Schroders commodities

Commodities Christopher Wyke Commodities Specialist / Fund Management Stephan Eckstein, Head of Intermediary Sales [email protected]; 044-250 12 09 Arnaud d’Anterroches, Relationship Manager [email protected]; 022-818 41 25

mailto:[email protected]

mailto:[email protected]

Schroders AS Commodity Fund Started in October 2005, managed by a stable and proven commodity specialist team

Research driven, actively managed fund

Long only, no leverage

Index unconstrained

Invests in futures, equities, swaps and cash

Equal emphasis on agriculture, energy and metals

Investment, not trading

Diversified approach

1 Commodities | September 2013

*Schroder Alternative Solutions is referred to as Schroder AS throughout this presentation

Schroder AS Commodity Fund A strong long term track record : October 2005 – August 2013


*I Shares Gross daily NAV to NAV **Inception 31 October 2005 ^For performance comparison purposes only Source: Schroders; Bloomberg; Reuters/Jefferies; S&P Goldman Sachs; Dow Jones; Diapason

USD % 2005** 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Schroder AS Commodity Fund* 3.00 18.62 34.73 -35.29 34.03 15.36 -6.04 0.11 -3.79

Average of all 4 Indices^ 3.04 -3.36 25.19 -39.65 20.57 15.63 -7.46 -0.51 -1.42

S&P Goldman Sachs CI TR -1.09 -15.09 32.67 -46.49 13.49 9.03 -1.18 0.07 +2.58

RJ CRB TR 5.60 -2.85 22.15 -35.04 23.65 17.60 -8.21 -3.28 -1.26

DJ UBS Commodity TR 3.45 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.05 -6.16

Rogers Int. Commodity TR 4.24 3.05 30.01 -41.35 26.23 19.01 -6.93 2.02 -0.83

USD % Since Inception**

Cumulative Total Return

Annual Rate of Return Volatility Sharpe

Ratio

Schroder AS Commodity Fund* 49.11 5.29 18.68 0.26

Average of all 4 Indices^ -4.82 -0.64 20.78 -0.02

S&P Goldman Sachs CI TR -25.15 -3.67 24.49 -0.11

RJ CRB TR 3.76 0.48 19.58 0.03

DJ UBS Commodity TR -11.70 -1.59 19.15 -0.09

Rogers Int. Commodity TR 15.88 1.92 21.32 0.11

A lower risk, more liquid, more transparent, higher return strategy

Why Schroders for commodities A unique and innovative approach to investing

1. Wider opportunity set – means increased diversification, lower volatility, more opportunity

2. Active rotation – to take advantage of price leadership and low sector correlations

3. Index unconstrained – avoid inefficiencies and limit downside volatility

4. Use of equity exposure – broadens sources of return e.g. Uranium, Fertiliser, Coal

5. Global exchange choice – capitalising on regional pricing differences

6. Contract choice – finding the most efficient place to invest

7. Use of cash – to protect capital, benefit from market timing


How Schroders adds value:

Futures

Agriculture Metals Energy

Barley Butter Canola Cocoa Coffee Corn Aluminium Brent Crude Oil

Cotton Ethanol Feed Wheat Feeder Cattle Oats Lean Hogs Copper Fuel Oil

Live Cattle Lumber Maize Milk Rice Palm Oil Gold Gas Oil

Potatoes Pulp Orange Juice Rapeseed Sunflower Seeds Rough Rice Lead Gasoline

Rubber Soybean Soybean Meal Soybean Oil Sugar Nickel Heating Oil

Wheat Wool Palladium Natural Gas

Platinum Propane

Silver WTI Crude Oil

Tin

Zinc

Commodities only accessible through Equities

Alternative Energy Coal Cobalt Diamonds Dairy Products Fertilizer Fish & Fish Products

Fruits Precious Stones Spices Steel Tea Uranium Vegetables

Rogers Int. Commodity S&P Goldman Sachs Commodity DJ AIG Commodity RJ CRB Commodity

Agriculture Metals Energy Agriculture Metals Energy Agriculture Metals Energy Agriculture Metals Energy

