2025 Marketing & Communication Strategy

Sales Meeting – January 14 th , 2025

Introduction

Our target: Supporting business growth

Encouraging partnerships & proximity

Increasing our visibility

Thinking « international »

Public

How we will play it: Our core objectives

01 Digital transformation of marketing business and customer diffusion: Seismic

02 Marketing innovation on key expertise

03 Leveraging strategic partnerships: CCF, Wilink, etc …

→ Strengthening our marketing messages (readable, incarnated, with strong markers) on our core range → Generalising the competitive watch to refine our positioning (content, reactivity, format, angle, etc.) → Push at 360°: Fixed Income (H1 2025)

→ Structuring of the Marketing Solutions proposal → Process set up to ensure the

→ Automation of standard presentations. → Creation of a slide library for sales staff → Digitalisation of translations and validation processes of client presentations → Creation of dedicated publication areas for clients

sustainability of the proposal and optimal execution

→ Valorisation of the ‘Marketing solutions’ proposal to target

audiences (young IFAs, networks, etc.)

V I

Public

How we will play it: Our core objectives

04 Strengthening our visibility

05 Further innovation and internationalisation of our event formats

06 Business management, measurement of our impact

and communication on our performance

→ Centralisation and structuring of press partnerships in the main areas. → Strengthening and systematising press releases (CP, article, etc.) → Adaptation of LinkedIn strategy to country needs (content targeting, paid campaign, newsletters)

→ Rollout of our brand event formats → Systematisation of the digitalisation of events (minisite, digital invitation, slido,...) → International standard upgrade of webinars (studio, image quality...) → Systematic request for feedback

→ Statistical management of

LinkedIn, website and mailings via Click Dimension → Optimising our website monitoring, SEO → Maintenance of a monthly activity report and implementation of systematic communication → Significant improvement in internal communication around achievements

V I

Public

The team

Nicolas Moulard

Joëlle Nougbodohoué Hayk Aydin

Marketing & Market Watch

Reinforcing our marketing pitch impact with an alignment of marketing, sales & fund management perspectives

V I

Fixed Income

FR EN NL DE IT SP

International Equities

FR EN NL DE IT SP

R-co Target 2029 HY

R-co Valor

R-co Target 2030 IG

R-co Valor Balanced

R-co Conviction Credit Euro

R-co Thematic Blockchain Global Equity

R-co Conviction Credit 12M Euro

R-co Thematic Gold Mining

R-co Conviction Credit SD Euro

R-co Conviction High Yield SD Euro

R-co Valor 4Change Global Equity

R-co Valor Bond Opportunities

LongRun Equity Fund

R-co 4Change Net Zero Credit Euro

European Equities

FR EN NL DE IT SP

R-co 4Change Green Bonds

R-co Thematic Silver Plus

R-co Conviction Convertibles Europe

R-co Thematic Real Estate

RMM Convertibles

R-co Conviction High Yield Euro

R-co Conviction Equity Value Euro

R-co Conviction Subfin

R-co 4Change Net Zero Equity Euro

Essor

FR EN NL DE IT SP

R-co Core Equity Europe

ESSOR USA Opportunities

R-co 4Change Inclusion & Handicap

ESSOR Japan Opportunities

R-co Thematic Family Businesses

ESSOR Emerging Markets

Open Architecture

FR EN NL DE IT SP

R-co Conviction Equity Multi Caps Euro

Gestion sous Mandat - FID

Diversified

FR EN NL DE IT SP

R-co Selection ETF

R-co Conviction Club

Fonds dédiés ou conseillés (Abeille, Afer , CCF, etc…)

R-co 4Change Moderate Allocation

Public

Seismic: Implementation of a new business development tool V I P

Key information

01 A slide market for sales team

02 Automation of the updates of the standard presentation

03 A dynamic digital customer platform

• Deployment in Q3

2025

→ Sharing best slides → Giving more freedom to select and adapt slides for client presentations

→ More automatic and scheduled monthly updates → More standard presentations in dedicated languages

→ Creation of dedicated data room for each clients → Offering more flexibility for clients → Track sendings, openings, reading times, etc.

