SGAM Fund >SGAM Fund BOOK - Self Bank

Funds PresentationINDEX LINKEDBONDS> INTERNATIONAL FUNDS> COUNTRY FUNDS sfbw SGAM Fund Bonds World P. 43luijapSGAM Fund Index Japan P. 40 sfbgm Absolute Return Multialpha P. 44sfius US P. 41> REGIONAL FUNDSsfbeur SGAM Fund Bonds Europe P. 45sfbead Europe High Yield P. 46sfbeurc Converging Europe P. 47sfbfr Euro P. 48sfbeaggr Euro Aggregate P. 49sfbecorp Euro Corporate P. 50sfbeero Absolute Return Interest Rate P. 51sfbeiluk Euro Inflation Linked P. 52sfbeconv Europe Convertible P. 53sfbarf Absolute Return Forex P. 54> COUNTRY FUNDSsfbusaSGAM Fund Bonds US Opportunistic Core Plus P. 55> Page 5/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund> Glossary : Explanation of Performance Parameters> Page 7/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

Glossary : Explanation of Performance Parameters> Alpha.It’s the expected performance of the fund if the market is flat,i.e. if the benchmark’s performance is zero.> Beta.it measures the sensitivity of the fund’s performance to a moveof its benchmark’s performance. If the beta is greater than 1,the fund tends to increase the market moves. Conversely, ifthe beta is smaller than 1, the fund tends to decrease themarket moves.> Correlation.Between –1 and 1, it’s the strengh of the link between thefund’s and the benchmark’s performances. If it’s equal to 1,the fund moves exactly like its benchmark. Correlation greaterthan 0.7 : strong link with the index. Correlation between 0.4and 0.69 : weak link. Correlation smaller than 0.3 : no real link.Negative correlation : the fund and its index move in oppositedirections.> Sharpe Ratio.It measures the fund’s performance induced by each point ofvolatility relatively to a risk free asset. If a fund’s relativeperformance vs the risk free asset negative, then its Sharperatio is negative. The risk free rate chosen in the case of EURdenominated funds is the EONIA. Technically, the Sharpe ratiois equal to the annualized performance of the fund minus therisk free rate, all this divided by the fund’s volatility.> Tracking error.A low tracking error means that the fund’s performance movesare similar to the benchmark’s ones. A tracking error equal tozero would mean that the relative performance of the fund vs.its benchmark is constant. The tracking error is equal to therelative performance standard deviation.> Comparative performance chart basis 100.It is the comparative evolution of a $100 amount invested inthe fund and in its benchmark at the inception date of thefund.> Annualized performances.An annualized performance is the annual rate which,capitalized on the whole period generates the sameaccumulated performance than the fund.> Information ratio.It measures the tendency of the fund to outperform orunderperform the benchmark for an equivalent risk structure.It is calculated as the annualized relative performance dividedby the annualized tracking error.> Page 8/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund> Equities> Page 10/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. ASIA PAC. DUAL STRAT.Performance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns180.0From1 Month06-30-103 Mon.04-30-10YTD12-31-091 year07-31-093 years07-31-075 years07-31-05Inception04-18-06160.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10140.0SGAM Fund EQUI. ASIA PAC. DUAL STRAT.6.46%-5.97%-4.20%11.55%-5.59%-5.41%120.0MSCI AC ASIA PACIFIC ex JAPAN (ND)7.39%-3.45%-0.16%15.81%-2.79%-6.66%100.080.060.0Top 5 holdings12-2006 12-2007 12-2008 12-2009Sector breakdownFund Benchmark 1> BROKEN HILL PROP. BILLITON> COMMONWEALTH BANK OF AUSTRALIA> WOOLWORTHS> AUS.NZL BANKING GROUP5.2%4.5%2.8%2.1%UtilitiesHealth CareFund data> Assets as of 07-30-10> Number of shares as of 07-30-10123,934,126 USD1.00> ASM PACIFIC TECH.> TotalSecurities in direct holding2.1%16.7%TelecommunicationServicesEnergy> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation2,320.42 USDLuxembourg SICAVDailyCountry breakdownConsumer DiscretionaryIndiaSingaporeTaiwanHong KongConsumer StaplesIndustrialsMaterialsStatistical links with the index*> Information ratio> Tracking error-0.304.17%South KoreaChinaAustraliaOthers0.0% 6.0% 12.0% 18.0% 24.0%FundBenchmarkInformation TechnologyFinancials0.0% 8.0% 16.0% 24.0% 32.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 04-18-06 to 07-30-1027.45%27.71%0.090.13> Page 12/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EMERGING EUROPEPerformance figures (Net of management fees, in EUR (ex DEM), with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns500.01 Month3 Mon.YTD1 year3 years5 yearsInception450.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0510-18-01400.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10350.0SGAM Fund EQUI. EMERGING EUROPE5.27%-2.28%14.31%44.12%-13.07%2.97%13.12%300.0250.0-> MSCI EM Europe 10/40 (ND)6.69%-2.59%13.34%41.25%-8.54%5.93%16.04%200.0150.0100.050.0Top 5 holdings12-2002 12-2004 12-2006 12-2008 12-2010Sector breakdownFund Benchmark 1> SBERBANK OF RUSSIA> GAZPROM OAO> LUKOIL HOLDING9.7%9.4%6.6%Information TechnologyFund data> Assets as of 07-30-1045,457,239 EUR> ROSNEFT GDR SPONSORED REG-S5.2%Consumer Discretionary> Number of shares as of 07-30-10982.27> MINING METALG.NORILSK NICKEL> TotalSecurities in direct holding4.6%35.5%TelecommunicationServicesConsumer Staples> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation2,918.60 EURLuxembourg SICAVDailyCountry breakdownUtilitiesHungaryMaterialsStatistical links with the index*NetherlandsCzech RepublicCyprusIndustrials> Information ratio> Tracking error-0.535.53%PolandTurkeyRussian FederationOthers0.0% 15.0% 30.0% 45.0% 60.0%FundBenchmarkFinancialsEnergy0.0% 7.5% 15.0% 22.5% 30.0% 37.5%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 10-18-01 to 07-30-1028.36%28.93%0.370.46> Page 13/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROPE OPPORTUNITIESPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns180.01 Month3 Mon.YTD1 year3 years5 yearsInception160.