22 9 4 11 6 6 9 6 4 10 5 4

Opportunities for active management: more Commodities

Source: Schroders; Bloomberg – as at January 2013

Schroder Commodities universe (63)

Natural gas Total Returns Brent Total Returns

Schroders Approach Why commodity selection is critical


Source: Datastream – 30 August 2013

0

20

40

60

80

100

120

2005 2006 2007 2007 2008 2009 2009 2010 2011 2011 2012 20130

50

100

150

200

250

2005 2006 2007 2007 2008 2009 2009 2010 2011 2011 2012 2013

-20

0

20

40

60

Jan07

Feb07

Mrz07

Apr07

Mai07

Jun07

Jul07

Aug07

Sep07

Okt07

Nov07

Dez07

-30

-10

10

Sep12

Okt12

Nov12

Dez12

Jan13

Feb13

Mrz13

Apr13

Mai13

Jun13

Jul 13 Aug13

Schroders Approach A return to variations in performance benefits our active approach


Source: Schroders; Bloomberg S&P GSCI

1 year to August Cumulative total return %

Precious Metals Energy Agriculture Base Metals

2007 Cumulative total return %

Sector Performance: Winners and losers

0

200

400

600

800

1'000

1'200

Nov96

Jun97

Jan98

Aug98

Mrz99

Okt99

Mai00

Dez00

Jul01

Feb02

Sep02

Apr03

Nov03

Jun04

Jan05

Aug05

Mrz06

Okt06

Mai07

Dez07

Jul08

Feb09

Sep09

Apr10

Nov10

Jun11

Jan12

Aug12

Mrz13

-56%

-30% -28%

Schroders Approach CBOT Wheat: an example of the importance of timing


Source: Datastream – 31 July 2013

CBOT Wheat

Ct p

er B

ushe

l

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb 06 Jul 06 Dez 06 Mai 07 Okt 07 Mrz 08 Aug 08 Jan 09 Jun 09 Nov 09 Apr 10 Sep 10 Feb 11 Jul 11 Dez 11 Mai 12 Okt 12 Mrz 13

Schroders Approach Historical allocations and active use of cash


Source: Schroders – 28 June 2013

Metals Energy Agriculture Cash

-40

-20

0

20

40

60

80

100

120

140

Feed

er C

attle

Alu

min

ium

Nat

ural

Gas

Cof

fee

Zinc

Whe

at

Lum

ber

Sug

ar

Soy

bean

Oil

Kan

sas

Whe

at

Ric

e

Can

ola

Hea

ting

Oil

Gas

Oil

Pal

ladi

um

Silv

er

Nic

kel

Coc

oa

Ora

nge

Juic

e

Live

Cat

tle

Lead Tin

Azu

ki B

eans

Pla

tinum

Cop

per

Gol

d

Rub

ber

Cot

ton

Woo

l

Bre

nt

WTI

Oat

s

Cor

n

Soy

bean

s

Gas

olin

e

Soy

bean

Mea

l

Lean

Hog

s

Schroders Approach


Source: Schroders; Bloomberg

Commodity Index Averages S&P GSCI +12.14% DJ UBS +5.57% Rogers +6.73%

%

A return to backwardation provides more opportunities

85

90

95

100

105

110

Okt 13 Nov13

Dez13

Jan14

Feb14

Mrz14

Apr 14 Mai14

Jun14

Jul 14 Aug14

Sep14

Okt 14 Nov14

Dez14

Jan15

Feb15

Mrz15

Schroders Approach Position diversification


Source: Schroders; Bloomberg S&P GSCI

US

$ P

er B

arre

l

Current US WTI holdings: Optimal curve positioning

Three contracts owned

Investment Outlook


Investment outlook Global Environment


Source: Source: Schroders; Thomson Datastream – 31 July 2013

Money supply growth (M2 – YoY)

