Your SlideShare is downloading. ×
Citywire nov212011
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Citywire nov212011

657
views

Published on

Published in: Economy & Finance, Business

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
657
On Slideshare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
8
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Convertibles Bonds : Benefit from a long term unique risk/return ratio, and Capture the current opportunity through active management Neuflize OBC Investissements November 2011 - BERLIN1
  • 2. ContentIntroduction : Neuflize OBC Investissements1- Why Convertibles ?2- Investment team and context3- Investment philosophy and process4- Funds’ overviews, main parameters and performancesContacts Convertibles capabilities at Neuflize OBC Investissements2 Citywire - November 2011 - BERLIN
  • 3. Snapshot : Neuflize OBC Investissements Solid Shareholding Structure Main facts AAA AAA State of Netherlands A+ Fitch 106 employees, mostly Paris-based Managed and advised assets of €22.06 bil at year- end 2010, and €23.3 bil. at end August 2011 Focus on professional and private clients Very good knowledge of High Net Worth Individuals thanks to its shareholder, the largest private bank in France, Banque Neuflize OBC Created April 1, 2010 by merging the multi- management and the pure asset managementBreakdown of assets activities but a recognized asset manager for the past 23 years Combines funds of funds and traditional portfolio management, as well as segregated funds Offers expertise in asset allocation and advisory through selection of asset managers and UCITS Privates Clients DPM Flagship asset manager for the ABN AMRO Group via UCITS Luxembourg-based Sicav and advisory services Institutionals Clients Institutional solutions capable of putting together custom-made solutions* Neuflize OBC Asset Management** Asset Allocation Advisors Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements - As of December 31, 2010 3 Citywire - November 2011 - BERLIN
  • 4. 1. Why Convertibles ? Convertibles capabilities at Neuflize OBC Investissements4 Citywire - November 2011 - BERLIN
  • 5. The diversified nature and asymmetric risk profile – convexity – provide many sources of Alpha Funds managed here High YieldType of Convertible: and Bond like Balanced Equity like distressed Increasing participation to the stock price rise - up to 100% Convertible Price Maximum convexity Bond Floor Conversion price Decreasing participation to the stock price fall Stock Price Convertibles are sensitive to interest rates, credit spreads, underlying equity prices and their implied volatility In the medium term Convexity implies: - automatic Stop Loss thanks to the bond floor (except in systemic crises) - automatic profit-taking thanks to amortization and exercise of calls by the issuers of the best-performing underlying equities And in the long term the primary market sustains the convexity of the asset class via issuance of balanced convertibles Convexity is a powerful and reliable device for the portfolio manager: in case of poor stock-picking or unfortunate timing, it limits the loss on the position and makes it easier to exit or add to the position Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements 5 Citywire - November 2011 - BERLIN
  • 6. A unique/risk return ratio : over time, convertibles beat equities and balanced portfolios alike 15 years 10 years 5 years 3 years 1 year Perf. an.% Volatility Perf. an.% Volatility Perf. an.% Volatility Perf. an.% Volatility Perf. an.% Volatility UBS europe Convertibles 7.3% 8.6% 4.8% 7.7% 2.1% 9.9% 15.0% 9.4% -4.4% 9.8% convertibles 50% equities / 50% DJ Stoxx600+50% 5.8% 10.0% 3.6% 10.2% 0.3% 11.6% 8.2% 11.3% -2.0% 9.8% 50% bonds Iboxx euro all maturities Equities DJ Stoxx600 (net inv.) 5.4% 20.5% 1.4% 21.1% -4.4% 23.9% 6.3% 23.2% -5.7% 20.3% Corporate bonds Iboxx euro all maturities 5.0% 3.0% 4.4% 3.0% 3.5% 3.2% 8.5% 3.0% 0.6% 3.3% Convertibles vs bonds, equities and balanced portfolios Convertibles prices : a function of equities prices450 May 11-Oct11 April 09 – June 11400 450 CBs -10%/Equities-13% CBs +52% / Equities +71%350 400 OCs : Indice UBS Europe Convertibles (RI) 350 Jul 03-Dec 07300 Jan. 08 – March 09 CBs + CBs -24%/Equities -50% 42%/Equities 300 +100%250 250200 Feb. 01 – June 03 200 CBs -6%/ Equities -40%150 150100 100 Jan. 94 – Jan. 01 50 CBs + 164% / Equities + 213%50 50 100 150 200 250 300 350 400 450 déc.-94 déc.-95 déc.-96 déc.-97 déc.-98 déc.-99 déc.-00 déc.-01 déc.-02 déc.-03 déc.-04 déc.-05 déc.-06 déc.-07 déc.-08 déc.-09 déc.-10 Composite Index Iboxx Europe all mat Stoxx 600 UBS CB Europe Hedged Equities : DJ Stoxx 600 (RI) Convertibles capabilities at Neuflize OBC Investissements Source : Datastream. Neuflize OBC Investissements. October 2011 6 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 7. The 2008 CB liquidity/valuation crisis was over after just 5 months ;the 2011 one should remain limited UBS Europe DJ € Stoxx Iboxx All Itraxx VI 9 Itraxx Main Hedged 50 Mat. Cross Months First stage of the crisis Start 2008 - Aug. 2008 -10,7 -21,3 0,5 50 pts 211 pts 2 pts CB Liquidity crisis Sept. - Oct. 2008 -25,2 -22,9 -7,1 52 pts 235 pts 17 pts End of CB liquidity crisis Nov. 2008 - March 2009 11,8 -19,4 1,9 14 pts 133 pts -5 pts General financial markets recovery March 2009 / September 2009 29,9 42,7 15,2 -74 pts -309 pts -4 pts Overall outcome Starting 2008 / September 2009 -2,9 -30,2 9,6 36 pts 238 pts 9 pts July 2011 / September 2011 -13,8 -23,1 -1,1 96 pts 444 pts 14 pts Sept.