Presentacion Threadneedle: Funds Experience 2016

Threadneedle European Corporate Bond Fund

Alasdair Ross

For Professional Investors

November 2016

Contents

Section 1Columbia Threadneedle Investments Overview

Section 2Strategy and Team

Section 3Philosophy and Process

Section 4

2

Positioning and Performance

Appendix

Section 1

Columbia Threadneedle Investments Overview

Ameriprise Financial Inc. Overview of business lines

4

Key facts

Group AUM of €700 billion1

A Fortune 500 company

S&P rating of A; Moody’s A3

No.31 largest global asset manager2

No.13 largest manager of long-term U.S. mutual funds3

No.4 largest retail manager in

the UK4

Financial Advisory Insurance & Annuities Asset Management

Source: Ameriprise Financial Inc. as of 30 June 2016, unless otherw ise stated.

1 Group AUM represents total assets under management and administration for all Ameriprise companies combined.

2 Source: IPE ‘The Top 400 Asset Managers’ 2016 listing, based on Columbia and Threadneedle assets as at 31 December 2015.

3 Source: Investment Company Institute (ICI). Based on Columbia Funds assets excluding money market funds as at 31 May 2016.

4 Source: UK Investment Association Ranking. Based on Threadneedle Funds assets as at 31 January 2016.

Columbia Threadneedle Investments

5

All data is for the Columbia and Threadneedle group of companies as at 30 June 2016.

1 AUM includes externally managed funds under administration as w ell as all assets managed on a discretionary or non-discretionary basis by the entities in the Columbia and Threadneedle group of

companies.

An established global asset management group

AUM of €415.2 billion

Offices in 19 countries

Over 450 investment professionals and over 2,000

people

Focus is active management of client assets

Offers a broad spectrum of capabilities

Equities

Fixed Income

Alternatives

Asset Allocation

Investment Solutions

Part of Ameriprise Financial, Inc.

Assets under management1

AUM – institutional vs. wholesale

Alternatives7%

Equities51%

Fixed Income42%

Wholesale59%

Institutional41%

Our fixed income credentials

6

Fixed income sectors

Source: Columbia Threadneedle Investments, as at 30 June 2016, includes externally managed funds under administration.

A leader in fixed income

€174.3 billion across all portfolios

Product development focused on innovation and

client solutions

Deep resource

Team has complementary strengths covering all

major fixed income markets

Supported by dedicated risk management team and

substantial operational resources

Culture of collaboration and communication

Entire team participates in idea generation,

discussion and debate to produce sharper insights

and trade ideas

180 dedicated fixed income professionals working

closely together across the globe

Inv estment Grade Corporates

18.5%

Core/Core Plus

19.7%

High Yield9.4%Bank Loans

4.1%

Municipal12.5%

Short Duration/Stable Value

6.1%

Liquidity /Money Market

4.7%

Emerging Markets0.8%

Liability Driv en2.7%

Absolute Return0.9%

Strategic Bonds2.0%

Mortgages/Structured Assets

9.5%

Gov ernment8.0%

Other Owned Assets

1.1%

Investment philosophy

We believe that we can deliver strong

risk-adjusted returns for our clients through:

An active approach that takes advantage of market inefficiencies

Our global perspective advantage – the combination of macro and micro insights

The appropriate allocation of risk

7

There is no guarantee that the investment objective w ill be achieved or that return expectations w ill be met.

Columbia Threadneedle Investments‘Best performing fund group over the last decade’1

8

Key findings

Columbia Threadneedle Investments was the best

performing fund group in a recent study by FE Trustnet1

Columbia Threadneedle Investments has the highest

proportion of outperforming active funds over 10 years

Demonstrates the benefits of our truly active and team-

based approach

Testifies to the skill of our investment professionals across

a wide range of market conditions

1 Source: Alex Paget, FE Trustnet, as at 13 November 2015. Past performance is not a guide to future returns. To read the full article, visit www.columbiathreadneedle.com/trustnet

The research conducted by FE Trustnet focused on actively managed funds w ithin the Investment Association (IA) universe w ith a 10-year performance track record and measured outperformance of

the funds compared to their stated benchmark or an appropriate comparator. Where funds did not have a stated benchmark, the most comparable index w as used for equity funds and the relevant IA

sector average used for bond funds and funds w ithin the IA Mixed Investment Shares and IA Flexible sectors. Funds w ithin the IA Specialist and IA Unclassif ied sectors that do not have a benchmark

or an easily comparable index w ere excluded from the study, along w ith all funds in the IA Targeted Absolute Return sector and direct commercial property funds.

‘We fundamentally believe that markets are inefficient and an active approach can benefit investors over the long

term both in terms of risk and return, and our track record attests to this…

… in today’s low-growth, low-return world a truly active approach will be required to search out the opportunities

that can generate strong future performance.’

Mark Burgess, Chief Investment Officer, EMEA

Name % outperformers No. of funds

Columbia Threadneedle 79.06% 42

Jupiter 75.00% 24

Invesco Perpetual 71.42% 35

L&G 66.67% 18

Newton 66.67% 18

Schroder 64.51% 62

Baillie Gifford 63.16% 19

Fidelity 57.78% 45

M&G 54.83% 31

Aviva 50.00% 16

Henderson 50.00% 42

Source: FE Analytics, as at 13 November 2015.

Section 2

Strategy and Team

Investment philosophy

10

There is no guarantee that an investment objective w ill be achieved or that return expectations w ill be met. Diversif ication does not assure a profit or protect against loss.

Given solid fundamental credit insights, a reasonable time horizon, and the ability to withstand short-term

volatility, we believe credit opportunities in the investment grade corporate bond market can be exploited to achieve attractive risk-adjusted returns.

Key tenets

High quality independent

credit research

We employ a bottom-up approach to investment grade credit research. A highly experienced staff of

credit research professionals utilizes a proprietary process which results in a deep understanding of

issuer and industry dynamics

Team based culture

We foster a collaborative and interactive environment that allows the Team’s best investment ideas to

emerge. Portfolio managers and credit analysts work together on investment decision-making and

portfolio construction, and are evaluated as a team based on client portfolio requirements

Downside risk

management

A framework of quantitative risk controls and qualitative risk assessments seeks to minimize portfolio

relative volatility. Strict issuer concentration limits minimize potential credit losses. Additionally, well-

diversified portfolios generate multiple sources of potential alpha granting us the confidence and

patience to allow credit ideas to come to fruition

Why Columbia Threadneedle Investments for

European Corporate?

11

Source: Columbia Threadneedle Investments, 30 September 2016.

Past performance is not a guide to future performance. There is no guarantee that an investment objective w ill be achieved or that return expectations w ill be met. Diversif ication does not assure a

profit or protect against loss.

