‘Credit Union Investments – Income and Growth’

222

Carmignac Patrimoine

333

Sales Director - UK & IrelandMark Dunn

444

Two simple questions to be answered…

� Who are Carmignac?

� What is Carmignac Patrimoine and how has it performed?

555

An independent and entrepreneurial company, focused on a single vocation

Source: Carmignac Gestion at 30/09/2013

54 BILLION IN ASSETS UNDER MANAGEMENT

1.5 BILLION EQUITY CAPITAL

228 EMPLOYEES

17 INVESTMENT FUNDS

COMMERCIAL DISTRIBUTION IN 12 COUNTRIES

666

A french asset manager, a European presence

LONDONOFFICEMILANSUBSIDIARY

2012

CREATION OFTHE COMPANY

LUXEMBOURGSUBSIDIARY

ITALY*

BELGIUM*

SWITZERLAND*

GERMANY*

SPAIN*

NETHERLANDS*

MADRID ANDMILAN OFFICES

AUSTRIA*

SWEDEN*

REGISTRATIONOF THE FUNDS INSINGAPORE FORPROFESSIONALINVESTORS

FRANKFURTSUBSIDIARY

1989 1999 2002 2003 2004 2005 2006 2008 2009 2010 2011

* Countries in which the Funds are registered

777

Carmignac Gestion : a strong brand image

Source: Financial Times, Fund Buyer Focus, 13/02/2012

1. Blackrock 3962. CARMIGNAC GESTION 183. JP Morgan

4. Fidelity

5. Schroders

6. Pictet Funds

7. M&G Investments

8. Franklin Templeton

10. DWS

216184219

252

126

9. Invesco

107148

1009

NUMBER OF FUNDS

Financial Times fm

Carmignac Gestion ranked 2nd best Fund management brand by distributors

888

ASSETS UNDERMANAGEMENT*

2007 2008 2009 2010 2011 2012 2013

A business model designed for the long term

Source : Carmignac Gestion 30/09/2013*in Euros billion,

Diversified client base

Controlled growth

• An externalized middle office : Caceis Investors Services, France• Independent and robust valuation agents: Caceis Fund Administration

(France) and Caceis Bank (Luxembourg)• European leaders in the depositary-custodian business Caceis Bank

(France) and BNP Securities Services (Luxembourg)• A combination of worldwide audit expertise

Ernst & Young Audit, Cabinet Vizzavona, KPMG, PricewaterhouseCoopers

First quality partners to support growth

999

International management teamExcellence, sharing and synergy are the cornerstones of our quality management

101010

A constant reinforcement in line with our key investment themes

Edouard CARMIGNACChairman - Manager

Frédéric LEROUXGlobal Manager

Laurent CHEBANIERAnalystCountry Risk

Julien CHERONQuantitative Analyst

MULTISTRATEGY

François-Joseph FURRYManager

Maxime CARMIGNACManager

ALTERNATIVE STRATEGIES

Rose OUAHBA• Head of Team• Manager

Charles ZERAHManager

Carlos Andres GALVISManager

Keith NEYHead of Credit

Caroline SLAMACredit Analyst

BOND MANAGEMENT

Laurent DUCOIN• Head of Team • Manager

Samir ESSAFRIManager

Markus KULESSAAnalyst

EUROPEAN EQUITIES

David FIELD• Head of Team • Manager

Simon LOVATAnalyst

COMMODITY EQUITIES

Xavier HOVASSEManager

David YOUNG PARKManager

Haiyan LI-LABBÉ

Greater China

Haiyan LI-LABBÉAnalystGreater China

Simon PICKARD• Head of Team • Manager

EMERGING EQUITIES

Matthew WILLIAMSAnalystFinancial Sector

Antoine COLONNAAnalystConsumer sector

Tim JAKSLANDAnalystInnovation Sector

Vincent STEENMANManager

Pierre VERLECredit Analyst

Edward COLE

EMEA

Edward COLEAnalystEMEA

111111

A range of 17 complementary and recognized funds

Source : Carmignac Gestion 30/09/2013© 2013 Morningstar

CARMIGNAC INVESTISSEMENT International equities 8 189 M EUR

CARMIGNAC GRANDE EUROPEEU members/candidates equities and additionally, Russian and Turkish equities 304 M EUR

