CPR Silver Age -rahaston alkunhoitaja Vafa Ahmadi: Väestön ikääntyminen on maailmanlaajuinen megatrendi. Se on edennyt suhteellisen hitaasti, mutta kiihtyy seuraavien vuosikymmenien aikana. Väestön ikääntymisellä on kauaskantoisia seurauksia kansantalouksille. Myös sinä voit hyötyä trendistä sijoittajana.

1. CPR SILVER AGE
Capitalizing on a future trend: Ageing
April 2014
Vafa Ahmadi
Head of Thematic
Equity Management
Speaker:
Document exclusively for use by professional clients,
as per MIFID definition

2. CPR Asset Management
Company & Management Team

3. 3
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
75% 25%
100%
A 100% subsidiary of Amundi Group, CPR Asset
Management benefits from the support of its
shareholders,
Joined Credit Agricole Group in 2000
Key figures*
CPR ASSET MANAGEMENT
20 years experience
 Inception:
1989
 Assets under management:
€25.2 billions
 A business on a human scale:
100 professionals of which a half
dedicated to portfolio management
Breakdown by asset classBreakdown by client’s profile
A Diversified portfolio*
* Source : CPR AM – 31st, December 2013
Money-Market
38%
Distributor
15%
Corporate
15%
Institutional
69%
International
4%
Fixed Income
&Credit
23%
Balanced
& Convertibles
20%
Equity
19%

4. 4
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Malik HADDOUK
Director Balanced &
Convertibles Management
Éric BERTRAND
Director Fixed Income &
Credit Management
Cyrille COLLET
Director Equity Management
CFA, 21 years Experience
Arnaud FALLER
Chief Investment Officer
Christian LOPEZ,
Head of Quant Research
Team
Philippe WEBER
Head of Strategy
Nicolas JOHNSON
Head of European Equities Management
CFA, 21 years experience
Vafa AHMADI
Head of Thematic Equities Management
SFAF, 17 years experience
Rodolphe TAQUET
Head of International Equities Management
SFAF, 17 years experience
Caroline CANARD
European Equities Portfolio Manager
23 years experience
Éric LABBÉ
European Equities Portfolio Manager
CFA, 22 years experience
Philippe HÉRENT
Assistant Portfolio Manager
21 years experience
Vincent FORMERY
International Equities Portfolio Manager
SFAF, 17 years experience
Seiha LOK
International Equities Portfolio Manager
11 years experience
Clément MACLOU
Thematic Equities Portfolio Manager
SFAF, 11 years experience
Éric BERTRAND
Deputy Chief Investment Officer
STRATEGYQUANT
RESEARCH
EQUITYBALANCED
& CONVERTIBLES
FIXED INCOME
& CREDIT
EUROPEAN EQUITIES TEAM INTERNATIONAL EQUITIES TEAM THEMATIC EQUITIES TEAM
CPR Silver Age
CPR Asset Management
Equity Management Team
Walid AZAR ATALLAH
Assistant Portfolio Manager
3 years experience

5. 5
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Vafa Ahmadi
Head of Thematic Equities Management
Vafa joined CPR Asset Management in 2006 first as Head of Direct Investments Global balanced Team and then in 2009 as Head of
Thematic Equities. He began his career, in 1997, at BNP Gestion in quality of French Equity Portfolio Manager. He moved to Deutsche
Asset Management as a European Equity Portfolio Manager (1998-2004), then, at Aurel Leven, as Director of Institutional Management.
Vafa is a SFAF (French Financial Analystes Society) graduate and member. He holds a post-graduate in Finance from University of
Panthéon-Sorbonne and spent few months (1995) at Johnson Graduate School of Management Cornell University (NY, USA) as a
Researcher.
Clément Maclou
Thematic Equities Portfolio Manager
Clément joined the Equity Team of CPR Asset Management in 2007 as Assistant Portfolio Manager: first as Assistant Portfolio Manager
over Global Equities portfolios and then over European Equities portfolios. Since 2009, he has been portfolio manager within Thematic
Equities department in collaboration with Vafa Ahmadi. Prior to this, he was, between 2005 and 2007, at the Reporting & performance
attribution department. Before joining CPR Asset Management, he was an Assistant Fixed Income Fund Manager at Martin Maurel
Gestion.
Clement holds a post graduate degree in International Financial Management from IAE in Aix-en-Provence - France (Institut des
Administrations d’Entreprises), he is graduated from the Business School ESCE (Paris).
CPR Asset Management
Portfolio management team – Thematic equities
Walid Azar Atallah
Assistant Portfolio Manager
Walid joined CPR Asset Management in summer 2013 as Assistant Portfolio Manager within the Thematic Equities Team. Prior to this,
we worked as a broker at GFIC (Gulf Finance and investment Company - Beirut), as a Macroeconomic Analyst at Aksys Capital (Beirut).
Walid Obtained a masters in trading and risk management from INSEEC Business School in Paris and a Bachelor in Economics from
Saint Joseph University in Beirut.

