ELIEZER BEN-ZIMRA PORTFOLIO MANAGER FUND EXCELLENCE CONGRESS, JUNE 2016

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ASSET MANAGEMENT ELIEZER BEN-ZIMRA PORTFOLIO MANAGER FUND EXCELLENCE CONGRESS, JUNE 2016 This document is intended for professional investors only, as defines under the relevant laws of France and is

1 ASSET MANAGEMENT ELIEZER BEN-ZIMRA PORTFOLIO MANAGER FUND EXCELLENCE CONGRESS, JUNE 2016 This document is intended for professional investors only, as defines under the relevant laws of France and is not intended to non-professional investors. Edmond de Rothschild Asset Management (France) declines any liability for the use that could be made of the information indicated in this document. Edmond de Rothschild Asset Management "or" EdRAM "is the trade name of the asset management entities (including subsidiaries and affiliates) of Edmond de Rothschild Group. The name also refers to the Asset Management division of Edmond de Rothschild Group.

2 Edmond de Rothschild Asset Management: 53 bn* of assets under management Fixed Income management: 9 bn of assets under management More than 30 years of experience 1982: launch of the first Credit fund 1986: launch of the first Government fund 1988: launch of the first Aggregate fund Significant resources dedicated to market, issuer and issue analysis and management 18 manager/analysts covering the whole spectrum of fixed income markets and benefiting froman averageof 14 yearsof experience Source: Edmond de Rothschild Asset Management (France). * Data as of 31/12/2015 EDMOND DE ROTHSCHILD 2

A flexible approach in fixed income markets Double mandate: Outperform a composite benchmark 50% Barclays EuroAggregateTreasury TR + 50% Barclays EuroAggregate Corporate TR Generate

performance returns since launch of the new strategy 3 years minimum recommended investment horizon Guillaume RIGEADE Co-manager Eliezer BEN ZIMRA Co-manager 12 years average

. Morningstar ratings are not market rankings and cannot be interpreted as recommendations to buy, sell or hold the shares or units of the above mentioned Fund.

3 A flexible approach in fixed income markets Double mandate: Outperform a composite benchmark 50% Barclays EuroAggregateTreasury TR + 50% Barclays EuroAggregate Corporate TR Generate positive returns over the investment horizon in all market conditions Management Team 553 mofassetsunder management Inception: 30/12/2004 New strategy: 14/02/ ,2% annualized performance returns since launch of the new strategy 3 years minimum recommended investment horizon Guillaume RIGEADE Co-manager Eliezer BEN ZIMRA Co-manager 12 years average experience 3 /7 Level of SRRI risk Source : Edmond de Rothschild Asset Management (France) Data as of 31/05/2016. Morningstar ratings 29/04/2016 in «EUR Flexible Bonds» category.. Morningstar ratings are not market rankings and cannot be interpreted as recommendations to buy, sell or hold the shares or units of the above mentioned Fund. The references to market rankings or awards of these funds are not a reliable indicator of the future results of the Fund or of the Management Company. 5 year annualized performance of the strategy is 3.7%. EDMOND DE ROTHSCHILD 3

PERFORMANCE SINCE STRATEGY OVERHAUL (14/02/2013) 18% EdR Bond Allocation I Morningstar Moyenne de Category catégorie average Morningstar

EdR Bond Allocation (I) Morningstar category average YTD 2016 +3,5% +1,5% 2015 +3,8% +1,1% 2014 +4,4% +5,2% 2013* +5,3% +2,4% From

Allocation : Max Drawdown : from 03/12/2015 to 12/02/2016 (71 days) Drawdown recovery on 11/03/2016 (in 28 days) Source: Edmond de

