TAGES CAPITAL SICAV. Management and Administration 2. Information to Shareholders 4. Investment Manager's Report 5. Statistics 7

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1 Société d'investissement à Capital Variable Luxembourg (SICAV) R.C.S.: Luxembourg B Unaudited Semi-Annual Report as at June 30, 2015

2 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document, accompanied by the latest annual report and most recent semi-annual report, if published thereafter.

3 Table of Contents Management and Administration 2 Information to Shareholders 4 Investment Manager's Report 5 Statistics 7 TAGES CAPITAL SICAV Global Alpha Selection Statement of Net Assets as at June 30, Statement of Operations and Changes in Net Assets for the period ended June 30, Statement of Changes in Number of Shares 8 Securities Portfolio as at June 30, Portfolio Breakdowns 10 Notes to the Financial Statements 11 1

4 Management and Administration Registered Office 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Board of Directors Chairman Mr Massimo TRAVELLA Chief Operating Officer Tages Capital LLP Italian Branch Corso Venezia 18 I Milano Italy Directors Mr Riccardo DEL TUFO Conducting Officer MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Mr Luca VALERI Head of Relative Value Strategies Tages Capital LLP Italian Branch Corso Venezia 18 I Milano Italy Management Company MDO Management Company S.A. 19, rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg Investment Manager Tages Capital LLP 39, St James's Street London SW1A1JD United Kingdom Custodian Bank and Principal Paying Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Administrative Agent, Registrar and Transfer Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg Domiciliary Agent BNP Paribas Securities Services - Luxembourg Branch 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg 2

5 Management and Administration (continued) Paying Agents in Italy RBC Investor Services Bank S.A. - Milan Branch Via Vittor Pisani 26 I Milano Italy Allfunds Bank S.A., Italian Branch Via Santa Margherita 7 I Milano Italy BNP Paribas Securities Services, Milan Branch Via Ansperto 5 I Milano Italy SGSS S.p.A. Via Benigno Crespi 19 I Milano Italy Independent Auditor KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Legal Advisor Bonn Steichen & Partners 2, rue Peternelchen L-2370 Howald Grand Duchy of Luxembourg Global Distributor Tages Capital LLP Italian Branch (since March 2015) Corso Venezia 18 I Milano Italy Tages Capital SGR S.p.A. (until March 2015) Corso Venezia 18 I Milano Italy TAGES CAPITAL SICAV 3

6 Information to Shareholders Current prospectus The full prospectus, the key investor information document (KIID) and the latest published annual and semi-annual reports are available at the registered office of the Company and from the distributors and are remitted to subscribers free of charge upon their request. Further information and additional documentation may be obtained from the Company's registered office during normal business hours. Reports The annual report is published within four months of the closure of the financial year and the semi-annual report is published within the two months following the end of the half year. Annual reports, including accounting data, are certified by the Auditor and semi-annual reports are made available to shareholders at the Company's registered office and from intermediaries. The financial year-end of the SICAV is the last day of December of each year. General meetings The annual general meeting of shareholders is held in Luxembourg, at the Company's registered office or at any other location in Luxembourg specified in the convening notice, on the second Wednesday of the month of April at a.m., or if any such day is not a bank Business Day in Luxembourg on the next following bank Business Day in Luxembourg. Notice to shareholders will be given in accordance with Luxembourg law. The notice will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and the voting requirements. The convening notices for general meetings of shareholders will be published in the countries where the shares are offered to the public when this is required by their legislation. Purchases and sales A detailed list of investments purchased and sold for any fund during the year is available free of charge upon request at the registered office of the Company. 4

