EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH

French Mutual Fund

EDMOND DE ROTHSCHILD EURO SUSTAINABLE

GROWTH

ANNUAL REPORT

as at 29 September 2017

Société de Gestion : Edmond De Rothschild Asset Management (France)

Dépositaire : Edmond De Rothschild (France)

Commissaire aux comptes : Cabinet Didier Kling & Associés

Edmond De Rothschild Asset Management (France) - 47 rue du Faubourg Saint-Honoré - 75401 - Paris Cedex 08

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CONTENTS

1. Characteristics of the UCI 3

2. Changes affecting the UCI 4

3. Management report 5

4. Statutory information 15

5. Statutory Auditor’s certification 17

6. Annual financial statements 20

Characteristics of the UCI (continued) 41

KEY INVESTOR INFORMATION This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision about whether to invest.

EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH (EdR Euro Sustainable Growth) Unit: A – ISIN: FR0010505578

UCITS subject to French law

managed by Edmond de Rothschild Asset Management (France), part of the Edmond de Rothschild Group

OBJECTIVES AND INVESTMENT POLICY

Investment objective: The UCITS’ investment objective, over the duration of the recommended investment period, is to outperform its benchmark by investing in eurozone companies, combining financial profitability with the implementation of a policy aiming to comply with sustainable development criteria.

Benchmark index: MSCI EMU (NR), net dividends reinvested

Investment policy: The UCITS implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly eurozone securities. At least 75% of the UCITS will be permanently invested in equities and other PEA-eligible securities and at least 60% will be exposed to shares issued in one or more eurozone countries. Up to 110% of the UCITS’ net assets may be exposed to equity risk. The UCITS’ investment strategy initially relies on the definition of an investment scope that follows a sustainable development strategy deemed conducive to the security appreciating over the term, as assessed in accordance with our internal rating based on environmental, social, governance and stakeholder criteria, and offering promising growth outlook, then secondly, on a stock-picking strategy based on the appreciation potential of the securities. While conducting their activity, they will therefore focus their research on overall performance - economic and financial, social-societal and environmental - gaining the respect and trust of their internal and external stakeholders. Depending on the manager’s expectations of developments on the equity markets, the UCITS may invest up to 25% of the net assets in debt securities and money market instruments traded on eurozone markets.

These stocks (which are rated at least 'investment grade', but with no maximum duration) are selected according to their expected yield. Subject to a limit of 100% of the assets, the UCITS may invest in financial contracts traded on regulated, organised or over-the-counter markets. Furthermore, the UCITS may be invested in units or shares of UCIs, up to a maximum overall limit of 10%. The UCITS may hold securities not denominated in euros, and may therefore be exposed to currency risk. For hedging purposes, the UCITS may use forward currency contracts or currency swaps. The UCITS may also subscribe to equity options, for both hedging and exposure purposes, and to futures to manage exposure to equities. Exposure to currency risk through currencies other than those of the Eurozone may not exceed 10% of the net assets. AMF classification: Equities of Eurozone countries Recommended investment period more than 5 years

Frequency of unit buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets (according to the official calendar of Euronext Paris S.A.) are closed, for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value.

Income allocation: Accumulation Allocation of net realised gains: Accumulation

RISK AND REWARD PROFILE

Lower risk, Higher risk

potentially lower reward potentially higher reward

1 2 3 4 5 6 7

Significant risks not taken into account in this indicator: Credit risk: risk that the issuer of the debt securities or money market securities may not be able to meet its obligations or that its credit rating may be downgraded. It may also be the result of an issuer defaulting on repayment at maturity. Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends. Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested. Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio. The occurrence of any of these risks may negatively impact the net asset value.

This rating system is based on the average fluctuations of the net asset value over the past five years, that is the scale of variation of the whole portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historic data such as those used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.

This UCITS is rated in category 6, in line with the type of securities and geographic regions detailed under the heading 'Objectives and investment policy' as well as the currency of the unit.

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2. CHANGES AFFECTING THE UCI

1- Various regulatory and other changes made, and performance updated on 31/12/2016, rates of charges and fees updated on 30/09/2016, change to front-end fees on 07/02/2017 and change to Bloomberg ticker on 07/02/2017.

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3. MANAGEMENT REPORT

October European markets continue to move within a narrow range ahead of the US elections. However, macroeconomic news continues to be good: an improvement in private sector activity in the eurozone and the publication of a higher-than-expected composite PMI index for the month. The UK market is beginning to suffer from the pound’s depreciation against the euro, and concerns over the consequences of Brexit, though its effects have not yet been felt, are beginning to show in the UK economy (imported inflation, decline in consumer spending, etc.). October saw the start of the Q3 results season, and sectoral rotation continued to benefit consumer staples and financials. These stocks made the most of the improvement in the European economy, with the sector posting the best performance over the month. Results remained varied but were largely in line with expectations. Pleasant surprises were to be found in the luxury sector with LVMH and Gucci up, as well as in structural growth. Any weakening of organic growth was sanctioned by the market, in particular in some iconic defensive consumer stocks (Nestlé, Reckitt, Danone, Essilor etc.). In terms of sustainable development, increased pressure was put on coal with the announcement in late October by Crédit Agricole and Société Générale of an end to their financing of coal-based activities (extraction, power plants) in both mature and emerging countries. Over the month, we sold positions whose growth profile was on a downturn, such as Daimler or Lanxess, whose ESG score was recently downgraded. In contrast, we bought innovative stocks like Rational and Sartorius or structural growth stocks that were unjustly penalised in recent weeks, such as BMW (the premium brand which has made the most progress in terms of vehicle electrification), Dassault Systèmes or JC Decaux.

November European markets rebounded in November after Donald Trump’s election as US President. The market focused on the outlook of budget reflation, with the positive impact on growth that can be expected following the tax cuts and increases in infrastructure spending announced by the Republican candidate. Logically, the sectors most exposed to this theme saw the biggest rises over the month, among them mining stocks and consumer staples, financials benefiting from a more positive environment (resumption of steepening of the yield curve, less punitive regulations), and pharmaceutical, construction and defence companies. At the other end of the scale, rate-based stocks faced a fall in investment, led by utilities and telecoms, along with real estate to a lesser extent. The market’s renewed appetite for risk also came at the expense of defensive stocks (food & drink, consumer goods, distribution), whose valuations, often high, were not insensitive to the rise in risk-free rates. Lastly, the renewable energy segment suffered from the positive line taken on fossil fuels by the new US President. The sectoral rotation in favour of more 'value' stocks, first seen in late summer, thus continued. In microeconomic terms, the third-quarter results season was reassuring for all companies, with most of them reporting figures in line with or exceeding expectations. Bank stocks published good quarterly figures allowing expectations to be revised upwards for 2017. Luxury figures are generally moving in the right direction thanks to a recovery in China and sound performance in the United States. Several industrial, energy and chemicals stocks (Lanxess, CRH, Alstom, Airbus, Zodiac and Royal Dutch Shell) look particularly promising.