6. CPR Silver Age
Ageing: a value creation’s theme

7. 7
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
CPR Silver Age in a nutshell
 Ageing ?
 One of the strongest underlying giga-trends in the developed world
 Ageing as an investment thematic?
 One of the only non-cyclical and permanent thematics
 Therefore, a buy & hold approach for investors
 What’s the fund’s investment universe?
 European equities, since ageing phenomenon has the highest acuteness (ex. Japan)
 A conviction-based management:
 Actively managed non-benchmarked fund
 Extremely important sector biases in order to capitalize on every aspect of the ageing
 A high TE ( 3% / 7%) and a concentrated portfolio ( 60 stocks)
 Characteristics
 More than €465M AuM (April 2014)
 Vafa AHMADI & Clément MACLOU are the portfolio managers since inception (2009)
 CPR Silver Age is a FCP under French law

8. 8
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Population ageing: an inexorable trend in Europe and beyond
 A trend which is affecting all countries and not only developed countries
 The trend is expected to accelerate after 2015, especially in Europe
 Initially the third-age boom will affect above all those in the 65-80 age
group and to a lesser extent the 80+ age group
0
5
10
15
20
25
30
2010 2020 2030 2040 2050
World Asia Northern America Europe
Population over 65 in %
(Source : Undata – 2010)
European Population by age bracket in %
(Source : Undata – 2010)
0%
1%
2%
3%
4%
5%
6%
7%
8%
2010 2035

9. 9
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Average wealth per age in thousands of euros
Source: Insee, wealth survey 2009-2010
Wealth at its highest. More and more sectors are more and more driven
by elderly population spending.
Change in seniors expenditures from 2005 to 2015 in %
Source: INSEE, familly budget survey, 2006 – calculations CRÉDOC
* Seniors share on the whole consumption ** the other services are 64% insurance, 18% Beauty Care, 11% other services, 3% personal care, 3% financial services & 3% personal belonging. The projection method
is based on a model incorporating effects of generation, age and income. Assumption until 2015: 1.6% annual income growth
27
38
40
44
44
46
47
48
49
50
51
53
57
33
43
45
49
51
51
52
54
57
58
58
60
64
0 20 40 60 80
Education
Hotels-restaurants
Clothing
Communication
Transportation
Housing
Alcohol-tobacco
Seniors share*
Leisure
Household Eq.
Others services**
Food
Health
2015
2005
15 25
43 56
79 74
27
121
177
218
219
159
0
50
100
150
200
250
300
350
<30 years 30-39 years 40-49 years 50-59 years 60-69 years >70 years
Real Estate assets Financial assets
The Seniors
Dynamic Consumers

10. 10
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Beyond the challenges – opportunities
Taking advantage of the third age boom on European markets
 We identified 2 consumer
segments:
 Future/young pensioners: former baby-
boomers with relatively high purchasing
power (major consumers):
 More spare time, leisure & lifestyle (traveling,
gardening…)
 Staying in good health as long as possible
(personal care)
 Wealth at its highest (Asset gathering)
 The elderly: over 80
 More dependent (medical care)
 Higher vulnerability (security)
Leisure Well-being
Asset gathering
Dependency
Security
Healthcare
Equipment
Pharma
-ceuticals
7 Thematic sectors ► 200 stocks identified
Source: CPR AM – the identified sectors may be changed
Universe’sdefinition
 We identified 2 consumer segments:

