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CONTACT INFORMATION (AT WORK) Anouk Claes Facultés Universitaires de Saint-Louis Office : D14 43 Boulevard du Jardin botanique Direct line : + 32 2 787 93 15 BE - 1000 Bruxelles E-mail : claes@fusl.ac.be http://centres.fusl.ac.be/cerec/document/people/claes.html (This version: April 2010) PERSONAL DETAILS Nationality Belgian Date of birth 25th September 1976 ACADEMIC EMPLOYMENT October 2007 present October 2007 present September 2006 September 2007 October 2006 September 2008 November 2007 December 2007 September 2000 September 2006 February 2006 July 2006 Chargé de cours en Finance Facultés Universitaires Saint-Louis Guest Lecturer at Erasmus University Rotterdam Professeur Invité en Finance Facultés Universitaires Saint-Louis Guest Lecturer Financial Risk Management Universiteit Antwerpen Guest Lecturer Seminar Risk Management Erasmus University (Rotterdam) Teaching Assistant of Financial Economics PhD Candidate (Defended 12/05/2006) University of Antwerp / University of Antwerp Management School Guest-Lecturer University of Liège-HEC EDUCATIONAL BACKGROUND UNIVERSITY OF ANTWERP, ANTWERP PhD (May 12 th, 2006) (09/2002 05/2006) Title PhD: Coping with Model Risk: Applications in Bond and Stock Markets Advisors: J. Annaert and M. J.K. De Ceuster Internal Examiners: A. De Schepper, E. Laveren and W. Meeusen External Examiners: G. Dissanaike (Cambridge University) and E. Dimson (London Business School) Doctoraal Programma (PhD Programme) Magna Cum Laude (09/2000 07/2002) GAS Financiële en Fiscale Wetenschappen (Master of Finance & Taxation) Cum Laude (09/1999 07/2000) Title Thesis: Het effect van het in- en uittreden van aandelen in de BEL-20 (The impact of stocks entering and leaving the BEL-20 index) Magna Cum Laude - 1 of 6 -

LIMBURG UNIVERSITY CENTER, DIEPENBEEK (NOW UNIVERSITY OF HASSELT) M.A. Handelsingenieur (Commercial Engineering) Cum Laude (09/1994 07/1999) Major: Accounting and Finance Dissertation Title: Het Streven naar Fiscale Harmonisatie binnen de EU (Studying the Harmonisation of Corporate Taxation within the EU) Cum Laude SUMMER SCHOOLS INTERNATIONAL SUMMER SCHOOLS London School of Economics and Political Science, London Forecasting Financial Markets (A-) Jon Danielson & Andrew Patton (3 weeks during summer 2003) Advanced Econometrics (A-) Marcia Schafgans (3 weeks during summer 2002) Options, Futures and Other Derivatives (A) Jean-Pierre Zigrand & Olivier Renault (3 weeks during summer 2001) Economics of the European Integration (B+) Alan Marrin & Charles Bean (3 weeks during summer 1998) University of Cambridge, Selwyn College, Cambridge Britain and the Welfare State, The UK in Europe: An Economic Perspective and An Introduction to the English Legal System (7 th July 1 st August 1997) INTENSIVE COURSES IN ENGLISH Cambridge International Summer School, Newnham College, Cambridge (16 th 29 th July 1995) Oxford International Summer School, Brookes University, Oxford (30 th July 13 th August 1994) FRENCH COURSES Alliance Française Niveau C1 (two weeks during summer 2006) Wiams, Godinne (two weeks during summer 1990) OTHER CERTIFICATES OBTAINED DIPLOMA DE ESPAÑOL COMO LENGUA EXTRANJERA - NIVEL INTERMEDIO (07/2004) CERTIFICAT CHAMBRE DE COMMERCE ET D INDUSTRIE DE PARIS (mention Bien) (11/1998) CERTIFICATE LONDON CHAMBER OF COMMERCE AND INDUSTRY (Distinction) (03/1998) OTHER COURSES TAKEN UNIVERSITÉ DE LOUVAIN-LA-NEUVE CORE Lecture Series: Financial Econometrics: Past, Present and Future Andrew Lo (07/2005) - 2 of 6 -