December December’s upturn occurred almost seamlessly – in the end, investors easily digested the victory of the 'no' vote in the Italian referendum and welcomed the action of central banks. The Stoxx 600 ended the month up +5.8%. At the sectoral level, the market’s switch to a 'risk-on' approach benefited automotive stocks (+9.9%), which posted the month’s highest increase. Oil (+9.4%) and banking (+7.7%) stocks followed closely behind, the first driven by the 12% upturn in the price of Brent over the period, the latter by the continued steepening of US rate curves and the bargain price paid for transalpine stocks. Though all sectors posted positive results, the more defensive areas found the going tougher, including real estate, distribution and consumer spending. Central banks remained well in focus at year-end: the ECB announced a nine-month extension to its asset purchase programme and a simultaneous reduction of monthly amounts committed from €80 billion to €60 billion.

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The Fed confirmed the 25 bp rate hike that everyone had expected, but drafted a more hawkish roadmap for 2017, scheduling not two but three additional hikes. In both cases, they confirmed the improvement of the economic situation on either side of the Atlantic. Of note is our investment in Wessanen, a Dutch pure player in organic food. The acquisition of Biogran in Spain, which was well received by the market, strengthens the credibility of the strategic aim to make the company a European leader. Also in December, we acquired an interest in Amadeus, an ideal technology stock to support the growth in the air transport sector at the global level while sidestepping the social and environmental restrictions in this sector. Lastly we invested in FinecoBank, the Italian version of 'Boursorama', benefiting from high commercial momentum. Conversely, we sold off ADP and Vestas Wind: both companies now present a less favourable valuation/growth multiple.

January Though January confirmed the macroeconomic recovery seen for several months in Europe, along with the ongoing good performance of the PMI, political risks weighed down on the trend with the effective entry into office of President Trump and the announcement of his first measures. For her part, Theresa May presented her roadmap for Brexit, the triggering of which must, in accordance with the Supreme Court’s decision, receive parliamentary approval. In this context, rates tightened in the eurozone with a widening OAT/Bund spread, more indicative of an increase in the risk premium than of expectations of a cyclical recovery. Though initial results were quite promising on the whole (SAP, LVMH, JC Decaux, STM), with the notable exception of Unilever in terms of major stocks, of most note was the return of major M&A transactions such as those conducted by Essilor and Luxottica which merged to create the world leader in optics, and Safran which took over Zodiac by means of a friendly takeover bid. Johnson & Johnson acquired the Swiss laboratory Actelion for over $30 billion, putting an end to the saga’s many twists and turns. In Italy, Intesa confirmed a potential merger with Generali. We carried out market arbitrage over the month, selling Linde, which showed execution risks in its merger with Praxair, and buying Air Liquide which finalised the integration of Airgas and has a good outlook for development. We bought Suez Environnement, which benefits from three structural growth factors: an increase in the world’s urban population, a reduction in available resources and increased regulation by public authorities. The return of inflation and the cyclical recovery seen in recycling and waste treatment (42% of sales) will also have a positive impact on the Group.

February In the wake of Wall Street, which continued to break records (for instance, the Dow Jones which enjoyed 12 consecutive sessions on the up, something not seen for the past 30 years), the European indices continued their bullish trend. In the eurozone, published statistics confirmed the growth in private sector activity seen over the past several months, with a composite eurozone PMI of 56.0 in February, reaching an almost six-year high. The improvement concerned both the manufacturing sector and services, and was noted in both Germany and France. It should be noted that the 10Y interest rate differential between these two countries widened by 25 basis points, reaching its highest level since 2012, due to the looming presidential elections. In terms of publications, overall the season was a good one, with BPA growth expectations actually on the up for 2017, from +12.8% to +14.3% for eurozone stocks. Lastly M&A was back with a vengeance, swelling performance in a number of sectors, such as consumer spending after the refused $143 billion bid from Kraft Foods on Unilever, or the one accepted by Reckitt Benckiser on Mead Johnson. At the sectoral level, pharmaceutical stocks performed well, against the backdrop of a presumed easing of the relationship between industry and the Trump administration concerning the price of prescription drugs. At the other end of the spectrum, financials, led by banks, suffered due to rising political risk and falling European yields.

March Despite a flat period of consolidation in which the market doubted Trump’s ability to implement his economic promises after the knockback to his health insurance reform, European markets continued to rise in March. Investors seemed to put aside their doubts as to the outcome of the French presidential elections in favour of tangible signs of recovery, such as the PMI whose composite index in March stood at 57 in Germany and even 57.6 in France. Though the Fed decided to go ahead with its 25 bp rate hike as planned, the ECB took another step towards tapering, saying that there was no need to lower rates further.

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Also of note was eurozone inflation, which returned to a 4-year high of 2%. Most companies published earnings above market expectations, confirming the acceleration in sales growth and results, particularly in cyclicals (Adecco, Valeo, Dassault Systèmes, etc.). Banking stocks were pulled up in the wake of Intesa (after it abandoned its proposed acquisition of Generali). Players in the consumer discretionary and technology sectors, which have been the best performers since the beginning of the year, continued to advance. Over the month we sold off BMW: despite the fact that their vehicle electrification strategy and overall sustainable development approach seem convincing, the maturity of the automobile cycle and the potential impact of 'Dieselgate' on all European car manufacturers pushed us to be cautious. We also sold off Gemalto: the company’s visibility with regard to its telecom and banking customers, accounting for 50% of its business, seems particularly weak. The latest publication also invites us to think about the Group’s governance in terms of the quality of financial communication and internal control.

April The results of the first round of the French presidential election and the prospect of a victory for Emmanuel Macron helped the markets to overcome a degree of resistance, with a clear strengthening of the euro and the contraction of French and peripheral spreads. Initial quarterly earnings confirm the long-awaited return of upside momentum in European companies’ income statements thanks to the effects of significant operational levers, inherited from the efforts made on cost structures for many years. Over the month, the best performances were seen among French banks (SG, Crédit Agricole) with the fall in the domestic risk premium, luxury (LVMH and Kering) thanks to the return of consumer spending in emerging countries, technology (SAP, Cap Gemini) and industrials (Schneider, ABB, Legrand, Airbus). Conversely, Gemalto, Bic, Zodiac, Burberry and Technip FMC posted disappointing results: the oil and commodities sectors in particular suffered due to the renewed fall in the oil price after a larger-than-expected upturn on US shale oil fields. Macroeconomic statistics continued to confirm the catch-up in the eurozone as seen in April’s PMI surveys on business outlook, which was once again a pleasant surprise, particularly in France. This constructive view was also shared by the ECB, with Mario Draghi stating at April’s meeting that the figures available since March confirmed that the cyclical recovery of the eurozone economy was increasingly robust. We added Zooplus, the German pure player in the online distribution of food and pet accessories, to the portfolio. In terms of structural growth, sales via this channel have helped to optimise upstream and downstream logistics flows. Customer satisfaction, which is particularly strong, is reflected in a low return rate and strong repeat sales.

May Over the month, equity markets maintained their lead against a backdrop of low volatility on major indices. After the excitement over the French elections in the first half of the month, investors were concerned about political uncertainty in the United States, with D. Trump’s imbroglio specifically regarding the Russian affair. At a macroeconomic level, the environment remains buoyant, with business indicators still favourable and the inflation outlook still contained. In terms of currencies, of note is the weakening of sterling as Brexit plans become more concrete, along with the US dollar which once more fell below November 2016 levels. Sectoral performance since the beginning of the year has tightened, with defensive sectors such as telecoms, utilities, food and beverages or health playing catch-up. The falls in two particular sectors were of note: the automotive sector was penalised by a fall in registrations in the United States and renewed controversy over polluting emissions. Sectors linked to commodities were also put under pressure, impacted in particular by the fall in the oil price following OPEC’s announcement of an agreement on the extension of production cuts, a decision which was deemed insufficient by investors. During the month, we bought Applus, a Spanish certification and inspection company. Their business model, based on risk prevention, enjoyed social and environmental demand subject to structural growth. The company, for which 40% of turnover comes from the oil industry, also looks like the right kind of vehicle to benefit from the rise in oil prices without the ESG complexities of the fossil fuel sector.

