AMUNDI ETF GOVT BOND HIGHEST RATED EUROMTS INVESTMENT GRADE 1-3 UCITS ETF

AMUNDI ETF GOVT BOND HIGHEST RATED EUROMTS INVESTMENT GRADE 1-3 UCITS ETF Annual report December 2015 AMUNDI S ASSET MANAGEMENT UCITS Fund Manager: AMUNDI ASSET MANAGEMENT Delegated fund accountant: CACEIS FUND ADMINISTRATION FRANCE Custodian: CACEIS BANK FRANCE Auditors: PWC SELLAM

Contents Pages Informations about the Fund 3 Annual Report 7 Significant events during the financial period 9 Specific details 10 Regulatory informations 11 Auditor's Certification 12 Annual accounts 15 Balance Sheet 16 Balance Sheet Liabilities 17 Off-balance sheet 18 Income Statement 19 Notes to the annual accounts 20 Accouting rules and methods 21 Changes in net assets 24 Table of profit (loss) of the fund over the past five financial periods 31 Portfolio Listing 32 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 2

Informations about the Fund Classification Bonds and other debt instruments denominated in the euro. Determination and allocation of distributable sums Accumulation. Tax treatment The Fund is eligible for life insurance policies. The Fund may provide a support vehicle for life insurance policies denominated in units of account. The UCITS, by its nature, is not subject to taxation. However, unitholders may be taxed on any income distributed by the Fund or when they sell Fund units. The tax treatment applicable to amounts distributed by the Fund or unrealised or realised capital gains or losses will depend on the individual unitholder's tax situation, residence for tax purposes and/or the investment jurisdiction of the Fund. If an investor is uncertain of his or her tax position, the investor should consult a financial advisor or a professional investment consultant to determine the tax rules applicable to his or her particular situation before any investment. Some income distributed by the UCITS to unitholders residing outside France may be subject to withholding tax in France. Benchmark index The Fund s benchmark index is the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index, a euro-denominated total return index (i.e. reinvesting the coupons of the components). The FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index is a bond index calculated and published by the international index provider FTSE TMX Global Debt Capital Market Limited ( FTSE MTS ). Management fees & commissions Subscription and redemption fees: 0.14% including tax Subscription fee not retained by the Fund: None In compliance with current regulations, this mutual fund has, during the financial period just ended, levied charges at rates which are in line with those stated in the Prospectus and set out in the paragraph Management Fees and use under the following headings: - Notes to the annual accounts/management fees. - Further Details/Subscription and/or redemption fees/management fees. Investment objective The Fund s investment objective is to track the performance of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index (see Benchmark Index section), as closely as possible, whether the Index rises or falls. The Fund is managed to obtain the smallest possible difference between changes in the NAV and changes in the value of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index (hereinafter the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index ). The target for the maximum tracking error between changes in the Fund s Net Asset Value and those in the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index is 2%. If the tracking error exceeds 2%, the aim would nevertheless be to remain below 15% of the volatility shown by the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index. Annual Report on 12/31/15 3

Investment strategy The Fund is managed by index tracking. 1. Strategy used: The Fund is managed by a technique known as index-tracking with the objective of tracking the changes in the performance of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index using a swapbased replication method of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index. To maintain the closest possible correlation with the performance of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index, the Fund will buy a portfolio of bonds and money market instruments (the "Portfolio ), and a forward exchange contract traded over-the-counter on bonds and indices ( total return swap ) that turns the exposure to the securities in the Portfolio into an exposure to the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index. Geographic area of the securities issuers Spread of sensitivity to interest rates Between 1 and 3 Spread of sensitivity to credit spread Between 1 and 3 Currency in which the components of the index are Euro (EUR) denominated Level of exposure to currency exchange risk Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain The Fund will comply with the investment rules set forth in Articles R 214-21 and R214-22 of the French Monetary and Financial Code (CMF). The Portfolio comprising directly held assets described in the "Assets used" section, complies with the provisions of Article R 214-21 of the French Monetary and Financial Code (CMF). The Fund's exposure to the Index achieved through the total return swap may be eligible for exemption ratios applicable to the index-tracking UCITS referred to in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as the regulated markets where some marketable securities or some money-market instruments are largely dominant. None 2. Assets used (except embedded derivatives): The Fund's exposure to the Index is achieved through the total return swap. The Portfolio consists of the Fund's directly held assets described below. Securities: The Fund will be continuously exposed to one or more Eurozone rate markets. The securities held by the Fund will be chosen so as to limit the tracking costs of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index. They will mostly be fixed interest securities from OECD countries, including government stock, Treasury Bills, Deposit Certificates, commercial paper, bonds issued by firms registered in OECD countries and EMTN (Euro Medium Term Notes). Interest-rate instruments: Up to 100% of the Fund s net assets may be invested in any kind of monetary and/or bond instrument from OECD countries. The bond issuers selected may be from the private sector or from the public sector (national or local governments, etc.), and private sector debt may account for up to 100% of all debt instruments. Annual Report on 12/31/15 4

