17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com2FROM MEGATRENDS......TO MEGATREND FUNDS / ECPI GLOBAL MEGATRENDMEGATREND FUNDS – ECPI GLOBAL MEGATRENDAims to match the risk and return characteristics of the ECPI GLOBAL MEGATRENDINDEXConstructed to provide long-term capital growth by investing in a flexible way in theglobal equity and fixed income marketsGLOBAL MEGATRENDSProvide the basis for equity growth despite short term market fluctuationsECPI GLOBAL MEGATREND INDEXAllows for a well diversified allocation to the relevant themesECPI AND NORTHERN TRUST (NTGI) MANAGEMENT TEAMSCollaborate to create a tradable custom benchmark, based on ECPI Megatrendphilosophy and NTGI intelligent indexing approach123
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com3 17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com3THE CORRELATION OF MEGATRENDS AND INVESTMENTSGLOBAL MEGATRENDS CLIMATECHANGEEMERGINGMARKETSPOPULATIONDYNAMICSSCARCITY OFRESOURCESECPI THEMATIC INDICES6 CO2 EMISSIONS7 CLIMATE CHANGE8 «ECO» REAL ESTATE9 RENEWABLEENERGY1 ASIANINFRASTRUCTURE2 CHINACONSUMPTION3 HEALTHCARE4 LONGEVITY5 SUSTAINABLETECHNOLOGY10 AGRICULTURE11 «BLUE GOLD»12 COMMODITY13 LIVESTOCKECPI MEGATREND UNIVERSEINVESTMENT STRATEGIES & RISK EVALUATIONECPI GLOBAL MEGATREND / INVESTMENT PORTFOLIOECPI makes megatrends investable by selecting the companies able to exploit the businessopportunities arising from these systemic changes and grouping them into thematic indicesand index strategies.
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com4ECPI GLOBAL MEGATREND INDEX: SELECTION PROCESSCOMPANIES LISTED IN THE GLOBAL MARKETSCOMPANIES EXPOSED TO MEGATRENDS –ECPI Thematic ResearchECPI THEMATIC INDICES –Liquidity filters + ECPI SustainabilityResearchECPI INDICES SELECTION –10 indices selected~ 2.000SECURITIES~ 200 SECURITIESECPI GLOBALMEGATRENDEQUITY INDEXSTEP 1STEP 2STEP 3STEP 4
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com5ECPI INDEX STRATEGY STRENGTHSPHYSICAL STRATEGY vs SWAP-BASED STRATEGYCost transparency«Look-through» risk managementCounterpart and collateral risks are minimizedLiquiditySTOCK PICKING vs FUND OF FUNDSCost efficiency (no double layer of fees)Flexibility in capturing new trends/investment opportunitiesNo restriction in theme selection vs limited number of thematic funds availableSUSTAINABILITYTail risk reductionReputational risk reduction
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com6ECPI GLOBAL MEGATREND EQUITY INDEXECPI GLOBAL MEGATREND EQUITY INDEXGEOGRAPHY Companies listed in global marketsSECTORSSectors that provide exposure to Emerging markets, Climate change, Populationdynamics, scarcity of resourcesREFERENCE UNIVERSE ECPI Research CoverageN. OF CONSTITUENTS About 200ELIGIBILITY CRITERIAAverage Daily Volume Traded (6 months): min. 5 mioMarket cap: min. 1 bioMomentum algorithm: 12-months, top 10 sub-indicesCURRENCY HEDGED NOCALCULATION CURRENCY EUROCURRENCY OF ISSUANCE All currencies of denominationSUSTAINABILITY FILTER ≥ E- ECPI ESG RATING (no F allowed)LIQUIDITY FILTERSMarket cap.: min EUR 1 bioAverage daily value traded (6 months): min EUR 5 mioTYPE (Alpha Generation, Strategy, Replica,Benchmark, Best in class)Strategy IndexINSTRUMENT WEIGHTS (equal weight,market cap)Equal WeightINDEX VARIANCES (Price, Return, NetReturn)Total Return NetREBALANCING FREQUENCY Semiannual
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com7406080100120140Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13INDEX PERFORMANCEECPI GLOBAL MEGATREND EQUITY (ECPI GM) MSCI WORLD Net Return Euro (MSDEWIN Index)EXTRAPERFORMANCE AND PORTFOLIO DIVERSIFICATIONOPPORTUNITYBB TICKER ECPI GM MSDEWIN BB TICKER ECPI GM MSDEWIN BB TICKER ECPI GM MSDEWINRETURN RISK RELATIVE ANALYSISYTD* (as of 14 May 2013) 14.29% 15.37% ANN. VOLATILITY 18.56% 18.98% COMPONENTS 204 16061Y 15.89% 17.15% MAX DRAWDOWN -42.26% -47.69% AVARAGE CAP.(Bio) 32.7 13.523Y 33.25% 32.72% ALPHA wrt COMPARABLE 3.03% TRAILING PE 20.20 17.295Y 48.64% 29.19% BETA wrt COMPARABLE 0.96 P/B RATIO 1.79 1.977Y N/A N/A SHARPE RATIO 0.28 0.11 DIVIDEND YIELD 2.47 2.58CAGR 6.23% 3.11% INFORMATION RATIO 0.73 DATA FROM / TO: 02-Jan-08 30-Apr-1329.2%16.3%11.0%10.3%10.1%8.5%7.7%5.3%1.5%INDUSTRY SECTOR BREAKDOWNCONSUMER NON-CYCLICALTECHNOLOGYBASIC MATERIALSINDUSTRIALFINANCIALCONSUMER CYCLICALENERGYUTILITIESCOMMUNICATIONS42.0%21.5%11.4%6.2%4.9%4.4%2.9%6.7%CURRENCIES BREAKDOWNUSDEURJPYGBpHKDCHFCADOTHERSECPI INDEX LIVEIN JUNE 2012TOP TEN HOLDINGS WEIGHTSSEIKO EPSON CORP 0.79%MITSUBISHI ESTATE CO LTD 0.72%MITSUI FUDOSAN CO LTD 0.70%OMEGA HEALTHCARE INVESTORS 0.65%HEWLETT-PACKARD CO 0.65%HESS CORP 0.65%PANASONIC CORP 0.63%DAIWA HOUSE INDUSTRY CO LTD 0.61%PULTEGROUP INC 0.60%APPLIED MATERIALS INC 0.60%
