The 2nd Annual OECD - WPC

World Pensions and Investments Forum 2012 Paris - 9 February

with the support of:

Organised by

Long Term Assets for Pension and Sovereign Wealth Funds

8.45 am: Registration & Coffee

9.00 am: Welcome & Introductory Remarks: Carolyn Ervin, Director, Directorate for Financial and Enterprise Affairs, OECD; and M. Nicolas J. Firzli, Managing Director, World Pensions Council (WPC)

9.15 am: ‘The OECD Long-Term Investment Project’ presented by Juan Yermo, Head of the Private Pensions Unit, Financial Affairs Division, OECD

9.30 am: ‘The European Union Perspective’ Speaker: Gerassimos Thomas, Director Finance, Directorate General Economic and Financial Affairs, European Commission

9.45 am: ‘The Russian Pension Perspective’ Speaker: Konstantin Ugrumov, President, Russian National Association of Pension Funds

10.05 am: ‘Allocating Long-Term Assets and Devising Investment Solutions: the Choices Facing Long-Term Investors’ Speaker: Paul K. Woolley, Founder, Centre for the Study of Capital Market Dysfunctionality, LSE - London School of Economics

Roundtable w/ Raymond Haines, Head of UK Liability Driven Investing, State Street Global Advisors; Fiona Stewart, Principal Administrator, Private Pensions Unit, OECD; Philippe Desfossés, CEO, ERAFP; Oscar Franco, President, Association of Mexican Pension Fund Managers- Amafore

11.20 am: ‘The Benefits of Diversification within an Asset Class’ (focusing on Equity and Alternative Investments) Speaker: P. Brett Hammond, Managing Director & Chief Investment Officer, TIAA-CREF

Roundtable w/ Yves Choueifaty, President, TOBAM; Vincent Bazi, President, World Pensions Council; Jan Soerensen, Head of Hedge Funds, PGGM; Elizabeth Fernando, Deputy CIO & Head of European Equities, USS

1.00 - 2.15 pm: Lunch at the nearby Art Nouveau ‘Petit Zinc’ restaurant with the participation of Guggenheim Partners

2.15 pm: Special Session on Emerging Markets and Asia 1st presentation: ‘Investing across Emerging Markets - focusing on Private Equity and Equity Investments’

Speaker: David Wilton, CIO and Manager Global Private Equity Funds, International Finance Corporation, World Bank Group

2nd presentation: ‘Understanding the Asian Investment Landscape- Growth Dynamics, Ownership Structure and Foreign Direct Investment’ Speaker: Prof. Bernard Y. Yeung, Dean of the National University of Singapore Business School, Member of the Financial Research Council of the Monetary Authority of Singapore - MAS

Roundtable w/Thomas Gerhardt, Director, Head of Global Emerging Markets, Edmond de Rothschild Asset Management; Matti Leppälä, Secretary-General of the European Federation for Retirement Provision - EFRP

4.00 pm: Infrastructure as a ‘New’ Asset Class for Pensions and SWFs Speaker: Ulrik Dan Weuder, Head of Infrastructure and CEO of ATP Alternative Investment, Supplementary Pension of Denmark – ATP

Roundtable w/ Eric Hayoun, Chief Financial Officer, CDC Infrastructure; Raffaele Della Croce, Economist, Private Pensions Unit, OECD; Stefan Lundbergh – Head of Innovation Centre, All Pensions Group – APG; Christian Kummert, Managing Director Infrastructure, Kommunalkredit; senior representative of the Canada Pension Plan Investment Board – CPP IB

5.30 pm: Summation & Close by the World Pensions Council

6.00 pm: Cocktail, wine tasting. A visit of the Left Bank/ Sorbonne area and nearby monuments will be organized for those staying overnight

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The 2nd Annual OECD - WPC World Pensions and Investments Forum 2012

Paris - 9 February PROGRAMME

ORGANISATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)

