2010 Winter Roundtable

China & The Middle East

Emerging Market Money Centers

Carneros Inn February 24-26 Napa, California

PACIFIC PENSION INSTITUTE

map of asia & the pacific region

TABLE OF CONTENTS

Map of Asia & the Pacific Region PROGRAM

Speakers

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About the Participants

Biographies Organizations Roundtable Staff

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About ppi

About PPI Membership Board of Directors & Advisory Council

Pacific Pension Institute, a member-driven, nonprofit educational organization, assists pension funds, corporations, financial institutions and endowments worldwide with carrying out their fiduciary responsibilities, especially with respect to Asia and the Pacific region.

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2010 Winter roundtable

Program n SPEAKERS

program Speakers

Christopher Ailman

Howard Chao

Hany A. Assaad

Brian Doyle

Teresa C. Barger

Chas. W. Freeman

Antonio Bonchristiano

Gordon Fyfe

Ronnie Chan

John D. “Jack” Langlois

Chief Investment Officer California State Teachers’ Retirement System

Chief Investment Officer Private Equity & Investment Funds International Finance Corporation

Chief Executive and Chief Investment Officer Cartica Capital LLC

President and Co-CEO GP Investimentos

Chairman Hang Lung Properties

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Partner O’Melveny & Myers LLP

President CITIC Capital Partners, Ltd.

Chairman Projects International, Inc.

President and Chief Executive Officer Public Sector Pension Investment Board

Vice Chairman Global Strategic Associates

program Speakers

Melissa J. Ma

Jean Eric Salata

Iyad Malas

Faryar Shirzad

Prinn Panitchpakdi

Ben Simpfendorfer

Stephen Roach

Linda Tsao Yang

Peter Robertson

Jian-Xi (Jesse) Wang

Co-Founder and Managing Director Asia Alternatives Management LLC

Chief Executive Officer Majid Al Futtaim Group

Senior Manager Regional Equities CLSA Ltd.

Chairman Morgan Stanley Asia

Vice-Chair (retired) Chevron Corporation

PPI 2010 Winter Roundtable

Founding Partner and Chief Executive Baring Private Equity Asia

Managing Director and Global Head of the Office of Government Affairs Goldman Sachs Group

Chief China Economist RBS Global Banking & Markets

Chair Asian Corporate Governance Association

Vice President and Chief Risk Officer China Investment Corporation

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2010 Winter roundtable

About the Participants n Biographies F Indicates Speaker or Facilitator n ORGANIZATIONS n roundtable staff

ABOUT THE PARTICIPANTS

F Christopher Ailman Chief Investment Officer California State Teachers’ Retirement System

Jagdeep Singh Bachher Chief Operating Officer Alberta Investment Management Corporation

Christopher Ailman is chief investment officer of California State Teachers’ Retirement System, (CalSTRS). Prior to joining CalSTRS in 2000, Mr. Ailman managed the Washington State Investment Board and was chief investment officer of the Sacramento County Employees Retirement System. Mr. Ailman currently serves on several boards and advisory boards in the US and UK. He is a governor of the International Corporate Governance Network, and is a member of the board, and past chair, of the Pacific Pension Institute. He holds a bachelor of arts in business economics from the University of California, Santa Barbara, and received his certified financial planner certification from the University of Southern California.

Jagdeep Singh Bachher is the chief operating officer of the Alberta Investment Management Corporation (AIMCo). Mr. Bachher leads AIMCo’s relationship with investment partners, communications, operations, finance, systems and technology. Prior to joining AIMCo, he was president & general manager of John Hancock’s JH Investments Delaware LLC, an independent fixed income asset manager in Boston. In 2004, Mr. Bachher joined Manulife Financial’s MFC Global Investment Management in Toronto, investing in alternative assets. Mr. Bachher holds a bachelor’s degree in mechanical engineering, a master’s degree and a Ph.D. in management sciences from the University of Waterloo.

F Hany A. Assaad Chief Investment Officer Private Equity & Investment Funds International Finance Corporation Hany Assaad is the chief investment officer of Private Equity & Investment Funds for International Finance Corporation (IFC). Mr. Assaad is responsible for IFC’s business in sector specific private equity and investment funds, including infrastructure, ICT, agribusiness, cleantech, clean energy, climate change, healthcare, education, distressed assets and sustainability funds globally in emerging markets. In addition, he heads the private equity funds business in the Middle East and North Africa region, and overseas IFC’s Funds business in South Asia, Central, Eastern and Southern Europe and Central Asia. Prior to joining the Funds group Mr. Assaad managed the Financial Markets Sustainability Group.

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Joseph Y. Bae Managing Partner Kohlberg Kravis Roberts–Asia Joe Bae is the managing partner of Kohlberg Kravis Roberts (KKR) Asia and member of the firm’s Other Business Committee. Mr. Bae has been with KKR for 13 years. During his tenure with KKR, he has played a significant role in the investments in Oriental Brewery, BIS Cleanaway, Borden, Elmers, Inc., MMI, PanAmSat, PRIMEDIA, Regal Cinemas, Seven, Shoppers Drug Mart, Visant, World Color Press and Yellow Pages Group. Currently, he is on the board of directors of MMI, Unisteel and Seven. Mr. Bae moved to Hong Kong in late 2005 to establish KKR’s Asian operations. Prior to KKR, Mr. Bae worked for Goldman, Sachs & Co. in its Principal Investment Area. Mr. Bae holds a bachelor’s degree, magna cum laude, from Harvard College.

ABOUT THE PARTICIPANTS Biographies

John Barger Trustee Los Angeles County Employees Retirement Association

Oliver Bolitho Managing Director Goldman Sachs (Asia)

John Barger is a trustee on the Los Angeles County Employees Retirement Association (LACERA) Board of Investments with over 25 years of experience as a lawyer, investor, financial regulator, and financial entrepreneur. Mr. Barger is currently a partner with NorthernCross Partners, Los Angeles and Latin Partners, Ltd. He was special assistant to executive director on the Federal Housing Finance Board during the George H.W. Bush administration. Mr. Barger holds a bachelor’s degree, cum laude, in history/ philosophy from Ohio Wesleyan University, a master’s degree in economics/finance from the London School of Economics and a J.D. from Hastings College of Law, University of California.

Oliver Bolitho is head of Goldman Sachs Asset Management (GSAM) in Asia. From 2007 to 2009, Mr. Bolitho was responsible for the GSAM business in Asia Ex-Japan. Prior to moving to Asia, he was head of GSAM’s UK and Irish business. Before joining Goldman, he was a co-founder of the Brand Consultancy, a group focused on improving the financial efficiency of marketing. He began his career with Bain & Co, the U.S. strategy consultancy. He serves on the Investment Board of the Medical Protection Society and the Investment Committee of Comic Relief, a charity focused on health and welfare projects in the United Kingdom and Africa. Mr. Bolitho holds a master’s degree in history from Gonville & Caius College, Cambridge.

F Teresa C. Barger Chief Executive and Chief Investment Officer Cartica Capital LLC Teresa Barger is chief executive and chief investment officer of Cartica Capital. Ms. Barger previously served as director of corporate governance for the World Bank/ International Finance Corporation (IFC) in Washington, D.C. From 2000 to 2004, Ms. Barger set up and ran the Private Equity and Investment Funds of the IFC. Ms. Barger is a member of the Council on Foreign Relations and serves on the Advisory Council of the Pacific Pension Institute and the board for the Emerging Markets Private Equity Association and the Advisory Board of the Institutional Real Estate Investor family of publications. Ms. Barger holds an A.B. from Harvard University and an M.B.A. from Yale University. She attended the American University in Cairo on a post-graduate fellowship.

PPI 2010 Winter Roundtable

David Bomberger Deputy Chief Investment Officer Public Employees’ Retirement Association of Colorado David Bomberger is the deputy chief investment officer at the Public Employees’ Retirement Association of Colorado (Colorado PERA). He oversees Opportunistic Investments, Risk Management, Operations and other total fund functions. Prior to joining Colorado PERA in 2009, Mr. Bomberger was the Nebraska State investment officer at the Nebraska Investment Council. Mr. Bomberger has also worked for Caterpillar Investment Management as president. Mr. Bomberger holds a bachelor’s degree from University of Nebraska and an M.B.A. at the University of Nebraska. He is also a CFA charterholder.

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ABOUT THE PARTICIPANTS

F Antonio Bonchristiano President and Co-CEO GP Investimentos

Melissa Brown Investment Consultant IDFC Capital (Singapore) Pte, Ltd.

Antonio Bonchristiano is a co-chairman and co-chief executive of GP Investments. Mr. Bonchristiano joined the firm in 1993. Prior to joining GP, Mr. Bonchristiano was a partner at Johnston Associates, a financial advisory firm based in London, and worked for Salomon Brothers in London and New York. Currently, he serves as a member of the board of directors of several Brazilian companies, including BR Properties, San Antonio, Allis, LAHotels, Leitbom and Estácio. He previously served as a member of the board of directors of Sé Supermercados, ABC Supermercados, Gafisa, Hopi Hari, Submarino, Equatorial Energia, and Playcenter. From 1995 until 1997, he served as chief financial officer of SuperMar Supermercados, and from 1999 until 2001, he founded and was the chief executive of Submarino. Mr. Bonchristiano holds a bachelor’s degree in politics, philosophy, and economics from the University of Oxford. Mr. Bonchristiano was selected a Young Global Leader by the World Economic Forum in 2007 and joined the International Association of Bibliophiles in 2008.

Melissa Brown is an investment consultant for IDFC Capital (Singapore). Ms. Brown has over 20 years’ experience in equity research. Prior to her role with IDFC, she was an executive director of the Association for Sustainable and Responsible Investment in Asia (ASrIA). She was also a managing director and deputy head of Asian research at Citigroup/Salomon Smith Barney. Ms. Brown holds a bachelor’s degree in economics from Williams College and an M.B.A. from the Yale School of Management.

Ronald E. Bornstein Partner Pillsbury Winthrop Shaw Pittman LLP Ron Bornstein is a partner in the San Francisco office of Pillsbury Winthrop Shaw Pittman LLP, an international law firm. Mr. Bornstein’s primary areas of practice include corporate, securities, financial, banking, and international law. His practice has included transactions in more than 30 countries in Europe, Asia, Latin America, the Middle East, and Africa. Previously, Mr. Bornstein was a Ford Fellow at the Academy of International Law at The Hague and a Visiting Fulbright Professor at the University of Dakar. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Bornstein holds a bachelor’s degree in economics from the Wharton School of the University of Pennsylvania and a J.D. from the University of Pennsylvania Law School.

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Jeb Burns Chief Investment Officer Michigan Municipal Employees’ Retirement System Jeb Burns is the chief investment officer for the Municipal Employees’ Retirement System of Michigan (MERS). Mr. Burns is responsible for all portfolio management activities and serves as the funds principal investment consultant. Mr. Burns was formerly a financial advisor with Prudential Securities. He has held positions with the State of Michigan as a public policy analyst with the Department of Natural Resources, a legislative and communications specialist with the Department of Management and Budget and as a senior budget analyst with the State Budget Office. Burns holds a bachelor’s degree from Western Michigan University and a master’s degree from Wayne State University.

ABOUT THE PARTICIPANTS Biographies

John Campbell Senior Partner Campbell Lutyens & Co. Ltd. John Campbell is senior partner of Campbell Lutyens, the independent London-based private equity and infrastructure advisory firm, which he co-founded in 1988. Mr. Campbell has been involved in corporate finance and private equity since joining N M Rothschild in 1969. He is the former executive director of Noble Grossart, the Edinburgh-headquartered financial adviser and private equity manager. He also served as managing director of McLeod Russel Plc, the international agri-business group with principal operations in Africa, India, Indonesia, Papua New Guinea, and Australia. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Campbell holds a master’s degree in economics from Cambridge University, where he was an Exhibitioner of Sidney Sussex College.

Paul Cantor Chair Public Sector Pension Investment Board Paul Cantor is chair of the Public Sector Pension Investment Board. Concurrently, Mr. Cantor acts as senior advisor at Bennett Jones LLP. Previously, he was chairman and chief executive officer of National Trust Company, president and chief executive officer of Confederation Life, and president, Investment Bank, Canadian Imperial Bank of Commerce (CIBC). Mr. Cantor was managing partner and then chairman for Canada of Russell Reynolds Associates, and was the founding executive director of the Toronto International Leadership Centre. Mr. Cantor holds a bachelor’s degree from the University of Alberta, an LLB from the University of Toronto, and an FICB from Ryerson University.

PPI 2010 Winter Roundtable

Haydee Celaya Director, Private Equity and Investment Funds Department International Finance Corporation Haydee Celaya is director of Private Equity and Investment Funds Department of the International Finance Corporation (IFC). Ms. Celaya’s career with the IFC started in 1991 in the Capital Markets Department. She subsequently became manager of the Latin America Division, associate director of the LAC Department, and director of the IFC’s Sub-Saharan Africa Department in June 2000.

F Ronnie Chan Chairman Hang Lung Properties Ronnie Chan is the chairman of Hang Lung Group Limited and its subsidiary, Hang Lung Properties Limited, both of which are publicly listed companies in Hong Kong. Mr. Chan is a co-founder of Morningside Group, which owns and manages companies focused on manufacturing, public transport operations, outdoor advertising, media, healthcare, online game operators, and high-tech and bio-tech investments in mainland China. Mr. Chan is actively involved with several non-profits and educational endeavors. He serves as vice chairman of the board of the Asia Society and as a director of the Peter G. Peterson Institute for International Economics. He is a trustee of the University of Southern California, and a governing board member of the Indian School of Business, in addition to several other posts.

