Richard Grottheim, Chief Investment Offi cer, AP7 Pension Fund – Sweden

Mario Therrien, President – TAA, Caisse de depot et placement du Quebec – Canada

Mark Anson, Chief Investment Offi cer, CalPERS – USA

Kurt Silberstein, Portfolio Manager – Absolute Return Strategies, CalPERS – USA

Anthony Johnson, Chief Investment Offi cer, City of Philadelphia PERS – USA

Andre Morony, Chief Investment Offi cer, CSS/PSS – Australia

Donald Fehrs , Chief Investment Offi cer, Cornell University Endowment – USA

Henrik Franck, Chief Investment Offi cer, Danish Lawyers & Economists Pension – Denmark

James Mitchell, Vice President, General Electric Asset Management - USA

David Wiederecht, Vice President, General Electric Asset Management - USA

Larry Kochard, Chief Investment Offi cer, Georgetown University Endowment – USA

Donald Lindsey, Chief Investment Offi cer, George Washington University Endowment – USA

Noboru Terada, Executive Investment Offi cer, Government Pension Investment Fund – Japan

Laura Männistö, Portfolio Manager, Ilmarinen Mutual Pension Insurance Company – Finland

Kathryn Crecelius, Director of Investments, MIT Endowment & Retirement Plan – USA

Leonardo Rodríguez, Head of Fixed Interest and Alternatives, Pfi zer Pension Plan – USA

Tony Day, Head of Strategy, Queensland Investment Corporation – Australia

Nobuki Yasuda, General Manager – Alternative Investments, Sumitomo Life Insurance – Japan

Stephen Merlicek, Chief Investment Offi cer, Telstra Superannuation Scheme – Australia

Tim Nguyen, Investment Manager – Alternatives, Texas Treasury Safekeeping Trust Company – USA

Bob Boldt, President, CIO & CEO, University of Texas Investment Management Company – USA

Andrea Reed, Risk Manager, University of Texas Investment Management Company – USA

Felix Chee, President & CEO, University of Toronto Asset Management – Canada

Jeff Rogers, Chief Investment Offi cer, VFMC – Australia

Edwin Burton, Trustee, Virginia Retirement System – USA

Dorothy Weaver, Trustee, Wellesley College Endowment – USA

Gumersindo Oliveros, Director, World Bank Pension Plan – USA

Plus

Arthur Levitt, Former Chairman, Securities and Exchange Commission – USA

Charles Fishkin, Head of the Offi ce of Risk Assessment, Securities and Exchange Commission – USA

The 3rd Annual Global Absolute Return CongressGlobal ARC: Where the Global Pension/Endowment and Hedge Fund Communities Meet

Our unparalleled panel of pension and endowment speakers include:

24th-26th October 2005 Hyatt Regency Boston, Massachusetts, USA

In association with

the Alternative Investment Management Association

Sponsors Associate Sponsors

BrochureUpdated July 28th

MEET SOME OF GLOBAL ARC’S SPEAKERS

Donald Fehrs, Chief Investment Officer,Cornell University Endowment – USA

Don Fehrs is Chief Investment Officer at Cornell. He and the investment office staff work closely with the Investment Committee of Cornell’s Board to manage the University’s USD 4 billion in investment assets. Before joining Cornell in 1999, Don was at the University of Notre Dame, first as a member of the finance faculty and later as a Senior Investment Director. Don holds a PhD in Finance from Florida State University.

Henrik Franck, Chief Investment Officer,Danish Lawyers & Economists Pension Plan (JØP) – Denmark

The Danish Lawyers & Economist Pension Plan (JØP) manages Euro 3 billion in assets on behalf of its 20,000 members, all of whom are lawyers, economists or others with social sciences qualifications. JØP is 100% owned by its members and is operated along the principles of collectivism and solidarity. Previous to becoming CIO of JØP, Henrik Franck was CIO of BankInvest. Henrik holds a Master's degree from Tufts University’s Fletcher School of Law & Diplomacy.

Larry Kochard, Chief Investment Officer, Georgetown University Endowment – USA

Larry Kochard was appointed Chief Investment Officer of Georgetown University Endowment in June 2003. In addition to his role as Chief Investment Officer he also teaches Georgetown University courses on investments. Prior to this, Larry was Managing Director of Public Equities for the Virginia Retirement System and an Adjunct Professor of Finance at the University of Virginia.

Donald Lindsey, Chief Investment Officer, George Washington University Endowment – USA

Don Lindsey is Chief Investment Officer of the Washington DC based USD 750 million George Washington University Endowment. Previous to George Washington University, Don founded and served as the inaugural President and Chief Investment Officer of the CAD 2 billion University of Toronto Asset Management fund (UTAM). At both George Washington University and UTAM Don has driven significant increases in hedge fund allocations.

Richard Grottheim, Chief Investment Officer, AP7 Pension Fund – Sweden

AP7 is the default fund for Sweden’s premium pension system employees. With assets of more than Euro 4 billion [USD 5 billion] under management and growing at Euro 1 billion per year it is one of Europe’s fastest growing pension funds. AP7 currently has a 4% asset allocation to hedge fund of funds. Prior to AP7, Richard Grottheim was Head of the Monetary and Foreign Exchange Policy Department at the Swedish Central Bank.

Mario Therrien, President – TAA,Caisse de depot et placement du Quebec – Canada

The Caisse de depot et placement du Quebec is owned by the Provincial Government of Quebec. With CAD 130 billion of assets it is the largest pension fund in Canada. It has been investing in hedge funds since 2002. Its main depositors include government organizations such as RREGOP and FARR. Mario Therrien has been working for CDP since 1992 and was promoted to President of Tactical Alternative Investments in August 2002.

Kurt Silberstein, Portfolio Manager – Absolute Return Strategies,CalPERS – USA

The California Public Employees Retirement System (CalPERS) manages over USD 160 billion in investments on behalf of 1.4 million public employees in the State of California. Kurt Silberstein is the Portfolio Manager for CalPERS Absolute Return Strategies (ARS) Program. The ARS Program has invested approximately USD 900 million. Kurt is responsible for overseeing all aspects associated with building the multi-strategy hedge fund of funds within CalPERS.

Mark Anson, Chief Investment Officer,CalPERS – USA

Mark Anson is CIO of CalPERS, which, with over USD 160 billion in assets, is the United States largest pension plan. Mark is also the author of three books on the financial markets and over 40 published articles on risk management, alternative assets, and portfolio management. He also serves on The Editorial Board of the Journal of Private Equity and the Journal of Investment Consulting. He holds a PhD in Finance from Columbia.

Anthony Johnson, Chief Investment Officer, City of Philadelphia Public Employees Retirement System – USA

Philadelphia PERS manages USD 4 billion in assets on behalf of employees of the City of Philadelphia. Philadelphia PERS made its maiden allocation to hedge funds in mid 2003. Anthony Johnson was promoted to Chief Investment Officer in July 2001, prior to which he was an analyst/consultant for Mercer Investment Consulting, where he consulted to dozens of defined benefit and defined contribution clients.