4 PERFORMANCE SINCE STRATEGY OVERHAUL (14/02/2013) 18% EdR Bond Allocation I Morningstar Moyenne de Category catégorie average Morningstar 18,1% 16% 14% 12% Perf. EdR Bond Allocation (I) Morningstar category average YTD ,5% +1,5% ,8% +1,1% ,4% +5,2% 2013* +5,3% +2,4% From 14/02/2013 to 31/05/ % 10,5% 4,6% 2,0% 8% Volatility 6% +19,6% +13,3% 4% Max Gain 2% 0% -2% Max Drawdown -5,1% -5,6% EdR Bond Allocation : Max Drawdown : from 03/12/2015 to 12/02/2016 (71 days) Drawdown recovery on 11/03/2016 (in 28 days) Source: Edmond de Rothschild Asset Management (France), Morningstar Category EUR Flexible Bonds Data as of 31/05/2016. *Investment policy changed on: 14/02/2013. Data refers to past performance. Past performance and volatility is not a reliable guide to future results. EDMOND DE ROTHSCHILD 4

5 PERFORMANCE SINCE STRATEGY OVERHAUL CORRELATION WITH GERMAN 10 YEAR RATE 18% 18,2% 18,1% 100% EdR Bond Allocation Reference Indicateur Index référence 13% 80% 86% 10,5% 60% 8% 40% 20% 3% EdR Bond Allocation I Morningstar Moyenne de Category catégorie average Morningstar Reference Indicateur Index référence 0% -20% 1% -2% Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Source: Edmond de Rothschild Asset Management (France), Morningstar EUR Flexible bonds category. Benchmark: 50% BarCap Euro-Aggregate Corporates (EUR) + 50% BarCap Euro-Aggregate Treasury (EUR) Data as of 31/05/2016. Past performance is not a reliable indicator of future performance -40% Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Daily performances correlation over 6 month rolling period Source: Edmond de Rothschild Asset Management (France). Chained Index: 50% BarCap Euro-Aggregate Corporates (EUR) + 50% BarCap Euro-Aggregate Treasury (EUR).Data as of 31/05/2016. EDMOND DE ROTHSCHILD 5

Diversified Allocation Dynamic management of Modified Duration Securities selection delegated to experts Steering of the allocation according to our convictions on each fixed income segment

6 Diversified Allocation Dynamic management of Modified Duration Securities selection delegated to experts Steering of the allocation according to our convictions on each fixed income segment Flexibility : active management between -2 and + 8 to take advantage of yield curve evolution Synergies between EdRAM teams specialised in every fixed income segment Synergies between a Top-Down allocation and a Bottom-Up selection to capture bond market opportunities EDMOND DE ROTHSCHILD 6

7 Access to the entire fixed income universe STRUCTURE BY FIXED INCOME SEGMENT Structured & simple allocation process Scores given to each bond market segment Target allocation and duration Yield curve positioning / Country allocation DURATION EXAMPLE: Fixed income segments analysis at 21/03/2016 ALLOCATION 100% 90% 80% 70% 60% 50% SCORE EUR =/+ US - GBP =/- JPY = Government Bonds EUR Core - Semi-core = Peripheral =/+ Inflation Linked Bonds = Corporate Credit EUR SCORE Investment Grade = High Yield + Subordinated Financials + 40% 30% 20% 10% 0% Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Cash Govies Emerging Bonds Credit Convertible bonds Emerging Bonds (hard currency) Investment Grade =/+ High Yield =/+ Convertible Bonds = Source : Edmond de Rothschild Asset Management (France) Data as of 31/05//2016. EDMOND DE ROTHSCHILD 7

8 8 MODIFIED DURATION SINCE MARCH 2012 (MONTHLY DATA) 4,5 BREAKDOWN BY YIELD CURVE Geographical allocation Yield curve positioning -0,1-1,0 EUR USD Autres Others BREAKDOWN BY MATURITY BUCKET 2,2 1,5 0,5 Fund Max Min -0,7 0-3 years 3-7 years 7-15 years > 15 years The flexible management of the modified duration improves the fund s resilience in different market environments Source : Edmond de Rothschild Asset Management (France). Figures refer to the past and are not a reliable indicator of future. *Data as of 31/05/2016. EDMOND DE ROTHSCHILD 8

A human-sized company with important capabilities: 18 specialists dedicated to fixed income

workin which each member is specialized on the monitoring of a market segment Asset Allocation

dedicated to fixed income markets 14 «bottom-up» specialists dedicated to corporate issuers

