Report on intermediary fees for the year 2022

In accordance with the provisions of Articles 319-18 and 321-122 of the General Regulation of the French financial markets authority (Autorité des marchés financiers, AMF), since intermediary fees for the year 2022 represented an amount greater than €500,000, Crédit Mutuel Asset Management has drafted the document entitled 'report on intermediary fees' presenting:

• The conditions under which Crédit Mutuel Asset Management used services to aid the decision to invest and execute orders,
• The distribution key for intermediary fees relating to:
  • the reception and transmission service and the order execution service,
  • service to aid in the decision to invest and to execute orders.

Conditions under which Crédit Mutuel Asset Management used services to aid in the decision to invest and to execute orders:

Collective management and management services under mandate were employed in 2022 by financial intermediaries who provided execution and support services for investment decisions.
Intermediary fees are received directly by the third parties providing an order execution service.
The costs related to support services related to the investment decision are borne in full by Crédit Mutuel Asset Management from its own resources.

The distribution key for 2022 between execution fees on shares and those for services to support decision making on investments and execution of orders on shares is therefore as follows:

• Costs corresponding to services supporting decision making in investment decisions and execution of orders represented 0% of the total intermediary fees since they were borne by Crédit Mutuel Asset Management from its own resources;
• Execution fees on shares therefore accounted for 100% of total intermediary fees paid in 2022.

As at 31/12/2022, Crédit Mutuel Asset Management did not have commission agreements with third parties.

Prevention of conflicts of interest

Crédit Mutuel Asset Management has put in place a policy of prevention and management of conflicts of interest including the prevention of possible conflicts of interest related to the choice of intermediaries:

• The Company does not receive soft commissions from its intermediaries;
• Each intermediary is subject to a selection procedure;
• Agreements in place do not include a minimum business volume requirement or incentive fees;
• Crédit Mutuel Asset Management does not receive retrocessions of transaction costs from its intermediaries.

No conflicts of interest were detected in the selection of our intermediation providers in 2022. Furthermore, intermediaries are reviewed annually to estimate the quality of execution obtained from each of them.