european alternative & institutional investing summit | eurorient -- ron nechemia

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ATTENDEES p.2 AGENDA p.4 SPONSORS p.8 REGISTER p.13

Opal Financial Group

September 29- October 1, 2004Palais Del La Mediterranée HotelNice, France

European Alternative &Institutional InvestingSummitThe Educational Investment Conference Bringing Together the Institutional Investment Communities of Europe and the United States

AttendeesA

Tony Gannon, CEO, ABBEY CAPITAL (FAMILY OFFICE)Naresh Grandhi, ABN AMROManfred Kastner, Founder, ABSOLUTE PLUS.COM LTD. Sarah Doyle, Investment Manager, AGF PRIVATE EQUITYRobert Discolo, Managing Director, Alternative Investments, AIGGLOBAL INVESTMENT GROUPChristopher Atayan, Managing Director, ALEXANDER DAWSONFOUNDATION & SLUSSER ASSOCIATES INC.Robin Ellison, Trustee, ALFRED MCALPINE PENSIONSCHEMEChris Erwin, Investment Principal, AON CONSULTING LTD.

BRoselyn Spencer, Executive Director, BALTIMORE RETIREMENTSYSTEMSJoan M. Pratt, Chair of the Board, BALTIMORE RETIREMENTSYSTEMSKevin Davis, Vice-Chair, BALTIMORE RETIREMENT SYSTEMSBrenda Clayburn, Trustee, BALTIMORE RETIREMENTSYSTEMSLeif Hasager, Executive Vice President, BANK//PENSION Stuart Stephen, Director of Pensions & Benefits, BARCLAYS PLCAhmed M. Fattouh, Managing Principal, BARON ADVISORS LLCAnthony Robertson, Senior Portfolio Manager, High Yield,BLUEBAY ASSET MANAGEMENT LTDRaymond Satumalaij, Real Estate Strategist, BLUE SKYGROUP/KLM PENSION FUNDEric Borremans, Head of Sustainability Research, BNP PARIBASASSET MANAGEMENTAngela Brock, President and CEO, BROCK GLOBAL ADVISORS Peter Weidemannn, Investment Manager, BTVUNTERNHMENSGRUPPE (FAMILY OFFICE)

CJean-Pierre Aguilar-CEO, CAPITAL FUND MANAGEMENTMarcos Camhis, Chief Operating Officer, CAPITALMANAGEMENT ADVISORSStella Eastwood, Group Pensions Director, CENTRICALuke Howe, President, CHICAGO PARK EMPLOYEES’ANNUITY & BENEFIT FUNDPat Knazze, President, CHICAGO TEACHERS’ PENSION FUNDProf. Bing Liang, Associate Director of, CISDM, ISENBERGSCHOOL OF MANAGEMENT, UNIVERSITY OFMASSACHUSETTSRobert Snider, CITIGROUPAlexei Kroujiline, CITIGROUPFelix Samuel, Pension Plan Administrator, COMMONWEALTHSECRETARIATDermot S. L. Butler, Chairman, CUSTOM HOUSEADMINISTRATION & CORPORATE SERVICES LTD.

D-EJoan Parrott Fonseca, Board Member, DISTRICT OF COLUMBIARETIREMENT BOARDDrew Dickey, D.L. BABSONDr. Mehraj Mattoo, Managing Director, Global Head of AlternativeInvestments, DRESDNER KLEINWORT WASSERSTEINLionel Martellini, PhD, Professor of Finance, EDHEC GRADUATESCHOOL OF BUSINESS & Scientific Director, EDHEC RISKAND ASSET MANAGEMENT RESEARCH CENTRENoël Amenc, PhD, Professor of Finance, EDHEC GRADUATESCHOOL OF BUSINESS, & Senior Academic Fellow,EUROPLACE INSTITUTE OF FINANCE Florence Remy-Brunelle, EQUALT ALTERNATIVE ASSETMANAGEMENTClaire de Badereau, EQUALT ALTERNATIVE ASSETMANAGEMENTTord Carnlof, Managing Director, ETHIX SRI ADVISORSRichard Balfe, Chairman, EUROPEAN PARLIAMENT PENSIONFUNDTBA, EURORIENT INVESTMENT

F-GFrans Wesseling, Chief Financial Officer, FAXTOR SECURITIES B.V.Alessandro Albrighi, Managing Director, FIM LIMITEDGiancarlo D’Oria, Director Client Services, FIM LIMITED Gunnar Balsvik, Chief Executive Officer,FORSAKRINGSFORENINGEN FOR DET STATLIGAOMRADET (FSO)Tushar Patel, Director Alternative Investments, GAIM ADVISORS LTDJohn E. Dunn, III, Professor of Finance, THE GAVIN SCHOOLOF INTERNATIONAL MANAGEMENTDaniel Heimowitz, Advisory Consultant, GLOBAL BULL & BEAROliver Bolitho, GOLDMAN SACHS INTERNATIONALPeter Morris, Head of Pensions, GREATER MANCHESTERPENSION FUNDRoy Oldham, Chairman, GREATER MANCHESTER PENSIONFUNDMartin Wareing, Deputy Chairman, GREATER MANCHESTERPENSION FUND

HFrances Taft, Senior Assistant, HAMMOND SUDDARDS EDGE(UNITED UTILITIES)Jane Marshall, Partner, HAMMOND SUDDARDS EDGE(UNITED UTILITIES)Nick Wood, Director of Marketing, HAMMOND SUDDARDSEDGE (UNITED UTILITIES)Josiane Fanguinovény, Associate Director European CorporateGovernance, HERMES INVESTMENT MANAGEMENT LTDDavid Hager, Principal Consultant, HEWITT BACON & WOODROWSteven Vale, Principal Consultant, HEWITT BACON & WOODROWDavid Chandler, Finance Director and Fund of Funds Manager,HOEGH CAPITAL PARTNERS (FAMILY OFFICE)

4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT

Opal Financial Group | www.opalgroup.net

Confirmed Participants

2

Attendees4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004


I-LEzra Zask, VP & Manager, IBBOTSON ASSOCIATESADVISORS, LLCJody Olson, Chairman, PUBLIC EMPLOYEES RETIREMENTSYSTEM OF IDAHOGerry Ryan, Chairman, IRISH ASSOCIATION OF PENSIONFUNDS and Plan Administrator, EIRCOM SUPERANNUATIONFUNDChris Armitage, Pension Fund Investments Controller, J. SAINSBURY PENSION SCHEMEFrédéric Jauffret, Chief Executive Officer, JAUFFRET CONSULTIVABertrand Conchon, Partner, JAUFFRET CONSULTIVAJoyce Johnson-Miller, Managing Partner, JME OPPORTUNITYPARTNERSRandy Julian, Chief Economist, JMFT WEALTH MANAGEMENTShakil Riaz, Managing Director, JP MORGAN CHASEDietmar H. Bahr, Member Executive Board, JUNG DMS & CIEAG, GERMANY & Co-Chairman BUNDESVERBANDALTERNATIVE INVESTMENTS (BAI)James R. Hedges IV, President & Chief Investment Officer, LJH GLOBAL INVESTMENTS, LLC

MJoe McElvaney, Managing Director and Consulting Actuary,MCELVANEY CONSULTANTS LIMITED Albert Slawsky, Senior Vice President, MD SASS INVESTORSSERVICES INC.Eric Warner, Head of Private Equity, Europe, MERCERINVESTMENT CONSULTINGJon Exley, Senior Investment Consultant, MERCER INVESTMENTCONSULTINGHoward Rossman, President, MESIROW ADVANCEDSTRATEGIESLars Norellt, MERRILL LYNCHMike Stendler, Managing Director, MEYER CAPITALMANAGEMENTVivina Berla, Managing Director, MLIM PRIVATE EQUITYPARTNERSGordon W.H. Ferguson, Trustee Director, MOTOR INDUSTRYPENSION PLANChris Griffith, Director Executive Search, MRI WORLDWIDEVictoria Lewis, Pension Administrator, MRI WORLDWIDE

