OSSIAM MINIMUM VARIANCE ETFS :EFFICIENT SOLUTION TO THE CURRENT    ASSET ALLOCATION DILEMMA?             www.ossiam.com – ...
INTRODUCING OSSIAM      Ossiam is a boutique asset management firm specialising in value-added smart beta strategies      ...
WHY DO WE SPECIALISE IN SMART BETA ?               We believe traditional market cap weighted indices are inefficient     ...
SMART BETA INDICES           Smart beta strategies and indices use systematic investment processes to mitigate the biases ...
LOW VOLATILITY INVESTING   The minimum variance strategy is one of the most established types of smart beta, it allows not...
OUR MINIMUM VARIANCE STRATEGY : EFFICIENT SOLUTION TOTHE CURRENT ASSET ALLOCATION DILEMMA  Ossiam’s minimum variance strat...
OVERVIEW OF OUR MINIMUM VARIANCE INVESTMENT PROCESS                          Investment universe                          ...
OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (I)   Ossiam’s research shows that minimum variance indices have p...
OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (II)                                                             S...
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO THE UK           Our strategies add significant value when compared to traditi...
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002                         Simulated quarterly returns from March 2002 ...
OSSIAM ETF FTSE 100 MINIMUM VARIANCE                              Investment objective                                    ...
SECTOR BREAKDOWN OF THE FTSE 100 MINIMUM VARIANCE TR INDEXFROM JUNE 2002 TO OCTOBER 2012100% 90% 80% 70%                  ...
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EMERGING MARKETS           Performance since inception (03/02/2012 – 31/10/201...
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002                            Simulated quarterly returns from March 20...
OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR                              Investment objective                         ...
SIMULATED SECTOR BREAKDOWN OF THE OSSIAM EMERGING MARKETS  MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO OCTOBER 2012100%90%8...
SIMULATED COUNTRY BREAKDOWN OF THE OSSIAM EMERGING MARKETS  MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO OCTOBER 2012100%90%...
OSSIAM ETF PRODUCT RANGE ON THE LONDON STOCK EXCHANGE                                                                     ...
WHY OSSIAM?     We are specialists in value-added smart beta strategies     We combine deep research with practical market...
APPENDIXFOR PROFESSIONAL CLIENTS USE ONLY   21
OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR                              Investment objective                           ...
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002                           Simulated quarterly returns from March 200...
PERFORMANCE AND VOLATILITY SINCE ETF INCEPTION         Performance since inception (21/06/2011– 31/10/2012) basis 100:    ...
OSSIAM ETF US MINIMUM VARIANCE NR                               Investment objective                                      ...
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002                            Simulated quarterly returns from March 20...
PERFORMANCE AND VOLATILITY SINCE ETF INCEPTION            Performance since inception (07/06/2011 – 31/10/2012) basis 100:...
OSSIAM ETF WORLD MINIMUM VARIANCE NR                               Investment objective                                   ...
SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002                          Simulated quarterly returns from March 2002...
OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO WORLD EQUITIES        Performance since inception (04/09/2012 – 31/10/2012) ba...
DISCLAIMERSThis content of this document has been approved by NGAM UK Limited, an authorized firm within the meaning of Fi...
DISCLAIMERSThis document is of a commercial and not of a regulatory nature.Ossiam Lux (the SICAV) is organized as an inves...
DISCLAIMERSAll rights in the FTSE 100 Minimum Variance TR Index (the “Index”) vest in FTSE International Limited (“FTSE”)....
DISCLAIMERS“The STOXX® Indices and the data composed therein (the “Index Data”) are the intellectual property (including r...
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Ossiam investment solutions citywire smart beta london - 27-28112012

  1. 1. OSSIAM MINIMUM VARIANCE ETFS :EFFICIENT SOLUTION TO THE CURRENT ASSET ALLOCATION DILEMMA? www.ossiam.com – tel +33178405690 This material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.
