ARTY
audit report Pursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our report relative to the financial year closed on 31 December 2012 on : - the audit of the annual accounts of the ARTY mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law. The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts. I – Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year. II – Justification for our Assessments Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we hereby notify you of the following element: - our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as defined by regulation n° 2003-02 of the Accounts Regulation Committee. The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and therefore contributed to forming our opinion expressed in the first part of this report. III – Specific Information and Verifications In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the law. We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the annual report and in the documents sent to unit holders on the financial situation and the annual accounts.
Written in Courbevoie, 15 April 2013
The Statutory Auditor Mazars Gilles DUNAND-ROUX
74034
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Mutual Fund - Annual Report- Year ended : 31.12.2012