strategic partner of

OFI Fund - RS Act4 Positive EconomyInvesting with a positive impact

NOVEMBER 2020

Béryl BOUVIER DI NOTA

Deputy Head European Equities

Head of Impact Investing

Marketing communication relating to OFI Fund, SICAV under Luxembourg law and UCITS in accordance with the European

Directive 2009/65/EC, as amended and supplemented, and more particularly its Sub-fund RS Act4 Positive Economy. It is

addressed to institutional investors in Austria (AT) and Germany (DE) Not appropriate for U.S. Persons.

WEBINAR

Strategic

Partner of

Strategic Partner of

OFI AM a leading player in SRI

Source: OFI Asset Management. As of June 2020.

November 2020 - OFI Fund - RS Act4 Positive Economy 2

AUM: 72bn€

300 professionals

20 years of SRI expertise and 50 years in asset

management

PRI assessment: A+

3/4 OFI Group’s assets under management

are managed according to an SRI process

An expertise present within the Group across all

strategies

OFI AM

Active and engaged

Participant

Member

Signatory

Support

OFI Asset Management is rated

PLATINIUM in the TELOS ESG Check

2

Strategic Partner of 3

Impact InvestingA new vision of Responsible Investing (SRI)

We must take changeby the hand or rest

assuredly change willtake us by the throat

Sir Winston Churchill

November 2020 - OFI Fund - RS Act4 Positive Economy


We are facingnew challenges

44November 2020 - OFI Fund - RS Act4 Positive Economy

Recycle 100 %

of plastics

in France by 2025

Provide access to

drinking water and

electricity to a greater

number of people

Reduce greenhouse

gases by 40%

by 2030

Reduce inequalities

and promote

women's work

Limit global

warming to 2°C

Enhance personal

safety in cities and

on roads as well as

personal data

Increasing

renewables

in the energy mix

Developing

clean mobility

Develop the care of

dependent seniors


Impact Investing, a new vision of responsible finance


Mainstream: approach to profitability

Exclusion of controversial sectorsEthic

ESG integrationPractices

Sustainable themeBusiness

Impact InvestingBusinessSearch for

positive

externalities

Reduce

negative

externalities


Investment philosophy


Investing in the Positive Economy

with a double objective of

generating a positive social and environmental impact

aligned on the themes of the UN SDG’s

and delivering a sustainable performance


The Positive EconomyLooking for a positive impact around 4 themes


Sub-themes are merely examples and not exhaustive

Many fields for engagement in sustainable development

60 sub-themes are identified in the positive economy universe and 330 stocks

Positive

Economy

PROTECTION OF

NATURAL RESOURCE

18 %

• Circular economy

• Waste recycling

• Innovation/Eco-design

• Clean water and water purification

• Fight against deforestation…

HEALTH / WELL BEING / SAFETY

20 %

• Healthy food

• Combating diseases

• Prevention & diagnosis

• Safety of persons and systems

• Eldercare…

ENERGY TRANSITION

44 %

• Renewable energy

• Energy efficiency

• Green buildings

• Clean and low-carbon mobility

• Clean-tech…

SOCIAL INCLUSION

18 %

• Access to basic products(food, electricity, education.

employment, housing,

infrastructure…)

• Education and training

Strategic Partner of November 2020 - OFI Fund - RS Act4 Positive Economy

Investment Process

Investable Universe1.859 European stocks

Filter on Sustainable Development ThemesControversial activities excluded

Positive Economy Universe330 stocks

ESG Filter

Energytransition

Health / Well being / Safety

Protection of natural ressources

Social inclusion

Best candidates

40-60 stocks

Responsible Universe

of the Positive Economy

Construction of

Positive Economy Portfolio

Financial filter

88


A holistic visionFundamental multi-disciplinary analysis

For illustrative purposes only


* Sustainable Development Goals fixed by the UN

OPPORTUNITY

ANALYSIS

Analysis

ESG

Positive

Contribution

Impact

measure

Financial

analysis

RISK

ANALYSIS

Meeting with companies

Investment themes

Screening

Change drivers

Management team, regulation

Company analysis worksheets

Analysis of the

company's societal ambition

and corporate purpose

Analysis of the company's

outcomes and impacts aligned

on the SDGs

Strategic Partner of November 2020 - OFI Fund - RS Act4 Positive Economy 10

16% of the global population do not have access to

mobile broadband networks. (UN)

