Blend European Equity MainFirst Top European Ideas Fund

Presented by Olgerd Eichler, Partner & Lead Portfolio Manager

November 2012

Agenda

1. MainFirst Bank AG

2. Investment team & philosophy

3. Portfolio and company example

4. Fund data

5. Appendix

1

Mittel- bis langfristige Outperformance in jeder Marktphase

Top Decile Positionierung im Konkurrenzvergleich

1. MainFirst Bank AG – The private bank

2001 2002 2003 2004 2005 2006 2007 2008

Frankfurt London Zurich Milan

Corporate Advisory Asset Management Sales & Trading Equity Research

>36 Analysts

>200 European stocks

Focus on large and mid

caps

>30 Sales professionals

27 Trading/ Sales Trading

Strong relationships with

lead investors

€ 2.8 bn. institutional assets

under management

Highly regarded fund

managers

Focus on IPO advisory

and listed situations

Combining deal expertise

with market proximity

Equity Brokerage

2009 2010

New York

Founded in 2001 as an independent private bank (full banking license)

Headquarters in Frankfurt, branches in London, Milan, Munich and Paris,

affiliated companies in New York and Zurich

Approx. 200 employees with an average investment experience of 12 years

Real independence without conflicts of interest

2

2011 2012

Fixed Income

Analysis, evaluation and

control of complex and

illiquid credit products

Paris Munich

1. MainFirst Asset Management – Further expansion

3

3rd Quarter 2012

Corporate Debt (Europe)

Fixed Income (Emerging Markets)

Multi-Asset Strategies

2012

Quantitative

(North America)

2011

Absolute Return

(Market neutral)

2002 to 2010

Equity

(Europe)

Asset management is the no. 1 strategic business unit for MainFirst

Restructuring and upgrade of sales & customer relationship unit is completed

3rd quarter and 4th quarter 2012: Implementation of new investment strategies for fixed income, multi asset and absolute return

Confidential - Private Placement Material

1. MainFirst Asset Management – Product portfolio

4

Equity

Germany

Europe

North America

Global

Alternative

Market Neutral

Quantitative Long/Short

Fixed Income

Corporate Bonds Europe

Corporate Bonds EM

CLO

Euribor Plus

Multi-Asset

30/70

Total Return Defensive

Total Return 5% plus

.

.

.

.

x

Already incepted

X In inception process

Inception expected in Q1 2013

. .

Agenda

1. MainFirst Bank AG

2. Investment team & philosophy

3. Portfolio and company example

4. Fund data

5. Appendix

5

Torsten Graf joined the Asset Management as a portfolio manager in October 2007. He came from Union Investment, where he had worked in

portfolio management focusing on reporting and marketing support for two and a half years. Prior to that Torsten covered stock markets in

German speaking countries for four years as an editor. He started his career with a bank apprenticeship and studied business administration.

Torsten currently holds an “AAA-rating” from Citywire.

Evy Bellet has been a portfolio manager at MainFirst since January 2003 and is responsible for the value product. Prior to this she was portfolio

manager at Julius Bär Kapitalanlage AG Frankfurt, responsible for segregated mandates, deputy for the JB-German-Value-Stock-Fund, the JB-

Euroland-Value-Stock-Fund and for the JB-Patagon Deutsche-Aktien Fonds. Previous to this she was a security trader at Bank Julius Bär

(Deutschland) AG and traded Eurobonds at FINACOR, Munich. Evy Bellet has more than 20 years of experience in the finance sector and

holds an “AA-rating” from Citywire.

2. MainFirst Top European Ideas Fund – Investment team

Olgerd Eichler joined MainFirst Asset Management in July 2007 and is a member of the Asset Management Committee. He spent the previous

seven years successfully managing various global funds at Union Investment, the investment manager for co-operative banks in Germany. He

ultimately had € 8 bn under management and was Fund Manager of the Year 2007. The UniValueGlobal and UniNordamerika Funds were

ranked top-decile over one-, three- and five-year time spans. The North American equity fund was ranked first in Germany in 2006 for its three-

year performance. In his worst year, Olgerd still had less than 1% underperformance in just one of his funds. Previous experience includes

working as investment advisor for wealthy clients at Citibank and as financial controller with Toys”R”Us and Aldi. Olgerd holds an “AAA-rating”

from Citywire.

