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Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Page 1: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

Amundi Global Fixed Income, Aggregate and Emerging Expertise

People, Product, Performance & Perspectives A presentation by

Amundi London Branch

June 2011

Page 2: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 2

Source : Amundi

Investment Team: $ 34 billion

J. Keller

A. Bender

M. Lake

L. Benlazrak

Product SpecialistSingapore London

S. Ruegg

Product Specialists Name Function Location Time with Group Experience in Industry

Keller Head Product Specialist London 11.5 11.5

Bender Product Specialist London 11.3 20.4

Lake Product Specialist London 6.1 6.1

Benlazrak Product Specialist London 9.6 9.6

9.6 11.9

Cedric Morisseau Head of Global Bonds, Absolute Return & Currency

Laurent Crosnier Chief Executive & Chief Investment Officer

Markus Krygier Deputy Chief Investment Officer

Global Fixed Income and Aggregate EMD

P. Jauer - CIO

P. Chia

R. Lim

L. Aderdor

D. Damit

E. Guilloux

W-M. Chan*

Global Equities

Global Corporate

Singapore London

C. Morisseau

C. Morris

H. Hanoune

R. Stefani

A. Beaudu

P. Dubreuil*

M. Styles

Y. Casa

M. Plans

C. Chappuis

R. Mercier (t)

J. Kwok

R. Puri

S. Fawn (t)

S. Strigo

T. Delabre

M. Vydrine* (t)

R. Brooks

W. Maby

P.G. Moucan

L. CrosnierH. Hanoune +P. Dubreuil* +

A. Casiraghi

CTA

F. Castaldi

A. Burgues

Volatility

M. Plans

C. Chappuis

Cash ManagementSingapore London

S. Lai

Architects in Bold

(t) Trainee

*Analysts

+ Also part of GFI & Aggregate Team

Absolute Return Currency

Page 3: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Experienced investment team with a clear vision

ARCHITECTS SPECIALISTSSPECIALISTS

HEAD OF GLOBAL BOND & CURRENCY

PROPOSES VIEWS

Credit Bond Selection

Short-Term Bond Trading

EMD Relative Value

Currency Trading

DEPUTY CIO

VALIDATES SCENARIO

MACRO SPECIALISTS

MARKET SPECIALISTS

CORE VIEWS

QUANTSPECIALISTS

AMUNDI GLOBAL BOND, Currency & Absolute Return

Name Function LocationTime with

GroupExperience in Industry

Architects L Crosnier CIO & CEO, Amundi London London 19.9 21.9M Krygier Deputy CIO, Amundi London London 6.8 14.8C Morisseau Head of Global Bonds, Absolute Return & Currency London 16.9 16.8P Chia Global Fixed Income Manager Singapore 10.3 23.8P J auer CIO Amundi Singapore Singapore 10.3 21.8M Styles Head of Absolute Return London 5.7 7.0C Morris Global Fixed Income Manager London 0.6 18.6

10.1 17.8

Page 4: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

A clear decision-making process

Source: Amundi. Views as at 13/03/11. See also Disclaimer page

• Architects (7) with heterogeneous backgrounds

• Team based approach with clear cut decision making

• Qualitative views expressed as a score, on a 9-point scale from very negative (- -) to very positive (++)

• Made upon any type of argument (macro-eco, valuation, flows, portfolio construction…)

• Meetings as market conditions dictate

• Multiple investment horizons

• Views only on strategies where we have a strong conviction

Page 5: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 5

Source : Amundi

Alpha creation

Three normally low-correlated asset classes / three angles

Directional Relative Value Specialist Overlays

Bonds

Currencies

Credit/EMD

Duration

$ Exposure

Credit Exposure

Country Allocation

Curve Allocation

G4 Allocation

Intra-bloc Allocation

Macro Sector Allocation

Bond Selection

Short-Term Trading

EM ccy Allocation

Short-Term Trading

Architects’ Views

Market/Industry

Bond Selection

EMD Relative Value

Page 6: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

Products & Performance

Page 7: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 7

Source : Amundi

Amundi Global Bonds Composite USD

Calendar Year gross performance as of 03/31/11

Past performance is not indicative of future returns. Results do not reflect the deduction of management fees and other expenses; deduction of these fees and expenses would reduce a client’s return.

