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Audited Annual Report as at 31.12.2012

Auriga Investors

A Self-Managed Open-ended Investment Company with Variable Capital Governed by Part I of the Law of 17th December 2010 R.C.S. Luxembourg B 148 816

Subscriptions are only valid if made on the basis of the prospectuses accompanied by the Key Investor Information Documents (KIID), the most recent annual report and, in addition, by the most recent half-year report if this was published after the most recent annual report.

Auriga Investors • Audited Annual Report as at 31.12.2012

Table of Contents

Report of the "Réviseur d'Entreprises Agréé" 4

Management and Administration 5

Combined Report 6

Board of Directors' Report 8

Report by SubfundAuriga Investors - AZ Total Return Fund 9Auriga Investors - Belgravia Lynx 13Auriga Investors - M2T Multi Strategy 17Auriga Investors - Milena Investments Fund 21Auriga Investors - Mirtal Global Fund 22Auriga Investors - Montserrat Global Fund 25Auriga Investors - Vitrio Real Return 29

Notes to the Combined Report 32

At.ri;l. II'IIIe5Io!s • AudIted Amvel Report lIS .131. 12.2012

Report of the 'Reviseur d'Entreprises Agree'

To !he ShareIlaIders 01 A""- ImoatOlW

We '"-vI!I audileo" !he .ecom~ MerdaI rttlements of Auriga IrMstors (!he 'SICA'v")Ind 01 udI of lis subllftIs, ...tIieh ~ \he $IIlemenI 01 net meIs In! hnI eYOIuIm, the rtttement 01 ~ i'I $«UIitie$ ..:I other net assets as 01 31· DecefTbef 2012, !he rtt!errent of operations and the s!e!errent 01 changes i'I net assets for \he }ear then end«I, and • summary of sIgIIificarll -=u1ti"1g policies WId other ~tory Infl)'lq.licw!.

BoIotd of Dlr.cto,. of the StCAV responllibUIty for the nnendllt ~.nb

The Board of Directors of \he sr:.AII is re$pOMilIe lor !he P'epaIaIion ..:I lair ~tatm 01 these mano.t statements In IOCCOftI&rce ..,,;jh ~ IegIoI and feg\.iatory reqJirementJ relaijng to !he p<eplllltlon of !he fnancial s!e!ements, and for such In!em&I eonlrtlla!he Board of 0Wed0rs of the SlCAIi cIeIermines Is ~ 10 ene/:lIe 1h! prepanlion 011Wlanc:lll sIa!ements NIIn lIN h-om ITllllIeriII lrisstatemenl. ...tether due to "-.oj er error.

Responllibility of the R6vlMur d'~ ."rU 0.. IWspanstlIi!y Is to e>p"eU ~ opirOon ()(I fltlse fowrd&I rttternents based on our &I.dI. We eonr:IucIed cur &lAd i'I ac:cordana! with Intemallooal Standards on Auditi"lg as IIdapted for L~bcug by the Commission de ~ \iJ Sedeut ~. lhoose sW\dards <equIre ilia! we mmpIy -MIl etical ~ a'ld IMr> ..:I perform the a.G\ to obIIIn ~ _ran::e IIbcut ..t.ett-!he financial rtttements are tree lrom mllle'W rrisstatemenl.

An eucIit i"woI¥es perfCl'l'l'i'lg procedu~ to cbIIIin eucIit IMdenc:e .tlcut the amco.o"ItJ and o:I$doRns in !he frllnCial rtttemenls. n-.. procedu~ MIeded depend on the )o.dge<nenl of !he ~ d'Entrepises agrM, ~ !he asse»ment of !he rl$ks of mlltoJlal rriMlatomon\ QI !he fi"mcid $\.Iterneot!, whether due to frkOd or e<TQt. In maki"Ig those rI$l<~,!he ~ d'EnIrepr\se!l agr66 considers InIemII c:ontroI ,etev.nlio \he entiIy's ptepW3Iion and flit presetIWIian 01 the fnInciiI slalemlnts In on:Ier to design a.G\ pn;w;edunos ihIol are 1OppI<Ip'Ia\e In !he citcutNl8nces, but net ler !he purpose 01 ~slng en gpnion on Ihe eHec:tiYeness of !he entlly'.lntemal control .

An &l.dl1Iso i"Ic:bies ~ !he ~.-s:s oI.:o:udIng policies usod lWld tho ~ 01 ~ estm8\es made' by !he Board 01 Dir1Ictors 01 the SlCAII, as wen as evtIIuati"lg the (M!1lIII presentelicw! 01 !he fr"llW"dal statements.

We beieve Iha! !he IUd! MIeooe _1Iawe ob\IWIed Is suffic;ent ..:I "PfII"OPIIale to prcMde • basis lor our &lArt oprion.

"".~ In our opinion, IhII fr.anc:W staternenl$ p.!rue ..:I flli • ..,.,.. of !he HnanciII ~ of Auriga ~stors lWld each ollis subi1.olds as 01 December 31, 2012, end of !he res..ft5 of lhei" operdCIns II"Id cNrges In theO' net assets lor !he year !hen tnded In ..::c:ordanc:e wIIh lu>:entIour; legal ..:I reglAatory <equlre1Tlol!tlls teIaIIng to !he prepntion of !he IinwociaIs!etements.

othw ....

~ inlQm\IItion i"IduI:I!od In \he WlnO.JIIi report has ., IlI'o"iewed i'l1hII conte>:\ 01 cur mandril. but has net ., sOOjet;t to specHlc: audit pn;><*Iuras carried cut In eca:ordeno!,.;th the stII"Idatds de$CIbed~. Consequently, \/oe

PpCMS no opftion on SI.d> Infoml8lion. ~, \Oe '- no obser4lion to make 0III"00III'I'W sutfI Inlormition In \he eonte>:\ of !he IW\anI:iaI statements taken as 1...mIe.

~May6,2013

M. TabIrt


Management and Administration

Registered office

5, rue Jean Monnet L-2180 Luxembourg Board of Directors

Chairman Iñigo Resusta Chairman, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Members Alfonso Torres CIO, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Rosa Serda Rodriguez (until 12.01.2012) Board member, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Benoît Andrianne (since 26.01.2012) Kinetic Partners (Luxembourg) Sàrl (former , AB Fund Services Directors) 65, rue d’Eich, L-1461 Luxembourg Enrique Martinnavarro Board member, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Conducting officers

Benoît Andrianne (until 16.08.2012) Kinetic Partners (Luxembourg) Sàrl (former , AB Fund Services Directors) 65, rue d’Eich, L-1461 Luxembourg Stephane Charlier (since 16.08.2012) Kinetic Partners (Luxembourg) Sàrl (former , AB Fund Services Directors) 65, rue d’Eich, L-1461 Luxembourg Pedro Urbina (until 09.02.2012) General Director, Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Daniel Arribas (since 09.02.2012) Head of Middle Office and Risk en Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Custodian bank and paying agent

Credit Suisse (Luxembourg) S.A. 56, Grand Rue, L-2010 Luxembourg Administrative, domiciliary and register and transfer agent

Credit Suisse Fund Services (Luxembourg) S.A. 5, rue Jean Monnet, L-2180 Luxembourg Investment manager

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid Cabinet de révision agréé