9 A human-sized company with important capabilities: 18 specialists dedicated to fixed income management A manager/analyst model to reflect our strongest convictions in portfolios A team workin which each member is specialized on the monitoring of a market segment Asset Allocation & Sovereign Debts team Corporate Debts team 12 «top-down» specialists including 8 members dedicated to fixed income markets 14 «bottom-up» specialists dedicated to corporate issuers analysis. Source: Edmond de Rothschild Asset Management (France) Data as of 08/02/2016 EDMOND DE ROTHSCHILD 9

2,6 bn of AUMs GOVERNMENT BONDS FINANCIAL DEBT 12 years of average experience 4 PM/Analysts 2 PM/Analysts USD 2,3 bn of AUMs USD 1,5 bn of

10 CONVERTIBLE BONDS 4 PM/Analysts EURO CREDIT HIGH YIELD 4 PM/Analysts USD 2 bn of AUMs 20 years of track record USD 1,6 bn of AUMs 12 years of average experience EMERGING DEBT CREDIT INVESTMENT GRADE 3 PM/Analysts 3 PMs/Analysts USD 657 mn of AUMs Global Fixed Income Team USD 2,6 bn of AUMs GOVERNMENT BONDS FINANCIAL DEBT 12 years of average experience 4 PM/Analysts 2 PM/Analysts USD 2,3 bn of AUMs USD 1,5 bn of AUMs 15 years of average experience Source : Edmond de Rothschild Asset Management (France) Data as of 29/04/2016. EDMOND DE ROTHSCHILD 10

11 Clear investment rules: Modified duration Dynamic management between -2 to +8 Currency risk Currency risk is systematically hedged High Yield & Emerging Market debt 50% maximum Exposure to equity risk 10% maximum via convertible bonds The investment process described in this document presents several internal limits decided by the portfolio management team. This reflects the current investment process that may change in the future. EDMOND DE ROTHSCHILD 11

12 YTD 2016 Total Annualised Government bonds 1,8% 3,0% 0,9% 1,3% 7,2% 2,1% Credit 3,4% 2,0% 1,6% 1,1% 8,3% 2,4% Emerging debt 0,2% -0,2% 1,7% 1,3% 3,1% 0,9% Convertible bonds 0,6% 0,1% 0,5% 0,0% 1,2% 0,4% Realized performance 5,42% 4,42% 3,80% 3,48% 18,09% 5,18% 3,0% 3,4% ,8% 0,9% 1,3% 2,0% 1,6% 1,1% 1,7% 1,3% 0,6% 0,5% 0,2% 0,1% 0,0% -0,2% Government Bonds Credit Emerging Debt Convertible Bonds Complementary performance drivers, an effective diversification Source: Edmond de Rothschild Asset Management (France). Data as of 31/05/2016. Past performance is not a reliable indicator of future results. EDMOND DE ROTHSCHILD 12

STRONG SUPPORT FACTORS Robust fundamentals for

Accommodative monetary policy FAVOURED MARKET

subordinated financials) Peripheral government

13 STRONG SUPPORT FACTORS Robust fundamentals for corporates Economic recovery is still underway Accommodative monetary policy FAVOURED MARKET SEGMENTS Corporate debts (High Yield and subordinated financials) Peripheral government bonds, more dynamic than core countries EDMOND DE ROTHSCHILD 13

140 120 100 80 60 40 20 1,5 REAL US 10-YEAR RATES (%) 1 TIPS (Treasury Inflation Protected Securities): hedging against

14 OIL VS. 10-YEAR BREAK-EVEN INFLATION 2,8 2,6 2,4 2,2 2 1,8 1,6 1,4 1,2 10-year US breakeven in en % Pétrole en $ Oil in USD (RHS) ,5 REAL US 10-YEAR RATES (%) 1 TIPS (Treasury Inflation Protected Securities): hedging against inflation and/or a US economic slowdown 0,5 0-0,5-1 Source : Edmond de Rothschild Asset Management (France), Bloomberg. Data as of 06/04/2011 to 01/04/2016. Past performance is not a reliable indicator of future performance. EDMOND DE ROTHSCHILD 14

