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

13

European Alternative &

Institutional Investing
Summit
The Educational Investment Conference Bringing Together the Institutional
Investment Communities of Europe and the United States

September 29- October 1, 2004

Palais Del La Mediterranée Hotel
Nice, France

Opal Financial Group

“Your Source to Financial Education”
www.opalgroup.net
 Attendees
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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Confirmed Participants
A D-E
Tony Gannon, CEO, ABBEY CAPITAL (FAMILY OFFICE)
Naresh Grandhi, ABN AMRO
Manfred Kastner, Founder, ABSOLUTE PLUS.COM LTD.
Sarah Doyle, Investment Manager, AGF PRIVATE EQUITY
Robert Discolo, Managing Director, Alternative Investments, AIG
GLOBAL INVESTMENT GROUP
Christopher Atayan, Managing Director, ALEXANDER DAWSON
FOUNDATION & SLUSSER ASSOCIATES INC.
Robin Ellison, Trustee, ALFRED MCALPINE PENSION
SCHEME
Chris Erwin, Investment Principal, AON CONSULTING LTD.
B MANAGEMENT
Roselyn Spencer, Executive Director, BALTIMORE RETIREMENT
SYSTEMS
Joan M. Pratt, Chair of the Board, BALTIMORE RETIREMENT
SYSTEMS
Kevin Davis, Vice-Chair, BALTIMORE RETIREMENT SYSTEMS
Brenda Clayburn, Trustee, BALTIMORE RETIREMENT
SYSTEMS
Leif Hasager, Executive Vice President, BANK//PENSION
Stuart Stephen, Director of Pensions & Benefits, BARCLAYS PLC
Ahmed M. Fattouh, Managing Principal, BARON ADVISORS LLC
Anthony Robertson, Senior Portfolio Manager, High Yield,
BLUEBAY ASSET MANAGEMENT LTD
Raymond Satumalaij, Real Estate Strategist, BLUE SKY
GROUP/KLM PENSION FUND
Eric Borremans, Head of Sustainability Research, BNP PARIBAS
ASSET MANAGEMENT
Angela Brock, President and CEO, BROCK GLOBAL ADVISORS
Peter Weidemannn, Investment Manager, BTV
UNTERNHMENSGRUPPE (FAMILY OFFICE)
C PENSION FUND
Jean-Pierre Aguilar-CEO, CAPITAL FUND MANAGEMENT
Marcos Camhis, Chief Operating Officer, CAPITAL
MANAGEMENT ADVISORS
Stella Eastwood, Group Pensions Director, CENTRICA
Luke Howe, President, CHICAGO PARK EMPLOYEES’
ANNUITY & BENEFIT FUND
Pat Knazze, President, CHICAGO TEACHERS’ PENSION FUND
Prof. Bing Liang, Associate Director of, CISDM, ISENBERG
SCHOOL OF MANAGEMENT, UNIVERSITY OF
MASSACHUSETTS
Robert Snider, CITIGROUP
Alexei Kroujiline, CITIGROUP
Felix Samuel, Pension Plan Administrator, COMMONWEALTH
SECRETARIAT
Dermot S. L. Butler, Chairman, CUSTOM HOUSE
ADMINISTRATION & CORPORATE SERVICES LTD.
2 Opal Financial Group | www.opalgroup.net
Joan Parrott Fonseca, Board Member, DISTRICT OF COLUMBIA
RETIREMENT BOARD
Drew Dickey, D.L. BABSON
Dr. Mehraj Mattoo, Managing Director, Global Head of Alternative
Investments, DRESDNER KLEINWORT WASSERSTEIN
Lionel Martellini, PhD, Professor of Finance, EDHEC GRADUATE
SCHOOL OF BUSINESS & Scientific Director, EDHEC RISK
AND ASSET MANAGEMENT RESEARCH CENTRE
Noël Amenc, PhD, Professor of Finance, EDHEC GRADUATE
SCHOOL OF BUSINESS, & Senior Academic Fellow,
EUROPLACE INSTITUTE OF FINANCE
Florence Remy-Brunelle, EQUALT ALTERNATIVE ASSET
Claire de Badereau, EQUALT ALTERNATIVE ASSET
MANAGEMENT
Tord Carnlof, Managing Director, ETHIX SRI ADVISORS
Richard Balfe, Chairman, EUROPEAN PARLIAMENT PENSION
FUND
TBA, EURORIENT INVESTMENT
F-G
Frans Wesseling, Chief Financial Officer, FAXTOR SECURITIES B.V.
Alessandro Albrighi, Managing Director, FIM LIMITED
Giancarlo D’Oria, Director Client Services, FIM LIMITED
Gunnar Balsvik, Chief Executive Officer,
FORSAKRINGSFORENINGEN FOR DET STATLIGA
OMRADET (FSO)
Tushar Patel, Director Alternative Investments, GAIM ADVISORS LTD
John E. Dunn, III, Professor of Finance, THE GAVIN SCHOOL
OF INTERNATIONAL MANAGEMENT
Daniel Heimowitz, Advisory Consultant, GLOBAL BULL & BEAR
Oliver Bolitho, GOLDMAN SACHS INTERNATIONAL
Peter Morris, Head of Pensions, GREATER MANCHESTER
Roy Oldham, Chairman, GREATER MANCHESTER PENSION
FUND
Martin Wareing, Deputy Chairman, GREATER MANCHESTER
PENSION FUND
H
Frances Taft, Senior Assistant, HAMMOND SUDDARDS EDGE
(UNITED UTILITIES)
Jane Marshall, Partner, HAMMOND SUDDARDS EDGE
(UNITED UTILITIES)
Nick Wood, Director of Marketing, HAMMOND SUDDARDS
EDGE (UNITED UTILITIES)
Josiane Fanguinovény, Associate Director European Corporate
Governance, HERMES INVESTMENT MANAGEMENT LTD
David Hager, Principal Consultant, HEWITT BACON & WOODROW
Steven Vale, Principal Consultant, HEWITT BACON & WOODROW
David Chandler, Finance Director and Fund of Funds Manager,
HOEGH CAPITAL PARTNERS (FAMILY OFFICE)
Attendees
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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I-L
Ezra Zask, VP & Manager, IBBOTSON ASSOCIATES
ADVISORS, LLC
Jody Olson, Chairman, PUBLIC EMPLOYEES RETIREMENT
SYSTEM OF IDAHO
Gerry Ryan, Chairman, IRISH ASSOCIATION OF PENSION
FUNDS and Plan Administrator, EIRCOM SUPERANNUATION
FUND
Chris Armitage, Pension Fund Investments Controller,
J. SAINSBURY PENSION SCHEME
Frédéric Jauffret, Chief Executive Officer, JAUFFRET CONSULTIVA
Bertrand Conchon, Partner, JAUFFRET CONSULTIVA
Joyce Johnson-Miller, Managing Partner, JME OPPORTUNITY
PARTNERS
Randy Julian, Chief Economist, JMFT WEALTH MANAGEMENT
Shakil Riaz, Managing Director, JP MORGAN CHASE
Dietmar H. Bahr, Member Executive Board, JUNG DMS & CIE
AG, GERMANY & Co-Chairman BUNDESVERBAND
ALTERNATIVE INVESTMENTS (BAI)
James R. Hedges IV, President & Chief Investment Officer,
LJH GLOBAL INVESTMENTS, LLC
M VENTURE GROUP
Joe McElvaney, Managing Director and Consulting Actuary,
MCELVANEY CONSULTANTS LIMITED
Albert Slawsky, Senior Vice President, MD SASS INVESTORS
SERVICES INC.
Eric Warner, Head of Private Equity, Europe, MERCER
INVESTMENT CONSULTING
Jon Exley, Senior Investment Consultant, MERCER INVESTMENT
CONSULTING
Howard Rossman, President, MESIROW ADVANCED
STRATEGIES
Lars Norellt, MERRILL LYNCH
Mike Stendler, Managing Director, MEYER CAPITAL
MANAGEMENT
Vivina Berla, Managing Director, MLIM PRIVATE EQUITY
PARTNERS
Gordon W.H. Ferguson, Trustee Director, MOTOR INDUSTRY
PENSION PLAN
Chris Griffith, Director Executive Search, MRI WORLDWIDE
Victoria Lewis, Pension Administrator, MRI WORLDWIDE
N-Q
Dean Crombie, Trustee, NEW HAMPSHIRE RETIREMENT
SYSTEM
Joe Haslip, Trustee, NEW YORK CITY RETIREMENT SYSTEMS,
SPECIAL ASSISTANT TO COMPTROLLER WILLIAM C.
THOMPSON
TBA, NOBLE ROYALTIES LLC
Lotte Bomgaard, Investor Relations Manager, NYKREDIT
Scott T. Jones, Founding Managing Director, ORIGIN PARTNERS
Judith Posnikoff, Managing Director, PACIFIC ALTERNATIVE
ASSET MANAGEMENT COMPANY, LLC
Opal Financial Group | www.opalgroup.net
SEPTEMBER 29 - OCTOBER 1, 2004
Matteo Solbiati, Director - Head of European Branch, PARADIGM
Torben Möger Pedersen, CEO, PENSIONDANMARK
Edwin Meysmans, Managing Director, PENSION FUND KBC
Marinus W. Keijzer, Chief Investment Officer, PENSION FUNDS
OF THE REFORMED MINISTERS IN THE NETHERLANDS
and Chairman, PRIVATE EQUITY HOLDINGS, INC.
Peter Caroe, Head of Alternative Investments, PFA PENSION
Peter Kraneveld, Special Advisor, International Affairs,
PGGM NETHERLANDS
Mark P. Casa, Director of Investments, PRS GROUP
R-S
Alan Adkins, RISKMETRICS GROUP
Thaddée Tyl, CEO and Partner, RIVOLI FUND MANAGEMENT
Michael C. Duncombe, Consultant, ROYAL MAIL PENSION PLAN
Peter Gianulis, Director, SALOMON BROTHERS ASSET
MANAGEMENT
Ralph Aerni, Head of Private Equity / Co-Head of Real Estate, SCM
STRATEGIC CAPITAL MANAGEMENT AG
Martin Pichinson, Co-Founder & Principal, SHERWOOD
PARTNERS, INC.
Doris Blasel, Head of Fund-of-Fund Investments, SIEMENS
Robert Davis, Global Marketing Executive Director, STANDARD &
POOR’S REAL ESTATE EQUITY MANAGER ASSESSMENTS
ADVISER
Stewart Hay, Investment Director, STANDARD LIFE
INVESTMENTS (PRIVATE EQUITY) LTD
Gerald Wisz, Consultant, STATMAN CONSULTING, INC.
T-Z
Tjeerd 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 PAYMENT
SOLUTIONS
Yung Lim, Managing Partner, TREESDALE ADVISORS
Florian Fenner, Partner & Managing Director, UFG ASSET
MANAGEMENT
Dr. Michel Girardin- Senior Economic Advisor, UNION
BANCAIRE PRIVEE
Zelda Silberman, Chief Investment Officer, UNITED STATES
HOLOCAUST MUSEUM
Terry Raby, Head of Internal Audit, UNIVERSITIES
SUPERANNUATION SCHEME LTD.
Elkin Varona, Chairman, VARONA INTEGRITY FOUNDATION
Daniel Bobo, Vice Chairman, VARONA INTEGRITY
FOUNDATION
William J. Raver, Chief Operating Officer, VERIZON
INVESTMENT MANAGEMENT CORP.
Crispin Lace, Senior Investment Consultant, WATSON WYATT
Simon Dudley, Head of International Practice, WATSON WYATT
Dr. James Stewart, Chief Economist and Director, WEAVERING
CAPITAL (UK) LTD.
Henry Tapper, Head of UK Sales, ZURICH (UK)
3
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4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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4th Annual This conference will bring Opal’s expertise to the table in a forums uniquely designed for the
European pension fund and institutional investment community. As we move ahead, the ever-
European Alternative & quickening pace of globalization will force investors and managers to continuously look
beyond their own borders for innovative solutions to increasingly complex investment
Institutional Investing Summit decisions. Panel discussions will address a wide range of issues, including European
securitization strategies, roles of offshore funds in plan design, global indexing techniques,
implementation of manager selection processes, differences in European corporate reporting
Sept 29 - Oct 1, 2004 and Board management and the particular roles of government in European pension plans,
Palais Del La Meditterranée, Nice, France and visions of the growing alternative marketplace. We look forward to seeing representatives
from some of the largest European funds and other industry leaders at this event.

