Intelligens Asset Management Ltd Professional Practice

Independent Advisory & Fiduciary Management dedicated to Sophisticated Investors

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Table of Contents

• Intelligens’ Mission

• Strategic Advisory

• Independent Advisory dedicated to Wealth Management Services

• Fiduciary Management

Fiduciary Management vs Traditional Investment Framework

Why Intelligens as Fiduciary Manager: Mission and Value Preposition

Business Model: Services dedicated to Institutional Investors

• Final Remarks

Annexes

Our Mission

Intelligens comes from the latin expression “Intelligo ut credam – I Understand to Believe” and

represents our core belief. To offer our professional advise with Independence and gain Trust through

clear results, useful to all beneficiaries involved.

Only when our Advice is considered Clear and Worthwhile we can say our mission is accomplished.

Our Strategic Advisory and Fiduciary Management Services are based on Professional Credibility,

Projects Sustainability, a Long Term Investment Horizon and Sharing of Interests with all the actors

involved.

Respect for Clients brings Worthwhile Results

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Capturing a Clear International Trend and deploy the good lessons learned into the Italian Investment practice

In delivering our Advisory services Intelligens is keen to:

Provide Sophisticated clients with tailor-made investment solutions

Offer Advisory Services without conflicts of interests, i.e. without proposing funds nor portfolios directly

managed by Intelligens or offered by Managers connected in any sort of company connection with Intelligens.

Offer a complete set of Services able to improve the control on the overall Investment plan.

Select Portfolio Managers identified Worldwide and analyse their diversification effects on the overall plan.

Identify new asset classes or investment Strategies able to offer efficient investment solutions.

Offer innovative Risk Management techniques and deliver timely reports on risk and performance attribution

able to improve the overall control and the interaction with delegated Portfolio Managers

Help the Board and make its role more efficient and focussed on high quality controls

Improve Portfolio Management and Governance of the Investment Process

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Strategic Advisory

Investment Decisions are often the results of an accurate listening exercise. The open dialogue with Clients and

within our Marketplace guides our Advisory Efforts. Financial Inclusion, Combination of Financial Results and Positive

Social Impact, Risk Management, Disintermediation of the Banking Industry, Structural Funding Gap impacting the

SME and need to enhance the performance of the Fixed Income Portfolios, all depict a Business Environment where

Intelligens is asked to Architect and Control Innovative Investment Solutions.

Examples of Innovative Investment Solutions designed by our partners

2010: V.Volpe, Italy: MICROFINANZA 1: The first Italian Closed-end Fund investing in Microfinance

on a global scale, combining Financial and Social Returns

• 2014: A.Van Nunen, The Nederlands: The “Nederlands Ondernemings Fonds” (NLOF), a Dutch

multi party initiative to facilitate direct lending by institutional investors to Dutch middle market

corporate borrowers.

Civil Servant Activities:

2014: V.Volpe, Advisory dedicated to the Republic of the Union of Myanmar promoting Business Initiatives

selected in light of potential value added for the growth of Myanmar (activity carried out with the Honorary

Consulate of Myanmar, Turin)

Note: Picture from the launch of a Fund where MF1 invested with European Investment Bank, IFC – part of the World Bank Group, KfW (The

German Development Bank), the Belgian Investment Company for Developing Countries (BIO), Netherlands Development Finance Company

(FMO) and a range of private banks and investors: Belgian trade union ACV-CSC Metea, VDK Spaarbank, Germany’s Bank fuer Kirche und

Caritas, Norwegian Microfinance Initiative (NMI), and others. 5

Independent Advisory: - Wealth Management Services

Household, Family and Corporate Services:

• Protection (Trusts, Insurance Policies and Fiduciary Mandates)

• Advice (Real Estate , Legal, Tax and Notary Services. Venture Philanthropy)

• Control (Cash Management, Strategic Advisory, M&A, Origination towards Financing, Fund Raising)

Consolidated Portfolio Advisory and Risk Management

Independent Dialogue without Conflicts of Interests with:

- Investment Banks

- Custodian Banks

- M&A and Capital Markets’ Boutiques

- Law Firms

- Asset Managers

- Private Bankers

Few clients, extreme respect and care on designing tailor-made services,

selecting and controlling the best experts

Clear and transparent Remuneration (no rebates from Experts involved)

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Fiduciary ManagementA solid European Trend, useful to examine Why Intelligens

Fiduciary Management is an innovative methodology used to organize the Investment Framework of sizable

portfolios. It reflects the expanding range of actors involved and the need to achieve comprehensive Risk

Management, strategic decision making, effective and transparent governance of the Investment Process.

