citywire montreux may 2011 website

Neuflize Private AssetsPresentation

May 11-13, 2011

Presentation

Citywire Montreux

11For professional investors only

An independent Asset Manager in a solid environment

� Neuflize Private Assets is backed by the strength and solidity of the ABN AMRO Group but is fullyindependent in its investment strategy, portfolio management and fund distribution.

21%

Split of AUM

Banque Neuflize OBC

ABN AMRO Bank

The Netherlands

21%

27%

52%ABN AMRO Group

Banque Neuflize OBC

External clients

67%33%

Split between funds and mandates

2 Montreux May 11-13 2011

Neuflize PrivateAssets

Neuflize OBC Investissement

Simplified org chart

Source: Neuflize Private Assets

67%

Funds

Mandates

Neuflize Private Assets: flexible equity investing

� Neuflize Private Assets is an investment companywith a unique approach to equity investing. Ourinvestment approach is based upon a simple notion:we believe that equity markets will continue tomove in irregular patterns over the coming decade.

Equity investing

High conviction

move in irregular patterns over the coming decade.To obtain superior performance over time in thiskind of environment we believe it is essential to

� know which sectors and stocks to invest in – andnot be bound to a benchmark

� have the flexibility to hedge part of the portfoliowhen a downturn is expected – by ‘shorting’ theindex

� keep a part of the portfolio in cash – whenvaluations do not justify to be fully invested

� We apply this investment approach to all our funds

Not tied to equity benchmark

Flexibility to mitigate marketdownturns

Proven performance over time

4000

4500

5000

AUM growth (€ mln)


� We apply this investment approach to all our fundsas well as the customized mandates that wemanage with the objective to generate positivereturns for our investors over time. Our AUM havegrown steadily to €4.7 bln as of December 2010.


0

500

1000

1500

2000

2500

3000

3500

4000

2004 2005 2006 2007 2008 2009 2010

France International

Neuflize Private

Assets

Our InvestmentStrategy


All our funds are based upon the same unique Neuflize Private Assets investment

philosophy have a positive performance since inception and are above their

respective benchmarks.

Our investment PhilosophyOur performance in highly irregular markets over the past decade

40

60

80

100

120

140

+105,2%

Neuflize USA Opportunités

(June 7, 2001)

+53,8% +41,6%

+12,5%

Neuflize Europe Opportunités

(managed by Neuflize Private Assets

since April 1, 2010)

+165,9%

Neuflize Ambition

(April 3, 2002)


-

20

juin-

01

déc.-

01

juin-

02

déc.-

02

juin-

03

déc.-

03

juin-

04

déc.-

04

juin-

05

déc.-

05

juin-

06

déc.-

06

juin-

07

déc.-

07

juin-

08

déc.-

08

juin-

09

déc.-

09

juin-

10

+53,8%

Neuflize Optimum

(Novembre 17, 2003)

+41,6%

Neuflize Global

(April 22, 2004)

Source: Neuflize Private Assets / BloombergPast performance is not necessarily indicative of future performance,

Performance are net of fees as of April 29, 2011.

Our Investment Philosophy

1. Our Equity Absolute Return approach was developed based on the following observations:

� The long bull market from 1982 to 2000 justified a fully invested, benchmarked approach to the stock market.

� In the current environment, marked by historically low government bond yields and a deleveraging era, managers need a more selective approach. We are convinced that over the long term, equity markets will remain irregular.remain irregular.

� To achieve performance in this environment, the portfolio manager needs flexibility and strong choices. “Absolute Performance” is the key, and cash positions help us achieve our goal.

S&P 500 Index 31/1/1945 - 31/03/2011

Flat trend

Flat trend

Brief bear

Bear markets

6 Montreux May 11-13 2011 Source: Bloomberg

A 16 years bear market

S&P 500 1966 - 1982(+1.8% p.a.)

A 18 years bull market

S&P500 1982 - 2000

(+14.8% p.a.)

A new cycle : S&P 500 2000 - ?

(- 0.9% p.a.)A 22 year s bull market :

1944 - 1966 (+9.9% p.a.)

Brief bearmarkets

Brief bear markets

Our Investment Philosophy

2. Bonds are no longer a safe investment

� After a 22 years bull market, bond yields are close to a 50 year low.

