4th AnnualOctober29-31, Grand Hyatt, , NY

The largest gathering of and their investors in North America October 29-31, Grand Hyatt, New York City, NY

The Definitive Briefing on Greater Participation from End-Investors than Ever Before: Jelle Beenen, Laurence Siegel, Mario Thierren, President, Head of Alternative , Director of Research, CAISSE DE DEPÔT ET Replication PGGM INVESTMENTS FORD FOUNDATION PLACEMENT DU QUÉBEC The ONLY: in-depth, impartial, investor-focused Craig R. Dandurand, CFA, Salim A. Shariff, President, David J. Gordon, CFA, ASA, look at the potential of hedge fund replication Investment Officer, Absolute WEYERHAEUSER VERITABLE LP for investor portfolio decision making and its Return Strategies, CalPERS COMPANY RETIREMENT implications for the industry PLAN

Mark K Hannoush, CA, CFA The World's Leading Manager, Operational Due Exclusive, Closed-Door Sessions for Institutional Investors Diligence, Investment Finance, Expert-led educational sessions for end-investors making first-time allocations or Hedge Fund Academics: ONTARIO TEACHERS' increasing mandates to hedge fund of funds pp. 5-8 Professor Andrew W. Lo, PENSION PLAN Harris & Harris Group Professor, Sloan School of Management, MASSACHUSETTS INSTITUTE CEOs & CIOs of Leading Only at GAIM Fund of Funds OF TECHNOLOGY Professor David A. Hsieh, Hedge Fund of Funds Sharing Professor of Finance, Their Allocation Strategies and A Track Record of Consistent, DUKE UNIVERSITY addressing key challenges in managing liquidity, High-Performance: Emanuel Derman, Professor improving performance and delivering value to Financial Engineering, • Over 500 senior industry leaders have COLUMBIA UNIVERSITY & investors attended every year since 2004 Head of Risk, PRISMA CAPITAL Grosvenor Capital Management • Permal Group • PARTNERS Fix Asset Management • Man Group • Prisma Capital • The ONLY event that gives you the Thomas Schneeweis, Partners • Diversified Global Asset Management • Arden opportunity to meet the “Who's Who” of Professor of Finance, School of Asset Management LLC • Barclays Global Investors • the hedge fund of funds industry Management, UNIVERSITY OF Mesirow Financial Advanced Strategies • Ivy Asset MASSACHUSETTS, AMHERST Director, Center for International Management • EACM Advisors LLC • Optima Fund • A truly Global Networking Opportunity – Securities and Derivatives Markets Management, LLC • Guidance Capital LLC • Credit Suisse representatives from over 23 different (CISDM) • Silver Creek Capital Management LLC • Goldman Sachs countries attend this event Hedge Fund Strategies LLC • EIM USA Christopher C. Geczy, Ph.D., Assistant Professor Finance Department, THE WHARTON Industry Leaders Debate the Growth SCHOOL AT THE Hi-Octane, Specialist Niche Strategies of Major Institutions and the UNIVERSITY OF Hedge Fund of Funds Future of M&A in the Industry: PENNSYLVANIA how they deliver concentrated exposure to top- George H. Walker, Global Head of Investment & ALL the Market Leaders in performing, 'below the radar screen' managers in Management, Hedge Fund Replication: sector specific, small & emerging and geographically LEHMAN BROTHERS ✔ MERRILL LYNCH ✔ GOLDMAN SACHS focused funds pp. 5-11 James E. (Jes) Staley, ✔ Chief Executive Officer, JP MORGAN Turnstone Asset Management • C h a l k s t ream • JP MORGAN ASSET MANAGEMENT ✔ BGI Fa i r field Greenwich • M Sq u a re Advisors, LLC • Beta Capital ✔ PARTNERS GROUP Management • Absolute Capital Limited • p. 5 ✔ AC In vestment Management LLC • Cole Pa rtners • L o n g s h i p DIVERSIFIED GLOBAL ASSET MANAGEMNT Capital Management • Eu ropanel Re s e a rch & Alternative Asset Gold Sponsors Management (ERAAM) • Pa rtners Group • SAIL Advisors Limited • Claritas In vestments • En Trust Capital • PI PE Equity Pa rt n e r s Investor Focus throughout L LC • Thomas H. Lee Capital LLC • Aris Capital Management • with Special Participation by: Stillwater Capital Pa rtners • Longship Capital Management LLC • • Caisse De Depôt Et Placement Pentagon Capital Management PLC • Magnitude Capital • C a p i t a l Du Québec MVP Asset Management LLC • The Agile Group • Slifka Asset • CalPERS Management LLC • Nikko Alternative Asset Mangement • • Ford Foundation L a k e v i ew In vestment Manager • Penjing Asset Ma n a g e m e n t Silver Sponsors • Former CIO of the University Limited • GLL In vestors, Inc • A I FAM, Inc • 47 De g rees No rt h of Chicago Capital Management • Franklin St reet Pa r tners • Ma rt e l l o • Veritable LP In vestment Management • OneCapital Management Pa rtners, LLC pp. 11-13

Bronze Sponsors

CALL: 888.670.8200 or 941.951.7885 WEBSITE: W W W . G A I M U S A F O F . C O M Only One GAIM Fund of Funds - Only One must attend event of Fall 2007 Only At GAIM Fund of Funds - Still the Best Place to meet Laurence Siegel, Director of Research, Ford Foundation, Research Director of the Research Foundation of CFA Institute The “Who's Who” of the Hedge Fund of Funds Industry Laurence B. Siegel is director of research in the Investment Division of the Ford Foundation For the “best of breed,” innovative leaders of the hedge fund of funds industry opportunity still in New York, where he has worked since 1994. Before that, he was a managing director of abounds. Not only are large sectors of the institutional community continuing to look to hedge fund of Ibbotson Associates, an investment consulting firm that he helped to establish in 1979. In 2005 Larry funds as the vehicle of choice (*) for initial allocations to alternatives, but experienced investors and those was named Research Director of the CFA Institute's Research Foundation. increasing their mandates continue to deploy significant capital to funds which offer a unique value Craig R. Dandurand, CFA, Investment Officer, Strategies, CalPERS proposition to their investors. Craig Dandurand, Investment Officer for CalPERS's Risk Managed Absolute Return But how best can today's hedge fund of funds ensure their value proposition continues to evolve and Strategies (RMARS) Program, is responsible for overseeing all aspects of CalPERS's adapt to guarantee retention of an increasingly sophisticated and discerning investor base, in the face of relationships with international fund-of-hedge-fund managers. unprecedented market change and competition that continually evolves and innovates? David W. Wiederecht, Vice President, Managing Director Alternative Investments, GE There is no single answer. Which is why at GAIM Fund of Funds, the Hedge Fund of Funds premier Asset Management Incorporated annual gathering, you will hear from over one-hundred of the most authoritative and insightful industry Mr. Wiederecht is Vice President - Alternative Investments for GE Asset Management, leaders, each a stellar performer in their own field, who will share their unique perspectives on some of where he co-heads the absolute return strategy team. He also has portfolio management the most complex issues facing hedge fund of funds today. responsibilities for various private equity and real estate investment strategies. Benefit From a Truly Expert View on Future Investment and Business Mario Therrien, Vice-President, Funds of Hedge Funds, Hedge Funds, Caisse De Dépôt Et Placement Du Québec Opportunities from the Most Authoritative Industry Leaders Mario Therrien has been Vice-President, Funds of Hedge Funds, at the Caisse de dépôt et As an attendee of GAIM Fund of Funds you will gain access to this wealth of talent and knowledge placement du Québec since 2002. In this capacity, he oversees a team whose mandate is to combined with a quite unique opportunity to deepen and revive your personal industry network at the develop investment strategies using hedge funds. Mr. Therrien joined the Caisse in the Tactical premier gathering of the industry's leaders. Investments unit in 1992 as a financial analyst. Here are just a few of the decision-makers who you will have the opportunity to meet at GAIM Fund Expand your Network of Global Investors at GAIM Fund of Funds of Funds: As investors' allocation intentions continue to focus on gaining exposure not only in emerging but ■ Peter Clarke, Chief Executive, Man Group, Steve Smith, Global Head of Funds and Alternative also developed global markets it's never been more important for you to have an extensive and deep Investments, Credit Suisse and Martin B. Kaplan, Chief Executive Officer, Mesirow Financial network of contacts who can open doors and share insight beyond the U.S. Advanced Strategies will examine how industry will develop over next 5 years At GAIM Fund of Funds, you will meet with a hand-picked faculty of expert experienced investors ■ David B. Small, Partner, Grosvenor Capital Management, Robert C. Jones, CFA, Managing from Europe, The Middle East, India, China, Japan and Latin America. It's an efficient way for you to Director, Chief Investment Officer, Global Quantitative Equity, Goldman Sachs, Robert P. Prince, get an incisive global update at the same time as enabling you to broaden your global rolladex. Co-Chief Investment Officer, Bridgewater Associates, considering the seminal issue; whether Here are just some of the global investors that you will meet: alternatives the new mainstream and what are the implications for successful hedge fund of funds and their investors in the future ■ European experts: ■ George H. Walker, Global Head of , Lehman Brothers and James E. (Jes) • Amanda McCracken, Director, Turnstone Asset Management • Cyril Julliard, Co-Founder, Europanel Research & Alternative Asset Management (ERAAM) Staley, Chief Executive Officer, JPMorgan Asset Managment will share their expert opinions on how the growth strategies of leading institutions will impact opportunities for hedge fund of funds, ■ Middle East specialists: consider the key objectives of investment banks when taking minority stakes in hedge funds and • Eric Meyer, President and CEO, Shariah Capital detail future plans for strategic partnerships with independently owned alternative asset managers. • Warren Vincent, Head of Private Office Investments, National Bank Of Dubai And these are just a few of the many highlights of a packed three day program. ■ Major Asian investors and notable family offices: • Ronnie Wu, Founder and Chief Investment Officer, Penjing Asset Management Limited Unique Opportunities for Institutional Investors at GAIM Fund of Funds • Eliza Lau, Chief Executive Officer & Chief Investment Officer, SAIL Advisors Limited As institutional demand continues to grow, GAIM Fund of Funds continues to evolve to offer • Takuma Aoyama, President, AIFAM, Inc institutions a unique opportunity to broaden and deepen their understanding of the how hedge fund of ■ Latin American market leaders funds can add value to their portfolios. • Enio Shinohara, Fund of Funds Manager, Claritas Investments In response to an extensive survey with institutional investors conducted at the 15th Public Funds • Arthur Mizne, President, M Square Advisors, LLC Boards Forum event, GAIM Fund of Funds will be hosting special closed-door sessions for end-investors only. The key findings from the survey were instrumental in developing a targeted agenda for investors The Definitive Hedge Fund Replication Briefing - Fact or Fiction? who indicated intention to allocate to hedge fund of funds in the next 12-18 months. (*) Hype or Secular Trend? It Looks Like a Hedge Fund, or Does It? Now, for the first time, GAIM Fund of Funds will provide end-investors with a unique opportunity to No more controversial a subject has been discussed of late than the advent of replicated passive hear not only the best and brightest of the fund of funds industry in open forum, but also with the hedge fund indices which claim to offer investors 'hedge fund like returns' at a significantly lower additional opportunity to ask questions, share experiences and gain practical, relevant and timely price than via hedge funds or hedge fund of funds. To some, the new synthetic or cloned hedge fund information, 'off-the-record' from their own peer group in exclusive closed-door sessions. indices cannot hope to replicate the skills-based alpha generation recipes of high-performance hedge As access to the Close Door Sessions will be restricted to end-investors only, please email the Event funds. To others, the replicated indices and other newer replicated products and funds offer investors a Director, Amanda Rodrigues at [email protected] to request approval to attend. ground-breaking opportunity to choose an entirely different and cost-effective method of gaining non- traditional, uncorrelated exposures for their portfolios. *Institutional Investors Surveyed at The 15th Annual Public Funds event included: To adequately debate this subject requires not only input from the world's leading academics and Austin Police Retirement System El Paso Fire & Police product pioneers but also end investors who are actively considering the potential impact on their Georgia Sheriff's Retirement Fund Alameda County Employees Retirement portfolio allocation strategies. As you have come to expect from GAIM, the speaker faculty for the West Virginia Investment Management Board Association hedge Fund Replication Briefing will include ALL of the above. Oklahoma Firefighters Pension and Retirement Philadelphia Board of Pensions Nowhere else in 2007 will you have the opportunity to hear from such a distinguished and Board Los Angeles City Employees Retirement Systems comprehensive group of experts, uniquely positioned to give investors a truly definitive Chattanooga Fire & Police Pension Colorado Fire & Police Pension Association understanding of the key tenets of the theory and the realities of implementing replicated San Diego City Employees Retirement Missouri State Employees Retirement System strategies in practice. Arizona State Retirement System City of Boston Pension Fund Here are just a few of the thought leaders you who hear at the Definitive GAIM Briefing on Hedge Chicago Teachers Pension Fund Orange County Employees Retirement System fund Replication (see pp 11-13 for further details.) Jacksonville Police & Fire Pension Find San Diego County Retirement System ■ Professor Andrew W. Lo, Harris & Harris Group Professor, Sloan School of Management, Los Angeles City Employees Retirement Systems Detroit General Retirement System Massachusetts Institute of Technology, Director of MIT's Laboratory for Financial (LACERS) Engineering ■ Steve Houston, Managing Director of the Equity Strategic Solutions Group, Merrill Lynch & First Hand Information From Some of the Co., Greg Kuppenheimer, Managing Director, Fund Derivatives Trading, Goldman Sachs & Industry's Most Influential Investors Co. and Lakshmi Seshadri, Alternative Investment Specialist, JP Morgan Identifying the key components and differentiators of leading passively replicated indices including how Once again GAIM USA Fund of Funds has assembled some of the world's leading institutional the factor models work, the downside risk entailed and the differentiating factors between products investors to share their future allocation plans with you. Here are just a few of the leading investors that ■ you will meet: Philip Halpern, Private Investor; Oxford Financial Group - Investment Policy Council; Former CIO of the University of Chicago Jelle Beenen, Head of Alternative Beta, PGGM Investments Applying replication as a portfolio management tool in a HNW portfolio to meet a specific risk profile Jelle Beenen is currently head of “Alternative Beta” at PGGM Investments. PGGM is the and to manage portfolios in a more aggressive, tactical way pension fund for the Dutch Healthcare and Social Work Sector and has around Euro 70 billion ■ . Alternative Beta covers PGGM's strategic investments that cannot Emanuel Derman, Professor Financial Engineering Columbia University and Head of Risk, be implemented by replicating market indices. It comprises Hedge Funds, Private Equity, Long Term Prisma Capital Partners Fundamental Investments and Strategic Absolute Return Strategies (“Portfolio of Strategies”), totaling Use of replication algorithms as a diagnostic tool in manager selection and performance monitoring. around Euro 7 billion. ■ Dr. Lars Jaeger, Partner Head Alternative Beta Strategies, Partners Group Salim A. Shariff, President, Weyerhaeuser Company Retirement Plan On the progress made to building in dynamic allocation to replications products. Salim Shariff joined Weyerhaeuser Company in July 2004 as Managing Director and Chief ■ George Main, Chief Executive Officer and Chief Investment Officer, Diversified Global Asset Investment Officer, as well as President of Weyerhaeuser Asset Management. Prior to joining Management Weyerhaeuser, he was Executive Director of Morgan Stanley AIP and a Portfolio Manager for Identifying the strategies most ripe for replication and the implications for investor portfolio decision Liquid Markets. He had previously served as a Managing Director and Portfolio Manager at Northwater making Capital Management Inc. ■ Joanne M. Hill, Managing Director, Pension Services Group, Goldman, Sachs & Co. Mark K. Hannoush, CA, CFA Manager, Operational Due Diligence, Investment Finance Applying replication as a portfolio management tool in an institutional portfolio to optimize the use of Ontario Teachers' Pension Plan the risk budget and take account of a liability-driven investment approach Mark Hannoush specializes in conducting Operational Due Diligence as a Manager in the Investment Finance department at the Ontario Teachers' Pension Plan Board in Toronto, GAIM is committed to ensuring you gain unrivalled networking opportunities combined with Canada. His role is to ensure that hedge fund operational risk is assessed and mitigated for the external valuable market information to help further expand your fund's opportunities and successes. I look manager program which includes both hedge funds and managed accounts. forward to meeting you in person in October.

