A N N U A L R EP O RT OF THE CARMIGNAC PATRIMOINE FRENCH MUTUAL FUND (FCP) (For the financial year ended 31 December 2015)

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CABINET VIZZAVONA 6 4, b oul eva rd Ma urice Ba rrès – 92 200 Neu il ly-su r Se ine T el . +33 (0)1 47 22 0 1 04

KPMG AUDIT 2 , ave nue Ga mbe tta – 920 66 Paris La Dé fens e T el . +33 (0)1 55 68 6 8 68

CARMIGNAC PATRIMOINE FRENCH MUTUAL FUND (FCP) Statutory auditor’s report on the annual financial statements for the financial year ended 31 December 2015

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Dear Sir/Madam, In accordance with the mission assigned to us by the management body of the fund’s management company, we present our report for the financial year ended 31 December 2015 relative to:

- the audit of the annual financial statements of the CARMIGNAC PATRIMOINE FCP which are attached to the present report,

- the justification of our evaluations, - specific verifications and information required by law. The annual financial statements were prepared by the management company. Our role is to express an opinion on these financial statements based on our audit. I - OPINION ON THE ANNUAL FINANCIAL STATEMENTS We conducted our audit in accordance with the professional auditing standards applicable in France. These standards require that we carry out our audit in order to obtain reasonable assurance about whether the annual financial statements are free of material misstatement. An audit consists in examining, on a test basis or by other methods of selection, evidence supporting the amounts and disclosures contained in the annual financial statements. In the case of a Fund, it does not cover the databases obtained from independent third parties to produce the off-balance sheet statement or spreadsheets included in the annual financial statements. An audit also consists in assessing the accounting principles used and the significant estimates made, as well as the overall presentation of the financial statements. We believe that the evidence gathered is pertinent and sufficient to serve as a basis for our opinion. In our opinion, the annual financial statements give, in accordance with French accounting rules and principles, a true and fair view of the financial position and assets and liabilities of the Fund and of the results of its operations at the end of the financial year.

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II – JUSTIFICATION OF THE EVALUATIONS In application of the provisions of Article L.823-9 of the French Commercial Code in relation to the justification of our evaluations, we wish to highlight the following points: As part of our evaluation of the accounting principles used by the Fund and described in the notes to the annual financial statements under “Accounting methods and rules”, we have verified the correct application of the valuation methods used for the financial instruments in the portfolio. The evaluations were made in the context of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report. III – SPECIFIC VERIFICATIONS AND INFORMATION We have also carried out the specific verifications required by law in accordance with the professional auditing standards applicable in France. We have no comment as to the fair presentation and conformity with the annual financial statements of the information given in the annual report and in the documents sent to unitholders with respect to the financial position and the annual financial statements.

Paris La Défense, 29 February 2016

Neuilly-sur-Seine, 29 February 2016

KPMG Audit A department of KPMG S.A.

Cabinet Vizzavona Patrice Vizzavona Partner

Isabelle Bousquié Partner

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CARMIGNAC PATRIMOINE 2015 ANNUAL REPORT

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Main features of the Fund

Classification Balanced

Allocation of distributable income Distributable income

“Acc” units

“dis” and “inc” units

Allocation of net income

Accumulation (dividends are recorded on an accruals basis)

Distributed or carried forward as decided by the management company

Allocation of net realised capital gains or losses

Accumulation (dividends are recorded on an accruals basis)

Distributed or carried forward as decided by the management company

Countries in which the Fund is authorised for distribution A CHF Acc Hdg units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg, Netherlands and Singapore. A EUR Acc units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Ireland, Italy, Luxembourg, Netherlands, Sweden and Singapore. A EUR Ydis units: Austria, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg, Netherlands, Sweden and Singapore. A JPY Inc units: Switzerland, France and Singapore A USD Acc Hdg units: Austria, Belgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Luxembourg, Netherlands, Sweden and Singapore. B JPY Inc units: Switzerland, France and Singapore E EUR Acc units: Austria, Switzerland, Germany, Spain, France, Italy, Luxembourg, Netherlands, Sweden and Singapore. F GBP Acc Hdg units: Austria, Switzerland, Germany, France, United Kingdom, Luxembourg and Singapore. F GBP Qdis Hdg units: Austria, Switzerland, Germany, France, United Kingdom, Luxembourg and Singapore.

Investment objective The Fund’s objective is to outperform its reference indicator over a recommended investment horizon of 3 years.

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Reference indicator The reference indicator is composed of the following indices: - 50% MSCI AC WORLD NR (USD) (the MSCI global international equities index), calculated with net dividends reinvested and - 50% Citigroup WGBI All Maturities Eur (the world bond index), calculated with coupons reinvested. The indices are converted into EUR for EUR units and hedged units, and converted into the reference currency of the unit class for unhedged units. The composite reference indicator is rebalanced each quarter. This composite index does not strictly define the investment universe but allows investors to assess the performance and risk profile that they can expect when investing in the Fund. The market risk of the Fund is comparable to that of its reference indicator. The MSCI AC WORLD NR (USD) index represents the largest international companies in the developed and emerging countries. It is calculated by MSCI in dollars and with dividends reinvested (Bloomberg code: NDUEACWF). Description of the Citigroup WGBI All Maturities EUR index: the reference indicator of the bond component is the Citigroup WGBI All Maturities EUR index. It is calculated in euro with coupons reinvested by Citigroup (Bloomberg code: SBWGEU).

Investment strategy Strategies used The investment policy takes into account the principle of risk spreading by means of the diversification of investments. The allocation of the portfolio between the different asset classes and UCI categories (equities, balanced, bonds, money market, etc.) based on fundamental analysis of the global macroeconomic environment and of its indicators (growth, inflation, deficits, etc.) may vary according to the manager’s expectations. As the Fund is managed on an active, discretionary basis, its asset allocation may differ substantially from that of its reference indicator. Likewise, the portfolio established in each of the asset classes on the basis of detailed financial analysis may vary considerably from the weightings of the reference indicator in terms of geographical zones, sectors, ratings and maturities. Stock selection is based on detailed financial analysis, meetings organised by companies, visits to these companies and daily news. Depending on the situation, the criteria used for stock selection are the value of the assets, return, growth and quality of the management, in particular. The manager’s decisions regarding exposure to foreign exchange risk will be made on the basis of a global macroeconomic analysis, in particular of the outlook for growth, inflation and monetary and fiscal policy of the different economic zones and countries. The manager also uses Relative Value strategies as performance drivers, looking to take advantage of the relative value between different instruments, in particular through: · “Long/Short Equity strategies”: these offer both long and short exposure to equity markets. · “Fixed Income Arbitrage strategies”: these offer long and short exposure to different regions, different segments of the yield curve and/or different fixed income instruments. · “Long Short Credit strategies”: these offer both long and short exposure to the different segments of the credit market, and · “Long/Short Currency strategies”: these offer exposure to currency appreciation and depreciation. These performance drivers will be exploited through derivatives (at least partially).

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To clarify, the manager may also take short positions on underlyings eligible for the portfolio if he or she feels that the market is undervaluing these underlyings. These positions are taken through forward financial instruments, including CFD (Contracts For Difference). Description of asset categories and financial contracts as well as their contribution to the investment objective being achieved Debt securities and money market instruments The Fund's net assets are invested between 50% and 100% in Eurozone, international and emerging country money market instruments, treasury bills, government and/or private fixed and/or floating rate bonds (including covered bonds), and inflation-linked bonds (exposure to emerging countries cannot exceed 25% of the net assets, of which a maximum of 10% may be invested in the Chinese domestic market). The overall modified duration of the fixed income portfolio may differ considerably from that of the reference indicator. Modified duration is defined as the change in portfolio capital (as %) for a change in interest rates of 100 basis points. The Fund’s modified duration may vary between -4 and +10. The weighted average rating of the bonds held directly by the Fund or through investment in UCIs is at least investment grade, according to at least one of the main rating agencies. The Fund may invest in unrated bonds or those with a rating below investment grade. The management company will carry out its own analysis of the risk/reward profile of the securities (return, credit rating, liquidity, maturity). As a result, the decision to buy, hold or sell a security (particularly where the rating has changed) is not solely based on the rating criteria, but also reflects an internal analysis of the credit risks and market conditions carried out by the management company. There are no restrictions in terms of duration or allocation between private and public issuers. The manager will invest up to 15% of the net assets in contingent convertible bonds (“CoCos”). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They have bond and equity features, being hybrid convertible instruments. They have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank. Lastly, up to 10% of the Fund's assets may be invested in securitisation instruments. The securities purchased or instruments concerned are mainly Asset-Backed Securities (ABS), Enhanced Equipment Trust Certificates (EETC), Residential Mortgage-Backed Securities (RMBS), Commercial MortgageBacked Securities (CMBS), Collateralised Loan Obligations (CLO) and Credit Linked Notes (CLN). Equities Up to 50% of the net assets of the Fund is exposed to equities and other securities giving or capable of giving direct or indirect access to capital or voting rights and traded on Eurozone and/or international markets. The Fund may be exposed to emerging market equities (within the limit of 25% of the net assets, of which a maximum of 10% may be invested in the Chinese domestic market). The net assets of the Fund may be invested in small, mid and large caps. Currencies The Fund may use currencies other than the Fund's valuation currency for exposure or hedging purposes. It may invest in futures and options on regulated, organised or over-the-counter markets in order to generate exposure to currencies other than its valuation currency or to hedge the Fund against foreign exchange risk. The Fund’s net currency exposure may differ from that of its reference indicator and/or equity and bond portfolio. Derivatives The Fund may use the following derivatives in pursuit of its investment objective: - Nature of the markets in which the Fund invests: The manager invests in futures traded on regulated, organised or OTC Eurozone and international markets.

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- Risks/instruments to which the manager wishes to be exposed (either directly or through indices): - currencies, - fixed income, - credit (up to 10% of the net assets). The manager uses index credit derivatives on one or more issuers, - equities, - dividends, - volatility and variance (up to 10% of the net assets), - commodities (only through indices and for up to 10% of the net assets), - ETF (financial instruments). - Nature of the derivatives used: The derivatives available to fund managers are options (vanilla, barrier, binary), futures and forwards, swaps (including performance) and CFD (contracts for difference) on one or more underlyings. - Nature of investment transactions: -Hedging, -Exposure, -Arbitrage, - Strategy for using derivatives to achieve the investment objective: - Equity derivatives are used long and short to adjust the portfolio's overall exposure to the stock markets, and its allocation between various business sectors, countries and regions. An equity derivative contract can be used to hedge exposure to an entity or to gain exposure to an entity. - Currency derivatives are used to adjust the portfolio’s currency allocation (currency risk management) by exposing the portfolio to a currency or hedging its exposure, or for general cash management. - Interest rate derivatives are used long and short to adjust the portfolio's overall exposure to fixed income markets, and its allocation between various yield curve segments, countries and regions. - Credit derivatives are used long and short to adjust the portfolio's overall exposure to the credit markets, and its allocation between various business sectors, countries and regions. Credit derivative contracts may also be used to protect the portfolio against the risk of an issuer default or as part of strategies involving exposure to the credit risk of an issuer. - Volatility or variance derivatives are used long and short to adjust the portfolio's exposure to volatility or variance, and its allocation between various business sectors, countries and regions. - Equity derivatives are used for implementing so-called “relative value” strategies, by being both long and short in the equity markets, and “short only” strategies by being short only. - Currency derivatives are used for implementing so-called “relative value” strategies, by being both long and short in the currency markets, and “short only” strategies by being short only. - Fixed income derivatives are used for implementing so-called “relative value” strategies, by being both long and short in the fixed income markets, and “short only” strategies by being short only. - Credit derivatives are used for implementing so-called “relative value” strategies, by being both long and short in the credit markets, and “short only” strategies by being short only. - Dividend derivatives are used long and short to manage or hedge dividend risk, dividend risk being the risk that the dividend of a share or equity index action is not paid as anticipated by the market. The manager will also take positions with a view to hedging units denominated in currencies other than the euro against exchange risks by using over-the-counter forward exchange contracts. Overall exposure to derivatives is controlled by combining expected leverage of 2 with the Fund’s VaR limit, which must not be more than double the reference indicator’s. Free translation

Derivative transactions may be concluded with counterparties selected by the management company in accordance with its “Best Execution/Best Selection” policy and the approval procedure for new counterparties. The latter are major French or international counterparties, such as credit institutions or banks, and collateral is required. It should be noted that these counterparties have no discretionary decision-making powers over the composition or management of the Fund's portfolio or over the underlying assets of financial derivative instruments. Securities with embedded derivatives The Fund may invest in securities with embedded derivatives (particularly warrants, convertible bonds, credit-linked notes, EMTN, subscription certificates) traded on Eurozone and/or international regulated, organised or over-the-counter markets. The Fund may invest in Eurozone and/or international convertible bonds, including those of emerging countries in particular. The strategy for using securities with embedded derivatives is the same as that described for derivatives. The use of securities with embedded derivatives compared to the other derivative instruments referred to above is justified by the manager’s decision to optimise the hedging or, where necessary, the exposure of the portfolio by reducing the cost associated with the use of these financial instruments in order to achieve the investment objective. In all cases, the amounts invested in securities with embedded derivatives may not exceed 10% of the net assets. The risk associated with this type of investment is limited to the amount invested for the purchase of the securities with embedded derivatives. UCIs and investment funds The Fund may invest up to 10% of its net assets in: - Units or shares of French or foreign UCITS; - Units or shares of French or foreign AIFs; - Foreign investment funds. Provided that the foreign UCITS, AIFs or investment funds meets the criteria of article R214-13 of the French Monetary and Financial Code. The Fund may invest in funds managed by Carmignac. The Fund may use trackers, listed index funds and exchange traded funds. Deposits and cash The Fund may use deposits in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying UCIs. These transactions shall be carried out within the regulatory limits. This type of transaction will be made on an exceptional basis. The Fund may hold cash on an ancillary basis, in particular in order to meet its redemption obligations in relation to investors. Cash lending is prohibited. Cash borrowings The Fund may borrow cash in order to optimise its cash management and to manage the various subscription or redemption settlement dates of the underlying funds. These transactions shall be carried out within the regulatory limits. Temporary purchase and sale of securities The Fund may carry out temporary purchases/sales of securities in order to optimise its income, invest its cash or adjust the portfolio in view of changes in the assets under management. The Fund will carry out the following: - Securities repurchase and reverse repurchase transactions; - Securities lending/borrowing. Any temporary purchases or sales of securities shall be carried out under market conditions and within regulatory limits. Within the scope of these transactions, the FCP may receive/give financial guarantees (collateral); the section entitled “Collateral management” contains information on how these work and on their characteristics. Additional information can be found under the heading “Fees and expenses”.

