Bank of China International BOCI Commerzbank SICAV - PDF document

Bank of China International (BOCI) Comme
Bank of China International (BOCI) Commerzbank, SICAVTable of ContentsManagement and AdministrationDirectors' reportShanghai Stock Exchange 50 A Share Index UCITS ETFStatement of Net Assets as at December 31, 2016Statement of Operations and Changes in Net Assets for the period ended December 31, 2016Statement of Changes in Number of SharesSecurities Portfolio as at December 31, 2016Portfolio BreakdownsTop Ten HoldingsNotes to the Financial StatementsTotal Expense Ratio (TER) and Portfolio Turnover Rate (PTR) as at December 31, 2016 (unaudited)1Remuneration Policy (unaudited)1Tracking Error as at December 31, 2016 (unaudited)1Bank of China International (BOCI) Commerzbank, SICAVSub-Investment Manager of the sub-fund Bank of China International (BOCI) Commerzbank - Shanghai Stock Exchange 50 A Share IndexManagement and AdministrationBank of China International (BOCI) Commerzbank, SICAVManagement and Administration (continued)Bank of China International (BOCI) Commerzbank, SICAVThe accompanying notes are an integral part of these financial statements.Statistics*No information available for December 31, 2015 due to an extended audit period from October 29, 2015 (date of incorporation) to December 31, 2016.**Class A (RMB) D has been launched on November 12, 2015.***Class A (EUR) D has been launched on November 30, 2016.Shanghai Stock Exchange 50 A Share Index UCITS ETFNet Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−âˆ

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’−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−December 31, 2014December 31, 2016December 31, 2015The accompanying notes are an integral part of these financial statements.Bank of China International (BOCI) Commerzbank, SICAVShanghai Stock Exchange 50 A Share Index UCITS ETF (in CNH)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2016Investment in securities at cost2.574,124,508.59Unrealised appreciation / (depreciation) on securities2.3

2,079,028.71Investment in securities at
2,079,028.71Investment in securities at market value2.276,203,537.30Cash at bankFormation expenses71,145,696.4577,585,614.32Accrued expenses8244,424.21Total liabilitiesNet assets at the end of the period77,341,190.11Statement of Net Assets as at December 31, 2016Dividends (net of withholding taxes)Total income6337,542.51Transaction costs10139,898.83Amortisation of formation expenses7143,653.75Other expenses9252,689.98Total expensesNet investment income / (loss)Net realised gain / (loss) on:2.3(86,043.88)oreign currencies transactionsNet realised gain / (loss) for the periodNet change in unrealised appreciation / (depreciation) on:2.22,079,028.71Increase / (Decrease) in net assets as a result ofProceeds received on subscription of shares75,184,103.88Net amount paid on redemption of sharesNet assets at the beginning of the periodNet assets at the end of the period77,341,190.11Statement of Operations and Changes in Net Assets forthe period ended December 31, 2016Number of shares in issue atthe end of the periodNumber of shares in issue atthe beginning of the periodNumber of sharesNumber of sharesStatement of Changes in Number of SharesBank of China International (BOCI) Commerzbank, SICAVShanghai Stock Exchange 50 A Share Index UCITS ETF (in CNH)The accompanying notes are an integral part of these financial statements.Securities Portfolio as at December 31, 2016AGRICULTURAL BANK OF CHINA-ACNY2,116,680.002.74682,800.00Transferable securities admitted to an official exchange listingSharesBanksBANK OF BEIJING CO LTD -ACNY2,834,304.003.66290,400.00BANK OF CHINA LTD-ACNY2,476,800.003.

