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Boldt Starts Firm to Outsource CIO Function

Bob Boldt, former head of University of Texas Investment, has started an busi-

ness through which he will perform the functions of a chief investment officer for

foundations and endowments.

Boldt, who left the Austin, Texas, endowment manager in September, has been

approaching prospective clients over the last three or four weeks.

The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-

geting foundations and endowments in the U.S. and abroad with assets of up to $2

billion. The firm will also offer its services to wealthy individuals.

Boldt wants to serve as an investment-manager-for-hire to clients that aren’t big

enough to build a major investment operation on their own. Down the road, Boldt

also hopes to add investment products for pension plans.

He has a compelling story to tell. In 2002, he became chief executive of the Texas

See BOLDT on Page 6

More Changes Afoot for Bear’s Brokerage

Bear Stearns has ruffled feathers among its staffers with the latest steps it has

taken to overhaul its prime-brokerage unit.

On Friday, the bank informed five of its seven “calling officers” of their

expanded roles: hawking Bear’s securities-lending, financing and conventional

clearing services to prospective hedge fund clients. Until now, those staffers had

been helping hedge funds deal with problems or find their way around the

investment bank when they needed services outside of the prime-brokerage

area.The move is one of a number of changes the bank has made since merging its

equity-derivatives and clearing groups with its traditional stock-lending area in

September. In November the president of Bear Stearns Securities, Richard Lindsay,

resigned as the bank’s revenue growth from its clearing operations began to slow

See BEAR on Page 6

IRS Gives Non-Profit Fund Investors a Break

The IRS delivered some good news last month to non-profit investors in hedge

funds.At the end of January, the agency reported that a tax-exempt entity would not

be penalized for being an investor in a hedge fund that engaged in what the IRS

considers prohibited tax shelters. The possibility that such investors could be held

liable for the actions of their hedge funds’ managers was raised by legislation that

was signed into law in May.

The Tax Increase Prevention and Reconciliation Act was intended to target non-

profits that collected fees in return for helping taxable entities defer income until

it could be reported at a lower tax rate. But before the January clarification by the

IRS, the law seemed to leave the non-profit investors in hedge funds open to scruti-

ny, and threatened to force them to file disclosure statements with the IRS about

their investments.

The agency’s pronouncement came a couple of months after it issued a ruling

See IRS on Page 4

3 Soros Alum Targets Illiquid Holdings

3 Funds Become Major CMBS Buyers

3 UK Firm Preps Liquid Alternative

4 Healthcare Fund Tally Rose in ’06

4 Ex-Level Global Pro Plans Incubator

4 Deloitte Examining Zwirn’s Books

6 Ex-Goldman, E&Y Pros Set to Launch

9 Commerzbank Crafting Suite of Funds

9 Securitization Vets Start CDO Fund

10 CALENDAR

11 LATEST LAUNCHES

FEBRUARY 14, 2007

Two marketers have left Lehman

Brothers’ absolute-return strategies

group, which recently saw changes in

the senior management and structure of

its hedge fund business. The resignation

of Anne Popkin, head of North American

marketing and client services, takes

effect Feb. 28. Marketer Jose Claxton has

also left the firm. Their exits follow the

departure of Lehman’s fund-of-funds

chief Jolyne Caruso in November and

the arrival a few weeks later of George H.

Walker 4th, the former Goldman Sachs

executive who heads Lehman’s invest-

ment-management area.

New York fund operator Anchorage

Capital has hired Natalie Birrell as its

chief operating officer. She joined the

$2.5 billion firm this month to help stan-

dardize its operations. Birrell oversees all

THE GRAPEVINE

See GRAPEVINE on Back Page

Boldt Starts Firm to Outsource CIO FunctionBob Boldt, former head of University of Texas Investment, has started an busi-

ness through which he will perform the functions of a chief investment officer for

foundations and endowments.Boldt, who left the Austin, Texas, endowment manager in September, has been

approaching prospective clients over the last three or four weeks.

The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-

geting foundations and endowments in the U.S. and abroad with assets of up to $2

billion. The firm will also offer its services to wealthy individuals.

Boldt wants to serve as an investment-manager-for-hire to clients that aren’t big

enough to build a major investment operation on their own. Down the road, Boldt

also hopes to add investment products for pension plans.He has a compelling story to tell. In 2002, he became chief executive of the TexasSee BOLDT on Page 6

More Changes Afoot for Bear’s BrokerageBear Stearns has ruffled feathers among its staffers with the latest steps it has

taken to overhaul its prime-brokerage unit.On Friday, the bank informed five of its seven “calling officers” of their

expanded roles: hawking Bear’s securities-lending, financing and conventional

clearing services to prospective hedge fund clients. Until now, those staffers had

been helping hedge funds deal with problems or find their way around the

investment bank when they needed services outside of the prime-brokerage

area.The move is one of a number of changes the bank has made since merging its

equity-derivatives and clearing groups with its traditional stock-lending area in

September. In November the president of Bear Stearns Securities, Richard Lindsay,

resigned as the bank’s revenue growth from its clearing operations began to slowSee BEAR on Page 6

IRS Gives Non-Profit Fund Investors a Break The IRS delivered some good news last month to non-profit investors in hedge

funds.At the end of January, the agency reported that a tax-exempt entity would not

be penalized for being an investor in a hedge fund that engaged in what the IRS

considers prohibited tax shelters. The possibility that such investors could be held

liable for the actions of their hedge funds’ managers was raised by legislation that

was signed into law in May.The Tax Increase Prevention and Reconciliation Act was intended to target non-

profits that collected fees in return for helping taxable entities defer income until

it could be reported at a lower tax rate. But before the January clarification by the

IRS, the law seemed to leave the non-profit investors in hedge funds open to scruti-

ny, and threatened to force them to file disclosure statements with the IRS about

their investments.The agency’s pronouncement came a couple of months after it issued a rulingSee IRS on Page 4

3 Soros Alum Targets Illiquid Holdings3 Funds Become Major CMBS Buyers3 UK Firm Preps Liquid Alternative4 Healthcare Fund Tally Rose in ’064 Ex-Level Global Pro Plans Incubator4 Deloitte Examining Zwirn’s Books6 Ex-Goldman, E&Y Pros Set to Launch9 Commerzbank Crafting Suite of Funds9 Securitization Vets Start CDO Fund10 CALENDAR11 LATEST LAUNCHES

FEBRUARY 14, 2007

Two marketers have left LehmanBrothers’ absolute-return strategiesgroup, which recently saw changes inthe senior management and structure ofits hedge fund business. The resignationof Anne Popkin, head of North Americanmarketing and client services, takeseffect Feb. 28. Marketer Jose Claxton hasalso left the firm. Their exits follow thedeparture of Lehman’s fund-of-fundschief Jolyne Caruso in November andthe arrival a few weeks later of George H.Walker 4th, the former Goldman Sachsexecutive who heads Lehman’s invest-ment-management area.

New York fund operator AnchorageCapital has hired Natalie Birrell as itschief operating officer. She joined the$2.5 billion firm this month to help stan-dardize its operations. Birrell oversees all

THE GRAPEVINE

See GRAPEVINE on Back Page

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www.skadmanis.com

LONDON

Participating Sponsors

Aconit Partners SA is a

Swiss domiciled investment advisory

and fiduciary company with a special

focus on Russian investments.

Our purpose is to provide invest-

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Our long term objective is to oper-

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We undertake a fiduciary responsi-

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Domaine La Couronnette

1166 Perroy, Switzerland

T +41 21 825 56 32

info“at”aconitpartners.com

www.aconitpartners.com

Aconit Partners SA Investment advisory and Fiduciary

Brazil, Russia, In-

dia and China will

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The BRICs are on

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They still account

for less then 10%

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capitalization

Russia trades at

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Russia enters 2010

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Aconit Partners SA

Aconit Partners SA is a Swiss domiciled investment advisory and fiduciary company with a special focus on Russian investments. Our purpose is to provide investment and advisory service to qualified investors at home and abroad. Our long term objective is to operate a pipeline of investment products with multiple options offering growth opportunities in diverse market environment. Key to our investment process is to use a feet on the ground approach to exploit alpha drivers and implement those in investment portfolios. One of our distinctive advantages is our functional organizational model. It gives us an execution quality and an opportunity to build further on an established platform operated by our business partners. This structure provides a clear cut between advisory functions and risk control, compliance and reporting. These functions are often taken in-house by most of competitors.

Innovation and flexibility to meet investment needs in the most demanding markets

� One of the world’s largest active asset management companies

� More than EUR 1,126 billion of assets under management*

� Offering products across all major asset classes and investment styles, our global expertise enables us to find the best investment solutions for our clients

More information about us: www.allianzglobalinvestors.eu

*Source: Allianz Global Investors as of September 30, 2009. This advertisement has been issued and approved by Allianz Global Investors Europe GmbH, a subsidiary of Allianz Global Investors AG (part of the Allianz Group). Allianz Global Investors Europe GmbH is a limited liability company incorporated under the laws of the Federal Republic of Germany with its registered office at Seidlstrasse 24-24a, D-80335 Munich. Allianz Global Investors Europe GmbH is licensed in Germany as a provider of financial services; for the conduct of its business activities, Allianz Global Investors Europe GmbH is subject to the supervision of the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Allianz Global Investors Europe GmbH has established a branch in the United Kingdom, which operates under the corporate name of Allianz Global Investors Europe GmbH, UK Branch. For the conduct of its activities, the United Kingdom branch is subject to the supervision of the Financial Services Authority (FSA). The information contained in this advertisement should not be construed as constitutive of an offer or solicitation (i) by anyone to buy securities, such as the units or shares of investment funds, in any jurisdiction (including the United Kingdom) in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or (ii) to anyone to whom it is unlawful to make such offer or solicitation in the jurisdiction in which this person resides (including the United Kingdom). Statements made to recipients of this advertisement are subject to the provisions of any underlying offer or contract that may have been, or will be, made or concluded. In addition, subscriptions for shares or units of investment funds can only be made on the basis of their latest prospectus and simplified prospectus, together with their latest audited annual report (and subsequent unaudited semi-annual report, if published). The investment opportunities referred to in this advertisement are not guaranteed by Allianz Global Investors Europe GmbH or affiliated companies within the Allianz Group.

Allianz Global Investors Network of Specialists - Investment firms within Allianz Global Investors include PIMCO, RCM, Allianz Global Investors France, Allianz Global Investors Italy, NFJ, Nicholas-Applegate, Oppenheimer Capital, and AAAm - a unique network of investment firms with a true boutique culture. Global Presence - With € 1,126 billion under management, 5000 employees, and over 75 million clients, Allianz Global Investors is one of the world’s largest active asset managers. Stability - Allianz Global Investors benefits from the strong ownership of Allianz Group, the second-largest insurance company worldwide rated AA by Standard & Poor’s. This support gives our investment firms the freedom to maintain their own philosophies while doing what they do best: protecting and enhancing our clients’ wealth. Sustainability - With more than € 4.6 billion of assets under management in sustainable investments in Europe, Allianz Global Investors ranks as one of the top five SRI managers, and two of our subsidiaries - RCM and Allianz Global Investors France - are signatories to the Principles for Responsible Investment.

Alpstar Capital, a European asset manager and investment advisor, focuses on four key business areas: credit, distressed, strategic asset allocation for private clients and independent asset managers, and real estate.

• CREDIT • DISTRESSED • STRATEGIC ASSET

ALLOCATION • REAL ESTATE

Contact details: Investor Relations

investor.relations@alpstarcapital.com Phone: +41 22 839 44 92

Fax: +41 22 789 47 14

Alpstar Spain S.L. Spain: Almagro 30 Entreplanta izquierda 28010 Madrid

Alpstar UK Limited United Kingdom: 67 Grosvenor Street London, W1K 3JN

Alpstar Capital S.A. Main Office—Switzerland: 7 Avenue de Tournay 1292 Chambésy-Geneva

Alpstar Capital UK Limited Alpstar Capital, a European asset manager and investment advisor, focuses on four key business areas: credit, distressed, strategic asset allocation for private clients and independent asset managers, and real estate. Alpstar and its affiliates manage and administer €1.5 billion with 35 employees located principally in Geneva, Madrid and London. Alpstar Capital manages €1.1 billion in investment grade, high yield, bonds, cds, and leveraged loans across a total of 6 credit investment vehicles (two credit funds, one special situation fund, two CLO’s, a leveraged loan fund) and family office FOFs. In early 2009 Alpstar Capital secured an exclusive cooperation agreement with the Spanish “Cajas” network (savings banks, approximately 40% of the banking system in Spain). This - along with Alpstar Capital’s unique relationships in Spain - is now generating numerous regional opportunities in capital restructuring and advisory, as well as in distressed assets and real estate.

BlueBay Asset Management

Founded in 2001, BlueBay Asset Management plc provides investment management services primarily to institutions and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, corporate bonds, distressed debt and multi-strategy debt products. BlueBay also manages a number of segregated mandates on behalf of large institutional clients globally. Based in London with offices in the USA and Japan, BlueBay Asset Management plc is one of the largest independent managers of fixed income debt funds and products in Europe with approximately US$31.1 billion of assets under management (as at end September 2009). BlueBay's overall aim is to provide a broad range of credit products to modern institutional investors which offer attractive risk-adjusted returns. Listed on the London Stock Exchange in November 2006, BlueBay is a constituent of the FTSE 250.

DB Advisors is the brand name for the institutional asset management division of Deutsche Asset Management, the asset management arm of Deutsche Bank AG.

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Knowing no boundaries.That’s outperformance.That’s DB Advisors.

Innovative ideas can come from anywhere. So, we leverage our global platform to link ideas and information

with investment teams around the world. Selecting the right combination of traditional and non-traditional

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customised investment solutions.

To learn more, visit dbadvisors.com

Anzeige 8,5 x 11 inches_4c_engl.indd 1Anzeige 8,5 x 11 inches_4c_engl.indd 1 02.02.2010 17:17:05 Uhr02.02.2010 17:17:05 Uhr

DB Advisors

DB Advisors is one of the world's leading fiduciary asset management organizations, not

just in size, but also in quality and breadth of investment products and client services. We

provide a broad range of investment strategies - spanning the whole risk/return spectrum

- to our institutional clients worldwide and offer flexibility in return targets and

benchmarks, associating traditional investments with new, innovative tools. Our global

network of integrated resources in combination with our product lineup provides a

powerful platform, delivering superior pension solutions and consistent competitive

results under all market conditions.

