Carnegie Fund Services SA Corporate presentation - July 2018

Your Gateway to Investors in Switzerland
Carnegie Fund Services S.A.
11, rue du Général-Dufour
CH-1204 Geneva
Phone: +41 22 705 11 77
E-mail: info@carnegie-fund-services.ch
Website: www.carnegie-fund-services.ch

2
Representation of Foreign Investment Funds in Switzerland
Authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.
www.carnegie-fund-services.ch
Obligations
As representative we hold the responsibility for the funds we represent
towards investors in Switzerland and towards the Swiss authorities;
We ensure that all Swiss legal and regulatory obligations are rigorously fulfilled and that the fund
documents are available to investors and to the authorities.
Integrated Swiss Representation
Fully integrated Swiss representation services since 2003, assure:
- the benefits of a longstanding expertise
- a single point of contact
- increased efficiency
- high quality service
Owned by the management, Carnegie Fund Services is wholly independent.
Mission
We look to build long-term relationships with our clients, based on understanding and respect for each party’s role,
in order to support you in building a successful business over the years.
To avoid any conflict of interest, we do not sell our clients’ funds.

3
Integrated Swiss Representation Services
* Alternative Investment Fund
Translation
Services
In-house Specialized Translation
Legal and Finance
Languages:
French, English, German, Italian,
Spanish
Optimized Translation Process
Translation memory
Co-ordinated work between
Legal and Translation Teams
Application and maintenance of FINMA
authorization of UCITS funds for
distribution to all types of investors
Swiss
Representation
Establishment and maintenance of the
representation of AIFs* for distribution
to qualified investors in Switzerland
Negotiation and execution of
distribution agreements
Monitoring of distributors
Distribution support
CFS Swiss Market Radar
General
Distribution
Access to distribution platforms and
distributors globally
Data and document delivery to
platforms and distributors
Trailer Fee calculation
on a daily basis
Proprietary IT-system
Legal, Compliance and Due Diligence
Services included
Swiss Tax Reporting www.fundeye.com
Calculation and reporting
undertaken in-house
Publication and dissemination
platform recognised by
FINMA and FSMA
Banque Cantonale de Genève
(BCGE) is used by most of our clients
Paying Agent
Negotiation and appointment

4
Total Number of Funds: 773
Total number and percentage
Profile of our Clients
Others = B.V.I. (2) Liechtenstein (1)
Bermuda (1) Estonia (2)
Sweden (3) USA (4)
Guernsey (2) Malta (1)
Jersey (10) Canada (2)
Fund StructuresFund Domiciles

5
Domiciles of Fund Groups
Total number and percentage
Profile of our Clients (continued)
Clients: 108

6
A number of our clients with AIFs have asked not to be listed in our brochure.
Our Clients
Abbey Capital, Ireland
Acadian, USA
ACPI, U.K.
Albemarle Asset Management, U.K.
APS, Singapore
AQR, USA
Assenagon, Germany
Auris Gestion, France
Avaron, Estonia
Baillie Gifford, U.K.
Beauregard Capital, U.K.
BMO, Canada
BNY Mellon, USA
Carnegie Fonder, Sweden
Catella, Sweden
China Asset Management, Hong Kong
CIAM, France
Danske, Denmark
DNCA, France
Edinburgh Partners, UK
Emirates NBD, United Arab Emirates
Fiera Capital, UK
Flornoy, France
Focus AM, France
Guinness Asset Management, UK
IVA, USA
J. Chahine Capital , Luxembourg
KBL, Luxembourg
La Banque Postale Asset Management, France
LFDE - La Financière de l'Echiquier, France
Macquarie, Australia
Mandarine Gestion, France
MFS, USA
Mondrian, UK

7
A number of our clients with AIFs have asked not to be listed in our brochure.
Our Clients (continued)
Monpensier Finance, France
Morgan Stanley, USA
Muzinich, USA
Northern Trust, USA
Old Mutual, South Africa
Pâris Bertrand Sturdza, Switzerland
Patrizia, Germany
Payden & Rygel, USA
Pemberton Asset Management, UK
Polar Capital, UK
Probus, Switzerland
PVE Capital, UK
Quam Capital, Hong Kong
Rouvier, France
Rubrics, UK
Russell, USA
Skylar France, France
SMA Gestion, France
Solidum Partners, Switzerland
Standard Life, UK
Stralem, USA
Sturgeon Capital, UK
Thornburg, USA
Tocqueville Finance, France
Tree Top, Belgium
Troy Asset Management, UK
Trusteam, France
UBS, Switzerland
Uzes Gestion, France
ValueInvest, Luxembourg
Varenne Capital, France
VTB Capital, Russia
Yuki, Japan

8Authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA.
Investors’ Profiles in Switzerland
“Super Qualified Investors”
pursuant to art 10 para. 3 let. a and b CISA
• Financial intermediaries subject to FINMA supervision, including
banks, securities dealers, fund management companies, asset
managers and central banks;
• FINMA supervised insurance companies.
Qualified Investors
• Public entities and pension funds (retirement benefit institutions)
with professional treasury management (pension funds may
choose to be considered as non-professional investors);
• Discretionary asset management clients of regulated financial
intermediaries and independent asset managers who hold
discretionary asset management mandates from investors;
• High Net Worth Individuals (“HNWIs”) who have fulfilled
certain additional requirements.
Non-Qualified Investors (Retail) and
Qualified Investors (Professional)
Super qualified investors have access
to all types of funds. They do not
need to have a Representative or a
Paying Agent appointed.
Other Qualified Investors have access
to funds, which have appointed a
Representative and a Paying Agent.
Non-Qualified and Qualified Investors
have access to funds, which have
appointed a Swiss Representative, a
Paying Agent, and a FINMA
authorization.

Time-line and work-flow to FINMA authorisation for distribution to
Non-Qualified and Qualified Investors:
15 days meanwhile 5 days 1 day 20 days
Responsible
party
Number of
Business days
Task
Fund & CFS CFS Fund & Depositary CFS FINMA
Representation (Rep.) &
Paying Agent (PA)
agreements negotiation
Terms of
Commercialisation
(TOC) and set out the
rules for Marketing in
Switzerland.
An attestation issued
by the National
Regulator for the
fund.
Prospectus and KIIDs are
amended to become
Swiss compliant.
The “Swiss” Prospectus,
KIIDs, Articles, annual
and semi-annual
financial reports are
translated into a Swiss
national language
(i.e. French or German)
CFS prepares the
request addressed to
FINMA for the fund to
be authorized for
public distribution in
Switzerland.
The Fund and the
Depositary sign the
cover page of the
“Swiss” Prospectus.
A copy of the Articles
is validly signed by
the Directors of the
Fund.
All documents are
sent to CFS.
On receipt of all signed
agreements, including
the attestation in
original delivered by the
National Regulator, CFS
files the formal request
for authorisation to
FINMA, with a copy sent
to the Fund.
FINMA issues
authorisation for the
Fund to be distributed to
non-qualified and
qualified investors in and
from Switzerland.
Total Business
Days
41
Time budget: 8 weeks, subject to: (i) due diligence (ii) the speed attributed by each of the parties to finalise their specific tasks, (iii) and to the
time required to finalise the translation.

Time-line and work-flow to FINMA authorisation for a transfer of Swiss
Representative for distribution to Non-Qualified and Qualified Investors:
15 days meanwhile 5 days 4 days 19 days
Responsible
party
Number of
Business days
Task
Fund & CFS CFS
Fund & Depositary
& former representative CFS FINMA
Paying Agent (PA)
agreements negotiation.
Terms of
Commercialisation
(TOC) and set out the
rules for Marketing in
Switzerland.
The names of the
Representative and the
Paying Agent are
changed in the
Prospectus and KIIDs.
CFS prepares the
letter of resignation
and the press
announcement
regarding the change
of Representative.
CFS prepares a
request to FINMA for
the change of
Representative.
The Fund signs the
new Prospectus and
has it signed by the
Depositary bank.
The fund sends a
letter of resignation
to the current Rep.
The current
Representative
counter signs the
change of Rep.
request to be sent to
FINMA, and sends it
to CFS.
FINMA issues
authorisation for
the change of
representative
CFS places the publication
of the announcement
regarding the change of
representation.
Once the publication of
the announcement is
made in the media, CFS
files the formal request
for a change of
representative with
FINMA.
Total Business
Days
43
Time budget: 9 weeks, subject to: (i) due diligence (ii) to the speed attributed by each of the parties to finalise their specific tasks.
CFS guarantees the fulfilment of its obligations according to the timeline mentioned above.
30 calendar days
after the date of
publication, CFS
officially becomes
the Swiss
representative of
the Fund.
An attestation issued
by the National
Regulator for the
fund.

