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Investor Equities

Sicav-SIFSpecialized Investment Fund

June 2013

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Disclaimer• Investor Asset Management Bvba, Manager of Lux-Investment Partners (LIP) SICAV-FIS SA - Investor Equities.• All information in this presentation is for informational purposes only and is in no way be intended as advice.

• LIP Investor Equities is a "société d'investissement à capital variable" (investment company with variable capital, abbreviated SICAV) under Luxembourg law, in the form of a “société anonyme” (abbreviated SA) and accredited by the “Commission de Surveillance du Secteur Financier” (CSSF), the Luxembourg supervisory authority. The minimum investment for Belgian residents is 250,000 Euro in accordance with Article 5, of the “ICB”-Law of August 3th 2012. Individuals or institutions who invest in the fund are requested to take note of and to comply with the contents of the prospectus. For more information, see the relevant legal documentation, which is available without charge upon request at Lux-Investment Partners SICAV-FIS SCA, 2 Place de Metz L-1930 Luxembourg. The prospectus is in accordance with the Luxembourg law of the 13th of February 2007 on "Fonds d'investissement Spécialisé (FIS)" and in accordance by the prospectus approved by the CSSF by decision of 05/02/2013 and by VISA 2013/89456-7718-0-PC.

• This offer is only for "well informed investors" under Article 1 of the Luxembourg Law of 13 February 2007 on the "FIS". This offer is not public in nature, in conformance with the Belgian law of 20 July 2004 on certain forms of collective management of investment portfolios and is not subject to the publication of a prospectus approved by the FSMA (formerly CBFA) as the law of June 16th 2006 prescribes. For more information, see the relevant legal documentation, which is available without charge upon request at Lux-Investment Partners SICAV-FIS SCA, 2 Place de Metz L-1930 Luxembourg.

• Past performance is no guarantee for the future and the investor runs the risk to lose the amount originally invested.

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Structure

INVESTOR EQUITIES

compartment of Sicav-SIF ‘Lux-Investment Professionals’

Investor Asset Management

Bvba - manager

BCEE- financial accounts

- custodian

EFA-registrar

- calculates the monthly NAV

Ernst & Young- auditor

CSSF- supervisor prospectus

- supervisor Sicav-SIF

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Investor Equities

• A Luxemburg based Sicaf-Sif• Managed by Investor Asset Management Bvba• A “long only” equity fund• We mainly invest European small- and midcap stocks• A focused portfolio of around 25 stocks

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Our philosophy

• Outperform the market by:1. Avoiding bad companies2. Investing in small- and midcaps3. Emphasis on:

1. growth stocks at reasonable price2. Deep value

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Philosophy: When do we sell? • Let your profits run!

• 4 good reasons to sell:1. Deteriorating outlook2. expensive stocks (e.g 2x the valuation of the

overall market)3. better alternatives4. portfolio rebalancing

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Investment strategy1. GARP: Growth At Reasonable Price (Low debt, high free cash flow, high return on capital)

2. Deep Value (only if financial position is very healthy and when a problem is well defined and isolated)

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Investment ProcesINVESTMENT UNIVERSE

(>8000 European quoted companies)

COMPACTED UNIVERSE(1000-2000 companies)

IDEA LIST (CANDIDATES)

(100-200 stocks)

PORT-FOLIO

1. Reducing the investment universe exclusion factors :

• Insufficient liquidity• Recurring losses• Poor financial position• Highly cyclical companies

2. “Fishing” for ideas • Screening• Company presentations (visits & conferences)• Broker research (company notes, sector/country selections ;

NOT recommendations & price targets)

3. Detailed fundamental analysis • One-on-one meetings with company management • Understanding the company and its financials• Understanding its strengths and weaknesses• Selection criteria : check-list• Valuation & liquidity

4. Portfolio monitoring • Portfolio risk monitoring• Changes in company fundamentals• Changes in valuation• Better idea replacing existing holding

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Selection CriteriaPROFITABILITY & FINANCIAL STRENGTH

• ROE (NP/average equity)• EBIT margins (EBITA/S)• FCF generation• Gearing (Net Debt/Equity)• Interest cover (EBITA/Fin. Result)

MANAGEMENT & STRATEGY• Management experience• EPS growth track-record• Clear & consistent strategy• Focus on core activities• Corporate culture• Uniqueness / “niche” strategy• “Sustainability”• Innovation• Communication

GROWTH PROSPECTS• Long term market growth• Benefiting from growth trends (“themes”)• Market share gains• External growth potential• Long term margin potential• Current FY EPS growth• EPS revisions

RISK FACTORS• Economic sensitivity• Sensitivity to currency fluctuations• Sensitivity to other external factors• Diversification / Multiple revenue streams• Competitive position• Barriers to entry• Power of suppliers• Power of customers

companyQUALITY

stockPRICE

VALUATION• Absolute valuation vs. the market• Valuation vs. historical average• Valuation vs. most comparable peer(s)• Valuation vs. long term growth (PEG)

LIQUIDITY• Market capitalisation• Free float• Average daily volume

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Evolution Investor Equities (28/06/2013)

• over the period on average 90% invested• Since launch European small caps performed 15,81% (SCXR

Index) vs. 76,0% L.I.P. Investor Equities

EUR share class 2013 2012 2011 2010since launch(30/04/08)

Investor Equities NAV € 175,97 € 156,12 € 135,16 € 151,93 € 100

Investor Equities % 12,7% 15,5% -11,0% 41,1% 76,0%

Stoxx 600 return 4,1% 18,2% -8,6% 11,6% 4,2%

excess return 8,6% -2,7% -2,4% 29,5% 71,8%

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Evolution Investor Equities

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Lipper Rating (09/30/11)

5 Lipper Leaders : within the top 10% of similar funds in risk-weighted return over 5 years

• Disclaimer LIPPER: 5 Lipper Leaders: within the top 10% of similar funds in risk-weighted return over 5 years. The rating of 5 stars of L.I.P Investor Equities is for the Total Return (and reflects fund historic total return performance relative to peers), Consistent returns and Preservation. Lipper Ratings for Consistent Return reflect fund historical risk-adjusted returns relative to peers. Lipper Ratings for Preservation are relative, rather than absolute. Lipper Ratings for Expense (4 stars) reflect fund expense minimization relative to peers. Lipper Ratings DO NOT take into account the effects of sales charges. Overall Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable). Lipper Ratings and Lipper Classifications do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. As a result, you should not make an investment decision on the basis of this information. Rather, you should use Lipper Ratings and Lipper Classifications for informational purposes only. Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates.

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Technical Information

Investor Equities is a sub fund of Lux-Investment Professionals Sicav-SIF, an open-end investment company established under the laws of the Grand Duchy of Luxembourg

Characteristics: Distribution shares (D) / Capitalisation shares (A)Currency: EUR / GBP(hedged)Minimum Initial Subscription: 125.000 Euro or 250.000 EUR for Belgian citizensInvestment Restrictions: No more than 20% of NAV in any one positionManagement Fee: 1% Performance Fee: 1/5th of total increase of the NAV over a hurdle rate of 10% annual return with high

watermark.Subscription Fee: 0%; only if bought through intermediary max. 2%Redemption Fee: 0%Taxation: No withholding taxInvestment Advisor: Investor Asset Management BvbaDepositary Bank: Banque et Caisse d’Epargne de L’Etat Luxembourg (BCEE).Financial Services: EFA - European Fund AdministrationAuditor: Ernst&YoungNet Asset Value: MonthlyReporting & Liquidity: MonthlyISIN-Code: LU0349406651 / LU0626556822Bloomberg: LUXINVA LX