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AXIOM LUX

Société d'Investissement 6 Capital Variable

Audited annual report

For the period from 27/03/2015 (date of incorporation) to 31/12/2015

RCS Luxembourg N B196052

Database Publishing System: CO-ReporterS by CO-Link, Belgium.

AXIOM LUX

Table of Contents

Page

Management and Administration 3

Board of Directors 3

Board of Managers of the Management Company 3

Management Report 4

Audit Report 10

Combined 12

AXIOM OBLIGATAIRE LUX 15

AXIOM EQUITY LUX 19

AXIOM CONTINGENT CAPITAL 23

Notes to the fmancial statements 27

Global exposure calculation method (unaudited information) 32

Subscriptions can only be received on the basis of the latest prospectus accompanied by the relevant key investor information documents, the Articles of Incorporation of the Company, the latest annual report as well as by the latest semi-annual report, if published after the latest annual report.

AXIOM LUX

Management and Administration

Registered Office AXIOM LUX Société d'Investissement A Capital Variable 5, all& Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

Management Company Axiom Alternative Investments "Société de Gestion de Portefeuille" 39, avenue Pierre ler de Serbie F-75008 Paris France

Depositary, Administrative, Domiciliation Agent

Global Distributor

Auditors

CACEIS Bank Luxembourg S.A. 5, all& Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

Axiom Alternative Investments "Société de Gestion de Portefeuille" 39, avenue Pierre ler de Serbie F-75008 Paris France

PricewaterhouseCoopers, société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Grand Duchy of Luxembourg

Board of Directors

Mrs. Christina Perri, Director International Business Development, Axiom Alternative Investments

Mr. Laurent Surjon, Directeur Général, ADDAX Holding

Mr. David Ben Amou, Managing Partner, Axiom Alternative Investments

Mr. Christophe Arnould, Independent Director

Board of Managers of the Management Company

Mr. Philip Hall, Gérant, Axiom Alternative Investments

Mr. David Ben Amou, Gérant, Axiom Alternative Investments

Mr. Jérôme Legras, Gérant, Axiom Alternative Investments

Mr. Adrian Paturle, Gérant, Axiom Alternative Investments

Mr. François-Xavier Lénier, Gérant, Axiom Alternative Investments

AXIOM LUX

Management Report

Annual Management Report — September to December 2015 — Axiom Obligataire Lux

The Compartment is a Feeder Compal went of the class Z shares of Axiom Obligataire, a French Mutual Investment Fund authorised by the Autorité des Marchés Financiers as a UCITS (the "Master Fund") and will invest at least 85% of its assets in units of the Master Fund. In general Feeder is invested at 100% of its assets in units of the Master Fund or close to. So the Feeder's performance is directly derived from the performance of the Master, the management report of which follows:

September has followed the same rhythm as August:a quite calm beginning and an end marked by dramatic drops of risky asset values due to concerns over the economic situation of China and emerging countries. The fall in commodities created stress on Glencore, one of the biggest brokers worldwide, whose CDS (Credit default swap) almost reached 900bps, against 300 on September 9th.

Within this context, we think that European banks and insurance companies, especially those whose activity is essentially domestic, are a defensive choice, with increasing yields since this summer. The insurance sector is the perfect example: investment grade subordinated loans (incompatible with Solvency II),whose spreads increased by more than 200bps during the summer. We doubled the share of insurers in the portfolio to be close to 10% and we count on the entry into force of Solvency II in January to trigger positive catalysts.

Two specific situations are close to an end: Greek stress tests results should be known before the end of October and bank recapitalization will follow. Furthermore, the German bank HSH is in the home stretch of negotiations about a new restructuring plan. Concerned about a negative impact on subordinated securities, we are not yet invested and will wait for the final decision.

Catalan elections have led to hybrid result: majority in seats, but no majority in votes for the pro-independence parties, paradoxically it has maybe reinforced the position of anti-independence parties and has supported Spanish banks spreads. The issuing of an agreement between the government and the European commission on differed taxes was also favorable.

AT1 primary market has been very active: Intesa Sanpaolo has come for its inaugural emission at 7.7% in $,HSBC at 6% in €,Societe Generale at 8% in $,and a lesser known but very stable Finnish issuer: Municipality Finance.

