PARTIES GENERAL CHARACTERISTICS

Transcription

1 Dexia Bonds Luxembourg Société d'investissement à Capital Variable [open-ended investment company] (the "SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B PRESENTATION OF THE SICAV The SICAV was formed in Luxembourg on 1 June 1989 under the name "Bil Euro Rent Fund" for an unlimited term, in the form of a Société d Investissement à Capital Variable umbrella fund. The SICAV comes under part I of the law of on Undertakings for Collective Investment (hereinafter "UCI"). It is supervised by the Commission de Surveillance du Secteur Financier (CSSF). Such supervision may not be interpreted as a positive appraisal by this supervisory authority as to the content of this simplified prospectus or the quality of the securities offered and held by the SICAV. Any affirmation to the contrary is unauthorised and illegal. PARTIES Board of Directors: Chairman: Directors: MrJean-Yves Maldague, Managing Director, Dexia Asset Management Luxembourg S.A. Mr Jean-Michel Loehr, Chief Industry & Government Relations, RBC Dexia Investor Services Bank S.A. Mr Willy Lauwers, Deputy Director Securities, Dexia Banque Belgique S.A. Mr Vincent Hamelink, Member of the Executive Committee, Dexia Asset Management Mr Koen Van de Maele, Global Head of Fixed Income Management, Dexia Asset Management; Ms Véronique Di Maria, Head of Commercial Coordination, Dexia Banque Internationale à Luxembourg S.A. Mr Jan Vergote, Head of Investment Strategy, Dexia Banque Belgique S.A. Dexia Asset Management Luxembourg S.A., represented by Mr. Jean-Yves Maldague Promoter: Dexia Banque Internationale à Luxembourg, 69 route d'esch, L-2953 Luxembourg Custodian bank: RBC Dexia Investor Services Bank S.A., 14 Porte de France, L-4360 Esch-sur-Alzette. Management Company: Dexia Asset Management Luxembourg S.A., 136, route d'arlon, L-1150 Luxembourg. Directors: Mr Jean-Yves Maldague, Chairman and Managing Director, Dexia Asset Management Luxembourg S.A. Mr Naïm Abou-Jaoudé, Chairman of the Executive Committee of the Dexia Asset Management group Mr Thierry Delroisse, Member of the Management Committee of Dexia Banque Internationale à Luxembourg S.A. Mr Pierre Malevez, Member of the Management Committee of Dexia Banque Internationale à Luxembourg S.A. Mr Philippe Rucheton, CFO and Member of the Management Committee of Dexia S.A. An Other Look To Efficiency Sprl, represented by Mr Olivier Lefebvre Administrative agent and domiciliary agent duties: RBC Dexia Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Transfer agent: RBC Dexia Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette Auditors: PricewaterhouseCoopers, 400 route d'esch, L-1014 Luxembourg Financial year-end: 31 December each year. GENERAL CHARACTERISTICS Active sub-funds: Dexia Bonds Convertible 2015, Dexia Bonds Emerging Debt Local Currencies, Dexia Bonds Emerging Markets, Dexia Bonds Euro, Dexia Bonds Euro Convergence, Dexia Bonds Euro Corporate, Dexia Bonds Euro Government, Dexia Bonds Euro Government Plus, Dexia Bonds Euro Government Top Rated, Dexia Bonds Euro Inflation Linked, Dexia Bonds Euro Long Term, Dexia Bonds Euro Short Term, Dexia Bonds Europe Convertible, Dexia Bonds Sustainable Euro Government, Dexia Bonds Global High Yield, Dexia Bonds High Spread, Dexia Bonds Euro High Yield, Dexia Bonds Page 1 of 157

2 International, Dexia Bonds Mortgages, Dexia Bonds Sustainable Euro, Dexia Bonds Total Return, Dexia Bonds Turkey, Dexia Bonds USD, Dexia Bonds USD Government, Dexia Bonds World Government Plus, Dexia Bonds Sales-related information UCI with a variable number of shares are characterised by having a right of free entry and free exit. Subscription and redemption applications and applications to convert shares into those of another sub-fund are processed at least twice a month on the basis of the net asset value. The net asset value is determined by assessing the portfolio s valuation, in principle at market value, minus liabilities. The charges, fees and costs borne either by the various sub-funds or by the investor are shown in the presentation for each of the sub-funds. General objective of the SICAV: The SICAV offers investors the opportunity to participate in portfolios of transferable securities actively managed by professionals with the aim of constantly increasing the net asset value. Each sub-fund will be structured in order to achieve the best possible yield. The SICAV takes the risks that it deems reasonable in order to achieve the assigned objective. However, it cannot guarantee that it will achieve this objective because of stock market fluctuations and other risks to which investments in transferable securities and money market instruments are exposed. The value of the shares may go up and down. Tax system: Applicable to the SICAV: Under the terms of current Luxembourg legislation and according to current practice, the SICAV is not subject to Luxembourg income tax. Similarly, dividends paid by the SICAV are not liable for any Luxembourg withholding tax. However, the SICAV is liable in Luxembourg to an annual duty representing 0.05% of the SICAV s net assets. This duty is reduced to 0.01% for classes reserved for institutional investors. This duty is payable quarterly based on the net assets of the SICAV and calculated at the end of the quarter to which the tax relates. In accordance with the law and current practice, no tax is payable in Luxembourg as regards the capital gains realised on the assets of the SICAV. Certain revenues of the SICAV in terms of dividends and interest or capital gains on assets from sources outside Luxembourg may, however, be liable for variable rate taxes, which are generally deducted at source. Generally speaking, these taxes or deductions at source are not fully or partly recoverable. Within this context, the relief on these taxes and deductions at source provided for by the international double taxation prevention treaties entered into by the Grand Duchy of Luxembourg and the respective countries is not always applicable. Applicable to the investor: Under current legislation, shareholders are not liable in Luxembourg for any gift or inheritance tax, except for shareholders who are domiciled, resident or have a permanent address in Luxembourg. In terms of income tax, shareholders who are resident in Luxembourg are liable on the basis of a direct assessment on dividends received and capital gains realised on the sale of their units if their units are held for a period of less than 6 months, or if more than 1 of the shares of the company are held. Shareholders who are non-resident in Luxembourg, except within the scope of application of Directive 2003/48 described below, are not liable for tax in Luxembourg on the dividends received or capital gains realised on the sale of their units. The Luxembourg law of 21 June 2005 transposed Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments (the "Savings Directive") into Luxembourg law. The aim of this Directive is to enable interest income paid to a beneficial owner who is an individual resident in a Member State of the European Union to be taxed in accordance with the laws of the Member State of residence of the beneficial owner. This objective should be achieved via the exchange of information between European Union tax authorities. Luxembourg still benefits from a system of derogation and will apply, over a transitional period, a tax deduction at source on interest income. Luxembourg has been applying a deduction at source of 35% since 1 July However, shareholders of the SICAV, who are individuals and tax resident in a Member State of the European Union, are liable for withholding tax in Luxembourg on their interest income paid by a paying agent in Luxembourg in respect of dividend distributions (including reinvested dividends) and/or in respect of applications for the redemption (including redemptions in kind) or conversion of the shares of the SICAV. Page 2 of 157

3 However, the system of exchange of information or tax residence certificate may be applied to shareholders requesting such. It is recommended that shareholders familiarise themselves with and, if necessary, seek advice on, laws and regulations on taxation and exchange control applicable to the subscription, purchase, ownership and sale of shares in their place of origin, residence and/or domicile. We particularly recommend that potential shareholders seek advice from their tax advisers as to the tax consequences applicable within the scope of the Savings Directive to interest payments generated both by dividend distributions and by capital gains realised when selling and converting the shares of the SICAV. AVAILABLE INFORMATION The documents listed below may be obtained free of charge from the registered office of the SICAV: The full prospectus dated 31 December 2011 This simplified prospectus dated 31 December 2011; the latest available annual and semi-annual reports. The net asset value per share of each sub-fund and subscription, redemption and conversion prices are published on each valuation date at the registered office of the SICAV and the custodian bank. Financial notices for shareholders will be published, to the extent required by Luxembourg law, in the Mémorial. Additional information or documents can be obtained from the registered office of the SICAV during normal office opening hours. 31 December 2011 The changes made to this prospectus will come into force on 2 January 2012, except for the information on risk management which will apply as from 31 December Page 3 of 157

