EMERGING MARKETS - Carmignac...4 Fund Performance Reference Indicator Carmignac Emergents +5.15% -5.22% 1 Carmignac Portfolio Emerging Discovery +2.99% +0.19% 2 Carmignac Portfolio

1

February 10th and 11th 2016

EMERGING MARKETS

Xavier HOVASSE Head of Emerging Markets

Fund Manager

2

Emerging Markets at Carmignac: A Combined Expertise

Xavier HOVASSE

Head of team, Fund Manager LATAM specialist

David PARK

Fund Manager Asia specialist

Michel WISKIRSKI

Analyst EMEA specialist

Charles ZERAH

Fund Manager Fixed Income

Haiyan LI-LABBÉ

Fund Manager China specialist

EMERGING MARKETS EXPERTISE (€5.0 bn AUM)

Joseph MOUAWAD

EM FI & Currencies Analyst

Frédéric LEROUX

Global Fund Manager Head of Cross Asset Macro-economy Derivative Strategies

Obe EJIKEME

Quantitative Equity Analyst

Laurent CHEBANIER

Country Risk Analyst

Julien CHERON

Fund Manager Quantitative Analyst

CROSS ASSET TEAM COMMODITY EXPERTISE

Michael HULME Head of Commodities

Fund Manager

Simon LOVAT Analyst

Commodities

SECTOR / COUNTRY EXPERTISE

Matthew WILLIAMS Analyst Financials

Antoine COLONNA Analyst Consumption

Tim JAKSLAND Analyst Innovation

Vincent STEENMAN Analyst Industry

3

Carmignac’s Emerging Markets Fund Range

Source: Carmignac, 31/12/2015

CARMIGNAC PORTFOLIO EMERGING PATRIMOINE

CARMIGNAC EMERGENTS

CARMIGNAC PORTFOLIO EMERGING DISCOVERY

EMERGING MARKETS DIVERSIFIED FUND

EMERGING MARKETS EQUITY FUNDS

AUM: €29.74 million

CARMIGNAC PORTFOLIO CHINA

Flagship Emerging markets equity fund launched in 1997

A large and mid caps Fund

AUM: €1 155.39 million



4

Fund Performance Reference Indicator

Carmignac Emergents +5.15% -5.22% 1

Carmignac Portfolio Emerging Discovery +2.99% +0.19% 2

Carmignac Portfolio Emerging Patrimoine +0.17% -5.09% 3

Carmignac Portfolio China +6.48% +2.68% 4

1. MSCI Emerging Markets NR (EUR) 2. 50% MSCI EM Mid Cap NR (EUR) + 50% MSCI EM Small Cap NR (EUR) 3. 50% MSCI EM NR (EUR) + 50% JP Morgan GBI-EM Global Diversified Composite Unhedged (EUR) 4. MSCI China Index (USD) net dividends reinvested and converted into EUR

Annual Performance and Contribution

2015

Past performance is not a reliable indicator of future performance. Source: Carmignac, 31/12/2015

5

Long-term Positioning

Both funds are 1st quartile for the 5-year AND since launch performances.

Both funds have 4 stars.

1st Ann. Ret. Percentile Launch date Ann. Ret. Percentile

Carmignac Emergents 1,47 15 Feb-97 9,13 2

Carmignac Pf Emerging Discovery 1,32 17 Dec-07 2,84 13

Annualised return & Percentiles as

of December, 31st 2015

5 Years Since Launch

1st quartile

4th quartile

1st quartile

4th quartile

1st quartile

4th quartile

5-year return Quartile in Morningstar category

5-year volatility Quartile in Morningstar category

5-year Sharpe Ratio Quartile in Morningstar category

CE

CED

MSCI EM

Category Average

CE & CED in the 1st quartile for the performance over 5 years.

CE & CED are in the 1st quartile for the volatility over 5 years.

CE & CED are in the 1st quartile for the Sharpe ratio over 5 years.