• Accessibility through

Outlook, CRM,

Microsoft Dynamics

→ More languages available

→ Automate changes to recurring slides

& PPT

Public

First impact of Seismic on our Standard Presentations

V I

Fixed Income

FR EN NL DE IT SP

International Equities

FR EN NL DE IT SP

R-co Target 2029 HY

X X X X

R-co Valor

X x

R-co Target 2030 IG

X X X X

R-co Valor Balanced

X x

X X

R-co Conviction Credit Euro

X X

R-co Thematic Blockchain Global Equity

X X X X

R-co Conviction Credit 12M Euro

X X X X

R-co Thematic Gold Mining

X X

R-co Conviction Credit SD Euro

X X X X

R-co Conviction High Yield SD Euro

X X X X

R-co Valor 4Change Global Equity

R-co Valor Bond Opportunities

X X X X

LongRun Equity Fund

R-co 4Change Net Zero Credit Euro

X X

European Equities

FR EN NL DE IT SP

R-co 4Change Green Bonds

X X

R-co Thematic Silver Plus

R-co Conviction Convertibles Europe

R-co Thematic Real Estate

X X X X

RMM Convertibles

R-co Conviction High Yield Euro

R-co Conviction Equity Value Euro

R-co Conviction Subfin

X X X X

R-co 4Change Net Zero Equity Euro

Essor

FR EN NL DE IT SP

R-co Core Equity Europe

X X X X X

ESSOR USA Opportunities

R-co 4Change Inclusion & Handicap

ESSOR Japan Opportunities

R-co Thematic Family Businesses

ESSOR Emerging Markets

Open Architecture

FR EN NL DE IT SP

R-co Conviction Equity Multi Caps Euro

Gestion sous Mandat - FID

Diversified

FR EN NL DE IT SP

R-co Selection ETF

X X X X X

R-co Conviction Club

Fonds dédiés ou conseillés (Abeille, Afer, CCF, etc…)

R-co 4Change Moderate Allocation

Public

Push Fixed Income: our 360 ° Marketing & Communication Strategy in practice

V I

TOOLS

PUBLICATION

• Dedicated brochure • Key messages • Tagline& Logo

• Advertising film & inserts • Press releases • Client newsletters • Internal communication

• Vidéos • Banner • Articles

Marketing & Communication 360° Strategy

Marketing pitch

Impacts & Statistics

Complementary nature of approaches & specialities

Q4 2023 R – coTarget

Q2 2025 Fixed Income

Q2/Q3 2024 R-co Valor anniversary

Available in all langages

Public

Client Marketing Solutions: continue to reinforce our strategic partnerships

Marketing & Communication 360° Strategy

CNP, Théséis, CCF, Wilink, ESC Anthea, Allianz Zurich Life…

25 % of external communication & marketing activity

Public

Marketing 2025 in practice

Automation & Uniformity of standards presentations

Green Bonds Pitch

Gold Mining & Strategic Metals Pitch

Selection ETF Pitch

Core Equity pitch

Fixed Income Marketing pitch In particular • R-co Valor Bond Opportunities • R-co Conviction High Yield SD Euro • R-co Conviction Subfin

Real Estate pitch

Seismic implementation

Public

The team

Téo Corréas

Erwan Berlese

Nader El Nahas

Communications External, Digital, Internal

Communication 2025 in practice

Review & outlook

Fixed Income

4Change

Valor

Thematic

Valor

Thematic

Quarterly Strategies

Fixed Income

Quarterly Strategies

Valor

To be determined

Public

Editorial calendar: a two-stage communication

V I

January

February

Availabilty

03/02 3 minutes… Bond Opportunities

07/01 Review 2024 & Outlook 2025

Each content are available by default in FR / EN and translated upon request

07/02 Fund update Valor

09/01 Fund update Valor

07/02 Fund update Value

09/01 Fund update Value

07/02 Monthly Macro Insights

09/01 Monthly Macro Insights

Flexibility

10/02 Fund update Blockchain

10/01 Fund update Blockchain

Unplanned topic can be included upon request and will be subject to approval by the Cocom

