May 25, 2013 9:54 AM ET

Capital Markets

Company Overview of QFS Asset Management, L.P.

Overview Board Members Committees

BOARD MEMBERS AFFILIATED WITH Karlheinz Muhr *

Karlheinz Muhr Return to Thayer Lodging Group

Chief Executive Officer and Chairman

181

181

Age	Total Annual Compensation
--	--

Fred H. Langhammer

The Estée Lauder Companies Inc.

Board Affiliations

Invision Private Equity AG

Gerard M. Moufflet

Acceleration International

Board Affiliations

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

Citigroup Global Markets Limited (United Kingdom)

Board Affiliations

Invision Private Equity AG

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

Rainer A. Rueppel

ViewPoint Capital Partners

Board Affiliations

Invision Private Equity AG

Alberto E. Romaneschi

Ascom Holding AG

Board Affiliations

Invision Private Equity AG

Peter Goldscheider

European Privatization & Investment Corporation

Board Affiliations

Invision Private Equity AG

Gerhard Weisschädel

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

The Corporate Finance Group

Board Affiliations

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

Peter M. Gottsegen

Board Affiliations

Institute Of International Education, Inc.

Heinrich Von Und Zu Liechtenstein

Invision Private Equity AG

Board Affiliations

Invision Private Equity AG

Thomas A. Russo

American International Group, Inc.

Board Affiliations

Institute Of International Education, Inc.

Laurence C. Morse

Fairview Capital Partners Inc.

Board Affiliations

Institute Of International Education, Inc.

Michael G. Morris

American Electric Power Co., Inc.

Board Affiliations

Institute Of International Education, Inc.

Enterprise Informatics Inc.

Board Affiliations

Institute Of International Education, Inc.

Sanford A. Ibrahim

Radian Group Inc.

Board Affiliations

Institute Of International Education, Inc.

Thomas S. Johnson

The Phoenix Companies Inc.

Board Affiliations

Institute Of International Education, Inc.

Donald F. McHenry

The Coca-Cola Company

Board Affiliations

Institute Of International Education, Inc.

Fentress Bracewell

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Jack M. Greenberg

RockTenn CP, LLC

Board Affiliations

Institute Of International Education, Inc.

Savage Holdings

Board Affiliations

Institute Of International Education, Inc.

California Water Service Group

Board Affiliations

Institute Of International Education, Inc.

Alvarez & Marsal, LLC

Board Affiliations

Institute Of International Education, Inc.

George Campbell

Barnes & Noble, Inc.

Board Affiliations

Institute Of International Education, Inc.

Donald M. Stewart

Zero Wait-State, Inc.

Board Affiliations

Institute Of International Education, Inc.

Alexander B. Trowbridge

Harris Corporation

Board Affiliations

Institute Of International Education, Inc.

Henry Alfred Kissinger

American Express Company

Board Affiliations

Institute Of International Education, Inc.

Vartan Gregorian

Carnegie Corp. of New York

Board Affiliations

Institute Of International Education, Inc.

Robin Chandler Duke

International Rescue Committee

Board Affiliations

Institute Of International Education, Inc.

Dolores E. Cross

Northern Trust Corporation

Board Affiliations

Institute Of International Education, Inc.

John C. Cushman

Rock Creek Capital

Board Affiliations

Institute Of International Education, Inc.

Henry Kaufman & Company, Inc.

Board Affiliations

Institute Of International Education, Inc.

Richard I. Beattie

Simpson Thacher & Bartlett LLP

Board Affiliations

Institute Of International Education, Inc.

Stephen C. Francis

Board Affiliations

Institute Of International Education, Inc.

Richard A. Giesen

Smurfit-Stone Container Corp., Prior to its merger with Smurfit-Stone Container Enterprises, Inc.

Board Affiliations

Institute Of International Education, Inc.

Michel L. Besson

CertainTeed Corporation

Board Affiliations

Institute Of International Education, Inc.

Joe L. Allbritton

Riggs National Corporation

Board Affiliations

Institute Of International Education, Inc.

Henry G. Jarecki

Board Affiliations

Institute Of International Education, Inc.

Louis B. Cushman

Cushman & Wakefield, Inc.

Board Affiliations

Institute Of International Education, Inc.

Ella Fontanals De Cisneros

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Peter L. Malkin

Navarre 500 Building Associates

Board Affiliations

Institute Of International Education, Inc.

John H. Barnard

Pearl Street Venture Funds

Board Affiliations

Institute Of International Education, Inc.

Mark Alan Angelson

R.R. Donnelley & Sons Company

Board Affiliations

Institute Of International Education, Inc.

Robert D. Stuart

Princeton University

Board Affiliations

Institute Of International Education, Inc.

E. Michel Kruse

CH Energy Group Inc.

Board Affiliations

Institute Of International Education, Inc.

