1. Yves Deschenaux
Managing Partner
KHEPHREN MANAGEMENT
(Luxembourg) SARL
General Partner of
KHEPHREN SCA SICAV-SIF
Born on February 4, 1958
In Luxembourg
Office: Luxembourg
Tel: + 352 26 20 24 30
Fax: + 352 26 27 09 86
Mobile: +352 621 304 901
e-mail: yves.deschenaux@khephren-
sif.eu
Education:
• 1978–1981: University of St. Gall,
Switzerland.
• 1983–1984: University of
Constance, Germany, Master of
economic science.
Professional Qualifications:
• 1981: Qualification as registered
representative of the New York
Stock Exchange.
• 1984–1988: Qualification as a
certified public accountant.
• 2001: Qualification as an “expert
comptable”
• 2002: Qualification as an economic
consultant
• 2004: Qualification as an insurance
broker
Languages:
• Luxembourgish,
• English,
• French,
• German,
• Italian.
YVES DESCHENAUX
Yves Deschenaux graduated in economics. His thesis dealt about the
effect of the high interest policy on the economy of the United
States.
After his studies, Yves worked for the investment bank Lehman
Brothers in New York where he qualified as a registered
representative. He was active in trading and broking (Commercial
Paper and Asset Backed securities) before joining the corporate
finance department where he worked on corporate M&A
transactions.
Yves joined Arthur Andersen in 1984 where he was promoted to
partner in 1996. He started in audit and participated as an assistant,
manager and later as a partner to numerous international mandates.
He was since 1999 responsible for Andersen Business Consulting
(the consulting arm of Arthur Andersen, later Andersen) and a
member of the management committee of the Belgium-Luxembourg
structure (1.800 professionals).
He joined the Altran group starting 2002, where he assumed the role
of the managing director of Altran Business Consulting.
He started his own company at the beginning of 2004 under the
name of Asyris. The company is registered as a qualified accountant
and auditor and performs also tax and domiciliation work, in
addition to the traditional advisory projects. Asyris serves around
100 different clients.
In the course of 2007, he created with his partner a regulated Specialized Investment Fund,
Khephren SCA SICAV-SIF. The Fund is investing in real estate development projects essentially
in Western Europe. The Fund became operation at the beginning of 2008. He currently serves as
a partner in the management company of the Fund Khephren SCA SICAV-SIF.
He created in the course 2014 with other partners the real estate
development company Sawasdee Invest SA, active in the
development and investment in worldwide real estate assets.
• Identified specific projects
A non-exhaustive list of some projects in which Yves participated
follows:
1998-2002
- Fiscal, regulatory and operational restructuring of a major French
banking group;
- Best Practice (benchmarking) analysis of a major Japanese
brokerage house in regards to the custodian and administrative
function;
May 2011

2. Yves Deschenaux
Date November, 2014
Subject Yves Deschenaux - CV
Page 2 of 7
- Relocalization of the front-office function of a Portuguese bank;
- Project finance review for a major Italian bank;
- Various operational process reviews in banks to identify, monitor
and manage the fraud risk;
- Review and restructuring of the investment strategy in a pooled
asset scheme for a Dutch bank;
- Feasibility study and operating support for the start of a Swiss
bank;
- Procedures work for brokers;
- Review of the organizational structure for a middle-sized Belgian
bank, analysis of critical process and major process of
reengineering;
- Support for the implementation and the parameterization of a
banking software;
- Project Manager on a major in-house project, including the
analysis of the investment activity in a pooled asset scheme and
the benchmarking of operational process of the administrative
agent and the custodian;
- Development of the project book for the transfer agent function
of a major French bank;
- Development and implementation of a management information
system in the context of EDP project management for a major
universal French bank;
- Strategic and operational review of the private banking business
line including change and project management of the
Luxembourg entity of a major private banking group;
- Development of an internet banking strategy for retail as well as
for private banks under consideration of strategic regulatory,
fiscal, legal, security and operational efficiency aspects;
- Impact analysis of the Euro introduction in a retail bank utilizing
the call center technique;
- Development of a project book for a private banking software
package;
- Best practice review and reengineering project of a major third
party investment fund administrator and transfer agent;
- Benchmarking and control review of a transfer and register agent
function;
- Development of strategic plan for two major private Banks;
- Organisational restructuring and process reengineering for two
merged banks including Change Enablement;
- Merger and acquisition of a major insurance company including
negotiation and due diligence process;
- Strategic consulting engagement for a major French bank active
in corporate and private banking, asset management and trading

