novus capital luxembourg s.a. annual accounts and …novus capital luxembourg s.a. annual accounts...

Address:

52-54, Avenue du X Septembre

L-2550 Luxembourg

R.C.S. Luxembourg : B 151.433

Novus Capital Luxembourg S.A.

ANNUAL ACCOUNTS

AND REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ

FOR THE YEAR ENDED

31 MARCH 2015


Table of contents Page

1. Report of the Réviseur d'Entreprises Agréé 2

2. Management report 4

3. Responsibility statement 6

4. Balance sheet as at 31 March 2015 7

5. Profit and loss account for the year ended 31 March 2015 8

6. Notes to the annual accounts 9

Annex 1 - Balance sheet as at 31 December 2015 per compartment

Annex 2 - Profit and loss account for the year ended 31 March 2015 per compartment

Annex 3 - Note 3. Securities and other financial instruments held as fixed assets per compartmentAnnex 4 - Note 4. Other receivables, becoming due and payable within one year per compartment

Annex 5 - Note 7. Non convertible loans, becoming due and payable after more than one year per compartment Annex 6 - Note 8. Other creditors, becoming due and payable within one year per compartment

Annex 7 - Note 10. Interest and other financial charges per compartment

Annex 8 - Note 11. Income from financial fixed assets per compartment

Annex 9 - Note 12. Other interest and other financial income per compartment

- 1 -

Deloitte. Deloitte Audit Société à responsabilité limitée

560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-lO 11 Luxembourg

Tel: +352 451 451 Fax: +352 451 452 992 www.deloitte.lu

To the Shareholders of Novus Capital Luxembourg S.A. 52-54, A venue du X Septembre L-2550 Luxembourg

REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ

Following our appointment by the General Meeting of the Shareholders held on 31 July 2014 we have audited the accompanying annual accounts ofNovus Capital Luxembourg S.A. which comprise the Balance Sheet as at 31 March 2015 and the Profit and Loss account for the year then ended and a summary of significant accounting policies and notes to the annual accounts.

Responsibility of the Board of Directors for the annual accounts

The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

Responsibility of the réviseur d'entreprises agréé

Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier.

Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the réviseur d'entreprises agréé 's judgement, including the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error.

In making those risk assessments, the réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Société à responsabilité limitée au capital de 35.000 € RCS Luxembourg B 67.895 VAT LU25101535 Autorisation d'établissement 10022179

2

Deloitte.

Opinion

In our opinion, the annual accounts give a true and fair view of the financial position of Novus Capital Luxembourg S.A. as at 31 March 2015, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts.

Report on other legal and regulatory requirements

The management report, which is the responsibility of the Board of Directors, is consistent with the annual accounts.

For Deloitte Audit, Cabinet de révision agréé

3


2. MANAGEMENT REPORT

The Board of Directors of Novus Capital Luxembourg SA (the "Company") herewith submits its annual report and accounts of the Company for the year ended 31 March 2015.

General

The Company is a multicompartment securitisation company within the meaning of the law of 22 March 2004 on securitisation and has as its corporate purpose the securitisation of collateral bonds.

Summary of activities

In February 2011 the Company became a party to a programme agreement dated 26 June 2009, in which Novus Capital pic is initial issuer under the "Novus" Structured Issuance Programme (the "Programme") as defined in a Base Prospectus.

During the financial year ended 31 March 2015, the following series of Notes have been issued: Note Series Date Description 2014-(15) Compartment 07-May-2014 Series 2014-15 EUR 20,000,000 Interest Rate Asset Swap

Notes due 15 September 2035 (the "Series 2014-15") 2014-(16) Compartment 19-May-2014 Series 2014-16 EUR 20,000,000 Interest Rate Asset Swap

Notes due 15 September 2024 (the "Series 2014-16") 2014-(17) Compartment 08-Jul-2014 Series 2014-17 EUR 20,000,000 Interest Rate Asset Swap

Notes due 15 September 2024 (the "Series 2014-17") 2014-(18) Compartment 23-0ct-2014 Series 2014-18 EUR 20,000,000 Equity Linked Floating Rate

Notes due 15 September 2026 (the "Series 2014-18")

The net proceeds of each issue of Notes were used in acquiring initial collateral bonds and acquisition of each collateral bond is accounted for in a separate compartment. The Notes are backed by substantially all of the assets of the Company, consisting of the Company's right, title and interest in the collateral bonds. The Notes are direct, secured and limited recourse obligation of the Company, whereby the Company pays only those amounts, which are actually available to it, being essentially the amounts received from the collateral bonds and the amounts received or paid under the Swap Transactions.

During the financial year ended 31 March 2015, aside the above mentioned issuances, no additional series of Notes have been issued.

During the financial year ended 31 March 2015 the following redemptions of Notes have taken place: Note Series Date Description Series 2011-(05) 30-Sep-2014 Partial redemption of Series 2011-05 EUR 100,000,000 Interest Rate Asset

Swap Notes due 15 September 2017 with EUR 15,000,000

Acquisition of own shares

During the year ended 31 March 2015 the Company has not purchased any of its own shares.

Research and development activities

The Company was neither involved nor participated in any kind of research or development activities in the year ended 31 March 2015.

Branches of the Company

The Company does not have any branches.

- 4-


2. MANAGEMENT REPORT

Board of Directors

At incorporation date Mrs P.J.S. Dunseiman, Mrs Z.H. Cam mans and Mr B.H. Hoftijzer were appointed as Directors of the Company. As at 31 March 2015, Mr Hoftijzer has resigned from his position as director of the Company. On 13 January 2016, the remaining Directors have co-opted Mrs C. Pirrié as new director of the Company.

Audit Committee

The Company does not enter into any operation other than those described in the Base Prospectus; it has delegated to the Corporate Services Provider, on 3 February 2010, the financial reporting process and the supervision of the statutory audit: therefore it considers not necessary to have either an audit committee or an administrative or supervisory body entrusted to carry out the functions of an audit committee.

Corporate Governance Declaration

Risk Management and Internal Control

The Board of Directors has overall responsibility for the Company's system of internal control and risk management, incident to the day-to-day control of the Company's business and the preparation of the annual accounts.

The Company has an embedded risk management and reporting process which ensures that risks are identified, assessed and mitigated at an executive level and reported to the Board of Directors. The results of risk management activities are consolidated and reviewed by the Board of Directors on an annual basis.

The system of internal controls is designed to manage the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Company's systems of internal controls ensure key risks are managed through: - the management structure with delegated authority levels, segregation of duties, functional reporting lines and accountability; - authorisation processes for all capital expenditure, other purchases and expenses are subject to appropriate authorisation procedure - formal reporting to the Board of Directors on specific areas of financial and operational risk.

Subsequent events

The Company repurchased and cancelled all outstanding Notes in Compartments 2014 (12), 2014 (14) and 2014 (17) on 27 July 2015, in Compartment 2014 (15) on 16 December 2015 and in Compartment 2014 (16) on 18 December 2015.

No other matters or circumstances of importance have arisen since the end of the financial year which have significantly affected or may significantly affect the operations of the Company, the results of those operations or the affairs of the Company.

Future outlook

No material changes in activities are contemplated during the next financial year.

