353 0.27 1 630 000 ENERGY TRANSFER 7.500% 10-15/10/2020 USD 1 432 375 0.55 925 000 ENERGY XXI GULF 7.500% 14-15/12/2021 USD 744 382 0.29 950 000 EVEREST ACQ LLC 9.375% 12-01/05/2020 USD 813 183 0.31 1 764 000 FIRST DATA CORP 6.750% 12-01/11/2020 USD 1 449 689 0.56 700 000 FIRST DATA CORP 8.250% 10-15/01/2021 USD 579 259 0.22 600 000 FORESIGHT ENERGY 7.875% 13-15/08/2021 USD 483 981 0.19 900 000 FREESCALE SEMICO 6.000% 13-15/01/2022 USD 715 723 0.28 1 185 000 FRESENIUS MEDICAL 5.625% 12-31/07/2019 USD 969 357 0.37 500 000 FRESENIUS MEDICAL 6.500% 11-15/09/2018 USD 423 246 0.16 425 000 FRESENTIUS US FIN 9.000% 09-15/07/2015 USD 342 013 0.13 375 000 FRONTIER COMM 7.125% 12-15/01/2023 USD 300 353 0.12 1 185 000 FRONTIER COMM 8.750% 10-15/04/2022 USD 1 048 075 0.40 1 500 000 GANNETT CO 6.375% 13-15/10/2023 USD 1 209 953 0.47 900 000 GENERAL MOTORS 3.500% 14-02/10/2018 USD 697 787 0.27 325 000 GENESIS ENERGY 5.750% 13-15/02/2021 USD 254 754 0.10 550 000 GENESIS LP/FIN 7.875% 2011-15/12/2018 USD 439 474 0.17 455 000 GENON ENERGY 9.500% 11-15/10/2018 USD 367 019 0.14 1 800 000 GRAY TELE INC 7.500% 13-01/10/2020 USD 1 441 695 0.56 800 000 GREEKTOWN HLDGS 8.875% 14-15/03/2019 USD 622 533 0.24 700 000 GRIFFON CORP 5.250% 14-01/03/2022 USD 526 116 0.20 1 534 000 GULFMARK OFFSHOR 6.375% 13-15/03/2022 USD 1 173 326 0.45 2 440 000 HALCON RESOURCES 8.875% 13-15/05/2021 USD 1 949 666 0.75 2 050 000 HCA HOLDINGS INC 6.250% 12-15/02/2021 USD 1 692 511 0.65 300 000 HCA INC 3.750% 14-15/03/2019 USD 229 464 0.09 850 000 HCA INC 5.000% 14-15/03/2024 USD 657 408 0.25 Page 40

Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR 800 000 HCA INC 6.500% 06-15/02/2016 USD 644 549 0.25 850 000 HCA INC 7.500% 11-15/02/2022 USD 751 784 0.29 1 450 000 HDTFS INC 6.250% 13-15/10/2022 USD 1 147 605 0.44 250 000 HEARTHSIDE GROUP 6.500% 14-01/05/2022 USD 189 322 0.07 HERCULES OFFSHOR 10.250% 12-1 200 000 01/04/2019 USD 988 460 0.38 300 000 HUNT INGALLS IND 6.875% 12-15/03/2018 USD 240 567 0.09 400 000 IGATE CORP 4.750% 14-15/04/2019 USD 304 434 0.12 700 000 IRON MOUNTAIN 5.750% 12-15/08/2024 USD 546 045 0.21 800 000 IRON MOUNTAIN 7.750% 11-01/10/2019 USD 656 696 0.25 900 000 ISLE OF CAPRI 5.875% 13-15/03/2021 USD 714 015 0.28 125 000 ISLE OF CAPRI 7.750% 11-15/03/2019 USD 100 355 0.04 550 000 KB HOME 4.750% 14-15/05/2019 USD 417 552 0.16 300 000 KB HOME 7.500% 12-15/09/2022 USD 248 254 0.10 710 000 KB HOME 9.100% 09-15/09/2017 USD 623 918 0.24 KINDRED HEALTHCARE 6.375% 14-200 000 15/04/2022 USD 153 356 0.06 850 000 KINETICS/KCI USA 10.500% 13-01/11/2018 USD 720 325 0.28 900 000 LAMAR MEDIA CORP 5.375% 14-15/01/2024 USD 703 766 0.27 250 000 LAREDO PETROLEUM 5.625% 14-15/01/2022 USD 195 016 0.08 150 000 LEAR CORP 5.375% 14-15/03/2024 USD 116 725 0.05 100 000 LEE ENTERPRISES 9.500% 14-15/03/2022 USD 80 094 0.03 1 200 000 LEGACY RES/FIN C 6.625% 14-01/12/2021 USD 922 411 0.36 2 250 000 LEVEL 3 FIN INC 6.125% 13-15/01/2021 USD 1 802 118 0.69 125 000 LEVEL 3 FIN INC 7.000% 13-01/06/2020 USD 102 253 0.04 455 000 LEVEL 3 FIN INC 8.625% 12-15/07/2020 USD 382 563 0.15 725 000 LEVEL 3 FIN INC 9.375% 11-01/04/2019 USD 594 443 0.23 1 050 000 LIFEPOINT HOSPIT 5.500% 13-01/12/2021 USD 833 017 0.32 500 000 LIMITED BRANDS 5.625% 12-15/02/2022 USD 408 063 0.16 970 000 LIMITED BRANDS 6.625% 11-01/04/2021 USD 829 382 0.32 1 000 000 LINN ENERGY LLC 7.750% 10-01/02/2021 USD 808 533 0.31 900 000 LSB INDUSTRIES 7.750% 14-01/08/2019 USD 746 470 0.29 465 000 MARKWEST ENERGY 6.250% 11-15/06/2022 USD 379 498 0.15 864 000 MCRON FINANCE SU 8.375% 12-15/05/2019 USD 710 052 0.27 600 000 MEDIACOM BROADBD 6.375% 13-01/04/2023 USD 472 024 0.18 1 285 000 MEM PROD PART LP 7.625% 13-01/05/2021 USD 1 012 137 0.39 585 000 MERITOR INC 6.750% 13-15/06/2021 USD 469 661 0.18 400 000 METROPCS WIRELES 6.625% 10-15/11/2020 USD 318 858 0.12 260 000 MGM RESORTS 10.000% 10-01/11/2016 USD 227 490 0.09 1 230 000 MGM RESORTS 6.625% 12-15/12/2021 USD 1 038 851 0.40 520 000 MGM RESORTS 7.750% 12-15/03/2022 USD 461 889 0.18 MGM RESORTS INTRNL 7.500% 07-565 000 01/06/2016 USD 466 472 0.18 500 000 MICRON TECH 5.500% 14-01/02/2025 USD 384 338 0.15 400 000 MICRON TECH 5.875% 14-15/02/2022 USD 325 311 0.13 1 090 000 MIRANT AMERICAS 8.500% 06-01/10/2021 USD 817 169 0.32 1 000 000 MURRAY ENERGY 8.625% 13-15/06/2021 USD 804 737 0.31 60 000 NCL CORP 5.000% 13-15/02/2018 USD 46 576 0.02 700 000 NCR CORP 5.875% 14-15/12/2021 USD 556 673 0.21 350 000 NCR CORP 6.375% 14-15/12/2023 USD 286 972 0.11 900 000 NETFLIX INC 5.375% 13-01/02/2021 USD 715 723 0.28 1 900 000 NEWFIELD EXPLOR 6.875% 10-01/02/2020 USD 1 514 576 0.58 1 200 000 NRG ENERGY INC 6.250% 14-01/05/2024 USD 940 632 0.36 800 000 NRG ENERGY INC 6.250% 14-15/07/2022 USD 636 198 0.25 600 000 NRG ENERGY INC 6.625% 13-15/03/2023 USD 482 842 0.19 950 000 NRG ENERGY INC 7.625% 11-15/01/2018 USD 812 101 0.31 850 000 OASIS PETROLEUM 6.500% 11-01/11/2021 USD 688 867 0.27 1 300 000 OASIS PETROLEUM 6.875% 14-15/03/2022 USD 1 078 234 0.42 500 000 PARKER DRILLING 7.500% 14-01/08/2020 USD 407 114 0.16 800 000 PEABODY ENERGY 6.000% 12-15/11/2018 USD 625 569 0.24 300 000 PEABODY ENERGY 6.250% 12-15/11/2021 USD 226 902 0.09 1 500 000 PENN NATL GAMING 5.875% 14-01/11/2021 USD 1 090 381 0.42 2 300 000 PINNACLE ENTERTA 6.375% 14-01/08/2021 USD 1 811 608 0.70 REGAL ENTERTAINMENT 5.750% 14-200 000 15/03/2022 USD 155 633 0.06 640 000 REGENCY ENERGY 4.500% 13-01/11/2023 USD 489 523 0.19 250 000 REGENCY ENERGY 5.500% 12-15/04/2023 USD 198 812 0.08 200 000 REGENCY ENERGY P 5.000% 14-01/10/2022 USD 156 962 0.06 1 265 000 REX ENERGY CORP 8.875% 13-01/12/2020 USD 1 051 606 0.41 1 200 000 REYNOLDS GROUP 5.750% 13-15/10/2020 USD 952 019 0.37 550 000 RICE ENERGY INC 6.250% 14-01/05/2022 USD 426 947 0.16 1 200 000 RITE AID CORP 10.250% 10-15/10/2019 USD 964 546 0.37 200 000 RR DONNELLEY 6.000% 14-01/04/2024 USD 152 217 0.06 900 000 SABINE PASS LIQU 6.250% 13-15/03/2022 USD 741 345 0.29 955 000 SABINE PASS LNG 6.500% 13-01/11/2020 USD 769 430 0.30 600 000 SABINE PASS LNG 7.500% 07-30/11/2016 USD 494 800 0.19 SALLY HOLDING / SAL CA 6.875% 12-400 000 15/11/2019 USD 327 209 0.13 900 000 SANCHEZ ENERGY 6.125% 14-15/01/2023 USD 707 182 0.27 625 000 SANDRIDGE ENERGY 7.500% 12-15/02/2023 USD 493 471 0.19 1 010 000 SANDRIDGE ENERGY 8.125% 12-15/10/2022 USD 814 702 0.31 1 800 000 SANDRIDGE ENERGY 8.750% 10-15/01/2020 USD 1 434 862 0.55 150 000 SANMINA CORP 4.375% 14-01/06/2019 USD 114 732 0.04 SBA COMMUNICATIONS 4.875% 14-400 000 15/07/2022 USD 299 119 0.12 1 700 000 SCIENTIFIC GAMES 6.625% 14-15/05/2021 USD 1 122 836 0.43 500 000 SEALED AIR CORP 8.375% 11-15/09/2021 USD 427 042 0.16 1 350 000 SERVICE CORP 5.375% 14-15/05/2024 USD 1 058 211 0.41 850 000 SINCLAIR TELE 5.625% 14-01/08/2024 USD 643 695 0.25 300 000 SIRIUS XM RADIO 6.000% 14-15/07/2024 USD 236 866 0.09 50 000 SOUTHERN STAR 5.125% 14-15/07/2022 USD 38 434 0.01 785 000 SPRINT CAP CORP 6.875% 98-15/11/2028 USD 581 062 0.22 345 000 SPRINT CAP CORP 8.750% 02-15/03/2032 USD 292 040 0.11 1 000 000 SPRINT CORP 7.125% 13-15/06/2024 USD 774 370 0.30 1 500 000 SPRINT CORP 7.250% 13-15/09/2021 USD 1 207 106 0.47 900 000 SPRINT CORP 7.875% 13-15/09/2023 USD 732 804 0.28 455 000 SPRINT NEXTEL 11.500% 12-15/11/2021 USD 450 786 0.17 635 000 SPRINT NEXTEL 6.000% 12-15/11/2022 USD 480 878 0.19 450 000 SPRINT NEXTEL 8.375% 09-15/08/2017 USD 389 463 0.15 455 000 SPRINT NEXTEL 9.000% 11-15/11/2018 USD 410 630 0.16 1 000 000 STARZ LLC/FIN CO 5.000% 13-15/09/2019 USD 781 962 0.30 400 000 STEEL DYNAMICS 5.250% 13-15/04/2023 USD 308 230 0.12 800 000 STONE ENERGY 7.500% 12-15/11/2022 USD 651 761 0.25 1 150 000 SUMMIT MID HLD / 5.500% 14-15/08/2022 USD 890 525 0.34 1 110 000 TAYLOR MORRISON 5.250% 13-15/04/2021 USD 851 124 0.33 1 000 000 TENET HEALTHCARE 8.000% 11-01/08/2020 USD 819 921 0.32 1 200 000 TENET HEALTHCARE 8.125% 13-01/04/2022 USD 1 048 816 0.40 585 000 TENNECO INC 6.875% 11-15/12/2020 USD 480 209 0.19 825 000 TENNECO INC 7.750% 11-15/08/2018 USD 652 948 0.25 1 200 000 TES LOG LP/CORP 5.875% 13-01/10/2020 USD 954 297 0.37 600 000 TES LOG LP/CORP 6.125% 13-15/10/2021 USD 479 426 0.18 1 000 000 TIME INC 5.750% 14-15/04/2022 USD 757 288 0.29 1 400 000 TITAN INTL INC 6.875% 14-01/10/2020 USD 1 068 175 0.41 700 000 T-MOBILE USA INC 5.250% 14-01/09/2018 USD 548 038 0.21 500 000 T-MOBILE USA INC 6.125% 13-15/01/2022 USD 393 353 0.15 1 040 000 T-MOBILE USA INC 6.250% 14-01/04/2021 USD 819 162 0.32 450 000 T-MOBILE USA INC 6.500% 13-15/01/2024 USD 355 299 0.14 1 065 000 T-MOBILE USA INC 6.625% 14-01/04/2023 USD 850 981 0.33 100 000 TREEHOUSE FOODS 4.875% 14-15/03/2022 USD 77 342 0.03 1 265 000 TRONOX FINANCE 6.375% 13-15/08/2020 USD 989 182 0.38 450 000 TW TELECOM HLDS 5.375% 13-01/10/2022 USD 371 527 0.14 1 475 000 UNITED RENTAL NA 5.750% 13-15/07/2018 USD 1 178 589 0.45 335 000 UNITED RENTAL NA 7.375% 13-15/05/2020 USD 277 217 0.11 965 000 UNITED RENTAL NA 7.625% 13-15/04/2022 USD 822 360 0.32 1 335 000 UNIVISION COMM 6.750% 12-15/09/2022 USD 1 112 331 0.43 300 000 US STEEL CORP 6.875% 13-01/04/2021 USD 245 122 0.09 100 000 USG CORP 5.875% 13-01/11/2021 USD 79 335 0.03 600 000 USG CORP 9.750% 07-15/01/2018 USD 536 365 0.21 300 000 VALEANT PHARMA 6.750% 10-01/10/2017 USD 236 581 0.09 Page 41

Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR 325 000 VALEANT PHARMA 6.875% 10-01/12/2018 USD 256 913 0.10 370 000 VALEANT PHARMA 7.000% 10-01/10/2020 USD 298 455 0.12 375 000 VENOCO INC 8.875% 11-15/02/2019 USD 273 307 0.11 900 000 VIK CRUISES LTD 8.500% 12-15/10/2022 USD 755 011 0.29 1 350 000 VPI ESCROW CORP 6.375% 12-15/10/2020 USD 1 072 303 0.41 1 200 000 W & T OFFSHORE 8.500% 12-15/06/2019 USD 974 795 0.38 170 000 WINDSTREAM CORP 7.500% 11-01/04/2023 USD 137 451 0.05 2 200 000 WINDSTREAM CORP 7.750% 11-01/10/2021 USD 1 820 528 0.70 562 000 WMG ACQUISITION 6.000% 12-15/01/2021 USD 443 729 0.17 360 000 ZACHRY HOLDINGS 7.500% 13-01/02/2020 USD 287 656 0.11 Luxembourg 17 795 986 6.84 1 750 000 ALDESA FINANCIAL 7.250% 14-01/04/2021 EUR 1 789 760 0.69 2 725 000 ALTICE 7.250% 14-15/05/2022 EUR 2 889 398 1.10 600 000 ALTICE 7.750% 14-15/05/2022 USD 483 981 0.19 500 000 ALTICE FINANCING 6.500% 13-15/01/2022 EUR 535 000 0.21 590 000 ARCELORMITTAL 10.350% 09-01/06/2019 USD 564 379 0.22 925 000 ARCELORMITTAL 6.125% 08-01/06/2018 USD 764 572 0.29 795 000 ARCELORMITTAL 7.500% 09-15/10/2039 USD 656 364 0.25 550 000 ARDAGH FINANCE 8.375% 14-15/06/2019 EUR 551 375 0.21 1 100 000 FIAT FIN & TRADE 6.375% 11-01/04/2016 EUR 1 170 136 0.45 350 000 FIAT FIN & TRADE 6.625% 13-15/03/2018 EUR 390 250 0.15 650 000 FIAT FIN & TRADE 7.750% 12-17/10/2016 EUR 718 088 0.28 650 000 GCS HOLDCO FINAN 6.500% 13-15/11/2018 EUR 683 183 0.26 1 000 000 INEOS GROUP HOLD 5.750% 14-15/02/2019 EUR 1 030 000 0.40 1 200 000 MALLINCKRODT FIN 5.750% 14-01/08/2022 USD 930 383 0.36 1 300 000 NIELSEN CO LUXEM 5.500% 13-01/10/2021 USD 1 021 485 0.39 2 625 000 WIND ACQUISITION 4.000% 14-15/07/2020 EUR 2 638 124 1.01 915 000 WIND ACQUISITION 7.000% 14-23/04/2021 EUR 979 508 0.38 France 12 768 026 4.94 955 000 AUTODIS SA 6.500% 14-01/02/2019 EUR 998 605 0.39 1 840 000 BUT SAS 7.375% 14-15/09/2019 EUR 1 791 700 0.69 700 000 LA FIN ATALIAN 7.250% 13-15/01/2020 EUR 756 000 0.29 300 000 LAFARGE SA 5.375% 10-29/11/2018 EUR 352 624 0.14 1 000 000 LAFARGE SA 5.875% 12-09/07/2019 EUR 1 185 000 0.46 850 000 LAFARGE SA 7.625% 09-24/11/2016 EUR 990 250 0.38 600 000 MAISONS DU MONDE 9.000% 13-01/08/2020 EUR 604 536 0.23 1 850 000 NUMERICABLE 6.000% 14-15/05/2022 USD 1 446 629 0.56 350 000 NUMERICABLE 6.250% 14-15/05/2024 USD 274 019 0.11 1 200 000 PEUGEOT 6.500% 13-18/01/2019 EUR 1 362 000 0.53 500 000 PICARD 9.000% 10-01/10/2018 EUR 522 750 0.20 1 320 000 RENAULT 3.125% 14-05/03/2021 EUR 1 408 804 0.54 550 000 SPCM SA 5.500% 12-15/06/2020 EUR 592 609 0.23 500 000 THREEAB OPTIQUE 5.625% 14-15/04/2019 EUR 482 500 0.19 The Netherlands 10 207 861 3.93 1 094 000 ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR 1 169 760 0.45 750 000 EDP FINANCE BV 6.625% 02-09/08/2017 GBP 1 040 147 0.40 1 360 000 GRUPO ANTOLIN DU 4.750% 14-01/04/2021 EUR 1 409 096 0.54 900 000 REFRESCO GROUP 7.375% 11-15/05/2018 EUR 949 500 0.37 2 330 000 SCHAEFFLER FIN 3.250% 14-15/05/2019 EUR 2 328 135 0.90 550 000 SCHAEFFLER FIN 4.250% 14-15/05/2021 USD 416 509 0.16 1 500 000 SCHAEFFLER FIN 4.750% 13-15/05/2021 USD 1 161 555 0.45 850 000 UPC HOLDING BV 6.375% 12-15/09/2022 EUR 917 159 0.35 750 000 UPC HOLDING BV 8.375% 10-15/08/2020 EUR 816 000 0.31 United Kingdom 9 324 734 3.60 950 000 ALGECO SCOTSMAN 9.000% 12-15/10/2018 EUR 980 514 0.38 1 050 000 BAKKAVOR FIN 2 8.250% 11-15/02/2018 GBP 1 403 265 0.54 1 390 000 BOPARAN FINANCE 5.250% 14-15/07/2019 GBP 1 678 357 0.65 420 000 INEOS FINANCE PL 8.375% 12-15/02/2019 USD 345 961 0.13 600 000 JAGUAR LAND ROVER 5.000% 14-15/02/2022 GBP 762 151 0.29 200 000 JAGUAR LAND ROVR 8.250% 12-15/03/2020 GBP 279 897 0.11 100 000 OTE PLC 4.625% 06-20/05/2016 EUR 103 780 0.04 2 420 000 PPC FINANCE 5.500% 14-01/05/2019 EUR 2 432 099 0.94 1 019 000 PRIORY GROUP 7.000% 11-15/02/2018 GBP 1 338 710 0.52 Canada 7 250 698 2.79 200 000 BAYTEX ENERGY 5.125% 14-01/06/2021 USD 152 027 0.06 200 000 BAYTEX ENERGY 5.625% 14-01/06/2024 USD 151 837 0.06 1 240 000 BOMBARDIER INC 7.750% 10-15/03/2020 USD 1 044 944 0.40 975 000 CASCADES INC 5.500% 14-15/07/2022 USD 734 655 0.28 588 000 CHC HELICOPTER S 9.250% 12-15/10/2020 USD 438 924 0.17 2 100 000 MEG ENERGY CORP 7.000% 13-31/03/2024 USD 1 733 791 0.67 1 080 000 NEW GOLD INC 6.250% 12-15/11/2022 USD 860 917 0.33 515 000 NEW GOLD INC 7.000% 12-15/04/2020 USD 416 395 0.16 975 000 NOVELIS INC 8.750% 11-15/12/2020 USD 818 853 0.32 900 000 ULTRA PETROLEUM 5.750% 13-15/12/2018 USD 705 474 0.27 250 000 VALEANT PHARMA 5.625% 13-01/12/2021 USD 192 881 0.07 Cayman Islands 4 486 389 1.73 1 160 000 OFFSHORE GROUP I 7.125% 13-01/04/2023 USD 874 051 0.34 1 100 000 OFFSHORE GROUP I 7.500% 13-01/11/2019 USD 853 895 0.33 957 000 SABLE INTL FIN 8.750% 12-01/02/2020 USD 799 195 0.31 1 544 000 SHELF DRL HOLD 8.625% 12-01/11/2018 USD 1 248 375 0.48 865 000 UPCB FINANCE VI 6.875% 12-15/01/2022 USD 710 873 0.27 Sweden 2 903 314 1.12 1 857 000 EILEME 2 AB 11.750% 12-31/01/2020 EUR 2 172 689 0.84 700 000 TVN FIN CORP III 7.875% 10-15/11/2018 EUR 730 625 0.28 Ireland 2 497 111 0.96 2 120 000 ARDAGH PKG FIN 4.250% 14-15/01/2022 EUR 2 093 499 0.81 80 000 GRIFOLS WRLDWDE 5.250% 14-01/04/2022 USD 62 405 0.02 425 000 NARA CABLE FUNDI 8.875% 12-01/12/2018 USD 341 207 0.13 Australia 2 121 568 0.81 850 000 FMG RES AUG 2006 6.000% 12-01/04/2017 USD 672 734 0.26 1 395 000 FMG RES AUG 2006 6.875% 12-01/04/2022 USD 1 153 719 0.44 355 000 FMG RES AUG 2006 8.250% 11-01/11/2019 USD 295 115 0.11 Bermuda 1 811 988 0.70 400 000 INTELSAT JACKSON 5.500% 13-01/08/2023 USD 302 536 0.12 675 000 INTELSAT JACKSON 7.250% 10-15/10/2020 USD 548 322 0.21 1 200 000 INTELSAT LUXEMB 7.750% 13-01/06/2021 USD 961 130 0.37 Spain 1 434 503 0.56 243 000 ABENGOA FINANCE 6.000% 14-31/03/2021 EUR 252 210 0.10 800 000 OBRASCON HUARTE 4.750% 14-15/03/2022 EUR 820 480 0.32 350 000 OBRASCON HUARTE 7.375% 10-28/04/2015 EUR 361 813 0.14 Poland 1 198 875 0.46 1 150 000 PLAY FIN 2 SA 5.250% 14-01/02/2019 EUR 1 198 875 0.46 Greece 1 004 600 0.39 1 000 000 HELLENIC TELECOM 3.500% 14-09/07/2020 EUR 1 004 600 0.39 Belgium 811 203 0.32 434 000 BARRY CALLE SVCS 5.625% 11-15/06/2021 EUR 508 244 0.20 270 000 BARRY CALLE SVCS 6.000% 07-13/07/2017 EUR 302 959 0.12 Norway 444 124 0.17 600 000 PACIFIC DRILLING 5.375% 13-01/06/2020 USD 444 124 0.17 Italy 231 742 0.09 300 000 TELECOM ITALIA 5.303% 14-30/05/2024 USD 231 742 0.09 Floating rate bonds 7 512 465 2.89 Italy 2 617 750 1.01 1 000 000 ENEL SPA 14-15/01/2075 FRN EUR 1 060 000 0.41 1 550 000 RHINO BONDCO 13-15/12/2019 FRN EUR 1 557 750 0.60 Austria 2 345 999 0.90 2 300 000 WIENERBERGER AG 07-29/12/2049 FRN EUR 2 345 999 0.90 Page 42

Bond World High Yield Securities portfolio at 31/08/2014 Expressed in EUR United States of America 1 494 572 0.57 490 000 CHESAP OIL OP/FN 13-15/11/2019 FRN USD 398 041 0.15 660 000 GIBRALTAR INDSTR 13-01/02/2021 FRN USD 519 853 0.20 720 000 SABINE PASS LIQU 14-01/02/2021 FRN USD 576 678 0.22 Luxembourg 1 054 144 0.41 1 040 000 BMBG BOND FINCE 14-15/10/2020 FRN EUR 1 054 144 0.41 Other transferable securities 346 948 0.13 Bonds 346 948 0.13 United States of America 346 948 0.13 400 000 CSC HOLDINGS INC 7.875% 98-15/02/2018 USD 346 948 0.13 Shares/Units in investment funds 2 512 749 0.96 Luxembourg 2 512 749 0.96 BNPP FLEXI I BOND WORLD HIGH YIELD 25 000.00 SHORT DURATION - IH EUR - CAP EUR 2 512 749 0.96 Total securities portfolio 248 602 745 95.85 Page 43

Bond World Inflation-Linked Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 107 561 468 94.73 Bonds 105 394 597 92.81 United States of America 49 690 364 43.77 2 220 US TSY I/L STOCK 2.500% 09-15/01/2029 USD 2 152 0.00 10 796 000 US TSY INFL IX N/B 0.125% 11-15/04/2016 USD 8 336 402 7.35 1 510 819 US TSY INFL IX N/B 0.125% 12-15/04/2017 USD 1 173 338 1.03 538 850 US TSY INFL IX N/B 0.125% 12-15/07/2022 USD 409 950 0.36 6 741 572 US TSY INFL IX N/B 0.125% 13-15/01/2023 USD 5 083 720 4.48 1 164 906 US TSY INFL IX N/B 0.125% 13-15/04/2018 USD 902 690 0.80 10 925 973 US TSY INFL IX N/B 0.375% 13-15/07/2023 USD 8 440 008 7.44 1 308 548 US TSY INFL IX N/B 0.500% 10-15/04/2015 USD 997 933 0.88 3 084 326 US TSY INFL IX N/B 0.625% 14-15/01/2024 USD 2 423 168 2.13 6 989 955 US TSY INFL IX N/B 0.750% 12-15/02/2042 USD 5 185 621 4.58 4 814 971 US TSY INFL IX N/B 1.125% 11-15/01/2021 USD 3 919 910 3.45 4 959 077 US TSY INFL IX N/B 1.375% 14-15/02/2044 USD 4 295 177 3.78 477 746 US TSY INFL IX N/B 1.750% 08-15/01/2028 USD 422 118 0.37 152 344 US TSY INFL IX N/B 2.125% 11-15/02/2041 USD 152 659 0.13 3 350 157 US TSY INFL IX N/B 2.375% 04-15/01/2025 USD 3 082 472 2.71 4 596 696 US TSY INFL IX N/B 2.375% 07-15/01/2027 USD 4 308 474 3.79 515 673 US TSY INFL IX N/B 3.625%98-15/04/2028 USD 554 572 0.49 United Kingdom 29 709 428 26.14 120 903 NETWRK RAIL INFR 1.375% 07-22/11/2037 GBP 205 593 0.18 235 991 NETWRK RAIL INFR 1.750% 07-22/11/2027 GBP 377 815 0.33 1 770 150 UK TSY I/L GILT 0.125% 11-22/03/2029 GBP 2 412 797 2.12 2 631 122 UK TSY I/L GILT 0.125% 12-22/03/2024 GBP 3 553 167 3.13 458 777 UK TSY I/L GILT 0.125% 12-22/03/2044 GBP 658 999 0.58 2 387 127 UK TSY I/L GILT 0.125% 13-22/03/2068 GBP 3 841 555 3.38 3 549 406 UK TSY I/L GILT 0.125% 13-22/11/2019 GBP 4 768 193 4.20 2 276 227 UK TSY I/L GILT 0.250% 12-22/03/2052 GBP 3 536 237 3.11 1 227 243 UK TSY I/L GILT 0.750% 07-22/11/2047 GBP 2 149 048 1.89 3 144 947 UK TSY I/L GILT 0.750% 11-22/03/2034 GBP 4 861 651 4.28 1 423 477 UK TSY I/L GILT 1.250% 06-22/11/2027 GBP 2 227 240 1.96 260 000 UK TSY I/L STOCK 6.287% 86-17/07/2024 GBP 1 117 133 0.98 Germany 8 306 175 7.32 BUNDESOBLIGATION-I/L 0.750% 11-6 509 506 15/04/2018 EUR 6 802 369 6.00 42 565 DEUTSCHLAND I/L 0.100% 12-15/04/2023 EUR 44 895 0.04 1 327 187 DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR 1 458 911 1.28 France 6 854 585 6.04 1 371 933 FRANCE O.A.T. 0.250% 13-25/07/2024 EUR 1 436 208 1.26 975 267 FRANCE O.A.T.I/L 0.700% 14-25/07/2030 EUR 1 054 751 0.93 920 921 FRANCE O.A.T.I/L 1.800% 07-25/07/2040 EUR 1 257 268 1.11 630 230 FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR 782 102 0.69 1 174 531 FRANCE O.A.T.I/L 2.250% 04-25/07/2020 EUR 1 375 714 1.21 634 888 FRANCE O.A.T.I/L 3.400% 99-25/07/2029 EUR 948 542 0.84 Canada 2 520 964 2.22 1 009 522 CANADA GOVT I/L 1.500% 10-01/12/2044 CAD 868 112 0.76 599 918 CANADA GOVT I/L 2.000% 07-01/12/2041 CAD 567 503 0.50 502 831 CANADA GOVT I/L 4.000% 99-01/12/2031 CAD 565 713 0.50 501 694 CANADA GOVT I/L 4.250% 95-01/12/2026 CAD 519 636 0.46 Japan 2 329 689 2.05 112 809 400 JAPAN I/L-10YR 0.100% 13-10/09/2023 JPY 889 080 0.78 172 097 500 JAPAN I/L-10YR 1.400% 08-10/06/2018 JPY 1 440 609 1.27 Italy 2 048 529 1.80 1 938 041 ITALY BTPS I/L 1.700% 13-15/09/2018 EUR 2 048 529 1.80 Sweden 1 157 764 1.02 3 200 000 SWEDEN I / L 4.000% 95-01/12/2020 SEK 569 570 0.50 2 970 000 SWEDEN I/L 4.297% 99-01/12/2028 SEK 588 194 0.52 Denmark 1 051 347 0.93 7 546 958 DENMARK I/L GOVT 0.100% 12-15/11/2023 DKK 1 051 347 0.93 Australia 951 953 0.84 158 000 AUSTRALIAN I/L 0.000% 09-20/09/2025 FLAT AUD 155 517 0.14 385 000 AUSTRALIAN I/L 0.000% 12-21/02/2022 FLAT AUD 298 708 0.26 610 000 AUSTRALIAN I/L 2.000% 13-21/08/2035 FLAT AUD 497 728 0.44 New Zealand 773 799 0.68 NEW ZEALAND I/L 2.000% 12-570 000 20/09/2025 FLAT NEW ZEALAND I/L 3.000% 13-600 000 20/09/2030 FLAT NZD 363 474 0.32 NZD 410 325 0.36 Floating rate bonds 2 166 871 1.92 United Kingdom 2 166 871 1.92 390 000 UK TSY I/L STOCK 2.829% 02-26/01/2035 GBP 1 073 404 0.95 34 000 UK TSY I/L STOCK 7.522% 83-26/07/2016 GBP 143 425 0.13 230 000 UK TSY I/L STOCK 7.633% 92-22/07/2030 GBP 950 042 0.84 Total securities portfolio 107 561 468 94.73 Page 44

Convertible Bond Asia Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated 167 951 728 99.98 market Convertible bonds 167 951 728 99.98 Cayman Islands 43 882 974 26.12 42 000 000 CHINA OVERSEAS 12-21/03/2017 CV SR HKD 5 443 635 3.24 CHINA OVERSEAS FIN 4.000% 14-6 600 000 04/02/2021 CV USD 6 971 250 4.15 4 500 000 ENN ENERGY HLDG 13-26/02/2018 CV USD 5 492 250 3.27 3 500 000 HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD 3 727 500 2.22 20 000 000 HENGAN INTL 13-27/06/2018 CV HKD 2 661 238 1.58 28 000 000 KAISA GROUP 8.000% 10-20/12/2015 CV CNY 5 193 725 3.09 KINGSOFT CORP LT 1.250% 14-22 000 000 11/04/2019 CV HKD 2 634 626 1.57 4 800 000 SEMICONDUCTOR MA 13-07/11/2018 CV USD 5 304 000 3.16 3 800 000 ZHEN DING TECH 12-07/06/2015 CV USD 4 374 750 2.60 2 000 000 ZHEN DING TECH 0.000% 14-26/06/2019 CV USD 2 080 000 1.24 British Virgin Islands 32 673 453 19.44 13 800 000 BILLION EXPRESS 0.750% 10-18/10/2015 CV USD 14 593 501 8.69 32 000 000 LOGO STAR LTD 1.500% 13-22/11/2018 CV HKD 4 526 363 2.69 NEWFORD CAPITAL 0.000% 11-3 200 000 12/05/2016 CV USD 3 416 000 2.03 1 810 000 PB ISSUER 3 LTD 1.875% 12-22/10/2018 CV USD 2 141 230 1.27 SHINE POWER INTL 0.000% 14-40 000 000 28/07/2019 CV HKD 5 096 674 3.03 22 000 000 TONG JIE LTD 13-18/02/2018 CV HKD 2 899 685 1.73 Taiwan 22 023 363 13.11 ADVANCED SEMICONDUCTOR 0.000% 13-4 200 000 05/09/2018 CV USD 5 246 850 3.12 1 400 000 ASIA CEMENT 0.000% 13-13/05/2018 CV USD 1 500 100 0.89 1 400 000 AU OPTRONICS 0.000% 10-13/10/2015 CV USD 1 547 000 0.92 3 800 000 EPISTAR CORP 0.000% 13-07/08/2018 CV USD 4 528 650 2.70 FAR EASTERN INTL 0.000% 13-1 200 000 07/02/2018 CV USD 1 202 700 0.72 2 000 000 PEGATRON CORP 0.000% 12-06/02/2017 CV USD 3 129 500 1.86 3 250 000 TPK HOLDING CO 0.000% 12-01/10/2017 CV USD 3 156 563 1.88 1 600 000 WISTRON CORP 0.000% 12-19/01/2015 CV USD 1 712 000 1.02 Singapore 19 342 550 11.51 2 500 000 CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD 1 932 168 1.15 4 750 000 CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD 3 979 426 2.37 4 000 000 CAPITALAND LTD 2.950% 07-20/06/2022 CV SGD 3 213 269 1.91 4 300 000 OLAM INTL LTD 6.000% 09-15/10/2016 CV USD 4 821 375 2.87 1 765 000 OSIM INTL LTD 0.000% 14-18/09/2019 CV SGD 1 414 319 0.84 2 750 000 RUBY ASSETS PTE 1.600% 10-01/02/2017 CV SGD 2 554 803 1.52 1 750 000 SUNTEC REIT 1.400% 13-18/03/2018 CV SGD 1 427 190 0.85 Hong Kong 11 069 961 6.60 ASM PACIFIC TECH 2.000% 14-20 000 000 28/03/2019 CV HKD 2 724 463 1.62 CHINA POWER INTL 2.750% 12-6 500 000 18/09/2017 CV CNY 1 621 248 0.97 4 400 000 HK EXCHANGES 0.500% 12-23/10/2017 CV USD 5 368 000 3.20 JOHNSON ELEC HLD 1.000% 14-1 250 000 02/04/2021 CV USD 1 356 250 0.81 India 8 488 423 5.06 LARSEN & TOUBRO 3.500% 09-2 400 000 22/10/2014 CV USD 2 433 600 1.45 2 100 000 TATA POWER CO 1.750% 09-21/11/2014 CV USD 2 276 400 1.36 3 769 000 TATA STEEL LTD 4.500% 09-21/11/2014 CV USD 3 778 423 2.25 Australia 5 303 613 3.15 3 000 000 BEACH ENERGY 3.950% 12-03/04/2017 CV AUD 3 031 113 1.80 2 000 000 DRILLSEARCH FINA 6.000% 13-01/09/2018 CV USD 2 272 500 1.35 South Korea 5 130 602 3.06 2 400 000 HYNIX SEMI INC 2.650% 10-14/05/2015 CV USD 3 525 000 2.10 1 600 000 000 LOTTE SHOPPING 13-24/01/2018 CV KRW 1 605 602 0.96 Malaysia 5 107 155 3.04 5 900 000 INDAH CAPITAL 13-24/10/2018 CV SGD 5 107 155 3.04 Philippines 4 899 195 2.92 4 530 000 AYC FINANCE LTD 0.500% 14-02/05/2019 CV USD 4 899 195 2.92 Page 45 China 4 365 076 2.60 SHENZHOU INTERNA 0.500% 14-34 000 000 18/06/2019 CV HKD 4 365 076 2.60 Japan 3 111 613 1.85 10 000 000 ASICS CORP 0.000% 14-01/03/2019 CV JPY 103 961 0.06 170 000 000 HIS CO LTD 0.000% 14-30/08/2019 CV JPY 1 693 699 1.01 130 000 000 KAWASAKI KISEN 13-26/09/2018 CV JPY 1 313 953 0.78 United States of America 2 553 750 1.52 2 000 000 MICRON TECH 3.000% 13-15/11/2043 CV USD 2 553 750 1.52 Total securities portfolio 167 951 728 99.98