4 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Convertible 2015 sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund are invested principally in investment grade corporate and convertible bonds. The majority of these securities will mature, or will have a put exercise date, before January Close to the sub-fund s target date, namely 30 January 2015, the proportion of assets invested in convertible bonds could decrease in favour of corporate bonds, money market instruments or deposits. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may invest part of its assets in synthetic convertible bonds. Issues in currencies other than the EUR will be hedged against exchange risk. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread, volatility and equity risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Investors should note that when the target date has been reached, the Board of Directors may decide to liquidate the sub-fund or change its investment policy. Risk assessment: Class 2 on a risk scale ranging from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a balanced bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique, I and Z class capitalisation and distribution shares and class N capitalisation shares. This last class will be activated at the decision of the Board of Directors. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every week on Thursdays. If this is not a bank business day in Luxembourg, the net asset value will be calculated the following day. The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 4 of 157

5 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for this by writing to RBC Dexia Investor Services Bank S.A. The application must be irrevocable and must indicate the number, sub-fund and class of shares to be redeemed and the name in which they are registered in the case of registered shares. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. In order for the shares presented for redemption to be redeemed at the net asset value determined on a given valuation date (as defined in the "Net asset value" chapter of the full prospectus), the corresponding application must be notified to RBC Dexia Investor Services Bank S.A. by noon (local time), three days before this valuation date, provided this is a bank business day. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund 1) Classique class: max. 2.5% and Classes I, N and Z: payable to the distributor; 2) Classique class, I, N and Z : max. 1% payable to the subfund 1.5% payable to the sub-fund and in accordance with the principle of equal treatment of all shareholders. This fee will cover the true costs of realising the assets. 1.5% payable to the subfund and in accordance with the principle of equal treatment of all shareholders. This fee will cover the true costs of realising the assets. Page 5 of 157

6 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique class Class I Class N Class Z Management fee 0.9% 0.5% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds 2015 Classique Capitalisation Class (EUR) % % % 8% 7.45% 7% 6% 5% 4% 3% 2% 1% 2.53% -1% -2% -1.31% Page 6 of 157

7 Dexia Bonds Convertible 2015 Classique Distribution Class (EUR) % % % % 7. ( %) % % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 7 of 157

8 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Emerging Debt Local Currencies sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund are invested principally in debt securities (including bonds, notes, bills and other equivalent securities), which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by the Governments of emerging countries, public sector entities and private and semi-public issuers active in the emerging countries. These securities are denominated in USD, GBP, JPY, EUR and/or in local currencies. If the securities are denominated in USD, GBP, JPY or EUR, they will be hedged principally in local currencies. For the remaining part of the assets, the sub-fund may hold cash, deposits or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may in particular carry out transactions in the currencies of emerging countries for hedging purposes and/or to pursue its investment objectives. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. The investment policy seeks to ensure portfolio diversification, and therefore the control of specific risks. The net asset value per share may have an uncertain course in the short term as it is subject to various fluctuations: arising from interest rates, exchange rates, the creditworthiness of the issuers and the yield supplement required by the market to pay for it. The yield supplement required does not remain stable over a period but can fluctuate depending on the economic and financial performances of the emerging countries. The scenario of the non-repayment of the debt cannot be ruled out. There may be significant volatility in the net asset value and periods during which the price falls as a result of these risk factors. Investors' attention is drawn to the fact that this sub-fund is particularly exposed to risks related to emerging countries, liquidity risks and foreign exchange risks (notably in the emerging currencies, which are even more volatile). There is therefore a higher risk for investors than the risk arising from investment in a bonds sub-fund of a developed country. Furthermore, in view of its investments, this sub-fund could see the calculation of its net asset value temporarily suspended (as stated in the Temporary suspension of the calculation of the net asset value and of the issue, redemption and conversion of shares chapter of the full prospectus). If certain market prices (bonds, currencies etc.) are deemed to be unrepresentative, investors should be aware that the probable realisable value of these assets may be estimated prudently and in good faith by the Board of Directors (based for example on valuation models). This sub-fund is therefore aimed at informed investors without an urgent requirement for their funds and who wish to profit from the higher return offered by emerging bonds compared with traditional bond investments over a long period. Risk assessment: Class 4 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. A risk level 4 represents volatility of between 15 and 2. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the absolute VaR approach described in CSSF circular number 11/512, see the "Risk management" chapter of the full prospectus. The total risk of all the portfolio derivative positions may not exceed an absolute VaR of 2. This VaR accounts for a confidence interval of 99% and a time frame of 20 days. Page 8 of 157

9 The expected leverage of this sub-fund should vary between 5 and 15. This leverage will be calculated for each derivative instrument according to the commitment method and is added to the securities portfolio of the sub-fund. The subfund could, however, be exposed to a higher leverage. DESCRIPTION OF THE SHARES Share classes: EUR-denominated Classique class capitalisation and distribution shares USD-denominated Classique class capitalisation and distribution shares, EUR-denominated class I capitalisation and distribution shares, USD-denominated class I capitalisation and distribution shares, EUR-denominated class N capitalisation shares, USD-denominated class N capitalisation shares, EUR-denominated class V capitalisation shares, USD-denominated class V capitalisation shares, EUR-denominated class Z capitalisation shares, USD-denominated class Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: USD. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the Page 9 of 157

10 application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: Class V: N/A N/A Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z Class V class Management fee 1% Administrative fee 0.09 % 0.03% 0.09% 0.03% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of the average net asset value for classes I, V and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. Page 10 of 157

11 Dexia Bonds Emerging Debt Local Currencies Classique Capitalisation Class (USD) s % -2% -4% -6% -8% -1-12% % 2011 Dexia Bonds Emerging Debt Local Currencies Class I Capitalisation (USD) s % -2% -4% -6% -8% -1-12% % 2011 Page 11 of 157

12 Dexia Bonds Emerging Debt Local Currencies Class I Capitalisation (EUR) s % % % % % % -3.97% 2011 (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 12 of 157

13 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Emerging Markets sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities), which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by the Governments of emerging countries (such as, for example, Turkey, the Ukraine, Brazil, Argentina, Mexico, China, Poland, Russia, or South Africa), public sector entities and private or semi-public issuers. The investment universe encompasses the countries susceptible of being included in the major indices which are representative of the emerging countries (such as JP Morgan EMBI Global Diversified). To reduce foreign exchange risks in the portfolio, the securities in which the portfolio invests will be issued principally in the currencies of economically developed countries. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investors' attention is drawn to the fact that the SICAV may also be exposed on an ancillary basis to markets in non- Member States of the OECD, where the operating and supervisory conditions on the emerging markets may differ from the standards prevailing on the major international markets. The sub-fund may carry out transactions in the currencies of emerging countries for hedging purposes and/or to pursue its investment objectives. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 4 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 4 represents a volatility of between 15 and 2. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, EUR-denominated Classique class capitalisation shares, hedged against the USD, LOCK class capitalisation shares, Class N capitalisation shares, EUR-denominated class N capitalisation shares, hedged against the USD, Class I capitalisation shares, EUR-denominated class I capitalisation shares, hedged against the USD, USD-denominated class I capitalisation shares, hedged in full or in part against a rise in US interest rates, Page 13 of 157

14 EUR-denominated class V capitalisation shares, hedged against the USD, Class Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: USD. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. OPERATION OF THE SUB-FUND Class I capitalisation shares denominated in USD, hedged partly or fully against a rise in US interest rates, may be issued from 2 January 2012 at the initial price per share of USD 1,000. Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. Page 14 of 157

15 Payment currency of subscriptions, conversions and redemptions: For share classes denominated in USD: USD and possibly EUR at the decision of the Board of Directors. For share classes denominated in EUR: EUR CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: Class V: N/A N/A Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z Class V and LOCK classes Management fee 1% 0.6 Administrative fee 0.09 % 0.03% % 0.03% % Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.07% per annum of the average net asset value. This fee is payable at the end of each quarter. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of the average net asset value for classes I, V and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. Page 15 of 157

16 NET ASSET VALUE TRENDS (*) Dexia Bonds Emerging Markets Classique Capitalisation Class (USD) % % % % % % % % % % % % % % 5.51% 9.23% 7.52% 19.32% 10.96% 10.27% % 15.22% 1.28% % Dexia Bonds Emerging Markets Classique Distribution Class (USD) % % % % % % % % % % % % % % Page 16 of 157

17 % % 5.53% 9.23% 7.52% 19.32% 10.88% 10.56% 10.79% 4.48% 15.17% 1.19% % % Dexia Bonds Emerging Markets Class I Capitalisation (EUR) % % % % % % % % % % 11.28% 11.65% 5.37% 15.94% 1.67% % Page 17 of 157

18 Dexia Bonds Emerging Markets Class I Capitalisation (USD) s % 0.7% 0.6% 0.62% 0.5% 0.4% 0.3% 0.2% 0.1% Dexia Bonds Emerging Markets LOCK Class Capitalisation (USD) s % % 2011 Page 18 of 157