CE

CED

CE CED

MSCI EM MSCI EM

Category Average

Category Average

Source: Carmignac, Morningstar Direct. © 2015 Morningstar, Inc - All rights reserved. Monthly returns in Euro, net of fees, as of December, 31st 2015. Peer group composed of all shares of all funds in the Global Emerging Markets Equity Morningstar category. Risk-free rate used for Sharpe

ratio calculation: Eonia Capitalised. Share class used for Carmignac Emergents: FR0010149302 ((1) Reference indicator: MSCI EM). Share class used for Carmignac Portfolio Emerging Discovery: LU0336083810 ((2) Reference indicator: 50% MSCI EM SmallCap + 50% MSCI EM MidCap).

Past performance is not a reliable indicator of future performance.

Low volatility

High volatility

6

5-year Performance in Few Figures

5-year data

as of December 31st 2015Ann. Return Volatility

Sharpe Ratio

(arith)

Information

Ratio (arith)

Sortino

Ratio (arith)

Up Capture

Ratio

Down

Capture

Ratio

Overall

Capture

Ratio

Bear BetaAverage

Loss

Carmignac Emergents 1,47 13,21 0,09 0,37 0,13 82,90 73,61 1,13 0,94 -2,88

Carmignac Pf Emerging Discovery 1,32 11,42 0,09 0,30 0,13 72,21 64,18 1,13 0,79 -2,48

MSCI EM NR EUR -0,70 14,89 -0,06 — -0,09 100 100 1 1 -3,30

Category Average -1,27 14,37 -0,10 -0,28 -0,15 92,17 95,38 0,97 1,06 -3,26

Higher return & lower volatility vs. MSCI EM and the category average…

… leading to superior risk-adjusted returns: • Higher Sharpe ratio • Higher Information ratio • Higher Sortino ratio

The Sortino Ratio is similar to Sharpe Ratio except it uses downside risk (Downside Deviation) in the denominator. Since upside variability is not necessarily a bad thing, Sortino ratio is sometimes more preferable than Sharpe ratio.

Asymmetric up/down capture ratio vs. the MSCI EM. Downside Capture Ratio measures manager's performance in down markets. A down-market is defined as those months in which MSCI EM is less than 0. In essence, it tells you what percentage of the down-market was captured by the manager. For example, if the ratio is 83%, the manager has captured 83% of the down-market and therefore outperformed the market on the downside.

Lower bear beta and lower average loss compared to the MSCI EM and category average. Beta is a measure of systematic risk with respect to a benchmark. Systematic risk is the tendency of the value of the fund and the value of benchmark to move together. Bear Beta is a measure of the sensitivity of a fund’s return to negative changes in its benchmark’s return. Bear beta < 1 is good

Source: Carmignac, Morningstar Direct. © 2015 Morningstar, Inc - All rights reserved. Monthly returns in Euro, net of fees, as of December, 31st 2015. Peer group composed of all shares of all funds in the Global Emerging Markets Equity Morningstar category. Risk-free rate used: Eonia

Capitalised. Share class used for Carmignac Emergents: FR0010149302. Share class used for Carmignac Portfolio Emerging Discovery: LU0336083810.

Past performance is not a reliable indicator of future performance.

7

Our Compass for navigating Emerging Markets?

8

A Simple Approach

UNDERPENETRATION STRONG FCF MACRO + +

COUNTRIES SECTORS STOCKS

The Fund looks for strong macro fundamentals

(growth outlook, current account, currency,

inflation)

Companies with a strong FCF profile i.e capital light

business that can self finance their growth

Underpenetrated sectors with long term growth

9

20

30

40

50

60

70

80

90

100

110

Brazilian Market Collapse

Ibovespa Brasil Sao Paulo Stock Exchange Index (USD)

-77%

Source: Carmignac, Bloomberg, 27/01/2015

10

50

100

150

200

250

300

350

400

450

500

550

Politics Increase Cost of Capital

Brazil 5Y credit spread (USD)

Source: Bloomberg, 28/01/2016

Bps

11

South Africa: Deteriorating Fundamentals

Source: Bloomberg 15/01/2016

150

200

250

300

350

400

11

12

13

14

15

16

17

South Africa 5Y CDS (USD)

USD/ZAR

Bps

12

0%

5%

10%

15%

20%

25%

30%

35%

Mexico, one of our main convictions

Source: Carmignac, Bloomberg, CICC, Emerging Advisors Group, International Monetary Fund, 31/12/2015