Amanda Rodrigues, Event Director, GAIM Fund of Funds REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885 2 FAX: 941.365.2507 EMAIL: [email protected] bringing together leading institutional and HNW investors from around the world to the heart of the global hedge fund industry in New York City

Day One – Monday October 29th, 2007: Future of the Hedge Fund of Funds Industry – The Latest Trends and Emerging Business Models

7.00 am Breakfast and Registration 8.55 am Are alternatives the new mainstream and what are the implications 10.45 am Alpha Generation Spotlight - SUB-PRIME TRADE for successful hedge fund of funds and their investors in the PAULSON & CO, SLIFKA ASSEST MANAGEMENT 8.00 am Opening remarks from the Chairman future? OPTIMA FUND MANAGEMENT, LLC 11.30 am Organic vs M&A – how the growth strategies of leading GOLDMAN SACHS • BRIDGEWATER ASSOCIATES • institutions will impact opportunities for hedge fund of funds and 8.15 am Re-evaluating the value proposition of hedge funds of funds and GROSVENOR CAPITAL MANAGEMENT • WEYERHAEUSER their investors the future of the hedge fund of funds industry COMPANY RETIREMENT PLAN LEHMAN BROTHERS • JPMORGAN ASSET MANAGEMENT MAN GROUP • CREDIT SUISSE • MESIROW FINANCIAL 9.35 am C o n vergence of business models – as the industry evo l ves and • OPTIMA FUND MANAGEMENT, LLC ADVANCED STRATEGIES • KPMG m a t u res, will the lines continue to blur? CASEY, QUIRK & ASSOCIATES LLC • ROGERSCASEY • 12.15 pm Lunch MCCABE ADVISORS 10.15 am Morning Networking Break CLOSED DOOR SESSIONS – New End-Investor Focus NICHE FUND OF FUND STRATEGY SHOWCASE – MANAGING THE CHALLENGES OF RUNNING A SUCCESSFUL FUND Experienced End-Investor Focus OF FUNDS: Chaired by: CRA ROGERS CASEY Chaired by: OPTIMA FUND MANAGEMENT, LLC Chaired by: SLIFKA ASSET MANAGEMENT LLC

1.30 INITIAL ALLOCATIONS TO HEDGE FUND OF FUNDS NATURAL RESOURCE HEDGE FUND OF FUNDS BROADENING THE INVESTOR BASE TO HNW INVESTORS Practicalities of integrating an initial hedge fund of funds allocation into an GREGOIRE CAPI TAL LLC • COLE PARTNERS • PERMAL GROUP • institutional portfolio, including an evaluation of the pros and cons of using AC INVESTMENT MANAGEMENT LLC EXTENDED SESSION portable alpha strategies Identifying the access provided by different distribution platforms to global CRA ROGERS CASEY • GE ASSET MANAGEMENT INCORPORATED HNW investors and how best their services can be incorporated into a HNW portfolio 2.10 INTRODUCTION TO STRUCTURED PRODUCTS - ABL HEDGE FUND OF FUNDS DILWORTH CAPITAL MANAGEMENT, LLC • UBS WEALTH Use of leverage in an institutional portfolio STILLWATERCAPITALPARTNERS • MVPASSET MANAGEMENT LLC • MANAGEMENT • SMITHBARNEY ALTERNATIVE INVESTMENTS LEHMAN BROTHERS PENTAGON CAPITAL MANAGEMENT PLC • VERWALTUNGS - UND PRIVAT- BANK AG. 2.50 TRANSPARENCY SMALL & EMERGING MANAGERS ADVANCED STRUCTURED PRODUCTS Identifying an appropriate level of transparency, how it can help with P R I M O R E S • ALPHA BETA CAPI TAL MANAG E M E N T Fund of fund managers share their experiences using customized structured investors’ risk management, its limitations, and the best way to use the • THE AGILE GRO U P • 47 DEGREES NORTH CAPI TAL MANAG E M E N T products to increase AUM, broaden the investor base, better manage liquidity information provided and enhance performance ROCATON INVESTMENT ADVISORS, LLC • ENTRUST CAPITAL • NATIXIS CAPITAL MARKETS, INC. • ARDEN ASSET MANAG E M E N T MAGNITUDE CAPITAL L LC • GUIDANCE CAPITAL LLC • GOLDMAN SACHS HEDGE FUND STRATEGIES LLC • FAIRFIELD GREENWICH 3.30 Afternoon Networking Break Sponsored by HSBC 4.00 BENCHMARKING PIPES HEDGE FUND OF FUNDS MANAGING THE LIQUIDITY CRUNCH Performance benchmarking institutional fund of funds PIPE EQUITY PARTNERS LLC • GLL INVESTORS, INC. Structuring fund of fund portfolios to maintain your risk profile, meet FUND EVALUATION GROUP, LLC • OCTANE MANAGEMENT • • ROTHSTEIN KASS investor redemption needs and retain access to top managers GREGOIRE CAPITAL LLC REED SMITH LLP • ARIS CAPITAL MANAGEMENT • FIX ASSET MANAGEMENT • GEM GLOBAL EQUITIES MANAGEMENT 4.40 PORTFOLIO MANAGEMENT CREDIT HEDGE FUND OF FUNDS Incorporating more esoteric strategies into hedge fund of fund portfolios and LONGSHIP CAPITAL MANAGEMENT, LLC • ABSOLUTE CAPITAL the implications for investor performance monitoring and risk management LIMITED CAISSE DE DEPÔT ET PLACEMENT DU QUÉBEC • GE ASSET MANAGEMENT INCORPORATED 5.30 Cocktail Reception Sponsored by ARCHWAY TECHNOLOGY PARTNERS Day Two – Tuesday October 30th, 2007: Changing Trends in Global Investment & the New Opportunity Set for Hedge Fund of Funds and Their Investors

7.15 am Breakfast and Registration RGE MONITO R • NIKKO ALT E R N ATIVE ASSET MANAG E M E N T 11.00 am CASE STUDY-The new risk premia and use of exotic beta within • STANFORD ADV I S O RY GRO U P • RISK RESEARCH, LLC institutional portfolios – end- investor perspective 8.00 am Opening remarks from the Chairman PGGM INVESTMENTS OPTIMA FUND MANAGEMENT, LLC 9.50 am Analysis - Opportunities and challenges presented by global markets in 2008 11.35 am Alpha generation spotlight - ACTIVISM 8.15 am Forecast – The Global Economic Forecast IVY ASSET MANAG E M E N T • SILVER CREEK CAPITAL LAKEVIEW INVESTMENT MANAGER • OLIVER PRESS STRATEGIC ECONOMIC DECISIONS, INC MANAGEMENT LLC • EIM USA PARTNERS, LLC • SLIFKA ASSET MANAGEMENT LLC 8.50 am KEYNOTE DISCUSSION - Geopolitical Risk & the Financial 10.30 am Networking break 12.15 pm Lunch Markets NICHE FUND OF FUND STRATEGY SHOWCASE – II CHANGING TRENDS IN GLOBAL INVESTMENT & THE NEW OPPORTUNITY SET FOR HEDGE FUND OF FUNDS AND THEIR INVESTORS EXTENDED SESSION ON GLOBAL OPPORTUNITIES Chaired by: SLIFKA ASSET MANAGEMENT LLC Chaired by: OPTIMA FUND MANAGEMENT, LLC 1.30 BRIEFING – THE CHANGING GLOBAL REGULATORY ENVIRONMENT CHANGING TRENDS IN GLOBAL INVESTMENT INTERNATIONAL MONETARY FUND (IMF) • FEDERAL RESERVE BANK OF NEW YORK • FINANCIAL How leading international investors are currently using hedge fund of funds within their asset allocation strategies: SERVICES AUTHORITY the view from the world’s leading consultants NEPC • ROCATON INVESTMENT ADVISORS, LLC • CRA ROGERS CASEY • FUND EVALUATION GROUP, LLC 2.10 CHANGING OPPORTUNITY SET IN KEY GLOBAL DEVELOPED MARKETS – UK & EUROPE OPERATIONAL DUE DILIGENCE CALPERS • TURNSTONE ASSET MANAGEMENT • EUROPANEL RESEARCH & ALTERNATIVE ASSET Performance monitoring in the aftermath of Amaranth – is a new behavioral-based approach essential to execute fiduciary MANAGEMENT (ERAAM) responsibilities and manage risk within an institutional portfolio? ONTARIO TEACHERS' PENSION PLAN • PETRA GROUP NEW YORK, INC. 2.50 WHAT MIDDLE EASTERN INVESTORS ARE LOOKING FOR IN HEDGE FUND OF FUND ALLOCATIONS HYBRID HEDGE FUND OF FUNDS CALPERS • SHARIAH CAPITAL • NATIONAL BANK OF DUBAI VERITABLE LP • CHALKSTREAM CAPITAL GROUP, L.P. • THOMAS H. LEE CAPITAL LLC • ONECAPITAL MANAGEMENT, INC. 3.30 Afternoon Networking Break 4.00 CHANGING OPPORTUNITY SET IN KEY ASIAN MARKETS – EMERGING: INDIA AND CHINA ADVANCED STRUCTURED PRODUCTS PENJING ASSET MANAGEMENT LIMITED • SAIL ADVISORS LIMITED • MART E L LO INVESTMENT MANAG E M E N T Use of structured products to improve risk management and enhance performance CHANGING OPPORTUNITY SET IN DEVELOPED ASIAN MARKETS – JAPAN SG AMERICAS SECURITIES, LLC AIFAM, INC 4.40 CHANGING OPPORTUNITY SET IN LATIN AMERICA C LA R I TAS INVESTMENTS • M SQUARE ADVISORS, LLC • M A RT E L LO INVESTMENT MANAG E M E N T 5.30 Close of Day Two of the event, Cocktail Reception Hosted by Jefferies Asset Management

Day Three – Wednesday October 31st, 2007: Hedge Fund Replication Briefing at GAIM Fund of Funds

THE ACADEMIC FRAMEWORK PASSIVE REPLICATION OF INDICES: HOW IT WORKS IN PRACTICE 2.30 pm Applying replication as a portfolio management tool in an AN INVESTOR FOCUSED DISCUSSION institutional portfolio to optimize the use of the risk budget and 8.00 am Opening remarks from the Chairman take account of a liability-driven investment approach THE WHARTON SCHOOL AT THE UNIVERSITY OF 11.30 am Identifying the key components and differentiators of leading GOLDMAN, SACHS & CO. • CAISSE DE DEPÔT ET PENNSYLVANIA passively replicated indices including how the factor models work, PLACEMENT DU QUÉBEC the downside risk entailed and the differentiating factors between 8.30 am The latest research into the use of quantitative algorithms to products 3.00 pm Applying replication as a portfolio management tool in a HNW replicate the sources of hedge funds returns and the implications JP MORGAN • MERRILL LYNCH & CO. • GOLDMAN portfolio to meet a specific risk profile and to manage portfolios in for the investors’ portfolio decision-making process SACHS & CO a more aggressive, tactical way DUKE UNIVERSITY OXFORD FINANCIAL GROUP • THE UNIVERSITY OF 12.10 pm Extended Q&A with leading investors including: CHICAGO 9.10 am Establishing a new framework for integrating traditional and CALPERS • VERITABLE LP alternative investments, including replication strategies 3.30 pm Afternoon Networking Break SLOAN SCHOOL OF MANAGEMENT • MASSACHUSETTS BUSINESS IMPLICATIONS FOR THE HEDGE FUND INDUSTRY INSTITUTE OF TECHNOLOGY 3.50 pm Use of replication algorithms as a diagnostic tool in manager 12.30 pm Have replicated funds replaced multi-strategy funds as the selection and performance monitoring NEXT STEP REPLICATION new threat? PRISMA CAPITAL PARTNERS • BARCLAYS GLOBAL EACM ADVISORS LLC • FORD FOUNDATION INVESTORS 9.50 am Identifying the potential for tracking sub-styles and building dynamic allocation decision making into a replicated product 1.10 pm Lunch 4.30 pm Using replication methodologies to create a strategy pure Fund of PARTNERS GROUP Funds that match your exiting risk profile while enhancing returns REPLICATION AS A PORTFOLIO MANAGEMENT TOOL UNIVERSITY OF MASSACHUSETTS, AMHERST • 10.30 am Morning networking break This section will showcase investor-led case studies of practical ways in which INTERNATIONAL SECURITIES AND DERIVATIVES 10.50 am Identifying the strategies most ripe for replication and the replication can be utilized for specific aspects of portfolio management MARKETS (CISDM) implications for investor portfolio decision making 5.00 pm Close of GAIM Fund of Funds Hedge Fund Replication Briefing DIVERSIFIED GLOBAL ASSET MANAGEMENT

W W W . G A I M U S A F O F . C O M 3 The largest gathering of Hedge Fund of Funds and their investors in North America

Day One – Monday October 29th, 2007 Future Of The Hedge Fund Of Funds Industry – The Latest Trends And Emerging Business Models

7.00 Breakfast and Registration David B. Small, Partner, GROSVENOR CAPITAL MANAGEMENT Grosvenor specializes in creating and managing multi-manager portfolios utilizing alternative 8.00 Opening remarks from the Chairman investment strategies. Grosvenor manages approximately $19.9 billion for individual and 8.15 Re-evaluating the value proposition of hedge funds of funds and the institutional clients globally. Grosvenor has offices in Chicago and Tokyo and employs future of the hedge fund of funds industry approximately 170 people, including 25 investment professionals. Mr. Small has been affiliated with Grosvenor since 1987 and has been a full time member of • Examining how the industry will develop over next five years the investment team since 1994. He is the Chairman of the Investment Committee and shares • Defining the rate of asset flows to the sector - is a slow-down anticipated and in which responsibility for portfolio and risk management as well as the evaluation, selection, and markets are demand for fund of funds expected to grow? monitoring of various strategies and managers. Previously, Mr. Small was the founder and CEO • Determining the areas in which fund of funds are still uniquely positioned to add value of a software firm specializing in risk management systems for derivatives trading firms, and a to an end investors portfolio including: financial consultant for an research firm. He received a B.S. in Economics from the - Evaluating the degree to which current fee structures are supportable in the face of Wharton School of the University of Pennsylvania and an M.B.A. in Finance/Econometrics increased competition from replicated hedge fund products from the University of Chicago's Graduate School of Business - Identifying how fund of funds are delivering value to retain experienced investors - How fund of funds are responding to the increase convergence between alternative asset Moderated by: Salim A. Shariff, President, WEYERHAEUSER COMPANY classes, traditional investments RETIREMENT PLAN Peter Clarke, Chief Executive, MAN GROUP Salim Shariff joined We ye rhaeuser Company in July 2004 as Managing Director and Chief In vestment Of f i c e r, as well as President of We ye rhaeuser Asset Management. Prior to Studied Law at Queens’ College Cambridge and subsequently qualified as a solicitor joining We ye rh a e u s e r, he was Exe c u t i ve Director of Morgan Stanley AIP and a Po r tfolio Ma n a g e r in 1985. He went on to practice at Slaughter and May in before moving into for Liquid Ma rkets. He had previously served as a Managing Director and Po r tfolio Manager at with Morgan Grenfell and Citicorp, working in . No r thwater Capital Management Inc. Be f o re joining No rt h w a t e r, he worked as a Consulting He joined Man in 1993 ahead of the Group’s flotation on the London Stock Exchange in 1994. Ac t u a r y at Watson Wyatt Wo rldwide where he designed both pension plans and related inve s t m e n t He became head of Corporate Finance & Corporate Affairs 1996 and was also appointed Group s t rategies. He holds a B.A. with Honours in Mathematics from the Un i versity of Essex and Company Secretary. He was appointed to the Group Board in 1997 and became Finance pursued post-graduate studies in Mathematics at St. Catherine's College, Ox f o rd. He is a Fe l l ow Director in May 2000 at the time of the Group’s demerger of its physical commodity activities. of the Canadian Institute of Actuaries and the Institute of Actuaries of the United Kingdom. Mr. He was appointed Deputy Group Chief Executive in November 2005 and he was appointed Shariff is also a Chart e red Financial Analyst Charter holder. Group Chief Executive with effect from 1 April 2007. 9.35 Convergence of business models – as the industry evolves and Steve Smith, Global Head of Funds and Alternative Investments, CREDIT SUISSE matures, will the lines continue to blur? Stephen Smith is a Managing Director of Credit Suisse's Asset Management business, • between alternative investing and traditional investing, based in New York. He is the Head of Funds and Alternative Solutions within • between consultants and hedge fund of funds, and Alternative Investments. Mr. Smith joined Credit Suisse in 2005 as a Senior Relationship • between hedge funds and private equity Manager in the Fixed Income and Equity Divisions. Prior to joining Credit Suisse, Mr. Smith • What is the model for the future? spent two years at Albourne Partners. Mr. Smith began his career in the Fixed Income Capital • What options exist for investors to outsource the CIO function? Markets/Derivatives Group at Bankers Trust. From there he joined SBC/O'Connor, where he • Evaluating where the respective models add most value and how they are changing the was responsible for Equity Derivatives and European Research Sales. Before departing to run a opportunity set for investors hedge fund (Dune Partners), Steve helped build the equity platform for the UBS O'Connor Moderated by: Kevin P. Quirk, Partner, CASEY, QUIRK & ASSOCIATES LLC Hedge Fund. Kevin is a founding partner of Casey, Quirk & Associates. He has over 15 years of Martin B. Kaplan, Chief Executive Officer, MESIROW FINANCIAL experience in the investment management industry and has worked directly with over ADVANCED STRATEGIES 50 organizations, including many of the industry leaders. Kevin has led assignments in broad Marty Kaplan is the chief executive officer of Mesirow Advanced Strategies, Inc. and is organizational strategy, investment and distribution platform assessment and enhancement, a member of its investment, executive and management committees. Additionally, he is a M&A advisory, strategic partnership development, and company start-ups. Kevin has experience member of its parent company, Mesirow Financial Holdings Inc.’s executive committee and in all of the primary market segments, including Institutional and Retail, and in most of the board of directors. He is responsible for leading the day to day operations of the business, major global markets. He has co-authored several industry research papers, including Success in including client service, new product development and building the operational infrastructure. Investment Management: Building and Managing the Complete Firm (2000), Fund of hedge In addition, he focuses on developing and implementing key strategic initiatives for Mesirow funds—Rethinking resource requirements (2002), Search for Investment Quality (2003), Success Advanced Strategies, Inc. Prior to joining Mesirow Advanced Strategies, Inc., Mr. Kaplan was in Investment Management: Three Years Later (2003), and “Institutional Demand for Hedge an attorney with the law firm of Katten Muchin & Zavis. Funds: New Opportunities and New Standards” (2004). Prior to founding CQA, Kevin was a Managing Director of Barra Strategic Consulting Group and RogersCasey. Moderated by: Mikael A. Johnson, Global Chair, Hedge Funds and Alternative Investments Leadership Team, KPMG Timothy R. Barron, President & Chief Executive Officer, ROGERSCASEY Mikael is an assurance partner in KPMG’s Al t e r n a t i ve In vestments Practice in Ne w Tim Barron is the President and Chief Executive Officer of RogersCasey, responsible Yo rk, and he serves as Global Chair of the Fi rm’s Hedge Funds and Al t e rn a t i ve In ve s t m e n t s for the strategic direction and management of the firm. He oversees new business Leadership Team. Mikael has 13 years of experience serving altern a t i ve investments clients, development, institutional consulting, investment research and manager research as well as all including hedge funds, commodity pools, private equity funds, ve n t u re capital funds, hybrid operational aspects of the firm. Tim joined RogersCasey in 2002 with over 25 years of experience p roducts, and their sponsors (including re g i s t e red investment advisers and broker/dealers). Mi k a e l in the investment industry. Most recently, he was employed at Muzinich & Co., a high yield leads the Fi rm’s effort to focus its re s o u rces in the hedge fund and altern a t i ve investments mark e t . bond investment specialist firm, where he was Director of U.S. Institutional Client Mikael has worked with a wide variety of clients, including the altern a t i ve investment pro d u c t Development. Prior to that he was a principal at Morgan Stanley Dean Witter Investment g roups of multinational financial institutions, large entre p reneurial altern a t i ve investment and Management. Before joining Morgan Stanley, Tim was a Managing Director and Senior wealth management firms, and start-up altern a t i ve investment managers. In addition to audit Consultant at BARRA RogersCasey. Tim was also a consultant with Wyatt Asset Services, the s e rvi ces, Mikael has perf o rmed a variety of business advisory services for his clients including start - u p consulting, due diligence assistance, and process reengineering. Mikael is a co-author of a joint Chief Investment Officer for the Virginia Retirement System, and the Executive Director of the K P M G / C R E ATE study on the hedge funds industry entitled Hedge Funds: A Catalyst Re s h a p i n g City of Richmond Retirement System. Global In vestment. Carrie McCabe, MCCABE ADVISORS 8.55 Are alternatives the new mainstream and what are the implications Carrie A. McCabe has 20 years of experience in capital markets and asset for successful hedge fund of funds and their investors in the future? management, with a particular expertise in hedged strategies. Though her strategic This presentation will consider the future evolution of the opportunity set for investors advisory firm, McCabe Advisors, she counsels clients with hedge fund mandates exceeding $30 billion including the world’s largest pension plans, Fortune 100 corporations, top tier hedge against the background of increasing convergence between traditional asset management funds, and leading global financial institutions. Most recently, she was President and CEO of and alternative investment methodologies. It will also evaluate the implications of the quest FRM Americas LLC, the New York office of Financial Risk Management’s $13 billion family of for increasingly complex sources of alpha and alternative beta and the capacity constraints hedge fund of funds. Previously Ms. McCabe was President and Chief Executive Officer of that could limit mainstream adoption. Blackstone Alternative Asset Management where she built multi-manager hedge fund investing Robert C. Jones, CFA Managing Director, Chief Investment Officer, Global into a core business of the firm. Ms. McCabe had overall management responsibility for both Quantitative Equity, GOLDMAN SACHS investment and client aspects of the business. Ms. McCabe began her career at Bear Stearns, Bob brings over 25 years of investment experience to his work in managing the Gl o b a l where she was elected Managing Director at the age of 30. She then joined Hong Kong and Qu a n t i t a t i ve Equity Group. He developed the original model and investment process for GQE in Shanghai Banking Corporation (HSBC) as Senior Vice President and Manager of Capital Markets, managing a $25 billion balance sheet and directing sales and trading with products the late 1980s and has been responsible for overseeing their continuing development and evo l u t i o n consisting of swaps, options, foreign exchange, foreign bonds, and other derivatives. e ver since. The GQE Group currently manages over $80 billion in equity portfolios across a variety of styles and client types. Prior to joining Goldman Sachs Asset Management in 1989, 10.15 Morning Networking Break Bob was the Senior Qu a n t i t a t i ve Analyst in the In vestment Re s e a rch De p a rtment and the author of the monthly Stock Selection publication. Be f o re joining Goldman Sachs in 1987, Bob 10.45 Alpha Generation Spotlight - SUB-PRIME TRADE conducted quantitative re s e a rch for both a major investment banking firm and an options In this special keynote session one of the most successful managers of 2007 shares the consulting firm. In his care e r, Bob has been fortunate to have worked with some of the para g o n s strategies & approaches they used to deliver stellar returns to their investors in 2007 of modern finance, including Ha r r y Ma rk owitz, Fischer Black and Bob Li t t e rma n. He is a John Paulson, Chief Exe c u t i ve Of f i c e r, Paulson & Co member of the Ne w Yo rk Society of Security Analysts, the Institute for Qu a n t i t a t i ve Re s e a rch in John Paulson is the president of Paulson & Co. Inc. (“PCI”). PCI is the general part n e r Finance (the ‘Q Gro u p’), QWA FAFEW (Qu a n t i t a t i ve Wo rk Alliance For Applied Fi n a n c e , and investment manager for the Paulson Funds, domestic and offshore funds focused on Education and Wisdom), and the Chicago Qu a n t i t a t i ve Alliance and is a board member and merger and event and distressed investing. Prior to organizing PCI, Mr. past president of the New Yo rk Society of Qu a n t i t a t i ve An a l y s t s. Paulson was a general partner of Gruss Pa rtners and a managing director in mergers and acquisitions at Bear St e a rns. Mr. Paulson re c e i ved his Masters of Business Ad m i n i s t ration with Robert P. Prince, Co-Chief Investment Officer, BRIDGEWATER ASSOCIATES high distinction, as a Baker Scholar, from Ha rva rd Business School in 1980. He graduated summa Bob Prince has been with Bridgewater since 1986. He manages the company's cum laude in Finance from New Yo rk Un i ve r s i t y’s College of Business and Public Ad m i n i s t ra t i o n research and development of proprietary investment management models, designs in 1978. Mr. Paulson has been managing money in event arbitrage since July 1994. client investment strategies, and oversees the implementation of these strategies within client Introduced by Randy Slifka, Managing Princpal, portfolios. Bob has undergraduate BS degrees in Finance and Accounting from the University of SLIFKA ASSET MANAGEMENT Tulsa. He has an MBA from the University of Tulsa. Prior to joining Bridgewater in 1986, Bob (for bio see page 9) managed the Treasury department for the Banks of Mid-America in Tulsa, Oklahoma REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885 4 FAX: 941.365.2507 EMAIL: [email protected] bringing together leading institutional and HNW investors from around the world to the heart of the global hedge fund industry in New York City