N-QDean Crombie, Trustee, NEW HAMPSHIRE RETIREMENTSYSTEMJoe Haslip, Trustee, NEW YORK CITY RETIREMENT SYSTEMS,SPECIAL ASSISTANT TO COMPTROLLER WILLIAM C.THOMPSONTBA, NOBLE ROYALTIES LLCLotte Bomgaard, Investor Relations Manager, NYKREDITScott T. Jones, Founding Managing Director, ORIGIN PARTNERSJudith Posnikoff, Managing Director, PACIFIC ALTERNATIVEASSET MANAGEMENT COMPANY, LLC

Matteo Solbiati, Director - Head of European Branch, PARADIGMTorben Möger Pedersen, CEO, PENSIONDANMARKEdwin Meysmans, Managing Director, PENSION FUND KBCMarinus W. Keijzer, Chief Investment Officer, PENSION FUNDSOF THE REFORMED MINISTERS IN THE NETHERLANDSand Chairman, PRIVATE EQUITY HOLDINGS, INC.Peter Caroe, Head of Alternative Investments, PFA PENSIONPeter Kraneveld, Special Advisor, International Affairs, PGGM NETHERLANDSMark P. Casa, Director of Investments, PRS GROUP

R-SAlan Adkins, RISKMETRICS GROUPThaddée Tyl, CEO and Partner, RIVOLI FUND MANAGEMENTMichael C. Duncombe, Consultant, ROYAL MAIL PENSION PLANPeter Gianulis, Director, SALOMON BROTHERS ASSETMANAGEMENTRalph Aerni, Head of Private Equity / Co-Head of Real Estate, SCMSTRATEGIC CAPITAL MANAGEMENT AG Martin Pichinson, Co-Founder & Principal, SHERWOODPARTNERS, INC.Doris Blasel, Head of Fund-of-Fund Investments, SIEMENSVENTURE GROUPRobert Davis, Global Marketing Executive Director, STANDARD &POOR’S REAL ESTATE EQUITY MANAGER ASSESSMENTSADVISER Stewart Hay, Investment Director, STANDARD LIFEINVESTMENTS (PRIVATE EQUITY) LTDGerald Wisz, Consultant, STATMAN CONSULTING, INC.

T-ZTjeerd J.J. de Vries, Director, THETA CAPITAL MANAGEMENT B.V.Wouter B. Ten Brinke, THETA CAPITAL MANAGEMENT B.V.Bernard A. Boonstra, THETA CAPITAL MANAGEMENT B.V.Eric Garcia, Sales Manager, TRANSWORLD PAYMENTSOLUTIONSYung Lim, Managing Partner, TREESDALE ADVISORSFlorian Fenner, Partner & Managing Director, UFG ASSETMANAGEMENTDr. Michel Girardin- Senior Economic Advisor, UNION BANCAIRE PRIVEEZelda Silberman, Chief Investment Officer, UNITED STATESHOLOCAUST MUSEUMTerry Raby, Head of Internal Audit, UNIVERSITIESSUPERANNUATION SCHEME LTD.Elkin Varona, Chairman, VARONA INTEGRITY FOUNDATIONDaniel Bobo, Vice Chairman, VARONA INTEGRITYFOUNDATIONWilliam J. Raver, Chief Operating Officer, VERIZONINVESTMENT MANAGEMENT CORP.Crispin Lace, Senior Investment Consultant, WATSON WYATTSimon Dudley, Head of International Practice, WATSON WYATTDr. James Stewart, Chief Economist and Director, WEAVERINGCAPITAL (UK) LTD.Henry Tapper, Head of UK Sales, ZURICH (UK)

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This conference will bring Opal’s expertise to the table in a forums uniquely designed for theEuropean pension fund and institutional investment community. As we move ahead, the ever-quickening pace of globalization will force investors and managers to continuously lookbeyond their own borders for innovative solutions to increasingly complex investmentdecisions. Panel discussions will address a wide range of issues, including Europeansecuritization strategies, roles of offshore funds in plan design, global indexing techniques,implementation of manager selection processes, differences in European corporate reportingand Board management and the particular roles of government in European pension plans,and visions of the growing alternative marketplace. We look forward to seeing representativesfrom some of the largest European funds and other industry leaders at this event.

4th Annual

European Alternative &Institutional Investing Summit

Sept 29 - Oct 1, 2004Palais Del La Meditterranée, Nice, France

WEDNESDAY, SEPTEMBER 29, 2004:

1:15p CO-CHAIRPERSONS’ WELCOMING REMARKSChris Erwin, Investment Principal, AON CONSULTING LTD.Steven Vale, Principal Consultant, HEWITT BACON & WOODROWMichael C. Duncombe, Consultant, ROYAL MAIL PENSION PLAN

1:30 THE NEED FOR PENSION REFORM ACROSS THE GLOBEMarinus W. Keijzer, Chief Investment Officer, PENSION FUNDSOF THE REFORMED MINISTERS IN THE NETHERLANDSand Chairman, PRIVATE EQUITY HOLDINGS, INC.

2:00 THE IMPACT OF THE EUROPEAN PENSIONS DIRECTIVE� Practical Implications of a Merger for a Pension Scheme� Impact of Cultural Differences� The Business Case for Merging Schemes� The Lessons to Be LearnedRobin Ellison, Trustee, ALFRED MCALPINE PENSION SCHEME

2:30 MODERN PORTFOLIO THEORY AND ITS APPLICATION TO HEDGE FUNDSMatteo Solbiati, Director - Head of European Branch, PARADIGM

3:00 NEW REGULATION AND HOW IT WILL EFFECT THE HEDGE FUND INDUSTRY--AN ADMINISTRATOR’S PERSPECTIVE� The EU Savings Directive--Where it is At?

� How it Will Effect Some Investors?� What Will the Administrator Have to Do?� Can You Avoid it?

� The SEC Investment Advisor Regulations-- How Will it � Effect Non US Managers?

� Will They Refuse to Act for, or Accept US Investors in 1 Their Funds?

Dermot S. L. Butler, Chairman, CUSTOM HOUSE ADMINISTRATION & CORPORATE SERVICES LTD.

3:20 FIXED INCOME OPPORTUNITIES:A LOOK AT THE EUROPEAN MARKET� The European Covered Bond Market with a Unique Focus on � Danish Mortgage BondsLotte Bomgaard, Investor Relations Manager, NYKREDIT

3:45 REFRESHMENT BREAK

4:00 HOW TO ACHIEVE SUCCESS IN A LOW RETURN ENVIRONMENT� Market Awareness and Its Impact Upon Asset Allocation � Risk Diversification for Increasing Returns� Measuring Effectiveness� Developing an Effective Infrastructure to Make Investment Decisions� Understanding the RISKS

MODERATOR:Frédéric Jauffret, Chief Executive Officer, JAUFFRET CONSULTIVA

PANELISTS:Noël Amenc, PhD, Professor of Finance, EDHEC GRADUATESCHOOL OF BUSINESS, & Senior Academic Fellow, EUROPLACE INSTITUTE OF FINANCE Martin Pichinson, Co-Founder & Principal, SHERWOOD PARTNERS, INC.

4:45 AVOIDING RISK AND GARNERING RETURNS IN ALTERNATIVE INVESTMENTS� Risk/Reward Analysis of Alternative Investment Vehicles� Hedge Funds vs. Fund of Funds vs. Managed Futures� Use of Quantitative Risk Measures� Transparency Issues� Manager Selection and Due Diligence

MODERATOR:Crispin Lace, Senior Investment Consultant, WATSON WYATT

PANELISTS:Manfred Kastner, Founder, ABSOLUTE PLUS.COM LTD.Mike Stendler, Managing Director, MEYER CAPITAL MANAGEMENT

5:30 ASSET ALLOCATION AFTER THE BUBBLE� Why Should Strategy Be Different Now?� Have We Become too Obsessed with Volatility Risk?� Do Strategies Need to Be More Complex?� Do We Need to Extend the Investment Opportunity Set, or � Do We Concentrate on Making the Existing Set Work Better?� Where Can Funds Get Strategic and Tactical Asset � Allocation Advice?� Is the Case for Alternatives Stronger or Weaker Now?