CARMIGNAC EURO-ENTREPRENEURS EU small and mid-cap equities 239 M EUR

CARMIGNAC EMERGENTS Emerging markets equities 1 773 M EUR

CARMIGNAC EMERGING DISCOVERY Emerging markets small and mid cap 313 M EUR

CARMIGNAC COMMODITIES International equities - Commodities 717 M EUR

CARMIGNAC PATRIMOINE International equities and bonds 28 123 M EUR

CARMIGNAC EMERGING PATRIMOINE Emerging equities and bonds 1 486 M EUR

CARMIGNAC EURO-PATRIMOINE EU equities and bonds 669 M EUR

CARMIGNAC INVESTISSEMENT LATITUDE International equities 1 209 M EUR

CARMIGNAC GLOBAL BOND International bonds 630 M EUR

CARMIGNAC SÉCURITÉ Euro bonds 5 864 M EUR

CARMIGNAC CAPITAL PLUS Dynamic monetary investments 1 591 M EUR

CARMIGNAC COURT TERME Euro treasury bonds 608 M EUR

CARMIGNAC PROFIL RÉACTIF 100 From 0 to 100% equities 193 M EUR

CARMIGNAC PROFIL RÉACTIF 75 From 0 to 75% equities 268 M EUR

CARMIGNAC PROFIL RÉACTIF 50 From 0 to 50% equities 470 M EUR

EQU

ITIE

SDI

VERS

IFIE

DFI

XED

INCO

ME

PRO

FILE

D

DIVERSIFIED INVESTMENT UNIVERSE ROBUST ASSETS UNDER MANAGEMENT

HIGH QUALITY FUND MANAGEMENT

121212

Carmignac Patrimoine

131313

� Carmignac Patrimoine is a diversified international fund with at least 50% of assets permanently invested in fixed income and / or money market

� The flexible allocation aims to minimize the risk of capital fluctuation while seeking the best sources of return

� The recommended investment horizon is 3 years

� Its reference indicator consists of 50% MSCI World ACW (Eur) with dividends reinvested and 50% Citigroup WGBI all maturities (Eur)

Carmignac Patrimoine: objectives

141414

Carmignac PatrimoineInvestment universe

� Equity portfolio: equity exposure between 0% and 50% of the portfolio� Monetary and interest rate products: 50% minimum� Emerging equities: 25% max.� Emerging bonds: 25% max.� Modified duration of bond portfolio : -4 à +10� Minimum average rating of bond portfolio : BBB- (S&P) / Baa3 (Moody’s)� Credit derivatives: 10% max.

INVESTMENT LIMITS

� G3, Sterling, Dollar block

� Emerging currencies

CURRENCIES

� Equities listed on international markets

� Emerging market equities

INTERNATIONAL EQUITIES

PERFORMANCE DRIVERS

� Goverment / corporate bonds (developed countries)

� Goverment / corporate bonds (emerging countries)

INTERNATIONAL BONDS

151515

► Edouard Carmignac, Rose Ouahba and Frédéric Leroux are working together to define andoptimise allocation of the risk budget:

► To avoid risk accumulating across Equity and Bond portfolios► To look for the most attractive opportunities according to the relative valuations of the

bond and equity markets► Management which is both collegiate and independent:

► Each manager remains fully responsible for his or her investment decisions► Real synergy between the Equity and Bond portfolios and hedge strategies

Three managers, one objective: balanced portfolio allocation

o Equity component management:

Edouard Carmignac

o Bond component management :

Rose Ouahba

o Exposure management:

Frédéric Leroux

161616

Carmignac Patrimoine : Market Risk -Hedging

171717

Shared management of overall portfolio risk: Equities, Fixed Income and Currencies

Risque de change

Implementation of standard derivatives

A DEDICATED MANAGER: FRÉDÉRIC LEROUX

• Monitoring and detecting market risk: macro-economy, liquidity

• Creation of portfolio hedging or long exposure strategies: • The choice of instruments used• Technical analysis and transactions implementation

• Implementation of standard derivatives (with the fund manager’s approval)

181818

� For what purpose?� To maintain the absolute performance of the portfolio� To limit portfolio volatility� To limit the risk of a fall in case of unfavorable markets� To allow the manager to focus on long-term stock selection

� What types of instruments?� Equities:

• Futures on regional and sector indices (EUROSTOXX, S&P, NASDAQ, IBOV, ...)• Over-the-counter contracts: basket of stocks based on forward price of securities when

sectorial futures don’t exist• Occasional recourse to options

� Fixed income: • Futures on organised and over-the-counter markets, swaps and options

� Currencies:• Forwards contracts and options

� Based on what proportion?� Equity exposure: 0 to 50%� Maximum currency hedging: 100%

Choice of hedges

191919

Carmignac Patrimoine: an active asset allocation

* 50% MSCI AC World Index NR (Eur) + 50% Citigroup WGBI NR (Eur) Past performance is not a guarantee of future returns and may fluctuate over timeSource: Carmignac Gestion, 30/09/2013

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

12/0

6

03/0

7

06/0

7

09/0

7

12/0

7

03/0

8

06/0

8

09/0

8

12/0

8

03/0

9

06/0

9

09/0

9

12/0

9

03/1

0

06/1

0

09/1

0

12/1

0

03/1

1

06/1

1

09/1

1

12/1

1

03/1

2

06/1

2

09/1

2

12/1

2

03/1

3

06/1

3

09/1

3

Aktienexposure Aktienquote Anleihen/GeldmarkinstrumenteEquity HedgingEquity Exposure Bonds, Money Market and Cash

202020

Carmignac Patrimoine Performance

212121

Carmignac Patrimoine: reasons for investing

Source: Carmignac Gestion at 30/08/2013, Base 100 as at 07/11/1989*50% MSCI AC World (Eur) ex-dividends + 50% Citigroup WGBI (Eur)Past performance is not a reliable indicator of future performance. Performance may vary over time.

§ A solid track-record guided by the expertise of the same portfolio manager, Edouard Carmignac, since inception

§ A performing Fund even in crisis periods

Performance of Carmignac Patrimoine over 24 years

GULF WAR CREDIT CRASH

ASIAN CRISIS

INTERNET BUBBLE

11TH SEPTEMBER2011

SUBPRIME CRISIS

FINANCIAL CRISIS

Carmignac Patrimoine

+ 610%

Reference indicator*

+ 240%

Period preceding the implementation of derivatives

and hedging strategies

0

100

200

300

400

500

600

700

800

11/8

9

11/9

0

11/9

1

11/9

2

11/9

3

11/9

4

11/9

5

11/9

6

11/9

7

11/9

8

11/9

9

11/0

0

11/0

1

11/0

2

11/0

3

11/0

4

11/0

5

11/0

6

11/0

7

11/0

8

11/0

9

11/1

0

11/1

1

11/1

2

222222

Carmignac Patrimoine: a fund “without” entry point

Past performance is not a reliable indicator of future performance and varies over time.*50% MSCI AC World Free (Eur) ex-dividends + 50% Citigroup WGBI (Eur).