BANORTE

Manufactured Exports % GDP

Oil Exports % GDP

FIBRA TERRAFINA

BANCO SANTANDER MEXICO Stocks Stocks

FIBRA MACQUARIE

Private debt to GDP

30%

4% 0%

25%

50%

75%

100%

125%

150%

175%

200%

Mexico India Russia Brazil China

13

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

Mexico, the good student of Latin America

Source: Carmignac , Bloomberg, 28/01/2016

LABOR MARKET & EDUCATION

REFORMS

TAX REFORM

ENERGY REFORM

FINANCIAL & TELECOM REFORMS

WAL-MART DE MEXICO

FEMSA

BACHOCO

GRUPO LALA

Stocks

Retail sales (YoY %)

14

India: Tangible Signs of Improvement

Source: Bloomberg, Oct 2015

-6

-5

-4

-3

-2

-1

0

1

2

3

4

India Current Account

15

Fiscal discipline: FY16 target deficit of 3.9% of GDP

Corporate taxes will be lowered to 25% from current 30%.

Good & Services Tax implementation

Investments towards infra, such as energy, industrial and minerals and transport

* Target for WPI then CPI Source: Carmignac, Bloomberg, CEIC, 31/12/2015

3%

5%

7%

9%

11%

13%

15%

17%

Inflation target* Inflation, CPI

Policy rate

The objectives of the Indian fiscal policy 08/02/2015

India: New Monetary Policy Governance

16

LATAM EMEA

1/In a Uncertain and Heterogeneous Environment: Select the Right Countries

14.0 MEXICO

1.7 BRAZIL

23.7

INDIA

2.1

TURKEY

2.3

INDONESIA

5.5 SOUTH AFRICA

1.2 POLAND

8.0 ISRAEL

1.7 PHILIPPINES 1.1

THAILAND

ASIA

SOUTH KOREA 7.0

9.7 TAIWAN

63% 17% 20%

Geographic exposure of Carmignac Emergents (%, rebased)


1.8

ARGENTINA

3.1 UNITED ARAB

EMIRATES

CHINA

17.1

17

TOTAL TRADITIONAL MARKETS

TOTAL FRONTIER MARKETS

1/In a Uncertain and Heterogeneous Environment: Select the Right Countries


Geographic exposure of Carmignac Portfolio Emerging Discovery (%, rebased)

2.8

BRAZIL

10.4

INDIA

2.7

TURKEY

2.1

INDONESIA

2.8 CHILE

5.6 COLOMBIA

CHINA

9.3

1.5 PERU

8.6 PHILIPPINES 2.2

SRI LANKA

2.7

VIETNAM

0.5 NIGERIA

3.9

KENYA

5.1

UNITED ARAB

EMIRATES 10.6 MEXICO

RUSSIA 2.3

67% 33%

11.4 TAIWAN

12.8 SOUTH KOREA

2.9 ARGENTINA

18

Private debt / GDP

Source: Carmignac, Emerging Advisors Group, International Monetary Fund, 30/10/2015

