SYCOMORE PARTNERS UCITS INCORPORATED IN THE FORM OF A MUTUAL INVESTMENT FUND Governed by the French Monetary and Financial Code

STATUTORY AUDITOR S CERTIFICATE Composition of assets as at 31 March 2016 SYCOMORE PARTNERS UCITS INCORPORATED IN THE FORM OF A MUTUAL INVESTMENT FUND Governed by the French Monetary and Financial Code Investment Management Company SYCOMORE ASSET MANAGEMENT 14 avenue Hoche 75008 Paris, France In our capacity as the Statutory Auditor for SYCOMORE PARTNERS, a UCITS incorporated in the form of a mutual investment fund, and pursuant to the provisions of Article L. 21417 of the French Monetary and Financial Code, and to Article 411125 of the French Financial Markets Authority (AMF) General Regulations regarding the audit of the composition of assets, we have drawn up the certificate herein regarding the information included in the composition of assets as at 31 March 2016. This information was prepared under the responsibility of the investment management company. Our role is to issue an opinion on the consistency of the information included in the composition of assets with the knowledge we have acquired about the UCITS incorporated in the form of a mutual investment fund as part of our assignment to certify the annual financial statements. We conducted the due diligence that we deemed necessary, in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. These checks, which do not amount to an audit, or to a limited review, primarily consisted in carrying out analytical procedures and in holding meetings with the persons who generate and verify the information provided. Based on our work, we have no comments to make on the consistency of the information included in the composition of assets with the knowledge we have acquired about the UCITS incorporated in the form of a mutual investment fund as part of our assignment to certify the annual financial statements. Given the timeframe required to complete our work, this certificate is issued on the date of the electronic signature. Neuilly sur Seine, date of the electronic signature Document certified by electronic signature Statutory Auditor PricewaterhouseCoopers Audit Frédéric SELLAM PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 NeuillysurSeine, France. T: +33 (0) 1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr A statutory auditors firm and member of the regional Order of Paris. Société par actions simplifiée with share capital of 2 510 480. Registered offices: 63, rue de Villiers 92200 NeuillysurSeine, France. RCS Nanterre: 672 006 483 TVA n FR 76 672 006 483 Siret: 672 006 483 00362 Code APE: 6920 Z. Offices : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse

SYCOMORE PARTNERS STATUTORY AUDITOR S REPORT ON THE ANNUAL FINANCIAL STATEMENTS ended 31 March 2016 PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 NeuillysurSeine, France. T: +33 (0) 1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr A statutory auditors firm and member of the regional Order of Paris. Société par actions simplifiée with share capital of 2 510 480. Registered offices: 63, rue de Villiers 92200 NeuillysurSeine, France. RCS Nanterre: 672 006 483 TVA n FR 76 672 006 483 Siret: 672 006 483 00362 Code APE: 6920 Z. Offices : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse

STATUTORY AUDITOR S REPORT ON THE ANNUAL FINANCIAL STATEMENTS ended 31 March 2016 SYCOMORE PARTNERS UCITS INCORPORATED IN THE FORM OF A MUTUAL INVESTMENT FUND Governed by the French Monetary and Financial Code Investment Management Company SYCOMORE ASSET MANAGEMENT 14, avenue Hoche 75008 Paris, France Dear Unitholders, In compliance with the assignment entrusted to us by the investment management company s governing bodies for the Fund, we hereby present our report to you related to the financial year ended 31 March 2016 on: the audit of the annual financial statements of SYCOMORE PARTNERS, a UCITS incorporated in the form of a mutual investment fund, as attached to the present report; the justification of our evaluations; specific checks and reporting provided by law. The annual financial statements were prepared under the responsibility of the Fund's investment management company. Our responsibility is to express an opinion on these financial statements based on our audit. 1. OPINION ON THE ANNUAL FINANCIAL STATEMENTS We have performed our audit in accordance with professional standards applicable in France. These standards require the implementation of measures allowing us to obtain reasonable assurance that the annual financial statements contain no significant irregularity. An audit consists of examining, by sampling or other methods of selection, the items substantiating the amounts and information contained in the annual financial statements. It also consists of assessing the accounting standards adopted, material estimates applied, and the overall presentation of the financial statements. We believe that the evidence that we have gathered is sufficient and appropriate to form a basis for our opinion. Considering French accounting rules and standards, we certify the regularity and truthfulness of the annual financial statements and that they give a faithful representation of the operating results of the past financial year, as well as of the UCITS incorporated in the form of a mutual investment fund s financial and asset position as of the end of that financial year. Without qualifying the opinion expressed above, we draw attention on the change of accounting policy set out in the Accounting principles of the annex. PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 NeuillysurSeine, France. T: +33 (0) 1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr A statutory auditors firm and member of the regional Order of Paris. Société par actions simplifiée with share capital of 2 510 480. Registered offices: 63, rue de Villiers 92200 NeuillysurSeine, France. RCS Nanterre: 672 006 483 TVA n FR 76 672 006 483 Siret: 672 006 483 00362 Code APE: 6920 Z. Offices : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse

2. JUSTIFICATION OF OUR EVALUATIONS Pursuant to the provisions of Article L.8239 of the French Commercial Code (Code de Commerce) regarding the justification of our evaluations, we inform you that the assessments we made related to the appropriateness of the accounting principles applied, as well as the reasonableness of the material estimates used. The assessments thus made fall within the framework of our approach to the audit of the annual financial statements as a whole, and have therefore contributed to forming our opinion as expressed in the first part of this report. 3. SPECIFIC VERIFICATIONS AND INFORMATION We have also performed the specific verifications required by law in accordance with professional auditing standards in France. We have no comment as to the fair presentation and conformity with the annual financial statements of the information given in the management report and in the documents sent to the unitholders with respect to the financial position and the annual financial statements. Given the timeframe required to complete our work, this report is issued on the date of the electronic signature. Neuilly sur Seine, date of the electronic signature Document certified by electronic signature Statutory Auditor PricewaterhouseCoopers Audit Frédéric SELLAM PricewaterhouseCoopers Audit, 63, rue de Villiers, 92208 NeuillysurSeine, France. T: +33 (0) 1 56 57 58 59, F: +33 (0) 1 56 57 58 60, www.pwc.fr A statutory auditors firm and member of the regional Order of Paris. Société par actions simplifiée with share capital of 2 510 480. Registered offices: 63, rue de Villiers 92200 NeuillysurSeine, France. RCS Nanterre: 672 006 483 TVA n FR 76 672 006 483 Siret: 672 006 483 00362 Code APE: 6920 Z. Offices : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg, Toulouse

SYCOMORE PARTNERS FUND Annual Report 31 March 2016 Management Company: SYCOMORE ASSET MANAGEMENT Custodian: BNP Paribas Securities Services Registered office: 14, avenue Hoche 75008 Paris (France) Subscription and redemption prices publication: held available for unit holders at the management company

Contents SYCOMORE PARTNERS FUND MANAGEMENT REPORT Investment guidelines... 3 Investment policies... 7 Allocation of distributable sums...25 Results and other items...33 List of financial instruments...40 ANNUAL ACCOUNTS Balance Sheet / Assets... 8 Balance Sheet / Liabilities... 9 OffBalance Sheet... 10 Income Statement... 12 FINANCIAL STATEMENTS APPENDIX Accounting Principles... 13 Changes in Net Assets... 16 Additional information 1... 17 Additional information 2... 18 Breakdown by type of debts and claims...20 Breakdown by legal or economic instrument type...21 Breakdown by assets, liabilities and offbalance sheet category.22 Breakdown by assets, liabilities and offbalance sheet items by residual maturity...23 Breakdown of assets, liabilities and offbalance sheet items by trading currency...24 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016

Guidelines IDENTIFICATION Classification Diversified. UCITS of UCITS No. Investment objective: The Fund aims to achieve a significant return over a minimum recommended investment horizon of five years through a careful selection of European equities and an opportunistic and discretionary variation in the portfolio s exposure to European equity markets. Benchmark: No financial benchmark is meant to be used to assess the fund s performance, as available indicators are not representative of the way in which the fund is managed. The performance of capitalised Eonia plus 3.00% may however be used to assess the performance of the fund. Capitalised EONIA is the reference overnight interest rate for the interbank market within the eurozone. It is calculated as a weighted average of all overnight unsecured lending transactions in the interbank market within the eurozone. Investment strategy implementation: The Fund s investment strategy is based on the option given to the management team to vary, on an opportunistic and discretionary basis, the portfolio s exposure to the European equity markets (including Switzerland) from 0% to 110%, while complying with the requirements of French plans d épargne en actions (PEA), i.e., the French personal equity savings plan. The Fund s portfolio is allocated between various asset classes on a discretionary basis by the management team as a function of its expectations and outlook for the equity markets. In any case, PEAeligible financial instruments must at all times account for at least 75% of the Fund s assets. The management team may: Invest up to 100% of the portfolio in shares of listed companies that it considers to be undervalued by the market; Invest up to 25% of the portfolio in monetary instruments; Make opportunistic use of future financial instruments up to a limit of 1x NAV, in order to hedge the entire portfolio against an expected decline in the equity markets or to raise the portfolio s exposure to these same markets. European Equities (including Switzerland) Investments are selected on the basis of a strict analysis of corporate fundamentals. The selection process aims to identify those companies meeting quality standards (on the basis of their management teams, business model sustainability, and financial structure consistency) and to detect value (based on the differential between the intrinsic value as calculated by the management team and market value), with no market cap restrictions. With this in mind, the portfolio may, at the management team s discretion, be invested or exposed partly or fully in small and midcap stocks, i.e., whose market capitalisations are less than one billion euros. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 3

Guidelines Stocks are selected without sector, geographical or market capitalisation restrictions. Assets classes and financial futures used: In addition to the securities described above, the following assets may be included in the Fund portfolio. Moneymarket instruments The Fund may hold up to 25% of its assets in moneymarket instruments in the form of public or private debt securities rated at least AA by ratings agencies. These include French treasury bonds (BTF) or negotiable deposit certificates (CDN), without any allocation restrictions between these two categories. The Fund may hold up to 10% of its assets in the form of shares or units in the following UCITS or AIF: European (including French) UCITS which invest less than 10% of their assets in UCITS or AIF; French AIF compliant with the four criterias set out in the Article R. 21413 of the French Monetary and Financial Code These UCIs are selected by the management team following meetings with the fund managers. The main investment criteria applied, apart from ensuring the strategy is complementarity, is the sustainability of the target fund s investment process. In this context, UCI eligible to the French personal equity savings plan (PEA) complements the equities position in the assessment of compliance with the requirements of the plan. Such investments may be made as part of the Fund s cash management or to protect the portfolio against an anticipated decline in the equity markets (moneymarket UCIs or PEAeligible funds but having a moneymarket like targeted performance), with the aim of achieving the performance target. The Fund may invest in mutual funds marketed or managed by Sycomore Asset Management or one of its subsidiaries, within the aforementioned limits. Derivatives The Fund operates in all regulated and organised markets in France or in other OECD member states. The fund uses futures and option strategies. Futures and options strategies are intended either to hedge the portfolio against the downside risk in an underlying equity asset, or to increase portfolio exposure in order to capitalise on the upside in an underlying equity asset. The Fund primarily draws on stockpicking within the portfolio to achieve investment management targets, with these strategies contributing on an ancillary basis. These strategies nevertheless enable a fund manager anticipating a period of equity market weakness to preserve accrued returns (hedging strategy involving equity indices or certain stocks which the fund manager considers overvalued) or conversely, to increase portfolio exposure when the fund manager feels that securities already in the portfolio may not fully benefit from an expected equity market rally. The Fund may also enter into overthecounter contracts in the form of Contracts for Differences (henceforth referred to as CFDs). The underlying components of CFDs are shares or equity indices. CFDs shall be used to replicate purchases or sales in securities or indices, or baskets of securities or baskets of indices. Securities with embedded derivatives The Fund deals in financial instruments with embedded equity derivatives. The instruments used are: covered warrants, equity warrants, certificates, EMTN (without option components), as well as all bondlike vehicles with an embedded subscription or conversion right, and mandatory convertible bonds. These instruments are used in order to expose the portfolio to one or more companies that satisfy the selection criteria defined above. Under no circumstances may the use of such derivatives or securities with embedded derivatives lead to an overexposure of the portfolio. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 4

