Beauregard Capital SICAVVBeauregard Capital SICAV - US Equity Paradigm Fund

R.C.S. Luxembourg B 180 391

Audited Annual Reportas at December 31, 2016

Investment Company with variable capital with multiple sub-fundspursuant to Part I of the amended Luxembourg Law of

December 17, 2010 on Undertakings for Collective Investment

Beauregard Capital SICAV

Audited Annual Report as at December 31, 2016

Contents

Management and Administration 2

Report of the Board of Directors 3

Statement of net assetsas at December 31, 2016 4

Statement of changes in net assets for the yearfrom January 1, 2016 to December 31, 2016 4

Changes in the number of shares in isuue 5

Statement ofoperations for the yearfrom January 1, 2016 to December 31, 2016 5

Composition of Portfolioas at December 31, 2016Beauregard Capital SICAV - US Equity Paradigm Fund 6

Notes to the Audited Financial Statements for the yearfrom January 1, 2016 to December 31, 2016 10

Statement of changes in net assets 15

Audit Report 16

Subscriptions can be accepted only on the basis of the valid Sales Prospectus (with annexes) and the Key Investor InformationDocument together with the most recent Annual Report and, if the latter was published more than eight months ago, the most recentSemi-Annual Report.

Production: KNEIP (www.kneip.com)

Beauregard Capital SICAV

Management and Administration

Company:

Beauregard Capital SICAVAirport Center Luxembourg5, HeienhaffL-1736 Senningerberg, Grand Duchy of Luxembourg

Board of Directors:

Chairman:

Jorg HenzlerLuxembourg Investment Solutions S.A.Luxembourg

Members:

Nevil von TschamerPartnerSemper GestionGeneva

Gregoire VaucherDirectorSemper GestionGeneva

Management Company:

Luxembourg Investment Solutions S.A.Airport Center Luxembourg5, HeienhaffL-1736 Senningerberg, Grand Duchy of Luxembourg

Board of Directors of the Management Company :

Thomas GoergenJorg HenzlerDaniel KranzPierre Weimerskirch

Administrative, Registrar and Transfer Agent:

(since December 1, 2016)VP Fund Solutions (Luxembourg) SA26, avenue de la LibertéL-1930 Luxembourg, Grand Duchy of Luxembourg

(until December 1, 2016)Credit Suisse Fund Services (Luxembourg) S.A.5, rue Jean MonnetL-2180 Luxembourg, Grand Duchy of Luxembourg

Depositary and Paying Agent:

(since December 1, 2016)VP Bank (Luxembourg) SA26, avenue de la LibertéL-1930 Luxembourg, Grand Duchy of Luxembourg

(until December 1, 2016)Credit Suisse Fund Services (Luxembourg) SA.5, rue Jean MonnetL-2180 Luxembourg, Grand Duchy ofLuxembourg

Auditor of the fund:

PricewaterhouseCoopers, Sociéte’ cooperative2, rue Gerhard MercatorL-2182 Luxembourg, Grand Duchy of Luxembourg

Legal Advisor:

Elvinger Hoss Prussensociété anonyme2, place Winston ChurchillL-1340 Luxembourg, Grand Duchy of Luxembourg

Investment Manager:

CFB (UK) Ltd1, Princetown Mews167-169 London RoadKingston-Upon-Thames,Surrey, KT2 6PTUnited Kingdom

Representative in Switzerland:

Carnegie Fund Services S.A.11, rue du Général-DufourCH-1204 Geneva, Switzerland

Paying Agent in Switzerland:

Credit Suisse AGParadeplatz 8CH-8001 Zurich, Switzerland

Beauregard Capital SICAV

Report of the Board of Directors

2016 was a particularly difficult year for active equity managers, the year started with a market collapse in a period which is usuallyvery supportive for risk assets and could only be compared to January and February 2008 in terms of the extend of the fall in such ashort period of time.

As the year progressed, more tail risk events materialised such as the British referendum on the European Union, the presidentialelection in the US or the constitutional referendum in Italy, we had difficulties to find a balance between the fund’s objectives to beatthe US equity market and the capital preservation goals of our private clients.

In that context, the Beauregard Capital SICAV - US Equity Paradigm Fund (USD Class) rose a mere +1.51% in 2016 while the S&P500 increased by +9.54% and by +11.23% with the net dividends being reinvested. The CHF Class was down by -0.63% due tohedging costs and interest rate differential. The underperformance stemmed from unfortunate capital preservation decisions such asreducing our bank holdings in February 2016 or hedging part of the portfolio in March 2016 and again ahead of the Italian vote inDecember 2016. Looking back, 2016 was especially frustrating as the fund was rightly positioned at the beginning year with largeweightings in Nvidia, Amazon and Alphabet which performed particularly well during the year. However, volatility of markets and ofquarterly earnings pushed us to reduce them too early. Investment processes and models have been improved to avoid such outcometo be repeated going forward and are already bearing fruits at the beginning of 2017.

