Informazioni chiave per gli investitori

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Informazioni chiave per gli investitori

Il presente documento contiene le informazioni chiave di cui tutti gli investitori devono disporre in relazione a questo OICVM. Non si tratta di un documento promozionale. Le informazioni contenute nel presente documento, richieste dalla legge, hanno lo scopo di aiutarvi a capire la natura di questo OICVM e i rischi ad esso connessi. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito

all’opportunità di investire.

GROUPAMA FP ACTIONS EMERGENTES Quota G, C/D - Codice ISIN: FR0010854851

Questo OICVM è gestito da Groupama Asset Management. È soggetto al diritto francese.

Obiettivi e politica d’investimento

Classificazione: OICVM "Azioni internazionali"

Obiettivo di gestione: Conseguire un rendimento superiore a quello dell’indice di riferimento, l'Indice MSCI Emerging Markets chiusura (dividendi netti reinvestiti).

Indice di riferimento: MSCI Emerging Markets chiusura in € (dividendi netti reinvestiti).

La strategia d'investimento deriva da un duplice approccio di tipo ascendente e discendente. Essa viene attuata da un gestore che si occupa dell'allocazione degli attivi. Il gestore provvede anche alla selezione degli OIC inseriti in portafoglio.

L'allocazione tattica degli attivi consente di attuare delle visioni d'investimento (ponderazione delle diverse classi di attivi, scelta di diversificazione geografica, tendenza di capitalizzazione…) conformi alle visioni della società di gestione. L'esposizione a certi fattori di rischio è limitata dalla struttura. Il FCI potrà essere investito, a titolo di diversificazione, in quote o azioni di OIC settoriali, geografici o tematici (per esempio, OICVM investiti in titoli legati alle materie prime, alle infrastrutture…). Il processo di selezione degli OIC si basa su due approcci successivi:

- una prima fase quantitativa in cui il rendimento corretto del rischio degli OIC viene analizzato rispetto agli OIC pari;

- una seconda fase qualitativa che consiste nello scambio con gli amministratori e nella valutazione del loro processo di gestione. Questo processo di selezione sarà applicato sia agli OIC interni sia agli OIC esterni.

L'OICVM è investito dall'80 al 100% in OIC investiti principalmente in azioni dei paesi emergenti (Europa, Asia, Medio Oriente, America Latina e Africa). Entro un limite del 20% del proprio patrimonio, l'OICVM può essere investito in OIC monetari al fine di gestire principalmente la liquidità dell'OICVM e di limitare l'esposizione al rischio azionario del portafoglio.

Sono possibili investimenti nei seguenti OIC:

- Fino al 100% del patrimonio netto in OICVM di diritto francese o europeo, che non investono più del 10% in altri OICVM.

- Fino al 30% del patrimonio netto complessivamente in FIA o in altri fondi di investimento di diritto estero che rispondono ai quattro criteri di ammissibilità descritti in dettaglio nel prospetto informativo completo.

L’OICVM potrà ricorrere a strumenti derivati negoziati su mercati regolamentati, organizzati e over the counter, al fine di esporre il portafoglio al rischio azionario e al rischio di cambio o a fini di copertura, entro il limite di un impegno massimo pari al 100% del patrimonio netto.

Al fine di gestire la liquidità e a titolo accessorio, l’OICVM potrà effettuare depositi e, in via straordinaria e temporanea, prestiti in contanti.

Destinazione dei proventi : Capitalizzazione e/o Distribuzione e/o Riporto. Possibilità di versare acconti sui dividendi

Durata minima d’investimento consigliata: Superiore a 5 anni.

Potete richiedere il rimborso delle vostre quote secondo le modalità descritte qui sotto.

Ora limite di centralizzazione degli ordini di sottoscrizione/rimborso: Ogni giorno lavorativo fino alle ore 09:30:00, ora di Parigi.

Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei giorni festivi legali (borsa di Parigi).

Profilo di rischio e di rendimento

Rischio più basso, Rischio più elevato

rendimento potenzialmente più basso rendimento potenzialmente più elevato

Questo indicatore consente di misurare il livello di volatilità e il rischio al quale è esposto il vostro capitale.

