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:

As the Eurozone is still in crisis, the global economy seems to keep on slowing down, despite a better-than-expected growth rate for Q3 in the United States. As a result, stocks went up, especially in Latin America and in the United States. Tensions on financial markets eased as Greece and Italy changed governments. However, we are still convinced that the current economic environment does not create a real opportunity to invest on stocks, bonds or commodities: actually, emerging countries should experience various problems, reforms will be blocked in the U.S. until late 2012 and the European countries should experience the first negative effects of their measures of austerity. Thus, we still recommend to wait for more affordable levels.