CARMIGNAC GESTION REPORT ON ANNUAL PROXY VOTING PROCESS. Report issued on January 31, 2018

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1 CARMIGNAC GESTION REPORT ON ANNUAL PROXY VOTING PROCESS 2017 Report issued on January 31,

2 INTRODUCTION This report is issued once a year within the four months following the financial year-end closing. It provides quantitative and key information on how voting rights were exercised over the past year. It states the number of companies in which Carmignac Gestion exercised its voting rights compared with the total number of companies in which it held voting rights. It also describes, if relevant, cases in which Carmignac Gestion assessed it could not follow principles set out in the Carmignac Proxy Voting. Finally, it details, if relevant, potential conflicts of interest that Carmignac Gestion had to consider and manage, when exercising voting rights attached to shares held in portfolios, the company manages. This report may be consulted upon request at Carmignac Gestion registered office. SYNTHESIS OF PROXY VOTING POLICY PRINCIPLES From 2015, Carmignac took the decision to appoint an external service provider to support internal teams, in the voting process coordination. This appointed service provider is one of the world leaders on the market, ISS Governance. By appointing an external service provider, Carmignac expects to leverage on ISS Governance expertise regarding the analysis performed on submitted resolution during corporate meetings. Moreover, Carmignac is conscious of economic, social and environmental concerns that issuers will face in the future. This is the reason why Carmignac decided to leverage on the principles set in the «sustainability» policy defined by ISS Governance. Carmignac also exercises the voting rights attached to the securities held by the UCI it manages on behalf of unit holders and/or shareholders where there is a risk of companies changing their strategy, which may be evidenced by: - a risk of a change in the majority shareholder; - a risk of a merger / acquisition; - a risk of a change in the management team; - a risk of restructuring, etc. 2

3 It is also important to remind that one of Carmignac main objectives is to establish a sustainable relationship with company s government. As a consequence, Carmignac decides to focus on meetings, where the consolidated position of securities held by the UCI it manages on behalf of unit holders and/or shareholders can be assessed as significant. - Carmignac does not provide a systematic definition of significant position, since several factors may be taken into account, such as the total position held at group level or in a single portfolio. Nevertheless, as an example, the following criteria may be used: o The asset manager holds, via the portfolios it manages, a position which is above a certain threshold based on the capital of the issuer; o The position of a fund in a financial instrument is above a threshold vis-à-vis the global exposure of such fund. In addition, Carmignac decides to take part to the vote, when the management team are convinced by the issuer further perspectives and, by way of consequence, the issuer is included in the strategic plan implemented by management team. That s why Carmignac can also participate in the vote, even if the consolidated position held by companies is not assessed as significant. QUANTITIVE & KEY INFORMATION ON THE 2017 PROXY VOTING PROCESS In 2017, Carmignac Gestion effectively used its voting rights and participate in 140 meetings (please refer to the name of companies listed below) when Carmignac Gestion got the ability to participate in the vote of a total of 182 meetings (77%). Carmignac Gestion participated in meetings and exercised his voting rights in accordance with principles set in its current proxy voting policy. Moreover, it is important to specify that, in participating to vote in accordance with his proxy voting policy, Carmignac Gestion did not identify any potential conflicts of interest. 3