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ABOUT THE PARTICIPANTS

Terri Chang Vice President, Chief Administrative Officer and Treasurer Institutional Real Estate Inc. Terri Chang is vice president, chief administrative officer, and acting treasurer of Institutional Real Estate, Inc. (IREI). Prior to joining IREI in 1992, Ms. Chang was an owner and partner of various companies including Gift-A-Way Specialties, an import and export company based in Taiwan, specializing in advertising items; Altra Financial Services, a mortgage brokerage firm based in Walnut Creek, California; and Lomita Estate Development, a land and multi-family development firm based in Lafayette, California. Ms. Chang holds a bachelor’s degree in European and English literature from Taiwan University.

F Howard Chao Partner O’Melveny & Myers LLP Howard Chao is chair of O’Melveny and Myers’ Asia practice. During his 29 years with the firm, he has been engaged in a broad variety of transactional matters. He was responsible for establishing the firm’s China offices, and spent several years in the Shanghai office. He is currently engaged in a general corporate practice, with an emphasis on cross-border and Asia matters. Mr. Chao has advised clients from many sectors in connection with their investments and operations in Asia. More recently, he has been assisting Chinese companies with their outbound investment transactions. In the United States, Mr. Chao has advised clients in connection with a variety of transactional matters, including venture investments, corporate finance, and M&A. Mr. Chao holds a bachelor’s of science with highest distinction in mathematics from Purdue University and a J.D. from the University of California, Berkeley.

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Collette D. Chilton Chief Investment Officer Williams College Collette Chilton is the chief investment officer for Williams College. Previously, Ms. Chilton served as chief investment officer of the Pension Reserves Investment Management (PRIM) Board of Massachusetts. She held a similar position with Massachusetts State Teachers and Employees Retirement Systems (MASTERS) Trust from 1993 until the organizations merged in 1996. Ms. Chilton was in investment banking with the First National Bank of Boston and Citicorp Investment Bank. Ms. Chilton is a member of the Dartmouth College Investment Committee. In addition, she has been a visiting fellow in Private Equity at the Amos Tuck School of Business since 1998. Ms. Chilton holds a bachelor’s degree in political economy of natural resources from University of California, Berkeley and an M.B.A. from the Amos Tuck Graduate School of Business at Dartmouth College.

William D. Crist Emeritus Professor of Economics California State University, Stanislaus Bill Crist is an emeritus professor of economics at California State University, Stanislaus. Dr. Crist served as chair of the Department of Economics from 1986 to 1990. He was an elected member of the California Public Employees’ Retirement System’s (CalPERS) Board of Administration for 16 years and served as president and chairman of the CalPERS board from 1992–2003. He is presently chairman of Governance for Owners Group, LLP, UK and is a member of the Board of Directors of the National Coalition on Health Care. He is past chairman of the Pacific Pension Institute Board of Directors and is a member of the Institute’s Advisory Board. Dr Crist holds a master’s degree in economics and business, and a Ph.D. in economics from the University of Nebraska.

ABOUT THE PARTICIPANTS Biographies

Ajit Dayal Director Quantum Advisors Private Ltd.

Laurie Deaton Vice President, Institutional Sales Loomis, Sayles & Company, LP

Ajit Dayal is director and founder of Quantum Advisors, India’s first equity research house. Mr. Dayal has worked with leading U.S. and UK financial advisory and asset management firms either as a key member of the executive management team or, through the Advisor, as a joint venture partner or affiliate. He also has served as the deputy chief investment officer for Hansberger Global Investors, Inc. and as the lead manager for the Vanguard International Value Fund. Mr. Dayal holds a bachelor’s degree in economics from Bombay University and an M.B.A. from the University of North Carolina at Chapel Hill.

Laurie Deaton is a vice president of Loomis, Sayles & Company in the Institutional Services Group. Ms. Deaton joined Loomis, Sayles from Wellington Management Company where she was a vice president for eight years. Prior to joining Wellington, she spent three years as a senior vice president for Oppenheimer Capital where she was responsible for the on-going management of their San Francisco office. Earlier in her career Laurie was a corporate plan sponsor for Pacific Enterprises where she worked with the DB and DC Plans as well as the VEBA Trust. Ms. Deaton holds a bachelor’s degree with an emphasis in accounting and an M.B.A. from Pepperdine University. She is also a Chartered Financial Analyst and a member of the CFA Society of San Francisco.

Joseph A. Dear Chief Investment Officer California Public Employees’ Retirement System Joe Dear is the chief investment officer for the California Public Employees’ Retirement System (CalPERS). Mr. Dear oversees all asset classes in which CalPERS invests, including domestic and international equity, Treasury and agency debt, high yield bonds, mortgage backed securities, CDOs, real estate, corporate governance, currency overlay, securities lending, venture capital, leveraged buyouts, and hedge funds. Before joining CalPERS, Mr. Dear was executive director of the Washington State Investment Board. In that capacity, he served as the board’s chief executive officer, overseeing its investment policy decisions. He previously served as chief of staff for Washington State Governor Gary Locke. Mr. Dear also served in the Clinton Administration as assistant secretary of Labor at the Occupational Safety and Health Administration. He is the vice chair of the Pacific Pension Institute’s Board of Directors and chair of the Council of Institutional Investors. Mr. Dear has a bachelor’s degree in political economy from Evergreen State College.

PPI 2010 Winter Roundtable

Roy Doumani Professor of Molecular and Medical Pharmacology University of California, Los Angeles Roy Doumani is professor of Molecular and Medical Pharmacology at the David Geffen School of Medicine at the University of California, Los Angeles (UCLA). Mr. Doumani is a member of the California NanoSystems Institute (CNSI) Advisory and Oversight Board and has served on a volunteer basis as CNSI’s chief operations officer. He also serves as co-chairman of the Zhejian California NanoSystems Institute, and is chairman of the Business Advisory Board for the Governor of Zhejiang Province, PRC. He serves on the advisory boards of the Pacific Pension Institute and RAND’s Center for Middle East Public Policy and its Center for Asia Pacific Policy. Mr. Doumani holds a bachelor’s degree in business and finance from UCLA and a law degree from the University of Southern California. Mr. Doumani has established two endowed chairs at UCLA, one in the Department of Bioengineering and one in the Department of Urological Oncology.

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ABOUT THE PARTICIPANTS

F Brian Doyle President CITIC Capital Partners, Ltd. Brian Doyle is an executive vice president of CITIC Capital and a managing partner of CITIC Capital Partners. Prior to founding CITIC Capital Partners, he was a general partner at JH Whitney & Co. in China and the US, where he was involved in a number of buyout and growth capital investments. Previously, Mr. Doyle worked in Morgan Stanley’s Mergers & Acquisitions Department in New York and at The White House in Washington D.C. Mr. Doyle holds a bachelor’s degree from Miami University (Ohio) and an M.B.A from Harvard Business School.

Alex Eidlin Managing Director Institutional Real Estate, Inc. Alex Eidlin is managing director for Institutional Real Estate, Inc. Prior to this position, Mr. Eidlin was with the International Real Estate Trade Organization (IRETO) as senior vice president and publisher. While with IRETO, Mr. Eidlin published the Asia Real Estate Report. He has also been a partner at Atlas Partners Japan where he pioneered the first multiple manager real estate fund in Japan. He also has worked for CB Richard Ellis Investors, Morgan Stanley, and other international and blue-chip Wall Street firms in Tokyo and Hong Kong. Mr. Eidlin holds three master’s degrees and an M.B.A. in finance.

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Robin Feckner President California Public Employees’ Retirement System Board of Administration Robin Feckner is president of the California Public Employees’ Retirement System (CalPERS) Board of Administration. Mr. Feckner has been representing school members on the CalPERS Board since 1999. He is serving his fifth annual term as president. Mr. Feckner is also the chair of the Ad Hoc Board Governance Committee and vice chair of the Benefits & Program Administration Committee. He is currently working for the Napa Valley Unified School District. Mr. Feckner has completed the Trustee’s Masters Program and has completed the CAPPP program in Pension Administration from the International Foundation of Employee Benefit Programs.

Matthew Fong President Strategic Advisory Group Matt Fong is president of Strategic Advisory Group, a consultancy firm which integrates business, legal, and political strategies for firms; managing director of Belstar Group, a NY boutique firm specializing in alternative investments; and chief strategic advisor to YCS Investments, a San Francisco-based Asian family office with global private equity investments. Mr. Fong serves as vice chairman of Seismic Warning Systems, and independent-director of the Trust Company of the West. Mr. Fong was vice chairman of the State Board of Equalization and state treasurer. He also served as a trustee of CalPERS, CalSTRS and the Pension Benefit Guaranty Corporation Advisory Board.

ABOUT THE PARTICIPANTS Biographies

Tomas Franzén Chief Investment Strategist Second National Pension Fund

F Gordon Fyfe President and Chief Executive Officer Public Sector Pension Investment Board

Tomas Franzén is the chief investment strategist at the Second Swedish National Pension Fund (AP2). AP2 is one of four buffer-funds within the recently reformed Swedish national pay-as-you-go pension system. Before joining AP2, he was the chief strategist at Swedbank Markets, where he advised the bank’s Swedish and global clients on equity investments. Prior to that, he served as chief strategist at Den Norske Bank and as senior economist at Svenska Handelbanken. Mr. Franzén holds a bachelor’s degree in economics from the University of Stockholm, and is a certified EFFAS financial analyst.

Gordon Fyfe was appointed president and chief executive officer of Public Sector Pension Investment Board (PSPIB) in October 2003. Before joining PSPIB, Mr. Fyfe had served as president of World Markets at CDP Capital. Previously, Mr. Fyfe served as president and chief operating officer of TAL International, a division of TAL Global Asset Management and vice president at JP Morgan in London, England. He is also a member of the Pacific Pension Institute’s Board of Directors. Mr. Fyfe holds an M.B.A. from INSEAD.

F Chas. W. Freeman Chairman Projects International, Inc. Chas W. Freeman, Jr. is chairman of Projects International, Inc. During his 30 years of public service, Ambassador Freeman has negotiated on behalf of the United States government with over 100 foreign governments. He served as US ambassador to Saudi Arabia during the first Persian Gulf War, and as assistant secretary of defense for International Security Affairs under President Clinton. In 1972, he served as the principle interpreter during President Nixon’s historic visit to China. Ambassador Freeman is the president of the Middle East Policy Council and co-chair of the US-China Policy Foundation. He is also vice chair of the Atlantic Council, a trustee for the Institute for Defense Analyses, and a director of the Academy of Diplomacy. He is also a member of the Pacific Pension Institute‘s Advisory Council. Mr. Freeman holds a J.D. from Harvard Law School, an A.B. from Yale University, and has studied at the Universidad Nacional Autónoma de Mexico.

PPI 2010 Winter Roundtable

Barry Gonder General Partner Grove Street Advisors Barry Gonder is a general partner and member of Grove Street’s Investment Committee. Mr. Gonder has particular expertise and relationships with buyout, mezzanine and other structured debt funds in the U.S. and Europe. Previously, he was senior investment officer of CalPERS Alternative Investment Management Program. Mr. Gonder managed private equity investments, served as director of research for Travelers Common Stock Group, and was responsible for the foreign investment portfolio with The Travelers Companies. Mr. Gonder holds a bachelor’s degree in economics from Vassar College and an M.B.A. from the University of North Carolina. He is also a chartered financial analyst.

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ABOUT THE PARTICIPANTS

Drew J. Guff Director and Founding Principal Siguler Guff & Company

Geoffrey Hirt Professor of Finance DePaul University

Drew Guff is a managing director and founding principal of Siguler Guff. Mr. Guff is responsible for Siguler Guff’s direct investment and merchant banking activities and sits on the Firm’s investment committee. Prior to founding Siguler Guff, he was with PaineWebber for eleven years in a range of both principal and advisory capacities. In 1994, Mr. Guff was instrumental in the formation of Russia Partners Company, L.P., the first major private equity fund to invest in Russia. Before establishing Russia Partners, he was a principal within PaineWebber’s Merchant Banking Group. He is a board member of the U.S.Russia Business Council and is a member of the Council on Foreign Relations. Mr. Guff holds a bachelor’s degree in economics from Harvard University.

Geoff Hirt is a professor of finance at DePaul University in Chicago. After serving as chairman of DePaul’s Finance Department, he joined Mesirow Financial as senior vice president of Strategy and Planning, and later added the title of director of equity research. While at Mesirow, he worked in the Asset Management Division with private equity, hedge funds, and equity portfolios. Dr. Hirt maintained a joint appointment at DePaul and Mesirow Financial until 2001, when he returned to the university full-time. Dr. Hirt holds a bachelor’s degree in economics from Ohio Wesleyan University, an M.B.A. in finance from Miami University of Ohio, and a Ph.D. in finance from the University of Illinois at Urbana Champaign.

Robert Haber Former Vice Chairman, Asia Barclays Global Investors Robert Haber is formerly the vice chairman, Asia of Barclays Global Investors (BGI). Mr. Haber advised on the strategic direction for the region, supported Asia ex-Japan interactions with BGI, and represented senior management with the region’s regulators, exchanges, and key clients. Previously, he was regional chief executive officer of Asia ex-Japan. He joined BGI in 1984 as marketing administrator and has served in numerous client service and business development roles. Mr. Haber holds a bachelor’s degree in finance from the University of Southern California.

