CIPEC SICAV'S PERFORMANCE ON 11/20/2008
Performance calculation is based on beginning and end-of-period net asset value.
| Over 1 year | - 44.3 % |
| Over 3 years | - 36 % |
| Over 5 years | - 23 % |
| Year to date* | - 45.5 % |
| 2007 | - 3.1 % |
| 2006 | + 17.1 % |
| 2005 | + 21.9 % |
*Year to date performance is given as an indication.
| Over 10 years | - 1.4 % |
| Over 30 years | + 8.6 % |
Past performance is no indication of future performance and does not remain constant over time.
12 rue du faubourg Saint-Honoré - 75008 PARIS - Tel : 33 1 53 30 22 60 - Fax : 33 1 50 30 53 40 - www.saef.com