2/ In a Weak Macro Environment, Focus on Long-Term Growth Sectors

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

19

0%

2%

4%

6%

8%

10%

12%

14%

eCommerce penetration rate

Source: Carmignac, MercadoLibre, Euromonitor, 2014


Antoine Colonna Analyst Consumption

http://www.mercadolibre.com/

20

Source: Carmignac, Deutsche Bank, Macquarie Bank Bloomberg, 06/11/2015


0%

2%

4%

6%

8%

10%

12%

14%

16%

Taiw

an

Ho

ng

Ko

ng

Jap

an

Un

ited

Kin

gdo

m

Sou

th K

ore

a

Fran

ce

Sin

gap

ore

Thai

lan

d

Mal

aysi

a

Ger

man

y

Un

ited

Sta

tes

Ind

ia

Bra

zil

Ch

ina

Ph

ilip

pin

es

Ind

on

esia

Mex

ico

Vie

tnam

Matthew Williams Analyst Financial Sector

Life insurance penetration

21

3/ A Rigorous Stock-Picking…

Source: 2016 Forbes.com LLC™ All Rights Reserved, March 2015

FORBES Top 20

1 Bill Gates Software

2 Carlos Slim Telecoms

3 Warren Buffett Insurance

4 Amancio Ortega Retail

5 Larry Ellison Software

6 Charles Koch Industry

7 David Koch Industry

8 Christy Walton Retail

9 Jim Walton Retail

10 Liliane Bettencourt Consumer goods

11 Alice Walton Retail

12 Robson Walton Retail

13 Bernard Arnault Consumer goods

14 Michael Bloomberg Software

15 Jeff Bezos Internet

16 Mark Zuckerberg Internet

17 Li Ka Shing Property

18 Sheldon Adelson Casinos

19 Larry Page Internet

20 Sergey Brin Internet

22


FORBES Top 20









9 Jim Walton Retail












Software

Infosys

Checkpoint

…That Has Proven Its Worth in Developed Markets

23


FORBES Top 20









9 Jim Walton Retail












Retail

Wal-Mart de Mexico

Grupo Pao De Acucar

Jeronimo Martins

President Chain Store

Almacenes Exito


24


FORBES Top 20









9 Jim Walton Retail












Internet

Baidu

MercadoLibre

Netease

Daum Communications

C-Nova

Soufun

YY


25


FORBES Top 20









9 Jim Walton Retail












Insurance

AIA Group

Sul America

Avivasa Emeklilik


26

High Quality Financial Ratios, Consequence of Our Investment Process

* Consensus estimates ** Net debt at last company publication date and market capitalisation as at

21/10/2015 – Net debt excluding financials

Source: Carmignac, Datastream, Bloomberg, 29/01/2016

-5%

0%

5%

10%

15%

20%

25%

EPS growth(CAGR 2015-17)

Return on Equity(2016)*

FCF yield (%)(2016) *

Net debt / Market Cap **

Carmignac Emergents

Carmignac Portfolio Emerging Discovery

MSCI Emerging Markets

27

Emerging Markets

28

Time to Panic?

Source: Press, 2015 & 2016

29

-10%

-5%

0%

5%

10%

15%

20%

Current Account + Long term capital transactions Capital Flows

*6 months moving average

Source: Emerging Advisors Group, Q3 2015

The Key Question for EM...

% GDP*

Current Account + Long Term Capital Transactions

Capital Flows (excl. FDIs)

30

Chinese Savings: A Decisive Factor

Source: Carmignac, The People's Bank of China, China National Bureau of Statistics, 31/12/2015

3.3

8.3

3.2

3.0

1.0

0

2

4

6

8

10

12

14

16

18

Chinese household liquid reserves Chinese central bank foreign exchangereserves

USD trn

USD 15.5 trn

USD 3.3 trn

Cash

Wealth Management Products

Equities

Deposits

≈

≈

31

Yuan will depreciate

Deposits + Savings OUTFLOW risk

Source : Carmignac

A sharp rate cut Capital controls

What are Chinese Authorities’ Options?

Strong one-off devaluation (≈ 15% - 20%)

Step by step devaluations (≈ 5% per year)

32

50

150

250

350

450

550

650

Source: Bloomberg, Jan 2016

China’s Contagion Mechanism

USD bn

China’s trade balance

33

Impact on Commodities

Source: Emerging Advisors Group, Jan 2016

30

40

50

60

70

80

90

100

110

120

130

140

2011 2012 2013 2014 2015

Copper

Steel

Iron ore

Coal

34

A Global Problem

Source: Emerging Advisors Group, Jan 2016

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

DM imports

EM exports

Growth rate (USD, % y/y)

35

Conclusion

36

A Rigorous Approach that Works Through a Whole Cycle

Past performance is not necessarily indicative of future performance. Management fees are included in performance. *MSCI Emerging Markets (EUR), (Reinvested net dividends, rebalanced quarterly)

Source: Carmignac, 31/12/2015; Base 100: 31/12/2009

Carmignac Emergents

+40.9%

Reference Indicator* +14.2%

2010

+30.9%

+24.5%

2012

+17.3%

+13.4%

2011

-12.1%

-17.8%

2013

-6.2%

-6.8%

2014

+5.8%

+11.4%

2015

+5.2%

-5.2%

Carmignac Emergents Reference Indicator*

37

A Rigorous Approach that Works Through a Whole Cycle

Past performance is not necessarily indicative of future performance. Management fees are included in performance. *50% MSCI EM SmallCap (EUR) + 50% MSCI EM MidCap (EUR), (EUR, Reinvested net dividends))

