Pictet Asset Management has been selected for one of 5 management mandates in Sustainable European Equities to be awarded by the Fonds de Réserve pour les Retraites (FFR). The investment process applied for this mandate was developed jointly by Ethos and Pictet Asset Management as part of their new partnership initiated in the fall of 2005. Ethos is advisor to Pictet with regard to environmental and social analyses and the exercise of shareholder voting rights.

The FRR was created by the French government in 2003. Its mission is to contribute to the long-term financing of the French contributory pension scheme after 2020. Its current assets amount to 27 billion Euros. In July 2005, the FRR put to tender several asset management mandates in socially responsible investment (SRI), focused on European equities, for a period of five years and involving an indicative total volume of 600 million Euros.

The award of this mandate provides recognition of the quality of the new investment process developed between Ethos and Pictet Asset Management, which is also applied to the different segments of the Institutional Investment Fund Ethos.

*The award of the management mandate is subordinated to a verification visit which will be conducted by the FRR at the asset management company's head quarters in the coming weeks.

FRR press release