SELECTRA INVESTMENTS SICAV Société d'investissement à Capital Variable organised under the laws of Luxembourg

Unaudited semi-annual report SELECTRA INVESTMENTS SICAV Société d'investissement à Capital Variable organised under the laws of Luxembourg R.C.S. Luxembourg B 136 880

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current issue prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

Contents Organisation... 2 General information... 6 Combined statement of net assets... 8 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH... 9 Statement of net assets... 9 Statement of investments and other net assets... 10 Industrial and geographical classification of investments... 11 SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO)... 12 Statement of net assets... 12 Statement of investments and other net assets... 13 Industrial and geographical classification of investments... 14 Notes to the financial statements... 15 1

Organisation Registered office 11, rue Aldringen L-1118 LUXEMBOURG Board of Directors Chairman Marco CALDANA Chief Executive Officer FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG Directors Marco CIPOLLA Guglielmo KATTE KLITSCHE DE LA GRANGE Marco CLAUS Jean-Christophe MONTANT Managing Partner SELECTRA MANAGEMENT COMPANY S.A 9, rue Schiller L-2519 LUXEMBOURG Legal and Compliance Officer FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG (since 6th May 2014) Managing Partner SELECTRA MANAGEMENT COMPANY S.A 9, rue Schiller L-2519 LUXEMBOURG (until 6th May 2014) Head of Business Development LSK S.A. 22-24, boulevard Royal L-1272 LUXEMBOURG (until 6th May 2014) Conducting officers Marco CIPOLLA Marco CLAUS Management Company SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG (since 21st March 2014) 2

Organisation (continued) Board of Directors of the Management Company Chairman Marco CALDANA Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Directors Marco CIPOLLA Marco CLAUS Serge D ORAZIO Marcus PETER Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Head of Investment Funds & Global Custody Services KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Lawyer BONN & SCHMITT 22, rives de Clausen L-2165 LUXEMBOURG Investment Managers For the Sub-Fund SELECTRA INVESTMENTS SICAV - J. LAMARK BIOTECH The Management Company (since 21st March 2014) The Board of Directors (until 20th March 2014) For the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO) GLOBAL INVESTMENT MANAGERS S.A. 23, rue Balzac F-75008 PARIS 3

Organisation (continued) Investment Advisor For the Sub-Fund SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH J. LAMARCK SIM S.p.A. Via Anelli 28 I-25015 DESENZANO DEL GARDA (BS) Custodian bank and paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Administrative, domiciliary, registrar and transfer agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG General distributor SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG (since 21st March 2014) FIA ASSET MANAGEMENT S.A. 9, rue Schiller L-2519 LUXEMBOURG (until 20th March 2014) Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG French paying agent CM-CIC SECURITIES S.A. 6, avenue de Provence F-75009 PARIS 4

Organisation (continued) Italian paying agents BANCA SELLA HOLDING S.p.A Via Italia, 2 I-13900 BIELLA ALLFUNDS BANK S.A., Succursale di Milano Via Santa Margherita 7 I-20121 MILANO 5

