2013 ecpi montreux_final

17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com1 17/05/2013 Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com1

SUSTAINABILITY INVESTING: THE MEGATRENDS CONCEPT

MONTREUX, 22 – 24 MAY 2013

17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com2

FROM MEGATRENDS... ...TO MEGATREND FUNDS / ECPI GLOBAL MEGATREND

MEGATREND FUNDS – ECPI GLOBAL MEGATREND � Aims to match the risk and return characteristics of the ECPI GLOBAL MEGATREND

INDEX � Constructed to provide long-term capital growth by investing in a flexible way in the

global equity and fixed income markets

GLOBAL MEGATRENDS � Provide the basis for equity growth despite short term market fluctuations

ECPI GLOBAL MEGATREND INDEX � Allows for a well diversified allocation to the relevant themes

ECPI AND NORTHERN TRUST (NTGI) MANAGEMENT TEAMS � Collaborate to create a tradable custom benchmark, based on ECPI Megatrend

philosophy and NTGI intelligent indexing approach

1

2

3

17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com3 17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com3

THE CORRELATION OF MEGATRENDS AND INVESTMENTS

GLOBAL MEGATRENDS CLIMATE

CHANGE

EMERGING

MARKETS

POPULATION

DYNAMICS

SCARCITY OF

RESOURCES

ECPI THEMATIC INDICES

6 CO2 EMISSIONS7 CLIMATE CHANGE8 «ECO» REAL ESTATE9 RENEWABLE

ENERGY

1 ASIAN INFRASTRUCTURE

2 CHINA CONSUMPTION

3 HEALTHCARE4 LONGEVITY5 SUSTAINABLE

TECHNOLOGY

10 AGRICULTURE11 «BLUE GOLD»12 COMMODITY13 LIVESTOCK

ECPI MEGATREND UNIVERSE

INVESTMENT STRATEGIES & RISK EVALUATION

ECPI GLOBAL MEGATREND / INVESTMENT PORTFOLIO

� ECPI makes megatrends investable by selecting the companies able to exploit the business opportunities arising from these systemic changes and grouping them into thematic indices and index strategies.


ECPI GLOBAL MEGATREND INDEX: SELECTION PROCESS

COMPANIES LISTED IN THE GLOBAL MARKETS

COMPANIES EXPOSED TO MEGATRENDS –ECPI Thematic Research

ECPI THEMATIC INDICES –Liquidity filters + ECPI Sustainability

Research

ECPI INDICES SELECTION –10 indices selected

~ 2.000 SECURITIES

~ 200 SECURITIESECPI GLOBAL MEGATREND

EQUITY INDEX

STEP 1

STEP 2

STEP 3

STEP 4


ECPI INDEX STRATEGY STRENGTHS

� PHYSICAL STRATEGY vs SWAP-BASED STRATEGY

� Cost transparency

� «Look-through» risk management

� Counterpart and collateral risks are minimized

� Liquidity

� STOCK PICKING vs FUND OF FUNDS

� Cost efficiency (no double layer of fees)

� Flexibility in capturing new trends/investment opportunities

� No restriction in theme selection vs limited number of thematic funds available

� SUSTAINABILITY

� Tail risk reduction

� Reputational risk reduction


ECPI GLOBAL MEGATREND EQUITY INDEX

ECPI GLOBAL MEGATREND EQUITY INDEX

GEOGRAPHY Companies listed in global markets

SECTORSSectors that provide exposure to Emerging markets, Climate change, Population dynamics, scarcity of resources

REFERENCE UNIVERSE ECPI Research Coverage

N. OF CONSTITUENTS About 200

ELIGIBILITY CRITERIA� Average Daily Volume Traded (6 months): min. 5 mio� Market cap: min. 1 bio� Momentum algorithm: 12-months, top 10 sub-indices

CURRENCY HEDGED NO

CALCULATION CURRENCY EURO

CURRENCY OF ISSUANCE All currencies of denomination

SUSTAINABILITY FILTER ≥ E- ECPI ESG RATING (no F allowed)

LIQUIDITY FILTERSMarket cap.: min EUR 1 bioAverage daily value traded (6 months): min EUR 5 mio

