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Update Oct2016
Expertise in European
listed real estate
Olivier Hertoghe, DamienMarichal,Vincent Bruyère, SeniorPortfolio ...
2
Degroof PetercamAsset Managementand European listed Real Estate
Delivering superior risk adjusted returns
in a diversify...
Sector overview:
key debates forthe
asset class
1
Funds:Team, Philosophy
& process
2
Outlookand strategy
going forward
3
C...
The interest rate environment
1
Sector overview:
key debates for the asset class.
4
Volatility of listed real estate
Effic...
5
Quest for yield: yield gap still at high levels1.1.1
Company data, Datastream, Morgan Stanley Research,30/09/16
Ebitda/E...
6
Who’s afraid of rising interest rates?1.1.2
Property yields vs 10Y interestrates (%)
There is effectively no relationshi...
7
…it is a misconception that bonds and real estate are highly correlated1.1.3
DPAM Quant team, 10/16
The Modeled Correlat...
8
Who’s afraid of rising interest rates?1.1.4
US REITs investors do not seemto be scaredof latest andfuture interest rate ...
9
Valuation : Discount to NAV and NAV growth1.2
Company data, Datastream, Morgan Stanley Research,30/09/16
DownwardsNAV gr...
10
1.3 Correlation with MSCI Europe
Sector Beta gradually back to historical levels
DPAM Quant team, 05/16
11
Efficiency of listed real estate vs equities1.4
Degroof Petercam,05/2016
Efficiency (return/volatility)of real estatedi...
12
Efficiency of listed real estate vs direct real estate1.5
Value Added From
Money Managers in Private
Markets? An Examin...
Investment team
2
Funds: focus and process.
13
Petercam Securities Real Estate Europe
Expertise and products
Petercam Real...
Vincent Bruyère
Senior Portfolio Manager
Tel. + 32 2 287 94 80
v.bruyere@degroofpetercam.com
Olivier Hertoghe
Senior Portf...
15
Comprehensive and tailor-made product range (+/- EUR 1bln€)
Benchmarked Petercam Securities Real Estate Europe
Core app...
1 2 3 4
Market
information
Fundamental
analyse
Valuation
check
Portfolio
construction
16
Listedreal estate
companies
Capit...
17
In house valuation model (extract)
CF Yield Dividend yield
Country 16E 17E 16E 17E 16E 17E
Atrium Austria 3.80 1,428 8....
Universe Objective Strategy Restrictions
18
Investinlisted
European property
shares active in the
varioussub-sectors
(offi...
19
Petercam Securities Real Estate Europe
Benchmark = PEPS index, provided by Global PropertyResearch (GPR)
39%
1%
24%
2%
...
20
Track Record vs PEPS Index and EPRA since inception
Gross of fees as of August 2016
Performancevs Benchmark,our mission...
21 Brussels, 28/09/16
Track Record vs PEPS index
Continuous outperformance with lower volatility
Performance vs Benchmark ...
22
Relative performance analysis Q3, 2016
Positive contributors
StrongallocationandselectioninAustriancompanies exposedto ...
23
Performance attribution/countryQ3, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
30/06/2016 to 30/09/2016
Euro
DPAM IN...
24
Top & Worstperformance/company Q3, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
30/06/2016 to 30/09/2016
Euro
DPAM IN...
25
Perf attribution by market cap Q3, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
30/06/2016 to 30/09/2016
Euro
DPAM IN...
26
Relative performance analysis YTD, 2016
Positive contributors
StrongallocationandselectioninFrance (+84bp)goodperforman...
27
Performance attribution/countryYTD, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
31/12/2015 to 30/09/2016
Euro
DPAM I...
28
Top & Worstperformance/company YTD,2016
DPAM INVEST B Real Estate Europe vs. PEPS
31/12/2015 to 30/09/2016
Euro
DPAM IN...
29
Perf attribution by market cap YTD, 2016
DPAM INVEST B Real Estate Europe vs. PEPS
31/12/2015 to 30/09/2016
Euro
DPAM I...
Universe Objective Strategy Restrictions
30
Invest min. 75% in
listed European
property shares
activein thevarious
sub-sec...
31
Correlation: lower Beta for the Dividend fund
0,00
0,10
0,20
0,30
0,40
0,50
0,60
0,70
0,80
0,90
1,00
12-2012
02-2013
04...
32
Petercam Real Estate Europe Dividend vs FTSE EPRA Eurozone
Performance since inception(31/12/2010)
Gross of fee perform...
33
Good efficiencyof DPAM Real Estate Dividend fund
Data asfrom Dec 28, 2010
to April 30, 2016
34
Maximum drawdown Real Estate Dividend fund (up to end April 2016)
Eurozone crisis
Recent correction
Universe Objective Strategy Restrictions
Securities of the
Eurozonerealestate
sector (REITs, shares,
convertible bonds)
+/...
36
Atlas Real Estate EMU: breakdowns (30/06/16)
Gross dividend yield (%) 4.09
Current sector dynamics
3
Outlook and strategy going forward.
37
Strategy going forward
Investment themes
Return expectati...
38
Current sector dynamics3.1
Hunt for yieldagainimportant driver in 2016 :
lower for longer interest rates andstrongdeman...
39 Brussels, 21/01/16
Current valuation of the sector3.2
NAV growth,especially for the UK,is in now under review afterBrex...
40
Strategy going forward3.3
On market caps
We still see more value in smallercaps but no intentiontoincrease exposure fur...
41
Our stance on the UK3.4
In 2015 en 2016 YTD the UK was a major contributor to our relative performance
We reducedour ov...
42
The case for the UK3.5
Company data, Datastream, Morgan Stanley Research,30/09/16
Valuation looks attractivewhen lookin...
43
Virtuous circle in for companies trading at a premium3.3
Companies trade
at premiums to NAV
Issue newequity
above NAV
B...
44
Investmentthemes (1)
Drivers Companies
German
residential
OnlyEuropean country where residential pricesare
belowconstru...
45
Investmentthemes (2)
Drivers Companies
Dividend yield In a lowrate environment 3,5%+ dividendyieldsare
attractive
Divid...
46
Investmentthemes (3)
Drivers Companies
Specific
business
models
Propertyowners but withfocus on operatingand
developmen...
