L A U R E N S S W I N K E L S

U P D A T E D A U G U S T 2014 E - M A I L : L A U R E N S. S W I N K E L S @ P L A N E T. N L L A U R E N S S W I N K E L S ACADEMIC PROFESSIONAL EXPERIENCE 10/2005 now Erasmus University Rotterdam Rotterdam Assistant Professor in Finance (0.2 FTE, tenured), Member ERIM 1/2010 1/2010 Boston College Boston, MA Visiting scholar at the Center for Retirement Research 6/1999 5/2003 CentER Graduate School Tilburg Empirical Analysis of Investment Strategies for Institutional Investors PhD-student in Finance, supervised by Prof.dr Th.E. Nijman and Prof.dr M.J.C.M. Verbeek, defended on 17 December 2003. 6/1997 12/1997 Tilburg University Tilburg Principal components in macro-economics Research assistant for Prof.dr A.B.T.M. van Schaik. 9/1994 5/1999 Tilburg University Tilburg Master of Science in Econometrics (specialisation Quantitative Finance) Thesis on mutual fund style analysis (supervisors Nijman and Ter Horst) 1/2013 now Norges Bank Investment Management Oslo Senior Rersearcher Designing investment policy for the Norwegian Pension Fund Global, also known as the oil fund 10/2010 12/2012 Robeco Investment Solutions Rotterdam Vice President Developing pension and investment solutions for institutional clients 4/2004 9/2010 Robeco Quantitative Strategies Rotterdam Vice President Quantitative stock selection and asset allocation models Knowledge sharing on pension fund regulation with institutional clients Asset liability management models Development of Robeco Institutional Liability Driven Funds Coordination of Super Quant Internships Coordination of international knowledge sharing activities

6/2005 12/2012 Stichting Pensioenfonds Robeco Rotterdam Board member (member on behalf of the participants, re-elected 6/2009) Responsible for the execution of the pension agreement of Robeco Assets under management end 2011 : 330 million 6/2003 3/2004 PensionFactory (member Swiss Re Group) Amsterdam Quantitative Analyst Consultancy on new Dutch pension fund regulation Asset-liability-structuring 6/1999 5/2003 ABP Investments (now APG Asset Mgt) Amsterdam Researcher (0.4 FTE) Quantitative stock selection models / Momentum strategies Forecasting using Kalman filter Performance evaluation and style analysis of mutual/hedge funds Strategic asset allocation for pension funds 8/1998 3/1999 Robeco Rotterdam Intern at the quantitative research department Mutual fund style analysis PUBLICATIONS IN INTERNATIONAL ACADEMIC JOURNALS OR BOOKS Strategic Asset Allocation: The global multi-asset market portfolio 1959-2012: Author response Financial Analysts Journal, 2014, Vol 70, Issue 4, with Doeswijk and Lam. Strategic Asset Allocation: The global multi-asset market portfolio 1959-2012 Financial Analysts Journal, 2014, Vol 70, Issue 2, with Doeswijk and Lam. Can exchange traded funds be used to exploit country and industry momentum? Financial Markets and Portfolio Management, 2013, Vol 27, Issue 2, with Andreu and Tjong-A-Tjoe.. The cross-section of stock returns in frontier emerging markets Journal of Empirical Finance, 2012, Vol 19, Issue 5, pp. 796-818, with De Groot en Pang Emerging markets inflation-linked bonds Financial Analysts Journal, 2012, Vol 68, Issue 5, pp. 38-56. On the Performance of European Index Funds and ETFs European Financial Management, 2012, Vol 18, Issue 4, pp. 649-662, with Blitz and Huij Myth busting: Defined Contribution Pensions, 2012, Vol 17, Issue 4, pp. 260-269, with Poiesz. Diversity of Dutch Pension Fund Boards Pensions, 2012, Vol 17, Issue 3, pp. 137-143, with Ziesemer

