Your SlideShare is downloading. ×

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

Rescuing investors from pre-crisis private equity funds

150

Published on

Simon Fentham-Fletcher, Chief of Staff, Renaissance Asset Managers, Russia

Simon Fentham-Fletcher, Chief of Staff, Renaissance Asset Managers, Russia

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
150
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
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. RENAISSANCE ASSET MANAGERSCIS BANKERSKIEV – JUNE 2013FOR PROFESSIONAL INVESTORS ONLY
  • 2. SIMON FENTHAM-FLETCHER11991 London ACA1990’s New YorkBlackrockDistressed debt non public markets2000-2007 LondonSchroders, NFCPHedge Funds2007 - Moscow,RenaissanceGlobal Allocation & Private Equity
  • 3. I. Summary010203Russian Banks – State vs. the rest04 ImplicationsPre-Crisis Private equity FundsPerformance of the restOVERVIEWA Company specific2Appendices
  • 4. PRE-CRISIS FUNDS30500100015002000MSCI WorldCapital Raising has fallen off a cliff, even as MSCI world recovered
  • 5. I. Summary010203Russian Banks – State vs. the rest04Pre-Crisis Private equity FundsPerformance of the restOVERVIEWA Company specific4AppendicesImplications
  • 6. STATE BANKS VS. THE REST5Source: Central Bank of Russia, Bloomberg and Custom House•  Russia has a two tier banking sector, the State & the rest•  Russia’s top 6 state banks account for 53% of deposits•  State banks “like a bulldozer…with the brakes off“•  Under banked? – 10% fixed investments financed by loans•  Fragmented? – circa 1000 banks, only top 50 significant•  Protected? – no foreign bank branches inside Russia (law 2013)•  Efficient?•  Trustworthy?
  • 7. STATE BANKS VS. THE REST6Source: Central Bank of Russia, Bloomberg and Custom House№ БанкCredit  Portfolios  Feb  2013  (Mln  RUB.)Credit  Portfolios  Feb  2012  (Mln  RUB.) Change  (%)1 Сбербанк 7975441.43 6  582  802,18 21,162 ВТБ 1477562.07 1  334  288,94 10,743 Газпромбанк 1290301.31 991  100,41 30,194 Россельхозбанк 894523.43 780  933,57 14,555 ВТБ  24 836412.99 583  044,00 43,466 Альфа-­‐Банк 726679.42 536  322,65 35,497 Юникредит  Банк 426184.51 400  887,98 6,318 Банк  Москвы 380093.1 338  068,32 12,439 Росбанк 358128.55 338  262,32 5,8710 Промсвязьбанк 335277.87 290  596,23 15,3811 Райффайзенбанк 316757.57 307  542,59 3,0012 Транскредитбанк 312391.67 286  404,86 9,0713 Номос-­‐Банк 290691.97 202  017,48 43,8914 Уралсиб 226903.19 203  669,28 11,4115 ХКФ  Банк 216582.24 105  319,76 105,6416 Банк  Санкт-­‐Петербург 206408.63 196  577,90 5,0017 Московский  Кредитный  Банк 193770.45 144  451,49 34,1418 Русский  Стандарт 183109.98 103  670,25 76,6319 Восточный  экспресс  банк 173525.56 99  442,03 74,5020 АК  Барс 169296.85 152  142,45 11,28Top 5 banks = 55%Top 20 Russian banks byCredit Portfolios
  • 8. STATE BANKS VS. THE REST7Source: Central Bank of Russia, Bloomberg and Custom HouseTop 6 banks = 53% depositsTop 20 Russian banks byDeposits№ БанкDeposits  Feb  1  2013  (Mln  RUB)Deposits  Feb  1  2012  (Mln  RUB) Change  (%)1 Сбербанк 8126278.54 6  754  026,84 20,322 ВТБ 1800326.28 1  898  921,80 -­‐5.193 Газпромбанк 1776621.88 1  631  286,30 8,914 ВТБ  24 1017877.82 840  103,89 21,165 Россельхозбанк 840063.25 858  157,72 -­‐2.116 Банк  Москвы 773952.37 743  936,12 4,037 Альфа-­‐Банк 659292.16 492  337,63 33,918 Промсвязьбанк 465971.65 356  694,21 30,649 Юникредит  Банк 457773.28 434  048,38 5,4710 Номос-­‐Банк 367740.35 267  008,75 37,7311 Райффайзенбанк 318572.58 326  879,38 -­‐2.5412 Росбанк 281586.53 309  685,87 -­‐9.0713 Транскредитбанк 275878.93 321  410,54 -­‐14.1714 Уралсиб 275526.87 269  706,18 2,1615 Россия 261232.59 239  700,56 8,9816 ХКФ  Банк 209306.71 89  462,73 133,9617 Банк  Санкт-­‐Петербург 208884.38 209  805,23 -­‐0.4418 Московский  Кредитный  Банк 202429.17 155  637,58 30,0619 АК  Барс 195285.08 163  650,42 19,3320 МДМ  Банк 190838.7 191  244,36 -­‐0.21