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com8SEMIANNUAL «SMART» REBALANCING OF THE INVESTMENTSSelection of Thematic Indices with the highest growth potential every six monthsSCARCITY OF RESOURCES1. ECPI Global Agriculture2. ECPI Global Blue Gold3. ECPI Global Commodity4. ECPI Global LivestockCLIMATE CHANGE5. ECPI Global Carbon6. ECPI Global Climate Change7. ECPI Global Eco Real Estate& Building8. ECPI Global Renew. EnergyEMERGING MARKETS9. ECPI Asian Infrastructure*10.ECPI China ConsumptionPOPULATIONS DYNAMICS11.ECPI Global Longevity Winners12.ECPI Global ESG Healthcare13.ECPI Global ESG TechnologyTHEMATIC BASKETS*Added after June 2012REBALANCING DATE 1 2 3 4 5 6 7 8 9 10 11 12 13January-08June-08January-09June-09January-10June-10January-11June-11January-12June-12January-13
10Spectrum of Equity Investing TechniquesAlphaAlphaBetaBetaAlphaStyle/ StrategyBetaBroad MarketIndex Beta Cap-Weighted Indicese.g. ACWI IMI + Frontier MarketsAlternative Indicese.g. Fundamental Weighted, Low VolatilityExclusions or Tax Considerationse.g. Exclude Industry, Sector, Country, SRI orapply active tax management to passive exposureEngineered Solutionse.g. Custom Equity Portfolios, Quantitatively Driven SolutionsActivee.g. Higher tracking error strategiesIncreased demand for core broader and deeper market cap weighted indicesGoals-based investing is further driving demand for customized or engineered solutionsIncreased demand for diversified beta strategies in both the core and satellite componentsSource: Northern Trust
11PeopleGlobal team of 26 portfolio managers with various professional investmentbackgroundsStable team with average experience of 12 years per team memberFocused business direction on Global Index Management from thetop of our organisationProcess: Our Intelligent Indexing® ApproachSeeks to maximise liquidity/minimise market impactDynamic, customised, and risk-managed approach to index changesGlobal technology platform allows for scalability and customisationProductClient-centric approach to product developmentPerformanceIntelligent Indexing® delivers a long track record of consistent,strong performanceGlobal Index Management: Our AdvantageSource: Northern Trust
12Our process seeks to minimise active risk.Typical Portfolio CharacteristicsMSCIWorldMSCIWorld SCMegaTrendFundExpectedTracking Error (+/-)*2 bps 5-10 bps 2 bpsStock Mis-weights (+/-) 2bps 5 bps 2 bpsCountry Exposure (+/-) 5 bps 10 bps 5 bpsIndustry Exposure (+/-) 5 bps 10 bps 5 bpsSector Exposure (+/-) 5 bps 10 bps 5 bps*Tracking error is an ex-ante prediction of tracking error based on security level optimization and weights. The estimated range is annualized and expressed in basis points for the purposeof comparison. Actual/Experienced tracking error can deviate significantly based on, but not limited to, securities lending impact, foreign exchange, cash drag, futures, sampling efficiency,transaction costs.Results:An optimal trade list, reflecting our risk-controlled approach, balancing totaltransactions costs andactive risk.Build portfolio using Barra risk modelQuantify risk toleranceMinimise active portfolio risk(mis-weights to the index)Constrain portfolio with security/industry/sector/country/risk factor levelUtilise futures positions to maintainequity exposureIntelligent Indexing®Portfolio ConstructionPortfolioConstructionImplementationMulti-dimensionalRisk ControlsSource: Northern Trust
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com14FUND KEY DATAKEY DATAOFFICIAL NAME OF THE FUND MEGA TREND FUNDS - ECPI GLOBAL MEGA TRENDFUND CATEGORY Global Equity, Sustainability overlaySTRATEGY Smart beta, intelligent indexBLOOMBERG MTFEGEA LX EquityINCEPTION DATE 20 December 2012DOMICILE LuxembourgFUND TYPE SICAV UCITS IVDISTRIBUTION POLICY DistributingDISTRIBUTION COUNTRIES LUXMANAGEMENT COMPANY Alceda Fund Management S.A.INVESTMENT MANAGER Northern Trust Global Investments Limited (London)CUSTODIAN BANK M.M. Warburg & CO Luxembourg S.A.INDEX PROVIDER ECP INTERNATIONAL S.A.
