The terms in this letter that begin with uppercase letters are defined in the prospectus.

The terms in this letter that begin with uppercase letters are defined in the prospectus. Paris, 04 May, 2016 Purpose: Liquidation of Lyxor UCITS ETF MSCI MEXICO, a sub-fund of the MULTI UNITS FRANCE SICAV fund. Dear shareholder, According to our records, you are a shareholder of the Sub-fund Lyxor UCITS ETF MSCI MEXICO, a Global Equities sub-fund (the Sub-fund ), which is managed by LYXOR INTERNATIONAL ASSET MANAGEMENT ( LIAM ). LIAM has decided to liquidate the sub-fund prematurely, since it has failed to attract sufficient investor interest. To protect your interests, LIAM will liquidate this sub-fund on 22 June 2016 and automatically redeem your shares, free of charge, at the net asset value determined at that date. This sub-fund will be delisted from all exchanges where it is traded effective 16 June 2016, at the close of trading. Share subscriptions and redemptions will be suspended on 16 June 2016. If we receive no response from you the proceeds from this liquidation will be credited to your cash account. We remind that this redemption will be subject to the taxation rules that normally apply to capital gains or losses from the sale of securities. Please note that LIAM offers other funds in which you may invest and which employ a similar investment strategy, such as: - LYXOR UCITS ETF MSCI EM LATIN AMERICA (FR0010410266) - LYXOR BRAZIL (IBOVESPA) UCITS ETF (FR0010408799) - LYXOR MSCI EMERGING MARKETS UCITS ETF (FR0010429068) For your information, on 7 April 2016, the fund s net asset value per share was 82.9839 USD. However, the net asset value per share that you will receive on the date that the sub-fund is liquidated will depend on the valuation of net assets on 22 June 2016. In accordance with regulations, this premature liquidation was reviewed by the Autorité des Marchés Financiers (AMF) and was approved on 04 May 2016. For more information concerning your investments you may contact your usual adviser. We thank you for your trust. Yours faithfully, Lionel Paquin Chairman of Lyxor International Asset Management Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management, an S.A.S. corporation with issued capital of 1,059,696 euros Nanterre T.R. No. 419 223 375 Head office:tour Société Générale-17 cours Valmy 92800 Puteaux

Paris-La Défense, 26 February 2017 Dear Madam, Dear Sir, NOTICE TO THE SHAREHOLDERS OF THE FOLLOWING UCITS Lyxor FTSE Italia Mid Cap UCITS ETF (FR0011758085) (Compartment of the Multi Units France mutual fund) We hereby inform you that the management company LYXOR INTERNATIONAL ASSET MANAGEMENT, acting as delegated financial manager of the MULTI UNITS FRANCE SICAV (OEIC) and of the compartment mentioned above (hereinafter the Compartment ), has decided to carry out the following modifications that will take effect on 3 March 2017: 1) Change of the name of the UCITS The Management Company has decided to change the name of the UCITS as indicated in the following table: UCITS In question ISIN code Name of the UCITS as of 3 March 2017 Lyxor FTSE Italia Mid Cap UCITS ETF FR0011758085 Lyxor FTSE Italia Mid Cap PIR UCITS ETF 2) Modification of provisions for the determination and allocation of the distributable sums of equity class D-EUR (ISIN code: FR0011758085) The provisions for the determination and allocation of the distributable sums of the equity class designated by ISIN code FR0011758085 will be modified as of 3 March 2017. As of 3 March 2017, all distributable sums will be capitalised for this equity class, and it will therefore be referred to as C-EUR. Participants in the primary market (subscription/redemption directly through of the Management Company) can obtain reimbursement of their equities from the management company and/or its custodian, under the minimum redemption conditions described in the prospectus (namely a whole number of equities corresponding with a minimum amount of 100,000), without redemption commission for a period of one month as of the publication date of this notice. Of course, and as is always the case, no subscription/redemption commission will be collected by the management company for any purchase/sale of equities of this compartment carried out via the Stock Exchange through one of its listing markets (secondary market). On the other hand, possible brokerage commissions may be applied by market intermediaries. These commissions are not paid to the management company. 3) Modification resulting from the change of provisions for the determination and allocation of the distributable sums of equity class D-EUR (ISIN code: FR0011758085): - Risk profile Modification of the yield / risk profile: NO Increase of the yield / risk profile: NO - Increase of the fees: NO www.lyxor.com

- Comparative table of the modified elements: Until 2 March 2017 As of 3 March 2017 Name of the equity class D-EUR C-EUR Allocation of the distributable sums Capitalisation and/or distribution Capitalisation Provisions for determination and allocation of the distributable sums Distribution frequency The management company reserves the right to distribute, on one or more occasions each year, all or part of the distributable sums and/or to capitalise them. The realised net capital gains will be capitalised. The management company reserves the right to distribute, on one or more occasions each year, all or part of the distributable sums. Capitalisation of all of the distributable sums. None The other characteristics of the above UCITS are unchanged, notably its trading codes and management fees. The new Prospectus and Key Information Document for the Investor in the above UCITS will be available for consultation on the AMF site www.amf-france.org and on the site www.lyxoretf.com or available when requested from the Management Company. Your Adviser remains at your disposal should you require any other information. The Management Company Lyxor International Asset Management 17 cours Valmy 92800 PUTEAUX client-services-etf@lyxor.com +33 (0)1 42 13 42 14 www.lyxoretf.fr www.lyxor.com

NOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS Modification of fund names Modification of the Prospectus and the Key Investor Information Document The Management Company has decided to change the names of the following funds. These modifications will be effective 30 January 2017: Fund s current name New name as of 30/01/2017 LYXOR UCITS ETF MSCI WORLD LYXOR MSCI WORLD UCITS ETF LYXOR UCITS ETF NASDAQ-100 LYXOR NASDAQ-100 UCITS ETF LYXOR UCITS ETF RUSSIA (Dow Jones Russia GDR) LYXOR RUSSIA (Dow Jones Russia GDR) UCITS ETF LYXOR UCITS ETF SOUTH AFRICA (FTSE JSE TOP 40) LYXOR SOUTH AFRICA (FTSE JSE TOP 40) UCITS ETF LYXOR UCITS ETF STOXX EUROPE 600 AUTOMOBILES & PARTS LYXOR STOXX EUROPE 600 AUTOMOBILES & PARTS UCITS ETF LYXOR UCITS ETF STOXX EUROPE 600 BANKS LYXOR STOXX EUROPE 600 BANKS UCITS ETF LYXOR UCITS ETF STOXX EUROPE 600 CHEMICALS LYXOR STOXX EUROPE 600 CHEMICALS UCITS ETF LYXOR UCITS ETF MSCI INDIA LYXOR MSCI INDIA UCITS ETF There has been no change in the trading codes, management fees or other characteristics of the above-mentioned funds. The new Prospectuses and Key Investor Information Documents of the above-mentioned funds are available on the AMF s website at www.amf-france.org and may be obtained from the Management Company upon request. The Management Company Lyxor International Asset Management 17 cours Valmy 92800 PUTEAUX www.lyxor.com 1

client-services-etf@lyxor.com +33 (0)1 42 13 42 14 www.lyxoretf.fr www.lyxor.com 2

These modifications will be effective 1 February 2017: Fund s current name New name as of 01/02/2017 LYXOR UCITS ETF CAC 40 (DR) LYXOR CAC 40 (DR) UCITS ETF LYXOR UCITS ETF DAILY DOUBLE SHORT BUND LYXOR DAILY DOUBLE SHORT BUND UCITS ETF LYXOR UCITS ETF EURO CASH LYXOR EURO CASH UCITS ETF LYXOR UCITS ETF EURO CORPORATE BOND EX FINANCIALS LYXOR UCITS ETF EURO STOXX 50 DAILY DOUBLE SHORT LYXOR EURO CORPORATE BOND EX FINANCIALS UCITS ETF LYXOR EURO STOXX 50 DAILY DOUBLE SHORT UCITS ETF LYXOR UCITS ETF EUROMTS COVERED BOND AGGREGATE LYXOR EUROMTS COVERED BOND AGGREGATE UCITS ETF LYXOR UCITS ETF FTSE ATHEX LARGE CAP LYXOR UCITS ETF FTSE EPRA/NAREIT Developed Europe LYXOR UCITS ETF FTSE EPRA/NAREIT Global Developed LYXOR UCITS ETF FTSE EPRA/NAREIT UNITED STATES LYXOR FTSE ATHEX LARGE CAP UCITS ETF LYXOR FTSE EPRA/NAREIT Developed Europe UCITS ETF LYXOR FTSE EPRA/NAREIT Global Developed UCITS ETF LYXOR FTSE EPRA/NAREIT UNITED STATES UCITS ETF LYXOR UCITS ETF FTSE MIB LYXOR FTSE MIB UCITS ETF LYXOR UCITS ETF HONG KONG (HSI) LYXOR HONG KONG (HSI) UCITS ETF LYXOR UCITS ETF IBEX35 (DR) LYXOR UCITS ETF MSCI AC ASIA PACIFIC EX JAPAN LYXOR IBEX35 (DR) UCITS ETF LYXOR MSCI AC ASIA PACIFIC EX JAPAN UCITS ETF www.lyxor.com 3

LYXOR UCITS ETF MSCI EM LATIN AMERICA LYXOR MSCI EM LATIN AMERICA UCITS ETF LYXOR UCITS ETF MSCI EUROPE LYXOR MSCI EUROPE UCITS ETF These modifications will be effective 7 February 2017: Fund s current name New name as of 07/02/2017 LYXOR UCITS ETF MSCI EMU SMALL CAP LYXOR MSCI EMU SMALL CAP UCITS ETF LYXOR UCITS ETF MSCI EMU VALUE LYXOR MSCI EMU VALUE UCITS ETF LYXOR UCITS ETF MSCI USA LYXOR MSCI USA UCITS ETF These modifications will be effective 17 February 2017: Fund s current name New name as of 17/02/2017 LYXOR FORTUNE SG UCITS ETF MSCI CHINA A (DR) LYXOR FORTUNE SG MSCI CHINA A (DR) UCITS ETF LYXOR JPX-NIKKEI 400 UCITS ETF (DR) LYXOR UCITS ETF BARCLAYS FLOATING RATE EURO 0-7Y LYXOR UCITS ETF BONO 10Y - MTS SPAIN GOVERNMENT BOND (DR) LYXOR JPX-NIKKEI 400 (DR) UCITS ETF LYXOR BARCLAYS FLOATING RATE EURO 0-7Y UCITS ETF LYXOR BONO 10Y - MTS SPAIN GOVERNMENT BOND (DR) UCITS ETF www.lyxor.com 4