20720,000.00BANK OF COMMUNICATIONS CO-AC
20720,000.00BANK OF COMMUNICATIONS CO-ACNY2,859,612.003.70495,600.00CHINA CITIC BANK CORP LTD-ACNY415,368.000.5464,800.00CHINA EVERBRIGHT BANK CO-ACNY1,107,312.001.43283,200.00CHINA MERCHANTS BANK-ACNY4,053,297.605.24230,301.00CHINA MINSHENG BANKING-ACNY3,649,433.604.72401,920.00IND + COMM BK OF CHINA - ACNY1,905,120.002.46432,000.00INDUSTRIAL BANK CO LTD -ACNY4,532,112.005.87280,800.00SHANGHAI PUDONG DEVEL BANK-ACNY2,395,189.603.10147,760.0028,345,228.8036.66CHINA MERCHANTS SECURITIES-ACNY744,648.000.9645,600.00Financial servicesCITIC SECURITIES CO-ACNY2,524,632.003.26157,200.00DONGXING SECURITIES CO LT-ACNY746,232.000.9637,200.00EVERBRIGHT SECURITIE CO -ACNY786,708.001.0249,200.00GUOTAI JUNAN SECURITIES CO-ACNY1,695,408.002.1991,200.00HAITONG SECURITIES CO LTD-ACNY2,589,300.003.36164,400.00HUATAI SECURITIES CO LTD-ACNY964,440.001.2554,000.00INDUSTRIAL SECURITIES CO-ACNY642,600.000.8384,000.00ORIENT SECURITIES CO LTD-ACNY1,546,788.002.0099,600.00SINOLINK SECURITIES CO LTD-ACNY390,900.000.5130,000.0012,631,656.0016.34AVIC AVIATION ENGINE CORP-ACNY432,168.000.5613,200.00InsuranceCHINA LIFE INSURANCE CO-ACNY693,792.000.9028,800.00CHINA PACIFIC INSURANCE GR-ACNY1,532,904.001.9855,200.00NEW CHINA LIFE INSURANCE C-ACNY472,824.000.6110,800.00PING AN INSURANCE GROUP CO-ACNY7,651,108.509.89215,950.0010,782,796.5013.94INNER MONGOLIA YILI INDUS-ACNY1,584,000.002.0590,000.00Food servicesKWEICHOW MOUTAI CO LTD-ACNY3,207,840.004.159,600.004,791,840.006.20CHINA STATE CONSTRUCTION -ACNY2,317,776.003.00261,600.00Real estatePOLY REAL ESTATE GROUP CO -ACNY1,139,424.001.47124,800.003,457,200.004.47CHINA NATIONAL NUC

LEAR POW-ACNY1,211,496.001.56171,600.00E
LEAR POW-ACNY1,211,496.001.56171,600.00EnergyCHINA PETROLEUM + CHEMICAL-ACNY1,110,132.001.44205,200.00PETROCHINA CO LTD-ACNY534,240.000.6967,200.002,855,868.003.69CHINA SHIPBUILDING INDUSTR-ACNY1,123,056.001.45158,400.00Auto Parts & EquipmentSAIC MOTOR CORP LTD-ACNY1,463,280.001.8962,400.002,586,336.003.34BEIJING XINWEI TECHNOLOGY -ACNY753,360.000.9751,600.00TelecommunicationCHINA UNITED NETWORK-ACNY1,815,804.002.35248,400.002,569,164.003.32CHINA COMMUNICATIONS CONST-ACNY401,016.000.5226,400.00Building materialsCHINA RAILWAY CONSTRUCTION-ACNY717,600.000.9360,000.00CHINA RAILWAY GROUP LTD-ACNY903,720.001.16102,000.002,022,336.002.61CRRC CORP LTD-ACNY1,582,740.002.05162,000.00Diversified machinery1,582,740.002.05DenominationQuantity/NominalMarket valuein CNHCurrencyNAVDAQIN RAILWAY CO LTD -ACNY1,571,760.002.03222,000.00Transportation1,571,760.002.03CHINA NORTHERN RARE EARTH -ACNY471,168.000.6138,400.00MetalCHINA SHENHUA ENERGY CO-ACNY660,144.000.8540,800.001,131,312.001.46KANGMEI PHARMACEUTICAL CO-ACNY1,092,420.001.4161,200.00Cosmetics1,092,420.001.41SHANGHAI ORIENTAL PEARL ME-ACNY782,880.001.0133,600.00Distribution & Wholesale782,880.001.0176,203,537.3098.53Total securities portfolio76,203,537.3098.53DenominationQuantity/NominalMarket valuein CNHCurrencyNAVSummary of net assetsNAV76,203,537.3098.53Total securities portfolio236,380.570.31Cash at bank901,272.241.16Other assets and liabilities77,341,190.11100.00Total net assetsBank of China International (BOCI) Commerzbank, SICAVShanghai Stock Exchange 50 A Share Index UCITS ETF (in CNH)The accompanying notes are an integral part of these f

