CERTIFICATE DRAFTED BY THE STATUTORY AUDITORS …

CERTIFICATE DRAFTED BY THE STATUTORY AUDITORS Composition of assets as at 29 June 2012

AMUNDI ARBITRAGE VAR 2

MUTUAL FUND

Governed by the French Monetary and Financial Code

Management Company

AMUNDI. 2-4, place Dautry

75015PARIS

In our capacity as statutory auditors of the AMUNDI ARBITRAGE VAR 2 mutual fund, and in application of the

provisions of Article L. 214-17 of the French Monetary and Financial Code and of Article 411-125 of the AMF's

general regulations, we have verified the accuracy of the composition of assets as attached to this certification.

The management company was responsible for determining the composition of assets. Our work, based on our tests, is

to certify its accuracy.

We implemented the procedures we considered necessary in accordance with the professional policies of the French

Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this work. These

procedures consist of assessing the accuracy of this information in respect of its consistency, plausibility and

relevance.

Tests of this type are limited in their objectives and essentially consist of analytical procedures and meetings with

people responsible for the information disclosed.

We have no qualification to make on the accuracy of the information given in the accompanying document.

Paris, date of electronic signature

Document authenticated by electronic signature Statutory Auditors

PwC Sellam

Philippe Chevalier

PwC Sellam, SARL, 49 - 53, avenue des Champs-Elysées 75008 Paris. T: +33 (o) 1 45 62 00 82, F: +33 (o) 1 42 89 45 28, [email protected]

Statutory auditing firm, member of the Regional Institute of Paris. Limited liability company (SARL) with capital of €10,000. Registered office: 49 - 53, avenue des Champs-Elysées 75008 Paris, France. Paris Trade and Company Register: 453 541 450 - VAT no. FR 27 453 541 450 - Siret trade registration no.: 453 541 450 00012 - APE industry classification code: 6920 Z.

mailto:[email protected]

CACEIS Batch Report of 03/07/12 02:22:02

Inventory based on historical valuation (HIS1NV)

PAGE 1 / 13

Stock: Main stock admitted on 29/06/12 PORTFOLIO: 050645 AMUNDI ARBITRAGE VAR2

VALIDATED NAV Fixing currency: FXR REUTERS rate Portfolio currency: EUR

(Simplified version, NPC thread - AMF SORTING/INSTRUMENT TYPE/ALPHABETICAL ORDER, Sorting

SECURITY FILE STATUSES QUANTITY AND LISTING UNIT COST IN CURRENCY DATE PRICE I <-------------------- Portfolio currency ------------------> PRCT

ï SEC/LINE QUANTITY EXPR. CURRENCY AND PRICE EXPR. LISTING SECURITY F TOTAL COST PRICE STOCK MARKET

VALUE

ACCR. COUPON TOTAL CAP. GAIN/LOSS NET ASS.

VAL.

I - Bonds and Related securities

Bonds and related securities traded on a regulated market

Fixed-rate bonds traded on a regulated market.

Security currency EUR EURO

XS0496065672 ABBEY NAT 2.5% 13 (366) 180313 2,000,000. M EUR 100.391 % 29/06/12 101.06 4 2,007,820.00 2,035,309.59 14,109.59 13,380.00 0.79

DE0001143154 ALLEMAGNE 0%040712 (366) 040712 1,278,229.7 M EUR 43.5259 % 29/06/12 100. 4 556,360.93 1,278,229.70 0.00 721,868.77 0.50

XS0159590610 BNP PARB 5.25% 12/12 (366) 171212 5,000,000. M EUR 104.65 % 29/06/12 101.41 4 5,232,500.00 5,210,356.56 139,856.56 -162,000.00 2.03

XS0130171159 CR.SUISSE 6 3/8%13 (366) 070613 1,000,000. M EUR 106.6 % 29/06/12 103.997 4 1,066,000.00 1,043,812.47 3,842.47 -26,030.00 0.41

DE0003933263 DEU.BANK 5 1/8%13 (366) 310113 1,800,000. M EUR 104. % 29/06/12 101.753 4 1,872,000.00 1,869,361.38 37,807.38 -40,446.00 0.73

FR0011049782 DEXIA M.A. 3.75%2016 (366) 180516 2,900,000. M EUR 102.84 % 29/06/12 103.252 4 2,982,360.00 3,006,821.70 12,513.70 11,948.00 1.17

XS0750684929 GE CAPITAL 2% 02/15 (366) 270215 1,700,000. M EUR 99.879 % 29/06/12 100.715 4 1,697,943.00 1,723,581.23 11,426.23 14,212.00 0.67

IT0004365554 ITALIE 4.25 15/04/13 (UST) 150413 21,000,000. M EUR 101.449 % 29/06/12 100.92 4 21,304,290.00 21,376,089.34 182,889.34 -111,090.00 8.33

IT0003357982 ITALY 4.75% 02/13 (UST) 010213 19,800,000. M EUR 101.974 % 29/06/12 101.037 4 20,190,852.00 20,390,310.89 384,984.89 -185,526.00 7.94

Sub-total Security currency EUR EURO

TOTAL (EUR) 56,910,125.93 57,933,872.86 787,430.16 236,316.77 22.56

Security currency GBP POUND STERLING

GB00B3KJDS62 ANGLETERRE 4.25 2039 (UST) 070939 4,000,000. M GBP 96.477 % 29/06/12 123.318 4 4,522,008.34 6,161,640.14 65,088.42 1,574,543.38 2.40

Security currency USD US DOLLAR

US459056JW87 BIRD 9,25%17 (USA) 150717 2,500,000. M USD 140. % 29/06/12 139.182 4 2,638,150.48 2,824,866.81 83,012.66 103,703.67 1.10

XS0043037505 BQ.AFRIC.7 3/8%23 (EUR) 060423 2,700,000. M USD 123.16 % 29/06/12 141.134 4 3,092,457.92 3,038,908.93 36,176.18 -89,725.17 1.18

XS0749451398 CADES 1.75% 02/15 (USA) 240215 6,850,000. M USD 99.887 % 29/06/12 100.634 4 5,246,326.87 5,464,758.88 32,798.75 185,633.26 2.13

-USH9200TAA54 CS GRP FIN 1.625% 15 (USA) 060315 2,300,000. M USD 99.674 % 29/06/12 100.215 4 1,719,548.45 1,825.520.35 9,244.40 96,727.50 0.71

US465410BF43 ITALIE 4.375% 06/13 (USA) 150613 2,500,000. M USD 106.7 % 29/06/12 100.711 4 1,899,793.46 1,987,335.78 3,351.70 84,190.62 0.77

US46625HGT14 JP MORG.5.375% 10/12 (USA) 011012 6,000,000. M USD 99.913 % 29/06/12 101.117 N 4,253,879.72 4,842,877.22 62.119.96 526,877.54 1.89