Time-line and work-flow to Swiss Representation of an Alternative Investment Fund*
for distribution to Qualified Investors:
* Alternative Investment Fund: in this context it refers to Private Equity / Debt Funds, European Alternative Investment Funds, Non-European Alternative
Investment Funds and UCITS Funds which are only distributed to Qualified Investors.
Time budget: 3 weeks, subject to (i) due diligence (ii) to the speed attributed by each of the parties to finalise their specific tasks.
CFS guarantees the fulfilment of its obligations according to the timeline mentioned above.
15 days meanwhile
Responsible
party
Number of
Business days
Task
Fund & CFS CFS
Paying Agent (PA)
agreements negotiation.
Terms of
Commercialisation (TOC)
and set out the rules for
Marketing in Switzerland.
Agreements signature.
Total Business
Days
15
The name of the Rep. and the PA
are modified accordingly in the
Prospectus, the KIIDs and related
fund documents for use in
Switzerland.

Distribution of foreign investment funds within and outside Switzerland
Swiss distribution model
The Swiss representative has the sole responsibility towards FINMA, for naming a Swiss distributor. According to the SFAMA guidelines on the
distribution of collective investment schemes, the representative has to ensure that distributors are duly authorised by the National Regulator
and can ensure proper business practice.
Fund management company
Swiss representative Swiss and foreign distributors
distributing into Switzerland
Distribution Agreement
Auditors Annual prudential audit opinion
with exceptions for banks, insurances companies
Auditors
The Distribution Agreements are based on the model Distribution Agreement of the SFAMA; they are adapted to each fund management
company’s specific needs. The Agreements for distribution in Switzerland are negotiated by the representative on behalf of the Global Distributor
(MIFID firm) or the fund management company.

Obligations of CFS towards the platform and individual distributors:
a. Provide share class data on all share classes of all funds under agreement with each distribution platform and in the specific format of the
individual platforms.
b. Provide the distribution platforms with all documents (including KIIDs) issued by the funds, and amended documents, each time they are reissued.
c. Calculate and pay trailer fees (on an actual/actual daily basis) to the individual platforms, at the contractually agreed rates and in respect of
the specific terms of business.
CFS assumes the legal work for the funds, the platforms and the individual distributors.
Credit Suisse / Invest Lab, Zurich
Allianz Global Investors, Germany
Attrax, Luxembourg
Bank Julius Bär & Co. Ltd., Zurich
Fund Channel, Luxembourg
MFEX, Sweden
Moventum, Luxembourg
Swisscanto, Zurich
UBS Ltd., Zurich
Etc …
Carnegie
Fund
Services
Stralem
Guinness Asset Management
SEDCO
Muzinich
Emirates NBD
Etc…
General Distribution Agreement
between each Client and CFS
Agreements between individual distribution
platforms or individual distributors and CFS
General Distribution and Distribution platforms

Pricing Model
Set-up Fees Annual Fees Variable Costs
* Set-up fee for the establishment
of the agreements and the
amendments of funds’ documents.
* Translation of the funds’
documents into a Swiss national
language (French or German) or
proof read of translated
documents. (for funds distributed to
retail investors)
* Authorization fee payable to
FINMA. (for funds distributed to retail
investors)
* Annual Swiss Representation Fee
* Annual Paying Agency Services Fee
* Annual Swiss Tax Reporting Fee
* Annual Fee Payable to FINMA
* Annual Publication Fee
(www.fundeye.com)
* Editing and Filing of new or
modified prospectus for registration
in Switzerland with the FINMA
* Answering investors’ requests /
transmission / follow-up
Invoiced per hour
General Distribution
Basis points on assets on distribution platforms and with individual distributors.
Introduction of new Swiss Distributors
Selection and due diligence of additional Distributors; followed by
negotiation and execution of Distribution agreements.
Monitoring of existing Distributors
i) Monitoring of Distributors with Bank Status
ii) Monitoring of Distributors with Financial Intermediary status.
Invoiced per hour

