January, 2017 CLASS I

KEY POINTS• Active Management style combining Growth & Quality

• Low volatility outcome with a focus on controlling downsiderisks at all stages of the process

• Broad diversification across Asia Pacific including Japan &Emerging Asia

• Comprehensive Investment approach combining afundamental bottom up for stock selection with a top-downanalysis to identify attractive countries through macro-economic analysis (FMM model)

• In-house independent research team with extensive on theground company meetings

CALENDAR YEAR PERFORMANCE*2013 2014 2015 2016

Gamax Asia Pacific 2.94% 11.51% 14.68% 8.56%

Reference Index 7.13% 13.88% 9.21% 8.03%

* Performance Figures Net of Fees

CHARACTERISTICSPortfolio Ref Index

# of Holdings 49 1023

P/E Ratio 13.40 16.15

Median Mkt Cap (bil €) 8.44 3.45

ROIC% 6.86 7.02

Debt/Capital% 31.65 40.37

RISK DATA - 3 YEAR - CLASS A ONLYPortfolio

TEV* 6.60%

Standard Deviation* 16.20%

Beta* 0.86

Sharpe Ratio* 0.99

Downside Capture Ratio** 81.66%

Upside Capture Ratio** 87.67%

*3 years **5 years

FUND INFORMATIONISIN LU0743995689

End-of-Month Daily NAV 14.78

Management Company GAMAX Management AG

Depositary Bank RBC Investor Services

Fund Manager DJE Kapital AG

Fund Management since October 2007

Launch date of fund 14.03.2012

Fund assets (millions) 84.33Fund currency EUR

Domicile Luxembourg

Distribution policy Accumulation

Management fee 0.90%

Advisory fee 0.00%

Performance fee 10% (with HWM)

Reference Index MSCI AC ASIA PACIFICINDEX TR Net €

Registered for Sale Germany, Austria,Luxembourg, Switzerland,Spain, and Italy

All portfolio figures (performances, sector/geographical allocation, topholdings) refer to the first working day of the following month in order to alignthe fund performance with financial markets as the fund NAV is calculatedusing the previous day's closing prices.

PERFORMANCE* SUMMARY AS AT 31.01.20171 Month YTD 1 YR S.I.**

Gamax Asia Pacific 2.47% 2.47% 21.46% 49.40%

Reference Index 3.59% 3.59% 24.81% 53.97%

Excess return -1.12% -1.12% -3.35% -4.57%

*Performance Figures Net of Fees **Launched:14.03.2012

FUND 3 YR PERFORMANCE CHART

FUND SECTOR ALLOCATION UNDER/OVER WEIGHT VS REF INDEX

FUND COUNTRY ALLOCATION UNDER/OVER WEIGHT VS REF INDEX

TOP 10 HOLDINGSCOMPANY WEIGHT SECTOR COUNTRY

WEST JAPAN RAILWAY CO 5.65% Industrials Japan

KINGBOARD LAMINATES HLDGSLTD

5.46% Information Technology Hong Kong

RIO TINTO LIMITED 5.11% Materials United Kingdom

CHAMPION REAL ESTATE INVTRUST

4.83% Financials Hong Kong

DBS GROUP HOLDINGS LTD 4.20% Financials Singapore

TAIWAN SEMICOND.MANUFACT 4.18% Information Technology Taiwan

HOPEWELL HOLDINGS LTD 3.98% Industrials Hong Kong

SHIMANO INC. 3.85% Consumer Discretionary Japan

SANDS CHINA /IPO 3.58% Consumer Discretionary Macau

DMG MORISEIKI J 3.48% Industrials Japan

TOTAL 44.32%

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DISCLAIMER CLASS I

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The GAMAX FCP (fonds commun de placement); or “GAMAX Funds” is a Luxembourg domiciled open-ended UCITS IV umbrella FCP authorized by the Commission deSurveillance du Sector Financier (CSSF). As an umbrella fund, GAMAX Funds is composed of three sub-funds: GAMAX Funds - Asia Pacific; GAMAX Funds - Maxi-Bond andGAMAX Funds - Junior (hereinafter “GAMAX Funds”). The Fund Manager is GAMAX Management AG (GMAG) which is authorised by the CSSF in Luxembourg as a UCITSManagement Company pursuant to the Law of 17 December 2010 relating to undertakings for collective investments. Its registered address is at 11/13, Boulevard de la Foire, L-1528 Luxembourg. GMAG is a subsidiary of Banca Mediolanum S.p.A, which is authorised as a credit institution in Italy by Banca d’Italia.

GMAG has appointed Mediolanum Asset Management Ltd. (“MAML”) as Investment Manager of the Fund. MAML is authorised by the Central Bank of Ireland as an InvestmentFirm under the European Communities (Markets in Financial Instruments) Regulations 2007 (MiFID). DJE Kapital AG (DJE) has been appointed as the portfolio manager of theGAMAX Junior and GAMAX Asia Pacific funds. DJE is authorised as an investment firm by BaFin in Germany. The entities, products or services referred to in any publicationor media hosted on this website are not endorsed by the CSSF or other relevant EU competent authority.

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