# Notes to financial statements as at 30 June 2022 (continued)
### Note 6 - Management fee and performance fee (continued) Calculation method
The calculation of the amount of the performance fee is based on a comparison between the performance of the Sub-Fund and that of a notional Sub-Fund that achieves the performance of its benchmark and has the same subscription and redemption pattern as the actual Sub-Fund.
The outperformance generated by the Sub-Fund on a given date is defined as the difference between the net assets of the Sub-Fund and the assets of the notional UCI on the same date.

### Provisioning
Each time the net asset value (NAV) is established, the performance fee is subject to a provision (of 15% the outperformance of the capitalised €STR
+ 300 basis points) if the Sub-Fund's performance exceeds that of the notional UCI over the observation period, or to a reversal of the provision limited to the existing allocation in case of underperformance.

### Catching up on underperformance and reference period
The reference period is the period during which the performance is measured and compared to that of the benchmark index and at the end of which it is possible to reset the compensation mechanism for the underperformance (or negative performance) passed.
This period is fixed at five years.

### Condition of positivity
A provision cannot be made and a fee can only be collected if the Sub-Fund's performance is strictly positive over the year (NAV greater than the NAV at the start of the year).

### Crystallisation
The crystallisation period, i.e. the frequency with which the accrued outperformance fee, if any, must be paid to the management company, is twelve months. The initial crystallisation period will end on the last day of the financial year ending on 31 December 2022.

### Observation period
The initial observation period will start with a duration of 12 months starting at the beginning of 2022. At the end of a crystallisation period, one of the following three situations may arise:
- The Sub-Fund posted an underperformance over the observation period. In this case, no provision is taken, and the observation period is extended by one year, up to a maximum of five years (reference period).
- The Sub-Fund posted an outperformance over the observation period but underperformed negatively over the year. In this case, no provision is taken, but a new observation period of twelve months shall begin.
- The Sub-Fund posted an outperformance over the observation period and a positive absolute performance over the financial year. In this case, the management company shall receive the provisioned fee (crystallisation) and a new observation period of twelve months shall begin.

In the event of redemptions during the period, the portion of the provision set aside corresponding to the number of shares redeemed will be definitively acquired and deducted by the Investment Manager.
As at 30 June 2022, the MANDARINE FUNDS - MANDARINE MULTI-ASSETS sub-fund has not paid any outperformance fee.
For the MANDARINE FUNDS - MANDARINE EUROPE MICROCAP sub-fund, the management fee and the performance fee by class are as follows:
|  | Management fee* | Outperformance fee |
| --- | --- | --- |
| Z category shares | Up to 1.95% p.a. | 20% of outperformance above the index (50% MSCI® Europe Microcap NR and 50% MSCI® Europe Microcap Ex UK NR ) |
| R category shares | Up to 1.95% p.a. |
| I category shares | Up to 1.00% p.a. |
| G category shares | Up to 1.00% p.a. |
| S category shares | Up to 1.40% p.a. |
| F category shares | Up to 1.10% p.a. |
| M category shares | Up to 0.75% p.a. |
| B1 category shares (GBP) | Up to 0.75% p.a. |
| B2 (GBPH) category shares | Up to 0.75% p.a. |
| R (USD) and R (USDH) category shares | Up to 1.95% p.a. |
| I (USD) and I (USDH) category shares | Up to 1.00% p.a. |
| MG category shares | Up to 1.00% p.a. | - |
| L category shares | Up to 1.00% p.a. | - |
| B3 category shares (GBP) | Up to 1.00% p.a. | - |
| B4 (GBPH) category shares | Up to 1.00% p.a. | - |

* The management fee is payable monthly and is based on the average net assets of the sub-fund during the month in question. The payment is due during the month following the end of the month in question.
Outperformance fee:
the outperformance fee corresponds to a variable charge and is contingent on the Sub-Fund achieving a positive performance over the financial year and outperforming its benchmark over the observation period.

Translation (ENFR, 2022-06-30):
# Notes aux états financiers au 30 juin 2022 (suite)
### Note 2 - Actions de la SICAV
Les actions de la SICAV sont des actions de capitalisation et de distribution. La SICAV peut émettre des actions des catégories suivantes :
MANDARINE FUNDS - MANDARINE UNIQUE SMALL & MID CAPS EUROPE
|  | Montant minimum de souscription initiale | Investisseur |
| --- | --- | --- |
| Actions de la catégorie Z | 50 EUR | réservées aux investisseurs particuliers, souscrivant directement auprès de la SICAV |
| Actions de la catégorie R, R (USD), R (d), R (CHFH) et R (USDH) | 50 EUR/USD/CHF | réservées aux investisseurs institutionnels |
| Actions de la catégorie F, F (d) et F (CHFH) | 50 EUR/USD/CHF | réservées à tout investisseur |
| Actions de la catégorie I, I (USD), I (USDH) et I (CHFH) | 500,000 EUR/USD/CHF | réservées aux investisseurs institutionnels |
| Actions de la catégorie G | 500,000 EUR | réservées aux investisseurs institutionnels de droit allemand et autrichien: personnes morales soumises aux règles fiscales et légales allemandes |
| Actions de la catégorie S | 250,000 EUR | réservées principalement aux investisseurs institutionnels espagnols et italiens |
| Actions de la catégorie M | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (d) | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (GBPd) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (GBP) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B1 (GBP) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B2 (GBPH) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B3 (GBP) | 1,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B4 (GBPH) | 1,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie MG | 1,000 EUR | réservées à Mandarine Gestion et aux entités de son groupe |

Pour les actions I (USDH), B2 (GBPH), B4 (GBPH), R (USDH), R (CHFH), F (CHFH) et I (CHFH) une couverture de change est mise en place qui a pour objectif de limiter respectivement l’impact de l’évolution du taux de change EUR/USD, EUR/GBP et EUR/CHF sur la performance et de couvrir au mieux le risque de change USD/EUR, GBP/EUR et CHF/EUR.
Au 30 juin 2022, seules des actions des catégories G, I, I (USDH), M, R, R (USDH), S, B3 (GBP), F, F (CHFH), I (CHFH), L, MG, R (CHFH), R USD et R (d) sont en circulation.