� They offer limited interest income and show vulnerability to higher interest rates

� An equity portfolio, protected by the sale of index futures when needed, is our preferred investmentstrategy.

10 year US and french treasury bonds(1962-2011)10 year US and french treasury bonds(1962-2011)

10

15

20

10

15

20

10 year french treasury bonds* 10 year US treasury bonds

7 Montreux May 11-13 2011 Source Bloomberg and Banque de France

* 1962 to 1990 : government bonds yield

-

5

1/1962 1/1967 1/1972 1/1977 1/1982 1/1987 1/1992 1/1997 1/2002 1/2007

-

5

Neuflize Private

AssetsOur fund range


Our fund range

Avril 2002

Equity funds

Gross equity exposure 75% - 100%Net equity exposure 60%-100%

Flexible funds

Gross equity exposure 60% - 100%Net equity exposure 0%-100%

Novembre 2003

Avril 2004

Neuflize GlobalUSA, Europe and Em mkts

April 2004

Neuflize OptimumEurope

November 2003

Benchmark : Euribor 6 mths + 2%

Benchmark : Euribor 6 mths + 4%Avril 2010

Neuflize USA Opportunités

June 2001

Neuflize Europe Opportunités

Benchmark :STOXX Europe 600

Benchmark : S&P 500

April 2010

9 Montreux May 11-13 2011Source: Neuflize Private Assets

Avril 2004

Neuflize AmbitionUSA

April 2002

Benchmark : Fed Funds + 4%

Our flexible funds

Neuflize Optimum Neuflize Global Neuflize Ambition

6%-8% 8%-10% >10%

2 -3 lower than equity market < than equity market < than equity market

Annualized performance target

Annualized volatility target 2 -3 lower than equity market < than equity market < than equity market

6M Euribor + 2% 6M Euribor + 4% Fed Funds + 4%

2 years 5 years 5 years

Equities 60%-100% 60%-100% 60%-100%

Futures

Sale of S&P 500 & DJ Euro Stoxx

50 futures

Net equity exposure between

0%-100%

Sale of S&P 500 & DJ Euro Stoxx

50 futures


0%-100%

Sale of S&P 500 futures


0%-100%

Europe Europe & US & Emerging US

€ € $, € hedge, €

Non € exposure systematically

Currency

Geographical focus

Benchmark

Investment horizon

Annualized volatility target

Asset allocation


Non € exposure systematically

hedged with 10% room of

manœuvre

Discretionary hedging policy€ hedge share class:

systematicaly hedged

€ 1136M € 148M $ 422M

> 7 years > 6 years > 8 years

Currency hedging strategy

Registred Countries

AUM (in Millions)

Length of track-record


Neuflize Optimum Neuflize Private

Assets

Neuflize Optimum and Neuflize Ambition


Neuflize Optimum – key features

� Diversified or flexible fund

� Investment goals :� Equity based Absolute Return with a low volatility level, aiming to capture equity markets

growth, while limiting negative impact of market downturns.growth, while limiting negative impact of market downturns.

� A regular performance above “Euribor 6 months +2%”.

� A stable development of the NAV combined with a volatility that is markedly lower than equity markets. In “normal” market conditions, 3 years volatility target for the fund is 40-60% lowerthan equity markets.

� Investment orientation :� Active asset allocation with strong views on asset classes. The fund has full leeway in terms of

net equity exposure (0%-100%). Generally net equity exposure is between 15% and 50%.

� Use of future instruments, exclusively for hedging purposes: combines both active management of equity exposure and lower transaction costs through the buy and sell of index futures.

� Stock selection process based on a fundamental approach and strong convictions, regardless


� Stock selection process based on a fundamental approach and strong convictions, regardless of benchmark composition.

� Broadly diversified portfolio : Top Ten holdings represent less than 23 % of the assets.

� Currency exposure: portfolio essentially in euros, the strategy is to limit the currency risk by adopting an active hedging policy.

� Portfolio manager : Olivia Giscard d’Estaing

Neuflize Ambition – key features

� Diversified fund

� Investment objective :� Equity Absolute return aiming to capture equity markets growth, while limiting negative

impact of markets down-turns.

