Oyster us selection november 12 en

November 2012

OYSTER US SelectionScout Investments Inc.

© 2012 OYSTER Funds

For professional, qualified and institutional investors only

OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.

OYSTER US SelectionHighlights

Investment approach without style bias

Bottom-up approach with a top-down overlay aiming at anticipating market conditions

Over 5 years of consistent outperformance in a similar strategy1

Stable team managing over USD 1.5bn in the strategy

Strong parent company - UMB Financial Corp.

Data as of 30.09.20121Performance figures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly thesame investment restrictions and fees. Past performance does not guarantee or predict future performance.

November 2012

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Table of contents

November 2012

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The manager

Investment strategy and process

Market outlook and portfolio review

Appendices

The SYZ & CO Group

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II.

III.

IV.

V.

4

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24

32

35


Table of contents

November 2012

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The manager



Appendices

The SYZ & CO Group

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UMB ranked in the top 10 best banks for the second year in a row, based on eight financial measures

of asset quality, capital adequacy and profitability, according to studies by Forbes and SNL Financial

UMB Financial Corp.Parent company of Scout Investments Inc.

Diversified financial services company established in 1913 & listed on Nasdaq

Founded by William Kemper as a regional commercial bank

CEO Mariner Kemper is grandson of founder and 5th generation

Generated steady profits during credit crisis & did not require TARP funds

Ranked #5th among US banks during 2009 stress test & rated A- by Moody’s1

1Data as of 15.02.2012

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Scout Investments manages equity and fixed income strategies through

Scout and Reams divisions

OYSTER US SelectionScout Investments Inc. – the manager

Investment management arm of UMB Financials Corp. since 1982

Based in Kansas City, Missouri

Assets under management : USD 22.6bn including USD 10.6bn in equities1

Acquisition of Reams Asset Management in 2010 to add Fixed Income solutions

Stable team of 40 investment professionals with average 16 years experience

1Data as of 30.09.2012

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OYSTER US SelectionThe portfolio managers

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Patrick G. Dunkerley, CFASenior Vice President and Lead Portfolio Manager

Derek M. Smashey, CFACo-Portfolio Manager

John A. Indellicate II, CFACo-Portfolio Manager

Patrick has been the Lead Portfolio Manager of strategy since its inception in 2006and has 18 years of investment management experience.

Prior to Scout, he served as assistant portfolio manager and subsequently seniorportfolio manager of a mutual fund and separate account product for Victory CapitalManagement from 2001-2006.

Patrick earned his master’s in business administration from Golden Gate Universityand his bachelor’s of science degree in business administration from the University ofMissouri. He is a CFA charterholder, member of the Kansas City CFA Society, as wellas the CFA Institute.

Derek serves as co-portfolio manager and has been a member of the management team since the strategy’s inception

He has eight years of investment management experience.

Prior to Scout, he was a director at Nations Media Partners, an investment banking firm specializing in media and communications.

Derek earned his master’s degree in business administration from the University of Kansas and his bachelor’s of science degree in finance from Northwest Missouri State University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.

John serves as co-portfolio manager and has been a member of the management team since the strategy’s inception.

He has eight years of investment experience. He joined the firm in 2004 as a Senior Quantitative Analyst.

John earned his bachelor’s degree in economics from Harvard University. He is a CFA charterholder and a member of the Kansas City CFA Society, as well as the CFA Institute.


OYSTER US SelectionInvestment team

Derek Smashey, CFA John Indellicate II, CFA

Patrick Dunkerley, CFASVP, Lead Portfolio Manager

Co-Portfolio Manager Co-Portfolio Manager

INVESTMENT ANALYSIS & EQUITY RESEARCH

James Reed II, CFASVP, Director of Domestic Equity Research

Health Care sector Information Technology and TelecommunicationServices sectors

Jeff Hoernemann, CFA Larry Valencia, CFASenior Investment Analyst Senior Vice President

Dave Logeman, CFA Sean Ketcherside

Financials sectors Energy and Utilities sectorsSenior Investment Analyst Investment Analyst

Tim Miller, CFA Michael HaroldSenior Investment Analyst Investment Analyst

Industrials and Materials sectors Consumer Discretionary andConsumer Staples sectors

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Scout Investments Inc.Track record as of 15.10.2012

November 2012

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Source: Lipper

Past performance does not guarantee or predict future

performance.

