GROUPAMA TRESORERIE. Annual Report at 28/09/2017. French mutual fund (Fonds Commun de Placement, FCP)

Transcription

1 French mutual fund (Fonds Commun de Placement, FCP) GROUPAMA TRESORERIE Annual Report at 28/09/2017 Groupama Asset Management, 25 rue de la Ville l Evêque, Paris, France

2 CONTENTS 1. Characteristics of the Fund 3 2. Changes affecting the Fund 4 3. Management report 5 4. Regulatory information Certification by the Statutory Auditor Annual financial statements 19 Characteristics of the Fund (continued) 44 2

3 Key Investor Information This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision about whether to invest. Objectives and investment policy GROUPAMA TRESORERIE P, C units ISIN code: FR This UCITS is managed by Groupama Asset Management. Classification: Money-market UCITS Investment objective: The Fund s management objective is to outperform the capitalised EONIA index, after deduction of management fees, over the recommended term of investment. If money-market interest rates are very low, the return generated by the UCITS may be insufficient to cover the management fees, in which case the net asset value of the UCITS will see a structural decline. Benchmark index: Capitalised EONIA. In order to achieve its management objective, the UCITS adopts an active management style. The main sources of its potential performance are: - Credit sensitivity, which is partly determined by our analysis of changes in risk premiums, the suggested rate of return or the expectation of intervention by the central banks. - Rate sensitivity, which is partly derived from our analysis of central bank monetary policy and of short-term changes in indices. - Geographic allocation, based primarily on the decisions of internal committees. The UCITS assets are invested in bonds and money market instruments which are assessed by the Management Company as being of high credit quality, and in deposits with credit institutions. The overall sensitivity of the portfolio is between 0 and 0.5. The UCITS may hold up to 10% of its net assets in units or shares of French or European UCITS or AIFs. It may deal in derivatives traded on regulated, organised and over-thecounter markets in order to expose or hedge the portfolio against interest rate risk up to a maximum of 100% of the Fund s net assets. The UCITS may make deposits and carry out temporary purchases and sales of securities. On an exceptional and temporary basis, it may borrow cash. As the Fund uses derivatives and may borrow cash, as well as use transactions involving temporary purchases and sales of securities, the portfolio s total level of exposure shall not exceed 200% of the net assets. Allocation of distributable income: Accumulation Recommended minimum investment term: 3 months. You may redeem your units on a daily basis, in accordance with the procedures described below. Clearing deadline for subscription/redemption requests: Each business day at noon, Paris time. Valuation frequency: Every trading day except public holidays (Paris stock exchange). Risk and reward profile Lower risk, Higher risk, The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market. potentially lower rewards potentially higher rewards This indicator allows the level of volatility and risk to which your capital is exposed to be measured. Historical data, such as the data used to calculate the synthetic indicator, may not be a reliable indicator of the future risk profile of the UCITS. The risk category associated with this UCITS is not guaranteed and may change over time. The lowest category does not mean a risk-free investment. The initial capital invested is not guaranteed. Major risks for the UCITS not taken into account in the indicator: Credit risk: A downgrading of the issuer s credit rating or default by the issuer may have a negative impact on the price of the security. Counterparty risk: This refers to the risk of default by a counterparty, causing it to default on payment which may lead to a fall in the Fund s net asset value. Use of financial derivative instruments: This may increase or decrease the UCITS volatility. In the event of adverse market developments, the net asset value may fall. 3

4 2. CHANGES AFFECTING THE UCI 25 November Updating of ongoing charges in the KIIDs subsequent to year end for the UCIs on 30 September December Funds may be marketed in Italy to private individuals and institutional investors. 15 February Update to performance data to end December 2016; - Change of name of the custodian from Caceis Bank France to Caceis Bank. 2 March Type of change: - Exception applicable to entities of the Groupama Group regarding the minimum initial subscription amount for P units. 21 July SFTR update - Change in the minimum initial subscription for I units; - Change to subscribers for M units; - Option for redemptions in exact amounts - Addition of subscription and redemption fees not accruing to the Fund. 16 August Correction of an error in the subscription fee rate. 4

5 3. MANAGEMENT REPORT The past year was strongly influenced by tensions from political and geopolitical risk on the one hand, and the improved economic situation on the other. In fact, over the period, we saw a succession of concerns associated with the consequences of Brexit, the election of Donald Trump, the Italian referendum and the French presidential election, to mention just the most significant. The crisis between the USA and North Korea from summer 2017 was also a factor of instability. Conversely, since autumn 2016, we have seen the economic environment improve gradually, first in the United States, and then in Europe. This improvement is illustrated by an overall reduction in unemployment and an upturn in growth and inflation, as well as investment. Although the pace differs depending on the geographic area, this improvement has enabled the central banks to adopt a more hawkish tone than previously: the Fed is on the road to gradual monetary normalisation, and the ECB giving off signals that suggest it is close to a recalibration of QE, although interest rates are not expected to rise in the eurozone before Issue premiums tightened strongly this year on the money markets, and so the levels of the A-1 bank issuers fell by 10 bps in a year, due, in particular, to an abundance of liquidity. This tightening was even more pronounced on A-2 financials, at 18 bps. Surplus liquidity increased by 700 million since September 2016, to close at 1,700 billion, under the influence of the most recent targeted longer-term refinancing operation (TLTRO), amongst other things. Primary issues of 0 2 year bonds were few and expensive. During the past year, the Eonia lost 2 bps, closing at %, and standing at around % from January. The 3- month Euribor followed suit, from % to %. This is why we chose to focus primarily on the 12-month section, which we considered to be more attractive. We increased our proportion of variable-rate investments (especially those against the Eonia) and carried on with our carry and roll-down policy. From June 2017, we strengthened our position in Italian banks, considering that the inherent banking problems in this country had been resolved. The performance of the IC units went from 40, on 29/09/2016 to 40, on 28/09/2017, and the performance of the Groupama Trésorerie IC mutual fund stood at -0.11% compared to -0.36% for the benchmark index. The performance of the ID units went from 10, on 29/09/2016 to 9, on 28/09/2017, and the performance of the Groupama Trésorerie ID mutual fund stood at -0.11% compared to -0.36% for the benchmark index. The performance of the M units went from 1, on 29/09/2016 to 1, on 28/09/2017, and the performance of the Groupama Trésorerie MC mutual fund stood at -0.11% compared to -0.36% for the benchmark index. The performance of the PC units went from 99, on 18/12/2016 to 99, on 28/09/2017, and the performance of the Groupama Trésorerie PC mutual fund stood at -0.10% compared to -0.28% for the benchmark index. Past performance is no guarantee of future results. 5

6 Main changes to the portfolio during the financial year Securities Changes ( Accounting currency ) Purchases Sales GROUPAMA ENTREPRISE 1,399,997, ,389,998, BPCE FIX ,002, ,000, IMPERIAL BRANDS PLC FIX ,005, ,000, GROUPAMA EONIA IC 150,000, ,999, ELECTRICITE DE FRANCE EDF FIX ,021, ,000, LMA SA FIX ,001, ,000, LMA SA FIX ,001, ,000, LMA SA FIX ,001, ,000, VOLKSWAGEN FINANCIAL SERVICES AG FIX ,011, ,000, LMA SA FIX ,000, ,000,

7 ESMA EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES AND FINANCIAL DERIVATIVE INSTRUMENTS a) Exposure obtained through effective portfolio management techniques and financial derivative instruments Exposure obtained through effective portfolio management techniques: 348,263, o Securities lending: o Securities borrowing: o Reverse repurchase agreements: 348,263, o Repurchase agreements: Underlying exposure achieved through the use of financial derivative instruments: o Forward foreign exchange contracts: o Futures: o Options: o Swaps: b) Identity of the counterparty(-ies) to effective portfolio management techniques and financial derivative instruments Effective portfolio management techniques Financial derivative instruments (*) CACEIS BANK LUXEMBOURG (*) Except listed derivatives. 7

8 c) Financial collateral received by the UCITS in order to reduce counterparty risk Types of instrument Amount in portfolio currency Effective portfolio management techniques. Term deposits. Equities. Bonds 348,263, UCITS. Cash (**) Total 348,263, Financial derivative instruments. Term deposits. Equities. Bonds. UCITS. Cash Total (**) The Cash account also includes liquid assets resulting from repurchase transactions. d) Income and operating costs associated with effective management techniques Income and operating costs Amount in portfolio currency. Income (***). Other income Total income. Direct operating costs 724, Indirect operating costs. Other fees Total costs 724, (***) Income received on loans and reverse repurchase agreements. 8

