Dear members,

We are very optimistic for your Association this year with many projects waiting for the approval of our regulation authority in Luxembourg – CSSF. More to come!

We have finally changed IT system after 3 years of hard work… Haven't you noticed anything? This is rather good news as the most important changes lie behind the curtain. Did you encounter any delays and inaccuracies on AMFIE.NET? We apologise to our unlucky victims (42 out of 7,000 members) for the disarray our entire team swiftly tied up ever since. This system will allow us to automate more functions, reducing delays and improving responsiveness for our members. Furthermore, AMFIE will efficiently cope with the ever-growing memberships and deposits which this year represented respectively more than 400 accounts and 14% of additional assets...! Thank you for your confidence in our renewed ambitions and congratulations to our team who managed the trend while dealing with the IT change.

This year we would like to make some improvements to our by-laws regarding General Meeting attendance process as well as share capital access.

In 2020 health restrictions led us into holding a virtual General Meeting. Many of you have participated and enjoyed the more modern format though regretting the usual gather around... We are looking for hybrid solutions, but for the sake of precaution and simplicity for the greatest number, we believe it is necessary to add in our current by-laws the possibility to hold our General Meetings virtually in whole or in part as well.

Many of you applied for AMFIE shares last October during our annual sale; a strong mark of recognition for your team and Board's work as well as a sound investment in an equity whose fundamentals you know well...

Hence, if you allow us to do so, we would consider offering an additional number of shares at our annual sale should the demand exceeded the offer. In a time and amount-limited framework, the Association could issue securities which would then be offered to all members in proportion to their capital ownership and for the annual sale's price. This would deepen our capital base while preserving the diversity of our shareholding, the allocation always being made on our annual sales principle "smaller orders first".

We will have the opportunity to detail these changes in the invitation to the Extraordinary General Meeting we would like to hold in April (in "physical" and by correspondence in accordance with our current by-laws).

See you soon

Stéphane Argyropoulos
President of the Board of Directors