Frantz MAURER. EXPERIENCE AT KEDGE Business School

Frantz MAURER Associate Professor of Finance KEDGE Business School 680 cours de la Libération 33405 TALENCE Cedex PROFESSIONAL +33 (0)5 56 84 55 73 frantz.maurer@kedgebs.com EDUCATION 2004 HDR Post-doctoral degree (French Qualification for Ph.D. Supervisor) University of Bordeaux France 1998 Ph.D. in Management Science University of Bordeaux France EXPERIENCE AT KEDGE Business School Courses taught 2014- Case Studies in Corporate Finance, Programme Grande École, Master, 30h. 2014- Advanced Corporate Finance, EBP International, 5 th Year, Track Finance, 30h. 2014- Financial Analysis, EBP International, 5 th Year, Track Global Management, 30h. 2007 2011 Financial Analysis, Wine & Spirits MBA, 18h. 2007 2011 Financial Decisions, Wine & Spirits MBA, 18h. 2007 2009 Market Risk Management and Value-at-Risk, Advanced Management Program, 21h. 2007 Value-at-Risk. Theory and Practice, Executive MBA, Notre Dame University, Louaize Lebanon, 20h. Research Activities Publications will be listed at the end 2013 Instructor Doctoral Seminar of the Ecricome Ph.D. Universa programme, KEDGE Business School, Bordeaux France. 2008 Instructor "Merton H. Miller" Doctoral Seminar; 17 th European Financial

2 Frantz MAURER Management Association Annual Meeting (EFMA 2008), Athens Greece. 2007 Instructor Doctoral Seminar, Congrès international de l'association Française de Finance (AFFI 2007); Bordeaux France. 2011 Chairman Parallel session V2-314: Credit rating; 28 th Congrès international de l'association Française de Finance (AFFI 2011), Montpellier, France. 2011- Editorial Board membership Revue Française de Gestion (CNRS, cat. 4) 2009-2011 Ad hoc manuscript reviewer Revue Française de Gestion (CNRS, cat. 4) 2011 Ad hoc manuscript reviewer La Revue du Financier 2010 Ad hoc manuscript reviewer Journal of Applied Business Research (CNRS, cat. 3). 2007-2009 Ad hoc manuscript reviewer Management International (CNRS, cat. 3) 2009 Ad hoc manuscript reviewer The Geneva Risk and Insurance Review (CNRS, cat. 2). Advising Students, Directing Projects and Admission Juries 2008-2011 Supervision of 7 MBA theses. 2007- Students advising and supervision of numerous MSc degree theses and graduate internships. Other Academic Activities (Program Committees, Links with the Business Community and Institutions of Higher Learning) 2013- Membre du Comité de Pilotage du Baromètre FNEGE "Les attentes des entreprises en matière de recherche en management", Fondation pour l Enseignement de la Gestion des Entreprises, Paris France. 2013- Academic coordinator of the Track Finance, EBP International, 5 th Year, KEDGE Business School, Bordeaux campus. Responsibility encompasses: To build and adapt the curriculum and the Track. To define the corresponding syllabi in association with all professors and lecturers involved. To ensure that the curriculum is coherent, regularly updated and that there is no overlap among the various courses. To coordinate the teaching and the pedagogy with all professors and lecturers involved. To decide on the assessment policy of the different courses. To recruit qualified professors and lecturers to teach within the Track. Sept 2013- Supervisor of Ph.D Sejla Almadi, "Theory of Constraints in the Aspects of Project Risk Management", Doctorat ès Sciences de Gestion, École doctorale Économie, Entreprise, Société, Université de Bordeaux France.

