1. Fortis Investments
ESG. An International Investment Perspective.
Florian Sommer, Head of Sustainability Research
PRI Workshop, January 2009
08 January 2009 Designator | author 1
2. Fortis Investments | 2
Contents
About Fortis Investments
Our PRI Approach
Asian Environmental Investment Perspective
4. Fortis Investments | 4
Business Overview
Key Facts & Figures
The asset manager of the Fortis group
Focusing exclusively on investment management
Strictly autonomous
M2 rating awarded by Fitch Ratings (reaffirmed in October 2008)
Active investment manager, fundamental research-based
Global network of some 40 dedicated investment centres
Eur 192 billion of assets under management
Diversified client base (retail vs. institutional; by country) and asset mix
1711 Institutional clients
1979 Distribution Partners clients
Over 2000 employees
Solid profitability
*Per September 30 2008
5. Fortis Investments | 5
Business Overview
Geographical Operating Model
Americas Europe Nordics, Russia and CIS
Amsterdam Almaty
Brussels Oslo
Düsseldorf Stockholm Global footprint …
Frankfurt Helsinki
Geneva Copenhagen
London St Petersburg
Luxembourg
Paris
Moscow
…servicing a diversified
client base
Madrid strongly geared to
Milan
Boston
New York
Vienna external sources …
Warsaw
Toronto Zurich
Chicago Athens Beijing
Istanbul Hong Kong
Shanghai
…with a well diversified
Taipei
Seoul asset mix of top quartile
Dubai Tokyo
products
Mumbai
Jakarta
Sao Paulo Singapore
Melbourne
Santiago Sydney
Buenos Aires
Asia, Middle East, Africa,
and Turkey
6. Fortis Investments | 6
Business Overview
Assets under management mix
AUM by distribution channel AUM by geography
Others 6%
Asia Pacific 11%
Distribution Europe 80% Latin America 2%
Partners 45%
Institutional
N. America 7%
49%
AUM per asset class
FoF 2%
Fix Funds 7%
Money Market 14% Bonds 31%
Equity 21%
Balanced 25%
All figures per September 30 2008; the breakdown per asset class is currently an estimation for the combined entity and may be revised
7. Fortis Investments | 7
Business Overview
Assets under management
Asset growth breakdown
Evolution End Q3 2008
250 0
200 192.4 -5
-10
AUM in EUR bn
150 133
121
EUR bn
105.1
-15
100 87.1
82.2 79.4 77.9
69.2 72.7
-18.2
-20
50
-25
0
-24.9
1999* 2000* 2001 2002 2003 2004 2005 2006 2007 End
-30
Q3
2008 Net asset flow Return effect
(*) For ease of comparison, 1999 and 2000 have been re-calculated to take into account a transfer of Group
Assets to the in-house insurance companies of Fortis which was effective end Q3 2001 and involved AUM of
euro 28.1 billion
9. Fortis Investments | 9
Principles for Responsible Investments (PRI)
Fortis Investments Approach
Fortis Investments has signed the PRI in 2007. The
Principles are based on the premise that ESG issues Board / Executive Committee
can affect investment performance and that the Leadership
appropriate consideration of these issues is part of
delivering superior risk-adjusted returns and is therefore
Investment Investment
firmly within the bounds of investors’ fiduciary duties. Centre Centre
SRI Investment
The investment division of Fortis Investments is made Centre
up of 40 autonomous investment centers that are
specialised in different asset classes and product areas. PRI Co-ordination
Investment Investment
Centre
The SRI investment center, supported by the Board / Centre
Executive Committee, acts as a centre for excellence in Investment
terms of establishing the link between ESG issues and Centre
investment consequences, and mainstreaming the PRI
principles across Fortis Investments.
10. Fortis Investments | 10
SRI Investment Center
12 sustainable investment
12 sustainable investment
experts, from 9 different
experts, from 9 different
countries, with 117 years
countries, with 117 years
professional experience and
professional experience and
fluent in 10 languages.
fluent in 10 languages.
Truly integrated team
Truly integrated team
combining both sustainability
combining both sustainability
and investment expertise.
and investment expertise.
Autonomous investment
Autonomous investment
centre based in Frankfurt.
centre based in Frankfurt
11. Fortis Investments | 11
PRI Implementation
Principle 1: Principle 2:
We will incorporate ESG issues into We will be active owners and incorporate
investment analysis and decision-making ESG issues into our ownership policies and
processes practices.