Guidelines Use of deposits. There are no plans to use deposits in connection with the management of the Fund. Cash loans. In the normal course of business, the fund may on occasion find itself in debt and in that case may borrow cash, up to the limit of 10% of its net assets. Temporary acquisitions and sales of securities. The Fund may make use of temporary sales of some or all of its securities for the purpose of meeting its investment objectives. Income from temporary sales of securities shall be shared equally between the Fund and the asset management company. Contracts constituting financial guarantees The Fund does not receive any financial guarantees as part of the authorized transactions. OVERALL RISK The asset management company uses the commitment calculation method to assess the global risk of the fund Risk profile: The indicator below reflects the fund s variable and discretionary exposure to European equity markets. It relies on historical volatility data that may not be a reliable indication for the future risk profile of the Fund. The risk category attributed to the Fund is not guaranteed and may change over time and past performance is not a reliable indicator of future performance. The lowest category does not mean "riskfree". Risks incurred by the Fund: The risk of loss in capital because the fund s performance may not meet investment objectives or investor targets (which depend on their portfolio composition); The principal invested may not be entirely returned; The performance may be adversely affected by inflation; General equity risk, due to exposure equivalent to as much as 110% of fund assets to variations in the equity markets of European Community member countries ; general equity risk is the risk of a decrease in the value of a share, as a consequence of a market trend. The net asset value may decrease if equity markets fall. Specific equity risk, due to exposure equivalent to as much as 100% of fund assets to shares of companies held in the portfolio; Specific equity risk is the risk that the value of a share will decline due to unfavourable news regarding the company itself or a company in the same business sector. In the event of unfavourable news on one of the companies or on its business sector, the fund s NAV could decline. Risk incurred by small and midcap investments. Given the low market capitalisation of some companies in which the Fund may invest, investors should bear in mind that SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 5

Guidelines the small and midcap market includes companies which, by reason of their specific nature, may involve risks for investors. Investments in small and midcaps incur the risk that some buy or sell orders transmitted to the market may not be fully executed on account of the limited quantity of securities available in the market. These stocks may be subject to higher volatility than large caps and weigh on NAV. Interest rate and credit risk, as the Fund may hold a maximum of up to 25% of its assets in debt securities and moneymarket instruments; Interest rate risk: The risk that the rates decline when investments are made at a variable rate (lower rate of return); The risk that rates will rise in the case of fixedrate investments, as the value of a fixed interestrate product is inversely proportional to interest rate levels. The net asset value may decrease in the event of an adverse variation in interest rates. Credit risk is the risk that the issuer of a debt security is no longer able to service its debt, i.e. reimburse the debt, or that its rating is downgraded, which could then lead to a decrease in NAV. Investors should bear in mind that if these products or instruments are used to reduce the Portfolio's risk exposure to Equities, specific risks related to rate and credit products can also involve a capital loss for investors. the risk incurred from discretionary management and unrestricted allocation of assets, as the fund managers may, freely allocate fund assets between the various asset classes. The discretionary management style is based on anticipating trends on various markets (equity, interestrate, bond). There is a risk that the Fund will not be invested at all times on the bestperforming markets. The foreign exchange risk: some eligible stocks held in the portfolio may be listed in currencies other than the euro. In this regard, investor attention is drawn to the fact that the Fund is subject to foreign exchange risk of up to a maximum amount of 25% of its assets for a French resident; Foreign exchange risk is the risk that the value of an investment currency diminishes compared to the Fund s benchmark currency, i.e. the euro. Minimum recommended investment period: Five Years. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 6

Management Report STATUTORY AUDITORS PwC SELLAM INVESTMENT POLICY SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 7