Mrs C Pirrié Director

- 5-


4. BALANCE SHEET AS AT 31 MARCH 2015

Notes

EUR EUR EUR EUR

ASSETS

Fixed assets

Financial fixed assets

2, 3 422,970,000 357,970,000

Total fixed assets 422,970,000 357,970,000

Current assets

Debtors

Other receivables 2, 4

- becoming due and payable within one year 22,152,374 6,912,754

Cash at bank, cash in postal cheque accounts, cheques and cash in hand

5 16,139 17,587

Total current assets 22,168,513 6,930,341

Total (Assets) 445,138,513 364,900,341

LIABILITIES

6

31,000 31,000

(9,255) (8,453)

Capital and reserves

Subscribed capital

Profit or loss brought forward Profit or loss for the financial year (3,482) (802)

Total capital and reserves 18,263 21,745

Non subordinated debts Debenture loans

Non convertible loans 2, 7

- becoming due and payable after more than one year 425,970,000 360,970,000

Tax and social security debts 13

- Tax debts 2,675 535

Other creditors 2, 8

- becoming due and payable within one year 19,147,575 3,908,061

Total non subordinated debts 445,120,250 364,878,596

Total (Liabilities) 445,138,513 364,900,341

The notes in the annex form an integral part of the annual accounts.

31/03/2015 31/03/2014

Securities and other financial instruments held

as fixed assets

- 7 -


Notes

EUR EUR EUR EUR

9 272 3,000,267

CHARGES

Other external charges

Interest and other financial charges

10 32,543,075 25,457,897 - other interests and similar financial charges

Income tax 13 3,210 535

Total charges 32,546,557 28,458,699

11 13,789,342 9,180,871

INCOME

Income from financial fixed assets - other income from participating interests

Other interest and other financial income 12

18,753,733 19,277,026

3,482 802

Total income 32,546,557 28,458,699

The notes in the annex form an integral part of the annual accounts

5. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2015

31/03/2015 31/03/2014

- other interest and similar financial income

Loss for the financial year

- 8 -


6. NOTES TO THE ANNUAL ACCOUNTS

Note 1 - General information

Note 2 - Summary of significant accounting principles

2.1 Basis of preparation

2.2 Significant accounting policies

2.2.1 Financial assets

2.2.2 Other debtors

The annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements.

The Company may only carry out the above activities if and to the extent that they are in accordance with the Securitisation Law.

Under the Securitisation Law, the assets, liabilities and obligations of the Company are separated into separate compartments.

The assets of each compartment are, by operation of the Law, only available to satisfy the liabilities and obligations of the Company

which are incurred in relation to that compartment.

Other debtors are recorded at their nominal value. They are subject to value adjustments where their recoverability is either uncertain

or compromised. These value adjustments are not continued if the reason for which the value adjustments were made has ceased to

apply.

The preparation of annual accounts requires the use of certain critical accounting estimates. It also requires the Management to

exercise their judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on

the annual accounts in the year in which the assumptions changed. Management believes that the underlying assumptions are

appropriate and that the annual accounts therefore present the financial position and results fairly.

Novus Capital Luxembourg S.A. (hereafter the "Company") is a Luxembourg public limited company incorporated in Luxembourg on

26 January 2010 for an unlimited period under the legal form of "Société Anonyme " having its registered office at 52-54, Avenue du X

Septembre, L-2550 Luxembourg, Grand-Duchy of Luxembourg. The Company is registered at the Registre du Commerce et des

Sociétés of Luxembourg City under number B 151.433.

The purpose of the Company is the securitisation, within the meaning of the Luxembourg Law of 22 March 2004 on securitisation as

amended (hereinafter the "Securitisation Law"), of receivables arising from collateral bonds (the "Permitted Assets"). The Company

may enter into any agreement and perform any action necessary or useful for the purposes of securitising Permitted Assets, including,

without limitation, disposing of its assets in accordance with the relevant agreements.

The financial year of the Company begins 1 April and ends on 31 March, except for the first financial year which started on 26 January

2010, the date of incorporation, and ended on 31 March 2011.

The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities in the next financial year.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations

of future events that are believed to be reasonable under the circumstances.

The Company is classified as small company under the articles 35 and 47 of the Luxembourg Law of 19 December 2002 on Trade and

Companies Register, bookkeeping and annual accounts of companies as amended (the "Amended Law").

The main valuation rules applied by the Company are the following:

The Company is not included in consolidated accounts.

Accounting policies and valuation rules are, besides the ones laid down by the Amended Law, determined and applied by the Board of

Directors (the "Management"). The Company maintains its books and records in Euro (EUR).

Permitted Assets included in financial assets are recorded at their acquisition cost less any impairment in value, which, in the opinion

of the management, can be considered as permanent.

- 9 -



Note 2 - Summary of significant accounting principles (continued)

2.2.3 Accruals and deferred income

2.2.4 Notes issued

2.2.5 Creditors

2.2.6 Interest receivable and payable

2.2.7 Off balance sheet commitments

Note 3 - Securities and other financial instruments held as fixed assets 31/03/2015 31/03/2014

Collateral Bonds EUR EUR

Opening balance as at 1 April 357,970,000 292,500,000

Acquisition during the year 80,000,000 75,470,000

Disposals during the year (15,000,000) (10,000,000)

Closing balance as at 31 March 422,970,000 357,970,000

Note Series Date ISIN Description Due Principal Purchase

Series 2014-15 07-May-14 IT0003745541 Italy 2.35% 15/09/2035 24,000,000 83.33%

Series 2014-16 19-May-14 IT0005004426 Italy 2.35% 15/09/2024 26,000,000 76.92%

Series 2014-17 08-Jul-14 IT0005004426 Italy 2.35% 15/09/2024 26,000,000 76.92%

Series 2014-18 23-Oct-14 IT0004735152 Italy 3.10% 15/09/2026 24,000,000 83.33%

As per the terms and conditions of Interest Rate Asset Swap agreements, all future cash flows arising from those Collateral Bonds (as

defined below) will be exchanged against all future cash flows in respect of the Notes. Accordingly any difference between Collateral

Bonds cost and their fair market value, when lower, is not considered as permanent and no impairment on the Collateral Bonds has

been recorded. Due to the nature of the swap, their fair value is included under Note 14 - Off balance sheet commitments rather than

accounted for in the balance sheet and profit and loss account.

This liability item includes income received during the financial year but relating to a subsequent financial year.

Interest receivable and payable are recorded on an accrual basis.

Where the amount repayable on any debt exceeds the amount received, the difference may be accounted for in the profit and loss

account when the debt is issued.

The net proceeds of the issued Notes (see also Note 7) were used in acquiring the following initial collateral bonds (the "Collateral

Bonds"). During financial year ended 31 March 2015 the following subscriptions of Collateral Bonds have taken place:

As per the terms and conditions of Interest Rate Asset Swap agreements ("IRAS"), all future cash flows arising from those Collateral

Bonds will be exchanged against all future cash flows in respect of the Notes (see also Note 14). Therefore the acquisition price of the

Collateral Bonds are recorded at par (100%) and deviate from the market value at the date of acquisition.

Notes issued are stated at par value less any repayments made to their principal.

- 10 -



Market Value Market Value

ISIN 31/03/2015 31/03/2014

IT0004545890 148.45% 96.88%

IT0004085210 107.37% 105.68%

IT0004735152 134.06% 108.41%

IT0004604671 115.56% 103.40%

IT0004243512 123.39% 104.90%

IT0004532559 158.69% 112.88%

IT0004380546 112.85% 107.17%

IT0003745541 143.56% n/a

IT0005004426 122.25% n/a

31/03/2015 31/03/2015 31/03/2014 31/03/2014

Series 2011-01 882,521 39,446 882,797 39,209

Series 2011-02 496,418 22,188 496,573 22,055

Series 2011-03 864,469 45,401 712,046 45,215

Series 2011-04 1,211,060 61,156 1,022,162 63,593

Series 2011-05 2,678,235 110,764 2,916,330 129,527

Series 2011-06 2,003,563 89,554 2,004,193 89,015

Series 2011-07 146,644 6,555 146,690 6,515

Series 2012-08 425,163 19,004 425,298 18,889

Series 2012-10 - - 147,641 -

Series 2012-11 152,379 6,811 152,427 6,770

Series 2014-12 1,571,226 69,535 178,963 69,839

Series 2014-13 258,953 11,574 23,729 11,505

Series 2014-14 785,977 35,131 72,022 34,920

Series 2014-15 700,964 29,998 n/a n/a

Series 2014-16 638,376 27,320 n/a n/a

Series 2014-17 638,376 27,320 n/a n/a

Series 2014-18 335,018 35,105 n/a n/a

Note Series Date ISIN Description Principal

Redemption

Price

Series 2011-05 30-Sep-14 IT0004085210 18,000,000 83.33%

As per the above-mentioned terms and conditions of the IRAS the difference between collateral bond cost and their fair market value,

when lower, is not considered as permanent and no impairment on the Collateral Bonds has been recorded.

