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Investor presentation

An investment company with variable capital (SICAV) under Luxembourg lawand compliant with the European UCITS IV Directive (2009/65/EC)

April 2017

April 2017 Indépendance et Expansion SICAVhttp://www.independance-et-expansion.com 2

Disclaimer

The information contained in this document is provided for informational purposes only. It relates exclusively to Independence and Expansion SICAV (the "SICAV"). The SICAV is listed on the official list ofcollective investment undertakings supervised by the Supervisory Board of the Financial Sector in accordance with Part I of the Luxembourg law of 17 December 2010 on collective investment undertakingstransposing European Directive 2009/65 / EC . The information included herein does not constitute a solicitation, offer or recommendation to buy or sell any securities or securities mentioned in thisdocument.

However, if, despite reading the above paragraph, you invest in the SICAV solely on the basis of the information contained in this document, you expressly accept and acknowledge that: : you are an investor legally or otherwise considered as duly authorized to obtain information about the funds mentioned or detailed in this presentation; no investment decision should be made solely on the basis of the information contained in this presentation; the investment in the SICAV must only be made after a careful assessment, when necessary with the assistance of an investment adviser and the documentation which corresponds to the SICAV or the

relevant sub-fund; particular attention should be given to the detailed Prospectus, the "Key Investor Information Document" (KIID), the latest annual or semi-annual report and the risks disclosed in these documents; any investment involves risks. It is therefore your responsibility to collect information relevant to the risks inherent in any investment; the value of investments and income generated may fall as well as rise. You may not receive back the original amount invested; past performance is not a guarantee of future income.

ACCURACY AND COMPLETENESS OF THE INFORMATION

Due diligence has been carried to ensure that the information in this presentation is accurate as of the date of publication. However, no responsibility is due to respect to the accuracy, reliability or veracity ofthe information available in this presentation.

The SICAV contains only one sub-fund: "Small Cap". The Classes of shares currently issued in the “Small Cap” sub-fund are:

the shares in the capitalisation class exclusively for Institutional Investors ("Class X (C)") - ISIN code: LU0104337620; the shares in the capitalisation class for investors other than Institutional Investors ("Class A (C)") - ISIN code: LU0131510165.


Indépendance et Expansion SICAV overview…………..…….….….4

Investment methodology……………………………………..….…….6

I&E fund current composition..………….………………………….....9

I&E fund performances..……..……………………………………….10

Morningstar ranking…………………………………..……….………15

I&E fund profile………………………………………………………..16

Portfolio management company Stanwahr ……………………….. 17

Portfolio management team……………………………………….…18

Contents


Indépendance et Expansion SICAV (“I&E”)

An original investment policy consistently implemented for more than 20 years Evidence of the manager's deep and unwavering conviction in his approach to equity investment

Fund overview

Asset class

French equities Small & Mid Cap

Investment style

Value

Investment process

Disciplined Systematic

Benchmark CAC Small NR(reinvested dividends)

William Higgons

William Higgons is an industry veteran in small and medium-sized French companies investing

He is managing the Independence et Expansion SICAV since1992 without interruption, which allows him to display one ofthe industry longest track-record.

He regularly intervenes in the financial press to comment onthe evolution of the markets and describe his unique “value”investment approach on the Paris financial center.

Mr Higgons is the CEO of the portfolio management companyStanwahr which manages the Indépendance et ExpansionSICAV.


The Indépendance et Expansion Sicav is an actively managed fund which targets French Smalland Mid Caps listed on a regulated market.

The fund’s investment policy is to buy share of companies with low price to cash-flow ratio and tosell those stocks when this criterion is not valid anymore.

The fund seeks capital growth over a three year time horizon.