MODERATOR:Kevin Davis, Vice-Chair, BALTIMORE RETIREMENT SYSTEMS

Agenda4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT

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PANELISTS:David Hager, Principal Consultant, HEWITT BACON & WOODROWJon Exley, Senior Investment Consultant, MERCER INVESTMENT CONSULTINGMark P. Casa, Director of Investments, PRS GROUP

6:30 SESSIONS CONCLUDE

6:30 COCKTAIL RECEPTIONSponsored by, JME OPPORTUNITY PARTNERS

THURSDAY, SEPTEMBER 30, 2004:

7:30a CONTINENTAL BREAKFAST

7:45 CO-CHAIRPERSONS’ REMARKS Chris Erwin, Investment Principal, AON CONSULTING LTD.Steven Vale, Principal Consultant, HEWITT BACON & WOODROWMichael C. Duncombe, Consultant, ROYAL MAIL PENSION PLAN

8:00 INTER-CONTINENTAL INVESTOR ROUNDTABLE DISCUSSION� Home Bias Effect - Persistent or Diminishing? � Do Truly Skilled Managers Exist for Active Global Equity and � Global Fixed Income? � Over the Past Five Years, Return Ranges for Sectors and � Industries Have Been Far Wider Than for Countries - Will � This Continue?� Rising Interest Rates - Medium and Long-Term Implications � for Plan Sponsor Funding, Benefit Plan Design, Regulatory � Initiatives, and Asset Mix� How Should Investors Model Their Allocations to Absolute � Return and Private Equity Products?

DISCUSSION LEADER:William J. Raver, Chief Operating Officer, VERIZON INVESTMENT MANAGEMENT CORP.

PANELISTS:Luke Howe, President, CHICAGO PARK EMPLOYEES' ANNUITY & BENEFIT FUNDGerry Ryan, Chairman, IRISH ASSOCIATION OF PENSION FUNDS and Plan Administrator, EIRCOM SUPERANNUATION FUNDGordon W.H. Ferguson, Trustee Director, MOTOR INDUSTRY PENSION PLAN

9:00 PLAN DESIGN TRENDS AND INNOVATIONS� Participation Rates in DC Plans� Why People are Not Joining UK DC Plans� What is Wrong with the Current DC world?� Limited Choice, Out of Market Risk, the Legacy of Failure� Is This a Global Trend?� What Can Be Done About It?� What Behavioral Finance Can Teach Us About Improving � Member Communications� Using Segmentation to Improve Your DC Scheme Design

� Case Study: Bucking the Trend in Pension Scheme Design: � Investigating the Middle Ground Between DB and DC Schemes

MODERATOR:Steven Vale, Principal Consultant, HEWITT BACON WOODROW

PANELISTS:Stuart Stephen, Director of Pensions & Benefits, BARCLAYS PLC Henry Tapper, Head of UK Sales, ZURICH (UK)


10:00 ROUNDTABLE DISCUSSION - INVESTING IN HEDGE FUNDS: FUND OF FUNDS VS. DIRECT � Transparency & Regulatory Issues � Fee Structures� Successful Investment Styles � Investing Fallacies

MODERATOR:James R. Hedges IV, President & Chief Investment Officer, LJH GLOBAL INVESTMENTS, LLC

PANELISTS:Tony Gannon, CEO, ABBEY CAPITAL (FAMILY OFFICE)Robert Discolo, Managing Director, Alternative Investments, AIG GLOBAL INVESTMENT GROUPProf. Bing Liang, Associate Director, CISDM, ISENBERG SCHOOL OF MANAGEMENT, UNIVERSITY OF MASSACHUSETTSAlbert Slawsky, Senior Vice President, MD SASS INVESTORSSERVICES INC.

11:25 EMERGING MANAGERS� Defining Emerging Managers� Who Comprises This Group?� What are the Criteria for an Emerging Manager Program? Is � it Size, Gender, Ethnicity, Location?� What is Case for Using Emerging Managers?

MODERATOR:Joyce Johnson-Miller, Managing Partner, JME OPPORTUNITY PARTNERS

PANELISTS:Pat Knazze, President, CHICAGO TEACHERS’ PENSION FUNDJoe Haslip, Trustee, NEW YORK CITY RETIREMENT SYSTEMS, SPECIAL ASSISTANT TO COMPTROLLER WILLIAM C. THOMPSONRandy Julian, Chief Economist, JMFT WEALTH MANAGEMENT

12:25p HIGH YIELD INVESTINGAnthony Robertson, Senior Portfolio Manager, High Yield, BLUEBAY ASSET MANAGEMENT LTD

12:45 LUNCHEON AND KEYNOTE ADDRESS:Macro-Economic Trends and Their Implications for the Fixed Income, Equity and Foreign Exchange MarketsDr. James Stewart, Chief Economist and Director, WEAVERING CAPITAL (UK) LTD.

Agenda4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004

Opal Financial Group | www.opalgroup.net 5


2:00 THE GLOBAL PRIVATE EQUITY MARKET� Europe vs. US

� How do Historical Returns Compare?� Return Expectations for Europe Compared to the Us?� Current Geographical Asset Allocation Trends Amongst � Investors in Europe and the US

� How to Invest in Europe� Fund of Funds vs. Individual Funds� Attractions of a Fund of Funds for Europe� How to Gain Access to the Most Attractive Individual Funds

� Pan European vs. European Country Specific Funds� Where Have the Returns Been?� Where Will They Be?� Is the European Mid Market Over-Bought?� Do Any Pan European Managers Have a Proprietary Deal Flow?

� The Rest of the World� What are the Opportunities in Central Europe?� What is the Outlook for Private Equity Investments in Asia?

MODERATOR:Stewart Hay, Investment Director, STANDARD LIFE INVESTMENTS (PRIVATE EQUITY) LTD

PANELISTS:Eric Warner, Head of Private Equity, Europe, MERCER INVESTMENT CONSULTINGEdwin Meysmans, Managing Director, PENSION FUND KBCPeter Caroe, Head of Alternative Investments, PFA PENSION

3:00 SOCIALLY RESPONSIBLE INVESTING & CORPORATE GOVERNANCE� Governance, Governance Everywhere - The Impact On the � Way Business is Run� Corporate Governance - The Shareholders Perspective� Socially Responsible Investing - Just What as Acceptable, � Trends and Returns

MODERATOR:Simon Dudley, Head of International Practice, WATSON WYATT

PANELISTS:Eric Borremans, Head of Sustainability Research, BNP PARIBAS ASSET MANAGEMENTJoan Parrott Fonseca, Board Member, DISTRICT OF COLUMBIA RETIREMENT BOARDTord Carnlof, Managing Director, ETHIX SRI ADVISORSJosiane Fanguinovény, Associate Director European Corporate Governance, HERMES INVESTMENT MANAGEMENT LTD


4:15 HEDGE FUND AND FUND OF FUND RISK MANAGEMENT FOR INSTITUTIONAL INVESTORS� Defining Risk - Market Risk and Operational Risk� Design, Implementation, and Ongoing Management Of Risk� What are the Most Important Factors to Consider?Alan Adkins, RISKMETRICS GROUPTjeerd J.J. de Vries, Director, THETA CAPITAL MANAGEMENT B.V.

4:45 RESEARCHING, INVESTING IN, AND MONITORING VENTURE CAPITAL FUNDS.... AN INVESTORS’ VIEW� Where are We Now - And Where is the Venture Market Going?� What are the 3-5 Top Elements You are Looking for to � Discover New Funds With Promise? And How are You � Sourcing These Opportunities?� What are the Key Due Diligence Items that You Focus on � Today Before You Take a Prospect to Your Investment Committee?� What are the Issues You are Most Sensitive to that You Think � Have a Bearing on Fund Success or Failure?� Can You Back Up Your Ideal Criteria With Some Example � Funds You Have Invested in That Have Produced � What Do You Expect Your Funds to Do to Keep You Informed? � What Steps Do You Take Internally to Be Pro-Active With � Your Funds to Insure and Encourage Positive Returns?