Portfolio Management

Olgerd Eichler Evy Bellet Torsten Graf

Sectors Industrials/Chemicals Pharma Telecommunications

Consumer Autos Basic Resources

Technology Oil Services Utilities

Financials

Miscellaneous Macro Daily business Reporting

On average the team meets 300 companies per year

Research is teamwork Final decision is taken by Olgerd Eichler

Disciplined, experienced, capable and extraordinarily successful team, with high consistency

6

7

2. MainFirst Top European Ideas Fund – Track Record

*MainFirst Top European Ideas vs. STOXX Europe 600 TR

Historical development of AuM and Alpha*

Continued outperformance in all market cycles and across different investment universes

-5%

0%

5%

10%

15%

20%

25%

13.07.2007until

31.12.2007

2008 2009 2010 2011 YTD

MainFirst Top European Ideas Fund - Alpha

0

200

400

600

800

1000

1200

Feb 09 Jun 09 Oct 09 Feb 10 Jun 10 Oct 10 Feb 11 Jun 11 Oct 11 Feb 12 Jun 12 Oct 12

MainFirst Top European Ideas Fund – AuM in million €

As of October 18th, 2012

2. MainFirst Top European Ideas Fund – Investment philosophy

The fund management aspires to outperform the market in the mid- to

long-term in all market cycles

Aims for a top decile ranking in comparison to competition

Searching for strong but clearly undervalued companies with excellent management, high midterm earnings growth and clearly above-average returns on

assets or capital employed

Flexible positioning depending on the market phase

Disciplined and long-term oriented investment process, mostly buy and hold

Profound analysis as the key success factor for performance and alpha generation

Investment primarily in companies, not stocks

Identifying superior business models

Investment universe: Equity Western Europe, all caps

Benchmark: STOXX Europe 600 TR

Portfolio structure: Concentrated portfolio, 40 - 50 positions

Investment degree: Generally fully invested (Cash 0% - 10%)

Investment style: Stock-picking, fundamental & bottom-up

Investment objective Investment characteristics

Investment philosophy

Meticulous working method as a base for long-term performance (comparable with a Private Equity investment philosophy)

8

2. MainFirst Top European Ideas Fund – Investment process

Fund

Screening

Research

Top-down

Check

Investment universe

Investment candidates

Bottom-up Portfolio

Investment process overview Commentary

All market caps Europe, excl. Eastern Europe (over 2000 companies)

Reduction is primarily based on quantitative criteria, but not on a rigid

screening filter

Result: Approx. 400-500 companies

In-depth due dilligence process based on quantitative and qualitative

criteria

Mandatory personal contact to management mandatory (200 – 300

company meetings p.a.)

Result: Approx. 80-100 companies

Macro overview to avoid macroeconomic risks

Position size

Allocation

Result: portfolio of 40-50 companies

Structured bottom-up stock picking process, supplemented by personal passion

9

Agenda

1. MainFirst Bank AG

2. Investment team & philosophy

3. Portfolio and company example

4. Fund data

5. Appendix

10

Fund Index2 Alpha

20071 -3.8% -8.0% 4.2%

2008 -44.0% -43.8% -0.2%

2009 35.8% 32.4% 3.4%

2010 32.5% 11.6% 20.9%

2011 -3.0% -8.6% 5.6%

Inception: Continuous outperformance in all market cycles

Since June 2008, alpha achieved in all rolling 12-month-

periods

2010: Clear outperformance in 2010 as a result of excellent stock

picking and good allocation (avoidance of peripheral

countries)

2011: Very good and stable alpha generation

2012: Continuous strong outperformance

3. MainFirst Top European Ideas Fund – Performance

Fund Index2 Alpha

MTD 4.9% 2.9% 1.9%

YTD 20.5% 16.4% 4.1%

1 year 27.6% 21.4% 6.2%

3 years p.a. 14.7% 7.2% 7.5%

5 years p.a. 2.1% -5.5% 7.6%

Since inception p.a.1 2.4% -3.9% 6.2%

Investment results Annual investment results

Track Record Commentary

1) Inception date: July 13th. 2007 2) STOXX Europe 600 TR

Consistent alpha generation in all market cycles

11

0

20

40

60

80

100

120

Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12

MainFirst Top European Ideas C STOXX Europe 600 TR

As of October 18th, 2012

3. MainFirst Top European Ideas Fund – Allocation (I/II)

12

Sector allocation over time (Top 5 highlighted)

