ANNUAL REPORT 2017 :18Ethics & Professionalism for the Finanzplatzswiss.cfa

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CFA Switzerland aims to be the leader in fostering the highest standards of

knowledge, professionalism, and integrity in the investment management business

in Switzerland.

It represents more than 3’100 Members to promote the values represented by

the CFA® designation, provide continuing education, support CFA candidates, and

strengthen the network between Members.

3 SPONSORSHIP

CFA Switzerland proudly acknowledges sponsorship from the following partners. They give us the means to do what we do. Please consider them, we are happy to make introductions.

CONFERENCE SPONSORS: SPONSORING PARTNERS:

KNOWLEDGE PARTNERS:

4 TABLE OFCONTENTS

The Annual Report has three parts – the Activity Report, the Society Financialsand the Ballot Materials.

ACTIVITY REPORT

The Big Picture

Message from the President

Membership

Highlights

Board of Directors

Advocacy

Society Volunteers Hall of Fame

153 Volunteers

Public Awareness & Communication

Conferences

Continuing Education

University Relations

Social Events

Society Outlook

SOCIETY FINANCIALS

Treasurer’s Report

Auditor’s Report

Investment Report

BALLOT MATERIALS

Notice of Annual General Meeting

Ballot Form

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ACTIVITY REPORT

THE BIG PICTURE

CFA Switzerland is the alumni organisation of CFA Institute in Switzerland, representing everything that CFA stands for in the Swiss market.

CFA Institute rests on three pillars: the Board of Governors, manage­ment and member societies. Societies keep their autonomous struc­tures even after the merger in 1990 of its precursor institutions into what is now known as CFA Institute.

It is important to know that CFA Switzerland – like all 151 local socie­ties – is a separate entity of CFA Institute, which shares visions with CFA Institute, while at the same time ensuring that there is true local content & flavour. CFA Institute now has over 160’000 Members and cannot reach its vision and missions without the support of local societies.

Societies and CFA Institute have principles that are common to both. For instance, CFA Institute and CFA Switzerland share a primary obli­gation to serve the lifelong professional needs of our collective mem­bership by delivering products and services of the highest quality and communicating directly with our respective Members. Further, CFA Institute and CFA Switzerland strive collectively and individually to maintain and advance the standards of ethics and professional conduct in the investment community globally, regionally and locally in Switzerland.

At the same time, it is important not to forget the differences. Primarily, CFA Institute is global and is responsible for the CFA® programme as well as other certifications and credentials (e.g. CIPM and CFA Insti­tute Investment Foundations). CFA Switzerland on the other hand fo­cuses on the local market, local Members and educational products and services that place the emphasis on local issues, regulations and needs and provides local Members an opportunity to volunteer to develop their skills further and to network.

CFA Societies by Members: exclusive of Society specific membership categories, such as Candidate Members, table values as of 1 July 2018

Global Pioneers: First three Societies ad mitted to CFA Institute outside of Americas by year of admission

Society Members

1 New York 10,710

2 UK 10,166

3 Toronto 9,959

4 Hong Kong 6,757

5 Boston 5,788

6 Chicago 4,577

7 San Franciso 3,487

8 Singapore 3,429

9 Switzerland 3,073

10 Montreal 2,696

Society Year

1 Bermuda 1989

2 Hong Kong 1994

3 Switzerland 1997

6 MESSAGE FROM THE PRESIDENT

Peter Neumann CFAPresident

Dear Members,

We are closing another successful year for CFA Society Switzerland. We continue to extend our reach with candidates, Members as well as the broader community while improving as a CFA organisation.

Let me share a couple of highlights. I would like to start with an amazing success story about the CFA Institute Global Investment Research Challenge. The Swiss team from the University of Lausanne won against over 140 CFA societies and more than 5,700 students from over 1,000 universities. For the first time ever, a Swiss team managed to win the regional finals and as well the global prize. Sam Wagner, Jonathan Pavillard, Natalia Grudina, Jeroen Zandbergen and Mark Temnikov from HEC Lausanne stood out in the Swiss local competition in February and were the selected team to represent Switzerland in the regional finals (already leaving 30 Swiss teams behind). The team was coached by Professor Norman Schürhoff, who has already successfully prepared other winning HEC Lausanne teams to perform excellently in the Swiss local competition. In April the Swiss team managed to carry the regional finals in Dublin against 40 other teams. This already was a first for Switzerland. But the story continued … three weeks later, the Swiss team won the hearts of the jury not just with their brilliant analysis of VAT, but also thanks to their confident presentation and Q&A session. Obviously this deserved a celebration and we were able to clink glasses with the team and celebrate with well­wishers from CFA Institute, Credit Suisse, SFAMA and Swiss Finance Institute in Zurich in June. It is also a great success story as the Swiss edition of the Research Challenge has grown in size and number of participating teams over the past years. I want to say an enormous ‘thank you’ to Credit Suisse as sponsor and Olivier Müller CFA and his team of volunteers which has gradually grown over the past nine years to well over 50 CFA volunteers as graders, team mentors as well as judges / event coordinators.

Let me highlight another record – the Swiss Society has passed the 3000 Members mark. By year end, the Society had 3012 Regular (or Retired), 35 Affiliate and 76 Candidate Members for a total of 3123. And looking at a candidate base of more than 1500 candidates registered for CFA exams over the past years we need to set new stretch growth goals for us as Society. We also believe that our growth will bring significant benefits for all our members; it will enable us to provide a larger variety of value propositions that is much more tailored to individual needs and obviously a larger community and network to tap in as needed.

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In line with this growth, we also made significant progress in strengthening and developing the organisation of the Society. We have added a staff member (Mirjana Wojtal) to coordinate execution of larger initiatives with excellence. Her structure, communication and project management skills were essential to make the Swiss Pension Conferences as well as the Generations Conference a success. While the Swiss Pensions Conference is well established with over 100 participants for each event in Zurich and Geneva, it was great to see the success of the Generations Conference with a wide representation of family offices. Clearly after the initial success we want to repeat these events in 2019.

At the CFA Institute level, we progressed further to move to ONE CFA community with CFA Institute operating and coordinating activities at the global level, while CFA Switzerland (with its 150 sister societies) creates Members value for members in the Swiss market. This broad strategic conversation between CFA Institute and its societies runs under the working title of Societies 2.0. At its core, it means that societies are the clearest route to members and local investment communities while all societies leverage shared infrastructure and relationships, enhanced resourcing and appropriate governance across CFA Institute globally and local CFA societies. The closer collaboration also helped to put the society on a more solid financial funding structure by confirming financial support from the CFA institute. This will ensure we can continue building new value propositions while at the same time remaining financially break­even as per our status as non­profit organisation. In the fiscal year just ended, our Society managed to deliver a small profit again to accrue to reserves, something that is really appreciated by all of our Members.

Last but not least. I want to use as well the opportunity to once again thank our Society and Institute volunteers. They are the backbone of the Society day­in and day­out, thanks to their initiative, energy, passion and invaluable time commitments. None of our propositions would be possible without their hard and dedicated work. The list of volunteers is long and the variety of activities going on really large, but every single one of them provides an indispensable contribution to the success of a specific initiative. Thank you!

As I am coming up to the end of my two­year term as the President of the Board, I am looking forward to another exciting year with CFA Switzerland as its immediate Past President.

Yours,

Peter Neumann CFA President

Celebrating Member #3000 at the Roche tower in Basel

8 MEMBERSHIP

The big news in membership in the past fiscal year was that the Soci­ety finally broke its 3000 Members mark, which was duly celebrated at the 2017 AGM in Basel.

The main driver of membership growth continued to be the success of the CFA Charter in Switzerland. The Society’s compound annual growth rate of membership for the last five years stands at 5.6% p.a.. Candi­date Members tend to be cyclical by nature, as they would hopefully mature into regular Members upon completing Level III and their work experience requirements.

Last year’s renewal cycle have seen a 93% (93% previous year) mem­bership retention, compared to 90% (91%) in EMEA West. There are 581 (471) members of CFA Institute living in Switzerland who are not af­filiated with CFA Switzerland. This is a significant reservoir of poten­tial Society Members, provided we can convince them of the value of membership. The number of Candidates who have successfully com­pleted all three levels, but do not yet have the required work experi­ence (“Charters pending”) stands at 276 (293).

CFA Institute polls Members annually for their satisfaction with their membership experience. The Society’s Net Promoter Score remained unchanged at +11% (+11%). 60% (59%) of Members report paying membership dues out of their own pockets. AGM participation con­tinues its upward path, albeit at a normalised trajectory. This can be interpreted as a proxy of perceived ownership of the Society by its Members. According to the CFA Institute annual membership survey, 35% (29%) of Members report to be proud or happy to be a member, whereas the share of indifferent Members has fallen to 22% (29%).

The total share of Members employed by the top 10 employers has de­creased to 37.5% (38.9%) of total membership.

The Membership Value Pack available to Members has been improved significantly again. Sponsors Credit Suisse and Saxo Bank both offer banking services at very attractive preferential rates, tailored to their respective areas of speciality. Finally, thanks to its significantly ex­panded Zurich presence, we have been able to negotiate a preferential subscription to Monocle, the global news and lifestyle magazine.

