AGENDA

Thursday 19 June 2008
DAY 1 at the Eldborg Center at the Blue Lagoon

8:30

Buses leave from Grand Hotel Reykjavik to the Eldborg Center at the Blue Lagoon

9:45

Day 1 Chairman's Welcoming Remarks

Minister of Finance, GOVERNMENT OF ICELAND

All Sessions Are Panel Discussions and Power Point Presentations Are Prohibited

10:00

Practical Analysis of Strategic Asset Allocation and Tactical Asset Allocation Strategies
• The Old World of Asset Allocation Concentrated on Equities and Bonds
• What Were the Shortcomings that Brought Down the Equity Myth?
• The New World of Asset Allocation is Becoming More Heavily Weighted by Alternatives
• What is the Risk/Reward Tradeoff in This New Environment?
• What are Some of the Tactical Moves and How Can They Go Wrong?
• Why is Liquidity Important?
• What is the Effect of Constraints in the Form of Accounting Standards , Funding Standards and Cash Flows?
• What Risk Controls and Proper Governance are Necessary to Implement Satisfactorily?

Moderator:
Senior Consultant, WATSON WYATT

Panelists:
Director of Investment Research & Analytics, PARTNERS HEALTH CARE SYSTEM, INC.

11:00

Asset Allocation in a Liability Driven Investing Framework
• What is LDI These Days? Is There Still a Connection with What Boots Did in 2000? Can You Give Us an Idea of
• the Main Options Available?
• Can You Say Something about the Cost Of LDI in Terms of Lost Returns? Is it Your Impression that Beneficiaries
• are Adequately Presented with the Price of Any Improvement in the Fund's Risk Profile Caused by LDI?
• If You Cover Your Interest Rate Risk with Swaps or Swaptions, Does that Lengthen Your Balance Sheet? If So,
• Can You Invest More than You Hold in Assets?
• It Has Been Said that with LDI, a Well Financed Pension Fund Can Turn Into a Badly Financed Fund, But a Badly
• Financed Fund Cannot Become a Well Financed Pension Fund. If That is So, Will All Pension Funds End Up Badly
• Financed Because of LDI?
• There is Some Evidence that LDI Does Not Improve a Corporation's Credit Rating. If that is the Case, Shouldn't
• Pension Funds Think Twice Before Undertaking Steps that Cost Return but Apparently do Not Have a Significant
• Influence on Risk?
• Even PBGC Doesn't Believe in LDI for Long-Term Investors Any More. So Why Would LDI be Appropriate for
• Pension Funds, the Quintessential Long-Term Investors?

Moderator:
INTERNATIONAL PENSIONS ADVISOR

Panelists:
Strategist Fixed Income & Derivatives, BLUE SKY GROUP (KLM AIRLINES PENSION FUND)
Director of Advisory Services, LIABILITY SOLUTIONS
Trustee Director, SAUL TRUSTEE COMPANY
Head of Global Derivatives Strategies & Trading, TIAA-CREF

12:00

Morning Session Ends

12:15

Buses leave from Eldborg Center at the Blue Lagoon to the Geothermal Spa at the Blue Lagoon

12:30

Lunch at the Blue Lagoon Restaurant

13:30

Blue Lagoon Recreational Time

15:15

Buses leave from Geothermal Spa at the Blue Lagoon to the Eldborg Center at the Blue Lagoon

15:30

Is the Equity Downturn a Permanent Shift or Just Simple Volatility?
• Is the Current Equity Downturn a Permanent Shift; Or Is it Just Simple Volatility, Or Is it Neither?
• What Are the Requirements For an Equity Upturn? The End of the (Sub prime) Credit Crisis? Better Earnings
• Growth? More Transparency?
• What Levels of Growth or Decline in Percentage Can We Expect for the US Equity Market, for the European Equity
• Markets, for the Japanese Equity Market and for the Emerging Equity Markets Between Now and the End of 2008?
• Is the Equity Downturn a Fore Bode of Worldwide Reallocation of Wealth?
• Does this Volatility Give Evidence that Risk Dispersion in Financial Markets Is Less Effective than Anticipated?
• What Will We Have Learned Once the Upturn Is There?

