Document reserved for Luxembourg investors March 2012

A search for absolute return

Absolute Volatility Arbitrage

Amundi Funds

Amundi Funds Dynarbitrage Volatility renamed Amundi Funds Absolute Volatility Arbitrage as from June, 24th 2011. The sub-fund does not offer a capital guarantee. Amundi Funds is a Luxembourg socit dinvestissement capital variable (SICAV).

Absolute Volatility Arbitrage

Amundi Funds
The recent financial crisis has increased investors aversion to risk and consequently, many have turned to very short-term investments, notably money market instruments. Such investments currently offer less attractive returns and thus investors are seeking alternatives. Amundi Funds Absolute Volatility Arbitrage provides you with an investment solution which aims to deliver positive performance, higher than that of the money market, whatever the main market trends. To achieve this, Amundis experts implement volatility arbitrage strategies.

Searching for absolute return Using arbitrage strategies Snapshot

Amundi Funds Absolute Volatility Arbitrage is an investment solution aiming to outperform the money market in the short-term (2 years). For indicative purposes, over a recommended investment horizon of two years, the sub-fund seeks to deliver performance1 above EONIA + 2% p.a.,whatever the trend in the main markets (equities, bonds, etc.).

Seeking absolute return whatever the market conditions

What is Eonia?
It is the index representative of the euro money market.

In order to generate absolute return in all market conditions, our team of experts sets up arbitrage strategies. Imperfections, valuation discrepancies can appear in the financial markets. This situation is amplified in periods of uncertainty, lack of visibility and/or financial crisis. These imperfections constitute the core of arbitrage strategies. They can be implemented for all types of assets, e.g. equities, interest rates, etc. At Amundi, our experts seek to arbitrage differences in volatility. They analyse the markets to spot volatility arbitrage opportunities and make the most of these temporary situations.

What is arbitrage?
Simultaneously buying and selling of an asset in order to make a profit. Example: Buy an asset at a given price and simultaneously sell the asset at a higher price to generate a capital gain.

Performance objective1: Eonia per annum2 Recommended investment horizon: 2 years Currency: Euro Region: World

1 The sub-fund offers neither capital nor performance guarantee. 2 After fees.

Simultaneous buying and selling of two volatilities to deliver absolute return? Our team of experts sets up arbitrage strategies in the different financial markets.

Exploiting Volatility spreads

How does it work?

Controling the portfolios risk

A search for performance independent from the main market trends A framework of monitored and managed risk A pioneer team

Amundi, an expert in Volatility

The great number of players in the volatility market and their different behaviours and objectives create many inefficiencies in this market, and thus many opportunities to create value. For instance, in the equity market, if our experts detect two stocks with very different levels of volatilities in a single business sector, they set up an arbitrage. They sell the highest volatility and buy the lowest, estimating that the first will decrease and the second will rise The difference between these two simultaneous transactions represents the gain of the arbitrage strategy.

In order to diversify and limit the risks taken within Amundi Funds Absolute Volatility Arbitrage, our experts apply their strategies to four distinct markets including equity volatility, interest rate volatility, etc. In other words, they do not put all of their eggs in the same basket!

Advantages

Risks

Capital is not guaranteed Performance is not guaranteed Given its investment strategy, the sub-fund comprises other risks, listed in the prospectus

Within Amundi Funds Absolute Volatility Arbitrage portfolio, risks are controlled and managed on a daily basis. In normal market conditions, the portfolio is constructed so as not to record an annual performance of more than 4% lower than its investment objective1 (Eonia2), with a probability of 95%.

Dealing with volatility requires sophisticated financial tools and therefore dedicated and experienced teams. Amundis Volatility Arbitrage team is comprised of 8 professionals who have been trading in the volatility market for over 10 years using a recognised investment process.

1 The objective does not constitute a guarantee of performance. 2 After fees.

Absolute Volatility Arbitrage (A class1)

Amundi Funds Main characteristics
Management company Investment manager Custodian Reference currency of the sub-fund Allocation of earnings ISIN Code Minimum initial subscription Frequency of NAV calculation Dealing times Maximum initial charge Maximum annual management fee Annual administration fee Performance fee3 Maximum redemption fee Maximum conversion fee

Amundi Luxembourg S.A. Amundi CACEIS Bank Luxembourg EUR Accumulation / Distribution A: LU0228157250 D: LU0228157508 None Daily Luxembourg Dealing days before 2pm2 4.50% 0.80% 0.30% 15% of the performance above the objective4 of Eonia (after taking into account charges) None 1.00%

Not all share sub-classes and, as the case may be, share categories are registered for sale in all countries. Investors may contact Amundi Luxembourg SA for further information. 1 2 3 4 The sub-fund comprises other classes which are described in the full and simplified prospectus. Or, as the case may be, an earlier cut-off time applicable by the relevant distributor. Please see the prospectus for further details. The objective does not constitute a guarantee of performance.

..................................................................................................................................................................................................................... This document contains information about Amundi Funds Absolute Volatility Arbitrage (the Sub-Fund), a sub-fund of Amundi Funds (the Sicav), an undertaking for collective investment in transferable securities existing under Part I of the Luxembourg law of 17 December 2010, organised as a socit dinvestissement capital variable and registered with the Luxembourg Trade and Companies Register under number B68.806. The Sicav has its registered office at 5, Alle Scheffer, L-2520 Luxembourg. The Sub-Fund has been authorised for public sale by the Commision de Surveillance du Secteur Financier in Luxembourg. The Sicav comprises other sub-funds which are described in the Sicavs full and simplified prospectus. Not all sub-funds will necessarily be registered or authorised for sales in all jurisdictions or be available to all investors. Subscriptions in the Sub-Funds will only be accepted on the basis of the Sicavs latest complete and simplified prospectuses and its latest annual and semi-annual representative. Subscriptions in the Sub-Funds may be sent directly to a distributor or the SICAV before the cut-off time indicated in the prospectus. Consideration should be given to whether the risks attached to an investment in the Sub-Fund are suitable for prospective investors who should ensure that they fully understand the contents of this document. In case of doubt, it is advised to consult a professional advisor to determine whether an investment in the Sub-Fund is suitable. The value of, and any income from, an investment in the Sub-Fund can decrease as well as increase. The Sub-Fund has no guaranteed performance. Further, past performance is not a guarantee or a reliable indicator for future returns. This document does not constitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising or investment advice. The information contained in this document is deemed accurate as at March 2012.

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Amundi, French joint stock company (Socit Anonyme) with a registered capital of 584 710 755 and approved by the French Securities Regulator (Autorit des Marchs Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Pasteur - 75015 Paris - France - 437 574 452 RCS Paris March 2012.