15 Conviction + =/+ = =/- - Source : Edmond de Rothschild Asset Management (France) EDMOND DE ROTHSCHILD 15

16 ASSET ALLOCATION (EXPOSURE %) MODIFIED DURATION ALLOCATION Government Bonds High Yield Corp. Subordinated Financial Bonds 16,0% 16,0% 20,0% Breakdown by Maturity Bucket Fund Duration 2,0 1,9 Emerging Bonds Inflation Linked Bonds 9,0% 8,0% 0,3 Credit Spread Derivatives 4,0% Convertible Bonds 2,0% years 3-7 years 7-15 years >15 years Investment Grade Corp. 2,0% 4,5 Breakdown by Yield Curve Cash+Money Market 26,0% PORTFOLIO DATA Modified Duration 3,37 Yield to Maturity 4,29% Average Rating BBB Source: Edmond de Rothschild Asset Management (France) Management data as of 03/06/2016 EDMOND DE ROTHSCHILD 0,3-0,3-1,1 EUR NZD GBP USD 16

Countries of registration FLEXIBILITY Diversifiedallocation across various fixed income segments Active management of modified duration EDR BOND ALLOCATION EXPERTISE Use of Edmond de Rothschild

No currency risk Used by many clients seeking to delegate the management of their bond investments to experts in the asset class, especially in a complex environment Source : Edmond de Rothschild

17 Countries of registration FLEXIBILITY Diversifiedallocation across various fixed income segments Active management of modified duration EDR BOND ALLOCATION EXPERTISE Use of Edmond de Rothschild specialistson all fixed income segments PERFORMANCE +18,1% since implementation of the new investment approach (5,2% annualised)* SIMPLICITY Clear& transparent process Daily valuation / UCITS funds No currency risk Used by many clients seeking to delegate the management of their bond investments to experts in the asset class, especially in a complex environment Source : Edmond de Rothschild Asset Management (France). Data as of 31/05/2016. * since the implementation of the new investment strategy: 14/02/2013. Past performance is not a reliable indicator of future performance. 5 year annualized performance of the strategy is 3.7%. EDMOND DE ROTHSCHILD 17

19 Political risk remains in Spain but has waned in Portugal and Greece EUROPE: CONFIDENCE INDICATORS ,7 59, , Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 Spain PMI Espagne PMI (LHS) (ech.g.) Ireland PMI Irlande PMI (LHS) (ech.g.) Portugal Confiance Consumer Consom Portugal confidence (ech.d.) (RHS) Italy PMI PMI Italie (LHS) (ech.g.) Eurozone PMI Zone PMI Euro (LHS) (ech.g.) Economic growth is still rebounding Source : Edmond de Rothschild Asset Management (France) Bloomberg, data as of 31/12/2015 EDMOND DE ROTHSCHILD 19

20 5Y FORWARD BREAK EVEN RATES OF INFLATION FOR THE EUROZONE ACTUAL INFLATION 2,8 2,6 2,4 2, Eurozone 2,0 1,8 1,6 1,4 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source : Bloomberg data as of 07/01/ CPI Eurozone Inflation Core CPI Eurozone Inflation -1 Nov-10 nov.-10 Nov-10 nov.-11 Nov-10 nov.-12 Nov-10 nov.-13 nov.-14 Nov-10 Nov-10 nov.-15 Eurozone overall inflation and inflation excluding volatile factors Source : Eurostat, Bloomberg data at end 2015 Monetary policy needs to remain extremely accommodating EDMOND DE ROTHSCHILD 20

21 An ambitious programme SUPPLY & DEMAND EQUILIBRIUM GOVT BOND YIELDS BY ISSUER AND MATURITY Emissions Gross Issuance brutes Emissions Net Issuance nettes QE TOTAL 4,00 3,50 3,00 Allemagne Germany Euro Core Euro Core Irlande Ireland Italie Italy Euro Periph Periph Euro Portugal Core Periph Total Rappel (EUR bn) Net issuance= estimated gross issuance minus coupons and repayments Source : DMOs, Citi Research, Bloomberg 2,50 2,00 1,50 1,00 0,50 0,00-0, Source : JP Morgan ; data as of 24/12/15 Rates in Europe to remain low EDMOND DE ROTHSCHILD 21

