Programme 2016 Sponsors Baillie Gifford BlueBay Asset Management BNY Mellon Investment Management Eaton Vance Management (International) Ltd IFM Investors Morgan Stanley Investment Management NN Investment Partners Sanostro

Advisory board Herman Slooijer, Managing Director Global Credits, APG Asset Management, The Netherlands Hans Copini, Director of Fixed Income, MN Services, The Netherlands Ricardo Scholman, Managing Director Fixed Income & Economic Research, Anthos Asset Management, The Netherlands David Hewitson, Pension Finance Investment Controller, Rexam PLC, United Kingdom John St-Hill, Senior Portfolio Manager, Pension Protection Fund, United Kingdom Robbie Martin, Investment Analyst, SAUL, United Kingdom Richard Wagner, Head Risk Investments, Versicherungskammer Bayern, Germany Matthias Grossmann, Head of Pensions, Siemens Financial Services, Germany Joerg Bauhofer, Head of Investment Controlling, Bayerische Versorgungskammer, Germany Mark Dieringer, Head of External Mandates, Novartis, Switzerland Anders Bertramsen, Director – Fixed Income, Nordea Investment Management, Denmark Martijn Vijver , Senior Portfolio Manager Fixed Income, MN, The Netherlands Wouter de Kok, Senior Portfolio Manager Fixed Income, MN, The Netherlands Ido de Geus, Head of Fixed Income, PGGM, The Netherlands Roy de Kroon, Senior Portfolio Manager – Fixed Income, Timeos, The Netherlands Edwin Meysmans, Director, KBC Pension Fund, Belgium Mateja Zivec, Head of Asset Management, Sava Re, Slovenia Steven Catchpole, Head of Pension Investments, Aviva Staff Pensions Scheme, United Kingdom Kenneth Winter, Senior Vice President, Tryg, Denmark

Agenda 2016 Thursday 2nd June, 2016 EMBRACING AND PROFITING FROM THE CHANGES IN THE FIXED INCOME UNIVERSE 08.00 08.50 ASSET OWNER ONLY DISCUSSION 08.50 – 09.00 WELCOME AND INTRODUCTION Alex Beveridge Director Institutional Investor United Kingdom 09.00 – 09.20 CHASING YIELD – WHAT ARE EUROPEAN ASSET OWNERS DOING? Presentation An overview of European institutional asset owners’ attitudes to fixed income, and alternative fixed income in particular. What are the key drivers for asset owners, and what are some of the creative solutions being deployed to tackle the low interest environment? David Walker Justina Deveikyte Director of European Institutional Research Senior Analyst Cerulli Associates Cerulli Associates United Kingdom United Kingdom STRATEGIES TO PROFIT FROM THE FIXED INCOME UNIVERSE 09.20 – 09.35 NAVIGATING THE FIXED INCOME OPPORTUNITY SET Presentation The traditional fixed income investment strategies are challenged by an environment of historically low interest rates and rising volatility. Against this backdrop, European bank deleveraging offers a structural investment opportunity for investors starved of income. This session discusses direct lending, distressed credit and bank capital as differing means of accessing this investment opportunity. David Riley Head of Credit Strategy BlueBay Asset Management United Kingdom

09.35 – 09.50 THE CASE FOR A GLOBAL DYNAMIC APPROACH TO FIXED INCOME INVESTING Presentation As investors watch central banks for clues as to the next move in monetary policy, a debate has emerged as to whether institutional asset owners should pursue only assets they are happy to hold to maturity, or whether a more dynamic approach will deliver better returns. This session will discuss who will be proved right. Paul Brain Investment Team Leader – Fixed Income Newton United Kingdom 09.50 – 10.05 AN ASSET OWNER APROACH TO UNCONSTRAINED FIXED INCOME Interview Unconstrained fixed income has enjoyed a surge in popularity, with asset managers offering a plethora of products as asset owners seek ways to maximise returns in the low interest rate environment. This session will explore the sector from the asset owner point of view, by interviewing one of the Nordic’s leading fixed income fund selectors. Anders Bertramsen Head of Fixed Income external products Nordea Asset Management Denmark 09.50 – 10.10 TABLE WORKSHOPS Working together in small groups of six or seven, delegate will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome? 10.10 – 10.40 IMPLEMENTING RETURN SEEKING FIXED INCOME PORTFOLIOS Panel A chance for the audience to share the results of their discussions with the speakers, who will be joined on stage by members of the asset owner community. What are the practical difficulties faced when engaging with new fixed income products? Are asset owners well enough equipped to take advantage of the opportunities in the market today? Kasper Ullegaard David Riley Head of Fixed Income Head of Credit Strategy SamPension BlueBay Asset Management Denmark United Kingdom Paul Brain Torbjorn Hamnmark Investment Team Leader – Fixed Income Head of Strategic Asset Allocation Newton AP3 United Kingdom Sweden Anders Bertramsen Head of Fixed Income external products Nordea Asset Management Denmark