3. Yves Deschenaux
Date November, 2014
Subject Yves Deschenaux - CV
Page 3 of 7
and broking;
- Evaluation of @-solutions for a major life insurance company;
- Development of a distribution strategy for a major French asset
manager using the internet as a distribution channel;
- Selection and implementation of an integrated banking solution;
- Operational banking merger projects including strategic,
organisational and IT Consulting;
- Analysis and implementation of a CRM strategy for a major
French universal bank;
- Organisation and functional design of the production platform for
a major insurer (non-life products);
- Functional and technical design of the Internet platform of a
major supranational investment fund association (EFAMA);
- Application software selection and implementation of a
Customer Relationship Management (CRM) solution (based on
Siebel applications) for a major universal bank;
- Implementation of a quality management system of a large
universal bank;
- Design and implementation of a web-based information system
(Internet/Intranet) based on Microsoft and SQL server
technology for a major supranational organization (EFAMA-
European Fund and Asset Manager Association);
- Implementation of an integrated banking solution (front-, middle-
and back office based on the integrated banking solution Globus
from Temenos) for a mortgage and public finance bank;
- Design and concept of a central processing platform integrating
two operating entities involved in private banking;
- Strategic articulation, organizational design and operational
reengineering for an international financial institution operating
in the private banking and asset management area using the GPII
(Global Portfolio II from SunGard) and Globus (from Temenos);
- Integration of various operating platforms of three entities of a
major Dutch financial group into a common business line based
on the Portfolio Management System (Triple' A Advantage from
Odyssey Management Systems);
- Implementation of Siebel 2000 interfaced with the Bank’s web
layer and back-office based on Thaler from Callathay & Wouters
for the Belgian branch of a major Dutch financial group;
- Operational merger of two universal banking institutions.
2003
- Process and procedures analysis and documentation in
accordance with norm ISO 2000 within a universal bank;
- IFRS implementation project within a universal French bank;
- SAS 70 preparation of the custody and investment fund business

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Date November, 2014
Subject Yves Deschenaux - CV
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departments.
-
2004
- Project and programme management in a major Italian financial
institution to implement a European management and fund
distribution platform (administrative agent, transfer agent and
registrar, depository bank and fund distributor);
- Analysis and operational design of a solution to implement the
European savings tax (ECOFIN);
- Implementation of project methodology for the coordinated
management of Basle II and IFRS projects for a major French
consulting group;
- Process and procedures analysis and documentation in
accordance with norm ISO 2000 within a Luxembourgish retail
bank;
- Organizational study and implementation of a workflow and
archiving solution in a universal bank;
- Audit, analysis and operational design in a major European bank
of the revenue cycle in their “corporate” department.
2005
- Development of the business plan of a communication and
advertising agency;
- Strategy review and development for a major debit/credit card
processor and clearing house;
- Development of securitization structures for the acquisition of
real estate for an Australian developer;
- Real estate project development for the second largest European
retailer.
2006
- Analysis and implementation of a client satisfaction program for
a major European software editor in the area of asset and
portfolio management;
- Analysis and due diligence review of the life insurance products
of a Luxembourg-based distributor into selected European
countries;
- Audit of the implications of the MiFID directive in the context of
the fund distribution for a transfer agent software editor.
2007
- Strategic study and organizational design of the private banking
and wealth management solution within a major French banking
institution;
- Implementation of a client satisfaction and TQM (Total Quality
Management) procedures for a major International software
editor,