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

11/2

002

02/2

003

05/2

003

08/2

003

11/2

003

02/2

004

05/2

004

08/2

004

11/2

004

02/2

005

05/2

005

08/2

005

11/2

005

02/2

006

05/2

006

08/2

006

11/2

006

02/2

007

05/2

007

08/2

007

11/2

007

02/2

008

05/2

008

08/2

008

11/2

008

02/2

009

05/2

009

08/2

009

11/2

009

02/2

010

05/2

010

08/2

010

11/2

010

02/2

011

05/2

011

08/2

011

11/2

011

02/2

012

05/2

012

08/2

012

11/2

012

02/2

013

05/2

013

08/2

013

CP Benchmark (EUR) Carmignac Patrimoine

Source: Carmignac Gestion at 30/09/2013

Rolling performance over the recommended 3-year investment period

CASE : 28/05/2001Equity markets peak

1

CASE : 28/02/2003 Equity markets low

2

CASE : 31/05/2007Equity markets peak

3

+13,09%

- 18,39%

+44,46%+ 30,56%

+35,35%

+7,41%

232323

Increased equity exposure

0%

10%

20%

30%

40%

50%

60%

Equities Bonds Cash

41.1% 39.5%

19.4%

47.9%41.6%

10.5%

30/06/2013 30/09/2013

Source: Carmignac Gestion, 30/09/2013

Asset allocation

At 30/09/2013Equity exposure: 50%Modified duration: 1.5

242424Source: Carmignac Gestion, 30/09/2013

Carmignac Patrimoine: breakdown of the bond component

1,1%

15,5%

8,6%

0 %

11,4%

5.0%

1,8%

9,0%

18,4%

8,5%

4,7%

8.3%

0% 5% 10% 15% 20%

Unternehmen ohneNotierung

Unternehmensanleihenmit hoher Rendite

UnternehmensanleihenAnlagekategorie

StaatsanleihenSchwellenländer

Peripherie-Staatsanleihen

StaatsanleihenIndustrieländer

31/12/2012 30/09/2013

Developed countrygovernment bonds

Peripheralgovernment bonds

Emerging countrygovernment bonds

Investment gradecorporate bonds

High yieldcorporate bonds

Unrated corporate bonds

252525

Currencies: a balanced allocation between the dollar and euroWe are maintaining our short positions on the yen, in line with our “Japanese reflation” theme

9.2%

4.9%

1.5%

0.9%

7.1%

17.1%

20.4%

38.9%

11.7%

.3,8%

0.2%

0.3%

8.2%

-4.7%

38.1%

42.3%

-10% 0% 10% 20% 30% 40% 50%

Other

Asia (ex Japan)

Latin America

EMEA

Pound Sterling

Yen

Euro

US Dollar

Carmignac Patrimoine Reference Indicator*

Source: Carmignac Gestion, 30/09/2013

Carmignac Patrimoine: net currency exposure

* 50% MSCI AC WORLD NR (EUR) + 50% Citgroup WGBI All Maturities (EUR)

262626

Carmignac Support

272727

Transparency: we put much emphasis on reporting

Annual Performance SheetQuarterly ReportWeekly Notes Monthly Notes

282828

This presentation has been conceived for information purposes only and is intended to professional clients. It cannot be usedfor another purpose than the one it has been conceived for, and cannot be reproduced, distributed or communicated, partly orentirely, to third parties without prior written approval from Carmignac Gestion. This presentation is not an investment advicenor is it contractually binding. Due to their simplification, the information contained in this presentation are inevitably partial.This document may be subject to changes, without prior notice.

Past performance does not guarantee future returns. The value of an investment can rise or fall with market fluctuations, andshareholders may lose, as the case may be, the amount originally invested.

The access to the products and services described in this presentation may be subject to restrictions towards some persons orcountries.

The risks and fees relative to the products are described in the KIID (Key Investor Information Document).The KIID, prospectuses and annual periodic reports of the Funds are available on our website www.carmignac.com and can beobtained on demand from Carmignac Gestion. The KIID must be given to the investor before any investment.

Copyright : The data published in this presentation are the exclusive property of their owners as mentioned on each slide.

Non contractual document, redaction achieved on 23/01/2012Carmignac Gestion – Société Anonyme au capital de 15 000 000 € - RCS de Paris B 349 501 676

Agrément AMF n° GP 97-08 du 13/03/1997 24 Place Vendôme – 75001 Paris – Tel : +33 1 42 86 53 35

Disclaimer

29

Corporate & Institutional BankingCredit Union Presentation5th of November 2013

2

Ireland’s Specialist BankIreland’s Specialist Bank

Irish Expertise International Strength

Commitment to IrelandCommitment to Ireland

Addition of NCB to Investec Group 240 Employees in Dublin

13 Years in Ireland13 Years in Ireland

Acquisition of Gandon Capital Markets

GE Capital Woodchester Bank in 2000

InvestecHarcourt Street, Dublin 2

Investec Ireland: a brief history

Investec: a distinctive Specialist Bank and Asset Manager

History§ Established in 1974§ Today, an independent, specialist bank and asset

manager providing a diverse range of financial products and services

§ Employs approximately 8,100 people§ Listed on the JSE and LSE (a FTSE 250 company)§ Total Assets of £51bn§ Total Funds Under Management of £111bn

Asset Management Specialist Banking Wealth & Investment

Provides Investment Management Services Provides a broad range of services Provides investment management services and independent financial planning advice§ Advisory

§ Transactional banking§ Lending

§ Treasury and trading

§ Investment activities

Corporate / Institutional / Government Private Client (High Net Worth)

Strategy

Culture

§ Client focused approach § Not “all things to all people”§ Distinction: Nimble, innovative and high level of service

§ Flat and efficient management structure§ Strong risk management and financial discipline§ Entrepreneurial culture: material employee ownership