The Fund s sensitivity to interest rates will range from 1 to 3. UCITS units or shares: The Fund may hold up to 10% of its assets in UCITS units and/or shares. These UCITS are representative of all asset classes, in compliance with the Fund's requirements. They may be UCITS managed by the Management Company, or by other entities, regardless of whether they belong to the Crédit Agricole SA Group, including related companies. 3. Derivatives: The Fund will use derivative financial instruments, particularly over-the-counter financial futures such as total return swaps that transform the exposure to the securities held by the Fund into exposure to the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index. Off-balance sheet commitments are calculated by the accrual method of accounting. The Fund may take positions in the following derivatives: Type of market: regulated organised over-the-counter Categories of risk in which the Fund intends to take a position: equity risk interest rate risk currency risk credit risk other risks Nature of positions to be taken, which must be limited to those required to meet the management objective: hedging exposure arbitrage other Types of instruments used: futures: on equities and indices options: on equities and indices total return swaps: on equities and indices total return swap: credit derivatives: credit default swaps other Strategies for use of incorporated derivatives to achieve the management objective: constructing synthetic exposure to a particular stock, business sector and/or to the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index via the use of swaps. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index via the use of futures. management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index via the use of options. Annual Report on 12/31/15 5

These instruments may be used to hedge up to 100% of the Fund s net assets. 4. Securities incorporating derivatives ( embedded derivatives ): None 5. Deposits and liquid assets: The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its management objectives. 6. Borrowing: The Fund may temporarily, and in exceptional cases, borrow up to 10% of its net assets in order to optimise its cash-flow management. 7. Temporary acquisitions and sales of securities: None Over-exposure of the assets: None All the Fund's commitments on derivatives and embedded derivatives may not exceed 110% of net assets. Information on UCITS financial guarantees (collateral) None Overview of the procedure for choosing intermediaries / counterparties and comments The Management Company generally issues a bid tender. In this case such a procedure has not been required. The Management Company will therefore not undertake a formal procedure that might be tracked and monitored, so as to ensure competition among potential counterparties of OTC swaps it enters into, or among the vendors it buys embedded derivatives from. The Fund may conduct these transactions with Société Générale Corporate and Investment Banking or any other company in the Société Générale group as counterparties or intermediaries. Risk profile Capital risk Factors that may influence the ability of the Fund to track the performance of the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index Interest rate risk Credit risk Counterparty risk related to the tracking method selected Liquidity risk Liquidity risk in a stock market Annual Report on 12/31/15 6

Annual Report December 2015 The Fund's objective is to track as closely as possible the euro-denominated FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y Index, total return index (i.e. interest is rolled up), whether the FTSE MTS Highest-Rated Eurozone Government Bond 1-3Y index rises or falls. For the period under review, the portfolio AMUNDI ETF GOVT BOND HIGHEST RATED EUROMTS INVESTMENT GRADE 1-3 performance is 0.12%. The benchmark performance is 0.33% with a tracking error of 0.03%. Past performance is no guarantee of future performance. Movements in portfolio listing during the period Securities Movements (in amount) Acquisitions Transfers FRANCE (GOVT OF) 0.10% 25/07/2021 INDEXE 5,082,023.71 5,011,349.17 FRANCE 0.25% 25-11-16 4,146,042.86 4,146,136.68 FRENCH REP 1.75% 25-02-17 3,932,460.24 3,932,958.73 ALLEMAGNE 0%040722 IPMT 4,201,252.16 3,402,030.94 OAT 3.75%06-25/04/2017 3,421,652.79 3,423,367.59 EMPRUNT ETAT 5%01-16 OAT 2,032,458.54 4,721,800.54 REP OF AUSTRIA 4.35% 07-19 3,116,542.79 3,105,793.62 ALLEMAGNE 4%07-040118 2,885,421.12 2,889,031.36 NETHER 0.5% 04/15/17 848,052.99 3,651,463.36 OAT3.25%06-25042016 2,080,306.24 2,079,975.31 Annual Report on 12/31/15 7