source: BofAML 09/09/2015 source: Morgan Stanley,

EFFECT THANKS TO HIGHER EBITDA source: BofAML 09/09/2015

source: Morgan Stanley, 18/09/2015 The creditworthiness of

22 source: BofAML 09/09/2015 source: Morgan Stanley, 18/09/ DEBT SERVICE COVERAGE RATIO REDUCED LEVERAGE EFFECT THANKS TO HIGHER EBITDA source: BofAML 09/09/2015 RATINGS TRANSITION FAVOURS EUROPE IBOXX NON-FIN MATURITY source: Morgan Stanley, 18/09/2015 The creditworthiness of non-financial HY issuers in Europe is improving EDMOND DE ROTHSCHILD

23 A slight increase in default rates (c. 2.2/3%) but already largely priced in the market EUROPEAN HIGH YIELD DEFAULT RATE Default rate Anticipations 5 4,5 4 3,5 3 2,5 2 1,5 1 0,5 RISING RISK PREMIUM ON EUROPEAN HIGH YIELD Spread BarCap vs European govt de l indice HY 3% BarCap Issuer Constraint: European HY spreads 3% Issuer vs. govt Constraint bonds Spread des obligations à 10 ans Italie vs Allemagne Italian 10-year bond spreads vs. Germany Source : JPMorgan / S&P, data as of 29/12/ Dec-13 Aug-14 Apr-15 Dec-15 Source : Edmond de Rothschild Asset Management, Bloomberg, data as of 29/12/ : Prefer European Corporate High Yield bonds Source : Edmond de Rothschild Asset Management (France). EDMOND DE ROTHSCHILD 23

24 Monetary tightening should be gradual FED FUND FUTURES Core inflation is stable but the services component is sharply higher US INFLATION AND COMPONENTS 1.50% 1.25% Futures Fed Funds CPI US Core PCE deflator CPI US Services ex Food & Energy 1.00% % % % % Déc 15 Déc 16 Déc 17 Dec 2015 Dec 2016 Dec nov.-10 Nov 2010 May mai Nov nov May mai Nov nov May mai nov.-13 Nov 2010 May mai Nov nov May mai Markets expect only a slight rise in US long rates The risk could come from inflation picking up speed Source : Edmond de Rothschild Asset Management (France) data as of 04/01/2016 EDMOND DE ROTHSCHILD 24

Dollar still has upside: FED/G10 monetary policy divergence to persist The rising dollar cycle not yet over but the pace of rises will slow US DOLLAR AND US/EUR 2-YEAR RATE US/EUR US DOLLAR AROUND

25 Dollar still has upside: FED/G10 monetary policy divergence to persist The rising dollar cycle not yet over but the pace of rises will slow US DOLLAR AND US/EUR 2-YEAR RATE US/EUR US DOLLAR AROUND FIRST FED HIKE DXY dollar index Spread 2y US/G10 ( RHS) Oct 2013Feb Jun Oct 2014 Feb Jun Oct 2015 The Fed is pursuing gradual interest rate normalisation so the US dollar s upside is more limited Source : Edmond de Rothschild Asset Management (France) EDMOND DE ROTHSCHILD 25

26 OIL VS. 10-YEAR BREAKEVEN INFLATION REAL US 10-YEAR RATES (%) 2, ,5 2,6 2, ,0 2, , ,8 60 0,0 1,6 1,4 Point 10-year mort US 10 breakeven ans US (%) (%) Pétrole Oil in USD en $ (RHS) (éch. droite) 40-0,5 1,2 20 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15-1,0 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 TIPS: hedging against inflation or a US economic slowdown Source : Bloomberg data as of 07/01/2016 EDMOND DE ROTHSCHILD 26

ATTRACTIVE VALUATIONS BUT FRAGILE FUNDAMENTALS 500 EMBI Global Spread 450 VIX 400 350 300 250 March mars-13 2013 March mars-14 2014 March mars-15 2015 50 45 40 35 30 25 20 15 10 Currency depreciation