0

5

10

15

20

25

30

35

0

2

4

6

8

10

12

0

2

4

6

8

10

12

2000 2002 2004 2006 2008 2010 2012 2014

US China Eurozone

0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

0

2'000

4'000

6'000

8'000

10'000

12'000

1995 1998 2001 2004 2007 2010

Investment outlook Energy: OPEC supply and OECD Demand


Source: Datastream; Schroders – 15 May 2013

Iran Russia Libya Saudi Arabia Iraq OPEC

Supply

Thousands of barrels Millions of barrels

0

10'000

20'000

30'000

40'000

50'000

60'000

0

5'000

10'000

15'000

20'000

25'000

1996 1999 2002 2005 2008 2011

Product demand Japan Product demand US OECD Oil Demand

Thousands of barrels Millions of barrels

OECD vs. Non OECD Oil Demand Oil Global Crude Oil Supply Demand Balance

Investment outlook Oil


Source: Energy Intelligence & Datastream – 30 August 2013

-8

-6

-4

-2

0

2

4

6

Q41997

Q21999

Q42000

Q22002

Q42003

Q22005

Q42006

Q22008

Q42009

Q22011

Q42012

20

25

30

35

40

45

50

55

2000 2002 2004 2006 2008 2010 2012

Mln

/Bar

rels

OECD Oil Demand Non OECD Oil Demand

Investment outlook Oil: Cost of Production vs. Current Account Balance


Source: Total SA; Schroders; May 2012

120

100

80

60

40

20

0

0 5 10 15 20 25 30 35 40 45 0 10 30

Oil Majors

Qat

ar Kuw

ait

UA

E Li

bya

Liby

a

Saudi Arabia

Alg

eria

Iraq

Ang

ola

Nig

eria

Ecu

ador

Iran Russia Ven

ezue

la

Dol

lars

per

bar

rel

Oil production (mb/d)

Oil price required for current account balance

Oil price required for oil majors: profitability

Current account breakeven cost of production

Country 2012 (tonnes) 10 year change

World Total 2700 4.6% China 370 93% Australia 250 -8% US 230 -23% Russia 205 22% SA 170 -57% Peru 165 5% Canada 102 -33% Indonesia 95 -33% Uzbekistan 90 0% Ghana 89 29% Mexico 87 314% Papua 60 -8% Brazil 56 17% Chile 45 15% Other 645 37%

Global goldmine output

Investment outlook 2012 Demand & Production trends


Source: MEG, World Gold Council & U.S. Geological Survey, Mineral Commodity Summaries, January 2013

0

500

1'000

1'500

2'000

2'500

3'000

0

100

200

300

400

500

600

700

1988199019921994199619982000200220042006200820102012

South Africa United States Canada Australia China

Tonn

es

World

Global demand Country 2012 (tonnes) 1 year change

World Total 4361 -4.8% Jewellery consumption 1,895.40 -4.0% Industrial & dental 407.5 -9.8% Investment 1,525.80 -10.2% Official sector purchases 533.2 16.7%

Investment outlook Gold: Know ETF holdings


Source: Bloomberg 31 August 2013

0

10'000'000

20'000'000

30'000'000

40'000'000

50'000'000

60'000'000

70'000'000

80'000'000

90'000'000

2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013

Troy

oun

ces

Investment outlook Gold as % of total reserves


Source: World Gold Council – July 2013

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000Tonnes of Gold

Uni

ted

Sta

tes

IMF

Italy

Fran

ce

Chi

na

Sw

itzer

land

Rus

sia

Japa

n

Net

herla

nds

Indi

a

EC

B

Taiw

an

Por

tuga

l

Ven

ezue

la

Sau

di A

rabi

a

UK

Leba

non

Spa

in

Aus

tria

Bel

gium

Alg

eria

Phi

lippi

nes

Liby

a

Thai

land

Sin

gapo

re

Sw

eden

Sou

th A

frica

BIS

Turk

ey

Gre

ece

Mex

ico

Rom

ania

Aus

tralia

Pol

and

Ger

man

y

Tonnes of Gold % of Reserves

Investment outlook Total Chinese Gold Demand


Source: CPM Group – 31 May 2012

0

5

10

15

20

25

30

35

40

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (E) 2012 (F)