For more information please visit: www.dbadvisors.com

Contact

DB Advisors

Nikolaus Schmidt-Narischkin

Managing Director

Head of Fiduciary Management

Mainzer Landstrasse 178-190

60327 Frankfurt

Tel.: + 49 (0) 69 71706 – 3100

nikolaus.schmidt-narischkin@db.com

we are the futures

FTC Capital GmbH1020 Vienna, Praterstrasse 31

Tel.: +431/585 61 69-0

office@ftc.at | www.ftc.at

Systematic Asset Management since 1994In 1994 the founders of the FTC Group be-

gan with the systematic trading of managed

futures. The managed account became the

fl agship fund FTC Futures Fund Classic after be-

ing reestablished in Luxembourg (1998). The

fund boasts an exemplary track record and has

received numerous international awards.

To this day FTC continues to develop a com-

prehensive arsenal of new systematic strate-

gies, complementing its trend-following ap-

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ongoing development which has enabled FTC

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FTC combines disciplined adherence to sys-

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knowledge of how market dynamics work and

proprietary risk metrics in order to achieve su-

perior risk-adjusted returns.

For further information, please contact:Martin M.R. Tilley phone: +431 585 61 69 2122 tilley@ftc.atGareth Webb phone: +44 7703 73 1140 webb@ftc.at

Opal_Event_MT-2.indd 1 08.02.2010 14:00:09 Uhr

FTC Capital

In 1994 the founders of the FTC Group began with the systematic trading of managed futures. The managed account became the flagship fund FTC Futures Fund Classic after being reestablished in Luxembourg (1998). The fund boasts an exemplary track record and has received numerous international awards. To this day FTC continues to develop a comprehensive arsenal of new systematic strategies, complementing its trend-following approach with other strategies. It is this diversified range of proprietary trading systems and their ongoing development which has enabled FTC to diversify from managed futures into the systematic trading of all kinds of liquid financial instruments. FTC combines disciplined adherence to systematic trading strategies with an intuitive knowledge of how market dynamics work and proprietary risk metrics in order to achieve superior risk-adjusted returns.

Broad-minded.Deep thinking.Hermes is a multi-boutique asset manager with a wide range of specialist investment partnerships. This means we provide both choice and highly focused expertise. We’re here to deliver quality, long-term returns, transparently and responsibly. Our first priority is our clients. Not our profits.

We focus on risk-adjusted alpha returns, and believe investment returns are built on a foundation of technical and fundamental expertise. And all our managers co-invest in the products they manage. So you can be assured, we’re only interested in quality, long-term investments.

We’re 100% owned by the UK’s largest corporate pension scheme, providing real stability. This means we can focus on sustainable performance, not short-term profit. It also means we can afford to develop the sort of investment insight that serves all our clients well. Discover an investment partner more interested in your long-term returns than their short-term profits. Discover Hermes.

Find out more about the breadth and depth of Hermes. Please visit www.hermes.co.uk, or call Ksenia Kelly on 020 7702 0888.

Our specialist teams:

Hermes BPK Partners

Hermes Commodities

Hermes Emerging Markets

Hermes Equity Ownership Services

Hermes Fixed Income

Hermes Focus Funds

Hermes Global Credit

Hermes Global Equities

Hermes Private Equity

Hermes Quantitative Equities

Hermes Real Estate

Hermes Smaller Companies

Hermes Sourcecap

Hermes Fund Managers Limited, Lloyds Chambers, 1 Portsoken Street, London E1 8HZ.This advert is issued and approved by Hermes Investment Management Limited, which is authorised and regulated by the Financial Services Authority.

Hermes Fund Managers Ltd Hermes is a multi boutique asset manager comprising a series of specialist investment partnerships with a truly long-term and responsible approach to delivering investment returns. We offer our clients the best combination of specialist investment teams and products along with a robust operating platform from which to operate. Hermes has £21.6bn* of funds under management and offers investment solutions which range from private equity, fund of hedge funds, commodities and our engagement focus funds to real estate, fixed income and specialist equity products. Additionally, we help pension funds meet the highest standards of responsible long term ownership through our innovative Equity Ownership Service. Hermes is the principal investment manager for the BT Pension Scheme (BTPS) which is also the 100% owner of Hermes. This unique relationship gives us a long-term parent whose requirement for investment excellence is perfectly aligned with that of our other clients and provides a privileged insight which informs our product development. * As at 30 September 2009

Highland Capital Management, L.P. Highland Capital Management, L.P. is an investment adviser registered with the SEC and specializes in alternative fixed income investment strategies. An industry leader, the firm manages over $27 billion in senior secured loans, high yield bonds, structured products, mezzanine debt, real assets and equities for a global institutional investor base. The credit team remains one of largest and most experienced in the industry. The firm’s in-house restructuring and private equity staff provides our clients with strategy, M&A and operations capabilities. Highland Capital is headquartered in Dallas, Texas and maintains offices in New York, London and Singapore.

Madrid Centro Financiero

Madrid Centro Financiero is an organization that gathers the interests of its members for

the promotion and development of financial business in Madrid, as a global financial

centre. This mission is translated into concrete actions through the following objectives:

1) To promote the consolidation of Madrid as a financial centre

2) To boost international development projects

3) To channel investor and stakeholder interests towards financial opportunities

offered by Madrid as a financial centre

To this end, Madrid Centro Financiero is backed by the major institutions of the sector

it represents. The founding members of Madrid Centro Financiero include Madrid’s

regional government and its municipality as well as major financial players such as

Banco Santander and BBVA, which are the two biggest banks in Spain and among the

ten best worldwide, CajaMadrid, the second biggest savings bank in Spain, Mapfre, the

biggest insurance group in Spain and the Madrid Stock Exchange, the leading exchange

in terms of fixed income trading volume.

Madrid Centro Financiero es la institución que aúna los intereses de sus asociados en

aras de la promoción y el desarrollo del negocio financiero en Madrid, como centro

financiero global. Esta misión se traduce en acciones concretas guiadas por los

siguientes objetivos:

1) Promover la consolidación de Madrid como centro financiero

2) Potenciar proyectos de desarrollo internacionales

3) Canalizar los intereses de inversores y entidades interesadas hacia las

oportunidades financieras que ofrece Madrid como centro financiero.

Para este propósito, Madrid Centro Financiero está respaldado por las principales

entidades del sector que representa. Los socios fundadores de Madrid Centro Financiero

incluyen a la Comunidad de Madrid a través de su Instituto de Desarrollo (IMADE), el

Ayuntamiento de Madrid a través de su agencia de desarrollo económico

(MadridEmprende), y actores económicos y financieros de la talla de Banco Santander y

BBVA, que son los dos grandes bancos del país y figuran entre los diez primeros del

mundo, CajaMadrid, la segunda mayor Caja de Ahorros de España, Mapfre, que es el

mayor grupo asegurador de España y la Bolsa de Madrid, que es la principal bolsa en

términos de contratación de valores de renta fija.

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Pentium Fund Group Pentium Fund Group (PFG) is an asset management company established in 1979. It was originally created as a family office but eventually accepted to managed outside clients and investors. Pentium specializes in the quantitative mathematical approach to asset management. Pentium has a dedicated team of mathematicians specializing in hedging and the creation of absolute return portfolios. Even in times of market turbulence, Pentium has always given its investors a double digit return. Its "managed account" portfolio returned 99.8% in 2008.

Benefit from the above-average potential of companies

which are active in Asia, Latin America, Europe, Africa

and the Middle East.

The upcoming Emerging Markets region represents an

important drive for the economic growth worldwide.

75% of the global foreign exchange balance back up

this outstanding development.

21,700 Billion USD investment in infrastructure is

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Low public debt combined with an increase in

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Raiffeisen-EmergingMarkets-Equities

The current version of the published sales prospectus for Raiffeisen-

EmergingMarkets-Equities (ISIN V: AT0000497268) including all

amendments since it was fi rst announced is available to interested parties

at www.rcm-international.com.

www.rcm-international.com

EmergingMarkets-Equities_8,5x11zoll _04-02-10.indd 1EmergingMarkets-Equities_8,5x11zoll _04-02-10.indd 1 04.02.2010 17:19:42 Uhr04.02.2010 17:19:42 Uhr

Raiffeisen Capital Management (RCM) National Market Leader and significant European Player in Investment Funds. RCM is Austria’s leading asset manager, with € 29 bn (2009/12) in assets under management and a market share of 20%. Founded in 1985, the company captured the frontrunner position in 1990 and has held on to it ever since. Beyond Austria, RCM is a significant player in CEE and is expanding its presence in Western Europe. A clear concentration on core areas of expertise and performance are two traits that have allowed Raiffeisen to build this successful position. RCM forms part of the Raiffeisen Banking Group, Austria’s densest network of banking outlets with about 560 independent local banks. Approx. 1.6 m Austrians are members; almost 40% of the Austrians are customers. This enhances the resilience of the banking group against adverse economic developments and gives a tougher understanding of its customer needs. The Raiffeisen name is well known throughout CEE being one of the leading banking concerns.

Tranen Capital  Tranen Capital Alternative Investment Fund Ltd. was founded in July of 2008 in the Life Settlements Market. The Fund primarily buys and sells life insurance policies on the secondary and tertiary markets of life settlements. The Fund has ranked #1 in Barclay Hedge and has earned a cumulative positive return of 51.81% over the last 18 months, through one of the worst economic crises since WWII. The asset class is non-correlated to the rest of the market and provides a great diversification away from traditional asset classes. The Fund Managers have extensive backgrounds in this Market and bring together a combined 12 years in the life settlements market with a combined 40 years experience in estate planning and finance. The Fund is regulated in Japan under the FSA and in Singapore under the MAS. The Fund is also an AIMA member and has been granted a listing on the Irish Stock Exchange.

Participating Speakers

Hamza Abdurezak Investment Managment Corporate Finance

Harvard University Professor Abdurezak has been teaching Investment Management & Corporate Finance in the graduate programs at Harvard University and has been conducting research in finance field since 1999. Dr. Abdurezak also teaches Global Investment Management course at Fletcher School, Tuft University. His academic & professional works blend theory with his practical experiences in financial services industry. He shares his time between New York and Boston consulting for Wall Street firms and Pension Funds on investment management and portfolio risk analytics. In the financial services industry, Dr. Abdurezak has consulted & worked for a number of Wall Street firms such as Utah State Pension Fund, Lasair Capital LLC and Ryse Inc and Capital Markets Risk Advisors, Manhattan Family Office. He is the founder and CEO of Risknomics™ LLC, a firm specializing in portfolio & risk management consulting for institutional investors. Current clients include University of Connecticut Endowment & Utah Retirement Systems. Prior to coming to Harvard as a graduate student, Dr. Abdurezak worked for the Science and technology Commission and the Ministry of Planning and Economic Development as an economist in Ethiopia. Hamza Abdurezak’s academic credentials include BA degree in economics from Addis Ababa University; and holds Masters and PhD degrees with concentrations in finance from Harvard University and Tufts University respectively. Dr. Abdurezak has also earned Financial Risk Manager (FRM) designation from the Global Association of Risk Professional (GARP®). Dr. Abdurezak is also a regular member of the global association of investment management professionals. He recently completed a major research work on the dynamics of alpha & beta decomposition of hedge fund returns and risk profiling.

Paul Adkins Managing Director, Institutional Fundraising and Client Service

Highland Capital Management Mr. Adkins is a Managing Director of Institutional Fundraising and Client Service at Highland Capital Management (Singapore) Private Limited. He is responsible for business operations in the Asia Pacific Region and Europe. Prior to joining Highland in February 2007, Mr. Adkins was CEO of Moll Industries. His work experience includes managing a $400 million private equity fund in Japan as the fund's Lead Partner and Managing Director. Mr. Adkins was also a member of that firm's Investment Committee responsible for making all decisions in three other pan-Asian private equity funds totaling $1 billion. As a senior executive, he has managed significant operations, product, and services divisions of leading information technology and global telecommunications companies; he had overall responsibilities for their businesses in the Latin America and the Asia Pacific Regions. Earlier in his career, Mr. Adkins worked as a Senior Manager at Price Waterhouse and as a Manager at Ernst & Whinney in their Financial Services consulting practices where he led numerous engagements associated with merger-related restructuring. He started his career at Morgan Guaranty Trust Co. in New York City. He received a Bachelors degree in Computer Science Engineering at Columbia University.

Wolfgang Alkier Managing Director

Absolute Return Consulting GmbH (ARC) Wolfgang holds a masters and doctorate degree from the Vienna University of Business Administration and Economics. From 1996-2001 he served as a member of the Vienna State Assembly and City Council. He is on the board of a group that especially supports children homes in Sri Lanka. He lives with his wife and 2 children in Vienna and Boca Raton. In 1984 Wolfgang founded a consulting and investment company under the name of Dr. Alkier GmbH. Since 1992 he has managed a family portfolio primarily focused on alternative investments. He is one of the managing directors of Absolute Return Consulting GmbH (ARC). ARC was started in early 2002 by Wolfgang Alkier, Alexandra Bolena and Alex Hoyos. It is an FMA (Austrian Financial Markets Authority) registered investment advisory company. ARC provides advice and distribution services to selected institutional and high net worth clients on non-traditional investment products, especially on Absolute Return oriented Hedge funds or Emerging Markets. Services ARC provides to clients include: - Information and consulting services about Alternative Investment products and opportunities - Distribution of selected Alternative Investment products Benefits ARC provides to clients include: - Absolute Return Orientation - Independent advice, since ARC does not manage own products - Quality of research and analysis - ARC-Management invests own money in recommended products Vienna/Austria alkier@arc.at www.arc.at

Richard Balfe Chairman of the Board of Directors European Parliament Pension Fund

Richard is the Chairman of the Board of Directors of the Members of the European Parliament Pension Fund. The fund is registered in Luxembourg and is a fully invested fund. He is also one of two “pension specialist” directors of the European Organisation for Nuclear Research CERN pension fund based in Geneva. He serves on the advisory committees of the European Pension Fund Investment Forum (EPFIF) and the Pensions Trustees Circle. He regularly appears at International Pension Conferences. He is Chairman of Anglia Community Leisure a charitable Trust which runs Gyms, Swimming pools and other leisure facilities in East Anglia in the UK. Richard is First Vice Chairman of the International Election Monitors Institute IEMI a not for profit association comprising former members of the US Congress and the European and Canadian Parliaments. They have recently sent a monitoring group to Iraq. He has travelled widely in the USA, Europe and Canada. Richard is currently an Alternate Member of the European Union Economic & Social Committee and is also a trained commercial mediator. From 1979 to 2004 Richard served as a Member of the European Parliament representing London.

Grant Ballantine Senior Consulting Actuary,

Occupational Pension Schemes Government Actuary’s Department

Grant Ballantine is a Senior Consultant Actuary in the Government Actuary’s Department in the UK. For the last 18 years, Grant has led the team responsible for giving actuarial advice on occupational pensions, including advice to plan sponsors of unfunded public service schemes and to trustees of funded pension arrangements. An important component of the work is advice on appropriate investment strategy for plan assets, taking account of the nature and term of the liabilities, and advice on investment manager structure. He has provided assistance to some overseas territories on a suitable framework for pension provision, including the interface between social security and private pension provision. Prior to joining GAD, Grant worked for an Edinburgh insurance company, and then enjoyed working in the Far East with an American insurance network.