12/02 Fund update Fixed Income

13/01 Review 2024 & Outlook 2025

17/02 Article R-co Valor

15/01 Fund update Fixed Income

20/02 Article 5-year Net Zero Equity

27/01 Article R-co Valor Bond Opportunities

28/02 Blockchain Impact of Trump/Musk

31/01 Listed Real Estate Update

Reactivity

April

March

We remain reactive with opportunistic communications related to macroeconomic, market or geopolitical events

03/03 Video 5-year Net Zero Equity

07/04 Fund update Valor

07/03 Fund update Valor

07/04 Fund update Value

07/03 Fund update Value

07/04 Monthly Macro Insights

07/03 Monthly Macro Insights

10/04 Fund update Blockchain

10/03 Fund update Blockchain

12/04 Fund update Fixed Income

12/03 Fund update Fixed Income

14/04 CIO Outlook

19/03 Article R-co Conviction Credit Euro

17/04 R-co Valor Quarterly Strategy

25/03 Article R-co Valor Balanced

22/04 Fixed Income Quarterly Strategy

Public

Editorial line: focused on impactful messages

V I

01 Promoting active management and strong convictions

02 Provide consistent contents for each location

03 Be identified as a trusted partner

→ Short articles highlighting portfolio manager convictions → Capitalise on marketing work on impactful messages → Titled each of our publications, even recurrent ones

→ Produce contents that are relevant with the main sale priorities → Ensure regular communication on flagship funds

→ Dealing with breaking news that has an impact on the markets → Respond quickly to our clients' concerns

Public

Corporate: communicate beyond expertise

V I

01 Increase our brand awareness

02 Raising our global visibility

03 Ensure our attractiveness

→ Maintain on-going communication by covering all topics related to our company → Promote our teams and employees → Celebrating our achievements

→ Promotion of events and media coverage for each location → Publication about local news, initiatives and sales team activity → Repost of sale teams publications

→ Meet HR challenges in terms recruitment and employer brand → Demonstrate how we consider and address CSR issues → Promote our ESG involvement through concrete initiatives

Public

IA integration: the future of language and motion design

Optimising the use of our tool

Using AI to drive innovation

Focus on design

Visual creation: Produce original visuals tailored to campaigns using AI. Video production: Generate innovative, personalised video content and save time on motion design. Audio production: Generate customised narratives and soundscapes. Efficiency and innovation: Reduce deadlines while incorporating the latest trends.

→ Voice-over generator

→ Automation of repetitive tasks - reduced production times, focus on strategy

→ Optimised video editing

→ Innovative, personalised creations, new possibilities for producing unique, powerful content

Public

Use complementary tools and channels

V I

10 Average post on LinkedIn per month

LinkedIn AM page • Expertise • Corporate • Macroeconomy • Events • HR • CSR

Client newsletters • Expertise • Macroeconomy • Events

13 Client newsletters sent each month

Website am.eu.rothschildandco.com

4 LinkedIn newsletters

▪ Defined adapted formats to each channels

▪ Prioritising the visibility of our key messages

LinkedIn newsletters • Expertise • Macroeconomy • Corporate

▪ Avoid spamming clients

Public

LinkedIn: still a positive trend for followers growth

V I

Number of AM LinkedIn page’s followers

+13 656 in 2024

Target by end 2025: 50 k followers

43579

45000

42590

41690

41226

39549

40000

38892 39014

37872

3704937237

▪ Maintaining on-going communication

35045

35000

33621

31832

▪ Targeted publications on focused topics

29660

30000

28432

27045

26242

25153

24658

▪ Sponsorship of publications per location

24141

25000

23665

23313

22708

21611

20900

20080

19183

20000

18203

17273

16930

16339

15626

15056

14531

15000

13961

13377

12868

12428

12074

11549

10000

5000

oct-21 janv-22 avr-22 juil-22 oct-22 janv-23 avr-23 juil-23 oct-23 janv-24 avr-24 juil-24 oct-24 janv-25

