ULYSSES L.T. FUNDS EUROPEAN GENERAL. L.T. Funds European General: Share Price Evolution INVESTMENT STRATEGY AUGUST 2015 COMMENT

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1 ULYSSES L.T. FUNDS EUROPEAN GENERAL L.T. Funds European General: Share Price Evolution Mid-Caps 28% Breakdown by Market Capitalisation Small Caps Cash 5% 0% Large caps 67% 124 Breakdown by Risk Profile Cyclical 24% Cash 0% Recovery 0% Defensive 27% Growth 49% Emerging 28% Operating Profit 2015 Breakdown by zone Aus&NZ Japan 1% 2% W Europe 51% 96 Ulysses LT Funds European General MSCI Europe Total return, local currency NAm 18% August 31 st, 2015 Net Asset Value : EUR AUM : EUR 223 mn INVESTMENT STRATEGY The Ulysses L.T. European General Sicav compartment invests with a long-term BUY & HOLD strategy in stocks listed in the European Union and EFTA. Fully invested, the prime objective of the compartment is to achieve a long-term appreciation of its shares commensurate with the portfolio risk. With less than 30 positions, the portfolio primarily consists of large-cap stocks in all sectors and in all countries. Stock selection is based on a thorough long-term fundamental analysis which is conducted according to a proprietary scoring method. The compartment is long only, unleveraged, free of any derivative instruments, and not subject to position trading. It is not invested in micro-caps or in companies listed on unregulated markets. AUGUST 2015 COMMENT In a self-doubting market (MSCI Total Return: -7.28%), the fund s share price fell sharply as well, losing 7.68%. Barely recovered from the latest Greek crisis, the market took fright at the Chinese stock market crash. It forgot that the latter went into a bubble over H1 (+ 50%) and merely reverted to end-2014 levels, albeit suddenly. It also forgot that a healthy US economy and recovery in Europe are two key Chinese growth engines... In this market correction, veering into panic on August 24 th, stocks exposed to the emerging markets were the most affected. With a 28% emerging markets exposure, the portfolio absorbed some of its components spectacular falls relatively well. Moreover, with the Greek situation more or less under control, the USD and CHF slipped by 2% vs. EUR and the GBP by 4%. Good results figures from portfolio companies have, this time as well, cushioned its over 50% exposure to these currencies. As of 31/08, the fund s share price was up by 7.61% in 2015 vs. a Total Return benchmark up by 3.83%. Bloomberg Code : ULLTEGC LX Lipper Code : Score 10 years : UCITS IV compliant Sicav Opened: 31/12/2004 ISIN code: LU Manager: D.G.I Luxembourg NAV calculation : daily Orders cut-off time : 4 p.m. Subscription Fee: 3% (max) Management Fee: 1.9% p.a. Exit Fee : 0% Outperformance Fee: 20% if> MSCI Europe Total Return; HWM, Rue de Rive 6, CH-1204 Geneva. Tel : 41 (0)

2 16-year 1999* ' year 2000* ' * ' year 2001* ' * ' * ' year 2002* ' * ' * ' * ' year 2003* ' * ' * ' * ' *-2010* ' year 2004* ' * ' * ' * ' *-2010* ' *-2009* ' year 2005* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* '896 9-year 2006* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* ' *-2007* '434, Rue de Rive 6, CH-1204 Geneva. Tel : 41 (0)

3 8-year 2007* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* ' *-2007* ' *-2006* '860 7-year 2008* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* ' *-2007* ' *-2006* ' *-2005* '262 6-year 2009* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* ' *-2007* ' *-2006* ' *-2005* ' *-2004* year 2010* ' * ' * ' * ' *-2010* ' *-2009* ' *-2008* ' *-2007* ' *-2006* ' *-2005* ' *-2004* *-2003* * A Shares, Rue de Rive 6, CH-1204 Geneva. Tel : 41 (0)

4 * A Shares ' ' ' ' * ' * ' * ' * ' * ' * ' * * * * * * invest with a 5-year view. Consequently, we believe performance needs to be reviewed over a minimum of 5 years. GIPS report available upon request, verified by KPMG. Past performance is no indication of future performance 200 L.T. Funds European General Share Price Evolution since opening to the public Ulysses LT Funds European General C MSCI Europe Total Return, local currency, Rue de Rive 6, CH-1204 Geneva. Tel : 41 (0)

5 The Ulysses L.T. FUNDS European General Sicav compartment of Banque DEGROOF Luxembourg is open and welcomes investors. To invest in the fund: 1) Please carefully read the prospectus, available in French upon request by dialling the following number: ( ) ) Please contact us to determine the subscription fee (3.0% is a maximum) and the management fee. 3) Place an order with any officially registered financial intermediary (bank, securities broker ) The ISIN Code is: LU (Luxemburg registered fund) The Swiss Telekurs Code is: CH SHS -C- CAP Swiss Representative and Payment Service: Landolt & Cie, 6 chemin de Roseneck, 1006 Lausanne, Suisse All legal documents are freely available on the following website: Disclaimer: For US regulatory reasons, US Residents are not permitted to read this document and the L.T. Funds are not offering any securities or services in the United States or to US Residents through this leaflet. The information in this document is only for the attention of the residents of jurisdictions where it can be lawfully disseminated. It is your responsibility to be aware of and to observe all applicable laws and regulations in your country of residence. Past performance is not necessarily a guide to future performance. The value of these shares may go down as well as up and investors may get back less cash than originally invested. Large Cap = Market Capitalisation above EUR 5 bn. Mid-Cap = Market Capitalisation between EUR 500 mn and EUR 5 bn. Small Cap = Market Capitalisation below to EUR 500 mn. L.T. FUND European General does not correspond to any of the new Morningstar fund classifications. L information contenue dans ce document est à la seule attention des résidents des pays dans lesquels celle-ci peut-être communiquée. La présente brochure professionnelle ne constitue pas un appel public à l épargne. Les souscriptions ne peuvent être acceptées que sur base du prospectus de la SICAV ULYSSES accompagné du dernier rapport annuel disponible et, le cas échéant, du dernier rapport semestriel disponible si celui-ci est postérieur au dernier rapport annuel. Performance passée ne signifie pas performance future. La valeur de la part peut baisser comme s apprécier : un investisseur peut retirer de cette dernière moins que son investissement initial. L.T. Fund European General ne correspond pas aux nouvelles catégories de Morningstar., Rue de Rive 6, CH-1204 Geneva. Tel : 41 (0)

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