MODERATOR:Scott T. Jones, Founding Managing Director, ORIGIN PARTNERS

PANELISTS:Peter Weidemannn, Investment Manager, BTV UNTERNHMENSGRUPPE (FAMILY OFFICE)David Chandler, Finance Director and Fund of Funds Manager,HOEGH CAPITAL PARTNERS (FAMILY OFFICE)Doris Blasel, Head of Fund-of-Fund Investments, SIEMENS VENTURE GROUP

5:45 USE OF STRUCTURED PRODUCTS IN ALTERNATIVE INVESTMENTS� How to and Why Invest in Structured Products� Principal Protected Notes� Collateralized Fund Obligations� How to Market or Structure These Products� Who are the Parties Involved?

MODERATOR:Christopher Atayan, Managing Director, ALEXANDER DAWSON FOUNDATION & SLUSSER ASSOCIATES INC.

PANELIST:Marcos Camhis, Chief Operating Officer, CAPITAL MANAGEMENT ADVISORSRobert Snider, CITIGROUPDrew Dickey, D.L. BABSONDr. Mehraj Mattoo, Managing Director, Global Head of Alternative Investments, DRESDNER KLEINWORT WASSERSTEINLars Norellt, MERRILL LYNCH

6:30 SESSIONS CONCLUDE

6:30 COCKTAIL RECEPTION


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FRIDAY, OCTOBER 1, 2004:

7:45a CONTINENTAL BREAKFAST

8:00 THE NEW FRONTIER: EASTERN EUROPE� Where are They Coming from?� Accession to the EU and Its Consequences� Pension Reforms Undertaken and to Be Undertaken� Russia, a Chapter in Itself� What are the New Pension Funds Investing In?� How to Profit from the New Frontier?

PANELISTS:Peter Kraneveld, Special Advisor, International Affairs, PGGM NETHERLANDSFlorian Fenner, Partner & Managing Director,UFG ASSET MANAGEMENT

8:45 FIDUCIARY RESPONSIBILITIES, LIABILITIES & ETHICS� Methods for Meeting Long Term Pension Liabilities� Evaluating Your Money Managers and Consultants� Measuring Trustee Effectiveness� Developing an Effective Infrastructure to Make � Investment Decisions

MODERATOR:Zelda Silberman, Chief Investment Officer, UNITED STATES HOLOCAUST MUSEUM

PANELISTS:Joe McElvaney, Managing Director and Consulting Actuary, MCELVANEY CONSULTANTS LIMITEDTerry Raby, Head of Internal Audit, UNIVERSITIES SUPERANNUATION SCHEME LTD.

9:30 THE GLOBAL PRIVATE EQUITY & REAL ESTATE MARKETS� Real Estate to Diversify and Reduce Volatility � Is Real Estate the Next Bubble?� Diversifying By Reducing the Home Bias. Why American � Institutions Should Invest in Europe and Vice Versa� The Changing Real Estate and Private Equity Industry in � Europe and the US� International Private Equity Strategies

MODERATOR:Raymond Satumalaij, Real Estate Strategist, BLUE SKY GROUP/KLM PENSION FUND

PANELISTS:Vivina Berla, Managing Director, MLIM PRIVATE EQUITY PARTNERSRalph Aerni, Head of Private Equity / Co-Head of Real Estate, SCM STRATEGIC CAPITAL MANAGEMENT AG

10:15 MEET THE MANAGERS: FUND OF FUNDSThis session will consist of seven Fund of Funds with a total often minutes each to speak. There will be no power pointpresentations during this session. The seven firms will one by onehave a chance to discuss their background, strategy, methodologyand performance of their funds. There will be a session leadercarefully watching the ten minute limit. After all seven firms havepresented, we will open the floor to questions from the audience.

MODERATOR:Richard Balfe, Chairman, EUROPEAN PARLIAMENT PENSION FUND

PANELISTS:Ahmed M. Fattouh, Managing Principal, BARON ADVISORS LLC Ezra Zask, VP & Manager, IBBOTSON ASSOCIATES ADVISORS, LLCDietmar H. Bahr, Member Executive Board, JUNG DMS & CIE AG, GERMANY & Co-Chairman, BUNDESVERBAND ALTERNATIVE INVESTMENTS (BAI)Howard Rossman, President, MESIROW ADVANCED STRATEGIESJudith Posnikoff, Managing Director, PACIFIC ALTERNATIVE ASSET MANAGEMENT COMPANY, LLC Robert Davis, Global Marketing Executive Director, STANDARD & POOR’S REAL ESTATE EQUITY MANAGER ASSESSMENTS ADVISER Yung Lim, Managing Partner, TREESDALE ADVISORS

11:45 HEDGE FUND INDICES� Selection Criteria� Style Classification� Weighting vs. Rebalancing Scheme� Performances and Correlations� Index-Based Funds vs. Non-Index-Based Funds

MODERATOR:Lionel Martellini, PhD, Professor of Finance, EDHEC GRADUATE SCHOOL OF BUSINESS & Scientific Director, EDHEC RISK AND ASSET MANAGEMENT RESEARCH CENTRE

PANELISTS:Tushar Patel, Director Alternative Investments, GAIM ADVISORS LTDGerald Wisz, Consultant, STATMAN CONSULTING

12:30 ALTERNATIVE INVESTMENT PERSPECTIVES WRAP UP DISCUSSION� Investing with Managed Futures� Hedge Funds Styles and Strategies� Private Equity Investments� Outlook for the Future

PANELISTS:Thaddée Tyl, CEO and Partner, RIVOLI FUND MANAGEMENTDr. Michel Girardin- Senior Economic AdvisorUNION BANCAIRE PRIVEE

1:00 CONFERENCE CONCLUDES

Agenda4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004



Sponsors

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Germany, Austria, Switzerland, and the Nordic region. Absolute PlusZurich is part of the Vienna Portfolio Management group, with 15 yearsexperience in the selection of asset managers and risk management.Absolute Plus has no internal funds under management, thereby avoidingany conflicts of interest when selecting and recommending funds.Furthermore, Absolute Plus is very flexible and can offer unusual andhighly specialized approaches to accommodate our clients’ specialrequirements in a fast and flexible manner.

� BLUEBAY ASSET MANAGEMENT LIMITED (‘BLUEBAY’) is aspecialist manager of fixed income creditfunds. Based in London, we provideinvestment management services toinstitutions and high net worth individuals

seeking exposure to the rapidly growing asset class of European fixed incomecredit. We currently employ 54 people, including 24 investmentprofessionals, and manage over US$1 billion across our range of six specialistcredit funds; encompassing both long/short and long-only mandates.BlueBay was founded in 2001 by fixed income credit specialists Hugh Willis(CEO) and Mark Poole (CIO), with the support of two institutionalshareholders: Barclays Bank Plc and Shinsei Bank Ltd.

� BNP PARIBAS ASSET MANAGEMENT is the investment managementarm of BNP Paribas, the leading bank inthe euro zone in terms of net profits. With175.3 billion euros of assets undermanagement (31/03/04), it is one of the

leading players in Europe.�The asset management business employs over 1,300 staff 20 countries. Itsfund management teams are active in major financial markets, includingParis, London, New York, Philadelphia, Tokyo and Hong Kong. They arespecialized by asset class, investment style and geographical area.�BNP Paribas Asset Management has developed a leading capability in thefield of sustainable & responsible investment for equity, fixed income andbalanced products, with assets under management in excess of 1billion.

� THE GLOBAL STRUCTURED CREDIT PRODUCTS (“GSCP”) groupencompasses Citigroup’s CDO, creditderivative and asset repackaging businesses.The GSCP platform is a fully integratedbusiness complete with dedicated

structuring, marketing, warehousing, syndication / risk management,secondary trading, research and specialist sales. Since the group’s beginningin 1997 we have closed in excess of 80 public cash and synthetic CDOsincorporating a wide range of asset classes, among which were several firstsfor the CDO market.