11.30 Organic vs M&A – how the growth strategies of leading institutions majority interest in Highbridge in 2004 was arguably the largest and most significant tra n s a c t i o n will impact opportunities for hedge fund of funds and their inve s t o r s in the hedge fund industry to date. Ad d i t i o n a l l y, Jes also oversees and sits on the board of the b a n k’s affiliate investment in American Ce n t u r y. Jes joined JPMorgan in 1979 after gra d u a t i n g With the recent success of IPOs and as fund of funds consider their exit strategies, what are f rom Bowdoin College with a degree in economics. From 1980 to 1989, he worked in the bank’s the implications of the strategic plans of major institutions for fund of hedge funds and Latin America division, where he served as head of corporate finance for Brazil and genera l hedge funds? Additionally the presentation will consider the key objectives of investment manager of the firm’s Brazilian bro k e rage firm. Eight of these years we re spent in São Pa u l o. Je s banks when taking minority stakes in hedge funds and future plans for strategic was one of the three founding members of JPMo r g a n’s equities business, which consolidated partnerships with independently owned alternative asset managers. Mo r g a n’s extension into investment banking in the early 1990’s. He ran Equity Capital Ma rk e t s George H. Walker, Global Head of Investment Management, and Syndicate. In 1999, Jes was tapped to head JPMo r g a n’s Pr i vate Bank, which under his LEHMAN BROTHERS leadership improved profitability threefold in two years. Late in 2001, Jes was promoted to his George is a managing director and global head of Lehman Brothers’ Investment c u r rent position, adding the asset management business to his responsibilities. Management Division. In this role, Mr. Walker oversees Asset Management, including Moderated by: Robert Picard, Chief Investment Officer, OPTIMA FUND Neuberger Berman and Lincoln Capital, Private Investment Management and Private Equity MANAGEMENT, LLC businesses. He is a member of the Firm's Executive Committee. Previously, Mr. Walker was head of Alternative Investment Strategies for Goldman Sachs Asset Management and a partner of the Prior to joining Optima as CIO/Director of Research, Mr. Picard was a Managing firm. He served on the firm’s Partnership Committee. Mr. Walker serves on the board of a Director at The Carlyle Group. At Carlyle, Mr. Picard built and managed the process and number of institutions: Local Initiative Support Cooperation, New School University (Vice portfolio of an innovative hedge fund business that provided an institutional platform for Chairman) and the University of Pennsylvania’s School of Arts & Science. Mr. Walker earned Institutions investing in alternative investments. Prior tojoining Carlyle, Mr. Picard was his M.B.A. from the Wharton School and a B.A./B.S. from the University of Pennsylvania. Managing Director at RBC Capital Risk Advisors, working with the Global Equity Derivatives Group of Royal Bank of Canada. The Group actively managed more than US $10 billion of Mo d e rated by: James E. (Jes) St a l e y, C E O, J P M O RGAN ASSET MANAG E M E N T Royal Bank's proprietary assets through arbitrage trading, hedge fund investments and structured Jes Staley is the CEO of JPMorgan Asset Management, one of the largest asset and private equity investments. Previously Mr. Picard was European Manager, Structured Equity wealth managers in the world with over $1.3 trillion of assets under supervision. He is Products for RBC Dominion Securities Inc. From 1992 to 1994, Mr. Picard worked as a member of JPMorgan Chase’s Exe c u t i ve Committee and Op e rating Committee, the decision- European Product Manager, Global Equity Derivatives for Kidder, Peabody in Europe and making group for day-to-day strategic and operating matters of the firm. Jes led JPMo r g a n’s earlier worked for Bank Nomura (Suisse) S.A.trading and selling multicurrency, Japanese and s t rategic partnership with Highbridge Capital Management, making JPMorgan the worl d’s South-East Asian convertible and warrant products. largest hedge fund manager with $40 billion under management. The firm’s purchase of a 12.15 Lunch

TRACK A TRACK B TRACK C

CLOSE DOOR SESSIONS – NICHE FUND OF FUND STRATEGY SHOWCASE – I MANAGING THE CHALLENGES OF RUNNING A NEW END-INVESTOR FOCUS I EXPERIENCED END-INVESTOR FOCUS SUCCESSFUL FUND OF FUNDS:

Chaired by: Kevin E. Lynch, Managing Director, Co-Head Non- Chaired by: Robert Picard, Chief Investment Officer, Chaired by: Randy Slifka, Managing Principal, SLIFKA ASSET Traditional Investments Group, CRA ROGERS CASEY OPTIMA FUND MANAGEMENT, LLC MANAGEMENT LLC As experienced investors seek to enhance the performance of These expert-led educational sessions are specifically designed This track will explore how successful hedge fund of funds are their alternative allocations, niche hedge fund of funds can for end-investors who are considering making an initial or responding to dual challenges of managing growth and provide an effective and timely way to gain concentrated subsequent allocation to hedge fund of funds. sustaining performance in specially targeted presentations on: exposure to new alpha-generating strategies and access to top- The closed door environment provides end-investors with a performing, ‘below the radar screen’ hedge fund managers • Managing The Liquidity Crunch unique opportunity to ask questions, share experiences and gain • Broadening The Investor Base practical, relevant and timely information ‘off-the-record’ from The GAIM Fund of Funds “Niche Fund of Fund Strategy • Enhancing Performance their own peer group. Showcase” brings you top performing hedge fund of funds Attendance for qualified investors is subject to approval. who provide specialist access to: sector specific and small & emerging managers To gain access to the GAIM Fund of Funds End-Investor Closed Door sessions please email your request to: [email protected]

1.30 INITIAL ALLOCATIONS TO HEDGE FUND OF FUNDS NATURAL RESOURCE HEDGE FUND OF FUNDS BROADENING THE INVESTOR BASE TO HNW INVESTORS Practicalities of integrating an initial hedge fund of funds Moderated by: John B. Levitt, CAIA, Principal, EXTENDED SESSION allocation into an institutional portfolio, including an GREGOIRE CAPITAL LLC Identifying the access provided by different distribution evaluation of the pros and cons of using portable alpha Mr. Levitt joined Gregoire in 2001 where he directs product p l a t f o rms to global HNW investors and how best their strategies development and co-manages the firm’s proprietary funds(“F3”). s e rvices can be incorporated into a HNW port f o l i o Moderated by Kevin E. Lynch, Managing Director, Co-Head His responsibilities include the analysis of funds-of-funds as well as Non-Traditional Investments Group, CRA ROGERS CASEY relative value strategies research. Prior to joining Gregoire, he was Mo d e rated by: James K. Di l w o rth, President, CEO, D I LWO RT H Mr. Lynch is Managing Director, Co-Head of Non-Traditional Founder and Managing Member of The Harvest Fund Group C A PI TAL MANAG E M E N T, LLC LEHMAN BROT H E R S Research at RogersCasey, an institutional investment consulting LLC, a global fund, where he traded D i l w o rth Capital provides access to unique investment opport u n i t i e s firm headquartered in Darien, CT. Mr. Lynch joined RogersCasey convertible securities using global asset allocation models based on to ultra high-net-worth individuals, families, foundations and in December 2006 after spending more than 20 years with Verizon multiple micro and macro-economic factors. institutions. Dilworth seeks to deliver unparalleled risk- adjusted Communications and its predecessor companies. At RogersCasey, re t u rns by sourcing unique and highly differentiated altern a t i ve Brad Cole, President, COLE PARTNERS Mr. Lynch is primarily responsible for hedge fund research. He i n vestment opportunities. Prior to establishing Dilworth Ca p i t a l , Brad Cole is President of Cole Asset Management, LLC and Cole works with the hedge fund research team sourcing managers, M r. Dilworth served as the CEO and Managing Director of the Partners LLC, overseeing all investment, management, and conducting due diligence, and assisting clients with portfolio MCP Chess Group with offices in London, England and Sa n strategic activities of the firms, based on his broad alternative construction and monitoring. In his previous role at Verizon Fra n c i s c o. MCP Chess Group, Ltd was partially owned by the investment experience. Brad's professional career spans more than Investment Management Corp., Mr. Lynch was responsible for C h a rles Schwab family managing investments in both hedge funds 20 years in the derivatives industry and includes more than 10 managing Verizon’s $7.0 billion strategic partnership network and and private equity funds. Prior to that Mr. Dilworth was the years' experience developing and implementing successful marketing its $2.8 billion absolute return portfolio. Mr. Lynch earned a London-based Director of Winter Capital Management. Wi n t e r strategies for alternative investment managers. Brad founded Cole bachelor of arts degree from Villanova University and holds Capital, which was sold to Ci t i Bank in late 2000, is a leading Asset Management in 2002, building on his diverse experience in graduate degrees in finance and economics. He is a Chartered a l t e rn a t i ve investment advisory and management boutique serv i n g commodities and alternative asset management. Cole Asset Financial Analyst (CFA) and Certified Financial Planner (CFP). u l t ra high-net --worth individuals and families. Management offers investors active asset management in the David W Wiederecht, Vice President, MANAGING commodities sector, managing a natural resources fund of funds. Douglas Lindgren, Managing Director & Head of the Al t e rn a t i ve DIRECTOR Alternative Investments, GE Asset Management In vestment Group, UBS W E A LTH MANAG E M E N T Incorporated Christopher Zuehlsdorff, CFA, Portfolio Manager, Mr. Wiederecht is Vice President – Alternative Investments for GE PERMAL GROUP M r. Li n d g ren is a Managing Director and Head of Al t e rn a t i ve In vestments at UBS Financial Se rvices Inc. He manages a team Asset Management, where he co-heads the absolute return strategy Mr. Zuehlsdorff joined the Permal Group as a Senior Financial responsible for developing, managing, distributing and servicing a suite team. He also has portfolio management responsibilities for various Analyst in 2003 with the responsibility for discovering and of pro p r i e t a ry and non-pro p r i e t a ry altern a t i ve investment offerings acro s s private equity and real estate investment strategies. Prior to joining screening both potential and existing investment managers. Mr. a variety of asset classes and investment strategies, including hedge funds, GE Asset Management in 1988, Mr. Wiederecht held several Zuehlsdorff focuses on investment managers pursuing natural p r i vate equity, real estate, managed futures, and exchange funds. Prior to positions throughout the General Electric Company. Companies in resources and commodity-based strategies performing both joining UBS in June 2005, Mr. Li n d g ren was a Managing Director of which he serves as a Director include, Navigant International, qualitative due diligence and quantitative analysis. In addition, he U.S. Trust Company, and headed its Al t e rn a t i ve In vestments Division. Edmunds.com, Elephant & Castle and Nextec. He holds a BA in is a director on the board of Treaty Oak Ironwood Ltd, an Prior to joining U.S. Trust in April 1995, Mr. Li n d g ren served in Economics from St. Lawrence University. independent offshore investment fund. various capacities for Inco Ve n t u re Capital Management (“IVC M” ) f rom Ja n u a ry 1988 through Ma rch 1995, including President and Ernest A. Scalamandre, Managing Member, Managing Principal from Ja n u a ry 1993 through Ma rch 1995. W h i l e AC INVESTMENT MANAGEMENT LLC at IVCM, Mr. Li n d g ren invested in ve n t u re capital and buyo u t AGR Master LP is a fund of hedge funds specializing in t ransactions and served on the board of directors of seve ral of its port f o l i o commodity and natural resources discretionary investing. The companies. Be f o re joining IVCM, Mr. Li n d g ren was employed by I made the most contacts at Fund focuses on relatively inefficient markets with price Salomon Brothers Inc and Smith Ba rn e y, Harris Upham & Co., In c . his event. Many felt that this transparency. The current focus of the Fund is on Natural gas, He is an Adjunct Professor of Finance at Columbia Un i ve r s i t y’s proved that GAIM is the best power, base metals and the agricultural complex. Graduate School of Business, where he has taught investment seminars “ Ernest A. Scalamandre received a B.S. in Economics from the since 1993. Mr. Li n d g ren holds a M.B.A. and B.A. from Columbia conference. Continue the University of Pennsylvania in 1985. Mr. Scalamandre has worked Un i ve r s i t y. in the alternative investment industry for fifteen years and has quality of this event. managed a hedge fund of funds and its predecessor since 1993. Paul M. Weisenfeld, Senior Vice President, Dire c t o r, From July 1995 until December 2005, Mr. Scalamandre was the SMITH BARNEY ALT E R N ATIVE INVESTMENTS ” Founder, Managing Member and sole portfolio manager of W W W . G A I M U S A F O F . C O M 5 The largest gathering of Hedge Fund of Funds and their investors in North America

Pinnacle Associates GP LLC ("Pinnacle"), a fund of hedge funds firm serving as the general partner for several fund of hedge funds, including Pinnacle Natural Resources LP. From May 2003 to December 2005, Mr. Scalamandre served as the Lead Portfolio Manager for the Silver Creek Early Advantage Fund, L.P., a leading emerging manager fund.