27 ATTRACTIVE VALUATIONS BUT FRAGILE FUNDAMENTALS 500 EMBI Global Spread 450 VIX March mars March mars March mars Currency depreciation has helped cut current account deficits Few countries still have budget deficits Emerging countries have two big areas of future growth: domestic consumption and exports to the West Adjustments have made the risk/return profile attractive in some countries but, more than ever, we have to be selective EDMOND DE ROTHSCHILD 27

Guillaume RIGEADE Fixed Income Portfolio Manager within the Asset Allocation & Sovereign Debt Team 17 years experience Guillaume Rigeade joined Edmond de Rothschild Asset Management in 2009 as Senior

He started his career in 1999 at Sinopia AM as an Assistant Bond Fund Manager, then as a Bond Portfolio Manager. From 2004 to 2007, he was Deputy Head of Bond Management in the same firm.

28 Guillaume RIGEADE Fixed Income Portfolio Manager within the Asset Allocation & Sovereign Debt Team 17 years experience Guillaume Rigeade joined Edmond de Rothschild Asset Management in 2009 as Senior Portfolio Manager for Modeling and Quantitative Management and was appointed Fixed Income Portfolio Manager in Guillaume Rigeade graduated from ISUP as an actuary. He started his career in 1999 at Sinopia AM as an Assistant Bond Fund Manager, then as a Bond Portfolio Manager. From 2004 to 2007, he was Deputy Head of Bond Management in the same firm. In 2007, Guillaume moved to Societe Generale AM to become Senior Portfolio Manager for International Bonds and Currencies. Eliezer BEN ZIMRA Fixed Income Portfolio Manager within the Asset Allocation & Sovereign Debt Team 8 years experience Eliezer Ben Zimra joined Edmond de Rothschild in 2011 as Fixed Income Portfolio Manager. Eliezer Ben Zimra graduated from ENSAE with a Masters in Statistics, Economics and Finance. He also holds a MSc in Applied Mathematics from Harvard University. He started his career in 2008 in the hedge fund OneSeven Capital Management as Quant trader on fixed income derivatives before joining two years later the hedge fund Capstone Investment Advisors as Fixed Income Assistant Fund Manager. In 2010, Eliezer moved to Amundi in Fixed Income Research & Strategy. EDMOND DE ROTHSCHILD 28

Selina Piening, CEFA Executive Director Third Party Distribution

com Tel: +49 69 244 330 204 Mobil: +49 151/291 691 33 Markus

Flechsig Client Relationship Manager Third Party Distribution

30 Selina Piening, CEFA Executive Director Third Party Distribution Tel: Mobil: / Markus Schuwerack Executive Director Third Party Distribution Tel: Mobil: / Alexandra Flechsig Client Relationship Manager Third Party Distribution Tel: Mobil: / Ann-Christin Pfalzgraf Sales Assistant Tel: EDMOND DE ROTHSCHILD 30

31 Wording Legal form AMF Classification Benchmark Holding period NAV Frequency Deadline subcription/redemption Edmond de Rothschild Bond Allocation French Mutual Fund Euro Donominated bonds 50% BarCap Euro-Aggregate Corporates + 50% BarCap Euro-Aggregate Treasury more than 3 years Daily Daily before am C.E.T. on day's net asset value Entry fee 3,00% Redemption charges None Share Share BH Share C Share CR Share D Share E Share FH Share I ISIN Code FR FR FR FR FR FR FR Bloomberg Ticker - STHOBOC FP Equity - STHOBOD FP Equity STHOBOE FP Equity ERALLRH FP Equity STHBDAI FP Equity Currency USD EUR EUR EUR EUR USD EUR Currency hedging Dividend Policy Accumulative Accumulative Accumulative Distributive Accumulative Accumulative Accumulative Max Managment fees 0,00% 1,00% 0,50% 1,00% 1,20% 1,45% 0,40% Performance commission* 15,00% 15,00% 15,00% 15,00% - 15,00% 15,00% Subscripbers All subscribers All subscribers - All subscribers All subscribers All subscribers Legal persons Minimum subscription 1 Share 1 Share 1 Share 1 Share 1 Share 1 Share EUR Inception date - 30/12/ /01/ /06/ /11/ /04/2010 Share Share IH USD Share IH CHF Share CH Share J Share R ISIN Code FR FR FR FR FR Bloomberg Ticker - - STHOBOR FP Equity Currency USD CHF CHF EUR EUR Currency hedging Dividend Policy Accumulative Accumulative Accumulative Distributive Accumulative Max Managment fees 0,00% 0,40% 1,00% 0,40% 0,60% Performance commission* 15,00% 15,00% 15,00% 15,00% - Subscripbers Legal persons All subscribers All subscribers Legal persons Legal persons Minimum subscription USD CHF EUR EUR EUR Inception date /04/ /04/ /03/2015 EDMOND DE ROTHSCHILD 31