Italy 2.55% (indexed) 15.09.2041

Italy 2.10% (indexed) 15.09.2021

Italy 3.10% (indexed) 15.09.2029

Italy 2.10% (indexed) 15.09.2021

Italy 5.00% (indexed) 01.09.2040

Series 2012-11, 12 and 14

Note Series

Accrued

Interest

Interest

Income

Interest

IncomeCollateral Bonds

Interest income for the year ended 31 March 2015 and accrued interest as at 31 March 2015 were the following (see Notes 4 and 11):

Italy 2.35% (indexed) 15.09.2035

Italy 2.35% (indexed) 15.09.2014

Italy 2.35% (indexed) 15.09.2014

Italy 3.10% (indexed) 15.09.2029

Italy 2.10% (indexed)

During financial year ended 31 March 2015, due to repurchase of related notes the following redemptions of Bonds have taken place:

In the event of default of the Italian Republic the following set of actions will occur:

- the Issuer will notify the holder of the Serie, and procure that the IRAS counterparty, Nomura International plc disposes of the

collateral assets,

- upon receipt of the net proceeds of liquidation of the Collateral Bonds the noteholder will be notified, and notes will be subject to early

redemption at early redemption amount (the lesser of (i) the amount available for distribution after payment of all prior ranking

amounts and (ii) the redemption amount of the note).

Accrued

Interest

Italy 2.60% (indexed) 15.09.2023

Series 2011-07

Related Notes

Series 2014-15

Series 2014-16 and 17

Series 2011-03 and 04

Series 2011-06 and 2014-18

Italy 2.35% (indexed) 15.09.2035

Series 2012-13

Italy 2.60% (indexed) 15.09.2023

Italy 2.35% (indexed) 15.09.2019

Italy 2.60% (indexed) 15.09.2023

Italy 2.60% (indexed) 15.09.2023

Italy 2.60% (indexed) 15.09.2023

Series 2011-01 to 2011-04

Series 2011-05 and 2012-08

Italy 2.35% (indexed) 15.09.2014

Note 3 - Securities and other financial instruments held as fixed assets (continued)

The market value of the Collateral Bonds as at 31 March 2015 was as follows:

Italy 2.55% (indexed) 15.09.2041

Italy 2.55% (indexed) 15.09.2041

Italy 2.55% (indexed) 15.09.2041

Italy 3.10% (indexed) 15.09.2026

Italy 2.55% (indexed) 15.09.2041

Italy 2.10% (indexed) 15.09.2017

Italy 2.10% (indexed) 15.09.2017

Italy 2.60% (indexed) 15.09.2023

Italy 2.10% (indexed) 15.09.2017

Collateral Bonds

- 11 -



31/03/2015 31/03/2014

Note 4 - Other receivables, becoming due and payable within one year

EUR EUR

Additional collateral 13,435,000 -

Accrued Interest on Collateral Bond 636,862 537,052

Accrued Interest Income on Swap Transaction 5,075,713 3,371,009

Other receivables 3,004,799 3,004,693

Total 22,152,374 6,912,754

Related Notes Description ISIN Due Principal Posted on Returned on

Series 2011-05 Italy 2.60% indexed IT0004243512 15/09/2023 2,000,000 21-Oct-14 24-Jul-15

Series 2011-05 Italy 5.75% indexed IT0003256820 01/02/2033 1,300,000 21-Oct-14 20-Apr-15

Series 2011-05 Italy 3.10% indexed IT0004735152 15/09/2026 2,135,000 12-Dec-14 n/a

Series 2012-12 Italy 3.10% indexed IT0004735152 15/09/2026 5,000,000 26-Jan-15 20-Jul-15

Series 2014-16 Italy 3.10% indexed IT0004735152 15/09/2026 3,000,000 26-Jan-15 n/a

The other receivables largely consist of the following:

Note 5 - Cash at bank, cash in postal cheque accounts, cheques and cash in hand 31/03/2015 31/03/2014

EUR EUR

Cash current account 16,139 17,587

Total 16,139 17,587

Note 6 - Capital and reserves

Subscribed capital

The changes in capital and reserves during the year can be explained as follow:

Balance as at 1 April 31,000 (8,453) (802) 21,745

Allocation of previous year's result - (802) 802 -

Result of the year - - (3,482) (3,482)

Balance as at 31 March 31,000 (9,255) (3,482) 18,263

Legal reserve

Result for the

financial year Total

- receivables from Swap Counterparty amounting to EUR 2,000,000 and EUR 1,000,000 for Cp. 2014-(12) and Cp. 2014-(14)

respectively. This corresponds to the Dealers’ commission of 5% of the issue price of the mentioned notes (one-off fee) which,

pursuant to the Swap terms and conditions, will be received by the Company at the Maturity/Repurchase date (see also Note 9).

Subscribed

Capital

Results

brought forward

As of 31 March 2015, the subscribed capital amounts to EUR 31,000 and is divided into 3,100 shares fully paid-up with a par value of

EUR 10 each. The authorised capital amounts to EUR 31,000.

Under Luxembourg law, a minimum of 5% of the net profit of the year must be allocated to a legal reserve until such reserve equals

10% of the subscribed capital. This reserve is not available for dividend distribution.

- Additional collaterals have been temporary received (and in some cases returned) from the swap counterparty in relation to IRAS fair

value exposure on the following notes:

- 12 -



Note 7 - Non convertible loans, becoming due and payable after more than one year 31/03/2015 31/03/2014

As at 31 March 2015 the amount contains the following: EUR EUR

Series 2011-01 Interest Rate Asset Swap Notes 32,000,000 32,000,000








Series 2012-11 Fixed Rate Notes 5,000,000 5,000,000

Series 2014-12 Fixed Rate Notes 40,000,000 40,000,000

Series 2014-13 Floating Rate Notes 10,000,000 10,000,000

Series 2014-14 Equity Linked Fixed Rate Notes 20,000,000 20,000,000

Series 2014-15 Index Linked Fixed Rate Notes 20,000,000 -

Series 2014-16 Strategy Linked Fixed Rate Notes 20,000,000 -

Series 2014-17 Strategy Linked Fixed Rate Notes 20,000,000 -

Series 2014-18 Equity Linked Floating Rate Notes 20,000,000 -

Total 425,970,000 360,970,000

Movements during the financial year are as follows: 31/03/2015 31/03/2014

All Series EUR EUR

Balance as at 1 April 360,970,000 295,000,000

Issues during the year 80,000,000 75,970,000

Redemptions during the year (15,000,000) (10,000,000)

Balance as at 31 March 425,970,000 360,970,000

Series 2011-01 Interest Rate Asset Swap Notes 31/03/2015 31/03/2014

EUR EUR


Issues during the year - -

Redemptions during the year - -


No redemption on the principal is scheduled within one year.

All payments of interest on and principal of Series 2011-01 Notes will be due and payable on 15 September 2041, the Final Maturity

Date.

Interest payable on Series 2011-01 amounted to EUR 31,971 as at 31 March 2015 (EUR 32,867 as at 31 March 2014, see also Note

8).

On 25 February 2011 the Company issued the Series 2011-01 Interest Rate Asset Swap Notes for a principal amount of EUR

32,000,000. As at 31 March 2015 Series 2011-01 has not been subject to any redemption on the principal.