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Management of financial guarantees Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the FCP may receive financial assets constituting guarantees with the objective of reducing its exposure to counterparty risk. The financial guarantees received shall primarily take the form of cash, in the case of OTC derivatives transactions, and cash and eligible government bonds, in the case of temporary purchases/sales of securities. The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the FCP’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases. For example, any financial guarantee (collateral) received and used to reduce exposure to counterparty risk will comply with the following: - it shall be given in the form of cash or bonds issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope; - it shall be held by the Custodian of the UCITS or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees; - in accordance with the regulations in force, they shall at all times fulfil liquidity, valuation, issuer credit rating, correlation and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets; - Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate government bonds and short-term money market funds. Government bonds received as collateral shall be subject to a discount of between 1% and 10%. Risk profile The Fund is invested mainly in financial instruments selected by the management company. These instruments are subject to the evolution and fluctuations of the market. The risk profile of the Fund is suitable for an investment horizon of over 3 years. Potential investors should be aware that the value of the Fund's assets is subject to the fluctuations of the international equity, bond and currency markets and that it may vary substantially. The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation. Risk of capital loss: The FCP does not guarantee or protect the capital invested. Equity risk: 0% to 50% of the net assets of the Fund is exposed to the equity risk of the Eurozone, international and emerging markets through investments in financial instruments. As there are fewer small and mid-cap stocks listed on stock exchanges, market falls are more pronounced and rapid than in the case of large cap stocks. The net asset value of the Fund may therefore decline rapidly and significantly. Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio. Risk associated with emerging countries: The operating and supervision conditions of these markets may deviate from the standards prevailing on the large international markets. Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: These securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance Free translation

between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur. Liquidity risk: As with the high yield bond market, the liquidity of contingent convertible bonds may be affected significantly in the event of a period of turmoil in the markets. Credit risk: The Fund is invested in securities rated investment grade and in high-yield bonds. credit risk is the risk that the issuer may default. Should the quality of corporate bond issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the corporate bonds or even the derivatives linked to the issuer of such bonds (Credit Default Swaps) may fall. The net asset value of the Fund may decrease. Furthermore, a more specific credit risk linked to the use of credit derivatives, such as credit default swaps, exists. Object of the manager’s use of CDS

Loss of value on the CDS position

Sell protection

In the event that the issuer of the underlying security is downgraded

Purchase protection

In the event of the upgrading of the issuer of the underlying security

This credit risk is controlled by a qualitative analysis carried out by the team of credit analysts on the evaluation of companies’ solvency. Currency risk: The exchange risk is linked to exposure, through its investments and use of financial futures instruments, to a currency other than that used for Fund valuation. For units denominated in a currency other than the euro, the currency risk linked to fluctuations in the euro versus the valuation currency is residual thanks to systematic hedging. This hedging may generate a performance differential between units in different currencies. Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The Fund is exposed to this risk, particularly through derivative products with volatility as the underlying instrument. Risk associated with commodity indices: Changes in commodity prices and the volatility of the sector may cause the net asset value to fall. Liquidity risk: The markets in which the FCP participates may occasionally be subject to temporary illiquidity. These market distortions may have an impact on the pricing conditions under which the FCP might be caused to liquidate, initiate or modify its positions. Risk associated with discretionary management: Discretionary management is based on the expected evolution of the financial markets. The FCP’s performance will depend on the companies selected by the management company. There is a risk that the management company may not invest in the best performing companies. Counterparty risk: Counterparty risk arises from all the OTC financial contracts concluded with a single counterparty, such as temporary purchases/sales of securities and any other derivative contract concluded over the counter. Counterparty risk measures the risk of loss incurred by the fund due to a counterparty in a transaction defaulting on its obligations before the definitive settlement of the transaction via financial flows. In order to reduce the fund’s exposure to counterparty risk, the management company may establish a financial guarantee in favour of the fund. Risk attached to investments in China: As part of its exposure to emerging markets, the Fund may invest up to 10% of its net assets directly in the Chinese domestic market, and incur the specific risks Free translation

associated with investing in China (mainly the risk related to RQFII status and quotas).

Target investors The Fund’s units have not been registered under the US Securities Act of 1933. They may therefore not be offered or sold, either directly or indirectly on behalf of or for the benefit of a US person, as defined in Regulation S. Furthermore, units of this Fund may not be offered or sold, either directly or indirectly, to US persons and/or to any entities held by one or more US persons as defined by the US Foreign Account Tax Compliance Act (FATCA). Aside from this exception, the FCP is open to all investors, excluding units denominated in pounds sterling which are reserved for investors resident in the United Kingdom, Switzerland and Luxembourg. The FCP may be used within unit-linked life insurance policies. The appropriate investment amount depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this FCP relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. The recommended minimum investment period is 3 years.

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■ Investment policy Carmignac Patrimoine delivered a performance of +0.72% (A EUR Acc units – ISIN FR0010135103) in 2015, coming in well behind its reference indicator* (+8.35%). The year was a particularly frustrating one in terms of performance. Massive liquidity injections (ECB’s quantitative easing announcement), the Greek crisis and devaluation of the renminbi created heavy turbulence. In this context, a number of short-term technical factors not only had a big impact on equity and bond markets, but also affected our convictions throughout 2015. Equity Component From January to July 2015, sluggish growth and the ECB’s monetary stimulus encouraged us to keep a high level of equity exposure (nearly 50%). To manage portfolio risk, we offset this exposure with an overweighting of high visibility companies able to generate growth independently of the economic cycle. This position paid off insofar as the Fund drew strength from its selection of global leaders in the healthcare, consumer discretionary and technology sectors. Chinese monetary authorities’ decision to devalue the renminbi in August triggered a wave of risk aversion on developed and emerging markets alike, and we underestimated this at first. For example, the US S&P 500 index underwent a 10% correction in the space of a week. As such, the Fund lost -7.04% over August and its reference indicator -4.55%. On the equity front, we suffered from our substantial exposure to the markets after the Greek crisis was resolved. Our exposure to emerging markets and the commodity sector also weighed on the Fund’s performance. We were slow to realise that the yuan’s depreciation would destabilise global markets within a few days. The renminbi’s devaluation had a not insignificant impact and prompted considerable Chinese capital outflows, weighing very heavily on global liquidity. We reduced our equity exposure to 9% at the end of August (from 46% at 31 July 2015). We held this cautious positioning until the end of the year. Such prudence prevented us from harnessing an end-ofyear rally, which seemed complacent to us. Against this backdrop of weak growth, we adapted the construction of our portfolio to generate alpha despite low equity exposure. We based our convictions on companies able to prosper in deflationary conditions. We are also convinced that our selection of high visibility stocks could benefit from earnings growth and prices being higher than for risky assets. Fixed Income and Currency Component Carmignac Patrimoine’s bond component made a positive contribution to the portfolio’s overall performance in a particularly volatile year for fixed income and foreign exchange markets. Much of this stemmed from our strongest conviction plays on bond markets, namely peripheral government bonds and European financial bonds. From August 2012 when ECB president Mario Draghi said that he would do “whatever it takes” to save the euro, we had been building an allocation to sovereign debt in Europe’s periphery, and we held this until 2015. Despite volatility on fixed income markets and political turmoil in Greece, exposure to peripheral government bonds made a positive contribution to performance over the year. While the Greek crisis generated instability on markets and caused yield spreads to widen during the summer, the partial success of negotiations in July saw bonds from Greece and Europe’s other peripheral countries leap in value. Our allocation to European financial bonds also dates back to 2012 and the launch of a process to re-regulate banks and therefore purge balance sheets. European banks gradually increased their capital ratios and scaled back their balance sheets as a result. Credit spreads on financial bonds were therefore squeezed considerably all along the yield curve. This trend continued in 2015, resulting in a positive performance for our exposure to subordinated corporate bonds (especially banks’ contingent convertible bonds). We managed the Fund’s modified duration tactically, in line with our active investment philosophy. In particular, we opened a short position on the German Bund in the first quarter of 2015 to balance our allocation to government bond and credit markets. However, this came at a cost to performance as yields in core European countries’ eased considerably in the first quarter after the ECB announced its quantitative easing programme and disinflationary pressures mounted. Our US dollar exposure made a slightly positive contribution to performance. High USD/EUR volatility worked against us over the summer but these losses were more than offset by gains made over the first quarter and on the dollar’s more recent recovery against the euro.

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* * 50% MSCI ACWI (EUR) (net dividends reinvested) + 50% Citigroup WGBI All Maturities (EUR). Past performance is not an indication of future results. Main changes to the portfolio during the year

Movement (“Accounting currency”)

Holding

Acquisitions

USA ZCP 24/09/15

Disposals

1,404,843,503.82

1,423,760,120.22

USA ZCP 200815

986,793,718.96

979,291,483.88

UNITED STATES OF AMERICA ZCP 27/08/15

970,250,494.51

962,672,629.23

USA ZCP 170915

814,356,136.42

807,368,421.05

USA ZCP 171215

808,360,291.30

804,996,934.67

1,582,962,738.53

9,963,559.02

0.00

1,217,065,375.30

USA ZCP 230715

490,897,963.26

488,913,372.81

GERMANY 1.0% 15-08-25

446,857,183.53

458,043,367.49

AMAZON.COM INC

608,631,954.09

264,422,399.94

UNIT STAT OF 2.125% 15-05-25 UNITED STATES OF AMERICA ZCP 260215

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CARMIGNAC PATRIMOINE 2015 ANNUAL REPORT

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Efficient portfolio and financial derivative management techniques

a) Exposure obtained through efficient portfolio and financial derivative management techniques 

Exposure obtained through efficient management techniques: 234,521,197.28 o Securities lending: 234,521,197.28 o Securities borrowing: o Reverse repurchase agreements: o Repurchase agreements :



Exposure to underlying instruments achieved through financial derivatives: 50,936,240,322.70 o Forward exchange contracts: 23,738,162,393.27 o Future: 9,545,098,723.83 o Options: 14,258,446,902.50 o Swap: 3,394,532,303.10

b) Identity of counterparty/counterparties to efficient portfolio and financial derivative management techniques Efficient management techniques CACEIS BANK LUXEMBOURG

Financial derivatives (*) UBS LIMITED LONDON JP MORGAN SECURITIES LONDON DEUTSCHE BANK AG LONDON BRANCH NOMURA INTL LONDON COMMONWEALTH BANK OF AUSTRALIA (LONDON BRANCH) CITIBANK N.A. - LONDRES CACEIS BANK (FRANCE) MERRILL LYNCH INTERNATIONAL (GLOBAL FOREIGN EXCHANGE) GOLDMAN SACHS INTERNATIONAL LTD BNP PARIBAS FRANCE STANDARD CHARTERED PLC SOCIETE GENERALE ROYAL BANK OF SCOTLAND LONDON HSBC BANK PLC MORGAN STANLEY & CO INTL LONDON BNP PARIBAS LONDON

(*) Except listed derivatives

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c)

Financial guarantees received by the Fund in order to reduce counterparty risk Types of instrument

Amount in portfolio currency

Efficient management techniques . Term deposits . Equities 246,350,639.48

. Bonds . UCITS . Cash

Total

246,350,639.48

Financial derivatives . Term deposits . Equities . Bonds . UCITS 77,410,000.00

. Cash Total

d)

77,410,000.00

Income and operating expenses arising from efficient management techniques Income and operating expenses

. Income (**)

Amount in portfolio currency 2,461,005.21

. Other income

Total income

2,461,005.21

. Direct operating expenses

20,004.37

. Indirect operating expenses . Other expenses

Total expenses

20,004.37

(**) Income from lending and repurchase agreements

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■ Regulatory information Policy for the selection of intermediaries “In its capacity as management company, Carmignac Gestion selects service providers whose execution policy guarantees the best possible result when executing orders transmitted on behalf of its UCITS or its clients. It also selects service providers to aid in making investment decisions and to execute orders. In both cases, Carmignac Gestion has defined a policy for selecting and evaluating intermediaries according to certain criteria. You can find the updated version of this policy at www.carmignac.com, where you will also find a report on intermediary fees.

Communication on environmental, social and governance criteria (ESG) As part of our commitment to Principles for Responsible Investment (PRI), our portfolios are analysed by MSCI using three major factors of socially responsible investment based on environmental, social and governance (ESG) criteria. Carmignac Patrimoine received an overall ESG score and one for individual holdings. In addition to companies' economic fundamentals, which constitute key financial analysis criteria for our funds, we set great store by the quality of management teams. Thus, 95% of our holdings hold a score equal to or higher than B, and scores of between BBB and AAA represent nearly 70% of the portfolio. The Fund also outperforms its ESG indicator in terms of social responsibility in the fields of chemical and product safety. With regard to governance, the Fund beats its ESG indicator in terms of anti-competitive practices. And at an environmental level, the Fund beat its ESG indicator for electronic waste management and renewable energy opportunities. Stocks in our portfolio include Novo Nordisk, BBVA, Sabmiller and AXA, which were among those to achieve the maximum score of AAA (MSCI ESG rating). In general, we remain diligent in light of both of these social and environmental criteria. Our management team's strong local presence enables us to perform an in-depth analysis of the stocks in which we invest. In the emerging world, we also tend to pay particular attention to corporate governance and the quality of management teams.

Overall risk calculation method Since 29 September 2011, overall risk has been calculated using the relative Value-at-Risk method over a two-year historical horizon with a 99% confidence threshold over 20 days, with the Fund’s reference indicator as a benchmark portfolio. The maximum level of gearing envisaged is 2. Maximum, minimum and average VaR levels over the year are shown in the table below: VaR 99%, 20 days Min Carmignac Patrimoine

2.97

Average 4.94

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Gearing (VAR Fund/VAR Bench) Max

Min

7.42

0.42

Average 0.83

Max 1.28

Life of the Fund 19 March 2015 - Increase in the minimum initial subscription for F GBP acc Hdg (FR0010956649) and F GBP Qdis Hdg (FR0011269075) units to GBP 50 million. - Inclusion, up to a threshold of 10% of net assets, of certain securitisation instruments as financial instruments in which the fund may invest. - Inclusion of contracts for difference (CFD) as derivative instruments in which the fund may invest. - Inclusion of arbitrage as a technique for using derivative instruments. - Update in accordance with the new regulatory standards. 16 November 2015 - Withdrawal of audiotel (net asset values). - Inclusion of “relative value” in the investment strategy as an additional performance driver. - Inclusion of short positions in the investment strategy as an additional performance driver. - Inclusion of new complex derivatives (derivatives of new underlyings, derivatives of multiunderlyings). - Increase in the minimum initial subscription for A CHF acc Hdg (FR0011269596) and A USD acc Hdg (FR0011269067) units. - Partial intragroup delegation (50% maximum) of financial management (equities). - Inclusion of CoCos (convertible contingent bonds) as eligible assets, within the limit of 15% of net assets.