19 Dexia Bonds Emerging Markets Class N Capitalisation (USD) % % % % % % % % % % 10.12% 9.73% % 14.63% 0.83% % Dexia Bonds Emerging Markets Class V Capitalisation (EUR) s % % % % % -2.99% 2011 Page 19 of 157

20 Dexia Bonds Emerging Markets Class Z Capitalisation (USD) % % % % % % % 16.69% 2.14% % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 20 of 157

21 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates, indexed, subordinated or backed by assets, issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I, V and Z capitalisation shares. DESCRIPTION OF THE SHARES Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 21 of 157

22 NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% N/A N/A Classes I, Z, N and V: Page 22 of 157

23 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class V Class Z and LOCK classes Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.15% 0.03% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Performance fee Custodian bank fee 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. The manager will receive a performance fee, which will be applied to the class V net assets in the sub-fund. This performance fee will be equal to 15% of the outperformance of the share class as defined below. On each class valuation date, a benchmark asset is established based on a theoretical investment at the annual rate of 10 of the Citigroup Eurobig index of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period). In the event of redemption, the last benchmark asset calculated and the previous day s cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of any provision for a performance fee on the accounting balance at the last valuation is permanently allocated to a specific third-party account in proportion to the number of units redeemed. This proportion of the performance fee is paid to the asset manager when the redemption occurs. When the class is valued, the accounting balance is defined as the net book value after the performance fee on redemptions but excluding the provision for the performance fee corresponding to the units in issue. If this accounting balance exceeds the benchmark asset, an outperformance (or an underperformance in the opposite case) is recorded. Before calculating the net asset value, the provision for the performance fee on the accounting balance is adjusted to 15% of the amount of this new outperformance (or underperformance where applicable) by means of an allocation or write-back of a provision. Provisions written back will not exceed the provision charges. The provision for the performance fee on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial year. The reference period will be the financial year. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of the average net asset value for classes I, V and Z. This fee is payable at the end of each quarter. Other costs (estimate) Total expense ratio (TER) 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. Page 23 of 157

24 NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % % % % % % % % % % 16% 14% 12% 1 8% 6% 4% 2% 13.53% 12.13% 10.86% 8.85% % 14.37% 10.33% 8.25% 5.87% 8.73% 6.13% 5.84% 5.87% 3.85% 3.76% 1.08% 3.89% 6.81% 1.68% 0.87% -2% -4% -0.32% -0.86% -1.98% Page 24 of 157

25 Dexia Bonds Euro Classique Distribution Class (EUR) % % % % % % % % % % % % % % % % % 15% 1 5% 5.87% 10.34% 6.13% 5.84% 8.73% 3.85% 5.84% 3.76% 3.85% 6.76% 1.03% 0.83% 1.67% -5% -1.97% -0.87% Page 25 of 157

26 Dexia Bonds Euro Class I Capitalisation (EUR) % % % % % % % 8% 7.43% 7% 6% 5% 4% 3% 2% % 1.71% 4.45% 1.41% 2.12% 1% -1% -0.24% Dexia Bonds Euro LOCK Class Capitalisation (EUR) s % 2.5% % % 0.5% Page 26 of 157

27 Dexia Bonds Euro Class N Capitalisation (EUR) % % % % % % % 6.45% 6% 5.53% 5% 4% 3% 2% 1% 2.36% % 3.49% % -2% -1.13% Page 27 of 157

28 Dexia Bonds Euro Class Z Capitalisation (EUR) % % % % % 8% 7.61% 7% 6% 5% 4% 3% 2% 2.72% % 1.59% 2.26% 1% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 28 of 157

29 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Convergence sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund are invested principally in debt securities (including bonds, notes, bills and other equivalent securities) which may notably be at fixed or variable rates, indexed, subordinated or backed by assets. These securities are issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers of countries that are likely to meet the necessary criteria for EU or eurozone membership in the future. The assets are denominated in EUR, USD or in the local currencies of the issuers. USD vis-à-vis EUR foreign exchange risk is hedged mainly in EUR. Exchange rate risk of local currencies will be actively managed. Interest rate risk may be hedged by futures contracts in USD and in EUR. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may carry out transactions in the currencies of European countries (Members States of the European Union and candidates for EU membership) for hedging purposes and/or to pursue its investment objectives. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 3 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 3 represents a volatility of between 10 and 15%. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors wishing to benefit from a balanced bond management style and who are seeking long-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Page 29 of 157

30 Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: N/A N/A max. 2.5% Class I: Class N: Class Z: Page 30 of 157

31 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Management fee Administrative fee Classique and LOCK classes % Class I Class N Class Z % 1% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Convergence Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % Page 31 of 157

32 15% 13.04% 11.55% 1 5% 1.52% 7.88% % 5.93% 6.11% 0.24% 10.25% % 5.04% 9.61% -5% -5.14% -2.95% Dexia Bonds Euro Convergence Classique Distribution Class (EUR) % % % % % % % % % % % % % % % 1 5% 1.52% 11.55% 2.08% 1.02% 0.67% 1.04% 0.24% 10.21% 4.88% 0.35% 5.03% 13.03% 9.57% -5% % Page 32 of 157

33 Dexia Bonds Euro Convergence I Capitalisation Class (EUR) % % % % % % % % 15% 13.58% 1 5% 1.43% 5.42% 1.01% 5.64% 10.14% -5% -4.75% -2.67% Dexia Bonds Euro Convergence LOCK Class Capitalisation (EUR) s % % % % % % 2011 Page 33 of 157

34 Dexia Bonds Euro Convergence N Capitalisation Class (EUR) % % % % % % % % 15% 12.66% 1 5% 0.71% % 0.11% 4.71% 9.25% -5% -5.52% -3.25% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 34 of 157

35 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Corporate sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt instruments (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may specifically be at fixed or variable rates, indexed, subordinated or backed by assets, issued by companies with a good rating (minimum rating of BBB-/Baa3 by a ratings agency) at the time of their acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 2 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a balanced bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares, classes I, N and V capitalisation shares hedged against a rise in interest rates, Classique class capitalisation and distribution shares hedged against a rise in interest rates. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 35 of 157

36 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Class V: Page 36 of 157

37 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Management fee Administrative fee Classique class % Class I Class N Class Z Class V % 1% 0.09% % 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes (hedged or unhedged). 0.01% per annum of the average net asset value for classes I and V (hedged or unhedged) and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Corporate Classique Capitalisation Class (EUR) % % % % % % % 15% 1 5% 0.41% -0.35% 4.12% -1.03% -5% % Page 37 of 157

38 Dexia Bonds Euro Corporate Classique Distribution Class (EUR) % % % % % % % 15% 1 5% -0.17% -0.35% 4.08% -1.05% -5% % Dexia Bonds Euro Corporate Classique Class Capitalisation hedged against a rise in interest rates (EUR) % % 0.5% 0.28% % % % % Page 38 of 157

39 Dexia Bonds Euro Corporate I Capitalisation Class (EUR) % % % % % % % 15% 1 5% -0.12% 0.09% 4.51% -0.73% -5% % Dexia Bonds Euro Corporate Class I Capitalisation hedged against a rise in interest rates (EUR) % % % % % % Page 39 of 157

40 Dexia Bonds Euro Corporate N Capitalisation Class (EUR) % % % % % 15% 1 5% 3.7-5% -1.13% -1.31% % Dexia Bonds Euro Corporate Class N Capitalisation hedged against a rise in interest rates (EUR) % % % % % % Page 40 of 157

41 Dexia Bonds Euro Corporate Z Capitalisation Class (EUR) % % % % % % 15% 1 5% -5% 0.43% 4.79% -0.53% -6.41% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 41 of 157

42 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Government sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates or indexed, issued by Governments with a good rating (minimum rating of BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 42 of 157

43 NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: N/A N/A max. 2.5% Class I: Class N: Class Z: Page 43 of 157

44 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) Classique Class I Class N Class Z and LOCK classes Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Government Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % % Page 44 of 157

45 1 8% 6% 4% 2% 0.58% 3.78% 9.02% 5.57% 6.05% 8.02% 3.18% 6.16% 4.15% % 3.96% 2.18% -2% -1.92% -1.05% -0.24% -4% Dexia Bonds Euro Government Classique Distribution Class (EUR) % % % % % % % % % % % % % % % % 1 8% 6% 4% 2% -2% 0.58% 3.78% 4.19% 2.69% 1.53% 3.44% 3.18% 6.16% 4.14% -1.07% 1.33% 7.82% 3.94% -0.27% 2.13% -4% -6% -8% % Page 45 of 157