Andre Morony, Chief Investment Officer, Commonwealth/Public Superannuation Scheme – Australia

CSS and PSS are two of the largest not-for-profit superannuation schemes in Australia with over AUD 11 billion [USD 8 billion] in funds. CSS/PSS serves Australian public service employees. CSS/PSS has been investing in hedge funds since 2001 and is currently building to a 5% allocation. Previous to CSS/PSS, Andre was Chief Economist and CIO at BT Australia and before that Minister (Financial) at the Australian Embassy in France and at the OECD.

James Mitchell, Vice President – Alternative Investments,General Electric Asset Management – USA

James Mitchell joined General Electric Company in 1990. Since 2001, James has been Vice President of GE Asset Management’s Alternative Investments Group. His major responsibilities include: the Co-Leader of GE’s hedge fund group (which invests USD 1.6 billion of GE Asset Managements USD 45 billion pension fund assets) private equity fund investing and non-traditional private equity investing such as secondaries and energy.

David W. Wiederecht, Vice President – Alternative InvestmentsGeneral Electric Asset Management – USA

David Wiederecht co-heads the absolute return strategy team at GE’s USD 45 billion pension fund. He also has portfolio management responsibilities for various private equity and real estate investment strategies. Prior to joining GE Asset Management in 1988, David held several positions throughout the General Electric Company and served as a Director of Navigant International, Edmunds.com, Elephant & Castle and Nextec.

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Kathryn Crecelius, Director of Alternative Investments, Massachusetts Institute of Technology Endowment and Retirement Plan – USA

Kathryn Crecelius is Director of Alternative Investments for the Massachusetts Institute of Technology Endowment and Retirement Plan, which manages assets totaling USD 8 billion. Kathryn is responsible for hiring and monitoring all of MIT’s hedge fund managers. Prior to joining the MIT investment staff, she was a consultant at Cambridge Associates and before that worked at Brown Brothers Harriman. Kathryn holds a PhD from Yale University.

Nobuki Yasuda, General Manager – Alternative Investments,Sumitomo Life Insurance – Japan

Nobuki Yasuda is responsible for the alternative investment activities of Sumitomo Life Insurance. He also served as a lecturer for the Graduate School of Hitotsubashi University at the program of “short term trading and security market” from 2000 to 2004. Previously he was the Executive Vice President of Sumitomo Life America Inc. and responsible for managing Sumitomo’s US and several offshore investment companies’ portfolio.

Stephen Merlicek, Chief Investment Officer,Telstra Superannuation Scheme – Australia

Telstra is the main telecommunications company in Australia and is Australia’s largest company and the largest corporate superannuation fund in Australia, with approximately AUD 8 billion of assets. In 2004 Telstra Super was named by Global Money Management as Pension Fund of the Year for the Asia Pacific region. Prior to joining Telstra Super, Steve Merlicek worked as a Portfolio Manager, an Economist and a regular soldier with the Australian Army.

Leonardo Rodríguez, Head of Fixed Interest and Alternatives,Pfizer Pension Plan – USA

Pfizer Pension Plan manages USD 11 billion in assets on behalf of employees of Pfizer. Leo Rodríguez is responsible for the execution and development of the investment strategy for the Pfizer fixed income and alternative investments asset classes. He also serves a similar, but expanded role, with The Pfizer Foundation investment strategy and portfolio construction.

Tony Day, Head of Strategy,Queensland Investment Corporation (QIC) – Australia

A Government owned corporation, Queensland Investment Corporation (‘QIC’) manages AUD 27 Billion in investments for State public sector superannuation schemes and the Queensland Government. As Head of Strategy Tony Day is responsible for QIC’s investment research, policy advice, client risk management and business modelling. Prior to joining QIC, Tony was an asset consultant with Towers Perrin.

Noboru Terada, Executive Investment Officer,Government Pension Investment Fund (GPIF) – Japan

Noboru Terada is Executive Investment Officer – the equivalent of Chief Investment Officer – at the Government Pension Investment Fund. Previous to GPIF he worked for the Nomura Research Institute. Established in April 2001, GPIF is the largest pension fund in the world, with assets as of January 2005 of over USD 510 billion. GPIF invests the pension fund assets entrusted to it by the Minister of Health, Labor and Welfare.

Laura Männistö, Portfolio Manager, Ilmarinen Mutual Pension Insurance Company – Finland

Ilmarinen is a mutual pension insurance company owned by its policy holders and the owners of its guarantee capital, whose task is to arrange statutory earnings-related pension services for their customers. Ilmarinen currently manages over Euro 17 billion in assets. Laura Männistö joined Ilmarinen in early 2002 and is responsible for Ilmarinen’s hedge fund investments, tactical asset allocation and commodity investments.

Tim Nguyen, Investment Manager – Alternatives,Texas Treasury Safekeeping Trust Company (TTSTC) – USA

Founded in 1987 by the Texas Legislature, the TTSTC manages the investment of a total of USD 35 billion in funds belonging to or held by the State of Texas, its agencies, and its various political subdivisions. Tim Nguyen is a Manager of Alternative Investments at the Texas Treasury Safekeeping Trust Company. Prior to which, he was an Analyst in the Global Public Finance Division at MBIA.

Bob Boldt, President, Chief Investment Officer and Chief Executive Officer, University of Texas Investment Management Company (UTIMCO) – USA

UTIMCO manages over USD 16 billion in assets for the University of Texas System and Texas A&M University System and currently has a 25% allocation to hedge funds. Prior to becoming CEO of UTIMCO, Bob was Managing Director of the San Francisco based hedge fund Pivotal Asset Management and before that Senior Investment Officer - Global Public Markets, at the California Public Employees Retirement System (CalPERS).

Andrea Reed, Risk Manager, University of Texas Investment Management Company – USA

Andrea Reed joined UTIMCO as Risk Manager in May 2003 and is responsible for all aspects of the investment risk management process at UTIMCO. Prior to joining UTIMCO, Ms. Reed was Assistant Treasurer and Portfolio Risk Manager at Rice University. Her background also includes over 25 years of experience in finance and risk management. Andrea holds an MBA and MPA from The University of Texas at Austin.

Jeff Rogers, Chief Investment Officer, Victorian Funds Management Corporation (VFMC) – Australia

VFMC was established in 1994 by the Treasurer of the State of Victoria to manage the financial assets of Victorian non-profit organizations and Government pension plans such as the Government Superannuation Office, Emergency Services Superannuation Scheme and the Transport Accident Commission. It currently manages some AUD 22 billion [USD 17 billion] of assets. VFMC made its first AUD 240 million (USD 180 million) allocation to hedge funds in mid-2004.