9 TRANSPARENCY OF SECURITIES FINANCING TRANSACTIONS AND OF THE REUSE OF FINANCIAL INSTRUMENTS SFTR REGULATION in the accounting currency of the UCI (EUR) Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS a) Securities and commodities lending Amount % of net assets* *% excluding cash and cash equivalents b) Assets committed for each type of securities financing transaction and TRS, expressed in terms of absolute value Amount 348,263, % of net assets 4.84% c) Top 10 issuers of collateral received (excluding cash) for all types of financing transactions CREDIT AGRICOLE SA LONDON BRANCH UNITED KINGDOM 195,457, SKANDINAVISKA ENSKILDA BANKEN SWEDEN BPCE FRANCE 90,564, ,600, d) Top 10 counterparties in terms of absolute value of assets and liabilities without offsetting CACEIS BANK LUXEMBOURG 348,263, e) Type and quality of collateral Type - Equities - Bonds 346,622, UCIs - Negotiable debt securities - Cash Rating Collateral currency - EURO 346,622, f) Settlement and clearing of contracts Tripartite Central counterparty Bilateral X X 9

10 Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS g) Collateral maturity broken down by tranche Less than 1 day 1 day to 1 week 1 week to 1 month 1 to 3 months 3 months to 1 year More than 1 year 346,622, Open-ended h) Maturity of securities financing transactions and TRS broken down by tranche Less than 1 day 1 day to 1 week 348,263, week to 1 month 1 to 3 months 3 months to 1 year More than 1 year Open-ended i) Data on the reuse of collateral Maximum amount (%) Amount used (%) Income for the UCI following the reinvestment of cash collateral in euros j) Data on the custody of collateral received by the UCI Caceis Bank Securities 346,622, Cash k) Data on the custody of collateral provided by the UCI Securities Cash 10

11 Securities lending Securities borrowing Repurchase agreements Reverse repurchase agreements TRS I) Data on income and costs, broken down Income - UCIs - Manager - Third parties Costs - UCIs 724, Manager - Third parties e) Data on the type and quality of collateral Groupama Asset Management prefers to only accept securities with a high credit quality and to enhance the value of its collateral by applying valuation discounts to the securities received. This system is regularly reviewed and updated. i) Data on the reuse of collateral Collateral received in cash is reinvested in the following five vehicles: o Short-term money market UCITS (as defined by ESMA in its guidelines on listed funds and other issues related to UCITS) o Deposits o High-quality long-term government securities o High-quality short-term government securities o Reverse repurchase agreements. The maximum reuse amount is 0% for securities and 100% of the amount received for cash. The amount used is 0% for securities and 100% for cash received. k) Data on the custody of collateral provided by the UCI Groupama Asset Management prefers to work with a small number of custodians, selected to ensure proper custody of the securities and cash received. I) Data on income and costs, broken down Any proceeds resulting from temporary purchases and sales of securities are paid to the UCI, net of operational costs. Temporary sales of securities are made with market counterparties through the intermediary of Groupama Asset Management. 11

12 4. REGULATORY INFORMATION TRANSACTION FEES In accordance with Article of the AMF (French Financial Markets Authority) General Regulations relating to the rules of good practice applicable to portfolio management on behalf of third parties, we wish to inform you that a fee is charged to the UCI for transactions involving financial instruments held in the portfolio. It is broken down as follows: - Brokerage fees accruing to the intermediary in charge of executing orders. - No transaction fee accrues to the Management Company. This fee is not audited by the Statutory Auditor. FINANCIAL INTERMEDIARIES The monitoring of intermediaries used by the Asset Management Department relies on a Broker Committee for each major asset class, which meets every six months. This Committee brings together managers, financial analysts and middle office employees. Each Committee updates a shortlist of approved intermediaries and an overall limit as a percentage of assets that is allocated to each of them. This updating is put to a vote on a selection of criteria. Each person votes on each criterion according to the weighting allocated to it by the Committee. A report on the decisions is drawn up and circulated. Between two meetings of the Broker Committee, a new intermediary may be used for a specific transaction subject to the express authorisation of the Chief Investment Officer. This intermediary is approved or rejected by the next meeting of the Broker Committee. A tracking table is updated and circulated to managers each month. This table keeps track of changes in the actual percentage of business carried out with an intermediary in relation to the target percentage, so that it can be adjusted. An instruction to return below the limit set by the Committee will be issued if any percentage is found to have been exceeded. Third-level ethical control is based on these controls. INTERMEDIATION CHARGES A report is issued each year on the intermediation charges paid by Groupama Asset Management for the previous year. This document is available on the company s website at VOTING POLICY The policy for voting at General Meetings can be consulted on Groupama Asset Management s website at and at its registered office. A report on how the Management Company has exercised its voting rights at General Meetings is drawn up within four months of the end of the financial year. This report is available on Groupama Asset Management s website at and from its registered office. FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO ISSUED BY THE GROUP S SERVICE PROVIDER OR ENTITY In accordance with the AMF General Regulations, we confirm that the portfolio holds 646,969, in UCIs of the GROUPAMA Group. INFORMATION ON ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG) CRITERIA Information about the ESG criteria is available athttp:// and in the annual reports for the UCI, from the accounting period starting on 31/12/2012. METHOD USED TO CALCULATE OVERALL RISK The UCI uses the commitment approach to calculate the UCI s overall risk on financial contracts. 12

13 INFORMATION ON DISTRIBUTED INCOME ELIGIBLE FOR THE 40% TAX ALLOWANCE Pursuant to the provisions of Article 41 Sub-section Sixteen H of the French General Tax Code, income derived from the distributing unit is eligible for a tax allowance of 40%. REMUNERATION In accordance with European Directive 2009/65/EC ( UCITS V Directive ) and Article of the AMF General Regulations which apply to UCITS funds, details of the remuneration policy of the Management Company, Groupama Asset Management are available online at: or may be obtained on written request from Groupama Asset Management, 25 rue de la Ville l Evêque, Paris, France. OTHER INFORMATION Investors will be sent the UCI s full prospectus and latest annual and interim reports within one week of receipt of a written request via: GROUPAMA ASSET MANAGEMENT 25 rue de la Ville l Evêque Paris, France

14 5. CERTIFICATION BY THE STATUTORY AUDITOR 14

15 STATUTORY AUDITOR S REPORT ON THE ANNUAL FINANCIAL STATEMENTS Financial year ended 28 September 2017 GROUPAMA TRESORERIE UCITS ESTABLISHED IN THE FORM OF A MUTUAL FUND Governed by the French Monetary and Financial Code Management company GROUPAMA ASSET MANAGEMENT 25 rue de la Ville l Evêque Paris, France Opinion In performance of the audit engagement entrusted to us by the management company, we have carried out the audit of the annual financial statements of the UCITS established in the form of the Groupama Trésorerie mutual fund relating to the year ended 28 September 2017, as attached to this report. We certify that the annual financial statements are proper and accurate, with regard to French accounting rules and principles, and give a faithful picture of the income from operations of the last financial year as well as the financial situation and assets of the UCITS constituted as a mutual fund at the end of this financial year. Basis of opinion Audit terms of reference We conducted our audit in accordance with the standards of professional practice applicable in France. We believe that the information we have gathered is an adequate and appropriate basis for our opinion. Our responsibilities pursuant to these standards are set out in the Statutory Auditor's Responsibilities regarding the audit of the Annual Financial Statements section of this report. Independence We conducted our audit mission in line with the rules of independence that applied to us during the period between 30/09/2016 until the date of issue of our report, and in particular we did not provide any services forbidden by the Code of Ethics for Statutory Auditors. PricewaterhouseCoopers Audit, 63 rue de Villiers, Neuilly-sur-Seine Cedex, France T: +33 (0) , Fax: +33 (0) , Independent Accounting Firm registered with the Paris Tableau de l Ordre, Ile-de-France. Auditing firm and member of the Compagnie régionale de Versailles. A simplified joint-stock company (société par actions simplifiée) with capital of EUR 2,510,460. Registered office: 63 rue de Villiers, Neuilly-sur-Seine, France. Nanterre Trade and Companies Register no.: VAT no. FR Siret no.: APE code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

16 GROUPAMA TRÉSORERIE Justification of our assessments In accordance with the provisions of Articles L and R of the French Commercial Code relating to the justification of our assessments, we would inform you that our most significant assessments, in our professional opinion, were based on the appropriateness of the accounting principles applied and significant estimates used and on the overall presentation of the financial statements. The assessments were made as part of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report. We have no comment to make on any individual aspect of these annual financial statements. Audit of the management report and other documents sent to unitholders In accordance with the standards of professional practice applicable in France, we also conducted the specific verifications required by law. We have no observations to make regarding the fair presentation and consistency with the annual financial statements of the information provided in the management report and in the documents sent to unitholders concerning the financial position and the annual financial statements. PricewaterhouseCoopers Audit, 63 rue de Villiers, Neuilly-sur-Seine Cedex, France T: +33 (0) , Fax: +33 (0) , Independent Accounting Firm registered with the Paris Tableau de l Ordre, Ile-de-France. Auditing firm and member of the Compagnie régionale de Versailles. A simplified joint-stock company (société par actions simplifiée) with capital of EUR 2,510,460. Registered office: 63 rue de Villiers, Neuilly-sur-Seine, France. Nanterre Trade and Companies Register no.: VAT no. FR Siret no.: APE code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