4 LIST OF MEETINGS IN WHICH CARMIGNAC GESTION PARTICIPATED IN 2017 Tables below refer to the list of 140 meetings to which Carmignac Gestion participated in 2017 and to the detail of voted instructions: ISS Meeting ID Company Name Meeting Date Country Number of portfolios Total number of voted instruction Visa Inc. 31-janv.-17 USA Jeronimo Martins SGPS S.A 28-avr.-17 Portugal ASML Holding NV 28-avr.-17 Netherlands LafargeHolcim Ltd. 31-mai-17 Switzerland Philippine National Bank 28-avr.-17 Philippines Potash Corporation of Saskatchewan Inc. 31-mai-17 Canada Reckitt Benckiser Group plc 31-mai-17 United Kingdom Franco-Nevada Corporation 31-mai-17 Canada Bharti Airtel Ltd. 31-mars-17 India Goldcorp Inc. 28-avr.-17 Canada Fomento Economico Mexicano S.A.B. de C.V. FEMSA 31-mars-17 Mexico Tripod Technology Corporation 30-juin-17 Taiwan AvivaSA Emeklilik ve Hayat A.S. 31-mars-17 Turkey Organizacion Terpel S.A. 31-mars-17 Colombia CEMEX S.A.B. de C.V. 31-mars-17 Mexico Silver Wheaton Corp. 31-mai-17 Canada Samsung Electronics Co. Ltd. 31-mars-17 South Korea Samsung Biologics Co., Ltd. 31-mars-17 South Korea Hermes International 30-juin-17 France Unifin Financiera S.A.B. de C.V. SOFOM E.N.R. 31-mars-17 Mexico Silicon Works Co. Ltd. 31-mars-17 South Korea LINE Corporation 31-mars-17 Japan Enka Insaat ve Sanayi A.S. 31-mars-17 Turkey Noble Energy, Inc. 28-avr.-17 USA Innocean Worldwide, Inc. 31-mars-17 South Korea Transmissora Alianca De Energia Eletrica SA 31-mars-17 Brazil Moscow Exchange MICEX-RTS PJSC 28-avr.-17 Russia Newmont Mining Corporation 28-avr.-17 USA Dassault Aviation 31-mai-17 France Emaar Properties PJSC 28-avr.-17 UAE Kangwon Land Inc. 31-mars-17 South Korea Primax Electronics Ltd. 31-mai-17 Taiwan CEMEX Holdings Philippines, Inc. 30-juin-17 Philippines Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. 28-avr.-17 Turkey CCR S.A. 28-avr.-17 Brazil CCR S.A. 28-avr.-17 Brazil Chicony Electronics Co., Ltd. 30-juin-17 Taiwan Infosys Ltd. 28-avr.-17 India PT Astra International Tbk 28-avr.-17 Indonesia LT Group, Inc. 30-juin-17 Philippines FPC PAR Corretora de Seguros S.A. 28-avr.-17 Brazil FPC PAR Corretora de Seguros S.A. 28-avr.-17 Brazil EOG Resources, Inc. 28-avr.-17 USA Anadarko Petroleum Corporation 31-mai-17 USA TransCanada Corporation 31-mai-17 Canada BB Seguridade Participacoes S.A. 28-avr.-17 Brazil BB Seguridade Participacoes S.A. 28-avr.-17 Brazil London Stock Exchange Group plc 28-avr.-17 United Kingdom Grupo Supervielle S.A. 28-avr.-17 Argentina Alupar Investimento SA 28-avr.-17 Brazil 1 1 4

5 ISS Meeting ID Company Name Meeting Date Country Number of portfolios Total number of voted instruction Alupar Investimento SA 28-avr.-17 Brazil Oryx Petroleum Corporation Limited 30-juin-17 Canada Grupo Financiero Banorte S.A.B. de C.V. 28-avr.-17 Mexico Centro de Imagem Diagnosticos SA 28-avr.-17 Brazil Zhengzhou Yutong Bus Co., Ltd. 28-avr.-17 China Giant Manufacturing Co., Ltd. 30-juin-17 Taiwan PT Prodia Widyahusada Tbk 31-mai-17 Indonesia Intercontinental Exchange, Inc. 31-mai-17 USA CF Industries Holdings, Inc. 31-mai-17 USA GrubHub Inc. 31-mai-17 USA Shire plc 28-avr.-17 Jersey TF Administradora S. de R.L. de C.V. (TERRAFINA) 28-avr.-17 Mexico TF Administradora S. de R.L. de C.V. (TERRAFINA) 31-mai-17 Mexico Globaltrans Investment Plc 28-avr.-17 Cyprus Transmissora Alianca De Energia Eletrica SA 28-avr.-17 Brazil Concho Resources Inc. 31-mai-17 USA Transmissora Alianca De Energia Eletrica SA 28-avr.-17 Brazil FIBRA Macquarie Mexico 28-avr.-17 Mexico FIBRA Macquarie Mexico 31-mai-17 Mexico Pioneer Natural Resources Company 31-mai-17 USA Halliburton Company 31-mai-17 USA Grupo Mexico S.A.B. de C.V. 28-avr.-17 Mexico Tencent Holdings Ltd. 31-mai-17 Cayman Islands Comp. Brasileira de Distribuicao Grupo Pao de Acucar 28-avr.-17 Brazil Southwest Airlines Co. 31-mai-17 USA Facebook, Inc. 30-juin-17 USA FPC PAR Corretora de Seguros S.A. 31-mai-17 Brazil Unifin Financiera S.A.B. de C.V. SOFOM E.N.R. 31-mai-17 Mexico Criteo S.A. 30-juin-17 France Dali Foods Group Company Ltd 31-mai-17 Cayman Islands United Continental Holdings, Inc. 31-mai-17 USA Activision Blizzard, Inc. 30-juin-17 USA Renault 30-juin-17 France Tencent Holdings Ltd. 31-mai-17 Cayman Islands China Communications Services Corp. Ltd. 30-juin-17 China Yihai International Holding Ltd 31-mai-17 China TripAdvisor, Inc. 30-juin-17 USA Celgene Corporation 30-juin-17 USA T-Mobile US, Inc. 30-juin-17 USA MercadoLibre, Inc. 30-juin-17 USA ServiceNow, Inc. 30-juin-17 USA Delta Air Lines, Inc. 30-juin-17 USA Mastercard Incorporated 30-juin-17 USA American Airlines Group Inc. 30-juin-17 USA Intercept Pharmaceuticals, Inc. 30-juin-17 USA Talend 30-juin-17 France Reckitt Benckiser Group plc 31-mai-17 United Kingdom Wiz Solucoes e Corretagem de Seguros S.A. 31-mai-17 Brazil Safaricom Limited 29-sept.-17 Kenya Dr. Lal PathLabs Limited 31-juil.-17 India Dai-Ichi Life Holdings Inc. 30-juin-17 Japan Liberty LiLAC Group 30-juin-17 United Kingdom Altice NV 30-juin-17 Netherlands Tata Motors Ltd. 31-août-17 India Grupo Financiero Banorte S.A.B. de C.V. 30-juin-17 Mexico Nomura Holdings Inc. 30-juin-17 Japan Cemex Latam Holdings SA 30-juin-17 Spain HDFC Bank Limited 31-juil.-17 India Mitsubishi UFJ Financial Group 30-juin-17 Japan Sumitomo Mitsui Financial Group, Inc. 30-juin-17 Japan

