Crédit Agricole Asset Management

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1 Crédit Agricole Asset Management Audited Annual Report 2007 CAAM Funds SICAV with sub-funds under Luxembourg law Rapport Annuel Révisé 2007 CAAM Funds SICAV à compartiments de droit luxembourgeois Geprüfter Jahresbericht 2007 CAAM Funds SICAV mit Teilfonds nach luxemburgischem Recht Informe anual auditado 2007 CAAM Funds SICAV de subfondos de derecho luxemburgués Relazione annuale certificata 2007 CAAM Funds SICAV a compartimenti di diritto lussemburghese

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3 CAAM Funds 1 (formerly Crédit Agricole Funds) Audited Annual Report Rapport Annuel Révisé Geprüfter Jahresbericht Informe anual auditado Relazione annuale certificata For the period from 1st July 2006 to 30 June 2007 Pour la période du 1 er juillet 2006 au 30 juin 2007 Ergebnis für den Zeitraum vom 1. Juli 2006 bis zum 30. Juni 2007 Para el periodo comprendido entre el 1 de julio 2006 y el 30 de junio de 2007 Per il periodo da 1 luglio 2006 al 30 giugno 2007 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV and the unaudited semi-annual report if published after such annual report. Les souscriptions ne peuvent être acceptées que sur la base du dernier prospectus accompagné du bulletin de souscription, du dernier rapport annuel et du dernier rapport semestriel, si celui-ci est plus récent que le rapport annuel. Auf der Grundlage dieses Berichtes dürfen keine Zeichnungen entgegengenommen werden. Die Zeichnungen erfolgen nur auf Grundlage des aktuellen Verkaufsprospektes und des letzten Jahresberichtes sowie, falls danach ein Halbjahresbericht ausgegeben wurde, dieses Halbjahresberichtes. No se aceptarán suscripciones basadas exclusivamente en informes anuales o semestrales. Las suscripciones sólo serán válidas si se efectúan con base en el Folleto Informativo vigente, en el último informe anual de la SICAV y, en caso de haberse publicado en fecha posterior, en el informe semestral no auditado más reciente. Nessuna sottoscrizione può essere ricevuta sulla base delle relazioni finanziarie. Le sottoscrizioni saranno considerate valide solo se effettuate sulla base del prospetto attulamente in vigore accompagnato dall'ultima relazione annuale della SICAV e dalla relazione semestrale non certificata di bilancio, qualora quest' ultima sia più recente. Additional information concerning the representation and distribution of the Fund in Hong Kong. Sub-Funds not authorised in Hong Kong: Residents in Hong Kong please note that the following Sub-Funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents: Equities: Asia Pacific Quant / Emerging Markets / Euro SRI / Gems World / Gems World Hedged / Global Consumer Discretionary / Global Quant / Iberia / Italy / Japan Value / US Quant. Bonds: Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR (USD) / Dynarbitrage Forex / Dynarbitrage Forex (USD) / Dynarbitrage Forex Asia Pacific / Dynarbitrage Forex Plus (EUR) / Dynarbitrage Forex Plus (USD) / Dynarbitrage High Yield / Dynarbitrage International / Dynarbitrage Select / Dynarbitrage VaR 4 (EUR) / Dynarbitrage VaR 4 (USD) / Dynarbitrage Volatility / Emerging Markets Debt / Euro 2001 Bond / Euro Select Bond / European Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP) / Swiss Franc Bond / Volatility Equities. For all Sub-Funds authorized in Hong Kong, please note that the shares Classic H, I(2), I(3) (except Sub-Fund Euro Corporate Bond), I(4), I(5), I(7), I(8) are not authorized in Hong Kong. 1. New name of the SICAV replacing that of Crédit Agricole Funds and effective as from 1st July 2007, in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 17 April Nouvelle dénomination de la SICAV remplaçant celle de «Crédit Agricole Funds» et effective à compter du 1er juillet 2007, conformément à la décision prise par les actionnaires dans le cadre de l'assemblée Générale Extraordinaire qui s'est tenue le 17 avril Der Name der SICAV "Crédit Agricole Funds" wird mit Wirkung vom 1. Juli 2007 gemäß der auf der Außerordentlichen Generalversammlung vom 17. April 2007 getroffenen Entscheidung der Aktionäre geändert. 1. La nueva denominación de la SICAV, que sustituye la denominación «Crédit Agricole Funds», está en vigor desde el 1 de julio de 2007 en virtud de la decisión adoptada por los accionistas en el marco de la Asamblea General Extraordinaria que se celebró el 17 de abril de Nuova denominazione della SICAV che sostituisce "Crédit Agricole Funds" con decorrenza dal 1 luglio 2007, in conformità alla decisione adottata dagli azionisti nell'ambito dell'assemblea generale straordinaria del 17 aprile

4 Glossary Lexique / Glossar / Léxico / Lessico ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO Sectors Secteurs Sektoren Sectores Settori Consumer Discretionary Discrétionnaire consommateur Zyklische Konsumgüter A discreción del consumidor Beni di consumo voluttuari Consumer Staples Produits de première nécessité consommateur Basiskonsumgüter Artículos básicos de consumo Beni di consumo essenziali Energy Energie Energie Energía Energia Financials Produits financiers Finanzdienstleistungen Finanzas Finanziari Health Care Soins de santé Gesundheitsversorgung Atención sanitaria Assistenza sanitaria Industrials Industriels Industrie Industria Industriali Information Technology Technologie de l information Informationstechnologie Tecnología de la información IT Materials Matériaux Roh-, Hilfs- und Betriebsstoffe Materiales Materiali Telecommunication Services Service de télécommunication Telekommunikationsdienstleistungen Servicios de telecomunicación Servizi di telecomunicazione Utilities Biens d'utilité publique Versorgung Servicios públicos Servizi pubblici Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoli Transferable securities admitted Valeurs mobilières admises à la cote officielle d une Übertragbare und amtlich notierte Valores negociables admitidos a cotización Valori mobiliari quotati in una borsa to an official stock exchange listing bourse de valeurs Wertpapiere en un mercado oficial valori ufficiale Transferable securities dealt in on another Valeurs mobilières négociées sur un autre Übertragbare, auf anderen Märkten gehandelte Valores negociables cotizados en otros Valori mobiliari negoziati in altri mercati regulated market marché réglementé Wertpapiere mercados regulados regolamentati Other transferable securities Autres valeurs mobilières Sonstige übertragbare Wertpapiere Otros valores negociables Altri valori mobiliari Other debt instruments Autres titres de créances Sonstige Schuldtitel Otros instrumentos de deuda Altri titoli di credito Recently issued transferable securities Valeurs mobilières nouvellement émises Kürzlich emitierte, übertragbare Wertpapiere Valores negociables de reciente émisión Valori mobiliari di nuova emissione Money market instruments Instruments du marché monétaire Geldmarktinstrumente Instrumentos del mercado monetario Strumenti finanziari vari del mercato monetario Derivative instruments Instruments dérivés Derivative Instrumente Instrumentos derivados Strumenti derivati Shares Actions Aktien Acciones Azioni Bonds Obligations Schuldverschreibungen Obligaciones Obbligazioni Convertibles bonds Obligations convertibles Wandelanleihen Bonos convertibles Obbligazioni convertibili Units in Investments Funds Parts de fonds de placement Anteile an Investmentfonds Unidades en Fondos de Inversión Quote di Fondi d investimento ECP, CD, Discount Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes ECP, CD, Discounts Notes Options, Warrants, Rights Options, Bons et Droits de souscription Optionen, Optionsscheine, Bezugsrechte Optiones, Derechos, Derechos especiales Opzioni, warrants e Diritti di opzione Total securities Total Titres Wertpapiervermögen insgesamt Total Valores Totale titoli 2

