Lyxor AM Introduces Lyxor ETF Japan (TOPIX) For Trading On Euronext Paris

Lyxor Asset Management, Societe Generale's wholly owned subsidiary, announced today the launch of the first and only Exchange Traded Fund (ETF) or tracker in Europe based on the Tokyo Stock Price index (TOPIX). This new tracker, which is today listed on Euronext Paris, is a unique opportunity for European investors wishing to get instant exposure to the Japanese market in a cost effective way.

Mr. Takuo Tsurushima, President & CEO of Tokyo Stock Exchange (TSE), Inc. comments, "TSE warmly welcomes Euronext Paris' listing of a tracker based on the TOPIX index published and calculated by the TSE, enabling investors to trade the fund in Euro denominations and in real time. We firmly believe that this listing will further enhance the cross-border flow of capital between Europe and Japan."

Mr. Jean-Francois Theodore, CEO and Chairman of the Managing Board of Euronext N.V. says, "Euronext is very pleased to list the first tracker in Europe based on the TOPIX, the benchmark index of the Japanese market. This tracker is also the first one based on this area available on Euronext Paris. We want to thank the Tokyo Stock Exchange to have chosen our exchange as a gateway to the euro zone for this new product."

This new tracker is based on the TOPIX index, a market capitalization-weighted index composed of 1,658 Japanese stocks listed on the first section of the Tokyo Stock Exchange. The index offers a wider range of Japanese stocks than other major indices making it a reliable indicator of movements in the Japanese market. "The TOPIX index is widely used as key benchmark by institutional investors throughout the world, for measuring the performance of the Japanese economy," confirms Isabelle Bourcier, ETF global Co-ordinator for Lyxor AM.

The sector allocation of the index should be distinctive in Japan's current economical context. As opposed to other global and country indices, the index is less affected by volatile sectors such as Energy (1.38%) and Technologies (4.46%). The main sectors covered by the index are Consumer cyclicals (over 25%), Financials (over 21%) and Industrials (over 21%). The index should thus be notable under a recovery in the local consumption demand.

With Lyxor ETF Japan (TOPIX), investors can gain exposure to instant geographical diversification, through a single vehicle traded in real-time on Euronext. In July of this year, Lyxor AM had already extended its range of ETFs to China and Eastern Europe, a convenient and cost effective investment product for retail investors to access distant markets.

Features of the Lyxor ETF Japan (TOPIX)

Legal form:	French mutual fund (FCP) UCIT I &III compliant
Currency:	Euro
First quotation:	17th November 2005
Market:	Eurolist of Euronext - NextTrack Segment
Benchmark Index:	TOPIX index (calculated in JPY and expressed in points)
Front/back-end load*:	0 %
Management fees:	0,50 % including VAT / year
Eligible for PEA: (equity savings plans for French Investors)	Yes
Eligible for SRD: (Deferred Settlement Service)	Yes
ISIN code:	FR0010245514
Mnemonic code:	JPN
Liquidity is ensured by:	SG Corporate & Investment Banking & Merrill Lynch.

* No such fees are due to the asset management company on secondary trading activities.

Lyxor ETF Japan (TOPIX) was approved by the French AMF (Financial Markets Authority) on 28/10/2005 under the number FCP2005 0740. The entire prospectus is available on request or can be downloaded from www.lyxoretf.fr.