Reference to an index is made for comparison purposes only. Lipper peer group: ranking calculated on

Lipper Global Equity North America

Performance figures from Scout US strategy may differ from OYSTER

US Selection as it is not UCITS compliant and may not have exactly the same investment

restrictions and fees

% ptl % ptl % ptl % ptl % ptl

SCOUT US strategy 66.6% 1 31.8% 1 44.1% 3 10.1% 85 9.3% 84

S&P 500 Net TR 14.4% 0.5% 37.2% 19.4% 15.9%

Lipper Global Equity North America 10.9% -4.2% 29.8% 16.2% 13.9%

2007 2008 2009 2010 2011 Sharpe ratioMax.

relative drawdown

% % % % %

SCOUT US strategy 21.9% -35.1% 47.2% 27.9% 0.3% 21.6% 0.23 14.0%

S&P 500 Net TR 4.9% -37.4% 25.6% 14.4% 1.5% (2008)

Lipper Global Equity North America 6.8% -39.7% 31.0% 14.2% -2.1%

Volatility

YTDSince launch31.10.2006

3Y5Y 1Y

5 years

40

60

80

100

120

140

160

180

200

Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12

Scout US Strategy S&P 500 NR Lipper Global Equity US


Table of contents

November 2012

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The manager



Appendices

The SYZ & CO Group

I.

II.

III.

IV.

V.

4

10

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OYSTER US SelectionInvestment strategy

Pragmatic & opportunistic approach combining

Top-Down analysis aiming to anticipate market conditions and identify investment themes

Stock picking focusing on what the manager considers quality companies trading at a discount and with a catalyst

Flexible strategy not biased towards any investment style

Valuation methodology will depend on their anticipation of market cycle

Constructive/bullish: Discounted earnings model

Cautious/bearish: Relative valuation – P/B, P/S, EV/Sales

Aims to achieve superior long-term, risk-adjusted returns investing in attractively valued quality stocks expected to benefit from company-specific or macroeconomic catalysts

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Mispricedquality

companies

Themesidentification

OYSTER US SelectionInvestment process - overview

Proprietary database

of

Economic

&

Sentiment

indicators

BEAR

BULL

Valuation

Discounted earnings

Objective

Enhance upside

Objective

Limit downside

Valuation

Relative P/S, P/B, EV

Top down Stock selection

or

1 3

Po

rtfo

lio

42

Mode definition

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BULL

BEAR


OYSTER US SelectionTop-down analysis (1)

Proprietary system monitors more than 100 economic & sentiment indicators

Weekly monitoring of economic growth, production, consumption, inventory, orders, trade balance, employment, money supply, interest rates

Combining economic and sentiment is crucial for anticipation

Manager develops themes based on economic and market analysis that will ultimately influence preferred industries

Scout’s interpretation is key to define constructive or cautious mode as well as themes

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OYSTER US SelectionChange of valuation mode and portfolio implications

Source: Factset

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Sector Allocation 27.02.2009 30.04.2009 Sector Allocation 31.03.2011 31.05.2011

Consumer Discretionary 16.6% 25.1% Consumer Discretionary 21.7% 22.5%Consumer Staples 11.0% 2.4% Consumer Staples 6.6% 15.8%Energy 12.6% 14.5% Energy 8.8% 2.8%Financials 16.7% 15.2% Financials 17.2% 19.5%Health Care 6.3% 3.9% Health Care 12.7% 12.1%Industrials 7.0% 11.6% Industrials 10.2% 4.4%Information Technology 19.0% 18.5% Information Technology 10.8% 11.1%Materials 7.7% 6.6% Materials 9.8% 6.0%Telecommunication Services 2.5% 1.7% Telecommunication Services 0.0% 1.4%Utilities 0.7% 0.6% Utilities 2.2% 4.5%

beta 0.94 1.08 beta 1.09 0.93

Portfolio changes over the period number % Portfolio changes over the period number %

New names 15 27.5% New names 9 15.9%Sold names 16 18.5% Sold names 19 23.1%Name turnover 18.5% Name turnover 17.7%Existing position changes 23.8% Existing position changes 18.5%Total Turnover 46.8% Total Turnover 38.0%

From bear to bull mode From bull to bear mode


OYSTER US SelectionTop-down analysis (2)

Manager develops themes based on economic and market analysis that will ultimately influence preferred industries

