METROPOLE

FR0007078837 October 2011 Data 30 September 2011 A European UCITS III - Compliant fund Investment strategy Classification AMF: French equities

Main investment cases for underpriced French stocks (25 lines max.) FRANCE

Reference Universe Large caps French stocks in all capitalisation categories.

Investment objective Mid caps On an equity horizon to outperform the french equities benchmarked funds and the SBF 120 index. Characteristics Small caps

A pure equity portfolio. Decorrelation in the short and medium term from indexes. Eligible for French Equity Bloomberg code : METFRAN FP Savings Plan (“PEA”).

Fund characteristics

The team and the fund Fund administration Head of fund management Isabel LEVY AUM (in millions) EUR 48.6 Fund Management Collegiate fund mngt. Fund managed since 11/2002 Number of shares 171,824 Fund manager starting date 11/2002 Fund inception date 29 november 2002 Net asset value (NAV) EUR 282.64 Change in management process No Freq. of NAV calculation/quote Daily Recommended investment horizon 5 years Type of valuation Closing price

Reference Universe ISIN Code FR0007078837 Multiratings category French equities Custodian Société Générale Benchmark SBF 120 Fund administration SGSS NAV Change in benchmark index No Type Capitalisation Frequency of rebalancing Daily Share held by top 5 subcribers 29.8 % Net dividends reinvested No Management fees - ATI 1.5 %

Management comments

The European equity markets continued to fall in September under the impact of the sovereign debt crisis and expectations of seeing developed countries fall back into recession. With the European political authorities unable to finalise the Greek bailout plan, the markets feared seeing the crisis spread to other more important countries in the euro zone. What's more, US and European economic indicators slid even further over the month. That said, there are still no tangible signs of falling back into recession. At this point, economic statistics point to sluggish activity. Similarly, the CEOs we recently met with have not noted any signs of a slowdown so far. Against this backdrop, the SBF 120 lost 8.6% over the month, versus a drop of about 5% for the average European index. The underperformance of French stocks was widespread and was not limited to banks, plagued by several rumours of growing problems. In the circumstances, the fund maintained its strategy, focusing on French companies operating on an international

scale, with leading positions in their businesses, excessively undervalued shares, and promising to make it through the The European fund management team: Ingrid crisis without any major problems. Therefore, we also set up new lines in Neopost and Ipsos. We closed our positions in Trawinski, Markus Maus, Isabel Levy, François- Peugeot, STMicroelectronics. Marie Wojcik, Corinne Baudoin, Cédric Héreng.

AUM over the last 12 months (in EUR millions)

Subscriptions / redemptions

Requests will be centralised with Société Générale Nantes (France) until 12 p.m on a daily basis and processed on the basis of the next net asset value which will be calculated based on the closing prices on the same day. in other words. at unknown price. All related settlements will be made on the trading day following the NAV calculation / unit (D+1). Société Générale : Tel. (33)2.51.85.57.09. fax (33)2.51.85.58.71. Please ensure that your financial intermediary gives your company’s name and your BIC/BIC1 code to Société Générale.

The present document is for informative purposes only and represents neither a 1) proposal. purchase offer or any other type of transaction relating to the financial instruments described herein. 2) nor a form of investment advice. It is important to read the most recent version of the prospectus (available at METROPOLE Gestion and on our website: www.metropolegestion.com) before making any investment decisions with regard to the financial instruments described in the present document. Future investors must take the necessary steps to determine how much they can invest. on the basis of the legal. tax and accounting considerations which apply to their specific situation. The opinions expressed in the present document may be modified without prior notice. Investors are responsible for ensuring that they are in possession of the most recent available version of the present document. Past performances are no guarantee of current or future results. Performance data do not reflect the fees that are charged the issue and redemption of shares.For more information. please contact us at the following e-mail address: [email protected]. This document was published by the asset management company : METROPOLE Gestion - 9, rue des Filles Saint-Thomas 75002 – France - Tél : (33)1 58 71 17 00 – Fax : (33)1 58 71 17 93 - [email protected].

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October 2011 METROPOLE FRANCE Data 30 September 2011 AF2I reporting model Performances & risks for METROPOLE FRANCE

SINCE INCEPTION (29/11/2002) Risk indicators (24 months)

Volatility of fund 24.07 % Volatility of benchmak index 23.39 % Tracking error 5.32 % Risk-free ratio 0.38 % Information ratio 0.99 Sharpe ratio -0.54 Bêta 1.00

Source : METROPOLE Gestion Morningstar :

Performances Since inception Annualised 1 mo. 3 mos. 6 mos. 1 yr. 3 yrs. 5 yrs. 8 yrs Portfolio 41.32% 3.99% -10.87% -29.77% -28.56% -20.60% -3.29% -20.02% 33.78%

Benchmark SBF 120 -3.00% -0.34% -8.56% -24.03% -23.75% -17.57% -21.68% -40.00% 1.98% Performance gap 44.32 4.33 -2.31 -5.74 -4.81 -3.03 18.39 19.98 31.80

Benchmark SBF 120 Div. Reinvested 25.59% 2.61% -8.31% -23.74% -21.79% -15.08% -13.29% -29.49% 28.88% Performance gap 15.73 1.38 -2.56 -6.03 -6.77 -5.52 10.00 9.47 4.90

Peer group average performance* 14.24% 1.44% -7.40% -23.39% -21.91% -15.61% -13.92% -31.35% 16.72% Quartile* 1 1 4 4 4 4 1 1 1

Calendar 2011 2010 2009 2008 2007 2006 2005 2004 2003 Portfolio -27.19% 18.06% 37.28% -32.95% -3.30% 13.24% 25.31% 11.00% 17.10%

Benchmark SBF 120 -20.30% 0.06% 23.73% -43.08% 0.34% 19.05% 25.18% 8.16% 18.12% Performance gap -6.89 18.00 13.55 10.13 -3.65 -5.81 0.13 2.84 -1.02

Benchmark SBF 120 Div. Reinvested -18.22% 2.90% 28.88% -40.86% 3.00% 22.27% 28.33% 10.72% 19.35% Performance gap -8.97 15.16 8.40 7.91 -6.30 -9.02 -3.02 0.28 -2.25

Peer group average performance* -19.12% 3.10% 27.23% -39.89% 2.06% 18.68% 25.75% 10.29% 17.62% Quartile* 4 1 1 1 4 4 2 2 3

Source: Internal performance figures. * Inception date : 29/11/2002 . Category “Equity France” and Quartile Morningstar. Past performances are no guarantee of current or future results. Portfolio analysis

Sector breakdown

Top Holdings 51.1 % Average portfolio capitalisation : 17,437 M€ BNP PARIBAS 7.4 % TOTAL SA 7.2 % Breakdown by capitalisation SCHNEIDER ELECTRIC SA 4.8 % SANOFI 4.8 % SA 4.7 % CAP GEMINI 4.6 % AXA SA 4.5 % MICHELIN (CGDE)-B 4.5 %

REXEL SA 4.4 % 4.2 % ALTEN Net exposure rate Cash

Month purchases : IPSOS, NEOPOST Number of holdings: 24 Month sales : PEUGEOT, STMICROELECTRONICS TER N-1(2010): ATI 1.60 % Transaction fees: ATI 0.18 %

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