  • 9. I. Summary010203Russian Banks – State vs. the rest04Pre-Crisis Private equity FundsPerformance of the restOVERVIEWA Company specific8AppendicesImplications
  • 10. Underlying banks performance vs. Russian banking sectorPERFORMANCE OF THE REST9 % ownedby RenFinTotalAssets01.05.2013TotalEquity01.05.2013Netincome01.05.2013ROA(annualised)ROE(annualised)% changein totalassets,end-2012% changein totalequity,end-2012% changein loanportfolio,end-2012% changeincustomeraccounts,end-2012CapitaladequacyratioNPLratio***LLPcoverageratio****Bank 1 8.15% 2,184.1 238.0 11.4 1.6% 14.3% 10.5% 11.6% 14.1% 0.5% 12.5% 4.1% 140.6%Bank 2 8.01% 3,438.0 457.5 41.8 3.6% 27.4% -3.4% 8.8% 2.4% -2.7% 11.5% 2.8% 326.8%Bank 3 19.99% 400.8 51.3 3.0 2.3% 17.6% 0.8% 8.1% -2.3% 0.5% 11.6% 5.3% 185.3%Bank 4 0.53% 3,910.1 394.1 16.2 1.2% 12.3% -5.1% 5.9% 4.3% 0.4% 12.7% 4.7% 239.9%Bank 5 12.23% 2,171.4 166.9 7.9 1.1% 14.2% 8.7% 1.4% 13.0% 3.7% 10.2% 3.6% 149.1%Bank 6 3.61% 3,394.3 320.7 5.7 0.5% 5.3% -1.3% -1.1% 1.0% -0.4% 10.8% 6.7% 132.9%Bank 7 5.59% 1,034.3 200.2 7.5 2.2% 11.2% 2.4% 2.5% 1.8% 2.4% 17.9% 4.1% 238.7%Bank 8 10.00% 1,071.4 96.0 9.6 2.7% 30.0% 11.0% 9.9% 17.0% 11.7% 11.2% 2.1% 319.2%Bank 9 19.99% 1,051.4 97.4 9.1 2.6% 27.9% 10.3% 12.1% 19.4% 11.8% 11.2% 1.9% 208.7%                           RenFin BanksAverage   2,072.9 224.7 12.5 2.0% 17.8% 3.8% 6.6% 7.9% 3.1% 12.2% 3.9% 215.7%Russian banksector*****        1.9% 14.7% -0.7% 1.2% 1.7% 0.2% 13.4% 3.7% 166.5%* Source: companies and CBR data. Balance Sheet figures are reported net of interbranch settlements, all changes and ratios are calculated based on RUR-denominated figures** consolidated figures presented by X Bank (figures represent IFRS figures as of 31.12.2012)*** NPL ratio - non-performing loans to total gross loan portfolio**** LLP coverage ratio - loan loss provisions to non-performing loans***** Source: CBR data
  • 11. I. Summary010203Russian Banks – State vs. the rest04Pre-Crisis Private equity FundsPerformance of the restOVERVIEWA Company specific10AppendicesImplications
  • 12. 11IMPLICATIONS•  Capital adequacy rules strict•  Survival of regional banks questionable•  Consolidation a fact under 900 Russian banks 2013 vs. 1330 in 2000•  Generally poor in comparison with western peers•  Room for efficiencies•  The elephant in the room
  • 13. I. Summary010203Russian Banks – State vs. the rest04 Portfolio activityPre-Crisis Private equity FundsPerformance of the restOVERVIEWA Company specific12Appendices
