A CLIENT CENTRIC APPROACH

November 2015 SYZ WEALTH MANAGEMENT IN BRIEF

A unique A wide A global corporate spectrum of coverage culture capabilities

Client centric Discretionary mandates to cater our clients' Swiss banking group with organisation individual needs 21 locations worldwide, of which 15 Wealth Entrepreneurial spirit Advisory business with rich cross-asset Management expertise Strive for Investment professionals performance Global Investment Solutions with outstanding in 4 continents and 5 time expertise in hedge funds zones Fees based on performance Private Equity and Corporate Advisory services Close proximity to our through first-in-class partnerships clients, tailoring our approach to their needs Wealth planning with holistic approach

Broad credit offering to leverage client assets and finance external investments

Trading services with full-fledged trading desk

2/29 November 2015 SYZ HISTORY A SUCCESS STORY SINCE 20 YEARS

2015 2014 Corporate Advisory & Private Equity Services Acquisition of Royal of Canada (Suisse) SA 2012 Dubai office SYZ Swiss Advisors launched 2011 office Higgs boson’s existence is experimentally confirmed 2010 SYZ Asset Management founded The eruption of Icelandic volcano Eyjafjallajökull causes major 2009 disruption to air travel in Europe 1996 N+1 SYZ launched Banque SYZ founded OYSTER launched IBM’s Deep Blue Barack Obama elected beats World first African-American champion Kasparov president of the US

1st non-stop flight 2007 SpaceShipOne: the first ever private space flight around the world by balloon, piloted by Hong Kong office Bertrand Piccard and Brian Jones

1999 The launch of the iPod SYZ Bank & Trust Nassau revolutionises music- listening behaviour office 2000 2004 Locarno office 2001 ALBERTINI SYZ 2003 2002 gets banking licence office ALBERTINI SYZ Luxembourg office office founded

3/29 November 2015 ERIC SYZ A TRUE ENTREPRENEUR

Eric Syz is the majority shareholder and CEO of the SYZ Group. Eric Syz comes from a Zurich industrial family, which was notably among the founders of Credit Suisse and Zurich Insurance. He began his financial career on Wall Street in 1981. In 1984, he joined the -based private bank Lombard Odier & Cie, working in asset management, mergers & acquisitions, promoting and designing the group’s products and analysing hedge funds, a category in which he has built robust expertise since the 1980s. In 1996, he founded the SYZ Group with Alfredo Piacentini and Paolo Luban. Banque SYZ has enjoyed strong growth and is acknowledged by its peers as a true success story in the Swiss banking world. A major contemporary art collector, Eric Syz is one of the most respected figures in the Swiss banking sector and a key player in the sector’s transformation into a forward-looking financial centre.

4/29 November 2015 WHAT WE STAND FOR…

ENTREPRENEURIAL SPIRIT CREATED FOR OUR CLIENTS CREATED TO PERFORM

Independent We began by listening Expertise to our clients’ needs Founded by Specialisation true entrepreneurs We then built our bank to bring them real solutions Modern Free from conflicts investment style of interest Fees based on performance

5/29 November 2015 …AND WHAT SETS US APART

Putting the client first Absolute performance  Instead of asking our clients to adapt  Our benchmark is absolute to our processes, our model is based performance, not a stock market index on our clients' real concerns  We are clearly motivated to seek out the best asset managers and the highest performing products

Capital protection is A comprehensive view our top priority of wealth  The best way to make gains  We take into account all of your wealth, is to avoid losses without limiting ourselves to your portfolio alone

Aligning our interests An approach based on  We are totally independent, enabling net return, after tax us to avoid conflicts of interest  We take costs and the tax impact into  Our remuneration depends consideration in our investment approach on our clients satisfaction

6/29 November 2015 WE ARE CREATED FOR OUR CLIENTS…

CLIENT NEEDS SYZ OFFERING

Taking into account our Customised offerings clients' real concerns CLIENT to cater individual needs