2.10 INTRODUCTION TO STRUCTURED PRODUCTS ABL HEDGE FUND OF FUNDS Use of leverage in an institutional portfolio Jonathan Kanterman, Managing Dire c t o r, S T I L LWAT E R C A PI TAL PA RT N E R S Moderated by: Bill Bassin, Senior Vice President, Jonathan has over 15 years investment management experience. LEHMAN BROTHERS Pre v i o u s l y, Mr. Kanterman was the Managing Director of Bill Bassin is a Senior Vice President at Lehman Brothers, where Valenzuela Capital Pa rtners, LLC., a $2.2 billion money he leads the hedge fund manager facing Capital Introductions management firm. Jonathan also served on the inve s t m e n t effort in the US, and where he previously structured committee where he headed portfolio review and analysis. Prior to trades around a variety of products, including hedge funds, fund- joining Valenzuela Capital Pa rtners, Jonathan was Vice Pre s i d e n t The ability to network and of-funds, and indices. Additionally, Bill is an Adjunct Assistant and Po rtfolio Manager of Wo o d f o rd Ga yed Management, In c . , Professor of Financial Management at NYU, teaching a hedge w h e re his responsibilities included portfolio management and client learn from a variety of fund class there. Prior to Lehman, Mr. Bassin worked at Auda s e rvi cing for this $1 billion money management firm. investors and providers; Hedge LLC, a fund-of-hedge-funds, performing both quantitative Michael L St r a t f o rd, CEO, MVP ASSET MANAGEMENT LLC “ administrators, legal, prime and qualitative research and evaluation of potential hedge fund Michael L. St ra t f o rd, is the CEO and founder of MVP As s e t investments, as well as portfolio construction of current Management. St ra t f o rd began his career with Friends Prov i d e n t brokers was valuable investments. Before Auda, Mr. Bassin worked in UBS Investment Asset Management Limited. His initial duties we re that of Bank's Hedge Fund Services Division, and prior to that produced c o n t rol ling and executing all futures, options and warrant trades for written research on the hedge fund industry at Goldman, Sachs & the group. From here he simultaneously managed the Ea s t e rn Co. Bill also previously specialized in bankruptcy law as an Eu ropean Emerging Ma rkets portfolios for the group. By 1999 he attorney at Friedman, Wang & Bleiberg. He earned an MBA was Co-Head of the Eu ropean Po rtfolio Desk (excluding UK ” with honors from Columbia Business School, specializing in equities), successfully managing approximately $4bn in assets. security analysis and finance, and also holds a Bachelor's Degree in Su b s e q u e n t l y, St ra t f o rd held the position of Chief In vestment Of f i c e r Economics/Mathematics from Dartmouth College, as well as a and Chief Financial Officer for Ellaway Asset Ma n a g e m e n t . J.D. from Emory University School of Law, all with honors." Ma t t h ew Ember CFA, D i rector of In vestments, PE N TAG O N C A PI TAL MANAGEMENT PLC Matthew Ember CFA is Director of In vestments at Pe n t a g o n Capital Management, a $2 billion London-based altern a t i ve i n vestment manager. He has been associated with Pentagon for ove r ten years, and during his time in academia was instrumental in the e a rly development of the firm's models. Prior to joining Pentagon full time in 2002, Matt spent four years with Pr i c e w a t e rhouseCoopers where he advised large corporate clients t h roughout Eu rope and the US. He now directs investment stra t e g y a c ross the firm and manages Pentagon's fund of hedge funds, s t ru c t u red finance and asset-based lending portfolios. Adrian Morger, Head of Fund & Manager Selection, VERWALTUNGS- UND PRIVAT-BANK AG

2.50 TRANSPARENCY SMALL & EMERGING MANAGERS ADVANCED STRUCTURED PRODUCTS Identifying an appropriate level of transparency, how it can Moderated by: Remo Kranzlin, Co-founder and Managing Fund of fund managers share their experiences using help with investors’ risk management, its limitations, and Partner, Primores AG customized structured products to increase AUM, broaden the best way to use the information provided Primores offers institutional and high net worth clients research the investor base, better manage liquidity and enhance Some of the first questions investors ask with respect to and advisory services in funds of hedge funds. Primores also performance alternative allocations involve the issue of fund transparency. manages funds consisting of carefully selected and strictly • Financing that provides working capital and enhanced This session will evaluate what an appropriate and reasonable monitored specialist funds of hedge funds. Prior to forming performance level of transparency might look like and the practicalities of Primores, Mr Kraenzlin was Managing Director at Fund Research • Turn-key portable alpha products to help access pension fund using the information provided to execute effective risk Partner in Zurich. Before that he worked as a senior equity investors profiling of the portfolio derivatives trader at Bank Vontobel and fixed income proprietary • Hedge fund-linked annuities and other HNW products Moderated by: Roger Fenningdorf, Global Manager Research, trader at Zurcher Kantonalbank. • Addressing regulatory and jurisdictional requirements via ROCATON INVESTMENT ADVISORS, LLC Barak L. Laks, ALPHA BETA CAPITAL MANAGEMENT Principal Protected Notes Roger Fenningdorf is a founder and Partner of Rocaton here he Barak is a Founder, Managing Member and Chief Investment leads the Global Manager Research effort. In this capacity, Roger is Moderated by: Rebecca Weeks, Managing Director, Structured Officer of Alpha Beta Capital Management, LLC and Alpha Beta responsible for setting the firm’s manager research agenda and Funds Group, NATIXIS CAPITAL Capital Advisors, LLC. Alpha Beta runs one multi-strategy fund managing the team’s qualitative and quantitative analysis of MARKETS, INC. of hedge funds, which has been recognized as a standout based on investment management organizations and their products. Roger Rebecca Ammann is a Managing Director with Natixis Fi n a n c i a l absolute and risk adjusted returns (InvestHedge Levered Fund of also spends a significant amount of his time researching hedge Products Inc., (formally IXIS Financial Products Inc.). Ms. Hedge Funds of the Year, 2006). Prior to founding Alpha Beta, fund and U.S. equity strategies and managers. Roger is also Ammann joined Natixis in 2000 and is a senior mark e t i n g Barak was Co-CIO and Partner of the LongChamp Group. The instrumental in working with clients on investment manager specialist for the St r u c t u red Funds Group. Prior to Natixis, Ms. firm’s flagship fund of hedge funds, The LongChamp Multi- searches in the hedge fund and U.S. equity asset classes. Roger is a Ammann worked as a Vice President for Ge n e ral Re Fi n a n c i a l Strategy Fund, was ranked third by MARHEDGE for three years member of the firms’ Board of Managers. Roger joined Rocaton ending December 2003 based on risk-adjusted performance (using Products (Ge n Re) from 1998, marketing equity-linked deriva t i ve s , after 8 years at Barra RogersCasey where he served as Managing MAR Ratio) out of a 300+ sample of well known fund of hedge swaps, credit-linked and fixed income stru c t u red products to US life Director, Head of Global Manager Research and served as funds. Prior to joining LongChamp, Barak was an options trader i n s u rance companies. Prior to Ge n Re, Ms. Ammann spent eleve n portfolio manager for two fund Of funds strategies. Rocaton is and analyst for a hedge fund. years at Banker Trust Company in various capital markets client 100% employee owned and is focused on providing superior c ove rage roles for the Global In vestment Bank developing asset Neal Greenberg Chief Investment Officer/Founder, investment advisory services, without conflicts of interest, to m a n a g e r, insurance company and corporate clients for fixed income, institutional investors. Rocaton’s assets under advisement exceed THE AGILE GROUP Neal is the co-founder and Chief Executive Officer of the Agile emerging markets, credit and equity deriva t i ves; asset and liability- $225 billion. Rocaton advises more than $13 billion in hedge based stru c t u red products; tre a s u ry and corporate securities. fund assets. Group, LLC, which is the parent organization and is an SEC registered investment adviser. He is also the chief investment officer John D. Rogers, Managing Director, ARDEN ASSET Gregg S. Hymowitz, Managing Partner, ENTRUST CAPITAL and chief executive officer of Agile’s underlying hedge funds and MANAGEMENT LLC Gregg has been a Managing Partner of EnTrust Capital since hedge funds of funds, including the Agile Safety Fund, LP, Agile Mr. Rogers responsibilities include product developments and April 1997. Prior to forming EnTrust, Gregg was a Vice President Performance Fund, LLC and Agile Safety Variable Fund, LP. In strategic planning. Prior to joining Arden, Mr. Rogers was a at Goldman, Sachs & Co., which he joined in 1992. For the the early 1980s, Neal worked in mergers and acquisitions in the Managing Director at Ivy Asset Management Corp. where he preceding two years, Gregg engaged in a Mergers & Acquisitions headed Ivy’s Investment products Group and was a member if the practice at Skadden, Arps, Slate, Meagher & Flom. Gregg oil and gas industry with Donaldson, Lufkin and Jenrette, as well firm’s Global Risk Committee. Prior thereto Mr. Rogers was a graduated Cum Laude from Harvard Law School with a Juris as with Butcher Singer. In 1986, Neal founded Greenberg & Doctorate, and holds a B.A., Phi Beta Kappa, from the State Associates (known as Agile Group, today), a wealth management partner at a Texas-based private equity form, an investment University of New York at Binghamton from 1987. firm for high net worth individuals. In the late 1980s, while banker at Goldman Sachs and Merrill Lynch and a senior building a strong team of financial professionals, Neal began corporate finance officer for a Texas-based family corporation. Ben Appen, Founding Partner, MAGNITUDE CAPITAL allocating client assets to alternative strategies. Barry Brick, Chief Operating Officer, GUIDANCE Ben Appen is a founding partner at Magnitude Capital, a $1B Claude F. Porret, Chief Executive Officer, 47 DEGREES CAPITAL LLC fund of funds based in New York. Mr. Appen shares responsibility NORTH CAPITAL MANAGEMENT Barry Brick is a principal, Chief Operating Officer and Chief for manager sourcing, evaluation, and ongoing monitoring, as Compliance Officer of Guidance Capital and is responsible for well as marketing and business operations. Mr. Appen was Claude F. Porret is the CEO of 47 Degrees North Capital overseeing all aspects of the firm's operations. He is also a member previously a Senior Vice President at D. E. Shaw & Co. During Management. Before founding 47°N in 2006, Claude was the of the firm's Investment Committee. Prior to joining Guidance his 7-year tenure at the firm, he co-founded and ran the fund of head of RMF Hedge Fund Ventures within RMF Investment Capital, Mr. Brick worked for SEI Investments first managing a funds program, which had $600mm with outside managers. The Management. She was a member of the management committee fund of funds group developed a reputation in the industry for and the investment strategy committee. Prior to joining RMF in variety of financial and business processes within the firm's

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quantitative sophistication and rigorous due diligence. Mr. Appen 2001, Claude spent eight years with Hunter Douglas Investment Services unit, and later serving as Director of Product has also founded and ran a small statistical software company. Management as a director, responsible for treasury management Development within the Fund Services Division. Before joining Magnitude Capital leverages its principals' hedge fund experience and supervision of the in-house hedge fund portfolio. SEI in 1991, he was a business unit controller at Kidder Peabody to focus investments on areas of greatest opportunity. The firm's 47 Degrees North Capital Management is a premier alternative & Company. primary sources of capital are institutional investors (supported by investment firm offering sophisticated institutional investors a consultants) and hedge fund managers investing their personal unique line-up of specialized fund of hedge funds products. One of Tobin V. Levy, Managing Director Chief Financial Officer, money. its flagship products, the 47 Degrees North New Generation Fund, GOLDMAN SACHS HEDGE FUND STRATEGIES LLC offers investors access to a diversified portfolio of early stage hedge Toby is responsible for structured products within the Hedge Fund fund managers. Strategies Group (HFS). He joined HFS as treasurer in 1995 and became chief financial officer in 1998. He was responsible for management of the Treasury, Controllers, Compliance, Legal, Tax and Operations Services departments. Toby managed the margin loan business for Private Wealth Management from 2001 to 2002 and then returned to Princeton to resume his role as chief financial officer for HFS. Andrew Smith, Portfolio Manager, FAIRFIELD GREENWICH Mr. Smith is the Portfolio Manager and oversees all operations for Great access to a targeted the Chester Global Strategy Fund, the Irongate Global Strategy audience in a relaxed Fund and the Chester Horizons Fund for FGG. He is also a atmosphere - very well done member of FGG’s Executive Committee. He has over 16 years “ experience in finance, asset management, private equity and real estate. Prior to joining Fairfield Greenwich Group, Mr. Smith was a partner at Chester Investments (unaffiliated), a private investment firm/, where he was responsible for ” alternative investments.

3.30 Afternoon Networking Break Sponsored by 4.00 BENCHMARKING PIPES HEDGE FUND OF FUNDS MANAGING THE LIQUIDITY CRUNCH

Performance benchmarking institutional fund of funds J. Mitchell Hull, Managing Director, PIPE EQUITY St ructuring fund of fund portfolios to maintain your risk Peer group analysis PARTNERS LLC p rofile, meet investor redemption needs and retain access to Recreating strategy returns Mr. Hull is the founder of Hull Capital Management, LLC top managers Use of indices both investible & non-investable (HCM) which manages PIPE Equity Partners, LLC (PEP). PEP Mo d e rated by : Constantine Karides, Co-leader In s t i t u t i o n a l is a single strategy fund (FOF) that invests in PIPE hedge funds. In vestment Dispute Resolution Gro u p , REED SMITH LLP Moderated by: J. Alan Lenahan, CFA, Vice President - Current firm assets as of 3/1/07 were $334.7 million. Prior to Constantine is the worldwide head of Reed Smith's Hedge Fund and Alternative Investments, FUND EVALUATION GROUP, LLC starting HCM, Mr. Hull managed Hull Capital Corp. (HCC) D i s t ressed In vesting practices. He manages the firm's re l a t i o n s h i p Alan is a Vice President within the alternative investments practice funds that focused extensively on strategies of convertible arbitrage, with more than a dozen hedge funds with in excess of $15 billion in at Fund Evaluation Group. FEG is an institutional investment options, and PIPE investing. Prior to HCC, Mr. Hull was at assets. Constantine focuses his practice on the formation and ongoing consultant with over $30 billion in assets under advisement Morgan Stanley from 1984-1991 managing convertible and counseling of hedge funds and related financial institutions, as we l l located in Cincinnati Ohio. Alan's focus is on the hedge fund option assets. as structuring and implementing distressed investment strategies. He industry and his responsibilities include hedge fund manager PIPE Equity Partners, LLC (PEP) is a single strategy fund of also has a long track re c o rd of successfully negotiating the re s o l u t i o n of complex altern a t i ve investment disputes. sourcing and selection, strategy research, portfolio construction, funds that invests primarily in funds of PIPE investments. We and client education. FEG's efforts in hedge fund research include invest in funds managed by investment professionals who have Jason D. Pa p a s t a v rou , PhD, Fo u n d e r, ARIS CAPI TA L sourcing and full due diligence of both fund of funds and hedge demonstrated an ability to successfully invest in PIPE transactions M A N AG E M E N T D r. Pa p a s t a v rou founded Aris Capital Management, a fund of funds across the full spectrum of alternative strategies. Alan also which are privately negotiated instruments issued by public hedge funds firm with $250 million under management in earl y works in a consulting capacity with clients that have an companies including common stocks, convertible debt, and preferred stocks. 2004. Prior to founding ARIS, from 2001 through 2003, Dr. alternative only or alternative focused mandate. Alan joined FEG Pa p a s t a v rou was the founder and Managing Director of the Fund of in 2002. Stephen Gilboy, President, GLL INVESTORS, INC. Hedge Funds St rategies Group of Banc of America Ca p i t a l Mr. Gilboy formed GLL Investors L.P. and GLL Investors, Inc. on Lara Price, Head of Re s e a rc h , O C TANE MANAG E M E N T management (“BAC A P”), with assets under management of ove r January 1, 1995, after a long period as a successful trader and $800 million as of his depart u re in December 2003, and Pre s i d e n t , L a ra Price serves as the Head of Re s e a rch at Octane Re s e a rch Inc, a investor from 1969 to 1994. Since then he has launched two Swiss based fund of hedge fund solution provider with ove r BACAP Al t e rn a t i ve Advisors. Prior to joining BACAP in 2001, he additional hedge funds for which GLL Investors, Inc. is the was a senior portfolio manager for Deutsche Asset Ma n a g e m e n t $1billion assets under management. Octane invests primarily with General Partner (GLL Single Strategy, L.P (1999) and GLL ( “ De A M”) from 1999 to 2001. When following the merger with funds of funds to tailor products for its global institutional client Investors II, L.P. (2001)) and acts as the Investment Manager for bankers Trust in 1999, DeAM decided to build its internal fund of base. Lara founded Oc t a n e’s New Yo rk office where the company’s two others (GLL Investors, Ltd., an offshore fund with two classes hedge fund capabilities, Dr. Pa p a s t a v rou was the first hire of that re s e a rch activities take place. T h e re she is responsible for monitoring of shares formed in 2003 and 2005) and The Players’ Fund, L.P. g roup. His tenure saw a period of unprecedented growth as assets the fund of fund allocations, and oversees perf o rmance monitoring (May 2005). Mr. Gilboy's background includes 18 years of under management grew from $700 million to $4.5 billion. Fro m and risk management. Lara is also integrally invo l ved in pro d u c t experience in the complex world of options trading as well as in 1997 to 1999, Dr. Pa p a s t a v rou consulted and worked for a Sw i s s design. Lara spent a number of years with In vestec Bank in South investment projects requiring longer-term perspectives. He was a family office with hedge fund investments of over $1 billion. Africa where as Product Manager she established and managed the prominent trader on the floor of the Chicago Board Options g ro u p’s multi-manager investment area. She then joined TAG Panagiotis Katsambas, FIX ASSET MANAG E M E N T Exchange from 1974 to 1992. M r. Katsambas recently joined Fix Asset Management fro m Associates, LLC, a large multi-client family office in New Yo rk as a Gary Berger, Partner, ROTHSTEIN KASS Sh e a rma n & St e rling LLP where his practice focused in part on Senior Po rtfolio Analyst and member of the In vestment Committee. legal and business counseling, hedge funds, as well as SEC Gary Berger is a principal at Rothstein Kass. He is extensively compliance and re g u l a t o ry matters. Panagiotis will be invo l ved in John B. Levitt, CAIA, Principal, GREGOIRE CAPI TAL LLC involved in the Firm’s financial services practice and has over all aspects of Fix Asset Management's business. M r. Levitt joined Gre g o i re in 2001 where he directs pro d u c t twenty years of experience serving domestic and offshore hedge d e velopment and co-manages the firm’s pro p r i e t a ry funds. Hi s funds, private equity funds and Fund of Funds. He provides Philipp D. Haas, Senior Investment Advisor, CCO, Global responsibilities include the analysis of funds-of-funds as well as advice on Fund start up issues including organizational structure, Equities Management, GEM GLOBAL EQUITIES re l a t i ve value strategies re s e a rch. Prior to joining Gre g o i re, he was economic and tax issues and general business consultation. Gary’s MANAGEMENT SA Founder and Managing Member of The Ha rvest Fund Group LLC , recent experience includes serving as a senior vice president at a Philipp is the Senior Investment Advisor and Chief Compliance a global conve rtible arbitrage fund, where he traded conve rt i b l e large global administrator. Gary is a frequent speaker at financial Officer for Global Equity Management, a true absolute return securities using global asset allocation models based on multiple services conferences and seminars. He has presented on numerous manager focused on emerging markets with over $400 million of m i c ro and macro-economic factors. From 1991 to 1994, he was topics including how to launch a hedge fund, valuation and fair assets under management. Philipp has extensive experience in Vi c e - President and Manager of conve rtible securities trading at value of investment portfolios, organizational and tax issues international investment management, having worked in the past Sp e a r, Leeds & Kellogg (now a division of Goldman Sachs). associated with Investment Partnerships, and accounting and for companies such as First Boston in New York, Credit Suisse technical issues for Investment Partnerships. First Boston in London as well as for leading Swiss private banks such as Rothschild, Pictet & Cie and Sarasin. 4.40 PORTFOLIO MANAGEMENT CREDIT HEDGE FUND OF FUNDS