I dati storici utilizzati per calcolare l'indicatore sintetico potrebbero non costituire un'indicazione affidabile del profilo di rischio futuro dell'OICVM.

La categoria di rischio associata a questo OICVM non è garantita e potrebbe variare nel tempo.

La categoria di rischio più bassa non garantisce un investimento esente da rischi.

L’OICVM ha un livello di rischio pari a 6, a causa della sua forte esposizione al rischio azionario e al rischio di cambio, per via del fatto che esso opera in paesi situati al di fuori dell'area euro.

Il capitale inizialmente investito non beneficia di alcuna garanzia.

I rischi importanti per l’OICVM non presi in considerazione nell’indicatore sono:

Rischio di credito: Un eventuale downgrading del rating o l'insolvenza dell’emittente potrebbero comportare un impatto negativo sulla quotazione del titolo.

Utilizzo di strumenti finanziari derivati: Potrà aumentare o diminuire la volatilità dell’OICVM. In caso di andamento sfavorevole dei mercati, il valore liquidativo potrà diminuire.

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Spese

Le spese e commissioni corrisposte sono usate per coprire i costi di gestione dell'OICVM, compresi i costi legati alla commercializzazione e alla distribuzione delle quote. Tali spese riducono la crescita potenziale del vostro investimento.

Spese una tantum prelevate prima o dopo l’investimento Spese di sottoscrizione 4,00%

Spese di rimborso Nessuna

Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o che siate rimborsati.

Spese prelevate dall'OICVM in uno stesso anno

Spese correnti 1,71%

Spese prelevate dall’OICVM in determinate condizioni specifiche

Commissioni legate alla sovraperformance

20% del rendimento superiore rispetto a MSCI Emerging Markets chiusura in € (dividendi netti reinvestiti)

0,17% rispetto all'ultimo esercizio

Le spese di sottoscrizione e di rimborso indicate sono le spese massime. In taluni casi, le spese pagate possono essere inferiori. Potete richiedere maggiori informazioni al vostro consulente finanziario.

Le spese correnti sono basate sui dati dell’esercizio precedente chiuso al 30 giugno 2014. Tale percentuale può variare da un esercizio all'altro.

Essa esclude:

le commissioni legate alla sovraperformance

le spese d'intermediazione, ad eccezione delle spese di sottoscrizione e rimborso pagate dall’OICVM al momento dell’acquisto/vendita delle quote di un altro veicolo di gestione collettiva.

Per maggiori informazioni sulle spese dell’OICVM, si invita a consultare le sezioni relative alle spese contenute nel prospetto, disponibile sul sito internet www.groupama-am.fr.

Risultati ottenuti nel passato

-18,7

19,3

-8,4

11,0

-15,9

16,2

-6,6

11,4

2010 2011 2012 2013 2014

%

-20 -15 -10 -5 0 5 10 15 20

MSCI Emerging Markets chiusura in € (dividendi netti reinvestiti) GROUPAMA FP ACTIONS EMERGENTES - G

Le performance passate non sono indicative delle performance future.

I risultati annui presentati in questo grafico sono calcolati per rendimenti netti reinvestiti e al netto di ogni spesa prelevata dall’OICVM.

Data di creazione dell’OICVM: 10/05/2005.

I rendimenti sono stati calcolati in euro.

Informazioni pratiche

Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori, più in particolare è destinata alle compagnie, filiali e casse regionali di Groupama SA.

Nome del depositario e agente centrale: CACEIS BANK France

Il prospetto di questo OICVM e le ultime relazioni annuali e periodiche sono disponibili sul sito internet www.groupama-am.fr e possono essere inviati su semplice richiesta scritta del sottoscrittore indirizzata a Groupama Asset Management, 25 rue de la Ville l'Evêque - 75008 PARIGI - Francia.

Il valore di liquidazione è disponibile sul sito internet www.groupama-am.fr e su semplice domanda indirizzata a Groupama Asset Management.