LYXOR UCITS ETF BTP 10Y - MTS ITALY GOVERNMENT BOND (DR) LYXOR BTP 10Y - MTS ITALY GOVERNMENT BOND (DR) UCITS ETF LYXOR UCITS ETF CSI 300 A-SHARE LYXOR UCITS ETF DAILY DOUBLE SHORT 10Y US TREASURY LYXOR UCITS ETF EUROMTS 1-3Y INVESTMENT GRADE (DR) LYXOR UCITS ETF EUROMTS 10-15Y INVESTMENT GRADE (DR) LYXOR UCITS ETF EUROMTS 3-5Y INVESTMENT GRADE (DR) LYXOR UCITS ETF EUROMTS ALL-MATURITY INVESTMENT GRADE (DR) LYXOR UCITS ETF EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 1-3Y (DR) LYXOR UCITS ETF EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 3-5Y (DR) LYXOR UCITS ETF EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 5-7Y (DR) LYXOR UCITS ETF EUROMTS INFLATION LINKED INVESTMENT GRADE (DR) LYXOR CSI 300 A-SHARE UCITS ETF LYXOR DAILY DOUBLE SHORT 10Y US TREASURY UCITS ETF LYXOR EUROMTS 1-3Y INVESTMENT GRADE (DR) UCITS ETF LYXOR EUROMTS 10-15Y INVESTMENT GRADE (DR) UCITS ETF LYXOR EUROMTS 3-5Y INVESTMENT GRADE (DR) UCITS ETF LYXOR EUROMTS ALL-MATURITY INVESTMENT GRADE (DR) UCITS ETF LYXOR EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 1-3Y (DR) UCITS ETF LYXOR EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 3-5Y (DR) UCITS ETF LYXOR EUROMTS HIGHEST RATED MACRO-WEIGHTED GOVT BOND 5-7Y (DR) UCITS ETF LYXOR EUROMTS INFLATION LINKED INVESTMENT GRADE (DR) UCITS ETF LYXOR UCITS ETF EUROSTOXX BANKS LYXOR UCITS ETF FINVEX SUSTAINABILITY LOW VOLATILITY EUROPE LYXOR EUROSTOXX BANKS UCITS ETF LYXOR FINVEX SUSTAINABILITY LOW VOLATILITY EUROPE UCITS ETF LYXOR UCITS ETF FTSE 100 LYXOR FTSE 100 UCITS ETF LYXOR UCITS ETF FTSE ITALIA MID CAP LYXOR FTSE ITALIA MID CAP UCITS ETF LYXOR UCITS ETF GERMAN MID-CAP MDAX LYXOR GERMAN MID-CAP MDAX UCITS ETF www.lyxor.com 5

LYXOR UCITS ETF IBEX MID LYXOR UCITS ETF IBOXX $ LIQUID EMERGING MARKETS SOVEREIGNS LYXOR IBEX MID UCITS ETF LYXOR IBOXX $ LIQUID EMERGING MARKETS SOVEREIGNS UCITS ETF LYXOR UCITS ETF IBOXX $ TREASURIES 10Y+ (DR) LYXOR IBOXX $ TREASURIES 10Y+ (DR) UCITS ETF LYXOR UCITS ETF IBOXX EUR LIQUID HIGH YIELD 30 EX-FINANCIAL LYXOR IBOXX EUR LIQUID HIGH YIELD 30 EX-FINANCIAL UCITS ETF LYXOR UCITS ETF IBOXX GERMANY 1-3Y (DR) LYXOR IBOXX GERMANY 1-3Y (DR) UCITS ETF LYXOR UCITS ETF MSCI EUROPE SMALL CAP LYXOR UCITS ETF MSCI SELECT OECD EMERGING MARKETS GDP LYXOR ULTRA LONG DURATION EURO GOVT FTSE MTS 25+Y UCITS ETF (DR) LYXOR MSCI EUROPE SMALL CAP UCITS ETF LYXOR MSCI SELECT OECD EMERGING MARKETS GDP UCITS ETF LYXOR ULTRA LONG DURATION EURO GOVT FTSE MTS 25+Y (DR) UCITS ETF www.lyxor.com 6

NOTICE TO HOLDERS OF SHARES OR UNITS IN THE FOLLOWING FUNDS Modification of fund names Modification of the Prospectus and the Key Investor Information Document The Management Company has decided to change the names of the following funds. This change will be effective 26 January 2017. Fund s current name New name as of 26/01/2017 LYXOR UCITS ETF DOW JONES INDUSTRIAL AVERAGE LYXOR UCITS ETF MSCI MALAYSIA LYXOR UCITS ETF STOXX EUROPE 600 INSURANCE L LYXOR DOW JONES INDUSTRIAL AVERAGE UCITS ETF LYXOR MSCI MALAYSIA UCITS ETF LYXOR STOXX EUROPE 600 INSURANCE UCITS ETF LYXOR UCITS ETF STOXX EUROPE 600 BASIC RESOURCES LYXOR UCITS ETF STOXX EUROPE 600 CONSTRUCTION & MATERIALS LYXOR UCITS ETF STOXX EUROPE 600 FINANCIAL SERVICES LYXOR UCITS ETF STOXX EUROPE 600 FOOD & BEVERAGE LYXOR UCITS ETF STOXX EUROPE 600 HEALTHCARE LYXOR UCITS ETF STOXX EUROPE 600 INDUSTRIAL GOODS & SERVICES LYXOR UCITS ETF STOXX EUROPE 600 MEDIA LYXOR STOXX EUROPE 600 BASIC RESOURCES UCITS ETF LYXOR STOXX EUROPE 600 CONSTRUCTION & MATERIALS UCITS ETF LYXOR STOXX EUROPE 600 FINANCIAL SERVICES UCITS ETF LYXOR STOXX EUROPE 600 FOOD & BEVERAGE UCITS ETF LYXOR STOXX EUROPE 600 HEALTHCARE UCITS ETF LYXOR STOXX EUROPE 600 INDUSTRIAL GOODS & SERVICES UCITS ETF LYXOR STOXX EUROPE 600 MEDIA UCITS ETF LYXOR UCITS ETF STOXX EUROPE 600 OIL & GAS LYXOR STOXX EUROPE 600 OIL & GAS UCITS ETF www.lyxor.com 1

