METROPOLE FRONTIERE EUROPE

FR0007085808 December 2010 Data 30th November 2010

A European UCITS III - compliant fund Investment Strategy Classification AMF : EU equities

Convergence of new EU member states EUROPE Reference Universe . Czech Republic. Hungary. Slovakia. VALUE BLENDED GROWTH Slovenia. Estonia. Latvia. Lithuania. Austria. Large caps Investment Objective Greece. Portugal. Roumania. Bulgaria. Mid caps On a medium term horizon. to outperform Characteristics the average of European mutual funds and A pure. concentrated equity portfolio. Small caps the STOXX Large. Decorrelation from indexes in the short and medium term. Bloomberg code : METFRON FP Eligible for French Equity Savings Plan (“PEA”). Fund characteristics

The team and the fund Fund administration Head of Fund Management Isabel LEVY AUM (in millions) EUR 172.1 Fund Management Collegiate fund mngt. Fund managed since 07/2003 Number of shares 505 105 Fund manager starting date 07/2003 Fund inception date 31 July 2003 Net asset value EUR 340.66 Change in management process No Freq. of NAV calculation/quote Daily Recommended investment horizon 5 years Type of valuation Closing price

The benchmark universe ISIN Code FR0007085808 Multiratings category European equities Custodian Société Générale Benchmark STOXX Europe Large Fund administration Société Générale SS NAV Change in benchmark index No Type Capitalisation Frequency of rebalancing Daily Share held by top 5 subscribers 26.9 % Net dividends reinvested No Management fees (tax included) 2.0 % Management comments

In November the European market suffered from investors’ concerns about sovereign debt in Europe. Ireland’s rescue by the European Union and the IMF did not suffice to calm investors’ fears that other peripheral countries such as Portugal and Spain would have to be bailed out. These fears spread to central European stock markets even though the region has fundamentals that are very different from those of the so-called PIGS countries. Government deficits in central Europe are under control and the region’s momentum continues to be positive. Poland had third-quarter GDP growth of 4.20%, the Czech Republic 3.0% and Hungary 1.60%. For the month the CECE central European index shed 5.39% while the European market posted a decline of 1.86%. The fund closed down 5.74%. The fund’s under-performance was due to its exposure to the banking sector and to the Hungarian The European fund management team : market, both of which suffered a great deal during the month. Strong performances from Polish stocks such as PKN, Ingrid Trawinski, Markus Maus, Isabel Levy, PGF and CEDC were unable to offset the counter-performances of , Egis, OTP and MOL. We reduced our François-Marie Wojcik, Corinne Baudoin, holding in Komercni Banca while adding to our position in OTP after its steep drop. We took profits on PKN and added Cédric Héreng. to our position in MAN. We also reduced our positions in Carlsberg and Telenor and sold Praktiker.

AUM over the last 12 months (in EUR millions)

M € 250

M € 200

M € 150

M € 100

M € 50

M € 0 11/2009 12/2009 01/2010 02/2010 03/2010 04/2010 05/2010 06/2010 07/2010 08/2010 09/2010 10/2010 11/2010 Subscriptions / redemptions

Requests will be centralised with Société Générale Nantes () 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 finan- cial 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 pre- sent document. Future investors must take the necessary steps to determine how much they can invest. on the basis of the legal. tax and accounting considera- tions 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 PARIS - FRANCE Tel : (33)1 58 71 17 00 - Fax : (33)1 58 71 17 93 - www.metropolegestion.com - [email protected]. December 2010 METROPOLE FRONTIERE EUROPE Data 30th November 2010 AF2I reporting model Performances & risks for METROPOLE Frontière Europe

SINCE INCEPTION (08/08/2003) Risk indicators (24 months)

300 Volatility of fund 23.27 %

250 Volatility of benchmark index 22.81 % Tracking error 14.78 % 200 70.33% Risk-free ratio 0.57 % 150 45.20% Information Ratio 0.28 17.84% 100 Sharpe ratio 1.08

50 Bêta 0.81 Source: METROPOLE Gestion 0 08/03 01/04 06/04 11/04 04/05 09/05 02/06 07/06 12/06 05/07 10/07 03/08 08/08 01/09 06/09 11/09 04/10 09/10 Morningstar :

METROPOLE FRONTIERE EUROPE STOXX Large STOXX Large NR

Performances Since Inception Annualised 1 mo. 3 mos. 6 mos. 1 yr. 3 yrs. 5 Yrs.

Portfolio 70.33% 7.55% -5.74% 1.17% 1.19% -1.24% -34.14% -3.02%

Benchmark (STOXX Large) 17.84% 2.27% -1.86%3.28% 6.00% 7.34% -31.41% -15.92% Performance gap 52.49 5.28 -3.88 -2.11 -4.81-8.58 -2.73 12.90

Benchmark STOXX Large Div. Reinvested 45.20% 5.23% -1.63% 3.70% 6.95% 10.45% -24.35% -2.25% Performance gap 25.13 2.32 -4.11 -2.53 -5.76 -11.69 -9.79 -0.77

Peer group average performance* 45.28% 5.09% -0.07%8.49% 10.30% 18.16% -16.82% 9.93% Quartile* 1 1444444

Calendar 2010 2009 2008 2007 2006 2005 2004 2003

Portfolio -1.99% 34.65% -50.21% 8.93% 31.35% 30.34% 35.44% 2.63%

Benchmark (STOXX Large) 1.16% 25.12% -45.03% 1.39% 15.34% 22.53% 7.55% 9.92% Performance gap -3.15 9.53 -5.18 7.54 16.01 7.81 27.89-7.29

Benchmark STOXX Large Div. Reinvested 4.02% 29.60% -43.10% 4.11% 18.42% 25.85% 10.32% 10.59% Performance gap -6.01 5.05 -7.11 4.8212.93 4.49 25.12 -7.96

Peer group average performance* 12.41% 29.98% -42.80% 0.91% 19.20% 26.08% 12.00% 16.24% Quartile* 4 1411114 Source: Internal performance figures - Inception date : 08/08/2003. *category “Equity Europe” and Quartile Morningstar. Past performances are no guarantee of current or future results. Portfolio analysis

Sector breakdown Geographical breakdown

Germany 4.4% 4.7% 0,5%1,8% Austria 11,4% 6,0% 15.7% 14.1% Consumer Staples 11,6% Denmark Finland Energy 2,8% France Financials 2,1% 4,4% Hungary Health Care 3,0% 9.6% Italy 9.9% Industrials 3,2% Netherlands Information Technology Poland Sweden 7.2% Utilities 13,3% 31,5% Norway Sovereign 1,3% 7,1% Czech Republic 34.4% Slovenia Romania

Tops 10 Holdings 42.1% Average portfolio capitalisation : M€ 7,605 SA 5.5%

UNICREDIT SPA 4.8% Breakdown by capitalisation 22.8% ERSTE GROUP BANK AG 4.7%

KOMERCNI BANKA AS 4.7% > Bn € 5 <> Bn € 2 and 5 54.7% 10.5% CARLSBERG AS-B 4.0% < Bn € 1 and 2 < Bn €1 BANK PEKAO SA 3.9% 12.0% CENTRAL EURO DISTRIBUTION CP 3.9% POLSKI KONCERN NAFTOWY SA 3.8% EGIS PLC 3.7% Net exposure rate Cash MAN SE 3.1% 91.9 % (97.3 % m-1) 8.1 % Number of holdings : 37 Month Purchases : -

Month Sales : Praktiker TER N-1 (2009) : 1.96 % Transaction fees : 0.18 %