Sub-total Security currency USD US DOLLAR

TOTAL (EUR) 18,850,156.90 19,984,267.97 226,703.65 907,407.42 7.78

Floating, adjustable-rate bonds, traded on a regulated market


XS0579627984 LL0YDS T E3R 01/13 (999) 180113 2,250,000. M EUR 99.902 % 29/06/12 100.568 4 2,247,795.00 2,272,905.00 10,125.00 14,985.00 0.89


XS0744752568 C0VENTRY L3R 02/15 (999) 100215 3,400,000. M GBP 99.857 % 29/06/12 101.062 4 4,088,065.02 4,262,053.02 15,225.68 158,762.32 1.66

Mortgages traded on regulated markets


ES0370459002 BBVA 5 F Eurib3 39 (999) 150339 300. P EUR 99.299 % 29/06/12 93.04367 4 1,625,165.17 1,523,285.70 497.72 -102,377.19 0.59

XS0230464314 REC RETAIL P.TV05-14 (999) 201014 360. P EUR 100. % 29/06/12 98. E 4,500,000.00 4,418,671.25 8,671.25 -90,000.00 1.72

XS0217032738 SAECURE 5 E3M 42 (999) 260542 190. P EUR 100. % 29/06/12 99.805 E 5,503,728.91 5,497,171.39 4,173.66 -10,731.18 2.14

Sub-total for security currency EUR EURO

TOTAL (EUR) 11,628,894.08 11,439,128.34 13,342.63 -203,108.37 4.46


XS0484703789 PERM. MASTER L3R 42 (999) 150742 5,000. P USD 100. % 29/06/12 99.955 E 3,597,251.70 3,951,275.10 13,092.92 340,930.48 1.54



PAGE 2 / 13






VALUE


VAL.

Bonds and related securities traded on a regulated market

TOTAL (EUR) 101,844,296.97 106,005,142.43 1,131,008.46 3,029,837.00 41.29

II - Debt securities

Debt securities traded on a regulated market or related market

Certificates of deposit


MATURITY: Less than 3 months

ITCN3516870 SG TV 01/08/12 NOL (999) 010812 14,000,000. EUR 1.14 26/04/12 0.818 L 14,000,000.00 14,100,532.85 90,353.29 10,179.56 5.49

ITCN3536368 BPCE 140812 NOL (999) 140812 18,000,000. EUR 0.93 09/05/12 0.618 L 18,000,000.00 18,101,328.13 87,423.13 13,905.00 7.05

ITCN3536539 CASA TV 14/08/12 NOL (999) 140812 5,000,000. EUR 0.87 09/05/12 0.558 L 5,000,000.00 5,026,630.04 23,142.53 3,487.51 1.96

Sub-total MATURITY: Less than 3 months

TOTAL (EUR) 37,000,000.00 37,228,491.02 200,918.95 27,572.07 14.50

Foreign debt securities excl. ECP


MATURITY: Less than 3 months

ITCN3524555 BARCLAYS BK 020812 NOL (999) 020812 13,000,000. EUR 1. 27/04/12 0.678 L 13,000,000.00 13,080,608.85 72,529.35 8,079.50 5.09

ITCN3525917 ING BANK NV 030812 NOL (999) 030812 18,000,000. EUR 1.04 30/04/12 0.718 L 18,000,000.00 18,114,908.38 102,702.38 12,206.00 7.06

ITCN3529063 ENAGAS 070812 NOL (999) 070812 17,000,000. EUR 1.215 02/05/12 0.30154 L 16,896,215.00 16,994,593.38 0.00 98,378.38 6.62

ITCN3533401 ABN AMRO BK 250712 NOL (999) 250712 10,000,000. EUR 1. 18/04/12 0.64732 L 9,954,926.31 9,995,512.55 0.00 40,586.24 3.89

ITCN3536541 GEN BQ 0% 14/08/12 NOL (999) 140812 17,500,000. EUR 1.22 09/05/12 0.60687 L 17,392,725.53 17,486,746.17 0.00 94,020.64 6.81

ITCN3621366 BBVA TF 07/08/2012 NOL (999) 070812 11,000,000. EUR 0.87 03/05/12 0.87 L 10,975,597.59 10,989,920.74 0.00 14,323.15 4.28

Subtotal MATURITY: Less than 3 months

TOTAL (EUR) 85,219,464.43 86,662,290.07 175,231.73 267,593.91 33.75

Debt securities traded on a regulated market or related market

TOTAL (EUR) 123,219,464.43 123,890,781.09 376,150.68 295,165.98 48.25

III – UCITS securities

French general UCITS


FR0010701334 AMUNDI GLOBAL EMERGE 1.3 P EUR 5291437.3 M 29/06/12 8827086.98 N 6,878,868.49 11,475,213.07 0.00 4,596,344.58 4.47

FR0010440529 PORTFOLIO FOREX TRAD 0.4 P EUR 500248.95 M 29/06/12 303840.01 N 200,099.58 121,536.00 0.00 -78,563.58 0.05


TOTAL (EUR) 7,078,968.07 11,596,749.07 0.00 4,517,781.00 4.52

Coordinated European UCITS and related funds


LU0755947636 AMUNDI BGEC IU 3,700. P USD 1000. M 28/06/12 1109.36 Z 2,647,584.97 3,234,413.14 0.00 586,828.17 1.26

LU0434595467 STRUCTURA ASIAN L.D 3,000. P USD 1000. M 28/06/12 1213.48 5 2,116,028.92 2,868,634.02 0.00 752,605.10 1.12

Sub-total for security currency USD US DOLLAR

TOTAL (EUR) 4,763,613.89 6,103,047.16 0.00 1,339,433.27 2.38



PAGE 3 / 13






VALUE


VAL.

Other listed UCIs Security currency EUR EURO

FR0010029231 LOGGIAS 2003 PRIOR (999) 241125 1,500. P EUR 100. % 29/06/12 91.45 E 5,167,514.71 4,726,110.51 417.99 -441,822.19 1.84