Action: Action:
Launched an online ESG Portal enabling all Integrated specific ESG criteria in the
investment centres at Fortis Investments to company wide Proxy Voting policy.
access company ESG analysis. Improved reporting on ESG related Proxy
The analysis, compiled by SRI investment Voting.
centre, helps to identify both ESG related
investment risks and opportunities.
12. Fortis Investments | 12
PRI Implementation
Principle 3: Principle 4:
We will seek appropriate disclosure on ESG We will promote acceptance and
issues by the entities in which we invest. implementation of the Principles within the
investment industry.
Action: Action:
Request for appropriate ESG disclosure Ongoing dialogue with data providers and
according to GRI guidelines is integrated in brokers on specific ESG issues / research
company wide Proxy Voting policy. requests.
Selected engagement with companies on Launched tailored ESG investment solutions.
ESG disclosure issues.
13. Fortis Investments | 13
PRI Implementation
Principle 5: Principle 6:
We will work together to enhance our We will each report on our activities and
effectiveness in implementing the Principles. progress towards implementing the
Principles.
Action: Action:
Fortis Investments actively participates in a Framework for understanding ESG
number of networks aimed at delivering the investment risks and opportunities outlined on
Principles (e.g. PRI Emerging Markets group, SRI website www.sri.fortis.com.
Carbon Disclosure Project). Completed PRI Reporting and Assessment
Presentations at PRI events in Frankfurt and questionnaire.
Asia.
15. Fortis Investments | 15
Environmental, social and governance issues
Closely interlinked
Water Scarcity Rising Food Prices Transparency &
Disclosure
Air Pollution Social Access &
Poverty Shareholder
GHG Emissions protection
Human / Labour
Natural Resource Rights Non compliance with
Depletion environmental and
Product Safety social regulation
Waste Problem
Urbanisation Bribery & Corruption
Eco-Toxicity
Demographic Change
Sources: Fortis Investments
16. Fortis Investments | 16
Environmental Challenges in Asia …
16 of the world’s 20 most polluted cities are in China.
India has 16 percent of the world's population, 2.5
percent of the land mass and 4 percent of the world's
water resources.
China is set to overtake the US to become the world’s
largest energy consumer soon after 2010, and even
earlier is set to become the world’s largest carbon
emitter.
Over 90% of waste in most parts of Asia is still
dumped or land filled.
Governments are increasingly concerned that the
environmental crisis could lead to social unrest.
Sources: Fortis Investments
18. Fortis Investments | 18
Fortis Sustainability Radar
Sustainability dynamics: Emerging Asia
Greenhouse Gases (E)
Nanotechnology (E)
Water Scarcity (E)
Air Pollution (E)
Biodiversity (E)
Food Crisis (S)
Asbestos (S)
Sustainability
Issues
EMERGING MOMENTUM ESTABLISHED
Sources: Fortis Investments
19. Fortis Investments | 19
Fortis Sustainability Radar
How do sustainability issues develop?
Fortis Sustainability Radar™
Growing
Political/ Voluntary
Media Codes
Attention
Strong
Scientific
Some Evidence
Scientific
Evidence Legislation
Calls for in place
tighter
legislation
Sustainability
EMERGING MOMENTUM ESTABLISHED
Issues
Sources: Fortis Investments
20. Fortis Investments | 20
Fortis Sustainability Radar
Company response
Fortis Sustainability Radar™
PRODUCT Companies with products or
STRATEGIC services that solve the
problem
BEST
Companies who achieve
PRACTICES competitive advantage through
better practices
WORST
PRACTICES
Companies with a defensive
or minimalist approach
Sources: Fortis Investments
21. Fortis Investments | 21
Fortis Sustainability Radar
The Investment Opportunity Zone
Fortis Sustainability Radar™
Business INVESTMENT
Response OPPORTUNITY ZONE
PRODUCT
STRATEGIC Sustainable
Winners
PARAMETERS ARE PARAMETERS ARE
BEST
NOT CLEAR – VERY CLEAR –
PRACTICES
TOO EARLY TOO LATE
WORST
PRACTICES
Unsustainable
Losers
Sustainability
EMERGING MOMENTUM ESTABLISHED
Issues
Sources: Fortis Investments
22. Fortis Investments | 22
Asian Environmental Strategy
Business Fortis Sustainability Radar™
Response
Asian
PRODUCT
STRATEGIC
Environmental
Strategy
BEST
PRACTICES
WORST
PRACTICES
Sustainability
EMERGING MOMENTUM ESTABLISHED
Issues
Sources: Fortis Investments
23. Fortis Investments | 23
Fortis L Fund Green Tigers
Investment Philosophy
The Asian environmental space has so far remained under-researched and under-exploited from
an investment point of view.