  2. 2. INTRODUCING OSSIAM Ossiam is a boutique asset management firm specialising in value-added smart beta strategies Founded in 2009 by Bruno Poulin and Antoine Moreau Bringing together a team of investment professionals with years of experience Developing and managing smart beta strategies Operating under the supervision of the French Autorité des Marchés Financiers (AMF) Ossiam’s investment approach is research-driven, systematic and transparent Ossiam is part of the €570.4bn* ($ 733.9 billion) Natixis Global Asset Management group, since October 2010“Ossiam aims to provide smart and innovative beta strategies across a broad range of asset classes. We offer clients long-term investment solutions as well as products tailored to their specific needs”Bruno Poulin, CEO * As of end of September 2012 FOR PROFESSIONAL CLIENTS USE ONLY 2
  3. 3. WHY DO WE SPECIALISE IN SMART BETA ? We believe traditional market cap weighted indices are inefficient Academic research proved invalidity of the CAPM Empirical features of market cap portfolios are overconcentration on large caps, and a trend following bias Cumulative weight in the S&P 500® Index Weight of Apple in the S&P 500® Index Technology sector weight evolution in the (as of 31/10/2012) (January 2001 – October 2012) S&P 500® Index (September 1989 – October 2012)100% Gains for Apple share price 90% October 2012 contributed approximately to 80% 30% of the rise in the S&P 4.36% 70% 500® Index in 2012. 60% 50% January 2009 40% 50 largest stocks  51% of the weight 0.97% 30% 20% 10% 50 largest stocks  51% of the weight 0% 1 50 100 150 200 250 300 350 400 450 Source: Standard & Poor’s - Calculation by Ossiam Source: Datastream - Calculation by Ossiam Source: Standard & Poor’s - Calculation by Ossiam Smart beta strategies attempt to mitigate these weaknesses and offer the potential for a better long-term risk-return trade-off and enhanced diversification FOR PROFESSIONAL CLIENTS USE ONLY 3
  4. 4. SMART BETA INDICES Smart beta strategies and indices use systematic investment processes to mitigate the biases and limitations of traditional indices and achieve more efficient portfolios Do not use explicit risk/return Use risk forecasts rather than return forecasts, set up diversification Risk Diversification forecasts to build efficient portfoliosobjectives based on weight distribution based basedEqual Weight Indices, Intech Diversity Minimum Variance Indices, Indices Risk Budgeting/Risk Weighted Indices Fundamentals based Use fundamentals to assess “fair value” and set up diversification objectives based on these fundamentals Fundamental Indices, GDP-Weighted Indices FOR PROFESSIONAL CLIENTS USE ONLY 4
  5. 5. LOW VOLATILITY INVESTING The minimum variance strategy is one of the most established types of smart beta, it allows not only to reduce consistently the risk of the portfolio but also profits from the Low Volatility Anomaly Empirical research has shown that contrary to the theory of the CAPM, riskier stocks do not offer higher returns - the “Low Volatility Anomaly” Top 100 US stocks (1968 – 2008)* Market portfolio Low volatility High volatility Source: Baker, Bradley and Wurgler “Benchmarks as limits to arbitrage: Source: Baker, Bradley and Wurgler “Benchmarks as limits to arbitrage: Understanding the Low-Volatility Anomaly”, Financial Analysts Journal, 2011 Understanding the Low-Volatility Anomaly”, Financial Analysts Journal, 2011 * based on five categories of volatility, from the lowest to the highest Academic research has suggested several behavioural biases in investors that may lie behind this anomaly and result in higher volatility stocks becoming overpriced. These include: Overconfidence, Representativeness, Lottery effects. FOR PROFESSIONAL CLIENTS USE ONLY 5
  6. 6. OUR MINIMUM VARIANCE STRATEGY : EFFICIENT SOLUTION TOTHE CURRENT ASSET ALLOCATION DILEMMA Ossiam’s minimum variance strategies are designed to provide investors with a transparent and practical means to take advantage of the Low Volatility Anomaly A robust and consistent approach, for which the objective is to enhance portfolio efficiency while reducing volatility A systematic approach, for which the investment process is embedded in an index calculated and published by independent index providers (S&P, STOXX Ltd, FTSE) A transparent approach, we publish daily information on our website and on Bloomberg • index constituents • historical data We offer minimum variance strategies on Global equities (developed markets) European equities Emerging market equities Country-specific equities such as US and UK FOR PROFESSIONAL CLIENTS USE ONLY 6
  7. 7. OVERVIEW OF OUR MINIMUM VARIANCE INVESTMENT PROCESS Investment universe Comprises all stocks in the relevant market-cap weighted index 1 Capacity/liquidity filterR We filter the reference universe to select the most liquid/largest stocksE 2B Portfolio computationA Portfolio composition adjustment based on historical volatilities and correlationsL Periodic rebalancingA Risk management constraintsN 100% equity, long onlyC 3 maximum weight per stock, sector and countryI diversification target based on the Herfindahl index (HHI)NG 4 Index calculation performed by independent index providers - historical data are published on Bloomberg Portfolio replication by Ossiam FOR PROFESSIONAL CLIENTS USE ONLY 7