As of September 30th, 2012

Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sept-12

Financials 26.7% 31.2% 31.7% 45.7% 35.7% 40.5% 38.2% 26.4% 28.9% 25.8% 23.3% 23.0% 33.6% 26.6% 23,9% 8.0% 20.3%

Health Care 5.0% 4.2% 2.4% 2.1% 3.9% 3.2% 2.9% 4.0% 2.0% 0.4% 3.9% 6.7% 14.9% 11.3% 7,9% 12.5% 9.2%

Materials 1.7% 1.1% 4.4% 2.1% 2.2% 2.6% 2.4% 0.1% 4.6% 13.9% 8.7% 10.6% 7.7% 6.6% 10,3% 6.4% 5.3%

Industrials 11.8% 10.3% 15.7% 17.0% 24.6% 24.8% 23.1% 31.7% 27.3% 29.2% 17.9% 18.1% 11.8% 11.9% 8,5% 12.1% 12.6%

Consumer serv. 14.5% 5.3% 1.3% 0.1% 1.0% 0.1% 0.1% 0.0% 0.0% 0.0% 3.3% 2.3% 0.0% 0.2% 1,7% 1.4% 1.2%

Consumer goods 23.0% 22.8% 11.4% 16.5% 14.4% 16.9% 15.2% 13.3% 12.0% 9.3% 22.4% 23.6% 5.6% 9.0% 6,4% 12.6% 14.6%

Oil & Gas 5.4% 8.2% 10.9% 6.0% 7.1% 3.5% 3.5% 3.9% 10.0% 8.6% 4.3% 3.2% 9.2% 18.7% 22,0% 21.3% 24.0%

Technology 0.8% 0.9% 1.1% 0.0% 0.0% 3.3% 4.6% 6.6% 7.3% 3.2% 2.6% 4.5% 2.7% 2.1% 1,4% 1.4% 1.2%

Telecommunication 5.3% 8.3% 5.4% 3.6% 8.1% 4.2% 3.4% 4.7% 6.9% 7.7% 4.9% 4.4% 12.6% 12.0% 6,5% 8.6% 0.9%

Utilities 0.0% 4.2% 7.0% 1.5% 1.7% 0.8% 1.7% 0.8% 2.2% 0.0% 0.0% 0.0% 0.0% 0.7% 6,7% 8.5% 7.6%

Cash 5.9% 3.6% 8.6% 5.4% 1.4% 0.2% 4.9% 8.5% -1.2% 1.9% 8.8% 3.5% 1.7% 0.8% 4,6% 7.3% 3.2%

Country allocation over time

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep 11 Dez 11 Mar 12 Jun-12 Sep-12

Belgium Germany France Great Britain Italy Luxembourg Netherlands Austria Switzerland Spain

3. MainFirst Top European Ideas Fund – Allocation (II/II)

13

As of September 30th, 2012

E.On 6.3%

Sanofi 5.6%

BP 5.6%

ENI 5.5%

Royal Dutch Shell 5.5%

Total 4.8%

Vodafone 4.5%

Telefonica 4.1%

Roche 3.9%

Unilever 3.4%

Telefonica 7.7%

BP 7.4%

Total 6.9%

Zurich Fin. Serv. 6.1%

GlaxoSmithKline 4.8%

ENI 4.4%

Vodafone 4.4%

Banco Santander 4.2%

Bertrandt 4.2%

Novartis 3.8%

Top 10 holdings as of December 31st, 2011 Top 10 holdings as of June 30th, 2012

ENI 5.3%

Total 5.3%

Porsche 5.2%

Royal Dutch Shell 4.8%

E.On 4.8%

Deutsche Post 4.6%

Nestle 4.6%

BP 4.1%

Novartis 4.1%

Roche 3.3%

Top 10 holdings as of September 30th, 2012

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12

> € 5 bn. > € 1 bn. & < € 5 bn. < € 1 bn.

