Crédit Agricole Asset Management

Crédit Agricole Asset Management

Audited Annual Report 2007 CAAM Funds

SICAV with sub-funds under Luxembourg law

Relatório Anual Auditado de 2007 do CAAM Funds

SICAV com sub-fundos, ao abrigo da lei do Luxemburgo

∂ÏÂÁ̤ÓË ∂Ù‹ÛÈ· ŒÎıÂÛË ÁÈ· ÙÔ 2007 ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È· CAAM

SICAV Ì ÂÈ̤ÚÔ˘˜ ·ÌÔÈ‚·›· ÎÂÊ¿Ï·È· ‚¿ÛÂÈ Ù˘ ÓÔÌÔıÂÛ›·˜ ÙÔ˘ §Ô˘ÍÂÌ‚Ô‡ÚÁÔ˘

CAAM Funds

(formerly Crédit Agricole Funds)

a société d'investissement à capital variable

5, Allée Scheffer - L-2520 Luxembourg

Tel. + 352 4767 6222 / + 352 4767 6667

Fax + 352 4767 3781

CAAM Funds

1

(formerly Crédit Agricole Funds)

Audited Annual Report

Relatório Anual Auditado

∂ÏÂÁ̤ÓË ∂Ù‹ÛÈ· ŒÎıÂÛË

For the period from 1st July 2006 to 30 June 2007

Para o período de 1 de Julho de 2006 a 30 de Junho de 2007 °È· ÙËÓ ÂÚ›Ô‰Ô ·fi 1Ë πÔ˘Ï›Ô˘ 2006 ¤ˆ˜ 30 πÔ˘Ó›Ô˘ 2007

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last available annual report of the SICAV and the unaudited semi-annual report if published after such annual report.

Não podem ser aceites subscrições com base em relatórios financeiros. As subscrições apenas são válidas se efectuadas com base no actual prospecto de oferta complementado pelo último relatório anual da SICAV disponível e pelo relatório semestral não auditado, se publicado, posterior a tal relatório anual.

¢ÂÓ ÌÔÚÔ‡Ó Ó· Á›ÓÔ˘Ó ‰ÂÎÙ¤˜ ÂÁÁڷʤ˜ Ì ‚¿ÛË ÙȘ ÔÈÎÔÓÔÌÈΤ˜ ηٷÛÙ¿ÛÂȘ. √È ÂÁÁڷʤ˜ ÈÛ¯‡Ô˘Ó ÌfiÓÔÓ ÂÊfiÛÔÓ Á›ÓÔÓÙ·È Ì ‚¿ÛË ÙÔ ÙÚ¤¯ÔÓ ÂÓËÌÂÚˆÙÈÎfi ‰ÂÏÙ›Ô ÚÔÛÊÔÚÒÓ Ô˘ Û˘ÌÏËÚÒÓÂÙ·È ·fi ÙËÓ ÙÂÏÂ˘Ù·›· ‰È·ı¤ÛÈÌË ÂÙ‹ÛÈ· ¤ÎıÂÛË Ù˘ SICAV Î·È ·fi ÙË ÌË ÂÏÂÁ̤ÓË ÂÍ·ÌËÓÈ·›· ¤ÎıÂÛË, ÂÊfiÛÔÓ ¤¯ÂÈ ‰ËÌÔÛÈ¢ı› ÌÂÙ¿ ÙËÓ ÂÓ ÏfiÁˆ ÂÙ‹ÛÈ· ¤ÎıÂÛË.

Additional information concerning the representation and distribution of the Fund in Hong Kong. Informações adicionais sobre a representação e distribuição do Fundo em Hong Kong.

¶ÚfiÛıÂÙ˜ ÏËÚÔÊÔڛ˜ Û¯ÂÙÈο Ì ÙËÓ ÂÎÚÔÛÒËÛË Î·È ÙË ‰È·ÓÔÌ‹ ÙÔ˘ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ.

Sub-Funds not authorised in Hong Kong: / Sub-Fundos não autorizados em Hong Kong: / ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È· ÌË ÂÍÔ˘ÛÈÔ‰ÔÙË̤ӷ ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ: Residents in Hong Kong please note that the following Sub-Funds are not currently authorised in Hong Kong and accordingly not available to the Hong Kong Residents:

Os residentes em Hong Kong devem tomar devida nota de que os Sub-Fundos seguintes não estão, presentemente, autorizados em Hong Kong e, por conseguinte, não se encontram disponíveis para residentes em Hong Kong.

°È· ÙÔ˘˜ ηÙÔ›ÎÔ˘˜ ÙÔ˘ ÃÔÓÁÎ-∫ÔÓÁÎ ÛËÌÂÈÒÓÂÙ·È fiÙÈ Ù· ·ÎfiÏÔ˘ı· ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È· ÚÔ˜ ÙÔ ·ÚfiÓ ‰ÂÓ ¤¯Ô˘Ó Ï¿‚ÂÈ ÂÍÔ˘ÛÈÔ‰fiÙËÛË ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ Î·È Û˘ÓÂÒ˜ ‰ÂÓ ‰È·Ù›ıÂÓÙ·È ÛÙÔ˘˜ ηÙÔ›ÎÔ˘˜ ÙÔ˘ ÃÔÓÁÎ-∫ÔÓÁÎ:

Equities: / Fundos Accionistas: / ªÂÙÔ¯Èο:

Asia Pacific Quant / Emerging Markets / Euro SRI / Gems World / Gems World Hedged / Global Consumer Discretionary / Global Quant / Iberia / Italy / Japan Value / US Quant. Bonds: / Fundos obrigacionista: / √ÌÔÏÔÁȷο:

Arbitrage Inflation / Arbitrage VaR 2 (EUR) / Arbitrage VaR 2 (GBP) / Arbitrage VaR (USD) / Dynarbitrage Forex / Dynarbitrage Forex (USD) / Dynarbitrage Forex Asia Pacific / Dynarbitrage Forex Plus (EUR) / Dynarbi-trage Forex Plus (USD) / DynarbiDynarbi-trage High Yield / DynarbiDynarbi-trage International / DynarbiDynarbi-trage Select / DynarbiDynarbi-trage VaR 4 (EUR) / DynarbiDynarbi-trage VaR 4 (USD) / DynarbiDynarbi-trage Volatility / Emerging Markets Debt / Euro 2001 Bond / Euro Select Bond / European Bond / LDI Gilt Plus (GBP) / LDI Index Linked Plus (GBP) / Swiss Franc Bond / Volatility Equities.

For all Sub-Funds authorized in Hong Kong, please note that the shares Classic H, I(2), I(3) (except Sub-Fund Euro Corporate Bond), I(4), I(5), I(7), I(8) are not authorized in Hong Kong.

Relativamente a todos os Sub-Fundos autorizados em Hong Kong, há a referir que as acções Clássicas H, I(2), I(3) (excepto o Sub-Fundo Euro Corporate Bond), I(4), I(5), I(7), I(8) não estão autorizadas em Hong Kong. °È· fiÏ· Ù· ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È· Ô˘ ¤¯Ô˘Ó Ï¿‚ÂÈ ÂÍÔ˘ÛÈÔ‰fiÙËÛË ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ, ÛËÌÂÈÒÓÂÙ·È fiÙÈ Ù· ÌÂÚ›‰È· ηÙËÁÔÚ›·˜ Classic H, I(2), I(3) (ÂÎÙfi˜ ÙÔ˘ Sub-Fund Euro Corporate Bond), I(4), I(5), I(7), I(8) ÚÔ˜ ÙÔ ·ÚfiÓ ‰ÂÓ ¤¯Ô˘Ó Ï¿‚ÂÈ ÂÍÔ˘ÛÈÔ‰fiÙËÛË ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ.

1. New name of the SICAV replacing that of “Crédit Agricole Funds” and effective as from 1st July 2007, in accordance with the decision taken by the shareholders in the framework of the Extraordinary General Meeting held on 17 April 2007.

1. Com efeitos a partir do dia 1 de Julho de 2007, o novo nome SICAV substitui o nome “Crédit Agricole Funds” de acordo com o deliberado pelos accionistas no âmbito da Assembleia Geral Extraordinária que decorreu no dia 17 de Abril de 2007.

Glossary

Glossário / °ÏˆÛÛ¿ÚÈ

ENGLISH

PORTUGUÊS

∂§§∏¡π∫∞

Sectors

Sectores

∫Ï¿‰ÔÈ

Consumer Discretionary Artigos de Consumo ∫·Ù·Ó·ÏˆÙÈο ·Á·ı¿ ÔÏ˘ÙÂÏ›·˜ Consumer Staples Artigos de Primeira Necessidade μ·ÛÈο ηٷӷψÙÈο ·Á·ı¿

Energy Energia ∂Ó¤ÚÁÂÈ·

Financials Financeiro ÃÚËÌ·ÙÔÔÈÎÔÓÔÌÈΤ˜ ÂÙ·ÈÚ›˜

Health Care Cuidados de Saúde π·ÙÚÈ΋ ÂÚ›ı·Ï„Ë

Industrials Indústria μÈÔÌ˯·ÓÈο ÚÔ˚fiÓÙ·

Information Technology Tecnologias de Informação Δ¯ÓÔÏÔÁ›· ÏËÚÔÊÔÚÈ΋˜

Materials Materiais ÀÏÈο

Telecommunication Services Serviços de Telecomunicações ÀËÚÂۛ˜ ÙËÏÂÈÎÔÈÓˆÓÈÒÓ

Utilities Serviços Públicos ∂ȯÂÈÚ‹ÛÂȘ ÎÔÈÓ‹˜ ˆÊ¤ÏÂÈ·˜

Securities Portfolio

Carteira de Títulos

÷ÚÙÔÊ˘Ï¿ÎÈÔ ·ÍÈÒÓ

Transferable securities admitted Títulos transmissíveis admitidos ∫ÈÓËÙ¤˜ ·Í›Â˜ ÂÈÛËÁ̤Ó˜ to an official stock exchange listing à cotação numa Bolsa de Valores Û Â›ÛËÌÔ ¯ÚËÌ·ÙÈÛÙ‹ÚÈÔ Transferable securities dealt in on another Títulos transmissíveis negociados noutro ∫ÈÓËÙ¤˜ ·Í›Â˜ Ô˘ ‰È·ÎÈÓÔ‡ÓÙ·È Û ¿ÏÏË

regulated market mercado regulamentado ÂÏÂÁ¯fiÌÂÓË ·ÁÔÚ¿ Other transferable securities Outros títulos transmissíveis §ÔÈ¤˜ ÎÈÓËÙ¤˜ ·Í›Â˜ Other debt instruments Outros instrumentos de dívida §ÔÈÔ› ¯ÚˆÛÙÈÎÔ› Ù›ÙÏÔÈ Recently issued transferable securities Títulos transmissíveis de emissão recente ¶ÚfiÛÊ·Ù· ÂΉÔı›Û˜ ÎÈÓËÙ¤˜ ·Í›Â˜ Money market instruments Instrumentos do mercado monetário ª¤Û· ¯ÚËÌ·Ù·ÁÔÚ¿˜

Derivative instruments Produtos derivados ¶·Ú¿ÁˆÁ· ̤۷

Shares Acções ªÂÙÔ¯¤˜

Bonds Obrigações √ÌfiÏÔÁ·

Convertibles bonds Obrigações convertíveis ªÂÙ·ÙÚ¤„ÈÌ· ÔÌfiÏÔÁ·

Units in Investments Funds Acções (unidades de participação) em Fundos de Investimento ªÂÚ›‰È· ∞ÌÔÈ‚·›ˆÓ ∫ÂÊ·Ï·›ˆÓ ∂ÂÓ‰‡ÛÂˆÓ ECP, CD, Discount Notes ECP (Efeitos em Eurodivisas), CD ∂˘Úˆ·˚ο ∂ÌÔÚÈο ÃÚÂfiÁÚ·Ê· [ECP],

(Certificados de Depósito), Obrigações a Desconto ¶ÈÛÙÔÔÈËÙÈο ∫·Ù·ı¤ÛÂˆÓ [CD], °Ú·ÌÌ¿ÙÈ· ˘fi ÙÔ ¿ÚÙÈÔ Options, Warrants, Rights Opções, Warrants, Direitos ¢ÈηÈÒÌ·Ù· ¶ÚÔ·›ÚÂÛ˘, Δ›ÙÏÔÈ ∂ÈÏÔÁ‹˜, ¢ÈηÈÒÌ·Ù·