inancial statements.Investment category
inancial statements.Investment category% of portfolio% of netassetsShares100.0098.53100.0098.53Country allocation% of portfolio% of netassetsChina100.0098.53100.0098.53Portfolio BreakdownsTop Ten HoldingsPING AN INSURANCE GROUP CO-A7,651,108.509.89InsuranceINDUSTRIAL BANK CO LTD -A4,532,112.005.87BanksCHINA MERCHANTS BANK-A4,053,297.605.24BanksCHINA MINSHENG BANKING-A3,649,433.604.72BanksKWEICHOW MOUTAI CO LTD-A3,207,840.004.15Food servicesBANK OF COMMUNICATIONS CO-A2,859,612.003.70BanksBANK OF BEIJING CO LTD -A2,834,304.003.66BanksHAITONG SECURITIES CO LTD-A2,589,300.003.36Financial servicesCITIC SECURITIES CO-A2,524,632.003.26Financial servicesBANK OF CHINA LTD-A2,476,800.003.20BanksCNHSectorTop Ten Holdings Bank of China International (BOCI) Commerzbank, SICAV Notes to the Financial Statements as at December 31, 2016 Note 1 - General Bank of China International (BOCI) Commerzbank, SICAV (the “Company”) is registered in the Grand Duchy of Luxembourg as an undertaking for collective Bank of China International (BOCI) Commerzbank, SICAV Notes to the Financial Statements as at December 31, 2016 (continued) Note 2 - Principle Accounting Policies (continued) 6) Calculation of the Net Asset Value The Net Asset Value of a sub-fund and the Net Asset Value of the Share Classes issued within that sub-fund are determined in the relevant currency on every Valuation Date, subject to any event of suspension of calculation of the Net Asset Value. The NAV per Share for a Valuation Date is calculated on the relevant Calculation and Publication Day for each share class. The securities

contained in the fund assets are evaluat
contained in the fund assets are evaluated on the basis of the last available closing prices in the relevant principal markets on the Reference Date. The NAV per Share for a share class pertaining to a sub-fund is determined by dividing the value of the total assets of the relevant share class of the sub-fund, less the liabilities of the sub-fund, by the total number of Shares pertaining to that class that are issued and outstanding at a certain valuation time. When calculating the NAV per Share, revenues and expenses are treated as accruing on a daily basis. Investments held in a particular sub-fund that are not denominated in the base currency are converted into the base currency at the exchange rate that is applicable within the principal regulated market for the relevant value on the valuation day preceding the valuation time. The Board of Directors may, in its absolute discretion, allow the use of other valuation methods if it is of the opinion that such a valuation better reflects the fair realisation value of an investment in the Company. The valuation of securities whose listing price is not representative and all other eligible assets (including securities not listed on a stock exchange or traded on a Regulated Market) is based on their probable realization price determined with care and in good faith by or, if applicable, under the supervision of the Board of Directors of the Company. All assets and liabilities in a currency other than that of the sub-fund in question are converted using the exchange rate determined at the time of valuation. The Net Asset Value determined per Share in a

sub-fund is considered final and binding
sub-fund is considered final and binding once it is confirmed by the Board of Directors of the Company or an authorized member of the Board of Directors/authorized representative of the Board of Directors of the Company, except in the case of a manifest error. Note 3 - Exchange rates The exchange rates as at December 31, 2016 used for the translation of the SICAV’s assets and liabilities not denominated in CNH are as follows: 1 CNH = 0.136091 EUR 1 CNH = 1.112278 HKD RMB which is traded within the Onshore Market (i.e. the CNY) may trade at a different rate compared to RMB which is traded within the Offshore Market Note 4 - Taxation The Company is subject to Luxembourg taxation. According to current Luxembourg law and practice, the Company is not liable for income tax in Luxembourg, and no withholding tax is due on the dividends paid by the Company. According to current Luxembourg law and practice, no capital gains tax is due on the capital gains realised in relation to the Company's assets. On 14 November 2014, the Ministry of Finance of the PRC, the State Administration of Taxation of the PRC and the CSRC issued "Caishui 2014 No. 81 – The Circular on Issues Relating to the Tax Policy of the Pilot Interconnected Mechanism for Trading on the Shanghai and Hong Kong Stock Markets", effective from 17 November 2014, pursuant to which Hong Kong market investors, both enterprises and individuals, investing in A Shares via Shanghai-Hong Kong Stock Connect are exempt from income tax on capital gains derived from the sales of A Shares traded in the Shanghai Stock Exchange. The Company must pay an annual