KPMG Luxembourg S.à r.l. 9, Allée Scheffer, L-2520 Luxembourg

Legal Advisers

As to Luxembourg law Arendt & Medernach, 14, rue Erasme, L-2010 Luxembourg As to Spanish law Cuatrecasas C/Lagasca, 88. Planta 3ª, ES-28001 Madrid Distributor

Auriga Global Investors, SV, S.A. 6-8, Cuesta del Sagrado Corazón, ES-28016 Madrid No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the Key Investor Information Documents (KIID), the latest annual report and the latest semi-annual report, if more recent. The issue and redemption prices are published in Luxembourg at the registered office of the Company. Shareholders may obtain the Sales Prospectus, the Key Investor Information Documents (KIID), the latest annual and semi-annual reports, the changes in the composition of the securities portfolio during the reporting period and copies of the Articles of Incorporation free of charge from the registered office of the Company


Combined Report

Statement of Net Assets in EUR

31.12.2012

Assets

Investments in securities at market value 61,076,217.46Cash at banks 12,795,975.82Receivable for securities sold 20,535.76Income receivable 652,183.75Prepaid expenses 1,002.54Formation expenses 48,041.55Other assets 310,235.44

74,904,192.32

Liabilities

Due to banks 62,516.35Payable for securities purchased 35,179.92Interest payable 2,543.63Provisions for accrued expenses 619,068.32Other liabilities 35,020.37

754,328.59

Net assets 74,149,863.73

The notes are an integral part of the financial statements.


Income

Interest on investments in securities (net) 1,539,828.07Dividends (net) 73,401.21Bank interest 4,417.93

1,617,647.21

Expenses

Management fee 743,545.86Interests and bank charges 12,286.55Short dividends (net) 6,405.30Performance fee 1,011,429.40Custodian and safe custody fees 67,011.81Administration expenses 139,885.46Printing and publication expenses 2,353.04Interest on contracts for difference 49,297.23Audit, control, legal, representative bank and other expenses 423,659.08"Taxe d'abonnement" 7,628.17Amortisation of formation expenses 19,909.99

2,483,411.89

Net income (loss) -865,764.68

Realised gain (loss)

Net realised gain (loss) on sales of investments 5,777,599.07Net realised gain (loss) on financial futures contracts 437,158.67Net realised gain (loss) on swap contracts -19,625.80Net realised gain (loss) on forward foreign exchange contracts -1,328.12Net realised gain (loss) on foreign exchange -189,213.87

6,004,589.95

Net realised gain (loss) 5,138,825.27

Change in net unrealised appreciation (depreciation)

Change in net unrealised appreciation (depreciation) on investments 2,766,265.55

Change in net unrealised appreciation (depreciation) on financial futures contracts -58,625.17Change in net unrealised appreciation (depreciation) on swap contracts -10,914.71

2,696,725.67

Net increase (decrease) in net assets as a result of operations 7,835,550.95

Subscriptions / Redemptions

Subscriptions 47,818,735.74Redemptions -31,251,370.38

16,567,365.36


Combined Report

Statement of Operations in EUR

For the period from01.01.2012 to

31.12.2012


Board of Directors’ Report

The first semester was identified by the debt crisis in the peripheral countries. The market was especially attentive to the process in Spain. Throughout the first quarter, the Spanish CDS raise because budgets that did not convince anyone and forced them to submit further cuts next week, which shot to the Spanish CDS to 525 basis points levels. All this combined with the delicate situation of the financial system, which has been the case with Bankia his point conclusively, demonstrated the need for capital injections in most institutions which carry the CDS at maximum of 575 points. Finally, the EU issued a package of aid to Spanish banks amounting to 100.000 million Euros. The second half of 2012 had a good rally in all risk assets, supported by a new round of QE from the Fed, the expectation of an agreement to avoid "fiscal Cliff" American Victory in Japan Abe and slow but important steps taken in the EU to avoid systemic risk. Throughout the second half, all the CDS levels were slowly decreasing risk and debt placements interests have been lower than the first half. In Europe they are taking small steps towards greater integration. Thus, we have seen how supervision is agreed by the ECB only large banks from 2014 and the reorganization of the Spanish financial system is finally seem to be near. A Greece has been given a new loan that defers debate on another debt restructuring until after the German elections. All this has contributed to the perception of investors about a possible breakup of the euro has substantially decreased. However, we continue to believe that the problem of excess debt of the European periphery, the economic recession, and especially the lack of consensus for a solution at European level and that there is no ability on the part of different political constituencies both national and EU level to tackle the problem continue to complicate things.


Auriga Investors - AZ Total Return Fund

Technical Data and Notes

EURBANKIA -1- 03/20 -50,000 -19,550.00 14,950.00USDCOLUMBIA SPORTSWEAR -1- 12/49 -1,500 -80,040.00 -1,103.61EURDAIMLER reg -1- 12/49 -1,000 -41,320.00 15.00EURFIAT -1- 12/49 -25,000 -94,750.00 -950.00USDGOODYEAR TIRE & RUBBER -1- 12/49 -5,000 -69,050.00 -2,427.18USDMCDONALD'S -1- 12/49 -1,000 -88,210.00 402.00EURPORTUGAL TELECOM SGPS reg -1- 12/49 -20,000 -74,980.00 740.00USDWABCO -1- 12/49 -1,500 -97,785.00 -3,276.70

8,349.51Unrealised gain on contracts for difference

Quantity EngagementDescription Currency Valuation(in EUR)

Contracts For Difference


Assets

Investments in securities at market value 5,743,355.96Cash at banks 2,178,336.42Income receivable 20,110.69Formation expenses 12,254.97Other assets 8,361.81

7,962,419.85

Liabilities

Due to banks 13,150.23Interest payable 507.89Provisions for accrued expenses 95,903.13

109,561.25

7,852,858.60Net assets

Statement of Net Assets in EUR and Fund Evolution

31.12.2012

109.50EURA Capitalisation -

Total net assets

Net asset value per share

7,852,858.60EUR

Fund Evolution 31.12.2012

71,714.862 79,282.428A 0.000 7,567.566Capitalisation - EUR

Number of shares outstanding at the endof the period

at the beginningof the period

Number of shares issued

Number of shares redeemed





Net assets at the beginning of the period 0.00

Income

Interest on investments in securities (net) 37,122.74Dividends (net) 18,300.02Bank interest 1,980.62

57,403.38

Expenses

Advisory fee 64,206.80Performance fee 69,623.62Custodian and safe custody fees 9,159.95Administration expenses 20,035.74Printing and publication expenses 551.77Interest on contracts for difference 37,718.85Audit, control, legal, representative bank and other expenses 42,275.78"Taxe d'abonnement" 705.79Amortisation of formation expenses 2,745.03

247,023.33



Net realised gain (loss) on sales of investments -2,426.87Net realised gain (loss) on financial futures contracts and on contracts for difference 177,125.31Net realised gain (loss) on swap contracts -19,625.80Net realised gain (loss) on foreign exchange 2,340.51

157,413.15

Net realised gain (loss) -32,206.80


Change in net unrealised appreciation (depreciation) on investments 687,258.75Change in net unrealised appreciation (depreciation) on financial futures contracts and on contracts for difference 8,349.51

695,608.26

Net increase (decrease) in net assets as a result of operations 663,401.46


Subscriptions 7,985,735.66Redemptions -796,278.52

7,189,457.14

Net assets at the end of the period 7,852,858.60

Statement of Operations / Changes in Net Assets in EUR


31.12.2012


The notes are an integral part of the financial statements.Any differences in the percentage of Net Assets are the result of roundings.