A deep and stable team of experienced professionals responsible for over €32 billion equivalent in

investment grade corporate bond assets as of June 2016.

Rigorous, independent, bottom-up

fundamental credit research and a constant focus on downside risk management

Returns profile dominated by Issuer and

Security selection

Disciplined and repeatable scorecard based

investment process

Risk positions sized to scorecard conviction

Excellent long term track record

Investment Grade Credit Team

12

Source: Columbia Threadneedle Investments, as at 30 September 2016.

Investment Grade

Portfolio Management TeamInvestment Grade Research Team

Alasdair Ross, CFA, Head of IG, EMEA

Simon Bond, Senior Portfolio Manager

Tammie Chan, Senior Portfolio Manager

John Hampton, Senior Portfolio Manager

Ryan Staszewski, CFA, Portfolio Manager

Sarah Kendrick, Senior Trader

James Phillips, Senior Portfolio Manager

Assistant

………………………………………………………….

David Oliphant, Executive Director Fixed Income

Ben Myrtle, Client Portfolio Analyst

Jonathan Pitkanen, Head of Investment Grade

Credit Research, EMEA & Asia

Industrials, Insurance

Arabella Duckworth, Senior Analyst

Retail, Consumer

Guillaume Langellier, CFA, Senior Analyst

ABS & Property

Paul Smillie, Senior Analyst

Banks

Sharon Vieten, Senior Analyst

Utilities & Infrastructures

Yi Ming Oh, Analyst

Asian IG Corporates

Todd Czachor, CFA, Senior Analyst

Head of U.S. Investment Grade Research

Energy

Dori Aleksandrowicz, Senior Analyst

Financials

Ben Bassett, CFA, Senior Analyst

Metals and Mining, Chemicals

Jeff Cicirelli, CFA, Senior Analyst

Insurance, Healthcare/Pharmaceuticals

John Dawson, CFA, Senior Analyst

Retail, Consumer

Nate Liddle, Senior Analyst

Media, Technology, Cable, Telecom

David Morgan, CFA, Senior Analyst

Conglomerates, Transportation,

Aerospace/Defense

Willow Piersol, CFA, Senior Analyst

Financials

Mary Titler, CFA, Senior Analyst

Utilities

18 years average experience 16 years average experience

9 Professionals 15 Research Professionals

Global fixed income resources

Investment Grade U.S. High Yield Emerging Markets U.S. Investment Grade U.S. High Yield Rates & Currency Core/Core Plus U.S. Investment Grade

Todd Czachor, CFA Brett Kaufman, CFA Corporates Tom Murphy, CFA Jennifer Ponce de Leon Matt Cobon Carl Pappo, CFA Kevin Lema

Dori Aleksandrow icz Matthew Corbett, CFA Ryan Burke, CAIA Tim Doubek, CFA Brian Lavin, CFA Alex Batten, CFA Alan Erickson, CFA Gregory Meisenger

Ben Bassett, CFA Daniel DeYoung Patti McConachie Royce Wilson, CFA Mark Van Holland, CFA Dave Chappell Mary Werler, CFA Dylan Minert

Jeffrey Cicirelli, CFA Julie Grey, CFA, CPA Xiong Wei Poh Gregg Syverson, CFA, CPA Jason Sittko, CFA Adrian Hilton Stephen Sheehan, CFA William Peishoff

John Daw son, CFA Rich Gross, CFA Shannon Rinehart, CFA David Janssen Andrew Donnelly

Nathaniel Liddle Kris Keller, CFA Rates & Currency Matt Steiger European High Yield Matthew Rees, CFA Elena Rozina U.S. High Yield

David Morgan, CFA Jim MacMiller Ed Al-Hussainy Barrie Whitman Alessandro Tarello, CFA Liability Driven Investing David Greavu

Willow Piersol, CFA Brian New man, CFA, CPA Alexandre Christensen European Investment Michael Poole Frank Salem, CFA Michael Roberts, CFA

Mary Titler, CFA Spencer Sutclif fe Mindaugas Lepeska Grade David Backhouse Emerging Markets Karl Chang, CFA Andrea First

Jonathan Pitkanen Jason Weinberg, CFA Sabrina Wong Alasdair Ross, CFA Jim Carlen, CFA Timothy Brannon

Arabella Duckw orth Brandon Jankow ski Simon Bond Leveraged Debt Henry Stipp Jason Thinh Le U.S. Rates

Guillaume Langellier, CFA Ted Nerison, CFA Tammie Chan Lynn Hopton Clifford Lau, CFA Tom Egan William Finan

Sharon Vieten Tony Pederson U.S. Structured Assets Ryan Staszew ski, CFA Yvonne Stevens Chris Cooke

Paul Smillie Ryan Osborn, CFA Steve Staver, CPA Farid Kamarudin Inflation-Linked U.S. Structured Products

European High Yield Garritt Conover, CFA, CAIA U.S. Structured Assets Jerry How ard, CFA Zara Kazaryan Orhan Imer, Ph.D., CFA Luke Hagopian, CFA

Municipal Bonds Gianluca Consoli, CFA Mitch Helle-Morrissey, CFA Jason Callan Andrew Gruet Daniel Ruether

Chad Farrington, CFA* Harry Lister Michael Milosch, CFA Tom Heuer, CFA Municipal Bonds Short Duration &

Dan Belcher Gareth Simmons Shaw n Pierce, CFA Bill Lee, CFA James Dearborn Stable Value Strategic Income New Issues

Jeff Kovala Tom Southon Clinton Vilks Chad Farrington, CFA* Leonard Aplet, CFA Gene Tannuzzo, CFA Peter Apostolicas

Danielle Messler Jenny Wong, CFA Real Estate Loans Kimberly Campbell Jason Delanty Gordon Bow ers, CFA

Michael Roye John Dittrich Commodities Paul Fuchs, CFA John Dempsey, CFA Derivatives

Ty Schoback Leveraged Debt Brian Hennen David Donora Brian McGreevy Greg Liechty Client Portfolio Braj Agraw al

Matthew Stephan Steve Columbaro, CFA Jonathan Jablonsky William Amzand Catherine Stienstra John McColley Management Philip McKernan

Elizabeth Ware Angela Jarasunas John McCarthy Nicolas Robin Anders Myhran, CFA Jim McKay, CFA Chris Jorel, CFA

Ben Woo Ashraf Jilani, CFA Mark McMullen Julie Oman David Kennedy Global

Eric Johnson Julene Melquist Ron Stahl, CFA Kris Moreton, CFA Emma Photis

Ron Launsbach, CFA Ryan Krieg Ben Myrtle Mandy Coatsw orth

Matt Pielert Jeffrey Hibbeler, CFA Pamela Hunter Linda Solarek David Oliphant Gabriel Heskin

