ANNUAL REPORT CM-CIC SMALL & MIDCAP EURO · banks. Against this bullish market backdrop, the fund...

ANNUAL REPORTCM-CIC SMALL & MIDCAP EURO

French Fonds Commun de Placement (FCP)

Financial year from 28/05/2019 to 31/12/2019

UCI CHARACTERISTICS

Legal form: French Fonds Commun de Placement (FCP)

• Investment objectiveThe investment objective of this UCITS is to seek an annual performance net of fees that exceeds that

of its benchmark index, the EURO STOXX Small Net Return, over the recommended investment period.

The composition of the UCITS may differ significantly from the allocation of the benchmark index.

• Investment strategyThe investment objective of the UCITS is to increase the value of your investment by investing in

equities with a market capitalisation of between €200 million and €10 billion at the time of purchase. The

UCITS is actively managed and invests in equities (including preferred stocks) and convertible

securities denominated in euros (financial products that can be converted into equities). The UCITS

selects companies that it considers to offer the best business opportunities in their respective industrial

sectors. PEA-eligible securities represent at least 75% of the net assets of the UCITS at all times.

The UCITS undertakes to respect the following net asset exposure ranges:

From 60% to 100% in equities of all geographic regions, of all capitalisations (including emerging

countries), and of all sectors. The UCITS may be exposed to European Union shares with a market

capitalisation of between €200 million and €10 billion at the time of purchase (minimum of 60%).

From 0% to 10% in sovereign, public and private fixed income instruments in the eurozone (excluding

emerging countries), all ratings based on the analysis of the management company or that of rating

agencies or unrated

From 0% to 100% to currency risk.

It may also enter into forward financial contracts or options and securities with embedded derivatives,

used for hedging and/or exposure to equity, interest rate, credit and currency risks, without resulting in

an overexposure of the portfolio.

CM-CIC SMALL & MIDCAP EURO 2

MANAGEMENT COMMENTARY

2019 was a positive year for equity indices (EURO STOXX Small Net Return up 26.17%). It was marked by

strong central bank intervention. The FED (Central Bank of the United States), with three rate cuts over the

year, as well as the ECB (European Central Bank) with the reduction of the deposit facility rate to -0.5%,

faced the slowdown in the global economy.

The trade war between the US and China on the one hand, but also Europe on the other, as well as the

uncertainties surrounding Brexit, until Boris Johnson in the UK Parliament, were the main areas of concern

in the financial markets.

In Europe, the ECB therefore continued its accommodative policy. It cut its deposit rate by 10 basis points

(to -0.5%) and announced a resumption of the monthly asset purchase programme of €20 billion from 1

November for an unlimited period, in order to cope with weak growth and still low inflation. These factors

were decisive in the wake of the market rally, which noted the vigilance and responsiveness of central

banks.

Against this bullish market backdrop, the fund posted performances that exceeded its benchmark index:

+32.71% for Unit Class RC, +33.72% for Unit Class S and +34.55% for Unit Class IC.

Among the best performances in our main positions were companies that continued to display strong

operational momentum such as Nemetschek (+85%), Sartorius AG (+76%), Sartorius Stedim (+70%), Carl

Zeiss Meditec (+68%), MTU Aero Engines (+63%), Puma (+61%), Teleperformance (+58%) or even

Worldline (+50%).

In sharp declines, Wirecard (-19%) and Ubisoft (-13%) were impacted by attacks on accounting practices for

the former and delays in the launch of video games for the latter.

In accordance with the management strategy contained in the prospectus, more than 75% of the fund was

invested in PEA-eligible securities.


A shareholder and bondholder commitment initiative on the ESG (Environment, Social, Governance) practices of issuers has been put in place. It is based on a sector perspective and is structured around five priorities: social policy, the environment, relations with external stakeholders (customers, suppliers, civil society), corporate governance and the issuer's commitment to the socially responsible approach. When a significant material difficulty (financial performance) is identified by internal ESG analysis, a dialogue is initiated with the issuer in order to:

- specify the context,

- measure the risks, opportunities and potential impacts on the value of the investment,

- assess any possible reorientations.

Management teams are kept informed of progress, difficulties and results of the dialogue. They take this into account in their universe and management choice, if any, during votes in general meetings. This approach was supported by CREDIT MUTUEL ASSET MANAGEMENT's adherence to the UN Principles for Responsible Investment.

In terms of corporate governance, CREDIT MUTUEL ASSET MANAGEMENT is a member of the International Corporate Governance Network (ICGN).

In the social field, CREDIT MUTUEL ASSET MANAGEMENT has signed up to the Access to Medicine initiative, which aims to facilitate access to healthcare in developing countries.

In the environmental domain, to help comply with the international objective of limiting global warming by 2° C compared with pre- industrial times and to reduce the financial risks of transition to a low- carbon economy for its investments, CREDIT MUTUEL ASSET MANAGEMENT is a signatory of the Paris Call, Finance for Tomorrow and the Global Investor Statement to Governments on Climate Change and supports three CDP (formerly Carbon Disclosure Project) initiatives, controlling greenhouse gas emissions and combating climate change, access to water and water security, protecting forests and limiting deforestation.

Risks associated with climate change:

The UCI has no direct physical impact (destruction or exclusion from use of assets exposed to a physical risk - drought, flooding - or operational disruption).

Certain industrial issuers are already benefiting from opportunities linked to the strategic choices made, creating a competitive advantage in the fight against climate change.

Almost all groups and issuers are exposed to a direct economic impact of climate change. First, it is a risk of increase in costs associated with more stringent regulations, which could result in increased costs or a decrease in the value of certain assets. Second, the impact can come from extreme weather events. The risk of water stress and biodiversity loss is less significant.

Certain groups and issuers, particularly in consumer goods, could be affected by indirect economic consequences, primarily due to the geographical location of their customers and suppliers (major weather events, flood zones, for example).


2° C Scenario:

The conditions for limiting temperature rise to 2° C or even 1.5° C by the end of the century are through innovation and disruptive technologies.

