Blueorchard Microfinance Fund

BlueOrchard Microfinance Fund

Investment company with variable capital (SICAV) Part II Fund under Luxembourg Law of 17th December 2010 R.C.S. Luxembourg B66258

Unaudited semi-annual report as at 31st December 2018

Shares of the Company may not be publicly offered or sold in the United States of America or in any of its territories subject to its jurisdiction and may not be offered to or for the benefit of, or purchased by, U.S. Persons.

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

BlueOrchard Microfinance Fund

Contents

Organisation ...... 2 BlueOrchard Microfinance Fund ...... 3 Statement of net assets ...... 3 Statement of operations ...... 5 Statement of changes in net assets...... 6 Statistical information ...... 7 Statement of investments and other net assets ...... 8 Industrial and geographical classification of investments ...... 23 Notes to the financial statements ...... 25 Additional information ...... 45

1 BlueOrchard Microfinance Fund

Organisation

Registered Office 2, rue d'Alsace L-1122 LUXEMBOURG

Board of Directors

Chairman Frédéric BERNEY Senior Advisor Risk BLUEORCHARD FINANCE LTD

Members Maxime BLANQUET DU CHAYLA Independent Director

Jean-Yves MALDAGUE Managing Director CANDRIAM LUXEMBOURG S.C.A.

Michel VAREIKA Independent Director

External AIFM BLUEORCHARD ASSET MANAGEMENT (LUXEMBOURG) S.A. 1, rue Goethe L-1637 LUXEMBOURG

Portfolio manager BLUEORCHARD FINANCE LTD Seefeldstrasse 233 CH-8008 ZÜRICH

Share Class hedging manager CREDIT SUISSE ASSET MANAGEMENT (SWITZERLAND) AG Kalandergasse 4 CH-8045 ZÜRICH (since 1st October 2018)

CANDRIAM BELGIUM S.A. 58, avenue des Arts B-1000 BRUSSELS (until 30th September 2018)

Depositary and paying agent BANQUE DE LUXEMBOURG Société Anonyme 14, boulevard Royal L-2449 LUXEMBOURG

Administrative, domiciliary, EUROPEAN FUND ADMINISTRATION S.A. registrar and transfer agent 2, rue d'Alsace L-1122 LUXEMBOURG

Auditor PRICEWATERHOUSECOOPERS, Société coopérative 2, rue Gerhard Mercator L-2182 LUXEMBOURG

Legal adviser ALLEN & OVERY, Société en commandite simple 33, avenue John F. Kennedy L-1855 LUXEMBOURG

2 BlueOrchard Microfinance Fund

Statement of net assets (in USD) as at 31st December 2018

Assets Investments Securities portfolio at market value 214,135,032.71 Loans 1,565,036,553.43 1,779,171,586.14 Cash and cash equivalents Cash at banks 82,319,857.36 Cash collateral at banks 1,453,054.94 Other liquid assets 1,107,953.25 84,880,865.55 Receivables Receivable on loans 941,993.09 Income receivable on portfolio 953,372.33 Interest receivable on swap contracts 8,749.53 Interest receivable on bank accounts 839,138.73 Interest receivable on loans 24,604,794.03 Unrealised gain on swap contracts 38,175.56 Unrealised gain on forward foreign exchange contracts 14,688,383.16 Other receivables 143,484.80 Prepaid expenses 4,849.31 42,222,940.54

Total assets 1,906,275,392.23

Liabilities Payables Upfront fees, net 9,426,482.03 Payable on loans 1,889,857.85 Payable on redemptions of shares 717,340.00 Interest payable on swap contracts 7,593.06 Interest payable on bank overdrafts 41,202.01 Unrealised loss on futures contracts 624,454.69 Unrealised loss on forward foreign exchange contracts 124,686.34 Expenses payable 2,755,252.77 15,586,868.75 Borrowings Bank overdrafts 7,217.61 Redeemable cash collateral received 19,700,000.00 19,707,217.61 Other liabilities Dividends payable 35,521.56 Deferred income 3,125.00 38,646.56

Total liabilities 35,332,732.92

Total net assets at the end of the period 1,870,942,659.31

The accompanying notes are an integral part of these financial statements.

3 BlueOrchard Microfinance Fund

Statement of net assets (in USD) (continued) as at 31st December 2018

Breakdown of net assets per share class

Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in USD) class P - USD 2,633.281 USD 20,537.76 54,081,694.66 P - CHF (hedged) 3,693.410 CHF 13,095.57 49,078,969.30 P - EUR (hedged) 3,708.594 EUR 14,628.52 62,009,179.57 I - USD 4,755.377 USD 12,266.43 58,331,480.77 I - CHF (hedged) 18,712.964 CHF 11,131.06 211,359,779.47 I - EUR (hedged) 20,957.141 EUR 11,422.21 273,607,720.76 N - USD 6,273.677 USD 11,850.24 74,344,559.79 N - CHF (hedged) 12,680.603 CHF 10,774.56 138,638,112.89 N - EUR (hedged) 8,955.430 EUR 11,029.10 112,894,502.82 H - USD 19.685 USD 10,441.72 205,545.17 H - EUR (hedged) 142.770 EUR 10,166.94 1,659,103.22 H - SEK (hedged) 221,504.286 SEK 10,171.93 253,933,525.60 Andbank Microfinance - USD 15.000 USD 10,687.67 160,314.98 Andbank Microfinance - EUR (hedged) 99.612 EUR 9,609.55 1,094,109.50 D - USD 401,813.770 USD 110.55 44,419,988.88 D - CHF (hedged) 1,454,429.238 CHF 102.67 151,528,429.30 D - EUR (hedged) 1,222,859.679 EUR 103.85 145,150,510.28 D - GBP (hedged) 57,323.731 GBP 107.27 7,826,865.67 S - USD 16,677.216 USD 11,045.85 184,213,967.71 S - CHF (hedged) 4,415.026 CHF 10,355.47 46,392,358.43 S - EUR (hedged) 1.000 EUR 10,446.67 11,940.54 1,870,942,659.31

The accompanying notes are an integral part of these financial statements.

4 BlueOrchard Microfinance Fund

Statement of operations (in USD) from 1st July 2018 to 31st December 2018

Income Investment income Interest on bonds and other debt securities, net 2,199,953.40 Interest on loans, net 52,736,883.06 Interest on bank accounts 1,290,681.82 Interest on swap contracts 8,749.53 Upfront fees 1,862,750.47 58,099,018.28 Realised gain on investments - on investments 1,928,857.10 - on futures contracts 143,919.00 - on forward foreign exchange contracts 95,255,438.35 97,328,214.45 Appreciation of unrealised results on investments - on investments 1,689,528.32 - on futures contracts 437,890.63 - on swap contracts 38,175.56 - on forward foreign exchange contracts 19,366,384.39 21,531,978.90 Other income Other revenue 967,657.54 967,657.54

Total income 177,926,869.17

Expenses Investment advisory or management fees Management fees 12,010,657.09 12,010,657.09 Other expenses Depositary fees 374,708.88 Banking charges and other fees 72,826.89 Transaction fees 24,424.38 Central administration costs 178,022.17 Professional fees 35,622.88 Other administration costs 256,201.48 Bank interest paid 206,965.39 Interest paid on swap contracts 7,593.06 Other fees 117,787.50 1,274,152.63 Realised loss on investments - on investments 762,134.60 - on futures contracts 386,664.07 - on forward foreign exchange contracts 138,958,804.47 - on foreign exchange 99,857.46 140,207,460.60 Depreciation of unrealised results on investments - on investments 6,102,284.47 - on futures contracts 627,954.69 - on forward foreign exchange contracts 3,379,887.54 10,110,126.70

Total expenses 163,602,397.02

Net income 14,324,472.15

The accompanying notes are an integral part of these financial statements.

5 BlueOrchard Microfinance Fund

Statement of changes in net assets (in USD) from 1st July 2018 to 31st December 2018

Net income 14,324,472.15

Dividends paid -44,402.23

Subscriptions 249,797,279.51

Redemptions -83,004,502.29

Total changes in net assets 181,072,847.14

Total net assets at the beginning of the period 1,689,869,812.17

Total net assets at the end of the period 1,870,942,659.31

The accompanying notes are an integral part of these financial statements.

6 BlueOrchard Microfinance Fund

Statistical information (in USD) as at 31st December 2018

Total net assets Currency 30.06.2017 30.06.2018 31.12.2018 USD 1,019,630,499.87 1,689,869,812.17 1,870,942,659.31

Net asset value per share Currency 30.06.2017 30.06.2018 31.12.2018 P - USD USD 19,416.98 20,106.85 20,537.76 P - CHF (hedged) CHF 12,973.69 13,041.29 13,095.57 P - EUR (hedged) EUR 14,426.85 14,538.88 14,628.52 I - USD USD 11,483.37 11,969.24 12,266.43 I - CHF (hedged) CHF 10,911.11 11,048.09 11,131.06 I - EUR (hedged) EUR 11,148.33 11,314.47 11,422.21 N - USD USD 11,122.34 11,574.95 11,850.24 N - CHF (hedged) CHF 10,597.03 10,705.21 10,774.56 N - EUR (hedged) EUR 10,798.35 10,936.33 11,029.10 H - USD USD - 10,178.28 10,441.72 H - EUR (hedged) EUR - 10,060.49 10,166.94 H - SEK (hedged) SEK - 10,070.34 10,171.93 Andbank Microfinance - USD USD 10,272.98 10,673.60 10,687.67 Andbank Microfinance - EUR EUR 10,026.56 9,913.55 9,609.55 (hedged) D - USD USD 103.90 108.03 110.55 D - CHF (hedged) CHF 101.15 102.06 102.67 D - EUR (hedged) EUR 101.85 103.03 103.85 D - GBP (hedged) GBP 103.26 105.74 107.27 S - USD USD 10,302.07 10,767.22 11,045.85 S - CHF (hedged) CHF 10,120.55 10,267.81 10,355.47 S - EUR (hedged) EUR 10,157.01 10,336.16 10,446.67

Number of shares outstanding at the issued redeemed outstanding at the beginning of the end of the period period P - USD 2,656.895 62.174 -85.788 2,633.281 P - CHF (hedged) 3,666.697 282.069 -255.356 3,693.410 P - EUR (hedged) 3,694.053 146.328 -131.787 3,708.594 I - USD 4,589.816 165.561 - 4,755.377 I - CHF (hedged) 15,777.774 2,972.257 -37.067 18,712.964 I - EUR (hedged) 17,121.259 3,969.665 -133.783 20,957.141 N - USD 5,175.584 2,797.050 -1,698.957 6,273.677 N - CHF (hedged) 11,531.103 1,348.327 -198.827 12,680.603 N - EUR (hedged) 8,614.673 639.487 -298.730 8,955.430 H - USD 25.344 7.563 -13.222 19.685 H - EUR (hedged) 139.155 6.313 -2.698 142.770 H - SEK (hedged) 204,341.155 26,460.731 -9,297.600 221,504.286 Andbank Microfinance - USD 21.000 - -6.000 15.000 Andbank Microfinance - EUR 99.612 - - 99.612 (hedged) D - USD 323,747.775 119,241.289 -41,175.294 401,813.770 D - CHF (hedged) 1,158,647.479 348,768.384 -52,986.625 1,454,429.238 D - EUR (hedged) 1,213,437.474 134,247.304 -124,825.099 1,222,859.679 D - GBP (hedged) 49,404.846 8,574.925 -656.040 57,323.731 S - USD 17,537.812 249.850 -1,110.446 16,677.216 S - CHF (hedged) 4,415.026 - - 4,415.026 S - EUR (hedged) 1.000 - - 1.000

Dividends paid Currency Dividend per share Ex-dividend date Andbank Microfinance - USD USD 234.50 31.12.2018 Andbank Microfinance - EUR EUR 359.09 31.12.2018 (hedged)

The accompanying notes are an integral part of these financial statements.

7 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Investments in securities Transferable securities admitted to an official stock exchange listing Bonds Brazil USD 1,500,000 Banco do Nord do Brasil SA 4.375% Sen Reg S 1,512,975.00 1,500,052.50 0.08 12/03.05.19

Chile USD 4,000,000 Banco Del Estado De Chile 2.668% EMTN Sen Reg S 3,960,000.00 3,914,880.00 0.21 18/08.01.21 USD 2,600,000 Banco Del Estado De Chile 3.875% EMTN Sen Reg S 2,697,012.50 2,588,235.00 0.14 12/08.02.22 6,657,012.50 6,503,115.00 0.35 Colombia USD 4,000,000 Bancolombia SA 5.95% Sen 11/03.06.21 4,323,400.00 4,160,880.00 0.22

Hungary USD 2,300,000 Hungarian Development Bank Ltd 6.25% Reg S Sen 2,416,850.00 2,400,153.50 0.13 13/21.10.20

Indonesia USD 1,000,000 Bank Rakyat Indonesia (PT) Tbk 4.625% Sen Reg S 1,005,700.00 993,370.00 0.05 18/20.07.23

Kazakhstan USD 1,800,000 Dev Bk of Kazakhstan 4.125% Reg S Ser 6 12/10.12.22 1,848,210.00 1,752,489.00 0.09 USD 1,500,000 KazAgro National Mgt Hg JSC 4.625% Reg S Ser 1 1,523,906.25 1,440,277.50 0.08 13/24.05.23 3,372,116.25 3,192,766.50 0.17 Malaysia USD 200,000 AmBank (M) Bhd 3.125% EMTN 14/03.07.19 199,314.00 199,723.00 0.01 USD 3,700,000 RHB Bank Berhad 2.503% EMTN Ser 2 Sen Reg S 3,620,746.00 3,586,206.50 0.19 16/06.10.21 3,820,060.00 3,785,929.50 0.20 Mexico USD 3,500,000 Banco Nac Com Ex SNC KY Branch 4.375% Sen Reg S 3,568,670.00 3,352,860.00 0.18 15/14.10.25

Oman USD 500,000 Bank Muscat SAOG 4.875% EMTN Sen Reg S 18/14.03.23 504,083.33 486,367.50 0.03

Panama USD 500,000 Global Bank Corp 4.5% Sen Reg S 16/20.10.21 510,500.00 486,802.50 0.03

Peru USD 5,000,000 Corp Fin Desarrollo SA COFIDE 3.25% Sen Reg S 5,046,618.79 4,994,800.00 0.27 14/15.07.19

Philippines USD 500,000 BDO Unibank Inc 2.95% MTN Sen Reg S 17/06.03.23 501,750.00 474,495.00 0.03 USD 2,500,000 Dev Bk of the Philippines 5.5% Sen Reg S 11/25.03.21 2,698,958.33 2,598,925.00 0.14 3,200,708.33 3,073,420.00 0.17

The accompanying notes are an integral part of these financial statements.

8 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Poland USD 2,000,000 PKO Finance AB 4.63% LPN Sen Reg S 12/26.09.22 2,064,925.00 2,041,390.00 0.11

South Korea USD 6,600,000 Korea Development Bank 4.625% Sen 11/16.11.21 6,962,587.50 6,850,173.00 0.37 USD 2,000,000 Shinhan Bank Co Ltd 2.25% Reg S Sen Tr 8 15/15.04.20 1,961,000.00 1,973,590.00 0.11 USD 4,800,000 Shinhan Bank Co Ltd 2.875% MTN Sen Reg S 17/28.03.22 4,713,952.00 4,711,344.00 0.25 USD 200,000 Woori Bank 2.625% MTN Ser 95 Tr 1 Sen Reg S 194,300.00 195,689.00 0.01 16/20.07.21 13,831,839.50 13,730,796.00 0.74 Supranational USD 3,000,000 African Development Bank 1.125% Tr 39 Sen 16/20.09.19 2,947,200.00 2,969,010.00 0.16 USD 10,500,000 African Development Bank 1.875% Ser GDIC 628 Sen 10,424,330.00 10,408,125.00 0.56 17/16.03.20 USD 2,000,000 African Export-Import Bank 4% EMTN Ser 11 Sen 2,002,500.00 1,974,300.00 0.11 16/24.05.21 USD 1,000,000 African Export-Import Bank 5.8% EMTN 18/11.10.23 1,002,934.00 996,250.00 0.05 USD 7,500,000 Black Sea Trade Dev Bank 4.875% EMTN Reg S Sen 7,862,906.25 7,624,687.50 0.41 16/06.05.21 USD 4,600,000 Bq Ouest Africaine de Dev 5.5% Reg S Sen 16/06.05.21 4,882,061.46 4,693,817.00 0.25 USD 1,400,000 Corp Andina de Fomento 2.2% Sen 17/18.07.20 1,382,290.00 1,379,427.00 0.07 USD 2,000,000 Corp Andina de Fomento 4.375% Sen 12/15.06.22 2,093,313.33 2,071,960.00 0.11 USD 3,500,000 East&South Africa Trade&Dev Bk 5.375% EMTN Sen 3,601,325.00 3,478,090.00 0.19 17/14.03.22 36,198,860.04 35,595,666.50 1.91 Thailand USD 2,000,000 Bangkok Bank Hong Kong Plc 3.875% Sen Reg S 2,052,666.67 2,016,560.00 0.11 12/27.09.22 USD 3,100,000 Kasikornbank PCL (Hk) 2.375% EMTN Ser 4 Sen 2,987,833.35 2,977,736.00 0.16 16/06.04.22 USD 500,000 Krung Thai Bank PCL VAR EMTN Reg S Sub Ser 2 514,720.00 504,810.00 0.03 14/26.12.24 USD 4,000,000 Siam Commercial Bk (The) PCL 3.2% Reg S Sen 3,982,560.00 3,925,060.00 0.21 17/26.07.22 9,537,780.02 9,424,166.00 0.51 Total bonds 97,572,098.76 95,722,535.50 5.15 Transferable securities dealt in on another regulated market Bonds Peru USD 7,000,000 Banco Credito Peru Panama Br 5.375% Reg S Sen 7,438,943.75 7,221,235.00 0.39 10/16.09.20 USD 2,000,000 Fondo Mivivienda SA 3.5% Reg S Sen 13/31.01.23 1,986,800.00 1,924,580.00 0.10 Total bonds 9,425,743.75 9,145,815.00 0.49 Open-ended investment funds Investment funds (UCITS) Luxembourg USD 8,401.197 Amundi Fds Cash USD XU Cap 8,690,123.43 8,760,012.12 0.47 USD 12,287.922 Amundi Money Mkt Fd Short Term (USD) XV Cap 12,856,227.88 12,874,386.42 0.69 USD 499,641.291 BlueOrchard UCITS Em Mk SDG Impact Bd Fd BO Cap 50,001,992.79 50,039,075.29 2.68 USD 83,343.0348 BNP Paribas InstiCash USD I Cap 12,866,217.90 12,871,748.32 0.69 USD 31,441.444 Candriam Money Market USD I Cap 17,038,241.03 17,383,345.56 0.93 USD 473,425.911 LO Fds Short-Term Money Market USD N Cap 5,106,642.26 5,143,630.50 0.28 Total investment funds (UCITS) 106,559,445.29 107,072,198.21 5.74

The accompanying notes are an integral part of these financial statements.