Felix Chee, President and CEO,University of Toronto Asset Management (UTAM) – Canada

Felix Chee is President and CEO of the CAD 2 billion University of Toronto Asset Management Corporation (UTAM). He was previously Vice President of Business Affairs at the University of Toronto. Prior to which he held the positions of Executive Vice President and CIO at Manulife Financial and Senior Investment Officer at the World Bank Group. He currently serves as Director of The University of Toronto Innovation Foundation, MaRS, CenterPlate and also UTAM.

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MEET SOME OF GLOBAL ARC’S SPEAKERS

Florence Lombard, Executive Director,Alternative Investment Management Association (AIMA) – UK

Florence Lombard has been running the Alternative Investment Management Association (AIMA) since January 1993. Florence is responsible for the association’s day-to-day management, as well as the development and implementation of projects in the areas of education and regulation. She is also in charge of the development of the association in Asia. A founding member of AIMA, Florence was officially appointed to the Council of the Association in 2002.

Edwin Burton, Trustee,Virginia Retirement System (VRS) – USA

VRS is a defined benefit plan, which administers retirement and group life insurance for approximately 275,000 state employees, public schools employees, and political subdivisions. VRS currently holds approximately USD 33 billion in assets and made its first investment into hedge funds in 2003. In addition to serving on the Board of Trustees of VRS, Edwin Burton is a Professor of Economics at University of Virginia.

Ted Uemae, Japan Chapter Head,Alternative Investment Management Association (AIMA) – Japan

Ted Uemae has been Chairman of AIMA’s Japan chapter, which currently has 37 corporate members, since 2002. He is the founder of Alternative Investment Products Company (AIP) which introduce hedge fund manager evaluation and portfolio design processes to Japanese clients. Prior to founding AIP, Ted spent twenty years with Nissho Iwai Corporation. Ted is an administrative engineering graduate of Keio University.

Carrie A. McCabe, Chief Executive Officer,Financial Risk Management (FRM) – USA

Financial Risk Management (FRM) is an independent global hedge fund specialist and currently manages over USD 13.5 billion in discretionary assets. Founded in 1991, FRM has since built a global investment management business exclusively focused on hedge fund portfolios. Carrie is Chief Executive Officer of FRM and has responsibility for directing all of FRM’s U.S. activities and is a member of FRM’s Global Advisory and Investment Committees.

Boris Arabadjiev, Director and Head of Risk Management, HFI,Credit Suisse First Boston Alternative Capital (CSFB) – USA

Dr. Boris Arabadjiev is the Head of Risk Management in HFI. Boris is also in charge of developing and implementing a quantitative risk management and performance measurement for all HFI products and overseeing the group’s investments in equity market neutral hedge funds. Prior to joining the Fund-Linked Products group at CSFB in 2001, Boris worked at Barra in Berkeley and London.

Goerge Main, Managing Partner,Diversified Global Asset Management – Canada

George Main is a founder and one of two Managing Partners of Diversified Global Asset Management. In addition to overall firm management and direction, George is responsible for investment decision-making including hedge fund selection, hedge fund portfolio construction and overlay management. He was previously a Managing Director and Chief Investment Officer of Northwater Capital Management Inc.

Leslie Rahl, PresidentCapital Market Risk Advisors (CMRA) – USA

Leslie Rahl is the President of Capital Market Risk Advisors, a financial advisory firm specializing in risk management, hedge funds, due diligence, and risk attribution. Leslie is on the Board of Directors of Fannie Mae, on the Investment Advisory Committee of the New York State Common Retirement Board and sits on AIMA’s hedge fund committee. She is also the author of the book Hedge Fund Transparency: Unraveling the Complex and Controversial Debate.

Albert Hsu, Co-Founder,Anchor Point Capital – USA

Albert Hsu is a co-founder of Anchor Point Capital, a hedge fund of funds. Prior to founding Anchor Point in May 2005, Albert served as US investment officer at Atlantic Philanthropies, one of the largest dollar allocators to hedge funds among all foundations, with half of its USD 3.7 billion in assets dedicated to the alternative products. Previous to which Albert was director of investments for Cancer Research’s USD 1 billion portfolio.

Industry Expert SpeakersIndustry experts speaking at Global ARC 2005 include:

Gumersindo Oliveros, Director, World Bank Pension Plan – USA

Gumersindo Oliveros is Director of the World Bank Pension Plan. The World Bank Pension Plan manages approximately USD 11 billion in assets on behalf of employees of the World Bank and has been investing in hedge funds since the late 80s. Previous to The World Bank, Gumersindo taught macroeconomics at the University of Minnesota and worked at the International Monetary Fund.

Dorothy Weaver, Trustee,Wellesley College Endowment – USA

Wellesley College is a Massachusetts based women’s liberal arts college which was established in 1875. Dorothy Weaver is a trustee of Wellesley College and helps oversee it's approximately USD 1.2 billion endowment. She also serves as a trustee of the James M. Collins Foundation which was founded by James Collins, the long-standing U.S. Congressman from Dallas. Dorothy Weaver works for Collins Capital.

James Binny, Director Risk Analytics,ABN AMRO – UK

James Binny joined ABN Amro as Director of Risk Analytics in November 2003, where he focuses on advising fi nancial institutions on currency management techniques. Prior to joining ABN Amro, James was at Gartmore Investment Management, where he was Senior Investment Manager for Gartmore’s currency overlay and currency hedge fund products. James has written extensively on the subject of currency management, for numerous publications.

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Jared Herman, Co-Founder,Hedgebay – USA

Prior to founding Hedgebay, the world’s recognized leader in the secondary market trading of hedge funds, Jared Herman was the principal of Mistral International, LLC, an alternative asset management company that managed Mistral Levant S.A., a Bahamas-based fund of hedge funds. Prior to this, he worked at Weston Capital Management, a Connecticut-based, multi-faceted alternative investments company.

Adrian Hussey, Vice President – Decision Dynamics,Northwater – Canada

Adrian Hussey leads Northwater’s Decision Dynamics team, which specializes in providing expert mathematical modeling in support of the firm’s hedge fund portfolio. He is also a member of the Investment Committee, which leads Northwater’s fund-of-hedge-funds portfolio construction process. Previous to Northwater, Adrian was Vice President, Capital Markets at Manulife Financial and worked with Ontario Hydro and Algorithmics Inc.

Martin Gagnon, Managing Director – Alternative Investments,Innocap Investment Management – Canada

Martin Gagnon is co-manager of Innocap’s Alternative Investment program. Where he works on portfolio construction, risk management and focuses on identifying, selecting and monitoring the Trading Advisors. Prior to which he worked with Goldman Sachs and the Treasury department of National Bank of Canada. He holds a Baccalaureate in Commerce from Université du Québec à Montréal and an MBA from the University of British Columbia and is a Chartered Financial

Sean Cumiskey, Director,Ivy Asset Management – USA

Founded in 1984, Ivy Asset Management is a wholly owned subsidiary of the Bank of New York. Sean Cumiskey joined Ivy Asset Management in early 2004. Previously he was Managing Director of Meridian Capital Partners, a USD 3 billion independent fund of funds and a Principal at Banc of America Securities. Sean holds a BA from the University of California, Los Angeles and an MBA from Columbia Business School.