WEDNESDAY, SEPTEMBER 29, 2004:

1:15p CO-CHAIRPERSONS’ WELCOMING REMARKS 4:00 HOW TO ACHIEVE SUCCESS IN A LOW
Chris Erwin, Investment Principal, AON CONSULTING LTD. RETURN ENVIRONMENT
Steven Vale, Principal Consultant, HEWITT BACON & ● Market Awareness and Its Impact Upon Asset Allocation

WOODROW ● Risk Diversification for Increasing Returns

● Measuring Effectiveness
Michael C. Duncombe, Consultant, ROYAL MAIL
● Developing an Effective Infrastructure to Make Investment Decisions
PENSION PLAN
● Understanding the RISKS

1:30 THE NEED FOR PENSION REFORM ACROSS THE GLOBE

MODERATOR:
Marinus W. Keijzer, Chief Investment Officer, PENSION FUNDS
Frédéric Jauffret, Chief Executive Officer,
OF THE REFORMED MINISTERS IN THE NETHERLANDS JAUFFRET CONSULTIVA
and Chairman, PRIVATE EQUITY HOLDINGS, INC.
PANELISTS:
2:00 THE IMPACT OF THE EUROPEAN PENSIONS DIRECTIVE Noël Amenc, PhD, Professor of Finance, EDHEC GRADUATE
● Practical Implications of a Merger for a Pension Scheme
SCHOOL OF BUSINESS, & Senior Academic Fellow,
● Impact of Cultural Differences EUROPLACE INSTITUTE OF FINANCE
● The Business Case for Merging Schemes Martin Pichinson, Co-Founder & Principal,
● The Lessons to Be Learned SHERWOOD PARTNERS, INC.
Robin Ellison, Trustee, ALFRED MCALPINE
PENSION SCHEME 4:45 AVOIDING RISK AND GARNERING RETURNS IN
ALTERNATIVE INVESTMENTS
2:30 MODERN PORTFOLIO THEORY AND ITS APPLICATION ● Risk/Reward Analysis of Alternative Investment Vehicles

TO HEDGE FUNDS ● Hedge Funds vs. Fund of Funds vs. Managed Futures

● Use of Quantitative Risk Measures

Matteo Solbiati, Director - Head of European Branch, PARADIGM
● Transparency Issues

● Manager Selection and Due Diligence

3:00 NEW REGULATION AND HOW IT WILL EFFECT
THE HEDGE FUND INDUSTRY--AN ADMINISTRATOR’S
MODERATOR:
PERSPECTIVE
Crispin Lace, Senior Investment Consultant, WATSON WYATT
● The EU Savings Directive--Where it is At?

