I DECISIONS TO BE EFFECTIVE ONE MONTH AFTER THE PUBLICATION OF THIS NOTICE

SGAM Fund Société d'investissement à Capital Variable Registered office: 16, boulevard Royal, L 2449 Luxembourg RCS Luxembourg B 25 970 NOTICE TO THE SHAREHOLDERS AND TO THE PUBLIC The Board of Directors informs the Shareholders and the public of the following decisions taken regarding SGAM Fund: I DECISIONS TO BE EFFECTIVE ONE MONTH AFTER THE PUBLICATION OF THIS NOTICE SGAM FUND/ EQUITIES US VALUE OPPORTUNITIES: AMENDMENT TO THE DENOMINATION, THE INVESTMENT POLICY AND THE BENCHMARK The SGAM Fund / Equities US Value Opportunities will be renamed into SGAM Fund / Equities US Focused as from January 18 th, 2008. The investment policy of the will be amended as follows: This (denominated in USD) seeks long term capital appreciation through investment of at least 67% of its total assets in publicly traded equity securities of large capitalization companies that are considered undervalued (i.e.: trading below their intrinsic value), domiciled in or carrying out the preponderant part of their business activities in the United States, and listed on a Regulated Market in the United States or in any OECD Countries. The securities include common and preferred stocks; rights or warrants to purchase common or preferred stocks and other Transferable Securities with equity characteristics. The Boards of Directors has decided to introduce the S&P 500 (Net Dividend) as new Benchmark in replacement of the RUSSELL Mid Cap Value (Total Return Index) due to the amendment of the investment policy. The Board of Directors has decided to amend the performance fee following the introduction of a new Benchmark: SGAM Fund / Equities US Focused S&P 500 (Net Dividend) + 200 basis points 10% of the AMENDMENT TO THE INVESTMENT UNIVERSE OF SGAM Fund / BONDS ABSOLUTE RETURN INTEREST RATE The Board of Directors has decided to enlarge the investment universe of SGAM Fund / Bonds Absolute Return Interest Rate to countries of the European Economic Area. AMENDMENT TO THE CREDIT DEFAULT SWAPS RESTRICTION The Board of Directors has decided to remove the 20% limit of the Net Assets commitments on Credit Default Swaps (CDS). Thus, the below mentioned s will be able to invest up to 100% of their Net Assets in commitments on CDS. SGAM Fund / Index Euroland SGAM Fund / Index Euroland Plus SGAM Fund / Index Japan SGAM Fund / Index US SGAM Fund / Index US Plus SGAM Fund / Bonds Absolute Return Credit SGAM Fund / Bonds Opportunities SGAM Fund / Bonds Absolute Return Interest Rate SGAM Fund / Bonds CHF SGAM Fund / Bonds Euro Aggregate SGAM Fund / Bonds Euro Corporate SGAM Fund / Bonds Euro Inflation Linked 1

SGAM Fund / Bonds Euro Asset Backed Securities SGAM Fund / Bonds Euro High TE (will be renamed SGAM Fund / Bonds Euro Aggregate Core Plus as from December 20 th, 2007) SGAM Fund / Equities Concentrated Euroland SGAM Fund / Equities Europe Opportunities SGAM Fund / Equities Switzerland SGAM Fund / Equities UK SGAM Fund / Equities US Small Cap Value SGAM Fund / Equities US Value Opportunities (will be renamed SGAM Fund / Equities US Focused as from January 18 th, 2008) SGAM Fund / Equities US Large Cap Growth SGAM Fund / Equities Japan Target SGAM Fund / Equities Japan CoreAlpha SGAM Fund / Equities Global Emerging Countries SGAM Fund / Equities Latin America AMENDMENT TO THE SHARES CALCULATION The Board of Directors has decided to express with three decimal places and rounded up or down to the nearest unit the number of Shares dealt in as a result of redemption, conversion or dividing the investment amount by the applicable Net Asset Value. AMENDMENT TO THE PERFORMANCE FEE The Board of Directors has decided to amend as follows the calculation of the performance fees of the SGAM Fund / Equities Europe Opportunities: SGAM Fund / Equities Europe Opportunities Dow Jones Stoxx 600 + 400 basis points; As from January 18 th 2008, Dow Jones Stoxx 600. AMENDMENT TO THE MANAGEMENT FEES The maximum management fees have been increased to the level below mentioned for the following s: s Classes of Shares Former Fees New Fees Class A, AD, AE, AH Shares 1.50% 2.00% Class B, BD, BH Shares 0.60% 0.80% SGAM Fund / Equities US Large Cap Growth SGAM Fund / Equities Japan CoreAlpha Class P, PD, PH Shares 1.00% 1.50% Class A, AE, AH Shares 1.50% 2.00% Class B, BH Shares 0.60% 0.80% Class P, PH Shares 1.00% 1.50% The Shareholders of the relevant s of SGAM Fund will be able for a period of one month as from the date of the publication of this present notice, to repurchase their Shares free of charge, as mentioned in the Prospectus dated November 2007. The aforementioned decisions listed in PARAGRAPH I will be effective one month after the publication of this notice. 2

