2020.03 - Best Ideas Equity Certificate

EQUITY CERTIFICATE
“BEST IDEAS”
HIGH QUALITY GLOBAL DEFENSIVE COMPANIES
MARCH 2020
EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE.

CERTIFICAT BEST IDEAS
HIGH QUALITY GLOBAL DEFENSIVE COMPANIES
DESCRIPTION OF SECURITIES HELD
• Quality securities that have suffered heavily and unfairly from the extreme volatility of the financial markets. Their business model seems to have
little correlation with the current crisis or, on the contrary, could benefit from it.
• Quality companies with a dividend that is sustainable over time for most of them.
• An attractive valuation level following the fall in share prices.
• Four categories of securities have been identified:
"Coronavirus Fighters" companies looking for a vaccine and specialized in crisis medicine,
"Stay@Home" companies benefiting from this period of forced confinement (home delivery, teleworking...),
"Crisis Resistant" companies that have always shown great resilience in times of crisis,
"Opportunistic" cheap stocks offering a stable dividend.
CERTIFICATE SPECIFICATIONS
• Type of product : actively managed certificate (basket of shares), Delta One structured product.
• Number of underlings : 28 (equally weighted at launch only)
• Currency: EUR, USD, CHF. No exchange rate risk within the product, currencies are hedged 1x/month via forward.
• Issuer: JPMorgan Chase Bank, N.A. (A+/Aa2/AA)
• Investment horizon: Medium / Long term
• Product risk: issuer risk + securities portfolio performance risk
• Terms of purchase/sale: secondary market provided by the issuer on a daily basis with a 0.50% bid/offer spread
EXHAUSTIVE AND EVOLUTIVE LIST OF TITLES IN THESE 4 THEMES
CORONAVIRUS FIGHTERS STAY@HOME CRISIS RESISTANT OPPORTUNISTIC
SANOFI AT&T APPLE NESTLE LINDT AIR LIQUIDE AIR

