Oddo european mid and small cap funds

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Oddo Avenir EuropeOddo Avenir Euro

16-18 November 2011

BERLIN

Morningstar®

Morningstar®

November 2011Pascal Riegis, Analyst portfolio managerGrégory Deschamps, Analyst portfolio managerSébastien Maillard, Analyst portfolio managerFrédéric Doussard, Analyst portfolio manager

European Mid and Small Cap fundsMorningstar®

Morningstar®Oddo Avenir EuropeOddo Avenir Euro

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Mid Cap equities by Oddo AM

«

Investing in tomorrow’s best companies

»

Oddo AM: a recognized know-how in Mid Caps with a 19-year track record for Oddo Avenir and a 12-year track record for Oddo Avenir Europe

A stable management team with high team spirit, in charge of the funds for 8 years

Over €2,572m assets under management

3 open-ended funds (AuM: €1,681m): Oddo Avenir Europe (Pan-Europe), Oddo Avenir Euro (Euro zone), Oddo Avenir (70% French equities)

Dedicated funds and mandates (€891m of AuM)

All three funds are exposed to a certain number of risks, in particular the risk of loss of capital and the equity risk. All risks are detailed on slides 44 and 45

One of the longest track record in the European market

A sound offer

Source: Oddo AM. Data as of 10/31/2011

Risks

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1

6

Philosophy 5

People 7

Process 9

Products 33

Performance 36

Appendices 47

4

5

Contents

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3

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Focus on value creators, delivering high Return on Capital Employed1. Philosophy

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Mid Cap: already structured companies with billion euros market capitalisations

Value creators on the whole cycle: self-financing growth, preserved profitability and self-financing even in recession times, whatever the sector

European companies with an international development: tomorrow’s global leaders, capturing growth where it is

Looking for a Risk/Return optimisation, with a risk of loss of capital: avoid individual appreciation bias, avoid mistakes and if any limit capital loss risk

No style bias, no macroeconomic bets: but a structural underweighting of non-value creator sectors and/or purely domestic businesses versus a structural overweighting on sectors with numerous attractive investment opportunities

One team: a stable management team with high team spirit, in charge of the funds for 8 years.One mission: our client capital growth over the long term

One investment philosophy, one investment process, one mission

«

Investing in tomorrow’s best companies

»

Opinions expressed in this document correspond to our market anticipations at the time of publication of this document. They may

change with market conditions and may not commit contractual responsibility of Oddo AM in any case

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A stable and united committed team2. People

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A stable and united team, collective investment decisions, shared values

An experienced team in charge of the funds since July 2003

Investment experienceRole

Grégory Deschamps

Frédéric Doussard

Sébastien Maillard

Pascal Riégis

Maryse Sauvageot

19 years

12 years

8 years

24 years

27 years

Analyst-portfolio manager



Assistant manager


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Picking value creators offering an attractive risk/return profile on the mid and long term, while controlling liquidity and volatility, with a risk of

loss of capital

3. Process



Quantitative filter

Fundamental analysis

Valuation

Portfolio construction and management

Risk management by the management team

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Bottom-up investment process

A rigorous four steps investment process

Universe of European Small andMid Cap stocks. €150m to €10bn

Around 3,000 stocks

Investment rules and risk management

Around 40 lines*

Valuation of companies with positive fundamental opinion

Risk/Reward profile

Qualitative analysis of the investable universe

Around 300 stocks

Discounted Cash Flow methodbased on two different scenario:

- Best case scenario

-

Worst case scenario

Peer comparison method (PER, EV / EBITDA ...)