After a hard summer, the market recovered in October, especially the AT1 market, which rallied by more than 3%. Various accommodating speeches from ECB member probably contributed to this performance. Many insurance companies (Generali, Old Mutual, Ethias...) took advantage of this market to issue hybrid bonds reinforce therefore their solvency ratios.

Some of our special situations have seen strong developments this month. Credit Suisse and Deutsche Bank (DB) announced eagerly expected restructuring plans, with very contrasted choices: DB has chosen to suspend its dividends for the next 2 years, a first since the 1930s. This announcement caused a high volatility on AT1 securities due to fears of coupon skip (please refer to our recent publication). Credit Suisse has announced a massive capital increase, which is very favourable for hybrid bonds. Our positions on RZB performed well due to the gradual implementation of its restructuring plan. We should also mention Vivat, previously SNS Reaal, which, following a capital increase, announced the payment of the big accrued coupon on the SNS 9% bond, which had escaped the group's bail-in in 2013.

After having suffered a lot since the second quarter, partly due to the unexpected rise of German government bond yields, several bonds issued by insurance companies performed very well. The fund benefited from the strong repricing of bonds issued by Groupama, Intesa Vita or Delta Loyds. Regarding the latter, we expect the announcement of a restructuring plan in the coming weeks.

AXIOM LUX

Management Report (continued)

Conversely, the perspective of an extension, or an expansion, of the ECB's (European Central Bank) Quantitative Easing program has negatively impacted our floating rate positions, especially on the Fortis Cashes (we still wait for an exchange offer) and on CMS bonds. More generally, the earnings season has begun at the end of the month and has been globally disappointing for shareholders - not for the investors in AT1 securities given the general trend of continued increase in CETI ratios.

Finally, TLAC (Total Loss Absorbing Capacity) continues to feed into the regulatory news, ahead of the publication by the FSB of its final TLAC rules, expected for mid-November. To facilitate the combination of MREL and TLAC, the Italian government modified its bail-in rules and adopted a hybrid treatment between the French and German approaches. The Swiss regulator has deeply reviewed its prudential framework with supplementary capital requirements for systemic banks (too big to fail rules). Major Swiss banks will in particular have to satisfy a 5% leverage ratio and a 10% total capital ratio (TLAC).

November was a positive month for the bank credit market. This was largely driven by market expectations that the ECB would increase its QE program, but the gradual reduction of regulatory pressure on banks was also very helpful.

Many comments from regulators suggested that the impact of Basel 4 would be watered down and that the new rules would prove to be flexible enough. Pragmatism is also likely to prevail on the tricky issue of the link between capital buffers, Pillar 2 (or SREP) and rules about the non-payment of coupons on AT1 (MDA). As demonstrated by the recent policy published by the central bank of Norway, regulators are more likely to adopt a reasonable and constructive approach when it comes to recapitalizing banks, rather than disrupting the market with sudden coupon skips.

The end of the Q3 earnings season has confirmed the long term sector trend: increase in capital ratios, reduction of costs, lower NPLs and provisions but increased pressure on interest margins. Several banks announced new restructuring strategies and cost-reduction plans: Unicredit (18,200 people by 2018), Société Générale (20% of its agencies), Crédit Suisse (200 people in London). At the end of the month, the bankruptcy of Abengoa triggered losses for the banks involved and highlighted the risk of the high-yield corporate market but, importantly, fmancials credit spreads remained mostly unaffected, including those of banks which had a high exposure.

On the regulatory front, the main event was the publication of the FSB's final term sheet on "TLAC". We have detailed the impact of these new rules in another publication, but we would like to stress again the two key take-outs: (i) a European standardization for the hierarchy of claims on senior debt would effectively reduce the need for new bond issues to almost zero — obviously at the expense of senior bondholders — and (ii) this new regulation creates attractive investment opportunities on some bonds issued by the operating companies of some English banks. Last but not least, new stress-tests were undertaken on nine institutions, including Novo Banco, which announced results slightly better than expected.

Axiom Obligataire also benefited from good news on several special situations. Reserve Bank of India (RBI) is restructuring plan remains largely on track and still generates an upside for Tier 1 securities, the insurance company of the defunct SNS group, SRLEV, finally resumed its coupon payment on the 9% bond, triggering a sharp outperformance, Delta Lloyd announced an important capital increase, as we had anticipated, which benefited to hybrid debt. Finally, five years after its spectacular failure, the phoenix of AIB, the Irish lender, came back to the market with a Tier 2 security offering a high issuance premium, which allowed us to play on the spectacular recovery of the Irish economy.