Investments in environmental innovation can make a significant contribution to the fight against global warming. For each issuer, it is therefore important to assess the extent to which innovation is significant, how long it is made available and how it is applied (climate change, balance of the planet's resources, preservation of biodiversity).

Apart from sovereigns and banking groups in the wider sense, whose environmental innovation cannot be described except through financial products, some industry and service securities contribute to the right balance of the planet's resources, through their innovative efforts to reduce raw materials collection, reduce water use, and foster the reuse of waste, have an innovative role in preserving biodiversity.

Finally, some of the securities from industries and services have an innovative approach to the fight against climate change. The main area of effect of these innovations is energy efficiency, followed by reductions in greenhouse gas emissions, and the dissemination of the use of renewable energies.


• Transparency of Securities Financing Transactions (Securities Financing Transactions Regulation, SFTR)

During the year, the fund did not engage in SFTR regulated corporate finance transactions, i.e., repurchase agreements, commodity securities lending/borrowing, reverse repurchase agreements, sell/buy transactions, margin call lending transactions and Total Return Swaps (TRSs).


ACCOUNTING REPORT

• LEGAL INFORMATIONPast performance is not a guide to future performance.

• Transfer commissions and intermediary feesThe report on intermediary fees provided for in the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers, AMF) may be consulted at the following website: www.creditmutuel-am.eu and/or at CREDIT MUTUEL ASSET MANAGEMENT, 4 rue Gaillon, 75002 Paris, France.

• Manager's voting rights policyIn accordance with the General Regulation of the French Financial Markets Authority (Autorité des Marchés Financiers, AMF), voting policy information and minutes are available on the management company's website and/or at its registered office. The voting policy is an extension of the investment policy, the objective of which is to seek regular performance over the long term, in accordance with the fund's management guidelines. It takes into account the specificities of each country in terms of company law and corporate governance. The principles of the voting policy of CREDIT MUTUEL ASSET MANAGEMENT are as follows: - respect for the rights of minority shareholders and equity among shareholders, - transparency and quality of the information provided to shareholders, - balance of powers between management bodies, - sustainability and integration of companies' long-term strategy, - support for best corporate governance practices. Within the employee share ownership funds, the voting rights attached to the company's shares are exercised by the Supervisory Board.

• Procedure for the selection and evaluation of intermediaries

and counterpartiesSelected intermediaries are listed and reviewed at least once a year by the management company. The method used is an annual overall scoring system for each intermediary enabling it to be given a rating that determines whether or not it should be included in the list of authorised intermediaries. The rating obtained is based on specific factors considered critical to quantitative management. This is in order of decreasing importance: the commitment on the part of the intermediary on the quantities to be traded and delivered, the quality of execution, the responsiveness during the receipt/placing of orders, the number of settlement/delivery incidents, and the relevance of the information communicated. Compliance with negotiated tariffs is essential for the intermediary to remain on the list.

• Information on how to calculate overall riskThe overall risk on financial contracts is calculated using the commitment calculation method.

__


• Remuneration policyCrédit Mutuel Asset Management bases its remuneration policy on the principles of Crédit Mutuel Alliance Fédérale (see the Banque Fédérative du Crédit Mutuel website - Investor Relation - Regulated / financial Information) while complying with regulatory requirements. Crédit Mutuel Alliance Fédérale has established a single remuneration committee whose scope extends to all of its subsidiaries.

As a reminder, the remuneration policy applicable to investment fund managers is dictated by Directives 2014/91/EU of 23 July 2014 (UCITS V) and 2011/61/EU of 8 June 2011 known as the AIFM Directive as well as their transposition texts.

A. Operational process The Caisse Fédérale de Crédit Mutuel remuneration committee conducts an annual review of the principles of the remuneration policy and expresses its opinion on the senior management proposals prepared after consultation with the risk management and compliance department.

Crédit Mutuel Asset Management's remuneration is based on two major criteria: The performance of the fund(s) managed by the employee and the individual contribution to the company's activities. For further information, please see the Crédit Mutuel Asset Management website.

B. Identified personnel Crédit Mutuel Asset Management has identified employees that are risk-takers according to two criteria: - Role and responsibility of employees in order to determine the risk-takers at the level of the Management Company and the UCITS/AIFs managed, - Remuneration for the purpose of determining who, in the light of their remuneration, should be regarded as a risk-taker.

The following are considered as identified personnel: - the Chief Executive Officer, Deputy CEOs, and the heads of (respectively): Management, the Legal and Financial Department, the Sales and Marketing Department, the Risk Department, the Support Services Department, the Human Resources Department and the Head of Internal Control and Compliance (RCCI) - employees assigned to the collective management activities of Crédit Mutuel Asset Management: the managers and the head of the negotiating table. C. Remuneration Among the identified personnel of Crédit Mutuel Asset Management, certain employees also receive discretionary bonuses in addition to their fixed remuneration. These are mainly managers and senior management. In order to limit risk-taking, discretionary remuneration arrangements should allow for performance and risk to be taken into account. In any event, risk management, respect for customer ethics and interests must prevail over financial performance.

An entity may elect not to award such bonuses on a discretionary basis if justified by the circumstances. In particular, these individual bonuses may be lowered or even reduced to zero under certain circumstances, particularly in the event of damage to customers' interests or unethical behaviour. The guaranteed bonus payment is exceptional and only applies when a new employee is hired and may only be paid in the first year.

Total gross remuneration paid to the 251 employees present in 2018 amounted to €16,708,949 for that year, including bonuses of €1,335,650. Remuneration paid to employees that have an impact on the risk profile of the management company amounts to €5,922,834.


Discretionary bonuses are paid in March of the financial year (n+1) when a vision of the financial year (n) is available. These bonuses are limited to an annual unit amount of €100,000 and are not spread over time. As part of a revision of the remuneration policy allowing for the payment of discretionary bonuses in excess of €100,000, Crédit Mutuel Asset Management would inform the AMF in advance and would implement its remuneration policy in accordance with the UCITS V and AIFM directives, in particular by providing for spreading conditions over a minimum period of three years.


