Heritam European Opportunities Sicav – August 2010

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Heritam European Opportunities Fund

Table of Contents

1 Heritage Profile2. Flam Gestion Profile3. Investment philosophy and objectives4. Investment process5. Track record6. Fact sheet7. Contacts8. Disclaimer

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1. Manager’s Profile: Banque Heritage

Banque Heritage is the fund’s Investment Manager.

Born out of a large family office, it was established as a Swiss Private Bank in 1986.

The bank has, over the years, built an investment team which gained a reputation for managing funds sourced both internally and externally, and to generate excellent absolute returns. The bank is headquartered in Geneva, with a Zurich branch opened in 2008 and a Singapore branch in 2009. Today, Banque Heritage has a total of over 175 employees in 6 cities and manages over USD 7 billion in clients’ assets in a diverse range of traditional and alternative strategies invested around the world. The bank continues to grow intrinsically and through new partnerships and joint ventures globally.

The bank provides top notch fiduciary and asset management services with an uncompromising compliance to the regulations. Nevertheless, due to its origins, the bank’s attitude and philosophy remains one of intimacy with and personal service to their clients.

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2. Adviser’s Profile : Flam Gestion

Flam Gestion is the fund’s Investment Adviser and responsible for managing the portfolio investments and risks.

Founded in 2005 by a group of investment professionals and wealthy individuals, this Swiss regulated company specialises in managing active portfolios for institutions and high net worth individuals.

A team of 3 principals, led by Mr Fournier-Barrand, manage this fund using a clearly defined, consistent and disciplined approach. Mr. Fournier-Barrand, CIO and partner of the firm. A former executive at LODH, Switzerland, he has more than 15 years of successful experience in managing European equities portfolios. He graduated from Ecole du Rosey, EPFL-mathematics, HEC St. Gall and HEI.

Pierre Levin, COO and partner of the firm. A former adviser to the French stock exchange, he has extensive experience in structuring and managing equity funds, as well as in corporate finance. He graduated from Ecole des Mines de Paris and HEC Paris.

Mr. Balani , Head of UK operations. A former fund manager at Cheyne Capital Management, Bessent Capital (of Soros Capital), Global Asset Management and Dresdner Thornton Asset Mngt, he has extensive experience in managing funds and analysing markets and companies. He graduated from the Wharton School of Finance.

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3. Investment Philosophy and Objectives

Philosophy

Focus at least 75% of asset allocation to Western European equities.

Employ both a “top down” approach wherein we research and analyse the macroeconomics of European countries to determine broad investment views, and a “bottom up” approach which leads to specific equity investments and portfolio weightings.

Prioritise companies with sound financials, attractive valuations and exposure to high growth markets and skew the portfolio towards liquid stocks, large caps and blue chips.

Employ no derivatives except for currency hedging or to cover a substantial market risk.

Objectives

Primary - Generate consistently superior risk-adjusted absolute long term capital appreciation. Secondary - Outperform European equity markets with lower comparable volatility.

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Execute process from an investment universe consisting of 200+ large caps and liquid mid-caps about which substantial analysis and trading experience have been accumulated.

Continuously monitor the universe to identify new investment opportunities, both core holdings and trading ideas, subject to our investment process.

Generate country and sector allocations from macroeconomic, industrial and thematic analysis which we believe regularly trigger large delta in stock valuations.

Select within those allocations the potential investment targets representing the most attractive equities.

Engage in rigorous fundamental analysis of target companies through intensive research into the company’s businesses, managements, valuations and catalysts to reach high-conviction investment decisions and maintain the optimal portfolio structure.

Refine buy and sell target prices and timing to optimize performance and minimise volatility, using among other methods advanced technical analysis.

4. Investment Universe and Process

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5. Track Record

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6. Fact Sheet

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Structure: Luxemburg SICAV UCITs III.

Investment manager: Banque Heritage.

Investment Adviser: FLAM Gestion. Base currency: Euro. Minimum investment: 10,000 Euros.

Weekly liquidity; cut-off time 4pm Wednesday Luxemburg time.

Custodian: Pictet Fund, Luxembourg

Administrator: Pictet and Cie, Luxembourg

Auditor: Deloitte SA, Luxembourg

ISIN: LU0399363729 Bloomberg TK: HEREOUE LX

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7. Contacts

FLAM Gestion6 Chemin de Bellerive, 1007 LausanneSwitzerlandfournierbarrand@flamgestion.ch

Francois Fournier Barrand CIOTel +41 216012075

Pierre Levin COOTel +41 78 805 0367

Haresh BalaniTel +44 7748636016

Francois Oech Head of Fund ResearchBanque Heritage61, Route de Chêne, Case Postale 66001211 Genève 6, SwitzerlandTel +41 58 220 0386f.oesch@heritage.ch

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8. Important Notice and Risk Warning

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Heritage Bank does not guarantee the accuracy, adequacy or completeness of any information contained herein and is not responsible for any omissions or for the results obtained from such information. Expressions of opinion herein are subject to change without notice. These materials do not constitute an offer or solicitation to buy or sell any shares or units in any fund. HERITAM Sicav (the Fund) is regulated by the CSSF in Luxemburg. Subscription for shares in the Fund can only be made under the terms of the prospectus and in such jurisdiction where such sales are permitted. The Fund is currently registered in Luxembourg, Switzerland, France and Italy. Past performance is no guide to future performance and the value of shares in the Fund may go up as well as down and may fluctuate due to, amongst other reasons, changes in exchange rates or in the underlying investments. Copyright in this document shall be the property of Heritage Bank. No part of this publication may be reproduced or transmitted in any form by any means, electronic or otherwise, without the prior permission of Heritage Bank. Heritage Bank, 61 Route de Chêne, CH-1208 Genève