Mill

ion

Oun

ces

Fabrication Demand Net Investment Demand

Investment outlook Gold and silver: Large corrections, long term opportunities



0

10

20

30

40

50

60

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013500

700

900

1'100

1'300

1'500

1'700

1'900

2'100

US

$

US

$

Silver spot price 2008 - 2013 Gold spot price 2008 - 2013

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

10'000

2001 2003 2005 2007 2009 2011 2013

Copper Nickel Zinc

Investment outlook Price vs. marginal costs: 2001–2013



0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

45'000

50'000

55'000

2001 2003 2005 2007 2009 2011 20130

1'000

2'000

3'000

4'000

5'000

2001 2003 2005 2007 2009 2011 2013

USD per tonne USD per tonne USD per tonne

= Marginal costs

1500

2000

2500

3000

3500

4000

Dez 2010 Jun 2011 Dez 2011 Jun 2012 Dez 2012 Jun 2013

0

50

100

150

200

250


-60%

100120140160180200220240260


Coffee Cotton

Investment outlook Agriculture


Source: Datastream; Schroders – July 2013

Cocoa Sugar

1517192123252729313335


-60%

-60% -55%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

10'000

20'000

30'000

40'000

50'000

60'000

70'000

80'000

90'000

100'000

1960/1961 1965/1966 1970/1971 1975/1976 1980/1981 1985/1986 1990/1991 1995/1996 2000/2001 2005/2006 2010/2011

Investment outlook World Cotton Ending Stocks vs. Stock-to-Use Ratio


Source: USDA, Schroders

‘000 tonnes

China Ending Stocks

ROW Ending Stocks

Stock-to-Use Ratio

“Rest of the World” Cotton Ending Stocks vs. Stock-to-Use Ratio

Chinese vs. US Cotton Prices

Investment outlook Large differentiation between China and rest of World


Source: FAO – 28 June 2013

0.0

0.5

1.0

1.5

2.0

2.5

2002 2004 2006 2008 2010 20120

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0

5'000

10'000

15'000

20'000

25'000

30'000

35'000

40'000

45'000

1960/1961 1969/1970 1978/1979 1987/1988 1996/1997 2005/2006

USD/lb

82%

Sector weights vs benchmark^

Schroder AS Commodity Fund As at 31 July 2013


Source: Schroders *Includes OTC Commodity Swaps and Physically Backed ETFs †Shown for comparison purposes only ^S&P Goldman Sachs CI TR; RJ CRB TR; DJ UBS Commodity TR; Rogers Int. Commodity TR

Futures Equities Other* Total Exposure Benchmark† Difference

Energy 49.0%

Metals 20.7%

Agriculture 28.7%

Cash 1.5%

TOTAL 88.1 2.3 8.1 100 100 0

Crude Oil 30.0 30.0 30.8 -1.3 Gas Oil 3.0 3.0 2.4 +0.6 Gasoline 5.2 5.2 4.4 +0.6 Heating Oil 4.7 4.7 4.2 +0.4 Natural Gas 5.2 1.2 6.2 6.1 +0.3 Aluminium 4.1 4.1 4.2 -0.1 Copper 4.8 4.8 4.9 -0.1 Gold 2.2 3.6 5.8 5.1 +0.6 Lead 0.4 0.4 0.6 -0.2 Nickel 1.3 1.3 1.1 +0.2 Palladium 0.1 -0.1 Platinum 0.5 -0.5 Silver 0.7 1.1 1.8 1.5 +0.3 Tin 1.2 1.2 0.3 +0.9 Zinc 1.4 1.4 1.3 +0.1 Cocoa 1.3 1.1 2.3 1.6 +0.8 Corn 4.9 4.9 5.3 -0.1 Coffee 2.3 2.3 2.4 -0.1 Cotton 0.7 2.7 3.3 3.1 +0.2 Feeder Cattle 0.1 -0.1 Lean Hogs 1.1 1.1 1.6 -0.3 Live Cattle 2.4 2.4 3.5 -1.1 Lumber 0.3 -0.3 Oats 0.1 -0.1 Orange Juice 0.4 0.4 0.4 0.0 Rapeseed 0.3 -0.3 Rough Rice 0.2 -0.2 Soybeans 3.8 3.8 4.4 -0.5 Soybean Meal 0.9 0.9 0.9 0.0 Soybean Oil 0.3 0.3 1.2 -0.8 Sugar 2.6 0.7 3.3 3.1 +0.3 Wheat 3.6 3.6 4.1 -0.4 Cash 1.5

