Kalytix Partners LLC (Kalytix) is a specialized strategy and business management enterprise

providing bespoke research and development services to asset owners.

Our mission is to help clients become leading investors in the global investment chain in

terms of operational best-practice and organizational innovation. This mission has the core

objective of empowering our clients with the resources, capabilities and tools to excel

organizationally, as bench marked against their respective peer groups and the global asset

management industry broadly.

Our clients range from large, global institutions such as pension funds, sovereign wealth funds

and mutually-managed funds, to small family offices and foundations, as well as investment institutions of varying types, sizes and objectives.

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CORE OBJECTIVES

Underwrite the trend towards dis-intermediation and re-intermediation, through the provision of services that sustain asset-owners’ greater professionalization, internal advisory management, and the oversight of the investment process; the identification of misaligned external asset managers and/ or consultants; the generation of cooperation and collaboration between compatible institutional investors and aligned intermediaries;

Provide institutional investors with the ability to unlock new, long-term value and growth opportunities which address global resource constraints and/or development objectives, while generating structural social, environmental, and economic transformation;

Encourage investment into the real economy, going beyond the world of financial products, to focus upon on long-term investing instead of market-based short-termism.

Located in Silicon Valley and Oxford, we leverage our 30 years of research, consulting, and investment experience to provide innovative governance and management solutions to our clients. We offer an array of services depending on our clients’ needs, tailored to their size, type, geography, and investment objectives. Because no investor is the same, we work closely with clients to provide strategy and management solutions for their unique circumstances.

CONFIDENTIALITY AND DISCLOSUREOur partnership respects and upholds confidentiality in any engagement with clients. In this respect, we undertake not to disclose client documents, reports, presentations, or knowledge pertaining to client’s competitive strategy to third parties. In some instances, however, we may ask to reference the work that we undertake with you to other clients, but at a high level. In these instances, we will request explicit written consent from you to do so.

In turn, Kalytix expects that all reports, documents, briefings and PowerPoint presentations, and research material will not be shared with third parties without our express written permission. None of the above shall preclude Kalytix using what we learn through client engagement in academic and industry publications and presentations, with the proviso that clients will not be identified explicitly or by implication without permission.

INDEPENDENCE AND OBJECTIVITYWhether a large public pension fund, or a small private family office, we provide cutting-edge research and innovative development services drawing upon global best practice.

As an independent partnership, we offer impartial advice, guidance, and support.

As such, we are best positioned to offer meaningful research, along with unbiased strategy and management services. Unlike many of our competitors whose views and approaches are often too clouded by short-term incentives, the drive to cross-sell and, ultimately, incompatibility interests, our complete independence allows us to provide you with the best possible service found in the marketplace today.

It is our neutrality that enables us to give authentic advice and support with a legitimate long-term perspective.

THE TEAM

Our partnership is comprised of leaders in the fields of asset ownership, institutional investment and funds management. As practitioners and academics, we have over 30 collective years of experience. Our unique intellectual property, skill sets and knowledge allows us to provide specialist strategic advisory and management services.

GORDON L. CLARK Co-Founding Partner

Gordon has over 25 years of experience in the field of global funds governance and management, both academically, in his research and publications, and in practice, having consulted with large pension funds, sovereign wealth funds, and other asset owners globally. Gordon is the Director of a U.K. pension fund, Trustee of two endowments, Consultant to a large German pension fund, and Advisor to one of the world’s largest consumer products company. He is also considered one of the world’s leading experts in the investment management field, and is highly respected by the industry.

Gordon’s current research focuses on the management and structure of financial institutions, focusing on issues such as in- and out-sourcing, intermediation, and reconciling incentives with institutional objectives. Gordon is also co-author with Roger Urwin at Towers Watson of ground-breaking reports on the governance of institutional investors, including pension funds, sovereign wealth funds, and endowments.

