PROSPECTUS MULTI UNITS FRANCE

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1 PROSPECTUS MULTI UNITS FRANCE Page 1

2 TABLE OF CONTENTS PROSPECTUS...E RROR! BOOKMARK NOT DEFINED.4 GENERAL FEATURES...4 FORM OF THE FUND...4 NAME...4 LEGAL FORM AND MEMBER STATE IN WHICH THE FUND WAS CREATED...4 INCEPTION DATE AND INTENDED LIFETIME...4 SUMMARY DETAILS...4 Distribution of income...13 Base currency...13 Target investors...13 Financial markets...13 SERVICE PROVIDERS...17 MANAGEMENT AND OPERATIONS...18 GENERAL FEATURES...18 SPECIFIC INFORMATION...19 SUB-FUND N 1: LYXOR ETF BEL 20 TR...20 SUB-FUND N 2: LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE...32 SUB-FUND N 3: LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE...43 sub-fund N 4: LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE...56 SUB-FUND N 5: Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE...68 SUB-FUND N 6: LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE...80 SUB-FUND N 7: LYXOR ETF FTSE ALL SHARE...93 SUB-FUND N 8: LYXOR ETF FTSE SUB-FUND N 9: LYXOR ETF FTSE SUB-FUND N 10: LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB TR (GBP) SUB-FUND N 11: LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB EX-ENERGY TR (GBP) SUB-FUND N 12: LYXOR ETF SOUTH AFRICA (FTSE JSE TOP 40) (GBP) SUB-FUND N 13: LYXOR ETF BRAZIL (ibovespa) (GBP)... Error! Bookmark not defined.161 SUB-FUND N 14: LYXOR ETF MSCI EMERGING MARKETS (GBP) SUB-FUND N 15: LYXOR ETF KUWAIT (FTSE COAST KUWAIT 40) SUB-FUND N 16: LYXOR ETF EUROSTOXX50 DIVIDENDS... SUB-FUND N 17: LYXOR ETF MSCI AC ASIA EX JAPAN MATERIALS TR... Error! Bookmark not defined.182 SUB-FUND N 18: LYXOR ETF MSCI AC ASIA EX JAPAN CONSUMER STAPLES TR SUB-FUND N 19: LYXOR ETF MSCI AC ASIA EX JAPAN FINANCIALS TR SUB-FUND N 20: LYXOR ETF MSCI AC ASIA EX JAPAN INFORMATION TECHNOLOGY TR SUB-FUND N 21: LYXOR ETF MSCI AC ASIA EX JAPAN INFRASTRUCTURE CAPPED TR SUB-FUND N 22: LYXOR ETF IBOXX $ TREASURIES 1-3Y SUB-FUND N 23: LYXOR ETF IBOXX $ TREASURIES 5-7Y SUB-FUND N 24: LYXOR ETF IBOXX $ TREASURIES 10Y SUB-FUND N 25: LYXOR ETF IBOXX LIQUID CORPORATES LONG DATED SUB-FUND N 26: LYXOR ETF IBOXX GILTS SUB-FUND N 27: LYXOR ETF IBOXX GILT INFLATION LINKED SUB-FUND N 28: LYXOR ETF IBOXX $ LIQUID EMERGING MARKETS SOVEREIGNS SUB-FUND N 29: LYXOR ETF IBOXX LIQUID HIGH YIELD 30 EX FINANCIAL SUB-FUND N 30: LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL SUB-FUND N 31: LYXOR ETF DAILY LEVERAGED BTP SUB-FUND N 32: LYXOR ETF DAILY LEVERAGED BUND SUB-FUND N 33: LYXOR ETF DAILY DOUBLE SHORT BTP Page 2

3 SUB-FUND N 34: LYXOR ETF MSCI INDONESIA SUB-FUND N 35: LYXOR ETF THAILAND (SET50 NET TR) SUB-FUND N 36: LYXOR ETF MSCI ALL COUNTRY WORLD SUB-FUND No.37: LYXOR ETF EUROMTS HIGHEST WEIGHTED MACRO-WEIGHTED GOVT BOND 1-3Y SUB-FUND No.38: LYXOR ETF EUROMTS HIGHEST WEIGHTED MACRO-WEIGHTED GOVT BOND 3-5Y SUB-FUND No.39: LYXOR ETF EUROMTS HIGHEST WEIGHTED MACRO-WEIGHTED GOVT BOND 5-7Y SUB-FUND NO.40: LYXOR ETF MTS BTP 1-3Y ITALY GOVERNMENT BOND SUB-FUND NO.41: LYXOR ETF MTS 1-3Y FRANCE GOVERNMENT BOND ARTICLES OF ASSOCIATION OF THE SICAV MULTI UNITS FRANCE TITLE Article 1 - Form Article 2 - Purpose Article 3 - Name Article 4 Registered office Article 5 Duration TITLE Article 6 Share capital Article 7 CHANGES IN Capital Article 8 Issue, Redemption of Shares Article 9 - Calculation of net asset value Article 10 Form of the shares Article 11 - Listing Article 12 Rights and OBLIGATIONS attached to the shares Article 13 - Indivisibility of the Shares TITLE Article 14 - Administration Article 15 - Duration of the Terms of the Board Members Renewal of the Board Article 16 - Executive Committee Article 17 - Board Meetings and Deliberations Article 18 - Minutes Article 19 Powers of the Board of Directors Article 20 General Management Article 21 - Allowances and Remuneration of the Board Article 22 - Custodian Article 23 - Prospectus TITLE Article 24 - Appointment - Powers - Remuneration TITLE Article 25 General Meetings TITLE Article 26 Financial year Article 27 - PROCEDURES FOR ALLOCATING INCOME AND DISTRIBUTABLE SUMS TITLE Article 28 - Extension or Early Dissolution Article 29 - Liquidation TITLE Article 30 - Competent courts - Jurisdiction Page 3

4 MULTI UNITS FRANCE PROSPECTUS SICAV COMPLIANT WITH EUROPEAN STANDARDS GENERAL FEATURES FORM OF THE FUND A Société d Investissement à Capital Variable ( SICAV ), a French registered investment company with variable capital, operating under French law, established in France. NAME MULTI UNITS FRANCE. LEGAL FORM AND MEMBER STATE IN WHICH THE FUND WAS CREATED SICAV MULTI UNITS FRANCE, under French law, registered in France. Head office of the SICAV: Tour Société Générale, 17 cours Valmy, Puteaux, FRANCE. Trade and Commercial Registry: N NANTERRE. INCEPTION DATE AND INTENDED LIFETIME The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. SUMMARY DETAILS SUB-FUND NO 1: LYXOR ETF BEL 20 TR Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market EUR FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market NYSE Euronext Brussels None on the secondary market (1) Page 4

5 SUB-FUND NO 2: LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Deutsche Boerse (Frankfurt) NYSE Euronext (Paris) Borsa Italiana (Milan), SIX Swiss Exchange (Switzerland) SUB-FUND NO 3: LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Deutsche Boerse (Frankfurt) NYSE Euronext (Paris) Borsa Italiana (Milan) Euronext Brussels (Brussels), Six Swiss Exchange (Zurich) SUB-FUND NO 4: LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Deutsche Boerse (Frankfurt) NYSE Euronext (Paris) Borsa Italiana (Milan) Page 5

6 SUB-FUND NO 5: LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Deutsche Boerse (Frankfurt) NYSE Euronext (Paris) Borsa Italiana (Milan) Six Swiss Exchange (Zurich) SUB-FUND NO 6: LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE Initial Net Asset Value ISIN code Distribution Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Deutsche Boerse (Frankfurt), Euronext Brussels (Brussels), NYSE Euronext (Paris) Borsa Italiana (Milan) Six Swiss Exchange (Zurich) SUB-FUND NO 7: LYXOR ETF FTSE ALL SHARE Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP 3.29 FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) London Exchange Stock Page 6

7 SUB-FUND NO 8: LYXOR ETF FTSE 100 Initial Net Asset Value GBP 6.32 ISIN code FR Distribution of income Accumulation and/or distribution Base currency GBP Target investors The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) Financial markets London Stock Exchange Borsa Italiana (Milan) NYSE Euronext (Paris) SUB-FUND NO 9: LYXOR ETF FTSE 250 Initial Net Asset Value GBP ISIN code FR Distribution of income Accumulation and/or distribution Base currency GBP Target investors The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) Listing market London Stock Exchange SUB-FUND NO 10: LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB TR (GBP) Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. GBP 750,000 on the primary market None on the secondary market (1) London Stock Exchange SUB-FUND NO 11: LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB EX-ENERGY TR (GBP) Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. GBP 750,000 on the primary market None on the secondary market (1) London Stock Exchange SUB-FUND NO 2: LYXOR ETF SOUTH AFRICA (FTSE JSE TOP 40) (GBP) Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) London Stock Exchange SUB-FUND NO 13: LYXOR ETF BRAZIL (IBOVESPA) (GBP) Page 7

8 Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) London Stock Exchange SUB-FUND NO 14: LYXOR ETF MSCI EMERGING MARKETS (GBP) Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market GBP 6.01 FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) London Stock Exchange SUB-FUND NO 15: LYXOR ETF KUWAIT (FTSE COAST KUWAIT 40) Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market USD FR Accumulation and/or distribution USD The sub-fund is open to any subscriber. Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) London Exchange Stock SUB-FUND NO 16: LYXOR ETF EUROSTOXX50 DIVIDENDS Initial Net Asset Value EUR ISIN code FR Distribution of income Accumulation and/or distribution Base currency EUR Target investors The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Financial markets NYSE Euronext (Paris), Deutsche Boerse (Frankfurt), Borsa Italiana (Milan), Six Swiss Exchange (Zurich), London Stock Exchange SUB-FUND NO 17: LYXOR ETF MSCI AC ASIA EX JAPAN Materials TR Page 8

9 Share class Initial Net Asset Value ISIN code Distribution income of Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets C-EUR EUR FR Accumulation EUR C-USD USD FR Accumulation USD The sub-fund is open to any subscriber. The sub-fund is open to any subscriber. EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR 100,000 None on the secondary market (1) NYSE Euronext (Paris), Borsa Italiana (Milan), Euronext Brussels (Brussels) London Stock Exchange (London), Singapore Exchange Trading Securities Limited (Singapore) SUB-FUND NO 18: LYXOR ETF MSCI AC ASIA EX JAPAN CONSUMER STAPLES TR Share class Initial Net Asset Value ISIN code Distribution of income Base currency C-EUR EUR FR Accumulation EUR C-USD USD FR Accumulation USD Target investors The sub-fund is open to any subscriber. The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR100,000 None on the secondary market (1) Financial markets NYSE Euronext (Paris), Euronext Brussels (Brussels), Borsa Italiana (Milan) London Stock Exchange (London), Singapore Exchange Trading Securities Limited SUB-FUND NO 19: LYXOR ETF MSCI AC ASIA EX JAPAN FINANCIALS TR Share classes Initial Net Asset Value ISIN code Distribution of income Base currency C-EUR EUR FR Accumulation EUR C-USD USD FR Accumulation USD Target investors The sub-fund is open to any subscriber. The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR100,000 None on the secondary market (1) Financial markets NYSE Euronext (Paris), Borsa Italiana (Milan), Euronext Brussels (Brussels) London Stock Exchange (London), Singapore Exchange Trading Securities Limited SUB-FUND NO 20: LYXOR ETF MSCI AC ASIA EX JAPAN INFORMATION TECHNOLOGY TR Page 9

10 Share classes Initial Net Asset Value ISIN code Distribution income of Base currency C-EUR EUR FR Accumulation EUR C-USD USD FR Accumulation USD Target investors The sub-fund is open to any subscriber. The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR100,000 None on the secondary market (1) Financial markets NYSE Euronext (Paris), Deutsche Boerse (Frankfurt), Borsa Italiana (Milan), Euronext Brussels (Brussels) London Stock Exchange (London), Singapore Exchange Trading Securities Limited Sub-fund No 21: LYXOR ETF MSCI AC ASIA EX JAPAN INFRASTRUCTURE CAPPED TR Share classes Initial Net Asset Value ISIN code Distribution of income Base currency C-EUR EUR FR Accumulation EUR C-USD USD FR Accumulation USD Target investors The sub-fund is open to any subscriber. The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR100,000 None on the secondary market (1) Financial markets NYSE Euronext (Paris), Euronext Brussels (Brussels), Borsa Italiana (Milan) London Stock Exchange (London), Singapore Exchange Trading Securities Limited SUB-FUND NO 22: LYXOR ETF IBOXX $ TREASURIES 1-3Y Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets USD FR Distribution and/or Accumulation USD The sub-fund is open to any subscriber. Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, SIX Swiss Exchange (Zurich), Borsa Italiana (Milan), London Stock Exchange (London) SUB-FUND NO 23: LYXOR ETF IBOXX $ TREASURIES 5-7Y Initial Net Asset Value USD ISIN code Allocation of income Base currency Target investors FR Distribution and/or Accumulation USD The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) Financial markets NYSE Euronext Paris, SIX Swiss Exchange (Zurich), Borsa Italiana (Milan), London Stock Exchange (London) SUB-FUND NO 24: LYXOR ETF IBOXX $ TREASURIES 10Y + Page 10

11 Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets USD FR Accumulation and/or distribution USD The sub-fund is open to any subscriber. Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, SIX Swiss Exchange (Zurich), Borsa Italiana (Milan), London Stock Exchange (London) SUB-FUND NO 25: LYXOR ETF IBOXX LIQUID CORPORATES LONG DATED Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, London Stock Exchange (London) SUB-FUND NO 26: LYXOR ETF IBOXX GILTS Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, London Stock Exchange (London) SUB-FUND NO 27: LYXOR ETF IBOXX GILTS INFLATION-LINKED Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets GBP FR Accumulation and/or distribution GBP The sub-fund is open to any subscriber. Equivalent in GBP of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, London Stock Exchange (London) SUB-FUND NO 28: LYXOR ETF IBOXX $ LIQUID EMERGING MARKETS SOVEREIGNS Page 11

12 Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets USD FR Accumulation and/or distribution USD The sub-fund is open to any subscriber. Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext Paris, SIX Swiss Exchange (Zurich), Borsa Italiana (Milan), London Stock Exchange (London) SUB-FUND NO 29: LYXOR ETF IBOXX EUR LIQUID HIGH YIELD 30 EX-FINANCIAL Initial Net Asset Value EUR ISIN code Allocation of income Base currency Target investors FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Financial markets NYSE Euronext Paris, SIX Swiss Exchange (Zurich), Borsa Italiana (Milan), Deutsche Boerse (Frankfurt), London Stock Exchange (London) SUB-FUND NO 30: LYXOR ETF S&P 500 VIX FUTURES ENHANCED ROLL (USD) Share classes Initial Net Asset Value ISIN codes Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Listing market EUR EUR FR Accumulation and/or distribution EUR The EUR share class is open to any subscriber. EUR 100,000 on the primary market NYSE Euronext Paris USD USD FR Accumulation and/or distribution USD The USD share class is open to any subscribers Minimum equivalent in USD of EUR 100,000 NYSE Euronext Paris (to be confirmed) SUB-FUND NO 31: LYXOR ETF DAILY LEVERAGED BTP Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR FR Accumulation and/or distribution EUR The sub-fund is open to any subscriber. EUR 100,000 on the primary market Borsa Italiana (Milan), NYSE Euronext Paris Page 12

13 None on the secondary market (1) SUB-FUND NO 32: LYXOR ETF DAILYLEVERAGED BUND Initial Net Asset Value ISIN code Allocation of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR FR Accumulation and/or distribution EUR All investors EUR 100,000 on the primary market Deutsche Börse, NYSE Euronext Paris, Borsa Italiana (Milan) None on the secondary market (1) SUB-FUND NO 33: LYXOR ETF DAILY DOUBLE SHORT BTP Initial Net Asset Value ISIN code Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets EUR FR Accumulation and/or distribution EUR All investors EUR 100,000 on the primary market Borsa Italiana (Milan) NYSE Euronext Paris None on the secondary market (1) SUB-FUND NO 34: LYXOR ETF MSCI INDONESIA Share classes Initial Net Asset Value ISIN codes Distribution of income Base currency Target investors C-EUR EUR FR Accumulation EUR All investors C-USD USD USD FR Accumulation USD All investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) Financial markets NYSE Euronext (Paris), Deutsche Borse (Germany), Borsa Italiana Singapore Exchange Trading Securities Limited (Singapore) D-EUR EUR FR Accumulation and/or distribution EUR All investors EUR 100,000 on the primary market None on the secondary market (1) N/A D-USD USD FR Accumulation and/or distribution USD All investors Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) N/A Page 13

14 SUB-FUND NO 35: LYXOR ETF THAILAND (SET50 NET TR) Share class Initial Net Asset Value ISIN codes Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets C-EUR EUR FR Accumulation EUR All investors EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext (Paris), Deutche Borse, Borsa Italiana ) C-USD USD FR Accumulation USD All investors Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) Singapore Exchange Trading Securities Limited (Singapore) D-USD USD FR Accumulation and/or distribution USD All investors Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) N/A D-EUR EUR FR Accumulation and/or distribution EUR All investors EUR 100,000 on the primary market None on the secondary market (1) N/A SUB-FUND NO 36: LYXOR ETF MSCI ALL COUNTRY WORLD Share classes Initial Net Asset Value ISIN Codes Distribution of income Base currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets C-EUR EUR 100 FR Accumulation EUR The C-EUR the unit is open to all subscribers EUR 100,000 on the primary market None on the secondary market (1) Euronext Paris Xetra, Borsa Italiana C-USD USD 100 FR Accumulation USD The C-USD unit is open to all subscribers Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) D-EUR EUR [xxx] FR Accumulation and/or distribution EUR The D-EUR the unit is open to all subscribers EUR 100,000 on the primary market None on the secondary market (1) N/A D-USD USD [xxx] FR Accumulation and/or distribution USD The D-USD unit is open to all subscribers Equivalent in USD of EUR 100,000 on the primary market None on the secondary market (1) N/A Page 14

15 SUB-FUND NO 37: LYXOR ETF EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 1-3Y Share class Initial Net Asset Value ISIN code Distribution of income Listing currency C-EUR EUR FR Accumulation EUR Target investors The C-EUR share class is open to all subscribers SUB-FUND NO 38: LYXOR ETF EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 3-5Y Share class Initial Net Asset Value ISIN code Distribution of income Listing currency C-EUR EUR FR Accumulation EUR Target investors The C-EUR share class is open to all subscribers SUB-FUND NO 39: LYXOR ETF EUROMTS HIGHEST RATED MACRO WEIGHTED GOVT BOND 5-7Y Share class Initial Net Asset Value ISIN code Distribution of income Listing currency C-EUR EUR FR Accumulation EUR Target investors The C-EUR share class is open to all subscribers Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) EUR 100,000 on the primary market None on the secondary market (1) Financial markets Nyse Euronext Paris, Borsa Italiana (Milan), Six Swiss Exchange (Zurich), Deutsche Boerse (Xetra) Financial markets Nyse Euronext Paris, Borsa Italiana (Milan), Six Swiss Exchange (Zurich), Deutsche Boerse (Xetra) Financial markets Nyse Euronext Paris, Borsa Italiana (Milan), Six Swiss Exchange (Zurich), Deutsche Boerse (Xetra) Page 15

16 SUB-FUND NO 40: LYXOR ETF MTS BTP 1-3Y ITALY GOVERNMENT BOND Share class Initial Net Asset Value ISIN code Distribution of income Listing currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets C-EUR EUR 100 FR Accumulation EUR The sub-fund is open to all investors EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext (Paris), Borsa Italiana (Milan) D-EUR EUR 100 FR Accumulation and/or distribution EUR The sub-fund is open to all investors EUR 100,000 on the primary market None on the secondary market (1) N/A SUB-FUND No 41: LYXOR ETF MTS 1-3 Y FRANCE GOVERNMENT BOND Share class Initial Net Asset Value ISIN code Distribution of income Listing currency Target investors Minimum subscription/ redemption amount (primary market) and purchase/sale amount (secondary market) Financial markets C-EUR 100 EUR FR Accumulation EUR The sub-fund is open to all investors EUR 100,000 on the primary market None on the secondary market (1) NYSE Euronext (Paris) D-EUR 100 EUR FR Accumulation and/or distribution EUR The sub-fund is open to all investors EUR 100,000 on the primary market None on the secondary market (1) N/A (1) No minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. AVAILABILITY OF THE LAST ANNUAL REPORT AND PERIODIC REPORT The most recent annual report and updates are sent out within one week upon receipt of a written request submitted by a shareholder to: Lyxor International Asset Management. 17, cours Valmy Paris La Défense CEDEX France contact@lyxor.com. Requests for information can also be submitted via the website. Page 16