• Key events during the period28/05/2019: Creation 29/05/2019: Management characteristics: The marketing of Units in Luxembourg, Ireland and Spain 17/06/2019: Change of SRRI from 5 to 6 28/05/2019: Absorption: The fund absorbed the MILLEIS INVESTISSEMENTS SMALL & MIDCAP EURO SICAV


BALANCE SHEET - ASSETS

31/12/2019

Property, plant and equipment, net 0.00

Deposits and financial instruments 87,891,620.41

Equities and similar securities 86,204,402.73

Traded on a regulated or similar market 86,204,402.73

Not traded on a regulated or similar market 0.00

Bonds and similar securities 0.00

Traded on a regulated or similar market 0.00


Debt securities 0.00

Traded on a regulated or similar market 0.00

Negotiable debt securities 0.00

Other debt securities 0.00


Units in collective investment schemes 1,687,217.68

General-purpose UCITS and AIFs intended for non-professional investors and

equivalent in other countries 1,687,217.68

Other Funds for non-professional investors and equivalent in other Member States

of the European Union 0.00

General-purpose professional funds and equivalent in other Member States of the

European Union and listed securitisation entities 0.00

Other professional and equivalent investment funds in other Member States of

theEuropean Union and unlisted securitisation entities 0.00

Other non-European entities 0.00

Temporary securities transactions 0.00

Receivables corresponding to securities received in repurchase agreements 0.00

Receivables corresponding to loaned securities 0.00

Borrowed securities 0.00

Securities delivered in repurchase agreements 0.00

Other temporary transactions 0.00

Financial contracts 0.00

Transactions on a regulated or similar market 0.00

Other transactions 0.00

Other financial instruments 0.00

Receivables 0.00

Forward foreign exchange transactions 0.00

Other 0.00

Financial accounts 1,941,426.93

Cash and cash equivalents 1,941,426.93

Total assets 89,833,047.34


BALANCE SHEET - LIABILITIES

31/12/2019

Shareholders' equity

Share capital 89,496,047.64

Prior undistributed net capital gains and losses (a) 0.00

Retained earnings (a) 0.00

Net capital gains and losses for the financial year (a, b) 201,043.49

Net income for the financial year (a, b) -327,663.06

Total shareholders' equity 89,369,428.07

(= Amount corresponding to net assets)

Financial instruments 0.00

Sales of financial instruments 0.00

Temporary securities transactions 0.00

Liabilities corresponding to securities delivered in repurchase agreements 0.00

Liabilities corresponding to borrowed securities 0.00

Other temporary transactions 0.00


Transactions on a regulated or similar market 0.00

Other transactions 0.00

Liabilities 463,619.27

Forward foreign exchange transactions 0.00

Other 463,619.27

Financial accounts 0.00

Bank overdrafts 0.00

Borrowings 0.00

Total equity and liabilities 89,833,047.34

(a) Including accruals accounts

(b) Subtracted from advance payments made in respect of the financial year


OFF-BALANCE SHEET

31/12/2019

Hedging transactions

Commitments on regulated or similar markets

Total Commitments on regulated or similar markets 0.00

Over-the-counter commitments

Total Over-the-counter commitments 0.00

Other commitments

TOTAL Other commitments 0.00

Total Hedging transactions 0.00

Other transactions

Commitments on regulated or similar markets

Total Commitments on regulated or similar markets 0.00

Over-the-counter commitments

Total Over-the-counter commitments 0.00

Other commitments

TOTAL Other commitments 0.00

Total Other transactions 0.00


INCOME STATEMENT

31/12/2019

Income from financial transactions

Income from deposits and financial accounts 0.00

Income from equities and similar securities 709,107.37

Income from bonds and similar securities 0.00

Income from debt securities 0.00

Income from temporary purchases and sales of securities 0.00

Income from financial contracts 0.00

Other financial income 0.00

TOTAL (I) 709,107.37

Expenses from financial transactions

Expenses from temporary purchases and sales of securities 0.00

Expenses from financial contracts 0.00

Expenses from financial debt 7,830.52

Other financial expenses 0.00

TOTAL (II) 7,830.52

Income/(Expenses) from financial transactions (I - II) 701,276.85

Other income (III) 0.00

Management fees and depreciation and amortisation (IV) 1,034,772.87

Net income for the year (L. 214-17-1) (I - II + III - IV) -333,496.02

Income equalisation for the financial year (V) 5,832.96

Advance payments made on income in respect of the financial year (VI) 0.00

Income (I - II + III - IV +/- V - VI) -327,663.06


• ACCOUNTING PRINCIPLES AND METHODS

The annual financial statements are presented in the format provided for by the amended ANC Regulation 2014-01.

Accounting items are presented in euros, the accounting currency of the UCI.

The first financial year has an exceptional period of 7 months and 3 days (inception date 28/05/2019).

• Revenue recognition

Financial accounts are recorded at their amount, plus any related accrued interest.

The UCI accounts for its income using the collected coupon method.

• Accounting for entries and exits in the portfolio

The accounting of entries and exits of securities in the UCI's portfolio is carried out fees excluded.,,,,

• Allocation of distributable amounts

Unit Class RC: For income: total accumulation For capital gains and losses: total accumulation

Unit Class S: For income: total accumulation For capital gains and losses: total accumulation

Unit Class IC: For income: total accumulation For capital gains and losses: total accumulation


• Operating and management expenses

The management fees are stipulated in the information sheet or the full prospectus of the UCI.

• Fixed management fees (maximum rate)

Fixed management fees Base

RC FR0013384997 Maximum 2.25% including tax Net assets

S FR0013385002 Maximum 1.5% including tax Net assets

IC FR0013385010 Maximum 0.9% including tax Net assets

• Indirect management fees (on UCIs)

Indirect management fees

RC FR0013384997 None

S FR0013385002 None

IC FR0013385010 None

• Performance Fee Unit Class RC FR0013384997

15% including tax of the outperformance in excess of the benchmark index EURO STOXX Small Net

Return. Basis: Net assets.