General information SELECTRA INVESTMENTS SICAV (the "Company") is organised as a "société d'investissement à capital variable" under the Luxembourg laws. It qualifies as an Undertaking for Collective Investment in transferable securities under the amended Council Directive 2009/65/EC and is governed by Part I of the amended law of 17th December 2010 (the "2010 Law") relating to Undertakings for Collective Investment. It was incorporated on 28th February 2008 for an unlimited period. Its Articles of Incorporation were published in the Mémorial Recueil des Sociétés on 25th March 2008. The Company complied with article of the 2010 Law. As at 5th July 2013, the Board of Directors selected SELECTRA MANAGEMENT COMPANY S.A. as management Company in accordance with the Luxembourg law of 17th December 2010 as amended ( the Law ) and in particular with Chapter 15 of the Law following the completion of the authorisation process with the Commission for the Supervision of the Financial Sector (the CSSF ) as at 21st February 2014. By circular resolution effective on 21st February 2014, the Board of Directors approved the appointment of SELECTRA MANAGEMENT COMPANY S.A. as management company. At the date of the report, the Company offers the following Sub-Funds: - SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH in EUR - SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO) At the date of the report, only capitalisation shares are available: Sub-Funds Share Classes Currency - J. LAMARCK BIOTECH Class A EUR Class B EUR Class C USD - GIM ABSOLUTE RETURN LOW Class B EUR VOLATILITY Class C USD Class D EUR Class E EUR Class F EUR Class G EUR Class H EUR Class I EUR Class J EUR Class K EUR in EUR The Share Classes are opened to all types of investors, except the Share Class A which is reserved to Institutional Investors and High Net Worth Individuals (HNWI), where: "Institutional Investor" means an investor which qualifies as an institutional investor within the meaning of article 174 of the 2010 Law. High Net Worth Individual means an individual with a net worth of at least EUR 1,000,000. If investors in Shares Class A no longer fulfil the conditions of eligibility, the Management Company may convert their shares, free of charge, into Share Class B. At the date of the present report, for the Sub-Fund J. LAMARCK BIOTECH all the Share Classes are issued and for the Sub-Fund GIM ABSOLUTE RETURN LOW VOLATILITY only Share Classes B, D and G are issued. The financial year ends on 31st December in each year. 6

General information (continued) The Prospectus, the Articles of Incorporation, the KIID, the most recent annual and semi-annual reports as well as the Net Asset Value per Share and the subscription and redemption prices of the Sub-Funds are available and may be obtained free of charge at the registered office of the Company. Information for investors in Netherlands and Italy SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH is authorized for distribution in the Netherlands and in Italy. Information for investors in France SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY is authorized for distribution in France. 7

Combined statement of net assets (in EUR) Assets Securities portfolio at market value 56,528,980.64 Cash at banks 3,452,292.96 Other liquid assets 240,437.91 Formation expenses, net 41,886.88 Receivable on swaps contracts 72,583.05 Receivable on issues of shares 56,505.34 Income receivable on portfolio 10,504.70 Interest receivable on swaps contracts 3.57 Result on underlying of swaps contracts receivable 680.00 Other receivables 36,135.44 Prepaid expenses 5,516.06 Total assets 60,445,526.55 Liabilities Bank overdrafts 753.96 Other liquid liabilities 3,902.23 Payable on purchases of securities 2,023,021.39 Payable on swaps contracts 108,214.68 Payable on redemptions of shares 32,157.51 Interest payable on swaps contracts 1,375.76 Interest payable on bank overdrafts 6.07 Unrealised loss on swaps contracts 2,591.48 Expenses payable 187,838.82 Result on underlying of swaps contracts payable 4,993.26 Other liabilities 25,953.09 Total liabilities 2,390,808.25 Net assets at the end of the period 58,054,718.30 The accompanying notes are an integral part of these financial statements. 8

- J. LAMARCK BIOTECH Statement of net assets (in EUR) Assets Securities portfolio at market value 50,176,864.04 Cash at banks 860,767.68 Formation expenses, net 7,028.14 Receivable on issues of shares 29,857.16 Prepaid expenses 2,731.75 Total assets 51,077,248.77 Liabilities Payable on redemptions of shares 11,704.31 Interest payable on bank overdrafts 6.07 Expenses payable 148,000.12 Other liabilities 25,953.09 Total liabilities 185,663.59 Net assets at the end of the period 50,891,585.18 Number of Class A Shares outstanding 25,841.616 Net asset value per Class A Share 189.56 Number of Class B Shares outstanding 251,210.753 Net asset value per Class B Share 182.86 Number of Class C Shares outstanding 306.536 Net asset value per Class C Share USD 248.84 The accompanying notes are an integral part of these financial statements. 9