Trade down in American consumption behaviour

Family Dollar Stores, Ross Stores

Recovery of the US housing market profiting to US regional banks and homebuilders

Key Corp, Comerica, D. R. Horton

Energy independence of the USA: Shale gas discoveries

Oasis Petroleum, WPX, Kodiak Oil, Pioneer Natural Resources

Ageing US auto park benefiting automotive parts manufacturers and retailers:

TRW Automotive

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OYSTER US SelectionBottom-up: Stock selection based on 4 principles

1. Quality company

Ability to generate consistent cash flow

10 years of strong or improving operating margin & CFROI

Long-term earnings power

Strong management

2. Attractive valuation - discount to intrinsic value

3. Catalyst

4. No litigation risk

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OYSTER US SelectionBottom-up: Step 1 - Quantitative

Cash flowstatement

Balance sheet

Incomestatement

Intrinsicvaluation

Relativevaluation

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Assess true profitability Source of growth – organic or strategic acquisitions Consistency, growth rate & source of cash flow Strong cash flow generation Reject companies with poor cash flow

Debt term structure Liquidity events & debt covenants Rejected if debt/cash flow >5x or poor interest coverage ratios

10 year history of operating margin Used to normalize earnings Rejects companies with deteriorating margins unless temporary

Proprietary risk-adjusted valuation model including normalized earnings, discount rates, growth potential

Price to book, price to sales & enterprise value to assess downside risk

primarily used during bull markets

primarily used during bear markets

1.

2.

3.

4.

5.


OYSTER US SelectionBottom-up: Step 2 - Qualitative

Catalyst forappreciation

Company-specific risk

Managementquality

Litigation

Otherfactors

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Company specific – management change, new market, technology change

Top-down

Accounting and revenue recognition to determine earnings quality

experience Accomplishments Incentive structures

Evaluation of significant litigation risk

Insider activity Short interest Long-term charts

6.

7.

8.

9.

10.


OYSTER US SelectionPortfolio characteristics

Typically1:

Number of holdings: 60-80

Average position weight: 2%

Turnover: 100-200% p.a.

Max per industry: 25%

Cash: Residual

1Data given as information only and is as a given date and may evolve over time

Poor

Excellent

FUNDAMENTALS

Exc

elle

nt

Poor

VA

LU

ATIO

N

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Maximum4-5%

Outsized2-4%

Average1-2%

Outsized2-4%

Average1-2%

Small0.5-1%

Average1-2%

Small0.5-1%

Eliminate0%


OYSTER US SelectionManager’s risk management

Intangible influences Targeted portfolio level Targeted security level

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Management & board of directors, business and industry experience is key

Accounting quality:

Policies on revenue & expense recognition

Comparison of net income & cash flow over time

25% industry maximum weighting

Typically 5% security maximum weighting

Conscious of sector under/over weights

Quality companies with solid fundamentals

Strong cash flows support balance sheet

Experienced management teams

Avoid companies with major legal/regulatory issues


OYSTER US SelectionManager’s selling discipline

Target valuation reached

Stock specific: change in fundamentals or investment case

Style purity, core strategy

Better opportunity emerges

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OYSTER US SelectionRisk factors*

This indicator is deemed to reflect the level of risk of the fund. It can vary from 1 to 7 depending on the weekly upward anddownward fluctuations of the portfolio over the last 5 years. The level 1 on the scale does not mean that the portfolio is risk-free.However, this indicator is based on historic data and therefore does not guarantee the level of future risk of the fund. Neither is thisrisk level an investment objective for the fund and therefore it could vary over time.

Level 6 equates to an average fluctuation variance of between 15% and 25%, according to the calculation method described above.

This risk level is mainly explained as follows:

The fluctuation of stocks due to possible sudden and/or prolonged fall of the financial markets. Concentration in a particular geographic area.

This indicator does not take into account the following risks:

Liquidity risk: risk linked to the difficulty of selling a portfolio investment on the market, preventing it from being traded underoptimum conditions.

Operational risk: risk of loss for the fund linked to human or technical error, inadequate internal procedures or control systems.

For further information about risks associated to this fund, please see the full prospectus, available at the head office of the SICAV.

November 2012

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1 2 3 4 5 6 7

Typically Lower Rewards Typically Higher Rewards

Lower Risk Higher Risk

1Source: Key Investor Information Document dated 01.07.2012


Table of contents

November 2012

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The manager



Appendices

The SYZ & CO Group

I.

II.