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com15FUND INVESTMENT OBJECTIVE, POLICY AND APPROACHMEGA TREND FUNDS – ECPI GLOBAL MEGA TREND aims to achieve its investment objective by investing in freelytransferable equity, equity-linked and fixed income securities issued by or linked to companies and organisations withinthe Index.Such equity, equity linked and fixed income securities shall be listed on stock exchanges or dealt on regulated markets,but may comprise new issues on the way to be listed on such stock exchanges or regulated markets.INVESTMENT POLICYECPI GLOBAL MEGATREND EQUITY INDEX offers investors exposure to companies that are best placed to seize theopportunities presented by long-term Global Megatrends.Companies’ selection is based on ECPI Thematic Research, ECPI Sustainability Research according to ECPI ESGRating Methodology (Environmental, Social and Governance) and financial parameters of liquidity and capitalization.The ECPI GLOBAL MEGATREND EQUITY INDEX semi-annually selects the 10 indices with the highest performance inorder to seize the best opportunities on the market.The ECPI thematic indices today cover the following megatrends: Emerging Markets, Population Dynamics, ClimateChange, Scarcity of Resources.INVESTMENT APPROACHMEGA TREND FUNDS – ECPI GLOBAL MEGA TREND aims to match the risk and return characteristics of the ECPIGLOBAL MEGA TREND INDEX (EGM). The Fund is constructed to provide long-term capital growth by investing in aflexible way in the global equity and fixed income markets.ECPI GLOBAL MEGATREND EQUITY INDEX offers investors exposure to companies that are best placed to seize theopportunities presented by long-term Global Megatrends.INVESTMENT OBJECTIVE
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com16FUND PERFORMANCE COMPARISONECPI GLOBAL MT VS PICTET MT SELECTIONVOLATILITY YTD: ECPI Megatrend: 8.84%Pictet - Global Megatrend : 9.80%
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com17SUMMARY MEGA TREND FUNDS – ECPI GLOBAL MEGATRENDMEGA TREND FUNDS – ECPI GLOBAL MEGATREND PROVIDES:Dynamic exposure to future Mega Trends:Smart beta solutionCost TransparencyLiquidityEfficient replicaTail risk reduction
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com18THE COOPERATION AT A GLANCEFinancially strong and stable firm with index management as a core focusDelivering product innovation and customised solutionsExperienced investment team operating on an integrated global platformIntelligent Indexing® Risk-efficient, cost-effective betaHigh-touch client serviceAlceda UCITS Platform (AUP) is the largest independent UCITS PlatformworldwideIn partnership with the AUP, ECPI extends its investor base by offering itsinvestment solutions in a UCITS format.The AUP has been awarded several times as Best UCITS Platform in 2011 and2012.:Leading independent provider of investment advisory solutionsESG-related Ratings on traditional and innovative asset classes such as Equityand Credit Portfolios, Hedge Funds and other alternativesIntangible Value/Non-traditional Risk Factor Research i.e. Environmental, Socialand Governance (ESG) with mainstream quantitative financial analysis since 1997
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com20FOCUS 1 – ASSOCIATED BRITISH FOODSAssociated British Foods (ABF) is a diversified international food, ingredients and retail group with salesof £12.3bn and over 106,000 employees in 47 countries.The business is split into 5 segments: Sugar, Retail, Ingredients, Agriculture and Grocery.ABF activities go from field to fork with well known brands like Twinings, Ovaltine and Jordans cereals.Revenue compound annual growth rate for the last ten years is 10%. The company is pursuing aninternationalization process with operations in China, Mexico, Africa, Poland.ABF is a component of the ECPI Global Agriculture Equity Index (Scarcity of Resources theme).The Index is designed to select companies best placed to seize the opportunities arising from the gapbetween demand for food, feed and fuel and the supply of the necessary inputs.Since the launch of the ECPI Mega Trend Fund, ABF has realized a performance of 23.45% in USD.
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com21FOCUS 2 - OMEGA HEALTHCARE INVESTORSOmega Healthcare Investors (OHI) is a member of the ECPI Global Longevity Winners Equity Index(Population Dynamics Theme). The Index offers investors exposure to companies best placed to seizeopportunities arising from the sharp increase in life expectancy in developed countries. OHI is such acompany ideally placed to benefit from increased demand and expenditure in health and old age care.As per the company website: “At Dec. 31st, 2012, the Company owned or held mortgages on 476 skillednursing facilities, assisted living facilities and other specialty hospitals with approximately 55,279 licensedbeds (53,104 available beds) located in 33 states and operated by 46 third-party healthcare operatingcompanies’..The company is a constituent of ECPI Megatrend fund since inception (Jan. 10th, 2013) and had produceda return of 36% for the period ending Apr. 25th, 2013. For the period 2004 to 2012, the operating revenuehas grown at 17.3% and share price at 11% CAGR.