�Citigroup (NYSE: C), the pre-eminent global financial services company,provides a broad range of financial products and services to consumers,corporations, governments and institutions in more than 100 countries,including consumer banking and credit, corporate and investment banking,insurance, securities brokerage, and asset management. Major brand namesunder Citigroup’s trademark red umbrella include Citibank, CitiFinancial,Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.

� CUSTOM HOUSE ADMINISTRATION & CORPORATE SERVICESLIMITED (“CUSTOM HOUSE”) specialisesin advising and assisting clients on thestructure and the incorporation of offshorefunds and, once established, providing a

full administrative service. In December 2002, Custom House was the firsthedge fund administrator in the world to be awarded a Moody’s Baa1 MQRating, which is the investment grade equivalent of the new Moody’sManagement Quality Rating. Custom House is authorised by the IrishFinancial Services Regulatory Authority (‘IFSRA’) under the InvestmentIntermediaries Act, 1995. For further information, please visit the CustomHouse Website.

� EURORIENT FINANCIAL GROUP (EURORIENT) is a private sectorglobal development finance institution. Itsmission is to mobilize financial, technicaland human resources for the benefit ofdeveloping nations seeking sustainable

economic development and poverty reduction. �EurOrient, through its various affiliates and subsidiaries, serves as exclusivefinancial advisor for international transactions ranging from US $10 millionto more than US $1 billion. Since its formation, it has provided financialservices to clients located in more than 40 countries in Asia, Latin America,and Central and Eastern Europe. �EurOrient is currently involved in the structuring and implementation offoreign investment transactions in energy, natural resources and other basicinfrastructure projects with an economic value of more than US $15 billion.It also frequently advises governments and leaders in industry and commerceon international trade and investment related issues.

� JME OPPORTUNITY PARTNERS, LLC is an event driven, specialsituations fund formed to trade and investin the securities of companies experiencingfinancial distress and undergoing transitionarising from extraordinary financial

circumstances such as bankruptcy, re-organization, re-capitalization orliquidation. The Fund’s investment strategy will emphasize investments insenior secured bank debt, unsecured bank debt, trade claims, securities(principally high yield and publicly traded debt securities), private insurancenotes and other debt instruments of distressed companies. The Fund willtarget superior risk-adjusted returns with minimum correlation to broadlybased stock and bond indices.


8

Opal Financial Group would like to thank its sponsors for their considerate support ofthe 4th Annual European Alternative & Institutional Investing Summit:

� JULIAN’S MUTUAL FUND TACTICS (JMFT) is a proprietary“absolute” return strategy developed byRandy Julian, senior technical analyst atBrookstreet Securities Corporation, a SEC-registered Investment Advisor and Broker/

Dealer. Randy Julian has been an Investment Advisor representative since1973 and started JMFT in 1986. From 1999 to 2003, his ConservativeAnnuity Program was up +104% with a drawdown of less than 7%. Thisexceptional performance is why he has been ranked in the top 10 for threestraight years in 5-year multi-asset management by Nelson’s World’s BestMoney Managers. His strategy is currently being offered in Conservative,Aggressive and Bond programs.

� MERRILL LYNCH is a leader in global fixed income markets withdominant trading, research, underwritingand distribution capabilities. Servingclients around the world, Merrill Lynch isactive in 17 countries across 6 continents.

The Merrill Lynch Structured Credit Products group specializes in providingstructured portfolio products that meet specific client needs and investordemands. The group is globally focused to deliver unparalleled originationand structuring combined with unprecedented distribution into bothinstitutional and retail networks.

� MEYER CAPITAL MANAGEMENT, INC. is an alternative investmentfirm specializing in the area of managedfutures. Founded in 1998, MCM appliesquantitative investment strategies to adiverse portfolio of markets including

foreign exchange, financial futures, and commodities. Utilizing a globalmacro approach, the firm attempts to identify and participate in major priceshifts due to economic, political, or environmental changes. MCM hashistorically generated returns which are non-correlated to those of traditionalequity and fixed income instruments. This non-correlated behavior suggeststhat adding MCM’s investment strategy to a traditional portfolio canimprove the overall risk adjusted return profile.

� NYKREDIT, Denmark’s largest mortgage bank, is one of the largestprivate bond issuers in Europe. At end-2003 Nykredit had a total outstandingamount of mortgage bonds of EUR93.8bn.

All new mortgage bond series opened by Nykredit are rated Aaa. �The bond issues comprise covered callables (EUR 48.9bn), covered non-callable bullets (EUR 39.1bn) and covered adjustable-rate bonds (EUR5.7bn). In connection with the annual auction for the purpose of refinancingcovered non-callable bullets in December 2003, bonds of a nominal EUR9.4bn were issued. �Nykredit mortgage bonds are sold through Nykredit Markets - Nykredit’sinvestment banking division.

� ORIGIN PARTNERS is a traditional US-based venture capital fundmanagement company, managed byseasoned partners with proven operationsexperience and long records of investing instart-ups. We target investments in IT,

Communications, and Healthcare, and focus on deal origination and pro-active deal management in concert with proven management teams. Origin’sinterest is in differentiable technologies and services at or near commercialinception that can set new standards in proven markets, and have the ability

to develop substantial, measurable value regardless of market conditions.Examples of past successes developed by Origin team members includeTivoli Systems, Transwitch, Microsurge, Waveset, Actel, ISTAT, NetworkEquipment Technology, Genesis Microchip and many others.

� PARADIGM, headquartered in NYC, is a manager of alternativeinvestments with over 12 years ofexperience, specializing in buildingprofessionally managed portfolios of hedgefunds with no correlation to the stock and

bond markets. We achieve this by applying Modern Portfolio Theory tohedge fund investing, a concept developed by Dr. James Park, PARADIGM’sChairman and CIO. Since 1992, PARADIGM has built and maintained oneof the largest databases of surviving and non-surviving hedge funds, whichprovides us with the necessary statistical insight to calculate accurate hedgefund indexes, as well as analyze hedge fund managers relative to their peers.Broad diversification and our superior manager selection process, designedto identify skill through quantitative and qualitative analysis, allowPARADIGM to create an optimal portfolio of hedge funds with a superiorreward/risk profile.

� PRS GROUP is an innovative manager of fund of funds and convertiblearbitrage portfolios. The firm capitalizes onthe relevant trading, investment bankingand research backgrounds of itsprofessionals to meet or exceed the risk-

adjusted return objectives of its client base. Clients have access to theavailable product offering, or may elect to work with the company to createcustom portfolios of hedge funds. PRS Group also offers extensiveexperience in designing hedge fund linked structured securities.�Founded in 1981, PRS Group has managed hedge fund investmentsexclusively since 1987. The company currently directs over $1.6 billion inassets for institutional and individual clients.

� SCM STRATEGIC CAPITAL MANAGEMENT AG is the first specialistadvisor/gatekeeper for alternative investmentprograms of institutional investors inEurope and today the market leader in thisfield.

�SCM Strategic Capital Management AG was founded in 1996 andprovides services... for institutions building Private Equity and/orinternational Real Estate portfolios and seeking a partner that provides themwith independent advice tailored to each client, including investmentstrategy, asset allocation, investment manager evaluation and selection. �Main office Dufourstrasse 20, 8702 Zollikon, Switzerland IncorporationFebruary 1996 Professionals 10 Shareholders Management and Board ofSCM Assets > CHF 3 billion

� SHERWOOD PARTNERS, INC. has become the premier businessadvisory firm in the technology sectortoday. We are a full service business firmspecializing in advising boards andcorporations through strategy decisions,

transition, transformation and growth in this constantly evolvingmarketplace. The firm specializes in board and corporate advisory services,due diligence, business assessment, pre and post M&A services,restructuring, crisis management, corporate and management infrastructuresupport, interim management, strategic planning, strategic partnerships,emotional intelligence, corporate finance, efficiency integration, debtrestructuring, asset liquidation, and bankruptcy advisory services.