5 A ARE ARG AUS B BD BG BMU BR CAN CH CHL CHN CI CO CRI CY CYM D DK DOM DZ E EC EE EGY F GB GBZ GR GSY H HK HRV I IM IN IRL IRQ IL IS J JA JSY K KZ L LB LK LT LV MA MAL MEX MNG MUS N NA NG NL NZL P PA PE PK PL PNG PRI QA RC RI RL ROM RP ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO Countries Pays Länder País Paesi Austria United Arab Emirates Argentina Australia Belgium Bangladesh Bulgaria Bermuda Brazil Canada Switzerland Chile China Ivory Coast Colombia Costa Rica Cyprus Cayman Islands Germany Denmark Dominicain Republic Algeria Spain Ecuador Estonia Egypt France United Kingdom Gibraltar Greece Guernsey Island Hungary Hong Kong Croatia Italy Isle of Man India Ireland Iraq Israel Iceland Japan Jamaica Jersey Island South Korea Kazakstan Luxembourg Liberia Sri Lanka Lithuania Lettonia Morocco Malaysia Mexico Mongolia Mauritius Norway The Netherlands Antilles Nigeria The Netherlands New Zealand Portugal Panama Peru Pakistan Poland Papua New Guinea Puerto Rico Qatar Taiwan Indonesia Lebanon Romania Philippines Autriche Emirats Arabes Unis Argentine Australie Belgique Bengladesh Bulgarie Bermudes Brésil Canada Suisse Chili Chine Côte d Ivoire Colombie Costa Rica Chypre Îles Caïmans Allemagne Danemark République Dominicaine Algérie Espagne Equateur Estonie Egypte France Royaume-Uni Gibraltar Grèce Île de Guernesey Hongrie Hong-Kong Croatie Italie Île de Man Inde Irlande Irak Israël Islande Japon Jamaïque Île de Jersey Corée du Sud Kazakhstan Luxembourg Libéria Sri Lanka Lituanie Lettonie Maroc Malaisie Mexique Mongolie Maurice Norvège Antilles Néerlandaises Nigéria Pays-Bas Nouvelle-Zélande Portugal Panama Pérou Pakistan Pologne Nouvelle Guinée-Papouasie Porto Rico Qatar Taiwan Indonésie Liban Roumanie Philippines Österreich Vereinigte Arabische Emirate Argentinien Australien Belgien Bangladesch Bulgarien Bermuda Brasilien Kanada Schweiz Chile China Elfenbeinküste Kolumbien Costa Rica Zypern Kaimaninseln Deutschland Dänemark Dominikanische Republik Algerien Spanien Equator Estland Ägypten Frankreich Vereinigtes Königreich Gibraltar Griechenland Guernsey Ungarn Hongkong Kroatien Italien Man Insel Indien Irland Irak Israel Island Japan Jamaika Jersey Inseln Südkorea Kazakhstan Luxemburg Liberia Sri Lanka Litauen Lettland Marokko Malaysia Mexiko Mongolei Mauritius Norwegen Niederländische Antillen Nigeria Niederlande Neuseeland Portugal Panama Peru Pakistan Polen Papua-Neuguinea Puerto Rico Quatar Taiwan Indonesien Libanon Rumänien Philippinen Austria Emiratos árabes Argentina Australia Bélgica Bangladesh Bulgaria Bermudas Brasil Canadá Suiza Chile China Costa de Marfin Colombia Costa Rica Chipre Islas Caimán Alemania Dinamarca República Dominicana Algeria España Ecuador Estonia Egipto Francia Reino Unido Gibraltar Grecia Isla de Guernesey Hungría Hong Kong Croacia Italia Isla de Man India Irlanda Irak Israel Islandia Japón Jamaica Isla de Jersey Corea del Sur Kazajstán Luxemburgo Liberia Sri Lanka Lithuania Lettonia Marruecos Malasia México Mongolia Mauricio Noruega Antillas holendesas Nigeria Países Bajos Nueva Zelanda Portugal Panamá Perú Pakistan Polonia Papúa y Nueva Guinea Puerto Rico Qatar Taiwán Indonesia Líbano Rumanía Filipinas Austria Emirati Arabi Unit Argentina Australia Belgio Bangladesh Bulgaria Bermuda Brasile Canada Svizzera Cile Cina Costa d'avorio Colombia Costarica Cipro Isole Cayman Germania Danimarca Repubblica Domenicana Algeria Spagna Equatore Estonia Egitto Francia Regno Unito Gibilterra Grecia Isola di Guernesey Ungheria Hong Kong Croazia Italia Isola di Man India Irlanda Iraq Israele Islanda Giappone Giamaica Isola di Jersey Corea del Sud Kazakistan Lussemburgo Liberia Sri Lanka Lituania Lettonia Marocco Malesia Messico Mongòlia Isola di Maurizio Norvegia Antille olandesi Nigeria Paesi Bassi Nuova Zelanda Portogallo Panama Perù Pakistan Polonia Nuova Guinea e Papua Porto Rico Qatàr Taiwan Indonesia Libano Romania Filippine 3

6 Glossary Lexique / Glossar / Léxico / Lessico RSA RUS S SA SF SGP SLV SUP SVK SVN T TCH TN TUR UA USA UY VG VEN VN ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO Countries Pays Länder País Paesi South Africa Russia Sweden Saudi Arabia Finland Singapore El Salvador Supranational Slovakia Slovenia Thailand Czech Republic Tunisia Turkey Ukraine United States of America Uruguay British Virgin Islands Venezuela Vietnam Afrique du Sud Russie Suède Arabie Saoudite Finlande Singapour El Salvador Supranational Slovaquie Slovénie Thaïlande République tchèque Tunisie Turquie Ukraine Etats-Unis d'amérique Uruguay Iles Vierges britanniques Vénézuela Vietnam Südafrika Russland Schweden Saudi Arabien Finnland Singapur El Salvador Supranational Slowakei Slowenien Thailand Tschechische Republik Tunesien Türkei Ukraine Vereinigte Staaten von Amerika Uruguay Britische Jungfern-Inseln Venezuela Vietnam Sudáfrica Rusia Suecia Arabia Saudita Finlandia Singapur El Salvador Supranacional Eslovaquia Eslovenia Tailandia República Checa Tunicia Turquía Ukrainia Estados Unidos de América Uruguay Islas Vírgenes Británicas Venezuela Vietnam Sud Africa Russia Svezia Arabia Saudita Finlandia Singapore El Salvador Multinazionali Slovacchia Slovenia Tailandia Repubblica Ceca Tunisia Turchia Ucraina Stati Uniti d America Uruguay Isole Vergini Britanniche Venezuela Vietnam 4

7 Table of contents Tables des matières / Inhaltsverzeichnis / Indice / Indice ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO Glossary Lexique Glossar Léxico Lessico 2-4 Management and Gestion et Management und Gestión y Gestione e Administration Administration Verwaltung Administración Amministrazione 7-11 Changes in investment Changement des gestionnaires Veränderungen der Modificación de los Modificazione dei managers en investissements Anlageverwalter gestores de inversiones gestori degli investimenti 12 Chairman s report Rapport du Président Bericht des Informe del Presidente Relazione del presidente Vorsitzenden Securities Portfolios Portefeuille-titres Wertpapierbestand Cartera de Valores Portafoglio titoli Equities Actions Aktien Renta Variable Azioni Aqua Global Aqua Global Aqua Global Aqua Global Aqua Global 18 ASEAN New Markets ASEAN New Markets ASEAN New Markets ASEAN New Markets ASEAN New Markets Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant Asian Growth Asian Growth Asian Growth Asian Growth Asian Growth Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance Asian Renaissance Emerging Europe Emerging Europe Emerging Europe Emerging Europe Emerging Europe Emerging Markets Emerging Markets Emerging Markets Emerging Markets Emerging Markets Euro Quant (1) Euro Quant (1) Euro Quant (1) Euro Quant (1) Euro Quant (1) Euro SRI Euro SRI Euro SRI Euro SRI Euro SRI Europe Equities Europe Equities Europe Equities Europe Equities Europe Equities Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies Gems World Gems World Gems World Gems World Gems World Gems World Hedged Gems World Hedged Gems World Hedged Gems World Hedged Gems World Hedged Global Consumer Global Consumer Global Consumer Global Consumer Global Consumer Discretionary Discretionary Discretionary Discretionary Discretionary Global Equities Global Equities Global Equities Global Equities Global Equities Global Finance Global Finance Global Finance Global Finance Global Finance Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare Global Quant (2) Global Quant (2) Global Quant (2) Global Quant (2) Global Quant (2) Global Resources & Industry Global Resources & Industry Global Resources & Industry Global Resources & Industry Global Resources & Industry Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom Greater China Greater China Greater China Greater China Greater China 63 Iberia Iberia Iberia Iberia Iberia 64 India India India India India 65 Italy Italy Italy Italy Italy 66 Japan Growth (3) Japan Growth (3) Japan Growth (3) Japan Growth (3) Japan Growth (3) Japan Quant (4) Japan Quant (4) Japan Quant (4) Japan Quant (4) Japan Quant (4) 69 Japan Value Japan Value Japan Value Japan Value Japan Value 70 Korea Korea Korea Korea Korea 71 Latin America Equities Latin America Equities Latin America Equities Latin America Equities Latin America Equities Switzerland Switzerland Switzerland Switzerland Switzerland 74 Thailand Thailand Thailand Thailand Thailand 75 United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom 76 US Opportunities US Opportunities US Opportunities US Opportunities US Opportunities 77 US Quant (5) US Quant (5) US Quant (5) US Quant (5) US Quant (5) USA USA USA USA USA (1) New name of the Sub-Fund replacing that of Eurostocks and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June (2) New name of the Sub-Fund replacing that of Global Smaller Companies and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 23 October (3) New name of the Sub-Fund replacing that of Japan and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June (4) New name of the Sub-Fund replacing that of Japan Smaller Companies and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June (5) New name of the Sub-Fund replacing that of US Smaller Companies and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 23 October (1) Nouvelle dénomination du compartiment remplaçant celle de Eurostocks et effective à compter du 15 décembre 2006, conformément à la décision prise par le Conseil d'administration le 15 juin (2) Nouvelle dénomination du compartiment remplaçant celle de Global Smaller Companies et effective à compter du 15 décembre 2006, conformément à la décision prise par le Conseil d'administration le 23 octobre (3) Nouvelle dénomination du compartiment remplaçant celle de Japan et effective à compter du 15 décembre 2006, conformément à la décision prise par le Conseil d'administration le 15 juin (4) Nouvelle dénomination du compartiment remplaçant celle de Japan Smaller Companies et effective à compter du 15 décembre 2006, conformément à la décision prise par le Conseil d'administration le 15 juin (5) Nouvelle dénomination du compartiment remplaçant celle de US Smaller Companies et effective à compter du 15 décembre 2006, conformément à la décision prise par le Conseil d'administration le 23 octobre (1) Der Name des Teilfonds Eurostocks wird mit Wirkung vom 15. Dezember 2006 gemäß der vom Verwaltungsrat vom 15. Juni 2006 getroffenen Entscheidung geändert. (2) Der Name des Teilfonds Global Smaller Companies wird mit Wirkung vom 15. Dezember 2006 gemäß der vom Verwaltungsrat vom 23. Oktober 2006 getroffenen Entscheidung geändert. (3) Der Name des Teilfonds Japan wird mit Wirkung vom 15. Dezember 2006 gemäß der vom Verwaltungsrat vom 15. Juni 2006 getroffenen Entscheidung geändert. (4) Der Name des Teilfonds Japan Smaller Companies wird mit Wirkung vom 15. Dezember 2006 gemäß der vom Verwaltungsrat vom 15. Juni 2006 getroffenen Entscheidung geändert. (5) Der Name des Teilfonds US Smaller Companies wird mit Wirkung vom 15. Dezember 2006 gemäß der vom Verwaltungsrat vom 23. Oktober 2006 getroffenen Entscheidung geändert. (1) La nueva denominación del subfondo, que sustituye la denominación «Eurostocks», está en vigor desde el 15 de diciembre de 2006 en virtud de la decisión adoptada en el marco de la Consejo de administración que se celebró el 15 de junio de (2) La nueva denominación del subfondo, que sustituye la denominación «Global Smaller Companies», está en vigor desde el 15 de diciembre de 2006 en virtud de la decisión adoptada en el marco de la Consejo de administración que se celebró el 23 de octubre de (3) La nueva denominación del subfondo, que sustituye la denominación «Japan», está en vigor desde el 15 de diciembre de 2006 en virtud de la decisión adoptada en el marco de la Consejo de administración que se celebró el 15 de junio de (4) La nueva denominación del subfondo, que sustituye la denominación «Japan Smaller Companies», está en vigor desde el 15 de diciembre de 2006 en virtud de la decisión adoptada en el marco de la Consejo de administración que se celebró el 15 de junio de (5) La nueva denominación del subfondo, que sustituye la denominación «US Smaller Companies», está en vigor desde el 15 de diciembre de 2006 en virtud de la decisión adoptada en el marco de la Consejo de administración que se celebró el 23 de octubre de (1) Nuova denominazione delle comparto che sostituisce Eurostocks con decorrenza dal 15 dicembre 2006, in conformità alla decisione adottata dagli azionisti nell'ambito delle Consiglio di Amministrazione del 15 giugno (2) Nuova denominazione delle comparto che sostituisce Global Smaller Companies con decorrenza dal 15 dicembre 2006, in conformità alla decisione adottata dagli azionisti nell'ambito delle Consiglio di Amministrazione del 23 ottobre (3) Nuova denominazione delle comparto che sostituisce Japan con decorrenza dal 15 dicembre 2006, in conformità alla decisione adottata dagli azionisti nell'ambito delle Consiglio di Amministrazione del 15 giugno (4) Nuova denominazione delle comparto che sostituisce Japan Smaller Companies con decorrenza dal 15 dicembre 2006, in conformità alla decisione adottata dagli azionisti nell'ambito delle Consiglio di Amministrazione del 15 giugno (5) Nuova denominazione delle comparto che sostituisce US Smaller Companies con decorrenza dal 15 dicembre 2006, in conformità alla decisione adottata dagli azionisti nell'ambito delle Consiglio di Amministrazione del 23 ottobre