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-29-0507-30-1009-23-0407-30-10140.0SGAM Fund EQUI. EUROPE OPPORTUNITIES4.82%-2.77%-2.90%11.51%-13.77%-2.09%1.75%120.0DJ STOXX 600 (ND)5.05%-0.62%2.68%16.74%-9.63%0.68%4.11%100.080.060.0Top 5 holdings12-2005 12-2007 12-2009Sector breakdownFund Benchmark 1> HSBC HOLDINGS> BNP-PARIBAS> TOTAL> BAYER AG3.9%3.2%2.6%2.1%UtilitiesTechnologyFund data> Assets as of 07-30-10> Number of shares as of 07-30-1029,556,581 EUR2.16> BG GROUP> TotalSecurities in direct holding2.1%13.8%Basic MaterialsTelecommunications> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,107.05 EURLuxembourg SICAVDailyCountry breakdownHealth CareZone non EuroConsumer GoodsConsumer ServicesStatistical links with the index*> Information ratio-0.47Oil & Gas> Tracking error5.03%Euro ZoneIndustrials> Fund Volatility> Bench Volatility18.59%16.34%Financials> Sharpe Ratio for the fund-0.040.0% 15.0% 30.0% 45.0% 60.0% 75.0%FundBenchmark0.0% 5.5% 11.0% 16.5% 22.0%FundBenchmark> Sharpe Ratio for the benchmark* Annualized figures from 09-23-04 to 07-30-100.10> Page 15/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROLANDPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns140.0FromTo1 Month06-30-1007-30-103 Mon.04-30-1007-30-10YTD12-31-0907-30-101 year07-31-0907-30-103 years07-31-0707-30-105 years07-29-0507-30-10Inception07-16-0107-30-10130.0120.0110.0100.0SGAM Fund EQUI. EUROLANDMSCI EMU (ND)5.69%6.28%-2.64%-1.10%-4.14%-2.65%9.45%10.06%-15.76%-11.92%-4.25%-0.52%-2.72%-0.58%90.080.070.060.050.040.0Top 5 holdings12-2002 12-2004 12-2006 12-2008 12-2010Sector breakdownFund Benchmark 1> VINCI> TOTAL> BNP-PARIBAS> ALLIANZ4.4%4.3%4.3%4.0%Information TechnologyConsumer StaplesFund data> Assets as of 07-30-10> Number of shares as of 07-30-1016,892,036 EUR2.11> TELEFONICA> TotalSecurities in direct holding3.3%20.3%Consumer DiscretionaryUtilities> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation781.73 EURLuxembourg SICAVDailyCountry breakdownTelecommunicationServicesFinlandBelgiumSpainItalyMaterialsHealth CareEnergyStatistical links with the index*> Information ratio> Tracking error-0.573.73%NetherlandsGermanyFranceOthers0.0% 8.0% 16.0% 24.0% 32.0%FundBenchmarkIndustrialsFinancials0.0% 5.5% 11.0% 16.5% 22.0% 27.5%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 07-16-01 to 07-30-1018.30%20.05%-0.290.06> Page 16/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROLAND SMALL CAPPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns220.01 Month3 Mon.YTD1 year3 years5 yearsInception200.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0509-23-04180.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10160.0SGAM Fund EQUI. EUROLAND SMALL CAP5.96%-3.99%4.27%21.04%-11.29%1.93%8.09%140.0HSBC Smaller Euro Block >> FTSE EUROBLOC SMALL CAP INDEX (RI)5.79%-3.19%4.14%22.01%-12.59%0.49%6.14%120.0100.080.060.0Top 5 holdings12-2005 12-2007 12-2009Sector breakdownFund Benchmark 1> REXEL> ARKEMA> BEKAERT PS> PROSEGUR PROV.DIVISION2.5%2.1%2.0%2.0%UtilitiesTelecommunicationServicesFund data> Assets as of 07-30-10> Number of shares as of 07-30-10138,471,680 EUR88.74> OUTOKUMPU TECHNOLOGY> TotalSecurities in direct holding2.0%10.7%EnergyConsumer Staples> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,576.37 EURLuxembourg SICAVDailyCountry breakdownInformation TechnologyBelgiumSpainNetherlandsFinlandHealth CareMaterialsFinancialsStatistical links with the index*> Information ratio> Tracking error0.316.18%ItalyGermanyFranceOthers0.0% 6.5% 13.0% 19.5% 26.0%FundBenchmarkConsumer DiscretionaryIndustrials0.0% 7.5% 15.0% 22.5% 30.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 09-23-04 to 07-30-1020.47%21.41%0.270.17> Page 17/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROLAND VALUEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns180.01 Month3 Mon.YTD1 year3 years5 yearsInception160.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-29-0507-30-1005-26-0507-30-10140.0SGAM Fund EQUI. EUROLAND VALUE6.05%-2.32%-3.84%9.49%-11.61%0.02%1.73%120.0DJ EURO ST TMI VALUE (ND) -> DJ EURO ST LARGE (ND)6.27%-0.71%-3.41%9.28%-11.79%0.98%2.78%100.080.060.0Top 5 holdings12-2006 12-2008Sector breakdownFund Benchmark 1> TOTAL> BNP-PARIBAS> ALLIANZ> VINCI5.0%4.0%4.0%3.9%TechnologyConsumer ServicesFund data> Assets as of 07-30-10> Number of shares as of 07-30-10590,403,295 EUR163,255.79> TELEFONICA> TotalSecurities in direct holding3.2%20.1%UtilitiesConsumer Goods> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,092.88 EURLuxembourg SICAVDailyCountry breakdownTelecommunicationsFinlandBelgiumItalySpainHealth CareBasic MaterialsOil & GasStatistical links with the index*> Information ratio> Tracking error-0.323.27%NetherlandsGermanyFranceOthers0.0% 8.0% 16.0% 24.0% 32.0%FundBenchmarkIndustrialsFinancials0.0% 6.0% 12.0% 18.0% 24.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 05-26-05 to 07-30-1018.79%19.49%-0.040.01> Page 19/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. GLOBAL EMERGINGCOUNTRIESPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns23.33%FromToSGAM Fund EQUI. GLOBAL EMERGING COUNTRIESMSCI Emerging Markets Free (ND)1 Month06-30-1007-30-108.11%8.33%3 Mon.04-30-1007-30-10-4.90%-1.93%YTD12-31-0907-30-10-7.95%1.65%1 year07-31-0907-30-104.40%19.92%3 years07-31-0707-30-10-8.09%-1.57%5 years07-29-0507-30-106.88%13.00%Inception07-14-0307-30-1012.16%18.55%Annualized performances20.00%16.67%13.33%10.00%25.00% 25.33% 25.67% 26.00% 26.33%Annualized standard deviationCumulative returnsFundBenchmarkFund data400.0350.0300.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation122,100,172 USD1.002,276.62 USDLuxembourg SICAVDaily250.0200.0Statistical links with the index*150.0100.050.0> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-1.613.96%25.97%25.18%0.3612-2004 12-2006 12-2008Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 07-14-03 to 07-30-100.62> Page 20/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. MENAPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns100.01 Month3 Mon.YTD1 year3 years5 yearsInception90.0From06-30-1004-29-1012-31-0907-30-0907-31-0707-31-0505-13-0880.0SGAM Fund EQUI. MENATo07-29-103.04%07-29-10-7.03%07-29-102.75%07-29-104.58%07-29-10-07-29-10-07-29-10-24.55%70.060.050.040.030.0Top 5 holdingsSector breakdown06-2008 12-2008 06-2009 12-2009 06-2010Fund> SAMBA FINANCIAL USD> QATAR ELECTRICITY> UNION NATIONAL BANK> QATAR NAVIGATION7.5%7.2%5.2%4.8%Food Beverage &TobaccoHealth Care Equipment &ServicesConsumer ServicesFund data> Assets as of 07-29-10> Number of shares as of 07-29-1048,050,514 USD10,117.37> RIYAD BANK> TotalSecurities in direct holding4.5%29.2%TelecommunicationServicesRetailingEnergy> N.A.V. as of 07-29-10> Legal type> Net Asset Value calculation536.50 USDLuxembourg SICAVDailyCountry breakdownPalestineTransportationPharmaceuticals &BiotechnologyUtilitiesStatistical links with the index*KuwaitCapital Goods> Information ratio-EgyptReal Estate> Tracking error-United Arab EmiratesMaterials> Fund Volatility34.81%QatarDiversified Financials> Bench Volatility-Saudi Arabia0.0% 10.0% 20.0% 30.0% 40.0%FundBenchmarkBanks0.0% 5.5% 11.0% 16.5% 22.0% 27.5%FundBenchmark> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 05-13-08 to 07-29-10-0.72-> Page 21/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. CHINAPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns700.01 Month3 Mon.YTD1 year3 years5 yearsInception600.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-29-0507-30-1006-18-0207-30-10500.0SGAM Fund EQUI. CHINA-> MSCI CHINA (ND)4.19%4.37%-2.34%-0.10%-6.73%-2.03%-0.47%4.42%-6.79%-1.06%16.39%20.30%17.30%20.78%400.0300.0200.0100.00.0Top 10 holdingsSector breakdown12-2003 12-2005 12-2007 12-2009Fund Benchmark 1> CHINA MOBILE (HONG KONG)> CHINA CONSTRUCTION BANK 'H'> IND&COMM BK OF CHINA> CNOOC> BANK OF CHINA7.8%6.9%6.3%5.8%5.6%UtilitiesHealth CareInformation TechnologyFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type168,555,735 USD2,775.633,572.09 USDLuxembourg SICAV> CHINA LIFE INS. CAT.H5.0%Materials> Net Asset Value calculationDaily> POLY INVESTMENT> CHINA TELECOM CORP. 