CAPITAL FUND MANAGEMENT S.A.

Capital Fund Management is a private hedge fund sponsor headquartered in Paris, France. The company was founded in 1991 by Jean-Pierre Aguilar and currently has 120 employees of which 38 are investment professionals. The firm would merge with Science & Finance, a research company founded by Jean-Philippe Bouchaud in 1994, in 2000. The merged company would continue to operate under the founder Jean-Pierre Aguilar until his death in 2009. The company is currently headed by Jean-Philippe Bouchaud, the acting Chairman, and Marc Potters and Jacques Saulière, the Co-CEOs of the company. Capital Fund Management specializes in “developing trading strategies based on a global and quantitative approach to financial markets.” The company conducts its research in house, focusing on the “statistical properties of financial instruments and the development of systematic trading strategies” and carried out by a team of Ph.D physicists and IT and data specialists. The research utilizes the two decades of market experience of its internal teams to create evolving “original, state-of-the-art trading strategies” that are “highly systematic and disciplined, enveloped by a rigorous risk control system.” The company’s asset allocations are highly diversified with investments in the information technology, consumer discretionary, energy, health care, consumer staples, materials, finance, and transports sectors, among others to a lesser degree, in order of decreasing allocation with none of its sector holdings exceeding 20%. Capital Fund Management currently holds over $4 billion in total assets under management spread across 8 discretionary accounts. Although its number of accounts held has been volatile in recent years, its total assets under management has grown significantly, increasing from $1.7 billion to well over twice that amount today. Capital Fund Management is one of the largest hedge funds in France and currently caters exclusively to pooled investment vehicles. The company currently manages a large set of quantitative strategies.