11. 11
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Ageing, a value creating thematic
1. Higher than average growth
 Historically, companies with ageing related activities have recorded above average growth (sales and
earnings).
 This trend is likely to intensify in the coming years
* Median of the growth rates of the stocks making up the MSCI Europe and the CPR Silver Age investment universe as at 01/06/2014 - Source Factset
** Average of the median growth rates 1997 to 2013
Investment universe CPR Silver Age MSCI Europe
Sales Growth Rate* Earnings Growth Rate*
Average **
Universe 10.3%
MSCI Europe 9.0%
Average **
Universe 7.3%
MSCI Europe 6.0%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
-8%
-4%
0%
4%
8%
12%
16%
20%

12. 12
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Slowing downward trend,
Accelerating upward trend
Source: Factset – 14/03/2014
0%
2%
4%
6%
8%
10%
12%
14%
01/10 07/10 01/11 07/11 01/12 07/12 01/13 07/13 01/14
Univers Silver Age MSCI Europe
2%
4%
6%
8%
10%
12%
14%
01/10 07/10 01/11 07/11 01/12 07/12 01/13 07/13 01/14
Univers Silver Age MSCI Europe
6%
7%
8%
9%
10%
11%
12%
13%
14%
01/11 07/11 01/12 07/12 01/13 07/13 01/14
Univers Silver Age MSCI Europe
2013 – Forward EPS Consensus revision
2014 – Forward EPS Consensus revision
2015 – Forward EPS Consensus revision
Ageing, a value creating thematic
2. A robust investment universe

13. 13
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Sector Companies Description
Asset Gathering
Life Insurance,
Retirement Savings,
Asset Management
Pharmaceuticals
Drugs treatment:
Diabetes, Heart,
Cancer…
Healthcare Equipement
Glasses, Hearing aids,
Dialysis, scanner,
Breathing aids…
Leisure
Travels, tourism,
Hotels, Restaurant,
Gardening,…
Well-Being
Beauty Care,
Cosmetics,
hygiene products…
Dependency
Retirement home,
Personal care services,
Funeral…
Security
Personal security,
Sanitary security,
Others…
Investment Universe:
Examples of stocks by sectors
Source: CPR AM – the identified sectors & stocks may be changed

14. 14
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Investment Process:
Mixed Top-Down/Bottom up approach process
Portfolio
construction
Determining the sectors and universe of companies benefiting from
population ageing
Evaluation of the sectors according to their past and future growth
(sales and earnings)
Within each sector, selecting the most interesting stocks on the basis of
qualitative and quantitative criteria
1
Sector
allocation
2 Stock picking
Portfolio of approximately 60 stocks (min 50 – max 70)
maximum weight per stock 4%
3
(~200 stocks)
(~60 stocks)

15. 15
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
0%
5%
10%
15%
20%
25%
30%
Asset Gatherer Dependency Health Care Equipt Leisure Well Being Pharmaceuticals Security
31/12/2010 31/12/2011 31/12/2012 31/12/2013
A dynamic sector allocation
Historical sectors breakdown
Sector
Breakdown
since
inception
Source: CPR AM
An active management: CPR Silver Age is not an index fund

16. 16
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
In the course of the year a net preference for cyclical/value stocks
Towards the end of the year a more defensive stance
Sector
Breakdown
CPR Silver Age : Dynamic sector breakdown
Evolution of the sectorial allocation since 2013 & Q1 2014
Source: CPR AM
-3%
2%
7%
12%
17%
22%
27%
32%
Asset Gatherers Dependency Medical Tech. Leisures HPC Pharmaceuticals Security
31/12/2012
30/09/2013
31/12/2013
31/03/2014