  • 14. 13BANK 1•  One of the biggest players in the South of Russia with strong presence inSochi region•  Well established SME franchise with strong client base – ranked in top-10banks in terms of both number and volume of issued SME loans (RBC-rating)•  Aims for long-term sustainable development and supports newbusinesses by offering a range of services for start-ups•  Continuously increases efficiency of all business unitsOverviewBank Equity stake owned (%)Bank 1 8.2%GeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 50,653 42,912 48,279 54,537 62,572Cash & equivalents 55 200 4,651 5,946 7,006Banks loans 50 403 4,511 2,012 1,305Customer loans 29,133 25,513 30,143 42,011 50,743NPL 50 403 4,511 2,755 2,980Equity 5,479 5,442 5,774 6,686 7,593Net interest Income 2,220 846 2,263 3,034 3,449Net Profit 308 66 350 1,008 1,111Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 143.2 99.1 98.8 116.2 108.4Cost/Income 38.2 43.7 51.3 58.6 55.1NIM 10.7 7.3 5.9 6.7 6.9ROAA 0.6 0.1 0.5 1.7 1.9ROAE 5.2 1.2 3.9 14.3 15.6Adequacy ratio 10.8 12.7 12.0 12.3 12.8Source: Renaissance Asset Managers and Company data
  • 15. 14BANK 2•  Universal bank with corporate and SMEs being key businessdevelopment areas•  Sustainable high performance (2011: ROAA of 3.9%, ROAE of 30.8%;E2012: ROAA of 3.4%, ROAE of 25.6%)•  Great operational efficiency with cost/income ratio not exceeding 40% forlast three years•  Well established risk management system leading to high quality assets•  Strong corporate governanceOverviewBank Equity stake owned (%)Bank 2 8.0%GeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 57,833 55,852 72,331 93,003 114,514Cash & equivalents 17,510 10,287 8,542 10,716 15,880Banks loans 2,327 6,723 6,947 12,590 7,742Customer loans 31,895 21,939 34,924 44,243 54,479NPL 1,577 3,032 4,048 2,657 3,687Equity 6,752 7,824 9,006 12,238 14,918Net interest Income 3,252 3,576 3,964 5,040 6,064Net Profit 779 1,138 1,532 2,874 3,199Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 93.4 65.7 73.0 70.0 66.8Cost/Income 43.6 37.4 38.6 38.6 39.2NIM 10.1 11.1 6.6 7.5 7.4ROAA 1.3 2.0 2.4 3.4 3.1ROAE 11.2 15.4 18.1 26.4 23.6Adequacy ratio 20.8 24.3 18.4 17.1 18.6Source: Renaissance Asset Managers and Company data
  • 16. 15BANK 3•  Leading bank in Kirov region with 28 sales points•  Bank remains focused on financing mainly SMEs and individuals whosestake in gross loan portfolio equals to 15% and 72% respectively•  Healthy growth rates in RUR terms and stable financial and regulatoryratios•  Experienced and highly professional management•  Adheres to high corporate governance standardsOverviewBank Equity stake owned (%)Bank 3 19.9%GeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 6,639 7,601 10,072 10,277 12,830Cash & equivalents 1,193 1,088 908 948 1444Banks loans 430 730 1,075 570 141Customer loans 4,450 4,909 5,750 6,255 8,771NPL 468 539 632 695 802Equity 1,185 1,197 1,251 1,445 1,775Net interest Income 439 414 347 478 613Net Profit 229 72 115 186 281Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 91.7 59.6 76.6 88.3 83.7Cost/Income 42.9 43.0 48.9 49.8 55.9NIM 8.6 7.0 4.1 5.4 6.2ROAA 3.0 1.3 1.3 1.8 2.4ROAE 17.3 7.8 9.3 13.4 17.5Adequacy ratio 19.1 18.3 13.7 13.1 12.2Source: Renaissance Asset Managers and Company data
  • 17. 16BANK 4•  Universal bank with focus on SME and retail business - bank is ranked#15 among Russian banks for the volume of cards issued•  32nd largest branch network among Russian banks (RBC-rating) withmore than 197 outlets in 50 regions•  Sustainable growth rates, NIM and continuously improving profitability•  Bank’s rating was upgraded in 2011 by Moody’s to B1 with stable outlookOverviewBank Equity stake owned (%)Bank 4 0.5%GeographyGeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 39,433 59,391 82,897 108,868 126,531Cash & equivalents 4,192 7,038 8,960 8,387 8,665Banks loans 3,125 6,782 10,552 11,581 7,771Customer loans 26,735 30,692 48,889 68,904 85,442NPL 1,654 3,067 3,561 5,241 6,321Equity 5,321 5,455 6,035 7,952 8,903Net interest Income 2,575 2,687 3,450 6,613 11,557Net Profit 18 156 712 949 873Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 117.2 76.3 85.7 89.5 86.8Cost/Income 64.4 54.0 68.6 54.6 56.3NIM 8.0 5.6 5.0 7.1 7.0ROAA 0.1 0.3 1.0 1.0 0.7ROAE 0.4 2.9 12.4 13.2 10.4Adequacy ratio 20.0 17.0 12.8 13.2 13.1Source: Renaissance Asset Managers and Company data
  • 18. 17BANK 5•  Major consolidation project – united four banks from different regionsunder Xbank brand in 2008•  Offers a full spectrum of services for individuals and commercial entities,with medium to large corporate business prevailing•  The bank is regularly amongst the top-100 Russian banks based on allprimary financial and economic indicators•  Recent change of beneficiary is expected to strengthen bank’s positionOverviewBank Equity stake owned (%)Bank 5 12.2%GeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 25,333 32,633 41,121 46,645 60,886Cash & equivalents 567 817 743 1,031 1,260Banks loans 1,676 2,154 2,707 7,233 5,319Customer loans 16,328 22,288 25,866 29,240 39,222NPL 775 1,366 1,543 1,724 1,986Equity 4,443 4,560 4,130 4,351 6,035Net interest Income 1,631 2,149 2,481 2,687 2,271Net Profit 157 117 33 221 1,684Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 184.6 120.8 93.0 76.0 77.2Cost/Income 118.1 71.9 81.2 97.4 84.6NIM 8.7 7.3 8.0 6.4 6.9.ROAA 1.0 (0.1) 0.6 - 3.1ROAE 6.0 (0.5) 6.3 (0.1) 32.4Adequacy ratio 18.8 14.2 11.3 11.7 12.1Source: Renaissance Asset Managers and Company data
  • 19. BANK 618Bank Equity stake owned (%)Bank 6 3.6%•  Has good profitability and strong positions in central Russia and the Uralsthrough wide branch network (#3 among Russian banks)•  Well established mature banking business with balanced retail, SME andcorporate exposure•  Aggressively develops financial services businesses, such as consumerfinance bank and an on-line bank•  Adheres to high corporate governance standards•  Technically ready for IPO, but RenFin Team prefer faster trade sale.OverviewGeographyNote: These are the beliefs of the fund manager and are subject to change at any timeFinancials (RUR MN) 2008 2009 2010 2011 2012Total assets 25,333 32,633 41,121 46,645 178,667Cash & equivalents 567 817 743 1,031 5,629Banks loans 1,676 2,154 2,707 7,233 14,575Customer loans 16,328 22,288 25,866 29,240 73,495NPL 775 1,366 1,543 1,724 6,330Equity 4,443 4,560 4,130 4,351 15,050Net interest Income 1,631 2,149 2,481 2,687 12,817Net Profit 157 117 33 221 2,507Ratios (%) 2008 2009 2010 2011 2012Loans/Deposits 114.1 95.7 86.8 69.1 62.6Cost/Income 58.2 51.1 66.4 74.3 67.6NIM 12.1 10.8 12.5 15.3 14.3ROAA 0.3 0.2 1.6 1.6 2.2ROAE 2.4 1.8 16.0 17.3 25.8Adequacy ratio 13.5 12.4 11.1 10.1 10.3Source: Renaissance Asset Managers and Company data