LYXOR UCITS ETF STOXX EUROPE 600 PERSONAL & HOUSEHOLD GOODS LYXOR UCITS ETF STOXX EUROPE 600 RETAIL LYXOR UCITS ETF STOXX EUROPE 600 TECHNOLOGY LYXOR UCITS ETF STOXX EUROPE 600 TELECOMMUNICATIONS LYXOR UCITS ETF STOXX EUROPE 600 TRAVEL & LEISURE Lyxor UCITS ETF STOXX EUROPE 600 UTILITIES LYXOR UCITS ETF STOXX EUROPE SELECT DIVIDEND 30 LYXOR UCITS ETF TURKEY (DJ TURKEY TITANS 20) LYXOR UCITS ETF WORLD WATER LYXOR STOXX EUROPE 600 PERSONAL & HOUSEHOLD GOODS UCITS ETF LYXOR STOXX EUROPE 600 RETAIL UCITS ETF LYXOR STOXX EUROPE 600 TECHNOLOGY UCITS ETF LYXOR STOXX EUROPE 600 TELECOMMUNICATIONS UCITS ETF LYXOR STOXX EUROPE 600 TRAVEL & LEISURE UCITS ETF Lyxor STOXX EUROPE 600 UTILITIES UCITS ETF LYXOR STOXX EUROPE SELECT DIVIDEND 30 UCITS ETF LYXOR TURKEY (DJ TURKEY TITANS 20) UCITS ETF LYXOR WORLD WATER UCITS ETF There has been no change in the trading codes, management fees or other characteristics of the above-mentioned funds. The new Prospectuses and Key Investor Information Documents of the above-mentioned funds are available on the AMF s website at www.amf-france.org and may be obtained from the Management Company upon request. The Management Company Lyxor International Asset Management 17 cours Valmy 92800 PUTEAUX client-services-etf@lyxor.com +33 (0)1 42 13 42 14 www.lyxoretf.fr www.lyxor.com 2

INFORMATION FOR HOLDERS OF UNITS IN THE LYXOR UCITS ETF EUROMTS 5-7Y INVESTMENT GRADE (DR) FUND ISIN code: - EUR FR0010411413 If the merger proposal is approved, the holders of LYXOR UCITS ETF EUROMTS 5-7Y Investment Grade (DR) fund units will become share-holders of a Luxembourg SICAV fund.please note that if the merger proposal is approved all questions and disputes concerning the rights and obligations of shareholders in respect to their investment in the Luxembourg SICAV shall be subject to the sole jurisdiction of the courts of Luxembourg. Dear unit-holder, According to our records, you hold units in the Fund indicated above. Paris, June 07, 2016 In order to address the tax concerns of our investors more effectively and provide them with an investment vehicle that is more solidly established in international markets than the FCP common fund (for which tax and accounting considerations may be more complex for some unit-holders) and which is larger in terms of assets under management, Lyxor International Asset Management (hereinafter LIAM or the management company ) has decided to merge this FCP fund into the MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF sub-fund of MULTI UNITS LUXEMBOURG, a Luxembourg SICAV open-ended investment fund (hereinafter MUL ). This sub-fund will be created by this merger through absorption. Therefore, when this merger is completed, the MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF sub-fund will have received all of the assets of the LYXOR UCITS ETF EUROMTS 5-7Y Investment Grade (DR) fund. This merger will accordingly expose the unitholders of the LYXOR UCITS ETF EUROMTS 5-7Y Investment Grade (DR) fund (hereinafter the Absorbed Fund or the Fund ), to the investments of MUL s MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF sub-fund (hereinafter the Absorbing Sub-fund or the Sub-fund ). Upon completion of this merger, the management company will have sole management responsibility, pursuant to regulations, and will be your direct or indirect contact for any claims you may have or other matters. 1. The merger Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

This merger through absorption was approved by the AMF on 07 June 2016 and by the CSSF on 20 October 2015. It will comply with Article 2 (1) (p) (i) of European Parliament and Council Directive 2009/65/EC of 13 July 2009. The Absorbed Fund is an undertaking for the collective investment in transferable securities (hereinafter UCITS ) and more specifically in bonds and other debt securities denominated in euros. It was approved by the AMF on 2 January 2007 and established on 18 January 2007. The Fund s management company is LIAM and its depositary is Société Générale. The Absorbing Sub-fund is a UCITS invested in bonds that was approved by the Commission de Surveillance du Secteur Financier (hereinafter the CSSF ) on 12 August 2015 and which will be launched on the Merger Date. LIAM is the Absorbing Fund s management company and Société Générale Bank & Trust S.A. (in Luxembourg) is its depositary. Unless you decide otherwise, the units of the Absorbed Fund will be automatically merged into the Absorbing Sub-fund on 21 July 2016 at their net asset value on that date and in accordance with the exchange ratio calculation formula determined on 13 July 2016 after 5:00 pm. If you are not satisfied with the terms of the merger you can always redeem your investment, at no charge, within 30 calendar days as of the date you receive this letter, if you are a primary market investor (i.e. you purchase and redeem your shares directly from the management company), you may ask the management company and/or the depositary to redeem your units, subject to the minimum redemption requirements indicated in the Fund s prospectus, or you may sell your units in the secondary market (i.e. the stock market) subject to the usual terms of your broker or other financial intermediary. As always, LIAM will of course charge no subscription or redemption fee on the purchase or sale of the Fund s units on any exchange where they are listed (i.e. in the secondary market). Please note that the merger will require the suspension of the subscription and redemption of the Absorbed Fund units as of 18 July 2016, 5:00 pm (Paris time). Trading in the Absorbed Fund s shares will also be suspended on the exchanges where they are listed during the same period preceding the merger (for more information see the calendar in Schedule 1). 2. What will the merger change? This merger through absorption will not modify the risk profile for unit-holders in the Absorbed Fund. The risk/return profile is modified: NO The risk/return profile is increased: NO Expenses are increased: NO However, the investment objectives of the Absorbing Sub-fund and of the Absorbed Fund are expressed differently. The Absorbing Compartment s objective is to reflect the performance of a model index (i.e. the Benchmark ), while the Absorbed Fund s objective is to replicate the positive or negative performance of its reference index. The Benchmark index and the reference index are the FTSE MTS Eurozone Government Bond IG 5-7Y (Mid Price) Index. The replication and investment Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