PROXIES SENTAND VOTES RECEIVED

PROXIES SENT

VOTES RECEIVED

PARTICIPATION %

TOP 10 EMPLOYERS OF MEMBERS 2018 (2017)

UBS 384 (358)

CREDIT SUISSE 267 (300)

PICTET & CIE 98 (91)

JULIUS BAER 68 (67)

VONTOBEL 64 (62)

ZKB 59 (64)

LODH 58 (63)

PWC 50

LGT GROUP 49 (46)

SAFRA GROUP 39 (45) 0

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2015 2016 2017 2018

9 HIGHLIGHTS

AND THE WINNER IS …

The University of Lausanne, Switzerland! This announcement made in Kuala Lumpur, Malaysia on 27 April 2018 was the most satisfactory conclusion of the 2018 cycle of the CFA Institute Global Investment Research Challenge. The Swiss team made up of Natalia Grudina, Jeroen Zandbergen, Mark Temnikov, Sam Wagner and Jonathan Pavillard (left to right) carried the day. We are grateful to the team, their supporters and all the volunteers who made this culmination of the first nine years of CFA Switzerland’s participation in the Challenge possible!

MONEY, MONEY, MONEY …

Was for once not an objective, but an object of observation at the conference “Our money, our banks, our country” hosted by CFA Switzerland in cooperation with the Global Interdependence Center and the Gottlieb Duttweiler Institute on 5 February 2018 at the GDI in Ruschlikon. Attracted by a host of names like Martin Wolf, Larry Kotlikoff, William White, Ruedi Noser and others, more than 200 delegates from all walks of life found their way to the Conference, making it the biggest conference yet.

Sabine Döbeli (SSF) and Chris Dreyer CFA proudly brandishing the new handbook, with speakers Kaspar Hohler, Alexander Zanker CFA, Rainer Baumann CFA and Joachim Klement CFA(Research Foundation)

A MOST EXCELLENT HANDBOOK

We came across Swiss Sustainable Finance’s (SSF) Handbook on Sustainable Investments which has been published in French and German only. This severely constrained the potential reach of this wonderful publication with many case studies. That’s why we reached out to SSF and the CFA Institute Research Foundation (RF) with the idea to have it updated, translated into English and co­published by the Research Foundation. An unintended, but no less welcome consequence of this initiative came later in the year when the RF presented a Society Excellence Award to CFA Switzerland.

10 BOARD OF DIRECTORS

The Board guides the Society’s strategy in pursuit of its mission. It is composed of volunteers serving for a term of one year. Re­election is possible without limits except for the President and the Vice President, whose tenures are limited to two consecutive terms.

PABLO AMUCHASTEGUI CFA,PRESIDENT Pablo is a Financial Analyst for the World Trading Group of Cargill International SA. In the past he worked as a research analyst in the construction of global equity indices for MSCI, both in the USA and

Switzerland. Pablo started his career at Ford Credit Argentina’s Finance department. He holds a bachelor degree in Business Administration from University of Buenos Aires, a Master Degree in International Management from HEC Lausanne and a Quantitative Finance Certificate (CQF). Pablo is a Swiss from abroad and Argentine citizen, and has two children. A Charterholder since 2007, Pablo is serving the Society as a volunteer since 2009 and joined the Board in 2013.

ULRIKE KAISER-BOEING CFA,VICE PRESIDENT Ulrike Kaiser­Boeing CFA is in charge of Client Relations at Carnegie Fund Services Limited in Geneva. Prior to this, she worked at Bank SYZ as product specialist for alternative funds and

covered UK­based global distributors for the long­only and alternative funds of SYZ. Before joining SYZ Group she was heading the Swiss Branch of Candriam (formerly Dexia AM), in charge of the business development for institutional and wholesale clients. Prior to this, she worked as an equity analyst and later as a relationship and project manager in the institutional business at Lombard Odier. She started her career as a project manager in the International Finance and Commodities Institute (IFCI) in Geneva. Ulrike holds a degree in Business Administration from the University of Cologne and is a CFA Charterholder since 2003. She previously served on the Board of CFA Switzerland from 2005 to 2011 and joined the Board again in 2014. From 2009 to 2015 she was a member of the Standards of Practice Council of CFA Institute and holds the CAIA (Chartered Alternative Investments Analyst) designation.

PATRICK RANZIJN CFA,SECRETARYPatrick is Managing Partner at Orange Cherry Venture Capital, a boutique VC with an active role in its portfolio companies, e.g. Patrick is CEO/CFO of several companies, as well as actively

engaged with numerous other investments. He is on the Advisory Board of FGN Capital, a family office with offices in Monaco, Moscow and London, advises on their funds, strategy, crypto­ trading and crypto fund. He was global co­ lead of products and finance education at UBS (authoring their books for several business divisions and programs). He previously served as MD, CEO and senior trader at All Options Helvetia AG with over two decades of trading and capital markets experience. Patrick is Vice President of the Dutch Business Round Table, chair of the CAIA Switzerland chapter, member of the Education Advisory Committee of CFA Institute and chair of its Standards & Advocacy subcommittee.

He is active in other foundations too. His main areas of interest include: equity derivatives, alternative investments, high frequency trading, transfer pricing and big data. He serves on the Board since 2014.

PETER NEUMANN CFA, PAST-PRESIDENT Peter is Global Commercial Finance Director at Markem­Imaje in Geneva. Previously he has been regional CFO at Ansell in Brussels leading the EMEA & APAC Finance & Accounting organization.

Before, he held various senior finance positions at Procter & Gamble, including managing the global supply chain Finance team, the business planning group for one region, the finance team for one major luxury brand, the M&A strategy for P&G’s luxury business and global controlling of the packaging purchasing organization. He started his career at J.P. Morgan in 1994 where he completed a banking training program leading to the German banking degree “Bankkaufmann”. Peter also holds two degrees from the University of Passau: an MBA as well as a Master of Computer Science. He is a German citizen and has two daughters. Peter serves on the Board since March 2011.

RAFAELA BICHUETTE CFA Rafaela is a Senior Investment Advisor for the Latin American and Iberian clientele at CA Indosuez Wealth Management in Geneva, where she is responsible for multi­asset class advisory. Previously, she held the same position

at Lloyds TSB Private Banking. Rafaela also worked at the Latin American Commercial Team at Société Generale Private Banking and as a Fund Analyst at Ferrier Lullin S.A. Rafaela, a Brazilian national, moved to Switzerland to complete a Master’s degree in International Economics at the Graduate Institute of International and Development Studies. Rafaela is a CFA Charterholder since 2010. She started to volunteer for the CFA Society Switzerland in 2014 and joined the Board in 2016. She is married and has two sons.

ANTHONY CAGIATI CFA Anthony is a Partner at Sound Capital Ltd., Zurich, and a Member of the Executive Board at Alliance of Swiss Wealth Managers. Anthony has in­depth know­how in the area of private banking in Switzerland as he served for many

years in senior positions at Bank Leu / Clariden Leu. In 2012 he played a crucial role in the set­up of Metropol Partners / Sound Capital Ltd., an independent asset manager. Anthony was engaged with CFA Society Switzerland and CFA Institute in various functions including founding member of the board of and later President of CFA Switzerland and member of the Board of Governors at CFA Institute. Anthony holds an MBA from Babson College. He joined the Board in 2016.

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DANIEL RITZ CFADaniel is a director in the institutional clients department of Unigestion since 2011. Daniel began his career in 1991 as assistant in the asset management department of UBS in Zu­rich. In 1993, he became Sales and Relationship

Manager for Swiss institutional clients. In 1998, he joined Bank Leu as Head of Asset Management before becoming Head of Institutional Clients in 2003, a position he kept after Clariden Leu was formed. Dan­iel is Swiss, married and has three children. He graduated in Econom­ics from the University of St. Gallen and completed an MBA at the Uni­versity of Rochester NY. He has been a CFA Charterholder since 1996. He has served as a volunteer since 2010 and joined the Board in 2013.

SHEILA OHLUND CFA Sheila is the Founder and Managing Director of Grove Financial Services GmbH, which focuses on improving the investment decision making process. Previously, she was a Partner at SBC Brinson, and following its merger with UBS, was

a portfolio manager and research strategist. Prior to this, she was Executive Director and Head of Research at Rothschild Bank. She had earlier been a member of the global equity thematic investment team at the American Express international asset management in London. Sheila began her career at Price Waterhouse as a Certified Public Accountant (CPA). Sheila received a Master’s degree in Economics from the London School of Economics and a Master’s degree in Finance at the Sloan School of Management at the Massachusetts Institute of Technology (MIT), and a Entrepreneurship and Innovation Certificate from Stanford University . She has served on the Board since 2014.

PHILLIP SUNDQUIST CFAPhillip is the founder and Managing Director of SUNDQUIST ADVISORY Sàrl, an asset management consultancy based in Nyon, Switzerland. Phillip has over 25 years of

experience in asset management and finance both in Europe and the US. He previously held executive investment management roles at leading private banks and worked as fund manager and investment strategist at the Credit Suisse Group. Phillip earned an MBA from the Michael G. Foster School of Business of the University of Washington in Seattle. He has been a Charterholder since 2000 and is on the Board since 2012. He also serves as a member of the CFA Institute’s Annual Conference Advisory Group.

JIAN SHI CORTESI CFA Jian is a fund manager of Asian equities at GAM Investment Management (Switzerland) in Zurich, and is responsible for two China / Asia equity funds. Jian was educated in China and the United States, and has worked in China,

the United States and Switzerland. For most of her career, She has worked on Asia / China investing, first as an equity analyst, then as an investment strategist and a fund manager. She started her career as an assistant editor at Dow Jones in Beijing. Jian Shi Cortesi holds a Bachelor degree in International Business from Beijing Foreign Studies University in China and an MBA from the University of Tennessee in the United States. She obtained her CFA Charter in 2005 in the United States. She has been living in Ticino since 2009 after marrying her husband, a CFA Charterholder whom she met at the CFA Annual Conference. Jian has been a volunteer with CFA Switzerland since 2012.