Chad Burhance, Director of Risk Management and Analytics,IFS, a State Street Company – USA

Chad Burhance is the Director of Risk Management and Analytics for IFS, a State Street Company. Chad has 14 years experience within the financial services industry, currently focusing on providing hedge fund managers and investors with proprietary risk management and portfolio construction tools. Chad is a former fixed-income trader with finance and banking experience including trading, risk management, product control and operations.

Leon Metzger, Vice Chairman,Paloma Partners – USA

Leon Metzger is Vice Chairman at Paloma Partners Management Company, an investment management firm. Before joining Paloma in 1988 as a consultant, he held positions at Arthur Andersen & Co., IBM and Skadden, Arps, Slate, Meagher & Flom. In addition, from 1989 to 1992, he was an Adjunct Assistant Professor of Economics at Yeshiva University. Leo is a member of the International Association of Financial Engineers Investor Risk Committee.

Arthur Levitt, Former Chairman,Securities and Exchange Commission (SEC) – USA

Arthur Levitt was the longest-serving Chairman in the SECs history, serving as Chairman from 1993 to 2001. Investor protection was his top priority throughout his tenure at the Commission, through initiatives such as the establishment of the Office of Investor Education and Assistance. Prior to joining the SEC, he served as the Chairman of the New York City Economic Development Corporation, and Chairman of the American Stock Exchange.

John Matwey, Director – Hedge Funds,RiskMetrics Group – USA

RiskMetrics Group provides financial analytics and wealth management solutions to hundreds of financial institutions, corporations and central banks worldwide. John Matwey is Director of Hedge Funds at RiskMetrics Group where he is responsible for the development and implementation of institutional products serving the Hedge Fund industry. Prior to which he worked at Harbourside Capital Management as the Operations and Risk Manager.

Duncan Goldie-Morrison, President,Ritchie Capital Management – USA

Duncan Goldie-Morrison is the President of Ritchie Capital Management, an alternative investments firm that manages over USD 2.7 billion. Previously he was Managing Director, Head of Global Markets Group and Asia at the Bank of America Corporation where he was responsible for the origination, syndication, sales, trading, and research components of the bank’s debt businesses.

James Elliot, Lead Investment ManagerRAB Capital – UK

James Elliot joined RAB Capital in March 2005 and is leading investment manager of the RAB Europe Fund. RAB Capital is one of the UK’s largest independent absolute return fund managers, with over USD 2.3 billion of assets under management in eleven hedge fund strategies and two fund of funds. Prior to joining RAB Capital, James was a Managing Director at JP Morgan Fleming Asset Management.

Jeff Tarrant, Chief Executive Officer and Chief Investment Officer,Protege Partners – USA

Jeffrey Tarrant is founder and serves as Chief Executive Officer and Chief Investment Officer of Protégé Partners. Protégé Partners is a USD 1.1 billion fund that invests in smaller and specialized hedge funds on an “arms length” as well as “seed” basis. Jeffrey has invested in more than 200 hedge funds over 18 years. Prior to founding Protégé in 2002, Jeffrey managed institutional size assets for private family fortunes.

Charles Fishkin, Head of the Office of Risk Assessment,Securities and Exchange Commission (SEC) – USA

Charles Fishkin heads the SEC’s Office of Risk Assessment, which was created to help identify emerging risks in the securities market and to ensure that the SEC is functioning effectively across its many divisions and offices to monitor and manage those risks. He is the author of The Shape of Risk: A New Look at Risk Management and serves on the International Association of Financial Engineers Board of Directors.

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8.00am Introductory remarks

David Stewart, Principal,Global ARC – Australia

8.05am Welcome address

Florence Lombard, Executive Director, Alternative Investment Management Association – UK

Investor Critique

“Noboru Terada, is arguably Japan’s most influential investor”

New York Times

8.15am Hedge funds – a Japanese investorperspective

Noboru Terada, Executive Investment Officer, Government Pension Investment Fund – JapanNoboru Terada is Executive Investment Officer – the equivalent of Chief Investment Officer – at the Government Pension Investment Fund. Previous to GPIF he worked for the Nomura Research Institute. Established in April 2001, GPIF is the largest pension fund in the world, with assets as of January 2005 of over USD 510 billion. GPIF invests the pension fund assets entrusted to it by the Minister of Health, Labor and Welfare in accordance with the National Pension Scheme Law and Employees’ Pension Insurance Scheme Law.

8.35am Hedge funds: a global state of the union Our panel composed of one Asian, one

Australian, one European and one North American investor, half of whom are already invested in hedge funds and the other half of whom are considering investing in hedge funds, will offer their assessment of what have been the main changes over the last couple of years in their perceptions of the hedge fund space. Which of these developments appear to improve the attractiveness of the asset class and which are causes for concern?

(Chair) Mark Anson, Chief Investment Officer,CaiPERS – USA

Anthony Johnson, Chief Investment Officer, City of Philadelphia PERS – USA

Henrik Franck, Chief Investment Officer, Danish Lawyers & Economists Pension Plan – Denmark

Noboru Terada, Executive Investment Officer,Government Pension Investment Fund – Japan

Stephen Merlicek, Chief Investment Officer,Telstra Superannuation Scheme – Australia

Correlations

9.20am It’s the correlations, stupid! Why the search for low correlation should be more important than the search for low volatility(Chair) Bob Boldt, President, CIO and CEO,University of Texas Investment Management Company – USA

Kurt Silberstein, Portfolio Manager – Absolute Return Strategies, CalPERS – USA

Andre Morony, Chief Investment Officer, Commonwealth / Public Superannuation Scheme – Australia

Kathryn Crecelius, Director, MIT Endowment & Retirement Plan – USA

10.00am Coffee break

10.25am Ice will kill you just as well as fire!Everyone is focused on ‘fi re’: fear of excessive hedge fund volatility triggered by an external shock, or an internal crisis within the sector. Yet, one of the most lauded achievements of hedge funds, their introduction of liquidity into markets, may be their undoing; for as a general rule, the more liquid a market the less volatile it is. Will the ‘ice’ of low volatility ultimately result in hedge funds consuming themselves? How do the best hedge funds maintain an edge in such a situation?

6

Monday 24th October

This version of the brochure was updated July 28th. Please visit www.global-arc.net for the latest version.

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(Chair) Bob Boldt, President, CIO and CEO,University of Texas Investment Management Company – USA

Sean Cumiskey, Director,Ivy Asset Management – USA

Elise Hubsher, Managing Director, Northwater – USA

Duncan Goldie-Morrison, President,Ritchie Capital Management – USA

Designated Questioners

Richard Grottheim, Chief Investment Officer, AP7 Pension Fund – Sweden

Valuation

“The largest area of transgression, and one that is almost certain to arise more in the future, is the incorrect valuation of securities held in funds”

The Economist

11.10am Why valuation mattersConvertible arbitrage strategies have taken a ‘hit’ recently; are they all valued in the same way? What other strategies are prone to valuation differences? What tools can you use to measure credit, risk, valuation and liquidity risk?