■ How it Will Effect Some Investors?

PANELISTS:
■ What Will the Administrator Have to Do? Manfred Kastner, Founder, ABSOLUTE PLUS.COM LTD.
■ Can You Avoid it? Mike Stendler, Managing Director, MEYER CAPITAL
● The SEC Investment Advisor Regulations-- How Will it MANAGEMENT
● Effect Non US Managers?

■ Will They Refuse to Act for, or Accept US Investors in 5:30 ASSET ALLOCATION AFTER THE BUBBLE
1 Their Funds? ● Why Should Strategy Be Different Now?
Dermot S. L. Butler, Chairman, CUSTOM HOUSE ● Have We Become too Obsessed with Volatility Risk?

ADMINISTRATION & CORPORATE SERVICES LTD. ● 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?

3:20 FIXED INCOME OPPORTUNITIES:
● Where Can Funds Get Strategic and Tactical Asset
A LOOK AT THE EUROPEAN MARKET
● Allocation Advice?
● The European Covered Bond Market with a Unique Focus on
● Is the Case for Alternatives Stronger or Weaker Now?
● Danish Mortgage Bonds

Lotte Bomgaard, Investor Relations Manager, NYKREDIT MODERATOR:

Kevin Davis, Vice-Chair, BALTIMORE RETIREMENT
3:45 REFRESHMENT BREAK SYSTEMS

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PANELISTS: ●
SEPTEMBER 29 - OCTOBER 1, 2004

Case Study: Bucking the Trend in Pension Scheme Design:

David Hager, Principal Consultant, HEWITT BACON ● Investigating the Middle Ground Between DB and DC Schemes
& WOODROW
Jon Exley, Senior Investment Consultant, MODERATOR:
MERCER INVESTMENT CONSULTING Steven Vale, Principal Consultant, HEWITT BACON WOODROW
Mark P. Casa, Director of Investments, PRS GROUP
PANELISTS:
6:30 SESSIONS CONCLUDE Stuart Stephen, Director of Pensions & Benefits, BARCLAYS PLC
Henry Tapper, Head of UK Sales, ZURICH (UK)
6:30 COCKTAIL RECEPTION
Sponsored by, JME OPPORTUNITY PARTNERS 9:45 REFRESHMENT BREAK

10:00 ROUNDTABLE DISCUSSION - INVESTING IN HEDGE

FUNDS: FUND OF FUNDS VS. DIRECT
● Transparency & Regulatory Issues

● Fee Structures

● Successful Investment Styles

THURSDAY, SEPTEMBER 30, 2004: ● Investing Fallacies

7:30a CONTINENTAL BREAKFAST MODERATOR:

James R. Hedges IV, President & Chief Investment Officer,
7:45 CO-CHAIRPERSONS’ REMARKS LJH GLOBAL INVESTMENTS, LLC
Chris Erwin, Investment Principal, AON CONSULTING LTD.
Steven Vale, Principal Consultant, HEWITT BACON PANELISTS:
& WOODROW Tony Gannon, CEO, ABBEY CAPITAL (FAMILY OFFICE)
Michael C. Duncombe, Consultant, ROYAL MAIL Robert Discolo, Managing Director, Alternative Investments,
PENSION PLAN AIG GLOBAL INVESTMENT GROUP
Prof. Bing Liang, Associate Director, CISDM, ISENBERG
8:00 INTER-CONTINENTAL INVESTOR ROUNDTABLE DISCUSSION SCHOOL OF MANAGEMENT, UNIVERSITY OF
● Home Bias Effect - Persistent or Diminishing? MASSACHUSETTS
● Do Truly Skilled Managers Exist for Active Global Equity and Albert Slawsky, Senior Vice President, MD SASS INVESTORS
● Global Fixed Income? SERVICES INC.
● Over the Past Five Years, Return Ranges for Sectors and

● Industries Have Been Far Wider Than for Countries - Will

11:25 EMERGING MANAGERS
● This Continue?
● Defining Emerging Managers
● Rising Interest Rates - Medium and Long-Term Implications
● Who Comprises This Group?
● for Plan Sponsor Funding, Benefit Plan Design, Regulatory
● What are the Criteria for an Emerging Manager Program? Is
● Initiatives, and Asset Mix
● it Size, Gender, Ethnicity, Location?
● How Should Investors Model Their Allocations to Absolute
● What is Case for Using Emerging Managers?
● Return and Private Equity Products?

DISCUSSION LEADER: MODERATOR:

William J. Raver, Chief Operating Officer, Joyce Johnson-Miller, Managing Partner,
VERIZON INVESTMENT MANAGEMENT CORP. JME OPPORTUNITY PARTNERS

PANELISTS: PANELISTS:
Luke Howe, President, CHICAGO PARK EMPLOYEES' Pat Knazze, President, CHICAGO TEACHERS’
ANNUITY & BENEFIT FUND PENSION FUND
Gerry Ryan, Chairman, IRISH ASSOCIATION OF Joe Haslip, Trustee, NEW YORK CITY RETIREMENT
PENSION FUNDS and Plan Administrator, EIRCOM SYSTEMS, SPECIAL ASSISTANT TO COMPTROLLER
SUPERANNUATION FUND WILLIAM C. THOMPSON
Gordon W.H. Ferguson, Trustee Director, Randy Julian, Chief Economist, JMFT
MOTOR INDUSTRY PENSION PLAN
WEALTH MANAGEMENT
9:00 PLAN DESIGN TRENDS AND INNOVATIONS
● Participation Rates in DC Plans 12:25p HIGH YIELD INVESTING
● Why People are Not Joining UK DC Plans
Anthony Robertson, Senior Portfolio Manager, High Yield,
● What is Wrong with the Current DC world?
BLUEBAY ASSET MANAGEMENT LTD
● Limited Choice, Out of Market Risk, the Legacy of Failure

● Is This a Global Trend?

12:45 LUNCHEON AND KEYNOTE ADDRESS:
● What Can Be Done About It? Macro-Economic Trends and Their Implications for the Fixed
● What Behavioral Finance Can Teach Us About Improving Income, Equity and Foreign Exchange Markets
● Member Communications Dr. James Stewart, Chief Economist and Director,
● Using Segmentation to Improve Your DC Scheme Design WEAVERING CAPITAL (UK) LTD.