Investment Case

• Incumbent operator in the Nordics (41% of

revenues) with exposure in emerging & developped Asia with

Grameenphone in Bengladesh, Digi in Malaysie, Dtac in

Thaïlande, Mayanmar (Wavemoney)

• Long term supportive catalysts : growing mobile subscriptions, in

creased broadband traffic, growth in connected devices (post-

covid effect)

• Opportunities in Asian markets to drive digital

inclusion and enable economic growth as they lag developped m

arkets with growing profitability

• Potential M&A : Telenor does not rule out the possibility

of further growth in Asia

• Attractive valuation compared to history

• Net dividend yield : 6.0% in 2020E (above sector average)

Financial criteria

Capitalisation 19.2bn€

Valuation

P/E 20e 16.4X P/E 21e 14.3X

Earnings growth

2020e +3% 2021e +15%

Positive Economy Theme

1. SOCIAL INCLUSION

• Mission: “Connecting you to what matters most.

Empowering societies. “

• Social inclusion thanks to telecommunications

• High intentionality: Good integration in the strategy and the

governance.

2. POSITIVE CONTRIBUTION

• 56% of revenues

SDG Impact

3.4M people in 2019 were given access to financial services

through their mobile phone (Malaysia. Myanmar. Bangladesh)

7.9M farmers use online services helping them to increase

revenues (Pakistan and Thailand)

200 000 additional births registered in 2019 in Pakistan

ESG Analysis Category Leader

Challenges

• Access to products and services

• Protection of personal data

• Industrial relations

✓✓✓✓✓

✓✓✓✓

✓✓✓✓✓

Governance

• Structure

• Behavior

✓✓✓✓✓

✓✓✓✓

Controversies AVERAGE

For illustrative purposes only. Any reference to a specific company or security does not constitute a recommendation to buy. sell. hold or directly invest in the company or securities.

It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document.

May not be representative of the Fund's past or future portfolio of investments as a whole.

Source: OFI AM, financial ratios as of 10/30/2020 Source: OFI AM, ESG analysis as of T4 2020


Source: OFI AM, 09/30/2020

For illustrative purposes only. Holdings/allocations are subject to change. The above themes are examples and are not limitative.


Themes breakdown

11

ENERGY

TRANSITION 43%

RENEWABLE ENERGY 11%

ENERGY EFFICIENCY

AND LOWER CONSUMPTION 32%

PROTECTION

OF NATURAL

RESSOURCES 19%

NATURAL RESOURCES 10%

CIRCULAR ECONOMY 9%

HEALTH. SAFETY

WELL BEING 20%

SECURITY 3%

HEALTH. NUTRITION 17%

SOCIAL

INCLUSION 18%

ACCES TO BASIC PRODUCTS

AND SERVICES 18%

November 2020 - OFI Fund - RS Act4 Positive Economy


Business Impacts 2019 impacts of business activity

Source: OFI AM, 08/31/2020

For illustrative purposes only. Holdings/allocations are subject to change. The above themes are examples and are not limitative.



ENERGY

TRANSITION

129,819,565 TONNES (EQ.) OF CO2

SAVED OR STORED

9,930,000ADDITIONAL PEOPLE

WITH ACCESS TO CLEAN ENERGY

PROTECTION

OF NATURAL

RESSOURCES

5,600,000,000M3 OF SANITIZED

OR DEPOLLUTED WATER

2,182,700TONS OF SAND AVOIDED

THANKS TO GLASS RECYCLING

463,950TONS

OF RECYCLED PLASTICS

HEALTH. SAFETY

WELL-BEING

470,000 BENEFICIARIES FROM

HEALTH OR SAFETY SOLUTIONS

800,000,000BENEFICIARIES FROM

HEALTHY NUTRIENTS

SOCIAL

INCLUSION

110,000,000FRAGILE BENEFICIARIES

WITH ACCESS TO A PRODUCT

IMPROVING THEIR HEALTH

650,000PEOPLE WITH EASY ACCESS

TO RESEARCH ARTICLES

4,900,000PEOPLE WITH EASIER ACCESS

TO BASIC FINANCIAL SERVICES


ESG impacts as of 10/30/2020


Source: OFI AM Source: OFI AM

Source: OFI AM

ESG Ratings

Female share of seats on boards

SRI rating categories

Figures show share of portfolio - may change.

13%

18%

21%

20%

28%

0%

11%

14%

23%

53%

Under

Surveil lance

Unclear

Follower

Committed

Leader

Fund Benchmark

7,3

5,4

6,4

6,2

7,6

6,1

6,6

6,9

G

S

E

ESG

Fund Benchmark

35,4%

37,9%

Benchmark

Fund


Performances as of 10/30/2020

Source: OFI AM, GI Shareclass net of management fees.