TYPE (Alpha Generation, Strategy, Replica, Benchmark, Best in class)

Strategy Index

INSTRUMENT WEIGHTS (equal weight, market cap)

Equal Weight

INDEX VARIANCES (Price, Return, Net Return)

Total Return Net

REBALANCING FREQUENCY Semiannual


40

60

80

100

120

140

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

INDEX PERFORMANCE

ECPI GLOBAL MEGATREND EQUITY (ECPI GM) MSCI WORLD Net Return Euro (MSDEWIN Index)

EXTRAPERFORMANCE AND PORTFOLIO DIVERSIFICATION OPPORTUNITY

BB TICKER ECPI GM MSDEWIN BB TICKER ECPI GM MSDEWIN BB TICKER ECPI GM MSDEWIN

RETURN RISK RELATIVE ANALYSIS

YTD* (as of 14 May 2013) 14.29% 15.37% ANN. VOLATILITY 18.56% 18.98% COMPONENTS 204 1606

1Y 15.89% 17.15% MAX DRAWDOWN -42.26% -47.69% AVARAGE CAP.(Bio) 32.7 13.52

3Y 33.25% 32.72% ALPHA wrt COMPARABLE 3.03% TRAILING PE 20.20 17.29

5Y 48.64% 29.19% BETA wrt COMPARABLE 0.96 P/B RATIO 1.79 1.97

7Y N/A N/A SHARPE RATIO 0.28 0.11 DIVIDEND YIELD 2.47 2.58

CAGR 6.23% 3.11% INFORMATION RATIO 0.73 DATA FROM / TO: 02-Jan-08 30-Apr-13

29.2%

16.3%

11.0%

10.3%

10.1%

8.5%

7.7%5.3%

1.5%

INDUSTRY SECTOR BREAKDOWN

CONSUMER NON-CYCLICAL

TECHNOLOGY

BASIC MATERIALS

INDUSTRIAL

FINANCIAL

CONSUMER CYCLICAL

ENERGY

UTILITIES

COMMUNICATIONS

42.0%

21.5%

11.4%

6.2%

4.9%

4.4%2.9%

6.7%

CURRENCIES BREAKDOWN

USD

EUR

JPY

GBp

HKD

CHF

CAD

OTHERS

ECPI INDEX LIVE IN JUNE 2012

TOP TEN HOLDINGS WEIGHTS

SEIKO EPSON CORP 0.79%

MITSUBISHI ESTATE CO LTD 0.72%

MITSUI FUDOSAN CO LTD 0.70%

OMEGA HEALTHCARE INVESTORS 0.65%

HEWLETT-PACKARD CO 0.65%

HESS CORP 0.65%

PANASONIC CORP 0.63%

DAIWA HOUSE INDUSTRY CO LTD 0.61%

PULTEGROUP INC 0.60%

APPLIED MATERIALS INC 0.60%


SEMIANNUAL «SMART» REBALANCING OF THE INVESTMENTS

� Selection of Thematic Indices with the highest growth potential every six months

SCARCITY OF RESOURCES

1. ECPI Global Agriculture 2. ECPI Global Blue Gold3. ECPI Global Commodity4. ECPI Global Livestock

CLIMATE CHANGE5. ECPI Global Carbon6. ECPI Global Climate Change7. ECPI Global Eco Real Estate& Building8. ECPI Global Renew. Energy

EMERGING MARKETS9. ECPI Asian Infrastructure*10.ECPI China Consumption

POPULATIONS DYNAMICS

11.ECPI Global Longevity Winners12.ECPI Global ESG Healthcare13.ECPI Global ESG Technology

THEMATIC BASKETS

*Added after June 2012

REBALANCING DATE 1 2 3 4 5 6 7 8 9 10 11 12 13

January-08

June-08

January-09

June-09

January-10

June-10

January-11

June-11

January-12

June-12

January-13

17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com9 17/05/2013 Source: Bloomberg: ECPS / Reuters: ECAPITAL / www.ecpigroup.com9