Convertible Bond World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 964 669 129 95.55 Bonds 37 687 139 1.84 France 37 687 139 1.84 ALCATEL-LUCENT 0.000% 14-30/01/2019 19 036 008 CV FLAT EUR 18 003 154 0.88 CREDIT AGRICOLE SA 0.000% 13-06/12/2016 17 886 194 CV FLAT EUR 19 683 985 0.96 Convertible bonds 1 926 659 165 93.69 United States of America 666 503 988 32.41 24 000 000 AKAMAI TECH 0.000% 14-15/02/2019 CV USD 18 744 306 0.91 AMER REALTY CAP 3.000% 13-25 000 000 01/08/2018 CV USD 19 288 073 0.94 18 400 000 ANNALY CAPITAL 5.000% 12-15/05/2015 CV USD 14 187 291 0.69 2 375 000 AOL INC 0.750% 14-01/09/2019 CV USD 1 867 301 0.09 ARES CAPITAL COR 5.125% 11-15 000 000 01/06/2016 CV USD 11 950 065 0.58 BANK OF AMERICA CORP 7.250% 31/12/2049 5 000 PFD CV USD 4 445 984 0.22 4 500 000 BIOMARIN PHARM 0.750% 13-15/10/2018 CV USD 3 672 563 0.18 CHESAPEAKE ENRGY 2.500% 07-40 000 000 15/05/2037 CV USD 31 449 286 1.53 12 000 000 CIENA CORP 0.875% 07-15/06/2017 CV USD 9 110 234 0.44 33 209 000 CITRIX SYSTEMS 0.500% 14-15/04/2019 CV USD 27 906 325 1.36 CONCUR TECH INC 0.500% 13-13 000 000 15/06/2018 CV USD 11 368 338 0.55 11 000 000 CUBIST PHARM 1.875% 13-01/09/2020 CV USD 9 488 878 0.46 ELECTRONIC ARTS 0.750% 11-15 989 000 15/07/2016 CV USD 15 696 763 0.76 33 000 000 HOLOGIC INC 12-01/03/2042 CV SR USD 26 900 812 1.31 15 000 000 ILLUMINA INC 0.000% 14-15/06/2019 CV USD 12 270 346 0.60 20 000 000 INTEL CORP 2.950% 06-15/12/2035 CV USD 19 681 901 0.96 10 000 000 INTEL CORP 3.250% 09-01/08/2039 CV USD 12 830 246 0.62 8 500 000 JARDEN CORP 1.875% 12-15/09/2018 CV USD 8 897 187 0.43 15 000 000 JDS UNIPHASE 0.625% 13-15/08/2033 CV USD 11 302 384 0.55 22 000 000 LAM RESEARCH 0.500% 11-15/05/2016 CV USD 21 409 998 1.04 LIBERTY INTERACT 0.750% 13-20 500 000 30/03/2043 CV USD 21 098 020 1.03 24 000 000 LIBERTY MEDIA 1.375% 13-15/10/2023 CV USD 18 710 143 0.91 10 000 000 MGM MIRAGE 4.250% 10-15/04/2015 CV USD 10 277 483 0.50 14 000 000 NEWMONT MINING 1.625% 07-15/07/2017 CV USD 11 452 323 0.56 42 000 000 NVIDIA CORP 1.000% 13-01/12/2018 CV USD 36 309 976 1.77 OWENS-BROCKWAY 3.000% 10-21 000 000 01/06/2015 CV USD 16 152 160 0.79 9 500 000 PALO ALTO NET 0.000% 14-01/07/2019 CV USD 7 541 328 0.37 13 804 000 PRICELINE GROUP 0.900% 14-15/09/2021 CV USD 10 250 560 0.50 11 262 000 PRICELINE.COM 0.350% 13-15/06/2020 CV USD 10 046 196 0.49 SALESFORCE.COM 0.250% 13-35 000 000 01/04/2018 CV USD 30 690 100 1.49 37 000 000 SANDISK CORP 0.500% 13-15/10/2020 CV USD 34 129 213 1.66 14 500 000 SERVICENOW INC 13-01/11/2018 CV USD 11 964 537 0.58 STARWOOD PROP TR 4.000% 13-18 000 000 15/01/2019 CV USD 15 518 714 0.75 STARWOOD PROP TR 4.550% 13-12 000 000 01/03/2018 CV USD 10 180 686 0.50 6 000 000 SUNEDISON INC 0.250% 14-15/01/2020 CV USD 4 839 812 0.24 TESLA MOTORS INC 0.250% 14-53 000 000 01/03/2019 CV USD 40 538 642 1.96 TESLA MOTORS INC 1.250% 14-25 000 000 01/03/2021 CV USD 19 276 211 0.94 TEVA PHARMACEUT 0.250% 06-15 000 000 01/02/2026 CV USD 14 640 430 0.71 8 000 WELLS FARGO CO 08-31/12/49 CV FLAT USD 7 385 181 0.36 55 000 000 YAHOO INC 13-01/12/2018 CV USD 43 033 992 2.08 Germany 174 047 962 8.45 9 800 000 ADIDAS AG 0.250% 12-14/06/2019 CV EUR 10 596 740 0.52 DEUTSCHE POST AG 0.600% 12-21 400 000 06/12/2019 CV EUR 28 117 460 1.37 12 100 000 FRESENIUS SE 0.000% 14-24/09/2019 CV EUR 12 608 200 0.61 14 500 000 LEG IMMOBILIEN 0.500% 14-01/07/2021 CV EUR 15 770 200 0.77 19 600 000 RAG STIFTUNG 0.000% 14-31/12/2018 CV EUR 19 629 400 0.95 STEINHOFF FINANC 4.000% 14-11 200 000 30/01/2021 CV EUR 13 255 200 0.64 STEINHOFF FINANC 5.000% 10-11 800 000 22/05/2016 CV EUR 16 744 200 0.81 STEINHOFF FINANC 6.375% 12-25 800 000 26/05/2017 CV EUR 33 591 600 1.63 20 661 532 TUI AG 2.750% 11-24/03/2016 CV FLAT EUR 23 734 962 1.15 France 144 592 241 7.05 AIR FRANCE - KLM 4.970% 09-01/04/2015 11 413 987 CV FLAT EUR 11 893 761 0.58 AIR FRANCE-KLM 0.000% 13-15/02/23 16 884 481 CV FLAT EUR 19 002 418 0.92 ALCATEL-LUCENT 4.250% 13-01/07/2018 3 844 674 CV FLAT EUR 6 544 490 0.32 CAP GEMINI SOGET 0.000% 13-01/01/2019 12 482 488 CV FLAT EUR 14 182 025 0.69 FONCIERE RE 0.875% 13-01/04/2019 4 227 603 CV FLAT EUR 4 464 405 0.22 6 477 102 GECINA 2.125% 10-01/01/2016 CV FLAT EUR 8 254 937 0.40 4 335 552 INGENICO 2.750% 11-01/01/2017 CV FLAT EUR 8 551 830 0.42 16 317 656 MISARTE 3.250% 10-01/01/2016 CV FLAT EUR 20 529 104 1.00 5 230 896 RALLYE SA 1.000% 13-02/10/2020 CV FLAT EUR 5 962 810 0.29 11 530 800 TECHNIP 0.250% 11-01/01/2017 CV FLAT EUR 12 068 880 0.59 13 823 685 TECHNIP 0.500% 10-01/01/2016 CV FLAT EUR 14 701 514 0.72 UNIBAIL-RODAMCO 0.750% 12-01/01/2018 15 695 004 CV FLAT EUR 18 436 067 0.90 Japan 100 153 138 4.88 260 000 000 ABC MART 13-05/02/2018 CV JPY 2 322 831 0.11 300 000 000 ASICS CORP 0.000% 14-01/03/2019 CV JPY 2 367 775 0.12 8 100 000 BANK OF IWATE 13-25/07/2018 CV USD 6 595 240 0.32 230 000 000 CASIO COMPUTER 0.000% 08-31/03/2015 CV JPY 1 633 159 0.08 1 320 000 000 KAWASAKI KISEN 13-26/09/2018 CV JPY 10 128 814 0.49 14 000 000 MITSUI OSK LINES 0.000% 14-24/04/2018 CV USD 10 437 291 0.51 2 130 000 000 NIDEC CORP 0.000% 10-18/09/2015 CV JPY 19 659 764 0.96 6 300 000 SHIZUOKA BANK 13-25/04/2018 CV USD 4 824 723 0.23 400 000 000 SONY CORP 0.000% 12-30/11/2017 CV JPY 6 072 903 0.30 SQUARE ENIX HOLD 0.000% 10-900 000 000 04/02/2015 CV JPY 6 930 674 0.34 1 550 000 000 TAKASHIMAYA CO 0.000% 13-11/12/2020 CV JPY 11 534 040 0.56 TORAY INDUSTRIES 0.000% 14-1 500 000 000 30/08/2019 CV JPY 11 515 496 0.56 YAMAGUCHI FIN GP 0.000% 13-7 600 000 20/12/2018 CV USD 6 130 428 0.30 The Netherlands 93 978 889 4.56 8 000 000 CEZ MH BV 0.000% 14-04/08/2017 CV EUR 8 001 600 0.39 18 200 000 QIAGEN NV 0.875% 14-19/03/2021 CV USD 14 972 885 0.73 47 250 000 SIEMENS FINAN 1.050% 12-16/08/2017 CV USD 40 140 260 1.94 21 500 000 SIEMENS FINAN 1.650% 12-16/08/2019 CV USD 18 966 748 0.92 18 000 000 YANDEX NV 1.125% 13-15/12/2018 CV USD 11 897 396 0.58 Cayman Islands 91 000 277 4.44 60 000 000 CHINA OVERSEAS 12-21/03/2017 CV SR HKD 5 903 904 0.29 CHINA OVERSEAS FIN 4.000% 14-17 200 000 04/02/2021 CV USD 13 792 514 0.67 21 750 000 ENN ENERGY HLDG 13-26/02/2018 CV USD 20 153 261 0.98 6 000 000 HAITIAN INTL HOL 2.000% 14-13/02/2019 CV USD 4 851 200 0.24 223 000 000 HENGAN INTL 13-27/06/2018 CV HKD 22 527 183 1.10 57 400 000 KAISA GROUP 8.000% 10-20/12/2015 CV CNY 8 083 158 0.39 9 500 000 SEMICONDUCTOR MA 13-07/11/2018 CV USD 7 969 557 0.39 11 000 000 SINA CORP 1.000% 13-01/12/2018 CV USD 7 719 500 0.38 United Arab Emirates 74 079 826 3.61 AABAR INVESTMENT 4.000% 11-34 700 000 27/05/2016 CV EUR 40 061 150 1.95 28 400 000 DP WORLD LTD 1.750% 14-19/06/2024 CV USD 22 930 003 1.12 NAT BK ABU DHABI 1.000% 13-13 400 000 12/03/2018 CV USD 11 088 673 0.54 China 65 008 748 3.16 25 000 000 CTRIP.COM INT 1.250% 13-15/10/2018 CV USD 21 031 829 1.02 10 000 000 QIHOO 360 TECH 2.500% 13-15/09/2018 CV USD 8 341 558 0.41 4 000 000 QIHOO 360 TECH 2.500% 13-15/09/2018 CV USD 3 336 623 0.16 SHENZHOU INTERNA 0.500% 14-198 000 000 18/06/2019 CV HKD 19 298 624 0.94 VIPSHOP HOLDING 1.500% 14-14 000 000 15/03/2019 CV USD 13 000 114 0.63 Page 46

Convertible Bond World Securities portfolio at 31/08/2014 Expressed in EUR British Virgin Islands 63 592 672 3.08 51 300 000 BILLION EXPRESS 0.750% 10-18/10/2015 CV USD 41 185 658 1.99 122 000 000 LOGO STAR LTD 1.500% 13-22/11/2018 CV HKD 13 101 092 0.64 93 000 000 TONG JIE LTD 13-18/02/2018 CV HKD 9 305 922 0.45 Italy 52 776 800 2.56 3 000 000 BENI STABILI 2.625% 13-17/04/2019 CV EUR 3 337 500 0.16 14 800 000 ENI SPA 0.250% 12-30/11/2015 CV EUR 15 215 880 0.74 31 300 000 ENI SPA 0.625% 13-18/01/2016 CV EUR 34 223 420 1.66 United Kingdom 44 993 626 2.19 12 300 000 INTL CONSOLIDAT 1.750% 13-31/05/2018 CV EUR 15 762 450 0.77 MOLINA HEALTHCAR 1.125% 13-13 000 000 15/01/2020 CV USD 12 750 057 0.62 7 100 000 TUI TRAVEL PLC 4.900% 10-27/04/2017 CV GBP 10 330 202 0.50 4 700 000 TUI TRAVEL PLC 6.000% 09-05/10/2014 CV GBP 6 150 917 0.30 Spain 44 608 515 2.17 18 100 000 ACS ACTIVIDADES 1.625% 14-27/03/2019 CV EUR 18 758 840 0.91 14 900 000 LA CAIXA 1.000% 13-25/11/2017 CV EUR 16 792 300 0.82 OHL INVESTMENTS 4.000% 13-8 300 000 25/04/2018 CV EUR 9 057 375 0.44 Sweden 43 558 440 2.12 54 462 440 ELEKTA AB 2.750% 12-25/04/2017 CV SEK 6 598 956 0.32 58 000 000 INDUSTRIVARDEN 0.000% 14-15/05/2019 CV SEK 6 320 784 0.31 28 850 000 INDUSTRIVARDEN 1.875% 11-27/02/2017 CV EUR 30 638 700 1.49 Hong Kong 35 027 424 1.70 ASM PACIFIC TECH 2.000% 14-74 000 000 28/03/2019 CV HKD 7 652 985 0.37 22 663 000 HK EXCHANGES 0.500% 12-23/10/2017 CV USD 20 990 632 1.02 JOHNSON ELEC HLD 1.000% 14-7 750 000 02/04/2021 CV USD 6 383 807 0.31 Luxembourg 34 913 666 1.69 10 200 000 APERAM 0.625% 14-08/07/2021 CV USD 7 883 085 0.38 33 800 000 ESPIRITO SANTO F 05-15/11/2025 CV SR EUR 2 028 000 0.10 12 800 000 GBL VERWALTUN 1.250% 13-07/02/17 CV EUR 14 425 600 0.70 14 400 000 SUBSEA 7 SA 1.000% 12-05/10/2017 CV USD 10 576 981 0.51 Singapore 30 199 993 1.47 23 250 000 CAPITALAND LTD 1.850% 13-19/06/2020 CV SGD 13 641 942 0.66 16 750 000 CAPITALAND LTD 1.950% 13-17/10/2023 CV SGD 10 653 440 0.52 9 706 000 OSIM INTL LTD 0.000% 14-18/09/2019 CV SGD 5 904 611 0.29 Portugal 24 620 875 1.20 21 550 000 PARPUBLICA 5.250% 10-28/09/2017 CV EUR 24 620 875 1.20 Norway 23 458 270 1.14 11 600 000 MARINE HARVEST 0.875% 14-06/05/2019 CV EUR 12 779 720 0.62 8 500 000 MARINE HARVEST 2.375% 13-08/05/2018 CV EUR 10 678 550 0.52 South Korea 22 875 997 1.12 13 000 000 HYNIX SEMI INC 2.650% 10-14/05/2015 CV USD 14 495 711 0.71 11 000 000 000 LOTTE SHOPPING 13-24/01/2018 CV KRW 8 380 286 0.41 Russia 18 710 143 0.91 24 800 000 LUKOIL INTL FIN 2.625% 10-16/06/2015 CV USD 18 710 143 0.91 Taiwan 17 369 078 0.84 5 000 000 ADVANCED SEMICONDUCTOR 0.000% 13-05/09/2018 CV USD 4 742 067 0.23 6 800 000 PEGATRON CORP 0.000% 12-06/02/2017 CV USD 8 077 968 0.39 5 600 000 WISTRON CORP 0.000% 12-19/01/2015 CV USD 4 549 043 0.22 Jersey Island 16 783 912 0.82 11 600 000 BRITISH LAND CO 1.500% 12-10/09/2017 CV GBP 16 783 912 0.82 Mexico 14 679 814 0.71 8 000 000 CEMEX SAB 3.750% 11-15/03/2018 CV USD 9 125 418 0.44 6 000 000 CEMEX SAB 4.875% 10-15/03/2015 CV USD 5 554 396 0.27 Hungary 10 557 000 0.51 HUNGARIAN STATE 3.375% 13-10 200 000 02/04/2019 CV EUR 10 557 000 0.51 Switzerland 9 324 827 0.45 SWISS LIFE HOLDING 0.000% 13-9 650 000 02/12/2020 CV CHF 9 324 827 0.45 Malaysia 9 243 044 0.45 14 065 000 INDAH CAPITAL 13-24/10/2018 CV SGD 9 243 044 0.45 Options, Warrants, Rights 322 825 0.02 5 000 CALL SUNEDISON SHS 18/10/2014 23 USD 402 369 0.02 (5 000) CALL SUNEDISON SHS 18/10/2014 27 USD (87 306) 0.00 SYMPHONY IN WTS 03/08/2007 2 044 757 SYMPHONY IN C USD 7 762 0.00 Shares/Units in investment funds 52 744 051 2.57 900 000.00 United States of America 34 949 135 1.70 SPDR BARCLAYS CONVERTIBLE SECURITIES USD 34 949 135 1.70 France 17 794 916 0.87 385 088.00 LYXOR ETF DJST 600 BASIC RESOURCES EUR 17 794 916 0.87 Total securities portfolio 2 017 413 180 98.12 Page 47

Equity Best Selection Asia ex-japan Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 412 286 044 98.62 Shares 412 286 044 98.62 India 63 850 855 15.27 884 651 ASIAN PAINTS SHS INR 6 908 214 1.65 630 551 HDFC BANK LIMITED INR 6 648 695 1.59 362 258 HINDUSTAN UNILEVER LTD INR 3 364 957 0.80 588 217 KOTAK MAHINDRA BANK LTD INR 7 640 394 1.83 533 205 LUPIN LTD INR 8 575 449 2.05 23 294 PAGE INDUSTRIES LTD INR 2 074 455 0.50 2 505 648 TATA MOTORS LTD INR 16 439 128 3.93 412 571 TECH MAHINDRA LTD INR 12 199 563 2.92 Hong Kong 62 133 708 14.88 2 878 000 CHINA GAS HOLDINGS LTD HKD 3 887 524 0.93 642 600 CHINA TAIPING INSURANCE HOLD HKD 1 185 686 0.28 1 237 000 GALAXY ENTERTAINMENT GROUP L HKD 7 057 412 1.69 2 923 000 HANG LUNG PROPERTIES LTD HKD 7 316 794 1.75 2 426 000 HUTCHISON WHAMPOA LTD HKD 23 907 423 5.73 8 290 000 LENOVO GROUP LTD HKD 9 604 126 2.30 2 132 000 MTR CORP HKD 6 418 360 1.54 1 191 500 TECHTRONIC INDUSTRIES CO HKD 2 756 383 0.66 Taiwan 55 826 274 13.36 1 087 000 ADVANTECH CO LTD TWD 7 741 070 1.85 1 541 000 DELTA ELECTRONIC INDUSTRIAL CO TWD 8 215 679 1.97 247 520 ECLAT TEXTILE COMPANY LTD TWD 1 570 890 0.38 8 042 938 FUBON FINANCIAL HOLDING CO TWD 9 962 569 2.38 1 145 000 NOVATEK MICROELECTRONICS COR TWD 4 460 072 1.07 1 075 000 PRESIDENT CHAIN STORE CORP TWD 6 182 413 1.48 5 604 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 17 693 581 4.23 China 54 666 461 13.08 17 798 000 CHINA COMMUNICATIONS SERVI - H HKD 6 511 610 1.56 13 451 000 CHINA CONSTRUCTION BANK - H HKD 7 578 927 1.81 12 400 000 CHINA TELECOM CORP LTD - H HKD 5 811 527 1.39 3 956 000 GREAT WALL MOTOR COMPANY - H HKD 12 751 249 3.05 4 944 000 HUANENG POWER INTL INC - H HKD 4 511 314 1.08 13 580 000 IND & COMM BANK OF CHINA - H HKD 6 818 900 1.63 1 731 500 PING AN INSURANCE GROUP CO - H HKD 10 682 934 2.56 Cayman Islands 49 223 742 11.76 5 106 000 CHINA STATE CONSTRUCTION INT HKD 6 238 568 1.49 24 421 038 COUNTRY GARDEN HOLDINGS CO HKD 8 215 219 1.97 954 000 ENN ENERGY HOLDINGS LTD HKD 5 110 155 1.22 798 000 HENGAN INTL GROUP CO LTD HKD 6 454 191 1.54 4 225 000 SHENZHOU INTERNATIONAL GROUP HKD 9 968 540 2.38 1 002 200 TENCENT HLDG SHS HKD 12 344 929 2.95 948 000 WANT WANT CHINA HOLDINGS LTD HKD 892 140 0.21 South Korea 40 905 963 9.78 20 241 SAMSUNG ELECTRONICS CO LTD KRW 18 692 697 4.47 654 490 SK HYNIX INC KRW 22 213 266 5.31 Singapore 20 987 907 5.02 1 537 000 SINGAPORE EXCHANGE LTD SGD 6 801 962 1.63 6 002 000 SINGAPORE TELECOM LTD SGD 14 185 945 3.39 Malaysia 18 964 842 4.54 4 085 310 PUBLIC BANK BHD MYR 18 964 842 4.54 Indonesia 18 330 552 4.38 18 609 300 BANK CENTRAL ASIA TBK PT IDR 13 516 885 3.23 2 395 800 UNILEVER INDONESIA TBK PT IDR 4 813 667 1.15 Bermuda 17 889 180 4.28 2 376 000 CHEUNG KONG INFRASTRUCTURE HKD 13 008 870 3.11 2 227 000 HAIER ELECTRONICS GROUP CO HKD 4 880 310 1.17 Philippines 9 506 560 2.27 184 390 SM INVESTMENTS CORP PHP 2 477 323 0.59 24 961 500 SM PRIME HOLDINGS INC PHP 7 029 237 1.68 Total securities portfolio 412 286 044 98.62 Page 48

Equity Best Selection Euro Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 191 271 180 99.75 Shares 1 191 271 180 99.75 Germany 325 147 397 27.23 558 803 BASF SE EUR 43 748 687 3.66 638 756 BAYER AG-REG EUR 65 185 049 5.46 351 467 BAYERISCHE MOTOREN WERKE AG EUR 31 139 976 2.61 230 302 CONTINENTAL AG EUR 37 424 075 3.13 544 819 FRESENIUS MEDICAL CARE AG & EUR 29 240 436 2.45 668 451 GEA GROUP AG EUR 23 014 768 1.93 214 044 LINDE AG EUR 32 245 729 2.70 140 786 PFEIFFER VACUUM TECHNOLOGY EUR 9 657 920 0.81 677 314 SAP SE EUR 40 096 989 3.36 2 314 458 TELEFONICA DEUTSCHLAND HOLDI EUR 13 393 768 1.12 France 262 002 424 21.93 253 068 ADP EUR 25 597 828 2.14 291 664 AIR LIQUIDE SA EUR 28 361 407 2.37 784 704 BNP PARIBAS EUR 40 318 092 3.38 189 987 CASINO GUICHARD PERRACHON EUR 17 256 519 1.44 777 875 COMPAGNIE DE SAINT-GOBAIN EUR 30 049 311 2.52 435 557 LEGRAND SA EUR 18 323 883 1.53 238 151 LVMH MOET HENNESSY LOUIS VUI EUR 31 447 840 2.63 246 018 PERNOD RICARD SA EUR 22 077 655 1.85 430 705 SCHNEIDER ELECTRIC ACT EUR 27 702 946 2.32 295 985 TECHNIP SA EUR 20 866 943 1.75 Spain 207 830 180 17.41 1 032 084 AMADEUS IT HOLDING SA - A SHS EUR 29 207 977 2.45 5 678 298 BANCO BILBAO VIZCAYA ARGENTA EUR 52 297 125 4.38 9 588 961 BANCO SANTANDER SA EUR 72 780 213 6.10 500 226 GRIFOLS SA EUR 17 723 007 1.48 42 656 GRIFOLS SA - B EUR 1 283 519 0.11 1 835 955 MEDIASET ESPANA COMUNICACION EUR 15 998 512 1.34 289 278 RED ELECTRICA CORPORACION SA EUR 18 539 827 1.55 The Netherlands 140 538 541 11.76 511 026 AKZO NOBEL EUR 27 488 089 2.30 423 913 ASML HOLDING NV EUR 30 865 106 2.58 4 546 323 ING GROEP NV-CVA EUR 47 577 270 3.98 1 497 110 KONINKLIJKE AHOLD NV SHS EUR 19 462 430 1.63 418 388 ZIGGO NV EUR 15 145 646 1.27 Italy 60 090 484 5.03 1 632 243 ENI SPA EUR 30 979 972 2.59 12 858 000 INTESA SANPAOLO EUR 29 110 512 2.44 Belgium 56 011 827 4.69 513 493 ANHEUSER - BUSCH INBEV NV EUR 43 415 833 3.64 283 247 TELENET GROUP HOLDING NV EUR 12 595 994 1.05 Austria 34 328 518 2.88 467 968 ANDRITZ AG EUR 19 055 657 1.60 414 067 VIENNA INSURANCE GROUP AG EUR 15 272 861 1.28 Portugal 34 302 813 2.87 1 123 625 GALP ENERGIA SGPS SA-B SHRS EUR 15 168 938 1.27 1 855 856 JERONIMO MARTINS EUR 19 133 875 1.60 Finland 34 086 191 2.85 910 665 SAMPO OYJ - A SHS EUR 34 086 191 2.85 Ireland 25 038 667 2.10 1 424 270 CRH PLC EUR 25 038 667 2.10 United Kingdom 11 894 138 1.00 386 990 ROYAL DUTCH SHELL PLC - A SHS EUR 11 894 138 1.00 Shares/Units in investment funds 4 196 782 0.35 France 4 196 782 0.35 3 520.00 BNP PARIBAS MONEY PRIME EURO - I - CAP EUR 4 196 782 0.35 Total securities portfolio 1 195 467 962 100.10 Page 49

Equity Best Selection Europe Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 2 036 590 413 99.90 Shares 2 036 590 413 99.90 United Kingdom 613 871 378 30.12 4 397 806 BG GROUP PLC GBP 66 619 982 3.27 6 560 865 BT GROUP PLC GBP 32 012 290 1.57 2 448 972 DIAGEO PLC GBP 54 821 280 2.69 8 462 765 HSBC HOLDINGS PLC GBP 69 567 204 3.41 3 227 058 INMARSAT PLC GBP 28 500 966 1.40 776 448 JOHNSON MATTHEY PLC GBP 30 914 994 1.52 11 775 275 KINGFISHER PLC GBP 45 087 953 2.21 73 517 385 LLOYDS BANKING GROUP PLC GBP 70 694 963 3.47 1 029 433 RIO TINTO PLC GBP 41 708 163 2.05 1 284 045 SABMILLER PLC GBP 53 796 653 2.64 1 861 463 SMITHS GROUP PLC GBP 30 885 524 1.51 3 160 871 STANDARD CHARTERED PLC GBP 48 340 623 2.37 1 227 082 WEIR GROUP PLC/THE GBP 40 920 783 2.01 Spain 246 877 319 12.11 1 449 719 AMADEUS IT HOLDING SA - A SHS EUR 41 027 048 2.01 6 940 893 BANCO BILBAO VIZCAYA ARGENTA EUR 63 925 625 3.14 11 009 799 BANCO SANTANDER SA EUR 83 564 374 4.10 853 487 GRIFOLS SA EUR 30 239 044 1.48 47 649 GRIFOLS SA - B EUR 1 433 758 0.07 3 062 597 MEDIASET ESPANA COMUNICACION EUR 26 687 470 1.31 Germany 226 092 484 11.08 835 769 BAYER AG-REG EUR 85 290 227 4.18 867 966 FRESENIUS MEDICAL CARE AG & EUR 46 583 735 2.28 344 032 LINDE AG EUR 51 828 421 2.54 716 049 SAP SE EUR 42 390 101 2.08 France 200 341 333 9.83 393 383 ADP EUR 39 790 690 1.95 345 112 AIR LIQUIDE SA EUR 33 558 691 1.65 1 349 332 COMPAGNIE DE SAINT-GOBAIN EUR 52 124 695 2.56 264 750 LVMH MOET HENNESSY LOUIS VUI EUR 34 960 238 1.71 566 057 TECHNIP SA EUR 39 907 019 1.96 Switzerland 179 245 552 8.79 443 636 ROCHE HOLDING AG GENUSSCHEIN CHF 98 446 851 4.83 215 114 SCHINDLER HOLDING - PART CERT CHF 23 662 807 1.16 138 461 SWATCH GROUP AG/THE-BR CHF 57 135 894 2.80 The Netherlands 148 066 373 7.26 797 979 AKZO NOBEL EUR 42 923 290 2.11 620 036 ASML HOLDING NV EUR 45 144 821 2.21 5 733 231 ING GROEP NV-CVA EUR 59 998 262 2.94 Sweden 79 972 863 3.92 1 415 328 ATLAS COPCO AB - A SHS SEK 31 366 104 1.54 2 635 827 ELEKTA AB-B SHS SEK 22 863 449 1.12 1 034 068 HEXAGON AB-B SHS SEK 25 743 310 1.26 Jersey Island 55 676 237 2.73 4 213 703 EXPERIAN PLC GBP 55 676 237 2.73 Denmark 51 516 656 2.53 742 358 CARLSBERG AS - B DKK 51 516 656 2.53 Finland 50 483 188 2.48 1 348 736 SAMPO OYJ - A SHS EUR 50 483 188 2.48 Austria 50 361 356 2.47 631 733 ANDRITZ AG EUR 25 724 168 1.26 667 946 VIENNA INSURANCE GROUP AG EUR 24 637 188 1.21 Norway 41 994 542 2.06 2 955 820 DNB ASA NOK 41 994 542 2.06 United States of America 32 589 932 1.60 722 148 LIBERTY GLOBAL INC-SERIES C USD 22 987 903 1.13 289 622 LIBERTY GLOBAL PLC USD 9 602 029 0.47 Ireland 31 057 848 1.52 1 766 658 CRH PLC EUR 31 057 848 1.52 Portugal 28 443 352 1.40 2 758 812 JERONIMO MARTINS EUR 28 443 352 1.40 Total securities portfolio 2 036 590 413 99.90 Page 50

Equity Brazil Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 279 088 746 93.15 Shares 278 992 442 93.12 Brazil 269 818 239 90.06 128 700 ALL AMERICA LATINA LOGISTICA BRL 474 526 0.16 1 418 304 AMBEV SA BRL 10 331 998 3.45 1 075 242 BANCO BRADESCO SA-PREF BRL 19 625 437 6.55 559 199 BANCO BRADESCO-ADR USD 10 199 790 3.40 329 500 BB SEGURIDADE PARTICIPACOES BRL 5 263 048 1.76 743 652 BM&FBOVESPA SA BRL 4 486 740 1.50 271 521 BR MALLS PARTICIPACOES SA BRL 2 823 756 0.94 522 923 BRADESPAR SA -PREF BRL 4 779 236 1.60 146 027 BRASKEM SA-PREF A BRL 995 246 0.33 376 507 BRF SA BRL 10 079 228 3.36 938 444 CCR SA BRL 8 497 187 2.84 522 119 CETIP SA - BALCAO ORGANIZADO BRL 7 618 686 2.54 156 048 CIA BRASILEIRA DE DIS-PREF BRL 7 944 847 2.65 2 CIA ENERGETICA MINAS GER-PRF BRL 17 0.00 43 432 CIA PARANAENSE DE ENERGI-PFB BRL 769 821 0.26 208 465 CIELO SA BRL 3 909 273 1.30 358 708 COSAN SA INDUSTRIA COMERCIO BRL 7 454 549 2.49 768 458 DURATEX SA BRL 3 458 414 1.15 5 500 EMBRAER SA-ADR USD 213 125 0.07 208 500 ESTACIO PARTICIPACOES SA BRL 2 770 310 0.92 241 105 EVEN CONSTRUTORA E INCORPORA BRL 729 495 0.24 765 774 GERDAU SA -SPON ADR USD 4 433 831 1.48 62 000 GERDAU SA-PREF BRL 359 107 0.12 14 800 ITAU UNIBANCO HLDNG-PREF ADR USD 266 400 0.09 1 395 823 ITAU UNIBANCO HOLDING SA BRL 25 177 285 8.41 4 882 493 ITAUSA-INVESTIMENTOS ITAU-PR BRL 23 784 581 7.94 1 471 799 KLABIN SA - UNIT BRL 7 478 876 2.50 228 026 KROTON EDUCACIONAL SA BRL 6 832 986 2.28 252 450 METALURGICA GERDAU SA-PREF BRL 1 789 394 0.60 608 256 MILLS ESTRUTURAS E SERVICOS BRL 6 225 142 2.08 237 521 MULTIPLAN EMPREENDIMENTOS BRL 6 126 049 2.04 955 111 OI SA BRL 636 015 0.21 2 662 989 OI SA-PREFERENCE N1 BRL 1 725 698 0.58 499 561 PETROBRAS - PETROLEO BRAS-PR BRL 5 213 181 1.74 248 600 PETROLEO BRASILEIRO SA ADR USD 4 865 102 1.62 665 803 PETROLEO BRASILEIRO-SPON ADR USD 13 855 360 4.62 1 721 431 SUZANO PAPEL E CELULO - PREF A BRL 6 854 799 2.29 331 762 TELEFONICA BRASIL SA BRL 7 094 731 2.37 110 893 TIM PARTICIPACOES SA BRL 621 978 0.21 1 800 TIM PARTICIPACOES SA-ADR USD 50 364 0.02 212 302 TOTVS SA BRL 3 876 857 1.29 181 482 ULTRAPAR PARTICIPACOES SA BRL 4 679 091 1.56 604 708 USINAS SIDER MINAS GER-PF A BRL 2 183 657 0.73 249 336 VALE SA BRL 3 244 918 1.08 17 700 VALE SA-SP ADR USD 231 162 0.08 1 207 450 VALE SA-SP PREF ADR USD 14 066 793 4.70 511 965 VIA VAREJO SA BRL 5 720 153 1.91 Cayman Islands 4 846 866 1.62 813 586 MINERVA SA BRL 4 846 866 1.62 Bermuda 4 327 337 1.44 298 437 COSAN LTD-CLASS A SHARES USD 4 327 337 1.44 Bonds 96 304 0.03 Brazil 96 304 0.03 1 197 135 PDG REALTY 0.000% 12-19/09/2016 CV BRL 96 304 0.03 Other transferable securities 1 294 881 0.43 Convertible bonds 1 294 881 0.43 Brazil 1 294 881 0.43 50 965 KLABIN SA 12.240% 13-08/01/2019 SUBR CV BRL 1 294 881 0.43 Total securities portfolio 280 383 627 93.58 Page 51