GHENT UNIVERSITY Reading group: Asset Pricing based on the book of John Cochrane (2006) Reading group: Stochastic Calculus for Finance Jan Annaert - based on the book of Steven E. Shreve (2004 2005) Advanced Econometrics Geert Dhaene (10/2000 12/2000) STIELTJES/CENTER/MRI Winter School on Mathematical Finance Monte Carlo Methods and Portfolio Choice René Carmona & Thaleia Zariphopoulou (01/2007) Volatility Modeling and Computational Finance Hélyette Geman & Paul Glasserman (12/2003) Credit Risk and Calibration - Rama Cont & Marek Rutkowski (12/2002) Term structure and Risk Measures - David Heath & Tomas Björk (12/2001) UNIVERSITY OF ANTWERP Reading group: Arbitrage Theory in Continuous Time based on the book of Thomas Björk (2001 2002) PUBLICATIONS REFEREED PUBLICATIONS: Inter-temporal Stability of the European Credit Spread Co-movement Structure (together with J. Annaert and M.J.K. De Ceuster), 2006, European Journal of Finance, 12/1, 23 32. Anatomy of the Eurobond Market 1980-2000 (together with M.J.K. De Ceuster and R. Polfliet), 2002, European Financial Management, 8/3, 373-385. Optimale Schatting van Beta's in de Minder Liquide Belgische Markt, (together with M.J.K. De Ceuster and I. Lagaert), 2002, Financieel Forum, Bank en Financiewezen, 5, 298-303. OTHER PUBLICATIONS: Financieel Rekenen met Microsoft Excel Tweede Editie, (together with M.J.K. De Ceuster), Deurne: Fintrac, 2010, pp 234. (ISBN: 978-90-813897-1-6) How do Stocks React after Extreme Daily Returns? The Dutch Case, - In: Dynamics in Economics: Liber Amicorum prof. dr. Jozef Plasmans / Ruslan Lukach [edit.], Antwerpen, 2010, p. 11-24. Financieel Rekenen met Microsoft Excel, (together with M.J.K. De Ceuster), Deurne: Fintrac, 2009, pp 200. (ISBN: 978-90-813897-0-9) Single Name Credit Default Swap Valuation: An Introductory Review (together with M. J.K. De Ceuster), - In : Credit Risk: Models, Derivatives, and Management, Niklas Wagner [edit.], e.a., Taylor and Francis, 2008. Coping with Model Risk: Empirical Applications in Stock and Bond Markets, PhD, May 2006. - 3 of 6 -

Does the Compass Rose Pattern Matter for Testing Normality? (together with Annaert J. and M. J.K. De Ceuster), - In: Kwantitatief bekeken: Liber Amicorum prof. dr. Robert Van Straelen / Kesenne Stefan [edit.], e.a., Antwerpen, Garant, 2004, p. 207-218. WORKS-IN-PROGRESS / WORKING PAPERS A Description of the US Single Name CDS Market together with F. Wu The Impact of Country and Industry Diversification on BRICs Equity Portfolios together with F. Wu Constructing an Interest Rate Volatility Index together with M. J. K. De Ceuster, R. Lopez Garcia and E. Navarro Arribas Estimating Nelson-Siegel A Ridge Regression Approach together with J. Annaert, M. J. K. De Ceuster and H. Zhang Do Large Price Jumps Revert in the Pakistani Stock Market? together with M. J.K. De Ceuster and H. Zhang Framing the Individual Investor together with Annaert J. and M. J.K. De Ceuster. TEACHING EXPERIENCE CURRENT TEACHING LOAD AT THE FACULTÉS UNIVERSITAIRES SAINT-LOUIS Asset Pricing Compulsory course in Post MA, taught in English Econometrics Compulsory course in BA3, taught in French Corporate Finance Elective in BA3, taught in Dutch and in English Economics 1 Compulsory course in BA1, taught in Dutch GUEST LECTURER AT THE ERASMUS UNIVERSITY ROTTERDAM (COURSE TAUGHT IN ENGLISH) Seminar Risk Management October to December 2007, 2008, 2009 (Block 2): Elective in MA GUEST LECTURER AT THE UNIVERSITY OF ANTWERP (COURSE TAUGHT IN ENGLISH) Financial Risk Management October 2006 to September 2008: Elective in MA GUEST LECTURER AT THE UNIVERSITY OF LIEGE - HEC (COURSE TAUGHT IN ENGLISH) Portfolio Theory and Investment Analysis February to July 2006: Elective in MA - 4 of 6 -