Fiduciary Management evolved in the early years of 2000’s in the Netherlands and in UK. In 2012 the FM Market

in Europe passed € 1 tr, (+128% in Assets, + 238 clients since 2010), recent surveys(*) indicate over 750 clients in

Europe in 2013 from 0 in 2000, and a growth forecast of additional 30% in assets and over 100% in the member of

new clients in 2015.

The first recognized professional introducing FM in the Netherlands and in UK has been Anton Van Nunen. VGZ, a

Dutch insurance Company has been the first client using an FM model, designed by Van Nunen.

In 2007 Anton Van Nunen authored Fiduciary Management: Blueprint for Pension Fund Excellence. This book has

now been translated in 4 languages and is a reference in FM professional practice. (**)

In 2009 Anton Van Nunen and Vincenzo Volpe started working together researching how the FM framework

could be applied to the Italian Institutional Investors’ Industry.

Since 2010, thanks to Anton and Vincenzo’s advise, several relevant Italian Institutional Clients introduced

Fiduciary Management as their Investment model

In 2013 Intelligens Asset Management Ltd has been incorporated . Vincenzo serves as CEO and Anton is partner

in charge of FM Professional Practice.

(*) Spence Johnson, Fiduciary Management, market Intelligence 2013(**) There will soon be the Italian release of the Book, in collaboration with Intelligens

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Fiduciary Management vs Traditional Model Current model, what may be improved

Actuaries

Asset Manager

Consultants

1 2 3 4

Current Investment Governance reflects a fragmented set of roles and Responsibilities where Costs may

be saved, Risk Budgeting and Continuous Overall Control on the Investment plan may be introduced.

LiabilityStrategic

Asset AllocationBenchmark Selection

Risk

Budgeting

Manager selection

Manager

monitoring

Overall

performance

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Fiduciary Managed model

From a set of Reports produced by external specialists to a direct and constant

control over the entire Investment plan, with tight control on costs and efficiency

Actuaries

Liability

Fiduciary Manager

Strategic Asset Allocation

Benchmark

Selection

Risk

BudgetingOverall

Performance

1 2 3 4

Integrated Risk and Performance Attribution Monitoring

FM Approach: to work with the Investment Team and improve the overall Control on the Investment

Plan and the Governance of the Investment Process.

Innovative Tools : Risk Budgeting and Overall Risk and Performance Attribution Monitoring techniques.

Consultants or external experts (Actuaries) may be chosen for their specific competences

The Investment Team is more solid and in control

Managers

Selection

Manager Monitoring

Consultants

Manager Monitoring

Investment Team

Italy Why FM may improve Investment Experience Relevant Trends, example on the Pension Funds’ Industry

From Regulatory Authorities:

1. Clear indication to strengthen the Portfolio Management Culture and Function

2. Opening towards Investable Universe connected to the enhancement of the Governance of

the Investment Process

3. Opening to new forms of Delegation and Control of the Investment Management Activities

From the Industry

a. To Enhance portfolio management activities

1. portfolio management delegation of relevant asset classes (i.e. International Equity)

b. To Implement an organic Investment plan and an innovative risk management framework to

improve the Governance of the Investment Process (more efficient and better controlled)

c. Interest towards the creation of dedicated Investment Vehicles1. Simplify accounting procedures

2. Save VAT

3. Inject efficiency in Portfolio Rebalancing

4. Generate a steady cash flow (yearly coupon)

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The Value Proposition of Fiduciary Management Credibility and Control over business operations through customized investment solutions

Transparency, achieved through direct access to portfolios and full control over Depositary Bank’s

operations.