- J. LAMARCK BIOTECH Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares DKK 63,800 Genmab A/S 363,506.56 1,988,766.02 3.91 SEK 250,000 Swedish Orphan Biovitrum AB 1,194,516.63 2,438,052.50 4.79 USD 420,000 Affymetrix Inc 1,467,995.86 2,733,528.12 5.37 USD 63,000 Alkermes Plc 818,521.78 2,316,135.87 4.55 USD 52,500 Alnylam Pharmaceuticals Inc 326,538.71 2,422,516.44 4.76 USD 53,000 Amgen Inc 3,944,560.75 4,582,622.35 9.00 USD 9,220 Biogen IDEC Inc 883,472.23 2,123,563.33 4.17 USD 48,000 BioMarin Pharmaceutical Inc 1,516,370.90 2,181,212.56 4.29 USD 41,800 Cubist Pharmaceuticals Inc 1,331,463.70 2,131,830.53 4.19 USD 760,000 Dendreon Corp 2,895,207.15 1,276,844.41 2.51 USD 532,949 Exelixis Inc 2,236,150.74 1,319,720.31 2.59 USD 77,100 Gilead Sciences Inc 2,656,733.34 4,669,365.23 9.18 USD 73,000 Incyte Corp Ltd 1,939,246.62 3,009,583.64 5.91 USD 150,000 Isis Pharmaceuticals Inc 2,186,927.13 3,774,653.03 7.42 USD 99,000 Medicines Co 2,055,212.80 2,101,490.14 4.13 USD 1,119,300 Oncolytics Biotech Inc 1,842,192.54 1,054,709.28 2.07 USD 6,800 Regeneron Pharmaceuticals Inc 216,761.16 1,403,065.01 2.76 USD 190,000 Regulus Therapeutic Inc 1,505,180.92 1,115,850.99 2.19 USD 17,800 Shire Plc spons ADR repr 3 Shares 1,205,168.79 3,061,886.05 6.02 USD 258,000 Spectrum Pharmaceuticals Inc 1,518,344.63 1,532,169.47 3.01 USD 42,500 Vertex Pharmaceuticals Inc 1,913,178.54 2,939,298.76 5.78 32,459,228.29 45,750,045.52 89.90 Total investments in securities 34,017,251.48 50,176,864.04 98.60 Cash at banks 860,767.68 1.69 Other net assets/(liabilities) -146,046.54-0.29 Total 50,891,585.18 100.00 The accompanying notes are an integral part of these financial statements. 10

- J. LAMARCK BIOTECH Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Pharmaceuticals and biotechnology 98.60 % Total 98.60 % Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America 77.26 % Jersey 6.02 % Sweden 4.79 % Ireland 4.55 % Denmark 3.91 % Canada 2.07 % Total 98.60 % The accompanying notes are an integral part of these financial statements. 11

- GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO) Statement of net assets (in EUR) Assets Securities portfolio at market value 6,352,116.60 Cash at banks 2,591,525.28 Other liquid assets 240,437.91 Formation expenses, net 34,858.74 Receivable on swaps contracts 72,583.05 Receivable on issues of shares 26,648.18 Income receivable on portfolio 10,504.70 Interest receivable on swaps contracts 3.57 Result on underlying of swaps contracts receivable 680.00 Other receivables 36,135.44 Prepaid expenses 2,784.31 Total assets 9,368,277.78 Liabilities Bank overdrafts 753.96 Other liquid liabilities 3,902.23 Payable on purchases of securities 2,023,021.39 Payable on swaps contracts 108,214.68 Payable on redemptions of shares 20,453.20 Interest payable on swaps contracts 1,375.76 Unrealised loss on swaps contracts 2,591.48 Expenses payable 39,838.70 Result on underlying of swaps contracts payable 4,993.26 Total liabilities 2,205,144.66 Net assets at the end of the period 7,163,133.12 Number of Class B Shares outstanding 3,915.052 Net asset value per Class B Share 1,024.41 Number of Class D Shares outstanding 52.526 Net asset value per Class D Share 1,023.50 Number of Class G Shares outstanding 3,030.000 Net asset value per Class G Share 1,022.69 The accompanying notes are an integral part of these financial statements. 12

