Third Annual Panel on Risk Management in Fund Investing Wednesday, July 14, 2004

Featuring

Tanya Styblo Beder, CEO, Tribeca Investments LLC, Citigroup Alternative Investments Myron Scholes, Nobel Laureate, Economic Sciences, 1997; Managing Partner, Oak Hill Capital Management Bruce Yablon, Principal, Renaissance Technologies Corp.

Moderated by Madelyn Antoncic, Managing Director, Head of Global Risk Management, Lehman Brothers

The topic of risk management, important to any money management enterprise, in recent years has taken on an even more critical role in the dynamic and rapidly expanding field of investing. With the enormous inflows of capital, the proliferation of hedge fund strategies of unmatched and rapidly evolving complexity, and the ever-expanding universe of financial assets, understanding one’s risk has become an extraordinarily demanding task. And yet, there has never been a time when good risk management techniques have been more essential to the success of an investment fund.

This event offers a unique opportunity to learn from three of the leading thinkers and practitioners in the field of risk management for hedge fund investing. Nobel Laureate and hedge fund principal Myron Scholes, former Caxton Managing Director and current CEO of Tribeca Investments Tanya Styblo Beder, and Renaissance Technologies Principal Bruce Yablon will discuss and debate some of the central themes of this field. Our distinguished panelists and moderator will address the role of leverage, the appropriate use of VAR, asset allocation, and diversification - among other topics - in a broad-ranging conversation that will provide insights from the front lines of both academic and practical risk management.

Event Details Date: Wednesday, July 14, 2004 * Note date changed due to the holiday

Time: Registration begins at 5pm We will begin promptly at 5:30pm; please arrive early in order to clear

Location: Lehman Brothers ♦ Kaplan Auditorium ♦ 745 Seventh Avenue ♦ between 49th + 50th Streets

RSVP: http://www.100womeninhedgefunds.org/html/next_events_.html

Admission to this event is free, but there is a $25 charge if you register and do not attend (even if you cancel in advance). No-show proceeds will be donated to Big Brothers Big Sisters (www.bbbsa.org) at the direction of the host.

Biographies of Participants

Tanya Styblo Beder, CEO Tribeca Investments LLC, Citigroup Alternative Investments

Tanya Styblo Beder joined Citigroup Alternative Investments in May 2004 as Managing Director and CEO of their single manager proprietary hedge fund unit, Tribeca Investments LLC. Previous to Ms. Beder’s move to Citigroup, she was a Managing Director and Head of the Strategic Quantitative Investment Division of Caxton Associates, LLC, a $10 billion investment management firm located in . Prior to Caxton, Ms. Beder had over 15 years of experience as President of Capital Market Advisors, Capital Market Risk Advisors and as a Vice President of The First Boston Corporation. In 1997, Euromoney named Ms. Beder as one of the top 50 women in finance around the world.

Ms. Beder has appeared before the Congressional Subcommittee on Telecommunications and Finance as an industry and derivatives expert, before the OECD (Organization for Economic Cooperation and Development) as an expert on risk in the global financial landscape, and before the U.S. Senate Special Committee as an expert on the Year 2000 Technology Problem. From 1998 through 2003 Ms. Beder was Chairman of the Board of the International Association of Financial Engineers; currently she is on the Board of Directors and serves as the co-chair of The Investor Risk Committee. She was an author of the Risk Standards for Institutional Investors and Institutional Investment Managers.

She has been on the faculty of the Yale University School of Management and is an appointed Fellow of the International Center for Finance at Yale, and has been on the adjunct faculty at the Columbia University Graduate School of Business Administration.

Ms. Beder holds a M.B.A. in finance from Harvard University and a B.A. in mathematics from Yale University. Ms. Beder has written several articles in the financial area that have been published by The Journal of Portfolio Management, The Financial Analysts Journal, The Harvard Business Review, The Journal of Financial Engineering, Probus Publishing, John Wiley & Sons, and Simon & Schuster.

Myron Scholes, Nobel Laureate, Economic Sciences, 1997; Managing Partner, Oak Hill Capital Management

Myron Scholes, Nobel laureate in Economic Sciences, is a Managing Partner of Oak Hill Capital Management, Chairman of Oak Hill Platinum Partners, and involved in the private and public investment groups of the Robert M. Bass organization. Prof. Scholes is also the Frank E. Buck Professor of Finance Emeritus at the Stanford University Graduate School of Business since 1996. He is widely known for his seminal work in options pricing, tax policies, and the financial services industry. He is co-originator of the Black-Scholes options pricing model, for which he was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997.