The end of 2015 will come as a relief for many investors. Indeed, it is a rather depressing year that we leave behind: US stock and bond indices are broadly unchanged, high yield and commodities markets collapsed, China suffered a major crash and the rise of the European stock markets has been roughly offset by the decline of the Euro.

AXIOM LUX


For the fmancials subordinated market, 2016 will mark the end of brutal bail-ins since governments will now have to respect the constraints imposed by the BRRD, especially on senior debt. This is probably what explains the precipitated treatment of four "cases", as the countries involved tried to protect depositors at all costs.

In Greece, banks have been recapitalized, but the holders of the National Bank of Greece preference shares probably feel they've been ripped off, after a bail-in on one of the best capitalized banks in Europe! In Italy, the bail-in of four small banks (including Banca delle Marche) triggered a wave of political protests against the treatment of small savers and pushed the price of all Italian risky assets downwards. Finally, in Portugal, the bail-in of the last hour, on December 29th , shocked the market: the Bank of Portugal announced the arbitrary transfer of five senior bonds from Novo Banco to the bad bank BES, which in effect is an expropriation. "Institutional investors" have been used to protect "retail investors" (read here voters) and other Portuguese banks. Axiom Obligataire was not invested on any of these bonds - however, we are still invested on other bonds issued by Novo Banco that logically should benefit from the strengthened solvency (+€2bne of capital).

In December, two major macro and political events took place. The market was first disappointed by the lack of new announcements from the ECB - Mr. Draghi seems to be hitting a wall at the Governing Council as he tries to increase the firepower of his QE — which caused an increase of interest rates (+20bps on the 10-year German rate). In Spain, general elections led to a stalemate and no stable majority seems able to emerge. Spanish AT1 securities suffered as a result.

The best performers of Axiom Obligataire were the "Fix to Fix" bucket (contribution of + 15bps), Immigon thanks to the continuation of its restructuring plan (+ 10bps) and the interest rate hedge (+ 1 lbps). Moreover, following the announcement of the capital increase that we had anticipated, we sold our position on Delta Lloyds and reinvested after the decline of 8% of the bond. We suffered on Italian bonds (especially on Monte dei Paschi on which the major catalyst would be the resumption of the dividend).

AXIOM LUX


Annual Mannement Report November & December 2015 — Axiom Equity Lux

The Compartment is a Feeder Compartment of the class Z shares of Axiom Equity, a French Mutual Investment Fund authorised by the Autorité des Marchés Financiers as a UCITS (the "Master Fund") and will invest at least 85% of its assets in units of the Master Fund. In general Feeder is invested at 100% of its assets in units of the Master Fund or close to. So the Feeder's performance is directly derived from the performance of the Master, the management report of which follows:

In November, the end of the Q3 earnings season has confirmed the long term sector trend: increase in capital ratios, reduction of costs, lower NPLs and provisions but increased pressure on interest margins Several banks announced new restructuring strategies and cost-reduction plans: Unicredit (18,200 people by 2018), Société Générale (20% of its agencies), Crédit Suisse (200 people in London). At the end of the month, the bankruptcy of Abengoa triggered losses for the banks involved and highlighted the risk of the high-yield corporate market. Spanish lenders such as Bankia or Popular were among the most affected. Bank stocks have therefore underperformed global indexes this month.

However, an important draft regulation on the so-called "national discretions" issued by the ECB (European Central Bank) shows that the regulatory pressure on banks is easing: the ECB is proposing to leave as it is the Danish compromise, to amend the grandfathering treatment of some DTAs (Deferred Tax Assets) in a very gentle way and, significantly, is not suggesting to change anything on the risk weights (0%) of European sovereign exposures. Among the large European banks, Crédit Agricole and banks from the periphery will benefit most from this stance.

Axiom Equity is up 0.87% this month and outperforms the benchmark by +0.15%.

The best contributor to performance this month was our short position on Standard Chartered: the combination of disappointing results, growing fears on the Indian credit book and a capital increase provoked an intraday fall of -11% and -17% monthly performance. We reallocated the portfolio by strengthening our positions on French banks. After the publication of very disappointing results Crédit Agricole (CA) suffered (-8% the day of the release) and we waited for the ECB's draft regulation on the Danish Compromise to strengthen our position. A full rejection of that additional flexibility granted on the calculation of capital ratios for fmancial conglomerates (bank and insurance) would have been very damaging to CA. We also strengthened our positions on Société Générale and BNP. We believe these two banks will benefit from a gradual increase of lending volumes in France.