Frantz MAURER 3 2010-2013 Supervisor of Doctorate in Business Administration Mark A. Anderson, "Earnings Surprises and Market Efficiency in the U.S. Banking Industry: Examining the Relationship between Variances from Analysts Earnings Forecasts and Changes in Share Price", defended on 27/11/2013, Grenoble Ecole de Management and California State University, Northridge USA. 2007-2010 Co-supervisor of Ph.D. Hazem Karfoul, "L efficacité du système de contrôle interne et le seuil optimal du risque opérationnel : un modèle d équilibre de l allocation des ressources pour l organisation bancaire", Doctorat ès Sciences de Gestion, soutenu le 04/06/2010, Université Montesquieu-Bordeaux IV France. 2013 Membership of Doctoral Defence Committee External reviewer Seth Owen Williams, "Une analyse de l impact des taux de change sur la performance et les bénéfices de diversification des fonds pays indiciels selon la Méthode de Réplication", defended on 10/16/2013, Doctorate of Business Administration, Grenoble Ecole de Management and Webster University, Geneva Switzerland. 2004 Membership of Doctoral Defence Committee Internal reviewer Georges El Yahchouchi, "Modèles Feltham-Ohlson et parties prenantes de création de valeur : méthodes et relations empiriques", Doctorat ès Sciences de Gestion, soutenu le 07/12/2004, Université Montesquieu-Bordeaux IV France. Kokouvi Agbemebia, "Gestion de portefeuille des titres non cotés par analyse multicritère et constructive", Doctorat ès Sciences de Gestion, soutenu le 07/12/2004, Université Montesquieu-Bordeaux IV France. 2006-2010 Member of the Steering Commission "Development of programs in Economics and Business Administration", University Montesquieu- Bordeaux IV France. 2004-2008 Member of the Advisory Board of ENSAM (École Nationale Supérieure d Arts et Métiers), Paris France. 2007-2011 Academic coordinator of the Finance unit, Wine & spirits MBA, BEM Bordeaux Management School, Bordeaux France. 2008-2011 Academic coordinator of the Financial Training Program "Investment Bank Operations", developed in association with JP Morgan Chase Bank (London), BEM Bordeaux Management School, Bordeaux France.

4 Frantz MAURER OTHER PROFESSIONAL EXPERIENCE IN TEACHING AND RESEARCH Positions held 1998-2013 Associate Professor University of Bordeaux France 2011- Affiliate Professor ESCP Europe Finance Department France 2007-2011 Affiliate Professor BEM Bordeaux Management School France 2008-2009 Adjunct Lecturer HEC Paris Finance and Economics Department France 1995-1997 Teaching Assistant (A.T.E.R) University of Bordeaux France Courses taught 2011-2012 Gestion des risques de marché. Cours électif d approfondissement, Master 2, Programme Grande École, 30h, ESCP Europe, Campus Paris France. 2011-2012 Market Risk Management. Mastère Spécialisé Finance, option Financial Markets, 30h, ESCP Europe, Campus London UK. 2008-2009 Finance d'entreprise. Cycle Master 1 ère année, Programme Grande École, 40h, HEC Paris France. 2008-2009 Corporate Finance. Cycle Master 1st Year, Programme Grande École, 40h, HEC Paris France. 2008 Analyzing Investments. International Management Seminar, HEC Executive Education, 2 days, Beijing China. BUSINESS EXPERIENCE 2000-2005 IBM Business Consulting Services, London UK, Risk Consultant (Contractor). Market risk analytics: Developing market risk methodologies for banks (VCV, historical and Monte-Carlo simulation VaR). Credit risk methods: Implementing credit portfolio management systems in banks (portfolio credit risk methodology and data inputs). Risk reporting: Implementing market risk reporting infrastructures in banks (business requirements gathering, design of a market risk reporting framework, gap analysis in terms of risk engines and data requirements). Organisational design: In charge of the change management and organisational design related to financial market activities in banks (including FO and risk management activities). Internal training: Developing and providing internal training on market and credit risk methodologies.