47
Investmentthemes (4)
Drivers Companies
E-commerce Is viewedasa threatfor retail
But is an opportunityfordistributionpre...
Cutting edges.
4
48
49
Lipper Fund Awards4.1
20152014
50
Cutting Edges4.2
1 Long-termsuccessful track record
and expertise in listedreal estate
Stability and experience
of the ...
Presentdocumentsdon’t constitute an investmentadvice nor do theyform part of an offeror solicitationfor
shares. bondsor mu...
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Presentación Degroof Petercam: Funds Experience 2016

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Presentación Degroof Petercam con Olivier Hertoghe: Funds Experience 2016

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Presentación Degroof Petercam: Funds Experience 2016

  1. 1. Update Oct2016 Expertise in European listed real estate Olivier Hertoghe, DamienMarichal,Vincent Bruyère, SeniorPortfolio Managers
  2. 2. 2 Degroof PetercamAsset Managementand European listed Real Estate Delivering superior risk adjusted returns in a diversifying asset class
  3. 3. Sector overview: key debates forthe asset class 1 Funds:Team, Philosophy & process 2 Outlookand strategy going forward 3 Cuttingedges 4 3
  4. 4. The interest rate environment 1 Sector overview: key debates for the asset class. 4 Volatility of listed real estate Efficiency of listed vs direct real estate Sector valuation Efficiency of listed real estate vs general equities
  5. 5. 5 Quest for yield: yield gap still at high levels1.1.1 Company data, Datastream, Morgan Stanley Research,30/09/16 Ebitda/EV yield margin over local 5yr swap rate: Still sound gapbetweenproperty yield and cost of debt 300-400bp margin 50-150bp gap
  6. 6. 6 Who’s afraid of rising interest rates?1.1.2 Property yields vs 10Y interestrates (%) There is effectively no relationshipbetweenproperty yields andnominal interest rates. Interest rates are at a 30 year low but property yields are broadly in line with their historic average. If interest rate’s rise slowly forthe goodreason: positive forreal estate 20/9/16
  7. 7. 7 …it is a misconception that bonds and real estate are highly correlated1.1.3 DPAM Quant team, 10/16 The Modeled Correlation is estimated by a DCC-Garch Model. This model works in 2 steps. In a first step it captures the stylized fact that volatility tends to cluster and is subject to shocks. In a second step this time-varying volatility is filtered out and the remaining residuals are used to estimate the pure (and true) correlation behavior. The behavior of the correlations is modeled in a similar manner as in the first step: correlation today is dependent on a momentum or autoregressive component (i.e. today's correlations is linked to yesterday's correlation) and a shock component. Because of the autoregressive component the weights on the historical data decrease exponentially as opposed to the traditional way of calculating correlation where each observation (no matter how long ago) is considered equally important.
  8. 8. 8 Who’s afraid of rising interest rates?1.1.4 US REITs investors do not seemto be scaredof latest andfuture interest rate hikes 30/5/16
  9. 9. 9 Valuation : Discount to NAV and NAV growth1.2 Company data, Datastream, Morgan Stanley Research,30/09/16 DownwardsNAV growthrevisions in the UK, but still positive on European level
  10. 10. 10 1.3 Correlation with MSCI Europe Sector Beta gradually back to historical levels DPAM Quant team, 05/16
  11. 11. 11 Efficiency of listed real estate vs equities1.4 Degroof Petercam,05/2016 Efficiency (return/volatility)of real estatedivided by efficiency of equities for 3 year investmentsfor the period 1995 to April 2016 Strongefficiency for Europeanlistedreal estate comparedto equities over the last 20yrs
  12. 12. 12 Efficiency of listed real estate vs direct real estate1.5 Value Added From Money Managers in Private Markets? An Examination of PensionFund Investments inReal Estate” May 2012, University of Maastricht,The Netherlands,basedon a survey onthe behavior of 880 pensionfunds over20 years. 1990-2009 422bpannual outperformancewith a modest higher volatility / substantiallyless costly
  13. 13. Investment team 2 Funds: focus and process. 13 Petercam Securities Real Estate Europe Expertise and products Petercam Real Estate Europe Dividend Atlas Real Estate and Degroof Real Estate
  14. 14. Vincent Bruyère Senior Portfolio Manager Tel. + 32 2 287 94 80 v.bruyere@degroofpetercam.com Olivier Hertoghe Senior Portfolio Manager Tel. + 32 2 287 96 10 o.hertoghe@degroofpetercam.com Bank Degroof Petercam: Listed Real Estate Team Damien Marichal Senior Portfolio Manager Tel. + 32 2 287 96 09 d.marichal@degroofpetercam.com 14