4.30

%

12.6

6%

-9.9

7%

5.92

%

3.77

%

24.4

6%

23.7

7%

14.2

4%

1.42

%

10.4

3%

7.25

% 13.0

1%

5.74

%

2.34

%

-0.0

1%

2.18

%

9.04

%

6.53

% 10.1

7%

2.33

% 5.96

%

1.00

%

7.60

%

15.1

4%

-5.6

0%

0.07

%

13.0

0%

-5.9

4%

16.4

7%

10.7

1%

-20%

-10%

0%

10%

20%

30%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Global Bonds Composite Benchmark*

A cross section of our global fixed income, corporate, emerging market & currency expertise …

(1) Out-performance in ten years out of fifteen = 67% average success ratio

(2) Annualized Alpha: +3.11%Tracking Error: 3.64%Information Ratio: 0.86Since inception as at 03/2011

Page 8: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

Global Aggregate & Corporate Expertise

Page 9: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 9

Source : Amundi

The construction of credit bond portfolios systematically take into account both our top-down views and our security selection expertise

Systematic Risk Specific Risk

Top-down

Bottom-up

1 2 3 4

Issuer selectio

n

Global credit &

Geographical allo

cation

Sector allo

cation

Bond picking & A

rbitr

age

Portfolio

RISK MANAGEMENT & PERFORMANCE CONTROL

Global Aggregate & Corporate Expertise Investment Process

Page 10: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 10

Source : Amundi

Profile of Amundi Global Aggregate Expertise

Page 11: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Profile of Amundi Funds Global Aggregate

Management Benchmark: Barclays Global Aggregate Hedged to USD

Tracking Error (ex ante): Maximum 4.5% p.a. (with 66% confidence level)

Interest Rate Risk: Active modified duration management within a [0;+8] bracket

Currency Risk: Active currency management

Investment Instruments: up to 100% in OECD and non-OECD Government, quasi-government & corporate bonds (non-OECD issued in G4 currencies), up to 10% in non-investment grade bonds & up to 60% max ABS/MBS with min rating BBB-

Page 12: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

90

100

110

120

130

140

150

160

170

18010

-200

7

01-2

008

04-2

008

07-2

008

10-2

008

01-2

009

04-2

009

07-2

009

10-2

009

01-2

010

04-2

010

07-2

010

10-2

010

01-2

011

04-2

011

-10%

0%

10%

20%

30%

40%

50%

60%Relative PerformanceAMUNDI FUNDS GLOBAL AGGREGATE - IU (C)100% BARCLAYS GLOBAL AGGREGATE HEDGED TR Close

Risk Adjusted Performance: Amundi Funds Global Aggregate USD

Calendar Year Net Performance as at May 31, 2011Net of 0.61% p.a fixed fee and perf. fee of 20% above benchmark p.a.

Page 13: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Performance: Amundi Funds Global Aggregate USD

Calendar Year Net Performance as at as at May 31, 2011Net of 0.61% p.a fixed fee and perf. fee of 20% above benchmark p.a.

0.08%

7.79%

31.67%

6.29%

15.42%

1.07%

10.78%

5.04%1.68%

5.58% 5.09% 4.61%

-20%

-10%

0%

10%

20%

30%

40%

2007 2008 2009 2010 2011 Since Inception(Annualised)

Amundi Funds Global Aggregate USD Barclays Global Aggregate (Hedged USD)

.

Page 14: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Profile of a Amundi Funds Global Corporate Bond

Management Benchmark: ML Global Large Cap Corporate Hedged USD

Target Out-performance: Out-perform Management Benchmark

Tracking Error (ex ante): Maximum 1% p.a. (with 66% confidence level)

Interest Rate Risk: Active modified duration management within +/-10% of benchmark modified duration

Currency Risk: No Currency Exposure (Hedged portfolio)

Investment Instruments: Government and Supra-national bonds issued by benchmark countries (plus Austria, Ireland, Finland, Portugal, Greece, Switzerland and New Zealand) & up to 20% government bonds of Czech Republic, Slovenia, Poland, Hungary & Slovakia