ROCHE AMERICAN SWISSCOM DANONE P&G L’OREAL PRODUCTS
GILEAD TOWER AMAZON COLGATE COCA COLA FRESENIUS DANAHER
COMCAST MICROSOFT GIVAUDAN NIKE NOVARTIS ESTEE
GOOGLE GRIFOLS LAUDER
EDMOND DE ROTHSCHILD 2
OVERVIEW
EQUITY LIST
Volatility Dividend 5-Year 5-Year
Name INUDSTRY SECTOR Industry Group Currency Last Price 1W Perf 1M Perf YTD Perf 1Y Perf 3Y Perf 5Y Perf Weight
Type Yield in % High Low
Air Liquide SA 2 Materials Chemicals EUR 106.70 2.68 1.62 -18.95 -15.45 6.35 9.24 4.52 140.30 71.41 3.57%
Air Products & Chemicals Inc 2 Materials Chemicals USD 191.15 2.71 0.06 -18.84 -18.66 4.33 15.08 9.09 256.01 107.53 3.57%
Alphabet Inc 2 Communication Services Internet USD 1'101.62 0.00 -0.90 -20.77 -17.75 -7.41 9.64 14.33 1524.87 532.74 3.57%
Amazon.com Inc 2 Consumer Discretionary Internet USD 1'885.84 0.00 0.26 -4.74 2.06 5.72 30.56 38.65 2170.22 367.35 3.57%
American Tower Corp 1 Real Estate REITS USD 199.26 2.25 -4.66 -17.89 -13.30 3.96 20.94 18.20 256.90 83.66 3.57%
Apple Inc 2 Information Technology Computers USD 245.52 1.31 0.30 -16.10 -16.19 33.17 22.12 16.50 327.20 90.34 3.57%
AT&T Inc 2 Communication Services Telecommunications USD 28.40 7.36 -8.83 -23.45 -26.35 -4.12 -6.85 2.60 43.47 26.77 3.57%
Chocoladefabriken Lindt & Spruengli AG 1 Consumer Staples Food CHF 7'825.00 2.78 13.57 -2.73 4.13 18.69 13.41 10.79 8620.00 4912.00 3.57%
Coca-Cola Co/The 2 Consumer Staples Beverages USD 41.61 3.97 -0.53 -27.15 -24.19 -7.97 2.90 3.96 60.13 37.56 3.57%
Colgate-Palmolive Co 1 Consumer Staples Cosmetics/Personal Care USD 59.89 3.05 -10.14 -17.87 -12.47 -8.28 -4.39 -0.42 77.50 57.88 3.57%
Comcast Corp 2 Communication Services Media USD 33.57 2.73 -6.59 -20.49 -25.00 -13.62 -1.64 5.65 47.50 26.78 3.57%
Danaher Corp 2 Health Care Healthcare-Products USD 129.32 0.55 4.28 -14.91 -15.62 -0.73 15.24 15.81 169.05 62.06 3.57%
Danone SA 1 Consumer Staples Food EUR 56.14 3.87 -8.09 -17.37 -24.03 -14.87 -1.42 0.59 82.00 52.90 3.57%
Estee Lauder Cos Inc/The 2 Consumer Staples Cosmetics/Personal Care USD 167.76 1.11 7.19 -11.14 -18.56 4.70 26.26 16.68 219.88 75.73 3.57%
Fresenius SE & Co KGaA 1 Health Care Healthcare-Services EUR 34.44 2.43 34.24 -24.85 -31.37 -28.17 -21.46 -8.00 79.65 25.66 3.57%
Gilead Sciences Inc 1 Health Care Biotechnology USD 69.66 3.90 -11.32 -5.82 8.27 12.63 4.47 -4.49 122.21 60.54 3.57%
Givaudan SA 2 Materials Chemicals CHF 2'970.00 2.22 -4.19 -7.74 -2.01 18.67 20.11 13.42 3395.00 1547.00 3.57%
Grifols SA 1 Health Care Pharmaceuticals EUR 28.94 1.49 -3.95 -11.17 -7.92 22.00 10.81 9.71 34.19 16.76 3.57%
L'Oreal SA 2 Consumer Staples Cosmetics/Personal Care EUR 248.90 1.84 9.36 -2.01 -5.72 6.11 13.78 9.95 275.30 143.90 3.57%
Microsoft Corp 2 Information Technology Software USD 146.92 1.35 2.95 -13.66 -6.58 26.26 33.38 31.60 188.70 40.29 3.57%
Nestle SA 1 Consumer Staples Food CHF 95.78 2.91 -4.03 -8.52 -8.59 3.22 10.57 8.67 113.20 67.30 3.57%
NIKE Inc 2 Consumer Discretionary Apparel USD 79.01 1.18 12.33 -13.88 -21.80 -4.21 13.18 10.98 104.58 49.28 3.57%
Novartis AG 2 Health Care Pharmaceuticals CHF 74.50 4.11 -1.59 -10.68 -15.98 -7.40 8.18 0.96 95.82 60.24 3.57%
Procter & Gamble Co/The 1 Consumer Staples Cosmetics/Personal Care USD 100.92 2.96 -8.94 -16.01 -18.72 0.52 6.87 7.52 127.14 68.06 3.57%
Roche Holding AG 2 Health Care Pharmaceuticals CHF 291.50 3.19 -5.37 -9.40 -4.45 9.78 8.28 5.34 351.15 207.70 3.57%
Sanofi 1 Health Care Pharmaceuticals EUR 74.25 4.38 -2.15 -18.32 -17.15 -1.24 0.32 -0.31 100.65 63.21 3.57%
SGS SA 2 Industrials Commercial Services CHF 2'252.00 3.69 4.43 -7.72 -12.03 -5.47 5.71 7.21 2843.00 1626.00 3.57%
Swisscom AG 2 Communication Services Telecommunications CHF 502.40 4.39 -4.67 -8.95 -1.99 8.56 8.22 1.89 575.80 428.60 3.57%
100.00%
Volatility Type
1: below market average
2: market average
3: above market average
EDMOND DE ROTHSCHILD Source: EdR as at 26.03.2020 3

CURRENT POSITIONING
SECTOR & REGIONAL ALLOCATIONS
SECTOR ALLOCATION REGIONAL ALLOCATION
Consumer Staples
3.6%
3.6% Health Care US
7.1%
Communication 21.4%
28.6% Services
7.1%
Materials
Switzerland
10.7% Information 53.6%
Technology
25.0%
Consumer
14.3% Discretionary
25.0%
Real Estate
Europe
Industrials
EDMOND DE ROTHSCHILD Source: EdR as at 26.03.2020 4