'H'3.5%3.3%Consumer Staples> CHINA PETROLEUM & CHEMICAL 'H'3.1%Industrials> CHINA YURUN FOOD2.6%Consumer DiscretionaryStatistical links with the index*> TotalSecurities in direct holding49.9%TelecommunicationServicesEnergy> Information ratio> Tracking error> Fund Volatility-0.3210.83%30.46%Financials0.0% 9.0% 18.0% 27.0% 36.0% 45.0%FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-18-02 to 07-30-1028.94%0.480.62> Page 22/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. INDIAPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns220.01 Month3 Mon.YTD1 year3 years5 yearsInception200.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-31-0502-28-06180.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10160.0SGAM Fund EQUI. INDIA2.71%-1.13%4.31%21.27%-0.17%-8.77%140.0BSE 100 (USD)1.30%-2.60%3.83%20.77%1.28%-12.53%120.0100.080.060.0Top 5 holdings12-2005 12-2006 12-2007 12-2008 12-2009Sector breakdownFund Benchmark 1> RELIANCE INDUSTRIES LTD> INFOSYS TECHNOLOGIES> ICICI> MAHINDRA & MAHINDR8.5%8.4%4.9%4.7%Health CareConsumer StaplesFund data> Assets as of 07-30-10> Number of shares as of 07-30-10209,705,873 USD11.00> LARSEN & TOUBRO> TotalSecurities in direct holding4.7%31.2%UtilitiesTelecommunicationServices> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,436.91 USDLuxembourg SICAVDailyCountry breakdownMaterialsConsumer DiscretionaryEnergyStatistical links with the index*> Information ratio-0.66IndiaIndustrialsInformation Technology> Tracking error> Fund Volatility> Bench Volatility5.67%35.69%38.73%Financials> Sharpe Ratio for the fund0.160.0% 20.0% 40.0% 60.0% 80.0% 100.0%FundBenchmark0.0% 6.0% 12.0% 18.0% 24.0%FundBenchmark> Sharpe Ratio for the benchmark* Annualized figures from 02-28-06 to 07-30-100.25> Page 23/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. JAPAN COREALPHAPerformance figures (Net of management fees, in JPY, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns100.01 Month3 Mon.YTD1 year3 years5 yearsInception90.0From06-30-1004-30-1012-30-0907-31-0907-31-0707-31-0512-11-07To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-1080.0SGAM Fund EQUI. JAPAN COREALPHA1.10%-13.84%-1.16%-9.45%---11.21%70.0TOPIX (RI)0.97%-13.84%-5.46%-9.05%---19.24%60.050.040.05 larger Overweight12-2007 06-2008 12-2008 06-2009 12-2009 06-2010Sector breakdown Fund Benchmark 1Security NameFund'sexposureBench'sexposureDiff.Other ProductsFund data>>>>SEVEN AND I HOLDINGSNOMURA HOLDINGSKDDI JPY 5000T AND D HOLDINGS7.92%6.19%5.37%4.10%0.74%0.83%0.60%0.30%7.18%5.36%4.76%3.80%Metal ProductsMiningFoodsTransportationEquipment> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type96,484,121,766 JPY479,235.3573,321.82 JPYLuxembourg SICAV>PANASONIC CORP4.50%0.97%3.53%Air Transportation> Net Asset Value calculationDailyInsurancePharmaceutical5 larger UnderweightLand TransportationSecurity Name> CANON> HONDA MOTOR> TOKYO ELECTRIC POWER> MITSUBISHI> NINTENDOFund'sexposure0.00%0.00%0.00%0.00%0.00%Bench'sexposure2.18%2.02%1.30%1.29%1.19%Diff.-2.18%-2.02%-1.30%-1.29%-1.19%SecuritiesRetailElectric AppliancesChemicalsInformation &CommunicationBanksOthers0.0% 7.0% 14.0% 21.0% 28.0%FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 12-11-07 to 07-30-100.899.04%28.38%24.17%-0.41-0.81> Page 24/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. JAPAN TARGETPerformance figures (Net of management fees, in JPY, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns180.01 Month3 Mon.YTD1 year3 years5 yearsInception170.0From06-30-1004-30-1012-30-0907-31-0907-31-0707-29-0501-15-04160.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10150.0SGAM Fund EQUI. JAPAN TARGET-1.44%-12.81%-2.04%-9.85%-11.68%-4.09%2.16%140.0130.0120.0110.0100.090.0Top 10 holdingsSector breakdown12-2004 12-2006 12-2008Fund> DAISHI BANK2.5%MiningFund data> TENMA> CHIYODA> AMADA> SINTOKOGIO2.3%2.3%2.3%2.2%TransportationEquipmentTextiles & ApparelsIron & SteelRetail> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type6,186,488,049 JPY8,566.00115,033.00 JPYLuxembourg SICAV> TOKYO OHKA KOGYO2.2%Pharmaceutical> Net Asset Value calculationDaily> CHOFU SEISAKUSHO> KISSEI PHARMACEUTICAL2.2%2.1%FoodsInformation &Communication> NIPPON DENSETSU KOGYO2.1%Banks> KANTO NATURAL GAS DEVELOPMENT2.0%Metal ProductsWholesale TradeStatistical links with the index*> TotalSecurities in direct holding22.3%ChemicalsMachineryConstructionElectric AppliancesOthers0.0% 3.0% 6.0% 9.0% 12.0%FundBenchmark> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 01-15-04 to 07-30-10--16.12%-0.11-> Page 25/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. JAPAN CONCENTRATEDPerformance figures (Net of management fees, in JPY, with monthly data. B (Instit.))Cumulative returnsFrom1 Month06-30-10Cumulative returns3 Mon. YTD04-30-10 12-30-091 year07-31-09Annualized returns3 years07-31-075 years07-29-05Inception09-24-04160.0140.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10120.0SGAM Fund EQUI. JAPAN CONCENTRATED0.77%-13.27%-4.65%-10.60%-25.07%-9.45%-6.80%100.0TOPIX (RI)0.97%-13.84%-5.46%-9.05%-19.29%-5.31%-2.90%80.060.040.05 larger Overweight12-2005 12-2007 12-2009Sector breakdown Fund Benchmark 1Security NameFund'sexposureBench'sexposureDiff.Metal ProductsFund data>>>SANKYUTSUBAKIMOTO CHAINCHIBA BANK4.61%3.63%3.56%0.04%0.02%0.18%4.57%3.61%3.39%Pulp & PaperOil & Coal ProductsRetail> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10918,633,474 JPY1.0066,232.00 JPY>SUMITOMO TRUST AND BANKING3.72%0.37%3.34%Construction> Legal typeLuxembourg SICAV>MORINAGA MILK INDUSTRY CO3.33%0.03%3.30%Machinery> Net Asset Value calculationDailyChemicalsLand Transportation5 larger UnderweightPharmaceuticalSecurity Name> TOYOTA MOTOR> CANON> HONDA MOTOR> MIZUHO FINANCIAL GROUP> TOKYO ELECTRIC POWERFund'sexposure0.00%0.00%0.00%0.00%0.00%Bench'sexposure3.66%2.18%2.02%1.47%1.30%Diff.-3.66%-2.18%-2.02%-1.47%-1.30%Wholesale TradeFoodsInformation &CommunicationTransportationEquipmentBanksElectric AppliancesOthers0.0% 5.5% 11.0% 16.5% 22.0% 27.5%FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 09-24-04 to 07-30-10-0.794.92%21.55%19.19%-0.33-0.17> Page 26/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. US MULTI STRATEGIESPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns160.0SGAM Fund EQUI. US MULTI STRATEGIESFromTo1 Month06-30-1007-30-107.28%3 Mon.04-30-1007-30-10-7.96%YTD12-31-0907-30-10-1.29%1 year07-31-0907-30-1011.16%3 years07-31-0707-30-10-8.86%5 years07-29-0507-30-10-3.06%Inception05-09-0207-30-101.77%150.0140.0130.0120.0110.0RUSSELL 1000 (RI)6.95%-7.01%0.11%14.51%-6.51%0.02%2.73%100.090.080.070.060.0Top 10 holdingsSector breakdown12-2002 12-2004 12-2006 12-2008Fund Benchmark 1> APPLE COMPUTER> GOOGLE CL.A> QUALCOMM> EXPRESS SCRIPTS CL.A> AMERICAN TOWER CL.A4.1%2.8%2.5%2.0%1.7%UtilitiesTelecommunicationServicesMaterialsFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type27,747,701 USD6.001,155.54 USDLuxembourg SICAV> CISCO SYSTEMS1.6%Consumer Staples> Net Asset Value calculationDaily> VISA CL.A> CH ROBINSON WORLDWIDE1.5%1.5%Consumer Discretionary> CVS1.4%Energy> FLOWSERVE1.4%FinancialsStatistical links with the index*> TotalSecurities in direct holding20.5%Health CareIndustrials> Information ratio> Tracking error> Fund Volatility-0.185.38%18.95%Information Technology0.0% 5.5% 11.0% 16.5% 22.0%FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 05-09-02 to 07-30-1016.11%-0.040.01> Page 27/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. US LARGE CAP GROWTHPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns100.01 Month3 Mon.YTD1 year3 years5 yearsInception90.