Mary Schaifer Adam Shakoor Michael Conerly, CFA James Waters Sarah Kendrick

Vessa Tontti, CFA Alexis Addrisi European Money Market Cindy Larke

Carri Dolin Paul Witchalls James Lavey

John Hayes III Mandy Coatsw orth Ian Neville

Allyson McCann Bill Tong

Kim Michalski Nathan Raduns

Brock Mumford Khang Wei Tai

Wendy Norman Paul Witchalls

Deb Vargo

Jennifer Wacker, CFA Municipals

Bruce Warren, CFA Anthony Purcell

Holly Withers, CFA Travis Bates

Philip Carty

Peter Fleming

Margaret Saltalamacchia

Ralph Vezina

Courtney Walsh

Colin Moore

Global Chief Investment Officer

Research Portfolio Management

Global Head of Fixed Income

Trading

Jim Cielinski, CFA

Steve Harasimowicz

Global Head of TradingColin Lundgren, CFA

Head of U.S. Fixed Income

Kirk Moore, CFA

Head of Global Fixed-Income Research

Information as of 8 August 2016. Leaders indicated in bold. Certain team members may be employees of affiliates. * Dual portfolio manager/analyst role.

68 Research Professionals 98 Professionals 32 Professionals

Private Portfolios –

Taxable

Private Portfolios –

Municipal

A consistent framework for idea sharing, debate and

research delivery

14

For illustrative purposes only. The mention of any specif ic shares or bonds should not be taken as a recommendation to deal.

Person to person contact lies at the core of our

research sharing, via video conferencing, phone and face to face meetings

Weekly global analyst video conference

Twice monthly industry sector reviews

Recommendations are captured through the

global credit grids

More detailed research is disseminated through our Bloomberg research-sharing portal (right) as

well as through direct correspondence with the firm’s global investment professionals

For every issuer, users have access to a concise thesis statement

Section 3

Philosophy and Process

Investment grade credit investment processEntire investment floor contributes to idea generation

16

Source: Columbia Threadneedle Investments, as at June 2016.

The fund characteristics described above are internal guidelines (rather than limits and controls).

They do not form part of the fund’s objective and policy and are subject to change w ithout notice in the future.

Issuer & Security Selection

Industry & Quality Selection

Asset AllocationDuration, Curve

& Currency

Idea generation Implementation Research / debate

Portfolio

Construction

&

Risk

Management

Credit Market Risk

Issuer & Security

Selection

Duration, Curve

& Currency

Asset Class

Allocation Team

Investment Grade Team

Macro Team

Industry & Quality

Selection

70%

Approximate % Risk

for EUR IG Credit

10%

minimal

20%

Investment Grade Team

Credit

Research Process

Credit analysts

Management

Regulation

Capital

structure

Covenant

analysis

Credit

opinion

Credit

analysis

Fundamental credit research process – Issuer levelWhat our analysts consider at company level research

17

Source: Columbia Threadneedle Investments, as at June 2016.

Financial tests

Covenants

Management Intent

Subordination

Collateral

HoldCo vs. OpCo

Currency

History, experience

Incentives

Track record

Shareholder activism

Analyst conviction

Credit thesis

Pricing

Liquidity

Relative Value

Legal protection

Legal burden

Potential changes

Model

Transparency

Industry

Country

Event risk

ESG performance




& Currency

Fundamental credit research process – Issuer levelProprietary risk rating system

18

Proprietary internal risk rating system allows analysts to efficiently communicate an issuer’s risk profile

Ratings facilitate cross-industry relative value discussions and help determine portfolio position sizes

Source: Columbia Threadneedle Investments, as at January 2015.

Risk and relative value ratings reflect the Team's internal, proprietary ratings system. There is no guarantee that an investment objective w ill be achieved or that return expectations w ill be met.

Risk rating High-level interpretation Possible credit characteristics

Risk 1

Solid credit quality

Minimal risk of credit deterioration

Stable free cash flow

Industry leader

Defendable niche player

Ample cash flow relative to leverage

Stable regulatory or industry environment

Risk 2

Good credit quality

Moderate risk of credit deterioration

Adequate free cash flow

Defendable market position

Expectation of adequate free cash flow to leverage

Stable regulatory or industry environment

Risk 3

Transitory credit quality

Deterioration or improvement likely

Quality of free cash flow uncertain

Free cash flow to leverage currently not appropriate

Significant possibility of negative event risks

Uncertain market position

Uncertain regulatory or industry environment

Risk 4

Weak credit quality

Having or highly likely to achieve credit quality characteristics

consistent with a below investment grade credit profile

(stable or deteriorating)

Poor quality or lack of free cash flow

High leverage relative to free cash flow

Extraordinary measures needed to maintain credit quality

Limited or uncertain liquidity

Difficult regulatory or industry environment




& Currency

Credit investment processCredit grids: Industry and quality inputs

19

Source: Columbia Threadneedle Investments, as at 1 January 2012. Scale: -2 (max underw eight) to +2 (max overweight).

Credit

ResearchGrid

Structural

issues

Valuation

assessment

Fundamentals

and event risk

Quantitative

Counter-balance to analyst inputs

Beta-adjusted score

Macro economic background

Industry environment

Competitive position

Management and strategy

Financial analysis

Mergers and acquisitions

Supply of bonds

Bond buybacks

Refinancing existing and /

or bank debt

Covenants

Liquidity




& Currency

Tangible link between credit research and portfolio construction resulting in a repeatable process

Comprehensive reference tool for analysts’ views on Issuer and Industry fundamentals and relative value

Visual dashboard of Issuer and industry rankings

Efficacy check of current portfolio positioning relative to analysts views of fundamentals and valuations

Credit investment processCredit grids: Industry and quality output

20

Source: Columbia Threadneedle Investments, as at March 2015. For illustrative purposes.

This is Columbia Threadneedle Investments ow n internal research and should not be taken as investment advice. Scale: -2 (max underw eight) to +2 (max overweight).