International Rescue Committee

Board Affiliations

Institute Of International Education, Inc.

Lee C. Bollinger

Columbia University

Board Affiliations

Institute Of International Education, Inc.

Cahill Gordon & Reindel LLP

Board Affiliations

Institute Of International Education, Inc.

John Edward Sexton

New York University

Board Affiliations

Institute Of International Education, Inc.

Edward J. Perkins

Lewis and Clark College

Board Affiliations

Institute Of International Education, Inc.

Andrew Heiskell

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Allan E. Goodman

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Richard A. Debs

Carnegie Endowment for International Peace, The

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Victor J. Goldberg

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Henrik N. Vanderlip

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Maria Livanos Cattaui

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Robert L. Dilenschneider

Dilenschneider Group, Inc.

Board Affiliations

Institute Of International Education, Inc.

Jeffrey E. Epstein

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Goerge J. Donnelly

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Jean Bronson Mahoney

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Peter R. Thompson

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Martin Meyerson

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Madeline H. McWhinney

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

William G. Durden

College of Santa Fe

Board Affiliations

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Donald M. Blinken

Philharmonic-Symphony Society of New York, Inc.

Board Affiliations

Institute Of International Education, Inc.

Zbigniew Brzezinski

Board Affiliations

Institute Of International Education, Inc.

Karen A. Holbrook

University of South Florida

Board Affiliations

Institute Of International Education, Inc.

Letitia Baldrige

Outlet Communications, Inc.

Board Affiliations

Institute Of International Education, Inc.

Princeton University

Board Affiliations

Institute Of International Education, Inc.

Robert L. Payton

IAP World Services, Inc.

Board Affiliations

Institute Of International Education, Inc.

Scott Freidheim

Investcorp Bank B.S.C.

Board Affiliations

Institute Of International Education, Inc.

Central Park Conservancy, Inc.

Board Affiliations

Institute Of International Education, Inc.

Clifford V. Smith

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Beverly Daniel Tatum

The Carnegie Foundation for the Advancement of Teaching

Board Affiliations

Institute Of International Education, Inc.

Harriet Elam-Thomas

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Theodore M. Hesburgh

TechnoServe, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Albert H. Bowker

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Victor J. Revenko

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Peyton F. Carter

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Roderick A. McManigal

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Carolyn H. Denham

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Roy P.M. Carlson

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

J. Wayne Fredericks

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Ralph H. Smuckler

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Johnston R. Livingston

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

G. Stephen Fisher

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Thomas M. Messer

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Institute Of International Education, Inc.

Board Affiliations

Institute Of International Education, Inc.

Frederic V. Malek

Thayer Lodging Group

Board Affiliations

Aspen Institute, The

Jerry F. Murdock

Insight Venture Partners

Board Affiliations

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Koch Industries, Inc.

Board Affiliations

Aspen Institute, The

Leonhard H. Fischer

RHJ International SA

Board Affiliations

Aspen Institute, The

Gerald Greenwald

Greenbriar Equity Group LLC

Board Affiliations

Aspen Institute, The

Patrick W. Gross

Board Affiliations

Aspen Institute, The

Robert K. Steel

Wells Fargo & Company

Board Affiliations

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Leonard A. Lauder

Institute for the Study of Aging, The

Board Affiliations

Aspen Institute, The

Michael D. Eisner

Board Affiliations

Aspen Institute, The

Stephen Friedman

Stone Point Capital LLC

Board Affiliations

Aspen Institute, The

Richard S. Braddock

Board Affiliations

Aspen Institute, The

Andrea Cunningham

Rearden Commerce, Inc.

Board Affiliations

Aspen Institute, The

Robert J. Hurst

Crestview Partners, L.P.

Board Affiliations

Aspen Institute, The

Catto & Catto Insurance Company

Board Affiliations

Aspen Institute, The

Condoleezza Rice

Regions Financial Corporation

Board Affiliations

Aspen Institute, The

Sylvia A. Earle

Harte Research Institute for Gulf of Mexico Studies

Board Affiliations

Aspen Institute, The

Ann McLaughlin Korologos

Harman International Industries, Incorporated

Board Affiliations

Aspen Institute, The

Timothy K. Krauskopf

Round Lake Designs LLC

Board Affiliations

Aspen Institute, The

William E. Mayer

Park Avenue Equity Partners, L.P.

Board Affiliations

Aspen Institute, The

Yotaro Kobayashi

Callaway Golf Co.

Board Affiliations

Aspen Institute, The

Ann W. Richards

J. C. Penney Company, Inc.

Board Affiliations

Aspen Institute, The

DLA Piper US LLP

Board Affiliations

Aspen Institute, The

ITT Educational Services Inc.