Concentrated portfolio composed of managers’ strongest convictions

- Around 40 lines*- Average holding period 3 years*-Market capitalizations in €bn*- No macro bets (Cyclical / Non cyclical balance)*- Controlled volatility and liquidity by the management team- No style bias

1. Quantitative filter 2. Fundamental analysis 3. Valuation

4. Portfolio construction and management

Investment universe screened:

-High Return On Capital Employed

-

Positive and enduring Free CashFlows to finance organicor small bolt-on acquisition or acquisition-led expansionover the long term

-

European companies with an international development

Fundamental research:

-

Company’s financial performance

- Consistency of strategy

- Competitive edge

- Management’s quality

- Sell-side research

-

Regular visits to the companies

*Observation over the past 8 years

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Quantitative filter


Valuation



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Value creators

The right fuel to finance growth

Construction: Lafarge vs Sika (total return, EUR)

Source: Datastream. Data as of 09/30/2011

The examples of Lafarge and Sika

are not investment recommendationsPast performance is not a reliable indication of future returns and is not constant over time

Stoxx 600 + 279.8%

Lafarge + 39.0%

Sika + 1137.6%

0

200

400

600

800

1000

1200

1400

1600

1800

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

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Compared ROE between Oddo Avenir Europe and Stoxx 600 (for information)

Value creators on the whole cycle

Past performance is not a reliable indication of future returns and is not constant over timeSources: Oddo AM, Oddo Securities base Factset. Data as of 07/07/2011

The HSBC Smaller Europe + UK figures are not available. That is why we present the Stoxx

600 figures

Oddo Avenir Europe Stoxx

600

19.8%

14.5%

18.3%

16.3%

9.2%

12.9%

0%

5%

10%

15%

20%

25%

2007 2009 2011e

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* Free Cash Flow Yield = Free Cash Flow per Share

/ Current

Market

Price per Share

Return On Capital Employed and free cash flow yield* of Oddo Avenir Europe main holdings

Source: Oddo AM. Data as of 10/07/2011Past performance is not a reliable indication of future returns and is not constant over time

12%

Aryzta

Biomérieux

Brenntag

Michelin

SKF

Infineon

FaivelayIpsos

IngenicoAmadeus

Dassault Systèmes

DSM

Fresenius

Imtech

Rolls RoyceSafran

Rexel

Sodexo

BicMoyenne

0%

2%

4%

6%

8%

10%

12%

Free

Cas

h Fl

ow Y

ield

* 201

1e

ROCE post tax 2011e

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European companies with international development

Origin

country

America

Rest

of the world

Rest

of Europe

25%

30%

25%

20%

75% of their

activity

outside

of their

origin

country

% of turnover

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Quantitative filter


Valuation



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“Identify tomorrow’s best companies”

Mid Cap

A solid and tested management

Solid growth perspectives

International development


Already structured companies, with leadership position on their market, billion euros market capitalisations

Companies able to preserve fair profitability and to finance their own long term development even in recession times

Tomorrow’s global leaders, capturing growth where it is

Companies built on a strong and understandable business model, offering organic development perspectives, with small acquisitions at a good price

Performing companies, pure players in one business line and with

strong management teams

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DSM: a top leader in nutrition at

the price

of a traditional

chemical

company

Mid Cap





Market

capitalization: €6.2bn

Refocusing

done

concerning

activities

with

solid

ROCE by the end of 2010

DSM generates

by now

61% of its

EBITDA thanks

to nutrition (vitamins, infantile nutrition, enzymes…), which

is

a growing

sector, very

profitable, and not that

cyclical

DSM is

the worldwide

leader in vitamins

(30% of market

shares)

All in all, 37% of the turnover is

generated

in emerging

countries

Nutrition: the group takes

advantage

of the expansion of food-processing

industry

and intensive cattle

breeding, which

favors

the use of high

quality

vitamins.