Equity Bric Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 280 463 985 98.15 Shares 280 452 072 98.15 India 75 423 370 26.39 71 000 ACC LTD INR 1 746 489 0.61 320 000 AMBUJA CEMENTS LTD INR 1 088 254 0.38 235 000 AXIS BANK LTD INR 1 538 460 0.54 110 000 BALKRISHNA INDUSTRIES LTD INR 1 316 099 0.46 160 000 BHARAT PETROLEUM CORPORATION LTD INR 1 830 358 0.64 765 000 BHARTI AIRTEL LTD INR 4 662 111 1.63 52 000 BRITANNIA INDUSTRIES LTD INR 1 065 343 0.37 175 000 CIPLA LTD INR 1 483 187 0.52 140 000 COAL INDIA LTD INR 821 503 0.29 48 000 CONTAINER CORP OF INDIA LTD INR 1 044 059 0.37 60 000 CREDIT ANALYSIS & RESEARCH INR 1 245 007 0.44 90 000 CUMMINS INDIA LTD INR 1 024 346 0.36 16 500 FAG BEARINGS INDIA LTD INR 774 848 0.27 450 000 FEDERAL BANK LTD INR 895 221 0.31 63 000 HCL TECHNOLOGIES LTD INR 1 693 820 0.59 340 000 HDFC BANK LIMITED INR 4 722 226 1.65 145 000 HINDUSTAN PETROLEUM CORP INR 1 093 924 0.38 127 500 HOUSING DEVELOPMENT FINANCE INR 2 258 116 0.79 1 220 000 IDEA CELLULAR LTD INR 3 255 329 1.14 355 000 IDFC LTD INR 844 175 0.30 90 000 INDUSIND BANK LTD INR 868 250 0.30 68 000 INFOSYS LTD INR 4 034 095 1.41 42 000 JUBILANT FOODWORKS LTD INR 897 482 0.31 34 000 JUST DIAL LTD INR 923 606 0.32 320 000 JYOTHY LABORATORIES LTD INR 1 172 839 0.41 60 000 KOTAK MAHINDRA BANK LTD INR 1 026 552 0.36 33 000 LARSEN & TOUBRO LTD INR 830 266 0.29 44 000 LUPIN LTD INR 932 110 0.33 129 897 MAHINDRA HOLIDAYS + RESORTS INR 641 187 0.22 20 000 MARUTI SUZUKI INDIA LTD INR 917 585 0.32 220 000 MOTHERSON SUMI SYSTEMS LTD INR 1 349 077 0.47 240 000 OIL & NATURAL GAS CORP LTD INR 1 721 104 0.60 85 000 OIL INDIA LTD INR 861 959 0.30 470 000 POWER GRID CORP OF INDIA LTD INR 1 001 133 0.35 400 000 PURAVANKARA PROJECTS LTD INR 593 378 0.21 115 000 PVR LTD INR 1 290 572 0.45 93 000 RELIANCE INDUSTRIES LTD INR 1 531 416 0.54 169 010 REPCO HOME FINANCE LTD INR 1 227 924 0.43 161 139 SARDA ENERGY & MINERALS LTD INR 793 214 0.28 170 000 SESA GOA LTD INR 776 234 0.27 69 500 SHRIRAM TRANSPORT FINANCE INR 1 035 800 0.36 90 000 SOBHA DEVELOPERS LTD INR 674 497 0.24 60 000 SUN PHARMACEUTICAL INDUSTRIES INR 845 748 0.30 109 000 TATA CONSULTANCY SVS DEMATERIAL INR 4 532 606 1.59 275 000 TATA MOTORS LTD INR 1 710 921 0.60 27 000 TECH MAHINDRA LTD INR 1 051 625 0.37 36 000 ULTRATECH CEMENT LTD INR 1 513 058 0.53 125 000 VA TECH WABAG LTD INR 2 907 761 1.02 90 000 VARDHMAN TEXTILES LTD INR 661 846 0.23 108 000 WIPRO LTD INR 1 005 692 0.35 320 000 WONDERLA HOLIDAYS LTD INR 1 690 958 0.59 Brazil 68 652 578 24.03 28 600 ALL AMERICA LATINA LOGISTICA BRL 105 450 0.04 639 954 AMBEV SA BRL 4 661 908 1.63 404 990 BANCO BRADESCO SA-PREF BRL 7 391 924 2.58 22 600 BANCO BRADESCO-ADR USD 412 224 0.14 76 600 BB SEGURIDADE PARTICIPACOES BRL 1 223 519 0.43 117 233 BM&FBOVESPA SA BRL 707 312 0.25 51 157 BR MALLS PARTICIPACOES SA BRL 532 021 0.19 71 033 BRADESPAR SA -PREF BRL 649 203 0.23 22 978 BRASKEM SA-PREF A BRL 156 606 0.05 71 132 BRF SA BRL 1 904 229 0.67 204 297 CCR SA BRL 1 849 817 0.65 122 943 CETIP SA - BALCAO ORGANIZADO BRL 1 793 967 0.63 34 727 CIA BRASILEIRA DE DIS-PREF BRL 1 768 050 0.62 1 CIA ENERGETICA MINAS GER-PRF BRL 9 0.00 7 139 CIA PARANAENSE DE ENERGI-PFB BRL 126 537 0.04 77 917 COSAN SA INDUSTRIA COMERCIO BRL 1 619 245 0.57 203 045 DURATEX SA BRL 913 796 0.32 19 200 ESTACIO PARTICIPACOES SA BRL 255 108 0.09 58 674 EVEN CONSTRUTORA E INCORPORA BRL 177 526 0.06 188 301 GERDAU SA -SPON ADR USD 1 090 263 0.38 18 800 GERDAU SA-PREF BRL 108 891 0.04 5 220 HYPERMARCAS SA BRL 45 398 0.02 139 283 ITAU UNIBANCO HLDNG-PREF ADR USD 2 507 094 0.88 663 000 ITAU UNIBANCO HOLDING SA BRL 11 958 924 4.17 44 000 ITAUSA-INVESTIMENTOS ITAU-PR BRL 214 342 0.08 334 509 KLABIN SA - UNIT BRL 1 699 791 0.59 33 954 KROTON EDUCACIONAL SA BRL 1 017 459 0.36 10 702 METALURGICA GERDAU SA-PREF BRL 75 857 0.03 158 812 MILLS ESTRUTURAS E SERVICOS BRL 1 625 347 0.57 55 377 MULTIPLAN EMPREENDIMENTOS BRL 1 428 262 0.50 169 466 OI SA BRL 112 849 0.04 400 934 OI SA-PREFERENCE N1 BRL 259 817 0.09 270 842 PETROBRAS - PETROLEO BRAS BRL 2 679 915 0.94 549 404 PETROBRAS - PETROLEO BRAS-PR BRL 5 733 319 2.01 41 400 PETROLEO BRASILEIRO SA ADR USD 810 198 0.28 17 735 PETROLEO BRASILEIRO-SPON ADR USD 369 065 0.13 387 200 SUZANO PAPEL E CELULO - PREF A BRL 1 541 844 0.54 71 746 TELEFONICA BRASIL SA BRL 1 534 288 0.54 19 635 TIM PARTICIPACOES SA BRL 110 129 0.04 300 TIM PARTICIPACOES SA-ADR USD 8 394 0.00 30 763 ULTRAPAR PARTICIPACOES SA BRL 793 152 0.28 135 943 USINAS SIDER MINAS GER-PF A BRL 490 903 0.17 101 766 VALE SA BRL 1 324 407 0.46 45 242 VALE SA-PREF A BRL 525 099 0.18 255 300 VALE SA-SP PREF ADR USD 2 974 245 1.04 122 159 VIA VAREJO SA BRL 1 364 875 0.48 Russia 57 095 654 19.98 1 547 410 AEROFLOT-RUSSIAN INTERNATION USD 1 948 034 0.68 8 063 BASHNEFT OAO RUB 422 543 0.15 59 336 BASHNEFT-CLS USD 3 107 181 1.09 63 500 000 E.ON RUSSIA JSC USD 4 197 985 1.47 110 343 GAZPROM NEFT - SPONSORED ADR USD 2 124 103 0.74 90 000 GAZPROM NEFT JSC - CLS RUB 343 217 0.12 190 000 GAZPROM OAO-SPON ADR USD 1 358 500 0.48 19 030 IBS GROUP-REGS GDR EUR 563 992 0.20 69 000 LUKOIL 0AO USD 3 819 950 1.34 90 000 LUKOIL OAO-SPON ADR USD 5 017 500 1.76 23 000 MAGNIT USD 5 637 911 1.97 786 874 MAGNITOGORS-SPON GDR REGS USD 2 006 529 0.70 75 000 MAIL.RU GROUP-GDR REGS USD 2 013 750 0.70 40 000 MEGAFON-GDR-WI USD 1 132 000 0.40 8 000 MMC NORILSK NICKEL-CLS USD 1 558 206 0.55 640 785 MOBILE TELESYSTEMS OJSC USD 4 865 839 1.70 26 000 MOBILE TELESYSTEMS-SP ADR USD 479 700 0.17 5 500 NOVATEK OAO-SPONS GDR REG S USD 553 300 0.19 100 000 ROS AGRO PLC- GDR REG S USD 670 000 0.23 2 242 395 SBERBANK USD 4 422 608 1.55 Page 52

Equity Bric Securities portfolio at 31/08/2014 Expressed in USD 240 000 SEVERSTAL USD 2 324 378 0.81 3 100 000 SISTEMA JSFC USD 3 150 065 1.10 47 882 SISTEMA JSFC-REG S SPONS GDR USD 1 089 316 0.38 5 853 676 SURGUTNEFTEGAS - PFD USD 4 289 047 1.50 China 39 141 201 13.70 4 694 000 AGRICULTURAL BANK OF CHINA - H HKD 2 165 528 0.76 17 121 BAIDU INC - SPON ADR USD 3 672 797 1.29 4 412 000 BANK OF CHINA LTD - H HKD 2 046 780 0.72 1 066 000 CHINA COMMUNICATIONS SERVI - H HKD 513 720 0.18 3 174 040 CHINA CONSTRUCTION BANK - H HKD 2 355 685 0.82 1 193 000 CHINA LIFE INSURANCE CO - H HKD 3 423 588 1.20 933 200 CHINA PACIFIC INSURANCE GR - H HKD 3 497 604 1.22 1 140 000 CHINA RAILWAY CONSTRUCTION - H HKD 1 090 182 0.38 268 000 CHINA SINGYES SOLAR TECH - H HKD 444 013 0.16 1 261 000 CHINA SUNTIEN GREEN ENERGY - H HKD 380 162 0.13 1 011 670 CHINA VANKE CO LTD - H HKD 1 895 376 0.66 373 000 CITIC SECURITIES CO LTD - H HKD 883 370 0.31 951 000 HILONG HOLDING LTD HKD 514 529 0.18 1 616 000 HUADIAN FUXIN ENERGY CORP - H HKD 953 088 0.33 5 296 000 HUANENG RENEWABLES CORP - H HKD 1 943 282 0.68 7 066 000 IND & COMM BANK OF CHINA - H HKD 4 673 475 1.64 2 414 000 PETROCHINA CO LTD - H HKD 3 428 584 1.20 477 000 SHANGHAI FOSUN PHARMACEUTI - H HKD 1 548 534 0.54 1 284 000 SIHUAN PHARMACEUTICAL HLDGS HKD 858 414 0.30 963 000 SINOTRANS LIMITED - H HKD 647 609 0.23 946 000 SOUND GLOBAL LTD HKD 974 399 0.34 1 792 000 SPT ENERGY GROUP INC HKD 909 727 0.32 1 833 000 YUANSHENGTAI DAIRY FARM LTD HKD 320 755 0.11 Cayman Islands 16 127 406 5.64 170 000 CHINA RESOURCES LAND LTD HKD 388 461 0.14 670 000 CHINA STATE CONSTRUCTION INT HKD 1 078 278 0.38 86 000 ENN ENERGY HOLDINGS LTD HKD 606 786 0.21 129 000 HENGAN INTL GROUP CO LTD HKD 1 374 296 0.48 204 801 MINERVA SA BRL 1 220 084 0.43 200 400 SANDS CHINA LTD HKD 1 302 358 0.46 568 000 SINO BIOPHARMACEUTICAL HKD 522 512 0.18 1 386 000 SUNNY OPTICAL TECH HKD 1 884 990 0.66 431 700 TENCENT HLDG SHS HKD 7 004 352 2.44 266 000 TINGYI (CAYMAN ISLAND) HOLDING CO HKD 745 289 0.26 Hong Kong 8 886 375 3.10 442 800 AIA GROUP LTD HKD 2 412 800 0.84 412 000 CHINA EVERBRIGHT LTD HKD 779 772 0.27 674 000 CHINA OVERSEAS LAND & INVEST HKD 1 892 093 0.66 678 000 CIMC ENRIC HOLDINGS LTD HKD 749 793 0.26 950 000 CSPC PHARMACEUTICAL GROUP LT HKD 793 214 0.28 44 800 HONG KONG EXCHANGES & CLEAR HKD 1 028 216 0.36 57 000 HUTCHISON WHAMPOA LTD HKD 739 892 0.26 161 000 TECHTRONIC INDUSTRIES CO HKD 490 595 0.17 Bermuda 6 821 722 2.40 2 930 000 BEIJING ENTERPRISES WATER GR HKD 1 992 162 0.70 440 000 BRILLIANCE CHINA AUTOMOTIVE HKD 815 000 0.29 86 786 COSAN LTD-CLASS A SHARES USD 1 258 397 0.44 108 000 COSCO PACIFIC LTD HKD 151 208 0.05 599 000 HAIER ELECTRONICS GROUP CO HKD 1 729 043 0.61 75 000 ORIENT OVERSEAS INTL LTD HKD 444 599 0.16 704 000 PACIFIC BASIN SHIPPING LTD HKD 431 313 0.15 Taiwan 3 174 005 1.11 72 000 MEDIATEK INC TWD 1 202 728 0.42 474 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 1 971 277 0.69 Bahrain 2 051 466 0.72 80 000 ICICI BANK LTD INR 2 051 466 0.72 British Virgin Islands 1 563 008 0.55 3 057 000 CHINA CINDA ASSET MANAGEME-H HKD 1 563 008 0.55 United States of America 1 319 987 0.46 383 100 SAMSONITE INTERNATIONAL SA HKD 1 319 987 0.46 The Netherlands 195 300 0.07 139 500 NORD GOLD NV USD 195 300 0.07 Bonds 11 913 0.00 Brazil 11 913 0.00 148 084 PDG REALTY 0.000% 12-19/09/2016 CV BRL 11 913 0.00 Other transferable securities 211 665 0.07 Shares 9 855 0.00 Russia 9 855 0.00 35 758 TGK - 5 - REG S GDR USD 9 855 0.00 Convertible bonds 201 810 0.07 Brazil 201 810 0.07 KLABIN SA 12.240% 13-08/01/2019 7 943 SUBR CV BRL 201 810 0.07 Total securities portfolio 280 675 650 98.22 Page 53

Equity China Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 357 129 292 98.68 Shares 357 129 292 98.68 China 186 580 613 51.55 21 796 000 AGRICULTURAL BANK OF CHINA - H HKD 10 055 355 2.78 72 968 BAIDU INC - SPON ADR USD 15 653 095 4.32 22 490 443 BANK OF CHINA LTD - H HKD 10 433 588 2.88 2 020 500 CHINA CNR CORP LTD - H HKD 1 704 800 0.47 4 310 000 CHINA COMMUNICATIONS SERVI - H HKD 2 077 046 0.57 15 225 135 CHINA CONSTRUCTION BANK - H HKD 11 299 677 3.12 5 780 000 CHINA LIFE INSURANCE CO - H HKD 16 587 038 4.58 3 759 600 CHINA PACIFIC INSURANCE GR - H HKD 14 090 863 3.89 5 741 000 CHINA RAILWAY CONSTRUCTION - H HKD 5 490 117 1.52 1 074 000 CHINA SINGYES SOLAR TECH - H HKD 1 779 367 0.49 7 207 000 CHINA SUNTIEN GREEN ENERGY - H HKD 2 172 741 0.60 4 766 274 CHINA VANKE CO LTD - H HKD 8 929 670 2.47 1 754 000 CITIC SECURITIES CO LTD - H HKD 4 153 971 1.15 4 681 000 HILONG HOLDING LTD HKD 2 532 608 0.70 7 344 000 HUADIAN FUXIN ENERGY CORP - H HKD 4 331 361 1.20 22 670 000 HUANENG RENEWABLES CORP - H HKD 8 318 393 2.30 38 229 000 IND & COMM BANK OF CHINA - H HKD 25 284 783 6.99 11 650 000 PETROCHINA CO LTD - H HKD 16 546 398 4.57 2 242 500 SHANGHAI FOSUN PHARMACEUTI - H HKD 7 280 058 2.01 6 075 000 SIHUAN PHARMACEUTICAL HLDGS HKD 4 061 422 1.12 5 643 000 SINOTRANS LIMITED - H HKD 3 794 866 1.05 4 389 000 SOUND GLOBAL LTD HKD 4 520 760 1.25 7 752 000 SPT ENERGY GROUP INC HKD 3 935 382 1.09 8 842 000 YUANSHENGTAI DAIRY FARM LTD HKD 1 547 254 0.43 Cayman Islands 71 172 587 19.68 782 000 CHINA RESOURCES LAND LTD HKD 1 786 921 0.49 3 308 000 CHINA STATE CONSTRUCTION INT HKD 5 323 795 1.47 132 000 ENN ENERGY HOLDINGS LTD HKD 931 347 0.26 803 500 HENGAN INTL GROUP CO LTD HKD 8 560 055 2.37 1 030 400 SANDS CHINA LTD HKD 6 696 355 1.85 3 724 000 SINO BIOPHARMACEUTICAL HKD 3 425 765 0.95 6 854 000 SUNNY OPTICAL TECH HKD 9 321 587 2.58 1 894 200 TENCENT HLDG SHS HKD 30 733 482 8.50 1 568 000 TINGYI (CAYMAN ISLAND) HOLDING CO HKD 4 393 280 1.21 Hong Kong 44 604 593 12.33 1 939 000 AIA GROUP LTD HKD 10 565 534 2.92 1 512 000 CHINA EVERBRIGHT LTD HKD 2 861 686 0.79 3 430 380 CHINA OVERSEAS LAND & INVEST HKD 9 629 968 2.66 2 746 000 CIMC ENRIC HOLDINGS LTD HKD 3 036 774 0.84 4 532 000 CSPC PHARMACEUTICAL GROUP LT HKD 3 784 049 1.05 195 000 HONG KONG EXCHANGES & CLEAR HKD 4 475 494 1.24 545 000 HUTCHISON WHAMPOA LTD HKD 7 074 410 1.95 1 042 500 TECHTRONIC INDUSTRIES CO HKD 3 176 678 0.88 Bermuda 26 225 602 7.24 14 332 000 BEIJING ENTERPRISES WATER GR HKD 9 744 598 2.69 2 018 000 BRILLIANCE CHINA AUTOMOTIVE HKD 3 737 887 1.03 470 000 COSCO PACIFIC LTD HKD 658 035 0.18 2 673 000 HAIER ELECTRONICS GROUP CO HKD 7 715 745 2.13 463 500 ORIENT OVERSEAS INTL LTD HKD 2 747 624 0.76 2 647 000 PACIFIC BASIN SHIPPING LTD HKD 1 621 713 0.45 Taiwan 13 878 507 3.83 308 000 MEDIATEK INC TWD 5 145 001 1.42 2 100 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 8 733 506 2.41 British Virgin Islands 8 225 606 2.27 16 088 000 CHINA CINDA ASSET MANAGEME-H HKD 8 225 606 2.27 United States of America 6 441 784 1.78 1 869 600 SAMSONITE INTERNATIONAL SA HKD 6 441 784 1.78 Other transferable securities 1 0.00 Shares 1 0.00 Hong Kong 1 0.00 8 000 000 EURO ASIA AGRICULTURAL HOLDINGS HKD 1 0.00 Total securities portfolio 357 129 293 98.68 Page 54

Equity Europe Emerging Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 141 909 582 98.77 Shares 141 909 582 98.77 Russia 72 254 226 50.27 1 774 151 AEROFLOT-RUSSIAN INTERNATION USD 1 695 626 1.18 6 406 BASHNEFT-CLS USD 254 673 0.18 28 465 560 E.ON RUSSIA JSC USD 1 428 681 0.99 159 977 GAZPROM NEFT - SPONSORED ADR USD 2 337 957 1.63 2 034 504 GAZPROM OAO-SPON ADR USD 11 043 656 7.68 251 680 GLOBALTRA-SPONS GDR REG S USD 1 748 309 1.22 282 743 LUKOIL OAO-SPON ADR USD 11 966 993 8.32 11 125 MAGNIT USD 2 070 326 1.44 118 594 MAGNIT OJSC-SPON GDR REGS USD 5 240 032 3.65 944 172 MAGNITOGORS-SPON GDR REGS USD 1 827 846 1.27 39 896 MEGAFON-GDR-WI USD 857 164 0.60 193 397 MMC NORILSK NICKEL JSC-ADR USD 2 873 352 2.00 765 686 MOBILE TELESYSTEMS OJSC USD 4 414 123 3.07 66 964 MOBILE TELESYSTEMS-SP ADR USD 937 964 0.65 1 800 329 MOSCOW EXCHANGE MICEX-RTS USD 2 338 145 1.63 41 004 NOVATEK OAO-SPONS GDR REG S USD 3 131 645 2.18 63 139 ROS AGRO PLC- GDR REG S USD 321 160 0.22 3 070 307 SBERBANK USD 4 597 232 3.20 269 149 SEVERSTAL - GDR REG S USD 1 971 825 1.37 1 692 471 SISTEMA JSFC USD 1 305 652 0.91 99 212 SISTEMA JSFC-REG S SPONS GDR USD 1 713 539 1.19 14 702 258 SURGUTNEFTEGAS - PFD USD 8 178 326 5.69 Turkey 24 514 789 17.06 160 614 BIM BIRLESIK MAGAZALAR AS TRY 2 870 478 2.00 82 168 COCA-COLA ICECEK AS TRY 1 474 280 1.03 1 008 333 ENKA INSAAT VE SANAYI AS TRY 1 919 148 1.34 150 649 FORD OTOMOTIV SANAYI AS TRY 1 510 491 1.05 904 286 HACI OMER SABANCI HOLDING TRY 3 181 361 2.21 2 468 110 TRAKYA CAM SANAYII AS TRY 2 301 005 1.60 862 682 TURK HAVA YOLLARI AO TRY 2 078 972 1.45 837 703 TURKCELL ILETISIM HIZMET AS TRY 3 728 102 2.59 468 842 TURKIYE GARANTI BANKASI TRY 1 397 067 0.97 317 904 TURKIYE HALK BANKASI TRY 1 772 688 1.23 1 162 041 TURKIYE IS BANKASI - C TRY 2 281 197 1.59 Poland 20 098 744 14.00 125 236 ASSECO POLAND SA PLN 1 257 846 0.88 37 184 BANK PEKAO SA PLN 1 590 113 1.11 54 068 EUROCASH SA PLN 442 912 0.31 192 691 KGHM POLSKA MIEDZ SA PLN 6 030 244 4.20 585 867 PGE SA PLN 3 033 980 2.11 635 226 PKO BANK POLSKI SA PLN 5 769 229 4.02 17 730 POWSZECHNY ZAKLAD UBEZPIECZE PLN 1 974 420 1.37 Hungary 7 594 768 5.29 354 593 OTP BANK PLC HUF 4 653 643 3.24 240 735 RICHTER GEDEON NYRT HUF 2 941 125 2.05 Greece 6 068 086 4.22 58 887 FF GROUP EUR 1 854 941 1.29 863 234 NATIONAL BANK OF GREECE S.A. EUR 2 253 041 1.57 177 385 PUBLIC POWER CORP EUR 1 960 104 1.36 Austria 5 423 744 3.78 88 855 ERSTE GROUP BANK AG EUR 1 735 338 1.21 189 149 RAIFFEISEN BANK INTERNATIONAL EUR 3 688 406 2.57 Guernsey Island 2 441 040 1.70 861 559 ETALON GROUP-GDR REGS-W/I USD 2 441 040 1.70 Czech Republic 2 438 700 1.70 110 498 CEZ AS CZK 2 438 700 1.70 The Netherlands 1 075 485 0.75 166 271 VIMPELCOM LTD-SPON ADR USD 1 075 485 0.75 Slovakia 0 0.00 107 150 POVAZSKE STROJARNE SHS EUR 0 0.00 Other transferable securities 2 672 0.00 Shares 2 672 0.00 Russia 2 672 0.00 12 771 TGK - 5 - REG S GDR USD 2 672 0.00 Total securities portfolio 141 912 254 98.77 Page 55

Equity Europe Growth Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 745 068 644 99.26 Shares 745 068 644 99.26 United Kingdom 208 624 247 27.80 219 282 BETFAIR GROUP PLC GBP 3 019 050 0.40 1 622 916 BG GROUP PLC GBP 24 584 676 3.28 3 008 436 BT GROUP PLC GBP 14 678 998 1.96 903 013 DIAGEO PLC GBP 20 214 330 2.69 1 169 027 INMARSAT PLC GBP 10 324 698 1.38 427 536 JOHNSON MATTHEY PLC GBP 17 022 741 2.27 3 900 209 KINGFISHER PLC GBP 14 934 041 1.99 22 993 757 LLOYDS BANKING GROUP PLC GBP 22 110 999 2.95 383 605 RIO TINTO PLC GBP 15 542 012 2.07 507 409 SABMILLER PLC GBP 21 258 527 2.83 472 665 SMITHS GROUP PLC GBP 7 842 491 1.04 1 253 339 STANDARD CHARTERED PLC GBP 19 167 878 2.55 537 477 WEIR GROUP PLC/THE GBP 17 923 806 2.39 Spain 97 462 790 12.98 530 502 AMADEUS IT HOLDING SA - A SHS EUR 15 013 207 2.00 2 704 619 BANCO BILBAO VIZCAYA ARGENTA EUR 24 909 541 3.32 4 052 315 BANCO SANTANDER SA EUR 30 757 071 4.10 348 322 GRIFOLS SA EUR 12 341 048 1.64 93 241 GRIFOLS SA - B EUR 2 805 622 0.37 1 335 357 MEDIASET ESPANA COMUNICACION EUR 11 636 301 1.55 Germany 95 417 204 12.70 309 862 BAYER AG-REG EUR 31 621 416 4.21 298 297 FRESENIUS MEDICAL CARE AG & EUR 16 009 600 2.13 161 974 LINDE AG EUR 24 401 383 3.25 93 313 PFEIFFER VACUUM TECHNOLOGY EUR 6 401 272 0.85 286 884 SAP SE EUR 16 983 533 2.26 France 72 107 666 9.62 115 507 ADP EUR 11 683 533 1.56 572 491 COMPAGNIE DE SAINT-GOBAIN EUR 22 115 327 2.95 100 328 INGENICO EUR 7 335 983 0.98 114 109 LVMH MOET HENNESSY LOUIS VUI EUR 15 068 093 2.01 225 599 TECHNIP SA EUR 15 904 730 2.12 Switzerland 61 292 150 8.17 139 961 ROCHE HOLDING AG GENUSSCHEIN CHF 31 058 615 4.14 73 724 SCHINDLER HOLDING - PART CERT CHF 8 109 732 1.08 53 614 SWATCH GROUP AG/THE-BR CHF 22 123 803 2.95 The Netherlands 54 206 150 7.22 327 643 AKZO NOBEL EUR 17 623 917 2.35 223 894 ASML HOLDING NV EUR 16 301 722 2.17 1 937 937 ING GROEP NV-CVA EUR 20 280 511 2.70 Sweden 32 706 906 4.36 440 076 ATLAS COPCO AB - A SHS SEK 9 752 841 1.30 1 338 389 ELEKTA AB-B SHS SEK 11 609 331 1.55 455 700 HEXAGON AB-B SHS SEK 11 344 734 1.51 Austria 21 330 628 2.84 269 341 ANDRITZ AG EUR 10 967 566 1.46 280 956 VIENNA INSURANCE GROUP AG EUR 10 363 062 1.38 Jersey Island 21 013 500 2.80 1 590 349 EXPERIAN PLC GBP 21 013 500 2.80 Denmark 18 542 673 2.47 267 201 CARLSBERG AS - B DKK 18 542 673 2.47 Finland 15 921 786 2.12 425 375 SAMPO OYJ - A SHS EUR 15 921 786 2.12 United States of America 15 133 758 2.01 350 157 LIBERTY GLOBAL INC-SERIES C USD 11 146 434 1.48 120 268 LIBERTY GLOBAL PLC USD 3 987 324 0.53 Portugal 10 907 794 1.45 1 057 982 JERONIMO MARTINS EUR 10 907 794 1.45 Ireland 10 361 230 1.38 589 376 CRH PLC EUR 10 361 230 1.38 Norway 10 040 162 1.34 706 685 DNB ASA NOK 10 040 162 1.34 Shares/Units in investment funds 2 127 006 0.28 France 2 127 006 0.28 1 784.00 BNP PARIBAS MONEY PRIME EURO - I - CAP EUR 2 127 006 0.28 Total securities portfolio 747 195 650 99.54 Page 56

Equity Europe Mid Cap Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 88 073 071 96.08 Shares 88 073 071 96.08 United Kingdom 33 219 927 36.26 143 648 AMEC PLC GBP 2 037 496 2.22 260 709 ASHTEAD GROUP PLC GBP 3 219 623 3.52 599 506 BARRATT DEVELOPMENTS PLC GBP 2 795 905 3.06 24 555 DERWENT LONDON PLC GBP 864 061 0.94 559 693 DS SMITH PLC GBP 2 004 070 2.19 187 540 ESSENTRA PLC GBP 2 026 373 2.21 81 076 HIKMA PHARMACEUTICALS PLC GBP 1 765 344 1.93 147 757 HOWDEN JOINERY GROUP PLC GBP 658 354 0.72 246 458 IG GROUP HOLDINGS PLC GBP 1 886 150 2.06 122 545 INCHCAPE PLC GBP 1 042 903 1.14 226 078 INFORMA SHS GBP 1 470 797 1.60 195 728 INTERNATIONAL PERSONAL FINAN GBP 1 274 583 1.39 206 765 JAZZTEL PLC EUR 2 048 834 2.23 82 675 MONDI PLC GBP 1 076 761 1.17 158 607 PERSIMMON PLC GBP 2 647 615 2.90 47 696 SPECTRIS PLC GBP 1 170 827 1.28 28 055 SPIRAX-SARCO ENGINEERING PLC GBP 1 047 000 1.14 479 076 TALKTALK TELECOM GROUP GBP 1 825 943 1.99 48 020 WEIR GROUP PLC/THE GBP 1 601 373 1.75 76 425 WOOD GROUP (JOHN) PLC GBP 755 915 0.82 France 17 161 804 18.71 11 419 ARKEMA EUR 652 139 0.71 37 527 ATOS EUR 2 178 818 2.38 18 201 BUREAU VERITAS SA EUR 329 074 0.36 57 029 CNP ASSURANCES EUR 856 290 0.93 42 328 EDENRED EUR 955 343 1.04 28 321 INGENICO EUR 2 070 832 2.26 55 692 KLEPIERRE EUR 2 018 835 2.20 36 251 SCOR SE EUR 844 648 0.92 19 020 SEB SA EUR 1 139 298 1.24 35 728 TELEPERFORMANCE EUR 1 764 606 1.92 45 908 THALES SA EUR 1 950 860 2.13 26 107 VALEO SA EUR 2 401 061 2.62 Switzerland 12 745 859 13.90 27 743 ACTELION LTD-REG CHF 2 591 815 2.83 21 632 ARYZTA AG CHF 1 503 580 1.64 4 384 BANQUE CANTONALE VAUDOIS-REG CHF 1 815 234 1.98 9 695 DUFRY AG - REG CHF 1 257 734 1.37 5 675 HELVETIA HOLDING AG-REG CHF 2 147 501 2.34 10 079 SCHINDLER HOLDING - PART CERT CHF 1 108 703 1.21 807 SIKA AG-BR CHF 2 321 292 2.53 Ireland 8 870 891 9.68 8 321 058 BANK OF IRELAND EUR 2 521 281 2.75 45 924 DCC PLC GBP 2 070 532 2.26 152 907 KINGSPAN GROUP PLC EUR 2 025 253 2.21 130 543 SMURFIT KAPPA GROUP PLC EUR 2 253 825 2.46 Germany 8 047 318 8.77 67 447 GEA GROUP AG EUR 2 322 200 2.53 8 675 HUGO BOSS AG EUR 925 189 1.01 82 140 PROSIEBENSAT.1 MEDIA AG EUR 2 506 502 2.73 56 405 SYMRISE AG EUR 2 293 427 2.50 The Netherlands 2 607 448 2.85 22 366 GEMALTO EUR 1 666 491 1.82 32 142 NUTRECO NV EUR 940 957 1.03 Finland 1 956 952 2.13 95 929 HUHTAMAKI OYJ EUR 1 956 952 2.13 Sweden 1 736 152 1.90 33 050 HEXAGON AB-B SHS SEK 822 786 0.90 62 683 TRELLEBORG AB-B SHS SEK 913 366 1.00 Norway 1 726 720 1.88 80 745 TGS NOPEC GEOPHYSICAL CO ASA NOK 1 726 720 1.88 Total securities portfolio 88 073 071 96.08 Page 57

Equity Europe Small Cap Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 036 513 936 97.87 Shares 1 036 513 936 97.87 United Kingdom 422 300 762 39.87 2 627 682 ASHTEAD GROUP PLC GBP 32 450 538 3.07 6 545 873 BARRATT DEVELOPMENTS PLC GBP 30 527 875 2.89 254 194 DERWENT LONDON PLC GBP 8 944 783 0.84 1 062 460 DIPLOMA PLC GBP 9 202 673 0.87 6 242 084 DS SMITH PLC GBP 22 350 777 2.11 2 286 227 ESSENTRA PLC GBP 24 702 724 2.33 1 188 678 FENNER PLC GBP 5 452 198 0.51 3 108 092 FERREXPO PLC GBP 5 176 561 0.49 1 186 133 HIKMA PHARMACEUTICALS PLC GBP 25 826 788 2.44 4 902 231 HOWDEN JOINERY GROUP PLC GBP 21 842 633 2.06 3 009 738 IG GROUP HOLDINGS PLC GBP 23 033 612 2.17 1 591 005 INCHCAPE PLC GBP 13 540 041 1.28 3 328 997 INTERNATIONAL PERSONAL FINAN GBP 21 678 459 2.05 2 426 557 JAZZTEL PLC EUR 24 044 753 2.27 1 410 085 MICRO FOCUS INTERNATIONAL PLC GBP 15 493 779 1.46 816 557 MONDI PLC GBP 10 634 853 1.00 516 395 PERSIMMON PLC GBP 8 620 147 0.81 4 491 037 SENIOR PLC GBP 16 188 457 1.53 8 708 136 SIG PLC GBP 20 498 128 1.94 358 006 SPECTRIS PLC GBP 8 788 220 0.83 482 638 SPIRAX-SARCO ENGINEERING PLC GBP 18 011 832 1.70 5 995 234 TALKTALK TELECOM GROUP GBP 22 850 145 2.16 1 809 841 WH SMITH PLC GBP 26 355 246 2.49 615 264 WOOD GROUP (JOHN) PLC GBP 6 085 540 0.57 France 114 874 042 10.85 278 402 ALTEN EUR 9 512 996 0.90 1 599 297 ALTRAN TECHNOLOGIES SA EUR 12 652 039 1.19 363 029 INGENICO EUR 26 544 680 2.51 979 367 PLASTIC OMNIUM EUR 19 660 793 1.86 252 891 SEB SA EUR 15 148 171 1.43 1 685 335 TECHNICOLOR - REGR EUR 9 844 042 0.93 435 540 TELEPERFORMANCE EUR 21 511 321 2.03 Switzerland 97 294 824 9.18 38 678 BANQUE CANTONALE VAUDOIS-REG CHF 16 014 972 1.51 43 367 BUCHER INDUSTRIES AG - REG CHF 9 814 060 0.93 159 304 DUFRY AG - REG CHF 20 666 536 1.95 61 867 HELVETIA HOLDING AG-REG CHF 23 411 353 2.21 269 943 IMPLENIA AG-REG CHF 12 956 190 1.22 1 381 722 LOGITECH INTERNATIONAL-REG CHF 14 431 713 1.36 Ireland 73 036 708 6.89 610 963 DCC PLC GBP 27 545 908 2.60 1 784 335 KINGSPAN GROUP PLC EUR 23 633 517 2.23 1 265 988 SMURFIT KAPPA GROUP PLC EUR 21 857 283 2.06 Germany 66 171 757 6.26 113 412 BIOTEST AG-VORZUGSAKTIEN EUR 9 721 677 0.92 146 928 KRONES AG EUR 10 239 412 0.97 158 134 MORPHOSYS AG EUR 11 102 588 1.05 385 235 NORMA GROUP EUR 14 082 265 1.33 517 113 SYMRISE AG EUR 21 025 815 1.99 Sweden 55 219 038 5.22 918 357 FABEGE AB SEK 9 191 071 0.87 327 584 HEXPOL AB SEK 21 065 979 1.99 721 809 LOOMIS AB - B SEK 16 271 654 1.54 596 405 TRELLEBORG AB-B SHS SEK 8 690 334 0.82 Italy 42 339 041 4.00 1 085 106 BANCA GENERALI SPA EUR 22 439 992 2.12 1 604 762 RECORDATI SPA EUR 19 899 049 1.88 The Netherlands 41 703 751 3.94 299 583 ARCADIS NV EUR 7 531 517 0.71 171 057 ASM INTERNATIONAL NV EUR 5 054 734 0.48 406 610 BRUNEL INTERNATIONAL EUR 7 632 070 0.72 319 195 NUTRECO NV EUR 9 344 434 0.88 173 319 WERELDHAVE NV EUR 12 140 996 1.15 Spain 35 472 579 3.35 608 016 GRUPO CATALANA OCCIDENTE SA EUR 15 668 572 1.48 333 849 TECNICAS REUNIDAS SA EUR 13 893 126 1.31 139 309 VISCOFAN SA EUR 5 910 881 0.56 Finland 23 585 582 2.23 1 156 156 HUHTAMAKI OYJ EUR 23 585 582 2.23 Norway 19 904 936 1.88 930 796 TGS NOPEC GEOPHYSICAL CO ASA NOK 19 904 936 1.88 Austria 12 763 508 1.20 60 062 SCHOELLER-BLECKMANN OILFIELD EUR 4 804 960 0.45 871 692 UNIQA INSURANCE GROUP AG EUR 7 958 548 0.75 Denmark 12 656 290 1.19 93 727 ROYAL UNIBREW A/S DKK 12 656 290 1.19 Belgium 10 567 790 1.00 255 045 ARSEUS NV EUR 10 567 790 1.00 Portugal 8 623 328 0.81 1 942 191 NOS SGPS EUR 8 623 328 0.81 Shares/Units in investment funds 882 176 0.08 France 882 176 0.08 8 777.00 BNPP ACT OB PME I EUR 882 176 0.08 Total securities portfolio 1 037 396 112 97.95 Page 58

Equity High Dividend Europe Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 679 714 834 99.40 Shares 679 714 834 99.40 United Kingdom 242 021 459 35.40 798 956 ADMIRAL GROUP PLC GBP 13 447 724 1.97 653 727 BHP BILLITON PLC GBP 15 721 922 2.30 243 621 BRITISH AMERICAN TOBACCO PLC GBP 10 914 798 1.60 2 162 386 DIRECT LINE INSURANCE GROUP GBP 8 148 990 1.19 1 528 443 GLAXOSMITHKLINE PLC GBP 28 414 413 4.16 4 264 942 HSBC HOLDINGS PLC GBP 35 059 474 5.13 1 534 235 NATIONAL GRID PLC GBP 17 389 867 2.54 973 682 PRUDENTIAL PLC GBP 17 800 402 2.60 341 620 RIO TINTO PLC GBP 13 840 962 2.02 1 282 177 ROYAL DUTCH SHELL PLC - A SHS EUR 39 407 709 5.77 715 653 SSE PLC GBP 13 696 794 2.00 1 109 281 STANDARD CHARTERED PLC GBP 16 964 734 2.48 4 301 873 VODAFONE GROUP SHS GBP 11 213 670 1.64 Germany 111 347 888 16.28 179 605 ALLIANZ SE-REG EUR 23 312 729 3.41 154 776 BASF SE EUR 12 117 413 1.77 75 456 BAYERISCHE MOTOREN WERKE AG EUR 6 685 402 0.98 543 218 DEUTSCHE POST AG-REG EUR 13 517 980 1.98 118 181 HUGO BOSS AG EUR 12 604 004 1.84 433 630 METRO AG EUR 11 590 930 1.69 326 522 PROSIEBENSAT.1 MEDIA AG EUR 9 963 819 1.46 226 092 SIEMENS AG-REG EUR 21 555 611 3.15 France 102 258 107 14.96 794 473 AXA SA EUR 14 975 816 2.19 304 470 BNP PARIBAS EUR 15 643 669 2.29 193 885 EUTELSAT COMMUNICATIONS EUR 4 921 771 0.72 154 126 MICHELIN (CGDE) - B EUR 12 969 703 1.90 244 543 RENAULT SA EUR 14 569 872 2.13 254 173 SANOFI AVENTIS EUR 21 223 446 3.10 360 881 VINCI SA EUR 17 953 830 2.63 Switzerland 76 246 736 11.14 188 789 NESTLE SA-REG CHF 11 150 343 1.63 536 418 NOVARTIS AG-REG CHF 36 617 915 5.35 128 334 ROCHE HOLDING AG GENUSSCHEIN CHF 28 478 478 4.16 Sweden 73 513 157 10.76 345 421 ELECTROLUX AB-SER B SEK 6 669 550 0.98 1 697 842 ERICSSON LM - B SHS SEK 16 114 014 2.36 1 481 622 NORDEA BANK AB SEK 14 699 239 2.15 495 751 RATOS AB-B SHS SEK 3 058 458 0.45 616 644 SKF AB-B SHARES SEK 10 825 267 1.58 262 298 SVENSKA HANDELSBANKEN-A SHS SEK 9 357 890 1.37 1 407 221 VOLVO AB - B SHS SEK 12 788 739 1.87 Italy 20 475 168 2.99 1 078 776 ENI SPA EUR 20 475 168 2.99 Norway 20 309 129 2.97 480 468 STATOIL ASA NOK 10 274 738 1.50 574 566 TELENOR ASA NOK 10 034 391 1.47 The Netherlands 13 687 341 2.00 590 226 KONINKLIJKE PHILIPS EUR 13 687 341 2.00 Luxembourg 10 128 972 1.48 42 852 RTL GROUP EUR 3 150 051 0.46 247 831 SES EUR 6 978 921 1.02 Spain 9 726 877 1.42 514 922 REPSOL SA EUR 9 726 877 1.42 Total securities portfolio 679 714 834 99.40 Page 59