The fund ended the year with USD 21 min in Assets under Management.

In terms of the operations of the fund, the Fund manager’s entity was changed to Beauregard Capital Limited to CFE (UK) Limited.The fund was the only substance of Beauregard Capital and we thought more appropriate to have it under the umbrella of a largerstructure. CFE (UK) is part of Corporation Financiére Européenne, headquartered in Geneva and with offices in Monte-Carlo andLondon. CFE provides services in Trade Finance, Alternative Credit and Fixed Income, and the Beauregard Capital SICAV - USEquity Paradigm Fund provides an interesting add on in equities to its clients. The depositary and fund administration were changedin December to VP Bank (Luxembourg) SA as Credit Suisse Fund Services (Luxembourg) S.A., who previously was performing thosetasks, are pursuing a strategy to serve only larger funds. So far the relationship with VP Bank has been very productive and that bankprobably better fits our lean operations.

We are looking forward to 2017 which so far is up to a great start for both US equities and the US Equity Paradigm fund.

The figures stated in this report are historical and not necessarily indicative of futures performance.

Luxembourg, April 4, 2017

Beauregard Capital SICAV

Beauregard Capital SICAV - US Equity Paradigm FundStatement of net assetsas at December 3], 2016

Note USD

ASSETSInvestment portfolio at market value 20,205,117.42(70.51 19,762, 776.12Cash held with custodian bank 782,984.35Dividends receivable 27,035.99Formation expenses (4) 25,979.77Unrealised gain on futures 20,250.00Unrealised gain on forward foreign exchange contracts (9) 18,353.82Unrealised gain on options 8,180.00TOTAL ASSETS 21,087,901.35

LIABILITIESInitial margin on financial firtures -20,250.00Other liabilities -45,851.26TOTAL LIABILITIES -66,101.26Total net assets 2l,021,800.09

Net assets per shareA - Capitzilisation USD (USD) 111.92A - Capitalisation CHF ( CHF) 98.01A - Capitalisation EUR (EU R) 0.00

Number of sharesA - Capitalisalion USD 168,34l.562A - Capitalisation CHF 22.624911A - Capitalisation EUR 0-000

Statement of changes in net assets for the yearfrom January 1, 2016 to December 31, 2016

Note USD

Net assets at the beginning of the year 29.548.609.62Subscriptions

A - Capitalisation USD 199,302.71A ~ Capitalisation CHF 460,599.28A — Capitalisation EUR 0.00

RedemptionsA - Capitalisation USD -8,157,305.70A — Capitalisation CHF -418,318.04A - Capitalisation EUR -219,759.12

Result for the year -391,328,66

NET ASSETS AT THE END OF THE YEAR 2l,02l,800.09

The accompanying notes form an integral part of these financial statements.

Beauregard Capital SICAV

Beauregard Capital SICAV - US Equity Paradigm FundChanges in the number of shares in issue

A - Capitalisation USDShares in issue at the beginning of the year 246077.060Number of shares subscribed 1,793.58!Number of shares redeemed -79,529079Shares in issue at the end of the year 168341-562

A - Capitalisation CHFShares in issue at the beginning of the year 22,342.8l1Number of shares subscribed 4,766752Number of shares redeemed -4.434.652Shares in issue at the end of the year 22,624.91 l

A - Capitalisation EURShares in issue at the beginning of the year 2,00().000Number of shares subscribed 0-000Number of shares redeemed -2,000-000Shares in issue at the end of the year 0.000

Statement of operations for the yearfrom January 1, 2016 to December 31, 2016 Note USDINCOMEDividends 356,687.90Bank interest -537-33Other income 4,967.22TOTAL INCOME 361,067.79

CHARGESBank interest -608.81Management company fee (3) -43,747.87Portfolio management fee (3) -26,928.14Investment Advisory fee (3) -281,991.85Custodian fee (3) -21.62552Central management fee (3) —35,674.45Registrar and Transfer Agent fee (3) -536.00Directors fee (3) -l 1080.72Service fee —60(),66Risk Management Compensation 446,66Amortization of formation expenses (4) -15,356.24Taxe d'abonnement (5) -1(),245_5;3Trading fees on securities -19,334_30Audit fees -35_353_93Other charges (3) -1 9,042.13TOTAL CHARGES -525,133_11Net income 464,055.32Realised gain on investment 214,535_71Realised loss on foreign exchange -15,470_3()Realised loss on futures contracts -61o,3g1_2gRealised loss on forward foreign exchange contracts -1 35,250.71Realised loss on options -21,020_34Net Realised Result _734,153_24Net Change ofunrealised gain on securities (,3,gg7‘63Net Change ofunrealised gain on foreign exchange 279,073.63Net Change of unrealised gain on forward contracts (futures) 20,250.00Net Change ofunrealised loss on forward foreign exchange contracts -20,3g5A73Result for the year

$91,328.66

The accompanying notes form an integral part of these financial statements.