- GIM ABSOLUTE RETURN LOW VOLATILITY Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 1,000,000 Italia 3% BTP 10/15.06.15 1,024,573.00 1,024,573.00 14.30 Total bonds 1,024,573.00 1,024,573.00 14.30 Money market instruments EUR 800,000 Espana 0% T-Bills 14/15.05.15 797,799.36 797,799.36 11.14 EUR 1,000,000 Espana 0% T-Bills 14/19.06.15 997,136.89 997,136.89 13.92 EUR 600,000 Espana 0% T-Bills 14/20.02.15 596,704.06 596,704.06 8.33 EUR 600,000 Espana 0% T-Bills 14/23.01.15 597,183.88 597,183.88 8.34 EUR 150,000 Italia 0% BOT 14/13.03.15 149,123.16 149,123.16 2.08 EUR 600,000 Italia 0% BOT 14/14.01.15 597,033.41 597,033.41 8.33 EUR 500,000 Italia 0% BOT 14/14.04.15 498,195.46 498,195.46 6.96 EUR 500,000 Italia 0% BOT 14/14.05.15 497,820.17 497,820.17 6.95 EUR 100,000 Italia 0% BOT Ser 12M 13/12.12.14 99,398.91 99,398.91 1.39 EUR 500,000 Italia 0% T-Bills 14/13.02.15 497,148.30 497,148.30 6.94 Total money market instruments 5,327,543.60 5,327,543.60 74.38 Total investments in securities 6,352,116.60 6,352,116.60 88.68 Cash at banks 2,591,525.28 36.18 Bank overdrafts -753.96-0.01 Other net assets/(liabilities) -1,779,754.80-24.85 Total 7,163,133.12 100.00 The accompanying notes are an integral part of these financial statements. 13

- GIM ABSOLUTE RETURN LOW VOLATILITY Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Countries and governments 88.68 % Total 88.68 % Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy 46.95 % Spain 41.73 % Total 88.68 % The accompanying notes are an integral part of these financial statements. 14

Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation of assets 1) The value of cash and deposits, drafts and bills payable on demand, receivables, expenditures paid in advance, dividends and interests announced or due but not yet received, is constituted by the nominal value of these assets, unless it appears unlikely that this value can be realized. In this case the value is determined by subtracting an amount deemed to be appropriate by the Management Company to reflect the real value of these assets. 2) The valuation of any transferable securities or money market instruments or derivatives traded or listed on a stock exchange is made on the basis of the closing price as at the Valuation Day unless such price is not representative. 3) The value of any transferable securities or money market instruments traded on another regulated market is determined on the basis of the closing price as at the Valuation Day, except for money market instruments disclosed in point 5) below. 4) In as much as transferable securities and money market instruments on a dedicated Valuation Day are neither officially traded nor listed on an exchange or regulated market, or in the case where, for securities and money market instruments officially listed or traded on a stock exchange or another regulated market, the price as determined pursuant to paragraphs 2 and 3 here above is not representative of the true value of such transferable securities or money market instruments, the valuation is made on the basis of their likely value of realisation, estimated with due care and good faith by the Management Company. 5) Money market instruments with a residual maturity of less than 12 month are valued by the amortized cost method, which approximates market value. 6) Shares/units of UCITS and other UCI s are valued on the basis of their last available Net Asset Value at the Valuation Day. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. 15

Notes to the financial statements (continued) f) Valuation of option contracts Premiums paid on the purchase of options are recorded under the caption ʺCash at banksʺ in the statement of net assets and are presented as cost in the statement of investments and other net assets. Premiums received on short options are recorded under the caption ʺCash at banksʺ in the statement of net assets and are presented as cost received in the statement of investments and other net assets. Option contracts outstanding at the date of the report are valued at the last settlement or close price on the stock exchanges or regulated markets. g) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. h) Valuation of equity swap contracts Equity swap contracts are posted off-balance sheet and valued on the basis of the underlying securities including any costs associated therewith and on the basis of valuations provided by market professionals that deal in such instruments on a regular basis. i) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If the launch of a Sub-Fund occurs after the launch date of the Company, the costs of formation in relation to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of 5 years with effect from the Sub-Fund s launch date. j) Other liquid assets/ other liquid liabilities Other liquid assets/ other liquid liabilities represent the derivative instrument margins deposit amounts held with brokers. k) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. l) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund. Note 2 - Management, advisory, service supply and management company fees - For the Sub-Fund SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH Since 21st March 2014, the SELECTRA MANAGEMENT COMPANY S.A. is appointed as Management Company for the Company. It is in charge of the management and adinistration of the Company, replacing the Board of Directors. 16