17 GROUPAMA TRÉSORERIE Responsibilities of senior management and those persons in charge of corporate governance relating to the annual financial statements It is the management company s responsibility to prepare annual financial statements that give a true and fair view, in accordance with French accounting rules and principles, and to implement the internal controls it deems necessary for the preparation of annual financial statements that do not include any material misstatement, whether due to fraud or error. When preparing the annual financial statements, it is the management company s responsibility to assess the UCI s ability to continue as a going concern, to present in said financial statements, where applicable, the necessary information relating to its viability as a going concern, and to apply the going concern accounting policy unless it intends to wind up the UCI or to cease trading. It is the management company s responsibility to monitor the process by which the financial information is prepared and to monitor the effectiveness of the internal control, risk management and internal audit systems, with regard to procedures for the preparation and processing of accounting and financial information. The annual financial statements have been prepared by the management company. Statutory Auditor's Responsibilities regarding the audit of the Annual Financial Statements Audit objective and methodology It is our responsibility to draft a report on the annual financial statements. Our aim is to obtain reasonable assurance that the annual financial statements taken as a whole do not contain any material misstatement. Reasonable assurance corresponds to a high level of assurance, but does not guarantee that an audit performed in accordance with the standards of professional practice can systematically detect any material misstatement. Misstatements may arise from fraud or error and are considered material where it can reasonably be expected that, taken individually or together, they may influence the economic decisions made by users of the financial statements that are based upon such misstatements. As specified by Article L of the French Commercial Code, our mission is to certify the financial statements, and not to guarantee the viability or the quality of the management of the UCI. In connection with an audit conducted in accordance with the professional practice standards applicable in France, the statutory auditor exercises their professional judgement throughout this audit. In addition: They identify and assess the risks that the annual financial statements may contain material misstatement, whether due to fraud or error, set out and implement the audit procedures intended to counter these risks, and collate the items that they deem sufficient and appropriate to justify their opinion. The risk of non-detection of a material misstatement due to fraud is higher than that of a material misstatement due to an error, since fraud may involve collusion, forgery, voluntary omissions, misrepresentation or the circumvention of internal control processes; PricewaterhouseCoopers Audit, 63 rue de Villiers, Neuilly-sur-Seine Cedex, France T: +33 (0) , Fax: +33 (0) , Independent Accounting Firm registered with the Paris Tableau de l Ordre, Ile-de-France. Auditing firm and member of the Compagnie régionale de Versailles. A simplified joint-stock company (société par actions simplifiée) with capital of EUR 2,510,460. Registered office: 63 rue de Villiers, Neuilly-sur-Seine, France. Nanterre Trade and Companies Register no.: VAT no. FR Siret no.: APE code 6920 Z. Offices: Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Nice, Paris, Poitiers, Rennes, Rouen, Strasbourg and Toulouse.

18 GROUPAMA TRÉSORERIE They take note of the internal control processes relevant to the audit so as to set out audit procedures that are appropriate to the circumstances, and not to express an opinion on the effectiveness of the internal control processes; They assess the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the management company, as well as the information provided in their regard in the annual financial statements; They assess the appropriateness of the application by the management company of the going concern accounting policy and, based on the evidence gathered, whether significant uncertainty exists relating to events or circumstances that may affect the UCI s ability to continue as a going concern. This assessment is based on the information gathered up to the date of their report, on the understanding that subsequent events or circumstances may affect its viability as a going concern. If they conclude that significant uncertainty exists, they draw the attention of the reader of the report to the information provided in the annual financial statements about this uncertainty or, if this information is not provided or is not relevant, they issue a certification with reserve or a refusal to certify; They appraise the overall presentation of the annual financial statements, and assess whether said statements reflect the transactions and underlying events, and thus provide a true and fair view thereof. Neuilly-sur-Seine, date of electronic signature Document authenticated by electronic signature The Statutory Auditor PricewaterhouseCoopers Audit Frédéric Sellam

19 6. ANNUAL FINANCIAL STATEMENTS BALANCE SHEET in EUR ASSETS Net fixed assets Deposits 299,725, /09/ /09/2016 Financial instruments 6,445,385, ,094,949, Equities and equivalent securities Traded on a regulated or equivalent market Not traded on a regulated or equivalent market Bonds and equivalent securities 630,357, ,322, Traded on a regulated or equivalent market 630,357, ,322, Not traded on a regulated or equivalent market Debt securities 4,819,798, ,610,743, Traded on a regulated or equivalent market 3,307,396, ,899,663, Negotiable debt securities 3,179,367, ,824,670, Other debt securities 128,029, ,992, Not traded on a regulated or equivalent market 1,512,402, ,711,080, Undertakings for collective investment 646,969, ,961, Retail UCITS and AIFs intended for non-professional investors, and their equivalents in other countries Other funds intended for non-professionals and equivalent investors in other EU Member States Professional investment funds and equivalent in other EU Member States and listed securitisation undertakings Other professional investment funds and equivalent in other EU Member States and unlisted securitisation undertakings Other non-european undertakings 646,969, ,961, Temporary securities transactions 348,259, ,922, Receivables representing securities received under repurchase agreements 348,259, ,922, Receivables representing securities loaned Securities borrowed Securities transferred under repurchase agreements Other temporary transactions Forward financial instruments Transactions on a regulated or equivalent market Other transactions Other financial instruments Receivables 1,020, , Forward foreign exchange transactions Other 1,020, , Financial accounts 481,213, ,943, Cash 481,213, ,943, Total assets 7,227,345, ,272,940,

20 LIABILITIES Shareholders equity 28/09/ /09/2016 Share capital 7,197,976, ,269,920, Undistributed previous net capital gains and losses (a) Retained earnings (a) , Net capital gains and losses for the financial year (a, b) -4,570, ,568, Net profit/loss for the year (a, b) -1,757, ,879, Total shareholders equity (= Amount representing net assets) 7,191,647, ,272,233, Financial instruments Sales of financial instruments Temporary securities transactions Debts representing securities transferred under repurchase agreements Debts representing securities borrowed Other temporary transactions Forward financial instruments Transactions on a regulated or equivalent market Other transactions Debts 35,697, , Forward foreign exchange transactions Other 35,697, , Financial accounts Current bank financing Loans Total liabilities 7,227,345, ,272,940, (a) Including accruals (b) Minus interim dividends paid over the financial year 20

21 OFF-BALANCE SHEET in EUR Hedging transactions Commitment on regulated or equivalent markets Commitment on over-the-counter markets Other commitments Other transactions Commitment on regulated or equivalent markets Commitment on over-the-counter markets Other commitments 28/09/ /09/

22 INCOME STATEMENT in EUR 28/09/ /09/2016 Operating revenues from financial transactions Operating revenues from deposits and financial accounts 8, Operating revenues from equities and equivalent securities Operating revenues from bonds and equivalent securities 4,895, ,057, Operating revenues from debt securities -165, ,966, Operating revenues from temporary purchases and sales of securities Operating revenues from forward financial instruments Other financial income Total (1) 4,729, ,032, Charges on financial transactions Charges on temporary purchases and sales of securities 724, , Charges on forward financial instruments Charges on financial debts 966, , Other financial charges Total (2) 1,691, , Profit/loss on financial transactions (1-2) 3,038, ,409, Other operating revenues (3) Management fees and depreciation allowance (4) 4,728, ,094, Net profit for the financial year (L ) ( ) -1,690, ,315, Revenue accrual for the financial year (5) -67, ,564, Interim dividend payments for the financial year (6) Net profit/loss ( ) -1,757, ,879,

23 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING METHODS AND RULES The annual financial statements are presented in the form stipulated by ANC Regulation no repealing amended CRC Regulation General accounting principles apply, namely: - a true and fair view, comparability, continuity of operations; - consistency and fair presentation; - prudence; - consistent accounting methods from one year to the next. The portfolio s base currency is the euro. The length of the financial year is 12 months. Asset valuation rules Valuation methods Securities traded on a French or foreign regulated market Securities traded in the eurozone and Europe: => First price on the valuation day NB: ISMA shows only the previous day s price and never the current price. Securities traded in the Asia-Pacific region => First price on the valuation day Securities traded in the Americas region => First price on the valuation day For interest rate products, the management company reserves the right to use consensus prices when these are more representative of the market value. Foreign securities denominated in currencies other than the euro are translated into euros at the exchange rate in Paris on the valuation day. UCI securities and equities These are valued at their last known net asset value. Negotiable debt securities Negotiable debt securities are valued according to the following rules: French fixed-rate annual interest treasury bills (BTAN) and fixed-rate treasury bills (BTF) are valued on the basis of the previous day s prices published by the Banque de France. Other negotiable debt securities (certificates of deposit, commercial paper, bonds issued by financial companies, bonds issued by specialist financial institutions, etc.) are valued: - on the basis of the actual market traded price; - in the absence of a definite market price, by applying an actuarial method to increase the reference price by a margin reflecting the intrinsic characteristics of the issuer. Unless the position of the issuer changes significantly, this margin will remain constant over the period during which the security is held. If the value of securities at cost price plus interest accrued is not significantly different from the value calculated using the actuarial method, the securities are valued at cost price plus accrued interest. The management company conducts regular checks to ensure that there is no significant difference between the valuation prices of the securities and their market prices. Negotiable debt securities with a residual term of up to three months are valued on a straight-line basis. 23