Sponsors4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004


Sponsors�The Sherwood team is comprised of seasoned business professionals thatprovide shareholders and senior executives with more than a report - we gobeyond traditional tactics to help make decisions and implement plans thatachieve exceptional results. Many of the major financial lending institutions,law firms, venture capital firms and investment banking firms call uponSherwood Partners to provide services to their clients and to assist in theirbusiness decisions.

� STANDARD & POOR’S is the world's foremost provider of independentcredit ratings, indices, risk evaluation,investment research, data and valuations.An essential part of the world's financialinfrastructure, Standard & Poor's has

played a leading role for more than 140 years in providing investors with theindependent benchmarks they need to feel more confident about theirinvestment and financial decisions.�Standard & Poor's Structured Finance Ratings offers globally a range ofrating services, which help investors, bankers, issuers and other constituentsbenchmark the credit quality of securitized assets. �Standard & Poor's unmatched understanding in all structured financemarkets, our absolute commitment to quality service and our long-standingreputation for objectivity, openness, integrity, and credibility has made us aforward thinking leader worldwide. For additional information, visit ourwebsite at www.standardandpoors.com.

� TRANSWORLD PAYMENT SOLUTIONS is a worldwide provider ofmodern payment solutions.�TWPS markets international paymentsolutions of associated banks through anetwork of intermediaries. Intermediaries

add value in terms of industry specific integration, access to their client baseand due diligence process.�Global Clearing™ is designed for corporations with high internationalwire transfer traffic and the need for workflow management (users,authorizations, scheduling).

�ExactPay® is an international payment platform for individuals.Exactpay® combines a fully customizable Visa Electron bank card (nameand limits are customer options) with wire transfer and eCheque facility.

� UFG ADVISORS is a company incorporated under the laws of Bermudawhich specializes in investment in Russiaand other states which had been part of theformer Soviet Union. UFG Advisors is aprivately held company which is affiliated

with UFG, a leading Russian investment bank. UFG Advisors clients includeUS and Switzerland-based funds of hedge funds, private banks and wealthyindividuals. On 1 December, 2002 UFG Advisors launched UFG RussiaSelect fund, a long/short vehicle concentrating on the Russian stock market.The fund aims to provide risk-adjusted returns and lower volatilitycompared to traditional long-only products.

� UNION BANCAIRE PRIVÉE is one of Switzerland's leading privatebanks. Its headquarters are in Geneva withoffices in Europe (London, Paris,Barcelona), the Americas, Asia and theMiddle East. Union Bancaire Privée

specialises in private and institutional asset management, offering bothtraditional as well as alternative products and tailor-made mandates.Capitalising over 20 year experience, Union Bancaire Privée manages EUR15 bn Alternative Assets, making the bank the third largest investorworldwide in Hedge Funds.

� WEAVERING CAPITAL (UK) LTD is a London based independent Assetmanagement and Macro EconomicResearch Company, fo unded in 1998. Thecompany’s research business headed byDr.James Stewart, has been providing

macro economic research to leading financial institutions, with a particularfocus on Global monetary policy. In 2003 Weavering launched theWeavering Fixed Income Fund, a fundamental Macro based fund, investingin global fixed income markets. Research carried out by the in-house teamof economists, forms the basis of all trading decisions.


Opal Financial Group | www.opalgroup.net10

7th Annual Alternative Investing SummitRegisterThe label “alternative” describes a nebulous investment class to many investors, especially those in theinstitutional world who have strict ethical and fiduciary obligations to their organizations. However, pursuingalternative investment is essential to maximizing returns while maintaining proper asset allocation in planportfolios of endowments, foundations, family offices, and public and corporate funds. The AlternativeInvestment Summit will bring together trustees and representatives of institutions as well as money managersand consultants to explore the roles of alternative opportunities and strategies in an educational environment.Participants and delegates will investigate a range of critical investment issues, including discussion of the risksand benefits involving private equity, investigating the risks and rewards involved with hedge funds, examiningmeans of cutting costs associated with implementation of absolute returns strategies, reviewing the future ofcommodities, and surveying the landscape of emerging international markets

December 5-7, 2004The Ritz Carlton

Laguna Niguel, CA

Today

Register online @ www.opalgroup.net or call (212) 532-9898 x0 for more info.

Sponsors4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004


Media

� With over 16,000 active users, ALBOURNE VILLAGE is a freecommunity website for anyone interestedin alternative investments - providing apub and library to exchange news and IP,job and conference centres, school and

strategy forecasts. The site was voted number 26 in The Online Finance 30featured in a recent international edition of the Institutional Investor.http://village.albourne.com

THE FUND OF HEDGE FUNDS INFORMATION SPECIALIST............� AAC is a publishing company engaged in the publication of high quality

directories and research reports on specificalternative investment vehicles. We seek tooffer value added information toinvestors, professional advisers, money

managers, and service providers. We believe in the quest to enhance thetransparency of the alternative asset investment process and are confident inthe independence and impartiality of our views. Free subscription to our InBrief is available. Please visit our website at www.aa-center.net or call us atUS toll free number (1-866) 220-6624.

� ALTERNATIVE INVESTMENT NEWS (AIN) is the only publicationthat offers a real time search intelligenceservice with monthly pieces on alternativetrends and strategies. The monthlynewsletter and real-time website provide

breaking news and analysis on the fast-growing institutional market foralternative investments - specifically the use of hedge funds and similarentities by public and corporate pension funds. www.iialternatives.com

� THE DEAL is a diversified media company dedicated to providing must-read financial news, commentary, dataand services to corporate and financialdealmakers, their advisers and investorsworldwide. Our portfolio of print and

electronic media includes The Deal, The Daily Deal, TheDeal.com andCorporate Control Alert. For more information, visit TheDeal.com.

� EDHEC is one of the top five business schools in France owing to thehigh quality of its academic staff (90permanent lecturers from France andabroad) and its privileged relationshipwith professionals that the school has been

developing since it was established in 1906. Drawing on its extensiveknowledge of the professional environment, Edhec concentrates its researchon themes that satisfy the needs of professionals and pursues an activeresearch policy in the field of finance. Its Risk and Asset ManagementResearch Centre carries out numerous research programs in the areas ofasset allocation and risk management in both the traditional and alternativeinvestment universes.

� EUREKAHEDGE is a consultancy, advisory and research house focusingon alternative investments. Originating inAsia, Eurekahedge has grown rapidly tobecome one of the most widely used andquoted alternative research houses

worldwide. Eurekahedge has produced a suite of Asian hedge fund indices,an Asian hedge fund directory, a global fund of funds directory and aEuropean hedge fund directory, covering almost 3,000 funds as well as acollection of educational guides for both funds and investors.

�Founded in 2001 Eurekahedge has offices in Singapore, Hong Kong,London, Tokyo (affiliated), Switzerland and New York. Eurekahedge alsoprovides consultancy and advisory services, hedge fund start-up services,capital introduction and due diligence services.

� GLOBAL FUND ANALYSIS is a London-based fund research andinvestment consulting firm. Established in1996, and regulated by the FinancialServices authority, GFA equips investorsto make informed decisions in the world

of hedge funds. GFA has rated more than six hundred hedge funds andinterviewed nearly 2000 managers. Its activities today span managerselection, hedge fund portfolio construction and risk management for someof the world's most prestigious investment groups. Its affiliate, FortuneAsset Management Ltd, offers investors a range of fund of funds includingthe flagship Market Wizards Fund.

GUARANTEE YOUR EDGE IN THE ALTERNATIVE-INVESTMENT ARENA

� Every week, HEDGE FUND ALERT delivers the early intelligence youneed to anticipate new risks andopportunities facing fund-managementfirms, their investors and serviceproviders. Be first to identify new capital-

raising tactics, investor strategies and competition among industry vendors.Sign up for a three-issue FREE trial subscription to Hedge Fund Alert bycalling 201-659-1700 or visiting www.HFAlert.com.