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CARMIGNAC PATRIMOINE BALANCE SHEET ASSETS

31/12/2015 Net fixed assets Deposits Financial instruments Equities and similar securities Traded on a regulated or similar market Not traded on a regulated or similar market Bonds and similar securities Traded on a regulated or similar market Not traded on a regulated or similar market Debt securities Traded on a regulated or similar market Transferable debt securities Other debt securities Not traded on a regulated or similar market Undertakings for Collective Investment

31/12/2014

24,658,142,122.51 9,829,779,512.74 9,829,779,512.74

23,265,892,977.16 10,352,509,585.95 10,352,509,585.95

12,122,047,168.21 12,122,047,168.21

10,172,061,222.39 10,172,061,222.39

2,194,009,222.35 2,194,009,222.35 2,194,009,222.35

2,589,287,627.10 2,589,287,627.10 2,589,287,627.10

11,999,646.75

Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries Other funds aimed at non-professional investors and equivalent funds of other EU member states Professional investment funds and equivalent funds of other EU member states and listed securitisation funds Other professional investment funds and equivalent funds of other EU member states and unlisted securitisation funds Other non-European funds Temporary transactions on securities Receivables on securities received under a repurchase agreement (pension) Receivables on securities lent Securities borrowed Securities transferred under a repurchase agreement (pension) Other temporary transactions Forward financial instruments Transactions on a regulated or similar market Other transactions Other forward financial instruments Receivables Currency forward exchange contracts Other Financial accounts Cash

Total assets

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11,999,646.75

234,557,789.42

300,639.57

234,557,789.42

300,639.57

265,748,783.04 126,572,106.86 139,176,676.18

151,733,902.15 113,282,365.80 38,451,536.35

24,627,327,810.96 23,738,162,393.27 889,165,417.69 782,041,932.54 782,041,932.54

16,474,365,935.86 15,926,296,171.43 548,069,764.43 1,204,985,205.18 1,204,985,205.18

50,067,511,866.01

40,945,244,118.20

CARMIGNAC PATRIMOINE BALANCE SHEET LIABILITIES

31/12/2015

31/12/2014

Equity Capital

24,840,216,610.90

22,544,503,175.69

3,954,040.89

16,069.12

Net capital gains and losses for the financial year (a, b)

129,569,534.32

1,457,163,117.99

Profit/(loss) for the financial year (a, b)

194,479,960.52

261,939,774.70

25,168,220,146.63

24,263,622,137.50

632,440,687.46

228,905,140.85

246,350,639.48

74,331.94

Non-distributed prior net capital gains and losses (a) Retained earnings (a)

Total share capital (= Amount corresponding to the net assets) Financial instruments Sales of financial instruments Temporary transactions on securities Payables on securities transferred under a repurchase agreement (pension) Payables on securities borrowed Other temporary transactions

246,350,639.48

Forward financial instruments Transactions on a regulated or similar market Other transactions Payables Currency forward exchange contracts Other Financial accounts Short-term bank loans

74,331.94

386,090,047.98

228,830,808.91

126,572,106.86

113,279,820.67

259,517,941.12

115,550,988.24

24,016,851,295.41

16,386,197,711.97

23,773,196,882.62

15,746,404,863.33

243,654,412.79

639,792,848.64

249,999,736.51

66,519,127.88

249,999,736.51

66,519,127.88

50,067,511,866.01

40,945,244,118.20

Borrowings Total liabilities (a) Including accruals and deferrals (b) Less interim dividends paid for the financial year

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CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 31/12/2015

31/12/2014

Hedging transactions Commitment on regulated or similar markets Futures contracts EUR EUREX EUROS 0316

3,219,543,540.00

EUREX EUROBND 0315

2,117,493,950.00

HHI HANG SE F6

266,402,045.39

S&P500 MINI0316

3,016,937,595.51

Commitment on OTC markets Futures contracts BC50 SG SGWLD 0315

673,354,394.70

BC52 ML MLBAZ 0315

1,302,423,966.20 699,086,505.12

BC60 DS DBCT 0315 271,672,404.14

BS45 NOM NIF 0116 Credit Default Swap ITRAXX EUR XOVER S24

47,770,000.00

ITRAXX EUR XOVER S24

48,000,000.00

ITRAXX EUR XOVER S24

144,150,000.00

ITRAXX EUR XOVER S24

240,200,000.00

ITRAXX EUR XOVER S24

95,550,000.00

ITRAXX EUR XOVER S24

47,770,000.00

ITRAXX EUR XOVER S24

238,800,000.00

ITRAXX EUR XOVER S24

47,770,000.00

ITRAXX EUR XOVER S24

48,000,000.00

Other commitments Other transactions Commitment on regulated or similar markets Futures contracts 3,464,937,168.51

CBOT UST 5A 0315

466,336,485.95

HKF HS CHINA EN 0115

2,183,592,307.20

LIF LIFFE LG GI 0315 1,393,648,970.42

OSE OS NIKKEI 2 0316 OSE OSE JGB

768,193,731.76

0315

6,148,765,611.45

TY CBOT YS TY CBOT YS H6

274,923,708.92

US US TBON H6

590,061,447.11

Commitment on OTC markets Futures contracts 48,640,906.60

BC35 UBS CARM 0315 Free translation

CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 31/12/2015 BK09 GS BKXTR 0316 Options

31/12/2014

511,909,012.34

AUD/USD C 0.875

8,993,264.52

EUR/USD C 1.05

705,090.00

EUR/USD C 1.13

35,759,959.86

EUR/USD C 1.13

35,759,959.86

EUR/USD P 1.09

345,569,721.63

EUR/USD P 1.09

345,569,721.63

EUR/CHF C 1.22

90,549,286.14

EUR/CHF C.122

90,544,908.86

EURIBOR 3 MOIS 03/2016 CALL 1

29,508,807.96

EURIBOR 3 MOIS 03/2016 PUT 1

51,785,876.60

EURIBOR 3 MOIS 03/2019 PUT 1

574,415,286.28

EURIBOR 3 MOIS 06/2019 CALL 1

3,781,805,000.00

EURIBOR 3 MOIS 06/2019 CALL 1

3,837,805,000.00

EURIBOR 6 MOIS REV 03/2016 CALL 1

9,836,269.32

EURIBOR 6 MOIS REV 03/2016 PUT 1

17,261,958.87

EUR/JPY P 145.0

596,828,160.00

EUR/USD P 1.21 EUR/USD P 1.24

974,146,787.00

GBP/USD C 1.595

74,988,779.17

KRW 3 MOIS CDN 09/2016 CALL 1

44,531,544.71

KRW 3 MOIS CDN 09/2016 CALL 1

44,531,544.71

LIBOR 3 MOIS USD 09/2017 CALL 1

10,777,915.34

LIBOR 3 MOIS USD 09/2017 CALL 1

13,575,391.07

LIBOR 3 MOIS USD 09/2017 CALL 1

33,937,770.26

LIBOR 3 MOIS USD 09/2017 CALL 1

37,748,498.91

LIBOR 3 MOIS USD 09/2017 CALL 1

37,745,134.31

LIBOR 3 MOIS USD 09/2017 CALL 1

10,686,072.03

LIBOR 3 MOIS USD 09/2017 CALL 1

13,575,108.11

LIBOR 3 MOIS USD 09/2022 PUT 1

17,350,604.20

LIBOR 3 MOIS USD 09/2022 PUT 1

89,362,405.44

LIBOR 3 MOIS USD 09/2022 PUT 1

51,025,920.23

LIBOR 3 MOIS USD 09/2022 PUT 1

153,063,156.82

LIBOR 3 MOIS USD 09/2022 PUT 1

25,477,645.30

LIBOR 3 MOIS USD 12/2016 CALL 1

1,351,649,614.07

LIBOR 3 MOIS USD 12/2016 CALL 1

1,077,064,847.03

LIBOR 3 MOIS USD 12/2016 PUT 1

671,975,111.62

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CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 31/12/2015 USD/CNH C 6.6

315,532,081.38

USD/CNH C 6.6

366,017,214.40

USD/CNH C 6.8

91,871,490.38

USD/CNH C 6.8

106,570,928.84

USD/KRW C 1175.0

173,845,185.73

USD/KRW C 1210.0

169,651,005.52

USD/KRW C 1250.0

10,881,535.92

USD/KRW C 1270.0

54,077,301.67

USD/SGD C 1.428

207,997,939.71

USD/SGD C 1.485

12,141,282.78

31/12/2014

Interest rate swaps BZDIOV/0.0/FIX/11.35

789,543.12

1,054,912.87

BZDIOV/0.0/FIX/11.97

1,116,889.46

1,492,282.10

FIX/10.78/BLCDIR/0.0

42,861,094.55

57,266,942.22

FIX/10.78/BLCDIR/0.0

85,148,794.81

113,767,769.19

FIX/10.8/BLCDIR/0.0

85,051,916.75

113,638,329.89

FIX/11.86/BZDIOV/0.0

105,648,435.77

FIX/11.92/BZDIOV/0.0

159,846,893.07

FIX/11.93/BZDIOV/0.0

159,803,380.92

FIX/12.26/BZDIOV/0.0

28,816,567.43

38,501,972.92

FIX/12.265/BZDIOV/0.

28,871,053.95

38,574,772.66

FIX/12.35/BZDIOV/0.0

927,483,624.86

1,239,215,930.24

FIX/2.0425/E6M/0.0

288,320,000.00

Other commitments CFDs ANF ABERCR 1230

29,842,468.93

BB2 BEST BUY 1230

1,378,280.86

BSY ML BRITIS 1230

28,594,098.20

CFD GAP 1230

12,263,960.42

CFD JP CTRP 1230

6,659,697.60

CFD MER OMC 1230

56,821,892.79

CFD MER PG 1230

56,278,465.70

CFD SCRIPPS 1230

1,975,270.78

CFD TWITTER 1230

22,255,746.53

CFD UBS BBY 1230

11,749,949.46

CFD UBS DIS 1230

92,446,410.46

_MA ML APPLE 1230

75,168,895.61

ML CTRIP 1230

10,910,218.13

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CARMIGNAC PATRIMOINE OFF-BALANCE SHEET 31/12/2015 ML TRIPAD 1230

39,612,252.60

ML WAL-MART 1230

14,089,745.47

MNF NETFLIX 1230

52,413,268.82

UTS UBS TESCO 1230

10,303,486.05

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31/12/2014

CARMIGNAC PATRIMOINE INCOME STATEMENT 31/12/2015

31/12/2014

Income from financial transactions Income from deposits and financial accounts

110,590.16

208,796.97

Income from equities and similar securities

121,256,436.06

110,269,486.31

Income from bonds and similar securities

510,896,927.80

537,137,088.24

Income from debt securities

1,505,275.69

1,504,679.86

Income from temporary purchases and sales of securities

2,461,005.21

2,608,267.65

10,583,347.44

1,503,954.62

646,813,582.36

653,232,273.65

20,004.37

1,571.82

24,564,810.80

32,871.56

1,925,611.60

1,734,964.52

26,510,426.77

1,769,407.90

620,303,155.59

651,462,865.75

420,212,262.00

374,662,433.16

200,090,893.59

276,800,432.59

Income equalisation for the financial year (5)

-4,492,826.02

-13,836,875.89

Interim dividends on income paid for the financial year (6)

-1,118,107.05

-1,023,782.00

194,479,960.52

261,939,774.70

Income from financial futures Other financial income Total (1) Payables on financial transactions Payables on temporary purchases and sales of securities Payables on financial futures Payables on financial debts Other payables Total (2)

Profit/(loss) on financial transactions (1 - 2) Other income (3) Management fee and depreciation allowance (4)

Net profit/(loss) for the financial year (L. 214-17-1) (1 - 2 + 3 - 4)

Profit/(loss) (1 - 2 + 3 - 4 + 5 + 6)

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NOTES TO THE FINANCIAL STATEMENTS OF CARMIGNAC PATRIMOINE

■ Accounting methods and rules The annual financial statements are drawn up in the form required by ANC Regulation 2014-01 repealing CRC Regulation 2003-02, as amended. The general principles of accounting apply: - a true and fair view, comparability, continuity of operations, - lawfulness and fairness, - prudence, - consistency of methods from one financial year to the next. Income from fixed income securities is recorded on the basis of accrued interest. Purchases and sales of securities are recorded exclusive of costs. The accounting currency of the portfolio is the EURO. There are 12 months in the financial year. Valuation rules for the assets Financial instruments are recorded in the financial statements using the historical cost method and they are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models. Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts. Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day. Deposits: Deposits with a residual maturity of less than or equal to 3 months are valued using the straight-line method. Equities, bonds and other securities traded on a regulated or similar market: For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day. Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value. Equities, bonds and other securities not traded on a regulated or similar market: Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions. Transferable debt securities: Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer: Transferable debt securities with a maturity of less than or equal to 1 year: Interbank rate in euro (Euribor);

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Transferable debt securities with a maturity exceeding 1 year: valued using rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. Transferable debt securities with a residual maturity of less than three months may be valued using the straight-line method. French treasury bills are valued on the basis of market prices, as published daily by the Bank of France. UCIs held by the Fund: Units or shares of UCIs shall be valued at their last known net asset value. Temporary transactions on securities: Securities received under repurchase agreements are recorded as an asset under the heading "Receivables on securities received under a repurchase agreement (pension)" at the contract amount, plus any accrued interest receivable. Securities transferred under a repurchase agreement are recorded as securities purchased at their current value. The payables on securities transferred under a repurchase agreement are recorded as securities sold at the value determined in the contract, plus any accrued interest payable. Securities lent are valued at their current value and are recorded as an asset under the heading "Receivables on securities lent" at their current value, plus any accrued interest receivable. Securities borrowed are recorded as an asset under the heading "Securities borrowed" at the contract amount and as a liability under the heading "Payables on securities borrowed" at the contract amount, plus any accrued interest payable. Forward financial instruments: Forward financial instruments traded on a regulated or similar market: Forward financial instruments traded on regulated markets are valued at the settlement price of that day. Forward financial instruments not traded on a regulated or similar market: Swaps: Interest rate and/or currency swaps are valued at their market value by discounting future interest payments at the interest rate and/or currency exchange rate prevailing on the market. This price is adjusted to the issuer's risk. Index swaps are valued using an actuarial method on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or at a value estimated according to the terms and conditions determined by the management company. Off-balance sheet commitments: Futures contracts are recorded at their market value as off-balance sheet commitments on the basis of the price used in the portfolio. Options are converted into the underlying equivalent. Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.