Holistic approach Broad range of wealth to client needs management services

SYZ EMPLOYEES

Dedicated to Highest their clients professional standards

7/29 November 2015 …AND WE ARE CREATED TO PERFORM

SELECTION ACTIVE OF THE BEST MANAGEMENT ASSET MANAGERS We invest independently Our objective is to provide of stock market indices PERFORMANCE the best asset management

Our size gives us agility We supplement our in-house skills with the world’s best specialists

RISK MANAGEMENT

Extensive use of Use of products with hedging techniques asymmetrical profiles

8/29 November 2015 FINANCIALLY STRONG WITH CONTINUOUSLY GOOD TRACK RECORD

CONTINUOUS GROWTH SOLID CAPITAL RATIO GOOD RATINGS

CHF bn 60 +17% Baa2 40 by Moody's 40 29 29 25 16% 20 Tier-1 ratio in 2016 A2/P-1 0 for long-term/ 2012 2013 2014 2015 short-term deposits

AuM of CHF 40bn in 2015 Estimated Tier-1 Group rated Baa2 on 21 May 2015 17% annual growth since 2012 ratio of 16% in 2016 Placed under review for possible downgrade on 23 July 2015 due to the announced acquisition of RBC (Suisse) SA

9/29 November 2015 SYZ GROUP OFFERING OVERVIEW OF OUR SERVICES AND EXPERTISE

SYZ ASSET OYSTER OYSTER SYZ AM MANAGEMENT Funds Alternative Funds

Independent Asset Private clients SYZ Swiss Advisors Managers

Advisory/ Global Investment Discretionary SYZ WEALTH Research Solutions MANAGEMENT

Wealth Credit Trading planning

10/29 November 2015 SYZ ASSET MANAGEMENT A SUCCESSFUL BOUTIQUE PLAYER

Multi-boutique offering Clear commitment focused on active management to performance expressed Equities: Europe, Italy, US, Japan, through 5 principles Emerging Markets, Global, High Dividend, Alpha generation Market Neutral Focused portfolios Fixed Income: CHF, EUR, EUR Corporate, USD, High Yield, Convertibles, Flexible Non-dogmatic investments Multi-Asset: Absolute Return, Diversified, Unrestrained fund management Real Return Inflation linked, Active Innovation Protection. Multi-Manager: Alternative investments

Comprehensive Swiss and international investment teams institutional client base Experienced managers Pension funds, insurers, and team members corporates and investment funds Pure play strategists Investing either through the Proven track record Group’s investment funds or via segregated mandates

11/29 November 2015 SYZ ASSET MANAGEMENT WITH SPECIAL FUND OFFERING AND EXPERTISE

OYSTER FUNDS OYSTER ALTERNATIVE SYZ AM FUNDS  UCITS Luxembourg SICAV  Selecting hedge funds and  Swiss-domiciled funds for with pan-European and managing multi-manager funds is Swiss institutional investors Asian distribution one of the Group’s long-standing skills  Focused on CHF fixed  26 strategies in the major asset  SYZ’s 19-year track record is one income strategies classes and niche strategies of the longest in Europe  Top-performing funds aimed  A diversified single- and multi-strategy at a professional market alternative products offering  Effective mix of in-house and external fund managers  Recognised fund brand (ranked #34 in the Top 50 preferred fund brands in Europe1)

1: Fund Buyer Focus/Morningstar 2014 ranking

12/29 November 2015 Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions SYZ WEALTH MANAGEMENT OUR OFFERING

GLOBAL DISCRETIONARY INVESTMENT ADVISORY/ INVESTMENT MANAGEMENT PROCESS RESEARCH SOLUTIONS

WEALTH ONLINE CREDIT TRADING PLANNING BANKING

13/29 November 2015 DISCRETIONARY VARIOUS PROFILES MANAGEMENT TO CATER OUR CLIENTS’ NEEDS

Fixed Alternatives Equities Cash income

3% Defined risk budget Absolute High liquidity High 15% 62% 20% Return Low FX risk 5% Dividend stocks 100% Open Architecture Funds Medium 15% 40% 40% Equities Stock-picking

100% Fixed High Yield or EM bias 15% 23% 52% 10% Moderate Income Income generation SPECIAL PROFILES