We take advantage of this by a bottom-up stock picking approach designed to identify companies
with the strategies, management and means to become the long-term sustainable winners.
Our aim is to deliver superior long term equity returns by investing mainly in high growth, vibrant
companies directly exposed to the demand for sustainable solutions in Asia Pacific
Sources: Fortis Investments
24. Fortis Investments | 24
A wealth of opportunities
Renewable Energy in China set to grow by 20% p.a.
Renewable energy is expanding in China. China’s development plan for renewable energy
Driven by energy security concerns, the
climate change challenge, and providing
access to energy in remote areas.
Renewable energy sources (including
hydropower) are set to account for 10% of
total energy consumption by 2010 and
further to 15% by 2020.
Sources: Fortis Investments
25. Fortis Investments | 25
A wealth of opportunities
Highest wind capacity additions in India
Expected growth in different countries
Sources: Goldman Sachs Research, Fortis Investments
26. Fortis Investments | 26
Clean Energy Focus Asia
Policy Infrastructure for Renewable Energy
Feed-in-tariff Tax reductions or Public loans / Renewable Energy Target
credits financing
Indonesia seeks to generate 5% of its energy from
Indonesia renewable sources by 2020.
Korea has a renewable target for electricity generation
Korea of 5% by 2010.
Malaysia seeks to generate 350 MW renewable energy
Malaysia by 2010. Main potential is biomass based on palm oil.
Main goal is to increase self-sufficiency to 60% and to
Philippines double renewable energy capacity to around 5GW by
2013.
Government focuses on waste to energy, biomass
Singapore cogeneration, and solar power offering up to 50%
public financing for innovative projects.
Taiwan has a target of achieving 10% from renewable
Taiwan energy by 2010.
5% of all new capacity must come from renewable
Thailand sources. Main projects are using biomass, such as
sugar cane and rice husks.
Sources: Goldman Sachs Research, Fortis Investments
27. Fortis Investments | 27
Clean Energy Focus Asia
Forecasted solar and wind capacity additions
Solar Energy - Wind Energy -
Forecasted capacity additions until 2010 Forecasted capacity additions until 2010
Rooftop solar has potential as the island’s geography means Total wind potential estimated at just 448 MW. No clear
Indonesia
that grid connection is difficult. government guidance or targets available.
628 MW 2250 MW (by 2012)
Korea Government has budgeted W1.9tn for R&D, subsidies, and Government has budgeted W1.6tn for R&D, subsidies, and
feed-in tariffs until 2012. feed-in tariffs until 2012.
Energy Commission state limited grid connection for solar, Energy Commission state that wind potential is not high due
Malaysia
but rooftop programs could be important. to low average wind speed.
392 MW
But plans to become key manufacturer. Cypress Sunpower
Philippines Department of Energy estimates a total 76,000 MW of
opened a US$ 300 mn plant in 2004.
potential wind energy.
Has plans to install 50,000 m2 of solar thermal capacity by
Singapore Wind is not considered a viable source of energy.
2012. Seeks to become a solar manufacturing hub.
2,049 MW
20 MW
Taiwan Strong potential in Taiwan Strait: Taipower plans a further
Actively promoting innovate solar PV systems.
546 offshore turbines between 2010 and 2020.
142 MW 52 MW
Thailand Environmental groups believe Thailand has potential to Government does not consider wind as priority due to low
provide 30% of energy needs from solar by 2020. wind speeds.
Sources: Goldman Sachs Research, Fortis Investments
28. Fortis Investments | 28
A wealth of opportunities
Rising demand for water infrastructure
Rmb 1trillion to be spent between 2006-10
China ranks among the 13 lowest
countries in the world on its per-capita
water resources.
Less than 50% of the Chinese population
is connected to sewerage systems.
The government has made the securing of
drinking water resources a top priority.
