Aedifica SA

Board/Management Information • Sep 23, 2015

Name & Contact Information

$\omega^{-\alpha}$

Sumame	: Wibaut
First names	: Serge, Roger, Philippe
Date and place of birth	: $18/08/1957$ in Uccle (Belgium)
Marital status	: divorced $-2$ children

Professional Qualifications

· Business experience: as a member of several executive committees and investment committees throughout Europe in financial institutions undergoing restructuring, played a leading role in the definition of new strategies especially in the domain of investment, balance sheet overhaul of banks and insurances, real estate and risk management

· Board experience: member of Boards of Directors for more than10 years in large and medium sized institutions throughout Europe as well as in several investment companies (mutual funds, real estate companies or private equity funds)

· Teaching and training: professor of economics and finance for the last 25 years; numerous training sessions for several banking and insurance companies or federations thereof

Professional Experience

03/2008- current: • member of the Board of BNP-Paribas-Fortis Bank (member of the audit committee) till December 2011, of Belfius Bank and Belfius Insurance (from 2012 till September 2014; chairman of the risk committee), of Cigna Europe, of ReacFin S.A, ADE and of Eurinvest S.A. • Chairman of Gambit S.A. (till May 2013) and of Nationale Suisse Belgium • external advisor to the Financial Committee of Amonis pension Fund, OGEO pension fund (till 2013), Université Catholique de Louvain (till June 2014) and of the Fonds National de la Recherche Scientifique (till June 2014) · member of the Advisory Board of Washington Wealth Management (till December 2013) · consultant with Reacfin (investment policy, ALM and corporate finance of financial institutions) · visiting Professor of Finance at the Université Saint-Louis and at

Université Catholique de Louvain (till September 2014))

	09/2005 - 02/2008: • Chief Investment Officer and Head of real estate of AXA Northern and Central Europe (Board member of i.a., AXA- Netherland, AXA-Luxemburg, AXAColonia Germany and AXA- Winterthur Switzerland); total AUM of 180 billionse
	01/2004-08/2005: • Chief Executive Officer of AXA Bank (Belgium) • Chairman of AXA-Private Management
	01/2000-12/2003: • Chief Investment Officer and Head of real estate of AXA Belgium (member of the management board)
	09/1998-12/1999: • Head of ALM for Dexia Belgium
	01/1996-08/1998 : • Financial advisor to the Minister of Finance, Philippe Maystadt * Director of the « Institut de Réescompte et de Garantie »
09/1992-01/1996:	• Professor of finance at the Facultés universitaires Saint-Louis and visiting professor at Université Catholique de Louvain · Chairman of the Belgian Price Index Commission
	09/1989-08/1992 : • Professor of Economics at the Facultés universitaires Notre- Dame de la Paix in Namur
	04/1988 - 08/1989: • Second Vice-President at Chase Manhattan Bank: member of a consultancy unit in ALM covering Europe and Middle-East
	07/1987 - 03/1988 : • Research Officer at the London School of Economics
	08/1986 - 05/1987 : • Visiting Professor of Economics at Université Laval (Quebec)
	10/1981 - 07/1986 : • Research Assistant at Université Catholique de Louvain (CORE) in econometrics and economics.

Education

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$\bar{\mathbf{x}}$

• Certificate in Computer Sciences (Facultés universitaires St.-Louis of Brussels, $\bullet$ June 1977)
• Master in Economics (Université Catholique de Louvain, September 1981) $\Delta$
• PhD in Economics (Université Catholique de Louvain, March 1986)
• Belgian Institute in Public Finance Prize for the PhD thesis (1987) $\bullet$

Miscellaneous

• member of the Advisory Board of Euronext from 2001 to 2005 $\hat{\mathbf{0}}$

• director of WWF Belgium (2002-2005) and Planet Finance (micro-finance fund $\bullet$ seeder) from 2005 to 2008

• various consultancy missions in Eastern Europe between 1989 and 1996 $\bullet$ in finance

• academic stays at Princeton University, Virginia Polytechnic Institute, University of Moscow and University of Montreal
• several consultancy missions for IMF Central Africa (2011-2013)
• languages: fluent in French, English and Dutch, good notions of German and basic notions of Indonesian

Publications

• "Licenciement ou partage du temps de travail ?", miméo, Louvain-la-Neuve, May 1982
• "A Model of Tax Reform for Belgium", in Journal of Public Economics, 1987, vol.32, n° 1
• "Optimal Taxation and Tax Reform under Unemployment", with M.Marchand et $\bullet$ P. Pestieau, 1989, in The Journal of Scandinavian Economics, 91 (3), 547-563
• "Réforme fiscale et chômage : leçons tirées d'un modèle économétrique pour la $\alpha$ Belgique", in Recherche Economique de Louvain, 1987
• "Tax Reform in Disequilibrium Economies", (1989), Cambridge University Press $\alpha$
• "Fiscal Reform and Disequilibrium", in Annales d'Economie et de Statistique, $\bullet$ 1988
• "Vers des recommandations en matière de gestion de bilan", in Revue de la Banque, Juin 1989
• "L'évaluation de l'option de rachat de l'émetteur d'une obligation", in Revue de la Banque, April 1990
• "Optimal public deficit rules in a discrete time setting", (1990), Cahier de Recherche, FUNDP
• "Les sources alternatives de financement dans le secteur de l'enseignement", (1992), actes du 10ème Congrès des économistes belges de langues françaises, Mons
• "Optimal participating insurance policies and portfolio selection by insurance companies", with C. Gollier, (1992), Insurance: Mathematics and Economics, 11, 237-245

• "Private Information and the Shape of the Redistribution Frontier" with L. ٠ Gevers, dans "Choice, Welfare and Development: Essays in the Honour of Amartya Sen", Oxford University Press (1994)

• "Bilan et perspectives après la réforme de la gestion de la dette publique", actes $\bullet$ de la journée d'étude consacrée à la dette publique, Bruxelles (janvier 1994)

• "Risk-return Efficiency Frontier in the Banking Sector: An Application to the US $\bullet$ Banking Sector", with M-P Kestemont et J-P Boussemart, CEMS Business Review 1, 213-220, 1996
• "Evolutions récentes de la politique d'investissement dans les firmes d'assurance", Revue Financière, juillet 2008

$\bar{\mathbf{v}}$

• "Quelles leçons tirer de la crise financère ?", Regards Economiques, novembre ٠ 2008
• "Does it Make Sense to Own Equity and Bonds of the Same Firm?", with S. ٠ Wilford, Journal of Applied Finance, 2009
• "What Lessons Might Be Drawn from the Financial Crisis?", with F. Lierman, ä. Revue bancaire et financière, January 2011
• "Markets for CCPs and Regulation: Considering Unintended Consequences", with ٠ S. Wilford, Journal of Financial Transformation, 2012, vol. 34, pp. 105-118
• "An E.U. financial transaction tax and the unintended consequences for risk $\bullet$ management", The Journal of Financial Perspectives, July 2014, Volume 2, Issue 2