STANDARD PROFILES STANDARD 13% 10% 62% 15% Oriented on protection Low CPI + against inflation

No strict minimum size for special mandates Management fine-tuned to take into account but ideally above USD/EUR/CHF 1mio local tax rules FX : managed as an asset class Reference currencies : CHF/USD/EUR/GBP/CAD/SEK

14/29 November 2015 INVESTMENT HOW WE INVEST PROCESS

Example: Portfolio management – Discretionary mandates

CIO / Strategy Committee

Discretionary Portfolio Management Team ACTOR

Client via Relationship manager

Market Strategy Model Profile Implemen- Client Analysis Grid Portfolio definition tation Portfolio PROCESS

RISK CONTROL In-house Expected bottom-up returns analysis Volatility Restr. Man. Neutral review Tools Top Down Fund points analysis analysis OW /UW TOOLS Performance Fiscal review rules Forecasts/ Risk 3rd party Modelling analysis analysis

15/29 November 2015 ADVISORY/ A CROSS-ASSET RESEARCH GLOBAL EXPERTISE

SYZ ASSET MANAGEMENT EXTERNAL BROKERS  34 UCITS funds  20 brokers access  Macro analysis/Tactical allocation

SYZ FUND RESEARCH SYZ TRADING  Fund analysis  8 experts (Equities, Bonds, FX,  Open architecture ADVISORY Structured products) • Global Equities • Alternative Investments • Global Bonds • Structured • FOREX Products

ADVISORY TO ADVISORY TO DIRECT ADVISORY EXTERNAL ASSET RELATIONSHIP TO CLIENTS MANAGERS MANAGERS

16/29 November 2015 ADVISORY/ …WITH A WIDE OFFERING RESEARCH

Our strengths Our offer  Global Equity selection  Active Equity & Bonds lists  Global Bond selection  Weekly investment note  Hedge Funds selection (GIS)  Company notes  FX advisory  Flash notes to RMs & Clients  Structured products advisory  Portfolio Analysis & Design

17/29 November 2015 GLOBAL INVESTMENT HEDGE FUND EXPERTISE SOLUTIONS & SERVICES

Global Investment Solutions Offer of Services Hedge funds and global alternative Portfolio management of tailor- team. USD 2bn in hedge fund made portfolios as per client’s investments predefined needs

Focusing on the specific needs of Active advisory on selected high- private individuals, family offices, quality hedge funds, including external asset managers and trusts redemption recommendations. Offer capacity in closed funds

Portfolio Management Skills Research Skills Focus on performance and Internal global hedge fund downside protection research capabilities. More than 100 hedge funds approved 6.5% annualised outperformance vs. hedge fund index Subscriber to Albourne, leading independent hedge Flat performances during fund research service equity down months

18/29 November 2015 Note: Some funds may be restricted to qualified investors only and/or to certain jurisdictions WEALTH TAKING CARE OF OUR CLIENTS PLANNING WEALTH BEYOND INVESTING

OBJECTIVES WEALTH PRESERVATION WEALTH ENHANCEMENT

Wealth planning is a dedicated service aimed at assisting clients in the: DEDICATED Evaluation of financial, economic and risks from asset allocation SERVICE Identification of compliant investment instruments in partnership with legal counsels Coordination of family matters Succession solutions for businesses and private assets

We differentiate ourselves from an external advisor thanks to: DIFFERENTIATING Holistic analysis of legal and fiscal situation APPROACH Neutral and independent identification of your objectives Development of tailor-made wealth plan thanks to our multi-disciplinary expertise Solution implementation in our banking environment

Tax solutions Concentrated equity planning Understanding tax implications in multiple jurisdictions Developing strategies to enhance position lending value Compliant solutions by using investment wrappers such Create liquidity as collective investment schemes

Insurance solutions Restructuring for tax and legal change BREADTH OF Unit-linked insurances Regular reviews to identify risks and define strategies TOPICS COVERED Guaranteeing liquidity to avoid risks with tax and legal counsels Portable from one country to the other