8 Table of contents Tables des matières / Inhaltsverzeichnis / Indice / Indice ENGLISH FRANÇAIS DEUTSCH ESPAÑOL ITALIANO Securities Portfolios Portefeuille-titres Wertpapierbestand Cartera de Valores Portafoglio titoli Bonds Obligations Schuldverschreibungen Bono Obbligazioni Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation 82 Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) 86 Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) 87 Asian Income Asian Income Asian Income Asian Income Asian Income Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex 90 Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) 91 Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific 92 Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) 93 Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) 94 Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage International Dynarbitrage International Dynarbitrage International Dynarbitrage International Dynarbitrage International 98 Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select 99 Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) 104 Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt 107 Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond 108 Euro Bond Euro Bond Euro Bond Euro Bond Euro Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond 114 Euro Select Bond Euro Select Bond Euro Select Bond Euro Select Bond Euro Select Bond 115 European Bond European Bond European Bond European Bond European Bond 116 European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond European Convertible Bond European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond European High Yield Bond Global Bond Global Bond Global Bond Global Bond Global Bond LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) 124 LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) 125 Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond 126 US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond US Dollar Bond 127 Volatility Equities Volatility Equities Volatility Equities Volatility Equities Volatility Equities 128 Reserve Réserve Geldmarktnahe Reserva Risèrva Euro Reserve Euro Reserve Euro Reserve Euro Reserve Euro Reserve 129 USD Reserve USD Reserve USD Reserve USD Reserve USD Reserve 130 Accounts Etats Finanzausweise Cuentas Bilanci Statement of Net Assets Etat des Actifs Nets Nettovermögensaufstellung Estado de Activos Netos Stato Patrimoniale Netto Statement of operations Etat des opérations et des Ertrags- und Aufwands- Balance de operaciones y Prospetto delle operazioni and changes in Net Assets variations des Actifs Nets rechnung und Veränderungen las variaciones en Activos e delle variazioni del des Nettoinventarwerts Netos Patrimonio Netto Notes to the Financial Notes aux états financiers Erläuterungen zum Nota sobre las cuentas Note integrative al Statements Halbjahresbericht bilancio Independent Auditor s Report Rapport du réviseur d entreprises Bericht des Abschlussprüfers Informe de los auditores Relazione del revisore dei conti Report of the Custodian Rapport de la banque dépositaire Bericht der Depotbank Informe del banco depósito Rilazione della banca depositaria 339 Notices and Reports Avis et rapports Bekanntmachungen und Avisos e informes Comunicazioni e 340 Berichte relazioni Total Expense Ratio Total Expense Ratio Total Expense Ratio Total Expense Ratio Total Expense Ratio Additional Information Informations complémentaires Zusätzliche Informationen Información adicional Informazioni supplementari 345 6

9 Management and Administration Gestion et Administration / Management und Verwaltung / Gestión y Administración / Gestione e Amministrazione Registered office Siège social Sitz Sede social Sede sociale 5, Allée Scheffer, L-2520 Luxembourg Management company Société de gestion Verwaltungsgesellschaft Sociedad gestora Società di gestione Crédit Agricole Asset Management Luxembourg S.A. 5, Allée Scheffer, L-2520 Luxembourg Board of Directors Conseil d administration Verwaltungsrat Consejo de administración Consiglio di Amministrazione Chairman Président Vorsitzender Presidente Presidente Vice-Chairman Vice Président Vize Vorsitzender Vice Presidente Vice Presidente Directors Administrateurs Mitglieder des Verwaltungsrates Consejeros Amministratori Mr Alain Massiera, Managing Director, Crédit Agricole (Suisse) S.A. Mr Paul Henri de la Porte du Theil, Deputy Chief Executive Officer Crédit Agricole Asset Management, Paris Mr Bruno de Felcourt, Independent Adviser Mr Francis Candylaftis, Managing Director, Crédit Agricole Asset Management SGR S.p.A., Milan Until / jusqu'au / bis zum / hasta el / fino al 22/06/07 Mr Bruno Calmettes, Central Manager, Marketing and Wealth Management, Banque de Gestion Privée Indosuez, Paris Mr Etienne Clément, Deputy Chief Executive Officer, Head of Sales & Marketing Departments, CPR Asset Management, Paris Mr Michel Escalera, Chief Executive Officer, Crédit Agricole Asset Management Distribución Agencia de Valores, Madrid Mr Gérard Griseti, Senior Vice President, Crédit Foncier de Monaco, Monaco Mr Gilles Martinengo, Head of Marketing & Investment Departments, Crédit Agricole (Suisse) S.A., Switzerland Mr Saverio Perissinotto, Co-General Manager Banca Intesa Private Banking S.p.A., Milan Until / jusqu'au / bis zum / hasta el / fino al 19/01/07 7