Performance fee calculation method for Unit Class RC:

(1) The performance fee is calculated using the index method. The additional performance fee to

which the rate of 15% including tax applies represents the difference between the assets of the UCITS before taking into account the performance fee provision and the value of a reference asset that has

achieved a performance equal to that of the index (or, if applicable, that of the indicator) over the

calculation period and recording the same variations linked to subscriptions/redemptions as the

UCITS.

(2) The allocation is accrued when each net asset value is established and cleared at the end of the

financial year. In the event of underperformance relative to the trigger threshold for outperformance, a

reversal is made up to the maximum of existing allocations.

(3) The performance fee on redemptions made during the financial year is definitively payable to the management company.

(4) The performance fee is paid annually over the last net asset value of the financial year and therefore the provision is reset to zero every year. (5) It is first paid to the management company on 31/12/2020.

Unit Class S FR0013385002

None

Unit Class IC FR0013385010

None

• Retrocessions

The accounting policy for management fee retrocessions on target UCIs held is decided by the management company. These retrocessions are recorded as a deduction from management fees. The expenses effectively incurred by the fund are shown in the MANAGEMENT FEES BORNE BY THE UCI table. Management fees are calculated on the average net assets at each net asset value calculation and cover the financial, administrative, and valuation costs, custodian costs, auditors' fees, etc. They do not include transaction costs.


• Transaction costs__

Brokerage fees, commissions and charges relating to sales of securities included in the collective portfolio and to purchases of securities made by way of amounts derived from either the sale or redemption of securities or income from the assets included in the UCI are deducted from these assets and are deducted from cash.

Transfer commissions Allocation key (in %)

Mgmt. Co. Custodian Other service providers

0.35% maximum. Base: Deduction on each transaction. 100

• Valuation methodAt each valuation, the assets of the UCITS / of the AIF are valued according to the following principles:

• Listed equities and similar securities (French and foreign securities):

They are valued at the market price. The quoted market price depends on the stock exchange: European listing markets: Last trading price of the day. Asian listing markets: Last trading price of the day. Australian listing markets: Last trading price of the day. North American exchanges: Last trading price of the day. South American listing: Last trading price of the day. If a security is not listed, the last trading price for the previous day is used.

• Bonds and similar debt securities (French and foreign securities) and EMTNs:

They are valued at the market price. The quoted market price depends on the stock exchange: European listing markets: Last trading price of the day. Asian listing markets: Last trading price of the day. Australian listing markets: Last trading price of the day. North American exchanges: Last trading price of the day. South American listing: Last trading price of the day. If a security is not listed, the last trading price for the previous day is used.

In the case of an unrealistic quotation, the manager must make an estimate that is more in line with the actual market parameters. Depending on available sources, different methods may be used, such as: - the rating of a contributor, - an average of quotations of several contributors, - a price calculated using an actuarial method based on a spread (credit or other) and a yield curve, - etc.

• UCITS, AIF or portfolio investment fund securities:

Valuation based on the last known net asset value.

• Units from Securitisation Entities:

Valuation at the last trading price of the day for securitisation institutions listed on European markets.


• Temporary purchases of securities: • Repurchase agreements: contractual valuation. No repurchase agreement with a term of more than 3 months • Optional repurchase agreements: contractual value, as the seller's repurchase of the securities is considered sufficiently certain. • Securities borrowing: valuation of the securities borrowed and the liability for restitution corresponding to the market value of the securities concerned.

• Temporary sales of securities: • Securities delivered in repurchase agreements: securities delivered in repurchase agreements are marked to market and liabilities relating to securities delivered in repurchase agreements are kept at the value stipulated in the agreement. • Securities lending: valuation of securities lent at the stock market price of the underlying security. The securities are recovered by the UCITS / the AIF, upon completion of the loan agreement.

• Unlisted securities: Valuation using methods based on asset value and return, taking into consideration the prices used in recent significant transactions.

• Negotiable debt securities: • Negotiable debt securities, which on acquisition have a residual life of less than three months, are valued on a straight-line basis. • Negotiable debt securities acquired with a residual life of more than three months are valued: - at their market value up to 3 months and one day before maturity. - The difference between the market value increased 3 months and 1 day before maturity and the redemption value is recognised on a straight-line basis over the last 3 months. - Exceptions: BTF and BTAN are marked to market until maturity.

Market value used:

- BTF/BTAN: Actuarial rate of return or daily price published by the Banque de France.

- Other negotiable debt securities: For negotiable debt securities that are quoted on a regular basis: the rate of return or price used is the daily market price. For securities not listed on a regular basis: application of a proportional method with use of the benchmark yield curve adjusted by a margin representative of the intrinsic characteristics of the issuer.

• Futures contracts:The market prices used to value futures contracts are consistent with those of the underlying securities. They vary depending on the exchange on which the contracts are listed: - Futures contracts listed on European markets: Last trading or clearing price of the day. - Futures contracts listed on North American markets: Last trading or clearing price of the day.

• Options:The market prices used follow the same principle as those governing contracts or underlying securities: - Options listed on European markets: Last trading or clearing price of the day. - Options listed on North American markets: Last trading or clearing price of the day.


• Swaps: • Swaps with a maturity of less than 3 months are valued on a straight-line basis. • Swaps with a maturity of more than 3 months are valued at the market price. • The valuation of index swaps is carried out at the price given by the counterparty, and the management company independently monitors this valuation. • When the swap agreement is backed by clearly identified securities (quality and term), these two items are assessed overall.

• Forward foreign exchange contracts These are transactions to hedge portfolio securities denominated in a currency other than that of the accounting of the UCITS / of the AIF by borrowing currency in the same denomination for the same amount. Forward currency forward transactions are valued based on the yield curve of the currency's lenders/borrowers.

• Valuation of off-balance sheet commitments • Commitments on futures are determined at market value. It is equal to the valuation price multiplied

by the number of contracts and by the nominal value. Commitments on over-the-counter contracts are

disclosed at their nominal value or, if no nominal value exists, an equivalent amount.

• Contingent commitments are determined on the basis of the underlying equivalent of the option.

This translation consists of multiplying the number of options by a delta. The delta results from a

mathematical model (Black-Scholes type) with the following parameters: the price of the underlying,

the term to maturity, the short-term interest rate, the exercise price of the option and the volatility of

the underlying. Off-balance sheet items are presented in the economic sense of the transaction, not

in the sense of the contract.