6 ISS Meeting ID Company Name Meeting Date Country Number of portfolios Total number of voted instruction Grupo Supervielle S.A. 31-juil.-17 Argentina Transmissora Alianca De Energia Eletrica SA 30-juin-17 Brazil Infosys Ltd. 30-juin-17 India IndusInd Bank Limited 31-juil.-17 India Energisa S.A. 30-juin-17 Brazil Industria de Diseno Textil (INDITEX) 31-juil.-17 Spain Naspers Ltd 31-août-17 South Africa Transmissora Alianca De Energia Eletrica SA 31-juil.-17 Brazil Bharti Infratel Ltd. 31-juil.-17 India Transmissora Alianca De Energia Eletrica SA 31-août-17 Brazil BB Seguridade Participacoes S.A. 31-août-17 Brazil United Spirits Limited 31-août-17 India Moscow Exchange MICEX-RTS PJSC 29-sept.-17 Russia Wiz Solucoes e Corretagem de Seguros S.A. 29-sept.-17 Brazil East African Breweries Ltd 29-sept.-17 Kenya PT Prodia Widyahusada Tbk 31-oct.-17 Indonesia Intercorp Financial Services Inc 29-sept.-17 Panama Zayo Group Holdings, Inc. 30-nov.-17 USA Emaar Properties PJSC 31-oct.-17 UAE Tata Motors Ltd. 30-nov.-17 India Yihai International Holding Ltd 30-nov.-17 China PT Astra International Tbk 30-nov.-17 Indonesia ASOS Plc 30-nov.-17 United Kingdom Kangwon Land Inc. 29-déc.-17 South Korea Unifin Financiera S.A.B. de C.V. SOFOM E.N.R. 30-nov.-17 Mexico Grupo Financiero Banorte S.A.B. de C.V. 29-déc.-17 Mexico Grupo Financiero Banorte S.A.B. de C.V. 29-déc.-17 Mexico China Communications Services Corp. Ltd. 29-déc.-17 China London Stock Exchange Group plc 29-déc.-17 United Kingdom Transmissora Alianca De Energia Eletrica SA 29-déc.-17 Brazil

7 DETAILS OF INTRUCTIONS DIFFERENT FROM ISS GUIDELINES Table below refers to the detail of Carmignac Gestion voting instructions that are ISS Guidelines. Those instructions are sorted by type of proposal. Company Name Criteo S.A. Altice NV Anadarko Petroleum Corporation Criteo S.A. EOG Resources, Inc. Potash Corporation of Saskatchewan Inc. Silver Wheaton Corp. EOG Resources, Inc. HDFC Bank Limited IndusInd Bank Limited Nomura Holdings Inc. Altice NV Mitsubishi UFJ Financial Group Intercontinental Exchange, Inc. London Stock Exchange Group plc Capitalization 6 Vote in accordance with management recommendation Compensation 1 5 Compensation level remains too high according to sector 3 Vote in accordance with management recommendation 5 Compensation level remains too high according to sector 5 Compensation level remains too high according to sector 5 Compensation level remains too high according to sector Director Related 5 The skills of the Director can be considered as questionnable 8 Vote in accordance with management recommendation Miscellaneous 1 SH - Director Related SH - Social / Environmental 97 7

8 DETAILS OF INTRUCTIONS IDENTIFIED AS «E&S» Table below refers to the detail of Carmignac Gestion voting instructions that have been identified as E&S (proposal that made in accordance with an environmental or social purpose). Those instructions are sorted by type of proposal. Company Name AvivaSA Emeklilik ve Hayat A.S. Enka Insaat ve Sanayi A.S. Emlak Konut Gayrimenkul Yatirim Ortakligi A.S London Stock Exchange Group plc Reckitt Benckiser Group plc Facebook, Inc. Mastercard Incorporated Newmont Mining Corporation Noble Energy, Inc. Pioneer Natural Resources Company Intercontinental Exchange, Inc. Facebook, Inc. Rationale Non-Routine Business 2 Vote in line with ISS guidelines 3 Vote in line with ISS guidelines 3 Vote in line with ISS guidelines SH - Social Proposal SH - Social / Environmental the 10 Vote in line with ISS guidelines 58 8

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