EUGENE SKRYNNYK CIPM,TREASURER Eugene is a Director in Business Risk at UBS. Previously he was a client advisor working with high net worth individuals and also manager of special projects at two family offices. Before this

Eugene worked for Ernst & Young advising clients in Europe and Africa on the GIPS Standards and AEI/FATCA regulations. He was also a lead analyst for relative return investment programs at UBS in Switzerland and worked as a credit analyst at Bank of America in Canada. Eugene holds a Bachelor of Commerce degree from the University of Toronto and a Master of International Law and Economics from the University of Berne. Eugene started to actively volunteer for CFA Switzerland in 2008 in the Continuing Education Committee and then project managed the first Swiss Pensions Conference and the Generations Conference in Switzerland. He is a Level III candidate in the CFA program.

MATTHIAS TEIG CFA Matthias is a founding partner at Rothorn Partners, a Geneva based research and advisory firm. After starting his professional career with Allianz Global Investors in 2001, he moved into a structured products sales role with Barclays

Capital in 2005. Later, he had a position in the Key Clients team of Barclays Wealth, where his role was to originate investment banking business from the largest and most sophisticated private banking clients. At Rothorn Partners, Matthias focuses on fundamental research to identify idiosyncratic investment ideas with an asymmetric risk return profile. The firm advises a Luxembourg domiciled alternative investment fund. Matthias has a Diploma in Economics, Languages and Cultural Area Studies from Passau University and is a CFA Charterholder. He has been a volunteer for CFA Switzerland since 2014 and Co­Chair of the Continuing Education Committee since Jan 2018.

12 ADVOCACY

CFA Institute defines Advocacy at the Society level by three cate­gories of activity:1) Member Education and awareness regarding various themes such as ethics, standards, and regulation2) Industry and Media Outreach3) Policy Maker Engagement and Advocacy

CFA Switzerland’s Advocacy Committee is staffed by volunteers whose diverse backgrounds reflect the broad areas of expertise required for this work.

ADVOCACY PROJECTS 2017/2018:

UCITS FUNDS AUTHORIZATION PROCESSES IN EUROPE:This is our flagship project led by James Burgunder CFA with support from CFA Institute. A “Proof of Concept” phase of the project ran from May 2017 until February 2018, in which representatives of seven European countries shared first­hand experiential data about the cost, effort and time required to authorize UCITS equity funds in their jurisdictions. Afterwards, society leaders from several European CFA Societies met this year in Basel to analyse the results and to begin planning the next project phases. The project group has issued their first draft report, which has now become the starting point for the launch of the next phase to be conducted in close collaboration with CFA Institute.

SIX CONSULTATION ON THE DIRECTIVE ON ALTERNATIVE PERFORMANCE MEASURES:We participated in a Consultation by the Swiss Exchange about the regulation of Alternative Performance Measures (APMs). APMs are non­GAAP performance measures other than those financial measures defined or specified in the applicable financial reporting framework (such as IFRS or US GAAP). Examples of APMs include EBITDA, EBIT, Adjusted Earning or Free Cash Flow. Many investors, portfolio managers and analysts heavily rely on APMs and we have recognised a global trend to regulate these measures to enhance their quality, reliability and comparability. Two key points we have advocated for include (1) a mandatory reconciliation statement as it helps investors to understand the underlying calculation of APMs, and (2) robust requirements for disclosures related to APMs. The detailed statement is available on the Society website.

CFA SWITZERLAND COMMENTS ON THE RULES CHANGES FOR CFA INSTITUTE’S PROFESSIONAL CONDUCT PROGRAM:Our advocacy group participated in a consultation of CFA Institute about the enhancements of the CFA Institute Disciplinary Process. Given the importance the CFA Code of Ethics and the Standards of Professional Conduct for all CFA members and candidates, this consultation was another key activity for our advocacy group.

CRYPTO VALLEY ASSOCIATION’S CODE OF CONDUCT:The Crypto Valley Association’s (CVA) mission is to develop the “World’s Best Ecosystem for Blockchain” and other Distributed Ledger Technologies and Businesses. We commend the CVA for its adoption of a Code of Conduct. This is a crucial and laudable first step in self­regulating the growing distributed ledger industry. Given the long tradition CFA Institute has had in promoting Ethical Standards, we have taken this as an opportunity to congratulate the CVA for their action and to provide our suggestions for improvements to their code. CURRENT PROJECTS WITH A NEW STRUCTURE:In its last meeting, the advocacy group reviewed its performance and processes and looked for ways to further improve its effectiveness and impact. One important observation is that our Society’s 3’000+ Members provide a great knowledge base which, if properly leveraged, could result in win­win situations for the Society and its Members. Some advocacy projects might help some Members enhance their own knowledge and provide networking opportunities with peers on specific topics. At the same time, the Society might benefit by working with specialised project groups instead of a fix advocacy group. In a first trial, we sent our Society Members a request to participate in one of the four projects listed below. The participation will be incentivized with 8 CE credits (SER) for the CFA Institute Continuing Education (CE) Program. Those four projects are:

• FIDLEG / FINIG ordinance• Changes to the banking ordinance: Simplified authorisation

requirements for FINTECHs.• Changes to the Swiss Banking Act: The federal government

plans to adjust the rules about Solvency and deposit protection to international standards.

• Changes to the Swiss Insurance Act: New rules about investors’ protection and rules of conduct.

The FIDLEG / FINIG project received the greatest number of responses (33), followed by the FINTECH project (20), the Banking Act on solvency and deposit protection (5) and the Insurance Act for investor protection (4).

We thank all Members who responded for their willingness to help bring these projects to fruition.

If you have any comments, questions or if you want to join a project group please do not hesitate to drop us an email: advocacy@swiss.cfa.

I would like to thank our advocacy group Members as well as everybody involved in our projects for their effort and great work! Henrik Grethe CFAAdvocacy Chair

By Henrik Grethe CFA

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Tanweer Ali CFA

Geneviève Lincourt-Gheyssens CFA

Mary Cait McCarthy CFA

Olivier Müller CFA

Christian Dreyer CFA

Agata Kozerska

Pablo Amuchastegui CFA

Elaine Kassanos CFA

Sheila Ohlund CFA

Jian Shi Cortesi CFA (volunteer of the year)

Fabrice Moore CFA (nominated)

Eugene Skrynnyk (nominated)

Christian Takushi (nominated)

Nevil de Tscharner CFA (nominated)

Olivier P. Müller CFA (volunteer of the year)

Alison Arthurs CFA (nominated)

Peter Blum CFA (nominated)

Christian Nauer CFA (nominated)

Leonor Vereda CFA (nominated)

Anne-Katrin Scherer CFA

Walter Bareiss CFA

SOCIETY VOLUNTEERSHALL OF FAME

CFA Switzerland’s Annual Volunteer Award has been granted to the following Members for their outstanding contributions to the Society as volunteers:

Walter Bareiss CFA is one of those people who prefer to avoid the limelight, yet who are always there and available in times of need if the Society calls upon them. This is why the Board has decided to put Walter in the lime light for once,

because we could not do without volunteers like him.

Walter’s focus of volunteer activity is in the creation of conference agendas that are both relevant and interesting for their target audienc­es. Not only has he been a founding team mem­ber of the Swiss Pensions Conference, to which he has contributed to in every vintage. His ex­perience on the agenda team of CFA Institute’s European Investment Conferences in Copen­hagen, Paris, Prague, London and Amsterdam enables him to cross­fertilise the often intense discussions about formats and speakers with great insights into what works well and what doesn’t.

Thank you, Walter!

14 153 VOLUNTEERS

BOARD Pablo Amuchastegui CFARafaela Bichuette CFAAnthony Cagiati CFAFlorian Esterer CFAUlrike Kaiser­Boeing CFAPeter Neumann CFAPatrick Ranzijn CFA *Daniel Ritz CFASheila Ohlund CFAPhillip Sundquist CFA *(*INVESTMENT COMMITTEE)

JUDGESPeter BänzigerFlorian Esterer CFAKatrin Hita Camargo CFAMichael InauenOlivier P. Müller CFAPeter A. Romanzina CFAThomas Schneckenburger CFA

GRADERSJerôme Arthur CFAFabrizio Basile CFATetyana Bazylevska  CFAElad Ben­Am CFAPascale Boyer Barresi CFAMidge Brown CFAAndré Dietlin CFADominic Faber CFARaquel Feito CFAAmy Ils CFADaniel Jaedig CFARaphael Kirschstein CFAMarkus Matuszek  CFAAurélien Michaud CFAPierre C. Moser CFAChristophe Ollier CFAAndreas Plattner CFALaura Prina Cerai CFAAlexandra A. Tischendorf CFAFrederik von Ameln CFAReinhard Zimmermann CFA

MENTORSBettina Baur CFAFabio Bertoni CFAAlfi Catalano CFAEric Chassot CFATobias Crettenand CFAQimin Fei CFAMarek Grochowski CFAJonathan Horlacher CFAMilan Ivica CFAJean­Paul Jeckelmann CFAAlex Klopfer CFAThomas Kühne CFAAlex Marc CFAJonathan Martin CFAMartin Moeller CFAPatrick Oberhänsli CFARainer Ott CFAAngela Palacin CFAJacqueline Ruedin Rüsch CFARobert Schuchna CFAPatrick Schüepp CFAMiroslava Subenikova CFARicardo Tancini CFAMatthias Teig CFAGeorg Toelkhaus CFA