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June The consolidation that began in Europe following the results of the Dutch legislative elections and the French presidential elections continued, gaining momentum at the end of the month thanks to the line taken by the ECB chairman: while Mario Draghi confirmed at the beginning of the month that no tapering was on the agenda, his evocation of 'reflationary forces that had taken the place of deflationary forces' at the ECB’s annual conference was interpreted by the market as a turning point. In less than ten days, long rates, which had shown signs of weakness since mid-May, reached the upper end of the range within which they had moved since late 2016. From a sectoral perspective, tensions over European yields meant that banks and insurers ended up in the green. The support given by the Italian government to the recapitalisation of Veneto Banca and Banco Popolare di Vicenza also helped the sector. At the other end of the spectrum, those sectors that were inversely sensitive to interest rates underperformed, led by telecoms and utilities. Food distribution clearly suffered due to Amazon’s promise to finally tackle the fresh food market with the announcement of the purchase of Whole Foods in the United States for $13.7 billion. Lastly, the automotive sector fell in the light of comments by the CFO of General Motors, who talked of a slowdown in the market, and by a profit warning from Schaeffler. Over the month we bought Novo Nordisk, an ultra-dominant player in production and marketing of insulins used in the treatment of diabetes. Though the company suffered due to price pressures last year, its valuation ratios are now attractive once again. Above all, the company should benefit from very strong growth in a new therapeutic class, GLP1, in which Novo holds more than 50% of market share. We also added Munich Re, a defensive stock with high visibility thanks to one of the healthiest balance sheets in the sector. The reinsurer is a leader in the appraisal of emerging risks, more specifically climatic risks, enabling it both to better 'price' its contracts and to provide its customers with new offers.

July Corporate earnings dominated the month of July, with 63% of the stocks held in our portfolio publishing their results. On the positive side, Rational raised its guidance following positive results, while Dassault Systèmes was buoyed by strong results and the signing of a major contract with Boeing. Financials also published good results, including BNP Paribas and Allianz. In terms of less pleasant surprises, Siemens Gamesa announced negative results for the first quarter of this new entity, primarily affected by a slowdown on the Indian market. On the macroeconomic front, the various preliminary eurozone PMIs for July showed a drop in manufacturing activity after reaching a peak last month (56.8 vs 57.4 in June) while tertiary activity remained stable with an index of 55.4. In the IMF’s view, the economic recovery in the eurozone appears to be ongoing, since the organisation raised its growth forecast to +1.9% this year (+0.2 points) and +1.7% next year (+0.1 points). The more dovish line taken by Mario Draghi and the publication of the ECB’s minutes confirming the return of growth in Europe, along with reflationary trends, led the euro to a sharp rise against foreign currencies this month: USD/EUR +3.64% at 1.18, EUR/CHF +4.6% at 1.14 and EUR/GBP +2.2% at 0.895. On our lines, we decided to close out Essity, the SCA’s hygiene spin-off, to strengthen our holding in SCA, the largest private European forestry owner.

August The eurozone continued to send reassuring macroeconomic signals, with higher-than-expected GDP in Q2 and a sentiment score that hit a 10-year high in August. At this point, the verbal escalation between the United States and North Korea has had but a limited impact on the markets. The US executive’s procrastination in terms of announced reforms, combined with the accommodating line taken by the Federal Reserve in its minutes, weighed down on the dollar. The lack of commentary from Mario Draghi regarding the single currency at the annual symposium in Jackson Hole accelerated the trend, with the market considering that the euro’s vigour was not one of the ECB’s current concerns. Over the month, two sectors were particularly penalised: media following profit warnings issued by WPP and ProSieben, whose outlooks were downgraded in the TV segment, and advertising due to a reduction in spending by the major players in consumption. The distribution sector is also under major pressure, following profit warnings from Carrefour and Dixons as well as price cuts announced by Amazon in the US affecting Ahold-Delhaize. At the other end of the scale, the utilities sector saw good results and falling interest rates. The automotive sector was buoyed by good figures posted by Ferrari, speculation around Fiat Chrysler, and the potential separation of Daimler’s activities.

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Commodities also benefited from the upsurge in underlying prices and the weak dollar. Over the month, we have bought Spie, the European #3 in multi-technical on-site services, benefiting as it does from high-quality management, development opportunities in the energy efficiency field, an improved growth outlook in France and a dynamic external growth policy. We also added Bureau Veritas to the portfolio, a world leader in inspection and certification. The company seems particularly well positioned in China, which today is its main market, to make the most of the e-commerce boom.

September Major indices continued their upward trend in September, in spite of geopolitical crises and the political uncertainties in Europe. The statistics published in September confirmed the positive trend seen in previous months: the composite PMI in the eurozone continued to be a source of pleasant surprises, moving up to 56.7, and reaching a six-year high, thanks in particular to France and Germany. Inflation remains just as contained, treading water at 1.5% year-on-year. In this respect, the latest published figures back the 'smooth exit' strategy as the quantitative easing programs led by the main central banks (Fed, ECB, Bank of Japan), in place since 2009, are scheduled to end. To this end, Mario Draghi clearly set the stage for the October meeting by suggesting a probable reduction in its asset repurchase program. As regards sectoral performance, cyclicals did well by surfing the positive trend in macroeconomic statistics and by the reversal of the euro, which stopped appreciating. After stabilising in August following three months of uninterrupted falls, the automotive sector was back on the rise thanks to much better-than-expected business indicators. Oil stocks also performed well, with the sector making the most of the 10% leap in oil prices due to the ongoing strength of global demand. The steepening of yield curves in Europe pushed banks and insurers, with the latter also taking advantage of fears, which ultimately turned out to be baseless, of damage caused by Hurricane Irma in Florida. At the other end of the spectrum, the underperformance seen during the month can be put down to the liabilities in sectors that are inversely sensitive to interest rates (utilities, real estate, telecoms). Defensive sectors did not fare much better (food, consumer goods). In September, the Fund received the SRI label after an audit by EY. Created and supported by the French Ministry of Finance as a result of extended dialogue with stakeholders, the label aims to make socially responsible investment (SRI) products more visible to savers in France and Europe.

From 30 September 2016 to 29 September 2017, the Fund achieved the following performance per unit: - A units 16.85%, with a benchmark of 22.19%. - R units 17.85%, with a benchmark of 22.19%. - I units 18.02%, with a benchmark of 22.19%.

Past performance is not an indication of future performance.

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CARBON FOOTPRINT

Since 1 December 2015, as a signatory to the Montreal Carbon Pledge, Edmond de Rothschild Asset Management (France) has committed to measure and publicise the carbon footprint of its investments each year.

At 31/12/2016, €4.8 billion of the assets of Edmond de Rothschild Asset Management (France) were covered by this measure, i.e. 80% of the equity outstanding in 16 of the Group’s open funds (compared to 7 funds the previous year).

