3 Crispin Odey Presentation

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

What is the future of Global Investing

International Strategy

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Political change

An end to cheap labour?

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Low cost production brings down inflation

Source: Haver Analytics

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Bond yields falling. Stockmarket falters after 2000

Source: Haver Analytics and Bloomberg

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But housing takes over from equities to provide the growth


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The problem

Interest rates

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All this changed

9Source: Haver Analytics

Because asset bubbles were over

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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...

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This is the problem


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UK – very much getting it right

2010 2011 2012?*

GNP +6% +4% +11%

Inflation +5% +5% +11%

Wage growth +1.8% +1% +8%

Cost of living +3.2% +4% +3%

Interest rates 0.5% 0.5% 7%

Wage inflation in developing economies

+20% +20% +20%

*Estimated

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How long can this go on for?


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In this environment Germany is booming


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No surprise

Source: Haver Analytics & OECD

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Infineon – A perfect example

5 years ago

Now

Source: Bloomberg

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Sky Deutschland

Current EPG New EPG

Old (per H/H)ZFD License €120 Cable €260 Satellite €300 Total €680

New (per H/H)Internet access €200 Satellite €400

Total €600

Source: Bloomberg

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In August 2010

Market Cap €600mCash €500mH/H Subscribers 2mRevenues €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

Sky Deutschland

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The Apple Model

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This is an environment in which stock pickers should thrive


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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)

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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.

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Contacts

Institutional investors UK Continental Client ServicesGlobal Asia Europe

Orlando Montagu Andrew Sandler Lionel Dubois Andrew [email protected] [email protected] [email protected] [email protected]

+44 (20) 7208-1427 +44 (20) 7208-1467 +44 (20) 7208-1425 +44 (20) 7208-1454

Alison Thompson Sarah [email protected] [email protected]

+44 (20) 7208-1485 +44 (20) 7208-1432

Odey Asset Management LLP12 Upper Grosvenor Street, London W1K 2ND

Tel: 020 7208 1400 ~ Fax: 020 7208 1401www.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 FSA’s 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

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3 Crispin Odey Presentation