ADVOCACYLidia Bolla CFA Dominique Braeuninger CFAJames Burgunder CFADeniz Erkus CFAAlessandro Farsaci CFAGeorges GammaHenrik Grethe CFAKarin Jans CFAChristian Nauer CFAMartin PloomBenjamin Schoch CFARobert Schuetz CFAChang Solèr CFAMarkus Strauch CFAChristian Takushi

SPC18 ZURICHWalter Bareiss CFAPeter Blum CFASinikka Demaré CFAMichael Frei CFAMichael Haene CFADaniel Ritz CFAJan­Ulrich Salchow CFAJürg Schiller CFA

GENERATIONS CONFERENCE GC18Beatrice Anton CFANicholas Bernard Walter Bareiss CFAPeter CingrosRaimondo del Balzo di Presenzano CFAThomas FischerMarius Holzer CFAChristian Lepple CFAJürg Schiller CFAEugene Skrynnyk

AUDITORSLaura Prina Cerai CFADimitri Senik CFA

Society Governance Stakeholders

UNIVERSITY RELATIONS / RESEARCH CHALLENGE

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Volunteering isnetworking

with a purpose

SPC18 GENEVAPablo Amuchastegui CFAIoana Basca CFAMaxime Corbaz CFADominique Grandchamp CFAGrégoire HaenniFabrice Moore CFAChristian von Roten CFAAdrien Veillard CFA

SOCIAL EVENTS Pablo Amuchastegui CFAMojtaba Bastani Rafaela Bichuette CFAJian Shi Cortesi CFARaimondo del Balzo di Presenzano CFAPetula Gibson CFALei Gong CFAGiulia Gramola CFA David Grimaud CFALars Helfenstein CFA Daniel Hoffmann CFAPeter HristovJesse Ng CFAMorgane Picard CFAEugene SkrynnykThomas Steller CFAPhillip Sundquist CFAShanshan Zhang

CONTINUING EDUCATIONJérôme Arthur CFAThomas Bender CFARafaela Bichuette CFADessislava Boneva CFANicolas Bornitz CFAHendrik CroceTimoteo Gandolfi CFALei Gong CFAKim Henriksen CFA Alex Klopfer CFAChristophe Künzler CFAChristian Mathis CFAMary Cait McCarthy CFAGeorg Merholz CFAOjha MighleshJesse Ng CFASheila Ohlund CFABruno Pellier CFAMorgane Picard CFADanilina Polidori CFAMarkus Strauch CFAPhillip Sundquist CFAMatthias Teig CFAJulien Terragnolo CFA

MARKETING & COMMUNICATIONSJan Hartmann CFADaniel Jaedig CFAThomas Trauth CFA

CANDIDATESAdrian Cachinero Vasilievic CFALars Helfenstein CFA Peter Ibbotson CFAMussie Kidane CFAJakub Lesniowski CFAAdam Lorincz CFAPeter Neumann CFARoopa Rughoobur CFASamuel Weissen CFA

TECHNOLOGYMarcel BurgunderEugeniu Ciobanu CFA

EDITORS OF THE CHARTERMarcus Bain CFAHeikki Luoma CFAThomas Parmentier CFALeonor Vereda CFA

CFA INSTITUTE ROLESGiuseppe Ballocchi CFAEelco Fiole CFAFrederic Lebel CFAAnne­Katrin Scherer CFADimitri Senik CFA

CAREERSDominique Braeuninger CFA Frederic Guibaud CFAGuillaume Legendre CFADekin O’Sullivan CFAPierre Petit CFA Laura Prina Cerai CFAGeorge Psarianos CFARoopa Rughoobur CFARuslan Tenev CFALeonor Vereda CFA

PENSIONS COMMITTEEWalter Bareiss CFA Peter Blum CFAHenrik Grethe CFAOliver Grimm CFADaniel Hutter CFA Jürg Schiller CFAAndré Siegrist CFA

Members

UNIVERSITY RELATIONS / RESEARCH CHALLENGE

16 PUBLIC AWARENESS & COMMUNICATION

CFA Switzerland continues to receive disproportionate attention in the media.

MEDIA ATTENTION

Media attention persists at a higher level in the wake of the monthly Credit Suisse – CFA Switzerland Financial Market Report launched in January 2017. This has a particularly favourable impact on the tier composition of media mentions, i.e. the top tier share has improved significantly.

NEWSLETTER

The PDF newsletter The Charter has continued its almost monthly production schedule, led by a volunteer team of editors who can be reached on editors@swiss.cfa. We are grateful to Marcus Bain CFA, Heikki Luoma CFA, Thomas Parmentier CFA and Leonor Vereda CFA for their contributions!

SOCIAL MEDIA

The Twitter handle CFA_CH currently has 2808 followers (+12%), whereas 2031 people follow the LinkedIn page (+21%). The Society’s Youtube channel has almost doubled its public subscribers to 770 (+86%). Its 246 videos (+32%) have been viewed 23’700 times (+167%) with an average view duration of a massive 11:37 minutes (+77%).

CONGRATULATIONS CAMPAIGN

Thanks to CFA Institute’s continued branding support, the Society has been able to expand its annual campaign to congratulate new CFA Charterholders in the Swiss market. In addition to the customary full page print ads in Le Temps and Neue Zürcher Zeitung, new CFA Charterholders were able to find their freshly adorned name on microsite which was the linchpin of an online congratulations campaign on a number of websites.

17

ARTICLES BY MEDIA TIER

TIER 1NEUE ZÜRCHER ZEITUNG, FINANZ UND WIRTSCHAFT ETC.

TIER 2FINEWS.CH,HANDELSZEITUNG ETC.

TIER 3ROMANDIE.CH,ADVISORWORLD.CH ETC.

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#CFAdifference

Line Abrahamme, CFADavid Thomas Adomat, CFADaniel Affolter, CFAPhilip Shami Akram, CFADimitrios Andreakis, CFAMarco Anthenien, CFAAndreas Baidinger, CFAJamie Matthew Barrow, CFAAndreas Baur, CFANejra Bazdarevic, CFATetyana Bazylevska, CFAAlexandra Daniela Beiner, CFAOlivier Belleri, CFASeraina Caroline Elisabeth Benz, CFATobias Bertschinger, CFAAndreas Betschart, CFANicola Lorenzo Biasio, CFAMarc Birkinshaw, CFAPhilippe Blum, CFAThierry Jean-François Olivier Borgeat, CFANicolas Victor Bornitz, CFADominique Pascal Bräuninger, CFADaniel Breitenstein, CFAAndrea Brueckner, CFAStephan Büchi, CFABrian Ivo Buchmann, CFASandra Buchmann, CFALionel Buchs, CFAManuel David Bütikofer, CFARomain Xavier Vincent Marie Cardinaux, CFAHelvio Carvalho, CFAGuillem Castro, CFADario Cathomen, CFAAudrey Charmant, CFADeena Chauhan, CFALaura Alice Choulat, CFARenato Christ, CFANadja Christen, CFAEnrico Giovanni Citterio, CFAMaxime Florent Corbaz, CFACarolina Andrea Tu Minh Corvalan, CFACosta Yanik Cyrill, CFAThomas Antony Donatien Costerg, CFAPaul Richard Czaj, CFAAlessandro D’Amico, CFAPaul Francois d’Aurelle de Montmorin de Saint- Herem, CFABruno Filipe da Silva Marreiros Venda Matias, CFAOnur Dalliag, CFARaoul de Foestraets, CFAThomas de Meijer, CFADe Riz Farrah Elisa, CFACamille Pierre Valery Denis, CFAFranz Derler, CFANataša Đorovic, CFAAndrew Grant Douglas, CFADiego Dufour, CFAMoritz Dullinger, CFAAlexandre Dunod, CFAPascal Echser, CFAViviana Dania Sophia Ehrenzeller Garcia, CFAAdrien El Karoui, CFAFrederik Stefan Elbers, CFAMárton Manó Erdei, CFAPatrick Etter, CFADaniel Ettlin, CFA

Romain André Jean Philippe Evrard, CFACyrill Fischer, CFAMartin Fischer, CFAPeter Fleischmann, CFAFabian Oliver Forrer, CFASantiago Luis Fossati, CFADenis Fotiou, CFAAlexis Freyeisen, CFAAdrien Thomas Gagnebin, CFAStella Galis, CFATimoteo Stefano Gandolfi, CFAGeissmann Matthias, CFAPetula Lyzette Gibson, CFADavid Owen Gilhawley, CFASehmuz Görmez, CFADominik Gottet, CFAThomas Daniel Jakob Grimm, CFARiccardo Grisa, CFARomano Lucca Gruber, CFABeat Adrian Gubelmann, CFAJoel Marc Gubser, CFAMichael Alexandre Gueniat, CFAPatrice Bruno Guesnet, CFAVojo Gunevski, CFARonny Gwerder, CFAValere Henrotte, CFADavid Akira Hofer, CFADavid Hoffmann, CFAJustine Anne J Hubert, CFAPhilipp Hutter, CFASiamak Izadkia, CFAThomas Jäckle, CFAJonas Jeandupeux, CFAJoël Jeanrenaud, CFAKristi Joeleht, CFALarissa Françoise Johanson, CFABenjamin Philipp Jonen, CFAAnissa Kadi, CFAMike Chris Kaiser, CFAAlexander Philipp Keller, CFAGuillaume Kintz, CFAFelix Werner Kneubühler, CFATatyana Kobler, CFAMarkus Kowalczyk, CFALukas Johannes Kräuliger, CFADamian Kuenzi, CFAThomas Kühne, CFASarah Kumpf, CFASylvain Philippe Lambelet, CFASteffen Lauer, CFAAudrey Laurencet, CFAGeon Seung Lee, CFABenjamin Johannes Lehmann, CFATomas Lehotsky, CFAGerasimos Liaropoulos, CFAMichal Lichvár, CFAViktor Lir, CFASilvan Othmar Maeder, CFAChristophe Pierre Thierry Magnin, CFACharles Malafosse, CFAAliaksei Malashonak, CFAGuillaume Dominique, Phillipe Malfait, CFAMargaux Anne Marie Louise Mangin, CFAEdoardo Michele Mango, CFAChetan Maringanti, CFALaurent Marmy, CFA