An Anatomy of Calendar Effects Journal of Asset Management, 2012, Vol 13, Issue 4, 271-286, with Van Vliet Performance Evaluation of Balanced Pension Plans Quantitative Finance, 2012, Vol 12, Issue 5, 819-830, with Andreu Have pension schemes changed after the introduction of IFRS? Pensions, 2011, Vol 16, Issue 4, 244-255 The case for local fair value discount rates under IFRS Pensions, 2011, Vol 16, Issue 2, 107-114 High-Conviction Equity Portfolios Optimization Journal of Risk, 2011, Vol 13, Issue 2, 57-70, with Crezée Strategic Asset Allocation under Uncertainty Pension Fund Risk Management: Financial and Actuarial Modeling, 2010, with De Groot The economic value of fundamental and technical information for emerging currency markets Journal of International Money and Finance, 2009, Vol 28, Issue 4, 581-604, with De Zwart, Markwat, and Van Dijk. Performance evaluation of Polish mutual fund managers International Journal of Emerging Markets, 2009, Vol 4, Issue 1, 26-42, with Rzezniczak Fundamental Indexation: An Active Value Strategy in Disguise Journal of Asset Management, 2008, Vol 9, Issue 4, 264-269, with Blitz Strategic and Tactical Allocation to Commodities for Retirement Savings Schemes Handbook of Commodity Investing, 2008, with Nijman Incorporating uncertainty about alternative assets in strategic pension fund asset allocation Pensions, 2008, Vol 13, Issue 1-2, 71-77, with De Groot Can Mutual Funds Time Investment Styles? Journal of Asset Management, 2007, Vol 8, Issue 2, 123-132, with Tjong-a-Tjoe Return-based Style Analysis with Time-varying Exposures European Journal of Finance, 2006, Vol 12, Issue 6-7, 529-552, with Van der Sluis. The impact of new capital requirements on asset allocation for Dutch pension funds Pensions, 2004, Vol 10, Issue 1, 75-81. Do countries or industries explain momentum in Europe? Journal of Empirical Finance, 2004, Vol 11, Issue 4, 461-481, with Nijman and Verbeek. Momentum Investing: A survey Journal of Asset Management, 2004, Vol 5, Issue 2, 120-143. Alternative investments and the solvency requirements for db pension schemes Society of Actuaries Monograph The Great Controversy, 2004 Empirical analysis of investment strategies for institutional investors

CentER PhD-thesis 126, 2003, ISBN 90 5668 127 3 International Industry Momentum Journal of Asset Management, 2002, Vol 3, Issue 2, 124-141. PUBLICATIONS IN NATIONAL ACADEMIC JOURNALS De gevolgen van mogelijke veranderingen in de rekenrente Tijdschrift voor Pensioenvraagstukken, 2011, Issue 2, 19-29, with Hoek. Can theoretical risk premia be captured by investing in passive funds? VBA Journaal, 2010, Vol 26, Issue 4, 12-15, with Blitz, Huij, Houweling, and Rejeb. Hoe waarderen we ons pensioen? Maandblad voor Accountancy en Bedrijfseconomie, 2010, 5, 245-253, with Van Ommeren. De echte gevolgen van de ontwikkelingen in de regelgeving voor pensioenfondsen VBA Journaal, 2009, Vol 25, Issue 4, 16-20. Het onzekere voor het zekere nemen VBA Journaal, 2008, Vol 24, Issue 1, 42-49, with De Groot Het effect van overnames op de aandelenrendementen van biedende ondernemingen Maandblad voor Accountancy en Bedrijfseconomie, 2007, 6, 277-283, with Van den Berg Zijn pensioenregelingen gewijzigd als gevolg van de introductie van IFRS? Maandblad voor Accountancy en Bedrijfseconomie, 2006, 11, 562-570. IFRS dwingt ondernemingspensioenfonds tot beter afgestemd beleggingsbeleid VBA Journaal, 2004, Vol 20, Issue 1, 13-20, with Oosenbrug Gevolgen van ontwikkelingen in de regelgeving voor de beleggingsmix van pensioenfondsen VBA Journaal, 2003, Vol 19, Issue 3, 9-19, with Nijman NON-ACADEMIC PUBLICATIONS Defined contribution en asset allocatie [in Dutch] Financial Investigator, September 2010, with Poiesz, Van Vliet, and Zeldenrust. Beleg verantwoord, beleg actief! [in Dutch] Financial Investigator, June 2010 De mythe ontkracht: Passief beleggen [in Dutch] Financial Investigator, May 2010, with Blitz and Huij Dynamische Strategische Asset Allocatie [in Dutch] Financial Investigator, Dec 2009, with Van Rooij IFRS zou de rekenrente van het FTK moeten overnemen [in Dutch] Nederlands Pensioen- en Beleggingsnieuws, Nov 2009 Positive about alternatives Investments and Pensions Europe, Nov 2009. Wint de ratio het van de emotie in crisistijden [in Dutch] Nederlands Pensioen- en Beleggingsnieuws, Dec 2008, with De Groot.

