David Foxhoven Email and Phone Number

• Consult with large banks and brokerage firms on back and middle office servicing including Fund Accounting, Fund Operations, Investment Operations, Settlement, Reconciliation, Corporate Actions, Custody & data management.• Advise on technology development to improve operating efficiency.• Help with design and building of efficient middle and back office organizations including security master, reference data, ABOR, IBOR, Corporate Actions and NAV Production including both insourced and outsourced environments. • Assist with risk management oversight with middle and back office operations.

Reporting to the CEO – Responsible for overseeing the firmwide investment in Private Equity investments as well as in Real Estate Investments. Also handled domestic and foreign equity investments, loans, options and precious metals. Oversee day-to-day operations including Deal Office (ensures investment compliance & administrative feasibility), Client Services, Brokerage Operations, Retail Sales & Business Analysis. • Oversaw all trade desk and post-trade activity across the firm including, trade settlement, reconciliation, collateral management, market data management including sourcing and retention, securities pricing, corporate actions, fund accounting & administration as well as board and regulatory reporting. • Improved bank efficiency ratio by decreasing expenses while driving 30% account growth in retail sales. • Lowered attrition from greater than 35% to under 10% through improvements in hiring and new hire training• Resolved ongoing issues like FDIC brokered deposits and IRS tax fines/assessment for late and/or incorrect filings.• Managed budget throughout departments to include controlling costs to actuals, and implemented programs to ensure attainment of business plan for growth and profit. Implemented improved processes and management methods to generate higher ROI and workflow optimization. Developed cohesive management team. • Developed, implemented, and monitored policies and procedures in accordance with regulatory guidelines and PENSCO goals and strategies. Worked closely with Compliance to ensure outlined standards are met across all teams. Participated and drove the successful outcome of both internal & external audits and regulatory reviews.• Communicated goals and direction with direct reports and overall department to ensure clear understanding of rules, regulations, requirements and expectations.

Reporting to Founder and Chief Executive Officer - responsible for delivery of products and services. Responsible for the back-office operations, product & technology teams (including the systems that support customers and front/back office.• Drove the organization to higher levels of productivity, quality and automation including best practices, process & procedure changes that allow for 10x year over year increase in transaction volumes• Designed and built data management system to be used as source data for MarketStandard® application; the industry’s most comprehensive database of private-target M&A deal points. Designed to help deal parties determine “what’s market.” • Drove overall strategy direction of the firm including products & services and the supporting technology• Managed and developed the systems/staff that perform the vital functions of data collection, customer on-boarding, payments process, cash control, customer reporting and reconciliation • Built a world-class customer service organization; managed, maintained & improved world class customer service systems, and the staff and processes that support the customer’s online experience • Lead the organization in the identification and mitigation of operating and reputation risks

• Reported to the Founder, Chairman and Chief Executive Officer, the EVP, Head of Technology & Operations directs, coordinates, and administers all aspects of the day-to-day activities and operations of client services, back-office operations, fund administration, and IT for the business. • Act as a senior leader within the organization, helping drive corporate initiatives and goals throughout the organization.• Champion change initiatives designed to improve efficiency through new processes and procedures, increase customer loyalty through exemplary service and manage back-office 3rd party relationships and all Information Technology initiatives.• Broad-based general management skills with a heavy emphasis on operations, client service, financial administration, and IT. Accountable for all operations and technology and will interface with other departments including, Legal, Marketing, and Sales across ProShares.•Act as part of the senior management team with responsibility for participating in planning the company strategy; contributing to developing company goals and initiatives, and being an advocate back to the organization for same.•Act as a thought leader for short and long-term strategic direction in Client Services, back-office operations, fund administration, and IT.• Manage a team of 60+ employees, lead recruitment and manage the deployment of internal and third-party resources.• Manage third-party vendor relationships and oversee the negotiation of services and fees.• Oversee the management of transfer agency, custodian relationships, and 3rd party back-office operations relationships (including fund accounting, financial and tax reporting, fund distributions and tax efficiency management, and other fund administration functions); ensuring all work is performed in accordance with securities regulation requirements, and that work meets service level standards.

• Most senior executives that moved from OppenheimerFunds to Brown Brothers Harriman (BBH) through a Corporate Lift-out of the approximately 200 employees (approx. 250 at peak) handling Fund Accounting, Fund Administration, Fund Operations, Investment Tax, and the supporting technology support teams. • My role was virtually the same as before the lift out as the department handles the same functions and support for the same clients. Most of my time was spent on two initiatives. • The first being the conversion of processing activity from the OFI infrastructure over to the BBH infrastructure; advising on what systems could be replaced with existing BBH applications and which applications needed to be redesigned and moved to the BBH network for use with other BBH systems. •The second is the development of the BBH Middle Office servicing platform that was to be used to provide legacy services from OFI to other BBH clients in the middle office space.

• Oversee of the Fund Accounting and Administration, Investment / Fund Operations, and Monetary Control departments within OppenheimerFunds, Inc. • The departments handle the primary operational support including fund accounting and the middle & back-office functions for the retail mutual funds, the Oppenheimer Trust Company products, Institutional Separate Account, and Sub-Advisory businesses.

• Daily oversight of the fund accounting department and the 180+ employees that made up the department. The department was responsible for producing an accurate and timely Net Asset Value (NAV) for the various retail products, institutional accounts, offshore, multi-manager/multi-class funds, and trust company products daily.• Accounted for a wide range of fund types including money market funds, basic bond/equity funds, and complex multi-manager funds. Full cash and share accounting for complex portfolios involving various mixes of securities.• Implemented shadow accounting for sub-advised funds and institutional separate accounts.• Provide accounting services for a full range of private assets, derivatives, cash & foreign exchange instruments.• Direct administration of all previous departments plus assumed responsibilities for Alternative Products, Income Analysis, Expense Analysis, Data Management, Securities Valuation, Securities Analysis, Corporate Actions, Monetary Control (Shareholder Accounting, Bank Recon, Manual Checks, Wire Desk & Wire Order Reconciliation).

• Reorganized fund accounting into functional groups with each group handling specific activity. • The functional approach divides activity into functional aspects to ensure that one person is handling the same issue across all funds and products. • Ensured rotation program was in place to allow staff to see all pieces and functional groups so that they understand how the pieces of the fund fit together. • Direct oversight of the trade processing, trade settlements, reconciliations, cash projection, sub-advised support, OTC derivatives, and banking/broker relationship departments.

• Directed settlements of all security trades across all products and asset types including futures, options, currency, derivatives, syndicated bank loans, and both domestic and foreign equity as well as fixed income.• Implemented trade transmission system that allows trade settlements to be systemically matched to confirmation before being electronically transmitted to the custodian bank via ISITC and eventually SWIFT.• Oversaw custody relationships including pre-match rates, settlement rates by market, and monthly invoices.• Authorize payment of invoices and claims against Oppenheimer as a result of trade fails.• Collected on claims against various brokers and banks as a result of trade failures; reversed previous $600,000 annual inbound claims to recover over $1,000,000 annually in failed trade expenses as a result of counterparty errors.• Assisted Portfolio Managers and the trading desk with the resolution of trade discrepancies and/or trade errors.

• Assisted financial advisors in the field with specific questions on customer accounts, including Employee Stock Options, margin lending, DVP/RVP trading (included wrap & separate account activity), retirement plans, cash deposit, and checking accounts with visa debit privileges, and corporate action entitlements. • Developed a hypothetical trade analysis excel workbook that allowed for automated margin calculations.