Cross-border planning Dispositive planning Expatriation opportunities for individuals Alternatives to proper ownership for asset Solutions for entrepreneurs who need to freely protection purposes and/or heritage transfer travel around Europe Succession planning solutions and transfer facilitation Solutions to achieve clients’ philanthropic objectives

19/29 November 2015 ALLOWING FOR CREDIT FINANCIAL FLEXIBILITY

COLLATERALISED Leveraging the assets with the bank CREDIT FACILITIES Financing external investments

Overdrafts in all major currencies FLEXIBLE Fixed term loans in all major currencies and up to 5 years UTILISATION First demand bank guarantees Derivatives trading

PRODUCT LENDING VALUE

Cash, MM, Fiduciary Max 100% Fixed Income Max 95% Equities Max 75% ETF Funds Fixed Income max. 95%/Equity max. 75 PRODUCT Internal Funds Based on asset class Recommended Funds Based on asset class Hedge Funds Max 60% Insurance Policies On a case-by-case basis, depending on contract type

20/29 November 2015 FULL RANGE OF TRADING TRADING SERVICES AT YOUR DISPOSAL

Competitive Trading volume VIP service with 1 trading services per year high added value

 Direct access to the trading room  Equities: ~CHF 7bn  Personalised advice, for clients & IAM  Bonds: ~CHF 6bn implemented by devising a tailored investment strategy  Long opening hours  Forex spot/forward/swap:   Competitive prices, obtained by ~CHF 110bn Actively managed currency overlay, with continuous monitoring for creating competition among more  Derivatives forex: ~CHF 7bn than 28 different bank optimisation counterparties  Highly controlled risk management  Meticulous execution in line with with systematic stop loss limits “Best Execution” principles and call levels  Technical analysis  Continuous information through a range of publications, external research and market news flows

1. Trading volumes 2014

21/29 November 2015 ONLINE AT THE FOREFRONT BANKING OF TECHNOLOGY

SYZ Direct  The eBanking solution that allows to access client accounts 24 hours, 7 days a week  Account statements and portfolio evaluations can be viewed, printed or exported as required  Our eBanking respects the high security norms that we apply to all our activities

SYZ Mobile  Intuitive, safe and user-friendly, this iPad app enables our clients to view at any moment the situation and the results of their portfolio  Taking advantage of modern technologies, SYZ Mobile allows our clients to view their account information and to choose the desired granularity, from a simple overview to the details of each position

Available information  Summarised view with portfolio evaluation, performance of the ongoing year and administrative information  Performance of the ongoing year, with a synthetic or detailed vision including inflows / outflows of funds  Breakdown by asset classes and currencies, current state and 12-month history  Current account balance  Detailed positions with average cost, current price and unrealised profit / loss

22/29 November 2015 SYZ INDEPENDENT ASSET MANAGERS UNIQUE SERVICES FOR IAMS

A strategic activity with dedicated resources  Genuine investment management specialist  A team of experienced professionals, totally dedicated to IAM A bank that truly adds value  Dedicated solutions for private clients as well as IAM  State-of-the-art IT systems  Flat structure and rapid decision-making process Trading room  Direct access to the SYZ Trading Room will be granted to IAM with a sufficient size and specifics needs A renowned active advisory  Bespoke recommendations based on SYZ’s high value-added research  Ability to handle all asset classes  Open architecture

23/29 November 2015 SYZ SWISS ADVISORS SERVING OUR US CLIENTS

About SYZ Swiss Clientele served Services offered Advisors American investors based Discretionary investment SEC-registered Swiss in the US and abroad management investment advisor based Choice of several investment in Zurich profiles

US tax compliant portfolio management

Full tax statements

24/29 November 2015 SYZ KNOWLEDGE WORLD ACCESS TO DEEP CROSS-ASSET EXPERTISE

ADVISORY Global equities & bonds – direct line & funds, forex & derivatives, hedge funds & alternatives, external funds recommendation list GLOBAL INVESTMENT SYZ ASSET MANAGEMENT SOLUTIONS OYSTER Funds, special mandates, Hedge fund expertise & services institutional mandates