10 Management and Administration Gestion et Administration / Management und Verwaltung / Gestión y Administración / Gestione e Amministrazione Mr Jean-François Pinçon, Head of International Business Development, Crédit Agricole Asset Management, Paris Mr Michel de Robillard, Member of the Executive Committee Crédit Agricole Luxembourg S.A., Luxembourg Mr Philippe Zaouati, Head of Marketing, Crédit Agricole Asset Management, Paris As from / à partir du / seit dem / a partir del / dal 05/10/06 Until / jusqu'au / bis zum / hasta el / fino al 31/05/07 Mrs Christine Moser, Head of Sales France, Crédit Agricole Asset Management, Paris As from / à partir du / seit dem / a partir del / dal 22/06/07 Mr Gabriele Tavanazzani, Head of Sales & Marketing Department, Crédit Agricole Asset Management SGR S.p.A. As from / à partir du / seit dem / a partir del / dal 22/06/07 General Managers Managers généraux Geschäftsführer Gerentes generales Direttori Generali Mr Guillaume Abel, Head of Client Servicing, Crédit Agricole Asset Management, Paris Mr Philippe Zaouati, Head of Marketing, Crédit Agricole Asset Management, Paris Until / jusqu'au / bis zum / hasta el / fino al 20/11/06 Mr Dominique Couasse, General Manager, Crédit Agricole Asset Management Luxembourg S.A., Luxembourg As from / à partir du / seit dem / a partir del / dal 20/11/06 Custodian Banque dépositaire Depotbank Depositario Banca depositaria CACEIS Bank Luxembourg 5, Allée Scheffer, L-2520 Luxembourg Administrative agent Agent administratif Verwaltungsstelle Agente de Administracion Agente amministrativo CACEIS Bank Luxembourg 5, Allée Scheffer, L-2520 Luxembourg Investment managers Gestionnaires en investissements Anlageverwalter Gestores de inversiones Gestori degli investimenti Crédit Agricole Asset Management 90, boulevard Pasteur, Paris, France Crédit Agricole Asset Management Hong Kong Ltd 1, Exchange Square, Central Hong Kong 8

11 Crédit Agricole Asset Management Japan Ltd 1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo Japan As from / à partir du / seit dem / a partir del / dal 15/12/06 Crédit Agricole Asset Management SGR S.p.A. 21, Via Brera, Milan, Italy Crédit Agricole Asset Management Fondos S.A., S.G.I.I.C. 1, Paseo de la Castellana, Madrid, Spain Crédit Agricole (Suisse) S.A. 4, quai Général Guisan, 1204 Geneva, Switzerland Emerging Markets Management 1001, 19th Street North, 16th Floor, Arlington, Virginia USA Integral Development Asset Management 166, rue de Rivoli, F Paris, France As from / à partir du / seit dem / a partir del / dal 15/12/06 CPR Asset Management 10, place des Cinq Martyrs du lycée Buffon F Paris, France Resona Trust & Banking Company Ltd 1-2, Otemachi 1-Chome, Chiyoda-ku, Tokyo Japan Crédit Agricole Asset Management (CAAM) London Branch 41 Lothbury, London EC2R 7HF, United Kingdom As from / à partir du / seit dem / a partir del / dal 30/06/06 Investment sub-managers Sous-gestionnaires en investissements Unteranlageverwalter Subgestores de inversiones Sub-gestori degli investimenti Victory Capital Management Inc. 127 Public Square, 20th Floor Cleveland, OH , USA Crédit Agricole Asset Management Singapore Ltd 168, Robinson Road #22-03, Capital Tower, Singapore As from / à partir du / seit dem / a partir del / dal 03/07/06 Auditor of the Fund Réviseur d entreprises du fonds Abschlussprüfer des Fonds Auditor del fondo Revisori dei conti del fondo PricewaterhouseCoopers S.à r.l. Réviseur d entreprises 400 route d Esch, L-1471 Luxembourg Legal Advisers Conseillers juridiques Rechtsberater Asesores juridicos Consulenti legali Linklaters Loesch 4, rue Carlo Hemmer L-1011 Luxembourg 9

12 Management and Administration Gestion et Administration / Management und Verwaltung / Gestión y Administración / Gestione e Amministrazione Paying and Information Agent in Austria Agent payeur et agent d information en Autriche Zahl- und Informationsstelle in Österreich Agente de pagamento y de información en Austria Agente per i pagamenti e Agente per le informazioni in Austria Meinl Bank A.G. Bauernmarkt 2, 1014 Vienna, Austria Financial Agent in Belgium Agent Financier en Belgique Finanzdienste in Belgien Servicio Financiero en Bélgica Servizio Finanziario in Belgio Fund Administration Service and Technology Network Belgium Avenue du Port / Havenlaan 86 C/320, B-1000 Brussels, Belgium Centralizing Agent in France Correspondent Central en France Unternehmenspartner in Frankreich Corresponsal Central en Francia Banco Corrispondente Centrale in Francia CACEIS Bank 1/3, place Valhubert, F Paris Cedex 13, France Legal Representative in Germany Représentant juridique en Allemagne Rechtsvertreter in Deutschland Representante juridico en Alemania Rappresentante legale in Germania LINKLATERS OPPENHOFF & RÄDLER Mainzer Landstrasse 16 D Frankfurt am Main Paying and Information Agent in Germany Agent payeur et agent d information en Allemagne Zahl- und Informationsstelle in Deutschland Agente de pagamento y de información en Alemania Agente per i pagamenti e Agente per le informazioni in Germania Marcard, Stein & Co. GmbH & Co. KG Ballindam 36, Hamburg Paying Agent in Greece Agent Payeur en Grèce Zahlstelle in Griechenland Agente de pagamento en Grecia Agente per i pagamenti in Grecia Emporiki Bank of Greece 11 Sofokleous Str., Athens, Greece Representative in Greece Représentant en Grèce Vertreter in Griechenland Representante en Grecia Rappresentante in Grecia Emporiki Asset Management M.F.M.C. 45, Mitropoleos Street, Athens, Greece 10

13 Representative in Hong Kong Représentant à Hong-Kong Vertreter in Hongkong Representante en Hong Kong Rappresentante in Hong Kong Crédit Agricole Asset Management Hong Kong Ltd 26th Floor, 1, Exchange Square Central Hong Kong Representative in The Netherlands Représentant aux Pays-Bas Vertreter in der Niederlande Representante en Países Bajos Rappresentante in Paesi Bassi Fund Administration Service and Technology Network Netherlands De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands Representative in Spain Représentant en Espagne Vertreter in Spanien Representante en España Rappresentante in Spagna Crédit Agricole Asset Management Fondos S.A., S.G.I.I.C. Paeso de la Castellana 1, Madrid, Spain Representative in Switzerland Représentant en Suisse Vertreter in der Schweiz Representante en Suiza Rappresentante in Svizzera Crédit Agricole (Suisse) S.A. 4 Quai Général Guisan CH-1204, Geneva, Switzerland 11

14 Changes in investment managers Changement des gestionnaires en investissements / Veränderungen der Anlageverwalter Modificación de los gestores de inversiones / Modificazione dei gestori degli investimenti Sub-funds Manager Change Effective date Compartiments Gestionnaire Changement Date effective Teilfonds Verwalter Veränderung Datum Subfondos Gestores Modificación Fecha efectiva Comparti Gestori Modificazione Data effettiva CAAM Funds Global Finance - CAAM London 15/12/06 CAAM Funds US Quant (previously CAAM Funds US Smaller Companies) - CPR AM 15/12/06 CAAM Funds Global Quant (previously CAAM Funds Global Smaller Companies) - CPR AM 15/12/06 CAAM Funds Japan Quant (previously CAAM Funds Japan Smaller Companies) - CPR AM 15/12/06 CAAM Funds Japan Growth (previously CAAM Funds Japan) - CAAM Japan 15/12/06 New Sub-Funds / Nouveaux Compartiments/ Neue Teilfonds / Subfondos / Comparti CAAM Funds Dynarbitrage High Yield CAAM - 08/12/06 CAAM Funds Dynarbitrage Select CAAM - 08/12/06 CAAM Funds Gems World CAAM - 19/04/07 CAAM Funds Volatility Equities CAAM - 13/11/06 CAAM Funds Dynarbitrage Forex (USD) CAAM London - 31/07/06 CAAM Funds Gems World Hedged CAAM London - 19/04/07 CAAM Funds Dynarbitrage VaR 4 (USD) CAAM London - 15/12/06 CAAM Funds LDI Index Linked Plus (GBP) CAAM London - 23/10/06 CAAM Funds LDI Gilt Plus (GBP) CAAM London - 23/10/06 CAAM Funds Dynarbitrage International CAAM London - 19/04/07 CAAM Funds Aqua Global IDEAM - 15/12/06 CAAM Funds Euro SRI IDEAM - 15/12/06 CAAM Funds ASEAN New Markets CAAM Hong Kong - 19/04/07 CAAM Funds Dynarbitrage Forex Asia Pacific CAAM Hong Kong - 31/07/06 CAAM Funds Asia Pacific Quant CPR AM - 14/11/06 Sub-Managers / Sous-gestionnaires / Unteranlagerverwalter / Subgestores / Sub-gestori CAAM Funds ASEAN New Markets CAAM Singapore - 03/07/06 CAAM Funds Asian Income CAAM Singapore - 03/07/06 CAAM Funds Thailand CAAM Singapore - 03/07/06 CAAM Funds Dynarbitrage Forex Asia Pacific CAAM Singapore - 31/07/06 12