Beauregard Capital SICAV

Beauregard Capital SICAV - US Equity Paradigm Fund

Composition of Portfolioas at December 31, 2016

Security Description Quantity / Ccy Cost in USD Valuation in %-NAVFace Value USD

SECURITIES

Exchange-traded securitiesEquities

CuracaoSchluniberger Ltd 3,500 USD 258,520.69 293,825.00 1.4

AN806857 1086

Total Curacao 258,520.69 293,825.00 1.4

IrelandAcceriture PLC 3,000 USD 337,845.44 351,390.00 1.7lF.00B4BNMY34Scagate Technology PLC' 10,917 USD 385,423.95 416,701.89 2.0

1li00B58.lVZ52

Total Ireland 723,269.39 768,091.89 3.7

United StatesAbb\/ie inc 4,000 USD 255,098.49 250,480.00 1.2

L'S00287Yl091Alphabet 111c 300 USD 248,158.82 237,735.00 1.1

US02079K3059Altria Group Inc 6,000 USD 378,205.50 405,720.00 1.9

US02209S1033A1nazor1.c01n1nc 340 USD 268,810.94 254,955.80 1.2

US023135l067/\lTlCl‘iCill'l Express C'o 6,000 USD 418530.12 444,480.00 2.1US025816l092Anigcn Inc 2,300 USD 346,712.66 336,283.00 1.6

LIS0311621009Apple Inc 7,500 uso 773,495.90 868.650.00 4.1US0378331005Applied Materials Inc 15,000 USD 361,473.65 484,050.00 2.3US0382221051A'1‘&'1‘ lnc 8,000 USD 315,739.79 340,240.00 1.6US00206Rl023Bank ofAmerica Coip 12,000 USD 194,191.05 265,200.00 1.3U S0605051046Bed Bath & Beyond lnc 5.000 USD 251,296.88 203,200.00 1.0US0758961009Biogcn lnc 1,000 USD 311,443.24 283580.00 1.3US09062X1037B1'istol—Mye1‘s Squibb 2,684 USD 195,110.69 156,852.96 0.7US1 101221083Campbell Soup Co 4.000 USD 229,598.94 241,880.00 1.2US134429lO91Caterpillar Inc 1,500 USD 126,317.53 139.1 10.00 0.7US1491231015C‘e1gene Con: 2,500 USD 258,757.26 289,375.00 1.41.lS151020l04‘)Chvvrvn Corp 4.000 uso 345,069.55 470,800.00 2.2US1667641005Citigroup Inc 4,000 uso 197,068.49 237,720.00 1.1US 1 729674242

Minor rounding differences may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents.

Beauregard Capital SICAV

Beauregard Capital SICAV — US Equity Paradigm Fund

Composition ofPortfolio (continued)as at December 31, 2016

Security Description Quantity/ Ccy Cost in USD Valuation in °/0-NAVFace value USD