7 Investment Manager s Report In the first half of 2015, Tages Global Alpha Selection returned +3.07% (IED Class). For Tages Global Alpha Selection, 2015 began with a positive month of +0.61% (IED Class) for January. Performance was driven by the Global Macro strategy, which added +0.47% to performance. The main driver was GAM Star Global Rates, which contributed +0.50% as it was able to benefit from positioning itself long the US dollar against a basket of currencies, including GBP and EUR. The fund also made money in the Mexican Peso in the month. Equity Long/Short manager s also performed nicely, adding +0.27% to performance. There was a bit more dispersion in this bucket, with Amber Equity and MLIS Fenician adding +0.26% and +0.24% respectively, whilst MS Alkeon was the largest detractor in the portfolio, -0.28%. The first two funds were able to derive good performance as European equity markets rallied; both were exposed to Italy, especially the Financials sector. In contrast, Alkeon suffered as the US market underperformed, working against their net long bias. Event Driven and Multi-Strategy detracted -0.15% and -0.05% respectively, both suffering from their underlying funds having energy exposure. The Fixed Income bucket was closed out in the month, adding a small positive contribution of +0.09% before exiting. Tages Global Alpha Selection produced its best ever month in February, +2.05% (IED Class), with all five strategies within the portfolio contributing positively. The Equity/Long Short bucket was the strongest contributor, adding +1.45% to portfolio performance. MS Alkeon rebounded strongly, contributing +0.76% thanks to exposure to the technology sector in the US and the Japanese equity markets, whilst the Anavon UCITS fund, Amber Equity and MLIS Fenician contributed +0.35%, 0.26% and 0.08% respectively, mainly driven by continued exposure to Europe, and Italy in particular, as European QE took hold of equity markets. Anavon was also able to make good money in North America, especially in a US media company, whilst Amber saw a number of its long ideas become takeover targets. The Global Macro Strategy contributed +0.42%, with GFS Trend benefiting from its fixed income exposure, especially in South America. GAM Star Global Rates was the only negative fund in the portfolio, detracting -0.02% due to its positioning in Mexican and Canadian FX. In the Event Driven space, MS PSAM contributed +0.17% as a deal in the US Telecoms space advanced nicely. Multi-Strategy, as represented by Hadron Alpha Select, also contributed +0.17%, thanks to a combination of long equity exposure in Europe, long and short credit exposure in Europe and an M&A deal in the Healthcare sector that worked in their favour. March was another good month for Tages Global Alpha Selection, which ended +0.66% (IED Class), taking YTD performance to +3.35%. Once more, five strategies posted positive performance, whilst Managed Futures were added in the month and finished flat. Equity Long/Short was once more the biggest contributor, adding +0.44% to portfolio performance. Amber Equity and MLIS Fenician contributed +0.33% and +0.10% respectively. Amber saw their deep value book in Southern Europe begin to perform nicely, whilst Fenician continued to benefit from its Italian banking exposure. Equity Market Neutral was also a strong contributor, +0.38%, thanks to GAM Star European Alpha making money on both sides of the book, especially in cyclicals, technology and financial stocks on the long side and renewables, rental equipment and industrial names on the short side. Global Macro continued to be a positive contributor, with GFS Trend and GAM Star Global Rates adding +0.17% between them. Both were able to make money in their FX books, especially in North America. In the month, exposure was added to the Managed Futures strategy through the addition of DB Winton to the portfolio. The fund was flat during our investment period. In April, Tages Global Alpha Selection lost -0.48% (IED Class), taking YTD performance to +2.68%. Amongst the six strategies, four were positive and only Equity Market Neutral and Global Macro detracting. Multi-Strategy was the largest contributor, adding +0.07% thanks to Hadron Alpha Selection, which made money in two Norwegian shipping companies and a short in India. Equity Market Neutral was a detractor due to GAM Star European Alpha, which suffered due to its shorts in European cyclicals and commodity names. Global Macro detracted -0.10% due to the performance of GAM Star Global Rates, which lost money in their FX positioning, whilst GFS Trend Macro was a positive contributor thanks to its Emerging Markets exposure. The Equity Long Short bucket was largely flat, +0.01%, as managers with positive performance, such as MS Alkeon and Anavon were offset by weaker performance from MLIS Fenician, as the European stock market rally faltered on more volatility in the bond markets. Managed Futures, through DB Winton, added +0.04% to performance and Event Driven, through MS PSAM, added +0.01%. In May, Tages Global Alpha Selection added +0.64% (IED Class), taking year to date performance to +3.34%. Among the six strategies in the portfolio, five were positive, with only Managed Futures detracting overall thanks to the performance of DB Winton, -0.18%, as trends reversed at the beginning of the month, especially in equity and FX. The top contributing strategy was Global Macro, +0.40%, led by GAM Star Global Rates, which made money in its FX book, specifically in the Mexican peso, Canadian dollar and Euro. Equity Market Neutral also contributed positively, +0.32%, as GAM Star European Alpha saw strong performance in airlines, financials and luxury goods. Multi-Strategy was also positive, +0.14% as Hadron Alpha Selection saw positive returns from a financials short and long positions in Finland and the UK. Equity Long Short contributed +0.08%, with MLIS Fenician gaining in peripheral financials and MS Alkeon in the US. Amber and Anavon were largely flat to negative. Event Driven, thanks to MS PSAM, contributed +0.05% thanks mainly to gains in its merger arbitrage strategy. 5