Eva Olga Marone, CFAAlexandre Marquis, CFAGerald Meier, CFARicardo Filipe Morgado de Oliveira Meneze Cordeiro, CFAFabio Michienzi, CFAAndrea Mognon, CFAElwin Gerardus Molenbroek, CFADario Mollet, CFAAdrian Jorg Mom, CFADaniel Moreno de Liche, CFAAlexandre Pierre Rene Moser, CFAMarc Moser, CFAAdrian Müller, CFASebastian Neu, CFAOlasunkanmi Olubunmi Obanubi, CFARoman Wisel Ochsner, CFAMarco Oeggerli, CFAEdyta Orawski, CFAMatthieu Patrice, CFANivesh Pawar, CFACristian Pérez Rodriguez, CFADetlef Peter, CFAGuillaume Marc Petitprez, CFAPierre Piatti, CFAMorgane, Tina Picard, CFAChristophe André Cédric Piller, CFAAndre Pinto, CFAFabien Piotet, CFAMichael Plavinski, CFASlaven Popovic, CFADavid Paul Popp, CFAMarco Michele Porro, CFAErich Portmann, CFAPascal Alain Probst, CFAIlija Protic, CFAPuhr Raphaël Serge, CFAGian Raffainer, CFAIvana Rajkovic, CFARamsden Bevan, CFAAnikó Ribàrszki, CFATobias Rickenbach, CFATaufiq Rinawi, CFAMatouš Ringel, CFAPatrick Rissi, CFADavid Rodriguez Guerreiro, CFAFrank Rolli, CFADominic Rossel, CFARossi Alessandro, CFANiklaus Rudin, CFAAnastazja Salou, CFAIsabella Brigitta Schatz, CFAMarie-Laure Schaufelberger, CFARobin Schmidli, CFARoman Schmidt, CFADaniel Schnyder, CFAJan-Thomas Schöps, CFAHjalmar Hartmut Schröder, CFASchroeder Robert, CFANicolas Schuepbach, CFAPascal Dominique Schuler, CFAJohannes Schwan, CFASchwarz Bjoern Christoph, CFAGeorge Simmons, CFASarah Simon, CFADionysios Sinanos, CFA

Maria de los Angeles Solis Amodio, CFAMichel Alain Sommer, CFADaniel Spring, CFAJean-Alexandre St-Louis, CFAMichael Stadelmann, CFAPhilippe Stäheli, CFAStanescu Raluca, CFAAndrea Barbara Staudacher, CFAReto Stauffacher, CFAAnton Peter Steidl, CFAChristian Steigleder, CFAGabriel Stoll, CFAMarkus Strauch, CFAChristian Roland Strebel, CFANicolas Sascha Studhalter, CFAHenrik Aslak Stutz, CFAValentin Suberville, CFAEdoardo Tagliavini, CFATerragnolo Julien, CFASimon Thalmann, CFATheis Christoph Rainer, CFAArvis Tilgalis, CFALajos Daniel Torok, CFAErnesto Turnes, CFANathalie Alicia Audrey Tuyns, CFAUral Ünsur, CFANorbert Varesco, CFAJorge Veiga Juiz, CFAAndres Roger Venzin, CFAJulien Verron, CFARafael Vicario Perez, CFAJose Maria Vidal Pastor, CFADominic Vincenz, CFAFabien Visinand, CFASrdan Vlaski, CFANiklaus Roman Voellmy, CFASean Vogel, CFAPavle Vučković, CFAPhilipp Waeber, CFASebastian Walter, CFAGilles Jonathan Otto Walther, CFAArushi Wanchoo Kaul, CFAHuan Wang, CFALijun Wang Kälin, CFAJan-Philipp Weber, CFAVincent Weber, CFADominique Roman Weissen, CFAYann Wermeille, CFAPatrik Simon Widmer, CFAAlex William Wiederkehr, CFABoris Edgar Willems, CFADavid Willi, CFALukas Benjamin Willi, CFAChristoph Winter, CFAChristian Wolf, CFATanja Dominique Wrosch, CFALeila Yahyaeian, CFABeinan Ye, CFAErsin Yorulmaz, CFAKsenia Zakharova, CFANicola Carlo Zorzi, CFAChristian Alexander Zschiesche, CFAStefan Claudio Zumsteg, CFAMarc Alexander Zurkinden, CFASamuel David Zwicky, CFA

You are now part of a community of 142,000 CFA charterholders worldwide. Join CFA Society Switzerland by visiting swiss.cfa/nzz.

CONGRATULATIONS TO THE 261 NEW SWISS CFA CHARTERHOLDERS.

© 20

17 CFA Institute. All righ

ts reserved.

CFA-Switzerland-Charterholder-NZZ-291x440mm-w_names.indd 1 15/11/2017 13:50

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18

SPC AUDIENCE ANALYSIS

SPEAKERS, SPONSORS, MEMBERS

PF DECISION MAKERS, ADVISORS

CONFERENCES

The reporting period was the busiest yet in the Society’s history. We conducted the usual set of a Geneva and Ruschlikon edition of the Swiss Pensions Conference #SPC18 with the annual motto focused on strategic asset allocation. We also launched the Generations Conference, an annual one­day conference format tailored to an increasingly important audience of family / private investment office professionals in the Swiss market.

But the kick­off to this busy conference cycle was delivered with a one­off event the Society held in cooperation with the Global Interdependence Center (GIC), a non­profit organisation based at the Federal Reserve Bank of Philadelphia, and the Gottlieb Duttweiler Institute. The GIC approached us with the idea for a conference on the occasion of the upcoming Sovereign money referendum (“Vollgeld Initiative”) Switzerland. We jumped at the chance of holding a current­events based conference with a slate of international high­profile speakers, such as Larry Kotlikoff, William White and Martin Wolf.

Thus, on 5 February 2018, more than 200 conference delegates from around the globe converged upon Ruschlikon to discuss money creation in the modern economy to standing room only at the GDI. Exactly one month later, the inaugural Generations Conference was launched, which brought more than 100 delegates to Ruschlikon again, albeit the SwissRe Centre for Global Dialogue this time. While the conference was aimed at family office professionals in the Swiss market, participants arrived from as far afield as Iran, the USA as well as neighbouring countries to listen to speakers like Denise Kenyon (IMD), Morten Bennedsen (INSEAD), Kurt Moosmann, Peter Brock and HSH Prince Phillipp of Liechtenstein.

While the Zurich branch of #SPC18 was again held at SwissRe, the Geneva edition was conducted at a new venue this year: centrally located Hotel Le Richemond gave conference delegates a warm welcome, which certainly contributed to the top rating the event received from delegates. Both volunteer teams did an outstanding job at assembling relevant speakers from near and far on the challenging

question whether Swiss pension funds use strategic asset allocation in the best possible way.

The Society is greatly indebted to partners, sponsors and volunteers, without whom none of these activities would be possible!

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COMING BACK

NET PROMOTER SCORE

Contributors to the Vollgeld Conference with Martin Wolf, David Bosshart, Larry Kotlikoff, William White and others

19

By Christophe Kuenzler CFA and Matthias Teig CFA

The Continuing Education (CE) offering is one of the most valuable benefits of Society membership. The CE Committee strives to provide Members a broad range of topics and formats to allow them to deepen and broaden their knowledge while networking with other participants. During the 17:18 year, we held a total of 43 Continuing Education events (excluding social events, Forecast Dinners and conferences): 24 events were held in Zurich, 15 in Geneva, 2 in Lausanne, 1 in Lugano and 1 as a webinar via the internet. We counted almost 1400 attendees in CE events last year. Roughly three quarters of attendees were CFA Charterholders and one quarter were guests. Notable speakers in the 17:18 year were Prof. Aswath Damodaran and Prof. Edward Altman, both of NYU Stern School of Business. Attendance varies depending on the speaker, the topic and the location, but in general, there was high demand for events on fintech, cryptocurrencies and ESG as measured by the number of attendees. To reach as many members as possible, events were organised in different formats, in different locations and while usually at lunch time, some were arranged in the evening.

Halfway through the year, long standing volunteers Mary Cait McCarthy CFA and Rafaela Bichuette CFA stepped down from their roles as co­chairs of the Continuing Education committee. Christophe Kuenzler CFA took over as the co­chair for Zurich and Matthias Teig CFA as the co­chair for Geneva. The Society and the new co­chairs would like to express their gratitude to Mary Cait and Rafaela for their contribution over the recent years!

The new co­chairs will strive to maintain the high benchmark of quality of the CE program set by their predecessors. They have also started working on a few new ideas including broader sourcing of topics and speakers, a structured planning process to ensure a diversity of topics and additional event formats like investor roundtables and special interest groups. The new co­chairs want to emphasise the motto “Learn how” instead of “Learn what” in future events.

Upcoming legislation will lead to a bigger role of Continuing Education in financial services and the CFA Switzerland aims to play its role in providing a diverse and stimulating agenda of educational events. All Members are invited to contribute ideas for speakers and topics to the email address CE­submissions@swiss.cfa.