15 Chairman s report at 30 June 2007 ECONOMIC AND FINANCIAL ENVIRONMENT World growth has remained steady owing to the dynamism of Europe and Asia. The US economy, now under the effects of the real estate market correction, is still below long-term trends. WORLD GROWTH Driven by the sharp correction suffered by the real estate market, which had an impact on household spending, the US economy went into a slowdown in Growth fell below long-term levels, a trend which consolidated at the beginning of However, strong consumer spending has limited the consequences of the real estate crisis on the rest of the economy. Good performance of leading indicators in the second quarter of 2007 would point to a rebound in US economic activity. Pushed by domestic demand, the Eurozone continued to register sustained growth in the second half of In the first quarter of 2007, economic indicators stayed positive, confirming the robustness of economic growth. The reactivation of the Eurozone is still being driven by Germany, which is back in its role of locomotive. France, on the other hand, is still at below-average activity levels, hurt by weak exports. The European Central Bank (ECB) has continued the upward cycle in interest rates it began in December 2005, with the refinancing rate at 4% in June The year 2006 confirmed the rebound in the Japanese economy. The first quarter of 2007 confirmed the trend with first quarter Gross Domestic Product (GDP) figures revised upwards from 0.6 to 0.8% (on the heels of a 1.2% for the fourth quarter of 2006) owing to the strong upwards correction in private investment. The gradual recovery from the deflation period has led the Bank of Japan to give up its zero interest rate policy. The Japanese central bank has raised by 25 bp its basic interest rate for the second time up to 0.50%. Emerging markets have continued to show solid growth rates, driven by the strength of the world economy, rising raw materials prices and their own improvements in fundamentals. Emerging Asia, particularly China and India, have continued to show impressive dynamism. Perspectives for a reactivation of growth in the US, along with the strength of economic activity in Europe, revived inflationary fears in the middle of the first half of Investors have given up hope of an interest rate cut by the Fed during the year, and they have revised upwards their projections for shortterm rates in Europe. This environment has caused a sharp rise in long-term rates. Source: Datastream TRENDS IN MAIN EQUITY MARKETS Short-Term Rates Long-Term Rates (3 months) (10- year goverment bonds) 30/06/ 29/06/ Deviation 30/06/ 29/06/ Deviation in Basic in Basic points points United States Japan Eurozone United Kingdom Hope for a soft landing in the US economy and the continuing prospects for positive growth in Europe and emerging countries have driven up equity markets, which have also benefited from intense Mergers and Acquisitions (M&A) activity. Equity markets closed 2006 up for the fourth consecutive year. Stock exchanges have continued to be bullish and started 2007 with continuous rises. The situation suddenly turned around in the last few days of February, when all stock markets underwent a heavy correction. Markets began to bounce back in mid-march, driven by the recovery of macroeconomic forecasts in the US, upward revisions of earnings forecasts and an environment still favourable to M&A activity. The rally subsided in June because of the sharp rise in long-term rates and the worries caused by the subprime mortgage market in the US. Nevertheless, equity markets closed the first half of 2007 up. GDP Inflation MAIN EQUITY MARKETS Source: Crédit Agricole S.A. (p) forecasts TRENDS IN INTEREST RATES (p) 2008(p) (p) 2008(p) United States Eurozone United Kingdom Japan Since August 2006, the Federal Reserve has set aside its cycle of monetary adjustment and maintained its interest rate for federal funds unchanged at 5.25%. The ECB has continued the cycle of raising interest rates begun in December In June 2007 it increased the repo rate by 25 bp, which now stands at 4.00%. The Bank of Japan has abandoned its zero interest rate policy, having raised its basic interest rate twice since 2006, and it now stands at 0.50%. The end of the US monetary tightening triggered a substantial drop in longterm rates in the US, a trend which lasted until the end of November. The robustness of economic data, with the subsequent fading of hopes for a quick cut of short-term rates, generated pressures in December on fixed income rates, which closed down, however, in the second half of European fixed income markets have partially participated in the US rally, in spite of the divergence of cycles on either side of the Atlantic. * net dividends reinvested Source: Datastream Luxembourg, 30 October 2007 Alain Massiera Chairman of the Board of Directors Variation in Variation 30/06/ /06/2007 local currency in EUR United States (S&P 500 Composite) % 12.06% Eurozone (MSCI Emu)* % 29.36% Europe (Dow Jones Stoxx 50)* % 26.31% Japan (Tokyo SE Topix) % -2.03% France (SBF 120)* % 25.75% Germany (Dax 30) % 40.89% Spain (IBEX 35) % 28.96% United Kingdom (FT 100) % 16.34% The information and statistics contained in this report are presented for historical purposes only and are not indicative of future performance. 13

16 Rapport du Président au 30 juin 2007 ENVIRONNEMENT ECONOMIQUE ET FINANCIER La croissance mondiale est restée robuste, grâce au dynamisme de l Europe et de l Asie. L économie américaine a continué à évoluer au-dessous de son potentiel, sous l effet de la correction du marché immobilier. LA CROISSANCE DANS LE MONDE L économie américaine est entrée dans une phase de ralentissement en 2006, sous l impulsion de la correction brutale du marché immobilier qui s est répercutée sur les dépenses des ménages. La croissance est descendue au-dessous de son rythme potentiel et la tendance s est confirmée en début Toutefois, la fermeté de la consommation a limité l impact de la crise immobilière sur le reste de l activité. La bonne tenue des statistiques au cours du deuxième trimestre 2007, laisse présager un rebond de l activité américaine. La zone Euro a continué à afficher une croissance soutenue, tirée par la demande interne au second semestre Au premier semestre 2007, les statistiques économiques ont continué à être bien orientées, confirmant la robustesse de l activité. La reprise de la zone Euro est toujours tirée par l Allemagne qui a retrouvé son rôle de locomotive. En revanche, la France fait moins bien que la moyenne, pénalisée par la faiblesse des exportations. La Banque Centrale Européenne (BCE) a poursuivi son cycle de hausse de taux entamé en décembre 2005 pour porter son taux de refi à 4% en juin L année 2006 a confirmé l amélioration de l économie japonaise. Le premier semestre de 2007 confirme cette tendance avec les chiffres de la croissance du Produit Intérieur Brut (PIB) au premier trimestre qui ont été révisés de 0,6 à 0,8% (après 1,2% au T4 2006) en raison de la forte correction à la hausse de l investissement privé. La sortie graduelle de la déflation a conduit la Banque du Japon à mettre fin à sa politique des taux zéro. En février 2007, la Banque du Japon a augmenté pour la deuxième fois en un an son taux directeur (+25 points de base à 0,50 %). Les pays émergents ont continué à afficher des taux de croissance robustes, soutenus par la vigueur de l économie mondiale, la hausse des prix des matières premières et l amélioration des fondamentaux domestiques. L Asie émergente, et en particulier la Chine et l Inde, ont continué à faire preuve d un dynamisme impressionnant. PIB Source: Crédit Agricole S.A. (p) prévisions L EVOLUTION DES TAUX D INTERET Inflation (p) 2008(p) (p) 2008(p) Etats-Unis 3,3 2,0 2,8 3,2 2,6 2,3 Zone Euro 2,9 2,7 2,3 2,2 2,0 2,0 Royaume-Uni 2,8 2,8 2,2 2,3 2,5 2,2 Japon 2,2 2,5 2,1 0,1 0,0 0,5 Depuis août 2006, la Réserve fédérale a interrompu son cycle de resserrement monétaire et a maintenu le taux des fonds fédéraux inchangés à 5,25 %. La BCE a poursuivi son cycle de hausse de taux entamé en décembre Le taux repo a été relevé de 25 points de base en juin pour atteindre maintenant 4,00%. La Banque du Japon a mis fin à sa politique des taux zéro, remontant son taux directeur par deux fois depuis 2006 pour le porter à 0,50 %. Le coup d arrêt à la politique de resserrement monétaire américain a déclenché une détente significative des taux longs outre-atlantique jusqu à la fin novembre. En décembre, la fermeté des données économiques, amenuisant les espoirs d une baisse rapide des taux courts, ont engendré des tensions sur les rendements obligataires qui ont toutefois clôturé le second semestre 2006 en repli. Le marché obligataire Européen a partiellement participé au rally américain en dépit de la divergence conjoncturelle de part et d autre de l Atlantique. Au milieu du premier semestre 2007, la perspective d un redémarrage de la croissance aux Etats-Unis, conjuguée à la vigueur de l activité en Europe, a ravivé des craintes inflationnistes. Les investisseurs ont abandonné l idée d une baisse de taux de la Réserve fédérale aux Etats-Unis cette année et ont révisé à la hausse leurs prévisions de taux courts en Europe. Cet environnement a entraîné une vive remontée des taux longs. Source: Datastream L EVOLUTION DES PRINCIPAUX MARCHES D ACTIONS Les espoirs d un atterrissage en douceur de l économie américaine et le maintien des perspectives de croissance favorables en Europe et dans les pays émergents ont dopé des actions, qui ont également bénéficié d une activité intense de fusions et acquisitions. Fin 2006, les marchés actions ont enregistré leur quatrième année de hausse consécutive. Les marchés actions ont continué sur leur lancée en démarrant l année 2007 sur les chapeaux de roue. La situation s est brusquement inversée dans les derniers jours de février quand toutes les places boursières ont subi une correction brutale. A partir de la mi-mars les marchés sont repartis à la hausse, portés par le redressement des anticipations macro-économiques outre- Atlantique, les révisions à la hausse des estimations de bénéfices et le maintien d un climat très propice aux fusions et acquisitions. Ce rally s est essoufflé en juin en raison de la vive remontée des taux longs et des inquiétudes suscitées par les problèmes liés au marché des crédits hypothécaires à risque aux Etats-Unis. Toutefois, les marchés actions ont clôturé le premier semestre 2007 en hausse sensible. * dividendes nets réinvestis Source: Datastream Luxembourg, le 30 octobre 2007 Alain Massiera Président du Conseil d Administration Evolution des taux Evolution des taux d intérêt à court terme d intérêt à long terme (3 mois) (Emprunts d Etat à 10 ans) 30/06/ 29/06/ Ecart en 30/06/ 29/06/ Ecart en points de points de base base Etats-Unis 5,43 5,34-9 5,14 5,03-10 Japon 0,35 0, ,91 1,87-4 Zone Euro 3,06 4, ,08 4,62 54 Royaume-Uni 4,70 5, ,72 5,46 74 PRINCIPAUX MARCHES D ACTIONS 30/06/ /06/2007 Variation en Variation devise locale en Euro Etats-Unis (S&P 500 Composite) 1270,2 1503,35 18,36% 12,06% Euroland (MSCI Emu)* 238, ,26 29,36% 29,36% Europe (Dow Jones Stoxx 50)* 5216,5 6588,953 26,31% 26,31% Japon (Tokyo SE Topix) 1586, ,88 11,84% -2,03% France (SBF 120)* 4911, ,51 25,75% 25,75% Allemagne (Dax 30) 5683, ,32 40,89% 40,89% Espagne (IBEX 35) 11548, ,96% 28,96% Royaume-Uni (FT 100) 5833, ,9 13,28% 16,34% Les informations et les chiffres de ce rapport sont donnés à titre historique et ne sont pas indicatifs des résultats futurs. 14

