Emerging Markets Fixed Income Capabilities

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1 For professional investors Fixed Income Capabilities Opportunities in a market benefiting from strong fundamentals and increasing demand

2 Fixed Income Capabilities I 2 BNP Paribas Investment Partners BNP Paribas Investment Partners is the global brand name of the BNP Paribas Group s investment management services. Our firm is one of the world s largest asset managers with US $663 billion 1 in assets under management and advice as of December 31, We offer a range of US and global investment products, including equities, fixed income, and alternative capabilities to the US institutional market through our two US-based investment managers: BNP Paribas Asset Management, Inc., and Fischer Francis Trees & Watts, Inc. USD 663 billion assets under management and advice 1 3,400 professionals in 41 countries Fitch Ratings, M2+ Asset Manager rating for BNPP IP 2 Part of the BNP Paribas Group one of the best rated banks in the world, according to S&P (A+rated) 3 Source for all data reflected in this document is BNP Paribas Investment Partners as of December 31, 2012,unless otherwise specified. Fischer Francis Trees & Watts Fischer Francis Trees & Watts (FFTW) is a global investment management firm providing active, fixed income strategies to institutional investors. We manage single and multi-currency mandates across global, US, and emerging markets. We currently manage over $58.5 billion 4 on behalf of clients around the world, including central banks, public institutions, corporations, insurance companies, endowments, foundations and non-profit organizations, and sub-advisory relationships. Our investment teams are located in New York, London, and Singapore. FFTW became a wholly owned subsidiary of BNP Paribas Investment Partners in 2006 and is ultimately fully owned by BNP Paribas group 3, one of the world s largest financial institutions, providing us with the global resources needed for strong capabilities. Dedicated to fixed income asset management since clients in 35 countries USD 6.5 billion 4 in emerging markets fixed income Strong local footprint in emerging markets Risk management integrated throughout our investment process Source: FFTW, as of December 31, 2012 unless otherwise specified. 1 Source: BNP Paribas Investment Partners as of December 31, Source: Fitch Ratings as of October (scope for BNPP IP includes BNPP AM, FundQuest and FFTW) 3 Source: Standard & Poor s, October Source: FFTW as of December 31, AUM data includes approximately US$13 billion in advisory assets.

3 Fixed Income Capabilities I 3 The substantial presence of BNP Paribas Investment Partners teams in emerging market countries provides instant access to local market intelligence. BNPP IP EMERGING MARKET INVESTMENT CENTERS ASIA PACIFIC India Indonesia China Hong Kong Singapore Korea Indonesia Malaysia India AMERICAS Brasil Argentina United States Brazil Argentina Chile EERMEAT BNP Paribas Investment Partners Centers Morocco Turkey Russia France United Kingdom

4 Fixed Income Capabilities I 4 Investing in emerging markets fixed income... Promising investment opportunities in emerging markets fixed income Twenty years of structural and political reforms have engendered a sustained growth path for emerging economies. Having learned from past crises, emerging market countries have built up foreign exchange reserves, developed domestic bond markets, targeted inflation and adopted credible fiscal discipline and inflation-targeting policies. As a result, the debt-to-gdp ratios of today s emerging economies are much lower than in the developed world. According to the International Monetary Fund (IMF), gross-debt-to-gdp ratios will rise further in many advanced economies, with a particularly steep increase in the G7 economies, to about 130% by In a striking contrast, many emerging and developing economies will see a decline in debt-to-gdp ratios, with the overall ratio for the group dropping to below 30% by Emerging market countries are thus well positioned to enjoy relatively strong growth and an improving risk profile. This offers potential for investors to benefit over the long term as it would mean rating improvements, spread compression, relative stability of interest rates and potential for currency appreciation. At BNP Paribas Investment Partners (BNPP IP), we firmly believe that emerging markets fixed income has become a mainstream asset class that offers investors a powerful tool to improve portfolio diversification and enhance long-term returns. An expanding asset class, due to the continuous development of local debt markets With a significant proportion of emerging markets reaching investment grade, and as savings shift into the emerging world, there has been a structural increase in the demand for emerging market bonds from both local and international investors. The emerging markets debt asset class has been expanding over the past decade, experiencing record inflows despite periods of market volatility (USD 176 billion from institutional investors in the last three years 6 ). Despite this tremendous growth, relative emerging market debt levels have remained very stable, underlining that the asset class expansion has been mainly linked to market development rather than to increasing leverage (debt/gdp ratio for emerging market economies was 34.4% in 2012 vs 48.6% in ). Local debt markets are at the heart of the growth of the asset class, replacing other sources of government financing. Emerging markets debt asset class size : USD 11.9 trillion 2002: USD 3.1 trillion 1994: USD 1 trillion 5 Source: International Monetary Fund, World Economic Outlook 2012, April Source: JP Morgan, as of October Source: International Monetary Fund, as of October Source: BNPP IP, Bank of International Settlements, June 2012

