# SECURITIES PORTFOLIO ON 31/03/2022 IN EUR
### Bonds and similar securities

### Bonds and similar securities not negotiated on a regulated or assimilated market

### NETHERLANDS
| CHAIN FINANCE BV 7.75% 11-05-21 | EUR | 21,000,000 | 0.00 | 0.00 |
| --- | --- | --- | --- | --- |
| TENNOR FINANCE BV 5.75% 17-06-24 | EUR | 43,800,000 | 0.00 | 0.00 |
| TENNOR HOLDING BV 4.5% 17-01-22 | EUR | 36,908,739 | 27,208,753.30 | 45.64 |
| TOTAL NETHERLANDS |  |  | 27,208,753.30 | 45.64 |


### UNITED KINGDOM

### DOOBOO'S B-SPS CONVERTIBLE SUBORDINATED LOAN 15% 01/12/23

### USD	487,218.18	0.00	0.00

### TOTAL UNITED KINGDOM	0.00	0.00

### TOTAL Bonds and similar securities not negotiated on a regulated or assimilated market

### Listed bonds and similar securities CAYMAN ISLANDS

### 27,208,753.30	45.64
| ADS SECURITIES FUNDING LIMITED 6.5% 18-06-23 | USD | 5,550,000 | 4,784,272.53 | 8.03 |
| --- | --- | --- | --- | --- |
| TOTAL CAYMAN ISLANDS |  |  | 4,784,272.53 | 8.03 |
| ETHERLANDS CIVITAS PROPERTIES FINANCE B V 4.0% 24-11-22	EUR	28,000,000	1,764,000.00	2.96 |
| LA PERLA FASHION FINANCE BV 7.25% 29-03-23 | EUR | 32,000,000 | 2,168,768.00 | 3.63 |
| SWB FINANCE BV 7.0% 26-07-23 | EUR | 2,000,000 | 576,000.00 | 0.97 |
| TRENT PETROLEUM FINANCE BV 8.5% 05-12-23 | EUR | 33,700,000 | 0.00 | 0.00 |
| TOTAL NETHERLANDS |  |  | 4,508,768.00 | 7.56 |
| TOTAL Listed bonds and similar securities |  |  | 9,293,040.53 | 15.59 |
| TOTAL Bonds and similar securities |  |  | 36,501,793.83 | 61.23 |


### N

### Equities and similar securities

### Equities and similar securities not traded in a regulated market or equivalent

### NETHERLANDS
| AVATERA MEDICAL INVESTMENT | EUR | 17,664,061 | 30,501,470.32 | 51.16 |
| --- | --- | --- | --- | --- |
| TOTAL NETHERLANDS |  |  | 30,501,470.32 | 51.16 |


### TOTAL Equities and similar securities not traded in a regulated market or equivalent

### Listed equities and similar securities NETHERLANDS

### 30,501,470.32	51.16
| LA PERLA FASHION HOLDING NV | EUR | 6,000,000 | 5,309,232.00 | 8.90 |
| --- | --- | --- | --- | --- |
| TOTAL NETHERLANDS |  |  | 5,309,232.00 | 8.90 |
| TOTAL Listed equities and similar securities |  |  | 5,309,232.00 | 8.90 |
| TOTAL Equities and similar securities |  |  | 35,810,702.32 | 60.06 |
| Receivables |  |  | 34,511,297.80 | 57.89 |
| Debts |  |  | -48,244,760.24 | -80.92 |
| Financial accounts |  |  | 1,038,699.71 | 1.74 |
| Net assets |  |  | 59,617,733.42 | 100.00 |

H2O AM EUROPE
Management company authorised by the French Financial Markets Authority under number GP-19000011 Simplified joint stock company registered with the Paris RCS under number 843 082 538
39 avenue Pierre 1
er 
de Serbie - 75008 Paris - France