The OECD brings together the governments of countries committed to democracy and the market economy from around the world to support sustainable economic growth and raise living standards, among other goals. The Organisation provides a setting where governments compare policy experiences, seek answers to common problems, identify good practice and coordinate domestic and international policies.For 50 years, the OECD has been one of the world’s largest and most reliable sources of comparable sta-tistics and economic and social data. As well as collecting data, the OECD monitors trends, analyses and forecasts of economic developments and researches social changes or evolving patterns in trade, environ-ment, agriculture, technology, taxation and more. The OECD Directorate for Financial and Enterprise Affairs (DAF) helps governments to improve the domes-tic and global policies that affect business and markets. DAF identifies policies and best practices designed to keep markets open, competitive and sustainable while combating market abuses and economic crime through international co-operation. It works in the fields of anti corruption, corporate governance, competi-tion law and policy, investment, financial markets, insurance, private pensions, and private sector develop-ment.Through the Working Party on Private Pensions, the OECD monitors and reviews private pension systems in member and selected non-member countries, analyses policy and technical issues, formulates policy recommendations and promotes policy dialogue with non-OECD countries. The Working Party on Private Pensions led the development of the Core Principles of Occupational Pension Regulation and participates closely in the OECD statistical monitoring exercise (Global Pension Statistics) as well as various publica-tions, such as the OECD Working Paper Series on Finance, Insurance and Private Pensions, OECD Pen-sions at a Glance and the OECD Pensions Outlook.

THE WORLD PENSIONS COUNCIL

The World Pensions Council (WPC) is an independent policy research organization dedicated to innovative, enquiry based analysis that helps strengthen interdisciplinary research in a wide array of pension related topics such as demographics, actuarial science and statistical methods, public and private pension policies, asset allocation, and pension fund governance. The institutional seminars and conferences we help organize serve the dual purpose of providing a platform for networking and exchanging ideas between leading academics, policy makers, pension professionals and fund managers, as well as developing advanced pension-oriented research programs that will benefit the investment community at large.

BIOGRAPHIESVincent Bazi, Director, Head of Equity Investments, NextStageis a Director and Head of Equity Investments at Nextstage, a Paris-based investment fund (with 270m AuM as of June 30 2011).He has 25 years experience in equity research, sales and asset management in various investment houses (Cheuvreux, JP Morgan, Schroder, Oddo, and Dexia). He is President of the World Pension Council (WPC),and Deputy Chairman of the European Federation of Financial Analysts Societies (EFFAS) and the French Society of Financial Analysts (SFAF). He is a graduate of Institut d’Etudes Politiques de Paris (IEP) and Columbia Business School and holder of CIWM (Certified International Wealth Manager).

Philippe Desfossés, CEO of ERAFPBy a decree published on June 11 2008, Mr Philippe DESFOSSES has been appointed as the new Chief Executive Officer of ERAFP, the French Public Service Additional Pension Scheme.Mr Desfosses is a graduate of Sciences Po in Paris and the French National School of Administration.He started his career at the French Treasury (Ministry of Economy and Finance in 1985, successively as Deputy Head of the Enterprise Financing Desk, Deputy of the Sub-Saharan Desk, Financial Attaché in New-York (1989-1992) and Head of the Insurance Desk (1992-1995).From 1995 to 1997, he was Special advisor to Mr Jacques Barrot, the French Minister of Labour and Social Affairs, in charge of the Employment, Family and Old Age portfolios.In 1998, he joined AXA Group as Senior Manager and became CEO of two subsidiaries: International Finance and Compagnie financière de Paris. From 2006, Mr Desfossés was Director of Corporate Affairs & Business Development and member of the Executive Committee of Lilly France.

Yves Choueifaty, President, TOBAMYves Choueifaty is founder & President of TOBAM. Yves established TOBAM in 2006, as Managing Director, Head of Quantitative Asset Management in Europe, and Head of Lehman Brothers Asset Management France. Prior to joining Lehman Brothers, Mr Choueifaty was CEO of Credit Lyonnais Asset Management (“CLAM”, AuM €70B). He was CIO of CLAM from 2000 with direct responsibility for all aspects of the investment management process as well as marketing and sales. From 1998 to 2000 Mr Choueifaty was Head of Financial Engineering and Quantitative Investment Management having developed the structured products and financial engineering business units since 1992. Mr Choueifaty graduated from ENSAE in 1992, majoring in statistics, actuarial studies, finance, and artificial intelligence.

