Founder of Panthera Solutions.

Markus has over 10 years experience in trading, structuring and managing

standard and alternative investment products. Previously to Panthera,
Markus was Managing Director at Twelve Asset Management Inc., a
Long/Short Equity Hedge Fund for which he developed the trading
algorithm. He was one of the first in Europe to fit hedge fund strategies
into UCITS III – compliant structures.

Markus successfully started his career as Equity and Options Trader at the
Austrian Volkskreditbank, followed by an engagement at the Hypo
Landesbank as Macro Analyst for the Private Banking department in 2002.

Markus graduated from his Master in Economics at Johannes Kepler

University (and University of Pittsburgh). In 2005 he successfully
graduated from his MBA (specialized in Corporate Finance and Wealth
Mgmt) at the International University of Monaco (Top 35 worldwide) .

After receiving his MSc in Financial Engineering degree in 2006 from IUM,
he joined the Alternative Investment Boutique ´Monaco Capital Partners´
where he signed responsible for structuring offshore Real Estate and
Private Equity funds with investment focus on Asia.

Since 2009 Markus is teaching the courses “Hedge Fund Structures” and
“Portfolio & Hedge Fund Strategies” at the International University of
Monaco. In 2007 he was nominated as fellow for the renowned Royal
Society of Arts.

© Panthera Solutions
Institutional and private portfolio management still relies on outdated models,
antiquated allocation convictions and a limited use of modern portfolio management
insights. See studies from Booz & Company and the University of Zurich.

The Great Recession taught us forcefully that following old paradigms in portfolio
management is the wrong response to a globalized, hence interconnected world.

© Panthera Solutions
 Mankind´s civilizing evolution is driven by certain basal, globally
sourced trends (1). PPS covers these long-term trends by its default
policy allocation of considered asset classes.

As evolution goes in cycles, PPS acknowledges the fact that these

trends need to be cyclically exploited.

PPS responds to trend-led geographical allocation adjustments.

PPS conclusively follows trend substance (trend value) and filters

market fashion out.

* (1) ´Global Trends 2025: A Transformed World´ (NIC|11/08)

© Panthera Solutions
Biology as Lead-Science Shortage of Strategic Ressources like Water & Fossil Ressources
Renaissance of Bionic Utilization of Alternative Energy Sources and Energy Efficiency
Swarm Intelligence: New Social Structures De-centralized Energy Supply

Aging and Shrinking of Western Societies CO2 Contamination and Global Warming
Growing Migration Streams Growing Ecological Pollution in Emerging Markets
Increasing Birth-Rate in Emerging Societies Clean Technologies & Social Corporate Responsibility

World Risk Society Wealth Participation of the Third World

Global Terrorism and Failed States Luxury Catch-Up of China, India and Russia
Proliferation of WMD Sustainable Consumption of the West (Eco Chic, Moral Commerce)

Dynamic Growth of Megacities IT & Nano-Technology as Key-Convergence –Drivers

Development of Adjusting Infrastructure Solutions Impulses for Many Applications (Medicine, Energy)
New Residential-, Life- and Participation Solutions NBIC Convergence

© Panthera Solutions
 Interconnectivity of global Developed & emerging market Spot global structural
economy will further increase. distinction does not work. inefficiencies & embed in policy

Liquidity evaporates when Cycle Timing supersedes

needed most. CAPM does not work. Market Timing

In complex systems, you Global Investment Universe

need a lot of insurance. Correlation does not work.
with no asset class limitations

Specialization has a tipping Accurate policy allocation and

point to instabilization. Kurtosis does not work.
security selection is sufficient.

Build allocation outside TAA (market timing) Distinction of different growth

correlation. does not work potentials is relevant.