Equity High Dividend Pacific Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 33 518 206 98.22 Shares 33 507 980 98.19 Australia 17 396 753 50.98 26 284 AGL ENERGY LTD AUD 263 158 0.77 70 483 AMCOR LIMITED AUD 571 115 1.67 135 951 AMP LTD AUD 567 216 1.66 80 302 AUST AND NZ BANKING GROUP AUD 1 905 459 5.58 106 612 BHP BILLITON LTD AUD 2 778 627 8.15 58 028 BRAMBLES LTD AUD 391 380 1.15 41 278 COMMONWEALTH BANK OF AUSTRALIA AUD 2 383 081 6.98 45 853 COMPUTERSHARE LTD AUD 401 041 1.18 65 207 G8 EDUCATION LTD AUD 248 978 0.73 13 499 MACQUARIE GROUP LTD AUD 558 584 1.64 56 137 NATIONAL AUSTRALIA BANK LTD AUD 1 402 584 4.11 106 218 ORORA LTD AUD 124 513 0.36 24 811 SONIC HEALTHCARE LTD AUD 310 542 0.91 56 119 SUNCORP GROUP LTD AUD 574 688 1.68 124 649 SYDNEY AIRPORT AUD 392 041 1.15 169 473 TELSTRA CORP LTD AUD 669 000 1.96 22 817 TOLL HOLDINGS LTD AUD 96 690 0.28 84 897 TRANSURBAN GROUP AUD 485 807 1.42 28 267 WESFARMERS LTD AUD 868 765 2.55 76 233 WESTPAC BANKING CORP AUD 1 895 701 5.56 19 781 WOOLWORTHS LTD AUD 507 783 1.49 Japan 9 491 408 27.80 10 300 ASAHI INTECC CO LTD JPY 365 667 1.07 30 100 CANON INC JPY 747 440 2.19 25 700 CHUBU ELECTRIC POWER CO INC JPY 225 597 0.66 5 800 CHUGOKU ELECTRIC POWER CO JPY 58 115 0.17 95 000 COSMO OIL COMPANY LTD JPY 135 248 0.40 9 700 EISAI CO LTD JPY 307 726 0.90 3 200 HOKURIKU ELECTRIC POWER CO JPY 31 477 0.09 73 700 ITOCHU CORP JPY 711 444 2.08 71 600 JX HOLDINGS INC JPY 279 543 0.82 6 600 LAWSON INC JPY 360 141 1.06 300 MANI INC JPY 12 799 0.04 91 000 MARUBENI CORP JPY 498 757 1.46 6 600 MIRACA HOLDINGS INC JPY 233 303 0.68 27 600 MITSUBISHI CORP JPY 433 601 1.27 248 400 MIZUHO FINANCIAL GROUP INC JPY 358 999 1.05 11 800 MS&AD INSURANCE GROUP HOLDIN JPY 202 075 0.59 4 500 NIHON KOHDEN CORP JPY 189 249 0.55 12 400 NIPPON TELEGRAPH & TELEPHONE JPY 632 264 1.85 56 300 NISSAN MOTOR CO LTD JPY 412 206 1.21 4 200 NITORI HOLDINGS CO LTD JPY 191 526 0.56 44 800 NTT DOCOMO INC JPY 589 138 1.73 41 700 RICOH CO LTD JPY 342 878 1.00 52 100 SUMITOMO CORP JPY 510 875 1.50 23 100 SUMITOMO MITSUI FINANCIAL GR JPY 708 886 2.08 43 000 SUMITOMO MITSUI TRUST HOLDINGS JPY 134 057 0.39 12 000 TAKEDA PHARMACEUTICAL CO LTD JPY 416 241 1.22 120 000 TOSHIBA CORP JPY 402 156 1.18 Hong Kong 1 791 410 5.25 86 500 BOC HONG KONG HOLDINGS LTD HKD 220 619 0.65 71 000 CLP HOLDINGS LTD HKD 455 937 1.34 46 649 DAH SING BANKING GROUP LTD HKD 63 554 0.19 31 607 DAH SING FINANCIAL HKD 140 732 0.41 32 300 HANG SENG BANK LTD HKD 413 767 1.21 14 875 HK ELECTRIC INVESTMENTS -SS HKD 7 503 0.02 328 000 PCCW LTD HKD 158 218 0.46 45 500 POWER ASSETS HOLDINGS LTD HKD 314 363 0.92 310 000 WATER OASIS GROUP LTD HKD 16 717 0.05 New Zealand 1 219 714 3.57 111 581 AUCKLAND INTL ARPT SHS NZD 260 202 0.76 65 468 FLETCHER BUILDING LTD NZD 382 657 1.12 16 391 RECALL HOLDINGS LTD AUD 55 493 0.16 279 547 SPARK NEW ZEALAND SHS NZD 521 362 1.53 South Korea 833 833 2.45 267 HYUNDAI MOTOR CO KRW 46 546 0.14 1 287 HYUNDAI MOTOR CO LTD-PFD KRW 144 528 0.42 6 330 KT CORP KRW 165 811 0.49 1 052 SK INNOVATION CO LTD KRW 74 037 0.22 1 962 SK TELECOM KRW 402 911 1.18 India 547 755 1.60 16 047 BAJAJ ELECTRICALS LTD INR 57 054 0.17 13 380 COROMANDEL INTERNATIONAL LTD INR 43 427 0.13 20 628 HINDUSTAN PETROLEUM CORP INR 118 147 0.35 43 736 MCLEOD RUSSEL INDIA LTD INR 161 089 0.47 17 827 OIL & NATURAL GAS CORP LTD INR 97 056 0.28 7 270 PHILLIPS CARBON BLACK LTD INR 7 996 0.02 18 018 TUBE INVESTMENTS OF INDIA INR 62 986 0.18 Taiwan 535 066 1.57 47 002 CHUNGHWA TELECOM CO LTD TWD 111 036 0.33 35 347 PACIFIC HOSPITAL SUPPLY CO TWD 61 829 0.18 9 000 ST SHINE OPTICAL CO LTD TWD 141 189 0.41 70 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 221 012 0.65 Malaysia 515 365 1.51 106 600 MAXIS BHD MYR 168 128 0.49 74 800 PUBLIC BANK BHD MYR 347 237 1.02 Philippines 440 365 1.29 4 250 PHILIPPINE LONG DISTANCE TEL PHP 254 700 0.75 84 245 SECURITY BANK CORP PHP 185 665 0.54 Indonesia 401 191 1.18 375 500 BANK RAKYAT INDONESIA PERSER IDR 269 067 0.79 763 000 TELEKOMUNIKASI INDONESIA SER B IDR 132 124 0.39 Bermuda 213 529 0.63 39 000 CHEUNG KONG INFRASTRUCTURE HKD 213 529 0.63 Thailand 69 966 0.21 92 000 ADVANCED INFORMATION TE-NVDR THB 69 966 0.21 United States of America 51 625 0.15 38 000 CTCI CORP TWD 51 625 0.15 Options, Warrants, Rights 10 226 0.03 5 256 AGL ENERGY LTD RTS 15/09/2014 AUD 10 226 0.03 Total securities portfolio 33 518 206 98.22 Page 60

Equity High Dividend USA Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 121 630 406 99.58 Shares 121 630 406 99.58 United States of America 112 509 569 92.11 12 407 ABM INDUSTRIES INC USD 330 026 0.27 84 375 ADT CORP/THE USD 3 110 063 2.55 51 327 AIRCASTLE LTD USD 981 372 0.80 6 659 BECTON DICKINSON AND CO USD 780 235 0.64 36 279 BEMIS COMPANY USD 1 478 006 1.21 6 755 BLACKROCK INC USD 2 232 730 1.83 19 527 BOB EVANS FARMS USD 847 862 0.69 59 589 CA INC USD 1 682 793 1.38 51 477 CHEVRON CORP USD 6 663 699 5.45 42 785 CINEMARK HLDGS INC USD 1 509 883 1.24 31 388 CME GROUP INC USD 2 402 751 1.97 51 459 COMPASS DIVERSIFIED HOLDINGS USD 945 302 0.77 5 850 COMPASS MINERALS INTERNATION USD 521 060 0.43 28 454 CORNING INC USD 593 550 0.49 25 665 CSG SYSTEMS INTL INC USD 711 434 0.58 42 417 DARDEN RESTAURANTS INC USD 2 007 172 1.64 55 982 DR PEPPER SNAPPLE GROUP INC USD 3 522 387 2.88 28 926 EMERSON ELECTRIC CO USD 1 851 843 1.52 15 139 ENERGIZER HOLDINGS INC USD 1 839 691 1.51 27 699 ENSCO PLC - CL A USD 1 398 246 1.14 117 480 GENERAL ELECTRIC CO USD 3 052 130 2.50 44 586 HASBRO INC USD 2 347 676 1.92 16 773 INNOPHOS HOLDINGS INC USD 975 350 0.80 118 824 INTEL CORP USD 4 149 334 3.40 71 317 IRON MOUNTAIN INC USD 2 565 986 2.10 35 467 J2 GLOBAL COMMUNICATIONS INC USD 1 895 711 1.55 17 480 KIMBERLY-CLARK CORP USD 1 887 840 1.55 46 285 KOHLS CORP USD 2 721 095 2.23 86 234 MICROSOFT CORP USD 3 917 611 3.21 27 102 MOLSON COORS BREWING CO - B USD 2 004 193 1.64 14 989 MYERS INDUSTRIES INC USD 295 433 0.24 33 629 NATIONAL CINEMEDIA INC USD 490 983 0.40 53 235 NATIONAL FUEL GAS CO USD 4 069 283 3.33 29 425 NATIONAL OILWELL VARCO INC USD 2 543 203 2.08 28 995 NUCOR CORP USD 1 575 008 1.29 36 466 OCCIDENTAL PETROLEUM CORP USD 3 782 618 3.10 54 665 OWENS AND MINOR INC USD 1 880 476 1.54 35 516 PEPSICO INC USD 3 284 875 2.69 35 864 PNC FINANCIAL SERVICES GROUP USD 3 039 474 2.49 65 128 PROCTER & GAMBLE CO/THE USD 5 412 788 4.42 44 005 QUALCOMM INC USD 3 348 781 2.74 38 644 QUEST DIAGNOSTICS INC USD 2 442 687 2.00 44 782 REPUBLIC SERVICES INC USD 1 761 276 1.44 6 659 SAFETY INSURANCE GROUP INC USD 367 577 0.30 74 040 SYSCO CORP USD 2 800 933 2.29 36 742 TARGET CORP USD 2 207 092 1.81 27 308 UNITED PARCEL SERVICE-CL B USD 2 657 888 2.18 69 177 US BANCORP USD 2 924 804 2.39 88 460 VERIZON COMMUNICATIONS INC USD 4 407 077 3.61 131 098 WESTERN UNION CO USD 2 290 282 1.88 Canada 4 615 605 3.78 65 734 ROGERS COMMUNICATIONS INC - B USD 2 681 290 2.20 76 789 SHAW COMMUNICATIONS INC - B USD 1 934 315 1.58 United Kingdom 2 467 783 2.02 65 113 THOMSON REUTERS CORP USD 2 467 783 2.02 Bermuda 2 037 449 1.67 18 242 PARTNERRE LTD USD 2 037 449 1.67 Total securities portfolio 121 630 406 99.58 Page 61

Equity India Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 556 652 322 99.40 Shares 556 652 322 99.40 India 533 564 561 95.28 505 000 ACC LTD INR 12 422 213 2.22 170 000 ADITYA BIRLA NUVO LIMITED INR 4 071 537 0.73 1 702 093 AMBUJA CEMENTS LTD INR 5 788 470 1.03 1 600 000 AXIS BANK LTD INR 10 474 625 1.87 732 394 BALKRISHNA INDUSTRIES LTD INR 8 762 761 1.56 1 130 000 BHARAT PETROLEUM CORPORATION LTD INR 12 926 908 2.31 5 450 000 BHARTI AIRTEL LTD INR 33 213 748 5.94 950 000 CIPLA LTD INR 8 051 591 1.44 1 700 000 COAL INDIA LTD INR 9 975 399 1.78 135 000 CONTAINER CORP OF INDIA LTD INR 2 936 416 0.52 125 000 DR. REDDYS LABORATORIES INR 6 081 343 1.09 97 000 FAG BEARINGS INDIA LTD INR 4 555 168 0.81 2 750 000 FEDERAL BANK LTD INR 5 470 795 0.98 1 351 651 GATEWAY DISTRIPARKS LTD INR 5 877 196 1.05 330 000 HCL TECHNOLOGIES LTD INR 8 872 395 1.58 2 025 000 HDFC BANK LIMITED INR 28 125 039 5.02 155 000 HERO HONDA MOTORS LIMITED INR 6 654 981 1.19 1 050 000 HINDUSTAN PETROLEUM CORP INR 7 921 520 1.41 1 395 000 HOUSING DEVELOPMENT FINANCE INR 24 706 461 4.41 8 000 000 IDEA CELLULAR LTD INR 21 346 429 3.81 820 000 INDUSIND BANK LTD INR 7 910 722 1.41 635 000 INFOSYS LTD INR 37 671 347 6.74 4 500 000 JAIPRAKASH ASSOCIATES LTD INR 3 447 748 0.62 336 935 JUBILANT FOODWORKS LTD INR 7 199 838 1.29 210 000 JUST DIAL LTD INR 5 704 631 1.02 600 000 JYOTHY LABORATORIES LTD INR 2 199 075 0.39 635 000 KOTAK MAHINDRA BANK LTD INR 10 864 352 1.94 340 000 LARSEN & TOUBRO LTD INR 8 554 261 1.53 303 500 LUPIN LTD INR 6 429 442 1.15 125 000 MARUTI SUZUKI INDIA LTD INR 5 734 907 1.02 1 525 000 MOTHERSON SUMI SYSTEMS LTD INR 9 351 560 1.67 2 700 000 OIL & NATURAL GAS CORP LTD INR 19 362 427 3.46 475 000 OIL INDIA LTD INR 4 816 834 0.86 4 900 000 POWER GRID CORP OF INDIA LTD INR 10 437 353 1.86 1 675 320 PURAVANKARA PROJECTS LTD INR 2 485 248 0.44 525 000 PVR LTD INR 5 891 743 1.05 1 120 000 RELIANCE INDUSTRIES LTD INR 18 442 874 3.29 1 080 000 REPCO HOME FINANCE LTD INR 7 846 626 1.40 1 200 000 SESA GOA LTD INR 5 479 302 0.98 225 400 SHRIRAM CITY UNION FINANCE INR 6 330 061 1.13 400 000 SHRIRAM TRANSPORT FINANCE INR 5 961 442 1.06 610 000 SOBHA DEVELOPERS LTD INR 4 571 592 0.82 725 000 SUN PHARMACEUTICAL INDUSTRIES INR 10 219 460 1.82 860 000 TATA CONSULTANCY SVS DEMATERIAL INR 35 761 861 6.40 1 225 000 TATA MOTORS LTD INR 10 586 362 1.89 145 000 TECH MAHINDRA LTD INR 5 647 620 1.01 275 000 ULTRATECH CEMENT LTD INR 11 558 087 2.06 734 977 VA TECH WABAG LTD INR 17 097 111 3.05 840 000 VARDHMAN TEXTILES LTD INR 6 177 228 1.10 890 000 WIPRO LTD INR 8 287 648 1.48 350 000 YES BANK LTD INR 3 300 804 0.59 Bahrain 17 181 034 3.07 670 000 ICICI BANK LTD INR 17 181 034 3.07 Luxembourg 5 906 727 1.05 145 000 BAJAJ FINANCE LTD INR 5 906 727 1.05 Total securities portfolio 556 652 322 99.40 Page 62

Equity Indonesia Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 113 299 421 93.79 Shares 113 299 421 93.79 Indonesia 112 557 341 93.18 11 687 500 ADARO ENERGY TBK PT IDR 1 312 383 1.09 426 200 ASTRA AGRO LESTARI TBK PT IDR 928 543 0.77 12 888 100 ASTRA INTERNATIONAL TBK PT IDR 8 334 948 6.90 8 008 100 BANK CENTRAL ASIA TBK PT IDR 7 661 747 6.34 9 019 276 BANK MANDIRI TBK PT IDR 8 024 634 6.64 10 241 107 BANK NEGARA INDONESIA PT IDR 4 676 222 3.87 8 004 300 BANK RAKYAT INDONESIA PERSER IDR 7 554 838 6.25 18 796 400 BUMI SERPONG DAMAI PT IDR 2 576 495 2.13 6 905 200 CHAROEN POKPHAND INDONESI PT IDR 2 267 429 1.88 14 476 900 CIPUTRA DEVELOPMENT TBK PT IDR 1 501 615 1.24 8 045 500 ERAJAYA SWASEMBADA TBK PT IDR 783 112 0.65 2 844 000 GAJAH TUNGGAL TBK PT IDR 430 011 0.36 550 000 GUDANG GARAM TBK PT IDR 2 535 569 2.10 1 643 400 INDOCEMENT TUNGGAL PRAKARSA IDR 3 406 545 2.82 1 810 500 INDOFOOD CBP SUKSES MAKMUR T IDR 1 623 900 1.34 4 754 200 INDOFOOD SUKSES MAKMUR TBK P IDR 2 790 061 2.31 3 703 600 INDOSAT TBK PT IDR 1 212 118 1.00 7 426 500 JAPFA COMFEED INDONESIA TBK IDR 818 289 0.68 6 678 300 JASA MARGA (PERSERO) TBK PT IDR 3 536 607 2.93 24 063 400 KALBE FARMA TBK PT IDR 3 410 452 2.82 2 327 200 MATAHARI DEPARTMENT STORE TB IDR 3 237 016 2.68 3 832 700 MEDIA NUSANTARA CITRA TBK PT IDR 918 735 0.76 13 826 900 PEMBANGUNAN PERUMAHAN PERSER IDR 2 908 595 2.41 11 827 700 PERUSAHAAN GAS NEGARA PT IDR 5 854 872 4.85 7 688 200 PP LONDON SUMATRA INDONES PT IDR 1 227 894 1.02 2 401 600 SEMEN GRESIK (PERSERO) PT IDR 3 328 285 2.76 21 406 196 SUMMARECON AGUNG TBK PT IDR 2 448 541 2.03 9 987 200 SURYA CITRA MEDIA TBK IDR 3 512 218 2.91 634 500 TAMBANG BATUBARA BUKIT ASAM IDR 723 300 0.60 38 683 900 TELEKOMUNIKASI INDONESIA SER B IDR 8 823 479 7.29 3 465 600 TEMPO SCAN PACIFIC IDR 844 101 0.70 2 094 900 UNILEVER INDONESIA TBK PT IDR 5 544 221 4.59 1 023 584 UNITED TRACTORS TBK PT IDR 1 937 039 1.60 5 303 200 VALE INDONESIA TBK IDR 1 891 718 1.57 5 866 800 WASKITA KARYA PERSERO TBK PT IDR 453 011 0.38 6 871 600 WIJAYA KARYA PT IDR 1 683 075 1.39 3 609 900 XL AXIATA TBK PT IDR 1 835 723 1.52 United States of America 742 080 0.61 14 023 400 BEKASI FAJAR INDUSTRIAL ESTA IDR 742 080 0.61 Other transferable securities 1 953 803 1.62 Shares 1 953 803 1.62 Indonesia 1 953 803 1.62 2 900 700 TOWER BERSAMA INFRASTRUCTURE IDR 1 953 803 1.62 Total securities portfolio 115 253 224 95.41 Page 63

Equity Japan Securities portfolio at 31/08/2014 Expressed in JPY Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 139 476 474 471 99.98 Shares 139 476 474 471 99.98 Japan 139 476 474 471 99.98 714 400 AISIN SEIKI CO LTD JPY 2 746 868 000 1.97 1 911 895 ASTELLAS PHARMA INC JPY 2 864 018 710 2.05 760 800 BRIDGESTONE CORP JPY 2 715 295 200 1.95 3 872 000 CHIBA BANK LTD - THE JPY 2 838 176 000 2.03 3 497 200 CITIZEN HOLDINGS CO LTD JPY 2 584 430 800 1.85 2 636 000 DAI NIPPON PRINTING CO LTD JPY 2 877 194 000 2.06 1 312 000 DAIWA HOUSE INDUSTRY CO LTD JPY 2 581 360 000 1.85 348 500 EAST JAPAN RAILWAY CO JPY 2 816 925 500 2.02 894 800 FUJIFILM HOLDINGS CORP JPY 2 805 645 400 2.01 1 663 000 HITACHI METALS LTD JPY 2 946 836 000 2.11 798 700 HONDA MOTOR CO LTD JPY 2 805 833 100 2.01 1 205 300 IDEMITSU KOSAN CO LTD JPY 2 750 494 600 1.97 2 168 000 ITOCHU CORP JPY 2 867 180 000 2.06 5 277 240 JX HOLDINGS INC JPY 2 822 267 952 2.02 452 500 KDDI CORP JPY 2 714 547 500 1.95 62 031 KEYENCE CORP JPY 2 761 930 275 1.98 1 874 000 KUBOTA CORP JPY 2 784 764 000 2.00 2 158 000 KURARAY CO LTD JPY 2 792 452 000 2.00 1 067 100 LIXIL GROUP CORP JPY 2 456 464 200 1.76 3 851 000 MARUBENI CORP JPY 2 892 101 000 2.07 1 141 200 MAZDA MOTOR CORP JPY 2 800 504 800 2.01 1 336 900 MITSUBISHI CORP JPY 2 876 340 350 2.06 1 882 000 MITSUBISHI TANABE PHARMA JPY 2 996 144 000 2.16 4 686 960 MITSUBISHI UFJ FINANCIAL GROUP JPY 2 803 739 472 2.01 1 725 600 MITSUI & CO LTD JPY 2 926 617 600 2.10 9 009 000 MITSUI CHEMICALS INC JPY 2 765 763 000 1.98 7 608 000 MITSUI OSK LINES LTD JPY 2 898 648 000 2.08 13 967 700 MIZUHO FINANCIAL GROUP INC JPY 2 764 207 830 1.98 1 203 900 MS&AD INSURANCE GROUP HOLDIN JPY 2 824 951 350 2.02 5 706 000 NIPPON EXPRESS CO LTD JPY 2 716 056 000 1.95 9 205 000 NIPPON STEEL & SUMITOMO METAL CORP JPY 2 709 952 000 1.94 428 600 NIPPON TELEGRAPH & TELEPHONE JPY 2 991 628 000 2.15 6 781 000 OJI HOLDINGS CORP JPY 2 868 363 000 2.06 1 744 900 ORIX CORP JPY 2 739 493 000 1.96 2 088 900 RAKUTEN INC JPY 2 811 659 400 2.02 2 422 000 RICOH CO LTD JPY 2 725 961 000 1.95 452 200 SECOM CO LTD JPY 2 875 539 800 2.06 2 336 000 SEKISUI CHEMICAL CO LTD JPY 2 873 280 000 2.06 2 498 000 SHIZUOKA BANK LTD/THE JPY 2 695 342 000 1.93 375 300 SOFTBANK CORP JPY 2 817 001 800 2.02 1 062 200 START TODAY CO LTD JPY 2 628 945 000 1.88 1 899 500 SUMITOMO ELECTRIC INDUSTRIES JPY 2 892 938 500 2.07 6 280 780 SUMITOMO MITSUI TRUST HOLDINGS JPY 2 681 264 982 1.92 6 784 000 TAIHEIYO CEMENT CORP JPY 2 951 040 000 2.12 602 100 TAKEDA PHARMACEUTICAL CO LTD JPY 2 859 975 000 2.05 871 100 TOKIO MARINE HOLDINGS INC JPY 2 762 693 650 1.98 6 012 000 TOSHIBA CORP JPY 2 757 103 200 1.98 469 400 TOYOTA MOTOR CORP JPY 2 782 603 200 1.99 6 294 900 YAHOO JAPAN CORP JPY 2 637 563 100 1.89 1 753 600 YAMAHA CORP JPY 2 616 371 200 1.88 Total securities portfolio 139 476 474 471 99.98 Page 64

Equity Latin America Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 251 243 084 95.63 Shares 251 196 122 95.62 Brazil 141 248 768 53.76 57 200 ALL AMERICA LATINA LOGISTICA BRL 210 900 0.08 1 274 352 AMBEV SA BRL 9 283 343 3.53 121 000 AMBEV SA-SPN ADR USD 882 090 0.34 546 250 BANCO BRADESCO SA-PREF BRL 9 970 216 3.80 291 100 BANCO BRADESCO-ADR USD 5 309 664 2.02 119 100 BB SEGURIDADE PARTICIPACOES BRL 1 902 364 0.72 52 033 BR MALLS PARTICIPACOES SA BRL 541 131 0.21 78 893 BRADESPAR SA -PREF BRL 721 040 0.27 103 897 BRF SA BRL 2 781 360 1.06 421 345 CCR SA BRL 3 815 089 1.45 233 296 CETIP SA - BALCAO ORGANIZADO BRL 3 404 222 1.30 79 215 CIA BRASILEIRA DE DIS-PREF BRL 4 033 061 1.54 1 CIA ENERGETICA MINAS GER-PRF BRL 9 0.00 67 462 CIELO SA BRL 1 265 092 0.48 168 247 COSAN SA INDUSTRIA COMERCIO BRL 3 496 453 1.33 344 033 DURATEX SA BRL 1 548 307 0.59 427 700 GERDAU SA-PREF BRL 2 477 260 0.94 95 901 HYPERMARCAS SA BRL 834 052 0.32 19 300 ITAU UNIBANCO HLDNG-PREF ADR USD 347 400 0.13 941 828 ITAU UNIBANCO HOLDING SA BRL 16 988 309 6.47 3 065 383 ITAUSA-INVESTIMENTOS ITAU-PR BRL 14 932 711 5.68 987 762 KLABIN SA - UNIT BRL 5 019 265 1.91 22 988 KROTON EDUCACIONAL SA BRL 688 854 0.26 336 738 MILLS ESTRUTURAS E SERVICOS BRL 3 446 315 1.31 156 381 MULTIPLAN EMPREENDIMENTOS BRL 4 033 318 1.54 444 771 OI SA BRL 296 176 0.11 932 229 OI SA-PREFERENCE N1 BRL 604 113 0.23 456 344 PETROBRAS - PETROLEO BRAS-PR BRL 4 762 189 1.81 283 200 PETROLEO BRASILEIRO SA ADR USD 5 542 224 2.11 390 577 PETROLEO BRASILEIRO-SPON ADR USD 8 127 907 3.09 868 817 SUZANO PAPEL E CELULO - PREF A BRL 3 459 660 1.32 118 212 TELEFONICA BRASIL SA BRL 2 527 964 0.96 4 986 TELEFONICA BRASIL SA - ADR USD 106 700 0.04 80 200 TOTVS SA BRL 1 464 536 0.56 70 885 ULTRAPAR PARTICIPACOES SA BRL 1 827 605 0.70 325 438 USINAS SIDER MINAS GER-PF A BRL 1 175 187 0.45 17 066 VALE SA BRL 222 101 0.08 107 693 VALE SA-PREF A BRL 1 249 933 0.48 697 750 VALE SA-SP PREF ADR USD 8 128 788 3.09 342 064 VIA VAREJO SA BRL 3 821 860 1.45 Mexico 67 934 172 25.86 872 486 ALFA S.A.B.-A MXN 2 807 195 1.07 203 000 ALSEA SAB DE CV MXN 700 343 0.27 412 583 AMERICA MOVIL-ADR SERIES L USD 10 112 409 3.85 144 031 ARCA CONTINENTAL SAB DE CV MXN 1 058 794 0.40 1 650 578 CEMEX SAB - CPO MXN 2 192 691 0.83 511 975 CEMEX SAB-SPONS ADR PART CER USD 6 773 429 2.58 1 220 251 CORP INMOBILIARIA VESTA SAB MXN 2 653 186 1.01 72 874 EL PUERTO DE LIVERPOOL-C1 MXN 830 983 0.32 330 300 EMPRESAS ICA S.A.B MXN 612 326 0.23 1 227 351 FIBRA SHOP PORTAFOLIOS INMOB MXN 1 712 124 0.65 52 366 FOMENTO ECONOMICO MEX-SP ADR USD 5 074 789 1.93 304 300 GENOMMA LAB INTERNACIONAL - B MXN 811 746 0.31 159 400 GRUPO AEROPORTUARIO DEL CENT MXN 681 584 0.26 104 681 GRUPO AEROPORTUARIO DEL-B SH MXN 726 694 0.28 1 260 333 GRUPO FINANCIERO BANORTE - O MXN 8 872 597 3.38 825 049 GRUPO FINANCIERO INBURSA-O MXN 2 506 917 0.95 1 999 880 GRUPO MEXICO SAB DE CV-SER B MXN 7 265 060 2.77 132 929 GRUPO TELEVISA SA-SPON ADR USD 4 927 678 1.88 26 700 INDUSTRIAS PENOLES SAB DE CV MXN 677 531 0.26 758 339 MEXICHEM SAB DE CV MXN 3 270 447 1.24 69 163 OHL MEXICO SAB DE CV MXN 203 117 0.08 15 804 ORGANIZACION SORIANA S.A.B-B MXN 54 451 0.02 750 000 PROLOGIS PROPERTY MEXICO SA MXN 1 658 827 0.63 109 126 PROMOTORA Y OPERAD DE INF-L MXN 1 421 129 0.54 143 300 TF ADMINISTRADORA INDUSTRIAL MXN 328 125 0.12 Chile 11 601 504 4.43 6 241 BANCO DE CHILE - ADR USD 460 024 0.18 7 381 352 BANCO SANTANDER CHILE CLP 437 339 0.17 6 191 CAP SA CLP 73 553 0.03 37 CENCOSUD SA CLP 111 0.00 18 582 CIA CERVECERIAS UNIDAS-ADR USD 402 300 0.15 747 592 E.CL SA CLP 1 078 358 0.41 462 526 EMPRESAS CMPC SA CLP 1 151 310 0.44 95 300 EMPRESAS COPEC SA CLP 1 197 889 0.46 39 600 LATAM AIRLINES GROUP SA CLP 489 898 0.19 8 793 QUIMICA Y MINERA CHIL-SP ADR USD 240 752 0.09 547 373 S.A.C.I. FALABELLA CLP 4 122 142 1.57 2 680 SOC QUIMICA Y MINERA CHILE-B CLP 73 367 0.03 808 870 SONDA SA CLP 1 874 461 0.71 Bermuda 10 411 789 3.96 285 131 COSAN LTD-CLASS A SHARES USD 4 134 400 1.57 40 481 CREDICORP LTD USD 6 277 389 2.39 British Indian Ocean Territory 6 363 650 2.43 4 021 EMPRESA NAC ELEC-CHIL-SP ADR USD 184 765 0.07 1 900 504 EMPRESA NACIONAL DE ELECTRIC CLP 2 903 587 1.11 193 690 ENERSIS S.A. -SPONS ADR USD 3 275 298 1.25 Colombia 4 640 771 1.77 29 026 BANCOLOMBIA S.A.-SPONS ADR USD 1 836 765 0.70 316 507 CEMENTOS ARGOS SA COP 1 864 281 0.71 542 200 ECOPETROL SA COP 939 725 0.36 Peru 2 688 215 1.02 121 084 CEMENTOS PACASMAYO SAA - ADR USD 1 134 557 0.43 57 500 CIA DE MINAS BUENAVENTUR-ADR USD 837 200 0.32 33 700 GRANA Y MONTERO SA - ADR USD 552 006 0.21 417 734 VOLCAN CIA MINERA SAA-CMN B PEN 164 452 0.06 Panama 2 680 964 1.02 21 800 COPA HOLDINGS SA CLASS A USD 2 680 964 1.02 Luxembourg 1 902 264 0.72 72 800 TERNIUM SA - SPONSORED ADR USD 1 902 264 0.72 Canada 903 948 0.34 43 329 PACIFIC RUBIALES ENERGY CORP CAD 903 948 0.34 Spain 510 047 0.19 51 500 CEMEX LATAM HOLDINGS SA COP 510 047 0.19 Cayman Islands 310 030 0.12 13 487 GRUPO INVERSION SHS COP 310 030 0.12 Bonds 36 070 0.01 Brazil 36 070 0.01 448 378 PDG REALTY 0.000% 12-19/09/2016 CV BRL 36 070 0.01 Floating rate bonds 10 892 0.00 Brazil 10 892 0.00 270 800 VALE DO RIO DOCE 97-29/09/2049 FRN FLAT BRL 10 892 0.00 Page 65

Equity Latin America Securities portfolio at 31/08/2014 Expressed in USD Other transferable securities 1 050 031 0.40 Convertible bonds 1 050 031 0.40 Brazil 1 050 031 0.40 KLABIN SA 12.240% 13-08/01/2019 41 328 SUBR CV BRL 1 050 031 0.40 Total securities portfolio 252 293 115 96.03 Page 66

Equity Russia Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 073 835 667 98.31 Shares 1 073 835 667 98.31 Russia 991 485 526 90.76 8 700 000 AEROFLOT-RUSSIAN INTERNATION USD 8 314 933 0.76 2 118 300 ALROSA CO LTD USD 1 841 290 0.17 573 882 BANK VOZROZHDENIE USD 4 518 855 0.41 251 080 BASHNEFT PFD-CLS USD 7 347 441 0.67 829 000 BASHNEFT-CLS USD 32 957 263 3.02 1 060 000 000 E.ON RUSSIA JSC USD 53 201 184 4.87 2 818 285 GAZPROM NEFT - SPONSORED ADR USD 41 187 357 3.77 16 800 000 GAZPROM OAO USD 45 338 190 4.15 1 211 380 GLOBAL PORTS INV-REGS W/I USD 7 173 371 0.66 2 655 823 GLOBALTRA-SPONS GDR REG S USD 18 448 816 1.69 1 140 687 IBS GROUP-REGS GDR EUR 25 665 458 2.35 200 036 054 IDGC OF CENTER AND VOLGA USD 410 034 0.04 2 248 602 KUZBASSKAYA TOPLIVNAYA CO USD 2 876 630 0.26 54 LUGA ABRASIVE PLANT-BRD USD 245 976 0.02 650 000 LUKOIL 0AO USD 27 319 339 2.50 1 950 000 LUKOIL OAO-SPON ADR USD 82 533 025 7.56 505 000 MAGNIT USD 93 978 832 8.60 5 669 156 MAGNITOGORS-SPON GDR REGS USD 10 975 059 1.00 1 110 000 MAIL.RU GROUP-GDR REGS USD 22 626 405 2.07 1 819 053 MEGAFON-GDR-WI USD 39 082 296 3.58 2 700 000 MMC NORILSK NICKEL JSC-ADR USD 40 114 637 3.67 38 683 MMC NORILSK NICKEL-CLS USD 5 720 098 0.52 17 100 000 MOBILE TELESYSTEMS OJSC USD 98 580 227 9.02 10 800 000 MOSTOTREST-CLS USD 18 996 259 1.74 2 200 000 NOVATEK OAO USD 16 558 290 1.52 306 445 NOVATEK OAO-SPONS GDR REG S USD 23 404 469 2.14 951 000 OKEY GROUP SA-GDR REGS USD 5 855 307 0.54 1 077 464 ROS AGRO PLC- GDR REG S USD 5 480 572 0.50 22 500 000 SBERBANK USD 33 689 702 3.08 1 770 000 SBERBANK-SPONSORED ADR USD 10 951 640 1.00 2 234 280 SEVERSTAL USD 16 427 878 1.50 500 000 SEVERSTAL - GDR REG S USD 3 663 073 0.34 57 677 500 SISTEMA JSFC USD 44 495 135 4.07 192 000 000 SURGUTNEFTEGAS - PFD USD 106 802 550 9.79 12 313 600 TATNEFT - PFD 3 SERIES USD 34 703 935 3.18 Guernsey Island 27 948 305 2.56 9 864 284 ETALON GROUP-GDR REGS-W/I USD 27 948 305 2.56 Kazakhstan 26 262 261 2.41 750 000 KAZMUNAIGAS EXPLORA - GDR REGS USD 10 249 013 0.94 1 386 762 KCELL JSC - REG S - W/I USD 16 013 248 1.47 The Netherlands 18 335 016 1.68 4 964 082 NORD GOLD NV USD 5 276 127 0.48 348 000 NOSTRUM OIL & GAS LP GBP 3 356 490 0.31 1 500 000 VIMPELCOM LTD-SPON ADR USD 9 702 399 0.89 Ireland 9 804 559 0.90 1 296 081 DRAGON OIL PLC GBP 9 804 559 0.90 Shares/Units in investment funds 6 435 584 0.59 Luxembourg 6 435 584 0.59 PARVEST EQUITY RUSSIA OPPORTUNITIES 71 390.86 - X - CAP USD 6 435 584 0.59 Total securities portfolio 1 080 271 251 98.90 Page 67