CORONAVIRUS
FIGHTERS
EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE. 5

CORONAVIRUS FIGHTERS
COMPANIES
SANOFI
160
› With the phasing out of Lantus, the last stage of the negative earnings
momentum on major products is coming to an end. 140
› Significant flow of new specialty products since 2017 (well-marketed and 120
with little competition). The key product in this acceleration of growth is
Dupixent (sales potential of more than €5 billion) with marketing in atopic 100
dermatitis (eczema). The second growth driver will be Sanofi's return to 80
oncology.
› Very recently, its chloroquine-based drug has been selected by some 60
doctors to treat coronavirus.
40
Key Information 20
Last Price (EUR) 74.15 Dividend Yield 4.25 0
Market Capitalization 92.99 bn Forward P/E (next year) 10.85 2015 2016 2017 2018 2019
Sector Health Care Forward EPS (next year) 6.83
Sanofi CAC 40 Index
ROCHE 180
160
› One of the largest pharmaceutical and diagnostic companies in the world.
The group is very active in the fields of oncology, infectious diseases and 140
inflammatory diseases. 120
› Expected profit levels are impressive in the middle of a year of biosimilar
erosion on 3 major legacy products. 100
› The market will be able to focus on developments in the highly supplied 80
pipeline: spinal muscular atrophy, ulcerative colitis & Crohn's disease,
60
prostate breast cancer, age-related macular degeneration together
representing a huge sales potential (up to 9-10 billion). 40
› Positioned on coronavirus diagnosis with some of its equipment. 20
Key Information 0
2015 2016 2017 2018 2019
Last Price (CHF) 285.25 Dividend Yield 3.16
Market Capitalization 245.37 Forward P/E (next year) 13.00 Roche Holding AG Swiss Market Index
EDMOND DE ROTHSCHILD
Source: EdR, Bloomberg as at 25.03.2020 6
CORONAVIRUS FIGHTERS
COMPANIES
GILEAD SCIENCES 200
› American biopharmaceutical company focused on AIDS and hepatitis
180
drugs as well as oncology, pneumology, anti-inflammatory and
cardiovascular drugs. 160
› A former Ebola product (Remdesivir) is increasingly likely to receive FDA 140
approval against th ecovid-19 pandemic in the near future, which should 120
allow the title to continue to climb despite anxiety-provoking markets. 100
› Significantly undervalued based on its projected cash flow.
80
Key Information 60
Last Price (USD) 73.96 Dividend Yield 3.68 40
Market Capitalization 93.46 bn Forward P/E (next year) 11.35 20
Sector Health Care Forward EPS (next year) 6.52 0
2015 2016 2017 2018 2019
Gilead Sciences Inc S&P 500 Index
STAY@HOME