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Financial instruments NAME EURIBOR 3 MOIS 06/2019 CALL 1 USD/CNH C 6.6 USD/CNH C 6.8 USD/KRW C 1175.0 USD/KRW C 1210.0 USD/KRW C 1250.0 USD/KRW C 1270.0 USD/CNH C 6.6 USD/SGD C 1.428 USD/SGD C 1.485 EUR/USD C 1.05 EUR/USD C 1.13 EUR/USD P 1.09 EURIBOR 6 MOIS REV 03/2016 CALL 1 EURIBOR 6 MOIS REV 03/2016 PUT 1 KRW 3 MOIS CDN 09/2016 CALL 1 LIBOR 3 MOIS USD 09/2017 CALL 1 LIBOR 3 MOIS USD 09/2022 PUT 1 LIBOR 3 MOIS USD 12/2016 CALL 1 LIBOR 3 MOIS USD 12/2016 PUT 1 EURIBOR 3 MOIS 03/2016 CALL 1 EURIBOR 3 MOIS 03/2016 PUT 1 EURIBOR 3 MOIS 03/2019 PUT 1 BK09 GS BKXTR 0316 BS45 NOM NIF 0116 ANF ABERCR 1230 BB2 BEST BUY 1230 BSY ML BRITIS 1230 CFD GAP 1230 CFD JP CTRP 1230 CFD MER OMC 1230 CFD MER PG 1230 CFD SCRIPPS 1230 CFD TWITTER 1230 CFD UBS BBY 1230 CFD UBS DIS 1230 _MA ML APPLE 1230 ML CTRIP 1230 ML TRIPAD 1230 ML WAL-MART 1230 MNF NETFLIX 1230 UTS UBS TESCO 1230 TY CBOT YS H6 US US TBON H6 S&P500 MINI0316 HHI HANG SE F6 OSE OS NIKKEI 2 0316

DESCRIPTION CAP AND FLOOR CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION CURRENCY OPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION SWAPTION FORWARD ON A BASKET OF EQUITIES FORWARD ON A BASKET OF EQUITIES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES CONTRACT FOR DIFFERENCE ON SHARES 10-year US government bond future 30-year US government bond future S&P 500 future Hang Seng China future NIKKEI 225 future Free translation

EUR EUREX EUROS 0316 ITRAXX EUR XOVER S24 BZDIOV/0.0/FIX/11.35 BZDIOV/0.0/FIX/11.97 FIX/10.78/BLCDIR/0.0 FIX/10.8/BLCDIR/0.0 FIX/11.86/BZDIOV/0.0 FIX/11.92/BZDIOV/0.0 FIX/11.93/BZDIOV/0.0 FIX/12.26/BZDIOV/0.0 FIX/12.265/BZDIOV/0. FIX/12.35/BZDIOV/0.0 FIX/2.0425/E6M/0.0

Future on DJ EURO STOXX 50 CREDIT DEFAULT SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP INTEREST RATE SWAP

Management fees Management fees are calculated on each valuation day on the basis of the net assets. These fees are recorded in the UCI’s income statement. The management fees are paid in full to the Management Company responsible for all of the operating costs of the UCIs. Management fees do not include transaction fees. The rate applied to the net asset value is: - 1.50% (inclusive of tax) for the A EUR acc units, - 0.85% (inclusive of tax) for the F GBP acc Hdg units, - 2.00% (inclusive of tax) for the E EUR acc units, - 1.50% (inclusive of tax) for the A CHF acc units, - 1.50% (inclusive of tax) for the A USD acc units, - 1.50% (inclusive of tax) for the A EUR Ydis units, - 1.00% (inclusive of tax) for the F GBP Qdis Hdg units, - 1.00% (inclusive of tax) for the A JPY inc units, - 1.00% (inclusive of tax) for theB JPY inc units. The performance fees are based on a comparison between the performance of each fund unit (except unhedged units) and the Fund's reference indicator over the financial year. Regarding unhedged units, performance fees are calculated on the basis of the unit’s performance compared with that of the reference indicator converted into the currency of the unit. If the performance since the beginning of the financial year is positive and exceeds the performance of the following composite index: 50% MSCI AC WORLD NR (USD) Index, the Morgan Stanley international equity index, and 50% Citigroup WGBI All Maturities EUR, the world bond index, a daily provision of up to 10% of this outperformance is established. In the event of underperformance in relation to this index, a daily amount corresponding to a maximum of 10% of this underperformance is deducted from the provision established since the beginning of the year. In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. The performance fee is paid to the Management Company in full at the end of the financial year.

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Allocation of distributable income Definition of distributable income: Distributable income is made up of: Income: The net income for the financial year is equal to the amount of interest, arrears, premiums and prizes, dividends, director’s fees and any other income relating to the securities constituting the portfolio, plus income generated by temporary cash holdings and minus the amount of management fees and interest charges on loans. This is increased by retained earnings, plus or minus the balance of the income equalisation accounts. Capital gains and losses: Realised capital gains, net of fees, minus realised capital losses, net of fees, recognised during the financial year, plus net capital gains of a similar nature recognised during previous financial years and which have not been distributed or accumulated, plus or minus the balance of the capital gains equalisation account. Allocation of distributable income: Distributa ble income

A EUR acc units

Allocation of net income Allocation of net realised capital gains or losses

Distributa ble income

Allocation of net income

Allocation of net realised capital gains or losses

E EUR acc units

A CHF acc units

A USD acc units

Accumulation

F GBP acc Hdg units Accumulation

Accumulation

Accumulation

Accumulation

Accumulation

Accumulation

Accumulation

Accumulation

Accumulation

A EUR Ydis units

F GBP Qdis Hdg units

A JPY inc units

B JPY inc units

Distributed or carried forward as decided by the management Distributed or carried forward as decided by the management

Distributed or carried forward as decided by the management Distributed or carried forward as decided by the management

Distributed or carried forward as decided by the management Distributed or carried forward as decided by the management

Distributed or carried forward as decided by the management Distributed or carried forward as decided by the management

Free translation

CARMIGNAC PATRIMOINE NET ASSET CHANGES 31/12/2015

Net assets at the beginning of the financial year

31/12/2014

24,263,622,137.50

27,126,644,192.91

Subscriptions (including subscription fees paid to the investment fund) Redemptions (after deduction of redemption fees paid to the investment fund) Realised gains on deposits and financial instruments

8,061,056,360.45

4,570,739,401.57

-7,166,601,367.72

-9,377,739,579.16

1,107,382,116.00

2,583,629,347.88

Realised losses on deposits and financial instruments

-816,413,077.74

-264,409,329.78

Realised gains on forward financial instruments

4,254,476,004.34

1,768,581,699.37

Realised losses on forward financial instruments

-5,146,028,622.39

-2,347,278,260.80

Transaction fees

-63,257,071.45

-85,563,801.83

Foreign exchange differences Changes in the valuation differential of deposits and financial instruments

935,783,345.34

1,361,948,688.26

-388,486,254.81

-1,064,657,655.78

Valuation differential for the financial year N Valuation differential for the financial year N-1

Changes in the valuation differential of forward financial instruments Valuation differential for the financial year N Valuation differential for the financial year N-1

1,996,608,079.77

2,385,094,334.58

-2,385,094,334.58

-3,449,751,990.36

-68,437,178.92

-281,175,398.31

-200,949,483.70

-132,512,304.78

132,512,304.78

-148,663,093.53

-3,849,030.51

-2,873,817.42

200,090,893.59

276,800,432.59

-1,118,107.05

-1,023,782.00

25,168,220,146.63

24,263,622,137.50

Dividends paid in the previous financial year on net capital gains and losses Dividends paid in the previous financial year on income Net profit/(loss) for the financial year prior to the income equalisation account Interim dividend(s) paid during the financial year on net capital gains and losses Interim dividend(s) paid during the financial year on income Other items Net assets at the end of the financial year

Free translation

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC STRUCTURE OF CARMIGNAC PATRIMOINE Amount

%

ASSETS Bonds and similar securities Other bonds (index-linked, participation certificates)

474,673,215.90

1.89

Mortgages traded on a regulated or similar market

458,056,677.69

1.82

10,985,705,546.08

43.65

Fixed rate bonds traded on a regulated or similar market Fixed rate bonds VAR/REV traded on a regulated or similar market Convertible bonds traded on a regulated or similar market TOTAL bonds and similar securities

130,363,410.32

0.52

73,248,318.22 12,122,047,168.21

0.29 48.16

2,194,009,222.35

8.72

2,194,009,222.35

8.72

6,774,555,585.04

26.92

Debt securities Treasury bills TOTAL debt securities LIABILITIES Sales of financial instruments TOTAL sales of financial instruments OFF-BALANCE SHEET Hedging transactions Equities Credit TOTAL hedging transactions

958,010,000.00

3.81

7,732,565,585.04

30.72

1,905,557,982.76

7.57

522,764,108.41

2.08

Other transactions Equities Other Currencies

2,271,950,419.31

9.03

Fixed income

14,765,239,833.91

58.67

19,465,512,344.39

77.34

TOTAL other transactions

Free translation

BREAKDOWN BY INTEREST RATES OF ASSET, LIABILITY AND OFFBALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE Fixed rate

%

Variable rate

%

Adjustable rate

%

Other

%

Assets Deposits Bonds and similar securities Debt securities

11,015,120,720.75 43.77 2,194,009,222.35

616,241,143.16

2.45 490,685,304.30 1.95

8.72

Temporary transactions on securities Financial accounts

782,041,932.54 3.11

Liabilities Temporary transactions on securities

198,973,014.27

0.79

47,377,625.21 0.19

Financial accounts

249,999,736.51 0.99

Off-balance sheet Hedging transactions Other transactions

866,891,588.61

3.44 1,623,531,762.11 6.45 12,274,816,483.19 48.77

Free translation

BREAKDOWN BY RESIDUAL MATURITY OF ASSET, LIABILITY AND OFFBALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE < 3 months

%

438,567,292.47 1,279,390,516.38

1.74 5.08

782,041,932.54

3.11

]3 months - 1 year]

%

]1-3 years]

%

Assets Deposits Bonds and similar securities Debt securities Temporary transactions on securities Financial accounts

407,728,140.72 914,618,705.97

1.62 1,112,010,768.50 3.63

4.42

0.01

42,469,885.79

0.17

3,298,145,574.89 13.10

732,301,059.19

2.91

Liabilities Temporary transactions on securities Financial accounts

1,964,207.54 249,999,736.51

0.99

927,483,624.86

3.69

Off-balance sheet Hedging transactions Other transactions

]3-5 years]

%

>5 years

%

Assets Deposits Bonds and similar securities Debt securities

1,429,242,258.07

5.68

8,734,498,708.45 34.70

66,240,755.52

0.26

112,498,170.47

0.45

8,194,025,286.28 32.56

1,613,284,288.69

6.41

Temporary transactions on securities Financial accounts Liabilities Temporary transactions on securities Financial accounts Off-balance sheet Hedging transactions Other transactions

Positions in interest rate futures are shown according to the maturity of the underlying instrument.

Free translation

BREAKDOWN BY LISTING CURRENCY OR VALUATION CURRENCY OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS OF CARMIGNAC PATRIMOINE USD Amount

%

CNH Amount

%

BRL Amount

%

Other currencies Amount %

Assets Deposits Equities and similar securities Bonds and similar securities Debt securities UCIs Temporary transactions on securities Receivables Financial accounts Liabilities Sales of financial instruments Temporary transactions on securities Payables Financial accounts

5,021,987,796.58 19.95

21,312,312.86 0.08 3,132,390,249.46 12.45

5,631,995,669.15 22.38 1,279,390,516.38

5.08

230,486,329.04

0.92

9,332,986,773.56 37.08 4,298,288.58 0.02

260,642,043.06 1.04

20,786,492.40 0.08 4,380,276.23 0.02

12,874,706,439.93 51.15 5,089,043,291.25 20.22 161,410,928.70

0.64

27,542,072.04

0.11

4,071,450.76

0.02

4,498,984,976.15 17.88 735,311.14

1,844,875,787.56

7.33

80,706,438.70

0.32

Off-balance sheet Hedging transactions

3,016,937,595.51 11.99

538,074,449.53

2.14

Other transactions

6,964,361,853.60 27.67

1,625,438,194.69 6.46 1,521,609,644.09

6.05

Free translation

RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE OF CARMIGNAC EUROPATRIMOINE Nature of the debit/credit Receivables

Forward currency purchases Funds receivable on forward currency sales Sales with deferred settlement Subscriptions receivable Guarantee deposits in cash Cash dividends and coupons

Total receivables Payables

Forward currency sales Funds payable on forward currency purchases Purchases with deferred settlement Redemption price payable Management fees Performance fees Collateral Other payables

Total payables

Free translation

31/12/2015 10,688,865,528.96 13,049,296,864.31 52,275,595.36 25,721,019.88 808,005,960.72 3,162,841.73 24,627,327,810.96 - 13,122,818,834.72 - 10,650,378,047.90 - 92,135,518.89 - 62,546,224.96 - 8,551,557.06 - 598,691.21 - 77,410,000.00 - 2,412,420.67 - 24,016,851,295.41

NUMBER OF CARMIGNAC PATRIMOINE SECURITIES ISSUED OR REDEEMED In units

In euro

A JPY inc units Units subscribed during the financial year Units redeemed during the financial year

650,312.000

56,051,844.00

-549,841.000

-47,857,060.40

Net balance of subscriptions/redemptions

100,471.000

8,194,783.60

A EUR acc units Units subscribed during the financial year

10,275,235.111

6,803,333,276.90

Units redeemed during the financial year

-9,483,763.012

-6,161,605,519.85

791,472.099

641,727,757.05

Net balance of subscriptions/redemptions

A CHF acc Hdg units Units subscribed during the financial year Units redeemed during the financial year

474,673.174

53,400,086.90

-245,178.011

-26,541,459.72

Net balance of subscriptions/redemptions

229,495.163

26,858,627.18

Units subscribed during the financial year Units redeemed during the financial year

76,093.553 -46,460.078

12,382,861.98 -7,270,126.23

Net balance of subscriptions/redemptions

29,633.475

5,112,735.75

Units subscribed during the financial year

345,133.000

32,635,729.87

Units redeemed during the financial year

-262,307.000

-24,996,406.91

82,826.000

7,639,322.96

F GBP acc Hdg units

B JPY inc units

Net balance of subscriptions/redemptions

A USD acc Hdg units Units subscribed during the financial year Units redeemed during the financial year