In funzione del regime fiscale applicato, le plusvalenze e i ricavi eventualmente derivanti dal possesso di quote dell’OICVM possono essere soggetti a tassazione. A tale riguardo vi consigliamo di rivolgervi al vostro consulente.

Groupama Asset Management può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l'OICVM.

Questo OICVM è autorizzato in Francia e regolamentato dall’Autorité des Marchés Financiers (AMF).

Groupama Asset Management è autorizzata in Francia e regolamentata dall’Autorité des Marchés Financiers (AMF).

Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 26 febbraio 2015.

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GROUPAMA FP ACTIONS EMERGENTES Quota S, C/D - Codice ISIN: FR0010854844

L'allocazione tattica degli attivi consente di attuare delle visioni d'investimento (ponderazione delle diverse classi di attivi, scelta di diversificazione geografica, tendenza di capitalizzazione…) conformi alle visioni della società di gestione. L'esposizione a certi fattori di rischio è limitata dalla struttura. Il FCI potrà essere investito, a titolo di diversificazione, in quote o azioni di OICVM settoriali, geografici o tematici (per esempio, OICVM investiti in titoli legati alle materie prime, alle infrastrutture…). Il processo di selezione degli OIC si basa su due approcci successivi:

Destinazione dei proventi : Capitalizzazione e/o Distribuzione e/o Riporto. Possibilità di versare acconti sui dividendi

L’OICVM ha un livello di rischio pari a 7, a causa della sua forte esposizione al rischio azionario e al rischio di cambio, perché opera in paesi situati al di fuori dell'area euro.

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Spese

Nessuno sull'ultimo esercizio

Le spese correnti sono basate sui dati dell’esercizio precedente. Tale percentuale può variare da un esercizio all’altro. Essa non comprende:

Poiché questa quota non è stata ancora attivata, le spese correnti riportate sono indicative.

Questa categoria di quote non dispone ancora di dati relativi ad un anno completo, tali da consentire la visualizzazione del grafico dei suoi rendimenti.

Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori, più in particolare è destinata alle compagnie e filiali di Groupama SA.

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GROUPAMA FP ACTIONS EMERGENTES Quota I, C - Codice ISIN: FR0010636720

L'allocazione tattica degli attivi consente di attuare delle visioni d'investimento (ponderazione delle diverse classi di attivi, scelta di diversificazione geografica, tendenza di capitalizzazione…) conformi alle visioni della società di gestione. L'esposizione a certi fattori di rischio è limitata dalla struttura. Il FCI potrà essere investito, a titolo di diversificazione, in quote o azioni di OIC settoriali, geografici o tematici (per esempio, OIC investiti in titoli legati alle materie prime, alle infrastrutture…). Il processo di selezione degli OIC si basa su due approcci successivi:

Destinazione dei proventi: Capitalizzazione

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Spese

Essa esclude:

19,6

-56,2 83,7

31,8

-18,9 19,0

-8,4 10,9 23,3

-50,2 73,8

27,5

-15,9 16,2

-6,6 11,4

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

%

-60 -40 -20 0 20 40 60 80 100

MSCI Emerging Markets chiusura in € (dividendi netti reinvestiti) GROUPAMA FP ACTIONS EMERGENTES - I

Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori.

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GROUPAMA FP ACTIONS EMERGENTES Quota N, C - Codice ISIN: FR0010636704

L'allocazione tattica degli attivi consente di attuare delle visioni d'investimento (ponderazione delle diverse classi di attivi, scelta di diversificazione geografica, tendenza di capitalizzazione…) conformi alle visioni della società di gestione. L'esposizione a certi fattori di rischio è limitata dalla struttura. Il FCI potrà essere investito, a titolo di diversificazione, in quote o azioni di OIC settoriali, geografici o tematici (per esempio, OIC investiti in titoli legati alle materie prime, alle infrastrutture…). Il processo di selezione degli OIC si basa su due approcci successivi:

Destinazione dei proventi: Capitalizzazione

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Spese

Essa esclude:

19,4

-56,4 83,2

31,4

-19,2 18,6

-8,7 10,5 23,3

-50,2 73,8

27,5

-15,9 16,2

-6,6 11,4

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

%

-60 -40 -20 0 20 40 60 80 100

MSCI Emerging Markets chiusura in € (dividendi netti reinvestiti) GROUPAMA FP ACTIONS EMERGENTES - N

Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori.

