WSH Securities Portfolio Administration

General

WSH Securities Portfolio Administration (hereafter WPC) provides private investors with a regular assessment of as well as a comparison of the performance of the client´s portfolio managers. A regular analysis of the portfolio structure is also carried out.

The Securities Portfolio Administration service encompasses the preparation of various reports on the one hand and our pro-active management function.

1.Administrative Reports

In order to prepare the administrative reports, all contract notes are checked and entered into our system. The data is then evaluated using different criteria to produce a number of separate reports. These reports include a general market analysis, a comprehensive administrative report, a transaction report and a tax report containing all tax issues.

Market Report

The market report, which is produced monthly, contains detailed assessments of the developments on the stockmarkets and in pension funds worldwide. The monthly performance of each individual security in the client´s portfolio is also detailed. Any securities, which are in the client´s portfolio, mentioned in the monthly report are colour coded to allow the client to see at a glance whether the wealth manager´s are performing.

Administrative Report

This report is generally produced on a quarterly basis. If a client so wishes, this report can also be produced more frequently. Client´s may naturally also request details between reports if the need arises. The portfolio report provides analyses of the individual accounts held by the client as well as presenting a consolidated picture of the overall structure of the portfolio.

The manual input of the individual transactions into our system facilitates the use of a uniform system of performance assessment. This simplifies the comparison of the performance of the various accounts. This is not always the case as the banks and brokers do not always use the same metrics. The after tax performance of the individual manager are also included in this report and are benchmarked against after taxation general market performance.

The system also provides if required a snapshot of the current taxable gains and a projection for the taxes that will be liable to be paid. This simplifies the tax planning and allows for informed decision-making leading to an optimisation of the tax situation.

The performance of specific sectors in individual accounts can be determined thereby facilitating an assessment of the strengths and weakness of the individual investment managers. Changes in the portfolio can be planned based on the strengths of the investment managers.

Transaction report

This report details the normal charges incurred as well as the hidden costs. In addition to producing a clear overview of the costs and a check on management fees, transaction costs and expenses, the report also provides an opportunity to check the correlation between the buy/sell spreads. The turnover ratio can also be calculated and charges incurred compared with average market volumes.

Taxation report

Apart from the consolidated figures, we provide all postings lists, which can be used to determine the year´s result.

The obligation to expedite the tax issues remains with the relevant tax advisor. WSH Deutsche Vermögenstreuhand merely makes the consolidated reports and assessments available with a view to simplifying the calculation of any tax liability.

2.Management function

We also offer our support to simplify the evaluation process. We keep in regular contact with the investment managers with whom performance needs to be discussed. We are available at all times to liaise with the individual investment managers and are in a position to make recommendations regarding the guidelines that need to be adhered to as well as the structure of the individual portfolios. On behalf of our clients, we regularly get involved in the organisation and implementation of selection processes designed to find new investment managers.