-Oct. 2008 : the financial crisis constrains funding and leverage for Hedge Funds and Banks/Brokers books leading to a liquidity crisis and a sharp drop in valuations Oct. 2008 - March 2009 : partial restoration of liquidity and valuations; strong recovery of convertibles amidst a continuing downturn for equities and credit. March – Sept. 2009 : massive use of the convertibles primary market by industrials amidst a slow return to normality for the bond market; valuations complete their return to normality. July - September 2011 : the crisis evokes that of 2008, though in a fundamentally safer market with mostly ”real money” investors. Convertibles capabilities at Neuflize OBC Investissements Source : Datastream. Neuflize OBC Investissements. October 20117 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 8. Sharp widening of credit spreads, lower equity markets anddecreased valuations create opportunities % Discount to fair value - Europe 3,8 as of Nov. 7, 2011 discount to fair value + actual yield will be a substantial buffer in a 16,00 mediocre – but not worst case - scenario 14,00 12,00 10,00 in a best case scenario CBs could perform as much as equities 8,00 6,00 4,00 in a just calm scenario CBs should perform better then equities 2,00 0,00 -2,00 European equities vs Itraxx Crossover -4,00 01 02 03 04 05 06 07 08 09 10 11 20 20 20 20 20 20 20 20 20 20 20 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 04 04 04 04 04 04 04 04 04 04 04 726 as of % Discount to fair value - Asia ex Japan and other Emergings Nov. 7, 2011 18,00 16,00 14,00 12,00 10,00 8,00 6,00 4,00 2,00 3843 as of 0,00 Nov. 7, 2011 -2,00 1 2 3 4 5 6 7 8 9 0 1 00 00 00 00 00 00 00 00 00 01 01 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 1 1 1 1 1 1 1 1 1 1 1 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 04 04 04 04 04 04 04 04 04 04 04 Convertibles capabilities at Neuflize OBC Investissements Source : Bloomberg, BoAMerrill, September 20118 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 9. 2. Investment Team & Context Convertibles capabilities at Neuflize OBC Investissements9 Citywire - November 2011 - BERLIN
  • 10. An experienced and stable team of managers… Luc Varenne, Head of Convertible team – CBs Fund Manager since 1985 Started his career at the Ministry of Finance then in various financial institutions as a fixed income and CB manager (since 1985). Luc joined the ABN AMRO group in 1991 where he has managed convertibles ever since, as well as various fixed income funds and mandates. He launched NOBC Europe Convertible and NOBC Monde Convertible in 1997. Frédéric Hertault, Fund Manager – CBs Fund Manager since 2000 Frédéric Hertault has a degree in Banking, Finance and Insurance from Caen IUP University, and holds a CIIA® certificate awarded by the ACIIA (Association of Certified International Investment Analysts) and SFAF (French Association of Financial Analysts). He has built up more than ten years’ experience as a convertible bond fund manager, including six years with Neuflize OBC Investissements. Sarra Rekik, Junior Fund Manager Sarra holds a Masters in Banking, Finance and Insurance from the Université Paris Dauphine ; she has been with our firm, within the Convertible Bonds team, for one year, as a Junior Fund Manager ; she is also highly specialized in CBs’ and portfolio analysis.€ 810 million under management as of end Sept 2011 Regular Industry AwardsNOBC Europe Convertibles (NEC) € 300m 2008 Lipper award for NOBC Europe Convertibles andNOBC Monde Convertibles (NMC) € 170m NOBC Monde ConvertiblesOther Funds and Mandates € 340m NEC overall & 10y; NMC overall (MorningStar Sept. 2011) Convertibles capabilities at Neuflize OBC Investissements10 Citywire - November 2011 - BERLIN
  • 11. supported by our PM community and ample internal/external researchresources A Community of Portfolio Managers Research resources 12 private discretionary Equity/Asset PMs Local Research Team of 5 analysts: Chief Economist 4 Diversified Funds/Mandates PMs (Head of team and Strategy), 3 Equity Analysts, 1 Credit 3 Fixed Income Funds/Mandates PMs Analyst. 5 Equity Funds/Mandates PMs 3 Convertibles Funds/Mandates PMs. ABN AMRO Group’s buy-side research: 40 analysts (FX, On-going and regular sharing of analyses and expertise FI/Credit, Equities, Quant) worldwide. (all PMs and research team located on same workspace) Participation to Strategy, Credit and Equity Committees Wide access to external sell-side credit and equity Heads of teams attend the weekly Investment Committee research (particularly via Reuters Knowledge) PMs not constrained in their investment decisions except on credit risks Access to independent credit research from Standard & Poor’s and CreditSight The CB team conducts its own research Convertibles research in terms of: - Prospectus features - Valuation - Adequacy of technical features of each security according to expected equity/credit upside (extent/timing) - Relative opportunity of credit vs. equity exposure for each underlying company Credit research : to assess the bond floor solidity and to make credit risk a smart contributor to performance (deep understanding of fundamental credit analysis is crucial) The team allocates time for visiting companies in order to benefit from local insight - particularly in developing countries (yearly Asian trip). Convertibles capabilities at Neuflize OBC Investissements11 Citywire - November 2011 - BERLIN