Operational Flexibility, our model starts from our clients’ needs, which are translated into tailor-made

solutions offered to the Board and its Risk and Investment Committees.

Continuous control over the asset managers’ activity: chosen among world’s best and subject to a careful

due diligence and constant monitoring.

Risk Budgeting and Risk Management are the Fundamentals of our Investment Advise.

Efficient and Competitive Pricing structure with interests aligned with clients’ through base and

performance fees, bundled and unbundled fees ‘ structure.

Market Intelligence and Research to propose new investment solutions and hedging strategies.

International Expertise, to guarantee outstanding professional standards.

Continuous Educational effort , to guide investors through financial market uncertainties.

Any Sophisticated Investor can afford a professional structure looking after his Investment Plan

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FM at Intelligens, Business ModelDetail of services offered

Strategic Services

1. ALM coordination

2. Analysis of the Investment

Profile

3. Advise on Investment

Objective and Strategic

Benchmark definition

4. Proposals for the design

of the Strategic Asset

Allocation and SAA review

5. Portfolio Construction

6. Risk Budgeting

7. Education and training

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Services for the Governance of

the Investment process

1. Constant Risk Monitoring on

single mandates externally

managed

2. Constant Risk Monitoring on the

overall portfolio

3. Collaboration for analysis and

management of conflict of

interest (see next slide for details

on these services)

Asset Management Services

1. Portfolio Managers Selection

2. Implementation of the

investment plan in line with what

is agreed in the strategic services

3. Definition of Hedging Strategies

4. Portfolio rebalancing policy /

tactical asset allocation

5. Design and implementation of a

bespoke Investment Vehicle (see

example in App.3)

Business ModelServices for the Governance of the Investment process (details)

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1. Constant Risk Monitoring on

single mandates externally

managed

a. Compliance with guidelines’

mandate

b. Consistency between active risk

level fixed in the guidelines and ex

post active risk level verified in

different time horizons

c. Analysis of Information Ratio in

different time horizons

d. Analysis of Risk and Performance

attribution detailed by active risk

factors

e. Design of a tailor made set of Risk

and Performance Attribution

Reports

2. Constant Risk Monitoring on the

overall portfolio

a. Analysis vs Strategic Benchmark

b. Analysis of the Risk Budget vs

actual active risk levels in the

overall portfolio, considering the

actual correlation between

strategies and delegated

managers

c. Analysis of the Risk and

Performance contribution vs the

overall portfolio

d. Design of a tailor made Risk and

Performance attribution on the

overall portfolio

3. Collaboration for analysis and

management of conflict of

interests

a. Independent assessment of

the internal Governance of

the Investment Process.

b. Identification of controls to

identify conflicts and actions

to manage them in all

Transparency

Intelligens: Final RemarksEnhancing the Governance of the Investment Process and the Innovation of the Investment Solutions

First, we listen to clients’ needs, then we build tailor-made investment solutions.

Proven International Experience as independent Advisor.

Mission to generate Value working with the Investment Team and for the Board, with respect of

their roles and sharing their goals.

No conflict of Interests: Transparency and Control on Delegated Portfolio Managers’.

Daily Controls and Optimisation of the Services offered by Custodian Banks.

Alignment of Interests with clients witnessed by Fees Structure.

Innovative Risk and Performance Controls on the overall Investment Plan.

Investment Research on new assets classes or Hedging Strategies.

Full discretion in Investment Choices remains in the hands of the Board.

Capacity to instil Socially Responsible Investment Principles in each Investment Solutions.

Intelligens, a Credible Partner for Informed Investors

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The Investment Strategies’ Lab

Annexes

1. Asset Management Services

2. Fiduciary Management Market players

3. Asset Management Services: Example

4. Experienced Relationships with Investment Managers

5. Team

6. Short Bios

ALMManager

Selection

Advice in the

Pre-Investment

Area

Portfolio

Construction

Overall Portfolio Risk Management

Ongoing Managers Selection and Due Diligence Screening

Corporate Social Responsibility Screening

Continuous and Proactive Portfolio Monitoring

and Depo Bank oversight

Stretegic

Benchmark

Strategic Asset

Allocation

Risk Monitoring at single Fund Level

Portfolio Rebalancing Policy, Tactical Asset Allocation and Hedging

Strategies

Risk

Budget

Portfolio

Implementation

Annex 1: Fiduciary Management in Intelligens Complete array of Services, but Clients choose just what they need

