UFG Investment Managers and UFG Alteram merger

This merger via the absorption of UFG Alteram by UFG IM is consistent with the overall reorganization of the various management entities of UFG. This endeavor aims at rationalizing the asset management activity, specifically regarding securities, at consolidating and reinforcing the various product lines (traditional and alternative securities), at simplifying the chain of information and at facilitating the creation of synergies for the benefit of new product development.

The change in management company will have no impact on either the strategy, the investment objectives or the characteristics of the former UFG Alteram funds. The professionals of UFG Alteram will remain dedicated to the fund management, within the new structure, UFG IM. In the near future, the web site www.ufg-alteram.com will be fully integrated into the site www.groupe-ufg.com, which will regroup all the existing internet sites of the various management entities of UFG.

The merger is effective as of June 30, 2009 and received on June 23, 2009 the prior authorization of the "Autorité des Marchés Financiers".