III – UCITS securities

TOTAL (EUR) 17,010,096.67 22,425,908.74 417.99 5,415,392.08 8.73

VI – FUTURES MARKET LIABILITIES Futures liabilities

Foreign futures UNDERLYING: CBTFV CBOT US TREASURY NOTES 5 YEAR

CFV______U2 CBO CBOT UST 5A 0912 571. USD 123.8047 M 29/06/12 123.92188 4 0.00 52,727.68 0.00 52,727.68 0.02

UNDERLYING: CBTTU CBOT US TREASURY NOTE 2 ANS

CTU_______U2 CBO US UST 2A 0912 -105. USD 110.1406 M 29/06/12 110.09375 4 0.00 7,756.79 0.00 7,756.79 0.00

UNDERLYING: CBTTY CBOT US T. NOTE 10 ANS

CTY_______U2 CBO CBOT UST 10 0912 -1,020. USD 132.9375 M 29/06/12 133.35938 4 0.00 -339,082.38 0.00 -339,082.38 -0.13

UNDERLYING; CBTUS CBOT US T.BOND 30 ANS

CUS______U2 CBO CBOT USTB 3 0912 277. USD 147.24 % 29/06/12 148.3125 4 0.00 234,094.90 0.00 234,094.90 0.09

UNDERLYING: EUXDU EUREX EURO SCHATZ

CDU_______U2 EUR GR SCHATZ 0912 -817. EUR 110.7526 M 29/06/12 110.495 4 0.00 210,470.00 0.00 210,470.00 0.08

UNDERLYING: EUXOATA EUREX OAT FRENCH GOV

COAT_____U2 EUR EUREX OAT F 0912 -53. EUR 131. M 29/06/12 127.88 4 0.00 165,360.00 0.00 165,360.00 0.06

UNDERLYING: EUXOE EUREX BOBL EURO

COE______U2 EUR EUREX BOBL 0912 -206. EUR 127.19 M 29/06/12 125.86 4 0.00 273,980.00 0.00 273,980.00 0.11

UNDERLYING: EUXRX EUREX EURO BUND

CRX______U2 EUR EUREX EUR0B 0912 187. EUR 144.12 M 29/06/12 140.78 4 0.00 -624,580.00 0.00 -624,580.00 -0.24

UNDERLYING: LIFG LIFFE LONG GILT FUTURE

CG_______U2 LIF LIFFE LG GI 0912 -71. GBP 118.69 % 29/06/12 119.1 4 0.00 -35,978.25 0.00 -35,978.25 -0.01

UNDERLYING: SFEXM AUST 10Y BOND

CXM______U2 AUST 10Y BOND 0912 60. AUD 96.98 % 29/06/12 96.925 4 0.00 -26,068.41 0.00 -26,068.41 -0.01

UNDERLYING: SFEYM AUST3YR BOND

CYM______U2 SFE AUST 3YR B0 0912 -200. AUD 97.68 % 29/06/12 97.55 4 0.00 58,088.12 0.00 58,088.12 0.02



PAGE 4 / 13






VALUE


VAL.

Foreign futures

TOTAL (EUR) 0.00 -23,231.55 0.00 -23,231.55 -0.01

Conditional futures Options on futures - Regulated market

UNDERLYING: EUXRX EUREX EURO BUND

CRX_____U2P05 CRX_/0912/PUT /140. 220. P EUR 1.7 % 29/06/12 1.16 N 0.00 -118,800.00 0.00 -118,800.00 -0.05

CRX_____U2P08 CRX_/0912/PUT /138. -220. P EUR 0.96 % 29/06/12 0.62 N 0.00 74,800.00 0.00 74,800.00 0.03

CRX_____U2P09 CRX_/0912/PUT /137. -220. P EUR 0.72 % 29/06/12 0.44 N 0.00 61,600.00 0.00 61,600.00 0.02

Sub-total UNDERLYING: EUXRX EUREX EURO BUND

TOTAL (EUR) 0.00 17,600.00 0.00 17,600.00 0.01

Options on French shares - OTC market UNDERLYING: OTC EUR/USD OTC EUR/USD

0KEUGREN2C03 0KEU/0712/CALL/1.4 -20,000,000. P EUR 0.21 % 29/06/12 0.00041 H -42,000.00 -82.79 0.00 41,917.21 0.00

0KEUGREN2P03 0KEU/0712/PUT /1.2 20,000,000. P EUR 0.235 % 29/06/12 0.05321 H 47,000.00 10,641.51 0.00 -36,358.49 0.00

Sub-total UNDERLYING: OTC EUR/USD C OTC EUR/USD

TOTAL (EUR) 5,000.00 10,558.72 0.00 5,558.72

Options on exchange - OTC market

UNDERLYING: OTC AUD/CAD OTC AUD/CAD

0DACGREN2P06 0DAC/0712/PUT /1.025 20,000,000. P AUD 0.25 % 29/06/12 0.26119 H 40,104.27 42,194.44 0.00 2,090.17 0.02

UNDERLYING: OTC AUD/USD OTC AUD/USD 50

0AAUGREH3C06 0AAU/0313/CALL/1.008 -30,000,000. P AUD 5.2909 % 29/06/12 3.75478 H -1,256,399.83 -909,845.41 0.00 346,554.42 -0.35

0AAUGREH3P06 0AAU/0313/PUT /1.008 -30,000,000. P AUD 5.2909 % 29/06/12 4.61207 H -1,256,399.83 -1,117,579.79 0.00 138,820.04 -0,44

0EAUGREH3C04 0EAU/0313/CALL/1.008 15,000,000. P AUD 3.19 % 29/06/12 3.75478 H 371,997.20 454,922.71 0.00 82,925.51 0.18

0EAUGREH3PG4 0EAU/0313/HJT /1.008 15,000,000. P AUD 6.76 % 29/06/12 4.61207 H 788,307.55 558,789.90 0.00 -229,517.65 0.22

0HAUGREH3C02 0HAU/0313/CALL/1.008 15,000,000. P AUD 3.92 % 29/06/12 3.75478 H 459,070.15 454,922.71 0.00 -4,147.44 0.18

0HAUGREH3P02 0HAU/0313/PUT /1.008 15,000,000. P AUD 5.15 % 29/06/12 4.61207 H 603,115.12 558,789.90 0.00 -44,325.22 0.22

0HAUGREN2C01 0HAU/0712/CALL/1.002 14,600,000. P AUD 1.055 % 29/06/12 2.29308 H 122,081.32 270,416.84 0.00 148,335.52 0.11

0HAUGREN2C02 0HAU/0712/CALL/1.03 -14,500,000. P AUD 0.255 % 29/06/12 0.57711 H -29,507.81 -68,056.59 0.00 -38,548.78 -0.03