Dialogue with

Actuarians

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Annex 2: Fiduciary Management Market PlayersEuropean and Domestic Market Players, new coming players

Europe, independence, 52% of the AUM are managed through external asset managers, % growing, disclosure frequency, daily

and weekly disclosure on the underlying positions in almost 60% of the cases, % growing

Italy: Interest towards taylor made vehicles, attention to costs, explicit and implicit (Spending Review)

European Market Italian Market

Allianz GI (Ger) Tower Watson (UK)

Blackrock (UK) Blackrock (UK)

Aon Hewitt (UK) Pens Plan (Ita)

APG (NL) Polaris Group (Lux)

AXA IM (Fra) Russell Investments (UK)

MN Services ( NL ) Allianz GI (Ger)

Goldman Sachs (UK) Mercer (UK)

Russell Investments (UK) Goldman Sachs (UK)

PGGM (NL) Intelligens (UK)

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Italy is gaining momentum for International FM and Consultants with polarization towards bigger mandates (over 500 mln €) role of the current Consultants under scrutiny

Annex 3: Asset Management Services – exampleDesign and implementation of a bespoke Investment Vehicle: the Sicav Sif Make or Buy analysis and Advise to “Buy and control”

Make or Buy (A vs B)

A - Make. Intelligens assists the

client to assess the project for the

creation of a Sicav Sif in Lux also

through the liaison with domestic

professionals

B - Buy. Intelligens guides the

Client towards a “turn key

solution”, through the choice of

an efficient Custodian Bank able

to offer the entire set of

Governance Services (creation of

a vehicle, i.e. Sicav Sif, Governance

of the Board, Risk and Compliance

Capabilities)

_____

The turn key solution benefits of

bundling all services’ prices in the

Fund NAV

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Investment/Advisory Services

A. Intelligens may introduce the

Client to a Fund Management

Company able to offer an

investment platform and host the

managers selected by the client

B. If “turn key solution” is chosen,

Intelligens, as the Sicav SIF Advisor,

will work with the Custodian to

offer the platform where delegated

portfolio managers (existing or

new) may migrate or may be

hosted.

______

In the Buy Option , as Advisor,

Intelligens has direct access, real

time, to all the positions and

builds with the Custodian tailor-

made risk and performance

attribution Reports.

Asset Management Services

A. 1 Intelligens may have an input in

indicating talented managers in

different asset classes or design

sophisticated hedging strategies

implemented in Funds

A.2 Intelligens may offer his reports

and may participate in Risk and

Investment Committees

B.1 Intelligens and the Custodian may

design a coupon and the “Fund” may

distribute a cash flow on a timely basis

decided with the client

B.2 Risk Mgt guaranteed by Custodian

under the control of Intelligens

______

In the Buy Option Risk Management,

Compliance and internal Governance

Functions are under the responsibility

of the Custodian Services

Annex 4:Credibility through Experienced Partnerships (funds, separate accounts and co-mingled portfolios)

Union

SSgA

Kepos Capital

Pimco

Amundi

Pioneer

Generali

Western Asset

Wellington

Franklin Templeton

BlackRock

GSAM

Epsilon

JP Morgan BNY – Mellon

BNP Paribas

Anthilia

Pictet

GSAM

BlackRock

Aquila

GSAM

MONEY MARKET & ENHANCED CASH TOTAL RETURN FIXED INCOME BALANCED EQUITY

BNP Paribas

Pimco

Natixis Group

AXA

Pioneer

Rothschild

Intech

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TRowe Price

JP Morgan Portolan

Eurizon

Northern Trust

Rothschild Kepos Loomis Sayles

Annex 5: Team (*)

Vincenzo Volpe, CEO and Founding Partner

Anton Van Nunen, Head of Fiduciary Management Professional Practice

Alessio Fontani, Chief Strategist

Simone Frigerio, Head of Quantitative Resources

Alex Darrè, Investment Advisor

Hilda Mejia, Office Manager

(*) Intelligens has been incorporated last July 2013 in London. Currently is still in a start up mode and most of the professionals mentioned

in this list act as advisors of the company and are not formal employees.