& Currency

Q1 Q2 Q3 Q4 Q5 Total

Banks 0 0 0 0 1 1

Financial services -1 0 0 0 1 0

Insurance -2 0 0 0 0 0

Total Financials -1 0 0 0 1 1

Basic Materials -2 -1 -1 2 0 0

Consumer Goods -2 -2 0 0 2 0

Consumer Services -2 0 0 0 -1 0

Health Care -2 -2 0 0 1 0

Industrials -1 -2 0 1 2 0

Oil & Gas -2 1 -1 0 -1 -2

Technology -2 0 0 2 1 -2

Telecommunications 0 -1 0 0 2 0

Utilities -1 -1 0 0 2 0

Total Corporate -1 -1 0 0 1 0

Asset allocation processWhat we consider at asset allocation level

21

Asset

allocationprocess

Micro

fundamentals

Money

flows

PositioningValuation

Asset

allocationopinion

Macro

fundamentals

Spreads vs. GDP forecasts

Long term spread history

Implied defaults

Spreads vs other markets

Liquidity premia

Cross asset class valuations

Street positioning

Investor positioning

New issue hedging / effect on secondary

Spread reaction to institutional news

Micro fundamentals

Balance sheet leverage

Spread trend

Credit cycle

Fundamental asset classes

Spread beta ranges Net supply balance

Official sector, institutional, retail

Macro data surprises

PMI new orders

Business confidence

Credit creation / money supply

Consumer confidence

Macro event risk




& Currency

Asset Allocation Fundamental Structural ValuationOverall

Score

Overall Fixed

Income

Spread Risk

+1 -0 +0 +1

Investment Grade

Credit+1 0 -0 +1

High Yield Credit +1 -1 0 +1

Agency MBS +0 -1 -1 0

Non Agency MBS

& CMBS+2 +1 +1 0

Emerging Markets

– Hard Currency-0 0 +1 -1

Emerging Markets

– Local Currency-1 0 +2 -1

Fixed income asset allocation processExample output from the IG asset allocation decision

22

Apply common scenario framework

Informs overall spread beta

Identify individual assets

Formulate scenarios (e.g. Eurozone crisis, Middle East, global QE tapering)

Stress test widely varying assets to similar scenarios

Score assets by risk-adjusted returns

Source: Columbia Threadneedle Investments, as at December 2014.

Scale: -2 (max underw eight) to +2 (max overweight).




& Currency

Fixed income processFormulating macro decisions

23

The Government Scorecard

A framework to develop ideas in a consistent and robust manner

Takes into account fundamental, market structure and valuation

aspects

Covering duration, preference by curve and preference by currency

Source: Columbia Threadneedle Investments, as at December 2014. Scores range from +2 to -2 depending on scale of conviction, zero=neutral, +1 / -1 implies range trade, i.e. -1 = sell strength.

For illustrative purposes. This is Columbia Threadneedle Investments ow n internal research and should not be taken as investment advice.




& Currency

Example Government Bond Desk Global Summary

USD AUD Germany GBP Nordic JPY

Fundamentals

Scorecard (3 months+)

Currency 2 -1 -1 -1 0 -1

STIRS 0 0 1 -1 1 -2

5Y -1 0 -1 -1 1 -2

10Y 0 1 -1 -1 1 -2

30Y 1 1 -1 -1 1 -2

Inflation-Linked -1 - -1 -1 - 0

Structural

Scorecard (< 3 months)

Currency 1 0 0 0 0 2

STIRS -1 0 -1 1 -1 -1

5Y 1 -1 1 0 -1 -1

10Y 0 -1 1 0 -1 -1

30Y -1 -1 0 1 -1 -1

Inflation-Linked 0 - 0 1 - 0

Valuation

Scorecard (1 – 4 weeks)

Currency -2 0 0 0 0 1

STIRS 1 0 -1 0 1 -1

5Y -1 1 -2 -1 1 -1

10Y 0 1 -2 -1 1 -1

30Y 1 1 1 -2 1 -1

Inflation-Linked 1 - 1 -1 - 0

Total

Scorecard

Currency 1 -1 -1 -1 0 2

STIRS 0 0 -1 0 1 -4

5Y -1 0 -2 -2 1 -4

10Y 0 1 -2 -2 1 -4

30Y 1 1 0 -2 1 -4

Inflation-Linked 0 - 0 -1 - 0

Portfolio construction process

24

Monthly meeting attended by

Investment Grade Portfolio Managers to ensure portfolio positions aligned with investment

views across each Alpha Source, and to ensure consistency

across IG desk portfolios

Takes output/scorecard views of key process meetings, Government, Asset Allocation

and Research Scorecards meeting

Build portfolios to reflect the best

views of these processes whilst reflecting risk considerations and client guidelines

Source: Columbia Threadneedle Investments, December 2013.

For illustrative purposes. This is Columbia Threadneedle Investments ow n internal research and should not be taken as investment advice.

Alpha source Primary input Example strategy

Issuer and Security

SelectionCredit Research Scorecard

Overweights: top picks from each

‘box’ on the Credit Scorecard

Industry sector Credit Research Scorecard

Overweight: Insurance,

Consumers, Basic Materials

Underweight: Telcos, Utilities and

Healthcare

Credit quality Credit Research ScorecardOverweight: single A

Underweight AA and BBB

Asset allocationAsset class allocation

scorecard

Modest overweight in credit beta

(DTS), modest allocation to HY

Fund duration Government scorecardNeutral duration relative to

benchmark

Yield curve Government scorecardBullet position (overweight middle

of yield curve)

Currency No active currency risk No active currency risk

Risk management philosophy

25

We believe that risk assessment should focus on the probability of losing money

We monitor a variety of risk measures which include tracking error, VAR and beta as well as duration, curve

and sector allocation measured by percentage contribution to duration

Stress testing and scenario analysis are key tools as risk cannot be defined by a single figure

Our proprietary system (IRIS) enable the portfolio manager to review funds against each of the sources of opportunity

Monthly portfolio construction meeting to ensure directional risk against each source of opportunity is aligned

with fixed income team views and to ensure the size of directional views is reasonable given portfolio objective

The team leader meets, on a quarterly basis, with the risk department and the head of fixed income to ensure the risks taken with in portfolios are appropriate for the funds being managed and their guidelines

Portfolio construction

26

Sizing risk positions

Risk positions in any source of opportunity will be sized in relation to scorecard conviction

Issuer and Industry ranges move with conviction of Sector and Issuer view from Credit Strategy Grids

Managed on both a relative % CTD and relative % DTS (duration * spread) measure

Typically strongest outperform / lowest risk / highest liquidity Issuer ideas approximately +3-5% relative

Typically Industry overlay ±20% range

Overall portfolio spread beta moves with conviction of asset allocation view from asset allocation scorecard

Managed on a relative portfolio DTS measure

Range dependent on performance objective of fund and spread duration of the benchmark, for example between 0.70x

and 1.40x

Managing risk positions

Correlations between sources of opportunity must be managed

Aim to build appropriate market beta positions without exposure to tail risk instruments

