Background Information

TRANSTREND B.V. is a Dutch limited liability company formed in November 1991 to provide commodity trading advisory services to selected clients. TRANSTREND has been registered as a Commodity Trading Advisor (CTA) and as a Commodity Pool Operator (CPO) under the Commodity Exchange Act (CE Act) since September 1994, and is a member of the National Futures Association (NFA) in such capacities. Registration under the CE Act and membership in the NFA in no way imply that the Commodity Futures Trading Commission or the NFA have endorsed TRANSTREND’s qualifications to provide the commodity trading advisory services. TRANSTREND is also licensed as a portfolio manager, and subject to regulation by the Netherlands Authority of the Financial Markets (AFM).

Before the 1993 management buy-out, TRANSTREND managed substantial proprietary accounts with comparable returns based on (at that time) identical trading systems. The buy-out made it possible to offer TRANSTREND’s expertise to third parties. As of March 1st 2007 Robeco Nederland B.V. is the sole shareholder of TRANSTREND.

Management of TRANSTREND

TRANSTREND's board of directors consists of Joep van den Broek and Harold de Boer (Managing Directors) and Mark van Dongen and André Honig (Executive Directors). Members of TRANSTREND's management are approved in that capacity by the AFM.

Joep van den Broek

Joep van den Broek (born in 1969) graduated in August 1995 with a Master Degree in Business Economics from Erasmus University Rotterdam. He joined TRANSTREND as a trader in December of 1995. In October 1997, he was appointed Deputy Director (for Trading) thereby becoming a member of TRANSTREND’s management team. Effective as of January 1999, Mr. Van den Broek was appointed a Managing Director of TRANSTREND.

Harold de Boer

Harold de Boer (born in 1966) graduated in 1990 with a Master Degree in Applied Mathematics from Universiteit Twente in The Netherlands. In December 1989 he worked in conjunction with TRANSTREND for his thesis titled "Cointegration in Commodity Futures Markets". In April of 1990, he joined TRANSTREND as a Research Analyst. In 1992 he became responsible for TRANSTREND’s research department, and as of October 1997, he became a member of TRANSTREND’s management team with the title of Deputy Director. Effective August 1999 he was appointed a Director of TRANSTREND. Mr. De Boer’s primary responsibility remains research and product development.

Mark van Dongen

Mark van Dongen (born in 1968) graduated in 1991 with a Master Degree in Econometrics from the Catholic University of Brabant. He joined Transtrend as a research analyst in 1992 and was appointed Deputy Director (Research and Operations) in 1997. Effective as of March 2007 Mr. Van Dongen was appointed an Executive Director of Transtrend.

André Honig

André Honig (born in 1967) graduated in 1991 with a Master Degree in Business Econometrics from Erasmus University Rotterdam. He obtained the Certified European Financial Analyst degree in 2000. After having worked as a consultant for Ortec Consultants from 1992 to 1996 and for KPMG Consulting from 1996 to 2000, he joined Robeco in 2000 where he was responsible for Consultant Relations (2000-2002) and where he was General Manager of Robeco Gestions, the Paris asset management branch of Robeco (2002-2004). In May 2004, Mr. Honig joined Transtrend as Deputy Director Investor Relations. Effective as of March 2007, Mr. Honig was appointed an Executive Director of Transtrend.

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