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GROUPAMA FP ACTIONS EMERGENTES 1/14 Prospectus / publication date 26/02/2015

UCITS governed by the amended European Directive 2009/65/EC

The shares or units of the fund mentioned herein ("the Fund") have not been registered under the US Securities Act of 1933 and may not be offered or sold directly or indirectly in the United States of America (including its territories and possessions), to US persons, as defined in Regulation S "US persons".

1 General characteristics... 1

2 Administrators ... 2

3 Management principles ... 3

3.1 General characteristics ... 3

3.2 Special provisions ... 3

4 Commercial information ... 12

5 Investment rules ... 12

6 Overall risk ... 12

7 Asset valuation and accounting rules ... 12

7.1 Valuation methods ... 12

7.2 Method used to recognise income from fixed-income securities ... 14

7.3 Method used to recognise expenses ... 14

1 G

ENERAL CHARACTERISTICS

Name:

GROUPAMA FP ACTIONS EMERGENTES

Legal form and Member State in which the Fund was incorporated:

French mutual fund (Fonds Commun de Placement, FCP).

Formation date and planned term:

10 May 2005

Fund initially formed for a 99-year term.

PROSPECTUS

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Summary of the management offer:

Unit

class ISIN code

Distribution of distributable

income

Currency of

expression Eligible subscribers Minimum initial subscription

Maximum management

fee**

Net asset value at launch

I class* FR0010636720 Accumulation Euro All subscribers €150,000 1.10% €1,755.44

N class FR0010636704 Accumulation Euro All subscribers €500 1.40% €500

G class FR0010854851

Accumulation and/or distribution and/or retained

Euro

Open to all subscribers, in particular to Groupama SA companies, subsidiaries and

regional banks

€300,000 0.90% €1,000

S class FR0010854844

Accumulation and/or distribution and/or retained

Euro

Open to all subscribers, in particular to Groupama SA companies and subsidiaries

€1,000,000 0.70% €1,000

* Including all units subscribed to in the Fund before unit classes were created.

** This rate does not include indirect management feesrelating to investments in underlying UCITS.

Place where the regulations of the French mutual fund (if they are not annexed), the latest annual report and interim financial statement may be obtained:

The latest annual reports and the composition of assets will be sent to shareholders within eight working days upon written request to:

Groupama Asset Management, 25 rue de la Ville l'Evêque, 75008 Paris, France.

The documents are also available on the company's website at www.groupama-am.fr.

Contact details:

For corporate and institutional investors: Groupama Asset Management's Business Development Department (sales office: 01 44 56 76 76).

For individual investors: your distributor (GROUPAMA SA's distribution networks; external distributors approved by Groupama Asset Management).

Any additional information, if necessary, may be obtained from the Groupama Asset Management Business Development Department: 01 44 56 76 76).

2 A

DMINISTRATORS

Management company:

Groupama Asset Management, 25 rue de la Ville l'Evêque, 75008 Paris, France, a portfolio management company authorised by the Commission des opérations de bourse, now superseded by the Autorité des

marchés financiers (French Financial Markets Authority - AMF), under number GP 93-02 on 5 January 1993.

Accounting representative:

CACEIS FUND ADMINISTRATION France 1-3 place Valhubert 75013 Paris - France, a credit institution authorised by the CECEI on 1 April 2005.

Depositary – Custodian – Delegated clearing of subscriptions/redemption for the management company – Fund accounting:

CACEIS Bank France, 1-3 place Valhubert - 75013 Paris - France, a credit institution authorised by the CECEI

on 1 April 2005.

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Institutions appointed to receive subscriptions and make redemptions, and responsible for respecting the clearing deadlines indicated in the prospectus:

- CACEIS Bank France

- Groupama Banque on behalf of clients in relation to whom it provides custody-account keeping services.