Series 2011-01 bears a fixed interest rate of 5.40% on the principal amount from 25 February 2011 up to 15 September 2012, then a

floating rate interest of six-month Euribor + 2.06% from 15 September 2012 up to the final maturity date. Rate applied on Top Up

Amount corresponds to EUR EONIA. Payments on Series 2011-01 are made as at 15 March and 15 September in each year from 15

September 2011 up to the final maturity date.

The interest income on Series 2011-01 has been swapped to an indexed fixed rate of 2.55% interest (see also Note 14).

- 13 -



Note 7 - Non convertible loans, becoming due and payable after more than one year (continued)


EUR EUR






EUR EUR


Issues during the year - 1,000,000





Series 2011-02 bears a fixed interest rate of 5.40% on the principal amount from 25 February 2011 up to 15 September 2012, then a

floating rate interest of six-month Euribor + 2.06% from 15 September 2012 up to the final maturity date. Rate applied on Top Up

Amount corresponds to EUR EONIA. Payments on Series 2011-02 are made as at 15 March and 15 September in each year from 15


On 5 July 2011 the Company issued the Series 2011-03 Interest Rate Asset Swap Notes for a principal amount of EUR 25,000,000.

On 7 June 2012 and 18 September 2013 the Company issued an additional Series 2011-03 Interest Rate Asset Swap Notes for a total

amount of EUR 3,500,000.

As at 31 March 2015 Series 2011-03 has not been subject to any redemption on the principal.

Series 2011-03 bears a floating interest rate of six-month Euribor on the principal amount + 2.25% from 5 July 2011 to, but excluding,

15 September 2013 and a floating interest rate of six-month Euribor on the principal amount + 1.50% from, and including 15

September 2013 up to the final maturity date. Payments on Series 2011-03 are made as at 15 March and 15 September in each year

from 15 September 2011 up to the final maturity date.


Date.

No redemption on the principal is scheduled within one year. Top Up Amount is planned to be redeemed upon end of MTM Trigger

Event.


8).


The interest income on Series 2011-03 has been swapped to an indexed fixed rate of 2.55% (EUR 25,000,000) and 5.00% (EUR

3,500,000) interest (see also Note 14).



8).


Date.

- 14 -





EUR EUR






EUR EUR



Redemptions during the year (15,000,000) -


Interest payable on Series 2011-05 amounted to EUR 272,901 as at 31 March 2015 (EUR 326,380 as at 31 March 2014, see also

Note 8).


Date.


On 26 October 2011 the Company issued the Series 2011-05 Interest Rate Asset Swap Notes for a principal amount of EUR

100,000,000.

The initial fixed interest rate was set at 6.10%. On 22 December 2011 the terms and conditions of the Series were amended and

interest was raised to 6.95%. The counterparty for this interest rate increase consists in the transfer to the Company of an additional

collateral in the principal amount of EUR 20,000,000 without any additional issuance of notes.

Since this amendment Series 2011-05 bears a fixed interest rate of 6,95% from 26 October 2011 up to the final maturity date.

Payments on Series 2011-05 are made as at 15 March and 15 September in each year from 15 March 2012 up to the final maturity

date.


Date.


On 27 July 2011 the Company issued the Series 2011-04 Interest Rate Asset Swap Notes for a principal amount of EUR 35,000,000.

On 24 October 2013 the Company issued additional Series 2011-04 Interest Rate Asset Swap Notes for a principal amount of EUR


Series 2011-04 bears a floating interest rate of six-month Euribor on the principal amount + 2.6325% from 27 July 2011 to, but

excluding, 15 September 2013, and a floating interest rate of six-month Euribor on the principal amount + 2.25% from 15 September

2013 up to the final maturity date. Payments on Series 2011-04 are made as at 15 March and 15 September in each year from 15


The interest income on Series 2011-04 has been swapped to an indexed fixed rate of 2.55% (EUR 35,000,000) and 5.00% (EUR

4,970,000) interest (see also Note 14).


8).

During the year, the Company redeemed EUR 15,000,000 on the outstanding Notes principal. No redemption on the principal is

scheduled within one year.

- 15 -





EUR EUR






EUR EUR






EUR EUR





On 19 March 2012 the Company issued the Series 2012-08 Interest Rate Asset Swap Notes for a principal amount of EUR


On 2 December 2011 the Company issued the Series 2011-06 Interest Rate Asset Swap Notes for a principal amount of EUR


Series 2011-06 bears a fixed interest rate of 9,55% from 2 December 2011 up to the final maturity date. Payments on Series 2011-06

are made as at 15 September in each year from 15 September 2012 up to the final maturity date.


Date.



On 22 December 2011 the Company issued the Series 2011-07 Interest Rate Asset Swap Notes for a principal amount of EUR


Series 2011-07 bears a one-time interest rate of 7.50% on the principal payable on 22 December 2011 and a fixed interest rate of

7.20% from 22 December 2011 up to the final maturity date. Payments on Series 2011-07 are made as at 15 September in each year

from 15 September 2012 up to the final maturity date.


Date.




Note 8).

Interest payable on Series 2011-06 amounted to EUR 2,331,247 as at 31 March 2015 (EUR 2,331,247 as at 31 March 2014, see also

Note 8).

- 16 -




Series 2012-08 Interest Rate Asset Swap Notes

Series 2012-10 Fixed Rate Notes 31/03/2015 31/03/2014

EUR EUR

Balance as at 1 April - 10,000,000


Redemptions during the year - (10,000,000)

Balance as at 31 March - -


EUR EUR







On 13 March 2014 the Company fully redeemed the Series 2012-10 Interest Rate Asset Swap Notes.

On 7 September 2012 the Company issued the Series 2012-10 Interest Rate Asset Swap Notes for a principal amount of EUR

10,000,000.

Series 2012-10 bears a fixed interest rate of 15.00% (not proratised) from and including the Issue Date to, but excluding, 15

September 2012 and 6.10% (pro rata) from, and including, 15 September 2012 to 15 September 2023. Payments on Series 2012-10

are made on as at 15 September in each year from and including 15 September 2012 up to the final maturity date.


Date.



8).


On 26 September 2012 the Company issued the Series 2012-11 Interest Rate Asset Swap Notes for a principal amount of EUR


Series 2012-11 bears a fixed interest rate of 15.00% (not proratised) from and including the Issue Date to, but excluding, 28

September 2012 and 5.45% (pro rata) from, and including, 28 September 2012 to 15 September 2023. Payments on Series 2012-11

are made on 28 September 2012, and thereafter as at 15 September in each year from and including 15 September 2013 up to the

final maturity date.

All payments of interest on and principal of Series 2012-08 Notes will be due and payable on 19 March 2018, the Final Maturity Date.


Note 8).


Series 2012-08 bears a fixed interest rate of 5.40% from 19 March 2012 to 19 March 2013, 5.90% from 19 March 2013 to 19 March

2014, 6.40% from 19 March 2014 to 19 March 2015, 6.90% from 19 March 2015 to 19 March 2016, 8.40% from 19 March 2016 to 19

March 2017 and 10.40% from 19 March 2017 up to the final maturity date. Payments on Series 2012-08 are made as at 19 March in

each year from 19 March 2013 up to the final maturity date.

- 17 -





EUR EUR

Balance as at 1 April 40,000,000 -




Series 2014-13 Floating Rate Notes 31/03/2015 31/03/2014

EUR EUR







Series 2014-12 bears a fixed interest rate as follows:

a) 3.15% p.a. in the interest period ending on the interest payment date scheduled to fall on 15 September 2014;

b) 3.45% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2015;

c) 3.75% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2016;

d) 4.05% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2017;

e) 4.35% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2018;

f) 4.65% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2019;

g) 4.95% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2020;

h) 5.25% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2021;

i) 5.55% p.a in the interest period ending on the interest payment date scheduled to fall on 15 September 2022;

j) 5.85 p.a in the interest period ending on the interest payment date scheduled to fall on the final maturity date.