Finally, we reduced our positions on Italy (MPS, Mediobanca) even if it remains one of our privileged area and one of the best contributors to performance this year.

Markets fell sharply in December with a strong volatility. The Eurostoxx 600 Banks dropped by 5.44% this month, outperforming the Eurostoxx 50 (-6.23%.)

The eagerly awaited ECB press conference disappointed many investors who expected a strengthening of the economic support by an increase in size of the quantitative easing program or an extension to bonds issued by private issuers. Unfortunately, Mr. Draghi seems to face growing resistance from the Governing Council and is apparently not in a position to reinforce the quantitative easing. ECB members are maybe waiting to collect more information about the pressure exercised by the current "QE" on banks interest margins: indeed Q3 results showed that margin pressure remained globally limited but that markets with predominant variable-rate loans carried a heavier burden (especially in peripheral countries). Within this context, we still prioritize banks from "fixed-rate countries" that are better protected (France, Netherlands, Belgium) and that have a customer base that allows them to compensate on products with an higher margin (retail bank, asset management).

AXIOM LUX


Another significant event was the publication of the UK stress tests at the beginning of December. All banks successfully passed, most notably RBS and Standard Chartered. These banks failed in the actual adverse scenarios, but the PRA took into account capital actions taken in 2015 and consequently did not require new capital plans. The market's reaction was neutral or slightly negative. Positive results and clarification of capital buffers mechanics was more than compensated by the potential risk of new needs in capital in the next stress tests, particularly for banks that want to keep their flexibility on dividend payment. We strengthened our position on HSBC and maintained our overexposure on Lloyds.

KBC confirmed the reimbursement of 2 billion euros of state aid. This lowered its CETI ratio by 3.40% to 14%, well above the requested 10.25%. The end of the state aid period now allows KBC to freely determine its dividend policy for 2016.

AXIOM LUX


Annual Mannement Report December 2015 — Axiom Continent Capital Lux

The Compartment is a Feeder Compartment of the class Z shares of Axiom Contingent Capital, a French Mutual Investment Fund authorised by the Autorité des Marchés Financiers as a UCITS (the "Master Fund") and will invest at least 85% of its assets in units of the Master Fund. In general Feeder is invested at 100% of its assets in units of the Master Fund or close to. So the Feeder's performance is directly derived from the performance of the Master, the management report of which follows:

In December, two major macro and political events took place. The market was first disappointed by the lack of new announcements from the ECB - Mr. Draghi seems to be hitting a wall at the Governing Council as he tries to increase the firepower of his QE — which caused an increase of interest rates (+20bps on the 10-year German rate). In Spain, general elections led to a stalemate and no stable majority seems able to emerge. Spanish AT1 securities suffered as a result.

The fund ends the month at +0.05% while the benchmark is down 0.28%, which reflects contrasted performances. We took advantage of this volatility to do many arbitrages. We reinforced our positions on bonds that suffered but on which we have a positive fundamental view such as Unicredit (8.20% yield), for which we are still waiting for a capital increase, or bonds issued in GBP following lower risk appetite from UK investors (perhaps due to redemptions for some London hedge funds). Thanks to these movements, we believe the fund is well placed to start a year during which investors, once again, will be searching for yield.

AT1 Additional Tier 1 is a new format under Basel 3 of hybrid debt eligible as regulatory capital, both for the solvency ratio and (partially) the leverage ratio. Coupons must be discretionary, and principal can be reduced either with a conversion (CoCo) or a principal write-down that can be subsequently written up

QE Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those fmancial assets and lowering their yield, while simultaneously increasing the money supply. This differs from the more usual policy of buying or selling short-term government bonds to keep interbank interest rates at a specified target value.

NPL A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 90 days, but this can depend on the contract terms

FSB The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the 2009 G-20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF). The Board includes all G-20 major economies, FSF members, and the European Commission. It is based in Basel, Switzerland

CMS Constant maturity swap (CMS) is a variation of the regular interest rate swap. In a constant maturity swap, the floating interest portion is reset periodically according to a fixed maturity market rate of a product with a duration extending beyond that of the swap's reset period

MREL / RTS / BRRD These draft Regulatory Technical Standards (RTS) aim to specify the criteria to set the minimum requirement for own funds and eligible liabilities (MREL) laid down in the Bank Recovery and Resolution Directive (BRRD).