Performance since inception


01/26/2018 – 10/30/2020

OFI Fund - RS Act4 Positive Economy GI EUR Share Class

Stoxx Europe 600 Net Return

The performance data presented are not indicative of future values. These data are calculated in the currency of the share class, dividend reinvested. They are net of fees with the

exception of entry and exit fees. Where the values are denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an

adverse effect on prices and incomes. Stoxx Europe 600 Net Return is the reference benchmark for this share class. This benchmark is provided for informational purpose only. No

benchmark is directly identical to a sub-fund, thus the performance of a benchmark is not a reliable indicator of future performance of the sub-fund it is compared to.

Source: Europerformance, GI Share Class, performance net of management fees

70

80

90

100

110

120

130

01/18 03/18 05/18 07/18 09/18 11/18 01/19 03/19 05/19 07/19 09/19 11/19 01/20 03/20 05/20 07/20 09/20

YTD 2019SINCE INCEPTION

01/26/2018

OFI Fund - RS Act4 Positive Economy GI EUR Share Class 5,99% 27,13% 10,37%

Stoxx Europe 600 NR -16,07% 26,82% -7,70%


Key takeaways

The fund obtained the French SRI* label in 2019

The fund is ranked 1st quartile YTD, 1 and 3 years **

A conviction-based investment process

A multi-thematic approach to select best opportunities exposed to

structural mega-trends

Investing in the Positive Economy fund means supporting sustainable

development by generating environmental and social impact in addition

to financial return


* Sustainable Responsible Investment

** Source: Europerformance – Rankings of the “European Equity - Global” Category as of 11/13/2020. IC Share Class since 07/13/2017 (change of strategy)

For illustrative purposes only. Holdings/allocations are subject to change.

There can be no assurance that the investment objective will be achieved or that there will be a return on capital.


Portfolio construction


Buy/sell discipline Diversification rules Characteristics as of 11/18/2020

• EPS growth/momentum

• Potential performance or re-

rating

• Attractive valuation

• Solid balance sheet, FCF

generation

• Liquidity risk

• Excessive valuation

• Fundamental deterioration

• Loss of confidence in

management/strategy

• Better market opportunity

• SRI category deterioration

and/or high controversies

• 40-60 positions

• Weight: SRI category,

performance/risk profile,

liquidity

• Active bet : max 5%

• Sector diversification: no

deviation constraints

• Currency risk: unhedged

• Tracking error range: 3/8 %

• AUM : 129M€

• Number of stocks : 49 stocks

• Top 10 : 34%

• Median market capitalization :

19,9 Bn€

• Equity exposure: 99%


Administrative characteristics for Germany and AustriaOFI Fund - RS Act4 Positive Economy


Legal form Sub-fund of a Luxembourg SICAV (open-ended investment company)

Management company OFI LUX – Delegation to OFI Asset Management

Recommended investment period 5 years minimum

Creation date January 25. 2018

Currency Euro

ISIN codes GI EUR Share Class : LU1753039285

GR EUR Share Class : LU1753039368

Depositary SOCIETE GENERAL BANK TRUST Luxembourg

Pricing agent SOCIETE GENERAL BANK TRUST Luxembourg

Appropriation of income Capitalisation/Distribution

Valuation Daily

Subscription/redemption Cut-off at 12h on business days that are not bank holidays (N+1) Order placed at last NAV known (N)

Settlement N+3

Entry fee 3% (incl. taxes) maximum

Ongoing management fees GI EUR Share Class: 1.10%

GR EUR Share Class: 1.99%

Outperformance fee N/A

Exit fee N/A

Main risks Loss of capital. equities and markets. discretionary. counterparty. small caps. currency

Information agent Germany: OLDENBURGISCHE LANDESBANK AG Stau 15/17. 26122 Oldenburg

Austria: RAIFFEISEN BANK INTERNATIONAL AG Otto Wagner Platz 5 1090 Wien


Contact us


Christoph J. ZITT

Senior Sales Manager

Theodor-Heuss-Allee 108, 60486 Frankfurt

Tel.: +49 69 756193 36

[email protected]

Selina HOSSAIN

Assistenz Asset Management


Tel.: +49 69 756193 46

[email protected]

Kristina MICHALIK

Junior Sales Manager


Tel.: +49 69 756193 79

[email protected]