II DECISIONS TO BE EFFECTIVE THREE MONTHS AFTER THE PUBLICATION OF THIS NOTICE (IN COMPLIANCE WITH SFC'S HONG KONG REQUIREMENTS): SGAM Fund / EQUITIES EUROLAND VALUE: INTRODUCTION OF A NEW BENCHMARK Shareholders are advised that in order to better reflect the investment process of the Fund manager; it has been decided to introduce the DJ Euro Stoxx Large (Net Dividend) as new Benchmark in replacement of the DJ EuroStoxx TMI Value (Net Dividend) for SGAM Fund / Equities Euroland Value. The Board of Directors has decided to amend the performance fee following the introduction of a new Benchmark: SGAM Fund / Equities Euroland Value DJ EuroStoxx Large (Net Dividend) 10% of the SGAM FUND/EQUITIES ASIA PACIFIC RIM: AMENDMENT TO THE DENOMINATION AND CHANGE OF INVESTMENT MANAGER SGAM Fund / /Equities Asia Pacific Rim will be renamed into SGAM Fund / Equities Asia Pacific as from December 20 th, 2007. Shareholders are advised that SG AM Singapore will be introduced by the Management Company as Investment Manager of the in replacement of SGAM Japan pursuant to a Sub Investment Agreement. AMENDMENT TO THE CREDIT DEFAULT SWAPS RESTRICTION The Board of Directors has decided to remove the 20% limit of the Net Assets commitments on Credit Default Swaps (CDS). Thus, the below mentioned s will be able to invest up to 100% of their Net Assets in commitments on CDS. SGAM Fund / Equities Asia Pac Dual Strategies, SGAM Fund / Equities Asia Pacific Rim (will be renamed SGAM Fund / Equities Asia Pacific as from December 20 th, 2007), SGAM Fund / Equities China, SGAM Fund / Equities Eastern Europe, SGAM Fund / Equities Euroland, SGAM Fund / Equities Euroland Cyclicals, SGAM Fund / Equities Euroland Financial, SGAM Fund / Equities Euroland Mid Cap, SGAM Fund / Equities Euroland Small Cap, SGAM Fund / Equities Concentrated Europe, SGAM Fund / Equities Euroland Value, SGAM Fund / Equities Global SGAM Fund / Equities Global Energy, SGAM Fund / Equities Global Technology, SGAM Fund / Equities Gold Mines, SGAM Fund / Equities Global Resources, SGAM Fund / Equities Japan Concentrated Growth, SGAM Fund / Equities Japan Concentrated Value, SGAM Fund / Equities Japan Small Cap, SGAM Fund / Equities India, SGAM Fund / Equities Luxury & Lifestyle, SGAM Fund / Equities US Concentrated Core, SGAM Fund / Equities US Mid Cap Growth, SGAM Fund / Equities US Multi Strategies, SGAM Fund / Equities US Relative Value, SGAM Fund / Equities US Spectrum, SGAM Fund / Bonds Converging Europe, SGAM Fund / Bonds Euro, SGAM Fund / Bonds Europe, SGAM Fund / Bonds Europe High Yield, SGAM Fund / Bonds US Mortgage Backed Securities, SGAM Fund / Bonds US Opportunistic Core Plus, SGAM Fund / Bonds World, 3