coach me 5,200 USD 209,589.05 132,104.00 0.9US1897541041Colgate-Palmolive Co 3,000 USD 222.057.37 196,320.00 0.9US1941621039Corning lnc 12.800 USD 235,164.01 310,656.00 1.5US2193501051CR Bard lnc 500 USD 110,617.28 112,330.00 0.5US0673831097Dell Technologies Inc Class V 891 USD 231,226.76 48,978.27 0.2US24703L1035Duke Energy Corp 2,000 USD 148.749.74 155.240.00 0.7US26441 C2044eBay Inc 8,000 USD 254,088.88 237,520.00 1.1US2786421030Eli Lilly & Co 3,000 USD 202739.32 220,650.00 1.0US5324571083Exekm Corp 5,000 USD 172,938.43 177,450.00 0.8US30161N1019Exxon Mobil Corp 6,000 USD 524,488.69 541,560.00 2.6US30231G1022Facebook Inc 1.000 USD 124272.70 1 15,050.00 0.5US30303Ml027Frecport-McMoRan lnc 15,000 USD 166737.83 197,850.00 0.9US35671D8570Gamestop Corp 6,000 USD 155,983.15 151,560.00 0.7US36467Wl099General Electric Co 1 1,000 USD 324788.52 347,600.00 1.7US3696041033Gilead Sciences Inc 5.500 USD 530,701.11 393,855.00 1.9US3755581036Global Payments Inc 2,000 USD 143,770.25 138,820.00 0.7US37940X1028Halliburton Co 3,000 USD 165245.71 162,270.00 0.8US4062161017HCA Holdings Inc 4.600 USD 374183.06 340,492.00 1.6US40412Cl018Hewlett Packard Enterprise Co 10,000 USD 226,644.77 231,400.00 1.1US42824C1099Hormel Foods Corp 6,000 USD 261,739.80 208,860.00 1.0US4404521 (101HP Inc 10,000 USD 145,643.79 148,400.00 0.7US40434LlO52Intel Corp 9,000 USD 319,541.19 326,430.00 1.6US4581401001International Business Machines Corp 3500 USD 432,142.52 580,965.00 ;'_3US4592001014Iron Mountain inc 6.000 USD 244,232.96 194,880.00 0.9US46284V1017Kimberly-Clark Corp 2,000 uso 256,856.16 228240.00 1.1US4943681035Liberty Media Corp-Liberty Formula One 6,000 USD 188,513.61 188,100.00 (1.9US5312298707Lockheed Martin Corp 550 USD 134,626.54 137,467.00 0.7US5398301094Macy's Inc 5,000 USD 203,930.92 179,050.00 0.9US55616P1049M35‘°T°‘“'d 190 1,000 USD 100,978.46 103,250.00 0.5US57636Q1040

Minor rounding ditterenccs may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available, free of charge, at t11e Company's head office as well as at all Paying Agents.

Beauregard Capital SICAV

Beauregard Capital SICAV - US Equity Paradigm Fund

Composition of Portfolio (continued)as at December 31, 2016

Security Description Quantity/ Ccy Cost in USD Valuation in %-NAVFace value USD

McDonald's Corp 4,000 USD 469,809.20 486,880.00 2.3US58013510l7Mcrck & Co lnc 4.000 USD 201.l20.l1 235,480.00 1.1US58933Yl055Microchip Technology lnc 3.000 USD 167,104.91 192,450.00 0.9US5950171042Microsoft Corp 8,000 USD 434,379.08 497,120.00 2.4US59-19181045Monsanto Co 1.500 USD 160,027.97 157,815.00 0.8US6l l66W10l8NetApp lnc 5,000 USD 178,905.46 176.350.00 0.8US64110Dl046Newmont Mining Corp 4,000 USD 125,844.09 136,280.00 0.6

US65163910661\’orll1rop Grumman Corp 500 USD 91,579.93 1 16,290.00 0.6US666807l029Oracle Corp 9,000 USD 333312.54 346,050.00 1.6US68389Xl054PepsiCn Inc 3,000 USD 310,069.36 313,890.00 1.5US713-4-481081Pfi zer Inc 7,000 USD 215,663.84 227,360.00 1.11JS71708l 1035Philip Morris lnternalional Inc 3,000 USD 295,212.23 274.470.00 1.3

US7l8l72l090Pultefi roup lnc 1 1,230 USD 221,119.54 206,407.40 1.0

US7458671010Skyworks Solutions lnc 3,000 USD 228,390.14 223,980.00 1.1

US83088lV11027Tcsoro Corp 4,200 USD 432,073.24 367,290.00 1.7

L'S88l60910l6Texas lnstnnnents lnc 2,500 USD 177,326.62 182,425.00 0.9

US882508l040The Clorox Co 2,000 USD 237,021.65 240,040.00 1.1US1890541097The Kraft Heinz Co 3.500 USD 305,941.17 305,620.00 1.5US5007541064The Priceline Group lnc 120 USD 181,697.40 l75.927.20 0.8US74l5034039The Walt Disney Co 2,805 USD 294,165.62 292,337.10 1.4US2546871060Time Warner Inc 100 USD 7,189.05 9,653.00 0.0US8873l73038Union Pacific Corp 3,000 USD 281,461.06 31 1,040.00 1.5L7S9078l 81081United Technologies Corp 1,000 USD 102,265.11 109,620.00 0.5US91 30171096Verizon Communications lnc 6,000 USD 313,795.84 32(),280,00 [,51JS92343\/' 1044Wcstem Digital Corp 2,804 USD 144,603.04 190,531.80 0.9159581021055Whole Foods Market lnc 7,000 USD 214,634.16 215,320.00 1.0US9668371068Williams-Sonoma lnc 2,000 USD 1 1 1,332.64 96,780.00 0.5US969904l0l1

Minor rounding differences may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents.