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com22FOCUS 3 – WEST MANAGEMENT INCWaste Management, Inc. (WM) provides waste management services including collection, transfer,recycling, resource recovery and disposal services, and operates waste-to-energy facilities.The Company serves municipal, commercial, industrial, and residential customers throughout NorthAmerica.The company is a component of the ECPI Global Climate Change Index (Climate Change Theme).The index offers investors exposure to companies that are best placed to seize the opportunities presentedby the challenge of climate change.Selected firms operate in sectors identified as playing a key role in meeting that challenge, and have thehighest ECPI ESG ratings in their industries. The sectors/industries represented include Renewable andAlternative Energy, Water, Energy Efficiency, Transportation, Waste Management and Utilities.Since the launch of the ECPI Mega Trend Fund, WM has realized a performance of 14.8% in USD.
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com24ECPI GROUPECPI Group is a leading independent provider of investment advisory solutions based onproprietary research, quantitative and disciplined investment processECPI Group has been building sustainable and innovative investment tools and solutionsfor 15 yearsECPI Group offers advisory on the adoption and the implementation of ESG(Environmental, Social and Governance) policies, support in structuring of financialproducts, design of thematic indices, portfolio screening for risk optimization purposes.ECPI operates on a global scale.OFFICES:Luxembourg, MilanRESEARCH & SALES:Chicago, Geneva, London, Manila,Shanghai, Tokyo, Warsaw, Hong Kong
25Northern Trust is a multi-asset class investment managerTotal firm assets under management $810.2 billion as of March 31, 2013Among the top 3% of Money Managers WorldwidePensions and Investments from 687 managers reporting (May 2012)14th Largest Manager of Worldwide Institutional Assets ***Pensions and Investments (May 2012)4th Largest Manager of U.S. Institutional Tax-Exempt Assets***Pensions and Investments (May 2012)Selected Industry Recognition3rd Largest Manager of Passive International Securities***Pensions and Investments (May 2012)***Unless otherwise noted, rankings based on U.S. institutional, tax-exempt assets under management. The above rankings are not indicative of future performance. Rankings based on total worldwide assets under management of $662.9 billion as of December 31,2011. Pensions & Investments 2012 Special Report on Money Managers appeared in the publications May 28, 2012, issue and online at www.pionline.com/researchcenter. Ranking information reprinted with permission, Pension & Investments, copyright CrainCommunications, Inc. Award is not indicative of future performance.U.S. Fixed Income$63.2 billionInternationalFixed Income$18.1 billionInternational Equity$134.8 billionFixed Income*$308.3 billionIndex Management$386.5 billionActive Equity$57.1billionMulti-ManagerSolutions$38.2 billionOther**$20.1 billionU.S. Equity$170.4 billion* Includes Active Fixed Income, Short Duration and Securities Lending collateral management as ofMarch 31, 2013. Source: Northern Trust.** Includes Real Estate holdings, sundry assets, and other.IndexManagementNorthern Trust: Expertise in Asset ManagementAsset Management at Northern Trust comprises Northern Trust Investments, Inc. (NTI), Northern Trust Global Investments Limited (NTGIL), Northern Trust Global Investments Japan, K.K. (NTGIJ), The Northern Trust Company of Connecticut (NTCC) and itssubsidiaries, including NT Global Advisors, Inc., and investment personnel of The Northern Trust Company (TNTC), to offer investment products and services to personal and institutional markets. As of 03/31/2013, Northern Trust Corporation had assets undermanagement totaling $810.2 billion. For purposes of compliance with the Global Investment Performance Standards (GIPS®), we have defined our firm as Northern Trust Global Investments Services (NTGIS) that includes those investment products managed by NTI,NTGIL, NTGIJ, and TNTC that are distributed through national channels.As of 03/31/2013, Northern Trust Global Investment Services (NTGIS) had assets under management totaling $672.7 billion.Source: Northern Trust