Efficient portfolio management (EPM) techniques and Financial derivative instruments a) Exposure obtained through the EPM techniques and Financial derivative instruments Exposure obtained through the EPM techniques: None Underlying exposure reached through financial derivative instruments: 7 309 570.00 o Other swaps: 7 309 570.00 b) Identity of the counterparty(ies) to EPM techniques and Financial derivatives instruments Identity of the counterparty(ies) to EPM techniques Financial derivative instruments (*) SOCIETE GENERALE (*) Excepted derivative listed c) Type and amount of collateral received by the UCITS to reduce counterparty risk Type of financial instruments EPM Securities Cash Amount portfolio currency Total Financial derivative instruments Securities Cash Total d) Revenues and operational cost/fees from EPM Revenues and operational cost/fees Revenues (**) Amount portfolio cuurency Total revenues Direct operational fees Indirect operationnal fees Total fees (**) Revenues received from loans, repurchase and reverse repurchase agreements Annual Report on 12/31/15 8

Significant events during the financial period November 12, 2015 Update of the Management Company's name: «Amundi» has changed to «Amundi Asset Management», company of the Amundi Group. Annual Report on 12/31/15 9

Specific details Voting rights In accordance with the Fund s Rules and the Fund Manager s stated policy, the Fund Manager exercises the voting rights attached to the securities held by the Fund and decides on contributions in the form of securities, except where the securities are those of the Fund Manager itself or of any associate company as defined in Art L. 444-3 of the French Labour Code (Code du Travail). Two documents, Voting Policy and Report on the Exercise of Voting Rights, prepared by the Fund Manager in compliance with the current regulations are available upon request. This mutual fund (OPC) has not been selected as one of the funds which currently exercise voting rights. Soft commissions The Fund Manager has received no soft commissions. Movement commission The Fund Manager has received no commissions on trade. Use of credit derivatives The Fund has not used credit derivatives during the period under consideration. Group funds Details of the financial instruments held by the Fund which are issued by the Fund Manager or its associates will be found in the Auditor s Report for the latest financial period (enclosed herein) under the following headings of annuals accounts: Further details. Group financial instruments held by the Fund. Off-balance sheet commitments calculation Off-Balance Sheet commitments are calculated with a Commitment calculation method. Annual Report on 12/31/15 10

Regulatory informations The Broker Selection Policy draws up and implements a policy which enables it to comply with the Fund s obligation under Art.314-75 (iv) while meeting the requirements set out in ArtL.533-18 of the French CMF. For each class of instrument, the policy selects the organizations that will be commissioned to execute orders. AMUNDI execution policy may be consulted on the AMUNDI website. Investment advice service The Fund Manager has not prepared a Report on Brokerage Expenses since it has not used any investment advice services. Information on environmental, social and governance quality criteria (ESG) Throughout its active management* Amundi, like the entire group, applies strict rules for the integration of extra financial criteria (ESG) that form the basis of its liability. Thus it: - excludes direct investment in companies involved in the manufacture or trade in antipersonnel mines and cluster munitions, in accordance with the Ottawa and Oslo Conventions - excludes firms that violate grossly and repeatedly one or more of the 10 principles of the Global Compact. Issuers falling under these two categories are rated G on Amundi's scale (scale from A to G, A being the best and G the worst). Further information on how to take Amundi's ESG criteria into account is available on its website. Annual Report on 12/31/15 11

Certificate drafted by the Auditor on the annual accounts - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 12