Simple % weights (absolute and relative) supplement above methodology

Position size management

27

0.15 – 0.25

0.05 – 0.15

0.00 – 0.05

Relative Contribution to

Spread Duration (CTSD)High return potential with modest risk

Minimal event risk

High liquidity

Shorter time horizon to realize upside

Underlying portfolio

Highest return potential with greatest risk

Difficulty adjusting position, so smaller portfolio impact

Higher event risk

Lower confidence in outcome

More subject to macro risks

Lower return potential with modest risk

“Fair value” issuers typically reside here

Facilitates overall portfolio management, liquidity needs and diversification requirements

High return potential with greater risk

Lower liquidity

Longer time horizon to realize upside

Fundamentals Valuation Market dynamics

Risk assessment (risk ratings 1-4)

Confidence in credit thesis

Catalysts for improvement

Deterioration risk (execution, operations)

Tail risk, surprise potential

Ability to adjust position size/exit

Liquidity

Number of dealers involved

Market familiarity of issuer

Frequency of issuance

Spread volatility

Relative valuation

Expected tightening potential

Downside if wrong

Section 4

Positioning and Performance

Threadneedle European Corporate Bond Fund

29

Source: Columbia Threadneedle Investments, as at 30 September 2016. Characteristics shown above such as ‘Effective Duration’ and ‘Yield to maturity’ are indicative of the fund as at the time of

w riting and are not f ixed. These can change w ith prevailing market conditions and the management of the fund. Figures in brackets correspond to the Reference Index.

Strategies

Fundamental, bottom-up, research driven approach

Returns expected to come primarily from issuer and security selection. Incremental contribution

from actively controlling portfolio credit spread beta

Seek to exploit relative pricing inconsistencies across markets

Portfolio construction

Scorecard based approach

Positions sized relative to risk and conviction

IG Strategy Grids provide tangible link between

analysts and PMs on sector/security selection

Risk management

Variety of risk measures utilised

In combination with stress testing and scenario

analysis

Focus on identifying risk that precedes volatility

and weakness

Lead Fund Manager Alasdair Ross (Since October 2007)

Reference index iBoxx European Corporate

Peer groupGIFS Offshore – EUR Corporate Bond

Fund size €215 million

Launch date November 2002

Effective duration 4.91 years (5.27 years)

Yield to maturity 1.05% (0.71%)

Average credit rating BBB+ (A-)

Portfolio issuers 167 (490)

Distinguishing features

Threadneedle European Corporate Bond FundPortfolio positioning

30


The mention of any specif ic shares or bonds should not be taken as a recommendation to deal.

Top 10 issuer underweights % CTDTop 10 issuer overweights% CTD

Fund

(%)

Active

(%)

Germany 6.9 6.9

Tennet 3.3 2.9

National Grid 2.2 2.1

Kinder Morgan 2.0 1.8

Eurogrid 2.0 1.8

Wellcome Trust 1.8 1.8

Liberty Mutual 1.8 1.8

Ab-InBev 3.9 1.8

Grand City Properties 1.6 1.6

NV Luchthaven Schiphol 1.4 1.4

Fund

(%)

Active

(%)

BNP Paribas - -1.9

EDF - -1.9

Rabobank - -1.9

Volkswagen - -1.3

GE Capital - -1.1

Credit Agricole 0.2 -1.1

Deutsche Telekom - -0.9

Daimler - -0.9

Deutsche Bank - -0.9

Eni - -0.9

Threadneedle European Corporate Bond FundPortfolio sector and credit rating breakdown

31

Source: Columbia Threadneedle Investments, as at 30 September 2016. Figures are relative to iBoxx European Corporate Bond Index.

For illustrative purposes only and should not be taken as investment advice.

Relative % CTD by sector Relative % CTD by credit rating

-10%

-5%

0%

5%

10%

15%

AAA AA A BBB BB & Below Not Rated

%C

TD

-15%

-10%

-5%

0%

5%

10%

15%

Sove

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ls

Insu

ran

ce

Tel

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un

icat

ion

s

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ied

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& G

as

He

alth

Car

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r Se

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Tec

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olo

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Co

nsu

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oo

ds

<U

na

ssig

ne

d>

Ba

nks

%C

TD

Threadneedle European Corporate Bond FundGross performance in EUR

32


Past performance is not a guide to future performance.

7.39

8.18

6.01

7.73

4.97

6.05

7.36

4.78

6.05

4.65

YTD 1 Year annualised 3 Years annualised 5 Years annualised 10 Years annualised

European Corporate Bond Fund (Gross, EUR), % iBoxx Euro Corporate, %

Performance % YTD1 Year

annualised

3 Years

annualised

5 Years

annualised

10 Years

Annualised

European Corporate

Bond Fund (Gross, EUR)7.39 8.18 6.01 7.73 4.97

iBoxx Euro Corporate 6.05 7.36 4.78 6.05 4.65

Excess Return 1.27 0.77 1.17 1.58 0.30

Information Ratio - 1.04 2.04 2.48 0.13

Threadneedle European Corporate Bond FundPerformance attribution

33



1 year annualised (%) 2 years annualised (%) 3 years annualised (%) 4 years annualised (%) 5 years annualised (%)

Interest rates 0.17 0.30 0.17 0.01 0.14

Currency 0.12 0.03 0.05 0.04 0.02

Asset class allocation -0.14 -0.14 -0.04 0.06 0.31

Industry selection 0.39 0.16 0.06 -0.01 0.01

Security selection 0.23 0.84 0.94 1.12 1.09

Total 0.77 1.19 1.17 1.22 1.58

Representative account – Gross relative returns

Contribution to performance attribution (relative to Index)

0.77%

1.19% 1.17% 1.22%

1.58%

0.0%

0.5%

1.0%

1.5%

2.0%

1 year 2 years (annualised) 3 years (annualised) 4 years (annualised) 5 years (annualised)

Threadneedle European Corporate Bond FundPerformance attribution by sector

34

Source: Columbia Threadneedle Investments, as at 30 September 2016, Figures are relative to iBoxx European Corporate Bond Index,


2016 YTD performance attribution by industry sector

-1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8

Cash

Government Guaranteed

Telecommunications

Media

Covered Bonds

Consumer Non-Cyclical

Technology & Electronics

Asset Backed

Consumer Cyclical

Derivative

Leisure

Automotive

Commercial Mortgage Backed

Financial Services

Foreign Sovereign

Agency

Healthcare

Retail

Capital Goods

Services

Consumer Goods

Transportation

Real Estate

CDS

Basic Industry

Insurance

Sovereign

Energy

Utility

Banking

Threadneedle European Corporate Bond FundPerformance attribution

35

Source: Columbia Threadneedle Investments, as at 30 September 2016, Figures are relative to iBoxx European Corporate Bond Index.