Source: Carmignac, 31/12/2015; Base 100: 31/12/2009

Carmignac Portfolio Emerging Discovery +41.6%

Reference Indicator* +23.9%

2010

+32.6%

+30.5%

2012

+15.9%

+16.9%

2011

-19.1%

-24.3%

2013

-2.3%

-5.2%

2014

+13.1%

+13.0%

2015

+3.0%

+0.2%

Carmignac Portfolio Emerging Discovery Reference Indicator*

38

Appendix

39

The Emerging Markets Team

HAIYAN LI-LABBÉ 14-year experience Fund Manager of Carmignac Portfolio China Analyst Covers Greater China Joined Carmignac in 2011

DAVID YOUNG PARK 11-year experience Co-Portfolio Manager of Carmignac Emergents Co-Portfolio Manager of Carmignac Portfolio Emerging Discovery Covers Asia ex-Greater China Joined Carmignac in 2007

XAVIER HOVASSE 16-year experience Co-Portfolio Manager of Carmignac Emergents Co-Portfolio Manager of Carmignac Portfolio Emerging Discovery Co-Portfolio Manager of Carmignac Portfolio Emerging Patrimoine Covers Latin America and EMEA Joined Carmignac in 2008

CHARLES ZERAH 20-years experience Global Fixed Income Management Fund Manager of Carmignac Portfolio Global Bond Co-Fund Manager of Carmignac Portfolio Emerging

Patrimoine Covers Emerging Markets Bonds Joined Carmignac in 2010

FIXED INCOME & FX

MICHEL WISKIRSKI 7-years experience Analyst Covers EMEA Joined Carmignac in 2014

CARMIGNAC EMERGENTS &

CARMIGNAC PORTFOLIO EMERGING DISCOVERY

JOSEPH MOUAWAD 10-years experience Emerging Markets Analyst Covers Emerging Markets Bonds and Currencies Joined Carmignac in 2015

40

Commitment to On-The-Ground Research

Team visits in the last 6 months

*United Arab Emirats Source: Carmignac

David Park

Xavier Hovasse

Antoine Colonna

Matthew Williams

Fund Managers

Analysts

Edouard Carmignac

Tim Jaksland

Simon Lovat

Michel Wiskirski

HAIYAN LI-LABBÉ

MEXICO

COLOMBIA

ARGENTINA

BRAZIL

SOUTH AFRICA

TURKEY

U.A.E QATAR

INDIA THAILAND

INDONESIA

JAPAN

SOUTH KOREA TAIWAN

PHILIPPINES

CHINA

VIETNAM

RUSSIA

41

0

10

20

30

40

50

60

70

80

90

100

0 2,000 4,000 6,000

Active Management

Source: EM Equity European-domiciled funds bigger than €1bn as of December 2014.

Excluding passive/index tracking funds & small cap funds Calculation benchmark used: MSCI EM,

LHS: 31/10/2015 RHS: 31/12/2015

Dif

fere

nce

vs.

be

nch

mar

k

Active share of Carmignac Emergents and main competitors

AUM (Millions)

Active Share

Carmignac Emergents: Evolution of tracking Error

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Carmignac Emergents

42

The Dividend of Indian Demography

*By volume in the 140 brands and more than 123m cases per annum Source : Bloomberg, UBS, Exane, Deutsche Bank, 31/12/2015

0

1

2

3

4

5

6

7

8

9

10

Ru

ssia

Bra

zil

Thai

lan

d

USA U

K

Wo

rld

Ind

ia

Per-capita consumption still the lowest

litres per annum*

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

EPS Growth(CAGR 2015-

17)

Return onEquity 2017

FCF yield2017

Netdebt/Market

Cap

United Spirits Diageo AB InBev

United Spirits

43

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Un

ited

Kin

gdo

m

Fran

ce

Sou

th K

ore

a

Un

ited

Sta

tes

Arg

enti

na

Jap

an

Mex

ico

Sou

th A

fric

a

Ger

man

y

Turk

ey

Thai

lan

d

Ch

ina

Bra

zil

Ind

ia

-5%

0%

5%

10%

15%

20%

25%

EPS Growth(2015-17)