46 Dexia Bonds Euro Government I Capitalisation Class (EUR) % % % % % % % % 8.48% 8% 7% 6% 5% 4% 4.71% 4.53% 3% 2% 2.07% 1.92% 2.6 1% -1% 0.31% -0.49% Dexia Bonds Euro Government LOCK Class Capitalisation (EUR) s % % 2.47% % % Page 46 of 157

47 Dexia Bonds Euro Government N Capitalisation Class (EUR) % % % % % % % % 8% 7.5 7% 6% 5% 4% 3% 2% 1% 0.61% 5.85% 3.83% 1.07% 3.58% 1.92% -1% -2% -0.59% -1.34% Dexia Bonds Euro Government Z Capitalisation Class (EUR) % % % % % % % 8% 6% 4% 2% 2.12% 4.72% 2.73% 0.48% -0.45% -2% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 47 of 157

48 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Government Plus sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates or indexed, issued by Governments, international and supranational organisations and public sector entities with a good rating (minimum rating of BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 48 of 157

49 Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: N/A Recurring charges, fees and costs borne by the sub-fund N/A Fees related to the management company activities Classique Class I Class N Class Z class Management fee 0.6% 1% 0.3 Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Page 49 of 157

50 Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Government Plus Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % % % % % % % % Page 50 of 157

51 18% 16% 15.17% 14% 12% 1 8% 6% 4% 2% 0.11% 4.28% 9.39% 12.43% 11.53% 6.94% 5.48% 10.92% 8.44% 6.35% 5.86% 4.23% 4.17% 3.54% 1.54% 8.85% 1.62% % -2% -4% % -2.29% Dexia Bonds Euro Government Plus Classique Distribution Class (EUR) % % % % % % % % % % % % % % % % % % Page 51 of 157

52 1 8% 6% 4% 2% -2% -4% 4.17% 3.24% % % 6.31% -2.29% 5.86% 4.26% 8.44% 3.54% 6.36% 4.17% -0.99% 1.52% 8.84% 1.59% 0.49% 3.2-6% -8% -1-12% -9.12% Dexia Bonds Euro Government Plus I Capitalisation Class (EUR) % % % % % % % % % 8% 6% 4% 2% 5.43% 4.73% 2.18% 2.13% 0.93% 3.54% -0.42% -2% Page 52 of 157

53 Dexia Bonds Euro Government Plus N Capitalisation Class (EUR) % % % % % % % % % 8% 6% 4% 2% 1.56% 7.13% 3.77% 1.19% 1.24% % -2% -1.37% Dexia Bonds Euro Government Plus Z Capitalisation Class (EUR) % % % % % 0.5% % -0.22% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 53 of 157

54 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Government Top Rated sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates or indexed, issued by countries that are part of the European Monetary Union deemed to be of excellent quality at the time of acquisition (i.e. having the highest rating with all the recognized ratings agencies that rate these countries). Where an issuer s rating is lowered, the sale of the bond will be at the discretion of the asset manager, depending on the market conditions. The sub-fund may also hold cash on an ancillary basis. The sub-fund may invest a maximum of 1 of its assets in money market UCI and UCITS investing in good-quality assets. Although the composition of the portfolio must observe the general rules and restrictions imposed by the law or the articles of association, the fact remains that a concentration of risks may occur in issuers and/or geographical areas that are more restricted. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale ranging from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. Share classes: Classique class capitalisation shares, Classique class distribution shares, Classes N, I, V and Z capitalisation shares. DESCRIPTION OF THE SHARES Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 54 of 157

55 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: Class V: N/A N/A Page 55 of 157

56 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Management fee Administrative fee Classique class % Class I Class N Class Z Class V % 1% 0.15% 0.09% 0.03% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of the average net asset value for classes I, V and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Government Top Rated Classique Class Capitalisation (EUR) % % 7% 6% 5.72% 5% 4% 3% 2% 1% -1% -0.29% Page 56 of 157

57 Dexia Bonds Euro Government Top Rated Classique Class Distribution (EUR) % 8% 7% 7.11% 6% 5% 4% 3% 2% 1% 2011 Dexia Bonds Euro Government Top Rated Class I Capitalisation (EUR) % 7% 6% 6.13% 5% 4% 3% 2% 1% 0.0-1% Page 57 of 157

58 Dexia Bonds Euro Government Top Rated Class N Capitalisation (EUR) % 6% 5.38% 5% 4% 3% 2% 1% -1% Dexia Bonds Euro Government Top Rated Class V Capitalisation (EUR) s % % 4.57% % % % % Page 58 of 157

59 Dexia Bonds Euro Government Top Rated Class Z Capitalisation (EUR) s % 5.6 5% 4% 3% 2% 1% 2011 (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 59 of 157

60 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro High Yield sub-fund FINANCIAL DESCRIPTION Type of investment: investment in securities representing loans. Investment objectives and policy: The objective of this sub-fund is to offer investors exposure to the Euro High Yield market (debt of companies with a high credit risk). Accordingly, the assets of this sub-fund will be invested principally in debt instruments denominated in EUR (including bonds, notes or bills) of issuers with a rating exceeding B-/B3. The sub-fund may also invest in derivative instruments (credit derivatives based on indices or individual names) of issuers of the same quality. For the remaining part of the assets, the sub-fund may hold cash, money market instruments or invest in debt securities other than those described above, or up to a maximum of 1 in participation rights. Convertible bonds will not account for more than 25% of the assets. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may use forward instruments traded on regulated or OTC markets. These transactions may represent a maximum of one times the net asset value of the sub-fund. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors attention is drawn to the management style of this sub-fund which is partly invested in securities classified as speculative by the ratings agencies and which are traded on markets whose operating conditions, in terms of transparency and liquidity, may differ considerably from the standards accepted on international stock markets or regulated markets. Consequently, the product is aimed at investors who have sufficient experience to be able to assess the merits and risks. Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 4 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 4 represents a volatility of between 15 and 2. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I and Z capitalisation shares. Class S capitalisation shares hedged against a rise in interest rates. Page 60 of 157

61 Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Fees: Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Entry Exit Change of sub-fund Classique & LOCK classes: N/A N/A max. 2.5% Class I: Class N: Class Z: Class S hedged: Page 61 of 157

62 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique and LOCK classes Management fee 1% 0.6 Administrative fee 0.09% 0.03% Class I Class N Class Z Class S hedged % % 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of the average net asset value for classes I, Z and S hedged. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro High Yield Classique Capitalisation Class (EUR) % % % % % % % % % % Page 62 of 157

63 % % % % 23.64% 13.05% % -3.11% 13.55% -5.27% Dexia Bonds Euro High Yield Classique Distribution Class (EUR) % % % % % % % % % % % % % % -7.78% % % 23.64% % 8.04% -3.17% 13.47% -5.34% % Page 63 of 157

64 Dexia Bonds Euro High Yield I Capitalisation Class (EUR) % % % % % % % 13.48% % -2.54% 14.17% -4.89% Dexia Bonds Euro High Yield LOCK Class Capitalisation (EUR) s % -1% -2% -3% -4% -5% -6% -7% -8% -9% -7.77% 2011 Page 64 of 157

65 Dexia Bonds Euro High Yield N Capitalisation Class ( EUR ) % % % % % % % % % % 3.79% 7.32% 13.16% % -5.54% % Dexia Bonds Euro High Yield Class S Capitalisation hedged against a rise in interest rates (EUR) s % % 2010 Page 65 of 157

66 Dexia Bonds Euro High Yield Class Z Capitalisation (EUR) % % % % % % % % -2.15% 14.62% -4.46% % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 66 of 157

67 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Inflation Linked sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in inflation-linked debt securities (including bonds, notes, bills and other equivalent securities), which may notably be at fixed or variable rates, subordinated or backed by assets denominated in EUR, issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers have a good rating (rated at least BBB-/ Baa3 by a ratings agency) at the time of their acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 2 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a dynamic bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares, classes I, N and V capitalisation shares hedged against a rise in interest rates, Classique class capitalisation and distribution shares hedged against a rise in interest rates, LOCK class capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 67 of 157

68 NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. The LOCK class will be launched on 2 January Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: Class V: N/A N/A Page 68 of 157

69 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Management fee Administrative fee Classique class hedged or unhedged, LOCK class % Class I hedged or unhedged % Class N hedged or unhedged Class Z Class V hedged 0.8% 0.3% 0.09% 0.03% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes (hedged or unhedged). 0.01% per annum of the average net asset value for classes I and V (hedged or unhedged) and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. Page 69 of 157