� HEDGE FUND ASSOCIATION - We are an international, not-for-profitorganization of hedge fund managers,service providers, and investors.Objectives include education oflegislators, the media and investing public

about the true facts of hedge fund investing, and in so doing, to improvethe image of hedge funds. Contact us at 202-478-2000 ; 202-478-1999(fax) ; [email protected] or www.thehfa.org.

� HEDGE FUND CONFERENCES.COM, the most comprehensivesource for hedge fund conference listingsand hedge funds events, providing:

� complete calendar listings of hedge fund conferences� easy registration, past reviewsRegister with Hedge FundConferences.com and:� obtain special discounts on hedge fund conferences� add conferences to your “conference tracker”� receive email updatesWith the wide assortment of conferences on oursite you can plan your calendar ahead of time and choose which hedgefund conferences would be the most beneficial to you.www.hedgefundconferences.com

� HEDGECO is a leading service provider for the hedge fund community.Through our educational forums, weintroduce high net worth individuals andinstitutions to fund managers and theirrespective strategies. HedgeCo's mission

is to educate potential investors about the hedge fund industry andalternative investments.

For further information on the hedge fund industry, visit our web site at:www.hedgeco.net

Sponsors� HIGH YIELD REPORT - Filled with timely, detailed and precise

information on the $250 billion below-investment grade market, investors andinvestment bankers turn to High YieldReport confident they are reading the

news that is indispensable

� WWW.INSTITUTIONALINVESTOR.COM - for financial professionalswho need 24-hour access to more thanjust the news - we specialize in predictingthe trends and providing award-winningeditorial on the people and companies

that make the news.

� INVESTMENT MANAGEMENT WEEKLY is a "must-read" forinstitutional money managers looking fornew business leads as well as plan sponsorsand consultants who want to stay abreastof the industry as a whole. Each weekly

issue provides news briefs, feature stories and listings covering managersearches and selections, asset allocation strategies, personnel shifts, andgeneral industry trends. Included with your subscription to InvestmentManagement Weekly is FREE access to IMWeekly.com. With our newwebsite you will find daily updates with the latest news briefs, feature storiesand listings covering manager searches and selections, asset allocationstrategies, personnel shifts, and general industry trends.

For more information or to order, please call 800-607-1967 or visit ourwebsite at www.imweekly.com.

� ISI PUBLICATIONS is a specialist publisher in the global business arenaand, with offices in Hong Kong, the UKand Bermuda. Over the last decade, ISIhas earned a reputation for providingauthoritative, timely and accurate

information on critical developments in the world’s capital markets. �ISI also offers an online news service for the offshore financialcommunity, www.offshoreOn.com and operates an online businessbookstore www.BooksonBiz.com. �ISI Publications is pleased to offer each delegate to this Opal Conferencea special discount of 35% on an annual subscription to the hedge fundquarterly, Alternative IQ, or to the Offshore Online newsletters. For furtherinformation, simply email [email protected].

� MONEY MANAGEMENT EXECUTIVE, formerly Mutual Fund MarketNews, is a news publication covering thebusiness of mutual funds, separatelymanaged accounts, 529s, 401(k)s, andalternative investments. Through its

weekly print newsletter, daily push email service, and website that's updateddaily, MME informs its readers about competitive strategies, sales andmarketing, distribution, new products, compliance, regulations and backoffice operations and technology.�For more information, to receive a free trial, or to order, please callAnthony Noe at (888) 807-8667 or through e-mail at [email protected] or visit our website at www.mmexecutive.com.

� Alternative Market Briefing is published by OPALESQUE LTD. and hasbeen called the best newsletter on hedgefunds. Our mission is to intelligentlyselect and timely provide the mostimportant daily news for professionals

dealing with hedge funds. Every day 24,000 hedge fund and investmentprofessionals get their Alternative Market Briefing from Opalesque. Specialoffer for Opal Financial Group clients: register now with promotion code"opalgroup" at www.opalesque.com to secure your 40% discount!

� PESOURCE, INC. is the leading platform of private equity resourcesserving the needs of institutions aroundthe world. A balanced mixture of data,document management, news, analysistools and consulting ensures that the

private equity community conducts its business as efficiently as possible.

� SECURITIZABILITY.COM A recognised destination for corporatefirms worldwide active or potentiallyactive in the securitization marketplace tolocate, source and learn more aboutpeople. Initially containing securitization

lawyers, the portal will eventually include banks, accountants and ratingagency professionals.

� VENTUREDOME is an online news service for the venture capitalindustry, providing information,comment and analysis on Europeanventure capital and private equity, fromstart-up deals to high-end buy-outs and

fundings. Venturedome's weekly newsletters are essential reading for thoseinterested in the industry...click here [insert Venturedome.com URL here]for details of our subscription service.

� MAKE VENTUREWIRE PROFESSIONAL your ultimate source forinvestment intelligence, with its breakingnews every day before 9:00 am and bybeing the FIRST to report venture capitaldeals to the public. Gain strategic insight

and be the FIRST to know about all of the important deals.

� VC EXPERTS serves the needs of the private equity and venture capitalcommunities with its anchor product, TheEncyclopedia of Private Equity andVenture Capital by combining substantivecommentary on the private equity and

venture capital industries with online learning courses. The VCExperts.comsite includes current industry news, weekly commentary, and the onlineUniversity and 4,000 page Encyclopedia of Private Equity and VentureCapital.

� vFINANCE, INC. is a rapidly growing financial services companyproviding personalized investmentbanking and brokerage services to10,000+ corporate and private clientsworldwide. The firm has offices in New

York, Chicago, Houston, Boca Raton and 28 other cities. The Company isregistered as a broker-dealer with the SEC and a member of the NASD.vFinance.com is the #1 destination on the Internet for raising capital. Eachyear, the site hosts 1 million+ investors and CEOs from over 50 countries.This huge audience creates global deal stream for our bricks-and-mortarfinancial service units and enables us to identify emerging opportunities forour clients.

� THEWEALTHNET is designed to meet the information needs of thoseinvolved in the creation and preservationof private wealth. TheWealthNET is thefirst with the news in the market. Wedeliver up-to-the-minute news on the

latest changes and developments in the wealth management market, frompeople moves to new product launches and M&A activity. On this site youwill find news that is tailored for your personal needs, cutting edge analysis,fully searchable archives for easy access, added value reading materialthrough books and reports, an Industry Directory offering fast access to keycontact world-wide and an Events Calendar to help you plan your itinerary.Please visit us at www.theweathnet.com for more information.


Opal Financial Group | www.opalgroup.net12

RegistrationFIVE EASY WAYS TO REGISTER

CALL: Us at (212) 532-9898 x0.FAX: Your registration form to (212) 532-7151MAIL: Your completed registration form to:

Opal Financial Group, Inc.10 East 38th Street, 4th FloorNew York, NY 10016

E-MAIL: Your completed registration form to:[email protected]

INTERNET: www.opalgroup.net

Registration for the European Alternative & Institutional Investing Summitincludes documentation provided by speakers, continental breakfasts,refreshment breaks, luncheon, and cocktail reception. Payment must bereceived by August 31, 2004 and is accepted in the form of a company check,Visa, MasterCard, or American Express. Please make checks payable to “OpalFinancial Group, Inc.”

REGISTRATION FEES ARE AS FOLLOWSStandard Registration ($1695 USD)Investor Registration ($495 USD)

VENUE: Palais Del La Mediterranée Hotel15 Promenade des Anglais BP 1655 06011 Nice - France

CALL: 011 33 4 92 14 77 00FAX: 011 33 492 14 77 27

Arrangements have been made for participants to receive a preferred rate for hotelaccommodations.

OVERFLOW HOTEL INFORMATIONLe Meridien1, Avenue Gustave V06046 Nice Cedex 1Nice, France

CALL: 011 33 497 03 40 07FAX: 011 33 497 03 44 46

CANCELLATIONS/SUBSTITUTIONSShould you be unable to attend, a prompt refund will be made for cancellationsreceived in writing by April 15, 2004. There will be no refunds to any cancellationsreceived after August 15, 2004. Substitutions may be made up to 24 hours inadvance of the conference. If an event is cancelled, Opal Financial Group is notresponsible for any airfare, hotel or other costs incurred by registrants. Speakers,agenda and other events are subject to change without notice.

