EuroHedge Summit 2011 Programme Venue: Palais de la Bourse Location: Paris Dates: Wednesday, 04 May 2011 - Thursday, 05 May 2011

EuroHedge Summit 2011 - Programme*

Tuesday 3 May 17.30 - 19.30

Pre event wine reception Avoid the queues and pick up your badge and programme the night before the conference at our pre-event wine reception. Open to registered delegates only.

Day 1: Wednesday 4 May 08.00 – 09.00 09.00 – 10.00

Registration, breakfast and introductory remarks

Macro – on the way out of crisis or on the way back in? Macro uncertainty is everywhere. Is the global economy starting to recover? Or is another recession on the way? Is the financial crisis over? Or is another one brewing? Is inflation or deflation the bigger risk? What is the outlook for equities, bonds, rates, currencies, commodities – and for developed and developing markets? What else could go wrong – or go right? A panel of top economists debate what lies ahead – and how to play it Chairman: Gavyn Davies, Fulcrum Asset Management Speakers: Tim Bond, Odey Asset Management Luigi Buttiglione, Brevan Howard Asset Management Jim Conklin, FX Concepts Charles Dumas, Lombard Street Research

10.00 - 10.45

Hedge fund CEOs – opportunities in a changing world What is the best way to structure and run a hedge fund business in the postcrisis era? What are the major new opportunities, challenges and risks? How will regulation, institutionalisation and consolidation affect the industry? How will the successful hedge fund firm of tomorrow look? Some of the biggest players in Europe, in both onshore and offshore funds, look at what the future holds and at how the industry is changing Moderator Rob Mirsky, KPMG Speakers: Peter Harrison, RWC Partners Klaus Jantti, Brummer & Partners Manny Roman, GLG Partners Paul Ruddock, Lansdowne Partners

10.45 - 11.15 11.15 – 12.00

Break Investors – what do they want and how do they want it? The industry’s downturn in 2008 and 2009 has given investors more firepower in the relationship with managers – bringing a variety of changes in fund structures, operational management and practices. With more big end-investors going direct and many of the top surviving fund-of-fund groups changing their business models, a group of top investors and allocators discuss how they want hedge funds to work for them in future Moderator: Richard Ernesti, Citi Speakers: Alexandre Col, Banque Privee Edmond de Rothschild Marie-Caroline Lavielle, HSBC Kathryn Graham, BT Pension Scheme Omar Kodmani, Permal Investment Management

12.00 – 12.45

Keynote speech: Tim Tacchi, TT International Introduced by Paul Germain, Credit Suisse

12.45 - 14.00

14.00 – 14.45

Lunch

Managed futures – does the case for non-correlation still hold? After providing one of the few bright spots for investors in 2008, CTAs disappointed in 2009, but then mostly delivered good returns in 2010 – although with typically high volatility and arguably with less non-correlation than before. How will CTAs and other quant strategies fare going forward? Does the case for non-correlated returns still stand up? And what are the big new issues and changes in the systematic trading world? Moderator: Duncan Crawford, NewEdge Speakers: Svante Bergstrom, Brummer & Partners/Lynx Asset Management Nigel Gent, PGR Capital Tony Kaiser, Kaiser Trading Philip Stoltzfus, Thayer Brook

14.45 – 15.30

STREAM SESSIONS Stream 1: Is the hedge fund industry heading onshore? If not, why not? And if so, how? Post the financial crisis and the Madoff scandal, hedge fund managers have been driven by investors to move more of their product into the onshore sphere – not just in UCITS structures but also in structures such as Irish QIFs and SIFs in Luxembourg. A panel representing some top management firms and investors discuss what is driving these trends and how much further they will go. Moderator: Marc Russell-Jones, BNY Mellon Speakers: Joe Davidson, Fulcrum Christopher Fawcett, Fauchier Malcolm Goddard, Altima Steven Woolfe, Boyer Allan