  • 20. 19BANK 7#60 by deposits volume and #34 by SME loan volumes vs. #106 by totalassets•  The Bank was approached by several strategic buyers although theiroffers were rejectedliabilities•  #60 by deposits volume and #34 by SME loan volumes vs. #106 by totalassets•  The Bank was approached by several strategic buyers although theiroffers were rejectedOverviewBank Equity stake owned (%)Bank 7 5.6%Financials (RUR mn) 2008 2009 2010 2011Total assets 23,508 23,616 28,489 30,208Cash & equivalents 2,600 3,099 3,538 2,786Banks loans 576 2,326 2,535 1,360Customer loans 13,587 10,526 12,433 15,928NPL 1,479 2,097 2,032 1,936Equity 4,856 4,812 5,473 6,044Net interest Income 1,649 1,637 1,215 1,681Net Profit 2,308 5 694 628Ratios (%) 2008 2009 2010 2011Loans/Deposits 89.0 72.1 65.4 77.1Cost/Income 54.0 48.6 55.9 70.7NIM 11.6 10.4 8.2 8.0ROAA 0.9 1.0 2.7 2.0ROAE 5.1 4.8 13.5 10.2Adequacy ratio 18.5 23.3 19.1 21.7GeographyThis is the current view of the portfolio manager and are subject to change at any timeSource: Renaissance Asset Managers and Company data
  • 21. 20BANK 8• Continues to improve its positioning in the Russian banking sector:̶  #88 by retail deposits (up 18 positions vs. 2010)̶ #134 by total assets in Russia (up 20 positions vs. 2010)̶  #96 on net profit (up 33 positions vs. 2010)̶  Sustainable high performance (2011: ROA of 2.5%, ROE of 21.4%)#88 by retail deposits (up 18 positions vs. 2010)̶  #134 by total assets in Russia (up 20 positions vs. 2010)̶  #96 on net profit (up 33 positions vs. 2010)̶  Sustainable high performance (2011: ROA of 2.5%, ROE of 21.4%)OverviewBank Equity stake owned (%)Bank 8 10.0%Financials (RUR mn) 2008 2009 2010 2011Total assets 8,520 10,504 13,540 19,045Cash & equivalents 2,135 3,026 2,542 1,772Banks loans 176 391 394 1,350Customer loans 5,401 4,455 7,027 12,979NPL 269 291 - 111Equity 1,205 1,383 1,805 2,250Net interest Income 1,123 1,011 1,075 1,505Net Profit 272 178 451 493Ratios (%) 2008 2009 2010 2011Loans/Deposits 89.6 64.6 72.3 80.9Cost/Income 48.0 42.8 53.8 60.7NIM 19.0 15.0 10.8 9.3ROAA 3.2 1.8 3.3 3.0ROAE 26.3 13.6 24.7 23.7Adequacy ratio 21.0 20.7 17.4 16.1GeographyThis is the current view of the portfolio manager and are subject to change at any timeSource: Renaissance Asset Managers and Company data
  • 22. 21BANK 9• 2011 IFRS report shows good performance, however, the Fund was notable to receive detailed information on the quality of loan portfolio to formThe Fund has a put option on the previous owner, who sold the Bank inits own opinionviolation to the Put Option and Shareholder agreements•  The Fund cooperates with other minority shareholders on key decisions•  2011 IFRS report shows good performance, however, the Fund was notable to receive detailed information on the quality of loan portfolio to formits own opinionOverviewBank Equity stake owned (%)Bank 9 19.9%Financials (RUR mn) 2008 2009 2010 2011Total assets 12,969 14,136 22,466 26,156Cash & equivalents 1,768 858 2,679 2,281Banks loans 3,600 3,057 4,785 6,709Customer loans 5,832 5,383 6,934 11,484NPL 359 925 1,110 1,181Equity 1,539 1,379 1,298 1,482Net interest Income 615 713 378 533Net Profit (99) (202) (510) 184Ratios (%) 2008 2009 2010 2011Loans/Deposits 71.1 78.4 9.2 99.1Cost/Income 81.8 70.1 103.2 76.5NIM 5.8 5.6 2.0 2.3ROAA (0.8) (1.5) (2.8) 0.8ROAE (0.7) (13.8) (38.1) 13.2Adequacy ratio 28.4 20.5 11.5 13.4GeographyThis is the current view of the portfolio manager and are subject to change at any timeSource: Renaissance Asset Managers and Company data