26Our Investment PhilosophyWe believe that, in order to efficiently replicate benchmarkcharacteristics, it is vital to consider liquidity, transaction costs,and risk throughout the investment process.Our philosophy is executed through our IntelligentIndexing® approach.PortfolioConstructionImplementationMulti-dimensional RiskControlsSource: Northern Trust
27Intelligent Indexing®ImplementationResults:Our implementation approachis designed to lead to efficientexecution, reducing total transactioncosts, which is acritical effort in preservinginvestors’ wealth.Trade MotivationTrade MotivationResearch EventResearch EventEvaluate Implicitand Explicit CostsEvaluate Implicitand Explicit CostsAccess MultipleLiquidity VenuesAccess MultipleLiquidity VenuesHidden vs. exposed tradeExpected trading impactIdentify total trading costsImpact cost vs. opportunity costIntegrated trading philosophyPortfolioConstructionImplementationMulti-dimensionalRisk ControlsSource: Northern Trust
28Intelligent Indexing®Risk ManagementNorthern Trust is committed to risk management,which is why it is embedded into our entireinvestment process and integrated into ourPortfolio Manager Workbench, resulting inimmediate oversight.PortfolioManagement TeamPortfolioManagement TeamRisk DepartmentRisk DepartmentInvestmentCommitteeInvestmentCommitteePortfolioCountrySectorSecurityPre- and post-tradecompliancePerformance reviewPerformance review withChief Investment OfficerPortfolioConstructionImplementationMulti-dimensionalRisk ControlsSource: Northern Trust
29NTGI / ECPI Liquidity analysisScreening the ECPI Universe – Making Megatrends Investible.In early stages of the relationship with ECPI we noticed some severe liquidity issues in the original Index constructionwhich would have made a significant impact on the cost of turnover and trading.To increase the liquidity and tradability of the index we take the ECPI universe and screen it for how much impact can beexpected by a position size of 1% and 3% of fund size. Given the equal weighted nature of the index we are unlikely tosee position sizes of this magnitude but it provides us forewarning of hidden liquidity and impact issues.The two screens are then returned to ECPI who run their optimisation and select their Preferred Index Solution. NTGIthen run a final screen on the PIS, to ensure nothing has changed, before returning to ECPI for ratification andimplementation. This then leaves the Index.ECPI supply currentUniverseNTGI Screen for 1% and3% ADV and send twoExcel files to ECPIECPI run Optimisationand select PreferredIndex Solution and sendto NTGINTGI run final screen onECPI Index and return toECPI with anyobservationsECPI check and finaliseIndex then return toNTGI forimplementation onagreed dateSource: Northern Trust
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com30Our market.Our belief.Our expertise.sustainability.Why: we create valueHow: a robust methodologyWhat: turn-key tools and solutionsSensein
17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com31Research Dept.MilanVia G. Carducci, 920123 Milan, ItalyT +39 02 9716 firstname.lastname@example.orgIndex Dept.Luxembourg13 rue AldringenL-1118 LuxembourgT +352 2684 email@example.comBloomberg: ECPSReuters: ECAPITALDisclaimerThis document has been prepared by ECP International S.A., and/or ECPI S.r.l., and/or any of their subsidiaries and affiliates, being noted that ECP International S.A., ECPI S.r.l., are entirely owned by ECPIGroup S.p.A., a company organized and existing under the laws of Italy, with registered office at Via G. Carducci, 9 - 20123 Milan, Italy (the “ECPI Group Companies”) as part of their internal research activity.The information provided herein and, in particular, the data contained in this document are taken from information available to the public. All information contained herein is obtained from sources believed by itto be accurate and reliable. While the opinions and information contained in this document are based on public sources believed to be reliable and in good faith, ECPI Group Companies have not independentlyverified the accuracy of such public sources. Because of the possibility of human, technical or whatsoever kind of similar error, however, such information is provided “as is” without