Rep52, Computed & Prted: 17/06/2015 11:53 Report 52 Fxed Maturty EUR Idustral Bod Fuds From Dec 2008 to Dec 2014 31/12/2008 31 December 1999 31/12/2014 Bechmark Noe Defto of the frm ad geeral formato: Please cosult pages 4 ad 5 Composte Specfc Iformato Start date Ths composte was created o October 31, 2008 Ivestmet category ad bechmark descrpto Ths composte vests govermet paper Euro wth a maturty of maxmum 12 moths. The strategy of portfolos cluded ths composte s ot determed by referece to a bechmark. Ivestmet strategy ad rsk profle: By vestg short term govermet paper, the objectve of the fud s to provde vestors wth postve returs, mmum volatlty ad mmum rsk. Maagemet Fees Maxmum maagemet fees relatg to these madates are: 0.75%. Lower fees may apply depedg o the sze of the vestmet ad other factors. Cotact Detaled formato o the polces, gudeles ad performaces of the portfolos the compostes s avalable upo request, as s a complete lst ad descrpto of all compostes. Polces for valug portfolo's, calculatg performace ad preparg complat presetatos are avalable upo request. Parter Head of Isttutoal Sales & Marketg
Rep52, Computed & Prted: 17/06/2015 11:53 Report 52 Fxed Maturty EUR Idustral Bod Fuds From Dec 2008 to Dec 2014 31/12/2008 31 December 1999 31/12/2014 Bechmark Noe A. Performaces Total Retur % Sce 2008 +5.73% Sce 2009 +4.02% Sce 2010 +3.81% Sce 2011 +4.08% Sce 2012 +3.34% Sce 2013 +4.49% Performaces by Caledar Year Total Retur % No of PF > 5mm 31/12 M Aual Retur Max Aual Retur Total Assets, Ed '000 Percetage of Frm's Assets Total Frm Assets '000 2014 +4.49% < 5 NA NA 18,935 +0.20% 9,365,369 2013 +2.20% < 5 NA NA 28,323 +0.31% 9,067,362 2012 +5.59% < 5 NA NA 90,651 +1.02% 8,901,814 2011 +3.00% < 5 NA NA 72,091 +0.88% 8,229,188 2010 +4.88% 7 +3.61% +6.71% 137,760 +1.47% 9,387,177 2009 +14.69% 7 NA NA 243,057 +2.53% 9,625,632 Stadard Dev Statstcal Aalyss Sharpe Rato Composte Composte Sce 2008 +2.32% 2.25 Sce 2009 +1.92% 1.86 Sce 2010 +1.94% 1.74 Sce 2011 +2.01% 1.92 Sce 2012 +2.14% 1.47 Sce 2013 +0.91% 4.67 Parter Head of Isttutoal Sales & Marketg
Rep52, Computed & Prted: 17/06/2015 11:53 Report 52 Fxed Maturty EUR Idustral Bod Fuds From Dec 2008 to Dec 2014 31/12/2008 31 December 1999 31/12/2014 Cumulatve Performace (Composte 39.69%) 139.69 35 Composte 150 140 130 120 110 100 90 Dec 08 Ju 09 Dec 09 Ju 10 Dec 10 Ju 11 Dec 11 Ju 12 Dec 12 Ju 13 Dec 13 Ju 14 Dec 14 Rsk Retur Graph 7.00% 6.00% Composte 5.00% Aualsed Retur 4.00% 3.00% 2.00% 1.00% 0.00% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% Stadard Devato Parter Head of Isttutoal Sales & Marketg
Comp 0, Computed & Prted: 17/06/2015 11:53 GIPS Reports Iformato relatg to all Compostes 1. Defto of the Frm The GIPS frm Petercam Isttutoal Asset Maagemet (IAM) s defed as the busess le of Petercam IAM S.A. resposble for the dscretoary maagemet of sttutoal madates ad vestmet fuds. The GIPS frm was created o 31/12/1997. Ths composte report s part of the collecto of composte reports of the Global Ivestmet Performace Stadards (GIPS) complat frm Petercam Isttutoal Asset Maagemet. Petercam clams complace wth the Global Ivestmet Performace Stadards (GIPS ) ad has prepared ad preseted ths report complace wth the GIPS stadards. Petercam has bee depedetly verfed for the perods 31/12/1997 to 31/12/2014. The verfcato reports are avalable upo request. Verfcato assesses whether (1) the frm has compled wth all the composte costructo requremets of the GIPS stadards o a frm wde bass ad (2) the frm s polces ad procedures are desged to calculate ad preset performace complace wth the GIPS stadards. Verfcato does ot esure the accuracy of ay specfc composte presetato. As of 31/12/2014, the frm Petercam IAM had 43 compostes umbered 1 through 69 (26 compostes havg bee dscotued). The compostes regroup vestmet fuds ad sttutoal maagemet madates wth comparable objectves ad vestmet processes. The portfolos are attrbuted to compostes o the bass of vestmet category ad bechmark, as well as o the bass of vestmet strategy ad rsk profle. These crtera for attrbutg portfolos to compostes are lsted detal o each composte factsheet. 