ENGLISH

PORTUGUÊS

∂§§∏¡π∫∞

Countries

Países

ÃÒÚ˜

A ARE ARG AUS B BD BG BMU BR CAN CH CHL CHN CI CO CRI CY CYM D DK DOM DZ E EC EE EGY F GB GBZ GR GSY H HK HRV I IM IN IRL IRQ IL IS J JA JSY K KZ L LB LK LT LV MA MAL MEX MNG MUS N NA NG NL NZL P PA PE PK PL PNG PRI QA RC RI RL ROM ∞˘ÛÙÚ›· ∏ӈ̤ӷ ∞Ú·‚Èο ∂ÌÈÚ¿Ù· ∞ÚÁÂÓÙÈÓ‹ ∞˘ÛÙÚ·Ï›· μ¤ÏÁÈÔ ª·ÓÁÎÏ·ÓÙ¤˜ μÔ˘ÏÁ·Ú›· μÂÚÌÔ‡‰Â˜ μÚ·˙ÈÏ›· ∫·Ó·‰¿˜ ∂Ï‚ÂÙ›· ÃÈÏ‹ ∫›Ó· ∞ÎÙ‹ ∂ÏÂÊ·ÓÙÔÛÙÔ‡ ∫ÔÏÔÌ‚›· ∫fiÛÙ· ƒ›Î· ∫‡ÚÔ˜ ¡‹ÛÔÈ ∫¤ÈÌ·Ó °ÂÚÌ·Ó›· ¢·Ó›· ¢ÔÌÈÓÈηӋ ¢ËÌÔÎÚ·Ù›· ∞ÏÁÂÚ›· πÛ·Ó›· πÛËÌÂÚÈÓfi˜ ∂ÛıÔÓ›· ∞›Á˘ÙÔ˜ °·ÏÏ›· ∏ӈ̤ÓÔ μ·Û›ÏÂÈÔ °È‚Ú·ÏÙ¿Ú ∂ÏÏ¿‰· ¡‹ÛÔ˜ °ÎÔ˘¤ÚÓÛÈ √˘ÁÁ·Ú›· ÃÔÓÁÎ-∫ÔÓÁÎ ∫ÚÔ·Ù›· πÙ·Ï›· ¡‹ÛÔ˜ ÙÔ˘ ª·Ó πÓ‰›· πÚÏ·Ó‰›· πÚ¿Î πÛÚ·‹Ï πÛÏ·Ó‰›· π·ˆÓ›· Δ˙·Ì¿Èη ¡‹ÛÔ˜ Δ˙¤ÚÛÂ˚ ¡fiÙÈ· ∫ÔÚ¤· ∫·˙·ÎÛÙ¿Ó §Ô˘ÍÂÌ‚Ô‡ÚÁÔ §È‚ÂÚ›· ™ÚÈ §¿Óη §ÈıÔ˘·Ó›· §ÂÙÙÔÓ›· ª·ÚfiÎÔ ª·Ï·ÈÛ›· ªÂÍÈÎfi ªÔÁÁÔÏ›· ª·˘Ú›ÎÈÔ˜ ¡ÔÚ‚ËÁ›· √ÏÏ·Ó‰ÈΤ˜ ∞ÓÙ›ÏϘ ¡ÈÁËÚ›· √ÏÏ·Ó‰›· ¡¤· ∑ËÏ·Ó‰›· ¶ÔÚÙÔÁ·Ï›· ¶·Ó·Ì¿˜ ¶ÂÚÔ‡ ¶·ÎÈÛÙ¿Ó ¶Ôψӛ· ¶·Ô‡· ¡¤· °Ô˘ÈÓ¤· ¶Ô˘¤ÚÙÔ ƒ›ÎÔ ∫·Ù¿Ú Δ·˚‚¿Ó πÓ‰ÔÓËÛ›· §›‚·ÓÔ˜ ƒÔ˘Ì·Ó›· Áustria

Emirados Árabes Unidos Argentina Austrália Bélgica Bangladesh Bulgária Bermudas Brasil Canadá Switzerland Chile China Costa do Marfim Colômbia Costa Rica Chipre Ilhas Caimão Alemanha Dinamarca República Dominicana Argélia Espanha Equador Estónia Egipto França United Kingdom Gibraltar Grécia Ilha de Guernesey Hungria Hong Kong Croácia Italy Ilha de Man India Irlanda Iraque Israel Islândia Japão Jamaica Ilha de Jersey Coreia do Sul Casaquistão Luxemburgo Libéria Sri Lanka Lituânia Letónia Marrocos Malásia México Mongólia Maurícias Noruega Antilhas Holandesas Nigéria Países Baixos Nova Zelândia Portugal Panamá Peru Paquistão Polónia

Papua Nova Guiné Porto Rico Qatar Taiwan Indonésia Líbano Roménia Austria

United Arab Emirates Argentina Australia Belgium Bangladesh Bulgaria Bermuda Brazil Canada Switzerland Chile China Ivory Coast Colombia Costa Rica Cyprus Cayman Islands Germany Denmark Dominicain Republic Algeria Spain Ecuador Estonia Egypt France United Kingdom Gibraltar Greece Guernsey Island Hungary Hong Kong Croatia Italy Isle of Man India Ireland Iraq Israel Iceland Japan Jamaica Jersey Island South Korea Kazakstan Luxembourg Liberia Sri Lanka Lithuania Lettonia Morocco Malaysia Mexico Mongolia Mauritius Norway

The Netherlands Antilles Nigeria The Netherlands New Zealand Portugal Panama Peru Pakistan Poland

Papua New Guinea Puerto Rico Qatar Taiwan Indonesia Lebanon Romania

Glossary

Glossário / °ÏˆÛÛ¿ÚÈ

ENGLISH

PORTUGUÊS

∂§§∏¡π∫∞

Countries

Países

ÃÒÚ˜

RSA RUS S SA SF SGP SLV SUP SVK SVN T TCH TN TUR UA USA UY VG VEN VN ¡fiÙÈ· ∞ÊÚÈ΋ ƒˆÛ›· ™Ô˘Ë‰›· ™·Ô˘‰È΋ ∞Ú·‚›· ºÈÓÏ·Ó‰›· ™ÈÓÁηÔ‡ÚË ∂Ï ™·Ï‚·ÓÙfiÚ ÀÂÚÂıÓÈο ™ÏÔ‚·Î›· ™ÏÔ‚ÂÓ›· Δ·˚Ï¿Ó‰Ë ¢ËÌÔÎÚ·Ù›· Ù˘ ΔÛ¯›·˜ Δ˘ÓËÛ›· ΔÔ˘ÚΛ· √˘ÎÚ·Ó›· ∏ӈ̤Ó˜ ¶ÔÏÈÙ›˜ ∞ÌÂÚÈ΋˜ √˘ÚÔ˘ÁÔ˘¿Ë μÚÂÙ·ÓÈΤ˜ ¶·Úı¤Ó˜ ¡‹ÛÔÈ μÂÓÂ˙Ô˘¤Ï· μÈÂÙÓ¿Ì África do Sul Rússia Suécia Arábia Saudita Finlândia Singapura El Salvador Supranacional Eslováquia Eslovénia Thailand República Checa Tunísia Turquia Ucrânia

Estados Unidos da América Uruguai

Ilhas Virgens Britânicas Venezuela Vietnam South Africa Russia Sweden Saudi Arabia Finland Singapore El Salvador Supranational Slovakia Slovenia Thailand Czech Republic Tunisia Turkey Ukraine

United States of America Uruguay

British Virgin Islands Venezuela Vietnam

Table of contents

Índice / ¶›Ó·Î·˜ ÂÚȯÔ̤ӈÓ

ENGLISH

PORTUGUÊS

∂§§∏¡π∫∞

Glossary Glossário °ÏˆÛÛ¿ÚÈ 2-4

Management and Administration Gestão e Administração ¢È·¯Â›ÚÈÛË Î·È ¢ÈÔ›ÎËÛË 7-10

Changes in investment managers Alterações nos Gestores de investimento ∞ÏÏ·Á¤˜ ¢È·¯ÂÈÚÈÛÙÒÓ ∂ÂÓ‰‡ÛÂˆÓ 11

Chairman’s report Relatório do Presidente ŒÎıÂÛË ¶ÚÔ¤‰ÚÔ˘ 12-15

Securities Portfolios Carteiras de Títulos ÷ÚÙÔÊ˘Ï¿ÎÈ· ∞ÍÈÒÓ

Equities Equities ªÂÙÔ¯Èο

Aqua Global Aqua Global Aqua Global 16

ASEAN New Markets ASEAN New Markets ASEAN New Markets 17-18

Asia Pacific Quant Asia Pacific Quant Asia Pacific Quant 19-20

Asian Growth Asian Growth Asian Growth 21-22

Asian Renaissance Asian Renaissance Asian Renaissance 23-24

Emerging Europe Emerging Europe Emerging Europe 25-26

Emerging Markets Emerging Markets Emerging Markets 27-30

Euro Quant (1) _{Euro Quant} (1) _{Euro Quant} (1) _31-32

Euro SRI Euro SRI Euro SRI 33-34

Europe Equities Europe Equities Europe Equities 35-37

Europe Smaller Companies Europe Smaller Companies Europe Smaller Companies 38-39

Gems World Gems World Gems World 40-42

Gems World Hedged Gems World Hedged Gems World Hedged 43-45

Global Consumer Global Consumer Global Consumer

Discretionary Discretionary Discretionary 46-47

Global Equities Global Equities Global Equities 48-50

Global Finance Global Finance Global Finance 51-52

Global Food & Healthcare Global Food & Healthcare Global Food & Healthcare 53-54

Global Quant (2) _{Global Quant} (2) _{Global Quant} (2) _55-56

Global Resources & Industry Global Resources & Industry Global Resources & Industry 57-58 Global Techno & Telecom Global Techno & Telecom Global Techno & Telecom 59-60

Greater China Greater China Greater China 61

Iberia Iberia Iberia 62

India India India 63

Italy Italy Italy 64

Japan Growth (3) _{Japan Growth} (3) _{Japan Growth} (3) _65-66

Japan Quant (4) _{Japan Quant} (4) _{Japan Quant} (4) ₆₇

Japan Value Japan Value Japan Value 68

Korea Korea Korea 69

Latin America Equities Latin America Equities Latin America Equities 70-71

Switzerland Switzerland Switzerland 72

Thailand Thailand Thailand 73

United Kingdom United Kingdom United Kingdom 74

US Opportunities US Opportunities US Opportunities 75

US Quant (5) _{US Quant} (5) _{US Quant} (5) _76-77

USA USA USA 78-79

Securities Portfolios Carteiras de Títulos ÷ÚÙÔÊ˘Ï¿ÎÈ· ∞ÍÈÒÓ

Bonds Obrigações √ÌÔÏÔÁȷο

Arbitrage Inflation Arbitrage Inflation Arbitrage Inflation 80

Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) Arbitrage VaR 2 (EUR) 81-83

Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) Arbitrage VaR 2 (GBP) 84

Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) Arbitrage VaR 2 (USD) 85

Asian Income Asian Income Asian Income 86-87

Dynarbitrage Forex Dynarbitrage Forex Dynarbitrage Forex 88

Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) Dynarbitrage Forex (USD) 89

Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific Dynarbitrage Forex Asia Pacific 90 Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) Dynarbitrage Forex Plus (EUR) 91 Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) Dynarbitrage Forex Plus (USD) 92

(1) _{New name of the Sub-Fund replacing that of “Eurostocks” and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June 2006.}

(2) New name of the Sub-Fund replacing that of “Global Smaller Companies” and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 23 October 2006.

(3) New name of the Sub-Fund replacing that of “Japan” and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June 2006.

(4) New name of the Sub-Fund replacing that of “Japan Smaller Companies” and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 15 June 2006.

(5) _{New name of the Sub-Fund replacing that of “US Smaller Companies” and effective as from 15 December 2006 in accordance with the decision taken by the Board of Directors in date of 23 October 2006.} (1) Com efeitos a partir do dia 15 de Dezembro de 2006, o novo nome do Sub-Fundo substitui o nome “Eurostocks” de acordo com a decisão tomada pelo Conselho de Administração no dia 15 de Junho de 2006.

(2) _{Com efeitos a partir do dia 15 de Dezembro de 2006, o novo nome do Sub-Fundo substitui o nome “Global Smaller Companies” de acordo com a decisão tomada pelo Conselho de Administração no dia 23 de Outubro de 2006.} (3) Com efeitos a partir do dia 15 de Dezembro de 2006, o novo nome do Sub-Fundo substitui o nome “Japan” de acordo com a decisão tomada pelo Conselho de Administração no dia 15 de Junho de 2006.