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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 CONSULTING
Edwin Meysmans, Managing Director, PENSION FUND KBC
Peter 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 MANAGEMENT
Joan Parrott Fonseca, Board Member, DISTRICT OF
COLUMBIA RETIREMENT BOARD
Tord Carnlof, Managing Director, ETHIX SRI ADVISORS
Josiane Fanguinovény, Associate Director European Corporate
Governance, HERMES INVESTMENT MANAGEMENT LTD
4:00 REFRESHMENT BREAK
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 GROUP
Tjeerd J.J. de Vries, Director, THETA CAPITAL
MANAGEMENT B.V.
6 Opal Financial Group | www.opalgroup.net
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 ADVISORS
Robert Snider, CITIGROUP
Drew Dickey, D.L. BABSON
Dr. Mehraj Mattoo, Managing Director, Global Head of
Alternative Investments, DRESDNER KLEINWORT
WASSERSTEIN
Lars Norellt, MERRILL LYNCH
6:30 SESSIONS CONCLUDE
6:30 COCKTAIL RECEPTION
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FRIDAY, OCTOBER 1, 2004: 10:15

SEPTEMBER 29 - OCTOBER 1, 2004

MEET THE MANAGERS: FUND OF FUNDS

This session will consist of seven Fund of Funds with a total of
7:45a CONTINENTAL BREAKFAST ten minutes each to speak. There will be no power point
presentations during this session. The seven firms will one by one
8:00 THE NEW FRONTIER: EASTERN EUROPE have a chance to discuss their background, strategy, methodology
and performance of their funds. There will be a session leader
● Where are They Coming from?
carefully watching the ten minute limit. After all seven firms have
● Accession to the EU and Its Consequences
presented, we will open the floor to questions from the audience.
● Pension Reforms Undertaken and to Be Undertaken

● Russia, a Chapter in Itself

MODERATOR:
● What are the New Pension Funds Investing In?
Richard Balfe, Chairman, EUROPEAN PARLIAMENT
PENSION FUND
● How to Profit from the New Frontier?

PANELISTS:
PANELISTS: Ahmed M. Fattouh, Managing Principal, BARON
Peter Kraneveld, Special Advisor, International Affairs, ADVISORS LLC
PGGM NETHERLANDS Ezra Zask, VP & Manager, IBBOTSON ASSOCIATES
Florian Fenner, Partner & Managing Director, ADVISORS, LLC
UFG ASSET MANAGEMENT Dietmar H. Bahr, Member Executive Board, JUNG DMS &
CIE AG, GERMANY & Co-Chairman, BUNDESVERBAND
8:45 FIDUCIARY RESPONSIBILITIES, LIABILITIES & ETHICS ALTERNATIVE INVESTMENTS (BAI)
● Methods for Meeting Long Term Pension Liabilities Howard Rossman, President, MESIROW ADVANCED
● Evaluating Your Money Managers and Consultants STRATEGIES
● Measuring Trustee Effectiveness
Judith Posnikoff, Managing Director, PACIFIC
● Developing an Effective Infrastructure to Make
ALTERNATIVE ASSET MANAGEMENT COMPANY, LLC
Robert Davis, Global Marketing Executive Director,
● Investment Decisions
STANDARD & POOR’S REAL ESTATE EQUITY
MANAGER ASSESSMENTS ADVISER
MODERATOR:
Yung Lim, Managing Partner, TREESDALE ADVISORS
Zelda Silberman, Chief Investment Officer, UNITED STATES
HOLOCAUST MUSEUM
11:45 HEDGE FUND INDICES
● Selection Criteria
PANELISTS:
● Style Classification
Joe McElvaney, Managing Director and Consulting Actuary,
● Weighting vs. Rebalancing Scheme
MCELVANEY CONSULTANTS LIMITED
Terry Raby, Head of Internal Audit, UNIVERSITIES ● Performances and Correlations

SUPERANNUATION SCHEME LTD. ● Index-Based Funds vs. Non-Index-Based Funds

MODERATOR:
9:30 THE GLOBAL PRIVATE EQUITY & REAL ESTATE MARKETS
Lionel Martellini, PhD, Professor of Finance, EDHEC
● Real Estate to Diversify and Reduce Volatility
GRADUATE SCHOOL OF BUSINESS & Scientific
● Is Real Estate the Next Bubble?
Director, EDHEC RISK AND ASSET MANAGEMENT
● Diversifying By Reducing the Home Bias. Why American
RESEARCH CENTRE
● Institutions Should Invest in Europe and Vice Versa

● The Changing Real Estate and Private Equity Industry in

PANELISTS:
Tushar Patel, Director Alternative Investments, GAIM
● Europe and the US
ADVISORS LTD
● International Private Equity Strategies
Gerald Wisz, Consultant, STATMAN CONSULTING
MODERATOR: 12:30 ALTERNATIVE INVESTMENT PERSPECTIVES
Raymond Satumalaij, Real Estate Strategist, WRAP UP DISCUSSION
BLUE SKY GROUP/KLM PENSION FUND
● Investing with Managed Futures

● Hedge Funds Styles and Strategies

PANELISTS:
● Private Equity Investments
Vivina Berla, Managing Director, MLIM PRIVATE
● Outlook for the Future
EQUITY PARTNERS
Ralph Aerni, Head of Private Equity / Co-Head of Real Estate, PANELISTS:
SCM STRATEGIC CAPITAL MANAGEMENT AG Thaddée Tyl, CEO and Partner, RIVOLI FUND MANAGEMENT
Dr. Michel Girardin- Senior Economic Advisor
UNION BANCAIRE PRIVEE

1:00 CONFERENCE CONCLUDES

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

Sponsors ■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,
■ ABSOLUTE PLUS.COM LTD. And ABSOLUTE PLUS ZURICH AG
including consumer banking and credit, corporate and investment banking,
are independent providers of external
insurance, securities brokerage, and asset management. Major brand names
single- and multi-manager hedge fund
under Citigroup’s trademark red umbrella include Citibank, CitiFinancial,
products to institutional investors in
Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Continental Europe focussing on
Germany, Austria, Switzerland, and the Nordic region. Absolute Plus
■ CUSTOM HOUSE ADMINISTRATION & CORPORATE SERVICES
Zurich is part of the Vienna Portfolio Management group, with 15 years
LIMITED (“CUSTOM HOUSE”) specialises
experience in the selection of asset managers and risk management.
in advising and assisting clients on the
Absolute Plus has no internal funds under management, thereby avoiding
structure and the incorporation of offshore
any conflicts of interest when selecting and recommending funds.
funds and, once established, providing a
Furthermore, Absolute Plus is very flexible and can offer unusual and
full administrative service. In December 2002, Custom House was the first
highly specialized approaches to accommodate our clients’ special
hedge fund administrator in the world to be awarded a Moody’s Baa1 MQ
requirements in a fast and flexible manner.
Rating, which is the investment grade equivalent of the new Moody’s
Management Quality Rating. Custom House is authorised by the Irish
■ BLUEBAY ASSET MANAGEMENT LIMITED (‘BLUEBAY’) is a
Financial Services Regulatory Authority (‘IFSRA’) under the Investment
specialist manager of fixed income credit
Intermediaries Act, 1995. For further information, please visit the Custom
funds. Based in London, we provide
House Website.
investment management services to
institutions and high net worth individuals
■ EURORIENT FINANCIAL GROUP (EURORIENT) is a private sector
seeking exposure to the rapidly growing asset class of European fixed income
global development finance institution. Its
credit. We currently employ 54 people, including 24 investment
mission is to mobilize financial, technical
professionals, and manage over US$1 billion across our range of six specialist
and human resources for the benefit of
credit funds; encompassing both long/short and long-only mandates.
developing nations seeking sustainable
BlueBay was founded in 2001 by fixed income credit specialists Hugh Willis
economic development and poverty reduction.
(CEO) and Mark Poole (CIO), with the support of two institutional
■EurOrient, through its various affiliates and subsidiaries, serves as exclusive
shareholders: Barclays Bank Plc and Shinsei Bank Ltd.
financial advisor for international transactions ranging from US $10 million
to more than US $1 billion. Since its formation, it has provided financial
■ BNP PARIBAS ASSET MANAGEMENT is the investment management
services to clients located in more than 40 countries in Asia, Latin America,
arm of BNP Paribas, the leading bank in
and Central and Eastern Europe.
the euro zone in terms of net profits. With
■EurOrient is currently involved in the structuring and implementation of
175.3 billion euros of assets under
foreign investment transactions in energy, natural resources and other basic
management (31/03/04), it is one of the
infrastructure projects with an economic value of more than US $15 billion.
leading players in Europe.
It also frequently advises governments and leaders in industry and commerce
■The asset management business employs over 1,300 staff 20 countries. Its
on international trade and investment related issues.
fund management teams are active in major financial markets, including
Paris, London, New York, Philadelphia, Tokyo and Hong Kong. They are
■ JME OPPORTUNITY PARTNERS, LLC is an event driven, special
specialized by asset class, investment style and geographical area.
situations fund formed to trade and invest
■BNP Paribas Asset Management has developed a leading capability in the
in the securities of companies experiencing
field of sustainable & responsible investment for equity, fixed income and
financial distress and undergoing transition
balanced products, with assets under management in excess of 1billion. arising from extraordinary financial
circumstances such as bankruptcy, re-organization, re-capitalization or
■ THE GLOBAL STRUCTURED CREDIT PRODUCTS (“GSCP”) group liquidation. The Fund’s investment strategy will emphasize investments in
encompasses Citigroup’s CDO, credit senior secured bank debt, unsecured bank debt, trade claims, securities
derivative and asset repackaging businesses. (principally high yield and publicly traded debt securities), private insurance
The GSCP platform is a fully integrated notes and other debt instruments of distressed companies. The Fund will
business complete with dedicated target superior risk-adjusted returns with minimum correlation to broadly
structuring, marketing, warehousing, syndication / risk management, based stock and bond indices.
secondary trading, research and specialist sales. Since the group’s beginning
in 1997 we have closed in excess of 80 public cash and synthetic CDOs
incorporating a wide range of asset classes, among which were several firsts
for the CDO market.