(Chair) Leslie Rahl, President,CMRA – USA

Mark Anson, Chief Investment Officer, CalPERS – USA

Leon Metzger, Vice Chairman,Paloma Partners – USA

John Matwey, Director – Hedge Funds, RiskMetrics Group – USA

Charles Fishkin, Head of the Office of Risk Assessment, Securities and Exchange Commission – USA

Designated Questioners

James Mitchell, Vice President- Alternatives,General Electric Asset Management - USA

Jeff Rogers, Chief Investment Officer,VFMC – Australia

Portable Alpha

12.00pm How should investors approach hedge funds: As an absolute return strategy in and of itself or as a source of portable alpha?

(Chair) Albert Hsu, Co-Founder, Anchor Point Capital – USA

Donald Fehrs, Chief Investment Officer, Cornell University Endowment – USA

George Main, Managing Partner, Diversified Global Asset Management – Canada

James Elliot, Lead Investment Manager, RAB Capital – UK

Sébastien Page, Vice President,State Street Associates – USA

Nobuki Yasuda, General Manager – Alternative Investments, Sumitomo Life Insurance – JapanGumersindo Oliveros, Director,World Bank Pension Plan – USA

1.00pm Lunch

2.10pm What are the main advantages of compartmentalizing the alpha and beta components of your portfolio into distinct alpha and beta providers?It can be argued that alpha and beta should come from different businesses. Beta is relatively systemic, inexpensive and easily implementable and as such is best done by a large bank. Alpha is active, highly intellectual and value-add and as such is best allocated to smaller nimbler hedge funds.

Adrian Hussey, Vice President - Decision Dynamics, Northwater – Canada Felix Chee, President and CEO, University of Toronto Asset Management – Canada

European Hedge Funds

2.50pm Current opportunities for hedge funds in European equitiesJames Elliot, Lead Investment Manager, RAB Capital – UK

SEC Registration – The Pros and Cons

3.20pm Examining the process and merits of registering hedge funds and fund of hedge funds with the SECIs SEC registration the future of the industry or will it remain a niche area? What are the institutional drivers for, and level of interest in, registration? Analyzing the benefits and disadvantages of SEC registration.

Bob Kulperger, Director,Credit Suisse First Boston Alternative Capital – USA

3.50pm Afternoon coffee

Opportunistic Investing

4.15pm Opportunistic spaces: The key to generating 'genuine' alphaInvestors tend to instinctively recoil from non-traditional investment strategies. In today’s 'crowded' alternative environment, nimble, non-traditional investment approaches can often deliver the best uncorrelated returns. Many would argue in fact, that non-traditional, opportunistic approaches are required to source 'genuine' alpha. While there has been ample talk of 'alternative alternatives,' we have seen very few truly scalable examples. In the face of a changing environment, the key is to hire a manager that understands the source of its edge and manages risk effectively.

Duncan Goldie-Morrison, President,Ritchie Capital Management – USA

Great Debate: Are Pension Fund Structures Up To The Task?

4.45pm Great debate: This house believes that the vast majority of pension funds and public endowments are so structurally incapable of swift decision making that they should avoid investing in new asset classes such as hedge funds.Does the repeated ‘last in/last out’ experiences of pension funds and public endowments with tech stocks and private equity, prove that the often slow consensus based nature of their decision making, means that by the time they reach an institutional consensus on investing in a swift-moving new strategy or product, that the market for that instrument has already peaked?

(Chair) Florence Lombard, Executive Director,Alternative Investment Management Association – UK

In Favor

Tony Day, Head of Strategy,Queensland Investment Corporation – Australia Larry Kochard, Chief Investment Officer, Georgetown University Endowment – USA

In Opposition

Richard Grottheim, Chief Investment Officer, AP7 Pension Fund – Sweden Anthony Johnson, Chief Investment Officer, City of Philadelphia PERS – USA

Designated QuestionersHenrik Franck, Chief Investment Officer, Danish Lawyers & Economists Pension Plan – Denmark

5.45pm Cocktails and Canapés with Live Jazz Band

7This version of the brochure was updated July 28th. Please visit www.global-arc.net for the latest version.

David W. Wiederecht, Vice President of Alternative Investments,General Electric Asset Management – USA

3.40pm Afternoon coffee

4.05pm Is there a growing performance convergence occurring within the fund of funds space and does this suggest that multi-strategy hedge funds are a better bet for investors?

What characteristics separate the minority of top performing hedge fund of funds from the ‘clustered’ rest? Is the increasing oversubscription of popular hedge funds proving advantageous to the largest hedge funds with their larger funding power and wider networks or to smaller nimbler fund of funds? Does this clustering of performance improve the attractiveness of multi-strategy hedge funds in relation to fund of funds?

(Chair) Andre Morony, Chief Investment Officer,Commonwealth & Public Superannuation Scheme (CSS/PSS) – Australia James Binny, Director Risk Analytics, ABN AMRO – USACarrie McCabe, CEO, Financial Risk Management – USAJeff Tarrant, CEO & CIO,Protege Partners – USA

4.50pm Hedge funds in adolescence: challenges facing a rapidly growing industry?

Arthur Levitt, Former Chairman,Securities and Exchange Commission – USA

Arthur Levitt was the 25th Chairman of the United States Securities and Exchange Commission. First appointed by President Clinton in July 1993, the President reappointed Arthur to a second five-year term in May 1998. In September 1999, Arthur became the longest-serving Chairman of the Commission. He left the Commission in February 2001. Previous to this he served as the Chairman of the New York City Economic Development Corporation and Chairman of the American Stock Exchange.

5.30pm Close of Day Two

Leonardo Rodríguez, Head of Fixed Interest and Alternatives,Pfizer Pension Plan – USA

12.35pm Challenging the illiquidity paradigmWhat are the rebalancing challenges posed by the growing illiquidity of hedge funds and their strategies? Moving towards a secondary market that promotes greater liquidity, value and transparency. Where to from here: is the future of the secondary market for hedge funds going to mimic the multi-tiered secondary market for private equity?

Jared Herman, Co-Founder, Hedgebay – USADorothy Weaver, Trustee, Wellesley College Endowment – USA

1.15pm Lunch

2.20pm Case study: downside risk management While many institutions view Value-at-Risk as

the focal point of their overall risk management program, is this the correct measure for monitoring the true risks to an endowment or pension fund? Measuring “worse case” loss scenarios is important, but so is the reality of not meeting requisite returns. This case study presents the methodology, tools and reporting of downside risk in the context of an overall program.