Annual Accounts Balance Sheet / Assets 31/03/2016 31/03/2015 Net fixed assets Deposits Financial Instruments 646,699,991.40 355,932,848.69 Shares and equivalent securities 538,856,427.70 326,069,735.20 Traded on a regulated market (or equivalent) 538,856,427.70 326,069,735.20 Not traded on a regulated market (or equivalent) Bonds and equivalent securities 8,890,875.00 8,767,500.00 Traded on a regulated market (or equivalent) 8,890,875.00 8,767,500.00 Not traded on a regulated market (or equivalent) Debt instruments Traded on a regulated market (or equivalent) Negotiable debt securities Traded on a regulated market (or equivalent) Other debt securities Not traded on a regulated market (or equivalent) Units in collective investment undertakings 65,303,985.92 19,735,873.49 General purpose UCITS and AIF aimed at nonprofessional investors and equivalent 65,303,985.92 19,735,873.49 in other European Union countries. Other funds aimed at nonprofessional investors and equivalent in other European Union countries General purpose professional investment funds and equivalent in other European Union countries and listed securitisations vehicles Other professional investment funds and equivalent in other European Union countries and nonlisted securitisations vehicles Other noneuropean vehicles Temporary securities transactions Claims on securities received under a repurchase agreement Claims on loaned securities Borrowed securities Securities sold under repurchase agreements Other temporary operations Financial futures instruments 33,648,702.78 1,359,740.00 Transactions traded on a regulated market (or equivalent) Other operations 33,648,702.78 1,359,740.00 Other financial instruments Receivable 11,534,647.66 64,838,176.00 Foreign Exchange currency Forward Other 11,534,647.66 64,838,176.00 Financial Accounts 53,603,921.16 13,808,816.08 Cash and cash equivalents 53,603,921.16 13,808,816.08 TOTAL ASSETS 711,838,560.22 434,579,840.77 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 8

Annual Accounts Balance Sheet / Liabilities 31/03/2016 31/03/2015 Consolidated Shareholders Equity Share capital 702,403,803.92 406,755,038.82 Retained net capital gains and losses brought forward (a) Retained earnings (a) Net capital gains and losses for the financial year (a,b) 5,168,479.83 2,900,076.74 Profit or Loss for the financial year (a, b) 1,414,332.26 465,333.30 Total shareholders' equity 698,649,656.35 410,120,448.86 (= Amount representing the net assets) Financial Instruments 7,427,800.00 19,305,297.40 Sales of financial instruments Temporary securities transactions Payables on securities sold under a repurchase agreement Payables on borrowed securities Other temporary operations Financial futures instruments 7,427,800.00 19,305,297.40 Transactions traded on a regulated market (or equivalent) Other operations 7,427,800.00 19,305,297.40 Other Financial Accounts Debt 5,761,103.87 5,154,094.51 Foreign Exchange currency Forward Other 5,761,103.87 5,154,094.51 Financial Accounts Bank overdrafts Borrowings TOTAL LIABILITIES 711,838,560.22 434,579,840.77 (a) Including accruals accounts (b) Less advance payments made during the financial year SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 9

Annual Accounts OffBalance Sheet 31/03/2016 31/03/2015 HEDGING Commitment on regulated markets (or equivalent) Futures Sell EURO STOXX 50 JUN15 25,417,000.00 OTC Commitment Contract for difference (CFD) AIRBUS GROUP 9,336,000.00 AIRBUS GROUP CFD 9,670,400.00 AIRBUS GROUP CFD 9,670,400.00 COMMERZBANK AG 42,025,500.00 DEUTSCHE BANK 26,910,000.00 HERMES INTERNATIONAL CFD 2,402,574.40 HERMES INTL 2,263,936.20 L'OREAL 22,672,800.00 LVMH 22,575,000.00 LVMH MOET CFD 24,622,500.00 OREAL CFD 12,337,200.00 OREAL CFD 14,564,750.00 QIAGEN 43,173,900.00 QIAGEN CFD 38,842,350.00 RWE A 42,656,250.00 SAP 10,665,000.00 SCHNEIDER 5,442,920.00 SCHNEIDER ELECTRIC CFD 7,090,300.00 TNT EXPRESS 10,251,800.00 TOTAL 13,227,932.18 TOTAL CFD 14,808,000.00 VINCI 32,080,300.00 VINCI CFD 10,646,000.00 VINCI CFD 15,436,700.00 WIRECARD AG CFD 37,392,000.00 ZALANDO SE 8,053,360.00 Other commitments OTHER OPERATIONS None None SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 10

31/03/2016 31/03/2015 Commitment on regulated markets (or equivalent) OTC Commitment Other commitments SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 11

Annual Accounts Income statement 31/03/2016 31/03/2015 Income from financial operations Proceeds from Equities and equivalent securities 6,427,486.70 5,163,102.50 Proceeds from bonds and equivalent securities 317,283.75 316,242.50 Proceeds from debt securities Proceeds from temporary acquisitions and disposals of securities 1,112,145.08 Proceeds from financial futures Proceeds from deposits and account balances with financial institutions 22.96 11,569.76 Other financial income Total I 6,744,793.41 6,603,059.84 Financial transactions expenses Expenses related to temporary acquisitions and disposals of securities Expenses related to financial futures Expenses related to financial debts 63,950.60 5,180.28 Other financial expenses Total II 63,950.60 5,180.28 Results of financial operations (I + II) 6,680,842.81 6,597,879.56 Other revenues (III) Investment management fees and depreciation (IV) 5,266,510.55 7,314,681.21 Net income for the financial year (I + II + III + IV) 1,414,332.26 716,801.65 Income equalisation for the financial year (V) 1,182,134.95 Interim profit paid for the financial year (VI) Result (I + II + III + IV + V + VI) 1,414,332.26 465,333.30 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 12