1,505,985.446

162,185,032.35

-978,479.038

-102,915,724.33

Net balance of subscriptions/redemptions

527,506.408

59,269,308.02

Units subscribed during the financial year Units redeemed during the financial year

1,861,439.907 -619,264.414

218,151,954.73 -69,998,737.63

Net balance of subscriptions/redemptions

1,242,175.493

148,153,217.10

A EUR Y dis units

E EUR acc units Units subscribed during the financial year

4,280,055.948

722,677,010.23

Units redeemed during the financial year

-4,407,862.416

-725,228,441.99

-127,806.468

-2,551,431.76

Net balance of subscriptions/redemptions

Free translation

NUMBER OF CARMIGNAC PATRIMOINE SECURITIES ISSUED OR REDEEMED In units

In euro

F GBP Qdis Hdg units Units subscribed during the financial year Units redeemed during the financial year

1,467.575

238,563.49

-1,190.152

-187,890.66

Net balance of subscriptions/redemptions

277.423

50,672.83

Free translation

CARMIGNAC PATRIMOINE SUBSCRIPTION AND/OR REDEMPTION FEES In euro A CHF acc Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

A EUR acc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

A JPY inc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

F GBP acc Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

B JPY inc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

A USD acc Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

E EUR acc units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

A EUR Y dis units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

Free translation

CARMIGNAC PATRIMOINE SUBSCRIPTION AND/OR REDEMPTION FEES In euro F GBP Qdis Hdg units Redemption fees paid to the Fund Subscription fees paid to the Fund Total fees paid to the Fund

Free translation

MANAGEMENT FEES OF CARMIGNAC PATRIMOINE 31/12/2015 A EUR acc units Guarantee fees 346,803,958.56

Fixed management fees Percentage of fixed management fees

1.50

Variable management fees

528,292.57

Trailer fees

A CHF acc Hdg units Guarantee fees Fixed management fees

1,213,786.27

Percentage of fixed management fees

1.50

Variable management fees

638.83

Trailer fees

A JPY inc units Guarantee fees 2,180,670.39

Fixed management fees Percentage of fixed management fees

1.00

Variable management fees

3,180.84

Trailer fees

A USD acc Hdg units Guarantee fees 2,984,184.76

Fixed management fees Percentage of fixed management fees

1.50

Variable management fees

6,279.75

Trailer fees

B JPY inc units Guarantee fees 1,029,311.00

Fixed management fees Percentage of fixed management fees

1.00

Variable management fees

1,834.62

Trailer fees

Free translation

MANAGEMENT FEES OF CARMIGNAC PATRIMOINE 31/12/2015 F GBP acc Hdg units Guarantee fees 164,680.47

Fixed management fees Percentage of fixed management fees

0.85

Variable management fees

267.23

Trailer fees

E EUR acc units Guarantee fees Fixed management fees

59,531,963.57

Percentage of fixed management fees

2.00

Variable management fees

51,437.81

Trailer fees

A EUR Y dis units Guarantee fees 5,697,330.71

Fixed management fees Percentage of fixed management fees

1.50

Variable management fees

6,573.23

Trailer fees

F GBP Qdis Hdg units Guarantee fees 7,864.06

Fixed management fees Percentage of fixed management fees

1.00

Variable management fees

7.33

Trailer fees

Free translation

COMMITMENTS RECEIVED AND GIVEN BY CARMIGNAC PATRIMOINE Guarantees received by the Fund None. Other commitments received and/or given: None.

Free translation

MARKET VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION BY CARMIGNAC PATRIMOINE 31/12/2015 Securities held under repurchase agreements (pension) Securities borrowed

Free translation

MARKET VALUE OF SECURITIES REPRESENTING GUARANTEE DEPOSITS OF CARMIGNAC PATRIMOINE 31/12/2015 Financial instruments given as a guarantee and kept as their original entry Financial instruments received as a guarantee and not entered on the balance sheet

Free translation

364,579,381.77

FINANCIAL INSTRUMENTS OF THE GROUP HELD IN THE CARMIGNAC PATRIMOINE PORTFOLIO ISIN code

Description

31/12/2015

Equities Bonds Transferable debt securities UCIs

11,999,646.75 FR0010149161 CARMIGNAC COURT TERME A EUR C

Forward financial instruments

Free translation

11,999,646.75

INTERIM DIVIDENDS ON INCOME PAID FOR THE CARMIGNAC PATRIMOINE FINANCIAL YEAR

Interim dividends Interim dividends Interim dividends Interim dividends Interim dividends Interim dividends Interim dividends

Total amount

Amount per unit

Date

Units

16/04/2015

A JPY Inc

388,332.45

0.15

16/10/2015

A JPY Inc

386,828.96

0.15

16/04/2015

B JPY inc

169,473.40

0.15

16/10/2015

B JPY inc

165,893.42

0.15

30/04/2015

F GBP Qdis Hdg

2,563.19

0.47

31/07/2015

F GBP Qdis Hdg

2,814.08

0.55

30/10/2015

F GBP Qdis Hdg

2,201.55

0.43

Free translation

Total tax credits

Tax credits per unit

0.03

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC PATRIMOINE 31/12/2015

31/12/2014

Amounts to be allocated Retained earnings

3,954,040.89

16,069.12

Income

194,479,960.52

261,939,774.70

Total

198,434,001.41

261,955,843.82

31/12/2015

31/12/2014

A CHF acc Hdg units Allocation Distribution Retained earnings for the financial year Accumulation

675,994.72

571,887.03

Total

675,994.72

571,887.03

31/12/2015

31/12/2014

Accumulation

177,277,064.80

235,166,588.85

Total

177,277,064.80

235,166,588.85

31/12/2015

31/12/2014

A EUR acc units Allocation Distribution Retained earnings for the financial year

A JPY inc units Allocation Distribution Retained earnings for the financial year

4,735,469.40

2,515,718.36

4,735,469.40

2,515,718.36

Accumulation Total

31/12/2015

31/12/2014

B JPY inc units Allocation Distribution Retained earnings for the financial year

2,374,855.97

1,239,388.78

2,374,855.97

1,239,388.78

Accumulation Total

Free translation

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC PATRIMOINE

31/12/2015

31/12/2014

F GBP acc Hdg units Allocation Distribution Retained earnings for the financial year Accumulation

260,364.31

197,532.82

Total

260,364.31

197,532.82

31/12/2015

31/12/2014

A USD acc Hdg units Allocation Distribution Retained earnings for the financial year Accumulation

1,576,543.59

1,290,203.84

Total

1,576,543.59

1,290,203.84

31/12/2015

31/12/2014

A EUR Y dis units Allocation Distribution Retained earnings for the financial year

3,311,914.14

3,047,161.38

5,831.53

692.34

3,317,745.67

3,047,853.72

3,679,904.595

2,437,729.102

0.90

1.25

122,682.71

122,148.17

Accumulation Total Information concerning units eligible to receive dividends Number of units Dividend per unit Tax credits Tax credit related to income distribution

31/12/2015

31/12/2014

E EUR acc units Allocation Distribution Retained earnings for the financial year Accumulation

8,213,357.53

17,924,878.20

Total

8,213,357.53

17,924,878.20

Free translation

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO THE INCOME OF CARMIGNAC PATRIMOINE

31/12/2015

31/12/2014

F GBP Qdis Hdg units Allocation Distribution

1,785.03

Retained earnings for the financial year

2,605.42

7.19

2,605.42

1,792.22

4,428.664

4,151.241

Accumulation Total Information concerning units eligible to receive dividends Number of units Dividend per unit

0.43

Tax credits Tax credit related to income distribution

200.12

Free translation

267.25

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO NET CAPITAL GAINS AND LOSSES OF CARMIGNAC PATRIMOINE 31/12/2015

31/12/2014

Amounts to be allocated Non-distributed prior net capital gains and losses Net capital gains and losses for the financial year

129,569,534.32

1,457,163,117.99

129,569,534.32

1,457,163,117.99

Interim dividends paid on net capital gains and losses in the financial year Total

31/12/2015

31/12/2014

A EUR acc units Allocation Distribution Non-distributed net capital gains and losses Accumulation

65,344,255.85

1,245,850,084.08

Total

65,344,255.85

1,245,850,084.08

31/12/2015

31/12/2014

A CHF acc Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation

6,578,083.24

3,704,210.55

Total

6,578,083.24

3,704,210.55

31/12/2015

31/12/2014

A JPY inc units Allocation Distribution Non-distributed net capital gains and losses Accumulation

23,539,791.34

3,207,083.85

Total

23,539,791.34

3,207,083.85

31/12/2015

31/12/2014

A USD acc Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation

22,728,510.00

18,583,735.13

Total

22,728,510.00

18,583,735.13

Free translation

ALLOCATION TABLE SHOWING THE PORTION OF DISTRIBUTABLE INCOME RELATING TO NET CAPITAL GAINS AND LOSSES OF CARMIGNAC PATRIMOINE

31/12/2015

31/12/2014

B JPY inc units Allocation Distribution Non-distributed net capital gains and losses Accumulation

315,270.02

5,633,811.10

Total

315,270.02

5,633,811.10

31/12/2015

31/12/2014

F GBP acc Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation

1,070,326.59

1,335,535.95

Total

1,070,326.59

1,335,535.95

31/12/2015

31/12/2014

E EUR acc units Allocation Distribution Non-distributed net capital gains and losses Accumulation Total

8,528,675.16

162,760,073.57

8,528,675.16

162,760,073.57

31/12/2015

31/12/2014

A EUR Y dis units Allocation Distribution Non-distributed net capital gains and losses Accumulation

1,422,788.29

16,021,941.66

Total

1,422,788.29

16,021,941.66

31/12/2015

31/12/2014

F GBP Qdis Hdg units Allocation Distribution Non-distributed net capital gains and losses Accumulation

41,833.83

66,642.10

Total

41,833.83

66,642.10

Free translation

OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 30/12/2011 Total net assets in EUR

31/12/2012

31/12/2013

31/12/2014

31/12/2015

24,686,103,708.01 28,013,873,164.93 27,126,644,192.91 24,263,622,137.50 25,168,220,146.63

CARMIGNAC PATRIMOINE A EUR acc Net assets in EUR Number of units Net asset value per unit in EUR

20,815,953,950.85 23,759,331,678.65 22,882,115,711.35 20,808,907,962.04 21,452,598,698.39 3,984,059.570

43,135,062.783

40,124,122.973

33,534,368.205

34,325,840.304

5,224.80

550.81

570.28

620.52

624.96

-8.14

37.15

1.90

6.42

7.28

7.01

5.16

65,022,557.82

71,812,548.28

61,440,754.00

86,224,016.83

657,235.370

701,497.539

552,789.469

782,284.632

98.93

102.37

111.14

110.22

-0.34

6.70

8.40

1.03

1.03

0.86

Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income

77.89

CARMIGNAC PATRIMOINE A CHF Acc Hdg Net assets in CHF Number of units Net asset value per unit in CHF Accumulation per unit on net capital gain and losses in EUR Accumulation per unit in EUR on income

0.48

CARMIGNAC PATRIMOINE A JPY inc Net assets in JPY

32,433,546,066.00 27,632,765,656.00 28,792,806,432.00

Number of units Net asset value per unit in JPY Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR

Free translation

3,213,317.000

2,515,790.000

2,616,261.000

10,093.00

10,983.00

11,005.00

-11.59

1.27

8.99

0.92

0.24

0.30

0.99

1.81

OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 30/12/2011 Total net assets in EUR

31/12/2012

31/12/2013

31/12/2014

31/12/2015

24,686,103,708.01 28,013,873,164.93 27,126,644,192.91 24,263,622,137.50 25,168,220,146.63

CARMIGNAC PATRIMOINE A USD Acc Hdg Net assets in USD Number of units Net asset value per unit in USD

42,547,907.66

148,912,030.18

152,700,267.28

211,546,549.31

429,228.386

1,452,082.484

1,371,932.690

1,899,439.098

99.12

102.55

111.30

111.37

-5.46

13.54

11.96

0.93

0.94

0.83

Accumulation per unit on net capital gains and losses in EUR 0.45

Accumulation per unit in EUR on income CARMIGNAC PATRIMOINE B JPY inc Net assets in JPY

11,490,309,147.00 13,657,945,020.00 13,390,648,447.00

Number of units Net asset value per unit in JPY Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income

966,999.000

1,052,480.000

1,135,306.000

11,882.00

12,976.00

11,794.00

-0.89

5.35

0.27

1.01

0.24

0.30

1.17

2.09

Tax credit per unit in EUR CARMIGNAC PATRIMOINE F GBP Acc Hdg Net assets in GBP Number of units Net asset value per unit in GBP

2,564,280.03

7,102,770.63

8,490,093.91

9,181,781.90

12,616,628.92

26,969.516

73,334.100

83,878.249

82,761.064

112,394.539

95.08

96.85

101.21

110.94

112.25

2.24

16.13

9.52

2.18

2.38

2.31

Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income

1.05

1.76

Free translation

OVERVIEW OF RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE LAST 5 FINANCIAL YEARS FOR CARMIGNAC PATRIMOINE 30/12/2011 Total net assets in EUR

31/12/2012

31/12/2013

31/12/2014

31/12/2015

24,686,103,708.01 28,013,873,164.93 27,126,644,192.91 24,263,622,137.50 25,168,220,146.63

CARMIGNAC PATRIMOINE E EUR acc Net assets in EUR Number of units Net asset value per unit in EUR

3,867,079,866.07

4,063,512,057.80 3,508,646,982.08 2,713,174,486.45

28,868,865.479

28,918,917.909

24,237,396.698

17,311,192.724

17,183,386.256

133.95

140.51

144.76

156.72

157.06

-2.07

9.40

0.49

0.94

1.14

1.03

0.47

95,605,934.06

255,225,428.86

267,221,113.50

402,043,909.49

964,314.505

2,501,979.358

2,437,729.102

3,679,904.595

99.14

102.00

109.61

109.25

-1.45

6.57

0.38

0.58

1.25

1.25

0.90

0.029

0.04

416,912.30

420,490.48

453,738.91

483,355.46

4,185.449

4,141.393

4,151.241

4,428.664

99.60

101.53

109.30

109.14

2.25

16.05

9.44

1.91

2.17

1.45

Accumulation per unit on net capital gains and losses in EUR Accumulation per unit in EUR on income

2,698,961,417.56

1.35

CARMIGNAC PATRIMOINE A EUR Y dis Net assets in EUR Number of units Net asset value per unit in EUR Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income Tax credit per unit in EUR

*

CARMIGNAC PATRIMOINE F GBP Qdis Hdg Net assets in GBP Number of units Net asset value per unit in GBP Accumulation per unit on net capital gains and losses in EUR Dividend per unit in EUR on income Retained earnings per unit in EUR on income

1.07

0.58

Tax credit per unit in EUR

0.05

* The tax credit per unit shall only be determined on the distribution date in accordance with the tax provisions in force.