Equity Russia Opportunities Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 79 751 850 100.55 Shares 79 751 850 100.55 Russia 65 829 214 83.00 700 000 AEROFLOT-RUSSIAN INTERNATION USD 881 230 1.11 11 208 BASHNEFT PFD-CLS USD 432 020 0.54 56 000 BASHNEFT-CLS USD 2 932 489 3.70 58 000 000 E.ON RUSSIA JSC USD 3 834 380 4.83 158 952 GAZPROM NEFT - SPONSORED ADR USD 3 059 826 3.86 650 000 GAZPROM OAO USD 2 310 575 2.91 95 293 GLOBALTRA-SPONS GDR REG S USD 871 931 1.10 653 764 HYDRAULIC MACHINE-GDR RE-W/I USD 1 046 022 1.32 93 644 IBS GROUP-REGS GDR EUR 2 775 327 3.50 80 000 LUKOIL 0AO USD 4 428 927 5.58 54 000 LUKOIL OAO-SPON ADR USD 3 010 500 3.80 23 000 MAGNIT USD 5 637 911 7.11 630 000 MAGNITOGORS-SPON GDR REGS USD 1 606 500 2.03 45 000 MAIL.RU GROUP-GDR REGS USD 1 208 250 1.52 12 500 MMC NORILSK NICKEL-CLS USD 2 434 698 3.07 785 000 MOBILE TELESYSTEMS OJSC USD 5 960 945 7.52 47 000 000 MOSENERGO USD 1 082 880 1.37 500 000 MOSTOTREST-CLS USD 1 158 420 1.46 220 000 OKEY GROUP SA-GDR REGS USD 1 784 200 2.25 1 150 000 SBERBANK USD 2 268 111 2.86 320 000 SEVERSTAL USD 3 099 171 3.91 3 500 000 SISTEMA JSFC USD 3 556 525 4.48 9 700 000 SURGUTNEFTEGAS - PFD USD 7 107 288 8.96 900 000 TATNEFT - PFD 3 SERIES USD 3 341 088 4.21 United Kingdom 7 035 948 8.87 700 000 JKX OIL & GAS PLC GBP 524 580 0.66 3 336 860 VOLGA GAS PLC GBP 6 511 368 8.21 Kazakhstan 2 277 826 2.87 15 000 KAZMUNAIGAS EXPLORA - GDR REGS USD 270 000 0.34 132 007 KCELL JSC - REG S - W/I USD 2 007 826 2.53 The Netherlands 1 769 970 2.23 481 383 NORD GOLD NV USD 673 936 0.85 74 200 NOSTRUM OIL & GAS LP GBP 942 674 1.19 18 000 VIMPELCOM LTD-SPON ADR USD 153 360 0.19 Guernsey Island 1 642 080 2.07 440 000 ETALON GROUP-GDR REGS-W/I USD 1 642 080 2.07 Ireland 762 430 0.96 76 516 DRAGON OIL PLC GBP 762 430 0.96 Cyprus 434 382 0.55 6 750 000 URALS ENERGY PUBLIC CO LTD GBP 434 382 0.55 Total securities portfolio 79 751 850 100.55 Page 68

Equity USA Growth Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 965 014 899 99.59 Shares 965 014 899 99.59 United States of America 938 121 194 96.81 138 933 3M CO USD 20 006 352 2.06 65 283 ACTAVIS PLC USD 14 817 935 1.53 302 448 ALTRIA GROUP INC USD 13 029 460 1.34 325 773 AMERICAN AIRLINES SHS USD 12 675 827 1.31 170 360 AMERIPRISE FINANCIAL INC USD 21 424 474 2.21 638 066 APPLE INC USD 65 401 766 6.76 232 151 AUTODESK INC USD 12 452 580 1.29 313 127 BORGWARNER INC USD 19 473 368 2.01 131 265 BROWN-FORMAN CORP - CLASS B USD 12 163 015 1.26 116 600 CATERPILLAR INC USD 12 717 562 1.31 192 654 CELGENE CORP USD 18 305 983 1.89 661 863 COMCAST CORP-CLASS A USD 36 223 762 3.75 106 462 CONCHO RESOURCES INC USD 15 121 862 1.56 278 883 CVS CAREMARK CORP USD 22 157 254 2.29 95 305 DANAHER CORP USD 7 301 316 0.75 528 816 DELTA AIR LINES INC USD 20 930 537 2.16 210 750 EASTMAN CHEMICAL CO USD 17 380 553 1.79 800 105 EMC CORP/MASS USD 23 627 101 2.44 158 314 ESTEE LAUDER COMPANIES-CL A USD 12 163 265 1.26 318 555 FACEBOOK INC - A USD 23 834 285 2.46 300 338 FOOT LOCKER INC USD 16 851 965 1.74 313 578 GILEAD SCIENCES INC USD 33 734 721 3.48 31 421 GOOGLE INC - A USD 18 298 334 1.89 339 718 HALLIBURTON CO USD 22 968 334 2.37 188 139 INTUIT INC USD 15 649 402 1.61 143 811 LAS VEGAS SANDS CORP USD 9 564 870 0.99 147 284 LOWES COS INC USD 7 733 883 0.80 204 448 MARRIOTT INTERNATIONAL-CL A USD 14 188 691 1.46 187 054 MASTERCARD INC - CLASS A USD 14 180 564 1.46 84 701 MCKESSON CORP USD 16 519 236 1.70 127 459 MEDIVATION INC USD 11 631 908 1.20 277 766 MERCK & CO INC USD 16 696 514 1.72 698 867 MICROSOFT CORP USD 31 749 528 3.28 53 796 MONSANTO CO USD 6 221 507 0.64 341 844 MYLAN INC USD 16 613 618 1.71 259 931 NIKE INC - CL B USD 20 417 580 2.11 549 614 ORACLE CORP USD 22 825 469 2.36 371 981 PEPSICO INC USD 34 404 523 3.55 16 833 PRICELINE.COM INC USD 20 945 470 2.16 229 951 QEP RESOURCES INC USD 8 179 357 0.84 108 482 RYDER SYSTEM INC USD 9 800 264 1.01 109 351 SANDISK CORP USD 10 712 024 1.11 494 190 SCHWAB (CHARLES) CORP USD 14 089 357 1.45 84 097 ST JUDE MEDICAL INC USD 5 515 922 0.57 188 706 UNION PACIFIC CORP USD 19 865 081 2.05 114 316 UNITED TECHNOLOGIES CORP USD 12 343 842 1.27 222 731 VALERO ENERGY CORP USD 12 058 656 1.24 488 326 VERIZON COMMUNICATIONS INC USD 24 328 401 2.51 180 237 VMWARE INC-CLASS A USD 17 767 763 1.83 219 900 WADDELL & REED FINANCIAL - A USD 11 984 550 1.24 322 558 WALT DISNEY CO/THE USD 28 991 513 2.99 238 582 XILINX INC USD 10 080 090 1.04 Luxembourg 17 023 399 1.76 148 871 LYONDELLBASELL INDU-CL A USD 17 023 399 1.76 The Netherlands 9 870 306 1.02 144 050 NXP SEMICONDUCTORS NV USD 9 870 306 1.02 Total securities portfolio 965 014 899 99.59 Page 69

Equity USA Mid Cap Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 1 417 510 825 94.45 Shares 1 417 510 825 94.45 United States of America 1 314 071 024 87.56 882 200 AGCO CORP USD 43 086 648 2.87 622 590 AKAMAI TECHNOLOGIES INC USD 37 616 888 2.51 999 700 ALCOA INC USD 16 605 017 1.11 160 300 BORGWARNER INC USD 9 969 057 0.66 309 000 CHARLES RIVER LABORATORIES USD 18 261 900 1.22 325 125 CINCINNATI FINANCIAL CORP USD 15 635 261 1.04 617 600 CITRIX SYSTEMS INC USD 43 392 576 2.89 437 900 CON-WAY INC USD 22 442 375 1.50 1 305 400 COOPER TIRE & RUBBER USD 40 245 482 2.68 789 700 CREE INC USD 35 978 732 2.40 712 700 DEVRY INC USD 30 596 211 2.04 436 600 EATON VANCE CORP USD 17 097 256 1.14 175 300 EDWARDS LIFESCIENCES CORP USD 17 400 278 1.16 170 900 FACTSET RESEARCH SYSTEMS INC USD 21 772 660 1.45 65 800 FIRST SOLAR INC USD 4 584 944 0.31 319 900 FMC CORP USD 21 158 186 1.41 689 273 FMC TECHNOLOGIES INC USD 42 624 642 2.84 872 750 GANNETT CO USD 29 464 040 1.96 455 000 HOSPIRA INC USD 24 451 700 1.63 1 536 000 INTERPUBLIC GROUP OF COS INC USD 29 998 080 2.00 883 149 ITRON INC USD 37 286 551 2.48 2 018 900 JABIL CIRCUIT INC USD 43 567 862 2.90 1 905 700 JUNIPER NETWORKS INC USD 44 193 183 2.94 190 000 LEAR CORP USD 19 214 700 1.28 160 030 MANPOWERGROUP INC USD 12 415 127 0.83 1 253 800 MATTEL INC USD 43 243 562 2.88 205 300 MOLSON COORS BREWING CO - B USD 15 181 935 1.01 2 389 250 NEW YORK TIMES CO - A USD 29 578 915 1.97 401 100 NORTHERN TRUST CORP USD 27 816 285 1.85 2 609 100 NUANCE COMMUNICATIONS INC USD 44 380 791 2.96 1 374 300 NVIDIA CORP USD 26 730 135 1.78 1 428 000 OWENS CORNING USD 51 408 001 3.43 915 600 POLYPORE INTERNATIONAL INC USD 41 046 348 2.73 538 800 QUEST DIAGNOSTICS INC USD 34 057 548 2.27 638 100 RAYMOND JAMES FINANCIAL INC USD 34 865 784 2.32 4 336 050 STAPLES INC USD 50 645 064 3.37 516 800 STIFEL FINANCIAL CORP USD 24 744 384 1.65 922 000 TERADATA CORP USD 42 107 740 2.81 1 273 500 TIME INC-W/I USD 29 901 780 1.99 1 023 610 UNISYS CORP USD 23 962 710 1.60 720 400 UNITED STATES STEEL CORP USD 27 843 460 1.86 398 650 VARIAN MEDICAL SYSTEMS INC USD 33 893 223 2.26 846 277 WERNER ENTERPRISES INC USD 21 072 297 1.40 873 100 XYLEM INC USD 32 531 706 2.17 Panama 29 913 840 1.99 4 154 700 MCDERMOTT INTL INC USD 29 913 840 1.99 Bermuda 26 961 025 1.80 318 500 BUNGE LTD USD 26 961 025 1.80 Canada 24 745 900 1.65 982 370 SHAW COMMUNICATIONS INC - B USD 24 745 900 1.65 Brazil 21 819 036 1.45 3 768 400 GERDAU SA -SPON ADR USD 21 819 036 1.45 Total securities portfolio 1 417 510 825 94.45 Page 70

Equity World Consumer Durables Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 127 178 836 99.90 Hong Kong 1 238 042 0.97 217 000 GALAXY ENTERTAINMENT GROUP L HKD 1 238 042 0.97 Macao 753 260 0.59 300 400 MGM CHINA HOLDINGS LTD HKD 753 260 0.59 Shares 127 178 836 99.90 United States of America 76 918 325 60.43 Other transferable securities 60 967 BORGWARNER INC USD 2 878 483 2.26 0 0.00 82 338 CBS CORP-CLASS B NON VOTING USD 3 706 210 2.91 Shares 0 0.00 4 621 CHIPOTLE MEXICAN GRILL INC USD 2 380 839 1.87 United States of America 0 0.00 36 014 COLUMBIA SPORTSWEAR CO USD 2 082 316 1.64 58 226 MARRIOTT INTERNATIONAL USD 0 0.00 202 541 COMCAST CORP-CLASS A USD 8 415 632 6.61 78 645 DISCOVERY COMMUNICATIONS - A USD 2 610 355 2.05 Total securities portfolio 127 178 836 99.90 40 925 EXPEDIA INC USD 2 668 887 2.10 62 978 HOMEAWAY INC USD 1 587 359 1.25 59 949 LAS VEGAS SANDS CORP USD 3 027 033 2.38 75 989 LOWES COS INC USD 3 029 291 2.38 70 027 MARRIOTT INTERNATIONAL-CL A USD 3 689 549 2.90 85 951 MGM RESORTS INTERNATIONAL USD 1 596 736 1.25 65 832 NIKE INC - CL B USD 3 925 830 3.08 6 137 PRICELINE.COM INC USD 5 797 397 4.55 159 574 PULTEGROUP INC USD 2 328 433 1.83 50 733 STARWOOD HOTELS & RESORTS USD 3 256 125 2.56 37 719 TRIPADVISOR INC - W/I USD 2 837 516 2.23 112 825 TWENTY-FIRST CENTURY FOX INC USD 3 033 906 2.38 64 619 VF CORP USD 3 145 589 2.47 53 335 VIACOM INC - CLASS B USD 3 285 860 2.58 136 341 WALT DISNEY CO/THE USD 9 303 318 7.32 20 071 WHIRLPOOL CORP USD 2 331 661 1.83 Germany 13 169 430 10.34 44 888 BAYERISCHE MOTOREN WERKE AG EUR 3 977 077 3.12 14 423 CONTINENTAL AG EUR 2 343 738 1.84 77 457 DAIMLER AG-REGISTERED SHARES EUR 4 820 924 3.79 66 449 PROSIEBENSAT.1 MEDIA AG EUR 2 027 691 1.59 United Kingdom 9 267 213 7.28 20 190 ASOS PLC GBP 721 153 0.57 58 128 DELPHI AUTOMOTIVE PLC USD 3 070 564 2.41 91 284 INTERCONTINENTAL HOTELS GROUP PLC GBP 2 657 439 2.09 50 926 WHITBREAD PLC GBP 2 818 057 2.21 Japan 5 287 305 4.16 106 600 KOITO MANUFACTURING CO LTD JPY 2 213 769 1.74 214 801 PANASONIC CORP JPY 1 996 399 1.57 109 500 RAKUTEN INC JPY 1 077 137 0.85 Canada 4 698 432 3.69 94 544 LIONS GATE ENTERTAINMENT USD 2 326 276 1.83 27 493 MAGNA INTERNATIONAL INC CAD 2 372 156 1.86 France 4 257 028 3.34 51 320 ACCOR SA EUR 1 897 814 1.49 25 652 VALEO SA EUR 2 359 214 1.85 India 3 681 091 2.89 100 617 TATA MOTORS LTD-SPON ADR USD 3 681 091 2.89 Cayman Islands 2 703 192 2.12 44 523 MELCO CROWN ENTERTAINME - ADR USD 958 603 0.75 353 600 SANDS CHINA LTD HKD 1 744 589 1.37 Sweden 2 128 322 1.67 65 736 HENNES & MAURITZ AB-B SHS SEK 2 128 322 1.67 China 1 733 256 1.36 1 234 000 DONGFENG MOTOR GRP CO LTD - H HKD 1 733 256 1.36 Italy 1 343 940 1.06 115 558 PIRELLI & C. EUR 1 343 940 1.06 Page 71

Equity World Emerging Securities portfolio at 31/08/2014 Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 742 317 136 97.21 Shares 742 317 136 97.21 Brazil 112 338 402 14.71 1 411 296 AMBEV SA-SPN ADR USD 10 288 348 1.35 618 029 AREZZO INDUSTRIA E COMERCIO BRL 8 874 563 1.16 1 167 457 BR MALLS PARTICIPACOES SA BRL 12 141 285 1.59 908 009 BR PROPERTIES SA BRL 6 046 496 0.79 1 283 766 DURATEX SA BRL 5 777 537 0.76 528 690 GRUPO BTG PACTUAL-UNIT BRL 8 884 159 1.16 1 128 322 ITAU UNIBANCO HLDNG-PREF ADR USD 20 309 796 2.66 340 597 LINX SA BRL 7 813 389 1.02 671 520 PETROLEO BRASILEIRO-SPON ADR USD 13 974 331 1.83 1 134 474 RAIA DROGASIL SA BRL 11 052 955 1.45 549 429 VALE SA-SP ADR USD 7 175 543 0.94 South Korea 89 032 582 11.67 372 471 GS ENGINEERING & CONSTRUCT KRW 13 524 732 1.77 38 881 HOTEL SHILLA CO LTD KRW 4 562 713 0.60 302 540 HYUNDAI DEVELOPMENT COMPANY KRW 12 278 956 1.61 54 787 HYUNDAI MOTOR CO KRW 12 580 522 1.65 27 726 NAVER CORP KRW 20 982 211 2.75 336 010 SK HYNIX INC KRW 15 021 502 1.97 37 272 SK TELECOM KRW 10 081 946 1.32 Taiwan 77 973 394 10.20 1 190 CATHAY FINANCIAL REG S GDR USD 21 230 0.00 10 600 889 E.SUN FINANCIAL HOLDING CO TWD 6 968 076 0.91 3 483 000 EPISTAR CORP TWD 7 570 313 0.99 5 899 040 HON HAI PRECISION INDUSTRY TWD 20 129 626 2.64 95 000 LARGAN PRECISION CO LTD TWD 7 862 903 1.03 594 000 MEDIATEK INC TWD 9 922 503 1.30 1 217 705 TAIWAN SEMICONDUCTOR - SP ADR USD 25 498 743 3.33 China 72 067 639 9.44 3 487 500 ANHUI CONCH CEMENT CO LTD - H HKD 12 565 869 1.65 37 737 BAIDU INC - SPON ADR USD 8 095 341 1.06 18 720 000 CHINA CONSTRUCTION BANK - H HKD 13 893 470 1.82 5 952 000 CHINA MERCHANTS BANK - H HKD 11 359 478 1.49 464 131 E-HOUSE CHINA HOLDINGS ADR USD 5 147 213 0.67 21 144 000 IND & COMM BANK OF CHINA - H HKD 13 984 709 1.83 864 000 PING AN INSURANCE GROUP CO - H HKD 7 021 559 0.92 India 62 274 115 8.16 387 540 GLENMARK PHARMACEUTICALS LTD INR 4 577 375 0.60 425 109 HCL TECHNOLOGIES LTD INR 11 429 494 1.50 506 516 HDFC BANK LTD-ADR USD 25 168 780 3.29 3 544 519 POWER GRID CORP OF INDIA LTD INR 7 550 077 0.99 679 311 TATA MOTORS LTD INR 5 870 554 0.77 814 118 YES BANK LTD INR 7 677 835 1.01 South Africa 55 191 550 7.22 8 228 637 ALEXANDER FORBES GROUP HOLDING ZAR 7 025 219 0.92 481 887 MTN GROUP LTD ZAR 10 921 454 1.43 107 961 NASPERS LTD-N SHS ZAR 13 760 017 1.80 403 977 SASOL LTD ZAR 23 484 860 3.07 Cayman Islands 54 888 835 7.19 204 465 HOME INNS & HOTELS MANAG-ADR USD 6 841 399 0.90 17 819 000 KAISA GROUP HOLDINGS LTD HKD 6 544 326 0.86 391 755 MELCO CROWN ENTERTAINME - ADR USD 11 110 172 1.45 1 116 000 SANDS CHINA LTD HKD 7 252 651 0.95 4 788 500 SOHO CHINA LTD HKD 3 913 608 0.51 1 185 000 TENCENT HLDG SHS HKD 19 226 679 2.52 Mexico 44 144 532 5.78 2 824 375 ALFA S.A.B.-A MXN 9 087 335 1.19 1 CEMEX SAB - CPO MXN 1 0.00 1 171 892 CEMEX SAB-SPONS ADR PART CER USD 15 504 131 2.03 3 039 602 MACQUARIE MEXICO REAL ESTATE MXN 6 092 919 0.80 5 878 362 TF ADMINISTRADORA INDUSTRIAL MXN 13 460 146 1.76 Hong Kong 34 796 101 4.56 1 371 000 AIA GROUP LTD HKD 7 470 524 0.98 4 372 000 CHINA OVERSEAS LAND & INVEST HKD 12 273 340 1.61 6 298 000 CHINA UNICOM HONG KONG LTD HKD 11 215 546 1.47 2 328 000 KERRY LOGISTICS NETWORK LTD HKD 3 836 691 0.50 Indonesia 27 345 460 3.59 11 910 900 BANK MANDIRI TBK PT IDR 10 597 371 1.39 5 521 100 MATAHARI DEPARTMENT STORE TB IDR 7 679 567 1.01 6 543 600 SEMEN GRESIK (PERSERO) PT IDR 9 068 522 1.19 Russia 24 741 409 3.24 379 835 GAZPROM OAO-SPON ADR USD 2 715 820 0.36 396 525 MAIL.RU GROUP-GDR REGS USD 10 646 696 1.39 66 864 NOVATEK OAO-SPONS GDR REG S USD 6 726 518 0.88 761 935 ROSNEFT OJSC-REG S GDR USD 4 652 375 0.61 Thailand 17 353 270 2.27 1 383 000 AIRPORTS OF THAILAND PCL-FOR THB 10 262 090 1.34 3 653 100 PTT GLOBAL CHEMICAL PCL - FOR THB 7 091 180 0.93 Philippines 14 059 208 1.84 524 790 AYALA CORPORATION PHP 8 426 228 1.10 21 301 900 MELCO CROWN PHILIPPINES RESO PHP 5 632 980 0.74 Bermuda 13 043 248 1.71 84 112 CREDICORP LTD USD 13 043 248 1.71 United Arab Emirates 11 969 963 1.57 4 289 400 EMAAR PROPERTIES PJSC AED 11 969 963 1.57 Japan 10 459 918 1.37 288 948 SOFTBANK CORP-UNSPON ADR USD 10 459 918 1.37 Greece 4 586 338 0.60 110 536 FF GROUP EUR 4 586 338 0.60 Kenya 4 143 808 0.54 6 370 656 KENYA COMMERCIAL BANK LTD KES 4 143 808 0.54 Panama 3 689 538 0.48 228 313 AVIANCA HOLDINGS SA-SPON ADR USD 3 689 538 0.48 Qatar 3 051 185 0.40 55 000 QATAR NATIONAL BANK QAR 3 051 185 0.40 Canada 2 861 372 0.37 458 558 AFRICA OIL CORP SEK 2 861 372 0.37 100 000 GREENSTONE RESOURCES LTD USD 0 0.00 United Kingdom 2 305 265 0.30 1 423 697 AFREN PLC GBP 2 305 253 0.30 1 CAPITAL & COUNTIES PROPERTIE GBP 6 0.00 1 INTU PROPERTIES PLC GBP 6 0.00 Turkey 4 0.00 1 TURK HAVA YOLLARI AO TRY 3 0.00 1 TURKIYE IS BANKASI - C TRY 1 0.00 Total securities portfolio 742 317 136 97.21 Page 72

Equity World Energy Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 189 988 842 97.83 Shares 189 988 842 97.83 United States of America 126 458 085 65.10 28 211 ATWOOD OCEANICS INC USD 1 058 234 0.54 68 257 BAKER HUGHES INC USD 3 582 819 1.84 20 368 CHENIERE ENERGY INC USD 1 241 069 0.64 60 818 CHEVRON CORP USD 5 976 989 3.08 137 898 CONOCOPHILLIPS USD 8 502 942 4.38 17 752 DELEK US HOLDINGS INC USD 471 428 0.24 70 147 DIAMOND OFFSHORE DRILLING USD 2 340 008 1.20 88 520 EOG RESOURCES INC USD 7 384 283 3.80 19 247 EQT CORP USD 1 447 470 0.75 55 141 EXXON MOBIL CORP USD 4 163 623 2.14 233 558 HALLIBURTON CO USD 11 988 199 6.17 88 255 HESS CORP USD 6 773 900 3.49 151 590 KINDER MORGAN INC USD 4 633 323 2.39 315 106 LAREDO PETROLEUM HOLDINGS IN USD 5 655 258 2.91 189 245 MARATHON OIL CORP USD 5 989 693 3.08 42 259 MARATHON PETROLEUM CORP - W / I USD 2 919 824 1.50 40 865 NOBLE ENERGY INC USD 2 238 082 1.15 270 478 NORTHERN OIL AND GAS INC USD 3 460 032 1.78 20 965 ONEOK INC USD 1 117 327 0.58 94 378 PEABODY ENERGY CORP USD 1 137 809 0.59 110 021 PETROLEUM DEVELOPMENT CORP USD 5 019 103 2.58 317 664 QEP RESOURCES INC USD 8 578 279 4.42 26 238 RANGE RESOURCES CORP USD 1 565 476 0.81 120 624 SANDRIDGE ENERGY INC USD 479 859 0.25 97 911 SOUTHWESTERN ENERGY CO USD 3 061 020 1.58 126 009 SPECTRA ENERGY CORP USD 3 985 374 2.05 264 238 VALERO ENERGY CORP USD 10 860 799 5.59 222 886 WESTERN REFINING INC USD 7 873 433 4.05 41 970 WHITING PETROLEUM CORP USD 2 952 430 1.52 United Kingdom 18 057 249 9.30 808 309 BG GROUP PLC GBP 12 244 634 6.31 436 166 BP PLC GBP 2 648 671 1.36 102 932 ROYAL DUTCH SHELL PLC - A SHS GBP 3 163 944 1.63 Canada 15 560 194 8.02 425 882 CHC GROUP LTD USD 2 243 867 1.16 386 124 PRECISION DRILLING CORP CAD 3 745 576 1.93 230 602 SUNCOR ENERGY INC CAD 7 203 085 3.71 57 897 TRANSCANADA CORP CAD 2 367 666 1.22 The Netherlands 8 690 529 4.48 72 455 CORE LABORATORIES NV USD 8 690 529 4.48 Spain 8 464 798 4.36 448 110 REPSOL SA EUR 8 464 798 4.36 France 6 733 792 3.47 134 166 TOTAL SA EUR 6 733 792 3.47 Italy 6 024 195 3.10 317 397 ENI SPA EUR 6 024 195 3.10 Total securities portfolio 189 988 842 97.83 Page 73

Equity World Finance Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 27 301 981 99.34 Shares 27 296 977 99.32 United States of America 14 096 330 51.29 12 257 AMERIPRISE FINANCIAL INC USD 1 170 240 4.26 22 580 BANK OF THE OZARKS USD 547 700 1.99 11 466 BANKUNITED INC USD 274 637 1.00 9 653 CME GROUP INC USD 560 991 2.04 13 396 COLUMBIA BANKING SYSTEM INC USD 264 523 0.96 29 446 COMERICA INC USD 1 125 350 4.09 10 827 GOLDMAN SACHS GROUP INC USD 1 472 233 5.36 42 744 JPMORGAN CHASE AND CO USD 1 929 192 7.03 25 070 PRIVATEBANCORP INC USD 561 658 2.04 16 216 PRUDENTIAL FINANCIAL INC USD 1 104 293 4.02 54 367 SCHWAB (CHARLES) CORP USD 1 176 741 4.28 23 316 TEXAS CAPITAL BANCSHARES INC USD 955 510 3.48 17 271 UNUM GROUP USD 475 569 1.73 20 838 WADDELL & REED FINANCIAL - A USD 862 186 3.14 30 731 WESTERN ALLIANCE BANCORP USD 550 834 2.00 118 545 WISDOMTREE INVESTMENTS INC USD 1 064 673 3.87 United Kingdom 2 836 244 10.32 80 706 BARCLAYS BANK PLC GBP 228 386 0.83 93 148 HSBC HOLDINGS PLC GBP 765 713 2.79 109 208 LEGAL & GENERAL GROUP PLC GBP 332 794 1.21 32 181 PRUDENTIAL PLC GBP 588 318 2.14 60 224 STANDARD CHARTERED PLC GBP 921 033 3.35 Japan 2 602 594 9.46 5 100 DAITO TRUST CONSTRUCTION CO LTD JPY 479 333 1.74 34 000 MITSUBISHI ESTATE CO LTD JPY 596 258 2.17 178 800 MITSUBISHI UFJ FINANCIAL GROUP JPY 781 650 2.84 23 700 SONY FINANCIAL HOLDINGS INC JPY 288 106 1.05 14 900 SUMITOMO MITSUI FINANCIAL GR JPY 457 247 1.66 Australia 1 495 940 5.44 15 049 COMMONWEALTH BANK OF AUSTRALIA AUD 868 816 3.16 25 100 NATIONAL AUSTRALIA BANK LTD AUD 627 124 2.28 Hong Kong 1 236 961 4.50 141 000 AIA GROUP LTD HKD 583 285 2.12 110 300 WHARF HOLDINGS LTD HKD 653 676 2.38 Spain 891 650 3.24 117 477 BANCO SANTANDER SA EUR 891 650 3.24 Austria 819 362 2.98 41 954 ERSTE GROUP BANK AG EUR 819 362 2.98 France 678 203 2.47 20 952 AXA SA EUR 394 945 1.44 5 513 BNP PARIBAS EUR 283 258 1.03 Norway 589 849 2.15 41 517 DNB ASA NOK 589 849 2.15 Italy 482 791 1.76 213 247 INTESA SANPAOLO EUR 482 791 1.76 The Netherlands 414 123 1.51 68 837 AEGON NV EUR 414 123 1.51 Canada 404 020 1.47 7 147 ROYAL BANK OF CANADA CAD 404 020 1.47 Switzerland 305 235 1.11 14 228 CREDIT SUISSE GROUP AG-REG CHF 305 235 1.11 Sweden 273 487 1.00 27 521 SKANDINAVISKA ENSKILDA BANK - A SEK 273 487 1.00 Singapore 170 188 0.62 28 000 OVERSEA-CHINESE BANKING CORP SGD 170 188 0.62 Options, Warrants, Rights 5 004 0.02 3 500 OVERSEA CHINESE BANKING R RTS 15/09/2014 SGD 5 004 0.02 Total securities portfolio 27 301 981 99.34 Page 74

Equity World Health Care Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 304 308 239 98.75 Shares 304 308 239 98.75 United States of America 208 783 846 67.77 136 014 ABBOTT LABORATORIES USD 4 361 700 1.42 294 535 ABBVIE INC USD 12 360 989 4.01 175 000 ACHILLION PHARMACEUTICALS USD 1 537 162 0.50 50 421 ACTAVIS PLC USD 8 688 550 2.82 32 608 ALEXION PHARMACEUTICALS INC USD 4 190 866 1.36 42 573 ALKERMES PLC USD 1 445 711 0.47 48 692 ALLERGAN INC USD 6 050 643 1.96 98 250 ALNYLAM PHARMACEUTICALS INC USD 5 196 688 1.69 427 672 ARIAD PHARMACEUTICALS INC USD 2 019 526 0.66 282 249 ARROWHEAD RESEARCH CORP USD 3 122 053 1.01 68 091 BAXTER INTERNATIONAL INC USD 3 875 997 1.26 24 181 BIOGEN IDEC INC USD 6 297 487 2.04 94 617 BLUEBIRD BIO INC USD 2 873 995 0.93 33 BRISTOL-MYERS SQUIBB CO USD 1 269 0.00 67 867 CARDINAL HEALTH INC USD 3 797 296 1.23 152 741 CELGENE CORP USD 11 018 410 3.58 126 863 CONMED CORP USD 3 804 349 1.23 200 337 GILEAD SCIENCES INC USD 16 362 173 5.32 45 566 ILLUMINA INC USD 6 204 614 2.01 38 795 JAZZ PHARMACEUTICALS PLC USD 4 798 422 1.56 173 092 JOHNSON & JOHNSON USD 13 631 061 4.43 77 810 KERYX BIOPHARMACEUTICALS USD 1 074 525 0.35 213 351 MASIMO CORPORATION USD 3 634 677 1.18 42 437 MCKESSON CORP USD 6 283 395 2.04 92 002 MEDIVATION INC USD 6 374 205 2.07 34 482 MEDTRONIC INC USD 1 671 482 0.54 378 056 MERCK & CO INC USD 17 252 464 5.61 182 327 MYLAN INC USD 6 727 218 2.18 1 495 575 NOVAVAX INC USD 5 325 119 1.73 499 191 PFIZER INC USD 11 138 190 3.61 156 254 REPLIGEN CORP USD 2 261 009 0.73 29 033 SALIX PHARMACEUTICALS LTD USD 3 507 015 1.14 120 866 ST JUDE MEDICAL INC USD 6 018 525 1.95 76 273 STRYKER CORP USD 4 824 099 1.57 19 868 UNITEDHEALTH GROUP INC USD 1 307 439 0.42 30 028 VERTEX PHARMACEUTICALS INC USD 2 133 100 0.69 86 062 WELLPOINT INC USD 7 612 423 2.47 Switzerland 30 496 990 9.91 64 092 ACTELION LTD-REG CHF 5 987 623 1.94 101 358 NOVARTIS AG-REG CHF 6 919 079 2.25 79 268 ROCHE HOLDING AG GENUSSCHEIN CHF 17 590 288 5.72 United Kingdom 18 839 894 6.11 153 953 ASTRAZENECA PLC GBP 8 864 696 2.88 298 750 GLAXOSMITHKLINE PLC GBP 5 553 891 1.80 203 055 HIKMA PHARMACEUTICALS PLC GBP 4 421 307 1.43 Germany 9 589 639 3.11 93 970 BAYER AG-REG EUR 9 589 639 3.11 France 7 990 027 2.59 60 020 GENFIT EUR 1 796 999 0.58 74 168 SANOFI AVENTIS EUR 6 193 028 2.01 Israel 6 373 895 2.06 67 000 PROLASER LTD EUR 0 0.00 114 672 TEVA PHARMACEUTICAL IND LTD ILS 4 542 673 1.47 45 927 TEVA PHARMACEUTICAL-SP ADR USD 1 831 222 0.59 Canada 5 650 027 1.83 63 446 VALEANT PHARMACEUTICALS INTE USD 5 650 027 1.83 Denmark 4 934 489 1.60 141 938 NOVO NORDISK A/S - B DKK 4 934 489 1.60 Spain 4 420 034 1.43 124 754 GRIFOLS SA EUR 4 420 034 1.43 Japan 3 369 939 1.09 195 100 ASTELLAS PHARMA INC JPY 2 134 456 0.69 69 100 SHIONOGI & CO LTD JPY 1 235 483 0.40 South Africa 2 188 518 0.71 100 307 ASPEN PHARMACARE HOLDINGS LT ZAR 2 188 518 0.71 Ireland 1 670 941 0.54 27 009 MALLINCKRODT PLC - W/I USD 1 670 941 0.54 Total securities portfolio 304 308 239 98.75 Page 75

Equity World Low Volatility Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 403 837 454 99.71 Shares 403 800 820 99.70 United States of America 205 846 470 50.84 72 613 3M CO USD 7 938 257 1.96 54 654 AIR PRODUCTS AND CHEMICALS INC USD 5 527 224 1.36 58 852 AIRGAS INC USD 4 931 737 1.22 15 740 ALLEGHANY CORP USD 5 151 827 1.27 5 816 ALLIANCE DATA SYSTEMS CORP USD 1 168 499 0.29 83 266 ANNALY CAPITAL MANAGEMENT USD 752 251 0.19 21 066 AUTOMATIC DATA PROCESSING USD 1 335 097 0.33 7 226 BALL CORP USD 351 645 0.09 67 956 BECTON DICKINSON AND CO USD 6 044 947 1.49 77 742 BERKSHIRE HATHAWAY INC - CL B USD 8 100 583 2.00 138 438 CINCINNATI FINANCIAL CORP USD 5 054 269 1.25 88 961 CROWN HOLDINGS INC USD 3 260 057 0.80 11 861 ECOLAB INC USD 1 033 920 0.26 32 456 EXXON MOBIL CORP USD 2 450 709 0.61 79 061 FEDERAL REALTY INVS TRUST USD 7 489 547 1.85 138 105 FISERV INC USD 6 759 512 1.67 24 689 GENUINE PARTS CO USD 1 644 559 0.41 270 362 INTEL CORP USD 7 167 508 1.77 56 087 INTL BUSINESS MACHINES CORP USD 8 188 224 2.02 106 693 INTL FLAVORS & FRAGRANCES USD 8 228 774 2.03 66 366 INTUIT INC USD 4 190 953 1.03 66 263 JOHNSON & JOHNSON USD 5 218 236 1.29 164 595 LINEAR TECHNOLOGY CORP USD 5 636 866 1.39 211 324 LOEWS CORP USD 7 017 394 1.73 4 722 MARSH & MCLENNAN COS USD 190 357 0.05 41 217 MCDONALDS CORP USD 2 932 628 0.72 119 547 MEDTRONIC INC USD 5 794 926 1.43 99 269 MERCK & CO INC USD 4 530 109 1.12 149 430 MICROSOFT CORP USD 5 153 815 1.27 60 322 MOTOROLA SOLUTIONS INC USD 2 720 260 0.67 187 354 PAYCHEX INC USD 5 924 153 1.46 79 716 PRAXAIR INC USD 7 961 312 1.97 229 703 PROGRESSIVE CORP USD 4 363 171 1.08 4 182 SHERWIN-WILLIAMS CO/THE USD 692 481 0.17 100 873 SIGMA-ALDRICH USD 7 964 464 1.97 52 285 SPECTRA ENERGY CORP USD 1 653 654 0.41 68 089 STERICYCLE INC USD 6 143 621 1.52 214 558 THOMSON REUTERS CORP CAD 6 186 863 1.53 134 420 TJX COMPANIES INC USD 6 083 189 1.50 195 703 TORCHMARK CORP USD 8 104 766 2.00 72 448 TOTAL SYSTEM SERVICES INC USD 1 730 348 0.43 104 101 UNITED PARCEL SERVICE-CL B USD 7 692 188 1.90 33 355 VISA INC-CLASS A SHARES USD 5 381 570 1.33 United Kingdom 39 582 883 9.77 91 177 BABCOCK INTL GROUP PLC GBP 1 288 652 0.32 108 882 BRITISH SKY BROADCASTING GRO GBP 1 199 123 0.30 178 665 COMPASS GROUP PLC GBP 2 206 422 0.54 336 766 NATIONAL GRID PLC GBP 3 817 092 0.94 10 704 NEXT PLC GBP 957 510 0.24 597 315 REED ELSEVIER PLC GBP 7 399 130 1.83 21 895 REXAM SHS GBP 139 958 0.03 255 362 ROYAL DUTCH SHELL PLC - A SHS GBP 7 849 367 1.94 73 733 ROYAL DUTCH SHELL PLC - B SHS GBP 2 366 354 0.58 1 091 576 SAGE GROUP PLC GBP 5 418 313 1.34 362 663 SSE PLC GBP 6 940 962 1.71 France 32 191 639 7.95 28 832 ADP EUR 2 916 357 0.72 78 671 AIR LIQUIDE SA EUR 7 649 968 1.89 87 176 BUREAU VERITAS SA EUR 1 576 142 0.39 62 104 DASSAULT SYSTEMES SA EUR 3 130 042 0.77 28 779 ESSILOR INTERNATIONAL EUR 2 323 041 0.57 104 177 SODEXO EUR 7 810 150 1.93 135 205 TOTAL SA EUR 6 785 939 1.68 Canada 27 548 957 6.79 17 266 BANK OF MONTREAL CAD 1 010 970 0.25 261 399 CI FINANCIAL CORP CAD 6 527 657 1.61 229 328 FIRST CAPITAL REALTY INC CAD 3 100 936 0.77 356 681 GREAT-WEST LIFECO INC CAD 7 943 442 1.96 21 568 IGM FINANCIAL INC CAD 783 138 0.19 74 070 INTER PIPELINE LTD CAD 1 880 781 0.46 181 346 POWER FINANCIAL CORP CAD 4 461 305 1.10 32 562 ROYAL BANK OF CANADA CAD 1 840 728 0.45 Singapore 24 308 877 6.00 3 426 000 CAPITAMALL TRUST SGD 4 164 914 1.03 417 000 DBS GROUP HOLDINGS LTD SGD 4 539 816 1.12 205 000 OVERSEA-CHINESE BANKING CORP SGD 1 246 020 0.31 1 057 000 SINGAPORE EXCHANGE LTD SGD 4 677 732 1.15 2 677 000 SINGAPORE PRESS HOLDINGS LTD SGD 6 754 850 1.67 210 000 UNITED OVERSEAS BANK LTD SGD 2 925 545 0.72 Japan 16 332 784 4.03 303 900 HOYA CORP JPY 7 467 852 1.84 2 266 000 NAGOYA RAILROAD CO LTD JPY 7 116 718 1.76 50 400 TAKEDA PHARMACEUTICAL CO LTD JPY 1 748 214 0.43 Hong Kong 14 609 403 3.60 171 500 CLP HOLDINGS LTD HKD 1 101 313 0.27 626 300 HANG SENG BANK LTD HKD 8 022 981 1.98 1 822 000 MTR CORP HKD 5 485 109 1.35 Australia 10 689 274 2.64 55 625 AMCOR LIMITED AUD 450 722 0.11 143 925 BHP BILLITON LTD AUD 3 751 116 0.93 136 425 CROWN RESORTS LTD AUD 1 530 100 0.38 1 717 421 GPT GROUP AUD 4 865 677 1.20 16 940 WESTFIELD CORP AUD 91 659 0.02 The Netherlands 6 697 881 1.65 386 045 REED ELSEVIER NV EUR 6 697 881 1.65 Denmark 5 441 074 1.34 72 000 TRYG A/S DKK 5 441 074 1.34 Switzerland 4 939 782 1.23 1 182 EMS-CHEMIE HOLDING AG-REG CHF 390 946 0.10 1 529 SGS SA-REG CHF 2 581 815 0.64 4 452 SWISSCOM AG-REG CHF 1 967 021 0.49 Norway 4 781 525 1.18 223 594 STATOIL ASA NOK 4 781 525 1.18 Germany 4 424 112 1.10 13 049 LINDE AG EUR 1 965 832 0.49 41 525 SAP SE EUR 2 458 280 0.61 Bermuda 4 339 919 1.07 34 891 EVEREST RE GROUP LTD USD 4 339 919 1.07 Italy 2 066 240 0.51 50 830 LUXOTTICA GROUP SPA EUR 2 066 240 0.51 Cayman Islands 0 0.00 1 956 000 CHAODA MODERN AGRICULTURE HKD 0 0.00 Page 76