17 SERVICE PROVIDERS FINANCIAL MANAGER BY DELEGATION Lyxor International Asset Management. Public limited company ("société anonyme") with an executive board and supervisory board. Registered office: 17, cours Valmy Paris La Défense CEDEX France. Postal address: Société Générale Tower A08-17, Cours Valmy Paris-La Défense Cedex FRANCE. CUSTODIAN/REGISTRAR SOCIETE GENERALE. Credit institution created on 8 May 1864, date of the authorisation decree signed by Napoleon III. Registered office: 29, bd Haussmann Paris France. Postal address of custodian: Paris Cedex 18 France ESTABLISHMENT RESPONSIBLE FOR HOLDING REGISTERS OF SHARES AND CENTRALISING SUBSCRIPTION AND REDEMPTION ORDERS BY DELEGATION FROM THE MANAGEMENT COMPANY Lyxor International Asset Management delegates the holding of liabilities and the centralisation of subscription and redemption orders to: SOCIETE GENERALE. Credit institution created on 8 May 1864, date of the authorisation decree signed by Napoleon III. Registered office: 29, bd Haussmann Paris France. Postal address of the Central Agent and Registrar: 32 rue du Champ de Tir Nantes -France STATUTORY AUDITORS ERNST & YOUNG & AUTRES. Simplified public limited company. Registered office: 41, rue Ybry Neuilly-sur-Seine Cedex FRANCE. Authorised signatory: Philippe PEUCH-LESTRADE. REPRESENTATIVES Lyxor International Asset Management will alone handle the Company financial and administrative affairs without any delegation to third parties, except for portfolio accounting services. Responsibility for portfolio accounting and administration is delegated to: Société Générale Securities Services Net Asset Value. Immeuble Colline Sud - 10, passage de l Arche Paris-La Défense Cedex France. MEMBERS OF THE ADMINISTRATION, MANAGEMENT AND SURVEILLANCE BODIES BOARD OF DIRECTORS OF THE UCITS Chairman and Director: Alain DUBOIS. Director: Lyxor Asset Management, represented by Inès DUPONT DE DINECHIN. Director: Société Générale, represented by Jérôme GHERCHANOC. Director: Clarisse DJABBARI GUILANI Chairman: Alain DUBOIS. Page 17

18 MANAGEMENT AND OPERATIONS GENERAL FEATURES CHARACTERISTICS OF THE SHARES The shares are listed in a register, in the names of the establishments holding the accounts of the subscribers on behalf of the latter. The register is kept by Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). The shares of the SICAV MULTI UNITS FRANCE are representative of the assets that are allocated to each sub-fund and each of the shares of the sub-fund entails a right, in the ownership of the sub-fund s asset and the sharing of profits, to a portion in proportion with the fraction of the sub-fund s asset that it represents. The rights and bonds conferred by the share run with the security, regardless of the holder. In the absence of a contrary agreement declared to the Company, the voting right belongs to the usufructuary during the ordinary general meetings and to the bare owner during extraordinary general meetings. Shares may be in either bearer or registered form at the subscriber s option. The shares can be fractioned, by decision of the board of directors, into 10ths, 100ths, 1000ths, 10,000ths, or 100,000ths, known as share fractions. FINANCIAL YEAR-END Last Trading Day in October. First year-end: 11 December INFORMATION ABOUT THE TAX REGIME The attention of investors is drawn to the fact that the following information is only a general summary of the tax regime applicable to investment in a French SICAV in view of the current state of French legislation. Investors are therefore advised to consider their specific situation with their usual tax advisor. 1. SICAV In France, although established in the form of a limited liability company, SICAVs are expressly exempt from corporate tax on the profits generated within the framework of their legal purpose. As such, the earnings collected and generated by the SICAV through its management are not taxable on its level. Abroad (in the countries in which the SICAV is invested), capital gains generated on the disposal of foreign securities and revenues from foreign sources collected by the SICAV, through its management, may be subject to taxation, if applicable (generally in the form of withholding tax). In certain limited cases, the foreign taxation can be reduced or removed in the presence of tax conventions that may be applicable. 2. SHAREHOLDERS 2.1 Shareholders resident in France Income received and capital gains generated are subject to tax under common law. Investors are advised to consider their specific situation with their usual tax advisor. 2.2 Shareholders resident outside France Subject to the applicable tax treaties, income distributed by the SICAV may, if applicable, be subject to a standard deduction at source or withholding tax in France. In accordance with article 244 bis C of the French Tax Code, capital gains realised on the purchase/disposal of SICAV shares are not taxable in France. Shareholders resident outside France will be subject to the applicable tax legislation in their country of residence. Page 18

19 SPECIFIC INFORMATION Page 19

20 SUB-FUND NO 1: LYXOR ETF BEL 20 TR MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Equities from Euro zone countries. At least 60% of the UCITS assets are permanently exposed to the equity markets of one or more eurozone countries, which may include the French market. The sub-fund is an index tracker INCEPTION DATE This sub-fund was approved by the Commission des Opérations de Bourse on 14 June It was created on 31 July The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR per share (i.e. the value in Euro of the BEL 20 index divided by 100 on 31 July 2002). DELEGATION OF FINANCIAL MANAGEMENT Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers (Financial Markets Authority) approved the prospectus on 14 June The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of LYXOR ETF BEL 20 TR, as mentioned in the prospectus approved by the Autorité des Marchés Financiers on 14 June 2002, will be achieved. - The achievement of the investment objective of the LYXOR ETF BEL 20 TR fund implies very significant use of financial instruments traded over-thecounter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - The price at which units in the LYXOR ETF BEL 20 TR are traded on Euronext Bruxelles may not reflect the net asset value of the share. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the BEL 20 NR index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the LYXOR ETF BEL 20 TR fund or to calculate and publish the indicative net asset value of the LYXOR ETF BEL 20 TR fund, it may be impossible to list shares in the LYXOR ETF BEL 20 TR fund. Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity. Page 20

21 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the BEL 20 NR index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the BEL 20 NR index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the BEL 20 NR. BENCHMARK INDEX The benchmark index is the BEL 20 NR (Net Return) index (net dividends reinvested), denominated in euros. The BEL 20 NR is a basket index and disseminated in real-time, which monitors the continuous evolution of the prices of the 20 most liquid Belgian equities. The stocks of the index are weighted according to their free-float adjusted market capitalisation. The index is continuously disseminated in real-time, but the official closing index is only disseminated after 5.40 p.m. The monitored performance is based on the closing prices of the index. The BEL 20 NR is available in real time via Reuters and Bloomberg. Via Reuters:.BFXP Via Bloomberg: BELPRX The composition of the index is revised annually. INVESTMENT STRATEGY To achieve the highest possible correlation with the performance of the BEL 20 NR index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly international stocks, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the BEL 20 NR index. If applicable, the sub-fund's equity assets will be mainly the equities that make up the BEL 20 NR index, as well as other international equities from all economic sectors, listed on all markets including small cap markets. The management company by delegation will carry out a dynamic allocation of the basket of equities in order to seek the highest possible correlation with the performance of the BEL 20 NR index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Page 21

22 At the present time, the manager by delegation has the intention of primarily using the following assets: 1. Balance sheet assets (excluding embedded derivatives) Shares from countries in the European Community (from all economic sectors, listed on all markets, including small-cap markets), up to 100% of the net assets and/or UCITS (i) approved in accordance with the European directive 2009/65/EC up to 100% of the net assets, (ii) eligible within the meaning of Article R of the French Monetary and Financial Code up to 30% of the net assets. In compliance with the ratios indicated in the applicable regulations, the sub-fund may hold international shares (across all economic sectors, listed on all markets), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its management objective. 2. Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's equity assets (or any other financial instrument held as an asset by the subfund, where applicable) for the value of the BEL 20 NR index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract is a Total Return Swap. It can also be an instrument with embedded derivatives on equities and indices. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. 3. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. 4. Deposits The sub-fund may make deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. 5. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Page 22

23 6. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. Page 23

24 RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Equity risk The price of equities may go down as well as up, and in particular reflects company and macroeconomic risk factors. Equities are more volatile than Fixed Income markets where it is possible to estimate revenues for a certain period of time under the same macroeconomic conditions. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of units. 4. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges 5. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the fund s total assets. 6. Risk that the investment objective is only partially achieved There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. Page 24

25 - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. - Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the Belgian equity market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. Page 25

26 FREQUENCY OF INCOME DISTRIBUTIONS In the event of a distribution being made, Board of Directors reserves the right to distribute all or part of the income once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made as a number of shares. UNIT LISTING CURRENCY Euro Page 26

27 SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be centralised by the Société Générale Securities and Stock Market Department, between a.m. and 5.00 p.m. (Paris time), each Trading day and will be carried out on the basis of the net asset value on the same day, hereinafter referred to as the "reference net asset value". Subscription/redemption requests submitted after 5.00pm (Paris time) on a Trading Day will be processed as requests received between 10.00am and 5.00pm (Paris time) on the following Trading Day. Subscription/redemption requests may only be made for a whole number of sub-fund shares, corresponding to a minimum amount of EUR 100,000. (i) Subscriptions / Redemptions through transfer of shares. Subscriptions/redemptions may be carried out through transfers of shares in the BEL 20 NR index provided that this corresponds to a whole number of sub-fund shares, corresponding to a minimum amount of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of shares making up the BEL 20 NR index, corresponding to a number of times the BEL 20 NR index in euros that the subscriber must deliver (rounded down to the nearest share), and where appropriate, (2) an amount in cash paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference between the reference net asset value multiplied by the number of shares subscribed or redeemed and the value of the sub-fund shares to be delivered on the day of the reference net asset value. The numbers of each share making up the BEL 20 NR index as referred to in (1) above, as well as the Balance referred to in (2) above will be published on Reuters and on the website. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision. (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions made exclusively in cash will be carried out on the basis of the ref NAV. Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR ETF BEL 20 TR sub-fund is calculated using the 5.30 p.m. fixing of the BEL 20 NR index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 27

28 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. Each new share in the LYXOR ETF BEL 20 TR subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. THE LISTING OF LYXOR ETF BEL 20 TR SHARES Where the shares are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of shares on such markets: Investors wishing to acquire Fund units or shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. THE LISTING AND TRADING OF SHARES IN THE LYXOR ETF BEL 20 TR SUB-FUND 1/SHARES MADE AVAILABLE TO THE PRIMARY MARKET As at 31 July 2002, there were 200,000 fully subscribed and paid-up ordinary shares. The shares were listed for trading on NYSE Euronext Bruxelles on 2 October /SHARES MADE AVAILABLE TO THE SECONDARY MARKET On 2 October 2002, a total of 200,000 LYXOR ETF BEL 20 TR shares were made available to the market at a price per share corresponding to EUR The initial value of one LYXOR ETF BEL 20 TR share was EUR on 31 July MARKET MAKER As at 31 July 2002, the "Market-Maker" was: SOCIETE GENERALE CORPORATE AND INVESTMENT BANKING - Tour Société Générale, 17 Cours Valmy, Paris-La Défense, France Page 28

29 CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Schedule Maximum of the higher of (i) EUR 50,000 per subscription order and (ii) 5% of the NAV per unit multiplied by the number of units subscribed, payable to third parties Nil Maximum of the higher of (i) EUR 50,000 per redemption order and (ii) 5% of the NAV per unit multiplied by the number of units redeemed, payable to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund share carried out on one of the sub-fund's markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.50 % (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees: Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. 50% benefits the sub-fund and 50% benefits the management company by delegation Page 29

30 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. Sub-fund shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). Shares in the sub-fund are admitted for trading on NYSE Euronext Brussels. Sub-fund shares may be admitted to trading on other financial markets. Where the shares are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of shares on such markets: Investors wishing to acquire shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 30

31 ASSET VALUATION AND ACCOUNTING RULES VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). Financial instruments traded on a regulated market are valued at the closing price recorded on the day prior to the calculation of the net asset value. When these financial instruments are traded on several regulated markets at the same time, the closing price used is that recorded on the regulated market on which they are principally traded. However, in the absence of significant trading on a regulated market, the following financial instruments are valued using the following specific methods: - Negotiable debt securities with a residual term to maturity of less than three months on acquisition are valued at their purchase price. Any discount or premium to redemption value is amortised on a straight-line basis over the residual term of the instrument. The financial manager by delegation nevertheless reserves the right to value these instruments at their market price if they are particularly sensitive to any market risks (interest rate risk, etc.). The rate applied is that of issues of equivalent securities adjusted by the risk margin relating to the issuer; - Negotiable debt securities with a residual term to maturity of more than three months on acquisition, but with a residual term to maturity at the accounting date on which net asset value is calculated of three months or less are valued at the last known market price. Any discount or premium to redemption value is amortised on a straight-line basis over the residual term of the instrument. The financial manager by delegation nevertheless reserves the right to value these instruments at their market price if they are particularly sensitive to any market risks (interest rate risk, etc.). The rate applied is that of issues of equivalent securities adjusted by the risk margin relating to the issuer; - Negotiable debt securities with a residual term to maturity of more than three months at the calculation date of net asset value are valued at their market price. The rate applied is that of issues of equivalent securities adjusted by the risk margin relating to the issuer. - Financial futures traded on organised markets are valued at the clearing price on the day prior to the calculation of the net asset value. Options traded on organised markets are valued at their market price on the day prior to the calculation of the net asset value. Futures and options traded over the counter are valued at the price given by the counterparty of the financial instrument. The financial manager by delegation monitors these prices independently. - Deposits are valued at their nominal value plus accrued interest. - Warrants, treasury bills, promissory notes and mortgage notes are valued at their probable trading value by the financial manager by delegation. - Temporary purchases and disposals of securities are valued at the market price. - Share classes and shares in UCITS under French law are valued at the last known net asset value on the day the sub-fund's net asset value is calculated. - Share classes and shares in investment funds not registered under French law are valued at the last known net asset value per unit on the day the subfund's net asset value is calculated. - Financial instruments traded on a regulated market for which the price has not been observed or the price of which has been corrected are valued at their probable trading value by the financial manager by delegation. - The exchange rates used to value financial instruments denominated in currencies other than the sub-fund's reference currency are the exchange rates provided by the WM Reuters fixing on the day on which the sub-fund's net asset value is calculated. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. DISTRIBUTION POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. SUB-FUND ACCOUNTING CURRENCY The sub-fund s accounts are kept in euros. "BEL20" is a registered trademark of the NYSE Euronext, designating the index it calculates and publishes. Euronext Brussels guarantees neither the value of the index at any given moment, nor the results or performance of the product indexed to this index. Page 31

32 SUB-FUND NO 2: LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Bonds and other debt securities denominated in euros. The UCITS is permanently exposed to euro-denominated fixed-income securities. Equity exposure accounts no more than 10% of net assets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Commission des Opérations de Bourse on 26 November It was created on 09 December The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR 100. DELEGATION OF FINANCIAL MANAGEMENT Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 21 January By application of articles L and L of the Monetary and financial Code, the Autorité des Marchés Financiers approved the prospectus on 26 November The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of Lyxor ETF EuroMTS Global Investment Grade, as mentioned in the prospectus approved by the Autorité des Marchés Financiers on 26 November 2003, will be achieved. - The achievement of the investment objective of the Lyxor ETF EuroMTS Global Investment Grade fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - - The price at which shares in the Lyxor ETF EuroMTS Global Investment Grade are traded on Euronext Bruxelles may not reflect the net asset value of the share. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the Lyxor ETF EuroMTS Global Investment Grade fund or to calculate and publish the indicative net asset value of the Lyxor ETF EuroMTS Global Investment Grade sub-fund, it may be impossible to trade share classes in the Lyxor ETF EuroMTS Global Investment Grade sub-fund. - Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity. Page 32

33 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. BENCHMARK INDEX The benchmark index is the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, denominated in EUR. Its Reuters code is: EMIEG5= Its Bloomberg code is: EMIEG5 The EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index is a Total Return type index (i.e. all coupons detached by the index constituents are reinvested in the index), weighted by country, consisting of securities issued by the governments of Member states in the Euro zone. The index, formerly known under the name CNO ETRIX Global, has been calculated in real-time by EuroMTS1 since The eligible universe of EuroMTS Investment Grade indices consists of securities that meet the following criteria: - nominal, fixed-coupon bonds denominated in euros with no option or convertibility; and having a maturity of at least 1 year; - listed on the MTS markets 2 ; - issued by a sovereign government of the eurozone and selected by EuroMTS among the following list of countries as having at least two Investment Grade ratings issued by the credit-rating agencies Standard & Poor s, Moody s and Fitch: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia and Spain; - with at least EUR2 billion issued.. The bonds comprising the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index are determined by sub-dividing the eligible index universe into six maturity bands: 1 to 3 years; 3 to 5 years; 5 to 7 years; 7 to 10 years; 10 to 15 years; and 15+ years. In any given maturity band, the weight of each sovereign issuer is determined on the basis of the size of its issues within the maturity band, and is represented by at most two bonds within this maturity band. If an issuer has more than two bonds in a maturity band, the chosen bonds will be those that maximize the product of (i) their issue size and (ii) their residual time in the maturity band. The constituents of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index correspond to the set of bonds held in the six maturity bands, i.e. a theoretical maximum, on 15 January 2004, of 132 bonds. In practice, the number of constituents of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index is less than that, since not all issuers have at least two bonds in all six maturity bands at the same time. The weight of a constituent of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index is equal to the product of (i) its weight in the maturity band to which it belongs and (ii) the weight of this maturity band (calculated according to the size of its issues relative to the eligible universe). The methodology employed for the EuroMTS indices is supervised by an independent advisory committee composed of bond specialists and issuers. The composition of these indices is reviewed each month. These characteristics are such that the EuroMTS indices are a highly liquid and representative measure of the performance of sovereign bond securities. The monitored performance tracked is based on the 5.30pm (Paris time) fixing of the index as determined by EuroMTS. 1 EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. 2 As of 31 January 2005, MTS is the main trading system for securities issued by the governments of eurozone member states, with more than 4,000 trading screens connected to more than 1,000 independent inter-bank participants and daily trading volumes averaging 85 billion. EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. Page 33

34 INVESTMENT STRATEGY The sub-fund will be mainly invested in government debt from Euro zone member states. The financial manager by delegation will carry out a dynamic allocation of the basket of bonds in order to seek the highest possible correlation with the performance of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. To improve its correlation with the benchmark index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly Euro zone bonds, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Interest rate sensitivity range within which the UCITS is managed. Between 5 and 10 Currencies in which securities held by the sub-fund are denominated Foreign exchange risk borne by the sub-fund: Geographical zone of issuers of securities to which the sub-fund is exposed: Euro: 0 to 100% of net assets Others : 0 to 100% of net assets Up to 0% of net assets. Geographical zone: Euro zone: 0 to 100% of net assets Emerging countries: 0% of net assets. At the present time, the manager by delegation has the intention of primarily using the following assets: 1. Balance sheet assets (excluding embedded derivatives) The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July Guaranteed securities issued by the same issuer can represent up to 35% of the assets, and 100% of the assets if the sub-fund holds at least six issues for which none of them exceeds 30% of the assets. The securities are instruments issued or guaranteed by a Member State of the OECD, territorial governments of a Member State of the EC or part of the agreement on the EEA. In compliance with the ratios indicated in the applicable regulations, the Fund may hold financial instruments from France or OECD countries (bonds and other debt securities), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, 2. Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's bonds held as assets (or any other financial instrument held as an asset by the sub-fund, where applicable) for the value of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. Page 34

35 3. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. 4. Deposits The sub-fund can have recourse to deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. 5. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. 6. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Interest rate risk The price of a bond can be affected by unexpected changes in the level of interest rates, which can modify the shape of the yield curve in particular. The underlying bonds making up the index are therefore exposed to such interest rate moves. In general, the price of a bond rises when interest rates are falling, and fall as interest rates rise. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Credit risk The sub-fund could be affected by a change in the credit quality of an issuer, which could typically be reflected by a change in the issuer rating on one or more underlyings of the benchmark index. Such a change would modify the risk of default for the issuer of the bond, and also affect the value of the bonds. 4. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of shares. 5. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity of shares in the sub-fund may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value of the sub-fund and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges. 6. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the sub-fund s total assets. 7. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. Risk due to a shift in the underlyings' Tax policy Page 35

36 Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund. In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index disruption risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the sub-fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate Action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the Euro zone bond market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. FREQUENCY OF INCOME DISTRIBUTIONS The Board of Directors reserves the right to distribute all or part of the revenues one or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. SHARE LISTING CURRENCY Euro. Page 36

37 SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be submitted to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department) until 5 p.m. (Paris time) on each Trading Day, and will be executed on the basis of the net asset value for that Trading Day, hereinafter referred to as the reference net asset value. Subscription/redemption requests submitted after 5.00 pm (Paris time) on a Trading Day will be processed as requests received before 5.00 pm (Paris time) on the following Trading Day. Subscriptions/redemptions are carried out for a quantity of sub-fund shares corresponding to a minimum amount of EUR 100,000. (i) Subscriptions / Redemptions through transfer of bonds. Subscriptions/redemptions may be carried out through transfers of bonds in the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index provided that corresponds to a quantity of sub-fund bonds equivalent to a minimum of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of bonds making up the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, corresponding to a minimum amount of EUR 100,000 that the subscriber must deliver, and if applicable, (2) a cash amount in euros paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference, in euros, between the reference net asset value multiplied by the number of shares subscribed or redeemed and the value in euros of the shares to be delivered on the day of the reference net asset value. The number of each bond comprising the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index mentioned in (1) above as well as the Balance mentioned in (2) above will be published on Reuters and on the Internet site. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision. (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR ETF EuroMTS Global Investment Grade sub-fund is calculated using the 5.30 p.m. fixing of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France Date and frequency of net asset value calculation The net asset value will be calculated and published on a daily basis when the market on which the shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 37