Performing

chemistry: DSM benefits

from

metal

substitution by resisting

plastics in order

to limit

energy

consumption

Feike

Sijbesma

joined

DSM in 1998, CEO since

2007, member

of the board

since

2000

Rolf-Dieter Schwalb

joined

DSM in 2006, CFO and member

of the board

since

2006

3 new companies

in the Top 10

The example of DSM is not an investment recommendationSource: Oddo AM. October 2011

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Brenntag: a chemicals distribution worldwide leader on a market that is likely to consolidate3 new companies

in the Top 10

Mid CapMarket


Strong resistance of the activity in 2009 thanks to the fragmentation of the suppliers and the customers

Brenntag

brings an added value on products with low volumes: availability of products, optimization of the logistic costs

Brenntag

is the worldwide leader on its market with a 7 % market share. The company realizes half of its activity in Europe and a third in North America

Benefits

from

the growing trend of distribution outsourcing by chemical producers

Strongly value-creating strategy of local companies acquisitions

Stephen Clark joined Brenntag

in 1981, CEO since 2010, member of the board since 1993Jurgen

Buchsteiner

joined Brenntag

in 2000, CFO and member of the board since 2010

The example of Brenntag

is not an investment recommendationSource: Oddo AM. October 2011





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Amadeus: technological partner of the travel industry

Mid Cap Market


Rise in net earnings in 2008 and 2009 in spite of the air transport struggle

Over the past 10 years, Amadeus strengthened its position by becoming the world’s first GDS and holds a 37 % market share today

Excellent visibility over the next years thanks to the contracts

duration (10-15 years) and to the airline companies remaining to migrate on Amadeus's system

Services extension offered to travel agencies

Development of softwares

for airline companies: management of passengers and freight bookings, yield management, fuel management, flights schedule, …

Luis Maroto, joined

Amadeus in 2000, CEO since

2011

Ana de Pro, joined

Amadeus in 2010, CFO since

2010

The example of Amadeus is not an investment recommendationSource: Oddo AM. October 2011





3 new companies

in the Top 10

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Quantitative filter


Valuation



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0

20

40

60

80

100

120

140

160

Pric

e (€

)

Investment decision 60€

Best Case Scenario + 40%

Worst Case Scenario - 20%

Risk/return optimisation

Valuation through in-house DCF models: “best case” scenario versus “worst case”scenario, with a risk of loss of capital

Optimization of risk / return profile according to market conditions

A strict buy and sell discipline:–

Buy discipline : only stocks in which the management team has strong fundamental convictions and with an attractive growth potential / downside risk profile are integrated in the

portfolio.

–

Sell discipline : collegial decisions to sell or replace a stock when the target price is reached, when a new class of assets offers a better risk / return profile or when deterioration in the company fundamentals is detected.

One goal : a controlled volatility over time

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Quantitative filter


Valuation



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Oddo Avenir Europe Oddo Avenir Euro

No style bias, no macroeconomic bets

But strong disparities between sectors


Industrials 32%

Technology 16%

Cash 9%

Basic materials12%

Healthcare11%

Consumer goods11%

Oil & gas 2%Consumer services

7%Industrials 31%

Technology 16%

Basic materials13%

Healthcare 12%

Consumer goods9%

Oil & gas 2%

Cash 9%

Consumer services9%

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Top 10 holdings


European companies with an international development, leadership

positions, profitable and performing over the long term

Main holdings Weight in the portfolio

Top 10 holdings

Main holdings Weight in the portfolio

Top 10 holdings 46.7%


48.3%


change with market conditions and may not commit contractual responsibility of Oddo AM in any case.

These companies are not investment recommendations.

Biomérieux

Rolls-Royce

Dsm

Amadeus

Skf

Sodexo

Imtech

Fresenius

Brenntag

Aryzta

4.4%

4.3%

4.0%

3.4%

5.9%

5.9%

4.9%

5.7%

5.5%

4.3%

Imtech

Brenntag

Sodexo

Rolls-Royce

Biomérieux

Amadeus

Michelin

Fresenius

Safran

Dsm

4.2%

5.5%

3.6%

3.7%

3.6%

5.6%

4.7%

5.6%

4.6%

5.6%

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Quantitative filter


Valuation


Risk management by the management team : example of Oddo Avenir Europe

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Portfolio liquidity of Oddo Avenir

Europe

Simulation : 1/3 of volume based on the 6 months average volume

Liquidity of Oddo Avenir Europe


30% in one day, 72% in five days

30%

72%86%

1 day 5 days 10 days

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Never more than 6% of the AuM on one single position (observation over the past 8 years)

