MW ACTIONS EUROPE

MONTHLY REPORTING MARCH 2012 ISIN : FR0007437603 Fund managers : Sergio Montalcini - Paolo Lombardi Bloomberg : MWARFMB FP Equity

Rating Europerformance™ NAV: 4,7633 NET ASSET : 18,223 Mil. €

MAIN MOVEMENTS New Positions Strengthened Positions Reduced Sold SAFRAN CHRISTIAN DIOR ENI DELHAIZE VALEO CGG VERITAS NESTE OIL NOKIAN FAURECIA 0 0 PORSCHE 0 SANTANDER 0 0 0 0 SECTOR BREAKDOWN VS BENCHMARK* BREACKDOWN BY COUNTRY VS BENCHMARK* 56% 22% Benchmark Benchmark 19% 20% MW Actions Europe 17% 17% MW Actions Europe

14% 32% 12% 29% 10% 9% 10% 9% 8% 7% 7% 7% 17% 4% 4% 10% 9% 7% 8% 7% 7% 2% 4% 3% 3% 1% 3% 1% 1% 0% 0% 0% 1% 0% 0% 1% 0% 1% 0% 0% 0% 0% 0%

PERFORMANCE (Rolling periods) TOP HOLDINGS

1 Month YTD 1 Year 3 Year 5 Year 2001** Top 5 Holdings MWAE -1,37% 10,49% -12,41% 35,42% -34,57% -9,61% Sector Country % Asset SXXE*** -1,67% 9,49% -12,93% 23,65% -38,29% -13,64% ESSILOR INTERNATIONAL Consumer, Non-cyclical FRANCE 3,30% BNP PARIBAS Financial FRANCE 3,03% PERFORMANCE CHART SINCE 11/22/10 (Benchmark change) KONINKLIJKE DSM NV Basic Materials NETHERLANDS 2,98% SXXE MW Actions Europe 20% L'OREAL Consumer, Non-cyclical FRANCE 2,87% 10% CHRISTIAN DIOR Consumer, Cyclical FRANCE 2,78% 0% FINANCIAL DATA (Weighted average) Ratio de -10% Volatilité Beta (3 ans) PE Sharpe Rendement P/BV (1 an) -20% (1 an) -30% MWAE 0,89 12,16 23,27% -0,52 0,03 1,99 SXXE 16,60 27,43% -0,33 0,04 1,12

PERFORMANCE CHART IN 2011 FEATURES SXXE MW Actions Europe 115

110 Informations Fees AMF Category Shares of euro zone countries Purchase 2% max. 105 Inception fund 21/09/2001 Redemption None 100 Valuation Weekly Management 2% TTC Depositary CACEIS BANK Outperformance None 95 30/12 6/1 13/1 20/1 27/1 3/2 10/2 17/2 24/2 2/3 9/3 16/3 23/3 30/3 MANAGEMENT COMMENT The first quarter of 2012 ended up with indices sharply up, with high hopes of an economic rebound and further cash injections by central banks (FEC, ECB, BoJ…). Meanwhile , the end of March saw some profit takings, especially on cyclicals ( due to fears on the extent of the Chinese economic slowdown and question marks on a possible new US monetary stimulus plan) and on financials. At the same time, German bunds ( the 10 year rate dropping from 2.05% to 1.8%) drew renewed interest among investors. The Fund rose by 10,49% over the quarter and its benchmark by 9.49%.

We increased our cash positions in March, up to 6.6% of assets by selling Italian and Spanish equities (Banco Santander, ENI, Repsol, Tecnicas Reunidas) and by doing some arbitrages ( sale of Beiersdorf and purchase of L’Oreal; sale of Porsche and Nokian replaced by Faurecia and Valeo)

We also increased our exposure to the aerospace industry with a long position in Safran, while we completed our holding in Christian Dior. At the same time, we did cut our position in Repsol, worried about a possible nationalization of its Argentinian assets and sold our stake in Roche in the absence of any growth prospects and due to its hostile bid on Illumina.

*Benchmark : 100% SXXE since 11/22/2010 ** 2001 : Inception date ***Before 11/22/10, benchmark was : 50% CAC 40 + 50% DJES Index

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