5 Fixed Income Capabilities I 5... with BNP Paribas Investment Partners A dedicated Fixed Income Team BNPP IP has a strong commitment towards emerging markets fixed income. Through FFTW, our global fixed income manager, we manage USD 6.5 billion 9 in emerging markets fixed income across our funds and mandates for both institutional and retail investors. We offer: A highly experienced team Eleven portfolio managers and two trader/portfolio managers with extensive experience dedicated to managing a range of emerging markets fixed income strategies. Our global team is based in London, Boston and Singapore. Autonomy of the investment team Our emerging markets fixed income team operates within the boutique-like structure of FFTW, with full automony to make investment decisions. At the same time, being part of BNPP IP, it benefits from the operational, legal and sales support of a large global asset manager. Our strong local footprint The substantial presence of BNPP IP teams in emerging market countries provides immediate access to local market intelligence. We enjoy privileged relationships with BNP Paribas Investment Partners local investment teams as well as our joint ventures set up in key emerging market countries such as Russia, Indonesia and Turkey. Through this network of teams and Partners, we benefit from various reliable sources with open lines of communication, facilitating our access to local market intelligence and enhancing our reactivity to market events. A robust investment process Our process combines bottom-up qualitative analysis based on proprietary fundamental research with support from advanced quantitative tools. We apply a fundamental approach that considers economic and financial data alongside on-the-ground research and relationships with local contacts. It is through the qualitative interpretation of research that we can uncover relative and valuable opportunities. Specialization enhances security selection Portfolio managers are assigned specific responsibilities according to their specializations. Those with regional responsibilities are tasked with the generation of alpha across rates, curve, currencies and credit. This fosters strong conviction and position ownership. Team meetings are designed to provide a forum to refine views through active debate and challenging others positions. Strong risk management Risk control is an integral part of our process; we aim to provide returns with adequate control of risk at every level of management. Monitoring and risk control is a daily activity. 9 Source: FFTW as of December 31, Local funds not included

6 Fixed Income Capabilities I 6 An extensive product offering designed to meet different investors needs Single alpha strategies: we manage three different funds focused on the major and most liquid segments of Emerging Markets Debt: hard currency sovereign bonds; local currency sovereign bonds; and hard currency corporate bonds. Our pure strategy offering provides investors with more flexibility on their asset allocation decisions. Best selection: high-conviction total return strategy consisting of the best picks of the three alpha strategies and special situations. Advanced strategy: an innovative global strategy focused on high quality emerging market bonds rated investment grade only. Regional strategies: we manage two funds with a regional focus, for investors seeking exposure to liquid fixed income alpha strategies in either Asia ex-japan or Emerging Europe. Strategy Hard Currency Bonds Local Currency Bonds Emerging Market Bonds Best Selection Investment universe Mainly global hard currency sovereign bonds Sovereign bonds denominated in local currencies Sovereign bonds denominated in hard & local currencies and corporate bonds Geographical scope Global Global Global Sources of alpha Carry and sovereign spreads Local interest rates, yield curve positioning, inflation and currencies High conviction approach to all alpha strategies Benchmark JP Morgan EMBI Global Diversified Composite USD (RI) JP Morgan GBI EM Global Diversified USD (RI) JP Morgan EMBI Global Composite (USD) (RI) Performance objective 200bp gross excess* 200bp gross excess* Total Return Typical portfolio holdings Investment horizon 8 years 8 years 8 years Base currency USD USD USD Inception date 18/09/ /5/ /12/2008 Investors should ensure that they are fully informed about the sub-funds, classes and sub-classes of shares that are authorized to be marketed in their country of residence and the constraints applicable in each of these countries The funds may be exposed, among others, to the following risks: capital Loss, rate, credit, counterparty. For a complete description and definitions, please consult the latest available prospectus and KIID of the funds. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay.