38 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. THE LISTING OF THE SUB-FUND S SHARES BY THE MARKET UNDERTAKING - - Where the share classes are listed on Euronext Paris, as specified under Summary Details, investors should note the following listing rules: With reference to article D of the Monetary and Financial Code, according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value; the following rules, determined by NYSE Euronext, apply to the listing of shares in the sub-fund: reservation thresholds are set by applying a percentage change of 1.5% above or below the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund's indicative net asset value (see "Indicative Net Asset Value" section), as published by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index; The Market Makers will ensure that the market price of the sub-fund shares does not differ beyond 1.5% above or below the UCITS' Net Asset Value, in order to comply with the reservation thresholds defined in (see "indicative net asset value" section). - Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of the share class(es) on such financial markets: Investors wishing to acquire shares in the sub-fund on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. THE LISTING AND TRADING OF LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE SUB-FUND SHARES ON THE MARKET 1/SHARES MADE AVAILABLE TO THE PRIMARY MARKET As at 9 December 2003, there were 50,001 fully subscribed and paid-up shares. The shares were listed for trading on NYSE Euronext on 22 January /SHARES MADE AVAILABLE TO THE SECONDARY MARKET On 22 January 2004, a total of 1,000,001 LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund shares were made available to the market at a price per share corresponding to EUR The initial value of one LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE share was EUR 100 on 9 December MARKET MAKER As at 09 December 2003, the "Market-Maker" was: SOCIETE GENERALE CORPORATE AND INVESTMENT BANKING - Tour Société Générale, 17 Cours Valmy, Paris-La Défense, France In accordance with the terms and conditions governing admission to trading on Euronext, Société Générale (the "Market Maker") undertakes to provide market making services for shares in the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund from the date of their admission to trading on the Euronext market. In particular, the Market Maker undertakes to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Maker is required under contract with NYSE Euronext to comply with the following conditions for the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund - a maximum global spread of 2% between the bid and offer price in the centralised order book. - a minimum par value of EUR 200,000 on the buy and sell side. The obligations of the Market Maker of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund will be suspended if the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM is not available or if one of the constituent securities is suspended. The obligations of the Market Maker will be suspended in the event of difficulties in the bond market such as a general lag in prices or a disruption that makes normal market management impossible. The Market Maker is also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index. The indicative net asset value enables investors to compare the prices available on the market by the Market Maker with the theoretical net asset value calculated by NYSE Euronext. NEGOTIABILITY OF SHARES 1/Where the share class is listed on Euronext Paris (see Summary Details section): The shares are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. Once admitted to trading on NYSE Euronext s Euronext Paris market, shares in the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund will be listed on a specific trading list, the rules for which are defined in the following instructions published by NYSE Euronext: Instruction N4-01 Negotiation Manual for Euronext Equity Markets» Appendix to instruction N 4-01 Negotiation Manual for Euronext Equity Markets Page 38

39 - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the shares or units from diverging significantly from their net asset value, with the following operational rules, determined by Euronext Paris SA, applicable to the listing of the sub-fund's share classes: - reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond All- Maturity TM index - trading is suspended if calculation of the indicative net asset value and therefore the updating of the above thresholds is rendered impossible in the following cases: - closing of the market on which the bonds in the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index are listed - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund. 2/ Where the share class(es) are listed on a market other than Euronext Paris (see Summary Details section): Investors should note the following rules concerning the negotiability of the shares on such financial markets: Investors wishing to acquire shares in the sub-fund on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. INDICATIVE NET ASSET VALUE Where the share class is listed on Euronext Paris, NYSE Euronext will calculate and publish the indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund (hereinafter the inav") during the hours of listing on Trading Days. Indicative net asset value will be calculated each day on the calendar for the calculation and publication of the sub-fund's net asset value. To calculate the indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund, computed throughout the trading session in Paris (9.05am-5.35pm), NYSE Euronext will use the level of the index available and published on Reuters. The market price of the shares comprising the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index used to calculate the level of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, and therefore the evaluation of the inav is supplied by the MTS platform. If the MTS platform is closed (during public holidays as defined by the TARGET calendar), the listing of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index is therefore stopped, the calculation of the indicative net asset value is rendered impossible and the trading of LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE shares may be suspended. Reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Global Investment Grade Eurozone Government Bond All-Maturity TM index. Lyxor International Asset Management, the management company of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund, will supply NYSE Euronext with all the financial and accounting data required for the calculation by NYSE Euronext of the indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund and notably as reference net asset value, the net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund on the previous business day together with a reference level of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index equal to the closing value on the previous business day. This reference net asset value and this reference level of the index will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE sub-fund for the next trading day and which is updated in real time. Page 39

40 CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 per redemption request and (ii) 5%, that can be onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund shares carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.165% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees: Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 40

41 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. Sub-fund shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). Markets: Deutsche Boerse (Frankfurt), NYSE Euronext (Paris), Euronext Brussels, Borsa Italiana (Milan), Six Swiss Exchange (Zurich). The sub-fund s shares may be admitted to trading on other financial markets. Where the share classes are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of share classes on such markets: - Investors wishing to acquire shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. Trading Day means any day the Paris Bourse is open and operating as usual. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 41

42 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: The securities for which the price is not determined on the assessment date or for which the price was corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Debt securities and similar securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The application provisions for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS will be assessed at the last known net asset value. Securities that are not negotiated on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the implementing rules being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments negotiated on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or condition forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. Moreover, an instantaneous net asset value for information purposes will be calculated by NYSE Euronext if the sub-funds are accepted for listing. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute, one or several times a year, all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in euros. Lyxor ETF EuroMTS Global Investment Grade in no way benefits from sponsorship, support or promotion, and is not sold by EuroMTS Limited (hereinafter collectively referred to as the "Holders"). EuroMTS Limited cannot be held liable for the promotion or marketing of the Lyxor ETF EuroMTS Global Investment Grade sub-fund. EuroMTS and the names EuroMTS index (EuroMTS Index ) and EuroMTS indices (EuroMTS Investment Grade indices ) are registered trademarks of EuroMTS Limited. The EuroMTS indices are calculated by EuroMTS, commercialised and distributed by MTSNext. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext, a company held by EuroMTS. Neither EuroMTS nor MTSNext can be held liable for any losses or damages of any nature whatsoever (including, notably, investment losses) partly or wholly linked to the Lyxor ETF EuroMTS Global Investment Grade sub-fund or to the supply of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, or that of sub-indices or registered trademarks. Page 42

43 SUB-FUND NO 3: LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Bonds and other debt securities denominated in euros. The UCITS is permanently exposed to euro-denominated fixed-income securities. Equity exposure accounts no more than 10% of net assets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Commission des Opérations de Bourse on 26 November It was created on 09 December The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR 100. FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management. STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 24 March In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 19 December The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of Lyxor ETF EuroMTS 3-5Y Investment Grade, as mentioned in the prospectus approved by the Autorité des Marchés Financiers on 19 December 2003, will be achieved. - The achievement of the investment objective of the Lyxor ETF EuroMTS 3-5Y Investment Grade fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - The price at which units in the Lyxor ETF EuroMTS 3-5Y Investment Grade are traded on Euronext Bruxelles may not reflect the net asset value of the share. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y TM index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the Lyxor ETF EuroMTS 3-5Y Investment Grade sub-fund, or calculate or publish its indicative net asset value, it may be impossible to trade shares in the Lyxor ETF EuroMTS 3-5Y Investment Grade fund. - Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity Page 43

44 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. BENCHMARK INDEX The benchmark index is the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index, denominated in EUR. Index Reuters code: EMIEB5= Index Bloomberg code: EMIEB5 The EuroMTS Investment Grade Eurozone Government Bond 3-5Y index is the sub-index, consisting of securities having a maturity between 3 and 5 years, of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, formerly known under the name CNO ETRIX Global, which is a Total Return type index (i.e. all coupons detached by the index constituents are reinvested in the index), weighted by country, consisting of securities issued by the governments of member states of the Euro zone. The EuroMTS Investment Grade Eurozone Government Bond 3-5Y index is calculated in real-time by EuroMTS3. The eligible universe of EuroMTS indices consists of securities that meet the following criteria: - nominal, fixed-coupon bonds denominated in euros with no option or convertibility; and having a maturity of at least 1 year; - listed on the MTS markets 4 ; - issued by a sovereign government of the eurozone and selected by EuroMTS among the following list of countries as having at least two Investment Grade ratings issued by the credit-rating agencies Standard & Poor s, Moody s and Fitch: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia and Spain; - with at least EUR2 billion issued. The methodology employed for the EuroMTS indices is supervised by an independent advisory committee composed of bond specialists and issuers. The composition of these indices is reviewed each month. These characteristics make the EuroMTS indices a highly liquid and representative benchmark for assessing the performance of sovereign bonds. The monitored performance is based on the 5.30pm (Paris time) fixing of the index as determined by EuroMTS. 3 EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. 4 As of 31 January 2005, MTS is the main trading system for securities issued by the governments of eurozone member states, with more than 4,000 trading screens connected to more than 1,000 independent inter-bank participants and daily trading volumes averaging 85 billion. EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. Page 44

45 INVESTMENT STRATEGY The sub-fund will be mainly invested in government debt from Euro zone member states. The financial manager by delegation will carry out a dynamic allocation of the basket of bonds in order to seek the highest possible correlation with the performance of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. In order to improve its correlation with the benchmark index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly Euro zone bonds, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Interest rate sensitivity range within which the UCITS is managed. Between 2 and 5 Currencies in which securities held by the sub-fund are denominated Foreign exchange risk borne by the sub-fund: Geographical zone of issuers of securities to which the sub-fund is exposed: Euro : 0 to 100% of net assets Others : 0 to 100% of net assets Up to 0% of net assets. Geographical zone: Euro zone: 0 to 100% of net assets Emerging countries: 0% of net assets. At the present time, the manager by delegation has the intention of primarily using the following assets: Balance sheet assets (excluding embedded derivatives) The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July Guaranteed securities issued by the same issuer can represent up to 35% of the assets, and 100% of the assets if the sub-fund holds at least six issues for which none of them exceeds 30% of the assets. The securities are instruments issued or guaranteed by a Member State of the OECD, territorial governments of a Member State of the EC or part of the agreement on the EEA. In compliance with the ratios indicated in the applicable regulations, the Fund may hold financial instruments from France or OECD countries (bonds and other debt securities), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's bonds held as assets (or any other financial instrument held as an asset by the sub-fund, where applicable) for the value of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. Page 45

46 Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. Deposits The sub-fund can have recourse to deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. Page 46

47 RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Interest rate risk The price of a bond can be affected by unexpected changes in the level of interest rates, which can modify the shape of the yield curve in particular. The underlying bonds making up the index are therefore exposed to such interest rate moves. In general, the price of a bond rises when interest rates are falling, and fall as interest rates rise. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Credit risk The sub-fund could be affected by a change in the credit quality of an issuer, which could typically be reflected by a change in the issuer rating on one or more underlyings of the benchmark index. Such a change would modify the risk of default for the issuer of the bond, and also affect the value of the bonds. 4. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of shares. 5. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value of the sub-fund and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges. 6. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the sub-fund s total assets. Page 47

48 7. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. - Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of bonds in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate Action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the Euro zone bond market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. Page 48

49 CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. FREQUENCY OF INCOME DISTRIBUTIONS The Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. UNIT LISTING CURRENCY Euro. SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be submitted to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department) until 5 p.m. (Paris time) on each Trading Day, and will be executed on the basis of the net asset value for that Trading Day, hereinafter referred to as the reference net asset value. Subscription/redemption requests submitted after 5.00 pm (Paris time) on a Trading Day will be processed as requests received before 5.00 pm (Paris time) on the following Trading Day. Subscriptions/redemptions are carried out for a number of sub-fund shares corresponding to a minimum amount of EUR 100,000. (i) Subscriptions / Redemptions through transfer of bonds. Subscriptions/redemptions may be carried out through transfers of bonds in the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index provided that this corresponds to a number of sub-fund bonds equivalent to a minimum amount of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of bonds making up the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index, corresponding to a minimum amount of EUR 100,000 that the subscriber must deliver, and if applicable, (2) a cash amount, in euros, paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference, in euros, between the reference net asset value multiplied by the number of shares subscribed or redeemed and the value in euros of the shares to be delivered on the day of the reference net asset value. The number of each bond comprising the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index mentioned in (1) above as well as the Balance mentioned in (2) above will be published on Reuters and on the Internet site. For all subscriptions carried out by transfers of negotiable securities, the Board of Directors reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision. (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the Lyxor ETF EuroMTS 3-5Y Investment Grade sub-fund is calculated using the 5.30 p.m. fixing of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 49

50 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share of the sub-fund LYXOR ETF EUROMTS 3-5Y Investment Grade subscribed in accordance with the terms of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. THE LISTING OF THE SUB-FUND S SHARES BY THE MARKET UNDERTAKING The sub-fund s share class(es) are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. - Where the share class(es) are listed on Euronext Paris, as specified under Summary Details, investors should note the following listing rules: With reference to article D of the Monetary and Financial Code, according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value; the following rules, determined by NYSE Euronext, apply to the listing of shares in the sub-fund: reservation thresholds are set by applying a percentage change of 1.5% above or below the sub-fund's indicative net asset value (see "Indicative Net Asset Value" section), as published by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. The Market Makers will ensure that the market price of the sub-fund shares does not differ beyond 1.5% above or below the UCITS' Net Asset Value, in order to comply with the reservation thresholds defined in (see "indicative net asset value" section). - Where the shares class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors attention is drawn to the following rules concerning the listing of units on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. Page 50

51 THE LISTING AND TRADING OF LYXOR ETF EUROMTS 3-5 Y INVESTMENT GRADE SUB-FUND SHARES ON THE MARKET 1 - SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET As at 28 January 2004, there are 50,001 fully subscribed and paid-up shares. The shares were admitted to trading on NYSE Euronext on 24 March SECURITIES MADE AVAILABLE TO THE SECONDARY MARKET On 24 March 2004, a total of 500,001 shares in the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund were made available to the market at a price per share corresponding to EUR The initial value of a share in the LYXOR ETF EUROMTS 3-5Y investment grade sub-fund was EUR 100 on 28 January MARKET MAKER The "Market-Maker" is: SOCIETE GENERALE CORPORATE AND INVESTMENT BANKING - Tour Société Générale, 17 Cours Valmy, Paris-La Défense, France In accordance with the terms and conditions governing admission to trading on Euronext, Société Générale (the "Market Maker") undertakes to provide market making services for shares in the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund from the date of their admission to trading on the Euronext market. In particular, the Market Maker undertakes to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Maker is required under contract with NYSE Euronext to comply with the following conditions for the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund - a maximum global spread of 2% between the bid and offer price in the centralised order book. - a minimum par value of EUR 200,000 on the buy and sell side. The obligations of the Market Maker of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund will be suspended if the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index is not available or if one of the constituent securities is suspended. The obligations of the Market Maker will be suspended in the event of difficulties in the bond market such as a general lag in prices or a disruption that makes normal market management impossible. The Market Maker is also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index. The indicative net asset value enables investors to compare the prices available on the market by the Market Maker with the theoretical net asset value calculated by NYSE Euronext. NEGOTIABILITY OF SHARES 1/Where the share class(es) are traded on Euronext Paris (see Summary Details section): The shares are all freely negotiable on the Euronext Paris of NYSE Euronext under the conditions and according to the applicable legal and regulatory provisions. Once admitted to trading on Euronext Paris of NYSE Euronext, bonds in the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund will be listed on a specific trading list, the rules for which are defined in the following instructions published by NYSE Euronext: - Instruction N4-01 Negotiation Manual for Euronext Equity Markets - Appendix to instruction N 4-01 Negotiation Manual for Euronext Equity Markets - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the shares or units from diverging significantly from their net asset value, with the following operational rules, determined by Euronext Paris SA, applicable to the listing of the sub-fund's share classes: - reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index - trading is suspended if calculation of the indicative net asset value and therefore the updating of the above thresholds is rendered impossible in the following cases: - closing of the market on which the bonds in the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index are listed - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund 2/Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors attention is drawn to the following rules concerning the listing of units on such markets: Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. INDICATIVE NET ASSET VALUE Where the share class(es) are listed on Euronext Paris, NYSE Euronext will calculate and publish the indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund (hereinafter the inav") during the hours of listing on Trading Days. Indicative net asset value will be calculated each day on the calendar for the calculation and publication of the sub-fund's net asset value. To calculate the indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund, computed throughout the trading session in Paris (9.05am-5.35pm), NYSE Euronext will use the level of the index available and published on Reuters. The market price of the bonds comprising the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index used to calculate the level of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index, and therefore the evaluation of the inav is supplied by the MTS platform. Page 51

52 If the MTS platform is closed (during public holidays as defined by the TARGET calendar), the listing of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y TM index is therefore stopped, the calculation of the indicative net asset value is rendered impossible and the trading of LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund shares may be suspended. Reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index; Lyxor International Asset Management, the management company of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund, will supply NYSE Euronext with all the financial and accounting data required for the calculation by NYSE Euronext of the indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund and notably as reference net asset value, the net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund on the previous business day together with a reference level of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index equal to the closing value on the previous business day. This reference net asset value and this reference level of the index will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR ETF EUROMTS 3-5Y Investment Grade sub-fund for the next trading day and which is updated in real time. CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 per redemption request and (ii) 5%, that can be onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund shares carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the Board of Directors when the sub-fund exceeds its objectives. They are therefore charged to the sub-fund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.165% (incl. tax) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 52

53 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. The sub-fund s shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). The sub-fund's shares are admitted to trading on NYSE Euronext Brussels (Belgium), Deutsche Boerse (Frankfurt), NYSE Euronext (Paris), Borsa Italiana (Milan) and SIX Swiss Exchange (Zurich). The sub-fund s shares may be admitted to trading on other financial markets. Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors attention is drawn to the following rules concerning the listing of the share classes on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. Trading Day means any day the Paris Bourse is open and operating as usual. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: LYXOR INTERNATIONAL ASSET MANAGEMENT 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December Page 53

54 INVESTMENT RULES. The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 54

55 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: The securities for which the price is not determined on the assessment date or for which the price was corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Debt securities and similar securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The application provisions for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS will be assessed at the last known net asset value. Securities that are not negotiated on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the terms of application being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments negotiated on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or condition forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. Moreover, an instantaneous net asset value for information purposes will be calculated by NYSE Euronext if the sub-funds are accepted for listing. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues one or several times per year. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in euros. Lyxor ETF EuroMTS 3-5Y Investment Grade in no way benefits from sponsorship, support or promotion, and is not sold by EuroMTS Limited (hereinafter collectively referred to as the "Holders"). EuroMTS Limited cannot be held liable for the promotion or marketing of the Lyxor ETF EuroMTS 3-5Y Investment Grade sub-fund. EuroMTS and the names EuroMTS index (EuroMTS Index ) and EuroMTS indices» (EuroMTS Investment Grade indices ) are registered trademarks of EuroMTS Limited. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext, a company held by EuroMTS. Neither EuroMTS nor MTSNext can be held liable for any losses or damages of any nature whatsoever (including, notably, investment losses) partly or wholly linked to the Lyxor ETF EuroMTS 3-5Y Investment Grade sub-fund or to the supply of the EuroMTS Investment Grade Eurozone Government Bond 3-5Y index, or that of sub-indices or registered trademarks. Page 55

56 SUB-FUND NO 4: LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Bonds and other debt securities denominated in euros. The UCITS is permanently exposed to euro-denominated fixed-income securities. Equity exposure accounts no more than 10% of net assets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Commission des Opérations de Bourse on 19 December It was created on 28 January The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR 100. FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 24 March In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 19 December The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of Lyxor ETF EuroMTS 10-15Y Investment Grade, as mentioned in the prospectus approved by the Autorité des Marchés Financiers on 19 December 2003, will be achieved. - The achievement of the investment objective of the Lyxor ETF EuroMTS 10-15Y Investment Grade sub-fund implies very significant use of financial instruments traded Over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - The price at which units in the Lyxor ETF EuroMTS 10-15Y Investment Grade are traded on Euronext Paris of NYSE Euronext, may not reflect the net asset value of the share. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the Lyxor ETF EuroMTS 10-15Y Investment Grade sub-fund or calculate or publish its indicative net asset value, it may be impossible to trade shares in the Lyxor ETF EuroMTS 10-15Y Investment Grade sub-fund. - Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity Page 56