III.

IV.

V.

4

10

24

32

35


OYSTER US SelectionManager’s market outlook

Positive towards equity markets thanks to decisive action from policymakers

Markets tend to rally ahead of Presidential elections as uncertainty decreases

U.S. housing market improvement: signs of rebound following 5 years of weakness

Main risks are:

U.S. budget negotiations

Weak data from China and recession in Europe

Higher oil prices will limit future growth

November 2012

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OYSTER US SelectionRecent portfolio activity

Continued trend to reduce defensives

Principally in utilities: Vectren, UGI

Exposure to U.S. Housing and domestic consumption firmly in place

Selected consumer discretionary, building materials, homebuilders

Increase in Information technology

Skyworks Solutions, Computer Sciences, Teradata, Cymer

November 2012

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OYSTER US SelectionPortfolio breakdown as of 15.10.2012

November 2012

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Source:Factset

1Index: S&P500 Net TR

Reference to an index is made for comparison purposes only

Consumer Discretionary 19.5% 11.0% KeyCorp Financials 4.4%

Consumer Staples 2.8% 10.8% Hartford Financial Services Group Inc. Financials 4.0%

Energy 15.6% 11.3% TRW Automotive Holdings Corp. Consumer Discretionary 3.2%

Financials 21.7% 15.0% WPX Energy Inc. Energy 3.1%

Health Care 10.2% 12.3% Oasis Petroleum Inc. Energy 2.9%

Industrials 5.4% 9.7% Alliant Energy Corp. Utilities 2.4%

Information Technology 13.1% 19.7% Kodiak Oil & Gas Corp. Energy 2.4%

Materials 5.9% 3.5% Hess Corp. Energy 2.4%

Telecommunication Services 0.0% 3.2% Questar Corp. Utilities 2.3%

Utilities 5.8% 3.6% Hologic Inc. Health Care 2.1%

Total 100.0 100.0 Total 29.2

>1BLN,<5BLN 33.2% 1.8%

>5BLN,<30BLN 64.0% 31.5%

>30BLN 2.8% 67%

Total 100.0 100.0

By sector Fund Index1 Top 10 Country

United States

Sector Fund

United States

United States

United States

United States

United States

United States

Canada

United States

United States

By market capitalization Fund Index1


OYSTER US SelectionInvestment case: WPX Energy

Sector: Energy – Oil and gas producer

Position valued @ USD 17.87 per share as of 18 Oct 2012

Market Cap of USD 3.5bn

Equity Highlights

Large owner of natural gas properties in Colorado and Pennsylvania; valuable oil property in North Dakota

Catalysts:

Increased drilling in Bakken oil shale

Potential recovery in U.S. Natural gas prices

Stock trades below book value

November 2012

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OYSTER US SelectionInvestment case: D.R. Horton

Sector: Consumer Discretionary: Large U.S. homebuilder

Position @ USD 21.55 as of 18 Oct 2012

Market Cap of USD 6.8bn

Equity Highlights

Strong balance sheet

Experienced management team

Catalysts

Recovery of U.S. housing market following sharp downturn

Diversified footprint with operations in 25 states and 73 metropolitan areas

U.S. Federal Reserve QE3 program is driving down mortgage interest rates, which helps sales

New home sales +28% year-over-year; conversely, inventory of new homes near record lows

U.S. housing affordability near record levels due to lower home prices and low mortgage interest rates

November 2012

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OYSTER US SelectionKey facts

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UCITS compliant, Luxembourg SICAVCustodian/Central Administrator Share class ISIN code Management fee

Auditors USD2 LU0747343753 1.50%

Management Company CHF2-hedged LU0747343837 1.50%

Fund Manager EUR2-hedged LU0747343910 1.50%

Index1 GBP2-hedged LU0747344058 1.50%

Liquidity SGD2-hedged LU0747344132 1.50%

Management fee Institutional share class3 ISIN code Management fee

Performance fee I USD2 LU0747344215 1.00%

Trade date I CHF2-hedged LU0747344306 1.00%

Cut-off time I EUR2-hedged LU0747344488 1.00%

Settlement date I GBP2-hedged LU0747344645 1.00%

Minimum initial subscription, I SGD2-hedged LU0747344991 1.00%

Institutional share class only

Fund domicile Further information

Registered in2

Subscription fee

Redemption fee

1. Please note that the reference to an index is made for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund.

2. Not all share classes may be registered locally, please contact [email protected] for further information.

3. for further details please refer to the prospectus.