8 Opal Financial Group | www.opalgroup.net

Sponsors
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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■ JULIAN’S MUTUAL FUND TACTICS (JMFT) is a proprietary
“absolute” return strategy developed by
Randy Julian, senior technical analyst at
Brookstreet Securities Corporation, a SEC-
registered Investment Advisor and Broker/
Dealer. Randy Julian has been an Investment Advisor representative since
1973 and started JMFT in 1986. From 1999 to 2003, his Conservative
Annuity Program was up +104% with a drawdown of less than 7%. This
exceptional performance is why he has been ranked in the top 10 for three
straight years in 5-year multi-asset management by Nelson’s World’s Best
Money Managers. His strategy is currently being offered in Conservative,
Aggressive and Bond programs.
■ MERRILL LYNCH is a leader in global fixed income markets with
dominant trading, research, underwriting
and distribution capabilities. Serving
clients around the world, Merrill Lynch is
active in 17 countries across 6 continents.
The Merrill Lynch Structured Credit Products group specializes in providing
structured portfolio products that meet specific client needs and investor
demands. The group is globally focused to deliver unparalleled origination
and structuring combined with unprecedented distribution into both
institutional and retail networks.
■ MEYER CAPITAL MANAGEMENT, INC. is an alternative investment
firm specializing in the area of managed
futures. Founded in 1998, MCM applies
quantitative investment strategies to a
diverse portfolio of markets including
foreign exchange, financial futures, and commodities. Utilizing a global
macro approach, the firm attempts to identify and participate in major price
shifts due to economic, political, or environmental changes. MCM has
historically generated returns which are non-correlated to those of traditional
equity and fixed income instruments. This non-correlated behavior suggests
that adding MCM’s investment strategy to a traditional portfolio can
improve the overall risk adjusted return profile.
■ NYKREDIT, Denmark’s largest mortgage bank, is one of the largest
private bond issuers in Europe. At end-
2003 Nykredit had a total outstanding
amount of mortgage bonds of EUR
93.8bn.
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 (EUR
5.7bn). In connection with the annual auction for the purpose of refinancing
covered non-callable bullets in December 2003, bonds of a nominal EUR
9.4bn were issued.
■Nykredit mortgage bonds are sold through Nykredit Markets - Nykredit’s
investment banking division.
■ ORIGIN PARTNERS is a traditional US-based venture capital fund
management company, managed by
seasoned partners with proven operations
experience and long records of investing in
start-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’s
interest is in differentiable technologies and services at or near commercial
inception that can set new standards in proven markets, and have the ability
Opal Financial Group | www.opalgroup.net
SEPTEMBER 29 - OCTOBER 1, 2004
to develop substantial, measurable value regardless of market conditions.
Examples of past successes developed by Origin team members include
Tivoli Systems, Transwitch, Microsurge, Waveset, Actel, ISTAT, Network
Equipment Technology, Genesis Microchip and many others.
■ PARADIGM, headquartered in NYC, is a manager of alternative
investments with over 12 years of
experience, specializing in building
professionally managed portfolios of hedge
funds with no correlation to the stock and
bond markets. We achieve this by applying Modern Portfolio Theory to
hedge fund investing, a concept developed by Dr. James Park, PARADIGM’s
Chairman and CIO. Since 1992, PARADIGM has built and maintained one
of the largest databases of surviving and non-surviving hedge funds, which
provides us with the necessary statistical insight to calculate accurate hedge
fund indexes, as well as analyze hedge fund managers relative to their peers.
Broad diversification and our superior manager selection process, designed
to identify skill through quantitative and qualitative analysis, allow
PARADIGM to create an optimal portfolio of hedge funds with a superior
reward/risk profile.
■ PRS GROUP is an innovative manager of fund of funds and convertible
arbitrage portfolios. The firm capitalizes on
the relevant trading, investment banking
and research backgrounds of its
professionals to meet or exceed the risk-
adjusted return objectives of its client base. Clients have access to the
available product offering, or may elect to work with the company to create
custom portfolios of hedge funds. PRS Group also offers extensive
experience in designing hedge fund linked structured securities.
■Founded in 1981, PRS Group has managed hedge fund investments
exclusively since 1987. The company currently directs over $1.6 billion in
assets for institutional and individual clients.
■ SCM STRATEGIC CAPITAL MANAGEMENT AG is the first specialist
advisor/gatekeeper for alternative investment
programs of institutional investors in
Europe and today the market leader in this
field.
■SCM Strategic Capital Management AG was founded in 1996 and
provides services... for institutions building Private Equity and/or
international Real Estate portfolios and seeking a partner that provides them
with independent advice tailored to each client, including investment
strategy, asset allocation, investment manager evaluation and selection.
■Main office Dufourstrasse 20, 8702 Zollikon, Switzerland Incorporation
February 1996 Professionals 10 Shareholders Management and Board of
SCM Assets > CHF 3 billion
■ SHERWOOD PARTNERS, INC. has become the premier business
advisory firm in the technology sector
today. We are a full service business firm
specializing in advising boards and
corporations through strategy decisions,
transition, transformation and growth in this constantly evolving
marketplace. 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 infrastructure
support, interim management, strategic planning, strategic partnerships,
emotional intelligence, corporate finance, efficiency integration, debt
restructuring, asset liquidation, and bankruptcy advisory services.
9
 Sponsors
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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■The Sherwood team is comprised of seasoned business professionals that

