Your SlideShare is downloading. ×
Q&a
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Q&a

250
views

Published on

Questions and Answers

Questions and Answers

Published in: Economy & Finance

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

  • Be the first to like this

No Downloads
Views
Total Views
250
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
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. Q&A INVESTMENT STRATEGY GLOBAL FUND EXCHANGE PRIVATE & CONFIDENTIAL 1
  • 2. N'D'2''''''''''''''''''''''''''',4-)/3E)43'/3.23)?B'' G@65'H"'8"I';>J$=5';>K!' ' e.!,%<./-!,%!-#.!.%-,+.!.%.+:'!/2.3-+)1!$/!;.55!$/!/3$+3.!3+,-,3$5!+./()+3./!$%0!/,1)5-$%.()/5'!+.0)3.!+,/&!$%0! 0(;%/,0.!<(5$-,5,-'!6'!#.0:,%:!()+!2(+-*(5,(/!;,-#!-#.!)%3(++.5$-.0!$//.-!35$//./!*()%0!,%!-#.!A'/-.1$-,3!$%0! ?.0:.!/2$3.H! ! e.!1$%$:.!()+!2(+-*(5,(/!-#+():#!-#.!*(55(;,%:!L!0.0,3$-.0!/)6!/-+$-.:,./I! ! o N5.$%!8%.+:'! o e$-.+! o R:+,3)5-)+.! o "+$0,-,(%$5!8%.+:'! o N$+6(%!$%0!.1,//,(%/!-+$0,%:! o N(11(0,-,./!$%0!h$-)+$5!X./()+3./! o A'/-.1$-,3!"+$0.+/!! o >-#.+!?.0:.!A.3-(+/!$%0!S(+-*(5,(!O%/)+$%3.! o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a5(%:b!,0.$/=!;.! -#.%!$3-,<.5'!,0.%-,*'!/.3-(+/!$%0!/-'5./!-#$-!2+(<,0.!5(;!(+!%.:$-,<.!6.$+!3(++.5$-,(%/!-(!-#./.!-+$0./=! -#.+.6'!+.0)3,%:!-#.!(<.+$55!2(+-*(5,(g/!0(;%/,0.!0.<,$-,(%!$%0!0+$1$-,3$55'!,%3+.$/,%:!-#.!3(%/,/-.%3'!(*!()+! 1(%-#5'!2(/,-,<.!+.-)+%/H!7(+!)/=!,-g/!$55!$6()-!2+(*,-,%:!*+(1!-#.!1$G(+!1$3+(!25$'/!;,-#()-!*$55,%:!2+.'!-(!-#.! <(5$-,5,-'!$%0!)%3.+-$,%-'!(*!-#.!1$+&.-/H!! ! G@65'H#"J$'8"I'5"'5@;='=$:5"#K' ' e.!6.5,.<.!-#$-!-#.!;(+50!,/!3#$%:,%:_!:(<.+%1.%-/=!3(+2(+$-,(%/!$%0!1(+.!,12(+-$%-5'!,%0,<,0)$5/!#$<.! +.$3#.0!$!-,22,%:!2(,%-!,%!-.+1/!(*!$;$+.%.//!(%!$55!(*!-#.!2+.//,%:!,//)./!-#$-!-#.!;(+50!*$3./=!/(1.!(*! ;#,3#!$+.!)%0()6-.05'!5,%&.0!-(!-+.1.%0()/!2+(*,-!(22(+-)%,-,./H!>)+!3(12$%'g/!2#,5(/(2#'!(*!*(3)/,%:!(%! 2.(25.=!25$%.-!$%0!2+(*,-!#$/!5.0!)/!0,+.3-5'!-(!-#.!2+(*,-$65.!/.3-(+/!(*!35.$%!$%0!-+$0,-,(%$5!.%.+:'=! 3(11(0,-,./!$%0!/3$+3.!%$-)+$5!+./()+3./=!;$-.+=!$:+,3)5-)+.=!3$+6(%!$%0!.1,//,(%/=!;#,5.!()+!.92.+,.%3.!,%! 1$3+(!#.0:.!*)%0!,%<./-1.%-/!#$/!5.0!)/!-(!-#.!a2(+-*(5,(!,%/)+$%3.b!(22(+-)%,-,./!*()%0!,%!-#.!/'/-.1$-,3! $%0!#.0:.!/.3-(+/H!! ! ! 2
