BANOR SICAV Société d'investissement à Capital Variable Luxembourg

Transcription

1 Unaudited semi-annual report BANOR SICAV Société d'investissement à Capital Variable Luxembourg R.C.S. Luxembourg B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the key investor information document ("KIID"), supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

3 BANOR SICAV Contents Organisation... 2 General information... 5 Combined statement of net assets... 8 BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN)... 9 Statement of net assets... 9 Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - ROSEMARY Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - OCKHAM Statement of net assets Statement of changes in investments Notes to the financial statements

4 BANOR SICAV Organisation Registered Office 42, Rue de la Vallée L-2661 LUXEMBOURG Board of Directors Chairman Directors Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ Management Company CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG Board of Directors of the Management Company Chairman Michele MILANI Member of the Management Committee BANOR SIM SPA Via Santa Radegonda, 11 IT MILANO (since 30th June 2014) Giovanni Giacomo SCHRAEMLI Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) Directors Lorenzo BOMBARDA Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014) 2

5 BANOR SICAV Organisation (continued) Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014) Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO (until 30th June 2014) Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG (until 30th June 2014) Giulio ROMANI Chief Executive Officer BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) Day-to-day managers of the Management Company Margherita BALERNA BOMMARTINI Arnaud BOUTEILLER Sylvain FERAUD Custodian Bank and Listing Agent BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Administration Agent, Registrar and Transfer Agent EUROPEAN FUND ADMINISTRATION S.A. 2, Rue d Alsace L-1122 LUXEMBOURG Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ Correspondent Bank in Italy SOCIETE GENERALE SECURITIES SERVICES (SGSS) S.p.A. Via Benigno Crespi 19a Maciachini Center Mac 2 I MILANO 3

6 BANOR SICAV Organisation (continued) Paying Agent in Italy STATE STREET BANK S.p.A. Via Ferrante Aporti n. 10 I MILANO Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG 4

7 BANOR SICAV General information BANOR SICAV (hereafter the "Fund") is a Luxembourg Investment Company ("Société d'investissement à Capital Variable") incorporated for an unlimited duration in Luxembourg on 13th February It is organised in accordance with the provisions of Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Articles of Incorporation of the Fund (the "Articles") were published for the first time in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 27th March The Articles have been filed with the "Registre de Commerce et des Sociétés de Luxembourg" where these documents are kept available for inspection and where copies thereof can be obtained. Following the Extraordinary General Meeting of Shareholders held on 10th February 2014, the Shareholders of the Fund have decided to change the denomination of the Fund from PROXIMA INVESTMENTS SICAV to BANOR SICAV. The Fund is structured as an "umbrella fund", which means that it is made up of several Sub-Funds having each their specific assets and liabilities and their own distinct investment policy. At the date of the report, the following Sub-Funds are offered for subscription: - BANOR SICAV - EURO BOND ABSOLUTE RETURN in EUR (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN) - BANOR SICAV - EUROPEAN VALUE in EUR (formerly BANOR SICAV - GLOBAL VALUE) - BANOR SICAV - ITALY LONG SHORT EQUITY in EUR (formerly BANOR SICAV - ATHENA LONG SHORT) - BANOR SICAV - GREATER CHINA LONG SHORT EQUITY in USD (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) - BANOR SICAV - ROSEMARY in EUR - BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY in USD With effect from 1st July 2014, the Board of Directors decided to operate the following changes: to liquidate the Sub-Fund BANOR SICAV - OCKHAM, to rename the Sub-Fund BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN into BANOR SICAV - EURO BOND ABSOLUTE RETURN, to rename the Sub-Fund BANOR SICAV - GLOBAL VALUE into BANOR SICAV - EUROPEAN VALUE, to rename the Sub-Fund BANOR SICAV - ATHENA LONG SHORT into BANOR SICAV - ITALY LONG SHORT EQUITY, to rename the Sub-Fund BANOR SICAV - ASIA LONG SHORT EQUITY into BANOR SICAV - GREATER CHINA LONG SHORT EQUITY. The Board of Directors may decide to issue within each Sub-Fund, the three following Classes of Shares: - Class R: available to retail investors, - Class I: available to institutional investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors. 5

8 BANOR SICAV General information (continued) Since 1st July 2014, the references to the following Classes of Shares: - Class A: available to retail investors, - Class B: available to institutional investors, - Class C: available to all types of investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors, are replaced as such: - Class R: available to retail investors, - Class I: available to institutional investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors. In accordance with the above, the Shares are further sub-divided into two categories, distribution shares and capitalization shares. At the date of the report, the outstanding Classes of Shares are: Sub-Funds Classes of Shares Available currencies BANOR SICAV - EURO BOND ABSOLUTE RETURN Shares form R capitalization Share EUR registered and R distribution Share EUR bearer shares I capitalization Share EUR I distribution Share EUR BANOR SICAV - EUROPEAN VALUE R capitalization Share EUR registered and I capitalization Share EUR bearer shares BANOR SICAV - ITALY LONG SHORT R capitalization Share EUR registered and EQUITY I capitalization Share EUR bearer shares BANOR SICAV - GREATER CHINA LONG SHORT EQUITY R EUR capitalization Share EUR registered and R USD capitalization Share USD bearer shares S EUR capitalization Share EUR S USD capitalization Share USD BANOR SICAV - ROSEMARY R capitalization Share EUR registered and S capitalization Share EUR bearer shares BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY R EUR capitalization Share EUR registered and R USD capitalization Share USD bearer shares S EUR capitalization Share EUR S USD capitalization Share USD 6

9 BANOR SICAV General information (continued) Since 1st July 2014, the Net Asset Value per Share of each Class in a Sub-Fund is determined every full bank business day in Luxembourg (the ʺValuation Dayʺ). Until 31st June 2014, except for the Sub-Fund BANOR SICAV - EUROPEAN VALUE, the Net Asset Value per Share was determined every Wednesday. For the Sub-Fund BANOR SICAV - OCKHAM (liquidated on 1st July 2014), the Net Asset Value per Share was determined every Friday. The Net Asset Value per Share of each Class in a Sub-Fund, the subscription and redemption prices are available at the Fund's registered office. The current prospectus, the key investor information document (ʺKIIDʺ), copy of the Articles, the financial annual reports as well as the semi-annual reports of the Fund are available free of charge at the Fund's registered office and at the Correspondent Bank in Italy. 7

10 BANOR SICAV Combined statement of net assets (in EUR) Assets Securities portfolio at market value 253,029, Option contracts at market value 803, Cash at banks 39,650, Cash collateral at banks 14,139, Other liquid assets 4,120, Formation expenses, net 12, Receivable on sales of securities 11, Receivable on swaps contracts 2,773, Receivable on issues of shares 2,375, Income receivable on portfolio 2,083, Interest receivable on swaps contracts Unrealised gain on futures contracts 122, Unrealised gain on swaps contracts 689, Other receivables 21, Prepaid expenses 18, Total assets 319,851, Liabilities Bank overdrafts 26, Short option contracts at market value 949, Payable on purchases of securities 974, Payable on swaps contracts 937, Interest payable on swaps contracts 62, Interest payable on bank overdrafts Unrealised loss on swaps contracts 2, Unrealised loss on forward foreign exchange contracts 2,531, Expenses payable 707, Proceeds in advance for sale of securities 7,916, Total liabilities 14,109, Net assets at the end of the period 305,742, The accompanying notes are an integral part of these financial statements. 8

11 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of net assets (in EUR) Assets Securities portfolio at market value 93,655, Cash at banks 12,466, Other liquid assets Receivable on issues of shares 2,237, Income receivable on portfolio 1,746, Prepaid expenses 4, Total assets 110,111, Liabilities Bank overdrafts 0.03 Payable on purchases of securities 405, Interest payable on bank overdrafts Unrealised loss on forward foreign exchange contracts 310, Expenses payable 136, Total liabilities 853, Net assets at the end of the period 109,257, Class I capitalization Shares outstanding 15, Net asset value per Class I capitalization Share 1, Class I distribution Shares outstanding 64, Net asset value per Class I distribution Share 1, Class R capitalization Shares outstanding 1,185, Net asset value per Class R capitalization Share Class R distribution Shares outstanding 91, Net asset value per Class R distribution Share The accompanying notes are an integral part of these financial statements. 9

12 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 83,500 Industrial Stars of Italy SpA 835, , Total shares 835, , Bonds EUR 450,000 Banca Monte Paschi Siena SpA 3.625% EMTN Sen 447, , / EUR 2,000,000 Banca Monte Paschi Siena SpA VAR Reg S Sub 08/ ,959, ,927, EUR 1,000,000 Banca Popolare di Milano 4% EMTN Sen 13/ ,033, ,027, EUR 500,000 Banca Popolare di Vicenza SCRL 6.75% EMTN Sen 504, , / EUR 500,000 Banco Pop Societa Cooperativa 3.75% EMTN Sen 13/ , , EUR 2,000,000 Banco Pop Societa Cooperativa FRN EMTN Ser 21 06/ ,960, ,947, EUR 1,000,000 Banco Pop Societa Cooperativa VAR Reg S 07/21.06.Perpetual 992, , EUR 850,000 Bombardier Inc 6.125% EMTN Regs Sen 10/ , , EUR 2,000,000 Casino Guichard Perrachon VAR 05/20.01.Perpetual 1,444, ,593, EUR 1,000,000 Casino Guichard Perrachon VAR EMTN Sub 995, ,022, /31.01.Perpetual EUR 2,500,000 Cerved Group SpA 8% EMTN Reg S Sen Sub 13/ ,804, ,751, EUR 500,000 Credito Valtellinese Scarl 4% EMTN Sen 13/ , , EUR 1,000,000 Credito Valtellinese Scarl FRN EMTN Sub 05/ , , EUR 2,500,000 Deutsche Bk Cap Fund Trust XI 9.5% 09/31.03 Perpetual 2,614, ,582, EUR 600,000 Espana 3.3% 09/ , , EUR 850,000 Fiat Finance & Trade Ltd SA 6.625% EMTN Sen 13/ , , EUR 2,500,000 Gamenet SpA 7.25% Reg S 13/ ,542, ,537, EUR 1,000,000 Gruppo Editoriale Espresso SpA 5.125% Sen 04/ ,019, ,003, EUR 1,500,000 GTECH SpA VAR Reg-S 06/ ,588, ,609, EUR 500,000 Immobiliar Grand Distribuz SpA 4.335% EMTN 13/ , , EUR 500,000 Instituto de Credito Oficial 3.875% Ser / , , EUR 1,000,000 Isolante K-Flex SpA (L') 6% Sen 14/ ,006, ,009, EUR 1,000,000 Israel 3.75% EMTN Ser 6 05/ ,067, ,031, EUR 1,000,000 Italia 3% BTP 10/ ,020, ,019, EUR 700,000 Italia FRN CCT 08/ , , EUR 1,500,000 IVS F. SpA SA 7.125% Reg S 13/ ,537, ,575, EUR 1,000,000 Korea 3.625% 05/ ,063, ,034, EUR 1,000,000 Mexico 4.25% EMTN 05/ ,069, ,027, EUR 1,000,000 Nexans SA 5.75% EMTN 07/ ,080, ,072, EUR 1,000,000 Peru 7.5% Ser INTL 04/ ,078, ,000, EUR 2,000,000 Rottapharm Ltd 6.125% Reg S Sen 12/ ,170, ,147, EUR 1,500,000 Slovenia 2.75% Ser RS68 10/ ,501, ,517, EUR 1,000,000 Sogefi SpA 2% Conv Reg S Ser SO 14/ , , EUR 1,850,000 Tamburi Inv Partners SpA 4.75% 14/ ,850, ,954, EUR 1,000,000 Telecom Italia SpA 6.125% EMTN Reg S Ser 30 12/ ,058, ,145, EUR 500,000 Telefonica Europe BV VAR 14/31.03.Perpetual 500, , EUR 2,000,000 Titan Luxco 2 Sàrl 7.375% Reg S 13/ ,122, ,102, EUR 1,450,000 Unicredit SpA VAR EMTN Ser / ,558, ,598, EUR 1,500,000 UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 1,498, ,462, EUR 2,000,000 Veneto Banca Holding SCPA 4.25% EMTN Sen 13/ ,026, ,048, EUR 2,000,000 Veneto Banca SCPA 4% EMTN Sen 14/ ,999, ,048, EUR 1,500,000 Ziggo Bond Co BV 8% Reg S Sen 14/ ,619, ,619, EUR 2,500,000 Zobele Holding SpA 7.875% Reg S 13/ ,698, ,605, ,495, ,658, GBP 1,400,000 Boparan Finance Plc 5.25% EMTN Reg S Sen 14/ ,728, ,630, GBP 1,000,000 Ladbrokes Group Finance Plc 7.625% Reg-S 10/ ,305, ,391, GBP 1,500,000 Premier Foods Finance Plc 6.5% Reg S 14/ ,841, ,720, GBP 1,250,000 Premier Foods Plc FRN Reg S 14/ ,531, ,477, ,407, ,219, TRY 4,500,000 EIB 9.625% EMTN Ser 1629/08 05/ ,612, ,563, The accompanying notes are an integral part of these financial statements. 10