provide shareholders and senior executives with more than a report - we go
beyond traditional tactics to help make decisions and implement plans that
achieve exceptional results. Many of the major financial lending institutions,
law firms, venture capital firms and investment banking firms call upon
Sherwood Partners to provide services to their clients and to assist in their
business decisions.
■ STANDARD & POOR’S is the world's foremost provider of independent
credit ratings, indices, risk evaluation,
investment research, data and valuations.
An essential part of the world's financial
infrastructure, Standard & Poor's has
played a leading role for more than 140 years in providing investors with the
independent benchmarks they need to feel more confident about their
investment and financial decisions.
■Standard & Poor's Structured Finance Ratings offers globally a range of
rating services, which help investors, bankers, issuers and other constituents
benchmark the credit quality of securitized assets.
■Standard & Poor's unmatched understanding in all structured finance
markets, our absolute commitment to quality service and our long-standing
reputation for objectivity, openness, integrity, and credibility has made us a
forward thinking leader worldwide. For additional information, visit our
website at www.standardandpoors.com.
■ TRANSWORLD PAYMENT SOLUTIONS is a worldwide provider of
modern payment solutions.
■TWPS markets international payment
solutions of associated banks through a
network of intermediaries. Intermediaries
add value in terms of industry specific integration, access to their client base
and due diligence process.
■Global Clearing™ is designed for corporations with high international
wire 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 (name
and limits are customer options) with wire transfer and eCheque facility.
■ UFG ADVISORS is a company incorporated under the laws of Bermuda
which specializes in investment in Russia
and other states which had been part of the
former Soviet Union. UFG Advisors is a
privately held company which is affiliated
with UFG, a leading Russian investment bank. UFG Advisors clients include
US and Switzerland-based funds of hedge funds, private banks and wealthy
individuals. On 1 December, 2002 UFG Advisors launched UFG Russia
Select fund, a long/short vehicle concentrating on the Russian stock market.
The fund aims to provide risk-adjusted returns and lower volatility
compared to traditional long-only products.
■ UNION BANCAIRE PRIVÉE is one of Switzerland's leading private
banks. Its headquarters are in Geneva with
offices in Europe (London, Paris,
Barcelona), the Americas, Asia and the
Middle East. Union Bancaire Privée
specialises in private and institutional asset management, offering both
traditional as well as alternative products and tailor-made mandates.
Capitalising over 20 year experience, Union Bancaire Privée manages EUR
15 bn Alternative Assets, making the bank the third largest investor
worldwide in Hedge Funds.
■ WEAVERING CAPITAL (UK) LTD is a London based independent Asset
management and Macro Economic
Research Company, fo unded in 1998. The
company’s research business headed by
Dr.James Stewart, has been providing
macro economic research to leading financial institutions, with a particular
focus on Global monetary policy. In 2003 Weavering launched the
Weavering Fixed Income Fund, a fundamental Macro based fund, investing
in global fixed income markets. Research carried out by the in-house team
of economists, forms the basis of all trading decisions.

Register 7th Annual

Alternative Investing Summit
To d ay The label “alternative” describes a nebulous investment class to many investors, especially those in the
institutional world who have strict ethical and fiduciary obligations to their organizations. However, pursuing
alternative investment is essential to maximizing returns while maintaining proper asset allocation in plan
December 5-7, 2004 portfolios of endowments, foundations, family offices, and public and corporate funds. The Alternative
The Ritz Carlton Investment Summit will bring together trustees and representatives of institutions as well as money managers
and consultants to explore the roles of alternative opportunities and strategies in an educational environment.
Laguna Niguel, CA Participants and delegates will investigate a range of critical investment issues, including discussion of the risks
and benefits involving private equity, investigating the risks and rewards involved with hedge funds, examining
means of cutting costs associated with implementation of absolute returns strategies, reviewing the future of
commodities, and surveying the landscape of emerging international markets