methods of the Absorbed Fund and the Absorbing Fund are actually identical, since the investment strategy for both is to achieve the highest possible correlation with the performance of the reference index using a physical replication method, which means that these UCITS will mainly invest in the securities that underlie the reference index. Furthermore, the Absorbing Sub-fund will be presented as an actively managed ETF and not an index ETF. We also call your attention to the difference between the distribution policies of the Absorbed Fund s EUR unit class and the Absorbing Sub-fund s C-EUR share class. The Absorbed Fund s EUR unit class may accumulate and/or distribute income, while the Absorbing Sub-fund s C-EUR share class accumulates all income. The other characteristics of the Absorbed Fund and of the Absorbing Sub-fund are identical, i.e. the investment policy and strategy, the reference index, the typical investor profile, the risk profile, the frequency of net asset value calculation, trading days, the accounting currency, the requirements for submitting subscription and redemption orders, share/unit category characteristics (other than the distribution policy mentioned above), fees and expenses and the method used to determine the overall risk exposure. You will find the merger procedure calendar in Schedule 1, information on the exchange of units in Schedule 2, and a comparison between Absorbed Fund and Absorbing Sub-fund characteristics in Schedule 3. 3. Key points for investors The management company informs investors that if an Absorbed Fund unit class is listed on an exchange, the corresponding Absorbing Sub-fund share class is or will be listed on the same exchange. Unlike an FCP common fund, whose unit-holders enjoy none of the rights of share-holders, a SICAV open-ended investment company can issue shares in response to investor demand. Upon completion of this merger you will therefore become a shareholder of the MULTI UNITS LUXEMBOURG SICAV fund and will be entitled to express your opinion at annual and extraordinary shareholder meetings. Investors should also note that the merger may affect their personal tax situation since the Absorbed Fund is established in France (whereas the Absorbing Sub-fund is established in Luxembourg), the Absorbed Fund is an FCP common fund and was therefore formed under contract law (whereas the Absorbing Sub-fund is a SICAV open-ended investment company), and as a result of the merger itself. Investors are therefore invited to consult with their advisor as to the eventual consequences the Merger may have on their personal situation. The management company recommends that investors carefully read the "Risk Profile" section of the Absorbing Sub-fund s prospectus and the "Risk and Return Profile" section of its Key Information for Investors Document (KIID). The KIID and the prospectus are both available in French and free of charge at www.lyxoretf.com or from client-services-etf@lyxor.com. The management company will provide unit-holders, upon request, with (i) additional information on the merger, (ii) a copy of the independent auditor s report, (iii) a copy of the depositary's report and (iv) a copy of the merger agreement. Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

If you need any more information you should contact your advisor. If you are not happy with the change in your fund, you may sell your investment free of charge If you are satisfied with the change in your fund, you don't have to do anything If you feel you need advice, you may consult with your advisor or distributor. We thank you for your trust and loyalty. Yours faithfully Chairman Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

Schedule 1: Merger calendar Absorbed Fund Primary market subscriptions & redemptions are suspended Trading on secondary market is suspended Exchanges where trading is suspended Effective merger date Based on the NAV of Shares to be received from the Absorbing Sub-fund LYXOR UCITS ETF EUROMTS 5-7Y Investment Grade (DR) 18 July 2016 after 5:00 pm (Paris time) 20 July 2016 after market close Borsa Italiana 21 July 2016 21 July 2016 MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF Schedule 2: Information on the merger As shown on the merger calendar (see Schedule 1 above), the Absorbed Fund in which you are a unitholder will be merged into the Absorbing Sub-fund on 21 July 2016 (the Merger Date ). This merger was approved by the AMF on 07 June 2016 and by the CSSF on 20 October 2015. All of the Absorbed Fund s assets and liabilities will be transferred to the Absorbing Sub-fund. The Absorbed Fund will automatically be dissolved on the merger completion date. The Absorbing Sub-fund will be created by contributing all of the Absorbed Fund's assets at the merger completion date. In exchange for the assets contributed, the Absorbing Sub-fund will issue shares that will be attributed to the Absorbed Fund s unit-holders. For each EUR class unit (FR0010411413) held in the Absorbed Fund, a C-EUR class share of the Absorbing Sub-fund (LU1287023003) will be issued of the same value on 21 July 2016. The C-EUR shares of the Absorbing Sub-fund will be created on 21 July 2016 at an initial net asset value that is equivalent to the net asset value of the Absorbed Fund s EUR units at that date. There will therefore be no odd lots nor cash adjustments since the merger will involve the exchange of one Absorbed Fund unit for one Absorbing Sub-fund share of equal value. The statutory auditor and the company auditor will furthermore certify the accounts of the Absorbed Fund and the Absorbing Sub-fund respectively, on the date specified for valuation. Société Générale, the depositary, will handle the exchange of the Absorbed Fund s units for the Absorbing Sub-fund s shares. The depositary will also inform the Euroclear France members that hold the accounts of the former Absorbed Fund investors of the number of Absorbing Sub-fund shares to which the latter are entitled. Lastly, LIAM will bear all merger expenses. Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