CETI, CETI ratio: Under Basel 3, Common Equity Tier 1 is the strongest form of regulatory capital, comprising mainly share capital and retained earnings with some deductions as compared to accounting capital (such as deferred tax assets). The CETI ratio is the ratio of CET 1 capital to risk weighted assets.

ILE pwc

Audit Report

To the Shareholders of AXIOM LUX

We have audited the accompanying financial statements of AXIOM LUX and of each of its sub-funds, which comprise the Statement of Net Assets and the Securities portfolio as at December 31, 2015 and the Statement of Operations and Changes in Net Assets for the period from March 27, 2015 (date of incorporation) to December 31, 2015 and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the "Réviseur d'entreprises agréé"

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d'entreprises agréé ", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the "Réviseur d'entreprises agréé" considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P.1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouuernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

111. pwc

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of AXIOM LUX and of each of its sub-funds as of December 31, 2015, and of the results of their operations and changes in their net assets for the period from March 27, 2015 (date of incorporation) to December 31, 2015 in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matters

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Société coopérative Luxembourg, April 12, 2016 Represented by

Emmanuel Chataignier

Page 1 1

AXIOM LUX Combined

AXIOM LUX Combined

Financial Statements as at 31/12/2015 Statement of Net Assets as at 31/12/2015

Expressed in EUR

Assets Securities portfolio at market value

Cost price Unrealised loss on the securities portfolio

Formation expenses

Liabilities Bank overdrafts Other liabilities

Note 2

Note 2

3,357,538.33 3,317,573.94 3,344,689.29

(27,115.35)

39,964.39

51,746.35 33,281.57 18,464.78

Net asset value 3,305,791.98

The accompanying notes form an integral part of these financial statements

AXIOM LUX Combined

Statement of Operations and Changes in Net Assets from 27/03/2015 (date of incorporation) to 31/12/2015

Expressed in EUR

Expenses 35,725.12

Amortisation of formation expenses Note 2 985.61 Depositary fees Note 5 4,291.81 Taxe d'abonnement Note 3 637.76 Administrative fees Note 5 5,291.67 Domiciliation fees 2,169.86 Professional fees 13,225.00 Bank interest on overdrafts 80.54 Legal fees 2,649.95 Other expenses 6,392.92

Net loss from investments (35,725.12)

Net realised profit / (loss) on:

Net realised loss (35,725.12)

Movement in net unrealised appreciation / (depreciation) on: - securities (27,115.35)

Decrease in net assets as a result of operations (62,840.47)

Subscription capitalisation shares 3,959,110.00 Redemption capitalisation shares (590,477.55)

Increase in net assets 3,305,791.98

Net assets at the beginning of the period 0.00

Net assets at the end of the period 3,305,791.98


AXIOM LUX - AXIOM OBLIGATAIRE LUX

AXIOM LUX - AXIOM OBLIGATAIRE LUX Financial Statements as at 31/12/2015

Statement of Net Assets as at 31/12/2015 Expressed in EUR

Assets 2,511,990.83

Securities portfolio at market value Note 2 2,472,026.44 Cost price 2,444,689.29 Unrealised profit on the securities portfolio 27,337.15

Formation expenseS Note 2 39,964.39

Liabilities 49,382.30

Bank overdrafts 33,281.57

Other liabilities 16,100.73

Net asset value 2,462,608.53

Changes in number of shares outstanding from 24/09/2015 to 31/12/2015

Shares Shares

outstanding as at

Shares issued Shares redeemed outstanding as at 24/09/2015 31/12/2015

Class C EUR Capitalisation shares 0.0000 3,046.0000 590.0000 2,456.0000

Key figures

Total Net Assets

Class C EUR

Capitalisation shares Number of shares Net asset value per share

Period ending as at: 31/12/2015

EUR 2,462,608.53

EUR

2,456.0000 1,002.69


AXIOM LUX - AXIOM OBLIGATAIRE LUX Securities portfolio as at 31/12/2015

Expressed in EUR

Quantity Denomination Quotation currency Market value % of net

assets

Units in investment funds 2472,026.44 100.38

France 2,472,026.44 10038 1,362.10 AXIOM OBLIGATAIRE -Z- EUR

2,472,026.44 100.38

Total securities portfolio 2,472,026.44 100.38


AXIOM LUX - AXIOM OBLIGATAIRE LUX Statement of Operations and Changes in Net Assets from 24/09/2015 to 31/12/2015