Stream 2: Equity strategies: Who has the best ideas today? A panel of L/S equity managers with different approaches - Sector focus; Tech and Financials and European fundamental value driven across sectors and regions Moderator: Henrik Mitelman, SEB Enskilda Speakers: Inge Heydorn, Thyra Hedge Inigo Lecubarri, Abaco Michael Sakkas, Trafalgar Asset Managers Peter Schell, RAB Prime Europe 15.30 - 16.00

Coffee break

16.00 - 16.45 STREAM SESSIONS Stream 1: Regulatory changes: Doing more harm than good? The potential for new regulations that might be really damaging to the hedge fund industry appear to have been averted in the negotiations that led to the European Union’s AIFM Directive, though the devil may be in the detailed rules that are still be worked out. A panel of leading experts discuss the implications of the Directive, as well as of the Dodd-Frank Act in the US and other regulatory changes. Moderator: Nick Evans, EuroHedge Speakers: Martin Cornish, K&L Gates Jiri Krol, AIMA Ian Morley, Allenbridge Hedge and Wentworth Hall Consultancy Leonard Ng, Sidley Austin Stream 2: Strategy focus: Currencies and commodities Post the financial crisis, in an era of bail-outs, deficits and sovereign debt crises, currency markets have become a central battle-ground. In an era of rapidly expanding emerging markets, political upheaval in the Middle East and nuclear energy emergency in Japan, commodity markets are also back at the top of the investment agenda. A panel of top players discuss the best approaches. Moderator: Neil Wilson, HedgeFund Intelligence Speakers: Alan Eisner, Millennium Global Investments James Gutman, Armajaro Asset Management Tony Hall, Duet Group Patrik Safvenblad, Harmonic Capital 16.45-17.30

Institutional due diligence – setting the new standards What are the key lessons of the financial crisis? What must institutional investors look for in operational due diligence? What are the new standards? How should strategic due diligence on a managed account platform be conducted? Top institutional investors and managers debate these fundamental issues and how they can enhance institutional confidence in hedge funds. Moderator: Stephen Oxley, PAAMCO Speakers:

Nathanael Benzaken, Lyxor Asset Management Eric Bissonnier, EIM Mark Geene, PGGM Jerome Lussan, Laven Partners

17.30 - 18.15

Keynote: Lee Robinson, Trafalgar Asset Managers Introduced by Neil Wilson, HedgeFund Intelligence

18.15

Cocktail reception

Day 2: Thursday 5 May 08.30 - 09.00

09.00 – 10.00

Doors open and breakfast

Emerging markets – the only safe bet or the next big bubble? The crisis has focused attention on the shifting balance of power from developed to developing markets, with investors pouring money into emerging market equity and debt as a result. But already there are worries about inflationary pressures and asset price bubbles. Can the emerging markets really be the new drivers of the global economy? What are the big risks? And what are the best ways of playing these markets? Moderator: Nick Evans, EuroHedge Speakers: Julian Adams, Adelante Asset Management Alex Garrard, BTG Pactual Asset Management Darren Read, Moore Capital Graham Stock, Insparo Asset Management Jochen Wermuth, Wermuth Asset Management

10.00 – 10.45

STREAM SESSIONS Stream 1: Where now after the global financial crisis? How to play the financial sector? The credit crunch and ensuing global financial crisis created some of the greatest challenges as well as opportunities ever in the history of markets, particularly for funds that focus on financial sector equities and credit. Where are we now in the rebound – and what are the right strategies going forward? A panel of top managers talk about their approaches. Moderator: Kumar Panja, JP Morgan Speakers: Django Davidson, Algebris Johnny de la Hey, Toscafund Philippe Kellerhals, Cairn Capital