70 NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Inflation Linked Classique Capitalisation Class (EUR) % % % % % % % % % 12% % 8% 6% 4% 2% 3.47% 5.37% 1.59% 2.12% 6.96% 0.17% -2% -4% -1.32% -2.24% Dexia Bonds Euro Inflation Linked Classique Class Capitalisation hedged against a rise in interest rates (EUR) % Page 70 of 157

71 1% 0.4-1% -2% -3% -4% -5% -6% -7% -6.16% Dexia Bonds Euro Inflation Linked Classique Distribution Class (EUR) % % % % % % % % % 12% % 8% 6% 4% 2% 3.47% 5.37% 1.59% 2.12% 6.96% 0.17% -2% -1.32% -2.24% -4% Page 71 of 157

72 Dexia Bonds Euro Inflation Linked Classique Class Distribution hedged against a rise in interest rates (EUR) % 1% 0.4-1% -2% -3% -4% -5% -6% -6.15% -7% Dexia Bonds Euro Inflation Linked I Capitalisation Class (EUR) % % % % % % % % % % 8% 6% 4% 2% 2.59% 5.71% 1.96% 2.57% 7.41% 0.5-2% -4% -0.91% -1.89% Page 72 of 157

73 Dexia Bonds Euro Inflation Linked Class I Capitalisation hedged against a rise in interest rates (EUR) % % -1% -0.11% -2% -3% -4% -5% -6% -7% -5.89% -8% -9% Dexia Bonds Euro Inflation Linked N Capitalisation Class (EUR) % % % % % % % % 8% 7.09% 6.73% 6% 4% 2% 4.94% 1.21% 1.92% 0.03% -2% -4% -1.51% -2.63% Page 73 of 157

74 Dexia Bonds Euro Inflation Linked Class N Capitalisation hedged against a rise in interest rates (EUR) % % % % % % Dexia Bonds Euro Inflation Linked Z Capitalisation Class (EUR) % % % % % % 1 8% 7.72% 6% 4% 2% 2.17% 2.87% 1.21% -2% -0.59% -1.13% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 74 of 157

75 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Long Term sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt instruments (including bonds, notes, bills and other equivalent securities) denominated in EUR with an average duration of at least 6 years which may notably be at fixed or variable rates, indexed, subordinated or backed by assets, issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 2 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a dynamic bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Class I capitalisation shares, Class I distribution shares, Class N capitalisation shares, Class Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 75 of 157

76 NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 76 of 157

77 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z and LOCK classes Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Long Term Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % % Page 77 of 157

78 14% 12.96% 12% 1 8% 6% 4% 2% 8.57% 8.68% 8.86% 4.73% % 9.83% 7.11% 5.65% 5.92% 1.52% 5.05% -2% -4% -2.45% -1.36% -6% -4.81% Dexia Bonds Euro Long Term Classique Distribution Class (EUR) % % % % % % % % % % % 12% 1 8% 6% 4% 2% 8.29% 4.75% % 9.79% 7.09% 5.58% 5.89% 1.47% 4.97% -2% -4% -2.49% -1.41% Page 78 of 157

79 Dexia Bonds Euro Long Term I Capitalisation Class (EUR) % % % % % % % 12% 10.48% 1 8% 6% 4% 2% % 6.25% % 5.44% -2% -1.83% -0.76% -4% Dexia Bonds Euro Long Term Class I Distribution (EUR) % % % % % % 14% 11% 8% 5% 3% % 7.72% 6.25% 5.54% -0.76% -3% -1.83% Page 79 of 157

80 Dexia Bonds Euro Long Term N Capitalisation Class (EUR) % % % % % % % % % 12% % 8% 6% 4% 2% 2.15% 6.73% 5.25% 5.53% 1.15% 4.73% -2% -4% -2.71% -1.68% Dexia Bonds Euro Long Term Z Capitalisation Class (EUR) % % % % % 6.45% 6.29% 6% 5.2 5% 3% 2% 1% 1.77% -1% % -2% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 80 of 157

81 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Euro Short Term sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, with an average portfolio term not exceeding 3 years and a residual investment term not exceeding 5 years, which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 0 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 0 means a very low level of volatility of less than 2.5% but does not necessarily mean zero risk. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and are seeking a moderate medium-term yield. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Class I capitalisation shares, Class I distribution shares, Class N capitalisation shares, Class Z capitalisation shares, Class Z distribution shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 81 of 157

82 NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: N/A N/A max. 2.5% Class I: Class N: Class Z: Page 82 of 157

83 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique and Class I Class N Class Z LOCK classes Management fee 0.4% 0.2% 0.8% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. Specific fees linked to the LOCK class mechanism Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Euro Short Term Classique Capitalisation Class (EUR) % % % % % % % % % % % % Page 83 of 157

84 7% 6.31% 6% 5% 4% 3% % 2.35% 3.68% % 3.24% % 2% 1% 1.49% 1.18% 0.79% 1.01% 0.41% Dexia Bonds Euro Short Term Classique Distribution Class (EUR) % % % % % % % % % % % % % % % % 7% 6.25% 6% 5% 4% 3% 2.83% 2.88% 3.07% 2.35% 3.68% 3.24% 3.03% 2.79% 2% 1% 1.27% 1.44% 1.11% 0.75% 0.99% % 0.35% Page 84 of 157

85 Dexia Bonds Euro Short Term Class I Capitalisation (EUR) % % % % % % % % 7% 6.64% 6% 5% 4% 3% % 2% 1.74% 1.51% 1.05% 1.16% 1.41% 1% 0.67% Dexia Bonds Euro Short Term Class I Distribution (EUR) % % % % % % % 7% 6.64% 6% 4% 3% % 1.74% 1.51% 1% 1.05% 1.16% 1.07% Page 85 of 157

86 Dexia Bonds Euro Short Term LOCK Class Capitalisation (EUR) s % 0.09% 0.08% 0.08% 0.07% 0.06% 0.05% 0.04% 0.03% 0.02% 0.01% Dexia Bonds Euro Short Term N Capitalisation Class (EUR) % % % % % % % % % 7% 6% 5% 4% 3% 2.52% 2.33% 5.91% 2% 1.53% 1% 0.89% 0.62% 0.39% 0.73% 0.13% Page 86 of 157

87 Dexia Bonds Euro Short Term Z Capitalisation Class (EUR) % % % % 8% 7% 6.85% 6% 5% 4% 3% 2% 1.36% 1.6 1% 0.81% -1% -0.08% Dexia Bonds Euro Short Term Class Z Distribution (EUR) % % % 7% 6.51% 6% 4% 3% 1% 1.36% -1% -0.08% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 87 of 157

88 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Europe Convertible sub-fund FINANCIAL DESCRIPTION Type of investment:: investment in fixed or variable-income securities. Investment policy and objectives: This sub-fund will invest its assets principally in convertible bonds or bonds exchangeable as shares of issuers that have their registered office or carry out their primary economic activity in Europe. The term of the securities may evolve within a range of between 0 and 30 years. The remaining part of the assets will be invested in traditional fixed or variable rate bonds, bonds with share subscription warrants, synthetic convertible bonds, participation certificates, negotiable debt securities, warrants, and up to a maximum of 1 of the net assets in shares arising from the conversion of bonds or the exercise of subscription warrants. A minimum of 5 of the portfolio will be invested in securities denominated in EUR. Geographical specialisation: Europe. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread, volatility and equity risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 4 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 4 represents a volatility of between 15 and 2. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 88 of 157

89 NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 89 of 157

90 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z and LOCK classes Management fee 1% Administrative fee 0.09% % % 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Europe Convertible Classique Capitalisation Class (EUR) % % % % % % % % % % Page 90 of 157

91 % % % 4.17% -0.68% % 1.49% 10.92% % % Dexia Bonds Europe Convertible Classique Distribution Class (EUR) % % % % % % % % % % % % 4.17% -0.73% 7.38% 6.87% 1.46% 10.83% % % Page 91 of 157

92 Dexia Bonds Europe Convertible I Capitalisation Class (EUR) % % % % % % % % % % % -1.06% 8.41% 7.12% 1.69% 11.49% % % Dexia Bonds Europe Convertible LOCK Class Capitalisation (EUR) s % -2% -4% -6% -8% -1-12% -14% -16% % 2011 Page 92 of 157

93 Dexia Bonds Europe Convertible N Capitalisation Class (EUR) % % % % % % % % % % -1.14% 6.87% 5.56% % % % Dexia Bonds Europe Convertible Z Capitalisation Class (EUR) % % % % % % % % 2.21% 12.38% % % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 93 of 157