subscription tax in Luxembourg which is
subscription tax in Luxembourg which is calculated at a rate of 0.05% of the NAV of all its sub-funds. The rate of taxation is 0.01% for all Share Classes reserved for institutional investors. The aforesaid taxe d'abonnement is payable quarterly on the basis of the NAV of the sub-funds at the end of the quarter to which the tax relates. Sub-funds (i) whose Shares are listed or traded on at least one stock exchange or another regulated market operating regularly, recognised and open to the public; and (ii) whose exclusive object is to replicate the performance of one or more indices, are exempt from the taxe d’abonnement. If several Share Classes exist within a sub-fund, the exemption only applies to the share class fulfilling the condition (i) above. Without prejudice to additional or alternative criteria that may be determined by regulations, the index referred to under condition (ii) above must represent an adequate benchmark for the market to which it refers and must be published in an appropriate manner. Bank of China International (BOCI) Commerzbank, SICAV Notes to the Financial Statements as at December 31, 2016 (continued) Note 5 - Management Company The Company has appointed Commerz Funds Solutions S.A. to act as Management Company of the SICAV. Commerz Funds Solutions S.A. a société anonyme under Luxembourg law, has its registered office at 25, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg. The Management Company was established on June 5, 2008 in accordance with Chapter 15 of the 2010 Law as a “société de gestion”. On October 7, 2015 the Management Company ob

tained the license for the management of
tained the license for the management of certain alternative investment funds. The Management Company´s corporate objective is the establishment and management of (i) undertakings for collective investments in securities in accordance with the EU Directive 2009/65/EG in their respective valid version (“OGAW”), (ii) alternative investment funds (“AIF”) in accordance with the EU Directive 2011/61/EU in their respective valid version, and other undertakings for collective investments, which are not covered by the before mentioned directives. The Management Company complies with the requirements of the EU Directive 2009/65/EG as transposed into Luxembourg law by the Law of December 17, 2010 and with the EU Directive 2011/61/EU relating to manager for alternative investment funds as transposed into the Luxembourg law of 2013. The amended articles of association of the Management Company have been deposited with the Luxembourg Trade and Companies’ Register and were published in the Mémorial of October 19, 2015. The Management Company is listed in the Luxembourg Trade and Companies’ Register under number B 139.351. The issued capital of the Management Company as at December 31, 2016 is EUR 5,000,000.00. The Management Company may assign its tasks in part or in full to one or several third parties. The Management Company is a wholly owned subsidiary of Commerzbank AG. In addition to the Company, the Management Company, currently also manages all existing sub-funds under the ComStage as well as Commerzbank Aktientrend Deutschland, CBK € 12,5 Corporate Bond Fund, Commerzbank Rohstoff Strategie, GET Capita

l Quant Global Equity Fonds, Europe Sect
l Quant Global Equity Fonds, Europe SectorTrend UCITS ETF, CBK Wertsicherungsfonds plus, Europa One, Commerzbank Renten Protect 80, Dynamic Vario Protect, Garant Dynamic and all existing sub-funds of Anlagestruktur and CBK SICAV. The Management Company furthermore pursues the activities of collective portfolio management in the Federal Republic of Germany and manages the Commerzbank Stiftungsfonds, ComStage Vermögensstrategie UCITS ETF, ComStage Alpha Dividende Plus UCITS ETF and ComStage 1. The Management Company furthermore pursues the activities of collective portfolio management in the United Kingdom and manages all existing sub-funds of the Commerzbank CCBI Investment Funds ICVC. Note 6 - All-in fees This charge includes in particular the fees for the Management Company, the Investment Manager of the sub-funds, the Sub-Investment Manager of the sub-funds, the Custodian and Paying Agent, as well as the fees for the Registrar and Transfer Agent of the Company and the Administrator. The All-in fee is distributed by the Management Company and paid directly to the Custodian and/or the relevant service providers. The All-in fee is calculated on the basis of the average daily NAV of the share class of the relevant sub-fund and is payable in arrears on a monthly or quarterly basis. The regular costs of a sub-fund included in the All-in fee include the following: Expenses for regular legal and audit services in relation to day-to-day matters; the preparation and printing of the reports to the shareholders, the key investor information document and the Prospectus (including all adjustments and suppleme