FCF yield2016

Netdebt/Market

Cap

Shanghai Airport Frankfurt Airport ADP

China Offers Attractive Underpenetrated Sectors…

Source: Bloomberg, World Bank: World Development Indicators, U.S. Census Bureau, Data as of 30/06/2015 for China, 31/12/2014 for Japan, US, Korea, and 2013 for other countries,

31/12/2015

Outbound travel penetration Shanghai International Airport

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

44

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

EPS Growth(2015-17)


FCF yield2017

Net debt/Market Cap

(rhs)

Zhengzhou Yutong Daimler Volvo

… as well as Pockets of Growth

Source: Ministry of Transport of the People’s Republic of China, 06/11/2015 Carmignac, Bloomberg, Exane, Commerzbank, 31/12/2015

Electric bus penetration in public transport Zhengzhou Yutong Bus

0%

10%

20%

30%

40%

50%

60%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

45

-10%

-5%

0%

5%

10%

Ch

ina

+ H

K

Mex

ico

Bra

zil

Sou

th A

fric

a

Taiw

an

Mal

aysi

a

Turk

ey

Co

lom

bia

Ind

on

esia

Ind

ia

Ph

ilip

pin

es

Ru

ssia

n F

eder

atio

n

Sou

th K

ore

a

Un

ited

Ara

b E

mir

ates

Excess Contribution vs Bench Overweight/ Underweight vs Bench

*United Arab Emirates

Performance attribution from 31/12/2014 to 31/12/2015

Performance Drivers in 2015: Country Selection

Overweight

Underweight

46

0.7% 0.7%

4.4%

0.5% 1.5%

0.6%

1.9% 2.6%

-0.1% 0.4%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Excess Contribution Excess Exposure vs bench

Source: Carmignac, from 31/12/2014 to 31/12/2015

Carmignac Emergents 2015 Sector Allocation

Performance Drivers in 2015: Sector Selection

Overweight / Underweight versus Bench

47


Performance Drivers in 2015: Hedging

-15%

-10%

-5%

0%

5%

10%

15%

Portfolio contribution Currency + equity derivatives contribution

Carmignac Emergents 2015 Contribution by hedging

Contribution of our index hedges: +0.33%

Contribution of our currency hegdes: +1.15%

48

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Performance Drivers in 2015: Our Active and Cautious Allocation to the Chinese Markets


17.5%

9.1%

0%

5%

10%

15%

20%

China A-shares

27/02/2015

including

12.4%

-1.3%

-5%

0%

5%

10%

15%

20%

China A-shares

20/08/2015

including

China A-shares (CSI 300 index)

14.4%

-4.7%

-5%

0%

5%

10%

15%

20%

China A-shares

09/07/2015

including

22.3%

-3.1%

-5%

0%

5%

10%

15%

20%

China A-shares

12/06/2015

including

11.5%

-7.3% -10%

-5%

0%

5%

10%

15%

China A shares

31/12/2015

including

49

EM Valuations Not so Cheap

BofA Merrill Lynch Global Research, MSCI, Factset, 25/01/2016

5

10

15

20

25

30

4

5

6

7

8

9

10MSCI EM 12m Aggregated trailing EV/EBITDA (x) ex-financials

MSCI EM trailing P/E (x)

Average

+1 sd

-1 sd

Average

+1 sd

-1 sd

50

And Consensus Estimates Consistently too Optimistic

BofA Merrill Lynch Global Research, MSCI, Factset, 25/01/2016

MSCI Emerging Markets earnings estimates (%)

-5

0

5

10

15

202011 2012 2013 2014 2015 2016

51

Your local contac at Carmignac Germany & Austria

Roland SCHMIDT

BUSINESS DEVELOPMENT DIRECTOR

WHOLESALE & INSTITUTIONAL GERMANY & AUSTRIA

EXT +49-(0)69 71042 - 3616

[email protected]

WHOLESALE & INSTITUTIONAL

FRANK RÜTTENAUER

HEAD OF RETAIL BUSINESS DEVELOPMENT

EXT +49-(0)69 71042 - 3612

[email protected]

