The Piraeus Cyprus International Managed Risk Fund aims to optimize returns while mitigating risk through dynamic rebalancing. Back-testing showed the strategy achieved 9.91% annual returns with 6.71% volatility over 10 years, outperforming world markets. The strategy is also used in the WIOF Global Strategy Risk 10% fund, which has achieved returns of 21.1% since 2008 with 14.6% volatility, outperforming emerging markets. The fund seeks an 8% annual return with 10% average volatility through investing in global emerging markets.

1. PIRAEUS CYPRUS INTERNATIONAL MANAGED RISK FUND
“A unique fund domiciled in Cyprus that aims to shield the capital in volatile markets
and to exploit rising markets”
Current Market Conditions
After the significant shocks experienced over the last two years, the financial markets remain
uncertain and the volatility is likely to be high for the foreseeable future.
Objective
To develop a strategy that mitigates the high risk of volatile economic periods and
simultaneously aims to exploit the rising markets.
Our solution
“Piraeus Cyprus International Managed Risk Fund Ltd” is an equity fund which aims to
optimize investment returns for a pre-set risk strategy through the use of dynamic rebalancing
methodologies.
Fact Sheet
Investment Objective To optimize investment returns for a pre-set risk strategy through
the use of dynamic rebalancing methodologies.
Benchmark Absolute return fund that aims to achieve 8% per year.
Initial Subscription Amount I 100,000 min
Additional Subscription Amount I 10,000 min
Frequency of Subscriptions/Redemptions Monthly
Subscription/Redemption Fee 0%
NAV calculation Monthly
Management Fee 0.75% per year
Incentive Fee 20% of any increase in the Net Asset Value per share above the
Benchmark per year (High Water Mark)
Investment Manager Piraeus Bank (Cyprus) Ltd
Custodian Piraeus Bank (Cyprus) Ltd
Auditors KPMG (Cyprus)
Regulated by Central Bank of Cyprus
Legal Structure A Company approved by the Central Bank of Cyprus as a Private
International Variable Capital Company registered in Cyprus and
acting as an International Collective Investment Scheme recognized
under the International Collective Investment Scheme Law 47(1)/1999
FUND MANAGEMENT DEPARTMENT
Piraeus Bank (Cyprus) Ltd

2. RESULTS PROVE A SUCCESSFUL INVESTMENT STRATEGY
Back-testing
Strategy was back-tested for 10 years (Dec 1999 to Dec 2010) and produced a return of 9.91%
pa with volatility of 6.71% pa.
The MSCI World index produced a return of -1.77% pa with volatility of 15.77% pa over the
same period.
Cumulative Return
(Dec 1999 - Dec 2009)
120%
100% 99%
80%
60%
40%
20%
0%
-2 0 % -13%
-4 0 %
-6 0 %
0 1 2 3 4 5 6 7 /08 9
0/0 0/0 0/0 0/0 03 0/0 0/0 0/ 0 0/ 0 0/0 /09
/99 6/3 /00 6/3 /01 6/3 /02 6/3 / 6/3 /04 6/3 /05 6/3 /06 6/3 /07 6/30 31/08 6/3
/31 /31 /31 /31 /31 /31 /31 /31 /31 / /31
12 12 12 12 12 12 12 12 12 12 12
M S C I WORLD INDEX INTERNATIONAL MANAGED RISK FUND
Real Case: Strategy tested in practice
WIOF Global Strategy Risk 10% is a fund registered in Luxembourg and managed by
Piraeus Bank (Cyprus) since October 2008.
Utilizes a similar investment strategy and methodology as Piraeus Cyprus International
Managed Risk Fund.
Invests in global emerging markets and aims to achieve 8% pa with an average volatility
of 10% pa.
Cumulative Return
(Oct 2008 - Dec 2009)
25%
20% 21.1%
15%
14.6%
10%
5%
0%
-5%
-10%
-15%
08 9 9 9 9 9 9 00
9 00
9 00
9 09 00
9 09
/20 00 00 00 00 00 00
1/2 1/2 0/2 /20 0/2 /20
/31 1/2 8/2 1/2 0/2 1/2 0/2 9/3 /31 3 /31
12 1/3 2/2 3/3 4/3 5/3 6/3 7/3 8/3 10 11/ 12
Global Strategy Risk 10% MSCI Emerging markets Index (risk-adjusted)
Disclaimer:
This presentation is intended for information purposes only and is not an invitation to subscribe for shares in the ICIS described herein. If choosing to buy the ICIS you should not rely solely
on the information contained in this presentation. You should carefully read the prospectus and/or the terms and conditions relating to the ICIS. All material in the presentation is provided
without express or implied warranties or representations of any kind and no liability is accepted. Opinions and comments therefore reflect current views of the author and are subject to
change without notice. The investments herein may not be suitable for all recipients. Past performance is no guarantee of future results and no guarantee is implied. The price, value of,
and income from any of the securities mentioned in this report can fall as well as rise. International investing includes risks related to political and economic uncertainties of foreign
countries, as well as currency risk. Piraeus Bank (Cyprus) and/or its employees or associates may have or have had financial or other interests or positions in relevant securities.
FUND MANAGEMENT DEPARTMENT
Piraeus Bank (Cyprus) Ltd
1 Spyrou Kyprianou Avenue, 1065 Nicosia, P.O.Box 25700, 1393 Nicosia, Cyprus
Tel.: +357 22 575559, Fax: +357 2276745, E-mail: cyfundmanagement@piraeusbank.com.cy
www.piraeusbank.com.cy