RISKCO Top technology in the Investment Management industry

Riskco is a comprehensive system for the Investment process Riskco is a Front to Middle platform that reduces the number of applications and suppliers, eliminates manual activities, reduces the operational risk, so that all the Straight-through processing (STP) Investment process flow stays automatic. In short, it allows an obvious increased efficiency in all Investment process areas: management, control, administration, marketing. 2

3 Innovation Strategy: Benchmark review Risk limits review DoR -Dynamic optimal Risk- for: Maximizing the probability of beating the benchmark Maximizing terminal wealth (hedge funds) Information, analysis and negotiation Real time Benchmarking Real time Risk Management Risk control Performance attribution Portfolio report

4 Core information system –Riskco Core– Data Warehouse and application server Must beMust not be CompleteAccountant Flexible Designed by financials for the future –build for what’s next–

5 Core information system - Riskco Core -

6 Risk control –Riskco Management–  Valuation and fair valuation  Market, credit and liquidity risks measurement  Stress Test and simulation  Control  Regulatory Compliance  Reporting EXCELLENCE

7 Risk control –Riskco Management–  Tracking  Inputs/Outputs  Flexibility  Customization of methodological inputs  Analysis windows  Reporting design  Toolbox for nonstandard-products programming EXCELLENCE

8 Riskco Management Core information system - Riskco Core -

9 Performance Attribution Firstly discerning: how much has the strategy provided and how much the tactic? Secondly determines how much was gained or lost at each decision making point? and why? EXCELLENCE

10 Performance Attribution Riskco Management Core information system - Riskco Core -

11 Portfolio Report

12 Portfolio Report EXCELLENCE

13 Performance Attribution Riskco Management Portfolio Report Core information system - Riskco Core -

14 Real time Benchmarking Compares the risk (VaR/Tracking error) and the return (Nav) of the portfolio with a customized multiasset benchmark.

15 Performance Attribution Riskco Management Portfolio Report Real time Benchmarking Core information system - Riskco Core -

16 Real time Risk Management Probabilistic risk limits pre-trade control (VaR / Tracking error) and real time operative. Includes simulated and pending trades.

17 Performance Attribution Riskco Management Portfolio Report Real time Benchmarking Real time Risk Management Core information system - Riskco Core -

18 Information, analysis and negotiation

19 Real time Benchmarking Real time Risk Management Information, analysis and negotiation Performance Attribution Riskco Management Portfolio Report Core information system - Riskco Core -

20 EOMS

21 Real time Benchmarking Real time Risk Management EOMS Information, analysis and negotiation Performance Attribution Riskco Management Portfolio Report Core information system - Riskco Core -

22 Strategy Innovation  Benchmark review  Risk limits review DoR –Dynamic optimal Risk– Establishes how much to increase or decrease periodically the risk of the portfolio to:  Maximizing the probability of beating the benchmark  Maximizing terminal wealth (hedge funds) Thus, investors will get the maximum return of their ideas!

23 Performance Attribution Riskco Management Portfolio Report Real time Benchmarking Real time Risk Management Innovation Strategy: Benchmark reflection Risk limits review DoR -Dynamic optimal Risk- for: Maximizing the probability of beating the benchmark Maximizing terminal wealth (hedge funds) EOMS Core information system - Riskco Core - Information, analysis and negotiation

24 About us SERFIEX S.A. is a Financial Risk Management consultant with owned software, leader in the Spanish market. The company was created in Our Clients: Treasuries and risk departments of banks and corporations, financial markets and supervisors, investment funds and retirement plans managers, hedge funds, private banking, insurers and brokers. Work Areas: –Portfolio management –Measurement, control and management of financial risks: front to back –Real time risk management –Mark-to-model valuation for complex and illiquid assets –Measurement and control of market, credit-counterparty and liquidity risks –Asset & Liability Management (ALM) –Stochastic Forecasts (structural risks, budgets, ALM) –Performance attribution –Calculus and fulfillment of the regulatory standard of bank and insurers capital adequacy (Basel III and Solvency II) –Measurement and valuation of actuarial liabilities risks –Tools of financial risk management for CFO's on Corporations

25 About us Innovation: – Riskco Student®. The first professional software for financial risk management for students. – Riskco Portfolio web®. The best online software for portfolio management. – Dynamic optimal Risk® (DoR). DoR is a methodology to establish how much to increase or decrease periodically the risk of the portfolio to maximize the final wealth.

26 Clients