  • 12. Risks and performances are closely monitored M id d l e O f f ic e a nd R i sk M anag em ent Dep t. CB PMs Team MO checks Issuer limits and currency hedging daily, sends escalating warnings, Front office tool: checks the NAV calculation. - weight of each security in real time RMD (2 professionals reporting to the Board of NOI) - allows portfolio managers to check that positions comply with targets/guidelines and calculate orders monitors on a weekly basis the relative performance to benchmark, Tracking Error, VaR ex-post and ex-ante. Proprietary screening tool : Indicators analyzed during the weekly Investment Committee meeting - main characteristics of each security : official/shadow rating, weighting in the portfolio, duration, actual yield, implied credit spread, distance to bond floor, equity sensitivity, "greeks”. - overall sensitivity parameters : equity sensitivity, Performance Measurement & Attribution Dept. rating classes breakdown, credit exposure and equity sensitivity breakdown by sector and country, average actual and coupon yields, average distance to bond Performance comparison with benchmark and other relevant floor. indices, peers, . . . helps portfolio managers to assess compliance monthly, quarterly and yearly performance attribution with internal guidelines and other external constraints Convertibles capabilities at Neuflize OBC Investissements12 Citywire - November 2011 - BERLIN
  • 13. 3. Investment philosophy and process Convertibles capabilities at Neuflize OBC Investissements13 Citywire - November 2011 - BERLIN
  • 14. Investment Philosophy:maximum convexity and active management to leverage Alpha sources Delivering outperformance while amplifying the spontaneous behavior of the asset class : support of maximum convexity - picking the most convex convertibles including synthetics if needed active management of all sources of alpha intrinsic to the asset class actively locking in part of the generated return limiting risks without an aggressive equity sensitivity Seeking Alpha on mid-term basis through Equity/Credit selection & management of the funds overall sensitivity parameters to : Interest rate (yield curve) Equity Credit spreads Sector allocation of these 2 risks Volatility Seeking Alpha on short term (months) basis through constant arbitrage in terms of technical profile according to expectations of the equity upside (risk. extent. and rapidity) in terms of valuation (Implied Volatility, Credit Spread) vs the asset Class and/or similar securities in terms of duration of each credit risk between credit and equity risk for a given company We take advantage of all those alpha opportunities, and therefore use all instruments sensitive to risks inherent to convertibles. i.e. bonds. options on equities and interest rates, synthetic convertibles Convertibles capabilities at Neuflize OBC Investissements14 Citywire - November 2011 - BERLIN
  • 15. Investment Universe and Guidelines Details of Financial Instruments allowed Investment Guidelines Traditional CBs as a priority : minimum 50% of AUM Total Equity Sensitivity/Delta : between 20% and 50% Synthetic CBs : Interest Rate Sensitivity : below 2,5 - Issued by a financial institution rated at least A-, - Fully exchangeable for the underlying stock – identically to Average Premium to bond floor : below 15% traditional CBs, in order to maximize convexity non-investment grade: ≤60% of AUM, Average rating : ≥ BB Synthetics are a combination of : - a listed Equity Call Option small/mid caps (market cap. < € 3 bn): below 30%, no market - a straight Bond issued by the same company, (exceptionally, cap. below € 100 m by another entity in the same group or just cash) CBs (total of both traditional & synthetic) : over 75% Straight bonds from convertible issuers or other issuers : max 20% of AUM Straight bonds (excl. Synthetics) : below 20% Short selling of listed calls on the underlying equities of the portfolio - to gain on volatility/time value and to even out Equity holdings : below 2%, only after conversion and for no performance and equity sensitivity : max 25% of equity sensitivity longer than 1 month of each underlying Currency risk : essentially hedged into EUR. Currencies pegged to USD (AED. HKD. CNY) are hedged against EUR via USD. Residual Put purchases in order to raise CBs bond floors risk < 5% of NAV Futures and options on bond or equity indices in order to limit Diversification: no position above 4% and below 0.5% (cf next overall risks page) Tactical purchases of listed calls (or call spreads or call No leverage, but fund usually fully invested ratios) on equity indices : for a notional amount below 5% of AUM Convertibles capabilities at Neuflize OBC Investissements15 Citywire - November 2011 - BERLIN