9 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Investment funds (UCI) The Netherlands USD 4 Currency Exchange Fd (The) USD A 2,435,013.24 2,194,484.00 0.12 Total investment funds (UCI) 2,435,013.24 2,194,484.00 0.12 Total investments in securities 215,992,301.04 214,135,032.71 11.50 Loans Senior loans Albania USD 3,067,500 BESAL002LN01 Fondi Besa Sha 18/16.02.21 * 3,067,500.00 3,067,500.00 0.16 USD 3,067,500 BESAL002LN02 Fondi Besa Sha 18/15.03.21 * 3,067,500.00 3,067,500.00 0.16 USD 1,850,880 BESAL003LN01 Fondi Besa Sha 18/30.11.20 * 1,850,880.00 1,850,880.00 0.10 USD 1,137,400 BESAL005LN01 Fondi Besa Sha 18/29.10.21 * 1,137,400.00 1,137,400.00 0.06 USD 435,000 NOAAL015LN01 NOA 16/28.10.19 * 435,000.00 435,000.00 0.02 USD 1,180,900 NOAAL017LN01 NOA 17/21.12.20 * 1,180,900.00 1,180,900.00 0.06 10,739,180.00 10,739,180.00 0.56 Armenia USD 5,000,000 ARAAR005LN01 Araratbank VAR 13/29.07.21 5,000,000.00 5,000,000.00 0.27 USD 10,000,000 ARAAR006LN01 Araratbank OJSC 17/28.07.22 10,000,000.00 10,000,000.00 0.53 USD 5,000,000 ARAAR006LN02 Araratbank IFRS 17/28.09.22 5,000,000.00 5,000,000.00 0.27 USD 1,666,666.68 ARMAR004LN01 Armecono Bank OJSC VAR 16/21.10.19 1,666,666.68 1,666,666.68 0.09 USD 1,250,000 FINAR015LN01 FINCA Armenia UCO CJSC VAR 1,250,000.00 1,250,000.00 0.07 16/24.05.19 ** 22,916,666.68 22,916,666.68 1.23 Azerbaijan USD 46,666.5 FINCAZ007 FINCA Azerbaij Non-Bk Cred Org VAR 46,666.50 0.00 0.00 13/28.10.16

Belarus USD 3,396,600 BNBBE006LN01 Belarusky Narodny Bk VAR 17/29.06.20 * 3,396,600.00 3,396,600.00 0.18 USD 1,250,000 BNBBE007LN01 Belarusky Narodny Bk VAR 16/25.03.19 1,250,000.00 1,250,000.00 0.07 4,646,600.00 4,646,600.00 0.25 Bolivia USD 1,250,000 CREBO041LN01 Crecer VAR 17/19.06.19 ** 1,250,000.00 1,250,000.00 0.07 USD 500,000 CREBO041LN02 Crecer VAR 17/19.06.19 ** 500,000.00 500,000.00 0.03 USD 1,000,000 CREBO042LN01 Crecer VAR 17/28.06.19 ** 1,000,000.00 1,000,000.00 0.05 USD 500,000 IDEBO006LN01 Instit Desarrollo Uni Product VAR 500,000.00 500,000.00 0.03 16/13.05.19 ** USD 500,000 IDEBO006LN02 Instit Desarrollo Uni Product VAR 500,000.00 500,000.00 0.03 16/20.06.19 ** USD 300,000 IDEBO011LN01 Instit Desarrollo Uni Product VAR 300,000.00 300,000.00 0.02 16/19.09.19 ** USD 675,000 IDEBO011LN02 Instit Desarrollo Uni Product VAR 675,000.00 675,000.00 0.04 17/20.01.20 ** USD 1,000,000 SARTBO014LN01 Fundación Sartawi VAR 17/08.06.20 ** 1,000,000.00 1,000,000.00 0.05 5,725,000.00 5,725,000.00 0.32 Bosnia-Herzegovina USD 5,696,000 EKIBO019LN01 Microcredit Co EKI doo Sarajevo 5,696,000.00 5,696,000.00 0.30 18/23.08.21 * USD 2,104,800 MIKRO029LN01 Mikrofin DOO 17/09.03.20 * 2,104,800.00 2,104,800.00 0.11 7,800,800.00 7,800,800.00 0.41

* Loans linked to cross currency swaps (see note 13). Underlying loan denominated in local currency. ** Loans linked to interest rate swaps (see note 13). *** Loans linked to forward foreign exchange contracts (see note 11). Underlying loan denominated in local currency. **** Loans linked to forward foreign exchange contracts and cross currency swaps (see notes 11 and 13). Underlying loan denominated in local currency. The accompanying notes are an integral part of these financial statements.

10 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Botswana USD 10,000,000 LETBO008LN01 Letshego Financial Services 18/30.07.23 * 10,000,000.00 10,000,000.00 0.53

Cambodia USD 15,000,000 ACLED015LN01 ACLEDA Bank Plc VAR 16/28.12.20 15,000,000.00 15,000,000.00 0.80 USD 2,000,000 AMKCA020LN01 AMK VAR 16/28.01.19 ** 2,000,000.00 2,000,000.00 0.11 USD 2,000,000 AMKCA022LN01 AMK Microfin Istl Plc VAR 17/13.07.20 * 2,000,000.00 2,000,000.00 0.11 USD 3,000,000 AMKCA023LN01 AMK Microfin Istl Plc VAR 17/11.08.20 ** 3,000,000.00 3,000,000.00 0.16 USD 2,000,000 AMKCA024LN01 AMK Microfin Istl Plc VAR 17/13.07.20 ** 2,000,000.00 2,000,000.00 0.11 USD 2,000,000 AMKCA025LN01 AMK Microfin Istl Plc VAR 18/26.02.21 * 2,000,000.00 2,000,000.00 0.11 USD 3,000,000 AMKCA026LN01 AMK Microfin Istl Plc VAR 18/06.04.21 ** 3,000,000.00 3,000,000.00 0.16 USD 3,000,000 CREDIT013LN01 Kredit Microfinan Institut Plc 16/29.04.19 3,000,000.00 3,000,000.00 0.16 ** USD 2,250,000 CREDIT016LN01 Kredit Microfinan Institut Plc 17/22.06.20 2,250,000.00 2,250,000.00 0.12 ** USD 2,500,000 CREDIT017LN01 Kredit Microfinan Institut Plc 17/13.11.20 2,500,000.00 2,500,000.00 0.13 ** USD 2,000,000 CREDIT017LN02 Kredit Microfinan Institut Plc 17/11.12.20 2,000,000.00 2,000,000.00 0.11 ** USD 7,000,000 EMTCA030LN01 Amret Co 18/09.03.21 ** 7,000,000.00 7,000,000.00 0.37 USD 1,500,000 EMTCA031LN01 Amret Co 17/27.04.20 ** 1,500,000.00 1,500,000.00 0.08 USD 9,000,000 EMTCA032LN01 Amret Co 17/04.01.21 ** 9,000,000.00 9,000,000.00 0.48 USD 3,000,000 EMTCA035LN01 Amret Co 18/08.02.21 ** 3,000,000.00 3,000,000.00 0.16 USD 5,000,000 HKLCA024LN01 Hattha Kaksekar Ltd VAR 17/30.11.21 ** 5,000,000.00 5,000,000.00 0.27 USD 2,000,000 HKLCA030LN01 Hattha Kaksekar Ltd VAR 16/28.02.19 ** 2,000,000.00 2,000,000.00 0.11 USD 5,000,000 HKLCA031LN01 Hattha Kaksekar Ltd VAR 18/25.01.22 ** 5,000,000.00 5,000,000.00 0.27 USD 2,000,000 PRASA040LN01 PRASAC Microfinance institution ltd 2,000,000.00 2,000,000.00 0.11 16/28.02.19 * USD 3,000,000 PRASA044LN01 PRASAC Microfinance institution ltd 3,000,000.00 3,000,000.00 0.16 16/02.12.19 * USD 4,000,000 PRASA045LN01 PRASAC Microfinance institution ltd 4,000,000.00 4,000,000.00 0.21 16/15.12.19 ** USD 5,000,000 PRASA045LN02 PRASAC Microfinance institution ltd 5,000,000.00 5,000,000.00 0.27 16/16.12.19 ** USD 6,000,000 PRASA049LN01 PRASAC Microfinance institution ltd 6,000,000.00 6,000,000.00 0.32 17/24.05.20 ** USD 6,000,000 PRASA053LN01 PRASAC Microfinance institution ltd 6,000,000.00 6,000,000.00 0.32 17/14.09.20 ** USD 5,000,000 PRASA061LN01 PRASAC Microfinance Institution ltd 5,000,000.00 5,000,000.00 0.27 18/26.02.21 * USD 3,000,000 PRASA065LN01 PRASAC Microfinance Institution ltd 3,000,000.00 3,000,000.00 0.16 18/30.10.21 * USD 5,000,000 TPCCA016LN01 LOLC Cambodia VAR 17/26.06.20 ** 5,000,000.00 5,000,000.00 0.27 USD 10,000,000 TPCCA020LN01 LOLC Cambodia VAR 18/29.01.21 ** 10,000,000.00 10,000,000.00 0.53 USD 3,000,000 TPCCA024LN01 LOLC Cambodia VAR 18/28.09.21 3,000,000.00 3,000,000.00 0.16 USD 500,000 VFCCA016LN01 VisionFd (Cambodia) Ltd VAR 16/29.03.19 500,000.00 500,000.00 0.03 ** 123,750,000.00 123,750,000.00 6.63 Colombia USD 8,000,000 BAYCO001LN01 Bayport Colombia SAS 17/18.08.20 * 8,000,000.00 8,000,000.00 0.43 USD 4,000,000 BAYCO004LN01 Bayport Colombia SAS 17/18.08.20 * 4,000,000.00 4,000,000.00 0.21 USD 5,000,000 CREZCO025LN01 Crezcamos SA 08/14.06.22 * 5,000,000.00 5,000,000.00 0.27 17,000,000.00 17,000,000.00 0.91 Costa Rica USD 4,000,000 BIMCR006LN01 Banco Improsa SA VAR 16/26.04.19 4,000,000.00 4,000,000.00 0.21 USD 1,500,000 BIMCR008LN01 Banco Improsa SA VAR 16/11.06.19 1,500,000.00 1,500,000.00 0.08 USD 5,000,000 BIMCR010LN01 Banco Improsa SA VAR 16/28.08.20 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 BIMCR013LN01 Banco Improsa SA VAR 16/21.12.20 5,000,000.00 5,000,000.00 0.27

11 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 5,625,000 BIMCR016LN01 Banco Improsa SA VAR 17/21.06.21 5,625,000.00 5,625,000.00 0.30 USD 8,000,000 COOCR015LN01 Cooperativa Nacional Educad RL 8,000,000.00 8,000,000.00 0.43 17/20.07.19 * USD 7,000,000 COOCR022LN01 Cooperativa Nacional Educad RL 7,000,000.00 7,000,000.00 0.37 16/20.12.19 * USD 15,000,000 COOCR023LN01 Cooperativa Nacional Educad RL 15,000,000.00 15,000,000.00 0.80 18/11.05.21 * USD 1,000,000 DESYCR006LN01 Financiera Desyfin SA 17/25.03.19 1,000,000.00 1,000,000.00 0.05 USD 2,250,000 DESYCR010LN01 Financiera Desyfin SA 18/23.03.20 2,250,000.00 2,250,000.00 0.12 USD 10,000,000 LFICO001LN01 Banco Lafise S.A 18/21.12.22 10,000,000.00 10,000,000.00 0.53 USD 11,250,000 PROCR001LN01 Banco Promerica Costa Rica VAR 11,250,000.00 11,250,000.00 0.60 17/05.05.21 USD 10,000,000 PROCR003LN01 Banco Promerica Costa Rica VAR 10,000,000.00 10,000,000.00 0.53 18/04.05.22 85,625,000.00 85,625,000.00 4.56 Democratic Republic Of Congo USD 600,000 ADVDRC003LN01 Advans Banque Congo SA VAR 600,000.00 600,000.00 0.03 16/03.05.19 **

Dominican Republic USD 3,750,000 PRMDR001LN01 Banco Multiple Promerica R.Dom VAR 3,750,000.00 3,750,000.00 0.20 16/25.10.19 **

Ecuador USD 5,000,000 BSECU041LN01 Banco Solidario SA. 18/28.09.21 ** 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 BSOEC037LN01 Banco Solidario SA 17/25.05.21 ** 5,000,000.00 5,000,000.00 0.27 USD 2,700,000 BSOEC038LN01 Banco Solidario SA 16/29.04.19 ** 2,700,000.00 2,700,000.00 0.14 USD 2,500,000 BSOEC040LN01 Banco Solidario SA 16/25.11.20 ** 2,500,000.00 2,500,000.00 0.13 USD 2,500,000 BSOEC040LN02 Banco Solidario SA 17/25.11.20 ** 2,500,000.00 2,500,000.00 0.13 USD 1,523,697 DMIRO015RLN01 Banco D-Miro SA VAR 16/06.01.20 1,303,328.63 1,523,697.00 0.08 USD 423,249 DMIRO016RLN01 Banco D-Miro SA VAR 16/30.04.20 362,035.59 423,249.00 0.02 USD 423,249 DMIRO016RLN02 Banco D-Miro SA VAR 16/28.05.20 362,035.59 423,249.00 0.02 USD 846,498 DMIRO017RLN01 Banco D-Miro SA VAR 15/04.11.20 846,498.00 846,498.00 0.05 USD 423,249 DMIRO018RLN01 Banco D-Miro SA VAR 15/28.02.21 423,249.00 423,249.00 0.02 USD 423,249 DMIRO018RLN02 Banco D-Miro SA VAR 15/21.06.21 423,249.00 423,249.00 0.02 USD 921,997 DMIRO025RRLN01 Banco D-Miro SA VAR 16/08.06.20 788,650.95 921,997.00 0.05 USD 770,999 DMIRO025RRLN02 Banco D-Miro SA VAR 18/08.09.20 659,491.40 770,999.00 0.04 USD 230,000 DMIRO034LN01 Banco D-Miro SA VAR 18/17.01.20 184,000.00 230,000.00 0.01 USD 770,000 DMIRO034LN02 Banco D-Miro SA VAR 18/17.04.20 616,000.00 770,000.00 0.04 USD 1,000,000 DMIRO035LN01 Banco D-Miro SA VAR 18/17.04.21 800,000.00 1,000,000.00 0.05 USD 418,787 DMIRO036LN01 Banco D-Miro SA VAR 18/17.10.21 335,029.60 418,787.00 0.02 USD 750,000 FACEC004LN01 Fundacion Apoyo Com Ecu Soc VAR 750,000.00 750,000.00 0.04 17/31.03.20 ** USD 750,000 FACEC004LN02 Fundacion Apoyo Com Ecu Soc VAR 750,000.00 750,000.00 0.04 17/12.05.20 ** USD 1,000,000 FACEC007LN01 Fundacion Apoyo Com Ecu Soc VAR 1,000,000.00 1,000,000.00 0.05 17/21.08.20 ** USD 400,000 INSEC021LN01 Instituto Invest SocioEco Tec 17/30.08.19 400,000.00 400,000.00 0.02 ** USD 800,000 INSEC021LN02 Instituto Invest SocioEco Tec 17/30.08.19 800,000.00 800,000.00 0.04 ** USD 800,000 INSEC027LN01 Instituto Invest SocioEco Tec 17/30.10.19 800,000.00 800,000.00 0.04 ** USD 500,000 INSEC028LN01 Instituto Invest SocioEco Tec 18/28.10.19 500,000.00 500,000.00 0.03 ** USD 1,000,000 INSEC028LN02 Instituto Invest SocioEco Tec 18/28.10.19 1,000,000.00 1,000,000.00 0.05 ** USD 800,000 INSEC030LN01 Instituto Invest SocioEco Tec 18/28.02.20 800,000.00 800,000.00 0.04 **

12 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 200,000 INSEC030LN02 Instituto Invest SocioEco Tec 18/28.02.20 200,000.00 200,000.00 0.01 ** USD 30,000,000 INTEC001LN01 BANCO INTERNACIONAL S.A 18/10.12.23 30,000,000.00 30,000,000.00 1.60 USD 4,000,000 MUPEC006LN01 Asoc Mut Ahor Cre Viviend Pichincha 4,000,000.00 4,000,000.00 0.21 17/10.10.20 ** USD 2,000,000 MUPEC008LN01 Asoc Mut Ahor Cre Viviend Pichincha 2,000,000.00 2,000,000.00 0.11 18/28.04.20 ** USD 1,234,567.92 PDUEC003LN01 Banco de la Produccion SA 16/12.07.21 1,234,567.92 1,234,567.92 0.07 USD 1,234,567.92 PDUEC003LN02 Banco de la Produccion SA 16/12.07.21 1,234,567.92 1,234,567.92 0.07 USD 3,364,197.53 PDUEC003LN03 Banco de la Produccion SA 16/12.07.21 3,364,197.53 3,364,197.53 0.18 USD 5,000,000 PDUEC005LN01 Banco de la Produccion SA 17/31.08.22 5,000,000.00 5,000,000.00 0.27 USD 10,000,000 PDUEC008LN01 Banco de la Produccion SA 18/27.02.23 10,000,000.00 10,000,000.00 0.53 USD 1,777,777.8 SFEEC022LN01 Procred VAR 15/15.12.19 1,777,777.80 1,777,777.80 0.10 USD 250,000 VFEEC009LN01 Banco Vision Fd Ecuador SA VAR 250,000.00 250,000.00 0.01 17/29.11.19 ** USD 750,000 VFEEC009LN02 Banco Vision Fd Ecuador SA VAR 750,000.00 750,000.00 0.04 17/21.08.19 ** USD 1,000,000 VFEEC010LN01 Banco Vision Fd Ecuador SA VAR 1,000,000.00 1,000,000.00 0.05 17/20.12.19 ** USD 1,500,000 VISPA034LN01 Vision Banco SAECA VAR 18/29.05.22 ** 1,500,000.00 1,500,000.00 0.08 93,914,678.93 94,986,085.17 5.04 El Salvador USD 3,750,000 ATLSV001LN01 Banco Atlantida El Salvador SA 3,750,000.00 3,750,000.00 0.20 17/20.12.21 USD 10,000,000 ATLSV003LN01 Banco Atlantida El Salvador SA 10,000,000.00 10,000,000.00 0.53 18/26.01.22 USD 10,000,000 ATLSV006LN01 Banco Atlantida El Salvador SA 10,000,000.00 10,000,000.00 0.54 18/21.12.22 USD 1,000,000 CRESV002LN01 CREDICAMPO 18/21.03.22 ** 1,000,000.00 1,000,000.00 0.05 USD 500,000 ENLASV008LN01 ENLACE VAR 16/18.11.19 ** 500,000.00 500,000.00 0.03 USD 10,000,000 G&TSV001LN01 Banco G&T Continenta El Salvador SA 10,000,000.00 10,000,000.00 0.53 18/13.05.19 USD 10,000,000 G&TSV001LN02 Banco G&T Continenta El Salvador SA 10,000,000.00 10,000,000.00 0.53 18/07.06.19 USD 11,250,000 HIPSV002LN01 17/28.07.21 11,250,000.00 11,250,000.00 0.60 USD 1,000,000 OPTEL005LN01 Optima Servicios Financieros SA 1,000,000.00 1,000,000.00 0.05 18/18.09.20 ** USD 10,000,000 PROSV002LN01 Banco Promeric SA El Salavador 10,000,000.00 10,000,000.00 0.53 18/21.12.21 67,500,000.00 67,500,000.00 3.59 France EUR 10,000,000 MCCH001LN01 Microcred Baobab SAS 17/23.08.22 11,766,000.00 11,430,000.00 0.61 USD 11,482,000 MCCH001LN02 Microcred Baobab SAS 18/25.10.20 * 11,482,000.00 11,482,000.00 0.61 23,248,000.00 22,912,000.00 1.22 Georgia USD 10,000,000 BASGE001LN01 JSC BasisBank VAR 17/10.08.20 10,000,000.00 10,000,000.00 0.53 USD 10,000,000 BASGE002LN01 JSC BasisBank VAR 17/10.08.22 * 10,000,000.00 10,000,000.00 0.53 USD 10,000,000 BASGE003LN01 JSC Basisbank VAR 18/18.07.23 10,000,000.00 10,000,000.00 0.53 USD 5,000,000 CREGE012LN01 JSC Credo Bank 17/03.04.20 * 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 CREGE015LN01 JSC Credo Bank 17/15.06.20 * 5,000,000.00 5,000,000.00 0.27 USD 6,000,000 CREGE016LN01 JSC Credo Bank 18/10.08.21 * 6,000,000.00 6,000,000.00 0.32 USD 6,000,000 CREGE016LN02 JSC Credo Bank 18/15.08.21 * 6,000,000.00 6,000,000.00 0.32 USD 6,000,000 CREGE016LN03 JSC Credo Bank 18/11.10.21 * 6,000,000.00 6,000,000.00 0.32 USD 5,000,000 CRYGE008LN01 Micro Fin Org Crystal JSC 17/03.04.20 * 5,000,000.00 5,000,000.00 0.27 USD 3,000,000 CRYGE009LN01 Micro Fin Org Crystal JSC 18/25.05.21 * 3,000,000.00 3,000,000.00 0.16 USD 1,987,008.02 CRYGE010LN01 Micro Fin Org Crystal JSC 18/03.10.21 * 1,987,008.02 1,987,008.02 0.11 USD 2,862,985.69 GEFIN013LN01 JSC Finca Bank Georgia 17/13.05.19 * 2,862,987.00 2,862,985.69 0.15 USD 2,862,985.69 GEFIN013LN02 JSC Finca Bank Georgia 17/06.06.19 * 2,862,987.00 2,862,985.69 0.15