13 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 1,250,000 Goldman Sachs Capital II VAR 07/01.12.Perpetual 714, , USD 3,500,000 GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 2,505, ,633, USD 1,500,000 HSBC Bank Plc FRN Reg S Sub Ser 2M 85/18.03.Perpetual 748, , USD 2,000,000 Meccanica Holdings USA Inc 6.25% Reg S Sen 09/ ,576, ,726, USD 2,000,000 Petrobras Intl Fin Co Ltd 7.875% Sen 09/ ,713, ,816, USD 1,500,000 Russia 11% Reg S Sen 98/ ,424, ,484, USD 1,500,000 Turkey 7% Sen 05/ ,229, ,352, USD 2,000,000 Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 1,576, ,579, ,489, ,179, Total bonds 76,005, ,621, Bonds in default of payment EUR 1,000,000 Seat Pagine Gialle SpA 10.5% Ser REGS 10/ , , Total bonds in default of payment 754, , Warrants and rights EUR 42,500 Industrial Stars of Italy SpA Call Wts , Total warrants and rights , Transferable securities dealt in on another regulated market Bonds EUR 850,000 Amplifon SpA 4.875% Sen 13/ , , EUR 2,000,000 Gruppo Editoriale Espresso SpA 2.625% Conv Reg S 14/ ,982, ,848, EUR 2,000,000 Unicredit SpA VAR EMTN Sen 12/ ,058, ,024, ,886, ,790, GBP 1,000,000 William Hill Plc 7.125% EMTN Sen 09/ ,335, ,383, Total bonds 6,222, ,174, Other transferable securities Bonds EUR 1,500,000 Banca Pop dell'emilia Ro SC 4.75% Sen 11/ ,572, ,537, Total bonds 1,572, ,537, Open-ended investment funds Investment funds (UCITS) EUR 73, BlackRock Global Fds Em Mks Local Currency Bond A2 Cap 1,383, ,443, EUR 101,000 BlackRock Global Fds Euro Short Duration Bd D2 Cap 1,568, ,631, EUR 1,350 Carmignac Portfolio Capital Plus A EUR Cap 1,500, ,574, EUR 6,000 Pictet Asian Local Currency Debt I EUR Cap 740, , EUR 8,950 Pictet Funds (LUX) Global Emerging Currencies I EUR Cap 757, , ,949, ,130, USD 77, F Templeton Inv Fds Global Bond I Cap 1,269, ,504, USD 3, Muzinich Fds AmericaYield Units A Hedged USD Cap 518, , ,787, ,156, Total investment funds (UCITS) 7,737, ,287, Total investments in securities 93,127, ,655, Cash at banks 12,466, Bank overdrafts Other net assets/(liabilities) 3,135, Total 109,257, The accompanying notes are an integral part of these financial statements. 11

14 BANOR SICAV - EURO BOND ABSOLUTE RETURN Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Diversified financial services % Countries and governments 9.86 % Investment funds 8.05 % Media 5.54 % Food retailing, drugstores and pharmacies 3.84 % Hotels, restaurants and leisure 2.74 % Software and services 2.52 % Household and personal products 2.38 % Special Purpose Vehicle (SPV) 2.35 % Pharmaceuticals and biotechnology 1.97 % Capital goods 1.83 % International institutions 1.43 % Food, beverage and tobacco 1.35 % Insurance 1.34 % Telecommunication services 1.05 % Materials 0.92 % Automobiles and components 0.89 % Health care equipment and services 0.84 % Total % The accompanying notes are an integral part of these financial statements. 12

15 BANOR SICAV - EURO BOND ABSOLUTE RETURN Industrial and geographical classification of investments (continued) Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % Luxembourg % United Kingdom 7.71 % Ireland 4.98 % United States of America 4.63 % France 3.38 % The Netherlands 1.96 % Cayman Islands 1.66 % Slovenia 1.39 % Russia 1.36 % Turkey 1.24 % Spain 1.01 % South Korea 0.95 % Mexico 0.94 % Israel 0.94 % Peru 0.92 % Canada 0.85 % Total % The accompanying notes are an integral part of these financial statements. 13

16 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares EUR Risanamento Napoli SpA 0 54,380 54,380 Bonds EUR Air France KLM 6.75% 09/ ,000 0 EUR ArcelorMittal SA 3% EMTN Reg S Sen 14/ ,000 0 EUR ArcelorMittal SA VAR 09/ ,000 0 EUR Assicurazioni Generali SpA VAR EMTN 12/ ,000 0 EUR Assicurazioni Generali SpA VAR EMTN Sen 0 500, / EUR Banca IMI SpA VAR 09/ ,000,000 0 EUR Banca Monte Paschi Siena SpA VAR Reg S Sub 2,000, / EUR Banca Pop dell'emilia Ro SC 4.75% Sen 1,500, / EUR Banca Popolare di Milano VAR Sen 0 750, /25.06.Perpetual EUR Banca Popolare di Vicenza SCRL FRN Reg Ser ,000, / EUR Banco Pop Societa Cooperativa FRN EMTN Ser 21 2,000, / EUR Banco Pop Societa Cooperativa VAR Reg S 1,000, , /21.06.Perpetual EUR Bank of America Corp FRN EMTN Ser 3619 Tr , / EUR Beni Stabili SpA 3.5% Sen 14/ ,500,000 1,500,000 0 EUR Bombardier Inc 7.25% Sen 06/ ,000 0 EUR Buzzi Unicem SpA 6.25% Sen 12/ ,000 0 EUR Casino Guichard Perrachon VAR 05/20.01.Perpetual 700, EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 0 1,000, / EUR Cassa Depositi e Prestiti SpA FRN EMTN 2,000,000 2,000, / EUR Cerved Group SpA 8% EMTN Reg S Sen Sub 2,500, / EUR Cie Industriali Riunite SpA 5.75% 04/ ,000,000 0 EUR Davide Campari SpA 5.375% Sen 09/ ,000 0 EUR Deutsche Bk Cap Fund Trust XI 9.5% 09/ ,500, Perpetual EUR EI Towers 3.875% Sen 13/ ,000 0 EUR ENEL SpA FRN Sen 10/ ,000 0 EUR ENEL SpA FRN Ser / ,000 0 EUR Espana 4.25% 11/ ,000,000 0 EUR Fiat Finance & Trade Ltd SA 7.625% EMTN 0 1,000, / EUR Fiat Industrial Fin Europe SA 2.75% EMTN 0 100, / EUR Finmeccanica Finance SA 4.5% EMTN Sen 0 1,000, / EUR Gamenet SpA 7.25% Reg S 13/ , EUR Gruppo Editoriale Espresso SpA 2.625% Conv Reg 2,000, S 14/ EUR GTECH SpA VAR Reg-S 06/ ,000, EUR Iberdrola Intl BV VAR EMTN Sen Sub 0 800, /27.02.Perpetual EUR Indesit Co SpA 4.5% Sen 13/ ,550,000 0 EUR Intesa Sanpaolo SpA VAR 10/01.06.Perpetual 0 750,000 0 EUR Isolante K-Flex SpA (L') 6% Sen 14/ ,000, EUR Italcementi Finance 6.125% EMTN Sen 13/ ,000 0 EUR Italia FRN 10/ ,000 0 EUR Italia FRN CCT 12/ ,000 0 EUR Italia ILB Ser ICPI 13/ ,000,000 2,000,000 14

17 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other EUR Italia ILB Ser ICPI Cum Premio 13/ ,000,000 EUR IVS F. SpA SA 7.125% Reg S 13/ , EUR Lafarge SA VAR 09/ ,000 0 EUR Mediobanca SpA VAR EMTN Reg S Ser ,000, / EUR Monte Dei Paschi Di Siena SpA 4.75% EMTN 0 1,500,000 0 Ser09/8 09/ EUR Peugeot SA 6.875% EMTN Sen 11/ ,000 0 EUR Peugeot SA 8.375% EMTN 09/ ,000 0 EUR Prysmian SpA 5.25% Sen 10/ ,000,000 0 EUR Risanamento Napoli SpA 1% Conv Reg S 0 700, / EUR Risanamento Napoli SpA VAR Conv 11/ ,000 EUR Rottapharm Ltd 6.125% Reg S Sen 12/ ,000, EUR Salini Impregilo SpA 6.125% Sen 13/ ,000 0 EUR Santander Intl Debt SA 4.375% Sen 12/ ,000 0 EUR Sogefi SpA 2% Conv Reg S Ser SO 14/ ,500,000 1,500,000 0 EUR Stora Enso Oyj 5% EMTN Sen 12/ ,000 0 EUR Stora Enso Oyj 5.125% EMTN Ser 11 Tr , / EUR Tamburi Inv Partners SpA 4.75% 14/ ,850, EUR TeamSystem Hg SpA 7.375% Ser MAY 14/ ,000, ,000,000 EUR Telecom Italia SpA 5.25% EMTN 05/ ,500,000 1,500,000 0 EUR Telecom Italia SPA FRN EMTN Ser 17 Tr 1 0 1,800, / EUR Titan Luxco 2 Sàrl 7.375% Reg S 13/ ,000, ,000,000 EUR Turkey 5.5% 05/ ,500,000 0 EUR Unicredit SpA VAR EMTN Reg S Sub 13/ ,000,000 0 EUR Unicredit SpA VAR EMTN Sen 12/ , EUR UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 1,500, EUR Veneto Banca Holding SCPA 4.25% EMTN Sen 1,250, / EUR Veneto Banca SCPA 4% EMTN Sen 14/ ,000, EUR Volkswagen Intl Finance NV VAR 0 150, /24.03.Perpetual EUR Zobele Holding SpA 7.875% Reg S 13/ ,500, GBP Boparan Finance Plc 5.25% EMTN Reg S Sen 1,400, / GBP Ladbrokes Group Finance Plc 7.625% Reg-S 0 500, / GBP Premier Foods Finance Plc 6.5% Reg S 14/ , GBP Premier Foods Plc FRN Reg S 14/ , USD ArcelorMittal SA VAR Lk Rating Changes Sen 0 800, / USD British Gas Intl Finance BV 0% Sen 91/ ,000,000 0 USD Glencore Funding LLC 4.125% Reg S Sen 0 1,250, / USD Goldman Sachs Capital II VAR 07/01.12.Perpetual 1,250, USD GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 1,500, USD Russia 11% Reg S Sen 98/ , USD Telecom Italia SpA 5.303% Sen 14/ ,500,000 1,500,000 0 USD Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 2,000,

18 BANOR SICAV - EUROPEAN VALUE Statement of net assets (in EUR) Assets Securities portfolio at market value 13,763, Cash at banks 1,022, Other liquid assets 251, Income receivable on portfolio 2, Prepaid expenses 2, Total assets 15,042, Liabilities Short option contracts at market value 61, Unrealised loss on forward foreign exchange contracts 97, Expenses payable 25, Total liabilities 184, Net assets at the end of the period 14,857, Class I capitalization Shares outstanding 11, Net asset value per Class I capitalization Share Class R capitalization Shares outstanding 482, Net asset value per Class R capitalization Share 9.05 The accompanying notes are an integral part of these financial statements. 16

19 BANOR SICAV - EUROPEAN VALUE Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 14,648 Bravofly Rumbo Group NV 465, , CHF 4,820 Nestlé SA Reg 212, , CHF 1,240 Roche Holding AG B de jouis Pref 147, , CHF 950 Zurich Insurance Group AG Reg 134, , , ,050, EUR 361,675 A2A SpA 289, , EUR 21,342 Assicurazioni Generali SpA 333, , EUR 14,316 Atlantia SpA 194, , EUR 194,740 Banca Monte Paschi Siena SpA 281, , EUR 489,942 Banca Popolare di Milano 273, , EUR 5,697 BNP Paribas SA A 262, , EUR 244,764 Cie Industriali Riunite SpA 250, , EUR 16,640 Deutsche Telekom AG Reg 137, , EUR 7,767 DiaSorin SpA 231, , EUR 59,830 ENEL SpA 176, , EUR 15,804 ENI SpA 257, , EUR 11,996 GTECH SpA 208, , EUR 148,380 Intesa Sanpaolo SpA Az.di Risp. non conv. 200, , EUR 18,216 Prysmian SpA 276, , EUR 10,020 Royal Dutch Shell Plc A 254, , EUR 23,587 Save SpA 239, , EUR 68,460 Snam SpA 238, , EUR 108,943 Sorin SpA 225, , EUR 75,142 Terna Rete Elettr Nazional SpA 259, , EUR 49,996 Unicredit SpA Post Raggruppamento 248, , ,840, ,482, GBP 3,974 AstraZeneca Plc 218, , GBP 6,503 British American Tobacco Plc 216, , GBP 11,650 GlaxoSmithKline Plc 163, , GBP 9,118 Imperial Tobacco Group Plc 257, , GBP 3,621 Reckitt Benckiser Group Plc 208, , GBP 13,000 Royal Mail Plc 74, , GBP 121,314 Vodafone Group Plc 295, , ,435, ,673, USD 7,700 American Intl Group Inc 225, , USD 5,782 EBay Inc 244, , USD 2,720 Exxon Mobil Corp 142, , USD 62,614 Gazprom OAO spons ADR repr 2 Shares 357, , USD 644 Google Inc A 255, , USD 3,800 Philip Morris Intl Inc 191, , ,417, ,690, Total shares 8,653, ,896, Warrants and rights USD 26,100 General Motors Co Call Wts , , Total warrants and rights 335, , Open-ended investment funds Investment funds (UCITS) EUR 1,525 Bestinver SICAV Iberian R Cap 459, , EUR 7,450 BlackRock Global Fds Em Mks Local Currency Bond A2 Cap 148, , , , The accompanying notes are an integral part of these financial statements. 17