Public

LinkedIn: make it a business tool

V I

Number of followers of LinkedIn newsletters on 2024

1600

1469

+20 % of personal networks follow the LinkedIn newsletters

1444

1390

1370

1348

1400

1320

1300

1270

1257

1210

1170

1200

1099

1070

1060

1047

1025

▪ A complementary channel to corporate ones

1000

990

976

950

1000

860

778

800

▪ A direct communication in your langage to a qualified audience

591

588

579

565

555

549

600

525

510

490

478

372

345

400

245

200

100

j-24

f-24

m-24

a-24

m-24

j-24

a-24

s-24

o-24

n-24

d-24

Switzerland Spain Germany Netherlands Italy

Public

Client newsletters: the monthly meeting with our clients

V I

Clicks per newsletter and per country on 2024

32 % Averageopen rate

January February March April

May June July August Sept.

October Nov.

Dec.

France

278

303

330

160

273

337

138

207

305

326

145

162

▪

Newsletters sending generates peaks in website traffic

Belgium FR

Belgium NL

Luxembourg

Next steps

Netherlands

▪

Capitalising on efficient newsletters with minor optimisations

Germany

107

110

105

145

115

110

▪

Thinking together about future developments for specific locations

Switzerland FR

Switzerland DE

Italy

Spain

Public

Website: our business showcase

V I

Number of visits per month on AM website on 2024

60000

144 098 unique visitors in 2024

53013

50992 50894

50302

49985

47562

50000

43099

42670

42611

564 126 Pages viewed in 2024

42171

39522

40000

33305

5m9s av eragetime spent in 2024

30000

20000

16598

15535

14877 14449 14785

▪ Ongoing efforts to optimise SEO

14259

13811 13698

13269

12875 13609 12878

▪ Constant monitoring of website data

13495 12697 13413 12651 13389 13023

10000

12233 11920 12376 12171

11034 10363

Visitors

Sessions

Viewed pages

Public

The team

Marie Duverne

Nader El Nahas

Partnerships & Press relations

Partnerships: buying regular visibility

V I

Let's define your needs together:

NETHERLANDS Investment Officer

▪

Diagnose : identify existing

partnerships and what they

GERMANY Drescher & Cie AG Das Investment

contain

BELGIUM Backstage Agency

▪

Rationalise : Ensuring optimum

use of resources in coordination

with the content created and

FRANCE H24 Finance Club Patrimoine

area needs

SWITZERLAND Investir Allnews Sphère Innvestrends

▪

Manage: monitoring

performance indicator

SPAIN Rankia

FundsPeople Funds Society EFPA

ITALY On going

Public

Partnerships: buying regular visibility

V I

Let's define your publications needs togheter

January

February

March

H24 Finance

x1 x1 x2 x1 x3 x1 x2 x1

H24 Finance

x1 x1 x2 x1 x3 x1 x2

H24 Finance

x1 x1 x2 x1 x3 x1 x2

Club Patrimoine

Investir Allnews Sphère

Monthly publications per partnership across Europe according to contracts

Investir Allnews Sphère

Investrends

Investment Officer Das Investment Drescher & Cie AG

Investment Officer Drescher & Cie AG

FundsPeople

x1 x1

Rankia

June

May

April

H24 Finance

x1 x1 x2 x1 x3 x1 x2 x1 x1

H24 Finance

x1 x1 x2 x1 x3 x1 x2

H24 Finance

x1 x1 x2 x1 x3 x1 x2 x1

Club Patrimoine

Investir Allnews Sphère

Investrends

Investment Officer Drescher & Cie AG

Investment Officer Das Investment Drescher & Cie AG

Funds Society

FundsPeople

x1 x1

Rankia

Public

Partnerships: buying opportunistic visibility

V I

Make impact in medias

Supporting our campaign with advertising and banners

Defining visual identity for our flagship funds and expertise

▪ These formats can be deployed in all medias across Europe

▪ Campaign must be plan at least 1 month before launch

Public

Press relations: a strategy aligned with our business DNA

V I

What has been done already

What we’re going to do

→ Press events

Proximity Create Strong Relationship

Breakfast or lunch

▪

Review of lists

▪

1 content per month send (except press release)

