cash equities equity derivatives asset management

TALENTS F RST Creation and production: EXANE SA 16 AVENUE MATIGNON 75008 PARIS Tel.: +33 (0)1 44 95 40 00 Fax: +33 (0)1 44 95 40 01 Photo credits: G...
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TALENTS F RST Creation and production:

EXANE SA 16 AVENUE MATIGNON 75008 PARIS Tel.: +33 (0)1 44 95 40 00 Fax: +33 (0)1 44 95 40 01

Photo credits: Gilles Leimdorfer /

• September 2008

GROUP Profile

Founded in 1990, Exane is an investment company specialising in three businesses:

•c  ash equities, with a strong franchise in Europe under the Exane BNP Paribas brand;

• e quity derivatives, which is expanding strongly thanks to

the group’s mature issuance platform for tailored structured products;

•a  sset management, the group’s most recent venture, is growing sharply, drawing on a buoyant positioning in long / short alternative equity funds.

We offer high value-added services grounded on expertise in research and innovation. With over one hundred analysts, our equity and derivatives research teams consistently stand out in professional surveys. The financial engineering and sales teams develop and promote this expertise to 1,000 institutional clients around the world. We have also built up solid investment expertise and are able to boast a good track record in asset management and proprietary trading. Today, we employ 800 people worldwide and have offices in Paris, London, Frankfurt, Geneva, Milan, New York, Singapore and Zurich.

Cash Equities

Equity Derivatives

Asset Management

Sales

Listed products

Long/short equity funds

Execution

Structured products

Structured funds

Equity research

Derivatives research

TALENTS F RST Creation and production:

EXANE SA 16 AVENUE MATIGNON 75008 PARIS Tel.: +33 (0)1 44 95 40 00 Fax: +33 (0)1 44 95 40 01

Photo credits: Gilles Leimdorfer /

• September 2008

GROUP Profile

Founded in 1990, Exane is an investment company specialising in three businesses:

•c  ash equities, with a strong franchise in Europe under the Exane BNP Paribas brand;

• e quity derivatives, which is expanding strongly thanks to

the group’s mature issuance platform for tailored structured products;

•a  sset management, the group’s most recent venture, is growing sharply, drawing on a buoyant positioning in long / short alternative equity funds.

We offer high value-added services grounded on expertise in research and innovation. With over one hundred analysts, our equity and derivatives research teams consistently stand out in professional surveys. The financial engineering and sales teams develop and promote this expertise to 1,000 institutional clients around the world. We have also built up solid investment expertise and are able to boast a good track record in asset management and proprietary trading. Today, we employ 800 people worldwide and have offices in Paris, London, Frankfurt, Geneva, Milan, New York, Singapore and Zurich.

Cash Equities

Equity Derivatives

Asset Management

Sales

Listed products

Long/short equity funds

Execution

Structured products

Structured funds

Equity research

Derivatives research

900 3 8

494 110

employees

business lines

million euros in NBI million euros in net profit

sites worldwide

London

Paris Zurich

New York

Frankfurt

Geneva

Milan

Singapore

Key dates 1990

2000

Arrival of two teams (cash equities and equity derivatives) at Finacor Bourse. Creation of Finacor Actions et Dérivés (FAD).

Exane voted number one on French equities. Verner Investissements controls 80% of Exane SA.

1992

2001

Creation of Exane (ex-FAD) then of Verner Investissements, a partnership uniting Exane’s principal managers and experts, which takes 34% of Exane’s capital.

Creation of Exane Structured Asset Management.

1996 Creation of Exane Inc in New York. Verner Investissements controls 50.1% of Exane SA.

2002 / 2003 Consolidation of competitive positions in a tough market environment. 2004 Partnership agreement with BNP Paribas.

1999 2005 / 2007 Exane issues its first equity derivative products.

Strong growth in all businesses. Establishment of Exane Derivatives in Singapore.

900 3 8

494 110

employees

business lines

million euros in NBI million euros in net profit

sites worldwide

London

Paris Zurich

New York

Frankfurt

Geneva

Milan

Singapore

Key dates 1990

2000

Arrival of two teams (cash equities and equity derivatives) at Finacor Bourse. Creation of Finacor Actions et Dérivés (FAD).

Exane voted number one on French equities. Verner Investissements controls 80% of Exane SA.

