Lyxor International Asset Management
Tours Société Générale - 17 cours Valmy
92987 Paris- La Défense Cedex - France
www.lyxor.com
Lyxor International Asset Management - SAS with share capital of 1 059 696 euros - RCS Nanterre No 419 223 375 - Siège Social : Tours Société Générale 17 cours Valmy 92800
Puteaux
Paris, 13 September 2018,
The terms in this letter that begin with an uppercase letter are defined in the prospectus.
Purpose: Liquidation of the C-USD share class (ISIN: FR0011070440) of the sub-fund LYXOR THAILAND (SET50 NET TR) UCITS ETF of the MULTI UNITS FRANCE SICAV fund.
Dear shareholder,
According to our records, you own shares of the C-USD share class (ISIN: FR0011070440), denominated in US dollars (the "C-USD share class") of LYXOR THAILAND (SET50 NET TR) UCITS ETF (the "Sub-fund"),a "Global Equities" sub-fund that is managed by LYXOR INTERNATIONAL ASSET MANAGEMENT.
The Sub-fund's investment objective is to gain exposure to the Thai equities market by replicating the performance of the SET50 NET Total Return index (the "Benchmark Index"), denominated in Thai baht, while minimizing the tracking error between the Sub-fund's performance and that of the Benchmark Index.
The expected ex-post tracking error under normal market conditions is 0.10%.
The Sub-fund's management company has decided to liquidate the C-USD share class prematurely, since it has failed to attract sufficient investor interest.
To protect your interests, the management company will liquidate this share class on 19 October 2018, and automatically redeem your shares, free of charge, at the net asset value determined on that date. The subscription and redemption of the shares will be suspended on 15 October 2018. The C-USD shares will be delisted from all exchanges where they are traded effective 15 October 2018, at the close of trading.
If we receive no response from you, the proceeds from this liquidation will be credited to your cash account. We remind that this redemption will be subject to the taxation rules that normally apply to capital gains or losses from the sale of securities.
If you would like advice on reinvesting all or part of your proceeds from this liquidation, please contact your advisor, who will determine the most appropriate solution given your investor profile, situation and objectives.
For your information, on 30 August 2018, the fund's net asset value per share was 166.0464 USD.
However, the net asset value per share that you will receive on the date that the C-USD share class is liquidated will depend on the valuation of net assets on 19 October 2018.
In accordance with regulations, this premature liquidation was reviewed by the Autorité des Marchés Financiers (AMF) and was approved on 22 August 2018.

We thank you for your trust. Yours faithfully,
Lionel PAQUIN
Chairman of Lyxor International Asset Management

Lyxor International Asset Management
Tours Société Générale - 17 cours Valmy
92987 Paris- La Défense Cedex - France
www.lyxor.com
Lyxor International Asset Management - SAS with share capital of 1 059 696 euros - RCS Nanterre No 419 223 375 - Siège Social : Tours Société Générale 17 cours Valmy 92800
Puteaux
Please contact your advisor regularly for any further information concerning your investments.