2. FIRM rules Portfolos of less tha 5 mllo EUR assets uder maagemet, do ot cotrbute to the performace calculato of the composte to whch they belog, based o the vestmet process. There s a sx moth perod appled, before portfolos are removed from or etered to the composte. Ths rule does ot apply to cash flows or outflows excess of EUR 1 mllo. Petercam IAM uses dervatve strumets the maagemet of ts log oly vestmet portfolos, but ever takes ay leverage wth these strumets. Some portfolos are maaged agast specfc bechmarks, whle others are compared to performace dcators or maaged by referece to specfc performace or rsk related crtera. A performace dcator s a dex or combato of dces selected to closely match the vestmet uverse of the portfolo but agast whch t s ot specfcally maaged. Some bechmarked portfolos ca, depedg o the composte, vest sgfcatly assets whch are ot part of the bechmark uverse. Tax treatmet s appled accordg to tax laws ad accordg portfolo s legal status. 3a. Calculato Methodology Petercam IAM uses trade date accoutg. Performace s reported ether EUR or USD. For those compostes reportg EUR, 1998 umbers have bee coverted to EUR from BEF at the rate of 40.3399 BEF/EUR. The Rsk Free rate for those compostes reported EUR s determed as the 1 moth EURIBOR ad for those reportg USD, the JP Morga 1 moth USD cash retur dex. Utl December 31st, 2011 returs of all sttutoal madates were preseted et of fees, amely actual custody fees, maagemet commssos ad trasacto costs. There are o performace based fees. For the mutual fuds, ad sttutoal madates from Jauary 1st, 2012, the returs are preseted gross by addg back custody fees, maagemet commssos, taxes ad other admstrato costs (except for the part of the sttutoal madates vested mutual fuds). Portfolos whch do ot pay ay fees, are excluded. Bechmark returs are calculated et of wthholdg taxes. Maagemet of sttutoal madates vestg Petercam fuds, have ot bee elmated from dvdual composte reports, provded there s a asset allocato maagemet at the level of the madate. Isttutoal madates vestg exclusvely oe mutual fud are excluded ad ot added to the composte assets uder maagemet, so that double coutg s excluded. Total frm assets are adjusted to elmate all levels of double coutg of assets Petercam mutual fuds. The umber of portfolos a composte represets the actual umber cluded the composte as of December 31st of the respectve year, or at the ed of the last moth for whch the composte was actve that year. As a measure of the dsperso of the portfolo returs wth the composte, the maxmum ad mmum dvdual portfolo returs are show provded that there were more tha 5 portfolos each of whch was greater tha 5mm EUR durg the whole perod. Parter Head of Isttutoal Sales & Marketg
Comp 0, Computed & Prted: 17/06/2015 11:53 3b. Chages to accoutg polcy 2008 Utl 31/12/2007 total reported assets uder maagemet cluded the total of balaced madates where both drect les ad Petercam vestmet fuds were cluded the portfolo. I 2008, adjustmet s made to elmate the share of the vestmet fuds these balaced madates from the total. The mpact of ths adjustmet was to reduce the reported total of assets uder maagemet by 10.5%. Pror years have ot bee adjusted. Utl 31/12/2007 aualsed composte excess returs versus bechmarks were computed by aggregatg mothly excess returs. From 01/01/2008 composte excess returs versus bechmarks are computed by deductg bechmark returs for the whole perod from the equvalet composte retur, both aualsed. Ths chage has bee appled retro actvely; the dffereces are ot materal 3c. Chages to calculato methodology as from 01/01/2013 It was decded to chage the rsk free rate from 1 moth EURIBOR mus 5 bass pots to 1 moth EURIBOR for the compostes reportg EUR because 1 moth EURIBOR mus 5 bass pots does ot have a ecoomc justfcato. The chage s appled as from 01/01/2013. Ths documet s for formato purposes oly ad does ot form part of a offer or solctato for equtes, bods or vestmet fuds, or a vtato to buy or sell the