MICHAEL T. SCHÜTT

HEAD OF COUNTRY GERMANY & AUSTRIA

EXT +49-(0)69 71042 - 3610

[email protected]

RETAIL GERMANY & AUSTRIA

AGATHE RYLOW

CUSTOMER RELATIONSHIP MANAGER

EXT +352 4670 6043

[email protected]

SEBASTIAN HAIMERL

BUSINESS DEVELOPMENT MANAGER

EXT +49-(0)69 71042 - 3618

[email protected]

INGO BOXLEITNER

BUSINESS DEVELOPMENT MANAGER

EXT +49-(0)69 71042 - 3619

[email protected]

ISABELLA ZUREK

ACCOUNT RELATIONSHIP EXECUTIVE

EXT +49-(0)69 71042 - 3615

[email protected]

52

Disclaimer This presentation is intended for professional clients and has not been submitted for FSMA validation. This presentation may not be reproduced, in whole or in part, without prior authorisation from the management company. This presentation does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this presentation may be partial information, and may be modified without prior notice. SRRI from the KIID : scale from 1 (lowest risk) to 7 (highest risk); category-1 risk does not mean a risk-free investment. This indicator may change over time. Past performance is not necessarily indicative of future performance. Fees are included in performance. To find out the actual fees charged by each distributor, please refer to each distributor's respective fee schedule.

The Funds present a risk of loss of capital. Any contractual information relating to the Funds entered in this publication figures in the respective prospectuses of said Funds. The prospectuses, KIIDs, the net asset values and the latest (semi-) annual management reports may be obtained, free of charge, in French or in Dutch, from the management company (tel. +352 46 70 60 1). These documents may also be obtained via the website www.carmignac.be or from Caceis Belgium S.A., the financial service provider in Belgium, at the following address: avenue du port, 86c b320, B-1000 Brussels. The KIIDs must be made available to the subscriber prior to each subscription. It is recommended that the subscriber read the KIID before each subscription. The minimum subscription amount for A EUR acc units is 1 unit; the minimum subscription amount for A CHF acc units is CHF 1,000; and the minimum subscription amount for A USD acc units is USD 1,000. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a "U.S. person", according to the definition of the US Regulation S and FATCA. If you subscribe to a French investment fund (fonds commun de placement or FCP), you must declare on your tax form, each year, your share of the dividends (and interest, if applicable) received by the Fund. You can perform a detailed calculation at www.carmignac.be. This tool does not constitute tax advice and is intended to serve solely as a calculation aid. This does not exempt you from having to perform the procedures and verifications incumbent upon you as a taxpayer. The results indicated are obtained using data that you provide, and under no circumstances shall Carmignac be held responsible in the event of error or omission on your part. Pursuant to Article 19bis of the Belgian Income Tax Code (CIR92), in the case of subscription to a Fund that is subject to the Savings Taxation Directive, the investor will have to pay, upon redemption of his or her shares, a withholding tax of 25% on the income (in the form of interest, or capital gains or losses) derived from the return on assets invested in debt claims. Distributions are subject to withholding tax of 25% without income distinction. Copyright: The data published in this presentation are the exclusive property of their owners, as mentioned on each page.

Non contractual document, completion achieved on 05/02/2016

CARMIGNAC GESTION – Asset management company (AMF authorisation no. GP 97-08 of 13/03/1997)

Limited company (société anonyme or SA) with capital of €15,000,000 – Registration no.: RCS Paris B 349 501 676

24 Place Vendôme – 75001 Paris – Tel: +33 1 42 86 53 35

CARMIGNAC GESTION LUXEMBOURG – Subsidiary of Carmignac Gestion

UCITS management company (CSSF authorisation of 10/06/2013)

Limited company (SA) with capital of €23,000,000 - Registration no.: RC Luxembourg B67549

City Link -7, rue de la Chapelle L-1325 Luxembourg – Tel: +352 46 70 60 1

Documents

EMERGING MARKETS - Carmignac...4 Fund Performance Reference Indicator Carmignac Emergents +5.15% -5.22% 1 Carmignac Portfolio Emerging Discovery +2.99% +0.19% 2 Carmignac Portfolio