Page 15: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 15

Source : Amundi

Calendar Year Net Performance as at May 31, 2011 (net of TER 0.65% p.a. fixed fee & perf. fee of 20% above benchmark)

Amundi Funds Global Corporate Bond

80

85

90

95

100

105

110

115

120

125

130

10-2007 04-2008 10-2008 04-2009 10-2009 04-2010 10-2010 04-2011

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%Relative perf (rhs)AMUNDI FUNDS GLOBAL CORPORATE BOND - IU (C)100% ML GLOBAL LARGE CAP CORPORATE HEDGED TR Close

Page 16: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 16

Source : Amundi

Calendar Year Net Performance as at May 31, 2011 (net of TER 0.65% p.a. fixed fee & perf. fee of 20% above benchmark)

Amundi Funds Global Corporate Bond

-0.23%

-8.65%

25.39%

4.79%7.09%

-0.20%

6.76%5.71%

3.03%

-5.05%

16.55%

7.23%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2007 2008 2009 2010 2011 ITD (annualisedperformance)

Amundi Funds Global Corporate Bond USD ML Global Large Cap Corporate Hedged

Page 17: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 17

Source : Amundi

Credit views

Long Credit Strong fundamentals & flows plus attractive yield

Long subordinated & covered financials versus senior financial debt

Senior financials are expensive in relative terms

- Long Financials versus Corporate Deleveraging & favorable regulatory environment

- Long national champions against second tier banks

Second tier bank will face financing issues

- Long energy issuers To play the commodity & emerging story

- Long High quality Emerging Corporate bonds

Good fundamentals & strong domestic growth with attractive yield

- Tactical management on new issues Pick up offered by issuers & strong demand

Page 18: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

Global Emerging Market Expertise

Page 19: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

The Global Emerging Market Debt Asset Class

Spread … Default … Sovereign… Liquidity … Interest Rate & FX Risk

External Corporate Local Debt

Hard Currency (USD & EUR) Emerging Currency

EMBI Global Diversified CEMBI Global Diversified JPM GBI EM

47 countries 27 countries 22 countries

LATAM, Europe, MEA & ASIA

Banks, Retail, Industrial, mining & mineral, Oil & Gas, Telecom, Utilities

Local Interest Rate Curves LATAM, Europe, MEA & ASIA

Modified Duration 6.8 4.8 4.3

Yield 5.9% 5.8% 6.5%

Rating BBB- BBB BBB+

Page 20: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Main Characteristics of Selected Emerging Debt Funds

Asset Class: External Debt CorporateExternal, Corporate & Local

Local Debt

Portfolio : Amundi Oblig Emergents

Amundi SIF Emerging Market Corporate

Amundi Global Emergents

Amundi Funds Emerging Markets Debt

Reference indicator:

100% JPM EMBI Global Diversified (hedged in EUR) since 01.04.2003

100% JPM CEMBI Broad Diversified

50% JP Morgan ELMI Plus (unhedged) + 50% JPM EMBI Global Diversified (hedged in Euro) since 01.01.2005

100% JPM GBI EM Global Diversified

Currency denomination:

EUR USD EUR USD

Tracking Error: 5% p.a. 5% p.a. 8% p.a. 5% p.a.

Total AUM for Emerging Market Debt ~ $ 900 million

Page 21: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Source: Amundi London.

Past performance is not indicative of future returns.

Performance: Amundi Funds Emerging Markets Debt USD

Calendar Year Net Performance as of May 31, 2011

Performance in USD as at 31 May 2011* Reference indicator until 1st of December 2010: JPM EMBI Global Diversified ;since 1st of December 2010: JPM GBI-EM Global Diversified unhedged in USD (EM local debt)

** Since 14/05/2002

9.26

%

20.5

8%

14.5

5%

10.0

4%

1.87

%

-23.

56%

48.8

5%

18.4

0%

6.96

%

7.42

%

9.92

%

6.16

%

16.2

9%

6.44

%12.8

9%

29.8

2%

-12.

03%

10.3

4%

11.5

7%

22.5

0%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2002 (from14/05/2002)

2003 2004 2005 2006 2007 2008 2009 2010 2011

Amundi Funds Emerging Market Debt

Page 22: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 22

Source : Amundi

Source: Amundi London.