Vishaal B. Bhuyan Principal, Portfolio Manager

LifeQuant Capital Management Vishaal is a principal and Portfolio Manager for LifeQuant Capital Management, an insurance linked investment fund focusing on longevity linked assets. Prior to co‐founding LifeQuant, Mr. Bhuyan advised large hedge funds and private equity investors on the longevity / mortality asset class, assisting clients on asset acquisition, structuring, and pricing. With over five years of experience in the field, Mr. Bhuyan is widely regarded as an expert in the field, authoring the first ever book on the subject of life settlements: Life Markets: Trading Longevity & Mortality Risk with Life Settlements & Linked Securities (John Wiley & Sons) and is frequently invited to speak on the market across the US, Europe and Asia.

Olivier Bonnet Head SRI

French Public Service Additional Pension Scheme

Olivier Bonnet graduated from ESCP Europe with a Master in Management. He started his career at Vigeo, a European CSR rating agency, as a SRI analyst specialised in Information technologies and Aerospace & Defense sectors. He then became methodology and product development coordinator: he notably developed customized research for institutional investors, methodology for sovereign bonds SRI rating, and in-depth research on controversial weapons. In 2009 he joined ERAFP, the French public service additional pension scheme, where he is responsible for the SRI strategy. Created in 2005, ERAFP applies a SRI policy to all its assets and all asset classes. With almost 4.6 million beneficiaries, AUM of more than 7.5 billion euros and net cash flows of more than 1.6 billion euros per annum, ERAFP is one of Europe’s largest public pension funds in terms of members and SRI institutional investors.

Arthur L. Bowen Director/Investment Manager

Tranen Capital He has been a Director of and the Investment Manager for the Tranen Fund since its inception, in 2008. He is admitted to the Bar Associations for the practice of law in New York and Massachusetts, and has maintained offices in New York City and Boston for more than 30 years. His expertise is in the area of corporation law, as well as in financial advisory and estate planning matters, including as related to life insurance products. He is general counsel to and/or director of many closely-held businesses and charities. He is currently a director of and general counsel to the International Nutrition Foundation, affiliated with Tufts University Medical School. He has been a trustee of the Roxbury Latin School and is a past president of the Princeton Alumni Association of New England and member of the planned giving committee of Trinity Church-Boston. Mr. Bowen is a graduate of Princeton University and Boston University School of Law.

Tim Burgraaf European Partner

Mercer Human Resources Consulting Tim is a European Partner in the Retirement business. He is part of Mercer’s European DC Leadership Team as well as a Global DC Expert and is a member of several local and international centers of excellence in Defined Contribution and Pan-European pensions. He is a member of the Dutch Order of Pension Experts (NOPD), Circle of Pension Specialists (KPS), International Employee Benefits Association (IEBA) and member of the European Pension Group of Holland Financial Center which advises Dutch Government. He started working at age 21 with a local insurance company. After this, he joined Aon Consulting in 1993 as an employee benefit consultant. After Aon, Tim moved to Mercer in 2000, first as senior consultant, now as principal. His clients are not so much located specifically in one branch, but mainly consist of larger corporations. Tim has graduated the first phase of Law on the Erasmus University and holds a Master degree from the Hermes University as a Master in Pensions and Life Assurance. is a regular speaker on conferences across Europe and has published two books (both on defined contributions) and a large quantity of articles.

Edwin Burton Professor of Economics University of Virginia

Currently: Professor of Economics, University of Virginia (since 1988) Trustee, Virginia Retirement System (1994-2001, 2004-Present) In the Past: Head of Investment Banking and Municipal Finance, Interstate Johnson Lane, 1994-1995 President, Rothschild Financial Services, Inc. 1987-1994 Sr. Vice President, Smith Barney, 1975-1984 (Head of Options Sales and Trading) Assistant and Associate Professor of Economics, Cornell University, 1969-1979 Education: B.A. in Economics from Rice University, 1964; Ph.d. in Economics from Northwestern University, 1971

Martin Cech Fixed Income Manager

ESPA FINANCIAL ADVISORS Born in 1970, graduated from Economic High School, Vienna 1989-1993 Institutional sales at Volksbank, Vienna 1994-1998 Private Banking at a regional Austrian bank 1998-2005: VBV, deputy Chief Investment Officer, Head of competence centre for fixed income Since 2006 ESPA Financial Advisors / VINIS Since 2006 Martin works for ESPA Financial Advisors and VINIS, a member of VBV group, where he is a portfolio manager for Sustainable Bond Funds and Sustainable Cash Funds and advising SRI-concepts and SRI portfolios. He is also responsible for VBV Vorsorgekasse´s (redundancy payment unit) asset allocation that also refers to sustainable criteria. ESPA Financial Advisors, part of ERSTE-SPARINVEST is the second largest asset manager in Austria managing some 37 bn. USD currently is the largest SRI-manager in Austria. Martin is also responsible for the newly launched Microfinance fund-of-funds. Martin Cech received CPM diploma (Certified Portfolio Manager) Level in 2001 and passed the “Ecoanlageberater”-training course on SRI in December 2008.

Stuart Condie

Founder

James Aviation Ltd

Stuart was Chairman of BAA's £2bn Pension Fund until 2009

and a trustee of the fund since 1994. He was a member of the

Investment Committee which oversaw a major asset allocation

shift into bonds and led the negotiation of additional security and

increased company contributions when BAA refinanced in 2008.

Outside of pensions Stuart was Planning Services Director at

BAA Ltd as well as Director of Heathrow Express Operating

Company and a member of the Board of the SESAR Joint Undertaking (an EU PPP).

Prior to this he held Directorships at Perth and Northern Territory Airports in Australia

and a variety of management posts at BAA including Corporate Treasurer.

Stuart currently runs his own aviation consultancy (James Aviation Ltd) and is looking to

carry on pension fund trustee work. He advises institutional investors on infrastructure

investment and is a regular presenter and writer on pension issues.

Stuart has an MA from Cambridge, an MBA from City University and is married with

two daughters.

Adrian Cunningham Company Secretary

Pension Fund for Members of the European Parliament (asbl), Brussels

Adrian Cunningham is the Company Secretary of the Pension Fund for Members of the European Parliament (MEPs). Formed in July 1993 in Luxembourg (Luxembourg being the financial centre of the European Parliament) as an "Association Sans But Lucratif (asbl)" the fund is the sole shareholder of its investment vehicle, a Luxembourg SICAV. As part of the additional voluntary pension scheme for MEPs the fund has over 1,100 members representing all 27 Member States of the European Union. Pan-European and multi-national by design, this pension fund takes all its key investment decisions working within the highly political, multilingual, multicultural environment its varied membership imposes. For the past fifteen years Mr Cunningham has been a key player in the team that has helped direct this small fund. Mr Cunningham has a B.A in Economics and Politics from Greenwich University, London, and previously worked for the British Labour Party both in the UK and in Brussels.

Frank Curtiss Head of Corporate Governance

RAILPEN Investments

Frank Curtiss is Head of Corporate Governance at rpmi RAILPEN Investments, the investment management and monitoring arm of the Railways Pension Trustee Company, the trustee of railway industry pension funds in Great Britain. He joined the company in 1990 and has been responsible for corporate governance since 1997. His main focus is on corporate governance and shareholder engagement with investee companies and others. During his career, he has worked in both the private and public sectors. Prior to 1990, he worked in the UK university sector as an accountant. He started his career in finance as a trainee with Williams & Glyn’s Bank in 1982 on graduating from University College London with a Bachelor’s degree in English. He is a member of the UK Chartered Institute of Management Accountants and a Fellow of the Institute of Chartered Secretaries and Administrators and serves as an honorary adviser to the latter on corporate governance, pensions and other issues, and as a trustee of its educational and welfare charities. He has also served on the judging panel of the ICSA Hermes Transparency in Governance Awards in 2009. Frank has been a member of the International Corporate Governance Network since 1998. He was elected to the ICGN Board in July 2009 and has chaired its Non-Financial Business Reporting Sub-Committee since 2005 which drafted the ICGN Statement and Guidance on Non-financial Business Reporting published in December 2008. He represents Railpen on the National Association of Pension Fund’s Shareholder Affairs Committee and other UK corporate governance industry bodies including the Corporate Governance Forum and the Responsible Investors Network and has helped draft various guidance notes on best practice and disclosure on various topics including executive compensation and socially responsible investment. He is also current chair of the Japan Focus Group. He is also currently a member of the Advisory Council of the Occupational Pensions Defence Union and served as a founding member of the original steering group. He is chairman of the trustees of the NABC - Clubs for Young People Pension Scheme, the staff pension scheme of a UK-based charity. He also has a voluntary role in clinical and research governance in the UK National Health Service as a lay member of the Human Research Ethics Committee of the National Hospital for Neurology and Neurosurgery at Queen Square in London.

Charles Demoulin Director

The Governance Platform Foundation

Charles Demoulin joined Deminor in 1999. He became partner in 2008. Since he joined Deminor, Charles has been involved in a variety of assignments to assist shareholders of public and privately held companies. Charles’ current main responsibilities include:

• definition and implementation of engagement strategies, including for the Governance Platform and for the Deminor Active Governance Fund (DAGF),

• advising shareholders of listed companies outside of the scope of the Platform and DAGF (special assignments),

• monitoring of legislations in several European countries, • active participation in discussions and consultations on legislative reforms at

the European level and in Belgium (Charles already addressed members of both the European and Belgian Parliament).

Charles has been appointed as director (bestuurder) of the Stichting Governance Platform (www.governanceplatform.com). Charles is specialised in Corporate Law for several European countries with a special focus on corporate governance, shareholders’ rights and mergers & acquisition. He is often invited to speak at conferences and seminars dealing with those topics. Prior to joining Deminor, he spent two years with the law firm Loeff Claeys Verbeke (now Allen & Overy Belgium) where he specialised in commercial and company law. Charles obtained a Master of Law at the Université Catholique de Louvain (Belgium) in 1996 and spent one year studying specific legal topics in Dutch at the Law School of the Katholieke Universiteit Leuven. Charles also holds a postgraduate degree in corporate finance (postgraduaat financiewezen) from the Katholieke Universiteit Leuven (2000). Charles is a 36 years old Belgian citizen. He is married and has two children. He is a native French speaker and is fluent in English, Dutch and Spanish.

Rick Di Mascio Chief Executive

InAlytics Rick Di Mascio established Inalytics in 1998, previously he was the MD and CIO of CINMan, and then Head of the UK Unit at GSAM. Rick has also been a Director of Olympus Capital Management, a European long/short hedge fund manager, and IMIGest, the leading Italian mutual fund company. Rick is also Chairman of the T-Charter group.

Natacha Dimitrijevic Head Corporate Governance and Engagement Team

Hermes Equity Ownership Services Ltd

Natacha Dimitrijevic joined the Hermes’ European Corporate Governance and Engagement Team in July 2007. She is now head of the EOS Continental Europe team. She analyses governance issues and takes responsibility of the voting process in Continental Europe to support Hermes voting and engagement programmes. She also takes an active part in developing and implementing corporate governance policies in Continental Europe. Natacha has degrees from both Institut d'Etudes Politiques de Paris and HEC School of Management. After graduating, she worked with Credit Lyonnais in New York (Market Analysis Group) and L'Oreal's International Audit Department doing project work in subsidiaries around the world. Most recently, she has worked as an independent consultant, advising senior executives and publishing a number of articles and a book.

David Dowsett Senior Portfolio Manager

BlueBay Asset Management David joined BlueBay in April 2002. Previously he spent 7 years at Deutsche Asset Management (formerly Morgan Grenfell Asset Management) where he was a Board Director with responsibility for emerging markets and a member of the Investment Policy Committee for all fixed income. David has a BA (Hons) degree in Politics and Economics from Durham University.

Giles Drury Senior Manager, Financial Services

KPMG Giles has responsibility for managing KPMG’s relationships and commercial activity with Goldman Sachs, JPMorgan, Bank of America / Merrill Lynch, UBS and Blackrock. And for co-ordinating KPMG’s activities in the Hedge Fund and Carbon Trading markets. Giles’ KPMG career began in Advisory, and he played an important role in helping to build KPMG’s award winning hedge fund practice in London. Giles has also managed numerous transaction related and advisory projects for KPMG clients. Giles has fifteen years’ experience of leading major strategic assignments and of advising and assisting senior executives within the capital markets – predominately in the hedge fund and investment management industry. Giles joined Barings from University, and then spent eight years working as a freelance consultant before joining KPMG. He is a regular speaker at Industry conferences, is often quoted in the press, and has sat on AIMA committees and on the committee of the charity Hedge Funds Care. Giles holds an Executive MBA from Cass business school.

Theodore Economou General Manager

CERN Pension Fund

Theodore Economou, CFA, is chief executive of the pension fund management unit of CERN, the European Organization for Nuclear Research, based in Geneva, Switzerland. The fund has approximately 4 billion Swiss Francs in assets, managed both internally and externally. CERN, funded by 20 European member states, is the world's leading laboratory for particle physics and currently operates the world's most powerful nuclear particle accelerator.

Prior to joining CERN, Mr. Economou spent 16 years with New York-based ITT Corporation, most recently serving as assistant treasurer responsible for the management of ITT's worldwide pension assets and liabilities, and overseeing capital markets activities. Before that, he was a consultant with Accenture's Financial Services Group. He holds degrees from the Swiss Federal Institute of Technology and Northwestern University's J.L. Kellogg School of Management. He is fluent in French, German, and Greek.

Chris Edge Vice-Chairman

AllenbridgeEPIC Investment Advisors Chris Edge is a senior investment professional with over 25 years’ experience. He co-founded AEIA in June 2003. Chris has a successful and proven record in managing investment funds and fund management businesses. He spent extensive periods with Lazard Brothers and the Family Assurance Group, where he gained wide experience in the fields of asset allocation and stock selection in the securities markets. In 1997 he was instrumental in the creation of Pavilion Asset Management Ltd, and following its sale, he brings experience, management and promotional skills as Vice Chairman of AEIA. Chris is an investment adviser and a trustee to both pension schemes and charitable funds (educational, sporting and medical/research sectors). He has also acted as a non-executive director of a number of quoted investment companies and is a member of the Leadership Board of the University of Exeter. Chris is a frequent commentator in the press and a regular speaker and judge at pensions and investment conferences and awards.

Sheldon Epstein Head of Research

FTC Capital Studied at the University of Waterloo, Canada (BMath-1982); Fellow of the Society of Actuaries (1985); Pricing Actuary, Metropolitan Life; Insurance Liability Specialist, Morgan Stanley; Head of Fixed Income Options Trader, Merrill Lynch; Head of US Interest Rate Derivatives, UBS; Head of Credit Derivatives, Europe, Merrill Lynch; Head of Research, Jemmco Capital.