13 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 5,000,000 GEFIN017LN01 JSC Finca Bank Georgia 18/18.05.20 * 5,000,000.00 5,000,000.00 0.27 USD 500,000 GEOGE003LN01 JSC MFO Georgian Credit 17/09.09.19 ** 500,000.00 500,000.00 0.03 USD 1,000,000 GEOGE003LN02 JSC MFO Georgian credit 17/28.11.19 ** 1,000,000.00 1,000,000.00 0.05 USD 1,125,000 LAZGE005LN01 Lazika Capital VAR 17/08.05.20 ** 1,125,000.00 1,125,000.00 0.06 USD 1,000,000 LAZGE006LN01 Lazika Capital VAR 18/06.04.20 ** 1,000,000.00 1,000,000.00 0.05 USD 15,000,000 REPGE001LN01 Bank Republic VAR 16/30.08.21 15,000,000.00 15,000,000.00 0.80 USD 1,675,000 TBCGE001LN01 Joint Stock Company TBC Leasing 1,675,000.00 1,675,000.00 0.09 17/01.11.20 ** USD 1,675,000 TBCGE001LN02 Joint Stock Company TBC Leasing 1,675,000.00 1,675,000.00 0.09 17/04.12.20 ** 100,687,982.02 100,687,979.40 5.37 Ghana USD 250,000 ADVGH004LN01 Advans Ghana VAR 16/07.06.19 * 250,000.00 250,000.00 0.01 USD 1,500,000 ADVGH005LN01 Advans Ghana VAR 17/14.11.19 * 1,500,000.00 1,500,000.00 0.08 USD 1,259,446 ASAGH001LN01 ASA Savings and Loans Ltd VAR 1,259,446.00 1,259,446.00 0.07 16/19.02.19 * USD 316,455.71 ASAGH002LN01 ASA Savings and Loans Ltd VAR 316,455.71 316,455.71 0.02 16/28.06.19 * USD 3,500,000 BAYGH002LN01 Bayport Savings and Loans 18/20.07.23 * 3,500,000.00 3,500,000.00 0.19 6,825,901.71 6,825,901.71 0.37 Guatemala USD 3,333,333.34 ARRGT001LN01 Arrend VAR 16/19.10.20 ** 3,333,333.34 3,333,333.34 0.18 USD 562,500 FUNGU013LN01 Funda desar int progr socioeco VAR 562,500.00 562,500.00 0.03 17/29.05.20 ** USD 750,000 FUNGU013LN02 Funda desar int progr socioeco VAR 750,000.00 750,000.00 0.04 17/10.07.20 ** USD 8,000,000 PROGU001LN01 BANCO PROMERICA DE GUATEMALA 8,000,000.00 8,000,000.00 0.43 SA 17/16.10.20 USD 8,000,000 PROGU001LN02 BANCO PROMERICA DE GUATEMALA 8,000,000.00 8,000,000.00 0.43 17/16.10.20 USD 9,000,000 PROGU001LN03 BANCO PROMERICA DE GUATEMALA 9,000,000.00 9,000,000.00 0.48 17/16.10.20 29,645,833.34 29,645,833.34 1.59 Honduras USD 3,333,333 BFIHO001LN01 Banco Fin Comercial Hondurena VAR 3,333,333.00 3,333,333.00 0.18 17/20.04.20 USD 333,333.34 CREHO001LN01 Fondo De Desarr Local Honduras VAR 333,333.34 333,333.34 0.02 17/28.06.20 * USD 333,333.34 CREHO001LN02 Fondo De Desarr Local Honduras VAR 333,333.34 333,333.34 0.02 17/14.08.20 * USD 3,000,000 CREHO002LN01 Fondo De Desarr Local Honduras VAR 3,000,000.00 3,000,000.00 0.16 18/30.04.21 * USD 1,666,666.67 POPHO015LN01 Banco Popular S.A. in Honduras 1,666,666.67 1,666,666.67 0.09 18/23.04.21 * USD 3,000,000 POPHO015LN02 Banco Popular S.A. in Honduras 3,000,000.00 3,000,000.00 0.16 18/12.07.21 * 11,666,666.35 11,666,666.35 0.63 Hong Kong USD 12,055,818.44 MICHO005LN01 Microcred China Limited 17/13.11.19 * 12,055,818.44 12,055,818.44 0.64 USD 5,291,005.29 MICHO006LN01 MicroCred China Limited 18/22.01.20 * 5,291,005.29 5,291,005.29 0.28 17,346,823.73 17,346,823.73 0.92 Indonesia USD 1,764,705.9 IDSIN001LN01 PT INDOSURYA INTI FINANCE 1,764,705.90 1,764,705.90 0.09 18/15.06.20

14 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 4,588,235.31 IDSIN001LN02 PT INDOSURYA INTI FINANCE 4,588,235.31 4,588,235.31 0.25 18/15.06.20 USD 1,529,411.75 IDSIN001LN03 PT INDOSURYA INTI FINANCE 1,529,411.75 1,529,411.75 0.08 18/13.09.21 7,882,352.96 7,882,352.96 0.42 Ivory Coast USD 1,589,709.86 MCCIV005LN01 MicroCred Cote d'Ivoire VAR 16/28.05.19 1,589,709.86 1,589,709.86 0.09 ****

Jordan USD 680,000 FINJOR003LN01 Specialized Micro Loan Co VAR 680,000.00 680,000.00 0.04 17/11.03.19 ** USD 340,000 FINJOR003LN02 Specialized Micro Loan Co VAR 340,000.00 340,000.00 0.02 17/10.04.19 ** 1,020,000.00 1,020,000.00 0.06 Kazakhstan USD 750,000 ARNKZ008LN01 Arnur Credit VAR 17/15.04.19 * 750,000.00 750,000.00 0.04 USD 2,000,000 ARNKZ010LN01 Arnur Credit VAR 18/29.01.21 * 2,000,000.00 2,000,000.00 0.11 USD 1,500,000 ARNKZ012LN01 Arnur Credit VAR 17/24.05.19 * 1,500,000.00 1,500,000.00 0.08 USD 1,000,000 ARNKZ013LN01 Arnur Credit VAR 18/17.05.21 * 1,000,000.00 1,000,000.00 0.05 USD 2,500,000 KMFKA013LN01 KMF VAR 16/29.04.19 * 2,500,000.00 2,500,000.00 0.13 USD 2,500,000 KMFKA014LN01 KMF VAR 16/11.06.19 * 2,500,000.00 2,500,000.00 0.13 USD 1,500,000 KMFKA015LN01 KMF VAR 16/26.07.19 * 1,500,000.00 1,500,000.00 0.08 USD 3,750,000 KMFKA018LN01 KMF VAR 17/08.06.20 * 3,750,000.00 3,750,000.00 0.20 USD 6,000,000 KMFKA019LN01 KMF VAR 18/15.11.21 ** 6,000,000.00 6,000,000.00 0.32 21,500,000.00 21,500,000.00 1.14 Kenya USD 4,000,000 LETKE004LN01 Letshego Kenya Limited 18/22.08.22 4,000,000.00 4,000,000.00 0.21

Kirgyzstan USD 5,000,000 AIYKY002LN01 Aiyl Bank 18/16.05.22 5,000,000.00 5,000,000.00 0.27 USD 2,692,150 AIYKY003LN01 Aiyl bank 18/18.07.22 * 2,692,150.00 2,692,150.00 0.14 USD 2,341,000 AIYKY003LN02 Aiyl bank 18/15.08.22 * 2,341,000.00 2,341,000.00 0.13 USD 4,552,000 AIYKY004LN01 Aiyl Bank 18/20.12.22 * 4,552,000.00 4,552,000.00 0.24 USD 2,000,000 KOMKY020LN01 Kompanion Bank Closed JSC 17/13.11.20 2,000,000.00 2,000,000.00 0.11 ** 16,585,150.00 16,585,150.00 0.89 Mali USD 253,324.55 MICMAL001LN01 MicroCred Mali VAR 16/27.11.18 *** (1) 253,324.55 253,324.55 0.01

(1) Due to the local regulations borrower had limited access to foreign currency and therefore could not manage to repay the obligation on time. Situation stabilized and position was closed in January 2019.

Mexico USD 3,920,415.56 EQTMX001LN01 KMF Kazakhstan 18/28.11.21 * 3,920,415.56 3,920,415.56 0.21 USD 4,633,463.91 EXIMX001LN01 EXITUS CAPITAL 17/31.08.20 * 4,633,463.91 4,633,463.91 0.25 USD 9,820,230.75 EXIMX004LN01 EXITUS CAPITAL 18/09.02.21 * 9,820,230.75 9,820,230.75 0.53 USD 2,425,944.85 FLBMX003LN01 Financiera Labor Soc Fin de Obj Mul 2,425,944.85 2,425,944.85 0.13 18/11.05.21 * USD 14,000,000 MEGMX001LN01 Operadora de Serv Mega SA de CV FIN 14,000,000.00 14,000,000.00 0.75 18/23.05.22 USD 10,000,000 MEGMX002LN01 Operadora de Serv Mega SA de CV FIN 10,000,000.00 10,000,000.00 0.53 18/28.09.22 USD 1,668,453.02 PROGR014LN01 Financiamineto Progresemos 1,668,453.02 1,668,453.02 0.09 SOFOMENR 16/28.10.19 * * Loans linked to cross currency swaps (see note 13). Underlying loan denominated in local currency. ** Loans linked to interest rate swaps (see note 13). *** Loans linked to forward foreign exchange contracts (see note 11). Underlying loan denominated in local currency. **** Loans linked to forward foreign exchange contracts and cross currency swaps (see notes 11 and 13). Underlying loan denominated in local currency. The accompanying notes are an integral part of these financial statements.

15 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 8,493,225.09 PROGR015LN01 Financiamineto Progresemos 8,493,225.09 8,493,225.09 0.45 SOFOMENR 17/18.08.21 * USD 12,259,970.46 PROGR017LN01 Financiamineto Progresemos 12,259,970.46 12,259,970.46 0.66 SOFOMENR 18/18.12.23 * USD 8,595,008.38 PROGR018LN01 Financiamineto Progresemos 8,595,008.38 8,595,008.38 0.46 SOFOMENR 18/15.02.22 * USD 1,789,473.56 SICMX001LN01 Siempre Creciendo SA de CV 17/09.03.20 1,789,473.56 1,789,473.56 0.10 * 77,606,185.58 77,606,185.58 4.16 Moldova USD 595,570.2 MICMO008LN01 IMOMF Microinvest SRL 16/11.10.19 * 595,570.20 595,570.20 0.03 USD 893,355.3 MICMO008LN02 IMOMF Microinvest SRL 17/09.03.20 * 893,356.42 893,355.30 0.05 USD 1,176,500 MICMO010LN01 IMOMF Microinvest SRL 17/28.09.20 * 1,176,500.00 1,176,500.00 0.06 USD 1,176,500 MICMO010LN02 IMOMF Microinvest SRL 17/12.10.20 * 1,176,500.00 1,176,500.00 0.06 USD 1,226,540 MICMO011LN01 IMOMF Microinvest SRL 18/29.03.21 * 1,226,540.00 1,226,540.00 0.07 USD 1,226,540 MICMO011LN02 IMOMF Microinvest SRL 18/06.04.21 * 1,226,540.00 1,226,540.00 0.07 USD 1,128,286 MICMO014LN01 IMOMF Microinvest SRL 18/21.12.21 * 1,128,286.00 1,128,286.00 0.06 7,423,292.62 7,423,291.50 0.40 Mongolia USD 3,333,334 KHBAN017LN01 Khan Bank LLC VAR 16/20.05.19 ** 3,333,334.00 3,333,334.00 0.18 USD 20,000,000 KHBAN022LN01 Khan bank LLC VAR 17/24.08.20 20,000,000.00 20,000,000.00 1.07 USD 5,000,000 XACBA020LN01 XacBank LLC VAR 16/29.04.19 ** 5,000,000.00 5,000,000.00 0.27 USD 1,000,000 XACLE002LN01 Xac Leasing LLC VAR 17/15.03.19 ** 1,000,000.00 1,000,000.00 0.05 USD 2,500,000 XACLE003LN01 Xac Leasing LLC VAR 08/25.06.20 ** 2,500,000.00 2,500,000.00 0.13 USD 2,500,000 XACLE003LN02 Xac Leasing LLC VAR 18/22.08.20 ** 2,500,000.00 2,500,000.00 0.13 34,333,334.00 34,333,334.00 1.83 Montenegro USD 1,592,100 LOVMO002LN01 Lovcen Banka AD in Montenegro 1,592,100.00 1,592,100.00 0.09 16/02.12.19 *

Myanmar USD 1,500,000 LOMMY003LN01 lolc Myanmar Micro-Finance Co Ltd 1,500,000.00 1,500,000.00 0.08 17/22.06.20 * USD 3,000,000 PACMY002LN01 Pact Global Microfinance Fund 3,000,000.00 3,000,000.00 0.16 18/06.04.20 * USD 3,000,000 PACMY003LN01 Pact Global Microfinance Fund 3,000,000.00 3,000,000.00 0.16 18/06.04.20 * USD 5,357,914.01 PACMY004LN01 Pact Global Microfinance Fund 5,357,914.01 5,357,914.01 0.29 18/10.05.21 * USD 6,000,000 PACMY005LN01 Pact Global Microfinance Fund 6,000,000.00 6,000,000.00 0.32 18/04.10.22 ** USD 2,000,000 VFMYA003LN01 VisionFund Myanmar 18/06.04.21 * 2,000,000.00 2,000,000.00 0.11 USD 2,000,000 VFMYA004LN01 VisionFund Myanmar 18/11.04.21 * 2,000,000.00 2,000,000.00 0.11 22,857,914.01 22,857,914.01 1.23 Namibia USD 2,771,686.6 TRNAM002LN01 Trustco Finance VAR 16/03.09.19 **** 2,771,686.60 2,071,686.60 0.11

Nicaragua USD 10,000,000 BPCNI014LN01 Banco ProCredit SA 18/28.05.21 10,000,000.00 10,000,000.00 0.53 USD 900,000 FAMNI025LN01 FAMA Nicaragua VAR 15/04.03.19 ** 900,000.00 900,000.00 0.05 USD 1,500,000 FAMNI030LN01 VAR 16/15.06.20 ** 1,500,000.00 1,500,000.00 0.08 USD 2,700,000 FDLNI052LN01 Fondo De Desarrollo Local VAR 2,700,000.00 2,700,000.00 0.14 16/23.04.19 ** USD 7,500,000 FICONI003LN01 BANCO FICOHSA SA VAR 17/24.07.20 7,500,000.00 7,500,000.00 0.40 USD 666,666.67 FINNI008LN01 FINCA NICARAGUA VAR 17/28.02.20 ** 666,666.67 666,666.67 0.04

16 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 959,555.56 FUNDE012LN01 Financiera Fundeser SA VAR 16/29.04.19 959,555.56 709,555.56 0.04 ** USD 2,500,000 FUNDE015LN01 Financiera Fundeser SA VAR 17/20.07.19 2,500,000.00 2,250,000.00 0.12 ** USD 333,333.36 FUNDNI001LN01 Fundenuse VAR 16/27.09.19 ** 333,333.36 333,333.36 0.02 USD 166,666.68 FUNDNI003LN01 Fundenuse VAR 16/28.10.19 ** 166,666.68 166,666.68 0.01 USD 1,000,000 PROMUNI012LN01 Pro Mujer Nicaragua VAR 17/23.05.20 * 1,000,000.00 1,000,000.00 0.05 28,226,222.27 27,726,222.27 1.48 Nigeria USD 810,248.24 ABMFB004 AB Microfinance Bank Nigeria VAR 13/30.08.16 810,248.24 810,248.24 0.04 (2)

(2) AB Microfinance defaulted on loan ABMFB004 in 2016 due to the lack of access to USD on the Nigerian market resulting from regulatory and economic conditions in Nigeria. However, after stabilization of the situation in Nigeria, the principal and accrued interests have been repaid as of today. The remaining amount will be off-setted with the swap netting amounts, once discussions with investee related to the overdue interest will be finalized. A second loan (ABMNIG009) was successfully repaid in October 2018. The investment manager is closely monitoring the economic situation of the investee.

Pakistan USD 1,000,000.34 ASAPK007LN01 ASA Pakistan Ltd VAR 17/06.01.20 1,000,000.34 1,000,000.34 0.05 USD 3,500,000 ASAPK009LN01 ASA Pakistan Ltd VAR 18/01.04.20 3,500,000.00 3,500,000.00 0.19 USD 5,000,000 ASAPK010LN01 ASA Pakistan Ltd VAR 18/04.06.21 5,000,000.00 5,000,000.00 0.27 9,500,000.34 9,500,000.34 0.51 Panama USD 125,000 CFEPA008LN01 Centro Financ Empresar Panama VAR 125,000.00 125,000.00 0.01 16/21.03.19 ** USD 125,000 CFEPA008LN02 Centro Financ Empresar Panama VAR 125,000.00 125,000.00 0.01 16/18.04.19 ** USD 500,000 CFEPA011LN01 Centro Financ Empresar Panama VAR 500,000.00 500,000.00 0.03 16/25.07.19 ** USD 30,000,000 MONCR001LN01 GMG HOLDING SA. 18/28.09.22 30,000,000.00 30,000,000.00 1.60 USD 750,000 SICPA001LN01 Soc Incl Microem Centroam Cari 750,000.00 750,000.00 0.04 17/09.06.20 ** USD 666,666.68 SICPA001LN02 Soc Incl Microem Centroam Cari 666,666.68 666,666.68 0.04 17/14.07.20 ** USD 666,666.68 SICPA003LN01 Soc Incl Microem Centroam Cari 666,666.68 666,666.68 0.04 17/29.09.20 ** USD 1,500,000 SICPA004LN01 Soc Incl Microem Centroam Cari 1,500,000.00 1,500,000.00 0.08 08/14.06.19 34,333,333.36 34,333,333.36 1.85 Paraguay USD 7,000,000 BASPA001LN01 Banco Basa S.A 18/13.01.19 7,000,000.00 7,000,000.00 0.37 USD 5,000,000 CONPA016LN01 Banco Continental VAR 16/20.06.19 5,000,000.00 5,000,000.00 0.27 USD 10,000,000 CONPA017LN01 Banco Continental VAR 17/16.03.20 10,000,000.00 10,000,000.00 0.53 USD 2,142,858 VISPA026LN01 Vision Banco SAECA VAR 17/28.04.21 ** 2,142,858.00 2,142,858.00 0.12 USD 2,500,000 VISPA032LN01 Vision Banco SAECA VAR 17/28.06.21 ** 2,500,000.00 2,500,000.00 0.13 USD 4,000,000 VISPA033LN01 Vision Banco SAECA VAR 18/29.10.21 ** 4,000,000.00 4,000,000.00 0.21 30,642,858.00 30,642,858.00 1.63 Peru USD 6,000,000 ACCPE009LN01 Edpyme Acceso Crediticio SA 17/05.03.21 6,000,000.00 6,000,000.00 0.32 * USD 3,000,000 PACPE001LN01 Coopérativa de Ahorro Créd Pacifico 3,000,000.00 3,000,000.00 0.16 17/27.10.20 ** USD 3,000,000 PACPE001LN02 Coopérativa de Ahorro Créd Pacifico 3,000,000.00 3,000,000.00 0.16 17/27.11.20 ** USD 2,625,000 RAIZPE021LN01 Edpyme Raiz VAR 16/23.04.19 ** 2,625,000.00 2,625,000.00 0.14