Payments on Series 2014-12 are made as at 15 September in each year from, and including, 15 September 2014 up to, and including,

the final maturity date.



Series 2014-13 bears a floating interest rate of six-month Euribor on the principal amount + 2.00% per annum from 25 February 2014

up to the final maturity date. Payments on Series 2011-04 are made as at 15 March and 15 September in each year from, and

including, the Issue Date, to but excluding, 15 March 2014 and from 15 September 2014 up to the final maturity date.


Date.




Date.


Note 8).

Interest payable on Series 2014-13 amounted to EUR 9,316 as at 31 March 2015 (EUR 10,021 as at 31 March 2014, see also Note 8).

On 27 July 2015 the Company fully repurchased and cancelled the Series 2014-12 Notes.


- 18 -




Series 2014-14 Equity Linked Fixed Rate Notes 31/03/2015 31/03/2014

EUR EUR





Series 2014-15 Index Linked Fixed Rate Notes 31/03/2015 31/03/2014

EUR EUR

Balance as at 1 April - -

Issues during the year 20,000,000 -


Balance as at 31 March 20,000,000 -

Series 2014-16 Strategy Linked Fixed Rate Notes 31/03/2015 31/03/2014

EUR EUR





Series 2014-16 bears a fixed interest rate of 3.00% per annum from and including the Issue Date up to the final maturity date.

Payments on Series 2014-16 are made as at 15 September in each year from 15 September 2014 up to the final maturity date.




Payments on Series 2014-14 are made on as at 15 September in each year from 15 September 2014 up to the final maturity date.


Date.



On 7 May 2014 the Company issued the Series 2014-15 Index Linked Fixed Rate Notes for a principal amount of EUR 20,000,000. As

at 31 March 2015 Series 2014-15 has not been subject to any redemption on the principal.


Date.



On 19 May 2014 the Company issued the Series 2014-16 Strategy Linked Fixed Rate Notes for a principal amount of EUR


Interest payable on Series 2014-15 amounted to EUR 326,666 as at 31 March 2015 (see also Note 8).




8).

- 19 -




Series 2014-17 Strategy Linked Fixed Rate Notes 31/03/2015 31/03/2014

EUR EUR





Series 2014-18 Equity Linked Floating Rate Notes 31/03/2015 31/03/2014

EUR EUR






On 8 July 2014 the Company issued the Series 2014-17 Strategy Linked Fixed Rate Notes for a principal amount of EUR 20,000,000.

As at 31 March 2015 Series 2014-17 has not been subject to any redemption on the principal.




Series 2014-16 Strategy Linked Fixed Rate Notes




Date.

On 29 October 2014 the Company issued the Series 2014-18 Equity Linked Floating Rate Notes for a principal amount of EUR


Series 2014-18 bears a floating interest rate of 3m Euribor + 0.80% per annum from and including the Issue Date up to the final

maturity date. Payments on Series 2014-18 are made as at 15 March, 15 June, 15 September and 15 December in each year from 15

December 2014 up to the final maturity date.


Date.



Date.





- 20 -



Note 8 - Other creditors, becoming due and payable within one year 31/03/2015 31/03/2014

As at 31 March 2014 the amount can be analysed as following: EUR EUR

Accrued Interest on Notes 5,075,713 3,371,009

Accrued Interest on Swap transactions 636,862 537,052

Overcollateralisation reserve (see Note 4) 13,435,000 -

Total 19,147,575 3,908,061

Note 9 - Other external charges 31/03/2015 31/03/2014

As at 31 March 2015 the other external charges are as following: EUR EUR

Dealers’ commission* - 3,000,000

Bank charges 272 267

Total 272 3,000,267

Note 10 - Interest and other financial charges 31/03/2015 31/03/2014

As at 31 March 2015 the amount can be analysed as following: EUR EUR

Interest charges on Notes 18,753,733 16,277,026

Interest charges on Swap transactions 13,789,342 9,180,871

Total 32,543,075 25,457,897

31/03/2015 31/03/2014

- other income from participating interests EUR EUR

Interest income from Collateral Bonds 13,789,342 9,180,871

Total 13,789,342 9,180,871

31/03/2015 31/03/2014

- other interest and similar financial income EUR EUR

Interest receivable on Swap transactions 18,753,733 19,277,026

Other financial income - -

Total 18,753,733 19,277,026

Note 13 - Taxes

Note 12 - Other interest and other financial income

Note 11 - Income from financial fixed assets

The Company is subject to all taxes applicable to commercial companies in Luxembourg incorporated under the Securitisation Law.

The other external charges are not related to compartments. The Company bears the expenses related to its incorporation and to the

first approval by the CSSF. It has been agreed that all subsequent operating expenses will be borne by the Arranger. The Company

only includes in its result the charges related to the administration of its capital account.

* Dealers’ commission amounts to 5% of the issue price of the notes (one-off fee) and only applies to Cp. 2014-(12) and Cp. 2014-

(14). The amount of the commision is EUR 2,000,000 and EUR 1,000,000 for Cp. 2014-(12) and Cp. 2014-(14) respectively.

- 21 -



Note 14 - Off balance sheet commitments

Note Series

Series 2011-01

(Top Up)

Series 2011-02

(Top Up)

Series 2011-03

Series 2011-04

Series 2011-05

as amended

Series 2011-06

additional principal amount of EUR 3,500,000

Top Up Amount as applicable Top Up Amount as applicable

indexed fixed rate of 2.55%

from 15/03/2011 to 15/09/2041

as from initial transaction date of 26/10/2011

as from restructuring date of 22/12/2011

principal amount of EUR 100,000,000

initial principal amount of EUR 100,000,000


from 15/03/2011 to 15/09/2041

floating rate of EUR Eonia on Top Up Amount

fixed rate of 9.55%

from 02/12/2011 to 15/09/2026




from 24/10/2013 to 15/09/2041




from 15/09/2011 to 15/09/2026

fixed rate of 6.95% (raised from 6.10% to 6.95% on

restructuring date of 22/12/2011)

from 26/10/2011 to 15/09/2017

floating rate of six-months Euribor + 2.25% (decreased

from 2.6325% to 2.25% on restructuring date of

24/10/2013)

from 15/09/2013 to 15/09/2041






from 15/09/2011 to 15/09/2017

The swap transactions consist of (see also Notes 3, 4, 7 and 8):

Receivable from Counterparty Payable to Counterparty

fixed rate of 5.40%

from 25/02/2011 to 15/09/2012

floating rate of six-months Euribor + 2.06%

from 15/09/2012 to 15/09/2041

principal amount of EUR 32,000,000 principal amount of EUR 32,000,000


from 15/09/2010 to 15/09/2041

For each Serie and at their respective issuance date, the Company entered in swap transactions with Nomura International plc,

London (the "Counterparty"), under which the Company pays to the Counterparty all interest and principal received under the

Collateral Bond, and the Counterparty pays to the Company all interest and principal payable in respect of the Notes. The swap

agreement hedges the Company's interest rate exposure arising from mismatches between the interest and principal payments

received under the Collateral Bond and the interest and principal payment obligations under the Notes.

interest applicable to additional collateral

interest applicable to additional collateral


from 18/09/2013 to 15/09/2041


floating rate of EUR Eonia on Top Up Amount

Top Up Amount as applicable Top Up Amount as applicable

floating rate of six-months Euribor + 1.50% (decreased

from 2.25% to 1.50% on restructuring date of

18/09/2013)

from 15/09/2013 to 15/09/2041


floating rate of six-months Euribor + 2.06%

from 15/09/2012 to 15/09/2041



fixed rate of 5.40%

from 25/02/2011 to 15/09/2012


from 15/09/2010 to 15/09/2041

- 22 -



Note 14 - Off balance sheet commitments (continued)