For Philippe Uzan, Chief Investment Officer at Edmond de Rothschild Asset Management (France), “the carbon risk represents a long-term structural transformation that will have far-reaching effects in some sectors. We must anticipate these changes, by identifying to what extent this may make or break certain players in the most exposed sectors”.

The funds in question are European, US and international equity funds.

Carbon Footprint measured in equivalent tonnes of CO2/€ million invested by funds vs benchmark

Edmond de Rothschild Euro Sustainable Growth Benchmark index

137 300

Methodology

Our carbon measures are based on data provided by the companies and are updated annually (Annual Reports, Carbon Disclosure Project) or evaluated by third-party data providers (Bloomberg)

Carbon footprint definition Equivalent tonnes of CO2 per million euros invested It measures the volume of greenhouse gas (GHG), emissions for which the portfolio is responsible in proportion to its share capital. If an investor holds 1% of a company’s capitalisation, this means they are responsible for 1% of that company’s emissions (in equivalent tonnes of CO2). Company Share = (price × number of shares held)/Market capitalisation Absolute Carbon Footprint = Σ (Company Share (x) × Company Emissions (x)) Carbon footprint = absolute carbon footprint/net assets of the fund

Scope Carbon emissions are separated into Scope 1 + Scope 2 emissions. Scope 1 emissions: direct greenhouse gas emissions (combustibles, refrigerants, fuel consumption of owned vehicles) Scope 2 emissions: indirect emissions (electricity, generated steam) These data do not take into account all the emissions attributable to the company, in particular those caused downstream by the use of products and services marketed, or avoided emissions. To date, the measurement of Scope 3 emissions and avoided emissions is not considered sufficiently reliable or standardised. Scope 3 emissions: other greenhouse gas emissions that are not directly related to the manufacture of the product, but to other stages of the product’s life cycle.

Hedging

Hedging, using the data provided by companies (with no estimate), varies between 60% for international equities, 80% for US equities and over 96% for European equities.

DISCLAIMER [Document issue date: 31/03/2017] This document is issued by Edmond de Rothschild Asset Management (France). Non-contractual document intended solely for information purposes. Reproduction or use of its content is strictly forbidden without the authorisation of the Edmond de Rothschild Group. The information contained in this document must not be interpreted as an offer or solicitation of a transaction in a jurisdiction in which said offer or solicitation is unlawful, or in which the person making said offer or solicitation has no authority to act.

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This document is not and should not be interpreted as being investment advice, tax or legal advice, or a recommendation to buy, sell or continue holding an investment. EdRAM cannot be held responsible for an investment or divestment decision made on the basis of this information. The UCIs presented may not be authorised for marketing in your country of residence. If you have any doubts about your ability to invest in a UCI, you are advised to contact your usual adviser. The quantified data, comments, forecasts, and other items contained in this presentation reflect EdRAM's market sentiment and future market trends, in view of the economic climate and information held to date. All investments carry specific risks. Investors are advised to ensure that any investment is appropriate to their individual circumstances, taking independent advice where necessary. Furthermore, they should read the Key Investor Information Document (KIID) and/or any other documents required by the local regulations issued prior to any subscription, available from the website www.edmond-de-rothschild.com in the 'Fund Center' tab, or free of charge on request.

Main changes to the portfolio during the financial year

Securities Changes ('Accounting currency')

Purchases Sales

Edmond de Rothschild Credit Very Short Term R 15,686,670.73 10,558,367.25

CARL ZEISS MEDITEC AG 1,447,180.42 282,592.24

BUREAU VERITAS 1,682,042.58 0.00

AMADEUS IT GROUP SA 1,668,559.81 0.00

MUENCHENER RUECKVERSICHERUNG AG 1,666,597.72 0.00

SARTORIUS PRIV. 1,418,743.45 239,305.50

SUEZ SA 1,602,933.96 0.00

AIR LIQUIDE 1,506,264.91 0.00

APPLUS SERVICES SA 1,495,078.07 0.00

NOVO NORDISK AS 1,492,579.88 0.00

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Efficient portfolio management techniques and derivative financial instruments

a) Exposure obtained through efficient portfolio management techniques and derivatives

Exposure obtained through efficient portfolio management techniques: None.

Underlying exposure obtained through derivative financial instruments: None.

b) Identity of the counterparty/counterparties to efficient portfolio management techniques and derivatives

Efficient management techniques Derivative financial instruments (*)

(*) Except listed derivatives

c) Financial guarantees received by the UCITS in order to reduce counterparty risk

Types of instruments Amount in the portfolio currency

Efficient management techniques

. Term deposits

. Equities

. Bonds

. UCITS

. Cash (**)

Total

Derivative financial instruments

. Term deposits

. Equities

. Bonds

. UCITS

. Cash

Total (**) The Cash account also includes liquidity resulting from repurchase transactions.

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d) Operating income and expenses linked to efficient management techniques

Operating income and expenses Amount in the portfolio currency

. Income (***)

. Other income

Total income

. Direct operating expenses

. Indirect operating expenses

. Other expenses

Total expenses

(***) Income received on loans and repurchase agreements

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SECURITIES FINANCING TRANSACTION REGULATION ('SFTR')

During the year, the UCI was not involved in transactions subject to Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse ('SFTR Regulation').

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4. STATUTORY INFORMATION

METHOD FOR CALCULATING TOTAL RISK (AMF INSTRUCTION No. 2011-15 – ARTICLE 16)) The UCITS uses the commitment method to calculate the total risk associated with financial contracts.

INFORMATION ON TRANSACTIONS INVOLVING SECURITIES IN WHICH THE GROUP HAS A VERY SPECIFIC INTEREST This information is available in the annual financial statements in the section: GROUP FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO.

POLICY FOR SELECTING INTERMEDIARIES AND COUNTERPARTIES In accordance with Article 314-72 of the AMF General Regulations, the management company has set up a ‘Best Selection/Best Execution policy’ for intermediaries and counterparties. The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The policy is available for consultation on the Edmond de Rothschild Asset Management (France) website at www.edram.fr.

REPORT ON INTERMEDIATION FEES In accordance with Article 314-82 of the AMF General Regulations, the Management Company has drawn up a document called ‘Report on intermediation fees’. This document is available for consultation on the Edmond de Rothschild Asset Management (France) website at www.edram.fr.

COMMUNICATION OF ENVIRONMENTAL, SOCIAL AND GOVERNANCE QUALITY (ESG) CRITERIA

Information on ESG criteria is available in the Fund’s Code of Transparency, available at www.edram.fr.

REMUNERATION POLICY AND PRACTICES FOR THE MANAGER’S PERSONNEL The Edmond de Rothschild Asset Management (France) remuneration policy complies with the provisions of European Directive 2009/65/EC ('UCITS V Directive') and Article 314-85-2 of the AMF General Regulations which apply to UCITS funds. The remuneration policy promotes the sound and effective management of risks and does not encourage risk-taking that would be inconsistent with the risk profiles of the UCITS it manages. The management company has implemented adequate measures to prevent any conflict of interest.