Expressed in EUR

Expenses Amortisation of formation expenses Depositary fees Taxe d'abonnement Administrative fees Domiciliation fees Professional fees Bank interest on overdrafts Legal fees Other expenses

33,361.07 Note 2 985.61 Note 5 3,284.13 Note 3 538.61 Note 5 4,041.67

2,169.86 13,225.00

80.54 2,649.95 6,385.70

Net loss from investments (33,361.07)

Net realised loss (33,361.07) Movement in net unrealised appreciation / (depreciation) on: - securities 27,337.15

Decrease in net assets as a result of operations (6,023.92) Subscription capitalisation shares 3,059,110.00 Redemption capitalisation shares (590,477.55)

Increase in net assets 2,462,608.53


Net assets at the end of the period 2,462,608.53


AXIOM LUX - AXIOM EQUITY LUX

AXIOM LUX - AXIOM EQUITY LUX Financial Statements as at 31/12/2015



795,489.50

Note 2 795,489.50 Cost price 850,000.00 Unrealised loss on the securities porO)lio (54,510.50)

Liabilities 2,356.83

Other liabilities 2,356.83

Net asset value 793,132.67


Shares Shares

outstanding as at Shares issued Shares redeemed outstanding as at

30/11/2015 31/12/2015

Class C EUR Capitalisation shares 0.0000 850.0000 0.0000 850.0000

Key figures

Total Net Assets

Class C EUR

Capitalisation shares Number of shares Net asset value per share


EUR 793,132.67

EUR

850.0000 933.10


AXIOM LUX - AXIOM EQUITY LUX Securities portfolio as at 31/12/2015

Expressed in EUR

Quantity Denomination Quotation % of netMarket value currency assets

Units in investment funds 795,489.50 100.30

France 795,489.50 100.30 850.00 AXIOM EQUITY -Z- EUR

795,489.50 100.30

Total securities portfolio 795,489.50 100.30


Page21

AXIOM LUX - AXIOM EQUITY LUX Statement of Operations and Changes in Net Assets from 30/11/2015 to 31/12/2015

Expressed m EUR

Expenses Depositary fees Taxe d'abonnement Administrative fees

Net loss from investments

Net realised loss Movement in net unrealised appreciation / (depreciation) on: - securities

Decrease in net assets as a result of operations Subscription capitalisation shares

Increase in net assets

2,356.83

Note 5 1,007.68 Note 3 99.15 Note 5 1,250.00

(2,356.83)

(2,356.83)

(54,510.50)

(56,867.33)

850,000.00

793,132.67

Net assets at the beginning of the period

Net assets at the end of the period

0.00

793,132.67


AXIOM LUX - AXIOM CONTINGENT CAPITAL

AXIOM LUX - AXIOM CONTINGENT CAPITAL Financial Statements as at 31/12/2015



50,058.00

Note 2 50,058.00 Cost price 50,000.00 Unrealised profit on the securities porolio 58.00

Liabilities 7.22

Other liabilities 7.22

Net asset value 50,050.78


Shares Shares

outstanding as at

Shares issued Shares redeemed outstanding as at 15/12/2015

31/12/2015

Class C EUR Capitalisation shares 0.0000 50.0000 0.0000 50.0000

Key figures


Total Net Assets EUR 50,050.78

Class C EUR EUR Capitalisation shares

Number of shares 50.0000 Net asset value per share 1,001.02


AXIOM LUX - AXIOM CONTINGENT CAPITAL Securities portfolio as at 31/12/2015

Expressed in EUR Quotation % of net Quantity Denomination Market value currency assets

Units in investment funds France 50.00 AXIOM CONTINGENT CAPITAL -Z-

Total securities portfolio

EUR

50,058.00 100.01

50,058.00 100.01

50,058.00 100.01

50,058.00 100.01


AXIOM LUX - AXIOM CONTINGENT CAPITAL Statement of Operations and Changes in Net Assets from 15/12/2015 to 31/12/2015