SGAM Fund / Money Market EUR, SGAM Fund / Money Market USD. AMENDMENT TO THE PERFORMANCE FEE The Board of Directors has decided to amend the performance fees applied for the following s: SGAM Fund / Equities Euroland Mid Cap INTRODUCTION OF THE PERFORMANCE FEES FTSE Euro Mid Eblock + 400 basis points; As from March 18 th, 2008, FTSE Euro Mid Eblock. The Board of Directors has decided to introduce a performance fee for the following s: s SGAM Fund / Equities Euroland Cyclicals SGAM Fund / Equities Euroland Financials SGAM Fund / Equities Euroland Small Cap SGAM Fund / Bonds World DJ Euro Stoxx 50 (Net Dividend) Index DJ EuroStoxx Large (Net Dividend) Index HSBC Smaller Euro Block (Net Dividend) Index Citigroup WBGI World Index AMENDMENT TO THE MANAGEMENT FEES The maximum management fees have been increased as described below for the following s: s Classes of Shares Former fees New fees Class A, AD Shares 1.50% 2.00% Class B, BD Shares 0.60% 0.80% SGAM Fund / Equities Euroland Mid Cap SGAM Fund / Equities Concentrated Europe SGAM Fund / Equities US Mid Cap Growth SGAM Fund / Equities US Relative Value SGAM Fund / Equities Euroland Cyclicals Class P, PD Shares 1.00% 1.50% Class A Shares 1.50% 2.00% Class A, AD, AE, AH Shares 1.50% 2.00% Class B, BD, BH Shares 0.60% 0.80% Class P, PH, PD Shares 1.00% 1.50% Class A, AD, AE, AH Shares 1.50% 2.00% Class B, BD, BH Shares 0.60% 0.80% Class P, PH, PD Shares 1.00% 1.50% Class A Shares 1.50% 2.00% SGAM Fund / Equities Euroland Class A Shares 1.50% 2.00% Financial 4

SGAM Fund / Equities Global Energy SGAM Fund / Equities Global Resources Class A, AE Shares 1.50% 2.00% Class A, AE Shares 1.50% 2.00% The Shareholders of the relevant s of SGAM Fund will be able for a period of three months as from the date of the publication of this present notice, to repurchase their Shares free of charge, as mentioned in the Prospectus dated November 2007. The aforementioned decision listed in PARAGRAPH II will be effective three months after the publication of this notice. III FURTHER DECISIONS (TO BE EFFECTIVE AS FROM THE DATE OF PUBLICATION OF THIS NOTICE, UNLESS SPECIFIED TO THE CONTRARY IN THE BELOW DESCRIBED AMENDMENTS): AMENDMENT TO THE DENOMINATION The Board of Directors decides to proceed with the following renaming: SGAM Fund / Bonds Euro High TE will be renamed into SGAM Fund / Bonds Euro Aggregate Core Plus as from December 20 th, 2007. SGAM Fund / Equities Asia Pacific Rim will be renamed into SGAM Fund / Equities Asia Pacific as from December 20 th, 2007. SGAM Fund / Equities Euroland Growth will be renamed into SGAM Fund / Equities Europe Growth as from December 19 th, 2007. AMENDMENT TO THE NET ASSET VALUE CALCULATION The Board of Directors has decided to amend as follows the wording concerning bank holidays regarding the Net Asset Value s calculation of the following s: SGAM Fund / Bonds US Opportunistic Core Plus, SGAM Fund / Bonds US Mortgage Backed Securities, SGAM Fund / Equities US Concentrated Core, SGAM Fund / Equities US Large Cap Growth, SGAM Fund / Equities US Mid Cap Growth, SGAM Fund / Equities US Multi Strategies, SGAM Fund / Equities US Relative Value, SGAM Fund / Equities US Small Cap Value, SGAM Fund / Equities US Value Opportunities (will be renamed SGAM Fund / Equities US Focused on January 18 th ), 2008, SGAM Fund / Equities US Spectrum, SGAM Fund / Index US, SGAM Fund / Index US Plus, SGAM Fund / Bonds CHF, SGAM Fund / Equities Switzerland, SGAM Fund / Equities UK). SGAM Fund / Equities Japan Concentrated Growth, SGAM Fund / Equities Japan Concentrated Value, SGAM Fund / Equities Japan Small Cap, SGAM Fund / Equities Japan Target, SGAM Fund / Equities Japan CoreAlpha, SGAM Fund / Index Japan, SGAM Fund / Equities China and SGAM Fund / Equities India. The Net Asset Value will not be calculated on the days when the main market where the securities held by the concerned s are negotiated is closed on the Valuation Day; the following Business Day the Net Asset Value will be calculated on the basis of the last available closing prices. 5