Oddo AM internal rule: never more than 5% of the capital of a company (for all funds managed by Oddo AM)

Weighted average market capitalisation (in €m)

Market capitalisations between €1000m and €5000m(% of NAV)

Market capitalisations > €5000m(% of NAV)

Market capitalisations < €1000m(% of NAV)


Mid Cap: weighted average market cap above €5Bn


One goal: a controlled

level

of liquidity

8% 11%

5,581 5,076

39% 40%

44% 39%

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Compared volatility

Lower volatility than the benchmark universe

Oddo Avenir Europe HSBC Smaller

Europe + UK (net total return) Stoxx

50 (net total return) for information

Past performance is not a reliable indication of future returns and is not constant over timeSource: Oddo AM. Data as of 10/28/2011

5%

7%

9%

11%

13%

15%

17%

19%

21%

23%

25%

1 year 3 years

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Oddo Avenir Europe: only 25% invested in companies having a Beta > 1

Lower volatility than the market

Past performance is not a reliable indication of future returns and is not constant over timeSource: Oddo AM. Data as of 10/07/2011

Price Earning Ratio (PER) = current stock price / earnings per share : in general, a high

PER suggests

that

investors

are expecting

higher

earnings

growth

in the future compared

to companies

with

a lower

PER..

Beta : the β

of an asset

indicates

its

financial

risk

compared

to the market. Example: an asset

with

a beta of 0.5. If the market

falls

by 10%, the asset

will

fall

by 0.5 x 10% = 5%. Conversely, if the market

rises

by 10%, the asset

will

gain 5%.

PER 2011 (e)

Bet

a

PER > 15 : 8% of portfolioBeta > 1 :

25% of portfolio

Average of the portfolio

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

5 10 15 20 25 30

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Past performance is not a reliable indication of future returns and is not constant over timeSources: Oddo AM, Oddo Securities base Factset

as of 07/07/2011

Return on equity compared between Oddo Avenir Europe and Stoxx 600 (for information)

Investments in value creators throughout the economic cycle


600 figures

Oddo Avenir Europe Stoxx

600

19.8%

14.5%

18.3%

16.3%

9.2%

12.9%

0%

5%

10%

15%

20%

25%

2007 2009 2011e

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Strong

balance sheets

Companies benefiting from a significant competitive advantage rely less on debt

2011e Debt Ratio of companies within the portfolio or the index

Sources: Oddo AM, Factset

as of 07/07/2011


600 figures

Stoxx

600 ex Financials(for information.)

Stoxx

600 ex Financials, Telecom, Utilities (for information.) Oddo Avenir Europe

40%

29%

18%

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3 funds with consistent performance over the long term4. Products

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Funds details

3 funds based on a common investment process and management team


Geographical coverage

NAV at 10/31/11

Benchmark index

Europe Euro zone

HSBC Smaller

Europe + UK HSBC Smaller

Euroland

Sources: Oddo AM, ©

2011 Morningstar, Europerformance-Edhec, Citywire. Data as of 10/31/2011

€1,005m €161m

Citywire ratings (as of 08/31/2011) of the management team’s 3 year risk-adjusted performance

h

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Geographic breakdowns



Germany 28%

France 18%

Netherlands14%

Switzerland12%

Sweden6%

United Kingdom6%

Cash 9%

Austria 1%

Spain6%

Germany 33%

France 27%

Spain6%

Netherlands15%

Switzerland 3%

Austria 1%Ireland 1%

Italy 1%

United Kingdom4%

Cash 9%

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1 3 funds delivering alpha over the long term

5. Performance

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Oddo Avenir

Europe, performing since inception

Oddo Avenir Europe since inception (05/25/99)

Oddo Avenir Europe + 143.8%

Benchmark index : HSBC Smaller Europe + UK (net total return) + 80.7%

Stoxx 50 (for information) (net total return) - 10.0%


A continuous value creation

0

50

100

150

200

250

300

may-99 may-00 may-01 may-02 may-03 may-04 may-05 may-06 may-07 may-08 may-09 may-10 may-11