24 Over-the-counter transactions Interest-rate swaps are valued according to the same rules as negotiable debt securities (other than French fixedrate annual interest treasury bills [BTAN] and fixed-rate treasury bills [BTF]). Other transactions are valued at their market value. Futures and options contracts Futures contracts on derivatives markets are valued at the previous day s settlement price. Options on derivatives markets are valued at the previous day s closing price. Temporary purchases and sales of securities Reverse repurchase agreements Reverse repurchase agreements are recognised at their contractual value plus interest. Repurchase agreements The receivable representing the securities transferred under a repurchase agreement is valued at its market value. The debt representing the securities transferred under a repurchase agreement is valued at the contractual value plus interest. Securities lending The receivable representing the loaned securities is valued at the market value of the securities plus the contractual interest. Valuation methods for off-balance sheet commitments: Futures contracts are valued at nominal value x quantity x settlement price x (currency); Options contracts are valued at their underlying equivalent; Swaps. Asset-backed or non-asset-backed swaps Commitment = nominal value + valuation of the fixed-rate leg (if fixed/variable-rate swap) or + valuation of the variable-rate leg (if variable/fixed-rate swap) at the market price, at the contractual nominal value Other swaps Commitment = nominal value + market value (if the UCI has adopted a synthetic valuation method). Method used to recognise income from fixed-income securities Accrued interest method. Method used to recognise expenses Transactions are accounted for exclusive of costs. Operating and management fees: These fees include all those charged directly to the Fund, except for transaction charges. Transaction charges include intermediary fees (e.g. brokerage fees, stock market taxes, etc.) and the transaction fee, if any, that may be charged, particularly by the custodian and the management company. The following fees may be charged in addition to the operating and management fees: Performance fees. These reward the management company if the UCI exceeds its objectives. They are therefore charged to the Fund; Transaction fees charged to the UCI. For information regarding the ongoing charges invoiced to the Fund, please refer to the Charges section of the Key Investor Information Document (KIID). 24

25 IC, ID, and P units Fees charged to the UCI Base Scale rate Management fees including external management fees (statutory auditor, custodian, distribution, lawyers, etc.) Maximum indirect fees (management fees and charges) Transaction fee accruing to the Custodian, CACEIS Bank Transaction fee accruing to the Management Company Net assets less UCI units or shares Net assets Deducted from each transaction Deducted from each transaction Maximum rate: 0.30% incl. tax Not significant* 0 to incl. tax** By type of instrument incl. tax: Equities and similar: max. 0.1% Bonds and similar: max. 0.03% Futures and options: max. 1 per lot 20% of the outperformance compared to the Performance fee Net assets capitalised EONIA index*** * The UCIs held in the portfolio account for less than 20%. ** In accordance with the current rate of VAT at 22/02/2012 *** If the performance of the EONIA is positive, 20% of the performance above the capitalised EONIA If the performance of the EONIA is negative, 20% of the performance above 0. The performance supplement represents the difference between the Fund s net assets excluding provisions for variable management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA index (0 if the EONIA is negative) over the calculation period. This investment is readjusted by the amounts subscribed and the number of units redeemed in the Fund. M units Fees charged to the UCI Base Scale rate Management fees including external management fees (statutory auditor, custodian, distribution, lawyers, etc.) Maximum indirect fees (management fees and charges) Transaction fee accruing to the Custodian, CACEIS Bank Transaction fee accruing to the Management Company Performance fee Net assets less UCI units or shares Net assets Deducted from each transaction Deducted from each transaction Net assets Maximum rate: 0.20% incl. tax Not significant* 0 to incl. tax** By type of instrument incl. tax: Equities and similar: max. 0.1% Bonds and similar: max. 0.03% Futures and options: max. 1 per lot 20% of the outperformance compared to the capitalised EONIA index*** * The UCIs held in the portfolio account for less than 20%. ** In accordance with the current rate of VAT at 22/02/2012 *** If the performance of the EONIA is positive, 20% of the performance above the capitalised EONIA If the performance of the EONIA is negative, 20% of the performance above 0. The performance supplement represents the difference between the Fund s net assets excluding provisions for variable management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA index (0 if the EONIA is negative) over the calculation period. This investment is readjusted by the amounts subscribed and the number of units redeemed in the Fund. The performance fee will be subject to a provision for variable management fees when calculating the net asset value. If, between two consecutive net asset values, the Fund s performance is negative, any prior provisions will be readjusted by a write-back up to the limit of the underperformance. Write-backs are capped at the level of existing provisions. The total amount of operating, management and performance fees cannot exceed a total set at the beginning of each financial year by the management company, subject to the maximum rates indicated above. 25

26 For redemptions, the portion of the provision for variable management fees corresponding to the number of units redeemed accrues in full to the management company. The variable portion at the end of the financial year will be equal to the total provisions and write-backs applied to each net asset value. All or part of this variable portion may be carried forward to the following financial year (the fee may be levied for the first time at the end of the 2017 financial year). Further details about the method for calculating variable management fees are available from Groupama Asset Management. Income from transactions involving the temporary purchase and sale of securities accrues to the UCI. Groupama Asset Management does not receive any commission in kind from intermediaries (in compliance with current regulations). Allocation of distributable income Definition of distributable income: Distributable income comprises: Income: The net profit for the financial year is equal to the amount of interest, arrears, premiums and lots, dividends, attendance fees and all other income relating to the securities comprising the portfolio, plus income from sums held as liquid assets and minus management fees and borrowing costs. Retained earnings carried forward are added, plus or minus accruals. Capital gains and losses: Realised capital gains, net of fees, minus realised capital losses, net of fees, recognised over the course of the financial year, plus net capital gains of the same type recognised over the course of previous financial years that have not been distributed or accumulated, plus or minus accrued capital gains. Methods for allocating distributable income: Distributable income IC, M and P units ID units Allocation of net profit Allocation of net realised capital gains or losses Accumulation Accumulation Distribution/retention in full or in part Interim dividend payments are authorised Distribution/retention in full or in part Interim dividend payments are authorised 26

27 CHANGE IN NET ASSETS in EUR 28/09/ /09/2016 Net assets at the beginning of the financial year 6,272,233, ,253,805, Subscriptions (including subscription fees accruing to the UCI) 30,693,111, ,760,752, Redemptions (minus redemption fees accruing to the UCI) -29,765,788, ,746,184, Capital gains realised on deposits and financial instruments 1,213, , Capital losses realised on deposits and financial instruments -5,790, ,785, Capital gains realised on forward financial instruments Capital losses realised on forward financial instruments Transaction fees -8, , Foreign exchange differences Changes in the valuation difference of deposits and financial instruments -1,424, ,531, Valuation difference financial year N -344, ,080, Valuation difference financial year N-1-1,080, ,450, Changes in valuation difference of forward financial instruments Valuation difference financial year N Valuation difference financial year N-1 Distribution for the previous financial year on net capital gains and losses Distribution for the previous financial year on income -207, Net profit for the financial year before accruals -1,690, ,315, Interim dividend payment(s) during the financial year on net capital gains and losses Interim dividend payment(s) during the financial year on income Other items Net assets at the end of the financial year 7,191,647, ,272,233,

28 BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE Assets Bonds and equivalent securities Amount % Fixed-rate bonds traded on a regulated or equivalent market 112,247, Floating/revisable rate bonds traded on a regulated or equivalent market 488,100, Puttable variable-rate bonds traded on a regulated or equivalent market 30,009, TOTAL Bonds and equivalent securities 630,357, Debt securities Short-term transferable securities (NEU CP) issued by non-fin. foreign, European issuers on unregulated markets 1,497,400, Short-term transferable securities (NEU CP) issued by non-fin. foreign, European issuers on unregulated markets 15,001, Short-term transferable securities (NEU CP) issued by banking issuers 2,363,764, Short-term transferable securities (NEU CP) issued by non-financial issuers 775,532, Short-term transferable securities (NEU CP) issued by non-financial, foreign, European issuers 128,029, Medium-term negotiable securities (NEU MTN) 40,070, TOTAL Debt securities 4,819,798, Liabilities Sales of financial instruments TOTAL Sales of financial instruments Off-balance sheet Hedging transactions TOTAL Hedging transactions Other transactions TOTAL Other transactions BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE Assets Fixed rate % Variable rate % Adjustable rate % Other % Deposits 299,725, Bonds and equivalent securities 112,247, ,109, Debt securities 2,733,613, ,001,119, ,065, Temporary securities transactions 348,259, Financial accounts 481,213, Liabilities Temporary securities transactions Financial accounts Off-balance sheet Hedging transactions Other transactions 28