Source: Investec Group (consolidated) results as at 31 March 2013

Year to31 March 2013

Year to31 March 2012 % Change

Operating Profit Before Tax (£’000)* 433,170 358,625 20.8%

Total Shareholders’ Equity (£’m) 4,005 4,013 -0.2%

Total Assets (£’m) 51,000 51,550 -1.1%

Cash and Near Cash (£’m) 9,828 10,251 -4.1%

Customer Deposits (£’m) 24,532 25,344 -3.2%

Core loans and advances to customers (£’m)** 18,415 18,226 1.0%

Third party assets under management (£’m) 110,678 96,776 14.4%

Capital adequacy ratio – Investec plc 16.9% 17.5%

Tier 1 ratio – Investec plc 11.0% 11.6%

* Before goodwill, acquired intangibles, non-operating items and after non-controlling interests** Including own originated securitised assets

Investec Group Results (Consolidated): Year Ended 31 March 2013

Investec holds capital in excess of regulatory requirements. The group targets a minimum tier 1 capital ratio range of between 11% to 12% and a total capital adequacy ratio range of 15% to 18% on a consolidated basis for Investec plc and Investec Limited

None of Investec’s banking subsidiaries have required shareholder or government support during the global financial crisis

The group holds £10.4 billion of cash and near cash balances [(£5.7 billion (R75.1 billion) in Investec Limited and £4.7 billion in Investec plc], representing approximately 33% of its liability base

Financial Services Compensation Scheme, the UK government guarantees a maximum deposit of £85 000 (€100,000) per individual per institution

The Moody’s Financial Strength rating in relation to our peers: is equivalent to Royal Bank of Scotland, KBC Bank NV and higher than any of the Irish Banks including BOI and KBC Ireland.

5

Short-term F3

Long-termBBB-

FitchShort-term Prime-3

Long-termBaa3

Moody’s

Investec: Credit Ratings & Guarantees

ü Our rating reflects a strong score with respect to the “hard” financials - capital, liquidity, risk management, transparency, asset quality and profitability

ü On the Moody’s scorecard we would map directly to an A3, a high score relative to our peers

ü On the “softer” issues such as franchise value, geographical diversification and market share, Investec scores lower

ü Rating agencies have awarded rating notch uplifts to banks who have received government support. Many of these banks have failed and yet are afforded high ratings

ü IBP has not required government support and the FCA has acknowledged its sound balance sheet and stable operating fundamentals

ü The bank was approved to issue up to 3 year debt guaranteed by the UK Government. Notwithstanding this, Investec has not been awarded the benefit of rating notch uplifts to its final ratings.

Credit Ratings – Points to note

6

INVP.L Share price: £4.39 as at 01.11.13

7

This document is issued in the UK by Investec Bank plc (“Investec”), which is authorised by the Prudential Regulation Authority and regulated by theFinancial Conduct Authority and the Prudential Regulation Authority. Whilst all reasonable care has been taken to ensure that the information statedherein is accurate and opinions fair and reasonable, neither Investec nor any of its directors, officers or employees shall be held responsible in any wayfor the contents of this document. This document is produced solely for your information and may not be copied, reproduced, further distributed to anyother person or published in whole or in part for any purpose without the prior written permission of Investec.

While the information in this document has been prepared in good faith, no representation or warranty, express or implied, is or will be made and noresponsibility or liability is or will be accepted by Investec or any of its subsidiaries or affiliates or by any of their respective officers, employees oragents in relation to the accuracy, suitability or completeness of this document and any such liability is expressly disclaimed. Investec gives noundertaking to provide the recipient with access to any additional information or to update this document or any additional information, or to correct anyinaccuracies in it which may become apparent.

This document does not take into account the specific investment objectives, financial circumstances or particular needs of any recipient and it shouldnot be regarded as a substitute for the exercise of the recipient’s own judgment. Investec does not offer investment advice or make any investmentrecommendations. Recipients of this document should seek independent financial advice regarding the appropriateness or otherwise of investing inany investment strategies discussed or recommended in this document and should understand that past performance is not a guide to futureperformance and the value of any investments may fall as well as rise.

Investec in Ireland comprises Investec Ireland Limited and Investec Bank plc (Irish Branch) for regulated activities. Investec Ireland Limited is regulated by the Central Bank of Ireland. Investec Bank plc (Irish Branch) is authorised and regulated by the UK Financial Services Authority and is a member of the London Stock Exchange

The information contained herein does not purport to be comprehensive and is strictly for information purposes only. No party should treat any of the contents herein as constituting advice. While all reasonable care has been given to the preparation of this information, no warranties or representation, express or implied, are given or liability accepted by Investec or any of its directors or employees in relation to the accuracy, fairness or completeness of the information contained herein.