20 BANOR SICAV - EUROPEAN VALUE Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 936 Banor SICAV Greater China Long Short Equity S USD Cap 599, , USD 556 Banor SICAV North America Long Short Eq S Cap 443, , ,043, ,318, Total investment funds (UCITS) 1,651, ,974, Tracker funds (UCITS) EUR 10,992 ishares Plc EUR Div Ucits ETF Dist 212, , EUR 45,500 ishares Plc MSCI Japan UCITS ETF (Dist) USD Dist 339, , USD 4,805 Source Mks Plc Financials S&P US Select Sector ETF UCITS Cap USD 2,205 Source Mks Plc Health Care S&P US Sel Sector ETF UCITS A Cap 551, , , , , , , , Total tracker funds (UCITS) 1,376, ,594, Total investments in securities 12,016, ,763, Short options Listed financial instruments Options on transferable securities CHF -12 Nestlé SA Reg CALL 12/14 EUX 69-1, , EUR -7 Atlantia SpA CALL 12/14 MIL , , EUR -43 Deutsche Telekom AG Reg CALL 03/15 EUX 12-2, , EUR -38 Intesa Sanpaolo SpA Az.di Risp. non conv. CALL 12/14 MIL 2-2, , EUR -35 Prysmian SpA CALL 12/14 MIL 21-3, EUR -89 Prysmian SpA PUT 12/14 MIL 15-6, , , , GBP -3 AstraZeneca Plc PUT 12/14 LIFFE 42-6, , GBP -1 Reckitt Benckiser Group Plc CALL 12/14 LIFFE 52-2, , GBP -22 Royal Mail Plc PUT 12/14 LIFFE 4.8-5, , , , USD -38 Philip Morris Intl Inc CALL 12/14 OPRA 85-6, , Total short options -40, , Cash at banks 1,022, Other net assets/(liabilities) 132, Total 14,857, The accompanying notes are an integral part of these financial statements. 18

21 BANOR SICAV - EUROPEAN VALUE Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Banks 9.72 % Pharmaceuticals and biotechnology 7.88 % Energy 7.77 % Food, beverage and tobacco 7.64 % Utilities 7.63 % Insurance 6.12 % Transportation 4.41 % Telecommunication services 3.48 % Capital goods 3.28 % Hotels, restaurants and leisure 3.24 % Software and services 2.02 % Automobiles and components 2.01 % Retailing 1.75 % Household and personal products 1.68 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % United Kingdom % Luxembourg % United States of America % Ireland % Switzerland 5.36 % Russia 2.35 % France 2.01 % The Netherlands 1.72 % Germany 1.34 % Total % The accompanying notes are an integral part of these financial statements. 19

22 BANOR SICAV - EUROPEAN VALUE Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares CHF Bravofly Rumbo Group NV 14, EUR A2A SpA 361, EUR Allianz SE Reg 0 1,570 0 EUR Assicurazioni Generali SpA 4,208 3,750 0 EUR Atlantia SpA 2, EUR Banca Monte Paschi Siena SpA ,740 EUR Banca Popolare di Milano 577,752 87,810 0 EUR BNP Paribas SA A 2, EUR Cie Industriali Riunite SpA 244, EUR DiaSorin SpA 7, EUR EXOR SpA 0 8,500 0 EUR GTECH SpA 11, EUR Il Sole 24 Ore SpA 362, ,304 0 EUR Intesa Sanpaolo SpA Az.di Risp. non conv. 9,567 11,844 0 EUR Oesterreichische Post AG 0 5,590 0 EUR Prysmian SpA 7, EUR Risanamento Napoli SpA 0 15,537 15,537 EUR Saipem SpA 0 15,960 0 EUR Save SpA 3, EUR Sorin SpA 14, EUR Terna Rete Elettr Nazional SpA 40,902 35,000 0 EUR Unicredit SpA Post Raggruppamento 15, GBP AstraZeneca Plc 3, GBP British American Tobacco Plc 2,283 2,000 0 GBP Imperial Tobacco Group Plc 2, ,000 GBP Royal Mail Plc 54,252 41,252 0 GBP Vodafone Group Plc 43, USD EBay Inc 1, USD Gazprom OAO spons ADR repr 2 Shares 62,614 54,656 0 USD General Motors Co 11,142 11,142 0 USD Goldman Sachs Group Inc 3,188 3,188 0 USD Google Inc A USD JPMorgan Chase & Co 9,028 9,028 0 Bonds EUR Deutschland 3.75% Ser 04 04/ , ,000 0 EUR Risanamento Napoli SpA VAR Conv 11/ ,000 Warrants and rights EUR Banca Monte Paschi Siena SpA Droits de sousc 4, , EUR Deutsche Telekom AG Droits d'attribut ,640 16,640 USD General Motors Co Call Wts ,

23 BANOR SICAV - EUROPEAN VALUE Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Options on transferable securities EUR Assicurazioni Generali SpA CALL 12/14 MIL EUR Deutsche Telekom AG Reg CALL 03/15 EUX EUR Fiat SpA PUT 07/14 MIL EUR Prysmian SpA PUT 12/14 MIL EUR Saipem SpA CALL 09/14 MIL EUR Terna Rete Elettr Nazional SpA CALL 09/14 MIL GBP AstraZeneca Plc PUT 12/14 LIFFE GBP British American Tobacco Plc CALL 09/14 LIFFE GBP British American Tobacco Plc PUT 06/14 LIFFE GBP Imperial Tobacco Group Plc CALL 09/14 LIFFE GBP Imperial Tobacco Group Plc CALL 09/14 LIFFE GBP Reckitt Benckiser Group Plc CALL 12/14 LIFFE GBP Royal Mail Plc PUT 09/14 LIFFE GBP Royal Mail Plc PUT 12/14 LIFFE USD Exxon Mobil Corp CALL 10/14 OPRA USD Google Inc A PUT 12/14 OPRA USD Google Inc C Pref PUT 12/14 OPRA USD Philip Morris Intl Inc CALL 12/14 OPRA Index options USD CBOE SPX Volatility Index CALL 06/14 OPRA Tracker funds (UCITS) EUR GO UCITS ETF Solutons Plc DAXglobal Gold Mining 0 14,830 0 USD Dist EUR ishares Plc ES Mid Ucits ETF Dist 0 6,080 0 EUR ishares Plc EUR Div Ucits ETF Dist 10, USD USD Source Mks Plc Financials S&P US Select Sector ETF UCITS Cap Source Mks Plc Tec S&P US Select Sector ETF UCITS A Cap 6,813 6, ,

24 BANOR SICAV - ITALY LONG SHORT EQUITY Statement of net assets (in EUR) Assets Securities portfolio at market value 42,693, Cash at banks 2,611, Cash collateral at banks 2,240, Other liquid assets 2,307, Formation expenses, net 1, Receivable on sales of securities 11, Receivable on swaps contracts 507, Receivable on issues of shares 33, Income receivable on portfolio 202, Interest receivable on swaps contracts Prepaid expenses 2, Total assets 50,612, Liabilities Bank overdrafts 1.60 Short option contracts at market value 621, Payable on swaps contracts 48, Interest payable on swaps contracts 8, Interest payable on bank overdrafts Expenses payable 82, Total liabilities 760, Net assets at the end of the period 49,852, Class I capitalization Shares outstanding 32, Net asset value per Class I capitalization Share 1, Class R capitalization Shares outstanding 761, Net asset value per Class R capitalization Share The accompanying notes are an integral part of these financial statements. 22

25 BANOR SICAV - ITALY LONG SHORT EQUITY Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 101,000 Alerion Clean Power 392, , EUR 120,000 Assicurazioni Generali SpA 1,714, ,999, EUR 40,000 Audika Groupe 509, , EUR 4,500,000 Banca Carige SpA 753, , EUR 60,000 Banco Pop Societa Cooperativa 755, , EUR 65,000 Biesse SpA 248, , EUR 3,000,000 Brioschi Sviluppo Immo SpA 319, , EUR 100,000 Buzzi Unicem SpA Risp 539, , EUR 60,000 CNH Industrial NV 466, , EUR 50,000 DeLclima S.p.A. 74, , EUR 8,000 DiaSorin SpA 239, , EUR 46,525 E.ON SE 701, , EUR 10,000 El. En. SpA 173, , EUR 100,000 Elica SpA 164, , EUR 530,000 ENEL SpA 1,802, ,227, EUR 151,000 ENI SpA 2,682, ,849, EUR 400,000 Eukedos SpA 367, , EUR 260,000 Fiat SpA 1,838, ,009, EUR 100,000 FinecoBank SPA 370, , EUR 70,000 Finmeccanica SpA 360, , EUR 200,000 First Capital SpA 204, , EUR 200,000 Gruppo Editoriale Espresso SpA 269, , EUR 60,000 GTECH SpA 1,069, ,128, EUR 1,000,000 Il Sole 24 Ore SpA 906, , EUR 10,000 Iniziative Bresciane SpA 210, , EUR 1,050,000 Intesa Sanpaolo SpA 1,581, ,526, EUR 139,000 Isagro SpA 283, , EUR 30,000 Italcementi SpA 152, , EUR 1,500,000 Juventus Football Club SpA 344, , EUR 250,000 Molecular Medicine SpA 157, , EUR 120,000 Moleskine SpA 198, , EUR 50,000 Nice SpA 138, , EUR 3,000 Reply SpA 193, , EUR 200,000 Rizzoli Corri Sera Mediagr SpA 335, , EUR 61,284 Royal Dutch Shell Plc A 1,556, ,858, EUR 10,600 SABAF SpA 96, , EUR 30,000 Saipem SpA 471, , EUR 75,000 Salini Impregilo SpA 237, , EUR 12,000 Salzgitter AG 354, , EUR 4,950 Sesa SpA 52, , EUR 50,000 SIAS SpA 377, , EUR 335,000 Snam SpA 1,388, ,467, EUR 300,000 Sorin SpA 620, , EUR 90,000 STMicroelectronics NV 656, , EUR 1,650,000 Telecom Italia SpA 1,426, ,497, EUR 32,000 Total SA 1,259, ,646, EUR 405,166 Unicredit SpA Post Raggruppamento 1,778, ,536, EUR 6,000 Yoox SpA 125, , ,922, ,157, GBP 125,000 Bwin Party Digital Enterta Plc 149, , Total shares 31,072, ,303, Closed-ended investment funds EUR 300,000 Immobiliar Grand Distribuz SpA 327, , Total closed-ended investment funds 327, , The accompanying notes are an integral part of these financial statements. 23

26 BANOR SICAV - ITALY LONG SHORT EQUITY Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets Bonds EUR 6,500,000 Deutschland 3.75% Ser 04 04/ ,632, ,563, EUR 766,932 Eukedos SpA 3% Conv 12/ , , Total bonds 7,364, ,315, Bonds in default of payment EUR 1,944,000 IT Holding Finance SA 9.875% Sen 04/ , EUR 2,000,000 Seat Pagine Gialle SpA 10.5% Ser REGS 10/ , , Total bonds in default of payment 762, , Warrants and rights EUR 300,000 Immobiliar Grand Distribuz SpA Droits de sousc , Total warrants and rights , Other transferable securities Bonds EUR 400,000 Maire Tecnimont SpA 5.75% Conv Ser MTIM 14/ , , Total bonds 430, , Total investments in securities 39,956, ,693, Short options Listed financial instruments Options on transferable securities EUR -16 DiaSorin SpA CALL 12/14 MIL 32-10, , EUR -1,060 ENEL SpA CALL 12/14 MIL , , EUR -200 Intesa Sanpaolo SpA CALL 12/14 MIL 2-60, , EUR -40 Pernod-Ricard CALL 12/14 MONEP 88-13, , EUR -335 Snam SpA CALL 06/15 MIL , , EUR -500 Telecom Italia SpA CALL 12/14 MIL.9-40, , EUR -320 Total SA CALL 12/14 MONEP 48-83, , EUR -80 Unicredit SpA Post Raggruppamento CALL 12/14 MIL , , Total short options -465, , Cash and cash collateral at banks 4,852, Bank overdrafts Other net assets/(liabilities) 2,927, Total 49,852, The accompanying notes are an integral part of these financial statements. 24

27 BANOR SICAV - ITALY LONG SHORT EQUITY Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Energy % Banks % Countries and governments % Utilities 9.87 % Automobiles and components 4.03 % Insurance 4.01 % Health care equipment and services 3.25 % Hotels, restaurants and leisure 3.24 % Media 3.01 % Telecommunication services 3.00 % Materials 2.80 % Capital goods 2.59 % Diversified financial services 2.02 % Pharmaceuticals and biotechnology 1.90 % Semiconductors and semiconductor equipment 1.11 % Investment companies 0.85 % Consumer durables and apparel 0.76 % Technology hardware and equipment 0.75 % Real estate 0.65 % Software and services 0.49 % Real estate funds 0.40 % Commercial services and supplies 0.29 % Retailing 0.22 % Investment funds 0.10 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % Germany % France 4.23 % United Kingdom 3.73 % The Netherlands 1.87 % Gibraltar 0.29 % Total % The accompanying notes are an integral part of these financial statements. 25