(4) Com efeitos a partir do dia 15 de Dezembro de 2006, o novo nome do Sub-Fundo substitui o nome “Japan Smaller Companies” de acordo com a decisão tomada pelo Conselho de Administração no dia 15 de Junho de 2006.

(5) Com efeitos a partir do dia 15 de Dezembro de 2006, o novo nome do Sub-Fundo substitui o nome “US Smaller Companies” de acordo com a decisão tomada pelo Conselho de Administração no dia 23 de Outubro de 2006.

(1) _{¡¤· ÔÓÔÌ·Û›· ÙÔ˘ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÚÔ˜ ·ÓÙÈηٿÛÙ·ÛË ÙÔ˘ «Eurostocks», Ë ÔÔ›· Ù¤ıËΠ۠ÈÛ¯‡ ·fi ÙȘ 15 ¢ÂÎÂÌ‚Ú›Ô˘ 2006 Û‡Ìʈӷ Ì ÙËÓ ·fiÊ·ÛË Ô˘ ¤Ï·‚ ÙÔ ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÛÙȘ 15 πÔ˘Ó›Ô˘ 2006.} (2) _{¡¤· ÔÓÔÌ·Û›· ÙÔ˘ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÚÔ˜ ·ÓÙÈηٿÛÙ·ÛË ÙÔ˘ «Global Smaller Companies», Ë ÔÔ›· Ù¤ıËΠ۠ÈÛ¯‡ ·fi ÙȘ 15 ¢ÂÎÂÌ‚Ú›Ô˘ 2006 Û‡Ìʈӷ Ì ÙËÓ ·fiÊ·ÛË Ô˘ ¤Ï·‚ ÙÔ ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÛÙȘ 23}

√ÎÙˆ‚Ú›Ô˘ 2006.

(3) _{¡¤· ÔÓÔÌ·Û›· ÙÔ˘ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÚÔ˜ ·ÓÙÈηٿÛÙ·ÛË ÙÔ˘ «Japan», Ë ÔÔ›· Ù¤ıËΠ۠ÈÛ¯‡ ·fi ÙȘ 15 ¢ÂÎÂÌ‚Ú›Ô˘ 2006 Û‡Ìʈӷ Ì ÙËÓ ·fiÊ·ÛË Ô˘ ¤Ï·‚ ÙÔ ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÛÙȘ 15 πÔ˘Ó›Ô˘ 2006.} (4) _{¡¤· ÔÓÔÌ·Û›· ÙÔ˘ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÚÔ˜ ·ÓÙÈηٿÛÙ·ÛË ÙÔ˘ «Japan Smaller Companies», Ë ÔÔ›· Ù¤ıËΠ۠ÈÛ¯‡ ·fi ÙȘ 15 ¢ÂÎÂÌ‚Ú›Ô˘ 2006 Û‡Ìʈӷ Ì ÙËÓ ·fiÊ·ÛË Ô˘ ¤Ï·‚ ÙÔ ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÛÙȘ 15}

πÔ˘Ó›Ô˘ 2006.

(5) _{¡¤· ÔÓÔÌ·Û›· ÙÔ˘ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘ ÚÔ˜ ·ÓÙÈηٿÛÙ·ÛË ÙÔ˘ «US Smaller Companies», Ë ÔÔ›· Ù¤ıËΠ۠ÈÛ¯‡ ·fi ÙȘ 15 ¢ÂÎÂÌ‚Ú›Ô˘ 2006 Û‡Ìʈӷ Ì ÙËÓ ·fiÊ·ÛË Ô˘ ¤Ï·‚ ÙÔ ¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ ÛÙȘ 23}

Table of contents

Índice / ¶›Ó·Î·˜ ÂÚȯÔ̤ӈÓ

ENGLISH

PORTUGUÊS

∂§§∏¡π∫∞

Securities Portfolios Carteiras de Títulos ÷ÚÙÔÊ˘Ï¿ÎÈ· ∞ÍÈÒÓ

Bonds Obrigações √ÌÔÏÔÁȷο

Dynarbitrage High Yield Dynarbitrage High Yield Dynarbitrage High Yield 93-95

Dynarbitrage International Dynarbitrage International Dynarbitrage International 96

Dynarbitrage Select Dynarbitrage Select Dynarbitrage Select 97

Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) Dynarbitrage VaR 4 (EUR) 98-101

Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) Dynarbitrage VaR 4 (USD) 102

Dynarbitrage Volatility Dynarbitrage Volatility Dynarbitrage Volatility 103-104

Emerging Markets Debt Emerging Markets Debt Emerging Markets Debt 105

Euro 2001 Bond Euro 2001 Bond Euro 2001 Bond 106

Euro Bond Euro Bond Euro Bond 107-108

Euro Corporate Bond Euro Corporate Bond Euro Corporate Bond 109-111

Euro Inflation Bond Euro Inflation Bond Euro Inflation Bond 112

Euro Select Bond Euro Select Bond Euro Select Bond 113

European Bond European Bond European Bond 114

European Convertible Bond European Convertible Bond European Convertible Bond 115-116

European High Yield Bond European High Yield Bond European High Yield Bond 117-119

Global Bond Global Bond Global Bond 120-121

LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) LDI Gilt Plus (GBP) 122

LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) LDI Index Linked Plus (GBP) 123

Swiss Franc Bond Swiss Franc Bond Swiss Franc Bond 124

US Dollar Bond US Dollar Bond US Dollar Bond 125

Volatility Equities Volatility Equities Volatility Equities 126

Reserve Reserva ∞ÔıÂÌ·ÙÈο

Euro Reserve Euro Reserve Euro Reserve 127

USD Reserve USD Reserve USD Reserve 128

Accounts Contas §ÔÁ·ÚÈ·ÛÌÔ›

Statement of Net Assets Demonstração do Activo Líquido ∫·Ù¿ÛÙ·ÛË ∫·ı·ÚÔ‡ ∂ÓÂÚÁËÙÈÎÔ‡ 130-155

Statement of operations Declaração das operações ∫·Ù¿ÛÙ·ÛË ÂÚÁ·ÛÈÒÓ

and changes in Net Assets e alterações no Activo Líquido Î·È ÌÂÙ·‚ÔÏÒÓ ∫·ı·ÚÔ‡ ∂ÓÂÚÁËÙÈÎÔ‡ 156-169 Notes to the Financial Statements Notas às Demonstrações Financeiras ™ËÌÂÈÒÛÂȘ ÛÙȘ √ÈÎÔÓÔÌÈΤ˜ ∫·Ù·ÛÙ¿ÛÂȘ 170-267 Independent Auditor’s Report Relatório dos Auditores Independentes ŒÎıÂÛË ∞ÓÂÍ¿ÚÙËÙÔ˘ ∂ÏÂÁÎÙ‹ 268-270

Report of the Custodian Relatório do Depositário ŒÎıÂÛË £ÂÌ·ÙÔʇϷη 271

Notices and Reports Avisos e Relatórios ∞Ó·ÎÔÈÓÒÛÂȘ Î·È ∂Îı¤ÛÂȘ 272

Total Expense Ratio Rácio de Despesas Totais ¢Â›ÎÙ˘ ™˘ÓÔÏÈÎÒÓ ∂Ífi‰ˆÓ 273-276

5, Allée Scheffer,

L-2520 Luxembourg

Crédit Agricole Asset Management Luxembourg S.A.

5, Allée Scheffer,

L-2520 Luxembourg

Mr Alain Massiera, Managing Director,

Crédit Agricole (Suisse) S.A.

Mr Paul Henri de la Porte du Theil,

Deputy Chief Executive Officer

Crédit Agricole Asset Management, Paris

Mr Bruno de Felcourt, Independent Adviser

Mr Francis Candylaftis, Managing Director,

Crédit Agricole Asset Management SGR S.p.A., Milan

Until / Até / Œˆ˜ ÙȘ 22/06/07

Mr Bruno Calmettes, Central Manager,

Marketing and Wealth Management,

Banque de Gestion Privée Indosuez, Paris

Mr Etienne Clément, Deputy Chief Executive Officer,

Head of Sales & Marketing Departments, CPR Asset Management, Paris

Mr Michel Escalera, Chief Executive Officer,

Crédit Agricole Asset Management Distribución Agencia de Valores, Madrid

Mr Gérard Griseti, Senior Vice President,

Crédit Foncier de Monaco, Monaco

Mr Gilles Martinengo, Head of Marketing & Investment Departments,

Crédit Agricole (Suisse) S.A., Switzerland

Mr Saverio Perissinotto, Co-General Manager

Banca Intesa Private Banking S.p.A., Milan

Until / Até / Œˆ˜ ÙȘ 19/01/07

Mr Jean-François Pinçon, Head of International Business Development,

Crédit Agricole Asset Management, Paris

Mr Michel de Robillard, Member of the Executive Committee

Crédit Agricole Luxembourg S.A., Luxembourg

Registered office

Sede social

Œ‰Ú· ∂Ù·ÈÚ›·˜

Management company

Sociedade gestora

∂Ù·ÈÚ›· ¢È·¯Â›ÚÈÛ˘

Board of Directors

Conselho de Administração

¢ÈÔÈÎËÙÈÎfi ™˘Ì‚Ô‡ÏÈÔ

Chairman

Presidente

¶Úfi‰ÚÔ˜

Vice-Chairman

Vice-Presidente

∞ÓÙÈÚfi‰ÚÔ˜

Directors

Administradores

ª¤ÏË ÙÔ˘ ¢ÈÔÈÎËÙÈÎÔ‡ ™˘Ì‚Ô˘Ï›Ô˘

Management and Administration

Gestão e Administração / ¢È·¯Â›ÚÈÛË Î·È ¢ÈÔ›ÎËÛË

Management and Administration

Gestão e Administração / ¢È·¯Â›ÚÈÛË Î·È ¢ÈÔ›ÎËÛË

Mr Philippe Zaouati, Head of Marketing,

Crédit Agricole Asset Management, Paris

As from / Desde / ∞fi ÙȘ 05/10/06

Until / Até / Œˆ˜ ÙȘ 31/05/07

Mrs Christine Moser, Head of Sales France,

Crédit Agricole Asset Management, Paris

As from / Desde / ∞fi ÙȘ 22/06/07

Mr Gabriele Tavanazzani, Head of Sales & Marketing Department,

Crédit Agricole Asset Management SGR S.p.A.

As from / Desde / ∞fi ÙȘ 22/06/07

Mr Guillaume Abel, Head of Client Servicing,

Crédit Agricole Asset Management, Paris

Mr Philippe Zaouati, Head of Marketing,

Crédit Agricole Asset Management, Paris

Until / Até / Œˆ˜ ÙȘ 20/11/06

Mr Dominique Couasse, General Manager,

Crédit Agricole Asset Management Luxembourg S.A., Luxembourg

As from / Desde / ∞fi ÙȘ 20/11/06

CACEIS Bank Luxembourg

5, Allée Scheffer, L-2520 Luxembourg

CACEIS Bank Luxembourg

5, Allée Scheffer, L-2520 Luxembourg

Crédit Agricole Asset Management

90, boulevard Pasteur , 75015 Paris, France

Crédit Agricole Asset Management Hong Kong Ltd

1, Exchange Square, Central Hong Kong

Crédit Agricole Asset Management Japan Ltd

1-2-2, Uchisaiwaicho Chiyoda-Ku, Tokyo 100-0011 Japan

As from / Desde / ∞fi ÙȘ 15/12/06

Crédit Agricole Asset Management SGR S.p.A.

21, Via Brera, 20121 Milan, Italy

Crédit Agricole Asset Management Fondos S.A., S.G.I.I.C.

1, Paseo de la Castellana, 28046 Madrid, Spain

General Managers

Directores Gerais

°ÂÓÈÎÔ› ¢È¢ı˘ÓÙ¤˜

Custodian

Depositário

£ÂÌ·ÙÔʇϷη˜

Administrative agent

Agente administrativo

¶Ú¿ÎÙÔÚ·˜ ¢ÈÔ›ÎËÛ˘

Investment managers

Gestores de investimento

¢È·¯ÂÈÚÈÛÙ¤˜ ∂ÂÓ‰‡ÛˆÓ

Crédit Agricole (Suisse) S.A.