• Dividend swaps against performance trends are stated at nominal value off-balance sheet.

• Both backed and non-backed swaps are recorded at nominal value off-balance sheet.

• Description of guarantees received or given • Guarantee received:

Commentary:

None

• Guarantee given:

None


CHANGES IN NET ASSETS

31/12/2019

Net assets at the beginning of the financial year 0.00

Subscriptions (including subscription fees paid to the UCI) 102,726,883.45

Redemptions (after deduction of the redemption fees paid to the UCI) -23,462,535.42

Realised gains on deposits and financial instruments 1,873,410.88

Realised losses on deposits and financial instruments -1,484,807.09

Realised gains on financial contracts 0.00

Realised losses on financial contracts 0.00

Transaction costs -122,986.38

Foreign exchange differences 0.00

Change in valuation differences on deposits and financial instruments 10,172,017.38

Valuation differences financial year N 10,172,017.38

Valuation differences financial year N-1 0.00

Change in valuation differences on financial contracts 0.00

Valuation differences financial year N 0.00

Valuation differences financial year N-1 0.00

Distribution of prior financial year on net capital gains and losses 0.00

Distribution of prior financial year on income 0.00

Net income for the financial year before accruals -333,496.02

Advance payment(s) made on net capital gains and losses during the financial year 0.00

Advance payment(s) made on income during the financial year 0.00

Other items 941.27

Net assets at the end of the financial year 89,369,428.07


FINANCIAL INSTRUMENTS - BREAKDOWN BY TYPE OF LEGAL OR ECONOMIC INSTRUMENT

Amount %

ASSETS

Bonds and similar securities

TOTAL Bonds and similar securities 0.00 0.00

Debt securities

TOTAL Debt securities 0.00 0.00

Purchase contract transactions

TOTAL Purchase contract transactions 0.00 0.00

LIABILITIES

Disposals

TOTAL Disposals 0.00 0.00

Sale contract transactions

TOTAL Sale contract transactions 0.00 0.00

OFF-BALANCE SHEET

Hedging transactions

TOTAL Hedging transactions 0.00 0.00

Other transactions

TOTAL Other transactions 0.00 0.00


BREAKDOWN BY TYPE OF INTEREST RATE OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET

ITEMS

Fixed rate % Variable rate % Adjustable rate % Other %

Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bonds and similar securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Temporary securities transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 1,941,426.93 2.17 0.00 0.00 0.00 0.00

Liabilities


Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Off-balance sheet

Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

BREAKDOWN BY RESIDUAL MATURITY OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS

0 - 3 months % 3 months – 1

year

% 1 - 3 years % 3 - 5 years % > 5 years %

Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bonds and similar securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Temporary securities

transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 1,941,426.93 2.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Liabilities

Temporary securities

transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Financial accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Off-balance sheet

Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


BREAKDOWN OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET ITEMS BY CURRENCY OF

QUOTATION OR VALUATION

Currency 1 % Currency 2 % Currency 3 %Other

Currency(ies) %

CHF CHF

Assets

Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Equities and similar securities 2,121,072.73 2.37 0.00 0.00 0.00 0.00 0.00 0.00

Bonds and similar securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Debt securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

UCI securities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Financial contracts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Receivables 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Liabilities

Sales of financial instruments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Financial contracts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Off-balance sheet

Hedging transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other transactions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


CURRENT VALUES OF FINANCIAL INSTRUMENTS RELATED TO A TEMPORARY ACQUISITION

31/12/2019

Repurchased securities 0.00

Securities purchased in repurchase agreements 0.00

Borrowed securities 0.00

CURRENT VALUES OF FINANCIAL INSTRUMENTS THAT MAKE UP COLLATERAL

31/12/2019

Financial instruments pledged as collateral and kept in their original line item 0.00

Financial instruments received as collateral and not recorded in the balance sheet 0.00

FINANCIAL INSTRUMENTS ISSUED BY THE MANAGEMENT COMPANY OR THE ENTITIES OF ITS GROUP

ISIN NAME 31/12/2019

Equities 0.00

Bonds 0.00

Negotiable debt securities 0.00

UCI 1,687,217.68

FR0013400546 CM CIC CASH RC2 6D 1,687,217.68


Total Group securities 1,687,217.68


ALLOCATION TABLES FOR DISTRIBUTABLE AMOUNTS

Advance payments made on income in respect of the

financial year

Date Unit ClassTotal

amount

Per unit

amount

Total

Tax credits

Per unit

Tax credits

Total advance

payments 0 0 0 0

Advance payments made on net capital gains and losses in respect of the

financial year

Date Unit ClassTotal

amount

Per unit

amount

Total advance

payments 0 0


Allocation table of distributable amounts related to income 31/12/2019

Remaining amounts to be allocated

Retained earnings 0.00

Income -327,663.06

Total -327,663.06

31/12/2019

C1 PART CAPI RC

Allocation

Distribution 0.00

Retained earnings for the financial year 0.00

Accumulation -344,667.71

Total -344,667.71

Information relating to securities eligible for distribution Number of securities 0

Distribution per unit 0.00

Tax credits on the distribution of income Total amount of tax credits 0.00

From the financial year 0.00

From financial year N-1 0.00




31/12/2019

C2 PART CAPI IC

Allocation

Distribution 0.00


Accumulation 17,392.12

Total 17,392.12










31/12/2019

C3 PART CAPI S

Allocation

Distribution 0.00


Accumulation -387.47

Total -387.47










Allocation table of distributable amounts related

to net capital gains and losses

Allocation of net capital gains and losses

31/12/2019

Remaining amounts to be allocated

Prior undistributed net capital gains and losses 0.00

Net capital gains and losses for the financial year 201,043.49

Advance payments made on net capital gains and losses for the financial year 0.00