Breakdown by Country and Economic Sector of the Investments in SecuritiesStatement of Investments in Securities and Other Net Assets

52.54SpainBreakdown by Country

12.12USA4.63United Kingdom1.95Portugal1.90France

73.14Total

25.21Banks and other credit institutionsBreakdown by Economic Sector

15.11Countries and central governments8.25Energy and water supply4.78Internet, software and IT services2.96Petroleum2.59Financial, investment and other div. companies2.46Telecommunication1.61Photographic and optics1.49Miscellaneous consumer goods1.30Forestry, paper and forest products1.17Miscellaneous trading companies1.12Lodging and catering industry, leisure facilities1.11Real estate1.06Insurance companies0.90Vehicles0.90Mortgage and funding institutions (MBA, ABS)0.70Aeronautic and astronautic industry0.42Retailing, department stores

73.14Total

Statement of Investments in Securities and Other Net Assets

DescriptionQuantity /

NominalValuation % of net

assets(in EUR)

Securities listed on a stock exchange or other organised markets: Shares (and equity-type securities)

Shares (and equity-type securities)

EUR AMADEUS IT HOLDING -A- 6,000 114,300.00 1.46EUR BANCO SANTANDER (reg. shares) 10,000 61,000.00 0.78USD BANK OF AMERICA 18,000 158,373.79 2.02EUR BNP PARIBAS 3,500 149,047.50 1.90EUR BOLSAS Y MERCADOS ESPANOLES SOCIEDAD

HOLDING DE MERCADOS Y SISTEMASFINANCIEROS

5,000 92,250.00 1.17

GBP DIXONS RETAIL 360,000 126,051.04 1.61EUR ENAGAS 8,000 129,120.00 1.64EUR ENDESA 11,800 199,066.00 2.52USD FACEBOOK -A- 6,000 121,192.35 1.54EUR GALP ENERGIA -B- 13,000 152,880.00 1.95USD GOOGLE 150 80,708.06 1.03USD HALLIBURTON 3,000 78,936.59 1.01USD HYATT HOTELS 3,000 87,765.47 1.12EUR IBERDROLA 40,000 167,800.00 2.14EUR MIQUEL Y COSTAS Y MIQUEL 4,980 102,090.00 1.30EUR RED ELECTRICA DE ESPANA 4,100 152,930.00 1.95USD STARWOOD PROPERTY TRUST 5,000 87,075.24 1.11EUR TELEFONICA 19,000 193,610.00 2.46USD THOR INDUSTRIES 2,500 70,976.18 0.90USD VERISIGN 2,000 58,889.56 0.75USD VISA -A- 500 57,486.35 0.73EUR VUELING AIRLINES (reg. shares) 7,548 54,873.96 0.70USD WILLIAMS-SONOMA 1,000 33,199.33 0.42USD WINNEBAGO INDUSTRIES 9,000 116,937.20 1.49

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 2,646,558.62 33.70

Shares (and equity-type securities) 2,646,558.62 33.70

Securities listed on a stock exchange or other organised markets: Bonds

Bonds

EUR BANCO DE CAJA ESPANA DE INVERSIONESSALAMANCA Y SORIA FRN 05-30.06.2015

100,000 50,000.00 0.64

EUR BANCO FINANCIERO Y DE AHORROS(subordinated) FRN 07-20.06.2017

300,000 127,530.00 1.62

EUR BANCO MARE NOSTRUM (subordinated) S. 11FRN 05-30.06.2015

300,000 195,015.00 2.48

GBP BANK OF SCOTLAND (reg. -S-) S. A(subordinated) FIX-TO-FRN 01-PERPETUAL

200,000 236,804.34 3.02

EUR BANKIA 4.375%/07-14.02.2017 300,000 282,000.00 3.59EUR BPE FINANCIACIONES (subordinated) FRN 04-

30.06.2014100,000 80,000.00 1.02

EUR BPE FINANCIACIONES 05-23.12.2015 200,000 156,000.00 1.99EUR CAIXA TERRASSA SOCIETAT DE

PARTICIPACIONS PREFERENTS S. B FRN 05-PERPETUAL

300,000 123,375.00 1.57

EUR CAJAMAR CAJA RURAL FRN 05-16.03.2015 200,000 121,000.00 1.54EUR CEDULAS TDA S. A6 4.25%/06-10.04.2031 100,000 71,000.00 0.90EUR MAPFRE (subordinated) FIX-TO-FRN 5.921%/07-

24.07.2037100,000 83,469.00 1.06

EUR SPAIN 18.10.2013 600,000 589,854.00 7.51EUR SPAIN 21.06.2013 600,000 595,740.00 7.60EUR UNNIM BANC (subordinated) FRN 07-

PERPETUAL500,000 312,500.00 3.98

Securities listed on a stock exchange or other organised markets:Bonds 3,024,287.34 38.52

Bonds 3,024,287.34 38.52

Securities not listed on a stock exchange: Bonds

Bonds

EUR BANCO DE VALENCIA (subordinated) FRN 05-15.06.2015

100,000 72,510.00 0.92

Securities not listed on a stock exchange: Bonds 72,510.00 0.92

Bonds 72,510.00 0.92

Total of Portfolio 5,743,355.96 73.14

Cash at banks 2,178,336.42 27.74

Due to banks -13,150.23 -0.17

Other liabilities -55,683.55 -0.71

Total net assets 7,852,858.60 100.00


Auriga Investors - Belgravia Lynx


EUREURO STOXX 50 INDEX -10- 03/13 -36 -941,400.00 11,520.0011,520.00Unrealised gain on financial futures contracts


Financial futures contracts


Assets

Investments in securities at market value 6,656,803.37Cash at banks 367,750.42Income receivable 109.49Formation expenses 9,244.79Other assets 11,520.00

7,045,428.07

Liabilities

Due to banks 49,355.11Provisions for accrued expenses 24,018.79

73,373.90



31.12.2012

99.59EURA 95.85Capitalisation -

Total net assets


6,972,054.17 576,079.12EUR

Fund Evolution 31.12.2012 31.12.2011

70,010.808 65,468.690A 6,010.000 1,467.882Capitalisation - EUR

Number of shares outstanding at the endof the year

at the beginningof the year







Net assets at the beginning of the year 576,079.12

Income

Dividends (net) 36,675.32Bank interest 736.91

37,412.23

Expenses

Management fee 4,229.83Custodian and safe custody fees 10,006.19Administration expenses 22,014.86Printing and publication expenses 336.00Audit, control, legal, representative bank and other expenses 52,981.77"Taxe d'abonnement" 453.53Amortisation of formation expenses 2,444.12

92,466.30



Net realised gain (loss) on sales of investments 497,513.25Net realised gain (loss) on financial futures contracts -264,288.40Net realised gain (loss) on forward foreign exchange contracts -1,328.12Net realised gain (loss) on foreign exchange -20,413.42

211,483.31

Net realised gain (loss) 156,429.24


Change in net unrealised appreciation (depreciation) on investments 442,285.97Change in net unrealised appreciation (depreciation) on financial futures contracts 11,520.00