57 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the EuroMTS 10-15Y. BENCHMARK INDEX The benchmark index is the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index, denominated in EUR. Its Reuters code is: EMIEE5= Its Bloomberg code is: EMIEE5 The EuroMTS Investment Grade Eurozone Government Bond 10-15Y index is the sub-index, consisting of securities having a maturity between 10 and 15 years, of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, formerly known under the name CNO ETRIX Global, which is a Total Return type index (i.e. all coupons detached by the index constituents are reinvested in the index), weighted by country, consisting of securities issued by the governments of member states of the Euro zone. The EuroMTS Investment Grade Eurozone Government Bond 10-15Y index is calculated in real-time by EuroMTS5. The eligible universe of EuroMTS Investment Grade indices consists of securities that meet the following criteria: - nominal, fixed-coupon bonds denominated in euros with no option or convertibility; and having a maturity of at least 1 year; - issued by a sovereign government of the eurozone and selected by EuroMTS among the following list of countries as having at least two Investment Grade ratings issued by the credit-rating agencies Standard & Poor s, Moody s and Fitch: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia and Spain; - with at least EUR2 billion issued. - listed on the MTS markets 6 ; The methodology employed for the EuroMTS indices is supervised by an independent advisory committee composed of bond specialists and issuers. The composition of these indices is reviewed each month. These characteristics are such that the EuroMTS indices are a highly liquid and representative measure of the performance of sovereign bond securities.. The monitored performance is based on the 5.30pm (Paris time) fixing of the index as determined by EuroMTS. 5 EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. 6 As of 31 January 2005, MTS is the main trading system for securities issued by the governments of eurozone member states, with more than 4,000 trading screens connected to more than 1,000 independent inter-bank participants and daily trading volumes averaging 85 billion. EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. Page 57

58 INVESTMENT STRATEGY The sub-fund will be mainly invested in government debt from Euro zone member states. The financial manager by delegation will carry out a dynamic allocation of the basket of bonds in order to seek the highest possible correlation with the performance of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. To improve its correlation with the benchmark index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly Euro zone bonds, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Interest rate sensitivity range within which the UCITS is managed. Between 9 and 15 Currencies in which securities held by the sub-fund are denominated Foreign exchange risk borne by the sub-fund: Geographical zone of issuers of securities to which the sub-fund is exposed: Euro : 0 to 100% of net assets Others : 0 to 100% of net assets Up to 0% of net assets. Geographical zone: Euro zone: 0 to 100% of net assets Emerging countries: 0% of net assets. At the present time, the manager by delegation has the intention of primarily using the following assets: 1) Balance sheet assets (excluding embedded derivatives) The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July Guaranteed securities issued by the same issuer can represent up to 35% of the assets, and 100% of the assets if the sub-fund holds at least six issues for which none of them exceeds 30% of the assets. The securities are instruments issued or guaranteed by a Member State of the OECD, territorial governments of a Member State of the EC or part of the agreement on the EEA. In compliance with the ratios indicated in the applicable regulations, the Fund may hold financial instruments from France or OECD countries (bonds and other debt securities), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, 2) Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's bonds held as assets (or any other financial instrument held as an asset by the sub-fund, where applicable) for the value of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. Page 58

59 3) Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. 4) Deposits The sub-fund can have recourse to deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. 5) Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. 6) Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Interest rate risk The price of a bond can be affected by unexpected changes in the level of interest rates, which can modify the shape of the yield curve in particular. The underlying bonds making up the index are therefore exposed to such interest rate moves. In general, the price of a bond rises when interest rates are falling, and fall as interest rates rise. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Credit risk The sub-fund could be affected by a change in the credit quality of an issuer, which could typically be reflected by a change in the issuer rating on one or more underlyings of the benchmark index. Such a change would modify the risk of default for the issuer of the bond, and also affect the value of the bonds. 4. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of shares. 5. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges. 6. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the sub-fund s total assets. 7. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. Page 59

60 - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund. In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the sub-fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate Action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the Euro zone bond market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. FREQUENCY OF INCOME DISTRIBUTIONS The Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. LISTING CURRENCY Euro. Page 60

61 SUBSCRIPTION AND REDEMPTION PROCEDURES 1/ CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be submitted to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department) until 5 p.m. (Paris time) on each Trading Day, and will be executed on the basis of the net asset value for that Trading Day, hereinafter referred to as the reference net asset value. Subscription/redemption requests submitted after 5.00 pm (Paris time) on a Trading Day will be processed as requests received before 5.00 pm (Paris time) on the following Trading Day. Subscriptions/redemptions are carried out for a quantity of sub-fund shares corresponding to a minimum of EUR 100,000. (i) Subscriptions / Redemptions through transfer of bonds. Subscriptions/redemptions may be carried out through transfers of bonds in the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index provided that this corresponds to a number of sub-fund bonds equivalent to a minimum of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of bonds making up the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index, corresponding to a minimum amount of EUR 100,000 that the subscriber must deliver, and if applicable, (2) a cash amount in euros paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference in euros between the reference net asset value multiplied by the number of bonds subscribed or redeemed and the value in euros of the bonds to be delivered on the day of the reference net asset value. The number of each bond comprising the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index mentioned in (1) above as well as the Balance mentioned in (2) above will be published on Reuters and on the Internet site. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund is calculated using the 5.30 p.m. fixing of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 61

62 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. THE LISTING OF SUB-FUND SHARES BY THE MARKET UNDERTAKING The sub-fund s share classes are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. - Where the share class(es) are listed on Euronext Paris as specified in the Summary Details section investors should note the following listing rules: With reference to article D of the Monetary and Financial Code, according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value; the following rules, determined by NYSE Euronext, apply to the listing of shares in the sub-fund: reservation thresholds are set by applying a percentage change of 1.5% above or below the sub-fund's indicative net asset value (see "Indicative Net Asset Value" section), as published by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. The Market Makers will ensure that the market price of the sub-fund shares does not differ beyond 1.5% above or below the UCITS' Net Asset Value, in order to comply with the reservation thresholds defined in (see "indicative net asset value" section). - Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors attention is drawn to the following rules concerning the listing of units on such markets: - Investors wishing to acquire fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual intermediaries for placing orders on the markets in question. Page 62

63 THE LISTING AND TRADING OF SHARES IN THE LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE SUB-FUND 1/SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET As at 28 January 2004, there are 50,001 fully subscribed and paid-up shares. The shares were admitted to trading on NYSE Euronext on 24 March /SECURITIES MADE AVAILABLE TO THE SECONDARY MARKET On 24 March 2004, a total of 500,001 shares in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund were made available to the market at a price per share corresponding to EUR The initial value of a share in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund was EUR 100 on 28 January MARKET MAKER As at 17 March 2008, the following financial institutions were Market Makers: Société Générale Corporate and Investment Banking - Tour Société Générale, 17 Cours Valmy, Paris-La Défense, FRANCE UniCredit Markets & Investment Banking Bayerische Hypo- und Vereinsbank AG Moor House 120 London Wall In accordance with the terms and conditions governing admission to trading on Euronext Paris, Société Générale (the "Market Makers") undertakes to provide market making services for shares in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund from the date of their admission to trading on the Euronext Paris market. In particular, the Market Makers undertake to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Makers are required under contract with NYSE Euronext to comply with the following conditions for the LYXOR EUROMTS 10-15Y Investment Grade sub-fund: - a maximum global spread of 2% between the bid and offer price in the centralised order book. - a minimum par value of EUR 200,000 on the buy and sell side. The obligations of the Market Makers of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund will be suspended if the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index is not available or if one of the constituent securities is suspended. The obligations of the Market Makers will be suspended in the event of difficulties on the stock market, such as a general time lag in prices or disruption rendering normal management of market-making impossible. The Market Makers are also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The indicative net asset value of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. The indicative net asset value allows investors to compare the market prices proposed by the Market Makers with theoretical net asset value calculated by Euronext. NEGOTIABILITY OF BONDS 1/Where the share class(es) are listed on Euronext Paris (see Summary Details section): The shares are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. Once admitted to trading on Euronext Paris of NYSE Euronext, shares in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund will be listed on a specific trading list, the rules for which are defined in the following instructions published by NYSE Euronext: - Instruction N 4-01 "Euronext Cash Market Trading Manual" - Appendix to instruction N 4-01 "Appendix to the Euronext Cash Market Trading Manual" - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value, the following rules, determined by NYSE Euronext, apply to the listing of shares in the LYXOR EUROMTS 10-15Y Investment Grade subfund: - reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index; - trading is suspended if calculation of the indicative net asset value and therefore the updating of the above thresholds is rendered impossible in the following cases: - listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index is suspended - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund. 2/Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors attention is drawn to the following rules concerning the listing of units on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question INDICATIVE NET ASSET VALUE Page 63

64 Where the share class(es) are listed on Euronext Paris, NYSE Euronext will calculate and publish the indicative net asset value of bonds in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund (hereinafter the inav") during the hours of listing on Trading Days. Indicative net asset value will be calculated each day on the calendar for the calculation and publication of the sub-fund's net asset value. For the calculation of the indicative net asset value of shares in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund, computed throughout the trading session in Paris (9.05am-5.35pm), NYSE Euronext will use the level of the EUROMTS 10-15Y available on Reuters. The market price of the bonds comprising the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index used to calculate the level of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index, and therefore the evaluation of the inav is supplied by the MTS platform. If one or more stock exchanges listing shares included in the index are closed (during public holidays as defined by the TARGET calendar), and if it is not possible to calculate the indicative net asset value, trading of shares in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund may be suspended. Reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of bonds in the LYXOR EUROMTS 10-15Y Investment Grade sub-fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index. Lyxor International Asset Management, the LYXOR EUROMTS 10-15Y Investment Grade sub-fund's investment manager, will provide NYSE Euronext with all the necessary financial and accounting data for NYSE Euronext to calculate the indicative net asset value of LYXOR EUROMTS 10-15Y Investment Grade shares and, in particular, the reference net asset value. This reference net asset value will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR EUROMTS 10-15Y Investment Grade sub-fund for the next trading day and which is updated in real time. Page 64

65 CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund shares carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.165% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees: Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 65

66 COMMERCIAL INFORMATION Distribution of the prospectus and the offer or purchase of units in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers to shares in the sub-fund should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. The sub-fund s shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). The sub-fund s shares have been admitted for trading on NYSE Euronext. Markets: Deutsche Boerse (Frankfurt); NYSE Euronext (Paris), Borsa Italiana (Milan). The sub-fund s shares may be admitted to trading on other financial markets. Where the bond class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of the bond classes on such markets: - Investors wishing to acquire shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. Trading Day means any day the Paris Bourse is open and operating as usual. The Multi Units France prospectus and most recent annual report and updates will be sent out within one week upon receipt of a written request submitted by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 66

67 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: The securities for which the price is not determined on the assessment date or for which the price was corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Debt securities and similar securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The application provisions for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS will be assessed at the last known net asset value. Securities that are not negotiated on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the implementing rules being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments negotiated on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or condition forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. Moreover, an instantaneous net asset value for information purposes will be calculated by NYSE Euronext if the sub-funds are accepted for listing. B. ACCOUNTING METHOD FOR TRADING FEES FOR THE LYXOR ETF EUROMTS 10-15Y SUB-FUND Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in euros. Lyxor ETF EuroMTS 10-15Y Investment Grade in no way benefits from sponsorship, support or marketing, and is not sold by EuroMTS Limited (hereinafter collectively referred to as the "Holders"). EuroMTS Limited cannot be held liable for the promotion or marketing of the Lyxor ETF EuroMTS 10-15Y Investment Grade sub-fund. EuroMTS and the names EuroMTS index (EuroMTS Index ) and EuroMTS indices» (EuroMTS Investment Grade indices ) are registered trademarks of EuroMTS Limited. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext, a company held by EuroMTS. Neither EuroMTS nor MTSNext can be held liable for any losses or damages of any nature whatsoever (including, notably, investment losses) partly or wholly linked to the Lyxor ETF EuroMTS 10-15Y Investment Grade sub-fund or to the supply of the EuroMTS Investment Grade Eurozone Government Bond 10-15Y index, or that of sub-indices or registered trademarks. Page 67

68 SUB-FUND NO 5: LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Bonds and other debt securities denominated in euros. The UCITS is permanently exposed to euro-denominated fixed-income securities. Equity exposure accounts for no more than 10% of net assets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 22 March It was created on 15 April The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR 100. FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management. STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 11 May In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 22 March The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE, as mentioned in the prospectus approved by the Autorité des Marchés Financiers on 22 March 2005, will be achieved. - The achievement of the investment objective of the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - The price of a unit in the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE fund, traded on Euronext Paris of NYSE Euronext, may not necessarily reflect the net asset value of this same unit. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond TM index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE sub-fund, it may be impossible to trade shares in the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE. - Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity. Page 68

69 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index. BENCHMARK INDEX The benchmark index is the EuroMTS Investment Grade Eurozone Inflation-Linked Bond TM index denominated in EUR. Its Reuters code is: EMIGIG5= Its Bloomberg code is: EMIGIG5 The EuroMTS Investment Grade Eurozone Inflation-Linked Bond TM index is calculated and published in real-time by EuroMTS7, which measures the performance of the sovereign debt of member states of the Euro zone, indexed to inflation. The index is a Total Return (i.e. all coupons detached by the index constituents are reinvested in the index) type index that includes all bond securities indexed to inflation (country and/or European), issued by the governments of member states of the Euro zone., selected by EuroMTS among the following list of countries as having at least two Investment Grade ratings issued by the credit-rating agencies Standard & Poor s, Moody s and Fitch: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia and Spain. The securities used in the composition of the index are all listed and negotiable on the MTS8 markets, have more than EUR 2 billion outstanding and a minimum time to maturity of one year. The monitored performance is based on the 5.30pm (Paris time) fixing of the index as determined by EuroMTS. INDEX CALCULATION The weight of each bond established on the monthly revision date is calculated in the following manner: W i C p i t 0 AI i t 0 IR i t 0 N i t 0 Cp t AI t IR t N t j 0 j 0 j 0 j 0 j with: WI (to): CPi (to): AIi (to): IRi (to): Ni (to): weight of the bond i at the moment to detachable coupon of the bond component i at the moment to; accrued coupon of the bond component i at the moment to; inflation multiplier applicable to the nominal Ni (to) issued at the moment to nominal issued (not subject to inflation) of the bond component i at the moment to The sum (using the symbol j) includes all of the selected bonds. The index I(t) on the date t is calculated in the following manner: I t with: Ci: amount of the coupon bond component i payable on the coupon payment date that follows the date t - 1; I t - 1 i N i t 0 j N j t 0 C p i t AI i t Cp j t - 1 (t, t AI j t - 1 1) IR j t - 1 IR i t Δ t, t 1 : is equal to 0 if the coupon payment date after the date t 1 is the same as the coupon payment date after date t, C i is equal to 1 if the coupon payment date after the date t 1 is different from the coupon payment date after date t; with: N(t ) i 0 Wi Cp(t ) AI(t )xir(t ) i 0 i 0 i 0 PUBLICATION OF THE EUROMTS INVESTMENT GRADE EUROZONE INFLATION LINKED BOND INDEX EuroMTS is responsible for collecting and disseminating the value of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index. The index is published every 30 seconds from 9 a.m. to 5.00 p.m. (Paris time). Two fixing values are also published at 11 a.m. and 4 p.m. (Paris time). INDEX REVISIONS Should a bond no longer meet the selection criteria on a revision date, it will be removed from the composition of the EuroMTS Investment Grade Eurozone Inflation- Linked Bond Index. Changes to the constituents are taken into account on the next monthly revision date (the first trading day after the 15th of the previous month) and are effectively implemented on the opening of the market on the second trading day of the month after this monthly revision date. 7 EuroMTS Limited is a private company based in London and regulated by the FSA. It calculates and publishes the EuroMTS Inflation linked Indices (EMTXi), the reference prices of which are produced by the MTS electronic market for bonds within the Euro zone. It is also responsible for the real-time dissemination of the value of the EuroMTS Inflation Linked Indices (EMTXi) on 8 As of 31 January 2005, MTS is the main trading system for securities issued by the governments of eurozone member states, with more than 4,000 trading screens connected to more than 1,000 independent inter-bank participants and daily trading volumes averaging 85 billion. Page 69

70 Once selected, a bond remains in the index until its lifespan prior to maturity becomes too short (i.e. less than one year), and the weight of the constituents does not change during a given month. All coupons detached by the bonds comprising the index are reinvested in the index each day, after the market close. The index revision rules are published by EuroMTS Limited and are available on the EuroMTS Limited Internet site: CHANGE OF INDEX The administrators of the SICAV MULTI UNITS FRANCE reserve the right, with the approval of the Management and Savings Service of the Autorité des Marchés Financiers and provided that they deem that the economic interests of the unit holders of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE are preserved, to replace the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index with another index: - should the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index cease to exist; - in the event of any significant modification of the formula or calculation method of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index (other than a modification in keeping with the index operating rules, notably in case of a change of the securities comprising it), based on the opinion of at least one independent expert; - if a new index replacing the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index should appear, based on the opinion of at least one independent expert; - if, in the opinion of the administrators and based on the opinion of at least one independent expert, a new index providing a better valuation of the investment of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE unit holders should appear; objective financial criteria, namely greater liquidity, reduced expenses and a more efficient secondary market will serve as the basis for this decision; - should it become difficult to invest in the securities comprising the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index, or should a part of the securities comprising the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index offer limited liquidity, based on the opinion of an independent expert; - should EuroMTS increase its licence fees to a level considered too high by the administrators, based on the opinion of an independent expert; - if, in the opinion of the administrators, the quality (including the precision and availability of the data) of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index should deteriorate, based on the opinion of an independent expert; - if the instruments and techniques used to ensure good management of the portfolio or to hedge against the exchange risks as necessary for the implementation of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE investment policy are not available, based on the opinion of an independent expert. The administrators of the SICAV MULTI UNITS FRANCE have the right to change the name of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE in the event of a change of index. Any change of index, change of name of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund or modification made to this prospectus must receive the prior approval of the Autorité des Marchés Financiers and, as relevant, of Euronext Paris SA, and will be advertised in a daily economic and financial publication distributed throughout France. INVESTMENT STRATEGY The securities listed as the sub-fund s assets are mainly government debt from member states of the Euro zone. The financial manager by delegation will carry out a dynamic allocation of the basket of bonds in order to seek the highest possible correlation with the evolution of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index. To improve its correlation with the benchmark index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly Euro zone bonds, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Interest rate sensitivity range within which the UCITS is managed. Between 5 and 10 Currencies in which securities held by the sub-fund are denominated Foreign exchange risk borne by the sub-fund: Geographical zone of issuers of securities to which the sub-fund is exposed: Euro : 0 to 100% of net assets Others : 0 to 100% of net assets Up to 0% of net assets. Geographical zone: Euro zone: 0 to 100% of net assets Emerging countries: 0% of net assets. At the present time, the manager by delegation has the intention of primarily using the following assets: Balance sheet assets (excluding embedded derivatives) The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July Guaranteed securities issued by the same issuer can represent up to 35% of the assets, and 100% of the assets if the sub-fund holds at least six issues for which none of them exceeds 30% of the assets. The securities are instruments issued or guaranteed by a Member State of the OECD, territorial governments of a Member State of the EC or part of the agreement on the EEA. In compliance with the ratios indicated in the applicable regulations, the Fund may hold financial instruments from France or OECD countries (bonds and other debt securities), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. Page 70

71 As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of bonds held as assets by the sub-fund (or any other financial instrument held as an asset by the sub-fund, where applicable) for the value of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code.. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. Deposits The sub-fund can have recourse to deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Interest rate risk The price of a bond can be affected by unexpected changes in the level of interest rates, which can modify the shape of the yield curve in particular. The underlying bonds making up the index are therefore exposed to such interest rate moves. In general, the price of a bond rises when interest rates are falling, and fall as interest rates rise. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Credit risk The sub-fund could be affected by a change in the credit quality of an issuer, which could typically be reflected by a change in the issuer rating on one or more underlyings of the benchmark index. Such a change would modify the risk of default for the issuer of the bond, and also affect the value of the bonds. 4. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of shares. 5. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges. 6. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the sub-fund s total assets. 7. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: Page 71

72 - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund. In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of bonds in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the sub-fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of bonds, or other disruptions. - Corporate Action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the government debt market of the Euro zone, indexed to inflation. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. Page 72