Beauregard Capital SICAV

Beauregard Capital SICAV — US Equity Paradigm Fund

Composition of Portfolio (continued)as at December 31, 2016

Security Description Quantity / Ccy Cost in USD Valuation in "/u—NAVFace value USD

3M Co 1,500 USD 257,662.87 267,855.00 L3US88579Yl0l0

Total United States l8,780.986.04 I9,143,200.53 91.]

Total Equities I9/762.776.l2 20.205.117.42 96.]

Total Exchange-traded securities 19.762,776.l2 20,205-I|7.42 96-1

TOTAL SECURITIES 19,762,776. I 2 20.205.117.42 96.]

DERIVATIVESDow Jones l€—Mini Future Mar/I 7 -50 USD l9,80l .00 20,230.00 0.!XD0842240893Put S&P500 20.Jan/l 7 2! 75 10 USD 28.57 8.18000 0.0US78378Xl072

TOTAL DERIVATIVES 19,829.57 28,430.00 0.1

TOTAL INVESTMENT PORTFOLIO 19,782.605.69 20.233,547.42 96.2

_ Minor rounding di’rTerences may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available free of charge at the Company‘s head office as well as at all Paving Ag t’ » - . ', en s.

Beauregard Capital SICAV

Notes to the Audited Financial Statementsfor the year from January 1, 2016 to December 31, 2016

1. General Information

Beauregard Capital SICAV (the “Company”) is an umbrella investment company with variable capital (société d’invesn'ssement E1capital variable) incorporated under the form of a société anonyme in the Grand Duchy of Luxembourg. It qualifies as an undertakingfor collective investment in transferable securities (“UCITS”) under Part I of the Law of December 17, 2010, as amended. As anumbrella structure, the Company may operate separate Subfunds, each being distinguished among others by their specific investmentpolicy or any other specific feature as further detailed in the relevant Subfund Particular.

The Company was incorporated for an unlimited period in Luxembourg on September 13, 2013. The capital of the Company shall beequal at all times to its net assets. The minimum capital of the Company shall be the minimum prescribed by the 2010 Law. TheCompany is registered with the Registre de Commerce et des Sociétés, Luxembourg (Luxembourg register of commerce andcompanies) under number B 180 391. The Articles of Incorporation have been deposited with the Registre de Commerce et desSociétés, Luxembourg and thereafter published in the Mémorial on October 2, 2013.

As of December 31, 2016, the Company had 1 Subfund: US Equity Paradigm Fund.

2. Summary of significant accounting policies

The net asset value of each Class within each Subfund (expressed in the currency of denomination of the Subfund) is determined byaggregating the value of securities and other permitted assets’ of the Company allocated to that Class and deducting the liabilities ofthe Company allocated to that Class.

The assets of each Class within each Subfund are valued as of the Valuation Day, as defined in the relevant Subfund Particular, asfollows:

1. shares or units in open-ended undertakings for collective investment, which do not have a price quotation on a RegulatedMarket, will be valued at the actual net asset value for such shares or units as of the relevant Valuation Day, failing which theyshall be valued at the last available net asset value which is calculated prior to such Valuation Day. In the case where events haveoccurred which have resulted in a material change in the net asset value of such shares or units since the last net asset value wascalculated, the value of such shares or units may be adjusted at their fair value in order to reflect, in the reasonable opinion of theBoard of Directors, such change;

2. the value of securities (including a share or unit in a closed-ended undertaking for collective investment and in an exchangetraded fund) and/or financial derivative instruments which are listed and with a price quoted on any official stock exchange ortraded on any other organised market at the closing price. Where such securities or other assets are quoted or dealt in or on morethan one stock exchange or other organised markets, the Board of Directors shall select the principal of such stock exchanges ormarkets for such purposes;

3. shares or units in undertakings for collective investment the issue or redemption of which is restricted and in respect of which asecondary market is maintained by dealers who, as principal market-makers, offer prices in response to market conditions maybe valued by the Board of Directors in line with such prices;

4. the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividendsand interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in anycase the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at afier making suchdiscount as the Board of Directors may consider appropriate in such case to reflect the true value thereof;

5. the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised marketwill be valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed by theCompany;

6. swap contracts will be valued according to generally accepted valuation rules that can be verified by auditors. Asset based swapcontracts will be valued by reference to the market value of the underlying assets. Cash flow based swap contracts will be valuedby reference to the net present value of the underlying future cash flows;