� Unlike a benchmarked approach, absolute return main objective is to generate a performance � Unlike a benchmarked approach, absolute return main objective is to generate a performance de-correlated from equity benchmarks.

� A regular performance above the “Fed Funds + 400 bps” (1).

� Investment orientation :� Active asset allocation with strong views on asset classes (equities, bonds, money market

instruments). The fund is primarily invested in North American Equities.

� Use of future instruments, exclusively for hedging purposes: combines both active management of equity exposure and lower transaction costs through the buy and sell of index futures.

� Stock selection process based on a fundamental approach and strong convictions, regardless of benchmarks composition.

� Broadly diversified portfolio : Top Ten main holdings typically represent between 25% - 35%


� Broadly diversified portfolio : Top Ten main holdings typically represent between 25% - 35% of the Net Assets.

� Currency exposure: the fund’s exposure is essentially invested in US$ and CAD. NAV is published daily in US$.

� Portfolio manager: François Mouté

1) Until July 1, 2007, the benchmark was « Fed Funds + 300 bps »

Neuflize Optimum – Neuflize Ambition key characteristics

Neuflize Optimum Neuflize Ambition

Fund size € 1 135 mln $ 427 mln

Volatility target 2-3x lower than equity market Lower than equity market

Benchmark 6 months Euribor + 2% Fed Funds + 4%

Currency € US$ / € (Euro Hedge)Currency € US$ / € (Euro Hedge)

Target performance 6% à 8% p.a. 10% à 12% p.a.

Recommended Investment Horizon 2 years 5 years

Fund Manager Olivia Giscard d’Estaing François Mouté

Track-record > 7 years > 8 years

Category Morningstar : EUR Flexible Allocation

Geographical focus Europe North America

Asset allocationGross equity investment: min 60%

Net equity exposure: 0% - 100%

Management fees 1,40% p.a. (main share class)


Management fees 1,40% p.a. (main share class)

Performance fees 20 % of outperformance over the benchmark (highwatermark)

ISIN Codes

FR 00 10 36 28 63 FR 00 10 36 28 97

FR 00 10 60 34 72 (Institutional share) FR 00 10 59 10 81 (Institutional share)

FR 0010 86 35 48 (Euro Hedge)

Bloomberg NSMPLOP FP NSMGOAD FP

Bloomberg (Euro Hedge) NSMGOAH FP

Source: Neuflize Private Assets / Bloomberg

Neuflize Optimum - Neuflize Ambition performancesApril 29, 2011

Performance €Euribor 6 months

+2%MSCI Europe Performance $

US Fed Fund

+4%S&P 500 $


Since inception Nov 17,2003 Since inception April 4, 2002(1)

+2% +4%

Since Inception 53,8% 41,7% 25,1% 165,9% 65,76% 21,2%

Annualized Performance 5,9% 11,3%

2002 - - - 16,6% 3,5% -21,9%

2003 0,3% 0,5% 3,8% 21,3% 4,2% 26,4%

2004 5,0% 4,3% 9,4% 2,0% 4,5% 9,0%

2005 12,6% 4,4% 22,8% 14,1% 6,4% 3,0%

2006 6,1% 5,3% 16,5% 8,6% 8,3% 13,6%

2007 6,0% 6,6% 0,1% 24,1% 8,9% 3,5%

2008 -10,3% 7,0% -45,5% -14,8% 6,1% -38,5%


(1) Inception date of Neuflize Ambition in euros (non hedged). Performance is calculated based upon (1) NAV expressed in € between 03/04/02 and 30/06/05 and (2) NAV expressed in $ starting 01/07/05 (inception date of the $ share). Performance of $ share since inception 74,8%.

Source: Neuflize Private Assets / BloombergPast performance is not necessarily indicative of future performance.

Performances net of fees.