  15. 15. 15 Comprehensive and tailor-made product range (+/- EUR 1bln€) Benchmarked Petercam Securities Real Estate Europe Core approach InceptionDec 1999 Outperforma definedbenchmark With a lowervolatilitythanthe benchmark (1%) AUM fund EUR 374m + 45m clone accounts 2.3% annual excessover15 years Non-Benchmarked Belgian approach (2007) Onlythrough segregatedmandates Outperforma definedbenchmark PredominantlyinvestinginBelgianREITs Lower risk/returnprofile Circa EUR 28 m AUM 2.3% annual excessover7 years Petercam Real Estate Europe Dividend No benchmark, concentratedon high convictions InceptionDec 2010 Dividendsor coupons above sector average Total returnapproach Lower Beta fund Circa EUR 240 m AUM (hard-closed!) High conviction approach (2005) Onlythrough segregatedmandates No benchmark, opportunisticapproach and high convictions Circa EUR 69 m AUM 2.5-3% annual excessvs EPRA/GPR over11 yearswith 2.5% lowervolatility Funds Mandates
  16. 16. 1 2 3 4 Market information Fundamental analyse Valuation check Portfolio construction 16 Listedreal estate companies Capital markets Direct RE markets Propertyfinancingmarkets Macro news Seminars,propertytours, company visits,sell-side research,… Active search for additional informationwhenneeded Assessimpact on country, sub-sector,marketcap allocation Analyse impact on individual listedreal estate companies Internal valuationmodel Look for best executionvia dealingdesk Respectingour investment restrictionsand risk budget Investmentprocess Analyse daily news items from: Does this affect the current portfolio and our universe? When we decide to change the existing positioning Buy, sell or participate to capital market deals
  17. 17. 17 In house valuation model (extract) CF Yield Dividend yield Country 16E 17E 16E 17E 16E 17E Atrium Austria 3.80 1,428 8.5% 8.7% 7.4% 7.4% -20.0% -17.5% 4.7% 1.2% -5.7% 1.7% 4.3 20.8% Cofinimmo Belgium 105.85 2,221 6.0% 6.3% 5.2% 5.2% 12.1% 8.3% 1.6% 0.0% 3.0% 8.2% 110.0 9.1% PSP Swiss Property Switzerland 88.40 3,719 4.3% 4.3% 3.7% 3.7% -13.6% -14.4% 0.0% 0.5% 0.9% 4.7% 94.3 10.4% Swiss Prime Site Switzerland 81.60 5,212 4.4% 4.4% 4.5% 4.5% -6.3% -6.3% 0.7% 0.0% 0.0% 4.5% 82.2 5.3% Vonovia Germany 31.33 14,600 4.1% 4.7% 3.5% 3.7% 20.0% 12.0% 7.2% 4.9% 6.6% 10.1% 35.0 15.2% Deutsche Wohnen Germany 29.63 9,995 3.7% 4.1% 2.4% 2.7% 19.9% 7.8% 10.7% 15.6% 10.9% 13.3% 34.4 18.4% Aroundtown Germany 4.32 2,592 4.6% 6.8% 1.4% 2.0% -21.3% -27.9% 24.7% 18.5% 19.9% 6.0 40.0% LEG Germany 77.80 4,883 5.3% 6.0% 3.4% 3.9% 22.9% 14.6% 11.5% 9.0% 7.6% 11.0% 81.5 8.2% Deutsche EuroShop Germany 38.82 2,094 5.8% 6.1% 3.6% 3.6% -5.2% -9.6% 2.4% 2.4% 3.9% 7.5% 42.9 14.0% Alstria Germany 11.64 1,784 6.2% 6.3% 4.6% 4.7% 1.1% -1.6% 11.9% 3.2% 3.7% 8.2% 12.3 9.9% TLG Germany 18.80 1,268 6.1% 7.0% 4.6% 5.3% -0.5% -2.1% 10.3% 9.9% 3.6% 8.9% 21.2 17.1% VIB Vermogen Germany 19.21 528 6.8% 7.6% 2.9% 3.1% 20.9% 15.1% 9.5% 6.4% 4.5% 7.4% 21.6 15.1% Axiare Spain 11.22 806 3.5% 5.7% 1.8% 3.4% -14.0% -21.4% 35.6% 136.8% 9.5% 11.3% 14.3 29.0% Colonial Spain 6.16 2,199 3.8% 4.3% 3.0% 3.3% -16.1% -24.1% 37.5% 12.8% 11.6% 14.5% 8.12 34.7% Hispania Spain 11.45 1,241 5.2% 6.1% 3.2% 3.8% -5.5% -14.2% 149.7% 10.2% 13.4% 13.3 19.7% Merlin Spain 9.83 4,616 5.6% 6.3% 3.0% 5.0% -7.0% -13.5% 11.8% 42.0% 9.5% 12.6% 11.4 18.7% Argan France 24.35 346 11.2% 12.3% 3.7% 3.9% -12.4% -17.7% 6.6% 3.3% 8.0% 11.8% 29.9 26.5% F. des Regions France 78.79 5,275 6.4% 6.5% 5.5% 5.5% -5.0% -9.6% 1.1% 0.8% 4.1% 9.5% 82.0 9.5% Gecina France 132.20 8,372 4.2% 4.3% 3.8% 3.8% -0.1% -5.2% 2.7% 1.0% 4.9% 8.7% 108.9 -13.9% Icade France 65.97 4,856 6.4% 6.9% 6.0% 6.1% -15.7% -16.2% 4.7% 3.2% 1.8% 7.8% 70.0 12.1% Fonciere de Paris France 135.88 1,038 3.8% 3.7% 4.6% 4.6% -8.2% -10.9% -5.5% 1.6% 8.8% 13.3% 96.9 -24.2% Terreis France 35.00 884 3.6% 3.9% 2.4% 2.6% -23.8% -26.3% 5.5% 8.5% 6.0% 8.4% 42.8 24.5% Klépierre France 38.08 11,859 5.9% 6.2% 4.7% 4.9% 3.0% -0.8% 4.3% 3.8% 4.5% 9.2% 44.7 22.1% Unibail-Rodamco France 218.95 22,032 5.0% 5.4% 4.5% 4.7% 18.3% 9.7% 6.4% 3.6% 5.2% 9.8% 244.9 16.4% Altarea-Cogedim France 170.10 2,054 8.1% 8.6% 6.5% 6.5% 13.1% 5.4% 6.0% 0.0% 7.7% 14.2% 215.7 33.3% British Land United Kingdom 586 6,704 5.9% 6.0% 5.0% 5.2% -31.8% -22.9% 1.6% 3.0% -6.6% -1.6% 608.4 8.8% Land Securities United Kingdom 979 8,590 4.5% 4.9% 3.7% 3.8% -28.6% -22.1% 2.4% 3.7% -5.0% -1.3% 1,067.9 12.8% Hammerson United Kingdom 557 4,902 5.1% 5.3% 4.3% 4.5% -20.6% -14.9% 4.8% 5.0% -3.6% 0.6% 588.8 10.0% Derwent London United Kingdom 2,422 2,993 3.2% 3.7% 2.0% 2.2% -32.5% -22.2% 9.0% 11.4% -5.2% -3.2% 2,645.4 11.2% Great Portland United Kingdom 602 2,434 2.2% 3.0% 1.6% 1.7% -26.9% -20.4% 16.7% 15.0% -4.9% -3.4% 643.0 8.4% Beni Stabili Italy 0.52 1,168 8.8% 9.0% 5.0% 5.4% -41.0% -41.9% -1.1% 7.7% 1.1% 6.1% 0.7 42.6% Coima RES Italy 6.81 0 2.9% 7.3% 2.9% 5.3% -31.2% -31.9% 3.0% 5.9% 8.5 27.8% Eurocommercial Netherlands 38.55 1,827 5.5% 5.7% 5.2% 5.3% -6.4% -9.8% 3.5% 2.0% 3.5% 8.7% 41.2 12.1% Wereldhave Netherlands 43.58 1,755 7.8% 8.1% 7.2% 7.4% -15.2% -14.1% 4.8% 3.5% -0.5% 6.7% 54.0 31.1% Entra Eiendom Norway 85.75 1,618 5.2% 5.5% 4.2% 4.4% -18.1% -25.4% 18.8% 11.4% 10.8% 15.0% 103.4 24.8% Balder Sweden 204.30 3,382 5.6% 6.2% 0.0% 0.0% 17.2% -0.6% 12.2% 17.9% 17.9% 210.0 2.8% Castellum Sweden 120.90 3,392 7.0% 7.8% 3.7% 3.9% -1.0% -7.9% 8.6% 3.9% 7.8% 11.5% 117.2 0.6% Fabege Sweden 145.90 2,478 3.3% 3.6% 2.6% 2.7% 7.5% 3.8% 9.8% 6.7% 8.1% 10.7% 117.2 -17.1% Average total (Ptf weighted) 1,444 4.8% 5.3% 3.75% 3.97% 0.5% -3.4% 4.6% 5.5% 4.4% 8.4% 13.7% 12-Oct-16 2,468 P / NAV -1 TSR 15- 18 Target Price +12M E ReturnName Price CF gth 15-18 Div gth 15-18 NAV gth 15-18 Mark cap m€