Chad Burhance, Director of Risk Management and Analytics, IFS, A State Street Company – USAAndrea Reed, Risk Manager,University of Texas Investment Management Company – USA

Fund of Funds Focus

3.00pm Globalization of the hedge fund industry and choosing the right fund of funds for your institutions

Carrie McCabe, CEO, Financial Risk Management – USA

Tuesday Closed Door Session:

Pension Plans and Endowments Only

Our panel and meeting sessions will offer investors the opportunity to hear from eight of the world’s leading hedge funds in both comparative and one-on-one settings. We’ll close with a networking opportunity that will allow for further explorations of the morning’s discussions

7.35am Registration, coffee and light refreshments

7.45am Panel Sessions: Two panels, each comprised of four hedge fund managers will offer their analysis of where strategic investment opportunities will arise in the coming twelve months and how these opportunities play to their individual strengths and strategies.

9.00am Meeting Session One - each investor will have the opportunity to customize this session by meeting with an individual manager of their choice

9.30am Meeting Session Two - each investor will have the opportunity to customize this session by meeting with an individual manager of their choice

10.00am Morning Coffee, offering investors an opportunity to freely mingle with the hedge fund managers.

Sponsored by:

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Hedge Fund/Private Equity Convergence

10.15am Trading liquidity for higher alpha: Why hedge funds may end up eating private equityHedge funds more flexible business model gives them the ability to invest over a wider range of capital structures including senior debt, minority equity and high-yield debt than private equity. Does the encroachment of the deeper funded hedge funds signal the beginning of the end of ‘pure’ private equity firms? Can the cultures of the two types of organizations be successfully blended?

(Chair) Larry Kochard, Chief Investment Officer,Georgetown University Endowment – USAMartin Gagnon, Managing Director – Alternative Investments, Innocap Investment Management – CanadaSean Cumiskey, Director, Ivy Asset Management – USAEdwin Burton, Trustee, Virginia Retirement System – USADesignated QuestionersAnthony Johnson, Chief Investment Officer,City of Philadelphia PERS – USA Stephen Merlicek, Chief Investment Officer, Telstra Superannuation Scheme – Australia

10.55am What are the potential dangers for investors and what are the most appropriate due diligence procedures in the hedge fund/private equity crossover space?

Sean Cumiskey, Director,Ivy Asset Management – USA

11.25am Morning coffee

11.50am Is the growing convergence of the hedge fund and private equity markets a good or a bad thing for investors?Like private equity, many of the more popular hedge funds are imposing lengthening ‘lock-up’ periods on their investors. What are the implications for investors in both markets? As public and private pension funds invest more heavily in this sector, will their traditional desire to avoid the negative publicity generated by hostile takeovers begin to cramp the hedge funds freedom of maneuver?

(Chair) Larry Kochard, Chief Investment Officer,Georgetown University Endowment – USARichard Grottheim, Chief Investment Officer, AP7 Pension Fund – Sweden Mario Therrien, President – TAA,Caisse de depot et placement du Quebec – Canada Donald Fehrs, Chief Investment Officer, Cornell University Endowment – USA

8 This version of the brochure was updated July 28th. Please visit www.global-arc.net for the latest version.

Tuesday 25th October

(Chair) Jeff Rogers, Chief Investment Officer,VFMC – Australia

In Favor

Albert Hsu, Co-Founder, Anchor Point Capital – USADonald Lindsey, Chief Investment Officer, George Washington University – USA

In Opposition

Speakers TBA

Designated Questioners:

Kurt Silberstein, Portfolio Manager, CaIPERS – USA

Future Opportunities

2.35pm Cutting edge hedge fund strategies and cultural arbitrage: grabbing the ‘early adopter alpha’ Investors need to get into strategies and geographical regions early before the alpha begins to get squeezed out of the market. What are the emerging strategies that will help institutional investors generate alpha? Which new geographical regions will offer investors ‘cultural arbitrage’?

(Chair) Ted Uemae, Chairman Japan Chapter, AIMA – JapanDonald Lindsey, Chief Investment Officer, George Washington Univ. Endowment – USADori Levanoni, Co-Director of Global Derivatives, First Quadrant – USA

Designated Questioners

Tim Nguyen, Investment Manager – Alternatives,Texas Treasury Safekeeping Trust CompanyJeff Rogers, Chief Investment Officer,VFMC – Australia

3.15pm Close of Congress

Mark Mueller, Senior Portfolio Manager,Grantham Mayo van Otterloo – USA Jeff Tarrant, CEO & CIO,Protege Partners – USA Edwin Burton, Trustee,Virginia Retirement System – USA

Designated Questioners:

Laura Männistö, Portfolio Manager, Ilmarinen Mutual Pension Insurance Company – Finland

11.35am Brunch

12.35pm What could go wrong, where could it go wrong and what do you do about it?Panelists will assess how three scenarios in escalating level of seriousness would impact on hedge fund, commodity and derivative strategies; which would be hurt, which would crumble:

- In response to political tensions, Chinese officials start to float rumors that it intends to significantly cut back on its purchase of US treasury bonds.

- A massive derivatives mistake causes one of the world’s biggest investment banks to implode inducing a massive liquidity crisis.

- The House of Saud falls, in the space of three days oil prices rise to USD 100 per barrel. And stays there.

(Chair) Albert Hsu, Co-Founder, Anchor Point Capital – USA Kathryn Crecelius, Director, MIT Endowment and Retirement Plan – USA Peter King, Senior Portfolio Manager, Putnam Investments – USA

Great Debate: Index Funds

1.35pm Great debate: This house believes that the vast majority of traditional hedge fund of funds offer institutional investors better long-term post-fee performance than investable hedge fund indexes

risk into individual risk attributions. How to spot if an absolute return strategy carries an unacceptably high (hidden) negative tail risk. Assessing under-recognized hedge fund related risks such as credit risk spreads and administrative risks (difficulty of switch from big firm to boutique). Drawing up guidelines to help you decide which risk components you wish to retain and how to minimize the remainder.

(Chair) Chair to be advisedBoris Arabadjiev, Director and Head of Risk Management – HFICredit Suisse First Boston Alternative Capital – USATony Day, Head of Strategy,Queensland Investment Corporation – Australia John Matwey, Director – Hedge Funds, RiskMetrics Group – USANobuki Yasuda, General Manager – Alternative Investments,Sumitomo Life Insurance – Japan Gumersindo Oliveros, Director,World Bank Pension Plan – USA

Designated Questioners

Laura Männistö, Portfolio Manager,Ilmarinen Mutual Pension Insurance Company – Finland

Leonardo Rodríguez, Head of Fixed Interest and Alternatives,Pfizer Pension Plan – USA

11.05am Is the credit default market an accident waiting to happen?Over the last five years there has been an explosion in the size of the credit default swap market. Yet, many of the CDS market rules are still untested and ambiguous e.g. when do you legally have a default? Many risk analysts have argued that this relatively immature and opaque market is potentially prone to an LTCM type contagion effect. If this happened would CDS be honored?

(Chair) Albert Hsu, Co-Founder, Anchor Point Capital – USA

Wednesday Closed Door Session: Pension Plans and Endowments Only

Currency Absolute Return Strategies

7.45am Are there sustainable anomalies in the currency market which can support positive alpha over time?

