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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)
3 Montreux May 11-13 2011
� 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.
Source: Neuflize Private Assets
0
500
1000
1500
2000
2500
3000
3500
4000
2004 2005 2006 2007 2008 2009 2010
France International
Neuflize Private
Assets
Our InvestmentStrategy
4 Montreux May 11-13 2011
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)
5 Montreux May 11-13 2011
-
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
8 Montreux May 11-13 2011
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
Net equity exposure between
0%-100%
Sale of S&P 500 futures
Net equity exposure between
0%-100%
Europe Europe & US & Emerging US
€ € $, € hedge, €
Non € exposure systematically
Currency
Geographical focus
Benchmark
Investment horizon
Annualized volatility target
Asset allocation
10 Montreux May 11-13 2011
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
Source: Neuflize Private Assets
Neuflize Optimum Neuflize Private
Assets
Neuflize Optimum and Neuflize Ambition
11 Montreux May 11-13 2011
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
12 Montreux May 11-13 2011
� 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%
13 Montreux May 11-13 2011
� 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)
14 Montreux May 11-13 2011
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 $
Neuflize Optimum Neuflize Ambition
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%
15 Montreux May 11-13 2011
(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
Neuflize Optimum Neuflize Ambition
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
Neuflize Optimum Neuflize Ambition
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
21 Montreux May 11-13 2011 Source: Neuflize Private Assets
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
22 Montreux May 11-13 2011 Source: Neuflize Private Assets
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
23 Montreux May 11-13 2011
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.
24 Montreux May 11-13 2011
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
General Inquiries
Sebastien
Dhondt Lecuyer+33-(0)1-56217351 [email protected]
25 Montreux May 11-13 2011
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:
Internet:
www.neuflizeprivateassets.com
Neuflize Private
Assets
Rankings and Awards
26 Montreux May 11-13 2011
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
Euro Flex Allocation����
Neuflize Ambition1st
Euro Flex Allocation�����
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
30 Montreux May 11-13 2011
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
31 Montreux May 11-13 2011
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.