European Corporate Bond Fund vs iBoxx Euro Corporates in EUR (%)

3 yr (ann) 5 yr (ann) 2011 2012 2013 2014 2015 YTD 2016

Portfolio 6.01 7.73 2.22 16.67 3.72 9.01 0.30 7.39

Benchmark 4.78 6.05 1.73 13.57 2.24 8.24 -0.66 6.05

Excess return 1.17 1.58 0.48 2.72 1.45 0.72 0.97 1.27

Interest rates 0.17 0.14 0.44 0.67 -0.60 0.32 0.20 0.06

Currency 0.05 0.02 0.07 -0.04 -0.01 0.06 0.01 0.08

Asset allocation -0.04 0.31 -1.58 1.15 0.64 -0.27 0.08 -0.20

Sector allocation 0.06 0.01 0.09 -0.11 -0.13 -0.15 -0.33 0.75

Security selection 0.94 1.09 1.46 1.05 1.55 0.75 1.01 0.57

Excess return 1.17 1.58 0.48 2.72 1.45 0.72 0.97 1.27

Appendix

Key Indicators Flag Trend

1. Tight policy

conditions Flat

2. A deteriorating

economic backdropMarginal

Deterioration

3. Expensive

valuations Worsening

4. Worsening

corporate health Worsening

5. Abnormally low

but rising volatility Flat

Investment Grade outlookKey corporate market triggers review

37

Left Source: Columbia Threadneedle Investments, September 2016.

Right Source: Bloomberg, Merrill Lynch, September 2016.

FOR INVESTMENT PROFESSIONALS ONLY

Spreads are pricing in pain but not a recession

EUR & Global Corporate Bond Spreads

Avg Global

0

50

100

150

200

250

300

350

400

450

500

1996 1998 2000 2001 2003 2004 2006 2008 2009 2011 2012 2014 2015

Spre

ad (

bp

s)

EUR IG (ER00) Global IG (G0BC)

Avg Europe

What is driving European credit markets?Very low base rates result in search for yield

38

Source: Columbia Threadneedle Investments, Bank of America Merrill Lynch, Bloomberg, September 2016.

0

1

2

3

4

5

6

7

8

Dec 96 Dec 99 Dec 02 Dec 05 Dec 08 Dec 11 Dec 14

Yie

ld (

%)

Corporate yield ECB refinancing rateAverage Ave +1 SDAve +2 SD Ave - 1 SD

0

50

100

150

200

250

300

350

400

450

500

Dec 96 Dec 99 Dec 02 Dec 05 Dec 08 Dec 11 Dec 14

OA

S s

pre

ad

(b

ps)

Corporate spread Average

2007 2016

Rating A+ A-

Sub 24% 13%

Europe: ECB refinancing rate and IG yield Europe: Investment Grade OAS spread to bunds

Investment grade corporate bond spreads (US 5-10y)IG spreads are wider than many previous crises

39

Source: Bloomberg, C6A0 index, September 2016.

0

5

10

15

20

25

0

100

200

300

400

500

600

700

1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

US IG spread (LHS, bps) Average +1 Stdev +2 Stdev +3 Stdev -1 Stdev Fed funds rate (RHS, %)

Eurozone Sovereign debt crisis

Recession /

Bank Failure

Recession

(Double-dip)

Corporate

RaidersRecession /

RTC

Russia /

LTCM

Fraud / Corp

Governance

Credit Crisis

IG bond spreads (5-10y, bps)

Investment Grade opportunitiesCross-currency market and curve point selection

40

0

50

100

150

200

250

300

3y 5y 7.5y 10y 15y 25y

IG ML Index ASW (unswapped) - 30 Sep 2016

USD Index EUR Index GBP Index

50

100

150

200

250

3y 5y 7.5y 10y 15y 25y

IG ML Index OAS (vs Govt) – 30 Sep 2016

USD Index EUR Index GBP Index

USD spread curves steep compared to history and compared to Euro and Sterling

Source: Bloomberg, Columbia Threadneedle Investments, September 2016.

Investment Grade opportunitiesCross-currency issuer selection – example of USD preference

41

Source: (left) Bloomberg, Columbia Threadneedle Investments, September 2016.

Source: (right) Bloomberg, Columbia Threadneedle Investments, September 2016.

The positions discussed here are merely for commentary purposes and should not be view ed as investment advice, nor as a recommendation to trade.

AB InBev (Euro vs USD/Sterling) AT&T (Euro vs USD/Sterling)

0

50

100

150

200

250

300

0 5 10 15 20 25 30Z s

pre

ad

(b

ps)

Years to Maturity

$ € £ Log. ($) Log. (€) Log. (£)

0

50

100

150

200

250

300

0 5 10 15 20 25 30

Z s

pre

ad

(b

ps)

Years to Maturity

$ € £ Log. ($) Log. (€)

Investment Grade opportunitiesCross-currency issuer selection – example of Euro preference

42

Source: (left) Bloomberg, Columbia Threadneedle Investments, September 2016.

Source: (right) Bloomberg, Columbia Threadneedle Investments, September 2016.

The positions discussed here are merely for commentary purposes and should not be view ed as investment advice, nor as a recommendation to trade.

Berkshire Hathaway (Euro vs USD) Liberty Mutual (Euro vs USD)

0

40

80

120

160

200

0 5 10 15 20 25 30

Z s

pre

ad

(b

ps)

Years to Maturity

$ € Log. ($) Log. (€)

0

50

100

150

200

250

300

0 5 10 15 20 25 30

Z s

pre

ad

(b

ps)

Years to Maturity

$ € Log. (€)

Global Investment Grade opportunitiesUtility and Midstream sector spreads

43

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

2.20x

2.40x

2.60x

Dec-96 Dec-99 Dec-02 Dec-05 Dec-08 Dec-11 Dec-14

Mid

str

eam

spre

ad /

utilit

ies s

pre

ad

Spread Average +1 STDEV -1 STDEV

Source: Bank of America ML; Bloomberg, Columbia Threadneedle Investments; September 2016.

Security Analyst Rec% fee

basedSpread Yield

EPD 4.9% 46 BBB+/R2/Mkt 85% +282 4.5%

PAA 4.9% 45 BBB/R2/Out 75% +373 5.4%

CPGX 5.8% 45 BBB-/R2/Out 95% +283 4.6%

KMI 5.55% 45 BBB-/R2/Out 82% +359 5.3%

WPZ 4.9% 45 BBB/R2/Mkt 80% +347 5.2%

1.5 stdev cheap to history

UTILITY & MIDSTREAM SECTOR CHARACTERISTICS

Stable CF driven by regulation or fee-based contracts

Minimal direct commodity price exposure

Capital intensive industries require debt market access

State Utility regulators & creditor goals are closely aligned:

reliability, affordability and IG ratings to finance growth

Midstream regulation is lighter: FERC regulation more

focussed on quality/safety than financial strength

Commodity price falls and corporate restructurings have

weighed on midstream pipeline spreads

Investment grade opportunitiesSpread widening has also run concurrent with the return of some

idiosyncratic risk

44

.