  18. 18. Universe Objective Strategy Restrictions 18 Investinlisted European property shares active in the varioussub-sectors (offices,retail, residential,logistic warehouses,etc.). Numberof companiesis limitedtoaround 100 OutperformPEPS Index on a 3 year rollingperiodwith an expectedtacking error of maximum 4% Targeting annualizedexcess return of 2% (4%+ last 2 years) => InformationRatio of 0.5 Consistentlybeat the benchmark witha lower volatility Strong opinionof core companies thanks to frequent contacts with company management Bias towards under- researchedmid cap companies generatinga significantportion of alpha Dynamic and proactive managementstyle maximizing‘total shareholderreturn’ Maximum Out of Benchmark stocks of 30% Individual holding over/underweight capped at 3% Maximum over/underweight per sub-sectoror country capped at 10% Typically45-75 stocks Fullyinvested,cash capped at 5% Petercam Securities Real Estate Europe2.1
  19. 19. 19 Petercam Securities Real Estate Europe Benchmark = PEPS index, provided by Global PropertyResearch (GPR) 39% 1% 24% 2% 5% 4% 3% 18% 4% 25% 10% 21% 3% 6% 6% 3% 21% 5% Individualstockweight capped at 8% Today applicable onVonovia andUnibail-Rodamco (weights in GPR 250 Europe 9% and 14%) Fixed weight for Belgium Objective: lower volatility andadvantage of local knowledge UK weight capped at 25% To limit impact of single country, higher volatility of UKshares andGBP1 2 3 Specific PEPSIndex rules GPR 250 Europe  37 European companies(Dec 2015) Petercam European Property Shares (PEPS) Index  51 companies(Dec2015) Belgium France Netherlands Sweden Germany Austria Spain U.K. Switzerland
  20. 20. 20 Track Record vs PEPS Index and EPRA since inception Gross of fees as of August 2016 Performancevs Benchmark,our mission: consistent andlongtermoutperformance 2,30% p.a. since inception * EPRANR since 2004 -100% 0% 100% 200% 300% 400% 500% Petercam Real Estate 450.3% PEPS 288.0% EPRA* 278.6%
  21. 21. 21 Brussels, 28/09/16 Track Record vs PEPS index Continuous outperformance with lower volatility Performance vs Benchmark - 16 Years to August, 2016 Annual returns (gross of fees) Petercam Real Estate PEPS EPRA 7% 8% 9% 10% 11% 12% 15.8% 16.0% 16.2% 16.4% 16.6% 16.8% 17.0% 17.2% AnnReturn Ann Std Dev Risk / Return 10.77% 8.48% 8.32% Petercam Real Estate PEPS Annualised standard dev 15.91% 16.65% 16.95% EPRA* Annualised Returns Annual Returns (gross of fees) Year Petercam RealEstate PEPS EPRA* 2000 14.71% 13.03% 16.87% 2001 2.03% 0.91% -0.59% 2002 9.36% 7.82% 1.95% 2003 22.08% 19.53% 19.85% 2004 40.01% 35.76% 41.17% 2005 29.46% 25.17% 25.45% 2006 49.23% 47.29% 48.79% 2007 -25.10% -28.58% -32.19% 2008 -49.15% -49.40% -48.94% 2009 43.31% 41.77% 34.84% 2010 15.44% 16.88% 15.97% 2011 -9.77% -11.85% -10.04% 2012 27.45% 25.11% 27.52% 2013 10.99% 6.95% 10.35% 2014 27.97% 23.73% 25.01% 2015 20.56% 16.03% 17.99% 2016 YTD 4.93% 4.00% 0.14% * FT EPRADEV EUR NR€
  22. 22. 22 Relative performance analysis Q3, 2016 Positive contributors StrongallocationandselectioninAustriancompanies exposedto the Germanmarket (+47bp) with Buwog(17bp) and Conwert (15bp) Goodallocationandselection onthe UK(+21bp) with underweights on Capco (13bp)and Derwent London(6bp) GoodpositioningonSwitzerlandbeing underweight (+15bp) Negative contributors Weak selectionandallocationto France (-19bp)withUW on Gecina (-21bp) Weak selection to Spain(-11bp) with UW onHispania (-7bp) Underweight onSwedennot optimal with(-9bp) with underweight on Hufvudstaden (-8bp) +0,39% for Retail share class, +0,60% for Institutional share class
  23. 23. 23 Performance attribution/countryQ3, 2016 DPAM INVEST B Real Estate Europe vs. PEPS 30/06/2016 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total Country of Domicile Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 4,10 100,00 100,00 3,55 0,73 -0,17 0,55 Austria 5,75 6,48 0,87 2,28 2,21 0,30 0,42 0,05 0,47 United Kingdom 21,44 21,43 0,39 25,00 25,09 0,24 0,06 0,15 0,21 Switzerland 4,97 4,43 -0,15 6,72 6,43 -0,22 0,14 0,01 0,15 Norway 0,55 0,96 0,12 -- -- -- 0,10 -- 0,10 Finland 1,01 1,02 0,12 -- -- -- 0,08 -- 0,08 Netherlands 2,75 2,93 0,29 1,22 1,22 0,15 0,14 -0,06 0,08 Luxembourg 2,26 2,39 -0,01 1,41 1,39 -0,08 -0,09 0,14 0,04 Germany 19,71 20,73 0,76 22,34 22,33 0,87 -0,06 0,06 0,00 [Unassigned] -- 0,00 -0,00 -- -- -- 0,00 -- 0,00 Bulgaria 0,21 0,11 0,00 -- -- -- -0,00 -- -0,00 [Cash] 0,79 0,32 -0,00 -- -- -- -0,04 -- -0,04 Belgium 4,15 4,01 0,09 10,00 10,02 0,36 -0,01 -0,06 -0,07 Italy 0,47 0,43 -0,07 -- -- -- -0,08 -- -0,08 Sweden 5,19 5,19 0,24 6,57 6,53 0,41 -0,03 -0,06 -0,09 Spain 3,93 3,76 0,24 3,94 4,17 0,35 -0,01 -0,10 -0,11 France 26,82 25,79 1,22 20,53 20,61 1,17 0,11 -0,31 -0,19