8 Investment Manager s Report (continued) TAGES CAPITAL SICAV Tages Global Alpha Selection lost -0.51% (IED Class) in June, taking year to date performance to +3.07%. Among the six strategies, five were negative, whilst only Global Macro contributed positively. Managed Futures was the single biggest detractor on a strategy level due to DB Winton, which suffered in its long equity and commodities positions. Equity Market Neutral detracted through GAM Star European Alpha as it saw its long book adversely affected by the turmoil surrounding Greece and a specific position with exposure to tourism in Tunisia. Multi-Strategy detracted -0.06% due to Hadron Alpha Select, which saw spreads widen through the month due to the Greek scenario. The Equity Long Short bucket was down -0.11% for the month. Amber was the strongest performer, making money in peripheral Europe despite contagion fears around Greece. MS Alkeon was flat for the month. Anavon and Fenician were marginal detractors through US technology and peripheral financial stocks respectively. Within Event Driven, MS PSAM detracted -0.03%, mainly in a US casino company. Global Macro was the sole positive strategy, +0.04%, with both GAM Rates, with positions in interest rates, and GFS Trend Macro, due to fixed income positions, contributing positively. Tages Global Alpha Selection has asset under management of EUR 67,905M as of the end of June Note: The information stated in this report is historical and not necessarily indicative of the future performance. 6

9 Statistics June 30, 2015 December 31, 2014 December 31, 2013 TAGES CAPITAL SICAV Global Alpha Selection Net Asset Value Net asset value per share EUR 67,905, ,682, ,759, Class REC EUR Class TEC EUR Class IED EUR Number of shares Class REC 4,809, ,626, ,331, Class TEC 27, , , Class IED 7,745, ,614, ,869, The accompanying notes are an integral part of these financial statements. 7

10 TAGES CAPITAL SICAV Global Alpha Selection (in EUR) Statement of Operations Net Assets and as at Changes June 30, in Net 2015Assets for the Statement of Operations and Changes in Net Assets for period ended June 30, 2015 the period ended June 30, 2015 Notes EUR Notes EUR Assets Investment in securities at cost 58,960, Unrealised appreciation / (depreciation) on securities 3,059, Investment in securities at market value 2b 62,019, Cash at bank 7,002, Other assets 7, Formation costs 8 18, Total assets 69,048, Liabilities Accrued expenses 304, Payable for investment purchased 600, Payable on fund shares repurchased 223, Other liabilities 14, Total liabilities 1,143, Net assets at the end of the period 67,905, Income Bank interest 1.75 Other income 83, Total income 83, Expenses Investment Manager fees 4 553, Custodian fees 6 8, Performance fees 5 101, Management Company fees 3 28, Administration fees 6 22, Professional fees 26, Transaction costs 10 80, Subscription tax 7 5, Bank interest and charges 9, Domiciliary agent fees 6 1, Transfer agent fees 6 9, Amortisation of formation expenses 8 4, Other expenses 33, Total expenses 886, Net investment income / (loss) (803,061.42) Net realised gain / (loss) on: Investments 5,681, Foreign currencies transactions (65,568.51) Forward foreign exchange contracts (13,610.70) Net realised gain / (loss) for the period 4,799, Net change in unrealised appreciation / (depreciation) on: Investments (686,098.84) Increase / (Decrease) in net assets as a result of operations 4,112, Proceeds received on subscription of shares 870, Net amount paid on redemption of shares (94,692,219.18) Net assets at the beginning of the period 157,682, Net assets at the end of the period 67,973, Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Number of shares in issue at the end of the period Class REC 21,626, , (16,961,405.21) 4,809, Class TEC 37, (9,736.21) 27, Class IED 8,614, , (888,006.87) 7,745, The accompanying notes are an integral part of these financial statements. 8