7. the value of any security or other asset which is dealt principally on a market made among professional dealers and institutionalinvestors shall be determined by reference to the last available price;

10

Beauregard Capital SICAV

2. Summary of significant accounting policies (continued)

8. any assets or liabilities in currencies other than the relevant currency of the Subfund concerned will be converted using therelevant spot rate quoted by a bank or other responsible financial institution;

9. in the event that any of the securities held in the Company portfolio on the relevant day are not listed on any stock exchange ortraded on any organised market or if with respect to securities listed on any stock exchange or traded on any other organisedmarket, the price as determined pursuant to sub-paragraph (2) is not, in the opinion of the Board of Directors, representative ofthe fair market value of the relevant securities, the value of such securities will be determined prudently and in good faith basedon the reasonably foreseeable sales price or any other appropriate valuation principles;

10. in the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors may adopt tothe extent such valuation principles are in the best interests of the shareholders any other appropriate valuation principles for theassets of the Company; and

11. in circumstances where the interests of the Company or its shareholders so justify (avoidance of market timing practices, forexample), the Board of Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjustthe value of the Company's assets.

The consolidated accounts of the Company for the purpose of its financial reports shall be expressed in USD.

The Subfunds are single priced and may suffer a reduction in value as a result of the transaction costs incurred in the purchase andsale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions,switches and/or redemptions in and out of a Subfi ind.

This is known as “dilution”. In order to counter this and to protect shareholders’ interests, the Company may apply a technique knownas swing pricing as part of its valuation policy. The use of such technique for a given Subfund will (if applicable) be disclosed in theSubfund particulars. This will mean that in certain circumstances the Company will make adjustments in the calculations of the NetAsset Values per share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant.

3. Fees

Management Company Fee

In consideration for the management company services provided to the Company, the Management Company is entitled to receive amanagement company fee of a percentage of the net assets of the relevant Class, as further detailed in the relevant Subfund Particular(the “Management Company Fee”). Unless otherwise provided for in the relevant Subfund Particular, this fee will be accrued on eachValuation Day and payable monthly in arrears out of the assets of the relevant Subfund.

Investment Management/Advisory Fees

In consideration for the ‘investment management/advisory services provided to the Company, the investment managers/advisers (ifany) are entitled to receive from the Company any investment management/advisory fee of a percentage as further detailed in therelevant Subfund Particulars. Any marketing and distribution costs may be totally or partially paid out of the investment managementfee.

Performance Fee

To the extent provided for in the relevant Subfi ind Particular, the Investment Manager will also be entitled to receive a performancefee (the “Performance Fee”), the details ofwhich will (where applicable) be disclosed in the relevant Subfund Particular.

Central Administration Fee

In consideration of its services, the Administration Agent, Registrar and Transfer Agent will be entitled to receive from the Companycustomary fees as further detailed in the relevant Subfund Particular. The central administration fees will be calculated by reference tothe monthly average net asset value of each Class with a minimum annual fee per Subfund as further detailed in the relevant Subfi indParticular. They will accrue on each Valuation Day and will be payable monthly in arrears.

11

Beauregard Capital SICAV

3. Fees (continued)

Depositary Bank Fees

In consideration of its services, the Depositary Bank will be entitled to receive from the Company customary fees as further detailedin the relevant Subfi ind Particular. The depositary bank fees will be calculated by reference to the monthly average net asset value ofeach Class. They will accrue on each Valuation Day and will be payable monthly in arrears.

In addition, the Depositary will be entitled to be reimbursed by the Company for its reasonable out—of-pocket expenses and to receivereimbursement for the fees charged to it by any correspondent bank or other agent (including any clearing system).

Class of Shares Class A-USD Class A-EUR Class A-CHFManagement Company Fee up to 0.12% p.a. with a up to 0.12% p.a. with a up to 0.12% p.a. with a

minimum of EUR £000 p.a. minimum of EUR 35,000 p.a. minimum of EUR 35,000 p.a.Investment Malggement Fee up to 1.5% up to 1.5% up to 1.5%Central Administration Fee up to 0.06% p.a. plus a fixed

fee of EUR 29,000 p.a. plustransaction fees

up to 0.06% p.a. plus a fixedfee of EUR 29,000 p.a. plus

transaction fees

up to 0.06% p.a. plus a fixedfee of EUR 29,000 p.a. plus

transaction feesDepositary Fee up to 0.08% p.a. subject to a

minimum of EUR 15,000 p.a.plus transaction fees

up to 0.08% p.a. subject to aminimum of EUR 15,000 p.a.

plus transaction fees

up to 0.08% p.a. subject to aminimum of EUR 15,000 p.a.

plus transaction fees

Other charges and expenses

The Company pays all brokerage, clearing, taxes and governmental duties and charges payable by the Company, and fees andexpenses involved in registering and maintaining the authorisation in Luxembourg and elsewhere and the listing of the Company'sshares (where applicable), the cost of publication of prices, the remuneration of the Directors, if any, and their reasonableout—of-pocket expenses and its other operating expenses such as accounting and pricing costs, litigation and other recurring or non-recurring expenses.