2009 14,7% 3,5% 27,1% 25,5% 4,2% 23,5%

2010 12,3% 3,1% 8,0% 11,0% 4,3% 12,8%

2011 -0,1% 1,1% 2,9% 0,2% 1,4% 8,4%

Portfolio Composition April 29, 2011

‘non-benchmarked’ portfolios reflecting our strong convictions on sectors and stocks


0,0%

0,4%

15,0%

4,8%

30,8%

1,0%

0,5%

15,5%

11,3%

11,2%

18,1%

3,7%

3,0%

3,2%

Financials

Health Care

Industrials

IT

M aterials

Telecom

Utilit ies

0,0%

5,9%

0,6%

17,5%

7,7%

7,6%

1,7%

0,0%

21,6%

0,0%

9,6%

11,5%

3,1%

10,6%

6,5%

5,4%

Financials

Gold

Health Care

Industrials

IT

M aterials

Telecom

Utilit ies

16 Montreux May 11-13 2011 Source: Neuflize Private Assets / Bloomberg

0,7%

4,4%

21,5%

10,6%

10,4%

13,1%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Cons Disc

Cons Staples

Energy

Neuf lize Ambit ion S&P 500

5,1%

7,2%

9,0%

0,0%

8,7%

11,8%

11,2%

0% 5% 10% 15% 20% 25% 30% 35%

Cons Disc

Cons Staples

Energy

Neuf lize Optimum M SCI Europe

Portfolio Composition April 29, 2011


A straightforward portfolio that favours liquidity

Asset allocationAsset allocation

-28%

38%

62%

-50% 0% 50% 100%

Cash equivalent

Index Futures

Equities

Asset allocation

79%

21%

-60%

-100% -50% 0% 50% 100%

Cash equivalent

Index Futures

Equities

Asset allocation

4%8%

Market capitalis ation (equities )

$ bln0%6%

Market capitalis ation (equities )

€ bln

17 Montreux May 11-13 2011 Source: Neuflize Private Assets / Bloomberg

28%

60%

8%

< 1

1- 8

8 - 60

> 60

$ bln

40%

54%

6%< 1

1- 8

8 - 60

> 60

€ bln

Performance since inceptionNeuflize Optimum

Performance of Neuflize Optimum, Euribor 6 mois+2% and MSCI EuropeFrom 17/11/2003 to 29/04/11

200 200

Neuflize Optimum Benchmark MSCI Europe

100

125

150

175

100

125

150

175

Neuflize Optimum Benchmark MSCI Europe

53,8%

41,7%

25,1%

18 Montreux May 11-13 2011Source: Neuflize Private Assets / Bloomberg

Past performance is not necessarily indicative of future performancePerformances are net of fees

50

75

11/03 5/04 11/04 5/05 11/05 5/06 11/06 5/07 11/07 5/08 11/08 5/09 11/09 5/10 11/10 5/11

50

75

Performance (USD) since inceptionNeuflize Ambition

Performance of Neuflize Ambition, fed funds +4% and S&P 500From 03/04/2002 to 29/04/11

300 300

Neuflize Ambition Benchmark S&P 500

100

150

200

250

100

150

200

250

Neuflize Ambition Benchmark S&P 500

Neuflize Ambition

Benchmark

165,9%

65,8%

19 Montreux May 11-13 2011 Source: Neuflize Private Assets / BloombergPast performance is not necessarily indicative of future performance

Performance are net of fees.

50

100

4/02 10/02 4/03 10/03 4/04 10/04 4/05 10/05 4/06 10/06 4/07 10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11

50

100

S&P 500 21,2%

Net equity exposure development

0%

50%

100%

0%

50%

100%Neuflize Optimum

-100%

-50%

01/08 07/08 01/09 07/09 01/10 07/10 01/11

-100%

-50%

Equities Futures Net Equity Exposure62,2% -27,6% 34,6%

0%

50%

100%

0%

50%

100%Neuflize Ambition

20 Montreux May 11-13 2011 Source: Neuflize Private Assets

-100%

-50%

0%

01/08 07/08 01/09 07/09 01/10 07/10 01/11

-100%

-50%

0%

Equities Futures Net Equity Exposure

79,1% -59,7% 19,4%

Fund FactsNeuflize Optimum

Legal status FCPUCITS III Compliant with European Directive 85/611/EC Modified (UCITS III)