AUDITOR S REPORT FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2015 AMUNDI ETF GOVT BOND HIGHEST Mutual Fund Governed by the Code monétaire et financier Fund Manager AMUNDI 91-93, boulevard Pasteur 75710 Paris Cedex 15 Dear Madam, dear Sir, We submit herewith our report for the financial period ended 31 DECEMBER 2015 on the following matters, as commissioned by the Fund Manager s Board of Directors: our audit on the annual accounts of the mutual fund AMUNDI ETF GOVT BOND HIGHEST, as attached hereto; the grounds for our opinion; the auditing checks and specific details required by law. The annual accounts have been drawn up by the Fund Manager; it is our task to give an opinion on these accounts, based on our audit. 1. - OPINION ON THE ANNUAL ACCOUNTS We have carried out our audit according to the standards of professional practice applicable in France; those standards require the implementation of due diligence sufficient to give a reasonable assurance that the annual accounts in question contain no significant discrepancies. An audit involves checking, by sampling or other selective means, the evidence for the entries (amounts and other details) which appear in the annual accounts. It also involves assessing the accounting standards that have been followed, the significant estimates made, and the way in which the accounts as a whole have been presented. We reckon that the evidence we have gathered is appropriate and sufficient as a basis for our opinion. We hereby certify that the annual accounts have been reliably drafted and are in good order under French accounting rules and standards, and give a fair picture of the outcome of all transactions during the period recently ended, as well as of the mutual fund s assets, liabilities and financial situation at the end of that period. 2. GROUNDS FOR OUR OPINION In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention that our assessments were conducted with regard to evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made. PwC: 63 rue de Villiers 92208 Neuilly-sur-Seine Cedex France Tel. + 33 1 56 57 58 59 Fax. + 33 1 56 57 58 60 Public Joint-Stock company (SA); share capital 2 510 460 Siret No. 672 006 483 00362

AMUNDI ETF GOVT BOND HIGHEST These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. 3. - CHECKS AND SPECIFIC DETAILS We have also made the specific checks required by law. We have no qualifications to add concerning the trustworthiness and consistency of the annual accounts with the information given in the Annual Report and in the documents submitted to unit holders concerning the financial situation and the annual accounts. Neuilly sur Seine, date of the electronic signature Document authenticated by electronic signature The Auditor PwC Sellam Benjamin Moïse

Annual accounts - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 15

Balance sheet - asset in EUR Balance Sheet on 12/31/15 Portfolio : 730150 AMUNDI ETF GOVT BOND HIGHEST 12/31/15 12/31/14 FIXED ASSETS, NET DEPOSITS FINANCIAL INSTRUMENTS 7,339,212.22 9,665,555.96 Equities and similar securities Traded in a regulated market or equivalent Not traded in a regulated market or equivalent Bonds and similar securities 7,339,212.22 9,665,555.96 Traded in a regulated market or equivalent 7,339,212.22 9,665,555.96 Not traded in a regulated market or equivalent Credit instruments Traded in a regulated market or equivalent Negotiable credit instruments (Notes) Other credit instruments Not traded in a regulated market or equivalent Collective investment undertakings General-purpose UCITS and alternative investment funds intended for nonprofessionals and equivalents in other countries Other Funds intended for non-professionals and equivalents in other EU Member States General-purpose professional funds and equivalents in other EU Member States and listed securitisation entities Other professional investment funds and equivalents in other EU Member States and listed securitisation agencies Other non-european entities Temporary transactions in securities Credits for securities held under sell-back deals Credits for loaned securities Borrowed securities Securities sold under buy-back deals Other temporary transactions Hedges Hedges in a regulated market or equivalent Other hedges Other financial instruments RECEIVABLES 7,504.52 1,504,594.64 Forward currency transactions Other 7,504.52 1,504,594.64 FINANCIAL ACCOUNTS 0.01 Cash and cash equivalents 0.01 TOTAL ASSETS 7,346,716.75 11,170,150.60 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 16

Balance sheet - liabilities in EUR Balance Sheet Liabilities on 12/31/15 Portfolio : 730150 AMUNDI ETF GOVT BOND HIGHEST 12/31/15 12/31/14 SHAREHOLDERS' FUNDS Capital Allocation Report of distributed items (a) Brought forward (a) 7,359,516.65 14,392,675.87 Allocation Report of distributed items on Net Income (a,b) -32,109.49-4,770,896.83 Result (a,b) Total net shareholders' funds * Net Assets -10,241.60 7,317,165.56-13,423.43 9,608,355.61 FINANCIAL INSTRUMENTS 18,541.81 53,645.84 Transfers of financial instruments Temporary transactions in securities Sums owed for securities sold under buy-back deals Sums owed for borrowed securities Other temporary transactions Hedges 18,541.81 53,645.84 Hedges in a regulated market or equivalent Other hedges 18,541.81 53,645.84 PAYABLES 11,009.38 1,508,147.69 Forward currency transactions Other 11,009.38 1,508,147.69 FINANCIAL ACCOUNTS 1.46 Short-term credit 1.46 Loans received TOTAL LIABILITIES 7,346,716.75 11,170,150.60 (a) Including adjusment (b) Decreased interim distribution paid during the business year - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 17