453,805.97



Subscriptions 5,924,268.23Redemptions -138,528.39

5,785,739.84

Net assets at the end of the year 6,972,054.17



31.12.2012






18.23United KingdomBreakdown by Country

18.01Germany12.96Spain11.80France9.13Italy8.77Portugal5.81Norway4.09Netherlands1.92Denmark1.81Sweden1.68Austria1.27Switzerland

95.48Total


11.40Real estate8.64Telecommunication7.53Energy and water supply5.77Insurance companies5.35Textiles, garments and leather goods5.07Building materials and building industry3.89Financial, investment and other div. companies3.69Retailing, department stores3.64Internet, software and IT services3.33Chemicals2.53Environmental services and recycling2.38Miscellaneous consumer goods2.04Vehicles1.92Tobacco and alcoholic beverages1.88Miscellaneous services1.86Food and soft drinks1.77Agriculture and fishery1.71Electronics and semiconductors1.69Pharmaceuticals, cosmetics and medical products1.66Forestry, paper and forest products1.35Miscellaneous trading companies1.20Healthcare and social services1.19Electrical appliances and components1.11Aeronautic and astronautic industry0.13Petroleum

95.48Total




assets(in EUR)



EUR ADIDAS (reg. shares) 2,000 134,660.00 1.93EUR ALLIANZ SE (reg. shares) 1,000 104,800.00 1.50EUR ALSTOM 2,750 82,871.25 1.19EUR AMADEUS IT HOLDING -A- 6,750 128,587.50 1.84EUR AUTOGRILL 6,500 56,452.50 0.81EUR BANCO BILBAO VIZCAYA ARGENTARIA (reg.

shares)4,100 28,536.00 0.41

EUR BANCO ESPIRITO SANTO (reg. shares) 139,300 124,673.50 1.79EUR BANCO SANTANDER (reg. shares) 7,700 46,970.00 0.67EUR BANKINTER (reg. shares) 24,400 76,616.00 1.10GBP BARCLAYS 36,900 119,375.66 1.71GBP BERKELEY GROUP HOLDINGS 6,700 145,135.00 2.08EUR BMW 1,950 142,213.50 2.04EUR BNP PARIBAS 1,250 53,231.25 0.76NOK BORREGAARD 37,000 104,890.15 1.50GBP BRITISH LAND 36,200 250,824.81 3.61DKK CARLSBERG -B- 1,800 133,655.90 1.92GBP DERWENT LONDON 5,000 129,823.70 1.86EUR DSTRIBUIDORA INTERNACIONAL DE

ALIMENTACION27,000 129,870.00 1.86

EUR EDP RENOVAVEIS 44,250 176,734.50 2.53EUR EDP-ENERGIAS DE PORTUGAL (reg. shares) 54,000 123,660.00 1.77EUR ENAGAS 8,200 132,348.00 1.90EUR ENEL GREEN POWER 114,700 161,153.50 2.31EUR EULER 1,930 125,450.00 1.80EUR GAS NATURAL 7,050 95,739.00 1.37EUR GSW IMMOBILIEN 5,600 179,200.00 2.57EUR HEIDELBERGCEMENT 2,900 132,907.00 1.91EUR IBERDROLA 3,000 12,585.00 0.18EUR IMERYS 1,850 89,151.50 1.28EUR IMMOFINANZ IMMOBILIEN ANLAGEN 36,900 117,194.40 1.68EUR INDUSTRIA DE DISENO TEXTIL INDITEX (reg.

shares)350 36,925.00 0.53

EUR INTESA SANPAOLO 73,200 95,160.00 1.36CHF JULIUS BAER GRUPPE 3,300 88,406.53 1.27EUR K & S 3,650 127,750.00 1.83GBP KINGFISHER 73,200 256,394.03 3.69EUR KLOECKNER & CO 10,500 94,164.00 1.35GBP LLOYDS BANKING GROUP 221,200 130,671.90 1.87EUR LVMH 1,450 201,260.00 2.89EUR PORTUCEL INDUSTRIAL EMPRESA

PRODUTORA DE CELULOSE (reg. shares)50,700 115,596.00 1.66

EUR PRYSMIAN 8,550 128,335.50 1.84EUR REPSOL 600 9,201.00 0.13EUR RHOEN KLINIKUM 5,450 83,466.75 1.20GBP RIGHTMOVE 6,600 116,848.72 1.68EUR ROYAL PHILIPS ELECTRONICS 6,000 119,370.00 1.71EUR SANOFI 1,650 117,793.50 1.69GBP STANDARD LIFE 29,500 120,785.97 1.73NOK STOREBRAND 48,500 177,284.25 2.54SEK SWEDBANK -A- 8,500 125,863.53 1.81EUR TELECOM ITALIA 286,750 195,850.25 2.81EUR TELEFONICA 3,000 30,570.00 0.44EUR THALES 2,950 77,422.75 1.11EUR UNITED INTERNET (reg. shares) 7,700 125,587.00 1.80EUR VINCI 2,100 75,516.00 1.08EUR WIRE CARD 7,050 131,130.00 1.88NOK YARA INTERNATIONAL 3,300 123,145.07 1.77EUR ZIGGO 6,700 165,892.00 2.38EUR ZON MULTIMEDIA (reg. shares) 83,200 247,104.00 3.55




Cash at banks 367,750.42 5.27

Due to banks -49,355.11 -0.71


Total net assets 6,972,054.17 100.00


Auriga Investors - M2T Multi Strategy


EUREURO BUND FUTURE -100000- 03/13 50 7,282,000.00 46,000.00USDEURO FX CURRENCY FUTURE -125000- 03/13 30 4,951,125.00 32,567.89EUREURO OAT FUTURES -100000- 03/13 -114 -15,522,240.00 -57,230.00

21,337.89Unrealised gain on financial futures contracts


Financial futures contracts


Assets

Investments in securities at market value 33,949,411.97Cash at banks 5,470,865.48Income receivable 602,993.23Formation expenses 2,355.77Other assets 282,148.34

40,307,774.79

Liabilities

Due to banks 7.68Provisions for accrued expenses 262,045.17

262,052.85

40,045,721.94Net assets


31.12.2012

107.89 102.61EURA 101.54Capitalisation -

111.16 103.75EURB 103.66Capitalisation -

Total net assets


40,045,721.94 32,027,370.59 30,615,183.78EUR

Fund Evolution 31.12.2012 31.12.2011 31.12.2010

134,171.465 107,337.758A 181,650.102 154,816.395Capitalisation - EUR

230,026.347 103,831.507B 131,033.933 4,839.093Capitalisation - EUR









Net assets at the beginning of the year 32,027,370.59

Income

Interest on investments in securities (net) 1,008,169.291,008,169.29

Expenses

Management fee 513,347.01Interest and bank charges 1,511.29Performance fee 300,939.08Custodian and safe custody fees 18,453.91Administration expenses 33,173.46Printing and publication expenses 336.00Audit, control, legal, representative bank and other expenses 113,520.64"Taxe d'abonnement" 3,778.83Amortisation of formation expenses 1,240.74

986,300.96

Net income (loss) 21,868.33


Net realised gain (loss) on sales of investments 969,388.95Net realised gain (loss) on financial futures contracts 878,824.00Net realised gain (loss) on foreign exchange -57,908.07

