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- A noter d’ailleurs, les commentaires du gouverneur de la banque centrale chinoise Zhou Xiaochuan selon lequel il y a encore de laplace pour couper les RRR.- Les hedge funds restent assez peu investis en actions et les fonds de pension et d’assurance ont un taux de détention des actifs «risqués » sur un plus bas historique. Ces derniers utilisent leurs réserves depuis 3 ans, ayant sacrifiés de force (merci Solvency II parexemple) la rentabilité de leurs actifs au rendement.ETF CornerOverviewNous vous avions parlé dans un précédent Morning du premier ETF émis par la National Bank of Abu Dhabi (NBAD) le NBADOneShare Dow Jones UAE 25 ETF. Deux changements majeurs vont intervenir :- Le benchmark actuel va être remplacé par un indice MSCI : MSCI UAE IMI 10/40.- Le mode de réplication qui était de type synthétique va être modifié au profit d’une réplication physique.La raison principale de ce changement est de rendre l’ETF plus liquide (spread plus étroit) avec la création d’un futur sur le MSCI UAEIMI 10/40 et aussi plus lisible. En effet, MSCI couvre 25.8% du marché global de l’ETF et la méthodologie MSCI est connue par ungrand nombre d’investisseurs.De plus les investisseurs ainsi que les Authorized Participants (AP) ont exprimé clairement leur préférence pour une réplicationphysique. La préférence pour le physique dans le cas de NBAD provient des règles lourdes pesant sur la nature et la gestion ducollatéral.Actuellement coté sur le ADX, NBAD prévoit de lister son ETF sur Euronext ainsi que sur le LSE. Sachant que son benchmark estUCITs compliant, cela facilitera son développement en Europe. A noter que le trading de l’ETF est suspendu jusqu’au 22 Novembreafin de faciliter la transition vers le nouveau benchmark.Single stocksNorth AmericaAmerican indicesS&P500 sector performanceLast 1 day ∆ YTD ∆ Top 5 performers Bottom 5 performersDow Jones 12'815 0.0% 4.9% Telecom 0.5% Utilities -0.9%S&P500 1'380 0.0% 9.7% Healthcare 0.4% Technology -0.3%Nasdaq 100 2'583 -0.1% 13.4% Industrials 0.3% Cons. Staples -0.1%TSX 12'191 0.0% 2.0% Energy 0.1% Materials -0.1%Bovespa 57'064 -0.5% 0.5% Financials 0.0% Cons. Discretionaries 0.0%HESS : annonce son intention de vendre ses actifs à plus faible rendement en Russie de façon à financer son développement dans leshale gaz aux Etats-Unis. Cette dernière cession ajoutée à la vente de Eagle Ford permettrait de combler le gap de financement de $3-4 milliards allant de 2012 à 2014.JC PENNY : a baissé de 12.9% signant la plus forte baisse du S&P500 après la baisse du rating par S&P de B+ à B-. Il faudrasurveiller la publication de Saks aujourd’hui.MICROSOFT : annonce le départ du président de la division Windows Steven Sinofsky. Il sera remplacé par Julie Larson-Green quisera responsable à la fois de Windows mais aussi du hardware. Des commentaires de Steve Ballmer qualifie de « modestes » lesventes de la tablette Surface.O’REILLY : annonce l’approbation d’une autorisation supplémentaire de rachat de titres de $500 millions.PEPSICO : va ouvrir un nouveau centre de recherche en Chine, ce sera la plus important hors des Etats-Unis et représente uninvestissement de plus de $40 millions. Le groupe gagnerait des parts de marché depuis son alliance avec Tingyi dans l’embouteillage.PepsiCo a prévu d’investir $2.5 milliards en Chine sur 3 ans.YAHOO : va modifier son système d’email qui ressemblera plus à gmail. Un nouveau design de la page d’accueil pourrait aussiapparaître dans le cadre du plan de la nouvelle CEO du groupe.INFORMATIONS IMPORTANTESVeuillez vous référer aux informations importantes figurant à la fin du documentLombard Odier · Good Morning Geneva · 13 novembre 2012 Page 3/8

Potato slicesA project funded by JIFSAN was presented, encompassing general minimization strategies in potatoslices. Theoretically, AA can be removed physically (e.g. steam distillation), chemically (selfcondensation,reaction with nucleophiles, oxidation). A possibility to convert AA to acrylonitrile wasconsidered using nitrilase (lower b.p. of acrylonitrile).The experimental studies that were carried out focused on pre-treatments of the potato slices. Drygrilled showed levels 900 – 1038 µg/kg, oil treated and then grilled 330 – 350 µg/kg.Surface washing afforded a reduction of 28%, citric acid 27%, thiamine 12 %, basil/rosemary/thyme35%. Blanching (30 s) had no major impact. Competing amino acids (0.5 – 2g/l) were added, andindividual amino acids showed no significant difference to surface washing. However, Additive effectswere seen, e.g. Glu/Asp provided products with an average of 43% reduction versus controls. Theproblem of scale up was acknowledged.Interestingly, at the ACS Anaheim meeting another group (Y. Park) reported reductions of about 50 %with a combination of Ca 2+ and phytate in French fries. Ca 2+ and low pH (acidulants) showed about40% reduction, decreases were not solely attributed to pH.Breakfast CerealsA rotary cooked and flaked wheat breakfast cereal was studied, with focus on processing conditions.As shown previously by industrial trails on wheat-based breakfast cereals (CIAA), AA is formed mainlyduring the toasting step. Pre-drying of the flakes had an impact on AA formation (no linearrelationship), but resulted in higher manufacturing losses. Furthermore, a negative effect on flavorwas shown. There are no practical means to control flake moisture in the oven, which