Integrated System Analysis

This document is aimed at providing Capital at Work with relevant information on SimCorp Dimension. This document is based on the request for information previously sent and will then cover the topics of interest of Capital at Work.

First of all, the introduction will provide some general information concerning SimCorp Dimension solution.

Secondly, we'll give information based on the specific questions sent in the request for information.

Introduction

SimCorp Dimension is the most advanced and comprehensive investment management solution available today. With his fully integrated solution, it eliminates the need for middleware system and the integration requirements that come with it. The product offers a full coverage for front office, middle office and back office operations: portfolio management and analytics, trading and order management, performance measurement and attribution, risk management, cash management, compliance and regulatory reporting, security and position administration, accounting, fund administration, straight-through processing, system administration and integration.

SimCorp Dimension is completely modular. It can be configured precisely to meet your functional needs, accounting rules and instrument requirements. It's also highly flexible since it allows to grow simply by adding new modules- completely integrated with the same database- for new functions or financial instruments.

Thanks to his truly integrated system, SimCorp Dimension eliminates the operational risk and interfacing requirements inherent in multi-supplier solutions. The solution allows you to concentrate on business rather than maintenance.

Finally, in our efforts to continuously provide the best possible investment management solutions which are capable of complying with an ever changing business environment- and at the same time add real value to our customers changing operations- we recognize the importance of having a network of partners that can help secure the success of both our customers and of SimCorp. This is the reason why SimCorp has formed a number of partnerships with companies that add value and excellence to our product development, implementation services and connectivity ability. Amongst these partners, we can mention for example: Microsoft, Oracle, Spotfire, ReportSoft, Adept Consult, Preyer, Reuters, Swift Solution Partner, etc.

Specific Questions

In the document received, it's made mention of the main issues that the asset management department is currently facing. In particular, the AMD is searching for an external solution for issues concerning the fund management.

Below you can find these issues (bold) as well as the solutions providing by SimCorp Dimension concerning these topics.

1. The need for easy-to-use, robust, transparent and reliable fund portfolio monitors:

• Daily/ Weekly/ Monthly valuation, performance measurement monitor

• Monitoring plain vanilla risk parameters

SimCorp Dimension comes with a comprehensive module for fund administration. Please be aware that SimCorp Dimension does not provide Transfer Agent capabilities: it simply reads in issues and redemptions of fund certificates.

SimCorp Dimension supports the entire workflow associated with fund administration вЂ" including fund definition and portfolio management, subscriptions and redemptions, calculation of net asset value and general ledger accounting. With the integrated general ledger, SimCorp Dimension completely covers all fund accounting needs.

SimCorp Dimension supports multiple fund types and structures like e.g. mutual funds, fund-of-funds, master funds, multi class funds, leverage funds, umbrella funds, etc. Please note that in a fund-in-fund structure, it is possible to decompose the fund certificate in its constituent assets. It is thus possible to measure exposure not only on fund level but also on constituent level.

SimCorp Dimension is equipped with all the necessary functionality to correctly calculate the NAV of the fund and the different fund certificates. The Fund Administration module provides a comprehensive, flexible and market proven solution for defining NAV schemes and a fixed procedure for calculation NAVs. Historical NAVs are automatically stored including details that can be investigated at any time.

There are several monitors that can be used with regards to fund portfolios. You can visualise and process instant valuation of the holdings of the funds in the Portfolio Workbench with multiple key-ratios and scenario capabilities. Valuation is based on pricing profile with a set of pricing rules. From this monitor, you can drill down to numerous information as the transactions that build up in the position, static data, pricing information, etc.

Another monitor is the Fund Explorer. This is where you visualise and analyse the calculated NAV of your fund (current and/or historic). The details of the calculation will appear in the monitor and you will also benefit from drill down functionalities to investigate the details: what is the position behind, what transactions build up the position, what price has been used for NAV calculation, etc.

For the sub-questions " performance measurement monitor" and "Monitoring plain vanilla risk parameters", please refer respectively to the question 4 and question 3 (below).

2. Monitors need to be seamlessly accessible to users without carrying too much operational and personnel dependencies:

Monitors are easily accessible to users. Depending on the type of monitors, it just requests to attach the portfolio(s) or fund(s) and indicate the date/period to get access to the corresponding data. Search routines can be defined and saved to ease data selection. Then the user may choose relevant columns (i.e. information and key ratios) and set the right groupings and sorting with sub-totals and dedicated colours. These set-up can be saved as well so the user can have several views on the same set of data and move from one view to another by a simple click.

Note also that SimCorp Dimension provides the tools necessary to configure the access and user rights according to the criteria of Capital at Work. The accessibility of the monitors are defined by authorisations.

Authorisations may be set on the level of an individual, a group of users or