July 11, 2013

Rothschild & Cie GestionParis Europlace

Contents

Sections1 Rothschild Group 2

2 Rothschild & Cie Gestion 6

3 Rothschild HDF Investment Solutions 10

4 International business coverage 13

1

1. Rothschild Group

1.1 The Rothschild familyA family at the centre of the world’s financial markets for more than 250 years

Original English arm Extinct armsEnglish arm set up in France French arms

James1792-1868

Paris

Amschel1773-1855Frankfurt

Carl1788-1855

Naples

Mayer Amschel Rothschild1743-1812

Salomon1774-1855

Vienna

Nathan1777-1836

London

Gustave1829-1911

Alphonse1827-1905

Edmond1845-1934

Robert1880-1946

Edouard1868-1949

Maurice1881-1957

Edmond1926-1997

Benjamin1963

Nathaniel1946

Robert1947

Eric1940

Edouard1957

David1942

Elie1917-2007

Alain1910-1982

Guy1909-2007

Lionel1808-1879

Nathaniel1812-1870

Leopold1845-1917

Nathaniel1840-1915

Nathan1844-1881

Henry1872-1946

Anthony1887-1961

Nathaniel1877-1923

Philippe1902-1988

Evelyn1931

Victor1910-1990

Jacob1936

Philippine1935

1. Rothschild Group

3

1.2 A family-controlled and independent groupParis-Orléans: the parent company of the Rothschild Group

Organigramme simplifié du Groupe

Rothschild & Cie Rothschild & Cie Gestion

100%

93%

Concordia Holding SARL

Paris Orléans SA

Advisory services for mergers and acquisitions Direct management

Rothschild HDF Investment Solutions

Open architecture management (traditional and alternative)

Investment solutions

Rothschild Continuation Holdings Rothschild & Cie Banque

55%

45%

Profile

Paris Orléans is the parent company of the Rothschild Group and

is controlled (47%) by a group of Rothschild family members

acting in concert, by companies owned by members of the

Rothschild family and by other shareholders with long-standing ties to

the Rothschild family.

The company is listed on the Eurolist market of Euronext Paris.

Source Paris-Orléans – figures as of March 31st 2012

Simplified shareholding structure

* Wealth management and asset managementParis-Orléans – figures as of December 31st 2012

28,1

34,237,2 39

0

10

20

30

40

2009 2010 2011 2012

Evolution of the assets under management* (in €bn)

1. Rothschild Group

4

1.3 Core activities of the Rothschild GroupFour main arms: asset management, wealth management, merchant banking and global financial advisory

4 main arms

• Institutional Asset Management provides investment management

and advisory services to institutional clients, financial intermediaries,

third-party distributors and private clients around the world. It operates

through two principal subsidiaries:

− Rothschild & Cie Gestion, headquartered in Paris, covers a full

range of products including equities, fixed-income, convertible

bonds and flexible diversified funds. It also offers open architecture

investment solutions in all asset classes;

− Rothschild Asset Management Inc, headquartered in New York,

manages investments covering a range of US securities including

large-cap, small/mid-cap, small-cap, and balanced strategies.

• Wealth Management and Trust business provides wealth structuring,

investment management, banking and trust services to wealthy

individuals, families, trusts and charities;

• Merchant Banking business deploys the firm’s capital, alongside that of

trusted partners, primarily in European investment opportunities;

• Global Financial Advisory business provides impartial, expert advisory

and execution services to corporations, governments, institutions and

individuals.

WealthManagement

Merchant banking

Global financialadvisory

Asset management

1. Rothschild Group

5

2. Rothschild & Cie Gestion

2.1 Rothschild & Cie GestionTwo core practices: direct management and open-architecture investment solutions

Complementary expertise

Family controlled

European clientele

Direct management: equities – bonds – convertibles and diversified

Predominance of the Eurozone

• A wholly-owned subsidiary of Rothschild & Cie Banque, itself majority-owned by the Rothschild family

Limited partnership (general partners are personally liable for the commitments of the Company)

France, Belgium, Netherlands, Luxembourg, Germany, Austria, Switzerland, Spain, Italy

Rothschild & Cie Gestion Rothschild HDF Investment Solutions

Open-architecture investment platform for traditional and alternative investments and innovative investment solutions

All asset classes and all geographic areas

A subsidiary majority-owned by Rothschild & CieGestion

• Simplified joint-stock company

Responsible investment Signatory of the UN PRI

2. Rothschild & Cie Gestion

7

21 856

0

5 000

10 000

15 000

20 000

25 000

2005 2006 2007 2008 2009 2010 2011 2012 2013

2.2 Assets under managementRothschild & Cie Gestion manages €22* billion

Asset class breakdown

Client breakdown

Evolution of the assets under management (in €m)

Source Rothschild – as of 30/03/2013* AUM included Rothschild & Cie Gestion and its Rothschild HDF Investment Solutions

subsidiary

+ 68%

2. Rothschild & Cie Gestion

8

2.3 Investment Solutions Set UpManagement-Solutions Integration

6 experts

Investment Solutions

Assembling

Design

Servicing

Rothschild & Cie Gestion, 25 investment professionals• Large cap equities• Mid cap equities• Fixed income: sovereign,

corporates• Convertibles• Balanced

Direct management Open architecture

RHIS, 26 investment professionals• Open-architecture investment

platform for traditional and alternative investments

• Innovative investment solutions(Solvency 2, structuring,quantitative modelling…).