Off balance sheet in EUR Off-balance sheet on 12/31/15 Portfolio : 730150 AMUNDI ETF GOVT BOND HIGHEST 12/31/15 12/31/14 HEDGES Contracts in regulated markets or similar OTC contracts Other commitments OTHER OPERATIONS Contracts in regulated markets or similar OTC contracts Performance swap SG ETF 23-01-17 7,309,570.00 9,604,530.00 Other commitments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 18

Income statement in EUR Income Statement on 12/31/15 Portfolio : 730150 AMUNDI ETF GOVT BOND HIGHEST 12/31/15 12/31/14 Revenues from financial operations Revenues from deposits and financial accounts Revenues from equities and similar securities Revenues from bonds and similar securities Revenues from credit instruments Revenues from temporary acquisition and disposal of securities Revenues from hedges Other financial revenues TOTAL (1) 0.19 0.19 Charges on financial operations Charges on temporary acquisition and disposal of securities Charges on hedges Charges on financial debts 0.29 1.31 Other financial charges TOTAL (2) 0.29 1.31 NET INCOME FROM FINANCIAL OPERATIONS (1-2) -0.10-1.31 Other income (3) Management fees and depreciation provisions (4) 15,029.72 19,063.74 NET INCOME OF THE BUSINESS YEAR (L.214-17-1) (1-2+3-4) -15,029.82-19,065.05 Revenue adjustment (5) 4,788.22 5,641.62 Interim Distribution on Net Income paid during the business year (6) NET PROFIT (1-2 + 3-4 + 5 + 6) -10,241.60-13,423.43 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 19

Notes to the annual accounts - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 20

Accounting rules and methods The annual accounts are presented as provided by the ANC Regulation 2014-01 repealing Regulation CRC 2003-02 as amended. General accounting principles apply, viz: - fair picture, comparability, ongoing business, - proper practice & trustworthiness, - prudence, - no unreported change in methods from one period to the next. Revenues from fixed-yield securities are recognized on the basis of interest actually received. Acquisitions and disposals of securities are recognized of costs. The accounting currency of the portfolio is the EURO. The accounting period reported on is 12 months. Asset valuation rules: Financial instruments are initially recognized at historic cost and carried on the Balance Sheet at their current value: this is their latest known market value or, in the absence of a market, is determined by any external means or by recourse to financial models. Differences between the securities current values determined as above and their original historic cost are recognized in the accounts as differences on estimation. Securities denominated in a currency other than that of the portfolio are valued in accordance with the above principle and then converted into the currency of the portfolio at the exchange rate obtained on the valuation date. Deposit: Deposits maturing in three months or sooner are valued according to the linear method. Equities, bonds and other securities traded in a regulated market or equivalent: When calculating the NAV, the equities and other securities traded in a regulated market or equivalent are valued based on the day s closing market price. Bonds and similar securities are valued at the closing price notified by various financial service providers. Interest accrued on bonds and similar securities is calculated up to the date of asset valuation. Equities, bonds and other securities not traded in a regulated market or equivalent: Securities not traded in a regulated market are valued by the Fund Manager using methods based on net equity and yield, taking into account the prices retained in significant recent transactions.. Negotiable credit instruments (Notes): Negotiable credit instruments which are not actively traded in significant amounts are actuarially valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer s intrinsic characteristics: Notes maturing in one year time or less: euro interbank offered rate (Euribor); Annual Report on 12/31/15 21