Note Series

Series 2011-07

Series 2012-08

Series 2012-11

Series 2014-12

Series 2014-12

fixed rate of 7.20%

from 22/12/2011 to 15/09/2021


from 15/09/2011 to 15/09/2021


one-off fixed rate of 7.50%

on 22/12/2011

fixed rate of 3.45%

from 15/09/2014 to 15/09/2015


fixed rate of 4.65%

from 15/09/2018 to 15/09/2019

fixed rate of 4.35%

from 15/09/2017 to 15/09/2018

fixed rate of 5.25%

from 15/09/2020 to 15/09/2021

fixed rate of 5.55%

from 15/09/2021 to 15/09/2022

fixed rate of 5.85%

from 15/09/2022 to 15/09/2023

fixed rate of 3.75%

from 15/09/2015 to 15/09/2016

fixed rate of 4.05%

from 15/09/2016 to 15/09/2017

fixed rate of 4.95%

from 15/09/2019 to 15/09/2020


fixed rate of 3.15%

from 20/02/2014 to 15/09/2014


from 20/02/2014 to 15/09/2023


from 19/03/2012 to 15/09/2017

fixed rate of 5.40%

from 19/03/2012 to 19/03/2013


Receivable from Counterparty Payable to Counterparty


fixed rate of 15.00% (not proratised)

from 26/09/2012 to 28/09/2012


from 26/09/2012 to 15/09/2023

fixed rate of 5.45% (pro rata)

from 28/09/2012 to 15/09/2023



fixed rate of 6.90%

from 19/03/2015 to 19/03/2016

fixed rate of 6.40%

from 19/03/2014 to 19/03/2015

fixed rate of 8.40%

from 19/03/2016 to 19/03/2017


fixed rate of 10.40%

from 19/03/2017 to 19/03/2018

fixed rate of 5.90%

from 19/03/2013 to 19/03/2014

- 23 -



Note 14 - Off balance sheet commitments (continued)

Note Series Series 2014-13

Receivable from Counterparty floating rate of six-months Euribor + 2.00% from 25/02/2014 to 15/09/2019


Payable to Counterparty indexed fixed rate of 2.35% from 25/02/2014 to 15/09/2019


Series 2014-14 fixed rate of 2.94% from 25/02/2014 to 15/09/2023


indexed fixed rate of 2.60% from 25/02/2014 to 15/09/2023








indexed fixed rate of 2.35% from 19105/2014 to 15/09/2024






Series 2014-18 floating rate of 3m Euribor +0.80 % from 29/10/2014 to 15/09/2026




Tthe valuation of the swap transactions is as follows: Mark to Market Market

Note Series Valuation Valuation 31/03/2015 31/03/2014

EUR EUR Series 2011-01 (26,295,121) (8,565,237) Series 2011-02 (14,791,007) (4,817,946) Series 2011-03 (27,101,415) (14,497,973) Series 2011-04 (30,240,734 ) (13,474,175) Series 2011-05 (26,682,539) (29,756,179) Series 2011-06 (3,043,950) (2,623,737) Series 2011-07 (955,867) (895,920) Series 2012-08 323,038 487,092

Market Market Note Series Valuation Valuation

31/03/2015 31/03/2014 EUR EUR

Series 2012-11 (385,140) (483,253) Series 2014-12 (23,895,013) (25,447,037) Series 2014-13 (1,694,341) (1,626,910) Series 2014-14 (13,754,014) (14,665,663) Series 2014-15 (13,738,612) n/a Series 2014-16 (8,541,993) n/a Series 2014-17 (8,755,631) n/a Series 2014-18 (13,446,297) n/a

Note 15 - Staff and members of the Board of Directors

During the financial year the Company did not employ personnel (2014: nil). Members of the Board of Directors were not remunerated (2014: nil). No advances nor loans were granted during the financial year to the members of those bodies (2014: nil).

- 24-



Note 16 - Subsequent events

The Company repurchased and cancelled all outstanding Notes in Compartments 2014 (12), 2014 (14) and 2014 (17) on 27 July 2015, in Compartment 2014 (15) on 16 December 2015 and in Compartment 2014 (16) on 18 December 2015.

No other matters or circumstances of importance have arisen since the end of the financial year which have significantly affected or may significantly affect the operations of the Company, the results of those operations or the affairs of the Company.

- 25-



Notes

ASSETS 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014

EUR EUR EUR EUR EUR EUR EUR EUR

Fixed assets


Securities and other financial instruments

held as fixed assets - - 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 28,500,000

Total fixed assets - - 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 28,500,000

Current assets

Debtors


4,799 4,693 71,417 72,076 39,452 39,310 65,642 67,838

5 16,139 17,587 - - - - - -

- becoming due and payable within one year

Cash at bank, cash in postal cheque accounts, cheques and cash in handTotal current assets

20,938 22,280 71,417 72,076 39,452 39,310 65,642 67,838

Total (Assets) 20,938 22,280 32,071,417 32,072,076 18,039,452 18,039,310 28,565,642 28,567,838

6

31,000 31,000 - - - - - -

(9,255) (8,453) - - - - - -

(3,482) (802) - - - - - -

LIABILITIES

Capital and reserves

Subscribed capital

Profit or loss brought forward Profit or loss for the financial year Total capital and reserves 18,263 21,745 - - - - - -

Non subordinated debts Debenture loans

Non convertible loans 2, 7 - - 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 28,500,000

- becoming due and payable after more than one year

Tax and social security debts 13

- Tax debts 2,675 535 - - - - - -


- - 71,417 72,076 39,452 39,310 65,642 67,838 - becoming due and payable within one year

Total non subordinated debts 2,675 535 32,071,417 32,072,076 18,039,452 18,039,310 28,565,642 28,567,838

Total (Liabilities) 20,938 22,280 32,071,417 32,072,076 18,039,452 18,039,310 28,565,642 28,567,838

General Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3)

Annex I



Notes

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014

ASSETS EUR EUR EUR EUR EUR EUR EUR EUR

Fixed assets



held as fixed assets 2, 3 39,970,000 39,970,000 85,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000

Total fixed assets 39,970,000 39,970,000 85,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000

Current assets

Debtors


- becoming due and payable within one year 102,869 107,812 5,818,665 455,907 2,420,801 2,420,262 201,843 201,803

Total current assets 102,869 107,812 5,818,665 455,907 2,420,801 2,420,262 201,843 201,803

Total (Assets) 40,072,869 40,077,812 90,818,665 100,455,907 47,420,801 47,420,262 5,201,843 5,201,803

LIABILITIES

Non subordinated debtsDebenture loans


- becoming due and payable after more than one year 39,970,000 39,970,000 85,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000


- becoming due and payable within one year 102,869 107,812 5,818,665 455,907 2,420,801 2,420,262 201,843 201,803

Total non subordinated debts 40,072,869 40,077,812 90,818,665 100,455,907 47,420,801 47,420,262 5,201,843 5,201,803

Total (Liabilities) 40,072,869 40,077,812 90,818,665 100,455,907 47,420,801 47,420,262 5,201,843 5,201,803

Cp. 2011-(4) Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7)

Annex I



Notes

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014

ASSETS EUR EUR EUR EUR EUR EUR EUR EUR

Fixed assets



held as fixed assets 2, 3 17,500,000 17,500,000 - - 5,000,000 5,000,000 38,000,000 38,000,000

Total fixed assets 17,500,000 17,500,000 - - 5,000,000 5,000,000 38,000,000 38,000,000

Current assets

Debtors


- becoming due and payable within one year 62,010 58,780 - - 155,929 155,888 7,824,703 2,213,339