  • 23. can be no assurance that the comparable results will be achieved.Renaissance Asset Managers is a trading name of Renaissance Asset Managers (Guernsey) Limited and its affiliated companies. This document is intended only for the person toThe value and the income produced by products may fluctuate, so that an investor may get back less than initially invested. Value and income may be adversely affected byexchange rates, interest rates, or other factors. If a product is income producing, part of the capital invested may be used to pay that income. Levels and bases of taxation maychange. Investors should consult their own tax advisor regarding their individual tax treatment with respect to the products discussed herein.This document has been issued by Renaissance Asset Managers (Guernsey) Limited who are licensed to carry on controlled investment business under the Guernsey FinancialServices Commission (GFSC); Reference Number 2008335. © 2013 Renaissance Asset Managers (Guernsey) Limited .does not intend to conduct a public offering of securities in the United States.This document is for information purposes and does not constitute advice or a recommendation to enter into any transaction or an offer or an agreement, or a solicitation of anoffer or an agreement, to enter into any transaction, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract for the same. Beforeentering into any transaction, you should consider the suitability of the transaction to your particular circumstances and independently review (with your professional advisers asnecessary) the specific financial risks as well as the legal, regulatory, credit, tax and accounting consequences of entering into such transaction.We do not represent that this information, including any third party information, is accurate or complete and it should not be relied upon as such. Opinions expressed herein reflectthe opinion of the investment manager and are subject to change without notice.This document contains certain forward-looking statements with respect to Renaissance Asset Managers’ strategies or expectations. Forward-looking statements are typicallyidentified by words or phrases such as “trend,” “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”“sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. Renaissance AssetManagers cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speakonly as of the date they are made, and Renaissance Asset Managers assumes no duty to and does not undertake to update forward-looking statements. Actual results could differmaterially from those anticipated in forward-looking statements and future results could differ materially from historical performance.In considering the prior performance information contained herein, investors should bear in mind that past performance is not necessarily indicative of future results, and that therecan be no assurance that the comparable results will be achieved.The value and the income produced by products may fluctuate, so that an investor may get back less than initially invested. Value and income may be adversely affected byexchange rates, interest rates, or other factors. If a product is income producing, part of the capital invested may be used to pay that income. Levels and bases of taxation maychange. Investors should consult their own tax advisor regarding their individual tax treatment with respect to the products discussed herein.This document has been issued by Renaissance Asset Managers (Guernsey) Limited who are licensed to carry on controlled investment business under the Guernsey FinancialServices Commission (GFSC); Reference Number 2008335. © 2013 Renaissance Asset Managers (Guernsey) Limited .IMPORTANT INFORMATION22

×