Sources: Fortis Investments, www.china.org.cn, Citi Group, Credit Suisse
29. Fortis Investments | 29
A wealth of opportunities
High Growth in Water Investment in India
% annual average growth in
investment in water & wastewater
between 2005 – 2015E.
Growth in India will outpace growth in
developed economies more than
two-fold.
Sources: Fortis Investments, Goldman Sachs
30. Fortis Investments | 30
A wealth of opportunities
Growing demand for waste management solutions
China has surpassed the US as the world’s
largest waste generator driven by rapid
urbanisation and rising GDP per capita.
Annual Municipal Waste Generation has grown
8% pa per capita between 1980-2000 compared
to 1% in the US.
Over 90% of waste is still dumped or land filled. In
its 11th five year plan the Chinese government
states that it plans to invest Rmb 51.6 billion in
sold waste treatment pants between 2006-2010.
Incineration will play a key role in Chinese waste
management strategy.
.
Sources: Fortis Investments
31. Fortis Investments | 31
A wealth of opportunities
China unveils USD 586 billion stimulus package
In November 2008, China called for “accelerating
the transformation of our mode of economic
development”.
US$586bn fiscal stimulus package earmarked to
boost the economy.
Fully 25% of the total (US$146 billion) is allocated
for environmental protection.
Big winners will be water infrastructure, green
energy infrastructure, railways,.
Sources: Fortis Investments, FT
32. Fortis Investments | 32
Fortis L Fund Green Tigers
Suzlon Energy Hyflux
– Integrated business model – Leading player in both
for total wind power desalination and water
solutions treatment
– Annual growth rate ~20% – Proprietary membrane
– Strong market position in technology
growth areas – Superior-quality portfolio
– Built the world’s largest of water assets expected to
wind park in Asia generate strong growth and
steady cash flow
Zhongde Waste Matsuda Sangyo
– Well positioned in the – Global player in the field of
market for Waste recovered materials
incineration – Benefits from steady
– Market seen at ~ 15% cagr growth on increase of
Sources: Fortis Investments
from now to 2030 waste recycling volume in
– Proprietary technology, Asia
high sustainable margins – Growing its overseas
and high ROE compared to operations in Thailand and
peers China
33. Fortis Investments | 33
Why Asia Environmental Focus Now
The Asian region is facing growing environmental challenges as a result of population growth,
rapid industrialisation, and natural environmental constraints.
Governments across Asia have started to act realising that the growing environmental problem is
beginning to undermine economic growth and social stability.
The global climate change debate is adding additional international political pressure. These
developments create a whole range of environmental investment opportunities.
Investors face a need to take Asia’s diverse nature of environmental challenges and opportunities
into account.
34. Fortis Investments | 34
Thank you for your attention!
Singapore, Kuala Lumpur
Marcel.DEBRUIJCKERE@fortisinvestments.com
+65 6593 5171
Peijun.Chen@fortisinvestments.com
+65 6593 5173
Jakarta
tino.moorrees@fortisinvestments.co.id
+62 212521574
Frankfurt
florian.sommer@fortisinvestments.com
+49 69 70799841
36. Fortis Investments | 36
Fortis L Fund Green Tigers
Bottom up investment process
Step 1 Step 2 Step 3
Sustainability research and Fundamental analysis (DCF, Diversification across region,
idea generation P/E) theme and technology
Leverage of our on-the Environmental benefits Review of current holdings,
ground Asian research analysis to identify the pure price targets
capabilities plays
Review of portfolio risk
Risk Factors compositions
Investable Universe Portfolio Construction FLF Green Tigers
Have we identified Is the team convinced of the Have we delivered the most
something the mainstream investment case? attractive risk/return profile?
has not?
Sources: Fortis Investments
37. Fortis Investments | 37
Fortis L Fund Green Tigers
Dedicated team and local resources
Global Environmental Portfolio Management Team Local Research Network
Capabilities
SRI Investment Center
6 dedicated analysts, diverse Stewart Armer Dr. Francois Perrin More than 100
background, 70 years of
on-the-ground
combined investment
Back up investment professionals
experience Portfolio Manager
Portfolio Manager
China, India, Japan
SRI Committee and Australia
5 experts on environmental,
regulatory and emerging
market issues
Unravelled resources and experience for managing the strategy
Sources: Fortis Investments
38. Fortis Investments | 38
International SRI Advisory Committee
Prof. Karl-Henrik Robert (Chairman)
Founder of The Natural Step
Leading Scientist on Sustainability System Theory
High level sustainability
High level sustainability Sweden
experts with different areas of
experts with different areas of Robert Rubinstein
focus: science, policymaking,
focus: science, policymaking, Founder and Managing Director, TBLI Group
SRI Industry Expert; runs the leading SRI industry
development, governance,
development, governance, conference (TBLI) in Europe and Asia
US
global SRI industry, etc.
global SRI industry, etc.