TEACHING ASSISTANT AT THE UNIVERSITY OF ANTWERP (COURSES TAUGHT IN DUTCH) M.A. Applied Economics / Commercial Engineering 2002 to 2004: Financial Risk Management (Elective in MA) GAS Financiële en Fiscale Wetenschappen (Master of Finance & Taxation) 2002 to 2003: Options, Futures and Other Derivatives, Computer Applications in Finance (Elective), Empirical Research in Finance, Master Thesis B.A. Applied Economics / Commercial Engineering 2000 to 2001: Introduction to Business Administration (1BA), Financial Economics (2BA) TEACHING ASSISTANT AT THE UNIVERSITY OF ANTWERP MANAGEMENT SCHOOL (COURSES TAUGHT IN ENGLISH) Master of Finance 2004 to 2006: Advanced Financial Risk Management, Empirical Research in Finance, Computer Applications in Finance, Master Project. EXECUTIVE TRAINING AT BBL (COURSES TAUGHT IN DUTCH) University Trainees September 2001, February & April 2002: 1 day out of 5 day University Trainee Programme Covering the Stock Market & Derivative Pricing PROFESSIONAL ACTIVITIES PRESENTATIONS CEREC Seminar, Brussels, November 2006 European Financial Management Association, Madrid, June 2006 BFRF, Namur, June 2006 ACF Seminar, Antwerp, April 2006 Risk Management, From Theory to Practice, Hofstra University, New York, US, April 2006 EFMA Behavioural Finance Symposium, Durham, UK, April 2006 (presented by co-author) ETEW - AFI seminar, Katholieke Universiteit Leuven, March 2006 18 th Australasian Finance and Banking Conference, Sydney, December 2005 Mathematics and its Applications Seminar, Antwerp, April 2005 BFRF, Antwerp, May 2005 Corporate Finance Day, Leuven, September 2005 VVE-dag, Antwerp, October 2004 1 st Actuarial and Financial Mathematics Day, Leuven, February 2003 1 st Tilburg Young Financial Researcher Day, Tilburg, October 2002 German Finance Association, Cologne, October 2002 Forecasting Financial Markets, London, June 2002 AFFI, Strassbourg, June 2002 BFRF, Liège, May 2002 VVE-dag, Diepenbeek, October 2001 CONFERENCE DISCUSSIONS European Financial Management Association, Madrid, June 2006 Belgian Financial Research Forum (BFRF), Antwerp, May 2005 CONFERENCE PARTICIPATION - 5 of 6 -

European Finance Association, Maastricht, August 2004 BFRF, Brussels, May 2004 BFRF, Diepenbeek, May 2003 BFRF, Ghent, May 2001 European Finance Association, Barcelona, August 2000 OTHER EXPERIENCES AIESEC CASE STUDY WEEKEND Participant Euroclear team, EHSAL, Brussels (28 th 29 th November 1998) WORK PLACEMENT (IN FRENCH) AT A HEADHUNTER S OFFICE Promexpo s.a., 22 av. de l Espinette Centrale, 1640 Rhode-St.-Genèse (25 th March 5 th April 1996 & 1 st July 12 th July 1996) - 6 of 6 -