Prof. Scholes serves on the board of directors of Intelligent Markets, American Century, Chicago Mercantile Exchange, FEP/Constellation, Unext.com, and Salomon Swapco Inc. He was a principal and Limited Partner at -Term Capital Management, L.P. from 1993-1998. Between 1991-1993, he was a Managing Director at Salomon Brothers, a member of Salomon’s risk management committee, and Co-Head of its Fixed Income Derivatives Sales and Trading Department.

Prof. Scholes received a Ph.D. in 1969 from the University of Chicago, where he served as the Edward Eagle Brown Professor of Finance in the Graduate School of Business from 1974-1983 and Director of the Center for Research in Security Prices from 1976-1983. He was an Assistant and Associate Professor of Finance at M.I.T.’s Sloan School of Management from 1969-1974.

Prof. Scholes is a member of the Econometric Society and served as President of the American Finance Association in 1990. Prof. Scholes holds honorary doctorate degrees from the University of Paris, McMaster University and Louvain University. Bruce Yablon, Principal, Renaissance Technologies Corp. Bruce Yablon is a principal at Renaissance Technologies Corp., where he has been employed since 1998. Renaissance is general partner of the Medallion Fund, a hedge fund dedicated to mathematical trading of the markets. Mr. Yablon is currently responsible for managing Renaissance’s relationships with Wall Street and has worked extensively allocating capital to outside hedge fund managers. Prior to Renaissance, he directed marketing and investor relations at Fibonacci Associates, a mortgage backed securities hedge fund, from 1996 to 1998. Mr. Yablon spent the majority of his career, from 1987 to 1996, at Bear Stearns as a mortgage backed securities salesman in the Fixed Income division where he was a Senior Managing Director. Mr. Yablon began his career at Marine Midland Bank as a commercial lending officer.

Mr. Yablon holds an M.B.A. from Harvard Business School and a B.A. in psychology from Princeton University.

Madelyn Antoncic, Managing Director, Global Head Risk Management, Lehman Brothers Madelyn Antoncic is the Global Head of Risk Management at Lehman Brothers with responsibility for firmwide Market, Credit and Operational Risk. In this role, Dr. Antoncic manages global risk associated with all of the Firm’s risk taking activities. She is responsible for establishing and implementing risk management policies and procedures; developing and implementing risk metrics; model validation and testing of all pricing models; evaluation and approval of new products and trading strategies with consideration of their impact on the Firm’s risk profile; evaluation and approval of Firm commitments and investments; establishing credit and country limits; in conjunction with the Executive Committee setting and allocating Firmwide risk appetite, trading limits and required equity capital. She is a member of the Firm’s Risk, Commitments, Investments, Bridge Loan, New Products and Operating Exposures Committees.

Dr. Antoncic began her career 20 years ago at the Federal Reserve Bank of New York as a research economist. Dr. Antoncic left the Fed to join Goldman Sachs, where she spent the next 12 years in various roles. She spent the last eight years of her tenure at Goldman trading and managing various mortgage-backed structured product desks.

Dr. Antoncic left Goldman Sachs to join Barclays Capital where she served for two years as head of Market Risk Management and Treasurer for the Americas, as well as Treasurer for Barclays Bank, PLC, the N.Y. Branch. She also served as a member of the Board of Directors of Barclays Capital, Inc. and as a member of the Executive Committee of the Board.

Dr. Antoncic has taught economics and international finance as a member of the adjunct faculty at both the graduate and undergraduate schools of The Stern School of New York University, has addressed the American Economic Association on interest rate volatility, and has been a participant at the Eastern Economic Association on Econometric Techniques.

Dr. Antoncic holds a Ph.D. in economics and finance from The Stern School of New York University, was an Alfred P. Sloan Foundation Doctoral Fellow and her work has been published in the fields of interest rate and exchange rate volatility in refereed academic journals.

She is also a member of the Board of Directors of the Girl Scout Council of Greater New York, is a Centennial Associate of New York University, and has been a top fundraiser for the Leukemia Society of America. A member of the Women’s Economic Roundtable and the Women’s Association, she is involved with several environmental and historical societies, as well.