Chris Erwin M.A., A.S.I.P. Investment Principal Aon Consulting, Ltd.

Chris Erwin has an Oxford MA, and has worked in investment analysis, investment management, and pension fund investment consulting for many years. As a fund manager, he managed both pooled and segregated pension funds, and a manager of managers. He then followed the logical route into investment consultancy for Pension Schemes. This has included both UK and international consultancy. He has written a basic book on comparative pension systems, and was a contributor to the early stages of the European Union Pensions Directive. He joined Aon Investment Consulting in 2001 as a Principal in their Investment Practice. As such he looks after a number of key clients. His clients tend to be large pension funds who want to understand what is going on, and a small selection of smaller clients, where the importance of the client is greater than the size of its pension scheme. He spends a lot of time making sure he can understand new ideas in simple terms, including their risks, before suggesting them for consideration by his clients. He is a speaker at international pension and investment conferences, a frequent contributor to the press, and helps with the intellectual development of the investment consultancy.

Gordon Ferguson Trustee Director

Motor Industry Pension Plan Gordon Ferguson is the independent trustee director of the Motor Industry Pension Plan Ltd, an industry-wide scheme for employees in the UK retail motor trade. Mr Ferguson retired in 1995 as the Group Pensions Manager for British Telecommunications, following senior positions with the British Coal Staff Superannuation Scheme, the BBC and TI. The Department of Trade & Industry then asked him to become a trustee of the Mineworkers' Pension Scheme. He served on this multi-asset fund for four years during a period of massive re-structure. Since retirement he has chaired and spoken at several European conferences and training courses. He was a long-standing (12 years) member of the Council of the National Association of Pension Funds (NAPF), which included chairmanship of the International Group. He represented the UK on the executive committee of the European Federation for Retirement Provision and was involved with the European Capital Markets report presented to the European Union. Presently he concentrates on maintaining an active portfolio of pension and investment interests from his position of semi-retirement, including the advisory panel of the Pension Trustee Circle. He is a Fellow of the Pensions Management Institute (PMI) and a Member of the Chartered Institute of Personnel and Development. Mr Ferguson has a law degree from Leeds University.

John M. Gillies Director, Consulting and Advisory Services—EMEA

Russell Investments John Gillies is director of consulting and advisory services for Russell Investments. John works with a number of large investment funds in the U.K. and Europe, including the pension funds of major multi-nationals. John also contributes to Russell’s research activities, particularly in the areas of governance, investment beliefs, international investment and risk evaluation. John joined Russell in 1986 and has consulted with a variety of corporate and government clients throughout Europe. He has also acted in a personal capacity as adviser to some very large funds. Prior to Russell, John worked in Edinburgh and New York with Wood Mackenzie & Co., a U.K. stock broking firm. During this period, John worked on the development of multi-currency performance measurement and attribution systems. John has written or co-authored many papers published by Russell, including "The 2008 crash and its implications for long-term investors", "DB vs. DC: The Next Greek Tragedy or the Age of Reason?", "The challenge of new ideas - avoid carelessness, not risk", and "International Equity Investment: Why, How Much & Where?" John is a frequent speaker at conferences and seminars.

Michael Hardwick Investment Manager

West Midlands Pension Fund Mike Hardwick represents the West Midlands Pension Fund. The Fund is a £7bn pension scheme for local government employees in Central England. The Fund has significant assets employed in alternative investments and a dedicated team to this asset classification, of which Mike is a member. Mike joined the West Midlands Metropolitan Authorities Pension Fund from an accounting background in July 1995 and has worked in a number of roles within the Fund. He assumed full responsibility for the Fund’s direct property portfolio in 2001 and managed the Fund’s expansion of the portfolio in domestically based assets. Since mid 2007 Mike has been implementing the Fund’s transition into global real estate through investment in private equity styled real estate vehicles. Following an organisational restructure in 2008, Mike was also given responsibility for the Fund’s infrastructure investments, which included a number of existing investments across a broad range of strategies, geographies and asset types. The Fund has an active requirement for further infrastructure investments and is currently expanding geographical exposure through regional biased funds.

Michael Harriman Senior Managing Director

Wilshire Associates Limited Michael Harriman, senior managing director and head of Wilshire Analytics, Europe, joined Wilshire’s London office in 2008. Wilshire Associates Incorporated is an independent investment advisory and services firm owned by key employees. Wilshire provides consulting services, analytics tools and solutions and customized investment products to plan sponsors, investment managers and financial intermediaries around the globe. Wilshire serves in excess of 600 organizations in more than 20 countries representing assets totaling more than US $5 trillion*. Michael oversees Wilshire’s business development and client relationships in Europe, the Middle East and Africa. He is also responsible for Wilshire Total Fund Analytics, a division of Wilshire Analytics which supports Wilshire’s multi asset class solutions including Wilshire iQuantum and related products. Michael’s financial services expertise was derived from 15 years as a management consultant to UBS, Salomon Bros and Peat Marwick in the UK, Switzerland and Japan, having commenced his career with IBM Australia.

* Assets are as of December 31, 2008, based on published data in the December 28, 2009 issue of Pensions & Investments.

Ulrika Hasselgren CEO, Founding partner

Ethix SRI Advisors Ulrika Hasselgren is an advisor to institutional investors and asset managers within the area of responsible investment since 1999. In 2000, she helped Sweden’s national pension fund AP7 to develop their policy for responsible investment and the innovative norm-based screening approach. Since then, she has worked with a large number of investors in developing and implementing responsible investment strategies. Ulrika Hasselgren has a background in the management consulting industry and spent 12 years with McKinsey and 3 years with Solving Bohlin & Strömberg. Ethix SRI Advisors is a Nordic-based advisory firm helping investors to integrate environmental, social and governance factors into the investment process. Services include policy development and strategy, portfolio monitoring, engagement services and communication support. Ethix SRI Advisors is an international team – innovative and solution-driven and enjoys working closely with its clients in Belgium, Denmark, Finland, France, Luxembourg, Netherlands, Norway, Sweden and the UK. Assets under its advice is estimated to 250 €bn. www.ethix.se

Dr. Reinhard Hirsch Commodities and Financial Risk Advisory

RH Management Consulting Reinhard Hirsch advises in the field of Financial Risk Management, Transactions, Valuation and Value Management with broad and deep background in energy and commodities. He is working for big oil and gas companies, energy firms, multinational chemical companies as well as banks active in commodity trading. While heading the KPMG quantitative Commodity and Energy Consulting and leading the Commodity and Energy Risk Consulting Business at d-fine GmbH he managed many projects in energy and commodity market- and credit risk, from conceptual design to implementation in the areas of forecasting systems, hedging and risk management models as well as valuation of energy and commodity contracts. Prior to this, Reinhard was responsible for commodity price risk management, commodity contract management and real option based portfolio management in corporate planning, strategic marketing and purchasing at Bayer AG. He started his professional career at Deutsche Bank's Global Risk Management Group where he was responsible for risk methodology. He has written several scientific publications on Monte Carlo simulations and gives lectures on commodities and mathematical finance at international universities and business schools. Reinhard holds a master and PhD in theoretical physics. RH Management Consulting Von-Werth Str. 242 D-50259 Pulheim Germany reinhard.hirsch@genion.de Tel.: +491792143753

Vernon Holgate Trustee

Capital Cranfield Trustees Limited

Joined Capital Cranfield Trustees Limited in 2007 and - having worked at Sedgwick Noble Lowndes since 1987 - has advised some of that firm's largest clients, including the pension funds of several household name companies. Capital Cranfield Trustees provides professional independent trustee services to occupational pension schemes. Established in 1992, CCTL aim to bring professional experience, judgement and the relevant skills that ensure fairness, efficiency and good governance for UK Pension Schemes.

The company is wholly owned by its Directors, all of whom are actively involved with clients. Pension schemes throughout the UK are serviced from the CCTL offices in London, Nottingham and Edinburgh. To maintain the highest professional and ethical standards CCTL seeks to guarantee total independence by precluding the company or its subsidiaries from offering any services other than trusteeship.

VFH has acted as a professional trustee for 9 years. Has also been part of a national group advising consultants and administrators on best practice relating to pension scheme wind-ups. He spent five years as a trustee director of a leading law firm and time with the Pensions Advisory Service where he established the Government's Stakeholder Pensions Helpline. Currently acts as a director of the CCTL subsidiary focused on scheme wind ups and discontinuance exercises including transferring to the Pensions Protection Fund.

Fellow of The Pensions Management Institute.

Simon Hopkins Head of Global Institutional Business

Close Brothers

Simon Hopkins has over 20 years' experience in the European investment business. He started his investment banking career with SG Warburg & Co in 1986, joining UBS in 1988 as a European equity specialist. From 1990 to 1996 he spent over six years as a French equity market specialist in Paris, first with HSBC James Capel, then Nomura France, where as director of French equities he built a highly-rated equity sales and research business. In 1996, Mr. Hopkins established Fortune, a diversified hedge fund management and advisory firm, and its research affiliate Global Fund Analysis. In 2006, Close Brothers Group plc, a leading UK merchant bank, acquired a controlling interest in the firm. In January 2010, Fortune Asset Management and its affiliate Global Fund Analysis became wholly owned subsidiaries of Close's institutional multi-manager business, a USD 5bn multi-manager which Simon now leads. Simon is a regular commentator on fund industry topics in the financial media and has addressed numerous conferences, the OECD and the London School of Economics on hedge fund investing. He graduated with honours from the University of Bristol's Faculty of Law in 1986.

Luke J. Howe Executive Director

Park Employees Annuity & Benefit Fund of Chicago Mr. Howe is currently serving as the Executive Director for the Park Employees Annuity & Benefit Fund of Chicago. He has had the privilege to work with Trustees and his fellow staff on all aspects of Fund administration; including Benefit Issues, Legal Casework, Investments, Asset Allocation Studies, and Actuarial Projections for Legislation and Funding. Mr. Howe was elected to the position of Trustee to the Board of the Park Employees Annuity & Benefit Fund in June 1998. He has been re-elected twice to this position with a current term ending in June 2010. Mr. Howe has been in public service with the Chicago Park District for over 33 years. He holds a Bachelors Degree in Finance from DePaul University, Chicago.

Frederic Jauffret Chief Executive Officer

Jauffret Consultiva

JAUFFRET CONSULTIVA is an Investment Consulting boutique based in Paris and founded by Frederic Jauffret in April 2003. He is an experienced professional of more than 20 years in the financial industry. It is staffed with 8 people based in France, Ireland and Switzerland. Frederick was a member of Prudential Securities Inc., an American brokerage dealer firm between 1994 and 2003. He was acting as Financial Advisor-SVP for large Family Offices and Institutions including corporations and insurance firms. Frederick was recognized for his ability to promote the due diligence of the Asset Managers Research Department based in New-York and was asked to train the US teams on how to market multi asset managers programs. Frederick received a degree from Wharton School in 1999 and gets the CIMA certification (Certified Investment Management Analyst) delivered by IMCA – Investment Management Consulting Association, as a result of his successful activities with PSI. He is still member of FINRA and IMCA in the US. He is 49 years old and graduated from the University of Geneva, Switzerland (1985) in Economics and Finance. JAUFFRET CONSULTIVA is servicing institutional investors and the like. The company is focused on asset manager selection, portfolio construction, risk analysis and new products. JAUFFRET CONSULTIVA has concluded several strong partnerships worldwide. The firm is affiliated in the United States with Consultiva International Inc. a Financial Consulting firm based in New York and Porto Rico (USA), covering more than 2 bil$ of pension assets. It has also a historical partnership with Gavekal Research in Hong Kong. JAUFFRET CONSULTIVA has developed an asset manager selection process. The company is regulated by AMF in France and registered with ANACOFI (Association Nationale des Conseils Financiers - N°E001464).

Dr. Dieter Kaiser Director Investment Management Feri Institutional Advisors GmbH

Dr. Dieter Kaiser is a Director Investment Management at Feri Institutional Advisors GmbH in Bad Homburg, Germany. Dieter is responsible for the management and the fund selection for all passively managed Fund of Hedge Funds portfolios/mandates at Feri including the ARIX index family as well as funds of hedge funds selection. From 2003 to 2007 he was as product specialist responsible for the institutional research at a small fund-of-hedge-funds-management company in Frankfurt. He started his professional career at Crédit Agricole Asset Management in Frankfurt, where he was responsible for the fund-of-hedge-funds Marketing Support within the Institutional Sales and Marketing division. Dieter has written over 80 articles on hedge funds that have been published in both, academic and professional journals and is the author and editor of eight books. He is also a frequent speaker on hedge funds at seminars and conferences. Dieter holds a BA in Business Administration from the University of Applied Sciences Offenburg, an MA in Banking and Finance from the Frankfurt School of Finance and Management, and a PhD in Finance from the Chemnitz University of Technology. On the academic side, he is a research fellow at the Centre for Practical Quantitative Finance at the Frankfurt School of Finance and Management where he also lectures on alternative investments since 2003.