  • 3. G@8'H"'8"I'M$$<'5@$'5;%;>7'6>H'"99"#5I>;5;$='6#$'9#$=$>5<8'6J6;<6O<$K& ! "#.!;(+50!#$/!+.$3#.0!$!-,22,%:!2(,%-H!45(6$5!2(5,3'!3#$%:./=!.%<,+(%1.%-$5!3(%/3,()/%.//=!/-,1)5)/! /2.%0,%:=!5.:,/5$-.0!.1,//,(%!$%0!*).5!+./-+,3-,(%/!$%0!1(+.!,12(+-$%-5'=!,%0,<,0)$5/!,%!0.<.5(2.0!$%0! 0.<.5(2,%:!.3(%(1,./!$5,&.!#$<.!+.$3#.0!-#.!*(55(;,%:!/,1,5$+!3(%35)/,(%/I!!! ! o -#.!0.-+,1.%-$5!.%<,+(%1.%-$5!,12$3-!-#$-!;.!#)1$%/!$+.!*(+3,%:!(%!-#.!25$%.-!3$%%(-!6.!$55(;.0!-(! 3(%-,%).!$-!-#,/!+$-.=!! o -#$-!.<.+'!2.+/(%!$%0!3(12$%'!$5,&.!5.$<./!$!%.:$-,<.!3$+6(%!*((-2+,%-!-#$-!;,55!$**.3-!-#.!])$5,-'!(*!5,*.!(*! .<.+'!2.+/(%! o -#.+.!$+.!-+.1.%0()/!2+(*,-!(22(+-)%,-,./!-(!6.!*()%0!,%!-#,/!%.;!a35,1$-.!$%0!.%.+:'!+.<(5)-,(%b! "#.!3$/#!*5(;!+,3#!,%-.:+$-.0!.%.+:'!3(12$%,./=!/(<.+.,:%!;.$5-#!*)%0/=!2.%/,(%!*)%0/=!)-,5,-,./!$%0! -.3#%(5(:'!3(12$%,./!$+()%0!-#.!;(+50!$+.!/2.%0,%:!<$/-!$1()%-/!(*!1(%.'!(%!-#./.!/.3-(+/!$5(%.!+,:#-! %(;H!I%-&D2#4*&(/&8%")E()E&#"3(*49&()&5#2)$&25&2.#&<-#9&-9-/&$%0!-#.!-,1,%:!*(+!$%!.92.+,.%3.0!$%0!0,5,:.%-! :+()2!(*!,%<./-(+/!5,&.!)/!#$/!%.<.+!6..%!6.--.+H!e.!#$<.!$!5(%:!-+$3&!+.3(+0!(*!1$3+(!,%<./-1.%-/!,%!.%.+:'=! 3(11(0,-,./=!$%0!#.0:.!*)%0/=!./2.3,$55'!-#+():#!.1.+:,%:!1$%$:.+/=!$%0!;.!/-+(%:5'!6.5,.<.!-#$-!-#.! 3)++.%-!-,1,%:=!,%0)/-+'!:+(;-#!+$-./!$%0!-$5.%-!6.,%:!0.25('.0!,%!-#,/!$+.$!,/!,0.$5H! ! ! +$=:#;O$'8"I#'%6>67$#'=$<$:5;">'9#":$==&& ! 4,<.%!-#$-!()+!1$3+(!+./.$+3#!0,3-$-./!()+!2+,1$+'!,%<./-1.%-! 0,+.3-,(%/!d!;.!-#.%!1(<.!-(!(A34-A-)$&$%-/-&A"8#2& 2332#$.)($(-/&$2&")&-C3-#$49&/-4-8$-*&32#$524(2&25&)(8%-& A")"E-#/&$%"$&"#-&-C3-#(-)8-*&")*&528./-*&()&$%"$& 3"#$(8.4"#&"#-"H!O-!,/!-#)/!-#$-!;.!/3()+!-#.!25$%.-!-(!*,%0!-#.!6./-! :+()2,%:!(*!/2.3,$5,/-!1$%$:.+/!-(!,125.1.%-!()+!1$3+(!(6G.3-,<./H! h$-)+$55'!;.!#$<.!$!0$-$6$/.!(*!$51(/-!KE=EEE!&%(;%!*)%0!1$%$:.+/! $%0!0(!-#.!(65,:$-(+'!*,5-.+,%:!-(!*,%0!,%-.