FCP OP MEDICAL BioHe@lth-Trends - medical.lu

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Auditor’s Report Auditor’s Report We have audited the financial statements, which consist of the statement of net assets, the profit and loss account, the statement of changes in net assets, the investment portfolio and other net assets and the notes to the financial statements of FCP OP MEDICAL and its subfund FCP OP MEDICAL BioHe@lth-Trends for the year ended September 30, 2005. These financial statements are the responsibility of the Board of Directors of the fund. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the fund in preparing the financial statements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the attached financial statements give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of the financial position of FCP OP MEDICAL and its subfund FCP OP MEDICAL BioHe@lth-Trends at September 30, 2005 and the results of its operations and changes in its net assets for the year then ended. Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, November 10, 2005 KPMG Audit S.à r.l. Réviseurs d’Entreprises Jörg Roth This report is a translation of the original German audited annual report. In case of any translation queries between the German and the English version, please refer to the original German document. 19
Tax information for German investors Tax information for German investors for the financial year ending 30.09.2005 in EUR per unit For private For corporate For corporate investors investors investors according to according to Income Tax Act Corporate InvTA section 5 art. 1 Income Tax Act No. 1 a) the amount of the distribution 0.0000 0.0000 0.0000 No. 1 b) the amount of the distributed income/deemed distributed income 0.0000 0.0000 0.0000 No. 1 c) the following components included in the distribution/deemed distributed income aa) deemed distributed income from previous years 0.0000 0.0000 0.0000 bb) tax-exempt capital gains as defined in section 2 art. 3 no. 1, sent. 1, InvTA 0.0000 0.0000 0.0000 cc) income as defined in section 3 no. 40, Income TA 0.0000 0.0000 0.0000 dd) income as defined in section 8b, Corporate Income TA 0.0000 0.0000 0.0000 ee) capital gains as defined in section 3 no. 40, Income TA 0.0000 0.0000 0.0000 ff) capital gains as defined in section 8b art. 2, Corporate Income TA 0.0000 0.0000 0.0000 gg) income as defined in section 2 art. 3 no. 1, sent. 2, InvTA 0.0000 0.0000 0.0000 hh) tax-exempt capital gains as defined in section 2 art. 3 no. 2, InvTA 0.0000 0.0000 0.0000 ii) income as defined in section 4 art. 1, InvTA 0.0000 0.0000 0.0000 jj) income as defined in section 4 art. 2, InvTA (dividends) 0.0954 0.0954 0.0954 jj) income as defined in section 4 art. 2, InvTA (interest) 0.0000 0.0000 0.0000 kk) income as defined in section 4 art. 2 InvTA 0.0000 0.0000 0.0000 No. 1 d) the amount of the distributed income, which gives rise to a credit or refund of German withholding tax and aa) as defined in section 7 art. 1 and 2, InvTA 0.0000 0.0000 0.0000 bb) as defined in section 7 art. 3, InvTA 0.0000 0.0000 0.0000 No. 1 e) the amount of the German withholding tax, which may credited or refunded and aa) as defined in section 7 art. 1 and 2, InvTA (30 % Capital Gains Tax) 0.0000 0.0000 0.0000 bb) as defined in section 7 art. 3, InvTA 0.0000 0.0000 0.0000 No. 1 f) the amount of foreign withholding taxes on income, which is included in the distributed income and deemed distributed incomeas defined in section 4 art. 2, InvTA and aa) which may be credited pursuant to section 34c art. 1, Withholding Tax (dividends) 0.0147 0.0147 0.0147 aa) which may be credited pursuant to section 34c art. 1, Withholding Tax (interests) 0.0000 0.0000 0.0000 20 bb) which is deductible pursuant to section 34c art. 3, Income TA 0.0000 0.0000 0.0000 cc) which is deemed paid pursuant to a double tax treaty 0.0000 0.0000 0.0000 No. 1 g) the amount of write-offs for depreciation or asset depletion pursuant to section 3 art. 3 sent. 1, InvTA 0.0000 0.0000 0.0000 No. 1 h) the amount by which the income distributing entity claimed a reduction in its corporate income tax liability under section 37 art. 3, Corporate Income TA (Deduction of German Corporate Income Tax) 0.0000 0.0000 0.0000 For the purposes of disclosing tax information, KPMG Audit S.à r.l., Réviseurs d’Entreprises, Luxembourg, have certified, in accordance with article 5 paragraph 1 no. 3 of the investment tax law, that the disclosure has been made as set down in article 5 paragragh 1 no. 3 of the investment tax law.
Page 1 and 2: FCP OP MEDICAL Sub-fund: FCP OP MED
Page 3 and 4: Development of the Capital Markets
Page 13 and 14: FCP OP MEDICAL BioHe@lth-Trends Aud
Page 19: Notes to the Audited Annual Report
Page 23 and 24: Partners Scientific Advisory Board:

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