Inception Date 17/11/2003Benchmark Euribor 6M + 2%

Morningstar category EUR Flexible AllocationFund Manager NEUFLIZE PRIVATE ASSETS

Neuflize Optimum characteristics

Fund Manager NEUFLIZE PRIVATE ASSETSCustodian CACEIS BANK

ISIN Code share C FR0010362863Bloomberg Code NSMPLOP FP Equity

ISIN Code Institutional share FR0010603472Bloomberg Code Institutional share NSMPLOI FP Equity

Currency EuroInvestors All

Minimum first subscription 1 shareShare Class Accumulation

Fixed management fees 1.40% of Net Assets, VAT Included

Performance fees20% (VAT included) of the out-performance versus Euribor 6 months + 2%

(High Water Mark)

Subscription/Redemption fees 2,50% max / 0%Investment horizon More than 2 years

Subscriptions/Redemptions Centralized daily until 5.30 p.m. by CA Titres and CACEIS BANKCountries registered France, Switzerland, The Netherlands, Spain and Luxemburg


Countries registered France, Switzerland, The Netherlands, Spain and Luxemburg

Discretionary management riskCapital lossEquity riskRisks associated with small mid-cap companiesInterest-rate riskCredit RiskCurrency risk

For detailed risk information investors should refer to the prospectus available on request from the Asset Manager or on the website

www.neuflizeprivateassets.com. Investments in the funds should only be made after reading the prospectus.

Principal Risks

Fund FactsNeuflize Ambition

Legal status FCPUCITS III Compliant with European Directive 85/611/EC Modified (UCITS III)

Inception Date 04/04/2002 (16/04/2008 € hedged share)Benchmark US Capitalised Fed Funds + 4%

Morningstar category EUR Flexible AllocationFund Manager NEUFLIZE PRIVATE ASSETS

Neuflize Ambition characteristics

Fund Manager NEUFLIZE PRIVATE ASSETSCustodian CACEIS BANK

ISIN Code share I FR0010362897Bloomberg Code NSMGOAD FP Equity

Currency USDISIN Code Hedged share € FR0010863548 (was FR0010601963 before April 14 2010 )

Bloomberg Code Hedged share € NSMGOAH FP EquityInvestors All

Minimum first subscription 1 shareShare Class Accumulation

Fixed management fees 1.40% of Net Assets, VAT Included (1,50% for € hedged share)

Performance fees20% (VAT included) of the out-performance versus US Capitalised Fed Funds +

4% (High Water Mark)Subscription/Redemption fees 2,50% max/ 0%

Investment horizon More than 5 yearsSubscriptions/Redemptions

Centralized daily until 6.00 p.m. by CA Titres and CACEIS BANK


Countries registered France, The Netherlands, Luxemburg, Spain and Switzerland

Equity riskInterest-rate riskLoss of capitalRisks associated with small mid-cap companiesCredit RiskCurrency risk

Principal Risks

For detailed risk information investors should refer to the prospectus available on request from the Asset Manager or on the website

www.neuflizeprivateassets.com. Investments in the funds should only be made after reading the prospectus.

Centralized daily until 6.00 p.m. by CA Titres and CACEIS BANK

Neuflize Private

AssetsOur Team


Our fund managers

Olivia Giscard d’Estaing is the

Managing Director of Neuflize

Private Assets.

She has more than 20 years of

François Mouté is the Chairman of

Neuflize Private Assets.

He has a total of more than 35 years

After a stint as a financial analyst at James Capel in

Paris, she joined Banque Eurofin in 1988 to set up the

asset management department. Whilst there, she

successfully managed part of the employees’ saving

plans of one of the largest fund management

companies (Interexpansion).

She then became Chairwoman of Eurofin Gestion

(HSBC-CCF group) where her mission was to develop

a range of Funds, which ones received the “Corbeille

She has more than 20 years of

experience in the financial markets.

He began his career as a financial analyst at Crédit

National and pursued it as a fund manager at Banque de

Suez, before opening the Paris and Zurich offices of the

American broker, Donaldson Lufkin Jenrette.

Later on he became a director at Bear Stearns in Geneva

and New York and then at Schroders in Paris and Geneva.

He founded the Swiss investment management company

Chester White & Co, of which he was Chairman for more

than 15 years.