  24. 24. 24 Top & Worstperformance/company Q3, 2016 DPAM INVEST B Real Estate Europe vs. PEPS 30/06/2016 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total Security Name Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 4,10 100,00 100,00 3,55 0,55 -- 0,55 BUWOGAG 1,89 2,46 0,36 1,11 1,10 0,16 0,17 -- 0,17 conwert Immobilien Invest SE 0,53 1,17 0,16 -- -- -- 0,15 -- 0,15 Swiss Prime Site AG 2,67 2,26 -0,09 4,21 4,02 -0,16 0,13 -- 0,13 Capital & Counties Properties PLC 0,24 -- -0,00 1,40 1,30 -0,08 0,13 -- 0,13 CA Immobilien Anlagen AG 1,35 0,99 0,17 -- -- -- 0,11 -- 0,11 Entra ASA 0,55 0,96 0,12 -- -- -- 0,09 -- 0,09 Mercialys SA 1,18 0,99 0,12 -- -- -- 0,09 -- 0,09 Citycon Oyj 1,01 1,02 0,12 -- -- -- 0,08 -- 0,08 Wereldhave N.V. 1,90 2,23 0,25 1,22 1,22 0,15 0,07 -- 0,07 Argan SA 1,66 1,67 0,13 -- -- -- 0,07 -- 0,07 Befimmo SA 0,51 0,65 -0,01 1,34 1,36 -0,04 0,06 -- 0,06 Derwent London plc 1,40 1,13 -0,02 2,00 2,09 -0,07 0,06 -- 0,06 TAGImmobilien AG -- 0,41 0,00 0,92 0,99 0,09 -0,05 -- -0,05 Terreis 1,89 1,45 0,02 -- -- -- -0,05 -- -0,05 Frey SA 0,69 0,67 -0,03 -- -- -- -0,06 -- -0,06 Aroundtown Property Holdings Plc 1,77 1,45 -0,01 -- -- -- -0,06 -- -0,06 Hispania Activos Inmobiliarios, SOCIMI, S.A. -- -- -- 0,68 0,71 0,09 -0,07 -- -0,07 Hufvudstaden AB Class A -- -- -- 1,23 1,22 0,12 -0,08 -- -0,08 Aedifica -- -- -- 1,24 1,25 0,13 -0,09 -- -0,09 COIMA RES S.p.A. 0,47 0,43 -0,07 -- -- -- -0,09 -- -0,09 Gecina SA 1,49 1,08 0,20 3,10 3,19 0,48 -0,21 -- -0,21
  25. 25. 25 Perf attribution by market cap Q3, 2016 DPAM INVEST B Real Estate Europe vs. PEPS 30/06/2016 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total MarketCap (EUR) Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 4,10 100,00 100,00 3,55 0,14 0,42 0,55 MarketCap (EUR) Bin 5: 1000.0 - 3000.0 27,43 29,03 1,81 22,23 22,03 0,92 0,05 0,69 0,74 MarketCap (EUR) Bin 3: 5000.0 - 7000.0 8,21 8,04 0,11 12,44 12,26 0,15 0,11 0,02 0,13 MarketCap (EUR) Bin 4: 3000.0 - 5000.0 14,86 14,47 0,53 18,25 18,33 0,60 0,01 0,07 0,08 [N/A] -- 0,00 -0,00 -- -- -- 0,01 -- 0,01 [Cash] 0,79 0,32 -0,00 -- -- -- -0,04 -- -0,04 MarketCap (EUR) Bin 1: > 10000.0 26,76 27,68 1,07 29,42 29,41 1,19 -0,02 -0,03 -0,05 MarketCap (EUR) Bin 6: 0.0 - 1000.0 12,08 10,91 0,35 4,52 4,44 0,20 0,04 -0,19 -0,15 MarketCap (EUR) Bin 2: 7000.0 - 10000.0 9,87 9,55 0,23 13,14 13,52 0,48 -0,02 -0,14 -0,16
  26. 26. 26 Relative performance analysis YTD, 2016 Positive contributors StrongallocationandselectioninFrance (+84bp)goodperformance ofsmaller capcompanies as Terreis (43bp) and Argan (27bp) Goodpositioningon indirect Germanplays through Austrian (+59bp) and Luxembourg (+49bp) listedcompanies as ADO Properties (+34bp) Goodselectiononthe UK(+45bp) withunderweights on Capco (59bp) andINTU (20bp) Negative contributors Underweight positioningon defensive Belgium(-78bp)with UW on Cofinimmo (-31bp) Germany not optimal (-23bp) with underweight on Vonovia (-30bp) Underweight positioningon defensive Switzerland (-10bp)withUW onSPS (-10bp) +0,61% for Retail share class, +1,25% for Institutional share class
  27. 27. 27 Performance attribution/countryYTD, 2016 DPAM INVEST B Real Estate Europe vs. PEPS 31/12/2015 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total Country of Domicile Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 3,15 100,00 100,00 1,92 -0,26 1,49 1,23 France 25,61 25,79 2,98 20,94 20,61 1,79 0,36 0,49 0,84 Austria 4,69 6,48 0,76 3,29 2,21 0,14 0,35 0,23 0,59 Luxembourg 1,57 2,39 0,23 1,53 1,39 -0,27 -0,12 0,61 0,49 United Kingdom 25,14 21,43 -6,38 25,00 25,09 -6,46 0,08 0,37 0,45 Norway 0,50 0,96 0,22 -- -- -- 0,20 -- 0,20 [Cash] 0,88 0,32 -0,01 -- -- -- 0,03 -- 0,03 Bulgaria 0,40 0,11 0,01 -- -- -- 0,01 -- 0,01 [Unassigned] -- 0,00 -0,00 -- -- -- 0,01 -- 0,01 Spain 1,84 3,76 -0,08 4,54 4,17 -0,19 0,12 -0,13 -0,00 Netherlands 3,33 2,93 -0,19 2,92 1,22 -0,22 0,11 -0,13 -0,03 Finland 1,09 1,02 -0,05 -- -- -- -0,05 -- -0,05 Sweden 4,40 5,19 0,49 5,43 6,53 0,68 -0,16 0,07 -0,09 Italy -- 0,43 -0,09 -- -- -- -0,09 -- -0,09 Switzerland 5,63 4,43 0,60 6,31 6,43 0,74 -0,08 -0,02 -0,10 Germany 20,86 20,73 4,17 20,04 22,33 4,37 -0,33 0,10 -0,23 Belgium 4,04 4,01 0,51 10,00 10,02 1,34 -0,69 -0,09 -0,78
  28. 28. 28 Top & Worstperformance/company YTD,2016 DPAM INVEST B Real Estate Europe vs. PEPS 31/12/2015 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total Security Name Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 3,15 100,00 100,00 1,92 1,23 -- 1,23 Capital & Counties Properties PLC 0,89 -- -0,35 1,79 1,30 -0,89 0,59 -- 0,59 Terreis 1,49 1,45 0,52 -- -- -- 0,43 -- 0,43 ADO Properties S.A. 1,00 1,63 0,37 -- -- -- 0,34 -- 0,34 Argan SA 1,53 1,67 0,34 -- -- -- 0,27 -- 0,27 BUWOGAG 1,22 2,46 0,43 0,95 1,10 0,21 0,21 -- 0,21 Entra ASA 0,50 0,96 0,22 -- -- -- 0,19 -- 0,19 Intu Properties plc -- 0,44 -0,06 1,45 1,52 -0,26 0,20 -- 0,20 VIB Vermoegen AG 0,98 1,07 0,18 -- -- -- 0,15 -- 0,15 conwert Immobilien Invest SE -- 1,17 0,18 -- -- -- 0,19 -- 0,19 Patrimoine et Commerce 0,78 0,78 0,16 -- -- -- 0,14 -- 0,14 Hufvudstaden AB Class A -- -- -- -- 1,22 0,13 -0,09 -- -0,09 Swiss Prime Site AG 3,03 2,26 0,40 3,88 4,02 0,54 -0,11 -- -0,11 TAGImmobilien AG -- 0,41 0,00 0,92 0,99 0,16 -0,13 -- -0,13 KENNEDY WILSON REAL ESTATE PLC ORD NPV (WI)0,77 1,01 -0,29 -- 0,51 -0,11 -0,19 -- -0,19 Vonovia SE 6,87 7,03 1,58 8,00 7,97 1,78 -0,30 -- -0,30 NewRiver REIT plc 0,98 1,08 -0,24 -- -- -- -0,24 -- -0,24 Workspace Group PLC 0,64 0,40 -0,25 -- -- -- -0,25 -- -0,25 Aedifica -- -- -- 1,14 1,25 0,31 -0,28 -- -0,28 Gecina SA 1,74 1,08 0,44 2,76 3,19 0,79 -0,32 -- -0,32 Cofinimmo SA 0,44 0,30 0,07 2,83 2,67 0,43 -0,31 -- -0,31