+./-,%:!%$1./=!6)-!1(/-!(*! ()+!1$%$:.+/!#$<.!6..%!&%(;%!-(!)/!2.+/(%$55'!-#+():#!()+!2+.<,()/! ,%<./-1.%-/!(+!-#+():#!2.+/(%$5!,%-+(0)3-,(%/!$%0!+.*.++$5/H!! ! "#,/!2+(3.//!#$/!6..%!0./,:%.0!$%0!3+.$-.0!6'!-#.!*()%0.+/=!;#(!6.-;..%!-#.1!#$<.!3(%0)3-.0!1(+.!-#$%! `EEE!*)%0!1$%$:.+!,%-.+<,.;/=!#$<.!,%<./-.0!6,55,(%/!(*!0(55$+/!,%!6(-#!/,%:5.!/-+$-.:'!$%0!1)5-,c/-+$-.:'! ,%<./-1.%-/=!#$<.!2.+/(%$55'!6),5-!$%0!1$%$:.0!1)5-,c%$-,(%$5!#.0:.!*)%0/!$/!;.55!$/!*)%0!(*!*)%0/! 6)/,%.//./H!! ! e.!$+.!(6/.//,<.5'!*(3)/.0!(%!()+!3)++.%-!)%,<.+/.!(*!$22+(9,1$-.5'!L`!d!KEE!1$%$:.+/!$%0!#$<.!$! /-+,%:.%-!$%0!0,/3,25,%.0!(%:(,%:!2+(3.//!-(!*)55'!)%0.+/-$%0!$%0!1(%,-(+!-#.!2(+-*(5,(!1$%$:.+!;#,5.! .5,1,%$-,%:!$%'!)%/),-$65.!,%<./-1.%-/! ! ! 3
  • 4. "#.!,%<./-1.%-!0.3,/,(%!$%0!+./.$+3#!2+(3.//!,/!%.<.+!0.5.:$-.0!-(!G)%,(+!-.$1! 1.16.+/!$/!,-!,/!-#.!3(+.!(*!()+!3(12$%'g/!6)/,%.//!$3-,<,-'H!e.!#$<.!$!<.+'!(%.+()/=! 0.-$,5.0!'.-!2+$3-,3$5!$%0!.**,3,.%-!1$%$:.+!/.5.3-,(%!2+(3.//!-#$-!,%<(5<./!$!<$/-! $1()%-!(*!a])$%-b!;(+&=!$%0!$%!$)0,-.0!a])$5,-$-,<.b!2+(3.//!,%<(5<,%:!(65,:$-(+'! ,%!2.+/(%!1..-,%:/=!/,-.!<,/,-/=!-.5.2#(%.!,%-.+<,.;/!(%5'!-(!6.!*(55(;.0!6'!$%!.<.%! 1(+.!/-+,%:.%-!a*(+.%/,3b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d!()+!2(+-*(5,(/!$+.!$-!*,+/-!;.,:#-.0!$33(+0,%:5'!,%-(!-#.![! 2+,1$+'!/.3-(+/!$%0!-#.!+.5.<$%-!/)6c/.3-(+!:+()2/!6.5(;H!! ! o !F.($9&/-)/($(<-&/-8$2#/&U3#-*2A()")$49&42)E&7("/-*V& ! N5.$%!8%.+:'! ! e$-.+! ! R:+,3)5-)+.! o H2AA2*($9&")*&$%-#-52#-&*-A")*&")*&324(89&/-)/($(<-& ! 8%.+:'! ! N$+6(%!n!81,//,(%/! ! N(11(0,-'!$%0!h$-)+$5!X./()+3./! o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g/!(;%!$6,5,-'!-(!0.25('! 3$2,-$5!2+(*,-$65'!$%0!6'!()+!)%1(<,%:!0./,+.!-(!$<(,0!0(;%/,0.!<(5$-,5,-'H!O*!:5(6$5!2(5,3'!0,3-$-./!$%! )%3.+-$,%!])$+-.+!*(+!3.+-$,%!/.3-(+/!V*(+!.9$125.!3$+6(%!$%0!.1,//,(%/W=!;.!2)+2(/.5'!5,1,-!()+! .92(/)+.!,11.0,$-.5'=!/,1)5-$%.()/5'!$55(3$-,%:!*+..!3$2,-$5!-(!/.3-(+/!-#$-!/#(;!$!2+(1,/,%:!:+(;-#! 2.+,(0H! ! ! ! ! ! 4