Incorporating more esoteric strategies into hedge fund of Brian P. Mathis, Managing Director, Co-Managing Partner, fund portfolios and the implications for investor LONGSHIP CAPITAL MANAGEMENT, LLC performance monitoring and risk management Brian Mathis, is a Managing Director of the Provident Group Mario Therrien, Vice-President, Funds of Hedge Funds, HEDGE Limited and a Manager Partner of Longship Capital FUNDS CAISSE DE DÉPÔT ET PLACEMENT DU Management, LLC. Mr. Mathis has 10 years of alternative asset Well run, on time... QUÉBEC investment experience, including fund of hedge fund, hedge fund great panelists Mario Therrien has been Vice-President, Funds of Hedge Funds, and private equity experience, globally. Prior to joining Longship at the Caisse de dépôt et placement du Québec since 2002. In this Capital, Mr. Mathis was a Managing Director at Advent Capital capacity, he oversees a team whose mandate is to develop Management, LLC (“ACM”) responsible for the business “ investment strategies using hedge funds. Mr. Therrien joined the development and marketing of ACM’s hedge fund and long-only ” W W W . G A I M U S A F O F . C O M 7 The largest gathering of Hedge Fund of Funds and their investors in North America

Caisse in the Tactical Investments unit in 1992 as a financial strategies. Prior to joining ACM, Mr. Mathis was a Director at analyst. He was subsequently promoted to Assistant Manager and Pacific Alternative Asset Management Company, LLC Manager. In 1999, he was appointed Vice-President of Varan (“PAAMCO”), a fund of hedge funds with over $7.5 billion of Tactical Asset Management, a fund that manages international assets under management. He was a member of the Investment I made the most contacts at tactical investments. Mario Therrien has a bachelor's degree in Management Committee. his event. Many felt that this economics and a master's degree in finance from Université de The Longship Multi-Strategy Debt Fund is a globally diversified proved that GAIM is the best Sherbrooke. He has also completed the Canadian Securities course portfolio of “best in class” fixed income hedge funds. The Fund is “ given by the Canadian Securities Institute and holds a chartered managed utilizing underlying strategies with the following conference. Continue the financial analyst (CFA) designation from the Institute of investment characteristics: limited correlation to other strategies Chartered Financial Analysts. within the portfolio, historical consistency of return, limited quality of this event. David W Wiederecht, Vice President, Managing Director correlation to interest rate and credit spread movements and low Alternative Investments, GE ASSET MANAGEMENT financial leverage. INCORPORATED Bill Entwistle, Chief Investment Officer, ABSOLUTE Mr. Wiederecht is Vice President – Alternative Investments for GE CAPITAL LIMITED ” Asset Management, where he co-heads the absolute return strategy As Chief Investment Officer, Bill has primary portfolio team. He also has portfolio management responsibilities for various management responsibilities for the funds at Absolute Capital that private equity and real estate investment strategies. Prior to invest in the debt and equity tranches of asset-backed securities joining GE Asset Management in 1988, Mr. Wiederecht held and CDOs, as well as credit opportunities funds. Bill is also a several positions throughout the General Electric Company. member of Absolute Capital's investment committee and is a Companies in which he serves as a Director include, Navigant director on the board of Absolute Capital Investments Limited. International, Edmunds.com, Elephant & Castle and Nextec. He Bill has over 20 years of experience in banking, finance and asset holds a BA in Economics from St. Lawrence University. management in Australia. Prior to joining Absolute Capital, Bill held positions with Chase Manhattan Bank and JP Morgan and was involved in the early stages of the derivative markets development and more recently in the growth of the credit derivatives and structured credit markets in Australia. Bill also has significant market experience including interest rate, currency and equity derivative markets, fixed income, distressed debt trading, securitisation, credit derivatives and structured credit. 5.30 Cocktail Reception Sponsored by

Day Two – Tuesday October 30th, 2007 Changing Trends in Global Investment & the New Opportunity Set for Hedge Fund of Funds and Their Investors

7.15 Breakfast and Registration international macroeconomic issues, Europe and the Unites States’ economy, the Asian and global financial crisis, emerging markets, the reform of the international financial system and 8.00 Opening remarks from the Chairman global economic imbalances. He is the co-author (with Alberto Alesina) of the book “Political 8.15 Forecast – The Global Economic Forecast Cycles: Theory and Evidence” (M.I.T. Press, 1997). His new book “Bailouts or Bail-ins? Responding to Financial Crises in Emerging Markets” (with Brad Setser) was published by the Horace W. Brock, Ph.D., President, STRATEGIC ECONOMIC Institute for International Economics in August 2004. DECISIONS, INC Founder And President Of Strategic Economic Decisions, Inc., Dr. Horace James G. Rickards, Senior Managing Dire c t o r, N I K KO ALT E R N ATIVE ASSET “Woody” Brock specializes in applications of the modern “Economics of M A N AG E M E N T, INC. Uncertainty” (originally developed and championed by Kenneth Arrow of Stanford University) James G. Rickards is a counselor-at-law and investment advisor with over 30 years experience in to forecasting and risk assessment in the international economy and its asset markets. This law, economics and finance including commercial banking, investment banking, hedge funds research places considerable emphasis on tracking ongoing structural changes in the economy. The and exchanges. He has served in senior capacities for major financial institutions including existence of such changes explains why the future is different from the past, and thus often Citibank and RBS Greenwich Capital and major hedge funds including Long-Term Capital surprises the markets when it arrives. SED’s research also draws heavily upon leading-edge Management and Caxton Associates. At LTCM, he was principal negotiator in the $4 billion academic work to explain, from ?rst principles: “excess volatility,” trend-following behavior, and rescue which stabilized global markets during the systemic crisis of 1998. Mr. Rickards is the other forms of counter¬intuitive market behavior. Dr. Brock studied under Kenneth J. Arrow, founder of Global-I Advisors, LLC, an advisory firm specializing in geopolitics and capital Professor of Economics Emeritus, Stanford University, co-winner of the Nobel Prize in markets and his clients have included both private global risk management firms and Economics in 1972 for his pioneering contribu¬tions to general economic equilibrium theory government directorates. He has published research on cognitive diversity, information cascades and welfare theory, and under John C. Harsanyi, former Professor of Business Administration and network effects in capital markets. Mr. Rickards is a member of the International Bar and of Economics, University of California, Berkeley, co-winner of the Nobel Prize in Economics Association and the Association of the Bar of the City of New York. He holds an LL.M. in 1994 with the legendary John F. Nash Jr. (made famous by the movie “A Beautiful Mind”) (Taxation) from New York University School of Law; a J.D. from the University of for their analysis of equilibria in the theory of non-cooperative games. Holder of ?ve academic Pennsylvania Law School; an M.A. in International Economics from the School of Advanced degrees, Dr. Brock earned his B.A., M.B.A., and M.S. (in mathematics) from Harvard International Studies in Washington DC; and a B.A. (with honors) in Political Science from the University, and his M.A. and Ph.D. from Princeton University (mathematical economics and Johns Hopkins University and is a guest lecturer in finance and globalization at Northwestern political philosophy). He was an Andrew Mellon Foundation Bicentennial Fellow in 1976. His University, Johns Hopkins and the Applied Physics Laboratory. wide-ranging interests include economics, political theory, mathematical aesthetics, game theory, Brig Gen Joseph L. Shaefer, USAF, Ret and CEO of the STANFORD ADVISORY GROUP moral philosophy, mathematical physics, art, and the philosophy of science. Former military liaison to the Director of the DIA. 8.50 KEYNOTE DISCUSSION - Moderated by: Kenneth L. Grant, RISK RESEARCH, LLC Geopolitical Risk & the Financial Markets 9.50 Analysis - Opportunities and Challenges Presented by Global International experts evaluate key geopolitical trends and propose potential answers to the question, “What could trigger the next ‘event’ in the current economic cycle?” Markets In 2008 In this special session leading global hedge fund of fund CIOs respond to the economic Dr. Nouriel Roubini, Chairman, RGE MONITOR forecast and examine its implications for allocating successfully in the year ahead Professor Nouriel Roubini is Co-Founder and Chairman of Roubini Global Economics LLC (www.rgemonitor.com), a web-based economic and geo-strategic Peter D. Noris, Chief Investment Officer, IVY ASSET MANAGEMENT information service and economic consultancy, as well as Professor of Economics at Peter D. Noris is Chief Investment Officer of Ivy Asset Management, a position to which he was the Stern School of Business, New York University. He is a senior academic researcher in the named in February 2007. In this capacity, Mr. Noris works with the investment team and is a field of international macroeconomics; he has also had broad policy experience in a number of strategic advisor to four key areas including research, portfolio management, risk management positions in the U.S. government and his views are regularly and widely cited in the press and and operational due diligence. In addition, the structured credit group reports to Mr. Noris. media. He is a frequent commentator on global economic issues; his global economics Web site Prior to joining Ivy, Mr. Noris was Chief Investment Officer of Northstar Financial Services, (http://www.rgemonitor.com) has been ranked as the #1 web site in economics in the world by which was founded in 2005. From 1995 to 2004 he held the position of Executive Vice the Economist magazine; and his economics blog was recently ranked by the WSJ as on of the top President and Chief Investment Officer of AXA Equitable where he was responsible for 20 “must-read” blogs in the world. Professor Roubini received his undergraduate degree at managing Equitable Life’s general account investment portfolio and separate account mutual Bocconi University in Milan, Italy and his Ph.D. in Economics at Harvard University in 1988. fund managers. Prior to joining Equitable in 1995, Mr. Noris was Vice President at Salomon Before joining Stern, from 1988 to 1995 he was a faculty member of the Economics Brothers Inc., where he provided investment strategies to insurance companies. Before joining Department at Yale University. Salomon in 1992, Mr. Noris was a Principal of Morgan Stanley & Co., Inc., in its Insurance On the policy side, he was the Senior Economist for International Affairs at the White House Group and its Synthetic Equity Group. Council of Economic Advisers in 1998-1999; then, the Senior Advisor to the Under Secretary Steven H. Bloom, Senior Managing Director, SILVER CREEK CAPITAL for International Affairs and the Director of the Office of Policy Development and Review at the MANAGEMENT LLC U.S. Treasury Department in 1999-2000; in those positions he worked, among other issues, on Steven H. Bloom, CFA, is Senior Managing Director and a member of the Investment the resolution of the Asian and global financial crises of 1997-1998 and the reform of the Committee at Silver Creek. He has been with the firm since January 2007. His responsibilities international financial architecture after these crises. He has been a regular visitor and include all activities surrounding the firm’s investment process including portfolio management, consultant to the International Monetary Fund, World Bank and other public and private manager research, and due diligence. Mr. Bloom has over 23 years of experience in the hedge- institutions. He has published over 70 theoretical and empirical and policy papers on fund industry. He was the managing partner and founder of Sagamore Hill Capital Management LP, a $2.5 billion multi-strategy global hedge fund. At Sagamore he was the head

REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885 8 FAX: 941.365.2507 EMAIL: [email protected] bringing together leading institutional and HNW investors from around the world to the heart of the global hedge fund industry in New York City

portfolio manager, responsible for overall management of the firm and led the firm’s development 11.35 Alpha Generation Spotlight - ACTIVISM of numerous fundamental and arbitrage investment strategies. Prior to Sagamore, Mr. Bloom Richard Elden, Principal, LAKEVIEW INVESTMENT MANAGER began his financial career in 1983 as one of five founding partners of Susquehanna Partners, a multi-strategy international firm. While there, he was responsible for equity Richard Elden is the founder and chairman emeritus of Grosvenor Capital Management, L.P. and foreign exchange derivatives trading businesses, as well as the overall operational and Established in 1971, Grosvenor managed the first fund of hedge funds in the United States. strategic management of the firm. Grosvenor, which diversifies across investment strategies worldwide, currently manages approximately $17.5 billion. Mr. Elden currently serves as a special advisor to Icahn Partners William P. Bijesse, Chief Investment Officer, EIM USA and is a member of the advisory board of Edgewater Partners II. He also sits on Mr. Bijesse received an MBA from Harvard Business School, and a BS in Engineering from the the investment committees of the University of Chicago, The Field Museum, the Museum of United States Military Academy at West Point. Following his active duty service and his Contemporary Art and the Francis W. Parker School. Prior to founding Grosvenor, Mr. Elden graduation from Harvard he began his professional career as an Associate at Goldman Sachs was a reporter for the International News Service, the City News Bureau of Chicago and The where he managed high net worth portfolios in the equity division. Prior to joining EIM USA Chicago Sun-Times. In addition, he was a financial analyst with Science Research Associates Mr. Bijesse served as a Hedge Fund Specialist at Cambridge Associates LLC for over five years and a securities analyst with A. G. Becker & Co., Inc. Mr. Elden is a graduate of Northwestern where he advised and constructed hedge fund portfolios for pensions, endowments, and family University (B.A., 1956), the University of Chicago Graduate School of Business (M.B.A., 1966) offices around the world. In 2004 Mr. Bijesse was appointed CIO for the US and joined EIM’s and the Harvard Business School’s Owner-President Management Program (1997). Global Investment Committee. Augustus K. Oliver, Managing Member, OLIVER PRESS PARTNERS, LLC Augustus K. Oliver, 57, is a managing member of Oliver Press Partners, LLC, which serves as John C O'Hara, Jr. Chief Operating Officer, FRANKLIN STREET PARTNERS the investment manager for Davenport Partners, L.P. and related entities. The fund engages in John joined the Firm in 2002 after serving as a Managing Director of Goldman, Sachs & an investment strategy that involves identifying public companies that are trading at a Company. John joined Goldman Sachs in 1979 after receiving his MBA from the University of significant discount to their intrinsic value, purchasing strategic blocks of shares in those North Carolina at Chapel Hill. In 1990, John left Goldman Sachs to join Commodities companies in the open market and then pursuing strategic and financial initiatives to realize Corporation in Princeton, New Jersey, where he served as a Managing Director as well as a value. Mr. Oliver graduated from Yale University in 1971 and summa cum laude from the member of the firm's Management Committee. In 1997, Goldman Sachs acquired Commodities American University Law School in 1975. For nine years Mr. Oliver practiced law with Corporation and John assumed a leadership role in Goldman's Hedge Fund Strategies unit. John Skadden, Arps, Slate, Meagher & Flom, concentrating on mergers and acquisitions. He became received his undergraduate degree from the University of Massachusetts at Amherst. John serves a partner in the firm in 1983. In 1984, he left Skadden Arps to become a general partner of as President of the Kenan-Flagler Business School Foundation and Vice Chairman for the Gollust, Tierney and Oliver and GTO’s principal investment vehicle, Coniston Partners. Institute of the Arts and Humanities at the University of North Carolina. Coniston was the first managed fund to engage in strategic block investing, or what today has 10.30 Networking break become known as activist investing. In late 1999, Mr. Oliver joined WaterView Advisors LLC, advisor to a private equity fund specializing in media and telecommunications. Mr. Oliver 11.00 CASE STUDY-The new risk premia and use of exotic beta within continues to oversee the WaterView fund in addition to managing Oliver Press and Davenport. institutional portfolios – end- investor perspective Moderated by: Randy Slifka, Managing Principal, SLIFKA ASSET Jelle Beenen, Head of Alternative Beta, PGGM INVESTMENTS MANAGEMENT LLC Jelle Beenen is currently head of “Alternative Beta” at PGGM Investments. PGGM is the Randy Slifka is the managing principal of Slifka Asset Management LLC, an alternative pension fund for the Dutch Healthcare and Social Work Sector and has around Euro 70 billion investment advisory firm located in New York City. Mr. Slifka specializes in portfolio assets under management. Alternative Beta covers PGGM’s strategic investments that cannot be construction, asset allocation, and hedge fund manager analysis. He has been a principal implemented by replicating market indices. It comprises Hedge Funds, Private Equity, Long investor and analyst of alternative investments for 18 years. Mr. Slifka started his career at E.M. Term Fundamental Investments and Strategic Absolute Return Strategies (“Portfolio of Warburg Pincus & Co. where for five years he made principal investments, conducted due Strategies”), totaling around Euro 7 billion. Jelle was one of the initiators of PGGM’s Portfolio diligence, and sourced investment opportunities. Mr. Slifka was a senior portfolio professional, of Strategies in 2004. After he joined PGGM in 2000 Jelle has built PGGM’s Commodities principal, and portfolio manager at Halcyon Partnerships from 1989 through 1997. At investments and started its Quantitative Strategies group. He was responsible for PGGM’s Halcyon, he was primarily responsible for the firm’s distressed debt and special situations effort Commodities investments from June 2000 to March 2006. Prior to joining PGGM in 2000 he and created and managed an event-driven multi-manager fund. Mr. Slifka has done consulting held positions as Quantitative Researcher responsible for modeling exotic derivatives at ABN for many high net worth individuals and family offices with respect to their hedge fund AMRO Bank and Rabobank International. investment efforts and alternative investments. Currently, Mr. Slifka acts as investment advisor to the Great Bay Alternative Investment Fund and the Georgica Alternative Investment Fund, which are investment vehicles that have exposure to the following asset classes: , convertible arbitrage, , distressed debt, long/ US equity, long/short European equity, macro traders, and commodity trading advisors. 12.15 Lunch