Translation (ENFR, 2022-03-31):
# PORTEFEUILLE TITRES DÉTAILLÉ AU 31/03/2022 EN EUR
| Désignation des valeurs | Devise | Qté Nbre ou nominal | Valeur actuelle | % Actif Net |
| --- | --- | --- | --- | --- |
| Actions et valeurs assimilées |  |  |  |  |
| Actions et valeurs assimilées négociées sur un marché réglementé ou assimilé |  |  |  |  |
| PAYS-BAS |  |  |  |  |
| LA PERLA FASHION HOLDING NV | EUR | 6 000 000 | 5 309 232,00 | 8,90 |
| TOTAL PAYS-BAS |  |  | 5 309 232,00 | 8,90 |


### TOTAL Actions et valeurs assimilées négociées sur un marché réglementé ou assimilé

### Actions et valeurs assimilées non négociées sur un marché réglementé ou assimilé

### PAYS-BAS

### 5 309 232,00	8,90
| AVATERA MEDICAL INVESTMENT | EUR | 17 664 061 | 30 501 470,32 | 51,16 |
| --- | --- | --- | --- | --- |
| TOTAL PAYS-BAS |  |  | 30 501 470,32 | 51,16 |


### TOTAL Actions et valeurs assimilées non négociées sur un marché réglementé ou assimilé

### 30 501 470,32	51,16

### TOTAL Actions et valeurs assimilées	35 810 702,32	60,06 Obligations et valeurs assimilées

### Obligations et valeurs assimilées négociées sur un marché
| ADS SECURITIES FUNDING LIMITED 6.5% 18-06-23 | USD | 5 550 000 | 4 784 272,53 | 8,03 |
| --- | --- | --- | --- | --- |
| TOTAL ILES CAIMANS |  |  | 4 784 272,53 | 8,03 |
| AYS-BAS CIVITAS PROPERTIES FINANCE B V 4.0% 24-11-22	EUR	28 000 000	1 764 000,00	2,96 |
| LA PERLA FASHION FINANCE BV 7.25% 29-03-23 | EUR | 32 000 000 | 2 168 768,00 | 3,63 |
| SWB FINANCE BV 7.0% 26-07-23 | EUR | 2 000 000 | 576 000,00 | 0,97 |
| TRENT PETROLEUM FINANCE BV 8.5% 05-12-23 | EUR | 33 700 000 | 0,00 | 0,00 |
| TOTAL PAYS-BAS |  |  | 4 508 768,00 | 7,56 |


### réglementé ou assimilé ILES CAIMANS

### P

### TOTAL Obligations et valeurs assimilées négociées sur un marché réglementé ou assimilé

### Obligations et valeurs assimilées non négociées sur un marché réglementé ou assimilé

### PAYS-BAS

### 9 293 040,53	15,59
| CHAIN FINANCE BV 7.75% 11-05-21 | EUR | 21 000 000 | 0,00 | 0,00 |
| --- | --- | --- | --- | --- |
| TENNOR FINANCE BV 5.75% 17-06-24 | EUR | 43 800 000 | 0,00 | 0,00 |
| TENNOR HOLDING BV 4.5% 17-01-22 | EUR | 36 908 739 | 27 208 753,30 | 45,64 |
| TOTAL PAYS-BAS |  |  | 27 208 753,30 | 45,64 |


### ROYAUME-UNI

### DOOBOO'S B-SPS CONVERTIBLE SUBORDINATED LOAN 15% 01/12/23

### USD	487 218,18	0,00	0,00

### TOTAL ROYAUME-UNI	0,00	0,00
| TOTAL Obligations et valeurs assimilées non négociées sur un marché réglementé ou assimilé | 27 208 753,30 | 45,64 |
| --- | --- | --- |
| TOTAL Obligations et valeurs assimilées | 36 501 793,83 | 61,23 |
| Créances | 34 511 297,80 | 57,89 |
| Dettes | -48 244 760,24 | -80,92 |
| Comptes financiers | 1 038 699,71 | 1,74 |
| Actif net | 59 617 733,42 | 100,00 |

H2O AM EUROPE
Société de gestion de portefeuille agréée par l’Autorité des Marchés Financiers sous le numéro GP-19000011 Société par actions simplifiée immatriculée au RCS de Paris sous le N° 843 082 538
39 avenue Pierre 1
er 
de Serbie - 75008 Paris - France