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-31-0506-25-08To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-1080.0SGAM Fund EQUI. US LARGE CAP GROWTH7.38%-8.05%-4.19%8.22%---13.71%70.0S&P 500 (RI) -> RUSSELL 1000 GROWTH (RI)7.13%-6.49%-1.06%13.65%---5.43%60.050.040.0Top 10 holdingsSector breakdown06-2008 12-2008 06-2009 12-2009 06-2010Fund Benchmark 1> APPLE COMPUTER> EXPRESS SCRIPTS CL.A> GOOGLE CL.A> QUALCOMM> MASTERCARD7.5%6.0%5.0%3.8%3.3%UtilitiesMaterialsTelecommunicationServicesFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type27,267,830 USD1.00734.22 USDLuxembourg SICAV> AMERICAN TOWER CL.A3.2%Consumer Staples> Net Asset Value calculationDaily> AFLAC> MEDCO HEALTH SOLUTIONS3.1%3.0%Consumer Discretionary> PHILIP MORRIS INTL.2.9%Energy> FLOWSERVE2.7%FinancialsStatistical links with the index*> TotalSecurities in direct holding40.5%Health CareIndustrials> Information ratio> Tracking error> Fund Volatility-1.107.50%26.68%Information Technology0.0% 7.0% 14.0% 21.0% 28.0% 35.0%FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-25-08 to 07-30-1023.28%-0.53-0.26> Page 28/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. US CONCENTRATED COREPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returnsSGAM Fund EQUI. US CONCENTRATED CORES&P 500 (RI) -> RUSSELL 1000 GROWTH (RI)FromTo1 Month06-30-1007-30-106.30%7.13%3 Mon.04-30-1007-30-10-7.92%-6.49%YTD12-31-0907-30-10-3.52%-1.06%1 year07-31-0907-30-1011.39%13.65%3 years07-31-0707-30-10-3.83%-4.25%5 years07-29-0507-30-10-1.79%0.80%Inception05-09-0207-30-102.21%2.52%Annualized performances2.60%2.40%2.20%2.00%14.00% 16.00% 18.00% 20.00%Annualized standard deviationCumulative returnsFundBenchmark150.0140.0130.0120.0Fund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation26,085,856 USD1.001,197.24 USDLuxembourg SICAVDaily110.0100.090.080.070.060.0Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-0.047.10%19.12%16.07%-0.0212-2002 12-2004 12-2006 12-2008Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 05-09-02 to 07-30-10-0.00> Page 29/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. US MID CAP GROWTHPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns220.01 Month3 Mon.YTD1 year3 years5 yearsInception200.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0505-09-02180.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10160.0SGAM Fund EQUI. US MID CAP GROWTH8.01%-5.78%6.22%25.55%-1.72%2.65%6.81%140.0S&P MIDCAP 400 (RI) -> RUSSELL MID CAP GROWTH (RI)6.88%-6.78%3.34%20.17%-4.74%1.57%4.85%120.0100.080.060.0Top 10 holdingsSector breakdown12-2002 12-2004 12-2006 12-2008Fund Benchmark 1> SALESFORCE.COM> VMWARE CLASS A> STRAYER EDUCATION> INTUITIVE SURGICAL> GENZYME GENERAL DIVISION3.9%3.3%3.0%2.8%2.8%Consumer StaplesTelecommunicationServicesUtilitiesFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type66,324,985 USD15,271.001,720.13 USDLuxembourg SICAV> CORE LABORATORIES2.7%Materials> Net Asset Value calculationDaily> CF INDUSTRIES HDING> ROCKWELL INTERNATIONAL2.4%2.4%Energy> CH ROBINSON WORLDWIDE2.3%Consumer Discretionary> ACE2.3%FinancialsStatistical links with the index*> TotalSecurities in direct holding28.0%IndustrialsHealth Care> Information ratio> Tracking error> Fund Volatility0.238.59%22.40%Information Technology0.0% 5.5% 11.0% 16.5% 22.0% 27.5%FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 05-09-02 to 07-30-1018.75%0.190.12> Page 30/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. US RELATIVE VALUEPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns1 Month3 Mon.YTD1 year3 years5 yearsInception160.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0507-05-01140.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10SGAM Fund EQUI. US RELATIVE VALUE8.34%-9.01%-1.65%11.21%-12.14%-3.92%1.02%120.0S&P 500 (RI)7.01%-6.69%-0.11%13.84%-6.78%-0.17%0.80%100.0RUSSELL 1000 VALUE (RI)6.77%-7.52%1.30%15.39%-8.96%-0.91%2.23%80.060.0Top 10 holdingsSector breakdown12-2002 12-2004 12-2006 12-2008 12-2010FundBenchmark 1Benchmark 2> THE TRAVELERS COS.> JP MORGAN CHASE AND CO> CHEVRONTEXACO> IBM> KRAFT FOODS CL.A3.6%3.4%3.4%3.3%2.9%UtilitiesTelecommunicationServicesMaterialsFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type686,206,569 USD236,832.241,096.85 USDLuxembourg SICAV> TYCO ELECTRONICS2.9%Consumer Staples> Net Asset Value calculationDaily> HOME DEPOT> HONEYWELL INTERNATIONAL2.7%2.6%Health Care> KIMBERLY CLARK2.6%Industrials> WATSON PHARMACEUTICALS2.6%EnergyStatistical links with the index*> TotalSecurities in direct holding30.0%Consumer DiscretionaryFinancials> Information ratio> Tracking error> Fund Volatility0.045.77%18.59%Information Technology0.0% 4.0% 8.0% 12.0% 16.0% 20.0%FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 07-05-01 to 07-30-1015.99%-0.08-0.11> Page 31/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROLAND CYCLICALSPerformance figures (Net of management fees, in EUR (ex FRF), with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns160.01 Month3 Mon.YTD1 year3 years5 yearsInception140.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-29-0507-30-1006-14-0207-30-10120.0SGAM Fund EQUI. EUROLAND CYCLICALS-> DJ EURO STOXX 50 (ND)Composite Dow Jones STOXX EURO CYCLICALS (ND)2.09%6.60%3.32%-2.53%-0.68%-3.27%1.70%-5.22%-0.46%13.98%7.24%13.87%-9.84%-11.32%-10.67%1.02%-0.67%-0.23%2.15%1.09%1.36%100.080.060.040.0Top 5 holdingsSector breakdown12-2003 12-2005 12-2007 12-2009FundBenchmark 1Benchmark 2> TOTAL> SIEMENS> BASF> ENI8.2%6.0%4.1%3.9%FinancialsHealth CareFund data> Assets as of 07-30-10> Number of shares as of 07-30-1032,914,409 EUR3,401.84> SAP SYSTEME ANWENDUNGEN ORD.> TotalSecurities in direct holding3.7%25.9%TelecommunicationsUtilities> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,154.06 EURLuxembourg SICAVDailyCountry breakdownConsumer ServicesLuxembourgIrelandFinlandNetherlandsTechnologyConsumer GoodsOil & GasStatistical links with the index*> Information ratio> Tracking error0.185.99%ItalyGermanyFranceOthers-15.0% 0.0% 15.0% 30.0% 45.0% 60.0%FundBenchmarkBasic MaterialsIndustrials-7.5% 0.0% 7.5% 15.0% 22.5% 30.