94 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Global High Yield sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The objective of the sub-fund is to offer investors exposure to the Global High Yield market (debt of companies with a high credit risk). Accordingly, the assets of this sub-fund will be invested principally in debt instruments (including bonds, notes or bills) of issuers with a rating exceeding B-/B3. The sub-fund may also invest in derivative products (credit derivatives based on indices or on individual names) of issuers of the same quality. For the remaining part of the assets, the sub-fund may hold cash, money market instruments or invest in debt securities other than those described above, or up to a maximum of 1 in participation rights. Convertible bonds will not account for more than 25% of the assets. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may use forward financial instruments traded on regulated or OTC markets. These transactions may represent a maximum of one times the net asset value of the sub-fund. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors attention is drawn to the management style of this sub-fund which is partly invested in securities classified as speculative by the ratings agencies and which are traded on markets whose operating conditions, in terms of transparency and liquidity, may differ considerably from the standards accepted on international stock markets or regulated markets. Consequently, the product is aimed at investors who have sufficient experience to be able to assess the merits and risks. Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 4 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 4 represents a volatility of between 15 and 2. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 94 of 157

95 NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Page 95 of 157

96 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z class Management fee 1% Administrative fee 0.09 % 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Global High Yield Classique Capitalisation Class (EUR) % % % % % % % % % 9.26% 3.69% 6.44% -1.29% 12.96% 0.03% % Page 96 of 157

97 Dexia Bonds Global High Yield Classique Distribution Class (EUR) % % % % % % % 12.93% -0.01% % Dexia Bonds Global High Yield I Capitalisation Class (EUR) % % % % % % % % % Page 97 of 157

98 % % 9.21% 4.14% 6.64% -1.12% 13.63% 0.41% % Dexia Bonds Global High Yield N Capitalisation Class (EUR) % % % % % % % % % % 2.25% 6.33% -1.29% 12.28% -0.41% % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 98 of 157

99 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds High Spread sub-fund FINANCIAL DESCRIPTION Type of investment:: investment in fixed or variable-income securities. Investment policy and objectives: The objective of the sub-fund is to offer shareholders investment in high-spread bonds of companies with a high credit risk from a portfolio of assets made up of private sector and international bonds. Accordingly, the assets of this sub-fund will be invested principally in debt instruments (including bonds, notes or bills) of issuers with a rating exceeding B-/B3. The sub-fund may also invest in derivative instruments (credit derivatives based on indices or individual names) of issuers of the same quality. For the remaining part of the assets, the sub-fund may hold cash, money market instruments or invest in debt securities other than those described above, or up to a maximum of 1 in participation rights. Convertible bonds will not account for more than 25% of the assets. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. The sub-fund may use forward financial instruments traded on regulated or OTC markets. These transactions may represent a maximum of one times the net asset value of the sub-fund. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors attention is drawn to the management style of this sub-fund which is partly invested in securities classified as speculative by the ratings agencies and which are traded on markets whose operating conditions, in terms of transparency and liquidity, may differ considerably from the standards accepted on international stock markets or regulated markets. Consequently, the product is aimed at investors who have sufficient experience to be able to assess the merits and risks. Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 3 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 3 represents a volatility of between 10 and 15%. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. Page 99 of 157

100 DESCRIPTION OF THE SHARES Share classes: Classique class distribution and capitalisation shares, classes N, I, Z and S capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. Page 100 of 157

101 CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: Class S: N/A N/A Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class S Class N Class Z class Management fee 1% 0.5% 0.25% 1.6 Administrative fee 0.09% 0.03% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Performance fee The asset manager will receive a performance fee which will apply to the net assets of all classes of the sub-fund. This performance fee will be equal to 2 of the outperformance of the share class as defined below. On each class valuation date, a benchmark asset is established based on a theoretical investment at the annual rate of 10 of the JP Morgan GBI Global Hedged Euro index of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period). In the event of redemption, the last benchmark asset calculated and the previous day s cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of any provision for a performance fee on the accounting balance at the last valuation is permanently allocated to a specific third-party account in proportion to the number of units redeemed. This proportion of the performance fee is paid to the asset manager when the redemption occurs. When the class is valued, the accounting balance is defined as the net book value after the performance fee on redemptions but excluding the provision for the performance fee corresponding to the units in issue. If this accounting balance exceeds the benchmark asset, an outperformance (or an underperformance in the opposite case) is recorded. Before calculating the net asset value, the provision for the performance fee on the accounting balance is adjusted to 2 of the amount of this new outperformance (or underperformance where applicable) by means of an allocation or write-back of a provision. Provisions written back will not exceed the provision charges. The provision for the performance fee on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial year. The reference period will be the financial year. Custodian bank fee 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of the average net asset value for classes I, S and Z. This fee is payable at the end of each quarter. Page 101 of 157

102 Other costs (estimate) Total expense ratio (TER) 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds High Spread Classique Capitalisation Class (EUR) % % % % % % % % 7.89% 3.33% % 10.67% -2.72% % Page 102 of 157

103 Dexia Bonds High Spread Classique Distribution Class (EUR) % % % % % % % % % % % 7.92% 3.45% 4.02% -1.18% 10.63% -2.19% % Dexia Bonds High Spread I Capitalisation Class (EUR) % % % % % % % % % Page 103 of 157

104 % % 13.03% % 4.51% -0.71% 11.21% -1.79% % Dexia Bonds High Spread N Capitalisation Class (EUR) % % % % % % % % % % 2.23% 3.27% -2.58% 10.08% -2.68% % Page 104 of 157

105 Dexia Bonds High Spread S Capitalisation Class (EUR) % % % % % % % % % 8.25% 4.09% 4.61% -0.41% % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 105 of 157

106 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds International sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of the assets in UCI and UCITS. The sub-fund may carry out currency transactions (notably the currencies of EU Member States and candidates for EU membership as well as in CHF, NOK, ISK, USD, CAD, NZD, AUD, MXN, ZAR, HKD, SGD and KRW) for hedging purposes and/or to pursue its investment objectives. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Class I capitalisation shares, USD-denominated class I capitalisation shares whose portfolio is unhedged against currency risk, Class N capitalisation shares, Class Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 106 of 157

107 NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 107 of 157

108 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique and LOCK classes Class I hedged Class I unhedged Class N Class Z Management fee 0.6% 0.3% 0.3% 1% Administrative fee 0.09% 0.03% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds International Classique Capitalisation Class (EUR) % % % % % % % % % % % % % % % % % % % % Page 108 of 157

109 25% % 15% 1 5% 2.23% 8.58% 7.36% 9.02% % % 9.35% 7.58% % 3.57% 4.89% 3.94% 5.17% 2.75% 2.62% 2.42% -0.03% -5% -1.35% % -15% Dexia Bonds International Classique Distribution Class (EUR) % % % % % % % % % % % % % 12% 1 8% 6% 4% 2% -2% % -1.38% 7.59% 8.12% 9.35% 3.57% 4.79% 2.69% -0.11% 2.58% % % -4% -6% -8% % Page 109 of 157

110 Dexia Bonds International I Capitalisation Class (EUR) % % % % % % % % % % 8% 7.42% 7% 6% 5% 3% 3.98% 5.37% 3.21% 3.13% 2.95% 4.39% 5.52% 2% 2.17% 1% 0.44% Dexia Bonds International LOCK Class Capitalisation (EUR) s % 4.5% % 3.5% % % % Page 110 of 157

111 Dexia Bonds International N Capitalisation Class (EUR) % % % % % % % 8% 6% 6.53% 5% 4% 3% 2% 2.45% % 1.94% % 4.89% 1% -1% -0.71% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 111 of 157

112 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Mortgages sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in mortgage-backed securities (i.e. negotiable securities backed by one or more mortgage loans) denominated in European currencies, including EU Member State currencies as well as CHF, NOK and ISK, issued by first-class debtors (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 2 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 112 of 157

113 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Entry Exit Change of sub-fund Fees: Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Page 113 of 157

114 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z class Management fee 0.6% 0.3% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Mortgages Classique Capitalisation Class (EUR) % % % % % % % % % 8% 7% 7.29% 6% 5% 4% 3% 2% 1% 1.49% 5.69% 3.16% 0.54% 0.71% 5.62% 4.99% 4.58% Page 114 of 157

115 Dexia Bonds Mortgages Classique Distribution Class (EUR) % % % % % % % % 8% 7% 6% 5% 5.69% 7.27% % 4.57% 4% 3% 3.17% 2% 1% 1.28% 0.52% 0.69% Dexia Bonds Mortgages Class I Capitalisation (EUR) % % % % % % % % 9% 8% 7.84% 7% 6% 5% 3% 6.13% % 5.41% 4.89% 2% 1% 1.62% 0.98% 1.17% Page 115 of 157