  • 16. Buy & Sell discipline & diversification guidelines limit risks Any convertible is bought with an equity sensitivity ≤ 50% (or a premium to bond floor < 20%) and sold when equity sensitivity is above 75% Position on each convertible ≤ 10% of the outstanding amount of the issue total synthetic convertibles structured by a given broker/bank: ≤ 5% of the AUM Limit per issuer according to rating and market cap (see chart below) European Global Market Cap/ Rating > 3€bn €1bn<and< €3bn €100m<and< €1bn > 3€bn €1bn<and< €3bn €100m<and< €1bn >BBB 4% 2.5% 1.75% 3% 2% 1.25% BB 2.5% 1.75% 1.5% 2% 1.25% 1% B 1.5% 1.25% 1% 1.25% 1% 0,75% CCC 1% 0.75% 0.75% 0,75% 0.75% 0.5% Convertibles capabilities at Neuflize OBC Investissements16 Citywire - November 2011 - BERLIN
  • 17. A dynamic/iterative process Research Investment Portfolio construction Portfolio. performance Decisions (securities/instruments weighting) & risk analysis Top-down analysis Main characteristics Macro & Strategy Comparison to the Equity sensitivity universe and Investment & Strategy managers Sectors / Themes objectives committees Credit risk Volatility Convertibles Performance analysis Duration attribution PM&A Dpt. Valuation Guidelines, Distance to Benchmark Investment (credit/volatility) Portfolio rules Prospectus Bloomberg / Brokers Performance analysis Securities Selection managers Convertible bonds. Bottom-up analysis Synthetics Risk measure Equities / Credit VaR analysis Equity & Credit Straight bonds RMD Dpt. Committees External research platforms Convertibles capabilities at Neuflize OBC Investissements17 Citywire - November 2011 - BERLIN
  • 18. Investment convictions : examples and rational Favored Investment Sector Sub-sector Security name Specific RationalThemes 2011 Equity 30%≤ Target ≤ 40% Full Convexity role during crisis Sensitivity Credit Up to limit max (60% HY & Wind, Jaguar/Tata, Tui, REC, BES/Bradesco, Portuguese CB with high party High Yield average rating ≥ BB) Parpublica/Galp, Kloeckner protection free of sovereign risk Explorers Refiners Services Essar, Galp, Maurel, BP, Lukoil – Transocean, Energy Long term scarcity of oil reserves Drillers Technip, Polarcus, TMK Platinum, Steel, Gold Aquarius, Mittal, Kloeckner, Petropavlosk, James Super Cycle Materials Subject to Asian mini cycle Uranium, Coal River, Bumi, Paladin Asian & Immofinanz, Silic, Derwent, Agile, Kaisa, Emaar, Emerging Property, Highways, (In Europe, Real Estate should prove Infrastructure Assystem, Larsen&Toubro countries Engineering defensive) growth China Agri, Olam, Daimler, Hengdeli, PPR Agriculture - Luxury Consumption Danone, Pernod, San Miguel,Adidas, Intime Growing upper and middle class - Household Energy Green Energy Abengoa, REC Telecoms Satellite, Mobile China Unicom In emerging countries Internet Storage Webmed, Econocom, Mysis, EMC, Oracle, Ingenico, Technology Cloud computing Sandisk, TPK, Alcatel Networks Touch screenNiche growth Health Biotech, Generics, Seniors Gilead, Orpea, Brookdale Population ageing Fish Farming Consumption Pescanova Wild fish scarcity Mysis, Aquarius, Paladin, Tui, Webmed, Maurel, M&A Galp, Silic CB protection can prove very valuable Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements, September 2011 18 Citywire - November 2011 - BERLIN Security presented in funds’ overviews
  • 19. Active management via arbitrage between convertibles with the sameunderlying equity: Vedanta Stock Price Convertible Price 3000 180 operation date convertible price 2800 170 initial 2600 160 4.60% 02/21/2026 position Primary market 2400 150 Buy 5.5% 13/07/2016 at 12-june-09 Vedanta’s exposure 100.0 increase 2200 140 progressive liquidation starting due to possible soft call Sell 4.6% 02/21/2026 at 104.0 26/10/2009 exercise 2000 130 8-jan.-10 Soft Call exercise 4.60% 02/21/2026 1800 120 Primary market 2-march-10 Vedanta’s exposure Buy 4 % 30/03/2017 à 100.0 1600 110 increase 1400 100 arbitrage: partial profit Sell 5.50% 13/07/2016 à 126.9 28 july-4 aug. taking and equity sensitivity decrease Buy 4 % 30/03/2017 à 106.5 1200 90 Arbitrage’s profit taking Sell 4 % 30/03/2017 à 96.3 13-aug.-10 and equity sensitivity 1000 80 increase Buy 5.50% 13/07/2016 à 110.2 juin 09 sept 09 déc 09 mars 10 juil 10 oct 10 janv 11 mai 11 arbitrage: partial profit Sell 5.50% 13/07/2016 à 119.1 20-dec.-10 taking and equity Vedanta stock Vedanta 4% 17 Vedanta 5,5% 16 sensitivity decrease Buy 4 % 30/03/2017 à 100.3 Sell 4 % 30/03/2017 à 104.4 Arbitrage’s profit taking : sell : Buy 6-may-11 and equity sensitivity increase Buy5.50% 13/07/2016 à 119.5 Source : Neuflize OBC Investissements. September 2011 Convertibles capabilities at Neuflize OBC Investissements Past performances are not a guide to future performances 19 Citywire - November 2011 - BERLIN