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Oddo Avenir Europe, performing since 01/01/04 (portfolio management take-over by the management team)A continuous value creation

Oddo Avenir Europe since 01/01/04



Benchmark index: HSBC Smaller Europe + UK (net total return) + 75.5%

Stoxx 50 (for information) (net total return) + 11.8%

40

60

80

100

120

140

160

180

200

220

240

260

280

jan.-04

july-04

jan.-05

july-05

jan.-06

july-06

jan.-07

july-07

jan.-08

july-08

jan.-09

july-09

jan.-10

july-10

jan.-11

july-11

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A continuous value creation: why invest in European equities

Oddo Avenir Europe since 01/01/04

Sources: Oddo AM, Datastream. Data as of 10/31/2011

For information: Oddo Avenir Europe vs MSCI Asia

ex Japan

Past performance is not a reliable indication of future returns and is not constant over time


Benchmark index: HSBC Smaller Europe + UK (net total return) + 75.5%MSCI Europe (for information) (EUR, total return) + 36.0%

MSCI Asie ex Japan (for information) (EUR, total return) + 119.0%

On 01/01/2004 : Management take-over by the management team



40

60

80

100

120

140

160

180

200

220

240

260

280

jan.-04

july-04

jan.-05

july-05

jan.-06

july-06

jan.-07

july-07

jan.-08

july-08

jan.-09

july-09

jan.-10

july-10

jan.-11

july-11

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1 year 3 years 5 years

Oddo Avenir Europe

Ranking

Benchmark index:

HSBC Smaller Europe + UK

(net total return)

Stoxx

50 (net total return)

(for information)

Morningstar®

average European Mid Cap funds

(for information)

YTD

Cumulative performance since inception (05/25/1999)Oddo Avenir Europe: + 143.8% Benchmark index: HSBC Smaller Europe + UK (net total return): + 80.7%As information, Stoxx

50 (net total return): - 10.0%

Oddo Avenir Europe -

Performance

Annualised volatility/return since inception (05/25/1999)

Past performance is not a reliable indication of future returns and is not constant over timeSources: ©

2011 Morningstar, Oddo AM. Data as of 10/31/2011

+51.0%-6.9% + 11.1%

15 / 10052 / 100 4 / 100

+ 50.9%- 8.5% - 16.0%

+ 10.3%- 5.7% - 25.2%

+ 37.4%- 6.4% - 14.9%

- 14.1%

58 / 100

- 15.5%

- 7.6%

- 13.1% -4%

0%

4%

8%

12%

16% 18% 20% 22% 24% 26%

Annualised volatility in %

Ann

ualis

ed re

turn

in %

Oddo Avenir Europe ( )

+7.4%

HSBC Smaller Europe + UK

net total return +4.9%

Stoxx

50 net total return

(for information) -0.8%

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Oddo Avenir Euro, performing since 01/01/2004 (portfolio management take-over by the management team)A continuous value creation

Oddo Avenir Euro since 01/01/2004


Oddo Avenir Euro + 108.4%

Benchmark index: HSBC Smaller Euroland (net total return) + 55.3%

Euro Stoxx 50 (for information) (net total return) + 9.0%

40

60

80

100

120

140

160

180

200

220

240

260

280

dec.-03 sept.-04 june-05 march-06 dec.-06 sept.-07 june-08 march-09 dec.-09 sept.-10 june-11

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1 year 3 years 5 years

Oddo Avenir Euro

Ranking

Benchmark index:

HSBC Smaller

Euroland

(net total return)

Euro Stoxx

50 (net total return)

for information

Morningstar®

average Euro zone Mid Cap funds

for information

YTD

Cumulative performance since the portfolio management take-over by the management team (01/01/2004)Oddo Avenir Euro: + 108.4% Benchmark index: HSBC Smaller