28 BANOR SICAV - ITALY LONG SHORT EQUITY Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares EUR Alerion Clean Power 20, ,000 EUR Assicurazioni Generali SpA 81,000 65,000 0 EUR Audika Groupe 19, EUR Banca Carige SpA 4,500, EUR Banco Desio Della Brianza SpA 0 135,000 0 EUR Banco Pop Societa Cooperativa 95,000 35,000 0 EUR Biesse SpA 10,000 55,000 0 EUR Brioschi Sviluppo Immo SpA 1,700, EUR Buzzi Unicem SpA Risp 40, EUR Ciments Francais SA A 0 5,000 0 EUR DeLclima S.p.A. 50, EUR DiaSorin SpA 8, EUR E.ON SE 0 0 1,525 EUR El. En. SpA 4,000 2,000 0 EUR Elica SpA 100, EUR ENEL SpA 0 300,000 0 EUR ENI SpA 19,500 58,500 0 EUR Eukedos SpA 400, EUR Fiat SpA 160,000 25,000 0 EUR FinecoBank SPA 100, EUR Finmeccanica SpA 30,000 10,000 0 EUR First Capital SpA 250,000 50,000 0 EUR Gruppo Editoriale Espresso SpA 200, EUR GTECH SpA 60, EUR Il Sole 24 Ore SpA 400, ,000 0 EUR Indesit Co SpA 0 20,000 0 EUR Indesit Co SpA Risp 0 18,158 0 EUR Iniziative Bresciane SpA 20,000 10,000 0 EUR Intesa Sanpaolo SpA 175, EUR Isagro SpA 139, EUR Italcementi SpA 30, EUR Molecular Medicine SpA 250, EUR Moleskine SpA 20, EUR Nexans SA 0 6,000 0 EUR Prelios SpA 150, ,000 0 EUR Reply SpA 3, EUR Risanamento Napoli SpA 0 27,190 27,190 EUR Rizzoli Corri Sera Mediagr SpA 200, EUR Royal Dutch Shell Plc A EUR SAES Getters SpA 0 15,000 0 EUR Saipem SpA 13,000 8,000 0 EUR Salini Impregilo SpA 100,000 25,000 0 EUR Salzgitter AG 6, EUR Sat SpA 44,189 44,189 0 EUR Snam SpA 335, ,000 0 EUR Sorin SpA 50, EUR STMicroelectronics NV 90, EUR Telecom Italia SpA 350, EUR Terna Rete Elettr Nazional SpA 0 200,000 0 EUR Unicredit SpA Post Raggruppamento 90, ,166 EUR Valsoia SpA 10,000 10,000 0 EUR Yoox SpA 6, GBP Bwin Party Digital Enterta Plc 190, ,054 2,054 GBP GoldBridges Gl Resources plc 0 3,000,000 0 Closed-ended investment funds EUR Immobiliar Grand Distribuz SpA 300,

29 BANOR SICAV - ITALY LONG SHORT EQUITY Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Bonds EUR Deutschland 3.75% Ser 04 04/ ,500, EUR Deutschland 4.25% Ser 04 04/ ,500,000 0 EUR Eukedos SpA 3% Conv 12/ , EUR Risanamento Napoli SpA VAR Conv 11/ ,000 Warrants and rights EUR E.ON SE Droits d'attribut ,000 45,000 EUR Immobiliar Grand Distribuz SpA Droits de sousc , Options on transferable securities EUR Davide Campari SpA CALL 06/14 MIL EUR Davide Campari SpA PUT 06/14 MIL EUR DiaSorin SpA CALL 12/14 MIL EUR ENEL SpA CALL 12/14 MIL EUR ENI SpA CALL 06/14 MIL EUR ENI SpA CALL 12/14 MIL EUR Intesa Sanpaolo SpA CALL 12/14 MIL EUR Pernod-Ricard CALL 06/14 MONEP EUR Pernod-Ricard CALL 12/14 MONEP EUR Pernod-Ricard PUT 06/14 MONEP EUR Snam SpA CALL 06/15 MIL EUR Snam SpA CALL 12/14 MIL EUR Telecom Italia SpA CALL 12/14 MIL EUR Telecom Italia SpA CALL 12/14 MIL EUR Terna Rete Elettr Nazional SpA CALL 06/14 MIL EUR Terna Rete Elettr Nazional SpA CALL 12/14 MIL EUR Total SA CALL 12/14 MONEP EUR Total SA CALL 12/14 MONEP EUR Unicredit SpA Post Raggruppamento CALL 12/14 MIL Index options USD RUSSELL 2000 PUT 06/14 OPRA USD RUSSELL 2000 PUT 09/14 OPRA

30 BANOR SICAV - GREATER CHINA LONG SHORT EQUITY Statement of net assets (in USD) Assets Securities portfolio at market value 38,949, Option contracts at market value 610, Cash at banks 4,151, Cash collateral at banks 6,230, Formation expenses, net 4, Receivable on swaps contracts 690, Receivable on issues of shares 35, Income receivable on portfolio 38, Unrealised gain on futures contracts 85, Unrealised gain on swaps contracts 871, Other receivables 27, Prepaid expenses 4, Total assets 51,698, Liabilities Bank overdrafts Payable on purchases of securities 718, Payable on swaps contracts 624, Interest payable on swaps contracts 34, Unrealised loss on forward foreign exchange contracts 1,235, Expenses payable 112, Total liabilities 2,726, Net assets at the end of the period 48,971, Class R EUR capitalization Shares outstanding 9, Net asset value per Class R EUR capitalization Share EUR Class R USD capitalization Shares outstanding 27, Net asset value per Class R USD capitalization Share Class S EUR capitalization Shares outstanding 8, Net asset value per Class S EUR capitalization Share EUR Class S USD capitalization Shares outstanding 3, Net asset value per Class S USD capitalization Share The accompanying notes are an integral part of these financial statements. 28

31 BANOR SICAV - GREATER CHINA LONG SHORT EQUITY Statement of investments and other net assets (in USD) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares HKD 844,000 Brilliance China Auto Hgs Ltd 1,175, ,473, HKD 518,000 China Life Insurance Co Ltd H 1,541, ,437, HKD 2,228,000 Clear Media Ltd 1,592, ,318, HKD 8,490,000 Emperor Entertainme Hotel Ltd 3,476, ,328, HKD 2,837,000 Far East Horizon Ltd 2,003, ,539, HKD 358,500 Great Wall Motor Co Ltd H 1,526, ,392, HKD 578,000 Kunlun Energy Co Ltd 1,005, , HKD 834,000 Luk Fook Holdings (Intl) Ltd 2,602, ,422, HKD 662,700 Samsonite Intl SA Reg 1,794, ,133, HKD 6,146,259 Shenzhen Inv Ltd 2,125, ,725, HKD 2,368,000 Sun Hung Kai & Co Ltd 1,899, ,695, HKD 677,000 Techtronic Industries Co Ltd 1,720, ,957, HKD 3,598,500 Texhong Textile Group Ltd 4,132, ,488, HKD 3,580,000 Value Partners Group Ltd 2,202, ,614, ,800, ,361, KRW 2,288 Samsung Electronics Co Ltd Pref 2,187, ,947, SGD 1,144,000 Osim Intl Ltd 1,918, ,359, USD 42,070 Changyou.com Ltd ADR repr 2 Shares 1,227, ,006, USD 65,850 Home Inns & Hotels Mgt Inc ADR repr 2 Shares 2,089, ,908, USD 23,280 Netease Inc ADR Repr 1 Share 1,486, ,994, USD 158,400 Phoenix New Media Ltd A spons ADR repr 8 Shs A 1,522, ,481, ,326, ,390, Total shares 39,232, ,059, Bonds linked to a bond or a bond index CNY 5,000,000 BOCI Financial Products Ltd VAR PinAnIns 14/ , , Total bonds linked to a bond or a bond index 834, , Total investments in securities 40,067, ,949, Options Listed financial instruments Index options HKD 279 Hang Seng China Enterprises Index CALL 12/15 HKFE , , Total options 719, , Cash and cash collateral at banks 10,381, Bank overdrafts Other net assets/(liabilities) -969, Total 48,971, The accompanying notes are an integral part of these financial statements. 29

32 BANOR SICAV - GREATER CHINA LONG SHORT EQUITY Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Diversified financial services % Consumer durables and apparel 9.44 % Media 7.75 % Software and services 6.13 % Automobiles and components 5.85 % Health care equipment and services 4.82 % Real estate 4.76 % Capital goods 4.00 % Semiconductors and semiconductor equipment 3.98 % Hotels, restaurants and leisure 3.90 % Commercial services and supplies 3.52 % Insurance 2.94 % Energy 1.70 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Hong Kong % Cayman Islands % Bermuda % China % Singapore 4.82 % Luxembourg 4.36 % South Korea 3.98 % Total % The accompanying notes are an integral part of these financial statements. 30

33 BANOR SICAV - GREATER CHINA LONG SHORT EQUITY Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares HKD Brilliance China Auto Hgs Ltd 0 574,000 0 HKD China Life Insurance Co Ltd H 518, HKD Emperor Entertainme Hotel Ltd 720, HKD Great Wall Motor Co Ltd H 358, HKD Hop Hing Group Holdings Ltd 0 14,236,000 0 HKD Kunlun Energy Co Ltd 108, HKD Luk Fook Holdings (Intl) Ltd 187, HKD Samsonite Intl SA Reg 84,900 46,500 0 HKD Shenzhen Inv Ltd 6,146, HKD Sun Hung Kai & Co Ltd 2,368, HKD Techtronic Industries Co Ltd 94,500 85,500 0 HKD Texhong Textile Group Ltd 1,281, HKD Yingde Gases Group Co Ltd 0 1,113,500 0 KRW Samsung Electronics Co Ltd Pref SGD Osim Intl Ltd 162, ,000 0 USD Changyou.com Ltd ADR repr 2 Shares 11,800 55,800 0 USD Netease Inc ADR Repr 1 Share 0 7,500 0 USD New Oriental Educ & Tec Gr Inc ADR repr 1 Share 14,700 79,650 0 USD Phoenix New Media Ltd A spons ADR repr 8 Shs A 37, ,700 0 USD SouFun Holdings Ltd spons ADR repr 1 Share A 19, ,900 89,360 Bonds linked to a bond or a bond index CNY Index options BOCI Financial Products Ltd VAR PinAnIns 14/ ,000, HKD Hang Seng China Enterprises Index CALL 12/15 HKFE

34 BANOR SICAV - ROSEMARY Statement of net assets (in EUR) Assets Securities portfolio at market value 17,993, Option contracts at market value 320, Cash at banks 1,494, Other liquid assets 1,561, Formation expenses, net 3, Income receivable on portfolio 64, Unrealised gain on futures contracts 54, Prepaid expenses 1, Total assets 21,493, Liabilities Short option contracts at market value 267, Unrealised loss on forward foreign exchange contracts 361, Expenses payable 48, Total liabilities 676, Net assets at the end of the period 20,816, Class R capitalization Shares outstanding 21, Net asset value per Class R capitalization Share Class S capitalization Shares outstanding 19, Net asset value per Class S capitalization Share 1, The accompanying notes are an integral part of these financial statements. 32

35 BANOR SICAV - ROSEMARY Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares CAD 20,000 HudBay Minerals Inc 135, , CHF 5,000 Nestlé SA Reg 255, , EUR 400,000 Banca Monte Paschi Siena SpA 536, , EUR 4,000 Bayerische Motorenwerke AG 262, , EUR 8,000 Daimler AG Reg 397, , EUR 77,500 Deutsche Rohstoff AG Reg sh 1,098, ,561, EUR 12,500 ENI SpA 206, , EUR 5,000 Royal Dutch Shell Plc A 123, , EUR 20,000 SAF Holland SA 195, , EUR 12,500 Tipp24 SE 400, , ,221, ,762, GBP 5,000 British American Tobacco Plc 190, , GBP 50,000 Dragon Oil Plc 346, , GBP 20,000 EasyJet Plc 354, , GBP 75,000 HSBC Holdings Plc 586, , GBP 5,000 Rio Tinto Plc 189, , GBP 20,000 Standard Chartered Plc 304, , ,972, ,062, HKD 90,000 Prada SpA 496, , JPY 2,500 Toyota Motor Corp 70, , NOK 5,000 Statoil ASA 92, , USD 1,750 Amazon Com Inc 427, , USD 5,000 American Express Co 255, , USD 12,000 Apple Inc 716, , USD 750 BlackRock Inc 170, , USD 20,000 Citigroup Inc 655, , USD 10,000 Coca-Cola Co 270, , USD 25,000 General Motors Co 627, , USD 700 Google Inc A 236, , USD 600 Google Inc C Pref 200, , USD 2,500 Keurig Green Mountain Inc 75, , USD 10,000 KKR & Co LP 172, , USD 25,000 Morgan Stanley 444, , USD 7,000 Oracle Corp 175, , USD 7,500 Randgold Resources Ltd spons ADR repr 1 Share 410, , USD 1,000 Samsung Electronics Co Ltd spons GDR repr 0.5 Share 464, , USD 5,000 Viacom Inc B 253, , ,555, ,816, Total shares 11,800, ,724, Bonds CNY 5,000,000 Renault SA 5.625% EMTN Ser 39 12/ , , EUR 300,000 Assicurazioni Generali SpA VAR EMTN 12/ , , EUR 300,000 Labco SAS 8.5% Reg-S Sen 11/ , , , , GBP 250,000 Aston Martin Capital Ltd 9.25% Reg-S 11/ , , GBP 250,000 Premier Foods Plc FRN Reg S 14/ , , , , The accompanying notes are an integral part of these financial statements. 33