73 CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. FREQUENCY OF INCOME DISTRIBUTIONS The Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. LISTING CURRENCY EUR SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be submitted to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department) until 5 p.m. (Paris time) on each Trading Day, and will be executed on the basis of the net asset value for that Trading Day, hereinafter referred to as the reference net asset value. Subscription/redemption requests submitted after 5.00 pm (Paris time) on a Trading Day will be processed as requests received up until 5.00 pm (Paris time) on the following Trading Day. Subscription/redemption requests may only be made for a number of sub-fund shares equivalent to a minimum amount of EUR 100,000. (i) Subscriptions / Redemptions through transfer of bonds. Subscriptions/redemptions may be carried out through transfers of bonds in the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index provided that this corresponds to a number of sub-fund bonds equivalent to a minimum amount of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of bonds making up the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index, corresponding to a minimum amount of EUR 100,000 that the subscriber must deliver, and if applicable, (2) a cash amount in euros paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference in euros between the reference net asset value multiplied by the number of bonds subscribed or redeemed and the value in euros of the bonds to be delivered on the day of the reference net asset value. The number of each bond comprising the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index mentioned in (1) above as well as the Balance mentioned in (2) above will be published on Reuters and on the Internet site. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision. (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR EuroMTS Inflation Linked Investment Grade sub-fund is calculated using the 11 a.m. fixing of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France Date and frequency of net asset value calculation The net asset value will be calculated and published on a daily basis when the market on which the shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 73

74 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. THE LISTING OF LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE SHARES ON NYSE EURONEXT The sub-fund s share classes are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. - Where the share class(es) are listed on Euronext Paris, as specified in the Summary Details section, investors attention is drawn to the following listing rules: With reference to article D of the Monetary and Financial Code, according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value; the following rules, determined by NYSE Euronext, apply to the listing of bonds in the sub-fund: reservation thresholds are set by applying a percentage change of 1.5% above or below the sub-fund's indicative net asset value (see "Indicative Net Asset Value" section), as published by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index. The Market Makers will ensure that the market price of the sub-fund bonds does not differ beyond 1.5% above or below the UCITS' Net Asset Value, in order to comply with the reservation thresholds defined in (see "indicative net asset value" section). - Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of units on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. THE LISTING AND TRADING OF LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE SUB-FUND SHARES ON THE SECONDARY MARKET 1/SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET As at 21 April 2005, there were 1,000,001 fully subscribed and paid-up ordinary shares. The shares are scheduled to be admitted to trading on NYSE Euronext on 11 May /SECURITIES MADE AVAILABLE TO THE SECONDARY MARKE On 11 May 2005, a total of 1,000,001 LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE shares will be made available to the market at a price per share corresponding to the value on the MTS platform of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index, divided by and multiplied by 100. The initial value of one unit of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE was EUR 100 on 15 April 2005, corresponding to the value of the 11 a.m. fixing on the MTS platform on 15 April 2005 of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index, divided by and multiplied by 100. Page 74

75 MARKET MAKERS As at 21 April 2005, the following financial institutions were Market Makers: SGCIB (Société Générale group), Société Générale Tower - 17 Cours Valmy, Paris-La Défense, FRANCE. CDC IXIS Capital Market - 47 quai d Austerlitz, Paris Cedex 13, FRANCE. In accordance with the conditions for admission to trading on NYSE Euronext, Société Générale and CDC IXIS Capital Market (the Market Makers ) undertake to ensure the behaviour of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE shares as of their listing on NYSE Euronext. In particular, the Market Makers undertake to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Makers are required under contract with NYSE Euronext to comply with the following conditions for the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund: - a maximum global spread of 2% between the bid and offer price in the centralised order book. - a minimum par value of EUR 200,000 on the buy and sell side. The obligations incumbent upon the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE Market Makers will be suspended if the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index is not available. The obligations of the Market Makers will be suspended in the event of difficulties on the stock market, such as a general time lag in prices or disruption rendering normal management of market-making impossible. The Market Makers are also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The indicative net asset value of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond TM index. The indicative net asset value allows investors to compare the market prices proposed by the Market Makers with the theoretical net asset value calculated by Euronext. NEGOTIABILITY OF THE SHARES 1) Where the share class(es) are listed on Euronext Paris (see Summary Details section): The shares are all freely negotiable on NYSE Euronext under the conditions and according to the applicable legal and regulatory provisions. Once listed on NYSE Euronext, the shares of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE will be listed in a particular listing group, the operating rules of which will be defined in the instructions published by Euronext Paris SA as shown below: - Instruction N4-01 Negotiation Manual for Euronext Equity Markets» - Appendix to instruction N 4-01 Negotiation Manual for Euronext Equity Markets - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the shares from diverging significantly from their net asset value, with the following operational rules, determined by Euronext Paris SA, applying to the listing of shares in the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE: reservation thresholds are set by applying a variation percentage of 1.5% to either side of the instantaneous net asset value of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund, calculated by Euronext Paris SA, and updated by estimation during the session according to the changes to the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index; - trading is suspended in case the calculation of the approximate net asset value, and thus the updating of the above thresholds, becomes impossible, i.e. in the following cases: - listing or calculation of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index is suspended; - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index; - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund. 2) Where the shares are listed on a market other than Euronext Paris (see Summary Details section): Investors attention is drawn to the following rules concerning the negotiability of the share class(es) on such markets: Investors wishing to acquire Fund shares on any of the markets mentioned under Summary Details should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual intermediaries for placing orders on the markets in question. Page 75

76 INDICATIVE NET ASSET VALUE Where the share class(es) are listed on Euronext Paris, NYSE Euronext will calculate and publish the indicative net asset value of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE sub-fund (hereinafter the inav ) during the hours of listing on Trading days. For the calculation of the indicative net asset value of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE, Euronext Paris SA will use the level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index, calculated throughout the trading session in Paris (9 a.m p.m.), of which the ISIN code is FR and available solely for information purposes on Reuters on the EUROMTSINDEXRT page. The market prices of the bonds comprising the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index and used for the calculation of the level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index, and therefore the assessment of the inav, are provided directly by the MTS platform where these bonds are listed. If the MTS platform is closed (on public holidays according to the TARGET calendar), the listing of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index is therefore stopped, the calculation of the indicative net asset value becomes impossible and trading of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE bonds is suspended. t EMTXi VLj 1 t VLI EMTXi = j 1 t VLI : instantaneous net asset value at moment t VLj 1 : reference net asset value of one bond of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE t EMTXi : level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond Index at the moment t EMTXij 1 : reference level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index Lyxor International Asset Management, as the delegated financial manager of the SICAV MULTI UNITS FRANCE, will provide Euronext Paris SA with all financial and accounting data needed for the calculation by Euronext Paris SA of the approximate net asset value of LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE and notably, as the reference net asset value, the net asset value of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE unit on the previous trading day, associated with a reference level of the EuroMTS Investment Grade Eurozone Inflation-Linked Bond index that is equal to the fixing value of the index on the MTS platform published at 11 a.m. (Paris time) on the previous business day. This reference net asset value and this reference level of the index will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR ETF EUROMTS INFLATION LINKED INVESTMENT GRADE for the next trading day and which is updated in real time. Page 76

77 CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 per redemption request and (ii) 5%, that can be onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund shares carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.20% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 77

78 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. The sub-fund s shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). The sub-fund's shares are admitted to trading on Euronext Paris of NYSE Euronext Paris, Deutsche Boerse (Frankfurt) and Borsa Italiana (Milan). Trading Day means any day the Paris Bourse is open and operating as usual. The sub-fund s share class(es) may be admitted to trading on financial markets other than those listed above. Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of the share class(es) on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONTITORING The calculation of the overall exposure is carried out using the commitment approach. Page 78

79 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: The securities for which the price is not determined on the assessment date or for which the price was corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Debt securities and similar securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The application provisions for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS will be assessed at the last known net asset value. Securities that are not negotiated on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the implementing rules being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments negotiated on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or condition forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. Moreover, an instantaneous net asset value for information purposes will be calculated by NYSE Euronext if the sub-funds are accepted for listing. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute, once or several times per year, all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in euros. Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE in no way benefits from sponsorship, support or promotion, and is not sold by EuroMTS Limited (hereinafter collectively referred to as the "Holders"). EuroMTS Limited cannot be held liable for the promotion or marketing of the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE sub-fund. EuroMTS and the names EuroMTS index (EuroMTS Index ) and EuroMTS indices» (EuroMTS Investment Grade indices ) are registered trademarks of EuroMTS Limited. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext, a company held by EuroMTS. Neither EuroMTS nor MTSNext can be held liable for any losses or damages of any nature whatsoever (including, notably, investment losses) partly or wholly linked to the Lyxor ETF EuroMTS Inflation Linked INVESTMENT GRADE sub-fund or to the supply of the EuroMTS Investment Grade Inflation-Linked Bond index, or that of sub-indices or registered trademarks. Page 79

80 SUB-FUND NO 6: LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Bonds and other debt securities denominated in euros. The UCITS is permanently exposed to euro-denominated fixed-income securities. Equity exposure accounts for no more than 10% of net assets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 06 September It was created on 22 September The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE EUR 100. FINANCIAL MANAGER BY DELEGATION Lyxor International Asset Management. STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 28 September In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on September The Autorité des Marchés Financiers draws the public's attention to the following points: - There is no guarantee that the management objective of Lyxor ETF EuroMTS 1-3Y Investment Grade, as mentioned in this prospectus approved by the Autorité des Marchés Financiers on 06 September 2005, will be achieved. - The achievement of the investment objective of the Lyxor ETF EuroMTS 1-3Y Investment Grade fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. - The price of a Lyxor ETF EuroMTS 1-3Y Investment Grade sub-fund share, traded on Euronext Paris of NYSE Euronext may not necessarily reflect this share's net asset value. - Orders that cannot be carried out within the Reservation Thresholds set by Euronext Paris SA in article of its Instruction entitled Negotiation manual on the Euronext cash markets published on 13 December 2004 will be placed in reserved status, as stipulated in article of that same Instruction, until such a time as the supply and demand allow them to be carried out at an authorised price. - In the event that the listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y TM index is suspended or in the event that the price of this index cannot be recovered by NYSE Euronext or where it is impossible for NYSE Euronext to obtain the daily net asset value of the Lyxor ETF EuroMTS 1-3Y Investment Grade sub-fund, or calculate or publish its indicative net asset value, it may be impossible to trade shares in the Lyxor ETF EuroMTS 1-3Y Investment Grade sub-fund. - Under the terms of the market-making contracts entered into between NYSE Euronext and the "Market Makers", the parties can modify the said contracts at their discretion, especially pertaining to the number of "Market Makers", the disappearance of current "Market Makers" and the maximum global spreads between the bid and offer price, which could result in a loss of liquidity. Page 80

81 INVESTMENT OBJECTIVE The sub-fund's investment objective is to replicate the movement of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, by minimizing to the maximum extent the tracking error between the sub-fund's performance and that of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index BENCHMARK INDEX The benchmark index is the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, denominated in EUR. Its Reuters code is: EMIEA5= Its Bloomberg code is: EMIEA5 The EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is the sub-index, consisting of securities having a maturity between 1 and 3 years, of the EuroMTS Investment Grade Eurozone Government Bond All-Maturity TM index, formerly known under the name CNO ETRIX Global, which is a Total Return type index (i.e. all coupons detached by the index constituents are reinvested in the index), weighted by country, consisting of securities issued by the governments of member states in the Euro zone. The EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is calculated in real-time by EuroMTS9. The eligible universe of EuroMTS Investment Grade indices consists of securities that meet the following criteria: - nominal, fixed-coupon bonds denominated in euros with no option or convertibility; and having a maturity of at least 1 year; - listed on the MTS markets 10 - issued by a sovereign government of the eurozone and selected by EuroMTS among the following list of countries as having at least two Investment Grade ratings issued by the credit-rating agencies Standard & Poor s, Moody s and Fitch: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Slovenia and Spain; - with at least EUR2 billion issued. The methodology employed for the EuroMTS indices is supervised by an independent advisory committee composed of bond specialists and issuers. The composition of these indices is reviewed each month. These characteristics are such that the EuroMTS indices are a highly liquid and representative measure of the performance of sovereign bond securities. The monitored performance is based on the 5.30pm (Paris time) fixing of the index as determined by EuroMTS. 9 EuroMTS Limited is a private company based in London and regulated by the FSA. It manages the MTS European electronic trading platform for reference bonds from the Euro zone. It is also responsible for calculating and disseminating the value of the EuroMTS indices. 10 As of 31 January 2005, MTS is the main trading system for securities issued by the governments of eurozone member states, with more than 4,000 trading screens connected to more than 1,000 independent inter-bank participants and daily trading volumes averaging 85 billion. Page 81

82 INDEX CALCULATION The EuroMTS Investment Grade Eurozone Government Bond 1-3Y Tm index is updated at time t by adjusting its value at the reference time (Tref) by the total change in the index s weighted capitalisation between Tref and t., as shown below: where: Capi (t): total weighted index capitalisation at time t; Capi (Tref): total weighted index capitalisation at reference time Tref; Tref: 11 am fixing (Paris time) on the business day prior to time t. The index capitalisation at t is equal to the sum of capitalisations at time t multiplied by the weighting of each bond component: Capi N t P t CC t C T Δ t, T k 1 k k k ref k ref P k Poids T CC T 0 k k 0 where: N: number of components in the index; Pk (t): detachable coupon of the bond component k at time t; Pk (T0): detachable coupon of bond component k at fixing T0; CCk (t): accrued coupon of component bond k on day of delivery following a transaction on component bond k on day corresponding to time t; CCk (T0): accrued coupon of component bond k on day of delivery following a transaction on component bond k on day of fixing T0; Ck (Tref): total coupon of bond component k payable on coupon payment date following Tref date; : is equal to 0 if the coupon payment date after date Tref is the same as the coupon payment date after date t, is equal to 1 if the coupon payment date after date Tref is different from the coupon payment date after date t; Poidsk: weighting of bond component k in the index; T0: monthly revision date in month prior to month of day corresponding to time t. Index capitalisation at reference time Tref is calculated as follows: Capi N T P T CC T ref k 1 k ref k ref P k Poids T CC T 0 k k 0 where: Pk (Tref): detachable coupon of the bond component k at time t; CCk (Tref): accrued coupon of component bond k on day of delivery following a transaction on component bond k at Tref; PUBLICATION OF THE EUROMTS INVESTMENT GRADE EUROZONE GOVERNMENT BOND 1-3Y TM INDEX EuroMTS is responsible for collecting and disseminating the value of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. The index is published every 30 seconds from 9 a.m. to 5.00 p.m. (Paris time). Two fixing values are also published at 11 a.m. and 4 p.m. (Paris time). Reuters Code: EMIEA5= Bloomberg Code: EMIEA5 INDEX REVISIONS Should a bond no longer meet the selection criteria on a revision date, it will be removed from the composition of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. Changes to the constituents are taken into account on the next monthly revision date (the first trading day after the 15th of the previous month) and are effectively implemented on the opening of the market on the second trading day of the month after this monthly revision date. Once selected, a bond remains in the index until its lifespan prior to maturity becomes too short (i.e. less than one year), and the weight of the constituents does not change during a given month. All coupons detached by the bonds comprising the index are reinvested in the index each day, after the market close. The index revision rules are published by EuroMTS Limited and are available on the EuroMTS Limited Internet site: Page 82

83 CHANGE OF INDEX The administrators of the SICAV MULTI UNITS FRANCE reserve the right, with the approval of the Autorité des Marchés Financiers and provided that they deem that the economic interests of the shareholders of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE sub-fund are preserved, to replace the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index with another index: - should the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index cease to exist; - in any event of a significant modification of the formula or calculation method of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index (other than a modification in keeping with the index operating rules, notably in case of a change of the securities comprising it), based on the opinion of at least one independent expert; - if a new index replacing the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index should appear, based on the opinion of at least one independent expert; - if, in the opinion of the administrators and based on the opinion of at least one independent expert, a new index providing a better valuation of the investment of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE unit holders should appear; objective financial criteria, namely greater liquidity, reduced expenses and a more efficient secondary market will serve as the basis for this decision; - should it become difficult to invest in the securities comprising the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, or should a part of the securities comprising the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index offer limited liquidity, based on the opinion of an independent expert; - should EuroMTS increase its licence fees to a level considered too high by the administrators, based on the opinion of an independent expert; - if, in the opinion of the administrators, the quality (including the precision and availability of the data) of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index should deteriorate, based on the opinion of an independent expert; - if the instruments and techniques used to ensure good management of the portfolio or to hedge against the exchange risks as necessary for the implementation of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE investment policy are not available, based on the opinion of at least one independent expert. The administrators of the SICAV MULTI UNITS FRANCE have the right to change the name of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE in the event of a change of index. Any change of index, change of name of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE sub-fund or modification made to this prospectus must receive the prior approval of the Autorité des Marchés Financiers and, as relevant, of Euronext Paris SA, and will be advertised in a daily economic and financial publication distributed throughout France. INVESTMENT STRATEGY The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July The financial manager by delegation will carry out a dynamic allocation of the basket of bonds in order to seek the highest possible correlation with the evolution of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. To improve its correlation with the benchmark index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly Euro zone bonds, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Interest rate sensitivity range within which the UCITS is managed. Between 1 and 3 Currencies in which securities held by the sub-fund are denominated Foreign exchange risk borne by the sub-fund: Geographical zone of issuers of securities to which the sub-fund is exposed: Euro : 0 to 100% of net assets Others : 0 to 100% of net assets Up to 0% of net assets. Geographical zone: Euro zone: 0 to 100% of net assets Emerging countries: 0% of net assets. Page 83

84 At the present time, the manager by delegation has the intention of primarily using the following assets: Balance sheet assets (excluding embedded derivatives) In compliance with the ratios indicated in the applicable regulations, the Sub-fund may hold financial instruments from France or OECD countries (bonds and other debt securities), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. Guaranteed securities issued by the same issuer can represent up to 35% of the assets, and 100% of the assets if the sub-fund holds at least six issues for which none of them exceeds 30% of the assets. The securities are instruments issued or guaranteed by a Member State of the OECD, territorial governments of a Member State of the EC or part of the agreement on the EEA. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of bonds held as assets by the sub-fund (or any other financial instrument held as an asset by the sub-fund, where applicable) for the value of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. Deposits The sub-fund can have recourse to deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. Page 84

85 RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Interest rate risk The price of a bond can be affected by unexpected changes in the level of interest rates, which can modify the shape of the yield curve in particular. The underlying bonds making up the index are therefore exposed to such interest rate moves. In general, the price of a bond rises when interest rates are falling, and fall as interest rates rise. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Credit risk The sub-fund could be affected by a change in the credit quality of an issuer, which could typically be reflected by a change in the issuer rating on one or more underlyings of the benchmark index. Such a change would modify the risk of default for the issuer of the bond, and also affect the value of the bonds. 4. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of shares. 5. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges. 6. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the fund s total assets. 7. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund. In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; Page 85

86 iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. - Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate Action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the government debt market of the Euro zone, with maturity of between 1-3 years. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 2 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. FREQUENCY OF INCOME DISTRIBUTIONS The Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares Redemptions are made in whole numbers of shares. Base currency Euro SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be submitted to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department) until 5 p.m. (Paris time) on each Trading Day, and will be executed on the basis of the net asset value for that Trading Day, hereinafter referred to as the reference net asset value. Subscription/redemption requests submitted after 5.00 pm (Paris time) on a Trading Day will be processed as requests received before 5.00 pm (Paris time) on the following Trading Day. Subscriptions/redemptions are carried out for a number of sub-fund shares equivalent to a minimum of EUR 100,000. (i) Subscriptions / Redemptions through transfer of bonds. Subscriptions/redemptions may be carried out through transfers of bonds in the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index provided that this corresponds to a number of sub-fund bonds equivalent to a minimum of EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management at the closing of the reference market, as follows: (1) a number of bonds making up the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, corresponding to a minimum amount of EUR 100,000 that the subscriber must deliver, and if applicable, (2) a cash amount in euros paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, will be equal to the difference, in euros, between the ref NAV multiplied by the number of bonds subscribed or redeemed and the value in euros of the bonds to be delivered on the ref NAV day. The number of each bond comprising the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index mentioned in (1) above as well as the Balance mentioned in (2) above will be published on Reuters and on the Internet site. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the Lyxor EuroMTS 1-3Y Investment Grade sub-fund is calculated using the 5.30 p.m. fixing of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index denominated in euros. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France Page 86