▪

Press release sent by CRM which have generate a high opening rate +28%

▪

Updatedlists all year

▪

Press monitoring

▪

Monthly press review

→ Press release

Information Push Specific News

Strategic recruitment Fund launches RAM results

→ Adapted articles send

Expertise Fund Management Insight

Aligned with identified focus areas

Public

The team

Marie Duverne

Louis Patenotte

Events

Events: A unique experience with Rothschild & Co Asset Management

V I

Make digitalisation widespread

Export our success out of France

Capitalise on the developments made to continue modernizing events with:

▪ QR codes and Slido everytime

Le Monde en Perspective

▪ Aventri for everyone

WineClub

▪ Foleon for series events

▪ Event app for seminars

▪ Studios for most of digital events (30 minutes with … Gestion dédiée Webinars)

Le Monde en Perspective

WineClub

Public

Events: our brand is one of our main assets

V P

Opera for Peace

Le Monde en Perspective

Seminar R

Date and timetable: in coordination with Opera for

Date and timetable: Thursday evening

Date and timetable: 2 days close to holidays

Peace

Location: Related to the geopolitical DNA of the event,

(early July and December)

Location: exceptional venue, for example in France it’s

for example in France it’s the Circle National des

Location: Where Rothschild is based or has history

at the Eiffel Tower and Belgium at Sophie Cauvin’

Armées

(Paris, London, Milano, Madrid, Bordeaux)

Atelier

Target : All our clients and prospects

Target : Key clients or prospects

Target : institutional & fund selectors clients & prospects

Number of participants: 50 to100

Number of participants: 20

Number of participants: 50 to 100

Marketing objectives : Brand

Indicators of success: Low no show rate (-30%)

Indicators of success: Low no show rate (-20%)

Budget : 15 to 25 000€TTC

Budget : 40 to 60 000€TTC

Budget : 40 to 50 000€TTC

Public

Events: our brand is one of our main assets

V P

Wine Testing

Fund Selectors Wine Club

Young IAF’s Club

Date and timetable: Thursday evening

Date and timetable: Thursday from 5pm to 23pm

Location: Privatized hotel or restaurant lounge for

Location: always in the same privatized Caves

Location: Related to the modern DNA of the event

example in France Salon at La Réserve, or a Suite at

Target : Key clients and prospects under 35 years old

Brach hotel

Number of participants: 25

Target : key clients and prospects

Marketing objectives : Brand

Number of participants: 20

Indicators of success: Low no show rate (-20%)

Marketing objectives : Brand

Budget : 20 to 30 000€TTC

Budget : 15 to 20 000€TTC

Indicators of success: Low no show rate (-20%)

Budget : 10 to 15 000€TTC

Public

Webinar: offering professional quality to our clients

V P

We can provide the best client experience

→ Impeccable sound and image guarantee a positive experience for participants → Projection of a premium image , associating your brand with a high standard of professionalism and modernity

→ Rothschild environment (logo, color, music) → Replay provided for a post event diffusion → Guaranteeing the anonymity of participants → Live Q&A with moderation → More possibilities of digital formats → Memorable messages

Public

Goodies, Stands, Rolls-up: the power of a Tailor-Made approach to branding

V P I

Maintaining Global Brand Identity

→ Modernise and update existing kakemonos. → Customisation of materials to suit campaigns and messages. → Importance of integrated goodies with solutions in line with the brand's image. → International Recognition: reinforcing trust and attachment. Strengthening Local Needs → Importance better connection with the local audience: → Adaptation allows for consideration of cultural sensitivities, linguistic nuances, and aesthetic preferences in the market, enhancing consumer identification with the brand. → Increased Emotional Resonance

Public

Events: being close to our clients is key

V I

54 clients events already planed (vs. 74 realised in 2024)

Let’s reinforcing efficiency together

February

January

March

▪ Restructuring Kick off

▪ Anticipate goodies needs

Annual Roundtable Roadshow Valor*2 Petit-déjeuner G10 Fondskongress 30 minutes avec… Didier

Roadshow Valor*8 Monde en Perspective Esprit Partenaires*12 Roadshow LongRun Roadshow Valor*4 Webinaire Gestion Dédiée

Fondskongress Fund Selectors WineClub Comité Stratégique

Opera for Peace Club New Gen. Time to Change 30 minutes avec…

Other requirements?