Robert Mumby, Jupiter Stream 2: Grands institutionnels français : quelles solutions d’investissement en gestion alternative dans l’environnement d’après-crise? Comment répondre aux besoins et accompagner au mieux les attentes des institutionnels français dans leurs investissements alternatifs (solutions dédiées vs. fonds ouverts, hedge funds, comptes gérés, UCITS III, etc.)? Un panel débattra des meilleures solutions en termes d’accès, de conseil sur-mesure et de performance. Moderator: Franck Dargent, Amundi Alternative Investments Speakers: Vianney Dubois, Morningstar France Laurent Leclercq, Advent Capital Management Olivier Portal, Credit Agricole Assurances Alex Trichot, Winton Capital Management

Please note Stream 2 will be held in French 10.45 - 11.15 11.15 - 12.00

Coffee Break STREAM SESSIONS Stream 1: Investor requirements: What’s the new state-of-the-art in operations and managing counterparty risk? The financial crisis and tumultuous collapse of Lehman Brothers demonstrated more vividly than ever the need for hedge funds to actively manage their counterparty relationships – leading many investors as well as managers and COOs to take a much closer interest in the issue, and various new models to evolve. A panel of leading practitioners debate what is the latest state-of-the-art for these critical relationships. Moderator: Cian Burke, HSBC Speakers: James Bigglestone, Albourne Philippe Gougenheim, Unigestion Martin Pabari, CQS David Yim, KPMG Stream 2: Capital raising: Post-crisis, how best to seduce investors? The financial crisis and Madoff fraud shook the confidence of investors in hedge funds and led to a tidal wave of redemptions. A panel of top investor relations people from leading firms talk about what it takes to regain – and retain – the confidence of investors. Moderator: Niki Natarajan, InvestHedge Speakers: Peter Mayer, Park Hill Group Rahul Moodgal, Parvus Asset Management Philippe Paquet, NewAlpha Jeroen Tielman, IMQ Investment Management

12.00 – 12.45

Keynote: Colm O’Shea, COMAC Capital Introduced by Maria Cantillon, State Street

12.45 – 14.00

14.00 – 14.45

Lunch

Event-driven – the best ‘micro’ investing strategy in 2011? The strong revival of interest in event-driven strategies began to pay off for investors late last year as corporate activity started to pick up and managers started to generate some increasingly good returns. Is the theme of accelerating corporate mergers, spin-offs, restructurings and takeover activity set to continue? What could derail it? And what are the best strategies to exploit the different trends in the event space? Moderator: Nick Evans, EuroHedge Speakers: Anne-Sophie d’Andlau, CIAM Alain Demarolle, Alura Capital Partners Fabrice Seiman, Lutetia Capital Ziad Tabet, Jabre Capital Partners

14.45 – 15.30

Credit and distressed investing – where are we in the cycle? After enjoying a big bounce-back in the aftermath of the financial crisis, is the rebound in credit strategies set to continue? Or will managers have to deploy different strategies to succeed in a more complex market environment? Where are we now in the corporate credit and economic cycle? What is the outlook across the investment grade, high-yield and distressed spectrum? How is the opportunity set evolving? Moderator: Patrick Brennan, Schroders NewFinance Capital Speakers: Walter Butler, Butler Investment Managers Hiram Hamilton, Alcentra Sandro Naf, Capital Four Management Galia Velimukhametova, GLG

15.30 – 16.15

Industry consolidation – what is the future for boutiques? What effect is greater institutionalisation having on the hedge fund industry? Will the big firms continue to get bigger as investors put safety above performance? Will smaller and more independent boutiques be able to survive and thrive in the future – and what do they need to do so? Could we see another wave of new fund start-ups? Or is a further wave of consolidation and concentration of assets at bigger firms and platforms inevitable? Moderator: Neil Wilson, HedgeFund Intelligence Speakers: Michael Browne, Martin Currie Loic Fery, Chenavari Investment Managers Louis Gargour, LNG Capital Jake Gottlieb, Visium Benn Spiers, Camargue Capital

16.15

Closing remarks

* This programme is provisional and subject to change.