Dr. Armin J. Kammel, LL.M. (London) Head of Legal & International Affairs

Austrian Association of Investment Fund Management Companies (VÖIG)

EDUCATION: studies of Law and Economics in Graz, Athens, Toronto, Bangkok, Linköping and London

PROFESSIONAL EXPERIENCES

• Head of Legal and International Affairs with VÖIG; prior to that associate in an international law firm and research assistant at the University of Graz Law School with Prof. Jud • Faculty Member at the Center for European Integration at Danube University Krems, Austria • CLPE Research Fellow at Osgoode Hall Law School, York University, Toronto, Canada • Visiting Research Fellow at the British Institute for International and Comparative Law, London, UK

LANGUAGE SKILLS: GERMAN (mother tongue); ENGLISH (fluent); GREEK, FRENCH (basic knowledge)

PUBLICATIONS (selected)

• “Grundriss des Devisenrechts” (with Alfred Schramm); Mille Tre Verlag, Vienna (Austria), 2006, ISBN 3-900198-11-X • “The Law of International Banking Institutions - A Comparative Analysis”;Mille Tre Verlag, Vienna (Austria), 2005; ISBN 3-900198-06-3 • August 2009 „UCITS IV – ein weiterer Meilenstein im europäischen Investmentfondsrecht?“ in: ÖBA, 8/09, pp. 565-574 • May 2009 „The Dilemma of Blind Spots in Capital Markets – How To Make Efficient Use Of Regulatory Loopholes?“ in: 10 German Law Journal 605 (2009) • March 2009 „Selbstregulierung – Ein wichtiges Dogma in der Investmentfondsindustrie?“ in: ÖBA, 3/09, pp. 207-215 • October 2008 “The Law and Economics of the European Investment Fund Industry and Capital Markets” in: D.A. Frenkel and C. Gerner-Beuerle (Ed.) “Selected Essays on Current Legal Issues”, ATINER, Athens; ISBN 978-960-6672-37-8 • October 2008 “Die Publizitätsvorschriften des KMG und InvFG” (with Tamara M. Kapeller) in: ZFR 5/2008, 182-189 • February 2008 „The Law and Economics of Corporate Insolvency – Some Thoughts“ in: P. Omar (Ed.) “International Insolvency Law – Themes and Perspectives”, Ashgate, Aldershot; ISBN: 978-0-7546-2427-1 • August 2007 „Basel II und KAGs – ein österreichisches Spezifikum“ in: ÖBA, 8/07, pp. 606-614 • December 2005 “A Proposal for the Governance of Financial Regulation and Supervision in Europe” in: DIW Vierteljahreshefte zur Wirtschaftsforschung, 74. Jahrgang, Nr. 4/2005, pp. 167-181 • June 2005 “How To Find The Red Thread In The Labyrinth Of Financial Crises”? in: Thammasat Economic Journal, Vol. 23, No. 2, Faculty of Economics, Thammasat University, Bangkok

Dick Kamp Manager of Pension Affairs

SDB Pension Fund Dick Kamp is manager pension affairs at Super de Boer supermarkets and director of the SdB Pension Fund in Beilen, Netherlands. The SdB Pension Fund is the company pension fund of the Dutch retailer Super de Boer. Dick is responsible for all pension affairs for both Super de Boer and the SdB Pension Fund. He has been at Super de Boer since 2003. Responsible for pension affairs, he has directed the improvement of the back office processes and member communication. Furthermore he has lead the development of the current pension scheme, the current investment policy and improved governance processes. Dick has had his education with the Royal NIVRA as a chartered accountant and is involved in pensions for over 18 years.

Dr. Carl-Heinrich Kehr

Principal

Mercer Investment Consulting

Dr. Carl-Heinrich Kehr is a Principal at Mercer’s Investment

Consulting business and is based in Frankfurt.

His current responsibilities as a generalist investment consultant

span strategic and tactical allocations, manager selection,

governance and risk management, as well as the implementation

of efficient investment operations. Within Mercer Germany he

holds specific responsibility for services around Real Estate and

ESG oriented investing. His client management activities cover

industrial corporations, pension funds, family offices, and insurance companies.

From his background Carl-Heinrich brings with him experience from several roles in

consulting for financial services. He was the business leader for the German-speaking

countries at Barra, the globally leading provider of investment analytics solutions. Af-

ter the merger of Barra with MSCI he held responsibility for the institutional business

in continental Europe, covering benchmark index data and risk and performance solu-

tions.

Carl-Heinrich’s formal education in business admininstration and in economics led to

a Ph.D and a Masters degree in business from the University of Frankfurt, Germany.

A number of practitioner and academic publications originated from his academic re-

search in investments and capital markets.

Peter Kraneveld International Pension Advisor

Peter Kraneveld is an international pensions expert. He deals specifically with private pension policy affairs relating to the European Union, but also in the OECD and the World Bank. He is also interested in questions of pension system design and pension fund governance. Previously, Peter served as public affairs officer and, before that, chief economist of PGGM, considering long term and short term macro-economic expectations and their consequences for financial markets. Peter spent 15 years at the OECD in Paris, dealing primarily with the "Arrangement on Guidelines for Officially Supported Export Credits", an international gentleman's agreement on trade financing, but he also facilitated membership of some new countries. Before that, he was in the Dutch Ministry of Economic Affairs where he was Japan desk officer and - at another stage - dealing with some specialized international organizations.

Kenneth A. Landgaard Director

Tranen Capital Mr. Landgaard is one of the Managing Directors and has been a portfolio manager for the Tranen Capital Alternative Investment Fund for the last year and a half. He designed and built the proprietary portfolio policy archival software management system that is employed by the Fund. Mr. Landgaard is responsible for all aspects of the Investment Manager’s management of the Fund’s portfolio of policies, including: assistance in policy pricing, both for purchase and sale by the Fund; managing the policy acquisition process; on‐line archiving of each policy and related documentation such as trust instruments; supervision of policy premium payment and oversight requirements; monitoring personal and medical data of each insured. In the 18 months prior to joining the Fund, he managed policies having an aggregate face amount in excess of 800 million dollars. He was a consultant to multiple investment groups in the general field of life settlements. Mr. Landgaard graduated from North Dakota University with a BA in Business Administration and Finance. He is a member of the Alternative Investment Management Association.

Nikos Latsos

Head of Alternative Investments

Alpheus Advisors

Nikos is responsible for the alternative investments at Alpheus. Between 2004 and 2007,

Nikos was a Managing Director at IKOS. Key functions included hedge fund portfolio &

risk management and strategy consulting for the hedge fund business. Prior to IKOS,

Nikos spent four years as a senior hedge fund analyst at Merrill Lynch and Schroders in

London. His main responsibility was to conduct research on hedge funds across strategies

and had direct involvement in portfolio construction and risk management. Nikos started

his career as a financial engineer with Man Group, analysing hedge funds and developing

structured products on hedge fund portfolios. Nikos graduated with an MBA and a first

class Master's degree in Mechanical Engineering, both from Imperial College.

Svetlana Le Gall Founding Partner

Aconit Partners SA

Svetlana Le Gall has a 12 years management experience in Russian market. She is a founding partner of Aconit Partners Sa, an advisory firm based in Switzerland and focused on Russian investments. Prior to that she was a partner and senior portfolio manager at UFG Asset Management in Moscow were she managed USD 1 bn worth of assets in different investment products and managed accounts. Before joining UFG she was Director of business development at Renaissance Capital Asset Management in Moscow. Six prior years she worked at Clariden bank in Zurich where she managed Clariden Russia equity fund and was responsible for stock selection in global energy sector. Svetlana has started her carrier in 1998 as Emerging markets bond trader at CDC Marche in Paris. She was awarded “Emerging equities fund of the year” by Eurohedge, “Best performing fund in Switzerland” by Stocks and a Lipper’s leader Certificate for high performance. She holds a Master of Science degree in international finance from HEC in Paris.

Timothy D. Lyons Head of Business Development

Tranen Capital Mr. Lyons recently began working with the Fund in the capacity of Head of Business Development. He has been a retained consultant to one of the largest hedge funds in Europe, and helped it assemble the team of actuaries, underwriters, providers, and outside consultants for its Fund in the Life Settlement space. Mr. Lyons has worked as an advisor to a number of emerging and seasoned money managers, across a variety of asset classes – life settlements, distressed debt, real estate, and relative value trading, assisting them with business development and profitable key strategic partnerships. He began his career as an interest rate derivative trader at JP Morgan, and has experience in the financial markets as both a principal and a marketer in equities, credit derivatives, and alternative/special situation investments. Mr. Lyons graduated with a BSE in Chemical Engineering from Princeton University.

Alison McKie Managing Director, Head of Global L&H Risk Transformation

Swiss Re Alison was appointed Managing Director for the Global Life & Health Risk Transformation team at Swiss Re in August 2006 to determine appropriate transformation mechanisms for the life and health business of Swiss Re and to support active capital and risk management, including the transfer of risk to the capital markets through securitization and other techniques. Previously Alison was the Chief Financial Officer for Swiss Re Life & Health Limited and she joined Swiss Re in 2003 as the Finance Director for the Global Life & Health Business Group. Alison started her career at PricewaterhouseCoopers where she focused on the insurance industry, working in an audit and advisory capacity, and on M&A transactions. Alison holds an LLB Hons in law from the University of Birmingham and is a qualified ACA.

Jean-Marc Michelet CEO

Michelet Consult Jean marc Michelet is the CEO of Eurinvest Partners, an asset managemet company in Luxembourg that manage portfolio only with Structured Products. He is also the creator of the webside www.checkqualitylabel.com" that gives a scoring to structured products issued in Belgium. Before 2004, Jean Marc Michelet was director for 12 years at Bank Degroof in Belgium where he created the derivatives and structured product department. Jean Marc Michelet has written in Belgium a lot of articles to highlight some problems concerning the non regulated market in the field of Structured Products. He is also a regular speaker at Structured Product and MGI conferences. Jean Marc Michelet holds a degree in Finance at university EAA in Belgium. He is also a Financial Analyst with ABAF.

Ian Morley Chairman

Allenbridge Hedge Is Chairman of Allenbridge Hedge, Chairman of Corazon Capital, Consultant and former Director of DDGI, Senior Consultant at DDCAP and Director of Wentworth Hall Consultancy. He was formerly CEO of DDO, a leading European Fund of Funds, Head of Derivatives and Quantitative Fund Management at AIB Govett, Managing Director of Rudolf Wolff Fund Management, and European Director of Managed Futures at Lehman Brothers. Ian was the founding Chairman of the Alternative Investment Management Association (AIMA). He works closely with a number of trade and regulatory organisations and has advised the Bank of England, the Central Bank of Ireland, the OECD, the EU and other international institutions about the managed derivatives and Hedge Fund industry. He is an economics graduate from the LSE. Ian has published numerous articles, including Morley’s Laws of Fund Management, and has lectured throughout the world on derivatives and alternative Investments and taught on the MSc strategic finance course at Kingston University. Ian is a regular contributor on radio, TV and the press on matters of financial and economic interest, including several FT Comment pieces. He is a member of Greys Inn, The Foreign Press Association and The Securities Industry Association. Ian has run 16 Marathons and is a thespian of note. He lives in London with a dog, cat and sometimes his children.

Thomas Motsch, CIIA SRI Fund Manager

ERSTE-SPARINVEST Education: 1998 Graduation (from Austrian ‚gymnasium‘, comparable to UK ‚A-levels‘) 2004 Degree from University for Applied Sciences of Taxation, Accounting

and Finance specialising on “capital markets” 2009 CIIA (Chartered International Investment Analyst) Professional Background: 2004 KPMG: Assistant Audit (financial institutions) 2005 VBV pension fund: Asset Management Since 2006 ERSTE-SPARINVEST - SRI team: equity fund manager Since 2006 Thomas works for ERSTE-SPARINVEST. He is senior fund manager in the SRI team and responsible for managing sustainability products focusing on Climate Change and the CEE region respectively. ERSTE-SPARINVEST is the second largest asset manager in Austria with some 37bn USD under management. In the field of sustainability investments ERSTE-SPARINVEST is the leading SRI-manager in Austria.

Fabrice Neyroumande Head of Fiduciary Management

Allianz Global Investors

Mr. Fabrice Neyroumande is head of Fiduciary Management for Allianz Global Investors Europe, based in Munich, Germany. He initially joined the company in 1998 as Institutional Relationship Manager in Paris, France. From 2006 to 2009, he acted as Head of Institutional Sales and Marketing and finally as Country Head of Sales for Allianz Global Investors France. Prior to joining Allianz Global Investors, Fabrice was a Fixed Income Manager at JP Morgan Asset Management. He holds a Masters degree in finance from Audencia Nantes School of Management in France.

Gerry O’Carroll Senior Consultant

Watson Wyatt Gerry O’Carroll established the European-based international consulting firm, Complete Consulting in 2009. As Chairman of this company, Gerry focuses on special projects including work with private equity, environmentally concious investment, risk assessment and special conflicts resolution. The company logo, a circle in a square depicts the firm's commitment to create solutions that "square many circles." Gerry O’Carroll graduated from UCD with a first class honours degree in mathematics and philosophy. He spent his early career working with Ireland’s leading bank-assurance company Irish Life and Permanent and joined Watson Wyatt in 1980. With Watson Wyatt he presided over the Irish office’s growth at all levels up to the year 2003 when he assumed responsibility for a number of the office’s largest clients. While at Watson Wyatt he served as Lead Consultant and Account Manager for these large clients. As a qualified actuary Gerry is also a past president of the Institute of Management Consultants in Ireland, a past member of the Council of the Irish Association of Pension Funds and is a current member of Council of the Society of Actuaries in Ireland and of the Institute of Management Consultants. He is the current Chairman of the Pensions Committee of the Society of Actuaries in Ireland. As author of numerous articles on pension scheme issues and design challenges for current employers he engages in speaking / chairing roles at numerous conferences internationally and locally.

Colin O’Shea Head of Commodities

Hermes Investment Management Limited

Colin joined the firm in April 2008. He is responsible for managing the Hermes suite of commodity funds and for driving the business forward into the third party asset management space. He has also implemented a commodity hedge fund manager program for the British Telecom Pension Scheme. Prior to Hermes Colin worked as an Investment Manager with Railpen Investments (investment manager to the £20bn Railways Pension Scheme), as an Investment Consultant at Mellon and he began his career at HSBC Actuaries & Consultants Ltd where he worked in pension’s consultancy. Colin is a Fellow of the Institute of Actuaries. He studied Actuarial Mathematics & Statistics at Heriot-Watt University, Edinburgh and graduated with 1st Class Honours. Colin is also a Trustee Director of the Hermes Group Pension Scheme.

Rico Pedrett Investor Relations CQS Management

Rico is responsible for Investor Relations in the German-speaking region at CQS. In addition, he has responsibilities in business development and for bespoke platforms. Prior to joining CQS in 2009, Rico was most recently Executive Director in Equity Capital Markets at Goldman Sachs, structuring, originating and executing equity and convertible financing solutions for European corporations and financial institutions. Previously, he held similar responsibilities at Merrill Lynch. Rico graduated from the University of St.Gallen with a Master’s Degree in Business Administration and Economics (lic.oec. HSG), specialising in Finance, Accounting and Controlling.

Bertrand Pinel

Managing Partner and CEO

Alpstar Capital UK Limited

Mr. Pinel joined Alpstar Capital in 2009 as a new Partner and CEO.

Before joining Alpstar, Bertand was was employed by Dresdner Kleinwort in Frankfurt

and London for approximately 16 years. Throughout this period, Bertrand held various

senior positions, including as a member of Dresdner Kleinwort's Executive Committee

and General Manager of Dresdner Bank's London Branch.

From 2007 to 2009, Bertrand was the Global Head of Global Finance, whose business

units were Securitized, Asset & Principal Finance, Strategic Solutions (derivatives-based

ALM and liability products), Structured Finance (tax-related transactions) and Debt

Capital Markets. These units employed 170 professionals world-wide with a portfolio up

to Eur 25 bln.

From 2002 to 2007 he was Global Head of Credit Asset Management and responsible for

Credit Portfolio Management, Counterparty Portfolio Management (derivatives exposure)

multi-strategy credit proprietary trading, Credit Investments and Portfolio Advisory.

These business units employed 160 professionals globally. Total portfolio size in the

credit group was up to EUR 100 bln.