We greatly appreciate the new Continuing Education Partners Saxo Bank (Schweiz) AG and Principal Global Investors (Zurich only). CE events in Geneva and Zurich are now regularly conducted at Saxo’s centrally located premises in both cities.

Standing room only at Prof. Damodaran’s thought provoking and entertaining presentation on 7 November 2017 in Zurich

CONTINUING EDUCATION

20 UNIVERSITY RELATIONS

By Olivier P. Müller CFA, Chair University Relations

CFA is an important element of the educational landscape

The CFA designation is well established as a brand as well as a course of education at the two target groups of university relations in Switzerland: professors and students. This is especially true for universities, but increasingly also at universities of applied sciences such as ZHAW (Zürcher Hochschule für Angewandte Wissenschaften). We continue to notice high demand for students registering for the CFA exams soon after graduation.

Four Partner Universities in Switzerland

After CFA Institute reshaped its University Affiliation Program, Switzerland now counts four Partner Universities being EPFL (Master in Financial Engineering), University of Lausanne de Lausanne, University of Neuchâtel and University of St. Gallen. We continue to work on more universities and universities of applied sciences to join. We enjoy particular close relationships with the Universities of Lausanne, Neuchâtel and especially Zurich.

Switzerland named global Champion of the CFA Institute Research Challenge

Switzerland’s University Relations activities are centered around the CFA Institute Research Challenge which was particularly successful the past year. The team from University of Lausanne, taught by Prof. Dr. Norman Schürhoff (a Senior Chair at Swiss Finance Institute which is partnering up with CFA Society Switzerland) won the CFA Institute Research Challenge in Switzerland, was among the best two teams at the EMEA Regional Finals in Dublin, Ireland, and was named global champion at the Global Final in Kuala Lumpur, Malaysia. This was a great satisfaction for CFA Society Switzerland its University Relations team who has been running the challenge since 2009.

CFA Institute Research Challenge is the main activity

Switzerland’s University Relations activities remain centered around the CFA Institute Research Challenge. It is a large and resource­intensive activity in Switzerland, almost exclusively driven and executed by Society volunteers. Teams from 7 universities have participated, including Liechtenstein for the second time. For the 2017/2018 challenge, there were a record number of 31 teams whose goal was to analyse VAT, the leading global developer, manufacturer and supplier of high­performance high­end vacuum valves headquartered in Haag, Canton of St. Gallen. This year, we had 21 graders, 24 mentors and 6 judges contributing to the success of the challenge. We are immensely grateful to them for their continuing support. Credit Suisse has been sponsoring the CFA Institute Research Challenge from the beginning and Finanz + Wirtschaft has been a longstanding media partner.

Swiss volunteers being the jury of the Swiss challenge: Michael In­auen, Olivier P. Müller CFA, Peter Bänziger, Florian Esterer CFA, Peter Ro­manzina CFA, Michel Gerber (Head of Investor Relations at VAT), Peter Schneckenburger CFA, Christian Dreyer CFA and Katrin Hita Camargo CFA

University of Lausanne team, global champion: Natalia Grudina, Jona­than Pavillard, Mark Temnikov, Sam Wagner and Jeroen Zandbergen

21 SOCIAL EVENTS

By Jian Shi Cortesi CFA

A variety of social networking events are organized by the society throughout the year to bring Society Members together in a social setting, where they network with fellow members and share fun experiences outside work. In the reporting period, the Social Events Committee has hosted 23 social events (3 Basel, 12 Geneva, 6 Zurich, 2 Lausanne) with 620 overall participants.

One of the most­attended flagship events was the Forecast Dinners at the beginning of the year, hosted in Zurich and Geneva with 43 participants in Geneva and 88 in Zurich. The dinner featured

Dr. Peter Westaway from Vanguard, discussing global financial market outlook and a forecast game where participants competed for the best forecasters. Another flagship event were the Award Ceremonies in the autumn, where successful new Charterholders got together to celebrate passing all CFA exams and accept their charters. In addition, a number of local events were hosted in various cities throughout the year, including After Work drinks, Networking Luncheons and summer barbecue. Among the many memorable moments …

Above: Zurich Class 2018Left: Geneva Class 2018

22 SOCIETY OUTLOOK

By Christian Dreyer CFA

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” Bill Gates

“Compound interest is the most powerful force in the universe.” attributed to Albert Einstein

No matter whether the smartest man in the universe really said what is attributed to him, it is evident to me that the development of CFA Switzerland is shaped by what both the smartest and the richest man each commented on: Time flies, but if you patiently keep making small steps in the direction of your lodestar, it will make a difference in the end.

The Society has come a long way in its over 20 years of existence. On the back of the success of the CFA designation in the Swiss market, we have now become the largest non­profit association of finance professionals in the country, with a clear mission of pro­moting Ethics and Professionalism for the Finanzplatz.

Yet the Society’s impact in that mission is resource constrained, de­spite the unparalleled access to 150+ incredibly energised and com­petent individuals contributing our Volunteer Force.

When my predecessor Anne­Katrin Scherer CFA started building the staffed office of the Society some 8 years ago, it was always with a view to achieving economic autonomy of the Society. While we have achieved that goal in the recent past, it is always under the implicit premises of sustained operational and other project related funding provided by CFA Institute. On top of that, there can be no doubt that the CFA designation is the primary driver of mem­ber growth. Thus, true economic autonomy is probably not a realistic goal anytime soon.

However, that is neither news nor is specific to Switzerland. Hence a CFA Institute wide conversation has been launched about the rôle of CFA Societies within the CFA system. This conversation is running under the fashionable moniker Societies 2.0. The goal of the initiative is to unify the Member facing value proposition through local socie­ties, recognising that they are the only part of the CFA system that really knows their market intimately. Thinking globally while acting lo­cally is also perfectly in line with CFA Institute’s mission to lead the investment profession globally.

Given the differences between CFA societies around the world, no one approach will fit all circumstances. However, there will be a few shared services and resources which are indispensable in fulfilment of the mission. One of them is a shared information platform, on the basis of which societies communicate with their members. This plat­form should help them become better at tailoring the offering to geo­graphical, topical and other dimensions of preferences in an increas­ingly crowded event space.

With the new Wordpress website available at swiss.cfa, we have dipped our toe into the huge ocean of opportunity, from which we will pull many additional features over the next few months. Importantly, many of these will be integrated with the CFA Institute member da­tabase in the background. That said, CFA Institute is working hard to replace its digital core with an up­to­date data architecture that is fit to serve its global base of stakeholders. Which you may read as a roundabout way of saying that it might take time.

We will however invest a lot of time and attention into augmenting the resource base with which we hope to multiply the CFA footprint in Switzerland. I hope to be able to tell you more about the outcome of this in the next edition of the Society outlook.

Until then, keep well!Chris Dreyer

23 SOCIETY FINANCIALS

TREASURER’S REPORT

By Ulrike Kaiser­Boeing CFA

CFA Society Switzerland’s financial objective as a professional non­profit organisation is to use revenues to fund activities offering the greatest benefit to current and future Members. We strive to maintain a strong financial position in order to provide value­added activities to Members and to ensure the Society’s long­term financial and operational health.

The 2017:18 results present our activities from an economic perspective and show the Society’s financial position as a going concern in accordance with the Swiss Code of Obligations. As introduced two years ago, we are reporting a full set of financials with balance sheet, profit & loss accounts and cash flow statement. Given our positive experience in the last two years, we continued in 2017:18 to work with the same external accounting firm.

We finished the year ending June 30th 2018 with a profit of CHF 108’207. Total revenues grew by 37% to CHF 999’570. This growth was, on one hand, due to the increase in sponsorship and delegate fees. Especially the two Pension Conferences in Zurich and Geneva, and the Generations Conference, organized for the first time in Zurich, were the main contributors. On the other hand, CFA Institute increased its operational funding for Societies being active in several locations, as the CFA Society Switzerland in Zurich, Geneva, Basel and Lausanne. In addition, we received growth support funding of CHF 107’000 from CFA Institute for an additional staff for conference management and the development of a new website, as well as CHF 49’198 for the CFA Institute’s branding campaign in Switzerland.

Total Expenses increased by 19% from CHF 771’770 to CHF 914’962. Events related cost were higher due to the Generations Conference organized for the first time. Staff expenses increased by 14%, but remained below budget due to insurance payments for the sick leave of a staff member. In addition, the new staff for the conference management was only hired during the financial year. Other administrative expenses were higher due to the expenses linked to the CFA Institute’s branding campaign and the development of the new website.

Earnings Before Taxes (EBT) came to a profit of CHF 80’583 and the Net Period Result posted a profit of CHF 108’207 compared to a profit of CHF 17’402 for the previous period. The Extraordinary Gain of CHF 27’926 is mainly linked to the growth support funding payment, which was granted by CFA Institute for the last financial year, but only paid in this financial year. In addition, CFA Society Switzerland won the CFA Foundation Award prize money of USD 2’500 for the “Handbook of Sustainable Investments” published in cooperation with Swiss Sustainable Finance.

The Society’s balance sheet remains strong. With Cash and Cash Equivalents of CHF 425’551 and Marketable Securities of CHF 300’689, which together represent 84% of Total Assets. The Equity position was strengthened and the Net Equity Capital increased to CHF 557’144. Given our solid financial position, we remain favourably positioned to provide increasing value to our members and to make further strides in the professionalization of the Society.

During this year our Membership base grew by 5.4%, reaching 3123 members. Growing the Member base is a key success factor for the Society since Member Dues and generate stable revenue and represent a reliable source of income for budgeting purposes.

