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Discrete Performance Periods in %
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Calendar Year Performance Periods in %
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Discrete Performance Periods in %
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Calendar Year Performance Periods in %
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Discrete Performance Periods in %
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Calendar Year Performance Periods in %
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Discrete Performance Periods in %
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Calendar Year Performance Periods in %
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Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


ValueInvest Asset Management S.A. claims compliance with the Global Investment Performance Standards (GIPS®). ValueInvest Asset Management S.A. has been independently verified for the periods from 1 January 2000 to 31 December 2015. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Description of the Firm
ValueInvest Asset Management S.A. was founded in 1998 and is based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. ValueInvest Asset Management S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

Composite Description
The ValueInvest Asset Management S.A., Global Composite was created and presented for the first time as at December 31, 2004. The ValueInvest Asset Management S.A. Global Composite (EUR) includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest Asset Management S.A. Global Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance
Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favorable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

Policies
The firm’s policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A complete list of composite descriptions is available upon request.

Reference Index
The reference index is calculated with net dividends reinvested and is used for comparative purposes only.