Disclaimer

BCP Asset Management 37

BCP Asset Management ‘Tailoring Product For the Credit Union Market’

John Calvert, CEO BCP

• Established in 1969

• One of Ireland’s largest Independently owned Product Producers– Over €1.5bn in assets under management– €340m raised in 2012– €265m raised YTD in 2013– 907 Intermediary relationships

• Key Investment Objectives:– Provide access to a range of compelling funds– But with the added benefit of downside protection– Conservative investment bias– Priority on product Innovation

BCP Asset Management 38

Key Information on BCP

Forging Key Partnerships

Advisors

Research Tools

PensionProviders

Custodians

Asset Managers

39BCP Asset Management

BCP Investment Process

BCP Asset Management 40

BCP Investment Committee

BCP Product Development

Product Traded & Launched

BCP/Bank Compliance

ReviewBroker

Feedback

Goldman Sachs, S&P, Citigroup, JP Morgan, Capital

Economics

External Research –Bloomberg,

Reuters, eVestment

Market Analysis

Pricing Requested & Terms Negotiated

Fund Manager Due

Diligence

BCP Asset Management 41

Customised BCP-Credit Union ProductsNovember - 2013

BCP Fixed Income Plan 4

• Partnership between Investec Bank and BCP targeted at CU’s• 50+ CU’s have invested to date

• Medium Term Note with 2 options:– 3yr Plan paying 2.5% pa gross– 5yr Plan paying 3.5% pa gross

• Credit risk exposure to Investec plus Basket of ‘A’ rated banks– Commerzbank– Societe Generale– Credit Agricole– Royal Bank of Scotland

• Security of Plan ranks equally with deposits • Classified as Category 3 in Guidance Notes

BCP Asset Management 42

• Innovative Capital Secure solution combining Income, Growth and Protection

• 25% invested in a 3 year high yield deposit account– Paying 3.75% AER deposit interest over 3 years

• 75% invested in a 5 year 3 month Absolute Return Bond– 80% participation in the fund performance

• 100% Capital Security provided by Investec Bank plc• Classified as Category 2 in Guidance Notes

BCP Asset Management 43

BCP Credit Union Split Deposit Absolute Return Bond 2

• 100% Capital Security provided by Investec Bank plc• Bond tracks the performance of the Carmignac ‘Patrimoine’

Fund• Patrimoine invests in Equities, Bonds and Currencies• Patrimoine has €27bn in assets and a 24 year track record• Patrimoine has returned over 8.6% per annum since its launch

in 1989• Transparent and robust investment process – regular

performance and holdings updates

BCP Asset Management 44

BCP Credit Union Split Deposit Absolute Return Bond 2

Growing Trends in CU Market

• Fixed Income still a high priority• Low deposit rates encouraging greater product innovation• Move towards active investment solutions (funds/indices)• Capital security still a high priority• Customised Bonds – BCP can create tailored bonds at €2m+

• As a result BCP have seen greater investment in traditional capital secure bonds from Credit Unions:– BCP European Equity Bond– BCP Global Equity Bond– BCP Multi Asset Bond– BCP Absolute Return Bond

BCP Asset Management 45

Compliance Disclaimer

BCP Asset Management 46

Please refer to the Brochure and Key Features for full details. With regard to the BCP CapitalSecure Bonds investors may not encash prior to the maturity dates. AER is Annual Equivalent Rateand CAR is Compound Annual Return. Under current legislation, interest on Capital Secure Bondswill be paid after deduction of DIRT, where applicable, currently 41%.

WARNING: BCP Credit Union Split Deposit Absolute Return Bond 2; If you invest in the CreditUnion Split Deposit Absolute Return Bond 2 you will not have any access to 25% of your money for3 years and 75% of your money for 5 years 3 months. The value of your investment may go down aswell as up. Past performance is not a reliable guide to future performance.

WARNING: BCP FIXED INCOME PLAN 4; If you invest in the Fixed Income Plan 4 you will not haveany access to your money for 3 or 5 years.

Presentation to Client Name

Questions?