Matthew Annenberg, Managing Director Risk Analytics, ABN AMRO – USA

8.00am Roundtable: How do skilled currency managers exploit these anomalies: purchasing power parity, trend following, technical and currency volatility capture

Peter Higgs, Chief Investment Officer,Tactical Global Management – USA

Jerome Abernathy, Chief Investment Officer, Stonebrook Structured Products – USA

Mark Rzepcznski, President,John W Henry – USA

Arun Muralidhar, Head of Research,FX Concepts – USA

8.55am Roundtable: How can institutional investors best access currency as an asset class, with an emphasis towards a highly-diversified set of strategies?

Daniela Klingebiel, Senior Financial Economist,The World Bank – USA

9.50am Coffee and Refreshments Sponsored by:

Risk: The Elephant In The Room

10.15am Applying new risk models to your portfolioTechniques for deconstructing your overall

GLOBAL ARC Wednesday 26th October

9This version of the brochure was updated July 28th. Please visit www.global-arc.net for the latest version.

Wednesday 26th October

Sponsors

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Northwater, a leader in financial innovation since January 1989, offers customized portfolio solutions to the global investment community by providing stable, diversified alpha and precise, low-cost market exposure. Utilizing its expertise in constructing market-neutral portfolios that generate consistent returns in both normal and extreme markets, Northwater delivers a reliable source of alpha that can be tailored to meet an investor’s active risk budget. In addition, the firm’s established indexing capability allows access to the global equity and fixed income markets to complement an investor’s unique asset/liability profile. Northwater’s proven structuring technology then combines these two components in a portable alpha framework that achieves an investor’s return/risk objectives in an efficient, cost-effective manner. With over a ten year track record in fund-of hedge-funds, Northwater has steadily grown assets under management to over USD8.0 billion total, including USD3.7 billion invested in hedge funds. Investors benefit from the firm’s success over the years in developing, delivering and continuously improving upon sound investment innovation. Northwater advises institutional clients in Canada, US, UK and the rest of Europe. The firm has offices in Toronto and New York.

Ivy Asset Management Corp. (Ivy), a wholly owned subsidiary of The Bank of New York and a Registered Investment Adviser, is recognized as one of the leading multi-manager alternative investment specialists. Since our inception in 1984, Ivy’s clients have participated in niche styles and sophisticated strategies not typically available to the general investing public. We offer a range of innovative multi-manager hedging products and customized portfolios developed to meet specific client objectives. As of January 2005, the firm manages approximately USD15 billion of investor capital. Ivy’s objective is to offer a range of investment products and services that provide investors with consistent risk-adjusted performance in varying market conditions. In addition, Ivy has built and maintains a strong infrastructure in order to provide quality research, superior client service, and a full range of accounting and other supporting services. Ivy’s exclusive focus is managing hedge fund-of-funds. Ivy offers a suite of flagship funds in the following strategies: absolute return/market neutral; absolute return/multi-strategy; and long/short equity. In addition to multi-manager investment funds, Ivy also offers the option of portfolio customization.

Financial Risk Management (FRM) is an independent global hedge fund specialist and currently manages over USD13.5 billion in discretionary assets. Founded in 1991, FRM has since built a global investment management business exclusively focused on hedge fund portfolios. The firm is focused on providing customized solutions for its institutional clients and has built a wide range of commingled and separately managed hedge fund portfolios to address their varied investment objectives. Currently, FRM employs a staff of over two hundred and twenty five with sixty dedicated investment professionals across six offices worldwide, including full service offices in New York, London, and Tokyo. FRM’s global orientation and commitment to delivering superior risk-adjusted returns has attracted a geographically diverse client base of which over 90% is comprised of institutional assets from pension funds, private banks, insurance companies, and bank proprietary capital. FRM is committed to maintaining institutional quality client service and the necessary infrastructure as the firm continues to build its business worldwide.

CSFB’s Alternative Capital Division is one of the industry’s leading alternative asset platforms, encompassing CSFB’s franchises in private equity, fund of hedge funds, leveraged loans and CDOs, as well as CSFB’s Private Fund Group. With more than USD19 billion of private equity assets, USD9 billion in fund of hedge funds, and approximately USD6 billion in leveraged investments and CDOs, as well as other alternative investments, ACD manages over USD34 billion in assets. The Hedge Fund Investments Group (HFIG) at CSFB is comprised of 83 dedicated professionals, including a 25-person investment team with extensive experience in trading, capital markets, research, and hedge funds. HFIG offers more than 30 fund of hedge fund portfolios, utilizing a sector based approach to create well diversifi ed portfolios that seek to provide optimal risk-adjusted returns. HFIG offers both multi-strategy and strategy specifi c portfolios. HFIG is also involved with CSFB/Tremont Index LLC, a joint venture between CSFB and Tremont Capital Management, Inc.

Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 742.9 billion (as at 31 March 2005). It has over 3,000 branches in more than 60 countries and territories. ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients. Private Clients & Asset Management provides private banking services to wealthy clients and investment products to financial intermediaries and institutional clients. ABN AMRO’s Wholesale Clients (WCS) Strategic Business Unit provides integrated corporate and investment banking solutions to corporate, institutional and public sector clients in 50 countries. WCS is structured around Global Markets and Global Clients businesses. Global Markets provides a single platform for Fixed Income, Equities, FX & Futures and Commercial Banking services. Global Clients comprises a comprehensive range of industry sector and corporate finance advisory services, as well as debt and equity capital markets. WCS also includes buy-out and early stage private equity capabilities.

With USD9.5 trillion in assets under custody and USD1.4 trillion in assets under management, (as of March 31, 2005) State Street is the world’s leading provider of services to institutional investors. It provides investment servicing, investment management and investment research and trading to some of the world’s largest and most sophisticated investors including pension plans, collective and alternative investment managers, insurance companies, mutual funds and nonprofits. State Street applies 80 years of fund servicing expertise to offer customized solutions for hedge funds and their investors - including registered and non-registered funds, funds-of-funds, onshore and offshore funds and separately managed accounts. State Street draws on its extensive experience to bridge the requirements of traditional and alternative investment programs. In 2002, State Street acquired International Fund Services (IFS) and significantly expanded its global hedge fund servicing capabilities. State Street currently has more than USD130 billion in hedge fund assets under administration, which is serviced from operations in New York, Dublin, Luxembourg and Toronto.

11

Associate Sponsors

RiskMetrics Group provides financial analytics and wealth management solutions to hundreds of financial institutions, corporations and central banks worldwide. Since 1994, RiskMetrics Group research has set the standard for financial risk management. RiskMetrics Group analytics, data and services enable users to measure and manage risk, and to communicate that risk to managers, clients, investors, shareholders and regulators. Formerly a division of JP Morgan, RiskMetrics Group became an independent company in 1998. The company is headquartered in New York City, with seven offices worldwide, including London, Tokyo and Singapore.

