1

Family Office ForumWiesbaden, 28 April 2015

2

Member of the Investment Committee

Sandra Crowl

3

11/8911/90

11/9111/92

11/9311/94

11/9511/96

11/9711/98

11/9911/00

11/0111/02

11/0311/04

11/0511/06

11/0711/08

11/0911/10

11/1111/12

11/1311/14

0

100

200

300

400

500

600

700

800

900

Carmignac Patrimoine: 25 Years of Convictionsand Risk Management

*50% MSCI ACWI (EUR) (reinvested nets dividends) + 50% Citigroup WGBI All Maturities (EUR)Source: Carmignac Gestion at 27/02/2015

Past performance is not a reliable indicator of future performance.

European sovereign Debt crisis

2011

Global financial Crisis

2008

Tech bubble

2000

September 11th 2001

Asian crisis

1997

Credit crash

1994

Subprimecrisis

2008

Gulf War

1991

+786%CARMIGNAC PATRIMOINE

A EUR acc

+342%REFERENCE

INDICATOR*

Performance since launch

Strong long-term convictions based upon major structural themes Tactical management substantiated by significant adjustments in times of turbulent markets

4

Active Management of Exposure Levels

Source: Carmignac Gestion, 19/02/2015

Modified DurationEquity exposure Euro Stoxx 50 exposureDollar Exposure

Dollar exposure

Modified durationEq

uity

exp

osur

e

Carmignac Patrimoine

5

Carmignac Investissement: Thematic BreakdownAt 31 December 2010

Source: Carmignac Gestion. 31/12/2010

DEFENSIVE & INNOVATION16.4%

US GROWTH

33.5%

7.8%

12.4%

12.3%

OTHERS & CASH

ENERGY 15.4%

METALS

GOLD MINES

2.2%IMPROVED LIVING STANDARDS IN EM

STRUCTURAL THEMES: 57.7% CYCLICAL THEMES: 40.1%

6

Carmignac Investissement: Thematic BreakdownAt 31 March 2015

Source: Carmignac Gestion. 31/03/2015

GLOBAL LEADERS 34.2%

US GROWTH

23.5%

29.4%

1.4%

3.4%

CASH

ENERGY 1.6%

MINING & MATERIALS

GOLD MINES

OTHERS 5.8%

0.7%EM GROWTH

STRUCTURAL THEMES: 87.1% CYCLICAL THEMES: 6.4%

7

Our Secular View: a More Volatile Economic Cycle

Source: Carmignac Gestion, CEIC, 31/12/2014

19521956

19601964

19681972

19761980

19841988

19921996

20002004

20082012

-12%

-7%

-2%

3%

8%

13%

18%

2014

2014

US Real GDP1952

19561960

19641968

19721976

19801984

19881992

19962000

20042008

2012120%

170%

220%

270%

320%

370%US Debt, % of GDP

8

How to navigate volatile financial markets through non benchmark investing

The New Normal:A World of Financial Repression

9

1. Average of China, Singapore, Hong-Kong, Thailand, Malaysia, India, Pakistan, South Korea, Philippines. (local currency prices)

2. USD pricesSource: OECD, DataStream, NBER; Minack Advisors

Underlying Trends Remain DeflationnaryPositive for companies with pricing power

OECD PPI 2

Asia PPI 1

Producer inflation

10

“New Generation” Indexed Bonds: Companies with High Visibility Offering Reasonable Growth and Significant Dividend YieldScarce growth: examples of stock picking