Agriculture 28.7%

Energy 49.0%

Metals 20.7%

1.5

-3.3

1.2

0.5

-4 -3 -2 -1 0 1 2

Cash

Agriculture

Metals

Energy

Cash 1.5%

Schroder AS Commodity Fund A strong long term track record : October 2005 – August 2013


*I Shares Gross daily NAV to NAV **Inception 31 October 2005 ^For performance comparison purposes only Source: Schroders; Bloomberg; Reuters/Jefferies; S&P Goldman Sachs; Dow Jones; Diapason

USD % 2005** 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Schroder AS Commodity Fund* 3.00 18.62 34.73 -35.29 34.03 15.36 -6.04 0.11 -3.79

Average of all 4 Indices^ 3.04 -3.36 25.19 -39.65 20.57 15.63 -7.46 -0.51 -1.42

S&P Goldman Sachs CI TR -1.09 -15.09 32.67 -46.49 13.49 9.03 -1.18 0.07 +2.58

RJ CRB TR 5.60 -2.85 22.15 -35.04 23.65 17.60 -8.21 -3.28 -1.26

DJ UBS Commodity TR 3.45 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.05 -6.16

Rogers Int. Commodity TR 4.24 3.05 30.01 -41.35 26.23 19.01 -6.93 2.02 -0.83

USD % Since Inception**

Cumulative Total Return

Annual Rate of Return Volatility Sharpe

Ratio

Schroder AS Commodity Fund* 49.11 5.29 18.68 0.26

Average of all 4 Indices^ -4.82 -0.64 20.78 -0.02

S&P Goldman Sachs CI TR -25.15 -3.67 24.49 -0.11

RJ CRB TR 3.76 0.48 19.58 0.03

DJ UBS Commodity TR -11.70 -1.59 19.15 -0.09

Rogers Int. Commodity TR 15.88 1.92 21.32 0.11

A lower risk, more liquid, more transparent, higher return strategy

Why Schroders for commodities A successful approach to active commodity management

Long only and no leverage

Daily liquidity

Cash and collateral kept in US T-Bills

Simple instruments used to gain exposure (no complicated derivatives)

Multiple currency hedged share classes available


A simple, research driven approach, with in-depth fundamental analysis at its cornerstone:

Appendix


People Investment team and resources


Data as at 29 February 2012

Agriculture

Geoff Blanning Head of EMD

Implementation Cash Management Christopher Smith Ryan Dann Lee Clapton

Product Management Christopher Wyke Matthew Michael Nichola Bellini Fiona Petrie Lucy Kelly

Rob Howell Head of Commodities,

Energy and Metals

Paula Bujia Rodolphe Roche

ENERGY METALS AGRICULTURE ECONOMICS

ANALYSTS

Risk Management Team

Quantitative Analysis Margaret Ismond Oscar Agra Sentiment Analysis Malcolm Melville Oscar Agra

Simon Hodges

Head of Trading and Implementation

Equity Analyst/ Precious Metals

Investment process Market analysis


Asset Allocation

Portfolio Construction Risk Control

Market Analysis

Commodity Analysis (“Bottom Up”)

Global Conditions (“Top Down”)

Investment process Commodity analysis

31 Commodities | July 2013

Investment Summary

Risk Model

Commodity Analysis Weekly

Demand/Supply Analysis Fundamental

Chart Analysis

Consensus Views

Quantitative

Technical

Sentiment

Liquidity-based diversification and exposure limits

Portfolio construction Our diversification limits are a significant part of our risk control


Source: Schroders as at March 2012 Please note that such limits are internal and may be subject to change without notice