Total 201,043.49


to net capital gains and lossesAllocation of net capital gains and losses

31/12/2019

C1 PART CAPI RC

Allocation

Distribution 0.00

Undistributed net capital gains and losses 0.00


Total 169,333.85

Information relating to securities eligible for distribution

Number of securities 0




31/12/2019

C2 PART CAPI IC

Allocation

Distribution 0.00



Total 25,327.81





to net capital gains and losses

Allocation of net capital gains and losses

31/12/2019

C3 PART CAPI S

Allocation

Distribution 0.00





31/12/2019

C3 PART CAPI S


Total 6,381.83





TABLE OF RESULTS AND OTHER CHARACTERISTIC ELEMENTS OF THE UCI DURING THE LAST FIVE

FINANCIAL YEARS

Date Unit Class Net assetsNumber of

securities

Per unit net

asset value

amount

€

Per unit

distribution on

net CGL

(including

advance

payments)

€

Per unit

distribution on

income

(including

advance

payments)

€

Per unit

tax credit

amount

€

Per unit

accumulation

on income and

net CGL (1)

€

28/05/2019 C1 PART CAPI RC * 87,946,619.73 3,471,172.555 25.34 0.00 0.00 0.00 0.00

C2 PART CAPI IC * 10,500,399.01 409,931.911 25.62 0.00 0.00 0.00 0.00

C3 PART CAPI S * 2,212,075.49 101,426.831 21.81 0.00 0.00 0.00 0.00

31/12/2019 C1 PART CAPI RC 75,192,648.25 2,665,489.280 28.20 0.00 0.00 0.00 -0.06

C2 PART CAPI IC 11,329,300.22 394,677.330 28.70 0.00 0.00 0.00 0.10

C3 PART CAPI S 2,847,479.60 116,718.539 24.39 0.00 0.00 0.00 0.05

* Inception date (1) of which net CGL from 31/12/2013


SUBSCRIPTIONS REDEMPTIONS

By quantity By amount

C1 PART CAPI RC

Shares or units subscribed during the financial year 3,512,984.43800 89,063,410.28

Shares or units redeemed during the financial year -847,495.15800 -22,505,902.53

Net balance of Subscriptions/Redemptions 2,665,489.28000 66,557,507.75

Number of units or shares outstanding at the end of the financial year 2,665,489.28000


C2 PART CAPI IC

Shares or units subscribed during the financial year 409,931.91100 10,500,405.91

Shares or units redeemed during the financial year -15,254.58100 -401,912.17

Net balance of Subscriptions/Redemptions 394,677.33000 10,098,493.74

Number of units or shares outstanding at the end of the financial year 394,677.33000


C3 PART CAPI S

Shares or units subscribed during the financial year 140,839.43500 3,163,067.26

Shares or units redeemed during the financial year -24,120.89600 -554,720.72

Net balance of Subscriptions/Redemptions 116,718.53900 2,608,346.54

Number of units or shares outstanding at the end of the financial year 116,718.53900


FEE AND COMMISSION INCOME

By amount

C1 PART CAPI RC

Subscription and/or redemption fees received 390.38

Subscription fees received 390.38

Redemption fees received 0.00

Subscription and/or redemption fees retroceded 390.38

Subscription fees retroceded 390.38

Redemption fees retroceded 0.00

Subscription and/or redemption fees paid 0.00

Subscription fees paid 0.00

Redemption fees paid 0.00

By amount

C2 PART CAPI IC

Subscription and/or redemption fees received 0.00

Subscription fees received 0.00


Subscription and/or redemption fees retroceded 0.00

Subscription fees retroceded 0.00





By amount

C3 PART CAPI S

Subscription and/or redemption fees received 6,898.60

Subscription fees received 6,898.60


Subscription and/or redemption fees retroceded 6,898.60

Subscription fees retroceded 6,898.60






MANAGEMENT FEES BORNE BY THE UCI

31/12/2019

FR0013384997 C1 PART CAPI RC

Percentage of fixed management fees 1.99

Operating and management fees (fixed fees) 953,757.08

Percentage of variable management fees 0.02

Performance fees (variable fees) 8,144.60

Management fee retrocessions 0.00

31/12/2019

FR0013385010 C2 PART CAPI IC




Performance fees (variable fees) 54.50


31/12/2019

FR0013385002 C3 PART CAPI S




Performance fees (variable fees) 11.20



RECEIVABLES AND PAYABLES

Nature of debit/credit 31/12/2019

Total receivables

Liabilities SRD (deferred payment service) and deferred payments 311,326.38

Liabilities Management fees 152,292.89

Total liabilities 463,619.27

Total liabilities and

receivables -463,619.27


SIMPLIFIED BREAKDOWN OF NET ASSETS

INVENTORY SUMMARY

€ Value % Net Assets

PORTFOLIO 87,891,620.41 98.35

EQUITIES AND SIMILAR SECURITIES 86,204,402.73 96.46

BONDS AND SIMILAR SECURITIES 0.00 0.00

NEGOTIABLE DEBT SECURITIES 0.00 0.00

UCI SHARES 1,687,217.68 1.89

OTHER SECURITIES 0.00 0.00

CONTRACTUAL TRANSACTIONS 0.00 0.00

PURCHASE CONTRACT TRANSACTIONS 0.00 0.00

SALE CONTRACT TRANSACTIONS 0.00 0.00

SALE OF SECURITIES 0.00 0.00

DEBTOR TRANSACTIONS AND OTHER RECEIVABLES (INCLUDING SWAP DIFFERENTIAL) 0.00 0.00

CREDITOR TRANSACTIONS AND OTHER PAYABLES (INCLUDING SWAP DIFFERENTIAL) -463,619.27 -0.52

FINANCIAL CONTRACTS 0.00 0.00

OPTIONS 0.00 0.00

FUTURES 0.00 0.00

SWAPS 0.00 0.00

BANKS, ENTITIES AND FIN. ESTAB. 1,941,426.93 2.17

CASH AND CASH EQUIVALENT 1,941,426.93 2.17

TERM DEPOSITS 0.00 0.00

BORROWINGS 0.00 0.00

OTHER CASH AND CASH EQUIVALENT 0.00 0.00

FORWARD CURRENCY PURCHASES 0.00 0.00

FORWARD CURRENCY SALES 0.00 0.00

NET ASSETS 89,369,428.07 100.00


SECURITIES PORTFOLIO DETAILS

Description of securities Currency Qty. No. or

nominal

Market value % Net

assets

TOTAL Equities and similar securities 86,204,402.73 96.46

TOTAL Equities and similar securities traded on a regulated or similar market 86,204,402.73 96.46