Past performance is not indicative of future returns.

Performance: Amundi Global Emergents

*Since Oct 99 – Jan 2005: JPM EMBI Global Hedged EuroFrom Jan 2005: 50% JPM ELMI + 50% JPM EMBI Global Diversified Hedged Euro** Since 27/10/1999

Calendar Year Net Performance as of May 31, 20116.

72%

10.1

1%

5.24

%

30.6

6%

10.6

9%

21.4

9%

2.96

%

2.50

%

-24.

29%

40.2

4%

20.5

5%

1.25

%

11.2

3%

6.53

%

26.2

8%

12.0

4%

4.34

%

-5.6

1%

0.89

%

10.2

8%15.6

4%

12.1

4%

2.06

%

14.4

8%

14.1

1%

4.25

%

18.4

6%

12.5

4%

-35%

-25%

-15%

-5%

5%

15%

25%

35%

45%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 SinceInception

(Annualised)

Amundi Global Emergents - I (C) BENCHMARK

Page 23: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 23

Source : Amundi

Absolute Yields (%)

0

1

2

3

4

5

6

7

8

9

10

11

12

13

Jan-0

6

May-0

6

Aug-0

6

Dec-

06

Apr-

07

Aug-0

7

Dec-

07

Apr-

08

Aug-0

8

Dec-

08

Apr-

09

Aug-0

9

Dec-

09

Apr-

10

Aug-1

0

Dec-

10

US Cash •Low (negative real rates) Interest Rates •Signs of recovery but some headwinds

EM external debt (EMBIGD)•Strong Fundamentals•Closing credit rating gap to G10•Strong demand/Shrinking offer

EM local debt (GBI EM)

US High Grade (JULI exBBB)

Global Aggregate (GABI)Global GBI•Extra carry due to non-core gov’t & corporate exposure

The Asset Class: Attractive Yields on an Absolute & Relative Basis

Source: Bloomberg/JPM - JULI: US High Grade Corporate - GABI: Global Aggregate

Page 24: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 24

Source : Amundi

FAQ: Key Investors Concerns (1)… Are we facing a bubble in EM fixed income?

1

3

NO – the long term story is still underowned Valuations are not stretched vs. DM

Asset class is still under-owned among large non-dedicated investors

Total investable universe is north of $2,000 Bn while AuM vs. main benchmarks are only $430 USD

The expansion of the asset class is a dynamic process:

More sovereign local curves will be included in the benchmarks in the future

Local corporate debt will develop once the local sovereign

curves will be more mature

Will China’s pace of expansion keep up with the past 10y trend?

Most likely scenario in the near futureState’s interventionism provide some comfort about growth trend & bubble formation

China has massive needs & massive means (fiscal etc…)

Long term rebalancing toward more domestic driven economy is a key medium goal of the authorities

No – asset classes target different investors Risk/return profile of the asset class is still attractive

New regulations entice institutional investors to invest into FI

Will EM equity RV attractiveness derail the EM FI flow story ?

2

Page 25: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 25

Source : Amundi

FAQ: Key Investors Concerns (2)…

Is inflation a real risk for EM countries?

5

6

Yes, but major risks are behind us for now Inflation has increased in most EM countries due to commodity prices & strong domestic demand but this is easing.

Non-core inflation is the most affected & inflation has not yet spilled over to expectations

Should prove supportive for FX appreciation

Mid-cycle slowdown will ease overheating concerns

Is political risk over in EM?

No, but more isolated than before Recent events in North Africa prove that political risk is still an issue in EM countries

Yet, events are more isolated & do not have the same contagion impact as they use to have

Political risk is usually priced-in sovereign spreads (ex: Venezuela, Ecuador etc…)

Yes, but less than beforeLong term rebalancing toward more domestic driven economy is a key medium goal of the authorities

Will a long period of sub-par growth in DM dampen EM growth?

4

Page 26: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

– Amundi has extensive experience & track record in Global Fixed Income (GFI), global emerging & active currency management:

• Proven investment process first developed in 1993;

• A stable and close-knit team of investment professionals, the core of which has over 18 years of industry experience;

• Distinctive active management style based on diversification and risk allocation;

• Proprietary state-of-the-art risk monitoring tools.

