Youri Siegel - Non executive Director
Youri Siegel is French and resides in the United Kingdom. As
well as being a director of the Company, he is currently the Head
of Solutions Structuring within the Global Equities and Commodities
Derivatives Department of BNP Paribas Arbitrage SNC, a 100%
affiliate of BNP Paribas SA. Mr Siegel has also held similar roles
at Société Generale and JPMorgan.
Trevor Hunt - Non executive Director
Trevor Hunt is British and resides in Jersey. He has extensive
experience in the offshore financial services sector. Mr Hunt
worked for HSBC for over 30 years in various senior management
positions within the open-ended and closed-ended offshore funds
industry. Mr Hunt retired from HSBC in 2003 and spent six years as
a director of Capita Financial Administrators (Jersey) Limited and
of other Capita entities before leaving in 2009 to join BNP Paribas
Securities Services in a senior management role. On 30 September
2011 Mr Hunt left BNP Paribas in order to focus on providing
non-executive directorship services to a number of Channel Island
funds and fund management companies. Mr Hunt is regulated by the
Jersey Financial Services Commission and Guernsey Financial
Services Commission for the provision of services as a
non-executive director and is a member of the Jersey Association of
Directors and Officers and serves on the Association of Investment
Companies ("AIC") Offshore Funds Committee.
BNP Paribas SA - Investment Counterparty and Distributor
The Investment Counterparty and Distributor, in respect of all
the cells of the Company, is BNP Paribas SA. The duty of the
Investment Counterparty, in respect of each individual cell, is
that of the issuer of debt securities or other financial
instruments or the provider of a derivative contract or other
financial instrument. The duties of the Distributor include, inter
alia, the preparation of literature to promote the Company and
relevant cell within the United Kingdom ("UK") and to ensure it
complies with the applicable UK requirements and other applicable
laws and regulatory requirements, promoting within the UK
investment in the shares of the Company and researching, evaluating
and identifying marketing opportunities for promoting investments
in the shares of the Company.
BNP Paribas SA is a company in the BNP Paribas Group (the
"Group"). As of 31 October 2013 the Group had an equity market
capitalisation of EUR67.91 billion (source: Reuters). The Group is
a leading European provider of corporate and investment banking
products and services and a leading provider of private banking and
asset management products and services throughout the world. It
provides retail banking and financial services to over 20 million
individual customers throughout the world, in particular in Europe
and the western United States of America.
The Group has offices in more than 85 countries.
At 31 December 2012, the Group had audited consolidated assets
of EUR1,907.29 billion and audited shareholders' equity (Group
share including income for the 2012 fiscal year) of EUR85.89
billion. Audited net income, before taxes, non-recurring items and
amortization of goodwill, for the year ended 31 December 2012 was
EUR10.37 billion. Audited net income, Group share, for the year
ended 31 December 2012 was EUR6.55 billion.
THEAM - Investment Manager
The Investment Manager in respect of all cells of the Company is
THEAM, a member of the BNP Paribas Group. As a result of a joint
project between BNP Paribas CIB and BNP Paribas Investment
Partners, combining the Sigma Teams from BNP Asset Management with
Harewood Asset Management SAS, Harewood Asset Management SAS was
renamed THEAM on 31 March 2011. The role of the Investment Manager
includes, inter alia, the making of investment decisions on behalf
of the Company in respect of the assets of the relevant cell and
monitoring the investments which are attributable to that cell. The
Investment Manager is organised as a French Société Actions
Simplifiée, which is a form of limited liability company with
simplified legal obligations. The purpose of the Investment Manager
is the creation and management of investment funds on behalf of
their investors. The Investment Manager may also provide investment
advisory services. The Investment Manager is a wholly owned
subsidiary of BNP Paribas Investment Partners. The Investment
Manager is regulated by the Autorité des marchés financiers under
French law. As of 31 October 2013, THEAM was responsible for (or
mandated for) the investment of EUR37.5 billion over 735 funds.
BNP Paribas Securities Services, Luxembourg Branch -
Custodian
BNP Paribas Securities Services, Luxembourg Branch have been
appointed by the Company as custodian of the assets of the Company.
BNP Paribas Securities Services is a company in the BNP Paribas
Group. The Custodian will, amongst carrying out other duties, be
responsible for holding assets for the Company and presenting the
same for redemption and receiving the proceeds of such redemptions
for and on behalf of the Company for the account of the relevant
cell for onward payment to Shareholders upon applicable redemption.
The Custodian also holds custody over the collateral accounts of
each cell.
The Custodian is the Luxembourg Branch of BNP Paribas Securities
Services, a fully licensed bank incorporated under French law as a
société anonyme (public limited company). BNP Paribas Securities
Services, Luxembourg Branch was created on 28 March 2002 and
registered with the Luxembourg Trade and Companies' register under
the number of B86.862. As a branch of a French bank, BNP Paribas
Securities Services, Luxembourg Branch is supervised by the Comité
des Etablissements de Crédit et des Enterprises d'Investissement
(which depends on the French Central Bank, the Banque de France).
It has also been authorised by the Commission de Surveillance du
Secteur Financier, the Luxembourg Commission for the Supervision of
the Financial Sector to act as a credit institution under the terms
of article 30 of the Luxembourg law of 5 April 1993 on the
Financial Sector, as amended from time to time.
INVESTMENT OBJECTIVE AND POLICY
US High Income Cell
The investment objective of the Company for the USHI Cell in
respect of the Class A USHI Shares and the Class B USHI Shares,
which were issued on 25 October 2006, is to provide shareholders
with a stable stream of quarterly dividend distributions based on
the dividend income of a notional portfolio of shares selected from
the S&P 100 Index, supplemented by premiums for notional call
options written on those shares.
In addition, a purchase of portfolio insurance in the form of a
put option linked to the S&P 100 Index, with a term and
maturity matching the term of the Class A USHI Shares and Class B
USHI Shares, aims to reduce the risk of capital loss.
In accordance with the Company's investment objective for the
USHI Cell, the gross proceeds at launch, together with the proceeds
raised in the subsequent issue of further Class A USHI Shares and
Class B USHI Shares, were invested into an Index Derivative
Contract (the "USHI Contract") with BNP Paribas, the Investment
Counterparty. Under the terms of the USHI Contract, the Company, on
behalf of the USHI Cell, is to receive on each dividend payment
date an amount equal to 1.875 pence or cents per Class A USHI Share
or Class B USHI Share respectively, which will be applied by the
Company in funding the payment of dividends to shareholders, and,
at redemption, an amount equal to the net asset value of the
underlying portfolio.
In accordance with their defined investment life, all Class A
USHI Shares and Class B USHI Shares were compulsorily redeemed on
26 November 2012.
BNP Paribas Agrinvest Preference Cell
The investment objective of the Company for the Agrinvest Cell
in respect of the Agrinvest Shares is to provide shareholders with
the opportunity to participate in the performance of
exchange-traded commodities futures comprised in the DCI(R)
Agriculture BNP Paribas Enhanced Excess Return Index (the "EER
Index"). The EER Index is designed to provide a broad yet liquid
representation of large, mid and small commodity futures inside the
Organisation for Economic Cooperation and Development ("OECD"). The
EER Index consists of 23 components within the agriculture sector.
The EER Index is also subject to a forward curve roll optimisation
process. The roll optimisation process is achieved via an algorithm
which is designed to select the optimum contracts on which the EER
Index will roll
every month. Further details of the roll optimisation process
and algorithm applied are contained within the Summary and
Securities Note for the Agrinvest Cell.
In accordance with the Company's investment objective for the
Agrinvest Cell, the net proceeds at launch were invested into an
Index Derivative Contract (the "Agrinvest Contract") with BNP
Paribas, the Investment Counterparty. Under the terms of the
Agrinvest Contract the Company, on behalf of the Agrinvest Cell, is
to receive, at redemption, an amount equalling the funds available
for payment of the investment return.
Full details of the calculation of the investment return, the
Agrinvest Contract and collateral arrangements in favour of the
Company for the account of the Agrinvest Cell are disclosed in the
Agrinvest Cell's Summary and Securities Note, a copy of which is
available from the Company's Administrator or Distributor upon
request.
In accordance with their defined investment life, all Agrinvest
Shares were compulsorily redeemed on 29 June 2013.
Enhanced Property Recovery Cell
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