CREDIT & LENDING ACCESS TO SYZ RESEARCH Lombard & external loans, External funds, global equities, global bank guarantees, credit, bonds, hedge funds prepaid cards, cheques EXPERTISE

WEALTH PLANNING DISCRETIONARY PORTFOLIO Optimisation, shareholder Various balanced mandates, special maximisation, transfer mandates & hedge funds mandates to next generations

TRADING DESK Direct access & advisory, forex, equities, bonds, derivatives

Wealth Management Asset Management 25/29 November 2015 SYZ AWARDS RECOGNISED QUALITY & SERVICE

November 2015 October 2014 August 2014 November 2013 For the second year The Swiss banking Group Banque SYZ & CO Eric Syz, Co-founder and running, Banque SYZ has SYZ & CO has been voted ranked best Swiss Managing Partner of the been voted “Best Private “Best Private Banking bank in terms of Swiss banking group Banking Boutique” by the Boutique” by the jury of soundness in the SYZ & CO, was awarded jury of the Global Private the Global Private Banking annual ranking of the the “Judges’ Award Banking Awards 2015. Awards 2014 organised by world’s top Industry Leader" in the Organised by PWM PWM (Professional Wealth drawn up by the 2013 Global Private Professional Wealth Management) and benchmark magazine Banking Awards, organised Management and The Banker, two The Banker. by PWM and The Banker. The Banker, both Financial publications of the Times Group publications. group.