Moderator:
Managing Director, PRAGMA CONSULTING

Panelists:
President & Partner, ALEXANDRA INVESTMENT MANAGEMENT
Chief Executive Officer, FORTUNE GROUP
Portfolio Manager, NATIONAL BANK OF CANADA

16:30

Identifying Promising Investment Opportunities for Institutional Investors Arising from the Current Condition of the Global Credit Market
• Are There Opportunities for Institutional Investors as a Result of the Current Credit Market Dislocation?
• What Role do Fundamental Drivers Play Relative to Technical Considerations in Evaluating These Opportunities?
• How do You Define "Value" in This Environment?
• Will Leverage Play a Role in These Strategies?
• How Will Interest Rates, Exchange Rates and Inflation Impact Time to the Recovery?
• What Are the Keys to Successfully Exploiting These Opportunities?

Moderator:
Investment Principal, AON CONSULTING LTD.

Panelists:
Managing Director, GOTTEX FUND MANAGEMENT

17:30

Afternoon Session Ends

17:45

Buses leave from Eldborg Center at the Blue Lagoon to the Grand Hotel Reykjavik

19:00

Cocktail Reception at the Grand Hotel Reykjavik

Friday 20 June 2008
DAY 2 at the Grand Hotel Reykjavik

9:00

Continental Breakfast

9:15

Day 2 Chairman's Remarks

Trustee Director, SAUL TRUSTEE COMPANY

9:30

Meet the Managers
This session will consist of five managers with a total of ten minutes each to speak. There will be no Power Point presentations during this session. The five managers will one by one have an opportunity to discuss their background, strategy, methodology and performance of their funds. There will be a session leader carefully monitoring the ten minute limit. After all five managers have spoken we will open the floor to questions from the audience.

Facilitator:
Vice President of Finance & Administration, LOYOLA UNIVERSITY OF MARYLAND

Panelists:
Partner, ALPHA EQUITY MANAGEMENT, LLC

All Sessions Are Panel Discussions and Power Point Presentations Are Prohibited

10:45

Evaluating Risks and Opportunities in Emerging Markets
• Who Should Invest in Emerging Markets, Where and Why?
• How Do You Choose the Best Markets?
• What About Volatility, Exchange Rate, Political and Other Risks?
• Which New Markets Have Yet to Emerge?
• How Much Exposure to This Area for the Average Fund?
• Is It Wise to Move Between Emerging Markets?
• What is the Role for the Consultant in the Process?

Moderator:
Chairman, EUROPEAN PARLIAMENT PENSION FUND

Panelists:
Managing Director, ABSOLUTE RETURN CONSULTING (ARC)
Director of Finance & Administration, CORAM FAMILY FOUNDATION
Principal, EMERGING MARKET STRATEGIES COMPANY
General Director, ING FOND DE PENSII S.A.

11:45

Refreshment Break

12:15

Global Private Equity Outlook

Moderator:
Managing Director, CITY CAPITAL

Panelists:
Investment Funds Director and President, L CAPITAL- LOUIS VUITTON MOET HENNESSY & Director, GROUPE ARNAULT INVESTMENT OFFICE
Managing Director, TD CAPITAL PRIVATE EQUITY INVESTORS
Director, WILSHIRE PRIVATE MARKETS GROUP

13:15

Luncheon

14:30

Capitalizing on Global Economic Trends with Global Macro Hedge Fund Strategies

Moderator:
Senior Manager, KPMG LLP

Panelists:
Chief Investment Officer, PLENUM FAMILY OFFICE
PRIVATE INVESTOR
Partner, TAPESTRY ASSET MANAGEMENT

15:30

Refreshment Break

16:00

Perspectives on Asset Allocation Methodologies of Fund of Funds
• What Are the Key Criteria for Manager Selection?
• How Reliable Are Managers' Track Records for Future Returns?
• How Do You Size Managers' Positions?
• How Much Diversification Is Too Much?
• What Is the Better Approach to Manager Selection--Top Down or Bottom Up?
• When Do You Rebalance or Redeem Individual Managers?
• What Are Some Procedures a Fund Should Use to Maintain Low or Negative Correlations Among its Investments?
• How Do Various Strategies Correlate to Each Other, and What are Some Macro Factors which
• Affect Those Correlations?

Moderator:
Chairman, NEW ORLEANS MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM

Panelists:
Managing Director, LIFEYRISSJODUR VERKFRAEDINGA (ENGINEERS PENSION FUND)
Adjunct Professor, NYU STERN SCHOOL OF BUSINESS

17:00

Conference Concludes

17:00

Closing Cocktail Reception