TWO INVESTMENT STYLES

A. ASSET MANAGEMENT

Investment Process is rigorous and represents a basis which could be expanded. Our goal is to ensure an absolute return over several years which is superior to our benchmarks. Optimal investment life is 5 years . The funds mainly pick up large cap-stocks which are decorrelated from indexes in order to benefit from risk fears of investors thanks to our 20 years experience.

1-"MARKET'S SCIENTIFIC APPROACH"
Alternative to passive asset and directional asset

The addition of two knowledges

The stocks systematic management

a. The asset manager choose:

· Strategies ( Low Risk, Dividend, Opportunity, Value, Dynamic, High Correlation, Pure Trend, Discretionnary)
· Geographical area : The portfolio follows a multi factorial model management with several allocations in Europe, USA and Asia
· Stocks : Managers make their stock-picking throughout a 1140 International Equities universe over SBF120, DJ STOXX 600 and SP500.

b. AGILIS SELECT

· Twice per month, the database is updated according to market cycles whom allocation signal regarding the different marketsare determined on a daily basis with 5 possible cases (buy, maximal allocation, neutral, minimal allocation, sell)

The fund managers sells as a systematic way stocks which don't match with the picked up strategy and mainly boughy stocks which have the highest information ratio.

· The fund managers pick up stocks to buy

The Index Futures management

Agilis Gestion add to the systematic management, his experience on index futures management.

This knowledge namely fit to the systematic management

· The fund managers buy and sell Index Futures several times a day.
· Opened intraday positions have to get in cash on close (in order to avoid overnight)
· These trades aim to lead successive earnings leverage

2-"AGIR FUNDS"

Mutual Agir Funds are represented by a Dynamic Global Funds and a Balanced Global Funds. They use the process described before.

a) The Long Short EUR

AGIR EUROPE (Long Short EUR)
The portfolio allocation can move from 75% to 100% in French Equity.
The Benchmark is the CAC 40

b) The Balanced Global Funds

AGIR PLUS (Global International Balanced)
The portfolio allocation can move from 40 to 60% in International Equity, that is to say a balanced allocation between Equities and Bonds.
Henceforth, the Benchmark is 50% MSCI World Euro(instead of MSCI World US LC since 12/29/2006) and 50% Euromts 3-5 years.

B.DISCRETIONNARY ACCOUNTS PROCESS

According to our customer’s needs and constrains, a Strategy is established. She meets of the cash objective, the risk degree accepted and the investment horizon. An equity exposure is also defined and confirmed regarding the agree asset management signed between the customer and the Asset Management Company
It leads to the Asset Allocation Strategy (Equities/Bonds).

Furthermore, the portfolio manager picks up Stocks and Mutual Funds according to a economical macro approach which is self-company.

First of all, two mandatories which are entirely based on two mixed equity mutual funds being able to pick up equities till 0%.

- Patrimony liberty Management fit to Agir plus*

* mixed EUR mutual fund which is invested from 40% to 60% in equities.

- Flexible Management fit to Agir Plus, only profit over 1% each quarters will be oriented in equity funds**

** Equity Funds like AGIR EUROPE (non exhaustive list).

Furthermore, four equity mandatories *** are available:

- Defensive until to 25% maximum in equity
- Balanced until to 50% maximum in equity
- Dynamic until to 75% maximum in equity
- Offensive until to 100% maximum in equity

***Two types of management:
- The first invested at 100% in AGILIS GESTION own mutual funds
- The second invested until 40% in AGILIS GESTION own mutual funds