Euroland (total return): + 55.3%As information, Euro Stoxx

50 (total return): + 9.0%

Oddo Avenir Euro -

Performance

Annualised volatility/return since the portfolio management take-over by the management team (01/01/04)

Past performance is not a reliable indication of future returns and is not constant over timeSources: ©

2011 Morningstar, Oddo AM. Data as of 10/31/2011

+ 42.3%- 7.2% + 5.5%

5 / 10021 / 100

+ 34.1%- 14.4% - 25.2%

+ 2.1%- 13.2% - 30.0%

+ 20.5%- 11.9% - 24.3%

- 14.4%

43 / 100

- 17.9%

- 11.9%

- 15.6%

3 / 100

-4%

0%

4%

8%

12%

16%

16% 18% 20% 22% 24% 26%

Annualised volatility in %

Ann

ualis

ed re

turn

in %

Oddo Avenir Euro ( )

+9.8%HSBC Smaller Euroland

net total return

+5.8%

Eurostoxx

50 net total return

(for information) +1.1%

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1Detailed characteristics

Fund name Oddo Avenir Euro Oddo Avenir Europe

Legal status French regulated common fund–UCITS III French regulated common fund–UCITS III

Classification Euro Zone equity fund International equity fund

ISIN codesShare A share: FR0000990095 A share : FR0000974149Share B share: FR0010247783 B share : FR0010251108

Inception date 09/19/1985 05/25/1999

Minimum investment period 5 years 5 years

Benchmark index HSBC Smaller Euroland

net total return HSBC Smaller Europe + UK net total return

Investment objective To outperform its benchmark index over an investment horizon of more than 5 years

To outperform growth of the benchmark index on a 5 year-over-year basis

Management company Oddo Asset Management Oddo Asset Management

Custodian Oddo & Cie Oddo & Cie

Initial Minimum subscription

Share A share: 1 thousandth of a share A share : 1 thousandth of a shareShare B share : €1,000,000 B share : €1,000,000

Subscription fees 4% max of the fund NAV 4% max of the fund NAV

Redemption fees Nil Nil

Management feesShare A share: up to 2.00% of the net assets, inclusive of tax,

excluding UCITSA share: up to 2.00% of the net assets, inclusive of tax, excluding UCITS

Share B share: up to 1.00% of the net assets, inclusive of tax, excluding UCITS

B share: up to 1.00% of the net assets, inclusive of tax, excluding UCITS

Performance fees

Share A share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

A share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

Share B share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

B share: 20% of the outperformance relative to the benchmark index if the fund performance is positive

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Risk profile (1/2)

Risk of loss of capital: The Fund has no guarantee or safeguard, so initial capital invested might not be returned in full.

Equity risk: The Fund is invested, directly or indirectly, in one or more equity markets which could experience significant fluctuations. In periods of low equity prices, Fund net asset value could be reduced. The fund has a 100% max exposure to equity markets.

Risk from holding small and mid capitalisation stocks: The Fund may be exposed to small and mid capitalisations.

Upward and downward changes in these stocks can be both more marked and

more rapid than for large capitalisations

and can therefore lead to large fluctuations in net asset value. Moreover the restricted volume on these markets may present a liquidity risk.

This type of investment may impact the valuation of the Fund and the price terms on which the Fund could liquidate its positions, and particularly, in the case of large redemptions, even make it impossible to sell them, with the consequent possible fall in Fund net asset value.

Interest rate risk: This is the risk that bond market yields may rise, which would result in a fall in bond prices, and consequently lead to a fall in Fund net asset value. The fund can hold up to 25 % of its asset in bonds or in euro denominated debt securities.

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Credit risk: This is the risk of potential deterioration in the rating of an issuer or, in extreme cases, of default, which would have an adverse impact on the prices of the debt securities issued by that issuer and therefore on the net asset value of the Fund, which could lead to a loss of capital. The level of credit risk varies according to forecasts, maturities and the level of confidence in each issuer which might reduce the liquidity of any particular issuer

and have an adverse impact on Fund net asset value, particularly in the case of the Fund liquidating its positions in a market with low transaction volumes.