Accounting Principles The organisation has complied with Regulation ANC No. 201401 of January 14, 2014 on accounting rules for openended collective investment schemes. The accounting currency is Euros. All the transferable securities that make up the portfolio are recognised at their historical cost, excluding fees. Foreign currencydenominated securities, futures and options are converted into the accounting currency on the basis of the exchange rates quoted in Paris on the valuation date. The portfolio is valued whenever the net asset value is calculated and whenever the accounts are closed in accordance with the following methods: Transferable securities Listed securities: at market value including accrued interest (that day's closing price) However, transferable securities whose price has not been recorded on the calculation day, or listed by contributors and for which the price has been adjusted, as well as securities that are not traded on a regulated market, are valued under the responsibility of the Management Company (or by the Board of Directors for a SICAV (openended fund)), at their probable negotiation value. Prices are corrected by the Management Company based on its knowledge of issuers and / or of the markets. Thus, the GROUPE JEMINI shares whose listing is suspended are valued at 0. UCIs : at either the latest net asset value available or, otherwise, at the latest estimated value. The Net Asset Values of the shares of foreign collective investment schemes valued on a monthly basis, are confirmed by the Directors of Fund. Valuations are updated weekly on the basis of an estimate provided by the administrators of these UCIs which is then approved by the investment manager. Negotiable debt securities and similar instruments which are not actively traded are valued using an actuarial method. The value retained is that of equivalent issued securities, which are adjusted, where applicable, on the basis of a differential representing the intrinsic characteristics of the securities issuer. In the absence of sensitivity, securities with a residual maturity equal to three months are valued at the last rate until maturity and, for those with a residual maturity of less than three months on purchase, interest is calculated on a straightline basis. Euro Medium Term Notes (EMTN) are valued at their market value, based on prices provided by counterparties. These valuations are regularly checked by the management company. Temporary acquisitions and disposals of securities: Securities lending: Receivables resulting from lent securities are valued at market value. Securities Borrowing: Borrowed securities as well as the debt representing borrowed securities are valued at the current market value of the securities in question. Collateral: the Fund has opted to present the securities received as collateral in connection with securities lending transactions in the balance sheet accounts at the level of the corresponding debt commitment. Delivered reverse purchase agreements (Repos) with a residual maturity inferior or equal to three months: Individualisation of the claim based on the contract price. In such case, a linearisation of the payment is made. Repos with a residual maturity inferior or equal to three months: market value. The debt valued on the basis of its contractual value is registered to the liability side of the balance sheet. In such case, a linearisation of the payment is made. Financial futures and options FUTURES: daily clearing price The valuation of offbalance sheet items is calculated on the basis of the par value, the settlement price and, if necessary, the exchange rate. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 13

Accounting Principles OPTIONS: daily closing price or, failing that, the last known price. The offbalance sheet valuation is calculated in reference to the underlying asset, taking into account the option delta, the underlying asset market value and, if necessary the exchange rate. FIXED TERM DEPOSITS: they are valued at their nominal amount, even if they have a maturity greater than three months. The corresponding accrued interest is then added to this amount. CFDs are valued at their market value by the Management Company by reference to the prices provided by counterparties. The value of each line will take into account the spread between the market value of the underlying assets and the strike price. The fund accountant keeps track of all CFD historical valuations and will perform weekly coherence checks through the analysis of discrepencies between a calculated technical Net Asset Value (NAV) and the official NAV. The fund accountant will perform an additional price check with other data sources if there are important discrepencies between the calculated technical NAV and the official NAV. The valuation of offbalance sheet CFDs is calculated on the basis of the underlying asset value, the settlement price and, if necessary, the exchange rate. Investment Management Fee 0.05% including tax, maximum rate for Class X 0.50% including tax, maximum rate for Class I 1.00% including tax, maximum rate for Class IB 1.00% including tax, maximum rate for Class IBD 2.00% including tax, maximum rate for Class R 2.00% including tax, maximum rate for Class R USD Those amounts are calculated on the portion of the net assets invested in equities and equivalent instruments. 1.80% for Class P Those amounts are calculated on the basis of the net assets. These costs do not include transaction costs which will be directly recorded in the income statement of the Fund. These fees cover all costs charged to the fund, with the exception of transaction fees. Transaction fees include intermediary charges (brokerage, stamp duty, etc.) and transfer commissions, if any, which may be charged by the custodian and the asset management company. Performance fee 20%, VAT included, beyond an annual net return in excess of EONIA plus 3%, with a High Water Mark (1) (1) High Water Mark mechanism: the performance fee shall be billed to the fund if and only if the net asset value on the last trading day of the financial year is higher than the highest of the net asset values during the previous financial years. The performance fee is based on the relative performance of the Fund compared to the benchmark rate as defined below, over the financial year. Throughout the following, the 2009 financial year shall be deemed to have begun on 5 March 2008 and ended 31 March 2009. The benchmark is the performance, during the financial year, of EONIA capitalised +3.00%. Fund performance over the same financial year is calculated net of ongoing charges and prior to the payment of any performance fees. If, during the financial year, the fund s performance is both positive and above that of the aforementioned benchmark rate, the variable portion of ongoing charges shall come to 20%, all tax included, of the difference between the fund s performance and the benchmark s performance. If, during the financial year, Fund performance is either below the aforementioned benchmark rate, or negative, the variable portion of management fees shall be nil. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 14

Accounting Principles If, during the financial year, the fund s yeartodate performance is both positive and above that of the aforementioned benchmark rate calculated over the same period, this performance shall be subject to a provision for variable management fees when calculating net asset value. If the Fund underperforms the benchmark between two NAV calculations, any provision previously included shall be adjusted by a writeback. Provision writebacks shall be capped at previous allocations to provisions. This variable portion will be paid at the end of each financial year only if, during the financial year, the Fund s performance is both positive and above that of the benchmark rate. Moreover, if the net asset value on the last trading day of the financial year is below the highest of net asset values on the last trading day of each previous financial year, the variable portion of management fees shall be nil. This variable portion will therefore be paid definitively at the closing of each financial year only if, during the financial year: the fund s performance is positive; the fund s performance is above the benchmark rate; the net asset value on the last trading day of the financial year is above the highest of the net asset values during the previous financial years. Management fees rebates None Interest accounting method Interest received Allocation of income Unit P: Accumulation Unit R: Accumulation Unit R USD: Accumulation Unit X: Accumulation Unit I: Accumulation Unit IB: Accumulation Unit IBD: Accumulation and/or Distribution Allocation of realised capital gains Unit P: Accumulation Unit R: Accumulation Unit R USD: Accumulation Unit X: Accumulation Unit I: Accumulation Unit IB: Accumulation Unit IBD: Accumulation and/or Distribution Changes that occured during the financial year 7/12/2015: Creation of Unit R UDS. 8/06/2015 : Creation of Unit IBD SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 15