24 TREASURER’S REPORT

Balance Sheet

BALANCE SHEET per 30 June 2018

Notes 30.06.18 30.06.17 % Change

ASSETSCurrent assets

Cash and Cash Equivalents 425’551 CHF 242’499 75,5%

Marketable securities 1 300’689 CHF 303’163 ­0,8%

Recoverable withholding tax 0 CHF 378 ­100,0%

Accounts receivable 17’146 CHF 56’884 ­69,9%

Deferred assets & accruals 111’321 CHF 321 34601,0%

Total current assets 854’706 CHF 603’245 41,7%

Non-current assets

Equipment 2’975 CHF 2’575 15,5%

Rent Deposit 5’000 CHF 5’000 0,0%

Total non-current assets 7’975 CHF 7’575 5,3%

Total assets 862’681 CHF 610’820 41,2%

LIABILITIESCurrent liabilities

Accounts payable 2 89’981 CHF 2’070 4246,6%

Deferred liabilities & accruals 3 215’556 CHF 160’098 34,6%

Total current liabilities 305’537 CHF 162’168 88,4%

Non-current liabilities

Long­term provisions 0 CHF 0 0,0%

Total non-current liabilities 0 CHF 0 0,0%

Total net assets 557’144 CHF 448’652 24,2%

EQUITY

Equity at beginning of period 448’938 CHF 431’250 4,1%

Period result 108’207 CHF 17’402 521,8%

Equity at end of period 557’144 CHF 448’652 24,2%

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

25

Profit & Loss Statement

PROFIT & LOSS STATEMENT

Notes 2017:18 2016:17 % Change

Member dues CHF 304’618 CHF 296’669 2,7%

Delegate fees CHF 81’612 CHF 50’248 62,4%

Sponsorship contributions CHF 294’706 CHF 189’276 55,7%

Candidate education CHF 20’811 CHF 26’663 ­21,9%

CFA Institute support 4 CHF 297’823 CHF 173’488 71,7%

Total revenue CHF 999’570 CHF

736’344 35,7%

Event rents & catering CHF ­306’843 CHF ­211’007 45,4%

Total event expenses CHF -306’843 CHF

-211’007 45,4%

Staff salaries CHF ­408’562 CHF ­357’444 14,3%

Total staff expenses CHF -408’562 CHF

-357’444 14,3%

Marketing 5 CHF ­123’303 CHF ­85’842 43,6%

Administration CHF ­62’448 CHF ­57’189 9,2%

Charges, premiums CHF ­8’125 CHF ­6’408 26,8%

Board expenses CHF ­5’681 CHF ­8’723 ­34,9%

Total other admin expenses CHF -199’557 CHF

-158’163 26,2%

EBITDA CHF 84’608 CHF 9’731 769,5%

Depreciation & amortisation CHF ­1’918 CHF ­1’587 20,9%

EBIT CHF 82’690 CHF 8’144 915,4%

Return on investments CHF ­1’260 CHF 9’953 N.M.

Investment expenses CHF ­848 CHF ­685 23,9%

Net investment return CHF -2’108 CHF 9’268 N.M.

EBT CHF 80’583 CHF 17’412 362,8%

Extraordinary profit 6 CHF 27’926 CHF 292 9456,5%

Extraordinary loss CHF 0 CHF 0 N.M.

Direct taxes CHF ­302 CHF ­302 0,0%

Net period result CHF 108’207 CHF 17’402 521,8%

26 TREASURER’S REPORT

Cash-Flow Statement

CASH FLOW STATEMENT

12-Month Cash Flow 1.7.17–30.6.18 1.7.16–30.6.17 % ChangeCash at Beginning of Period CHF 545’662 CHF 525’372 3,9%

Cash at End of Period CHF 726’239 CHF 545’662 33,1%

Net Cash Flow CHF 180’577 CHF 20’291 789,9%

OPERATIONSCash receipts from Member dues CHF 319’452 CHF 296’669 7,7%

Delegate fees CHF 81’612 CHF 51’048 59,9%

Sponsorship contributions CHF 330’822 CHF 206’638 60,1%

Candidate education CHF 20’811 CHF 26’663 ­21,9%

CFA Institute support CHF 190’823 CHF 252’488 ­24,4%

Cash paid for Event rents & catering CHF ­194’752 CHF ­299’950 ­35,1%

Staff salaries CHF ­393’562 CHF ­358’381 9,8%

Office & Infrastructure CHF ­15’000 CHF ­15’459 ­3,0%

Insurances CHF ­642 CHF ­642 ­0,1%

Administrative cost CHF ­24’918 CHF ­25’915 ­3,8%

IT / communications cost CHF ­7’483 CHF ­5’766 29,8%

Marketing and advertising cost CHF ­123’303 CHF ­94’629 30,3%

Expenses Board / CEO CHF ­28’210 CHF ­21’732 29,8%

Net Cash Flow from Operations

CHF 155’650 CHF 11’032 1’410,9%

INVESTING ACTIVITIESCash receipts from Sale of investment securities CHF 0 CHF 0 0,0%

Cash paid for Purchase of investment securities CHF 0 CHF 0 0,0%

Net Cash Flow from Investing Activities

CHF 0 CHF 0 0,0%

FINANCING ACTIVITIESCash receipts from return on investments CHF 55 CHF 10’065 ­99,5%

Cash paid for investment expenses CHF ­2’751 CHF ­796 245,6%

Net Cash Flow from Financing Activities

CHF -2’696 CHF 9’269 -129,1%

NON-OPERATING ACTIVITIESCash receipts from non­operating income CHF 27’926 CHF 292 N.M.

Cash paid for non­operating expenses CHF 0 CHF 0 0,0%

taxes CHF ­302 CHF ­302

Net Cash Flow from Non-Op’ Activities

CHF 27’624 CHF -10 N.M.

Net Cash Flow CHF 180’577 CHF 20’291 789,9%

Not reviewed

27

NOTES TO THE FINANCIAL STATEMENTS 2017:18

Reporting Entity

CFA Society Switzerland has been founded as the Swiss Society of Investment Professionals on 8 March 1996 in Zurich, Switzerland. It is incorporated as an Association under Swiss law and is domiciled in Zug, Switzerland. The Association is registered in the commercial register voluntarily since 17 March 2006 with Enterprise ID CHE­112.828.176. The average count of full­time employees is below 10 for the reporting period. CFA Society Switzerland holds no material direct or indirect shares in other entities. The provisions on own shares are not applicable to CFA Society Switzerland. CFA Society Switzerland is not party to any material leasing contracts. For its retirement obligations CFA Society Switzerland has joined VZ LPP Collective Foundation effective 1 January 2016, which maintains a separate pension scheme. The total of assets used to collateralise third parties’ claims is CHF 5’000. No assets are encumbered by any property reservations (« Eigentumsvorbehalt »). There are no conditional liabilities (« Eventualverbindlichkeiten »). The provision regarding share rights and options granted to management is not applicable.

Summary of Significant Accounting Policies

The present accounts have been prepared in accordance with Swiss law, in particular with the Swiss Code of Obligations. They are based on an economic perspective to adequately represent the Society’s true financial situation as going concern. There are no hidden reserves, nor have there been any created or released. These accounts forgo segment reporting. The Society does not export any goods or services. It is a member society of CFA Institute, headquartered in Charlottesville VA, USA and operates under a Member Society License Agreement, which is renewed annually. Assets are recorded at historic cost with adequate consideration of amortisation and value adjustments. Marketable securities are recorded at their period closing price. Liabilities are recorded at par and comprise operationally required positions only. Provisions are recorded for all positions recognisably at risk.

Notes on Individual Line Items

1. Marketable securities are held in broadly diversified collective investment schemes. For details see the Investment Report.

2. Accounts payable are:­ CFA Growth Support Funding not paid yet: CHF 107’000­ Vollgeld Conference: CHF 4’000­ Insurance payment for Financial Year 2018:19: CHF 320.80

3. Deferred liabilities are :­ Prepaid member dues : CHF 84’556­ Expected invoices not yet received : CHF 86’000­ Accrued staff compensation : CHF 45’000

4. CFA Institute supports its member societies financially in several ways : Operational funding is versed as a function of the number of society members, candidates, as well as the number of locations, where the Society is active. In this financial year we have received for the first time an additional CHF 20’000 for the locations in Zurich, Geneva and Basel. In addition, Growth Support and Project Funding are granted on the basis of specific project applications. Included in this position is the financing of the CFA Institute branding campaign in Switzerland of CHF 49’198, as well as the growth support funding for the development of the new website and one additional staff in charge of conference management in total of CHF 107’000.

5. Marketing expenses include the cost of the CFA Institute branding campaign in Switzerland of CHF 49’198.

6. Extraordinary items:­ CFA Institute Growth Support Funding for the Financial Year

2016:17 paid in the Financial Year 2017:18: CHF 26’000­ CFA Research Foundation Award for the “Handbook of

Sustainable Finance” published in cooperation with Swiss Sustainable Finance: CHF 2’478.93 (USD 2’500)

­ Adjustment for two accounting errors, which happened at the end of the last fiscal year: CHF ­552.98

Notes

28 AUDITOR’S REPORT

By Laura Prina Cerai CFA and Dimitri Senik CFA

29 INVESTMENT REPORT

By Phillip Sundquist CFA and Patrick Ranzijn CFA

For the fiscal year ending 30 June 2018, the investment portfolio reported a slight loss of ­0.82%. This performance was satisfactory in light of increasing market volatility and nearly matched the SMI, which fell ­0.33% during the same period. We continued our balanced asset allocation strategy with portfolio holdings

remaining constant, including sizable exposure to alternatives (18%). Precious metals represented the best performing asset with a positive return of 3.65% during the year. Going forward, we are seeking opportunities to deploy some of our cash position (30%) by taking advantage of expected further market volatility.