Notes to the financial statements (continued) The Management Company is entitled to a management company fee which is payable monthly and based on the average net assets of the Sub-Fund managed during the relevant month, in accordance with the annual rates below: Up to 25 million EUR 0.37% From 25 million EUR to 50 million EUR 0.34% From 50 million EUR to 100 million EUR 0.32% Above 100 million EUR 0.27% Under an Investment Advisory Agreement, the Management Company has commissioned J. LAMARCK SIM S.p.A. (the "Investment Advisor") to advise it in the choice of its investments and the focus of its investment policy for the Sub-Fund. Such Advisory fee is payable monthly and based on the average net assets of each type of share of the Sub-Fund managed during the relevant month, in accordance with the annual rates below: Maximum rates Effective rates at the date of the report Class A Share up to 1.30% 1.30% Class B Share up to 2.50% 2.50% Class C Share up to 2.50% 2.50% Under a Service Supply Agreement, the Board of Directors selected FIA ASSET MANAGEMENT S.A. for the provision of such supporting services in relation to the Sub-Fund SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH until 20th March 2014. Service Supply fee was payable monthly and based on the average net assets of the Sub-Fund during the relevant month. The applicable rate of service Supply fee was as follows until 20th March 2014: Up to 25 million EUR 0.37% From 25 million EUR to 50 million EUR 0.34% From 50 million EUR to 100 million EUR 0.32% Above 100 million EUR 0.27% - For the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENT SICAV - STELPHIA GLOBAL MACRO) No management company fee is charged for the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY. Under an Investment Management Agreement, the Management Company has delegated the day-today investment management to GLOBAL INVESTMENT MANAGERS S.A. (the "Investment Manager"). The management fee is payable monthly, calculated on the average Net Asset Value of the Sub-Fund during the relevant month, in accordance with the annual rates below: Maximum rates Effective rates at the date of the report Class B Share up to 2% 1.50% Class D Share up to 2% 1.50% Class G Share up to 2% 1.50% 17

Notes to the financial statements (continued) Note 3 - Performance fees In addition to the management fee, the Investment Managers are entitled to receive a performance fee. - For the Sub-Fund SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH A performance fee of 20% of the increase in the Net Asset Value per Share of the Sub-Fund, taking subscriptions and redemptions into account, is accrued at each Net Asset Value per Share and payable monthly. At the date of the report, the performance fees amounted to EUR 1,334,427.95. - For the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY A performance fee of 15% upon Hurdle Rate defined by EONIA (Bloomberg ticker: EONIA Index) plus 1% with High Water Mark, taking subscriptions and redemptions into account, is accrued at each Net Asset Value per Share and payable monthly. At the date of the report, the performance fees amounted to EUR 1.44. Note 4 - Subscription, redemption and conversion fees After the initial subscription period, Shares of the Company are issued at a price corresponding to the Net Asset Value per Share of the relevant Sub-Fund plus a subscription fee of maximum 3% in favour of the General Distributor, where applicable. There are no redemptions fees. A conversion fee of 1% of the Net Asset Value of the initial Sub-Fund will be levied in favour of such initial Sub-Fund. Note 5 - Central administration costs and custodian fees Central administration costs and custodian fees are based on variable annual rates as defined by their respective contracts. Note 6 - Subscription duty ("Taxe d abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. This rate is reduced to 0.01% for Share Class A reserved to institutional investors. Pursuant to Article 175 (a) of the 2010 Law the net assets invested in Undertakings for Collective Investment already subject to the "taxe d abonnement" are exempt from this tax. 18