Notes maturing in more than one year time: the prevailing rate on medium-term interest-bearing Treasury notes (BTAN) or, for the longest Notes, on near-term fungible Treasury bonds (OAT); Negotiable credit instruments maturing in three months or sooner may be valued according to the linear method. French Treasury notes are valued using the market rate published daily by the Banque de France. UCITS held: UCITS units or shares are valued at the latest known NAV. Temporary transactions in securities: Securities held under sell-back deals are carried in Assets under credits for securities held under sell-back deals at the amount provided for in the contract, plus accrued interest receivable. Securities sold under buy-back deals are booked to the buying portfolio at their current value. The corresponding debt is booked to the selling portfolio at the value set in the contract plus accrued interest payable. Loaned securities are valued at their current value and carried in Assets under credits for loaned securities at their current value plus accrued interest receivable. Borrowed securities are carried in Assets under borrowed securities at the amount provided for in the contract, and in Liabilities under debts for borrowed securities at the amount provided for in the contract plus accrued interest payable. Hedges: Hedges traded in a regulated market or equivalent: Hedge instruments traded in regulated markets are valued at the day s settlement price. Hedges not traded in a regulated market or equivalent: Swaps: Rate swaps and/or forward currency transactions are valued at their market value according to the price calculated by discounting future interest streams at market interest (and/or exchange) rates. This price is adjusted for default risk. Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty. Other swaps are valued at their market value or are estimated as specified by the Fund Manager. Off-Balance Sheet Commitments: Firm hedging contracts are stated among Off-Balance Sheet Commitments at their market value at the rate used in the portfolio. Conditional hedges are converted into their underlying equivalents. Swap commitments are stated at their nominal value or at an equivalent amount, where there is no nominal value. Annual Report on 12/31/15 22

Management fees: Management fees are calculated on the nominal capital on each valuation. These fees are imputed to the fund s Income Statement. Management fees are paid in full to the Fund Manager, which bears all the fund s operating costs. The management fees do not include dealing costs. The percentage of nominal capital charged is 0.14% including taxes. Allocation of net profit: Definition of distributable amounts: The distributable amounts consist of: The result: The net profit (loss) for the period is the total of interest, arrears, premiums, allotments and dividends, plus income on ready cash, minus management fees and financial dealing costs. Latent or realised capital gains or losses are not counted as revenue; nor are subscription/redemption fees. The amounts available for distribution are the net profit for the period, plus any sums brought forward, plus or minus the balance of any revenue adjustment accounts relating to the financial period in question. Gains and losses: The net realised gains (deducted from management fees and realised losses) from the financial year will increase the same type of net realized gains from earlier financial years, if the fund hasn t distributed or accumulated its gains and will also increase or reduce the equalization accounts for realised gains. Appropriation methods for the distributable amounts: Distributable amounts Allocation of the net income Allocation of the net realized gains and losses Unit C Accumulation Accumulation Annual Report on 12/31/15 23

Changes in net asset in EUR Change in net assets on 12/31/15 Portfolio : 730150 AMUNDI ETF GOVT BOND HIGHEST 12/31/15 12/31/14 NET ASSETS IN START OF PERIOD 9,608,355.61 10,686,852.03 Subscriptions (including subscription fees received by the fund) 6,329,400.00 60,948,240.00 Redemptions (net of redemption fees received by the fund) -8,628,800.00-62,083,460.00 Capital gains realised on deposits and financial instruments 101,993.09 2,570,124.73 Capital losses realised on deposits and financial instruments -92,584.04-202,959.43 Capital gains realised on hedges 15,857,521.78 16,715,460.69 Capital losses realised on hedges -15,917,803.83-19,567,205.76 Dealing costs Exchange gains/losses Changes in difference on estimation (deposits and financial instruments) 39,008.74 487,996.12 Difference on estimation, period N 46,458.85 7,450.11 Difference on estimation, period N-1-7,450.11 480,546.01 Changes in difference on estimation (hedges) 35,104.03 72,222.28 Difference on estimation, period N -18,541.81-53,645.84 Difference on estimation, period N-1 53,645.84 125,868.12 Net Capital gains and losses Accumulated from Previous business year Distribution on Net Capital Gains and Losses from previous business year Net profit for the period, before adjustment prepayments -15,029.82-19,065.05 Allocation Report of distributed items on Net Income Interim Distribution on Net Income paid during the business year Other items 150.00 NET ASSETS IN END OF PERIOD 7,317,165.56 9,608,355.61 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 24

BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR COMMERCIAL TYPE Amount % ASSETS BONDS AND SIMILAR SECURITIES Fixed-rate bonds traded on a regulated or similar market 7,339,212.22 100.30 TOTAL BONDS AND SIMILAR SECURITIES 7,339,212.22 100.30 CREDIT INSTRUMENTS TOTAL CREDIT INSTRUMENTS LIABILITIES TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS TOTAL TRANSACTIONS INVOLVING TRANSFER OF FINANCIAL INSTRUMENTS OFF-BALANCE SHEET HEDGES TOTAL HEDGES OTHER OPERATIONS Other 7,309,570.00 99.90 TOTAL OTHER OPERATIONS 7,309,570.00 99.90 BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TYPE Fixed rate % Variable rate % Rate subject to review % Other % Assets Deposits Bonds and similar securities 7,339,212.22 100.30 Credit instruments Temporary transactions in securities Financial accounts 0.01 Liabilities Temporary transactions in securities Financial accounts Off-balance sheet Hedges Other operations Annual Report on 12/31/15 25

BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY TIME TO MATURITY < 3 Months % ]3 Months - 1 Year] % ]1-3 Years] % ]3-5 Years] % > 5 Years % Assets Deposits Bonds and similar securities 74,390.61 1.02 2,847,913.25 38.92 989,000.67 13.52 3,427,907.69 46.85 Credit instruments Temporary transactions in securities Financial accounts 0.01 Liabilities Temporary transactions in securities Financial accounts Off-balance sheet Hedges Other operations All hedges are shown in terms of time to maturity of the underlying securities. BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS, BY LISTING OR EVALUATION CURRENCY Currency 1 % Currency 2 % Currency 3 % Currency N Others currencies % Assets Deposits Equities and similar securities Bonds and similar securities Credit instruments Mutual fund units Temporary transactions in securities Liabilities Financial accounts Liabilities Transactions involving transfer of financial instruments Temporary transactions in securities Debts Financial accounts Off-balance sheet Hedges Other operations Annual Report on 12/31/15 26

BREAKDOWN BY ITEMS OF RECEIVABLES AND PAYABLES Type 12/31/15 Receivables Sales deferred settlement 7,504.52 Total receivables 7,504.52 Payables Purchases deferred settlement - 7,504.52 Management fees - 3,504.86 Total of Payables - 11,009.38 Total payables and receivables - 3,504.86 SHAREHOLDERS FUNDS Number of units issued or redeemed Units Value Units subscribed during the period 77,000 6,329,400.00 Units redeemed during the period -105,000-8,628,800.00 Units in circulation at the end of the period 89,000 SUBSCRIPTION AND/OR REDEMPTION FEES Value Total of subscription and/or redemption fees received Total of subscription fees received Total of redemption fees received - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 27

MANAGEMENT FEES CHARGEABLE TO THE FUND 12/31/15 Underwriting commission Percentage set for fixed management fees Cost of functioning and management fees (fixed management fees) Commission of performance (variable management fees) Management fees rebated 0.14 15,029.72 COMMITMENTS RECEIVED AND GIVEN 12/31/15 Guarantees received by the fund - including capital guarantees Other commitments received Other commitments given - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 28

FUTHER DETAILS Stock market values of temporarily acquired securities 12/31/15 Securities held under sell-back deals Borrowed securities Stock market values of pledged securities 12/31/15 Financial instruments pledged but not reclassified Financial instruments received as pledges but not recognized in the Balance Sheet Group financial instruments held by the Fund Isin code Name of security 12/31/15 Equities Bonds Notes UCITS Hedges Total group financial instruments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 29

TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TO PROFIT (LOSS) 12/31/15 12/31/14 Sums not yet allocated Brought forward Profit (loss) -10,241.60-13,423.43 Total -10,241.60-13,423.43 12/31/15 12/31/14 Allocation Distribution Brought forward Capitalized -10,241.60-13,423.43 Total -10,241.60-13,423.43 TABLE OF ALLOCATION OF THE DISTRIBUTABLE SHARE OF THE SUMS CONCERNED TO CAPITAL GAINS AND LOSSES 12/31/15 12/31/14 Sums not yet allocated Net Capital gains and losses Accumulated from Previous business year Net Capital gains and losses of the business year -32,109.49-4,770,896.83 Allocation Report of distributed items on Net Capital Gains and Losses Total -32,109.49-4,770,896.83 12/31/15 12/31/14 Allocation Distribution Net capital gains and losses accumulated per share Capitalized -32,109.49-4,770,896.83 Total -32,109.49-4,770,896.83 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 30