Total % Return (CHF) after Cost

Note: CFA Switzerland changed its fiscal year­end to June 30th beginning with Fiscal Year 2013:14. For this one­time 18­month reporting cycle (January 2013 to June 2014), results are split up into two separate periods: 1H 2013 (January to June 2013) and 2013:14 (July 2013 to June 2014).

Weighting in % Cash Bonds Equities Non-Trad*

FX non-CHF

FX non-CHF/EUR

Minimum 0 30 15 15

Long-Term Strategy 0 50 25 25 30 20

Maximum 100 70 35 35

Current portfolio 30 30 22 18 0 0

Asset Allocation

* Non­traditional assets represent Precious Metals and Alternatives.

­4,5 %

­3 %

­1,5 %

0 %

1,5 %

3 %

4,5 %

6 %

-3,40% 4,30% 0,25% -1,50% 1,70% 5,90% 4,20% 1,65% -4,29% 3,23% -0,82%

2008 2009 2010 2011 2012 1H 2013 2013:14 2014:15 2015:16 2016:17 2017:18

30 BALLOT MATERIALS

NOTICE OF ANNUAL GENERAL MEETING

AD I

The Minutes of the 2017 Annual General Meeting are available on the Society website swiss.cfa.

AD II

The Board of Directors responsible during the reporting period consisted of the following Members:

• PABLO AMUCHASTEGUI CFA • RAFAELA BICHUETTE CFA• ANTHONY CAGIATI CFA• FLORIAN ESTERER CFA • ULRIKE KAISER-BOEING CFA • PETER NEUMANN CFA • SHEILA OHLUND CFA • PATRICK RANZIJN CFA • DANIEL RITZ CFA • PHILLIP SUNDQUIST CFA

DATE: Wednesday, 26 September 2018, 1700h VENUE: Welle 7, Schanzenstrasse 5, Bern

PURPOSE:

I. To approve the Minutes of the 2017 Annual General Meeting

II. To exonerate the Board of Directors of CFA Society Switzerland based on this annual report and financial results

III. To approve the budget of the Society for 2018 :19.

IV. To elect the Board of Directors for a one (1) year term beginning 27 September 2018 and ending the day of the 2019 Annual General Meeting.

V. To elect an internal auditor for a two (2) year term beginning 1 July 2018 and ending the day of the 2020 Annual General Meeting.

VI. To transact such other business as may properly come before the meeting or any adjournment thereof.

This Notice was sent to all Members on 24 August 2018.

31

AD III

For a discussion of the Society strategy represented by the below projections, please refer to outlook section.

AD IV

ELECTIONS:

In the wake of Florian Esterer’s withdrawal from the Board after 9 years of service, the Nominating Committee, consisting of Daniel Jaedig CFA, Florian Esterer CFA and Julien Froidevaux CFA proposes to fill the vacant position and to add two new Board members with a view to future expected term expirations. • PRESIDENT: PABLO AMUCHASTEGUI CFA • VICE PRESIDENT: ULRIKE KAISER-BOEING CFA• TREASURER: EUGENE SKRYNNYK • PAST PRESIDENT: PETER NEUMANN CFA • SECRETARY: PATRICK RANZIJN CFA• MEMBER: SHEILA OHLUND CFA • MEMBER: DANIEL RITZ CFA • MEMBER: PHILLIP SUNDQUIST CFA • MEMBER: ANTHONY CAGIATI CFA• MEMBER: RAFAELA BICHUETTE CFA• MEMBER: JIAN SHI CORTESI CFA• MEMBER: MATTHIAS TEIG CFA

AD V

Art. 8 of the Bylaws of CFA Switzerland states that there are two internal auditors, who must be Regular Members and who serve for a term of two years commencing at the beginning of the fiscal year and until their successors are chosen and qualified. The board proposes to re­elect Dimitri Senik CFA for a final two year term, beginning on 1 July 2018.

DIMITRI SENIK CFA, FCCAQualifications:• University degree in the International Banking and Finance• CFA Charterholder• Chartered Certified Accountant

Dimitri Senik CFA has been with PwC for 21 years. He leads the Investment Perfor­

mance Services of PwC Switzerland and specialises in assurance and advisory services to banks, asset managers and institutional investors in the areas as investment performance, investment risk, GIPS® compliance, investment management process, derivative financial instruments and internal controls reporting. Dimitri Senik is also a member of the Investment Committee of the Pension Funds of PwC Switzerland. Dimitri has been involved for many years in the standard­setting committees of CFA Institute for the Global Investment Performance Standards (GIPS®), currently he is the Chair of the GIPS Interpretations Subcommittee and member of the GIPS Technical Committee. Dimitri is also member of the GIPS Group of Experts of the Swiss Funds & Asset Management Association (SFAMA). Dimitri Senik is member of the CFA Society Switzerland and the CFA Society Liechtenstein and a fellow of the Association of Chartered Certified Accountants.

AD VI

Please inform the Secretary in writing of any other business you wish to discuss no later than 20 September 2018, noon.

Revenues k CHF

Member dues 310

Continuing Education 45

Social Events 35

Conferences 265

Candidate Education 20

CFA Institute 404

Other 23

Total Revenue 1102

Expenses k CHF

Overhead 630

Continuing Education 140

Social Events 60

Conferences 180

Candidate Education 35

Other 42

Total Expenses 1087

Profit / Loss 15

32 BALLOT FORM

All Regular Members of CFA Society Switzerland on record as of 12 August 2018 have received an emailed ballot to cast their votes online. If you have opted out of Society surveys via Surveymonkey earlier, or if you prefer to cast your vote using this form or in person at the AGM, you are free to do so. Note that the confidentiality of the vote can only be sustained by voting online.

This form needs to reach the Society offices before 1200h on 24 September 2018.

NAME:

CFA INSTITUTE PERSON ID:

Annual General Meeting 2018

You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018.

Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting

your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of

the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon).

However, you can change your vote at any time until the ballot closes by using the link you have followed to

arrive on this form.

ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE

AT THE AGM.

If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please

register following this link: https://swiss.cfa/events/annual-general-meeting-2018/

1. Do you approve the Minutes of the 2017 Annual General Meeting?*

Yes No Abstain

2. Do you exonerate the Board of Directors of CFA Society Switzerland?*

Yes No Abstain

3. Do you approve the budget for the current fiscal year 2018:19?*

Yes No Abstain

Annual General Meeting 2018

You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018.

Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting

your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of

the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon).

However, you can change your vote at any time until the ballot closes by using the link you have followed to

arrive on this form.

ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE

AT THE AGM.

If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please

register following this link: https://swiss.cfa/events/annual-general-meeting-2018/

1. Do you approve the Minutes of the 2017 Annual General Meeting?*

Yes No Abstain

2. Do you exonerate the Board of Directors of CFA Society Switzerland?*

Yes No Abstain

3. Do you approve the budget for the current fiscal year 2018:19?*

Yes No Abstain

33

Yes No Abstain

Pablo Amuchastegui

CFA, President

Ulrike Kaiser-

Boeing CFA, Vice

President

Patrick Ranzijn CFA,

Secretary

Eugene Skrynnyk,

Treasurer

Peter Neumann CFA,

Past President

Sheila Ohlund CFA,

Member

Daniel Ritz CFA,

Member

Phillip Sundquist CFA,

Member

Rafaela Bichuette

CFA, Member

Anthony Cagiati CFA,

Member

Jian Shi Cortesi CFA,

Member

Matthias Teig CFA,

Member

4. Do you elect the nominated Board Members for a one year term, beginning 27 September 2018

and ending on the day of the 2019 AGM?

*

5. Do you re-elect Dimitri Senik CFA as internal auditor for a term of two years?*

Yes No Abstain

Annual General Meeting 2018

You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018.

Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting

your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of

the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon).

However, you can change your vote at any time until the ballot closes by using the link you have followed to

arrive on this form.

ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE

AT THE AGM.

If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please

register following this link: https://swiss.cfa/events/annual-general-meeting-2018/

1. Do you approve the Minutes of the 2017 Annual General Meeting?*

Yes No Abstain

2. Do you exonerate the Board of Directors of CFA Society Switzerland?*

Yes No Abstain

3. Do you approve the budget for the current fiscal year 2018:19?*

Yes No Abstain

34

Pictures in this report were taken at events of CFA Switzerland. They are courtesy of Nevil de Tscharner CFA, Carole Fleischmann and others.

Cover image © thekopmylife/istockp.22 Albert Einstein, © Orren Jack Turner, Wikimedia Commons

p.22 Bill Gates, © World Economic Forum ­ Severin Nowacki, Wikimedia CommonsEditing was completed and believed correct on 20 September 2018.

35

Pictures in this report were taken at events of CFA Switzerland. They are courtesy of Nevil de Tscharner CFA, Carole Fleischmann and others.

Cover image © thekopmylife/istockp.22 Albert Einstein, © Orren Jack Turner, Wikimedia Commons

p.22 Bill Gates, © World Economic Forum ­ Severin Nowacki, Wikimedia CommonsEditing was completed and believed correct on 20 September 2018.

CFA SOCIETY SWITZERLANDPO BOX 3437

CHAMERSTRASSE 796303 ZUG

SWITZERLAND

+41 41 741 00 74SWISS.CFA