Expressed in EUR

Expenses 7.22

Other expenses 7.22

Net loss from investments (7.22)

Net realised loss (7.22)

Movement in net unrealised appreciation / (depreciation) on: - securities 58.00

Increase in net assets as a result of operations 50.78

Subscription capitalisation shares 50,000.00

Increase in net assets 50,050.78


Net assets at the end of the period 50,050.78


AXIOM LUX Notes to the financial statements

AXIOM LUX

Notes to the financial statements

Note 1 - General

AXIOM LUX (the "Company") is an open-ended collective investment company ("société d'investissement a capital variable or "SICAV") established under the laws of the Grand Duchy of Luxembourg and registred under part I of the Luxembourg law of 17 December 2010 concerning undertakings for collective investment. The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The Company was initially incorporated on March 27, 2015 and is managed by Axiom Alternative Investments on the basis of freedom of services pursuant to chapter 15 of the law.

The Company is registered with the Registre de Commerce et des Sociétés, Luxembourg, under number B196052 and is established at 5, allée Scheffer, L-2520 Luxembourg.

The Management Company was incorporated as a French Private Limited Liability Company (société responsabilité limitée). The Management Company is registered with the Registre de Commerce et des Sociétés de Paris under number RCS 492.625.470. The Management Company is authorised and supervised by the Autorité des Marchés Financiers as a Portfolio Manager under Licence number GP 0600039 since December 1, 2006.

As at December 31, 2015, three Compartments are active:

Compartments Currency Axiom Obligataire Lux (launched on September 24, 2015)

EUR

Axiom Equity Lux (launched on November 30, 2015)

EUR

Axiom Contingent Capital (launched on December 15, 2015)

EUR

The Compartment Share Classes have been issued in registered from: Class of Shares C is dedicated to all investors, Class of Shares R will be dedicated to all investors for whom distribution, promotion and subscription to the fund is done primarily through the network of distribution platforms dedicated to wealth management advisors and financial advisors, Classes of Shares BC, M and E will be dedicated to all investors wishing to have full and systematic hedging against currency risk.

Note 2 - Summary of significant accounting principles

The Company's fmancial statements have been prepared and presented in accordance with the Luxembourg regulations relating to undertakings for collective investment in transferable securities.

1. Valuation policy for the Master Funds

Units of the Master Funds are valued at their last determined and available Net Asset Value.

2. Conversion of items expressed in foreign currencies

The Company's financial statements are expressed in EUR.

Transaction and acquisition costs denominated in foreign currencies are converted into the accounting currency of each sub-fund based on the exchange rate in force on the date of the transaction or acquisition. Assets and liabilities denominated in foreign currencies are converted into the accounting currency of each sub-fund based on the exchange rate in force at the end of the financial period. Any resulting gains or losses are recognised in the Statement of Operations and Changes in Net Assets.

AXIOM LUX

Notes to the financial statements (continued)

Note 2 - Summary of significant accounting principles (continued)

3. Combined statements

The various items appearing in the combined financial statements of the Company are equal to the sum of the corresponding items in the financial statements of each Compartment and are drawn up in EUR.

4. Formation expenses

Set-up costs and expenses are charged to the Company and are written off over a period of five years.

Note 3 - Taxation

Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends paid by the Company liable to any Luxembourg withholding tax.

However, any Class reserved to retail investors is liable in Luxembourg to a "taxe d'abonnement" of 0.05% per annum of its net assets and those reserved to institutional investors is liable in Luxembourg to a "taxe d'abonnemenr of 0.01% per annum of its net assets. Such tax being payable quarterly and calculated on the total net asset value of each Class at the end of the relevant quarter.

Note 4 - Management Company and Performance fees

The Management Company is entitled to receive from the Company a Management Company Fee calculated and accrued on each valuation day as a percentage of the net assets attributable to the relevant Class of Shares and payable monthly in arrears. Compartments Class of Shares Maximum rate (per annum) Axiom Obligataire Lux C 2.00% Axiom Equity Lux C 2.00% Axiom Contingent Capital C 0.80%

The Management Company decided to waive Management Company fee for the year 2015 end until further notice.