17 Bericht des Vorsitzenden zum 30. Juni 2007 WIRTSCHAFTS- UND MARKTUMFELD Dank der starken Dynamik in Europa und Asien setzte sich das solide Wachstum der Weltwirtschaft im Berichtszeitraum fort. Die US-Volkswirtschaft blieb jedoch wegen der Korrektur am Immobilienmarkt hinter ihrem Potenzial zurück. WELTWEITES WACHSTUM Im Jahr 2006 setzte für die US-Wirtschaft eine Phase mit langsamerem Wachstum ein, die vor allem der drastischen Korrektur am Immobilienmarkt und deren Auswirkungen auf die Verbraucherausgaben zuzuschreiben ist. In der Folge blieb das Wachstum hinter dem Potenzial zurück, ein Trend, der sich Anfang 2007 festigte. Wegen des anhaltend soliden Verbrauchs hielten sich die Auswirkungen der Immobilienkrise auf den Rest der Wirtschaft zunächst in Grenzen. Starke Zahlen im 2. Quartal 2007 deuteten zudem eine Erholung der US-Konjunktur an. Erneut mit solidem Wachstum konnte die Eurozone aufwarten, das sie vor allem der Binnennachfrage im 2. Halbjahr 2006 verdankte. Auch im 1. Halbjahr 2007 hatten die guten Wirtschaftszahlen weiter Bestand und bestätigen damit den Positivtrend. Angeführt wird dieser von Deutschland, das seine Rolle als treibende Kraft in der Eurozone wieder gefunden hat. Frankreich hingegen bleibt vor allem wegen des schwachen Exports hinter dem Durchschnitt zurück. Im Berichtszeitraum setzte die Europäische Zentralbank (EZB) ihre im Dezember 2005 begonnene Straffungspolitik fort, und Ende Juni 2007 betrug der Refinanzierungssatz 4% mehrten sich auch die Anzeichen für eine Besserung der Wirtschaftslage in Japan. Dieser Trend bestätigte sich im 1. Halbjahr 2007 mit Bruttoinlandsprodukt (BIP)-Wachstumszahlen zum 1. Quartal, die von 0,6% auf 0,8% (nach 1,2% im 4. Quartal 2006) nach oben revidiert wurden. Besonderen Anteil hieran hatten die deutlich höheren privaten Investitionen. Schritt für Schritt lässt die Wirtschaft die Deflation hinter sich, was es der Bank von Japan ermöglichte, ihre Nullzinspolitik aufzugeben. Im Februar 2007 hob sie zum zweiten Mal in einem Jahr den Leitzins um 25 Basispunkte auf 0,50% an. Auch weiterhin erzielten die Schwellenländer solide Wachstumszahlen, beflügelt durch die starke Weltwirtschaft, steigende Rohstoffpreise und bessere inländische Fundamentaldaten. Die aufstrebenden Länder Asiens, allen voran China und Indien, setzten derweil ihre beeindruckende Wachstumsdynamik fort. Quelle: Crédit Agricole S.A., (P) Prognose] ZINSENTWICKLUNG BIP Inflation (p) 2008(p) (p) 2008(p) USA 3,3 2,0 2,8 3,2 2,6 2,3 Eurozone 2,9 2,7 2,3 2,2 2,0 2,0 Großbritannien 2,8 2,8 2,2 2,3 2,5 2,2 Japan 2,2 2,5 2,1 0,1 0,0 0,5 Im August 2006 unterbrach die US-Notenbank ihren Straffungszyklus und hat seitdem das Zinsniveau von 5,25% unverändert beibehalten. Im Berichtszeitraum setzte die EZB ihre im Dezember 2005 begonnenen Zinserhöhungen fort. Im Juni 2007 erfolgte die letzte Anhebung, sodass der Refinanzierungssatz nun bei 4,00% liegt. Derweil beendete die Bank von Japan ihre Nullzinspolitik durch zweimaliges Straffen der Zinszügel seit 2006 auf nunmehr 0,50%. Die Pause im US-Zinszyklus war Auslöser für einen massiven Rückgang der Zinsen am langen Ende jenseits des Atlantiks bis Ende November. Im Dezember schürten starke Wirtschaftszahlen die Hoffnung auf Zinssenkungen am kurzen Ende und sorgten damit für rückläufige Renditen bei Staatsanleihen, die das zweite Halbjahr 2006 mit negativem Vorzeichen abschlossen. An der Rallye auf dem US-Markt beteiligten sich in gewissem Maße auch Europäische Staatsanleihen trotz der unterschiedlichen Konjunkturentwicklung dies- und jenseits des Atlantiks. Im ersten Halbjahr 2007 ließen Aussichten auf einen Wiederanstieg des US- Wachstums gepaart, mit starker Konjunkturentwicklung in Europa, die Inflationssorgen wieder aufkeimen. Für dieses Jahr haben die Anleger die Hoffnung auf Zinssenkungen durch die US-Notenbank aufgegeben und gleichzeitig ihre Zinserwartungen für Europa nach oben geschraubt. Das wiederum zog einen massiven Anstieg der Langfristzinsen nach sich. Quelle: Datastream ENTWICKLUNG AN DEN WICHTIGSTEN AKTIENMÄRKTEN Für Aufwind bei Aktien sorgten die Hoffnung auf eine weiche Landung der US-Wirtschaft und die anhaltend positiven Aussichten für die Wirtschaft in Europa und in den Schwellenländern. Zugute kamen Aktien aber auch die zahlreichen Fusionen und Übernahmen. Ende 2006 schlossen die Aktienmärkte das vierte Jahr in Folge mit Kursgewinnen ab. Mit einem fulminanten Start ins neue Börsenjahr setzten die Aktienmärkte ihren Anstieg zunächst auch 2007 fort. In den ersten Februartagen aber kehrte sich der Trend plötzlich um, und an sämtlichen Börsen kam es zu einer drastischen Korrektur. Mitte März nahmen die Aktienmärkte ihren Aufwärtstrend indes wieder auf und reagierten damit auf wieder steigende Wachstumserwartungen in den USA, nach oben revidierte Gewinnprognosen und die für Fusionen und Übernahmen anhaltend günstige Großwetterlage. Dieser Rallye ging indes Mitte Juni die Luft aus, bedingt durch den starken Wiederanstieg der Langfristzinsen und zunehmende Sorgen mit Blick auf den US-Markt für zweitklassige Hypothekenkredite. Dennoch fiel die Bilanz für die Aktienmärkte für das erste Halbjahr 2007 leicht positiv aus. * bei Wiederanlage der Dividenden Quelle: Datastream Entwicklung der Kurzfristzinsen (bis 3 Monate) Luxemburg, den 30. Oktober 2007 Alain Massiera Vorsitzender des Verwaltungsrats TRENDS AN DEN WICHTIGSTEN AKTIENMÄRKTEN 30/06/ /06/2007 Entwicklung der Langfristzinsen (Staatsanleihen mit 10 Jahren Laufzeit) 30/06/ 29/06/ Veränderung 30/06/ 29/06/ Veränderung in Basis in Basispunkten punkten USA 5,43 5,34-9 5,14 5,03-10 Japan 0,35 0, ,91 1,87-4 Eurozone 3,06 4, ,08 4,62 54 Großbritannien 4,70 5, ,72 5,46 74 Veränderung in Veränderung Landeswährung in Euro USA (S&P 500 Composite) 1270,2 1503,35 18,36% 12,06% Eurozone (MSCI Emu)* 238, ,26 29,36% 29,36% Europa (Dow Jones Stoxx 50)* 5216,5 6588,953 26,31% 26,31% Japan (Tokyo SE Topix) 1586, ,88 11,84% -2,03% Frankreich (SBF 120)* 4911, ,51 25,75% 25,75% Deutschland (Dax 30) 5683, ,32 40,89% 40,89% Spanien (IBEX 35) 11548, ,96% 28,96% Großbritannien (FT 100) 5833, ,9 13,28% 16,34% Bei den Angaben und Zahlen in diesem Bericht handelt es sich um Werte aus der Vergangenheit, die keinerlei Hinweise auf zukünftige Ergebnisse zulassen. 15