Source: Carmignac Gestion, 31/12/2014

Health Care

Clothing

Health Care

Rail Transportation

Switzerland

Spain

Germany

United States

1.7%

2.9%

1.5%

1.7%

13%

6%

14%

14%

Sector Country EPS Growth2016 Dividend Yield

11

Global Conditions Are Disinflationary

QE

QE

QE

Russia

Turkey

Canada

Australia

India

China

ThailandOmanMorocco

A global approach, essential to seizing worldwide opportunities

Japan

Eurozone

Sweden

Significant Easing of Monetary Policies In 2015

12Source: Bloomberg, NBER; Minack Advisors

The Fed is Wary of a Monetary Policy Mistake

Sweden

South Korea

DenmarkNorway

AustraliaNew Zealand

CENTRAL BANK POLICY RATES

13

Eurozone Yields: Powerful Technical Factors…

Source: JP Morgan, 26/03/2015

EUR bnfor 2015

ECB’s sovereign bond purchases

QE as % of gross issuance

QE as % of net issuance

Germany 107 68% 2,685%

France 85 41% 99%

Italy 73 27% 97%

Spain 53 37% 94%

Netherlands 24 48% 183%

Belgium 15 45% 141%

Austria 12 61% 189%

Finland 7 75% 96%

Ireland 7 46% 69%

Portugal 10 57% 83%

Total 393 43% 140%

Fixed Income

Strategy

14

Eurozone Yields: Yields are Likely to Trend Even Lower

Source: Danske Bank Markets, April 2015

Fixed Income

Strategy

Country 0-2 years 2-5 years 5-10 years 10-15 years +15 years Total

Germany 100% 100% 83% 0% 0% 70%

Finland 100% 100% 42% 0% 0% 57%

Netherlands 100% 100% 34% 0% 0% 55%

Austria 100% 100% 43% 0% 0% 53%

France 100% 100% 13% 0% 0% 45%

Belgium 100% 100% 20% 0% 0% 38%

Ireland 100% 51% 0% 0% 0% 22%

Portugal 60% 0% 0% 0% 0% 7%

Spain 24% 0% 0% 0% 0% 5%

Italy 17% 0% 0% 0% 0% 3%

Total 70% 57% 24% 0% 0% 34.1%

Percentage of sovereign bonds offering negative yields

15

Yield Curve: The ECB’s Ultra-accommodative Stance has Led to the Flattening of Yield Curves

Source: Bloomberg, 31/03/2015

Fixed Income

Strategy

Yield curve - Italy Yield curve - Spain

31/12/2014

31/03/2015

31/12/2014

31/03/2015

16

02/0403/05

04/0605/07

06/0807/09

08/1009/11

10/1211/13

12/14-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

02/0403/05

04/0605/07

06/0807/09

08/1009/11

10/1211/13

12/14-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%

02/0403/05

04/0605/07

06/0807/09

08/1009/11

10/1211/13

12/14-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

ECB: Aggressive QE will Reduce Credit Risk

Source : Bloomberg, 17/02/2015

Portugal 10y yield

Spain 10y yield Italy 10y yield

Fair valueFair value

Fair value

Weak inflation and growth expectations could warrant further convergence in peripheral sovereign spreads

Clear room for further compression to fair values

17Source: Bloomberg, 31/03/2015

Eurozone Yields: Yields are Disconnected from the Fundamentals

03/1009/10

03/1109/11

03/1209/12

03/1309/13

03/1409/14

03/1590

95

100

105

110

115

120

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

IFO business climate index - Germany

Real 10-year yields - Germany

Fixed Income

Strategy

18Source: Carmignac Gestion, February 2015

Focusing on Forward-looking Indicators

Global leading indicators (proprietary tool)

19

A Flexible and Opportunistic Style Enhancing a Total Return Approach

Carmignac Portfolio Global Bond

20

A Flexible, Non-Benchmarked Philosophy

FREE FROM GEOGRAPHICAL AND

SECTORIAL CONSTRAINTS

FLEXIBLE ALLOCATION

WIDE MODIFIED DURATION RANGE

+10-4

Long0Short

Developed Markets

Emerging Markets

Credit, Currencies

Charles ZerahFund Manager

Carmignac Portfolio Global Bond

AUM: € 1 187M

21

Active and Opportunistic Approach

Source: Carmignac Gestion, 31/03/2015

30/04/201331/10/2013

30/04/201431/10/2014

0%

10%

20%

30%

40% 35.5%

25.4%

4.6%3.5%

0.0%

02/1002/11

02/1202/13

02/1402/15

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

07/13

09/13

11/13

01/14

03/14

05/14

07/14

09/14

11/14

01/15

03/15

0%

5%

10%

15%

20%

25%Financial CoCos (% of total assets)

EM local debt (% of total assets)

Japanese Yen Exposure

We actively manage our exposure to performance drivers according to our macro scenario

We can pass from negative to positive currency exposure within few days

22

United Kingdom: A Strong Pound Sterling and Weak Inflation Could Bring Down Yields

Source: LHS: Bloomberg, 28/02/2015RHS: Bloomberg, 31/03/2015

* At 16/04/2015

20102011

20122013

20142015

0

1

2

3

4

5

6

UK 10-year yieldUK inflation

12/1401/15

01/1501/15

02/1502/15

03/1503/15

03/1503/15

04/1582

83

84

85

86

87

88

89

90

UK 10-year yield vs inflation (as %) Trade-weighted GBP index

10-year yield: 1.6%*

23

New Zealand: Could Significant Deflation Risks Result In Lower Yields?