Auditor:

Constantin et Associés, 114 rue Marius Aufan - 92300 Levallois-Perret, represented by Mrs Brigitte Dreme.

Distributors:

GROUPAMA SA's distribution networks (8-10 rue d'Astorg - 75008 Paris - France) and external distributors approved by Groupama Asset Management.

3 M

ANAGEMENT PRINCIPLES

3.1 General characteristics Characteristics of units:

•

Type of right attached to the unit class:

Each unitholder has a shared ownership right in the assets of the Fund in proportion to the number of units held.

•

Shareholder Register and Fund Accounting:

Fund accounting is provided by the custodian, CACEIS Bank France.

Unit administration is performed by Euroclear France.

•

Voting rights:

No voting rights are attached to the units, as decisions are made by the management company.

•

Types of units:

Units are registered and/or bearer units.

•

Fractioning:

Split into thousandths of a unit.

Financial year-end:

•

The last Paris Stock Exchange trading day in June.

•

The first financial year end was the last Paris Stock Exchange trading day in December 2005.

Tax system:

•

The Fund is not subject to corporation tax. In accordance with the principle of transparency, the tax authorities consider the unitholder to be the direct owner of a share of the financial instruments and cash held in the Fund.

•

The tax treatment of any capital gain or income from holding Fund shares depends on tax provisions specific to the investor's own particular circumstances and/or on the tax provisions in the country where the investor resides. Investors should seek professional financial advice.

3.2 Special provisions

ISIN codes of the unit classes:

I class: FR0010636720

N class: FR0010636704

G class: FR0010854851

S class: FR0010854844

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Classification:

"International Equities" UCITS

Investment in UCIs: in excess of 50% of net assets.

Investment objective:

The Fund's investment objective is to outperform its benchmark index, the MSCI Emerging Markets index, closing price in € (net dividends reinvested), expressed in euros, by creating a portfolio of UCITS investing in this geographical area.

The portfolio is not designed to mirror its benchmark index; therefore, the fund's net asset value may differ from the benchmark's performance; it is assessed retrospectively.

Benchmark index:

The benchmark is the MSCI Emerging Markets index, closing price in € (net dividends reinvested). The MSCI Emerging Markets, closing price in € (net dividends reinvested) is an index that represents around 30 equity markets from "emerging" countries (Asia, Latin America, Europe, the Middle East and Africa). MSCI calculates its price in dollars, and then converts the amount into euros (closing price, dividends reinvested).

This index is only a point of reference although the Fund Manager seeks to maintain a significant correlation to it. The behavioural profiles of the Fund portfolio and the index are generally similar.

Investment strategy:

•

Description of the strategies used Portfolio composition strategies:

Between 80 to 100% of the Fund is invested in UCITS which are primarily invested in the equities of emerging countries (Europe, Asia, the Middle East, Latin America and Africa).

The Fund may invest up to 20% of its assets in money market UCITS for cash management purposes, and to limit the portfolio's exposure to equity risks when the outlook for the emerging equity markets is poor.

If the outlook for these markets is good, the Fund may invest in derivatives; however, overexposure to such markets is limited to 20% of its net assets.

The investment strategy is based on a dual approach, top-down and bottom-up. It is implemented by a manager who is responsible for asset allocation. The manager also selects the UCIs to be included in the portfolio.

Tactical asset allocation:

This stage allows mangers to set up investments (weighting of the various asset classes, selection of geographical diversification, capitalisation bias, etc.) that comply with the outlook of the management company. The fund's structure limits exposure to certain risk factors.

For diversification purposes, the Fund may invest in the units or shares of sector-based, geographical or thematic UCIs (for example, UCIs invested in securities linked to commodities, to infrastructure, etc.).

Selection of UCIs:

The UCI selection process is based on two successive approaches:

1. A quantitative stage during which the adjusted risk performance of the UCIs is analysed in relation to similar UCI funds;

2. A second qualitative stage to exchange information with fund managers and assess their management methodology. The selection phase ends by allocating a formal rating to the UCIs prior to any investment.