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-14-02 to 07-30-1021.28%19.90%-0.02-0.07> Page 32/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROLAND FINANCIALPerformance figures (Net of management fees, in EUR (ex FRF), with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns160.0From1 Month06-30-103 Mon.04-30-10YTD12-31-091 year07-31-093 years07-31-075 years07-29-05Inception06-14-02140.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10120.0SGAM Fund EQUI. EUROLAND FINANCIAL12.97%0.77%-6.95%2.74%-18.65%-6.31%-2.46%100.0-> DJ EURO STOXX LARGE (ND)6.27%-0.71%-3.41%9.28%-15.46%-3.64%-0.72%80.060.040.0Top 5 holdings12-2003 12-2005 12-2007 12-2009Sector breakdownFund Benchmark 1> BNP-PARIBAS> BCO SANTANDER CENTRAL HISPANO> DEUTSCHE BANK NOM.9.3%8.9%7.0%Real Estate Investment &ServicesFund data> Assets as of 07-30-1011,876,153 EUR> BANCO BILBAO VIZCAYA4.4%> Number of shares as of 07-30-1012.00> SOCIETE GENERALE> TotalSecurities in direct holding4.3%34.0%Life Insurance> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation794.23 EURLuxembourg SICAVDailyFinancial ServicesCountry breakdownReal Estate InvestmentTrustsStatistical links with the index*Europe ex Euro Zone> Information ratio-0.19Nonlife Insurance> Tracking error9.33%> Fund Volatility27.78%Euro ZoneBanks> Bench Volatility> Sharpe Ratio for the fund23.23%-0.180.0% 20.0% 40.0% 60.0% 80.0% 100.0%FundBenchmark0.0% 15.0% 30.0% 45.0% 60.0%FundBenchmark> Sharpe Ratio for the benchmark* Annualized figures from 06-14-02 to 07-30-10-0.14> Page 33/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. GOLD MINESPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns350.01 Month3 Mon.YTD1 year3 years5 yearsInception300.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-29-0507-30-1006-14-0207-30-10250.0SGAM Fund EQUI. GOLD MINES-5.20%-5.36%5.03%24.93%8.73%19.66%15.73%200.0MSCI Gold Mines (PI) -> FTSE Gold Mines (PI)-7.24%-4.91%3.05%17.52%9.87%15.46%11.69%150.0100.050.0Top 5 holdingsSector breakdown12-2003 12-2005 12-2007 12-2009Fund Benchmark 1> BARRICK GOLD> GOLDCORP> NEWMONT MINING> SILVER WHEATON8.2%7.8%6.8%4.4%Nonequity InvestmentInstrumentsFund data> Assets as of 07-30-10> Number of shares as of 07-30-10168,438,086 USD2,319.00> KINROSS GOLD4.2%Specialty Finance> N.A.V. as of 07-30-103,337.15 USD> TotalSecurities in direct holding31.4%Nonferrous Metals> Legal type> Net Asset Value calculationLuxembourg SICAVDailyCountry breakdownChinaGeneral MiningStatistical links with the index*PeruUnited KingdomSouth AfricaPlatinum & PreciousMetals> Information ratio> Tracking error0.557.32%AustraliaUnited StatesCanadaOthers0.0% 15.0% 30.0% 45.0% 60.0%FundBenchmarkGold Mining0.0% 20.0% 40.0% 60.0% 80.0% 100.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-14-02 to 07-30-1037.00%37.13%0.350.24> Page 34/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. GLOBAL ENERGYPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns160.0From1 Month06-30-103 Mon.04-30-10YTD12-31-091 year07-31-093 years07-31-075 years07-31-05Inception01-20-06140.0SGAM Fund EQUI. GLOBAL ENERGYMSCI WORLD ENERGY (ND)To07-30-109.77%9.46%07-30-10-10.75%-10.37%07-30-10-12.63%-9.35%07-30-100.50%3.10%07-30-10-10.12%-7.60%07-30-10--07-30-10-2.00%-0.29%120.0100.080.060.0Top 5 holdings12-2005 12-2006 12-2007 12-2008 12-2009Sector breakdownFund Benchmark 1> CHEVRONTEXACO> TOTAL> BG GROUP9.8%6.9%6.7%Fund data> Assets as of 07-30-107,935,078 USD> EXXON MOBIL5.3%Materials> Number of shares as of 07-30-101.00> ROYAL DUTCH SHELL CLASS A5.2%> N.A.V. as of 07-30-101,342.98 USD> TotalSecurities in direct holding33.8%> Legal type> Net Asset Value calculationLuxembourg SICAVDailyCountry breakdownIndustrialsAsia ex JapanStatistical links with the index*Japan> Information ratio-0.26Oceania> Tracking error6.54%Euro ZoneEnergy> Fund Volatility26.73%Europe ex Euro Zone> Bench Volatility23.23%America> Sharpe Ratio for the fund-0.190.0% 15.0% 30.0% 45.0% 60.0%FundBenchmark0.0% 20.0% 40.0% 60.0% 80.0% 100.0%FundBenchmark> Sharpe Ratio for the benchmark* Annualized figures from 01-20-06 to 07-30-10-0.14> Page 35/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. GLOBAL RESOURCESPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns160.01 Month3 Mon.YTD1 year3 years5 yearsInception140.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-31-0507-30-1012-20-0607-30-10120.0SGAM Fund EQUI. GLOBAL RESOURCES3.42%-5.80%-1.70%17.23%-3.56%-2.95%100.01/3 FTSE GM(PI) -1/3 MSCI W. NRG(ND) -1/3 MSCI W. MAT(RI)3.90%-6.64%-3.31%12.06%0.32%-3.71%80.060.040.0Top 5 holdings12-2006 12-2007 12-2008 12-2009Sector breakdownFund Benchmark 1> BARRICK GOLD> NEWMONT MINING> GOLDCORP6.9%6.8%6.7%Fund data> Assets as of 07-30-1041,989,867 USD> RANDGOLD RESOURCES4.2%Energy> Number of shares as of 07-30-101.00> KINROSS GOLD4.0%> N.A.V. as of 07-30-101,110.86 USD> TotalSecurities in direct holding28.6%> Legal type> Net Asset Value calculationLuxembourg SICAVDailyCountry breakdownMaterials (excl. Gold)Asia ex JapanStatistical links with the index*JapanEmerging countriesEuro ZoneOceaniaEurope ex Euro ZoneAmerica0.0% 15.0% 30.0% 45.0% 60.0% 75.0%FundBenchmarkGold & Precious Metals0.0% 10.0% 20.0% 30.0% 40.0% 50.0%FundBenchmark> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 12-20-06 to 07-30-10-0.089.93%34.86%27.48%0.010.05> Page 36/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROPE EXPANSIONPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns100.01 Month3 Mon.YTD1 year3 years5 yearsInception90.0FromTo06-30-1007-30-1004-30-1007-30-1012-31-0907-30-1007-31-0907-30-1007-31-0707-30-1007-31-0507-30-1011-28-0707-30-1080.0SGAM Fund EQUI. EUROPE EXPANSION5.32%0.66%2.52%17.45%---9.88%70.0DJ STOXX 50 (ND)4.99%-1.27%-2.06%11.55%---10.66%60.050.040.0Top 5 holdings12-2007 06-2008 12-2008 06-2009 12-2009 06-2010Sector breakdownFund Benchmark 1> HSBC HOLDINGS> NESTLE 'R'> NOVARTIS NOM.> GLAXOSMITHKLINE6.0%4.7%4.5%3.8%UtilitiesTechnologyFund data> Assets as of 07-30-10> Number of shares as of 07-30-10106,730,561 EUR1.00> BCO SANTANDER CENTRAL HISPANO> TotalSecurities in direct holding3.7%22.6%Consumer ServicesIndustrials> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation757.31 EURLuxembourg SICAVDailyCountry breakdownTelecommunicationsItalyNetherlandsFranceSpainHealth CareBasic MaterialsOil & GasStatistical links with the index*> Information ratio> Tracking error0.233.39%GermanySwitzerlandUnited KingdomOthers0.0% 8.5% 17.0% 25.5% 34.0% 42.5%FundBenchmarkConsumer GoodsFinancials0.0% 6.0% 12.0% 18.0% 24.0% 30.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 11-28-07 to 07-30-1021.75%21.00%-0.52-0.58> Page 37/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund EQUI. EUROPE ENVIRONMENTPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns140.01 Month3 Mon.YTD1 year3 years5 yearsInception130.