Source: Bloomberg, 31/03/2015* 16/04/2015

08/0804/09

11/0907/10

02/1109/11

05/1212/1

207/1

303/1

410/14

2%

3%

4%

5%

6%

New Zealand 10-year yields

10-year yield: 3.2%*

Inflation (%)Inflation forecast in 1 year (%)

Entry point

24

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Persistently weak inflation

25 basis points interest rate cut

Extension of QE, which now equates to 333% of net issuance

Sweden: Low Inflation has Led The Central Bank To Take An Ultra Accommodative Stance

Source:LHS: Bloomberg, 28/02/2015RHS: JP Morgan, 15/02/2015

Inflation in Sweden (annual change, as %)

25

Active, Opportunistic Management With Regular Profit-Taking

Source: Carmignac Gestion, 31/03/2015

12/1401/15

01/1501/15

02/1502/15

03/1503/15

03/1503/15

0%

20%

40%

60%

80%

100%

120%

1.04

1.08

1.12

1.16

1.20

1.24

12/1401/15

01/1501/15

02/1502/15

02/1503/15

03/1503/15

03/1520%

25%

30%

35%

40%

45%

50%

Carmignac Portfolio Global Bond ‘s Dollar exposure

Carmignac Portfolio Global Bond’s allocation to European peripheral government bonds

EUR/USD

26Source: Bloomberg, 10/04/2015

Dollar: Monetary Policy Differential Benefits the Dollar vs. the Euro

04/0910/09

04/1010/10

04/1110/11

04/1210/12

04/1310/13

04/1410/14

04/15-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

1.0

1.1

1.2

1.3

1.4

1.5

1.6

EUR/USD

German/US 2-year yield spread

Fixed Income

Strategy

27Source: Carmignac Gestion, 10/04/2015

Currencies: We Favour the Dollar While Diversifying our Currency Risk

GBP

AUD

JPY

NZD

EUR

USD

-0.1%

1.5%

7.6%

15.0%

29.3%

46.7%

Our positioning: Significant dollar exposure

No exposure to EM currencies

Carmignac Portfolio Global Bond: net currency exposure

28

Credit Markets: Regulatory Ecosystem Reducing Vulnerability of European Financial System

Source: BoA ML, Carmignac Gestion, January 2014

Size of shock

Pric

e of

Risk

Vulnerability of Financial System

Vulnerability of Financial System with Tighter Regulation

Vulnerability to Shocks and Price of Risk

29

Credit Markets: Regulatory Ecosystem Reducing Vulnerability of European Financial System

Source: BoA ML, Carmignac Gestion, January 2014

AT1

Coco

O-SIFI

G-SIFI

CCCB

CCB

MDA

Basel 3

CRD4

Solvency2

Leverage ratio

Bailinable buffer

LCR NSFR

SSM

SRM

SRF

DGS

AQRCCAR

SPE

MPE

OLA

RRM

Bailin

Living wills

PONV

PRA

Liikanen

VolkerDodd Frank

Vulnerability to Shocks and Price of Risk

30

Credit: the Subordinated Segment (CoCos) still Offers Attractive Valuation

Source: Bloomberg, 10/04/2015

04/1308/13

12/1304/14

08/1412/14

04/150

10000

20000

30000

40000

50000

60000

70000

12/1303/14

07/1410/14

01/1504/15

360

380

400

420

440

460

480

500

CoCos Issuance (in million euros)

Credit spreads of « CoCos» (in basis points)

Issuance should keep Rising Issuance Spreads have significantly tightened

since 2013 (from 730 bp to 440 bp)

The latest Spread Widening offers an Upside Potential on « CoCos »

31

Carmignac Portfolio Global Bond : Allocation of Modified Duration Illustrates the Balanced Strategy

N.B. : la liste des contributions n’est pas exhaustive.Source : Carmignac Gestion, 17/04/2015

Overall Modified Duration: 403 pb

Financial Credit :86 pb

CoCos65 pb

Subordinated18 pb

Senior 3 pb

Peripheral Sovereigns:48 pb

Spain20 pb

Portugal12 pb

Italy9 pb

Greece7 pb

Other developed market gov. bonds: 263 pb

UK143 pb

New-Zealand69 pb

Sweden36 pb

Australia23 pb

32

Carmignac Portfolio Global Bond: Performance Attribution

Source: Carmignac Gestion, 31/03/2015Past performance is not a reliable indicator of future performance.

Sovereign bonds 484

Periphery 250

Other developed countries 234

Credit 199

Finance 160

Other 39

Currencies 508

Net performance 1,191

+Other developed market gov. bonds, especially from New Zealand and the UK

Peripheral sovereign debt (e.g. Spain, Italy, Portugal)

Financials, supported by contingent convertibles

Currency strategy, drawing strength from our dollar exposure

+

+

Net performance in Q1 2015 (basis points)

+

33

Conclusion: Carmignac Portfolio Global Bond

Source: Carmignac Gestion, 14/04/2015

Disinflation and accommodative monetary policies around the world have established promising conditions for bond markets

Profit-taking on our peripheral sovereign debt while reallocating towards pockets of value in the bond universe (United Kingdom, New Zealand, European credit)