0HAUGREN2P01 0HAU/0712/PUT /0.97 -14,500,000. P AUD 0.7725 % 29/06/12 0.0271 H -89,391.30 -3,195.35 0.00 86,195.95 0.00

Sub-total UNDERLYING: OTC AUD/USD OTC AUD/USD

TOTAL (EUR) -287,127.43 199,164.92 0.00 486,292.35 0.08

UNDERLYING: OTC EUR/CHF OTC EUR/CHF

0QECGREN2P05 0QEC/Q712/PUT /1.2 -14,500,000. P EUR 0.71 % 29/06/12 0.08957 H -102,950.00 -12,987.18 0.00 89,962.82 -0.01

0QECGREN2P06 0QEC/0712/PUT /1.17 29,000,000. P EUR 0.375 % 29/06/12 0.00053 H 108,750.00 152.33 0.00 -108,597.67 0.00

0QECGREQ2P15 0QEC/0812/PUT /1.18 20,000,000. P EUR 0.55 % 29/06/12 0.25105 H 110,000.00 50,209.12 0.00 -59,790.88 0.02

0QECCREQ2P16 0QEC/0812/PUT /1.13 -20,000,000. P EUR 0.3 % 29/06/12 0.08633 H -60,000.00 -17,266.30 0.00 42,733.70 -0.01

0UECGREN2P08 0UEC/0712/PUT /1.17 -29,000,000. P EUR 0.3275 % 29/06/12 0.00053 H -94,975.00 -152.33 0.00 94,822.67 0.00

0UECGREN2P09 0UEC/0712/PUT /1.2 14,500,000. P EUR 0.57 % 29/06/12 0.08957 H 82,650.00 12,987.18 0.00 -69,662.82 0.01

Sub-total UNDERLYING: OTC EUR/CHF OTC EUR/CHF

TOTAL (EUR) 43,475.00 32,942.82 0.00 -10,532.18 0.01

UNDERLYING: OTC EUR/GBP OTC EUR/GBP

OAEGGREN2C0S 0AEG/0712/CALL/0.815 19,700,000. P EUR 0.34 % 29/06/12 0.27953 H 66,980.00 55,066.88 0.00 -11,913.12 0.02



PAGE 5 / 13






VALUE


VAL.

0AEGGREN2P04 0AEG/0712/PUT /0.79 -19,700,000. P EUR 0.295 % 29/06/12 0.06898 H -58,115.00 -13,589.73 0.00 44,525.27 -0.01

00EGGREV2P05 00EG/1012/PUT /0.774 490,000. P EUR 12.63 % 29/06/12 13.75 H 61,887.00 67,375.00 0.00 5,488.00 0.03

Sub-total UNDERLYING: OTC EUR/GBP OTC EUR/GBP C EUR/GBP

TOTAL (EUR) 70,752.00 108,852,15 0.00 38,100.15 0.04

UNDERLYING: OTC EUR/USD OTC EUR/USD

0BEUGREN2P06 0BEU/0712/PUT /1.26 20,000,000. P EUR 0.205 % 29/06/12 0.32143 H 41,000.00 64,285.94 0.00 23,285.94 0.03

0DEUGREU2C03 0DEU/0912/CALL/1.32 -1,000,000. P EUR 15.863 % 29/06/12 20.75 H -158,630.00 -207,500.00 0.00 -48,870.00 -0.08

0DEUGREU2P03 0DEU/O912/PUT /1.16 1,000,000. P EUR 19.949 % 29/06/12 20.5 H 199,490.00 205,000.00 0.00 5,510.00 0.08

0EEUGREN2C05 0EEU/0712/CALL/1.275 5,000,000. P EUR 0.172 % A 8,600.00 8,600.00 0.00 0.00 0.00

0GEUGREK3C04 0GEU/0513/GALL/1.295 14,000,000. P EUR 4.9375 % 29/06/12 3.31058 H 691,250.00 463,480.73 0.00 -227,769.27 0.18

0GEUGREK3P04 0GEU/0513/PUT /1.295 14,000,000. P EUR 4.9375 % 29/06/12 5.33177 H 691,250.00 746,448.17 0.00 55,198.17 0.29

0GEUGREN2P07 0GEU/0712/PUT /1.2 45,000,000. P EUR 3.29 % 29/06/12 0.00002 H 1,480,500.00 11.24 0.00 -1,480,488.76 0.00

0UEUGREN2P04 0UEU/0712/PUT /1.31 -40,000,000. P EUR 2.5825 % 29/06/12 3.23108 H -1,033,000.00 -1,292,432.13 0.00 -259,432.13 -0.50

0UEUGREN2P14 0UEU/0712/PUT /1.23 80,000,000. P EUR 1. % 29/06/12 0.00639 H 800,000.00 5,112.96 0.00 -794,887.04 0.00

0XEUGREN2P06 0XEU/0712/PUT /1.23 -40,000,000. P EUR 0.775 % 29/06/12 0.00639 H -310,000.00 -2,556.48 0.00 307,443.52 0.00

0XEUGREV2P07 0XEU/1012/PUT /1.2 20,000,000. P EUR 1.615 % 29/06/12 0.66719 H 323,000.00 133,438.13 0.00 -189,561.87 0.05

Sub-total UNDERLYING: OTC EUR/USD OTC EUR/USD

TOTAL (EUR) 2,733,460.00 123,888.56 0.00 -2,609,571.44 0.05

UNDERLYING: OTC GBP/USD OTC GBP/USD

0YGUGREQ2C04 0YGU/O812/CALL/1.61 12,800,000. P GBP 0.358 % 29/06/12 0.18688 H 57,535.31 29,564.00 0.00 -27,971.31 0.01

UNDERLYING: OTC USD/BRL OTC USD/BRL

0YUBGREQ2PO5 0YUB/0812/PUT /1.9 500,000. P USD 8.5 % 29/06/12 18.75 H 34,117.36 73,874.16 0.00 39,756.80 0.03

UNDERLYING: OTC USD/JPY OTC USD/JPY

0BUJGREN2C05 0BUJ/0712/CALL/79. 30,000,000. P USD 0.122 % 29/06/12 0.00002 H 28,990.10 4.71 0.00 -28,985.39 0.00

00UJGREN2C07 00UJ/0712/CALL/79.5 15,000,000. P USD 1.4175 % 29/06/12 1.03431 H 163,803.40 122,254.60 0.00 -41,548.80 0.05

00UJGREN2C08 00UJ/0712/CALL/85. -15,000,000. P USD 0.375 % 29/06/12 0.00913 H -43,334.23 -1,078.64 0.00 42,255.59 0.00

00UJGREN2P04 00UJ/0712/PUT /74. -15,000,000. P USD 1.0975 % 29/06/12 0.00134 H -126,824.85 -158.93 0.00 126,665.92 0.00

00UJGREN2P08 00UJ/0712/PUT /76.5 -20,000,000. P USD 0.3675 % 29/06/12 0.04624 H -58,414.46 -7,286.82 0.00 51,127.64 0.00

0WUJGREX2C01 0WUJ/1112/CALL/85. 19,300,000. P USD 0.835 % 29/06/12 0.47582 H 122,887.75 72,363.49 0.00 -50,524.26 0.03

0WUJGREX2C11 0WUJ/U12/CALL/90. -38,600,000. P USD 0.23 % 29/06/12 0.07382 H -67,698.64 -22,453.27 0.00 45,245.37 -0.01

Sub-total UNDERLYING: OTC USD/JPY OTC USD/JPY

TOTAL (EUR) 19,409.07 163,645.14 0.00 144,236.07 0.06

UNDERLYING: OTC USD/MXN OTC USD/MXN

0ZUMGREN2P05 0ZUM/0712/PUT /13.1 425,000. P USD 12.2 % 29/06/12 23.05322 H 41,208.03 77,204.34 0.00 35,996.31 0.03

UNDERLYING: OTC USD/PLN OTC USD/PLN

0DUPGREQ2P06 0DUP/0812/PUT /3.18 -34,800,000. P USD 0.475 % 29/06/12 0.6608 H -132,696.48 -181,206.15 0.00 -48,509.67 -0.07

