What is the future of Global Investing

For professional investors only and should not be relied upon by retail clients

International Strategy

Political change

An end to cheap labour?

Low cost production brings down inflation

Source: Haver Analytics 4

Bond yields falling. Stockmarket falters after 2000

Source: Haver Analytics and Bloomberg

But housing takes over from equities to provide the growth

Source: Haver Analytics 6

The problem

Interest rates

All this changed

Because asset bubbles were over

Source: Haver Analytics

Policy needed to change

Wages to rise faster than inflation Inflation to be higher than interest rates Northern Rock era begins. Happiness turns to gloom...

10

This is the problem

Source: Haver Analytics 11

UK very much getting it right

2010 GNP Inflation Wage growth Cost of living Interest rates +6% +5% +1.8% +3.2% 0.5%

2011 +4% +5% +1% +4% 0.5%

2012?* +11% +11% +8% +3% 7%

Wage inflation in developing economies

+20%

+20%

+20%

*Estimated 12

How long can this go on for?

Source: Haver Analytics

13

In this environment Germany is booming

Source: Haver Analytics

14

No surprise

Source: Haver Analytics & OECD

15

Infineon A perfect example

5 years ago Now

Source: Bloomberg 16

Sky Deutschland
Current EPG New EPG

Old (per H/H) ZFD License Cable Satellite Total

120 260 300 680

New (per H/H) Internet access 200 Satellite 400 Total 600

Source: Bloomberg 17

Sky Deutschland
In August 2010
Market Cap Cash H/H Subscribers Revenues 600m 500m 2m 1bn

New technology, new products, across media, new content. 6m households by 2016 2.4bn revenues 500m EBIT Market cap (1.04.2011) 1.7bn

18

The Apple Model

19

This is an environment in which stock pickers should thrive

Source: Haver Analytics

20

Our focus
Growth companies that benefit from sales inflation but can control cost inflation (BSkyB, Sky Deutschland) Capital goods companies that offer labour savings (Schneider, Rolls Royce) Businesses that can reprice quickly and regularly (Avis Europe) Banks that benefit as LIBID spread returns and companies need expensive working capital (Barclays) General & Life insurers who benefit as interest rates rise (L&G) Beneficiaries of rising food prices (Diageo, Bongrain)

21

Important information
INSYNERGY Investment Management Limited For professional investors only and should not be relied upon by retail clients.
This presentation is for information only and does not constitute an offer, recommendation or solicitation to subscribe or purchase any products. Past performance is not a guide to future returns and investors may not get back the full amount invested. For funds that invest in overseas markets changes in currency exchange rates may affect the value of an investment. Investments in small and emerging markets can be more volatile than other more developed markets. INSYNERGY Funds PLC is a Variable Capital Investment Company established in the Republic of Ireland. INSYNERGY Funds PLC is regulated by the Irish Financial Services Regulatory Authority, which has authorised the Company as an Undertaking for Collective Investment in Transferable Securities (UCITS) Investors must read the prospectus carefully in considering investment into the Fund. The Fund prospectus is available upon request to INSYNERGY at our registered address. Issued by INSYNERGY Investment Management Limited authorised and regulated by the FSA. Registered in England and Wales 06466310. Registered address 25 Moorgate, London, EC2R 6AY. IIML0511/1211

22

Contacts
Institutional investors Global Orlando Montagu
o.montagu@odey.com +44 (20) 7208-1427

UK Asia Andrew Sandler

a.sandler@odey.com +44 (20) 7208-1467

Continental Europe Lionel Dubois

l.dubois@odey.com +44 (20) 7208-1425

Client Services

Andrew King
a.king@odey.com +44 (20) 7208-1454

Alison Thompson
a.thompson@odey.com +44 (20) 7208-1485

Sarah Bradley
s.bradley@odey.com +44 (20) 7208-1432

Odey Asset Management LLP

12 Upper Grosvenor Street, London W1K 2ND Tel: 020 7208 1400 ~ Fax: 020 7208 1401 www.odey.com This is a marketing communication from Odey which is not intended to be viewed as a piece of independent investment research. 2011 Odey Asset Management LLP (OAM) has approved this communication which is for private circulation only, and in the UK is directed to persons who are professional clients or eligible counterparties for the purposes of the FSAs Conduct of Business Sourcebook and it is not intended for and must not be distributed to retail clients. It does not constitute an offer to sell or an invitation to buy or invest in any of the securities or funds mentioned herein and it does not constitute a personal recommendation or investment taxation or any other advice. The information and any opinions have been obtained from or are based on sources believed to be reliable, but accuracy cannot be guaranteed. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations. This communication and the information contained therein may constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the Act) and the rules of the FSA. This communication is not subject to any restrictions on dealing ahead. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, anyone who comes into possession of this communication should inform themselves of and observe these restrictions. OAM is not liable for a breach of such restrictions or for any losses relating to the accuracy, completeness or use of information in this communication, including any consequential loss. Please always refer to the funds prospectus. OAM whose company No. is OC302585 and whose registered office is at 12 Upper Grosvenor Street, London, W1K 2ND, is authorised and regulated by the Financial Services Authority.
23