87 DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the shares is open provided that it has proved possible to fund orders placed in the primary or secondary markets. 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share of the LYXOR EFT EUROMTS 1-3Y INVESTMENT GRADE sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. THE LISTING OF LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE SHARES ON NYSE EURONEXT The sub-fund s share classes are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. - Where the share class(es) are listed on Euronext Paris, as specified in the Summary Details section, investors attention is drawn to the following listing rules: With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the shares from diverging significantly from their net asset value, with the following operational rules, determined by NYSE Euronext, applying to the listing of shares in the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE: reservation thresholds are set by applying a variation percentage of 1.50 % to either side of the instantaneous net asset value of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE, calculated by NYSE Euronext, and updated by estimation during the session according to the changes to the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index ; - trading is suspended in case the calculation of the approximate net asset value, and thus the updating of the above thresholds, becomes impossible, i.e. in the following cases: - listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is suspended; - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index ; - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE fund. Where the share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of shares on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. ADMISSION AND TRADING OF SHARES IN THE LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE SUB-FUND ON NYSE EURONEXT 1/SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET On 22 September 2005, there were 3,000,001 fully subscribed and paid-up ordinary shares. Shares are scheduled to be admitted for trading on Euronext Paris of NYSE Euronext on 28 September /SECURITIES MADE AVAILABLE TO THE SECONDARY MARKET On 28 September 2005, 3,000,001 shares of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE will be made available to the market at a price per unit corresponding to the value on the MTS platform of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, divided by and multiplied by 100. The initial value of one share of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE was EUR 100 on 22 September 2005, corresponding to the value of the 11 a.m. fixing on the MTS platform on 22 September 2005 of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, divided by and multiplied by 100. Page 87

88 MARKET MAKERS As at 28 September 2005, the following financial institutions were Market Makers: SGCIB (Société Générale group), Société Générale Tower - 17 Cours Valmy, Paris-La Défense, FRANCE. CDC IXIS Capital Market - 47 quai d Austerlitz, Paris Cedex 13, FRANCE. In accordance with the conditions for admission to trading on NYSE Euronext, Société Générale and CDC IXIS Capital Market (the Market Makers ) undertake to ensure the behaviour of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE shares as of their listing on NYSE Euronext. In particular, the Market Makers undertake to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Makers are required under contract with NYSE Euronext to comply with the following conditions for the LYXOR ETF EUROMTS 1-3 Y INVESTMENT GRADE fund: - a maximum global spread of 2% between the bid and offer price in the centralised order book. - - a minimum par value of EUR 200,000 on the buy and sell side. The obligations of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE Market Makers will be suspended if the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is not available or if one of the stocks that compose the index is suspended. The obligations of the Market Makers will be suspended in the event of difficulties on the stock market, such as a general time lag in prices or disruption rendering normal management of market-making impossible. The Market Makers are also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The net asset value of the LYXOR ETF ETF EUROMTS 1-3Y INVESTMENT GRADE fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y TM index. The indicative net asset value allows investors to compare the market prices proposed by the Market Makers with the theoretical net asset value calculated by Euronext. Page 88

89 NEGOTIABILITY OF SHARES 1) Where the share class(es) are listed on Euronext Paris (see Summary Details section): The shares are all freely negotiable on NYSE Euronext under the conditions and according to the applicable legal and regulatory provisions. Once listed NYSE Euronext, the bonds of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE will be listed in a particular listing group, the operating rules of which will be defined in the instructions published by Euronext Paris SA as shown below: - Instruction N4-01 Negotiation Manual for Euronext Equity Markets» - Appendix to instruction N 4-01 Negotiation Manual for Euronext Equity Markets - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the bond classes from diverging significantly from their net asset value, with the following operational rules, determined by NYSE Euronext, applying to the listing of shares in the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE: reservation thresholds are set by applying a variation percentage of 1.5% to either side of the instantaneous net asset value of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE, calculated by NYSE Euronext, and updated by estimation during the session according to the changes to the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index ; - trading is suspended in case the calculation of the approximate net asset value, and thus the updating of the above thresholds, becomes impossible, i.e. in the following cases: - listing or calculation of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is suspended; - unavailability for NYSE Euronext of the price of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index ; - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE fund. 2) Where the share class(es) are listed on a market other than Euronext Paris (see Summary Details section): Investors should note the following rules concerning the listing of share class(es) on such markets: Investors wishing to acquire Fund shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. INDICATIVE NET ASSET VALUE Where the share class(es) are listed on Euronext Paris, Where the share class(es) are listed on Euronext Paris, NYSE Euronext will calculate and publish the approximate net asset value of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (hereinafter the inav ) during listing hours on Trading Days. For the calculation of the indicative net asset value of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE sub-fund, Euronext Paris SA will use the level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y TM index calculated throughout the trading session in Paris (9 a.m p.m.), of which the ISIN code is FR and available solely for information purposes on Reuters on the EUROMTSINDEXRT page. The market prices of the bonds comprising the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index and used for the calculation of the level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, and therefore the assessment of the inav, are provided directly by the MTS platform where these bonds are listed. If the MTS platform is closed (on public holidays according to the TARGET calendar), the listing of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index is therefore stopped, the calculation of the indicative net asset value becomes impossible and the negotiation of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE bonds is suspended. VLI t t VLI VL VL j 1 EMTX EMTX j 1 : instantaneous net asset value at moment t t j 1 : reference net asset value of one bond of the LYXOR EUROMTS 1-3Y INVESTMENT GRADE sub-fund t : level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index at the moment t EMTX EMTX j 1 : reference level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index TM Lyxor International Asset Management, as the delegated financial manager of the SICAV MULTI UNITS FRANCE, will provide Euronext Paris SA with all financial and accounting data needed for the calculation by Euronext Paris SA of the approximate net asset value of LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE and notably, as the reference net asset value, the net asset value of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE unit on the previous trading day, associated with a reference level of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index equal to the fixing value of the index on the MTS platform published at 11 a.m. (Paris time) on the previous business day. This reference net asset value and this reference level of the index will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE for the next trading day and which is updated in real time. Page 89

90 CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 per subscription request and (ii) 5%, that can be onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 per redemption request and (ii) 5%, that can be onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund shares carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the Board of Directors when the sub-fund exceeds its objectives. They are therefore charged to the sub-fund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.165% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 90

91 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. The sub-fund s shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). The sub-fund s shares are admitted to trading on NYSE Euronext. Markets: Deutsche Boerse (Frankfurt), NYSE Euronext (Paris), Borsa Italiana (Milan), Six Swiss Exchange (Zurich), Euronext Brussels (Brussels). Trading Day means any day the Paris Bourse is open and operating as usual. The sub-fund s share class(es) may be admitted to trading on financial markets other than those listed above. Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of shares on such markets: - Investors wishing to acquire Fund shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: Page 91

92 The securities for which the price is not determined on the assessment date or for which the price was corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Debt securities and similar securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The application provisions for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS will be assessed at the last known net asset value. Securities that are not negotiated on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the implementing rules being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments negotiated on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or condition forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. Moreover, an instantaneous net asset value for information purposes will be calculated by NYSE Euronext if the sub-funds are accepted for listing. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are held in euros. Lyxor ETF EuroMTS 1-3Y Investment Grade in no way benefits from sponsorship, support or promotion, and is not sold by EuroMTS Limited (hereinafter collectively referred to as the "Holders"). EuroMTS Limited cannot be held liable for the promotion or marketing of the Lyxor ETF EuroMTS 1-3Y Investment Grade sub-fund. EuroMTS and the names EuroMTS index (EuroMTS Index ) and EuroMTS indices» (EuroMTS Investment Grade indices ) are registered trademarks of EuroMTS Limited. The EuroMTS indices are calculated by EuroMTS, marketed and distributed by MTSNext, a company held by EuroMTS. Neither EuroMTS nor MTSNext can be held liable for any losses or damages of any nature whatsoever (including, notably, investment losses) partly or wholly linked to the Lyxor ETF EuroMTS 1-3Y Investment Grade sub-fund or to the supply of the EuroMTS Investment Grade Eurozone Government Bond 1-3Y index, or that of sub-indices or registered trademarks. Page 92

93 SUB-FUND NO 7: LYXOR ETF FTSE ALL SHARE MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Equities from European Union countries. At least 60% of the UCITS assets are permanently exposed to the equity markets of one or more EU countries, which may include the eurozone markets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 23 February It was created on 03 April The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE GBP 3.29 per share (i.e. the closing value of the FTSE ALL SHARE index on 2 April 2007 divided by 1,000). FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 23 February The Autorité des Marchés Financiers draws the attention of the public to the fact that, by investing in the sub-fund, shareholders are exposed to the following main risks: - equity risk, or 100% of the market risks relating to the movement of the FTSE ALL SHARE index; - the risk that the sub-fund s investment objective is only partially achieved; - the risk that the invested capital may be lost, since the initial investment is not guaranteed,; - counterparty risk resulting from the use of financial futures contracted with a lending institution; More details about these risks are available in the detailed memorandum. The achievement of the investment objective of the LYXOR ETF FTSE ALL SHARE sub-fund implies very significant use of financial instruments traded over-thecounter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. INVESTMENT OBJECTIVE The sub-fund's investment objective is to give exposure to the UK equity market by replicating the movement of the FTSE ALL SHARE index (see the Benchmark Index section), while minimizing as far as possible the tracking error between the sub-fund's performance and that of the FTSE ALL SHARE index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the FTSE ALL SHARE index. Page 93

94 BENCHMARK INDEX The benchmark index is the FTSE ALL SHARE Gross Total Return index (gross dividends reinvested), denominated in pounds sterling (GBP). The FTSE ALL SHARE is an equity index calculated, maintained and published by international index supplier FTSE. The FTSE ALL SHARE index is an index that tracks the movements of the main stocks listed on the London Stock Exchange (LSE) in the United-Kingdom. For the purposes of information, there were 694 stocks in the index on 30 January The stocks of the index are weighted according to their free-float adjusted market capitalisation, using the free float system of FTSE. As a result, the number of the stocks in the index can change over time. There is a 15% cap on each constituent of the index. The composition of the index is reviewed on an annual basis according to the FTSE methodology. The objective of the FTSE ALL SHARE index is to represent more than 98% of the entire market capitalisation of the UK market. The FTSE methodology and calculation method are based on a variable number of companies making up the index. The full construction methodology for the FTSE ALL SHARE index is available on the FTSE website: The index is calculated and published on a real time basis by FTSE. The monitored performance is based on the closing prices of the index. PUBLICATION OF THE FTSE ALL SHARE INDEX The FTSE ALL SHARE index is calculated on a daily basis based on closing prices using the official closing stock market prices for the constituent stocks. The FTSE ALL SHARE index is also calculated in real time on each Trading Day. The FTSE ALL SHARE index is available in real time via Reuters and Bloomberg. Via Bloomberg: FTPTTALL Via Reuters:.TFTAS The closing price of the FTSE ALL SHARE index is available on the FTSE website: INDEX REVISIONS The FTSE ALL SHARE index is also reviewed on an annual basis at the beginning of December. If a stock does not comply with the selection criteria at a revision date, then it is withdrawn from the FTSE ALL SHARE index. The rules concerning index revisions are published by FTSE and are available on the FTSE web site: INVESTMENT STRATEGY The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July To achieve the highest possible correlation with the performance of the FTSE ALL SHARE index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly international stocks, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the FTSE ALL SHARE index. If applicable, the sub-fund's equity assets will be mainly the equities that make up the FTSE ALL SHARE index, as well as other international equities from all economic sectors, listed on all markets including small cap markets. In this case, the sub-fund's equity assets will be chosen so as to limit the cost of replicating the index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Page 94

95 At the present time, the manager by delegation has the intention of primarily using the following assets: Balance sheet assets (excluding embedded derivatives) In compliance with the ratios indicated in the applicable regulations, the sub-fund may hold international shares (across all economic sectors, listed on all markets), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective. Where the management company acquires share classes in another fund managed directly or indirectly by itself or by another company with which it is linked through joint management or control or through a direct or indirect shareholding of over 10% of the capital or voting rights, no commission may be charged to the sub-fund's assets in respect of such investments. Neither may the financial manager by delegation levy possible issuance or redemption charges on the linked underlying funds. Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's equity assets (or any other financial instrument held as an asset by the subfund, where applicable) for the value of the FTSE ALL SHARE index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. Deposits For up to 20% of the net asset value, the sub-fund may make deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Equity risk The price of equities may go down as well as up, and in particular reflects company and macroeconomic risk factors. Equities are more volatile than Fixed Income markets where it is possible to estimate revenues for a certain period of time under the same macroeconomic conditions. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of units. 4. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges 5. Counterparty risk Page 95

96 The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the fund s total assets. 6. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. - Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. -. Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the UK equity market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 5 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. Accounted for using the cash-basis method. The Board of Directors will apply for Distributing Status in the United Kingdom (section 760 ICTA). The sub-fund will distribute at least 85% of its income (including UK equivalent profits ) and will apply for Distributing Status to the HMRC. FREQUENCY OF INCOME DISTRIBUTIONS In the event of a distribution being made, the Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. Page 96

97 Page 97

98 CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. Base currency Pound Sterling SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be centralised by the Société Générale Securities and Stock Market Department, between a.m. and 5.00 p.m. (Paris time), each Trading day and will be carried out on the basis of the net asset value on the same day, hereinafter referred to as the "reference net asset value". Subscription/redemption requests submitted after 5.00pm (Paris time) on a Trading Day will be processed as requests received between 10.00am and 5.00pm (Paris time) on the following Trading Day. Subscription/redemption requests may only be made for a number of sub-fund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. (i) Subscriptions / Redemptions through transfer of shares. Subscriptions/redemptions may be carried out through transfers of shares making up the FTSE ALL SHARE index provided that this corresponds to a whole number of sub-fund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management upon closure of the reference market, as follows: (1) a number of shares making up the FTSE ALL SHARE index corresponding to a number of times the FTSE ALL SHARE index in GBP which the subscriber must deliver, corresponding to a minimum amount in GBP equivalent to EUR 100,000, and, if applicable, (2) an amount in cash converted into GBP paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, converted into GBP, will be equal to the difference between the ref NAV multiplied by the number of shares subscribed or redeemed and the value converted into GBP of the sub-fund shares to be delivered on the ref NAV day. The numbers of each share making up the FTSE ALL SHARE index as referred to in (1) above, as well as the Balance referred to in (2) above will be published on Reuters and on the website. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions made exclusively in cash will be carried out on the basis of the ref NAV. Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR ETF FTSE ALL SHARE sub-fund is calculated using the closing price of the FTSE ALL SHARE index denominated in GBP. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the sub-fund s shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 98

99 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR ETF FTSE ALL SHARE sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets to which the sub-fund is or will be admitted for continuous trading, no minimum purchase/sale is required other than the minimum that may be required by the listing market concerned. Page 99

100 THE LISTING OF THE SUB-FUND S SHARES BY THE MARKET UNDERTAKING 1/ Securities made available to the primary market As at 3 April 2007, there are 310,000 fully subscribed and paid-up ordinary shares. Shares are scheduled to be admitted to trading on the London Stock Exchange (LSE) on 15 May / Securities made available to the secondary market On 15 May 2007, a total of 30,010,000 ordinary shares in the LYXOR ETF FTSE ALL SHARE sub-fund will be made available to the market at a price per share corresponding to the value of the FTSE ALL SHARE index in GBP divided by 1,000. The initial value of a share in the LYXOR ETF FTSE ALL SHARE sub-fund was GBP 3.29 on 3 April 2007, corresponding to the closing price on 2 April 2007 of the FTSE ALL SHARE index divided by 1,000. CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) EUR 50,000 in GBP per subscription request, and (ii) 5% onlent to third parties Nil Maximum of the higher of (i) EUR 50,000 in GBP per redemption request, and (ii) 5% onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund share carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.40% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 100

101 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. Sub-fund shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). Sub-fund shares will be admitted to trading on the London Stock Exchange (LSE). Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of units on such markets: - Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The sub-fund s prospectus and most recent annual report and updates will be sent out within one week upon receipt of a written request submitted by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/ECEC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 101

102 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS(1st part). - The securities negotiated on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: The securities for which the price was not determined on the assessment date or for which the price has been corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Securities involving debt securities and other securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The terms of application for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS are assessed at the last known net asset value. Securities that are not traded on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the terms of application being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments traded on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or conditional forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. The exchange rates used to value financial instruments denominated in currencies other than the sub-fund's reference currency are the exchange rates provided by WM Reuters on the same day on which the sub-fund's net asset value is calculated. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in Pound Sterling (GBP). LYXOR ETF FTSE ALL SHARE in no way benefits from the sponsorship, support or promotion, and is not sold by FTSE International Limited (hereinafter "FTSE"), London Stock Exchange PLC, The Financial Times Limited or Euronext NV or its subsidiaries (hereinafter "Euronext") (hereinafter collectively referred to as the "Holders"). The Holders do not grant any guarantee and do not make any commitment, whether explicit or implied, as to the income to be obtained using the FTSE ALL SHARE index (hereinafter the "Index") and/or the level at which is positioned said Index at any given moment or day or any other type. The index is calculated by or in the name of FTSE or Euronext. The Holders shall not be held responsible (regardless of resulting from negligence or any other reason) for any error impacting the Index concerning whosoever and shall not be obliged to inform whosoever of any error impacting it. "FTSETM", "FT-SE " and "Footsie " are trademarks of the London Stock Exchange Plc and of The Financial Times Limited; they are used under licence by FTSE International Limited (hereinafter "FTSE"). "Eurofirst" is a joint trademark of FTSE and Euronext N.V. Page 102

103 SUB-FUND NO 8: LYXOR ETF FTSE 100 MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Equities from European Union countries. At least 60% of the UCITS assets are permanently exposed to the equity markets of one or more EU countries, which may include the eurozone markets The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 23 February It was created on 03 April The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE GBP 6.32 per share (i.e. the closing value of the FTSE 100 index on 2 April 2007 divided by 1,000). FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES The legal notice was published in the Bulletin des Annonces Légales Obligatoires on 21 April In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 23 February The Autorité des Marchés Financiers draws the attention of the public to the fact that, by investing in the sub-fund, shareholders are exposed to the following main risks: equity risk, or 100% of the market risks relating to the movement of the FTSE 100 index; the risk that the sub-fund s investment objective is only partially achieved; - the risk that the invested capital may be lost, since the initial investment is not guaranteed; - counterparty risk resulting from the use of financial futures contracted with a lending institution; More details about these risks are available in the detailed memorandum. The achievement of the investment objective of the LYXOR ETF FTSE 100 sub-fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. INVESTMENT OBJECTIVE The sub-fund's investment objective is to give exposure to the UK equity market by replicating the movement of the FTSE 100 index (see Benchmark index section), while minimizing as far as possible the tracking error between the sub-fund's performance and that of the FTSE 100 index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the FTSE 100. Page 103

104 BENCHMARK INDEX The benchmark index is the FTSE 100 Gross Total Return index (gross dividends reinvested), denominated in pounds sterling (GBP). The FTSE 100 is an equity index calculated, maintained and published by international index supplier FTSE. The FTSE 100 index is an index that tracks the movements of the 100 main stocks listed on the London Stock Exchange (LSE) in the United-Kingdom. The stocks of the index are weighted according to their free-float adjusted market capitalisation. There is a 15% cap on each constituent of the index. The composition of the index is reviewed on an annual basis according to the FTSE methodology. The FTSE methodology and calculation method are based on a fixed number of companies in the index. The full construction methodology for the FTSE 100 index is available on the FTSE website : The index is calculated and published on a real time basis by FTSE. The monitored performance is based on the closing prices of the index. PUBLICATION OF THE FTSE 100 INDEX The FTSE 100 index is calculated on a daily basis based on closing prices using the official closing stock market prices for the constituent stocks. The FTSE 100 index is also calculated in real time on each Trading Day. The FTSE 100 index is available in real time via Reuters and Bloomberg. Via Bloomberg: TUKXG Via Reuters:.TFTSE The closing price of the FTSE 100 index is available on FTSE website: INDEX REVISIONS The FTSE 100 index is also reviewed on an annual basis at the beginning of December. If a stock does not comply with the selection criteria at a revision date, then it is withdrawn from the FTSE 100 index. The rules concerning index revisions are published by FTSE and are available on FTSE web site: INVESTMENT STRATEGY The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July To achieve the highest possible correlation with the performance of the FTSE 100 index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly international stocks, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the FTSE 100 index. If applicable, the sub-fund's equity assets will be mainly the equities that make up the FTSE 100 index, as well as other international equities from all economic sectors, listed on all markets including small cap markets. In this case, the sub-fund's equity assets will be chosen so as to limit the cost of replicating the index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Page 104

105 At the present time, the manager by delegation has the intention of primarily using the following assets: 1. Balance sheet assets (excluding embedded derivatives) In compliance with the ratios indicated in the applicable regulations, the sub-fund may hold international shares (across all economic sectors, listed on all markets), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective. Where the management company acquires share classes in another fund managed directly or indirectly by itself or by another company with which it is linked through joint management or control or through a direct or indirect shareholding of over 10% of the capital or voting rights, no commission may be charged to the sub-fund's assets in respect of such investments. Neither may the financial manager by delegation levy possible issuance or redemption charges on the linked underlying funds. 2. Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's equity assets (or any other financial instrument held as an asset by the subfund, where applicable) for the value of the FTSE 100 index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code.. 3. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. 4. Deposits For up to 20% of the net asset value, the sub-fund may make deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. 5. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. 6. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. Page 105

106 RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Equity risk The price of equities may go down as well as up, and in particular reflects company and macroeconomic risk factors. Equities are more volatile than Fixed Income markets where it is possible to estimate revenues for a certain period of time under the same macroeconomic conditions. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of units. 4. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges 5. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the fund s total assets. 6. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. - Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: Page 106