Free translation

LIST OF SECURITIES OF CARMIGNAC PATRIMOINE AT 31 DECEMBER 2015

Name of securities

Currency

Quantity or nominal amount

Current value

% Net Assets

Equities and similar securities Equities and similar securities traded on a regulated or similar market GERMANY BAYER

EUR

1,672,400

TOTAL GERMANY BRAZIL BRASIL.DIST.ADR BRASILEIRA DIST PAO ACUCAR PF

39,930,977.93

0.16

BRL

2,188,076

21,312,312.86

0.08

61,243,290.79

0.24

15,979,153.44

0.06

15,979,153.44

0.06

29,261,942.27

0.12

29,261,942.27

0.12

881,153,913.57

3.50

881,153,913.57

3.50

4,540,818

TOTAL CANADA

USD

8,046,386

TOTAL CURACAO DENMARK NOVO NORDISK AS

DKK

16,443,469

TOTAL DENMARK SPAIN AENA SA INDUSTRIA DE DISENO TEXTIL

EUR

1,299,239

136,939,790.60

0.54

EUR

14,596,626

462,567,077.94

1.84

599,506,868.54

2.38

TOTAL SPAIN UNITED STATES OF AMERICA ALLIANCE DATA SYSTEMS

0.77

4,123,291

CAD

CURACAO ICICI BK ML 09/18

0.77

USD

TOTAL BRAZIL CANADA HUDBAY MINERALS

193,663,920.00 193,663,920.00

USD

628,941

160,127,232.23

0.64

ALPHABET INC

USD

345,673

247,571,619.93

0.98

ALPHABET-C-

USD

333,972

233,310,016.90

0.93

AMAZON.COM INC

USD

1,137,660

707,845,914.94

2.82

ANADARKO PETROLEUM CORP

USD

2,651,514

118,577,326.82

0.47

CELGENE CORP

USD

4,497,050

495,780,822.98

1.97

FACEBOOK INC-A

USD

3,993,935

384,797,235.66

1.53

INTERCEPT PHARMACEUTICALS IN

USD

348,370

47,895,663.72

0.19

INTERCONTINENTALEXCHANGE GROUP

USD

1,553,969

366,583,904.94

1.46

LEVEL 3 COMMUNICATIONS

USD

4,060,121

203,174,240.60

0.81

LIBERTY GLOBAL PLC

USD

3,187,175

124,283,101.35

0.49

MASTERCARD INC

USD

3,043,315

272,758,122.43

1.08

MERCADOLIBRE

USD

814,665

85,748,684.62

0.34

SERVICENOW INC

USD

2,365,063

188,456,092.50

0.75

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Net Assets

THERMO FISHER SCIEN SHS

USD

1,993,139

260,265,826.34

1.03

TMOBILE US INC

USD

3,016,083

108,615,637.45

0.43

VISA INC CLASS A

USD

2,960,831

211,371,116.68

0.84

4,217,162,560.09

16.76

83,911

96,203,961.50

0.38

TOTAL UNITED STATES OF AMERICA FRANCE DASSAULT AVIATION

EUR

HERMES INTERNATIONAL

EUR

763,484

238,016,137.00

0.95

NUMERICABLE SAS

EUR

4,599,157

154,071,759.50

0.61

488,291,858.00

1.94

TOTAL FRANCE HONG KONG AIA GROUP WYNN MACAU LTD

HKD

86,636,912

479,546,748.61

1.90

HKD

73,815,901

79,436,516.79

0.32

558,983,265.40

2.22

TOTAL HONG KONG CAYMAN ISLANDS JDCOM INC

USD

2,900,886

86,161,361.31

0.34

SANDS CHINA LTD

HKD

15,887,316

50,102,238.38

0.20

TENCENT HLDG 2014 -19.6.14 LOT 500

HKD

9,110,218

165,021,557.91

0.66

301,285,157.60

1.20

TOTAL CAYMAN ISLANDS INDIA GMR INFRASTRUCTURE LTD NV

INR

46,196,606

10,542,253.77

0.04

ICICI BANK LTD

INR

90,320,336

328,463,863.93

1.31

LARSEN AND TOUBRO LTD

INR

2,589,739

45,962,006.91

0.18

TATA MOTORS

INR

20,800,698

113,257,587.12

0.45

UNITED SPIRITS

INR

2,245,949

93,489,144.81

0.37

591,714,856.54

2.35

237,937,657.46

0.95

237,937,657.46

0.95

182,188,910.47

0.72

182,188,910.47

0.72

74,839,672.23

0.30

74,839,672.23

0.30

TOTAL INDIA IRELAND PERRIGO COMPANY PLC

USD

1,786,259

TOTAL IRELAND JAPAN PANASONIC CORP.

JPY

19,192,100

TOTAL JAPAN JERSEY SHIRE

GBP

1,174,129

TOTAL JERSEY MEXICO FIBRA UNO GRUPO FIN SANTANDER-ADR B

MXN

39,879,757

80,751,531.36

0.32

USD

25,160,243

200,809,451.17

0.80

281,560,982.53

1.12

TOTAL MEXICO NETHERLANDS ALTICE NV -A-

EUR

23,302,394

308,756,720.50

1.23

ALTICE NV -B-

EUR

4,766,402

63,869,786.80

0.25

Free translation

Currency

Name of securities

MYLAN NV

USD

Quantity or nominal amount 3,127,221

Current value

% Net Assets

155,655,748.38

0.62

528,282,255.68

2.10

212,418,016.81

0.84

212,418,016.81

0.84

55,068,097.97

0.22

55,068,097.97

0.22

319,237,133.35

1.27

319,237,133.35

1.27

TOTAL equities and similar securities traded on a regulated or similar market

9,829,779,512.74

39.06

TOTAL equities and similar securities

9,829,779,512.74

39.06

43,846,647.18

0.17

43,846,647.18

0.17

16,109,736.61

0.07

TOTAL NETHERLANDS UNITED KINGDOM SABMILLER PLC EX SOUTH AFRI BREW

GBP

3,847,222

TOTAL UNITED KINGDOM SINGAPORE CLSA GLOBAL MARKETS PTE LTD (UNITED SPIRITS) CW 11-03-20 TOTAL SINGAPORE SWITZERLAND NOVARTIS AG NOMINATIF

USD

CHF

1,322,935

3,999,291

TOTAL SWITZERLAND

Bonds and similar securities Bonds and similar securities traded on a regulated or similar market GERMANY TRIONISTA TOPCO GMBH 6.875% 30/04/2021