  29. 29. 29 Perf attribution by market cap YTD, 2016 DPAM INVEST B Real Estate Europe vs. PEPS 31/12/2015 to 30/09/2016 Euro DPAM INVEST B Real Estate Europe PEPS Attribution Analysis Port. Port. Port. Bench. Bench. Bench. Beginning Ending Contrib. Beginning Ending Contrib. Allocation Selection + Total MarketCap (EUR) Weight Weight To Return Weight Weight To Return Effect Interaction Effect Total 100,00 100,00 3,15 100,00 100,00 1,92 1,79 -0,56 1,23 MarketCap (EUR) Bin 3: 5000.0 - 7000.0 9,64 6,96 -1,17 14,17 13,51 -1,92 0,84 0,11 0,95 MarketCap (EUR) Bin 6: 0.0 - 1000.0 12,29 11,62 1,46 4,26 4,44 0,69 0,99 -0,47 0,51 MarketCap (EUR) Bin 4: 3000.0 - 5000.0 14,77 14,34 0,00 18,37 17,56 -0,24 0,11 0,21 0,32 MarketCap (EUR) Bin 5: 1000.0 - 3000.0 24,17 29,10 1,29 21,30 21,56 1,15 0,20 -0,09 0,11 [Cash] 0,88 0,32 -0,01 -- -- -- 0,04 -- 0,04 [N/A] -- 0,43 -0,09 -- -- -- -0,09 -- -0,09 MarketCap (EUR) Bin 1: > 10000.0 29,91 28,68 -0,50 32,86 32,40 -0,33 0,11 -0,33 -0,22 MarketCap (EUR) Bin 2: 7000.0 - 10000.0 8,34 8,55 2,17 9,04 10,53 2,56 -0,40 0,02 -0,38
  30. 30. Universe Objective Strategy Restrictions 30 Invest min. 75% in listed European property shares activein thevarious sub-sectors with a dividend yield above the sectoraverage Invest in RE fixed income (up to 25%) The fund’s performance objective is to exceed the underlying gross dividend yield with a significantly lower volatility than the sector. The strategyis not benchmarked and therefore only uses an index as a performance reference(FTSE EPRA Net Return) Higherconcentration in high conviction with a higherexpected TSR Fixed income positions in niche products issued by strong companies well covered by the portfolio managers Bias towardsunder- researchedand undervalued mid cap companies generating a significant alpha Dynamicand proactive management style maximizing ‘total shareholder return’ Maximum fixed income weight 25% Single holdings do not exceed 5% Typically 35-60 lines Fully invested, cash capped at 5% Petercam Real Estate Europe Dividend2.2
  31. 31. 31 Correlation: lower Beta for the Dividend fund 0,00 0,10 0,20 0,30 0,40 0,50 0,60 0,70 0,80 0,90 1,00 12-2012 02-2013 04-2013 06-2013 08-2013 10-2013 12-2013 02-2014 04-2014 06-2014 08-2014 10-2014 12-2014 02-2015 04-2015 06-2015 Beta Beta EPRA Index Petercam Real Estate Europe Dividend Beta Petercam Securities Real Estate Europe Beta versus MSCI Europe
  32. 32. 32 Petercam Real Estate Europe Dividend vs FTSE EPRA Eurozone Performance since inception(31/12/2010) Gross of fee performances,31/08/2016 Year Fund Gross offees EPRA Eurozone (TR) Excess Return vs. theEPRA Eurozone(TR) 2011 -8.36% -14.28% 5.92% 2012 17.11% 29.24% -12.13% 2013 15.02% 6.54% 8.48% 2014 23.83% 23.07% 0.76% 2015 19.63% 17.39% 2.24% 08/2016 YTD 8.64% 12.83% -4.19% Cumulative 98.90% 92.40% 6.50% Annualized 12.88% 12.24% 0.64%
  33. 33. 33 Good efficiencyof DPAM Real Estate Dividend fund Data asfrom Dec 28, 2010 to April 30, 2016
  34. 34. 34 Maximum drawdown Real Estate Dividend fund (up to end April 2016) Eurozone crisis Recent correction
  35. 35. Universe Objective Strategy Restrictions Securities of the Eurozonerealestate sector (REITs, shares, convertible bonds) +/- 100 securities To invest in the Euro zone RealEstate sector To give the highest return possible on a long term basis, always remaining within the boundaries of a strict risk control. Geographicallyand sector diversified Higherconcentrationin conviction stories with a higher expectedTSR and lower Beta The investment style is primarily quantitative but is combined with a qualitativelayer Visibility and healthy growthof cash flows, quality of management and portfolio, good compliance areof key importance Strong opinion of companies thanks to frequent contactswith company management and visit of assets Liquidity is a priority ! Defensivestance Buy and Hold UCITS-compliant fund FF Market cap: >€ 100 m Minimum averageliquidity per day for eachsecurity: € 50,000 (last 6 months) Totalweight of the positions with adaily volumebetween € 50k- 100k: <2.5%of theassets Out of benchmark securities: <=5%AUM; <2% per security Over-/underweight per country : 15% relativeand 3% absolute Over-/underweight per individualholding <3% Fully invested, cash <5% Ex-anteTracking <3% Atlas Real Estate EMU2.3 35
  36. 36. 36 Atlas Real Estate EMU: breakdowns (30/06/16) Gross dividend yield (%) 4.09