107 i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. -. Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the UK equity market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 5 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. The Board of Directors will apply for Distributing Status in the United Kingdom (section 760 ICTA). The sub-fund will distribute at least 85% of its income (including UK equivalent profits ) and will apply for Distributing Status to the HMRC. FREQUENCY OF INCOME DISTRIBUTIONS In the event of a distribution being made, the Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. Base currency Pound Sterling Page 107

108 SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be centralised by the Société Générale Securities and Stock Market Department, between a.m. and 5.00 p.m. (Paris time), each Trading day and will be carried out on the basis of the net asset value on the same day, hereinafter referred to as the "reference net asset value". Subscription/redemption requests submitted after 5.00pm (Paris time) on a Trading Day will be processed as requests received between 10.00am and 5.00pm (Paris time) on the following Trading Day. Subscription/redemption requests may only be made for a number of sub-fund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. (i) Subscriptions / Redemptions through transfer of shares. Subscriptions/redemptions may be carried out through transfers of shares making up the FTSE 100 index provided that this corresponds to a whole number of subfund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management upon closure of the reference market, as follows: (1) a number of shares making up the FTSE 100 index corresponding to a number of times the index in GBP which the subscriber must deliver, corresponding to a minimum amount in GBP equivalent to EUR 100,000, and, if applicable, (2) an amount in cash converted into GBP paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, converted into GBP, will be equal to the difference between the ref NAV multiplied by the number of shares subscribed or redeemed and the value converted into GBP of the sub-fund shares to be delivered on the ref NAV day. The numbers of each share making up the FTSE 100 index as referred to in (1) above, as well as the Balance referred to in (2) above will be published on Reuters and on the website. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR ETF FTSE 100 sub-fund is calculated using the 11 a.m. fixing of the FTSE 100 index denominated in GBP. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the sub-fund s shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR ETF FTSE 100 sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets on which the sub-fund is or will be admitted to continuous trading, there are no minimum purchase/sale requirements other than any requirements of the relevant market. THE LISTING OF SHARES IN LYXOR ETF FTSE 100 ON NYSE EURONEXT The sub-fund s share classes are all freely negotiable on NYSE Euronext s Euronext Paris market under the conditions and according to the applicable legal and regulatory provisions. - Where the share class(es) are listed on Euronext Paris, as specified in the Summary Details section, investors attention is drawn to the following listing rules: With reference to article D of the Monetary and Financial Code, according to which units or shares of undertakings for collective investments in transferable securities may be admitted to trading provided that these undertakings have a system to ensure that the market price of the units or shares does not differ significantly from the net asset value; the following rules, determined by NYSE Euronext, apply to the listing of shares in the fund: reservation thresholds are set by applying a percentage change of 1.5% above or below the Fund's indicative net asset value (see "Indicative Net Asset Value" section), as published by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the FTSE 100 index The Market Makers will ensure that the market price of shares in the Fund does not differ beyond 1.5% above or below the Indicative Fund's Net Asset Value, in order to comply with the reservation thresholds established by NYSE Euronext (see "indicative net asset value" section). - Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of units on such markets: Page 108

109 - Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. LISTING AND TRADING OF LYXOR ETF FTSE 100 SUB-FUND SHARES ON THE SECONDARY MARKET 1/SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET As at 03 April 2007, there are 160,000 fully subscribed and paid-up ordinary shares. Shares are scheduled to be admitted to trading on the London Stock Exchange (LSE) on 15 May /SECURITIES MADE AVAILABLE ON THE SECONDARY MARKET On 15 May 2007, a total of 7,860,000 ordinary shares in the LYXOR ETF FTSE 100 sub-fund will be made available to the market at a price per share corresponding to the value of the FTSE 100 index in GBP divided by 1,000. The initial value of a share in the LYXOR ETF FTSE 100 sub-fund was GBP 6.32 on 3 April 2007, corresponding to the closing price on 2 April 2007 of the FTSE 100 index divided by 1,000. MARKET MAKERS As at 16 May 2008, the Market Maker financial establishments on Euronext are: Société Générale Corporate and Investment Banking - Tour Société Générale, 17 Cours Valmy, Paris-La Défense, FRANCE UniCredit Markets & Investment Banking - Bayerische Hypo- und Vereinsbank AG - Moor House London Wall London - EC2Y 5ET, England. In accordance with the terms and conditions governing admission to trading on NYSE Euronext, Société Générale (the "Market Makers") undertake to provide market making services for shares in the LYXOR ETF FTSE 100 fund from the date of their admission to trading on the Euronext market. In particular, the Market Makers undertake to carry out market-making operations by maintaining a permanent presence on the market, initially through the positioning of a bid/ask spread. Where the share class(es) are listed on Euronext Paris, the Market Makers are required under contract with NYSE Euronext to comply with the following conditions for the LYXOR ETF FTSE 100 fund: - a maximum global spread of 2% between the bid and offer price in the centralised order book. - a minimum par value of EUR 200,000 on the buy and sell side. The obligations of the Market Makers of the LYXOR ETF FTSE 100 will be suspended if the FTSE 100 index is not available or if one of the constituent stocks is suspended. The obligations of the Market Makers will be suspended in the event of difficulties on the stock market, such as a general time lag in prices or disruption rendering normal management of market-making impossible. The Market Makers are also responsible for ensuring that the market price does not move more than 1.5% above or below the indicative net asset value. The indicative net asset value of the LYXOR ETF FTSE 100 fund is a theoretical net asset value calculated every 15 seconds by NYSE Euronext throughout the trading session in Paris using the level of the FTSE 100 index. The indicative net asset value allows investors to compare the market prices proposed by the Market Makers with the theoretical net asset value calculated by NYSE Euronext. The sub-fund's financial manager by delegation undertakes to ensure that the market price of the sub-fund's units does not move more than 1.5% above or below the indicative net asset value. NEGOTIABILITY OF SHARES 1) Where the share class(es) are listed on Euronext Paris (see Summary Details section): The shares are all freely negotiable on NYSE Euronext under the conditions and according to the applicable legal and regulatory provisions. Once admitted to trading on Euronext of NYSE Euronext, shares in the LYXOR ETF FTSE 100 fund will be listed on a specific trading list, the rules for which are defined in the following instructions published by NYSE Euronext: - Instruction N 4-01 "Euronext Cash Market Trading Manual" - Appendix to instruction N 4-01 "Appendix to the Euronext Cash Market Trading Manual" - Instruction N 3-03 "Admission to trading of units or shares in indexed collective investment schemes" With reference to Decree N of 1 August 2011 (Article 3), whereby the shares or units of undertakings for the collective investment of transferable securities can be listed for quotation provided that the use of funds have established a mechanism that prevents the stock market price of the shares or units from diverging significantly from their net asset value, with the following operational rules, determined by Euronext Paris SA, applying to the listing of share classes or shares in the LYXOR ETF FTSE 100: - reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the LYXOR ETF FTSE 100 fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the FTSE 100 index; - trading is suspended if calculation of the indicative net asset value and therefore the updating of the above thresholds is rendered impossible in the following cases: - closure of the market on which the stocks in the FTSE 100 index are listed; - unavailability for NYSE Euronext of the price of the FTSE 100 index; - NYSE Euronext is unable to obtain the daily net asset value of the LYXOR ETF FTSE 100 fund. 2) Where the shares are listed on a market other than Euronext Paris (see Summary Details section): Investors should note the following rules concerning the negotiability of the share on such markets: Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. INDICATIVE NET ASSET VALUE Where the share class(es) are listed on Euronext Paris, NYSE Euronext will calculate and publish the indicative net asset value of the LYXOR ETF FTSE 100 fund Page 109

110 (hereinafter the inav") during the hours of listing on Trading Days. Indicative net asset value will be calculated each day on the calendar for the calculation and publication of the sub-fund's net asset value. For calculating the indicative net asset value of LYXOR ETF FTSE 100, calculated throughout the trading session in Paris (9.05 am 5.35 pm), NYSE Euronext will use the available level of the FTSE 100 index, published on Reuters, together with the EUR/GBP exchange rate published on Reuters for conversion of the index level into euros. The share prices of the stocks included in the FTSE 100 index used to calculate the level of the FTSE 100 index, and therefore to evaluate the inav, are provided to Reuters by the stock exchanges listing the stocks composing the FTSE 100 index. If one or more stock exchanges listing stocks included in the index are closed (during public holidays as defined by the TARGET calendar), and if it is not possible to calculate the indicative net asset value, trading of shares in the LYXOR ETF FTSE 100 sub-fund may be suspended. Reservation thresholds are set by applying a percentage change of 1.5% above or below the indicative net asset value of the LYXOR ETF FTSE 100 fund, as calculated by NYSE Euronext and updated on an estimated basis during trading in accordance with fluctuations in the FTSE 100. Lyxor International Asset Management, the management company of the LYXOR ETF FTSE 100 sub-fund, will supply NYSE Euronext with all the financial and accounting data required for the calculation by NYSE Euronext of the indicative net asset value of the LYXOR ETF FTSE 100and notably as reference net asset value, the net asset value of the LYXOR ETF FTSE 100 on the previous business day together with a reference level of the FTSE 100 index equal to the closing value on the previous business day and at the EUR/GBP exchange rate level used to calculate the net asset value. This reference net asset value and the reference levels of the index and exchange rate will be used as a basis for calculations made by NYSE Euronext to establish the indicative net asset value of the LYXOR ETF FTSE 100 fund on the following Trading Day and updated in real time. CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) the equivalent of EUR 50,000 in GBP per subscription request, and (ii) 5% onlent to third parties Nil Maximum of the higher of (i) the equivalent of EUR 50,000 in GBP per redemption request, and (ii) 5% onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund share carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.30% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 110

111 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives on the management company s website and in the Multi Units France annual report. Sub-fund shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). Sub-fund shares will be admitted to trading on the London Stock Exchange (LSE), Borsa Italiana (Milan) and Nyse Euronext Paris. The sub-fund s share class(es) may be admitted to trading on financial markets other than those listed above. Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of the share class(es) on such markets: - Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The Multi Units France prospectus and most recent annual report and updates will be sent out within one week upon receipt of a written request submitted by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts However: Page 111

112 The securities for which the price was not determined on the assessment date or for which the price has been corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Securities involving debt securities and other securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The terms of application for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS are assessed at the last known net asset value. Securities that are not traded on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the terms of application being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments traded on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or conditional forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. The exchange rates used to value financial instruments denominated in currencies other than the sub-fund's reference currency are the exchange rates provided by WM Reuters on the same day on which the sub-fund's net asset value is calculated. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues accounted for using the cash-basis method. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in Pound Sterling (GBP). LYXOR ETF FTSE 100 in no way benefits from the sponsorship, support or promotion, and is not sold by FTSE International Limited (hereinafter "FTSE"), London Stock Exchange PLC, The Financial Times Limited or Euronext NV or its subsidiaries (hereinafter "Euronext") (hereinafter collectively referred to as the "Holders"). The Holders do not grant any guarantee and do not make any commitment, whether explicit or implied, as to the income to be obtained using the FTSE 100 index (hereinafter the "Index") and/or the level at which is positioned said Index at any given moment or day or any other type. The index is calculated by or in the name of FTSE or Euronext. The Holders shall not be held responsible (regardless of resulting from negligence or any other reason) for any error impacting the Index concerning whosoever and shall not be obliged to inform whosoever of any error impacting it. "FTSETM", "FT-SE " and "Footsie " are trademarks of the London Stock Exchange Plc and of The Financial Times Limited; they are used under licence by FTSE International Limited (hereinafter "FTSE"). "Eurofirst" is a joint trademark of FTSE and Euronext N.V. Page 112

113 SUB-FUND NO 9: LYXOR ETF FTSE 250 MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Equities from European Union countries At least 60% of the UCITS assets are permanently exposed to the equity markets of one or more EU countries, which may include the eurozone markets. The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 23 February It was created on 03 April The SICAV MULTI UNITS FRANCE was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE GBP per share (i.e. the closing value of the FTSE 250 index on 2 April 2007 divided by 1,000). FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 23 February The Autorité des Marchés Financiers draws the attention of the public to the fact that, by investing in the sub-fund, shareholders are exposed to the following main risks: equity risk, or 100% of the market risks relating to the movement of the FTSE 250 index; the risk that the sub-fund s investment objective is only partially achieved; - the risk that the invested capital may be lost, since the initial investment is not guaranteed; - counterparty risk resulting from the use of financial futures contracted with a lending institution; More details about these risks are available in the detailed memorandum. The achievement of the investment objective of the LYXOR ETF FTSE 250 sub-fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. INVESTMENT OBJECTIVE The sub-fund's investment objective is to give exposure to the UK equity market by replicating the movement of the FTSE 250 index (see Benchmark index section), while minimizing as far as possible the tracking error between the sub-fund's performance and that of the FTSE 250 index. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the FTSE 250. Page 113

114 BENCHMARK INDEX The benchmark index is the FTSE 250 Gross Total Return index (gross dividends reinvested), denominated in pounds sterling (GBP). The FTSE 250 is an equity index calculated, maintained and published by international index supplier FTSE. The FTSE 250 index is an index that tracks the movements of the main stocks listed on the London Stock Exchange (LSE) in the United Kingdom which are not already contained in the FTSE 100 index. The stocks of the index are weighted according to their free-float adjusted market capitalisation using the free-float system of FTSE. There is a 15% cap on each constituent of the index. The composition of the index is reviewed on an annual basis according to the FTSE methodology. The FTSE methodology and calculation method are based on a fixed number of companies making up the index. The full construction methodology for the FTSE 250 index is available on the FTSE website : The index is calculated and published on a real time basis by FTSE. The monitored performance is based on the closing prices of the index. PUBLICATION OF THE FTSE 250 INDEX The FTSE 250 index is calculated on a daily basis based on closing prices using the official closing stock market prices for the constituent stocks. The FTSE 250 index is also calculated in real time on each Trading Day. The FTSE 250 index is available in real time via Reuters and Bloomberg. Via Bloomberg: FTPTT250 Via Reuters:.TFTMC The closing price of the FTSE 250 index is available on the FTSE website: INDEX REVISIONS The FTSE 250 index is also reviewed on an annual basis at the beginning of December. If a stock does not comply with the selection criteria at a revision date, then it is withdrawn from the FTSE 250 index. The rules concerning index revisions are published by FTSE and are available on the FTSE web site: INVESTMENT STRATEGY The sub-fund will comply with the investment rules dictated by the European directive n 2009/65/EC dated 13 July To achieve the highest possible correlation with the performance of the FTSE 250 index, the sub-fund may use (i) the purchase of a basket of balance sheet assets (as defined below) and particularly international stocks, and/or (ii) an OTC swap contract enabling the fund to reach its investment objective by converting, when applicable, the exposure of its assets into exposure to the FTSE 250 index. If applicable, the sub-fund's equity assets will be mainly the equities that make up the FTSE 250 index, as well as other international equities from all economic sectors, listed on all markets including small cap markets. In this case, the sub-fund's equity assets will be chosen so as to limit the cost of replicating the index. As part of the management of the basket of shares, the sub-fund qualifies for the special investment ratios applicable to index-tracking UCITS funds: it can use up to 20% of its assets to acquire shares and debt from the same issuing entity. This 20% limit can be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. In accordance with the provisions of Article R II of the French Monetary and Financial Code, the sub-fund can, in order to achieve its investment objective, receive or grant the guarantees specified in Article L of the French Monetary and Financial Code, under the conditions defined in this same article, as well as receiving joint guarantees or guarantees on first demand. In accordance with this regulation, the sub-fund can take the pledged securities account as security interest for the performance of the Pledgor obligations under the agreement. Page 114

115 At the present time, the manager by delegation has the intention of primarily using the following assets: Balance sheet assets (excluding embedded derivatives) In compliance with the ratios indicated in the applicable regulations, the sub-fund may hold international shares (across all economic sectors, listed on all markets), representing up to 100% of net assets. The investment in UCITS approved in accordance with European Directive 2009/65/EC and/or eligible within the meaning of Article R of the French Monetary and Financial Code is limited to 10% of net assets. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective. Where the management company acquires share classes in another fund managed directly or indirectly by itself or by another company with which it is linked through joint management or control or through a direct or indirect shareholding of over 10% of the capital or voting rights, no commission may be charged to the sub-fund's assets in respect of such investments. Neither may the financial manager by delegation levy possible issuance or redemption charges on the linked underlying funds. Off-balance sheet assets (derivatives) The sub-fund will use OTC index-linked swaps exchanging the value of the sub-fund's equity assets (or any other financial instrument held as an asset by the subfund, where applicable) for the value of the FTSE 250 index. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as forward financial instruments other than index-linked swaps. This contract can be negotiated with Société Générale, without having to be in competition with several counterparties. In order to reduce the risk that such instruments are not executed under the best conditions, Société Générale has agreed to classify the sub-fund in the "professional client" category, which offers more protection than that of "eligible counterparty". When there is no existing competition between several counterparties, the manager further requires that Société Générale contractually commits to taking all reasonable measures in order to obtain, when executing orders, the best possible result for the sub-fund, in accordance with Article L of the French Monetary and Financial Code. Securities including derivatives None. As part of the future optimisation of the sub-fund's management, the financial manager by delegation reserves the right to use other instruments in accordance with the regulations in order to achieve its investment objective, such as debt securities with embedded derivatives. Deposits For up to 20% of the net asset value, the sub-fund may make deposits with lending institutions belonging to the same group as the custodian in order to optimise its cash management. Cash borrowing For up to 10 % of the net asset value, the sub-fund may arrange borrowings, on a temporary basis, in particular to optimise its cash management. Temporary purchases and disposals of securities None. For the purposes of the efficient management of the sub-fund, the manager reserves the right to carry out temporary purchases and disposals of securities, in particular: - repurchase agreements; - lending/borrowing of debt, equities and money market instruments; in accordance with the provisions of Article R of the French Monetary and Financial Code. These operations will be carried out in all market conditions. Page 115

116 RISK PROFILE Through the sub-fund, investors are mainly exposed to the following risks: 1. Equity risk The price of equities may go down as well as up, and in particular reflects company and macroeconomic risk factors. Equities are more volatile than Fixed Income markets where it is possible to estimate revenues for a certain period of time under the same macroeconomic conditions. 2. Risk of capital loss The capital invested is not guaranteed. As a consequence, investor's capital is at risk. The amount invested may not be wholly or partially recovered, in particular if the performance of the benchmark index is negative over the investment period. 3. Liquidity risk (primary market) The sub-fund's liquidity and/or value may be negatively affected if, when the sub-fund (or one of its financial derivatives instrument counterparties) is rebalancing its exposure, the markets linked to this exposure are limited, closed, or subject to wide bid/offer spreads. An inability, due to low trading volumes, to execute trades in line with the index may also affect the process of subscriptions, conversions and redemptions of units. 4. Liquidity risk (secondary market) The sub-fund s on-exchange price may deviate from its indicative net asset value. On-exchange liquidity may be limited due to a suspension caused in particular when: (i) the index calculation is suspended or stopped and/or (ii) the underlying market(s) represented by the benchmark index is (are) suspended, and/or (iii) the stock exchange cannot obtain or calculate the indicative net asset value and/or (iv) there is a breach by a market maker of the relevant stock exchange rules and/or (v) there is a failure, particularly in the IT or electronic systems, of one of the relevant stock exchanges 5. Counterparty risk The sub-fund is exposed to the risk of bankruptcy, settlement default or any other type of default by the counterparty relating to any trading transaction or agreement entered into by the sub-fund. The sub-fund is predominantly exposed to counterparty risk resulting from the use of Over-the-Counter (OTC) swaps entered into with Société Générale or any other third party. In line with UCITS guidelines, the counterparty risk (whether the counterparty is Société Générale or another third party), cannot exceed 10% of the fund s total assets. 6. Risk that the investment objective is only partially achieved. There is no guarantee of reaching the investment objective. Indeed, no asset or financial instrument allows for a continuous and automatic replication of the benchmark index, particularly if one or more of the following risks occurs: - Risk of using financial derivative instruments In order to reach its investment objective, the sub-fund can enter into over-the-counter financial derivative instruments ("FDI") in order to achieve the performance of the benchmark index. These FDIs may imply a series of risks including: counterparty risk, hedging disruption, index disruption, taxation risk, regulatory risk, operational risk and liquidity risk. These risks can materially affect an FDI and could lead to an adjustment or even the early termination of the FDI transaction, which could affect the net asset value of the sub-fund. - Risk due to a shift in Tax policy Any change to the taxation legislation of any jurisdiction where the sub-fund is registered for sale or cross-listed could affect the tax treatment of the shareholders of the sub-fund. In the case of such an event, the fund manager shall not be liable to any investor for any payment required to be made by the company or the corresponding fund to a fiscal authority. - Risk due to a shift in the underlyings' Tax policy Any change to the taxation legislation with in any jurisdiction for the underlyings of the sub-fund could affect the tax treatment of the sub-fund. As a result, in case of a discrepancy between the estimated and effective tax treatment applied to the sub-fund and/or to the fund's counterparty to the FDI, the net asset value of the sub-fund may be affected. - Regulatory Risk affecting the sub-fund In the event of a change in the regulatory regime in any jurisdiction where the sub-fund is registered for sale or cross-listed, the process of subscriptions, conversions and redemptions of shares may be affected. - Regulatory Risk affecting the underlyings of the sub-fund In the event of a change in the regulatory regime in any jurisdiction of the underlyings of the sub-fund, the net asset value of the sub-fund as well as the process of subscriptions, conversions and redemptions of shares may be affected. - Index Disruption Risk In the event of a benchmark index disruption, the manager, acting in accordance with applicable laws and regulations, may have to suspend the subscription and redemption of shares in the sub-fund. The calculation of the net asset value of the sub-fund could also be affected. If the Index disruption persists, the manager of the sub-fund will determine the appropriate measures to be carried out, which could have an impact on the net asset value of the sub-fund. Index events usually cover the following situations: i) the index is deemed to be inaccurate or does not reflect actual market developments, ii) the index is permanently cancelled by the index provider; Page 116