Minder risico en toch hetzelfde verwacht rendement [in Dutch] Nederlands Pensioen- en Beleggingsnieuws, Sept 2008. Inflatiederivaten voor pensioenfondsen [in Dutch] De Actuaris, 2008, with Kerkhof. Hedging interest rate risk with swaps and swaptions FSA Fiducie, FST Faces, FSR Forum, 2007/8, with Xu. Het belang van strategische asset allocatie [in Dutch] Nederlands Pensioen- en Beleggingsnieuws, 2007, with Blitz. Zijn beleggingsfondsen succesvolle stijltimers? [in Dutch] FSR Forum, 2006, with Tjong-a-Tjoe. Risk budgeting under shortfall constraints Investments and Pensions Europe, Aug 2006, with Van Vliet. De opmars van beleggen in sectoren gestuit? [in Dutch] Technische en Kwantitatieve Analyse, April 2006, 39-41. Dutch insights in the Swedish traffic light system Nordic Region Pension News, Autumn 2005, 42-43, with Sagel. Liability driven investing... of investing driven liabilities? [in Dutch] Nederlands Pensioen Nieuws, Autumn 2005, 60-62. De (on)mogelijkheden van rentederivaten in de praktijk [in Dutch] De Actuaris, september 2005, 10-12. Duration extension To do or not to do? Investments & Pensions Europe Netherlands, 2005, Spring, 31. A new benchmark for pension funds Investments & Pensions Europe Netherlands, 2004, Summer, 32-33. Dynamic style-analysis for mutual funds Medium Econometrische Toepassingen, 2004, Vol 12, Issue 2, 20-24. De gevolgen van de veranderingen in de regelgeving voor Nederlandse pensioenfondsen FST Finacial Integration 2004 / WBS Toekomst Verzekerd 2003. Report on Lecture Series Computational Economics by Prof.dr. K. Judd NAKE Nieuws, 2001. WORKING PAPERS Is Risk Arbitrage Compensated? Evidence from the European STRIPS Market with Huij and Livingston Why don t Latvian pension funds diversify more internationally? SSE Riga Working paper 2005-01, with Vejina and Vilans Returns to Market Timing: A Decomposition of Mutual Fund Returns CentER Discussion Paper, 2003-95, with Van der Sluis and Verbeek.

ACADEMIC PRESENTATIONS Singapore Management University (Singapore, 2013), Erasmus University (Rotterdam, 2013, 2010, 2009, 2005), South West University of Finance and Economics (Chengdu, China, 2011), Eastern Finance Association (Savannah, Georgia, 2011), Emerging Markets Group at Cass Business School (London, 2011), Swiss Society of Financial Markets Research (Zurich, 2011), University of Maastricht (2011), Center for Retirement Research (Boston, 2010), Groningen University (2010, 2007, 2002), University of Zaragoza (Spain, 2009), Financial Management Association (Dallas, 2008), European Finance Association (Athens, Greece, 2008), Erasmus Netspar (2007), Radboud Universiteit Nijmegen (2007), ICAF (Thessaloniki, Greece, 2006), Young Financial Researchers Day (Leuven, Belgium, 2004), Society of Actuaries (Vancouver, Canada, 2003), Mid-West Finance Association (StLouis, Missouri, 2003), Spring Meeting of Young Economists (Leuven, Belgium, 2003), Stockholm Institute for Financial Research (2003), Tilburg University (2003, 2002), European Finance Association (Berlin, Germany, 2002), APFA Conference (Tokyo, Japan, 2002), ERIM Conference (Rotterdam, The Netherlands, 2002), ABP Investments (2002, 2001, 2000), University of Latvia (2002), European Finance Association Tutorial (Barcelona, Spain, 2001), SIRIF Conference (Edinburgh, UK, 2001), Society for Computational Economics (Yale, New Haven, 2001). TEACHING Finance I (2013, 2012, 2011, 2010, 2009, 2008, 2007), Pensions (Executive teaching; Nyenrode, 2009-11, 2009-04), Finance and Investments (Erasmus, 2007, 2006), International Lecture Week: Pensions in Europe (2008, 2007), Master in Financial Management (RSM, 2007, 2006), Quantitative Finance (Tilburg University, Guest lecture, 2011, 2010, 2009, 2008, 2007, 2001, 2000, 1999), Guest lecture Investment Analysis (Tilburg University, 2011), Guest lecture Werkcollege Asset Pricing (Erasmus, 2006), Performance Measurement and Style Analysis (Executive teaching; NIBE 2004, IBO 2002); Asset Liability Management (Executive teaching; VBA, 2002); Orientation Econometrics (Tilburg University, Tutorials, 2003, 2002, 2001); Introduction Econometrics (Tilburg University, Tutorials, 2000). REVIEWER Review of Finance, Journal of Empirical Finance, Journal of Banking and Finance, Journal of International Money and Finance, Financial Analysts Journal, Quantitative Finance, European Journal of Finance, Financial Review, Journal of Economic Behavior and Organisation, Journal of Pension Economics and Finance, Emerging Markets Finance and Trade, Journal of Behavioral Finance, Journal of Business Economics and Management, Review of Financial Economics, Empirical Economics, Quarterly Journal of Finance and Accounting, Quarterly Review of Economics and Finance, International Journal of Financial Services Management, International Review of Economics and Finance, Multinational Finance Journal, Applied Stochastic Models in Business and

Industry, Studies in Economics and Finance, South Asian Journal of Global Business Research, Accounting in Europe, Asian Economic Journal, Bankers Markets & Investors, New Economic School (Moscow, Thesis reviewer), US National Science Foundation Grant Reviewer, Hong Kong Research Council Grant Reviewer, Swiss Society for Financial Markets Research Conference Reviewer, KU Leuven Research Grant Reviewer OTHER SERVICES Member of the Research Committee of Inquire Europe (2011-now) Associate Editor of the South Asian Journal of Global Business Research (2011-now) Member of the Investment Committee of Toeslagfonds CBR (1/2012-3/2013) Member of the Editorial Board of Netspar (3/2012-12/2012) Member of the PhD Committee of Fan Wu (University Saint-Louis in Brussels, Belgium, June 2014) Member of the PhD Committee of Lord Menza (University of Antwerp, Belgium, October 2011) Member of the PhD Committee of Laura Andreu Sánchez (University of Zaragoza, Spain, June 2009) Member of the Advisory Board of the European Pension Academy (2008-2011) Member of the Advisory Board of the Tilburg Center of Finance (2007-2012) ADDITIONAL COURSES TAKEN IMD Orchestrating Winning Performance (2009), Robeco Talent Specialst Programme (2008/2009), Finance Integrity ( Integriteitsmodule DSI Effectenspecialist, 2006), Communication skills ( Inzicht in invloed, 2006), Communication skills ( Interactie vaardigheden, 2005), Pensions ( Opf pensioencursus, 2005), Presentation skills ( Presenteren met impact, 2004), Writing skills ( Vlot, pakkend, en correct schrijven, 2004)

APPEARANCES / MENTIONS IN THE PRESS Investments & Pensions Europe, January 2013 Het Financieele Dagblad, November 2012 Nederlands Pensioen- & Beleggingsnieuws, July 2012 Investments & Pensions Europe, April 2012 Investments & Pensions Europe, January 2012 NRC Handelsblad, September 2011 EconomieOpinie.nl, August 2011 Slate.fr, August 2011 Investments & Pensions Nederland, June 2011 Investments & Pensions Nederland, April 2011 NRC Handelsblad, 18 January 2011 Investments & Pensions Europe, December 2010 Nederlands Pensioen- & Beleggingsnieuws, October 2010 Nederlands Pensioen- & Beleggingsnieuws, September 2010 De Standaard (Belgium), 12 June 2010 Het Financieele Dagblad, 1 June 2010 De Telegraaf, 17 May 2010 Pension & Investments, 5 April 2010 Het Financieele Dagblad (FondsNieuws), 8 March 2010 Investments & Pensions Europe, January 2010 Life and Pensions, December 2009 Investments & Pensions Europe, December 2009 EconomieOpinie.nl, 16 September 2009 Nederlands Pensioen- & Beleggingsnieuws, November 2008 Bfinance News, 20 March 2006 European Pensions and Investment News, 17 January 2006 European Pensions and Investments, 28 March 2005 Nederlands Pensioen- & Beleggingsnieuws, 1 March 2005 Nederlands Pensioen- & Beleggingsnieuws, 10 December 2004 NRC Handelsblad, 24 January 2004