Ulrik Dan WeuderUlrik Dan Weuder, Head of Inflation Linked Physical Assets and Social Responsibility in Investments, ATP-Investment Ulrik Dan Weuder is an economist from Copenhagen University. He has been with ATP since 2007 where he is Head of investments for inflation linked asset (primarily infrastructure, alternative energy and timberland) and for Social Responsibility in Investments in ATP. He is also a member of ATPs internal SRI Committee. Ulrik has 15 years of international experience in planning, programming and financing infrastructure.

Raffaele Della Croce, Economist, Private Pensions Unit, OECDRaffaele Della Croce is Economist/Policy Analyst at the Organization for Economic Co-operation and Development (OECD). Prior to joining the OECD, Raffaele was associate analyst at Moody’s Investors Services (London), focusing on global infrastructure and project finance.

Carolyn ErvinCarolyn H. Ervin is the OECD Director for Financial and Enterprise Affairs (DAF). Her Directorate helps governments to improve the domestic and global policies that affect business and markets. It works in the fields of anti corruption, corporate governance, competition law and policy, investment, financial markets, insurance, private pensions and private sector development. OECD member governments are the principal clients, but the Directorate and its committees also have extensive relations with non-OECD countries that wish to improve their economies and become more integrated in the global economy. The Directorate and its committees also engage in extensive consultations with business, labour, professional communities and civil society in order to enrich their work and build constituencies for it. During over twenty years at the OECD, Carolyn Ervin has held posts in several areas. She was director of the secretary-general’s office from 2000 to 2005. As counselor in DAF in the 1990s she led the project to negotiate the OECD Anti-Bribery Convention and was a main drafter of the OECD Jobs Study. During the 1980s and 1990s she handled programme and budget issues in the secretary-general’s office, and helped to set up the Centre for Co-operation with the Economies in Transition.Prior to joining the OECD Carolyn Ervin spent six years in the United States diplomatic service.Carolyn Ervin is a U.S. citizen. She has a B.A. and an M.A. in Economics from Stanford University.

M. Nicolas J. Firzli, Managing Director, World Pensions Council (WPC)M. Nicolas J. Firzli is the cofounder and Managing Director of the World Pensions Council (WPC), a Paris-based think-tank dedicated to pension research and financial law and regulation. A statistician by training, Mr Firzli has more than 13 years of capital market research and institutional asset management experience, focusing on Canadian, Asian and MENA area pension funds, as well as sovereign wealth funds, central banks and supranational organisations. He is a graduate of McGill University, an alumnus of the HEC Paris School of Management, and a member of the International Commission of the French Society of Financial Analyst (SFAF); he conducted research at the Catholic University of Louvain (UCL) Doctoral School of Economics and Management and the Paris School of Political Science (IEP).

Thomas Gerhardt, Senior Fund Manager Head of Global Emerging Markets and Commodities - Edmond de Rothschild Asset ManagementIn 2011, Thomas Gerhardt joined Edmond de Rothschild Asset Management as Head of GEM and Commodities. He is manager of EdR Global Emerging Markets and EdR Selective Asia. Holding a Degree in Business Administration from Goethe University in Frankfurt, Thomas Gerhardt started his career as Assistant Auditor at KPMG. In 1994, he joined DWS as Portfolio Manager for Asian equities and has headed the DWS Global Emerging Markets team from 2000 onwards. Among others, he gained a considerable track record as manager of the DWS Top 50 Asia and DWS Invest BRIC Plus.

Oscar Franco, Executive President, AmaforeÓscar Franco is the Executive President of the Association of Mexican Pension Fund Managers (Amafore). He represents Amafore before several organizations, both in Mexico and abroad. Such is the case of the Federation of Pension Fund Associations (FIAP), of which he is currently the Vice Chairman. Previously, he was the CEO of Afore Allianz and Afore HSBC. He holds a Bachelor’s Degree in Economics from the University of Mexico; a Master’s Degree in Economics from El Colegio de México; and a MBA from the University of Texas at Austin.

Raymond Haines, Head of UK Liability Driven Investing, State Street Global AdvisorsRaymond Haines has more than 30 years of financial industry experience and brings a strong technical investment background from his previous positions at LV= Asset Management where he was most recently chief investment officer and at ABN AMRO Bank NV, where he led the UK Pension Advisory team. He has also previously served as CIO at Hill Samuel Asset Management and as a pension fund Trustee, advising public sector funds. At SSgA, he is responsible for managing LDI solutions for the UK market

P. Brett HammondP. Brett Hammond is a managing director and chief investment strategist for TIAA-CREF Asset Management. TIAA–CREF is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.7 million active and retired employees participating at more than 15,000 institutions and has $464 billion in assets under management (as of Dec. 31st 2011). Within TIAA-CREF, Brett was previously responsible for performance attribution modeling, played an influential role in the creation of the company’s inflation-linked bond and lifecycle funds, and conducted pension research. Prior to TIAA-CREF, Hammond held positions at the National Academy of Sciences, UCLA and UC Berkeley.