117 iii) the index provider is unable to provide the level or the value of the said index; iv) the index provider makes a material change in the formula for or the method of calculating the index (other than a modification prescribed in that formula or method to maintain the calculation of the index level in the event of changes in the constituent components and weightings and other routine events) which cannot be efficiently replicated, at a reasonable cost, by the fund. -. Operational risk In the event of an operational failure within the management company, or one of its representatives, investors could experience delays in the processing of subscriptions, conversions and redemptions of shares, or other disruptions. - Corporate action risk An unforeseen review of corporate action policy affecting a component of the index, in contradiction to a previous official announcement made and priced into the sub-fund or into the financial derivatives entered into by the sub-fund, can affect the net asset value of the sub-fund, particularly in cases where the actual treatment of the corporate event by the sub-fund differs from the treatment of the corporate event by the benchmark index. Page 117

118 SUBSCRIBERS CONCERNED AND TYPICAL INVESTOR PROFILE The sub-fund is open to any subscriber. Investors subscribing to this sub-fund are seeking exposure to the UK equity market. The amount that can be reasonably invested in the sub-fund depends on each investor's personal situation. To determine this amount, investors must take into account their personal wealth and/or estate, and their cash requirements at present and for the next five years, as well as whether they wish to take risks or opt instead for a cautious investment approach. Investors are also advised to diversify their investments sufficiently so as not to be exposed solely to the risks of the sub-fund. All investors are therefore asked to consider their specific situation with the help of their usual investment advisor. The recommended minimum investment period is greater than 5 years. CALCULATION AND ALLOCATION OF INCOME The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. The Board of Directors will apply for Distributing Status in the United Kingdom (section 760 ICTA). The sub-fund will distribute at least 85% of its income (including UK equivalent profits ) and will apply for Distributing Status to the HMRC. FREQUENCY OF INCOME DISTRIBUTIONS In the event of a distribution being made, the Board of Directors reserves the right to distribute all or part of the revenues once or several times per year. CHARACTERISTICS OF THE SHARES Subscriptions are made by amount or whole numbers of shares. Redemptions are made in whole numbers of shares. Base currency Pound Sterling Page 118

119 SUBSCRIPTION AND REDEMPTION PROCEDURES 1/CONDITIONS FOR SUBSCRIPTION AND REDEMPTION ON THE PRIMARY MARKET Subscription/redemption requests for shares in the sub-fund will be centralised by the Société Générale Securities and Stock Market Department, between a.m. and 5.00 p.m. (Paris time), each Trading day and will be carried out on the basis of the net asset value on the same day, hereinafter referred to as the "reference net asset value". Subscription/redemption requests submitted after 5.00pm (Paris time) on a Trading Day will be processed as requests received between 10.00am and 5.00pm (Paris time) on the following Trading Day. Subscription/redemption requests may only be made for a number of sub-fund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. (i) Subscriptions / Redemptions through transfer of shares. Subscriptions/redemptions may be carried out through transfers of shares making up the FTSE 250 index provided that this corresponds to a whole number of subfund shares, corresponding to a minimum amount in GBP equivalent to EUR 100,000. These requests shall be carried out subject to the conditions set out by Lyxor International Asset Management upon closure of the reference market, as follows: (1) a number of shares making up the FTSE 250 index corresponding to a number of times the index in GBP which the subscriber must deliver, corresponding to a minimum amount in GBP equivalent to EUR 100,000, and, if applicable, (2) an amount in cash converted into GBP paid or received by the sub-fund (the "Balance"). This Balance, which may be positive or negative, converted into GBP, will be equal to the difference between the ref NAV multiplied by the number of shares subscribed or redeemed and the value converted into GBP of the sub-fund shares to be delivered on the ref NAV day. The numbers of each share making up the FTSE 250 index as referred to in (1) above, as well as the Balance referred to in (2) above will be published on Reuters and on the website. For all subscriptions carried out by transfers of negotiable securities, the management company reserves the right to refuse the proposed securities and, for this purpose, has a period of seven days starting from the time of the deposit to make a decision (ii) Subscriptions/redemptions made in cash. Subscriptions/redemptions will be made exclusively in cash and will be carried out on the basis of the ref NAV... Settlement/delivery of subscriptions/redemptions. Settlement/delivery of subscriptions/redemptions will take place a maximum of five Trading Days after the date on which the subscription/redemption requests are received. A trading day is a business day as defined on the calendar for the calculation and publication of the sub-fund's net asset value. The net asset value of the LYXOR ETF FTSE 250 sub-fund is calculated using the closing price of the FTSE 250 index denominated in GBP. Establishment in charge of the centralisation of subscriptions and redemptions: SOCIETE GENERALE - 32, rue du Champ de Tir Nantes France DATE AND FREQUENCY OF NET ASSET VALUE CALCULATION The net asset value will be calculated and published on a daily basis when the market on which the sub-fund s shares are listed is open provided that it has proved possible to fund orders placed in the primary or secondary markets. Page 119

120 2/CONDITIONS FOR PURCHASES AND SALES ON THE SECONDARY MARKET Each new share in the LYXOR ETF FTSE 250 sub-fund subscribed in accordance with the provisions of the Prospectus as approved by the Autorité des Marchés Financiers will be automatically admitted to trading. For any purchases/sales of sub-fund shares carried out directly on one of the markets on which the sub-fund is or will be admitted to continuous trading, there are no minimum purchase/sale requirements other than any requirements of the relevant market. THE LISTING OF THE SUB-FUND S SHARES BY THE MARKET UNDERTAKING Where the share class(es) are listed on a market other than Euronext Paris (see Summary Details section): Investors should note the following rules concerning the negotiability of the share on such markets: Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. THE LISTING AND TRADING OF SHARES IN THE LYXOR ETF FTSE 250 SUB-FUND 1/ SECURITIES MADE AVAILABLE TO THE PRIMARY MARKET As at 03 April 2007, there are 90,000 fully subscribed and paid-up shares. Shares are scheduled to be admitted to trading on the London Stock Exchange (LSE) on 15 May / SECURITIES MADE AVAILABLE TO THE SECONDARY MARKET On 15 May 2007, a total of 4,290,000 ordinary shares in the LYXOR ETF FTSE 250 sub-fund will be made available to the market at a price per share corresponding to the value of the FTSE 250 index in GBP divided by 1,000. The initial value of a share in the LYXOR ETF FTSE 250 sub-fund was GBP on 3 April 2007, corresponding to the closing price on 2 April 2007 of the FTSE 250 index divided by 1,000. CHARGES AND COMMISSION FEES SUBSCRIPTION AND REDEMPTION FEES (APPLICABLE SOLELY TO PRIMARY MARKET PARTICIPANTS) Subscription fees increase the subscription amount paid by the investor, while redemption fees decrease the redemption proceeds paid to the investor. Commission fees paid to the sub-fund are to compensate for the charges incurred by the sub-fund in buying or selling the entrusted assets. Any remaining commission fees go to the financial manager by delegation, marketing agent, etc. Fees payable by the investor, charged upon subscription or redemption Subscription fee not allocated to the sub-fund Subscription fee allocated to the sub-fund Redemption fee not allocated to the sub-fund Redemption fee allocated to the sub-fund Basis Net asset value number of shares Net asset value number of shares Net asset value number of shares Net asset value number of shares Rate Maximum of the higher of (i) the equivalent of EUR 50,000 in GBP per subscription request and (ii) 5% onlent to third parties Nil Maximum of the higher of (i) the equivalent of EUR 50,000 in GBP per redemption request and (ii) 5% onlent to third parties Nil No subscription/redemption fees will be levied on purchases/sales of any sub-fund share carried out on one of the sub-fund s markets. OPERATIONAL AND MANAGEMENT FEES These fees cover all costs charged directly to the sub-fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transaction fees, if applicable, which may be levied by the custodian and the financial manager by delegation. The following management and administration fees may be charged in addition: - outperformance fees. These are paid to the management company by delegation when the sub-fund exceeds its objectives. They are therefore charged to the subfund; - transfer fees charged to the sub-fund; - a share of income from the temporary acquisition and sale of securities. For more details about fees charged to the sub-fund, please refer to the Statistics section of the Key Investor Information Document (KIID). Page 120

121 Fees charged to the sub-fund Basis Rate Operating and management costs and external management fees (1) Net assets 0.35% (incl. taxes) p.a. maximum Outperformance fee Net assets Nil Transfer fees Charge on each transaction Nil (1) including all fees excluding transaction fees, outperformance fees and fees relating to investments in UCITS or investment funds. PROCEDURES FOR CALCULATING AND DISTRIBUTING PAYMENTS ON TEMPORARY DISPOSALS OF SECURITIES Income from securities lending transactions is shared 50/50 between the sub-fund and the financial manager by delegation. Page 121

122 COMMERCIAL INFORMATION Distribution of this prospectus and the offer or purchase of shares in the sub-fund may be subject to restrictions in certain countries. This prospectus does not constitute an offer or solicitation by any party in any jurisdiction in which such an offer or solicitation would be unlawful or in which the person making the offer or solicitation is not qualified so to do or to any person to whom it would be unlawful to make such an offer or solicitation. Shares in the sub-fund have not been and will not be offered or sold in the United States on behalf of or for the benefit of a citizen or resident of the United States. No persons other than those listed in this prospectus are authorised to provide information about the sub-fund. Potential subscribers should apprise themselves of the legal requirements applicable to this subscription request and obtain information about exchange control regulations and the tax regime applicable in their country of citizenship or residency or the country in which they are domiciled. In accordance with Article L of the French Monetary and Financial Code, you may find details on the inclusion, or otherwise, of social, environmental and corporate governance objectives report on the management company s website and in the Multi Units France annual report. Sub-fund shares are admitted to trading by Euroclear France S.A. Subscription and redemption orders are sent by investors' financial intermediaries (members of Euroclear France SA) to Société Générale's Département des Titres et de la Bourse (Securities and Stock Market Department). Sub-fund shares will be admitted to trading on the London Stock Exchange (LSE). The sub-fund s share class(es) may be admitted to trading on financial markets other than those listed above. Where the sub-fund s share class(es) are listed on a market other than Euronext Paris, as specified under Summary Details, investors should note the following rules concerning the listing of units on such markets: - Investors wishing to acquire Fund units or shares on any of the markets mentioned in the Summary Details section should familiarise themselves with the guidelines laid down by the relevant exchange operator in compliance with local regulations, seeking the assistance if necessary of their usual brokers for the markets in question. The Multi Units France prospectus and most recent annual report and updates are sent out within one week upon receipt of a written request by a shareholder to: Lyxor International Asset Management 17, cours Valmy Paris La Défense CEDEX France. contact@lyxor.com Requests for information can also be submitted via the website. The AMF s website ( contains additional information on the list of regulatory documents and all the provisions relating to investor protection. This prospectus must be made available to subscribers prior to subscription. Publication date of the Prospectus: 11 December 2012 INVESTMENT RULES The sub-fund will comply with the investment rules set out in European Directive 2009/65/EC of 13 July The sub-fund may invest in the particular assets referred to in Article L of the French Monetary and Financial Code in accordance with the ratios for the division of risks and investments under the provisions of Articles R to R of the French Monetary and Financial Code. In accordance with the terms of Article R II of the French Monetary and Financial Code relative to index-tracking funds, notwithstanding the 10% limit set by Paragraph II of Article R214-21, the sub-fund may use up to 20% of its assets for equities and debt from the same issuer in order to reproduce the composition of an index. This limit of 20% may be increased to 35% for a single issuing entity, when this is shown to be justified by exceptional market conditions, in particular when certain securities are largely dominant. RISK MONITORING The calculation of the overall exposure is carried out using the commitment approach. Page 122

123 ASSET VALUATION AND ACCOUNTING RULES A. VALUATION RULES The sub-fund s assets are valued in compliance with the applicable laws and regulations, and more particularly with the rules defined by the regulation of the Comité de la Réglementation Comptable dated 2 October 2003 relative to the accounting plan for UCITS (1st part). - The securities traded on a French or foreign regulated market are assessed at the market price. The assessment of the reference market price is made according to the provisions decreed by the board of directors. The manner in which these rules shall be applied is specified in the notes to the annual accounts. However: The securities for which the price was not determined on the assessment date or for which the price has been corrected are assessed at their probable trading value under the responsibility of the board of directors. These assessments and their justification are provided to the auditor at the time of the latter s verifications. Securities involving debt securities and other securities that are not the subject of significant transactions are assessed by application of an actuarial method, with the adopted rate being that of the issues of equivalent securities affected, as relevant, by a difference that is representative of the intrinsic characteristics of the security s issuer. However, negotiable debt instruments with a remaining maturity of less than three months may, in the absence of special considerations, be evaluated by reference to the straight-line method. The terms of application for these rules are set by the board of directors. They are specified in the notes to the annual accounts. The units or shares of UCITS are assessed at the last known net asset value. Securities that are not traded on a regulated market are assessed at their probable trading value, under the responsibility of the board of directors. Securities that are the subject of temporary transfer or acquisition contracts are assessed in compliance with the applicable regulations, with the terms of application being determined by the board of directors and stipulated in the appendix to the annual accounts. - The operations relating to firm or conditional forward financial instruments traded on French or foreign organised markets are valued at the market value according to the provisions determined by the board of directors. They are specified in the notes to the annual accounts. Firm or conditional forward operations or exchange operations completed on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or a value estimated according to the provisions determined by the board of directors and stipulated in the appendix to the annual accounts. The exchange rates used to value financial instruments denominated in currencies other than the sub-fund's reference currency are the exchange rates provided by WM Reuters on the same day on which the sub-fund's net asset value is calculated. B. ACCOUNTING METHOD FOR TRADING FEES Trading fees are included in the initial cost of the related transaction. C. ACCOUNTING METHOD: INCOME FROM FIXED-INCOME SECURITIES Income from fixed-income securities is accounted for using the cash-basis method. D. DIVIDEND POLICY The Board of Directors reserves the right to accumulate and/or distribute all or part of the revenues. E. ACCOUNTING CURRENCY The sub-fund s accounts are kept in Pound Sterling (GBP). LYXOR ETF FTSE 250 in no way benefits from the sponsorship, support or promotion, and is not sold by FTSE International Limited (hereinafter "FTSE"), London Stock Exchange PLC, The Financial Times Limited or Euronext NV or its subsidiaries (hereinafter "Euronext") (hereinafter collectively referred to as the "Holders"). The Holders do not grant any guarantee and do not make any commitment, whether explicit or implied, as to the income to be obtained using the FTSE 250 index (hereinafter the "Index") and/or the level at which is positioned said Index at any given moment or day or any other type. The index is calculated by or in the name of FTSE or Euronext. The Holders shall not be held responsible (regardless of resulting from negligence or any other reason) for any error impacting the Index concerning whosoever and shall not be obliged to inform whosoever of any error impacting it. "FTSETM", "FT-SE " and "Footsie " are trademarks of the London Stock Exchange Plc and of The Financial Times Limited; they are used under licence by FTSE International Limited (hereinafter "FTSE"). "Eurofirst" is a joint trademark of FTSE and Euronext N.V. Page 123

124 SUB-FUND NO 10: LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB TR (GBP) MUTUAL FUND SUB-FUND COMPLIANT WITH EU STANDARDS ISIN FR CLASSIFICATION Diversified The sub-fund is an index tracker. INCEPTION DATE This sub-fund was approved by the Autorité des Marchés Financiers on 11 April It was created on 13 June The SICAV Multi Units France was created on 4 March 2002 for a period of 99 years. INITIAL NET ASSET VALUE GBP per share (or the equivalent value in GBP of the value of the Thomson Reuters/Jefferies CRB Total Return index divided by 10 on 12 June 2007). The exchange rate used to convert the value of the index into Pounds sterling (GBP) is the WM Reuters fixing from the previous day for calculating the initial value. FINANCIAL MANAGER BY DELEGATION: Lyxor International Asset Management STATUTORY AND REGULATORY DISCLOSURES In accordance with articles L and L of the Monetary and Financial Code, the Autorité des Marchés Financiers approved the prospectus on 11 April The Autorité des Marchés Financiers draws the attention of the public to the fact that, by investing in the sub-fund, shareholders are exposed to the following main risks: equity risk, or 100% of the market risks relating to the movement of the Thomson Reuters/Jefferies CRB Total Return index; the risk that the sub-fund s investment objective is only partially achieved; - the risk that the invested capital may be lost, since the initial investment is not guaranteed - currency risk relating to the difference in the currency in which the sub-fund and the index are denominated. More details about these risks are available in the detailed memorandum. The achievement of the investment objective of the LYXOR ETF COMMODITIES THOMSON REUTERS/JEFFERIES CRB TR (GBP) sub-fund implies very significant use of financial instruments traded over-the-counter (OTC) or on regulated markets, which may give rise to counterparty risk and market risk. INVESTMENT OBJECTIVE The sub-fund s investment objective is to give exposure to international commodities markets, by replicating the movement of the Thomson Reuters/Jefferies CRB Total Return index converted into GBP, while minimizing as much as possible the tracking error between the performance of the sub-fund and that of the Thomson Reuters/Jefferies CRB Total Return index. The sub-fund will therefore be exposed to commodities and more specifically to movements in energy, metals and agricultural products. The tracking error objective, calculated over a period of 52 weeks, is less than 1%. If, despite everything, the tracking error exceeds 1%, the objective is nonetheless to remain below 5% of the volatility of the Thomson Reuters/Jefferies CRB Total Return index. Page 124

125 BENCHMARK INDEX The Thomson Reuters/Jefferies CRB Total Return Index that the fund aims to replicate is of the Total Return type; in other words the performance of the index includes the interest (at the rate of the 91 day Treasury Bill) paid on a fully collateralised investment in the index. The benchmark index is the Thomson Reuters/Jefferies CRB Total Return index, converted into GBP. The Thomson Reuters/Jefferies CRB Total Return index is a commodity futures index calculated and published by Reuters, with the following breakdown: Softs Precious Metals Industrial Metals Livestock Grains Natural Gaz Petroleum Produits Agricoles Alimentaires Hors Céréale Métaux Précieux Métaux de Base Industriel Bétail Céréale Gaz naturel Pétrole Launched in 1957 on the initiative of the Commodities Research Bureau, the calculation methods of the Thomson Reuters/Jefferies CRB Total Return index have been adjusted over time in order to follow the successive developments in the commodities market. The Thomson Reuters/Jefferies CRB Total Return index benefits from the expertise of both Reuters and Jefferies and is one of the benchmark indices tracking changes on the commodities market. The Thomson Reuters/Jefferies CRB Total Return index is global in that it takes into account of the evolution of the three main categories of commodities: energy, metals and agricultural products. On 26 January 2006, 19 commodities were represented in the index, selected by their importance in the economic environment. The changes in each of these commodities are reflected in the index by reference to the prices of the futures contracts on these same commodities. The future contracts on the commodities are listed on the markets in New York (NYMEX, COMEX, NYBOT), Chicago (CBOT, CME) and London (LME). The weight of the performances of each constituent is predetermined by the calculating agent of the index to take the specific importance of each commodity in the economic environment into account, while maintaining diversification. The weights of each constituent are readjusted every month to keep the exposure to each constituent regular and thus keep the original level of diversification. The complete methodology used to build and calculate the Thomson Reuters/Jefferies CRB Total Return index is available on the Jefferies Internet site: The monitored performance is based on the closing prices of the index. CALCULATION OF THE PERFORMANCE OF THE INDEX The performance of the Thomson Reuters/Jefferies CRB Total Return index at a date t depends on the arithmetic mean weighted by the target weights attributed to each value of the changes in the futures contracts constituting the index plus interest (at the 91 day Treasury Bill rate) paid on a fully collateralised investment in the index. i.e.: A date t is a Trading Day on the New York Mercantile Exchange opening calendar. Page 125

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