29 BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY < 3 months % [3 months 1 year] % [1 3 years] % [3 5 years] % > 5 years % Assets Deposits 299,725, Bonds and equivalent securities 68,251, ,424, ,680, Debt securities 989,128, ,830,670, Temporary securities transactions 348,259, Financial accounts 481,213, Liabilities Temporary securities transactions Financial accounts Off-balance sheet Hedging transactions Other transactions Positions in interest rate futures are shown according to the maturity of the underlying instrument. BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY Assets Deposits Equities and equivalent securities Bonds and equivalent securities Debt securities UCIs Temporary securities transactions Receivables Financial accounts Liabilities Sales of financial instruments Temporary securities transactions Financial accounts Off-balance sheet Hedging transactions Other transactions Other currencies Amount % Amount % Amount % Amount % 29

30 RECEIVABLES AND DEBTS: BREAKDOWN BY TYPE Debit/credit type 28/09/2017 Receivables Subscriptions receivable 1,020, Total receivables 1,020, Debts Purchases with deferred settlement 35,009, Redemptions payable 72, Management fees 375, Variable management fee 240, Total debts 35,697,

31 NUMBER OF SECURITIES ISSUED OR REDEEMED Units Amount IC units Units subscribed during the financial year 523, ,182,846, Units redeemed during the financial year -555, ,478,975, Net balance of subscriptions/redemptions -32, ,296,128, P units Units subscribed during the financial year 91, ,100,773, Units redeemed during the financial year -68, ,825,406, Net balance of subscriptions/redemptions 22, ,275,367, ID units Units subscribed during the financial year 22, ,197, Units redeemed during the financial year -30, ,324, Net balance of subscriptions/redemptions -7, ,127, M units Units subscribed during the financial year 174, ,293, Units redeemed during the financial year -151, ,082, Net balance of subscriptions/redemptions 22, ,210, SUBSCRIPTION AND/OR REDEMPTION FEES Amount P units Redemption fees received Subscription fees received Total fees received IC units Redemption fees received Subscription fees received Total fees received M units Redemption fees received Subscription fees received Total fees received ID units Redemption fees received Subscription fees received Total fees received MANAGEMENT FEES P units 28/09/2017 Guarantee fees Fixed management fees 1,049, Percentage of fixed management fees 0.06 Variable management fees Retrocessions of management fees 31

32 MANAGEMENT FEES IC units 28/09/2017 Guarantee fees Fixed management fees 3,503, Percentage of fixed management fees 0.07 Variable management fees -99, Retrocessions of management fees ID units Guarantee fees Fixed management fees 191, Percentage of fixed management fees 0.07 Variable management fees -3, Retrocessions of management fees M units Guarantee fees Fixed management fees 93, Percentage of fixed management fees 0.07 Variable management fees -6, Retrocessions of management fees COMMITMENTS RECEIVED AND GIVEN Collateral received by the UCI: None. Other commitments received and/or given: None. 32

33 CURRENT VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION 28/09/2017 Securities pledged under repurchase agreements 346,559, Securities borrowed CURRENT VALUE OF SECURITIES CONSTITUTING GUARANTEE DEPOSITS 28/09/2017 Financial instruments given as collateral and held under their original item Financial instruments received as collateral and not entered on the balance sheet GROUP FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO ISIN code Denomination 28/09/2017 Equities Bonds French negotiable debt UCIs 646,969, Forward financial instruments FR GROUPAMA ENTREPRISE 474,075, FR GROUPAMA EONIA IC 172,893,

34 ALLOCATION TABLE OF THE SHARE OF DISTRIBUTABLE SUMS RELATING TO PROFIT/LOSS 28/09/ /09/2016 Amounts to be allocated Retained earnings , Profit/loss -1,757, ,879, Total -1,757, ,881, IC units Allocation Distribution Retained earnings for the financial year 28/09/ /09/2016 Accumulation -1,237, ,598, Total -1,237, ,598, P units Allocation Distribution Retained earnings for the financial year 28/09/ /09/2016 Accumulation -461, Total -461, M units Allocation Distribution Retained earnings for the financial year 28/09/ /09/2016 Accumulation -33, , Total -33, , ID units Allocation 28/09/ /09/2016 Distribution 113, Retained earnings for the financial year Accumulation -25, Total -25, , Information relating to units with distribution rights Number of units 9, , Distribution per unit 6.61 Tax credits Tax credit relating to the distribution of income 34

35 ALLOCATION TABLE OF THE SHARE OF DISTRIBUTABLE SUMS RELATING TO NET CAPITAL GAINS AND CAPITAL LOSSES 28/09/ /09/2016 Amounts to be allocated Undistributed previous net capital gains and losses Net capital gains and losses for the financial year -4,570, ,568, Dividends paid on net capital gains and losses for the financial year Total -4,570, ,568, P units Allocation Distribution Undistributed net capital gains and losses Accumulation -1,188, Total -1,188, /09/ /09/2016 IC units Allocation Distribution Undistributed net capital gains and losses 28/09/ /09/2016 Accumulation -3,215, ,247, Total -3,215, ,247, M units Allocation Distribution Undistributed net capital gains and losses 28/09/ /09/2016 Accumulation -100, , Total -100, , ID units Allocation Distribution Undistributed net capital gains and losses 28/09/ /09/2016 Accumulation -65, , Total -65, ,

36 TABLE OF RESULTS AND OTHER SIGNIFICANT ITEMS OVER LAST FIVE FINANCIAL YEARS Total net assets in EUR GROUPAMA TRESORERIE P 30/09/ /09/ /09/ /09/ /09/2017 1,489,500, ,171,124, ,253,805, ,272,233, ,191,647, Net assets in EUR 2,273,005, Number of securities 22, Net asset value per unit in EUR 99, Accumulation per unit on net capital gains and losses in EUR Accumulation per unit on income in EUR GROUPAMA TRESORERIE IC Net assets in EUR 1,404,682, ,097,786, ,136,251, ,977,207, ,676,165, Number of securities 35, , , , , Net asset value per unit in EUR 40, , , , , Accumulation per unit on net capital gains and losses in EUR Accumulation per unit on income in EUR GROUPAMA TRESORERIE ID Net assets in EUR 76,289, ,234, ,180, ,565, ,947, Number of securities 7, , , , , Net asset value per unit in EUR 10, , , , , Accumulation per unit on net capital gains and losses in EUR Accumulation per unit on income in EUR Distribution per unit on income in EUR Retained earnings per unit on income in EUR Tax credit per unit in EUR GROUPAMA TRESORERIE MC Net assets in EUR 8,528, ,103, ,374, ,460, ,529, Number of securities 8, , , , , Net asset value per unit in EUR 1, , , , , Accumulation per unit on net capital gains and losses in EUR Accumulation per unit on income in EUR

37 INVENTORY in EUR Security name Currency Quantity or nominal value Current value % Net assets Deposits DAT_ EUR 300,000, ,725, TOTAL Deposits 299,725, Bonds and equivalent securities Bonds and equivalent securities traded on a regulated or equivalent market GERMANY D E3R+0.9% EMTN EUR 6,900,000 6,939, LBBW E3R+0.2% EMTN EUR 19,600,000 19,642, TOTAL GERMANY 26,582, BELGIUM B E3R+0.55% EMTN EUR 20,000,000 20,041, TOTAL BELGIUM 20,041, SPAIN BBVA E3R+0.25% EMTN EUR 15,000,000 15,022, NT CONS FIN E3R+0.48% EUR 25,000,000 25,102, S E3R+0.58% EMTN EUR 3,300,000 3,307, TOTAL SPAIN 43,433, UNITED STATES OF AMERICA G E3R+0.65% EMTN EUR 5,000,000 5,026, GOLD SACH GR E3R+0.46% EUR 47,500,000 47,718, MORG 5.5% 02/10/17 *EUR EUR 15,000,000 15,824, MORGAN STANLEY 2.25% 03/18 EUR 8,000,000 8,190, TOTAL UNITED STATES OF AMERICA 76,759, FRANCE ARKEMA 4% 10/17 EUR 10,000,000 10,400, BOUYGUES 4% EUR 5,000,000 5,202, FRAN E3R+0.3% EUR 13,200,000 13,224, GROUPE DANONE E3R+0.15% EUR 17,700,000 17,750, RENAUL 2 7/8 01/22/18 EUR 25,000,000 25,733, TOTAL FRANCE 72,311, IRELAND INTESA BANK IRELAND E3R+0.57% EUR 20,000,000 20,063, TOTAL IRELAND 20,063, ITALY ENEL SOCIETA PER AZIONI 4.875% 20/02/2018 EUR 10,000,000 10,496, ENELIM TR 02/20/18 EUR 15,000,000 15,229, INTESA SANPAOLO E3R+4.0% EUR 1,600,000 1,614, INTESA SANPAOLO 4% 09/11/2017 EUR 10,000,000 10,402, ISPIM 0 04/17/19 EUR 5,200,000 5,279, MEDIOBANCA E3R+0.23% TF/TV 31/01/18 EUR 8,000,000 8,002, UBI BANCA E3R STEP UP 13/10/17 EMTN EUR 30,000,000 30,009, UBI BANCA E3R+0.28% EMTN EUR 50,000,000 50,004, UBI BANCA UNIONE DI BANCHE ITALIANE E3R+0.32% EUR 30,000,000 30,005, UBI BANCA UNIONE DI BANCHE ITALIANE E3R+0.34% EUR 50,000,000 50,004, UNICREDIT FIX EUR 5,000,000 5,103,