  8. 8. OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (I) Ossiam’s research shows that minimum variance indices have provided returns at least as high as their market capitalisation weighted equivalent with reduced volatility (on average 30% for the US, European, Global and Emerging markets and 24% for UK) Simulated 1-year volatility from 02/01/2003 to 31/10/2012: Simulated performance from 02/01/2002 to 31/10/2012 (basis 100) FTSE 100 Minimum Variance TR Index vs FTSE 100 TR Index FTSE 100 Minimum Variance TR Index vs FTSE 100 TR Index 40% 300 35% 250 30% 25% 200 20% 150 15% 100 10% 5% 50 1y vol FTSE 100 Minimum Variance TR Index 1y vol FTSE 100 TR Index FTSE 100 Minimum Variance TR Index FTSE 100 TR Index Source: Bloomberg - Calculation by Ossiam Source: Bloomberg - Calculation by OssiamPast performance and past volatility shown above represent that of the indices. For data before 23/12/2011 (launch date of the index), performance for the FTSE 100 Minimum Variance TR Indexreflects calculations performed by Ossiam based on backtest data provided by FTSE. Backtested performance results do not represent the performance of actual trading using client assets, but areachieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and theunderlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 8
  9. 9. OSSIAM MINIMUM VARIANCE STRATEGIES – EMPIRICAL EVIDENCE (II) Simulated 5-year rolling performance from 02/01/2007 to 31/10/2012: FTSE 100 Minimum Variance TR Index vs FTSE 100 TR Index 250% 230% 210% 190% 170% 150% 130% 110% 90% FTSE 100 Minimum Variance TR Index FTSE 100 TR Index Source: Bloomberg - Calculation by OssiamPast performance shown above represents that of the indices. For data before 23/12/2011 (launch date of the index), performance for the FTSE 100 Minimum Variance TR Index reflects calculationsperformed by Ossiam based on backtest data provided by FTSE. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means ofthe retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to beexpected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 9
  10. 10. OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO THE UK Our strategies add significant value when compared to traditional market cap indexes Performance since inception (16/12/2011 – 31/10/2012) basis 100: OSSIAM ETF FTSE 100 MINIMUM VARIANCE vs FTSE 100 TR Index119 Performance since inception: 16/12/2011 – 31/10/2012 Performance Difference OSSIAM ETF FTSE 100 MINIMUM VARIANCE 17.11% +6.10%114 FTSE 100 TR Index 11.01% Source: Bloomberg / Ossiam - Calculation by Ossiam109 Volatility since inception: 16/12/2011 – 31/10/2012104 Volatility Difference OSSIAM ETF FTSE 100 MINIMUM VARIANCE 11.02% -3.49% FTSE 100 TR Index 14.51%99 Source: Bloomberg / Ossiam - Calculation by Ossiam OSSIAM ETF FTSE 100 MINIMUM VARIANCE FTSE 100 TR Index Source: Bloomberg / Ossiam - Calculation by Ossiam Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 10
  11. 11. SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002 Simulated quarterly returns from March 2002 to September 201225% FTSE 10020% Upside participation of the From March 2002 to Minimum FTSE 100 FTSE 100 Minimum Variance TR Index September 2012 Variance TR Index15%  97% TR Index10% Up quarters: 5.94% 6.13% average return 5% Upside 97% participation* 0% Down quarters: -4.39% -7.91% average return-5% Downside participation 56%-10% Downside participation of the FTSE 100 Minimum Variance TR Index Source: Bloomberg – Calculation by Ossiam-15%  56% *Upside participation of the FTSE 100 Minimum Variance TR Index compared to the FTSE 100 TR Index-20% = 5.94%/6.13% = 97%-25% FTSE 100 Minimum Variance TR Index FTSE 100 TR Index Source: Bloomberg – Calculation by Ossiam Past performance shown above represents that of the indices. For data before 23/12/2011 (launch date of the index), performance for the FTSE 100 Minimum Variance TR Index reflects calculations performed by Ossiam based on backtest data provided by FTSE. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 11
  12. 12. OSSIAM ETF FTSE 100 MINIMUM VARIANCE Investment objective Index characteristics The Funds objective is to replicate, before the Fund’s fees and expenses, the The FTSE 100 Minimum Variance TR Index is a total return index performance of the FTSE 100 Minimum Variance TR Index at closing level. expressed in GBP, calculated and published by FTSE Group. The Index methodology was developed by FTSE jointly with Ossiam. ETF characteristics Liquidity filter: 95 most liquid stocks of FTSE 100 Index Annual TER : 45 bps Rebalancing : quarterly ISIN: LU0705291739 Index provider: FTSE Group Parity: 1/1 Index codes: Bloomberg TUKXMV / RIC Reuters: .FTUKXMV Currency: GBP From 02/01/2002 to 31/10/2012 FTSE 100 Minimum TR Variance Index FTSE 100 TR Index YTD performance 13.63% 7.30% 1 year performance 15.17% 8.48% 3 year performance 52.50% 27.61% 5 year performance 28.96% 4.02% Annualized performance 9.99% 4.63% Volatility (annualized) 15.85% 20.64% Max Drawdown -36.14% -44.79% Sharpe Ratio 0.43 0.07 Correlation vs Benchmark 93.79% N/A Beta 0.72 N/A Annual Alpha 5.78% N/A Dividend yield (annualized) 3.84% 3.68% Source: Bloomberg – Calculation by OssiamPast performance shown above represents that of the indices. For data before 23/12/2011 (launch date of the index), performance for the FTSE 100 Minimum Variance TR Index reflectscalculations performed by Ossiam based on backtest data provided by FTSE. Backtested performance results do not represent the performance of actual trading using client assets, but areachieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and theunderlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 12
  13. 13. SECTOR BREAKDOWN OF THE FTSE 100 MINIMUM VARIANCE TR INDEXFROM JUNE 2002 TO OCTOBER 2012100% 90% 80% 70% Utilities Telecommunications 60% Technology Oil - Gas 50% Industrials 40% Health Care Financials 30% Consumer Services Consumer Goods 20% Basic Materials 10% 0% Source: FTSE / Ossiam – Calculation by Ossiam Data based on a backtest. The sector breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter FOR PROFESSIONAL CLIENTS USE ONLY 13