nts), the annual reports and information
nts), the annual reports and information brochures, all fees and reasonable costs of the members of the Board of Directors; the ongoing registration fees and other costs charged by supervisory authorities in various jurisdictions; insurance and the costs of the publication of the indicative NAV per Share within an exchange day and the daily NAV per Share; as well as the costs and cash expenses incurred by the individual service providers. The following additional costs and expenses are also included in the All-in fee: all taxes and other tax-related expenses that may be imposed on the Company, e.g., if applicable, the annual Luxembourg tax (taxe d’abonnement) and/or the costs and commissions required for maintaining the listing of the Shares in a sub-fund on the relevant stock exchange or any other listing (“Ongoing Listing Costs”). The Company incurs other costs that are not included in the All-in fee and that may have to be paid by the Company out of the assets of the relevant share class or sub-fund (“Other Costs”). For instance, the following costs and expenses are not included in the All-in fee: – any value added tax or similar sales or service duties payable by the Company (“VAT”) (“Other Taxes and Duties”), – any ongoing index license fees (“Ongoing Index License Fees”) payable by the Company to the Management Company, – any translation fees, – all costs and expenses incurred in connection with the purchase and sale of securities or other assets of a sub-fund, e.g. brokerage commissions and commissions by correspondents in relation to the transfer of securities or other investments (“Transa

ction Costs”), – all costs and commissio
ction Costs”), – all costs and commissions incurred outside the regular business activity of a sub-fund (e.g. costs for legal advice in the event that a sub-fund enforces or defends a claim); Notes to the Financial Statements as at December 31, 2016 (continued) Note 6 - All-in fees (continued)The All-in-fee charged to a Share Class or sub-fund may not exceed 0.80% of the NAV of the relevant sub-fund per year. Sub-Fund Share Classes Current All-in fees Shanghai Stock Exchange 50 A Share Index UCITS ETF A (RMB) D 0.80% (EUR) D 0.80% Note 7 – Formation Expenses The Company shall bear the establishment expenses of setting up, including legal and other costs for drafting and printing of the prospectus, expenses for notarial deeds, costs relating to the initial filing of the Company with administrative and stock exchange authorities and any other cost relating to the incorporation and launching of the Company. The expenses related to the setting up of the Company will be amortised, in accordance with applicable accounting rules, over a period of three (3) years. Note 8 - Accrued expenses As at December 31, 2016, the caption “Accrued expenses” is detailed below:All-in fee 244,424.21CNH 244,424.21 The fees are included in the Statement of Net Assets. Note 9 - Other Expenses As at December 31, 2016 the caption “Other expenses” includes the License Fees. Note 10 - Transaction costs For the period ended December 31, 2016, the Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transfe

rable securities, money market instrumen
rable securities, money market instruments or other eligible assets.All these costs are included in the caption “Transaction costs”. Note 11 - Changes in the composition of the investment portfolio The report on changes in the composition of the Securities Portfolio for the sub-funds for the period ended December 31, 2016 is available upon request and free of charge at the Custodian Bank and registered office of the Company. Note 12 - Risk Management The global exposure of the sub-funds is determined by using the commitment approach. The expected total exposure of each sub-fund compared to its underlying index or strategy is a maximum of 110%. Bank of China International (BOCI) Commerzbank, SICAV For the purpose of the calculation of TER, all fees charged to the opened unit classes have been taken into account and are expressed in percentage of the average Net Asset Value. The TER is annualised for periods less than one year. Transaction costs are excluded from this calculation. Share Classes TERShanghai Stock Exchange 50 A Share Index UCITS ETF A (RMB) D 1.83%Shanghai Stock Exchange 50 A Share Index UCITS ETF A (EUR) D 1.71%The Portfolio Turnover Ratio (PTR), expressed as a percentage, reflects the volume of dealing in the Fund. It is equal to the total of purchases and sales of securities netted against the value of the subscriptions and redemptions, over the average net assets of the Fund for the year.Funds Shanghai Stock Exchange 50 A Share Index UCITS ETF 70.43% Bank of China International (BOCI) Commerzbank, SICAV Commerz Funds Solutions S.A. (hereinafter “CFS”) has adopted