4, quai Général Guisan, 1204 Geneva, Switzerland

Emerging Markets Management

1001, 19th Street North, 16th Floor, Arlington, Virginia 22209-1722 USA

Integral Development Asset Management

166, rue de Rivoli, F-75001 Paris, France

As from / Desde / ∞fi ÙȘ 15/12/06

CPR Asset Management

10, place des Cinq Martyrs du lycée Buffon

F-75015 Paris, France

Resona Trust & Banking Company Ltd

1-2, Otemachi 1-Chome, Chiyoda-ku, Tokyo

100-8112 Japan

Crédit Agricole Asset Management (CAAM) London Branch

41 Lothbury, London EC2R 7HF, United Kingdom

As from / Desde / ∞fi ÙȘ 30/06/06

Victory Capital Management Inc.

127 Public Square, 20th Floor

Cleveland, OH 44114-1306, USA

Crédit Agricole Asset Management Singapore Ltd

168, Robinson Road #22-03, Capital Tower, Singapore 068912

As from / Desde / ∞fi ÙȘ 03/07/06

PricewaterhouseCoopers S.à r.l.

Réviseur d’entreprises

400 route d’Esch, L-1471 Luxembourg

Linklaters Loesch

4, rue Carlo Hemmer

L-1011 Luxembourg

Meinl Bank A.G.

Bauernmarkt 2, 1014 Vienna, Austria

Fund Administration Service and Technology Network Belgium

Avenue du Port / Havenlaan 86 C/320, B-1000 Brussels, Belgium

Investment sub-managers

Sub-gestores de investimento

¢È·¯ÂÈÚÈÛÙ¤˜ ∂ÂÓ‰‡ÛÂˆÓ ∂È̤ÚÔ˘˜

∞ÌÔÈ‚·›ˆÓ ∫ÂÊ·Ï·›ˆÓ

Auditor of the Fund

Auditor do Fundo

∂ÏÂÁÎÙ‹˜ ÙÔ˘ ∞ÌÔÈ‚·›Ô˘ ∫ÂÊ·Ï·›Ô˘

Legal Advisers

Consultores Jurídicos

¡ÔÌÈÎÔ› ™‡Ì‚Ô˘ÏÔÈ

Paying and Information Agent in Austria

Agente de Pagamento e de Informação

na Áustria

¶Ú¿ÎÙÔÚ·˜ ¶ÏËÚˆÌÒÓ Î·È ¶ÏËÚÔÊÔÚÈÒÓ

ÛÙËÓ ∞˘ÛÙÚ›·

Financial Agent in Belgium

Agente Financeiro na Bélgica

ÃÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎfi˜ ¶Ú¿ÎÙÔÚ·˜ ÛÙÔ

μ¤ÏÁÈÔ

Management and Administration

Gestão e Administração / ¢È·¯Â›ÚÈÛË Î·È ¢ÈÔ›ÎËÛË

CACEIS Bank

1/3, place Valhubert, F-75206 Paris Cedex 13, France

LINKLATERS OPPENHOFF & RÄDLER

Mainzer Landstrasse 16

D-60325 Frankfurt am Main

Marcard, Stein & Co. GmbH & Co. KG

Ballindam 36, 20095 Hamburg

Emporiki Bank of Greece

11 Sofokleous Str., 102 35 Athens, Greece

Emporiki Asset Management M.F.M.C.

45, Mitropoleos Street, 105 56 Athens, Greece

Crédit Agricole Asset Management Hong Kong Ltd

26th Floor, 1, Exchange Square

Central Hong Kong

Fund Administration Service and Technology Network Netherlands

De Ruyterkade 6, 1013 AA Amsterdam, The Netherlands

Crédit Agricole Asset Management Fondos S.A., S.G.I.I.C.

Paeso de la Castellana 1, 28046 Madrid, Spain

Crédit Agricole (Suisse) S.A.

4 Quai Général Guisan

CH-1204, Geneva, Switzerland

Centralizing Agent in France

Agente de Centralização em França

∫ÂÓÙÚÈÎfi˜ ¶Ú¿ÎÙÔÚ·˜ ÛÙË °·ÏÏ›·

Legal Representative in Germany

Representante Legal na Alemanha

¡ÔÌÈÎfi˜ ∞ÓÙÈÚfiÛˆÔ˜ ÛÙË °ÂÚÌ·Ó›·

Paying and Information Agent in Germany

Agente de Pagamento e de Informação

na Alemanha

¶Ú¿ÎÙÔÚ·˜ ¶ÏËÚˆÌÒÓ Î·È ¶ÏËÚÔÊÔÚÈÒÓ

ÛÙË °ÂÚÌ·Ó›·

Paying Agent in Greece

Agente de Pagamento na Grécia

¶Ú¿ÎÙÔÚ·˜ ¶ÏËÚˆÌÒÓ ÛÙËÓ ∂ÏÏ¿‰·

Representative in Greece

Representante na Grécia

∞ÓÙÈÚfiÛˆÔ˜ ÛÙËÓ ∂ÏÏ¿‰·

Representative in Hong Kong

Representante em Hong Kong

∞ÓÙÈÚfiÛˆÔ˜ ÛÙÔ ÃÔÓÁÎ-∫ÔÓÁÎ

Representative in The Netherlands

Representante nos Países Baixos

∞ÓÙÈÚfiÛˆÔ˜ ÛÙËÓ √ÏÏ·Ó‰›·

Representative in Spain

Representante em Espanha

∞ÓÙÈÚfiÛˆÔ˜ ÛÙËÓ πÛ·Ó›·

Representative in Switzerland

Representante na Suíça

∞ÓÙÈÚfiÛˆÔ˜ ÛÙËÓ ∂Ï‚ÂÙ›·

Changes in investment managers

Alterações nos gestores de investimento / ∞ÏÏ·Á¤˜ ¢È·¯ÂÈÚÈÛÙÒÓ ∂ÂÓ‰‡ÛˆÓ

Sub-funds

Manager

Change

Effective date

Sub-fundos

Gestor

Alteração

Data de entrada em

vigor

∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È·

¢È·¯ÂÈÚÈÛÙ‹˜

∞ÏÏ·Á‹

∏ÌÂÚÔÌËÓ›·

¤Ó·Ú͢ ÈÛ¯‡Ô˜

CAAM Funds Global Finance

-

CAAM London

15/12/06

CAAM Funds US Quant

(previously CAAM Funds US Smaller Companies)

-

CPR AM

15/12/06

CAAM Funds Global Quant

(previously CAAM Funds Global Smaller Companies)

-

CPR AM

15/12/06

CAAM Funds Japan Quant

(previously CAAM Funds Japan Smaller Companies)

-

CPR AM

15/12/06

CAAM Funds Japan Growth

(previously CAAM Funds Japan)

-

CAAM Japan

15/12/06

New Sub-Funds / Sub-Fundos Novos / ¡¤· ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›· ∫ÂÊ¿Ï·È·

CAAM Funds Dynarbitrage High Yield

CAAM

-

08/12/06

CAAM Funds Dynarbitrage Select

CAAM

-

08/12/06

CAAM Funds Gems World

CAAM

-

19/04/07

CAAM Funds Volatility Equities

CAAM

-

13/11/06

CAAM Funds Dynarbitrage Forex (USD)

CAAM London

-

31/07/06

CAAM Funds Gems World Hedged

CAAM London

-

19/04/07

CAAM Funds Dynarbitrage VaR 4 (USD)

CAAM London

-

15/12/06

CAAM Funds LDI Index Linked Plus (GBP)

CAAM London

-

23/10/06

CAAM Funds LDI Gilt Plus (GBP)

CAAM London

-

23/10/06

CAAM Funds Dynarbitrage International

CAAM London

-

19/04/07

CAAM Funds Aqua Global

IDEAM

-

15/12/06

CAAM Funds Euro SRI

IDEAM

-

15/12/06

CAAM Funds ASEAN New Markets

CAAM Hong Kong

-

19/04/07

CAAM Funds Dynarbitrage Forex Asia Pacific

CAAM Hong Kong

-

31/07/06

CAAM Funds Asia Pacific Quant

CPR AM

-

14/11/06

Sub-Managers / Sub-Gestores / ¢È·¯ÂÈÚÈÛÙ¤˜ ∂È̤ÚÔ˘˜ ∞ÌÔÈ‚·›ˆÓ ∫ÂÊ·Ï·›ˆÓ

CAAM Funds ASEAN New Markets

CAAM Singapore

-

03/07/06

CAAM Funds Asian Income

CAAM Singapore

-

03/07/06

CAAM Funds Thailand

CAAM Singapore

-

03/07/06

CAAM Funds Dynarbitrage Forex Asia Pacific

CAAM Singapore

-

31/07/06

Chairman’s report

at 30 June 2007

ECONOMIC AND FINANCIAL ENVIRONMENT

World growth has remained steady owing to the dynamism of Europe and Asia. The US economy, now under the effects of the real estate market cor-rection, is still below long-term trends.

WORLD GROWTH

Driven by the sharp correction suffered by the real estate market, which had an impact on household spending, the US economy went into a slowdown in 2006. Growth fell below long-term levels, a trend which consolidated at the beginning of 2007. However, strong consumer spending has limited the con-sequences of the real estate crisis on the rest of the economy. Good perform-ance of leading indicators in the second quarter of 2007 would point to a rebound in US economic activity.

Pushed by domestic demand, the Eurozone continued to register sustained growth in the second half of 2006. In the first quarter of 2007, economic indi-cators stayed positive, confirming the robustness of economic growth. The reactivation of the Eurozone is still being driven by Germany, which is back in its role of locomotive. France, on the other hand, is still at below-average activity levels, hurt by weak exports. The European Central Bank (ECB) has continued the upward cycle in interest rates it began in December 2005, with the refinancing rate at 4% in June 2007.

The year 2006 confirmed the rebound in the Japanese economy. The first quarter of 2007 confirmed the trend with first quarter Gross Domestic Product (GDP) figures revised upwards from 0.6 to 0.8% (on the heels of a 1.2% for the fourth quarter of 2006) owing to the strong upwards correction in private investment. The gradual recovery from the deflation period has led the Bank of Japan to give up its zero interest rate policy. The Japanese central bank has raised by 25 bp its basic interest rate for the second time up to 0.50%. Emerging markets have continued to show solid growth rates, driven by the strength of the world economy, rising raw materials prices and their own improvements in fundamentals. Emerging Asia, particularly China and India, have continued to show impressive dynamism.

Source: Crédit Agricole S.A. (p) forecasts

TRENDS IN INTEREST RATES

Since August 2006, the Federal Reserve has set aside its cycle of monetary adjustment and maintained its interest rate for federal funds unchanged at 5.25%. The ECB has continued the cycle of raising interest rates begun in December 2005. In June 2007 it increased the repo rate by 25 bp, which now stands at 4.00%. The Bank of Japan has abandoned its zero interest rate pol-icy, having raised its basic interest rate twice since 2006, and it now stands at 0.50%.

The end of the US monetary tightening triggered a substantial drop in long-term rates in the US, a trend which lasted until the end of November. The robustness of economic data, with the subsequent fading of hopes for a quick cut of short-term rates, generated pressures in December on fixed income rates, which closed down, however, in the second half of 2006. Euro-pean fixed income markets have partially participated in the US rally, in spite

Perspectives for a reactivation of growth in the US, along with the strength of economic activity in Europe, revived inflationary fears in the middle of the first half of 2007. Investors have given up hope of an interest rate cut by the Fed during the year, and they have revised upwards their projections for short-term rates in Europe. This environment has caused a sharp rise in long-short-term rates.

Source: Datastream

TRENDS IN MAIN EQUITY MARKETS

Hope for a soft landing in the US economy and the continuing prospects for positive growth in Europe and emerging countries have driven up equity mar-kets, which have also benefited from intense Mergers and Acquisitions (M&A) activity. Equity markets closed 2006 up for the fourth consecutive year.

Stock exchanges have continued to be bullish and started 2007 with contin-uous rises. The situation suddenly turned around in the last few days of Feb-ruary, when all stock markets underwent a heavy correction. Markets began to bounce back in mid-March, driven by the recovery of macroeconomic fore-casts in the US, upward revisions of earnings forefore-casts and an environment still favourable to M&A activity. The rally subsided in June because of the sharp rise in long-term rates and the worries caused by the subprime mort-gage market in the US. Nevertheless, equity markets closed the first half of 2007 up.