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-31-0506-26-06120.0SGAM Fund EQUI. EUROPE ENVIRONMENTTo07-30-102.61%07-30-10-1.51%07-30-10-0.66%07-30-108.68%07-30-10-9.06%07-30-10-07-30-100.49%110.0100.090.0DJ STOXX 50 (ND)4.99%-1.27%-2.06%11.55%-10.13%--3.55%80.070.060.050.0Top 5 holdings12-2006 12-2007 12-2008 12-2009Sector breakdownFund Benchmark 1> ROYAL DUTCH SHELL CLASS A> NESTLE 'R'> VEOLIA ENVIRONNEMENT> ROCHE HOLDING BJ5.0%3.9%3.9%3.8%FinancialsTechnologyFund data> Assets as of 07-30-10> Number of shares as of 07-30-1043,632,650 EUR1.00> GLAXOSMITHKLINE> TotalSecurities in direct holding3.6%20.1%Consumer ServicesTelecommunications> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,020.32 EURLuxembourg SICAVDailyCountry breakdownBasic MaterialsNetherlandsDenmarkItalySwitzerlandConsumer GoodsOil & GasHealth CareStatistical links with the index*> Information ratio> Tracking error0.567.26%GermanyUnited KingdomFranceOthers0.0% 8.0% 16.0% 24.0% 32.0%FundBenchmarkUtilitiesIndustrials-6.5% 0.0% 6.5% 13.0% 19.5% 26.0%FundBenchmark> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-26-06 to 07-30-1018.72%17.83%-0.11-0.33> Page 38/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund> Index Linked> Page 39/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund INDEX JAPANPerformance figures (Net of management fees, in JPY, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns-18.50%SGAM Fund INDEX JAPANNIKKEI 225 - Stock Average (PI)FromTo1 Month06-30-1007-30-101.61%1.65%3 Mon.04-30-1007-30-10-13.61%-13.75%YTD12-30-0907-30-10-9.41%-9.57%1 year07-31-0907-30-10-7.50%-7.91%3 years07-31-0707-30-10-18.48%-17.92%5 years07-31-0507-30-10--Inception07-18-0707-30-10-19.44%-18.90%Annualized performances-18.75%-19.00%-19.25%-19.50%-19.75%25.33% 25.67% 26.00% 26.33% 26.67% 27.00%Annualized standard deviationCumulative returnsFundBenchmark100.0Fund data90.080.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation1,810,925,334 JPY17,858.7751,420.45 JPYLuxembourg SICAVDaily70.060.0Statistical links with the index*50.040.030.0> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-0.331.62%26.39%25.64%-0.7412-2007 12-2008 12-2009Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 07-18-07 to 07-30-10-0.74> Page 40/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund INDEX USPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns3.00%SGAM Fund INDEX USS&P 500 (RI)FromTo1 Month06-30-1007-30-106.80%7.01%3 Mon.04-30-1007-30-10-7.13%-6.69%YTD12-31-0907-30-10-0.99%-0.11%1 year07-31-0907-30-1012.11%13.84%3 years07-31-0707-30-10-8.42%-6.78%5 years07-29-0507-30-10-1.48%-0.17%Inception08-18-0407-30-100.91%2.17%Annualized performances2.00%1.00%0.00%15.80% 15.90% 16.00% 16.10%Annualized standard deviationCumulative returnsFundBenchmark150.0Fund data140.0130.0120.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation35,858,414 USD25,876.111,055.43 USDLuxembourg SICAVDaily110.0100.090.080.070.060.0Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-3.620.35%16.01%15.90%-0.1312-2005 12-2007 12-2009Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 08-18-04 to 07-30-10-0.05> Page 41/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund> Bonds> Page 42/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS WORLDPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsFromTo1 Month06-30-1007-30-10Cumulative returns3 Mon.YTD04-30-1012-31-0907-30-1007-30-101 year07-31-0907-30-10Annualized returns3 years07-31-0707-30-105 years07-29-0507-30-10Inception06-14-0207-30-10190.0180.0170.0160.0150.0SGAM Fund BONDS WORLD2.90%4.07%2.46%4.99%7.80%5.65%7.16%140.0CITIGROUP WGBI World3.64%4.32%2.56%4.92%8.06%6.10%7.64%130.0120.0110.0100.090.0RatingsModified Duration History12-2003 12-2005 12-2007 12-2009Fund Benchmark 1> AAA> AA> A+> BBB+> Others46.76%14.25%1.79%1.04%36.16%7.006.005.004.003.002.001.000.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type67,889,046 USD9,020.341,762.43 USDLuxembourg SICAV> Net Asset Value calculationDailyCurrency exposure after hedgingContribution to modified duration by area> USDFund30.0%Benchmark28.2%Emerging countriesStatistical links with the index*> EUR29.4%30.4%Europe ex Euro Zone> JPY> GBP25.4%4.1%30.6%5.4%Japan> Information ratio> Tracking error-0.281.74%> Others11.1%5.5%Euro Zone> Fund Volatility7.86%> Total100.0%100.0%Dollar zone0.0 0.4 0.7 1.0 1.4 1.8 2.1FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 06-14-02 to 07-30-107.58%0.570.66> Page 43/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund ABSOLUTE RETURN MULTI ALPHAPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns2.20%SGAM Fund ABSOLUTE RETURN MULTI ALPHAEONIAFromTo1 Month06-30-1007-30-100.22%0.04%3 Mon.04-30-1007-30-10-0.54%0.10%YTD12-31-0907-30-10-0.64%0.21%1 year07-31-0907-30-10-0.61%0.36%3 years07-31-0707-30-10--5 years07-31-0507-30-10--Inception12-13-0707-30-102.10%1.94%Annualized performances2.10%2.00%1.90%0.00% 0.33% 0.67% 1.00% 1.33% 1.67%Annualized standard deviationCumulative returnsFundBenchmarkFund data106.0105.0104.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation58,529,010 EUR1,906.611,056.10 EURLuxembourg SICAVDaily103.0102.0Statistical links with the index*101.0100.099.0> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund0.151.01%1.20%0.49%0.1512-2007 06-2008 12-2008 06-2009 12-2009 06-2010Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 12-13-07 to 07-30-10-> Page 44/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EUROPEPerformance figures (Net of management fees, in EUR (ex XEU), with monthly data. B (Instit.))Cumulative returns1 MonthCumulative returns3 Mon.YTD1 year3 yearsAnnualized returns5 years Inception150.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0507-16-01140.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10130.0SGAM Fund BONDS EUROPE0.28%2.26%4.21%4.57%5.04%2.95%4.31%120.0CITIGROUP WGBI Europe0.52%2.48%4.72%5.60%5.64%3.53%5.00%110.0100.090.0RatingsModified Duration History12-2002 12-2004 12-2006 12-2008 12-2010Fund Benchmark 1> AAA> AA> AA-> A+> Others50.21%6.86%1.02%17.67%24.24%8.007.006.005.004.003.002.001.000.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type37,336,423 EUR1,999.821,465.27 EURLuxembourg SICAV> Net Asset Value calculationDailyCurrency exposure after hedgingContribution to modified duration by area> EUR> GBP> PLNFund80.4%15.3%2.3%Benchmark80.0%14.2%1.6%United StatesPolandSwedenSwitzerlandCzech RepublicStatistical links with the index*> Information ratio-0.45> SEK> Others> Total1.1%0.9%100.0%1.2%3.1%100.0%DenmarkHungaryNorwayUnited KingdomEuro0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0FundBenchmark> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 07-16-01 to 07-30-101.54%3.43%3.36%0.490.64> Page 45/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EUROPE HIGH YIELDPerformance figures (Net of management fees, in EUR (ex FRF), with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns6.50%SGAM Fund BONDS EUROPE HIGH YIELDCITIGROUP EGBI -> ML GLOB H.Y. Europ. Iss.