warranty of any kind andECPI Group Companies, in particular, make no representation or warranty, whether express or implicit, as to the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of any suchinformation and opinions contained in this document.Accordingly, neither ECPI Group Companies nor any of their respective directors, managers, officers or employees shall be held liable for whatever reason (including, without limitation, liability in negligence) forany loss (including consequential loss), expense, consequential, special, incidental, direct or indirect or similar damage, whether or not advised of the possibility of such damage, in connection with the fairness,accuracy, timeliness, completeness, merchantability and/or fitness of the information and opinions contained in this document and/or arising from any use or performance of this document or its contents orotherwise arising in connection with this document.Any opinions, forecasts or estimates contained herein constitute a high-level information statement only valid as at the date of its release. There can be no assurance that the evolution of the informationcontained herein and/or any future events will be consistent with such opinions, forecasts or estimates. Any information herein is at any time subject to change, update or amendment subsequently to the dateof this document, with no undertaking by ECPI Group Companies to notify such change, update or amendment.This document is not, nor may it be construed as to constitute a recommendation to make any kind of investment decision or an offer for sale or subscription of or a solicitation of any offer to buy or subscribefor any financial instrument. Accordingly, this document may not be used as a solicitation or an offer for sale or subscription, and any solicitation or offer shall be made only in accordance with all applicable lawsand regulation, including, whenever applicable, the filing of a prospectus with the relevant authorities. ECPI Group Companies are not financial advisors subject to special authorization and thus do not provideformal financial advice in the area of investment nor perform any asset management activity. ECPI Group Companies recommend to potential investors wishing to be provided with formal financial advice in thearea of investment to contact a financial advisor duly authorized by the competent regulatory authority of its country.ECPI Group Companies publish researches on a regular basis. This publication has been prepared on behalf of ECPI Group Companies solely for information purposes. All the information contained herein iscopyrighted in the name of ECPI Group Companies, and none of such information may be copied or otherwise reproduced, except for personal use only, further transmitted, transferred, published,disseminated, redistributed or resold, in whole or in part, in any form or manner or by any means whatsoever, by any person without ECPI Group Companies’ prior written consent.This document exists for information purposes only and does not constitute an offer or a solicitation of an offer for the product presented and may not be used as an offer or solicitation. Forward-lookingstatements are based on assumptions. Since all assumptions, predictions and statements simply reflect the current view of future events, they quite naturally are subject to inherent risks and uncertainties.Thus, they should not be seen as guarantees or promises regarding future performance. Investors are cautioned to be aware that actual performance can vary greatly from past results. Especially performanceresults referring to a period of less than twelve months (Year-to-date-performance, start of investment fund within the last twelve months) are no reliable indicator for future results due to the short comparisonperiod. Hence, the future performance of the investment cannot be warranted. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.Sole basis for the purchase of units are the offering documents of this fund (the latest prospectus, the Key Investor Information Documents, the articles of association, the yearly review and – if older than 8months – the latest half-year review) that can be requested free of charge at the management company, Alceda Fund Management S.A., 5, Heienhaff, L-1736 Senningerberg, at the investment manager,Northern Trust Global Investments Limited (London), 50 Bank Street, London E14 5NT, and at the custodian, M.M. Warburg & CO Luxembourg S.A., 2, Place Dargent, L-1413 Luxembourg.CONTACTS