  • 5. G@65'9#":$==$='6#$';>'9<6:$'5"'%6>67$'#;=P'Q'#$5I#>='6>H'@"L';='5@65' H;MM$#$>5'5"'6'5#6H;5;">6<'6>H'589;:6<'MI>H'"M'MI>HK! ! j$%'!1)5-,!/-+$-.:'!1$%$:.+/!(+!*)%0/!*$55!,%-(!-#.!-+$2!(*!a1$%$:,%:!6'!.5,1,%$-,(%b!d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o S)*./$#9& o ?//-$&H4"//& o Q$94-& o W-2E#"3%9& o 1%(42/23%9& o =(F.(*($9& o X"#N-$&H"3& ! ! ! ! e.!-$&.!$!<.+'!35(/.!5((&!$-!-#.,+!,%*+$/-+)3-)+.=!(2.+$-,(%$5!*(+-,-)0.=!3(125,$%3.=!+.2(+-,%:!$%0! 3()%-.+2$+-'!+,/&!;,-#()-!5(/,%:!-+$3&!(*!-#.!*$3-!-#$-!,-!,/!2.(25.!;#(!1$%$:.!1(%.'=!%(-!3(12)-.+/!(+! 3(12$%,./H!'-&528./&2)&$%-&3-234-G&$%-(#&/N(44/G&$%-(#&-C3-#(-)8-G&$%-(#&()$-E#($9G&$%-(#&%.)E-#&$2&/.88--*& ")*&$%-&L/N()&()&$%-&E"A-M!/#()50!-#.'!5(/.H!! ! e.!$55(3$-.!3$2,-$5!(%5'!,*!-#./.!$//.-/!$+.!,%0.2.%0.%-5'!<$5).0!$%0!$01,%,/-.+.0=!$)0,-.0!6'!*,+1/!;.!&%(;! $%0!+./2.3-!$%0!1(/-!,12(+-$%-5'!d!1$%$:.0!6'!2.(25.!;.!&%(;=!+./2.3-!$%0!)%0.+/-$%0H!e.!;,55!%(-!$%0! #$<.!%(-!$55(3$-.0!*)%0/!-(!2.(25.!;.!#$<.!%(-!1.-!$%0!/-+$-.:,./!;.!0(!%(-!)%0.+/-$%0!$%0!&%(;!#(;!-(! <$5).!()+/.5<./H!>)+!2+(3.//!,/!+,:(+()/!$%0!0.1$%0,%:!(%!-#.!1$%$:.+/!,%!])./-,(%!$%0!,/!2+$3-,3$5!$%0! .**,3,.%-!d!6),5-!(%!3(11(%!/.%/.!0+,<.%!6'!.92.+,.%3.H! ! F"L'H"'8"I'%6>67$'=$:5"#'J"<65;<;58K&& ! A.3-(+!<(5$-,5,-'!,/!+.0)3.0!6'!$55(3$-,%:!3$2,-$5!-(!$!3(125.1.%-$+'!3(55.3-,(%!(*!1$%$:.+/!$%0!,%<./-1.%-! -#.1./!-#$-!;(+&!;.55!-(:.-#.+H!e.!;,55!%.<.+!G)/-!$55(3$-.!-(!-;(!,0.%-,3$5!1$%$:.+/!-#$-!,%<./-!,%!-#.!/$1.! )%,<.+/.!(*!%$1./!)/,%:!$!/,1,5$+!2#,5(/(2#'H!R/!.$3#!(*!()+!/)6!/-+$-.:,./!$+.!6),5-!$%0!1$%$:.0!$/! /-$%0$5(%.!2(+-*(5,(/=!;.!$)-(1$-,3$55'!/.5.3-!$%0!$55(3$-.!$33(+0,%:5'!-(!-#.!6./-!3(16,%$-,(%!(*! 3(125.1.%-$+'!%,3#.!1$%$:.+/!-#$-!2+(<,0.!)/!;,-#!3(%/,/-.%3'!(*!+.-)+%/=!5(;./-!2(//,65.!0+$;c0(;%/!$%0! 2+(<,0.!$!65.%0!(*!5,]),0,-'!-#$-!$55(;/!)/!-(!+.1$,%!%,165.!$%0!+./2(%/,<.!,%!-#.!2(+-*(5,(!$/!$!;#(5.H!!e.! /-+,<.!-(!6.!:.(:+$2#,3$55'!0,<.+/.=!/)6/.3-(+!0,<.+/.!$%0!$//.-!35$//!0,<.+/.H!!! ! !"8%& 25& 2.#& /.7P/-8$2#& 3-#52#A")8-/& $%-#-52#-& *-4(<-#& 72$%& "43%"& "/& D-44& "/& 42D-#& <24"$(4($9& $%")&$%-(#&#-4-<")$&/-8$2#&7-)8%A"#N/0! ! 5