Tax consequences of the merger (for investors with fiscal domicile in France) The merger transaction described in this letter is subject to the laws in effect on the Merger Date. Accordingly, the tax regime that applies to the exchange of units/shares depends on the unit-holder's tax situation as shown below. The unit-holder may also be subject to disclosure requirements in some cases. Resident natural person unit-holders: taxation is deferred (pursuant to Article 150-0 B of the French general tax code) provided that any cash adjustment paid to the client is less than 10% of the nominal value of the securities received. The net income from the exchange of securities (including the cash adjustment) is not included in the taxable personal income of the year of the merger but is included in the taxable personal income of the year in which the securities in the UCITS received in exchange are sold. The securities exchanged are accordingly not included in the calculation of total portfolio securities sold, for the purpose of determining whether or not the limit for declaring security sales has been breached. During the future sale or redemption of the UCITS securities received in exchange, the capital gain is determined on the basis of the purchase price of the UCITS shares received in exchange, minus any cash adjustment received or plus any cash adjustment paid. Sole proprietor unit-holders whose income tax is based on their actual industrial, commercial or agricultural income: taxation is deferred. These taxpayers are treated either as resident natural person taxpayers (i.e. the securities are included in their personal assets) or are taxed on the basis of their professional capital gains (the securities are included in their professional assets). In both cases, the net income from the exchange of securities is not included in the taxable income for the year of the merger, but is included in the taxable income of the year in which the securities in the UCITS received in exchange are sold. Regarding the professional capital gain (PCG): only the part of the PCG that corresponds to a cash adjustment that may have been received is immediately taxable. Upon the future sale or redemption of the UCITS securities received in exchange, the PCG will be calculated as of the date these securities were received and at their initial purchase price. Legal-entity unit-holders subject to corporate income tax: taxation is deferred (pursuant to Article 38-5 bis of the French general tax code). Only the part of the capital gain that corresponds to a cash adjustment received is immediately taxable. The net income from the exchange of securities (excluding any cash adjustment) is not included in the taxable income of the year of the merger but is included in that of the year in which the UCITS securities received in exchange are sold. However, when an investor is subject to Article 209 OA of the French general tax code, the taxation of the valuation adjustments of the UCITS securities reduces the actual applicability of the tax deferral since the valuation adjustments have already been taxed and include some or all of the capital gain on the exchange of securities for the merger. Non-profit institution unit-holders that meet the requirements of Article 206-5 of the French general tax code and non-resident unit-holders: these investors are not subject to taxation in France in relation to this merger transaction (pursuant to Article 244 bis C of the French general tax code). Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

Investors should also note that the merger may affect their personal tax situation since the Absorbed Fund is established in France (whereas the Absorbing Sub-fund is established in Luxembourg) and the Absorbed Fund is an FCP common fund and was therefore formed under contract law (whereas the Absorbing Sub-fund is a SICAV open-ended investment company. Investors are therefore invited to consult with their advisor as to the eventual consequences the Merger may have on their personal situation. Sale of odd-lot units A sale of units in the Absorbed Fund that are not exchanged (i.e. an odd lot ) is considered to be a sale of units from which any net income is immediately taxable under the rules that generally apply to the taxation of capital gains. More specifically, the taxation of any net income on the units exchanged within the limits of the share-exchange ratio is entitled to deferral, whereas any surplus units are considered to be sold and the net income from their sale is immediately taxable. Schedule 3: Comparison of Absorbed Fund and Absorbing Sub-fund characteristics Characteristics LYXOR UCITS ETF EUROMTS 5-7Y Investment Grade (DR) (Absorbed fund) MULTI UNITS LUXEMBOURG Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF (Absorbing Sub-fund) AMF classification Euro-denominated bonds and other debt securities Not applicable ISIN CODES - EUR :FR0010411413 - C-EUR :LU1287023003 Maximum annual management fees, including tax 0.165% p.a. maximum 0.165% p.a. maximum Subscription fee Redemption fee The higher value of either (I) the equivalent of 50,000 euros in US dollars per subscription request or (ii) 5%, payable to third parties The higher value of either (I) the equivalent of 50,000 euros in US dollars per redemption request or (ii) 5%, payable to third parties Applicable law French law Luxembourg law Supervisory authority AMF The higher value of either (I) the equivalent of 50,000 euros in US dollars per subscription request or (ii) 5%, payable to third parties The higher value of either (I) the equivalent of 50,000 euros in US dollars per redemption request or (ii) 5%, payable to third parties CSSF Legal form A common investment fund (FCP) The sub-fund of a SICAV investment company Depositary Société Générale (in France) Société Générale Bank & Trust (S.A.) (in Luxembourg) Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

Registrar transfer agent and Fund administration Société Générale (in France) Société Générale Securities Services Net Asset Value (in France) Statutory auditor Pricewaterhousecoopers Audit (in France) Société Générale Bank & Trust (S.A.) (in Luxembourg) Société Générale Bank & Trust (S.A.) (in Luxembourg) PricewaterhouseCoopers, coopérative (in Luxembourg) Société Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux.

INFORMATION FOR HOLDERS OF UNITS IN THE LYXOR UCITS ETF EUROMTS 7-10Y INVESTMENT GRADE (DR) FUND ISIN code EUR FR0010411439 If the merger proposal is approved, the holders of LYXOR UCITS ETF EUROMTS 7-10Y Investment Grade (DR) fund units will become share-holders of a Luxembourg SICAV fund. Please note that if the merger proposal is approved all questions and disputes concerning the rights and obligations of shareholders in respect to their investment in the Luxembourg SICAV shall be subject to the sole jurisdiction of the courts of Luxembourg. Dear unit-holder, According to our records, you hold units in the Fund indicated above. Paris, 07 June 2016 In order to address the tax concerns of our investors more effectively and provide them with an investment vehicle that is more solidly established in international markets than the FCP common fund (for which tax and accounting considerations may be more complex for some unit-holders) and which is larger in terms of assets under management, Lyxor International Asset Management (hereinafter LIAM or the management company ) has decided to merge this FCP fund into the MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 7-10Y Investment Grade (DR) UCITS ETF sub-fund of MULTI UNITS LUXEMBOURG, a Luxembourg SICAV open-ended investment fund (hereinafter MUL ). This sub-fund will be created by this merger through absorption. When this merger is completed, the MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 7-10Y Investment Grade (DR) UCITS ETF sub-fund will have received all of the assets of the LYXOR UCITS ETF EUROMTS 7-10Y Investment Grade (DR) fund. This merger will accordingly expose the unitholders of the LYXOR UCITS ETF EUROMTS 7-10Y Investment Grade (DR) fund (hereinafter the Absorbed Fund or the Fund ), to the investments of MUL s MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 7-10Y Investment Grade (DR) UCITS ETF sub-fund (hereinafter the Absorbing Sub-fund or the Sub-fund ). Upon completion of this merger, the management company will have sole management responsibility, pursuant to regulations, and will be your direct or indirect contact for any claims you may have or other matters. 1. The merger This merger through absorption was approved by the AMF on 07 June 2016 and by the CSSF on 20 Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux

October 2015. It will comply with Article 2 (1) (p) (i) of European Parliament and Council Directive 2009/65/EC of 13 July 2009. The Absorbed Fund is an undertaking for the collective investment in transferable securities (hereinafter UCITS ) and more specifically in bonds and other debt securities denominated in euros. It was approved by the AMF on 2 January 2007 and established on 18 January 2007. The Fund s management company is LIAM and its depositary is Société Générale.. The Absorbing Sub-fund is a UCITS that was approved by the Commission de Surveillance du Secteur Financier (hereinafter the CSSF ) on 12 August 2015 and which will be launched on the Merger Date. LIAM is the Absorbing Fund s management company and Société Générale Bank & Trust S.A. (in Luxembourg) is its depositary. Unless you decide otherwise, the units of the Absorbed Fund will be automatically merged into the Absorbing Sub-fund on 21 July 2016 at their net asset value on that date and in accordance with the exchange ratio calculation formula determined on 13 July 2016 after 5: 00 pm. If you are not satisfied with the terms of the merger you can always redeem your investment, at no charge, within 30 calendar days as of the date you receive this letter, if you are a primary market investor (i.e. you purchase and redeem your shares directly from the management company), you may ask the management company and/or the depositary to redeem your units, subject to the minimum redemption requirements indicated in the Fund s prospectus, or you may sell your units in the secondary market (i.e. the stock market) subject to the usual terms of your broker or other financial intermediary. As always, LIAM will of course charge no subscription or redemption fee on the purchase or sale of the Fund s units on any exchange where they are listed (i.e. in the secondary market). Please note that the merger will require the suspension of the subscription and redemption of the Absorbed Fund units as of 18 July 2016, 5: 00 pm (Paris time). Trading in the Absorbed Fund s shares will also be suspended on the exchanges where they are listed during the same period preceding the merger (for more information see the calendar in Schedule 1). 2. What will the merger change? This merger through absorption will not modify the risk profile for unit-holders in the Absorbed Fund. The risk/return profile is modified: NO The risk/return profile is increased: NO Expenses are increased: NO However, the investment objectives of the Absorbing Sub-fund and of the Absorbed Fund are expressed differently. The Absorbing Compartment s objective is to reflect the performance of a model index (i.e. the Benchmark ), while the Absorbed Fund s objective is to replicate the positive or negative performance of its reference index. The Benchmark index and the reference index are the FTSE MTS Eurozone Government Bond IG 7-10Y (Mid Price) Index The replication and investment Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux

methods of the Absorbed Fund and the Absorbing Fund are actually identical, since the investment strategy for both is to achieve the highest possible correlation with the performance of the reference index using a physical replication method, which means that these UCITS will mainly invest in the securities that underlie the reference index. Furthermore, the Absorbing Sub-fund will be presented as an actively managed ETF and not an index ETF. We also call your attention to the difference between the distribution policies of the Absorbed Fund s EUR unit class and the Absorbing Sub-fund s C-EUR share class. The Absorbed Fund s EUR unit class may accumulate and/or distribute income, while the Absorbing Sub-fund s C-EUR share class accumulates all income. The other characteristics of the Absorbed Fund and of the Absorbing Sub-fund are identical, i.e. the investment policy and strategy, the typical investor profile, the risk profile, the frequency of net asset value calculation, trading days, the accounting currency, the requirements for submitting subscription and redemption orders, share/unit category characteristics (other than the distribution policy mentioned above), fees and expenses and the method used to determine the overall risk exposure. You will find the merger procedure calendar in Schedule 1, information on the exchange of units in Schedule 2, and a comparison between Absorbed Fund and Absorbing Sub-fund characteristics in Schedule 3. 3. Key points for investors The management company informs investors that if an Absorbed Fund unit class is listed on an exchange, the corresponding Absorbing Sub-fund share class is or will be listed on the same exchange. Unlike an FCP common fund, whose unit-holders enjoy none of the rights of share-holders, a SICAV open-ended investment company can issue shares in response to investor demand. Upon completion of this merger you will therefore become a shareholder of the MULTI UNITS LUXEMBOURG SICAV fund and will be entitled to express your opinion at annual and extraordinary shareholder meetings. Investors should also note that the merger may affect their personal tax situation since the Absorbed Fund is established in France (whereas the Absorbing Sub-fund is established in Luxembourg), the Absorbed Fund is an FCP common fund and was therefore formed under contract law (whereas the Absorbing Sub-fund is a SICAV open-ended investment company), and as a result of the merger itself. Investors are therefore invited to consult with their advisor as to the eventual consequences the Merger may have on their personal situation. The management company recommends that investors carefully read the "Risk Profile" section of the Absorbing Sub-fund s prospectus and the "Risk and Return Profile" section of its Key Information for Investors Document (KIID). The KIID and the prospectus are both available in French and free of charge at www.lyxoretf.com or from client-services-etf@lyxor.com. The management company will provide unit-holders, upon request, with (i) additional information on the merger, (ii) a copy of the independent auditor s report, (iii) a copy of the depositary's report and (iv) a copy of the merger agreement. Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux

If you need any more information you should contact your advisor. If you are not happy with the change in your fund, you may sell your investment free of charge If you are satisfied with the change in your fund, you don't have to do anything If you feel you need advice, you may consult with your advisor or distributor. We thank you for your trust and loyalty. Yours faithfully Chairman Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux

Schedule 1: Merger calendar Absorbed Fund Subscriptions & redemptions are suspended on the primary market Trading on secondary market is suspended Exchanges where trading is suspended Effective merger date Based on the NAV of Shares to be received from the Absorbing Sub-fund LYXOR UCITS ETF EUROMTS 7-10y investment grade (DR) 18 July 2016 after 5: 00 pm (Paris time) 20 July 2016 after market close Borsa Italiana 21 July 2016 21 July 2016 MULTI UNITS LUXEMBOURG - Lyxor EUROMTS 7-10Y Investment Grade (DR) UCITS ETF Schedule 2: Information on the merger As shown on the merger calendar (see Schedule 1 above), the Absorbed Fund in which you are a unitholder will be merged into the Absorbing Sub-fund on 21 July 2016 (the Merger Date ).This merger was approved by the AMF on 07 June 2016 and by the CSSF on 20 October 2015. All of the Absorbed Fund s assets and liabilities will be transferred to the Absorbing Sub-fund. The Absorbed Fund will automatically be dissolved on the merger completion date. The Absorbing Sub-fund will be created by contributing all of the Absorbed Fund's assets at the merger completion date. In exchange for the assets contributed, the Absorbing Sub-fund will issue shares that will be attributed to the Absorbed Fund s unit-holders. For each EUR class unit (FR0010411439) held in the Absorbed Fund, a C-EUR class share of the Absorbing Sub-fund (LU1287023185) will be issued of the same value on 21 July 2016. The C-EUR shares of the Absorbing Sub-fund will be created on 21 July 2016 at an initial net asset value that is equivalent to the net asset value of the Absorbed Fund s EUR units at that date. There will therefore be no odd lots nor cash adjustments since the merger will involve the exchange of one Absorbed Fund unit for one Absorbing Sub-fund share of equal value. The statutory auditor and the company auditor will furthermore certify the accounts of the Absorbed Fund and the Absorbing Sub-fund respectively, on the date specified for valuation. Société Générale, the depositary, will handle the exchange of the Absorbed Fund s units for the Absorbing Sub-fund s shares. The depositary will also inform the Euroclear France members that hold the accounts of the former Absorbed Fund investors of the number of Absorbing Sub-fund shares to which the latter are entitled. Lastly, LIAM will bear all merger expenses. Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux

Tax consequences of the merger (for investors with fiscal domicile in France) The merger transaction described in this letter is subject to the laws in effect on the Merger Date. Accordingly, the tax regime that applies to the exchange of units/shares depends on the unit-holder's tax situation as shown below. The unit-holder may also be subject to disclosure requirements in some cases. Resident natural person unit-holders: taxation is deferred (pursuant to Article 150-0 B of the French general tax code) provided that any cash adjustment paid to the client is less than 10% of the nominal value of the securities received. The net income from the exchange of securities (including the cash adjustment) is not included in the taxable personal income of the year of the merger but is included in the taxable personal income of the year in which the securities in the UCITS received in exchange are sold. The securities exchanged are accordingly not included in the calculation of total portfolio securities sold, for the purpose of determining whether or not the limit for declaring security sales has been breached. During the future sale or redemption of the UCITS securities received in exchange, the capital gain is determined on the basis of the purchase price of the UCITS shares received in exchange, minus any cash adjustment received or plus any cash adjustment paid. Sole proprietor unit-holders whose income tax is based on their actual industrial, commercial or agricultural income: taxation is deferred. These taxpayers are treated either as resident natural person taxpayers (i.e. the securities are included in their personal assets) or are taxed on the basis of their professional capital gains (the securities are included in their professional assets). In both cases, the net income from the exchange of securities is not included in the taxable income for the year of the merger, but is included in the taxable income of the year in which the securities in the UCITS received in exchange are sold. Regarding the professional capital gain (PCG): only the part of the PCG that corresponds to a cash adjustment that may have been received is immediately taxable. Upon the future sale or redemption of the UCITS securities received in exchange, the PCG will be calculated as of the date these securities were received and at their initial purchase price. Legal-entity unit-holders subject to corporate income tax: taxation is deferred (pursuant to Article 38-5 bis of the French general tax code).only the part of the capital gain that corresponds to a cash adjustment received is immediately taxable. The net income from the exchange of securities (excluding any cash adjustment) is not included in the taxable income of the year of the merger but is included in that of the year in which the UCITS securities received in exchange are sold. However, when an investor is subject to Article 209 OA of the French general tax code, the taxation of the valuation adjustments of the UCITS securities reduces the actual applicability of the tax deferral since the valuation adjustments have already been taxed and include some or all of the capital gain on the exchange of securities for the merger. Non-profit institution unit-holders that meet the requirements of Article 206-5 of the French general tax code and non-resident unit-holders: these investors are not subject to taxation in France in relation to this merger transaction (pursuant to Article 244 bis C of the French general tax code). Lyxor International Asset Management Tours Société Générale - 17 cours Valmy 92987 Paris- La Défense Cedex France www.lyxor.com Lyxor International Asset Management a joint-stock company with capital of 1,059,696 euros Nanterre T.R No. 419 223 375 Registered office: Tour Société Générale- 17 cours Valmy 92800 Puteaux