Total current assets 62,010 58,780 - - 155,929 155,888 7,824,703 2,213,339

Total (Assets) 17,562,010 17,558,780 - - 5,155,929 5,155,888 45,824,703 40,213,339

LIABILITIES



- becoming due and payable after more than one year 17,500,000 17,500,000 - - 5,000,000 5,000,000 40,000,000 40,000,000


- becoming due and payable within one year 62,010 58,780 - - 155,929 155,888 5,824,703 213,339

Total non subordinated debts 17,562,010 17,558,780 - - 5,155,929 5,155,888 45,824,703 40,213,339

Total (Liabilities) 17,562,010 17,558,780 - - 5,155,929 5,155,888 45,824,703 40,213,339

Cp. 2012-(10) Cp. 2012-(11)Cp. 2012-(8) Cp. 2014-(12)

Annex I



Notes Cp. 2014-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2014-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2014

ASSETS EUR EUR EUR EUR

Fixed assets



held as fixed assets 2, 3 10,000,000 10,000,000 19,000,000 19,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Total fixed assets 10,000,000 10,000,000 19,000,000 19,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Current assets

Debtors


- becoming due and payable within one year 20,890 21,526 1,355,803 1,093,520 356,664 3,355,654 252,776 42,457

Total current assets 20,890 21,526 1,355,803 1,093,520 356,664 3,355,654 252,776 42,457

Total (Assets) 10,020,890 10,021,526 20,355,803 20,093,520 20,356,664 23,355,654 20,252,776 20,042,457

LIABILITIES



- becoming due and payable after more than one year 10,000,000 10,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000


- becoming due and payable within one year 20,890 21,526 355,803 93,520 356,664 3,355,654 252,776 42,457

Total non subordinated debts 10,020,890 10,021,526 20,355,803 20,093,520 20,356,664 23,355,654 20,252,776 20,042,457

Total (Liabilities) 10,020,890 10,021,526 20,355,803 20,093,520 20,356,664 23,355,654 20,252,776 20,042,457

Cp. 2014-(13) Cp. 2014-(14)

Annex I



Notes

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014

CHARGES EUR EUR EUR EUR EUR EUR EUR EUR

Other external charges 9 272 267 - - - - - -


11 - - 1,644,082 1,660,253 925,310 932,659 1,379,779 1,301,425 - Other interest and similar financial charges

Income tax 13 3,210 535 - - - - - -

Total charges 3,482 802 1,644,082 1,660,253 925,310 932,659 1,379,779 1,301,425

INCOME

Income from financial fixed assets- other income from participating interests 12 - - 882,521 882,797 496,418 496,573 864,469 712,046

Other interest and other financial income 13

- - 761,561 777,456 428,892 436,086 515,310 589,379 - other interest and similar financial income

Loss for the financial year 3,482 802 - - - - - -

Total income 3,482 802 1,644,082 1,660,253 925,310 932,659 1,379,779 1,301,425

Cp. 2011-(2) Cp. 2011-(3)General Cp. 2011-(1)

Annex II



Notes

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


CHARGES

Interest and other financial charges11 2,237,699 2,073,003 9,053,506 9,873,390 6,301,063 6,301,693 506,644 506,690 - Other interest and similar financial charges

Total charges 2,237,699 2,073,003 9,053,506 9,873,390 6,301,063 6,301,693 506,644 506,690

INCOME

Income from financial fixed assets- other income from participating interests 12 1,211,060 1,022,162 2,678,235 2,916,330 2,003,563 2,004,193 146,644 146,690

Other interest and other financial income

13 1,026,639 1,050,841 6,375,271 6,957,060 4,297,500 4,297,500 360,000 360,000 - other interest and similar financial income

Loss for the financial year - - - - - - - -

Total income 2,237,699 2,073,003 9,053,506 9,873,390 6,301,063 6,301,693 506,644 506,690

Cp. 2011-(4) Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7)

Annex II



Notes

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


CHARGES


11 1,548,278 1,460,915 - 423,835 424,879 424,927 2,900,394 322,463 - Other interest and similar financial charges

Total charges 1,548,278 1,460,915 - 423,835 424,879 424,927 2,900,394 322,463

INCOME

Income from financial fixed assets- other income from participating interests 12 425,163 425,298 - 147,641 152,379 152,427 1,571,226 178,963


13 1,123,115 1,035,617 - 276,194 272,500 272,500 1,329,168 2,143,500 - other interest and similar financial income


Total income 1,548,278 1,460,915 - 423,835 424,879 424,927 2,900,394 2,322,463

Cp. 2012-(8) Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12)

Annex II



Notes Cp. 2014-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2014-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


CHARGES


11 490,450 46,022 1,373,605 130,622 1,240,964 1,160,044 946,232 410,146 - other interests and similar financial charges

Total charges 490,450 46,022 1,373,605 130,622 1,240,964 1,160,044 946,232 410,146

INCOME

Income from financial fixed assets- other income from participating interests 12 258,953 23,729 785,977 72,022 700,964 638,376 638,376 335,018


13 231,497 22,293 587,628 1,058,600 540,000 521,668 307,856 75,128 - other interest and similar financial income


Total income 490,450 46,022 1,373,605 1,130,622 1,240,964 1,160,044 946,232 410,146

Cp. 2014-(13) Cp. 2014-(14)

Annex II



Annex 3 - Note 3. Securities and other financial instruments held as fixed assets per compartment

Acquisition Cost per compartment 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Opening balance as at 1 April 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 25,000,000 39,970,000 35,000,000

Acquisition during the year - - - - - 3,500,000 - 4,970,000

Disposals during the year - - - - - - - -

Closing balance as at 31 March 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 28,500,000 39,970,000 39,970,000

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Opening balance as at 1 April 100,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000 17,500,000 17,500,000

Acquisition during the year - - - - - - -

Disposals during the year (15,000,000) - - - - - - -

Closing balance as at 31 March 85,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000 17,500,000 17,500,000

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Opening balance as at 1 April - 10,000,000 5,000,000 5,000,000 38,000,000 - 10,000,000 -

Acquisition during the year - - - - - 38,000,000 - 10,000,000

Disposals during the year - (10,000,000) - - - - - -

Closing balance as at 31 March - - 5,000,000 5,000,000 38,000,000 38,000,000 10,000,000 10,000,000

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Annex III



Annex 3 - Note 3. Securities and other financial instruments held as fixed assets per compartment

Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

Acquisition Cost per compartment 31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015

EUR EUR EUR EUR EUR EUR

Opening balance as at 1 April 19,000,000 - - - - -

Acquisition during the year - 19,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Disposals during the year - - - - - -

Closing balance as at 31 March 19,000,000 19,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Cp. 2012-(14)

Annex III



Annex 4 - Note 4. Other receivables, becoming due and payable within one year per compartment

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Additional collateral - - - - - - - -

Accrued interest on Collateral Bond 39,446 39,209 22,188 22,055 45,401 45,215 61,156 63,593

Accrued interest income on Swap Transaction 31,971 32,867 17,264 17,255 20,241 22,623 41,713 44,219

Other receivables - - - - - - - -

Total 71,417 72,076 39,452 39,310 65,642 67,838 102,869 107,812

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Additional collateral 5,435,000 - - - - - - -

Accrued interest on Collateral Bond 110,764 129,527 89,554 89,015 6,555 6,515 19,004 18,889

Accrued interest income on Swap Transaction 272,901 326,380 2,331,247 2,331,247 195,288 195,288 43,006 39,891

Other receivables - - - - - - - -

Total 5,818,665 455,907 2,420,801 2,420,262 201,843 201,803 62,010 58,780

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex IV



Annex 4 - Note 4. Other receivables, becoming due and payable within one year per compartment

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Additional collateral - - - - 5,000,000 - - -

Accrued interest on Collateral Bond - - 6,811 6,770 69,535 69,839 11,574 11,505

Accrued interest income on Swap Transaction - - 149,118 149,118 755,168 143,500 9,316 10,021