1,790,304.88



Change in net unrealised appreciation (depreciation) on investments 581,508.26Change in net unrealised appreciation (depreciation) on financial futures contracts -43,398.42

538,109.84



Subscriptions 22,389,205.58Redemptions -16,721,137.28

5,668,068.30




31.12.2012







14.25Italy12.96United Kingdom11.28Germany3.85Austria2.55Denmark1.61Luxembourg1.24Greece0.02USA

84.78Total


14.73Countries and central governments14.21Mortgage and funding institutions (MBA, ABS)10.44Telecommunication6.38Energy and water supply1.61Investment trusts/funds0.81Electrical appliances and components0.02Index

84.78Total




assets(in EUR)


Call-Options

USD S&P E-MINI 500 STOCK INDEX (call) -1455-18.01.2013

250 35,080.40 0.09

Call-Options 35,080.40 0.09

Put-Options

USD S&P E-MINI 500 STOCK INDEX (put) -1400-18.01.2013

-30 -27,874.70 -0.07

Securities listed on a stock exchange or other organised markets:Shares (and equity-type securities) 7,205.70 0.02

Put-Options -27,874.70 -0.07


Bonds

EUR AYT CEDULAS CAJAS V S. -A- 4.5%/03-04.12.2013

1,500,000 1,488,315.00 3.72

EUR BANCA MONTE DEI PASCHI DI SIENA SPA4.875%/11-15.09.2016

200,000 210,024.00 0.52

EUR BANCA MONTE DEI PASCHI DI SIENA 2.5%/10-23.09.2013

1,250,000 1,254,312.50 3.13

EUR BANCA POPOLARE DI MILANO 3.5%/09-17.10.2016

1,000,000 1,008,950.00 2.52

EUR BANCO ESPANOL CREDITO 3.625%/09-04.06.2013

2,000,000 2,012,800.00 5.03

EUR BANCO SABADELL 4.5%/11-11.02.2013 2,000,000 2,004,420.00 5.01EUR BANKINTER 3.875%/12-30.10.2015 500,000 508,090.00 1.27EUR BBVA 3.5%/10-26.07.2013 1,500,000 1,513,830.00 3.78EUR BRITISH TELECOMMUNICATIONS (reg. -S-) S.

20074 5.25%/07-22.01.20132,000,000 2,005,200.00 5.01

EUR CEDULAS TDA 17 S. -A- 3.125%/09-23.09.2013

884,616 877,202.62 2.19

EUR CEDULAS TDA 2 4.5%/03-26.11.2013 1,000,000 1,000,235.00 2.50EUR CEDULAS TDA 6 3.875%/05-23.05.2025 1,000,000 750,000.00 1.87EUR DANSKE BANK (reg. -S-) S. 008-I 4.875%/08-

11.06.20131,000,000 1,020,650.00 2.55

EUR DEUTSCHE GENOSSENSCHAFTS-HYPOTHEKENBANK S. 944 4.5%/03-17.01.2013

550,000 550,907.50 1.38

EUR EUROHYPO S. 259 2.25%/10-25.03.2013 1,969,000 1,976,364.06 4.94EUR HELLENIC REPUBLIC (GDP linked securities) 12-

15.10.204270,000,000 497,000.00 1.24

EUR ITALY I/L 2.55%/12-22.10.2016 2,000,000 2,062,405.99 5.15EUR ITALY 0%/12-30.05.2014 1,200,000 1,172,256.00 2.93EUR KOMMUNALKREDIT AUSTRIA 4.5%/03-

10.09.20131,500,000 1,543,050.00 3.85

EUR LLOYDS TSB BANK (subordinated) FIX-TO-FRN11.875%/11-16.12.2021

500,000 629,310.00 1.57

EUR NATIONAL GRID 4.125%/06-21.03.2013 2,540,000 2,560,066.00 6.38EUR RED ELECTRICA FINANCIACIONES (reg. -S-) S.

3 T. 2 4.875%/11-29.04.2020300,000 324,693.00 0.81

EUR SPAIN 3.15%/05-31.01.2016 1,000,000 993,180.00 2.48EUR SPAIN 4%/11-30.07.2015 1,150,000 1,174,322.50 2.93EUR TELEFONICA EMISIONES (reg. -S-) 4.71%/12-

20.01.20202,000,000 2,174,200.00 5.43

EUR VW BANK 2.375%/10-28.06.2013 1,969,000 1,987,311.70 4.96


Bonds 33,299,095.87 83.15

Securities not listed on a stock exchange: Investment funds

Fund units (Open-End)

USD AURIGA INVESTORS - MONTSERRAT GLOBALFUND -B-

6,148 643,110.40 1.61

Securities not listed on a stock exchange: Investment funds 643,110.40 1.61

Fund units (Open-End) 643,110.40 1.61


Cash at banks 5,470,865.48 13.66

Due to banks -7.68 /

Other net assets 625,452.17 1.56

Total net assets 40,045,721.94 100.00


Auriga Investors - Milena Investments Fund

Net assets at the beginning of the period 12,014,251.34

Income

Interest on investments in securities (net) 409,649.34Dividends (net) 7,358.87Bank interest 1,290.32

418,298.53

Expenses

Performance fee 168,802.41Custodian and safe custody fees 7,952.25Administration expenses 17,494.67Printing and publication expenses 336.00Audit, control, legal, representative bank and other expenses 87,926.96"Taxe d'abonnement" 1,071.31Amortisation of formation expenses 9,207.36

292,790.96



Net realised gain (loss) on sales of investments 1,088,575.77Net realised gain (loss) on foreign exchange -5,031.38

1,083,544.39



Change in net unrealised appreciation (depreciation) on investments -188,794.32-188,794.32



Subscriptions 560,917.21Redemptions -13,595,426.19

-13,034,508.98

Net assets at the end of the period 0.00



17.10.2012



Assets

Investments in securities at market value 1,195,934.37Cash at banks 1,180,367.02Prepaid expenses 1,002.54Formation expenses 7,031.52

2,384,335.45

Liabilities

Interest payable 328.85Provisions for accrued expenses 22,936.37

23,265.22



31.12.2012


Total net assets


2,361,070.23EUR


25,161.101 25,161.101A 0.000 0.000Capitalisation - EUR





Auriga Investors - Mirtal Global Fund





Income

Interest on investments in securities (net) 331.81Bank interest 401.52

733.33

Expenses

Management fee 5,324.00Interest and bank charges 10,056.09Custodian and safe custody fees 6,291.00Administration expenses 13,840.30Printing and publication expenses 192.86Audit, control, legal, representative bank and other expenses 20,450.37"Taxe d'abonnement" 181.76Amortisation of formation expenses 906.54

57,242.92



Net realised gain (loss) on sales of investments 1,350.73Net realised gain (loss) on foreign exchange -98,348.63

-96,997.90

Net realised gain (loss) -153,507.49


Change in net unrealised appreciation (depreciation) on investments -525.27-525.27

Net increase (decrease) in net assets as a result of operations -154,032.76


Subscriptions 2,515,102.99Redemptions 0.00

2,515,102.99




31.12.2012







16.93France8.46Luxembourg

50.65Total

42.19Countries and central governmentsBreakdown by Economic Sector

8.46Investment trusts/funds50.65Total




assets(in EUR)