* net dividends reinvested Source: Datastream

Luxembourg, 30 October 2007 Alain Massiera

Chairman of the Board of Directors

The information and statistics contained in this report are presented for

MAIN EQUITY MARKETS

30/06/2006 29/06/2007 Variation in Variation local currency in EUR United States (S&P 500 Composite) 1270.2 1503.35 18.36% 12.06% Eurozone (MSCI Emu)* 238.305 308.26 29.36% 29.36% Europe (Dow Jones Stoxx 50)* 5216.5 6588.953 26.31% 26.31% Japan (Tokyo SE Topix) 1586.96 1774.88 11.84% -2.03% France (SBF 120)* 4911.76 6176.51 25.75% 25.75% Germany (Dax 30) 5683.31 8007.32 40.89% 40.89% Spain (IBEX 35) 11548.1 14892 28.96% 28.96% United Kingdom (FT 100) 5833.42 6607.9 13.28% 16.34%

Short-Term Rates Long-Term Rates (3 months) (10- year goverment bonds)

30/06/ 29/06/ Deviation 30/06/ 29/06/ Deviation 2006 2007 in Basic 2006 2007 in Basic points points United States 5.43 5.34 -9 5.14 5.03 -10 Japan 0.35 0.73 39 1.91 1.87 -4 Eurozone 3.06 4.18 112 4.08 4.62 54 United Kingdom 4.70 5.98 127 4.72 5.46 74 GDP Inflation 2006 2007 (p) 2008 (p) 2006 2007 (p) 2008 (p) United States 3.3 2.0 2.8 3.2 2.6 2.3 Eurozone 2.9 2.7 2.3 2.2 2.0 2.0 United Kingdom 2.8 2.8 2.2 2.3 2.5 2.2 Japan 2.2 2.5 2.1 0.1 0.0 0.5

AMBIENTE ECONÓMICO E FINANCEIRO

O crescimento mundial manteve-se estável devido ao dinamismo da Europa e Ásia. A economia dos Estados Unidos, agora sob os efeitos do ajuste do mercado imobiliário, continua abaixo das tendências de longo prazo.

CRESCIMENTO MUNDIAL

Fruto do acentuado ajuste do mercado imobiliário, com um consequente impacto na despesa das famílias, a economia dos EU entrou num abranda-mento no ano de 2006. O crescimente caiu abaixo dos níveis de longo prazo, uma tendência que se consolidou no início do ano de 2007. Contudo, os ele-vados gastos dos consumidores limitaram as consequências da crise do sec-tor imobiliário na restante economia. O bom desempenho dos indicadores de referência no segundo trimestre de 2007, revelariam um retorno da actividade económica dos EU.

Estimulada pela procura doméstica, a Zona Euro continuou a registar um cres-cimento sustentado no segundo semestre do ano de 2006. No primeiro tris-mestre de 2007, os indicadores económicos mantiveram-se positivos, confirmando a robustez do crescimento económico. A reactivação da Zona Euro continua a ser impulsionada pela Alemanha, que regressou ao seu papel de locomotiva. A França, por outro lado, ainda está abaixo dos níveis médios de actividade, prejudicada por fracas exportações. O Banco Central Europeu (BCE) deu continuidade ao ciclo de subida das taxas de juro que tinha inicia-do em Dezembro de 2005, com a taxa de refinanciamento em 4% em Junho de 2007.

O ano de 2006 confirmou a recuperação da economia japonesa. O primeiro trimestre de 2007 comprovou essa tendência, com o Produto Interno Bruto (PIB) do primeiro trimestre a registar uma subida de 0,6 para 0,8% (abaixo dos 1,2% registados no quarto trimestre de 2006) devido ao forte ajuste positivo verificada no investimento privado. A recuperação gradual do período de deflação levou o Banco do Japão a desistir da sua política de taxa de juro zero. Pela segunda vez, o banco central japonês subiu em 25 pb a sua taxa de juro base para 0,50%.

Os mercados emergentes continuaram a demonstrar sólidas taxas de cresci-mento, fruto da força da economia mundial, da subida dos preços das maté-rias-primas e dos seus próprios melhoramentos nos primários. A Ásia emergente, nomeadamente a China e a Índia, continuam a demonstrar um impressionante dinamismo.

Fonte: Crédit Agricole S.A. (p) previsões

EVOLUÇÃO DAS TAXAS DE JURO

Desde Agosto de 2006, a Reserva Federal interrompeu o seu ciclo de ajus-te monetário e manajus-teve a sua taxa de juro para fundos federais inalajus-terada em 5,25%. O BCE deu continuidade ao ciclo de subida das taxas de juro que tinha iniciado em Dezembro de 2005. Em Junho de 2007, subiu a taxa de repo em 25 pb, mantendo-se actualmente nos 4,00%. O Banco do Japão abandonou a sua política de taxa de juro zero, tendo subido a sua taxa de juro base duas vezes desde 2006, permanecendo actualmente nos 0,50%. O fim do aperto monetário dos EU, desencadeou uma queda substancial nas taxas de juro de longo prazo nos EU, tendência que se manteve até finais de Novembro. A robustez dos dados económicos, com o subsequen-te desvanecimento da esperança de um rápido corsubsequen-te das taxas de longo prazo, fez com que em Dezembro se gerassem pressões sobre as taxas de

rendimento fixo, que, contudo, no segunde semestre de 2006, fecharam em baixa. Os mercados de rendimento fixo europeus, particiaparam parcialmen-te no desempenho dos EU, apesar da divergência dos ciclos em cada um dos lados do Atlântico.

Perspectivas de uma reactivação do crescimento nos Estados Unidos, em simultâneo com o fortalecimento da actividade económica na Europa, reavi-varam receios inflacionários em meados do primeiro semestre de 2007. Investidores abandonaram a esperança de um corte da taxa de juro pelo Fed durante o ano, e fizeram uma revisão positiva das suas projecções para taxas de juro de curto prazo na Europa. Este ambiente provocou uma sub-ida acentuada nas taxas de longo prazo.

Fonte: Datastream

EVOLUÇÃO DOS PRINCIPAIS MERCADOS DE ACÇÕES

A esperança de um final suave para a economia dos EU e as prespectivas de um continuado crescimento positivo na Europa e nos países emergentes fizeram crescer os mercados de acções, que beneficiaram igualmente da intensa actividade de Fusões e Aquisições (F&A). Pelo quarto ano consecu-tivo, os mercados de acções fecharam em alta em 2006.

As bolsas de valores continuaram em alta e iniciaram o ano de 2007 com subidas constantes. De repente, a situação inverteu-se nos últimos dias de Fevereiro, quando todas as bolsas de valores sofreram um forte ajuste. Os mercados começaram a restabelecer-se em meados de Março devido à recuperação das previsões macroeconómicas nos EU, às revisões positivas das previsões de receitas e um ambiente ainda favorável para a actividade de F&A. A recuperação abrandou em Junho devido à acentuada subida das taxas de longo prazo e às preocupações no mercado hipotecário subprime nos EU. Não obstante, os mercados de acções fecharam o primeiro semes-tre de 2007 em alta.

* dividendos líquidos reinvestidos Fonte: Datastream

Luxemburgo, 30 de Outubro de 2007 Alain Massiera

Presidente do Conselho de Administração

A informação e as estatísticas contidas no presente relatório são apresenta-das apenas a título histórico e não são indicativas de resultados futuros.

PRINCIPAIS MERCADOS DE ACÇÕES

30/06/2006 29/06/2007 Variação em Variação moeda local em EUR Estados Unidos

(S&P 500 Composite) 1270,2 1503,35 18,36% 12,06% Zona Euro (MSCI Emu)* 238,305 308,26 29,36% 29,36% Europa (Dow Jones Stoxx 50)* 5216,5 6588,953 26,31% 26,31% Japão (Tokyo SE Topix) 1586,96 1774,88 11,84% -2,03% França (SBF 120)* 4911,76 6176,51 25,75% 25,75% Alemanha (Dax 30) 5683,31 8007,32 40,89% 40,89% Espanha (IBEX 35) 11548,1 14892 28,96% 28,96% Reino Unido (FT 100) 5833,42 6607,9 13,28% 16,34% Taxas de Curto Prazo Taxas de Longo Prazo

(3 meses) (obrigações governamentais a 10 anos) 30/06/ 29/06/ Desvio em 30/06/ 29/06/ Desvio em 2006 2007 Pontos 2006 2007 Pontos base base Estados Unidos 5,43 5,34 -9 5,14 5,03 -10 Japão 0,35 0,73 39 1,91 1,87 -4 Zona Euro 3,06 4,18 112 4,08 4,62 54 Reino Unido 4,70 5,98 127 4,72 5,46 74 PIB Inflação 2006 2007 (p) 2008 (p) 2006 2007 (p) 2008 (p) Estados Unidos 3,3 2,0 2,8 3,2 2,6 2,3 Zona Euro 2,9 2,7 2,3 2,2 2,0 2,0 Reino Unido 2,8 2,8 2,2 2,3 2,5 2,2 Japão 2,2 2,5 2,1 0,1 0,0 0,5

Relatório do Presidente

em 30 de Junho de 2007

ŒÎıÂÛË ÙÔ˘ ¶ÚÔ¤‰ÚÔ˘

ÛÙȘ 30 πÔ˘Ó›Ô˘ 2007

√π∫√¡√ªπ∫√ ∫∞π Ã∏ª∞Δ√√π∫√¡√ªπ∫√ ¶∂ƒπμ∞§§√¡ ∏ ·ÁÎfiÛÌÈ· ·Ó¿Ù˘ÍË ‰È·ÙËÚ‹ıËΠÛÙ·ıÂÚ‹ ¯¿ÚË ÛÙÔ ‰˘Ó·ÌÈÛÌfi Ù˘ ∂˘ÚÒ˘ Î·È Ù˘ ∞Û›·˜. ∏ ÔÈÎÔÓÔÌ›· ÙˆÓ ∏.¶.∞., Ë ÔÔ›· ˘Ê›ÛÙ·Ù·È ·ÎfiÌ· ÙȘ ÂÈÙÒÛÂȘ ·fi ÙË ‰ÈfiÚıˆÛË ÛÙËÓ ·ÁÔÚ¿ ·ÎÈÓ‹ÙˆÓ, ÂÍ·ÎÔÏÔ˘ı› Ó· Î˘Ì·›ÓÂÙ·È ¯·ÌËÏfiÙÂÚ· ·fi ÙȘ Ì·ÎÚÔÚfiÛıÂÛ̘ Ù¿ÛÂȘ. ∞¡∞¶ΔÀ•∏ ™∂ ¶∞°∫√™ªπ√ ∂¶π¶∂¢√ ªÂ ·ÊÔÚÌ‹ ÙËÓ ÔÍ›· ‰ÈfiÚıˆÛË Ô˘ ˘¤ÛÙË Ë ·ÁÔÚ¿ ·ÎÈÓ‹ÙˆÓ, Ë ÔÔ›· ›¯Â ·ÓÙ›ÎÙ˘Ô ÛÙȘ ‰·¿Ó˜ ÙˆÓ ÓÔÈÎÔ΢ÚÈÒÓ, Ë ÔÈÎÔÓÔÌ›· ÙˆÓ ∏.¶.∞. ÂÚÈ‹Ïı Û ‡ÊÂÛË ÙÔ 2006. ∏ ·Ó¿Ù˘ÍË ˘Ô¯ÒÚËÛ οو ·fi Ù· Ì·ÎÚÔÚfiıÂÛÌ· Â›‰·, Ù¿ÛË Ô˘ ÛÙ·ıÂÚÔÔÈ‹ıËΠÛÙȘ ·Ú¯¤˜ ÙÔ˘ 2007. øÛÙfiÛÔ, ÔÈ ÈÛ¯˘Ú¤˜ ηٷӷψÙÈΤ˜ ‰·¿Ó˜ ÂÚÈfiÚÈÛ·Ó ÙȘ ÂÈÙÒÛÂȘ ·fi ÙËÓ ÎÚ›ÛË Ô˘ ¤ÏËÍ ÙËÓ ·ÁÔÚ¿ ·ÎÈÓ‹ÙˆÓ ÛÙÔ˘˜ ˘fiÏÔÈÔ˘˜ ÙÔÌ›˜ Ù˘ ÔÈÎÔÓÔÌ›·˜. ∏ ÈηÓÔÔÈËÙÈ΋ ·fi‰ÔÛË ÙˆÓ ÎÔÚ˘Ê·›ˆÓ ‰ÂÈÎÙÒÓ ÛÙÔ ‰Â‡ÙÂÚÔ ÙÚ›ÌËÓÔ ÙÔ˘ 2007 Èı·ÓfiÓ Ó· ˘Ô‰ÂÈÎÓ‡Ô˘Ó ·Ó¿Î·Ì„Ë Ù˘ ÔÈÎÔÓÔÌÈ΋˜ ‰Ú·ÛÙËÚÈfiÙËÙ·˜ ÛÙȘ ∏.¶.∞. ∂ÓÈÛ¯˘Ì¤ÓË ·fi ÙËÓ ÂÁ¯ÒÚÈ· ˙‹ÙËÛË, Ë ∂˘Úˆ˙ÒÓË ÂÍ·ÎÔÏÔ‡ıËÛ ӷ ·ÚÔ˘ÛÈ¿˙ÂÈ ÛÙ·ıÂÚ‹ ·Ó¿Ù˘ÍË ÛÙÔ ‰Â‡ÙÂÚÔ ÂÍ¿ÌËÓÔ ÙÔ˘ 2006. ™ÙÔ ÚÒÙÔ ÙÚ›ÌËÓÔ ÙÔ˘ 2007 ÔÈ ÔÈÎÔÓÔÌÈÎÔ› ‰Â›ÎÙ˜ ·Ú¤ÌÂÈÓ·Ó ıÂÙÈÎÔ›, ÂȂ‚·ÈÒÓÔÓÙ·˜ ÙËÓ Â˘ÚˆÛÙ›· Ù˘ ÔÈÎÔÓÔÌÈ΋˜ ·Ó¿Ù˘Í˘. ∏ ·Ó·˙ˆ‡ÚˆÛË Ù˘ ‰Ú·ÛÙËÚÈfiÙËÙ·˜ ÛÙËÓ ∂˘Úˆ˙ÒÓË ÂÍ·ÎÔÏÔ˘ı› Ó· ÔÊ›ÏÂÙ·È Î·Ù¿ ·ÚÈÔ ÏfiÁÔ ÛÙË °ÂÚÌ·Ó›·, Ë ÔÔ›· Â¤ÛÙÚ„ ÛÙÔ ÚfiÏÔ Ù˘ ˆ˜ ÎÈÓËÙ‹ÚÈ· ‰‡Ó·ÌË. ∞fi ÙËÓ ¿ÏÏË ÏÂ˘Ú¿, Ë ‰Ú·ÛÙËÚÈfiÙËÙ· ÛÙË °·ÏÏ›· Î˘Ì·›ÓÂÙ·È ·ÎfiÌ· Û Â›‰· οو ÙÔ˘ ̤ÛÔ˘ fiÚÔ˘, ¤¯ÔÓÙ·˜ ˘ÔÛÙ› Ï‹ÁÌ· ·fi ÙȘ ·ÛıÂÓ›˜ ÂÍ·ÁˆÁ¤˜. ∏ ∂˘Úˆ·˚΋ ∫ÂÓÙÚÈ΋ ΔÚ¿Â˙· (∂.∫.Δ.) Û˘Ó¤¯ÈÛ ÙÔÓ Î‡ÎÏÔ ·‡ÍËÛ˘ ÙˆÓ ÂÈÙÔΛˆÓ Ô˘ ÂÁηÈÓ›·Û ÙÔÓ ¢ÂΤ̂ÚÈÔ ÙÔ˘ 2005, Ì ÙÔ ÂÈÙfiÎÈÔ ·Ó·¯ÚËÌ·ÙÔ‰fiÙËÛ˘ Ó· ‰È·ÌÔÚÊÒÓÂÙ·È ÛÙÔ 4% ÙÔÓ πÔ‡ÓÈÔ ÙÔ˘ 2007. ΔÔ 2006 ¯·Ú·ÎÙËÚ›ÛÙËΠ·fi ÙËÓ ·Ó¿Î·Ì„Ë Ù˘ È·ˆÓÈ΋˜ ÔÈÎÔÓÔÌ›·˜. ΔÔ ÚÒÙÔ ÙÚ›ÌËÓÔ ÙÔ˘ 2007 ÂȂ‚·›ˆÛ ÙËÓ Ù¿ÛË, ηıÒ˜ Ú·ÁÌ·ÙÔÔÈ‹ıËΠÚÔ˜ Ù· ¿Óˆ ·Ó·ıÂÒÚËÛË ÙˆÓ ÛÙÔȯ›ˆÓ Ô˘ ·ÊÔÚÔ‡Û·Ó ÙÔ ∞ηı¿ÚÈÛÙÔ ∂Á¯ÒÚÈÔ ¶ÚÔ˚fiÓ (∞.∂.¶.) ÙÔ˘ ÚÒÙÔ˘ ÙÚÈÌ‹ÓÔ˘, ·fi 0,6 Û 0,8%, (·Ì¤Ûˆ˜ ÌÂÙ¿ ÙËÓ ¿ÓÔ‰Ô Î·Ù¿ 1,2% ÁÈ· ÙÔ Ù¤Ù·ÚÙÔ ÙÚ›ÌËÓÔ ÙÔ˘ 2006) ¯¿ÚË ÛÙËÓ ÈÛ¯˘Ú‹ ‰ÈfiÚıˆÛË ÚÔ˜ Ù· ¿Óˆ Ô˘ ÛËÌÂÈÒıËΠÛÙÔÓ ÙÔ̤· ÂÂÓ‰‡ÛÂˆÓ Û ȉȈÙÈο ÎÂÊ¿Ï·È·. ∏ ÛÙ·‰È·Î‹ ·Ó¿Î·Ì„Ë ·fi ÙËÓ ÂÚ›Ô‰Ô ·ÔÏËıˆÚÈÛÌÔ‡ Ô‰‹ÁËÛ ÙËÓ ΔÚ¿Â˙· Ù˘ π·ˆÓ›·˜ Ó· ı¤ÛÂÈ Ù¤ÏÔ˜ ÛÙËÓ ÔÏÈÙÈ΋ ÙˆÓ ÌˉÂÓÈÎÒÓ ÂÈÙÔΛˆÓ. ∏ È·ˆÓÈ΋ ÎÂÓÙÚÈ΋ ÙÚ¿Â˙· ·‡ÍËÛ ÁÈ· ‰Â‡ÙÂÚË ÊÔÚ¿ ηٿ 25 ÌÔÓ¿‰Â˜ ‚¿Û˘ ÙÔ ‚·ÛÈÎfi ÂÈÙfiÎÈÔ ‰È·ÌÔÚÊÒÓÔÓÙ¿˜ ÙÔ ÛÙÔ 0,50%. √È ·Ó·‰˘fiÌÂÓ˜ ·ÁÔÚ¤˜ ÂÍ·ÎÔÏÔ‡ıËÛ·Ó Ó· ηٷÁÚ¿ÊÔ˘Ó ÛÙ·ıÂÚ¿ ÔÛÔÛÙ¿ ·Ó¿Ù˘Í˘, ÂÓÈÛ¯˘Ì¤Ó˜ ·fi ÙËÓ Â˘ÚˆÛÙ›· Ù˘ ·ÁÎfiÛÌÈ·˜ ÔÈÎÔ-ÓÔÌ›·˜, ÙËÓ ·‡ÍËÛË ÛÙȘ ÙÈ̤˜ ÚÒÙˆÓ ˘ÏÒÓ Î·ıÒ˜ Î·È ÙË ‚ÂÏÙ›ˆÛË ÙˆÓ ‰ÈÎÒÓ ÙÔ˘˜ ıÂÌÂÏȈ‰ÒÓ ÔÈÎÔÓÔÌÈÎÒÓ ÌÂÁÂıÒÓ. √È ·Ó·‰˘fiÌÂÓ˜ ¯ÒÚ˜ ÛÙËÓ ∞Û›·, ȉ›ˆ˜ Ë ∫›Ó· Î·È Ë πÓ‰›·, Û˘Ó¤¯ÈÛ·Ó Ó· ÂȉÂÈÎÓ‡Ô˘Ó ÂÓÙ˘ˆÛȷ΋ ‰˘Ó·ÌÈ΋.

¶ËÁ‹: ¶ÚԂϤ„ÂȘ Crédit Agricole S.A. (p)

Δ∞™∂π™ ¢π∞ª√ƒºø™∏™ ∂¶πΔ√∫πø¡ ∞fi ÙÔÓ ∞‡ÁÔ˘ÛÙÔ ÙÔ˘ 2006, Ë √ÌÔÛÔӉȷ΋ ∫ÂÓÙÚÈ΋ ΔÚ¿Â˙· ÙˆÓ ∏.¶.∞. ¿ÊËÛ ηٿ ̤ÚÔ˜ ÙÔÓ Î‡ÎÏÔ ÓÔÌÈÛÌ·ÙÈÎÒÓ ·Ó·ÚÔÛ·ÚÌÔÁÒÓ Î·È ‰È·Ù‹ÚËÛ ·ÌÂÙ¿‚ÏËÙÔ ÙÔ ÂÈÙfiÎÈÔ ÙˆÓ ÔÌÔÛÔӉȷÎÒÓ Î·Ù·ı¤ÛÂˆÓ ∏.¶.∞. ÛÙÔ 5,25%. ∏ ∂.∫.Δ. Û˘Ó¤¯ÈÛ ÙÔÓ Î‡ÎÏÔ ·‡ÍËÛ˘ ÙˆÓ ÂÈÙÔΛˆÓ Ô˘ ÂÁηÈÓ›·Û ÙÔÓ ¢ÂΤ̂ÚÈÔ ÙÔ˘ 2005. ΔÔÓ πÔ‡ÓÈÔ ÙÔ˘ 2007 ·‡ÍËÛ ÙÔ ÂÈÙfiÎÈÔ ÙˆÓ Û˘ÌʈÓÈÒÓ Â·Ó·ÁÔÚ¿˜ (repo rate) ηٿ 25 ÌÔÓ¿‰Â˜ ‚¿Û˘, ÙÔ ÔÔ›Ô ‰È·ÌÔÚÊÒıËΠÛÙÔ 4,00%. ∏ ΔÚ¿Â˙· Ù˘ π·ˆÓ›·˜ ¤ıÂÛ ٤ÏÔ˜ ÛÙËÓ ÔÏÈÙÈ΋ ÙˆÓ ÌˉÂÓÈÎÒÓ ÂÈÙÔΛˆÓ, ÚÔ‚·›ÓÔÓÙ·˜ Û ‰‡Ô ·˘Í‹ÛÂȘ ÙÔ˘ ‚·ÛÈÎÔ‡ ÂÈÙÔΛԢ Ù˘ ·fi ÙÔ 2006, ÙÔ ÔÔ›Ô Î˘Ì·›ÓÂÙ·È ϤÔÓ ÛÙÔ 0,50%. ΔÔ Ù¤ÏÔ˜ Ù˘ ·˘ÛÙËÚ‹˜ ÓÔÌÈÛÌ·ÙÈ΋˜ ÔÏÈÙÈ΋˜ ÛÙȘ ∏.¶.∞. ÛËÌ·ÙÔ‰fiÙËÛ ÙËÓ Î·Ù·ÎfiÚ˘ÊË ÙÒÛË ÛÙ· Ì·ÎÚÔÚfiıÂÛÌ· ÂÈÙfiÎÈ· ∏.¶.∞., Ù¿ÛË Ô˘ ‰È‹ÚÎÂÛ ¤ˆ˜ ÙÔ Ù¤ÏÔ˜ ¡ÔÂÌ‚Ú›Ô˘. ∏ Â˘ÚˆÛÙ›· ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ‰Â‰Ô̤ӈÓ, ÛÂ Û˘Ó‰˘·ÛÌfi Ì ÙËÓ Â·ÎfiÏÔ˘ıË ‰È¿„¢ÛË ÙˆÓ ÂÏ›‰ˆÓ ÁÈ· Û‡ÓÙÔÌË Ì›ˆÛË ÙˆÓ ‚Ú·¯˘ÚfiıÂÛÌˆÓ ÂÈÙÔΛˆÓ, ¿ÛÎËÛ·Ó ȤÛÂȘ ÙÔÓ ¢ÂΤ̂ÚÈÔ ÛÙ· ÂÈÙfiÎÈ· ÛÙ·ıÂÚÔ‡ ÂÈÛÔ‰‹Ì·ÙÔ˜, ÔÈ Ôԛ˜ fï˜ ·Ì‚χÓıËÎ·Ó ÛÙÔ ‰Â‡ÙÂÚÔ ÂÍ¿ÌËÓÔ ÙÔ˘ 2006. √È Â˘Úˆ·˚Τ˜ ·ÁÔÚ¤˜ ÛÙ·ıÂÚÔ‡ ÂÈÛÔ‰‹Ì·ÙÔ˜ Û˘ÌÌÂÙ›¯·Ó Û οÔÈÔ ‚·ıÌfi ÛÙÔ Ú¿ÏÈ ÙˆÓ ÙÈÌÒÓ ÛÙȘ ∏.¶.∞., ·Ú¿ ÙËÓ ·fiÎÏÈÛË ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ Î‡ÎÏˆÓ ÛÙȘ ‰‡Ô Ï¢ڤ˜ ÙÔ˘ ∞ÙÏ·ÓÙÈÎÔ‡. √È ÚÔÔÙÈΤ˜ ÁÈ· ÙËÓ ·Ó·ı¤ÚÌ·ÓÛË Ù˘ ·Ó¿Ù˘Í˘ ÛÙȘ ∏.¶.∞., ÛÂ Û˘Ó‰˘·ÛÌfi Ì ÙËÓ ÈÛ¯‡ Ù˘ ÔÈÎÔÓÔÌÈ΋˜ ‰Ú·ÛÙËÚÈfiÙËÙ·˜ ÛÙËÓ ∂˘ÚÒË, Â·Ó¤ÊÂÚ·Ó Î·È ¿ÏÈ ÙÔ˘˜ Êfi‚Ô˘˜ ÁÈ· ¿ÓÔ‰Ô ÙÔ˘ ÏËıˆÚÈÛÌÔ‡ ÛÙ· ̤۷ ÙÔ˘ ÚÒÙÔ˘ ÂÍ·Ì‹ÓÔ˘ ÙÔ˘ 2007. √È ÂÂÓ‰˘Ù¤˜ ¤¯Ô˘Ó ¿„ÂÈ Ó· ÂÏ›˙Ô˘Ó Û Ì›ˆÛË ÙˆÓ ÂÈÙÔΛˆÓ ·fi ÙËÓ √ÌÔÛÔӉȷ΋ ∫ÂÓÙÚÈ΋ ΔÚ¿Â˙· ÙˆÓ ∏.¶.∞. ηٿ ÙË ‰È¿ÚÎÂÈ· ÙÔ˘ ¤ÙÔ˘˜ Î·È ¤¯Ô˘Ó ·Ó·ıˆڋÛÂÈ ÚÔ˜ Ù· ¿Óˆ ÙȘ ÚԂϤ„ÂȘ ÙÔ˘˜ ÁÈ· Ù· ‚Ú·¯˘ÚfiıÂÛÌ· ÂÈÙfiÎÈ· ÛÙËÓ ∂˘ÚÒË. √È Û˘ÁÎÂÎÚÈ̤Ó˜ Û˘Óı‹Î˜ ¤¯Ô˘Ó ÚÔηϤÛÂÈ Î·Ù·ÎfiÚ˘ÊË ¿ÓÔ‰Ô ÙˆÓ Ì·ÎÚÔÚfiıÂÛÌˆÓ ÂÈÙÔΛˆÓ. ¶ËÁ‹: Datastream √π Δ∞™∂π™ Δø¡ ª∂°∞§ÀΔ∂ƒø¡ ∞°√ƒø¡ ª∂Δ√Ãø¡ √È ÂÏ›‰Â˜ ÁÈ· «ÔÌ·Ï‹ ÚÔÛÁ›ˆÛË» Ù˘ ÔÈÎÔÓÔÌ›·˜ ÛÙȘ ∏.¶.∞. ηıÒ˜ Î·È ÔÈ Û˘Ó¯È˙fiÌÂÓ˜ ÚÔÔÙÈΤ˜ ıÂÙÈ΋˜ ·Ó¿Ù˘Í˘ ÛÙËÓ ∂˘ÚÒË Î·È ÙȘ ·Ó·‰˘fiÌÂÓ˜ ¯ÒÚ˜ ¤‰Ú·Û·Ó ÂÓÈÛ¯˘ÙÈο ÁÈ· ÙȘ ·ÁÔÚ¤˜ ÌÂÙÔ¯ÒÓ, ÔÈ Ôԛ˜ ÂˆÊÂÏ‹ıËÎ·Ó Â›Û˘ ·fi ÙËÓ ¤ÓÙÔÓË ‰Ú·ÛÙËÚÈfiÙËÙ· Û˘Á¯ˆÓ‡ÛÂˆÓ Î·È ÂÍ·ÁÔÚÒÓ. √È ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ ·ÁÔÚ¤˜ ¤ÎÏÂÈÛ·Ó ÙÔ 2006 Ì ¿ÓÔ‰Ô ÁÈ· ٤ٷÚÙË Û˘Ó¯‹ ¯ÚÔÓÈ¿. √È ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ ·ÁÔÚ¤˜ Û˘Ó¤¯ÈÛ·Ó ÙËÓ ·ÓÔ‰È΋ ÙÔ˘˜ ÔÚ›· ÍÂÎÈÓÒÓÙ·˜ ÙÔ 2007 Ì ·ÏÏÂ¿ÏÏËϘ ·˘Í‹ÛÂȘ. ΔÔ Îϛ̷ ÌÂÙ·ÛÙÚ¿ÊËΠ·fiÙÔÌ· ÙȘ ÙÂÏÂ˘Ù·›Â˜ Ë̤Ú˜ ÙÔ˘ ºÂ‚ÚÔ˘·Ú›Ô˘, fiÙ·Ó fiϘ ÔÈ ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ ·ÁÔÚ¤˜ ˘¤ÛÙËÛ·Ó ÛËÌ·ÓÙÈ΋ ‰ÈfiÚıˆÛË. √È ·ÁÔÚ¤˜ ¿Ú¯ÈÛ·Ó Ó· Â·Ó·Î¿ÌÙÔ˘Ó ÛÙ· ̤۷ ª·ÚÙ›Ô˘, ÂÓÈÛ¯˘Ì¤Ó˜ ·fi ÙË ‚ÂÏÙ›ˆÛË ÙˆÓ Ì·ÎÚÔÔÈÎÔÓÔÌÈÎÒÓ ÚԂϤ„ÂˆÓ ÛÙȘ ∏.¶.∞., ÙȘ ÚÔ˜ Ù· ¿Óˆ ·Ó·ıˆڋÛÂȘ ÙˆÓ ÚԂϤ„ÂˆÓ ÎÂÚ‰ÔÊÔÚ›·˜ Î·È ÙȘ ·ÎfiÌË Â˘ÓÔ˚Τ˜ Û˘Óı‹Î˜ ÁÈ· ÙË ‰Ú·ÛÙËÚÈfiÙËÙ· Û˘Á¯ˆÓ‡ÛÂˆÓ Î·È ÂÍ·ÁÔÚÒÓ. ∏ ͤÊÚÂÓË ·ÓÔ‰È΋ ÔÚ›· ÛËÌ›ˆÛÂ Î¿Ì„Ë ÙÔÓ πÔ‡ÓÈÔ ÏfiÁˆ Ù˘ ηٷÎfiÚ˘Ê˘ ·Ófi‰Ô˘ ÙˆÓ Ì·ÎÚÔÚfiıÂÛÌˆÓ ÂÈÙÔΛˆÓ Î·È ÙˆÓ ·ÓËÛ˘¯ÈÒÓ Ô˘ ÚÔοÏÂÛÂ Ë ·ÁÔÚ¿ ÂÓ˘fiıËÎˆÓ ‰·Ó›ˆÓ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘ ÛÙȘ ∏.¶.∞. ¶·ÚfiÏ’ ·˘Ù¿, ÔÈ ·ÁÔÚ¤˜ ÌÂÙÔ¯ÒÓ ¤ÎÏÂÈÛ·Ó ÙÔ ÚÒÙÔ ÂÍ¿ÌËÓÔ ÙÔ˘ 2007 Ì ΤډË. μÚ·¯˘ÚfiıÂÛÌ· ÂÈÙfiÎÈ· ª·ÎÚÔÚfiıÂÛÌ· ÂÈÙfiÎÈ· (3 ÌËÓÒÓ) (10ÂÙ‹ ÎÚ·ÙÈο ÔÌfiÏÔÁ·) 30/06/ 29/06/ ∞fiÎÏÈÛË 30/06/ 29/06/ ∞fiÎÏÈÛË 2006 2007 Û ÌÔÓ¿‰Â˜ 2006 2007 Û ÌÔÓ¿‰Â˜ ‚¿Û˘ ‚¿Û˘ ∏ӈ̤Ó˜ ¶ÔÏÈÙ›˜ 5,43 5,34 -9 5,14 5,03 -10 π·ˆÓ›· 0,35 0,73 39 1,91 1,87 -4 ∂˘Úˆ˙ÒÓË 3,06 4,18 112 4,08 4,62 54 ∏ӈ̤ÓÔ μ·Û›ÏÂÈÔ 4,70 5,98 127 4,72 5,46 74 ∞.∂.¶. ¶ÏËıˆÚÈÛÌfi˜ 2006 2007 (p) 2008 (p) 2006 2007 (p) 2008 (p) ∏ӈ̤Ó˜ ¶ÔÏÈÙ›˜ 3,3 2,0 2,8 3,2 2,6 2,3 ∂˘Úˆ˙ÒÓË 2,9 2,7 2,3 2,2 2,0 2,0 ∏ӈ̤ÓÔ μ·Û›ÏÂÈÔ 2,8 2,8 2,2 2,3 2,5 2,2 π·ˆÓ›· 2,2 2,5 2,1 0,1 0,0 0,5

* Â·ÓÂ¤Ó‰˘ÛË Î·ı·ÚÒÓ ÌÂÚÈÛÌ¿ÙˆÓ ¶ËÁ‹: Datastream §Ô˘ÍÂÌ‚Ô‡ÚÁÔ, 30 √ÎÙˆ‚Ú›Ô˘ 2007 Alain Massiera ¶Úfi‰ÚÔ˜ ÙÔ˘ ¢ÈÔÈÎËÙÈÎÔ‡ ™˘Ì‚Ô˘Ï›Ô˘ √È ÏËÚÔÊÔڛ˜ Î·È Ù· ÛÙ·ÙÈÛÙÈο ÛÙÔȯ›· Ô˘ ÂÚÈÏ·Ì‚¿ÓÔÓÙ·È ÛÙËÓ ·ÚÔ‡Û· ¤ÎıÂÛË ·ÚÔ˘ÛÈ¿˙ÔÓÙ·È ÁÈ· ÏfiÁÔ˘˜ ÈÛÙÔÚÈ΋˜ ·Ó·ÊÔÚ¿˜ Î·È ‰ÂÓ ·ÔÙÂÏÔ‡Ó ¤Ó‰ÂÈÍË ÙˆÓ ÌÂÏÏÔÓÙÈÎÒÓ ·Ô‰fiÛˆÓ. √π ª∂°∞§ÀΔ∂ƒ∂™ ∞°√ƒ∂™ ª∂Δ√Ãø¡ 30/06/2006 29/06/2007 ªÂÙ·‚ÔÏ‹ Û ªÂÙ·‚ÔÏ‹ ÙÔÈÎfi ÓfiÌÈÛÌ· Û EUR USA (S&P 500 Composite) 1270,2 1503,35 18,36% 12,06% Eurozone (MSCI Emu)* 238,305 308,26 29,36% 29,36% Europa (Dow Jones Stoxx 50)* 5216,5 6588,953 26,31% 26,31% Japan (Tokyo SE Topix) 1586,96 1774,88 11,84% -2,03% Frankreich (SBF 120)* 4911,76 6176,51 25,75% 25,75% Deutschland (Dax 30) 5683,31 8007,32 40,89% 40,89% Spanien (IBEX 35) 11548,1 14892 28,96% 28,96% Großbritannien (FT 100) 5833,42 6607,9 13,28% 16,34%

Aqua Global

A tradução portuguesa dos sectores económicos e dos países encontra-se nas páginas 2, 3 e 4. ∏ ÂÏÏËÓÈ΋ ÌÂÙ¿ÊÚ·ÛË ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ÎÏ¿‰ˆÓ Î·È ÙˆÓ ¯ˆÚÒÓ ·Ú·Ù›ıÂÙ·È ÛÙȘ ÛÂÏ›‰Â˜ 2, 3 Î·È 4.

Market Net value Asset EUR %

1. Transferable securities admitted to an

official stock exchange listing

32,715,143.49 98.08

SHARES 31,008,760.89 92.96

1,139,075.81 3.41 2,689,000 BIO TREAT TECHNOLOGY LTD 1,139,075.81 3.41

1,706,996.41 5.12 52,300 SABESP -SHS SPONSORED ADR REPR

2 SHS 1,706,996.41 5.12

87,671.32 0.26 3,100 LAPIERRIERE&VERREA -A- SUB.VOTING 87,671.32 0.26

1,434,710.59 4.30 3,322,000 GUANGDONG INVEST 1,434,710.59 4.30 1,645,419.94 4.93 96,449 KEMIRA OY 1,645,419.94 4.93 295,488.76 0.89 5,092 VEOLIA ENVIRONNEMENT 295,488.76 0.89 1,641,847.50 4.92 218,913 EYDAP ATHENS WATER SEWERAGE

PUBLIC CO 1,641,847.50 4.92

1,441,564.98 4.32

97,206 ACEA 1,441,564.98 4.32

2,195,901.10 6.58 297,000 EBARA CORPORATION 1,007,889.14 3.02 51,200 KURITA WATER INDUSTRIES LTD 1,188,011.96 3.56

585,947.29 1.76 32,863 WAVIN 585,947.29 1.76 1,197,371.22 3.59 205,000 HYFLUX LTD 290,787.18 0.87 1,232,000 SINOMEM TECHNOLOGY LTD 906,584.04 2.72 288,458.71 0.86 10,609 AGUAS DE BARCELONA SPLIT ISS. 99 288,458.71 0.86

7,304,418.78 21.89 1,427,352 COSTAIN GROUP PLC 1,007,193.34 3.02 102,939 KELDA GROUP -SHS- 1,441,283.64 4.32 328,321 NORTHUMBRIAN WATER GROUP PLC 1,499,795.11 4.50 172,202 PENNON GROUP PLC 1,575,821.61 4.72 47,136 SEVERN TRENT PLC 968,418.45 2.90

GB

E

SGP

NL

J

I

GR

F

SF

CHN

CAN

BR

BMU

Market Net value Asset EUR % 10,043,888.48 30.11 77,031 UNITED UTILITIES PLC 811,906.63 2.43 33,100 ARCH CHEMICALS INC 861,229.87 2.58 11,225 CALGON CARBON CORP 96,412.57 0.29

28,000 ITRON INC 1,615,875.01 4.84

22,600 ITT 1,142,592.28 3.43

22,100 MUELLER WATER PROD SERIES A 279,164.78 0.84 74,701 NALCO HOLDING CO 1,518,301.77 4.55 61,402 NORTHWEST PIPE COMPANY 1,617,170.15 4.85 76,800 TETRA TECHNOLOGIES INC 1,603,613.34 4.81 47,200 WATTS WATER TECHNOLOGIES INC

CLASS -A- 1,309,528.71 3.93

OPTIONS, WARRANTS, RIGHTS 1,706,382.60 5.12 1,706,382.60 5.12 7,057 SGA (WORLD WATER INDEX) 23.01.15 WAR 1,706,382.60 5.12

2. Other transferable securities

282,688.67 0.85

SHARES 282,688.67 0.85

282,688.67 0.85 97,336 KELDA GROUP -B- DIVIDEND 282,688.67 0.85

Total securities portfolio

32,997,832.16 98.92

–––––––––––––– –––––– –––––––––––––– ––––––

GB

NA

USA

Securities Portfolio

•

Carteira de Títulos

•

÷ÚÙÔÊ˘Ï¿ÎÈÔ ·ÍÈÒÓ at 30 June 2007 em 30 de Junho de 2007 ÛÙȘ 30 πÔ˘Ó›Ô˘ 2007

ASEAN New Markets

A tradução portuguesa dos sectores económicos e dos países encontra-se nas páginas 2, 3 e 4. ∏ ÂÏÏËÓÈ΋ ÌÂÙ¿ÊÚ·ÛË ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ÎÏ¿‰ˆÓ Î·È ÙˆÓ ¯ˆÚÒÓ ·Ú·Ù›ıÂÙ·È ÛÙȘ ÛÂÏ›‰Â˜ 2, 3 Î·È 4.

Market Net value Asset

USD %

1. Transferable securities admitted to an

official stock exchange listing

167,389,026.25 89.96

SHARES 141,802,606.28 76.21

4,051,800.00 2.18 9,004,000 STAR CRUISES LTD 4,051,800.00 2.18

15,298,605.95 8.22 3,312,000 AKR CORPORINDO 1,502,955.36 0.81 1,684,500 ASTRA AGRO LESTARI 2,563,572.54 1.38 11,612,500 BERLIAN LAJU TANKER TBK 2,634,823.24 1.42 528,000 SEMEN GRESIK (PERSERO) 3,015,473.54 1.62 6,433,500 SUMALINDO LESTARI 2,367,613.74 1.27 3,520,000 UNITED TRACTORS 3,214,167.53 1.73

30,702,199.57 16.50 869,400 BURSA MALAYSIA BHD 2,870,703.68 1.54 1,060,300 CEMENT IND. OF MALAYSIA BHD 2,149,763.48 1.16 120,000 CHIN WELL HOLDINGS BHD 55,611.56 0.03 4,086,900 EVERGREEN FIBREBOARD BHD 2,225,439.23 1.20 1,049,900 GOLDEN HOPE PLANTATIONS BHD 2,584,822.59 1.39

1,856,600 HUBLINE BHD 1,688,542.02 0.91

2,985,600 KENCANA PETROLEUM BERHAD 1,790,052.82 0.96 1,345,100 KLCC PRPOPERTY HOLDINGS 1,418,142.38 0.76 4,908,100 LION LAND BHD 2,473,583.24 1.33 1,015,200 MUHIBBAH ENGINEERING BHD 1,999,513.78 1.07 4,576,500 MULPHA INTERNATIONAL BHD 2,359,485.69 1.27 1,322,400 NAIM CENDERA HOLDINGS BHD 1,991,728.16 1.07 2,363,500 OSK HOLDINGS 2,067,409.13 1.11 80,900 QUILL CAPITA TRUST-UNITS- 37,960.11 0.02

1,714,100 SUNRISE SHS 1,906,475.63 1.02

2,128,800 SUNWAY CITY BHD 3,082,966.07 1.66

6,205,299.29 3.33 5,808,900 AYALA LAND INC 2,197,961.72 1.18 16,116,000 PNOC ENERGY DEVELOPMENT

CORPORATION 1,951,342.31 1.05

4,876,400 ROBINSON'S LAND SHS 2,055,995.26 1.10

59,710,884.58 32.09 6,259,000 AZTECH SYSTEMS LTD 2,353,082.96 1.26 3,306,000 BROADWAY INDUSTRIAL GROUP 1,869,749.39 1.00 1,540,000 COSCO CORP (S) LTD 3,765,795.79 2.02 14,371,000 GLOBAL TESTING CORP -SHS- 3,194,701.96 1.72 3,548,000 HIAP SENG ENGRG SHS 2,505,369.63 1.35 2,434,000 HONG FOK -SHS- 2,991,871.01 1.61 1,403,000 HONG LEONG ASIA LTD 3,137,243.44 1.69 3,144,000 INTER-ROLLER ENGINEERING 2,261,203.58 1.22 364,000 KEPPEL CORPORATION LTD 2,974,923.75 1.60 4,348,000 MAGNECOMP INTERNATIONAL 3,013,421.23 1.62 7,575,000 MEIBAN GROUP -SHS- 2,872,599.45 1.54 6,831,000 SEE HUP SENG 3,908,020.03 2.10 893,000 SEMBCORP MARINE LTD 2,860,961.29 1.54 1,297,000 SWIBER HOLDINGS LTD 2,035,240.14 1.09 2,560,000 TAT HONG HOLDINGS LIMITED 3,514,986.83 1.89 4,108,000 TIONG WOON CORP-SHS- 2,847,087.03 1.53 996,000 UOL GROUP LTD 3,777,041.65 2.03

SGP

RP

MAL

RI

HK

Market Net value Asset USD % 2,393,000 YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD 3,004,058.39 1.61

1,551,000 YANLORD LAND GROUP LTD 3,184,240.69 1.71 11,022,000 YONGNAM HOLDINGS LTD 3,639,286.34 1.96

25,833,816.89 13.88 14,584,000 ASIAN PROPERTY- NON VOTING

DEPOS.RECEIPT 2,534,510.61 1.36

1,005,100 BANGKOK DUSIT MEDICAL SERV.

PUBLIC -F- 1,295,494.25 0.70

367,100 BANPU PUBLIC CO LTD(NON-VOT.

DEP.RECEIPT) 2,849,609.73 1.53

10,733,500 LPN DEV.PUBLIC CO N.VOTING

DEPOS.RECEIPT 2,487,124.66 1.34

2,787,900 MCOT PUBLIC CO LTD FOREIGN

REGISTERED 2,785,880.57 1.50

5,735,800 RAYONG REFINERY PUBLIC CO LTD

FOR.REGD 3,223,012.10 1.73

3,449,900 REGIONAL CONTAINER FOREIGN

REGISTERED 3,147,627.04 1.69

6,109,900 SEAFCO PUBLIC CO LTD FOREIGN

REGISTERED 1,592,732.41 0.86

1,318,700 THAI OIL-FOREIGN REG 2,692,782.83 1.45 5,807,200 THANACHART CAPITAL ( FOR.REG.) 2,438,939.30 1.31 6,751,300 THE ERAWAN GROUP PUBLIC ( FOR.REG.) 786,103.39 0.42 OPTIONS, WARRANTS, RIGHTS 25,586,419.97 13.75 143,231.14 0.08 1,564,750 AZTECH SYSTEMS LTD11.07.07 RIGHT 143,231.14 0.08

25,443,188.83 13.67 204,870 CITIGROUP (FORM CITI) 20.01.10WAR 1,857,761.16 1.00 217,300 CITIGROUP (KINHDO) 20.01.10 WAR 3,163,453.40 1.70 279,910 CITIGROUP (THU DUC) 20.01.10 WAR 3,401,466.32 1.83 294,540 CITIGROUP (VIET) 20.01.10 WAR 3,270,572.16 1.76 59,600 CITIGROUP GLOBAL -10 20/01 WAR 1,128,704.80 0.61 421,730 CITIGROUP GLOBAL MKTS HLDG 20.01.10 WAR 3,121,645.46 1.68 5,750 CITIGROUP GLOBAL MKTS HLDG 20.01.10 WAR 69,166.75 0.04 146,790 CITIGROUP GLOBAL MKTS HLDG 20.01.10 3,938,962.86 2.12

277,360 CITIGROUP (NORTH KINDO)

20.01.10 WAR 2,908,674.32 1.56

523,360 CITIGROUP (VIETE PETRO) 17.01.12 WAR 2,582,781.60 1.39

2. Other transferable securities

8,587,765.26 4.62

SHARES 1,143,507.76 0.61

1,143,507.76 0.61 4,904,300 BANGKOK CHAIN HOSPITAL PCL

(FOR.REG.) 1,143,507.76 0.61

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USA

SGP

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Securities Portfolio

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Carteira de Títulos

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÷ÚÙÔÊ˘Ï¿ÎÈÔ ·ÍÈÒÓ at 30 June 2007 em 30 de Junho de 2007 ÛÙȘ 30 πÔ˘Ó›Ô˘ 2007

ASEAN New Markets

A tradução portuguesa dos sectores económicos e dos países encontra-se nas páginas 2, 3 e 4. ∏ ÂÏÏËÓÈ΋ ÌÂÙ¿ÊÚ·ÛË ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ÎÏ¿‰ˆÓ Î·È ÙˆÓ ¯ˆÚÒÓ ·Ú·Ù›ıÂÙ·È ÛÙȘ ÛÂÏ›‰Â˜ 2, 3 Î·È 4.

Market Net value Asset

USD %

OPTIONS, WARRANTS, RIGHTS 7,444,257.50 4.00 3,580,848.00 1.92 184,200 JPM INTL (SONGDA URBAN)

22.06.12 WAR 3,580,848.00 1.92

3,863,409.50 2.08 268,450 JP MORGAN INT/HOA BINH CONST

06.06.12WAR 2,848,254.50 1.53

132,700 JP MORGAN INT/PETROLIMEX12.06.12

WAR 1,015,155.00 0.55

Total securities portfolio

175,976,791.51 94.58

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Securities Portfolio

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Carteira de Títulos

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÷ÚÙÔÊ˘Ï¿ÎÈÔ ·ÍÈÒÓ at 30 June 2007 em 30 de Junho de 2007 ÛÙȘ 30 πÔ˘Ó›Ô˘ 2007