Christophe MALLET

Head of International Development

22 rue Vernier 75017 Paris

Tel.: +33 1 40 68 18 09

[email protected]

Nicolas AUBAGNAC

Deputy Head of International Development

22 rue Vernier 75017 Paris

Tel.: +33 1 56 68 54 78

[email protected]

Nunzia THIRIOT

Head of Asset Management


Tel.: +49 69 756193 73

[email protected]


Important Information 1/4


1 General risk

An investment in the Company involves certain risks. The investments within each Sub-

Fund are subject to the risk that the NAV per Share of each Sub-Fund will fluctuate in

response to changes in economic conditions. interest rates. and the market's perception of

the securities held by the SubFunds; accordingly. no assurance can be given that the

investment objectives will be achieved.

2 Investment in mid and small cap securities

To the extent a Sub-Fund invests in securities of medium sized and small capitalization

companies. such Sub Funds’ investments in smaller. newer companies may be riskier than

investments in larger. more establish

3 Investing in equity securities

Investing in equity securities may offer a higher rate of return than those in short term and

longer-term debt securities. However. the risks associated with investments in equity

securities may also be higher. because the investment performance of equity securities

depends upon factors which are difficult to predict. Such factors include the possibility of

sudden or prolonged market declines and risks associated with individual companies. The

fundamental risk associated with any equity portfolio is the risk that the value of the

investments it holds might decrease in value. Equity security values may fluctuate in

response to the activities of an individual company or in response to general market and/or

economic conditions. Historically. equity securities have provided greater long-term returns

and have entailed greater short-term risks than other investment choices. The investments

in securities of newer companies may be riskier than the investments in more established

companies.

The investments in warrants involve a greater degree of risk. as the greater volatility in the

prices of warrants may result in greater volatility in the price of Shares. Investors should be

aware that the value of the Shares may fall as well as rise and a Shareholder on transfer or

redemption of Shares or liquidation may not get back the amount initially invested. There

can be no assurance that the investment objectives of the Sub-Fund will be achieved.




4 Risks related to the euro currency

Euro requires participation of multiple sovereign states forming the Euro zone and is

therefore sensitive to the credit. general economic and political position of each such state

including each state’s actual and intended ongoing engagement with and/or support for the

other sovereign states then forming the European Union. in particular those within the Euro

zone. Changes in these factors might materially adversely impact the value of securities

that the Company and each Sub-Fund has invested in. In particular. any default by a

sovereign state on its Euro debts could have a material impact on any number of

counterparties and any Sub-Funds that are exposed to such counterparties. In the event of

one or more countries leaving the Euro zone. Shareholders should be aware of the

redenomination risk to the Sub-Fund’s assets and obligations denominated in Euro being

redenominated into either new national currencies or a new European currency unit.

Redenomination risk may be affected by a number of factors including the governing law of

the financial instrument in question. the method by which one or more countries leave the

Euro zone. the mechanism and framework imposed by national governments and regulators

as well as supranational organisations and interpretation by different courts of law. Any

such redenomination might also be coupled with payment and/or capital controls and may

have a material impact on the ability and/or willingness of entities to continue to make payments

in Euro even where they may be contractually bound to do so. and enforcement of such

debts may in practice become problematic even where legal terms appear to be favourable.

5 Indirect costs

If a Sub-Fund invests in other UCITS and/or UCIs. these investments may entail a

duplication of certain fees and expenses for the shareholders such as subscription.

redemption. depositary. administration and management fees.

6 Investment in mid and small cap securities

To the extent a Sub-Fund invests in securities of medium sized and small capitalization

companies. such Sub Funds’ investments in smaller. newer companies may be riskier than

investments in larger. more established companies. The stocks of medium-size and small

companies are usually less stable in price and less liquid than the stocks of larger companies.




7 OTC financial derivative instruments and counterparty risk

In general. there is less government regulation and supervision of transactions in OTC

markets than of transactions entered into on organised exchanges. OTC derivatives are

executed directly with the counterparty rather than through a recognised exchange and

clearing house. Counterparties to OTC derivatives are not afforded the same protections

as may apply to those trading on recognised exchanges. such as the performance

guarantee of a clearing house.