Bonds

EUR FRANCE 14.11.2013 200,000 199,980.00 8.47EUR FRANCE 17.10.2013 200,000 199,980.00 8.46EUR SPAIN 15.02.2013 200,000 199,732.06 8.46EUR SPAIN 18.01.2013 200,000 199,939.02 8.47EUR SPAIN 18.10.2013 200,000 196,618.00 8.33

Securities listed on a stock exchange or other organised markets:Bonds 996,249.08 42.19

Bonds 996,249.08 42.19

Securities not listed on a stock exchange: Investment funds

Fund units (Open-End)

EUR AURIGA INVESTORS - M2T MULTI-STRATEGY -A-

1,851 199,685.29 8.46

Securities not listed on a stock exchange: Investment funds 199,685.29 8.46

Fund units (Open-End) 199,685.29 8.46


Cash at banks 1,180,367.02 49.99


Total net assets 2,361,070.23 100.00


Auriga Investors - Montserrat Global Fund


USDALNYLAM PHARMA -1- 12/49 -700 -12,775.00 105.00USDARENA PHARMACEUTICALS -1- 31.01.2049 -30,000 -270,600.00 -9,000.00USDASTRAZENECA -1- 12/49 -15,000 -709,050.00 -300.00USDCLOVIS ONCOLOGY -1- 12/49 -20,909 -334,544.00 -8,990.87USDIMMUNOGEN -1- 12/49 -10,000 -127,500.00 -2,300.00USDISIS PHARMACEUTICALS -1- 12/49 -10,000 -104,600.00 -3,500.00USDMAP PHARMACEUTICALS -1- 12/49 -30,000 -471,300.00 -8,400.00USDONCOLYTICS BIOTECH -1- 12/49 -15,000 -58,800.00 -5,250.00USDOPTIMER PHARMACEUTICALS -1- 12/21 -3,900 -35,295.00 585.00USDPACIFIC BIOSCIENCES OF CALIFORNIA -1- 12/21 -10,000 -17,000.00 -800.00USDPACIRA PHARMACEUTICALS -1- 12/49 -10,000 -174,700.00 -8,500.00USDTHRESHOLD PHARMACEUTICALS -1- 12/49 -1,000 -4,210.00 180.00

-46,170.87Unrealised loss on contracts for difference

Quantity EngagementDescription Currency Valuation(in USD)

Contracts For Difference


Assets

Investments in securities at market value 14,066,061.54Cash at banks 4,298,732.45Receivable for securities sold 27,074.34Formation expenses 10,881.31Other assets 9,170.84

18,411,920.48

Liabilities

Payable for securities purchased 46,381.20Interest payable 2,250.36Provisions for accrued expenses 248,347.72Other liabilities 46,170.86

343,150.14

18,068,770.34Net assets

Statement of Net Assets in USD and Fund Evolution

31.12.2012

117.16USDA /Capitalisation -

137.93USDB 98.29Capitalisation -

Total net assets


18,068,770.34 6,762,398.42USD

Fund Evolution 31.12.2012 31.12.2011

6,898.461 6,898.461A 0.000 0.000Capitalisation - USD

125,136.717 56,336.549B 68,800.168 0.000Capitalisation - USD









Net assets at the beginning of the year 6,762,398.42

Expenses

Management fee 205,472.54Interest and bank charges 948.15Short dividends (net) 8,444.75Performance fee 622,369.56Custodian and safe custody fees 12,974.28Administration expenses 28,543.40Printing and publication expenses 444.35Interest on contracts for difference 15,264.93Audit, control, legal, representative bank and other expenses 109,097.58"Taxe d'abonnement" 1,531.00Amortisation of formation expenses 3,054.80

1,008,145.34

Net income (loss) -1,008,145.34


Net realised gain (loss) on sales of investments 4,209,118.80Net realised gain (loss) on financial futures contracts -467,375.75Net realised gain (loss) on foreign exchange -1,462.97

3,740,280.08



Change in net unrealised appreciation (depreciation) on investments 1,114,292.11Change in net unrealised appreciation (depreciation) on financial futures contracts -46,270.91Change in net unrealised appreciation (depreciation) on swap contracts -14,389.96

1,023,631.24




7,520,605.94


Statement of Operations / Changes in Net Assets in USD


31.12.2012






75.27USABreakdown by Country

2.58Switzerland77.85Total

56.01Pharmaceuticals, cosmetics and medical productsBreakdown by Economic Sector

19.55Biotechnology1.83Miscellaneous services0.46Financial, investment and other div. companies

77.85Total




assets(in USD)


Call-Options

USD ALEXZA PHARMACEUTICALS (call) -10-19.01.2013

-126 -630.00 0.00

USD ALEXZA PHARMACEUTICALS (call) -8-19.01.2013

-1,000 -5,000.00 -0.03

USD AMICUS THERAPEUTICS (call) -7.5- 19.01.2013 -1,401 -5,604.00 -0.03USD KERYX BIOPHARMACEUTICALS (call) -3.5-

16.02.2013-1,078 -21,560.00 -0.12

USD KERYX BIOPHARMACEUTICALS (call) -3.5-19.01.2013

-360 -3,600.00 -0.02

Call-Options -36,394.00 -0.20

Put-Options

USD AMICUS THERAPEUTICS (put) -5- 19.01.2013 -450 -110,250.00 -0.61USD KERYX BIOPHARMACEUTICALS (put) -2.5-

19.01.20131,438 63,272.00 0.35

Put-Options -46,978.00 -0.26


CHF ADDEX THERAPEUTICS 44,519 466,418.66 2.58USD AEGERION PHARMACEUTICALS 1,990 50,526.10 0.28USD ALEXZA PHARMACEUTICALS 194 960.30 0.01USD AMICUS THERAPEUTICS 24,381 65,341.08 0.36USD ANACOR PHARMACEUTICALS 137,100 712,920.00 3.95USD CEMPRA HOLDINGS 12,987 83,116.80 0.46USD DELCATH SYSTEMS 71,845 88,369.35 0.49USD ENTEROMEDICS 325,172 910,481.60 5.03USD EXACT SCIENCES 18,400 194,856.00 1.08USD GALENA BIOPHARMA 100,000 153,000.00 0.85USD GENTIUM ADR 69,409 794,038.96 4.39USD HYPERION THERAPEUTICS 21,607 243,726.96 1.35USD ILLUMINA 13,000 722,670.00 4.00USD KERYX BIOPHARMACEUTICALS 343,200 899,184.00 4.98USD KIPS BAY MEDICAL 1,100,000 693,000.00 3.84USD LPATH -A- 143,168 722,998.40 4.00USD MANNKIND 300,000 693,000.00 3.84USD NORTHWEST BIOTHERAPEUTICS 183,989 574,045.68 3.18USD NORTHWEST BIOTHERAPEUTICS (wts)

07.12.201759,148 86,356.08 0.48

USD NPS PHARMACEUTICALS 46,600 424,060.00 2.35USD NUPATHE 225,403 761,862.14 4.22USD NUVASIVE 70,000 1,082,200.00 5.98USD OMEROS 16,365 84,934.35 0.47USD RAPTOR PHARMACEUTICAL 17,897 104,697.45 0.58USD REPROS THERAPEUTICS 3,829 60,306.75 0.33USD SAREPTA THERAPEUTICS 10,000 258,000.00 1.43USD SEQUENOM 45,000 212,400.00 1.18USD SUNESIS PHARMACEUTICALS 4,947 20,777.40 0.11USD SYNERGY PHARMACEUTICALS 62,867 330,680.42 1.83USD TRIUS THERAPEUTICS 63,000 301,140.00 1.67USD VENAXIS 354,279 906,954.24 5.01USD VIVUS 471 6,320.82 0.03