1992

2001

Creation of Exane (ex-FAD) then of Verner Investissements, a partnership uniting Exane’s principal managers and experts, which takes 34% of Exane’s capital.

Creation of Exane Structured Asset Management.

1996 Creation of Exane Inc in New York. Verner Investissements controls 50.1% of Exane SA.

2002 / 2003 Consolidation of competitive positions in a tough market environment. 2004 Partnership agreement with BNP Paribas.

1999 2005 / 2007 Exane issues its first equity derivative products.

Strong growth in all businesses. Establishment of Exane Derivatives in Singapore.

An original partnership with BNP Paribas The agreement signed with BNP Paribas in 2004 marks a milestone in the history of Exane as it opened the way for: • An operating partnership in cash equity brokerage whereby BNP Paribas granted Exane the exclusive rights to its European equities broking activities. This business now trades under the Exane BNP Paribas brand.

• A financial partnership under which BNP Paribas took 50% of the capital of Verner Investissements. The managers and key people of Exane still hold 60% of the voting rights.

• Access to significant financial means and balance sheet support with which to accelerate the development of the Exane group’s other activities.

At the operating level, Exane has a close working relationship with BNP Paribas on primary market activities (Equity Capital Markets, ECM).

Shareholding Structure 51.6% Partners

(60% of voting rights)

Verner Investissements

100%

Exane

48.4% BNP Paribas

(40% of voting rights)

03

The exane Spirit

In joining Exane, you will become part of a youthful team of 900 people driven by a strong commitment to shared values. If you see the Exane spirit in yourself, come and join us!

Entrepreneurial spirit Like the founding directors, who head the group today, you will have the opportunity to put your entrepreneurial skills into action. As part of a fast-moving team working hand in hand with the decision makers, you will quickly gain independence and exposure to the world’s financial markets. Probably more than anywhere else, your personal investment will be valued and rewarded.

Ambition If you are determined to succeed, you will fit in perfectly at Exane, which is growing steadily on the back of a clear and ambitious strategy. Whether in Paris or one of our offices around the world, you will become part of the Exane success story.

Excellence Working alongside our experienced analysts, sales people and traders will challenge you to achieve excellence in all domains. You will be giving your career a head start in a demanding environment at the heart of the financial markets.

05

Exane’s Businesses

Nos métiers :

Cash equities

Our cash equities business, carried out under the Exane BNP Paribas brand, covers research, distribution and execution on European stocks. Our business is underpinned by a strong culture of investigation and performance, which is regularly rewarded in the key industry surveys, in which our teams shine consistently.

340 employees

460

stocks covered

 66%

o.w. non French

Exane’s Businesses

Analyst Analysts research an economic sector such as Luxury Goods, Media or Oil & Gas (we cover 27 sectors in all), investigating listed companies at length to identify those that offer the best investment opportunities, which they then propose to clients. This involves studying the context of each company covered, including its growth and development strategies, its competition, the regulatory environment in which it operates and so on. The analyst then uses these findings to model the projected financial performance of the companies in order to calculate their value and develop an investment case, which they formalise in written reports to be given to clients. The commercial dimension of the analyst’s job is crucial: analysts have to be able to sell their ideas to clients both in-house (at morning meetings and internal presentations, for example) and at external financial institutions (e.g., through corporate roadshows).

Equity Sales Sales people offer investment advice and expertise on European equities to clients in financial institutions, including fund managers of insurance companies, banks, and hedge funds. Our sales desks are organised by national market, with each member of the team responsible for their own client portfolio. Sales people play the role of an orchestra conductor, spotlighting the investment ideas of our research department and bringing salient news to clients in keeping with their own investment profiles and criteria. This requires a sound macro-economic understanding and a keen ability to communicate effectively to win the confidence of clients and so ensure that they listen to our score above the general din of the market.

Equity Sales Trader Sales Traders provide the hub between the sales desk, the client and the market. A sales trader matches the interests of each party and manages liquidity as well as ensuring the efficient execution of orders placed by clients. Sales traders anticipate events and notify their clients of those likely to have a market impact in the short term. Our sales trading desks specialise by product and by region.