- HED. EURFromTo1 Month06-30-1007-30-104.35%4.38%3 Mon.04-30-1007-30-10-0.56%-0.17%YTD12-31-0907-30-107.27%10.03%1 year07-31-0907-30-1019.54%28.50%3 years07-31-0707-30-101.64%11.56%5 years07-29-0507-30-102.86%8.92%Inception07-11-0007-30-104.92%5.88%Annualized performances6.00%5.50%5.00%4.50%10.00% 12.00% 14.00% 16.00%Annualized standard deviationCumulative returnsFundBenchmark180.0Fund data160.0140.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation119,350,359 EUR1,329,877.8623.61 EURLuxembourg SICAVDaily120.0100.080.060.0Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-0.166.13%11.42%14.53%0.182002 2005 2008Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 07-11-00 to 07-30-100.21> Page 46/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS CONVERGING EUROPEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsFrom1 Month06-30-10Cumulative returns3 Mon. YTD04-30-10 12-31-091 year07-31-09Annualized returns3 years07-31-075 years07-29-05Inception05-09-02200.0180.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10160.0SGAM Fund BONDS CONVERGING EUROPE2.93%-0.58%7.73%10.30%4.69%4.98%6.25%140.0-> ML GOVERNMENT EASTERN EUROPE CONVERGING3.14%-0.14%9.03%12.84%7.78%8.06%9.27%120.0100.080.0RatingsModified Duration History12-2002 12-2004 12-2006 12-2008Fund Benchmark 1> A+> A> BBB> BBB-> Others24.09%37.10%1.12%7.51%30.18%4.904.203.502.802.101.400.700.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type97,182,486 EUR16,224.901,646.70 EURLuxembourg SICAV> Net Asset Value calculationDailyCurrency exposure after hedgingContribution to modified duration by area> PLNFund43.7%Benchmark43.1%United StatesStatistical links with the index*> TRY> CZK18.8%16.4%20.2%16.8%Turkey> Information ratio-0.90> EUR> Others12.9%8.2%0.0%19.8%Euro Zone> Tracking error> Fund Volatility3.35%7.18%> Total100.0%100.0%Europe ex Euro Zone0.0 0.6 1.1 1.7 2.2 2.8 3.3 3.8FundBenchmark> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 05-09-02 to 07-30-109.15%0.520.74> Page 47/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EUROPerformance figures (Net of management fees, in EUR (ex FRF), with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns5.67%SGAM Fund BONDS EUROCITIGROUP WGBI France -> CITIGROUP EGBIFromTo1 Month06-30-1007-30-100.89%0.93%3 Mon.04-30-1007-30-101.97%1.62%YTD12-31-0907-30-103.48%3.18%1 year07-31-0907-30-104.49%4.31%3 years07-31-0707-30-105.57%6.31%5 years07-29-0507-30-103.06%3.77%Inception06-14-0207-30-104.54%5.24%Annualized performances5.33%5.00%4.67%4.33%4.00%3.35% 3.40% 3.45% 3.50% 3.55%Annualized standard deviationCumulative returnsFundBenchmark150.0140.0130.0Fund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation72,912,622 EUR1,632.001,441.41 EURLuxembourg SICAVDaily120.0110.0100.090.0Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-1.100.63%3.42%3.48%0.5912-2003 12-2005 12-2007 12-2009Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 06-14-02 to 07-30-100.78> Page 48/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EURO AGGREGATEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns123.31 Month3 Mon.YTD1 year3 years5 yearsInception120.0SGAM Fund BONDS EURO AGGREGATEFromTo06-30-1007-30-101.32%04-30-1007-30-100.87%12-31-0907-30-102.82%07-31-0907-30-105.40%07-31-0707-30-105.71%07-29-0507-30-103.34%12-13-0407-30-103.63%116.7113.3110.0BARCLAYS CAPITAL EURO-AGGREGATE BOND INDEX0.78%1.28%3.65%5.77%6.17%3.72%4.00%106.7103.3100.096.7RatingsFund's modified duration12-2005 12-2007 12-2009Fund Benchmark 1> AAA> AA+29.18%4.24%>>Portfolio's Global modified durationBenchmark's Global modified duration5.165.38Fund data> AA> AA-> Others6.51%2.19%57.89%> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-1038,917,133 EUR3,218.001,222.09 EUR> Legal typeLuxembourg SICAV> Net Asset Value calculationDailyYield Curve PositioningModified Duration HistoryEuro Yield Curve5.955.10Statistical links with the index*Weight by duration level30.00%24.00%18.00%12.00%6.00%0.00%3.00%2.50%2.00%1.50%1.00%0.50%< 0.25 0.25 - 1 1 - 3 3 - 5 5 - 7 7 - 10 +10DurationExposure as of 07-30-10Exposure as of 06-30-10Yield Curve - 07-30-10Yield Curve - 06-30-10Yield4.253.402.551.700.850.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmark> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 12-13-04 to 07-30-10-0.301.24%3.36%3.00%0.320.48> Page 49/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EURO CORPORATEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsFrom1 Month06-30-10Cumulative returns3 Mon. YTD04-30-10 12-31-091 year07-31-09Annualized returns3 years07-31-075 years07-29-05Inception10-16-03130.0125.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10120.0SGAM Fund BONDS EURO CORPORATE1.92%0.94%2.83%5.41%2.85%1.69%2.97%115.0BARCLAYS CAPITAL EURO CORPORATE BOND INDEX1.22%0.90%4.80%9.46%5.33%3.28%4.28%110.0105.0100.095.0RatingsFund's modified duration12-2004 12-2006 12-2008Fund Benchmark 1> AA+> AA0.64%2.29%>>Portfolio's Global modified durationBenchmark's Global modified duration3.504.16Fund data> AA-> A+> Others3.63%13.11%80.33%> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10338,732,094 EUR15.201,219.82 EUR> Legal typeLuxembourg SICAV> Net Asset Value calculationDailyYield Curve PositioningModified Duration HistoryWeight by duration level45.00%37.50%30.00%22.50%15.00%7.50%0.00%Euro Yield Curve3.50%3.00%2.50%2.00%1.50%1.00%0.50%< 0.25 0.25 - 1 1 - 3 3 - 5 5 - 7 7 - 10 +10DurationExposure as of 07-30-10Exposure as of 06-30-10Yield Curve - 07-30-10Yield Curve - 06-30-10Yield4.553.903.252.601.951.300.650.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 10-16-03 to 07-30-10-0.741.76%3.97%3.70%0.130.47> Page 50/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund ABSOLUTE RETURN INTEREST RATEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns109.0SGAM Fund ABSOLUTE RETURN INTEREST RATEFromTo1 Month06-30-1007-30-100.23%3 Mon.04-30-1007-30-10-0.81%YTD12-31-0907-30-10-2.05%1 year07-31-0907-30-10-1.66%3 years07-31-0707-30-101.08%5 years07-31-0507-30-10-Inception01-12-0707-30-101.50%108.0107.0106.0105.0104.0EONIA0.04%0.10%0.21%0.36%2.21%-2.47%103.0102.0101.0100.099.0RatingsModified Duration History12-2006 12-2007 12-2008 12-2009Fund Benchmark 1> AAA> AA+> AA> A+> Others53.13%2.22%2.11%21.40%21.14%-0.00-0.09-0.18-0.27-0.36-0.45-0.54-0.63-0.7204-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkFund data> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type27,572,694 EUR6,791.001,093.34 EURLuxembourg SICAV> Net Asset Value calculationDailyCurrency exposure after hedgingContribution to modified duration by area> EUR> USD> CHF> SEK> Others> TotalFund99.1%0.8%0.1%0.0%0.0%100.0%Benchmark100.0%0.0%0.0%0.0%0.0%100.0%United StatesJapanSwedenSingaporeAustraliaCanadaSwitzerlandCzech RepublicUnited KingdomHungaryNorwayNew ZealandPolandEuro-0.6 -0.5 -0.4 -0.3 -0.2 -0.1 -0.0 0.1 0.2FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 01-12-07 to 07-30-10-0.641.51%1.56%0.49%-0.64-> Page 51/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EURO INFLATION LINKEDPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns122.51 Month3 Mon.YTD1 year3 years5 yearsInception120.