Securities not listed on a stock exchange: Shares (and equity-type securities)


USD ARNO THERAPEUTICS (wts) A 26.11.2017 525,000 31,605.00 0.17USD ARNO THERAPEUTICS (wts) B 26.05.2014 525,000 110,985.00 0.61USD NUPATHE (wts) 23.10.2017 375,000 517,500.00 2.87USD PLURISTEN THERAPEUTICS (wts) 19.09.2017 100,000 30,000.00 0.17

Securities not listed on a stock exchange: Shares (and equity-typesecurities) 690,090.00 3.82

Shares (and equity-type securities) 690,090.00 3.82

Securities not listed on a stock exchange: Bonds


USD ARNO THERAPEUTICS cv 8%/12-26.11.2015 750,000 750,000.00 4.15

Securities not listed on a stock exchange: Bonds 750,000.00 4.15

Shares (and equity-type securities) 750,000.00 4.15


Cash at banks 4,298,732.45 23.79


Total net assets 18,068,770.34 100.00


Assets

Investments in securities at market value 3,704,468.08Cash at banks 338,088.78Income receivable 28,970.35Formation expenses 8,901.08Other assets 1,249.25

4,081,677.54

Liabilities

Due to banks 3.33Provisions for accrued expenses 25,794.32

25,797.65



31.12.2012


114.09EURB Capitalisation -

Total net assets


4,055,879.89EUR


32,634.448 32,634.448A 0.000 0.000Capitalisation - EUR

2,716.295 2,716.295B 0.000 0.000Capitalisation - EUR





Auriga Investors - Vitrio Real Return





Income

Interest on investments in securities (net) 84,554.89Dividends (net) 11,067.00Bank interest 8.56

95,630.45

Expenses

Management fee 588.30Custodian and safe custody fees 5,307.58Administration expenses 11,676.40Printing and publication expenses 263.37Audit, control, legal, representative bank and other expenses 23,753.58"Taxe d'abonnement" 275.69Amortisation of formation expenses 1,049.15

42,914.07



Net realised gain (loss) on sales of investments 30,601.06Net realised gain (loss) on foreign exchange -8,743.22

21,857.84

Net realised gain (loss) 74,574.22


Change in net unrealised appreciation (depreciation) on investments 432,238.00432,238.00




3,549,067.67




31.12.2012






71.41United KingdomBreakdown by Country

8.14Spain4.72Germany4.66France2.41Sweden

91.34Total

35.73Insurance companiesBreakdown by Economic Sector

16.23Banks and other credit institutions9.79Building materials and building industry8.57Energy and water supply5.10Retailing, department stores4.97Miscellaneous services4.15Packaging industries2.80Traffic and transportation2.41Telecommunication1.59Pharmaceuticals, cosmetics and medical products

91.34Total




assets(in EUR)



USD ASTRAZENECA ADR 1,800 64,537.32 1.59GBP DIGNITY 15,000 201,578.10 4.97EUR ENAGAS 11,000 177,540.00 4.38USD NATIONAL GRID ADR 3,900 169,915.05 4.19GBP STAGECOACH GROUP 30,000 113,623.47 2.80SEK TELIASONERA 19,000 97,605.74 2.41GBP TESCO 50,000 207,126.13 5.10




Bonds

EUR ALLIANZ FIX-TO-FRN 4.375%/05-PERPETUAL 190,000 191,356.60 4.72GBP AMLIN FIX-TO-FRN 6.5%/06-19.12.2026 250,000 310,445.69 7.65EUR AXA (reg. -S-) S. 13 (subordinated) FRN 03-

PERPETUAL300,000 188,874.00 4.66

EUR BANCO SANTANDER CENTRAL HISPANO FIX-TO-FRN 4.375%/04-PERPETUAL

210,000 152,644.80 3.76

GBP COOPERATIVE BANK PLC 5.75%/04-02.12.2024

350,000 396,857.97 9.79

EUR HBOS FRN 04-PERPETUAL 250,000 137,500.00 3.39EUR LLOYDS TSB BANK (subordinated) FIX-TO-FRN

11.875%/11-16.12.202122,000 27,689.64 0.68

EUR OLD MUTUAL FIX-TO-FRN 5%/05-PERPETUAL 210,000 194,802.30 4.80EUR REXAM FIX-TO-FRN 6.75%/07-29.06.2067 160,000 168,305.60 4.15EUR ROYAL BANK OF SCOTLAND FRN 04-

PERPETUAL50,000 30,417.00 0.75

GBP RSA INSURANCE GROUP (reg. -S-) FIX-TO-FRN8.5%/04-PERPETUAL

260,000 348,607.08 8.61

GBP SCOTTISH WIDOWS FIX-TO-FRN 5.125%/05-PERPETUAL

250,000 280,008.63 6.90

GBP STANDARD LIFE FUNDING FIX-TO-FRN6.14%/05-PERPETUAL

162,000 195,162.96 4.81

EUR THE SOCIETY OF LLOYD'S (subordinated) FIX-TO-FRN 5.625%/04-17.11.2024

50,000 49,870.00 1.23


Bonds 2,672,542.27 65.90


Cash at banks 338,088.78 8.34

Due to banks -3.33 /

Other net assets 13,326.36 0.32

Total net assets 4,055,879.89 100.00


Combined Report

Notes

General

Auriga Investors("the Company") is a self-managed “Société d’Investissement à Capital Variable” incorporated on 20.10.2009 and governed by the Part I of the Law of 17.12.2010 relating to Undertakings for Collective Investment. As of 31.12.2012, the Fund had 6 subfunds. Changes : - The Board of Directors has decided to launch the subfund Auriga Investors - AZ Total Return Fund on 01.02.2012 with an initial price of EUR 100 per share. The first NAV was calculated on 08.02.2012. - Auriga Investors - Montserrat Global Fund -A- USD has been launched on 18.04.2012 with an initial price of USD 100 per share. The first NAV was calculated on 25.04.2012. - The Board of Directors has decided to launch the subfund Auriga Investors - Mirtal Global Fund on 16.05.2012 with an initial price of EUR 100 per share. The first NAV was calculated on 23.05.2012. - The Board of Directors has decided to launch the subfund Auriga Investors - Vitrio Real Return on 20.06.2012 via contribution in kind with an initial price of EUR 100 per share. The first NAV was calculated on 27.06.2012. - Auriga Investors – Milena Investements Fund: Last NAV was calculated as at 17.10.2012. All assets and liabilities were invested as a subscription in kind in Armada Capital SICAV SIF Milena Investments Fund. Significant accounting policies

