Changes come into force on FCP Central Valor A

19 May 2010

From 26 May 2010, the following changes come into force on FCP Central Valor A

	BEFORE	AFTER
Name	Central Valor A	HPWM Select Opportunités
Investment objective	The fund’s investment objective is medium-term capital growth by means of a diversified portfolio, consisting mainly of units or shares or fixed income instruments.	The mutual fund’s investment objective is to outperform the following composite benchmark index: 45% MSCI World (EUR) + 10% MSCI France + 40% ML European Union Government Bond Index + 5% Eonia, by means of active and flexible management between the various asset classes.
Benchmark index	48% MSCI World – 12% MSCI France – 28% JPM Global Government Bond hedged into euros – 7% JP Morgan Europe Government Bond hedged into euros – 5% Eonia.	45% MSCI World (EUR) + 10% MSCI France + 40% ML European Union Government Bond Index + 5% Eonia.
Exposure to financial instruments by means of the fund (as % of mutual fund assets)	- Equities: 60% target with minimum of 45%, no maximum - Fixed income products: 35% target with maximum of 50%, no minimum	- Equities: 20% minimum and 80% maximum (with no minimum capitalisation required) - Fixed income products: 80% maximum, no minimum. High-yield securities are limited to 30%. - Diversified: 20% maximum - Alternative products: 10% maximum - Emerging markets are authorised with no preset limit.

In addition, as from 1 July 2010, a variable management fee will be added, equal to 15% of the mutual fund’s performance when it is positive and greater than the benchmark index.