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SICAV STRUCTURED PRODUCTS

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					STRUCTURED PRODUCT FUND
                                We are proud to present our

                               Structured Product Fund


     1. Contrary to common belief, structured products like MTNs (medium term note) have
        nothing to do with CREDIT products that have generated the current financial crisis.
        They are totally liquid, the risk is well managed by the counterparty and we can valuate
        them with precision.



     2. Contrary to common belief, today the conditions for launching new structured products
        are interesting for three reasons:



            a. Funding of banks is abnormally high
            b. Market valuations are very low.
            c. Anytime there is technical opportunities



3.       We have important independent knowledge and track record in structured products.
     After 5 years we have a better return, lower volatility and better sharpe ratio than the global
     HFR index hedge Fund or compare to a balance portfolio (50% stocks, 50% bonds).




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VOLATILITY OFTEN GIVES OPPORTUNITIES IN STRUCTURED




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                                                                                                                            Im plied 5Y Volatility for Eurostoxx50




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                                                     Evolution of the 5 years volatility for the Eurostoxx 50 since 2000.




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                     PRODUCTS




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                    STRUCTURED PRODUCT FUND
     Legal form:                                   Luxembourg SIF
     Custodian bank :                              ING Luxembourg
     Auditor :                                     Ernst & Young
     Investments                                   Mainly in structured products
     NAV frequency:                                Monthly
     Investment adviser :                          Eurinvest Partners SA
     Type of shares:                               Capitalisation
     Initial price of share :                      EUR 100
     Management fees :                             0.6% pa
     Administrative fees :                         0.28% pa (*)
     Performance fee :                             15% above (CMS10Y+2%) of return
     Front-load:and exit fee:                      0.5% in favor of the fund
     Distribution Fee :                            up to 3%
     Minimum Investment :                          EUR 125 000
     ISIN Code :                                   LU0413188300
     Bloomberg ticker :                            SIFTROP LX

  (*) based on asets of €15 Mios

Investment philosophy & objective

         Annual return target between 8 and 12%, even if the market does not
                           move, with high protections


                                 Simulation return at maturity

       60.00%

       40.00%
                                          SPOT
       20.00%

        0.00%                                                          MARKETS
             -60%      -40%        -20%    0%     20%     40%    60%
      -20.00%                                                          PORTFOLIO

      -40.00%

      -60.00%

      -80.00%

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Investment approach

   Use of structured products or option strategies in a global macro approach, providing
    downside protection with a return objective between 8 and 12%, with low correlation to
    the market.
   Each structured product is tailor-made and takes advantage of technical conditions
    providing return expectations impossible to achieve with traditional portfolio management
    (example: 160% of the upside of the Nikkei, and 100 % capital guaranteed on downside)
   5 levels of diversification:
           o geographic,
           o asset classes (stock index, commodities, volatility, yield curve, currencies,
               emerging markets,...),
           o maturity of transactions,
           o issuers,
           o payoff at maturity

   Mainly indices as underlyings ; very limited stock picking.




Investment process


                             Global                                                                      Macro
                                                                                                  •Risk premium, PE, growth,…
                                                                                                  • Baltic freight
                                                                                                  • Volatility
                                                       Diversification                            • Credit risk




                  Countries            Underlyings                          Returns                         Technical advantages
                                                                           Payoffs at maturity:               Important Parameters are:
                                   • Stock indices                                                               • Volatility
             • Europe, US, Japan   • Soft & hard commodities       • Market Neutral
                                                                                                                 • Dividend
                                   • Interest rates, yield curve   • Positive return in the downside             • Correlation
             • Emerging markets
                                   • Volatility                    • Leveraged return without cap                • Forwards
                                   • Currencies,…
                                                                                                                 • Funding


                                                     Client’s specifications
                                                 • Capitalization or distribution
                                                 • Total expected return
                                                 • YtM analysis of each product
                                                 • Graph of return at maturity



                                                    Choice of products


                   Tailor made                         Existing product
                                                                                                             Specs & Price
                   Price check                          in the market?
                                      No                                                   Yes                  check
                   Execution
                                                                                                               Execution




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Track record

With the recent rise of volatility and of CDS (Credit default swap), structured products have
suffered a lot on the secondary market. In spite of this, our methodology of asset
management through structured products has outperformed hedge funds or balanced
portfolios…..but now the difference is that they have never been so cheap ! This is a real
management of risk with contractual protection and no leverage.




Real performance compared to Hedge Fund Index and balanced benchmark (50% MSCI
Europe & 50% JPMorgan Global Bonds):



                                                                            Portfolio VS Benchmarks

    40%
    30%
                                                                                                                                                                                    Portfolio
    20%
    10%                                                                                                                                                                             Benchmark EUR

     0%
                                                                                                                                                                                    Benchmark USD
   -10%
   -20%                                                                                                                                                                             Hedge Funds

   -30%                                                                                                                                                                             Eurostoxx 50
   -40%
   -50%
            9/06/2006

                         9/10/2006

                                     9/02/2007

                                                 9/06/2007



                                                                              9/02/2008

                                                                                          9/06/2008

                                                                                                      9/10/2008



                                                                                                                                9/06/2009

                                                                                                                                            9/10/2009

                                                                                                                                                        9/02/2010
                                                                9/10/2007




                                                                                                                  9/02/2009




Actual track record, net of fees


           Jan            Feb            Mar                  Apr             May           Jun                Jul              Aug           Sep              Oct      Nov      Dec       YtD
  2010   -1,01%         0,54%          1,78%                    -               -             -                  -                -             -                -        -        -      1,30%
  2009   -0,48%         -4,19%         4,67%                 3,25%          2,38%         2,39%              5,08%            -1,06%        0,10%            0,08%    0,29%    2,05%      15,15%
  2008   -4,09%         0,73%          -3,53%                4,23%          -0,30%        -3,95%             -0,38%           -1,12%        -9,58%           -9,61%   1,42%    3,26%     -21,57%
  2007   -0,34%         0,57%          0,78%                 2,14%          0,95%         0,34%              -0,94%           -0,83%        3,67%            0,46%    -0,98%   -0,76%     5,06%
  2006                                                                                    3,27%              0,40%            1,85%         0,85%            1,77%    2,04%    1,90%      12,70%




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Differentiation from traditional portfolio management...


- Achieve what is impossible with traditional portfolio management
- Real Downside protection on each transaction; less sensitive to stock and bond prices.
- Increased probability of achieving positive returns in negative market environment



… and hedge funds


- No leverage: we don’t borrow funds. The leverage on the upside is only realized through
the purchase of options that we buy.
- Daily liquidity: each transaction can be liquidated within 24 hours (subscriptions and exits
on monthly NAV, no lockup period)
- Real expected return: known return at maturity for each transaction in the portfolio;
likewise, we compute a return at maturity for the entire portfolio.
- More diversification (3 layers of diversification)
- Transparency of each portfolio transaction
- No capacity issue (the bigger the size of each structured product transaction the better the
conditions and returns)




For further information, contact Eurinvest Partners
Jean-Marc Michelet
1 Rue des Maximins
L-8247 Mamer
Phone: +352 20 20 22 46
Mobile: +32 477 33 25 12
E-mail: info@eurinvestpartners.com




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