  • 20. Active management including convertibles, straight bonds and listedoptions: Rhodia date operation instrument price Octobre 2009 12/05/2010 13/12/2010 04/04/2011 29/05/2008 15/07/2009 29-may-08 Buy bond TV 15/10/2013 94 40 70 pure credit exposure via the FRN: credit spread at 4.16% vs 3.02% for the convertible ( price at 37 i.e. Yield=7.76% ) Sell bond TV 15/10/2013 79.8 35 15-july-09 60 Buy CB 0.50% 01/01/2014 32.75arbitrage: FRN spread at 8.51% vs 11.10% for the convertible ( bond-like, longer 30 maturity, yield at 13.77% ) 50oct/may-09 Sell CB 0.50% 01/01/2014 41 / 46.3 25 Bond-like CB sold during spread decrease 40 12-may-10 Buy bond 7.00% 15/05/2018 100 20 Primary market discount opportunity ; Yield at 7% vs 5.1% for the CB; longer 30duration – issuance spread at 3.60% vs 3.40% for a CB at €31.5 ( CDS at 3.30%) 15 Buy Call Call 12/11 24.00 4.67 13-dec-10 Sell Call Call 12/11 30.00 2 20 10 Synthetic CB with the addition of a Call Spread - price 2.67 Sell bond 7.00% 15/05/2018 111.75 10 5 04-april-11 Call spread Sell Call pending Call 12/11 24.00 value: 4.5 to Buy Call pending Call 12/11 30.00 6 0 0 Profit-taking 29/05/2008 15/12/2008 03/07/2009 19/01/2010 07/08/2010 23/02/2011 Rhodia stock Rhodia 0,5% 14 Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements. September 2011 20 Citywire - November 2011 - BERLIN Past performances are not a guideline for future performances
  • 21. 4. Funds’ overviews, main parameters and performances Convertibles capabilities at Neuflize OBC Investissements21 Citywire - November 2011 - BERLIN
  • 22. Funds’ Factsheets NOBC Europe Convertibles NOBC Monde ConvertiblesCharacteristicsLegal Form FCP French Law UCIT III SICAV French Law UCIT IIIRegistered in (*pending) France. Luxembourg. Netherland. Germany. Switzerland France. Luxembourg. Netherland. Germany. Switzerland*ISIN Code C-share : FR0010281477 I-share : FR0010281568 C-share : FR0010279315 I-share : FR0010557900WKN C-share : A0M06V C-share : A1CUFS I-share : A1H8FK I-share : A1H8FJCurrency Euro EuroBenchmark UBS European Focus Hedged (EUR) CB Index UBS Global Focus Hedged (EUR) CB Index C-share : 1.35% of NAV + 20% performance fees if perf. positive C-share : 1.35% of NAV + 20% performance fees if perf. PositiveManagement Fees I-share : 0.70% of NAV - no performance fees I-share : 0.70% of NAV - no performance feesEntrance / Exit Fees Max 2.5% Max 2.5% / N.A.AuM Sept. 30, 2011 € 302 million € 173 millionInception Dates C-share : November 19, 1997 I-share : June 6, 2005 C-share : March 21, 1997 I-share : December 28, 2008Subscriptions/ Each working day until 17h30 at Caceis Bank Each working day until 17h30 at Caceis BankRedemptionsAwards Lipper Award France 2008 Lipper Award France 2008Morningstar I-share : C-share : I-share : C-share : Convertibles capabilities at Neuflize OBC Investissements22 Citywire - November 2011 - BERLIN
  • 23. NOBC Europe Convertibles – main parameters and positions Fund BenchmarkPortfolio Breakdown (in % of total AUM) Fund B’mark Po sitions (% nav)Number of securities 70 37 1. Lukoil Oa o-S pon A dr/Lukoil Intl Finance Bv 2,625% 16/06/2015 3,24 5,16 2. Indus trivarden Ab-C Shs/A b I ndustr ivarden 2.5% 02/27/2015 2,60 2,42Traditional CBs 66,2% 100% 3. International Power Plc / Intl Power Fin Iii Ltd 4,75% 15 2,58 3,37 4. D aimler Ag-Regis ter ed S ha res/Aabar Inves tments P jsc 4% 27/05/2016 2,58 5,17Synthetic CBs (EMTN exchangeable) 0 0% 5. S te inhoff Intl Holdings Ltd/Steinhoff Fina 2,55Hldg 5% 22/05/2016 nceSynthetics (Bond or collateralized cash + listed call) 28% 0% 6. P pr/Mis arte 3,25% 01/01/2016 2,51 3,23 7. Cap Gemini S a 1% 12 2,47 2,26Cash 0,7% 0% 8. A rcelo rmitta l 9,375% 16 2,34Average Rating BB+ BBB- 9. Ucb Sa /Ucb Sa 4.5% 10/22/2015 2,33 2,54 10.Richter G edeon Nyrt./Mnv Zrt 4.4% 25/09/20142,12 3,26High Yield 53.8% 47.3% Total 25,31 27,41€1bn ≤ Capi ≤ à €3bn 21.8% 17.1% Issuers (% nav)€100m ≤ Capi ≤ à €1bn 16.1% 0% 1. Lukoil 0Ao-Cls 3,24 5,16% Emerging 14,2% 8,4% 2. Cap Gemini 2,63 5,16 3. International Power Plc 2,63 3,37Sensitivity Parameters 4. Indus trivarden Ab-A Shs 2,60 2,42 5. A aba r Investments Pjsc 2,58 5,17 Equity Sensitivity (incl Equity hedging) 24% 26% 6. S te inhoff Intl Holdings Ltd 2,55Interest Rate Sensitivity 2.7 2.1 7. A rte mis Sa 2,51 3,23 8. A rcelo rmitta l 2,40 7,92Average Maturity 4.5 3.2 9. Ucb Sa 2,32 2,54 10.Wpp Group Plc 2,18 Average actual Yield weighted by duration 6.72 4.92 Total 25,63 34,97Convexity Equity Sensitivi ty (% total ) Premium to Bond floor 7,3% 8.6% 1. G alp Ener gia Sgps Sa-B Shrs 6,95 11,46 2. International Power Plc 4,18 2,53NAV move in case of a 20% equity fall - 3.8% - 4.4% 3. D anone 3,86 8,31 and 20% equity rise +5.8% +5.9% 4. S te inhoff Intl Holdings Ltd 3,66Gamma 1.55 0.65 5. A urubis A g 3,64 6. Lukoil Oa o-S pon A dr 3,47 5,38Vega 0.19 0.25 7. Ucb Sa 3,35 3,76Inclusion/Exclusion 8. Banco B rade sco S.A . 3,23 9. Cap Gemini 3,22 2,35% of AUM belonging to Bench. 28.8 44.5 10.A bengoa Sa 3,04% with underlyings belonging to Bench. 42.4 73.0 Total 38,60 33,78 Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements, September 30, 2011 23 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 24. NOBC Europe Convertibles – breakdown (% of total AUM) NOBC Europe Convertibles Equity Sensitivity Benchmark Sector (based on underlying equities) 30 50% 45% 43% 25 40% 36% 20 35% 30% 30% 30% 26% 15 25% 23% 20% 10 15% 5 10% 5% 4% 3% 2% 2% 0 Information Materials Industrials Financials Utilities Telecom Discretionary Energy Consumer Health Care technology Staples Consumer 0% 0-15 1 5 -2 5 25-50 50-75 7 5 -1 0 0 Equity sensitivity Country (based on underlying equities) Rating 35 30 NR 25 IG : 11.20 %, HY : 26.36 %CCC IG : 11.17 %, HY : 23.51 % 20 B 15 BB 10BBB 5 A 0 Portugal Brazil Spain Sweden UAE Netherlands Belgium Luxembourg Finland Switzerland UK South Africa Russia Austria France US Greece Germany Norway Hungary ItalyAAA 0 10 20 30 40 50 Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements, September 30, 2011 24 Citywire - November 2011 - BERLIN Past performance is not necessarily a guide to future performance.