Frantz MAURER 5 1992-1994 Bank Inchauspé & Cie (now Caisse d'épargne), Paris France, FX trader. Trading activity on the spot desk. Determination of hedging strategies: Calculation of global foreign exposure, recommendation of hedging strategies to the Head of the FX trading activities. In collaboration with FO managers, developing in-house risk management systems that rate exposures. PUBLICATIONS Chapters in Books Maurer, F., «Le risque opérationnel : Nouveaux enjeux et moyens d'action», in Lamarque E., (éd.), Management de la banque. Risques, relation client, organisation, p. 37-61, Pearson Education, 2011. Maurer, F., «Le risque opérationnel : Quelle stratégie pour les banques?» in Lamarque E., (éd.), Management de la banque. Risques, relation client, organisation, p. 73-108, Pearson Education, 2005. Maurer, F., «Repenser le risque opérationnel dans les banques» in Lamarque E., (éd.), Management de la banque. Risques, relation client, organisation, p. 33-56, Pearson Education, 2008. Maurer, F., «La relation diversification-performance revisitée : Une approche cyclique» in Durand T., Koenig G., et Mounoud E. (éds), Perspectives en Management Stratégique, p. 103-127, Tome VI, Editions EMS, 2000. Maurer, F., «Stratégies de diversification, performance de la firme et cycles boursiers» in J.P. Bréchet et Mévellec P. (éds.), Marchés financiers et gouvernement de l entreprise, p. 333-358, Tome 2, Presses Académiques de l Ouest, 1998. Articles published in refereed journals Estay C and Maurer, F. (2014). «L ERM appliqué aux banques ou comment ne pas réduire la gestion des risques à la mesure du risque», Management International Forthcoming. Kharoubi-Rakotomalala C and Maurer, F. (2013). "Copulas in Finance Ten Years Later", Journal of Applied Business Research, vol 29, nr 5, p.1555-1566. Maurer F. (2009). "Creating Value through Enterprise Risk Management", Journal of Applied Business Research, vol 25, nr 3, p.13-24. Lamarque E and Maurer, F. (2009). «Le risque opérationnel bancaire. Dispositif d'évaluation et système de pilotage», Revue Française de Gestion, vol 35, nr 191, p.93-108. Maurer F. (2008). "Risk and Return: New Insights for Theory, Measurement and Management", Journal of Applied Business Research, vol 24, nr 4, p.51-63. Maurer F. (2007). «Un nouveau regard sur le paradoxe de Bowman», Revue Française de Gestion, vol 33, nr 173, p.85-105.

6 Frantz MAURER Maurer F. (2007). «Les développements récents de la mesure du risque opérationnel», la Revue du Financier, nr 163, p.46-60. Maurer F. (2006). «Une approche intégrée de la gestion du risque pour les entreprises», la Revue du Financier, nr 159, p.49-66. Maurer F. (2005). «L impact du risque de marché sur le résultat de l entreprise», Revue Française de Gestion, vol 31, nr 157, p.59-78. Maurer F. (2003). «Performance boursière rendement/risque et mode de diversification», Revue Finance, Contrôle, Stratégie, vol 6, nr 1, p. 93-118. Maurer F. (1999). «L influence des fluctuations boursières sur la performance financière de la firme diversifiée», Revue Finance, Contrôle, Stratégie, vol 2, nr 4, p. 105-134. Articles published in other journals or magazines Maurer F. (2007). «Enterprise Risk Management. L'émergence d'une démarche standardisée dans les banques», Revue BANQUE, nr 693, p. 69-71. Maurer F. (2006). «Quelles données pour le risque opérationnel?», BANQUE Stratégie, nr 242, p.30-38. Maurer F. (2006). «Le risque opérationnel : premiers pas vers une stratégie globale», BANQUE Stratégie, nr 238, p.25-28. Maurer F and Pourquery, P. (2000). Model Error for Credit Risk, Futures & OTC World, nr 355, p. 36-45. Pourquery P and Maurer, F. (2000). Data Uncertainty in Credit Risk Management, Futures & OTC World, nr 354, p. 62-68. Communications published in conference proceedings Maurer F., "How Much Cash is at Risk? Evidence from U.S. Non-Financial Firms", 28th Congrès international de l'association Française de Finance (AFFI 2011); Montpellier, France 2011. Maurer F., "Resilience and Efficiency through Enterprise Risk Management", 15 th Annual Organization Science Winter Conference (OSW 2009); Steamboat Springs, Colorado, USA 2009. Maurer F., "Achieving Integrated Risk Management: Linking Strategy, Decision Making, and Workable Quantitative Tools", International Academy of Management and Business Conference (IAMB 2009); Orleans, Louisiana, USA 2009. Maurer F., "Creating Value through Enterprise Risk Management", 17 th European Financial Management Association Annual Meeting (EFMA 2008); Athens, Greece 2008. Maurer F., "Rethinking Enterprise Risk Management: From Cost Avoidance to Value Creation", International Business & Economic Research Conference (IBER 2007); Las Vegas, USA 2007. Maurer F., «Les développements récents de la mesure du risque opérationnel», Congrès international de l'association Française de Finance (AFFI 2007); Bordeaux, France 2007. Maurer F., "Risk and Return: Self-Correcting or Downward Spiralling Relationships?", European Applied Business Research Conference (EABR 2007); Venice (Padua), Italy 2007.