TOTAL Equities and similar securities traded on a regulated or similar market (except Subscription

Warrants) 86,204,402.73 96.46

TOTAL AUSTRIA 904,400.00 1.01

AT0000A0E9W5 S UND T EUR 42,500 904,400.00 1.01

TOTAL BELGIUM 2,701,550.00 3.02

BE0003790079 BARCO EUR 7,700 1,686,300.00 1.88

FR0004180537 AKKA TECHNOLOGIES EUR 15,500 1,015,250.00 1.14

TOTAL SWITZERLAND 2121072.73 2.37

CH0006372897 INTERROLL HOLDING NOM. CHF 1,060 2,121,072.73 2.37

TOTAL GERMANY 29,486,475.00 32.99

DE0005313704 CARL ZEISS MEDITEC EUR 40,400 4,593,480.00 5.14

DE0005419105 CANCOM EUR 22,500 1,183,500.00 1.32

DE0005470306 CTS EVENTIM EUR 12,000 672,600.00 0.75

DE0005488100 ISRA VISION EUR 25,000 971,500.00 1.09

DE0006219934 JUNGHEINRICH EUR 23,000 494,500.00 0.55

DE0006452907 NEMETSCHEK EUR 80,000 4,704,000.00 5.27

DE0006969603 PUMA EUR 37,500 2,563,125.00 2.87

DE0007010803 RATIONAL EUR 500 358,500.00 0.40

DE0007165631 SARTORIUS PRIV. EUR 13,100 2,499,480.00 2.80

DE0007472060 WIRECARD EUR 15,500 1,666,250.00 1.86

DE0008303504 TAG IMMOBILIEN EUR 34,000 753,440.00 0.84

DE000A0D9PT0 MTU AERO ENGINES EUR 15,600 3,971,760.00 4.44

DE000A0LD2U1 ALSTRIA OFFICE REIT EUR 26,000 435,500.00 0.49

DE000A0TGJ55 VARTA EUR 15,400 1,869,560.00 2.09

DE000KGX8881 KION GROUP EUR 20,000 1,231,200.00 1.38

DE000NWRK013 NEW WORK EUR 3,400 992,800.00 1.11

DE000SYM9999 SYMRISE EUR 5,600 525,280.00 0.59

TOTAL SPAIN 1,534,800.00 1.72


Description of securities

Currency Qty. No. or

nominal

Market

value

% Net

assets

ES0105066007 CELLNEX TELECOM EUR 40,000 1,534,800.00 1.72

TOTAL FRANCE 35,670,375.00 39.92

FR0000031577 VIRBAC EUR 2,000 473,000.00 0.53

FR0000051807 TELEPERFORMANCE EUR 21,200 4,608,880.00 5.16

FR0000054470 UBISOFT ENTERTAINMENT EUR 29,000 1,785,820.00 2.00

FR0000071946 ALTEN EUR 24,000 2,700,000.00 3.02

FR0000073793 DEVOTEAM EUR 3,200 302,400.00 0.34

FR0000121709 SEB EUR 10,500 1,390,200.00 1.56

FR0000125346 INGENICO GROUP EUR 24,800 2,400,640.00 2.69

FR0000184798 ORPEA EUR 16,000 1,828,800.00 2.05

FR0010220475 ALSTOM REGROUPT EUR 61,000 2,576,030.00 2.88

FR0010386334 KORIAN EUR 59,000 2,473,280.00 2.77

FR0010929125 ID LOGISTICS GROUP EUR 7,650 1,380,060.00 1.54

FR0011726835 GAZTRANSPORT TECHNIGAZ EUR 22,200 1,895,880.00 2.12

FR0011981968 WORLDLINE EUR 74,500 4,704,675.00 5.25

FR0012435121 ELIS EUR 15,000 277,500.00 0.31

FR0012757854 SPIE EUR 49,000 889,840.00 1.00

FR0013154002 SARTORIUS STEDIM BIOTECH EUR 30,600 4,519,620.00 5.06

FR0013227113 SOITEC REGROUPEMENT EUR 8,000 749,600.00 0.84

FR0013280286 BIOMERIEUX EUR 9,000 714,150.00 0.80

TOTAL ITALY 11,382,455.00 12.74

IT0000072170 FINECOBANK EUR 178,000 1,902,820.00 2.13

IT0001078911 INTERPUMP GROUP EUR 40,000 1,129,600.00 1.26

IT0004056880 AMPLIFON EUR 97,000 2,487,080.00 2.78

IT0004965148 MONCLER EUR 26,500 1,061,855.00 1.19

IT0005090300 INWIT EUR 105,000 916,650.00 1.03

IT0005162406 TECHNOGYM EUR 55,000 637,450.00 0.71

IT0005252728 BREMBO DIV. EUR 45,000 497,700.00 0.56

IT0005282865 REPLY EUR 28,000 1,944,600.00 2.18

IT0005366767 NEXI S.P.A. EUR 65,000 804,700.00 0.90

TOTAL LUXEMBOURG 1,179,540.00 1.32


Description of securities Currency

Qty. No or

nominal. Market value

% Net

assets

FR0000038259 EUROFINS SCIENTIFIC EUR 1,500 741,300.00 0.83

FR0013379484 SOLUTIONS 30 EUR 44,000 438,240.00 0.49

TOTAL NETHERLANDS 1,223,735.00 1.37

NL0006294274 EURONEXT EUR 13,500, 980,775.00 1.10

NL0012169213 QIAGEN EUR 8,000 242,960.00 0.27

Total UCI securities 1,687,217.68 1.89

TOTAL UCITS and equivalent in other EU Member States 1,687,217.68 1.89

TOTAL FRANCE 1,687,217.68 1.89

FR0013400546 CM CIC CASH RC2 SI.6DEC EUR 169,012.3 1,687,217.68 1.89


ADDITIONAL INFORMATION REGARDING THE COUPON TAX REGIME(Pursuant to Article 158 of the French General Tax Code)