RISK CONTROL DIVERSIFICATION RULES

Min Max

Sector

Energy 20% 60%

Agriculture 20% 60%

Metals 20% 60%

Commodity

Tier I 20%

Tier II 10%

Tier III 5%

Asset Type

Swaps/ETFs/Futures 50% 100%

Equity 0% 25%

Cash 0% 33%

RISK CONTROL COMMODITY LIMITS

Tier I (max 20%) Tier II (max 10%) Tier III (max 5%) WTI Crude* Nickel Tin Brent Crude* Zinc Lean Hogs Gasoline Silver Cocoa Heating Oil Corn Feeder Cattle Gas Oil Live Cattle Palm Oil Copper Wheat Platinum Aluminium Coffee Rubber Gold Cotton Orange Juice

Lead Rice Natural Gas Ethanol Soybeans Canola Soybean Oil Oats Soybean Meal Sugar

*Maximum exposure to crude oil = 30% ANY OTHER

TOTAL Tier I: 100% TOTAL Tier II: 50% TOTAL Tier III: 25%

The Team

33

Geoff Blanning, Head of EMD • Head of Emerging Markets Debt since December 1998, member of the

Group Management Committee and responsible for Asian country analysis and selection.

• Geoff also developed Schroders Commodity, Currency and Wealth Preservation investment businesses.

• Investment career commenced in 1985. Managed Global Bond Funds at NM Rothschild's & Bankers Trust before developing Morgan Grenfell's first Emerging Market Debt Fund in 1993.

Robert Howell, Head of Commodities, • Head of Commodities and Fund Manager for the Schroder Commodity

strategy since its inception in 2005. • Rob is responsible for analysing the energy and metal sectors. • Joined Schroders in 1998 as a currency dealer, then assumed

responsibility for Emerging Market Debt trading in 2000 and in 2004 was made responsible for the group’s commodity analysis.

• Investment career commenced in 1995 at Allied Irish Bank Plc.

Rodolphe Roche, Fund Manager • Fund Manager for the Schroder Commodity strategy since its inception

in 2005, is responsible for analysing the agriculture sector and manages the SAS Agriculture fund.

• Rodolphe is also responsible for creating commodity quantitative models.

• Investment career commenced in 2001 when he joined Plantureux SA (Agriculture Brokerage Co.)

Paula Bujia, Fund Manager • Fund Manager for the Schroder Commodity strategy and joined the

commodity team in 2008. • Is responsible for analysing the precious metal and commodity equity

sectors, as well as managing the SAS Gold and Precious metals fund. • Investment career commenced in 1995 when she joined Caspian

Securities.

Christopher Wyke Product Manager • Joined Schroders in 2000 and is responsible for the product

management of EMD, Commodities & Currencies. • Investment career commenced in 1981 when he joined Rothschild

Asset Management.

The views and opinions contained herein are those of the Schroders Commodity Team, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.

Schroder Alternative Solutions (the “Company”) may not be sold in the United States nor to Citizens or residents of the United States.

Risk warning: Indirect investment in commodities may cause the fund to face market risk from the value of the underlying asset together with geopolitical, supply, currency exchange rate and interest rate risks.

Important Information: This presentation does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Schroder Alternative Solutions (the “Company”). Nothing in this presentation should be construed as advice and is therefore not a recommendation to buy or sell shares. The offering of shares in certain jurisdictions may be restricted and accordingly persons are required, by the Company, to inform themselves of and observe any such restrictions. Applications for shares of the Company can only be made on the basis of the current prospectus together with the latest audited annual report and subsequent unaudited semi-annual report, if published, copies of which can be obtained, free of charge, from Schroder Investment Management (Luxembourg) S.A.

Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall as well as rise and investors may not get back the amount originally invested.

Investments in alternative investments involve a high degree of risk.

Third party data is owned or licensed by the data provider and may not be reproduced or extracted and used for any other purpose without the data provider's consent. Third party data is provided without any warranties of any kind. The data provider and issuer of the document shall have no liability in connection with the third party data. The Prospectus and/or www.schroders.com contains additional disclaimers which apply to the third party data.

FTSE International Limited (“FTSE”) © FTSE 2011. FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

This presentation is issued by Schroder Investment Management Limited, 31, Gresham Street, EC2V 7QA, who is authorised and regulated by the Financial Services Authority. This presentation may not be distributed to any unauthorised persons.

For your security, communications may be recorded.

Important information


Schroders commodities

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Transcript of Schroders commodities