Market capitalization over time

14

3. Company example: Gerry Weber (I/II)

2005 2006 2007 2008 2009 2010 2011 2012e Ø annual

growth

2005-2011

Sales 390 443 507 570 594 622 703 797 10.3%

Sales yoy. +13.7% +14.5% +12.4% +4.2% +4.7% +13.0% +13.4%

EBIT 30.4 41.0 51.7 62.7 71.2 83.3 99.6 117.0 21.9%

EBIT-Margin 7.8% 9.3% 10.2% 11.0% 12.0% 13.4% 14.2% 14.7%

Net profit 16.0 21.1 27.0 39.4 43.0 54.0 67.0 78.4 27.0%

Net profit yoy +32% +28% +46% +9% +26% +24% +17%

Earnings per share 0.35 0.46 0.59 0.86 1.01 1.29 1.48 1.69

P/E 19.9 17.5 20.8 8.5 10.7 13.4 15.2 19.9

Dividend per share 0.2 0.2 0.25 0.38 0.43 0.55 0.65 0.75

Dividend yield 2.6% 2.5% 2.0% 5.1% 3.9% 3.2% 2.9% 2.2%

Company development

Continuously growing sales

Margin expansion each and

every year

Very low absolute valuation and

catch-up potential compared to

historical multiples

Fiscal year ends October 31st.

As of September 30th, 2012

15

3. Company example: Gerry Weber (II/II)

Q1 - Jan Q2 - Apr Q3 - Jul Q4 – Oct.

2012 0.250 0.440

2011 0.220 0.340 0.230 0.900

2010 0.195 0.300 0.195 0.600

2009 0.165 0.265 0.160 0.430

2008 0.125 0.225 0.105 0.405

2007 0.080 0.150 0.055 0.305

2006 0.070 0.135 0.035 0.200

2005 0.057 0.125 0.035 0.140

2004 0.055 0.095 0.020 0.100

As of September 30th, 2012

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Jan/ 04 Jan/ 05 Jan/ 06 Jan/ 07 Jan/ 08 Jan/ 09 Jan/ 10 Jan/ 11 Jan/ 12

Uninterrupted profit growth in quarterly earnings since 2005

16

3. Company example: Fuchs Petrolub (I/II) As of September 30th, 2012

2011: New record EBIT and CAGR is 15.9% for the last ten years!

EBIT growth - 33.0% 4.7% 12.3% 35.9% 25.2% 21.1% -12.0% 4.8% 39.0% 5.6%

0

50

100

150

200

250

300

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

EBIT (€ mn.)

EBIT (Mio. €)

6.3%

7.6% 8.1%

8.8%

10.7%

12.1%

14.1%

12.1%

14.7%

16.6%

15.7%

EBIT Margin before income from participation

17

3. Company example: Fuchs Petrolub (II/II) As of September 30th, 2012

2011: New record year and CAGR is 25.4% for the last ten years!

Net profit growth 82.6% 15.9% 21.1% 52.4% 31.0% 23.8% -8.3% 10.1% 41.4% 6.9%

0

20

40

60

80

100

120

140

160

180

200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Net profit (€ mn.)

Net profit …

2.0%

3.3%

3.9% 4.4%

5.2%

7.3%

8.8%

7.9%

10.3%

11.8%

11.0%

Net profit margin

18

3. Portfolio positioning & macro outlook

0% 5% 10% 15% 20% 25% 30% 35%

Germany

Switzerland

Italy

France

Netherlands

Great Britain

Austria

Spain

Others

MainFirst Top European Ideas Fund STOXX Europe 600 TR

Country allocation

0% 5% 10% 15% 20% 25% 30%

Financials

Energy

Industrials

Health Care

Consumer Discretionary

Utilities

Consumer Staples

Materials

Telecommunication Services

Information Technology

MainFirst Top European Ideas Fund STOXX Europe 600 TR

Sector allocation

Euro crisis might have peaked (Draghi: „Euro is irreversible“)

ECB as a lender of last resort strongly supports the painful fiscal consolidation

Clear preference for Euroland

Most bad news and poor fundamentals already priced into the market

FED is very commited to lower unemployment in the US

Mild economic improvement anticipated sometime in 2013

Macro outlook

As of September 30th, 2012

Agenda

1. MainFirst Bank AG

2. Investment team & philosophy

3. Portfolio and company example

4. Fund data

5. Appendix

19

Share class A Share class B Share class C

ISIN

Valoren no.