INVESTMENT PROCESS

(0) ECPI MEGATREND UNIVERSE

(6) ECPI GLOBAL MEGATREND / INVESTMENT PORTFOLIO

GLOBAL MEGATRENDS CLIMATE CHANGEEMERGING

MARKETS

POPULATION

DYNAMICS

SCARCITY OF

RESOURCES

ECPI THEMATIC INDICES

1.ECPI Asian Infrastructure2.ECPI China Consumption

6.ECPI Gl. Carbon7.ECPI Gl. Climate Change8.ECPI Gl. Eco Real Estate &

Building9.ECPI Gl. Renew. Energy

3.ECPI Gl. Longevity Winners4.ECPI Gl. ESG Healthcare5.ECPI Gl. ESG Technology

10. ECPI Gl. Agriculture 11. ECPI Gl. Blue Gold12. ECPI Gl. Commodity13. ECPI Gl. Livestock

(3) RISK EVALUATION

(1) TRENDS SELECTION & ADDITIONAL ESG SCREENS

(4) LIQUIDITY SCREENING

(5) CONFIRMATION OF INDEX COMPOSITION

PORTFOLIO OPTIMISATION PROPOSAL

ECPI QUANTITATIVE MODEL(VALUE, MOMENTUM, LOW VOLATILITY, FUNDAMENTAL, ...)

(2)

10

Spectrum of Equity Investing Techniques

AlphaAlpha

BetaBeta

Alpha

Style/ Strategy Beta

Broad Market Index Beta

Cap-Weighted Indicese.g. ACWI IMI + Frontier Markets

Alternative Indicese.g. Fundamental Weighted, Low Volatility

Exclusions or Tax Considerationse.g. Exclude Industry, Sector, Country, SRI or

apply active tax management to passive exposure

Engineered Solutionse.g. Custom Equity Portfolios, Quantitatively Driven Solutions

Activee.g. Higher tracking error strategies

� Increased demand for core broader and deeper market cap weighted indices

� Goals-based investing is further driving demand for customized or engineered solutions

Increased demand for diversified beta strategies in both the core and satellite components

Source: Northern Trust

11

People

� Global team of 26 portfolio managers with various professional investment backgrounds

� Stable team with average experience of 12 years per team member

� Focused business direction on Global Index Management from the top of our organisation

Process: Our Intelligent Indexing® Approach

� Seeks to maximise liquidity/minimise market impact

� Dynamic, customised, and risk-managed approach to index changes

� Global technology platform allows for scalability and customisation

Product

� Client-centric approach to product development

Performance

� Intelligent Indexing® delivers a long track record of consistent, strong performance

Global Index Management: Our Advantage


12

Our process seeks to minimise active risk.

Typical Portfolio Characteristics

MSCI World

MSCI World SC

Mega Trend Fund

Expected Tracking Error (+/-)*

2 bps 5-10 bps 2 bps

Stock Mis-weights (+/-) 2bps 5 bps 2 bps

Country Exposure (+/-) 5 bps 10 bps 5 bps

Industry Exposure (+/-) 5 bps 10 bps 5 bps

Sector Exposure (+/-) 5 bps 10 bps 5 bps

*Tracking error is an ex-ante prediction of tracking error based on security level optimization and weights. The estimated range is annualized and expressed in basis points for the purpose of comparison. Actual/Experienced tracking error can deviate significantly based on, but not limited to, securities lending impact, foreign exchange, cash drag, futures, sampling efficiency, transaction costs.

Results:An optimal trade list, reflecting our risk-controlled approach, balancing total transactions costs and active risk.

� Build portfolio using Barra risk model

� Quantify risk tolerance

� Minimise active portfolio risk (mis-weights to the index)

� Constrain portfolio with security/industry/ sector/country/risk factor level

� Utilise futures positions to maintain equity exposure

Intelligent Indexing® Portfolio Construction

Portfolio

ConstructionImplementation

Multi-dimensionalRisk Controls



MEGA TREND FUNDS – ECPI GLOBAL MEGATREND


FUND KEY DATA

KEY DATA

OFFICIAL NAME OF THE FUND MEGA TREND FUNDS - ECPI GLOBAL MEGA TREND

FUND CATEGORY Global Equity, Sustainability overlay

STRATEGY Smart beta, intelligent index

BLOOMBERG MTFEGEA LX Equity

INCEPTION DATE 20 December 2012

DOMICILE Luxembourg

FUND TYPE SICAV UCITS IV

DISTRIBUTION POLICY Distributing

DISTRIBUTION COUNTRIES LUX

MANAGEMENT COMPANY Alceda Fund Management S.A.

