Integration of Banque Richelieu France’s discretionary portfolio management business into the management company (July 2019). Respecting the full independence of this business with regard to fund management, this merger aims to consolidate the quality of services offered to private clients who entrust us with the management of their assets: Adaptation of steering and management tools used in institutional management: strengthening of the risk-based approach, performance measurement, reporting. Shorter implementation times for the Group’s asset allocation strategy in managed portfolios, through better coordination with the group’s chief strategy manger. In thisa respect, the sudden rise in market volatility confirms the Group’s decision to set up a financial management center within Richelieu Gestion. Extension of the discretionary portfolio management product to external clients, through our professional partnerships (financial advisors, Family offices). The competi- tive dimension taken up by discretionary portfolio management business confirms the qualitative objectives set for it, benefitting the Banque Richelieu Group’s private clients. Investments in financial management and client information. The recruitment of more experienced managers, the change of the fund management portfolio management system (accompanied by a digital component for fund reporting), the implementation of financial research into sustainable investment, and the deploy- ment of new communication tools and information on our expertise are major additional assets in a rapidly changing environment. They reflect the Banque Richelieu Group’s desire to make financial management an area for strategic development. Our goal for the years to come Richelieu Gestion’s goal is to continue on this qualitative and sustainable path, relying on a selection of targeted and distinctive products, expanded selectively in range discre- tionary portfolio management services meeting the expectations of its clients, and the retail aspect of a private bank with numerous additional offers for clients (Data client management, financing, etc.). This long-term approach aims to consolidate Richelieu Gestion’s position as a stakeholder that is close to its clients, responsive to their requests, and humbly and professionally develops differentiated solutions. Christophe Boulanger, Chief Executive Officer, Richelieu Gestion Laurence Adam, Deputy Chief Executive Officer, Richelieu Gestion ACTIVITY REPORT 17