would provide apotential means of AA control. In the study a large variability within and between lots was observed.Overall, the study showed consensus with CIAA observations so far that there are currently nopractical strategies to reduce AA whilst maintaining key sensory attributes. Future work will need tofocus on the impact of different wheat varieties.CoffeeNo new knowledge compared to that presented at past meetings, i.e. there exists to date no practicaloptions of reducing AA in roasted coffee. Data was shown during the keynote lecture that AA is notstable in roast & ground coffee (finished product) over longer periods of time. This aspect warrantsfurther study and may open potential avenues of mitigation.Effects of Consumer food preparationThe percentage uptake of AA due to home preparation is currently largely unknown. The objectives ofthe study were to investigate the effects of cooking conditions on AA formation, and identifyingmeasures to reduce AA in a home cooking environment.AA formation was determined in French fries (fried in corn oil), adhering to the manufacturersinstructions. Levels of AA increased with frying time and temp. and correlated to the degree ofbrowning (“a” and “L” color values). Soaking of French fries in water for 15 minutes provided a 2/3reduction in AA levels. Soaking in vinegar had a similar effect (50% reduction, 1:1 vinegar: water).Home storage of potatoes (room temp vs. cold) is also an important factor, which is under the controlof the consumer (2-3 fold higher levels in AA observed in refrigerated potatoes).In bread toasting, the surface temperature of the bread can reach well above 200°C. AA increaseswith the degree of darkness/toasting. A 2/3 reduction can be achieved by scraping off the surface(1972 µg/kg AA measured in the scrapings).Factors that still need to be considered are consumer acceptability after introduction of the measures.On the cooking side, the precision of the household fryers is still and open question.Questions for all Working Groups1. What have we accomplished so far?‣ Importance of free asparagine in the formation of AA in basically all foods so far studied,carbonyls from other sources (not limited to reducing sugars)‣ Major route identified (decarboxylation of the Schiff base)‣ Role of other amino acids, e.g. carnosine in meat‣ Importance of ammonium in certain foods4

‣ Good progress and data on potato crisps and French fries‣ Observed aging decline in roast and ground coffee: potential avenues of mitigation2. What gaps are remaining?‣ Identification of the key intermediates‣ Quantitation of precursors in foods‣ Kinetics, identify rate limiting steps = control points‣ Yeast vs. chemical leavening‣ Understand formation of AA in closed, high moisture systems (retorted baby foods, prunejuice, black olives). Involvement of 3-APA ?‣ Alternative route of formation of AA in cooked meat?‣ Understand mechanism(s) underlying reduction of AA over time in coffee‣ Impact of raw commodities, natural variation, seasonal variation3. What are the uncertainties?‣ Consequences of “slowing down” Maillard reaction, may lead top the formation of less“beneficial” compounds (antimutagens, antioxidants)?‣ Consequences of mitigation measures, potential creation of other problem compounds –Question to WG Risk Characterization.‣ How specific is asparaginase?4. Are we covering all the territory? If not, is it covered by another Working Group? Ifso, is anything being duplicated in another Working group?‣ EU Heatox project. To study formation mechanisms and kinetics of AA in different foods(potato, cereal/bread, coffee)‣ Heatox: need a close interaction in devising mitigation measures and the impact of measureson the formation of other potentially “undesirable” compounds. Will any measures definedcause concern for Heatox?‣ How to pass on the message to smaller establishments, caterers, restaurants, retailers within-store preparation, non-branded products, etc.5. What research is needed?‣ See 2. above‣ Advanced glycation end products‣ Role of water in the different foodsWG1-Specific Questions1. What is a realistic reduction?‣ Modest reductions have been achieved in Europe in certain food categories, i.e. potatoproducts, crisp bread, baby biscuits. In others, there are considerable hurdles (e.g. breakfastcereals, coffee) with possibly no solutions at hand. The impact of seasonality has so far notbeen adequately studied.‣ Controls at the processing level have had minor effects. No substantial further reduction canbe envisaged without compromising quality or fundamental changes in raw materialspretreatment or processing.2. Does this reduction significantly reduce the exposure to acrylamide from food?‣ What reduction is necessary to reduce the overall risk? (Question to WG Toxicology).‣ Need a concerted reduction for all foods, removal from one food product category will notimpact overall average consumption (population).‣ Reduction in selected products could lower intake for certain individuals.3. What is a realistic date(s) to achieve the target?‣ Several years up to industrialization of the asparaginase solution for potato products.‣ Expect progress in “small steps”.4. Can we predict - based on the knowledge of the mechanisms - which other foodscould be problematic?‣ Apply established kinetic models.‣ Measurement of intermediates (retorting, formation in certain foods under high moistureconditions).5