STAY@HOME
COMPANIES
ALPHABET
300
› Diversified group whose revenues are mainly advertising through search
engines, Gmail, Google Play, Map, Youtube. 250
› Google is diversifying and becoming a service company (biotech, cyber
security, the Cloud, AI, etc.). 200
› For the moment, the market seems to be unaware of the regulatory
threats to the GAFA sector. 150
› In the wake of Netflix, announces its intention to reduce throughput in
Europe. For 30 days, videos will switch to standard mode requiring less
100
bandwidth.
› This is THE big beneficiary of the "stay at home" trend.
50
Key Information
0
Last Price (USD) 1'134.46 Dividend Yield - 2015 2016 2017 2018 2019
Market Capitalization 778.26 bn Forward P/E (next year) 15.93
Sector Comm. Services Forward EPS (next year) 71.22 Alphabet Inc S&P 500 Index
AMAZON 600
› The world's leading e-commerce group with more than 300 million users 500
every month.
› Company that benefits mainly from the success of its Cloud Amazon Web 400
Service division (50% profit). Amazon acquired 500 Whole Foods grocery
stores for $13.7Mia. The group is also present in online payments with
300
Amazon Pay inaugurated in 2013 and which competes with Paypal and
Apple Pay (+35mio users).
200
› The group has launched a premium offer to access streaming music &
video and video games.
100
› Surprised very positively by publishing remarkable figures in all divisions
(e-commerce, web services and online advertising).
0
Key Information 2015 2016 2017 2018 2019
Last Price (USD) 1'940.10 Dividend Yield - Amazon.com Inc S&P 500 Index
Sector Consum. Discr. Forward EPS (next year) 52.67
STAY@HOME
COMPANIES
AMERICAN TOWER
350
› Real Estate Trust (REIT) which owns, develops and operates mobile
communications and TV broadcast towers. 300
› Despite a certain domestic concentration of its revenues (55%-60%), Latin
America (20%) and Asia (15%-20%) are also very important in attracting 250
new customers.
200
› In an environment where interest rates will be lower for a longer period of
time, the valuation of American Tower should support the levels reached 150
in the last twelve months.
› The fourth quarter results were in line with expectations and the 2020 100
target as well.
50
Key Information
0
Last Price (USD) 190.27 Dividend Yield 2.27
2015 2016 2017 2018 2019
Market Capitalization 84.27 mia Forward P/E (next year) 36.60
Sector Real Estate Forward EPS (next year) 5.20 American Tower Corp S&P 500 Index
MICROSOFT 500
450
› N°1 worldwide in software and operating systems (+90% computers
worldwide). 400
› The publisher continues to benefit from strong demand on the corporate 350
side, especially since its development in the Cloud (Azure division). 300
› This new offer dominates the market, to the point that Microsoft has just
250
won a contract worth several billion with the Pentagon.
› Its production has suffered from 4 months of shutdowns in China and is 200
now facing the pandemic in Europe and the United States but a catch-up 150
is expected afterwards, especially thanks to the development of 100
teleworking. The same goes for smartphones. 50
Key Information 0
Last Price (USD) 148.34 Dividend Yield 1.38 2015 2016 2017 2018 2019
Market Capitalization 1'128.28 bn Forward P/E (next year) 23.69 Microsoft Corp S&P 500 Index
Sector IT Forward EPS (next year) 6.26
STAY@HOME
COMPANIES
AT&T
200
› The largest telecommunications operator in the United States.
180
› The telecom operator is making a new transition to media with the
acquisition in 2014 of Direct TV, and with Time Warner for $85 billion in 160
2017. 140
› The company launched its first 5G offers in 2019. 120
› The company acquired a stake in Elliot Management, an activist fund that 100
requires restructuring and divestments of unprofitable businesses.
80
› Anticipating a stabilization of subscriber numbers, an increase in
subscription prices through new Time Warner content, favorable tax 60
reform and the end of network neutrality, AT&T can improve its profit 40
estimates. 20
Key Information 0
2015 2016 2017 2018 2019
Market Capitalization 201.78 bn Forward P/E (next year) 7.38 AT&T Inc S&P 500 Index
Sector Comm. Services Forward EPS (next year) 3.81
APPLE 300
› Emblematic brand and strong innovation thanks to the iPhone, Mac Book 250
Air, Mac Book Pro and iWatch.
› The group is moving towards service offers (iTunes, Apple Store, Apple 200
Pay, Music, streaming new Apple Pay payment ecosystem...) and more
accessories (watches, connected headsets) in the face of a market that
150
has become mature in smartphones.
› Tim Cook is well on its way to making this technological transition a
100
success, which opens the door to other growth drivers.
› Suspension of supply for 4 months with the potential for a rebound
50
thereafter (sales of smartphones, PCs, etc).
0
Key Information
2015 2016 2017 2018 2019
Market Capitalization 1'080.22 bn Forward P/E (next year) 16.17 Apple Inc S&P 500 Index
Sector IT Forward EPS (next year) 15.27
STAY@HOME
COMPANIES
COMCAST
200
› North America's leading cable operator, with systems covering 40% of U.S.
180
households and more than 24 million basic channel subscribers.
› Good momentum in the cable segment (2/3 of sales), which posted a 160
solid performance with revenues of $14.8 billion in the fourth quarter 140
(+2.6%). 120
› Adapted its commercial offers by focusing on Internet packages that are 100
more profitable than cable TV offers.
80
› NBC Universal will launch its new platform called Peacock in April 2020
with an enriched catalogue. 60
40
Key Information
20
0
Comcast Corp S&P 500 Index
SWISSCOM 160
› Premium brand enjoying a certain loyalty from its customer base 140
› Dominant market position with rationalisation potential 120
› Attractive and sustainable dividend
› Non-cyclical industry with some cash flow visibility 100
› High development potential in their Fastweb subsidiary
80
Key Information 60
Last Price (CHF) 494.00 Dividend Yield 4.45 40
20
0
2015 2016 2017 2018 2019
Swisscom AG Swiss Market Index
CRISIS RESISTANT