These ratings will be periodically reviewed and the performance of the underlying UCIs will be assessed on a monthly basis.

This selection process applies both to internal and external UCIs.

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Management of exchange rate risk:

The portfolio will not be systematically hedged against exchange rate risk. In the event of a poor outlook for currencies, the fund manager may adopt hedging strategies in relation to certain currencies.

•

Assets, excluding embedded derivatives:

The Fund will be composed of UCIs:

The Fund may invest up to 100% of net assets in units or shares of UCIs.

The following UCITS may be used:

- Up to 100% of net assets in French or European UCITS investing no more than 10% in other UCITS, AIFs or investment funds

- Up to 30% in AIFs or foreign investment funds meeting the following four eligibility criteria:

- They are subject to similar supervision to that applicable to UCITS and cooperation between the AMF and the UCI or foreign investment fund regulatory authority is sufficiently ensured; the level of protection guaranteed to unitholders is equivalent to that prescribed for holders of units in UCITS

- Their activity is the subject of detailed interim and annual reports

- They may not invest more than 10% of their assets in shares or units of other UCITS, AIFs or investment funds. This limit is explained in their regulations or articles of association.

•

Trackers (listed index entities) may be used.

•

Derivative instruments

The fund can deal in derivatives traded on regulated, organised and over-the-counter markets in order to expose or hedge the portfolio, up to a maximum of 100% of the net assets of the Fund. The manager will use these instruments to deal in markets quickly in order to adjust the Fund's exposure.

Types of markets targeted

The Fund may trade in all types of derivatives markets:

Regulated markets Organised markets Over-the-counter markets

Risks in which the manager intends to trade The manager will trade in:

Equity risk (specific to a stock or globally to a stock market index) Exchange rate risk

Types of trades

The manager will buy or sell derivatives for the purpose of:

Hedging Exposure Arbitrage

Types of derivatives used

Derivatives transactions are subject to a maximum commitment of 100% of the Fund's asset value.

On regulated markets, the following instruments are used in particular:

Futures contracts: A contract traded on a regulated market that guarantees or commits to a specific

price for a specific quantity of a given product (the underlying product) at a future date.

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The manager will use these futures contracts to deal in markets quickly to adjust exposure to market risks.

Options: a contract that, upon the immediate payment or receipt of a premium, confers the right to buy or sell, for a limited period, at a price set in advance, a given quantity of financial instruments listed on a standard futures market.

The use of options will allow the manager to adjust the portfolio's exposure level to market risks (to expose or hedge the portfolio) while taking volatility into account.

On over-the-counter markets, the manager may trade in the following on an ancillary basis and in particular in:

Forward foreign exchange contracts: a firm undertaking to purchase or sell a currency at a future date at an agreed price.

Options: a contract that, upon the immediate payment or receipt of a premium, confers the right to buy or sell, for a limited period, at a price set in advance, a given quantity of financial instruments listed on a standard futures market.

The use of options will allow the manager to adjust the portfolio's exposure level to market risks (to expose or hedge the portfolio) while taking volatility into account.

Swaps: a financial flow exchange agreement between two entities over a given period. They can be used occasionally for the same purpose as options.

Counterparty selection criteria

Counterparties on over-the-counter instruments (over-the-counter derivatives and effective management techniques) are selected through a specific procedure in force within the management company; the main selection procedures relate to their financial solidity, their expertise on the types of transactions envisaged, general contractual clauses and specific clauses relating to techniques for mitigating counterparty risk.

•

Deposits:

Up to 10% of the Fund's net assets may be in the form of deposits at credit establishments based in a Member State of the European Union or European Economic Area, with a term of less than 12 months, as a store of cash to be used as needed.

•

Cash borrowings:

On an exceptional basis, with the aim of investing in anticipation of a market rise or on a temporary basis as part of managing large redemptions, the Manager may borrow cash up to the value of 10% of the net assets of the Fund from the custodian, CACEIS Bank France.