18 Informe del Presidente a 30 de junio de 2007 ENTORNO ECONÓMICO Y FINANCIERO El crecimiento mundial ha mantenido su solidez gracias al dinamismo de Europa y Asia. La economía estadounidense, bajo los efectos de la corrección del mercado inmobiliario, ha seguido evolucionando por debajo de su tendencia a largo plazo. EL CRECIMIENTO EN EL MUNDO Bajo el impulso de la fuerte corrección sufrida por el mercado inmobiliario, que ha repercutido en los gastos de los hogares, la economía estadounidense entró en un periodo de desaceleración en El crecimiento ha descendido por debajo de su ritmo a largo plazo, tendencia que se ha confirmado a principio de La firmeza del consumo ha limitado, sin embargo, las consecuencias de la crisis inmobiliaria sobre el resto de la actividad. El buen comportamiento de los indicadores durante el segundo trimestre de 2007 permite augurar un rebote de la actividad económica estadounidense. Arrastrada por la demanda interna, la Zona Euro ha continuado registrando un crecimiento sostenido en el segundo semestre de Durante el primer semestre de 2007, los indicadores económicos han mantenido su buena orientación, confirmando la solidez de la actividad. La reactivación de la Zona Euro sigue recibiendo el impulso de Alemania que ha recuperado su papel de locomotora. Francia, en cambio, mantiene un nivel de actividad inferior al promedio, penalizada por la debilidad de sus exportaciones. El Banco Central Europeo (BCE) ha proseguido su ciclo de subida del tipo de interés iniciado en diciembre de 2005, para situar su tipo de interés de refinanciación en el 4% en junio de El año 2006 ha confirmado la mejoría de la economía japonesa. El primer semestre de 2007 confirma esta tendencia con los datos de crecimiento del Producto interior bruto (PIB) del primer trimestre, que se ha revisado del 0,6 al 0,8% (tras el 1,2% del cuarto trimestre de 2006) debido a la fuerte corrección al alza de las inversiones privadas. La salida gradual del periodo de deflación ha llevado al Banco de Japón a abandonar su política de tipo de interés cero. El banco central japonés ha aumentado 25 pb en febrero de 2007 su tipo de interés básico por segunda vez, para situarlo en el 0,50%. Los países emergentes han continuado registrando un sólido ritmo de crecimiento, sostenidos por la fortaleza de la economía mundial, la subida de precios de las materias primas y la mejoría de sus propios fundamentos. Asia emergente, y en particular China e India, han continuado dando pruebas de un dinamismo espectacular. PIB Fuente: Crédit Agricole S.A. (p) previsiones Inflación (p) 2008(p) (p) 2008(p) Estados Unidos 3,3 2,0 2,8 3,2 2,6 2,3 Zona Euro 2,9 2,7 2,3 2,2 2,0 2,0 Reino Unido 2,8 2,8 2,2 2,3 2,5 2,2 Japón 2,2 2,5 2,1 0,1 0,0 0,5 LA EVOLUCIÓN DE LOS TIPOS DE INTERÉS La Reserva Federal ha interrumpido desde agosto de 2006 su ciclo de ajuste monetario y ha mantenido invariable en el 5,25% su tipo de interés para fondos federales. El BCE ha proseguido su ciclo de subida del tipo de interés iniciado en diciembre de En junio de 2007 ha aumentado 25 pb el tipo repo que se sitúa actualmente en el 4,00%. El Banco de Japón ha abandonado su política de tipo de interés cero, subiendo en dos ocasiones desde 2006 su tipo de interés básico para situarlo en el 0,50%. El fin de la política de ajuste monetario estadounidense ha desencadenado una bajada significativa de los tipos a largo en Estados Unidos que se ha prolongado hasta final de noviembre. La firmeza de los datos económicos, con el consecuente alejamiento de la esperanza de una bajada rápida de los tipos a corto, ha generado en diciembre tensiones en los tipos de renta fija que han cerrado a la baja, sin embargo, el segundo semestre de El mercado de renta fija Europeo ha participado parcialmente del rali estadounidense, a pesar de la divergencia de ciclos entre ambas orillas del Atlántico. Las perspectivas de una reactivación del crecimiento en Estados Unidos, unidas a la fortaleza de la actividad en Europa, han reavivado los temores inflacionistas a mediados del primer semestre de Los inversores han abandonado la idea de una bajada del tipo de interés de la Reserva Federal durante este año, y han revisado al alza sus previsiones respecto a los tipos a corto en Europa. Este entorno ha provocado una fuerte subida de los tipos a largo. Fuente: Datastream LA EVOLUCIÓN DE LOS PRINCIPALES MERCADOS DE RENTA VARIABLE La esperanza de un aterrizaje suave de la economía estadounidense y la continuidad de las perspectivas de crecimiento favorable en Europa y en los países emergentes han impulsado al alza la renta variable, que se ha beneficiado asimismo de una intensa actividad en operaciones de fusión y absorción. Los mercados de renta variable han cerrado a final de 2006 su cuarto año consecutivo de subida. Las Bolsas han proseguido su tendencia alcista y han empezado 2007 subiendo de forma continuada. La situación se ha invertido súbitamente en los últimos días de febrero, cuando todos los mercados bursátiles han sufrido una fuerte corrección. Los mercados se han recuperado a partir de mediados de marzo, impulsados por la recuperación de las previsiones macroeconómicas en Estados Unidos, las revisiones al alza de las previsiones de beneficio y la continuación de un entorno muy propicio a las fusiones y absorciones. El rali se ha debilitado en junio a causa de la fuerte subida de los tipos a largo y de la inquietud suscitada por los problemas relacionados con el mercado de los préstamos hipotecarios de riesgo en Estados Unidos. No obstante, los mercados de renta variable han cerrado el primer semestre de 2007 con una notable subida. * dividendos netos reinvertidos Fuente: Datastream Evolución de los tipos de Evolución de los tipos de interés a corto plazo interés a largo plazo (3 meses) (bonos del estado a 10 años) 30/06/ 29/06/ Desviación 30/06/ 29/06/ Desviación en puntos en puntos básicos básicos Estados Unidos 5,43 5,34-9 5,14 5,03-10 Japón 0,35 0, ,91 1,87-4 Zona Euro 3,06 4, ,08 4,62 54 Reino Unido 4,70 5, ,72 5,46 74 Luxemburgo, a 30 de octubre de 2007 Alain Massiera Presidente del consejo de administración PRINCIPALES MERCADOS DE RENTA VARIABLE 30/06/ /06/2007 Variación en Variación divisa local en Euros Estados Unidos (S&P 500 Composite) % 12.06% Zona Euro (MSCI Emu)* % 29.36% Europa (Dow Jones Stoxx 50)* % 26.31% Japón (Tokyo SE Topix) % -2.03% Francia (SBF 120)* % 25.75% Alemania (Dax 30) % 40.89% España (IBEX 35) % 28.96% Reino Unido (FT 100) % 16.34% Los datos y cifras incluidos en este informe se ofrecen a título histórico y no son indicativos de resultados futuros. 16