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Annex 6:Short Bios

Vincenzo Volpe vincenzo.volpe@intelligensam.eu

Since January 2013 Vincenzo is working on the Start up Intelligens Asset Management Ltd, where he serves as CEO.

He has been Head of the Investment Management Division of Polaris Investment Management Italia SGR from 1 June 2009 to December 2012, joined

Polaris Group on 1 March 2009 as Head of Advisory and Business Development of Polaris Investment S.A. Vincenzo has spent 14 years working in the

Goldman Sachs Group, which he left at the beginning of 2009, as Managing Director of the Asset Management Division and Responsible for the Italian

Market. His experience at Goldman includes Product Accounting, Risk Analysis, Legal and Regulatory Affairs, Advisory and Institutional Business

Development. Graduated in Economics in Rome University (L.U.I.S.S.) in November 1988, Certified Public Accountant in Rome since may 1991, in 1997

received the diploma from Bocconi University`s “IV post graduate course on Stock Exchanges and other Regulated Markets”. Vincenzo has served as

Chairman of Rural Impulse II, Supervisory Board and is Advisor of Microfinanza I, closed end Fund created in 2011 to invest in Microcredit.

Alex Darrè alex.darre@intelligensam.eu

Alex is currently Founding Partner of Hedra Investment Ltd. He has matured a 20 years’ experience as Portfolio Manager, Business Professional and

Quantitative Tecniques expert. From January 2007 to March 2009, in Goldman Sachs – Investment Management Dvision, Alex was responsible for

Goldman Sachs Hedge Fund Strategies(ex Commodities Corp) business in Europe, Middle East and Asia. In his role he was Board Director for Goldman

Sachs’ Dynamic Opportunities, member of the HFS Operational committee and the Alternatives Capital Market Group. From January 2001 to January 2007

FRM – Financial Risk Management; Director, recruited to develop FRM’s expertise in credit derivatives and macro trading strategies; took charge of

business development for Europe and became Global Head of Structured Products; in charge of the conception and launch of several funds. From July

1996 to June 2001, Senior Trader – Credit Derivatives; UBS Warburg in London; in charge of managing complex risks and non- replicable exposures.

Member of the Strategic and Large Risk committee; built the models and traded the structures that allowed UBS to become number one in long-dated

credit structures. Alex holds a Bachelor Degree in Econometrics from the University of Sorbonne - Assas, Paris and a Master’s Degree from Lyon Graduate

School of Business .

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Annex 6:Short Bios

Anton Van Nunen anton.vannunen@intelligensam.eu

Since 1998 Anton has been the director/owner of Van Nunen & Partners, an advisory company for both institutional and private investors. His assignments

have included restructuring investment processes at Interpolis Insurance Company, Van Spaendonck Institutional Investment, VGZ-IZA Health Insurance

Company, Campina Pension Fund, Yarden Insurance Company, the Doctors Pension Fund Services (AUM € 14 billion), the printing industry’s pension fund

( € 11 billion), the combined pension funds at Cosun, Aviko and Suiker, the pension funds of Swedish SCA, Telegraaf Media Group, the industry-wide

pension scheme of wholesale and retail, the Prins Bernard Cultuurfonds, Allianz Global Investors (Munich,London), Polaris , Syntrus Achmea, and ZLTO

(farmer’s organization) .

He is an advisor to the investment committees of the pension funds of Campina, Provisum (C&A), Arcadis and SCA, of Dela insurance company and ZLTO,

he is an advisor to Syntrus Achmea (80 billion) and he regularly teaches at Erasmus and Nyenrode University. In 2008 Anton won the European Pensions

Award for Personality of the Year, 2009 the Gold Award for Outstanding Industry Contribution from Investment & Pensions Europe, 2011 the Decade of

Distinction Award from Global Pensions.