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Russell Hiscock President and Chief Executive Officer CN Pension Plan Russell Hiscock is president and chief executive officer for CN Pension Plan. Previously, Mr. Hiscock was general manager where he was accountable for investment policy, asset allocation, the Canadian and the U.S. equity portfolios, hedge fund investments, real estate and infrastructure, trading and settlements, finance and administration and other aspects of the operation. He was manager of Common Stocks responsible for all Canadian investments from 1998 to 2005, and for international equity investments from 1992 to 1997. Mr. Hiscock holds a bachelor’s degree in mathematics from the University of Waterloo, a master’s degree in economics from the University of Western Ontario and an M.B.A. from the University of Toronto. He is a Chartered Financial Analyst, a Certified Management Accountant, and a Certified Corporate Director.

ABOUT THE PARTICIPANTS Biographies

Mark Hsu Managing Director H&Q Asia Pacific

H. Lawrence Hull, Jr. President Larco Advisors, Inc.

Mark Hsu is managing director of H&Q Asia Pacific. Mr. Hsu joined the firm in 2001 and is responsible for the firm’s private equity investments in China. Prior to joining H&QAP, he was director of Business Development for Sina.com. From 1997 to 1999, Mr. Hsu was an attorney with Simpson Thacher & Bartlett where he focused on securities and M&A transactions in the private equity industry. Mr. Hsu holds a bachelor’s degree from the University of California at Los Angeles and a J.D. from Columbia University. He was also founding vice chair of the Asian Pacific Islander American Leadership Council at the Democratic National Committee in 2004.

Larry Hull is president of Larco Advisors, Inc., and founder of the Pacific Pension Institute. He is a senior advisor to Lombard Investments, Inc. Mr. Hull has more than 40 years of experience in the pension fund investment business as a consultant to pension advisors and plan sponsors with a focus on developing and structuring international alternative asset investment programs. He is a member of the Pacific Pension Institute’s Board of Directors and Advisory Council. Mr. Hull holds a bachelor’s degree in business administration from the University of Oregon. He is a graduate of the Air War College and a retired Air Force Colonel.

Howard Hull, III Vice President of Institutional Marketing FINACORP Securities

Cynthia Johnson Vice President Macquarie Capital (USA), Inc.

Howard Hull is vice president of Institutional Marketing at FINACORP Securities, a NASD full service broker/dealer focusing on servicing institutional clients within the United States and in select international markets. The firm operates a certified minority-owned Hispanic broker/dealer office headquartered in Irvine, California. He is also a principal in HLH Securities, Ind., a NASD broker/ dealer that raises equity from plan sponsors for asset managers. Mr. Hull holds a bachelor’s degree in international relations from the University of Southern California.

Cynthia Johnson is vice president of Macquarie Capital (USA). Ms. Johnson joined Macquarie in May 2006 as a member of the Infrastructure Advisory Group performing Merger and Acquisition analysis on Macquarie’s potential port asset acquisitions. She subsequently transitioned to Macquarie Capital Funds where she is responsible for working with U.S. institutional investors to source capital for Macquariemanaged private funds and direct investment opportunities around the world. Prior to Macquarie, she was a member of the Financial Institutions Group at Banc of America Securities advising insurance, asset management and diversified finance companies on all aspects of corporate finance. Ms. Johnson holds a bachelor’s degree in economics from Colorado State University and a masters of international affairs degree in international finance and business from Columbia University.

PPI 2010 Winter Roundtable

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ABOUT THE PARTICIPANTS

Ted Kassinger Partner O’Melveny and Myers LLP

Wayne Kozun Senior Vice President, Public Equities Ontario Teachers’ Pension Plan

Ted Kassinger is a partner in O’Melveny’s Washington, DC office. Mr. Kassinger co-chairs the International Trade practice group and counsels U.S. and foreign clients engaged in transnational business transactions. Previous to joining O’Melveny, he served as general counsel then deputy secretary of the U.S. Department of Commerce where he received the Secretary of Commerce’s William C. Redfield Award, the Department’s highest honor. Mr. Kassinger is chairman of the U.S. Department of State’s Advisory Committee on International Economic Policy and a member of the Council on Foreign Relations. He is the author of “Antidumping Duty Investigations,” Law and Practice of U.S. International Trade Regulation (1987, 1989).

Wayne Kozun is senior vice president of Public Equities for the Ontario Teachers’ Pension Plan. Mr. Kozun oversees the fund’s actively-managed public equities portfolios, including relationship investing. As well, the equities team monitors the corporate governance practices of the companies in which Teachers’ invests. He joined Teachers’ in 1995 and previously held the position of vice president, Tactical Asset Allocation. Mr. Kozun holds a bachelor’s degree in engineering science from the University of Western Ontario and an M.B.A. from the Richard Ivey School of Business.

Kihwan Kim Chair Seoul Financial Forum Dr. Kihwan Kim is chair of the Seoul Financial Forum. He is also currently a distinguished visiting scholar at Korea Development Institute (KDI). From October 2008 to January 2010, Dr. Kim served as vice chair of the President’s Council for Economic Policy that is chaired by Korea’s President. During the 1997-1998 financial crisis, he was Korea’s Ambassador-at-Large for Economic Affairs. His other positions in the Korean government include chief trade policy coordinator and negotiator, chief delegate to South-North Inter-Korea Economic Talks, vice minister of Trade and Industry, and a member of the Monetary Board. Dr. Kim holds a bachelor’s degree in history from Grinnell College, a master’s degree in history from Yale University, and a Ph.D. in economics from the University of California, Berkeley.

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F John D. “Jack” Langlois Vice Chairman Global Strategic Associates Jack Langlois, Jr. is vice chairman of Global Strategic Associates. A leading authority on Asian banking systems and financial markets, Dr. Langlois has lived and worked in Asia for over 27 years. His prior positions include president and chairman of Morgan Stanley Properties (China), and managing director of JP Morgan & Co., where he served as head of corporate finance for China and head of real estate investment banking groups for Asia Pacific and Europe. Mr. Langlois serves on the board of directors for the Agricultural Bank of China, and has previously served on the boards of China CITIC Bank, Shenzhen Development Bank, Bank of Nanjing, and Bank of Shanghai. He has advised the United States Government on Asian financial matters, and is currently an advisor to the ORIX Corporation of Japan. Dr. Langlois has also served as a professor of East Asian studies at Princeton University and professor and chairman of the History Department at Bowdoin College. Dr. Langlois holds a bachelor’s degree and Ph.D. from Princeton University, a master’s degree from Harvard University, and an M.B.A. from New York University. He is fluent in both Mandarin and Japanese.

ABOUT THE PARTICIPANTS Biographies

Catherine A. Lynch Chief Executive Officer and Chief Investment Officer National Railroad Retirement Investment Trust

F Iyad Malas Chief Executive Officer Majid Al Futtaim Group

Catherine Lynch is chief executive and chief investment officer at the National Railroad Retirement Investment Trust (NRRIT). NRRIT was created by Congress in 2001 to invest Railroad Retirement assets in a diversified portfolio. Ms. Lynch joined the NRRIT in 2003 as its third employee and served as senior investment officer until 2008, when she was appointed to her current role. Prior to NRRIT, she was associate vice president for Treasury Management at the George Washington University and assistant treasurer of the Episcopal Church of America. Ms. Lynch holds a bachelor’s degree in philosophy from Yale University. She is also a CFA and serves on the Board of Regents for the CFA Institute Financial Analysts Seminar.

Mr. Malas is the chief executive officer of Majid Al Futtaim Group. Previously, Mr. Malas was the CEO of Majid Al Futtaim Trust LLC and Majid Al Futtaim Asset Management, a position he held since April 2007. Prior to this role, Mr. Malas was based in New Delhi as the regional director for South Asia for the International Finance Corporation (IFC), an organization which he joined in 1987. Between 2000 and 2004, Mr. Malas worked in Egypt, first as the CEO of Fleming CIIC and then as the chief operating officer and head of asset management at Egyptian investment bank, EFG-Hermes. Mr. Malas holds a bachelor’s degree from the American University in Beirut and an M.B.A. from George Washington University. He is a Chartered Financial Analyst.

F Melissa J. Ma Co-Founder and Managing Director Asia Alternatives Management LLC Melissa Ma is a co-founder and managing director of Asia Alternatives Management. Ms. Ma co-leads Asia Alternatives’ San Francisco office, which serves as the firm’s base for investor services, marketing, and corporate financial management. Ms. Ma is on the Firm’s Investment Committee. Prior to launching Asia Alternatives, Ms. Ma was a director at Hellman & Friedman LLC (H&F), a San Francisco-based private equity firm. Ms. Ma was involved with sourcing and monitoring H&F’s investments in financial and professional services. She also managed H&F’s relationships with its investors and had a leading role in its fundraising activities. Previously, Ms. Ma worked at McKinsey & Co., Inc. in their Hong Kong and San Francisco offices, and at Goldman, Sachs & Co. She currently serves on the board of directors for the Asian Art Museum of San Francisco and Half the Sky Foundation, and on the advisory board for Room to Read. Ms. Ma holds a bachelor’s degree in economics and East Asian studies magna cum laude from Harvard and an M.B.A. with distinction from Harvard Business School. She is fluent in Mandarin Chinese.

PPI 2010 Winter Roundtable

Robert M. Maynard Chief Investment Officer Public Employee Retirement System of Idaho Robert Maynard is chief investment officer of the Public Employee Retirement System of Idaho. Mr. Maynard was formerly the deputy executive director of the Alaska Permanent Fund Corporation. He was also assistant attorney general for the State of Alaska, where he served as counsel for the Alaska Permanent Fund Corporation and the Alaska Public Employees’ and Teachers’ Retirement Systems. He is the elected chair of the board of directors of the Pacific Pension Institute. Mr. Maynard holds a bachelor’s degree from Claremont Men’s College (now Claremont McKenna College) and a J.D. from the University of California, Davis.

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ABOUT THE PARTICIPANTS

Lisa Mazzocco Chief Investment Officer Los Angeles County Employees’ Retirement Association Lisa Mazzocco is the chief investment officer for the Los Angeles County Employees Retirement Association (LACERA). Ms. Mazzocco’s primary responsibilities include developing and recommending investment policies and risk management strategies to LACERA’s nine-member Board of Investments. Prior to becoming CIO, she directed the Fund’s domestic and international equity investments. Prior to joining LACERA in 1992, she worked at Wilshire Associates and Security Pacific State Trust. Ms. Mazzocco holds a bachelor’s degree from San Diego State University and an M.B.A. from California State Polytechnic University, Pomona.

Kevin McCormack Senior Director Non-U.S. Equity National Railroad Retirement Investment Trust Kevin McCormack is the senior director of Non-U.S. Equity for the National Railroad Retirement Trust (NRRIT). Mr. McCormack joined NRRIT 2007 as director of Risk Management. Prior to joining NRRIT, Mr. McCormack worked for BellSouth Corp. as associate director of Trust Asset Management where he had responsibility over BellSouth’s Pension and VEBA Trusts public markets investments. Before joining BellSouth, Mr. McCormack was at the Southern Company as manager of Trust Finance & Investments. Mr. McCormack holds a bachelor’s degree with a concentration in finance from the University of Albany and a M.B.A. degree from Emory University. He is CFA Charterholder and is a member of the CFA Society of Washington, DC.

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Christopher McGowan Managing Director Fixed Income and Liability Management Kaiser Foundation Health Plan Chris McGowan is managing director of Fixed Income and Liability Management for the Kaiser Foundation Health Plan. Mr. McGowan is responsible for all non-cash fixed income assets and strategic oversight of all retirement obligations of Kaiser Permanente. Previously, he held positions with Coopers & Lybrand and Caroon & Black Consulting. Mr. McGowan holds a bachelor’s degree in mathematics and an M.B.A. from the University of California, Berkeley.

James McGuigan Partner Global Private Equity Group Capital International, Inc. James McGuigan is a partner with the Global Private Equity Group of Capital International, Inc., one of the Capital Group Companies. Mr. McGuigan joined the Capital International Private Equity Funds team in April 2000 after spending more than 16 years as a lawyer and later as an investment banker handling cross-border mergers and acquisitions and direct investment transactions. Prior to joining Capital, Mr. McGuigan was based in Tokyo as managing director for a unit of Nomura Securities Co., Ltd. Mr. McGuigan holds a bachelor’s degree in finance from the University of Oregon and a J.D. from the University of Oregon, School of Law.

ABOUT THE PARTICIPANTS Biographies

Thomas L. McNaugher Senior Analyst and Director Center for Asia Pacific Policy RAND Corporation Thomas McNaugher is a senior analyst at the RAND Corporation and director of RAND’s Center for Asia Pacific Policy. Dr. McNaugher was previously vice president for RAND’s Army Research Division, and director of RAND’s Arroyo Center, the Army’s federally funded research institute. He is also a professorial lecturer at the Johns Hopkins School of Advanced International Studies, a member of the Council on Foreign Relations, and on the editorial board of Joint Forces Quarterly. Dr. McNaugher holds a bachelor’s degree from the United States Military Academy and an M.P.A. and Ph.D. in political science from Harvard University. His books include: Arms and Oil: U.S. Military Strategy and the Persian Gulf (Brookings, 1985); and New Weapons, Old Politics: America’s Military Procurement Muddle (Brookings, 1989).

Herb Meiberger Commissioner Retirement Board City and County of San Francisco Employees’ Retirement System Herb Meiberger is a commissioner on the board of the San Francisco Employees’ Retirement System (SFERS). Prior to his election to the Retirement Board in 1992, Mr. Meiberger served as a security analyst for SFERS. During his tenure at SFERS, he has worked in several capacities, including managing and overseeing fixed income and alternative investment portfolios, and monitoring the compliance of asset managers. He retired in 2006 after 20 years of service, and now teaches finance at San Francisco State University. Mr. Meiberger holds a bachelor’s degree in mathematics and chemistry from the University of South Dakota and an M.B.A. in finance from the University of California, Berkeley.

