The purpose of this report is to present you with an opinion which is as clear as possible about the present situation on the financial markets. The information presented in this report is provided to you for information purposes only and is not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. Information and opinions presented in this report have been obtained or derived from sources believed by RFP to be reliable, but RFP makes no representation as to their accuracy or completeness. RFP accepts no liability for loss arising from the use of the material presented in this report.

Summary:

Analysts, journalists, politicians... Everybody is now predicting that 2012 will be a tough year for the global economy. World growth should slow down, especially in the emerging countries, the Western countries face a debt crisis, the United States and the United Kingdom have printed a lot of bills during the last three months, creating a phony economy to try to sustain growth... Bad news are everywhere. At the same time, the American stock market is the only one in good shape, as U.S. investors, frightened by the crisis, took back their funds invested abroad to put them again in their domestic market. However, is the crisis as deep as described? Especially in Europe, stock markets currently include the hypothesis that the Eurozone can collapse in the months to come. The ECB is currently working discretely to ease the tensions on the banking market and the tensions seem to be easing on sovereign bond yields. Even if nothing is really solved yet, we think that European stocks could be undervalued compared to the others. Chinese stocks too. Investors willing to take more risks during the beginning of the year 2012 (next three months) could try to buy these kinds of securities. Being a contrarian investor can often be very efficient.