0DUPGREQ2P07 0DUP/0812/PUT /3.3 17,400,000. P USD 1.331 % 29/06/12 1.85592 H 185,914.75 254,466.28 0.00 68,551.53 0.10

Sub-total UNDERLYING: OTC USD/PLN OTC USD/PLN

TOTAL (EUR) 53,218.27 73,260.13 0.00 20,041.86 0.03



PAGE 6 / 13

Stock: Main admitted stock on 29/06/12 PORTFOLIO: 050645 AMUNDI ARBITRAGE VAR2


(Simplified version, MPC thread - AMF SORTING/INSTRUMENT TYPE/ALPHABETICAL ORDER, Sorting

SECURITY STATUS FILE QUANTITY AND LISTING UNIT COST IN CURRENCY DATE PRICE I <-------------------- Portfolio currency ------------------> PRCT

SEC/LINE QUANTITY EXPR. CURRENCY AND PRICE EXPR. LISTING SECURITY F TOTAL COST PRICE STOCK MARKET VALUE ACCR. COUPON TOTAL CAP. GAIN/LOSS NET ASS.

VAL.

Currency options - OTC market

TOTAL (EUR) 2,808,151.88 924,590.66 0.00 -1,881,561.22 0.36

Conditional futures

TOTAL (EUR) 2,811,151.88 952,749.38 0.00 -1,858,402.50 0.37

VI – LIABILITIES ON FUTURES MARKETS

TOTAL (EUR) 2,811,151.88 929,517.83 0.00 -1,881,634.05 0.36

VII – OTHER OPERATIONS

Swaps

Currency swaps

MATURITY DATE: 25/07/12

SWP013499901 0IS/0.0/FIX/0.335 SOL RECVD 9,954,926. EUR 0. 18/04/12 100.00323 L 0.00 11,615.55 13,218.05 -1,602.50 0.00

SOL PAID -9,954,926. EUR 0. 18/04/12 0.34623 L 0.00 -12,707.77 -12,783.78 76.01 0.00

Sub-total MATURITY DATE: 25/07/12

TOTAL (EUR) 0.00 -1,092.22 434.27 -1,526.49



SOL PAID -16,896,215. EUR 0. 02/05/12 0.31637 L 0.00 -22,974.94 -22,640.93 -334.01 -0.01

SWP013860201 0IS/0.0/FIX/0.311 SOL RECVD 10,975,597. EUR 0. 29/06/12 0.33254 0.00 5,474.74 5,474.74 0.00 0.00

SOL PAID -10,975,597. EUR 0. 29/06/12 0.311 0.00 -5,120.12 -5,120.12 0.00 0.00

Sub-total MATURITY DATE 07/08/12

TOTAL (EUR) 0.00 -4,050.36 1,173.75 -5,224,11



SOL PAID -17,392,725. EUR 0. 09/05/12 0.31508 L 0.00 -23,047.92 -22,504.25 -543.67 -0.01


TOTAL (EUR) 0.00 -6,070.08 413.68 -6,483.76


PSW000005R CREDIT AGRI 21/02/13 SOL RECVD 7,000,000,000. JPY 0. 29/06/12 100.13901 0.00 96,098.51 83,806.13 12,292.38 0.04

SOL PAID -7,000,000,000. JPY 0. 29/06/12 0.20202 0.00 -491,921.50 -206,823.75 -285,097.75 -0.19

PSW000305R CREDIT AGRI 21/02/13 SOL RECVD 1,000,000,000. JPY 0. 29/06/12 100.13901 0.00 13,728.36 11,972.30 1,756.06 0.01

SOL PAID -1,000,000,000. JPY 0. 29/06/12 0.20202 0.00 -70,274.50 -29,546.25 -40,728.25 -0.03


TOTAL (EUR) 0.00 -452,369.13 -140,591.57 -311,777.56 -0.18

Currency swaps TOTAL (EUR) 0.00 -463,581.79 -138,569.87 -325,011.92 -0.18



PAGE 7 / 13






VAL.

VIII – LIQUIDITY

Debts and accounts receivable Deferred payments


ARDEUR Deferred payment purchases > D+3 2,800,000. EUR 1. 1. 2,800,000.00 2,800,000.00 0.00 0.00 1.09

VRDEUR Sale deferred payment > D+3 -2,782,636.35 EUR 1. 1. -2,782,636.35 -2,782,636.35 0.00 0.00 -1.08


TOTAL (EUR) 17,383.65 17,363.65 0.00 0.00 0.01


VRDUSD Deferred payment sale D +3 19,096. USD 0.7879912 0.7879910 15,047.48 15,047.47 0.00 -0.01 0.01

Deferred payments TOTAL (EUR) 32,411.13 32,411.12 0.00 -0.01 0.01

Deposit Security currency AUD AUSTRALIAN DOLLAR

DCMCIAUD Guarant. deposit CACEIS 53,670. AUD 0.73263182 0.8077218 39,320.35 43,350.43 0.00 4,030.08 0.02


DCMCIEUR Guarant. deposit CACEIS 805,652.55 EUR 1. 1. 805,652.55 805,652.55 0.00 0.00 0.31


DCMCIGBP Guarant. deposit CACEIS 213,000. GBP 1.15899704 1.2359411 246,866.37 263,255.46 0.00 16,389.09 0.10


DOMCIUSD Guarant. deposit CACEIS 390,225. USD 0.77199385 0.7879910 301,251.30 307,493.79 0.00 6,242.49 0.12

Deposit TOTAL (EUR) 1,393,090.57 1,419,752.23 0.00 26,661.66 0.55

Margin calls Security currency AUD AUSTRALIAN DOLLAR

MARCIAUD C.A.I. margin calls -36,939.4 AUD 0.80772184 0.8077218 -29,836.76 -29,836.75 0.00 0.01 -0.01


MARCIEUR Margin calls C.A.I. -36,880. EUR 1. 1. -36,880.00 -36,880,00 0.00 0.00 -0.01


MARCIGBP Margin calls C.A.I. 29,820. GBP 1.24556908 1.2359411 37,142.87 36,855.76 0.00 -287.11 0.01


MARCIUSD Margin calls C.A.I. 140,873.42 USD 0.78799102 0.7879910 111,006.99 111,006.98 0.00 -0.01 0.04



PAGE 8 / 13






VAL.