36 BANOR SICAV - ROSEMARY Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 750,000 Goldman Sachs Capital II VAR 07/01.12.Perpetual 444, , USD 500,000 GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 347, , , , Total bonds 2,602, ,840, Transferable securities dealt in on another regulated market Closed-ended investment funds USD 300,000 Africa Opportunity Fd Ltd 267, , Total closed-ended investment funds 267, , Bonds EUR 300,000 Caja Rur Medit Soc Coop Cr FRN 05/ , , Total bonds 284, , Open-ended investment funds Investment funds (UCITS) EUR 750 Banor SICAV Greater China Long Short Equity S EUR Cap 659, , EUR 750 Bestinver SICAV Iberian R Cap 218, , Total investment funds (UCITS) 878, , Total investments in securities 15,832, ,993, Options Listed financial instruments Options on transferable securities EUR 300 Banco Pop Societa Cooperativa CALL 03/15 MIL 12 14, , EUR 200 Bayerische Motorenwerke AG CALL 03/15 EUX 110 8, , EUR 150 Daimler AG Reg CALL 03/15 EUX 76 5, , , , USD 100 Boeing Co (The) CALL 01/15 OPRA 140 7, , Total options on transferable securities 36, , Index options EUR 250 DAX Germany Index CALL 03/15 EUX , , EUR 100 DAX Germany Index PUT 11/14 EUX , , EUR 100 DAX Germany Index PUT 12/14 EUX , , , , USD 75 S&P 500 Index CALL 03/15 OPRA , , USD 20 S&P 500 Index PUT 11/14 OPRA , , USD 50 S&P 500 Index PUT 12/14 OPRA , , , , Total index options 253, , Total options 290, , The accompanying notes are an integral part of these financial statements. 34

37 BANOR SICAV - ROSEMARY Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets Short options Listed financial instruments Options on transferable securities CAD -200 HudBay Minerals Inc CALL 12/14 MSE 10-12, , EUR -500 Banco Pop Societa Cooperativa PUT 03/15 MIL 10-36, , EUR -20 Bayerische Motorenwerke AG PUT 12/14 EUX 84-6, , EUR -25 Daimler AG Reg PUT 12/14 EUX 61-5, , , , GBP -5 British American Tobacco Plc CALL 03/15 LIFFE 36-11, , GBP -10 Standard Chartered Plc PUT 03/15 LIFFE , , , , USD -120 Apple Inc CALL 04/15 OPRA , , USD -50 Coca-Cola Co PUT 02/15 OPRA 40-7, , USD -50 ConocoPhillips PUT 02/15 OPRA 80-12, , USD -100 General Motors Co PUT 12/14 OPRA 35-15, , USD -6 Google Inc C Pref CALL 01/15 OPRA , , USD -25 Keurig Green Mountain Inc CALL 01/15 OPRA , , USD -150 Morgan Stanley CALL 01/15 OPRA 35-11, , USD -75 Oracle Corp PUT 01/15 OPRA 35-8, , USD -50 Phillips 66 PUT 02/15 OPRA , , USD -25 Randgold Resources Ltd spons ADR repr 1 Share PUT 01/15-6, , OPRA 70 USD -50 Viacom Inc B PUT 12/14 OPRA , , , , Total short options -278, , Cash at banks 1,494, Other net assets/(liabilities) 1,275, Total 20,816, The accompanying notes are an integral part of these financial statements. 35

38 BANOR SICAV - ROSEMARY Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Automobiles and components % Diversified financial services % Materials % Food, beverage and tobacco 5.51 % Investment funds 5.48 % Technology hardware and equipment 4.60 % Energy 4.22 % Software and services 3.91 % Retailing 2.15 % Semiconductors and semiconductor equipment 2.13 % Consumer durables and apparel 2.08 % Insurance 1.99 % Hotels, restaurants and leisure 1.80 % Transportation 1.75 % Pharmaceuticals and biotechnology 1.52 % Media 1.46 % Food retailing, drugstores and pharmacies 1.24 % Investment companies 0.85 % Total % The accompanying notes are an integral part of these financial statements. 36

39 BANOR SICAV - ROSEMARY Industrial and geographical classification of investments (continued) Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America % United Kingdom % Germany % Italy 7.21 % Luxembourg 5.26 % France 4.62 % Ireland 3.65 % Jersey 3.56 % South Korea 2.13 % Switzerland 1.40 % Spain 1.37 % Cayman Islands 1.16 % Canada 0.65 % Japan 0.56 % Norway 0.52 % Total % The accompanying notes are an integral part of these financial statements. 37

40 BANOR SICAV - ROSEMARY Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares CAD HudBay Minerals Inc 0 15,000 0 EUR Banca Monte Paschi Siena SpA 186, ,000 EUR Bayerische Motorenwerke AG EUR Daimler AG Reg 1, EUR Deutsche Rohstoff AG Reg sh 7, EUR Heineken NV 0 7,000 0 EUR Royal Dutch Shell Plc A 0 5,000 0 EUR SAF Holland SA 30,000 10,000 0 EUR Tipp24 SE 12, GBP British American Tobacco Plc 0 7,500 0 GBP Dragon Oil Plc 10,000 10,000 0 GBP EasyJet Plc 20, GBP Glencore Plc 0 50,000 0 GBP HSBC Holdings Plc 30,000 15,000 0 GBP Standard Chartered Plc 20, HKD China Mobile Ltd 0 15,000 0 HKD Prada SpA 15, NOK Statoil ASA 0 10,000 0 SEK Swedish Match AB 0 10,000 0 USD Amazon Com Inc USD American Express Co 1,000 1,000 0 USD Apple Inc 0 2,400 12,000 USD BlackRock Inc USD China Mobile Ltd ADR repr 5 Shares 0 7,500 0 USD Citigroup Inc 5, USD Coca-Cola Co 0 5,000 0 USD ConocoPhillips 0 7,500 0 USD Google Inc A USD Google Inc C Pref USD KKR & Co LP 10, USD Morgan Stanley 10, USD Randgold Resources Ltd spons ADR repr 1 Share 5,000 5,500 0 USD Vaalco Energy Inc 25,000 55,000 0 Closed-ended investment funds USD Africa Opportunity Fd Ltd 200, Bonds EUR Banca Monte Paschi Siena SpA 7.25% EMTN Sen 0 300, / EUR Caja Rur Medit Soc Coop Cr FRN 05/ , EUR Italia ILB Ser ICPI 13/ , ,000 EUR Italia ILB Ser ICPI Cum Premio 13/ ,000 EUR Veneto Banca Holding SCPA 4% EMTN Sen 13/ ,

41 BANOR SICAV - ROSEMARY Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other GBP Premier Foods Plc FRN Reg S 14/ , USD Goldman Sachs Capital II VAR 07/01.12.Perpetual 750, USD GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 500, Warrants and rights EUR Banca Monte Paschi Siena SpA Droits de sousc Options on transferable securities 5, ,000 CAD HudBay Minerals Inc CALL 12/14 MSE CHF Nestlé SA Reg CALL 03/15 EUX CHF Nestlé SA Reg CALL 09/14 EUX CHF Nestlé SA Reg PUT 03/15 EUX EUR Banco Pop Societa Cooperativa CALL 03/15 MIL EUR Banco Pop Societa Cooperativa CALL 03/15 MIL EUR Banco Pop Societa Cooperativa PUT 03/15 MIL EUR Bayerische Motorenwerke AG CALL 03/15 EUX EUR Bayerische Motorenwerke AG CALL 09/14 EUX EUR Bayerische Motorenwerke AG PUT 12/14 EUX EUR Daimler AG Reg CALL 03/15 EUX EUR Daimler AG Reg CALL 09/14 EUX EUR Daimler AG Reg PUT 12/14 EUX EUR Royal Dutch Shell Plc A CALL 09/14 EOE GBP British American Tobacco Plc CALL 03/15 LIFFE GBP British American Tobacco Plc CALL 09/14 LIFFE GBP HSBC Holdings Plc PUT 03/15 LIFFE GBP HSBC Holdings Plc PUT 09/14 LIFFE GBP Rio Tinto Plc CALL 12/14 LIFFE GBP Rio Tinto Plc PUT 09/14 LIFFE GBP Standard Chartered Plc PUT 03/15 LIFFE USD Amazon Com Inc CALL 01/15 OPRA USD American Express Co CALL 01/15 OPRA USD Apple Inc CALL 01/15 OPRA USD Apple Inc CALL 01/15 OPRA USD Apple Inc CALL 04/14 OPRA USD Apple Inc CALL 04/15 OPRA USD Apple Inc CALL 07/14 OPRA USD Apple Inc CALL 10/14 OPRA USD Apple Inc CALL 10/14 OPRA USD Apple Inc CALL 10/14 OPRA USD Apple Inc PUT 07/14 OPRA USD Apple Inc PUT 07/14 OPRA USD Boeing Co (The) CALL 01/15 OPRA USD Coca-Cola Co PUT 02/15 OPRA USD ConocoPhillips PUT 01/15 OPRA USD ConocoPhillips PUT 02/15 OPRA USD General Motors Co PUT 06/14 OPRA USD General Motors Co PUT 12/14 OPRA USD Google Inc C Pref CALL 01/15 OPRA USD Keurig Green Mountain Inc CALL 01/15 OPRA USD Keurig Green Mountain Inc CALL 06/14 OPRA USD Keurig Green Mountain Inc PUT 06/14 OPRA USD Keurig Green Mountain Inc PUT 09/14 OPRA USD Morgan Stanley CALL 01/15 OPRA

42 BANOR SICAV - ROSEMARY Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other USD Oracle Corp CALL 01/15 OPRA USD Oracle Corp CALL 01/15 OPRA USD Oracle Corp PUT 01/15 OPRA USD Oracle Corp PUT 01/15 OPRA USD Phillips 66 PUT 02/15 OPRA USD Randgold Resources Ltd spons ADR repr 1 Share CALL 01/15 OPRA 92.5 USD Randgold Resources Ltd spons ADR repr 1 Share PUT 01/15 OPRA 70 USD Viacom Inc B CALL 06/14 OPRA USD Viacom Inc B CALL 12/14 OPRA USD Viacom Inc B PUT 06/14 OPRA USD Viacom Inc B PUT 12/14 OPRA Index options EUR DAX Germany Index CALL 03/15 EUX EUR DAX Germany Index PUT 06/14 EUX EUR DAX Germany Index PUT 06/14 EUX EUR DAX Germany Index PUT 06/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 09/14 EUX EUR DAX Germany Index PUT 10/14 EUX EUR DAX Germany Index PUT 10/14 EUX EUR DAX Germany Index PUT 10/14 EUX EUR DAX Germany Index PUT 11/14 EUX EUR DAX Germany Index PUT 12/14 EUX EUR DAX Germany Index PUT 12/14 EUX EUR DAX Germany Index PUT 12/14 EUX EUR FTSE MIB Index CALL 06/14 MIL USD S&P 500 Index CALL 03/15 OPRA USD S&P 500 Index CALL 06/14 OPRA USD S&P 500 Index CALL 07/14 OPRA USD S&P 500 Index PUT 06/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 06/14 OPRA USD S&P 500 Index PUT 06/14 OPRA USD S&P 500 Index PUT 06/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 09/14 OPRA USD S&P 500 Index PUT 10/14 OPRA USD S&P 500 Index PUT 10/14 OPRA USD S&P 500 Index PUT 10/14 OPRA USD S&P 500 Index PUT 11/14 OPRA USD S&P 500 Index PUT 12/14 OPRA Investment funds (UCITS) EUR Pictet Asian Local Currency Debt R EUR Cap 0 5,000 0 Tracker funds (UCI) USD ProShares Trust UltraShort 20+ Year Treasury Dist 5,000 5,

43 BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Statement of net assets (in USD) Assets Securities portfolio at market value 68,319, Cash at banks 23,681, Cash collateral at banks 8,800, Formation expenses, net 4, Receivable on swaps contracts 2,173, Receivable on issues of shares 96, Income receivable on portfolio 48, Prepaid expenses 4, Total assets 103,128, Liabilities Bank overdrafts 32, Payable on swaps contracts 498, Interest payable on swaps contracts 34, Unrealised loss on swaps contracts 2, Unrealised loss on forward foreign exchange contracts 989, Expenses payable 385, Proceeds in advance for sale of securities 10,000, Total liabilities 11,943, Net assets at the end of the period 91,185, Class R EUR capitalization Shares outstanding 7, Net asset value per Class R EUR capitalization Share EUR 1, Class R USD capitalization Shares outstanding 35, Net asset value per Class R USD capitalization Share 1, Class S EUR capitalization Shares outstanding 1, Net asset value per Class S EUR capitalization Share EUR 1, Class S USD capitalization Shares outstanding 16, Net asset value per Class S USD capitalization Share 1, The accompanying notes are an integral part of these financial statements. 41

