1. Investment Funds for Swiss residents and dedicated funds Cité Gestion May 2011

2. June 2011 · 2 Contents 1 A few words about us 3 4 Investment funds for Swiss resident investors Dedicated funds for individuals 5 Contact 2 Fund selection

3. June 2011 · 3 1) Our shareholder in a Nutshell Here to stay  Lombard Odier is a Swiss bank with over 200 years of experience Close to our clients  Lombard Odier is privately owned by eight partners, and Cite Gestion is 100% held by LO. A real player in wealth management  Lombard Odier is one of the largest true private bank in Europe.

4. June 2011 · 4 Our shareholder in a Nutshell 1 2 3 USD 154 billions of Asset under management (AUM) Global foot print with 23 offices in 18 countries Pure private banking player, no other businesses, thus no conflict of interest

5. June 2011 · 5 Cité Gestion : “managing client’s money as if it was ours” 1 2 We have re-created the private banking spirit : focused on delivery customised solutions to personalise the client relationship. Flexibility of our model :  Act as a bank under FINMA supervision  Act as a Independent asset manager  Support of our shareholder  Close to client  Efficiency in investment process  Reinforced confidentiality  Open architecture

6. June 2011 · 6 2) Fund selection 1 2 3 We select fundamental active asset managers but we believe in the virtue of isolating portfolio managers that have proved their capability to outperform their benchmark (alpha generation) 3 key ingredients : (i) specialization of portfolio managers in narrowly defined areas of expertise, (ii) liquidity on a daily basis for all traditional funds (iii) tight risk framework. We believe in a disciplined approach for all our processes and in providing maximum transparency across all our portfolios.

7. June 2011 · 7 3) Investment funds for Swiss resident investors Opaque entity Transparent entity Inc. SICAV Client Dividend Distribution Capital Gains Double Taxation No Double Taxation 2 nd level of taxation 1 st level of taxation Only level of taxation No Taxation Most of investment funds (whether foreign or Swiss) are transparent for tax purposes according to the Swiss tax rules. In Europe, the fiscal treatment will vary from one country to another, and it will depend on the investors residence AND the fund’s domicile. In UK, a fund must have a status of “reporting fund” given by tax administration Income Capital Gains Income Capital Gains Income

8. June 2011 · 8 4) Dedicated funds for individuals 5 3 Investments Creating Umbrellas Funds with different investment strategies or investments universe. As of a certain amount under management (ideally ≥ EUR 15 mio), the set- up of a dedicated Fund for private clients can offer opportunities and advantages. These are: Easy follow-up of asset allocation, asset management more efficient. 2 Offer flexibility of investment universe. 4 The administration of the structure is carried out by professionals that are regulated by the supervisory authority. 1 Build a track record of the performance, that can be used in prospecting new clients.

9. June 2011 · 9 Fiscal issue 1 2 3 The Fund will have to pay local taxes. Funds are not subject to Swiss stamp duty on transactions. However, the investor pays stamp duty of 0.15% on subscriptions in a foreign fund through a Swiss bank/Transfer agent. No VAT applicable on Funds fees. Investment funds, specially in the form of companies, can be tax efficient for private individuals (e.g. revenues are not passed on to investors, capital gains can be postponed until the redemption of shares). The investment manager can take his decisions without considering fiscal issue relating to final holders. 4 Our estate planners will select the domicile of the fund depending upon the personal situation of the beneficial owner. 5

10. June 2011 · 10 Role of the fund administrator

11. June 2011 · 11 Role of the custodian 1 2 3 Holding the assets in safe custody. Settling the stock exchange transactions. Processing the subscriptions and redemptions. Processing all cash transfers. 4

12. June 2011 · 12 Client needs Very flexible investment policy. Full service offered by Custodian. Very flexible investment policy. European expertise. External well-known Administrator. Swiss expertise Full service offered by Custodian. Regulation and monitoring Professional Fund in The Bahamas Expert Fund in Jersey Experienced Investor Fund in Gibraltar Swiss FCP for qualified investors All Funds are for qualified investors only, criteria differ from one jurisdiction to another. Client Custodian

13. June 2011 · 13 Professional Fund (Bahamas) A Professional Fund is regulated by the Securities Commission of The Bahamas (SCB) and offered to professional investors (sophisticated and accredited). Professional Investors : individuals with a net worth exceeding USD 1 million or annual incomes over USD 200’000.- Structure very flexible, without limitation of investors’ number. The administration must be located in the Bahamas. The custodian bank is not subject to any constraint but must be independent from the investment manager. The investment manager is not subject to any constraint. The Board of directors must have at least two members approved by SCB. Professional Fund Bahamas

14. June 2011 · 14 Expert Fund Jersey Expert Fund, created in 2004 and regulated by the Jersey Financial Services Commission (JFSC). Professional investors : individuals investing more than USD 100’000.- or with a net worth exceeding USD 1 million. Very flexible investment policy; the JFSC sets mandatory rules only in extreme cases. The administrator must be located in Jersey. The custodian bank can be located abroad but must be independent from the investment manager. The investment manager must be regulated in its home country or must register with the JFSC. The board of directors (BD) must have at least three members of which two must be Jersey residents. Expert Fund Jersey

15. June 2011 · 15 EIF - Experienced Investor Fund, Gibraltar Experienced Investor Fund (EIF), created in 2005 and regulated by the Financial Service Commission de Gibraltar (FSC). Professional investors : individuals investing more than EUR 100’000 or with a net worth exceeding EUR 1 million. Quick to setup, no regulatory application process required, only compliance with legislation (14 days notification to FSC by legal counsel) Very flexible investment policy, which is not looked at by the FSC. The administrator must be located in Gibraltar (external partner). The custodian bank is not subject to any constraint but must be independent from the investment manager. At least two Gibraltar resident Director’s must be on the Board. The investment manager is not subject to any constraint. EIF Gibraltar

16. June 2011 · 16 Swiss Fund Swiss funds for professional investors or public funds, created in 2007 and regulated by the Swiss Financial Market Supervisory Authority (FINMA). Professional investors : individuals with a net worth exceeding CHF 2 million or professionally advised with discretionary mandate. Investment policy remains closely looked at by the FINMA. The administrator and the custodian bank must be located in Switzerland and must be regulated by the FINMA. The investment manager must be regulated in its home country or benefit of a FINMA’s authorization. Swiss Fund

17. June 2011 · 17 5) Contact Cité GestionPeter Gage 15-17 rue de la Citép.gage@cite-gestion.com 1204 Geneva, Switzerland Direct +41 22 820 60 22 www.cite-gestion.com Phone +41 22 820 60 00