Margin calls Management fees


TOTAL (EUR)

81,433.10

81,145.99

0.00

-287.11

0.03

FGDEPEUR Custodian fee provision -18,203.82 EUR 1. 1. -18,203.82 -18,203.82 0.00 0.00 -0.01

FGPFEUR Management fees var fixed -587.21 EUR 1. 1. -587.21 -587.21 0.00 0.00 0.00

FGPVAEUR Fixed mgmt. Admitted -6,235.41 EUR 1. 1. -6,235.41 -6,235.41 0.00 0.00 0.00

FGPVFEUR Fixed mgmt. Fees -77,331.03 EUR 1. 1. -77,331.03 -77,331.03 0.00 0.00 -0.03

FGPVHEUR Fixed mgmt. H.C.C -3,558.01 EUR 1. 1. -3,558.01 -3,558.01 0.00 0.00 0.00

FVAREUR FG Variable to be paid -224,764.9 EUR 1. 1. -224,764.90 -224,764.90 0.00 0.00 -0.09

Sub-total for security currency EUR EURO

TOTAL (EUR) -330,680.38 -330,680.38 0.00 0.00 -0.13

Other debt and accounts receivable Security currency EUR EURO

CRELEUR Lehman Broth. debt 1,629,320.38 EUR 1. 1. 1,629,320.38 1,629,320.38 0.00 0.00 0.63

FCHCIEUR Crédit Agricole Indosuez foreign exchange commission fee -0.01 EUR 1. 1. -0.01 -0.01 0.00 0.00 0.00

FTCIEUR Comm. mvt. pro. 0.01 EUR 1. 1. 0.01 0.01 0.00 0.00 0.00

PDCLEUR Depreciation fee for Lehman debts -814,660.15 EUR 1. 1. -814,660.19 -814,660.19 0.00 0.00 -0.32

Sub-total Security currency EUR EURO TOTAL (EUR) 814,660.19 814,660.19 0.00 0.00 0.32

Debts and accounts receivable

TOTAL (EUR) 1,990,914.61 2,017,289.15 0.00 26,374.54 0.79

Available funds Assets in France

Security currency AUD AUSTRALIAN DOLLAR

BQCIAUD CACEIS Bank 89,929.19 AUD 0.80521197 0.8077218 72,412.06 72,883.04 245.28 225.70 0.03

Security currency CAD CANADIAN DOLLAR

BQCICAD CACEIS Bank 115,555.81 CAD 0.77706045 0.7729468 89,793.85 89,332.51 14.01 -475.35 0.03

Security currency CHF SWISS FRANC

BQCICHF CACEIS Bank 69,789.5 CHF 0.83274676 0.8325354 58,116.98 58,102.23 0.00 -14,75 0.02

Security currency CZK CZECH KORUNA

BQCICZK CACEIS Bank 233,205.74 CZK 0.03987076 0.0391657 9,298.09 9,142.75 9.07 -164.41 0.00


BQCIEUR CACEIS Bank 18,668.07 EUR 1. 1. 18,668.07 18,667.43 -0.64 0.00 0.01


BQCIGBP CACEIS Bank 110,567.53 GBP 1.24039969 1.2359411 137,147.93 136,654.73 -0.23 -492.97 0.05

Security currency HUF FORINT

BQCIHUF CACEIS Bank 104,383.49 HUF 0.00347823 0.0034995 363.07 366.54 1.25 2.22 0.00



PAGE 9 / 13






VAL.

Security currency JPY YEN

BQCIJPY CACEIS Bank 15,209,898. JPY 0.01036223 0.0098758 157,608.50 150,209.99 -0.02 -7,398.49 0.06

Security currency MXN MEXICAN NEW PESO

BQCIMXN CACEIS Bank 101,509.42 MXN 0.06215305 0.0586918 6,309.12 5,965.35 7.58 -351.35 0.00

Security currency NOK NORWEGIAN CROWN

BQCINOK CACEIS Bank 140,939.61 NOK 0.13138187 0.1325591 18,516.91 18,692.31 9.47 165.93 0.01

Security currency NZD NEW ZEALAND DOLLAR

BQCINZD CACEIS Bank 115,029.72 NZD 0.63005022 0.6333523 72,474.50 72,924.08 69.74 379.84 0.03

Security currency PLN POLISH ZLOTY

BQCIPLN CACEIS Bank 193,703.07 PLN 0.23889518 0.2361163 46,274.73 45,837.92 101.46 -538.27 0.02

Security currency SEK SWEDISH CROWN Z

BQCISEK CACEIS Bank 147,960.18 SEK 0.11090497 0.1141617 16,409.52 16,899.06 7.67 481.87 0.01

Security currency TRY NEW TURKISH LIRA

BQCITRY CACEIS Bank 95,980.29 TRY 0.43834666 0.4356634 42,072.64 41,815.10 0.00 -257.54 0.02


BQCIUSD CACEIS Bank -24,867.21 USD 0.78799109 0.7879910 -19,595.14 -19,595.13 0.00 0.01 -0.01

Assets in France

TOTAL (EUR) 725,870.83 717,897.91 464.64 -8,437.56 0.28

Forward transactions


ICAT3687077 V MXN USD 09/07/12 RECEIVED 09/07/12 3,000,000. USD 1. 29/06/12 1. 2,414,195.47 2,363,858.61 0.00 -50,336.86 0.92

PAID 09/07/12 -40,995,009. MXN 0.0732 29/06/12 0.0744 -2,414,195.47 -2,403,164.31 0.00 11,031.16 -0.94

ISWC3652760 V CAD EUR 09/07/12 RECEIVED 09/07/12 7,442,638.8 EUR 1. 29/06/12 1. 7,442,638.80 7,442,002.38 0.00 -636.42 2.90

PAID 09/07/12 -9,500,000. CAD 0.7834 29/06/12 0.77279 -7,442,638.80 -7,340,886.13 0.00 101,752.67 -2.86

ISWC3653038 A MXN USD 09/07/12 RECEIVED 09/07/12 97,900,000. MXN 0.0705 29/06/12 0.0744 5,579,197.19 5,738,986.09 0.00 159,788,90 2.24

PAID 09/07/12 -6,898,398.36 USD 1. 29/06/12 1. -5,579,197.19 -5,435,612.80 0.00 143,584.39 -2.12

ISWC3679962 A USD EUR 09/07/12 RECEIVED 09/07/12 600,000. USD 0.7964 29/06/12 0.78802 477,811.62 472,771.72 0.00 -5,039.90 0.18

PAID 09/07/12 -477,811.62 EUR 1. 29/06/12 1. -477,811.62 -477,770.76 0.00 40.86 -0.19

ISWC3687866 V USD EUR 09/07/12 RECEIVED 09/07/12 2,782,516.89 EUR 1. 29/06/12 1. 2,782,516.89 2,782,278.96 0.00 -237.93 1.08

PAID 09/07/12 -3,500,000. USD 0.795 29/06/12 0.78802 -2,782,516.89 -2,757,835,05 0.00 24,681.84 -1.07


TOTAL (EUR) 0.00 384,628.71 0.00 384,628.71 0.15


ISWC3669153 A AUD EUR 17/07/12 RECEIVED 17/07/12 38,200,000. AUD 0.7927 29/06/12 0.8063 30,282,347.21 30,796,218.83 0.00 513,871.62 11.99

PAID 17/07/12 -30,282,347.21 EUR 1. 29/06/12 1. -30,282,347.21 -30,278,075.73 0.00 4,271.48 -11.79

ISWC3669265 V NZD EUR 17/07/12 RECEIVED 17/07/12 62,063.11 EUR 1. 29/06/12 1. 62,063.11 62,054.36 0.00 -8.75 -0.02

PAID 17/07/12 -100,000. NZD 0.6206 29/06/12 0.63255 -62,063.11 -63,245.74 0.00 -1,182.63 -0.02



PAGE 10 / 13






VAL.