  14. 14. OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO EMERGING MARKETS Performance since inception (03/02/2012 – 31/10/2012) basis 100: OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) vs S&P/IFCI® Index NR110 Performance since inception: 16/12/2011 – 31/10/2012 Performance Difference105 OSSIAM ETF EMERGING MARKETS MINIMUM 7.81% +10.50% VARIANCE NR (USD) S&P/IFCI® Index NR -2.69%100 Source: Bloomberg / Ossiam - Calculation by Ossiam 95 Volatility since inception: 16/12/2011 – 31/10/2012 Volatility Difference 90 OSSIAM ETF EMERGING MARKETS MINIMUM 10.83% -4.95% VARIANCE NR (USD) S&P/IFCI® Index NR 15.78% Source: Bloomberg / Ossiam - Calculation by Ossiam 85 OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR (USD) S&P/IFCI® Index NR Source: Bloomberg / Ossiam - Calculation by Ossiam Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 14
  15. 15. SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002 Simulated quarterly returns from March 2002 to September 201240% Ossiam Emerging Upside participation of the Markets From March 2002 to S&P/IFCI®30% Minimum Ossiam Emerging Markets Minimum Variance Index NR September 2012 Index NR Variance  94% Index NR20% Up quarters: 10.57% 11.25% average return10% Upside 94% participation* Down quarters: 0% -6.13% -11.49% average return Downside participation 53%-10% Downside participation of the Ossiam Emerging Markets Minimum Variance Index NR Source: Bloomberg – Calculation by Ossiam  53% *Upside participation of the Ossiam Emerging Markets-20% Minimum Variance Index NR vs S&P/IFCI® Index NR = 10.57%/11.25% = 94%-30% Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR Source: Bloomberg – Calculation by Ossiam Past performance shown above represents that of the indices. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum Variance Index NR reflects calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 15
  16. 16. OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR Investment objective Index characteristics The Funds objective is to replicate, before the Fund’s fees and expenses, the The Ossiam Emerging Markets Minimum Variance Index NR is a total performance of the Ossiam Emerging Markets Minimum Variance Index NR at return index (expressed in USD) which has the same investment universe closing level. as the S&P/IFCI® Index NR. ETF characteristics Capacity filter: largest stocks that represent 85% of the S&P/IFCI® Annual TER : 75 bps Liquidity filter: 400 most liquid stocks of the universe ISIN: LU0705291903 (EUR) Rebalancing : semi-annually ISIN: LU0705291812 (USD) Index provider : Standard & Poor’s Parity: 1/1 Index codes: Bloomberg OEMMVNR / Reuters RIC: .OEMMVNR From 02/01/2002 to 31/10/2012 Ossiam Emerging Markets Minimum Variance Index NR S&P/IFCI® Index NR YTD performance 17.73% 11.70% 1 year performance 13.22% 2.67% 3 year performance 54.28% 18.24% 5 year performance 36.86% -15.31% Annualized performance 21.02% 14.45% Volatility (annualized) 14.59% 21.33% Max Drawdown -49.85% -65.14% Sharpe Ratio 1.31 0.59 Correlation vs Benchmark 90.65% N/A Beta 0.62 N/A Annual Alpha 11.34% N/A Dividend yield (annualized) 3.57% 2.59% Source: Bloomberg – Calculation by OssiamPast performance shown above represents that of the indices. For data before 24/01/2012 (launch date of the index), performance for the Ossiam Emerging Markets Minimum Variance IndexNR reflects calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual tradingusing client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference betweenOSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 16
  17. 17. SIMULATED SECTOR BREAKDOWN OF THE OSSIAM EMERGING MARKETS MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO OCTOBER 2012100%90%80%70% Utilities Telecommunication Services60% Materials Information Technology50% Industrials40% Health Care Financials30% Energy Consumer Staples20% Consumer Discretionary10% 0% Source: Standard & Poor’s / Ossiam – Calculation by Ossiam Data based on a backtest. The sector breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter FOR PROFESSIONAL CLIENTS USE ONLY 17
  18. 18. SIMULATED COUNTRY BREAKDOWN OF THE OSSIAM EMERGING MARKETS MINIMUM VARIANCE INDEX NR FROM MAY 2002 TO OCTOBER 2012100%90%80%70%60% Middle East & Africa50% Europe40% Asia Pacific Latin America30%20%10% 0% Source: Standard & Poor’s / Ossiam – Calculation by Ossiam Data based on a backtest. The country breakdown is as of the dates indicated and is subject to change and should not be relied upon as current thereafter FOR PROFESSIONAL CLIENTS USE ONLY 18
  19. 19. OSSIAM ETF PRODUCT RANGE ON THE LONDON STOCK EXCHANGE Indices ETF Total AUM Income Name ISIN TER¹ Currency (as of treatment Reuters Bloomberg Reuters Bloomberg 31/10/2012) RIC Ticker RIC Ticker S5EW.L S5EW LN EUR OSSIAM ETF EURO STOXX 50® EQUAL WEIGHT NR LU0599613063 0.30% Reinvested .SX5EWT SX5EWT 18.70m€ L5EW.L L5EW LN GBP S6EW.L S6EW LN EUR OSSIAM ETF STOXX® EUROPE 600 EQUAL WEIGHT NR LU0599613147 0.35% Reinvested .SXXEWR SXXEWR 25.55m€ L6EW.L L6EW LN GBP EUMV.L EUMV LN EUR OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR LU0599612842 0.65% Reinvested .ISEMVT ISEMVT 100.89m€ LEMV.L LEMV LN GBP USMV.L USMV LN USD OSSIAM ETF US MINIMUM VARIANCE NR (USD) LU0599612412 0.65% Reinvested .OUMVNR OUMVNR 120.98m$ LUMV.L LUMV LN GBP OSSIAM ETF FTSE 100 MINIMUM VARIANCE LU0705291739 0.45% Reinvested .FTUKXMV TUKXMV OSUKMV.L UKMV LN GBP 12.96m£ OSSIAM ETF WORLD MINIMUM VARIANCE NR (USD) LU0799656342 0.65% Reinvested .OWMVNR OWMVNR LWMV.L LWMV.LN GBP 5.05m$ OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR DEMV.L DEMV LN USD LU0705291812 0.75% Reinvested .OEMMVNR OEMMVNR 21.61m$ (USD) LMMV.L LMMV LN GBPOSSIAM ETF US MINIMUM VARIANCE NR has two share classes denominated respectively in US dollar and in Euro. Total AUM of the Fund: USD 267.77m (as of 31/10/12).OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR has two share classes, 1C and 2C. Total AUM of the Fund: EUR 135.94m (as of 31/10/12)OSSIAM ETF WORLD MINIMUM VARIANCE NR has two share classes denominated respectively in US dollar and in Euro. Total AUM of the Fund: USD 20.21m (as of 31/10/12)OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR has two share classes denominated respectively in US dollar and in Euro. Total AUM of the Fund: USD 64.45m (as of 31/10/12). FOR PROFESSIONAL CLIENTS USE ONLY 19