17. 17
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
An evolving investment universe
Stock
Country
issuer
Sector
Capitalisation
€ Mios
Description Profile Picking
Svenska
Cellulosa AB
Sweden Well Being 14,562
European leader producer for personal
care products, tissue and forest products
Present in 100
countries
36,000 employees
Sold in Q3 2013
CompuGroup
Medical AG
Germany
Healthcare
Equipment
969
World specialist for health information
systems and data processing
Present in 34
countries
3,600 employees
Sold in January
2014
Dignity Plc
United
Kingdom
Dependency 970 Funeral services specialist
Present in UK
2,250 employees
In portfolio since
March 2013
Fiskars Finland
Leisure &
Lifestyle
1,413
Global supplier of branded consumer
products for the home, garden and
outdoors
Present in 20
countries
4,100 employees
Under review
Not in portfolio
N Brown Group
United
Kingdom
Leisure &
Lifestyle
1,500
World specialist for direct home
shopping catalog, like senior’s clothing.
Present in 3
countries
(UK, DE, USA)
3,000 employees
Sold in Q3 2013
Source: CPR AM

18. 18
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Denmark
Health Care Equipment
Marketed in more than 90 countries – 5,000 employees
Market Capitalization € 3.1 bn
Global market leader within hearing aids and hands free audio
Leading international developer and manufacturer of advanced and
innovative hearing healthcare solutions
Analysis : World hearing aids market is € 4.5 bn estimated with 11
millions hearing materials sold in 2012. The market long term
average growth rate is expected between 5 and 7% (5% for 2013).
Business is mainly focused on Europe and USA. GN Store owns
16% market share through its brand Resound, Beltone and
Intertone.
Beyond hearing aids (62% of sales), GN Store is active in the
hands free audio solutions and a pioneer in the Bluetooth
technology.
GN Store posts interesting mix-product & margin expansion
opportunity driven by the SMART restructuring program
Stock selected in April 2013.
Price in EUR – Reinvested Dividends - 14/03/2014 - Source: Factset
Stock Picking:
Investment Case - Healthcare Equipment sector
0
100
200
300
400
500
600
700
800
900
1000
03/09 03/10 03/11 03/12 03/13
MSCI Europe (EUR) GN Store (EUR)
5 years returns

19. 19
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Stock Picking:
Investment Case - Asset Gathering Sector
Prudential – UK – Life Insurance
Active in 38 countries – 27 600 employees – Market
Capitalization €42 bn
Prudential is the leader in life insurance in the UK and in Asia.
Analysis: An important market share in the UK and more
specifically fastly growing market shares in the asian markets,
and a outstanding execution record, Prudential is probably one
of the most intersting stock in the sector.
Life insurance and asset gathering are both benefiting from the
growing elderly population.
Stock in portfolio since May 2012.
0
50
100
150
200
250
300
350
400
450
500
03/09 03/10 03/11 03/12 03/13
MSCI Europe (EUR) Prudential (EUR)
Price in EUR – Reinvested Dividends - 14/03/2014 - Source: Factset
5 years returns

20. 20
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Anticipating medium/long term impact of ageing on sector: an Advisory Board
The committee was set up at the time of the fund’s inception
• A forum for discussion between experts and the fund management team
• Objective: to anticipate/understand regulatory/social/medical and technological
changes
• To contribute a Pan-European vision regarding of ageing implications
• A panel of experts covering the main sectors (CNAM, medical community,
pharmaceutical industry, technology, etc.)
Biyearly meetings
In partnership with the Silver Life Institute

21.  Thematic Review:
Diabetes

22. 22
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Thematic review: diabetes
 The diabetes market is growing rapidly. The number of cases identified worldwide has
increased from 30 million in 1985 to 194 million in 2010 and the World Health
Organisation (WHO) estimates that the number of cases will increase to more than
300 million by 2025.
 According to the data published by the Foster Rosenblatt Institute 8.6% of the US
population and 7.7% of the European population suffer from diabetes. The prevalence
of the disease in the 45-80 age group varies between 70 and 80%.
 This growth can be attributed to the significant increase in obesity rates in developed
countries and the problem of population ageing. At the same time, this issue also
affects Chine where lifestyles are becoming “westernised” as a result of urbanisation
and an increase in disposable income.
 This theme has been at the heart of our investments in the pharmaceutical sector
since the fund’s inception.