INVESTMENT MANAGER Northern Trust Global Investments Limited (London)

CUSTODIAN BANK M.M. Warburg & CO Luxembourg S.A.

INDEX PROVIDER ECP INTERNATIONAL S.A.


FUND INVESTMENT OBJECTIVE, POLICY AND APPROACH

� MEGA TREND FUNDS – ECPI GLOBAL MEGA TREND aims to achieve its investment objective by investing in freely transferable equity, equity-linked and fixed income securities issued by or linked to companies and organisations within the Index.

� Such equity, equity linked and fixed income securities shall be listed on stock exchanges or dealt on regulated markets, but may comprise new issues on the way to be listed on such stock exchanges or regulated markets.

INVESTMENT POLICY

� ECPI GLOBAL MEGATREND EQUITY INDEX offers investors exposure to companies that are best placed to seize the opportunities presented by long-term Global Megatrends.

� Companies’ selection is based on ECPI Thematic Research, ECPI Sustainability Research according to ECPI ESG Rating Methodology (Environmental, Social and Governance) and financial parameters of liquidity and capitalization.

� The ECPI GLOBAL MEGATREND EQUITY INDEX semi-annually selects the 10 indices with the highest performance in order to seize the best opportunities on the market.

� The ECPI thematic indices today cover the following megatrends: Emerging Markets, Population Dynamics, Climate Change, Scarcity of Resources.

INVESTMENT APPROACH

� MEGA TREND FUNDS – ECPI GLOBAL MEGA TREND aims to match the risk and return characteristics of the ECPI GLOBAL MEGA TREND INDEX (EGM). The Fund is constructed to provide long-term capital growth by investing in a flexible way in the global equity and fixed income markets.

� ECPI GLOBAL MEGATREND EQUITY INDEX offers investors exposure to companies that are best placed to seize the opportunities presented by long-term Global Megatrends.

INVESTMENT OBJECTIVE


FUND PERFORMANCE COMPARISON ECPI GLOBAL MT VS PICTET MT SELECTION

VOLATILITY YTD: ECPI Megatrend: 8.84%Pictet - Global Megatrend : 9.80%


SUMMARY MEGA TREND FUNDS – ECPI GLOBAL MEGATREND

MEGA TREND FUNDS – ECPI GLOBAL MEGATREND PROVIDES:

Dynamic exposure to future Mega Trends:

� Smart beta solution

� Cost Transparency

� Liquidity

� Efficient replica

� Tail risk reduction


THE COOPERATION AT A GLANCE

Financially strong and stable firm with index management as a core focus

� Delivering product innovation and customised solutions

� Experienced investment team operating on an integrated global platform

� Intelligent Indexing® Risk-efficient, cost-effective beta

� High-touch client service

Alceda UCITS Platform (AUP) is the largest independent UCITS Platform

worldwide

� In partnership with the AUP, ECPI extends its investor base by offering its investment solutions in a UCITS format.

� The AUP has been awarded several times as Best UCITS Platform in 2011 and 2012.

:

Leading independent provider of investment advisory solutions

� ESG-related Ratings on traditional and innovative asset classes such as Equity and Credit Portfolios, Hedge Funds and other alternatives

� Intangible Value/Non-traditional Risk Factor Research i.e. Environmental, Social and Governance (ESG) with mainstream quantitative financial analysis since 1997


FOCUS


FOCUS 1 – ASSOCIATED BRITISH FOODS

Associated British Foods (ABF) is a diversified international food, ingredients and retail group with sales of £12.3bn and over 106,000 employees in 47 countries. The business is split into 5 segments: Sugar, Retail, Ingredients, Agriculture and Grocery.ABF activities go from field to fork with well known brands like Twinings, Ovaltine and Jordans cereals.Revenue compound annual growth rate for the last ten years is 10%. The company is pursuing an internationalization process with operations in China, Mexico, Africa, Poland.