38 Security name Currency Quantity or nominal value Current value % Net assets UNICREDIT SPA 3.375% EUR 15,100,000 15,620, TOTAL ITALY 231,772, LUXEMBOURG S E3R+0.495% EMTN EUR 20,000,000 20,023, S E3R+0.54% EMTN EUR 20,000,000 20,036, TOTAL LUXEMBOURG 40,060, NETHERLANDS ENEL FINANCE INTL NV 3.625% 17/04/2018 SERIE EMTN EUR 10,000,000 10,375, TOTAL NETHERLANDS 10,375, UNITED KINGDOM VODAFONE E3R+0.95% EMTN EUR 14,000,000 14,186, TOTAL UNITED KINGDOM 14,186, SWEDEN SCANIA CV AB E3R+0.35% EUR 4,700,000 4,715, V E3R+0.42% EMTN EUR 15,000,000 15,039, VOLVO TREASURY AB E3R+0.28% EUR 20,000,000 20,039, VOLVO TREASURY AB E3R+0.35% EUR 14,900,000 14,929, VOLVO TREASURY E3R+0.46% EMTN EUR 20,000,000 20,046, TOTAL SWEDEN 74,769, TOTAL Bonds & equiv. securities traded on reg. or 630,357, equiv. markets TOTAL Bonds and equivalent securities 630,357, Debt securities Debt securities traded on a regulated or equivalent market GERMANY METR WHOL FOOD SPE ZCP EUR 10,000,000 10,000, METRO WHOLESALE & FIX EUR 10,000,000 10,000, METRO WHOLESALE FIX 0.01 EUR 10,000,000 10,000, TOTAL GERMANY 30,001, BELGIUM BARR CALL SERV NV ZCP EUR 40,000,000 40,010, VOLK GROU SERV SA ZCP EUR 10,500,000 10,504, VOLKSWAGEN GROUP SERVICES SA FIX 0.0 EUR 17,500,000 17,500, VOLKSWAGEN GROUP SERVICES SA FIX 0.14 EUR 30,000,000 30,004, VOLKSWAGEN GROUP SERVICES SA FIX EUR 30,000,000 30,011, VOLKSWAGEN GROUP SERVICES SA FIX 0.15 EUR 30,000,000 30,012, VOLKSWAGEN GROUP SERVICES SA FIX 0.0 EUR 40,000,000 40,007, VOLKSWAGEN GROUP SERVICES SA FIX EUR 30,000,000 30,011, VOLKSWAGEN GROUP SERVICES SA FIX EUR 14,500,000 14,509, VOLKSWAGEN GROUP SERVICES SA FIX EUR 30,000,000 30,013, TOTAL BELGIUM 272,585, DENMARK JYSKE BANK DNK OIS 0.1 EUR 30,000,000 29,975, JYSKE BANK DNK OIS 0.29 EUR 50,000,000 49,975, JYSKE BANK DNK OIS 0.28 EUR 50,000,000 49,974, JYSKE BANK DNK OIS 0.1 EUR 30,000,000 29,971, JYSKE BANK DNK OIS EUR 30,000,000 29,982, JYSKE BANK DNK OIS 0.29 EUR 20,000,000 19,993,

39 Security name Currency Quantity or nominal value Current value % Net assets JYSKE BANK DNK OIS 0.2 EUR 40,000,000 39,991, TOTAL DENMARK 249,863, FRANCE BANQUE EDEL SNC E3R 0.4 EUR 10,000,000 10,020, BANQUE PALATINE OIS 0.19 EUR 30,000,000 29,983, BANQUE PALATINE OIS 0.09 EUR 50,000,000 49,973, BANQUE PALATINE OIS 0.11 EUR 20,000,000 19,990, BANQUE PALATINE OIS 0.13 EUR 25,000,000 24,990, BANQUE PALATINE OIS 0.13 EUR 30,000,000 29,985, BANQUE PALATINE OIS 0.12 EUR 30,000,000 29,984, BANQUE PALATINE OIS 0.12 EUR 30,000,000 29,971, BANQUE PALATINE OIS 0.13 EUR 70,000,000 69,968, BANQUE PALATINE OIS 0.12 EUR 30,000,000 29,988, BFCM (BANQUE FE OIS 0.08 EUR 30,000,000 29,965, BFCM (BANQUE FE OIS 0.08 EUR 30,000,000 29,969, BNP PARIBAS OIS 0.08 EUR 30,000,000 29,986, BNP PARIBAS OIS 0.08 EUR 30,000,000 29,962, BNP PARIBAS OIS 0.09 EUR 25,000,000 24,996, BNP PARIBAS OIS 0.08 EUR 30,000,000 29,966, BOLLORE FIX EUR 10,000,000 10,001, BPCE OIS 0.11 EUR 30,000,000 29,994, BPCE OIS 0.1 EUR 30,000,000 29,973, BPCE OIS 0.08 EUR 30,000,000 29,975, BPCE OIS 0.1 EUR 50,000,000 49,986, BPCE OIS 0.11 EUR 30,000,000 29,995, BPCE OIS 0.1 EUR 30,000,000 29,974, BPCE OIS 0.08 EUR 50,000,000 49,994, BPCE OIS 0.09 EUR 50,000,000 49,983, BPCE OIS 0.1 EUR 50,000,000 49,989, BPCE OIS 0.08 EUR 50,000,000 49,997, BPCE OIS 0.08 EUR 30,000,000 29,974, CA CONSUMER FINANCE OIS 0.07 EUR 50,000,000 49,954, CA CONSUMER FINANCE E3R 0.34 EUR 30,000,000 30,050, CA CONSUMER FINANCE E3R 0.09 EUR 30,000,000 29,993, CAISSE REGIONAL OIS 0.06 EUR 20,000,000 19,984, CAISSE REGIONAL OIS 0.09 EUR 30,000,000 29,974, CAISSE REGIONAL OIS 0.09 EUR 30,000,000 29,975, CASINO GUICHARD PERRACHON FIX 0.11 EUR 30,000,000 29,999, CASINO GUICHARD PERRACHON FIX 0.1 EUR 10,000,000 9,997, CASINO GUICHARD PERRACHON FIX 0.1 EUR 10,000,000 9,997, CASINO GUICHARD PERRACHON FIX 0.11 EUR 30,000,000 29,998, CASINO GUICHARD PERRACHON FIX 0.09 EUR 5,500,000 5,499, CASINO GUICHARD PERRACHON FIX 0.1 EUR 20,000,000 19,995, CFCM MAINE ANJOU BASSE NORMANDIE OIS 0.12 EUR 20,000,000 19,981, CFCM MAINE ANJOU BASSE NORMANDIE OIS 0.17 EUR 12,000,000 11,983, CFCM OCEAN FIX EUR 10,000,000 10,018, CFCM OCEAN OIS 0.06 EUR 20,000,000 19,980, CFCM OCEAN OIS 0.07 EUR 30,000,000 29,975, CFCM OCEAN OIS 0.12 EUR 10,000,000 9,990, CRCAM ANJOU ET MAINE OIS 0.07 EUR 30,000,000 29,988,