Financial Statements Appendix Changes in Net Assets 31/03/2016 31/03/2015 Net assets at the beginning of the financial year 410,120,448.86 193,881,391.39 Subscriptions (including subscription fees paid to the UCI) 453,723,337.63 251,014,580.30 Redemptions (net of commissions paid to the UCI) 168,386,057.92 67,686,004.15 Realised gains on financial instruments and deposits 40,230,906.11 32,170,276.86 Realised losses on financial instruments and deposits 39,984,179.38 25,167,195.28 Realised gains on financial futures instruments 5,227,342.33 2,318,628.92 Realised losses on financial instruments 8,590,480.53 3,792,461.55 Transaction Costs 1,490,644.35 964,265.29 Exchange rate differences 578,036.35 21,531.81 Change in deposits and financial instruments valuation differences 6,486,687.69 29,516,767.50 Valuation differences year N 46,480,298.84 39,993,611.15 Valuation differences year N1 39,993,611.15 10,476,843.65 Change in valuation estimates of financial instruments 476,000.00 476,000.00 Valuation differences year N 476,000.00 Valuation differences year N1 476,000.00 Distribution of net capital gains and losses related to the previous financial year Distribution of income related to the previous financial year Net income for the financial year before accruals 1,414,332.26 716,801.65 Advance deposit for net capital gains and losses during the financial year Advance deposit for financial results during the financial year Other items Net assets at the end of the financial year 698,649,656.35 410,120,448.86 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 16

Financial Statements Appendix Additional information 1 31/03/2016 1Commitments received or given 1 Commitments received or given (capital protection guarantee or other) (*) 1Present value of portfolio financial instruments that are used as collateral None 1 Offbalance sheet financial instruments received as collateral 1 Inbalance sheet financial instruments given as collateral 1Financial Instruments held in portfolio and issued by the service provider or its affiliates 1 Deposits 1 Equities 1 Fixed income products 1 UCI 51,805,813.5200 1 Temporary acquisitions and disposals of securities. 1 Swaps (nominal) 1Present value of financial instruments subject to a temporary acquisition None 1 Securities acquired through repurchase agreement 1 Securities purchased through reverse repurchase agreements 1 Borrowed securities (*) For capital guarantee funds, the information can be found in the accounting policies SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 17

Additional information 2 Financial Statements Appendix 31/03/2016 21 Issues and redemptions during the financial year Number of units 21 Class I (Currency: EUR) 21 Number of shares issued 70,201.1129 21 Number of shares redeemed 62,280.2445 21 Class IBD (Currency : EUR) 21 Number of shares issued 2.0000 21 Number of shares redeemed 21 Class IB EUR (Currency: EUR) 21 Number of shares issued 52,672.5459 21 Number of shares redeemed 3,288.7521 21 Class P (Currency: EUR) 21 Number of shares issued 136,242.7344 21 Number of shares redeemed 25,971.7607 21 Class R (Currency: EUR) 21 Number of shares issued 41,467.6850 21 Number of shares redeemed 17,868.5716 21 Class R USD (Currency: USD) 21 Number of shares issued 5,042.7036 21 Number of shares redeemed 21 Class X (Currency: EUR) 21 Number of shares issued 713.2295 21 Number of shares redeemed 371.1750 22 Subscription and/or redemption fees Average Amount (EUR) 22 22 Subscription fees paid to the Fund 22 Redemption fees paid to the Fund 22 Subscription fees collected and paid back 49,143.85 22 Redemption fees collected and paid back 23 Investment Management Fee Amount (EUR) % of average net assets 23 Class I (Currency: EUR) 23 Ongoing charges (*) 303,931.20 0.19 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 18

Performance fees 11,166.99 23 Other Charges 23 Class IBD (Currency : EUR) 23 Ongoing charges (*) 11.59 0.46 23 Performance fees 23 Other Charges 23 Class IB EUR (Currency: EUR) 23 Ongoing charges (*) 239,570.28 0.37 23 Performance fees 13,793.93 23 Other Charges 23 Class P (Currency: EUR) 23 Ongoing charges (*) 4,001,293.69 1.81 23 Performance fees 8,158.85 23 Other Charges 23 Class R (Currency: EUR) 23 Ongoing charges (*) 688,577.04 0.74 23 Performance fees 24,131.76 23 Other Charges 23 Class R USD (Currency: USD) 23 Ongoing charges (*) 2,349.59 1.75 23 Performance fees 23 Other Charges 23 Class X (Currency: EUR) 23 Ongoing charges (*) 1,107.95 0.02 23 Performance fees 5.54 23 Other Charges 24 Rebates on management fees (for all unit types) 24 24 Rebates on management fees (for all unit types) (*) For mutual funds with a financial year inferior to 12 months, the percentage of average net assets is the annualized average rate. SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 19

Financial Statements Appendix Breakdown by type of debts and claims 31/03/2016 Breakdown by type of claims Deposit EUR 10,650,000.00 Deposit other currencies Cash collateral Valuation for the purchase of currency forwards Exchange value of forward sales Other sundry debtors 683,223.83 Coupons to receive 201,423.83 TOTAL CLAIMS 11,534,647.66 Breakdown by type of debts Deposit EUR 4,290,000.00 Deposit other currencies Cash collateral Provision charges on loans Valuation for the sale of currency forwards Exchange value of forward purchases Costs and expenses payable 586,456.21 Other sundry creditors 884,647.66 Provision for market liquidity risk TOTAL DEBT 5,761,103.87 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 20