products or strumets referred to here. Preset documet s teded for professoal vestors oly ad may ot be duplcated, whole or part, or dstrbuted to other persos wthout pror wrtte coset of Petercam. Defto of Statstcal Parameters Leged: z z y y z e y e ze ye XS cash XS BM XS T.V. I.R. Mothly = Number of moths = Total umber of moths = Mothly composte retur of moth = The average of the mothly composte returs = Mothly bechmark retur of moth = The average of the mothly bechmark returs = The mothly excess composte returs above cash = The mothly excess bechmark returs above cash = Stadard devato of mothly composte returs = Stadard devato of mothly bechmark returs = Aualzed Total Excess Retur (above cash) = Aualzed Total Excess Retur (above bechmark) = z y = Aualzed Trackg Error = Iformato Rato = Beta = Alpha = The correlato coeffcet Parter Head of Isttutoal Sales & Marketg
Comp 0, Computed & Prted: 17/06/2015 11:53 Total Retur %: Geometrcally lked (ormal) mothly composte returs Total Retur% (1 1 z ) 1 Aualzed Total Retur %: Total Retur% aualzed 1Total Retur% 12/ 1 Bechmark Retur %: Geometrcally lked (ormal) mothly bechmark returs Bechmark Retur% (1 1 y ) 1 Aualzed Bechmark Retur %: Bechmark Retur% aualzedl 1 BechmarkRetur% 12/ 1 Aualzed Excess Composte Retur (vs bechmark): XS Retur aualzed 1 1 (1 z ) 1 (1 y ) 12/ 1 Max Aual Retur: The aual retur of the best performg portfolo the composte durg that year M Aual Retur: The aual retur of the least performg portfolo the composte durg that year Percetage of Frm s Assets: The total assets of the composte as a percetage of the total frm assets Stadard Devato: The stadard devato s a measure of rsk. It measures the varablty of the retur from ts average. It s defed as the square root of the varace, whch tur s defed as the expected value of the squared devatos from the mea. 1 z z 2 Aualzed Stadard Devato: aualzed mothly * 12 Aualzed ex post Trackg Error: The stadard devato of the excess retur. Smlarly to the calculato of the stadard devato, mothly umbers are used to produce a aualzed ex post trackg error. The trackg error s a good measure of the rsk take by the maager maagg the portfolo. T. V. XS * mothly 12 Parter Head of Isttutoal Sales & Marketg
Comp 0, Computed & Prted: 17/06/2015 11:53 Sharpe Rato: The reward to volatlty rato. It s a rsk adjusted performace measure whch evaluates the rsk retur relatoshp. It dcates the excess retur over the rsk free rate Sharpe XS Cash z e Iformato Rato = the average aual excess retur, dvded by the aualzed trackg error (see above). It provdes a accurate measure of how well the vestor has bee rewarded per ut of rsk take by the maager versus the bechmark. I. R. XSBM T. V. Alpha (or Itercept) represets the rsk adjusted excess performace of a fud relato to ts bechmark. I a regresso aalyss whch determes the relatoshp betwee the composte returs ad the bechmark returs, the alpha s the pot where the regresso le cuts the Y axs (tercept). t ercept( z e, y e ) Aualzed Alpha: *12 aualzed Beta (or Slope) represets a relatve measure of the sestvty of a vestmet retur to chages a bechmark retur. It s the tedecy of the composte returs to respod to swgs the market. The Beta of a fud s the amout t moves whe the bechmark moves by oe ut. I a regresso aalyss whch determes the relatoshp betwee the composte returs ad the bechmark returs, the beta s the slope of the regresso le. Slope( z e, ye) R squared = The square of the correlato betwee aualzed retur of the composte ad the aualzed retur of the bechmark. It ca be terpreted as the proporto of the composte retur attrbutable to the bechmark retur. R 2 ( z e, ye) 2 Durato = The average of the tmes of each cashflow, weghted by the preset values of those cashflows D = (PVCFt x T) / PVCFt Cotact Detaled formato o the polces, gudeles ad performaces of the portfolos the compostes s avalable upo request, as s a complete lst ad descrpto of all compostes. Polces for valug portfolo's, calculatg performace, ad preparg complat presetatos are avalable upo request. Parter Head of Isttutoal Sales & Marketg