Other receivables - - - - 2,000,000 2,000,000 - -

Total - - 155,929 155,888 7,824,703 2,213,339 20,890 21,526

Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


Additional collateral - - - 3,000,000 - -

Accrued interest on Collateral Bond 35,131 34,920 29,998 27,320 27,320 35,105

Accrued interest income on Swap Transaction 320,672 58,600 326,666 328,334 225,456 7,352

Other receivables 1,000,000 1,000,000 - - - -

Total 1,355,803 1,093,520 356,664 3,355,654 252,776 42,457

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2012-(14)

Annex IV



Annex 5 - Note 7. Non convertible loans, becoming due and payable after more than one year per compartment

Acquisition Cost per compartment 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Balance as at 1 April 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 27,500,000 39,970,000 35,000,000

Issues during the year - - - - - 1,000,000 - 4,970,000

Redemptions during the year - - - - - - - -

Balance as at 31 March 32,000,000 32,000,000 18,000,000 18,000,000 28,500,000 28,500,000 39,970,000 39,970,000

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Balance as at 1 April 100,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000 17,500,000 17,500,000

Issues during the year - - - - - - -

Redemptions during the year (15,000,000) - - - - - - -

Balance as at 31 March 85,000,000 100,000,000 45,000,000 45,000,000 5,000,000 5,000,000 17,500,000 17,500,000

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Balance as at 1 April - 10,000,000 5,000,000 5,000,000 40,000,000 - 10,000,000 -

Issues during the year - - - - - 40,000,000 - 10,000,000

Redemptions during the year - (10,000,000) - - - - - -

Balance as at 31 March - - 5,000,000 5,000,000 40,000,000 40,000,000 10,000,000 10,000,000

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex V



Annex 5 - Note 7. Non convertible loans, becoming due and payable after more than one year per compartment

Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


Balance as at 1 April 20,000,000 - - - - -

Issues during the year - 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Redemptions during the year - - - - - -

Balance as at 31 March 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Cp. 2012-(14)

Annex V



Annex 6 - Note 8. Other creditors, becoming due and payable within one year per compartment

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Accrued Interest on Notes 31,971 32,867 17,264 17,255 20,241 22,623 41,713 44,219

Accrued Interest on Swap Transaction 39,446 39,209 22,188 22,055 45,401 45,215 61,156 63,593

Overcollateralisation reserve - - - - - - - -

Total 71,417 72,076 39,452 39,310 65,642 67,838 102,869 107,812

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Accrued Interest on Notes 272,901 326,380 2,331,247 2,331,247 195,288 195,288 43,006 39,891

Accrued Interest on Swap Transaction 110,764 129,527 89,554 89,015 6,555 6,515 19,004 18,889

Overcollateralisation reserve 5,435,000 - - - - - - -

Total 5,818,665 455,907 2,420,801 2,420,262 201,843 201,803 62,010 58,780

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Accrued Interest on Notes - - 149,118 149,118 755,168 143,500 9,316 10,021

Accrued Interest on Swap Transaction - - 6,811 6,770 69,535 69,839 11,574 11,505

Overcollateralisation reserve - - - - 5,000,000 - - -

Total - - 155,929 155,888 5,824,703 213,339 20,890 21,526

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex VI



Annex 6 - Note 8. Other creditors, becoming due and payable within one year per compartment

Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


Accrued Interest on Notes 320,672 58,600 326,666 328,334 225,456 7,352

Accrued Interest on Swap Transaction 35,131 34,920 29,998 27,320 27,320 35,105

Overcollateralisation reserve - - - 3,000,000 - -

Total 355,803 93,520 356,664 3,355,654 252,776 42,457

Cp. 2012-(14)

Annex VI




31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest charges on Notes 761,561 777,456 428,892 436,086 515,310 589,379 1,026,639 1,050,841

Interest charges on Swap transactions 882,521 882,797 496,418 496,573 864,469 712,046 1,211,060 1,022,162

Total 1,644,082 1,660,253 925,310 932,659 1,379,779 1,301,425 2,237,699 2,073,003

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest charges on Notes 6,375,271 6,957,060 4,297,500 4,297,500 360,000 360,000 1,123,115 1,035,617

Interest charges on Swap transactions 2,678,235 2,916,330 2,003,563 2,004,193 146,644 146,690 425,163 425,298

Total 9,053,506 9,873,390 6,301,063 6,301,693 506,644 506,690 1,548,278 1,460,915

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest charges on Notes - 276,194 272,500 272,500 1,329,168 143,500 231,497 22,293

Interest charges on Swap transactions - 147,641 152,379 152,427 1,571,226 178,963 258,953 23,729

Total - 423,835 424,879 424,927 2,900,394 322,463 490,450 46,022

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex VII




Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


Interest charges on Notes 587,628 58,600 540,000 521,668 307,856 75,128

Interest charges on Swap transactions 785,977 72,022 700,964 638,376 638,376 335,018

Total 1,373,605 130,622 1,240,964 1,160,044 946,232 410,146

Cp. 2012-(14)

Annex VII




Other income from 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014

participating interests EUR EUR EUR EUR EUR EUR EUR EUR

Interest income from Collateral Bond 882,521 882,797 496,418 496,573 864,469 712,046 1,211,060 1,022,162

Total 882,521 882,797 496,418 496,573 864,469 712,046 1,211,060 1,022,162



Interest income from Collateral Bond 2,678,235 2,916,330 2,003,563 2,004,193 146,644 146,690 425,163 425,298

Total 2,678,235 2,916,330 2,003,563 2,004,193 146,644 146,690 425,163 425,298



Interest income from Collateral Bond - 147,641 152,379 152,427 1,571,226 178,963 258,953 23,729

Total - 147,641 152,379 152,427 1,571,226 178,963 258,953 23,729

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex VIII




Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

Other income from 31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015

participating interests EUR EUR EUR EUR EUR EUR

Interest income from Collateral Bond 785,977 72,022 700,964 638,376 638,376 335,018

Total 785,977 72,022 700,964 638,376 638,376 335,018

Cp. 2012-(14)

Annex VIII




31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest receivable on Swap transactions 761,561 777,456 428,892 436,086 515,310 589,379 1,026,639 1,050,841

Other interest income - - - - - - - -

Total 761,561 777,456 428,892 436,086 515,310 589,379 1,026,639 1,050,841

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest receivable on Swap transactions 6,375,271 6,957,060 4,297,500 4,297,500 360,000 360,000 1,123,115 1,035,617


Total 6,375,271 6,957,060 4,297,500 4,297,500 360,000 360,000 1,123,115 1,035,617

31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014 31/03/2015 31/03/2014


Interest receivable on Swap transactions - 276,194 272,500 272,500 1,329,168 2,143,500 231,497 22,293


Total - 276,194 272,500 272,500 1,329,168 2,143,500 231,497 22,293

Cp. 2012-(10) Cp. 2012-(11) Cp. 2014-(12) Cp. 2014-(13)

Cp. 2011-(1) Cp. 2011-(2) Cp. 2011-(3) Cp. 2011-(4)

Cp. 2011-(5) Cp. 2011-(6) Cp. 2011-(7) Cp. 2012-(8)

Annex IX




Cp. 2012-(15) Cp. 2014-(16) Cp. 2014-(17) Cp. 2012-(18)

31/03/2015 31/03/2014 31/03/2015 31/03/2015 31/03/2015 31/03/2015


Interest receivable on Swap transactions 587,628 1,058,600 540,000 521,668 307,856 75,128

Other interest income - - - - - -

Total 587,628 1,058,600 540,000 521,668 307,856 75,128

Cp. 2012-(14)

Annex IX

novus capital luxembourg s.a. annual accounts and …novus capital luxembourg s.a. annual accounts...

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