PPI 2010 Winter Roundtable

Barry Metzger Partner Baker & McKenzie LLP Barry Metzger is a member of Baker & McKenzie’s Global Banking & Finance Practice Group in New York. From 1995 to 1999, Mr. Metzger served as general counsel of the Asian Development Bank, and was closely involved with the Bank’s emergency assistance to Korea, Thailand, and Indonesia duringthe Asian financial crisis. He is a member of the Council on Foreign Relations, a trustee of Princeton-in-Asia, and a director of The Partnership for Transparency Fund. He also serves as a director of Huffy Corporation and is a member of the Pacific Pension Institute’s Board of Directors. Mr. Metzger holds a bachelor’s degree, magna cum laude, from Princeton University and a J.D., cum laude, from Harvard University.

Kotaro Mori Director Pension & Welfare Department Japan External Trade Organization, New York Kotaro Mori is director of the Pension & Welfare Department at the Japan External Trade Organization (JETRO) in New York. As a New York liaison for Government Pension Investment Fund (GPIF) in Japan, Mr. Mori conducts various research projects into pension and investment issues around the world. Before coming to JETRO, he was budget director and director of the Public Accounting Office for the Ministry of Finance in Japan. Mr. Mori holds a bachelor’s degree in law from Tokyo University. He is a Chartered Member of the Security Analysts Association of Japan.

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ABOUT THE PARTICIPANTS

James D. Mosman Executive Director National Council on Teacher Retirement

Amanda M. Outerbridge Vice President HarbourVest Partners, LLC

James Mosman is the executive director of the National Council on Teacher Retirement (NCTR). Mr. Mosman was very active in NCTR before becoming the executive director. He was the organization’s presidentelect and also served on its Executive Committee for six years. Prior to joining NCTR, he spent 13 years as chief executive officer of California State Teachers’ Retirement System (CalSTRS). Before working at CalSTRS, Mr. Mosman was director of the California State Department of Personnel and an ex-officio member of the Board of Administration of CalPERS. He is a member of the Pacific Pension Institute’s Advisory Council and he serves on the Board of the National Institute of Retirement Security. Mr. Mosman holds a bachelor’s degree in business administration from the University of Oregon and an M.P.A. from the University of Southern California.

Amanda Outerbridge is vice president of HarbourVest Partners. Ms. Outerbridge joined HarbourVest’s primary partnership team in Boston as an analyst in 2000.. She transferred to the Firm’s London-based subsidiary in 2007, where she evaluated and monitored European venture capital and buyout partnership investments. She also spent two years in HarbourVest’s Hong Kong subsidiary, where she concentrated on partnership investments in Asia Pacific and emerging markets. Her previous experience includes internships with XL Capital Ltd and the Bank of Bermuda. Ms. Outerbridge holds a bachelor’s degree, summa cum laude, in business administration from Babson College.

Jody B. Olson Chairman of the Board Public Employee Retirement System of Idaho

William Owens is chairman of AEA Investors (Asia). Mr. Owens also serves as Chairman of Prometheus Investment Group, Amerilink Telecommunications, and Flow Mobile. He is the former president and CEO of Nortel Networks, CEO and chairman of Teledesic LLC, and president, COO, and vice chairman of Science Applications International Corporation (SAIC). Mr. Owens is a retired Navy admiral, and served as vice chairman of the Joint Chiefs of Staff. From 1989 to 1991, he was the commander of the U.S. Sixth Fleet in Europe and earlier in his career served as commander of submarine Group Six, the Navy’s largest submarine group. Mr. Owens founded two ongoing programs: a military exchange, the Sanya Initiative and an economic exchange known as The Summer Palace Dialogue to support US – Chinese friendship and joint collaboration. Mr. Owens holds a bachelor’s degree in mathematics from the U.S. Naval Academy, a master’s degree in management from George Washington University, and a master’s in politics, philosophy, and mathematics from Oxford University.

Jody Olson is chairman of the Public Employee Retirement System of Idaho’s Board of Directors. Mr. Olson is also of counsel at Hawley Troxell Ennis & Hawley. Formerly, he was vice president of Corporate Development at Trus Joist. He was secretary of the board of Trus Joist MacMillan, a limited partnership with MacMillan Bloedel, Ltd. He was also chairman of the board of Norco Windows, Inc. and Outlook Window Partnership. He serves as an elected member on the Board of the Council of Institutional Investors. Mr. Olson holds degrees from the University of Idaho and the Lewis & Clark Law School.

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William Owens Chairman AEA Investors (Asia)

ABOUT THE PARTICIPANTS Biographies

F Prinn Panitchpakdi Senior Manager Regional Equities CLSA Ltd.

David G. Pierce Chief Executive Officer Squadron Capital

Prinn Panitchpakdi is a senior manager of Regional Equities for CLSA Ltd. Mr. Panitchpakdi started his career as an analyst in the investment banking unit of ABN Amro in London. He later joined Deutsche Bank Tisco Securities as a vice president in the Equities Institutional Sales team responsible for foreign institutional clients. For the last three years he has been working for CLSA Ltd., first as the head of Sales in the Thai office and then as a senior regional sales based in Hong Kong where he covers Asian markets. Mr. Panitchpakdi was a vice-chairman of the ASEAN-UK Business Forum. He was also a co-founder of EARS Ltd., an event management company based in the UK organizing Asian Film and Music Festival. Mr. Panitchpakdi holds a bachelor’s degree in economics and international relations from the London School of Economics and Political Sciences.

David Pierce is chief executive officer of Squadron Capital, a member of Search Investment Group of Hong Kong. Mr. Pierce is also vice chairman of the Hong Kong Venture Capital & Private Equity Association and a member of the board of ACCION International. Prior to joining Search Investment Group, he was a partner in the Shanghai office of an international law firm. He has been the president of a China-focused private equity firm. Mr. Pierce holds a bachelor’s degree, summa cum laude, from Dartmouth College, an L.L.M. from the London School of Economics, and a J.D., cum laude, from Harvard Law School. He also speaks Mandarin Chinese.

Doug Pearce Chief Executive and Chief Investment Officer British Columbia Investment Management Corporation Doug Pearce serves as chief executive and chief investment officer of the British Columbia Investment Management Corporation. He is currently a member of the University of British Columbia’s Sauder School of Business, Faculty Advisory Board and a member of the Pacific Pension Institute’s (PPI) Advisory Council. Mr. Pearce has served as a past chairman of PPI’s Board of Directors, a past director and chairman of the Pension Investment Association of Canada, and a past chairman of the Canadian Coalition for Good Governance. Mr. Pearce is a graduate of the University of Calgary.

PPI 2010 Winter Roundtable

Stuart Rae Chief Investment Officer Pacific Basin Value Equities AllianceBernstein Stuart Rae is the chief investment officer, Pacific Basin Value Equities for AllianceBernstein responsible for Australia, Asia ex Japan and China A share—and for management of the Bernstein research teams in Sydney and Hong Kong. Mr. Rae joined the firm in 1999 as a research analyst covering European consumer cyclical stocks. Mr. Rae was a management consultant with McKinsey & Co. for six years in Australia and the United Kingdom. Mr. Rae holds a bachelor’s degree (with honors) from Monash University in Australia and a Ph.D in physics from the University of Oxford, where he studied as a Rhodes Scholar.

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ABOUT THE PARTICIPANTS

Ashwin Ramesh Principal Primary Real Estate Advisors Private Ltd.

F Stephen Roach Chairman Morgan Stanley Asia

Ashwin Ramesh is principal of Primary Real Estate Advisors based in India. In this role, Mr. Ramesh is responsible for building the investment portfolio, evaluating deals and making investment decisions. He has extensive experience in real estate development and investments. Mr. Ramesh holds a bachelors’ degree in law from Bombay University. He is also a Chartered Accountant.

Stephen Roach is the chairman of Morgan Stanley Asia. Mr. Roach was named chairman in 2007 after serving for 16 years as Morgan Stanley’s chief economist. Prior to joining Morgan Stanley in 1982, Mr. Roach was the vice president for economic analysis at the Morgan Guaranty Trust Company, and has also served on the research staff of the Federal Reserve Board in Washington DC. Mr. Roach holds a bachelor’s degree in economics from the University of Wisconsin, Madison and a Ph.D. from New York University. He is the author of The Next Asia: Opportunities and Challenges for a New Globalization (2009).

Clark T. Randt, Jr. Former Ambassador to the People’s Republic of China U.S. Department of State Clark “Sandy” Randt is the longest serving U.S. Ambassador to the People’s Republic of China. Ambassador Randt was confirmed by the Senate on July 11, 2001. Amb. Randt is a lawyer fluent in Chinese Mandarin, and has lived and worked in Asia for more than 30 years. He was a resident of Beijing from 1982 through 1984 where he served as first secretary and commercial attaché at the U.S. Embassy. He lived in Hong Kong for 18 years, as a partner with the international law firm of Shearman & Sterling. He is a member of the New York and Hong Kong Bars. Amb. Randt holds a bachelor’s degree from Yale University and a J.D. from the University of Michigan. He also attended Harvard Law School where he was awarded the East Asia Legal Studies Traveling Fellowship to China. He is also a former governor and first vice president of the American Chamber of Commerce in Hong Kong.

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F Peter Robertson Vice-Chair (retired) Chevron Corporation Peter Robertson is the former vice-chair of the Chevron Corporation. Mr. Robertson is currently an advisory director of Campbell Lutyens becoming so upon his retirement from Chevron after 36 years. His responsibilities included the direction of Chevron’s worldwide exploration and production, global gas businesses, corporate strategic planning and policy, government and public affairs. He is a non executive director of the Jacobs Engineering Group and of UniversalPegasus International. He is co-chairman of the U.S.-Saudi Arabian Business Council, chairman of the World Affairs Council of Northern California, vice chairman of the international house board at Berkeley, a director of the Washington DC based Resources for the Future and a member of Scottish Enterprises International advisory board. He is a past chairman of the U.S. Energy Association. Mr. Robertson holds an M.B.A. from the University of Pennsylvania, Wharton School, where he was a Thouron Scholar.

ABOUT THE PARTICIPANTS Biographies

Simon S. Russin Trustee, Board of Investments Los Angeles County Employees Retirement Association

Ronald D. Schmitz Chief Investment Officer Oregon State Treasury

Simon Russin is a trustee on the Board of Investment f the Los Angeles County Employees Retirement Association (LACERA). During his service to LACERA, Mr. Russin has served in numerous roles including secretary of the Board of Investments and Board of Retirement, and past chair and vice-chair of the Board of Retirement. He is the current chief environmental health specialist for Los Angeles County. Mr. Russin holds a bachelor’s degree from Wilkes University and a master’s degree in public administration from California State University, Los Angeles.

Ron Schmitz is director of the Oregon State Treasury (OST) Investment Division. Prior to joining OST, Mr. Schmitz served as the chief investment officer of the Illinois State Board of Investment. Before his public fund experience, he worked for Kraft Foods, where he got his start in fund management and Sears Roebuck & Co. where he served on the CFO staff as an industry expert on pension fund management activities. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Schmitz holds a bachelor’s degree in finance from Western Illinois University and an M.B.A. in finance and marketing from Northwestern University.

F Jean Eric Salata Founding Partner and Chief Executive Baring Private Equity Asia Jean Eric Salata has been responsible for the investment activity of Baring Private Equity Asia since 1997, when he established the regional Asian private equity investment program for ING’s Baring Private Equity Partners Ltd. Mr. Salata later led a buyout of Baring Asia from ING in 2000 to establish Baring Asia as an independent firm. Before that, Mr. Salata was a director of Hong Kong based AIG Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Before that, he served as executive vice president of finance for Shiu Wing Steel, a Hong Kong-based industrial concern. Prior to that, he was a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston. Mr. Salata holds a bachelor’s degree, magna cum laude, in finance and economics from the Wharton School of the University of Pennsylvania.

PPI 2010 Winter Roundtable

David E. Schneider Director U.S. Institutional Services Dimensional Fund Advisors David Schneider is director of Dimensional Fund Advisors’ U.S. Institutional Services, which serves corporate, foundation, university, and public clients. Mr. Schneider is a shareholder of Dimensional and has been with them since 1982. He has worked in finance and investments for more than thirty-five years with firms such as Wells Fargo, Aetna, G.E. Credit and Dean Witter. Prior to joining Dimensional, he ran his own real estate investment company. Mr. Schneider holds a bachelor’s degree in business administration from the University of Connecticut and an M.B.A. in banking and finance from Golden Gate University.

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ABOUT THE PARTICIPANTS

Kazuo Seki Senior Vice President Industrial Finance, Logistics and Development Group CEO Office Mitsubishi Corporation Kazuo Seki is senior vice president of the Industrial Finance, Logistics and Development Group CEO Office, at Mitsubishi Corporation. Mr. Seki also directly assists the Group CEO and COO to manage the divisions, the subsidiaries, and the affiliated companies of the Group. Previously, he was general manager of the Merchant Banking and Investment Unit, and also managed Alternative Investment Capital Limited as president and CEO. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Seki holds a bachelor’s degree in economics from the University of Tokyo and is a graduate of the Advanced Management Program at Harvard Business School.