  • 25. NOBC Europe Convertibles – Performances vs peer group average and benchmark 31/12/1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010NOBC EUROPE CONVERTIBLES 4,36 -5,04 -6,28 8,44 4,76 13,52 14,39 5,04 -33,53 43,55 6,37UBS CB Europe Focus Hedged 3,33 -2,05 -7,79 12,11 3,65 9,82 15,77 2,24 -31,70 31,60 6,92UBS CB Europe Hedged -0,86 -3,17 -1,47 10,22 5,35 9,45 18,38 4,14 -27,58 39,02 7,98catégorie Morningstar -1,29 -5,06 -7,24 8,58 2,98 9,76 9,93 1,40 -23,05 27,14 5,92Performance moyenne Peer Group* -0,66 -3,35 -6,59 8,70 2,69 9,71 10,17 2,33 -20,64 27,76 4,97Rang Peer Group 6 / 24 13 / 29 13 / 34 21 / 36 9 / 39 5 / 40 6 / 40 9 / 42 40 / 42 3 / 43 16 / 43 Y TD 1 an 3 ans 5 ans 10 a ns créa tion * European Convertibles funds in EURN OB C EUR OPE CON VE RTIB LES -12,80 -10 ,04 1 7,33 -2,55 34,91 80,24 ranked within the « Euro Convertible » listUBS CB Europe F ocus Hedged -6,91 -3 ,64 1 8,19 -3,30 29,58 93,40 of MorningStar. The selected funds areUBS CB Europe Hedged -11,12 -6 ,93 2 3,03 7,78 56,08 121,04 hedged into €, have a track record of atcatégorie Morningstar -9,68 -6 ,70 1 3,36 -1,26 23,92 64,89 least 3 years with an AUM ≥ €100m.Performance m oyenne Pe er G roup* -9,51 -6 ,76 1 4,18 2,68 22,81 41,44Rang Peer Group 30 / 36 29 / 3 6 9 / 35 21 / 34 4 / 25 5 / 17 180 160 140 120 100 80 60 sept.- m ars - s ept.- m ars- s ept.- m ars - sept.- m ars - s ept.- m ars- s ept.- mars - sept.- m ars - s ept.- m ars- s ept.- mars - sept.- m ars - s ept.- 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 NOBC EUROPE CONVERTIBLES UBS CB Europe Focus Hedged Morningstar category Convertibles capabilities at Neuflize OBC Investissements Source: Morningstar, September 30, 2011 25 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 26. NOBC Europe Convertibles – Performance attribution NOBC Europe Convertibles from 12/31/2010 to 09/30/2011 Segment Internal % in the Segment Internal Benchmark Segment Weight Performance Weight Benchmark Weight Performance FI Convertibles (delta 0 - 15) 5,13% -1,80% UBS Warburg FI 25,88% -11,15% Investment Grade 0,00% 0,00% Investment Grade 15,61% 60,31% -9,10% Non Investment Grade 5,13% 100,00% -1,80% Non Investment Grade 10,27% 39,69% -14,26% Mixed + Equities Convertibles (delta 15 - 100) 92,04% -10,18% UBS Warburg Mixed + Equity 74,12% -5,43% Energy 15,37% 16,70% -7,52% Energy 14,89% 20,08% -16,85% Materials 14,97% 16,26% -19,07% Materials 6,68% 9,01% -19,82% Industry 10,30% 11,20% -12,27% Industry 11,55% 15,58% -11,81% Consumer Discretionary 21,78% 23,66% -10,47% Consumer Discretionary 10,92% 14,73% -9,82% Consumer Staples 3,99% 4,33% -2,33% Consumer Staples 3,59% 4,85% 0,03% Healthcare 5,10% 5,54% -8,30% Healthcare 8,66% 11,68% -1,44% Finance 11,85% 12,88% -15,44% Finance 4,13% 5,57% -9,64% Information Technology 3,34% 3,63% 35,32% Information Technology 7,53% 10,16% 35,50% Telecommunications 1,60% 1,73% -29,46% Telecommunications 2,82% 3,80% 5,40% Utilities 3,74% 4,06% -4,77% Utilities 3,36% 4,53% -1,91% Short Term 4,21% 0,70% Bonds Futures (contribution) -1,86% Equities Futures (contribution) -0,22% FX Futures (contribution) 3,76% Cash 0,82% -533,71% Fees -0,67% Actual Performance -12,80% Recalculated Performance -12,80% UBS WARBURG EUROPE performance -6,91% Convertibles capabilities at Neuflize OBC Investissements Source: Neuflize OBC Investissements, September 30, 201126 Citywire - November 2011 - BERLIN Benchmark :UBS Europe Focus Hedged Convertible Index Past performances are not a guide to future performances
  • 27. NOBC Monde Convertibles – main parameters and positions Fund BenchmarkPortfolio Breakdown (in % of total AUM) Fund B’mark Positions (% nav) 1. Lukoil Oao-Spon Adr/Lukoil Intl Finance Bv 2,625% 16/06/2015 2,81 1,36Number of securities 79 144 2. Daimler Ag-Registered Shares/Aabar Investments Pjsc 4% 27/05/2016 2,72 1,37 83.4 100 3. Gilead Sciences Inc/Gilead Sciences Inc 1.625% 05/01/2016 2,70 1,29Traditional CBs 4. Shangri-La Asia Ltd/Newford Capital Ltd 0% 12/05/2016 0,37 2,41Synthetic CBs (EMTN exchangeable) 0 0 5. China Agri-Industries Hldgs/Glory River Holdings Ltd 1% 07/29/2015 2,41 0,40 6. Steinhoff Intl Holdings Ltd/Steinhoff Finance Hldg 5% 22/05/2016 2,16 0,44Synthetics (Bond or collateralized cash + listed call) 10.7 7. Arcelormittal 9,375% 16 2,11Cash 1.0 8. China Unicom Hong Kong Ltd / Billion Express Investme ,75% 15 2,08 1,91 9. Olam International Ltd/Olam International Ltd 6% 15/10/2016 2,05 0,51Average Rating BB+ BBB+ 10.Lotte Shopping Co Ltd 0% 16 2,05 0,40High Yield 59.9 34.1 Total 23,51 8,05€1bn ≤ Capi ≤ à €3bn 16.3 14.5 Issuers (% nav) 1. Lukoil 0Ao-Cls 2,81 1,36€100m ≤ Capi ≤ à €1bn 18.5 1.2 2. Aabar Investments Pjsc 2,72 1,37% Emerging 26.3 14.6 3. Gilead Sciences, Inc. 2,70 3,19 4. Newford Capital Ltd 2,41 0,37Sensitivity Parameter 5. China Agri-Industries Hldgs 2,41 0,40 Equity Sensitivity 27 29 6. Asia Cement Corp 2,21 0,31 7. Arcelormittal 2,16 2,43Interest Rate Sensitivity 2.43 2.16 8. Steinhoff Intl Holdings Ltd 2,16 0,88 9. China Unicom Hong Kong Ltd 2,08 1,91Average Maturity 3.6 5.3 10.Olam International Ltd 2,05 0,51 Average actual Yield weighted by IR sensitivity 7.54 3.61 Total 23,73 12,73Convexity Equity Sensitivity (% total) 1. Galp Energia Sgps Sa-B Shrs 6,06 2,70 Premium to Bond floor 10.1 11.2 2. China Unicom Hong Kong Ltd 5,15 4,39NAV move in case of a 20% fall - 3.8 - 4.4 3. San Miguel Corp 4,56 1,53 and 20% rise +5.8 +6.0 4. Gilead Sciences Inc 4,24 4,75 5. Sandisk Corp 3,17 1,80Gamma 1.55 0.65 6. Olam International Ltd 3,14 0,72Vega 0.19 0.25 7. Steinhoff Intl Holdings Ltd 2,80 1,28 8. Lam Research Corp 2,79Inclusion/Exclusion 9. Lukoil Oao-Spon Adr 2,71 1,26% of AUM belonging to Bench. 