Q.M.S_Advisors

QMS .

.

Advisors

Q M S Advisors .

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

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Av. C.-F. Ramuz, 85 | 1009, Pully | CH tel: 078 922 08 77 | 021 711 40 89 e-mail: info@qmsadv.com website: www.qmsadv.com

Table of Contents I.

Executive Summary

II.

General Company Description

III.

Products and Services

IV.

Management and Organization

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

Page 1

I. Executive Summary Q.M.S’ Advisors Mission

Q.M.S’ Advisors mission is to bring cutting-edge investment and risk management ideas, worldclass research and services directly to the strategic investment decision makers in both the public and private sectors.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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II. General Company Description Q.M.S’ Advisors Values and Consultative Culture

Our clients' interests always come first. Experience has proven that superior services precedes success.

Integrity and honesty are at the heart of our business. Complying fully with the letter and spirit of the laws, rules and ethical principles are essential to insure our continued success.

Our partners focus on working with clients to add value through fiduciary oversight in the following ways:

Portfolio construction advice Structured investment advice Investment and capital market research Improved implementation of investment strategy Thought Leadership

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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II. General Company Description Overview of Q.M.S’ Advisors Expertise

Q.M.S offers Independent, disinterested, client-specific recommendations and portfolio solutions:

Global expertise in strategic and tactical asset allocation, liabilitydriven investing and active risk budgeting.

Clients’ advisory based on modern principles of finance and executed with cutting-edge proprietary models.

Frameworks and solutions for critical investment policy issues.

Economic and financial forecasts of global markets.

Ongoing dialogue with clients to generate best research ideas.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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III. Products and Services Q.M.S’ Advisors Investment Consulting Services

Setting investment objectives (IPS)

Asset Liability Management (ALM)

Asset/Liability studies and Surplus Optimization.

Strategic Asset Allocation to meet spending requirements and objectives.

Liability-Driven Investment Solutions (LDI)

Integration of new regulatory changes.

Thorough analysis and modeling of liability and asset growth.

Devising liability hedging strategy tailored to our clients' circumstances or liability stream.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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III. Products and Services Q.M.S’ Advisors Investment Consulting Services

Structuring Alpha-Focused Investment Portfolios

Maximization of active risk budget: Active management and efficient allocation of active risk.

Search and isolation of alpha-generating asset classes with the highest return/risk potential.

Portable alpha strategies to achieve the targeted risk budget.

Implementation of orthogonal Tactical Asset Allocation programs (T.A.A.).

Achieving Difficult Return Targets

Q.M.S. provides recommendations to help clients achieve difficult return objectives via optimal long-term asset allocation combining leverage, exotic beta and alpha.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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III. Products and Services Q.M.S’ Advisors Investment Consulting Services

Monitoring Strategies and Investment Management against objectives

Risk management and hedging

Investment Research

Portfolio simulations, identification and shift of portfolio’s return PDFs. Analysis of client’s risk exposures (VaR, CVaR, EVT) and devising of optimal hedging strategies.

Analyzes of global capital markets and dynamic assessment of international markets’ relative value.

Thought leadership and investor education

Research offers guidance on an array of compelling industry-related topics. Our research papers present both current market issues as well as visionary ideas not yet considered by the marketplace.

TO ADDRESS Q.M.S ADVISORS INVESTMENT ADDRESSES CHALLENGES INVESTMENT

BY CONSTRUCTING CHALLENGESINNOVATIVE

BY CONSTRUCTING SOLUTIONS INNOVATIVE WITH SOLUTIONS A GLOBAL, WITHTOTAL A GLOBAL, PORTFOLIO TOTAL APPROACH PORTFOLIO APPROACH Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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III. Products and Services Product Structuring and Implementation

Q.M.S offers sound investment solutions implemented with the most efficient instruments:

Cash instruments: • Liquid equity and fixed-income instruments to less liquid markets such as real estate and alternative investments

Cash and Derivative Instruments: • Risk management including liability hedging, equity hedging and cross asset class solutions • View Based Strategies including sector, basket and thematic ideas