Coupon for the C1 unit: Information relating to the portion eligible for the 40% tax relief

NET PER UNIT CURRENCY

Including the amount eligible for 40% tax relief* EUR

(*) This tax relief applies only to individual unitholders and shareholders

Coupon of the C2 unit: Information relating to the portion eligible for the 40% tax relief




Coupon on the C3 unit: Information relating to the portion eligible for the 40% tax relief





FCP CM-CIC SMALL & MIDCAP EURO

Statutory Auditor's Report on the Annual Financial Statements

Relating to the 7 months ended 31 December 2019

M A Z A R S

61, Rue Henri Regnault, 92075 Paris La Défense Cedex, France Tel: +33 (0)1 49 97 60 00 - Fax: +33 (0)1 49 97 60 01 Accounting firm and statutory auditor that is a limited-liability company with a board of directors and a supervisory board Share capital of 8,320,000 euros - Nanterre Trade and Companies Register (RCS) 784 824 153 - Registered office: 61,

Rue Henri Regnault, 92400 Courbevoie, France

FCP CM-CIC SMALL & MIDCAP EURO

4, RUE GAILLON,

75002 PARIS

FRANCE

Statutory Auditor's Report on the Annual Financial Statements

Relating to the 7 months ended 31 December 2019

FCP CM-CIC SMALL & MIDCAP EURO 7 months ended 31 December 2019

Statutory Auditor's Report on the Annual Financial Statements To unitholders of the CM-CIC SMALL & MIDCAP EURO FCP, Opinion In compliance with the assignment entrusted to us by the management company, we have audited the annual financial statements of the collective investment scheme established as a mutual fund (FCP), CM-CIC SMALL & MIDCAP EURO for the 7 months ended 31 December 2019, as attached to this report. In our opinion, the annual financial statements give a true and fair view of the assets and liabilities and of the financial position of the Fund as at 31 December 2019 and of the results of its operations for the year then ended in accordance with French accounting principles. Basis of opinion Audit standards We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our responsibilities under these standards are set out in the 'Responsibilities of the Statutory Auditor with respect to the audit of the annual financial statements' section of this report. Independence We conducted our audit in accordance with the independence rules applicable to us, covering the period from 28 May 2019 to the date of issue of our report, and in particular, we did not provide any services prohibited by the code of ethics of the audit profession.

1


Justification of our assessments In accordance with the requirements of Articles L. 823-9 and R. 823-7 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we hereby inform you that the most significant assessments we have made, in our professional judgment, focused on the appropriateness of the accounting principles applied, in particular for financial instruments in the portfolio, and on the overall presentation of the financial statements with regard to the accounting policies of open-ended investment funds.

These assessments were made in the context of the audit of the annual financial statements taken as a whole, and of the opinion we formed which is expressed here. We therefore do not express an opinion on any items of these annual financial statements taken individually.

Specific verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by legal and regulatory texts. We have no matters to report as to the fair presentation and the consistency with the annual financial statements of the information given in the management report prepared by the management company. Responsibilities of management and of the persons making up the corporate governance structure for the annual financial statements It is the responsibility of the management company to prepare annual financial statements that present a true and fair view in accordance with French accounting rules and principles and to implement the internal control that it considers necessary to prepare annual financial statements that are free of material misstatement, whether due to fraud or errors. When preparing the annual financial statements, it is the responsibility of the management company to assess the ability of the fund to continue operating, to present in these annual financial statements, where applicable, the necessary information relating to the continuity of operations and to apply the going concern accounting agreement, unless it is intended to liquidate the fund or cease trading. These annual financial statements have been approved by the management company. Responsibilities of the Statutory Auditor with respect to the audit of the annual financial statements Our role is to prepare a report on the annual financial statements. Our objective is to obtain reasonable assurance that the annual financial statements taken as a whole do not contain any material misstatement.

2


Reasonable assurance is a high level of assurance, without however guaranteeing that an audit carried out in accordance with professional standards systematically allows any material anomalies to be detected. Anomalies may arise from fraud or errors and are considered material when it can reasonably be expected that they could, individually or cumulatively, influence the economic decisions that financial users make on the basis of those statements.

As specified in Article L. 823-10-1 of the French Commercial Code, our role of certifying the financial statements is not to guarantee the viability or quality of the management of your Fund.

As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditor shall exercise their professional judgment throughout this audit. In addition:

• they identify and assess the risks that the annual financial statements contain material misstatements, whether due to fraud or errors, define and implement audit procedures to deal with these risks and obtain evidence that they consider sufficient and appropriate to provide a basis for their opinion. The risk of non-detection of a significant anomaly arising from fraud is higher than the risk of a significant anomaly arising from an error, as fraud may involve collusion, forgery, voluntary omissions, misrepresentation or circumvention of internal control;

• they take note of the internal control relevant for the audit in order to define the audit procedures appropriate in the circumstances, and not for the purpose of expressing an opinion on the effectiveness of internal control;

• they assess the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as the related disclosures in the annual financial statements;

• they assess the appropriateness of the application by the management company of the going concern accounting agreement and, according to the information collected, whether or not there is a significant uncertainty related to events or circumstances that could affect the Fund's ability to continue as a going concern. This assessment is based on information gathered up to the date of their report, it being noted that subsequent circumstances or events could jeopardise the Group's ability to continue as a going concern. If the auditor concludes that there is significant uncertainty, they draw the attention of the readers of their report to the information provided in the annual financial statements about this uncertainty or, if the information is not provided or is not relevant, they formulate a qualified certification or a refusal to certify;

3


• they assess the overall presentation of the annual financial

statements and whether the annual financial statements reflect the

underlying transactions and events so as to present them fairly. Completed at Courbevoie, date of the electronic signature Document authenticated and dated by electronic signature The Statutory Auditor

MAZARS :

2020.04.01

Pierre Masiéri

4

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