F Faryar Shirzad Managing Director and Global Head of the Office of Government Affairs Goldman Sachs Group Faryar Shirzad is the global head of the Office of Government Affairs for Goldman Sachs, and was named a managing director in 2007. Mr. Shirzad previously served on the staff of the National Security Council at the White House from 2003 to 2006, first as a special assistant to the president for international economic affairs, and then as deputy assistant to the president and deputy national security advisor for international economic affairs. He also served as President Bush’s personal representative to the G-8. Prior to his service in the White House, Mr. Shirzad was assistant secretary for import administration at the U.S. Department of Commerce and was the trade policy coordinator on the Bush/Cheney 2000 Transition Team. Mr. Shirzad holds a bachelor’s degree in finance from the University of Maryland, a master’s degree in public policy from the John F. Kennedy School of Government at Harvard University and a J.D. from the University of Virginia School of Law.

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George W. Siguler Managing Director and Founding Partner Siguler Guff & Company George Siguler is a managing director and founding partner of Siguler Guff & Company. He is responsible for directing the firm’s investment strategy and is the chief investment officer. Mr. Siguler also co-founded the first private equity fund in Russia, Russia Partners Management. Prior to founding Siguler Guff, Mr. Siguler was a managing director and head of PaineWebber’s Private Equity Group from 1991 until Siguler Guff became independent in 1995. Mr. Siguler was a founding partner of the Harvard Management Company in the early 1970s, and initiated and managed its venture capital, buyout and hedge fund activity. He also served as associate treasurer of Harvard University. Mr. Siguler served in the Reagan Administration as chief of staff of the U.S. Department of Health and Human Services. Mr. Siguler holds a bachelor’s degree from Amherst College and an M.B.A. from Harvard Business School.

F Ben Simpfendorfer Chief China Economist RBS Global Banking & Markets Ben Simpfendorfer is chief China economist for the Royal Bank of Scotland. He was previously senior China economist for JPMorgan Chase. He has lived in Hong Kong for nearly a decade, where he writes for a global investor audience. He started his career in the Middle East and has lived in Amman, Beirut, and Damascus. He appears regularly on CNBC and Bloomberg, and his editorials have appeared in the Financial Times, The Wall Street Journal, The International Herald Tribune, and Foreign Affairs. Mr. Simpfendorfer is one of the world’s leading experts on relations between China and the Middle East. He speaks Mandarin Chinese and Syrian Arabic. He is the author of The New Silk Road (2009), which offers an unparalleled view of a rising Arab world and its strengthening relations with China.

ABOUT THE PARTICIPANTS Biographies

Michael Small Vice President and Director Daiwa SB Investments (USA) Ltd. Michael Small is vice president and director of the New York office of Daiwa SB Investments. In this role, Mr. Small leads the firm’s North American business development and client servicing efforts, working with pension plan sponsors, endowments, and foundations in the United States and Canada. He has previously worked in similar capacities for both Prudential Securities and TD Waterhouse Group. Mr. Small holds a bachelor’s degree in history from the University of Wisconsin-Madison and an M.B.A. in finance from Fordham University’s Graduate School of Business.

Grady Smith Portfolio Manager and Vice President Dimensional Fund Advisors Grady Smith is a portfolio manager and vice president in Dimensional Fund Advisors’ U.S. equity group. Mr. Smith has extensive experience managing U.S. domestic equity funds as well as the firm’s global fund of funds. Prior to joining Dimensional Fund Advisors, he was a management consultant, most recently working as a principal for William M. Mercer, Inc. Mr. Smith holds a bachelor’s degree in economics from Stanford University and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. He is also a CFA Charterholder.

PPI 2010 Winter Roundtable

Elizabeth M. Smith Senior Managing Director Public Funds AllianceBernstein Elizabeth Smith is senior managing director of Public Funds at AllianceBernstein responsible for overseeing client relations, marketing and sales for Public Funds. Ms. Smith joined the firm in 1986 and initially managed advertising, public relations, and marketing for the Alliance Mutual Funds. She moved to the Institutional Division in 1990 to work with Public Retirement Systems. Previously, Ms. Smith was a vice president of Investor Relations at J & W Seligman & Co. and director of Corporate Communications at the Lionel Corp. She serves on the Executive Committee of the National Association of State Retirement Administrators and on the Foundation Board of the National Association of Security Professionals. Ms. Smith holds a bachelor’s degree from the University of California, Los Angeles.

Shelley I. Smith Past Chair Board of Administration Los Angeles City Employees’ Retirement System Shelley Smith was a trustee of the Los Angeles City Employees’ Retirement System, first elected in 1994. She is currently an assistant city attorney for the City of Los Angeles and is president of the Los Angeles City Attorneys Association. Ms. Smith is a member of the board of directors of the Council of Institutional Investors. She also serves on the Executive Committee of the Labor & Employment Law Section of the Los Angeles County Bar Association. She is a member of the Pacific Pension Institute’s Board of Directors. Ms. Smith is a Phi Beta Kappa graduate of the University of California, Los Angeles, and holds a J.D. from the UCLA School of Law.

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ABOUT THE PARTICIPANTS

Paul W. Speltz Chairman and Chief Executive Officer Global Strategic Associates

Richelle A. Sugiyama Investment Officer Public Employee Retirement System of Idaho

Ambassador Paul Speltz is chairman and chief executive officer of Global Strategic Associates. Ambassador Speltz has worked for over 25 years in Asia in the private sector and financial services. Previously, he was president of Kissinger Associates, Inc. In 2002, he was nominated to serve as U.S. executive director and Ambassador to the Asian Development Bank, where he worked with leaders from across Asia on behalf of the United States to expand regional trade and financial cooperation. In 2004, Treasury Secretary John Snow assigned Ambassador Speltz to serve as financial and economic emissary to China, where he was responsible for leading the Treasury’s ongoing work to strengthen economic and financial engagement with China. He is member of the Council on Foreign Relations, National Committee on U.S.–China Relations, Asia Society, and the Asia Foundation. Ambassador Speltz holds a bachelor’s degree in business and an M.B.A. in international business and from the University of Connecticut.

Richelle Sugiyama is the investment officer for the Public Employee Retirement System of Idaho (PERSI). Ms. Sugiyama joined PERSI in 2001 and for a brief period, she served as the interim manager of investments for the State of Idaho Endowment Fund Investment Board. Before joining PERSI, she was a senior associate at an investment consulting firm and prior to that, she held portfolio manager and operations manager positions at an investment management firm. Ms. Sugiyama holds a bachelor’s degree in finance from Boise State University.

Robert D. Storer Former Executive Director Alaska Permanent Fund Corporation Bob Storer is the retired executive director of the Alaska Permanent Fund Corporation Board, a position he was appointed to in January 2000. Mr. Storer oversaw the management of the fund and the corporation’s daily operations and served as the corporation’s chief spokesperson. He now serves as an advisor for several money management firms and plan sponsors. He is a member of the Pacific Pension Institute’s Board of Directors. Mr. Storer holds a bachelor’s degree in business administration from the University of Alaska Southeast.

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Peter H. Sullivan Managing Director Lombard Investments, Inc. Peter Sullivan is a managing director of Lombard Investments, Inc., which has offices in Bangkok, Hong Kong, and San Francisco. Lombard and its affiliates have invested in selected private equity transactions in North America and the Asia-Pacific Region. Lombard’s current partnerships include funds focusing on Southeast Asia and Greater China. Prior to joining Lombard, Mr. Sullivan served for more than 25 years with the Asian Development Bank (ADB) where he held various management level positions, including vice president (Region East), vice president (Operations), and general counsel. Mr. Sullivan was appointed as vice president by the ADB’s Board of Directors in 1994 and was re-appointed as ranking vice president in 1999. As vice president (Region East), Mr. Sullivan supervised a lending program ranging from $3 billion to $7 billion per annum, and a loan portfolio of about $24 billion, for the developing countries of East Asia, the Pacific, and Central Asia. Mr. Sullivan serves on the board of directors of a number of corporations and entities in the U.S. and Asia. He began his career as a lawyer with Sullivan & Cromwell in New York. Mr. Sullivan holds a bachelor’s degree from Princeton University and a J.D. from Yale Law School.

ABOUT THE PARTICIPANTS Biographies

Kok-Yew Tang Chairman and Managing Partner Affinity Equity Partners (Hong Kong)

James R. Timmins Partner Highstar Capital, LP

Kok-Yew Tang is chairman and managing partner of Affinity Equity Partners. Before co-founding Affinity Equity Partners in 2002, Mr. Tang was with UBS Capital as chairman, Asia Pacific. Prior to UBS Capital, he became the chief executive for Investment Banking, East Asia at Union Bank of Switzerland. In that role, he also had oversight responsibility for the bank’s private equity activities. Following the merger of Union Bank of Switzerland and Swiss Bank Corporation to form UBS, Mr. Tang became chief executive, Hong Kong, of UBS Group and Asia Regional Head of Investment Banking for UBS Investment Bank. Mr. Tang holds a bachelor’s degree in economics (accounting) with First Class Honours from the University of Malaya.

James Timmins is a partner with Highstar Capital LP. Mr. Timmins manages Highstar’s co-investment activities and investor relations. From 1997 to 2000, he was director-private equity at Enron Corp., where he was responsible for third-party equity syndication activities. From 1990 to 1996, he was vice president of Torch Energy Advisors, a Houston-based manager of institutional investment programs. He is a member of the Pacific Pension Institute’s Advisory Council. Mr. Timmins holds a bachelor’s degree in business administration and an M.B.A. in economics and finance from Trinity University.

Joseph Taylor Vice President Emerging Markets Analyst Loomis Sayles & Company Joe Taylor is vice president of Loomis, Sayles & Company and senior emerging markets analyst for the Loomis Sayles fixed income group. Mr. Taylor joined Loomis Sayles in 2000. His earlier experience includes sovereign and bank analysis at Merrill Lynch where he received distinction as a member of the Institutional Investor All-American Research Team for sovereign analysis for several years running. He began his career as a sovereign analyst and Rating Committee member at Moody’s Investors in New York, New York. Mr. Taylor holds a bachelor’s degree from Princeton University and a MPP from Harvard University.

PPI 2010 Winter Roundtable

Michael Travaglini Executive Director Pension Reserves Investment Management Board, Massachusetts Michael Travaglini is the executive director of the nine-member Pension Reserves Investment Management Board of Massachusetts (PRIM Board). Previously, Mr. Travaglini was a senior vice president and relationship manager for Putnam Investments, servicing a number of the firm’s defined benefit accounts. He was the first deputy treasurer of the Commonwealth of Massachusetts under former State Treasurer Shannon P. O’Brien. In that capacity, he served as the Treasurer’s chief financial advisor with primary responsibility for overseeing the following Treasury departments: cash management, debt management, Office of General Counsel and the PRIM Board. Mr. Travaglini holds a bachelor’s degree in Government from Harvard University and a J.D. from Georgetown University Law Center. He is a member of the Massachusetts bar.

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ABOUT THE PARTICIPANTS

Jarlon Tsang Chief Operations Officer H&Q Asia Pacific

David Villa Chief Investment Officer State of Wisconsin Investment Board

Jarlon Tsang is managing director of H&Q Asia Pacific. Mr. Tsang is responsible for the firm’s private equity investments in Greater China. Since 2002, Mr. Tsang has been active in the investment activities in the Greater China region and throughout Asia. He currently serves on a number of boards for portfolio companies in Greater China, including Guangxi Yulin Yuchai Engineering Machinery Co., Ltd., Sinogen International, Ltd., and Primax Electronics Ltd. Mr. Tsang holds a bachelor’s degree in business administration from the University of California, Berkeley, an M.B.A, and a J.D., cum laude, from Boston University School of Law and Graduate School of Management. Mr. Tsang is an active member of the California State Bar and is also a Certified Public Accountant.

David Villa is the chief investment officer for the State of Wisconsin Investment Board (SWIB), directly responsible for developing the investment policy and the architecture of the overall investment program. Prior to joining SWIB, Mr. Villa spent 27 years in the financial services industry including three years as chief investment officer for the State Board of Administration of Florida; 11 years with UBS Global Asset Management; ten years with First Chicago Bank including a four year assignment in London; and three years with Arthur Andersen & Co. in the Financial Services Industry Group. Mr. Villa holds a bachelor’s degree in economics from Princeton University, a master’s degree in economics and Latin American studies from Stanford University, and an M.B.A. in finance and accounting from Northwestern University. He is a Chartered Financial Analyst and a Certified Public Accountant.

F Linda Tsao Yang Chair Asian Corporate Governance Association Ambassador Linda Tsao Yang chairs the Asian Corporate Governance Association, a non-profit, member supported organization based in Hong Kong. Amb. Yang is a non-executive director on the Board of the Bank of China (Hong Kong), where she is the founding chair of the board’s Strategy and Budget Committee. In 2008, Amb. Yang was voted Director of the Year among non-executive directors of listed companies in the Hang Seng Index. She is a Trustee Ermeritus of The Asia foundation in San Francisco, a member of the Board of The Committee of 100, and a member of The Council on Foreign Relations. Appointed by President Clinton and confirmed by the U.S. Senate, she served as the U.S. Ambassador and Executive director to the Board of the Asian Development Bank in Manila. Upon her retirement, she was honored with the Distinguished Service Award of the U.S. Treasury. She is a member of the Pacific Pension Institute’s Advisory Council. Amb. Yang holds a bachelor’s degree in economics from St. John’s University in Shanghai and master’s degree in economics from Columbia University. 25

John S. Wadsworth, Jr. Advisory Director Morgan Stanley Jack Wadsworth serves as honorary chairman of Morgan Stanley Asia and advisory director of Morgan Stanley. Mr. Wadsworth is the co-founder and chairman of Ceyuan Ventures, an early stage venture capital partnership based in Beijing. He is vice chairman of the Asia Society and serves on the boards of the Guggenheim Museum and the Pacific Pension Institute. He is a director of the University of California, San Francisco Foundation, Shinsei Bank, and the Asia Art Archive, and is a member of the International Advisory Council of the China Securities Regulatory Commission. Mr. Wadsworth holds a bachelor’s degree from Williams College and an M.B.A. from the University of Chicago.