– The convenience of daily liquidity;

– The transparency of performance attribution & risk analysis;

– Consistent track record of strong risk adjusted out-performance:

Global Bonds Composite2 :

information ratio of 0.85 since inception in 1995

Conclusion

Prospectus available upon request. All performance shown is net of a fixed management fee and a performance fee. Past performance is not necessarily a guide to future returns. Changes in rates of exchange and other factors may cause the value of an investment to go up or down. There is no guarantee that you will retain the amount originally invested

Page 27: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 27

Source : Amundi

Disclaimer

.

This material cannot be considered as an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising or investment advice. This material is not intended for dissemination, distribution to, or use by, any person or entity in any country or jurisdiction which would subject AMUNDI or any of the Funds to any registration requirements within these jurisdictions or where it might be considered as unlawful. Accordingly, this material is for distribution solely in jurisdictions where permitted and to persons who may receive it without breaching applicable legal or regulatory requirements. Your attention is drawn to the fact that you should not access this material if the regulations of your country of citizenship and/or residency or any other applicable regulation prohibit it. Any investor who is in doubt about the contents of this material is strongly recommended to seek independent professional advice and is advised to exercise caution in relation to any investment decision. Investments involve risk. The past performance does not guarantee future results. The value of an investment in any Fund, Sub-Fund security or financial product may fluctuate according to market conditions and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not necessarily a guide to future returns. Changes in rates of exchange and other factors may cause the value of an investment to go up or down. AMUNDI accept no liability whatsoever, whether direct or indirect, that may arise from the use of information contained in this material. AMUNDI can in no way be held responsible for any decision or investment made on the basis of information contained in this material. This material, which is not a contract nor a document certified by statutory auditors, is based on sources that AMUNDI considers to be reliable. Any data provided herein is based on assumptions and parameters that reflect AMUNDI’s good faith judgment and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such data. Data, opinions and estimates may be changed without notice. The information contained in this document is disclosed to you on a confidential basis and you agree that this material shall not be copied, reproduced, modified, translated or distributed to a third party without the prior written approval of AMUNDI. This material has not been reviewed by any regulatory authority and no regulatory authority takes responsibility for the financial soundness or for the accuracy of any statement made or opinion expressed in this material.The information contained in this material is as of end of March 2009 unless indicated otherwise.Additional information is available upon request.This material, which contains information about Crédit Agricole Asset Management Group and its affiliates and associates (“AMUNDI”) is provided for information purposes only and does not constitute a recommendation, a solicitation, an offer, a request for proposal, an advice or an invitation to purchase or sell any Fund, Sub-Fund, security or financial product, and should in no case be interpreted as such.More particularly AMUNDI does not recommend that you adopt its style of management, asset allocation, expertise, approach, strategies and analysis or to invest in any Fund, Sub-Fund, fund of funds, hedge fund, pension fund, security, financial product, portfolio, mandate, asset class, market, sector or stock market of any kind. In each country where they carry on investment business, Crédit Agricole Asset Management, its subsidiaries, branches, representative offices, affiliates, associates and partners are regulated by their local regulatory authorities: AMUNDI GROUP, a French joint stock company (“Société Anonyme”) with a registered capital of € 16,008,665.92 is registered with the Paris Trade and Companies Registry under number 314 222 902 and is approved by the Comité des établissements de crédit et des entreprises d'investissement (“CECEI”). Registered office: 90 Boulevard Pasteur - 75015 Paris.AMUNDI Funds are not registered or offered for sale in the US and are not available for purchase by US persons. Differences between fund-specific constraints or fees and those of a similarly managed mandate would affect performance results. Past performance is not indicative of future returns. AMUNDI French funds, described in this document, are registered for public sale, with the French Securities Regulator (Autorité des Marchés Financier - “AMF”), in France their country of incorporation, and in some other countries. The information contained herein cannot be considered as a private nor public offer in the jurisdictions where the French funds are not registered for public sale, i.e. other than France.

