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Amundi Global Fixed Income, Aggregate and Emerging Expertise People, Product, Performance & Perspectives. A presentation by Amundi London Branch June 2011. Investment Team: $ 34 billion. Laurent Crosnier Chief Executive & Chief Investment Officer

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A presentation by Amundi London Branch June 2011


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

    2. Investment Team: $ 34 billion Laurent Crosnier Chief Executive & Chief Investment Officer Markus Krygier Deputy Chief Investment Officer Cedric Morisseau Head of Global Bonds, Absolute Return & Currency Global Fixed Income and Aggregate Absolute Return Currency EMD Global Equities Global Corporate Singapore London P. Jauer - CIO P. Chia R. Lim L. Aderdor D. Damit E. Guilloux W-M. Chan* C. Morisseau C. Morris H. Hanoune R. Stefani A. Beaudu P. Dubreuil* M. Styles Y. Casa M. Plans C. Chappuis R. Mercier (t) CTA J. Kwok R. Puri S. Fawn (t) S. Strigo T. Delabre M. Vydrine* (t) R. Brooks W. Maby P.G. Moucan L. Crosnier H. Hanoune + P. Dubreuil* + A. Casiraghi Volatility F. Castaldi A. Burgues Cash Management Product Specialist Singapore London Singapore London S. Lai M. Plans C. Chappuis S. Ruegg J. Keller A. Bender M. Lake L. Benlazrak - - page 2 Architects in Bold (t) Trainee *Analysts + Also part of GFI & Aggregate Team

    3. Experienced investment team with a clear vision - - page 3

    4. A clear decision-making process • 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 4 Source: Amundi. Views as at 13/03/11. See also Disclaimer page

    5. Architects’ Views Directional Relative Value Specialist Overlays Country Allocation Bond Selection Duration Bonds Curve Allocation Short-Term Trading G4 Allocation EM ccy Allocation $ Exposure Intra-bloc Allocation Currencies Short-Term Trading Market/Industry Credit Exposure Macro Sector Allocation Credit/EMD Bond Selection EMD Relative Value Alpha creation • Three normally low-correlated asset classes / three angles - - page 5

    6. Products & Performance

    7. Amundi Global Bonds Composite USD A cross section of our global fixed income, corporate, emerging market & currency expertise … (2) Annualized Alpha: +3.11% Tracking Error: 3.64% Information Ratio: 0.86 Since inception as at 03/2011 (1) Out-performance in ten years out of fifteen = 67% average success ratio - - page 7 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. Calendar Year gross performance as of 03/31/11

    8. Global Aggregate & Corporate Expertise

    9. Global Aggregate & Corporate Expertise Investment Process • The construction of credit bond portfolios systematically take into account both our top-down views and our security selection expertise - - page 9

    10. Profile of Amundi Global Aggregate Expertise - - page 10

    11. Profile of Amundi Funds Global Aggregate - - page 11

    12. 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 12

    13. 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. - - page 13

    14. Profile of a Amundi Funds Global Corporate Bond - - page 14

    15. Amundi Funds Global Corporate Bond Calendar Year Net Performance as at May 31, 2011(net of TER 0.65% p.a. fixed fee & perf. fee of 20% above benchmark) - - page 15

    16. Amundi Funds Global Corporate Bond Calendar Year Net Performance as at May 31, 2011(net of TER 0.65% p.a. fixed fee & perf. fee of 20% above benchmark) - - page 16

    17. Credit views - - page 17

    18. Global Emerging Market Expertise

    19. The Global Emerging Market Debt Asset Class - - page 19

    20. Main Characteristics of Selected Emerging Debt Funds Total AUM for Emerging Market Debt ~ $ 900 million - - page 20

    21. 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 Source: Amundi London. Past performance is not indicative of future returns. - - page 21

    22. Performance: Amundi Global Emergents Calendar Year Net Performance as of May 31, 2011 *Since Oct 99 – Jan 2005: JPM EMBI Global Hedged Euro From Jan 2005: 50% JPM ELMI + 50% JPM EMBI Global Diversified Hedged Euro ** Since 27/10/1999 Source: Amundi London. Past performance is not indicative of future returns. - - page 22

    23. EM local debt (GBI EM) • EM external debt (EMBIGD) • Strong Fundamentals • Closing credit rating gap to G10 • Strong demand/Shrinking offer US High Grade (JULI exBBB) GlobalAggregate (GABI) • GlobalGBI • Extra carry due to non-core gov’t & • corporate exposure • US Cash • Low (negative real rates) Interest Rates • Signs of recovery but some headwinds The Asset Class: Attractive Yields on an Absolute & Relative Basis Absolute Yields (%) 13 12 11 10 9 8 7 6 5 4 3 2 1 0 Apr-07 Apr-08 Apr-09 Dec-10 Jan-06 Dec-07 Dec-08 Dec-09 Apr-10 Dec-06 Aug-07 Aug-08 Aug-09 Aug-06 Aug-10 May-06 - - page 23 Source: Bloomberg/JPM - JULI: US High Grade Corporate - GABI: Global Aggregate

    24. FAQ: Key Investors Concerns (1)… Are we facing a bubble in EM fixed income? 1 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 EM equity RV attractiveness derail the EM FI flow story ? 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 2 Most likely scenario in the near future State’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 Will China’s pace of expansion keep up with the past 10y trend? 3 - - page 24

    25. FAQ: Key Investors Concerns (2)… Will a long period of sub-par growth in DM dampen EM growth? 4 Yes, but less than before Long term rebalancing toward more domestic driven economy is a key medium goal of the authorities Is inflation a real risk for EM countries? 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 5 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…) Is political risk over in EM? 6 - - page 25

    26. Conclusion • 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 - - page 26 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

    27. . 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 theFrench 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 27

    28. AMUNDI Oblig Internationales - - page 28

    29. 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.) - - page 29 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.

    30. 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.) - - page 30 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.

    31. Amundi London Views – Bonds & Credit - - page 31 Source: Amundi London. Data as at 13/03/11

    32. Core Strategies - Amundi London • Overweight / Long • Curve Flattening • Eurozone Periphery • Risk: • Credit • Emerging Debt • USD, NOK, GBP, NZD • Underweight / Short • Duration • Commodity currencies • €, ¥, CHF - - page 32 Source: Amundi London. Data as at 02/06/2011

    33. Amundi London Views - Currency - - page 33 Source: Amundi London. Data as at 02/06/2011

    34. 3 – Outlook – FX Market Source: Amundi - - page 34