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Rob Burnett

Rob Burnett. Head of European Equities Neptune Investment Management European Opportunities Fund. Neptune: The Essentials. An independent, privately-owned boutique house with over £1bn AUM Differentiated by our global sector, team-based investment process

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Rob Burnett

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  1. Rob Burnett Head of European Equities Neptune Investment Management European Opportunities Fund

  2. Neptune: The Essentials • An independent, privately-owned boutique house with over £1bn AUM • Differentiated by our global sector, team-based investment process • Incentivised culture where each member of team own Company shares • Funds to be capped given high conviction, concentrated portfolios • Winner of Specialist Group of the Year Award 2006 (Investment Week)

  3. Meet the Team Rob Burnett Financials Sector Felix Wintle Healthcare & Biotech Sectors Jeremy Smith Oil & Gas Sectors Chris Taylor Technology & Telecoms Sectors Derek Bartlett Chief Economist Robin Geffen Chief Investment Officer Shelley Kuhn Consumer Sector Ewan Thompson Mining & Metals Sectors Deputy Economist Alex Breese Industrials Sector Douglas Turnball Financials Sector Economist Harriet Grieve Chemicals & Utilities Sectors

  4. Neptune European Opportunities Fund • Launched on 29th November 2002 • Managed by Rob Burnett • ‘A’ rated by Forsyth-OBSR • Fund size – over £85m (as at 26.01.07) • Income class introduced in January 2005 • Available via key platforms & third party distributors

  5. The Performance Story Discrete calendar year performance (source: Lipper) 1st / 97 1st / 103 1st / 95 %

  6. Three Overarching Fund Themes Cash New & Old Europe New World Order

  7. CashOutperformance: Yield,M&A,Private Equity • Fund has income class, current yield c.1.5%, numerous opportunities • European FCF generation has trebled in the last 5 years • European ex financials cash balances at an all time high Source: Morgan Stanley Source: Morgan Stanley

  8. Why M&A will continue to be strong in 2007 • Financial imperative is clear • Financial fire power is strengthening • We are mid-way through this cycle, but danger of protectionism Source: Exane BNP Paribas

  9. New Europe • Opportunities continue to abound from the GDP per capita convergence theme • Optimal: western listed, but with emerging Europe growth profile • Greece, Turkey

  10. “Old Europe”: German Competitiveness & Consumption • Entered euro at a competitive disadvantage, now level playing field • Consumers unleveraged. VAT increase, but savings rate decline • Asset reflation

  11. German Residential Property: Downside Limited • Low prices. No more subsidies • Population growth to decline from 2010 but households will continue to rise until 2018* • Today’s construction level too low * Federal Statistics Office Source: VDM

  12. German Residential Property: Downside Limited • Low house ownership ratio to rise, particularly in cities. Privatisation • Prices turned up in 2005 in all 5 major cities. Impact on consumer confidence • BUT: high tenant protection keeps yields low Source: Federal Statistics Office

  13. New World Order: Europe the Gateway to Global Growth • Basic demographic and economic implications. Strong US parallels from 20th century • Savings rate at 30% will fall. Banking sector consolidation. Welfare provision • Civil unrest

  14. New World Order: Opportunity and Threat • Stage 1: Infrastructure Stage 2: Consumption • Changing patterns of global trade, lengthening business cycles: industrials • Exclusive consumption and staples

  15. After strong growth already: Energy in 2007 • 2007: All about non-OPEC & Saudi Arabia • Oil Services. Liquidity. Avoid the crowd • Alternative Energy: the political imperative

  16. Outlook • The prime risk factors are the US: housing / consumption and yen carry trade • Path to the next economic cycle, rocky in the summer, less so now. US 10 year, Oil • Inflationary trends. Stability of interest rates and growth. Risk premia Neptune European Opportunities Fund offers outperformance, yield and low absolute risk profile

  17. Buying Neptune Funds • Intermediaries • Most funds are available on the following Platforms / Life Links: —CoFunds — Funds Direct — Legal & General —FundsNetwork —Lifetime Group —Standard Life —Selestia —Nucleus —Skandia —Transact — James Hay —Norwich Union Int’l —7im —Abbey —AXA International —Pershing —Scottish Widows — Scottish Equitable —Vantage —SIPP Centre —Scottish Life Int’l

  18. Important Information This document is issued by Neptune Investment Management Limited (“Neptune”) which is authorised and regulated by the Financial Services Authority. Neptune Funds are available to any persons that may be marketed to under the Financial Services and Markets Act (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. Private customers should consult their Independent Financial Adviser or other authorised intermediary. Please check with your professional financial adviser as to whether such products are available in the country in which you are resident. None of our products are available to residents in the United States. Please remember that past performance should not be seen as a guide of future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Any past performance data that has not been shown is due to the information not being available. Neptune is not authorised to give investment advice and only provides information on Neptune products.

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