19 Relazione del presidente al 30 giugno 2007 AMBIENTE ECONOMICO E FINANZARIO La crescita mondiale si è mantenuta robusta, grazie al dinamismo dell Europa e dell Asia. L economia americana ha continuato a progredire al di sotto del suo potenziale, sotto l effetto della correzione del mercato immobiliare. LA CRESCITA NEL MONDO L economia americana è entrata in una fase di rallentamento nel 2006, sotto l impulso della correzione brutale del mercato immobiliare che si è ripercossa sulle spese delle famiglie. La crescita è scesa al di sotto del suo ritmo potenziale e la tendenza si è confermata all inizio del Tuttavia, la stabilità del consumo ha limitato l impatto della crisi immobiliare sul resto dell attività. La buona tenuta delle statistiche nel corso del secondo trimestre del 2007, lascia presagire un risollevamento dell attività americana. La zona Euro ha continuato a mostrare una crescita sostenuta, trainata dalla domanda interna nel secondo semestre Nel primo semestre 2007, le statistiche economiche hanno continuato ad essere ben orientate, confermando la robustezza dell attività. La ripresa della zona Euro è sempre trainata dalla Germania che ha ritrovato il suo ruolo di locomotiva. In compenso, la Francia procede al di sotto della media, penalizzata dalla debolezza delle esportazioni. La Banca Centrale Europea (BCE) ha continuato il ciclo di rialzo dei tassi avviato nel dicembre del 2005 per portare il tasso di rifinanziamento al 4% a giugno del L anno 2006 ha confermato il miglioramento dell economia giapponese. Il primo semestre del 2007 conferma questa tendenza con le cifre della crescita del Prodotto interno lordo (PIL) nel primo trimestre che sono state ritoccate dallo 0,6 allo 0,8% (dopo l 1,2% nel T4 2006) in ragione della forte correzione al rialzo dell investimento privato. L uscita graduale dalla deflazione ha portato la Banca del Giappone a metter fine alla sua politica dei tassi zero. Nel febbraio 2007, la Banca del Giappone ha aumentato per la seconda volta in un anno il tasso guida (+25 punti di base allo 0,50 %). I Paesi emergenti hanno continuato a mostrare dei tassi di crescita robusti, sostenuti dal vigore dell economia mondiale, dal rialzo dei prezzi delle materie prime e dal miglioramento dei fondamentali interni. L Asia emergente, e in particolare la Cina e l India, hanno continuato a dar prova di un dinamismo impressionante. Fonte: Crédit Agricole S.A. (p) previsioni PIL L'EVOLUZIONE DEI TASSI D'INTERESSE Inflazione (p) 2008(p) (p) 2008(p) Stati Uniti 3,3 2,0 2,8 3,2 2,6 2,3 Zona Euro 2,9 2,7 2,3 2,2 2,0 2,0 Regno Unito 2,8 2,8 2,2 2,3 2,5 2,2 Giappone 2,2 2,5 2,1 0,1 0,0 0,5 Dall agosto del 2006, la Federal Reserve ha interrotto il proprio ciclo di contrazione monetaria e ha mantenuto il tasso dei fondi federali invariato al 5,25 %. La BCE ha continuato il ciclo di rialzo dei tassi avviato nel dicembre del Il tasso di rifinanziamento è stato rialzato di 25 punti di base a giugno per attestarsi all attuale 4,00%. La Banca del Giappone ha messo fine alla propria politica dei tassi zero, rialzando il tasso guida per due volte dal 2006 fino a portarlo allo 0,50 %. La battuta di arresto della politica di restringimento monetario americano ha determinato un allentamento significativo dei tassi a lungo termine oltre Atlantico fino alla fine di novembre. A dicembre, la stabilità dei dati economici, riducendo le speranze di un ribasso rapido dei tassi a breve termine, ha generato delle tensioni sui rendimenti obbligazionari che hanno chiuso il secondo semestre 2006 in rallentamento. Il mercato obbligazionario Europeo ha parzialmente partecipato al rilancio americano nonostante la divergenza congiunturale tra una parte e l altra dell Atlantico. A metà del primo semestre del 2007, la prospettiva di un riavvio della crescita negli Stati Uniti, associata al vigore dell attività in Europa, ha risvegliato i timori inflazionistici. Gli investitori hanno abbandonato l idea di un ribasso del tasso della Federal Reserve per quest anno negli Stati Uniti e hanno ritoccato al rialzo le loro previsioni dei tassi a breve termine in Europa. Questo ambiente ha comportato un forte rialzo dei tassi a lungo termine. Fonte: Datastream L'EVOLUZIONE DEI PRINCIPALI MERCATI AZIONARI Le speranze di un atterraggio dolce dell economia americana e il persistere delle prospettive di crescita favorevoli in Europa e nei Paesi emergenti hanno dato impulso alle azioni, che hanno inoltre beneficiato di un intensa attività di fusioni e acquisizioni. Alla fine del 2006, i mercati azionari hanno registrato il quarto anno consecutivo di crescita. I mercati azionari hanno proseguito nel loro slancio partendo in quarta nel La situazione si è bruscamente invertita negli ultimi giorni di febbraio, quando tutte le piazze finanziarie hanno subito una correzione brutale. A partire dalla metà di marzo i mercati sono ripartiti al rialzo, trainati dal miglioramento delle previsioni macro-economiche oltre Atlantico, dai ritocchi al rialzo delle stime di utili e dal persistere di un clima molto propizio alle fusioni e alle acquisizioni. Questo rilancio ha perso impulso a giugno a causa del forte rialzo dei tassi a lungo termine e delle preoccupazioni suscitate dai problemi connessi al mercato dei crediti ipotecari a rischio negli Stati Uniti. Tuttavia, i mercati azionari hanno chiuso il primo semestre del 2007 con un rialzo sensibile. * dividendi netti reinvestiti Fonte: Datastream Evoluzione dei tassi evoluzione dei tassi d'interesse a breve termine d'interesse a lungo termine (3 mesi) (titoli di stato a 10 anni) 30/06/ 29/06/ Differenza 30/06/ 29/06/ Differenza di punti di punti base base Stati Uniti 5,43 5,34-9 5,14 5,03-10 Giappone 0,35 0, ,91 1,87-4 Zona Euro 3,06 4, ,08 4,62 54 Regno Unito 4,70 5, ,72 5,46 74 Lussemburgo, al 30 ottobre 2007 Alain Massiera Presidente del Consiglio d Amministrazione PRINCIPALI MERCATI AZIONARI 30/06/ /06/2007 Variazione in Variazione valuta locale in Euro Stati Uniti (S&P 500 Composite) 1270,2 1503,35 18,36% 12,06% Euroland (MSCI Emu)* 238, ,26 29,36% 29,36% Europa (Dow Jones Stoxx 50)* 5216,5 6588,953 26,31% 26,31% Giappone (Tokyo SE Topix) 1586, ,88 11,84% -2,03% Francia (SBF 120)* 4911, ,51 25,75% 25,75% Germania (Dax 30) 5683, ,32 40,89% 40,89% Spagna (IBEX 35) 11548, ,96% 28,96% Regno Unito (FT 100) 5833, ,9 13,28% 16,34% Le informazioni e i dati contenuti nella presente relazione sono riportate unicamente a titolo informativo e non intendono porsi a garanzia di risultati futuri. 17

20 Aqua Global La traduction française des secteurs économiques et des pays se trouve en pages 2, 3 et 4. Sie finden die deutsche Übersetzung von den verschiedenen Branchen und Ländern auf Seite 2, 3 und 4. La traducción en español de los sectores economicos y de los Países está en las paginas 2, 3 y 4. La traduzione in italiano dei settori economici e paesi si trova in pagina 2, 3 e 4. Securities Portfolio Portefeuille-Titres Wertpapierbestand Cartera de Valores Portafoglio titoli at 30 June 2007 au 30 juin 2007 zum 30. Juni 2007 a 30 de junio de 2007 al 30 giugno 2007 EUR % 1. Transferable securities admitted to an official stock exchange listing 32,715, SHARES 31,008, BMU 1,139, ,689,000 BIO TREAT TECHNOLOGY LTD 1,139, BR 1,706, ,300 SABESP -SHS SPONSORED ADR REPR 2 SHS 1,706, CAN 87, ,100 LAPIERRIERE&VERREA -A- SUB.VOTING 87, CHN 1,434, ,322,000 GUANGDONG INVEST 1,434, SF 1,645, ,449 KEMIRA OY 1,645, F 295, ,092 VEOLIA ENVIRONNEMENT 295, GR 1,641, ,913 EYDAP ATHENS WATER SEWERAGE PUBLIC CO 1,641, USA EUR % 10,043, ,031 UNITED UTILITIES PLC 811, ,100 ARCH CHEMICALS INC 861, ,225 CALGON CARBON CORP 96, ,000 ITRON INC 1,615, ,600 ITT 1,142, ,100 MUELLER WATER PROD SERIES A 279, ,701 NALCO HOLDING CO 1,518, ,402 NORTHWEST PIPE COMPANY 1,617, ,800 TETRA TECHNOLOGIES INC 1,603, ,200 WATTS WATER TECHNOLOGIES INC CLASS -A- 1,309, OPTIONS, WARRANTS, RIGHTS 1,706, NA 1,706, ,057 SGA (WORLD WATER INDEX) WAR 1,706, Other transferable securities 282, SHARES 282, GB 282, ,336 KELDA GROUP -B- DIVIDEND 282, Total securities portfolio 32,997, I 1,441, ,206 ACEA 1,441, J 2,195, ,000 EBARA CORPORATION 1,007, ,200 KURITA WATER INDUSTRIES LTD 1,188, NL 585, ,863 WAVIN 585, SGP 1,197, ,000 HYFLUX LTD 290, ,232,000 SINOMEM TECHNOLOGY LTD 906, E 288, ,609 AGUAS DE BARCELONA SPLIT ISS , GB 7,304, ,427,352 COSTAIN GROUP PLC 1,007, ,939 KELDA GROUP -SHS- 1,441, ,321 NORTHUMBRIAN WATER GROUP PLC 1,499, ,202 PENNON GROUP PLC 1,575, ,136 SEVERN TRENT PLC 968,

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