Raymond Van Ermen
Director of European Partners for the Environment,
EU Environmental Policy Expert
Provides strategic advice on
Provides strategic advice on Belgium
existing and emerging
existing and emerging Dr. Maritta Koch-Weser
sustainability themes.
sustainability themes. CEO, Global Exchange for Social Investment
Former Head of Social Policy of the World Bank.
Germany
Validates the robustness and
Validates the robustness and
Prof. Ethan Kapstein
Professor of Sustainable Development, INSEAD
integrity of the core SRI
integrity of the core SRI Leading Sustainable Business Economist
US
process.
process.
Cyril Lin
Managing Director of IFG Development Initiatives,
Corporate Governance Expert for Asian countries
China
39. Fortis Investments | 39
Fortis L Fund Green Tigers diversified stock bets
Portfolio Details
clear sector biases
no „me too“ stocks
Sources: Fortis Investments, 31/12/2008
40. Fortis Investments | 40
Fortis L Fund Green Tigers
Performance
Since
Performance (%) Dec Last 3M
inc.**
FORTIS L FUND Green Tigers (I) -1,99 -25,47 -36,47 The successful implementation
75% MSCI AC Asia Pac ific ex Ja pan (NR) + 25 % MSCI Japan (N R) -3,04 -20,60 -29,58 of clean technologies in the
Excess return 1,05 -4,87 -6,89 region coupled with the
Since
increased demand for solutions
Risk indicators (annualised) by region’s economies, will
inc.**
Fund volatility (%) n.a. result in a major driver for
Benchmark volatility (%) n.a. environmental infrastructure.
Tracking error (%) n.a.
Information ratio n.a.
all fi gures g ros s of fees (in E UR)
* ann ualised p erfo rman ce
High levels of domestic savings
** incep tio n date : 0 1/08 /2 008 and current account balances =
Past p erforman ce or ach ievemen ts are n ot in dic ative of current or fut ure perform ance. funding of infrastructure
projects intact
Credit crunch has limited impact
as 75% of spending announced
and sponsored by government
and municipal sectors.
Source: Fortis Investments, 31.12.2008 figures
.
Past performance or achievements are not indicative of current or future performance
41. Fortis Investments | 41
Fortis L Fund Green Tigers
The right time to invest in the newcomers!
Strong business case: Asian countries are responding to the need for immediate solutions to their
significant environmental problems. Companies providing renewable energy technologies, energy
efficiency improvements, water infrastructure and purification, sustainable forestry products, emissions
control technologies will all be part of the answer.
Strong investment case: Social and regulatory factors are falling into alignment, making now an ideal
time to invest in Asia’s environmental well-being.
Unique investment universe: Fortis Investments has identified a broad universe including compelling
investment opportunities not covered by competitors
Strong performance: Focused on generating solid investment returns through investing in companies
that are reacting proactively to the pressing environmental challenges in Asia Pacific
Proven investment process and dedicated investment centre based in Frankfurt leveraging Fortis
Investments on-the ground Asian research capability
Sources: Fortis Investments
42. Fortis Investments | 42
Fortis L Fund Green Tigers
Fund Details
Name: Fortis L Fund Green Tigers
Reference Index : MSCI Asia Pacific (75%) / MSCI Japan (25%) – Net Return (EUR)
Portfolio management: Stewart Armer
ISIN: LU0374254513 (I-share)
Nationality: Luxembourg
Legal form: Compartment of the Fortis L Fund SICAV
Type: UCITS III
NAV Calculation Agent: FASTNET Luxembourg S.A.
Management fee: 0.80% (I-share)
Launch: 1 August 2008
Fund currency: EUR
Risk Class (0 to 6): 3
Advised Horizon: 10 years
Investor profile: aggressive
The investments in this compartment are subject to market fluctuations and the risks inherent in investments in securities. 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.