a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets 1. the value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received, is deemed 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 shall be arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof; 2. the value of all portfolio securities and money market instruments or derivatives that are listed on a Regulated Market or traded on Another Regulated Market is based on the price available at 5:00 pm on the principal market on which such securities, money market instruments or derivatives are traded, as furnished by a recognised pricing service approved by the Board of Directors. 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 Board of Directors; 3. the value of securities and money market instruments which are not quoted or dealt in on any Regulated Market is based on the last available price, unless such price is not representative of their true value; in this case, they 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 Board of Directors; 4. the amortised cost method of valuation for transferable debt securities with a remaining maturity of 90 days or less in certain subfunds of the Company is 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 market value of the security. While this method provides certainty in valuation, it may result in periods during which value as determined by amortised cost, is higher or lower than the price the subfund 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 subfund which marks its portfolio securities to market each day; 5. the value of the participations in investment funds shall be based on the last available valuation. Generally, participations in investment funds will be valued in accordance with the methods described in the instruments governing such investment funds. These valuations shall normally be provided by the fund administrator or valuation agent of an investment fund. To ensure consistency within the valuation of each subfund, if the time at which the valuation of an investment fund was calculated does not coincide with the valuation time of

any subfund, and such valuation is determined to have changed materially since it was calculated, then the net asset value may be adjusted to reflect these changes as determined in good faith by and under the direction of the Board of Directors; 6. the valuation of swaps is based on their 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. the valuation of derivatives traded over-the-counter (OTC), such as forward or options contracts not traded on exchanges or on Another Regulated Markets, is based on their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each variety of contract. The net liquidating value of a derivative position is to be understood as the net unrealised profit/loss with respect to the relevant position. The valuation applied is based on or controlled by the use of a model recognised and of common practice on the market; 8. the value of other assets is determined prudently and in good faith by and under the direction of the Board of Directors in accordance with generally accepted valuation principles and procedures. The Board of Directors, in its discretion, may permit some other method of valuation to be used if it considers that such valuation better reflects the fair value of any asset of the Company. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each subfund that are denominated in a currency other than the reference currency of the subfund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains or losses on sales of securities are determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. f) Valuation of futures contracts Futures contracts are posted off-balance sheet and valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. g) Valuation of swaps contracts Swaps contracts are posted off-balance sheet and valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Realised and unrealised gains or losses are recorded in the statement of operations and are shown under other assets/liabilities in the statement of net assets. h) Valuation of options contracts Premiums received on issued options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. Listed option contracts outstanding on the reporting date are valued at the last settlement or close price on the stock exchanges or regulated markets. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets. i) Valuation of contract for differences of each subfund Unmatured contracts for difference are valued at valuation date at market prices prevailing at this date and resulting unrealised gains or losses are posted to the statement of operations under "Change in net unrealised appreciation (depreciation) on financial futures contracts" and are shown under other assets/liabilities in the statement of net assets. Realised gains or losses are also posted to the statement of operations under "Net realised gain (loss) on financial futures contracts". j) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years.


Combined Report

Notes

If the launch of a subfund occurs after the launch date of the Company, the costs of formation in relation to the launch of the new subfund is charged to such subfund alone and may be amortised over a maximum of five years with effect from the subfund’s launch date. k) Conversion of foreign currencies Cash at banks, other net assets and the valuation of the securities in portfolio expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the subfund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets. l) Consolidation The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each subfund converted into this currency at the exchange rate prevailing at the date of the report.

Exchange Rates

The combined financial statements are kept in EUR. For this purpose, the financial statements of the subfunds are converted into EUR at the foreign exchange rates as of 31.12.2012:

1 EUR = 1.318400 USD Management and performance fee ("success fee")

In remuneration for its management services, the Investment Manager is entitled to receive the following management fee from the subfund: The management fee is based on the net asset value of the shares of the relevant Class and payable quarterly in arrears. For the subfund Auriga Investors - AZ Total Return : In the consolidated report/statement of operations, the advisory fee is included in the management fee. In addition, the Investment Manager is entitled to receive a performance fee (”success fee”). ”Success fee” refers to the percentage of the increase of the net assets attributable to the relevant class above the High Watermark that the subfund pays to the Investment Manager, as determined at the end of each quarter. The net assets are calculated after deducting all expenses and management fee (but not the ”Success fee”) and adapted to take into account the subscriptions and redemptions. “Success fee rates”: For the subfunds Auriga Investors - M2T Multi-Strategy, Auriga Investors - Belgravia Lynx, Auriga Investors - AZ Total Return Fund, Auriga Investors - Milena Investments Fund, Auriga Investors - Montserrat Global Fund , the High Watermark is the higher of the initial issue price per share of the relevant class and the highest net asset value per share of the relevant class at the end of any previous quarter in respect of which a ”Success Fee” was charged. For the subfund Auriga Investors - Vitrio Real Return, the High Watermark is annual Consumer Price Index (“CPI”) the higher of (i) the initial issue price per share of the relevant class increased of CPI % and (ii) the highest net asset value per share of the relevant class at the end of any previous quarter in respect of which a Success Fee was charged increased of 5% thereof. As at 31.12.2012, the performance fee amounted to:

Auriga Investors - AZ Total Return Fund 69,623.62 EURAuriga Investors - M2T Multi Strategy 300,939.08 EURAuriga Investors - Milena Investments Fund 168,802.41 EURAuriga Investors - Montserrat Global Fund 622,369.56 USD

Changes in the composition of the securities portfolio

Changes in the composition of the securities portfolio during the reporting period are available to shareholders free of charge at the registered office of the Company. Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction fees are included in the cost of securities purchased and sold.

For the year ended on 31.12.2012, the Fund incurred transaction costs relating to purchase or sale of investments in securities and similar transactions, (including derivatives instruments or other eligible assets) as follows:

Auriga Investors - AZ Total Return Fund 32,575.81 EUR

Auriga Investors - Belgravia Lynx 53,477.23 EUR

Auriga Investors - M2T Multi Strategy 9,003.79 EUR

Auriga Investors - Milena Investments Fund 98,394.58 EUR

Auriga Investors - Montserrat Global Fund 395,228.95 USD

Auriga Investors - Vitrio Real Return 4,431.26 EUR

Subscription duty ("Taxe d’abonnement")

The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each subfund on the last day of each quarter. Pursuant to Article 175 (a) of the Law of 17.12.2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

Risk management

The Fund uses Value at Risk (VaR) model to decide on the size of trades allocated to each model.

VaR 31/12/2012 Min VaR Max VaR Average VaR Average level of Leverage

Auriga Investors - AZ Total Return Fund 4.74% 0.16% 4.85% 2.08% 7%

Auriga Investors - Belgravia Lynx 9.77% 0.90% 12.23% 6.57% 10%

Auriga Investors - M2T Multi Strategy 1.92% 0.73% 7.65% 2.19% 59%

Auriga Investors - Milena Investments Fund 2.42% 2.30% 4.42% 3.29% 0%

Auriga Investors - Montserrat Global Fund 10.69% 3.67% 18.75% 12.04% 19%

Auriga Investors - Vitrio Real Return 2.86% 1.66% 3.86% 2.29% 0% The Leverage was calculated based on the Commitment approach. The VaR method is a 3Y Historical scenario for all the subfunds except M2T for which the Monte Carlo method is used. Parameters are always 1 month VaR and 99% confidence interval.

Cross subfunds investments

Cross investments (where one sub-fund has invested in another sub-fund of the Fund) and related inter-Fund accounts have been eliminated for presentation purposes of the combined results.

Subsequent events

Auriga Investors – Mirtal Global Fund: Last NAV was calculated as at 06.02.2013.