ABF is a component of the ECPI Global Agriculture Equity Index (Scarcity of Resources theme). The Index is designed to select companies best placed to seize the opportunities arising from the gap between demand for food, feed and fuel and the supply of the necessary inputs.Since the launch of the ECPI Mega Trend Fund, ABF has realized a performance of 23.45% in USD.


FOCUS 2 - OMEGA HEALTHCARE INVESTORS

Omega Healthcare Investors (OHI) is a member of the ECPI Global Longevity Winners Equity Index (Population Dynamics Theme). The Index offers investors exposure to companies best placed to seize opportunities arising from the sharp increase in life expectancy in developed countries. OHI is such a company ideally placed to benefit from increased demand and expenditure in health and old age care.

As per the company website: “At Dec. 31st, 2012, the Company owned or held mortgages on 476 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 55,279 licensed beds (53,104 available beds) located in 33 states and operated by 46 third-party healthcare operating companies’..

The company is a constituent of ECPI Megatrend fund since inception (Jan. 10th, 2013) and had produced a return of 36% for the period ending Apr. 25th, 2013. For the period 2004 to 2012, the operating revenue has grown at 17.3% and share price at 11% CAGR.


FOCUS 3 – WEST MANAGEMENT INC

Waste Management, Inc. (WM) provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.The Company serves municipal, commercial, industrial, and residential customers throughout North America.

The company is a component of the ECPI Global Climate Change Index (Climate Change Theme). The index offers investors exposure to companies that are best placed to seize the opportunities presented by the challenge of climate change. Selected firms operate in sectors identified as playing a key role in meeting that challenge, and have the highest ECPI ESG ratings in their industries. The sectors/industries represented include Renewable and Alternative Energy, Water, Energy Efficiency, Transportation, Waste Management and Utilities.

Since the launch of the ECPI Mega Trend Fund, WM has realized a performance of 14.8% in USD.


ANNEX

1. CONT’D


ECPI GROUP

� ECPI Group is a leading independent provider of investment advisory solutions based on proprietary research, quantitative and disciplined investment process

� ECPI Group has been building sustainable and innovative investment tools and solutions for 15 years

� ECPI Group offers advisory on the adoption and the implementation of ESG (Environmental, Social and Governance) policies, support in structuring of financial products, design of thematic indices, portfolio screening for risk optimization purposes.

� ECPI operates on a global scale.

OFFICES: Luxembourg, Milan

RESEARCH & SALES:Chicago, Geneva, London, Manila, Shanghai, Tokyo, Warsaw, Hong Kong

25

Northern Trust is a multi-asset class investment manager

Total firm assets under management $810.2 billion as of March 31, 2013

Among the top 3% of Money Managers WorldwidePensions and Investments from 687 managers reporting (May 2012)

14th Largest Manager of Worldwide Institutional Assets *** Pensions and Investments (May 2012)

4th Largest Manager of U.S. Institutional Tax-Exempt Assets*** Pensions and Investments (May 2012)

Selected Industry Recognition

3rd Largest Manager of Passive International Securities*** Pensions and Investments (May 2012)

***Unless otherwise noted, rankings based on U.S. institutional, tax-exempt assets under management. The above rankings are not indicative of future performance. Rankings based on total worldwide assets under management of $662.9 billion as of December 31, 2011. Pensions & Investments 2012 Special Report on Money Managers appeared in the publication's May 28, 2012, issue and online at www.pionline.com/researchcenter. Ranking information reprinted with permission, Pension & Investments, copyright Crain Communications, Inc. Award is not indicative of future performance.

U.S. Fixed Income$63.2 billion

International Fixed Income$18.1 billion

International Equity$134.8 billion

Fixed Income*$308.3 billion

Index Management$386.5 billion

Active Equity$57.1billion

Multi-Manager Solutions$38.2 billion

Other**$20.1 billion

U.S. Equity$170.4 billion

* Includes Active Fixed Income, Short Duration and Securities Lending collateral management as of March 31, 2013. Source: Northern Trust.