116 Dexia Bonds Mortgages Class N Capitalisation (EUR) % % % % % % % % 8% 7% 6.76% 6% 5% 4% 3% 2% 2.92% 2.43% 5.18% 4.57% 4.25% 1% -1% 0.02% -0.11% Dexia Bonds Mortgages Class Z Capitalisation (EUR) % % % % % % 9% 8.06% 8% 6% 5% 4% 3% 6.62% 5.16% 4.78% 2% 1% 0.33% 1.25% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 116 of 157

117 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Sustainable Euro sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. The remainder of the assets may be invested in other securities or money-market instruments other than those described above, or in cash (a maximum of 1). The sub-fund may invest a maximum of 1 of its net assets in UCI and/or UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. Securities are selected on the basis of economic/financial analyses as well as social, environmental and ethical considerations, based on the principle that these aspects are indicative of risks and long-term opportunities and are also factors that determine stability. When selecting securities issued by governments, the asset manager will consider the democratic nature of these governments as well as the criteria set down in international conventions (human rights, etc.). The application of these socially responsible or sustainable principles is described in the annual report of the SICAV. In accordance with part I of the law, the sub-fund may also use derivative instruments such as, for example, options, futures and foreign exchange transactions for the purposes of efficient portfolio management. The sub-fund may enter into contracts representing credit derivatives. In this case, these transactions would be made with financially stable counterparties (i.e. a rating of at least A), selected, in particular, on the basis of their expertise with regard to this type of instrument, the price offered and the quality of the service provided. Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale ranging from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares and distribution shares, Class I capitalisation and distribution shares, Classes N and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 117 of 157

118 NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Page 118 of 157

119 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z class Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Sustainable Euro Classique Capitalisation Class (EUR) % % % % % 7% 6% 5.99% 5% 4% 3% 2% % 2.53% 1% -1% 0.16% -0.19% Page 119 of 157

120 Dexia Bonds Sustainable Euro Standard Distribution Class (EUR) % % 1.5% % % -0.5% % Dexia Bonds Sustainable Euro Class I Capitalisation (EUR) % % % % 7% 6.43% 6% 5% 4% 3% 2% 3.45% % 1% 0.6-1% -0.08% Page 120 of 157

121 Dexia Bonds Sustainable Euro Class I Distribution (EUR) % % % 7% 5% 4% 6.43% 3.85% 3% 2.06% 1% Dexia Bonds Sustainable Euro Class Z Capitalisation (EUR) % % % % % 7% 6% 5.96% 5% 4% 3% 2% 3.48% 3.26% 3.09% 1% 0.8-1% -0.05% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 121 of 157

122 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Sustainable Euro Government sub-fund FINANCIAL DESCRIPTION Type of investment:: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt instruments (including bonds, notes, bills and other equivalent securities) denominated in EUR, which may notably be at fixed, variable rates or indexed, issued by Governments with a good rating (minimum rating of BBB-/Baa3 by a ratings agency) at the time of their acquisition. The remainder of the assets may be invested in other securities or money-market instruments other than those described above, or in cash (a maximum of 1). The sub-fund may invest a maximum of 1 of its net assets in UCI and/or UCITS. Investments in transferable securities denominated in a currency other than the EUR will be hedged adequately against foreign exchange risks. Securities are selected on the basis of economic/financial analyses as well as social, environmental and ethical considerations, based on the principle that these aspects are indicative of risks and long-term opportunities and are also factors that determine stability. When selecting government-issued securities, the asset manager will take into consideration the democratic nature of these governments together with the criteria set down in international conventions (human rights, etc.), based on the principle that these aspects are intrinsically linked to the culture and environment of the issuer and its long-term strategy and that they are also factors determining its stability. The application of these socially responsible or sustainable principles is described in the annual report of the SICAV. In accordance with part I of the law, the sub-fund may also use derivative instruments such as, for example, options, futures and foreign exchange transactions for the purposes of efficient portfolio management. The sub-fund may enter into contracts representing credit derivatives. In this case, these transactions would be made with financially stable counterparties (i.e. a rating of at least A), selected, in particular, on the basis of their expertise with regard to this type of instrument, the price offered and the quality of the service provided. Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 1 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 1 represents a low volatility of between 2.5 and 5%. The shares are aimed at investors wishing to manage their assets with due caution. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a cautious bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, Z and I capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 122 of 157

123 NET ASSET VALUE Valuation currency: EUR. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 123 of 157

124 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z class Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Sustainable Euro Government Classique Capitalisation Class (EUR) % % % 4.5% % 3.5% % % 3.36% 1.49% % Page 124 of 157

125 Dexia Bonds Sustainable Euro Government Classique Distribution Class (EUR) % % %., % % % 3.31% 1.44% % Dexia Bonds Sustainable Euro Government Class I Capitalisation (EUR) % % % 5% 4.44% 4% 3% 2% 1% 1.98% -1% -0.93% -2% Page 125 of 157

126 Dexia Bonds Sustainable Euro Government Class N Capitalisation (EUR) % % % 3.9% % 2.3% 1.6% 3.01% 0.93% 0.8% Dexia Bonds Sustainable Euro Government Class Z Capitalisation (EUR) % % % % % 4.59% 3.5% % % % % (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 126 of 157

127 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Total Return sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in interest-rate instruments such as: government bonds, treasury certificates, inflation indexed bonds, asset-backed and mortgage-backed securities, corporate investment grade bonds, commercial paper, Floating Rate Notes, Eastern European bonds, emerging markets or high-yield bonds. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. Convertible bonds will not account for more than 25% of the assets. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investors' attention is drawn to the fact that the SICAV may also be exposed on an ancillary basis to markets in non-member States of the OECD, where the operating and supervisory conditions on the emerging markets may differ from the standards prevailing on the major international markets. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread, volatility and equity risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 2 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 2 represents a volatility of less than 1. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors who wish to benefit from a balanced bond management style and who are seeking medium-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: EUR The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 127 of 157

128 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Page 128 of 157

129 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Management fee Administrative fee Classique class % Class I Class N Class Z % 1% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Total Return Classique Capitalisation Class (EUR) % % % % % 15% 13.16% 1 5% 2.11% 1.99% % -5% -5.86% Page 129 of 157

130 Dexia Bonds Total Return I Capitalisation Class (EUR) % % % % % 15% 13.59% 1 5% 2.68% 2.41% % -5% -5.51% Dexia Bonds Total Return N Capitalisation Class (EUR) % % % % % % 15% 12.69% 1 5% 0.12% 1.57% 2.08% -5% -2.48% -6.25% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 130 of 157

131 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds Turkey sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt instruments (including bonds, notes, bills and other equivalent securities) which may specifically be at fixed or variable rates, indexed, subordinated or backed by assets. These assets will be: - either denominated in TRY and issued by the Turkish Republic, international or supranational organisations, public sector entities and private and semi-public issuers; - or denominated in a different currency and issued by the Turkish Republic, public Turkish bodies, private and semi-public issuers with their registered office in Turkey. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Investors' attention is also drawn to the fact that operating and supervision conditions on the Turkish market may differ from the standards prevailing on the major international markets. These risks may be of different types: for example, risks relating to legislation, taxation or the currency of the Turkish Republic, risks relating to investment restrictions, volatility and lower market liquidity risks as well the risks arising from the standard of information available. In addition, investors operating in EUR will be mindful of the volatility risk and therefore the potential loss in value arising from fluctuations in the reference currency of the sub-fund vis-à-vis the EUR Consequently, this sub-fund is aimed at well-informed investors, who are advised to only invest part of their assets in the sub-fund. Risk assessment: Class 5 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 5 represents a volatility of between 20 and 3. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. Page 131 of 157

132 NET ASSET VALUE Valuation currency: TRY. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Subscription OPERATION OF THE SUB-FUND Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. Payment currency of subscriptions, conversions and redemptions: USD and possibly EUR at the decision of the Board of Directors. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 132 of 157

133 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z class Management fee 1.5% 1% 2% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique and N classes. 0.01% per annum of the average net asset value for classes I and Z. This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds Turkey Classique Capitalisation Class (TRY) % % % % 25% 22.85% 2 15% % 12.31% 5% 2.76% Page 133 of 157

134 Dexia Bonds Turkey Classique Distribution Class (TRY) % % % % 25% 22.82% 2 15% % 12.22% 5% 2.77% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 134 of 157