7 Fixed Income Capabilities I 7 European Bonds Asia ex-japan Bonds Corporate Bonds Advanced Emerging Market Bonds Sovereign bonds and corporate bonds denominated in both local and external currencies Mainly corporate bonds in hard currency and sovereign local bonds Mainly corporate bonds and quasisovereign bonds in hard currencies Investment grade: sovereign bonds denominated in hard & local currencies and corporate bonds Eastern Europe Asia Global Global Credit spreads, interest rates, yield curve positioning and currencies Credit spreads, interest rates, yield curve positioning and currencies Carry and corporate spreads Spreads, interest rates and currencies 50% JPM Euro EMBI Global Diversified Europe (RI) + 50% JPM GBI-EM Global Diversified Europe (EUR) (RI) HSBC US Dollar Asia Bond Index (USD) (RI) JP Morgan CEMBI Broad Diversified USD (RI) 50% GBI-EM Global Div + 50% EMBI Global Diversified Investment Grade (USD) (RI) 200bp gross excess* information ratio 200bp gross excess* 150bp gross excess** years 8 years 8 years 8 years EUR USD USD USD 01/06/ /12/ /01/ /09/2010 * 150bp net of fees, Classic shares. There is no guarantee that the performance objective will be achieved. ** 60bp net of fees, Classic shares. There is no guarantee that the performance objective will be achieved.

8 York Park Avenue, 11th Floor York, NY don ldermanbury Square don EC2V 7BP New York Park Avenue, 11th Floor York, NY don Disclosure ldermanbury Square don EC2V This 7BP material is issued and has been prepared by Fischer Francis Trees & Watts, Inc. ( FFTW )* a member of BNP Paribas Investment Partners (BNPP IP)** This document is provided for your reference on a private and confidential basis to discuss an existing or potential advisory relationship. You are invited to meet with FFTW to discuss any of the information provided herein or otherwise, including any and all terms (including fees) that may apply to the relationship. Opinions expressed are current as of the date appearing in this document only. This document is confidential and may not be reproduced or redistributed, in any form and by any means, without FFTW s prior written consent. This document is not to be construed as an offer to buy or sell any financial instrument. It is presented only to provide information on investment strategies and current financial market trends. The analyses and opinions contained in this document are those of FFTW, and are based upon information obtained by FFTW from sources which are believed to be reliable. FFTW provides no assurance as to the completeness or accuracy of the information contained in this document. Statements concerning financial market trends are based on current market conditions, which will fluctuate. Investment strategies which utilize foreign exchange may entail increased risk due to political and economic uncertainties. The views expressed in this document may change at any time. Information is provided as of the date indicated and FFTW assumes no duty to update such information. There is no guarantee, either express or implied, that these investment strategies work under all market conditions. Readers should independently evaluate the information presented and reliance upon such information is at their sole discretion. No warranty is provided as to the performance or profitability of any portfolio or any part thereof, nor is any guarantee made that the investment objectives, expectations or targets described in this presentation or anywhere else will be achieved, including without limitation any risk control, risk management or return objectives, expectations or targets. A portfolio may suffer loss of principal, and income, if any, may fluctuate. The value of investments may be affected by a variety of factors, including, but not limited to, economic and political developments, interest rates and issuer-specific events, market conditions, sector positioning, and other factors. Performance results presented reflect the reinvestment of earnings. Past performance is not indicative of future results. The value of investments and the income derived from those investments may fluctuate over time such that the value of a portfolio at any given point in time may be more or less than its original value. The risk management process described herein includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk. *Fischer Francis Trees & Watts, Inc. is registered with the US Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. ** BNP Paribas Investment Partners is the global brand name of the BNP Paribas group s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are specified for information only and do not necessarily carry on business in your jurisdiction. For further information, please contact your locally licensed Investment Partner. New York 200 Park Avenue 11th Floor New York, NY Tel. (212) Boston 75 State Street 6th Floor Boston, MA Tel: (617) Chicago 155 North Wacker Drive Suite 4450 Chicago, IL Tel: (312)

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