For all employees of the management company considered to have a material impact on the risk profile of UCITS funds ('MRT' or material risk-takers), and annually identified as such through a process involving the Human Resources, Risk, and Compliance teams, the remuneration policy specifies that part of their variable remuneration (which must remain in reasonable proportion to their fixed remuneration) is deferred over three years. This deferral, for employees exceeding a minimum threshold, varies from a minimum of 40% to 60% depending on the variable level. Furthermore, a portion of the variable remuneration for these employees will be indexed to the change in the value of a mixed basket of financial instruments that is representative of the AIFs and UCITS managed by the management company and its affiliates. The deferred variable remuneration will therefore comprise, for MRT employees, at least 50% of cash indexed to the basket of instruments, and at most 50% of other deferred elements (Group Long Term Incentive Plan or, as applicable, deferred cash).

Details of the management company’s remuneration policy are available on the company’s website: http://www.edmond-de-rothschild.com/site/France/fr/asset-management. A paper copy is available free of charge upon written request to the management company.

16

The measures relating to payment of the variable remuneration must apply to a full financial year’s performance. Quantitative data (total amount of remuneration (fixed and variable) and aggregate amount of remuneration broken down by employee category) will be given in the annual report published in 2018.

INFORMATION ON WITHHOLDING TAX CLAIM PROCEDURES In many European Union countries, corporate dividends were not historically subject to withholding tax in the same way as in the company’s country of domicile, depending on whether dividends were paid to domestic or foreign entities. When dividends were paid to a foreign entity, they may thus be subject to withholding at source, leading to different tax treatment, which impedes the free flow of capital and is thus contrary to European Union law. As a number of rulings by the European Court of Justice and, in France, the Council of State have been handed down in favour of foreign residents, since 2014 the management company has filed claims on behalf of the funds which it manages for reimbursement of the withholding tax paid on dividends received from foreign companies for funds domiciled in France when the prospect of reimbursement of the withholding tax paid at source is likely to be favourable to the funds concerned, and the amounts at stake are relevant with respect to the procedural costs to be incurred. As this involves claims proceedings with the tax authorities concerned, the outcome and timeline of such claims cannot be predicted. The repayment that may ultimately be obtained is uncertain in terms of principal and, where applicable, interest and timelines.

Claims have been filed via a legal firm that deducts fixed fees per country, per fund, and per year of claim. After repayment, it is anticipated that the legal firm will also deduct a success fee.

Over the year: - The amount of redemptions received by the Fund over the year represents €7,863.75, or 0.014% of the Fund’s net assets. - A provision of €249.70, corresponding to success fees, was recorded in the Fund. - There were no success fee payments during the year. - The Fund paid extraordinary fees during the year of €6,786.40 related to the filing of complaints.

17

5. CERTIFICATION BY THE STATUTORY AUDITOR

EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH (FORMERLY EDMOND DE ROTHSCHILD

EURO SRI) 2 Statutory auditor’s report on the annual financial statements

Annual financial statements – Financial year ended 29 September 2017

Dear Sir or Madam,

In execution of the mission entrusted to us by the management company, EDMOND DE

ROTHSCHILD ASSET MANAGEMENT (FRANCE), we hereby present our report for the

financial year ended 29 September 2017 on:

■ The audit of the annual financial statements of the French mutual fund EDMOND

DE ROTHSCHILD EURO SUSTAINABLE GROWTH (FORMERLY EDMOND DE

ROTHSCHILD EURO SRI), prepared in euros, as attached to this report,

■ The justification of our assessments,

■ The specific verifications and the information required by law.

The annual financial statements were prepared by the management company. Our responsibility 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 professional auditing standards applicable in France,

which require us to carry out an audit in order to obtain reasonable assurance that the annual

financial statements are free of material misstatement. An audit involves examining, on a test basis

or using other selection methods, the evidence supporting the amounts and disclosures contained in

the annual financial statements. It also includes assessing the accounting principles used and the

significant estimates made in preparing the annual financial statements, as well as evaluating their

overall presentation. We believe that the evidence gathered is sufficient and appropriate to justify our

opinion.

We certify that the annual financial statements are, in conformity with French accounting rules and

principles, accurate and consistent, and give a true and fair view of the financial performance of the

previous financial year as well as the financial situation and assets of the UCITS at the end of this

financial year.

EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH (FORMERLY EDMOND DE ROTHSCHILD

EURO SRI) 3 Statutory auditor’s report on the annual financial statements

Annual financial statements – Financial year ended 29 September 2017

II. JUSTIFICATION OF ASSESSMENTS

In accordance with the provisions of Article L.823-9 of the French Commercial Code relating to

the justification of our assessments, we bring to your attention the following information:

In particular, our assessments concerned compliance with the accounting principles and methods

applicable to UCITS, as stipulated in ANC (Autorité des normes comptables, the French accounting

standards authority) regulation No. 2014-01 of 14 January 2014, as well as the existence and

valuation of the financial instruments held in the portfolio.

The assessments were made as part of our audit of the annual financial statements, taken as a whole,

and therefore contributed to the opinion we formed, as expressed in the first part of this report.

III. SPECIFIC VERIFICATIONS AND INFORMATION

We have also performed the specific verifications as required by law in accordance with

professional auditing standards applicable in France.

We have no observations to make on the fair presentation and consistency with the annual financial

statements of the information set out in the management report prepared by the Management

Company and in the documents sent to unitholders concerning the financial position and the annual

financial statements.

Paris, 12 February 2018

Cabinet Didier Kling & Associés

DIDIER KLING

Statutory auditor

Compagnie de Paris

20

6. ANNUAL FINANCIAL STATEMENTS

• BALANCE SHEET in EUR

ASSETS

29/09/2017 30/09/2016

Net fixed assets

Deposits

Financial instruments 69,896,377.41 33,833,649.72

Equities and equivalent securities 63,765,430.89 32,827,542.02

Traded on a regulated or equivalent market 63,765,430.89 32,827,542.02

Not traded on a regulated or equivalent market

Bonds and similar securities

Traded on a regulated or equivalent market


Debt securities

Traded on a regulated or equivalent market

Negotiable debt securities

Other debt securities


Undertakings for collective investment 6,130,946.52 1,006,107.70

General-purpose UCITS and AIFs intended for non- professionals and equivalent investors in other countries

6,130,946.52 1,006,107.70

Other funds intended for non-professionals and equivalent investors in other EU member states

Professional investment funds and equivalent funds in other EU member states and listed special purpose vehicles

Other professional investment funds and equivalents from other EU member states and unlisted special purpose vehicles

Other non-European undertakings

Temporary securities transactions Receivables on securities received under repurchase agreements

Receivables on loaned securities

Borrowed securities

Securities assigned under repurchase agreements

Other temporary transactions

Financial futures

Transactions on a regulated or equivalent market

Other transactions

Other financial instruments

Receivables 209,427.30 1,419.43

Forward currency transactions

Other 209,427.30 1,419.43

Financial accounts 88,253.69 1,094,207.98

Cash and cash equivalents 88,253.69 1,094,207.98

Total assets 70,194,058.40 34,929,277.13

21

LIABILITIES

29/09/2017 30/09/2016

Share capital

Capital 66,407,385.62 35,004,484.29

Undistributed prior net gains and losses (a)

Balance carried forward (a)

Net gains and losses for the financial year (a, b) 3,269,479.20 -432,026.54

Profit/loss for the financial year (a, b) 415,501.67 126,282.32

Total equity capital (= amount corresponding to net assets) 70,092,366.49 34,698,740.07