15
Board Members: Neil Carnegie (Chairman of the Board), Matthäus den Otter (Non-Executive Board Member), Sheenagh Gordon-Hart (Non-Executive Board Member).
About Carnegie Fund Services S.A. – The Team
CEO
Neil Carnegie
Head of Client
Relations
Ulrike Kaiser-Boeing
Chief Compliance
Officer
Fabien Duteil
Chief Operating
Officer
Carole Raval
Head of Translation
Claudia Mozaffari
Translator DE
Barbara Sterchi
Translator DE
Maja Rutishauser
Due Diligence
Herbert Burgstaller
Head of Accounting
Sabrina Lambat
Accounting Assistant
Megan Alvarez
Head of IT
Julien Ihidoussene
IT Developer
Christophe Praplan
Marketing Officer
Vanessa Raffy-
Siegenthaler
Head of Legal &
General Secretary
Claudia Suter
Lawyer FR
Eale Lokau
Lawyer DE
Christoph Hofer
Paralegal DE/FR
Michaela Grunow
Paralegal DE
Christian Walti
Lawyer DE/FR
Katrin Fernekess
Translator FR
Anastassia van
Beneden
Translator FR
Leticia Barcon
Head of Business
Development
Alexandre Pini
Due Diligence
Pénélope Mason
Data Manager
Nina Zouatine

16
The Team
Neil Carnegie, CEO, Member of the Board of Directors and Founding Partner of Carnegie Fund Services SA
Neil has a wide international experience in the banking industry, securities and derivatives markets. He worked for Merrill Lynch in
Zurich and Geneva before joining Bear Stearns, then Banque Gutzwiller, Kurz, Bungener SA in Geneva, progressed through brokerage,
trading and investment banking. Thereafter, he was responsible for the Treasury and Financial Market department of Banque Cantonale de
Genève. He entered the fund industry in 1992 as a member of the investment committee of Swisscanto Funds. In 2001, he formed Carnegie &
Cie S.A., a consulting firm that was mandated to establish the London-based Swisscanto Funds Centre, a third-party funds platform for
the Swiss Cantonal banks. Neil is a graduate of the Swiss Finance Institute of the University of Zurich. He is fluent in English, French and German.
Claudia Mozaffari, Head of Translation Services
Claudia joined the company in September 2009. Her service provides the customers of Carnegie Fund Services SA with high-quality
professional translations. Claudia holds a Master in Translation and Terminology Studies from the University of Geneva. She translates
from English and French into German. She started her professional career in 1989 at the International Finance & Commodities Institute (IFCI) in
Geneva where she was in charge of the German translation of computer-based training programs for the European derivatives exchanges. In 1991
she founded the Geneva-based company, Axone Services & Développement SA, and set up its translation department specializing in financial
translations. After leaving Axone for family reasons, in 2003, she worked as a free-lance translator and later joined Banque Cantonale Vaudoise in
Lausanne as an in-house financial translator.
Carole Raval, Chief Administrative and Operating Officer (COO)
Carole has more than 15 years of professional experience in finance, particularly in the banking and investment funds industry. After a first
experience in external audit, she worked as head of finance and administration for a hedge fund manager. From there, she moved on to join
Barclays Bank and later Lombard Odier & Cie where she managed operational, strategic and regulatory projects. Carole graduated in 2005 with an
MBA from HEC Geneva. She is fluent in French and English.
Claudia Suter, Head of Legal and General Secretary
Claudia holds a Master Degree in Law from the University of Zürich. Claudia has over 20 years of experience as a lawyer and extensive knowledge
of investment funds legislation. She worked as a State Attorney working for the Department of Justice and Police for more than 12 years
before joining Carnegie Fund Services as a Senior Legal Counsel. Claudia is fluent in German, English, French and Italian.
Alexandre Pini, Head of Business Development
Alexandre joined the company in January 2018, bringing with him 20 years of professional experience in the asset management and fund business,
where he worked as an analyst, fund manager, board member and entrepreneur. He created and managed several funds, some of which have
received international awards. Alexandre previously spent 15 years at the Edmond de Rothschild Group (EDR) where he was leading the fund
management and research department. He managed the external fund selection team and the EDR Group fund of funds. He established the risk
control and fund advisory functions and, post 2008, conducted M&A transactions in alternative funds. In 2014 he co-founded Iteram Group, an asset
manager and wealth manager based in Switzerland and Luxembourg. Alexandre holds a Degree in Economics from HEC Lausanne and a Master
Degree in International Economics and Management from the SDA Bocconi of Milan.