135 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds USD sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of this sub-fund will be invested principally in debt securities (including bonds, notes, bills and other equivalent securities) denominated in USD, which may notably be at fixed or variable rates, indexed, subordinated or backed by assets issued by Governments, international and supranational organisations, public sector entities and private and semi-public issuers. These issuers will have a good rating (rated at least BBB-/Baa3 by a ratings agency) at the time of acquisition. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments made in transferable securities denominated in a currency other than the USD will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 3 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 3 represents a volatility of between 10 and 15%. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors wishing to benefit from a balanced bond management style and who are seeking long-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation shares, Classique class distribution shares, LOCK class capitalisation shares, Classes N, I and Z capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Shares in the LOCK class will be bearer shares only, held in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: USD. The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 135 of 157

136 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. Payment currency of subscriptions, conversions and redemptions: USD and possibly EUR at the decision of the Board of Directors. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique & LOCK classes: max. 2.5% Class I: Class N: Class Z: N/A N/A Page 136 of 157

137 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class I Class N Class Z and LOCK classes Management fee 0.6% 0.2% 1% Administrative fee 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Specific fees linked to the LOCK class mechanism 0.05% per annum of the average net asset value. This fee is payable at the end of each quarter. Custodian bank fee 0.02% per annum of the average net asset value for the Classique, LOCK and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. Other costs (estimate) Total expense ratio (TER) The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. Page 137 of 157

138 NET ASSET VALUE TRENDS (*) Dexia Bonds USD Classique Capitalisation Class (USD) % % % % % % % % % % % % % % % % 16% 14% 14.29% % 1 8% 6% 4% 2% % % 6.83% 8.51% % 1.89% 3.05% 2.27% % 8.25% 1.89% 5.84% 5.78% -2% -4% -2.06% % Page 138 of 157

139 Dexia Bonds USD Classique Distribution Class (USD) % % % % % % % % % % % % % % % % % % % 15% 11.61% 10.59% 1 5% -5% % % 3.21% 6.83% 8.51% -2.06% 5.39% 1.89% 3.06% 2.23% 2.53% 7.67% 8.17% 1.85% 5.82% 5.74% % -15% Page 139 of 157

140 Dexia Bonds USD Class I Capitalisation (USD) % % % % % % 9% 8% % 7% 5% 4% 3% 1.92% 2.85% 3.21% % 6.22% 1% Dexia Bonds USD LOCK Class Capitalisation (USD) s % 4.5% % 3.5% % % % Page 140 of 157

141 Dexia Bonds USD N Capitalisation Class (USD) % % % % % % % % % 7.33% 7.85% 6% 4% 2% 2.65% 1.91% 2.23% 1.48% 5.45% 5.5-2% -4% -2.69% (*) Past performance is not necessarily indicative of future performance. This fact sheet forms part of the simplified prospectus dated 31 December Page 141 of 157

142 Dexia Bonds Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Bonds USD Government sub-fund FINANCIAL DESCRIPTION Type of investment: investment in fixed or variable-income securities. Investment policy and objectives: The assets of the sub-fund will be invested principally in debt instruments (including bonds, notes, bills and other equivalent securities) issued by the United States and denominated in USD, which may notably be at fixed or variable rates or index-linked to inflation. For the remaining part of the assets, the sub-fund may hold cash or invest in debt securities other than those described above, or a maximum of 1 in participation rights. The sub-fund may invest a maximum of 1 of its assets in UCI and UCITS. Investments made in transferable securities denominated in a currency other than the USD will be hedged adequately against foreign exchange risks. For the purposes of good portfolio management, the sub-fund may also use techniques and financial instruments relating notably to foreign exchange, interest rate, credit spread and volatility risks (in particular Swaps (Currency Exchange Swaps - Interest Rate Swaps - Credit Default Swaps - Inflation Swaps) - Forwards - Options - Futures). Investors' attention is drawn to the fact that derivative instruments carry risks which differ from those associated with traditional instruments and in some cases carry higher risks. Risk assessment: Class 3 on a risk scale from 0 (lowest risk) to 6 (highest risk). Risk class 0 means very low volatility but does not necessarily mean zero risk. Risk level 3 represents a volatility of between 10 and 15%. The sub-fund s investments are subject to market fluctuations and there is a risk that investors will not get back the full amount invested. The sub-fund is aimed at investors wishing to benefit from a balanced bond management style and who are seeking long-term capital gains. The total derivatives commitment will be calculated according to the commitment approach set down in CSSF circular 11/512. DESCRIPTION OF THE SHARES Share classes: Classique class capitalisation and distribution shares, classes N, I and Z capitalisation shares and class F capitalisation shares. Form of the shares: registered or bearer shares, at the shareholder's choice. Bearer shares may be held in two forms: either in physical form for the Classique class only or in paperless form in a securities account. Listing on the Luxembourg Stock Exchange: Classique class and class I capitalisation shares are listed on the Luxembourg Stock Exchange. NET ASSET VALUE Valuation currency: USD The net asset value is calculated every bank business day in Luxembourg (valuation date). The net asset value is available from the registered office of the SICAV and of the custodian bank. Page 142 of 157

143 OPERATION OF THE SUB-FUND Subscription Subscription applications received by RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided this is a bank business day in Luxembourg, will be processed at a price corresponding to the net asset value per share of the shares to be issued, as calculated on the next valuation date. Accordingly, subscriptions are carried out at an unknown net asset value. Conversion Shareholders may apply to convert all or some of their shares into shares of another class in the same or another sub-fund by advising RBC Dexia Investor Services Bank S.A. by post, telex or fax, stating whether the shares to be converted and the shares of the new sub-fund are in registered or bearer form. The same notice period is required as for redemptions. The conversion application must be accompanied, where applicable, by the bearer certificate with all unmatured coupons attached or by a duly completed conversion form or by any other documents relating to a conversion. Notwithstanding the suspension of the calculation of the net asset value, the conversion will be carried out on the valuation date following the receipt of the application at a rate calculated by reference to the price of the shares of the respective sub-funds established on the same day. Redemption Shareholders are entitled at any time and without restriction to apply for their shares to be redeemed by the SICAV. Shares redeemed by the SICAV will be cancelled. Shareholders wishing to have all or part of their shares redeemed may apply for the redemption by writing to RBC Dexia Investor Services Bank S.A. The request must be irrevocable and must state the number, sub-fund and class of shares to be redeemed and in the case of registered shares, the name under which they are registered. In the case of bearer shares, the application must be accompanied by the certificates to be redeemed with the unmatured coupons attached and, in the case of registered shares, the documents certifying any transfer. The application must also contain the telex or fax number or the address, if applicable, of the shareholder making the redemption application. All shares presented for redemption, where an application is sent to RBC Dexia Investor Services Bank S.A. in Luxembourg by noon (local time) on a valuation date, provided that date is a bank business day in Luxembourg, will be redeemed at the net asset value per share of the respective sub-fund, as calculated on the next valuation date. Accordingly, redemptions are carried out at an unknown net asset value. Payment currency of subscriptions, conversions and redemptions: USD and possibly EUR, at the decision of the Board of Directors. CHARGES, FEES AND EXPENSES Non-recurring charges, fees and costs borne by the investor (in EUR or as a percentage of the net asset value per share) Fees Entry Exit Change of sub-fund Classique class: max. 2.5% N/A N/A Class I: Class N: Class Z: Class F: Page 143 of 157

144 Recurring charges, fees and costs borne by the sub-fund Fees related to the management company activities Classique Class F Class I Class N Class Z class Management fee 0.6% 0.2% 0.2% 1% Administrative fee 0.09% 0.09% 0.03% 0.09% 0.03% Fees are expressed as an annual percentage of the average net asset value of the sub-fund and are payable at the end of each quarter. Custodian bank fee Other costs (estimate) Total expense ratio (TER) 0.02% per annum of the average net asset value for the Classique, F and N classes. 0.01% per annum of average net asset value for classes I and Z This fee is payable at the end of each quarter. 0.01% per annum of the average net asset value of the sub-fund. The total expense ratio is equal to the ratio between the gross amount of the sub-fund's costs and its average net assets. The TER will be calculated once a year and will be indicated in the annual financial report. NET ASSET VALUE TRENDS (*) Dexia Bonds USD Government Classique Capitalisation Class (USD) % % % % % % % % % % % Page 144 of 157

145 16% 14% 12% 1 8% 6% 4% 2% -2% -4% -6% % 10.44% 8.82% 7.81% 6.51% 6.12% 5.17% % 2.38% % -3.62% Dexia Bonds USD Government Classique Distribution Class (USD) % % % % % % % % % % % % 2 15% 1 5% % 5.19% % 2.22% 2.33% 8.77% 14.11% % -5% % -3.65% -6.02% -6.81% Page 145 of 157