32 CREDIT RISK: The risk that the issuer of the debt securities or money market securities may not be able to meet its obligations or that its credit rating may be downgraded. It may also be the result of an issuer defaulting on repayment at maturity. INTEREST RATE RISK: An increase in interest rates could have a negative impact on performance for an indefinite period. Likewise, in the event ofthe portfolio having negative modified duration, a cut in interest rates could have a negative effect on performance for an indefinite period. The fund s modified duration may range from -2 to +8. Interest rate risk can result in a fall in NAV. CAPITAL LOSS RISK: As the fund does not benefit from any guarantee or protection it is possible that the capital initially invested may not be refunded in full. RISK ASSOCIATED WITH FINANCIAL FUTURES: The fund can make use of financial futures instruments within a limit of 100% of the assets. The fund could therefore expose up to 100% of its assets to any market, asset, index or instrument or economic and/or financial parameter. This could lead to a risk of fund NAV falling further and more rapidly than that of the markets in which the fund is invested. COUNTERPARTY RISK: Counterparty risk arises from the fund making use of financial contracts traded over the counter, and/or temporary securitiespurchase and sale transactions (repos). Such transactions potentially expose the fund to a risk of one of the counterparties defaulting. Counterparty risk may lead to a decline in NAV. EMERGING MARKET INVESTMENT RISK: This risk is associated with the operating and surveillance conditions in the emerging markets to which the fund may be exposed.these may differ from the standards prevailing on major international markets, and may be affected by various types of disruption including changes to taxation regulations,topolicy or political stability or a temporary want of liquidity in such securities. Variations in such securities could have a positive or negative impact on fund NAV. SECONDARY RISKS: Risk associated with hybrid products (convertible bonds): Since they may be converted into equities, convertible bonds add anequity risk to a bond portfolio. They also expose the portfolio to equity market volatility, which is greater than that of bond markets. Owning such instruments therefore leads toanincrease in portfolio risk, which may be mitigated, depending on market configuration, by the bond component in hybrid issues. EDMOND DE ROTHSCHILD 32

33 Written on June This document is non-binding and its content is exclusively for information purpose. The data, comments and analysis in this document reflect the opinion of Edmond de Rothschild Asset Management (France) and its affiliates with respect to the markets, their trends, regulation and tax issues, on the basis of its own expertise, economic analysis and information currently known to it. However, they shall not under any circumstances be construed as comprising any sort of undertaking or guarantee whatsoever on the part of Edmond de Rothschild Asset Management (France). All potential investors must take prior measures and specialist advice in order to analyse the risks and establish his or her own opinion independent of Edmond de Rothschild Asset Management (France) in order to determine the relevance of such an investment to his or her own financial situation. To this end, any investor shall read the key investor information document (KIID) delivered before any investment is made. Such a document is available online at or upon request for free to the registered office of Edmond de Rothschild Asset Management (France). EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE) 47, RUE DU FAUBOURG SAINT-HONORÉ, PARIS CEDEX 08 SOCIÉTÉ ANONYME GOVERNED BY AN EXECUTIVE BOARD AND A SUPERVISORY BOARD WITH CAPITAL OF 11,033,769 EUROS AMF REGISTRATION NUMBER GP R.C.S. PARIS EDMOND DE ROTHSCHILD 33

ASSET MANAGEMENT SEPTEMBER 2014

ASSET MANAGEMENT SEPTEMBER 2014 This document is intended for professional investors only, as defines under the relevant laws of France and is not intended to non-professional investors. Edmond de Rothschild