LU0308864023

3218936

LU0308864296

LU0308864965

3218937

Bloomberg

Reuters

MFTPEIA LX

A0MVL0X.DX

MFTPEIB LX

A0MVL1X.DX

MFTPEIC LX

A0MVL2X.DX

Minimum subscription € 2,500 € 2,500 € 500,000

Management fee 1.5 % p.a. 1.5 % p.a. 1.0 % p.a.

Performance fee 15% of the outperformance over STOXX Europe 600 TR; High Watermark

Dividend policy Accumulation Distribution Accumulation

Investment objective Outperformance vs. Benchmark STOXX Europe 600 TR

Investment universe Equity Europe

Total assets € 1120 mn.

Inception date July 13th, 2007

Registered for sale in DE, LU, NL, BE, CH, AT, FR, UK

4. MainFirst Top European Ideas Fund – Fund data

20

Agenda

1. MainFirst Bank AG

2. Investment team & philosophy

3. Portfolio and company example

4. Fund data

5. Appendix

21

Robert Focken Director Wholesale

Phone: +49 (0) 69 78 808 – 264 - Email:robert.focken@mainfirst.com

MainFirst Asset Management – Client relationship

Peter Vogel Head of Sales & Marketing

Phone: +49 (0) 69 78 808 – 132 - Email:peter.vogel@mainfirst.com

Client relationship

Thiemo Volkholz Director Wholesale

Phone: +49 (0) 69 78 808 – 143 - Email:thiemo.volkholz@mainfirst.com

Jeremy Scheel Institutional Sales

Phone: +49 (0) 69 78 808 – 146 - Email:jeremy.scheel@mainfirst.com

Experienced and highly motivated team

22

Florian Jamin Institutional Sales Support

Phone: +49 (0) 69 78 808 – 139 - Email:florian.jamin@mainfirst.com

Marc Theis Wholesale Sales Support

Phone: +49 (0) 69 78 808 – 134 - Email:marc.theis@mainfirst.com

Disclaimer

The MainFirst Top European Ideas Fund is registered for public distribution in Germany, Luxemburg, Austria, the Netherlands, Belgium,

France, Switzerland and UK . In all other countries purchase is only available via private placement.

Without authorization this document may not be reproduced, redistributed or passed on to any other person or published neither directly nor

indirectly.

This document serves information purposes only. The sole binding basis is the official offering prospectus available trough MainFirst Bank

AG. Although every care has been taken in the acquisition and presentation of the information, it may nevertheless contain errors or may no

longer be valid, correct or complete. This document does not constitute investment advice or a recommendation to buy stocks of the

mentioned companies or shares in a fund. It is not to be used or considered as an offer or a solicitation to sell or an offer or solicitation to buy

or subscribe for securities or other financial instruments.

Expected returns are based on past performance, and are no indication for future results

Due to fluctuations in the value of underlying securities, the income they generate, changes in interest and currency exchange rates, the

price of the fund's shares (units) and income accruing to them may increase or decrease, and are not guaranteed.

Initially, shares in the MainFirst Funds will be admitted to public distribution only in the countries mentioned before. Subscriptions will follow

in all other countries, initially only as private placements.

The obligatory basis for acquisition is the official offering prospectus available through MainFirst Bank AG, Asset Management,

Speicherstrasse 57, 60327 Frankfurt/Main or Marcard, Stein & Co, GmbH & Co. AG, Ballindamm 36, 20095 Hamburg.

MainFirst Bank AG

151 Shaftesbury Avenue

UK - London WC2H 8AL

MainFirst Bank AG

Via Ugo Foscolo 8

IT - 2021 Milano

MainFirst Bank

Torhaus Westhafen

Speicherstraße 57

D - 60327 Frankfurt am Main

23

MainFirst Bank AG

Rue De Berri 23-25

F-75008 Paris