EUR

40,957,000

TOTAL GERMANY AUSTRALIA FMG RESOURCES AUG 9.75% 01-03-22

USD

18,702,000

FMG RESOURCES AUG 9.75% 01/03/22

USD

9,554,000

TOTAL AUSTRALIA AUSTRIA VIENNA INSURANCE GRP AGW 5.5% 09/10/43

EUR

17,900,000

TOTAL AUSTRIA BERMUDA NADLNO 6 1/4 02/01/19

8,433,114.89

0.03

24,542,851.50

0.10

19,752,364.38

0.08

19,752,364.38

0.08

USD

57,981,000

22,894,024.14

0.09

SEADRILL LTD 6.125% 15/09/2017

USD

21,700,000

11,012,713.38

0.04

SEADRILL LTD 6.125% 15/09/2017

USD

9,800,000

4,999,375.02

0.02

38,906,112.54

0.15

TOTAL BERMUDA BRAZIL BRAZIL 6% 08/22 INDX

BRL

137,816

85,125,370.69

0.34

BRF BRAS FOOD 2.75% 03-06-22

EUR

43,966,000

41,181,611.60

0.16

NOTA DO TESOURO NACIONAL 6% 15/08/2050 INDX

BRL

162,700

91,244,502.65

0.37

REPU FEDE 6.0% 15-05-19 IND

BRL

133,990

84,272,169.72

0.33

301,823,654.66

1.20

TOTAL BRAZIL CANADA ELDORADO GOLD CORP 6.125% 15/12/20

USD

38,553,000

31,180,725.09

0.12

ELDORADO GOLD CORP 6.125% 15/12/2020

USD

4,826,000

3,903,150.97

0.02

LUND MINI 7.5% 01-11-20

USD

33,761,000

29,790,412.60

0.12

Free translation

Currency

Name of securities

7.25% 15/05/2022

USD

Quantity or nominal amount

500,000

TOTAL CANADA DENMARK DANI PENS 4.375% 29-09-45 DANSKE BA 5.875% PERP EMTN

EUR

47,850,000

EUR

66,894,000

TOTAL DENMARK UNITED ARAB EMIRATES AXIS BANK DUBAI 5.125% 05/09/2017

USD

52,064,000

TOTAL UNITED ARAB EMIRATES SPAIN BANCO BILBAO VIZCAYA ARGENTARIA SA 9% 29/05/2049

Current value

% Net Assets Net

294,702.59 65,168,991.25

0.26

48,051,662.91

0.19

68,882,574.02

0.27

116,934,236.93

0.46

50,867,515.05

0.20

50,867,515.05

0.20

USD

75,200,000

75,413,215.50

0.30

BANKIA S.A. 4.0% 22/05/2024

EUR

42,800,000

43,757,779.80

0.17

BANKIA 3.50% 01/19

EUR

65,700,000

71,409,285.00

0.28

BBVA SENIOR FINANCE SA 3.25% 21/03/2016

EUR

31,000,000

32,006,922.35

0.13

BBVA 3.5% 11/04/2014

EUR

30,700,000

32,663,389.14

0.13

BBVA 7% PERP

EUR

74,000,000

73,542,696.09

0.29

BCO SANTANDER 6.25% PERP

EUR

87,700,000

83,706,409.97

0.33

CABKSM 3 1/4 01/22/16

EUR

65,700,000

67,834,350.00

0.27

SPAIN 1.6% 30-04-25

EUR

9,610,000

9,673,704.32

0.04

SPAIN 4.1% 08-300718

EUR

66,989,000

74,948,061.93

0.30

SPAIN 5.5% 11-300421

EUR

96,050,000

123,089,833.29

0.49

ROYA DESP 1.0% 30-11-30

EUR

115,284,000

113,362,063.56

0.45

ROYA DSPA 1.4% 31-01-20

EUR

221,947,000

232,601,064.07

0.93

KINGDOM OF SPAIN 1.8% 30/11/2024 IND

EUR

48,317,000

53,291,484.07

0.21

SANTANDER INTL DEBT SA 4.625% 21/03/2016

EUR

67,700,000

70,824,096.04

0.28

SPGB 2 3/4 10/31/24

EUR

95,510,000

104,792,522.96

0.42

SPGB 3 3/4 10/31/18

EUR

51,397,000

56,907,390.33

0.23

SPGB 3.8 04/30/24

EUR

147,759,000

177,390,040.81

0.70

1,497,214,309.23

5.95

TOTAL SPAIN UNITED STATES OF AMERICA AIR LEASE CORP 4.50% 01/16

USD

48,452,000

45,561,739.85

0.18

AIR LEASE 5.625% 01/04/2017

USD

101,634,000

98,549,684.57

0.39

ALLE C L3RUSD+1.47% 25-07-27

USD

39,237,000

35,832,692.70

0.14

ATVI 5 5/8 09/15/21

USD

24,199,000

23,595,723.58

0.09

BALL 4.375% 15-12-23

EUR

23,927,000

24,723,818.95

0.10

BANK OF AMER 6.50% 01/08/2016

USD

113,355,000

110,249,149.30

0.44

BANK OF AMERICA 3.75% 12/07/2016

USD

33,120,000

31,431,681.86

0.12

BANK OF AMERICA 3.875% 22/03/2017

USD

62,916,000

60,029,639.13

0.24

CITIGROUP 4.3% 20-11-26

USD

48,641,000

44,965,474.35

0.18

CITIGROUP 4.4% 10-06-25

USD

47,821,000

44,636,357.26

0.18

CORK S E3R+1.45% 27-11-28

EUR

38,282,000

38,394,526.11

0.15

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Net Assets

EBAY INC 2.60% 07/22

USD

32,052,000

27,908,519.97

0.11

EBAY 2.875% 01-08-21

USD

14,426,000

13,280,186.39

0.05

EBAY 3.45 08/01/24

USD

38,474,000

34,477,994.19

0.14

EXPEDIA INC 5.95% 15/08/20

USD

53,379,000

55,040,572.68

0.22

ING US FL 15.05.53

USD

43,136,000

39,607,217.35

0.16

LEUCADIA NATIONAL CORP 5.5% 18/10/2023

USD

72,233,000

65,674,423.58

0.26

NEPT FINC CO 10.125% 15-01-23

USD

57,424,000

56,534,266.32

0.22

OCP CL L3RUSD+1.5% 15-07-27

USD

43,064,000

39,440,150.33

0.16

UBS AG STAMFORD CT 7.625% 17/08/2022

USD

14,250,000

15,381,695.99

0.06

UNIT STAT DEP 2.25% 15-11-24

USD

202,586,500

187,039,465.82

0.74

UNIT STAT OF 2.125% 15-05-25

USD

1,370,133,100 1 248,805,696.35

4.97

UNITED STATES OF AMERICA 2% 15/08/25

USD

668,546,000

XPO LOGI 5.75% 15-06-21

EUR

31,102,000

TOTAL UNITED STATES OF AMERICA FRANCE ACAFP 6.5% PERP

605,038,143.43

2.41

29,160,751.39

0.12

2 975,359,571.45

11.83

EUR

15,637,000

16,131,151.54

0.06

ACAFP 7 7/8 01/29/49

USD

48,426,000

45,757,677.47

0.18

AXASA 5.125% 04/07/2043

EUR

48,486,000

56,820,503.62

0.23

BNP PARIBAS FIX PERP

EUR

54,585,000

56,215,980.41

0.22

BNP PARIBAS 2.375% 14/09/2017

USD

53,430,000

50,106,494.09

0.20

CA 4.375% 17-03-25

USD

38,471,000

34,880,179.54

0.14

CRED AGRI ASSU 4.5% PERP

EUR

28,900,000

28,062,333.50

0.11

CREDIT LOGEMENT TV PERPETUELLE

EUR

46,900,000

38,360,317.72

0.15

FONCIERE LYONNAISE 3.5% 28/11/2017

EUR

19,900,000

21,020,447.21

0.08

FONCIERE LYONNAISE 4.625% 11-16

EUR

12,700,000

13,279,531.19

0.05

ILIAD 4.875% 06/16

EUR

28,900,000

30,238,846.98

0.12

NUMERICABLE SAS 5.625% 15/05/2024

EUR

38,970,000

40,448,326.95

0.16

NUMERICABLE SAS 6.0% 15/05/2022

USD

93,661,000

84,580,288.85

0.35

NUMERICABLE SAS 6.25% 15/05/2024

USD

55,258,000

50,587,250.11

0.20

RCI BANQUE 4%10-25/01/2016 EMTN

EUR

29,039,000

30,199,056.34

0.12

SG 6.75% 31/12/2099

EUR

48,949,000

50,950,444.37

0.20

SOCIETE GENERALE 7.875 31/12/2099

USD

74,649,000

69,083,309.92

0.28

SOCIETE GENERALE 8.0% PERP

USD

68,711,000

TOTAL FRANCE

66,053,488.73

0.26

782,775,628.54

3.11

GREECE GREECE 3.375% 17-07-17

EUR

86,970,000

83,686,069.83

0.33

GRECE 4.75% 17/04/2019

EUR

219,359,000

209,703,368.21

0.84

293,389,438.04

1.17

72,492,143.51

0.29

72,492,143.51

0.29

TOTAL GREECE GUERNSEY PERS SQUA HOL 5.5% 15-07-22

USD

TOTAL GUERNSEY

Free translation

81,346,000

Currency

Name of securities

CAYMAN ISLANDS ACAS C L3RUSD+1.49% 18-04-27

Quantity or nominal amount

Current value

% Net Assets

USD

48,038,000

43,937,035.27

0.18

BLAC D L3RUSD+1.4% 01-02-23

USD

39,237,000

35,911,694.96

0.14

KKR CL L3RUSD+1.41% 15-07-27

USD

38,684,599

35,349,649.01

0.14

MOUN V L3RUSD+1.5% 13-10-27

USD

17,300,000

15,789,776.19

0.06

130,988,155.43

0.52

TOTAL CAYMAN ISLANDS INDIA HDFC BANK 3% 11/16

USD

43,636,000

40,672,570.77

0.16

ICICI BANK LIMITED 5% 15/01/16

USD

43,446,000

40,984,739.91

0.16

ICICI BANK LTD/DUBAI 4.70% 21/02/2018

USD

38,900,000

37,945,136.24

0.15

ONGC VIDE LTD 2.75% 15-07-21

EUR

50,721,000

52,077,977.99

0.21

171,680,424.91

0.68

TOTAL INDIA IRELAND AIB 2 3/4 04/16/19

EUR

36,275,000

38,898,990.78

0.15

ALLI IRI 4.125% 26-11-25 EMTN

EUR

11,547,000

11,686,466.94

0.05

AURI C E3R+1.3% 26-04-29

EUR

28,705,000

28,537,709.17

0.11

BANK OF IRELAND 7.375% PERP

EUR

45,223,000

49,138,546.47

0.20

CARL G E3R+1.35% 21-09-29

EUR

39,620,000

39,698,396.85

0.16

CORD E3R+1.3% 21-07-29

EUR

8,654,000

8,674,273.82

0.03

FGA CAPI 1.375% 17-04-20 EMTN

EUR

39,337,000

39,390,516.59

0.16

FGA CAPI 2.0% 23-10-19 EMTN

EUR

27,589,000

28,191,094.50

0.11

FGA CAPITAL IRE 2.625% 17/04/2019

EUR

32,206,000

34,045,049.71

0.14

FGA CAPITAL IRELAND 4% 10/18

EUR

26,988,000

29,211,087.10

0.12

HARV C E3R+1.4% 18-11-29

EUR

38,283,000

38,259,290.06

0.15

IBERDROLA FIN. 5% 11/09/2019

USD

26,055,000

26,312,892.99

0.10

IRELAND 2.0% 18-02-45

EUR

219,405,000

214,176,368.46

0.85

IRELAND 3.9% 20/03/2023

EUR

195,100

244,705.77

MMC NORI NICK 6.625% 14-10-22

USD

71,556,000

68,304,345.31

0.27

OAK HI E6R+1.4% 20-01-30

EUR

17,200,000

TOTAL IRELAND ITALY BCO POP 2.75% 27-07-20 EMTN

17,113,368.95

0.07

671,883,103.47

2.67

EUR

10,485,000

10,617,028.50

0.04

FONDIARIA SAI 5.75% 31-12-99

EUR

36,659,000

36,754,601.86

0.15

INTESA SANPA 7.7% PERP CV

USD

47,486,000

45,427,263.07

0.18

INTESA SANPAOLO SPA TV 11/01/2016

EUR

82,936,000

83,197,755.23

0.33

INTESA SANPAOLO SPA 2.375% 13/01/2017

USD

72,542,000

67,776,197.91

0.27

INTESA SANPAOLO SPA 3.125% 01/16

USD

72,710,000

67,958,632.75

0.27

INTESA SANPAOLO SPA 3.75%09-231116 EMTN

EUR

24,750,000

25,640,647.01

0.10

INTESA SANPAOLO SPA 4.125% 19/09/2016 SERIE EMTN

EUR

50,400,000

52,413,083.41

0.21

INTESA SANPAOLO SPA 5.25% 12/01/2024

USD

70,188,000

70,812,474.84

0.28

INTESA SANPAOLO 3% 01/19

EUR

66,790,000

73,221,181.65

0.29

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Assets Net

INTESA SANPAOLO 3.875% 01/18

USD

51,107,000

49,213,769.16

0.20

UNICREDIT SPA 6.375% 02/05/2023

USD

48,422,000

46,485,933.50

0.18

UNICREDIT SPA 6.75% PERP

EUR

96,664,000

93,545,274.13

0.37

UNICREDIT SPA 6.95% 31/10/2022

EUR

121,003,000

143,445,763.63

0.57

866,509,606.65

3.44

27,789,435.70

0.11

27,789,435.70

0.11

TOTAL ITALY JERSEY GENEL ENERGY PLC 7.5% 14/05/2019

USD

41,600,000

TOTAL JERSEY LUXEMBOURG ALTI LUX 7.75% 15-05-22 EMTN

USD

50,034,000

43,023,996.94

0.17

ALTI LUXE SA 7.25% 15-05-22

EUR

60,015,000

57,925,544.43

0.23

ALTI LUXE SA 7.75% 15-05-22

USD

4,800,000

4,127,497.01

0.02

ALTICE 6 1/2 01/15/22

USD

29,200,000

27,200,782.47

0.11

ALTICE 6 1/2 01/15/22

USD

24,243,000

22,866,596.59

0.09

BANK OF NEW YORK LUX E3R 15/12/2050

EUR

48,800,000

27,821,055.15

0.11

CNH INDU 6.25% 09-03-18 EMTN

EUR

57,020,000

64,158,963.20

0.25

ERFFP 2 1/4 01/27/22

EUR

16,077,000

15,821,276.60

0.06

EURO SCIE 3.375% 30-01-23

EUR

10,359,000

10,520,621.69

0.04

EURO SCIE 4.875% PERP

EUR

19,685,000

19,731,503.39

0.08

FIAT FINANCE & TRADE 6.375% 01/04/16

EUR

44,854,000

47,628,951.53

0.19

FIAT FINANCE & TRADE 7.75% 17/10/2016

EUR

29,095,000

31,031,850.97

0.12

NEWH C E3R+1.45% 16-02-29

EUR

19,105,000

19,057,237.50

0.08

390,915,877.47

1.55

33,131,468.91

0.13

33,131,468.91

0.13

TOTAL LUXEMBOURG MEXICO BANCO SANTANDER 4.125% 11/22

USD

35,838,000

TOTAL MEXICO NORWAY LOCK A E3R+5.5% 15-08-20

EUR

8,635,000

8,805,337.37

0.03

NORS OLJE 8.75% 18-06-20

USD

30,600,000

19,751,832.92

0.08

28,557,170.29

0.11

TOTAL NORWAY NETHERLANDS ABN AMRO BANK 7.125% 07/22

EUR

70,831,000

91,502,673.20

0.37

ABN AMRO 2.875% 30/06/25 EMTN

EUR

47,850,000

49,863,830.00

0.20

ALME L E3R+1.5% 15-01-30

EUR

30,985,000

30,892,045.00

0.12

ING GROEP NV 6.0% PERP

USD

19,100,000

17,850,989.29

0.07

JUBI C E3R+1.4% 15-12-29

EUR

31,201,000

31,168,831.77

0.12

MYRIAD 6% 07/18/20

USD

45,624,000

46,039,374.54

0.18

PETBRA 6.625% 01/16/2034

GBP

9,610,000

8,871,024.50

0.04

PETROBRAS GLOB FIN 6.75% 27/01/2041

USD

19,138,000

11,951,296.06

0.05

PETROBRAS GLOB FIN 6.875% 01/40

USD

14,358,000

9,058,524.57

0.04

PETROBRAS GLOBAL FINANCE 5.625% 20/05/43

USD

28,712,000

16,317,114.44

0.06

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Assets Net

PETROBRAS INTL FIN CO 3.25% 04/19

EUR

16,268,000

12,435,659.23

0.05

STICH AK RABOBK 6,5%13-PERP.

EUR

47,834,300

53,136,413.26

0.21

379,087,775.86

1.51

49,805,477.92

0.20

184,822,800 191,877,718.56

0.76

TOTAL NETHERLANDS PORTUGAL BANCO COMMERC PORTUGUES 3.375% 02/17

EUR

PGB 2 7/8 10/15/25

EUR

PGB 3 7/8 02/15/30

EUR

PGB 5.65% 02/15/24

EUR

PORT OBRI DO 3.85% 15-04-21

EUR

PORTUGAL REPUBLIQUE 4.1% 15-02-45 PORTUGAL 4.35% 07-17

48,300,000 43,156,000

48,389,841.45

0.19

367,321,228.13 474,462,741.92

1.89

62,256,200

71,901,284.31

0.29

EUR

117,091,462.04 130,199,273.78

0.52

EUR

105,489,900 114,496,316.38

0.45

PORTUGAL 4.45%2018

EUR

59,296,586.65

0.24

PORTUGAL 4.75% 14/06/19

EUR

152,139,200 177,323,591.58

52,538,400

0.70

PORTUGAL 4.95% 25/10/23

EUR

93,416,200 112,911,012.38

0.45

PORTUGAL4.1%06-150437

EUR

126,551,580 141,862,523.17

0.56

TOTAL PORTUGAL QATAR CBQ FINANCE LTD 7.5% 18/11/19

USD

44,590,000

TOTAL QATAR UNITED KINGDOM ABERDEN AM 7% 29/03/2049

1,572,526,368.10

6.25

47,499,111.31

0.19

47,499,111.31

0.19

USD

33,874,000

32,351,823.35

0.13

BARCLAY 2.625% 11-11-25 EMTN

EUR

19,130,000

19,189,583.68

0.08

BARCLAYS 7.75% 10/04/2023

USD

33,570,000

34,022,850.09

0.14

ENQLN 7 04/15/22

USD

27,594,000

10,560,807.79

0.04

LLOY BANK GRO 4.582% 10-12-25

USD

113,899,000 105,699,616.41

0.42

RBS 3 5/8 03/25/24

EUR

RBS 6.934% 04/18

EUR

34,545,000

40,528,605.52

0.16

SANTANDER UK PLC 7.375% PERP

GBP

13,489,000

18,671,047.54

0.07

TLWLN 6 1/4 04/15/22

USD

62,593,000

40,568,336.61

0.16

TULLOW OIL 6% 11/20

USD

48,521,000

31,885,632.70

0.13

376,508,243.94

1.50

44,981,352.09

0.18

44,981,352.09

0.18

89,409,719.92

0.36

89,409,719.92

0.36

8,586,649.83

0.03

8,586,649.83

0.03

40,675,000

TOTAL UNITED KINGDOM RUSSIA PHOSRU 4.204 02/13/18

USD

48,422,000

TOTAL RUSSIA SLOVENIA SLOVEN 5.85 05/10/23

USD

84,500,000

TOTAL SLOVENIA SWEDEN VERI HLD AB 6.0% 01-11-22

EUR

TOTAL SWEDEN

Free translation

8,150,000

43,029,940.25

0.17

Currency

Name of securities SWITZERLAND CS 5.75% / TV 09/18/25

Quantity or nominal amount

Current value

% Net Assets

EUR

25,713,000

28,504,000.02

0.11

CS 6.5% 08/08/23

USD

72,710,000

74,041,421.41

0.29

CS 7 1/2 12/11/49

USD

19,400,000

18,880,309.31

0.08

UBS GROUP AG 5.75% PERP

EUR

24,025,000

26,454,911.54

0.11

UBS 4.75% 12/02/2026

EUR

77,359,000

86,104,284.53

0.33

UBS 4.75% 22/05/2023

USD

82,597,000

79,569,554.29

0.32

5.125% 15/05/2024

USD

77,360,000

74,434,737.72

0.30

387,989,218.82

1.54

TOTAL bonds and similar securities traded on a regulated or similar market

11,511,117,146.96

45.74

TOTAL bonds and similar securities

11,511,117,146.96

45.74

TOTAL SWITZERLAND

Debt securities Debt securities traded on a regulated or similar market SPAIN SPAIN ZCP 190816

EUR

262,357,000

262,451,418.07

1.04

KINGDOM OF SPAIN ZCP 13-05-16

EUR

318,025,000

318,142,535.99

1.26

KINGDOM OF SPAIN ZCP 15-07-16

EUR

333,912,000

334,024,751.91

1.33

914,618,705.97

3.63

TOTAL SPAIN UNITED STATES OF AMERICA UNIT STAT OF AMER ZCP 03-03-16

USD

478,192,000

440,047,186.87

1.75

UNIT STAT OF AMER ZCP 24-03-16

USD

669,442,000

615,985,485.70

2.45

UNIT STAT OF AMER ZCP 25-02-16

USD

242,692,000

223,357,843.81

0.89

TOTAL UNITED STATES OF AMERICA

1,279,390,516.38

5.09

TOTAL debt securities traded on a reg. or sim. market

2,194,009,222.35

8.72

TOTAL debt securities

2,194,009,222.35

8.72

Undertakings for Collective Investment Retail UCITS and AIFs aimed at non-professional investors and equivalent funds of other countries FRANCE CARMIGNAC COURT TERME A EUR C

11,999,646.75

0.05

TOTAL FRANCE

EUR

3,185

11,999,646.75

0.05

TOTAL Retail UCITS and AIFs aimed at nonprofessional investors and equivalent funds of other countries TOTAL Undertakings for Collective Investment