23. 23
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Body mass index
Obesity in 2008 (in
kg/m2 population
> 20 years of age)
Obesity in 1980 (in
kg/m2 population >
20 years of age)

24. 24
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
A worrying upward trend in prevalence rates throughout the world
It is estimated that the prevalence
rate for diabetes in the USA will be
34.5 million people in 2020 (vs.
24.6 in 2010), i.e. an annual growth
rate of 3.9%.
It is estimated that the diabetes
prevalence rate in Europe will be
26.2 million people in 2020 (vs. 24
in 2010), i.e. an annual growth rate
of 1%.
In the US, the number of people diagnosed with
diabetes rose more than 50% in 42 states and
100% in the remaining 8 states over the 1995-
2010 period

25. 25
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Diabetes, China also exposed to the disease
According to a study done by Novo
Nordisk, the number of Chinese people
suffering from diabetes should double in
the forthcoming years to reach 80,5 Million
cases in 2025 against 40 Million in 2010.
The main drivers of this trend are an
ageing population, urbanization and
significant changes in alimentary habits.
Novo Nordisk and Sanofi are already well
established in this region.
In China, 1 person out of 5 aged 70 and
above suffer from diabetes

26. 26
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The positive pricing power of laboratories treating diabetes
The switch in the
treatment of diabetes from
injectable human insulin
to synthetic insulin with
simpler methods of
administering insulin have
enabled laboratories to
increase significantly their
prices, as can be seen
from the charts opposite.
Stock market performance
of Novo Nordisk, the
world leader in diabetes
care

27. CPR Silver Age
Portfolio as of 28/02/2014

28. 28
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Portfolio as of end March 2014
Main bets
Source: CPR AM
Stocks in portfolio: 58
Country Company Sector Ptf Wght% Bmk Wght% Spread
Denmark Coloplast-B Health Care Equipt 2.75% 0.10% 2.65%
Sw itzerland Sw iss Life Holding-reg Asset Gatherer 2.46% 0.09% 2.37%
United Kingdom Whitbread Plc Leisure 2.43% 0.14% 2.29%
France Korian Dependency 2.24% 0.00% 2.24%
United Kingdom Berendsen Plc Leisure 2.19% 0.00% 2.19%
France Orpea SA Dependency 2.10% 0.00% 2.10%
Denmark H. Lundbeck A/S Pharmaceuticals 2.06% 0.00% 2.06%
United Kingdom Stagecoach Group Plc Leisure 1.94% 0.00% 1.94%
United Kingdom Greene King Plc Leisure 1.93% 0.00% 1.93%
United Kingdom Home Retail Group Leisure 1.86% 0.00% 1.86%

29. 29
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Portfolio as of end March 2014
Sector Breakdown
Source: CPR AM
Sector
breakdown
CPR Silver Age
Investment universe = 30% of MSCI Europe
23%
5%
12%
29%
4%
25%
3%
5%
0%
2% 2% 2%
11%
0%
0%
5%
10%
15%
20%
25%
30%
35%
Asset Gatherer Dependency Health Care
Equipt
Leisure Well Being Pharmaceuticals Security
CPR Silver Age MSCI Europe

30. 30
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Portfolio as of end March
Market capitalization breakdown
Source: CPR AM
Market Cap.
breakdown
39%
20%
39%
1%
85%
11%
4%
0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Mega >10 € Bn Large >5 € Bn Middle >1 € Bn Small < 1 € Bn
CPR Silver Age MSCI Europe

31. 31
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Portfolio as of end March
Country Breakdown
Source: CPR AM
Country
breakdown
30%
11%
14%
12%
3%
5%
8%
4%
8%
2% 2%
0%
2%
32%
15%
14% 14%
3%
4%
5% 5%
2% 2%
0%
1%
1%
0%
5%
10%
15%
20%
25%
30%
35%
UK FR CH DE IT NL ES SE DK BE LU NO IE
CPR Silver Age MSCI Europe