ABOUT THE PARTICIPANTS Biographies

Garrett A. Walls Group Managing Director Institutional Client Group Trust Company of the West Garrett Walls is group managing director for Trust Company of the West (TCW) focusing on the firm’s strategic relationships. Prior to this position, Mr. Walls was head of the Institutional Client Group. Before joining TCW, he was with JPMorgan Asset Management, where he served as a managing director and chief executive officer of the Institutional Americas business. While at JPMorgan, he was head of the West Coast region, focusing on large corporate and public funds, endowments, and foundations. Mr. Walls has held a variety of sales and senior management responsibilities at IBM Corporation. Mr. Walls holds a bachelor’s degree in marketing from the Boston University School of Management.

F Jian-Xi (Jesse) Wang Vice President and Chief Risk Officer China Investment Corporation Jesse Wang is the vice president and chief risk officer at China Investment Corporation. Dr. Wang served as chairman of China International Capital Co. from 2005-2008, and as vice chairman of Central Hui Jin Investment and chairman of China Jian Yin Investment Co. from 2004-2008. He joined the China Securities Regulatory Commission in 1992 as chief accountant, and subsequently served as director-general of the Department of International Operations, as deputy secretary general, and as assistant chairman. Dr. Wang has also served as executive director of Bank of China International Holdings, Ltd. He is a member of the 11th National Committee of the Chinese People’s Political Consultative Congress, a member of the Chinese Accounting Standards Committee, executive director of the board at the Chinese Institute of Certified Public Accountants, and vice president of the China Finance Accounting Association. Dr. Wang holds a bachelor’s degree in financial accounting from the People’s University, China, a master’s degree in Western accounting and a Ph.D. in accounting theory from the Research Institute of Fiscal Science at the Chinese Ministry of Finance. PPI 2010 Winter Roundtable

Theresa Whitmarsh Executive Director Washington State Investment Board Theresa Whitmarsh is the executive director of the Washington State Investment Board (WSIB). Ms. Whitmarsh was previously chief operating officer, where she was responsible for investment operations, technology, research, risk and compliance. Before joining the WSIB, she spent seven years developing and selling data analysis products for a leading health care data company. Ms. Whitmarsh served six years at the Washington Department of Labor and Industries, running the industrial insurance fund. She also served as communications director and editor of a newsletter for an insurance trade association in San Francisco. Ms. Whitmarsh holds a bachelor’s degree in English literature from Seattle Pacific University and an M.B.A. from Pacific Lutheran University.

Lincoln Webb Vice President, Private Placements British Columbia Investment Management Corporation Lincoln Webb is the vice president of Private Placements at British Columbia Investment Management Corporation (bcIMC). Mr. Webb is responsible for overall management of the firm’s private equity and infrastructure investments and setting strategic direction for the group. Currently, he serves on the board of the Corix Group of companies based in Vancouver, BC, DBCT Ports of Australia, as well as the Tharco Group—a U.S.-based packaging company. He is also a past director of Puget Energy in Washington State, Thames Water Utilities Limited, Britain’s largest water and wastewater company, and Transelec S.A., Chile’s largest transmission utility. Mr. Webb holds an M.B.A. in international business and an MCP from the Department of Architecture at the University of Manitoba. He is a CFA charterholder.

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ABOUT THE PARTICIPANTS

Yuelin Yang Managing Director, Strategic Projects General Counsel and Executive Committee Member, IMC Corp. Limited Yuelin Yang is the managing director of Strategic Projects, a member of the Executive Committee, and general counsel of IMC Corp. Prior to joining IMC, Mr. Yang was the associate general counsel at Acer Computers in San Jose, California and Taipei, Taiwan. He started his career practicing law in Silicon Valley at the Cooley Godward and Brobeck Phleger law firms. Mr. Yang holds a bachelor’s degree in industrial engineering from Stanford University and a J.D. from Stanford Law School.

Christopher E. Yang General Partner Grove Street Advisors Chris Yang is a general partner of Grove Street and a member of the firm’s Investment Committee. Mr. Yang is an active investor in micro and mid-market buyouts with a particular interest in distressed opportunities, as well as technology-oriented growth and venture funds. Prior to joining Grove Street in 2001, he was a consultant with Integral, Inc. and Alliance Consulting Group, where he worked on strategy development. He has also held various operating positions with internet companies such as HomeGrocer, SchoolStop and Rotten Tomatoes. Mr. Yang holds a bachelor’s degree in economics from the Massachusetts Institute of Technology, an M.B.A. from Massachusetts Institute of Technology, Sloan School of Management and a J.D. from Harvard Law School.

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Paul Yett Managing Director Hamilton Lane Advisors Paul Yett is a managing director at Hamilton Lane who oversees the firm’s West Coast activity from the San Francisco office. Mr. Yett is a member of Hamilton Lane’s Investment Committee and serves on several advisory boards on behalf of Hamilton Lane and its clients. He started his career with Hamilton Lane in 1998 in the Due Diligence Department, where he previously managed the firm’s global venture capital practice. He has also been responsible for overseeing the Relationship Management department and continues to manage a number of Hamilton Lane’s client accounts. Prior to joining Hamilton Lane, Mr. Yett spent four years with Stone Pine Asset Management, LLC. Prior to Stone Pine, Paul held the position of Lease Accountant with Bramalea U.S. Properties in Denver. Mr. Yett holds a bachelor’s degree in finance from San Diego State University.

D. Brooks Zug Senior Managing Director HarbourVest Partners LLC Brooks Zug is a senior managing director of HarbourVest Partners and a founder of the firm. Mr. Zug is responsible for overseeing U.S. and non-U.S. partnerships and direct investments. Prior to this position, he joined the corporate finance department of John Hancock in 1977 and co-founded Hancock Venture Partners, which later became HarbourVest Partners. He is also a director of HarbourVest Global Private Equity Limited (HVPE), a Guernsey-registered closed-end investment company listed on Euronext Amsterdam by NYSE Euronext. His previous experience includes investment banking for Paine Webber Jackson & Curtis and private investments with Sun Life of Canada. He is a past trustee of Lehigh University and a current overseer of the Boston Symphony Orchestra. Mr. Zug holds a bachelor’s degree from Lehigh University and an M.B.A. from Harvard Business School. He is also a Chartered Financial Analyst.

ABOUT THE PARTICIPANTS Organizations

AEA Investors (Asia) Ltd.

AllianceBernstein

AEA Investors (Asia) is part of AEA Investors. AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co., AEA has offices in New York, London, Munich, Hong Kong and Shanghai, and with 20 senior investment professionals. The firm operates as a single global private equity organization focusing on buying businesses headquartered in the U.S. and Europe (and selectively in Asia).

AllianceBernstein is a global investment management firm that offers research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries. AllianceBernstein also offers independent research, portfolio strategy and brokerage-related services to institutional investors.

Affinity Equity Partners (HK) Ltd. Affinity Equity Partners is an independently owned buyout fund manager comprising primarily the former investment professionals of UBS Capital Asia Pacific— the private equity arm of UBS AG. It was spun out of UBS Capital Asia Pacific in March 2004. The company invests in private equity deals with an emphasis on leveraged buyouts and control-oriented investments, but gives consideration to minority investments on a selective basis with preferences for companies with enterprise value or net sales of US$100-500 million.

Alberta Investment Management Corporation Alberta Investment Management Corporation (AIMCo) manages assets for Alberta pensions, government funds, and endowment and special purpose funds, including the Alberta Heritage Savings Trust Fund. Previously, AIMCo’s assets were managed by a division of Alberta Finance and Enterprise, but on January 1, 2008, AIMCo was established as a Crown corporation. Under this model, the Corporation operates at arm’s length from government under the direction of a Board of Directors.

PPI 2010 Winter Roundtable

Ashmore Management Company Colombia Ashmore Management Company, Colombia is part of Ashmore Investment Management Ltd., an investment manager dedicated to emerging markets. Ashmore focuses on a number of investment themes including external debt, local currency, special situations (incorporating distressed debt and private equity) corporate high yield and equity. Based in London, the business was started by members of its team in 1992 as part of the Australia and New Zealand Banking Group. In 1999, Ashmore became independent and today manages pooled funds, segregated accounts and structured products.

Asia Alternatives Management LLC Asia Alternatives Management LLC, founded in 2006, is a solution platform for institutional investors to invest in private equity across Asia with offices in Hong Kong, Beijing, and San Francisco. Its research, investment and client service infrastructure is solely dedicated to Asia private equity fund investments. The Firm diversifies its investment program by targeting private equity fund managers in Greater China (Mainland China, Taiwan, and Hong Kong), Japan, Korea, South East Asia, and India.

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ABOUT THE PARTICIPANTS

Baker & McKenzie LLP

California Public Employees’ Retirement System

Founded in 1949, Baker & McKenzie is an international law firm operating out of 67 offices in 39 countries. Most recently, the firm opened an office in Abu Dhabi. Last year, Baker & McKenzie billed over $2.9 billion in fees. The firm has had offices in Asia for more than four decades.

California Public Employees’ Retirement System (CalPERS) is the nation’s largest public pension fund providing retirement and health benefits to more than 1.6 million public employees, retirees, and their families and more than 2,500 employers. The CalPERS Board of Administration has investment authority and sole fiduciary responsibility for the management of the System’s assets. The Board follows a strategic asset allocation policy that targets the percentage of funds to be invested in each asset class. Established by state law in 1932 CalPERS is a defined benefit retirement plan.

Baring Private Equity Partners Baring Private Equity Partners (BPEP) invests via four regional fund groups with local investment teams in Russia, Asia, India, and Spain. BPEP finalized its MBO from parent company ING Group in August, 2004. Under the terms of the agreement, the investment teams managing the regional funds have acquired ownership of their respective management companies and operate under the Baring Private Equity International brand.

California State Teachers’ Retirement System California State Teachers’ Retirement System (CalSTRS) is the largest US teachers’ retirement fund providing retirement related benefits and services to more than 830,000 teachers in public schools and community colleges. The Teachers’ Retirement Board has exclusive control over the investment and administration of the Teachers’ Retirement Fund.

British Columbia Investment Management Corporation The British Columbia Investment Management Corporation (bcIMC) was established under the authority of the Public Sector Pension Plans Act on July 15, 1999. bcIMC is an independently managed corporation structured as such to avoid potential conflicts that can develop between government’s policy decisions and the management of public sector trust funds. bcIMC’s clients include public sector pension plans, the Province of British Columbia, publicly administered trust funds, and public bodies. bcIMC manages 68 pooled investment funds in eight major asset classes.

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Campbell Lutyens & Co. Ltd. Campbell Lutyens is an independent private equity advisory firm founded in 1988 focused on private equity and infrastructure fund placements and provides specialist advice on the sale or restructuring of portfolios of private equity fund or direct investments. The firm has offices in London and New York and comprises a team of over 45 executives.

ABOUT THE PARTICIPANTS Organizations

Capital International Inc. Capital International Inc. is part of the Capital Group companies a global investment management organization that manages assets for institutional accounts (such as corporations, public funds, endowments and high-net-worth individuals) and publicly owned mutual funds and unit trusts. The Capital Group Companies, Inc. is the parent company of a number of organizational entities, and one of the oldest major financial services firms in the United States established back to 1931.

City and County of San Francisco Employees’ Retirement System Established by the voters as part of the San Francisco Charter in 1889, the San Francisco Employees’ Retirement System (SFERS) administers two benefit programs for active and retired members: a Pension Plan (defined benefit plan) and a Deferred Compensation Plan (457(b) Plan). SFERS members include employees of the City and County of San Francisco, the San Francisco Unified School District, the San Francisco Community College District, as well as Superior Courts.

Cartica Capital LLC Cartica Capital is an alternative asset manager focused exclusively on emerging markets. Cartica has teams focused on executing its investment strategy in Emerging Europe, Middle East, Asia, Latin America and Africa.

CLSA Ltd. CLSA is a brokerage, investment banking and private equity group in the Asia-Pacific Markets. Founded in 1986 and headquartered in Hong Kong, CLSA’s major shareholder is France’s Credit Agricole, the world’s 6th largest bank by Tier One capital. CLSA has offices in 13 Asian cities, plus Dubai, London and New York.

CITIC Capital Holdings Ltd. Founded in 2002, CITIC Capital Holdings Limited CITIC Capital is an alternative investment management and advisory company. The firm manages capital from a diverse group of international and Chinese investors. Core businesses include Private Equity, Real Estate, Structured Investment and Finance and Asset Management. CITIC Capital currently employs over 150 staff members throughout its offices in Hong Kong, Shanghai, Beijing, Tokyo and New York. CITIC Capital is owned by China Investment Corporation, China’s sovereign wealth fund, and CITIC Group, the largest Chinese conglomerate.

CN Pension Plan The CN Pension Plan Investment Division manages the Canadian Pension Fund assets of the Canadian National Railway Company. The fund is a long-term ownership oriented investor. Each equity portfolio manager is responsible for sizeable geographical portfolios, invested in relatively few companies.

Colorado Public Employees’ Retirement Association Colorado Public Employees’ Retirement Association (PERA) provides retirement and other benefits to the employees of more than 400 government agencies and public entities in the state of Colorado. Established by State law in 1931, the management of the public employees’ retirement funds are vested in PERA’s 16-member Board of Trustees. The fund has more than 190,684 active members and 81,248 benefit recipients.