In accordance with its investment objective and policy. a Sub-Fund may trade ‘over-the-

counter’ (OTC) financial derivative instruments such as nonexchange traded futures and

options. forwards. swaps or contracts for difference. Where a Sub-Fund enters into OTC

derivative transactions it is exposed to increased credit and counterparty risk. which the

Sub- Manager will aim to mitigate by the collateral arrangements. However. transactions

may not be fully collateralised. Fees and returns due to the Sub-Fund may not be

collateralised. If a counterparty defaults. the Sub-Fund may need to sell non-cash collateral

received at prevailing market prices. In such a case the Sub-Fund could realise a loss due.

inter alia. to inaccurate pricing or monitoring of the collateral. adverse market movements.

deterioration in the credit rating of issuers of the collateral or illiquidity of the market on

which the collateral is traded. Difficulties in selling collateral may delay or restrict the ability

of the Sub-Fund to meet redemption requests.

The Sub-Fund is subject to the risk of the insolvency of its counterparties. Entering into

transactions on the OTC markets will expose the Sub-Fund to the credit of its

counterparties and their ability to satisfy the terms of the contracts. In the event of a

bankruptcy or insolvency of a counterparty. the Sub-Fund could experience delays in

liquidating the position and significant losses. including declines in the value of its

investments during the period in which the Sub-Fund seeks to enforce its rights. inability to

realise any gains on its investments during such period and fees and expenses

incurred in enforcing its rights. There is also a possibility that the above agreements and

derivative techniques are terminated due. for instance. to bankruptcy. supervening illegality

or change in the tax or accounting laws relative to those at the time the agreement was

originated.




8 Brexit

On 23 June 2016. the United Kingdom voted to leave the European Union in a referendum.

At the date of this Prospectus. both the terms and the timing of the exit of the United

Kingdom from the European Union are unclear. In addition. the nature of the relationship of

the United Kingdom with the remaining Member States (the “EU 27”) has yet to be

discussed and negotiations with the EU 27 on the terms of the exit have yet to commence.

Following the referendum. the European Union has entered into a period of political

uncertainty both as to the nature and timing of the negotiations with the United Kingdom

and how relationships. strategy and direction within the EU 27 may progress going forward.

Such uncertainty could lead to a high degree of economic and market disruption and

uncertainty. It is not possible to ascertain how long this period will last and the impact it will

have within the European Union markets. including market value and liquidity. for securities

similar to the securities in particular. Such conditions

could have a material adverse effect on the business. financial condition. results of

operations and prospects of the issuer. the Investment Manager and other transaction

parties. The issuer cannot predict when political stability will return. or when the market

conditions relating to securities similar to the securities will stabilise.


OFI ASSET MANAGEMENT - 22 RUE VERNIER. 75017 PARIS - TEL. : + 33 (0) 1 40 68 17 17 - www.ofi-am.fr

Portfolio-management company - Public limited company (Société anonyme) with a Board of Directors and share capital of 42.000.000 euros

Registered in the Paris Trade and Companies Register under number 384 940 342 - Accreditation no. GP 92-12.

This promotional document is intended solely for professional clients as defined by MiFID. It may only be used for the

purpose for which it has been designed and cannot be copied. circulated or disclosed to third parties. in whole or in part.

without the prior written consent of OFI Asset Management. None of the information contained in this document should be

construed as being legally binding. This document has been produced for information only. It is a presentation designed and

produced by OFI Asset Management based on sources that it considers to be reliable. The links to websites managed by

third parties contained in this document have been provided solely for information purposes. OFI Asset Management in no

way guarantees the content. quality or comprehensiveness of such websites and cannot therefore be held responsible for

them. The presence of a link to a third-party website does not mean that OFI Asset Management has signed collaboration

agreements with the third party or that OFI Asset Management approves of the information published on such websites. The

forecasts referred to may change and do not constitute a commitment or guarantee. The fund(s) referred to in the document

has/have been approved by the AMF or the CSSF and is/are authorised for marketing in France and possibly in other

countries where this is permitted by law. Prior to any investment. it is advisable to ensure that the investor is legally

authorised to subscribe to the fund. The KIID (Key Investor Information Document) must be provided to subscribers prior to

subscription. The operating rules. the risk/return profile and the fees relating to investment in a fund are described in the

latter’s KIID. The KIID and the most recent periodic documents are available on request from OFI Asset Management. The

performance figures given refer to previous years. Past performances are not a reliable indicator of future performances. OFI

Asset Management reserves the right to amend the information presented in this document at any time and without notice.

OFI Asset Management cannot be held responsible for any decision taken. whether or not it is based on information

contained in this document. or for any use of the information by a third party. If a fund is subject to special tax treatment. note

that this treatment depends on each client’s individual circumstances and that it may subsequently be changed.


http://www.ofi-am.fr/

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