40 Security name Currency Quantity or nominal value Current value % Net assets CRCAM ANJOU ET MAINE OIS 0.09 EUR 30,000,000 29,975, CRCAM ALPES PROVENCE OIS 0.08 EUR 25,000,000 24,975, CRCAM AQUITAINE OIS 0.07 EUR 30,000,000 29,988, CRCAM BRIE PICARDIE OIS 0.07 EUR 30,000,000 29,988, CRCAM FINISTERE OIS 0.09 EUR 25,000,000 24,981, CREDIT INDUSTRIEL ET COMMERCIAL OIS 0.08 EUR 50,000,000 49,949, CREDIT MUTUEL A OIS 0.08 EUR 30,000,000 29,957, ELECTRICITE DE FRANCE EDF FIX EUR 25,000,000 25,015, ELIS SA EX HOLDELIS SA FIX EUR 10,000,000 9,952, ELIS SA (EX HOLDELIS SA) FIX EUR 3,000,000 2,994, ELIS SA (EX HOLDELIS SA) FIX 0.41 EUR 10,000,000 9,993, ELIS SA (EX HOLDELIS SA) FIX EUR 5,000,000 4,991, ELIS SA (EX HOLDELIS SA) FIX EUR 5,000,000 4,986, ENGIE SA OIS 0.3 EUR 25,000,000 24,986, GENE OIS+0.21% EUR 5,000,000 5,001, INGENICO (COMPAGN FIX EUR 10,000,000 10,009, INGENICO (COMPAGN FIX EUR 10,000,000 10,008, LAGARDERE SCA FIX EUR 20,000,000 20,000, LAGARDERE SCA FIX EUR 20,000,000 20,004, LAGARDERE SCA FIX EUR 10,000,000 10,000, LAGARDERE SCA FIX EUR 20,000,000 20,000, LE NOBLE AGE FIX 0.03 EUR 5,000,000 4,999, LE NOBLE AGE FIX 0.04 EUR 5,000,000 5,000, LE NOBLE AGE FIX 0.03 EUR 5,000,000 4,999, NATIXIS OIS 0.1 EUR 50,000,000 49,985, PERNOD RICARD FIX EUR 15,000,000 15,000, RENAULT CREDIT I FIX EUR 30,000,000 30,059, RENAULT SA FIX EUR 20,000,000 20,012, SAVENCIA SA FIX EUR 10,000,000 10,005, SOCIETE GENERALE FIX EUR 50,000,000 50,017, SUEZ SA FIX EUR 12,500,000 12,503, UNION FINANCES GRAINS (UFG) FIX EUR 10,000,000 10,005, VALEO SA FIX EUR 20,000,000 20,054, VALEO SA FIX EUR 40,000,000 40,031, ZODIAC AEROSPACE FIX EUR 35,000,000 34,990, ZODIAC AEROSPACE FIX EUR 5,000,000 4,998, ZODIAC AEROSPACE FIX 0.15 EUR 20,000,000 19,978, ZODIAC AEROSPACE FIX 0.0 EUR 5,000,000 4,998, ZODIAC AEROSPACE FIX 0.18 EUR 5,000,000 4,999, TOTAL FRANCE 2,107,282, ITALY INTESA SANPAOLO FIX -0.2 EUR 30,000,000 30,060, UNICREDIT SPA OIS 0.27 EUR 30,000,000 30,015, UNICREDIT SPA OIS 0.3 EUR 30,000,000 30,024, UNICREDIT SPA OIS 0.3 EUR 30,000,000 30,022, UNICREDIT SPA OIS 0.35 EUR 30,000,000 30,034, UNICREDIT SPA OIS 0.3 EUR 30,000,000 30,025, UNICREDIT SPA FIX -0.1 EUR 50,000,000 50,078, UNICREDIT SPA FIX 0.0 EUR 30,000,000 30,030,

41 Security name Currency Quantity or nominal value Current value % Net assets UNICREDIT SPA FIX EUR 20,000,000 20,000, TOTAL ITALY 280,291, LUXEMBOURG MEDI INTL LUX ZCP EUR 42,000,000 42,049, MEDIOBANCA INTERNATIONAL (LUX) FIX EUR 20,000,000 20,027, TOTAL LUXEMBOURG 62,076, UNITED KINGDOM BARCLAYS BANK PLC OIS 0.22 EUR 30,000,000 30,009, BARCLAYS BANK PLC OIS 0.23 EUR 50,000,000 50,025, LLOYDS BANK PLC OIS 0.12 EUR 20,000,000 19,978, UNICREDIT LDN FIX EUR 30,000,000 30,046, UNICREDIT LONDON BRANCH FIX EUR 30,000,000 30,045, UNICREDIT SPA LONDON FIX 0.0 EUR 30,000,000 30,032, UNICREDIT SPA FIX EUR 25,000,000 25,038, UNICREDIT SPA OIS 0.29 EUR 30,000,000 30,022, UNICREDIT SPA FIX 0.0 EUR 30,000,000 30,036, UNICREDIT SPA FIX -0.2 EUR 30,000,000 30,060, TOTAL UNITED KINGDOM 305,295, TOTAL Debt securities traded on reg. or equiv. markets 3,307,396, Debt securities not traded on a regulated or equivalent market GERMANY DEUTSCHE BANK AG FIX 0.19 EUR 20,000,000 20,017, DEUTSCHE BANK AG FIX EUR 30,000,000 30,029, DEUTSCHE BANK AG FIX EUR 30,000,000 30,024, DEUTSCHE BANK AG FIX EUR 30,000,000 30,041, DEUTSCHE BANK AG FIX EUR 30,000,000 30,029, DEUTSCHE BANK AG FIX 0.08 EUR 30,000,000 30,029, DEUTSCHE BANK AG FIX EUR 30,000,000 30,021, DEUTSCHE BANK AG FIX EUR 50,000,000 50,047, DEUTSCHE BANK AG FIX EUR 30,000,000 30,027, DEUTSCHE BANK AG FIX 0.07 EUR 30,000,000 30,029, DEUTSCHE BANK AG FIX EUR 30,000,000 30,029, TOTAL GERMANY 340,327, BELGIUM VOLKSWAGEN GROUP SERVICES SA FIX EUR 15,000,000 15,001, TOTAL BELGIUM 15,001, SPAIN BANCO SANTANDER S.A FIX EUR 55,000,000 55,035, SANTANDER CONSUMER FINANCE S.A FIX EUR 30,000,000 30,057, TOTAL SPAIN 85,092, IRELAND ARABELLA FINANCE LTD FIX EUR 30,000,000 30,013, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 50,000,000 50,071, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 30,000,000 30,042, INTESA SANPAOLO BANK IRELAND PLC FIX 0.01 EUR 50,000,000 50,044, INTESA SANPAOLO BANK IRELAND PLC FIX 0.01 EUR 30,000,000 30,033,

42 Security name Currency Quantity or nominal value Current value % Net assets INTESA SANPAOLO BANK IRELAND PLC EUR 30,000,000 30,047, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 20,000,000 20,027, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 30,000,000 30,042, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 50,000,000 50,073, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 30,000,000 30,050, INTESA SANPAOLO BANK IRELAND PLC FIX -0.1 EUR 30,000,000 30,044, INTESA SANPAOLO BANK IRELAND PLC FIX EUR 20,000,000 20,029, INTESA SANPAOLO BANK IRELAND PLC FIX 0.0 EUR 20,000,000 20,024, TOTAL IRELAND 420,544, ITALY UBI BANCA SPA E3R 0.28 EUR 15,000,000 15,001, TOTAL ITALY 15,001, LUXEMBOURG INTESA SANPAOLO FIX EUR 30,000,000 30,050, INTESA SANPAOLO FIX EUR 30,000,000 30,051, INTESA SANPAOLO BANK LUX FIX 0.01 EUR 30,000,000 30,032, INTESA SANPAOLO BANK LUX FIX EUR 30,000,000 30,042, INTESA SANPAOLO BANK LUX FIX 0.02 EUR 30,000,000 30,027, TOTAL LUXEMBOURG 150,204, NETHERLANDS IBERDROLA INTERNATIONAL BV FIX EUR 50,000,000 50,027, IBERDROLA INTERNATIONAL BV FIX EUR 29,000,000 29,016, INTERNATIONAL ENDESA BV FIX EUR 30,000,000 30,015, VOLKSWAGEN INTE FIX 0.03 EUR 20,000,000 20,000, VOLKSWAGEN INTE FIX 0.14 EUR 30,000,000 30,000, VOLKSWAGEN INTER FIX EUR 12,000,000 12,001, VOLKSWAGEN INTER FIX EUR 55,000,000 55,002, VOLKSWAGEN INTER FIX EUR 30,000,000 30,001, VOLKSWAGEN INTER FIX EUR 30,000,000 30,001, TOTAL NETHERLANDS 286,067, UNITED KINGDOM CREDIT SUISSE AG LONDON FIX 0.0 EUR 50,000,000 50,009, DEUT BANK AG LOND ZCP EUR 30,000,000 30,020, DEUT BANK AG LOND ZCP EUR 30,000,000 30,026, DEUTSCHE BANK AG LONDON TF FIX EUR 30,000,000 30,022, DEUTSCHE BANK AG FIX EUR 30,000,000 30,042, DEUTSCHE BANK AG FIX EUR 30,000,000 30,042, TOTAL UNITED KINGDOM 200,164, TOTAL Debt securities not traded on a reg. or equiv. 1,512,402, mkt. TOTAL Debt securities 4,819,798, Undertakings for collective investment Retail UCITS and AIFs intended for non-professional investors, and their equivalents in other countries FRANCE GROUPAMA ENTREPRISE EUR 207, ,075, GROUPAMA EONIA IC EUR ,893, TOTAL FRANCE 646,969,

43 Security name Currency Quantity or nominal value Current value % Net assets TOTAL Retail UCITS and AIFs intended for nonprofessional investors, and their equivalents in other countries 646,969, TOTAL Undertakings for collective investment 646,969, Securities received under repurchase agreements FRANCE BPCEGP 0 07/24/21 EUR 59,900,000 60,600, TOTAL FRANCE 60,600, UNITED KINGDOM CRED AGRI LON 1.24% EUR 186,600, ,098, TOTAL UNITED KINGDOM 197,098, SWEDEN SEB 0 04/01/19 EUR 90,000,000 90,564, TOTAL SWEDEN 90,564, TOTAL Securities received under repurchase agreements 348,263, Charges for securities received under repurchase agreements -3, Receivables 1,020, Debts -35,697, Financial accounts 481,213, Net assets 7,191,647, GROUPAMA TRESORERIE ID EUR 9, , GROUPAMA TRESORERIE P EUR 22, , GROUPAMA TRESORERIE IC EUR 115, , GROUPAMA TRESORERIE MC EUR 140, ,