32. 32
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Performance - CPR Silver Age (net of fees / share I)
(22/12/2009 – 31/03/2014)
Source : CPR AM
Returns since inception
(22/12/2009 = 100)
Calendar Performances (€)
Year
CPR Silver
Age - I
MSCI Europe
(ND)
Spread
2009 1.39% 1.08% 0.31%
2010 14.34% 11.10% 3.25%
2011 -8.33% -8.08% -0.25%
2012 27.55% 17.29% 10.25%
2013 27.39% 19.82% 7.57%
2014 2.69% 2.08% 0.62%
Source : CPR AM - Inception, December 22nd, 2009
Past performances are not constant over time and are not therefore a reliable indicator of future performance.
CPR Silver Age is 1st décile over 1 year, 2
years, 3 years and since Inception
source: Morningstar, Europe Large-Cap Blend Equity,
February 2014
3 months YTD 1 year 3 years Inception 3 years Inception Volatility TE IR
CPR Silver Age - I 2,70% 2,70% 18,83% 54,36% 77,33% 15,55% 14,34% 12,03% 3,77% 0,91
MSCI Europe (ND) 2,08% 2,08% 15,99% 31,03% 48,08% 9,42% 9,62% 12,72%
Spread 0,62% 0,62% 2,83% 23,33% 29,25% 6,14% 4,72%
Source: CPR AM - returns are net of fees, in euro - ratio raculated on a weekly frequency - data as of M arch 31st, 2014 - Inception, December 22nd, 2009
Cumulated returns Annualised returns Ratios (1 year rolling)
177,32
147,87
90
100
110
120
130
140
150
160
170
180
190
22/12/2009
22/02/2010
22/04/2010
22/06/2010
22/08/2010
22/10/2010
22/12/2010
22/02/2011
22/04/2011
22/06/2011
22/08/2011
22/10/2011
22/12/2011
22/02/2012
22/04/2012
22/06/2012
22/08/2012
22/10/2012
22/12/2012
22/02/2013
22/04/2013
22/06/2013
22/08/2013
22/10/2013
22/12/2013
22/02/2014
CPR Silver Age Part I MSCI Europe

33. 33
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
CPR SILVER AGE
Positioning versus peers as date of February 28th, 2014
 Global: Europe Large-Cap blend Equity
Source: Morningstar
Performances cumulated under 1
year and annualized over.
Calculated net of fees
Volatilty in %
Returnsin%
Europe Large-Cap Blend Equity – Risk / Return
3 years
Source: Morningstar – Past performances are not constant over time and are not therefore a reliable indicator of future performance.
Returns 1 month 3 months 6 months YTD 1 year 3 years 2013
CPR Silver Age I A/I 5.68 6.76 17.63 4.91 25.32 14.99 28.04
MSCI Europe NR EUR 4.77 3.97 13.88 2.92 18.82 8.44 20.30
Spread 0.91 2.79 3.75 2.00 6.51 6.56 7.74
%beaten competitors 91 95 93 93 94 99 97
# funds 620 620 619 620 617 562 613
Morningstar category: Europe Large-Cap Blend Equity
CPR Silver Age I A/I
Average Universe
-2
0
2
4
6
8
10
12
14
16
18
7 9 11 13 15 17 19