TRACK A TRACK B NICHE FUND OF FUND STRATEGY SHOWCASE – II CHANGING TRENDS IN GLOBAL INVESTMENT

EXTENDED SESSION ON GLOBAL OPPORTUNITIES The New Opportunity Set for Hedge Fund of Funds and Their Investors As experienced investors seek to enhance the performance of their alternative allocations, niche Chaired by: Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLC hedge fund of funds can provide an effective and timely way to gain concentrated exposure to new alpha-generating strategies and access to top-performing, ‘below the radar screen’ hedge fund managers The GAIM Fund of Funds “Niche Fund of Fund Strategy Showcase” brings you top performing hedge fund of funds who provide specialist access to key global regions. Chaired by: Robert Picard, Chief Investment Officer, OPTIMA FUND MANAGEMENT, LLC 1.30 BRIEFING – THE CHANGING GLOBAL REGULATORY ENVIRONMENT CHANGING TRENDS IN GLOBAL INVESTMENT AND THE NEW OPPORTUNITY SET FOR HEDGE FUND OF FUNDS AND THEIR INVESTORS This session examines some of the key issues in the evolving global re g u l a t o ry f ramew o rk , How leading international investors are currently using hedge fund of funds within their i n c l u d i n g : asset allocation strategies: the view from the world’s leading consultants The adequacy of market discipline in providing for the stability of the financial system Jaeson Dubrovay, CPA, Senior Consultant - Hedge Funds, NEPC Pros and cons of a pro - a c t i ve registration vs regulation model Mr. Dubrovay joined New England Pension Consultants in 2006, with over 15 years of investment The degree of transparency sought by international re g u l a t o ry bodies from the hedge fund experience. Mr. Dubrovay focuses on Hedge Fund Research in the Alternative Investments Group. i n d u s t ry and the role of banks and broker dealers in managing market risk Prior to joining NEPC, Mr. Dubrovay was a Managing Director/Founder at Hanseatic Capital Moderated by: Todd Groome, Advisor, Monetary and Capital Markets Department, Advisors. In this role, Jaeson advised clients on hedge fund strategies, the investment process, INTERNATIONAL MONETARY FUND (IMF) manager due diligence, portfolio construction and building innovative portfolios targeted to unique Mr. Groome is an Advisor in the Monetary and Capital Markets Department of the IMF. market segments. Previously Mr. Dubrovay was Chief Investment Officer of Carr Global Advisors, a Mr. Groome is responsible for multilateral surveillance activities and review of capital markets issues subsidiary of Credit Agricole Indosuez, where he formed and managed several funds of hedge funds in the mature markets, focusing on structural issues which may influence medium-term financial for both institutional and Private Banking clients. Mr. Dubrovay began his investment career with stability considerations. Mr. Groome has over 18 years of investment banking and legal experience full responsibility for managing a diversified liquid portfolio for HAL Trust, a public European related to financial institutions in the U.S., Europe, and the Asia-Pacific region. Mr. Groome has holding company that was invested across traditional and alternative investments. significant experience in debt and equity capital markets, balance sheet and capital management Roger Fenningdorf, Global Manager Research, ROCATON INVESTMENT ADVISORS, LLC issues, and merger planning and execution for banks and insurance companies. Prior to returning to Roger Fenningdorf is a founder and Partner of Rocaton here he leads the Global Manager Research Washington D.C. in 2002, Mr. Groome served as Managing Director and Head of the Financial effort. In this capacity, Roger is responsible for setting the firm’s manager research agenda and Institutions Groups of Deutsche Bank and Credit Suisse First Boston in London, focusing primarily managing the team’s qualitative and quantitative analysis of investment management organizations on debt capital markets and capital and balance sheet management. Prior to that, he worked with and their products. Roger also spends a significant amount of his time researching hedge fund and Merrill Lynch & Co. in London and New York as part of the Financial Institutions Corporate U.S. equity strategies and managers. Roger is also instrumental in working with clients on Finance Group working in M&A, advisory, and debt and equity financing for banks and insurance investment manager searches in the hedge fund and U.S. equity asset classes. Roger is a member of companies. Prior to joining the IMF, he was a consultant to Hovde Capital Advisors, a hedge fund the firms’ Board of Managers. and merchant banking operation in Washington, focusing on financial institutions. Kevin E. Lynch, Managing Director, Co-Head Non-Traditional Investments Group, CRA Art Angulo, Senior Vice President, Financial Sector Policy and Analysis, FEDERAL RESERVE ROGERS CASEY BANK OF NEW YORK Mr. Lynch is Managing Director, Co-Head of Non-Traditional Research at RogersCasey, an David Strachan, Director of Major Retail Groups Division & Sector Leader for Financial Stability, institutional investment consulting firm headquartered in Darien, CT. Mr. Lynch joined FINANCIAL SERVICES AUTHORITY RogersCasey in December 2006 after spending more than 20 years with Verizon Communications

W W W . G A I M U S A F O F . C O M 9 The largest gathering of Hedge Fund of Funds and their investors in North America

David Strachan was appointed as FSA's Director of Major Retail Groups Division and Sector and its predecessor companies. At RogersCasey, Mr. Lynch is primarily responsible for hedge fund Leader for financial stability in May 2006. Since joining the FSA on 1 June 1998, David has held research. He works with the hedge fund research team sourcing managers, conducting due diligence, the posts of Director of Retail Firms and Insurance Sector Leader (April 2004-February 2006), and assisting clients with portfolio construction and monitoring. In his previous role at Verizon, Mr. Director of Insurance Firms (October 2002 – March 2004), Director of Deposit-Takers (April Lynch was responsible for managing Verizon’s $7.0 billion strategic partnership network and its 2001 – September 2002) and Head of Market Conduct and Infrastructure (June 1998 – March $2.8 billion absolute return portfolio. Mr. Lynch earned a bachelor of arts degree from Villanova 2001). David led the Enforcement Process Review (February-July 2005) which delivered its report University and holds graduate degrees in finance and economics. He is a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP). and recommendations in July 2005. Before joining the FSA, David had spent his previous career in the Bank of England, working both in banking supervision (latterly responsible for the UK J. Alan Lenahan, CFA, Vice President - Alternative Investments, FUND EVALUATION investment banks) and in the market operations areas (Gilt-Edged and Money Markets Division GROUP, LLC and Foreign Exchange Division Alan is a Vice President within the alternative investments practice at Fund Evaluation Group. FEG is an institutional investment consultant with over $30 billion in assets under advisement located in Cincinnati Ohio. Alan's focus is on the hedge fund industry and his responsibilities include hedge fund manager sourcing and selection, strategy research, portfolio construction, and client education. Al Samper, Former Chairman, VIRGINIA STATE RETIREMENT SYSTEM Al Samper is the immediate former Chairman of the Board of Trustee of the Virginia Retirement Every day got better, System and former Chairman of the Board of the Virginia College Building Authority. He also serves on the advisory board of the Mid-Atlantic Hedge Fund Association. Al was Director of more informative. Public Sector Marketing at Wachovia Securities. Before that he served as Assistant State Treasurer, Virginia Department of the Treasury. He earned his BS in economics from Virginia Tech in 1975 “ and his MBA in finance from Virginia Tech in 1978. He is a 1990 graduate of the Virginia Executive Institute, and the Wharton Pension Fund and Investment Management Institute. 2.10 CHANGING OPPORTUNIT”Y SET IN KEY OPERATIONAL DUE DILIGENCE - GLOBAL DEVELOPED MARKETS – UK & EUROPE Amanda McCracken, Director, TURNSTONE ASSET MANAGEMENT Performance monitoring in the aftermath of Amaranth – is a new behavioral-based Amanda McCracken is a Director of Tu rnstone Asset Management. She is responsible for advising the approach essential to execute fiduciary responsibilities and manage risk within an Tu rnstone Eu ropean Fund and allocating to hedge fund managers. Amanda has 10 years experience of institutional portfolio? analysing and managing multi-manager funds. Initially trained as a perf o rmance analyst in Fra n k Moderated by: Marianne Gouras, PETRA GROUP, NEW YORK, INC. Ru s s e l l s’ Eu ropean consulting department, she then spent 3 years at Greig Middleton As s e t Marianne Gouras has been managing Petra Group since 4/94 and has had several joint venture Management. She joined Old Mutual In t e rnational in August 1998 as Associate Director re s p o n s i b l e projects with Sigma Analysis and Management, a quantitative team based in Ontario. Petra for the investment management of Elite, OMI’s offshore funds of funds service. Amanda went on to specializes in due diligence and selection of hedge fund and hedge fund of funds on behalf of join the multi-manager team at EFG Pr i vate Bank, before joining Appleton In t e rna tional in Ju l y institutions, families and individuals. Prior to establishing Petra, Ms. Gouras was involved with a 2000. While at Appleton she was promoted to CEO and was responsible for managing the Condor small investment firm in Europe, Bankers Trust, Reich & Tang, a European family office and the Eu ropean Fund from launch in Fe b ru a r y 2001 until August 2003. American Stock Exchange. Cyril Ju l l i a rd, C o - Fo u n d e r, E U RO PANEL RESEARCH & ALT E R N ATIVE ASSET Mark K Hannoush CA, CFA Manager, Operational Due Diligence, INVESTMENT M A N AGEMENT (ERAAM) FINANCE ONTARIO TEACHERS' PENSION PLAN He started his career in 1985 with French Société de Gestion BZW Pu g e t - Mahe, as bond arbitra g e Mark Hannoush specializes in conducting Operational Due Diligence as a Manager in the fund manager with $700 million under management. In 1991, he became member of the Board , Investment Finance department at the Ontario Teachers' Pension Plan Board in Toronto, Canada. with direct responsibility over securities bro k e rage and asset management. From 1996 to 1998, he was His role is to ensure that hedge fund operational risk is assessed and mitigated for the external managing director of Fi n a c o r - Vendôme, a leading French securities bro k e rage business. In 1998, with manager program which includes both hedge funds and managed accounts. The Ontario Teachers' Be rt rand Van Houtte, he founded BCAI, which became ERAAM in June 2002, one of the first asset Pension Plan Board has been a significant investor in the hedge fund space for several years. Mark management companies in France to re c e i ve a license for fund-of-funds altern a t i ve asset management. was formerly the Manager in the Public Equities group at the Board where he managed the mid ERAAM has had a Eu ropean focus since 1999, providing expertise in altern a t i ve investments within a and back office processes for all internally traded and externally managed public equity portfolios. regulated fra m e w o rk, with a portfolio of hedge funds based exc l u s i vely in Eu rope. ERAAM prov i d e s He began his career as an auditor with Ernst & Young LLP in Ottawa, Canada where he earned both tra n s p a rency and tailor-made products for their clients. With AUM of more than $1 Bn, his CA designation. He is also a CFA Charterholder ERAAM offers optimal size providing high credibility while allowing the investment team flexibility and reactivity in its decision-making process. Moderated by: Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, CalPERS 2.50 WHAT MIDDLE EASTERN INVESTORS ARE LOOKING FOR IN HYBRID HEDGE FUND OF FUNDS HEDGE FUND OF FUND ALLOCATIONS Eric Meyer, President and CEO, SHARIAH CAPITAL Mo d e rated by: David J. Go rdon, CFA, ASA Chief In vestment Of f i c e r, V E R I TABLE LP In 1998, Forbes magazine identified Eric Meyer as “an emerging force” in hedge fund investing. In Prior to joining Veritable, he was a principal at Glenwood Capital In vestments, as well as a member 2005, Banker Middle East magazine identified Mr. Meyer as “a pioneer in Islamic finance.” Today, of Gl e n w o o d’s In vestment Committee. He was also a member of Man In ve s t m e n t s’ Su p e rv i s o r y as President, Chief Executive Officer and Executive Chairman of Shariah Capital, Inc., Mr. Meyer In vestment Committee and the Man Glenwood Board of Directors. Prior to Glenwood, David was a is widely recognized for his skill and creativity within the worlds of both Western finance and Vice President in the Pension Se r vices Group at Goldman, Sachs & Co., as well as an As s o c i a t e Islamic banking. Initially, Mr. Meyer established himself as this pioneer of Islamic products with his Ac t u a ry at Watson Wyatt. A Chart e red Financial Analyst (CFA) and an Associate of the Society of creation of Meyer Fund Management in 2005, and its predecessor Meyer Capital Partners in 2001 Actuaries (ASA), where he served as founder and CEO, respectively. His success in developing, at his own initiative A n d rew K. Tsai, Co-founder, Managing Principal & Chief In vestment Of f i c e r, C H A L K S T R E A M and expense, the infrastructure for a Shariah compliant fund of hedge funds was a groundbreaking C A PI TAL GRO U P, L.P. achievement in the Islamic Finance industry. Assisted by prominent Shariah scholars and supported An d rew K. Tsai. Mr. Tsai is co-founder, Managing Principal and Chief In vestment Officer of by their fatawa, Mr. Meyer devised the innovative tools and screening methodology that underscore C h a l k s t ream Capital Group, L.P. and Managing Member of the Ge n e ral Pa rt n e r. Prior to joining new Shariah compliant long/short and funds of hedge funds. C h a l k s t ream Capital Group, Mr. Tsai was Managing Director of the Muller Family Office, re s p o n s i b l e Warren Vincent, Head of Private Office Investments, NATIONAL BANK OF DUBAI for ove rall investments with a particular focus on managing the hedge fund port f o l i o. M r. Tsai work e d f rom 1997 to 1999 as Chief In vestment Officer of Integrity Capital Management, L.L.C. ( " Integrity"), a hedge fund with $300 million in assets that employed a long/short quantitative stra t e g y in equities, fixed income, currency and commodity markets around the world. Prior to In t e g r i t y, Mr. Tsai was a Vice President and head of the Ge rman gove rnment fixed-income trading operations at Lehman Brothers In t e rnational (London) from 1995 to 1997 and also served as part of the Gl o b a l Ar b i t rage team at Lehman Brothers Inc. James R. Burritt, Managing Dire c t o r, THOMAS H. LEE CAPI TAL LLC James R. Burritt joined Thomas H. Lee Capital LLC in July 2002. He is responsible for daily management of the company, including portfolio management, hedge re s e a rch and operations. Prior to joining Thomas H. Lee Capital, he was a vice president in Merrill Lynch In vestment Ma n a g e r s ' a l t e rn a t i ve strategies group where he was responsible for hedge fund re s e a rch and due diligence. Fro m 2000 to 2001, he was an investment analyst and assisted in the development of the corporate stra t e g y a round altern a t i ve investments at XL Capital. Reid Bernstein, Chief Executive Officer, ONECAPITAL MANAGEMENT PARTNERS, LLC M r. Be rnstein, began his career in the Mergers and Acquisitions Gro u p / Principal In vestment Unit of The First Boston Corporation (now Credit Suisse). In 1985, he joined Dre xel Bu rnham Lambert’s Mergers and Ac q u i s i t i o n s / L e ve raged Bu yout Group. In 1990, he joined Pa i n e Webber (now UBS) and Extremely good line up of Fund of was responsible for leve raged acquisitions and re s t ructurings. In 1992, he part n e red with merc h a n t Funds…I gained a great deal of insight. banking and altern a t i ve investment firms to participate in a variety of investments and funds, as principal and as an advisor for clients. In 1995, he joined a merchant banking and investment firm founded by the heads of Global Me rchant Banking at Merrill Lynch, and in late 1996, he formed the “ p redecessor to On e Capital Management Pa rtners to focus e xc l u s i vely on Al t e rn a t i ve In ve s t m e n t businesses.. Mr. Bernstein has been an advisor to financial institutions including Citigroup, ” Investcorp, and HSBC Republic, and to several Multi-Strategy hedge funds. 3.30 Afternoon Networking Break

REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885 10 FAX: 941.365.2507 EMAIL: [email protected] bringing together leading institutional and HNW investors from around the world to the heart of the global hedge fund industry in New York City

4.40 CHANGING OPPORTUNITY SET IN KEY ASIAN EMERGING ADVANCED STRUCTURED PRODUCTS MARKETS – INDIA AND CHINA

3.30 Ronnie Wu, Founder and Chief In vestment Of f i c e r, PENJING ASSET MANAGEMENT LIMITED Use of structured products to improve risk management and enhance performance Eliza Lau, Chief Exe c u t i ve Officer & Chief In vestment Of f i c e r, SAIL ADVISORS LIMITED Samuel Rosenberg, Managing Director, Equity Derivatives Group, SG AMERICAS Eliza Lau is the Senior Managing Dire c t o r, Chief Exe c u t i ve Officer and Chief In vestment Officer of SECURITIES, LLC SAIL Advisors and a member of the Board of Directors of Se a rch In v estment Group. Ms. Lau has 20 Samuel Rosenberg is a Managing Director in the Equity Derivatives group at SG Americas years of experience in the financial industry, which includes managing Funds of Hedge Fu n d s , Securitie, LLC (“SGAS”), and has been with the Société Générale organization since 1994. SGASis Pr i vate Family Po r tfolios, Global Ma c ro Hedge Funds, Global Balanced Po rtfolios and Pan As i a a wholly-owned subsidiary of Société Générale, headquartered in and rated AA- and Aa2 by Equity Funds. Prior to joining SAIL in 2003, Ms. Lau spent 13 years with Salomon Brothers, based Standard & Poor's and Moody's Investor Services, respectively. in New Yo rk and Hong Kong where she held senior positions in their asset management business, being responsible for the Pan Asian portfolios and conve r tible bond port f o l i o. Prior to the asset Mr. Rosenberg is the Head of Equity Derivatives Sales for the Americas region, supervising 37 management business, she spent six years in the re s e a rch division at Salomon Brothers in New Yo rk . employees. The range of products offered to SG's investor base in the Americas includes principal Ms. Lau was also one of the founding partners of JL Capital Partners Limited, an Asian hedge protected Notes linked to Indices and basket stocks, Reverse Convertibles, Warrants, Exchange fund management company based in . Traded Funds, OTC options and Swaps, and leveraged products linked to Alternative Investments. Moderated by: Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, Prior to working with the U.S. market, Mr. Rosenberg worked in Paris as a financial engineer CalPERS specializing in structured products. He has a D.E.A. from the University of Paris and a B.A. in Mathematics from the University of California at Santa-Cruz.