•

Temporary purchases and sales of securities:

The Fund does not intend to carry out transactions involving the temporary acquisition and sale of securities.

Information relating to the Fund's financial guarantees:

Within the context of temporary purchases and sales of securities and over-the-counter derivatives transactions, the Fund may accept securities or cash as collateral.

Any cash collateral received is reinvested in accordance with the applicable rules.

All of these assets must be issued by high-quality issuers that are liquid, have low volatility, are diversified and which are not an entity of the counterparty or its group.

The discounts applied to the collateral received take into account, in particular, credit quality, the volatility of the prices of securities as well as the result of stress tests performed in accordance with the regulations in force.

The level of financial guarantees and the discount policy are set in accordance with the regulations in force.

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Risk profile:

•

Equity risk:

Investors may be exposed to equity risk, as the Fund's net asset value may experience fluctuations similar to those observed on various stock exchanges.

•

Risk associated with dealing in emerging countries:

Investors are advised that the operating and monitoring conditions of these emerging markets may differ from the standards prevalent on major international stock exchanges.

•

Possible impact of using derivatives markets:

Using derivatives may increase or decrease the volatility of the Fund by respectively increasing or decreasing its exposure.

However, the Fund's volatility should remain relatively close to its benchmark index, although it may vary from time to time.

•

Capital risk:

Investors will be exposed to the risk of losing their invested capital, since the Fund does not offer a capital guarantee.

•

Risk inherent in discretionary management:

The discretionary management style is based on anticipating changes to the various strategies followed by the underlying funds, as well as the selection of these funds. There is a risk that the Fund may not be invested in the best-performing strategies or funds at all times.

•

Volatility of the net asset value:

Volatility is determined by the upward or downward variations of the Fund's net asset value. The Fund's volatility may be high, due to the combined effect of the various markets.

•

Exchange rate risk:

Exchange rate exists owing to the fact that the Fund primarily deals in countries outside the eurozone and that its net assets include securities or UCITS expressed in currencies other than the euro, without the systematic hedging against exchange rate risk.

•

Credit risk:

This refers to the default risk of a counterparty, causing it to default on payment.

Credit risk shall not exceed 20% of net assets.

•

Counterparty risk:

Counterparty risk consists of assessing the risks for an entity in terms of the commitments linking it to a counterparty. This therefore refers to the default risk of a counterparty, causing it to default on payment. In accordance with regulations, this risk may not exceed 10% of net assets by counterparty.

Guarantee or protection:

None.

Eligible subscribers and typical investor profile:

I and N classes are open to all subscribers.

G class is open to all subscribers, in particular to Groupama SA's companies, subsidiaries and regional banks.

S class is open to all subscribers, in particular to Groupama SA's companies and subsidiaries.

Minimum initial subscription:

I class: €150,000

N class: €500

G class: €300,000

S class: €1,000,000

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FCP GROUPAMA FP ACTIONS EMERGENTES is aimed at investors seeking to enhance their savings by investing in the equity markets of emerging countries (Europe, Asia, the Middle East, Latin America and Africa).

Investors should have an aggressive approach to equity investment.

The recommended investment term is more than five years.

Proportion suitable for investment in the UCITS: all equity investments may be subject to significant fluctuations.

The amount that might reasonably be invested in FCP GROUPAMA FP ACTIONS EMERGENTES should be determined with reference to the investor's personal situation. To determine this, investors should take into consideration their personal wealth, their needs at the present time and over the next five years, and the level of risk they are willing to accept.

Investors are also advised to diversify their investments sufficiently to avoid being exposed exclusively to the risks of this Fund.

Investors accepting only moderate risk will have less than 30% of their total portfolio exposed to equities, investors seeking a compromise between risk and performance will have approximately 50% of their total portfolio exposed to equities, and investors seeking maximum performance combined with risk will have up to 70% or more of their total portfolio exposed to equities.

Investment diversification: this should be achieved by investing in different classes of assets (money market instruments, bonds and equities), and in different sectors and geographical regions so as to spread the risks more effectively and optimise portfolio management by taking market trends into account.