From 2000 to 2002 Bertrand held the position of Global Head of Treasury and Deputy

Global Head of Interest Rates and Treasury (100 professionals globally). He was

responsible for Asset & Liability Management, Money Markets and Group Funding/

Liquidity Management. He worked as Head of Group Audit (Investment Banking/ Asset

Management) from 1997 to 1999.

He began his career at Dresdner in 1994 as a trainee in the Investment Banking/ Capital

Markets program, and was initially employed as an Internal Auditor in investment

Banking/ Asset Management from 1994 to 1997.

Bertrand is a top of the class graduate from Ecole Supérieure de Commerce de Toulouse.

He is a Business and Finance graduate with distinction from Technische Universitat

Berlin. He is also a post graduate from Ecole Supérieure de Commerce de Paris.

Shaun Port Chief Investment Officer

Fitzwilliam Asset Management Fitzwilliam Asset Management is the new brand for BDO Investment Management's asset management division. Shaun joined Fitzwilliam Asset Management's parent company at the start of 2005 and was instrumental in developing Fitzwilliam’s commodity investment programme for institutional investors and private clients. Previously, Shaun was Senior Economist and Head of Research at Crown Agents Investment Management. He has more than 17 years experience in fund management, including formulating investment strategy for portfolios for central banks, sovereign wealth funds and public pension schemes and advising lenders on emerging market risk. He also holds the Chartered Alternative Investment Analyst (CAIA) designation and is a member of Society of Investment Professionals.

Tom Rotherham

Associate Director - Private Equity

Hermes Equity Ownership Services Ltd

Tom is Associate Director for Private Equity. He joined Hermes Equity Ownership

Services in December 2009 to develop and run the first responsible investment

engagement and consultancy services focused on private equity. In his role, Tom helps

investors (limited partners) and private equity houses (general partners) to develop and

implement responsible investment policies across their portfolio of investments.

Tom has also led the Principles for Responsible Investment (PRI) work on Private Equity

since it's inception in March 2008. In this capacity he chairs the PRI’s Private Equity

Steering Committee, and led the drafting process for "Responsible Investment in Private

Equity: Tom is also a member of the EVCA (European) and AVCAL (Australian)

working groups on ESG. He has spoken on responsible investment at a number of private

equity conferences and written a number of articles.

Prior to joining HEOS Tom had a fourteen-year career in sustainable development which

included as Head of Corporate Responsibility at Radley Yeldar, a UK-based consultancy

advising FTSE100+250 companies; and 10 years advising governments and multinational

companies on sustainable development policy, working variously within the

intergovernmental, non-profit and academic sectors.

A Guide for Limited Partners

An investor initiative in partnership with UNEP FI and the UN Global Compact

Responsible Investment in Private Equity

Contents

About this guide 4

Introduction 5

Guidance – general 6

Guidance – pre-investment stage 6– Due diligence – Legal documentation

Guidance – post-investment stage 8– Monitoring – Engagement

Annex 1: List of potential questions 9

Annex 2: The PRI Principles and this Guide 11

Annex 3: Indicative survey of LP expectations on ESG issues 12

Annex 4: Additional Sources of Guidance 14

About The PRI

The Principles for Responsible Investment (PRI) provide a framework for helping investors build environmental, social and governance considerations into the investment process, thereby achieving better long-term returns and more sustainable markets. The six Principles of the PRI Initiative were developed by, and for, institutional asset owners such as large pension funds and fund managers.

The Initiative now has over 500 signatories made up of financial institutions from 32 countries with roughly US$18 trillion of assets under management. The Principles themselves, a full list of signatories and more information can be found at www.unpri.org.

PRI signatories make a commitment to apply the Principles across all asset classes. It is up to each signatory to decide how best to apply the Principles to their investment activity. Roughly 75% of PRI signatories have developed their own tailored Responsible Investment policy. Where necessary, and at the request of the Board, the PRI Secretariat convenes groups of experts to consider how to support signatories’ continuous improvement in implementing the Principles. The Board requested the PRI Secretariat to initiate work on Private Equity in November 2007. Information on the PRI’s work in other asset classes is available at www.unpri.org

Principles for Responsible Investment Responsible Investment in Private Equity4

About This Guide

This guide describes some of the unique characteristics of private equity investments and provides suggestions on how the PRI Principles could be applied to the asset class. It aims to help LPs assess the extent to which a GP’s investment and ownership processes are consistent with the LP’s own commitments as a PRI signatory. Its scope addresses engagement and information that an LP can consider both before investing in a fund and during the life of that fund. The guide can be applied to any type of PE investment including: Venture Capital; Mid-Market; Large Buy-Out; Mezzanine; Secondary investments; Distressed and Special Situations; and Funds of Funds.

This guide should not be used as a checklist: it is a starting point from which PRI signatories can develop their own approach to Responsible Investment in the private equity asset class. There is presently not enough widespread experience with the application of the PRI Principles in private equity investments to define “best practice”. This guide is targeted at investors (Limited Partners), but may also be of use to private equity firms (General Partners).

Nothing in this guide intends to imply that PRI signatories should dissuade a private equity fund from investing in portfolio companies based on their location, sector or the nature of their ESG impacts. To the contrary, significant value may be derived from investing in and improving companies with significant but poorly managed ESG-related risks or opportunities. While the application of this guide intends to ensure that the scope of information on which investment and ownership decisions are made on behalf of a fund includes ESG issues, it does not intend to alter the GP’s role as decision-maker. This guide also does not imply that new channels are necessarily required for the communication of ESG-related information.

The PRI Board encourages all PRI signatories to use this guide as a basis for developing their own approaches to Responsible Investment in Private Equity. We intend to include a question in the 2010 reporting and assessment tool process on the degree to which this Guide has been helpful. We also intend to undertake an extended period of engagement on the Guide during 2009-2010. Based on this and other information, the PRI Secretariat will review and, where necessary, revise this guide in 2010.

This guide was developed by the PRI’s Steering Committee on Private Equity. The Steering Committee was established in September 2008 with representatives from asset owners, asset managers, private equity houses and industry associations. The Steering Committee included PRI signatories and non-signatories, and reported to the PRI Board.

The Steering Committee was managed by Tom Rotherham, Kan Xi and Jerome Tagger, and its members were:

Actis (Ritu Kumar), AlpInvest (Wim Borgdorff, Maaike van der Schoot), AP2 (Carl Rosen), APG (Rob Lake), Blue Wolf Capital Management (Mike Musuraca), CalPERS (Jesus Arguelles), CalSTRS (Margot Wirth), Doughty Hanson (Guy Paisner), EVCA (Javier Echarri, Serge Raicher, Vincent Neate), La Caisse de dépôt et placement du Québec (Pierre Piche, Michel Lefebvre), La Caisse des Dépôts et Consignations (Patricia Jeanjean), New Zealand Superannuation Fund (Anne-Maree O’Connor), Pantheon (Carol Kennedy, Helen Steers), PCG Asset Management (Michelle Davidson), PGGM (Leo Lueb), Robeco (Stefan den Doelder), UN Global Compact (Gavin Power). USS (David Russell), Washington State Investment Board (Liz Mendizabal). Apax Partners, The Blackstone Group, The Carlyle Group, Kohlberg, Kravis Roberts & Co, Silver Lake, TPG, Permira and PEC President Doug Lowenstein also participated, representing the Private Equity Council (whose other members are Apollo Global Management, Bain Capital Partners, Hellman & Friedman, Madison Dearborn Partners, Providence Equity Partners and TPG).

A Guide for Limited Partners Principles for Responsible Investment 5

Introduction

Responsible investment and private equity

Both public and private equity investors ultimately invest in the same underlying asset: companies. As a result, much of the ESG-related research, analysis and services used by public equity investors may also be of use to private equity investors. Despite the similarity in the underlying asset, private equity (PE) has a number of unique characteristics that should be considered when an investor is developing an approach to Responsible Investment.

PE funds are generally structured as Limited Partnerships, which are managed by a General Partner (GP). Investors, known as Limited Partners (LP), subscribe for limited partnership interests by investing in a fund. As managers of the fund, GPs are responsible for sourcing and analyzing investments, executing on investment decisions, monitoring and advising the fund’s investments, and eventually selling the portfolio companies.

Some of the key characteristics of PE include:

n An investment in PE is a long-term investment: LPs generally commit capital to a fund for a period in excess of 7 years. The fund itself is a blind pool: the underlying assets (portfolio companies) are not known until fund is operational. The LP’s investment decision is therefore based significantly on the nature of the fund’s mandate and the quality and history of the GP.

n An investment in a PE fund is relatively illiquid. The LP cannot easily sell partnership interests (a decision which often requires permission from the GP), and changes to the investment mandate may require negotiation with all other LPs.

n Other than the initial decision to subscribe to a fund managed by a particular GP, almost all of the discretion over investment decision-making and ownership activities lies with the GP.

n A GP’s request for capital from the LPs to make an investment can be a relatively quick process, not giving LPs much time for consideration or review of the investment proposition.

n Although the ownership period of portfolio companies is often as long as 5 years, PE is a buy-to-sell model, not buy-to-own. All investments must be sold within the life of the fund.

n GPs seek significant influence or control over their investments, and frequently purchase a full or majority stake in the portfolio company and nominate a Board member / members.

n Thus, in many instances, the GP acts as both an asset manager and as a company Director (i.e. with influence over corporate strategy, a governance role, and potentially direct corporate management).

n The ownership and governance model allows for a much closer alignment of interests between asset owners, the investment manager and corporate management, and therefore there is a potentially higher likelihood that owners can influence how managers address ESG issues within the underlying portfolio companies.

n There is frequently a significant level of disclosure to LPs, even if public disclosure is often limited.

n Because the relationship between LPs and GPs is structured as a legal partnership, GPs are frequently receptive to ongoing engagement and regular dialogue with their LPs.

Principles for Responsible Investment Responsible Investment in Private Equity6

Guidance for Limited Partners

General

A broad range of actors may contribute to and influence an LP’s investment decision-making and ownership process. The more of these actors that are aware of, and capable to act upon, an LP’s commitment to integrate environmental, social and governance (ESG) issues into their private equity investments, the more successful the approach will be.

1. LPs should develop, and communicate to relevant parties, a policy statement outlining their approach to Responsible Investment in Private Equity.

2. LPs should ensure that their staff, consultants, service providers, intermediaries and GPs are aware of their approach to Responsible Investment, and that staff dealing directly with ESG issues have access to relevant training and/or sources of specialist expertise.

3. LPs should seek to ensure that their internal due diligence and fund selection processes give due regard to ESG criteria, for instance by developing investment analysis criteria, due diligence tools or including a section in the investment recommendation report assessing the GP’s approach to ESG.

4. LPs should include ESG criteria in the mandates that they give intermediaries (e.g. investment consultants) or service providers acting on their behalf in the fund selection or due diligence process.

5. LPs should validate their assessment of whether GPs, intermediaries and service providers meet relevant ESG criteria. This could be done by assessing their policies, systems and/or access to expertise, and/or by reviewing past examples of ESG integration.

Pre-investment stage

An LP is a passive partner in the management of a fund: other than the initial decision to subscribe to a fund, investment and risk management discretion is generally delegated to the GP. As a result, If ESG issues are not formally addressed prior to signing an investment agreement it may be more difficult to do so afterwards.

Prior to investing in a fund, an LP should actively ensure that the GP has the policies, systems and expertise needed to integrate ESG considerations into their investment decisions and ownership activities. Prior to investing, the LP should also discuss the ESG-related disclosures that the GP can provide during the life of the fund.

Due Diligence

6. LPs could provide GPs with a statement explaining the LP’s commitments under the Principles for Responsible Investment, including where relevant a copy of the LP’s Responsible Investment policy, and request information on how the GP could help ensure that these commitments and/or policy are applied within the fund.

A Guide for Limited Partners Principles for Responsible Investment 7

7. LPs could ask GPs whether they have an ESG policy, what this entails and what the status of implementation is.

8. LPs could ask for examples of how GPs have in the past identified and addressed ESG-related risks and opportunities in their portfolio.

9. LPs could, through informal discussions, assess the degree to which the GP understands the potential financial implications of, and is committed to improving their management of, ESG issues.

10. LPs could include ESG-specific questions in due diligence questionnaires (see Annex 1).

11. Given the duration of the investment period, and the likelihood that GPs can further develop their approach to ESG over the life of a fund, LPs should consider whether failure of GPs to provide adequate responses during the due diligence process should necessarily result in a decision not to invest. An LP could instead decide to invest but then to engage with the GP in order to encourage and support improved integration of ESG issues in the management of the fund. In such cases, recognition by the GP of the importance of ESG issues and/or a formal commitment to address them may be sufficient if the LP follows up with active engagement.

12. Noting that they may not have the resources to actively engage with all of the GPs in whose funds they have invested, LPs could use the information obtained during the due diligence process to prioritise which GPs warrant engagement on what issues.

Documentation

13. Commitments related to ESG and Responsible Investment should be included in documentation provided by the GP to the LP prior to investing in a fund. This documentation could include:

n The GP’s Responsible Investment policy, or other information on how ESG issues are addressed during the investment and ownership processes

n Recognition of the LP’s commitment to the PRI Principles, or of the LP’s Responsible Investment policy

n A description of the ESG-related information that an LP can expect to receive during the life of a fund, for instance in existing:

— Annual reports on the fund and/or portfolio companies — Capital calls — Investment memos

n A statement on whether, and if so how, the GP would provide updates if the GP deems a significant or material ESG issue to have arisen in a portfolio company

Principles for Responsible Investment Responsible Investment in Private Equity8

Post-investment stage

Once invested in a fund, an LP generally has only a passive role in the ownership activities. While many funds establish an Advisory Committee to enable the GP to engage with LPs, responsibility for decision-making lies with the GP. As a result, LPs should focus on monitoring how the GP is integrating ESG issues into their investment decisions and ownership activities, and engaging with the GP on specific ESG issues. While the GP may be able to provide a broad range of detailed ESG-related information, including at both fund and portfolio company-level, LPs should ask only for information that they intend to analyse and use, and should recognise that commercially sensitive information may in some instances have to remain confidential.

Monitoring

14. LPs could request information from the GP either formally (e.g. email, minuted meetings, annual report, fund reports, portfolio company reports) or informally (e.g. telephone calls, un-minuted meetings).

15. Where a commitment relating to ESG issues has been communicated by the GP (e.g. in a Responsible Investment policy), LPs could request formal updates, for example in annual reports or other existing channels.

16. LPs could request that their GPs develop criteria and procedures for notifying the LP should the GP deem that significant or material ESG-related risks have arisen during ownership.

17. LPs could encourage their GPs to report on the application of their own ESG policies and procedures at their Annual meetings or at meetings of their Fund Advisory Committees.

18. In accordance with Principles 3 and 6 of the PRI, LPs should encourage broader disclosure by GPs of non-confidential information on ESG-related issues to other stakeholders.