Cash and Derivative Instruments: • Alpha/Beta Separation • Exotic & Enhanced Beta Exposure • Alpha Generating Ideas & Investment

Derivative Instruments: • Structured and Option Based Strategies • Synthetic Exposures including futures, swaps, options.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Team Qualifications

Experienced team of professionals with many years of industry experience:

Consultative Culture: Extensive track record in providing value-added solutions to specific client needs Market Experience: Thorough understanding of global economies and capital markets’ dynamics Specialized Knowledge: Broad experience in Pension Finance, Endowment and Foundation requirements Quantitative Excellence: A group of quantitative professionals with advanced degrees in mathematics, finance, and economics Global Perspective: Experience in working with large pension funds and corporations worldwide

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Organigram

C.E.O C.E.O and and Founder Founder S.S. Duparc Duparc

Head Head of of Institutional Institutional Advisory Advisory S.S. Duparc Duparc

Q.M.S Advisors

Head Head of of Sales Sales and and Marketing Marketing E. E. Duparc Duparc

Head Head of of Portfolio Portfolio Structuring Structuring and and Quantitative Quantitative Modeling Modeling G. G. Annarumma Annarumma

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Meet the Managers

Sacha Duparc

C.E.O and Founder Mr. Duparc has over eight years of industry experience. He previously worked at Credit Suisse as member of the Quantitative Strategies Group and was responsible for client advisory, quantitative research, analysis and modeling. He joined Credit Suisse in 2004 from Amaranth LLC., where he was an Associate on the Commodity Derivatives Trading Desk. Before that Mr. Duparc joined Allegheny Energy Global Markets LLC in 2001 and served as a Quantitative Analyst until 2003. Mr. Duparc holds a MS in applied economics and finance from Paris IX University and a MA in international economics and finance from Brandeis University. He is a FRM Financial Risk Manager, a Chartered Alternative Investment Analyst (CAIA) and a candidate to the CFA level III examination.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Meet the Managers

Elena Duparc

C.O.O and Founder Ms. Duparc has over four years of experience in International Business Development and Sales Management. She currently heads the business development unit of UMC Universal S.A. where her main responsibilities consist of leading the firm’s marketing and sales efforts as well as the forecasting, planning and organization of the firm’s logistics. She joined UMC Universal S.A. in 2006 from Sky Media Manufacturing S.A. where her responsibilities included starting up the firm’s North American activities, establishing the firm’s distribution channels with major retail chains and distributors, as well as the negotiation of sales contracts.

She successfully set up the firm’s just in time call-off-order system, and lead the forecasting and planning of buffer inventories, production and deliveries. Ms. Duparc holds a BA in economics, business and east european studies and a MS in political economy from the London School of Economics

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Meet the Managers

Guillaume Annarumma

Head of Portfolio Structuring and Quantitative Modeling Mr. Annarumma is our head of portfolio structuring and quantitative modeling. Mr. Annarumma was an Interest Rate Exotics Trader at Wachovia Bank in London where he was in charge of creating and pricing Exotic Interest Rate derivative products. Mr. Annarumma joined Wachovia Bank from Calyon in New York in 2006 where he was an Interest Rate Exotics Trader in charge of establishing and managing the bank’s interest-rate derivatives books covering Canada and Mexico.

He also was in charge of creating, managing, and hedging complex structured products. Mr. Annarumma holds a BS in applied economics and finance from Paris IX University, a MA in international economics and finance from Brandeis University and a MA in mathematical finance from Boston University.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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IV. Management and Organization Business Principles

We strive to offer our full dedication to our clients and seek to expand our client relationships.

We provide an entrepreneurial incentivized environment for our associates and foster teamwork, meritocracy and the highest professional and ethical standards.

We appoint professionals with extensive expertise, compelling backgrounds and uncompromising determination to achieve excellence.

We foster creativity and imagination in all undertakings. We continually strive to find better solutions to a client's problems while recognizing that traditional ways and means may still be best.

Q.M.S Advisors

Av. C.-F. Ramuz, 85 | 1009, Pully CH | tel: 078 922 08 77 | 021 711 40 89 | e-mail: info@qmsadv.com | website: www.qmsadv.com

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