17 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 3,750,000 RAIZPE023LN01 Edpyme Raiz VAR 16/25.07.19 * 3,750,000.00 3,750,000.00 0.20 USD 3,750,000 RAIZPE024LN01 Edpyme Raiz VAR 16/22.07.19 ** 3,750,000.00 3,750,000.00 0.20 USD 3,750,000 TFCPE001LN01 Financiera TFC SA VAR 16/23.12.19 ** 3,750,000.00 3,750,000.00 0.20 25,875,000.00 25,875,000.00 1.38 Poland USD 827,525.39 INIPO011LN01 Inicjatywa Mikro Sp Zoo 16/30.11.18 *** 827,525.39 423,053.90 0.02 USD 612,981.77 INIPO014LN01 Inicjatywa Mikro Sp Zoo 17/29.03.18 *** 612,981.77 313,373.26 0.02 USD 612,981.77 INIPO014LN02 Inicjatywa Mikro Sp Zoo 17/28.12.18 *** 612,981.77 313,373.26 0.02 USD 1,225,963.54 INIPO014LN03 Inicjatywa Mikro Sp Zoo 17/29.03.18 *** 1,225,963.54 626,746.52 0.03 USD 245,192.71 INIPO015LN01 Inicjatywa Mikro Sp Zoo 17/26.03.18 *** 245,192.71 125,349.30 0.01 USD 275,841.79 INIPO017LN01 Inicjatywa Mikro Sp Zoo 16/29.03.18 *** 275,841.79 141,017.96 0.01 USD 490,385.41 INIPO018LN01 Inicjatywa Mikro Sp Zoo 17/29.03.18 *** 490,385.41 250,698.60 0.01 USD 245,192.71 INIPO019LN01 Inicjatywa Mikro Sp Zoo 17/25.03.18 *** 245,192.71 125,349.30 0.01 4,536,065.09 2,318,962.10 0.13 Republic of Kosovo USD 442,280 AFKKO018LN01 Agency for Finance in Kosovo 16/04.11.19 442,280.00 442,280.00 0.02 * USD 1,179,100 AFKKO019LN01 Agency for Finance in Kosovo 18/21.05.21 1,179,100.00 1,179,100.00 0.06 * USD 1,142,500 AFKKO022LN01 Agency for Finance in Kosovo 18/21.12.21 1,142,500.00 1,142,500.00 0.06 * USD 1,710,750 FINKO011LN01 Finca Kosovo 17/22.07.19 * 1,710,750.00 1,710,750.00 0.09 USD 1,283,062.5 FINKO011LN02 Finca Kosovo 17/21.08.19 * 1,283,062.50 1,283,062.50 0.07 USD 354,110 KEPKO006LN02 Kep Trust 17/15.02.19 * 354,110.00 354,110.00 0.02 USD 2,331,200 KEPKO007LN01 Kep Trust 18/04.03.21 * 2,331,200.00 2,331,200.00 0.13 USD 2,331,200 KEPKO007LN02 Kep Trust 18/12.04.21 * 2,331,200.00 2,331,200.00 0.13 10,774,202.50 10,774,202.50 0.58 Romania USD 381,650 ROCRO005LN03 Rocredit IFN SA VAR 17/03.01.19 * 381,650.00 381,650.00 0.02 USD 5,159,700 ROCRO007LN01 S.C. RoCredit I.F.N. S.A. 18/23.03.20 * 5,159,700.00 5,159,700.00 0.28 5,541,350.00 5,541,350.00 0.30 Sri Lanka USD 375,000 BMPSL006LN01 Bimputh Finance Plc VAR 15/31.05.19 ** 375,000.00 375,000.00 0.02 USD 5,771,428.58 CLCLKA001LN01 Cial Leasing & Finance Plc VAR 5,771,428.58 5,771,428.58 0.31 16/15.12.20 USD 30,000,000 DFCSL001LN01 DFCC BANK PLC 17/24.11.22 30,000,000.00 30,000,000.00 1.60 USD 4,000,000 LOMCSL013LN01 LOLC Micro Credit Ltd VAR 16/09.12.19 4,000,000.00 4,000,000.00 0.21 ** USD 1,500,000 VFLSL006LN01 VisionFd Lanka Ltd VAR 17/13.07.20 ** 1,500,000.00 1,500,000.00 0.08 41,646,428.58 41,646,428.58 2.22 Tajikistan USD 499,546.9 ARVTA012LN01 Arvand 17/13.12.20 * 499,546.90 499,546.90 0.03 USD 751,670.46 ARVTA012LN02 Arvand 18/16.02.21 * 751,670.46 751,670.46 0.04 USD 499,716.71 ARVTA012LN03 Arvand 18/15.03.21 * 499,716.71 499,716.71 0.03 USD 298,456.26 ARVTA013LN01 Arvand 17/29.12.20 * 298,456.26 298,456.26 0.02 USD 198,970.84 ARVTA013LN02 Arvand 18/29.03.21 * 198,970.84 198,970.84 0.01 USD 1,000,000 HUMTA013LN01 MDO Humo CJSC VAR 18/18.02.20 * 1,000,000.00 1,000,000.00 0.05 USD 4,000,000 IMONT014LN01 CJSC MDO IMON INTERNATIONAL 4,000,000.00 4,000,000.00 0.21 17/13.10.20 * USD 6,000,000 IMONT014LN02 CJSC MDO IMON INTERNATIONAL 6,000,000.00 6,000,000.00 0.32 18/10.01.21 * 13,248,361.17 13,248,361.17 0.71

18 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Tanzania USD 7,407,407.41 BAYTZ001LN01 Bayport Financial Services Ltd 18/26.02.21 7,407,407.41 7,407,407.41 0.40 * USD 1,000,000 FINTZ008LN01 FINCA Tanzania MFC Ltd VAR 16/29.03.19 1,000,000.00 1,000,000.00 0.05 ** 8,407,407.41 8,407,407.41 0.45 Togo USD 30,000,000 ETITO001LN01 Ecobank Transnational Inc 18/30.08.23 30,000,000.00 30,000,000.00 1.60

Ukraine USD 5,803,000 MEGUK004LN01 MEGABANK PJSC 18/13.10.21 * 5,803,000.00 5,803,000.00 0.31

United States of America USD 850,000 FINUS002 FINCA Intl Inc VAR 14/15.05.19 850,000.00 850,000.00 0.05 USD 10,000,000 VISUS004LN01 VisionFundInternational VAR 16/30.12.19 10,000,000.00 10,000,000.00 0.54 10,850,000.00 10,850,000.00 0.59 Uzbekistan USD 10,000,000 HAMUZ004LN01 Hamkorbank JSC 17/13.12.20 * 10,000,000.00 10,000,000.00 0.53 USD 3,427,500 HAMUZ006LN01 Hamkorbank JSC 18/23.12.21 * 3,427,500.00 3,427,500.00 0.18 13,427,500.00 13,427,500.00 0.71 Total senior loans 1,116,472,826.40 1,113,744,459.41 59.49 Non convertible debentures India USD 5,657,041.92 ANNIN006LN01 Annapurna MicroFin Priv Ltd 18/29.05.20 * 5,657,041.92 5,657,041.92 0.30 USD 3,170,664.46 ANNIN009LN01 Annapurna MicroFin Priv Ltd 18/15.11.20 * 3,170,664.46 3,170,664.46 0.17 USD 3,896,882.49 AROIN002LN01 Arohan Fin Serv Private Ltd VAR 3,896,882.49 3,896,882.49 0.21 16/02.05.19 * USD 4,372,267.33 ASAIN001LN01 ASA Intl india Microfinance Ltd 17/27.12.20 4,372,267.33 4,372,267.33 0.23 * USD 2,624,671.92 ASAIN001LN02 ASA Intl india Microfinance Ltd 18/22.02.21 2,624,671.92 2,624,671.92 0.14 **** USD 4,948,268.11 ASDIN002LN01 Asirvad Microfinance Ltd VAR 16/20.05.19 4,948,268.11 4,948,268.11 0.26 * USD 4,201,819.88 AYEIN001LN01 Aye Finance Pvt Ltd VAR 17/16.06.20 * 4,201,819.88 4,201,819.88 0.23 USD 4,622,496.15 AYEIN004LN01 Aye Finance Pvt Ltd VAR 18/29.03.21 * 4,622,496.15 4,622,496.15 0.25 USD 4,907,306.43 AYEIN006LN01 Aye Finance Pvt Ltd VAR 18/31.10.20 * 4,907,306.43 4,907,306.43 0.26 USD 7,013,093.59 FUSIN005LN01 Fusion Microfinance Pvt Ltd VAR 7,013,093.59 7,013,093.59 0.38 16/30.08.19 * USD 4,950,087.32 FUSIN006LN01 Fusion Microfinance Pvt Ltd VAR 4,950,087.32 4,950,087.32 0.27 18/07.02.20 * USD 3,997,511.28 ISFCIN001LN01 Indian School Finance VAR 17/26.06.20 * 3,997,511.28 3,997,511.28 0.21 USD 999,250.94 ISFCIN001LN02 Indian School Finance VAR 17/26.07.20 * 999,250.94 999,250.94 0.05 USD 3,753,753.75 JAGIN003LN01 Jagaran Microfin Private Limited 3,753,753.75 3,753,753.75 0.20 18/04.11.20 * USD 4,940,558.9 KININ001LN01 Kinara Capital 18/25.02.21 * 4,940,558.90 4,940,558.90 0.26 USD 10,501,614.1 MUTIN002LN01 Muthoot Microfin Ltd VAR 16/28.10.19 * 10,501,614.10 10,501,614.10 0.56 USD 11,712,713.56 MUTIN004LN01 Muthoot Microfin Ltd VAR 17/23.09.20 * 11,712,713.56 11,712,713.56 0.63 USD 6,034,365.71 NEOIN002LN01 NeoGrowth Pvt Ltd VAR 16/29.09.19 * 6,034,365.71 6,034,365.71 0.32 USD 7,956,199.89 NEOIN003LN01 Thirumeni Finance Private Ltd VAR 7,956,199.89 7,956,199.89 0.43 17/07.08.20 * USD 1,913,091.01 PAHIN002LN01 Pahal Financial Serv Pvt Ltd 18/23.10.21 * 1,913,091.01 1,913,091.01 0.10 USD 3,006,614.55 SAIIN003LN01 Saija Finance Private Ltd VAR 16/29.04.19 * 3,006,614.55 3,006,614.55 0.16 USD 9,904,431.98 SATIN004LN01 Satin Creditcare Network Limited 9,904,431.98 9,904,431.98 0.53 17/08.10.20 *

19 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 14,144,065.33 SATIN005LN01 Satin Creditcare Network Limited 14,144,065.33 14,144,065.33 0.76 18/31.07.21 * USD 10,047,032.11 SONIN008LN01 Sonata Fin Pvt Ltd VAR 16/28.10.19 * 10,047,032.11 10,047,032.11 0.54 USD 4,369,356.25 SONIN010LN01 Sonata Fin Pvt Ltd VAR 18/30.06.20 * 4,369,356.25 4,369,356.25 0.23 USD 6,244,343.89 THIIN001LN01 Thirumeni Finance Private Ltd VAR 6,244,343.89 6,244,343.89 0.33 17/05.08.20 * Total non convertible debentures 149,889,502.85 149,889,502.85 8.01 Subordinated loans Albania USD 1,153,800 NOAAL018LN01 NOA 08/25.06.21 * 1,153,800.00 1,153,800.00 0.06

Cambodia USD 5,000,000 AMKCA029LN01 AMK Microfin Istl Plc VAR 08/15.06.23 ** 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 CEBCA019LN01 Sathapana Bank Plc 18/23.07.25 ** 5,000,000.00 5,000,000.00 0.27 USD 5,600,000 PRASA034LN01 PRASAC Microfinance institution ltd 5,600,000.00 5,600,000.00 0.30 16/15.06.22 ** USD 10,000,000 PRASA059LN01 PRASAC Microfinance Institution ltd 10,000,000.00 10,000,000.00 0.53 17/06.11.23 ** USD 5,000,000 TPCCA021LN01 LOLC Cambodia VAR 18/04.06.25 ** 5,000,000.00 5,000,000.00 0.27 USD 7,000,000 TPCCA025LN01 LOLC Cambodia VAR 18/22.08.25 ** 7,000,000.00 7,000,000.00 0.37 37,600,000.00 37,600,000.00 2.01 Ecuador USD 7,000,000 BANPI005LN01 Banco Pichincha CA VAR 16/30.01.23 7,000,000.00 7,000,000.00 0.37 USD 16,000,000 BANPI007LN01 Banco Pichincha CA VAR 16/22.12.23 16,000,000.00 16,000,000.00 0.86 USD 10,000,000 BANPI009LN01 Banco Pichincha CA VAR 17/29.07.24 10,000,000.00 10,000,000.00 0.53 USD 10,000,000 PDUEC004LN01 Banco de la Produccion SA 17/29.08.25 10,000,000.00 10,000,000.00 0.53 USD 10,000,000 PDUEC007LN01 Banco de la Produccion SA 18/27.02.26 10,000,000.00 10,000,000.00 0.53 USD 16,500,000 PDUEC009LN01 Banco de la Produccion SA 18/10.12.25 16,500,000.00 16,500,000.00 0.88 69,500,000.00 69,500,000.00 3.70 El Salvador USD 10,000,000 PROSV005LN01 Banco Promeric SA El Salavador 10,000,000.00 10,000,000.00 0.53 17/15.11.24

Georgia USD 1,873,922.49 CREGE017LN01 JSC Credo bank 18/11.12.25 * 1,873,922.49 1,873,922.49 0.10 USD 2,500,000 GEFIN014LN01 JSC Finca Bank Georgia 08/27.06.25 2,500,000.00 2,500,000.00 0.13 USD 2,500,000 GEFIN014LN02 JSC Finca Bank Georgia 18/15.11.25 2,500,000.00 2,500,000.00 0.13 USD 5,000,000 TBBGE002LN01 Joint Stock Company TBC Bank 5,000,000.00 5,000,000.00 0.27 18/14.12.25 ** USD 10,000,000 TBBGE005LN01 Joint Stock Company TBC Bank 10,000,000.00 10,000,000.00 0.53 18/14.12.25 ** USD 15,000,000 TBBGE006LN01 Joint Stock Company TBC Bank 15,000,000.00 15,000,000.00 0.80 18/14.12.28 ** 36,873,922.49 36,873,922.49 1.96 Guatemala USD 10,000,000 PRMGU002LN01 BANCO PROMERICA SA 17/28.07.25 10,000,000.00 10,000,000.00 0.53

Honduras USD 15,000,000 BFIHO002LN01 Banco Fin Comercial Hondurena VAR 15,000,000.00 15,000,000.00 0.80 17/13.05.24 USD 20,000,000 BFIHO003LN01 Banco Fin Comercial Hondurena VAR 20,000,000.00 20,000,000.00 1.07 17/30.09.24 USD 5,000,000 LAFHON001LN01 Banco Lafise Honduras S.A 18/28.12.22 5,000,000.00 5,000,000.00 0.27

20 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

USD 10,000,000 LAFHON002LN01 Banco Lafise Honduras S.A 18/28.12.26 10,000,000.00 10,000,000.00 0.54 USD 10,000,000 PROHO001LN01 Banco Promerica SA 17/18.12.26 10,000,000.00 10,000,000.00 0.53 60,000,000.00 60,000,000.00 3.21 Ivory Coast USD 3,801,468.68 MCCIV006LN01 MicroCred Cote d'Ivoire VAR 16/22.12.21 3,801,468.68 3,801,468.68 0.20 ****

Kenya USD 5,000,000 CHAKEN001LN01 Chase Bank (Kenya) Ltd VAR 5,000,000.00 0.00 0.00 16/17.03.23

Montenegro USD 2,473,400 LOVMO003LN01 Lovcen Banka AD in Montenegro 2,473,400.00 2,473,400.00 0.13 18/19.05.26 *

Nicaragua USD 10,000,000 BANNI001LN01 Banco de la Produccion SA VAR 10,000,000.00 10,000,000.00 0.54 16/07.12.26 ** USD 10,000,000 FICONI002LN01 BANCO FICOHSA SA VAR 17/26.07.24 10,000,000.00 6,500,000.00 0.35 20,000,000.00 16,500,000.00 0.89 Panama USD 5,000,000 LAFPA001LN01 Banco Lafise Panama S.A 18/21.12.22 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 LAFPA002LN01 Banco Lafise Panama S.A 18/21.12.27 5,000,000.00 5,000,000.00 0.27 10,000,000.00 10,000,000.00 0.54 Peru USD 5,000,000 BFIPE001LN01 Banco Financiero VAR 16/25.07.24 ** 5,000,000.00 5,000,000.00 0.27 USD 5,000,000 CMARE003LN01 Caja Mun Aho Créd Arequipa SA VAR 5,000,000.00 5,000,000.00 0.27 16/21.12.23 ** USD 5,000,000 CSULPE007LN01 Caja Municip de Aho y Cred Sull SA 5,000,000.00 5,000,000.00 0.27 18/28.04.25 * USD 5,000,000 CSULPE02LN01 Caja Mun Ahor Crédi Sullana SA VAR 5,000,000.00 5,000,000.00 0.27 16/17.05.23 ** USD 5,000,000 TFCPE003LN01 Financiera TFC SA VAR 16/27.12.23 ** 5,000,000.00 5,000,000.00 0.27 25,000,000.00 25,000,000.00 1.35 Tajikistan USD 5,000,000 ESKTA022LN01 BANK ESKHATA 17/10.10.23 ** 5,000,000.00 5,000,000.00 0.27 USD 1,000,000 HUMTA012LN01 MDO Humo CJSC VAR 17/06.06.23 ** 1,000,000.00 1,000,000.00 0.05 6,000,000.00 6,000,000.00 0.32 Total subordinated loans 297,402,591.17 288,902,591.17 15.43 Credit line facility Luxembourg USD 4,000,000 IIFLU001 Insuresilience I.F. VAR 18/28.09.19 4,000,000.00 4,000,000.00 0.21 USD 8,500,000 IIFLU002 Insuresilience I.F. VAR 18/21.10.19 8,500,000.00 8,500,000.00 0.46 Total credit line facility 12,500,000.00 12,500,000.00 0.67 Total loans 1,576,264,920.42 1,565,036,553.43 83.60

21 BlueOrchard Microfinance Fund

Statement of investments and other net assets (in USD) (continued) as at 31st December 2018

Currency Number / Description Cost Market value % of nominal value total net assets

Cash at banks Term deposits EUR 3,000,000.00 Armeconom Bank OJSC 2.0000% 30.11.2019 3,416,100.00 3,429,000.00 0.18 USD 5,000,000.00 Armeconom Bank OJSC 4.5000% 14.12.2019 5,000,000.00 5,000,000.00 0.27 USD 3,000,000.00 Armeconom Bank OJSC 4.0000% 14.11.2019 3,000,000.00 3,000,000.00 0.16 USD 20,000,000.00 National Developemnt Bank Plc 4.4650% 28.09.2019 20,000,000.00 20,000,000.00 1.07 USD 10,000,000.00 National Developemnt Bank Plc 4.5000% 28.06.2019 10,000,000.00 10,000,000.00 0.54 USD 10,000,000.00 Prokred Banka AD Beograd 2.9490% 29.11.2019 10,000,000.00 10,000,000.00 0.54 USD 8,000,000.00 TBC Bank JSC 3.5000% 17.01.2019 8,000,000.00 8,000,000.00 0.43 USD 12,000,000.00 TBC Bank JSC 3.6000% 31.07.2019 12,000,000.00 12,000,000.00 0.64 Total term deposits 71,416,100.00 71,429,000.00 3.83 Current accounts at bank 10,887,159.47 10,890,857.36 0.57 Total cash at banks 82,303,259.47 82,319,857.36 4.40 Bank overdrafts -7,217.61 0.00 Other net assets/(liabilities) 9,458,433.42 0.50 Total 1,870,942,659.31 100.00

The accompanying notes are an integral part of these financial statements.

22 BlueOrchard Microfinance Fund

Industrial and geographical classification of investments as at 31st December 2018

Industrial classification (in percentage of net assets)

Financials 48.56 % Microfinance 37.36 % Investment funds 7.27 % International institutions 1.91 % Total 95.10 %

Geographical classification (in percentage of net assets)

Ecuador 8.74 % Cambodia 8.64 % India 8.01 % Georgia 7.33 % Luxembourg 6.41 % Costa Rica 4.56 % Mexico 4.34 % El Salvador 4.12 % Honduras 3.84 % Peru 3.49 % Panama 2.42 % Nicaragua 2.37 % Sri Lanka 2.22 % Guatemala 2.12 % Supranational 1.91 % Mongolia 1.83 % Paraguay 1.63 % Togo 1.60 % Kazakhstan 1.31 % Armenia 1.23 % Myanmar 1.23 % France 1.22 % Colombia 1.13 % Tajikistan 1.03 % Hong Kong 0.92 % Kirgyzstan 0.89 % South Korea 0.74 % Uzbekistan 0.71 % Albania 0.62 % United States of America 0.59 % Republic of Kosovo 0.58 % Botswana 0.53 % Thailand 0.51 % Pakistan 0.51 % Indonesia 0.47 % Tanzania 0.45 %

23 BlueOrchard Microfinance Fund

Industrial and geographical classification of investments (continued) as at 31st December 2018

Bosnia-Herzegovina 0.41 % Moldova 0.40 % Ghana 0.37 % Chile 0.35 % Bolivia 0.32 % Ukraine 0.31 % Romania 0.30 % Ivory Coast 0.29 % Belarus 0.25 % Poland 0.24 % Montenegro 0.22 % Kenya 0.21 % Dominican Republic 0.20 % Malaysia 0.20 % Philippines 0.17 % Hungary 0.13 % The Netherlands 0.12 % Namibia 0.11 % Brazil 0.08 % Jordan 0.06 % Nigeria 0.04 % Oman 0.03 % Democratic Republic Of Congo 0.03 % Mali 0.01 % Total 95.10 %

24 BlueOrchard Microfinance Fund

Notes to the financial statements as at 31st December 2018

Note 1 - General information

BlueOrchard Microfinance Fund (hereinafter referred to as the "Company" or the "Fund") was incorporated in the Grand Duchy of Luxembourg on 18th September 1998 for an unlimited period, in the form of a public limited liability company ("société anonyme"). The Company is an umbrella fund qualifying as an open-ended collective investment scheme with variable capital ("société d’investissement à capital variable" ("SICAV")). The Company is governed by the provisions of part II of the Luxembourg Law of 17th December 2010 on Undertakings for Collective Investments, as amended.