Fund overview

Asset value I&E: 497,51 / CAC Mid & Small NR (benchmark): 17 683,20

Excess return I&E vs CAC Mid & Small NRover last 3 years:

+45.2%

Lower volatility I&E vs CAC Mid & Small NR over last 3 years:

12.6 vs 13.0

As of 02/28/2017


A PURE BOTTOM-UP PROCESSInvestment in Small & Mid Cap Predominant micro-economic approach

PORTFOLIO CONSTRUCTION Portfolio invested in stocks of 40 to 50 public companies, following a rigorous selection process First investment rarely exceeding 5% of fund’s net assets Maximum exposure to a particular stock up to 10% of net assets in case of high market appreciation

anticipation Investment of 15 to 20% of the fund in Mid Caps to ensure quasi-immediate liquidity; record high

exposure came in 2012 (25%) due to Mid Caps over-performance vs. Small Caps

STOCK SELECTION PROCESS

Investment methodology (1/3)General overview

1 A quantitative screening approach specific to the fund based on a

combination of 3 criteria: low price-to-cash-flow ratio, high return onequity and high operating margin

2 A conventional analytical approach based on a combination of qualitativecriteria and financial valuation models


Investment methodology (2/3)Company selection

1 QUANTITATIVE SCREENING 2COMPANY ANALYSIS

• Market data / news flow•Financial communication

•Equity research / Roadshows / Seminars•Stanwahr research

1,000 listed companies (excluding CAC 40)

Indépendance et Expansion SICAVStocks of 40-50 companies

•Based on company financial reports and forecasts of Stanwahr, target value defined as

the average of the following 4 models:

Investment universe = 300 companies

P/CF < 7 *Return on

equity > 10%

Operating margin > 5 %

Quantitative screening = 60 stocks

Qualitative criteria

•Market / Industry•Strategy / Development levers

•Management team

Valuation models

Discounted Cash Flows

Yield

1.5 x Equity

Price Earnings

Portfolio construction

* Guideline level, in a context of benchmark market average P/CF of 10


Investment methodology (3/3)

= Quality of management

= Growth potential of EPS

The Market

Quality of management

Reasonable

price

Growth potential

The Market

Low Price-to-Cash-Flow

Operating margin> 5%

Return on Equity> 10 %

Value management

Conventional management


Fund current compositionDistribution – Top10 – Main evolutions

(in EUR, portfolio as of 02/28/2017)I SECTOR BREAKDOWN I TOP HOLDINGS I STOCKS MARKET CAPiTALIZATION

EUR million

Sectors StocksAutomotive supplier MGI CoutierCorporate services Faurecia Technology SopraMiscellaneous GuillinPlastics manufacturing LISIFinancial ScorAgri-Food Groupe CritElectric power industry SpieAeronautics SynergieEnvironmental services PlastivaloireCapital goodsBuilding materials Speciallized wholesale

ConstructionServicesCashTotal

Source for sectors classification: Stanwahr

I MAIN VARIATIONS OVER THE MONTH

Stocks Perf. CommentaryOutperformance vs. the benchmark

MGI Coutier Remains unexpensiveEutelsat Cable threat was over-estimatedSopra Good results in 2016Plastivaloire Excellent first semesterBonduelle U.S. acquisition well perceivedGévelot Low EV/EBITChargeurs Good results in 2016

Underperformance vs. the benchmark Ipsos High bonus increaseSynergie Industry in good shape and increase of CICESwordLDCFountaine Pajot ExpensiveStefCNIM

Weights Weights19,5% 8%16,7% 5%16,4% 4%7,8% 4%6,8% 4%

1,6%

5,7% 4%5,2% 4%3,9% 4%3,6% 3%2,9% 3%1,7%

9,33%

1,4% I MARKET CAP BREAKDOWNConsumer good 0,8%

0,0%0,0%6,0%100%

19,12%17,44%11,45%

9,29%8,78%8,62%

-1,04%-1,31%-1,59%-1,67%-2,62%-2,90%-3,25%

0% 20% 40% 60% 80% 100%

1 Md€ ≤ Capi < 5 Md€ Capi < 1Md€ Cash et assimilés

536878841271301322412622862933143283373403423693954054194521654865256516537998288368628869051059

13441365

15191625

18251953

34973512

43154864

53635991

6545

DLSIU10

DelfingenAures

HighcoFountaine Pajot

GévelotDelta Plus

BelierSwordInfotel

VielLinedata

CNIMAubay

SIITessi

ArganPlastivaloireWavestone

ChargeursDevoteam

AlbiomaManutan

GuillinDerichebourg

Electr icité de StrasbourgMGI Coutier

Bonduel leGroupe Crit

StefSynergieSavencia

IpsosSopra

LDCTrigano

LISIBurelle

Euler HermesSpie

EutelsatPlastic O mnium

FaureciaImerys

Scor


50

500

5 000I&E CAC M&S NR CAC 40 NR

Performance of +2,746% for I&E vs +621% for the Benchmark since 1994Indépendance & Expansion share price evolution since January 1, 1994