Any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similarcharge and any unforeseen charges imposed on the Company or its assets will be borne by the Company.

4. Formation expenses

The costs and expenses for the formation of the Company and the initial issue of its shares will be borne by the first Subfund of theCompany and amortized over a period not exceeding 5 years. Any additional Subfund(s) which may be created in the future shall beartheir own formation expenses to be amortized over a period not exceeding 5 years.

5. Taxation

The Company is not liable to any Luxembourg tax on profits, income or gains.

No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the shares of the Company.

The Company is, however, liable in Luxembourg to a subscription tax (taxe d'abonnement) levied at a rate of 0.05% per annum basedon its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of therelevant calendar quarter.

A reduced subscription tax rate of 0.01% per annum is applicable to Luxembourg UCITS whose exclusive object is the collectiveinvestment in money market instruments, the placing of deposits with credit institutions, or both.

A reduced subscription tax rate of 0.01% per annum is applicable to UCITS individual compartments of UCITS with multiplecompartments, as well as for individual classes of securities issued within a UCITS or within a compartment of a UCITS withmultiple compartments, provided that the securities of such compartments or classes are reserved to one or more institutionalinvestors.

Subscription tax exemption applies to (i) investments in a Luxembourg undertaking for collective investment (UCI) subject itself tothe subscription tax, (ii) UCIs, compartments thereof or dedicated classes reserved to retirement pension schemes, (iii) money marketUCls, (iv) UCITS and UCIs subject to the Part II of the 2010 Law qualifying as exchange traded funds, and (v) UCls and individualcompartments thereof with multiple compartments whose main objective is the investment in microfi nanceinstitutions.

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Beauregard Capital SICAV

6. Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transactionfees are included in the cost of securities purchased and sold.

For the period ended on December 31, 2016, the Company incurred transaction costs relating to purchase or sale of investments insecurities and similar transactions, (including derivatives instruments or other eligible assets) as follows:

Subfund Amount

US Equity Paradigm Fund USD 7,687.26

Not all transaction costs are separately identifiable. For fixed income investments, forward foreign exchange contracts and for someother derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separatelyidentifiable these transaction costs will be captured within the performance of each Subfi ind.

7. Exchange rates

Exchange rates used as of December 31, 2016:

1 USD 0.93283 Swiss Franc (CHF)1 USD = 0.94813 Euro (EUR)

8. Future contracts

The transaction costs for the fiiture contracts are disclosed as costs.

As at December 31, 2016 the following future contracts were open:

Quantity Description Currency Commitment % of NAVSale -50 Dow Jones E-Mini Future Mar/17 USD 4,930,000.00 23.45Total Sales 4,930,000.00 23.45

9. Forward foreign exchange contracts

As at December 31, 2016 the following forward exchange contracts, only held for hedging purposes and traded with VP Bank(Luxembourg) SA as counterparty were outstanding:

Maturity Purchases Currency Contract Rate Sales Currency31.03.2017 2,221,155.80 USD 0.9799 2,176,536.80 CHF

The unrealised gain on forward foreign exchange contracts amounts to USD 18,353.82 and is presented in the Statements of netassets.

10. Risk management

The global exposure of the Subfunds will be calculated on the basis of the commitment approach.

Additional key figures:

Total Expense Ratio (TER):

A-Capitalisation USD 2.53%A-Capitalisation CHF 2.77%

Performance 2016 2015 since inception

A-Capitalisation USD 1.51% -3.33% 11.92%A-Capitalisation CHF -0.63% -4.08% -1.99%

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Beauregard Capital SICAV

11. Transparency of Securities Financing Transactions and their Reuse

During the financial year of the fund no securities financing transactions and total return swaps in the sense of Regulation (EU)2015/2365 of the European Parliament and the Council of November 25, 2015 on transparency of securities financing transactions andof reuse and amending Regulation 648/2012 have taken place. As a consequence, no information according to article 13 of the aforementioned Regulation need to be disclosed to the fund’s investors.