Discretionary management risk: This risk relates to the management style which is based on anticipating movements on the various markets. There is a risk that at any point in time the Fund would not be invested in the best performing markets or in the best performing assets. Fund performance therefore depends on the ability of the fund manager to anticipate movements in the market or in the securities. This risk may lead to a fall in net

asset value and/or a loss of capital for the unitholder.

Counterparty risk: This is the risk of default by a counterparty leading to payment

default. The Fund may be exposed to counterparty risk through using forward instruments negotiated over-the-counter with financial institutions. The Fund is therefore exposed to the risk that one of these credit institutions cannot

honour

its commitments in respect of these transactions.

Exchange rate risk: This risk affects portfolios invested wholly or partly in securities denominated in foreign currencies, and arises from changes in the parities of these currencies by comparison to the fund reference currency. Thus, a security, the value of which in its own currency does not change, could nevertheless be

affected by fluctuations in that currency against the euro and might therefore cause Fund net asset value to fall. This risk is limited up to 30% max of the total asset of the Fund.Please note that the exchange rate risk is of secondary importance for Oddo Avenir and Oddo Avenir Euro.

Risk profile (2/2)

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Disclaimer

This document has been drawn up by Oddo Asset Management. Its communication to any investor is the responsibility of each promoter, distributor or advisor. It was created for information

purposes only and does not constitute an offer or a personalised

recommendation or a solicitation to subscribe the product mentioned. However, should investors decide to subscribe, they undertake to consult the fund’s prospectus in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where applicable, the liquidity risk of underlying assets. The investment must be made in accordance with investors’

investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction.Any simulations and opinions presented in this document result from analysis carried out by Oddo Asset Management at a particular point in time and are no indication whatsoever of future results. Please note that past performance is not an indication of future results. Performance may vary over time.

For Oddo Avenir

Euro, the KIID is available in French and German. The full prospectus is available in French and in English.For Oddo Avenir

Europe, the KIID is available in French, German, Swedish, Spanish, Italian, Dutch and English. The full prospectus is available in French, Spanish, Italian and English.All these legal documents are available from Oddo Asset Management or on its website at www.oddoam.fr

for documentation in French language and on www.oddoam.com

for documentation in Foreign language.

Investor’s attention is drawn on the fact that mentioned funds and related legal documents have been accredited and regulated by the French securities regulator (AMF). All the mentioned funds are entitled to be sold in France. Oddo Avenir Europe is also entitled to be sold in Germany, in Austria, in the Netherlands, in Italy, in Spain, in Switzerland, in Belgium, in Sweden and in Singapore. Oddo Avenir

Euro is also entitled to be sold in Germany and Austria.

Oddo Asset ManagementPortfolio management company approved by the Autorité

des Marchés

Financiers under number GP 99011.Société

anonyme

with capital of €7,500,000. Trade Register (RCS) 340 902 857 Paris.12 boulevard de la Madeleine – 75440 Paris Cedex 09 FrancePhone: 33 (0)1 44 51 85 00. www.oddoam.fr

http://www.oddoam.fr/

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6. Appendices

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Oddo Avenir Europe

Benchmark index:

HSBC Small Cap Europe

(total return)

Stoxx

50 (total return) (for information)

Oddo Avenir Europe

Performance per year

Past performance is not a reliable indication of future returns and is not constant over timeSource: Oddo AM

2008 2007 2004

+ 8.0%- 39.5% + 24.2%

- 5.8%- 51.3% + 24.2%

+ 2.6%- 41.2% + 7.1%

2009

+ 42.6%

+ 59.1%

+ 28.7%

2006

+ 31.3%

+ 32.8%

+ 13.6%

2005

+ 31.1%

+ 37.2%

+ 24.2%

2010

+ 28.4%

+ 25.6%

+ 3.1%

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Oddo Avenir Euro

Performance per year

Past performance is not a reliable indication of future returns and is not constant over timeSource: Oddo AM