Financial instruments

Sales of financial instruments

Temporary securities transactions Payables representing securities received under repurchase agreements

Payables representing borrowed securities

Other temporary transactions

Financial futures

Transactions on a regulated or equivalent market

Other transactions

Payables 101,651.17 230,460.01

Forward currency transactions

Other 101,651.17 230,460.01

Financial accounts 40.74 77.05

Current bank borrowings 40.74 77.05

Borrowings

Total liabilities 70,194,058.40 34,929,277.13

(a) Including adjustments (b) Minus any interim dividends paid in respect of the financial year

22

• OFF-BALANCE SHEET ITEMS in EUR

29/09/2017 30/09/2016

Hedging transactions

Commitment on regulated or equivalent markets

Commitment on over-the-counter markets

Other commitments

Other transactions

Commitment on regulated or equivalent markets

Commitment on over-the-counter markets

Other commitments

23

• INCOME STATEMENT in EUR

29/09/2017 30/09/2016

Income from financial transactions

Income from deposits and financial accounts

Income from shares and similar securities 965,012.24 817,046.71

Income from bonds and similar securities

Income from debt securities

Income from temporary purchases and sales of securities

Income from forward financial instruments

Other financial income

Total (1) 965,012.24 817,046.71

Expenses relating to financial transactions

Expenses relating to temporary purchases and sales of securities

Expenses relating to forward financial instruments

Expenses relating to financial debt 4,228.38 200.49

Other financial expenses

Total (2) 4,228.38 200.49

Profit/loss on financial transactions (1 - 2) 960,783.86 816,846.22

Other income (3)

Management fees and amortisation charges (4) 685,373.90 694,192.16

Net profit/loss for the financial year (L. 214-17-1) (1 - 2 + 3 - 4) 275,409.96 122,654.06

Income equalisation for financial year (5) 140,091.71 3,628.26

Interim dividends paid over the financial year (6)

Profit/loss (1 - 2 + 3 - 4 + 5 - 6) 415,501.67 126,282.32

Income on equities and equivalent securities includes extraordinary income relating to recoveries of withholding tax for a total amount of €7,863.75.

24

NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING METHODS AND RULES

The annual financial statements are presented in the form stipulated by ANC (Autorité des normes comptables, the French accounting standards authority) Regulation 2014-01, repealing CRC (Comité de réglementation comptable, the French accounting regulation committee) Regulation 2003-02, as amended.

General accounting principles apply: - a true and fair view, comparability and business continuity; - lawfulness and fairness; - prudence; - consistency of accounting methods from one financial year to the next.

The recognition method selected for recording the income from fixed-income securities is the interest received method.

Purchases and sales of securities are recognised exclusive of costs. The portfolio’s base currency is the Euro. The length of the financial year is 12 months.

Asset valuation rules

Financial instruments are recorded in the financial statements according to the historical cost method and on the balance sheet at their current value as determined by the last known market value or, where no market exists, by any external means or by the use of 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. Investments that are not in the portfolio currency are valued in accordance with the principle set out below and then converted to the portfolio currency on the basis of the exchange rate on the valuation date.

Deposits:

Deposits with a residual maturity of three months or less are valued according to the straight line method.

Shares, bonds and other securities traded on a regulated or equivalent market:

For the purpose of calculating the net asset value, shares and other securities traded on a regulated or equivalent market are valued on the basis of the day’s closing market price.

Bonds and equivalent securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and equivalent securities is calculated up to the net asset value calculation date.

Shares, bonds and other securities not traded on a regulated or equivalent market:

Securities which are not traded on a regulated market are valued by the management company using methods based on market value and yield, taking into account the prices used for recent significant transactions.

Negotiable debt securities:

Negotiable debt securities and equivalent securities which are not traded in large volumes are valued using an actuarial method based on a reference rate, defined below, which is increased, where applicable, by a differential that is representative of the intrinsic characteristics of the issuer:

25

Transferable debt securities with a maturity of less than or equal to one year: Euro Interbank Offered Rate (Euribor); Transferable debt securities with a maturity exceeding one year: rates for French treasury bills (BTAN and OAT) with similar maturity dates for the longest durations

Negotiable debt securities with a residual maturity of three months or less may be valued using the straight line method.

French treasury bills are valued at the market rate, as published daily by the Banque de France.

UCIs held:

Units or shares of UCIs will be valued at the last known net asset value.

Temporary securities transactions:

Securities received under repurchase agreements are recorded as assets under the 'Receivables on securities received under repurchase agreements' heading at the contracted amount, plus any accrued interest receivable.

Securities transferred under a repurchase agreement are recorded as securities purchased at their current value. Payables representing securities transferred under a repurchase agreement are recorded as securities sold at the contracted value, plus any accrued interest payable.

Loaned securities are valued at their current value and are entered under assets at their current value, plus accrued interest receivable, under the 'Receivables on loaned securities' heading.

Borrowed securities are recorded as assets under the 'Borrowed securities' heading at the contracted amount, and as liabilities under the 'Payables on borrowed securities' heading at the contracted amount, plus any accrued interest payable.

Financial futures:

Financial futures traded on a regulated or equivalent market:

Forward financial instruments traded on regulated markets are valued at the settlement price of that day.

Financial futures not traded on a regulated or equivalent market:

Swaps:

Interest rate and/or currency swaps are valued at their market value according to the price calculated by discounting future interest payments at the prevailing interest rate and/or the currency market exchange rate. This price is adjusted to take into account the risk associated with the issuer.

Index swaps are valued on an actuarial basis using a benchmark rate provided by the counterparty.

Other swaps are valued at their market value or at a value estimated in the manner established by the management company.

Off-balance sheet commitments:

Firm futures contracts are recorded as off-balance sheet commitments at their market value at the price used in the portfolio. Options transactions are converted into the equivalent underlying. Swap commitments are recorded at their nominal value or, where there is no nominal value, at an equivalent amount.

26

Costs of management

Operating and management fees cover all fees relating to the UCI: fees for financial management, administration, accounting, custody, distribution, audit, etc. Management fees are calculated on each net asset valuation date. These fees are recorded in the income statement for the UCI. The costs of management do not include transaction fees. For more information about the fees charged to the UCI, please see the prospectus.

The rates applied on the basis of the net assets are:

- A units: 2.00%. - R units: 1.15%, - I units: 1.00% incl. taxes

Performance fee Performance fees are payable to the Management Company in accordance with the following procedure: Benchmark index: MSCI EMU from 2 November 2011, expressed in euros for units issued in euros and in US dollars for units issued in US dollars and calculated with net dividends reinvested. The benchmark index was previously the Stoxx Europe 600 with net dividends reinvested. The performance fee is calculated by comparing the performance of the UCITS with that of the benchmark index. When the UCITS outperforms the benchmark, a fee of 15% net of tax will be applied to the outperformance. The reference periods end with the last net asset value for the month of September. A provision for performance fees will be made each time the net asset value is calculated. This performance fee is payable annually after calculating the last net asset value of the reference period. No performance fee will be charged if the UCITS underperforms the benchmark over the calculation period. In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision. When units are redeemed, the management company receives the portion of the performance fee corresponding to the units redeemed.

Allocation of distributable income

Definition of distributable income:

Distributable income comprises:

Income:

Net income for the financial year is the sum of interest, arrears, premiums and bonuses, dividends, directors’ fees and all other revenues generated by the securities held in the portfolio, plus income generated by temporary cash holdings, less the sum of the costs of management fees and borrowing costs.