the remuneration policy of its sole sha
the remuneration policy of its sole shareholder, Commerzbank AG, taking account of local and European requirements for UCITS and AIFMD regulations. The remuneration policy establishes the applicable ground rules for: Any kind of payment or other services from CFS to employees; Any payments made directly through the entity managed by CFS for the purpose of collective investment (hereinafter “UCI”) and payments made by itself, including performance-related remuneration; and Any transfer of share in the relevant UCI; in exchange for professional services rendered to CFS by employees. In order to guarantee a market rate total remuneration for CFS employees, this is made up of several components: the success of the company, voluntary occupational benefits and pensions. The above-mentioned remuneration components are determined by taking into account an appropriate and permissible relationship between variable and fixed market remuneration for the employees. In the financial year 2015 the total fixed remuneration for all employees of CFS amounted to EUR 802,000 (84.3%) and the variable component amounted to EUR 149,000 (15.7%). In general, no performance-related remuneration (Performance Fee) is paid to CFS employees. Further to Chapter 7 of the ESMA Guidelines on Remuneration Policy (Final Report of March 31, 2016), CFS applies the proportionality principle envisaged therein. As a consequence, CFS: does not have a remuneration committee; does not pay variable remuneration through AIF/UCITS instruments; and does not employ the “disbursement procedure” (i.e. blocking period, deferral and ex-post conside

ration of risk). The proportionality pri
ration of risk). The proportionality principle applied to remuneration is also applied to the nature and quantity of disclosed information. This means that CFS does not disclose neither information about the decision-making procedure upon which the remuneration policy is based, nor information relating to the composition and mandate of the remuneration committee, nor the names of external consultants whose services were procured to determine the remuneration policy, nor the role of concerned parties. Furthermore, no information is disclosed on (i) the relationship between variable remuneration and performance, (ii) criteria for assessment of performance and the risk adjustment on which it is based, (iii) the performance criteria on which the claim to variable remuneration is founded, and (iv) the main parameters and justification for any annual bonus regulations and other non-cash benefits. In addition, confidential quantitative aspects of remuneration are not subject to disclosure. Further information on the remuneration policy of the Management Company may be viewed on the internet at the URL http://www.am.commerzbank.de/News/EditorialList.aspx?c=34929. On request, a printed version will be provided free of charge. Bank of China International (BOCI) Commerzbank, SICAV Tracking Error as at December 31, 2016 (unaudited) Funds Tracking Error Shanghai Stock Exchange 50 A Share Index UCITS ETF 0.90% Société d’Investissement à Capital Variable R.C.S Luxembourg N° B 201.144 Commerzbank, SICAV ate of incorporation) No subscription can be received on the basis of financial re

ports. Subscriptions are only valid if m
ports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest available annual report and a copy of the latest available semi-annual report, if published thereafter. pwc Audit report To the Shareholders of Bank of China International (BOCI) Commerzbank, S1CAV Following our appointment by the General Meeting of the Shareholders, we have audited the accompanying financial statements of Bank Directors of the Company for the financial statements The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance Responsibility of the "R€yiseur d'entreprises agree" Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with "R€yiseur d'entreprises agree, including the assessment of the risks of material "R€yiseur d'entreprises agree considers internal control relevant to the entitys preparation and fair presentation of the financial Opinion In our opinion, the financial statements give a true and fair view of the financial position of Bank of China International (BOCI) PricewaterhouseCoopers, Societe cooperative, 2 rue Gerhard Mercator, B P 1443, L-1014 Luxembourg T +352 494848 1, F:+352 494848 2900, www.pwc lu C S. Luxembourg B 65 477 - WA LU25482518 _IL pwc Other information The Board of Directors of the Company is responsible for the other information. The other information comprises the information included