** Includes Real Estate holdings, sundry assets, and other.

Index Management

Northern Trust: Expertise in Asset Management

Asset Management at Northern Trust comprises Northern Trust Investments, Inc. (NTI), Northern Trust Global Investments Limited (NTGIL), Northern Trust Global Investments Japan, K.K. (NTGIJ), The Northern Trust Company of Connecticut (NTCC) and itssubsidiaries, including NT Global Advisors, Inc., and investment personnel of The Northern Trust Company (TNTC), to offer investment products and services to personal and institutional markets. As of 03/31/2013, Northern Trust Corporation had assets undermanagement totaling $810.2 billion. For purposes of compliance with the Global Investment Performance Standards (GIPS®), we have defined our firm as Northern Trust Global Investments Services (NTGIS) that includes those investment products managed by NTI,NTGIL, NTGIJ, and TNTC that are distributed through national channels.

As of 03/31/2013, Northern Trust Global Investment Services (NTGIS) had assets under management totaling $672.7 billion.


26

Our Investment Philosophy

We believe that, in order to efficiently replicate benchmark characteristics, it is vital to consider liquidity, transaction costs, and risk throughout the investment process.

Our philosophy is executed through our Intelligent Indexing® approach.

Portfolio

ConstructionImplementation

Multi-dimensional Risk

Controls


27

Intelligent Indexing® Implementation

Results:Our implementation approach is designed to lead to efficient execution, reducing total transaction costs, which is a critical effort in preserving investors’ wealth.

Trade MotivationTrade Motivation

Research EventResearch Event

Evaluate Implicitand Explicit CostsEvaluate Implicitand Explicit Costs

Access MultipleLiquidity VenuesAccess MultipleLiquidity Venues

� Hidden vs. exposed trade

� Expected trading impact

� Identify total trading costs

� Impact cost vs. opportunity cost

� Integrated trading philosophy

PortfolioConstruction

ImplementationMulti-dimensionalRisk Controls


28

Intelligent Indexing® Risk Management

Northern Trust is committed to risk management,

which is why it is embedded into our entire

investment process and integrated into our

Portfolio Manager Workbench, resulting in

immediate oversight.

PortfolioManagement TeamPortfolioManagement Team

Risk DepartmentRisk DepartmentInvestmentCommitteeInvestmentCommittee

� Portfolio

� Country

� Sector

� Security

� Pre- and post-trade compliance

� Performance review

� Performance review with Chief Investment Officer

PortfolioConstruction

ImplementationMulti-dimensionalRisk Controls


29

NTGI / ECPI Liquidity analysis

Screening the ECPI Universe – Making Megatrends Investible.

� In early stages of the relationship with ECPI we noticed some severe liquidity issues in the original Index construction which would have made a significant impact on the cost of turnover and trading.

� To increase the liquidity and tradability of the index we take the ECPI universe and screen it for how much impact can be expected by a position size of 1% and 3% of fund size. Given the equal weighted nature of the index we are unlikely tosee position sizes of this magnitude but it provides us forewarning of hidden liquidity and impact issues.

� The two screens are then returned to ECPI who run their optimisation and select their Preferred Index Solution. NTGIthen run a final screen on the PIS, to ensure nothing has changed, before returning to ECPI for ratification andimplementation. This then leaves the Index.

ECPI supply current

Universe

NTGI Screen for 1% and

3% ADV and send two

Excel files to ECPI

ECPI run Optimisation

and select Preferred

Index Solution and send

to NTGI

NTGI run final screen on

ECPI Index and return to

ECPI with any

observations

ECPI check and finalise

Index then return to

NTGI for

implementation on

agreed date



Our market.Our belief.Our expertise.

sustainability.