Equity World Low Volatility Securities portfolio at 31/08/2014 Expressed in EUR Options, Warrants, Rights 36 634 0.01 25 625 OVERSEA CHINESE BANKING R RTS 15/09/2014 SGD 36 634 0.01 Total securities portfolio 403 837 454 99.71 Page 77

Equity World Materials Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 86 909 355 99.61 Shares 86 909 355 99.61 United States of America 28 654 544 32.84 14 181 AIR PRODUCTS AND CHEMICALS INC USD 1 434 141 1.64 34 742 ALCOA INC USD 438 099 0.50 37 170 BALL CORP USD 1 808 835 2.07 58 204 CELANESE CORP SERIES A USD 2 763 497 3.17 24 663 CROWN HOLDINGS INC USD 903 798 1.04 118 910 DOW CHEMICAL CO/THE USD 4 834 217 5.53 21 139 DU PONT (E.I.) DE NEMOURS USD 1 060 962 1.22 33 465 EASTMAN CHEMICAL CO USD 2 095 246 2.40 20 302 ECOLAB INC USD 1 769 720 2.03 176 059 FERRO CORP USD 1 801 758 2.07 23 653 INTERNATIONAL PAPER CO USD 870 018 1.00 47 859 MONSANTO CO USD 4 202 014 4.81 25 758 NUCOR CORP USD 1 062 234 1.22 48 409 OWENS-ILLINOIS INC USD 1 131 577 1.30 16 308 RELIANCE STEEL & ALUMINUM USD 865 666 0.99 21 871 WESTLAKE CHEMICAL CORP USD 1 612 762 1.85 United Kingdom 14 077 035 16.13 82 494 ANTOFAGASTA PLC GBP 816 983 0.94 203 686 BHP BILLITON PLC GBP 4 898 582 5.60 17 921 CRODA INTERNATIONAL PLC GBP 493 017 0.57 33 490 JOHNSON MATTHEY PLC GBP 1 333 435 1.53 19 798 RANDGOLD RESOURCES LTD GBP 1 269 279 1.45 183 594 REXAM SHS GBP 1 173 576 1.35 101 002 RIO TINTO PLC GBP 4 092 163 4.69 Australia 9 026 210 10.34 1 061 690 ALUMINA LTD AUD 1 167 473 1.34 235 529 BHP BILLITON LTD AUD 6 138 592 7.03 38 702 RIO TINTO LTD AUD 1 720 145 1.97 Germany 8 190 830 9.38 72 273 BASF SE EUR 5 658 253 6.48 16 811 LINDE AG EUR 2 532 577 2.90 Luxembourg 6 792 474 7.78 60 339 ARCELORMITTAL EUR 668 254 0.77 70 545 LYONDELLBASELL INDU-CL A USD 6 124 220 7.01 Canada 6 742 208 7.74 31 892 AGNICO-EAGLE MINES LTD USD 926 834 1.06 59 686 CAMECO CORP CAD 888 105 1.02 29 464 FIRST QUANTUM MINERALS LTD CAD 503 371 0.58 55 536 GOLDCORP INC USD 1 183 492 1.36 39 309 METHANEX CORP USD 1 994 099 2.29 46 628 POTASH CORP OF SASKATCHEWAN CAD 1 246 307 1.43 Japan 4 493 557 5.16 366 000 KOBE STEEL LTD JPY 451 641 0.52 156 000 MITSUBISHI MATERIALS CORP JPY 399 566 0.46 459 000 MITSUI CHEMICALS INC JPY 1 028 184 1.18 32 200 NITTO DENKO CORP JPY 1 280 069 1.47 490 000 SUMITOMO CHEMICAL CO LTD JPY 1 334 097 1.53 France 2 544 285 2.92 26 165 AIR LIQUIDE SA EUR 2 544 285 2.92 Switzerland 2 339 659 2.68 1 852 GIVAUDAN-REG CHF 2 339 659 2.68 The Netherlands 2 286 989 2.62 42 517 AKZO NOBEL EUR 2 286 989 2.62 Ireland 1 293 378 1.48 73 571 CRH PLC EUR 1 293 378 1.48 Sweden 468 186 0.54 25 590 SVENSKA CELLULOSA AB-B SHS SEK 468 186 0.54 Total securities portfolio 86 909 355 99.61 Page 78

Equity World Technology Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 103 109 702 99.04 Shares 103 109 702 99.04 United States of America 85 451 628 82.08 130 277 APPLE INC USD 10 137 710 9.73 94 266 APPLIED MATERIALS INC USD 1 653 520 1.59 66 601 AUTODESK INC USD 2 712 176 2.61 21 395 CISCO SYSTEMS INC USD 405 907 0.39 47 384 COMMSCOPE HOLDING CO INC USD 926 672 0.89 203 173 EMC CORP/MASS USD 4 554 888 4.38 13 671 F5 NETWORKS INC USD 1 288 947 1.24 96 277 FACEBOOK INC - A USD 5 468 756 5.24 9 363 GOOGLE INC - A USD 4 139 566 3.98 4 506 GOOGLE INC-CL C -W/I USD 1 955 382 1.88 149 218 INTEL CORP USD 3 955 886 3.80 13 537 INTL BUSINESS MACHINES CORP USD 1 976 287 1.90 49 154 INTUIT INC USD 3 104 031 2.98 79 568 JUNIPER NETWORKS INC USD 1 400 837 1.35 25 233 LOGMEIN INC USD 809 939 0.78 19 831 MANHATTAN ASSOCIATES INC USD 434 801 0.42 58 581 MASTERCARD INC - CLASS A USD 3 371 565 3.24 92 461 MICRON TECHNOLOGY INC USD 2 288 361 2.20 262 994 MICROSOFT CORP USD 9 070 618 8.70 25 654 NIMBLE STORAGE INC USD 526 635 0.51 206 284 ORACLE CORP USD 6 503 928 6.24 55 984 QUALCOMM INC USD 3 234 423 3.11 34 573 SALESFORCE.COM INC USD 1 550 955 1.49 38 129 SANDISK CORP USD 2 835 649 2.72 26 116 SERVICENOW INC USD 1 212 019 1.16 71 634 TEXAS INSTRUMENTS INC USD 2 620 199 2.52 97 380 VANTIV INC - CL A USD 2 312 516 2.22 3 906 VISA INC-CLASS A SHARES USD 630 203 0.61 35 709 VMWARE INC-CLASS A USD 2 672 482 2.57 28 455 XILINX INC USD 912 712 0.88 26 818 YAHOO INC USD 784 058 0.75 Japan 7 190 779 6.91 CANON INC SPONS ADR REPR 1 74 330 ORDINARY SHS USD 1 843 578 1.77 69 500 FUJIFILM HOLDINGS CORP JPY 1 590 944 1.53 297 000 FUJITSU LTD JPY 1 547 218 1.49 85 200 KONICA MINOLTA HOLDINGS INC JPY 711 169 0.68 39 600 TDK CORP JPY 1 497 870 1.44 Ireland 3 744 278 3.60 20 739 FLEETMATICS GROUP PLC USD 516 743 0.50 53 826 KING DIGITAL ENTERTAINMENT P USD 563 514 0.54 56 073 SEAGATE TECHNOLOGY USD 2 664 021 2.56 United Kingdom 2 407 453 2.31 196 650 ARM HOLDINGS PLC GBP 2 407 453 2.31 The Netherlands 1 545 706 1.48 29 714 NXP SEMICONDUCTORS NV USD 1 545 706 1.48 Sweden 1 213 231 1.17 13 063 ARCAM SHS SEK 271 005 0.26 99 277 ERICSSON LM - B SHS SEK 942 226 0.91 China 636 622 0.61 3 909 BAIDU INC - SPON ADR USD 636 622 0.61 Cayman Islands 532 130 0.51 43 200 TENCENT HLDG SHS HKD 532 130 0.51 Taiwan 314 179 0.30 5 000 LARGAN PRECISION CO LTD TWD 314 179 0.30 Israel 73 696 0.07 2 246 MOBILEYE NV USD 73 696 0.07 Total securities portfolio 103 109 702 99.04 Page 79

Equity World Telecom Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 64 488 024 99.57 Shares 64 488 024 99.57 United States of America 18 006 661 27.81 170 762 AT&T INC USD 4 532 219 7.00 17 762 ATLANTIC TELE-NETWORK INC USD 790 741 1.22 26 307 CENTURYLINK INC USD 818 649 1.26 10 553 COMCAST CORP-CLASS A USD 438 480 0.68 210 643 FRONTIER COMMUNICATIONS CORP USD 1 087 437 1.68 73 594 IRIDIUM COMMUNICATIONS INC USD 525 193 0.81 27 495 SBA COMMUNICATIONS CORP-CL A USD 2 302 174 3.55 52 210 T-MOBILE US INC USD 1 192 284 1.84 167 082 VERIZON COMMUNICATIONS INC USD 6 319 484 9.77 Japan 8 020 773 12.38 60 500 KDDI CORP JPY 2 651 044 4.09 36 200 NIPPON TELEGRAPH & TELEPHONE JPY 1 845 802 2.85 85 200 NTT DOCOMO INC JPY 1 120 414 1.73 43 900 SOFTBANK CORP JPY 2 403 513 3.71 United Kingdom 7 739 562 11.94 864 573 BT GROUP PLC GBP 4 218 493 6.51 34 116 VODAFONE GROUP PLC - SP ADR USD 889 420 1.37 1 009 573 VODAFONE GROUP SHS GBP 2 631 649 4.06 Spain 5 200 926 8.03 430 897 TELEFONICA SA EUR 5 200 926 8.03 France 4 422 657 6.83 3 689 ILIAD SA EUR 616 801 0.95 178 338 ORANGE EUR 2 054 454 3.17 82 413 ORANGE-SPON ADR USD 949 764 1.47 40 497 VIVENDI EUR 801 638 1.24 Australia 3 038 328 4.69 769 678 TELSTRA CORP LTD AUD 3 038 328 4.69 Canada 3 035 450 4.69 26 002 BCE INC CAD 890 816 1.38 8 028 ROGERS COMMUNICATIONS INC - B CAD 249 021 0.38 68 309 TELUS CORP CAD 1 895 613 2.93 Germany 2 834 444 4.37 211 937 DEUTSCHE TELEKOM AG-REG EUR 2 411 843 3.72 73 026 TELEFONICA DEUTSCHLAND HOLDI EUR 422 601 0.65 Italy 2 547 036 3.93 1 296 013 TELECOM ITALIA RSP EUR 907 209 1.40 1 873 018 TELECOM ITALIA SPA EUR 1 639 827 2.53 Sweden 2 460 983 3.80 34 242 COM HEM HOLDING AB - W/I SEK 192 978 0.30 408 352 TELIASONERA AB SEK 2 268 005 3.50 Norway 2 066 149 3.19 118 307 TELENOR ASA NOK 2 066 149 3.19 Switzerland 1 788 964 2.76 4 049 SWISSCOM AG-REG CHF 1 788 964 2.76 Finland 1 143 723 1.77 55 199 ELISA OYJ EUR 1 143 723 1.77 Singapore 746 877 1.15 316 000 SINGAPORE TELECOM LTD SGD 746 877 1.15 Hong Kong 478 031 0.74 991 000 PCCW LTD HKD 478 031 0.74 Luxembourg 333 701 0.52 4 891 MILLICOM INTL CELLULAR-SDR SEK 333 701 0.52 Belgium 327 954 0.51 12 086 BELGACOM SA EUR 327 954 0.51 Russia 295 805 0.46 13 768 MEGAFON-GDR-WI USD 295 805 0.46 Total securities portfolio 64 488 024 99.57 Page 80

Equity World Utilities Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 81 770 587 99.75 Shares 81 770 587 99.75 United States of America 43 481 438 53.05 191 958 AES CORP USD 2 212 210 2.70 22 115 ALLIANT ENERGY CORP USD 982 012 1.20 84 699 AMEREN CORPORATION USD 2 571 449 3.14 112 779 AMERICAN ELECTRIC POWER USD 4 597 808 5.61 60 265 AMERICAN WATER WORKS CO INC USD 2 315 527 2.82 37 038 CENTERPOINT ENERGY INC USD 698 469 0.85 55 243 CMS ENERGY CORP USD 1 280 839 1.56 57 284 DOMINION RESOURCES INC/VA USD 3 053 813 3.73 13 321 DTE ENERGY COMPANY USD 791 352 0.97 99 647 DUKE ENERGY CORP USD 5 597 389 6.83 40 974 EDISON INTERNATIONAL USD 1 839 662 2.24 44 179 ITC HOLDINGS CORP USD 1 252 722 1.53 71 080 NEXTERA ENERGY INC USD 5 312 652 6.48 37 412 NISOURCE INC USD 1 126 734 1.37 97 864 NRG ENERGY INC USD 2 286 861 2.79 27 420 PINNACLE WEST CAPITAL USD 1 185 522 1.45 48 840 SEMPRA ENERGY USD 3 929 225 4.79 22 837 SOUTHERN CO/THE USD 769 787 0.94 41 704 UGI CORP USD 1 677 405 2.05 Spain 8 257 870 10.07 82 022 GAS NATURAL SDG SA EUR 1 913 983 2.33 628 461 IBERDROLA SA EUR 3 509 955 4.28 44 218 RED ELECTRICA CORPORACION SA EUR 2 833 932 3.46 United Kingdom 7 873 159 9.60 286 906 CENTRICA PLC GBP 1 155 365 1.41 522 997 NATIONAL GRID PLC GBP 5 927 936 7.23 71 434 UNITED UTILITIES GROUP PLC GBP 789 858 0.96 Italy 5 544 707 6.76 702 086 ENEL SPA EUR 2 826 598 3.45 183 854 SNAM SPA EUR 813 738 0.99 485 809 TERNA SPA EUR 1 904 371 2.32 Japan 4 512 229 5.50 68 100 CHUBU ELECTRIC POWER CO INC JPY 597 787 0.73 56 600 CHUGOKU ELECTRIC POWER CO JPY 567 119 0.69 70 700 KYUSHU ELECTRIC POWER CO INC JPY 545 574 0.67 190 000 OSAKA GAS CO LTD JPY 593 618 0.72 512 000 TOKYO GAS CO LTD JPY 2 208 131 2.69 Germany 3 198 782 3.90 231 293 E.ON SE EUR 3 198 782 3.90 Portugal 1 816 197 2.22 492 996 EDP-ENERGIAS DE PORTUGAL SA EUR 1 816 197 2.22 France 1 719 385 2.10 91 725 GDF SUEZ EUR 1 719 385 2.10 Finland 1 657 517 2.02 86 781 FORTUM OYJ EUR 1 657 517 2.02 Hong Kong 1 304 821 1.60 80 000 CLP HOLDINGS LTD HKD 513 732 0.63 114 500 POWER ASSETS HOLDINGS LTD HKD 791 089 0.97 Bermuda 1 303 077 1.59 238 000 CHEUNG KONG INFRASTRUCTURE HKD 1 303 077 1.59 Australia 1 101 405 1.34 1 096 064 AUSNET SERVICES AUD 1 101 405 1.34 Total securities portfolio 81 770 587 99.75 Page 81

Green Tigers Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 69 056 933 97.78 Shares 69 056 933 97.78 Taiwan 15 578 832 22.07 581 000 DELTA ELECTRONIC INDUSTRIAL CO TWD 3 097 540 4.39 647 000 EPISTAR CORP TWD 1 067 611 1.51 266 000 EVERLIGHT ELECTRONICS CO LTD TWD 448 454 0.63 249 000 GIANT MANUFACTURING TWD 1 570 559 2.22 165 100 MERIDA INDUSTRY CO LTD TWD 921 966 1.31 160 000 MOTECH INDUSTRIES INC TWD 164 434 0.23 292 525 RADIANT OPTO-ELECTRONICS COR TWD 957 931 1.36 88 600 SIMPLO TECHNOLOGY CO LTD TWD 377 840 0.53 622 000 TAIWAN GLASS IND CORP TWD 407 414 0.58 1 190 000 TAIWAN SEMICONDUCTOR MANUFAC TWD 3 757 202 5.33 8 096 000 UNITED MICROELECTRONICS CORP TWD 2 807 881 3.98 Hong Kong 14 149 801 20.03 309 500 BEIJING ENTERPRISES HOLDINGS HKD 2 022 640 2.86 1 509 000 CHINA EVERBRIGHT INTERNATIONAL LTD HKD 1 566 035 2.22 1 504 000 CHINA GAS HOLDINGS LTD HKD 2 031 562 2.88 482 000 CIMC ENRIC HOLDINGS LTD HKD 404 676 0.57 1 386 000 GUANGDONG INVESTMENT LTD HKD 1 271 057 1.80 4 926 000 HANERGY SOLAR GROUP LTD HKD 612 862 0.87 1 867 489 HONG KONG & CHINA GAS HKD 3 212 402 4.55 704 500 MTR CORP HKD 2 120 889 3.00 630 000 WASION GROUP HOLDINGS LTD HKD 398 916 0.56 2 264 000 XINYI SOLAR HOLDINGS LTD HKD 508 762 0.72 China 13 101 606 18.53 1 972 000 BEIJING JINGNENG CLEAN ENE - H HKD 661 510 0.94 928 000 CHAOWEI POWER HOLDINGS LTD - H HKD 369 877 0.52 1 451 000 CHINA CNR CORP LTD - H HKD 929 459 1.32 2 748 000 CHINA DATANG CORP RENEWABL - H HKD 319 883 0.45 1 468 000 CHINA RAILWAY CONSTRUCTION - H HKD 1 065 782 1.51 2 909 000 CHINA RAILWAY GROUP LTD - H HKD 1 140 572 1.61 390 000 CHINA SINGYES SOLAR TECH - H HKD 490 540 0.69 1 661 000 CHINA SUNTIEN GREEN ENERGY - H HKD 380 164 0.54 1 634 000 CSR CORP LTD - H HKD 1 116 897 1.58 397 200 DONGFANG ELECTRIC CORP LTD - H HKD 502 845 0.71 518 000 FIRST TRACTOR CO - H HKD 269 630 0.38 6 184 000 GCL-POLY ENERGY HOLDINGS LTD HKD 1 687 415 2.39 1 160 000 GUANGSHEN RAILWAY CO LTD - H HKD 353 697 0.50 42 299 HOLLYSYS AUTOMATION TECHNOLO USD 708 730 1.00 2 592 000 HUANENG RENEWABLES CORP - H HKD 722 057 1.02 2 044 000 SHANGHAI ELECTRIC GROUP CO LTD - H HKD 679 880 0.96 42 389 TRINA SOLAR LIMITE USD 403 230 0.57 YINGLI GREEN ENERGY HOLDING CO LTD- 62 909 ADR USD 160 472 0.23 433 500 ZHUZHOU CSR TIMES ELECTRIC - H HKD 1 138 966 1.61 South Korea 12 034 646 17.06 22 205 DUKSAN HI-METAL CO LTD KRW 265 829 0.38 154 948 LG DISPLAY CO LTD KRW 4 066 690 5.77 54 878 LG ELECTRONICS INC KRW 3 105 069 4.40 8 480 OCI CO LTD KRW 922 486 1.31 27 109 SAMSUNG SDI CO LTD KRW 3 072 035 4.35 27 598 SEOUL SEMICONDUCTOR CO LTD KRW 602 537 0.85 Cayman Islands 6 446 013 9.14 154 600 ASM PACIFIC TECHNOLOGY LTD HKD 1 221 044 1.73 897 000 CHINA HIGH SPEED TRANSMISSION HKD 590 045 0.84 253 200 CHINA METAL RECYCLING HKD 0 0.00 460 000 ENN ENERGY HOLDINGS LTD HKD 2 464 016 3.49 1 402 000 LEE & MAN PAPER MANUFACTURIN HKD 624 968 0.88 702 000 TIANNENG POWER INTL LTD HKD 195 128 0.28 643 000 TOWNGAS CHINA CO LTD HKD 520 062 0.74 1 738 000 XINYI GLASS HOLDINGS LTD HKD 830 750 1.18 India 3 499 417 4.94 176 390 BHARAT HEAVY ELECTRICALS INR 531 790 0.75 95 877 COROMANDEL INTERNATIONAL LTD INR 311 185 0.44 182 102 CROMPTON GREAVES INR 443 763 0.63 191 510 HAVELLS INDIA SHS INR 681 111 0.96 63 523 INDRAPRASTHA GAS LTD INR 299 997 0.42 312 145 JAIN IRRIGATION SYSTEMS LTD INR 347 977 0.49 214 523 PETRONET LNG LTD INR 494 115 0.70 22 054 VA TECH WABAG LTD INR 389 479 0.55 Bermuda 2 616 802 3.70 2 820 000 BEIJING ENTERPRISES WATER GR HKD 1 455 642 2.06 424 000 CHINA RESOURCES GAS GROUP LTD HKD 935 079 1.32 828 000 CHINA WATER AFFAIRS GROUP HKD 226 081 0.32 Philippines 1 378 149 1.95 7 050 000 ENERGY DEVELOPMENT CORP PHP 892 199 1.26 930 500 MANILA WATER COMPANY PHP 485 950 0.69 Thailand 251 667 0.36 1 097 200 BTS GROUP HOLDINGS PCL THB 251 667 0.36 Total securities portfolio 69 056 933 97.78 Page 82

Real Estate Securities Pacific Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 60 142 712 99.10 Shares 60 142 712 99.10 Japan 26 020 414 42.86 494 GLP J - REIT JPY 449 095 0.74 512 HEIWA REAL ESTATE REIT INC JPY 333 995 0.55 120 INDUSTRIAL & INFRASTRUCTURE JPY 806 505 1.33 1 185 JAPAN HOTEL REIT INVESTMENT JPY 544 476 0.90 333 JAPAN REAL ESTATE INVESTMENT JPY 1 391 693 2.29 315 961 MITSUBISHI ESTATE CO LTD JPY 5 541 008 9.13 233 873 MITSUI FUDOSAN CO LTD JPY 5 658 742 9.31 321 NIPPON BUILDING FUND INC JPY 1 357 882 2.24 484 NOMURA REAL ESTATE MASTER FU JPY 461 951 0.76 234 600 NTT URBAN DEVELOPMENT CORP JPY 2 041 070 3.36 144 PREMIER INVESTMENT CORP JPY 483 336 0.80 153 933 SUMITOMO REALTY & DEVELOPMENT JPY 4 527 131 7.46 373 000 TOKYO TATEMONO CO LTD JPY 2 423 530 3.99 Hong Kong 12 514 947 20.62 2 096 000 CHAMPION REIT HKD 726 227 1.20 726 274 HANG LUNG PROPERTIES LTD HKD 1 817 994 3.00 219 903 HENDERSON LAND DEVELOPMENT HKD 1 104 165 1.82 54 000 HYSAN DEVELOPMENT CO HKD 200 618 0.33 58 868 LINK REIT HKD 265 297 0.44 386 000 SINO LAND CO HKD 516 976 0.85 387 615 SUN HUNG KAI PROPERTIES HKD 4 462 226 7.35 120 200 SWIRE PROPERTIES LTD HKD 305 963 0.50 525 700 WHARF HOLDINGS LTD HKD 3 115 481 5.13 Australia 11 117 156 18.33 166 272 ABACUS PROPERTY GROUP AUD 318 670 0.53 498 829 CROMWELL PROPERTY GROUP AUD 355 789 0.59 522 309 DEXUS PROPERTY GROUP AUD 446 742 0.74 967 064 FEDERATION CENTRES AUD 1 826 255 3.01 955 752 GDI PROPERTY GROUP AUD 597 218 0.98 243 019 INVESTA OFFICE FUND AUD 632 973 1.04 1 941 023 MIRVAC GROUP AUD 2 529 430 4.17 1 169 960 SCENTRE GROUP AUD 2 849 508 4.70 288 419 WESTFIELD CORP AUD 1 560 571 2.57 Singapore 6 645 916 10.95 688 000 CAPITACOMMERCIAL TRUST SGD 711 032 1.17 1 137 902 CAPITALAND LTD SGD 2 296 047 3.78 1 001 000 GLOBAL LOGISTIC PROPERTIES L SGD 1 733 607 2.86 2 447 000 LIPPO MALLS INDONESIA RETAIL SGD 602 291 0.99 553 000 RELIGARE HEALTH TRUST SGD 307 690 0.51 258 000 UOL GROUP LTD SGD 995 249 1.64 Bermuda 3 844 279 6.34 482 000 HONGKONG LAND HOLDINGS LTD USD 2 505 556 4.13 475 500 KERRY PROPERTIES LTD HKD 1 338 723 2.21 Total securities portfolio 60 142 712 99.10 Page 83

Real Estate Securities World Securities portfolio at 31/08/2014 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market 59 424 652 98.34 Shares 59 424 652 98.34 United States of America 24 871 281 41.16 37 434 AMERICAN CAMPUS COMMUNITIES USD 1 122 849 1.86 13 090 BOSTON PROPERTIES INC USD 1 206 641 2.00 114 937 BRANDYWINE REALTY TRUST USD 1 397 882 2.31 10 613 CAMDEN PROPERTY TRUST USD 603 004 1.00 73 351 CBL & ASSOCIATES PROPERTIES USD 1 058 054 1.75 73 541 COUSINS PROPERTIES INC USD 708 499 1.17 50 487 CUBESMART USD 712 920 1.18 178 701 DCT INDUSTRIAL TRUST INC USD 1 078 555 1.78 42 708 DDR CORP USD 590 753 0.98 72 712 DIAMONDROCK HOSPITALITY CO USD 735 290 1.22 15 064 DIGITAL REALTY TRUST INC USD 746 224 1.23 35 325 DOUGLAS EMMETT INC USD 766 197 1.27 8 270 EASTGROUP PROPERTIES INC USD 407 096 0.67 68 413 HERSHA HOSPITALITY TRUST USD 352 660 0.58 68 981 HOST HOTELS & RESORTS INC USD 1 195 070 1.98 11 091 KILROY REALTY CORP USD 532 573 0.88 44 965 KIMCO REALTY CORP USD 801 874 1.33 37 677 LASALLE HOTEL PROPERTIES USD 1 045 471 1.73 32 401 LIBERTY PROPERTY TRUST USD 871 275 1.44 6 970 MID-AMERICA APARTMENT COMM USD 382 683 0.63 12 338 PARKWAY PROPERTIES INC USD 194 362 0.32 25 337 PEBBLEBROOK HOTEL TRUST USD 745 183 1.23 73 287 PROLOGIS INC USD 2 277 840 3.77 54 374 RAMCO-GERSHENSON PROPERTIES USD 700 109 1.16 48 203 RLJ LODGING TRUST USD 1 090 898 1.81 30 092 SABRA HEALTH CARE REIT INC USD 650 638 1.08 13 625 SIMON PROPERTY GROUP INC USD 1 758 775 2.91 9 006 SL GREEN REALTY CORP USD 747 651 1.24 9 585 SUN COMMUNITIES INC USD 390 255 0.65 Japan 11 497 948 19.02 216 GLP J - REIT JPY 196 365 0.32 28 INDUSTRIAL & INFRASTRUCTURE JPY 188 185 0.31 439 JAPAN HOTEL REIT INVESTMENT JPY 201 709 0.33 106 JAPAN REAL ESTATE INVESTMENT JPY 443 001 0.73 168 000 MITSUBISHI ESTATE CO LTD JPY 2 946 217 4.88 125 000 MITSUI FUDOSAN CO LTD JPY 3 024 474 5.01 108 NIPPON BUILDING FUND INC JPY 456 858 0.76 111 400 NTT URBAN DEVELOPMENT CORP JPY 969 204 1.60 68 000 SUMITOMO REALTY & DEVELOPMENT JPY 1 999 864 3.31 165 000 TOKYO TATEMONO CO LTD JPY 1 072 071 1.77 Hong Kong 4 045 737 6.71 989 000 CHAMPION REIT HKD 342 671 0.57 262 000 HANG LUNG PROPERTIES LTD HKD 655 833 1.09 40 749 HENDERSON LAND DEVELOPMENT HKD 204 607 0.34 119 000 SUN HUNG KAI PROPERTIES HKD 1 369 929 2.27 248 500 WHARF HOLDINGS LTD HKD 1 472 697 2.44 United Kingdom 3 920 078 6.48 98 296 BIG YELLOW GROUP PLC GBP 653 117 1.08 36 337 BRITISH LAND CO PLC GBP 334 668 0.55 14 259 DERWENT LONDON PLC GBP 501 757 0.83 527 843 HANSTEEN HOLDINGS PLC GBP 684 136 1.13 232 572 SEGRO PLC GBP 1 085 228 1.80 119 728 UNITE GROUP PLC GBP 661 172 1.09 Australia 2 737 488 4.53 405 383 FEDERATION CENTRES AUD 765 547 1.27 659 336 MIRVAC GROUP AUD 859 209 1.42 456 869 SCENTRE GROUP AUD 1 112 732 1.84 Singapore 2 270 598 3.76 454 000 CAPITALAND LTD SGD 916 077 1.52 350 000 GLOBAL LOGISTIC PROPERTIES L SGD 606 156 1.00 194 000 UOL GROUP LTD SGD 748 365 1.24 The Netherlands 2 234 840 3.69 26 423 CORIO NV EUR 1 080 304 1.79 138 856 NIEUWE STEEN INVESTMENTS NV EUR 601 246 0.99 4 804 VASTNED EUR 177 892 0.29 5 359 WERELDHAVE NV EUR 375 398 0.62 Finland 1 639 126 2.72 239 041 CITYCON OYJ EUR 669 315 1.11 83 236 SPONDA OYJ EUR 331 279 0.55 151 311 TECHNOPOLIS OYJ EUR 638 532 1.06 Bermuda 1 466 828 2.43 192 000 HONGKONG LAND HOLDINGS LTD USD 998 064 1.65 166 500 KERRY PROPERTIES LTD HKD 468 764 0.78 France 833 127 1.38 3 463 GECINA SA EUR 372 273 0.62 6 512 ICADE EUR 460 854 0.76 Luxembourg 761 196 1.26 51 087 GAGFAH SA EUR 761 196 1.26 Jersey Island 670 816 1.11 403 074 LXB RETAIL PROPERTIES GBP 670 816 1.11 Germany 649 893 1.07 7 478 DEUTSCHE ANNINGTON IMMOBILIE EUR 169 586 0.28 8 483 LEG IMMOBILIEN AG EUR 480 307 0.79 Italy 629 791 1.04 1 019 079 BENI STABILI SPA EUR 629 791 1.04 Canada 435 435 0.72 32 219 COMINAR REAL ESTATE INV-TR U CAD 435 435 0.72 Spain 402 838 0.67 40 308 MERLIN PROPERTIES SOCIMI SA EUR 402 838 0.67 Norway 357 632 0.59 293 930 NORWEGIAN PROPERTY ASA NOK 357 632 0.59 Total securities portfolio 59 424 652 98.34 Page 84

Notes to the financial statements Page 85

Notes to the financial statements at 31/08/2014 Note 1 - General information Since 1 March 2014 the Company has proceeded to the following changes: a) Master - feeder structures The following sub-funds are involved in a master-feeder structure: Master sub-fund PARVEST Bond USD PARVEST Bond World Emerging Local PARVEST Convertible Bond World PARVEST Equity High Dividend Europe PARVEST Equity USA Growth PARVEST Equity World Emerging PARVEST Equity World Emerging PARVEST Real Estate Securities World Feeder sub-fund BNP Paribas L1 Bond USD BNP Paribas L1 Bond World Emerging Local BNP Paribas L1 Convertible Bond World BNL Azioni Europa Dividendo BNL Azioni America BNL Azioni Emergenti BNP Paribas L1 Equity World Emerging BNP Paribas L1 Real Estate Securities World The information regarding the description of the master-feeder structures, the investment objective and policy of the Master UCITS are detailed in the prospectus of Fund. The audited financial statements and the prospectus of the Master UCITS and Feeder UCITS are available on http://www.bnpparibas-ip.com. b) Merged, liquidated or launched share classes Sub-fund Date Events Equity Japan 1 April 2014 Launch of share class IH USD Bond USD Government 3 April 2014 Launch of share class Privilege - Distribution Transformation of the share classes Classic H EUR - Bond Best Selection World Emerging 1 May 2014 Capitalisation/Distribution, Privilege H EUR - Distribution and IH EUR in Classic RH EUR - Capitalisation/Distribution, Privilege RH EUR - Distribution and I RH EUR Transformation of the share classes Classic H EUR - Bond World Emerging Local 1 May 2014 Capitalisation/Distribution, Classic H SGD MD and IH EUR in Classic RH EUR - Capitalisation/Distribution, Classic RH SGD MD and I RH EUR Bond World High Yield 1 May 2014 Transformation of the share class Classic MD in Classic USD MD Convertible Bond World 1 May 2014 Transformation of the share classes Classic H CHF, Classic H CZK, Classic H PLN, IH NOK, IH USD in Classic RH CHF, Classic RH CZK, Classic RH PLN, I RH NOK, I RH USD Equity Europe Growth 1 May 2014 Transformation of the share classes Classic H SGD MD and Classic H USD MD in Classic RH SGD MD and Classic RH USD MD Equity High Dividend Pacific 1 May 2014 Transformation of the share classes Classic MD and Privilege MD in Classic USD MD and Privilege USD MD Equity Best Selection Euro 19 May 2014 Launch of share class Classic H HUF - Capitalisation Equity Europe Growth 19 May 2014 Launch of share classes Classic RH SGD and Classic RH USD - Capitalisation Equity Europe Small Cap 19 May 2014 Launch of share class Classic RH SGD Equity USA Mid Cap 19 May 2014 Launch of share class Classic H SGD Equity Best Selection Europe 6 June 2014 Transformation of the share class Classic HUF - Capitalisation in Classic RH HUF - Capitalisation Bond Asia ex-japan 22 July 2014 Launch of share class X Page 86

Notes to the financial statements at 31/08/2014 Sub-fund Date Events Bond World High Yield 22 July 2014 Launch of share class Classic H CZK Equity Indonesia 22 July 2014 Launch of share class Privilege EUR - Capitalisation Equity World Low Volatility 22 July 2014 Launch of share class Classic CZK Green Tigers 25 August 2014 Launch of share class Classic USD - Capitalisation c) NAV Split The operation consists in splitting up a series of NAV values by using a simple ratio (10 000; 1 000; 100 or 10) in order to have a NAV the nearest as possible with 100 in the reference (10 000 for the JPY). The shareholders at the Record date will take part to the Split. The NAV values will be adjusted on the NAV Split basis on the ex-split date : 6 June 2014. Sub-fund Events Bond USD Government Share class I - Capitalisation split by 10 000 Share class Privilege - Capitalisation split by 10 Bond World Inflation-Linked Share class I - Capitalisation split by 1 000 Share class Privilege - Capitalisation split by 10 Convertible Bond Asia Share class I - Capitalisation split by 10 000 Share class Privilege - Capitalisation split by 100 Convertible Bond World Share class Classic RH CZK split by 100 Equity Best Selection Euro Share class Classic H CZK split by 100 Equity Brazil Share class I - Capitalisation split by 1 000 Share class Privilege - Capitalisation split by 10 Equity Bric Share class I - Capitalisation split by 1 000 Share class Privilege - Capitalisation split by 10 Equity Europe Emerging Share classes Classic - Capitalisation, Classic USD - Capitalisation/Distribution, I - Capitalisation and N split by 10 Equity Europe Growth Share class I - Capitalisation split by 100 Equity Europe Mid Cap Share class I - Capitalisation split by 1 000 Equity Europe Small Cap Share class I - Capitalisation split by 1 000 Share class Privilege - Capitalisation split by 10 Equity High Dividend Europe Share class I - Capitalisation split by 1 000 Share class Privilege - Capitalisation split by 10 Equity High Dividend USA Share class I - Capitalisation split by 100 Equity India Share class I - Capitalisation split by 100 Equity Japan Share class I - Capitalisation split by 1 000 Equity Latin America Share class I - Capitalisation split by 10 000 Share class Privilege - Capitalisation split by 100 Equity Russia Opportunities Share class I - Capitalisation split by 1 000 Equity USA Growth Share class Classic H CZK split by 10 Share class I - Capitalisation split by 100 Equity USA Mid Cap Share class I - Capitalisation split by 10 000 Share class Privilege - Capitalisation split by 10 Real Estate Securities World Share class I - Capitalisation split by 100 d) Eligibility for the Plan Epargne en Actions (PEA) Owing to their eligibility for French share savings schemes (PEA), the sub-funds of the PARVEST SICAV listed below permanently invest at least 75% of their net in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime. Equity Best Selection Euro Equity Best Selection Europe Equity Europe Growth Equity Europe Mid Cap Equity Europe Small Cap Equity High Dividend Europe Page 87