11,999,646.75

0.05

11,999,646.75

0.05

364,579,381.77

1.45

364,579,381.77

1.45

364,579,381.77

1.45

Securities deposited Bonds and similar securities traded on a regulated or similar market UNIT STAT OF 2.125% 15-05-25 TOTAL bonds and similar securities traded on a regulated or similar market TOTAL Securities deposited

Free translation

USD

400,000,000

Currency

Name of securities

Quantity or nominal amount

Current value

% Net Assets

Securities received as a guarantee Bonds and similar securities traded on a regulated or similar market E.ETAT 3.75%05-250421 OAT

EUR

27,512,000

33,490,551.53

0.14

E.ETAT 5,50%98-29 OAT

EUR

16,178,000

24,970,575.91

0.10

FRANCE 0.5% 25-05-25

EUR

22,170,000

21,438,916.99

0.09

FRANCE 1% 25/07/2017 INDX

EUR

2,819,150

3,303,151.46

0.01

FRENCH REP 0.45% 25-07-16 IND

EUR

21,897,591

23,177,620.16

0.09

FRENCH REP 2.1% 25-07-23 IND

EUR

173,293

228,273.48

OAT 0.5% 25-11-19

EUR

17,710,000

18,103,872.34

0.07

OAT 1% 05/18

EUR

19,816,065

20,533,357.82

0.08

OAT 1.3%10-250719 INDX

EUR

15,000,000

17,281,156.22

0.07

OAT 2.5%10-251020

EUR

17,281,000

19,375,768.82

0.08

OAT 3.50%10-250426

EUR

15,710,000

19,909,365.41

0.08

OAT 4% 25/04/18

EUR

16,537,000

18,633,376.51

0.07

OAT 4% 25/04/1960

EUR

2,300,000

3,551,473.36

0.01

OAT 4%06-25102038

EUR

3,920,000

5,521,589.90

0.02

OATE 1,85%11-25072027 INDX

EUR

2,570,000

3,387,423.89

0.01

OAT3.25%06-25042016

EUR

1,900,000

1,964,207.54

0.01

REPU FRAN ZCP 25-05-20

EUR

11,492,600

11,479,958.14

0.05

TOTAL bonds and similar securities traded on a regulated or similar market

246,350,639.48

0.98

TOTAL Securities received as a guarantee

246,350,639.48

0.98

Receivables on securities lent BRAZIL BRASIL.DIST.ADR

USD

80,938

TOTAL BRAZIL

783,823.77 783,823.77

UNITED STATES OF AMERICA INTERCEPT PHARMACEUTICALS IN

USD

452,728

62,243,327.62

0.25

MERCADOLIBRE

USD

400,000

42,102,549.94

0.17

VISA INC CLASS A

USD

1,228,053

87,669,621.79

0.34

192,015,499.35

0.76

33,301,113.87

0.13

33,301,113.87

0.13

4,349,765.26

0.02

4,349,765.26

0.02

4,070,995.03

0.02

4,070,995.03

0.02

234,521,197.28

0.93

TOTAL UNITED STATES OF AMERICA IRELAND PERRIGO COMPANY PLC

USD

250,000

TOTAL IRELAND MEXICO GRUPO FIN SANTANDER-ADR B

USD

545,000

TOTAL MEXICO SWITZERLAND NOVARTIS AG NOMINATIF

CHF

TOTAL SWITZERLAND TOTAL Receivables on securities lent

Free translation

51,000

Name of securities

Currency

Quantity or nominal amount

Guarantees on securities lent

Current value

% Net Assets

36,592.14

Payables on securities received as a guarantee

-246,350,639.48

-0.98

Forward financial instruments Futures Futures on regulated or similar markets EUR EUREX EUROS 0316

EUR

-98,097

-49,208,781.25

-0.19

HHI HANG SE F6

HKD

-4,622

7,525,068.60

0.03

OSE OS NIKKEI 2 0316

JPY

-9,570

31,188,045.04

0.12

S&P500 MINI0316

USD

-32,203

-37,796,948.36

-0.15

TY CBOT YS H6

USD

2,372

-853,263.62

US US TBON H6

USD

4,169

539,690.35

TOTAL futures on regulated markets Futures on OTC markets BK09 GS BKXTR 0316 BS45 NOM NIF 0116

-48,606,189.24

-0.19 0.02

USD

-4,097,007

6,221,708.38

INR

-32,736

-1,023,667.62

TOTAL futures on OTC markets TOTAL futures

5,198,040.76 -43,408,148.48

0.02 -0.17

Options Options on OTC markets EUR/USD C 1.05

EUR

1,237,000,000

74,220.00

EUR/USD C 1.13

EUR

624,720,000

376,087.69

EUR/USD C 1.13

EUR

-624,720,000

-376,087.69

EUR/USD P 1.09

EUR

624,720,000

7,078,708.57

0.03

EUR/USD P 1.09

EUR

-624,720,000

-7,078,708.57

-0.03

EURIBOR 3 MOIS 03/2016 CALL 1

EUR

267,000,000

320,303.88

EURIBOR 3 MOIS 03/2016 PUT 1

EUR

-315,060,000

-574,278.77

EURIBOR 3 MOIS 03/2019 PUT 1

EUR

1,904,904,000

3,904,557.92

0.02

EURIBOR 3 MOIS 06/2019 CALL 1

EUR

-3,781,805,000

-1,617,749.53

-0.01

EURIBOR 3 MOIS 06/2019 CALL 1

EUR

-3,837,805,000

-1,641,704.75

-0.01

EURIBOR 6 MOIS REV 03/2016 CALL 1

EUR

89,000,000

106,767.96

EURIBOR 6 MOIS REV 03/2016 PUT 1

EUR

-105,020,000

-191,426.26

KRW 3 MOIS CDN 09/2016 CALL 1

KRW

144,240,000,000

1,220,085.85

KRW 3 MOIS CDN 09/2016 CALL 1

KRW

144,240,000,000

1,220,085.85

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-96,220,000

-1,006,776.71

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-95,950,000

-1,007,877.77

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-95,952,000

-1,007,898.78

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-96,100,000

-1,128,668.54

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-239,875,000

-2,519,694.43

-0.01

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-336,550,000

-3,952,688.82

-0.02

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Net Assets

LIBOR 3 MOIS USD 09/2017 CALL 1

USD

-336,580,000

-3,953,041.16

-0.02

LIBOR 3 MOIS USD 09/2022 PUT 1

USD

576,455,000

24,795,195.88

0.11

LIBOR 3 MOIS USD 09/2022 PUT 1

USD

336,550,000

14,476,105.11

0.06

LIBOR 3 MOIS USD 09/2022 PUT 1

USD

192,170,000

8,265,853.87

0.03

LIBOR 3 MOIS USD 09/2022 PUT 1

USD

95,952,000

4,127,206.17

0.02

LIBOR 3 MOIS USD 09/2022 PUT 1

USD

96,100,000

4,023,179.66

0.02

LIBOR 3 MOIS USD 12/2016 CALL 1

USD

6,400,810,000

8,126,665.89

0.03

LIBOR 3 MOIS USD 12/2016 CALL 1

USD

-4,298,810,000

-6,418,099.98

-0.03

LIBOR 3 MOIS USD 12/2016 PUT 1

USD

-2,102,000,000

-3,134,404.57

-0.01

USD/CNH C 6.6

USD

725,000,000

8,098,269.35

0.03

USD/CNH C 6.6

USD

625,000,000

6,981,266.69

0.03

USD/CNH C 6.8

USD

-625,000,000

-2,135,402.28

-0.01

USD/CNH C 6.8

USD

-725,000,000

-2,477,066.65

-0.01

USD/KRW C 1175.0

USD

398,865,165

3,656,153.86

0.01

USD/KRW C 1210.0

USD

655,000,000

5,477,362.88

0.02

USD/KRW C 1250.0

USD

-398,865,165

-140,871.41

USD/KRW C 1270.0

USD

-655,000,000

-1,451,600.11

-0.01

USD/SGD C 1.428

USD

624,728,846

2,604,037.53

0.01

USD/SGD C 1.485

USD

-624,728,846

-100,400.59

TOTAL options on OTC markets

63,017,667.24

0.25

TOTAL options

63,017,667.24

0.25

Other forward financial instruments Credit Default Swaps ITRAXX EUR XOVER S24

EUR

-47,770,000

-3,986,782.82

-0.02

ITRAXX EUR XOVER S24

EUR

-47,770,000

-3,986,782.82

-0.02

ITRAXX EUR XOVER S24

EUR

-47,770,000

-3,986,782.82

-0.02

ITRAXX EUR XOVER S24

EUR

-48,000,000

-4,005,978.13

-0.02

ITRAXX EUR XOVER S24

EUR

-48,000,000

-4,005,978.13

-0.02

ITRAXX EUR XOVER S24

EUR

-95,550,000

-7,974,400.23

-0.03

ITRAXX EUR XOVER S24

EUR

-144,150,000

-12,030,453.09

-0.05

ITRAXX EUR XOVER S24

EUR

-238,800,000

-19,929,741.21

-0.07

ITRAXX EUR XOVER S24

EUR

-240,200,000

-20,046,582.24

-0.07

-79,953,481.49

-0.32

TOTAL Credit Default Swaps Interest rate swaps BZDIOV/0.0/FIX/11.35

BRL

3,393,180

96,096.98

BZDIOV/0.0/FIX/11.97

BRL

4,800,000

113,604.21

FIX/10.78/BLCDIR/0.0

BRL

184,201,983

-13,439,936.17

-0.05

FIX/10.78/BLCDIR/0.0

BRL

365,939,718

-26,700,073.33

-0.11

FIX/10.8/BLCDIR/0.0

BRL

365,523,370

-26,560,695.61

-0.11

FIX/11.86/BZDIOV/0.0

BRL

454,040,000

-10,936,071.76

-0.04

FIX/11.92/BZDIOV/0.0

BRL

686,966,000

-16,290,267.94

-0.06

Free translation

Name of securities

Currency

Quantity or nominal amount

Current value

% Net Assets

FIX/11.93/BZDIOV/0.0

BRL

686,779,000

-16,243,152.73

-0.06

FIX/12.26/BZDIOV/0.0

BRL

123,843,521

-2,615,370.49

-0.01

FIX/12.265/BZDIOV/0.

BRL

124,077,685

-2,614,899.70

-0.01

FIX/12.35/BZDIOV/0.0

BRL

3,986,000,000.4

-9,037,222.45

-0.04

FIX/2.0425/E6M/0.0

EUR

288,320,000

-5,098,189.57

-0.02

-129,326,178.56

-0.51

-0.01

TOTAL interest rate swaps CFDs ANF ABERCR 1230

USD

-1,200,662

-1,580,545.58

BB2 BEST BUY 1230

USD

-49,170

60,200.77

BSY ML BRITIS 1230

GBP

-1,895,259

-154,284.70

CFD GAP 1230

USD

-539,366

1,007,928.73

CFD JP CTRP 1230

USD

-156,150

585,326.48

CFD MER OMC 1230

USD

-815,829

-1,306,768.35

-0.01

CFD MER PG 1230

USD

-769,869

-2,707,554.77

-0.01

CFD SCRIPPS 1230

USD

-38,865

56,886.08

CFD TWITTER 1230

USD

-1,044,789

2,173,638.17

CFD UBS BBY 1230

USD

-419,178

513,216.18

CFD UBS DIS 1230

USD

-955,696

7,287,006.46

0.03

_MA ML APPLE 1230

USD

-775,755

9,312,202.15

0.04

ML CTRIP 1230

USD

-255,812

1,495,638.77

0.01

ML TRIPAD 1230

USD

-504,760

-775,882.88

ML WAL-MART 1230

USD

-249,685

-565,428.61

MNF NETFLIX 1230

USD

-497,784

4,101,230.60

UTS UBS TESCO 1230

GBP

-5,079,722

1,219,877.61

TOTAL CFD

0.01

0.02

20,722,687.11

0.08

TOTAL other forward financial instruments

-188,556,972.94

-0.75

TOTAL forward financial instruments

-168,947,454.18

-0.67

Margin calls C.A.Indo margin calls in HKD

HKD

-63,353,176.25

-7,525,068.59

-0.03

C.A.Indo margin calls in USD

USD

41,399,459.64

38,110,521.62

0.15

C.A.Indo margin calls in euro

EUR

49,208,781.25

49,208,781.25

0.19

C.A.Indo margin calls in yen

JPY

-4,075,543,009

-31,188,045.04

-0.12

48,606,189.24

0.19

24,627,327,810.96

97.85

-24,016,851,295.41

-95.43

532,042,196.03

2.11

25,168,220,146.63

100.00

TOTAL margin calls Receivables Payables Financial accounts Net assets

Free translation

CARMIGNAC PATRIMOINE A EUR Y dis CARMIGNAC PATRIMOINE A CHF acc Hdg CARMIGNAC PATRIMOINE A USD acc Hdg CARMIGNAC PATRIMOINE A JPY inc CARMIGNAC PATRIMOINE B JPY inc CARMIGNAC PATRIMOINE E EUR acc CARMIGNAC PATRIMOINE F GBP acc Hdg CARMIGNAC PATRIMOINE A EUR acc CARMIGNAC PATRIMOINE F GBP Qdis Hdg

EUR CHF USD JPY JPY EUR GBP EUR GBP

Free translation

3,679,904.595 782,284.632 1,899,439.098 2,616,261.000 1,135,306.000 17,183,386.256 112,394.539 34,325,840.304 4,428.664

109.25 110.22 111.37 11,005.00 11,794.00 157.06 112.25 624.96 109.14

FURTHER INFORMATION REGARDING THE COUPON’S TAX REGIME

BREAKDOWN OF COUPON UNITS: A EUR Y dis Net global

Currency

Net per unit

Currency

Income subject to non-definitive, compulsory withholding tax Shares eligible for rebate and subject to non-definitive, compulsory withholding tax Other income not eligible for rebate and subject to nondefinitive, compulsory withholding tax Non-declarable and non-taxable income

1,729,555.15

EUR

0.47

EUR

1,177,569.48

EUR

0.32

EUR

404,789.51

EUR

0.11

EUR

TOTAL

3,311,914.14

EUR

0.90

EUR

Free translation

CARMIGNAC GESTION 24, place Vendôme, 75001 Paris Tel: +33 (0)1 42 86 53 35 - Fax: +33 (0)1 42 86 52 10 Portfolio management company (AMF authorisation no. GP 97-08 of 13/03/1997). SA with capital of EUR 15 million - RCS Paris B 349 501 676

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