Dear ISCAV members A Board of Directors meeting of the SAEM was held on 7.02.2022. Our association was represented by Guy LUQUET and Jean François LAFAILLE. REVIEW AND APPROVAL OF THE BALANCE SHEET AND INCOME STATEMENT FOR THE YEAR 2020 - The income statement as of 31/12/2020 shows an operating loss of €23,658. UPDATE ON ONGOING TAX LITIGATION - On 30 September 2012, the SAEM was notified by the tax authorities of a proposed adjustment to the gross rent paid to the partners of IYCA for the years 2019 -2010- 2011. This proposed adjustment represents to date an amount of €5,067,070 and is subject to litigation. After being dismissed before the TA of NICE, the SAEM filed an appeal which was rejected and resulted in an appeal on 12/6/2018 before the Council of State. By judgment dated 11/22/2018, the Council of State reversed the judgment of the Court of Appeals and remanded the parties to be retried before this court. The chance of success is very limited, as the Council of State is only the competent authority for questions of law that have already been decided. However, this appeal had to be initiated because at the IYCA shareholder's meeting on 27/11/2015, the Chairman had been given full powers to guarantee the SAEM's payment of the penalties relating to the tax adjustment. In short, the SAEM either wins its case before the court or it's rejected, and it will then call IYCA as guarantor to obtain reimbursement of the sum of €5,067,070. PROVISIONAL ADMINISTRATOR'S REPORT - The provision for major maintenance work has been definitively suspended following an agreement between VAUBAN 21 and the municipality (majority). A settlement of the end-of-contract account with the municipality took place following the end of the PSD The gap account between SAEM and VAUBAN 21 is now closed. The SAEM will need to place itself in voluntary liquidation once its litigation is completed. The date of our next GENERAL ASSEMBLY has been set for 21/04/2022. Let's wait for the convocation. The full minutes and accounts of this Board of Directors meeting are available to our members. Sincerely, ISCAV President Guy LUQUET.