  20. 20. WHY OSSIAM? We are specialists in value-added smart beta strategies We combine deep research with practical market experience to deliver state-of-the-art strategies Our investment process is research-driven, systematic and transparent We offer the focus of a boutique asset manager, with the stability and robustness of the €570.4bn* Natixis Global Asset Management group* As of end of September 2012 FOR PROFESSIONAL CLIENTS USE ONLY 20
  21. 21. APPENDIXFOR PROFESSIONAL CLIENTS USE ONLY 21
  22. 22. OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR Investment objective Index characteristics The Funds objective is to replicate, before the Fund’s fees and expenses, the The iSTOXX™ Europe Minimum Variance Index NR is a total return performance of the iSTOXX™ Europe Minimum Variance Index NR at index (expressed in EUR) which has the same investment universe as the closing level. STOXX® Europe 600 Index NR. ETF characteristics Liquidity filter: 300 most liquid stocks of the STOXX® Europe 600 Index Annual TER : 65 bps Rebalancing : monthly ISIN: LU0599612842 Index provider : STOXX Ltd Parity: 1/1 Index codes: Bloomberg ISEMVT / Reuters RIC: .ISEMVT From 02/01/2002 to 31/10/2012 iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR YTD performance 12.28% 13.96% 1 year performance 18.19% 14.85% 3 year performance 40.04% 24.98% 5 year performance 2.14% -18.59% Annualized performance 7.02% 2.06% Volatility (annualized) 12.62% 21.02% Max Drawdown -39.71% -58.69% Sharpe Ratio 0.39 0.00 Correlation vs Benchmark 89.49% N/A Beta 0.54 N/A Annual Alpha 4.92% N/A Dividend yield (annualized) 2.91% 2.82% Source: Bloomberg – Calculation by OssiamPast performance shown above represents that of the indices. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NRreflects calculations performed by Ossiam based on backtest data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using clientassets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETFproduct and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 22
  23. 23. SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002 Simulated quarterly returns from March 2002 to September 201220% iSTOXX™ Upside participation of the Europe STOXX®15% From March 2002 to iSTOXX™ Europe Minimum Variance Index NR Minimum Europe 600 September 2012 Variance Index Index NR  79%10% NR Up quarters: 5.55% 7.00% 5% average return Upside 79% 0% participation* Down quarters: -4.94% -9.99% average return-5% Downside participation 49% Downside participation of the-10% iSTOXX™ Europe Minimum Variance Index NR Source: Bloomberg – Calculation by Ossiam  49%-15% *Upside participation of the iSTOXX™ Europe Minimum Variance Index NR compared to the STOXX® Europe 600-20% Index NR =5.55%/7.00% = 79%-25% iSTOXX™ Europe Minimum Variance Index NR STOXX® Europe 600 Index NR Source: Bloomberg – Calculation by Ossiam Past performance shown above represents that of the indices. For data before 14/06/2011 (launch date of the index), performance for the iSTOXX™ Europe Minimum Variance Index NR reflects calculations performed by Ossiam based on backtest data provided by STOXX Ltd. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 23
  24. 24. PERFORMANCE AND VOLATILITY SINCE ETF INCEPTION Performance since inception (21/06/2011– 31/10/2012) basis 100: OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR vs STOXX® Europe 600 Index NR115 Performance since inception: 21/06/2011 – 31/10/2012110 Performance Difference OSSIAM ETF iSTOXX™ EUROPE MINIMUM 11.27% +6.93%105 VARIANCE NR STOXX® Europe 600 Index NR 4.34%100 Source: Bloomberg / Ossiam - Calculation by Ossiam9590 Volatility since inception: 21/06/2011 – 31/10/2012 Volatility Difference85 OSSIAM ETF iSTOXX™ EUROPE MINIMUM 12.37% -8.7% VARIANCE NR STOXX® Europe 600 Index NR 21.07%80 Source: Bloomberg / Ossiam - Calculation by Ossiam OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR STOXX® Europe 600 Index NR Source: Bloomberg - Calculation by Ossiam Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 24
  25. 25. OSSIAM ETF US MINIMUM VARIANCE NR Investment objective Index characteristics The Funds objective is to replicate, before the Fund’s fees and expenses, the The Ossiam US Minimum Variance Index NR is a total return index (net performance of the Ossiam US Minimum Variance Index NR at closing level. dividends reinvested) expressed in USD, which has the same investment universe as the S&P 500® Index NR. ETF characteristics Liquidity filter: 250 most liquid stocks of S&P 500® Index Annual TER : 65 bps Rebalancing : monthly ISIN: LU0599612685 (EUR) Index provider: S&P ISIN: LU0599612412 (USD) Index codes: Bloomberg OUMVNR / RIC Reuters: .OUMVNR Parity: 1/1 From 02/01/2002 to 31/10/2012 Ossiam US Minimum Variance Index NR S&P 500® Index NR YTD performance 12.78% 13.69% 1 year performance 17.18% 14.44% 3 year performance 48.11% 42.39% 5 year performance 15.56% -1.52% Annualized performance 6.10% 3.29% Volatility (annualized) 15.13% 21.36% Max Drawdown -39.51% -55.71% Sharpe Ratio 0.28 0.07 Correlation vs Benchmark 94.02% N/A Beta 0.67 N/A Annual Alpha 3.28% N/A Dividend yield (annualized) 1.68% 1.41% Source: Bloomberg – Calculation by OssiamPast performance shown above represents that of the indices. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflectscalculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using clientassets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETFproduct and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 25
