MILAN, JUNE 28TH 2001

TEATRO DAL VERME

VIA SAN GIOVANNI SUL MURO, 2

HEDGE FUND CONFERENCE

ORGANISED BY BORSA ITALIANA SPA

WITH THE CONTRIBUTION OF

ERSEL SGR SPA, INVESCLUB SGR SPA, KAIRÓS ALTERNATIVE INVESTMENT SGR SPA, MERRILL LYNCH, PIONEER ALTERNATIVE INVESTMENT MANAGEMENT LTD. BORSA ITALIANA HAS ORGANISED THIS CONFERENCE TO

PRESENT THE NEW OPPORTUNITIES DERIVING FROM THE

START UP OF A DOMESTIC INDUSTRY TO

IMPORTANT DECISION MAKERS OF THE ITALIAN AND

INTERNATIONAL FINANCIAL COMMUNITY.

BANCA D’ITALIA HAS RECENTLY ISSUED A NEW

REGULATION ALLOWING HEDGE FUNDS

TO BE ESTABLISHED IN ITALY.

THE REGULATION OFFERS A GREAT OPPORTUNITY BOTH

FOR THE GROWTH OF THE ALTERNATIVE FUND

INDUSTRY IN ITALY AND FOR THE DEVELOPMENT OF THE

RELATED FINANCIAL SERVICES.

THE MORNING SESSION AIMS AT DESCRIBING THE ROLE

OF HEDGE FUNDS IN THE FINANCIAL SYSTEM AND THE

MAIN TRENDS OF THE INDUSTRY.

THE AFTERNOON WILL FOCUS ON ITALY AND EUROPE. HEDGE FUND CONFERENCE - MILAN, JUNE 28TH 2001

TEATRO DAL VERME

REGISTRATION AND WELCOME COFFEE 8.30 A.M.

Morning Session 9.00 A.M. -1.30 P.M. Angelo Tantazzi Borsa Italiana Spa Massimo Capuano Borsa Italiana Spa John Bader Halcyon Offshore Management Company LLC Tanya Styblo Beder Caxton Associates LLC John Meriwether JWM Partners LLC Mark Rzepczynski John W. Henry & Co. Inc. Oak Hill Platinum Partners Raffaele Jerusalmi Borsa Italiana Spa Bruno Bianchi Banca d’Italia

LUNCH 1.30 – 2.45 P.M.

Afternoon Session 2.45 - 6.00 P.M. Domenico Santececca ABI (The Italian Banks Association) Giovanni Barbara Legal and Tax Partner of KPMG International Antonio Foglia Banca del Ceresio Crispin Odey Odey Asset Management Christopher Petitt Coast Asset Management Fabio Savoldelli Merrill Lynch Investment Managers

Discussion Panel

Chaired by: Robert Hanna, Merrill Lynch Paolo Basilico Kairós Alternative Investment SGR Spa Fabio Gallia Ersel Hedge SGR Spa Alberto La Rocca Pioneer Alternative Investment Management Ltd Paolo Catalfamo Invesclub SGR Spa

COCKTAIL 6.00 PM

SIMULTANEOUS TRANSLATION IS PROVIDED John M. Bader, Halcyon Offshore Management Company LLC John M. Bader is Co-Chairman of Halcyon Capital Management Company LLC, Halcyon/ Alan B. Slifka Management Company LLC, and Halcyon Offshore Management Company LLC and Chairman of its Investment and Risk Management Committees. All these entities manage about $1.8 billion in event-driven hedge funds in aggregate. One of the Halcyon entities also provides consulting services in research, tra- ding, and portfolio management to the Baker Nye Companies, which oversee another $500 million of event-driven funds. Mr. Bader received his degree from Harvard University.

Tanya Styblo Beder, Caxton Associates LLC Tanya Styblo Beder is a Managing Director of Caxton Associates LLC, a $5.0 billion investment management firm located in New York City. Ms. Beder joined Caxton in May of 1999 and heads the Strategic Quantitative Investments Division. Prior to Caxton, Ms. Beder had over 20 years of Wall Street 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 United States 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. Ms. Beder is Chairman of the Board of the International Association of Financial Engineers and 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 of the Columbia University Graduate School of Business Administration. Ms. Beder holds an 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.

John W. Meriwether, JWM Partners LLC John W. Meriwether is a Principal and co-founder of JWM Partners LLC, an investment management firm based in Greenwich, Connecticut. Mr. Meriwether is the Chief Executive Officer of JWMP and in that capacity is active in all aspects of the firm’s business including trading, new investment and general management. Mr. Meriwether began his career with in 1974 and was named Vice President in 1977. In 1978, Mr. Meriwether was selected to start the Domestic Fixed Income Group. He was admitted as a General Partner of Salomon Brothers in 1980 and was appointed to the firm’s Board of Directors in 1986. Mr. Meriwether was appointed Vice Chairman of Salomon Brothers in February 1988, responsible for worldwi- de Fixed Income Trading, and Foreign Exchange Trading. Mr. Meriwether left Salomon Brothers in 1991. He formed Long-Term Capital Management, L.P. in early 1993 where he was a Principal and CEO. In addition to his other business acti- vities, Mr. Meriwether was a Director of the Chicago Board of Trade from 1985 to 1990. Mr. Meriwether received his B. S. degree from Northwestern University in 1969 and his M.B.A. degree from the Graduate School of Business of the University of Chicago in 1973.