Engagement

19. LPs could attempt to use both formal and informal engagement with the GP to foster dialogue, as appropriate, with respect to the importance of and approaches to Responsible Investment and ESG issues.

20. LPs could encourage the GP to develop its own RI policy, which should inform the GP’s engagement with its portfolio companies, building for instance on the PRI, the UN Global Compact and the US Private Equity Council’s (PEC) Guidelines.

21. Internally, LPs could share ESG-related research, analyst notes and other information between their public and private equity teams. This could include sector- and issue-based analysis.

22. Where LPs believe they have identified a material ESG risk or opportunity, they could request the GP to engage with relevant portfolio companies and to report back to the LPs.

23. LPs could work with peers and GPs to further develop and improve ESG standards and promote sustainability within the PE sector.

24. LPs could encourage their GPs to become a PRI signatory, and to participate in the PRI Private Equity Workstream.

A Guide for Limited Partners Principles for Responsible Investment 9

Annex 1

Topics for LPs’ questionnaires and engagement

The following list provides an overview of the kinds of questions that could help LPs integrate ESG issues into their due diligence processes and in their ongoing engagement with GPs. This is not intended as a checklist. Each LP should develop an approach suited to their investment style and commercial interests. LPs should also be careful not to ask for a volume or detail of information that will not be used. However, consideration should be given to including elements of each of the six headings below. When developing an approach, LPs could draw on their experience of ESG in public equities.

Because different funds may have different exposure to ESG-related risks and opportunities, and because different GPs may have different capacity to address ESG issues, LPs may choose to apply different questions to different GPs.

Fund mandate

LPs should inquire into the nature of the fund mandate in order to determine whether the fund, for example:

i. has a focus on sustainability-related themes (e.g. clean technology, education, health)

ii. focuses on industrial sectors and/or countries that the LP considers to have high ESG-related risk/opportunity profiles

iii. has an investment policy consistent with the LP’s own ESG-related exclusions policy (e.g. investments will not be made in specific sectors or countries)

Policies and processes

LPs should inquire into whether the GP has a Responsible Investment policy, or another formalised and consistent approach for integrating ESG factors into investment decision-making and ownership activities. This could include whether the GP, for example:

i. is a signatory to the PRI, or has adopted any other ESG-related standards or codes

ii. has included ESG-related terms in previous Limited Partner Agreements (LPA) or side letters

iii. considers ESG issues in the due diligence process for every potential portfolio company

iv. includes ESG factors in internal audits at the fund and portfolio company level

v. has processes in place to ensure that ESG issues are managed at the portfolio company level

vi. has a policy on conflicts of interest

ESG expertise

LPs should inquire into whether the GP has access to particularly important types of ESG-related expertise, and whether the expertise is internal; on fund advisory committees; from external consultants and/or within portfolio companies.

Principles for Responsible Investment Responsible Investment in Private Equity10

Disclosure and Engagement

LPs should inquire into the nature and frequency of information that the GP will provide during the life of the fund, which would enable the LP to ensure that the fund is being operated in a manner consistent with the LP’s Responsible Investment policy and/or commitments as a signatory to the PRI. This could include formal and informal communication through a number of channels, for example:

i. Capital calls

ii. Investment memos

iii. reporting at the fund level

iv. reporting at the portfolio company level

v. communication with, and discussion within, the advisory committee

vi. annual general meetings

vii. the GP’s approach to ongoing engagement with LPs

viii. the GP’s approach to public disclosure

Portfolio companies

LPs should inquire into the how the GP engages with its portfolio companies on ESG factors. This could include, for example:

i. whether ESG factors are within the scope of responsibilities of GP-appointed Directors

ii. the type and frequency of ESG information reported by the portfolio company to the GP, and whether this includes the company’s supply-chain

iii. how GPs assess portfolio companies’ compliance with ESG-related laws and regulations

iv. the use of independent experts or third party audits

v. policies to encourage portfolio companies to adopt external standards or codes, including for example the UN Global Compact

vi. examples of previous involvement in ESG decision-making within a portfolio company

Specific ESG issues

LPs should also inquire into a GP’s policies on, and the performance of portfolio companies against, ESG factors that the LP has prioritised, for example climate change, bribery and corruption, health & safety or human rights. When considering which ESG factors to prioritise, LPs may find it useful to build on sector- or issue-based analysis undertaken by public equities analysts or investors.

A Guide for Limited Partners Principles for Responsible Investment 11

Annex 2

The Principles for Responsible Investment and this guide

This Guide outlines possible actions that can help LPs apply the PRI Principles to their private equity investments. The index below indicates where guidance applicable to specific PRI Principles can be found. However, the effectiveness of some of the actions suggested in this Guide may be contingent on the application of other elements, and so caution should be given when applying only parts of the Guide.

1 We will incorporate ESG issues into investment analysis and decision-making processes.

Possible actions are contained in:Guidance: GeneralGuidance: Pre-Investment Stage

2 We will be active owners and incorporate ESG issues into our ownership policies and practices.

Possible actions are contained in:Guidance: GeneralGuidance: Pre-Investment StageGuidance: Post-Investment StageAnnex 1: Suggested questions on Disclosure and Engagement; Portfolio Companies

3 We will seek appropriate disclosure on ESG issues by the entities in which we invest.

Possible actions are contained in:Guidance: GeneralGuidance: Pre-Investment StageGuidance: Post-Investment StageAnnex 1: Suggested questions on Fund mandate; Policies and Processes; ESG Expertise; Disclosure and Engagement; Portfolio Companies; and Specific ESG Issues

4 We will promote acceptance and implementation of the Principles within the investment industry.

Possible actions are contained in:Guidance: GeneralGuidance: Pre-Investment StageGuidance: Post-Investment Stage

5 We will work together to enhance our effectiveness in implementing the Principles.

Possible actions are contained in:Guidance: GeneralGuidance: Post-Investment Stage

6 We will each report on our activities and progress towards implementing the Principles.

Possible actions are contained in:Guidance: General

Principles for Responsible Investment Responsible Investment in Private Equity12

Annex 3

Indicative survey of LP expectations on ESG issues

The scope of this toolkit was informed by a survey of 15 global LPs who are participating in the PRI PE Steering Committee. While not representative of all PRI signatories, these LPs represent over $USD100 Billion in assets allocated to private equity investments, and include some of the world’s biggest institutional investors.

The survey was completed in January 2009 and sought to identify what kind of ESG-related information some leading LPs’ expect from their GPs. The questions were grouped into three categories:— General— Pre-Investment (due diligence)— Post-Investment (ownership)

Results of the survey

*N.B. Figures indicate percentage of respondents answering “yes”.

General

Would you expect all your potential and future GPs to respond to a minimum set of ESG-related questions as defined by your organization? 93.3%

If yes, would you expect all PRI signatories to include some of the same basic ESG-related questions in their own relationships with their GPs? 66.7%

Pre-investment Stage

Would you expect a GP to provide you with a copy of a Responsible Investment policy or mission statement? 80.0%

Would you expect a GP to provide evidence of how their Responsible Investment policy is implemented? 93.3%

Would you expect a GP to provide examples of how their Responsible Investment policy has influenced decision-making? 93.3%

Would you expect a GP to make either all or part of their Responsible Investment policy publicly available? 73.3%

Would you expect a GP to sign a side letter that acknowledges your Responsible Investment policy or otherwise addresses ESG issues? 73.3%

Would you expect to be informed of whether a GP has staff dedicated to RI? 100.0%

Would you expect a GP to inform you of whether they are a member of the PRI or other similar organizations? 100.0%

A Guide for Limited Partners Principles for Responsible Investment 13

Post-investment Stage

Would you expect a GP to provide ESG-related information in annual reports at the fund level? 93.3%

Would you expect a GP to provide you with an annual report at the GP level? 93.3%

If you would expect a GP to provide an annual report, would you also expect this to include information on Responsible Investment? 93.3%

If you would expect a GP to provide an annual report, would you also expect this to be made publicly available? 7.1%

Would you expect a GP to include relevant ESG-related information in annual reporting to you on Portfolio Companies? 85.7%

Would you expect a GP to include relevant ESG-related information in quarterly reporting to you on Portfolio Companies? 46.7%

Would you expect an annual statement from the GPs confirming that their Responsible Investment policy, or specific ESG terms included in a side letter, was complied with? 64.3%

Would you expect relevant ESG issues to be integrated into capital calls or investment memos? 85.7%

Would you expect to have an annual opportunity to discuss ESG issues with a GP? 100.0%

If so, would you expect this opportunity to discuss ESG issues with a GP to be open to all interested LPs in the fund? 66.7%

Principles for Responsible Investment Responsible Investment in Private Equity14

Annex 4

Additional sources of guidance

When developing their own approach to Responsible Investment in private equity, Limited Partners can draw on a broad range of other sources of guidance, including:

UN Conventions and Initiatives

n UN Global Compact (http://www.unglobalcompact.org/)

n The Universal Declaration of Human Rights (http://www.un.org/en/documents/udhr/)

n ILO Declaration on Fundamental Principles and Rights at Work (http://www.ilo.org/declaration)

n The Rio Conventions (http://www.cbd.int/rio/)

n The UN Convention Against Corruption (http://www.unodc.org/unodc/en/treaties/CAC/index.html)

Other Intergovernmental Organisations

n OECD Guidelines for Multinational Enterprises (www.oecd.org/daf/investment/guidelines)

n OECD Anti-Bribery Convention (www.oecd.org/daf/nocorruption/convention)

n OECD Principles of Corporate Governance (www.oecd.org/daf/corporateaffairs/principles/text)

International Financial Institutions

n IFC Performance Standards (http://www.ifc.org/ifcext/sustainability.nsf/Content/PerformanceStandards)

n Equator Principles (http://www.equator-principles.com/index.shtml)

Private Equity Associations:

n US PEC Guidelines for Responsible Investment (http://www.privateequitycouncil.org/)

n BVCA Walker Guidelines (http://www.walker-gmg.co.uk/)

n EVCA Corporate Governance Guidelines (http://www.evca.eu/toolbox/default.aspx?id=504)

A comprehensive list of public and private codes, standards and initiatives that may be applicable to portfolio companies is available in the draft ISO 26000 Guidance on Social Responsibility.

A Guide for Limited Partners Principles for Responsible Investment 15

The information contained in the report is meant for informational purposes only and is subject to change without notice. The content of the report is provided with the understanding that the authors and publishers are not herein engaged to render advice on legal, economic, or other professional issues and services. Subsequently, UNEP FI is also not responsible for the content of web sites and information resources that may be referenced in the report. The access provided to these sites does not constitute an endorsement by UNEP FI of the sponsors of the sites or the information contained therein. Unless expressly stated otherwise, the opinions, findings, interpretations and conclusions expressed in the report are those of the various contributors to the report and do not necessarily represent the views of UNEP FI or the member institutions of the UNEP FI partnership, UNEP, the United Nations or its Member States. While we have made every attempt to ensure that the information contained in the report has been obtained from reliable and upto-date sources, the changing nature of statistics, laws, rules and regulations may result in delays, omissions or inaccuracies in information contained in this report. As such, UNEP FI makes no representations as to the accuracy or any other aspect of information contained in this report. UNEP FI is not responsible for any errors or omissions, or for any decision made or action taken based on information contained in this report or for any consequential, special or similar damages, even if advised of the possibility of such damages. All information in this report is provided ‘as is’, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. The information and opinions contained in the report are provided without any warranty of any kind, either expressed or implied.

Share your experience with Responsible Investment in Private Equity

The PRI will undertake an extended period of engagement on the Guide during 2009-2010. Based on this and other information, the PRI Secretariat will review and, where necessary, revise this guide in 2010. If you would like to provide input to this review process, please contact info@unpri.org.

www.unpri.org

An investor initiative in partnership with UNEP FI and the UN Global Compact

Guidelines for Responsible Investment

Preamble

These guidelines were developed by the Private Equity Council taking into account, among other inputs, the Principles for Responsible Investment and the UN Global Compact and the ten principles derived from it.

Private Equity Council members will:

1. Consider environmental, public health, safety, and social issues associated with target

companies when evaluating whether to invest in a particular company or entity, as well as during the period of ownership.

2. Seek to be accessible to, and engage with, relevant stakeholders either directly or through

representatives of portfolio companies, as appropriate. 3. Seek to grow and improve the companies in which they invest for long-term sustainability

and to benefit multiple stakeholders, including on environmental, social and governance issues. To that end, Private Equity Council members will work through appropriate governance structures (e.g. board of directors) with portfolio companies with respect to environmental, public health, safety, and social issues, with the goal of improving performance and minimizing adverse impacts in these areas.

4. Seek to use governance structures that provide appropriate levels of oversight in the areas

of audit, risk management and potential conflicts of interest and to implement compensation and other policies that align the interests of owners and management.

5. Remain committed to compliance with applicable national, state, and local labor laws in the

countries in which they invest; support the payment of competitive wages and benefits to employees; provide a safe and healthy workplace in conformance with national and local law; and, consistent with applicable law, will respect the rights of employees to decide whether or not to join a union and engage in collective bargaining.

6. Maintain strict policies that prohibit bribery and other improper payments to public officials

consistent with the U.S. Foreign Corrupt Practices Act, similar laws in other countries, and the OECD Anti-Bribery Convention.

2

7. Respect the human rights of those affected by their investment activities and seek to

confirm that their investments do not flow to companies that utilize child or forced labor or maintain discriminatory policies.

8. Provide timely information to their limited partners on the matters addressed herein, and

work to foster transparency about their activities. 9. Encourage their portfolio companies to advance these same principles in a way which is

consistent with their fiduciary duties.

David Russell Co-Head of Responsible Investment

Universities Superannuation Scheme (USS) Ltd. David Russell is Co-Head of Responsible Investment for the Universities Superannuation Scheme (USS) Ltd. USS is the second largest pension fund in the United Kingdom, with assets of over £30 billion and approximately 250,000 members. USS has a Responsible Investment (RI) team of four who work with USS’s fund managers and other market participants on extra financial issues. USS’s responsible investment strategy focuses on integrating extra financial factors into its investment processes across asset classes, and on engaging with companies were these issues pose a risk to the fund’s investments. David is a Steering Committee member of the Institutional Investors Group on Climate Change (IIGCC), and USS also provides a Board member for the Principles for Responsible Investment. drussell@uss.co.uk

Al Samper

Immediate Past Chairman

Board of Trustee of the Virginia Retirement System

Al Samper is the immediate past Chairman of the Board of Trustee of the Virginia

Retirement 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 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.