Notes to the financial statements (continued) Note 7 - Statement of changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Company. Note 8 - Swap contracts As at 30th June 2014, the outstanding swap contracts with GLOBAL PRIME PARTNERS LTD. are the following: Currency Nominal Underlying Floating rate Maturity EUR 1,000 Adidas AG Reg Share EUR 1,000 Bayer AG Reg EUR 2,200 Carrefour SA EUR 500 Cie de Saint-Gobain SA EUR 300 Colruyt NV EUR 3,750 Deutsche Lufthansa AG Reg GBP 3,000 GlaxoSmithKline Plc EUR 700 Lanxess AG CHF 1,200 Nestlé SA Reg EUR 1,000 Philips Electronics NV CHF 305 GBP 20,000 Roche Holding AG B de jouis Pref Thomas Cook Group Plc EUR 400 Volkswagen AG Pref EUR -1,300 BASF SE Reg EUR -626 CHF -1,000 Casino Guichard Perrachon Cie Financière Richemont SA EUR -950 Linde AG CHF -570 Novartis AG Reg GBP -3,000 Reed Elsevier Plc EUR -800 Royal Dutch Shell Plc A EUR -2,100 Unilever NV Certif of Shares 1 Week GBP LIBOR 1 Week CHF LIBOR 1 Week CHF LIBOR 1 Week GBP LIBOR - 0.40 spread - 0.40 spread 1 Week CHF LIBOR - 0.40 spread - 0.40 spread 1 Week CHF LIBOR - 0.40 spread 1 Week GBP LIBOR - 0.40 spread - 0.40 spread - 0.40 spread Underlying exposure (in EUR) Unrealised result (in EUR) 31.07.2014 73,970.00 401.93 31.07.2014 103,150.00-577.81 31.07.2014 59,268.00 1,214.59 31.07.2014 20,602.50-6.18 31.07.2014 11,130.00 7.42 31.07.2014 58,800.00-72.65 31.07.2014 58,614.01-142.55 31.07.2014 34,506.50-651.05 31.07.2014 67,917.60-613.72 31.07.2014 23,175.00 933.33 31.07.2014 66,461.46 566.81 31.07.2014 33,354.52 262.04 31.07.2014 76,720.00-2,423.74 31.07.2014 110,539.00-13.00 31.07.2014 60,615.58-762.99 31.07.2014 76,658.57-146.54 31.07.2014 147,535.00-213.74 31.07.2014 37,708.11-11.31 31.07.2014 35,228.37 439.02 31.07.2014 24,192.00-1,695.43 31.07.2014 67,105.50 914.09-2,591.48 Note 9 - Significant events The Board of Directors approved on 14th February 2014 the appointment of SELECTRA MANAGEMENT COMPANY S.A. as Management Company of the Company with effective date as of 21st March 2014. The CSSF approved the appointment on 21st February 2014. 19

Notes to the financial statements (continued) SELECTRA MANAGEMENT COMPANY S.A. is responsible for the Company s overall management and control including the determination of the investment policy of each Sub-Fund. As a result of this appointment the status of the Company as a self-management SICAV is changed accordingly and in compliance with the law and regulation in force in Luxembourg. In addition, the Board of Directors of the Company resolved to: - amend the Prospectus of the Company and in particular the Chapter Investment restrictions and the Chapter named Investment techniques and instruments ; - approve and acknowledge that the Sub-Fund SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO has been changed to SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY; - amend the investment strategy of the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY and in particular the Appendix 2: GIM Absolut Return Low Volatility - point referred to as Investment Objectives and Policy. Note 10 - Subsequent event Pursuant to the resolution taken by the Board of Directors on 29th July 2014, the Management Company resolved in the best interest of the Company and its investors to terminate the Investment Manager Agreement with GLOBAL INVESTMENT MANAGERS S.A. acting as investment manager of the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY (formerly: SELECTRA INVESTMENTS SICAV - STELPHIA GLOBAL MACRO) with immediate effect. The decision took place as a consequence of the forthcoming placement of GLOBAL INVESTMENT MANAGERS S.A. into liquidation. The active management of the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY is currently assured by the Management Company which takes the responsibility of investment management on a temporary basis until a new resolution will be taken thereof. From 29th July 2014 to 8th August 2014, the issue and redemption of shares in the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY had been suspended, in accordance with the provisions stated in the article 21, point e) of the Articles of Association of the Company. Since 8th August 2014, the issue and redemption of shares in the Sub-Fund SELECTRA INVESTMENTS SICAV - GIM ABSOLUTE RETURN LOW VOLATILITY has been re-opened. The starting from NAV date 30th July 2014, the charge of the management fee and of the performance fee of the Sub-Fund has been suspended. 20