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-29-0509-27-04117.5SGAM Fund BONDS EURO INFLATION LINKEDTo07-30-100.90%07-30-10-1.38%07-30-10-1.00%07-30-100.62%07-30-103.82%07-30-101.65%07-30-102.38%115.0112.5110.0Barcap Euro Govt Inflation Lkd 1-10 years -> Govt All Maturities1.04%0.54%2.60%5.25%5.78%2.90%3.64%107.5105.0102.5100.097.5RatingsFund's modified duration12-2005 12-2007 12-2009Fund Benchmark 1> AAA> A+68.21%29.17%>>Portfolio's Global modified durationBenchmark's Global modified duration8.278.00Fund data> Others2.62%> Assets as of 07-30-1096,855,019 EUR> Number of shares as of 07-30-101,025.44> N.A.V. as of 07-30-101,147.51 EUR> Legal typeLuxembourg SICAV> Net Asset Value calculationDailyYield Curve PositioningModified Duration HistoryWeight by duration level30.00%24.00%18.00%12.00%6.00%0.00%Euro Yield Curve3.00%2.50%2.00%1.50%1.00%0.50%< 0.25 0.25 - 1 1 - 3 3 - 5 5 - 7 7 - 10 +10DurationExposure as of 07-30-10Exposure as of 06-30-10Yield Curve - 07-30-10Yield Curve - 06-30-10Yield9.007.506.004.503.001.500.0004-30-10 05-31-10 06-30-10 07-30-10FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 09-27-04 to 07-30-10-1.241.01%4.76%4.70%-0.020.24> Page 52/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS EUROPE CONVERTIBLEPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns6.67%SGAM Fund BONDS EUROPE CONVERTIBLEUBS Convertible European FocusFromTo1 Month06-30-1007-30-102.73%3.17%3 Mon.04-30-1007-30-10-0.32%0.06%YTD12-31-0907-30-104.83%3.69%1 year07-31-0907-30-1013.02%12.30%3 years07-31-0707-30-10--5 years07-31-0507-30-10--Inception12-13-0707-30-103.10%-3.27%Annualized performances3.33%0.00%-3.33%-6.67%6.67% 10.00% 13.33% 16.67% 20.00%Annualized standard deviationCumulative returnsFundBenchmark110.0Fund data105.0100.095.090.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation12,488,863 EUR1.001,084.87 EURLuxembourg SICAVDaily85.080.0Statistical links with the index*75.070.065.060.0> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund0.748.62%10.42%16.63%0.1112-2007 06-2008 12-2008 06-2009 12-2009 06-2010Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 12-13-07 to 07-30-10-0.30> Page 53/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund ABSOLUTE RETURN FOREXPerformance figures (Net of management fees, in EUR, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returns4.00%SGAM Fund ABSOLUTE RETURN FOREXEONIAFromTo1 Month06-30-1007-30-100.58%0.04%3 Mon.04-30-1007-30-10-0.19%0.10%YTD12-31-0907-30-100.57%0.21%1 year07-31-0907-30-100.92%0.36%3 years07-31-0707-30-10--5 years07-31-0507-30-10--Inception12-03-0707-30-103.12%1.96%Annualized performances3.00%2.00%1.00%0.00% 1.00% 2.00%Annualized standard deviationCumulative returnsFundBenchmark109.0Fund data108.0107.0106.0105.0> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation301,122,636 EUR103,526.921,084.97 EURLuxembourg SICAVDaily104.0103.0Statistical links with the index*102.0101.0100.099.0> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund0.751.54%1.63%0.49%0.7512-2007 06-2008 12-2008 06-2009 12-2009 06-2010Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 12-03-07 to 07-30-10-> Page 54/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund BONDS US OPPORTUNISTIC COREPLUSPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Cumulative returnsCumulative returnsAnnualized returns135.01 Month3 Mon.YTD1 year3 years5 yearsInception130.0From06-30-1004-30-1012-31-0907-31-0907-31-0707-31-0501-12-07125.0To07-30-1007-30-1007-30-1007-30-1007-30-1007-30-1007-30-10120.0SGAM Fund BONDS US OPPORTUNISTIC CORE PLUS1.62%3.20%6.77%11.98%9.87%-8.90%115.0BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX (TR)1.07%3.52%6.46%8.91%7.63%-6.97%110.0105.0100.095.0RatingsFund's modified duration12-2006 12-2007 12-2008 12-2009Fund Benchmark 1> AAA> AA+36.70%1.07%>>Portfolio's Global modified durationBenchmark's Global modified duration3.724.13Fund data> AA> AA-> Others0.65%3.52%58.06%> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-1055,804,050 USD62.471,672.10 USD> Legal typeLuxembourg SICAV> Net Asset Value calculationDailyYield Curve PositioningModified Duration HistoryWeight by duration level27.00%18.00%9.00%0.00%-9.00%-18.00%-27.00%U.S. Yield Curve6.00%5.00%4.00%3.00%2.00%1.00%0.00%< 0.25 0.25 - 1 1 - 3 3 - 5 5 - 7 7 - 10 +10DurationExposure as of 07-30-10Exposure as of 06-30-10Yield Curve - 07-30-10Yield Curve - 06-30-10Yield4.503.753.002.251.500.750.0004-30-10 05-28-10 06-30-10 07-30-10FundBenchmarkStatistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund> Sharpe Ratio for the benchmark* Annualized figures from 01-12-07 to 07-30-100.603.20%4.51%3.92%1.371.12> Page 55/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund> Money Market> Page 56/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund MONEY MARKET EUROPerformance figures (Net of management fees, in EUR (ex XEU), with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returnsSGAM Fund MONEY MARKET EUROEURIBOR 3 MFromTo1 Month06-30-1007-30-100.05%0.07%3 Mon.04-30-1007-30-100.12%0.19%YTD12-31-0907-30-100.28%0.40%1 year07-31-0907-30-100.51%0.73%3 years07-31-0707-30-102.56%2.79%5 years07-29-0507-30-102.69%2.97%Inception06-24-0207-30-102.50%2.76%Annualized performances2.80%2.60%2.40%0.36% 0.36% 0.37% 0.37% 0.37% 0.38%Annualized standard deviationCumulative returnsFundBenchmarkFund data123.3120.0116.7113.3> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation3,055,715,433 EUR448,973.571,222.78 EURLuxembourg SICAVDaily110.0106.7103.3100.096.7Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-2.770.09%0.37%0.37%0.1012-2003 12-2005 12-2007 12-2009Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 06-24-02 to 07-30-10-> Page 57/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10

SGAM Fund MONEY MARKET USDPerformance figures (Net of management fees, in USD, with monthly data. B (Instit.))Return / Risk analysisCumulative returnsAnnualized returnsSGAM Fund MONEY MARKET USDLIBOR 3 M USDFromTo1 Month06-30-1007-30-100.06%0.04%3 Mon.04-30-1007-30-100.14%0.13%YTD12-31-0907-30-100.22%0.22%1 year07-31-0907-30-100.32%0.35%3 years07-31-0707-30-102.03%2.05%5 years07-29-0507-30-103.11%3.29%Inception06-17-0207-30-102.46%2.72%Annualized performances2.80%2.60%2.40%2.20%0.49% 0.50% 0.51% 0.52% 0.53% 0.54%Annualized standard deviationCumulative returnsFundBenchmarkFund data123.3120.0116.7113.3> Assets as of 07-30-10> Number of shares as of 07-30-10> N.A.V. as of 07-30-10> Legal type> Net Asset Value calculation328,109,994 USD2,489.921,218.68 USDLuxembourg SICAVDaily110.0106.7103.3100.096.7Statistical links with the index*> Information ratio> Tracking error> Fund Volatility> Bench Volatility> Sharpe Ratio for the fund-2.700.10%0.51%0.53%-1.0812-2003 12-2005 12-2007 12-2009Fund Benchmark 1> Sharpe Ratio for the benchmark* Annualized figures from 06-17-02 to 07-30-10-> Page 58/58 Past performance is not a guarantee of future performance.> Report as of 07-30-10