Petit-déjeuner G10 30 minutes avec…

Let’s meet quarterly by zone

April

May

June

OneLife Forum Roadshow Fixed Income 30 minutes avec…

Monde en Perspective 30 minutes avec…

Roland Garros Rencontres ESG Webinaire Gestion dédiée Equity Forum Fund Selectors Wine Club

WineClub WineClub 30 minutes avec…

Forum Clients event Brand event

Public

Events: being close to our clients is key

V I

31 clients events already planed ( vs. 51 realised in 2024)

Some missing?

Let us know before each CoCom at

July

MarketingInstitutionnel@rothschildandco.com

August

September

Seminaire R Dégustation de vins CGP

Courtiers à Paris

30 minutes avec… Didier Wine testing Comité Stratégique Roadshow Fixed Income*2 Roadshow Valor*2 Roadshow Fixed Income*2 Patrimonia Monde en Perspective 30 minutes avec…

December

November

October

Esprit Partenaires*12 Monde en Perspective BZB Forum Monde en Perspective 30 minutes avec…

Petit-déjeuner G10 Monde en Perspective Fund Selectors Wine Club 30 minutes avec…

Rencontres ESG Wine testing Seminaire R

Forum Clients event Brand event

Public

Q&A

Macroeconomics & Strategy by Didier Bouvignies

Sales Meeting – January 14 th , 2025

02. MACROECONOMICS & STRATEGY

Market performances: risk rewarded in 2024

Performance dividends reinvested (in %, in local currency)

Public Sources: Bloomberg, Rothschild & Co Asset Management – 31/12/2024 The figures quoted relate to past years. Past performance is not a reliable indicator of future performance, nor is it constant over time. This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Market performances: American exceptionalism / Short and sharp rise in China / French decorrelation

Index performance (base 100 at 29/12/2023)

Chart Title

140

Fears of job market and the profitability of AI

Expectation of lower rates as inflation falls

Strong activity in the United States

Trump 2.0

Inflation fears

135

China's recovery plan

130

Yen crisis

25,7%

125

120

17,1%

115

110

9,3%

105

0,3%

100

French National Assembly dissolved

01-24

02-24

03-24

04-24

05-24

06-24

07-24

08-24

09-24

10-24

11-24

12-24

S&P 500 TR

Euro Stoxx ® NR

MSCI China

CAC 40 ® NTR

Public

Sources : Bloomberg, Rothschild & Co Asset Management – 31/12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Market performances: French equity underperformance and markets valuation appreciation

Price performance for the total equity market in EUR

Market performances split – Equities

Chart Title

4 3

-6

-2

United States

Eurozone

CAC 40

Earnings

Valuation

Market performances split – Fixed Income

9,1

Chart Title

2,7

4,7

1,1

6,4

3,6

Investment Grade

High Yield

Yield/Carry

Valuation

Public

Sources: Worldscope, Goldman Sachs Global Investment Research, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Economy: American exceptionalism

GDP growth – World (in %, deviation from pre-pandemic trend)

Growth projections for 2024

Titre du graphique

3,2%

2,8%

2,4%

2,0%

1,6%

-2%

1,2%

-4%

0,8%

-6%

0,4%

0,0%

-8%

-0,4%

-10%

12-23

02-24 04-24

06-24

08-24

10-24

12-24

2020

2021

2022

2023

2024

United States

United Kingdom Japan

United States

China

Eurozone

Emerging ex-China

Germany

France

Spain

Public

Sources: Bloomberg, Macrobond, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Ambiguous growth: industry weak, services diverge between zones