Front office IT engineer Our front office IT R&D engineers play an essential role on the trading floor, ensuring the flawless operation of existing front office software applications and developing new IT tools to assist our sales, trading and research teams. This involves close co-operation between the IT project leaders and the front office operators. It also demands an understanding of market developments and close technological monitoring in order to best respond to the needs of the various front office teams.

07

Exane’s Businesses

Equity derivatives Exane Derivatives is a subsidiary specialising in structured products and listed products (options and convertible bonds). Our derivative teams develop innovative solutions interweaving their convictions on the underlying instruments (cash equities, indices, etc.) and their product expertise. It is this Exane “Mix” that sets us apart in the derivatives market.

220 employees

1,000

products issued in 2006

Exane’s Businesses

Derivatives analyst Derivatives analysts make investment recommendations on listed and structured products, based on their convictions on the underlying instruments (stocks, funds, emerging markets, raw materials, etc.) and their analysis of the derivatives market (volatility, interest rates, etc.). Our excellence at developing innovative products and ideas from this synthesis - our “Mix” - gives us an edge in the derivatives market and is one of Exane’s strengths. Our derivatives analysts also play a vital commercial role, “selling” their recommendations to clients and to our derivatives sales desk, for example, during the daily morning meeting and through product presentations

Structurer Structurers use their technical skills and ability to innovate and develop new structured products. Building on investment themes identified by the derivatives research team or in response to a specific client demand, Structurers design and price tailored products and, together with the traders, measure and evaluate the associated risks. Structurers also analyse the past and anticipated future behaviour of these products, assessing their advantages and disadvantages. They are responsible for monitoring the overall structured products market. Like analysts, Structurers play an important commercial role, promoting new products to the sales team and providing technical support in the team’s dealings with clients.

Derivatives sales Our derivatives sales team build long-term relationships, offering investment advice to clients in both France and the international arena, including banks, insurance companies, asset managers, retirement and pension funds and private asset managers. Their recommendations are based on Research (equities, funds, commodities, technical features of derivatives), Engineering (legal, fiscal, regulatory) and Structuring (suitably adapted product profiles). This means always being up to date on market and product movements and trends (morning meetings, general news, derivatives research). Sales people play a key role in winning and retaining clients in France and abroad, and must possess the communication skills necessary to nurture long-term commercial relationships with them.

Trader, Structured Products Operating on behalf of Exane, Structured products traders are responsible for a portfolio, ensuring the pricing of one or more products and managing the associated risk and the positions taken. They work closely with the various research departments, Risk Control and the Sales desks, monitor potential improvements in the existing tools and contribute to the design of valuation models. 09

Exane’s Businesses

Asset management Third-party asset management is a rapidly growing activity within the group, built up by our subsidiary Exane Asset Management since 2001. Our team, comprising fund mangers with long experience in the equity markets, specialises in alternative long/short equity fund management.

1.7

EUR bn under direct long/ short management

10

alternative funds

Fund manager Fund managers aim to achieve a capital gain over time – within strictly observed risk limitations – on a portfolio of assets. Their objective at Exane Asset Management is to deliver a consistent absolute performance with a long / short strategy. This involves buying listed stocks (long) and taking sell positions on other stocks (short). Investment decisions are based on regular company visits and comprehensive financial research.

Account manager Account managers oversee the overall client relationship, from prospecting potential clients to maintaining the loyalty of existing clients. They provide the interface between the clients (pension and retirement funds, private banks, funds of funds, financial advisers, etc.) and fund managers of Exane Asset Management. In addition, they play an active role in developing our product policy. All this requires an in-depth understanding of the market and of management strategies, as well as an ability to defend a conviction.

10

Exane’s Businesses

Support functions The support teams are essential to the growth and internationalisation of our activities, especially given the increasing complexity of the products handled. The various support services operate on a group-wide basis (Middle Office, IT Systems, Accounting and Finance, Operating Control, Human Resources, Communication, etc.).

300 people

Middle office administrator The Middle Office administers the market operations executed by the Front Office and ensures that they are carried out – unwound – properly. The Back Office teams monitor and validate each transaction and the related flows and checks that they are confirmed. The middle office teams are in constant contact with the sales and trading desks and with the back office and transaction counterparties. Each member of the team is responsible for anticipating unconfirmed trades and resolving anomolies. They also maintain a tech watch on new IT tools and processes and propose improvements to existing practices. The role requires technical competencies (product knowledge, market characteristics) as well as good communication and relational skills to deal with the increasing number (and sophistication) of our internal and external contacts.