Financial Statements Appendix Breakdown by legal or economic instrument type 31/03/2016 Assets 31/03/2016 Bonds and equivalent securities 8,890,875.00 Indexlinked bonds Convertibles Loan participations 8,890,875.00 Other bonds and equivalent securities Assets Debt instruments Traded on a regulated market Treasury bonds Other negotiable debt securities Other debt securities Assets Debt instruments Not traded on a regulated market Liabilities None Sales of financial instruments Equities Bonds Other Offbalance sheet Hedging Fixed Income Equities 291,334,698.38 Other Other operations Fixed Income Equities Other SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 21

Financial Statements Appendix Breakdown by assets, liabilities and off balance sheet category Fixed Rate Variable rate Adjustable rate Other Assets None None Deposits Bonds and equivalent securities 8,890,875.00 Debt instruments Temporary securities transactions Financial Accounts 53,603,921.16 Liabilities None None None None Temporary securities transactions Financial Accounts Offbalance sheet None None None None Hedging Other operations SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 22

Financial Statements Appendix Breakdown by residual maturity [03 months] ] 3 months 1 year] ] 13 years] ] 35 years] > 5 years Assets None None None Deposits Bonds and equivalent securities 8,890,875.00 Debt Securities Temporary securities transactions Financial Accounts 53,603,921.16 Liabilities None None None None None Temporary securities transactions Financial Accounts Offbalance sheet None None None None None Hedging Other operations SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 23

Financial Statements Appendix Breakdown by trading currency CHF USD Assets Deposits Shares and equivalent securities 23,100,618.56 Bonds and equivalent securities Debt instruments Mutual funds shares Temporary securities transactions Other financial instruments Receivable Financial Accounts 665.65 442,385.99 Liabilities None None Sales of financial instruments Temporary securities transactions Debt Financial Accounts Offbalance sheet None None Hedging Other operations Only the five most representative currencies in the net assets are included in this table SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 24

Financial Statements Appendix Allocation of distributable sums Share class category: IBD (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 Amounts to be allocated TOTAL Retained earnings Income 3.45 3.45 Allocation Distribution Retained earnings for the financial year Accumulation TOTAL 3.45 3.45 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from year financial N4 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 25

Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 96.92 Advance deposits for capital gains and losses during the financial year TOTAL 96.92 Allocation Distribution Undistributed net capital gains and losses Accumulation 96.92 TOTAL 96.92 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 26

Share class category: IB EUR (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 31/03/2015 Amounts to be allocated Retained earnings Income 444,967.29 297,156.11 TOTAL 444,967.29 297,156.11 Allocation Distribution Retained earnings for the financial year Accumulation 444,967.29 297,156.11 TOTAL 444,967.29 297,156.11 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from year financial N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 31/03/2015 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 316,648.84 521,968.65 Advance deposits for capital gains and losses during the financial year TOTAL 316,648.84 521,968.65 Allocation Distribution Undistributed net capital gains and losses Accumulation 316,648.84 521,968.65 TOTAL 316,648.84 521,968.65 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 27

Share class category: I (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 31/03/2015 Amounts to be allocated Retained earnings Income 1,888,718.45 983,502.35 TOTAL 1,888,718.45 983,502.35 Allocation Distribution Retained earnings for the financial year Accumulation 1,888,718.45 983,502.35 TOTAL 1,888,718.45 983,502.35 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from financial year N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 31/03/2015 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 1,964,817.56 956,488.56 Advance deposits for capital gains and losses during the financial year TOTAL 1,964,817.56 956,488.56 Allocation Distribution Undistributed net capital gains and losses Accumulation 1,964,817.56 956,488.56 TOTAL 1,964,817.56 956,488.56 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 28

Share class category: P (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 31/03/2015 Amounts to be allocated TOTAL Retained earnings Income 1,439,841.79 552,298.31 1,439,841.79 552,298.31 Allocation Distribution Retained earnings for the financial year Accumulation 1,439,841.79 552,298.31 TOTAL 1,439,841.79 552,298.31 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from financial year N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 31/03/2015 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 2,148,352.58 879,536.10 Advance deposits for capital gains and losses during the financial year TOTAL 2,148,352.58 879,536.10 Allocation Distribution Undistributed net capital gains and losses Accumulation 2,148,352.58 879,536.10 TOTAL 2,148,352.58 879,536.10 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 29

Share class category: R (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 31/03/2015 Amounts to be allocated Retained earnings Income 438,390.09 282,570.46 TOTAL 438,390.09 282,570.46 Allocation Distribution Retained earnings for the financial year Accumulation 438,390.09 282,570.46 TOTAL 438,390.09 282,570.46 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from financial year N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 31/03/2015 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 692,393.02 505,592.02 Advance deposits for capital gains and losses during the financial year TOTAL 692,393.02 505,592.02 Allocation Distribution Undistributed net capital gains and losses Accumulation 692,393.02 505,592.02 TOTAL 692,393.02 505,592.02 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 30

Share class category: R USD (Currency: USD) Allocation table for the income and distributable sums 31/03/2016 Amounts to be allocated TOTAL Retained earnings Income 1,687.08 1,687.08 Allocation Distribution Retained earnings for the financial year Accumulation TOTAL 1,687.08 1,687.08 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from year financial N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 516.10 Advance deposits for capital gains and losses during the financial year TOTAL 516.10 Allocation Distribution Undistributed net capital gains and losses Accumulation 516.10 TOTAL 516.10 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 31