Page 28: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 28

Source : Amundi

AMUNDI Oblig Internationales

AMUNDI Oblig Internationales

US Dollar and Euro

Management benchmark: JPM Government Bond Index Broad

Target out-performance: Management Benchmark + 2% p.a.

Tracking error (ex ante): Maximum 6% p.a. (with 66% confidence level)

Interest rate risk: Active modified duration management within a [0;+8] bracket

Currency risk: Active foreign exchange risk management

Investment instruments: up to 100% in OCDE Government, quasi-government & corporate bonds & up to 10% in non-OCDE government bonds (no rating limit)

Page 29: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

- - page 29

Source : Amundi

Past investment performance is not an adequate test of comparative performance, nor a reliable indicator of the expected absolute level of returns in the future.

AMUNDI Oblig Internationales USD

Calendar Year Net Performance as of April 29, 2011(1994-2005: TER of 0.78% p.a. ; 2006 on: TER of 0.8% + perf. fee of 20% > B+2% p.a.)

5.63

%

-10.

85%

4.73

%

3.65

%

33.2

9%

31.2

7%

17.1

1%

3.81

%

11.8

6%

4.18

%

25.0

2%

6.69

%

4.37

%

11.1

8%

-1.4

5%

-6.3

9%

10.8

1%

2.51

%

5.62

%

3.80

%

3.01

%

-4.5

8%

2.20

%

20.7

7%

10.7

8%

6.49

%

15.0

6%

10.3

6%

-20%

-10%

0%

10%

20%

30%

40%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Amundi OBLIG INTERNATIONALES USD JPM GLOBAL BROAD USD

Page 30: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Past investment performance is not an adequate test of comparative performance, nor a reliable indicator of the expected absolute level of returns in the future.

AMUNDI Oblig Internationales USD

Calendar Year Net Performance as of April 29, 2011(1994-2005: TER of 0.78% p.a. ; 2006 on: TER of 0.8% + perf. fee of 20% > B+2% p.a.)

MULTIU 04-2011 2011 2010 2009 2008 2007

OECD Bonds -1.07 -0.77 -2.41 7.14 1.93 -0.86Global bond exposure -0.06 0.03 0.59 1.59 2.56 -0.83Country allocation 0.21 -0.02 0.30 1.78 -0.80 -1.15Yield curve segment allocation -0.20 0.23 -1.26 3.76 0.17 0.80Bond selection -1.02 -1.01 -2.04 0.00 0.00 0.32

Credit 0.48 0.86 1.19 8.33 -1.79 -0.33

Credit exposure 0.48 0.71 0.26 7.64 -0.85 0.00

Emerging market exposure 0.00 0.15 0.92 0.69 -0.94 -0.33Currencies -0.76 0.05 2.13 10.22 -5.15 -6.50USD exposure -1.37 -2.23Inter Bloc (EUR / JPY / CAD) 0.13 0.90Intra Bloc -0.09 0.45Emerging Currency allocation 0.57 0.93Trading 0.11 0.70 1.05 0.40 -1.53 1.41-0.07

Fixed & Variable fees -0.07 -0.27 -0.88 -3.57 -0.81 -0.35

Total Out-performance -1.31% 0.57% 1.07% 22.51% -7.35% -6.63%Absolute Portfolio Performance 1.75% 4.37% 6.69% 25.02% 3.01% 4.18%

Page 31: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Amundi London Views – Bonds & Credit

Source: Amundi London. Data as at 13/03/11

Page 32: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Core Strategies - Amundi London

Source: Amundi London. Data as at 02/06/2011

Overweight / Long

Curve Flattening

Eurozone Periphery

Risk:

Credit Emerging Debt

USD, NOK, GBP, NZD

Underweight / Short

Duration

Commodity currencies

€, ¥, CHF

Page 33: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

Amundi London Views - Currency

Source: Amundi London. Data as at 02/06/2011

Page 34: Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives A presentation by Amundi London Branch June 2011

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Source : Amundi

3 – Outlook – FX Market

Source: Amundi

0.60

0.80

1.00

1.20

1.40

1.60

1.80

1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

EURUSD

Amundi PPP1

Amundi PPP2

BB PPP

OECD PPP

MS PPP

2StDevMax

2StDevMin