43. Fortis Investments | 43
Why an Environmental Focus Now?
Current valuations… and momentum!
Our alpha pool in clean energy, water and waste All thematic strategies have
All thematic strategies have
substantially outperformed the
substantially outperformed the
1200 MSCI World over the past 5 years
MSCI World over the past 5 years
1100 Clean & Efficient Energy Index (EUR)
Clean Water & Pollution Control Index (EUR)
Post 2008, valuation ratios at
Post 2008, valuation ratios at
1000 historic lows
historic lows
Resources & Waste Management Index (EUR)
– despite long term growth
– despite long term growth
900 MSCI World ND (EUR)
prospects
prospects
Solar
800
Wind Operators
–
– despite balance sheets quality
despite balance sheets quality
and low impairment risk
and low impairment risk
700
Catalysts for a repricing
Catalysts for a repricing
600
– Policy makers clearly moving
– Policy makers clearly moving
500
towards fiscal policies designed
towards fiscal policies designed
to boost economies, favouring
to boost economies, favouring
400 those sectors
those sectors
300
–
– Companies are likely to deliver
Companies are likely to deliver
growth ahead of expectations
growth ahead of expectations
200
–
– Strongest players will gain
Strongest players will gain
100
market share
market share
648 stocks to choose from!
648 stocks to choose from!
0
1-Jan-04 1-Jan-05 1-Jan-06 1-Jan-07 1-Jan-08
Source: Fortis Investments, Bloomberg
Period: 01/01/04 – 31/12/08
44. Fortis Investments | 44
Improving our ESG Performance
Fortis Investments
Fortis Investments is committed to improve its own ESG performance. In 2007 the company focussed
specifically on the environment. A dedicated Greening Committee was set up.
The Greening Committee agreed 8 environmental headline objectives
1. Minimise business travel
2. Minimise commuting impact
3. Eco-efficient energy management
4. Reduce paper consumption and waste recycling
5. Greening procurement and facility management
6. Embed ‘Greening philosophy’ in company culture
7. Healthy spirit in a health body
Each objective is backed up with specific KPIs.
45. Fortis Investments | 45
Improving our ESG Performance
Fortis Group
Fortis Group is committed to ongoing improvement of its ESG performance under the Corporate Social
Responsibility (CSR) umbrella. The CSR team is made up of 12 people and reports directly to the
company board.
Fortis Group has agreed the following three year objectives (2007-09):
1. Building on overall strategic themes (sustainable supply chains, climate change, social exclusion)
2. Embedding CSR in all parts of the organisation
3. Implementation of Carbon Neutrality Programme
4. Development and roll out sector policies
5. Development of products and services
6. Development of a Fortis Human Rights Statement
7. Further expansion of Foundation
8. Strengthen stakeholder dialogue and communication
9. Actively particpate in international debabe on CSR
Further information about these objectives and achieved 2006 milestones
can be viewed at www.fortis.com/sustainability
46. Fortis Investments | 46
Further Information
PRI Co-ordinator
Florian Sommer
Head of Sustainability Research
SRI Investment Centre
Fortis Investments, Germany
0049 69 70799841
florian.sommer@fortisinvestments.com
www.sri.fortis.com
47. Fortis Investments | 47
This document has been prepared solely for informational purposes and does not constitute 1) an offer to buy or sell or a
solicitation of an offer to buy or sell any security or financial instrument mentioned in this document or 2) any investment advice.
Any decision to invest in the securities described herein should be made after reviewing the most recent version of the prospectus,
which can be obtained free of charge from Fortis Investments*. Moreover, prospective investors should conduct such investigations
as the investor deems necessary and should seek their own legal, accounting and tax advice in order to make an independent
determination of the suitability and consequences of an investment in the securities. The opinions contained herein are subject to
change without notice.
Investors should ensure themselves that they read the last available version of this document.
Past performance or achievements are not indicative of current or future performance. The performance data do not take account
of the commissions and costs incurred on the issue and redemption of units.
For more information, please contact fortisfunds@fortisinvestments.com
Fortis Investments is the trade name for all entities within the group of Fortis Investment Management. This document has been
issued by Fortis Investment Management Belgium N.V./S.A. (address : Avenue de l’Astronomie 14, 1210 Brussels, Belgium,
RPM/RPR 0882 221 433).
www.sri.fortis.com