The Company qualifies as an Alternative Investment Fund ("AIF") under the Law of 12th July 2013, as amended (the "2013 Law"), on Alternative Investment Fund Managers ("AIFM") implementing Directive 2011/61/EU of the European Parliament and of the Council of 8th June 2011 on Alternative Investment Fund Managers.

The Company has appointed BlueOrchard Asset Management (Luxembourg) S.A., a public limited company, as External AIFM governed by the 2013 Law.

Copies of the Articles, the current Prospectus, the latest financial reports, semi-annual reports and accounts may be obtained free of charge during office hours at the registered office of the Company.

Copies of material contracts the Company has entered into are available for inspection during business hours at the registered office of the Company.

Note 2 - Principal accounting policies a) Presentation of the financial statements

The financial statements of the Company are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment and with generally accepted accounting principles in Luxembourg.

The accounts and the financial statements of the Company are expressed in USD and correspond to the financial statements of the sole Sub-Fund open. b) Valuation of assets

The NAV is calculated on the basis of the value of the underlying investments of the Company determined as follows:

1) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as the External AIFM may consider appropriate in such case to reflect the true value thereof.

2) The value of securities and money market instruments or derivatives which are listed on an official stock exchange or dealt in on any other Regulated Market is based on the last available price on the stock exchange which is normally the principal market for such assets. If such prices are not representative of the fair value, such securities, money market instruments or derivatives as well as other permitted assets may be valued at a fair value at which it is expected that they may be resold, as determined in good faith by and under the direction of the External AIFM.

3) Debt instruments not listed or dealt in on any stock exchange or any other Regulated Market are valued at the outstanding face value; such value is adjusted, if appropriate, to reflect the appraisal of the External AIFM on the creditworthiness of the relevant debt instrument. The External AIFM uses its best endeavours to continually assess this method of valuation and recommend changes, where necessary, to ensure that debt instruments are valued at their fair value, deemed to be the net present value calculated on the basis of the relevant interest rate market conditions applicable to the currency in which the relevant debt instrument is denominated taking into consideration any applied interest rate and currency hedging mechanism, as determined in good faith by the External AIFM. If the External AIFM believes that a deviation from this method of valuation may result in material dilution or other unfair results to Shareholders, the External AIFM takes such corrective action, if any, as it deems appropriate to eliminate or reduce, to the extent reasonably practicable, the dilution or unfair results.

4) The amortized cost method of valuation for short-term transferable debt securities in certain Sub-Funds of the Company may be used. This method involves valuing a security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium regardless of the impact of fluctuating interest rates on the

25 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

market value of the security. While this method provides a systematic approach to valuation, it may result during certain periods in values which are higher or lower than the price which the Sub-Fund would receive if it sold the securities. For certain short term transferable debt securities, the yield to a Shareholder may differ somewhat from that which could be obtained from a similar Sub-Fund which marks its portfolio securities to market each day.

5) The value of shares/units in investment funds is based on the latest available valuation. Generally, shares/units in investment funds are valued in accordance with the methods provided by the instruments governing such investment funds. These valuations are normally provided by the investment fund administrator or valuation agent of an investment fund. To ensure consistency within the valuation of each Sub-Fund, if the time at which the valuation of an investment fund was calculated does not coincide with the valuation time of any Sub-Fund, and such valuation is determined to have changed materially since it was calculated, then the NAV may be adjusted to reflect the change as determined in good faith by and under the direction of the External AIFM.

6) The valuation of swaps are based on their value when initially transacted unless a deterioration in the asset related to the swap requires an unwind of such swap, in which case it is valued at market value, which itself depends on various factors (e.g. level and volatility of the underlying asset, market interest rates, residual term of the swap). Any adjustments required as a result of issues and redemptions are carried out by means of an increase or decrease in the nominal of the swaps, traded at their market value.

7) Open futures contracts are valued at the last settlement or close price on the stock exchanges or regulated markets.

8) The valuation of derivatives traded over-the-counter (OTC), such as forward or option contracts not traded on exchanges or on other recognized markets, are based on their net liquidating value determined, pursuant to the policies established by the External AIFM in a consistent manner for each category of contracts. The net liquidating value of a derivative position is to be understood as being equal to the net unrealized profit/loss with respect to the relevant position.

9) The value of all other assets is determined prudently and in good faith by and under the direction of the External AIFM in accordance with the relevant valuation principles and procedures.

10) In the event that, for any assets, the price as determined pursuant to subparagraph 2) or 3) is not representative of the fair market value of the relevant assets, the value of such assets are based on the reasonably foreseeable sales price determined prudently and in good faith by the external AIFM of the Company.

The External AIFM, in its discretion, may permit the use of other methods of valuation if it considers that such valuation reflects the value of any asset of the Company more accurately.

Impaired and/or previously impaired positions as of 31st December 2018 are as follows:

Outstanding Residual Residual Instrument Provisions Principal Exposure Position Position (in % of (in USD) (in USD) (in USD) NAV) FINCAZ007 FINCA Azerbaij Non- Bk Cred Org VAR 13/28.10.16 46,666.50 46,666.50 0.00 0.00 CHAKEN001LN01 Chase Bank (Kenya) Ltd VAR 16/17.03.23 5,000,000.00 5,000,000.00 0.00 0.00 FUNDE012LN01 Financiera Fundeser SA VAR 16/29.04.19 959,555.56 250,000.00 709,555.56 0.04 FUNDE015LN01 Financiera Fundeser SA VAR 17/20.07.19 2,500,000.00 250,000.00 2,250,000.00 0.12 FICONI002LN01 BANCO FICOHSA SA VAR 17/26.07.24 10,000,000.00 3,500,000.00 6,500,000.00 0.35

Inicjatiwa Mikro SP.Z.O.O 4,536,065.09 2,217,102.99 2,318,962.10 0.12 TRNAM002LN01 Trustco Finance VAR 16/03.09.19 2,771,686.60 700,000.00 2,071,686.60 0.11

26 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

 Chase: Chase bank has defaulted following a fraud case in Kenya in April 2016. During the course of the financial year, provision were increased to 100%. The complete absence of information about the situation of the bank has increased the likelihood of a severe restructuring including potential losses.  Finca Azerbaijan: This position is fully provisioned and some residual payments are being received throughout the year.  Inicjatiwa Mikro SP.Z.O.O and lenders executed Wind Down Agreement effective since 5th July 2018 based on which borrower makes a regular repayment. As of 31st December 2018 obligation of the borrower toward the fund was PLN 17,032,470.81. Considering the FX forward in place position was valued at 51.12%.  Deteriorating political and economical circumstances in Nicaragua affected the financial perfromance of the borrower. Following the decision of the valuation committee dated 2nd August 2018, a provision of USD 250,000 for the loan FUNDE012LN01 Financiera Fundeser SA VAR 16/29.04.19 and a provision of USD 250,000 for the loan FUNDE015LN01 Financiera Fundeser SA VAR 17/20.07.19 were recorded. There is an ongoing negotiation with group of lenders to execute the rescheduling agreement. Such contract is anticipated to be effective since the first quarter of 2019.  Political and economical stance in Nicaragua lead the valuation committee based on the decisions dated 2nd October 2018, to introduce a provision of USD 3.5 million for the loan FICONI002LN01 BANCO FICOHSA SA VAR 17/26.07.24.  Trustco Finance: Client defaulted to meet its contractual obligations toward the fund. Based on the committee decisions valuation of the position was set at 74.44% taking into account the combination of non deliverable cross currency swap and FX Forward. c) Acquisition cost of investments

The acquisition cost of investments held by the Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Realised gain/(loss) on investments

The realised gains and losses on investments are calculated on the basis of the average acquisition cost and are disclosed in the statement of operations. e) Investment portfolio income

Interest income accrued and payable are disclosed, net of any withholding tax. f) Realised/unrealised results on forward foreign exchange contracts and futures contracts

Unrealised gains and losses are disclosed in the statement of net assets. Realised gains and losses, appreciation and depreciation of unrealised results are disclosed in the statement of operations. g) Formation and launching expenses of additional Sub-Funds

The costs and expenses incurred in connection with the creation of a new Sub-Fund shall be written off over a period not exceeding five years against the assets of such Sub-Fund only and in such amounts each year as determined by the Board of Directors on an equitable basis. h) Conversion of foreign currencies

Cash at banks, other net assets and liabilities and the market value of the investments in portfolio expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Foreign exchange gains or losses are disclosed in the statement of operations.

1 USD = 0.9855000 CHF Swiss Franc 0.8748906 EUR Euro 0.7856077 GBP Pound Sterling 69.5899987 INR Indian Rupee 19.6945001 MXN Mexican Peso 3.7581000 PLN Polish Zloty 8.8729000 SEK Swedish Krona

27 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

i) Transaction fees

Transaction costs disclosed under the item "Transaction fees" in the expenses of the statement of operations are mainly composed of broker fees incurred by the Company and of fees relating to liquidation of transactions paid to the depositary as well as of transaction fees on financial instruments and derivatives.

Note 3 - Management fees

In consideration of the external AIFM services rendered to the Sub-Fund, the external AIFM, BlueOrchard Asset Management (Luxembourg) S.A., receives an external AIFM fee, calculated on the net asset value per end of month of each Share Class, respectively on the monthly average net asset value of Class D shares, and payable monthly in arrears.

The applicable rates as at 31st December 2018 are as below:

Classes of shares External AIFM fee (in % per annum) P 1.85 % I 1.20 % N 1.40 % Andbank Microfinance 1.50 % D 1.50 % S 1.00 % H For the combined net asset value: o < USD 100 million 1.30 % o USD 100 - 150 million 1.20 % o USD 150 - 200 million 1.10 % o USD 200 million 1.00 %

In consideration of the investment management services rendered to the Sub-Fund, the portfolio manager, BlueOrchard Finance Ltd, receives an investment management fee, payable monthly in arrears out of the remuneration of the external AIFM, as agreed between the portfolio manager and the external AIFM.

In consideration of the Share Class hedging services rendered to the Sub-Fund, the Share Class hedging manager, Candriam Belgium S.A., received until 30th September 2018 a fee calculated on the net asset value per end of month of each hedged Share Class and payable monthly in arrears.

The applicable rates were as below:

Net asset value of each Fee hedged Share Class (in % per annum) Tranche up to USD 300 million 0.06 % Tranche from USD 300 million to USD 500 million 0.05 % Tranche above USD 500 million 0.04 %

With effect from 1st October 2018, BlueOrchard Asset Management (Luxembourg) S.A. has appointed Credit Suisse Asset Management (Switzerland) AG as its Share Class hedging manager for the Company. The related fee is calculated on the basis of the average currency assets under management, on a pro rata basis at the end of every quarter.

The applicable rates as at 31st December 2018 are as below, with a minimum fee per annum of CHF 80,000:

Currency assets Fee (in % per annum) Tranche up to USD 300 million 0.03 % Tranche from USD 300 million to USD 1 billion 0.02 % Tranche above USD 1 billion 0.01 %

28 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Note 4 - Management fees of the target funds

The maximum management fee rates at target funds level as at 31st December 2018 are as below:

Management fee Target funds (in % per annum) Amundi Fds Cash USD XU Cap 0.05 % Amundi Money Mkt Fd Short Term (USD) XV Cap 0.025 % BNP Paribas InstiCash USD I Cap 0.15 % Candriam Money Market USD I Cap 0.20 % LO Fds Short-Term Money Market USD N Cap 0.20 % Currency Exchange Fd (The) USD A * 0.99 %

BlueOrchard UCITS Em Mk SDG Impact Bd Fd BO Cap no management fee

* based on the Currency Exchange Fd annual statements 2017

Note 5 - Depositary fees and central administration costs

Depositary and paying agent:

The fees and costs of Banque de Luxembourg S.A. for its function as depositary bank and paying agent are met by the Company and are those generally charged in Luxembourg. These fees are disclosed under the item "Depositary fees" in the statement of operations.

Administrative, registrar and transfer agent, and domiciliary agent:

The fees and costs of European Fund Administration S.A. for its function as administrative, registrar and transfer agent, and domiciliary agent, are met by the Company and are conform to common practice in Luxembourg. These fees are disclosed under the item "Central administration costs" in the statement of operations.

Note 6 - Subscription, redemption and conversion fees

The subscription price may be increased by a sales charge of up to a maximum of 4%, which shall revert to the relevant sales agent.

No redemption charge will be levied on the redemption price for all Classes of shares, except Class S shares. With respect to Class S shares, a redemption charge of 1.5% of the NAV per share will apply, unless the relevant redemption request is below 5% of the latest NAV of the Sub-Fund at the time of the redemption request, in which case, no redemption charge will apply. At the date of the financial statements, no such fee was charged by the Company.

No conversion charge will be levied on conversion of shares.

Note 7 - Subscription tax

The Company holds LuxFlag Microfinance Label and hence is exempted from this tax.

Note 8 - Allocation of results: Class Andbank Microfinance shares (closed on 12th February 2019)

Each year, the Board of Directors allocates results as follows: - in case the annual net investment income attributable to Class Andbank Microfinance Shares (the Class Andbank Income) exceeds the Harmonised Index of Consumer Prices (HICP), 20% of the (positive) difference between the Class Andbank Income and the HICP will be declared as a dividend and paid out to the relevant investors of that Class; - the remaining 80% of the (positive) difference between the Class Andbank Income and the HICP will be donated to charities.

29 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Note 9 - Changes in investments in securities

The statement of changes in investments in securities for the period referring to the report is available free of charge at the registered office of the Company.

Note 10 - Overdraft facility agreement

The Company and its depositary, Banque de Luxembourg S.A., signed an overdraft facility agreement of 30 million USD on 21st December 2016, by which the depositary agrees to grant the Company an overdraft facility in USD for the exclusive purpose of (i) bridge financing and (ii) covering non-realised losses on derivative transactions.

The Company undertook to provide the following collateral in guarantee of its obligations: - the assignment of claims against third parties in accordance with the depositary's defined assignment of claims; - the pledging of its accounts opened in the depositary's books.

The overdraft facility agreement entered into on 1st January 2017 and for an initial period ending on 1st January 2018. It will be renewed tacitly for periods of 12 months, unless one party notifies the other of the contrary with at least 15 days' prior notice.

On 29th January 2018, the overdraft facility agreement was amended as follows:

The maximum limit authorised for the cumulated amount of the valuated derivative transaction commitments and any overdraft is the lower of - 60 million USD and - 10% of the net asset value of all shares issued by the Company.

Note 11 - Forward foreign exchange contracts

As at 31st December 2018, the Sub-Fund is committed in the following forward foreign exchange contracts:

BlueOrchard Microfinance Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts (ICBC Standard Bank Plc, United Kingdom) USD 3,526,800.00 EUR 3,000,000.00 05.12.2019 -2,940.72 -2,940.72 Forward foreign exchange contracts (Goldman Sachs International, United Kingdom) USD 1,226,800.00 EUR 1,000,000.00 28.08.2019 60,274.52 USD 1,240,100.00 EUR 1,000,000.00 26.02.2020 55,442.71 USD 1,253,200.00 EUR 1,000,000.00 26.08.2020 51,342.71 USD 1,266,200.00 EUR 1,000,000.00 25.02.2021 47,539.29 USD 1,278,900.00 EUR 1,000,000.00 25.08.2021 44,843.10 USD 1,291,600.00 EUR 1,000,000.00 25.02.2022 42,207.19 USD 5,202,400.00 EUR 4,000,000.00 25.08.2022 147,553.42 449,202.94 Forward foreign exchange contracts linked to classes P - EUR (hedged), I - EUR (hedged), N - EUR (hedged), H - EUR (hedged), Andbank Microfinance - EUR (hedged), D - EUR (hedged) and S - EUR (hedged) shares (Citigroup Gl Mks Deuts AG, United Kingdom) EUR 57,554.00 USD 65,989.16 10.01.2019 -166.87 EUR 34,946.00 USD 40,067.71 10.01.2019 -101.32 EUR 14,266,130.00 USD 16,356,985.43 10.01.2019 -41,361.79 USD 326,290.57 EUR 284,582.00 10.01.2019 825.09 EUR 2,200.00 USD 2,523.61 17.01.2019 -6.11 EUR 1,600.00 USD 1,835.35 17.01.2019 -4.44 EUR 331,000.00 USD 376,482.71 17.01.2019 2,284.89 EUR 3,450.00 USD 3,924.06 17.01.2019 23.82 EUR 107,000.00 USD 122,739.33 17.01.2019 -297.84 EUR 484,000.00 USD 550,506.44 17.01.2019 3,341.05 EUR 18,051,000.00 USD 20,531,387.91 17.01.2019 124,606.05 EUR 32,885,000.00 USD 37,403,727.85 17.01.2019 227,005.16 EUR 42,465,000.00 USD 48,300,115.65 17.01.2019 293,135.90 EUR 79,639,000.00 USD 90,582,194.99 17.01.2019 549,748.02 EUR 347,000.00 USD 398,042.49 17.01.2019 -965.88 EUR 313,000.00 USD 359,041.20 17.01.2019 -871.23 USD 16,210,767.74 EUR 14,132,000.00 17.01.2019 39,336.42