44 BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Statement of investments and other net assets (in USD) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares USD 189,700 Aeropostale Inc 1,248, , USD 48,820 American Intl Group Inc 1,834, ,637, USD 8,700 BlackRock Inc 2,630, ,856, USD 51,385 CafePress Inc 303, , USD 130,360 Citigroup Inc 6,431, ,755, USD 61,703 EMC Insurance Group Inc 1,559, ,781, USD 50,800 Endurance Specialty Hgs Ltd 2,619, ,803, USD 19,210 Exxon Mobil Corp 1,674, ,806, USD 12,385 G.Willi-Food International Ltd 58, , USD 123,720 General Motors Co 3,995, ,951, USD 143,058 Global Indemnity Plc 3,236, ,609, USD 35,100 HSBC Holdings Plc spons ADR repr 5 Shares 1,751, ,785, USD 23,320 JPMorgan Chase & Co 1,013, ,404, USD 157,170 KKR & Co LP 3,005, ,504, USD 52,600 Lamar Advertising Co A 2,618, ,590, USD 9,000 Lear Corp 670, , USD 15,290 Moody's Corp 839, ,444, USD 167,370 Morgan Stanley 4,077, ,785, USD 42,310 Oracle Corp 1,411, ,619, USD 71,640 Urban Outfitters Inc 2,531, ,629, USD 53,840 Wells Fargo & Co New 2,071, ,792, Total shares 45,584, ,408, Closed-ended investment funds USD 446,633 American Realty Cap Prop Inc A 5,373, ,386, USD 318,289 Anwort Mortgage Asset Corp 1,336, ,524, Total closed-ended investment funds 6,709, ,910, Money market instruments Money market instruments USD 10,000,000 US 0% T-Bills 14/ ,000, ,999, Total money market instruments 10,000, ,999, Total investments in securities 62,295, ,319, Cash and cash collateral at banks 32,481, Bank overdrafts -32, Other net assets/(liabilities) -9,583, Total 91,185, The accompanying notes are an integral part of these financial statements. 42

45 BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Diversified financial services % Banks % Insurance % Countries and governments % Real estate funds 5.91 % Automobiles and components 5.18 % Investment companies 3.84 % Retailing 2.88 % Media 2.84 % Energy 1.98 % Software and services 1.96 % Real estate 1.67 % Food retailing, drugstores and pharmacies 0.69 % Food, beverage and tobacco 0.09 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America % Ireland 3.96 % Bermuda 3.07 % United Kingdom 1.96 % Israel 0.09 % Total % The accompanying notes are an integral part of these financial statements. 43

46 BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Shares USD Abercrombie & Fitch Co A 0 24,600 USD Aeropostale Inc 15,000 0 USD American Intl Group Inc 0 6,200 USD Bridgepoint Education Inc 0 114,243 USD CafePress Inc 0 51,939 USD Citigroup Inc 34,200 13,700 USD EMC Insurance Group Inc 27,506 0 USD Endurance Specialty Hgs Ltd 50,800 0 USD G.Willi-Food International Ltd 0 160,594 USD General Motors Co 9,300 0 USD Global Indemnity Plc 10,562 0 USD JPMorgan Chase & Co 0 4,100 USD KKR & Co LP 43,800 0 USD Lamar Advertising Co A 52,600 0 USD Lear Corp 0 18,800 USD Markel Corp 0 2,900 USD Molson Coors Brewing Co B 0 21,640 USD Moody's Corp 0 10,000 USD Morgan Stanley 37,200 41,000 USD Oracle Corp 0 9,900 USD Urban Outfitters Inc 10,600 9,300 Closed-ended investment funds USD American Realty Cap Prop Inc A 159,100 0 USD Anwort Mortgage Asset Corp 0 177,125 Money market instruments USD US 0% T-Bills 13/ ,000,000 5,000,000 USD US 0% T-Bills 13/ ,000,000 7,000,000 USD US 0% T-Bills 13/ ,000,000 7,000,000 USD US 0% T-Bills 14/ ,000,000 0 USD US 0% T-Bills 14/ ,000,000 10,000,000 USD US 0% T-Bills 14/ ,000,000 7,000,000 44

47 BANOR SICAV - OCKHAM Statement of net assets (in EUR) Assets Cash at banks 20, Total assets 20, Liabilities Expenses payable 20, Total liabilities 20, Net assets at the end of the period 0.00 Class C capitalization Shares outstanding - Net asset value per Class C capitalization Share - The accompanying notes are an integral part of these financial statements. 45

48 BANOR SICAV - OCKHAM Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares EUR Intesa Sanpaolo SpA 0 120,000 0 EUR TNT Express NV 0 27,500 0 Bonds EUR Amplifon SpA 4.875% Sen 13/ ,000 0 EUR ArcelorMittal SA VAR 09/ ,000 0 EUR Banca Monte Paschi Siena SpA 7.25% EMTN Sen 0 465, / EUR Caisse Cent Crédit Immo France 4% EMTN Ser , / EUR Espana 3.4% Obl del Estado 11/ ,000 0 EUR Fiat Finance & Trade Ltd SA 6.375% Ser GMTN 0 150, / EUR HeidelbergCement AG 7.5% EMTN 09/ ,000 0 EUR Hypo Alpe-Adria-Bank AG 4.25% EMTN Sen 0 150, / EUR Indesit Co SpA 4.5% Sen 13/ ,000 0 EUR Instituto de Credito Oficial 3.875% Ser , / EUR Italia 3% BTP 11/ ,000 0 EUR Lafarge SA VAR 09/ ,000 0 EUR Mediobanca SpA FRN EMTN Ser 353 Tr , / EUR Portugal 0% T-Bills Sen 12/ , ,000 0 EUR Portugal 3.6% 09/ ,000 0 EUR Slovenia 4.375% Ser RS65 09/ ,000 0 EUR Veneto Banca Holding SCPA 4.25% EMTN Sen 13/ ,000 0 Bonds in default of payment EUR Hellas Telecomm Luxembourg II FRN 06/ ,000 0 EUR Seat Pagine Gialle SpA 10.5% Reg S 12/ ,000 0 Money market instruments EUR Deutschland 0% T-Bills 13/ ,000,000 1,000,000 0 EUR Deutschland 0% T-Bills 13/ ,000 0 EUR France 0% BTF 14/ , ,000 0 EUR France 0% T-Bills 14/ ,000,000 1,000,000 0 EUR Italia 0% BOT 13/ ,000,000 1,000,000 0 EUR Italia 0% BOT 13/ ,000 0 EUR Italia 0% BOT 13/ ,000 1,000,000 0 Warrants and rights EUR TNT Express NV Droits d'attribut ,500 27,500 Investment funds (UCITS) EUR Banor SICAV Greater China Long Short Equity S EUR Cap EUR Banor SICAV Italy Long Short Equity R Cap 0 16, EUR Banor SICAV North America Long Short Eq S Cap

49 BANOR SICAV Notes to the financial statements Note 1 - Significant accounting policies 1) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2) Valuation of assets The assets of the Fund are valued as follows: (a) (b) (c) (d) (e) (f) 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, and not yet received are deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Fund may consider appropriate in such case to reflect the true value thereof; the value of securities and/or financial derivative instruments which are quoted or dealt in on any stock exchange are based on the previous day closing prices and, if appropriate, on the average price on the stock exchange which is normally the principal market of such securities and/or financial derivative instruments, and each security and/or financial derivative instrument traded on any other regulated market are valued in a manner as similar as possible to that provided for quoted securities and/or financial derivative instruments; for non-quoted securities or securities not traded or dealt in on any stock exchange or other regulated market, as well as quoted or non-quoted securities on such other market for which no valuation price is available, or securities for which the quoted prices are not representative of the fair market value, the value thereof are determined prudently and in good faith by the Board of Directors on the basis of foreseeable sales prices; shares or units in open-ended investment funds are valued at their last available calculated net asset value; liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis as determined by the Board of Directors. All other assets, where practice allows, may be valued in the same manner; the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice; 3) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. 4) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are calculated on the basis of the average acquisition cost. 47

50 BANOR SICAV Notes to the financial statements (continued) 5) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable are recorded, net of any withholding tax. 6) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward rates for the remaining period from valuation date to the maturity of the contracts. Unrealised gains or losses are recorded in the statement of net assets. 7) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses are recorded in the statement of net assets. 8) Valuation of swaps contracts Equity-linked index swaps contracts are assessed as follows: In the framework of these contracts, the Fund will receive, in the event of long contracts, one or several payment(s) from the Counterparty (variable rate) and will make payments to the Counterparty (underlying). In the event of short contracts the Fund will pay one or several payment(s) to the Counterparty and will receive payments from the Counterparty. The two legs are assessed and the total value of the swap contract is equal to the value of the optional leg less the value of the floating leg. The swaps contracts are valued on the basis of the recalculated market prices and the provisions of the contracts by using the traditional elements of pricing such as the value, the volatility of the underlying, the interest rates and the residual value of the swaps. The Fund will receive a payment from, respectively will make payments to the Counterparty on the settlement date (and in some cases after several sub-periods). The amount of the payment will depend on the evolution/performance of the underlying (e.g. share basket, index basket) and will only be known with certainty after the settlement date (or, where relevant, after the sub-period under consideration). The Fund periodically makes payments to, respectively receives payments from the Counterparties which are tied to a benchmark interest rate. Swaps contracts are posted off-balance sheet. Unrealised gains or losses are recorded in the statement of net assets. 9) Valuation of option contracts Premiums paid on the purchase of options are recorded under the caption ʺOption contracts at market valueʺ in the statement of net assets and are presented as cost in the statement of investments and other net assets. Premiums received on issued options are recorded under the caption ʺShort option contracts at market valueʺ in the statement of net assets and are presented as cost received in the statement of investments and other net assets. Option contracts outstanding at the date of the report are valued at the last settlement or closing price on the stock exchanges or regulated markets. 48

51 BANOR SICAV Notes to the financial statements (continued) 10) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. These expenses are divided in equal parts between the Sub-Funds in existence, six months after the end of the initial offering period. In case where further Sub-Funds are created in the future, these Sub-Funds will bear their own formation expenses which may be amortised over five accounting years. 11) Conversion of foreign currencies Cash at banks, other net assets and the liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rates prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. 12) Combined financial statements The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund converted into this currency at the exchange rate prevailing at the date of the report. At the date of the report, the exchange rate used is the following: 1 EUR = USD US Dollar Note 2 - Management fees In accordance with the Fund Management Agreement, the Board of Directors of the Fund has appointed CASA4FUNDS SA as the Management Company to be responsible on a day-to-day basis, under supervision of the Directors, for providing administration, marketing and investment management services in respect of all Sub-Funds. For the outstanding Shares at the date of the report, the Management Company receives, since 1st July 2014, the following annual management fees payable monthly and calculated on the average total net assets for the relevant month: Sub-Funds Classes of Shares Management fees BANOR SICAV - EURO BOND ABSOLUTE RETURN R 1.00% I 0.50% BANOR SICAV - EUROPEAN VALUE R 1.80% I 1.20% BANOR SICAV - ITALY LONG SHORT EQUITY R 2.00% I 1.20% BANOR SICAV - GREATER CHINA LONG SHORT EQUITY R EUR 2.20% BANOR SICAV - ROSEMARY R USD 2.20% S EUR 1.25% S USD 1.25% R 1.50% S 0.50% 49

52 BANOR SICAV Notes to the financial statements (continued) Sub-Funds BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Classes of Shares Management fees R EUR 2.20% R USD 2.20% S EUR 1.25% S USD 1.25% Until 30th June 2014, the Management Company received the following annual management fees payable monthly and calculated on the average total net assets for the relevant month: Sub-Funds BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN) BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) Classes of Shares Management fees A 1.00% B 0.50% A 1.50% B 1.00% A 1.60% B 1.00% BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) BANOR SICAV - ROSEMARY BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY C EUR 2.00% C USD 2.00% S EUR 1.25% S USD 1.25% A 1.50% S 0.50% C EUR 2.00% C USD 2.00% S EUR 1.25% S USD 1.25% BANOR SICAV - OCKHAM (liquidated on 1st July 2014) C 2.10% BANOR CAPITAL LTD, the Investment Manager, is entitled to commission paid by the Management Company out of the above mentioned management fees. Note 3 - Performance fees In addition the Management Company is entitled to receive the following performance fees for the following Classes of Shares since 1st July 2014: for the Sub-Fund BANOR SICAV - EURO BOND ABSOLUTE RETURN: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 10% of return of the relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. 50