ISWC3678512 A USD NZD 17/07/12 RECEIVED 17/07/12 14,206,892. USD 1.2529 29/06/12 1.2458 11,269,944.47 11,193,831.91 0.00 -76,112.56 4.36

PAID 17/07/12 -17,800,000. NZD 1. 29/06/12 1. -11,269,944.47 -11,257,741.84 0.00 12,202.63 -4.38

ISWC3678535 V USD AUD 17/07/12 RECEIVED 17/07/12 14,100,000. AUD 1. 29/06/12 1. 11,345,768.68 11,367,190.72 0.00 21,422.04 4.43

PAID 17/07/12 -14,302,476. USD 0.9858 29/06/12 0.97734 -11,345,768.68 -11,269,144.04 0.00 76,624.64 -4.39

ISWC3679791 V USD NZD 17/07/12 RECEIVED 17/07/12 18,000,000. NZD 1. 29/06/12 1. 11,266,042.84 11,384,233.32 0.00 118,190.48 4.43

PAID 17/07/12 -14,122,548. USD 1.2746 29/06/12 1.2458 -11,266,042.84 -11,127,375.96 0.00 138,666.88 -4.33

ISWC3679846 A USD AUD 17/07/12 RECEIVED 17/07/12 64,025,600. USD 0.9996 29/06/12 0.97734 51,075,425.79 50,446,769.40 0.00 -628,656.39 19.65

PAID 17/07/12 -64,000,000. AUD 1. 29/06/12 1. -51,075,425.79 -51,595,759.29 0.00 -520,333.50 -20.09

ISWC3681787 A USD EUR 17/07/12 RECEIVED 17/07/12 3,100,000. USD 0.801 29/06/12 0.78803 2,483,033.27 2,442,538.38 0.00 -40,494.89 0.95

PAID 17/07/12 -2,483,033.27 EUR 1. 29/06/12 1. -2,483,033.27 -2,482,683.03 0.00 350.24 -0.97

Sub-total MATURITY DATE:17/07/12

TOTAL (EUR) 0.00 -381,188.71 0.00 -381,188.71 -0.15


ISWC3670879 A NOK EUR 18/07/12 RECEIVED 18/07/12 13,100,000. NOK 0.1329 29/06/12 0.13246 1,740,708.34 1,734,911.75 0.00 -5,796.59 0.68

PAID 18/07/12 -1,740,708.34 EUR 1. 29/06/12 1. -1,740,708.34 -1,740,449.83 0.00 258.51 -0.68

ISWC3671106 A SEK EUR 18/07/12 RECEIVED 18/07/12 15,200,000. SEK 0.1129 29/06/12 0.11407 1,716,395.46 1,733,660.78 0.00 17,265.32 0.68

PAID 18/07/12 -1,716,395.46 EUR 1. 29/06/12 1. -1,716,395.46 -1,716,140.56 0.00 254.90 -0.67


TOTAL (EUR) 0.00 11,982.14 0.00 11,982.14


ISWC3672581 V TRY USD 19/07/12 RECEIVED 19/07/12 54,659.77 USD 1. 29/06/12 1. 43,294.87 43,066.69 0.00 -228.18 0.02

PAID 19/07/12 -100,000. TRY 0.5466 29/06/12 0.54993 -43,294.87 -43,329.15 0.00 -34.28 -0.02


TOTAL (EUR) 0.00 -262.46 0.00 -262.46


ISWC3676108 V GBP EUR 23/07/12 RECEIVED 23/07/12 7,202,535.29 EUR 1. 29/06/12 1. 7,202,535.29 7,201,111.10 0.00 -1,424.19 2.80

PAID 23/07/12 -5,800,000. GBP 1.2418 29/06/12 1.2357 -7,202,535.29 -7,165,624.35 0.00 36,910.94 -2.79

ISWC3679899 V GBP EUR 23/07/12 RECEIVED 23/07/12 4,106,745.52 EUR 1. 29/06/12 1. 4,106,745.52 4,105,933.48 0.00 -812.04 1.60

PAID 23/07/12 -3,300,000. GBP 1.2445 29/06/12 1.2357 -4,106,745.52 -4,076,993.16 0.00 29,752.36 -1.59


TOTAL (EUR) 0.00 64,427.07 0.00 64,427.07 0.03


ISWC3678896 V HUF EUR 25/07/12 RECEIVED 25/07/12 4,278,938.37 EUR 1. 29/06/12 1. 4,278,938.37 4,277,987.47 0.00 -950.90 1.67

PAID 25/07/12 -1,226,900,000. HUF 0.0035 29/06/12 0.00349 -4,278,938.37 -4,282,789.53 0.00 -3,851.16 -1.67


TOTAL (EUR) 0.00 -4,802.06 0.00 -4,802.06


ISWC3680633 A USD EUR 26/07/12 RECEIVED 26/07/12 19,800,000. USD 0.797 29/06/12 0.78805 15,781,457.11 15,599,726.22 0.00 -181,730.89 6.08

PAID 26/07/12 -15,781,457.11 EUR 1. 29/06/12 1. -15,781,457.11 -15,777,749.38 0.00 3,707.73 -6.14

ISWC3683388 V USD EUR 26/07/12 RECEIVED 26/07/12 79,995.14 EUR 1. 29/06/12 1. 79,995.14 79,976.35 0.00 -18.79 0.03

PAID 26/07/12 -100,000. USD 0.8 29/06/12 0.78805 -79,995.14 -78,786.50 0.00 1,208.64 -0.03

ISWC3684012 V USD EUR 26/07/12 RECEIVED 26/07/12 48,748,469.11 EUR 1. 29/06/12 1. 48,748,469.11 48,737,016.03 0.00 -11,453.08 18.98

PAID 26/07/12 -60,900,000. USD 0.8005 29/06/12 0.78805 -48,748,469.11 -47,980,976.09 0.00 767,493.02 -18.69



PAGE 11 / 13






VAL.

ÏSWC3686692 V USD EUR 26/07/12

RECEIVED 26/07/12 PAID 26/07/12

160,860.15 -200,000.