It is increased by the balance carried forward and increased or decreased by the balance of the income adjustment account.

Gains and losses:

Realised gains (net of charges), minus realised losses (net of charges), recorded during the financial year, plus any net gains of the same type recorded during previous financial years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.

27

Methods for allocating distributable income:

Distributable Income ‘A,’ ‘R’ and ‘I’ units

Allocation of net income Accumulation

Allocation of net realised gains or losses Accumulation

28

• CHANGE IN NET ASSETS in EUR

29/09/2017 30/09/2016

Net assets at the beginning of the financial year 34,698,740.07 33,929,436.72

Subscriptions (including subscription fees paid to the UCI) 33,343,415.71 1,136,441.52

Redemptions (less redemption fees paid to the UCI) -4,589,630.40 -2,796,299.00

Realised gains on deposits and financial instruments 3,136,209.84 783,027.63

Losses realised on deposits and financial instruments -381,388.69 -1,124,675.11

Gains realised on forward financial instruments

Losses realised on forward financial instruments

Transaction fees -442,955.88 -120,917.63

Foreign exchange differences -78,747.20 -21,340.99

Changes in valuation differential on deposits and financial instruments 4,131,313.08 2,790,412.87

Valuation differential for financial year N 8,997,180.09 4,865,867.01

Valuation differential for financial year N-1 -4,865,867.01 -2,075,454.14

Changes in valuation differential on forward financial instruments

Valuation differential for financial year N

Valuation differential for financial year N-1

Dividends paid in the previous financial year on net gains and losses

Dividends paid in the previous financial year on income

Net profit/loss for financial year prior to income equalisation account 275,409.96 122,654.06

Interim dividend(s) paid over the financial year on net gains and losses

Interim dividend(s) paid over the financial year on income

Other items

Net assets at the end of the financial year 70,092,366.49 34,698,740.07

29

• BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE

Amount %

Assets Bonds and similar securities

TOTAL Bonds and similar securities

Debt securities

TOTAL Debt securities

Liabilities

Sales of financial instruments

TOTAL Sales of financial instruments

Off-balance sheet items


TOTAL Hedging transactions

Other transactions

TOTAL Other transactions

• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE

Fixed rate % Floating rate % Adjustable rate % Other %

Assets

Deposits Bonds and similar securities

Debt securities Temporary securities transactions Financial accounts 88,253.69 0.13

Liabilities Temporary securities transactions Financial accounts 40.74 0.00



Other transactions

30

• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY

< 3 months % [3 months - 1 year]

% [1–3 years] % [3 - 5 years] % > 5 years %

Assets

Deposits

Bonds and similar securities

Debt securities

Temporary securities transactions

Financial accounts 88,253.69 0.13

Liabilities

Temporary securities transactions




Other transactions

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

• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY

DKK CHF SEK Other currencies

Amount % Amount % Amount % Amount %

Assets Deposits

Equities and equivalent securities

1,592,023.33 2.27 1,485,987.85 2.12 1,410,175.66 2.01

Bonds and similar securities Debt securities

UCIs Temporary securities transactions

Receivables

Financial accounts 494.90 0.00 1,244.06 0.00 3,100.09 0.00

Liabilities Sales of financial instruments Temporary securities transactions


Off-balance sheet items Hedging transactions

Other transactions

31

• RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

Type of debit or credit 29/09/2017

Receivables Subscriptions receivable 209,427.30

Total receivables 209,427.30

Payables Redemptions payable 12,454.29

Costs of management 88,598.61

Variable management fees 0.08

Other payables 598.19

Total payables 101,651.17

32

• NUMBER OF SECURITIES ISSUED OR REDEEMED

Units Amount

I Units

Units subscribed during financial year 16,469.000 3,209,274.21

Units redeemed during financial year -2,469.001 -531,057.43

Net balance of subscriptions/redemptions 13,999.999 2,678,216.78

A Units

Units subscribed during financial year 76,368.735 29,752,285.30

Units redeemed during financial year -10,668.722 -3,849,330.97

Net balance of subscriptions/redemptions 65,700.013 25,902,954.33

R Units

Units subscribed during financial year 2,009.135 381,856.20

Units redeemed during financial year -1,100.000 -209,242.00

Net balance of subscriptions/redemptions 909.135 172,614.20

• SUBSCRIPTION AND/OR REDEMPTION FEES

Amount

I Units

Redemption fees received

Subscription fees received

Total fees received

A Units



Total fees received

R Units



Total fees received

• MANAGEMENT FEES

29/09/2017

I Units

Guarantee fees

Fixed management fees 127,178.86

Percentage of fixed management fees 1.00

Variable management fees

Trailer fees

A Units

Guarantee fees



Variable management fees 0.08

Trailer fees

33

29/09/2017

R Units

Guarantee fees



Variable management fees

Trailer fees

• COMMITMENTS RECEIVED AND GIVEN

Guarantees received by the UCI

None.

Other commitments received and/or given

None.

34

• CURRENT VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION

29/09/2017

Securities received under repurchase agreements

Borrowed securities

• CURRENT VALUE OF SECURITIES REPRESENTING GUARANTEE DEPOSITS

29/09/2017

Financial instruments given as a guarantee and retained under their original line entry

Financial instruments received as a guarantee and not recorded on the balance sheet

• GROUP FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO

ISIN code Denomination 29/09/2017

Equities

Bonds

Negotiable debt securities

UCIs 6,130,946.52

FR0011031392 Edmond de Rothschild Credit Very Short Term R 6,130,946.52

Financial futures

Total Group securities 6,130,946.52

35

• ALLOCATION TABLE FOR DISTRIBUTABLE INCOME

29/09/2017 30/09/2016

Amounts still to be allocated

Balance carried forward

Profit/loss 415,501.67 126,282.32

Total 415,501.67 126,282.32

29/09/2017 30/09/2016

I Units

Allocation

Distribution

Balance carried forward for the financial year

Accumulation 172,852.94 51,671.94

Total 172,852.94 51,671.94

29/09/2017 30/09/2016

A unit

Allocation

Distribution


Accumulation 114,599.70 -42,443.81

Total 114,599.70 -42,443.81

29/09/2017 30/09/2016

R Units

Allocation

Distribution


Accumulation 128,049.03 117,054.19

Total 128,049.03 117,054.19

36

• ALLOCATION TABLE FOR THE PORTION OF DISTRIBUTABLE INCOME CORRESPONDING TO NET GAINS AND

LOSSES

29/09/2017 30/09/2016

Amounts still to be allocated

Undistributed prior net gains and losses

Net gains and losses for the financial year 3,269,479.20 -432,026.54

Interim dividends paid on net gains and losses for the financial year Total 3,269,479.20 -432,026.54

29/09/2017 30/09/2016

I Units

Allocation

Distribution

Undistributed net gains and losses

Accumulation 680,566.48 -121,397.17

Total 680,566.48 -121,397.17

29/09/2017 30/09/2016

A unit

Allocation

Distribution


Accumulation 2,018,312.09 -183,886.96

Total 2,018,312.09 -183,886.96

29/09/2017 30/09/2016

R Units

Allocation

Distribution


Accumulation 570,600.63 -126,742.41

Total 570,600.63 -126,742.41

37

• TABLE OF RESULTS AND OTHER SIGNIFICANT ITEMS OVER THE LAST FIVE FINANCIAL YEARS

30/09/2013 30/09/2014 30/09/2015 30/09/2016 29/09/2017

Total net assets in EUR 18,800,954.83 39,477,065.52 33,929,436.72 34,698,740.07 70,092,366.49