© Panthera Solutions
© Panthera Solutions
 Considered Diversification Directional Management
Sub-Categories
Asset Classes to Equity Options Tendency
Listed Equity - Long & Short Passive
Global Equity
Private Equity - Long Active

Governmental High Long & Short Passive

Fixed Income
Corporate Medium Long & Short Passive

Direct Residential Medium Long Passive

Real Estate
Direct Commercial Low Long Active

Forestry - Medium Long Active

Infrastructure - Medium Long Active

Physical Low Long Passive

Commodities
Derivatives Medium Long & Short Active

Cash High Long Passive

Cash &
FX High Long & Short Active
Equivalents
Volatility High Neutral Active

© Panthera Solutions
 Growth GDP (qoq) Cycle US Market
G 20
Potential * Q1/10 Status * Diversifier *
Argentina 7.00 % 3.00 % 1 Medium
Australia 4.00 % 0.80 % 2 Weak
Brazil 9.00 % 2.70 % 2 Medium
Canada 4.00 % 3.40 % 1 Weak
China 13.00 % 11.90 % 3 Strong
France 3.00 % 0.10 % 4 Weak
Germany 3.50 % 0.20 % 1 Weak
India 11.00 % 8.90 % 1 Strong
Indonesia 8.00 % 5.70 % 1 Medium
Italy 3.00 % 0.40 % 1 Weak
Japan 3.00 % 1.20 % 2 Weak
Mexico 6.00 % 4.30 % 1 Medium
Russia 6.00 % 4.50 % 1 Medium
Saudi Arabia 6.00 % 4.00 % 1 Medium
South Africa 7.00 % 4.60 % 1 Medium
Turkey 12.00 % 11.70 % 2 Medium
UK 4.00 % 0.30 % 3 Weak
USA 5.00 % 0.70 % 2 -
EU 27 4.00 % 0.20 % 1 Weak
* Sample Data

© Panthera Solutions
 Europe North America Asia South America Middle East/Africa

3%

5%

35%
26%

31%

G20 Member Landscape

© Panthera Solutions
 INFLECTION INFLECTION
POINT POINT

1 2

BOTTOM

Cycle Status
Policy TOP
Basal Trend &
Underlying 3 4
Growth Potential

TURNING TURNING
POINT POINT

© Panthera Solutions
Business Cycle positioning of all G20 members in
relation to their individual growth potential
leads to the right diagram (Q3/09 example).

© Panthera Solutions
Policy Rebalancing Window Quarterly

Growth Potential Matrix Update Monthly

Product Rebalancing Window Weekly

Due Diligence Parameters

Liquidity Transparency

Fee-Fairness Strategy Loyalty

Counterparty Risk Diversification

Manager Skills Tax Efficiency

© Panthera Solutions
Inflation
+4%

Considered Allocat 22 Securities

Asset Classes ion %

Global Equity 17,5 Monthly

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Performance
Fixed Income 55 2006 1,07 0,13 -0,12 0,30 -0,78 0,14 -0,19 1,38 0,71 1,33 0,37 1,17 5,63
2007 0,95 -0,26 -0,47 1,58 1,17 0,48 -0,06 0,19 1,22 2,43 -0,27 -0,12 7,05
Real Estate 0 2008 -0,02 0,92 -1,35 5,91 0,76 -1,80 -0,05 1,73 -1,57 0,26 0,41 0,53 5,66
2009 0,84 -0,58 -0,08 2,68 -0,50 0,50 1,57 0,60 1,04 -0,82 0,57 0,58 6,26
Forestry 5
2010 0,23 1,41 2,81 1,34 0,93 -0,04 -0,1** 2,22* 8,78
Infrastructure 0 * 82,5% of all NAVs reported
2006 2007 2008 2009 2010 Avg ** 97,5% of all MAVs reported
Commodities 10 Inflation Eurozone 2,2 2,1 3,3 0,3 1,07 1,79
Expected Excess Return 4 4 4 4 2,67 3,73 140
Cash, Vola,
12,5 Target Return 6,2 6,1 7,3 4,30 3,73 5,53 130
Arbitrage
Delivered Return 5,63 6,99 5,66 6,26 8,78 6,66 120

Master Parameters 110

100
 No product trading Management Style PPS Currencies PPS MSCI World
90
 No product exchange Active Management 45 % 80 % EUR
 No transaction costs Passive Management 55 % 15 % USD 80
 Monthly re-balancing 5% GBP
70
 No currency hedge Strategy Style PPS Security Weightings
60
Long & Short 32,5 % 10x 2,50%