(net, EUR, as of 02/28/2017)

(base 100 as of 01/01/1994)* Benchmark: SBF Second marché until 12/31/2004 ; CAC Small NR since 12/31/2004 ; CAC Mid & Small NR since 12/31/2017

I&E VL x 27,46

Benchmark* x 6,21

CAC 40 NR x 3,70


Performance of ~+84% for I&E vs ~+39% for the Benchmark over the last 3 yearsIndépendance & Expansion share price evolution over a 3-year rolling period

(net, EUR, as of 02/28/2017)

(base 100 as of 02/28/2014)

80

100

120

140

160

180

200

220

240I&E CAC M&S NR CAC 40 NR

I&E +83,94 %

Benchmark* +38,76 %

CAC 40 NR +18,33 %

* Benchmark: SBF Second marché until 12/31/2004 ; CAC Small NR since 12/31/2004 ; CAC Mid & Small NR since 12/31/2017


-60%

-40%

-20%

0%

20%

40%

60%

80%

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

I&E Indice* CAC 40 NR

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

I&E 14,26% (5,75%) 26,81% 22,00% 14,30% 21,81% 26,68% 0,26% 3,05% 29,95% 40,10% 31,09% 30,84% 4,05% (52,92%) 33,72% 14,71% (10,37%) 23,93% 66,22% 15,59% 36,42% 26,62% 4,57%1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Indice* (4,05%) (3,36%) 33,50% 9,84% 12,36% 24,51% 17,42% (17,69%) (17,55%) 22,56% 27,00% 40,29% 18,31% (3,62%) (53,15%) 62,81% 12,99% (16,22%) 11,66% 28,45% 8,43% 28,70% 11,33% 2,27%1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CAC 40 NR (15,32%) 1,71% 26,29% 31,80% 33,19% 53,13% 0,46% (20,86%) (32,51%) 18,65% 10,10% 26,60% 20,87% 4,16% (40,33%) 27,57% (0,42%) (14,28%) 18,83% 20,95% 1,73% 10,92% 7,67% (0,05%)1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

I&E-Indice* 18,31% (2,39%) (6,70%) 12,15% 1,94% (2,69%) 9,25% 17,95% 20,60% 7,38% 13,10% (9,20%) 12,53% 7,68% 0,24% (29,09%) 1,72% 5,85% 12,27% 37,76% 7,16% 7,72% 15,30% 2,30%

I&E annual performance(net, EUR, as of 02/28/2017)

I&E > Benchmark 18 years

Benchmark > I&E 5 years

I&E has outperformed its benchmark 18 years over the last 23 years



0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%

1800%

10 ans 15 ans 20 ans-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

2017 3 mois 6 mois 1 an 3 ans 5 ans 7 ans

I&E Capi CAC M & S NR CAC 40 NR

Cumulative performancesPerformances over different rolling periods

(net, EUR, as of 02/28/2017)


*

months months year years years years years years years


I&E consistently shows higher performance and lower volatility than its Benchmark over different periods of time

I&E CAGR and volatility vs Benchmark(nettes, en EUR, au 28/02/2017)

Outperformance over long period of time

CAC Small NR CAC 40 NR

Performance 39,8% 24,4% 14,5% 15,4% 25,3%Volatility 9,6% 10,9% 10,7% LOWER LOWER

Tracking-error 5,1% 5,9%Info. ratio 302,3% 429,7%









Performance 10,5% 4,0% 1,7% 6,4% 8,7%Volatility 18,4% 19,3% 17,6% LOWER HIGHER




I&E Benchmark*

10 YEARS

20 YEARS

Comparison

1 YEAR

2 YEARS

3 YEARS

5 YEARS

7 YEARS

CAC 40 NR



Morningstar ranks I&E in the Top Quartile over all differentperiods of time

Morningstar ranking

Morningstar ranking

Competitor analysis

Link to Indépendance et Expansion profile on Morningstar website

http://www.morningstar.fr/fr/funds/snapshot/snapshot.aspx?id=F0GBR06C2S


Fund profile

Indépendance et Expansion SICAV Assets under management as of 04/27/2017 : EUR 294.1 M