Edmond de Rothschild Euro Sustainable Growth I

Net assets in EUR 158.05 8,801,065.38 9,076,928.36 9,756,268.31 14,633,277.64

Number of units 1.000 52,185.003 51,686.906 51,686.906 65,686.905

Net asset value per unit in EUR 158.05 168.65 175.61 188.75 222.77

Accumulation per unit on net gains and losses in EUR 13.57 12.47 6.22 -2.34 10.36

Accumulation per unit on income in EUR 4.44 2.25 1.94 0.99 2.63

Edmond de Rothschild Euro Sustainable Growth A

Net assets in EUR 18,800,661.24 20,344,366.53 15,369,699.76 14,686,721.80 43,198,733.35

Number of units 64,420.673 65,984.903 48,296.360 43,303.431 109,003.444



Accumulation per unit on income in EUR 2.84 1.07 0.60 -0.98 1.05

Edmond de Rothschild Euro Sustainable Growth R

Net assets in EUR 135.54 10,331,633.61 9,482,808.60 10,255,749.96 12,260,355.50

Number of units 1.000 71,469.163 62,969.163 62,969.163 63,878.298



Accumulation per unit on income in EUR 3.84 1.85 1.73 1.85 2.00

38

• PORTFOLIO BREAKDOWN in EUR

Security name Currency Quantity or

nominal amount Current value

% Net assets

Equities and equivalent securities

Equities and equivalent securities traded on a regulated or equivalent market

GERMANY

ALLIANZ SE EUR 10,742 2,040,442.90 2.91

CARL ZEISS MEDITEC AG EUR 30,620 1,352,332.30 1.93

MUENCHENER RUECKVERSICHERUNG AG EUR 9,370 1,695,033.00 2.42

RATIONAL AG EUR 2,595 1,510,809.00 2.16

SAP SE EUR 20,420 1,892,729.80 2.70

SARTORIUS PRIV. EUR 15,530 1,256,066.40 1.79

ZOOPLUS EUR 8,020 1,142,850.00 1.63

TOTAL GERMANY 10,890,263.40 15.54

BELGIUM

UMICORE EUR 23,140 1,619,568.60 2.31

TOTAL BELGIUM 1,619,568.60 2.31

DENMARK

NOVO NORDISK AS DKK 39,360 1,592,023.33 2.27

TOTAL DENMARK 1,592,023.33 2.27

SPAIN

AMADEUS IT GROUP SA EUR 35,320 1,942,246.80 2.77

APPLUS SERVICES SA EUR 132,900 1,408,740.00 2.01

GAMESA CORPORATION TECNOLOGICA EUR 66,870 738,579.15 1.05

TOTAL SPAIN 4,089,565.95 5.83

FRANCE

AIR LIQUIDE EUR 14,290 1,612,626.50 2.30

AXA EUR 61,940 1,585,044.60 2.26

BNP PARIBAS EUR 25,570 1,745,152.50 2.49

BUREAU VERITAS EUR 84,600 1,847,241.00 2.65

DANONE EUR 23,910 1,586,906.70 2.26

DASSAULT SYSTEMES EUR 15,590 1,334,348.10 1.90

EDENRED EUR 59,840 1,376,320.00 1.96

ILIAD EUR 8,170 1,837,024.50 2.62

JC DECAUX SA EUR 37,720 1,194,969.60 1.70

LEGRAND SA EUR 27,610 1,686,418.80 2.41

L'OREAL EUR 9,219 1,658,498.10 2.37

L'OREAL PRIME DE FIDELITE EUR 1 179.90

MICHELIN CAT.B EUR 9,600 1,185,600.00 1.69

NATUREX EUR 13,320 1,276,056.00 1.82

ORPEA EUR 17,180 1,721,436.00 2.46

39

Security name Currenc

y

Quantity or nominal amount

Current value % Net assets

SCHNEIDER ELECTRIC SE EUR 18,650 1,373,199.50 1.96

SPIE SA EUR 64,100 1,492,248.00 2.13

SUEZ SA EUR 107,300 1,657,248.50 2.36

TARKETT - W/I EUR 28,750 1,095,950.00 1.56

VALEO EUR 21,070 1,322,774.60 1.89

TOTAL FRANCE 28,589,242.90 40.79

ITALY

ATLANTIA EX AUTOSTRADE EUR 49,070 1,310,659.70 1.87

ENEL SPA EUR 330,300 1,682,878.50 2.40

FINECOBANK SPA EUR 228,700 1,715,250.00 2.45

INTESA SANPAOLO SPA EUR 525,800 1,573,193.60 2.24

TOTAL ITALY 6,281,981.80 8.96

NETHERLANDS

HEINEKEN EUR 15,320 1,281,518.00 1.83

ING GROEP NV EUR 87,660 1,367,496.00 1.95

KONINKLIJKE DSM EUR 24,080 1,667,780.80 2.38

ROYAL PHILIPS EUR 56,620 1,977,736.60 2.82

WESSANEN NV EUR 95,100 1,512,090.00 2.16

TOTAL NETHERLANDS 7,806,621.40 11.14

SWEDEN

SVENSKA CELLULOSA -B- FREE SEK 197,210 1,410,175.66 2.01

TOTAL SWEDEN 1,410,175.66 2.01

ROCHE HOLDING AG CHF 6,876 1,485,987.85 2.12

TOTAL SWITZERLAND 1,485,987.85 2.12

TOTAL Equities and equivalent securities traded on regulated or equivalent markets

63,765,430.89 90.97

TOTAL Equities and equivalent securities 63,765,430.89 90.97

Undertakings for collective investment

Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries

FRANCE

Edmond de Rothschild Credit Very Short Term R EUR 61 6,130,946.52 8.75

TOTAL FRANCE 6,130,946.52 8.75

TOTAL Retail UCITS and AIFs intended for non-professionals and equivalent investors in other countries 6,130,946.52 8.75

TOTAL Undertakings for collective investment 6,130,946.52 8.75

Receivables 209,427.30 0.30

Payables -101,651.17 -0.15

Financial accounts 88,212.95 0.13

Net assets 70,092,366.49 100.00

40

Edmond de Rothschild Euro Sustainable Growth R EUR 63,878.298 191.93

Edmond de Rothschild Euro Sustainable Growth I EUR 65,686.905 222.77

Edmond de Rothschild Euro Sustainable Growth A EUR 109,003.444 396.30


EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH (EdR Euro Sustainable Growth) Unit: I – ISIN: FR0010769729













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This UCITS is rated in category 6, in line with the type of securities and geographic regions detailed under the heading 'Objectives and investment policy' as well as the currency of the unit.


EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH (EdR Euro Sustainable Growth) Unit: R – ISIN: FR0010850198













1 2 3 4 5 6 7



This UCITS is rated in category 6, in line with the type of securities and geographic regions detailed under the heading ‘Objectives and investment policy’, as well as the currency of the unit.

Documents

EDMOND DE ROTHSCHILD EURO SUSTAINABLE GROWTH