In addition, the Management Company may also be entitled to receive a performance fee for each Class of Shares, accrued on each valuation day and payable at the end of the performance period (i.e. year). The performance fee are based on a comparison between the performance of the Compartment and its benchmark index over the reference period. Compartments Class of Shares Performance fee Axiom Obligataire Lux C 20% of the performance over iBoxx Euro T1 index Axiom Equity Lux C 20% of the performance over Stoxx Europe 600 Banks Net Return Axiom Contingent Capital C None

The Classes Z of the Master Funds in which the Company is invested are not subject to performance fees.

No performance fee was paid during the period ended December 31, 2015.

Note 5 - Depositary and Administrative fees

The Depositary and the Administration agents receive remuneration from the Company on the basis of business practice in Luxembourg. These fees are calculated on the basis of the daily net assets of the Compartments and are payable monthly in arrears.

Note 6 - Transaction fees

The Depositary is entitled to be reimbursed by the Company for transaction fees and expenses in relation with the buying and selling of securities and financial instruments.

AXIOM LUX


Note 7 - Changes in portfolio composition

The details of the changes in portfolio composition for the period ended December 31, 2015 are at the disposal of the Shareholders at the registered office of the Company and are available upon request free of charge.

Note 8 - Master-Feeder structure

The Compartments Axiom Obligataire Lux, Axiom Equity Lux and Axiom Contingent Capital are Feeder Compartments of the classes Z shares of respectively Axiom Obligataire, Axiom Equity and Axiom Contingent Capital, French Mutual Investments Funds authorised by the Autorite des Marches Financiers as a Master UCITS under Directive 2009/65/EC, meaning that they invest in practice substantially all of their assets (at least 85%) into Master Funds and will therefore hold virtually no or very low percentage (up to 15%) of their assets in ancillary liquid assets. As at December 31, 2015 the Compartments Axiom Obligataire Lux, Axiom Equity Lux and Axiom Contingent Capital invest 100% of their assets into Master Funds.

Feeder Compartments Axiom Obligataire Lux Axiom Equity Lux Axiom Contingent Capital

Master shares Class Z of Axiom Obligataire Class Z shares of Axiom Equity Class Z shares of Axiom Contingent Capital

% of Z shares 100.00 100.00 100.00

All the Master Funds was launched in the form of a French collective investment fund (Fonds Commun de Placement, FCP) managed by the Management Company Axiom Alternative Investments, being also the Management Company of the Feeder Compartments.

• The Master Fund Axiom Obligataire was launched on July 23, 2009 and its investment objective is to achieve, over a minimum 3-year investment horizon, a return (net of management fees) similar to or greater than that of its benchmark (iBoxx Euro Tier 1 Index).

• The Master Fund Axiom Equity was launched on March 25, 2014 and its investment objective is to achieve, over a minimum 5-year investment horizon, a return (net of management fees) similar to or greater than that of its benchmark (Stoxx Europe 600 Banks Net Return Index).

• The Master Fund Axiom Contingent Capital was launched on February 13, 2015 and its investment objective is to achieve, over a minimum 3-year investment horizon, a return net of management fees equal to or greater than that of its benchmark, the BofA Contingent Capital Index (with coupons reinvested), by taking advantage of major opportunities in the international bond market.

At the level of the Master Funds, the fees, charges and expenses associated with the investments are an annual management fee and other expenses of the Master Funds, as described in their respective prospectus.

As at December 31, 2015, the maximum management fees charged by the class Z shares of the Master Funds in which the Feeder invest is 0.05%.

As at December 31, 2015, the total fees of the Feeder and Master Funds are as follows:

Feeder Compartments Total fees Currency % average NAV Axiom Obligataire Lux 33,361.07 EUR 1.97 Axiom Axiom Equity Lux 2,356.83 EUR 0.29 Axiom Contingent Capital 7.22 EUR 0.01

Master Funds Total fees Currency % average NAV Class Z shares of Axiom Obligataire 341.33 EUR 0.06 Class Z shares of Axiom Equity 213.86 EUR 0.03 Class Z shares of Axiom Contingent Capital 13.77 EUR 0.03

AXIOM LUX


Complete information about Master Funds, including prospectus, statutes, annual and semi-annual reports and KIIDs can be obtained free of charge at the Company's and Management Company's registered office.

These documents are also available on the website: www. axiom-ai.com

AXIOM LUX

Global exposure calculation method (unaudited information)

All the Compartments of the Company use the commitment approach in order to monitor and measure the global exposure.

axiom lux - fundsquare

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