11 Securities Portfolio as at June 30, 2015 TAGES CAPITAL SICAV TAGES CAPITAL SICAV Global Alpha Selection (in EUR) Quantity/ Nominal Name Currency Market value % in EUR NAV Transferable securities admitted to an official exchange listing Ireland Undertakings for collective investment 3, FUNDLOGIC-MS ALKEON UCIT-CEUR EUR 4,235, , GAM STAR-GLOBAL RATES-EUR INC EUR 7,914, , GFS UNCITS TREND MACRO-CEUR EUR 6,638, , HADRON ALPHA SELECT FUND-EURI EUR 8,200, ,818, MAJEDIE-TORTOISE FUND-G GBP 4,429, , MS PSAM GLOB EVENT UCITS-IEUR EUR 3,070, Luxembourg 34,488, , ALPHA UCITS SICAV - ANAVON GLOBAL EQUITY EUR 7,968, , ALPHA UCITS-AMBER EQT-EURO EUR 4,061, , DBPI4 SYS AI SHS I1C-E-CAPITALISATION EUR 4,145, , GAM STAR LUX-EUROP ALPH-IEUR EUR 8,283, , MLIS FENCIAN EQ LG/SHEURIA EUR 3,071, ,530, ,019, Total securities portfolio 62,019, Summary of net assets Total securities portfolio Cash at bank Other assets and liabilities Total net assets % NAV 62,019, ,002, (1,117,284.44) (1.64) 67,905, The accompanying notes are an integral part of these financial statements. 9

12 TAGES CAPITAL SICAV Global Alpha Selection (in EUR) Portfolio Breakdowns Country allocation % of portfolio % of net assets Ireland Luxembourg Nature allocation % of portfolio % of net assets Undertakings for collective investment The accompanying notes are an integral part of these financial statements. 10

13 Notes to the Financial Statements as at June 30, 2015 TAGES CAPITAL SICAV Note 1 General information TAGES CAPITAL SICAV (hereafter the Company or SICAV ) was incorporated as an open-ended Investment Company with variable share capital (SICAV), on December 21, The Company is governed by the Part I of the Law of December 17, 2010 relating to Undertakings for Collective Investments (the "Law of 2010"), with a view to spreading investment risks and enabling its shareholders to benefit from the results of its management. The Company undertakes to comply with the investment limits as described in Part I of the Law. The Company is registered with the Luxembourg Register under number B The Articles of Incorporation were published in the Mémorial C, Recueil des Sociétés et Associations (the Mémorial ) on January 27, The Articles of Incorporation have been amended by an extraordinary general meeting of Shareholds held on October 13, The amendments were published in the Mémorial on January 21, As at June 30, 2015, the Company offered shares in TAGES CAPITAL SICAV Global Alpha Selection (the Sub-Fund ) denominated in EUR. As at June 30, 2015, the following share classes are open to investors: Class REC Class TEC Class IED Shares of the class TEC can only be acquired by beneficial owners who are professionally related to the Tages Group, and by their relatives and affiliates. Note 2 Summary of significant accounting policies a) Presentation of financial statements The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment in transferable securities. b) Valuation of assets The assets of the SICAV will be valued in accordance with the following principles: The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. The value of all portfolio securities and money market instruments or derivatives that are listed on an official stock exchange or traded on any other regulated market is based on the last available price on the stock exchange which is normally the principal market for such assets. The value of securities and money market instruments which are not quoted or dealt in on any regulated market is based on the last available price, unless such price is not representative of their true value; in this case, they may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the Board of Directors of the SICAV. The valuation of derivatives traded over-the-counter (OTC), such as futures, forward or options contracts not traded on exchanges or on other regulated markets, is based on their net liquidating value determined, pursuant to the policies established by the Board of Directors of the SICAV, on a basis consistently applied for each variety of contracts. The value of other assets is determined prudently and in good faith by and under the direction of the Board of Directors of the SICAV in accordance with generally accepted valuation principles (Lux GAAP) and procedures. The Board of Directors of the SICAV, in its discretion, may permit some other method of valuation to be used if it considers that such valuation better reflects the fair value of any asset of the Company. c) Net realised profits or losses on sales of investments The net realised profit or loss on sales of investments is determined on the basis of the average cost of investments sold. d) Conversion of foreign currencies Bank accounts, other assets and the market value of investments in securities expressed in currencies other than the reference currency are converted at the exchange rate prevailing at valuation date. Income and expenses expressed in currencies other than the reference currency are converted at the exchange rate prevailing at payment date. Profit or loss on foreign exchange is included in the statement of operations and changes in net assets. The cost of investments expressed in currencies other than the reference currency is converted at the exchange rate prevailing at purchase date. Cash at bank, other net assets and the market value of investments expressed in currencies other than EUR are translated into this currency at the exchange rate prevailing as at June 30, No assets are expressed in currencies other than EUR as at June 30,