Hedgebay is the world’s recognized leader in the secondary market trading of hedge funds. Incorporated in 1999, Hedgebay was the first internet-based initiative in the industry and is a true market place - one where the factors of supply and demand dictate price. As a result, Hedgebay is able to dramatically improve liquidity and eliminate the opportunity cost of redemption for its clientele. Additionally, Hedgebay has consistently enabled its customers to capture premium from the market, obtain incremental capacity to highly sought after, but closed, hedge funds as well as significantly increase allocation flexibility. As a privately owned, completely independent, agency broker, Hedgebay provides conflict free service to its clientele. Furthermore, Hedgebay’s institutional client base, which consists primarily of funds of hedge funds, banks, large family offices, endowments and foundations, creates a market place of professional and sophisticated hedge fund investors.

Ritchie Capital Management, L.L.C. is an alternative investments firm founded in 1997 and headquartered in Geneva, Illinois, with satellite offices in New York, London, and Hong Kong. Its mission is to provide superior risk-adjusted absolute returns through diversified alternative investment strategies. Ritchie Capital Management, L.L.C. is the investment manager or sub-adviser for multistrategy and single-strategy hedge funds. Its flagship multistrategy fund launched in 1998 has USD1.9 billion in assets under management. Its energy single-strategy fund was launched in 2004 and has over USD1 billion in assets under management. The firm plans to launch additional funds -including a risk-linked fund - based on market opportunities. Ritchie Capital Management applies an opportunistic investment approach that focuses on niche strategies, strategic relationships, and less-populated spaces. It's goal is to identify, evaluate and incubate new alpha opportunities. The firm also seeks to create broad composition within each of its funds – whether multistrategy or single strategy – to provide investors with the benefits of diversification. Ritchie Capital Management combines deep portfolio management expertise with solid and scalable operations, risk management, and technology.

UBS is one of the world’s largest wealth managers, a premier investment banking and securities firm and one of the largest global asset managers. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses. The prime brokerage business of UBS leverages these capabilities to provide a complete suite of products for hedge funds including: global prime brokerage; fixed income and foreign exchange, synthetic equity and total return swaps; securities lending; exchange-traded derivatives; risk technology; capital introduction; and offshore administration. As one of the only truly integrated, global prime brokers, UBS delivers superior products and services worldwide. With more than 30 years of experience, the prime brokerage business of UBS combines a thorough understanding of hedge funds with an intimate understanding of clients to provide industry-leading service. Offering award-winning research, a full array of financing solutions, advice and ideas for startup funds and superior global execution makes UBS the prime broker of choice for hedge funds of all sizes and styles.

RAB Capital is one of the UK’s largest independent absolute return fund managers, with over $2.26 billion of assets under management in eleven hedge fund strategies and two fund of funds. The Company was founded in 1999 by Philip Richards and Michael Alen-Buckley and, in March 2004, became the fi rst stand-alone absolute return fund manager to list on London’s Alternative Investment Market (AIM). The RAB Europe Fund, launched in November 1999, is a long/short equity fund focused on large cap European markets and stocks. The gross and net exposure of the fund is adjusted to suit changing circumstances, with typical ranges of 70% to 180% and -10% to 70% respectively. The fund will typically hold 60 to 100 positions and targets 10-15% returns with volatility of 8-10%. Since April 2005 the fund has been managed by James Elliot and Simon Acton. The investment process recognises company fundamentals, thematic and investor behavioural patterns as the long run drivers of security prices, and seeks to exploit extreme value and momentum opportunities through fundamental bottom-up stock picking.

Publications

Alternative Investment Databases

Delegate Details (for multiple bookings please photocopy)

Given Name_____________________________ Surname __________________________________________

Position ________________________________ Organisation _______________________________________

Tel ____________________________________ Fax _______________________________________________

Email _____________________________________________________________________________________

Postal Address _____________________________________________________________________________

_______________________________ State ____________ Zip Code__________ Country_________________

Please Register Me For (please tick) Fax: +61 2 9908 0287 (Australia)

Registration received Registration received Registration received before September 24th before October 15th after October 15th

Standard Registration USD3195 USD3395 USD3595

AIMA Members USD2875 USD3050 USD3225

Plan Sponsors and Endowments* USD295 USD395 USD495

* Please note Global ARC retains the right to determine whether a delegate qualifies for the subsidized plan sponsor/endowment rate. If

unsure as to your eligibility please email david@global-arc.net

Global ARC reserves the right to alter this program without notice and to refuse registrations from any organization or individual deemed

by Global ARC to be incompatible with the event. Global ARC 2005 will be closed to all media and press.

Global ARC cancellation policy: Should you be unable to attend, a substitute delegate from your company is welcome to replace you at no extra

cost. Alternatively, a full refund minus a USD 300 service fee is available if written notification is received in writing more than four weeks

before the event. Regrettably, cancellations received less than four weeks before the event will not receive a refund.

The Alternative Investment Management Association (AIMA) is The Global, Not-for-Profit Trade Association for Hedge Funds, Managed Futures

and Managed Currency Funds. Founded in 1990, AIMA represents the global alternative investment community

and provides a centre of knowledge for professional investment practitioners. AIMA has approximately 840

corporate members in 46 countries on five continents and creates global tools for the benefit of its members,

institutional investors and regulators.

AIMA: ENHANCING UNDERSTANDING, SOUND PRACTICES AND INDUSTRY GROWTH www.aima.org

Method of Payment (please tick)

Visa Mastercard Cheque Please make cheques payable to: Tribeca Learning Ltd T/AS Global ARC

Name of cardholder ____________________________________________________________________________

Card number

Expiry date (Month)________ (Year) ________

Signature of cardholder _________________________________________________________________________

Global ARC 2005 Venue and Official Hotel

The offi cial hotel for speakers, sponsors, exhibitors and delegates at Global ARC is the Hyatt Regency Boston. Delegates staying at the Hyatt Regency Boston are entitled to a special rate of USD 245 if you book before Monday, October 3, 2005. Any rooms booked after this date will be at the hotel’s prevailing rate. Delegates are reminded of the accommodation shortage during this period.

To book please call 888-421-1442 (USA and Canada) or +1 402-592-6464 (all other countries) and mention that you are attending Global ARC, or alternatively please visit www.global-arc.net and follow the link to accommodation bookings.

About Global ARC

Global ARC is the product of a joint agreement between Stewart Communications Australia and the Australian Stock Exchange listed Tribeca Learning Ltd.

Contact

Fax: +61 (Australia) 2 9908 0287 Email: registrations@global-arc.net Phone: +61 (Australia) 412 290 023 Mail: Global ARC, Tribeca Communications, Level 4, 45 Clarence Street, Sydney NSW 2000, Australia

This version of the brochure was updated July 28th. Please visit www.global-arc.net for the latest version.

Registration Form: Global ARC 200524th-26th October 2005 Hyatt Regency, Boston Massachusetts, USA

This program was researched and produced by David Stewart. If youhave any program or sponsorship enquiries please emaildavid@global-arc.net or call +61 412 290 023 (Australia)

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