Mark S. Rzepczynski, John W. Henry & Company Inc. Mark Rzepczynski is Senior Vice President of Research and Trading for John W. Henry & Co., an alternative asset manager specialising in financial futures, currency, and commo- dity trading, where he oversees all investment research and execution activities. Previously, he served in the Fixed Income Division of Fidelity Management and Research Company as Vice President and Director of Taxable Credit and Quantitative Research where he oversaw research for all Fidelity taxable fixed income funds. He was part of the management team named “Runner-up Bond Manager of the Year” by Morningstar. Prior to Fidelity, he was Vice President and Director of Research at CSI Asset Management, Inc., an affiliate of Prudential , which specialised in quantitative active fixed-income money management. Before CSI, Mr Rzepczynski was head of the Financial Strategies Group at First Chicago Capital Markets, Inc. and a financial economist with the Chicago Mercantile Exchange.

Myron S. Scholes, Oak Hill Platinum Partners Myron S. Scholes is a partner in Oak Hill Capital Management, and is involved in the private and public investment groups of the Robert M. Bass organization. Professor Scholes is the Frank E. Buck Professor of Finance Emeritus, at the Stanford University Graduate School of Business since 1996. Professor Scholes is widely known for his semi- nal work in options pricing, capital markets, tax policies and the financial services indu- stry. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk-management technology that is used to value and to manage the risk of financial instruments around the world. For this work, he was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997. He was the Frank E. Buck Professor of Finance at the Stanford University Graduate School of Business from 1983 to 1996, and a Senior Research Fellow at the Hoover Institution from 1987 to 1996. He 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 for 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 to 1974. Professor Scholes is a member of the Econometric Society and served as President of the American Finance Association in 1990. Professor Scholes has honorary doctorate degrees from the University of Paris, McMaster University and Louvain University. Professor Scholes has consulted widely with many financial institutions, cor- porations and exchanges and continues to lecture for many organizations around the world. He is on the Board of Directors of Intelligent Markets. Professor Scholes was a principal and Limited Partner at Long-Term Capital Management L.P., an investment management firm from 1993-1998. Between 1991 – 1993, he was a Managing Director at Salomon Brothers, a member of Salomon’s risk management com- mittee, and as Co-Head of its Fixed Income Derivatives Sales and Trading Department was instrumental in building Salomon Swapco, its derivatives intermediation subsidiary, and in expanding its sales and trading group. Antonio Foglia, Banca del Ceresio Antonio Foglia has been focusing on Hedge Fund investments for over 15 years. Presently he is a member of the Investment Supervisory Board of Haussmann Holdings NV, the leading operating in the sector. From 1995 to 2000, Mr. Foglia has been responsible for the co-ordination of the new managers research effort of the fund. Furthermore he is actively involved in the management of several other multimanager hedge funds focusing on the US, Europe, Asia and Japan. He also acts as director for seve- ral Hedge Funds, including some belonging to George Soros’ Quantum Group. Following a degree in Economics from Bocconi University in Milan, he worked in Tokyo, New York and London to complete his training. In 1987 he joined his family private banking business, Banca del Ceresio in Lugano. He is currently Vice President of the Bank.

Crispin Odey, Odey Asset Management Crispin Odey is the founder and Chief Executive of Odey Asset Management. He left Baring Asset Management in 1991 to set up Odey Asset Management as a truly active investment management company. At Barings, where he had worked since 1985, he was Director responsible for Continental European Investment, and ran the very successful Baring European Growth Fund. Prior to Barings he was with Framlington from 1983-85. He graduated in history and economics from Christ Church, Oxford, in 1980. Subsequently, he qualified at the Bar: Law DIP City University, London; 1983, Council of Legal Education; Lord Justice Sachs Scholarship (Middle Temple) 1983.

Christopher D. Petitt, Coast Asset Management Christoper D. Petitt has been with Coast Asset Management since June 1993 and is the Executive Vice President, Chief Operating Officer and a Principal of Coast Asset Management, a trading advisor for various hedge funds, fund of funds and alternative investments. Mr. Petitt is an experienced investor in the CDO market and has spoken at numerous CDO as well as Alternative Investment Conferences. Mr. Petitt received a B.S. degree in Accounting from Portland State University in 1985. After graduation he worked for Spicer & Oppenheim. In 1990, he joined Coopers & Lybrand as an audit manager, spe- cializing in the financial services industry where he provided audit, accounting, and busi- ness consulting services to a wide variety of securities and investment firms. Mr. Petitt is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants.

Fabio P. Savoldelli, Merrill Lynch Investment Managers Mr. Savoldelli is Managing Director and head of Merrill Lynch Investment Managers - Alternative Strategies. He chairs the Investment and Asset Committee, as such he oversees the investment made. Most recently, Mr. Savoldelli was Chief Investment Officer for the Americas at the Chase Manhattan Private Bank, responsible for managers investing assets in international and domestic institutional, private client and ERISA funds. Previously, he was Deputy Chief Investment Officer and Head of Fixed Income and Foreign Exchange at Swiss Bank Corp. Portfolio Management International. Mr. Savoldelli was educated at the University of Windsor and the London School of Economics. Official Organisers

Borsa Italiana Spa Milan, Piazza degli Affari 6 Phone: +39 02 72426.231 Fax: +39 02 72426.386 E-mail: [email protected]

This conference, including the relevant speeches and sponsorships, does not constitute either solicitation of investments or any judgement by Borsa Italiana Spa, on the relevant financial instrument. In organising this conference Borsa Italiana Spa has no marketing aim; the participation to the conference is free of charge and strictly by invitation only. The morning session is a non press event and the list of attendees will not be made public. Borsa Italiana has no liability whatsoever for the contents and the authenticity of the speeches to be presented; this liability is held by the relevant speakers. ERSELHEDGE SGR SOCIETË DI GESTIONE DEL RISPARMIO

Alternative KAIROS Investment

PIONEER Alternative Investments

Borsa Italiana Spa - Milan, Piazza degli Affari, 6 www.borsaitalia.it