PANTHERA

SOLUTIONS
STRATEGIC ASSET ALLOCATION INTELLIGENCE

CONSULTING SERVICES

ABOUT PANTHERA SOLUTIONS

Panthera Solutions based in the Principality of Monaco provides Strategic Asset Allocation Intelligence for professional investors in Europe. We offer B2B-Consulting for the management of multi-asset-portfolios. Our solutions are based on the third generation of asset allocation principles. In our segment we have proven to be innovation leader in Germany, Austria and Switzerland.

1. Generation
Traditional Beta & Long-term Investment Horizon

2. Generation
Multi-Asset-DiversiPication & Globalization of Allocation

3. Generation
Dynamisation of Multi-Asset- Allocation & DiversiPication via Risk Factors

1950 - 2000

2000 2010

2010

ASSET ALLOCATION HISTORY

Dominant Characteristics of 1st Generation Quantitative optimization via Mean-Variance

DiversiPication as theme explains popularity of mutual funds DiversiPication via traditional asset classes - stocks, bonds, real estate and cash Single-Factor and Single- Period models dominate Home Bias No use of risk budgets

Dominant Characteristics of 2nd Generation

Quantitative optimization via Mean-Variance and Minimum- Variance (for equity exposure) DiversiPication via traditional and alternative asset classes (leverage- sensitive: HF, PE, Infrastructure) Multi-Factor and Multi-Period models dominate SAA & TAA distinction Active management Asset classes managed by specialists

Dominant Characteristics of 3rd Generation Asset Allocation via risk factor diversiPication
Real active managers (vs beta players) receive larger freedom Alternative Assets extended by catastrophe bonds, carbon credits, intellectual property rights & longevity swaps SAA & TAA distinction loses explanatory power see DSAA Emancipation from MPT-Family

Portfolio management strategies of generation 1 and 2 generate diversiPication and robustness in declining manner. They skew risks and lead to Plawed investment decisions. Dominant portfolio management strategies per generation:

ASSET ALLOCATION HISTORY

1. 2. 3. GENERATION GENERATION GENERATION

Long-Only Portfolio Buy-Hold Portfolio Permanent Portfolio Balanced Portfolio Risk Parity Portfolio Yale Modell Most DiversiPied Portfolio Best-of-two Portfolio First Best-Practice strategies take place

3GEN Building Blocks = Core competence of Panthera Solutions

We support you in detecting portfolio risks earlier and diversify them more robustly.

To your clients advantage.

To your advantage.

The essence of investment management is the management of risks, not the management of returns. Benjamin Graham

SERVICE OFFERING

Wisdom

Our aim. This is where the value is. Here is where we hope to start adding valoue through thoughtful research. Bookshelves are full of it. We can look up nearly anything.

CONSULTING PHILOSOPHY

Understanding

Knowledge

Information

Data

Information and data is cheap and at everyones fingertups all the time.

INTRO

CUSTOMER EVENT 2 DAY INHOUSE 3GEN INTRO ONE TIME PORTFOLIO ANALYSIS
THEME UPDATE MACRO UPDATE ACADEMIC UPDATE PRODUCT UPDATE

Our services are aligned to maximizing the relevance for our clients. Consequently we consider regulatory and/or internal constraints in the set-up of our consulting work.
REGIONAL BANKS PRIVATE BANKS FAMILY OFFICES HNWI TRUSTS WEALTH MANAGER ASSET/ PORTF. MANAGER

CUSTOMIZED SERVICES

ON SITE QUARTERLY UPDATE

TARGET GROUPS

3GEN PORTFOLIO OPTIMIZATION MODULES

SERVICE OFFERING

PROCESS CONSULTING

ANIMAL SPIRITS MANAGEMENT RULEBOOK DEVELOPMENT

IMPLEMENTATION

RULEBOOK

FORMATS

KEY NOTE MODERATION PROCESS FEEDBACK PROCESS INTERVENTION DIRECT INPUT DIALOGIC INPUT

RULEBOOK EXECUTION

PRODUCT SELECTION

SCREENING DUE DILIGENCE

DIGITAL REPORTS

MSAA REPORT THEME REPORT MACRO REPORT ACADEMIC REPORT

INNOVATIONS LEADER IN GER-AUT-CH

APPLICABILITY OF TRANSFERRED KNOWLEDGE

SERVICE OFFERING
COMPETITIVE EDGE

SCIENTIFIC & INDEPENDENT

UNAMBIGUOUSLY ON THE INVESTORS SIDE

INHOUSE COST SAVINGS

PROCESS
Check-list for data collection + Current portfolio positions + Transaction history of prev 12 months Interview(s) with clients AA decision makers about current AA premises, regulatory constraints, ALM guidelines, internal decision making process, etc. DePining a Plow chart with client, including on-demand calls and feedback-loops. Analyzed aspects of the client portfolio:

DATA COLLECTION

ONE-TIME PORTFOLIO ANALYSIS

SERVICE OFFERING EXAMPLE

Anti-cyclicality of the AA decision making process

PORTFOLIO ANALYSIS

Impact of global and speciPic risk factors sourced from Pantheras Risk Matrix - on current portfolio Balance between business cycle timing and long-term macro trend coverage in current portfolio The written analysis report includes: Action-oriented description of all analyzed aspects

REPORT & CONFERENCE CALL

Comparison of the current portfolio with a portfolio derived from third generation AA principles Recommendations on how to transform the current portfolios policy allocation into one aligned with third generation AA principles The report will be explained during a conference call.

OPTIONAL

The recommended products would comply with regulatory constraints of the client.

