المادة 13: Reporting to Unitholders

Thirteenth: Reporting to Unitholders

a) The Public Financing Fund Manager shall include, as additional information in its annual report referred to in paragraph (a) of Article 78 of the Investment Funds Regulations, the following:

1) The ratio of lending by the Fund to the total assets value of its assets.

2) The dual unit price of the Fund.

3) The ratio of beneficiaries in default for ratio 90 days or more, and 180 days or more, of the total financing granted through the fund, if any.

4) The actual ratio of asset-backed loans to the total financing granted through the fund.

b) The public financing fund manager must include in the fund’s quarterly statement the following information:

1) An update on financing contracts data, including at a minimum the following information:

(a) The number of days of default for each financing contract.

(b) The percentage of default relative to the total value of the financing granted.

(c) The period elapsed since the financing was granted, and the new financing contracts concluded during that period.

(d) Any change in the exposure percentage to the sectors to which the beneficiaries belong.

2) Returns from financing contracts.

3) Any change to the payment schedule due to the fund.

4) Details of the new financing contracts entered into by the fund, including the beneficiary’s sector and the payment schedule due for each financing.

5) A list setting out the amounts of the ten largest financings granted, the sector of each financing, and the percentage of each financing relative to the size of the fund.

6) Any transaction involving the purchase, sale, or mortgage of an asset at a price equal to or exceeding (10%) of the Fund’s net assets, in accordance with the latest reviewed interim financial statements or audited annual financial statements, whichever is more recent. Such transaction information shall include, at a minimum, disclosure of the purchase or sale price of the asset, the valuation price for the purchase or sale, and the valuation methodology followed.

7) The fund’s borrowing ratio to its net asset value.

c) In the case of the public direct financing fund, where the fund’s terms and conditions allow investment in financing granted with a guarantee, the public financing fund manager shall include, in the fund’s quarterly statement, disclosure of any financing guarantee obtained by the fund, the percentage of such guarantee relative to the size of the guaranteed financing, and the priority of the fund in such guarantee in the event of the beneficiary’s bankruptcy. PRIVATE FINANCING FUNDS