28.8 44.5 10.Banco Bradesco S.A. 2,62 0,88 Total 37,26 19,32% with underlyings belonging to Bench. 42.4 73.0 Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements, September 30, 2011 27 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 28. NOBC Monde Convertibles – breakdown (% of total AUM) NOBC Monde Convertibles Region (based on underlying equities) Ratings Benchmark 50 45 NR 40C C C 35 B 30 25 BB 20BBB 15 10 A 5 AA 0 Japan Asia ex Jap America Europe Africa/MiddleAAA East 0 10 20 30 40 50 Asian Countries (based on underlying equities) Sector (based on underlying equities) 9 30 8 25 7 6 20 5 15 4 3 10 2 5 1 0 0 Information Telecom Materials Financials Industrials Utilities Discretionary Energy Taiwan Hong Kong South Korea Philippines India Indonesia Malaysia Singapore Health Care Consumer China technology Staples Consumer Convertibles capabilities at Neuflize OBC Investissements Source : Neuflize OBC Investissements, September 30, 2011 28 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 29. Portfolio breakdown by region and sector of underlying equities %AuM %Sensi Africa/Middle East %AuM %Sensi America %AuM %Sensi Asia ex Jap %AuM %Sensi Europe %AuM %Sensi Japan %AuM %Sensi 99.0% 100.0% 5.2% 4.4% 20.4% 24.7% 30.7% 33.9% 40.6% 35.5% 2.1% 1.5%Energy 16.3% 19.1% Polarcus Ltd 0.5% 0.3% Transocean Ltd 2.0% 1.0% Bumi Resources Tbk Pt 1.2% 1.4% Lukoil Oao-Spon Adr 2.8% 2.7% Jinkosolar Holding 0.3% 0.1% Galp Energia Sgps Sa-B Shrs 1.8% 5.9% Abengoa Sa 1.3% 2.3% Essar Energy Plc 1.2% 1.1% Technip Sa 1.2% 1.2% Bp Plc 1.1% 1.0% Tmk-Gdr Reg S 0.8% 0.1% Renewable Energy Corp As 0.8% 0.0% Maurel Et Prom 0.6% 0.9% Seadrill Ltd 0.5% 0.8% Theolia 0.2% 0.2%Materials 12.8% 7.8% Aquarius Platinum Limited 1.4% 0.8% James River Coal Co 0.4% 0.3% Tata Steel Limited 2.0% 2.1% Arcelormittal 2.2% 0.8% Paladin Energy Ltd 0.9% 0.2% Vedanta Resources Plc 2.0% 1.6% Fufeng Group Ltd 0.9% 0.3% Anglo American Plc 1.5% 0.8% Asia Cement Corp 0.7% 0.6% Talvivaara Mining Co Plc 0.8% 0.2%Industrials 8.9% 5.0% Ship Finance Intl Ltd 0.6% 0.5% China Agri-Industries Hldgs 2.4% 1.0% Intl Consolidated Airline-Di 1.4% 0.4% Asahi Glass Co Ltd 1.3% 0.8% Ytl Corporation Berhad 1.0% 0.9% Sacyr Vallehermoso Sa 1.1% 0.8% Sas Ab 0.6% 0.1% Assystem 0.5% 0.6%Consumer Discretionary 24.2% 21.5% Steinhoff Intl Holdings Ltd 2.2% 2.7% Iconix Brand Group Inc 1.2% 1.3% Shangri-La Asia Ltd 2.4% 2.4% Daimler Ag-Registered Shares2.7% 2.2% Arvinmeritor Inc 1.0% 0.7% Lotte Shoping Co Ltd 2.0% 2.0% Ppr 2.0% 1.8% Brookdale Senior Living Inc 1.0% 1.2% 1.6% Far Eastern New Century Corp 0.9% Tui Travel Plc 1.2% 0.7% Maoye International Hldgs 1.4% 0.5% Jaguar Land Rover Plc 1.0% 0.0% Hengdeli Holdings Ltd 1.1% 1.0% Tui Ag 1.0% 1.2% Intime Department Store 0.7% 0.7% Sol Melia Sa 0.7% 0.5% 0.5% Home Inns & Hotels Manag-Adr 0.7% Nokian Renkaat Oyj 0.1% 0.0% Videocon Industries Ltd 0.4% 1.2%Consumer Staples 5.6% 9.4% Archer-Daniels-Midland Co .2% 1 1.0% Olam International Ltd 2.1% 3.1% Pescanova Sa 0.8% 0.8% San Miguel Corp 1.5% 4.5%Health Care 6.7% 7.9% Gilead Sciences Inc 2.7% 4.2% Ucb Sa 1.8% 2.4% Illumina Inc 1.1% 1.0% Richter Gedeon Nyrt. 1.0% 0.3%Financials 6.5% 5.9% Emaar Properties Pjsc 1.1% 0.5% Banco Bradesco S.A. 1.8% 2.6% Agile Property Holdings Ltd 1.6% 0.3% Immofinanz Ag 1.1% 0.9% Kaisa Group Holdings Ltd 0.9% 1.5%Information Technology 14.0% 16.9% Lam Research Corp 1.8% 2.7% Hynix Semiconductor Inc 1.3% 1.5% Cap Gemini 1.2% 1.3% Elpida Memory Inc 0.8% 0.6% Sandisk Corp 1.6% 3.1% Tpk Holding Co Ltd 0.9% 0.7% Alcatel-Lucent 0.7% 1.0% Emc Corp/Mass 1.4% 1.9% Econocom Group 0.6% 0.6% Oracle Corp 1.3% 1.4% Misys Plc 0.5% 0.5% Webmd Health Corp 0.9% 1.2% Intralot S.A.-Integrated Lot 0.5% 0.0% Renesola Ltd-Adr 0.4% 0.2%Telecom 3.2% 5.4% Vimpelcom Ltd-Spon Adr 0.0% 0.3% China Unicom Hong Kong Ltd.1% 2 5.0% Wind Acquisition Finance Spa 1.2% 0.0%Utilities 0.8% 1.1% China Power International 0.8% 1.1% Source: Neuflize OBC Investissements, September 30, 2011 Convertibles capabilities at Neuflize OBC Investissements Benchmark :UBS Global Focus Hedged Convertible Index 29 Citywire - November 2011 - BERLIN Past performances are not a guide to future performances