Frantz MAURER 7 Maurer F., "An Integrated Approach to Risk Management for Corporate", 2 nd International Symposium on Management, Engineering and Informatics (MEI 2006); Orlando, USA 2006. Maurer F., "Ordinal Strategic Risk and Return: A Fresh Look at Bowman s Paradox", 64 th Academy of Management Meeting (AOM 2004), New Orleans, USA 2004. Maurer F., «Risque stratégique, performance et slack organisationnel : Cycle autocorrecteur ou autodestructeur?», XIII e Conférence Internationale de l Association Internationale de Mangement Stratégique (AIMS 2004); Le Havre, France 2004. Labourdette A and Maurer, F. «Le changement dans sa relation à l entreprise : Une analyse introductive», XVII e Congrès annuel de l Association Europea de Dirección y Economía de la Empresa (AEDEM 2003); Bordeaux, France 2003. Maurer F., "Measuring Market Risk in the Corporate Environment", 22 nd International Conference of the Strategic Management Society (SMS 2002); Paris, France 2002. Maurer F., "The Impact of Stock Market Cycles on Strategy-Performance Relationships: Additional Empirical Evidence", 62 nd Academy of Management Meeting (AOM 2001); Washington, D.C., USA 2001. Maurer F., «Performance risque-rentabilité, mode de diversification et profils stratégiques», X e Conférence Internationale de Management Stratégique (AIMS 2001). Québec, Canada 2001. Maurer F., «Une étude empirique de la relation entre transitions de rating et indicateurs macro-économiques», XV e Journées Nationales des Instituts d Administration des Entreprises (IAE 2000); Bayonne-Biarritz, France 2000. Maurer F., «La relation diversification-performance revisitée : Une approche cyclique», VIII e Conférence Internationale de Management Stratégique (AIMS 1999), Paris, France 1999. Maurer F., «Stratégies de diversification, performance de la firme et cycles boursiers», XIV e Journées Nationales des Instituts d Administration des Entreprises (IAE 1998); Nantes, France 1998. Communications and/or presentations Maurer F., "How Much Cash is at Risk? Evidence from U.S. Non-Financial Firms", Finance research seminar, ESCP Europe, Paris, France 2011. Maurer F., «L Entreprise Risk Management: l émergence d une démarche standardisée dans les banques», 5 ème conférence annuelle Risque Opérationnel : Entre Bâle II, crise des subprimes et fraude interne, quelle maîtrise du risque opérationnel? Investance institute, Paris, France 2008. Maurer F., «Risque stratégique, performance et slack organisationnel» Séminaire de recherche Risque, Incertitude et Stratégie d'entreprise, Groupe ESC Toulouse, France 2006. Maurer F and Pourquery, P. "Exploring the relationship between credit events and macroeconomic variables", 1 st International Conference Research in Financial Risk Management, Global Association of Risk Professionals (GARP 2000), London, England 2000.

8 Frantz MAURER Other Publications Maurer F et Quiry, P., "Le rachat d'actions de NESTLE S.A.", Étude de cas Finance, collection HEC Paris, Centrale de Cas et de Medias Pédagogiques CCMP, HEC-F0493, 2009. Maurer F., "Strategic Risk and Return: Self Correcting or Downward Spiraling Relationships?", Cahier de recherche du CEREBEM, nr 117-07, 2007. Maurer F., «Diversification, risque et performance financière», Cahier de recherche du CEREBEM, nr 115-07, 2007. Bertonèche M and Maurer F., "Understanding Corporate-Value-at-Risk through a Comprehensive and Simple Example", Teaching Note 206046-PDF-ENG, Harvard Business School, 2006. Maurer F., "Developing a Comprehensive Framework for Corporate Risk Management", online publication available at: http://www.gloriamundi.org, 2005. Maurer F., «Une analyse des cycles de l indice d actions AFFI-SBF (1986-1990)», Cahiers de Recherche du CREFF, Université Montesquieu-Bordeaux IV, nr 1999-02, 1999. OTHER PERSONAL INFORMATION Languages spoken, written and read (Mark 1 to 5 for competence, 5 being the highest): - English (Reading: 5, Speaking: 4, Writing: 5) - French (mother tongue)