With an extensive track record of academic and commissioned publications, Gordon is author and co-author of various books, including Sovereign Wealth Funds (Princeton, 2013), Saving for Retirement (Oxford, 2012), and The Geography of Finance (Oxford, 2007). He is also the co-editor of the Oxford Handbook of Pensions and Retirement Income (Oxford, 2006). Gordon holds a DSc at Oxford University, a Doctorate from McMaster University, and an MSca nd Bachelor’s in Economics from Monash University. He has held appointments at Harvard University, the University of Chicago, and Carnegie Mellon University.

ASHBY H.B. MONK Co-Founding Partner

Ashby has over 15 years of experience in the field of global funds governance and management, both academically, in his research and publications, and in practice, having consulted with large pension funds, sovereign wealth funds, mutual funds and other asset owners globally. Ashby is currently an advisor to one of Canada’s largest pension funds, AIMco; Senior Advisor to California-based pension fund UC Regents; and an ad hoc advisor to a number of North American pension funds and Middle Eastern sovereign wealth funds. He is considered one of the leading global experts on funds management and is well respected in the investment management industry.

Ashby’s current research focuses on the organizational design and governance of institutional investors, with particular specialization on pension funds, sovereign wealth funds, and family offices.

With a strong track record of academic and industry publications, Ashby’s research and writing has been featured in publications and media outlets such as The Economist, New York Times, Wall Street Journal, Financial Times, Institutional Investor, Reuters, Forbes, and on National Public Radio. Ashby holds a Doctorate from Oxford University, a Master’s in International Economics from the Universite de Paris I – Pantheon Sorbonne, and a Bachelor’s in Economics from Princeton University.

PETER B. CLARK Chief Development Officer & Senior Associate

Peter has 3 years of experience in the field of global funds governance and management, having consulted with large superannuation funds, pension funds, sovereign wealth and development funds, as well as large family offices and foundations. Peter also created and developed a research institute – Institutional Investor’s Sovereign Wealth Center – that provides actionable intelligence regarding the investment activity and operational behavior of sovereign wealth funds across the globe.

Outside of the company, Peter is Project Manager and Research Manager for Investment Innovation at Stanford University’s Global Projects Center. Peter currently manages project for the research and development of new, innovative impact investment models for delivering “impact alpha” – long-term financial outperformance and social, environmental, and economic transformation. Peter also directs and supervises a project researching into new wealth management models for private asset owners, focusing on the process from first to third generation wealth transfer, and in light of recent research on sovereign development funds.

With a background in business management, research and analysis, Peter has held positions at leading consultancies such as PwC and Mercer, as well as global strategy and macroeconomic forecasting firms such as Oxford Economics and Oxford Analytica. Peter holds a Masters in Business and Financial Management from the University of Cambridge’s Judge Business School, and a first class Bachelor’s from Queen Mary, University of London.

LETTER FROM THE PARTNERS

Through this document, we hope to demonstrate our value proposition, and how our partnership differs from other. Leveraging 30 years worth of intellectual property on institutional investment and global funds management, and drawing on our experience as practitioners, participating in the governance and management of large pension funds and endowments, we believe our knowledge, expertise, and wisdom sets ourselves aside from generalists

Our research directly relates to governance and management of asset owners, and our experience comes directly from holding senior roles in institutional investment organizations.

Having such knowledge has enabled us to talk, advise and assist some of the best global institutional investors, as well as an array of different leading investors, public or private, traditional or innovative, and in various geographies and political jurisdictions. Because the needs and existing capabilities of investors can vary significantly between organizations, all clients are treated differently, but in our commitment of putting serious time and effort into the different projects we work on with our clients, all clients are treated the same. We believe the projects we undertake with clients are important sites of learning and knowledge-sharing.

If you think that we might be able to help your investment institution, or would like to learn more about us, our services, or our overall business offering, please contact info@kalytix.com, or reach out to us individually.

Yours faithfully

Gordon Clark & Ashby Monk Co-Founding PartnersKalytix Partners

Kalytix Partners LLC100 Boyer Lane

Los GatosCA 95030

USA

www.kalytix.com

© 2015 Kalytix Partner LLC. All rights reserved. May 2015