oxx _ 50 _dividend_analysis_08nov 1 I.xls Inline-Images: Euro_Stoxx_50_dividend_analysis_08nov11(1).xls Euro STOXX 50 Bottom-up Dividend Valuation Soc Gen plans to not pay a dividend in 2012. Prior to today's announcement, Soc Gen was expected to contribute —2 points to 2012 dividends and - 2.5 points

turns. Before I discuss the changes, first I do want to poi=t out just how good our risk adjusted returns are. I've a ttachrd the report put out by Soc Gen which has results for approximately 1200 h=dge funds. When ranked by annualized returns over max drawdown we sit between the 98th and 99th p=rcentil