12. Remuneration Policy

1. General Principles

1.1 The Company (Luxembourg Investment Solutions S.A.) has established a remuneration policy which supports its overarchingbusiness strategy, which strives for building long-term relationships with customers and employees, and managing the financialconsequences of business decisions across the entire economic cycle.

1.2 The remuneration policy of the Company (i) is in line with the objectives, values and interests of the Company and the fundsmanaged by the Company and of the investors in such fimds, (ii) is consistent with and promotes sound and effective riskmanagement and does not encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation ofthe fiinds that the Company manages, (iii) takes also into account the nature, size and scope of the Company and of each fund itmanages and (iv) includes measures to avoid conflicts of interest.

2. Company-wide rules

2.1. The remuneration for the Company’s employees may be divided in two components:

(a) a fixed salary component, encompassing the basic monthly gross salary (and benefits in kind supplied to the employee withoutconsideration of any p€l‘f0l‘l1'laIlCC criteria). This fixed component of the remuneration is determined in the employment contract andevolves according to the Luxembourg-specific indexation of salaries or via salary increases for the employee as decided by themanagement of the Company; and

(b) a variable salary component, consisting of additional payments or benefits depending on performance, the details of which aredefined in each employment contract. The variable component is determined annually by the management on a discretionary basisfurther to the Company's appraisal scheme.

2.2. The remuneration policy of the Management Company notably provides that:

(a) staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions,independently of the performance of the business areas that they control;

(b) guaranteed variable remuneration is exceptional, occurs only in the context of hiring new staff and is limited to the first year ofengagement;

(c) payments relating to the early termination of a contract reflect performance achieved over time and are designed in a way that doesnot reward failure;

(d) the pension policy (where applicable) is in line with the business strategy, objectives, values and long—terrn interests of theManagement Company and the funds that it manages;

(e) variable remuneration is not paid through vehicles or methods that facilitate the avoidance of the requirements laid down in theUCITS Directive or the AIFMD (as applicable).

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Beauregard Capital SICAV

12. Remuneration Policy (continued)

Remuneration during the financial year from January 1, 2016 until December 31, 2016:

Number of Fixed Variable Carried interes paid TotalBenefi ciaries Remuneration Remuneration in % of total Remuneration *

in % of total in % of totalStafP" * 60 0 .7% 0.4% 0% 4,3 77,922Thereof Senior Management * * * 8 0.4% 0.7% 0% 2,180,295Thereof Risk Takers* ** * 12 0.4% 0.7% 0% 2,380,535

Number of funds as ofDecember 31, 2016 86

**including Senior Managers and Risk Takers***dividends or similar distributions that partners received as owners of the AIFM are excluded****members of staff of the AIFM whose actions have a material impact on the risk profile of the AIF, including Senior Managers

Declaration of essential modifi cationsofthe defined remuneration policy

There were no essential modifi cationsof the defined remuneration policy during the financial year.

Statement of changes in net assets

Net assets Net assetsper share

A-CapitalisationUSD

Beauregard Capital SICAV - US Equity Paradigm FundDecember 31, 2014 USD 36,556,773.99 USD 114.06December 31, 2015 USD 29,548,609.62 USD 110.26December 31, 2016 USD 21,021,800.09 USD 111.92

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Net assetsper share

A-CapitalisationCHF

CHF 102.83CHF 98.63CHF 98.01

Net assetsper share

A-CapitalisationEUR

EUR 102.90EUR 99.24EUR 0.00

_l,pwc

Audit Report

To the Shareholders ofBeauregard Capital SICAV

We have audited the accompanying financial statements of Beauregard Capital SICAV, which comprise the statement of net assets and thestatement of investments in securities and other net assets as at December 31, 2016 and the statement of operations and changes in net assetsfor the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility ofthe Board ofDirectors ofthe SICA Vfor thefinancial statements

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

Responsibility ofthe "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 withlntemational Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of materialmisstatement 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 auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates 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.

Opinion

In our opinion, the financial statements give a true and fair View of the financial position of Beauregard Capital SICAV as ofDecember 31, 2016, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation of the financial statements.

iPricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg' T: +352 494848 1, F: +352 494848 2900, www.pwc.Iu

Cabinet de révision agréé. Expert-comptable (autorisation guI.ncI'I’l€”1€”ta[e n“!0028256)RC.S. Luxembourg B 65 477 — TVA LU254825I8

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PWC

Other information

The Board of Directors of the SICAV is responsible for the other information. The other information comprises the information included inthe annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusionthereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whetherthe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears tobe materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,we are required to report this fact. We have nothing to report in this regard.

PricewaterhouseCooper, Société cooperative Luxembourg, April 5. 2017Represented by

Dr. rb l

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