26/29 November 2015 SYZ GROUP 21 PRESENCES WORLDWIDE, OF WHICH 15 FOR WEALTH MANAGEMENT

27/29 November 2015 CONTACTS

SWITZERLAND ASIA Lugano – Representative office Reggio Emilia Zaragoza Geneva SYZ Asset Management (Suisse) SA Banca ALBERTINI SYZ SpA N+1 SYZ Hong Kong Banque SYZ SA Riva Paradiso 2 Via Roma 8 Albareda 1. 2°B SYZ Asset Management (Asia) Ltd Rue du Rhône 30 CH – 6902 Lugano-Paradiso I – 42100 Reggio Emilia 50004 Zaragoza 6501, 65/F, The Center Case Postale 5015 99 Queen’s Road Central Tel: +41 (0)58 799 67 20 Tel: +39 0522 45 921 Tel.: +34 976 79 51 60 CH – 1211 Genève 11 Fax: +41 (0)58 799 23 00 Hong Kong Tel: +41 (0)58 799 10 00 Tel: +852 3911 0800 Fax: +41 (0)58 799 20 00 Bologna Luxembourg Locarno – Agency Banca ALBERTINI SYZ SpA SYZ Asset Management (Luxembourg) SA [email protected] Banque SYZ SA www.syzgroup.com Piazza Calderini 3 54 rue Charles Martel Via Cattori 4 I – 40124 Bologna L – 2134 Luxembourg MIDDLE EAST Casella postale 1461 Tel: +39 051 29 10 51 Tel: +352 26 27 36-1 Geneva CH – 6601 Locarno Dubai Banque SYZ SA Tel: +41 (0)58 799 66 66 Torino Global Investment Selection SA Rue François-Diday Banque SYZ SA Fax: +41 (0)58 799 22 50 Banca ALBERTINI SYZ SpA 54 rue Charles Martel (Dubai Representative Office) 6 Case postale 5696 Corso Re Umberto 77 L – 2134 Luxembourg Dubai International Financial Centre CH - 1211 Genève 11 I – 10128 Torino Tel: +352 26 27 36-1 Tel: +41 (0)22 819 42 42 Tel. (+39) 011 503232 Office Nr. 13, Gate Village 4, Level 3 P.O. Box 113355 – Dubai, UAE Fax: +41 (0)22 819 43 43 OYSTER SICAV Tel: +971 (0)4 401 99 99 EUROPE Boulevard de la Foire 11-13 Fax: +971 (0)4 401 91 14 Geneva N+1 SYZ L – 1528 Luxembourg SYZ Asset Management (Suisse) SA London Padilla 17 Tel: +325 26 27 31-1 Rue du Rhône 30 SYZ Asset Management (Europe) E – 28006 Madrid Case Postale 5015 Limited Tel: +34 91 745 84 84 AFRICA CH – 1211 Genève 11 Authorised and Regulated by the FCA Tel: +41 (0)58 799 18 00 Southwest House Bilbao Johannesburgh Fax: +41 (0)58 799 20 46 11a Regent Street N+1 SYZ NORTH AMERICA Banque SYZ SA, South Africa London SW1Y 4LR Alameda de Recalde, 35, 6° dcha Representative Office Zurich – Agency Tel: +44 (0) 20 30 400 500 E - 48011 Bilbao Nassau Suite 8, First Floor The Orchard, 89 Bute Bank SYZ AG Tel: +34 94 443 63 51 SYZ Bank & Trust Ltd Lane Sandown RSA - Sandton 2196 Dreikönigstrasse 12 Edinburgh Old Fort Bay Town Centre, Building 2 CH – 8027 Zürich PO Box 653641 Benmore RSA - Sandton SYZ Asset Management (Europe) Barcelona Windsor Field Road 2010 Tel: +41 (0)58 799 77 37 Limited N+1 SYZ P.O. Box N-1089 Fax: +41 (0)58 799 22 00 Tel: +27 (0)11 305 2382 Authorised and Regulated by the FCA Paseo de Gracia, 101 Nassau – Bahamas Fax: +27 (0)86 685 6231 Southwest House E - 08008 Barcelona Tel: +1 242 702 1400 Zurich – Representative office 31 Charlotte Square Tel: +34 93 218 15 40 SYZ Asset Management (Schweiz) SA Edinburgh EH4 4ET Alternative Asset Advisors SA Dreikönigstrasse 12 Tel: + 44 (0) 20 30 400 500 Paris Old Fort Bay Town Centre, Building 2 CH – 8027 Zürich SYZ (France) SAS Windsor Field Road Tel: +41 (0)58 799 77 37 8, place Vendôme P.O. Box N-1089 Fax: +41 (0)58 799 22 00 Banca ALBERTINI SYZ SpA F – 75001 Paris Nassau – Bahamas Via Borgonuovo 14 Tel: +33 (0)1 55 35 98 80 Tel: +1 242 702 1423 Lugano – Agency I – 20121 Milano Banque SYZ SA Tel: +39 02 30 30 61 Brussels Miami Riva Paradiso 2 www.albertinisyz.it SYZ Asset Management Banque SYZ SA (Representative Office) Casella postale 542 (Luxembourg) SA 801 Brickell Avenue, Suite 1501 CH – 6902 Lugano - Paradiso 38/40 Square de Meeûs USA - Miami, Florida 33131 Tel: +41 (0)58 799 67 20 B - 1000 Bruxelles Tel: (305) 371 7141 Fax: +41 (0)58 799 23 00 Tel: +32 (2) 401 61 21 Fax: (305) 371 7145

28/29 November 2015 Disclaimer

This marketing document has been issued by the SYZ Group (hereinafter referred to as " SYZ ”). It is not intended for distribution to or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit or restrict its distribution, publication, issue or use. It is the user's sole responsibility to assess whether or not the recipient of the present document is fully permitted to take part of the document in their country of domicile / residence and, if so, to not hold Bank SYZ Ltd accountable for any claims or proceedings that the recipient could face. This material is intended for informational purposes only and should not be construed as an offer, recommendation or solicitation for the purchase or sale of any financial instrument, or as a contractual document. The information provided herein is not intended to constitute legal, tax, or accounting advice and may not be suitable for all investors. Any decision to buy, sell or subscribe to any kind of financial instrument would be made under the user's sole responsibility without any liability of any kind of SYZ. SYZ waives any liability for any and all forms of loss or damage that could arise from, or in connection to, the present document. The market valuations, terms, figures and calculations contained herein are estimates only and are subject to change without notice. SYZ will not follow up on the evolution of the information and will not be in position to revert to a user / users, should such information be changed in the future. The information provided is believed to be reliable; however the SYZ Group does not guarantee its completeness or accuracy. Past performance is not an indication of future results, and neither is performance nor capital being guaranteed.