Notes to the financial statements at 31/08/2014 Note 2 - Principal accounting methods a) Net asset value This semi-annual report is prepared on the basis of the last net asset value as at 29 August 2014. b) Globalized statements for the various sub-funds PARVEST s (consolidated) financial statements are expressed in EUR by converting the financial statements of the sub-funds denominated in currencies other than EUR at the exchange rate prevailing at the end of the financial period. c) Currency conversion The accounts of each sub-fund are kept in the in which its net asset value is expressed, and the financial statements are expressed in that. The purchase price of securities purchased in a other than that of the sub-fund is converted into the of the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities. The income and expenses denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on the transaction date. On the closing date, the market values of the securities (determined by the method described below), the claims, bank deposits and debt denominated in a other than that of the sub-fund are converted into the of the sub-fund on the basis of the exchange rates prevailing on that date, with any exchange differentials resulting from the conversion of the securities, claims, bank deposits and debt being included in the net result for the financial period. d) Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial period. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation. The stock market prices and exchange rates are those of 29 August 2014. This principle has been applied uniformly and consistently for all the sub-funds. By way of information, a certain lead time is required before indicative prices become available for certain illiquid securities, so that for these securities it was impossible for material reasons to use prices as at 29 August 2014 in the last net asset value of the financial period. However, these net asset values would not have been significantly different from those shown in the annual accounts. The statement of operations and changes in net covers the financial period from 1 March 2014 to 31 August 2014. e) Valuation of the securities portfolio The valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognized and accessible to the public, is based on the last known closing price on the valuation day, and, if the securities concerned are traded on several markets, on the basis of the last known closing price on the major market on which they are traded. If the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner. The Board of Directors uses this possibility for the valuation of the securities listed on Asian and Pacific markets, excepted for the of the Equity Japan sub-fund. In these cases, the aforesaid last known closing price is adjusted by using a method reviewed by the auditors of the Company and monitored by the Management Company to reflect a fair value price of the concerned. Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular manner, is recognised and accessible to the public, shall be valued on the basis of the probable sale price estimated in a prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors. Page 88

Notes to the financial statements at 31/08/2014 f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Any unrealised gains and losses are included when determining the result of the transactions. To calculate the net positions per, the positions are converted at the forward exchange rates corresponding to the remaining life of the contract. g) Valuation of financial instruments Financial futures are valued at their last-known market price. The other financial instruments are valued at the prices at which the position would be able to be liquidated, depending on the conditions prevailing on the market at the valuation date. Realised and unrealised profits or losses resulting there from are included in the Statement of operations and changes in net. To calculate the net positions per on financial instruments, the positions are converted at the exchange rate effective on the closing date. h) Valuation of credit default swaps The value of a Credit Default Swap shall be determined by comparing the value of the protection swap leg and the value of the premium swap leg. The value of the premium leg is obtained by discounting the future premium flows using the relevant risk-adjusted discount. The value of the protection leg is the present value of the expected loss inherent to the contract. Default probabilities used to compute the expected loss are derived from the structure of par market swap rates. Par market swap rates will be obtained from a cross-section of market counterparties. i) Valuation of total return swaps and performance swaps The Company may enter into Total Return Swap contracts ( TRS ) and performance swaps in which the Company and the counterparty agree to exchange payments, where one or both of the parties pays/pay returns generated by a basket of, an index, etc. The payments made by the Company to the counterparty and vice versa are calculated by reference to a specific security, a specific index or a given nominal amount in a financial instrument. Underlying securities or instruments must be transferable securities and indices must be indices deriving from a regulated market. The valuation of these TRS and performance swaps will reflect at any time the difference between the last-known price of the underlying security and the valuation that was taken into account when the transaction was established. The details of the underlying securities are available on request from BNP Paribas Investment Partners Luxembourg. j) Presentation of options Options contracts traded over-the-counter are valued at the prices at which the position could be liquidated under the market conditions prevailing at the valuation date. The liquidation value of forward contracts or options contracts traded on regulated markets will be based on the latest available settlement price of these contracts on the regulated markets on which these forward contracts or option contracts are traded by the SICAV; provided that if a forward contract or an options contract cannot be liquidated on the day on which the net are valued, the basis that will be used to determine the liquidation value of this contract will be determined fairly and reasonably by the Board of Directors. Options are included in the Securities portfolio statement under the heading Options. k) Valuation of securities lending, reverse repurchase and repurchase agreements Securities lending attracts remuneration for the sub-fund according to the contracts and is accounted for in the Statement of operations and changes in net under Income on investments and. Securities that have been lent are shown in the net of the sub-fund in question, at their market value. Securities reverse repurchase (or repurchase) transactions are treated as borrowing (or lending) transactions guaranteed by the underlying securities. They are transactions by which the transferor transfers ownership of securities to another person (the transferee) and by which the transferor irrevocably undertakes to repurchase them and the transferee irrevocably undertakes to retrocede them, at an agreed price and date. Page 89

Notes to the financial statements at 31/08/2014 Securities reverse repurchase agreements are valued at their purchase price expressed in the original, irrespective of the market value of the underlying securities, the interest accrued pro rata since the purchase date being shown under the heading Other. Securities repurchase agreements are valued at their market value. l) Valuation of interest rate swaps Interest rate swaps are valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments. m) Valuation of volatility swaps A volatility swap is a forward contract whose underlying is the volatility of a given product. The underlying is usually a foreign exchange rate, equity or index. At given point in time, the valuation of the volatility swap will reflect the difference between the last known volatility of the underlying and the valuation on the basis of which the initial agreement was concluded. n) Comparisons Concerning the sub-funds that merged during the financial period and that were still open on 31 August 2014, mergers involving absorption of the net of the absorbed sub-funds or funds were recorded in the accounts by means of a subscription in the absorbing sub-funds at the merger dates. Consequently, the line Net subscriptions/(redemptions) in the Statement of operations and changes in net includes the net of the absorbed sub-funds or funds at the merger dates. o) Geographic distribution The geographic distribution of the securities portfolio is based on the issuing country. p) Note on Indian Tax Each sub-fund may be subject to corporation taxes in certain countries in which it invests. Capital gains realised when disposing of certain Indian securities held by a sub-fund are subject to capital gains tax in India, which, if any, is disclosed in the Statement of operations and changes in net under the heading Taxes. The tax is computed on net realised gains, and realised losses in excess of gains may under certain conditions be carried forward one year to offset future gains. Indian tax law imposes a tax on net realised gains from Indian securities sold within one year from the date of purchase. Given the Company s intent to hold portfolio securities for more than one year, the Company does not accrue a deferred tax liability on net unrealised gains on Indian securities. In case the Company incurred a total realised loss on security sales as at fiscal year-end, the Company could recover the taxable amount paid during the period on net realised gains, provided that a claim to the Tax Administration is introduced within three years. q) To be announced To be announced are subject to current commercial market practices in relation to securities guaranteed by bonds, according to which a security will buy/sell a basket of mortgage loans for a fixed price at a later date. At the time of the purchase/sale, the exact security is not known but its principal features are. Even if a price is agreed at the time of purchase/sale, the final face value will not yet have been fixed. The to-be-announced ( TBA ) Mortgage Back Securities positions are shown in the securities portfolio as at 31 August 2014. At the closing date, the purchase/sale of these securities had not yet been settled. As a result, the amounts relating to payables/receivables on securities are included under Other liabilities / Other in the Statement of net. r) Cross-investments The value of the cross-investments of the sub-funds has not been taken into consideration for the calculation of the total net of the funds. Page 90

Notes to the financial statements at 31/08/2014 The total value of those cross-investments as at 31 August 2014 amounted to: Sub-fund investing in other PARVEST Sub-funds held by other PARVEST sub-funds sub-funds Currency Market Value (in EUR) Bond Best Selection World Emerging Bond World Emerging Corporate USD 18 934 491 Bond USD Convertible Bond World USD 1 571 712 Bond World Convertible Bond World EUR 1 351 880 Bond World Emerging Local Bond World Emerging Advanced, Bond World Emerging Corporate USD 31 744 209 Equity Russia Equity Russia Opportunities EUR 6 435 584 Total: 60 037 876 The net at the end of the financial period of combined figures would be EUR 18 733 388 526 without taken into account the cross investment. Note 3 - Management and advisory fees (maximum per annum) The maximum annual fee payable monthly and calculated on the average net asset value of each share class for each sub-fund over the past month. For certain sub-funds a reduced management fee was charged during financial year/period. The management fees applicable to the Classic class are also applicable for the Classic CHF, Classic CZK, Classic EUR, Classic GBP, Classic H AUD MD, Classic H CZK, Classic H EUR, Classic H HUF, Classic H SGD, Classic H SGD MD, Classic H USD, Classic H USD MD, Classic HUF, Classic MD, Classic RH CHF, Classic RH CZK, Classic RH EUR, Classic RH HUF, Classic RH PLN, Classic RH SGD, Classic RH SGD MD, Classic RH USD, Classic RH USD MD, Classic USD, Classic USD MD and N classes. The management fees applicable to the I class are also applicable for the IH EUR, IH USD, I RH EUR, I RH NOK and I RH USD classes. The management fees applicable to the Privilege class are also applicable for the Privilege EUR, Privilege H EUR, Privilege MD, Privilege RH EUR, Privilege USD and Privilege USD MD classes. No management fee is charged for the X class. A sub-fund may not invest in a UCITS, or other UCIS, with a management fee exceeding 3.00% per annum. Sub-fund Classic Privilege I Bond Asia ex-japan 1.25% 0.75% 0.60% Bond Best Selection World Emerging 1.50% 0.75% 0.60% Bond USD 0.75% 0.40% 0.30% Bond USD Government 0.75% 0.40% 0.30% Bond World 0.75% 0.40% 0.30% Bond World Emerging Corporate 1.50% 0.75% 0.60% Bond World Emerging Local 1.50% 0.75% 0.60% Bond World High Yield 1.20% 0.60% 0.55% Bond World Inflation-Linked 0.75% 0.40% 0.30% Convertible Bond Asia 1.20% 0.65% 0.60% Convertible Bond World 1.20% 0.65% 0.60% Equity Best Selection Asia ex-japan 1.50% 0.75% 0.60% Equity Best Selection Euro 1.50% 0.75% 0.60% Equity Best Selection Europe 1.50% 0.75% 0.60% Equity Brazil 1.75% 0.90% 0.75% Equity Bric 1.75% 0.90% 0.75% Equity China 1.75% 0.90% 0.75% Equity Europe Emerging 1.75% 0.90% 0.75% Equity Europe Growth 1.50% 0.75% 0.60% Equity Europe Mid Cap 1.50% 0.75% 0.60% Equity Europe Small Cap 1.75% 0.90% 0.70% Equity High Dividend Europe 1.50% 0.75% 0.60% Page 91

Notes to the financial statements at 31/08/2014 Sub-fund Classic Privilege I Equity High Dividend Pacific 1.50% 0.75% 0.60% Equity High Dividend USA 1.50% 0.75% 0.60% Equity India 1.75% 0.90% 0.75% Equity Indonesia 1.75% 0.90% 0.75% Equity Japan 1.50% 0.75% 0.60% Equity Latin America 1.75% 0.90% 0.75% Equity Russia 1.75% 0.90% 0.75% Equity Russia Opportunities 1.75% 0.90% 0.75% Equity USA Growth 1.50% 0.75% 0.60% Equity USA Mid Cap 1.75% 0.90% 0.70% Equity World Consumer Durables 1.50% 0.75% 0.60% Equity World Emerging 1.75% 0.90% 0.75% Equity World Energy 1.50% 0.75% 0.60% Equity World Finance 1.50% 0.75% 0.60% Equity World Health Care 1.50% 0.75% 0.60% Equity World Low Volatility 1.50% 0.75% 0.60% Equity World Materials 1.50% 0.75% 0.60% Equity World Technology 1.50% 0.75% 0.60% Equity World Telecom 1.50% 0.75% 0.60% Equity World Utilities 1.50% 0.75% 0.60% Green Tigers 1.50% 0.75% 0.60% Real Estate Securities Pacific 1.50% 0.75% 0.60% Real Estate Securities World 1.50% 0.75% 0.60% A maximum advisory fee of 0.15% is applied to all the share classes, excepted to the X share class, of the sub-funds Equity High Dividend USA and Equity USA Mid Cap. Note 4 - Other fees Other fees are calculated and deducted monthly from the average net of a sub-fund, share category, or share class and serving to cover general custody expenses (remuneration of the Depositary) and daily administration expenses (NAV calculation, record and book keeping, notices to the shareholders, providing and printing the documents legally required for the shareholders, domiciliation, auditors cost and fees...), except for brokerage fees, commissions for transactions not related to the deposit, director fees, interest and bank fees, extraordinary expenses, reporting cost in relation with regulation requirements including the European Market Infrastructure Regulation (EMIR), and the taxe d abonnement in force in Luxembourg, as well as any other specific foreign tax and other regulators levy. Note 5 - Taxes At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax. The Company is liable to an annual taxe d abonnement in Luxembourg representing 0.05% of the net asset value. This rate is reduced to 0.01% for: a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions; b) sub-funds with the exclusive objective of collective investments in deposits with credit institutions; c) sub-funds, categories, or classes reserved for Institutional Investors, Managers, and UCIs. The following are exempt from this taxe d abonnement : a) the value of represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the taxe d abonnement ; Page 92

Notes to the financial statements at 31/08/2014 b) sub-funds, share categories and/or classes: (i) (ii) (iii) (iv) whose securities are reserved to Institutional Investors, Managers or UCIs and whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and whose weighted residual portfolio maturity does not exceed 90 days, and that have obtained the highest possible rating from a recognised rating agency; c) sub-funds, share categories and/or classes reserved to: (i) (ii) institutions for occupational retirement pension or similar investment vehicles, set up at the initiative of one or more employers for the benefit of their employees, and companies having one or more employers investing funds to provide pension benefits to their employees; d) sub-funds whose main objective is investment in microfinance institutions; e) sub-funds, shares categories and/or classes: (i) whose securities are listed or traded on at least one stock exchange or another regulated market operating regularly that is recognized and open to the public, and (ii) whose exclusive object is to replicate the performance of one or several indices. When due, the taxe d abonnement is payable quarterly based on the relevant net and calculated at the end of the quarter for which it is applicable. In addition, the Company may be subject to foreign UCI s tax, and/or other regulators levy in the country where the sub-fund is registered for distribution. Note 6 - Dividends For the Classic MD share class, the following dividends were paid: - Payment dates Month Record Date (1) NAV ex-dividend Date (2) Payment Date (3) March 18 19 31 March April 15 16 30 April May 19 20 3 June June 16 17 30 June July 18 21 31 July August 19 20 2 September (1) If this day is not a bank business day in Luxembourg, the record date will be the next following bank business day. (2) Dates are based on a valuation simulation in 2014. As a consequence, dates may change depending on the composition of the portfolio at this date, if for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards. (3) If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific or country), settlement will be made the 1st business day after or any other day communicated by the local agent. - Monthly amount since March 2014: Sub-fund Class Currency Dividend Bond Asia ex-japan Classic MD USD 0.37 Bond Asia ex-japan Classic H AUD MD AUD 0.53 Bond Asia ex-japan Classic H SGD MD SGD 0.37 Bond Asia ex-japan Privilege MD USD 0.40 Bond Best Selection World Emerging Classic MD USD 0.16 Bond USD Classic MD USD 0.22 Bond USD Government Classic MD USD 0.17 Bond World Emerging Corporate Classic MD USD 0.50 Bond World Emerging Local Classic MD USD 0.50 Bond World Emerging Local Classic RH SGD MD SGD 0.57 Bond World High Yield Classic USD MD USD 0.68 Page 93

Notes to the financial statements at 31/08/2014 Sub-fund Class Currency Dividend Bond World High Yield Classic H AUD MD AUD 0.83 Bond World High Yield Classic H USD MD USD 0.67 Convertible Bond Asia Classic MD USD 0.15 Equity Europe Growth Classic RH SGD MD SGD 0.19 Equity Europe Growth Classic RH USD MD USD 0.19 Equity High Dividend Pacific Classic USD MD USD 0.39 Equity High Dividend Pacific Privilege USD MD USD 0.36 The following dividends were paid on 30 April 2014 for shares outstanding as at 16 April 2014: Sub-fund Class Coupon n Currency Dividend Bond Asia ex-japan Classic - Distribution 14 USD 5.23 Bond Asia ex-japan Classic EUR - Distribution 14 EUR 3.75 Bond Asia ex-japan Privilege - Distribution 14 USD 3.95 Bond Best Selection World Emerging Classic - Distribution 14 USD 11.13 Bond Best Selection World Emerging Classic RH EUR - Distribution 14 EUR 1.82 Bond Best Selection World Emerging Privilege - Distribution 14 USD 5.12 Bond Best Selection World Emerging Privilege RH EUR - Distribution 14 EUR 5.66 Bond USD Classic - Distribution 14 USD 8.34 Bond USD Privilege - Distribution 14 USD 2.48 Bond World Classic - Distribution 14 EUR 3.78 Bond World Privilege - Distribution 14 EUR 2.11 Bond World Emerging Corporate Classic - Distribution 14 USD 3.45 Bond World Emerging Corporate Classic EUR - Distribution 14 EUR 3.41 Bond World Emerging Corporate Privilege - Distribution 14 USD 3.63 Bond World Emerging Local Classic - Distribution 14 USD 6.73 Bond World Emerging Local Classic EUR - Distribution 14 EUR 5.68 Bond World Emerging Local Classic GBP - Distribution 14 GBP 5.74 Bond World Emerging Local Classic RH EUR - Distribution 14 EUR 5.95 Bond World Emerging Local I - Distribution 14 USD 6.79 Bond World Emerging Local Privilege - Distribution 14 USD 6.04 Bond World High Yield Classic - Distribution 14 EUR 1.89 Bond World High Yield Classic USD - Distribution 14 USD 6.20 Bond World High Yield Classic H USD - Distribution 14 USD 2.39 Bond World High Yield Privilege - Distribution 14 EUR 5.81 Convertible Bond Asia Classic - Distribution 14 USD 1.26 Convertible Bond Asia Privilege - Distribution 14 USD 1.25 Convertible Bond World Classic - Distribution 14 EUR 1.52 Convertible Bond World Classic RH PLN - Distribution 14 PLN 7.58 Convertible Bond World I - Distribution 14 EUR 1.83 Convertible Bond World Privilege - Distribution 14 EUR 1.92 Equity Best Selection Asia ex-japan Classic - Distribution 14 EUR 7.19 Equity Best Selection Asia ex-japan Classic USD - Distribution 14 USD 9.91 Equity Best Selection Asia ex-japan Privilege - Distribution 14 EUR 2.28 Equity Best Selection Euro Classic - Distribution 14 EUR 8.22 Equity Best Selection Euro Privilege - Distribution 14 EUR 3.55 Equity Best Selection Europe Classic - Distribution 14 EUR 4.41 Equity Best Selection Europe Classic CHF - Distribution 14 CHF 4.24 Equity Best Selection Europe Privilege - Distribution 14 EUR 3.28 Equity Brazil Classic - Distribution 14 USD 3.48 Equity Bric Classic - Distribution 14 USD 3.36 Equity China Classic - Distribution 14 USD 7.19 Equity China Classic EUR - Distribution 14 EUR 2.90 Equity China Privilege - Distribution 14 USD 3.16 Equity Europe Emerging Classic - Distribution 14 EUR 29.48 Equity Europe Emerging Classic USD - Distribution 14 USD 40.63 Page 94

Notes to the financial statements at 31/08/2014 Sub-fund Class Coupon n Currency Dividend Equity Europe Emerging Privilege - Distribution 14 EUR 3.52 Equity Europe Growth Classic - Distribution 14 EUR 4.65 Equity Europe Growth Privilege - Distribution 14 EUR 3.90 Equity Europe Mid Cap Classic - Distribution 18 EUR 10.95 Equity Europe Small Cap Classic - Distribution 14 EUR 3.24 Equity Europe Small Cap Privilege - Distribution 14 EUR 2.88 Equity High Dividend Europe Classic - Distribution 13 EUR 1.53 Equity High Dividend Europe Privilege - Distribution 14 EUR 3.67 Equity High Dividend Pacific Classic - Distribution 14 EUR 1.71 Equity High Dividend Pacific Classic USD - Distribution 14 USD 3.83 Equity High Dividend Pacific Privilege - Distribution 14 EUR 3.99 Equity High Dividend USA Classic - Distribution 14 USD 4.71 Equity High Dividend USA Classic EUR - Distribution 14 EUR 5.12 Equity High Dividend USA Classic H EUR - Distribution 14 EUR 1.59 Equity High Dividend USA Privilege - Distribution 14 USD 3.78 Equity India Classic - Distribution 14 USD 1.20 Equity India Classic EUR - Distribution 14 EUR 0.87 Equity India Privilege - Distribution 14 USD 1.40 Equity Indonesia Classic - Distribution 14 USD 3.36 Equity Indonesia Classic EUR - Distribution 14 EUR 1.65 Equity Indonesia Privilege - Distribution 14 USD 1.60 Equity Japan Classic - Distribution 20 JPY 54.00 Equity Japan Privilege - Distribution 14 JPY 208.00 Equity Latin America Classic - Distribution 13 USD 14.05 Equity Russia Classic - Distribution 14 EUR 3.17 Equity Russia Classic USD - Distribution 14 USD 3.28 Equity Russia Privilege - Distribution 14 EUR 3.60 Equity Russia Opportunities Classic - Distribution 14 USD 2.65 Equity USA Growth Classic - Distribution 14 USD 1.50 Equity USA Growth Classic H EUR - Distribution 14 EUR 1.96 Equity USA Growth Privilege - Distribution 14 USD 1.90 Equity USA Mid Cap Classic - Distribution 14 USD 2.63 Equity World Consumer Durables Classic - Distribution 14 EUR 1.62 Equity World Consumer Durables Privilege - Distribution 14 EUR 1.87 Equity World Emerging Classic - Distribution 14 USD 3.88 Equity World Emerging Classic EUR - Distribution 14 EUR 2.22 Equity World Emerging Privilege - Distribution 14 USD 2.76 Equity World Energy Classic - Distribution 14 EUR 12.52 Equity World Energy Classic USD - Distribution 14 USD 17.26 Equity World Energy Privilege - Distribution 14 EUR 3.03 Equity World Finance Classic - Distribution 14 EUR 5.02 Equity World Finance Privilege - Distribution 14 EUR 3.09 Equity World Health Care Classic - Distribution 14 EUR 9.99 Equity World Health Care Privilege - Distribution 14 EUR 2.22 Equity World Low Volatility Classic - Distribution 14 EUR 5.45 Equity World Low Volatility Classic USD - Distribution 14 USD 7.57 Equity World Low Volatility Privilege - Distribution 14 EUR 2.48 Equity World Materials Classic - Distribution 14 EUR 1.21 Equity World Materials Privilege - Distribution 14 EUR 2.61 Equity World Technology Classic - Distribution 14 EUR 5.32 Equity World Technology Classic USD - Distribution 14 USD 2.28 Equity World Technology Privilege - Distribution 14 EUR 1.60 Equity World Telecom Classic - Distribution 14 EUR 13.34 Equity World Telecom Privilege - Distribution 14 EUR 4.06 Equity World Utilities Classic - Distribution 14 EUR 2.95 Equity World Utilities Classic USD - Distribution 14 USD 4.07 Page 95

Notes to the financial statements at 31/08/2014 Sub-fund Class Coupon n Currency Dividend Equity World Utilities Privilege - Distribution 14 EUR 5.01 Green Tigers Classic - Distribution 14 EUR 3.29 Green Tigers Classic USD - Distribution 14 USD 2.45 Green Tigers Privilege - Distribution 14 EUR 2.46 Real Estate Securities Pacific Classic - Distribution 14 EUR 2.34 Real Estate Securities Pacific Classic USD - Distribution 14 USD 3.23 Real Estate Securities Pacific Privilege - Distribution 14 EUR 2.92 Real Estate Securities World Classic - Distribution 14 EUR 1.02 Real Estate Securities World Privilege - Distribution 14 EUR 3.72 It has been decided not to pay dividends for the following sub-fund this period: Sub-fund Class Coupon n Bond World Inflation-linked Classic - Distribution 14 Bond World Inflation-linked Privilege - Distribution 14 Note 7 - Exchange rates The exchange rates used for consolidation and for the conversion of share classes denominated in a other than the reference of the relevant sub-fund: EUR 1 = AUD 1.40830 EUR 1 = CHF 1.20635 EUR 1 = CZK 27.75250 EUR 1 = GBP 0.79315 EUR 1 = HUF 315.45500 EUR 1 = JPY 136.83740 EUR 1 = NOK 8.13660 EUR 1 = PLN 4.21155 EUR 1 = SGD 1.64380 EUR 1 = USD 1.31720 Note 8 - Futures contracts As at 31 August 2014, the following positions were outstanding: Bond USD Purchase/ Currency Quantity Description Sale Maturity Commitment (in USD) Net unrealised gain/loss (in USD) USD 308 S US 10YR NOTE FUT (CBT) 19/12/2014 38 740 625 (70 061) USD 13 S US LONG BOND FUT (CBT) 19/12/2014 1 821 219 (8 781) AUD 40 P AUST 3 YR BOND FUTURE 15/09/2014 4 102 672 28 236 USD 17 S ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/2014 2 643 500 (20 852) USD 33 P US 2YR NOTE FUTURE (CBT) 31/12/2014 7 228 547 5 672 USD 69 P US 5YR NOTE FUTURE (CBT) 31/12/2014 8 199 680 12 695 AUD 33 S AUST 10 YR BOND 15/09/2014 3 795 885 (139 604) CAD 1 P CAN 10YR BOND FUTURE 18/12/2014 126 604 867 Total: (191 828) Page 96

Notes to the financial statements at 31/08/2014 Bond USD Government Currency Quantity Purchase/ Sale Description Maturity Commitment (in USD) Net unrealised gain/loss (in USD) USD 30 S US 10YR NOTE FUT (CBT) 19/12/2014 3 773 438 (7 352) Total: (7 352) Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/loss (in EUR) EUR 64 P EURO-BUND FUTURE 08/09/2014 9 698 560 95 900 EUR 18 S EURO-BOBL FUTURE 08/09/2014 2 326 140 (16 570) USD 351 S US 10YR NOTE FUT (CBT) 19/12/2014 33 517 476 (60 034) USD 25 S US LONG BOND FUT (CBT) 19/12/2014 2 658 931 (13 642) AUD 60 P AUST 3 YR BOND FUTURE 15/09/2014 4 672 038 32 155 USD 22 P ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/2014 2 597 176 20 356 USD 24 S US 2YR NOTE FUTURE (CBT) 31/12/2014 3 991 137 (3 132) USD 134 P US 5YR NOTE FUTURE (CBT) 31/12/2014 12 089 292 18 565 AUD 11 S AUST 10 YR BOND 15/09/2014 960 595 (25 933) CAD 20 P CAN 10YR BOND FUTURE 18/12/2014 1 922 312 13 158 EUR 17 P EURO BUXL 30Y BONDS 08/09/2014 2 476 560 233 799 GBP 60 S LONG GILT FUTURE (LIFFE) 29/12/2014 8 589 044 (66 570) JPY 8 P JPN 10Y BOND (TSE) 10/09/2014 8 549 128 55 467 KRW 22 P KOREA 3YR BND FUTURE 16/09/2014 1 762 866 12 190 USD 58 S 90DAYS EURO USD FUT 16/03/2015 10 969 120 (42 306) USD 91 S 90DAYS EURO USD FUT 19/12/2016 16 921 737 (3 350) EUR 43 P 3MO EURO EURIBOR LIFFE 16/03/2015 10 737 100 52 600 EUR 38 S Bond World Inflation-Linked Currency Quantity Purchase/ Sale SHORT TERM EURO BTP FUTURES Description 08/09/2014 4 222 180 (28 570) Maturity Commitment (in EUR) Total: 274 083 Net unrealised gain/loss (in EUR) EUR 16 P EURO-BUND FUTURE 08/09/2014 2 424 640 20 210 EUR 9 S EURO-BOBL FUTURE 08/09/2014 1 163 070 (17 370) USD 10 P US 10YR NOTE FUT (CBT) 19/12/2014 954 914 2 159 USD 16 S US LONG BOND FUT (CBT) 19/12/2014 1 701 716 (7 521) USD 32 S ULTRA LONG TERM US TREASURY BOND FUTURE 19/12/2014 3 777 710 (43 927) USD 12 S US 2YR NOTE FUTURE (CBT) 31/12/2014 1 995 568 (1 424) USD 22 S US 5YR NOTE FUTURE (CBT) 31/12/2014 1 984 809 (3 980) GBP 29 S LONG GILT FUTURE (LIFFE) 29/12/2014 4 151 371 (31 079) Total: (82 932) Convertible Bond World Currency Quantity Purchase/ Sale Description Maturity Commitment (in EUR) Net unrealised gain/loss (in EUR) USD 7 080 P EURO FX CURR FUT (CME) 15/09/2014 882 514 045 (26 259 537) USD 20 S JPY CURRENCY FUTURE 15/09/2014 1 823 186 7 212 Total: (26 252 325) Brokers for Futures contracts: BNP Paribas Securities Services New Edge Page 97

Notes to the financial statements at 31/08/2014 Note 9 - Forward foreign exchange contracts As at 31 August 2014, the total amount purchased per and the total amount sold per in the context of forward foreign exchange contracts were as follows: Bond Asia ex-japan Currency Purchase amount Currency Sale amount AUD 4 255 954 AUD 1 612 380 EUR 63 268 221 USD 110 004 817 SGD 26 689 352 USD 1 500 290 Net unrealised loss (in USD) (1 310 295) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Bond Best Selection World Emerging Currency Purchase amount Currency Sale amount BRL 4 903 000 CLP 590 000 000 CLP 9 317 400 000 GHS 6 182 587 CNY 8 600 000 IDR 215 006 901 597 COP 2 689 000 000 ILS 51 800 000 EUR 92 701 387 INR 93 000 000 GHS 6 182 587 TRY 31 000 000 IDR 189 185 000 000 TWD 465 000 000 ILS 25 000 000 USD 213 912 699 INR 1 063 865 000 ZAR 150 000 000 MXN 7 815 000 MYR 1 260 000 PEN 4 525 000 PHP 17 500 000 RUB 94 730 000 THB 19 150 000 TRY 5 676 000 TWD 465 000 000 USD 81 167 379 ZAR 28 286 000 Net unrealised loss (in USD) (1 682 464) As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November 2014. Bond USD Currency Purchase amount Currency Sale amount USD 2 300 000 EUR 1 680 648 Net unrealised gain (in USD) 85 923 As at 31 August 2014, the latest maturity of all outstanding contracts is 9 October 2014. Bond USD Government Currency Purchase amount Currency Sale amount EUR 1 052 267 EUR 25 122 USD 33 250 USD 1 409 038 Net unrealised loss (in USD) (22 825) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Bond World Currency Purchase amount Currency Sale amount AUD 3 401 000 AUD 1 162 000 BRL 947 728 BRL 428 000 CAD 4 578 885 CAD 1 213 194 CHF 690 917 CHF 382 571 CLP 120 729 000 CLP 252 765 200 Page 98

Notes to the financial statements at 31/08/2014 Bond World (continued) Currency Purchase amount Currency Sale amount CZK 3 000 000 EUR 44 625 569 DKK 797 000 GBP 2 058 313 EUR 17 745 588 IDR 2 441 651 000 GBP 1 765 000 INR 11 728 000 IDR 2 467 069 000 JPY 384 156 137 INR 25 854 950 KRW 203 461 000 JPY 3 184 978 232 MXN 7 282 000 KRW 1 986 505 100 NOK 6 500 000 MYR 1 022 670 NZD 751 154 NOK 1 475 000 PLN 6 024 000 NZD 1 140 936 RUB 24 078 085 RUB 25 142 037 SEK 1 618 637 THB 10 979 000 TRY 447 780 TRY 491 687 USD 20 425 280 USD 24 324 538 ZAR 2 415 099 Net unrealised gain (in EUR) 421 373 As at 31 August 2014, the latest maturity of all outstanding contracts is 9 October 2014. Bond World Emerging Corporate Currency Purchase amount Currency Sale amount EUR 6 701 271 RUB 354 000 000 RUB 354 000 000 TRY 20 300 000 TRY 20 300 000 USD 27 856 914 USD 18 607 765 Net unrealised loss (in USD) (420 002) As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November 2014. Bond World Emerging Local Currency Purchase amount Currency Sale amount BRL 47 000 000 CLP 1 550 000 000 CLP 1 530 000 000 CZK 1 130 000 000 COP 140 900 000 000 GHS 30 367 413 EUR 141 598 320 HUF 9 600 000 000 GHS 30 367 413 IDR 142 828 986 706 HUF 2 840 000 000 ILS 336 648 950 ILS 262 000 000 MYR 307 940 000 INR 4 184 000 000 PHP 920 000 000 MYR 441 300 000 PLN 195 500 000 PHP 1 220 000 000 RON 90 000 000 PLN 126 000 000 RUB 1 265 100 000 RUB 3 863 700 000 TRY 198 900 000 SGD 27 113 USD 845 072 215 THB 2 730 000 000 ZAR 1 134 200 000 USD 657 804 555 Net unrealised gain (in USD) 4 593 141 As at 31 August 2014, the latest maturity of all outstanding contracts is 26 November 2014. Bond World High Yield Currency Purchase amount Currency Sale amount AUD 7 687 958 AUD 1 522 056 CZK 1 106 032 EUR 44 224 148 EUR 210 928 544 GBP 6 800 000 Page 99

Notes to the financial statements at 31/08/2014 Bond World High Yield (continued) Currency Purchase amount Currency Sale amount GBP 1 275 000 USD 269 377 007 USD 49 914 827 Net unrealised loss (in EUR) (2 460 956) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Bond World Inflation-Linked Currency Purchase amount Currency Sale amount AUD 5 118 146 AUD 6 383 730 CAD 125 195 CAD 3 623 517 EUR 93 897 370 DKK 7 113 111 GBP 1 172 442 EUR 3 646 026 JPY 1 174 119 GBP 26 419 186 SEK 2 060 089 JPY 335 556 317 USD 66 236 424 NZD 1 196 166 SEK 12 073 688 USD 134 910 077 Net unrealised loss (in EUR) (2 280 322) As at 31 August 2014, the latest maturity of all outstanding contracts is 8 October 2014. Convertible Bond Asia Currency Purchase amount Currency Sale amount CNY 10 000 000 JPY 600 000 000 JPY 300 000 000 SGD 3 000 000 SGD 13 000 000 USD 14 918 034 USD 8 263 516 Net unrealised gain (in USD) 97 548 As at 31 August 2014, the latest maturity of all outstanding contracts is 5 September 2014. Convertible Bond World Currency Purchase amount Currency Sale amount CHF 120 590 CHF 11 100 000 CZK 470 212 858 EUR 111 543 696 EUR 429 949 201 GBP 26 250 000 NOK 77 762 489 HKD 789 600 000 PLN 3 961 048 JPY 10 840 000 000 SEK 3 000 000 SEK 120 000 000 USD 112 277 575 SGD 54 575 000 USD 250 000 000 Net unrealised loss (in EUR) (3 366 862) As at 31 August 2014, the latest maturity of all outstanding contracts is 3 October 2014. Equity Best Selection Euro Currency Purchase amount Currency Sale amount CZK 519 131 546 CZK 14 784 967 EUR 530 170 EUR 25 049 560 HUF 301 473 877 SGD 1 159 629 USD 6 337 299 Net unrealised gain (in EUR) 125 862 As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Page 100

Notes to the financial statements at 31/08/2014 Equity Best Selection Europe Currency Purchase amount Currency Sale amount HUF 5 481 599 EUR 17 463 Net unrealised loss (in EUR) (96) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity Europe Growth Currency Purchase amount Currency Sale amount EUR 7 633 370 EUR 48 492 165 SGD 35 930 529 SGD 4 124 728 USD 36 186 784 USD 6 844 925 Net unrealised gain (in EUR) 766 015 As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity Europe Mid Cap Currency Purchase amount Currency Sale amount EUR 9 439 093 CHF 5 800 000 GBP 3 700 000 Net unrealised loss (in EUR) (33 569) As at 31 August 2014, the latest maturity of all outstanding contracts is 11 September 2014. Equity Europe Small Cap Currency Purchase amount Currency Sale amount SGD 513 972 EUR 307 278 Net unrealised gain (in EUR) 5 396 As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity High Dividend USA Currency Purchase amount Currency Sale amount EUR 27 062 788 EUR 302 910 USD 402 910 USD 36 229 512 Net unrealised loss (in USD) (578 302) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity Japan Currency Purchase amount Currency Sale amount EUR 615 163 092 JPY 84 744 443 060 USD 6 149 576 Net unrealised gain (in JPY) 69 961 404 As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity USA Growth Currency Purchase amount Currency Sale amount CZK 180 249 480 USD 14 547 176 EUR 4 390 917 Net unrealised loss (in USD) (208 071) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Equity USA Mid Cap Currency Purchase amount Currency Sale amount EUR 52 768 960 USD 70 709 719 SGD 61 953 Net unrealised loss (in USD) (1 152 431) As at 31 August 2014, the latest maturity of all outstanding contracts is 12 September 2014. Counterparties to Forward foreign exchange contracts: Barclays Bank London Page 101

Notes to the financial statements at 31/08/2014 Barclays Bank Plc Wholesale London BNP Paribas Paris BNP Paribas Securities Services Citibank N.A London Citigroup Global Markets Limited Credit Suisse First Boston Deutsche Bank AG Deutsche Bank London Goldman Sachs International London HSBC Bank Plc JP Morgan Securities Ltd Morgan Stanley And Co. International Nomura International Plc Societe Generale State Street Boston FX UBS Ltd London Note 10 - Swaps Swaptions Bond USD Currency Quantity Type Strike Maturity Cash flow USD 770 000 Swaption Call on IRS 4.350% 24/07/2029 DEUTS BK P4.35 15Y15Y CL USD 770 000 Swaption Call on IRS 4.350% 26/07/2029 BNP P4.35 15Y15Y CL As at 31 August 2014, the unrealised capital loss on these swap agreements amounted to USD 4 603. Bond World Currency Quantity Type Strike Maturity Cash flow USD 1 190 000 Swaption Call on IRS 4.350% 24/07/2029 DEUTS BK P4.35 15Y15Y CL USD 1 190 000 Swaption Call on IRS 4.350% 26/07/2029 BNP P4.35 15Y15Y CL As at 31 August 2014, the unrealised capital loss on these swap agreements amounted to EUR 5 401. Page 102