44 Key Investor Information This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision about whether to invest. Objectives and investment policy GROUPAMA TRESORERIE I, C units ISIN code: FR This UCITS is managed by Groupama Asset Management. Classification: Money-market UCITS Investment objective: The Fund s management objective is to outperform the capitalised EONIA index, after deduction of management fees, over the recommended term of investment. If money-market interest rates are very low, the return generated by the UCITS may be insufficient to cover the management fees, in which case the net asset value of the UCITS will see a structural decline. Benchmark index: Capitalised EONIA. In order to achieve its management objective, the UCITS adopts an active management style. The main sources of its potential performance are: - Credit sensitivity, which is partly determined by our analysis of changes in risk premiums, the suggested rate of return or the expectation of intervention by the central banks. - Rate sensitivity, which is partly derived from our analysis of central bank monetary policy and of short-term changes in indices. - Geographic allocation, based primarily on the decisions of internal committees. The UCITS assets are invested in bonds and money market instruments which are assessed by the Management Company as being of high credit quality, and in deposits with credit institutions. The overall sensitivity of the portfolio is between 0 and 0.5. The UCITS may hold up to 10% of its net assets in units or shares of French or European UCITS or AIFs. It may deal in derivatives traded on regulated, organised and over-thecounter markets in order to expose or hedge the portfolio against interest rate risk up to a maximum of 100% of the Fund s net assets. The UCITS may make deposits and carry out temporary purchases and sales of securities. On an exceptional and temporary basis, it may borrow cash. As the Fund uses derivatives and may borrow cash, as well as use transactions involving temporary purchases and sales of securities, the portfolio s total level of exposure shall not exceed 200% of the net assets. Allocation of distributable income: Accumulation Recommended minimum investment term: 3 months. You may redeem your units on a daily basis, in accordance with the procedures described below. Clearing deadline for subscription/redemption requests: Each business day at noon, Paris time. Valuation frequency: Every trading day except public holidays (Paris stock exchange). Risk and reward profile Lower risk, Higher risk, The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market. potentially lower rewards potentially higher rewards This indicator allows the level of volatility and risk to which your capital is exposed to be measured. Historical data, such as the data used to calculate the synthetic indicator, may not be a reliable indicator of the future risk profile of the UCITS. The risk category associated with this UCITS is not guaranteed and may change over time. The lowest category does not mean a risk-free investment. The initial capital invested is not guaranteed. Major risks for the UCITS not taken into account in the indicator: Credit risk: A downgrading of the issuer s credit rating or default by the issuer may have a negative impact on the price of the security. Counterparty risk: This refers to the risk of default by a counterparty, causing it to default on payment which may lead to a fall in the Fund s net asset value. Use of financial derivative instruments: This may increase or decrease the UCITS volatility. In the event of adverse market developments, the net asset value may fall.

45 Key Investor Information This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision about whether to invest. Objectives and investment policy GROUPAMA TRESORERIE M, C units ISIN code: FR This UCITS is managed by Groupama Asset Management. Classification: Money-market UCITS Investment objective: The Fund s management objective is to outperform the capitalised EONIA index, after deduction of management fees, over the recommended term of investment. If money-market interest rates are very low, the return generated by the UCITS may be insufficient to cover the management fees, in which case the net asset value of the UCITS will see a structural decline. Benchmark index: Capitalised EONIA. In order to achieve its management objective, the UCITS adopts an active management style. The main sources of its potential performance are: - Credit sensitivity, which is partly determined by our analysis of changes in risk premiums, the suggested rate of return or the expectation of intervention by the central banks. - Rate sensitivity, which is partly derived from our analysis of central bank monetary policy and of short-term changes in indices. - Geographic allocation, based primarily on the decisions of internal committees. The UCITS assets are invested in bonds and money market instruments which are assessed by the Management Company as being of high credit quality, and in deposits with credit institutions. The overall sensitivity of the portfolio is between 0 and 0.5. The UCITS may hold up to 10% of its net assets in units or shares of French or European UCITS or AIFs. It may deal in derivatives traded on regulated, organised and over-thecounter markets in order to expose or hedge the portfolio against interest rate risk up to a maximum of 100% of the Fund s net assets. The UCITS may make deposits and carry out temporary purchases and sales of securities. On an exceptional and temporary basis, it may borrow cash. As the Fund uses derivatives and may borrow cash, as well as use transactions involving temporary purchases and sales of securities, the portfolio s total level of exposure shall not exceed 200% of the net assets. Allocation of distributable income: Accumulation Recommended minimum investment term: 3 months. You may redeem your units on a daily basis, in accordance with the procedures described below. Clearing deadline for subscription/redemption requests: Each business day at noon, Paris time. Valuation frequency: Every trading day except public holidays (Paris stock exchange). Risk and reward profile Lower risk, Higher risk, The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market. potentially lower rewards potentially higher rewards This indicator allows the level of volatility and risk to which your capital is exposed to be measured. Historical data, such as the data used to calculate the synthetic indicator, may not be a reliable indicator of the future risk profile of the UCITS. The risk category associated with this UCITS is not guaranteed and may change over time. The lowest category does not mean a risk-free investment. The initial capital invested is not guaranteed. Major risks for the UCITS not taken into account in the indicator: Credit risk: A downgrading of the issuer s credit rating or default by the issuer may have a negative impact on the price of the security. Counterparty risk: This refers to the risk of default by a counterparty, causing it to default on payment which may lead to a fall in the Fund s net asset value. Use of financial derivative instruments: This may increase or decrease the UCITS volatility. In the event of adverse market developments, the net asset value may fall.

46 Key Investor Information This document provides you with key investor information about this UCITS. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this UCITS. You are advised to read it so you can make an informed decision about whether to invest. Objectives and investment policy GROUPAMA TRESORERIE I, D units ISIN code: FR This UCITS is managed by Groupama Asset Management. Classification: Money-market UCITS Investment objective: The Fund s management objective is to outperform the capitalised EONIA index, after deduction of management fees, over the recommended term of investment. If money-market interest rates are very low, the return generated by the UCITS may be insufficient to cover the management fees, in which case the net asset value of the UCITS will see a structural decline. Benchmark index: Capitalised EONIA. In order to achieve its management objective, the UCITS adopts an active management style. The main sources of its potential performance are: - Credit sensitivity, which is partly determined by our analysis of changes in risk premiums, the suggested rate of return or the expectation of intervention by the central banks. - Rate sensitivity, which is partly derived from our analysis of central bank monetary policy and of short-term changes in indices. - Geographic allocation, based primarily on the decisions of internal committees. The UCITS assets are invested in bonds and money market instruments which are assessed by the Management Company as being of high credit quality, and in deposits with credit institutions. The overall sensitivity of the portfolio is between 0 and 0.5. The UCITS may hold up to 10% of its net assets in units or shares of French or European UCITS or AIFs. It may deal in derivatives traded on regulated, organised and over-thecounter markets in order to expose or hedge the portfolio against interest rate risk up to a maximum of 100% of the Fund s net assets. The UCITS may make deposits and carry out temporary purchases and sales of securities. On an exceptional and temporary basis, it may borrow cash. As the Fund uses derivatives and may borrow cash, as well as use transactions involving temporary purchases and sales of securities, the portfolio s total level of exposure shall not exceed 200% of the net assets. Allocation of distributable income: Distribution and/or carried forward. Interim dividend payments are authorised. Recommended minimum investment term: 3 months. You may redeem your units on a daily basis, in accordance with the procedures described below. Clearing deadline for subscription/redemption requests: Each business day at noon, Paris time. Valuation frequency: Every trading day except public holidays (Paris stock exchange). Risk and reward profile Lower risk, Higher risk, The initial capital invested is not guaranteed. potentially lower rewards potentially higher rewards This indicator allows the level of volatility and risk to which your capital is exposed to be measured. Historical data, such as the data used to calculate the synthetic indicator, may not be a reliable indicator of the future risk profile of the UCITS. The risk category associated with this UCITS is not guaranteed and may change over time. The UCITS has a risk level of 1 due to its exposure to interest rate risk on the money market. Major risks for the UCITS not taken into account in the indicator: Credit risk: A downgrading of the issuer s credit rating or default by the issuer may have a negative impact on the price of the security. Counterparty risk: This refers to the risk of default by a counterparty, causing it to default on payment which may lead to a fall in the Fund s net asset value. Use of financial derivative instruments: This may increase or decrease the UCITS volatility. In the event of adverse market developments, the net asset value may fall.