Philippe-Nicolas MARCAILLOU

Portfolio management and capital markets : providing education, consultancy and strategic insights in risk analysis, performance optimization. – Risk & Performance Analysis: Delivered comprehensive consultancy services in risk valuation, performance assessment and portfolio optimization for institutional investors. Specialized in designing robust frameworks for the management and monitoring of ALM (Asset Liability Management) structures for Defined Benefit Pension Schemes (Liability Driven Investment - LDi stratégies). – Capital Markets Expertise: Conducted in-depth market research and analysis to identify trends, optimize investment strategies and enhance decision- making processes. Developed methodologies for evaluating client behavior and market dynamics. – Strategic Thinking and Innovation: Developed proprietary tools for investment decision-making, including risk assessment models and performance tracking systems. Designed methodologies for stress testing, scenario analysis and back-testing to ensure robust portfolio management. – Education and Training: Delivered workshops and training programs on ALM strategies, risk management, and performance evaluation for financial professionals. – Thought Leadership: Author of "Defined Benefit Pension Schemes" (Oxford University Press, 2016): o Comprehensive 416-page guide detailing the restructuring, management and optimization of ALM frameworks for Defined Benefit schemes. o Based on interviews with over 700 investment experts and featuring more than 400 figures and tables. Key Result: The book is widely recognized as a benchmark resource in the field and has been adopted by financial professionals and academic institutions globally. There is more information at: https://global.oup.com/academic/product/defined-benefit-pension-schemes-in- the-uk-9780198738794?cc=nc&lang=en&

Expertise in investment policy development, ALM frameworks, risk-return optimization and cost reduction. – Investment Policy Development: Elaborated, implemented, and monitored investment policies tailored to institutional needs. Evaluated opportunities and optimized risk-return factors. . Key Result: Delivered Gilt +2.80% risk-adjusted returns and reduced volatility by 30%. – ALM Frameworks: Designed robust ALM strategies with precise indicators, stress testing, and back-testing models. Managed nominal, inflation, and longevity risks using physical assets and derivatives. . Key Result: Improved funding ratios and portfolio resilience during market volatility. – Liability-Driven Investment: Developed hedging strategies, secured income solutions, and diversified allocations into alternative credit and return-seeking assets. . Key Result: Enhanced efficiency and reduced funding gaps. – Risk Analysis and Reporting: Designed performance and risk monitoring reports, conducted data analysis, and established risk budgets to ensure governance compliance. – Market Research and Fund Management: Conducted market research, managed fund managers across diverse asset classes, and negotiated contracts. Key Result: Improved fund performance and cut management costs by 15%. – Stakeholder Management: Collaborated with trustees, advisors, custodians, and governing bodies to align strategies. Managed third parties, including transition managers and actuarial providers. . Key Result: Contributed to the successful establishment of the Common Investment Fund. – Cost Efficiency: Conducted budget analysis, simulations, and negotiations to optimize operations. Key Result: Achieved a 30% reduction in running costs.

Providing strategic investment solutions across multiple sectors including Luxury, Residential Real Estate, Hotels and Renewable Energy. Key Result: Delivered actionable insights that facilitated the successful execution of M&A transactions across various sectors. – Investment Strategy and Analysis: Designed and implemented IT- based investment decision-making tools to optimize funding, cash flow management, and risk-return analysis. Conducted in-depth M&A analysis, including evaluation of potential acquisitions, balance sheet analysis, financial projections, and executive summaries. – Sector Expertise: Collaborated with key stakeholders in sectors such as Luxury, Residential Real Estate, Hotels and Renewable Energy to identify investment opportunities and develop tailored financial strategies. – Financial Modeling and Reporting: Designed robust financial models for investment evaluation, including stress testing, scenario analysis, and proprietary risk management frameworks. Created comprehensive reports on performance and risk monitoring for stakeholders. – Network Development and Stakeholder Management: Built a strong professional network, including M&A boutiques, private equity funds, legal advisors, entrepreneurs, business angels, and family offices. Negotiated contracts and maintained long-term relationships with key stakeholders. – Operational Efficiency: Conducted in-depth cost analysis and implemented strategies to optimize operational budgets.

– Corporate Financing: Arranged medium- and long-term financing solutions at both Group and subsidiary levels, focusing on emerging markets. • Key Result: Secured financing for cement plant projects ranging from $25M to $180M, including Greenfield, Brownfield, capacity increases, and reconstruction initiatives. – M&A Analysis and Execution: Conducted strategic assessments and financing of M&A transactions, with a focus on cement plant acquisitions in emerging markets. • Key Result: Supported the successful conclusion of the €8.8B Orascom Cement acquisition - a leading cement group operating across 10 countries, with a 2008 turnover of €2.6B -, including the management of a €7.2B syndicated loan process. – Strategic Thinking and Coordination: Directed cross-functional teams and coordinated internal and external operational divisions to drive project execution and ensure alignment with strategic goals.

Expertise in Market Making, Proprietary Trading, and Fixed Income Strategies – Market Maker and Proprietary Trader: Specialized in trading and market- making activities on the "US Long Bond", ensuring liquidity and efficient execution in the fixed income market. Key Result: Consistently achieved competitive spreads and optimized trading performance through strategic positioning and risk management. – Fixed Income Expertise: Developed and executed proprietary trading strategies focused on long-term U.S. Treasury securities, leveraging market trends and yield curve analysis to drive profitability. Key Result: Delivered consistent returns while maintaining a strong focus on risk-adjusted performance metrics. – Strategic Market Positioning: Monitored macroeconomic indicators and market dynamics to identify trading opportunities and manage exposure effectively.

Expertise in Entrepreneurship, Business Development, and Strategic Advisory – Entrepreneurship and Division Creation: Founded and successfully managed the Euro-French Franc Credit Bonds division in London and Paris, driving growth and operational excellence. Key Result: Established a profitable division with a strong client base across Europe. – Business Development and Client Portfolio Management: Built and expanded a diverse portfolio of European customers by identifying and addressing their liquidity and technical needs. Key Result: Delivered quantitative and qualitative value through tailored relationship management and targeted marketing strategies. – Strategic Analysis and Market Research: Conducted in-depth market research, data analysis, and client behavior studies to align bond strategies with customer objectives. Key Result: Optimized bond strategy execution and enhanced customer satisfaction. – Advisory and Leadership: Acted as Managing Director's Advisor for the development of new business activities in London and Paris, providing strategic guidance and operational support. Key Result: Successfully launched new initiatives aligned with market opportunities.