Business morale in the industrial sector

Business morale in the services sector

Chart Title

01-23 04-23 07-23 10-23 01-24 04-24 07-24 10-24

07-23

10-23

01-24

04-24

07-24

10-24

S&P Global PMI Manufacturing - Eurozone

S&P Global PMI Services - Eurozone

S&P Global PMI Manufacturing - United States

S&Pglobal PMI Services - United States

Public

Sources: Macrobond, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Inflation decelerates but services inflation holds up

Inflation rate – United States

Inflation rate – Eurozone

Titre du graphique

Chart Title

11%

10%

3% 4% 5% 6% 7% 8%

-1%

2018

2019

2020

2021

2022

2023

2024

-2%

2017 2018 2019 2020 2021 2022 2023 2024

Industrial goods

Services

Core inflation Inflation

Industrial goods

Services

Core Inflation Inflation

Public

Sources: Bloomberg, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

We need to keep a close eye on the slowing job market

Job creation – United States

Unemployment rate – United States

Chart Title

2,2%

100 120 140 160 180 200 220 240

4,4%

2,0%

4,3%

1,8%

1,6%

4,2%

1,4%

4,1%

1,2%

4,0%

1,0%

0,8%

3,9%

20 40 60 80

0,6%

3,8%

0,4%

3,7%

0,2%

0,0%

-20 0

3,6%

-0,2%

3,5%

07-23 09-23 11-23 01-24 03-24 05-24 07-24 09-24 11-24

3,4%

Job creation in the private sector (in thousand (lhs)) Growth in the employed population, in % y/y

3,3%

02-22 06-22 11-22 03-23 08-23 12-23 05-24 09-24

Public

02. MACROECONOMICS & STRATEGY

Is this time different ?

Payroll around the time the “ Sahm point” was hit (in %, 3M ann) – United States

Wages growth – United States (in %, 3M ann)

Chart Title

2,0

1,5

1,0

0,5

0,0

-0,5

-1,0

-1,5

-2,0

-2,5

-3,0

T-3 T-2 T-1

T+1 T+2 T+3 T+4 T+5

1990

2001

2008

2024

Sahm Recession Indicator signals the start of a recession when the three-month

10-23 12-23 02-24 04-24 06-24 08-24 10-24 12-24

moving average of the national unemployment rate (U3) rises by 0.50 percentage

points or more relative to the minimum of the three-month averages from the

3M (pay) % ann.

previous 12 months.

Public

Sources: Bureau of Labor Statistics, AXA IM Research, Macrobond, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

China: still a difficult situation

Trade balance – China (cumulative 12 months, in billions of dollars)

House prices (in %, m/m) – China

Chart Title

0,6

1 000

0,4

900

0,2

800

700

0,0

600

-0,2

500

-0,4

400

-0,6

300

-0,8

200

-1,0

100

-1,2

2021

2022

2023

2024

2010 2012 2014 2016 2018 2020 2022 2024

Neufs

Anciens

Public

Sources: Bloomberg, JP Morgan, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

China: close to deflation

Consumer and producer price index (in %, y/y) – China

MSCI China vs Eurostoxx last 10 years

Public

02. MACROECONOMICS & STRATEGY

Two scenarios: slowdown or recovery?

Cost of debt as % of GDP – United States

Income and employment – Eurozone

Chart Title

12%

47%

11%

45%

10%

43%

41%

-1%

39%

-2%

-3%

37%

-4%

2005

2008

2011

2014

2017

2020

2024

2019

2020

2021

2022

2023

2024

United States - Debt service ratio Households & NPISHs

Real disposable income growth - Eurozone Employment rate growth - Eurozone

United States - Debt service ratio Non-financial corporations

Public

Sources: Bloomberg, Fed, Bureau of Economic Analysis (BEA), Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

United States: a slowdown due to the delayed effects of rising interest rates

Credit card balances in serious payment default (% of total balances) and period of recession – United States

Mortgage rates – United States

Chart Title

14%

13%

12%

11%

10%

1977

1987

1997

2007

2017

30-year loan rate Average effectvie interest rate on mortgage debt outstanding

2000

2004

2008

2012

2016

2020

2024

Public

Sources: BofA Global Investment Strategy, Macrobond, Rothschild & Co Asset Management – 12/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Growth dependent on the savings rate and productivity

Household saving rate (as % of disposable income)

Labour productivity (base 100 at 31/12/2019)

Chart Title

109

107

105

103

101

2016 2017 2018 2019 2020 2021 2022 2023 2024

2019 2020

2021 2022

2023 2024

Italie

Allemagne

France

Zone euro

États-Unis

Zone euro

États-Unis

France

Public

02. MACROECONOMICS & STRATEGY

...due to twin deficits in the United States...

Budget and current account balances (as % of GDP) - United States

Budget and current account balance (as % of GDP) - Eurozone

Chart Title

-2

-4

-2

-6

-8

-4

-10

-12

-6

-14

-8

-16

2013

2015

2017

2019

2021

2023

2000 2004 2008 2012 2016 2020 2024

Balance budgétaire

Balance courante

Balance budgétaire

Balance courante

Public

Sources: OCDE, Macrobond, Rothschild & Co Asset Management – 10/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

...on top of accumulated deficits

Position extérieure nette en % du PIB

Chart Title

80%

60%

40%

20%

-20%

-40%

-60%

-80%

2006

2008

2010

2012

2014

2016

2018

2020

2022

Royaume-Uni

Japon

Allemagne

France

Italie

États-Unis

Public

02. MACROECONOMICS & STRATEGY

United States: Above-potential growth financed externally, particularly from the eurozone...

Outstanding US Treasury securities held by foreigners ($bn)

Direct financial investment in the United States (in $T)

Chart Title

1800

1600

1400

1200

1000

800

600

400

2012

2014

2016

2018

2020

2022

2024

China

Japan Eurozone

2006 2008 2010 2012 2014 2016 2018 2020 2022

Public

Sources: OCDE, Macrobond, Trésor américain, Rexecode, Rothschild & Co Asset Management – 10/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

What hope for Europe?

1. Purchasing power gains through :

✓

Rising real wages

✓

Employment resilience

2. Lower rates:

✓

BCE rate is decreasing

✓

Credit for businesses

3. Accumulated savings

4. Political awareness :

✓

In Germany and at European level

✓

Allowing better allocation of savings

5. An end to the conflict in Ukraine

Public

Source : Rothschild & Co Asset Management – 2024

02. MACROECONOMICS & STRATEGY

Can Europe overcome its energy cost disadvantage?

Electricity generation mix in Europe

Energy trade balances (in billions of dollars)

Chart Title

-20

-40

-60

2014

2016

2018

2020

2022

2024

Zone euro

États-Unis

Spot gas price in $ ($)

Electricity generation mix in United States

Chart Title

4,4

États-Unis

Europe

Public

Sources : Bloomberg, OCDE, Ember, AXA IM Research, Rothschild & Co Asset Management – 10/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.

02. MACROECONOMICS & STRATEGY

Bond market has been wrong to predict recession, so far…

Slope of the 10-year - 2-year yield curve (in bp) and periods of recession – United States

Fed rate forecasts – United States

Titre du graphique

300

6,0%

5,5%

250

0,9

31/05

5,0%

200

0,8

4,5%

150

0,7

4,0%

100

31/12

3,5%

31/07

0,6

3,0%

0,5

2,5%

0,4

2,0%

-50

1,5%

0,3

-100

1,0%

0,2

-150

0,5%

-200

0,1

0,0%

12-21 06-22 12-22 06-23 12-23 06-24 12-24 06-25 12-25 06-26 12-26

-250

2015

2024

1978

1988

1997

2006

Taux directeur - FED Taux directeur anticipé par le marché Taux directeur anticipé par les membres de la Fed (DOTS)

Période de récession

États-Unis

Public

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