4. Not available for investors in Belgium.

www.oysterfunds.com 3 - [email protected]

NAV available through

100'000 USD/EUR/GBP/CHF/SGD

Luxembourg

AT,BE,DE,ES,FR,GB,IT,LU,NL

Max 5%, Max 3% for "I" share class

Max 3%

OYSTER WebsiteBloomberg, Morningstar, Reuters,

SIX Telekurs, Finesti, Fundinfo

Max 1.50%

RBC Investor Services Bank SA

PricewaterhouseCoopers

Oyster Asset Management SA

Scout Investments Inc.

S&P 500 Net TR

Daily

refer to the share classes for details

Max 10% relative to the index1

T+0

T 12:00 CET

T+4


Table of contents

November 2012

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The manager



Appendices

The SYZ & CO Group

I.

II.

III.

IV.

V.

4

10

24

32

35


Source: Scout Investments Inc.

Scout US strategyHistorical sector allocation as of 30.09.2012

November 2012

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-06 Sep-07 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Jul-12

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials

Information Technology Materials Miscellaneous Telecomm Service Utilities


Scout Investments Inc.Consistent outperformance vs large, mid & small and vs value & growth

Source: Lipper as of 30.09.2012Past performance does not guarantee or predict future performance.Reference to an index is made for comparison purposes only. Lipper peer group: ranking calculated on Lipper Global Equity North AmericaPerformance figures from Scout US strategy may differ from OYSTER US Selection as it is not UCITS compliant and may not have exactly the same investment restrictions and fees.

November 2012

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‐10

0

10

20

30

40

50

60

70

80

Oct‐06 Apr‐07 Oct‐07 Apr‐08 Oct‐08 Apr‐09 Oct‐09 Apr‐10 Oct‐10 Apr‐11 Oct‐11 Apr‐12

Scout vs Russell 2000 Scout vs Russel Mid Cap

Scout vs S&P 500 Scout vs Russel 3000 growth

Scout vs Russel 3000 Value


Table of contents

November 2012

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The manager



Appendices

The SYZ & CO Group

I.

II.

III.

IV.

V.

4

10

24

32

35

OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 34

SYZ & CO Group 3 business lines but one common objective

Private Banking Institutional Asset Management

Investment FundsOYSTER

Founded in 1996by Eric Syz, Alfredo Piacentini and Paolo Luban

Sole focus on asset management across three activitieswith a common objective of delivering superior performance

Not involved in project-financing, investment banking, commercial or mortgage lending

Supervised on a consolidated basis by the FINMA (SwissFinancial Market Supervisory Authority)

SYZ & CO Group

November 2012


Fast growing banking group - AuM of EUR 20bn

Solid Capital Base: A3 Moody’s rating & Core Tier 1 ratio of 23%1

Independent: not linked to a financial institution

470 employees in 14 cities worldwide

Sponsor of OYSTER Sicav

SYZ & CO Group Key facts and figures

1as of 31.12.2011

Annual report available on www.syzgroup.com

November 2012


OYSTER SicavOur Philosophy

Bottom-up approach

Style & Market Cap agnostic

Risk team independent from portfolio managers

Innovation

Use of atypical managers in main asset classes

Identify tomorrow’s strategies

Anticipate future trends

Exclusivity in UCITS format Team dedicated to identify the best talents

Internally and externally managed funds

Strategy’s exclusivity for European distribution

Non-indexed approach with a focus on risk management

OYSTERphilosophy

November 2012


OYSTER SicavKey facts

A Luxembourg SICAV, UCITS compliant

Sub-funds covering major asset classes as well as niche strategies

Compartments are registered in most European countries and Singapore1

The bulk of assets are held by investors external to the group

A team of professionals dedicated to our fund distribution

Mix of internally and externally managed funds

European distributors rank OYSTER TOP 20 preferred brands

(Source: Fund Buyer Focus, 2011)

1Solely targeting institutional clients as applied by local law

November 2012


OYSTER Funds & Representatives

November 2012

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OYSTER Funds

OYSTER Sicav Oyster Asset Management SARoute d'Esch 69 Grand Rue 74L-1470 Luxembourg L-1660 [email protected] tél. +352 26 27 361www.oysterfunds.com