EUR USD

1. 0.8043

29/06/12 29/06/12

1. 0.78805

160,860.15 -160,860.15

160,822.36 -157,572.99

0.00 0.00

-37.79 3,287.16

0.06 -0.06


TOTAL (EUR) 0.00 582,456.00 0.00 582,456.00 0.23


ICAT3681864 A KRW USD 31/07/12 RECEIVED 31/07/12 9,315,600,000. KRW 0.0009 29/06/12 0.00087 6,410,256.20 6,394,952.74 0.00 -15,303.46 2.49

PAID 31/07/12 -8,000,000. USD 1. 29/06/12 1. -6,410,256.20 -6,302,648.67 0.00 107,607.53 -2.45

ICÂT3687097 V KRW USD 31/07/12 RECEIVED 31/07/12 1,500,000. USD 1. 29/06/12 1. 1,207,097.64 1,181,746.63 0.00 -25,351.01 0.46

PAID 31/07/12 -1,740,000,000. KRW 0.0009 29/06/12 0.00087 -1,207,097.64 -1,194,471.40 0.00 12,626.24 -0.47


TOTAL (EUR) 0.00 79,579.30 0.00 79,579.30 0.03

Forward transactions

TOTAL (EUR) 0.00 736,819,99 0.00 736,819,99 0.29

Other available funds


D0048544 CACEIS BANK 02/07/12 500,000. EUR 1. 1. 500,000.00 500,000.00 0.00 0.00 0.19

Available funds TOTAL (EUR) 1,225,870.83 1 954 717 90 464.64 728,382.43 0.76

VIII – LIQUIDITY

TOTAL (EUR) 3,216,785.44 3,972,007.05 464,64 754,756.97 1.55

PORTFOLIO: AMUNDI ARBITRAGE VAR2 (050645)

(EUR) 248,101,795.39 256,759,773.35 1,369,471.90 7,288,506.06 100.00



PAGE 12 / 13






VAL.

Securities portfolio:253, 524,586.29

Daily management fees

Fixed mgmt. Admitted : Fixed mgmt. Admitted : Fixed mgmt. H.C.C : Custodian fee provision : Custodian fee provision : Fixed mgmt. Fixed:

27.25 69.45

14.7 35.42

242.73 2,455.38

EUR EUR EUR EUR EUR EUR

Corporate charge management fees

Maximum costs: 2,806.15 EUR

Unit Currency Net assets Number of units Net asset value Coefficient Exchange Std subscription price Std repurchase price

C FR0007477146 AMUNDI ARBIT.VAR2 EUR 256,759,773.35 79,501.223 3,229.63 3,229.63 3,229.63

Total net assets in EUR: 256,759,773.35

Previous NAV on 28/06/12:

C CAPITALISABLE UNITS Prev. NAV: 3,227.02 (EUR) Variation : +0.081%

Taxation of savings: weights and statuses of portfolio units

Report type: TISF TIS France

Official weights and statuses at 30/12/11:

DD Weight : DI Weight :

90.62 99.48

DD Status : I DI Status : M



PAGE 13 / 13






VAL.

PRICES OF CURRENCIES USED

by valuation via inventory via previous valuation variation

Rate AUD to EUR : 0.8077218206 listing: 29/06/12 0. 0.8066793046 listing: 28/06/12 0.12924

Rate CAD to EUR : 0.7729468599 listing: 29/06/12 0. 0.7784524366 listing: 28/06/12 -0.70725

Rate EUR to AUD : 1.23805 listing: 29/06/12 0. 1.23965 listing: 28/06/12 -0.12907

Rate EUR to CAD : 1.29375 listing: 29/06/12 0. 1.2846 listing: 28/06/12 0.71228

Rate EUR to CHF : 1.20115 listing: 29/06/12 0. 1.20115 listing: 28/06/12 0.

Rate EUR to CZK : 25.5325 listing: 29/06/12 0. 25.807 listing: 28/06/12 -1.06366

Rate EUR to GBP : 0.8091 listing: 29/06/12 0. 0.8014 listing: 28/06/12 0.96082

Rate EUR to HKD : 9.8438 listing: 29/06/12 0. 9.64205 listing: 28/06/12 2.0924

Rate EUR to HUF : 285.755 listing: 29/06/12 0. 289.715 listing: 28/06/12 -1.36686

Rate EUR to JPY : 101.25755 listing: 29/06/12 0. 98.55455 listing: 28/06/12 2.74264

Rate EUR to KRW : 1453.50645 listing: 29/06/12 0. 1434.3288 listing: 28/06/12 1.33705

Rate EUR to MXN : 17.03815 listing: 29/06/12 0. 16.998 listing: 28/06/12 0.2362

Rate EUR to NOK : 7.5438 listing: 29/06/12 0. 7.55125 listing: 28/06/12 -0.09866

Rate EUR to NZD : 1.5789 listing: 29/06/12 0. 1.5805 listing: 28/06/12 -0.10123

Rate EUR to PLN : 4.2352 listing: 29/06/12 0. 4.29435 listing: 28/06/12 -1.37739

Rate EUR to SEK : 8.7595 listing: 29/06/12 0. 8.78725 listing: 28/06/12 -0.3158

Rate EUR to TRY : 2.29535 listing: 29/06/12 0. 2.277 listing: 28/06/12 0.80588

Rate EUR to USD : 1.26905 listing: 29/06/12 0. 1.24265 listing: 28/06/12 2.12449

Rate GBP to EUR : 1.2359411692 listing: 29/06/12 0. 1.2478163214 listing: 28/06/12 -0.95167

Rate HUF to EUR : 0.0034995013 listing: 29/06/12 0. 0.003451668 listing: 28/06/12 1.3858

Rate KRW to USD : 0.0008730955 listing: 29/06/12 0. 0.0008663634 listing: 28/06/12 0.77705

Rate MXN to USD : 0.0744828517 listing: 29/06/12 0. 0.0731056595 listing: 28/06/12 1.88384

Rate NOK to EUR : 0.1325591877 listing: 29/06/12 0. 0.1324284059 listing: 28/06/12 0.09876

Rate NZD to EUR : 0.6333523339 listing: 29/06/12 0. 0.6327111674 listing: 28/06/12 0.10134

Rate SEK to EUR : 0.1141617672 listing: 29/06/12 0. 0.1138012461 listing: 28/06/12 0.3168

Rate TRY to USD : 0.552878646 listing: 29/06/12 0. 0.5457400088 listing: 28/06/12 1.30807

Rate USD to AUD : 0.9755722785 listing: 29/06/12 0. 0.9975858046 listing: 28/06/12 -2.20668

Rate USD to EUR : 0.7879910169 listing: 29/06/12 0. 0.8047318231 listing: 28/06/12 -2.0803

Rate USD to NZD : 1.2441590166 listing: 29/06/12 0. 1.2718786463 listing: 28/06/12 -2.17942

CERTIFICATE DRAFTED BY THE STATUTORY AUDITORS …

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