Tibor Schindler Chief Strategist – Emerging Europe

Raiffeisen Capital Management

44 years of experience 21 years with RCM

Tibor Schindler, born on 20th February 1940, joined RCM in 1988 as senior fund manager. He was in charge of starting the Raiffeisen-Osteuropa-Aktienfonds in 1994 as well as the Raiffeisen-Konvergenz-Rent in 1996. Between 1999 and 2000 he was working for RZB London as head of CEE-Capital Markets. He then rejoined RCM in Vienna and has been responsible for Emerging Markets as Chief Strategist. Tibor Schindler was born in Hungary. Tibor graduated with an Ph.D. in Commerce from Vienna University in 1965. He has over thirty years of experience in securities. He spent six years working on Wall Street in New York and then spent 25 years as portfolio manager with leading asset management companies in Germany and Austria.

Nikolaus Schmidt-Narischkin

Head of Fiduciary Management

DB Advisors

Nikolaus Schmidt-Narischkin is Head of Fiduciary Management at DB Advisors,

Frankfurt am Main. In this function he is responsible for offering conceptional

solutions for the risk management, strategic asset allocation and administrative

platforms for pension schemes of DB Advisors institutional clients . Former roles

with Deutsche Bank AG include Human Resources, Compensation and Benefits,

where he was jointly responsible for defining remuneration and performance

guidelines as applicable for Germany. He is an expert for funding strategies, the

restructuring of pension obligations and innovative benefit schemes. Further to this he

is Member of the Board of Deutscher Pensionsfonds AG, a joint venture with the

Zurich Group, Speaker of the Board of Deutsche Treuinvest Stiftung, Member of the

Managing Board of Deutsche Asset Management Investmentgesellschaft mbH and

Deutsche Asset Management International GmbH.

Markus Schuller

Founder, Managing Director

Panthera Solutions

Markus has over 10 years experience in trading, structuring and managing standard

and alternative investment products. Previously to Panthera, Markus was Managing

Director at Twelve Asset Management Inc., a Long/Short Equity Hedge Fund. He

was one of the first in Europe to fit hedge fund strategies into the onshore UCITS III

structures. Markus successfully started his career as Equity and Options Trader at the

Austrian Volkskreditbank, followed by an engagement at the Hypo Landesbank as

Analyst for the Private Banking Department in 2002.

Markus graduated from his Master in Economics at Johannes Kepler University (and

University of Pittsburgh). In 2005 Markus successfully graduated from his MBA

(specializations in Corporate Finance and Wealth Management) at the International

University of Monaco. After receiving his MSc in Financial Engineering in 2006 from

IUM, he joined the Alternative Investment Boutique ´Monaco Capital Partners´ where

he signed responsible for structuring offshore Real Estate and Private Equity funds

with investment focus on Asia. Since 2009 Markus is teaching the course "Hedge

Fund Structures" at the International University of Monaco. In 2007 he was

nominated as fellow for the renowned Royal Society of Arts.

Panthera Solutions is a Monaco-based Alternative Investment Consultancy for

European banks, asset managers and SME corporations. Its services cover alternative

portfolio consulting, structuring alternative investment vehicles, independent market

research and premium access to a range of the world´s most renowned hedge funds.

More here: www.panthera.mc

Dino Sola Director

Monaco Investment Research Dino Sola is the director of Monaco Investment Research (MIR), a new firm that provides research and advisory services to institutional investors, specializing in asset allocation using alternative investments, risk management, due diligence and financial market intelligence using behavioral indicators. He is also the scientific director of the Master in Financial Engineering at the International University of Monaco (IUM). He teaches several graduate courses at IUM, including a course on Hedge Fund Management and a course on Hedge fund Strategies. Dino has a PhD in mathematics from the University of California at Santa Barbara. He has worked as a quantitative analyst and as a portfolio manager for hedge funds in the United States and in Geneva. He has lectured in universities and business schools in Santa Barbara, Barcelona and Monaco.

John Sopranuk President of the Board of Trustees

City of Aurora Police Money Purchase Pension Plan

Lt. John Sopranuk is currently a 29 year veteran of the City of Aurora (Colorado) Police Department. In 1986, Lt. Sopranuk initiated the withdrawal of the City of Aurora-Police from the state retirement system; to what is now a Money Purchase plan 401(a). A trustee with the plan since 1989, he has served continuously as President of the Board of Trustees since 1990. Since 1991, Mr. Sopranuk has testified in judicial hearings, municipal committee hearings as well as numerous State of Colorado General Assembly legislative committees concerning public policy issues and state laws relative to retirement plan administration and fiduciary responsibilities. As a subject matter expert and panelist, he is a requested guest speaker for national and Colorado retirement plan conferences and seminars. John holds an Accredited Investment Fiduciary (AIF®) designation from the University of Pittsburgh, associated with the Joseph M. Katz Graduate School of Business. John has received a Masters of Public Administration from the University of Colorado-Denver and holds a Bachelor of Arts in Business and Criminal Justice from Columbia College-Aurora.

Christen Thomson Director of Communications

The Alternative Investment Management Association Limited Christen joined AIMA as Director of Communications in December 2008. Responsible for developing and executing AIMA’s communications and research strategies, Christen also works closely with AIMA’s CEO and Executive Director in engaging with policymakers and their constituents on behalf of the hedge fund industry. Previously, Christen was in charge of coordinating global PR activities for Colliers Macaulay Nichols, a $1bn international real estate services provider. Prior to this he spent 12 years at the BBC, joining Radio 5 Live in 1995, and going on to work for Home Newsgathering as a duty news editor and then BBC World and News 24 as senior producer and reporter. Christen has a degree in Modern History from Oxford University and is married with two children.

Anton van Nunen CEO

Van Nunen & Partners Since 1998 Anton is the director/owner of Van Nunen & Partners, an advisory company for both institutional and private investors. Assignments have included restructuring of the investment processes at Interpolis Insurance Company, Van Spaendonck Institutional Investment, VGZ-IZA Health Insurance Company, Campina Pension Fund, Yarden Insurance Company, the Doctors Pension Fund Services (AUM € 14 billion), the printing industry’s pension fund ( € 11 billion) and the combined pension funds of Cosun, Aviko and Suiker. Current assignments include the combined Dutch pension funds of Swedish SCA, Telegraaf Media group, industry-wide pension scheme of wholesale and retail, the Prins Bernard Cultuurfonds, farmer’s organisation ZLTO, pension fund Cultuur and Allianz Global Investors. After constructing, introducing and implementing a fiduciary structure for the investment department of VGZ-IZA and Campina Pension Fund, he plays a role in monitoring and evaluating fiduciary management at the two institutes. He is an advisor to the investment committees of the pension funds of Campina, Provisum (C&A), Arcadis, SCA, Cosun/Aviko/Suiker and the industry-wide scheme of wholesale and retail and to the financial commission of several hospitals. 2008 Anton won the European Pensions Award for Personality of the Year, 2009 the IPE Gold Award for outstanding industry contribution. Prior to this, from 1988 to 1992, he set up the research department for Rabobank International and was a director of Institutional Sales of Rabobank International. From 1992 to 1998 he was vice president of Interpolis Insurance Company, responsible for investments. During 2001 and 2002 he provided expert advice in financial affairs for a Dutch court. Anton received his Ph.D. in macroeconomics and the theory of money, credit and banking at Tilburg University. For 12 years he was an assistant professor at that university and published in the fields of macroeconomics, banking and financial markets. In 2007 he wrote “Fiduciair Management, Een blauwdruk voor een goed bestuur van institutionele beleggers” (Heinen Publishers) and “Fiduciary Management, Blueprint for Pension Fund Excellence (Wiley & Sons, New York). The Japanese edition was published 2008 (Uni Agency), the German edition (FinanzBuch Verlag) 2009. He regularly publishes in financial daily’s and magazines.

Hans-Willem van Tuyll Independent Advisor

H-W baron van Tuyll van Serooskerken was born in Holland in 1938. Spent his early youth with his parents in Indonesia and the USA. Schooling in Holland and after finishing same and two years of compulsory military service, joined a major Dutch Shipping Company and was posted from 1961-'65 to Durban and Johannesburg, South Africa and 1965-'69 to headquarters in Hong Kong. Joined the Cargill Inc group of companies in 1969 in Geneva, Switzerland. After various positions in Holland (training), Brazil (grain trader, 1970), Belgium (building and operating a Holiday Inn franchise motel, 1971-‘74), New York (metal trader for Cargill subsidiary C.Tennant Sons, 1974 ) and Tokyo (responsible for Tennant’s Asian operations, 1974-’79), returned to Geneva in '79 to concentrate on non grain related acquisitions. Joined the brokerage company of the group (CIS) in 1984 as futures broker, but concentrated, since 1989, on Hedge Funds and their developments. Retired from the Cargill group, upon reaching the compulsory retirement age, in 2003. Remained an advisor to CIS for the next years, until the brokerage business was sold in late 2005. Was elected in 1992 to the Board of the Cargill International Pension Board. Retired from this position in 2003. In 1997 joined the Board of the Alternative Investment Management Association (AIMA, London) initially as Vice Chairman and from 2001 to ’02 as Chairman. For some eight years chaired the Conference Committee. From 1997 to 2001 represented The Netherlands in the French speaking part of Switzerland as Honorary Dutch Consul General. Since retirement joined a wide variety of Boards as non executive director or similar functions in financial and shipping industries. Married and parents of 4 children (32 - 26 years old) Jan 2009

Dr. Gert D. Wehinger Economist

Financial Affairs Division Directorate for Financial and Enterprise Affairs

Organisation for Economic Co-operation and Development

Gert Wehinger is an Economist at the Organisation for Economic Co-operation and Development (OECD), Paris, France, where he has been holding assignments in the Economics Department (1999-2003) and the Directorate for Financial and Enterprise Affairs (since 2003). He is currently working for the OECD Committee on Financial Markets, is the organiser of the OECD Financial Roundtables and editor of the OECD Journal Financial Market Trends. Previously, he was assistant professor in economics at the Vienna University of Economics and Business Administration (WU Wien, 1990-95) and later joined the research division of the Austrian central bank (Oesterreichische Nationalbank, Vienna, 1995-99), continuing his lectureships at WU Wien and the University of Applied Sciences, Wiener Neustadt, Austria. He also taught at the Paris-based American Graduate School of International Relations and Diplomacy (2001-03). He is the author of various publications, including papers and articles on financial market issues, book reviews and a book on high and chronic inflation and stabilisation policies. He holds an Economics Master’s (Karl-Franzens-University Graz, Austria, 1988) and Doctoral degree (WU Wien, 1995) and is a graduate of the Institute for Advanced Studies, Vienna (1990). 2, rue André-Pascal F-75775 Paris Cedex 16 France Tel.: +33 1 4524-8768 Fax: +33 1 4430-6308 E-mail: Gert.WEHINGER@oecd.org Web : www.oecd.org/daf/fin

Axel Wilhelm Managing Director

Sustainalytics Axel is Managing Director of Sustainalytics in Frankfurt. He has 17 years of professional experience in the analysis of sustainability issues. In 2000, Axel co-founded scoris GmbH – the predecessor of Sustainalytics in Germany – and is heading the company ever since. Alongside his job, Axel is a well-established lecturer, author, and speaker on ESG investment and CSR issues. He is a member of the juries “Best Sustainable Investor” (portfolio institutionell, Germany) and “ESG Leader Awards” (IPE, UK). Before founding scoris, Axel Wilhelm worked for the Institute for Market Environment Society (IMUG) in Hanover for seven years. During this time, he co-published various ethical shopping guides and oversaw a number of early sustainable investment projects. Axel studied at the Universities of Goettingen, Dublin, and Hannover, and holds a degree in Business Administration. Prior to his academic studies, he worked two years for IBM Germany. In the past years, he completed advanced trainings as environmental auditor and financial analyst. www.sustainalytics.com

Ugur Yildirim Chief Executive Officer

Alpha Global Advisory LLC As second generation CEO, Ugur is responsible for overall business strategy and firm direction of Alpha Global Advisory LLC. In emerging family office he is managing private wealth with other 4 families’ wealth from South Eastern Europe (SEE) and Turkey. He also acted as Senior Fund Manager in Regional Asset Management which focuses retail savings of fast growing SEE region with Asset under Management of 150 million Euros. He is Managing Director of Elements Property Fund. And He is Partner in Valens Energy Partners which focuses investments in Hydroelectric Power Generation projects. In addition to his 12 years experience in financial markets, he is holding Master Degree in Business Administration and Bachelor degree in Mechanical Engineering from Istanbul Technical University.

 

 

Vicente-Andres Zaragoza Managing Director and CIO

Pentium Fund Group Vicente-Andres Zaragoza is the Managing Director and CIO of the Pentium Fund Group -an investment management company based in Geneva,Switzerland. The Pentivrn Group consists of the following business units: Pentivrn Fund, Pentivm Finance, Pentivm Real Estate, Pentivm Private Equity and Pentivm Charities. Mr. Zaragoza is also an Investment Manager and Advisor to the BNP Arbitrage Group in Paris for the BNP-Pentivrn Select Fund and also for Societe Generale Bank in Paris where he is managing 2 funds for SG-Lyxor Group (Pentium Quantitative Fund and Pentium Real Asset Energy Fund). Mr. Zaragoza is also the Founder and Managing Director of the Monaco Charity Film Festival. This is a yearly charity event held in Monaco and sponsored by Pentivm Fund - to assist impoverished and abandoned children world wide with food, housing and education. Mr. Zaragoza started his career in 1975 as a Management Consultant with the SGV-Ernst & Young Group in Asia. He then entered the field of international finance in 1978 when he became the Finance Manager for the International Operations of one of SGV-E&Y' s clients -- a multinational company based in Asia and in the Middle East. In that position, Mr. Zaragoza was responsible for syndicating loans and managing assets in excess of USD $500 inillion. ' In 1979, he joined Merrill Lynch, Pierce, Fenner & Smith in New York where he managed over $800 million in assets for his clients, with an emphasis on Euro Bond trading and Option Arbitrage Trading. In 1985, Mr. Zaragoza signed a clearing agreement with Merrill Lynch in New York and started the Viza Financial Group in Geneva. Viza Financial was an investment management company that specialized in Option arbitrage trading. He developed several proprietary arbitrage and yield enhancement strategies, using options and futures to protect the capital and increase the yield of bond and equity portfolios. Mr. Zaragoza's Option Arbitrage trading operations were generating returns of over 55% per annum without any leverage. Viza Financial's Option Trading operations were eventually merged with the Pentium Fund Group in 1989. In 1990, Mr. Zaragoza signed a consulting agreement with Swiss Bank Corporation (now UBS A.G.). He helped the bank develop its Latin American and Asian client base where he raised over $1 Billion in assets for the bank and managed a leveraged fixed income arbitrage portfolio for the bank and their clients. Mr. Zaragoza has a Masters Degree in Business Administration (MBA) from I.M.D. – the International Management Development Institute - a graduate school in Lausanne, Switzerland (1984). He also has a Masters Degree in Management (Dean's List) from the Asian Institute of Management..