30 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Currency Purchases Currency Sales Maturity Unrealised result (in USD) EUR 79,474,000.00 USD 90,712,815.71 19.02.2019 482,563.29 EUR 42,479,000.00 USD 48,486,167.79 19.02.2019 257,930.97 EUR 32,769,000.00 USD 37,403,028.14 19.02.2019 198,972.19 EUR 18,055,000.00 USD 20,608,247.83 19.02.2019 109,629.31 EUR 479,000.00 USD 546,737.79 19.02.2019 2,908.47 EUR 3,469.00 USD 3,959.57 19.02.2019 21.06 EUR 330,000.00 USD 376,666.95 19.02.2019 2,003.75 EUR 42,465,000.00 USD 48,541,805.20 19.03.2019 305,397.66 EUR 79,638,500.00 USD 91,034,888.81 19.03.2019 572,740.18 EUR 18,049,000.00 USD 20,631,838.97 19.03.2019 129,803.90 EUR 484,000.00 USD 553,261.13 19.03.2019 3,480.80 EUR 330,500.00 USD 377,795.05 19.03.2019 2,376.87 EUR 2,000.00 USD 2,285.83 19.03.2019 14.66 EUR 32,884,000.00 USD 37,589,749.73 19.03.2019 236,493.50 EUR 235,000.00 USD 268,584.56 19.03.2019 1,734.35 EUR 88,000.00 USD 100,576.34 19.03.2019 649.47 EUR 38,000.00 USD 43,430.69 19.03.2019 280.45 EUR 3,500.00 USD 4,000.86 19.03.2019 25.00 USD 674,318.67 EUR 590,000.00 19.03.2019 -4,354.35 3,499,202.45 Forward foreign exchange contracts linked to classes P - CHF (hedged), I - CHF (hedged), N - CHF (hedged), D - CHF (hedged) and S - CHF (hedged) shares (UBS Warburg, United Kingdom) CHF 4,302,467.00 USD 4,377,590.84 10.01.2019 -8,946.20 USD 4,562,668.96 CHF 4,484,369.00 10.01.2019 9,324.42 USD 5,877,392.94 CHF 5,776,531.00 10.01.2019 12,011.24 USD 1,006,627.74 CHF 989,353.00 10.01.2019 2,057.18 CHF 63,800.00 USD 64,958.73 17.01.2019 -134.69 CHF 1,152,000.00 USD 1,172,922.59 17.01.2019 -2,432.13 CHF 69,488,000.00 USD 69,881,573.02 17.01.2019 720,620.43 CHF 46,983,000.00 USD 47,249,106.97 17.01.2019 487,233.90 CHF 46,508,000.00 USD 46,771,416.62 17.01.2019 482,307.96 CHF 16,289,000.00 USD 16,381,259.25 17.01.2019 168,923.93 CHF 15,214,000.00 USD 15,300,170.56 17.01.2019 157,775.72 CHF 6,046,000.00 USD 6,155,807.29 17.01.2019 -12,764.48 CHF 4,653,000.00 USD 4,737,507.66 17.01.2019 -9,823.54 USD 4,332,279.20 CHF 4,255,000.00 17.01.2019 8,983.28 CHF 46,575,000.00 USD 46,819,726.71 19.02.2019 642,925.39 CHF 68,914,000.00 USD 69,276,106.21 19.02.2019 951,294.90 CHF 15,192,000.00 USD 15,271,825.83 19.02.2019 209,711.71 CHF 15,735,600.00 USD 15,818,282.16 19.02.2019 217,215.60 CHF 43,381,000.00 USD 43,608,943.95 19.02.2019 598,835.13 CHF 46,983,000.00 USD 47,753,891.06 19.03.2019 258,794.07 CHF 69,487,000.00 USD 70,627,133.82 19.03.2019 382,751.72 CHF 97,000.00 USD 98,604.79 19.03.2019 521.16 CHF 27,000.00 USD 27,446.69 19.03.2019 145.07 CHF 41,000.00 USD 41,678.31 19.03.2019 220.29 CHF 16,289,000.00 USD 16,556,267.83 19.03.2019 89,723.87 CHF 172,000.00 USD 174,845.61 19.03.2019 924.13 CHF 8,660,000.00 USD 8,801,662.76 19.03.2019 48,127.81 CHF 15,213,000.00 USD 15,462,612.96 19.03.2019 83,797.00 CHF 46,507,500.00 USD 47,270,589.12 19.03.2019 256,174.90 5,756,299.77 Forward foreign exchange contracts linked to class D - GBP (hedged) shares (Citigroup Gl Mks Deuts AG, United Kingdom) GBP 73,525.00 USD 93,933.53 10.01.2019 -311.21 GBP 2,044,000.00 USD 2,614,906.98 17.01.2019 -11,305.77 USD 141,857.66 GBP 111,000.00 17.01.2019 468.36 GBP 2,015,000.00 USD 2,588,608.04 19.02.2019 -17,792.24 GBP 1,994,000.00 USD 2,525,378.07 19.03.2019 22,146.36 GBP 129,000.00 USD 163,396.37 19.03.2019 1,413.39 -5,381.11

31 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to class H - SEK (hedged) shares (UBS Warburg, United Kingdom) USD 1,350,087.80 SEK 12,061,814.00 10.01.2019 -10,105.53 SEK 754,536,000.00 USD 83,251,685.48 17.01.2019 1,882,880.79 SEK 15,095,000.00 USD 1,690,678.33 17.01.2019 12,525.03 SEK 738,292,000.00 USD 82,172,283.41 19.02.2019 1,344,187.86 SEK 754,535,000.00 USD 83,908,385.86 19.03.2019 1,633,044.85 SEK 2,224,000.00 USD 247,353.99 19.03.2019 4,780.49 4,867,313.49

Forward foreign exchange contracts dealt for hedging currencies on loan exposure:

These refer to the MFI debt portfolio hedging. As per the prospectus, "When investments in the Sub-Fund are made in currencies other than the reference currency of the Sub-Fund, such currencies will be hedged into the Reference Currency of the Sub-Fund with available hedging instruments for the maturity of the investment in question".

As at 31st December 2018, the Sub-Fund is committed in the following forward foreign exchange contracts dealt for hedging currencies on loan exposure:

Forward exchange Loan ID Currency Nominal Product Counterparty Maturity date rate Buys INR/Sells USD ICBC Standard Bank ASA INDIA: ASAIN001 INR 168,312.11 70.37 USD-INR 27.02.2019 Forward Plc Buys INR/Sells USD ICBC Standard Bank ASA INDIA: ASAIN001 INR 165,567.89 71.78 USD-INR 27.08.2019 Forward Plc Buys INR/Sells USD ICBC Standard Bank ASA INDIA: ASAIN001 INR 168,182.15 73.23 USD-INR 27.02.2020 Forward Plc Buys INR/Sells USD ICBC Standard Bank ASA INDIA: ASAIN001 INR 166,027.76 74.68 USD-INR 27.08.2020 Forward Plc Buys INR/Sells USD ICBC Standard Bank ASA INDIA: ASAIN001 INR 167,982.20 76.20 USD-INR 25.02.2021 Forward Plc INICJATYWA MIKRO Sells PLN/Buys USD ICBC Standard Bank POLAND - PLN 8,900,231.29 3.7549 USD-PLN 20.03.2019 Forward Plc consolidated hedge MICROCRED COTE Sells EUR/Buys USD ICBC Standard Bank EUR 206,822.50 1.146937 EUR-USD 11.01.2019 D'IVOIRE: MCCIV006 Forward Plc MICROCRED MALI & Sells EUR/Buys USD ICBC Standard Bank MICROCRED COTE EUR 970,823.23 1.13595 EUR-USD 03.01.2019 Forward Plc D'IVOIRE TRUSTCO FINANCE Sells ZAR/Buys USD ICBC Standard Bank ZAR 18,782,175.30 14.7695 USD-ZAR 31.01.2019 NAMIBIA: TRNAM002 Forward Plc

The above-mentioned forward foreign exchange contracts have not been valued separately at year-end. Indeed, rather than valuing separately the loans in the original currencies and the related forward foreign exchange contracts, the loans and the related contracts have been amalgamated as if they were synthetic loans denominated in USD. Those synthetic loans include the currency impacts.

Note 12 - Futures contracts

As at 31st December 2018, the Sub-Fund is committed in the following futures contracts:

BlueOrchard Microfinance Fund Number of Denomination Currency Exposure Unrealised contracts (in USD) result (in USD) Sale 8 EUR-USD 3 Months FUT USD -1,945,800.00 -1,800.00 03/19 CME Sale 3 EUR-USD 3 Months FUT USD -730,837.50 -2,437.50 03/20 CME Sale 7 EUR-USD 3 Months FUT USD -1,703,012.50 -2,975.00 06/19 CME

32 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Number of Denomination Currency Exposure Unrealised contracts (in USD) result (in USD) Sale 2 EUR-USD 3 Months FUT USD -487,525.00 -1,712.50 06/20 CME Sale 6 EUR-USD 3 Months FUT USD -1,460,100.00 -3,375.00 09/19 CME Sale 4 EUR-USD 3 Months FUT USD -973,500.00 -2,850.00 12/19 CME Sale 1 EUR-USD 3 Months FUT USD -243,825.00 -875.00 12/20 CME Sale 320 US Treasury Note 5 Years USD -36,700,000.00 -608,429.69 FUT 03/19 CBOT -624,454.69

Note 13 - Swaps contracts

Cross Currency and non-deliverable Cross Currency swaps

All loans not denominated in USD are hedged to USD using Cross Currency swaps and non-deliverable Cross Currency swaps. Cross Currency swaps and non-deliverable Cross Currency swaps outstanding as at 31st December 2018 were as follows:

Fixed rate Spread of Outstanding swaps Outstanding paid in Floating Counterparty for swap Maturity Loan ID Currency sold in local swaps bought local rate each cross received date currency (in USD) currency in USD currency swap (in %) (in %) ACCESO PERU: BBA LIBOR Citigroup Global PEN 19,422,000.00 6,000,000.00 9.50 4.55 05.03.2021 ACCPE009 USD 6M Markets Limited The Currency ADVANS GHANA: BBA LIBOR GHS 961,250.00 250,000.00 27.20 5.30 Exchange Fund 07.06.2019 ADVGH004 USD 6M N.V. The Currency ADVANS GHANA: BBA LIBOR GHS 6,663,750.00 1,500,000.00 20.00 5.23 Exchange Fund 14.11.2019 ADVGH005 USD 6M N.V. AFK KOSOVO: BBA LIBOR ICBC Standard EUR 400,000.00 442,280.00 6.00 6.29 06.11.2019 AFKKO018 USD 6M Bank Plc AFK KOSOVO: BBA LIBOR ICBC Standard EUR 1,000,000.00 1,179,100.00 4.65 4.95 26.05.2021 AFKKO019 USD 6M Bank Plc AFK KOSOVO: BBA LIBOR Citigroup Global EUR 1,000,000.00 1,142,500.00 4.50 4.89 23.12.2021 AFKKO022 USD 6M Markets Limited AIYL BANK BBA LIBOR Goldman Sachs EUR 2,300,000.00 2,692,150.00 3.78 4.07 20.07.2022 KYRGYZSTAN: AIYKY003 USD 6M International AIYL BANK BBA LIBOR Goldman Sachs EUR 2,000,000.00 2,341,000.00 3.78 4.07 18.08.2022 KYRGYZSTAN: AIYKY003 USD 6M International AIYL BANK BBA LIBOR Citigroup Global EUR 4,000,000.00 4,552,000.00 3.85 4.13 22.12.2022 KYRGYZSTAN: AIYKY004 USD 6M Markets Limited AMK CAMBODIA: BBA LIBOR ICBC Standard THB 68,220,000.00 2,000,000.00 7.65 4.62 13.07.2020 AMKCA022 USD 6M Bank Plc AMK CAMBODIA: BBA LIBOR ICBC Standard THB 62,940,000.00 2,000,000.00 7.70 4.95 28.02.2021 AMKCA025 USD 6M Bank Plc ANNAPURNA INDIA: BBA LIBOR ICBC Standard INR 384,000,000.00 5,657,041.84 11.25 3.75 04.06.2020 ANNIN006 USD 6M Bank Plc ANNAPURNA INDIA: BBA LIBOR Goldman Sachs INR 230,000,000.00 3,170,664.46 11.53 3.87 19.11.2020 ANNIN009 USD 6M International The Currency ARNUR KAZAKHSTAN: BBA LIBOR KZT 233,478,750.00 750,000.00 18.00 6.56 Exchange Fund 15.04.2019 ARNKZ008 USD 6M N.V. ARNUR KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 641,000,000.00 2,000,000.00 17.00 7.15 29.01.2021 ARNKZ010 USD 6M Bank Plc ARNUR KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 471,750,000.00 1,500,000.00 18.00 6.40 24.05.2019 ARNKZ012 USD 6M Bank Plc ARNUR KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 329,000,000.00 1,000,000.00 16.80 6.50 17.05.2021 ARNKZ013 USD 6M Bank Plc

33 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed rate Spread of Outstanding swaps Outstanding paid in Floating Counterparty for swap Maturity Loan ID Currency sold in local swaps bought local rate each cross received date currency (in USD) currency in USD currency swap (in %) (in %) AROHAN INDIA: BBA LIBOR Goldman Sachs INR 260,000,000.00 3,896,882.49 13.53 5.90 02.05.2019 AROIN002 USD 6M International ARVAND TAJIKISTAN: BBA LIBOR ICBC Standard TJS 4,410,000.00 499,546.89 18.85 5.30 14.12.2020 ARVTA012 USD 6M Bank Plc ARVAND TAJIKISTAN: BBA LIBOR ICBC Standard TJS 6,750,000.00 751,670.38 19.10 5.15 16.02.2021 ARVTA012 USD 6M Bank Plc ARVAND TAJIKISTAN: BBA LIBOR ICBC Standard TJS 4,410,000.00 499,716.71 17.00 4.50 15.03.2021 ARVTA012 USD 6M Bank Plc ARVAND TAJIKISTAN: BBA LIBOR Goldman Sachs RUB 29,000,000.00 497,427.10 13.20 5.68 29.03.2021 ARVTA013 USD 6M International The Currency BBA LIBOR ASA GHANA: ASAGH001 GHS 5,000,000.00 1,259,446.00 28.80 4.44 Exchange Fund 19.02.2019 USD 6M N.V. The Currency BBA LIBOR ASA GHANA: ASAGH002 GHS 1,250,000.00 316,455.70 26.85 4.83 Exchange Fund 30.06.2019 USD 6M N.V. BBA LIBOR ICBC Standard ASA INDIA: ASAIN001 INR 280,000,000.00 4,372,267.33 13.10 6.15 31.12.2020 USD 6M Bank Plc BBA LIBOR Goldman Sachs ASA INDIA: ASAIN001 INR 170,000,000.00 2,624,671.92 13.10 5.81 25.02.2021 USD 6M International ASIRVAD INDIA: BBA LIBOR Goldman Sachs INR 330,000,000.00 4,948,268.11 12.53 4.80 23.05.2019 ASDIN002 USD 6M International BBA LIBOR ICBC Standard AYE INDIA: AYEIN001 INR 270,000,000.00 4,201,819.88 13.24 6.52 24.06.2020 USD 6M Bank Plc BBA LIBOR Goldman Sachs AYE INDIA: AYEIN004 INR 300,000,000.00 4,622,496.15 11.90 4.55 06.04.2021 USD 6M International BBA LIBOR Goldman Sachs AYE INDIA: AYEIN006 INR 360,000,000.00 4,907,306.43 12.64 4.67 04.11.2020 USD 6M International The Currency BANCO POPULAR BBA LIBOR HNL 39,422,333.41 1,666,666.67 13.00 5.37 Exchange Fund 23.04.2021 HONDURAS: POPHO015 USD 6M N.V. The Currency BANCO POPULAR BBA LIBOR HNL 71,977,800.00 3,000,000.00 13.00 5.20 Exchange Fund 12.07.2021 HONDURAS: POPHO015 USD 6M N.V. BAOBAB HOLDING: BBA LIBOR Goldman Sachs EUR 10,000,000.00 11,482,000.00 6.44 7.02 28.10.2020 MCCH001 USD 6M International BASISBANK GEORGIA: BBA LIBOR Citigroup Global EUR 8,522,969.40 10,000,000.00 3.77 4.15 12.08.2022 BASGE002 USD 6M Markets Limited BAYPORT COLOMBIA: BBA LIBOR Citigroup Global COP 24,104,000,000.00 8,000,000.00 10.17 5.25 18.08.2020 BAYCO001 USD 6M Markets Limited BAYPORT COLOMBIA: BBA LIBOR Citigroup Global COP 11,852,000,000.00 4,000,000.00 10.27 5.25 18.08.2020 BAYCO004 USD 6M Markets Limited BAYPORT GHANA: BBA LIBOR ICBC Standard GHS 16,782,500.00 3,500,000.00 24.10 5.25 20.07.2023 BAYGH002 USD 6M Bank Plc BAYPORT TANZANIA: BBA LIBOR ICBC Standard TZS 16,700,000,000.00 7,407,407.41 18.50 9.50 28.02.2021 BAYTZ001 USD 6M Bank Plc BNB BELARUS: BBA LIBOR ICBC Standard EUR 2,250,000.00 2,547,450.00 3.84 4.25 01.07.2020 BNBBE006 USD 6M Bank Plc CAJA SULLANA PERU: BBA LIBOR Citigroup Global PEN 16,107,500.00 5,000,000.00 13.50 8.15 28.04.2025 CSULPE007 USD 6M Markets Limited CRAC CREDICHAVIN BBA LIBOR Citigroup Global PEN 12,465,000.00 3,750,000.00 10.90 5.55 25.07.2019 PERU: RAIZPE023 USD 6M Markets Limited The Currency CREDISOL HONDURAS: BBA LIBOR HNL 7,814,366.59 333,333.33 13.00 5.36 Exchange Fund 22.06.2020 CREHO001 USD 6M N.V. The Currency CREDISOL HONDURAS: BBA LIBOR HNL 7,788,399.92 333,333.33 13.00 5.28 Exchange Fund 14.08.2020 CREHO001 USD 6M N.V.

34 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed rate Spread of Outstanding swaps Outstanding paid in Floating Counterparty for swap Maturity Loan ID Currency sold in local swaps bought local rate each cross received date currency (in USD) currency in USD currency swap (in %) (in %) The Currency CREDISOL HONDURAS: BBA LIBOR HNL 70,960,500.00 3,000,000.00 13.20 5.49 Exchange Fund 30.04.2021 CREHO002 USD 6M N.V. CREZCAMOS BBA LIBOR Citigroup Global COP 14,285,550,000.00 5,000,000.00 10.00 4.10 14.06.2022 COLOMBIA: CREZCO025 USD 6M Markets Limited BBA LIBOR Goldman Sachs EKI BOSNIA: EKIBO019 EUR 5,000,000.00 5,696,000.00 3.60 3.99 25.08.2021 USD 6M International EQUIPATE MEXICO: BBA LIBOR Goldman Sachs MXN 80,000,000.00 3,920,415.56 15.10 5.39 29.11.2021 EQTMX001 USD 6M International EXITUS MEXICO: BBA LIBOR Citigroup Global MXN 82,800,000.00 4,633,463.91 13.00 5.63 31.08.2020 EXIMX001 USD 6M Markets Limited EXITUS MEXICO: BBA LIBOR Goldman Sachs MXN 183,000,000.00 9,820,230.75 14.35 5.80 09.02.2021 EXIMX004 USD 6M International FINCA GEORGIA: BBA LIBOR ICBC Standard GEL 7,000,000.00 2,862,985.69 14.40 4.50 13.05.2019 GEFIN013 USD 6M Bank Plc FINCA GEORGIA: BBA LIBOR ICBC Standard GEL 7,000,000.00 2,862,985.69 14.70 4.50 06.06.2019 GEFIN013 USD 6M Bank Plc FINCA GEORGIA: BBA LIBOR ICBC Standard GEL 12,157,500.00 5,000,000.00 13.50 4.00 18.05.2020 GEFIN017 USD 6M Bank Plc FINCA KOSOVO: BBA LIBOR ICBC Standard EUR 1,500,000.00 1,710,750.00 5.30 5.71 24.07.2019 FINKO011 USD 6M Bank Plc FINCA KOSOVO: BBA LIBOR ICBC Standard EUR 1,125,000.00 1,283,062.50 5.30 5.71 23.08.2019 FINKO011 USD 6M Bank Plc FINLABOR MEXICO: BBA LIBOR Citigroup Global MXN 47,500,000.00 2,425,944.84 14.00 5.32 11.05.2021 FLBMX003 USD 6M Markets Limited FONDI BESA ALBANIA: BBA LIBOR Goldman Sachs EUR 2,500,000.00 3,067,500.00 4.50 5.00 18.02.2021 BESAL002 USD 6M International FONDI BESA ALBANIA: BBA LIBOR Goldman Sachs EUR 2,500,000.00 3,067,500.00 4.50 4.98 17.03.2021 BESAL002 USD 6M International FONDI BESA ALBANIA: BBA LIBOR Goldman Sachs EUR 1,600,000.00 1,850,880.00 4.00 4.43 02.12.2020 BESAL003 USD 6M International FONDI BESA ALBANIA: BBA LIBOR ICBC Standard EUR 1,000,000.00 1,137,400.00 4.00 4.31 03.11.2021 BESAL005 USD 6M Bank Plc FUSION INDIA: BBA LIBOR ICBC Standard INR 470,000,000.00 7,013,093.59 12.86 5.57 05.09.2019 FUSIN005 USD 6M Bank Plc FUSION INDIA: BBA LIBOR ICBC Standard INR 340,000,000.00 4,950,087.32 12.20 4.80 12.02.2020 FUSIN006 USD 6M Bank Plc HAMKORBANK BBA LIBOR ICBC Standard UZBEKISTAN: UZS 80,930,000,000.00 10,000,000.00 17.00 5.60 14.12.2020 USD 6M Bank Plc HAMUZ004 HAMKORBANK BBA LIBOR Citigroup Global UZBEKISTAN: EUR 3,000,000.00 3,427,500.00 4.10 4.47 23.12.2021 USD 6M Markets Limited HAMUZ006 HUMO TAJIKISTAN: BBA LIBOR ICBC Standard TJS 8,825,000.00 1,000,000.00 20.50 6.75 18.02.2020 HUMTA013 USD 6M Bank Plc IMON TAJIKISTAN: BBA LIBOR ICBC Standard TJS 35,200,000.00 4,000,000.00 18.75 5.20 13.10.2020 IMONT014 USD 6M Bank Plc IMON TAJIKISTAN: BBA LIBOR ICBC Standard TJS 52,960,200.00 6,000,000.00 18.75 5.23 11.01.2021 IMONT014 USD 6M Bank Plc BBA LIBOR ICBC Standard ISFC INDIA: ISFCIN001 INR 257,000,000.00 3,997,511.28 12.20 5.37 06.07.2020 USD 6M Bank Plc BBA LIBOR ICBC Standard ISFC INDIA: ISFCIN001 INR 64,000,000.00 999,250.94 12.20 5.52 31.07.2020 USD 6M Bank Plc JAGARAN INDIA: BBA LIBOR ICBC Standard INR 275,000,000.00 3,753,753.75 13.05 4.81 04.11.2020 JAGIN003 USD 6M Bank Plc KEP KOSOVO: BBA LIBOR ICBC Standard EUR 340,000.00 354,110.00 5.60 6.00 20.02.2019 KEPKO006 USD 6M Bank Plc KEP KOSOVO: BBA LIBOR Citigroup Global EUR 2,000,000.00 2,331,200.00 4.90 5.38 08.03.2021 KEPKO007 USD 6M Markets Limited