Tactical management of our dollar exposure through currency risk diversification

Continued flexible and opportunistic approach to bond and foreign exchange markets in order to maximise performance

1

2

3

4

34

Carmignac Portfolio Global Bond in Perspective

*JP Morgan GBI Global (EUR)Source: Carmignac Gestion at 31/03/2015

Past performance is not a guarantee of future returns

Carmignac Portfolio

Global Bond

Morningstar Ranking

(quartile)

Perf. YTD +11.91%

3 years +32.19%

Charles ZerahFund Manager

Morningstar Rating

3 years

Overall03/12

06/1209/12

12/1203/13

06/1309/13

12/1303/14

05/1408/14

11/1402/15

80

90

100

110

120

130

140

Reference Indicator*+19.69%

Carmignac Portfolio Global Bond+32.19%

3-Year Performance

1

1

35

Carmignac Portfolio Capital PlusMaximising risk-adjusted returns through a multi-strategy portfolio

Past performance is not a reliable indicator of future performance. Performances may vary over time. Source: Carmignac Gestion, 31/03/2015

Rates strategy 117

Peripheral gov. bonds 101

Core gov. bonds 16

Credit strategy 36

Currency strategy 75

Equities 90

Money market 9

Net Performance 327

+ Credit portion was supported by the strength of the European financial bonds

Peripheral sovereigns strongly contributed to performance over the first quarter

Our exposure to the USD positively contributed to our currency strategy

Exposure to European equity markets added performance over the past months

+

+

Q1 Net Performance at 31/03/2015 (basis points)

+

Generating risk-adjusted returns through Directional and Relative strategies Managed with a maximum ex-ante volatility of 2.5% on annual basis

Carlos GalvisFund Manager

Carmignac Portfolio Capital Plus

AUM: € 3 580M

36

Disclaimer

Dieser Präsentation ist für professionelle Kunden bestimmt. Dieser Präsentation darf ohne vorherige Genehmigung der Verwaltungsgesellschaft weder ganz noch teilweise reproduziert, verbreitet oder weitergegeben werden. Es stellt weder ein Zeichnungsangebot noch eine Anlageberatung dar. In dieser Präsentation enthaltene Informationen können unvollständig sein und ohne Vorankündigung geändert werden.

Skala von 1 (geringstes Risiko) bis 7 (höchstes Risiko); Risiko 1 kann nicht mit einer risikofreien Anlage gleich gesetzt werden. Dieser Indikator kann sich im Laufe der Zeit verändern.

Wertentwicklungen der Vergangenheit lassen keine Rückschlüsse auf zukünftige Wertverläufe zu. Die Kosten sind in den Wertentwicklungen enthalten.

Für bestimmte Personen oder Länder kann der Zugang zu den Fonds beschränkt sein. Sie dürfen insbesondere weder direkt noch indirekt einer „US-Person“ wie in der US-amerikanischen „S Regulation“ und/oder im FATCA definiert bzw. für Rechnung einer solchen US-Person angeboten oder verkauft werden.Die Fonds sind ist mit einem Kapitalverlustrisiko verbunden. Die Risiken und Kosten sind in den Wesentlichen Anlegerinformationen (WAI) / im Kundeninformationsdokument (KID) beschrieben. Die Prospekte, WAI / KID und Jahresberichte der Fonds stehen auf der Website www.carmignac.de / www.carmignac.at zur Verfügung und sind auf Anforderung bei der Verwaltungsgesellschaft bzw. in Österreich bei der Ersten Bank der österreichischen Sparkassen AG OE 01980533/ Produktmanagement Wertpapiere, Petersplatz 7, 1010 Wien, erhältlich. Die Wesentlichen Anlegerinformationen / die Kundeninformationsdokumente sind dem Zeichner vor der Zeichnung auszuhändigen.

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Nicht vertragliches Dokument, 24/04/2015

CARMIGNAC GESTIONPortfolioverwaltungsgesellschaft (von der französischen Finanzmarktaufsicht AMF am 13.03.1997 unter der Nr. GP 97-08 zugelassen)SA [Aktiengesellschaft französischen Rechts] mit einem Stammkapital von 15.000.000 € - Handelsregister Paris B 349 501 676 24 Place Vendôme – 75001 Paris – Tel : +33 1 42 86 53 35

CARMIGNAC GESTION LUXEMBOURG Tochtergesellschaft von Carmignac GestionOGAW-Verwaltungsgesellschaft (von der luxemburgischen Finanzmarktaufsicht CSSF am 10.06.13 zugelassen)SA [Aktiengesellschaft luxemburgischen Rechts] mit einem Stammkapital von 23.000.000 € - Handelsregister Luxemburg B67549City Link -7, rue de la Chapelle L-1325 Luxembourg – Tel: +352 46 70 60 1