  26. 26. SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002 Simulated quarterly returns from March 2002 to September 201220% Ossiam US15% Upside participation of the From March 2002 to Minimum S&P 500® Ossiam US Minimum Variance Index NR September 2012 Variance Index Index NR  70% NR10% Up quarters: 5% 4.87% 6.98% average return Upside 0% 70% participation* Down quarters:-5% -3.64% -7.90% average return-10% Downside participation 46% Downside participation Ossiam US Minimum Variance Index NR Source: Bloomberg – Calculation by Ossiam-15%  46% *Upside participation of the Ossiam US Minimum Variance-20% Index NR compared to the S&P 500® Index NR = 4.87%/6.98% = 70%-25% Ossiam US Minimum Variance Index NR S&P 500® Index NR Source: Bloomberg – Calculation by Ossiam Past performance shown above represents that of the indices. For data before 06/06/2011 (launch date of the index), performance for the Ossiam US Minimum Variance Index NR reflects calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 26
  27. 27. PERFORMANCE AND VOLATILITY SINCE ETF INCEPTION Performance since inception (07/06/2011 – 31/10/2012) basis 100: OSSIAM ETF US MINIMUM VARIANCE NR (USD) vs S&P 500® Index NR125 Performance since inception: 07/06/2011 – 31/10/2012120 Performance Difference OSSIAM ETF US MINIMUM VARIANCE NR (USD) 18.33% +6.07%115 S&P 500 Index NR 12.26%110 Source: Bloomberg / Ossiam - Calculation by Ossiam10510095 Volatility since inception: 07/06/2011 – 31/10/2012 Volatility Difference90 OSSIAM ETF US MINIMUM VARIANCE NR (USD) 14.08% -6.78% S&P 500® Index NR 20.86%85 Source: Bloomberg / Ossiam - Calculation by Ossiam OSSIAM ETF US MINIMUM VARIANCE NR (USD) S&P500® Index NR Source: Bloomberg / Ossiam - Calculation by Ossiam Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 27
  28. 28. OSSIAM ETF WORLD MINIMUM VARIANCE NR Investment objective Index characteristics The Funds objective is to replicate, before the Fund’s fees and expenses, the The Ossiam World Minimum Variance Index NR is a total return index performance of the Ossiam World Minimum Variance Index NR at closing level (expressed in USD) which has the same investment universe as the S&P 1200® Global Index NR. ETF characteristics Capacity filter: largest stocks that represent 85% of the S&P Global 1200® Annual TER: 0.65% Liquidity filter: 400 most liquid stocks of the universe ISIN: LU0799656698 (EUR) Rebalancing : semi-annual ISIN: LU0799656342 (USD) Index provider : Standard & Poor’s Parity: 1/1 Index codes: Bloomberg: OWMVNR Index /Reuters RIC: .OWMVNR Index From 02/01/2002 to 31/10/2012 Ossiam World Minimum Variance Index NR S&P Global 1200® Index NR YTD performance 9.50% 12.35% 1 year performance 11.38% 9.80% 3 year performance 36.50% 25.48% 5 year performance 3.89% -13.25% Annualized performance 7.28% 4.51% Volatility (annualized) 12.01% 18.22% Max Drawdown -42.02% -57.97% Sharpe Ratio 0.45 0.14 Correlation vs Benchmark 87.91% N/A Beta 0.58 N/A Annual Alpha 3.89% N/A Dividend yield (annualized) 2.17% 2.59% Source: Bloomberg – Calculation by OssiamPast performance shown above represents that of the indices. For data before 16/07/2012 (launch date of the index), performance for the Ossiam World Minimum Variance Index NR reflectscalculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using clientassets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETFproduct and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 28
  29. 29. SIMULATED QUARTERLY RETURNS OF THE INDICES SINCE 2002 Simulated quarterly returns from March 2002 to September 201225% Ossiam World20% S&P Global From March 2002 to Minimum Upside participation of the 1200® September 2012 Variance Ossiam World Minimum Variance Index NR Index NR15% Index NR  72% Up quarters:10% 5.40% 7.47% average return 5% Upside 72% participation* 0% Down quarters: -4.21% -8.82% average return-5% Downside Downside participation of the 48% participation-10% Ossiam World Minimum Variance Index NR Source: Bloomberg – Calculation by Ossiam  48%-15% *Upside participation of the Ossiam World Minimum-20% Variance Index NR compared to the S&P 1200 ® Global Index NR =5.40%/7.47% = 72%-25% Ossiam World Minimum Variance Index NR S&P Global 1200® Index NR Source: Bloomberg – Calculation by Ossiam Past performance shown above represents that of the indices. For data before 16/07/2012 (launch date of the index), performance for the Ossiam World Minimum Variance Index NR reflects calculations performed by Ossiam based on backtest data provided by Standard & Poor’s. Backtested performance results do not represent the performance of actual trading using client assets, but are achieved by means of the retroactive application of a model. This model assumes reinvestment of net dividends. Some degree of performance difference between OSSIAM ETF product and the underlying index is to be expected as a result of index replication costs and tracking error. Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 29
  30. 30. OSSIAM MINIMUM VARIANCE STRATEGY APPLIED TO WORLD EQUITIES Performance since inception (04/09/2012 – 31/10/2012) basis 100: OSSIAM ETF WORLD MINIMUM VARIANCE NR (USD) vs S&P Global 1200® Index NR106105 Performance since inception: 04/09/2012 – 31/10/2012 Performance Difference104 OSSIAM ETF WORLD MINIMUM VARIANCE NR 1.25% -1.30% (USD)103 S&P Global 1200® Index NR 2.55% Source: Bloomberg / Ossiam - Calculation by Ossiam102101 Volatility since inception: 04/09/2012 – 31/10/2012 Volatility Difference100 OSSIAM ETF WORLD MINIMUM VARIANCE NR 7.48% -4.07% (USD) S&P Global 1200® Index NR 11.55% 99 Source: Bloomberg / Ossiam - Calculation by Ossiam OSSIAM ETF WORLD MINIMUM VARIANCE NR (USD) S&P Global 1200® Index NR Source: Bloomberg / Ossiam - Calculation by Ossiam Past performance is not a reliable indicator of future performance. FOR PROFESSIONAL CLIENTS USE ONLY 30