5. Yves Deschenaux
Date November, 2014
Subject Yves Deschenaux - CV
Page 5 of 7
- Corporate finance project for a major Dutch banking and finance
group in selling their Belgian subsidiary.
- Project management on the implementation of certain SIF
structures in Luxembourg,
- Implementation of a Luxemburg SIF investing in high end real
estate development projects as a promoter.
2008-current
- Management of a real estate development fund investing in high
quality real estate development projects concentrated in Western
Europe, specifically in charge of service provider, regulatory and
institutional investor relationships. Management of a private rela
estate and development company worldwide.
• Selected Conferences & Publications
1996 Speaker during the conference organized by IIR on
“Risk management in private banking”.
1996 Speaker during the conference organized by MGI on
“Opportunities and risks in emerging markets”.
1996 Speaker during the conference organized by
ODYSSEY on “Finance and the Internet”.
1997 Speaker during the conference organized by IIR on
“How to tarify your banking products and services”.
1997 Speaker during the conference organized by MGI on
“International private banking”.
1997 Speaker during the conference organized by EFE on
“Global asset management”.
1998 Speaker during the conference organized by MGI on
"Prospective analysis in the development of the
Luxembourg financial center".
1998 Speaker during the conference organized by IIR on
"Risk management in the context of securitized assets".
1999 Speaker during the workshop organized by IIR on
"Securitization of assets".
1999 Speaker at the conference organized by AA Stockholm
on "Risk Management in Mutual Funds".
1999 Speaker at the conference organized by ICBI on “Pan-
European pension funds”.
1999 Speaker at 1999 annual ALFI conference on
“Luxembourg: Your Hub for global distribution”.
1999 Speaker at the conference organized by DII on "Asset
Management in Euroland".
2000 Speaker at the conference organized by ALFI on

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“Banque Dépositaire et Risques de Contrepartie”
2000 Speaker at the conference organized by Development
Institute International Paris on “Nouveaux systèmes
de transactions et marchés électroniques” and “Back-
offices Orientés Clients”
2000 Speaker at the conference organized by IRR on
“Réussissez la mise en place du STP dans votre back-
office”
2000 Speaker at the conference organized by ACBD/ECBD
on "Portals for the Financial Services Industry"
2000 Speaker at the conference organized by The British
Chamber of Commerce for Luxembourg on "The New
Economy"
2000 Speaker at the conference organized by Arthur
Andersen on "The European Pension Market Forum"
2000 Speaker at the conference organized by IFE Benelux
on "Private banking & nouvelles technologies"
2000 Speaker at the conference organized by Oracle on
"Driving eBusiness: the Arthur Andersen and Oracle
approach"
2000 Speaker at the conference organized by Odyssey S.A.
on "The new area on private Banking:"
2001 Speaker at the quarterly conference ALPP about
various industry topics
2001 Speaker at the periodic conferences organized by
Andersen in the context of the Research Papers done
for Financial Services (6 conferences over two years)
as a member of the Editorial Board
2001 Speaker at the annual conference and the launch of the
FEFSI website of the "Fédération Européenne des
Fonds et Sociétés d'Investissement" (FEFSI), now
EFAMA
2001 Speaker at the ICBI conference about European
pension funds
2001 Speaker at the conference organized by the British
Chamber of Commerce on the “New Economy”
2003 Speaker at a number of seminars on the European Savings
directive organized by BDO (ECOFIN)
• Publications
Numerous.
• Board memberships
− Asyris S.A. (accounting, domiciliation, tax and advisory)
− BP@L S.A. (economic advisory)
− Azure Property group (real estate development and
management)

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Date November, 2014
Subject Yves Deschenaux - CV
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− Development Capital SCA (private equity fund)
− Accendo Capital SCA (Specialized Investment Fund-private equity in
Northern European equity)
− Khephren SCA (Specialized Investment Fund-real estate development through private
equity and mezzanine debt)
− GuruTrainingSystems S.A. (3D gesture recognition golf training & teaching
system)
− Sawasdee Invest SA (real estate development and investment
company)
• Other
Present or former member of several financial sector industry groups in Luxembourg,
including
- ALFI;
- International Bankers Forum;
- Teacher of the Luxembourg Banking Training Institute;
- Teacher at HEC, Paris – MBA on Risk Management;
- Teacher at University of Strasbourg (Law faculty)
- Luxdealers (Association of bond dealers).
- ALPP (Association Luxembourgeoise des Professionnels du
Patrimoine)
- ATEL (Association des trésoreries d’entreprise,
Luxembourg)
- IRE (Institut des Réviseurs d’Entreprise)-Luxembourg
Institute of Auditors
- OECL (Ordre des Experts-Comptables Luxembourgeois)