Stephanie Liu, CFA

• Focused on the identification, research and analysis of new investment opportunities within the energy, power and infrastructure industries; the preparation and presentation of investment approval memoranda; the ongoing and periodic review of individual investments within the group’s investment portfolio • Participated in the evaluation of large global infrastructure funds, including individual asset evaluation, currency exposure risk analysis, and management team assessment • Participated in the bidding of a large utility company buyout through extensive due diligence and financial analysis • Generated complex financial simulation models to evaluate cash flows, enterprise value and debt capacity

• Conducted asset management industry and distribution research for various countries to identify expansion potentials • Made presentations to the management team regarding identified acquisition targets • Performed research, due-diligence and financial statement analysis for potential acquisitions in the asset management industry. Potential targets ranged from small cap to large cap companies • Built financial models such as DCF models to measure accretion and value creation • Generated competitor analysis reports to better understand competitor products and to create more effective business strategies • Brainstormed and created the first Asia Overview Report, which summarizes and details our Asia operation from both a quantitative and qualitative perspective • Interviewed company management and analysts to evaluate business strategy and drivers

Tactical Asset Allocation • Analyzed global economic data to determine appropriate risk allocation in portfolios • Performed extensive competitors’ fund analysis to evaluate investment strategies and their holdings for sources of value • Participated in the 2011 asset allocation planning and tail risk analysis • Collaborated closely with operations team to solve daily reporting issues of all Leaders funds • Produced daily trading and performance reports and monitored six global tactical funds Canadian Fixed Income • Trained in securities selection and analysis of High Yield bond and Maple bond market, including detailed analysis of the prospectus and its respective industry • Assisted in the management and the daily reporting of the DEX universe bond index fund • Produced reports on a monthly and quarterly basis for managed funds Real Estate Investment • Assisted in the Investment Office Strategy Report by analyzing target investment market statistics and analyzing internal real estate holdings • Calculated expense reallocation for the 2011 IFRS Accounting conversion • Studied the difference between CGAAP, US GAAP, Japanese GAAP and IFRS to fulfill specific country reporting requirements • Updated quarterly appraisal reports to reflect accurate market value of real estate holdings

• Reconciled and aligned Retail Credit Risk Policies to the internal control mechanisms • Organized and prepared the Retail Lending Integrated Audit Report • Generated the Monthly Adjudication Tracking Report to track the quality of manual approvals • Assisted manager in the development of new processes and creating process reports