  31. 31. DISCLAIMERSThis content of this document has been approved by NGAM UK Limited, an authorized firm within the meaning of Financial Services and Markets Act 2000 (“FSMA”).Such approval is required by section 21 of FSMA unless one or more exemptions apply. This document is exempt from the general restriction in section 21 of FSMA on thecommunication of invitations and inducements to engage in investment activity on the grounds that it is made only to (a) persons who have professional experience inmatters relating to investments (being ‘investment professionals’ within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 (the “FPO”)), (b) persons of a type described in article 49(2) of the FPO, and (c) other persons to whom the services to which this documentrelates may lawfully be promoted (each, a ‘relevant person’). Any investment or investment activity to which this document relates is available only to relevant personsand will be engaged in only with relevant persons. This document must not be acted or relied upon by persons who are not relevant persons.Persons of a type described in Article 49(2) of the FPO comprise (a) any body corporate which has, or which is a member of the same group as an undertaking which has,a called up share capital or net assets of not less than (i) in the case of a body corporate which has more than 20 members or is a subsidiary undertaking of anundertaking which has more than 20 members, £500,000 and (ii) in any other case, £5 million, (b) any unincorporated association or partnership which has net assets ofnot less than £5 million, (c) the trustee of a high value trust within the meaning of Article 49(6) of the FPO, (d) any person (‘A’) whilst acting in the capacity of director,officer or employee of a person (‘B’) falling within any of (a), (b) or (c) above where A’s responsibilities, when acting in that capacity, involve him in B’s engaging ininvestment activity and (e) any person to whom the communication may otherwise lawfully be made.This material is provided by NGAM UK Limited. Authorised and regulated by the Financial Services Authority. Registered Address: NGAM UK Limited, Cannon BridgeHouse, 25 Dowgate Hill, London, EC4R 2YA.This material has been prepared by Ossiam, a French asset manager authorized by the Autorité des Marchés Financiers (Agreement N° GP-10000016) and located at 6place de la Madeleine, 75008 Paris. Ossiam is a subsidiary of Natixis Global Asset Management. Although information contained herein is from sources believed to bereliable, Ossiam makes no representation or warranty regarding the accuracy of any information of which it is not the source.This document is directed only at persons who are professional clients or eligible counterparties for the purposes of the FSA’s Handbook and must not be relied or actedupon by any other persons. FOR PROFESSIONAL CLIENTS USE ONLY 31
  32. 32. DISCLAIMERSThis document is of a commercial and not of a regulatory nature.Ossiam Lux (the SICAV) is organized as an investment company with variable capital under the laws of the Grand-Duchy of Luxembourg and was approved by theLuxembourg market authority CSSF on 22/04/2011 under the Visa 2011/74085-7020-0-PC.NGAM S.A. is the management company of the Funds. NGAM S.A. is a Luxembourg management company that is incorporated under Luxembourg laws. The managementcompany has appointed Ossiam as investment manager of the Funds, and designated State Street Luxembourg as Administrative Agent, Paying Agent, Domiciliary andCorporate Agent, Registrar and Transfer Agent of the SICAV.Ossiam, a subsidiary of Natixis Global Asset Management, is a French asset manager authorized by the Autorité des Marchés Financiers (Agreement No. GP-10000016).Although information contained herein is from sources believed to be reliable, Ossiam makes no representation or warranty regarding the accuracy of any information ofwhich it is not the source. The information presented in this document is based on market data at a given moment and may change from time to time.The risks associated with the Fund and the Index are detailed in the « General Risk Considerations » section of the Prospectus, available in English on www.ossiam.com.Investments decision should only be made on the basis of the Prospectus. Investors should also be well informed about the main characteristics of the Index (number ofstocks, sector and or country breakdown, past evolution…) in order to have an overview of the risks and opportunities related to an exposure to the Index.In order to minimize any potential for conflicts caused by the fact that Ossiam determines the weight of the index components at each rebalancing date (for the OssiamWorld Minimum Variance, Ossiam Emerging Markets Minimum Variance indices and iSTOXX™ Europe Minimum Variance indices) and acts as asset manager, Ossiamhas retained unaffiliated third parties to calculate and publish index, namely S&P and STOXX Ltd.Access to the products and services featured on this presentation may be subject to restrictions for certain persons or countries, either under a general prohibition orunder marketing rules. Accordingly, no product or service presented on this document shall be provided by Ossiam to any person who is not legally authorized. The sameapplies for countries for which Ossiam has not applied for marketing authorization. FOR PROFESSIONAL CLIENTS USE ONLY 32