Customized Investment Solutions Lab

Contrarian

Convexity Conviction

Fundamental Approach

Financial Engineering &

Bespoke Solutions

Portfolio Construction & Allocation

Manager Selection

Risk Management

2. Rothschild & Cie Gestion

9

3. Rothschild HDF Investment Solutions

3.1 Rothschild HDF Investment Solutions Group (RHIS)Long-term experience and consistent track record

Client-focused culture

• Committed & innovative

• Rigorous investment process

• Robust risk management for consistent performance

• Signatory of the United Nations Principles for Responsible Investment (UN PRIs)

Long-term experience and track record

• 23 years experience, dating back to 1989

• In-depth research, sourcing and selection of the investments

• Pioneer of open-architecture investment solutions platform combining long-only and alternative funds

• Personalised approach to investment solutions

Understand and achieve our clients’ investment objectives, focusing on risk, constraints and liabilities Committed to open-architecture investing Incorporate risk management into every step of the investment process

Key Values

Multi-strategy / single-strategy / trading-oriented funds of hedge funds Single managers Multi-manager long-only funds Bespoke solutions / advisory mandates

3. Rothschild HDF Investment Solutions

11

3.2 Rothschild HDF Investment SolutionsOur offering: three core activities

Dedicated MandatesOpen-Ended Funds of Funds Investment Solutions

Innovation & structuring - Funds of one (single manager)- Solvency II Solutions - Formats (UCITS, ARIA…)

Mandate allocation - Liabilities management - Quantitative modelling

Integration of clients’ objectives and constraints

Diversified open-ended fund range

For all client types - Institutional Investors- Distributors- Private Investors

Various Registration / Legal Structure / Currencies

Customised management in one or more areas of RHIS’ expertise

Multiple formats- Institutional mandate- Mutual funds- Managed accounts - Advisory management - Manager-guided funds

Dedicated management - Specific constraints - Customised reporting

Bespoke solutions to meet specific client requirements

Innovation & structuring - Single manager- Solvency solutions:

Solutions with downside protection (risk on/risk off); solutions for asymmetric risks

- Structure (UCITS, ARIA…)

Mandate allocation - Liabilities management - Quantitative modelling

1 32

Client focused

Asset classes- Equities (all caps)- Fixed Income - Currencies - Derivatives- Commodities

All investment styles / strategies- Multi-strategy- Long short (equity / fixed income) - Global macro- Quantitative trading- Relative value- Long-only

All geographic areas - World- Europe- Japan- Emerging - Asia

Diversified investment universe

Broad investment offering across3 approaches

Innovative solutions to optimise and control risks across a broad base of investment expertise

3. Rothschild HDF Investment Solutions

12

4. International business coverage

4.1 International business coverageAn organization tailored to have a large coverage of our key markets

Russia

Finland

Sweden

Norway

UK

Ireland

Iceland

France

GermanyBelgium

Netherlands

Denmark

Poland

Lithuania

Latvia

Estonia

Belarus

Ukraine

Moldova

Bulgaria

Romania

Czech Republic

Slovakia

HungaryAustriaSwitzerland

ItalySpainPortugal

Serbia

Slovenia

Croatia

Kosovo

Macedonia

GreeceTurkey

Cyprus

Luxembourg

Spain1 dedicated Sales person and 1 Senior advisor6 funds registered

UKGlobal consultantsPan-European fund selectorsSubsidiary dedicated to Open-architecture investment Solutions business development

BeneluxA dedicated Sales team of 3 persons15 funds registered in Belgium8 funds registered in Luxembourg5 funds registered in Netherlands

GermanyPartnership with a TPM

6 funds registered

Switzerland (Zurich Branch)Dedicated branch

12 funds registered

ItalyDedicated branch

1 person

Opportunistic approach: • Japan/Asia

(2 funds registered and 5 fund registrations in progress in Japan)

• Middle East• Africa

4. International business coverage

14

Disclaimer

Source: Rothschild. All rights reserved. This document is intended exclusively for professional investors and is not to bedistributed to and/or relied on by private individual investors.This document is for informational purposes only and does not constitute an offer or solicitation to subscribe to the Funds described,nor does it replace the Fund's key investor information document (KIID) or prospectus. The information provided in this document isnot contractual.Shares of each fund are not being offered or sold in any jurisdiction where the offer or sale is prohibited by law.Subscriptions will be received and shares or units will be issued as indicated in the Fund's KIID or prospectus. The present documentdoes not indicate any fees or commissions that may be charged when issuing or redeeming the Fund's shares or units.Rothschild HDF Investment Solutions provides no guarantee whatsoever in relation to fund performance and will not be liable for anydecision made on the basis of the information provided in this document. Past performance is no guarantee of future performanceand performance may vary over time.Investment in one or more of the Fund's shares or units is not without risk. Rothschild HDF Investment Solutions recommends thatinvestors consult their financial advisor or Rothschild HDF Investment Solutions before making any investment decision, especially todetermine whether or not the Fund's characteristics are appropriate for their requirements. The rules governing taxation depend oneach client's particular situation and may be modified.Information for "US persons"This Fund’s shares or units are not and will not be registered for sale in the United States pursuant to the US Securities Act of 1933as amended or pursuant to any other US law. These shares or units therefore must not be offered or sold in or transferred to theUnited States (including US territories and possessions) nor directly or indirectly benefit any US person (as understood underRegulation S of the 1933 Securities Act) or any equivalent person, as defined in the HIRE Act of March 18, 2010 and the ForeignAccount Tax Compliance Act (FATCA).

4. International business coverage

15