Volkswagen: Emissions scandalGlencore: Commodities price slump

Deutsche Bank: Business model & litigation RWE: Corporate restructuring

Source: Bloomberg, September 2016.

0

200

400

600

800

1000

1200

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

ITRX Main Glencore CDS

0

50

100

150

200

250

300

350

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

ITRX Main VW CDS

0

50

100

150

200

250

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

ITRX Main DB CDS

0

50

100

150

200

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

ITRX Main RWE CDS

Relative credit qualityBB High Yield flat to BBB IG. Idiosyncratic rising star stories exist

45

Source: Bloomberg, Merrill Lynch, September 2016.


European Corporate Credit

BB / BBB Spread per unit of Duration

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0

20

40

60

80

100

120

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

OA

S /

Eff

Du

r M

ult

iple

OA

S /

Eff

Du

r

Euro Corp OAS / Eff Dur BB/BBB OAS / Eff Dur (RHS) BB/BBB OAS / Eff Dur Average (RHS)

BBs cheap vs. BBBs

BBs rich vs. BBBs

Industry: Banks: Senior vs Sub Opportunities remain across bank capital structure

46

Source: Columbia Threadneedle Investments as at September 2016. This is Columbia Threadneedle Investments’ ow n internal research and should not be taken as investment advice.

Industry: Banks: TLAC

47

Source: Barclays, Morgan Stanley, January 2015.

TLAC

Equity + Hybrids + loss absorbing debt

21-25% of rwa’s for large banks

Enough debt to convert to equity so that the bank can restart over

the weekend

Assumes most or all of the equity and hybrids absorb losses

The TLAC bondholders end up owning the company (like HY

bondholders)

What qualifies?

Senior debt from a holding company (currently rare in European

context)

Opco senior debt with explicit TLAC language (current stock gets

replaced)

Current style opco senior with no TLAC language (but only up to

2.5% of rwa)

Tier 1 and Tier 2 (old instruments too)

Equity (unlikely due to WACC implications)

Industry: Banks: TLAC – supply implications

48

Source: Bloomberg, CreditSights, ECB, Company Reports, Columbia Threadneedle Investments, January 2015.

There is already a large enough stock of debt so there is no need for net issuance

Most banks have enough TLAC already (deposit funded banks penalised – HSBC)

Roughly €300bn rolling off over next 2 years (total stock c.2.5tr)

Euro market has a 4.3yr average life, sterling is 8.3yrs

Transition from current opco senior to holdco or TLAC senior can be made within 5 years

Contribution to Duration (CTD) figures explained

49

Duration is a sensitivity measure widely used in Fixed Income investment products. It indicates how sensitive a portfolio is to changes in yields.

Generally speaking, a bond with a larger duration measure implies a greater interest rate risk or reward for the price of the bond.

Contribution to Duration is a way of splitting out the amount of duration each asset in the portfolio carries, to assess which investments are

adding or reducing to the interest rate sensitivity/risk of the portfolio.

Complex calculations and formulae are involved to calculate the sensitivities, but our risk systems produce CTD reports, similar to the below.

In a very simplified example, imagine with have a portfolio with 2 holdings:

Asset 1: Contribution to duration = 3 years

Asset 2: Contribution to duration = 5 years

Portfolio duration = 8 years

You will notice these sum nicely. From this we could extrapolate that if we were to reduce exposure to Asset 2, we would be reducing the duration

of the fund and thus reducing the interest rate risk of the fund.

% Contribution to Duration is then simply the proportion of the assets’ contribution to duration to the total amount of duration in the portfolio.

So back to the example above, we would have:

Asset 1: Contribution to duration = 3 years %CTD = 3/8 = 37.5%

Asset 2: Contribution to duration = 5 years %CTD = 5/8 = 62.5%

Portfolio duration = 8 years (and of course, these sum to 100%)

Biography

ALASDAIR ROSS

Head of Investment Grade Portfolio Management, EMEA

Alasdair Ross joined the company in 2003 and is currently Head of Investment Grade Portfolio Management,

EMEA, with responsibility for our UK and European investment grade corporate credit teams in London. He is also

lead portfolio manager for UK, Euro and Global credit portfolios which include the Threadneedle European

Corporate Bond Fund, the Threadneedle (Lux) Global Corporate Bond Fund and the Threadneedle Pensions

Corporate Bond Fund.

Alasdair’s investment background is as a relative value focused, bottom-up investment grade credit analyst.

Between joining the company in 2003 and becoming a portfolio manager in 2007, he had responsibility for covering

the TMT, utility and energy sectors, as well as the sterling whole business securitisation sector.

Prior to joining the company, Alasdair worked at BP plc in a rotation of commercial roles.

Alasdair has a first class honours degree in Politics, Philosophy and Economics from the University of Oxford. He

also holds the Chartered Financial Analyst designation.

Company start date: 2003

Industry start date: 2003

50

Threadneedle European Corporate Bond FundKey Risks and Objective

51

Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested.

Currency Risk: Where investments are made in assets that are denominated in multiple currencies, changes in exchange rates may affect the value of the investments.

Derivatives for EPM / Hedging: The investment policy of the fund allows it to invest in derivatives for the purposes of reducing risk or minimising the cost of transactions.

Issuer Risk: The fund invests in securities whose value would be significantly affected if the issuer either refused to pay o r was unable to pay or perceived to be unable to pay.

Liquidity Risk: The fund may hold assets that are not always readily saleable without suffering a discount to fair value. The fund may have to lower the selling price, sell other investments or forego another, more appealing investment opportunity.

Inflation Risk: Most bond and cash funds offer limited capital growth potential and an income that is not linked to inflation . Inflation is likely to affect the value of capital and income over time.

Interest Rate Risk: Changes in interest rates are likely to affect the fund’s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa.

Objective: The Fund aims to achieve total return.

The ACD’s investment policy is to invest the assets of the Fund in a managed portfolio of fixed interest securities which are primarily Euro denominated. The portfolio will consist

primarily of a broad range of investment grade corporate fixed interest investments in companies domiciled in Europe or which have significant European operations. From time to time, it may also invest in securities issued by investment grade sovereign and supranational borrowers. However, it is inten ded that the portfolio will not be more than 25%

invested in securities rated AAA (Standard & Poor’s) or equivalent rating by another leading rating agency. A maximum of 10% of the portfolio can be invested in below investment grade securities. Where securities are non-Euro denominated it is intended that they will typically be hedged into Euro.

Important Information

52

For internal use and for Professional and/or Qualif ied Investors only (not to be used w ith or passed on to retail clients).

Past performance is not a guide to future performance. The value of investments and any income is not guaranteed and can go dow n as w ell as up and may be affected by exchange rate f luctuations.

This means that an investor may not get back the amount invested.

Threadneedle Investment Funds ICVC (“TIF”) is an open-ended investment company structured as an umbrella company, incorporated in England and Wales, authorised and regulated in the UK by the

Financial Conduct Authority (FCA) as a UCITS scheme.

TIF is registered for public offer in Austria, Belgium, Finland, France, Germany, Hong Kong, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sw itzerland (some sub-funds only) and the

UK. Shares in the Funds may not be offered to the public in any other country and this document must not be issued, circulated or distributed other than in circumstances which do not constitute an

offer to the public and are in accordance with applicable local legislation.

TIF is registered w ith Danish Financial Services Authority for marketing to professional investors only. The Funds may not be offered or sold to retail investors in Denmark.

TIF is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) and registered w ith the relevant CNMV's Registered w ith number 482.

Het compartiment is op grond van artikel 1:107 van de Wet op het f inancieel toezicht opgenomen in het register dat w ordt gehouden door de Autoriteit Financiële Markten. / Pursuant to article 1:107 of

the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM.

Income may fluctuate in accordance with market conditions and taxation arrangements. The difference at any one time betw een the sale and repurchase price of units in the scheme means that the

investment should be view ed as a medium to long term investment. Investments may be subject to sudden and large falls in value, and the investor could lose the total value of the initial investment.

Shares in the Funds may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “U.S. Person”, as defined in Regulation S under the 1933 Act.

This material is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other f inancial instruments, or to provide investment advice or services.

Please read the Prospectus before investing.

Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Information Document, as w ell as the latest annual or interim reports and the applicable terms &

conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specif ically this Fund. The above documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus), Sw edish (for the Key Investor Information Document only) and can be obtained free of charge on request from:

- in Austria: Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, 1030 Wien;

- in Belgium: J.P. Morgan Chase Bank Brussels, 1, Boulevard du Roi Albert II, 1210 Brussels;

- in France: BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris;

Important Information (cont.)

53

- in Finland: Eufex Bank Plc, Keilaranta 19, 02150 Espoo, Finland

- in Germany: JP Morgan AG, Junghofstr. 14, 60311 Frankfurt,

- in Ireland: J.P. Morgan Bank Administration Services (Ireland) Limited, J.P. Morgan House International Financial Services Centre, Dublin 1

- in Italy: State Street Bank S.p.A., via Col Moschin 16, 20136 Milano.

- in Luxembourg: State Street Bank Luxembourg S.A., 49 Avenue J. F. Kennedy, 1855 Luxembourg;

- in Spain: any appointed distributor listed on the Spanish Financial Regulator’s w ebsite(www.cnmv.es);

- In Sw eden from Skandiaviska Enskilda Banken AB, Kungsträdgårdsgatan, SE – 10640, Stockholm, Sw eden;

- in UK; Columbia Threadneedle Investments’ Client Services department PO Box 10033, Chelmsford, Essex CM99 2AL.

For Sw iss Investors: Subscriptions to a Fund may only be made on the basis of the current Prospectus and the Key Investor Inf ormation Document, as w ell as the latest annual or interim reports, w hich

can be obtained free of charge on request, and the applicable terms & conditions. Please refer to the ‘Risk Factors’ section of the Prospectus for all risks applicable to investing in any fund and specif ically this Fund. The above documents and the instrument of incorporation are available on request from our representative and Paying Agent in Sw itzerland, BNP Paribas Securities Services,

Paris, Zurich branch, Selnaustrasse 16,CH-8002 Zurich.

This presentation is not investment, legal, tax, or accounting advice. Investors should consult w ith their ow n professional advisors for advice on any investment, legal, tax, or accounting issues relating

to an investment w ith Columbia Threadneedle Investments.


This document is a marketing communication. The research and analysis included in this document have not been prepared in accordance with the legal requirements designed to promote its

independence and have been produced by Columbia Threadneedle Investments for its ow n investment management activities, may have been acted upon prior to publication and is made available

here incidentally. Any opinions expressed are made as at the date of publication but are subject to change w ithout notice and should not be seen as investment advice. Information obtained from

external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed.

This presentation and its contents are confidential and proprietary. The information provided in this presentation is for the sole use of those attending the presentation. It may not be reproduced in any form or passed on to any third party w ithout the express written permission of Columbia Threadneedle Investments. This presentation is the property of Columbia Threadneedle Investments and must

be returned upon request.

Issued by Threadneedle Investment Services Limited. Registered in England and Wales, Registered No. 3701768, Cannon Place, 78 Cannon Street London EC4N6AG, United Kingdom. Authorised

and regulated in the UK by the Financial Conduct Authority.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

Important Information (cont.)

54

These materials may only be used in one-on-one presentations w ith institutional investors.


The value of investments and any income is not guaranteed and can go dow n as well as up and may be affected by exchange rate f luctuations. This means that an investor may not get back the

amount invested.

Where references are made to portfolio guidelines and features, these are at the discretion of the portfolio manager and may be subject to change over time and prevailing market conditions. Actual investment parameters w ill be agreed and set out in the prospectus or formal investment management agreement.

Please note that the performance target may not be attained.

The research and analysis included in this document has been produced by Columbia Threadneedle Investments for its ow n investment management activities, may have been acted upon prior to

publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change w ithout notice and should not be seen as investment

advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed.


This presentation and its contents are confidential and proprietary. The information provided in this presentation is for the sole use of those attending the presentation. It may not be reproduced in any

form or passed on to any third party w ithout the express written permission of Columbia Threadneedle Investments. This presentation is the property of Columbia Threadneedle Investments and must

be returned upon request.

This presentation is not investment, legal, tax, or accounting advice. Investors should consult w ith their ow n professional advisors for advice on any investment, legal, tax, or accounting issues relating to an investment w ith Columbia Threadneedle Investments.

Issued by Threadneedle Investment Services Limited. Registered in England and Wales, Registered No. 3701768, Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised

and regulated in the UK by the Financial Conduct Authority.

Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.

Presentacion Threadneedle: Funds Experience 2016

Economy & Finance

Transcript of Presentacion Threadneedle: Funds Experience 2016