Share class category: X (Currency: EUR) Allocation table for the income and distributable sums 31/03/2016 31/03/2015 Amounts to be allocated Retained earnings Income 83,781.85 48,714.91 TOTAL 83,781.85 48,714.91 Allocation Distribution Retained earnings for the financial year Accumulation 83,781.85 48,714.91 TOTAL 83,781.85 48,714.91 Information relating to units eligible for distribution Number of units Distribution per unit Tax credits and tax claims attached to the distribution of income Total amount of tax claims and tax credits attached to the distribution of income: from the financial year from financial year N1 from financial year N2 from financial year N3 from financial year N4 Allocation table for the distributable sums relating to net capital gains and losses 31/03/2016 31/03/2015 Amounts to be allocated Prior undistributed net capital gains and losses Net capital gains and losses for the financial year 45,654.81 36,491.41 Advance deposits for capital gains and losses during the financial year TOTAL 45,654.81 36,491.41 Allocation Distribution Undistributed net capital gains and losses Accumulation 45,654.81 36,491.41 TOTAL 45,654.81 36,491.41 Information relating to units eligible for distribution Number of units Distribution per unit SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 32

Financial Statements Appendix Table of the financial results and other significant items over the last five years Share class category: IBD (Currency: EUR) Net Asset Value ( ) 31 March 16 Units D 1,586.26 Net Assets (in k ) 3.17 Number of units Units D 2.0000 ONNU Payment Date 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units D 48.46 Accumulation per Unit of income Units D 1.72 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 33

Share class category: IB EUR (Currency: EUR) Net Asset Value ( ) 31 March 15 31 March 16 Units C 1,571.21 1,587.44 Net Assets (in k ) 36,210.00 114,977.86 Number of units Units C 23,045.8284 72,429.6222 ONNU Payment Date 31/03/2015 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units C 22.64 4.37 Accumulation per Unit of income Units C 12.89 6.14 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 34

Share class category: I (Currency: EUR) Net Asset Value ( ) 30 March 12 28 March 13 31 March 14 31 March 15 31 March 16 Units C 1,176.68 1,243.46 1,406.96 1,571.98 1,590.61 Net Assets (in k ) 23,507.36 25,710.50 72,771.21 148,345.33 162,702.83 Number of units Units C 19,977.6942 20,676.5550 51,722.1956 94,368.0932 102,288.9616 ONNU Payment Date 30/03/2012 28/03/2013 31/03/2014 31/03/2015 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units C 32.36 42.91 10.13 19.20 Accumulation per Unit of income Units C 18.66 19.54 2.44 10.42 18.46 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 35

Share class category: P (Currency: EUR) Net Asset Value ( ) 30 March 12 28 March 13 31 March 14 31 March 15 31 March 16 Units C 1,122.25 1,167.48 1,305.12 1,441.46 1,434.86 Net Assets (in k ) 20,999.14 27,014.11 77,697.81 140,925.34 298,503.73 Number of units Units C 18,711.5664 23,138.6444 59,532.8385 97,765.2018 208,036.1755 ONNU Payment Date 30/03/2012 28/03/2013 31/03/2014 31/03/2015 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units C 30.48 40.00 8.99 10.32 Accumulation per Unit of income Units C 1.06 1.16 12.60 5.64 6.92 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 36

Share class category: R (Currency: EUR) Net Asset Value ( ) 30 March 12 28 March 13 31 March 14 31 March 15 31 March 16 Units C 1,154.06 1,214.76 1,370.08 1,525.68 1,535.18 Net Assets (in k ) 16,412.54 13,820.78 38,858.66 79,010.49 115,731.86 Number of units Units C 14,221.5563 11,377.3613 28,362.2446 51,787.0373 75,386.1507 ONNU Payment Date 30/03/2012 28/03/2013 31/03/2014 31/03/2015 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units C 31.66 41.83 9.76 9.18 Accumulation per Unit of income Units C 12.63 14.61 1.73 5.45 5.81 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 37

Share class category: R USD (Currency: USD) Net Asset Value (in USD) 31 March 16 Units C 104.49 Net Assets (in k ) 462.43 Number of units Units C 5,042.7036 ONNU Payment Date 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per Unit of the net capital gains and losses Units C 0.10 Accumulation per Unit of income Units C 0.33 SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 38

Share class category: X (Currency: EUR) Net Asset Value ( ) 30 March 12 28 March 13 31 March 14 31 March 15 31 March 16 Units C 1,203.30 1,274.06 1,443.37 1,616.25 1,638.65 Net Assets (in k ) 3,389.62 3,469.15 4,553.72 5,629.28 6,267.79 Number of units Units C 2,816.9111 2,722.9111 3,154.9111 3,482.9111 3,824.9656 ONNU Payment Date 30/03/2012 28/03/2013 31/03/2014 31/03/2015 31/03/2016 Distribution per unit of the net capital gains and losses (Including deposit) (in ) Distribution per unit of income (Including deposit) (in ) Tax credit per unit (*) individuals (in ) Accumulation per unit of the net capital gains and losses Units C 33.17 44.00 10.47 11.93 Accumulation per unit of income Units C 21.85 22.32 4.16 13.98 21.90 (*) The tax credit per unit is determined as at the date of the tax payment as per the French tax ruling of 04/03/93 (Ints.4 K193). Notional amounts, calculated in accordance with the rules applicable to individuals, are presented here on an indicative basis. "The French tax ruling 4 J299 of 08/11/99 also specifies that tax credit beneficiaries who are not individuals are responsible for calculating the tax credit amount they are entilted to themselves." SYCOMORE PARTNERS FUND Annual Report as at 31 March 2016 39