Why: we create valueHow: a robust methodologyWhat: turn-key tools and solutions

Sensein


Research Dept.MilanVia G. Carducci, 9 20123 Milan, ItalyT +39 02 9716 [email protected]

Index Dept.Luxembourg13 rue AldringenL-1118 LuxembourgT +352 2684 [email protected]

www.ecpigroup.com

Bloomberg: ECPS

Reuters: ECAPITAL

DisclaimerThis document has been prepared by ECP International S.A., and/or ECPI S.r.l., and/or any of their subsidiaries and affiliates, being noted that ECP International S.A., ECPI S.r.l., are entirely owned by ECPIGroup S.p.A., a company organized and existing under the laws of Italy, with registered office at Via G. Carducci, 9 - 20123 Milan, Italy (the “ECPI Group Companies”) as part of their internal research activity.The information provided herein and, in particular, the data contained in this document are taken from information available to the public. All information contained herein is obtained from sources believed by itto be accurate and reliable. While the opinions and information contained in this document are based on public sources believed to be reliable and in good faith, ECPI Group Companies have not independentlyverified the accuracy of such public sources. Because of the possibility of human, technical or whatsoever kind of similar error, however, such information is provided “as is” without warranty of any kind andECPI Group Companies, in particular, make no representation or warranty, whether express or implicit, as to the fairness, accuracy, timeliness, completeness, merchantability and/or fitness of any suchinformation and opinions contained in this document.Accordingly, neither ECPI Group Companies nor any of their respective directors, managers, officers or employees shall be held liable for whatever reason (including, without limitation, liability in negligence) forany loss (including consequential loss), expense, consequential, special, incidental, direct or indirect or similar damage, whether or not advised of the possibility of such damage, in connection with the fairness,accuracy, timeliness, completeness, merchantability and/or fitness of the information and opinions contained in this document and/or arising from any use or performance of this document or its contents orotherwise arising in connection with this document.Any opinions, forecasts or estimates contained herein constitute a high-level information statement only valid as at the date of its release. There can be no assurance that the evolution of the informationcontained herein and/or any future events will be consistent with such opinions, forecasts or estimates. Any information herein is at any time subject to change, update or amendment subsequently to the dateof this document, with no undertaking by ECPI Group Companies to notify such change, update or amendment.This document is not, nor may it be construed as to constitute a recommendation to make any kind of investment decision or an offer for sale or subscription of or a solicitation of any offer to buy or subscribefor any financial instrument. Accordingly, this document may not be used as a solicitation or an offer for sale or subscription, and any solicitation or offer shall be made only in accordance with all applicable lawsand regulation, including, whenever applicable, the filing of a prospectus with the relevant authorities. ECPI Group Companies are not financial advisors subject to special authorization and thus do not provideformal financial advice in the area of investment nor perform any asset management activity. ECPI Group Companies recommend to potential investors wishing to be provided with formal financial advice in thearea of investment to contact a financial advisor duly authorized by the competent regulatory authority of its country.ECPI Group Companies publish researches on a regular basis. This publication has been prepared on behalf of ECPI Group Companies solely for information purposes. All the information contained herein iscopyrighted in the name of ECPI Group Companies, and none of such information may be copied or otherwise reproduced, except for personal use only, further transmitted, transferred, published,disseminated, redistributed or resold, in whole or in part, in any form or manner or by any means whatsoever, by any person without ECPI Group Companies’ prior written consent.

This document exists for information purposes only and does not constitute an offer or a solicitation of an offer for the product presented and may not be used as an offer or solicitation. Forward-looking statements are based on assumptions. Since all assumptions, predictions and statements simply reflect the current view of future events, they quite naturally are subject to inherent risks and uncertainties. Thus, they should not be seen as guarantees or promises regarding future performance. Investors are cautioned to be aware that actual performance can vary greatly from past results. Especially performance results referring to a period of less than twelve months (Year-to-date-performance, start of investment fund within the last twelve months) are no reliable indicator for future results due to the short comparison period. Hence, the future performance of the investment cannot be warranted. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Sole basis for the purchase of units are the offering documents of this fund (the latest prospectus, the Key Investor Information Documents, the articles of association, the yearly review and – if older than 8 months – the latest half-year review) that can be requested free of charge at the management company, Alceda Fund Management S.A., 5, Heienhaff, L-1736 Senningerberg, at the investment manager, Northern Trust Global Investments Limited (London), 50 Bank Street, London E14 5NT, and at the custodian, M.M. Warburg & CO Luxembourg S.A., 2, Place Dargent, L-1413 Luxembourg.

CONTACTS

2013 ecpi montreux_final

Business

Transcript of 2013 ecpi montreux_final