  • 30. NOBC Monde Convertibles – Performances vs peer group average and benchmark 31/12/1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010NOBC MONDE CONVERTIBLES -5,86 -2,37 -11,89 3,38 -0,36 22,25 6,40 12,56 -36,21 47,31 11,57UBS CB Global Focus Hedged -0,68 -2,06 -11,93 18,76 5,66 3,60 12,93 7,17 -26,83 23,88 9,20UBS CB Global Focus 3,59 0,38 -22,44 3,48 0,78 12,59 5,31 -0,13 -22,99 21,27 17,22Morningstar category* 1,46 -1,14 -9,95 6,67 2,51 13,31 7,13 4,30 -26,99 27,54 7,51Peer Group** average mean 1,51 0,40 -2,25 4,85 3,40 12,00 5,82 5,97 -20,31 27,18 8,49Peer Group Rank 6/6 5/7 7/8 8/9 10 / 11 2 / 15 10 / 15 1 / 20 20 / 22 6 / 23 6 / 25 Y TD 1 ye ar 3 yea rs 5 yea rs 10 ye arse Inc eption Sinc * global Euro hedged convertiblesN OB C MO NDE CON VE RTIBL ES -14,95 -11 ,21 2 1,58 5,80 24,61 59,47 bond funds in EURUB S CB G lobal F ocus Hedged -6,28 -2 ,21 1 5,69 4,12 36,19 80,65 ** global Euro hedged convertiblesUB S CB G lobal F ocus -6,29 -0 ,88 2 5,52 4,37 5,29 67,04 bond funds in EUR ranked withinMorningsta r category* -8,26 -4 ,75 1 3,07 -0,76 22,14 73,37 the «Global Convertible» list ofP eer Group average m e an -7,31 -4 ,10 1 4,71 4,92 18,59 39,37 MorningStar. The selected fundsP eer Group Rank 28 / 28 27 / 2 7 7 / 22 10 / 18 6 / 8 3 / 4 have a track record of at least 3 years with an AUM ≥ €100m.NB : the fund is fully hedged into € since end 2004 (partially in 2003 & 2004) 1 6 0 1 5 0 1 4 0 1 3 0 1 2 0 1 1 0 1 0 0 9 0 8 0 d é c .- 0 4 ju in - 0 5 d é c .- 0 5 ju in - 0 6 d é c .- 0 6 ju in - 0 7 d é c .- 0 7 ju in - 0 8 d é c .- 0 8 ju in - 0 9 d é c .- 0 9 ju in - 1 0 d é c .- 1 0 ju in - 1 1 N O B C M O N D E C O N V E R T IB L E S U B S C B G lo b a l F o c u s H e d g e d M o r n in g s ta r C a te g o r y Source: Morningstar, September 30, 2011 Convertibles capabilities at Neuflize OBC Investissements Past performances are not a guide to future performances 30 Citywire - November 2011 - BERLIN
  • 31. For further information, please contact : Luc Varenne, Head of Convertibles Management Jézabelle Froissart, Senior Sale Direct Line : (00-33) 1 5621 9853 Direct Line : (00-33) 1 5621 7846 Cell Phone : (00-33) 6 2425 6460 Cell Phone : (00-33) 6 2028 3329 Email: luc.varenne@fr.abnamro.com Email : jezabelle.froissart@fr.abnamro.com Basile Schlumberger, Head of Sales Robert Vela, Senior Sale Direct Line : (00-33) 1 5621 8866 Direct Line : (00-33) 1 5621 9149 Cell Phone : (00-33) 6 8462 8375 Cell Phone : (00-33) 7 7734 4598 Email: basile.schlumberger@fr.abnamro.com Email : robert.vela@fr.abnamro.com Convertibles capabilities at Neuflize OBC Investissements31 Citywire - November 2011 - BERLIN
  • 32. Disclaimer This document has been prepared by Neuflize OBC Investissements (NOI). a limited company with a capital of 3.651.680 euros. registered under number 410 204 390 at R.C.S. Paris. Principal office: 3 Avenue Hoche. 75008 Paris. France. Authorized and regulated by the Autorité des Marchés Financiers (AMF) under number GP99-27. This document is provided for information purposes only and does not constitute a recommendation. invitation or offer to buy or sell securities or other financial instruments. While NOI makes reasonable efforts to obtain information from sources which it believes to be reliable. NOI makes no representation or warranty of any kind. either express or implied as to the accuracy. reliability. up-to-dateness or completeness of the information contained herein. Please be aware that some of the products and services listed within this document may not be suitable for all investors. Moreover. no security. product or service shall be solicited. offered or sold in any jurisdiction where such activity would be contrary to the securities law or other local law and regulations. or would subject NOI to any registration requirement within such jurisdiction. The product(s) referred to in this document is (are) French domiciled and / or authorized for distribution in France. The offer or solicitation of the product(s) may be restricted in certain countries as the shares of the fund(s) may not be registered in your country. Before considering investing. investors should ensure that local regulation allows the offering of the product. Before investing in any product of Neuflize OBC Investissements. you should inform yourself about the (financial) risks and any legal or tax consequences. foreign exchange or exchange control restrictions. or any other requirements that you may encounter under the laws of your country. Please note that the value of investments may fluctuate and an investor may not receive back the amount originally invested. Where past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any income arising from any investment referred to may go down as well as up. In particular you may not get back the full amount invested. There can be no assurance or guarantee that investment objectives will be achieved. Where overseas securities are held the rate of exchange may cause the value of the investment to go up as well as down. NOI disclaims any responsibility and liability whatsoever in this respect. Parts of this leaflet are extracted from the prospectus of the funds managed by NOI. It is not intended to replace the Prospectus. nor to give a detailed summary. Investments in the funds managed by NOI should only be made after reading the prospectus which can be obtained free of charge from NOI or can be directly downloaded from our website: http://www.neuflizeobcinvestissements.fr Any reproduction in full or in part of the content of this document in addition to any retransmission or making available to third parties in any way whatsoever shall be prohibited. Failure to comply with these restrictions shall constitute an infringement. Convertibles capabilities at Neuflize OBC Investissements32 Citywire - November 2011 - BERLIN

×