  37. 37. Current sector dynamics 3 Outlook and strategy going forward. 37 Strategy going forward Investment themes Return expectations The case for the UK
  38. 38. 38 Current sector dynamics3.1 Hunt for yieldagainimportant driver in 2016 : lower for longer interest rates andstrongdemandforassets indirect market  further yield compressiononthe Continent withupside to NAVs Further deleveragingin the sectoris very healthy. Weightedaverage loanto value inEurope is now 36%. External growthis mostly equity financedorthrough portfolio recycling.  should cushionaneventual downturn whenthe market turns (unlike 2007) BREXIT andendof UKproperty cycle are now a fact: Values will go downin months to come andrents will stoprising Balance sheet of UKcompanies are strongenoughto absorb20% decline in values Shares are pricing in more than that and funding costs are at very low levels. Financing of maturingdebt and refinancingof existingdebt is big theme withrates low cost of debt. Will continue to fuel bottomline by decreasingfinancingcosts. Valuationof experts lagginglevel of transactions : formost companies it wouldbe impossible to replicate a similar portfolioincurrent markets and at current NAVs  explains premiums to NAV of part of the universe
  39. 39. 39 Brussels, 21/01/16 Current valuation of the sector3.2 NAV growth,especially for the UK,is in now under review afterBrexit vote … Discount to NAV’s is 1% on average onNAV,withthe UKat around20% discount to post- Brexit NAV assumptions. Cashflow yieldis 5%,Dividend yield close to 4%, with bothCF andDividends expectedto grow in 2016 and 2017
  40. 40. 40 Strategy going forward3.3 On market caps We still see more value in smallercaps but no intentiontoincrease exposure further On country level For the moment we are comfortable withcurrent UW on the UK (preference foroperationallygeared companies) OW on France, because of small cap growth stocks, UW on Frenchblue chips (Gecina, Unibail,FDR, …) LT convictionon German residential,increase onpotential weakness UW on Belgiumon valuation,especiallyoffice players,onlybuy on weaknessor at a discountfrom placings Continue to focus on quality for its low cost of capital and accretive acquisition potential Strong balance sheets& average long lease duration,strong tenants Sustainabilityof cash-flowsanddividends Superiortotal return= DY + NAV growth (targetis close to double digit) Monitor closelycredible restructuringstories Capital markets deals Will continue to be a theme and a wayto enterintoa stock with a discount
  41. 41. 41 Our stance on the UK3.4 In 2015 en 2016 YTD the UK was a major contributor to our relative performance We reducedour overweight from4% at the end of H1 2015 to end EW at the end of 2015 (25% of portfolio). We soldto 5% UW andbought back onweakness in the secondpart of February 2016. We were slightly UW goinginto the Brexit vote andare +/- 3% UW today. We hada stronger active share (more OW’s andUW’s)in the UKthan in the past We are OW operationally gearedcompanies,strongretail operators,student housingand self storage (Unite,Safestore,NRR,…,) We are UW Londonoffice companies,retail operators,industrials andhigh street shopping We have almost no exposure to the expensive residential market Debate on UK cycle, whereare we now? The yield shift (= value increases due to lower yields)is behind us How severe will the downturnbe, unclearas of today: estimates range from0 to 20% Comparedto 2008,balance sheets are significantly stronger andbondyields are significantly lower
  42. 42. 42 The case for the UK3.5 Company data, Datastream, Morgan Stanley Research,30/09/16 Valuation looks attractivewhen looking at discountto NAV growth After correctionshares are now tradingat a substantial discount to NAV’s (around21%) But uncertainty is high concerningfuture NAV evolution
  43. 43. 43 Virtuous circle in for companies trading at a premium3.3 Companies trade at premiums to NAV Issue newequity above NAV Buy assets at an attractive risk premium Finance 30% to 50% with cheapdebt Refinanceexisting debt at lower cost Growth in cash-flow/share, NAV/share, size of the company and liquidity of the share 1 2 3 5 4 6
  44. 44. 44 Investmentthemes (1) Drivers Companies German residential OnlyEuropean country where residential pricesare belowconstruction costs (<1.000€/m²) Rentsare low (5€/m²/month) due to regulationbutare risinggradually(around 2x inflation) while newleases are oftensigned50%+ above previouslevels Onlyinstitutionalizedresidential marketinEurope Strong TSR withbelowaverage sector risk ADO Properties Vonovia LEG Immobilien Deutsche Wohnen Buwog Conwert Continental Europe retail: alternatives to the majors Majors -Unibail & Klepierre- deserve apremium valuationgiventheirstrong position forthe future Some companiesoffera similar track but are cheaper Others trade at a (too) deepdiscount Withinmajors Klepierre’s discountto Unibail appears historicallyhigh Altarea– Mercialys AtriumERE, Citycon,Wereldhave Positioned forgrowth In a low growth environment,companiesthatcan show CF growth will make the difference War chestfor accretive acquisitionsor autonomous growth of pipeline.Nonear–termrefinancingissues Altarea-Cogedim Vonovia Balder WDP