53 BANOR SICAV Notes to the financial statements (continued) for the Sub-Fund BANOR SICAV - EUROPEAN VALUE: The performance fee is amount 10% of return of the relevant Class of Share that exceeds the hurdle rate (synthetic index composed for 30% of FTSE MIB (FTSEMIB), for 25% of MSCI ACWI Price EUR (MDWD), for 20% of MSCI Europe (MXEU) and for 25% of Euro Cash Indices LIBOR Total (ECC0TR03)) since the end of the last reference period on which a performance fee was due. for the Sub-Fund BANOR SICAV - ITALY LONG SHORT EQUITY: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 15% of return of the relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. for the Sub-Fund BANOR SICAV - GREATER CHINA LONG SHORT EQUITY: - Class R EUR and Class R USD: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 20% of return of the relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. - Class S EUR and Class S USD: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 15% of return of the relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. for the Sub-Fund BANOR SICAV - ROSEMARY: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 10% of return of the relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. for the Sub-Fund BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY: - Class R EUR and Class R USD: As long as the Net Asset Value before performance fee is higher the High Watermark, the performance fee is amount to 20% of return of the relevant Class of Share, The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. - Class S EUR and Class S USD: As long as the Net Asset Value before performance fee is higher than the High Watermark, the performance fee is amount to 15% of return of relevant Class of Share. The performance fee is capped in order to not lead the Net Asset Value after performance fee below the High Watermark. For all Sub-Funds: - The reference Net Asset Value and the start of the reference period are either the initial Net Asset Value at the launch date or the quarter end Net Asset Value on which a performance fee was due. - On each Valuation Day, an accrual of performance fee is made when appropriate, and the performance fee is paid where applicable for each class of the Sub-Fund as described. - The performance is paid after the end of each quarter on the value of the last Net Asset Value calculated during the quarter. In addition, the performance fee is calculated taking into account movements on the capital and applying the "crystallization" principle so that the performance fee is calculated on the basis of the Net Asset Value after deduction of all expenses, liabilities, and management fees (but not performance fee), and is adjusted to take account of all subscriptions and redemptions. 51

54 BANOR SICAV Notes to the financial statements (continued) Until 30th June 2014, the Management Company was entitled to receive the following performance fees for the following Classes of Shares: for the Sub-Fund BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN): 10% p.a. of return of the relevant Class of Share, calculated at the 31st December of each year, with the High Watermark provision, ensuring that a performance fee on new excess returns was only paid, once past underperformances have been recovered. The performance fee was paid only if the Net Asset Value per Share at 31st December of the current year was superior to the Net Asset Value per Share at 31st December of any previous year. for the Sub-Fund BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE): 10% p.a. of return of the relevant Class of Share that exceeds three months Euribor rate calculated at the 31st December of each year. The performance fee was paid only if the Net Asset Value per Share at 31st December of the current year was superior to the Net Asset Value per Share at 31st December of any previous year. for the Sub-Fund BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT): 10% p.a. of return of the relevant Class of Share that exceeds the High Watermark (calculated as the return necessary since the start of the calendar year to equal the Net Asset Value per Share on the last Valuation Day of the calendar year in which historically a Performance Fee was paid). The performance fee was paid only at the end of each calendar year. for the Sub-Fund BANOR SICAV - GREATER CHINALONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY): - Class C EUR and Class C USD: 20% per annum of return of the relevant Class of Share that exceeds the High Watermark, - Class S EUR and Class S USD: 15% per annum of return of the relevant Class of Share that exceeds the High Watermark, calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged. The performance fee was paid after the end of each quarter on the value of Net Asset Value, which was calculated on the last day of each quarter. for the Sub-Fund BANOR SICAV - ROSEMARY: for all Classes 10% per annum of the return of the relevant Class of Share in accordance with the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged). The performance fee was paid after the end of each quarter on the value of Net Asset Value, which was calculated on the last day of each quarter. for the Sub-Fund BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY: - Class C EUR and Class C USD: 20% per annum of return of the relevant Class of Share that exceeds the High Watermark, - Class S EUR and Class S USD: 15% per annum of return of the relevant Class of Share that exceeds the High Watermark, calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged. The performance fee was paid after the end of each quarter on the value of Net Asset Value, which was calculated on the last day of each quarter. 52

55 BANOR SICAV Notes to the financial statements (continued) for the Sub-Fund BANOR SICAV - OCKHAM (liquidated on 1st July 2014): 20% of the net increase as a result of operations of each quarter. The performance fee was based on the following formula: Net Asset Value of the Sub-Fund at the end of the quarter - Net subscriptions (i.e. subscriptions - redemptions) - Net Asset Value of the Sub-Fund at the beginning of the quarter (= Net Asset Value at the end of the previous quarter + Dividends paid (if any)) = Net Increase as a result of operations The performance fee was paid after the end of each quarter; however a provision for the accrued additional commission, if any, was made at each calculation of the Net Asset Value of the Sub-Fund. Except for the Sub-Fund BANOR SICAV - OCKHAM, the performance fee was calculated taking into account movements on the capital and applying the "crystallization" principle so that the performance fee was calculated on the basis of the Net Asset Value after deduction of all expenses, liabilities, and management fees (but not performance fee), and was adjusted to take account of all subscriptions and redemptions. At the date of the report, the performance fee was recorded for the following Sub-Funds and amounted to: BANOR SICAV - EURO BOND ABSOLUTE RETURN EUR 235, BANOR SICAV - EUROPEAN VALUE EUR 34, BANOR SICAV - ITALY LONG SHORT EQUITY EUR 96, BANOR SICAV - ROSEMARY EUR 65, BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY USD 357, At the date of the report, no performance fee was recorded for the Sub-Fund BANOR SICAV - GREATER CHINA LONG SHORT EQUITY. Note 4 - Subscription, redemption and conversion fees Shares are allotted at the Net Asset Value per Share determined on the Valuation Day following the bank business day on which the application has been accepted. Since 1st July 2014, the Shares are issued at a price corresponding to the Net Asset Value per Share of the Sub-Funds. No subscription fee is deducted. The number of Shares issued upon conversion is based upon the respective Net Asset Values of the Shares of the two Sub-Funds concerned on the common Valuation Day following the bank business day on which the conversion request is accepted. For the BANOR SICAV - ITALY LONG SHORT EQUITY, a conversion fee of max. 2% of the Net Asset Value is charged to the investors by the appointed entities acting in relation to the distribution/marketing of the Shares. No conversion fee is deducted for the other Sub-Funds. Since 1st July 2014, the Shares are repurchased at the Net Asset Value per Share of the Sub-Funds. No redemption fee is charged. 53

56 BANOR SICAV Notes to the financial statements (continued) Until 30th June 2014, the following subscription and redemption fees were applicable on Net Asset Value: Sub-Funds BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN) BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Subscription fees max 5% max 5% max 2% max 2% Redemption fees none none 2% before 6 months, none thereafter max 2% before 6 months BANOR SICAV - ROSEMARY max 2% none BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY max 2% 2% before 6 months, none thereafter BANOR SICAV - OCKHAM (liquidated on 1st July 2014) max 2% max 1% Note 5 - Subscription duty ("taxe d abonnement") The Fund is governed by Luxembourg Law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. The rate of this tax is reduced to 0.01% for Classes of Shares reserved to institutional investors. Pursuant to Article 175 (a) of the amended Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. 54

57 BANOR SICAV Notes to the financial statements (continued) Note 6 - Cross Sub-Funds investments As at 30th September 2014, the Sub-Funds BANOR SICAV - EUROPEAN VALUE and BANOR SICAV - ROSEMARY invested in the following Sub-Funds of the Fund as described below: Sub-Funds Description Currency Quantity Market value BANOR SICAV - EUROPEAN VALUE BANOR SICAV - ROSEMARY % of total net assets Banor SICAV Greater China Long Short Equity S USD Cap EUR , % Banor SICAV North America Long Short Eq S Cap EUR , % Banor SICAV Greater China Long Short Equity S EUR Cap EUR , % The combined statement of net assets has not been adjusted to remove the impact of the above. As per art 181(8) of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment, the commission on subscriptions and redemptions detailed in note 4 and the management fees detailed in note 2 are not applied to the assets of the Sub-Funds BANOR SICAV - EUROPEAN VALUE and BANOR SICAV - ROSEMARY invested in other Sub-Funds of the Fund. Note 7 - Forward foreign exchange contracts As at 30th September 2014, the following Sub-Funds are committed in the following forward foreign exchange contracts with BANQUE DE LUXEMBOURG S.A.: BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN) Currency Purchases Currency Sales Maturity Unrealised result (in EUR) EUR 242, GBP 190, , EUR 6,743, GBP 5,350, , EUR 394, USD 500, , EUR 1,093, USD 1,390, , EUR 365, USD 490, , EUR 2,159, USD 2,900, , EUR 849, USD 1,100, , , BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) Currency Purchases Currency Sales Maturity Unrealised result (in EUR) EUR 1,462, GBP 1,160, , EUR 213, JPY 29,190, , EUR 1,273, USD 1,710, , GBP 70, EUR 87, , USD 210, EUR 162, , ,

58 BANOR SICAV Notes to the financial statements (continued) BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to Class R EUR capitalization Shares and to Class S EUR capitalization Shares EUR 14,912, USD 20,022, ,182, EUR 509, USD 681, , EUR 18, USD 22, EUR 86, USD 109, EUR 42, USD 53, EUR 55, USD 70, , EUR 140, USD 180, , EUR 24, USD 31, EUR 25, USD 32, EUR 100, USD 129, , EUR 179, USD 233, , EUR 284, USD 374, , EUR 77, USD 101, , EUR 129, USD 170, , EUR 126, USD 166, , EUR 56, USD 74, , EUR 31, USD 41, , EUR 78, USD 104, , EUR 19, USD 25, , EUR 27, USD 36, , EUR 248, USD 331, , EUR 162, USD 216, , EUR 344, USD 460, , USD 202, EUR 154, , USD 266, EUR 211, USD 56, EUR 44, , USD 77, EUR 59, , USD 258, EUR 200, , USD 191, EUR 145, , USD 142, EUR 110, , USD 39, EUR 31, USD 393, EUR 306, , USD 111, EUR 86, , USD 45, EUR 35, , USD 83, EUR 62, , USD 77, EUR 59, , USD 78, EUR 59, , USD 32, EUR 24, , USD 178, EUR 134, , USD 86, EUR 65, , USD 207, EUR 158, , USD 257, EUR 192, , USD 143, EUR 107, , USD 243, EUR 188, , USD 186, EUR 145, , ,235, BANOR SICAV - ROSEMARY Currency Purchases Currency Sales Maturity Unrealised result (in EUR) EUR 2,899, GBP 2,300, , EUR 4,468, USD 6,000, , EUR 1,576, USD 2,000, , EUR 1,544, USD 2,000, , EUR 1,555, USD 2,000, , USD 1,000, EUR 746, , ,

59 BANOR SICAV Notes to the financial statements (continued) BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to Class R EUR capitalization Shares and to Class S EUR capitalization Shares EUR 12,559, USD 16,862, , EUR 3, USD 3, EUR 77, USD 97, EUR 33, USD 42, EUR 55, USD 70, , EUR 60, USD 77, , EUR 149, USD 193, , EUR 9, USD 11, EUR 50, USD 64, , EUR 50, USD 64, , EUR 130, USD 168, , EUR 57, USD 74, , EUR 4, USD 5, EUR 67, USD 88, , EUR 7, USD 9, EUR 61, USD 80, , EUR 26, USD 34, , EUR 48, USD 64, , EUR 7, USD 9, EUR 76, USD 101, , EUR 7, USD 9, EUR 39, USD 52, , EUR 11, USD 14, EUR 32, USD 42, , EUR 13, USD 17, EUR 63, USD 83, , USD 51, EUR 40, USD 34, EUR 26, , USD 51, EUR 40, USD 734, EUR 558, , USD 79, EUR 63, USD 25, EUR 19, , USD 58, EUR 45, , USD 99, EUR 74, , USD 19, EUR 15, USD 49, EUR 37, , USD 25, EUR 20, USD 64, EUR 48, , USD 107, EUR 80, , USD 32, EUR 25, , USD 110, EUR 87, , Note 8 - Futures contracts As at 30th September 2014, the following Sub-Fund is committed in the following futures contracts with NEWEDGE PARIS: BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Number of contracts Denomination Currency Commitments (in USD) Unrealised result Sale 16 Hang Seng Index FUT 10/14 HKFE (in USD) HKD -2,351, , ,

60 BANOR SICAV Notes to the financial statements (continued) BANOR SICAV - ROSEMARY Number of contracts Sale 3 DAX Germany Index FUT 12/14 EUX Purchase 5 FTSE MIB Index FUT 12/14 MIL Sale 4 S&P 500 Index FUT 12/14 CME Denomination Currency Commitments (in EUR) Unrealised result (in EUR) EUR -711, , EUR 521, , USD -1,556, , , Note 9 - Swaps contracts As at 30th September 2014, the following Sub-Funds are committed in the following contracts with MORGAN STANLEY & CO INTERNATIONAL PLC: Equity-linked swaps BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) Quantity Currency Underlying Variable rate Maturity Unrealised result (in EUR) -4,000 DKK Pandora A/S CIBOR 1 Month ,500 EUR Aeroport de Paris (ADP) Effective Overnight Index Average Eonia ,000 EUR Atlantia SpA Effective Overnight Index Average Eonia ,000 EUR Autogrill SpA Effective Overnight Index Average Eonia ,060 EUR Azimut Holding SpA Effective Overnight Index Average Eonia ,000 EUR Banca Generali SpA Effective Overnight Index Average Eonia ,000 EUR Brembo SpA Effective Overnight Index Average Eonia ,000 EUR Brunello Cucinelli SpA Effective Overnight Index Average Eonia ,046 EUR Cementir SpA Effective Overnight Index Average Eonia ,500 EUR Continental AG Effective Overnight Index Average Eonia ,000 EUR De'Longhi SpA Effective Overnight Index Average Eonia ,000 EUR Heineken NV Effective Overnight Index Average Eonia ,000 EUR Interpump Group SpA Effective Overnight Index Average Eonia ,000 EUR Mediolanum SpA Effective Overnight Index Average Eonia ,000 EUR Moncler SpA Effective Overnight Index Average Eonia ,000 EUR Newpark Resources Inc Effective Overnight Index Average Eonia ,000 EUR Pirelli & C. SpA Effective Overnight Index Average Eonia ,500 EUR Puma SE Effective Overnight Index Average Eonia ,000 EUR Tod's SpA Effective Overnight Index Average Eonia ,000 GBP British Sky Broadcast Gr Plc Sonia O/N Deposit Rates Swap ,500 USD A.O.Smith Corp Federal Funds Effective Rate US ,000 USD Constellation Brands Inc Federal Funds Effective Rate US ,500 USD Michael Kors Holdings Limited Federal Funds Effective Rate US ,500 USD Mohawk Industries Inc Federal Funds Effective Rate US ,700 USD Tesla Motors Inc Federal Funds Effective Rate US ,000 USD Valero Energy Corp Federal Funds Effective Rate US ,800 USD Zillow Inc A Federal Funds Effective Rate US

61 BANOR SICAV Notes to the financial statements (continued) BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Quantity Currency Underlying Variable rate Maturity Unrealised result (in USD) 159,864 CNY Kweichow Moutai Co Ltd A Federal Funds Effective Rate US , ,030 CNY Wuliangye Yibin Co Ltd A Federal Funds Effective Rate US , ,311 EUR Asian Bamboo AG Effective Overnight Index Average Eonia ,794 EUR Firstextile AG Effective Overnight Index Average Eonia ,717 EUR Powerland AG Effective Overnight Index Average Eonia ,000 HKD Asian Citrus Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Bolina Holding Co Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Bosideng International Hgs Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China Animal Heatlhcare Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China Chlid Care Corp Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China Coal Energy Co Ltd H Hong Kong Overnight Index Swap Reference Rate ,000 HKD China Gas Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China National Build Ma Co Ltd H Hong Kong Overnight Index Swap Reference Rate ,000 HKD China SCE Property Hgs Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China SCE Property Hgs Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD China Yurun Food Group Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Comba Telecom Syst Hgs Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Cosco Pacific Ltd Hong Kong Overnight Index Swap Reference Rate ,500 HKD Esprit Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD GCL-Poly Energy Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Golden Meditech Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Huabao Intl Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Hunan NonFerr Metals Corp Ltd H Hong Kong Overnight Index Swap Reference Rate ,000 HKD Intime Retail (Gr) Co Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Ju Teng Intl Holdings Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Kingdee Intl Softwar Gr Co Ltd Hong Kong Overnight Index Swap Reference Rate ,392,000 HKD Labixiaoxin Snacks Group Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Nine Dragons Paper (Hgs) Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Ports Design Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD REXLot Holdings Ltd Shares Hong Kong Overnight Index Swap Reference Rate ,000,000 HKD Real Nutriceutical Group Ltd Hong Kong Overnight Index Swap Reference Rate ,142,000 HKD Renhe Cial Holdings Co Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Shougang Fushan Resourc Gr Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Tiangong Intl Co Ltd Hong Kong Overnight Index Swap Reference Rate ,000 HKD Tsingtao Brewery Co Ltd H Hong Kong Overnight Index Swap Reference Rate ,200 HKD ZTE Corp H Hong Kong Overnight Index Swap Reference Rate ,600 JPY SJI Inc LIBOR-1M ,000 SGD Sino Grandness Food Ind Gr Ltd Singapore Overnight Index Average

62 BANOR SICAV Notes to the financial statements (continued) Quantity Currency Underlying Variable rate Maturity Unrealised result (in USD) 8,300 USD Baidu Inc ADR repr 0.1 Share A Federal Funds Effective Rate US , ,026 USD China Gerui Adv Materia Gr Ltd Federal Funds Effective Rate US ,100 USD China Xiniya Fashion Ltd Spons ADR Repr 4 Shs Federal Funds Effective Rate US ,803 USD China Zenix Auto Intl Ltd spons ADR repr 4 Shares Federal Funds Effective Rate US ,675 USD Melco Crown Entertainment Ltd ADR repr 3 Sh Federal Funds Effective Rate US ,100 USD Nu Skin Enterprises Inc A Federal Funds Effective Rate US , ,180 USD Ping An Ins Gr Co of China Ltd Step-up Conv 13/ Federal Funds Effective Rate US ,668 USD Yahoo Inc Federal Funds Effective Rate US , BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Quantity Currency Underlying Variable rate Maturity Unrealised result (in USD) -30,450 USD ACCO Brands Corp Federal Funds Effective Rate US ,790 USD AFC Enterprises Inc Federal Funds Effective Rate US ,440 USD Altisource Asset Mgt Corp Federal Funds Effective Rate US ,680 USD American Woodmark Corp Federal Funds Effective Rate US USD Autozone Inc Federal Funds Effective Rate US ,520 USD Avalon Bay Communities Inc Federal Funds Effective Rate US ,900 USD BJ's Restaurants Inc Federal Funds Effective Rate US ,000 USD Barrett Business Serv Inc Federal Funds Effective Rate US ,680 USD Buckle Inc (The) Federal Funds Effective Rate US ,980 USD Cabela's Inc Federal Funds Effective Rate US ,790 USD Cablevision Systems Corp NY Gr Federal Funds Effective Rate US ,600 USD Capella Education Co Federal Funds Effective Rate US ,760 USD Chemed Corp Federal Funds Effective Rate US USD Chipotle Mexican Shares A Federal Funds Effective Rate US ,320 USD Church & Dwight Co Inc Federal Funds Effective Rate US ,540 USD Chuys Holdings Inc Federal Funds Effective Rate US ,852 USD Comstock Holding Co Inc A Federal Funds Effective Rate US , ,230 USD Conn's Inc Federal Funds Effective Rate US ,742 USD Delias Inc Federal Funds Effective Rate US , ,930 USD Dollar General Corp Federal Funds Effective Rate US ,080 USD Eagle Materials Inc Federal Funds Effective Rate US ,235 USD Essex Property Trust Inc Federal Funds Effective Rate US ,260 USD Fluor Corp (New) Federal Funds Effective Rate US ,770 USD Fresh Market Inc (The) Federal Funds Effective Rate US ,580 USD Grand Canyon Education Inc Federal Funds Effective Rate US ,910 USD Hain Celestial Group Inc Federal Funds Effective Rate US ,330 USD Home Depot Inc Federal Funds Effective Rate US ,979 USD Homeowners Choice Inc Federal Funds Effective Rate US ,250 USD JC Penney Co Inc Federal Funds Effective Rate US ,900 USD Jack in the Box Inc Federal Funds Effective Rate US ,000 USD Kimco Realty Corp Federal Funds Effective Rate US ,270 USD Macerich Co Federal Funds Effective Rate US

63 BANOR SICAV Notes to the financial statements (continued) Quantity Currency Underlying Variable rate Maturity Unrealised result (in USD) -19,816 USD Mattress Firm Holding Corp Federal Funds Effective Rate US USD Mettler Toledo Intl Inc Federal Funds Effective Rate US ,660 USD National Retail Properties Inc Dist Federal Funds Effective Rate US ,140 USD NewMarket Corp Federal Funds Effective Rate US ,450 USD Norwegian Cruise Line Hgs Ltd Federal Funds Effective Rate US ,810 USD O Reilly Automotive Inc Federal Funds Effective Rate US ,560 USD Realty Income Corp Dist Federal Funds Effective Rate US ,990 USD Restoration Hardware Hgs Inc Federal Funds Effective Rate US ,380 USD Salesforce.com Inc Federal Funds Effective Rate US ,220 USD Simon Property Group Inc Federal Funds Effective Rate US ,840 USD Six Flags Entertainment Corp Federal Funds Effective Rate US ,200 USD Skechers USA Inc A Federal Funds Effective Rate US ,860 USD Tesla Motors Inc Federal Funds Effective Rate US ,456 USD Tootsie Roll Industries Inc Federal Funds Effective Rate US ,600 USD Tractor Supply Co Federal Funds Effective Rate US ,500 USD Tuesday Morning Corp Federal Funds Effective Rate US ,900 USD Unilife Corp Federal Funds Effective Rate US ,500 USD Vera Bradley Inc Federal Funds Effective Rate US ,910 USD Westinghouse Air Brak Tec Corp Federal Funds Effective Rate US ,130 USD World Acceptance Corp (S.C.) Federal Funds Effective Rate US ,100 USD ishares Trust Dow Jones US Real Estate Index Fd Dist Federal Funds Effective Rate US ,270 USD Goldman Sachs Group Inc Federal Funds Effective Rate US ,900 CAD IGM Financial Inc Federal Funds Effective Rate US Swaps on index futures BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Quantity Currency Underlying Maturity -2, Unrealised result (in USD) -13,000 TWD TAIEX Index Idx Fut Octobre , ,

64 BANOR SICAV Notes to the financial statements (continued) Note 10 - Short option contracts As at 30th September 2014, the following Sub-Funds are committed in the following short option contracts with NEWEDGE PARIS: BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) Currency Number Denomination Commitment (in EUR) Options on transferable securities CHF 12 Nestlé SA Reg CALL 12/14 EUX 69 44, EUR 7 Atlantia SpA CALL 12/14 MIL , EUR 43 Deutsche Telekom AG Reg CALL 03/15 EUX 12 13, EUR 38 Intesa Sanpaolo SpA Az.di Risp. non conv. CALL 12/14 MIL 2 57, EUR 35 Prysmian SpA CALL 12/14 MIL 21 51, EUR 89 Prysmian SpA PUT 12/14 MIL 15 71, GBP 3 AstraZeneca Plc PUT 12/14 LIFFE 42 53, GBP 1 Reckitt Benckiser Group Plc CALL 12/14 LIFFE 52 44, GBP 22 Royal Mail Plc PUT 12/14 LIFFE 4.8 1, USD 38 Philip Morris Intl Inc CALL 12/14 OPRA 85 99, , BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) Currency Number Denomination Commitment (in EUR) Options on transferable securities EUR 16 DiaSorin SpA CALL 12/14 MIL 32 67, EUR 1,060 ENEL SpA CALL 12/14 MIL 3.9 1,688, EUR 200 Intesa Sanpaolo SpA CALL 12/14 MIL 2 427, EUR 40 Pernod-Ricard CALL 12/14 MONEP , EUR 335 Snam SpA CALL 06/15 MIL , EUR 500 Telecom Italia SpA CALL 12/14 MIL.9 249, EUR 320 Total SA CALL 12/14 MONEP 48 1,313, EUR 80 Unicredit SpA Post Raggruppamento CALL 12/14 MIL , ,118, BANOR SICAV - ROSEMARY Currency Number Denomination Commitment (in EUR) Options on transferable securities CAD 200 HudBay Minerals Inc CALL 12/14 MSE 10 58, EUR 500 Banco Pop Societa Cooperativa PUT 03/15 MIL , EUR 20 Bayerische Motorenwerke AG PUT 12/14 EUX 84 66, EUR 25 Daimler AG Reg PUT 12/14 EUX 61 77, GBP 5 British American Tobacco Plc CALL 03/15 LIFFE 36 89, GBP 10 Standard Chartered Plc PUT 03/15 LIFFE , USD 120 Apple Inc CALL 04/15 OPRA , USD 50 Coca-Cola Co PUT 02/15 OPRA 40 42, USD 50 ConocoPhillips PUT 02/15 OPRA , USD 100 General Motors Co PUT 12/14 OPRA , USD 6 Google Inc C Pref CALL 01/15 OPRA , USD 25 Keurig Green Mountain Inc CALL 01/15 OPRA 140 1, USD 150 Morgan Stanley CALL 01/15 OPRA , USD 75 Oracle Corp PUT 01/15 OPRA 35 51, USD 50 Phillips 66 PUT 02/15 OPRA , USD 25 Randgold Resources Ltd spons ADR repr 1 Share PUT 01/15 OPRA 70 74, USD 50 Viacom Inc B PUT 12/14 OPRA , ,165,

65 BANOR SICAV Notes to the financial statements (continued) Note 11 - Pledged assets As at 30th September 2014, the following Sub-Funds have pledged cash at bank, recorded in the caption "Cash collateral at banks" in the statement of net assets, in favour of MORGAN STANLEY & CO INTERNATIONAL PLC, acting as counterparty to the Fund for swap contracts: Sub-Funds Cash Collateral at banks BANOR SICAV - ITALY LONG SHORT EQUITY EUR 2,240, BANOR SICAV - GREATER CHINA LONG SHORT EQUITY USD 6,230, BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY USD 8,800, Note 12 - Event BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) has holding nominal amounts in IT Holding Finance SA 9.875% Sen 04/ as follow: BANOR SICAV - ITALY LONG SHORT EQUITY EUR 1,944,000 On 26th February 2009, the issuer company IT Holding Finance SA was officially declared in defaults. The Board of Directors decided by Circular Resolution on 23rd November 2012 to value at zero the bond until further information on future corporate actions. 63