CHANGING OPPORTUNITY SET IN DEVELOPED ASIAN MARKETS – JAPAN Takuma Aoyama, President, AIFAM, INC M r. Aoyama is the founder and President of AIFAM, an investment management firm specializing in Good content and a good a l t e rn a t i ve investments. The firm serves as the sole consultant for large Japanese institutional inve s t o r s including a leading figure in the insurance sector and a pension plan for a global auto manufacture r, and variety of firms in attendance. c u r rently manages seve ral fund- of-funds products, primarily in the form of separate accounts on a client This was a great event and by a client basis, as well as some commingled products. “ M r. Aoyama has fifteen years of experience in financial markets. He was initially with The Long-Te rm provided an excellent industry Credit Bank of Japan (LTCB), where he spent eight years in various roles, including market stra t e g i s t , update. Keep it up! p o rtfolio manager in fixed income and corporate re s t ructuring. Prior to founding AIFAM, he was with Brinson Pa rtners in Chicago where he was in charge of the Japan practice. Mo d e rated by : Neil Loden, M A RT E L LO INVESTMENT MANAG E M E N T ”

4.40 CHANGING OPPORTUNITY SET IN LATIN AMERICA Enio Shinohara, Fund of Funds Ma n a g e r, C L A R I TAS INVESTMENTS M r. Sh i n o h a ra is a partner of Claritas In vestments and the portfolio manager for its Fund of Fu n d s . M r. Sh i n o h a ra started his career in 1994 at He d g i n g - Griffo where he built the Fund of Fu n d s business, becoming one of the youngest partners of the firm in 1998. In May 2000, he moved to GP In vestimentos where he ran a pro p r i e t a r y Fund of Funds for the former controlling shareholders of Banco Ga rantia. Su b s e q u e n t l y, he joined GFIA pte ltd, an advisory firm based in Si n g a p o re, as a principal, advising portfolios of Asian hedge funds. A rthur Mizne, President, M SQUARE ADVISORS, LLC Arthur is the founder of M Square Advisors, an In vestment company based in Brazil managing hedge fund portfolios globally as well as locally in Latin America. M Square is also invo l ved in i n vesting in distressed assets as well as equities in Latin America. Previously Arthur co-founded Synthesis Asset Management (1997) and Sy n e r g y Funds (1998) and has been the co-port f o l i o manager of Sy n e r g y from its inception until his depart u re, at its peak in assets of $1.4B. As Pre s i d e n t of Synthesis, Arthur was responsible for all areas of Po r tfolio Management, Manager Re s e a rc h , Ma rketing and Op e rations. Mo d e rated by: Neil Loden, M A RT E L LO INVESTMENT MANAG E M E N T

5.30 Close of Day Two of the event, Cocktail Reception Hosted by Jefferies Asset Management

Day Three – Wednesday October 31st, 2007 Examining the Potential of Hedge Fund Replication Methodologies for Investor Portfolio Decision Making and the Implications for the Hedge Fund Industry

About the One-Day Briefing on Hedge Funds Replication at GAIM Fund of Funds

Investor interest in the new wave of replicated products, offering their current allocations. A diverse, expert faculty of leading And these are just some of the applications that will be ‘hedge fund like exposure’ for lower fees is tapping into a academics, investors, investment banks and key representatives considered in the program, for both institutional and HNW skepticism that questions the ability of all hedge funds and fund of the hedge fund and fund of funds industry will evaluate the portfolios. of funds to consistently deliver returns that justify the fees key questions that need to be considered by every investor currently being charged. evaluating how replication may be able to help their current Most importantly, the fundamental question evaluating the trade-off between the reduction in cost that comes from However, investors considering the potential of the much investment decision- making process. replicating an alternatives allocation and the net return that publicized replication products have many questions about the The program will examine the full range of practical ways in can achieved will be addressed by the most qualified experts in investment case behind replicated returns, how the products which replication offers a new arrow in the investor’s quiver of the field who will share their considered insights into the point themselves are structured, what the downside risk might be and portfolio management tools, including as a: at which break-even is achieved for the investor and at what also their likely longevity in a market that continually evolves point is it preferable to simply allocate directly to fund of funds and where underperformers rarely survive in the long term. • cash substitute ‘stop gap’ measure, allowing the investor more time to select the specific alternative investments most or hedge funds. The special briefing on hedge fund replication at GAIM Fund appropriate for their portfolios, The program will also evaluate the longer term prospects for the of Funds takes an in-depth, impartial, investor-focused look • beta substitute, allowing investors to be more aggressive in current suite of replication products. Critics say that unless they at the potential of hedge fund replication for portfolio their tactical alternative allocations, can perform as well as hedge fund of funds, they are likely to decision-making and the implications in turn for the hedge • benchmarking tool to give added confidence in manager suffer the same fate as passive investible indices, while others fund industry. selection and performance monitoring of existing allocations question the fundamental investment case for replication and its • way to leverage returns up or down depending on a given The briefing offers investors a unique opportunity to get ability to generate returns independently of the underlying risk tolerance at any given time straight to the heart of the key issues when considering the best derivative instruments. • strategy to reduce risk on a tactical basis by shorting way in which replication techniques can deliver value within passively replicated indices

W W W . G A I M U S A F O F . C O M 11 The largest gathering of Hedge Fund of Funds and their investors in North America

THE ACADEMIC FRAMEWORK NEXT STEP REPLICATION 8.00 Opening remarks from the Chairman 9.50 Identifying the potential for tracking sub-styles and building Christopher C. Geczy, Ph.D., Assistant Professor Finance Department, THE WHARTON dynamic allocation decision making into a replicated product SCHOOL AT THE UNIVERSITY OF PENNSYLVANIA Sometimes described as the 'holy grail' of replication, many believe that only if replication Christopher C. Geczy, Ph.D., is an Assistant Professor on the Finance Department faculty of The can mimic the dynamic aspect of hedge fund tactical trading can replication be a serious Wharton School at the University of Pennsylvania. His current research focuses on various topics substitute for investing in hedge funds and hedge fund of fund. This presentation examines including risk management, multifactor models, the performance of managed funds, various the progress made to building in dynamic allocation to the replications process and the aspects of equity lending and short-selling, and shareholder agreements among parties to firms. additional benefits this could present to an investor's portfolio. His work has appeared in various books and scholarly journals including the Journal of Finance, Dr. Lars Jaeger, Partner Head Alternative Beta Strategies, PARTNERS GROUP Journal of Financial Economics and the Journal of Political Economy. It has also been covered in the Wall Street Journal, The New York Times, The Financial Times, Forbes, Smart Money Lars Jaeger is head of the alternative beta strategies in the public alternative investment Magazine, on CNBC?s Squawk Box and in numerous other media outlets. Professor Geczy is a strategies. He is a member of the hedge funds investment committee. He is the author of several Fellow of the Wharton Financial Institutions Center and has been the New York Stock Exchange leading hedge funds publications and has established a broad network with funds managers over Fellow and the Geeweax-Turker Fellow at the Rodney L. White Center for Financial Research at the years. Prior to joining Partners Group, Mr. Jaeger co-founded and was a partner of Wharton. He has a B.A. in Economics from the University of Pennsylvania and a Ph.D. in saisGroup, a hedge funds asset management firm established by the former alternative Finance and Econometrics from the Graduate School of Business at the University of Chicago. investment strategies team at Credit Suisse Asset Management (CSAM), where he was He regularly teaches investment management and co-created the first full course on hedge funds responsible for risk management. Previously, he worked in the real-time trading models group at at The Wharton School along with a number of executive education courses and has taught Olsen & Associates AG in Zurich. He holds a doctorate degree in theoretical physics from the AIMR-accredited professional Risk Management courses through the University of Chicago's Max-Planck Institute for Physics of Complex Systems, Dresden, and a master's degree in physics Graduate School of Business. He is an editor of the Journal of Alternative Investments, a from the University of Bonn, the Chartered Financial Analyst (CFA) and Financial Risk founding board member of the Mid-Atlantic Hedge Fund Association, and serves on the Manager (FRM) designations. curriculum and exam committees of the Chartered Alternative Investment Analyst Association. 10.30 Morning networking break Professor Geczy has consulted for clients in the areas of asset allocation, hedge fund portfolio analysis and development, financial risk management, and the development of investment and 10.50 Identifying the strategies most ripe for replication and the trading strategies. implications for investor portfolio decision making 8.30 The latest research into the use of quantitative algorithms to This session will examine where research has indicated that it is possible to replicate the risks of individual hedge fund strategies with a sufficiently attractive return. It will evaluate replicate the sources of hedge funds returns and the implications for the assertion that only strategies under pressure, generating mediocre returns, can be the investors' portfolio decision-making process replicated with an adequate degree of efficiency • Examining the academic case for the replication of hedge fund returns Strategies to be examined include: • What are the key factors underpinning replication theory and what evidence exists to • Equity market neutral • Merger arbitrage support the assumptions • • Convertible arbitrage • Determining the degree to which quantitative algorithms can actually replicate the risk • Credit driven strategies • Emerging markets and return profile of hedge fund investments • Event arbitrage • Commodities Professor David A. Hsieh, Professor of Finance, DUKE UNIVERSITY • High Yield David A. Hsieh is Bank of America Professor of Finance at the Fuqua School of Business, Duke George Main, Chief Executive Officer and Chief Investment Officer, DIVERSIFIED University. Professor Hsieh received a B.Sc. from Yale University in 1976 for a double major in GLOBAL ASSET MANAGEMENT Economics and Mathematics, and a Ph.D. in Economics from the Massachusetts Institute of Mr. Main is the founder, Chief Executive Officer and Chief Investment Officer of Technology in 1981. He taught at the Graduate School of Business, University of Chicago from Diversified Global Asset Management. In addition to overall firm management and direction, 1981 to 1989. Professor Hsieh's research interest is in financial risk management. His current Mr. Main is responsible for investment decision-making including hedge fund selection, hedge research focuses on the risk and return of hedge funds, with articles appearing in the Review of fund portfolio construction and overlay management. Mr. Main was previously a Managing Financial Studies, Journal of Portfolio Management, Journal of Fixed Income, and Financial Director and Chief Investment Officer of a large hedge fund-of-funds and portable alpha Analyst Journal. He has presented his research on hedge funds to the Federal Reserve, the manager in New York and Toronto from 1989 to 2003. As Chief Investment Officer from International Monetary Fund, the Bank for International Settlements, the Commodities Futures 1997, Mr. Main grew assets under management in the hedge fund-of-fund offering to over $4.5 Trading Commission, in addition to academic audiences at universities and conferences billion between 1989 and 2003. Mr. Main is an MBA graduate from the University of worldwide. He appeared before the Securities and Exchange Commission in the May 2003 Toronto, Rotman School of Business and holds a BA in Economics from Trinity College, Hedge Fund Roundtable. His earlier work was in statistical modeling of high frequency University of Toronto. Mr. Main is a CFA Charterholder and is a member of the Toronto financial data, especially volatility clustering in stocks, bonds, and currencies. In 1990, Professor Society of Financial Analysts. Hsieh won the Smith-Breeden First Prize for the best paper in the Journal of Finance with Nobel Laureate Merton Miller. In 1999, he won the Fischer Black Memorial Foundation's PASSIVE REPLICATION OF INDICES: HOW IT WORKS IN Robert J. Schwartz Memorial Prize for the best paper on hedge funds with William Fung. In PRACTICE AN INVESTOR FOCUSED DISCUSSION 2004, he received a Graham and Dodd Award of Excellence from the CFA Institute for an article in the Financial Analyst Journal. Currently, he is the finance editor of Management 11.30 Identifying the key components and differentiators of leading Science. passively replicated indices including how the factor models work, 9.10 KEYNOTE PRESENTATION – the downside risk entailed and the differentiating factors between a new framework for integrating traditional and alternative products investments, including replication strategies In this special session the leading providers of passive replicated indices will explain how they work in practice and take questions from an expert panel of end-investors This presentation will develop the key components of an investment process that includes • Which indexes are the passive indices tracking and why? both traditional and alternative investments, in which replication strategies fulfill an important gap in the spectrum of assets that an investor should consider. This framework • What exactly is being replicated? will address a number of open questions about replication strategies, including these: • How do the factor models work in practice? • What can investors realistically do on their own and what can be effectively replicated? • How do they hedge out market beta? • How should the investor's risk budget and asset allocation approach be taken into • Do the indices incorporate a tactical or market timing component or not and what is the degree of liquidity? account in determining the value of replication methodologies, their limitations and most effective ways to incorporate them into the investor's current portfolio? • What evidence exists of funds really capturing attractive returns? • What are the key factors in an investor's asset allocation approach and risk profile that • What is the investment case for the product; does it yield actual returns or simply influence the break-even point between the use of replication strategies vs. funds of funds replicate the risk profile or the replicated return stream? and/or managers • What fee structure can the products support? Professor Andrew W. Lo, Harris & Harris Group Professor, SLOAN SCHOOL • Evaluating the downside risk in replicated indices OF MANAGEMENT, Director of the Laboratory for Financial Engineering, • Determining whether back testing results realizable or not in the longer term and an MASSACHUSETT INSTITUTE OF TECHNOLOGY appropriate level of adjustment Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT • Key differentiating factors between products Sloan School of Management and the director of MIT's Laboratory for Financial Engineering. • Identifying the forms and structures of replication products available globally, including He received his Ph.D. in economics from Harvard University in 1984, and taught at the an assessment of the size of the market University of Pennsylvania's Wharton School as the W.P. Carey Assistant Professor of Finance • Defining the size of the market for replication products: Who is buying and who is from 1984 to 1987 and as the W.P. Carey Associate Professor of Finance from 1987 to 1988. raising assets? His research interests include the empirical validation and implementation of financial asset • What forms can replicated products take and what are the legal and counterparty risk pricing models; the pricing of options and other derivative securities; financial engineering and implications of each? risk management; trading technology and market microstructure; statistics, econometrics, and Lakshmi Seshadri, Alternative Investment Specialist, JP MORGAN stochastic processes; computer algorithms and numerical methods; financial visualization; Steve Houston, Managing Director of the Equity Strategic Solutions Group, nonlinear models of stock and bond returns; hedge-fund risk and return dynamics and risk MERRILL LYNCH & CO. transparency; and, most recently, evolutionary and neurobiological models of individual risk Greg Kuppenheimer, Managing Director, Fund Derivatives Trading, preferences and financial markets. He has published numerous articles in finance and economics GOLDMAN SACHS & CO journals, and is a co-author of The Econometrics of Financial Markets and A Non-Random Walk Down Wall Street. He is currently an associate editor of the Financial Analysts Journal, the 12.10 Extended Q&A with leading investors including: Journal of Portfolio Management, the Journal of Computational Finance, and the Review of Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, CALPERS Economics and Statistics. His awards include the Alfred P. Sloan Foundation Fellowship, the Paul A. Samuelson Award, the American Association for Individual Investors Award, the David J. Gordon, CFA, ASA, VERITABLE LP Graham and Dodd Award, the 2001 IAFE-SunGard Financial Engineer of the Year award, a Guggenheim Fellowship, the CFA Institute's James R. Vertin Award, and awards for teaching excellence from both Wharton and MIT. He is a former governor of the Boston Stock Exchange, and currently a research associate of the National Bureau of Economic Research, a member of the NASD's Economic Advisory Board, and founder and chief scientific officer of AlphaSimplex Group, LLC, a quantitative investment management company based in Cambridge, Massachusetts. REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885 12 FAX: 941.365.2507 EMAIL: [email protected] bringing together leading institutional and HNW investors from around the world to the heart of the global hedge fund industry in New York City