14 Notes to the Financial Statements as at June 30, 2015 (continued) Note 3 Management Company fee MDO Management Company S.A. (the Management Company ) has been appointed as management company and it pursues its activities under Chapter 15 of the Law of December 17, The Management Company is entitled to receive a management company fee of 0.05% per annum with a minimum of EUR 10,000 per year. Note 4 Investment Manager fees The Management Company has entrusted the management of the assets of the different investment sub-funds of the Company to the investment manager, Tages Capital LLP (the Investment Manager ). The mandate is executed under the supervision and the responsibility of the Management Company. The Investment Manager charges the Sub-Fund an investment management fee, calculated daily on the total net assets of the Sub-Fund and payable quarterly in arrears. For the period ended June 30, 2015 the investment management fee per class amounted to: Class IED shares: 0.60% per annum Class TEC shares: 0.00% per annum Class REC shares: 1.50% per annum Note 5 Performance fees As specified in the Prospectus of the Fund, the Investment Manager charges a Performance Fee, for the share Classes IED and REC, equal to 10% of the increase in the net asset value per share of the Sub-Fund. The Performance fee is: calculated, accrued and crystallised daily only when the daily return of the Sub-Fund is positive and the net asset value per share of the Sub-Fund exceeds every net asset value per share previously recorded (High Water Mark or HWM); equal to 10% of minimum between (i) the positive daily return calculated by the increase in net assets of the Sub-Fund over the assets of prior valuation as adjusted for subscriptions and redemptions, and (ii) the daily positive return of the net asset value per share against the HWM; payable quarterly in arrears. The High Water Mark methodology applies such that if the net asset value per share of the Sub-Fund declines, no Performance Fee will be payable in subsequent days to the extent that any subsequent increase in net asset value per share is merely recouping previous declines in the net asset value per share, thus ensuring that Performance Fees are payable only after achieving a positive absolute performance for the Sub-Fund. Each time the Performance Fee is accrued the net asset value per share of that day is set as the new High Water Mark. A performance fee once accrued will not be reimbursed to shareholders, regardless of any subsequent under-performance. Note 6 Custodian Bank, Paying Agent, Domiciliary Agent, Administrative Agent and Registrar and Transfer Agent The Company has appointed BNP Paribas Securities Services - Luxembourg Branch as Custodian Bank (the Custodian ) and as Domiciliary Agent. The Management Company has appointed under its control and responsibility BNP Paribas Securities Services, Luxembourg Branch as the Registrar, Transfer and Administrative Agent for the Company under an Administration Agency Agreement. The Company will pay to the Custodian, the Central Administration Agent and the Registrar and Transfer Agent annual fees which will vary from 0.019% to a maximum of 2% per sub-fund. The Custodian, Central Administration Agent as well as the Registrar and Transfer Agent are also entitled to be reimbursed of reasonable disbursements and out of pocket expenses which are not included in the above mentioned fees. 12

15 Notes to the Financial Statements as at June 30, 2015 (continued) Note 7 Subscription tax The Company is subject in Luxembourg to a tax of 0.05% per annum on its NAV (except for the shares reserved for Institutional Investors who may benefit from the reduced rate of 0.01%). This tax is payable quarterly on the basis of the net assets of the Company calculated at the end of the relevant quarter. Note 8 Formation costs The Company shall bear its incorporation expenses, including the costs of drawing-up and printing the prospectus, the key investor information document, notary public fees, the filing costs with the administrative and stock exchange authorities, the costs of printing certificates and confirmation of shares and any other costs pertaining to the setting-up and launching of the Company. If any asset or liability of the Company is not attributable to a particular Sub-Fund, that asset or liability is allocated to all the Sub-Funds proportionally to their respective net assets. If a new Sub-Fund is later created, the formation and preliminary expenses of this Sub-Fund will be charged exclusively to it and amortised over a 5 years period, starting on the launching date of this Sub-Fund. Note 9 Transaction costs For the period ended June 30, 2015, the Sub-Fund incurred transaction costs relating to the purchase or sale of transferable securities, derivative, or other eligible assets for a total amount of EUR 80, Transaction costs are usually incorporated in dealing prices and not reported as a separate line in the Statement of Operations and Changes in Net Assets. Note 10 Global exposure The global risk on derivatives has been determined according to the Commitment Approach during the financial period ending June 30, There are no financial derivatives instruments as at June 30,

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