34. CPR Silver Age
Appendice

35. 35
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
CPR Silver Age
Technical characteristics of units P, I & E
General
Investment manager CPR Asset Management
Legal form FCP (Fonds Commun de Placement) under French law
Custodian CACEIS
Reference currency of the funds EUR
Inception date 22-12-2009
Recommended investment period 5 years min.
Order
All Investors Institutional investors Distributors
Share Class P I E
Reference currency of the class EUR EUR EUR
Currency Hedge No No No
ISIN Code FR0010836163 FR0010838284 FR0010917658
Minimum initial subscription 1 share or 1/1000 € 500,000 1 share or 1/1000
Share categories Accumulation or/and distribution accumulation
Frequency of NAV calculation Daily
Cut off for dealing times daily, up to 12:00, on the basis of the day’s NAV, settlement D+1
Fees*
Maximum subscription fee 5% 3% 3%
Maximum redemption fee None
Maximum annual management fee 1.50% 0.75% 2.20%
Performance fee
15 % inclusive of taxes on the part of the performance in excess of the MSCI Europe (ND),
up to 2% of net assets**
Risk
Capital Guaranteed No
Equity and market risk Yes
Counterparty risk Yes
Foreign Exchange risk Yes
1 2 3 4 5 6 7
Risk level KID (indicative)
CPR Silver Age
Profile
Management style Thematic, Active
Universe European equities
Objective
To outperform the European equity market over a long
period using the dynamics of the equities linked with
the ageing population
Not all share classes and, as the case may be, share categories are registered
for sale in all countries. Investors may contact CPR Asset Management for
further information.
*Please consult the prospectus for a comprehensive explanation of all fees.
**A detailed explanation of the performance fees is provided in the Prospectus
The prospectus is available on request from CPR Asset Management
Country registration
Austria, Belgium, France, Finland, Germany, Spain, Switzerland, Sweden
CPR AM
A 100% subsidiary of Amundi Group, CPR Asset Management benefits from
the support of its shareholders, Crédit Agricole and Société Génrale.
The company joined Credit Agricole Group in 2000
Key figures
• Inception:
1989
• AUM:
€25.2 billions (Dec. 2013)
• A business on a human scale:
100 professionals of which a half dedicated to portfolio management

36. 36
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Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Financial ratios – February 2014
Source: CPR AM - Factset
CPR Silver Age MSCI Europe
TE Ex-ante 3.54% -
Average market Cap (bn EUR) 24.19 58.69
Per 12 Month forward 16.37 14.12
Price to Book 2.56 1.81
Price to Cash Flow 14.49 9.29
Dividend Yield 2.26% 3.32%
Annualized Revenue Growth (n/n+2) 3.36% 3.68%
Annualized Earning Growth (n/n+2) 13.78% 10.66%

37. 37
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Ageing, a value creating thematic
Lower cost of capital
• Historically, companies with ageing related
activities have recorded above average growth
(sales and earnings).
• This trend is likely to intensify in the coming
years
Savings 1.43
Dependency 0.70
Medical Equipment 0.63
Leisure & Life Style 1.04
Personal grooming products 0.69
Pharmaceuticals 0.50
Security 0.99
Beta Global 0.79
• On average companies exposed to the ageing
thematic show a beta below 1
Sector Beta of the universe
Source : CPR AM au 31/12/2013
Growing
faster
Smaller than
the market’s
Cost of capital –
related to
sector beta β
Earnings
growth
Equity
valuation
Ageinguniverse
Value creation (overperformance)
vs. MSCI Europe

38. 38
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European
Markets in Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of
legal or regulatory requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are
not necessarily all registered or authorized in all countries or available to all clients.
Disclaimer
Past performances are not constant over time and are not therefore a reliable indicator of future performance. The information contained in this document is
not contractual and does not engage the responsibility of CPR AM. The information contained in this document is based on sources believed to be reliable, but
no guarantee is made that it is accurate, complete, valid or relevant and it should not be considered as such for any purpose whatsoever.
Neither this publication nor any part of it constitutes an offer to buy shares, an offer of securities to the public, investment advice or a solicitation of any kind by
CPR AM.
The information contained in this publication is not intended to be distributed to, nor used by Non-Professional Investors as defined in the European Markets in
Financial Instruments Directive, nor by any person or entity in a country or jurisdiction where such distribution or use would be in breach of legal or regulatory
requirements, or that would require CPR AM to comply with registration requirements in that country. Products and services are not necessarily all registered
or authorised in all countries or available to all clients.
The legal documentation for OPCVM funds (information notices, full prospectuses) as approved by the AMF are available from the following address:
www.cpr-am.fr
For more information, please contact the publisher: CPR Asset Management, a portfolio management company approved by the AMF under registration
number GP 01-056, dated 21 December 2001 (Autorité des Marchés Financiers - 17, place de la Bourse - 75082 PARIS CEDEX 02), Société Anonyme with
capital of €46,155,465 – 399 392141 RCS, 90 boulevard Pasteur – 75015 Paris, France.
Tel: +33 (0)1 53 15 70 00
This publication may not be reproduced in whole or in part, nor communicated to a third party, without the prior authorization of CPR AM.