PPI 2010 Winter Roundtable

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ABOUT THE PARTICIPANTS

Daiwa SB Investments (USA) Ltd.

GP Investimentos

Daiwa SB Investments (USA) is a subsidiary of Daiwa SB Investments, an asset manager founded in 1973 in Tokyo. In addition to its US subsidiary, which is based in New York, Daiwa SB Investments has offices in London, Hong Kong, Singapore, Seoul, and Shanghai. The firm offers advisory services for investors, management of investment trusts for individual investors, private investment trusts for institutional investors, offering of products for DC plans, and management of variable annuity products.

GP Investimentos is the first private equity firm to go public in Latin America and the first in the world to issue a perpetual bond. Founded 1993, the firm targets only the Latin America market primary focus on mature, mid-size companies in Brazil. The firm is headquartered in Bermuda with an office in Brazil.

Dimensional Fund Advisors Inc. Dimensional Fund Advisors was founded in 1981 to provide institutional investors access to small company stocks, underrepresented in most portfolios. From that beginning, Dimensional now has portfolios that span all major asset classes, including U.S. and non-U.S. equities and fixed income. Headquartered in Austin, TX, the firm has offices in Santa Monica, Chicago, Vancouver, London, and Sydney.

Grove Street Advisors LLC Grove Street Advisors builds customized private equity fund portfolios for large institutional investors in a separate account format. The firm has active investment relationships with over 100 teams covering the full range of private equity including venture capital, buyouts, restructuring and energy. From their offices in Wellesely, Massachusetts, Grove Street oversees relationships with teams focused on North America and Europe, as well as select investments in Israel, India, and China.

H&Q Asia Pacific Goldman Sachs (Asia)/ Goldman Sachs (International) Goldman Sachs (Asia)/Goldman Sachs (International) are part of the Goldman Sachs Group, Inc., a global financial services firm providing investment banking, securities and investment management services to a client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

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H&Q Asia Pacific (H&QAP) is an Asian private equity firm that has managed an aggregate of over $2.7 billion in committed capital through 22 funds since its inception in 1985. Originally founded by Dr. Ta-lin Hsu as a division of U.S. investment banking firm Hambrecht & Quist, H&QAP is currently an independent organization that conducts both later-stage control investments and earlier-stage venture capital investments. It focuses on growth sectors including technology, technology manufacturing, consumer brands and financial services. The firm’s offices are located in Hong Kong, Manila, Palo Alto, Seoul, Shanghai, Taipei and Tokyo.

ABOUT THE PARTICIPANTS Organizations

Hamilton Lane

Highstar Capital LP

Founded in 1991, Hamilton Lane is an independent financial institution that provides discretionary and non-discretionary private equity asset management services to investors worldwide. From offices in the U.S., London, Tel Aviv, Tokyo, Singapore and Hong Kong, Hamilton Lane offers investment products and services that enable clients to participate in the private equity asset class on a global and customized basis.

Highstar Capital (Highstar) is an independently owned and operated infrastructure investment firm. Since its inception in 1998, Highstar has directed investments in a diversified group of infrastructure businesses in the energy, environmental services and transportation sectors, both within the United States and globally. Highstar’s capital base is diversified, with over 80 institutional investors, including major pension plans, financial institutions and endowments.

Hang Lung Group Hang Lung Group Limited is a listed company in Hong Kong with almost 50 years of experience in the property development market. Through its subsidiary, Hang Lung Properties, the Group has a reputation as a top tier property developer in Hong Kong and mainland China. The Group’s businesses in Hong Kong include property development for sale and lease, and include large-scale commercial, office, and residential developments. The Group Is currently developing property in Shanghai with plans to develop similar properties in other major cities, including Shenyang, Jinan, Tianjin, Wuxi, and Dalian.

IDFC Capital (Singapore) Pte. Ltd. Based in Singapore, IDFC Capital is a member of the IDFC Group of Companies. IDFC Capital is a specialist investment manager exclusively dedicated to making investments in private equity and venture capital funds based in the emerging markets. IDFC’s focuses on mid-market growth-oriented private equity funds in the Asian emerging markets of China, India, Central Asia, and Southeast Asia with some private equity fund investments in other emerging markets, such as Latin America, Central and Eastern Europe (including Russia), the Middle East and Africa.

HarbourVest Partners, LLC

IFC Private Equity and Investment Funds

HarbourVest Partners, LLC is an independent global alternative investment firm and an SEC-registered investment advisor. HarbourVest provides investment programs for institutional investors to invest in venture capital, buyout, mezzanine debt, distressed debt, and real estate. HarbourVest invests in these sectors globally through primary partnerships, secondary purchases, and direct investments. HarbourVest and its subsidiaries have offices in Boston, London, and Hong Kong.

The International Finance Corporation, the private sector arm of the World Bank Group, has a portfolio of investments in emerging market investment over 80 percent of which are private equity. IFC also has stakes in about 25 fund management companies. IFC supports the private equity industry in emerging markets, working with fund managers who can add value and have a positive development impact on the economies where they invest.

PPI 2010 Winter Roundtable

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ABOUT THE PARTICIPANTS

Institutional Real Estate Inc.

Kohlberg Kravis Roberts Asia

Founded in 1987, Institutional Real Estate, Inc. (IREI) is a publishing and consulting company. Through its publications and website, IREI provides individuals, companies and organizations with vehicles for positioning their firms in the commercial real estate marketplace. On the consulting side, IREI provides research and advice to the investment-management, brokerage, development and technology communities.

Established in 1976, Kohlberg Kravis Roberts (KKR) is a global alternative asset manager. KKR specializes in large, complex buyouts but also offers private equity experience including the first leveraged buyout in excess of $1 billion, the first friendly tender offer in the buyout of a public company, and the largest buyouts in the U.S., the Netherlands, Denmark, India, Australia, Turkey, Singapore, and France. KKR has offices in the US, Europe, Asia, and Australia.

JETRO New York The Japan External Trade Organization (JETRO) is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. Originally established in 1958 to promote Japanese exports abroad, JETRO’s core focus in the 21st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential. Our six U.S. branches are located in Atlanta, Chicago, Houston, Los Angeles, New York and San Francisco.

Kaiser Foundation Health Plan Pensions and Investments is a part of the Treasury group at Kaiser Foundation Health Plan, Inc. Pensions and Investments manages the assets and liabilities associated with the myriad pension and retiree medical plans sponsored by the Foundation and it’s Permanente Medical Group partners.

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Loomis Sayles & Company LP Loomis, Sayles & Company was founded in 1926 to offer services to institutional and mutual fund investors. Loomis Sayles is an indirect, wholly owned subsidiary of Natixis Global Asset Management, L.P., which is part of Natixis Global Asset Management, an international asset management group based in Paris, France.

Los Angeles City Employees’ Retirement System The Los Angeles City Employees’ Retirement System (LACERS) is a public pension fund providing service retirements, disability retirements, and health insurance subsidies. Established in 1937 under the exclusive management and control of a Board of Administration, LACERS covers over 30,000 active employees and 15,000 retirees. The Board has seven members, each serving a five-year term. LACERS’ funding comes from member contributions, contributions from the City of Los Angeles, and earnings from LACERS investments.

ABOUT THE PARTICIPANTS Organizations

Los Angeles County Employees Retirement Association

Michigan Municipal Employees Retirement System

Los Angeles County Employees Retirement Association (LACERA) administers and manages the retirement fund for the County of Los Angeles (County). Founded in 1938, LACERA is the largest county retirement system in the U.S., serving more than 158,000 members and is an independent governmental entity, separate and distinct from the County. The Board of Investments establishes LACERA’s investment policies and objectives.

The Municipal Employees’ Retirement System (MERS) is a statewide retirement plan and tax-qualified trust that municipalities may adopt for their employees. MERS offers employee benefit programs: defined benefit, defined contribution and hybrid plans, and group insurance products. MERS serves cities, counties, hospitals, libraries, medical care facilities, road commissions, townships, villages, and similar units of local government. MERS operated under state government from 1945 until 1996, when MERS became an independent non-profit public corporation.

Macquarie Capital Macquarie Capital is part of the Macquarie Group (Macquarie), a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Founded in 1969, Macquarie operates in more than 70 office locations in 26 countries. Macquarie Capital comprises Macquarie Group’s corporate advisory, equity underwriting and specialized funds management businesses through its offices in Australia, New Zealand, Asia, North America, Europe, South Africa, and the Middle East.

Majid Al Futtaim Group Established in 1992 in Dubai, Majid Al Futtaim Group is a major developer of large, consumer-focused enterprises in the Middle East and North Africa, successfully bringing the concept of regional shopping malls and hyper-markets to the region. The Group consists of four major operating subsidiaries: Majid Al Futtaim Properties, Majid Al Futtaim Trust, Majid Al Futtaime Retail, and Majid Al Futtaim Ventures.

PPI 2010 Winter Roundtable

Mitsubishi Corporation Mitsubishi Corporation is Japan’s largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 60,000 people engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.

Morgan Stanley Founded in 1935, Morgan Stanley has served as a financial advisor to companies, governments and investors from around the world. The firm provides institutions and individuals with a variety of financial product and service from offices in the Americas, Europe, Middle East, Africa, Asia Pacific, and Japan. Morgan Stanley has five business units; Morgan Stanley Smith Barney; Sales and trading; investment banking; capital markets and investment management.

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ABOUT THE PARTICIPANTS

National Pension Service

Ontario Teachers’ Pension Plan Board

South Korea’s National Pension Service (NPS), established in 1988, following the National Pension Act of 1986. The DB scheme secures the finances necessary for the national pension services and to finance the pension benefits for the insured, including privatesector employees and self-employed persons It does so through mandatory participation for South Korean residents age 18-60 with exceptions given to all government employees, military personal, select postal services employees, and private school teachers al of whom are covered under separate occupational pension plans.

The Ontario Teachers’ Pension Plan is administered by an independent corporation overseen by a nine-member board and responsible for investing the fund’s assets and administering the pensions of Ontario’s elementary and secondary school teachers and pensioners who belong to the plan. The Ontario Teachers’ Pension Plan is a defined benefit plan co-sponsored by the Ontario government through the Ministry of Education, and the Ontario Teachers’ Federation (OTF) representing plan members. Before 1990, the plan was administered by the Ontario government and restricted to investing in non-marketable Government of Ontario debentures.

National Railroad Retirement Investment Trust

Oregon State Treasury

The National Railroad Retirement Investment Trust (NRRIT) was established with the passage of Railroad Retirement Survivor’s Improvement Act of 2001. The sole purpose of NRRIT is to manage and invest Railroad Retirement assets in diversified portfolios for the nation’s railroad workers and their families. Prior to the act, investment of Railroad Retirement Account assets was limited to U.S. government securities. NRRIT is a tax-exempt entity independent from the federal government.

The Office of the State Treasurer is an organization with a wide range of financial responsibilities, including managing the investment of state funds, issuing all state bonds, serving as the central bank for state agencies, and administering the Oregon 529 College Savings Network.

O’Melveny & Myers LLP Founded in 1885, O’Melveny & Myers (OMM) is global law firm with offices in Los Angeles, Century City, Washington, D.C., Newport Beach, New York, San Francisco, Silicon Valley, London, Brussels, Tokyo, Hong Kong, Shanghai, Beijing, and Singapore. OMM was one of the first U.S. law firms to open offices in Beijing and Tokyo and now has the largest China practice of any U.S.-based law firm.

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The Pension Reserves Investment Management Board The Pension Reserves Investment Management (PRIM) Board is charged with the general supervision of the Pension Reserves Investment Trust (PRIT) Fund. The PRIT Fund is a pooled investment fund established to invest the assets of the Massachusetts State Teachers’ and Employees’ Retirement Systems, and the assets of county, authority, district, and municipal retirement systems that choose to invest in the Fund. The PRIT Fund consists of two investment funds: the Capital Fund and the Cash Fund. Cash, deposited and invested on a temporary basis, is transferred monthly from the Cash Fund to the Capital Fund. Once in the Capital Fund, funds are invested and reinvested across all asset classes under PRIM’s long-term investment guidelines and asset allocation plan.

ABOUT THE PARTICIPANTS Organizations

Projects International Inc. Projects International is a business advisory company based in Washington, D.C. offering expertise where there is a nexus between government and business interests. Projects International assists clients to expand foreign business or enter new markets; arranges financing, access to capital, including debt and equity; obtains government approvals, licenses, political support, and finds strategic partners for international business ventures.

Quantum Advisors Pvt. Ltd./ Primary Real Estate Advisors Founded in India in 1990 as an equity research firm by Ajit Dayal, Quantum Advisors now provides portfolio management and investment advisory services focused on opportunities in India. Quantum was the first organization in India to provide equity research services and is registered with SEBI as a discretionary Portfolio Manager. Along with Ashwin Ramesh, Mr. Dayal founded Primary Real Estate Advisors in 2001 to manage and advise India-dedicated real estate portfolios.

Public Employee Retirement System of Idaho The Public Employee Retirement System of Idaho (PERSI) manages the assets that provide retirement and disability benefits for its members and beneficiaries. Collectively, the assets of the system constitute the PERSI Total Return Fund. The PERSI fund has been unitized, making it possible for members to invest in the fund as participants in the PERSI Choice Plan 401(k). The PERSI Total Return Fund is the default option for the PERSI Choice Plan, meaning any contributions made to a participant’s Choice Plan will be invested in the PERSI Total Return Fund unless the participant has affirmatively elected other investment alternatives. PERSI is governed by a Retirement Board consisting of five members appointed by the Governor.