EUR 2.500

+ 1 WEEK

If requested, the process can include investment product recommendations to implement the policy allocation transformation as outlined in the analysis report.

2 WEEKS

Rebalancing logic

EUR 5.000

We all want economic growth and stability. During times of uncertainty, you want an expert that can put you and your organi- zation on a path to Pinancial security.

REFERENCES

With Markus Schuller you get answers to your questions on asset allocation, economic policy and the global economy.

He is an internationally respected asset allocation expert and speaks regularly at conferences and inhouse events.

SPEAKER
SERVICE OFFERING EXAMPLE

ENGAGEMENTS
KEY-NOTE SPEAKER LECTURER IMPULSE-PRESENTATION BUSINESS TALK / INTERVIEW PANELIST/ MODERATOR

SPEAKER TOPICS
3. ASSET ALLOCATION GENERATION FINANCIAL REPRESSION THE FUTURE OF THE EURO BANKING UNION WHAT NOW? HOW TO SELECT HEDGE FUNDS?

SEMINARS
All Panthera Solutions services are based on one core competence: providing professional investors with a stable foundation for their asset allocation of 3rd generation multi-asset-concepts.

Our workshops teach participants about the necessity and the tools of why and how to apply 3rd generation asset allocation principles.

SEMINARS
SERVICE OFFERING EXAMPLE

Alternative Portfoliomanagement 3-Day-Workshop

Organizer in Austria Wiener Brse Akademie Organizer in Germany WM Seminare Organizer in Switzerland WM Seminare

Accredited by the Financial Planning Standard Boards in Germany, Austria and Switzerland:

Multi-Asset & Risk-Management der dritten Generation 3-Day-Workshop

Organizer in Germany Deutsche Brse

More details on our workshops can be found on: www.panthera.mc

CASE STUDY
FOUNDATION

INITIAL SITUATION The board of trustees of an Austrian private foundation was increasingly unsatisPied with the wealth management service provided by its house bank (high product turnover; high level of inhouse products). Chastened by high performance volatility and intransparent service provision, the board approached Panthera Solutions. PROCESS 1. The board mandated Panthera Solutions to perform a one-time portfolio analysis. In the Pinal report, we recommended concrete steps, how # asset allocation guidelines and # the investment process of the board ONE-TIME PORTFOLIO can be improved by applying 3GEN optimization techniques. ANALYSIS

2. Subsequently, Panthera Solutions was mandated to implement certain recommendations from the Pinal report, together with the foundationss legal and tax advisors.

PROCESS CONSULTING

3. After a successful implementation, Panthera Solutions was appointed as external intelligence provider. The house bank was kept as wealth manager. In detail, Panthera Solutions organizes and moderates a semi-annual full-day program on- site, during which the board of trustees updates its asset allocation. ON SITE SEMI-ANNUAL
UPDATE

CONCLUSION Despite the ongoing service costs of Panthera Solutions, the overall cost structure of the private foundation decreased signiPicantly, while its asset allocation turned increasingly stable and at target return.

WOLFGANG MATEJKA

CEO Matejka & Partner Asset Management GmbH

"Markus Schullers expertise in the areas of economics, capital market policies, top-down anaylsis and speciPic topics of the investment industry are an important element in our decision making procecss. His diligence and discipline in the market recognition and research are tremendous. The qualitative analysis and the taken viewpoint in his Pinal conclusions are consequently certain and concise. The quality of his work is conPirmingly visible through the stability of his analyses. A strong international network strengthens his uniqueness. Markus Schuller is independent, comprehensive, disciplined, knowledgable and possesses a tremen- dous level of analytical combinatorics. An asset.

ERWIN HOF

Head of Wiener Brse Akademie

"I am happy to have won Markus Schuller an international expert in Alternative Portfoliomanagement as lecturer for our Vienna Stock Exchange Academy. Our seminar participants benePit from his longstanding expertise and can immediately apply the knowledge equipped by him."

Dr. ANTONELLA PATRAS

Dean | International University of Monaco

Markus Schuller has been teaching specialized courses in Pinance and entrepreneurship as an adjunct lecturer at the International University of Monaco for three years. His competence, clear analysis and real world experience make his classes lively and relevant, a winning combination for effective student learning.

TESTIMONIALS

Dr. WOLFGANG HAIDEGGER

CEO Advanced Secure Communications

Mr Schuller substantially helped me to shape a business plan for my product ideas. His patience to listen, his skills to extract the essentials of speciPic themes in industries he is unfamiliar with, and his business-focussed mind-set, enabled the creation of a document that helped me entering intense negotiations with investors.

His course evaluations are indeed among the highest in our institution. Reliable, calm and well organized Markus is a pleasure to work with and is a great asset in our team.

MATTHEW BARNETT

Thanks to that I consider my chances for success as promising.

Founder/Trader at Stalagmite International

Markus Schuller's level of enthusiasm in his work sets him apart from other professionals in the industry. His experience and detailed know-ledge of the Pinancial markets in Europe should give conPidence to anyone who uses his services. His comprehensive network across Europe, ranging from regulators, managers and traders is also particularly resourceful."

Dr. WOLFGANG SCHIKETANZ

CEO Schiketanz Capital Advisors GmbH

We love the crystal clear way Panthera analyzes economic situations. Proves to be particular helpful in times of great uncertainty. They clearly express their well founded opinion and dont dance around critical issues like so many others do.

CONTACT

Panthera Solutions 49, avenue Hector Otto MC 98000 Monaco

info@panthera.mc www.panthera.mc