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

10 Opal Financial Group | www.opalgroup.net

Sponsors
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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Media
■ With over 16,000 active users, ALBOURNE VILLAGE is a free
community website for anyone interested
in alternative investments - providing a
pub 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 30
featured 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 specific
alternative investment vehicles. We seek to
offer value added information to
investors, professional advisers, money
managers, and service providers. We believe in the quest to enhance the
transparency of the alternative asset investment process and are confident in
the independence and impartiality of our views. Free subscription to our In
Brief is available. Please visit our website at www.aa-center.net or call us at
US toll free number (1-866) 220-6624.
■ ALTERNATIVE INVESTMENT NEWS (AIN) is the only publication
that offers a real time search intelligence
service with monthly pieces on alternative
trends and strategies. The monthly
newsletter and real-time website provide
breaking news and analysis on the fast-growing institutional market for
alternative investments - specifically the use of hedge funds and similar
entities by public and corporate pension funds. www.iialternatives.com
■ THE DEAL is a diversified media company dedicated to providing must-
read financial news, commentary, data
and services to corporate and financial
dealmakers, their advisers and investors
worldwide. Our portfolio of print and
electronic media includes The Deal, The Daily Deal, TheDeal.com and
Corporate Control Alert. For more information, visit TheDeal.com.
■ EDHEC is one of the top five business schools in France owing to the
high quality of its academic staff (90
permanent lecturers from France and
abroad) and its privileged relationship
with professionals that the school has been
developing since it was established in 1906. Drawing on its extensive
knowledge of the professional environment, Edhec concentrates its research
on themes that satisfy the needs of professionals and pursues an active
research policy in the field of finance. Its Risk and Asset Management
Research Centre carries out numerous research programs in the areas of
asset allocation and risk management in both the traditional and alternative
investment universes.
■ EUREKAHEDGE is a consultancy, advisory and research house focusing
on alternative investments. Originating in
Asia, Eurekahedge has grown rapidly to
become one of the most widely used and
quoted 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 a
European hedge fund directory, covering almost 3,000 funds as well as a
collection of educational guides for both funds and investors.
Opal Financial Group | www.opalgroup.net
SEPTEMBER 29 - OCTOBER 1, 2004
■Founded in 2001 Eurekahedge has offices in Singapore, Hong Kong,
London, Tokyo (affiliated), Switzerland and New York. Eurekahedge also
provides consultancy and advisory services, hedge fund start-up services,
capital introduction and due diligence services.
■ GLOBAL FUND ANALYSIS is a London-based fund research and
investment consulting firm. Established in
1996, and regulated by the Financial
Services authority, GFA equips investors
to make informed decisions in the world
of hedge funds. GFA has rated more than six hundred hedge funds and
interviewed nearly 2000 managers. Its activities today span manager
selection, hedge fund portfolio construction and risk management for some
of the world's most prestigious investment groups. Its affiliate, Fortune
Asset Management Ltd, offers investors a range of fund of funds including
the flagship Market Wizards Fund.
GUARANTEE YOUR EDGE IN THE ALTERNATIVE-INVESTMENT ARENA
■ Every week, HEDGE FUND ALERT delivers the early intelligence you
need to anticipate new risks and
opportunities facing fund-management
firms, their investors and service
providers. 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 by
calling 201-659-1700 or visiting www.HFAlert.com.
■ HEDGE FUND ASSOCIATION - We are an international, not-for-profit
organization of hedge fund managers,
service providers, and investors.
Objectives include education of
legislators, the media and investing public
about the true facts of hedge fund investing, and in so doing, to improve
the image of hedge funds. Contact us at 202-478-2000 ; 202-478-1999
(fax) ; info@thehfa.org or www.thehfa.org.
■ HEDGE FUND CONFERENCES.COM, the most comprehensive
source for hedge fund conference listings
and hedge funds events, providing:
● complete calendar listings of hedge fund conferences
● easy registration, past reviewsRegister with Hedge Fund
Conferences.com and:
● obtain special discounts on hedge fund conferences
● add conferences to your “conference tracker”
● receive email updatesWith the wide assortment of conferences on our
site you can plan your calendar ahead of time and choose which hedge
fund 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, we
introduce high net worth individuals and
institutions to fund managers and their
respective strategies. HedgeCo's mission
is to educate potential investors about the hedge fund industry and
alternative investments.
For further information on the hedge fund industry, visit our web site at:
www.hedgeco.net
11
 Sponsors
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
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■ HIGH YIELD REPORT - Filled with timely, detailed and precise
information on the $250 billion below-
investment grade market, investors and
investment bankers turn to High Yield
Report confident they are reading the
news that is indispensable
■ WWW.INSTITUTIONALINVESTOR.COM - for financial professionals
who need 24-hour access to more than
just the news - we specialize in predicting
the trends and providing award-winning
editorial on the people and companies
that make the news.
■ INVESTMENT MANAGEMENT WEEKLY is a "must-read" for
institutional money managers looking for
new business leads as well as plan sponsors
and consultants who want to stay abreast
of the industry as a whole. Each weekly
issue provides news briefs, feature stories and listings covering manager
searches and selections, asset allocation strategies, personnel shifts, and
general industry trends. Included with your subscription to Investment
Management Weekly is FREE access to IMWeekly.com. With our new
website you will find daily updates with the latest news briefs, feature stories
and listings covering manager searches and selections, asset allocation
strategies, personnel shifts, and general industry trends.
For more information or to order, please call 800-607-1967 or visit our
website at www.imweekly.com.
■ ISI PUBLICATIONS is a specialist publisher in the global business arena
and, with offices in Hong Kong, the UK
and Bermuda. Over the last decade, ISI
has earned a reputation for providing
authoritative, timely and accurate
information on critical developments in the world’s capital markets.
■ISI also offers an online news service for the offshore financial
community, www.offshoreOn.com and operates an online business
bookstore www.BooksonBiz.com.
■ISI Publications is pleased to offer each delegate to this Opal Conference
a special discount of 35% on an annual subscription to the hedge fund
quarterly, Alternative IQ, or to the Offshore Online newsletters. For further
information, simply email info@isipublications.com.
■ MONEY MANAGEMENT EXECUTIVE, formerly Mutual Fund Market
News, is a news publication covering the
business of mutual funds, separately
managed accounts, 529s, 401(k)s, and
alternative investments. Through its
weekly print newsletter, daily push email service, and website that's updated
daily, MME informs its readers about competitive strategies, sales and
marketing, distribution, new products, compliance, regulations and back
office operations and technology.
■For more information, to receive a free trial, or to order, please call
Anthony Noe at (888) 807-8667 or through e-mail at anthony.noe
@thomsonmedia.com or visit our website at www.mmexecutive.com.
■ Alternative Market Briefing is published by OPALESQUE LTD. and has
been called the best newsletter on hedge
funds. Our mission is to intelligently
select and timely provide the most
important daily news for professionals
dealing with hedge funds. Every day 24,000 hedge fund and investment
professionals get their Alternative Market Briefing from Opalesque. Special
offer for Opal Financial Group clients: register now with promotion code
"opalgroup" at www.opalesque.com to secure your 40% discount!
12 Opal Financial Group | www.opalgroup.net
■ PESOURCE, INC. is the leading platform of private equity resources
serving the needs of institutions around
the world. A balanced mixture of data,
document management, news, analysis
tools and consulting ensures that the
private equity community conducts its business as efficiently as possible.
■ SECURITIZABILITY.COM A recognised destination for corporate
firms worldwide active or potentially
active in the securitization marketplace to
locate, source and learn more about
people. Initially containing securitization
lawyers, the portal will eventually include banks, accountants and rating
agency professionals.
■ VENTUREDOME is an online news service for the venture capital
industry, providing information,
comment and analysis on European
venture capital and private equity, from
start-up deals to high-end buy-outs and
fundings. Venturedome's weekly newsletters are essential reading for those
interested in the industry...click here [insert Venturedome.com URL here]
for details of our subscription service.
■ MAKE VENTUREWIRE PROFESSIONAL your ultimate source for
investment intelligence, with its breaking
news every day before 9:00 am and by
being the FIRST to report venture capital
deals 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 capital
communities with its anchor product, The
Encyclopedia of Private Equity and
Venture Capital by combining substantive
commentary on the private equity and
venture capital industries with online learning courses. The VCExperts.com
site includes current industry news, weekly commentary, and the online
University and 4,000 page Encyclopedia of Private Equity and Venture
Capital.
■ vFINANCE, INC. is a rapidly growing financial services company
providing personalized investment
banking and brokerage services to
10,000+ corporate and private clients
worldwide. The firm has offices in New
York, Chicago, Houston, Boca Raton and 28 other cities. The Company is
registered 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. Each
year, the site hosts 1 million+ investors and CEOs from over 50 countries.
This huge audience creates global deal stream for our bricks-and-mortar
financial service units and enables us to identify emerging opportunities for
our clients.
■ THEWEALTHNET is designed to meet the information needs of those
involved in the creation and preservation
of private wealth. TheWealthNET is the
first with the news in the market. We
deliver up-to-the-minute news on the
latest changes and developments in the wealth management market, from
people moves to new product launches and M&A activity. On this site you
will find news that is tailored for your personal needs, cutting edge analysis,
fully searchable archives for easy access, added value reading material
through books and reports, an Industry Directory offering fast access to key
contact world-wide and an Events Calendar to help you plan your itinerary.
Please visit us at www.theweathnet.com for more information.
Registration
4 EUROPEAN ALTERNATIVE & INSTITUTIONAL INVESTING SUMMIT
TH

FIVE EASY WAYS TO REGISTER HOTEL INFORMATION AND ACTIVITIES

SEPTEMBER 29 - OCTOBER 1, 2004

PALAIS DEL LA MEDITERRANEE HOTEL

CALL: Us at (212) 532-9898 x0. The Palais de la Mediterranée is a legendary establishment, a temple of the arts and of
FAX: Your registration form to (212) 532-7151 gaming in the inter-war years. Since the 5th of January 2004, it offers the best of the past
MAIL: Your completed registration form to: and the present under the same roof.
Behind its majestic Art Deco façade that has remained intact, dominating the Prominade
Opal Financial Group, Inc. des Anglais and the Baie des Anges, the Palais is about to become a new reference in the
10 East 38th Street, 4th Floor international luxury hotels.
New York, NY 10016
SUGGESTED ACTIVITIES WHILE IN THE NICE AREA*:
E-MAIL: Your completed registration form to:
info@opalgroup.net ● Aquascope - The Auquascope is a glass-bottom boat for outings at sea, where you

INTERNET: www.opalgroup.net can 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 cathedral

Registration for the European Alternative & Institutional Investing Summit was built in the early 20th century in honor of the son of Czar Nicholas II, who died
includes documentation provided by speakers, continental breakfasts, in Nice after failing to recover from tuberculosis.
refreshment breaks, luncheon, and cocktail reception. Payment must be ● Heli Air Monaco - Flights over nice on request: 04 93 21 34 95 or 04 93 21 34 62

received by August 31, 2004 and is accepted in the form of a company check, ● Marineland - Show and attractions with marine animals…and Antibes Land -
Visa, MasterCard, or American Express. Please make checks payable to “Opal Amusement Park 04 93 33 49 49
Financial Group, Inc.” ● Musee d’Art Moderne et d’Art Contemporain - This museum houses a large

collection of French and American artwork from the 1960s to the present. 04-93-
REGISTRATION FEES ARE AS FOLLOWS 62-61-62
Standard Registration ($1695 USD) ● Musee Matisse - Surrounded by an olive garden, this museum has a collection