Sep 06

Sep 07

Sep 08

Sep 09
Mar 06

Mar 07

Mar 08

Mar 09
Dec 05

Jun 06

Dec 06

Jun 07

Dec 07

Jun 08

Dec 08

Jun 09

Dez 09

Jun 10
Mrz 10
Long Only 67,5 % 6x 5,00%
6x 7,50%

© Panthera Solutions
Inflation
+8%

Considered Allocat 26 Securities

Asset Classes ion %

Listed Equity 7,5 Monthly

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Performance
Private Equity 10 2006 1,39 0,53 0,23 0,08 -0,67 0,06 0,04 1,12 1,03 1,34 -0,49 1,54 6,34
Fixed Income 37,5 2007 1,50 0,08 -0,35 1,14 1,82 1,01 1,12 0,35 0,13 2,96 0,17 0,21 10,58
2008 0,04 1,26 -2,45 3,53 1,17 -1,54 -0,06 3,41 0,27 4,04 0,61 -2,56 7,71
Real Estate 0 2009 3,89 -0,21 -1,13 2,30 -1,77 0,55 1,47 0,70 0,79 -0,82 0,40 1,96 8,20
2010 1,79 2,31 2,85 2,02 2,56 0,17** -1,86* 9,84
Forestry 5 * 90% of all NAVs reported
** 97.5% of all NAVs reported
Infrastructure 0 2006 2007 2008 2009 2010 YTD Avg
Inflation Eurozone 2,2 2,1 3,3 0,3 0,93 1,77
Commodities 25 Expected Excess Return 8 8 8 8 5 7 150
Target Return 10,2 10,1 11,3 8,30 5,60 9,10
Cash, Vola,
15 Delivered Return 6,34 10,58 7,71 8,20 9,84 8,53
Arbitrage 130

Master Parameters 110

 No product trading Management Style PPS Currencies

 No product exchange Active Management 65 % 50 % EUR
90
 No transaction costs PPS MSCI World
Passive Management 35 % 45 % USD
 Monthly re-balancing 5% GBP 70
 No Currency Hedge
Strategy Style PPS
Security Weightings 50
Long & Short 52,5 %
12x 2,50%
Sep 06

Sep 07

Sep 08

Sep 09
Mar 06
Jun 06

Mar 07
Jun 07

Mar 08
Jun 08

Mar 09
Jun 09

Jun 10
Dec 05

Dec 06

Dec 07

Dec 08

Dez 09
Mrz 10
Long Only 47,5 %
14x 5,00%
0x 7,50%

© Panthera Solutions
© Panthera Solutions
Inflation Inflation Inflation
+2% +4% +8%

© Panthera Solutions
Contact Details Disclaimer
This presentation supersedes any presentation or information which may have been
previously issued to anyone in relation to Panthera Portfolio Solution (“PPS”). The contents
of this presentation, including the terms of the fund, are preliminary and subject to change
without notice. This is not an offer of interests or a solicitation of an offer to sell securities
or an interest in PPS. or in any investment vehicle. This presentation is only intended for
preliminary information purposes, is for the addressee only, is the property of Panthera
Mag. Markus Schuller, MBA MScFE, FRSA Solutions (“PANTHERA”)in any media, and may not be disclosed to any third party in part or
in whole without the written consent of PANTHERA. Neither PANTHERA nor the Advisor,
5, Rue des Violettes nor any of the parties mentioned herein including their subsidiaries, affiliates, shareholders,
directors or employees, nor any persons or professional firms directly or indirectly involved
MC 98000 Monaco in any aspect of PPS, guarantee the accuracy or completeness of this presentation; neither
are they making any representation or providing any guarantee whatsoever as to the future
economic performance of PPS. or as to whether PPS will at any time in the future produce
+33 674 274 986 any return or other benefits to any potential participant or investor. Anyone contemplating
a participation or investment in PPS or a similar vehicle should refer to the private
mhschuller@panthera.mc placement memorandum (which shall supersede and cancel this presentation), and should
www.panthera.mc understand that participating in PPS constitutes a risky investment in an emerging solution,
and are invited to conduct their own due diligence. The name of “Panthera Portfolio
Solution” is the property of PANTHERA and is subject to change without notice. This
document shall be superseded by the PPM when available.

© Panthera Solutions