ISIN code:

Legal structure:

Result allocation:

Accounting currency:

Foundation date:

Performance benchmark:

Distribution:

Valuation frequency:

Subscription:

Redemption:

Fees:

Depositary bank:Fund administrator / Valuation:

Statutory auditor:

Classe X (C) Code ISIN : LU0104337620 (Institutionnal Investors)Classe A (C) Code ISIN : LU0131510165 (other Investors)

Indépendance et Expansion SICAV is an undertaking for collective investment established as a Luxembourg variable capital company (Luxembourg Sicav) compliant with the European UCITS IV Directive

Capitalization

Euro

July 23, 1990

CAC Mid & Small NR (net dividends are reinvested)

Morningstar, Europerformance

Every Wednesday of each month (or next business day) and last business day of the month

Currently closed – every Wednesday otherwise

Redemption – Class A (C) : every Wednesday of each month (or next business day)

Redemption – Class X (C) : every Wednesday of each month (or next business day)Management fees: 1,95% per yearPerformance fee: 10%Redemption fees without notice: 2% for the SicavRedemption fees with a one month notice: 0%

CACEIS Bank Luxembourg

CACEIS Bank Luxembourg

DELOITTE S.A


Portfolio management company - Stanwahr

An entrepreneurial management structure• The I&E SICAV is managed by the Luxembourg company Stanwahr S.à rl, a portfolio management company subject to

the provisions of Chapter XV of the law of December 17, 2010 relating to collective investment undertakings.• Stanwahr S.à r.l. is therefore placed under the prudential supervision of the Financial Sector Supervisory Commission in

Luxembourg.• The company Stanwahr S.à r.l. is itself owned by the French company Evalfi. Evalfi is indirectly owned by a group of

members of William Higgons' family.

CACEIS Bank Luxembourg is Fundadministrator, and Depositary bank of I&E SICAV.

CACEIS is one of the world leaders in AssetServicing, the largest depositary bank and thelargest fund administrator in Europe. The companybenefits from sustained growth, broadgeographical coverage and the commitment of itsmain shareholder, Crédit Agricole SA, whosecredit rating is set at A / A-1 by Standard & Poor's.

Portfolio management

companyFund

Depositary bankFund administrator

Record keeper


Portfolio management team

William Higgons is a graduate of INSEADMBA and of Sciences Po Paris

He is member of the “SFAF” (French financialanalyst organisation) and of the ConsultativeCommission "Organization and Functioningof the Market" of the AMF (French marketregulation authority) since April 2007

He was also a Director of the SFAF from 1997to 2000 and from 2002 to 2006

William Higgons frequently writes articleswhich present his investment philosophy inthe Financial Analysis Magazine, inparticular:

“Job, Value Investor”, 2001

“The Value Investor: Go for Value”,2003

William HiggonsPortfolio manager of I&E since 1992Over 30 years of experience in financial management

Victor Higgons holds an MBA from INSEADand a Master’s degree in Finance & Strategyfrom Sciences Po Paris

Victor previously worked as a consultant atMcKinsey & Company, where he focused oncompany’s corporate strategy andoperational efficiency projects

Before joining Stanwahr in January 2017, hetook the challenge to identify and takeoverdistressed small businesses in partnershipwith a group of private investors

His first professional experience was atRothschild & Cie in the Large Cap M&Ateam

Victor HiggonsInvestment managerMain industries: Technology, IT, Transport

Arthur Marle is a graduate of ESSECBusiness School and holds a Master’sdegree in law and economy from ParisNanterre University

He joined Stanwahr in 2016 after workingfor Vodafone in Australia in the Strategydepartment. He particularly focused onspectrum acquisition for 4G networkdeployment

His first professional experience was atLazard in the Large Cap M&A team

Arthur had already worked at Stanwahr asan Intern, as part of his academic programat ESSEC

Arthur MarleInvestment manager Main industries: Automotive, Consumer Goods, Energy


Contact

Porfolio management company: Stanwahr Sarl5, allée Scheffer L – 2520 LuxembourgTel. : 00 352 47 67 26 68Email : [email protected]

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