Furthermore, the Board of Directors has decided to amend, as from January 1 st, 2008, the dating process of the Net Asset Value with the following characteristics: From January 1, 2008, the Net Asset Value per Share for all s will be determined on the Calculation Day on the basis of the last available closing prices on the markets where the securities held by the concerned are negotiated on the Valuation Day: For European, Global and US s, the Calculation Day is the Luxembourg Business Day following the Valuation Day. For Asian s, the Calculation Day is the same as the Valuation Day (a Luxembourg Business Day). On a given Calculation Day, will be determined the Net Asset Value per Share of the same day for Asian s and the Net Asset Value per Share of the day before for European, Global and US s. This amendment will not affect the cut off time (1.00 P.M. the day preceding Calculation Day (Dealing Day)) for subscription, redemption and conversion of Shares. AMENDMENT TO THE DEFINITION: SMALL CAP EUROPEAN COMPANIES The Board of Directors decides to amend the definition of the small cap European companies as described in the updated investment policy of the SGAM Fund / Equities Euroland Small Cap as follows: Small Cap European companies: with a market capitalisation similar to those of the securities making part of the HSBC Smaller Euro Block index at the time of acquisition, this limit being expected to be maintained at all times. AMENDMENT TO THE CREDIT DEFAULT SWAPS RESTRICTION The Board of Directors has decided to remove the 20% limit of the Net Assets commitments on Credit Default Swaps (CDS). Thus, the below mentioned s will be able to invest up to 100% of their Net Assets in commitments on CDS: SGAM Fund / Equities Euroland Growth (will be renamed into SGAM Fund / Equities Europe Growth as from December 19 th, 2007), SGAM Fund / Equities US Active Overlays, SGAM Fund / Equities Europe Convergence, SGAM Fund / Equities Euroland Active Overlays, SGAM Fund / Bonds Global High Yield, SGAM Fund / Bonds Europe Floating Rate Notes, SGAM Fund / Index Euroland Bonds. These amendments will come into force on December 19 th, 2007. AMENDMENT TO THE PERFORMANCE FEE The Board of Directors has decided to amend as follows the calculation of the performance fees as from December 19 th, 2007: SGAM Fund / Equities Euroland Growth (will be renamed into SGAM Fund / Equities Europe Growth as from December 19 th, 2007) MSCI European Growth Index APPOINTMENT OF SGAM HONG KONG AS INVESTMENT ADVISOR OF SGAM FUND / EQUITIES CHINA The Board of Directors has decided to approve the appointment by SG AM Singapore of SGAM Hong Kong as investment advisor regarding SGAM Fund / Equities China pursuant to an advisory agreement (as may be amended from time to time). 6

Established in 2002, SGAM Hong Kong is a company incorporated under the laws of the Hong Kong Special Administrative Region of the People s Republic of China and is a wholly owned subsidiary of the Investment Manager. Its principal activity is to offer and manage mutual funds. SGAM Hong Kong is subject to the supervision of the Hong Kong regulatory authorities. APPOINTMENT OF SGAM PARIS AS MAIN DISTRIBUTOR (WORLDWIDE EX ASIA) The Board of Directors has decided to approve the appointment by SGAM Luxembourg S.A (the Management Company) of SGAM Paris as Main Distributor (Worldwide Ex Asia) of the Company pursuant to a regional distribution agreement (as amended from time to time). Subject to the terms and conditions of the Regional Distribution Agreement (Worldwide ex Asia), the Management Company has delegated to SGAM Paris the power to appoint distributors and Intermediaries to offer and sell the Shares to investors worldwide ex Asia and handle the subscription, redemption, conversion or transfer requests of Shareholders. APPOINTMENT OF SGAM HONG KONG AS REGIONAL DISTRIBUTOR IN ASIA The Board of Directors has decided to approve the appointment by SGAM Luxembourg S.A (the Management Company) of SGAM Hong Kong as Regional Distributor of the Company in Asia pursuant to a regional distribution agreement (as amended from time to time). Subject to the terms and conditions of the Regional Distribution Agreement (Asia), the Management Company has delegated to SGAM Hong Kong the power to appoint distributors and Intermediaries to offer and sell the Shares to investors in Asia and handle the subscription, redemption, conversion or transfer requests of Shareholders. An updated Prospectus dated November 2007 will be available at the registered office of the Company in Luxembourg and at the counter of the Custodian Bank (Société Générale Bank and Trust, 11, avenue Emile Reuter, L 2420 Luxembourg). For SGAM Fund The Board of Directors 7