Investor Registration ($495 USD) of paintings spanning the length of Henri Matisse’s career. 04-93-53-40-53
● Musee national Message Biblique Marc Chagall - This museum has a large

VENUE: Palais Del La Mediterranée Hotel collection of works by Marc Chagall, the famous Russian-born painter and designer.
15 Promenade des Anglais BP 1655 04-93-53-87-20
06011 Nice - France ● Palais Lascaris - Art museum; Historic site; Castle; History museum;

Architectural building 04-93-62-72-40

CALL: 011 33 4 92 14 77 00 ● Phoenix Parc Floral de Nice - Amusement/theme park; Garden

FAX: 011 33 492 14 77 27 ● Promenade des Anglais - This famous street travels along Nice's Mediterranean

waterfront. Scenic/historic walking area; Beach

Arrangements have been made for participants to receive a preferred rate for hotel ● Vieille Ville (Old Town) - This historic part of Nice feels like a medieval village

accommodations. with narrow streets curving between old buildings with red-tile roofs, small
restaurants and open-markets.
● Walking Tours - A ramble path, marked with arrows, fourteen kilometres long,

OVERFLOW HOTEL INFORMATION is using the old country lanes which are linking the Var plain westwards, to the
Gairaut hills eastwards. It allows, for good walkers, the discovery of the landscapes
Le Meridien
of the country of Nice, the Bellet vineyards, the olive groves, the traditional floral
1, Avenue Gustave V
and market gardening, the pine forests and the green oak woods. It offers marvellous
06046 Nice Cedex 1
viewpoints on the Baie des Anges and the hinterland overlooked by the Alpes
Nice, France
Maritimes. A visit of the Bellet hamlet, the Saint Roman Church, with a stop by the
spring, before taking the Via Augusta, built in 12 AD by August : so many
CALL: 011 33 497 03 40 07
interesting places, which are also telling the history of the region.
FAX: 011 33 497 03 44 46
The starting point is situated at the Lingostière station, which is served by the
Chemins de fer de Provence train. Bus services are indenting the route, giving access
to the paths, so one may interrupt the walk whenever he chooses to.
CANCELLATIONS/SUBSTITUTIONS
*Please note: listed activities are not set up or affiliated with Opal Financial Group
Should you be unable to attend, a prompt refund will be made for cancellations
received in writing by April 15, 2004. There will be no refunds to any cancellations
received after August 15, 2004. Substitutions may be made up to 24 hours in
ABOUT OPAL FINANCIAL GROUP
Opal Financial Group consists of a strong, experienced management team allowing for the
advance of the conference. If an event is cancelled, Opal Financial Group is not organization of high quality, high profile informational gatherings. The dual focus of the
responsible for any airfare, hotel or other costs incurred by registrants. Speakers, company is to create a unique atmosphere of education rather than sales or marketing and to

agenda and other events are subject to change without notice.
EXHIBIT SPACE
At the conference, an exhibit area will be open during the course of the conference
sessions. Exhibitors will have the chance to promote products and services of
interest to this target market. For more information, please call Opal Financial
Group at (212) 532-9898 for Abe Wellington at ext. 222 or Lissa Blake at ext. 227.
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ensure the highest caliber in all aspects of each event. We are viewed as the business information
organization 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 the
European pension fund and institutional investment community. As we move ahead, the ever-
quickening pace of globalization will force investors and managers to continuously look beyond
their own borders for innovative solutions to increasingly complex investment decisions. Panel
discussions will address a wide range of issues, including European securitization strategies, roles
of offshore funds in plan design, global indexing techniques, implementation of manager
selection processes, differences in European corporate reporting and Board management and the
particular roles of government in European pension plans, and visions of the growing alternative
marketplace. We look forward to seeing representatives from some of the largest European funds
and other industry leaders at these inaugural events.

13
Opal Financial Group | www.opalgroup.net
 Conference Registration CALENDAR
EVENTS
PERSONAL INFORMATION:
Name: __________________________________________ SEPTEMBER 12-14, 2004
Title: __________________________________________ Endowment & Foundation Summit
Company: __________________________________________ Westin Copley Plaza, Boston, MA
Address: __________________________________________ SEPT 29 - OCT 1, 2004
__________________________________________ European Alternative Investing Summit
Tel: ( ) __________________________________________ Mediterranee, Nice, France
Fax: ( ) __________________________________________
E-mail: __________________________________________ SEPT 29 - OCT 1, 2004
❑ Please include me on the Opal Financial Group mailing list European CDO Summit
Mediterranee, Nice, France
SELECT UPCOMING CONFERENCE(S) YOU WISH TO ATTEND:
OCTOBER 13-15, 2004
Prices for multiple conferences are negotiable. Please contact sales for information. Institutional Capital Investing Forum
❑ Endowment & Foundation Summit - September 12-14 Loews L' Enfant Plaza, DC
❑ European Alternative Investing Summit - Sept 29 - Oct 1
❑ European CDO Summit - Sept 29 - Oct 1 DECEMBER 5-7, 2004
❑ Institutional Capital Investing Forum - October 13-15 Alternative Investing Summit
❑ Alternative Investing Summit - December 5-7 Ritz Carlton, Laguna Niguel, CA
❑ CDO Summit - December 5-7 DECEMBER 5-7, 2004
❑ Public Funds Summit - January 9-11 CDO Summit
❑ Investment Education Symposium - February 2-4 Ritz Carlton, Laguna Niguel, CA
❑ Alternative Investing Summit East - April 6-8
❑ Emerging Managers Summit - May JANUARY 9-11, 2005
❑ Investment Trends Summit - June Public Funds Summit
❑ Endowment & Foundation Summit - September Phoenician, Scottsdale, AZ
❑ European Alternative & Institutional Investing Summit - October FEBRUARY 2-4, 2005
Investment Education Symposium
SELECT TYPE OF REGISTRATION: - If you have a Discount Code, enter it below. Royal Sonesta New Orleans, LA
❑ Standard Registration ($1695 USD)
❑ Plan Sponsor/Family Office Registration ($495 USD) APRIL 6-8, 2005
Alternative Investing Summit East
ENTER DISCOUNT CODE: _______________________________ Ritz Carlton, Amelia Island, FL
❑ 10% discount on Standard Registration ($1525 USD) - Per Event
MAY 2005
SELECT METHOD OF PAYMENT: Emerging Managers Summit
❑ Please invoice my organization TBD, Chicago, IL
❑ Enclosed is a check payable to “Opal Financial Group, Inc.” JUNE 2005
❑ Please charge my credit card: ❍ ❍ ❍ Investment Trends Summit
CardNumber: _________________________________________ (Platinum Series)
Expiration: _________________________________________ Alyeska Resort, Girdwood, Alaska
Name: _________________________________________
Signature: _________________________________________ SEPTEMBER 2005
Endowment & Foundation Summit
PHOTOCOPY THIS FORM FOR ADDITIONAL DELEGATES Westin Copley Plaza, Boston, MA
RETURN THIS FORM TO: OCTOBER 2005
Opal Financial Group, Inc. 10 East 38th Street, 4th Floor, New York, NY 10016 European Alternative &
Institutional Investing Summit
TBD, Europe
(212) 532-9898 x0 (212) 532-7151 info@opalgroup.net