IT Project manager IT project managers oversee the implementation and upgrading of the IT applications used by the various departments (Front Office, Middle Office, Back Office, Accounting, HR, Legal, etc.). Project managers are responsible for investigating and collating user needs and constraints, establishing the system specifications and quantifying the resources necessary to complete each project (time, people, materials, etc.). They are also responsible for ensuring the roll-out of the completed applications and projects and for training the people who will be using them.

11

Join us

150 interns a year

30

junior recruits a year

Join us Internships and apprenticeships

Kick off your career at Exane

“I met Exane at the Bocconi&Jobs career fair. I was immediately attracted by the business and the ‘feel’ of the company. I submitted my CV and was selected for an internship in derivatives sales in Milan. After just six months I was offered a full-time contract and obviously jumped at the chance. I have had my own list of clients and prospects ever since!”

“One thing that attracted me to Exane was the high degree of autonomy granted to juniors in the Equity research department. I published my first report and held my first meetings with clients after only a few months. By going in at the deep end you quickly become a professional!”

Alessandro – Bocconi – Derivatives Sales, Private Banking since 2007. • Around 150 internships (minimum six months) and apprenticeships each year. • Intern possibilities include financial research – sales assistant – assistant trader – middle office assistant – marketing assistant – junior financial controller.

Delphine – HEC – Media sector analyst since 2005.

• About 30 junior posts a year. •D  epartments: Financial research – sales, trading, structuring and derivatives research – middle/ back office – audit functions – support functions. •L  ocation: in any one of our eight offices, depending on openings.

• Three main locations: Paris, London and Milan.

The recruitment process The recruitment process includes interviews with the HR department and the operating managers. The number of interviews varies according to the type of position – from two to four for an internship, and from four to eight for a full time post. We recruit throughout the year. Job openings are published on our website:

www.exane.com

12

900 3 8

494 110

employees

business lines

million euros in NBI million euros in net profit

sites worldwide

London

Paris Zurich

New York

Frankfurt

Geneva

Milan

Singapore

Key dates 1990

2000

Arrival of two teams (cash equities and equity derivatives) at Finacor Bourse. Creation of Finacor Actions et Dérivés (FAD).

Exane voted number one on French equities. Verner Investissements controls 80% of Exane SA.

1992

2001

Creation of Exane (ex-FAD) then of Verner Investissements, a partnership uniting Exane’s principal managers and experts, which takes 34% of Exane’s capital.

Creation of Exane Structured Asset Management.

1996 Creation of Exane Inc in New York. Verner Investissements controls 50.1% of Exane SA.

2002 / 2003 Consolidation of competitive positions in a tough market environment. 2004 Partnership agreement with BNP Paribas.

1999 2005 / 2007 Exane issues its first equity derivative products.

Strong growth in all businesses. Establishment of Exane Derivatives in Singapore.

TALENTS F RST Creation and production:

EXANE SA 16 AVENUE MATIGNON 75008 PARIS Tel.: +33 (0)1 44 95 40 00 Fax: +33 (0)1 44 95 40 01

Photo credits: Gilles Leimdorfer /

• September 2008

GROUP Profile

Founded in 1990, Exane is an investment company specialising in three businesses:

•c  ash equities, with a strong franchise in Europe under the Exane BNP Paribas brand;

• e quity derivatives, which is expanding strongly thanks to

the group’s mature issuance platform for tailored structured products;

•a  sset management, the group’s most recent venture, is growing sharply, drawing on a buoyant positioning in long / short alternative equity funds.

We offer high value-added services grounded on expertise in research and innovation. With over one hundred analysts, our equity and derivatives research teams consistently stand out in professional surveys. The financial engineering and sales teams develop and promote this expertise to 1,000 institutional clients around the world. We have also built up solid investment expertise and are able to boast a good track record in asset management and proprietary trading. Today, we employ 800 people worldwide and have offices in Paris, London, Frankfurt, Geneva, Milan, New York, Singapore and Zurich.

Cash Equities

Equity Derivatives

Asset Management

Sales

Listed products

Long/short equity funds

Execution

Structured products

Structured funds

Equity research

Derivatives research

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