17
The Team (continued)
Ulrike Kaiser-Boeing, Head of Client Relations
Ulrike joined Carnegie Fund Services SA in March 2015. She brings 20 years of experience in the asset and fund management industry.
She started her career as an equity analyst at Lombard Odier and moved later into business development and client relationship
management covering mainly Swiss wholesale and institutional clients. In 2004 she joined Dexia Asset Management (today Candriam)
to build up the business with institutional clients in the German speaking part of Switzerland and became later responsible for the
Geneva branch. From 2011 to 2015 she worked at Bank SYZ as product specialist for alternative funds and covered UK-based global
distributors. Ulrike holds a degree in business administration from Cologne University (Germany) and she is a CFA and CAIA
charterholder. She is also a Board Member of the CFA Society Switzerland. She is fluent in German, English and French.
Fabien Duteil, Chief Compliance Officer (CCO)
Fabien joined the company with an international experience in the asset and investment management industry including in alternative
investments. Over the last 20 years, Fabien worked for different institutions, banks and asset management companies, including member of
the alternative investment committee of BCV. Fabien holds a Master of Science in Business and Administration, a Master in Financial Market
Risk and Finance from the Institut d’Administration des Entreprises, IAE (France) and an ACI diploma. He is a Chartered Alternative
Investment Analyst and a CAIA Charter Member.
Non-executive Directors
Matthäus den Otter, PhD.
Matthäus is a specialist for collective investment schemes and asset management since many years. Managing Director of SFA (today SFAMA)
from 2005 to 2013, he took early retirement in 2013, and now works as a legal advisor and independent board member for several
companies. Previously, he had been with the Swiss Supervisory Authority (then the Federal Banking Commission, now the FINMA) for 19
years, and with Swisscanto, the Swiss Cantonal Banks’ common centre of competence for the fund industry, as member of the Executive
Board, for two years. Matthäus Den Otter holds a PhD of Law from Zurich University and graduated from the Swiss Finance Institute. He
teaches a course on collective investment schemes at the Europe Institute of the University of Zurich.
Sheenagh Gordon-Hart, MA, FCA.
Sheenagh has been active in different capacities in the investment fund industry since the 1980s. Today Sheenagh is an
independent director at Carnegie Fund Services Limited, and at number of investment funds. In 2016 Sheenagh established 2020
Regulatory Consulting Limited to focus on policy and regulatory developments in the financial services sector, specifically as these impact
asset managers, pension funds and insurers. Prior to her current engagements Sheenagh worked at JP Morgan for 15 years as Client and
Industry Research Executive. Sheenagh started her career at Touche Ross & Co, qualifying as a Chartered Accountant in 1982 after
graduating from university with an MA in Political Science & Jurisprudence.

18
Company History: Our Main Milestones
2003
Carnegie Fund
Services (CFS)
becomes a
FINMA
authorised
Representative and
Distributor
CFS
becomes a
Financial
Intermediary
authorized by
the Swiss Federal
Department of Finance
SFAMA
(Swiss Funds and
Asset Management
Association)
Member
2005
CFS
becomes
General Distributor
for a Luxembourg SICAV
authorized by the
Luxembourg Financial
Market Authority (CSSF)
SFBA
Swiss
Foreign Bankers
Association
Member
2008 2009 2014 2015
AIMA
(Alternative Investment
Management Association)
Member
EFAMA
(European Fund and Asset
Management Association)
Associate Member
SIX
(Swiss Stock Exchange)
recognized as ETFs
representative
Carnegie Fund Services S.A. is the leading independent legal representative of foreign collective investment funds in Switzerland.
Authorized and regulated by FINMA (Swiss Financial Market Supervisory Authority) since 2003, we have a longstanding expertise in the
Swiss Fund Industry. Our work and organisation are subject to an annual audit by our external auditors: KPMG.
2016 2017 2018
Creation of
fund-services.com Ltd.
Launch of the
fund-services.com
website
Rebranding of
fund-services.com
into
Associate Member
of the
Irish Funds

19
What makes the difference ?
2003 2005 2008 2009 2014 2015
We have no conflicts of interest, as we are truly independent and do not have strategic alliances with banks and law firms.
We undertake all drafting and execution of documents in house. We always look to use standard documents based on
Swiss and European regulations.
We provide access to distribution platforms.
We have built a comprehensive Swiss fund market radar database to maintain an overview of the players in the Swiss
market place; our database is made available to our clients.
Our team has recognised expertise in the international investment fund industry, which is at the disposal of our clients.
Thanks to our multilingualism and our professional in-house translation team, we can also take care of translations. This
ensures quality, efficiency, coordination and speed of execution.
Our clients can oversee the costs incurred in full transparency. We issue detailed quarterly invoices.

© CFS - 180601
Carnegie Fund Services S.A.
11, rue du Général-Dufour
CH-1204 Geneva
Phone: +41 22 705 11 77
E-mail: info@carnegie-fund-services.ch
Website: www.carnegie-fund-services.ch

Carnegie Fund Services SA Corporate presentation - July 2018

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