35 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed rate Spread of Outstanding swaps Outstanding paid in Floating Counterparty for swap Maturity Loan ID Currency sold in local swaps bought local rate each cross received date currency (in USD) currency in USD currency swap (in %) (in %) KEP KOSOVO: BBA LIBOR Citigroup Global EUR 2,000,000.00 2,331,200.00 4.90 5.38 19.04.2021 KEPKO007 USD 6M Markets Limited KINARA INDIA: BBA LIBOR Goldman Sachs INR 320,000,000.00 4,940,558.90 12.06 4.83 25.02.2021 KININ001 USD 6M International KMF KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 836,875,000.00 2,500,000.00 24.00 6.50 29.04.2019 KMFKA013 USD 6M Bank Plc The Currency KMF KAZAKHSTAN: BBA LIBOR KZT 834,900,000.00 2,500,000.00 21.56 5.21 Exchange Fund 11.06.2019 KMFKA014 USD 6M N.V. KMF KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 513,300,000.00 1,500,000.00 19.25 6.20 26.07.2019 KMFKA015 USD 6M Bank Plc KMF KAZAKHSTAN: BBA LIBOR ICBC Standard KZT 1,177,500,000.00 3,750,000.00 17.00 5.45 08.06.2020 KMFKA018 USD 6M Bank Plc The Currency LETSHEGO BOTSWANA: BBA LIBOR BWP 101,936,799.18 10,000,000.00 10.50 4.80 Exchange Fund 30.07.2022 LETBO008 USD 6M N.V. The Currency LOLC MYANMAR: BBA LIBOR MMK 2,041,500,000.00 1,500,000.00 13.00 5.99 Exchange Fund 22.06.2020 LOMMY003 USD 6M N.V. LOVCEN BANKA BBA LIBOR ICBC Standard MONTENEGRO: EUR 1,500,000.00 1,592,100.00 4.30 4.63 04.12.2019 USD 6M Bank Plc LOVMO002 LOVCEN BANKA BBA LIBOR Goldman Sachs MONTENEGRO: EUR 2,000,000.00 2,473,400.00 6.50 6.75 21.05.2026 USD 6M International LOVMO003 MEGABANK UKRAINE: BBA LIBOR Citigroup Global EUR 5,000,000.00 5,803,000.00 4.90 5.36 15.10.2021 MEGUK004 USD 6M Markets Limited MICROCRED CHINA: BBA LIBOR Goldman Sachs CNH 80,000,000.00 12,055,818.44 8.20 3.90 13.11.2019 MICHO005 USD 6M International MICROCRED CHINA: BBA LIBOR Goldman Sachs CNH 34,000,000.00 5,291,005.29 8.35 4.06 22.01.2020 MICHO006 USD 6M International MICROINVEST BBA LIBOR Citigroup Global EUR 534,000.00 595,570.20 6.00 6.30 16.10.2019 MOLDOVA: MICMO008 USD 6M Markets Limited MICROINVEST BBA LIBOR Citigroup Global EUR 801,000.00 893,355.30 6.00 6.36 11.03.2020 MOLDOVA: MICMO008 USD 6M Markets Limited MICROINVEST BBA LIBOR Citigroup Global EUR 1,000,000.00 1,176,500.00 5.50 6.07 30.09.2020 MOLDOVA: MICMO010 USD 6M Markets Limited MICROINVEST BBA LIBOR Citigroup Global EUR 1,000,000.00 1,176,500.00 5.50 6.07 15.10.2020 MOLDOVA: MICMO010 USD 6M Markets Limited MIKROFIN BOSNIA: BBA LIBOR ICBC Standard EUR 2,000,000.00 2,104,800.00 4.50 4.75 11.03.2020 MIKRO029 USD 6M Bank Plc MUTHOOT INDIA: BBA LIBOR Goldman Sachs INR 700,000,000.00 10,501,614.10 12.30 5.18 01.11.2019 MUTIN002 USD 6M International MUTHOOT INDIA: BBA LIBOR Citigroup Global INR 750,000,000.00 11,712,713.56 11.00 4.82 23.09.2020 MUTIN004 USD 6M Markets Limited NEOGROWTH INDIA: BBA LIBOR ICBC Standard INR 400,000,000.00 6,034,365.71 13.43 6.25 03.10.2019 NEOIN002 USD 6M Bank Plc NEOGROWTH INDIA: BBA LIBOR ICBC Standard INR 506,000,000.00 7,956,199.89 11.92 5.32 12.08.2020 NEOIN003 USD 6M Bank Plc NOA ALBANIA: BBA LIBOR ICBC Standard EUR 400,000.00 435,000.00 4.50 4.79 30.10.2019 NOAAL015 USD 6M Bank Plc NOA ALBANIA: BBA LIBOR Goldman Sachs EUR 1,000,000.00 1,180,900.00 4.50 5.02 23.12.2020 NOAAL017 USD 6M International NOA ALBANIA: BBA LIBOR ICBC Standard EUR 1,000,000.00 1,153,800.00 4.50 4.88 29.06.2021 NOAAL018 USD 6M Bank Plc The Currency PACT MYANMAR: BBA LIBOR MMK 3,996,000,000.00 3,000,000.00 13.00 5.99 Exchange Fund 06.04.2020 PACMY002 USD 6M N.V.

36 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed rate Spread of Outstanding swaps Outstanding paid in Floating Counterparty for swap Maturity Loan ID Currency sold in local swaps bought local rate each cross received date currency (in USD) currency in USD currency swap (in %) (in %) The Currency PACT MYANMAR: BBA LIBOR MMK 3,996,000,000.00 3,000,000.00 13.00 5.99 Exchange Fund 06.04.2020 PACMY003 USD 6M N.V. The Currency PACT MYANMAR: BBA LIBOR MMK 7,195,678,515.43 5,357,914.01 13.00 5.99 Exchange Fund 10.05.2021 PACMY004 USD 6M N.V. BBA LIBOR Goldman Sachs PAHAL INDIA: PAHIN002 INR 140,000,000.00 1,913,091.01 13.14 4.94 27.10.2021 USD 6M International PRASAC CAMBODIA: BBA LIBOR ICBC Standard THB 71,400,000.00 2,000,000.00 9.91 5.25 28.02.2019 PRASA040 USD 6M Bank Plc PRASAC CAMBODIA: BBA LIBOR ICBC Standard THB 107,070,000.00 3,000,000.00 9.00 6.20 02.12.2019 PRASA044 USD 6M Bank Plc PRASAC CAMBODIA: BBA LIBOR ICBC Standard THB 157,500,000.00 5,000,000.00 7.40 4.65 26.02.2021 PRASA061 USD 6M Bank Plc PRASAC CAMBODIA: BBA LIBOR ICBC Standard THB 99,390,000.00 3,000,000.00 7.40 4.55 30.10.2021 PRASA065 USD 6M Bank Plc PRO MUJER The Currency BBA LIBOR NICARAGUA: NIO 29,874,600.00 1,000,000.00 16.00 6.22 Exchange Fund 26.05.2020 USD 6M PROMUNI012 N.V. PROGRESEMOS BBA LIBOR Goldman Sachs MXN 31,133,333.34 1,668,453.02 11.35 5.29 30.10.2019 MEXICO: PROGR014 USD 6M International PROGRESEMOS BBA LIBOR Goldman Sachs MXN 151,689,000.00 8,493,225.08 13.40 5.92 18.08.2021 MEXICO: PROGR015 USD 6M International PROGRESEMOS BBA LIBOR Citigroup Global MXN 249,000,000.00 12,259,970.46 14.86 5.05 18.12.2023 MEXICO: PROGR017 USD 6M Markets Limited PROGRESEMOS BBA LIBOR Citigroup Global MXN 160,125,000.00 8,595,008.05 15.20 6.31 15.02.2022 MEXICO: PROGR018 USD 6M Markets Limited ROCREDIT ROMANIA: BBA LIBOR ICBC Standard EUR 340,000.00 381,650.00 6.00 6.36 07.01.2019 ROCRO005 USD 6M Bank Plc ROCREDIT ROMANIA: BBA LIBOR Goldman Sachs EUR 4,200,000.00 5,159,700.00 5.00 5.52 25.03.2020 ROCRO007 USD 6M International BBA LIBOR Goldman Sachs SAIJA INDIA: SAIIN003 INR 200,000,000.00 3,006,614.55 13.53 5.77 03.05.2019 USD 6M International BBA LIBOR Citigroup Global SATIN INDIA: SATIN004 INR 650,000,000.00 9,904,431.98 12.06 5.80 08.10.2020 USD 6M Markets Limited BBA LIBOR Citigroup Global SATIN INDIA: SATIN005 INR 970,000,000.00 14,144,065.33 11.68 3.89 04.08.2021 USD 6M Markets Limited SIEMPRE CRECIENDO BBA LIBOR Goldman Sachs MXN 35,700,000.00 1,789,473.68 14.25 6.53 11.03.2020 MEXICO: SICMX001 USD 6M International SONATA INDIA: BBA LIBOR Citigroup Global INR 670,000,000.00 10,047,032.11 12.77 5.42 31.10.2019 SONIN008 USD 6M Markets Limited SONATA INDIA: BBA LIBOR Goldman Sachs INR 300,000,000.00 4,369,356.25 12.76 4.76 03.07.2020 SONIN010 USD 6M International VARTHANA INDIA: BBA LIBOR ICBC Standard INR 400,000,000.00 6,244,343.89 12.30 5.56 05.08.2020 THIIN001 USD 6M Bank Plc The Currency VISIONFUND BBA LIBOR MMK 2,670,000,000.00 2,000,000.00 13.00 5.99 Exchange Fund 06.04.2021 MYANMAR: VFMYA003 USD 6M N.V. The Currency VISIONFUND BBA LIBOR MMK 2,660,000,000.00 2,000,000.00 13.00 5.99 Exchange Fund 12.04.2021 MYANMAR: VFMYA004 USD 6M N.V.

37 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Spread of swap Floating Spread of Floating Counterparty Outstanding swaps Outstanding paid in rate paid swap rate for each cross Maturity Loan ID Currency sold in local swaps bought local in local received received currency date currency (in USD) currency currency (in %) in USD swap (in %) CRC 6M BBA The Currency COOPENAE COSTA CRC 4,575,920,000.00 8,000,000.00 5.35 Tasa 4.19 LIBOR Exchange 20.07.2020 RICA: COOCR015 Basica USD 6M Fund N.V. CRC 6M BBA The Currency COOPENAE COSTA CRC 3,872,680,000.00 7,000,000.00 4.20 Tasa 4.00 LIBOR Exchange 20.12.2019 RICA: COOCR022 Basica USD 6M Fund N.V. CRC 6M BBA The Currency COOPENAE COSTA CRC 8,505,150,000.00 15,000,000.00 6.00 Tasa 3.97 LIBOR Exchange 11.05.2021 RICA: COOCR023 Basica USD 6M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 6M GEL 12,226,000.00 5,000,000.00 4.46 4.00 LIBOR Exchange 03.04.2020 CREGE012 TBill USD 6M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 6M GEL 12,031,000.00 5,000,000.00 4.96 4.00 LIBOR Exchange 15.06.2020 CREGE015 TBill USD 6M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 3M GEL 14,788,200.00 6,000,000.00 4.93 3.70 LIBOR Exchange 10.08.2021 CREGE016 CD USD 3M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 3M GEL 15,416,400.00 6,000,000.00 5.74 3.70 LIBOR Exchange 16.08.2021 CREGE016 CD USD 3M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 3M GEL 15,753,000.00 6,000,000.00 4.72 3.50 LIBOR Exchange 12.10.2021 CREGE016 CD USD 3M Fund N.V. BBA The Currency CREDO GEORGIA: GEL 3M GEL 5,000,000.00 1,873,922.49 9.02 6.33 LIBOR Exchange 11.12.2025 CREGE017 CD USD 3M Fund N.V. BBA The Currency CRYSTAL GEORGIA: GEL 6M GEL 12,226,000.00 5,000,000.00 5.48 4.90 LIBOR Exchange 03.04.2020 CRYGE008 TBill USD 6M Fund N.V. BBA The Currency CRYSTAL GEORGIA: GEL 3M GEL 7,309,500.00 3,000,000.00 5.10 3.86 LIBOR Exchange 25.05.2021 CRYGE009 CD USD 3M Fund N.V. BBA The Currency CRYSTAL GEORGIA: GEL 3M GEL 5,200,000.00 1,987,008.02 5.10 3.73 LIBOR Exchange 04.10.2021 CRYGE010 CD USD 3M Fund N.V. MICROINVEST BBA The Currency MDL 6- MOLDOVA: MDL 20,296,538.61 1,226,540.00 6.55 5.52 LIBOR Exchange 29.03.2021 12M TDR MICMO011 USD 6M Fund N.V. MICROINVEST BBA The Currency MDL 6- MOLDOVA: MDL 20,150,580.35 1,226,540.00 6.55 5.52 LIBOR Exchange 06.04.2021 12M TDR MICMO011 USD 6M Fund N.V. MICROINVEST BBA The Currency MDL 6- MOLDOVA: MDL 19,526,907.32 1,128,286.00 6.30 5.26 LIBOR Exchange 21.12.2021 12M TDR MICMO014 USD 6M Fund N.V. TRUSTCO FINANCE BBA JIBAR ZAR ICBC Standard NAMIBIA: ZAR 22,050,000.00 1,500,000.00 6.80 5.37 LIBOR 03.09.2019 6M Bank Plc TRNAM002 USD 6M

38 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Spread Counterparty Fixed Spread Outstanding of Floating for each Currency Outstanding Currency rate Floating of swap Maturity Loan ID swaps swap rate cross sold swaps sold bought paid rate paid received date bought paid received currency (in %) (in %) (in %) swap MICROCRED REUTERS The Currency COTE XOF 476,000,000.00 EUR 725,657.32 7.70 - - 4.67 EURIBOR Exchange 28.05.2019 D'IVOIRE: EUR 6M Fund N.V. MCCIV005 MICROCRED REUTERS BBA ICBC COTE EUR 725,657.32 USD 809,470.74 - 4.67 EURIBOR 4.81 LIBOR Standard 31.05.2019 D'IVOIRE: EUR 6M USD 6M Bank Plc MCCIV005 MICROCRED REUTERS The Currency COTE XOF 2,400,000,000.00 EUR 3,658,776.41 11.00 - - 5.82 EURIBOR Exchange 22.12.2021 D'IVOIRE: EUR 6M Fund N.V. MCCIV006 MICROCRED Citigroup REUTERS BBA COTE Global EUR 3,658,776.41 USD 3,801,468.69 - 5.82 EURIBOR 6.585 LIBOR 24.12.2021 D'IVOIRE: Markets EUR 6M USD 6M MCCIV006 Limited

The above-mentioned Cross Currency swaps and non-deliverable Cross Currency swaps have not been valued separately at year-end. Indeed, rather than valuing separately the loans in the original currencies and the related Cross Currency swaps respectively the related non-deliverable Cross Currency swaps, the loans and the related contracts have been amalgamated as if they were synthetic loans denominated in USD. Those synthetic loans include the currency and the interest rate impacts.

Interest rate swaps

Some fixed interest loans denominated in USD are converted into floating interest rates (denominated in USD) through interest rate swaps. The interest rate swaps outstanding as at 31st December 2018 were as follows:

Fixed Spread Loan ID Currency Nominal rate of swap Floating rate Counterparty Maturity date (in %) (in %)

ADVANS BANQUE CONGO: BBA LIBOR ICBC Standard USD 600,000.00 6.40 5.16 04.05.2019 ADVDRC003 USD 6M Bank Plc AMK CAMBODIA: BBA LIBOR ICBC Standard USD 2,000,000.00 6.75 5.43 28.01.2019 AMKCA020 USD 6M Bank Plc AMK CAMBODIA: BBA LIBOR Citigroup Global USD 3,000,000.00 6.65 4.80 11.08.2020 AMKCA023 USD 6M Markets Limited AMK CAMBODIA: BBA LIBOR ICBC Standard USD 2,000,000.00 6.65 4.68 13.07.2020 AMKCA024 USD 6M Bank Plc AMK CAMBODIA: BBA LIBOR Citigroup Global USD 3,000,000.00 6.75 3.99 06.04.2021 AMKCA026 USD 6M Markets Limited AMK CAMBODIA: BBA LIBOR Goldman Sachs USD 5,000,000.00 9.00 6.01 15.06.2023 AMKCA029 USD 6M International AMRET CAMBODIA: BBA LIBOR Citigroup Global USD 7,000,000.00 6.60 3.92 09.03.2021 EMTCA030 USD 6M Markets Limited AMRET CAMBODIA: BBA LIBOR ICBC Standard USD 1,500,000.00 6.65 4.78 27.04.2020 EMTCA031 USD 6M Bank Plc AMRET CAMBODIA: BBA LIBOR Goldman Sachs USD 9,000,000.00 6.50 4.26 04.01.2021 EMTCA032 USD 6M International AMRET CAMBODIA: BBA LIBOR Goldman Sachs USD 3,000,000.00 6.50 3.98 07.02.2021 EMTCA035 USD 6M International ARREND GUATEMALA: BBA LIBOR Citigroup Global USD 3,333,333.34 6.25 4.75 17.10.2020 ARRGT001 USD 6M Markets Limited BANCO FINANCIERO PERU: BBA LIBOR Citigroup Global USD 5,000,000.00 8.15 6.55 25.07.2024 BFIPE001 USD 6M Markets Limited

39 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed Spread Loan ID Currency Nominal rate of swap Floating rate Counterparty Maturity date (in %) (in %)