CRISIS RESISTANT
COMPANIES
COCA-COLA
200
› World's No.1 beverage company operating in more than 200 countries
180
with more than 300 different products, including soft drinks, coffees, fruit
juices, energy drinks and mineral waters. 160
› Successfully completed a major resizing phase aimed at creating a less 140
capital-intensive and more profitable "Total Beverages" group, generating 120
higher returns on capital. 100
› Innovation and marketing are clearly driving growth, with the launch of
80
the first energy drink under the Coca brand.
› Targeted acquisitions to reduce its exposure to soft drinks mitigate the 60
risk of negative structural impacts (changes in consumption patterns, less 40
sugar, increasing various taxes). 20
0
Key Information
2015 2016 2017 2018 2019
Market Capitalization 169.37 bn Forward P/E (next year) 16.84 Coca-Cola Co/The S&P 500 Index
Sector Consumer Staples Forward EPS (next year) 2.34
COLGATE-PALMOLIVE 200
180
› U.S. multinational consumer products with operations organized into 5
segments: Oral Care, Personal Care, Home Care, Professional Services and 160
Pet Nutrition (Hill's) 140
› Focusing on attractive categories, the deployment of a strategy to 120
strengthen brands, with more natural products and more efficient price
100
management.
› Structural supports: nearly 70% of the population (in markets where 80
Colgate operates) brushes their teeth less than once a day. The gradual 60
increase in the penetration rate therefore remains a long-term support. 40
› Evidence that investment and brand support is eventually emerging. 20
Key Information 0
2015 2016 2017 2018 2019
Market Capitalization 52.31 bn Forward P/E (next year) 19.50 Colgate-Palmolive Co S&P 500 Index
CRISIS RESISTANT
COMPANIES
NESTLÉ
200
› World leader in the food industry.
180
› A new dynamic, with a sharper profile, has been implemented in the areas
of nutrition, health and well-being, which is bearing fruit faster than 160
expected. 140
› Reduction of the complexity of the business and brand portfolio, 120
optimisation of the organisation, cost structure, cash flow generation and 100
reinvestment, creating a virtuous circle.
80
› Clear commitment to sustainable development, in particular to reduce the
use of plastics and greenhouse gas 60
40
Key Information
20
Last Price (CHF) 94.26 Dividend Yield 2.86
0
Nestle SA Swiss Market Index
GIVAUDAN 250
› World leader in flavours and fragrances.

› Strategic importance for customers (decision to repurchase). 200
› Predominant market share (25%+ vs. 15%+) which is determining
› The size and diversity of the supply is a very significant barrier to entry for 150
competitors.
› Opportunities to streamline/optimize the supply chain.
100
Key Information
Last Price (CHF) 2'892.00 Dividend Yield 2.14 50
Sector Materials Forward EPS (next year) 105.10 0
2015 2016 2017 2018 2019
Givaudan SA Swiss Market Index
CRISIS RESISTANT
COMPANIES
PROCTER & GAMBLE
200
› One of the world's leading manufacturers and marketers of consumer
180
products. Its operations can be broken down into five main categories:
household and professional cleaning products; body-care products; OTC 160
items; cosmetics; and snacks and beverages. 140
› In-depth restructuring through a second 5-year program to achieve USD 120
10 billion in productivity gains. Savings are made at all levels, especially in 100
purchasing and overheads (USD 10.1bn over 7 years).
80
› Greater focus at all levels, including in products for everyday use, aimed
at solving problems. 60
40
Key Information
20
0
Procter & Gamble Co/The S&P 500 Index
LINDT 180
160
› "Pure play" for a high quality chocolate producer.
› Sound and strict management that has enabled the company to achieve 140
consistent results over the years. 120
› High innovation standards with full control of the supply chain.
› Continued expansion of own retailing into new markets with potential for 100
margin expansion. 80
› Russell Stover Brand Development.
60
40
Key Information 20
Last Price (CHF) 76'300.00 Dividend Yield 1.86 0
Sector Consumer Staples Forward EPS (next year) 2'461.78
Chocoladefabriken Lindt & Spru Swiss Market Index
CRISIS RESISTANT
COMPANIES
DANONE
160
› Refocusing of activities to assert itself as a key player in healthy nutrition
throughout the life cycle (specialized nutrition, essential dairy and plant- 140
based products and water). 120
› Post-acquisition of Whitewave, is undoubtedly in a strong position to
seize opportunities and demand for alternative milk beverages & organic 100
nutrition. 80
› Company very well positioned to take advantage of ESG trends.
60
Key Information
40
Last Price (EUR) 54.52 Dividend Yield 3.85
Sector Consumer Staples Forward EPS (next year) 4.90 0