TABLE OF PROFIT (LOSS) ANS OTHER TYPICAL FEATURES OF THE FUND OVER THE PAST FIVE FINANCIAL PERIODS 12/28/12 12/31/13 12/31/14 12/31/15 Net assets in EUR 22,724,741.73 10,686,852.03 9,608,355.61 7,317,165.56 Number of shares/units 278,001 131,000 117,000 89,000 NAV per share/unit in EUR in EUR Net Capital Gains and Losses Accumulated per share in EUR Net income Accumulated per share in EUR 81.74 81.58 82.12 82.22 1.13-40.77-0.36-0.10-0.11-0.11-0.11 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 31

Portfolio listing of financial instruments in EUR Name of security Currency Quantity Market value % Bonds and similar securities Listed bonds and similar securities FRANCE OAT 0% 250420 EUR 6,038 6,036.61 0.08 OAT 0% 25/04/2021 EUR 888,741.63 883,186.99 12.06 OAT 0% 25/04/2022 EUR 451,852.84 442,463.34 6.05 OAT 0% 25/10/2020 EUR 339,128.5 338,111.11 4.62 OAT 0% 25/10/2021 DEM EUR 112,500 110,967.75 1.52 OAT 0% 25/10/22 EUR 217,654.71 211,397.14 2.89 OAT 0%09-251017 DEM EUR 8,399 8,422.43 0.12 OAT 0%250423 DEM EUR 15,492.16 14,888.43 0.20 OAT 2.5%10-251020 EUR 447,304 501,771.33 6.86 OAT0%251016 DEM EUR 15,162 15,209.00 0.21 TOTAL FRANCE 2,532,454.13 34.61 GERMANY ALLEMAGNE 0% 2018 EUR 1,295,078.04 1,304,532.11 17.82 ALLEMAGNE 0% 04/01/2018 EUR 22,401.13 22,365.06 0.31 ALLEMAGNE 0% 04/01/22 EUR 92,010.91 90,984.07 1.24 ALLEMAGNE 0% 04/07/16 EUR 59,103 59,181.61 0.81 ALLEMAGNE 0% 04/07/20 EUR 71,190.3 71,021.58 0.97 ALLEMAGNE 0% 07/23 EUR 97,902.02 94,903.28 1.30 ALLEMAGNE 0%040719 IPMT EUR 9,318.98 9,357.00 0.13 ALLEMAGNE 0%040722 IPMT EUR 842,603.53 831,270.51 11.36 STRIP INT 04/01/19 EUR 13,380 13,339.99 0.18 STRIP INT 04/01/21 EUR 12,735 12,667.89 0.17 STRIP INT 04/01/23 EUR 48,232.46 47,306.88 0.65 TOTAL GERMANY 2,556,929.98 34.94 NETHERLANDS NETHERLAND GOVT STRIP 15/01/23 EUR 20,492 19,881.95 0.27 PAYS BAS 0% 150117 EUR 1,507,874 1,512,593.65 20.68 PAYS BAS 0% 15/01/22 EUR 409,673 405,641.82 5.54 PAYS BAS 0%150123 PRINC.PMT EUR 70,500 68,689.56 0.94 PAYS-BAS 0% 15/01/19 EUR 49,185 49,363.05 0.67 PAYS-BAS 0% 15/01/21 EUR 195,405 193,658.08 2.65 TOTAL NETHERLANDS 2,249,828.11 30.75 Total listed bond and similar securities 7,339,212.22 100.30 Total bonds and similar securities 7,339,212.22 100.30 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 32

Portfolio listing of financial instruments in EUR Name of security Currency Quantity Market value % Hedges Other hedges Other swaps SG ETF 23-01-17 EUR 7,309,570-18,541.81-0.25 Total Other SWAPS -18,541.81-0.25 Total other hedges -18,541.81-0.25 Total hedges -18,541.81-0.25 Receivables 7,504.52 0.10 Debts -11,009.38-0.15 Financial accounts 0.01 Net assets 7,317,165.56 100.00 AMUNDI ETF GOVT BOND HIGHEST RATED EUROMTS INVESTM EUR 89,000 82.22 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Annual Report on 12/31/15 33

Amundi Asset Management Anonymous Inc. 596 262 615 Euros. capital amount Licensed by the French Market Regulator (AMF) as a portfolio management company reg N GP 04000036 437 574 452 RCS Paris. Registered Office social: 90, boulevard Pasteur 75015 Paris France