  33. 33. DISCLAIMERSAll rights in the FTSE 100 Minimum Variance TR Index (the “Index”) vest in FTSE International Limited (“FTSE”). “FTSE®” is a trade mark of the London Stock Exchange Plc andThe Financial Times Limited and is used by FTSE under licence.The OSSIAM ETF FTSE 100 MINIMUM VARIANCE has been developed solely by OSSIAM. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected toand do not sponsor, advise, recommend, endorse or promote the OSSIAM ETF FTSE 100 MINIMUM VARIANCE and do not accept any liability whatsoever to any person arising out of(a) the use of, reliance on or any error in the Index or (b) investment in or operation of the OSSIAM ETF FTSE 100 MINIMUM VARIANCE. FTSE makes no claim, prediction, warrantyor representation either as to the results to be obtained from the OSSIAM ETF FTSE 100 MINIMUM VARIANCE or the suitability of the Index for the purpose to which it is being put byOSSIAM.Ossiam Emerging Markets Minimum Variance Index NR (the “Index”) is the exclusive property of Ossiam, which has contracted with Standard & Poor’s Financial Services LLC(“S&P”) to maintain and calculate the Index. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC “Calculated by S&P CustomIndices” and its related stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam. S&P and its affiliates shall have noliability for any errors or omissions in calculating the Index .”OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR is not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party licensors and neither S&P, itsaffiliates nor their its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR.Ossiam World Minimum Variance Index NR (the “Index”) is the exclusive property of Ossiam, which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) tomaintain and calculate the Index. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC “Calculated by S&P Custom Indices” and itsrelated stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam. S&P and its affiliates shall have no liability for anyerrors or omissions in calculating the Index .”OSSIAM ETF WORLD MINIMUM VARIANCE NR is not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party licensors and neither S&P, its affiliates northeir its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF WORLD MINIMUM VARIANCE NR.“Ossiam US Minimum Variance Index NR (the “Index”) is the exclusive property of Ossiam, which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) to maintainand calculate the Index. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC “Calculated by S&P Custom Indices” and its relatedstylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Ossiam. S&P and its affiliates shall have no liability for any errors oromissions in calculating the Index .”OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR is not sponsored, endorsed, sold or promoted by S&P, its affiliates or their third party licensors and neither S&P, itsaffiliates nor their its third party licensors make any representation regarding the advisability of investing in OSSIAM ETF EMERGING MARKETS MINIMUM VARIANCE NR. FOR PROFESSIONAL CLIENTS USE ONLY 33
  34. 34. DISCLAIMERS“The STOXX® Indices and the data composed therein (the “Index Data”) are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland(“STOXX”) and/or its licensors (the “STOXX Licensors”). The use of the Index Data requires a license from STOXX. STOXX and the STOXX Licensors do not make any warranties orrepresentations, express or implied with respect to the timeliness, sequency, accuracy, completness, currentness, merchantability, quality or fitness for any particular purpose of the IndexData. In particular, the inclusion of a company in a STOXX® Index does not in any way reflect an opinion of STOXX or the STOXX Licensors on the merits of that company. STOXX andthe STOXX Licensors are not providing investment, tax or other professional advice through the publication of the STOXX® Indices or in connection therewith.” STOXX and its licensorshave no relationship to Ossiam, other than the licensing of the iSTOXX™ Europe Minimum Variance index NR and the related trademarks for use in connection with OSSIAM ETFiSTOXX™ EUROPE MINIMUM VARIANCE NR indexed to the iSTOXX™ Europe Minimum Variance Index.STOXX and its Licensors do not: - Sponsor, endorse, sell or promote the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR. - Recommend that any person invest in the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR or any other securities. - Have any responsibility or liability for or make any decisions about the timing, amount or pricing of OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR. - Have any responsibility or liability for the administration, management or marketing of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR. - Consider the needs of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR or the owners of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR indetermining, composing or calculating the iSTOXX™ Europe Minimum Variance Index NR or have any obligation to do so.STOXX and its Licensors will not have any liability in connection with the OSSIAM ETF ISTOXX™ EUROPE MINIMUM VARIANCE NR . Specifically, - STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about: o The results to be obtained by the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCE NR , the owner of the OSSIAM ETF iSTOXX™ EUROPE MINIMUMVARIANCE NR or any other person in connection with the use of the iSTOXX™ Europe Minimum Variance Index NR and the data included in the iSTOXX™ Europe Minimum VarianceIndex NR; o The accuracy or completeness of the iSTOXX™ Europe Minimum Variance Index NR and its data; o The merchantability and the fitness for a particular purpose or use of the iSTOXX™ Europe Minimum Variance Index NR and its data;- STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the iSTOXX™ Europe Minimum Variance Index NR or its data;- Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensorsknows that they might occur.The licensing agreement between the Ossiam and STOXX is solely for their benefit and not for the benefit of the owners of the OSSIAM ETF iSTOXX™ EUROPE MINIMUM VARIANCENR or any other third parties.” FOR PROFESSIONAL CLIENTS USE ONLY 34

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