Notes to the financial statements at 31/08/2014 Credit Default Swaps The Company has entered into swap agreements whereby it exchanges fixed income for income linked to changes in credit events, whether with respect to an index or a bond (see details in the tables below), and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the amount of the unrealised capital gain is stated under Net Unrealised gain on financial instruments in the Statement of net, and the amount of net capital loss is given under Net Unrealised loss on financial instruments in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received 20 000 000 USD 20/06/2015 DP WORLD LTD 6.85% 07-02/07/2037 5.000% 10 000 000 USD 20/03/2019 1.000% TURKEY REP OF 11.875% 00-15/01/2030 10 000 000 USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/2015 1.000% 10 000 000 USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/2015 1.000% 9 000 000 USD 20/09/2019 REP OF HUNGARY 4.75% 05-03/02/2015 1.000% Net unrealised gain (in USD) 107 342 Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received 1 450 000 USD 20/12/2015 1.000% MARKIT CDX.NA.IG.15 12/15 20/12/2015 1 450 000 USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/2018 5.000% 1 700 000 USD 20/03/2017 1.000% PRUDENTIAL FIN 4.5% 03-15/07/2013 1 700 000 USD 20/03/2017 METLIFE INC 5% 05-15/06/2015 1.000% 1 600 000 USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/2018 5.000% 1 600 000 USD 20/06/2017 5.000% FORD MOTOR CRED 5% 11-15/05/2018 800 000 USD 20/12/2017 METLIFE INC 4.75% 10-08/02/2021 1.000% 1 000 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 5.000% 3 000 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 5.000% 400 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 600 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 4 900 000 USD 20/06/2019 CDX EM CDSI S21 V1 5Y PRC 20/06/2019 5.000% 1 700 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 1 000 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 1 500 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 1 100 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% Page 103

Notes to the financial statements at 31/08/2014 Bond USD (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received 1 100 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 790 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 790 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% 1 570 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3 150 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 2 755 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% 1 965 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% Net unrealised gain (in USD) 1 021 313 Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received 1 585 000 USD 20/12/2015 1.000% MARKIT CDX.NA.IG.15 12/15 20/12/2015 1 585 000 USD 20/03/2016 FORD MOTOR CO 6.5% 98-01/08/2018 5.000% 1 620 000 USD 20/03/2017 1.000% PRUDENTIAL FIN 4.5% 03-15/07/2013 1 620 000 USD 20/03/2017 METLIFE INC 5% 05-15/06/2015 1.000% 1 600 000 USD 20/06/2017 5.000% FORD MOTOR CRED 5% 11-15/05/2018 1 600 000 USD 20/06/2017 FORD MOTOR CO 6.5% 98-01/08/2018 5.000% 800 000 USD 20/12/2017 METLIFE INC 4.75% 10-08/02/2021 1.000% 1 700 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 1 300 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 700 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 250 000 USD 20/12/2018 CDX HY CDSI S21 5Y PRC 20/12/2018 4.950% 1 500 000 EUR 20/06/2019 5.000% ITRX XOVER CDSI S21 V1 5Y COR 20/06/2019 2 100 000 USD 20/06/2019 CDX HY CDSI S22 5Y PRC 20/06/2019 5.000% 4 200 000 USD 20/06/2019 CDX EM CDSI S21 V1 5Y PRC 20/06/2019 5.000% 1 300 000 EUR 20/06/2021 0.250% US TREASURY NB 4.875% 06-15/08/2016 2 900 000 EUR 20/09/2021 0.250% US TREASURY NB 4.875% 06-15/08/2016 1 200 000 EUR 20/06/2022 0.250% US TREASURY NB 4.875% 06-15/08/2016 1 700 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% Page 104

Notes to the financial statements at 31/08/2014 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received 2 000 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 1 200 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 970 000 USD 11/05/2063 CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 3.000% 2 310 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 580 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% 580 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 1 160 000 USD 11/05/2063 3.000% CDS CMBX NA BBB CDSI S6 PRC 11/05/2063 1 445 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% 2 025 000 USD 11/05/2063 CMBX BB CDSI S6 PRC 05/11/2063 5.000% Net unrealised gain (in EUR) 613 158 Bond World Emerging Corporate Nominal Currency Maturity Sub-fund paid Sub-fund received 35 000 000 USD 20/06/2019 1.000% BRAZIL REP OF 12.25% 00-06/03/2030 Net unrealised gain (in USD) 382 943 Interest Rate Swaps The Company has entered into swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond Best Selection World Emerging Nominal Currency Maturity Sub-fund paid Sub-fund received 610 000 000 MXN 26/10/2016 3.970% MEXICO MXI TIIE 28 D 265 000 000 MXN 23/10/2019 MEXICO MXI TIIE 28 D 5.185% 33 000 000 PLN 06/02/2020 2.715% WARSAW INTERBK OFFER RATE 6 M 53 000 000 PLN 06/02/2020 2.917% WARSAW INTERBK OFFER RATE 6 M Net unrealised loss (in USD) (350 286) Bond USD Nominal Currency Maturity Sub-fund paid Sub-fund received 13 300 000 NZD 25/05/2016 NEW ZEALAND BANK BILL 3 M FRA 4.260% 4 600 000 NZD 25/05/2018 4.490% NEW ZEALAND BANK BILL 3 M FRA 1 700 000 USD 26/09/2041 2.635% LIBOR 3 M USD 130 000 USD 25/07/2044 LIBOR 3 M USD 3.673% 130 000 USD 26/07/2044 LIBOR 3 M USD 3.720% Net unrealised gain (in USD) 144 028 Page 105

Notes to the financial statements at 31/08/2014 Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received 637 000 000 JPY 27/04/2015 0.355% LIBOR JPY 6 M 5 586 000 PLN 26/04/2016 5.730% WARSAW INTERBK OFFER RATE 6 M 17 800 000 NZD 25/05/2016 NEW ZEALAND BANK BILL 3 M FRA 4.260% 2 793 000 PLN 17/06/2016 5.360% WARSAW INTERBK OFFER RATE 6 M 6 200 000 NZD 25/05/2018 4.490% NEW ZEALAND BANK BILL 3 M FRA 25 500 000 SEK 19/08/2019 1.160% STOCKHOLM INTERBK OFFER RATE 3 M 13 400 000 SEK 19/08/2024 STOCKHOLM INTERBK OFFER RATE 3 M 1.827% 1 900 000 EUR 05/07/2032 2.770% EURIBOR 6 M 360 DAYS 205 000 000 JPY 11/10/2032 LIBOR JPY 6 M 1.531% 800 000 GBP 13/12/2032 LIBOR GBP 6 M 2.708% 1 700 000 USD 26/09/2041 2.635% LIBOR 3 M USD 1 600 000 EUR 05/07/2042 2.400% EURIBOR 6 M 360 DAYS 1 400 000 GBP 28/09/2042 LIBOR GBP 6 M 2.926% 200 000 USD 25/07/2044 LIBOR 3 M USD 3.673% 200 000 USD 26/07/2044 LIBOR 3 M USD 3.720% Net unrealised gain (in EUR) 188 820 Bond World Emerging Local Nominal Currency Maturity Sub-fund paid Sub-fund received 1 845 000 000 MXN 26/10/2016 3.970% MEXICO MXI TIIE 28 D 1 470 000 000 HUF 21/05/2019 3.595% BUDAPEST INTERBK OFFER RATE 6 M 13 100 000 000 HUF 26/05/2019 3.530% BUDAPEST INTERBK OFFER RATE 6 M 800 000 000 MXN 23/10/2019 MEXICO MXI TIIE 28 D 5.185% 174 000 000 PLN 06/02/2020 2.917% WARSAW INTERBK OFFER RATE 6 M 255 000 000 PLN 06/02/2020 2.715% WARSAW INTERBK OFFER RATE 6 M Net unrealised loss (in USD) (3 201 026) Inflation Swaps The Company has entered into inflation swap agreements whereby it exchanges fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa. These amounts are calculated and recognised at each calculation of the Net Asset Value; the receivable amount is stated under Other in the Statement of net, while the payable amount is given under Other liabilities in the Statement of net. Bond World Nominal Currency Maturity Sub-fund paid Sub-fund received 2 740 000 EUR 30/09/2015 1.600% EUROSTAT EUROZONE HICP EX TOBACCO 2 740 000 EUR 30/09/2015 FRANCE CPI EX TOBACCO 1.870% 3 400 000 EUR 18/09/2016 1.325% EUROSTAT EUROZONE HICP EX TOBACCO 3 400 000 EUR 18/09/2016 FRANCE CPI EX TOBACCO 1.580% Page 106

Notes to the financial statements at 31/08/2014 Bond World (continued) Nominal Currency Maturity Sub-fund paid Sub-fund received 7 100 000 EUR 13/09/2018 1.668% EUROSTAT EUROZONE HICP EX TOBACCO 4 100 000 EUR 25/09/2018 1.504% EUROSTAT EUROZONE HICP EX TOBACCO 4 800 000 EUR 13/09/2023 EUROSTAT EUROZONE HICP EX TOBACCO 2.248% 2 500 000 USD 29/10/2023 2.521% US CPI URBAN CONSUMERS NSA 1 800 000 EUR 24/02/2024 EUROSTAT EUROZONE HICP EX TOBACCO 1.693% 1 400 000 EUR 23/06/2024 EUROSTAT EUROZONE HICP EX TOBACCO 1.665% 2 100 000 USD 23/06/2024 2.580% US CPI URBAN CONSUMERS NSA Net unrealised loss (in EUR) (32 969) Counterparties to Swaps contracts: Barclays Bank London BNP Paribas London Branch BNP Paribas Paris Citigroup Global Market Credit Suisse International Deutsche Bank AG Dresdner Bank (Frankfurt) Goldman Sachs International London JP Morgan London JP Morgan Securities Ltd Morgan Stanley London Morgan Stanley International Nomura International Plc Royal Bank of Scotland UBS Warburg London Note 11 - Share currencies The net asset value per share is priced in the of the share class and not in the of the sub-fund in the section Key figures relating to the last 3 years. Note 12 - Short options positions As at 31 August 2014, the following positions on options sold were outstanding: Bond World Currency Quantity Description Maturity Commitment +/- unrealised Strike date (in EUR) value (in EUR) USD 230 000 CALL USD / BRL 11/09/2014 2.3 11/09/2014 2.30 401 609.47 1 399.07 USD 230 000 CALL USD / RUB 12/09/2014 36.5 12/09/2014 36.50 6 373 367.75 (2 002.02) Total: (602.95) Page 107

Notes to the financial statements at 31/08/2014 Convertible Bond World Currency Quantity Description USD 5 000 Counterparties to Options: BNP Paribas Paris BNP Paribas Securities Services Morgan Stanley International CALL SUNEDISON SHS 18/10/2014 27 Maturity date Strike Commitment (in EUR) +/- unrealised value (in EUR) 18/10/2014 27.00 10 249 013.06 151 883.33 Total: 151 883.33 Note 13 - Securities lending As at 31 August 2014, the total value of securities lent by the Fund is as follows: Sub-fund Currency Securities lending - Convertible Bond Asia USD 13 570 065 Convertible Bond World EUR 445 202 285 Equity Best Selection Asia ex-japan EUR 24 780 116 Equity Best Selection Euro EUR 36 866 141 Equity Best Selection Europe EUR 55 966 740 Equity China USD 36 812 252 Equity Europe Growth EUR 30 559 811 Equity Europe Small Cap EUR 33 779 238 Equity High Dividend Europe EUR 12 437 383 Equity High Dividend Pacific EUR 227 125 Equity Japan JPY 925 765 621 Equity USA Growth USD 1 370 Equity World Consumer Durables EUR 2 409 927 Equity World Energy EUR 14 099 365 Equity World Finance EUR 2 154 106 Equity World Health Care EUR 5 453 403 Equity World Materials EUR 2 781 352 Equity World Technology EUR 3 185 147 Equity World Telecom EUR 5 396 108 Equity World Utilities EUR 1 645 867 Real Estate Securities Pacific EUR 10 813 685 Real Estate Securities World EUR 6 036 320 As at 31 August 2014, the guarantee delivered consists of pledged securities registered in a tripartite account held with JP Morgan Chase under the name BNP Paribas Investment Partners Luxembourg on behalf of the funds, pursuant to Circular 08/356. This represents 120.81% of the required guarantee. Counterparties to Securities lending: Citigroup Global Markets Limited Credit Suisse Securities (Europe) Limited Fixed Inc Morgan Stanley International & Co PLC Page 108

Notes to the financial statements at 31/08/2014 For the period ended 31 August 2014, the securities lending income generated by the Fund is as follows: Sub-fund Currency Net income Cost and fees Gross income Convertible Bond Asia USD 14 982 3 745 18 727 Convertible Bond World EUR 311 885 77 971 389 856 Equity Best Selection Asia ex-japan EUR 12 297 3 074 15 371 Equity Best Selection Euro EUR 113 752 28 438 142 190 Equity Best Selection Europe EUR 50 829 12 707 63 536 Equity Brazil USD 5 757 1 439 7 196 Equity China USD 32 937 8 234 41 171 Equity Europe Growth EUR 10 582 2 646 13 228 Equity Europe Small Cap EUR 58 480 14 620 73 100 Equity High Dividend Europe EUR 107 858 26 965 134 823 Equity High Dividend Pacific EUR 4 130 1 032 5 162 Equity Japan JPY 7 067 754 1 766 938 8 834 692 Equity Latin America USD 10 090 2 522 12 612 Equity USA Growth USD 18 835 4 709 23 544 Equity World Consumer Durables EUR 22 634 5 658 28 292 Equity World Energy EUR 4 736 1 184 5 920 Equity World Finance EUR 228 493 57 123 285 616 Equity World Health Care EUR 64 602 16 150 80 752 Equity World Materials EUR 23 642 5 911 29 553 Equity World Technology EUR 20 243 5 061 25 304 Equity World Telecom EUR 97 248 24 312 121 560 Equity World Utilities EUR 40 886 10 222 51 108 Real Estate Securities Pacific EUR 6 915 1 729 8 644 Real Estate Securities World EUR 9 597 2 399 11 996 Note 14 - Collateral In order to limit counterparty risk on swap agreements, the SICAV has put a collateralisation process in place. As at 31 August 2014, the SICAV pledged the following collateral (cash) in favour of swap agreement counterparties: Sub-fund Currency OTC collateral Bond Asia ex-japan USD 1 166 000 Bond Best Selection World Emerging USD 3 053 903 Bond World EUR 170 000 Bond World Emerging Local USD 6 382 000 Bond World High Yield EUR 2 900 000 Convertible Bond World EUR 3 660 000 Equity High Dividend USA USD 421 504 Equity Japan JPY 9 578 618 As at 31 August 2014, the counterparties to swap agreements pledged the following collateral (cash) in favour of the SICAV: Sub-fund Currency OTC collateral Bond Best Selection World Emerging USD 1 534 200 Bond USD USD 1 545 744 Bond World EUR 1 180 000 Page 109

Notes to the financial statements at 31/08/2014 Sub-fund Currency OTC collateral Bond World Emerging Corporate USD 487 364 Bond World Emerging Local USD 7 643 949 Bond World High Yield EUR 400 000 Convertible Bond World EUR 1 260 000 Equity Europe Growth EUR 610 000 Note 15 - Soft dollar fees With the aim of optimising execution, broker fees on portfolio transactions for the Company may be granted by portfolio managers in compensation for brokers research and services in executing transactions. Research, information and other services allow portfolio managers to strengthen their own research and analyses by giving them access to information from their counterparts in other companies. These services do not incorporate travel expenses, accommodation, entertainment, general back-office, office and premises equipment, membership fees, wages and payments directly charged to the fund managers. During the financial year ending 28 February 2014, the following fund manager was able to conclude soft dollar agreements: BNPP AM Brazil BNPP AM Inc Fairpointe Capital LLC Note 16 - Related party transactions The related parties may, in their capacity as portfolio managers, also conduct transactions or invest in currencies or other financial products for the account of each sub-fund for which the related parties act as broker or for their own account or as counterparty for their clients, including in the case in which the related parties or their clients have the option of conducting transactions for their own account at the same time as for the account of each sub-fund. When handling purchases and sales of securities for each sub-fund, the related parties may also have acted as counterparty at the best market conditions. The Company considers that the commissions, increases and reductions invoiced by the related parties are competitive, although it is in the related parties interests to receive favorable commission rates, and increases and reductions for each sub-fund. Note 17 - List of investment managers at 31 August 2014 Alfred Berg Kapitalförvaltning AB, Stockholm, Sweden BNP Paribas Asset Management, Paris, abbreviated to BNPP AM France BNP Paribas Asset Management Inc, Boston, Massachusetts, USA abbreviated to BNPP AM Inc BNP Paribas Asset Management Brasil Ltda, Sao Paulo SP, Brazil, abbreviated to BNPP AM Brazil BNP Paribas Investment Partners Asia Limited, Hong Kong, abbreviated to BNPP IP Asia BNP Paribas Investment Partners Netherlands N.V., Amsterdam, The Netherlands, abbreviated to BNPP IP NL BNP Paribas Investment Partners Singapore Limited, Singapore, abbreviated to BNPP IP Singapore BNP Paribas Investment Partners UK Limited, London, abbreviated to BNPP IP UK Fairpointe Capital LLC, Chicago, Illinois, USA, abbreviated to Fairpointe Fischer Francis Trees & Watts UK Ltd., London, United Kingdom, abbreviated to FFTW UK Fischer Francis Trees & Watts, Inc., New York, abbreviated to FFTW US River Road Asset Management, LLC.Louisville, USA TEB Portföy Yönetimi A.Ş., Istanbul, Turkey, abbreviated to TEB THEAM S.A.S, Paris, France, abbreviated to THEAM TKB BNP Paribas Investment Partners J.S.C., St. Petersburg, Russian Federation, abbreviated to TKB JSC Page 110

Notes to the financial statements at 31/08/2014 Convertible Bond Asia Equity World Consumer Durables Equity World Emerging Equity World Energy Equity World Finance Equity World Health Care Equity World Materials Equity World Technology Equity World Telecom Equity World Utilities Equity USA Growth Green Tigers Equity Europe Mid Cap Equity Europe Small Cap Convertible Bond World Equity Brazil Equity Latin America Equity Japan Equity Russia Equity Russia Opportunities Bond World High Yield Equity World Low Volatility Real Estate Securities Pacific Real Estate Securities World Equity High Dividend Europe Bond World Inflation-Linked Sub-fund Bond Best Selection World Emerging Bond World Emerging Local Bond USD Government Equity USA Mid Cap Equity Bric Equity Europe Growth Bond Asia ex-japan Bond USD Bond World Bond World Emerging Corporate Asset managers BNPP IP Asia sub delegating to BNPP IP UK for the management of FX BNPP AM Inc BNPP AM Inc BNPP IP UK for the management of FX BNPP AM France BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP AM France sub delegating to BNPP IP UK for the management of FX BNPP IP UK for the management of FX BNPP AM Brazil sub delegating to BNPP IP UK for the management of FX BNPP AM France BNPP IP UK for the management of FX Alfred Berg AB, Sweden advised by TKB sub delegating to BNPP IP UK for the management of FX FFTW US sub delegating to BNPP IP UK for the management of FX FFTW UK BNPP AM SAS BNPP IP UK for the management of FX THEAM BNPP IP NL BNPP IP NL sub delegating to BNPP IP UK for the management of FX FFTW US (main manager) FFTW UK FFTW US FFTW UK BNPP IP UK for the FX management FFTW US (main manager) FFTW UK BNPP IP UK for the FX management Fairpointe BNPP IP UK for the FX management BNPP AM Inc sub delegating to BNPP IP Asia, to BNPP AM Brazil and to BNPP IP UK for the FX Management BNPP IP UK BNPP IP Singapore BNPP IP UK for the FX management FFTW UK FFTW US Page 111

Notes to the financial statements at 31/08/2014 Sub-fund Equity Best Selection Asia ex-japan Equity China Equity India Equity Indonesia Equity Best Selection Euro Equity Best Selection Europe Equity High Dividend USA Equity Europe Emerging Equity High Dividend Pacific BNPP IP Asia Asset managers BNPP IP UK BNPP AM France BNPP IP UK BNPP AM France sub delegating to BNPP IP UK for the FX Management River Road BNPP IP UK for the FX management Alfred Berg AB, Sweden advised by TKB JSC and TEB sub delegating to BNPP IP UK for the FX Management BNPP IP Asia BNPP IP UK for the FX management Note 18 - Transaction fees Transaction fees incurred by the Fund relating to purchase or sale of transferable securities, money market instruments, derivatives or other eligible are mainly composed of standard fees, sundry fees on transaction, stamp fees, brokerage fees, custody fees, VAT, stock exchange fees, RTO fees (Reception and Transmission of Orders) and dilution levy. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker s remuneration. Note 19 - Consideration of environmental, social and governance (ESG) criteria BNP Paribas Asset Management applies a Responsible Investment Policy which sets out a certain number of ESG criteria applicable to our investment decisions. This policy is based on the criteria of the United Nations Global Compact, an international framework built on international conventions relating to human rights, labour, the environment and anti-corruption. This global initiative is supplemented by criteria aimed at controlling investment in certain business sectors, such as nuclear and coal-fired power stations, and prohibiting investment in controversial products, such as anti-personnel mines and cluster bombs. The investment criteria and implementation principles included in our Responsible Investment Policy can be consulted on our website at www.bnpparibas-ip.com. Note 20 - Subsequent Events The financial year will end on 31 December in place of end of February. The next annual report will therefore be established on 31 December 2014. Page 112

Page 113

A global presence Europe Austria Belgium France Germany Greece Italy Luxembourg Portugal Spain Switzerland The Netherlands UK North America Canada USA Latin America Argentina Brazil Chile Colombia Mexico Uruguay Asia Pacific Australia Brunei China Hong Kong India Indonesia Japan Malaysia Singapore South Korea Taiwan Nordics Denmark Finland Norway Sweden EEMEA Bahrain Czech Republic Kuwait Morocco Russia Turkey Office addresses can be found in the About Us section of www.bnpparibas-ip.com. 14, rue Bergère - 75009 Paris - France

PARVEST SICAV ANNUAL REPORT at 28/02/2014 R.C.S. Luxembourg B 33 363

Table of contents Page Organisation 3 Information 5 Manager's report 6 Audit report 10 Financial statements at 28/02/2014 12 Key figures relating to the last 3 years 22 Securities portfolio at 28/02/2014 Bond Asia ex-japan 35 Bond Best Selection World Emerging 37 Bond USD 39 Bond USD Government 41 Bond World 42 Bond World Emerging Corporate 45 Bond World Emerging Local 47 Bond World High Yield 48 Bond World Inflation-Linked 52 Convertible Bond Asia 53 Convertible Bond World 54 Equity Best Selection Asia ex-japan 56 Equity Best Selection Europe 57 Equity Brazil 58 Equity Bric 59 Equity China 61 Equity Europe Emerging 62 Equity Europe Growth 63 Equity Europe Mid Cap 64 Equity High Dividend Europe 65 Equity High Dividend Pacific 66 Equity High Dividend USA 67 Equity India 68 Equity Indonesia 69 Equity Japan 70 Equity Latin America 71 Equity Russia 73 Equity Russia Opportunities 74 Equity USA Growth 75 Equity USA Mid Cap 76 Equity World Consumer Durables 77 Page 1

Table of contents Page Equity World Emerging 78 Equity World Energy 79 Equity World Finance 80 Equity World Health Care 81 Equity World Low Volatility 82 Equity World Materials 84 Equity World Technology 85 Equity World Telecom 86 Equity World Utilities 87 Green Tigers 88 Opportunities USA 89 Real Estate Securities Pacific 90 Real Estate Securities World 91 Notes to the financial statements 92 Unaudited appendix 118 No subscription can be received on the basis of the financial statements alone. 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. Page 2

Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr. Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr. Vincent CAMERLYNCK, CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr. Christian DARGNAT, Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mrs. Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr. William DE VIJLDER, Vice-Chairman, BNP Paribas Investment Partners, Paris Mr. Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr. Anthony FINAN, Deputy- Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris Mr. Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr. Anthony FINAN, Deputy- Head of Distributors Business Line, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 3

Organisation Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE-10725 Stockholm, Sweden (since 1 November 2013) BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France BNP Paribas Asset Management Inc., 75 State Street, Suite 2700, Boston, Massachusetts, 02109, USA BNP Paribas Asset Management Brasil Ltda, Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo SP, Brazil BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore 049319 BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom FOURPOINTS Investment Managers, 13/15 rue de la Baume, 75008 Paris, France (until 1 November 2013) THEAM S.A.S., 1 Boulevard Haussmann, F-75009 Paris, France TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas 34353 Istanbul, Turkey (since 1 November 2013) Management entities not part of the Group: Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA Neuflize Private Assets (NPA) S.A., 3 Avenue Hoche, F-75008, Paris, France (absorbed by Neuflize OBC Investissements on 2 January 2014) RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466, USA The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1 Boulevard Haussmann, F-75009 Paris, France, Advisor on the selection of portfolio managers from outside the Group TKB BNP Paribas Investment Partners JSC, Marata Street, d.69-71 liter A, 191119 St. Petersburg, Russian Federation Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 4

Information Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 26 October 2011, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 5 January 2012. The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B 33 363. The minimum capital amounts to EUR 1 250 000. It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company s are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: www.bnpparibas-ip.com. Financial Year The Company s financial year starts on 1 March and ends on the last day of February. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: www.bnpparibas-ip.com. Page 5

Manager's report Context From the start of the period under review, investors' attention turned to the actions of central banks, which remained resolutely in easing mode despite an improving economic situation (better manufacturing data, the eurozone's emergence from recession and stronger world trade). The combination of somewhat stronger global growth and the continuation of highly accommodative monetary policy in the G3 countries resulted in healthy growth for risky and relatively moderate pressure on long-dated yields, albeit with some spikes in volatility. In early 2014, meteorological conditions in the United States and political tensions in several emerging countries (particularly Ukraine) weighed on confidence without actually affecting global growth. United States After a lacklustre start to the year, the US economy returned to the modest growth (just above 2%) witnessed since the end of the recession in mid-2009. The dramatic events surrounding budgetary policy hampered growth in early 2013 and led to a temporary government shutdown in October following the deadlock in Congress. The compromise reached in Washington in December staved off the risk of a further incident of this kind, with the budget for the current fiscal year being passed and Congress voting in February 2014 for an agreement on the debt ceiling. After months of budgetary uncertainty, attention shifted to the extreme weather conditions. Large areas of the country were hit by an Arctic cold front, which impacted on growth in late 2013 and early 2014, causing domestic heating bills to rise and output to fall (halting construction, preventing employees from going to work, reducing footfall at retail outlets, deterring theatre audiences and disrupting transport). Although GDP had gathered pace in the second half to stand at 2.5% year-on-year at the end of 2013 (against 1.3% in the first quarter), it levelled off in early 2014. Several indicators confirm that the dip was caused by the severe weather. In addition, the inventory cycle, a familiar aspect of the US economy, has also contributed to the sudden slowdown in recent months after the restocking witnessed at the end of 2013. The labour market has not yet fully recovered and inflation shows no sign of picking up. In this context, the US Federal Reserve began very cautiously and gradually to adjust its monetary policy in early 2014 and says that it will keep interest rates at close to zero for the foreseeable future. Europe The beginning of the period marked a low point for most economic surveys in the eurozone. Purchasing Managers' Indexes (PMI) climbed above 50 from July. The composite index (which includes both manufacturing and services) rose from 46.5 in March 2013 to 53.3 in February 2014, its highest since June 2011. This improvement is also visible in the national accounts: after six consecutive quarters of contraction, eurozone GDP grew by 0.3% in the second quarter compared with the first quarter, 0.1% in the third quarter, and 0.3% in the fourth quarter. As a result, GDP became positive at the end of 2013 (+0.5% year-on-year) for the first time since the end of 2011. The recovery continued to take hold in early 2014: growth could eventually outstrip forecasts (estimated at just over 1%), particularly if there is a significant increase in business investment, which already seems to be the case in Germany. In France, however, average GDP growth of 0.3% in 2013 was mainly driven by consumer and public spending, while investment has been contracting for two years. Peripheral countries have also returned to growth, with structural reforms and a competitiveness drive finally paying off and smoothing imbalances. In this respect, Spain and Portugal now seem better positioned than Italy, which has almost seen a lost year for reforms because of the political situation: the formation of a government after the February 2013 elections was slow due to the balance of power in Parliament. As a result, politics has come before economic concerns in Rome in recent months. In February 2014, the appointment of a new centre-left Prime Minister (Matteo Renzi), who has declared his willingness to pursue reforms while supporting the economy, seemed to mark a turning point. Beyond the cyclical improvement in the euro area, low inflation (0.7% in February 2014, versus 1.8% a year earlier) and the continued contraction in lending to businesses are undermining the recovery, which explains why the European Central Bank is maintaining a downward bias for its monetary policy. Page 6

Manager's report Japan Growth was buoyed in the first half of 2013 by the short-term effects of Abenomics (the economic policies of Prime Minister Shinzo Abe). However, it ran out of steam in the second half, with GDP growth of just 0.2% in the third and fourth quarters, compared with more than 1% previously. In early 2014, the pace of economic activity began to pick up, with growth in consumer spending ahead of the April VAT increase triggering a rise in output to meet demand. At the same time, the Bank of Japan maintained its highly ambitious monetary policy (to double the monetary base in two years) introduced in April. At year-end, it decided to extend the bank lending facility to allow unconventional monetary measures to feed through to the real economy, however contrary to expectations it did not raise its quantitative easing target. In this context, the fall in the yen was much less pronounced than in the autumn of 2012. Due to the rising cost of imports, inflation stood at 1.4% in January 2014 against -0.9% in March 2013. Emerging markets While growth in emerging regions remained below its potential, the last few months have seen significant and asset shocks triggered by the normalisation of the Fed's monetary policy. Investor reactions have highlighted the poor fundamentals in several key or emblematic countries such as Brazil, India or even Argentina. The central banks concerned were quick to raise key interest rates, although at the same time the authorities have questioned the Fed's attitude. Janet Yellen disclosed that the Fed would address concerns over the impact of tapering its asset purchases. The slowdown in activity in China is another source of concern, although it is likely that every effort will be made to meet the GDP growth target of 7.5% (after averaging 7.7% in 2013). Finally, the perception of political risk has soared following the violent protests in Thailand, Turkey and Venezuela and, of course, the crisis between Russia and Ukraine. The economic recovery is long overdue and significant differences have emerged between regions, with problems mounting in Latin America (inflation, current account deficit), while Asia and emerging Europe seem more able to benefit from the upturn in developed economies. Monetary policy Faced with still-modest growth and very low inflation, the ECB lowered its key interest rates in May and November. The refi rate is now 0.25% and the marginal lending facility 0.75%. The deposit rate has been 0% since July 2012. Since July 2013, the ECB has provided forward guidance on interest rates, confirming that they will remain at present or lower levels for an extended period. In addition, fixed rate tender procedures with full allotment will continue at least until mid-2015. Despite the reminder that the arsenal of unconventional measures at its disposal was broad and that it would act if necessary, the ECB has still not taken the plunge: no new LTROs (long-term refinancing operations), no asset purchases and no negative deposit rate have been announced. The ECB has endeavoured in recent months to avoid any pressure on money market rates. In the spring of 2013, the Fed raised the prospect of an end to the third round of quantitative easing (QE) in place since late 2012 and consisting of the purchase of USD 85 billion of securities each month. The markets are poised for a decision, even though Ben Bernanke and Janet Yellen, who succeeded him as Fed chair in February 2014, have confirmed that the target rate for federal funds (0% to 0.25% since December 2008) would remain unchanged for a considerable time. The Fed waited until its last meeting of 2013 before announcing a modest tapering of purchases (a reduction of USD 10 billion) in view of the improvement in economic activity, and reiterated its accommodative message on key interest rates. These purchases were reduced to USD 65 billion in February and it is likely that each monetary policy meeting in 2014 will result in a further reduction of USD 10 billion. Janet Yellen also confirmed that the unemployment rate (which fell from 7.7% in February 2013 to 6.7% a year later) was not the only measure used to assess the labour market and reiterated the highly accommodative message on key interest rates. Currency markets The euro, which stood at nearly USD 1.31 at the beginning of the period, hovered between USD 1.28 and USD 1.34 until August. The ECB's commitment to maintain very low key interest rates for an extended period evidently weighed on the, although the markets seemed more sensitive to comments from the US. The Fed's decision not to change its monetary policy in September (when QE tapering was expected to begin) forced the euro above USD 1.35 on 18 September. Thereafter, the fluctuation band of the EUR/USD exchange rate shifted upwards to settle at between 1.34 and 1.39. In the absence of unconventional measures, the downward bias confirmed by the ECB had no lasting impact on exchange rates. The same can be said for hints from several members of the Executive Board that the deposit rate could become negative and the explicit statement that the risk of deflation could increase if the euro was too strong. Page 7

Manager's report At the end of 2013, the euro had returned to its highest level in real terms since mid-2011, before falling back slightly. It rose by 3.3% in a year against a basket of currencies. Towards the latter part of the year, the EUR/USD exchange rate was mainly influenced by changes in risk appetite and expectations surrounding US monetary policy. It closed at 1.3806 (+5.5% in 12 months). The pledge made by Prime Minister Shinzo Abe, elected at the end of 2012, that he would require the new governor of the Bank of Japan (BoJ) to introduce a much more aggressive asset purchasing policy was deemed credible. The BoJ, which increased its inflation target from 1% to 2% in January 2013, announced a special monetary expansion programme on 4 April (doubling the monetary base in two years). International summits were held with no specific comments on the yen, which led investors to conclude that it could be allowed to fall further. As a result, the USD/JPY exchange rate broke through the 100 mark on 9 May (against 92.37 at the end of February). The unwinding of carry trade positions linked to increasing jitters in the financial markets disrupted this trend and drove the exchange rate below 95 on occasions in June. Subsequently the USD/JPY rate drifted sideways until the start of November when it resumed its rise to end 2013 at 105.15, its highest since October 2008. It has since levelled off, returning to 102 in late January and closing at 102.08 at the end of February 2014 (+10.5% in 12 months). The EUR/JPY rate climbed 16.6% to 140.92 after reaching 145 at the end of 2013, an all-time high. While many had hoped for further quantitative easing before the VAT increase on 1 April, the BoJ only made minor adjustments to its monetary policy in the first quarter of 2014. Bond markets Heavy pressure on US long-dated yields was evident from May on owing to expectations regarding the Fed s quantitative easing policy. A sharp correction occurred in the spring of 2013 when Ben Bernanke first mentioned the tapering of asset purchases. The 10-year rate reached 3% in early September (compared with 1.88% at the beginning of the period). It has since fluctuated within a broad range, depending on economic indicators, expectations and decisions on QE and changes in risk appetite. Between September and February, the yield on the 10-year T-note ranged between 2.50% and 3% to finish the period at 2.65%, i.e. a 12-month rise of 77 bps. An announcement that key interest rates will remain at their current level for a considerable time also seems credible. Over 12 months, the 2-year rate climbed 9 bps to close at 0.32%. European markets outperformed their US counterparts as a result of the ECB's two rate cuts in May and November, the continuing downward bias in monetary policy, very low inflation and modest economic growth. The 10-year Bund yield rose just 17 bps over 12 months, regaining its status as a safe haven at the end of the period following events in Ukraine. It closed at 1.62%. The outperformance was even more pronounced for Spanish and Italian yields, which have returned to their lowest level since early 2006, at around 3.50%. Over the year they fell sharply (by 159 bps and 125 bps respectively for 10-year bonds) in response to the ECB's undertaking in the summer of 2012, which encouraged investors to take advantage of the carry trade in an interest rate environment deemed calm as a result of the Outright Monetary Transactions (which are in fact yet to be activated) and the prospect of key interest rates being kept low for a long time. The fall was accentuated in early 2014 as the outlook for these economies brightened. Equity markets The last 12 months have seen several spikes in equity market volatility (over 20% for the VIX index, calculated on S&P 500 options in June, October and January). The first share sell-off occurred in the spring, when investors were unnerved by Ben Bernanke's statements about a possible tapering of the asset purchases that the Fed makes each month as part of its quantitative easing programme. There was widespread selling of shares and some emerging currencies. The markets rallied on the back of improved economic data and the Fed's assurance that the normalisation of its monetary policy would remain moderate. The drama surrounding the budget before the US Congress, which led to the temporary closure of federal agencies during the first half of October, briefly spooked investors in the autumn. Lastly, while the tapering announcement (postponed until December) did not prevent the S&P 500 Index from posting a new record in late 2013, the geopolitical situation and concerns over emerging economies sowed doubt in early 2014. Equities have undergone a sharp correction since 23 January. The publication of disappointing PMI data in China and the sharp depreciation of several emerging currencies (e.g. the Argentine peso, Turkish lira, rouble, Indian rupee, South African rand) explain this reaction. Investors are starting to focus on weaknesses (inflation, external deficits) in some emerging economies, at a time when the normalisation of US monetary policy is eventually expected to reduce available liquidity. The fall in shares was widespread, despite the satisfactory results of companies in the United States and upbeat economic indicators in the eurozone. Page 8

Manager's report These factors may explain why investors switched to equities in February, even as geopolitical risks increased with the events in Ukraine. Despite the insistence of central banks in major developed countries that their highly accommodative monetary policy would continue, risk appetite continued to fluctuate at the end of the period. Emerging markets recorded an annual fall of 8.4% (MSCI Emerging Markets Index in US dollars), a significant underperformance relative to the MSCI AC World (in dollars), up 15.7%. European and US indices (in local currencies) were evenly matched, with a rise of 19.6% in the Eurostoxx 50 and 22.8% in the S&P 500 (which closed at a new record of nearly 1,860 points), while the Nikkei 225 outperformed forecasts (+28.4%). The Board of Directors Luxembourg, 10 April 2014 Note: The information stated in this report is historical and not necessarily indicative of future performance. Page 9

Audit report To the Shareholders of PARVEST We have audited the accompanying financial statements of PARVEST and of each of its sub-funds, which comprise the statement of net and the securities portfolio as at 28 February 2014 and the statement of operations and changes in net for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV 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 SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé 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 Réviseur d entreprises agréé, 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 Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 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 SICAV, 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. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n 10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 Page 10

Opinion In our opinion, the financial statements give a true and fair view of the financial position of PARVEST and of each of its sub-funds as of 28 February 2014, and of the results of their operations and changes in their net 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, Société coopérative Luxembourg, 4 June 2014 Represented by Thierry Blondeau Page 11