Anton received his Ph.D. in macroeconomics and the theory of money, credit and banking at Tilburg University. He was an assistant professor for 12 years

at that university and published in the fields of macroeconomics, banking and financial markets. In 2007 he wrote “Fiduciair Management, Een blauwdruk

voor een goed bestuur van institutionele beleggers” (Heinen Publishers) (second edition 2008) and “Fiduciary Management, Blueprint for Pension Fund

Excellence (Wiley & Sons, New York). A Japanese edition was published in March 2009 and a German edition followed in May 2009.

Simone Frigerio simone.frigerio@intelligensam.eu

Before joining the Start-up project at Intelligens Asset Management Ltd, Simone has served as Head of Risk Management at Polaris Investment Italia SGR,

an Asset Management Company dedicated to non-profit institutional investors, focusing on the company’s implementation of risk management

framework. Simone started his career as Investment Risk Manager at Vegegest SGR, a retail Asset Management Company, supporting as well as giving

advice on asset allocation issues.

Simone graduated in Economics at the Catholic University of Milan (2002). He received a MSc. in Economics (Universitat Pompeu Fabra, Barcelona, 2005)

and a Ph.D. in Economics and Management (Polytechnic University of Turin and University of Bergamo, 2006).23

Annex 6:Short Bios

Alessio Fontani alessio.fontani@intelligensam.eu

Alessio Fontani is a Ph.D in Monetary Economics, with a very pronounced knowledge of money, banking and financial markets theories and practices.

Visiting professor at LUISS Guido Carli University – Rome since 1992, he’s Senior Research Fellow at LUISS’ CASMEF (Arcelli’s Centre for Monetary and

Financial Research), and Scientific Committeee member at Tor Vergata University of Rome’s CREG (Law and Economics Research Centre).

Alessio has been head of Global Financial Markets Research Department of CR Firenze Bank Holding from January 1994 to December 2011. In such

position, he has matured over a 20 years’ experience as Global Investment Strategist, Risk Manager, Quantitative Techniques and Investment Scenario

expert. In his role he was Board of Directors member for CRF Gestione Internationale SA - Luxembourg, Risk Manager for Soprarno SGR – Italy, Advisory

Board member for Banque Financiere Cardif/Centrovita Assicurazioni –BNP Paribas. He also has a significant expertise in both structured finance and

derivatives, syndicated loans and securitization processes, matured during five years of work in a specialized SICAV’s in Luxembourg.

Hildaura Mejia hilda.mejia@intelligensam.eu

She has been a Personal Assistant at Quaestio Capital Management SGR, where she was the assistant to the President of the Luxembourg Holding Group,

as well as doing planning, preparation and filing for Investment Committee. From October 2011 to December 2012 personal assistant to the Head of

Investment Management; provided assistance to the President of the Board of Directors and its members; supported the legal department for the creation

and collection of paperwork for Board of Directors meetings. At Lazard Investment Banking, she worked from May 2010 to September 2011, as Executive

Assistant to the Head of Legal Affairs as well as to the European Administrative Director; From 2004 to 2009, she was a Personal Assistant at Goldman

Sachs International, where she became a trusted assistant to the Managing Directors of Investment Banking Division. Hilda is fluent in Italian, and English.

A native speaker of Spanish, she speaks also French, Portuguese and German. She graduated in Arts, Secondary Education: French and English from the

National University of Trujillo, UNT; Peru.

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Disclaimer

This presentation is for professional investors only and is not intended as an offer or solicitation with respect to the

purchase or sale of securities, including shares of the Funds.

While reasonable care has been taken to ensure the information contained herein is valid, no representation to its

accuracy or completeness may be guaranteed before the project is implemented. Opinions and estimates may be

changed so as name of the Companies mentioned.

The authors and the entities mentioned may at the moment accept no liability whatsoever whether direct or indirect

that may arise from the use of information contained in it. Accordingly, this is for distribution solely to persons permitted

to receive it and to persons in other jurisdictions who may receive it without breaching applicable legal or regulatory

requirements.

It may not be copied or distributed to any other person. Investments involves risk. The past performance of investments

is not necessarily a guide to future returns. Changes in rates of exchange and other factors may cause the value of an

investment to go up or down. The offering documents should be read for further details.

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