Council), Mutual Funds (M Funds, Inc. --Chairman of the Board and Audit Committee), BUSINESS IMPLICATIONS FOR THE HEDGE FUND INDUSTRY Hedge Funds and Commodity Funds (Dow Jones Hedge Fund Index; Tellus, LP - Advisory 12.30 Have replicated funds replaced multi-strategy funds Board), Public Equity (Lou Holland Growth Fund - Board and Audit Committee), Private as the new threat? Equity (Gleacher Partners Co-Investment Fund; Prism Spectrum Fund - Investment Committee; SunTx Capital Partners - Board of Governors), and Real Estate (RREEF America REIT II, Fung & Hsieh argue that it is possible to replicate 85% of the average hedge fund of fund's Deutsche Bank subsidiary --Board and Audit Committee). Philip informally advises institutions returns, but can the returns generated really exceed the average? With the diverse range of and families in all major portfolio asset classes, as well as formally serving on management ways in which hedge fund of funds deliver value to their investors, are replicated indices company boards (NationsBuilders Insurance Services, Inc., a SunTx portfolio company - Board really equipped to compete? This panel of industry experts will debate the potential impact & Chairman of Finance Committee; Boston Advisors, LLC). He also serves on the board and of replication on the opportunity set for hedge fund of funds and the longer term finance committee of Chapin Hall at The University of Chicago, one of the major research and implications for the industry and other key questions including: policy centers devoted to children's issues worldwide, and is working on a new book on • Whether the trading skill sets of a successful manager can really be boiled down to a behavioral finance and corporate governance. Philip previously has served as Vice President and series of factors amenable to replication CIO at The University of Chicago, Treasurer and CIO at Caltech, and CIO at The Washington • The level of fees investors should be paying for replicated beta exposure and non- State Investment Board. Philip holds an M.B.A. in Finance from UCLA and an A.B. in correlated alpha generation Anthropology from Grinnell College, and completed doctoral coursework in Strategic Planning Robert A. Jaeger, Ph.D., Vice Chairman, EACM ADVISORS LLC at Northwestern University. As Vice Chairman, Bob is a key representative for EACM within the investment community. He 3.30 Afternoon Networking Break is a member of the Investment Committee, and leads key research and discussions on macroeconomic issues. Bob has been affiliated with EACM since its formation in 1987. From 3.50 Use of replication algorithms as a diagnostic tool in manager 1983 to 1987 he held research and consulting positions at Evaluation Associates (EAI), an selection and performance monitoring institutional consulting firm that was formerly affiliated with EACM. Prior to joining EAI in 1983, he was a member of the faculty of Yale University and the University of Massachusetts at Is the most effective way of using replication as part of the tool kit in performance Amherst. He holds a B.A. from Princeton, a B.Phil. from Oxford, and a Ph.D. from Cornell. attribution analysis? When considering the return stream of a single manager can Bob is the author of All About Hedge Funds (McGraw-Hill, 2002). replication be used to negatively screen managers whose returns can, to a greater degree, be explained by replication and therefore readily identifiable as not worthy of a 2/20 fee Laurence Siegel, Director of Research, FORD FOUNDATION, structure? Research Director of the Research Foundation of CFA INSTITUTE This presentation will detail the way in which leading hedge fund of funds are currently Laurence B. Siegel is director of research in the Investment Division of the Ford Foundation in using replication algorithms to gain additional insights into the funds with which they are New York, where he has worked since 1994. Before that, he was a managing director of currently invested and with whom they are considering making future allocations. It will Ibbotson Associates, an investment consulting firm that he helped to establish in 1979. In 2005 also highlight the ways in which the algorithms are adjusted to Take account of the Larry was named Research Director of the CFA Institute's Research Foundation. He holds this dynamic nature of the trading profile. The presentation will explain the ways in which fund position concurrently with his responsibilities at the Ford Foundation. Mr. Siegel currently chairs of funds utilize replication methodologies to: the investment committee of the Trust for Civil Society in Central and Eastern Europe. He serves • Analyze if manager's returns are attributable to the strategies they claim to be pursuing on the investment committee of the NAACP Legal Defense Fund, and advises the boards of • Determine style consistency many other nonprofit organizations. He was a trustee of the Oberweis Emerging Growth Fund. • Evaluate the manager's performance against a historically replicated benchmark Larry is a member of the editorial boards of the Journal of Portfolio Management and the Journal of Investing, and is a member of the program committee of the Institute for Quantitative Emanuel Derman, Professor Financial Engineering Columbia University and Head of Risk, Research in Finance (the Q Group). His first book, Benchmarks and Investment Management, PRISMA CAPITAL PARTNERS was published by the CFA Institute in 2003. Emanuel Derman (www.ederman.com) is a professor at Columbia University and Director of Larry received his BA in urban studies from the University of Chicago in 1975, and his MBA their program in financial engineering, and is also the Head of Risk at Prisma Capital Partners, in finance from the same institution in 1977. a fund of funds. His book, My Life as A Quant: Reflections on Physics and Finance was published by Wiley in September 2004, and was one of Business Week's top ten books of the year. 1.10 Lunch Dr Derman obtained a Ph.D. in theoretical physics from Columbia University in 1973. Between 1973 and 1980 he did research in theoretical particle physics at various universities, REPLICATION AS A PORTFOLIO MANAGEMENT TOOL and from 1980 to 1985 he worked at AT&T Bell Laboratories. In 1985 Dr Derman joined This section will showcase investor-led case studies of practical ways in which replication Goldman Sachs' fixed income division where he was one of the co-developers of the Black- can be utilized for specific aspects of portfolio management Derman-Toy interest-rate model. From 1990 to 2000 he led the Quantitative Strategies group in the Equities division, where they pioneered the study of local volatility models and the 2.30 Applying replication as a portfolio management tool in an volatility smile. He was appointed a Managing Director of Goldman Sachs in 1997. In 2000 institutional portfolio to optimize the use of the risk budget and he became head of the firm's Quantitative Risk Strategies group. He retired from Goldman, take account of a liability-driven investment approach Sachs in 2002 and took a position at Columbia University.Dr Derman was named the IAFE/Sungard Financial Engineer of the Year 2000, and was elected to the Risk Hall of Fame • Identifying the risk factors present in an institutional portfolio to enable an effective in 2002. He received the 2006 Wilmott Award for Contributions to Quantitative Finance. separation of alpha and beta • Determining the degree to which a passive hedge fund index can be a useful benchmark Jonathan S. Morgan, Managing Director and Head of Manager Selection, in helping institutional clients optimize their allocation strategy BARCLAYS GLOBAL INVESTORS • Understanding where replication really fits within portfolio, it's neither a hedge fund, Jonathan Morgan is responsible for the manager selection process of BGI's Alpha Management nor a pure active management play so what is it and where does it belong in an asset Group. Prior to joining BGI, Jonathan was the Director of Research and Portfolio Management allocation? in the Alternative Investments group at Julius Baer Investment Management. Prior to Julius • Identifying the internal resources an investor needs to incorporate a replication product Baer, Jonathan worked for eight years as a strategist and portfolio manager at several hedge into their overall asset allocation successfully funds, including Caxton Corporation, Croesus Capital Management and Parallax Capital • Adapting allocations over time Management. He spent the first five years of his career at Morgan Stanley & Co., primarily in Joanne M. Hill, Managing Director, Pension Services Group, GOLDMAN, SACHS & CO. its investment banking group. Jonathan has an A.B. from Princeton University and an MPP from Harvard's Kennedy School of Government. Joanne M. Hill is a Managing Director in the Securities Division of Goldman Sachs, advising institutional investors, primarily pension funds and endowments, on investment, risk 4.30 Using replication methodologies to create a strategy pure Fund of management and equity product strategies. Joanne has spent twenty years at investment banks (14 at Goldman Sachs) in quantitative roles, assisting clients in investment product Funds that match your exiting risk profile while enhancing returns development, portfolio structuring, and derivatives trading strategies. For many years she led the • Understanding the role of a strategy pure fund of funds but as a replacements of Global Equity Derivatives Strategy at Goldman, which repeatedly gained the top ranking in traditional investments, with the same correlations but yielding a higher rate of return client and industry surveys. Prior to coming to Wall Street, she was on the finance faculty of the rather than as a diversifier to traditional investments University of Massachusetts (Amherst) and was a research analyst at the Federal Reserve Board. • Practicalities of identifying the betas of traditional exposure Joanne has published extensively on quantitative investment topics as well as in derivatives. She • Strategically using managed account platforms to replicate an existing risk profile and is a member of the Board and Research Committee for the “Q” Group and serves on the enhance returns Editorial Board of the Financial Analysts Journal and Journal of Indexing. She received a Ph.D. Thomas Schneeweis, Professor of Finance, School of Management, and MBA in finance and quantitative methods from Syracuse University, an M.A. in UNIVERSITY OF MASSACHUSETTS, AMHERST, Director of the Center for international affairs from George Washington University and an undergraduate degree from INTERNATIONAL SECURITIES AND DERIVATIVES MARKETS (CISDM) American University. Professor Thomas Schneeweis is the Michael and Cheryl Philipp Professor of Finance at the Isenberg School of Management at the University of Massachusetts in Amherst, Massachusetts. Designated investor perspective by: Mario Thierren, President, CAISSE DE DEPÔT ET He is the Founding and Current Director of the Center for International Securities and PLACEMENT DU QUÉBEC Derivatives Markets (CISDM), a nonprofit academic research center specializing in the 3.00 Applying replication as a portfolio management tool in a HNW alternative investment area at the University of Massachusetts (www.cisdm.org). He is the portfolio to meet a specific risk profile and to manage portfolios in Founding and Current Editor of The Journal of Alternative Investments (www.iijournals.com). He is the co-founder and current board member of the Chartered Alternative Investment Analyst a more aggressive, tactical way Association (CAIA - www.caia.org), a global nonprofit educational association initiated by • How can replicated products help an investor meet a specific risk exposure profile for a CISDM and AIMA (Alternative Investment Management Association - www.aima.org) that lower cost offers the CAIA designation program. He is Academic Advisor to Credit Agricole Structured • What potential exists to allow investors to manage portfolios in a more aggressive and Asset Management (U.S.), outside Trustee for the Managers Funds (a mutual fund based fund tactical way of funds), President of Alternative Investment Analytics, an alternative investment management • Practicalities of using methods across the entire portfolio or for specific portfolio firm offering commodity based investment products and Chairman of White Bear Partners, an objectives asset management company offering actively managed Hedge Fund and Managed Futures • Making change to allocations (CTA) investment products. He is also Chairman of Schneeweis Partners (an investment Philip Halpern, Private Investor; OXFORD FINANCIAL GROUP - INVESTMENT consulting firm offering asset allocation, performance monitoring, and passive alternative asset POLICY COUNCIL; Former CIO of the UNIVERSITY OF CHICAGO investment strategy replication products). He has acted as Board member for the Managed Funds Association and as U.S. Representative for the Alternative Investment Management Association. Following a fulfilling career in managing large institutional portfolios as Chief Investment He has formerly held positions at Ursa Capital and other alternative investment management Officer (CIO), Philip now spends his time as a private investor. He is active on boards and committees of both well known and start-up investment organizations, with current mandates firms. encompassing Comprehensive Portfolio Strategy (Oxford Financial Group - Investment Policy 5.00 Close of GAIM Fund of Fund s Hedge Fund Replication Briefing

W W W . G A I M U S A F O F . C O M 13 The largest gathering of Hedge Fund of Funds and their investors in North America

GOLD SPONSORS: Archway is the first and only organization to successfully integrate into one solution the ability to manage the complexities associated with fund of fund partnerships. Our domestic and international fund of fund customers enjoy a seamless flow of data through fund holdings, fund financials and investor financials. Archway has unraveled the complexities of fund of funds through our Extended Fund Family™ which allows critical underlying fund income and expense data to propagate through fund families on a definable time horizon as often as daily. This revolutionary and proprietary capability eliminates the uncertainty associated with the poor information and lack of transparency that is typically found in fund of fund operations. Our solution can be used as both a distinguishing factor and competitive advantage for your fund. Personalized service, in-depth industry experience and a global network of resources are the foundation of KPMG's Alternative Investments Practice. Personalized service, in-depth industry experience and a global network of resources are the foundation of KPMG's Alternative Investments Practice. With an integrated network of over 600 audit, tax and advisory professionals focused on hedge funds and alternative investments, our vast experience in this industry is what differentiates KPMG and allows our professionals to provide superior professional services to the alternative investments marketplace. Rothstein Kass’ Financial Services Group provides services for alternative investments (hedge funds, fund of funds and private equity funds), broker-dealers and registered investment advisors. Start-ups and established entities benefit from our highly specialized and expert staff. We keep an eye on the economic, tax and regulatory issues impacting your business so you can focus on money management. Rothstein Kass was recently ranked as the #1 accounting firm service provider for hedge funds by Alpha magazine. Société Générale Corporate & Investment Banking (SG CIB) is a division of Société Générale, one of the world's largest banks with EUR 837 billion assets under management and offices in over 45 countries across Europe, the Americas and Asia. SG CIB's Equity Derivatives and Structured Products division (DEAI) has been active in the U.S. since the early-1990s and was named "Equity Derivatives House of the Year" by Risk and The Banker in 2005 and 2006 and by IFR in 2004 and 2005. A recognized leader in structured alternative investments, DEAI works closely with institutional investors, family offices and funds of hedge funds to tailor product solutions that modify and control the risk / return ratio of alternative investments. The department offers a full range of financial solutions including Credit Facilities, Loans and Swaps, Warrants, Principal Protected Notes, Portable Alpha and Exotic Derivatives. Lyxor, its dedicated asset management company, is one of the largest fund of hedge funds in the world with over $74.5 billion in assets under management. SILVER SPONSORS: Alternative Fund Services (AFS) is HSBC Group’s core provider or fund administration services to the alternative sector. With more than 40 years in the business the AFS team has significant experience, knowledge and understanding of the industry and provides an expansive range of specialist services. AFS continually invests in its people, processes and technology to provide clients with a consistent, quality service – delivered through seamless solutions. For more information please visit us on the web at www.afsfunds.com or contact Brian Lucente at 212.715.6449 or [email protected].

Based in New York, Natixis Capital Markets (formerly IXIS Capital Markets) has been at the forefront of hedge fund-linked solutions. Among its specialist services, Natixis Capital Markets offers principal protection, structured leverage and other customized structures to facilitate efficient hedge fund investing and management. Natixis Capital Markets is a subsidiary of IXIS Corporate & Investment Bank and an affiliate of Natixis–a key player in the banking sector of Europe, with leadership positions in financing and investment banking, asset management and other financial services. BRONZE SPONSORS: The Bank of New York Company, Inc. (NYSE: BK), is a global leader in securities servicing for issuers, investors, and financial intermediaries, servicing securities in more than 100 markets worldwide. Its principal subsidiary, The Bank of New York, founded in 1784, has a distinguished history of serving clients around the world through its primary businesses: Securities Servicing, Treasury Management, and Private Banking and Asset Management. Additional information on the Company is available at www.bankofny.com

Bear Measurisk is a leader in providing Fund of Funds and other institutional investors with sophisticated risk transparency and risk measurement solutions designed to help assess, manage and communicate risk across multi-manager Hedge Fund portfolios. Bear Measurisk services enhance investment decision-making, portfolio construction, management oversight, and investor communications. Bear Measurisk acts as an intermediary between the Hedge Fund and its investors, using the best available information to model risk on the funds; positions, exposures or returns. The firm's interactive Web based risk reporting provides the optimum level of risk transparency to investors while protecting the confidentiality of managers. www.bearmeasurisk.com

BISYS Alternative Investment Services is one of the industry's leading global providers of administration, accounting and tax services for alternative investment products. Investment managers of hedge and private equity funds, including fund-of-funds and other alternative investments, turn to BISYS for innovative and tailored solutions. Clients all over the world have entrusted BISYS with the administration of more than $275 billion in alternative investment assets.

Calyon Financial is a leading global brokerage firm dedicated to providing institutional investors efficient access to all major financial markets. With a complete suite of electronic trading and straight through processing tools, Calyon Financial can provide fully integrated and customizable solutions for front, middle and back offices. Additionally, Calyon Financial’s Alternative Investments Group offers capital introduction services, with a strong network of relationships including: fund of funds, CTAs, macro hedge funds, institutional investors and family offices.

DPM Mellon provides fund administration, back-and middle-office outsourcing, and integrated risk administration solutions for fund managers, asset allocators, institutional investors and proprietary traders. DPM Mellon’s suite of services addresses all your administrative needs and improves your operational efficiency. From the most basic administrative reports to complex portfolio valuations, risk analysis and daily transparency; we have the systems, infrastructure and experience to handle your toughest administrative challenges. DPM Mellon’s services include offshore administration; back office transaction processing and reconciliation; independent portfolio valuation, including daily NAV; consolidated reporting across managers, funds or prime brokers; and tax layering and reporting across jurisdictions.

Man Investments is a global leader in alternative investments. It has spent two decades understanding investor requirements, identifying opportunities, and developing leading edge products and tailor-made solutions for private and institutional investors. Each of Man's core investment managers - AHL, Glenwood, Man Global Strategies and RMF - has distinct expertise in one or more alternative asset classes: hedge funds, leveraged finance and convertible bonds. Man continues to explore opportunities across the alternative investment spectrum in order to enhance its client offerings. Hedge funds are the cornerstone of the business, and Man offers a range of risk/reward profiles through its funds of hedge funds, structured, style products and single manager products. Man Investments manages over $61 billion (estimate as at 30 March 2007) and has a powerful global distribution network. The link is here: http://www.mangroupplc.com/about/about_overview.cfm

Northern Trust understands that no two hedge funds are alike. As such, we offer a degree of customization usually associated with boutique fund administrators but with the advantage of being a leading asset service provider. We understand the importance of providing valuation expertise and reporting accuracy via a client servicing team recognized for its strength and stability. With Northern Trust as your fund administration partner, you will enjoy the freedom to focus on your core business - meeting investment objectives. EXHIBITORS:

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U2231 About the Heart of the Global Hedge Fund Industry, New York City

mmerse yourself in New York City for five minutes, and you'll see why it's like no other place on earth. Only here will you find all of America's attributes - the diversity, the culture, the style - intensified in such an intriguing way. IAnd only here will you experience those sublime moments that New York City is famous for. If you're a first-time visitor, come see for yourself the Empire State and Chrysler buildings, the Statue of Liberty, Rockefeller Center, Times Square, the Bronx Zoo, Staten Island Ferry, Brooklyn Bridge and all our other world-famous attractions. If you've been here before, there's always another neighborhood to explore, another restaurant to try, another Broadway show, over 300 museums tao see, plus endless cultural performances and sporting events. New York City is the ultimate destination for dining with nearly 18,000 restaurants serving up delicious dishes from every corner of the globe. From haute French cuisine, Brazilian feijoada and New York pizza to sushi, souvlaki and sandwiches, there is truly something for everyone. If late night entertainment is what you crave, there are countless bars and clubs in every corner of the city catering to every crowd and every musical genre imaginable. New York City is an undisputed shopper's paradise: You can find anything here, from every corner of the globe. In the clothing category alone, there's everything from the hippest new collections to world-renowned labels in stores ranging from tiny, cutting-edge boutiques to the largest department store in the world, Macy's. Incredible variety and the opportunity to discover something special you can't find back home await. And since notoriously picky New Yorkers demand the best of the best, luxury shopping here is unsurpassed. If you like big cities with lots of excitement and an endless supply of culture and activities, the Big Apple is a great place to visit.

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5 Easy Ways to Register Substitutions and Cancellations: Should you be unable to attend for any reason, please inform us IN REGISTRATIONS: WRITING prior to October 12, 2007, and a credit voucher for the full amount will be issued. If you prefer, a full refund less a $395 non-refundable deposit will be issued. No refunds or credits will be given for cancellations Please complete and return the registration form to Customer Service Manager: received on or after October 12, 2007. Substitutions of enrolled delegates may be made at any time. Please FAX: (941) 365-2507 indicate upon registration whether you are eligible for a discount. No two discounts can be combined. If, for any CALL: (888) 670-8200 or (941) 951-7885 reason, IIR decides to cancel this conference, IIR does not accept responsibility for covering airfare, hotel or other MAIL: IIR NY, P.O. Box 3685, costs incurred by registrants. Program content subject to change without notice. Boston, MA 02241-368 There will be no press in attendance at GAIM Fund of Funds 2007. EMAIL: [email protected] Documentation Order: If you are unable to attend the program, or would simply like to order additional sets WEB: http://www.gaimusafof.com of documentation for your colleagues, they are available for $395 per set, including taxes, postage and shipping in Group Discounts Available. the U.S. Please fill out the order form on the back of the brochure. The documentation is available for shipment Please contact Aloycia Bellillie at (212) 661-3500 ext. 3702 for details. two weeks after the conference takes place. CREDIT CARD PAYMENT ONLY. Any disabled individual desiring an auxiliary aid for this conference should notify IIR at least 3 weeks prior to the conference in writing by faxing Fee The standard fee for attending GAIM Fund of Funds 2007 is outlined on the registration form. 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