  45. 45. 45 Investmentthemes (2) Drivers Companies Dividend yield In a lowrate environment 3,5%+ dividendyieldsare attractive Dividendyieldsof Continental EuropeanREITs more attractive than in UK Dividendofferssatisfactoryreturnevenwhen excludingshare price upside TLG Immobilien Warehouses De Pauw Foncière des Régions NewRiverRetail Wereldhave UK post Brexit Selectivity needed UK REITS, especiallythe London exposed,reacheda cyclical peakin H1 2016 while Brexitislikelyto accelerate the inflectionpoint=> NAV declinesare most likelythroughout2018 with insufficientdivyield to avoidNAV discount Higher dividendyieldsofferabettersupport Models withgood operatingleverage alsobetter protected UnderweightLondon exposure (Capital & Counties,BritishLand, DerwentLondon, Land Securities,…) NewRiverRetail, Tritax BigBox Safestore ,Big Yellow,Unite, Empiric StudentProperty
  46. 46. 46 Investmentthemes (3) Drivers Companies Specific business models Propertyowners but withfocus on operatingand developmentactivities Potential highergrowth Altarea NewRiverRetail Safestore andBig YellowGroup Buwog Aroundtown Properties Almost fully invested but keeping small pockets of cash In the current environment,we see noreason to hold large cash positions Still,we like tokeepa small pocket of cash (<2%) to be able to participate to opportunitiesat attractive entry points Recentplacements: Altarearights, Buwog, Intervest,… Selected smallcaps / deep value Financiallysound Sustainable CFand dividendyields Companiescombiningan attractive valuationand a growth story to compensate for a lowerliquidity(LT buy & hold) France: Terreïs, Argan,Altarea,Frey, Patrimoine & Commerce Germany: VIB Vermögen UK: ESP, Workspace Spain: Axiare
  47. 47. 47 Investmentthemes (4) Drivers Companies E-commerce Is viewedasa threatfor retail But is an opportunityfordistributionpremises, Specificallyinthe European logistichubsand inareas close to large cities Tritax Big Box WDP, Montea VIB Vermoegen Argan Urbanisation InnerCity retail Well locatedresidential Prime assets in bestcity districts Shafterburry Deutsche Wohnen Hufvudstaden,Terreïs,Société Foncière Lyionnaise M & A Valuationmust be compellingstandalone Analysisof the shareholder’ssituation Qualityof portfolioiskey Potential furtherconsolidationinGerman residential Generallysmall & mid cap companies Conwert,Buwog, Ado Properties Terreis, Argan Empiric StudentProperties Capital & Regional …
  48. 48. Cutting edges. 4 48
  49. 49. 49 Lipper Fund Awards4.1 20152014
  50. 50. 50 Cutting Edges4.2 1 Long-termsuccessful track record and expertise in listedreal estate Stability and experience of the team Close relationship with management teams of property companies Better risk return proposal than benchmark and EPRAindex Bias towards under-researched 'close to home' mid-caps (France,Belgium,TheNetherlands, Germany) 2 3 4 5 Hands-onpragmatic decision-makingprocess Bias towards ‘quality-growth’companies Actively managed core-satellite strategy against tailor-made benchmark Size of funds enables rapidly implementing investment decisions Commitment to enhance sector knowledge by being locally present (seminars,property tours,managementmeetings) 6 7 8 9 10
  51. 51. Presentdocumentsdon’t constitute an investmentadvice nor do theyform part of an offeror solicitationfor shares. bondsor mutual funds.or an invitationtobuyor sell the products or instrumentsreferredtoherein. Applicationstoinvestinany fund referredtointhis document can only validlybe made on the basis of the Key InvestorInformationDocument(KIID). the prospectusand the latestavailable annual and semi-annual reports. These documentscan be obtainedfree of charge at the financial service provideror at the website funds.degroofpetercam.com. All opinionsandfinancial estimateshereinreflectasituationon the date of issuance of the documents and are subject to change withoutnotice. Indeed. past performancesare not necessarilya guide to future performances and may not be repeated. Degroof PetercamAssetManagement S.A. (“DPAM”) has made its besteffortsinthe preparationof thisdocument and is acting in the bestinterestsof its clients. withoutcarrying any obligationtoachieve any resultor performance whatsoever.The informationis based on sources which DPAMbelievestobe reliable. However. itdoes not guarantee that the informationis accurate and complete.Presentdocumentmay not be duplicated. inwhole or in part. or distributedto other personswithout prior writtenconsentof DPAM. This document may not be distributedtoprivate investorsand is solelyrestrictedtoinstitutional investors. The informationcontainedin this mailand attachments (hereafterthe ‘documents’) is provided forpureinformation purposes only. Disclaimer 51

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