Income calculation and appropriation methods:

This is a multi-class Fund:

•

I and N classes: accumulation.

•

G and S classes: accumulation and/or distribution. Interim dividend payments are authorised. Option to carry forward earnings in full or in part.

Characteristics of units:

•

Net asset value at launch of the units:

I class: €1,755.44 N class: €500

G and S classes: €1,000

•

Currency of units: Euro.

•

Split into thousandths of a unit.

Subscription and redemption procedures:

•

Subscription and redemption requests are cleared by CACEIS Bank France and may be received every bank business day up to 9:30 am at CACEIS Bank France and Groupama Banque, for those clients for whom it provides custody-account keeping services. They are executed on an unknown net asset value basis with settlement on D+3 Euronext Paris.

Investors are reminded that when sending instructions to marketing agents other than the organisations indicated above, they must take into account that the cut-off time for clearing imposed by CACEIS Bank France applies to these marketing agents. Consequently, these marketing agents may stipulate an earlier cut-off time of their own, which may precede the time mentioned above, so that instructions can be sent to CACEIS Bank France on time.

•

The Fund's net asset value is calculated every trading day except for official French public holidays. The reference calendar is that of the Paris Stock Exchange.

•

The net asset value may be obtained from: the offices of Groupama Asset Management.

•

Subscriptions may be made in exact amounts or in thousandths of a unit; redemptions in thousands of a unit.

•

Minimum initial subscription:

I class: €150,000

N class: €500

G class: €300,000

S class: €1,000,000

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Fees and charges:

•

Subscription and redemption fees:

Subscription fees increase the subscription price paid by the investor, while redemption fees decrease the redemption price. The fees accruing to the Fund compensate it for the costs it has to pay to invest or divest the holdings of the Fund. The remaining fees accrue to the management company, distributor, etc.

I and N classes:

Charges borne by the investor, collected at the time of

subscription or redemption Base Rate

Subscription fees not accruing to the Fund* Net asset value x

Number of units or shares Maximum rate: 2.75%

Subscription fees accruing to the Fund Net asset value x

Number of units or shares None Redemption fees not accruing to the Fund* Net asset value x

Number of units or shares None Redemption fees accruing to the Fund Net asset value x

Number of units or shares None (*) Bank charges of up to 50 euros per transaction are added to these fees in Italy.

G and S classes:

Charges borne by the investor, collected at the time of

subscription or redemption Base Rate

Subscription fees not accruing to the Fund* Net asset value x

Number of units or shares Maximum rate: 4%

Subscription fees accruing to the Fund Net asset value x

Number of units or shares None Redemption fees not accruing to the Fund* Net asset value x

Number of units or shares None Redemption fees accruing to the Fund Net asset value x

Number of units or shares None

•

Operating and management fees:

These fees include all those charged directly to the Fund, except for transaction fees. Transaction fees include intermediary fees (e.g. brokerage fees, stock market taxes, etc.) and the transaction fee, if any, that may be charged, notably by the custodian and the management company.

The following fees may be charged in addition to the operating and management fees:

Outperformance commissions. These reward the management company if the Fund's performance exceeds its objectives. They are therefore charged to the Fund;

Transaction fees charged to the Fund;

Regarding ongoing charges invoiced to the Fund, please refer to the "Charges" Section of the Key Investor

Information Document (KIID).

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I class:

Fees charged to the UCITS Base Rate

Operating and management fees (inclusive of tax)

(including all fees other than transaction and outperformance fees and costs relating to investments in UCITS or other investment funds)

Net assets Maximum rate:

1.10% inc. tax Costs generated by investments in UCITS or investment funds (less any

deductions for commission sharing negotiated by the management company)

1.10% inc. tax Transaction fee

accruing to CACEIS Bank France

Deducted from

each transaction None

Outperformance commission* Net assets

20% (inc. tax) of the outperformance in relation to performances higher than that

of the MSCI Emerging Markets index, closing price (€), net dividends

reinvested**

Transaction fees Deducted from

N class:

Deducted from

reinvested**

G class:

Deducted from

reinvested**