EXHIBIT SPACEAt the conference, an exhibit area will be open during the course of the conferencesessions. Exhibitors will have the chance to promote products and services ofinterest to this target market. For more information, please call Opal FinancialGroup at (212) 532-9898 for Abe Wellington at ext. 222 or Lissa Blake at ext. 227.

HOTEL INFORMATION AND ACTIVITIESPALAIS DEL LA MEDITERRANEE HOTELThe Palais de la Mediterranée is a legendary establishment, a temple of the arts and ofgaming in the inter-war years. Since the 5th of January 2004, it offers the best of the pastand the present under the same roof.Behind its majestic Art Deco façade that has remained intact, dominating the Prominadedes Anglais and the Baie des Anges, the Palais is about to become a new reference in theinternational luxury hotels.

SUGGESTED ACTIVITIES WHILE IN THE NICE AREA*:

� Aquascope - The Auquascope is a glass-bottom boat for outings at sea, where youcan enjoy both the outside view and the underwater world without diving. 04 92 00 42 31 � Cathedrale Orthodoxe Russe St-Nicolas a Nice - This Russian cathedralwas built in the early 20th century in honor of the son of Czar Nicholas II, who diedin Nice after failing to recover from tuberculosis. � Heli Air Monaco - Flights over nice on request: 04 93 21 34 95 or 04 93 21 34 62� Marineland - Show and attractions with marine animals…and Antibes Land - Amusement Park 04 93 33 49 49 � Musee d’Art Moderne et d’Art Contemporain - This museum houses a largecollection of French and American artwork from the 1960s to the present. 04-93-62-61-62 � Musee Matisse - Surrounded by an olive garden, this museum has a collectionof paintings spanning the length of Henri Matisse’s career. 04-93-53-40-53 � Musee national Message Biblique Marc Chagall - This museum has a largecollection of works by Marc Chagall, the famous Russian-born painter and designer. 04-93-53-87-20� Palais Lascaris - Art museum; Historic site; Castle; History museum; Architectural building 04-93-62-72-40� Phoenix Parc Floral de Nice - Amusement/theme park; Garden � Promenade des Anglais - This famous street travels along Nice's Mediterraneanwaterfront. Scenic/historic walking area; Beach � Vieille Ville (Old Town) - This historic part of Nice feels like a medieval villagewith narrow streets curving between old buildings with red-tile roofs, smallrestaurants and open-markets. � Walking Tours - A ramble path, marked with arrows, fourteen kilometres long,is using the old country lanes which are linking the Var plain westwards, to theGairaut hills eastwards. It allows, for good walkers, the discovery of the landscapesof the country of Nice, the Bellet vineyards, the olive groves, the traditional floraland market gardening, the pine forests and the green oak woods. It offers marvellousviewpoints on the Baie des Anges and the hinterland overlooked by the AlpesMaritimes. A visit of the Bellet hamlet, the Saint Roman Church, with a stop by thespring, before taking the Via Augusta, built in 12 AD by August : so manyinteresting places, which are also telling the history of the region.The starting point is situated at the Lingostière station, which is served by theChemins de fer de Provence train. Bus services are indenting the route, giving accessto the paths, so one may interrupt the walk whenever he chooses to.

*Please note: listed activities are not set up or affiliated with Opal Financial Group

?OPAL FINANCIAL GROUP

Opal Financial Group consists of a strong, experienced management team allowing for theorganization of high quality, high profile informational gatherings. The dual focus of thecompany is to create a unique atmosphere of education rather than sales or marketing and toensure the highest caliber in all aspects of each event. We are viewed as the business informationorganization that is professional but allows for the comfortable atmosphere of an interactive,educational forum.

This conference will bring Opal’s expertise to the table in forums uniquely designed for theEuropean pension fund and institutional investment community. As we move ahead, the ever-quickening pace of globalization will force investors and managers to continuously look beyondtheir own borders for innovative solutions to increasingly complex investment decisions. Paneldiscussions will address a wide range of issues, including European securitization strategies, rolesof offshore funds in plan design, global indexing techniques, implementation of managerselection processes, differences in European corporate reporting and Board management and theparticular roles of government in European pension plans, and visions of the growing alternativemarketplace. We look forward to seeing representatives from some of the largest European fundsand other industry leaders at these inaugural events.

ABOUT

4TH EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT SEPTEMBER 29 - OCTOBER 1, 2004


Conference RegistrationPERSONAL INFORMATION:

Name: __________________________________________Title: __________________________________________Company: __________________________________________Address: __________________________________________

__________________________________________Tel: ( ) __________________________________________Fax: ( ) __________________________________________E-mail: __________________________________________❑ Please include me on the Opal Financial Group mailing list

SELECT UPCOMING CONFERENCE(S) YOU WISH TO ATTEND:Prices for multiple conferences are negotiable. Please contact sales for information.❑ Endowment & Foundation Summit - September 12-14❑ European Alternative Investing Summit - Sept 29 - Oct 1❑ European CDO Summit - Sept 29 - Oct 1❑ Institutional Capital Investing Forum - October 13-15❑ Alternative Investing Summit - December 5-7❑ CDO Summit - December 5-7❑ Public Funds Summit - January 9-11❑ Investment Education Symposium - February 2-4❑ Alternative Investing Summit East - April 6-8❑ Emerging Managers Summit - May❑ Investment Trends Summit - June❑ Endowment & Foundation Summit - September❑ European Alternative & Institutional Investing Summit - October

SELECT TYPE OF REGISTRATION: - If you have a Discount Code, enter it below.❑ Standard Registration ($1695 USD)❑ Plan Sponsor/Family Office Registration ($495 USD)

ENTER DISCOUNT CODE: _______________________________❑ 10% discount on Standard Registration ($1525 USD) - Per Event

SELECT METHOD OF PAYMENT:❑ Please invoice my organization❑ Enclosed is a check payable to “Opal Financial Group, Inc.”❑ Please charge my credit card: ❍ ❍ ❍CardNumber: _________________________________________Expiration: _________________________________________ Name: _________________________________________Signature: _________________________________________

PHOTOCOPY THIS FORM FOR ADDITIONAL DELEGATESRETURN THIS FORM TO:

Opal Financial Group, Inc. 10 East 38th Street, 4th Floor, New York, NY 10016

SEPTEMBER 12-14, 2004Endowment & Foundation Summit Westin Copley Plaza, Boston, MA

SEPT 29 - OCT 1, 2004European Alternative Investing Summit Mediterranee, Nice, France

SEPT 29 - OCT 1, 2004European CDO Summit Mediterranee, Nice, France

OCTOBER 13-15, 2004Institutional Capital Investing Forum Loews L' Enfant Plaza, DC

DECEMBER 5-7, 2004Alternative Investing Summit Ritz Carlton, Laguna Niguel, CA

DECEMBER 5-7, 2004CDO Summit Ritz Carlton, Laguna Niguel, CA

JANUARY 9-11, 2005Public Funds Summit Phoenician, Scottsdale, AZ

FEBRUARY 2-4, 2005Investment Education Symposium Royal Sonesta New Orleans, LA

APRIL 6-8, 2005Alternative Investing Summit East Ritz Carlton, Amelia Island, FL

MAY 2005Emerging Managers Summit TBD, Chicago, IL

JUNE 2005Investment Trends Summit (Platinum Series) Alyeska Resort, Girdwood, Alaska

SEPTEMBER 2005Endowment & Foundation Summit Westin Copley Plaza, Boston, MA

OCTOBER 2005European Alternative & Institutional Investing Summit TBD, Europe

(212) 532-9898 x0 (212) 532-7151 [email protected]

CALENDAREVENTS

european alternative & institutional investing summit | eurorient -- ron nechemia

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