He has a total of more than 35 years

of experience in the financial

markets.


a range of Funds, which ones received the “Corbeille

2000” prize awarded to specialised institutions by the

“Mieux Vivre Votre Argent” magazine.

She left Eurofin Gestion to join Neuflize Private Assets

in October 2003. Olivia is the manager of Neuflize

Optimum, Neuflize Europe Opportunités and Neuflize

Global funds as well as customized investment

mandates for large clients.

than 15 years.

He joined the Neuflize group in 2000, in charge of the

American investments of the group, before being

appointed Chairman of Neuflize Private Assets in

December 2001. François is the manager of Neuflize

Ambition, Neuflize Global and the Neuflize and BNP

Paribas Opportunities USA funds and customized

investment mandates for large clients.

Contacts

Development, Marketing and Distribution

Maroun Jalkh +33-(0)1-56218776 [email protected]

International Distribution

Michiel van Cranenburgh

+33-(0)1-56218990 [email protected]

Email:

Distribution Cranenburgh

DistributionFrance

Jean Philippe Abougit

Melya Benheddi

Stéphane Brunel

Carole Ramelli

Anne Scardigli

+33-(0)1-56219835

+33-(0)1-56219484

+33-(0)1-56216210

+33-(0)1-56219176

+33-(0)1-56218552

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

General Inquiries

Sebastien

Dhondt Lecuyer+33-(0)1-56217351 [email protected]


Neuflize Private Assets

3, avenue Hoche

75008 Paris

France

Tel: +33 (0) 1 56 21 94 84

Fax: +33 (0) 1 56 21 69 20

Email:

[email protected]

Internet:

www.neuflizeprivateassets.com

Neuflize Private

Assets

Rankings and Awards


Citywire Ranking

François Mouté ranks 1st North

American Equity manager in the

Citywire League Table.

Based on 5 years performance as of

end March 2011.

The ranking includes 191 North

American Equity managers

worldwide.

27 Montreux May 11-13 2011 Source : CitywirePast performance is not necessarily indicative of future performance.

Absolute return funds: Morningstar and Lipper

Deciles Stars Total ReturnConsistent Return

Preservation

Lipper LeaderMorningstar

Neuflize Optimum1st

Euro Flex Allocation��

Neuflize Global1st


Neuflize Ambition1st


The Lipper Leader for Total Return is a fund that has provided superior total returns when compared to a group of similar funds.

A Lipper Leader for Consistent Return is a fund that has provided superior consistency and risk-adjusted returns when compared to a group of similar funds.

28 Montreux May 11-13 2011 Source: Morningstar and Lipper

A Lipper Leader for Consistent Return is a fund that has provided superior consistency and risk-adjusted returns when compared to a group of similar funds.

A Lipper Leader for Preservat ion is a fund that has demonstrated a superior ability to preserve capital in a variety of markets when compared with other funds in its asset class, which may be equity, mixed equity, or f ixed-income funds.

Fund Awards 2011

29 Montreux May 11-13 2011Source: Thomson Reuters, Morningstar

Important Information

� This document has been prepared by Neuflize Private Assets (NPA), a public limited company capitalised with a capital of 2.564.160 euros,

registered under number 413 100 033 at R.C.S Paris. Principal office: 3 Avenue Hoche, 75410 Paris Cedex 08. Authorized and regulated by

the Autorité des Marchés Financiers (AMF) under number GP00006.

� This document is provided for information purposes only and does not constitute a recommendation, invitation or offer to buy or sell securities

or other financial instruments.

� While NPA makes reasonable efforts to obtain information from sources which it believes to be reliable, NPA makes no representation or� While NPA makes reasonable efforts to obtain information from sources which it believes to be reliable, NPA makes no representation or

warranty of any kind, either express or implied as to the accuracy, reliability, up-to-dateness or completeness of the information contained

herein.

� Please be aware that some of the products and services listed within this document may not be suitable for all investors. Moreover, no

security, product or service shall be solicited, offered or sold in any jurisdiction where such activity would be contrary to the securities law or

other local law and regulations, or would subject NPA to any registration requirement within such jurisdiction. Neither this document, nor any

copy thereof may be sent to or taken into the United States or distributed in the United States or to a US person.