BANCO SOLIDARIO BBA LIBOR Goldman Sachs USD 5,000,000.00 6.80 3.72 28.09.2021 ECUADOR: BSECU041 USD 6M International BANCO SOLIDARIO BBA LIBOR Citigroup Global USD 5,000,000.00 6.75 4.87 25.05.2021 ECUADOR: BSOEC037 USD 6M Markets Limited BANCO SOLIDARIO BBA LIBOR Goldman Sachs USD 2,700,000.00 6.25 4.95 27.04.2019 ECUADOR: BSOEC038 USD 6M International BANCO SOLIDARIO BBA LIBOR Goldman Sachs USD 5,000,000.00 6.75 4.92 25.11.2020 ECUADOR: BSOEC040 USD 6M International BANPRO NICARAGUA: BBA LIBOR Citigroup Global USD 10,000,000.00 9.50 7.09 07.12.2026 BANNI001 USD 6M Markets Limited BIMPUTH SRI LANKA: BBA LIBOR ICBC Standard USD 375,000.00 7.95 6.20 30.05.2019 BMPSL006 USD 6M Bank Plc CAJA SULLANA PERU: BBA LIBOR Citigroup Global USD 5,000,000.00 10.00 8.46 17.05.2023 CSULPE02 USD 6M Markets Limited BBA LIBOR ICBC Standard CFE PANAMA: CFEPA008 USD 125,000.00 6.75 5.51 21.03.2019 USD 6M Bank Plc BBA LIBOR ICBC Standard CFE PANAMA: CFEPA008 USD 125,000.00 6.75 5.49 18.04.2019 USD 6M Bank Plc BBA LIBOR ICBC Standard CFE PANAMA: CFEPA011 USD 500,000.00 6.75 5.43 25.07.2019 USD 6M Bank Plc CMAC AREQUIPA PERU: BBA LIBOR Citigroup Global USD 5,000,000.00 7.90 5.43 21.12.2023 CMARE003 USD 6M Markets Limited CRAC CREDICHAVIN PERU: BBA LIBOR Citigroup Global USD 3,750,000.00 5.50 4.20 22.07.2019 RAIZPE024 USD 6M Markets Limited CRECER BOLIVIA: BBA LIBOR ICBC Standard USD 1,750,000.00 5.00 3.27 19.06.2019 CREBO041 USD 6M Bank Plc CRECER BOLIVIA: BBA LIBOR ICBC Standard USD 1,000,000.00 5.00 3.28 28.06.2019 CREBO042 USD 6M Bank Plc CREDICAMPO EL BBA LIBOR Citigroup Global USD 1,000,000.00 7.15 4.34 20.03.2022 SALVADOR: CRESV002 USD 6M Markets Limited EDPYME RAIZ PERU: BBA LIBOR Citigroup Global USD 2,625,000.00 5.25 4.00 22.04.2019 RAIZPE021 USD 6M Markets Limited ENLACE EL SALVADOR: BBA LIBOR ICBC Standard USD 500,000.00 6.25 4.68 18.11.2019 ENLASV008 USD 6M Bank Plc ESKHATA BANK BBA LIBOR Citigroup Global USD 5,000,000.00 9.50 7.28 10.10.2023 TAJIKISTAN: ESKTA022 USD 6M Markets Limited FACES ECUADOR: BBA LIBOR ICBC Standard USD 750,000.00 8.50 6.54 31.03.2020 FACEC004 USD 6M Bank Plc FACES ECUADOR: BBA LIBOR ICBC Standard USD 750,000.00 8.50 6.50 12.05.2020 FACEC004 USD 6M Bank Plc FACES ECUADOR: BBA LIBOR ICBC Standard USD 1,000,000.00 8.50 6.69 21.08.2020 FACEC007 USD 6M Bank Plc FAMA NICARAGUA: BBA LIBOR ICBC Standard USD 900,000.00 7.75 6.51 03.03.2019 FAMNI025 USD 6M Bank Plc FAMA NICARAGUA: BBA LIBOR ICBC Standard USD 1,500,000.00 7.25 5.42 13.06.2020 FAMNI030 USD 6M Bank Plc FDL NICARAGUA: BBA LIBOR Citigroup Global USD 2,700,000.00 7.90 6.67 22.04.2019 FDLNI052 USD 6M Markets Limited FINANCIERA TFC PERU: BBA LIBOR Citigroup Global USD 3,750,000.00 7.50 5.56 23.12.2019 TFCPE001 USD 6M Markets Limited FINANCIERA TFC PERU: BBA LIBOR Citigroup Global USD 5,000,000.00 10.50 8.04 23.12.2023 TFCPE003 USD 6M Markets Limited FINCA ARMENIA: BBA LIBOR ICBC Standard USD 1,250,000.00 6.40 5.03 24.05.2019 FINAR015 USD 6M Bank Plc BBA LIBOR ICBC Standard FINCA JORDAN: FINJOR003 USD 680,000.00 6.11 4.25 09.03.2019 USD 6M Bank Plc BBA LIBOR ICBC Standard FINCA JORDAN: FINJOR003 USD 340,000.00 6.16 4.25 10.04.2019 USD 6M Bank Plc FINCA NICARAGUA: BBA LIBOR ICBC Standard USD 666,666.67 8.50 6.70 28.02.2020 FINNI008 USD 6M Bank Plc

40 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed Spread Loan ID Currency Nominal rate of swap Floating rate Counterparty Maturity date (in %) (in %)

FINCA TANZANIA: BBA LIBOR ICBC Standard USD 1,000,000.00 6.35 4.95 30.03.2019 FINTZ008 USD 6M Bank Plc FUNDAP GUATEMALA: BBA LIBOR ICBC Standard USD 562,500.00 7.75 5.94 30.05.2020 FUNGU013 USD 6M Bank Plc FUNDAP GUATEMALA: BBA LIBOR ICBC Standard USD 750,000.00 7.75 5.91 10.07.2020 FUNGU013 USD 6M Bank Plc FUNDENUSE NICARAGUA: BBA LIBOR ICBC Standard USD 333,333.00 8.35 6.93 27.09.2019 FUNDNI001 USD 6M Bank Plc FUNDENUSE NICARAGUA: BBA LIBOR ICBC Standard USD 166,666.68 8.35 6.89 27.10.2019 FUNDNI003 USD 6M Bank Plc FUNDESER NICARAGUA: BBA LIBOR ICBC Standard USD 1,000,000.00 8.00 6.68 29.04.2019 FUNDE012 USD 6M Bank Plc FUNDESER NICARAGUA: BBA LIBOR ICBC Standard USD 1,666,666.67 7.50 5.68 19.07.2020 FUNDE015 USD 6M Bank Plc GEORGIAN CREDIT BBA LIBOR Citigroup Global USD 500,000.00 8.75 7.14 07.09.2019 GEORGIA: GEOGE003 USD 6M Markets Limited GEORGIAN CREDIT BBA LIBOR Citigroup Global USD 1,000,000.00 8.75 7.09 28.11.2019 GEORGIA: GEOGE003 USD 6M Markets Limited HKL CAMBODIA: BBA LIBOR Citigroup Global USD 5,000,000.00 6.00 3.85 30.11.2021 HKLCA024 USD 6M Markets Limited HKL CAMBODIA: BBA LIBOR ICBC Standard USD 2,000,000.00 6.50 5.36 28.02.2019 HKLCA030 USD 6M Bank Plc HKL CAMBODIA: BBA LIBOR Citigroup Global USD 5,000,000.00 6.25 3.76 25.01.2022 HKLCA031 USD 6M Markets Limited HUMO TAJIKISTAN: BBA LIBOR Citigroup Global USD 1,000,000.00 10.00 7.65 06.06.2023 HUMTA012 USD 6M Markets Limited IDEPRO BOLIVIA: BBA LIBOR ICBC Standard USD 500,000.00 6.50 5.29 12.05.2019 IDEBO006 USD 6M Bank Plc IDEPRO BOLIVIA: BBA LIBOR ICBC Standard USD 500,000.00 6.50 5.27 20.06.2019 IDEBO006 USD 6M Bank Plc IDEPRO BOLIVIA: BBA LIBOR ICBC Standard USD 300,000.00 6.25 4.83 19.09.2019 IDEBO011 USD 6M Bank Plc IDEPRO BOLIVIA: BBA LIBOR ICBC Standard USD 675,000.00 6.25 4.81 20.01.2020 IDEBO011 USD 6M Bank Plc INSOTEC ECUADOR: BBA LIBOR Goldman Sachs USD 1,200,000.00 8.20 6.54 30.08.2019 INSEC021 USD 6M International INSOTEC ECUADOR: BBA LIBOR Citigroup Global USD 800,000.00 8.20 6.28 30.10.2019 INSEC027 USD 6M Markets Limited INSOTEC ECUADOR: BBA LIBOR Citigroup Global USD 1,500,000.00 8.05 5.22 27.10.2019 INSEC028 USD 6M Markets Limited INSOTEC ECUADOR: BBA LIBOR ICBC Standard USD 932,967.03 8.05 5.08 28.02.2020 INSEC030 USD 6M Bank Plc KHAN BANK MONGOLIA: BBA LIBOR Citigroup Global USD 3,333,334.00 6.70 5.49 19.05.2019 KHBAN017 USD 6M Markets Limited KMF KAZAKHSTAN: BBA LIBOR Citigroup Global USD 6,000,000.00 7.69 4.50 15.11.2021 KMFKA019 USD 6M Markets Limited KOMPANION BBA LIBOR Citigroup Global USD 2,000,000.00 6.00 3.96 13.11.2020 KYRGYZSTAN: KOMKY020 USD 6M Markets Limited KREDIT CAMBODIA: BBA LIBOR Citigroup Global USD 3,000,000.00 7.25 5.91 28.04.2019 CREDIT013 USD 6M Markets Limited KREDIT CAMBODIA: BBA LIBOR Citigroup Global USD 2,250,000.00 7.20 5.40 22.06.2020 CREDIT016 USD 6M Markets Limited KREDIT CAMBODIA: BBA LIBOR Citigroup Global USD 2,500,000.00 7.00 4.98 13.11.2020 CREDIT017 USD 6M Markets Limited KREDIT CAMBODIA: BBA LIBOR Citigroup Global USD 2,000,000.00 7.00 4.96 11.12.2020 CREDIT017 USD 6M Markets Limited LAZIKA GEORGIA: BBA LIBOR ICBC Standard USD 1,125,000.00 6.75 4.88 08.05.2020 LAZGE005 USD 6M Bank Plc LAZIKA GEORGIA: BBA LIBOR ICBC Standard USD 1,000,000.00 6.60 3.88 04.04.2020 LAZGE006 USD 6M Bank Plc

41 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed Spread Loan ID Currency Nominal rate of swap Floating rate Counterparty Maturity date (in %) (in %)

LOLC CAMBODIA: BBA LIBOR Goldman Sachs USD 5,000,000.00 6.85 5.05 26.06.2020 TPCCA016 USD 6M International LOLC CAMBODIA: BBA LIBOR Goldman Sachs USD 10,000,000.00 6.80 4.36 29.01.2021 TPCCA020 USD 6M International LOLC CAMBODIA: BBA LIBOR Goldman Sachs USD 5,000,000.00 9.00 6.07 04.06.2025 TPCCA021 USD 6M International LOLC CAMBODIA: BBA LIBOR Goldman Sachs USD 7,000,000.00 9.00 6.04 22.08.2025 TPCCA025 USD 6M International LOMC SRI LANKA: BBA LIBOR Citigroup Global USD 4,000,000.00 5.25 3.56 08.12.2019 LOMCSL013 USD 6M Markets Limited MUTUALISTA PICHINCHA BBA LIBOR Citigroup Global USD 4,000,000.00 7.50 5.54 10.10.2020 ECUADOR: MUPEC006 USD 6M Markets Limited MUTUALISTA PICHINCHA BBA LIBOR Citigroup Global USD 2,000,000.00 7.50 4.64 26.04.2020 ECUADOR: MUPEC008 USD 6M Markets Limited OPTIMA EL SALVADOR: BBA LIBOR Citigroup Global USD 1,000,000.00 7.60 4.89 19.09.2020 OPTEL005 USD 6M Markets Limited BBA LIBOR Citigroup Global PACIFICO PERU: PACPE001 USD 3,000,000.00 6.50 4.48 27.10.2020 USD 6M Markets Limited BBA LIBOR Citigroup Global PACIFICO PERU: PACPE001 USD 3,000,000.00 6.50 4.45 27.11.2020 USD 6M Markets Limited PACT MYANMAR: BBA LIBOR Goldman Sachs USD 6,000,000.00 7.45 4.24 04.10.2022 PACMY005 USD 6M International PRASAC CAMBODIA: BBA LIBOR Citigroup Global USD 5,600,000.00 8.70 6.70 15.06.2022 PRASA034 USD 6M Markets Limited PRASAC CAMBODIA: BBA LIBOR Goldman Sachs USD 4,000,000.00 6.30 4.49 05.12.2019 PRASA045 USD 6M International PRASAC CAMBODIA: BBA LIBOR Goldman Sachs USD 5,000,000.00 6.30 4.48 15.12.2019 PRASA045 USD 6M International PRASAC CAMBODIA: BBA LIBOR Citigroup Global USD 6,000,000.00 6.45 4.66 24.05.2020 PRASA049 USD 6M Markets Limited PRASAC CAMBODIA: BBA LIBOR Citigroup Global USD 6,000,000.00 5.75 4.02 14.09.2020 PRASA053 USD 6M Markets Limited PRASAC CAMBODIA: BBA LIBOR Goldman Sachs USD 10,000,000.00 8.00 5.86 06.05.2023 PRASA059 USD 6M International PROMERICA BBA LIBOR Citigroup Global USD 3,750,000.00 5.75 4.31 25.10.2019 DOMINICANA: PRMDR001 USD 6M Markets Limited SARTAWI BOLIVIA: BBA LIBOR ICBC Standard USD 1,000,000.00 6.50 4.74 07.06.2020 SARTBO014 USD 6M Bank Plc SATHAPANA CAMBODIA: BBA LIBOR Goldman Sachs USD 5,000,000.00 9.00 6.00 23.07.2025 CEBCA019 USD 6M International BBA LIBOR ICBC Standard SICSA PANAMA: SICPA001 USD 750,000.00 6.50 4.73 09.06.2020 USD 6M Bank Plc BBA LIBOR ICBC Standard SICSA PANAMA: SICPA001 USD 666,666.67 6.50 4.71 14.07.2020 USD 6M Bank Plc BBA LIBOR Goldman Sachs SICSA PANAMA: SICPA003 USD 666,666.68 6.50 4.68 29.09.2020 USD 6M International TBC BANK GEORGIA: BBA LIBOR Goldman Sachs TBBGE002, TBBGE005, USD 30,000,000.00 9.28 6.30 14.12.2028 USD 6M International TBBGE006 TBC LEASING GEORGIA: BBA LIBOR Citigroup Global USD 1,675,000.00 6.00 4.15 01.11.2020 TBCGE001 USD 3M Markets Limited TBC LEASING GEORGIA: BBA LIBOR Citigroup Global USD 1,675,000.00 6.00 4.11 04.12.2020 TBCGE001 USD 3M Markets Limited VISION BANCO BBA LIBOR Goldman Sachs USD 2,142,858.00 6.50 4.55 28.04.2021 PARAGUAY: VISPA026 USD 6M International VISION BANCO BBA LIBOR Citigroup Global USD 2,500,000.00 6.50 4.71 27.06.2021 PARAGUAY: VISPA032 USD 6M Markets Limited VISION BANCO BBA LIBOR Goldman Sachs USD 4,000,000.00 6.75 3.84 30.10.2021 PARAGUAY: VISPA033 USD 6M International VISION BANCO BBA LIBOR Citigroup Global USD 1,500,000.00 6.90 3.79 29.05.2022 PARAGUAY: VISPA034 USD 6M Markets Limited

42 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Fixed Spread Loan ID Currency Nominal rate of swap Floating rate Counterparty Maturity date (in %) (in %)

VISION FUND ECUADOR: BBA LIBOR ICBC Standard USD 250,000.00 7.30 5.55 30.11.2019 VFEEC009 USD 6M Bank Plc VISION FUND ECUADOR: BBA LIBOR ICBC Standard USD 750,000.00 7.30 5.49 21.02.2020 VFEEC009 USD 6M Bank Plc VISION FUND ECUADOR: BBA LIBOR ICBC Standard USD 1,000,000.00 7.30 5.57 20.12.2019 VFEEC010 USD 6M Bank Plc VISIONFUND CAMBODIA: BBA LIBOR ICBC Standard USD 500,000.00 7.30 6.01 29.03.2019 VFCCA016 USD 6M Bank Plc VISIONFUND SRI LANKA: BBA LIBOR ICBC Standard USD 1,500,000.00 7.35 5.45 13.07.2020 VFLSL006 USD 6M Bank Plc XACBANK MONGOLIA: BBA LIBOR Citigroup Global USD 5,000,000.00 6.25 5.00 29.04.2019 XACBA020 USD 6M Markets Limited XACLEASING MONGOLIA: BBA LIBOR ICBC Standard USD 1,000,000.00 7.50 5.60 15.03.2019 XACLE002 USD 6M Bank Plc XACLEASING MONGOLIA: BBA LIBOR Citigroup Global USD 2,500,000.00 7.25 4.40 25.06.2020 XACLE003 USD 6M Markets Limited XACLEASING MONGOLIA: BBA LIBOR Citigroup Global USD 2,500,000.00 7.25 4.35 22.08.2020 XACLE003 USD 6M Markets Limited

The above-mentioned interest rate swaps have not been valued separately at year-end. Indeed, rather than valuing separately the loans in the original interest rate and the related interest rate swaps, the loans and the related contracts have been amalgamated as if they were synthetic floating interest rates loans. Those synthetic loans include the interest rate impacts.

The following interest rate swap has been valued separately at year-end; It was related to the loan disbursed to Vision Fund Cambodia at 20th June 2017 and was repaid earlier than scheduled at 20th December 2018:

Net Unrealised gain Fixed Spread of Floating Maturity accrued on swap Swap ID Currency Nominal rate swap Counterparty rate date interest contracts (in %) (in %) (in USD) (in USD) VISIONFUND BBA LIBOR Citigroup Global CAMBODIA: USD 3,500,000.00 7.10 5.31 20.06.2020 1,156.47 38,175.56 USD 6M Markets Limited VFCCA018

Note 14 - Credit line facility agreements

As at 31st December 2018, the Company is committed in the following credit line facility agreements:

Called Uncalled Counterparties Date of agreement Commitment commitment commitment (in USD) (in USD) (in USD)

InsuResilience Investment Fund, SICAV RAIF 15th May 2018 25,000,000.00 (*) 12,500,000.00 12,500,000.00 FINCA Microfinance 27th September Holding Company LLC 2018 10,000,000.00 0.00 10,000,000.00

(*) for a period of nine months from the date of the agreement.

43 BlueOrchard Microfinance Fund

Notes to the financial statements (continued) as at 31st December 2018

Note 15 - Subsequent events

Following a Board of Directors’ resolution explained in the notice letter to the shareholders of the Company dated 30th November 2018, the Classes of shares Andbank Microfinance - USD and Andbank Microfinance - EUR (hedged) have been closed with effective date 12th February 2019.

New prospectus update is currently in the filing process and will come in force in the 1st half of 2019, modifications including but not limited to GDPR disclosure, creation of share classes, restriction on Luxembourg retail investors, change the liquidity terms of the I share classes, replacement of the hedging agent from Candriam to Credit Suisse, replacement of Board members, the new address of the AIFM.

44 BlueOrchard Microfinance Fund

Additional information as at 31st December 2018

1. Information for Swiss Investors

The Prospectus of the Company, as well as the annual and semi-annual reports may be obtained free of charge from the Swiss Representative.

The list of changes in the portfolio is available for inspection by investors, free of charge, at the office of the Swiss Representative.

Swiss Representative

1741 Fund Solutions AG Burggraben 16 CH-9000 St. Gallen

Swiss Paying Agent

Bank Tellco AG Bahnhofstrasse 4 CH-6431 Schwyz

Place of jurisdiction in Switzerland

In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Total Expense Ratio ("TER")

TER per share as at 31.12.2018 (in %) P - USD 2.01 P - CHF (hedged) 2.06 P - EUR (hedged) 2.05 I - USD 1.36 I - CHF (hedged) 1.40 I - EUR (hedged) 1.39 N - USD 1.55 N - CHF (hedged) 1.60 N - EUR (hedged) 1.60 H - USD * 1.23 H - EUR (hedged) * 1.23 H - SEK (hedged) * 1.23 Andbank Microfinance - USD 1.65 Andbank Microfinance - EUR (hedged) 2.07 D - USD 1.66 D - CHF (hedged) 1.70 D - EUR (hedged) 1.70 D - GBP (hedged) 1.78 S - USD 1.15 S - CHF (hedged) 1.19 S - EUR (hedged) 1.15

* annualized TER

45 BlueOrchard Microfinance Fund

Additional information (continued) as at 31st December 2018

2. Additional information for investors

Fund Facts [As of 31st December 2018]:

Average exposure per MFI* 10,286,595 Portfolio average life (in years) 2.02 Weighted average interest rate duration [years]* 0.41 Number of countries 52 Number of MFIs 159 Number of loans outstanding 316 Cash & Cash Equivalents 4%

Activity Report

Total new disbursements since inception 3,563,347,860 Number of loans disbursed since inception 1,406

* Portfolio average life based on initial face value of the loans

Social performance indicators

Total # of microentrepreneurs reached by MFIs in the portfolio 25,556,930 # of microentrepreneurs reached by funding provided by the Company 1,089,763 % of rural clients* 47% % of female clients* 53% % of individual lending* 83% % of group lending* 17% Average loan size to microentrepreneurs:

Simple average across MFIs in USD 10,674 Median across MFIs in USD 2,599

* Data based on the latest available information from MFIs in the portfolio - includes some estimates by BlueOrchard.

3. Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR")

During the reporting period, the Company did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported.