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INCOMETRIC‐DIRECTOR WORLD AVERAGE Investment Objective

June‐12

Three Years Evolution

The fund aims to achieve capital appreciation over the reference. The fund invests in a diversified portfolio that may include bonds from around the world, money market instruments, shares and UCITS and / or ICUs. Investment decisions are based on mathematical models that allow the observation of numerous opportunities. On a continuous basis of twelve months, the performance objective of the fund is expected to be between 6% and 10% in 6 years the total return of 2 years and the maximum loss of 15%. Breakdown by Region

%

Africa and Middle East North America South America Europe Global Pacific‐Ind

‐ 9 ‐ 39 45 7

150

INCOMETRIC‐DIRECTOR WORLD AVERAGE

RV Internacional

140

RV Mixta Euro

proforma

130 120 110 100 90 June‐09

June‐10

June‐11

June‐12

Monthly Returns % 2008 2009 2010 2011 2012

Jan

‐7.4 0.2 ‐0.3 ‐4.2 0.6

Feb

Mar

4.1 ‐0.1 ‐0.2 ‐0.9 0.8

Apr

‐1.2 ‐0.2 3.5 ‐1.3 ‐0.4

May

2.8 0.4 0.7 0.4 0.2

Jun

Jul

‐1.0 ‐2.5 1.7 ‐1.3 0.2

‐4.6 3.2 0.1 2.5

1.4 2.9 ‐1.4 ‐3.4 0.3

Aug

Sep

0.3 ‐0.2 0.1 ‐7.0

‐2.6 0.8 1.7 3.0

Oct

Nov

1.2 ‐1.0 0.3 ‐1.5

0.0 1.1 1.8 ‐0.2

Dec

0.0 0.8 2.0 0.7

Year

Benchmark*

‐7.4 5.6 10.3 ‐12.8 1.6

‐22.8 14.7 ‐0.4 ‐7.9 ‐2.6

3 years

5 years

2.5 ‐0.5

38.8 2.2

*Note: Proforma reflects in gray the returns of the reference CS Director Balanced FI Acc  following a similar strategy

Major Holdings

%

Returns Comparison ‐ Review of the Portfolio

FRK Euro Liquid Reserve Fund I(acc) EUR PIMCO GIS Emerging Markets Bond Inst Acc ABERDEEN LIQ LX‐EURO FD‐A‐2€ PF EUR Sovereign Liquidity I Acc Janus Global Life Sciences A USD Acc Global Debt Money Market Emerging Market Debt

11 8 7 7 5 5 5 4

Comparison DIRECTOR WORLD AVERAGE vs Euro Mixed Equity % 1 month 6 months DIRECTOR WORLD AVERAGE Euro Mixed Equity Profitability Risk Test  %

0.2 0.4

Maximum loss situation Total Equity Details of contract ISIN :  Bloomberg Ticker: Start Date:  Currency:  Initial Investment: Management Fee: Performance Fee: Initial/Switching Fees Update:

                         8,130,391 € LU0525281514 INDIRWA LX December/11 EUR 1,000 1.35% 15% none weekly

Legal Form Domicile Form UCITS III Fund: 

Luxembourg Fund(FCP) YES

1.6 ‐2.6

1 month

Maximum benefit situation Class Exposure Liquidity

% 31

Mutual Funds Shares

66 3

Liquidity Fixed Income Equity

30 40 30

2 years

1 year ‐1.1 ‐9.6

‐6.0 ‐8.5 1 year

6 months

TH 5 yemax 3 years

‐14.1

‐14.4

‐20.3

‐1.8

‐14.5

14.3

17.8

25.8

58.2

17.8

Management Adepa Asset Management S.A. Tel (+352) 26 89 80 Contact: Carlos Morales imd@adepa.com

SRRI ‐  Risk Rating 8.5% 8.5% 8.5% 8.5% 8.5%

1

2

3

4

5

8.5%

8.5%

6

##### ###### ##### ##### ##### ##### Currency Exposure % Euro 58 US Dollar 37 Japanese Yen 5 0 0

7 4266.7% +

Investment Adviser Dynamic Global Advisors Investment Advisors Tel (+352) 26 37 55 54 Contact:  Alex Rodriguez dga@dga.lu

Comments 

The most important fact this month was the European summit, which allowed global equity markets to jump significantly when an agreement to enable direct recapitalisation of banks was reached. The relief rally, which focused on material steps towards a banking union, provided a positive ending to a largely disappointing second quarter for equities. The gains over the week for Spanish and Italian stockmarkets were among the largest, with Italy’s MIB Index experiencing its biggest one‐day increase in more than two years. In the US, the S&P 500 ended the week up 1.7%. On the treasury side, the peripheral bond yields of Spain and Italy witnessed substantial declines as each country’s 10‐year yields fell 60bp and 38bp respectively. This month, the portfolio will take a slightly riskier approach, increasing equities by 10% up to 30% of the portfolio. This document does not constitute an offer of any asset, product, service or the same Fund. It is for informational purposes only and may not be used by you in your decision to invest in this fund. The buyout is appropriate only for informed investors, for whom an investment does not constitute a global investment program, and who understand and are willing to assume the risks involved in the Fund's investment plan. There is no guarantee that the stated investment objectives will be achieved. The summary / prices / offers / statistics in this document was obtained from sources considered reliable but not guaranteed as to accuracy or completeness. The information contained herein is subject to change without notice. Past performance is no guarantee of future results. This document is confidential and may not be reproduced or distributedwithout the prior written consentAdepa Asset Management S.A.. The index information is included only to show the general trend in the relevant markets in the period indicated and are not intended to imply that the Fund was similar to the index either in composition or element of risk

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Other data

% 1999 2000 2001 2002 2003 2004 2005 2006 2007 0.0 ‐2.5 1.1 ‐5.0 20.3 11.5 10.5 11.2 4.3 0.0 ‐4.7 ‐5.0 ‐15.2 11.7 6.8 11.4 11.3 2.8 0.0 ‐5.9 ‐12.3 ‐30.5 11.9 4.9 26.2 7.3 4.7 0.0 ‐2.5 1.1 ‐5.0 20.3 11.5 10.5 11.2 4.3

DIRECTOR WORLD AVERAGE Global Equity RV Mixta Euro CS Director Balanced FI Acc TH = Recommended Time Horizon in years R2 Correlation with Euro Mixed Equity in 3 years R2 Correlation with Euro Mixed Equity in 1 year Annualized Volatility DIRECTOR WORLD AVERAGE Reference Annualized Volatility Global Equity Reference Annualized Volatility Euro Mixed Equity Reference Return on last year Euro Mixed Equity Target return for the last year Profitability achieved in the last year Return on reference Euro Mixed Equity in the  Profitability achieved in  Return on Reference Global Equity in 

3.0 0.0 0.7 8.6 19.5 12.9 ‐9.6 ‐2.4 ‐1.1 ‐0.5 2.5 36.6

2008 2009 2010 2011 ‐7.4 5.6 10.3 ‐12.8 ‐22.8 14.7 ‐0.4 ‐7.9 ‐37.9 28.3 17.3 ‐6.3 ‐7.4 5.6 10.3 ‐11.1

2012 1.6 ‐2.6 4.8 ‐0.8

TAE 3.2 ‐0.6 ‐1.0 3.2

Equity Percentage Bonds Percentage YTD Performance DIRECTOR WORLD AVERAGE YTD Performance Euro Mixed Equity YTD Performance Global Equity Differential with RV Mixta Euro in TH (bp) Differential with RV Mixta Euro in TH (bp) average Differential with RV Mixta Euro in TH (bp) median Monthly Return DIRECTOR WORLD AVERAGE Monthly Return Euro Mixed Equity Monthly Return Global Equity

30.2 69.8 1.6 ‐2.6 4.8 299 887 878 0.2 0.4 0.1

Evolution of five calendar years and current year

INCOMETRIC‐DIRECTOR WORLD AVERAGE RV Mixta Euro

120

RV Internacional proforma

110

100

90

80

70

60 2006

2007

2008

2009

2010

2011

2012

Annual Percentage Rate. Annual average year on year up to 10 years 6%

3%

0.9% 0% 1

2

3

4

5

6

7

8

9

10 ‐0.9% years

‐3%

‐6%

INCOMETRIC‐DIRECTOR WORLD AVERAGE

RV Mixta Euro

‐9%

This document does not constitute an offer of any asset, product, service or the same Fund. It is for informational purposes only and may not be used by you in your decision to invest in this fund. The buyout is appropriate only for informed investors, for whom an investment does not constitute a global investment program, and who understand and are willing to assume the risks involved in the Fund's investment plan. There is no guarantee that the stated investment objectives will be achieved. The summary / prices / offers / statistics in this document was obtained from sources considered reliable but not guaranteed as to accuracy or completeness. The information contained herein is subject to change without notice. Past performance is no guarantee of future results. This document is confidential and may not be reproduced or distributedwithout the prior written consentAdepa Asset Management S.A.. The index information is included only to show the general trend in the relevant markets in the period indicated and are not intended to imply that the Fund was similar to the index either in composition or element of risk

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2012-06 Dir. W. Average Factsheet