Board Affiliations

Aspen Institute, The

David Harold McCormick

Bridgewater Associates, LP

Board Affiliations

Aspen Institute, The

Marc B. Nathanson

Falcon Waterfree Technologies, LLC

Board Affiliations

Aspen Institute, The

Charles David Powell

Board Affiliations

Aspen Institute, The

Michel Pébereau

Board Affiliations

Aspen Institute, The

Akin Gump Global Solutions

Board Affiliations

Aspen Institute, The

Walter Isaacson

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Olara A. Otunnu

Carnegie Corp. of New York

Board Affiliations

Aspen Institute, The

Letsema Holdings Ltd.

Board Affiliations

Aspen Institute, The

Henry Louis Gates

Board Affiliations

Aspen Institute, The

Lynda R. Resnick

Roll Global LLC

Board Affiliations

Aspen Institute, The

Sid R. Bass Associates L.P

Board Affiliations

Aspen Institute, The

Paul F. Anderson

Booz Allen Hamilton Holding Corporation

Board Affiliations

Aspen Institute, The

John F. Kennedy School of Government

Board Affiliations

Aspen Institute, The

Stephen L. Carter

Yale University

Board Affiliations

Aspen Institute, The

Madeleine K. Albright

Albright Stonebridge Group

Board Affiliations

Aspen Institute, The

Kaye Scholer LLP

Board Affiliations

Aspen Institute, The

Ann Frasher Hudson

Javelina Partners

Board Affiliations

Aspen Institute, The

Alma Gildenhorn

Aspen Institute, The

Board Affiliations

Aspen Institute, The

William A. Nitze

Climate Clean, Inc.

Board Affiliations

Aspen Institute, The

Bonnie Palmer McCloskey

Cornerstone Pegasus Holdings, LLC

Board Affiliations

Aspen Institute, The

Peter A. Reiling

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Roderick K. Von Lipsey

Goldman Sachs Private Wealth Management

Board Affiliations

Aspen Institute, The

TechnoServe, Inc.

Board Affiliations

Aspen Institute, The

Ancora Associates, Inc.

Board Affiliations

Aspen Institute, The

Elisabeth Lulin

Societe Generale Group

Board Affiliations

Aspen Institute, The

Michael K. Powell

American Tower Corporation

Board Affiliations

Aspen Institute, The

L. Brooks Entwistle

The Goldman Sachs Group, Inc.

Board Affiliations

Aspen Institute, The

Jacqueline Novogratz

Acumen Fund, Inc.

Board Affiliations

Aspen Institute, The

Anne Welsh McNulty

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Gerald D. Hosier

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Richard N. Gardner

Banco Santander, S.A.

Board Affiliations

Aspen Institute, The

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Melva Bucksbaum

Whitney Museum of American Art Llc

Board Affiliations

Aspen Institute, The

Anna Deavere Smith

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Ann B. Friedman

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Aspen Institute, The

Board Affiliations

Aspen Institute, The

William D. Budinger

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Biro Creative, Inc.

Board Affiliations

Aspen Institute, The

James M. Manyika

Techonomy Media Inc.

Board Affiliations

Aspen Institute, The

Giulio Tremonti

Board Affiliations

Aspen Institute, The

Margot L. Pritzker

Aspen Institute, The

Board Affiliations

Aspen Institute, The

Aspen Institute, The

Board Affiliations

Aspen Institute, The

David H. Langstaff

Birch Parent Corp.

Board Affiliations

Aspen Institute, The

Shailesh Vishnubhai Haribhakti

Sumedha Fiscal Services Limited

Board Affiliations

Astonfield Renewable Resources Private Limited

Evercore Capital Partners

Board Affiliations

Astonfield Renewable Resources Private Limited

University of Southampton

Board Affiliations

Astonfield Renewable Resources Private Limited

Ameet Lalchand Shah

Mosaic Capital Advisors, LLC

Board Affiliations

Astonfield Renewable Resources Private Limited

Atiq S. Anjarwalla

The University of Hull

Board Affiliations

Astonfield Renewable Resources Private Limited

Thomas H. Bilodeau

Assured Pharmacy Inc.

Board Affiliations

Astonfield Renewable Resources Private Limited

Astonfield Renewable Resources Private Limited

Board Affiliations

Astonfield Renewable Resources Private Limited

Subimal Bhattacharjee

Centrum Capital Ltd

Board Affiliations

Astonfield Renewable Resources Private Limited

Stuart Rosenthal

FactorShares 2X: Gold Bull/S&P500 Bear

Board Affiliations

FactorShares 2X: Gold Bull/S&P500 Bear

*Data is at least as current as the most recent Definitive Proxy.

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MOST CONNECTED PEOPLE TO Karlheinz Muhr

Name	Relationships
Richard I. Beattie	428 Relationships
Thomas S. Johnson	326 Relationships
James H. Evans	314 Relationships
Berl Bernhard	313 Relationships
Jack M. Greenberg	313 Relationships

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