Elizabeth Fernando - Deputy CIO & Head of European Equities - USSElizabeth joined USS in January 1995 as Head of European Equities and has overall responsibility for the European equities portfolios. She was appointed Deputy CIO in January 2006 and has been involved extensively in the development of the investment department and the long term investment strategy of the fund. In particular Elizabeth was responsible for the identification and evaluation of USS’s first direct private equity investments in two new build oil rigs and a Norwegian fish farm. She served as a Board member for Frigstad Discoverer Invest Ltd until its sale to Saipem. Prior to joining USS Elizabeth worked at Lloyds Investment Managers Ltd in a variety of roles including UK Smaller Companies and more latterly European Equities.Elizabeth holds an MA in Philosophy, Politics and Economics from Oxford University and is an Associate Member of the UK Society of Investment Professionals (UKSIP).

Stefan Lundbergh, Head of Innovation Centre, All Pensions Group – APG Stefan Lundbergh heads the innovation centre at Algemene Pensioen Groep (APG) in the Netherlands. He is a statutory board member of the Fourth Swedish National Pension Fund (AP4). He also chairs the Research Committee of the Rotman International Centre for Pension Management.

Jan Soerensen, Head of Hedge Funds, PGGMJan Soerensen is Head of Hedge Funds at PGGM Investments. PGGM is a leading Dutch pension administrator with its roots in the healthcare and social work sector, currently managing over € 109 billion of pension assets for more than 2.3 million Dutch participants (as of Oct 31st 2011). PGGM provides services in the field of pension fund management, comprehensive asset management, management support and policy advice to various pension funds. Jan Soerensen is an alumnus of The Fletcher School of Law and Diplomacy (MALD, International Business), the HEC Paris School of Management (MBA, Finance) and the Royal Danish Military Academy (BA, Management).

Gerassimos Thomas, Director Finance, Directorate General Economic and Financial Affairs, European Commission

Before his appointment as Director of Finance, coordination with EIB, EBRD and IFIs in the Directorate General of Economic and Financial Affairs (DG ECFIN) of the European Commission, Gerassimos Thomas was heading the cabinet of Commissioner Joaquin Almunia between 2006 and 2009. Prior to that assignment, he was heading the unit dealing with free movement of capital and financial integration in the Directorate General of Internal Market and Services of the European Commission for two years.He worked with Commissioner Pedro Solbes as spokesman for economic and monetary affairs for the European Commission between 1999 and 2004 and as deputy spokesman for Commission President Romano Prodi. His professional career includes assignments as Head of Guarantee Operations in the European Investment Fund, as an economist in the European Commission’s Directorate General for Economic and Financial Affairs dealing with pension system reform policy, international financial issues, regional policy and financial integration issues. Prior to joining the European Commission, he worked in the international fixed-income department of a Japanese investment bank in London between 1987 and 1990.Mr. Thomas studied economics, business administration and international relations in Athens, London and Brussels.

Matti Leppälä, Secretary-General of the European Federation for Retirement Provision - EFRPMatti Leppälä is secretary general at the European Federation of Retirement Provision (EFRP) since December 2011.He has been director – international, investment and legal affairs at the Finnish Pension Alliance TELA and has also been involved with the European Association of Paritarian Institutions (AEIP) and the OECD Private Pensions Working Group.

Christian Kummert, Managing Director, Head of Infrastructure & Public Finance, KommunalkreditSince July 2010 Christian Kummert heads the origination team of Kommunalkredit Austria AG, focusing on infrastructure and public finance. Before he was Global Head of Infrastructure/PPP with Commerzbank AG in Frankfurt. Christian has also gained significant experience in the international electricity markets from his former post as deputy head of the tariff section of the German Association of Electricity Utilities (VDEW).