Change in investment approach on the 10/31/2005

Oddo Avenir Euro

2008 2007 2004

+ 6.4%- 38.5% + 21.5%

- 2.9%- 49.7% + 23.8%

+ 9.6%- 42.4% + 9.4%

2009

+ 43.0%

+ 52.3%

+ 25.6%

2006

+ 27.3%

+ 31.8%

+ 18.0%

2005

+ 36.3%

+ 36.5%

+ 24.3%

2010

+ 23.6%

+ 14.1%

- 2.8%

Benchmark index:

HSBC Smaller

Euroland

(total return)

Euro Stoxx

50 (total return) (for information)

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1International contacts

Head of International Sales+33 1 44 51 88 [email protected]

Country Manager Switzerland+33 1 44 51 80 15 [email protected]

Lorenzo Gazzoletti Bertrand Levavasseur

Edouard Vallette Viallard

Deputy Managing Director

+33 1 44 51 84 95 [email protected]

Dario Sari

Head of Southern Europe +33 1 44 51 81 [email protected]

Institutional Sales Switzerland+33 1 44 51 86 [email protected]

Zeineb Belkourati

Jürgen Mahler

Country Manager Italy+39 02 45 55 79 [email protected]

Institutional Sales Belux+33 1 44 51 85 09 [email protected]

Agathe Schittly

Pascale Abdelnour

Institutional Sales Middle East+ 971 4 323 05 [email protected]

Institutional Sales Netherlands+33 1 44 51 89 [email protected]

Avidan Geissmann

International Client Service Manager+33 1 44 51 83 [email protected]

Pauline Heuff

Alain Meyer

Head of Institutional Clients Switzerland+41 78 605 [email protected]

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Oddo Avenir

Europe Oddo Avenir

Euro

International funds

registration at

10/15/2011

Oddo Avenir Europe

Oddo Avenir Euro

Switzerland Belgium Germany Austria Italy

Spain Netherlands Singapore Sweden Luxembourg United Kingdom

Oddo Avenir Europe

soon Reporting

status

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Biography of the management team

Grégory DESCHAMPS - Analyst-Portfolio manager, Mid Cap equitiesA graduate of HEC Paris and the SFAF, Grégory

DESCHAMPS joined Oddo Securities in 1992 as a sell-side analyst and vice head of equities research. Since early 2007, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities

Frédéric DOUSSARD - Analyst-Portfolio manager, Mid Cap equitiesA graduate of HEC Paris and the SFAF, Frédéric

DOUSSARD joined Oddo Securities in 1999 as a sell-side analyst, and took the responsibility of the Telecommunication Department in 2004. Since mid 2011, he has joined the Oddo AM teams as an analyst-portfolio manager for Mid Cap equities

Sébastien MAILLARD - Analyst-Portfolio manager, Mid Cap equitiesA graduate of the Ecole

Supérieure

de Commerce of Nantes (AUDENCIA), Sébastien

MAILLARD joined Oddo AM in 2002 as an assistant manager for Mid Caps equities. He has been a Mid Cap equities analyst-portfolio manager since 2003

Pascal RIEGIS - Analyst-Portfolio manager, Head of Mid Cap equities managementA graduate of economy at Pau Business School, member of the SFAF, Pascal RIEGIS began his career in 1987 as a financial analyst for Paribas. After five years of Equity Research at the CIC group, he joined Oddo et Cie in 1995 as Head of Equity Research for Oddo Securities. Since July 2003, Pascal RIEGIS has

been an analyst-portfolio manager of Mid Caps equities

Maryse SAUVAGEOT - Assistant manager for Mid Cap equitiesMaryse

SAUVAGEOT began her career in 1984, within Paribas as a vice-head of the fixed income and Forex

back office, then as a Trader on the short-term interest rates of Paribas Capital Market. She then joined Paribas AM as a trader in the European equities team. Since 2001, Maryse

SAUVAGEOT has worked for Oddo AM teams as a trader

Oddo european mid and small cap funds

Business

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