� The product(s) referred to in this document is (are) French domiciled and / or authorized for distribution in France. Before

investing in any product of Neuflize Private Assets, you should inform yourself about the (financial) risks and any legal or tax

consequences, foreign exchange or exchange control restrictions, or any other requirements that you may encounter under the

laws of your country.

� Please note that the value of investments may fluctuate and an investor may not receive back the amount originally invested. Where past

performance is shown it refers to the past and should not be seen as an indication of future performance. The value and any

income arising from any investment referred to may go down as well as up. In particular you may not get back the full amount


income arising from any investment referred to may go down as well as up. In particular you may not get back the full amount

invested. There can be no assurance or guarantee that investment objectives will be achieved. Where overseas securities are held

the rate of exchange may cause the value of the investment to go up as well as down. NPA disclaims any responsibility and liability

whatsoever in this respect.

� Parts of this leaflet are extracted from the prospectus of the funds managed by NPA. It is not intended to replace the Prospectus, nor to give a

detailed summary. Investments in the funds managed by NPA should only be made after reading the prospectus which can be obtained free of

charge from NPA or can be directly downloaded from our website: www.neuflizeprivateassets.com

� Any reproduction in full or in part of the content of this document in addition to any retransmission or making available to third parties in any

way whatsoever shall be prohibited. Failure to comply with these restrictions shall constitute an infringement.

Important Information - Switzerland

� This document has been prepared by Neuflize Private Assets (NPA), a public limited company capitalised with a capital of 2.564.160 euros,

registered under number 413 100 033 at R.C.S Paris. Principal office: 3 Avenue Hoche, 75410 Paris Cedex 08. Authorized and regulated

by the Autorité des Marchés Financiers (AMF) under number GP00006.

� This document is provided for information purposes only and does not constitute a recommendation, invitation or offer to buy or sell

securities or other financial instruments.

� While NPA makes reasonable efforts to obtain information from sources which it believes to be reliable, NPA makes no representation or

warranty of any kind, either express or implied as to the accuracy, reliability, up-to-dateness or completeness of the information contained

herein.herein.

� You have obtained this material due to the fact that you are an institutional investor within the meaning of article 10 of the

Federal Law on collective placements of June 23,2006 (LPCC). You expressly acknowledge that a number of NPA funds (as

indicated in the presentation) are not available for distribution for public sale in Switzerland. Non registered NPA funds cannot be

distributed to investors who are not covered by the above-mentioned provisions and any activities, i.e. transactions, public offering,

distribution activities, etc., as described in Circular N°03/1 of the Swiss Federal Banking Commission dated May 28, 2003 regarding PublicAdvertising within the context of the Federal Act on Investment funds (public Advertising / investment funds), are strictly forbidden for

any non-registered funds in Switzerland. NPA disclaims any responsibility and liability whatsoever in this respect.

� No security, product or service shall be solicited, offered or sold in any jurisdiction where such activity would be contrary to the securities

law or other local law and regulations, or would subject NPA to any registration requirement within such jurisdiction. Neither this

document, nor any copy thereof may be sent to or taken into the United States or distributed in the United States or to a US person. You

should obtain relevant and specific professional advice before making any investment decision.

� Please note that the value of investments may fluctuate and an investor may not receive back the amount originally invested. Where

past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and


past performance is shown it refers to the past and should not be seen as an indication of future performance. The value and

any income arising from any investment referred to may go down as well as up. In particular you may not get back the full amount

invested. There can be no assurance or guarantee that investment objectives will be achieved. Where overseas securities are

held the rate of exchange may cause the value of the investment to go up as well as down. NPA disclaims any responsibility and liability

whatsoever in this respect.

� Parts of this leaflet are extracted from the prospectus of the funds managed by NPA. It is not intended to replace the Prospectus, nor to

give a detailed summary. Investments in the funds managed by NPA should only be made after reading the prospectus which can be

obtained free of charge from NPA or can be directly downloaded from our website: http://www.neuflizeprivateassets.com

� Any reproduction in full or in part of the content of this document in addition to any retransmission or making available to third parties in

any way whatsoever shall be prohibited. Failure to comply with these restrictions shall constitute an infringement.

citywire montreux may 2011 website

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