Eric Hayoun, Chief Financial Officer, member of CDC Infrastructure’s investment committee and board of directors.Formerly managing partner of Republic Asset Management, an AMF authorized management company specialized in stock-picking in telecom, media and technology sectorsPreviously worked with CDC as portfolio manager in charge of all listed equity investments in the TMT sector, and as an internal financial adviser for CDC’s M&A transactionsStarted his career with Deloitte in audit and corporate finance departments14 years of experience in asset management and corporate financeA graduate of Paris Sorbonne university, and a qualification as financial analyst (SFAF)

Bernard Yeung, Dean and Stephen Riady Distinguished Professor - University of Singapore Business SchoolBernard Yeung is the Dean and the Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University Stern School of Business. He was also the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management, and Advisory Professor at the East China Normal University. Professor Yeung previously taught at the University of Michigan (assistant, associate, and full) and the University of Alberta (assistant and associate).

Professor Yeung’s research covers topics in international corporate finance, corporate strategy, foreign direct investment, and the relationship between institutions, economic development, and firm behavior. His more than a hundred research articles have appeared in top rated journals in Economics, Finance, Strategic Management, International Business, and Accounting. Professor Bernard Yeung is a member of the Economic Strategies Committee chaired by Mr Tharman Shanmugaratnam, Minister for Finance. The committee aims at developing strategies for Singapore to build capabilities and maximise opportunities as a global city. He is also a member on other committees including Management Advisory Committee (SPRING Singapore), Financial Research Council (Monetary Authority of Singapore). Professor Yeung is on the International Advisory Board of the Korea University Business School, the Board of the Intellectual Property of Singapore, and of the Strategic Recruitment Advisory Committee at the National University of Singapore. Professor Yeung has been selected as the Dean Director on the Graduate Management Admission Council (GMAC) Board and a member of the Finance and Audit Committee of GMAC. He sits on the Maintenance of Accreditation Committee (MAC) and Asia Advisory Task force (AATF) of the Association to Advance Collegiate Schools of Business (AACSB). He is also an elected Academy of International Business (AIB) fellow.

Professor Yeung received his bachelor of arts in economics and mathematics from the University of Western Ontario, his MBA and PhD from the Graduate School of Business at the University of Chicago.

Paul K. Woolley, Founder, Centre for the Study of Capital Market Dysfunctionality, London School of EconomicsPaul Woolley’s career has spanned the private sector, academia and policy-orientated institutions. After several years of practical experience in a firm of stockbrokers, latterly as a partner in his firm, he studied Economics at the University of York (UK) receiving BA (1970) and D Phil (1976). He held the Esmée Fairbairn Lectureship in Finance at York 1970-76, also serving as Specialist Advisor to the House of Lords Committee on the EEC 1975-6. He then moved to the International Monetary Fund 1976-83, initially as an Economist and later as Advisor and then head of the Division responsible to the Fund’s borrowing and investment activities. In 1987 he co-founded, and was Managing Director of, GMO Woolley, the London affiliate of GMO, the Boston-based fund management firm. He was a Partner and served on the main GMO board (1998 - 2003). He retired as Chairman of GMO Europe in 2006, and returned to academic life the following year, founding the Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the London School of Economics. He is Chairman of the Advisory Board for the Centre and a full-time member of the research team. Similar centres have been set up at the University of Toulouse and at UTS in Sydney. He is an Honorary Professor of the University of York, Senior Fellow at LSE and an Adjunct Professor at UTS.

Juan Yermo, Head of the Private Pensions Unit, Financial Affairs Division, OECDJUAN YERMO is currently Head of the Private Pensions Unit in the Financial Affairs Division of the OECD, which he joined in 1999. His work covers issues related to the operation and regulation of privately managed retirement income systems. He has published various books and written articles for academic journals and is an editor of the OECD Private Pensions Outlook, OECD Pension Markets in Focus, and the Journal of Pension Economics and Finance. He has also acted as a trustee of the OECD staff pension fund and as advisor on governance and pensions issues to the CFA Institute, the International Labour Organisation, and pension funds of other international organizations. Previously, he worked at the World Bank as a consultant on capital markets and pension reform and as an analyst in the risk management department at Bankers Trust. Mr. Yermo studied at Cambridge and Oxford Universities.

The 2nd Annual OECD - WPC World Pensions and Investments Forum 2012

Paris - 9 February