Public Sector Pension Investment Board The Public Sector Pension Investment Board (PSP Investments) is a crown corporation established by Parliament by the Public Sector Pension Investment Board Act. PSP Investments manages employer and employee contributions made after April 1, 2000 to the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds. PSP Investments has also manages the employer and employee contributions made after March 1, 2007 to the Reserve Force Pension Fund.

PPI 2010 Winter Roundtable

Second Swedish National Pension Fund The Second Swedish National Pension Fund/AP2 manages national pension reserve assets and is one of five ‘buffer’ funds within the national income-based pension system, with a global investment portfolio. Based in Gothenburg, the Second AP Fund was established in 2001 and has a Board of Directors that is appointed by the Swedish Government. Sweden’s national pension system comprises two main elements—an income based pension and a premium pension. These are financed by a retirement pension contribution, levied from those in gainful employment.

Siguler Guff & Company Siguler Guff & Company is a multi-strategy private equity investment firm. The firm has offices in New York, Boston, San Francisco, Moscow, Shanghai and Mumbai, and is currently one of the largest private equity investors in China and India.

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ABOUT THE PARTICIPANTS

Squadron Capital Management Ltd.

Trust Company of the West

Squadron Capital Management is part of Search Investment Group, which is the private family investment firm of Robert Miller. Mr. Miller was a founding partner in Duty Free Shoppers (DFS). DFS is the world’s leading retailer to the traveling public, with more than 100 retail outlets located throughout the Asia Pacific region. Squadron Capital manages the Search Investment Group’s private equity investments globally. In that capacity, the firm manages some 61 active fund relationships in the United States and Europe. Their activities ex-Asia Pacific are solely for the Search Investment Group and there are no plans to manage non-Asian investments for third parties.

Founded in 1971, The Trust Company of the West (TCW) Group develops and manages a broad range of investment products. TCW clients include many corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale Asset Management.

State of Wisconsin Investment Board The State of Wisconsin Investment Board, created in 1951, is responsible for managing the assets of the Wisconsin Retirement System, the State Investment Fund and other state trust funds including the Core Fund, Variable Fund, the State Investment Fund, and five smaller trust funds established by the State. Participants include current and former employees of Wisconsin’s state agencies and most local governments other than the City of Milwaukee and Milwaukee County.

Royal Bank of Scotland The Royal Bank of Scotland (RBS) was founded in 1727 and is one of the retail banking subsidiaries of the Royal Bank of Scotland Group plc. The RBS Group has offices worldwide and provides banking services under 30 different brand names including RBS, NatWest, Direct Line, Churchill, Coutts, Ulster Bank and Citizens.

Washington State Investment Board The Washington State Legislature created the Washington State Investment Board in 1981 and gave the 10 voting members and five non-voting members of the Board the responsibility to invest and manage retirement funds contributed by public employers and employees.

Williams College Investment Office The Williams College Investment Office manages the school’s endowment to serve current students while sustaining its value for future generations. The school makes up the vast majority of the difference between student tuition and dollars spent per student through earnings on endowment, which supported nearly 40% of the operations budget in 2008. Williams maintains a diversified portfolio of investments across ten asset classes.

Organizational profiles are compiled from submissions from Roundtable participants. If no profile is submitted, information is summarized from each organization’s website when available. If you would like to have your organization’s profile included in future Roundtable materials, email to [email protected]. Please include a brief statement about your organizations current activities.

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ABOUT THE PARTICIPANTS Roundtable Staff

Marsha Vande-Berg Chief Executive Officer

John Hunter Gray Program Officer

Marsha Vande-Berg serves as chief executive officer of the Pacific Pension Institute (PPI). Dr. Vande-Berg is a former Bosch Public Policy Fellow of the American Academy, Berlin. She is a member of the Council on Foreign Relations and serves on the Council’s National Program Committee. She is also a member of the International Institute for Strategic Studies, and the Pacific Council for International Policy. Dr. Vande-Berg also serves as PPI’s representative on the Advisory Board of the RAND Center for Asia Pacific Policy. She holds a master’s degree in international studies from Duke University and a Ph.D. in international studies from Vanderbilt University.

John Gray is the program officer for the Pacific Pension Institute where he is responsible for conceptualizing, researching, and developing program agendas for PPI’s North American Roundtables, annual Asian Pension Fund Roundtable, international exchange programs, and briefings. Previously, Mr. Gray worked in emergency services as an airborne firefighter for the state of Alaska. Mr. Gray holds a master’s degree in international relations from the University of California, San Diego and a bachelor’s in English and French from the University of Alaska, Anchorage.

Gwen Bough Administration Officer and Assistant to the Chief Executive Gwen Bough is the administration officer and assistant to the chief executive for the Pacific Pension Institute. Ms. Bough joined PPI in January of 2008 after 12 years as executive secretary to the founding president of Public Policy Institute of California. Previously, she worked at Bank of America as senior executive secretary to the general counsel and at Mellon Bank, Pittsburgh as executive assistant to the Chairman of the Board.

PPI 2010 Winter Roundtable

Kris Greenville Membership and Communications Officer Kris Greenville is the membership and communications officer for the Pacific Pension Institute where he is responsible for contributing content, editing and producing PPI’s electronic and printed communications materials. Mr. Greenville’s previous positions have included membership director for Copia in Napa, California and manager for the American Red Cross, Bay Area Chapter. Mr. Greenville holds a bachelor’s degree in communications and marketing from Stephen F. Austin State University.

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PACIFIC PENSION INSTITUTE

2010 Winter roundtable

About PPI n about ppi n membership n board of directors

ABOUT PPI

PACIFIC PENSION INSTITUTE About PPI The Pacific Pension Institute is about education that informs prudent investment decision-making and benefits institutional investors globally. PPI convenes investors and experts in finance, business and the economy for candid engagement on topics that are driving the markets. PPI was organized as an educational non-profit in 1998. Our principal activity is convening forums for institutional investors to engage on matters that are critical to prudent investment practices. Our geographical focus is Asia and the Pacific region. Our core members are asset holders, especially large public pension funds and endowments in North America, Asia, and Europe. Our objective is to convene the dialogue on issues critical to the sound management of assets domestically and across borders. Roundtables in North America PPI organizes two member meetings annually to promote dialogue between institutional investor participants and experts on topics that are driving the contemporary investment climate in developed as well as emerging markets. Forward-looking discussion focuses on the implications of current issues and concerns for the development of viable markets in the future.

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Roundtables in Asia Each year, PPI organizes the Asian Pension Fund Roundtable, varying the venue year-to-year to engage the active participation of a PPI-member as in-country host. Participants from Asia are drawn from the PPI Asian Network and our membership to engage in wide-ranging discussions and workshops that explore capital market evolution; regulatory reforms; and pension fund management and investment strategies. PPI Executive Seminars (PES) Immediately preceding the Asian Pension Fund Roundtable, PPI also holds an in-country seminar for a small contingent of members for an in-depth exploration of the region’s economy, capital and financial markets, risk and opportunities. PES relies on regional experts to serve as discussion leaders. PES is organized in the host country of the Asian Pension Fund Roundtable. Asian Network Our Asian Network comprises past participants in and supporters of the Asian Pension Fund Roundtable. It is a virtual network engaging pension managers in nearly two dozen Asian economies and organized around periodic communications via email, letters and conference calls. The Network also serves as resource for understanding issues and concerns influencing the Asian domestic markets. An invitation-only dinner for the Asian Network precedes the opening of the Asian Pension Fund Roundtable.

ABOUT PPI Membership

Public/Private Pension Fund, Endowment, & Foundation Members British Columbia Investment Management Corporation California Public Employees’ Retirement System California State Teachers’ Retirement System Canada Public Pension Investment Board City and County of San Francisco Employees’ Retirement System Employees Retirement System of Texas Government Pension Fund,Thailand Kaiser Permanente Los Angeles City Employees’ Retirement System Los Angeles County Employees Retirement Association Municipal Employees’ Retirement System of Michigan National Council for Social Security Fund, China National Pension and Provident Fund, Bhutan National Pension Service, Korea National Railroad Retirement Investment Trust Ontario Teachers’ Pension Plan Board Oregon State Treasury Pension Fund Association, Japan Promark Global Advisors, Inc. Public Employee Retirement System of Idaho Public Sector Pension Investment Board, Canada Second Swedish National Pension Fund–AP2 Sweden Tufts University Investment Office Virginia Retirement System Washington State Investment Board Williams College Investment Office

Corporate Members AEA Investors (Asia) Ltd.

HSBC IDFC Ltd. Institutional Real Estate, Inc. JETRO, New York JPMorgan Asset Management Kohlberg Kravis Roberts Asia Ltd. Loomis Sayles & Company Macquarie Capital (USA) Inc. Mitsubishi Corporation Morgan Stanley Nomura Asset Management Co., Ltd. Oaktree Capital Management, LP O’Melveny & Myers LLP Quantum Advisors Pvt. Ltd./Primary Real Estate Advisors Pvt. Ltd. Siguler Guff & Company Sit Investment Associates, Inc. Tokio Marine Asset Management Co., Ltd./ Tokio Marine Capital Co., Ltd. Trust Company of the West

Friends of PPI Ronald E. Bornstein, Partner, Pillsbury Winthrop Shaw Pittman LLP William D. Crist, Professor Emeritus, California State University, Stanislaus Roy Doumani, Professor, University of California, Los Angeles Matthew K. Fong, President, Strategic Advisory Group Geoffrey A. Hirt, Professor of Finance, DePaul University Howard L. Hull III, Vice President, Finacorp Securities Takeshi Kadota, President, Kadota & Co. Ambassador Clark T. (Sandy) Randt, U.S. Department of State (Retired) Ambassador Paul W. Speltz, Chairman and CEO, Global Strategic Associates, LLC

AllianceBernstein

Robert D. Storer, Executive Director, Alaska Permanent Fund Corporation (Retired)

Asia Alternatives Management LLC

Peter H. Sullivan, Managing Director, Lombard Investments, Inc.

Baker & McKenzie LLP

Yuelin T. Yang, Managing Director, IMC Corp Ltd.

Baring Private Equity Partners Campbell Lutyens & Co., Ltd.

Honorary Members & Associations

Capital International Inc./Capital Guardian Trust Co.

Asian Development Bank

Cartica Capital LLC

European Bank for Reconstruction and Development

Daiwa SB Investments Ltd.

Ambassador Kihwan Kim, Distinguished Visiting Scholar, Korea Development Institute

DIAM Co., Ltd. Dimensional Fund Advisors, Inc. EMAlternatives, LLC EMP–Daiwa Capital Asia FountainVest Partners (Asia) Ltd. Goldman Sachs

Lawrence J. Lau, President and Ralph and Claire Landau Professor of Economics,The Chinese University of Hong Kong National Council on Teacher Retirement RAND Center for Asia Pacific Policy The World Bank Group/International Finance Corporation

Grove Street Advisors

Lifetime Members

Hamilton Lane

Ambassador Chas W. Freeman Jr., Chairman Projects International

H&Q Asia Pacific

H. Lawrence Hull, Jr., President Larco Advisors, Inc.

HarbourVest Partners

Charles P. Valdes,Trustee, California Public Employees’ Retirement System

Highstar Capital, LP

Ambassador Linda Tsao Yang, Chair, Asian Corporate Governance Association

PPI 2010 Winter Roundtable

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ABOUT PPI Board of Directors

Board of Directors

Advisory Council

Chair Robert M. Maynard Public Employee Retirement System of Idaho

Chair Roy Doumani University of California, Los Angeles

Vice Chair Joseph A. Dear California Public Employees’ Retirement System

Teresa C. Barger Cartica Capital LLC

Secretary Ta-lin Hsu H&Q Asia Pacific Treasurer Shelley I. Smith Los Angeles City Employees’ Retirement System Christopher J. Ailman California State Teachers’ Retirement System Ronald E. Bornstein Pillsbury Winthrop Shaw Pittman LLP John Campbell Campbell Lutyens & Co., Ltd. Nancy C. Everett Promark Global Advisors, Inc. Gordon J. Fyfe Public Sector Pension Investment Board H. Lawrence Hull, Jr. Larco Advisors, Inc. Wayne Kozun Ontario Teachers’ Pension Plan Board Priya S. Mathur California Public Employees’ Retirement System Barry Metzger Baker & McKenzie LLP Ronald D. Schmitz Oregon State Treasury Kazuo Seki Mitsubishi Corporation Robert D. Storer Alaska Permanent Fund Corporation (retired) John S. Wadsworth, Jr. Morgan Stanley Garrett A. Walls Trust Company of the West

Christopher K.B. Brotchie Baring Private Equity Partners William D. Crist California State University, Stanislaus Matthew K. Fong Strategic Advisory Group C. Lawrence Greenwood Jr. Asian Development Bank H. Lawrence Hull, Jr. Larco Advisors, Inc. Takeshi Kadota Kadota & Co. James D. Mosman National Council on Teacher Retirement Doug Pearce British Columbia Investment Management Corporation James R. Timmins Highstar Capital, LP Charles P. Valdes California Public Employees’ Retirement System Ambassador Linda Tsao Yang Asian Corporate Governance Association

Staff Marsha Vande-Berg Chief Executive Officer Gwen Bough Administration Officer & Assistant to the CEO John Hunter Gray Program Officer Kris Greenville Membership & Communications Officer Mikaela O’ Brien Manager of Finance

PACIFIC PENSION INSTITUTE

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PPI Roundtable Notes

PACIFIC PENSION INSTITUTE 465 California Street, Suite 610 San Francisco, CA 94104 t 415.576.1187 f 415.576.1189 www.pacificpension.org