Representatives

Germany Spain Switzerland Zahlstelle Entidad comercializadora Soggetto incaricato dei pagamenti BHF-Bank Aktiengesellschaft Allfunds Bank S.A. State Street Bank S.p.A Bockenheimer Landstrasse 10 c/Estafeta no6 (La Moraleja) Via Col Moschin 16 Banque SYZ & CO S.A. D – 60323 Frankfurt Complejo Plaza de la Fuente - Edificio 3 20136 Milano Rue du Rhône 30 Tel +49 (0)69 718 22 75 E – 28109 Alcobendas - Madrid Tel +39 02 879 671 53 CH – 1204 Genève

Tel +34 (0)91 274 64 00 Tél + 41 (0)58 799 19 05

Austria France Zahlstelle Correspondant Centralisateur Soggetto incaricato dei pagamenti Raiffeisen Bank International AG BNP Paribas Securities Services Société Générale SecuritiesAm Stadtpark 9 Rue du Débarcadère 9 Services SpA A – 1030 Wien F – 93500 Pantin Via Benigno Crespi 19/A-MAC 2 Tel. +43 (0)1 717 070 Tel. +33 (0) 1 57 43 12 58 I – 20159 Milano

Tel +39 02 917 846 61

Belgium Italy Agent financier – Financiële agent Soggetto incaricato dei pagamenti Soggetto incaricato dei pagamenti Caceis Belgium s.a./n.v. RBC Investor Services Bank S.A. Allfunds Bank S.A. Avenue du Port 320 Milan Branch Via Santa Margherita 7 Havenlaan 86C b Via Vittor Pisani, 26 I – 20121 Milano B – 1000 Bruxelles 20124 Milano Tel +39 02 896 283 01 Tel +32 (0)2 209 26 40 Tel +39 02 305 756 1

Représentant et service de paiement pour la Suisse


Disclaimer

This promotional document has been issued by the investment fund, OYSTER Sicav (hereinafter referred to as "OYSTER” or the “Fund”). It is not intended for distribution to or useby individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, issue oruse.

Users are solely responsible for verifying that they are legally authorised to consult the information herein.

Only the most recent version of the prospectus, by-laws and annual and half-yearly reports of the Fund (hereinafter referred to as the Fund’s “legal documentation”) should beconsidered as a basis for investment decisions. These documents are available on the website, www.oysterfunds.com, or from the OYSTER offices at 69, route d'Esch, L-1470Luxembourg. The information or data contained in the present document does not in any way constitute an Offer or a recommendation to buy or sell shares in the Fund’s units.Furthermore, any reference to a specific security in this document should not be construed as a recommendation or investment advice. They are intended solely to inform theinvestor as to past performance, and do not reflect the opinion of OYSTER or any related companies as to future returns. The information, opinions and assessments contained inthe present document shall apply at the time of publication and may be revoked or changed without prior notice. OYSTER has not taken any measures to adapt to each individualinvestor who remains responsible for his own independent decisions. Moreover, investors are advised to consult their legal, financial or tax advisors before taking any investmentdecisions. Tax treatment depends entirely on the financial situation of each investor and may be subject to change. It is recommended that investors obtain the appropriate expertadvice before taking any investment decisions. The value of the units referred to may fluctuate and investors may not recoup all or part of their original investment. Investorsshould consult the Fund prospectus for further details on the risks involved. Past performance is not indicative of future results. It is calculated in the unit currency and, whereinvestments are made in a different currency, may also be affected by fluctuations in exchange rates. The performance data given does not include commissions or any fees linkedto the subscription to and/or repurchase of shares. It is possible that companies linked to the Fund and their executives, directors or personnel hold or have held stakes or positionsin the securities listed in this document, or that they have traded or acted as market maker for these securities. Moreover, these entities or individuals may also have past orpresent ties with the executives of the companies issuing the abovementioned shares; furnish or have furnished financial or other services; or are or have been a director of thecompanies in question. The manager reserves the right not to disclose the name of certain positions that would normally rank amongst the top 10. This promotional document is inno way intended to replace the legal documentation of the Fund and/or any information that investors obtain from their financial advisors. Please note that reference to an index ismade for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund. The performance of the Sub-Fund may differ from the performance of theindex. For further information on the index please refer to the website of its service provider.

OYSTER is a Luxembourg SICAV that is not open to citizens or residents of the USA. www.oysterfunds.com – [email protected]

November 2012

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Oyster us selection november 12 en