2015 2016 2017 2018 2019
Danone SA CAC 40 Index
NIKE 250
› A leading global player in sports footwear and apparel, a solid growth

market driven by the shift towards healthy and active lifestyles. 200
› Incremental sales growth fuelled by innovation with a particularly
promising new product pipeline. 150
› Resilience in the current challenging environment with higher than
expected quarterly results (end of February).
› Strong momentum in digital sales, up 30%. The flexibility of the supply 100
chain and production tool has enabled resources to be reallocated to deal
with this evolution. 50
Key Information
0
2015 2016 2017 2018 2019
Sector Consum. Discr. Forward EPS (next year) 2.97 NIKE Inc S&P 500 Index
OPPORTUNISTIC

OPPORTUNISTIC
COMPANIES
AIR LIQUIDE
180
› World co-leader in the production of so-called industrial gases, which
160
include oxygen, carbon dioxide, argon and nitrogen.
› The business model, notably long-term "take-or-pay" contracts, met 140
expectations, even in a deteriorated macroeconomic environment, as was 120
the case in the fourth quarter.
› Price indexation and therefore high predictability. 100
› For 2020, in the context of a controlled international health situation, the 80
CEO believes that Air Liquide should increase its operating margin again
60
and achieve growth in net profit.
› Good geographic diversification of the company's operating profit.. 40
20
Key Information
0
2015 2016 2017 2018 2019
Sector Materials Forward EPS (next year) 5.88 Air Liquide SA CAC 40 Index
AIR PRODUCTS 250
› Producer of industrial gases: oxygen, nitrogen, argon, hydrogen and

helium. The company's main end markets are metals, chemicals, energy, 200
food, medicine and industry.
› All the elements of an industrial gas company (cf. Linde) but at a valuation 150
discount.
› Benefits from well oriented volumes and a return on capital that takes off.
› Its contractual structure dominated by very long (15-20 years) or long 100
term (5-10 years) agreements, which account for well over 50% of its
revenues, is an asset in an end-of-cycle environment. 50
› The new technology of air separators and gasification units provides an
additional quality dynamic.
0
2015 2016 2017 2018 2019
Key Information
Last Price (USD) 194.42 Dividend Yield 2.76 Air Products & Chemicals Inc S&P 500 Index
Sector Materials Forward EPS (next year) 10.41
OPPORTUNISTIC
COMPANIES
ESTEE LAUDER 300
› American multinational manufacturer and marketer of prestige skincare,
makeup, fragrance and hair care products. 250
› Proactive effort to optimize the cost structure to free up resources. This
enabled to diversify the presence in a large number of distribution 200
channels and is aimed at strengthening market access capacity.
› Benefits from strong dynamics in travel distribution, e-commerce, 150
developments in skincare, with double-digit growth rates, sometimes high.
› Good integration of sustainable development issues.
100
Key Information
50
Sector Consumer Staples Forward EPS (next year) 6.20 2015 2016 2017 2018 2019
Estee Lauder Cos Inc/The S&P 500 Index
DANAHER 300
› Medical and industrial conglomerate operating in four segments: Life 250

Sciences, Diagnostics, Environmental and Applied Solutions, and Dental.
› The bill is expected to be passed by the US House of Representatives 200
(US$ 7.8 billion in response to the Coronavirus pandemic) and is expected
to benefit traditional Life Science Tools & Diagnostics companies, as it
150
provides more than US$ 3 billion for R&D.
› Has attractive growth and is well positioned for sustainable revenue
100
growth well above the segment average with a portfolio focused on
biopharmaceuticals and diagnostics.
50
› The company will continue to benefit from a wealth of consolidation
opportunities, leveraging its extraordinary scale and cash flow generation.
0
Key Information 2015 2016 2017 2018 2019
Last Price (USD) 129.15 Dividend Yield 0.56 Danaher Corp S&P 500 Index
Source: EdR, Bloomberg aus at25.03.2020 20
OPPORTUNISTIC
COMPANIES
FRESENIUS
160
› The world's leading provider of equipment and treatment for people with
kidney disease. 140
› The dialysis equipment and systems sales division is by far the largest by 120
far (accounting for almost half of revenues), and is specialised in the
treatment of chronic kidney disease. 100
› It remains an archi-dominant player in a segment with a strong 80
competitive advantage and is expected to return to a growth rate close to
its historical level by 2020. 60
› The potential deployment of homecare services and health insurance
40
incentives for dialysis patients will reduce labor costs and increase
reimbursement rates. This strategy should give a strong competitive edge. 20
0
Key Information
2015 2016 2017 2018 2019
Market Capitalization 16.85 bn Forward P/E (next year) 11.17 Fresenius Medical Care AG & Co Deutsche Boerse AG German Stoc
GRIFOLS 250
› One of the leading manufacturers of plasma blood derivatives. It also

manufactures blood diagnostic products. 200
› Human blood plasma is used to produce life-saving therapies to treat a
growing list of diseases, including rare and chronic diseases - an important 150
long-term potential for this market.
› Sufficient fractionation/purification capacity to meet growing demand.
› Very low risk from generics. 100
Key Information 50
Sector Health Care Forward EPS (next year) 1.37 2015 2016 2017 2018 2019
Grifols SA IBEX 35 Index
OPPORTUNISTIC
COMPANIES
L’OREAL
200
› World leader in cosmetics, but also active in the fields of dermatology,
180
pharmaceuticals and luxury products.
› One of the companies that best understood the digital transformation 160
more than 7 years ago with greater agility in the allocation of resources. 140
Development of augmented reality applications (example with the 120
acquisition of ModiFace: vision of the impact of make-up products) and 100
social networks as an amplifier.
80
› Beauty sector, up more than 4% per year, very stable, with minimal
variations. 60
› E-commerce is accelerating. 40
20
Key Information
0
2015 2016 2017 2018 2019
Sector Consumer Staples Forward EPS (next year) 8.86 L'Oreal SA CAC 40 Index
NOVARTIS 160
› One of the largest pharmaceutical companies in the world. Its revenues 140
are mainly derived from its activities in the fields of cardiovascular 120
diseases, central nervous system disorders and
transplantation/dermatology. 100
› The share price can clearly appreciate under the launch of new potentially
80
important products (gene therapy, heart failure, breast cancer, cell
therapy, age-related blindness, asthma). 60
› A very rich pipeline in cardiovascular, renal, NASH, dermatitis diseases,
40
numerous developments in oncology (40% of the development budget in
this field) and finally 10% of the portfolio currently in genetical and cell 20
therapy.
0
2015 2016 2017 2018 2019
Key Information
Last Price (CHF) 72.74 Dividend Yield 4.06 Novartis AG Swiss Market Index
DISCLAIMER
IMPORTANT LEGAL INFORMATION
This document was prepared by EDMOND DE ROTHSCHILD (SUISSE) SA, 18 rue de Hesse, 1204 Geneva, Switzerland
(hereinafter “EdR”), a Swiss bank authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). This
document is provided solely for your information and does not represent or contain a recommendation or offer to buy or sell
any investment securities or financial instruments and does not release you from the need to exercise your own judgment with
regard to your specific investment objectives. EdR provides no guarantee as to the accuracy or exhaustiveness of this
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EQUITY CERTIFICATE

EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE.

EXHAUSTIVE AND EVOLUTIVE LIST OF TITLES IN THESE 4 THEMES

CORONAVIRUS FIGHTERS STAY@HOME CRISIS RESISTANT OPPORTUNISTIC

SANOFI AT&T APPLE NESTLE LINDT AIR LIQUIDE AIR

EDMOND DE ROTHSCHILD Source: EdR as at 26.03.2020 3

SECTOR ALLOCATION REGIONAL ALLOCATION

EDMOND DE ROTHSCHILD Source: EdR as at 26.03.2020 4

EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE. 5

Gilead Sciences Inc S&P 500 Index

EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE. 8

Swisscom AG Swiss Market Index

EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE. 13

› World leader in flavours and fragrances.

Givaudan SA Swiss Market Index

Sector Consumer Staples Forward EPS (next year) 4.90 0

Danone SA CAC 40 Index

› A leading global player in sports footwear and apparel, a solid growth

EDMOND DE ROTHSCHILD, BOLD BUILDERS OF THE FUTURE. 18

AIR PRODUCTS 250

› Producer of industrial gases: oxygen, nitrogen, argon, hydrogen and

Estee Lauder Cos Inc/The S&P 500 Index

› Medical and industrial conglomerate operating in four segments: Life 250

› One of the leading manufacturers of plasma blood derivatives. It also

Grifols SA IBEX 35 Index

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