10.40 – 11.10 COFFEE BREAK GLOBAL RISKS AND OPPORTUNITIES 11.10 – 11.25 DYNAMIC FX HEDGING FOR FIXED INCOME PORTFOLIOS Presentation With negative interest rates, political instability and diverging central bank policies, getting your FX strategy right has never been more challenging. This session will look at how hard won yields can be protected from swings in the currency markets. Wolfgang Batt Partner Sanostro Switzerland 11.25 – 11.40 EMD – HOW SAFE IS YOUR PORTFOLIO? AND WHERE ARE TODAY’S OPPORTUNITIES? Presentation September saw Brazilian government debt reduced to junk by S&P, as countries tied to the commodities boom began to feel the pressure of China’s slowing growth. This session will ask what long term investors should be doing with their EMD allocations, and explore where the opportunities are. 11.40 – 11.55 BUILDING PORTFOLIOS OF GLOBAL CREDIT AT THE ISSUER LEVEL Presentation An in-depth overview of the opportunities available for investors in the global credit space. How important is it to maintain the fund’s focus at the issuer level, and what are the key fundamentals at play in this sector? What does careful research reveal about the risks and returns available for long-term investors? Stephen Rodger Head of Credit Baillie Gifford United Kingdom 11.55 – 12.15 TABLE WORKSHOPS Working together in small groups of six or seven, delegates will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome? 12.15 – 12. 45 UNDERSTANDING GLOBAL ARISK AND RETURN DYNAMICS Panel The session’s speakers will be invited back to the stage to answer questions from the audience, and comment on the outcomes for the table workshops. Theis Nygaard Stephen Rodger Portfolio Manager, Credit Head of Credit SamPension Baillie Gifford Denmark United Kingdom

Wolfgang Batt Partner Sanostro Switzerland 12.45 – 14.15 LUNCH GETTING PAID FOR ILLIQUIDITY 14.15 – 14.30 HARVESTING THE ILLIQUIDITY PREMIUM IN FIXED INCOME PORTFOLIOS Presentation How has a sophisticated European asset owner structured the illiquid portion of their fixed income portfolio? What are the expected returns for this portfolio, and how can these investments be properly benchmarked? Caroline Muste-Merks Head of Private Debt NN Investment Partners The Netherlands 14.30 – 14.45 LOWER MID-MARKET LOANS Presentation The lower mid-market loans universe is a under researched area which offers attractive yields to compensate for limited liquidity. This session will give delegates an overview of the opportunities in this sector, and the skills required to generate returns from it. Hank D’Alessandro Head of Credit Partners Morgan Stanley Investment Management United Kingdom 14.45 – 15.05 TABLE WORKSHOPS Working together in small groups of six or seven, delegates will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome? 15.05 – 15.35 GETTING PAID FOR ILLIQUIDITY, WHAT ARE THE LESSONS LEARNED? Panel discussion The session’s speakers will be invited back to the stage to answer questions from the audience, and comment on the outcomes for the table workshops. Pedro Pardo Caroline Muste-Merks Investment Manager Head of Private Debt Royal Berkshire Pension Fund NN Investment Partners United Kingdom The Netherlands

Hank D’Alessandro Head of Credit Partners Morgan Stanley Investment Management United Kingdom 15.35 – 16.05 COFFEE 16.05 – 16.20 OPPORTUNITIES IN REAL ESTATE DEBT Presentation Real estate debt offers a physical asset security often not available in other forms of credit. However it can lead to correlations with other parts of a broader portfolio. This presentation will examine how this sector has performed, where the opportunities are, and where to position real estate debt within a broader portfolio. 16.35 – 16.50 GAINING ACCESS TO THE BEST DEALS IN INFRASTRUCTURE DEBT Presentation Underpinned by large, and often vital, public service projects, infrastructure debt displays some of the key risk and return attributes required by institutional asset owners. So, why is it that infrastructure debt does not make up a larger portion of institutional asset owner portfolios? This session will examine where the opportunities lie in this asset class, and how to access the best deals. David Cooper Executive Director IFM Investors Australia 16.50 – 17. 10 TABLE WORKSHOPS Working together in small groups of six or seven, delegates will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome. 17.10 – 17.40 PLACING REAL ESTATE AND INFRASTRUCTURE DEBT IN A BROADER PORTFOLIO Panel discussion The session’s speakers will be invited back to the stage to answer questions from the audience, and comment on the outcomes for the table workshops. David Cooper Executive Director IFM Investors Australia 17.40 -18.30 TIME AT LEISURE 18.30 – 19.30 ACTIVITIES 19.30 – 22.00 COCKTAILS AND DINNER

Friday 3rd June, 2016 08.25 – 09.25 BREAKFAST DISCUSSION TABLES: Table 1: The currency conundrum – how much should you hedge? Table 2: Managing duration risk Table 3: Fixed income benchmark Table 4: How big is too big? capacity for fixed income managers Table 5: De-risking fixed income portfolios HIGH YIELD AND DISTRESSED OPPORTUNITIES 09.25 – 09.40 HIGH YIELD – WILL HIGHER INTEREST RATES INCREASE DEFAULT RATES? Presentation It is fair to say that some of the default rates predicted at the onset of the global financial crisis, never truly materialised. Yet, as the US attempts to approach somewhere near “normal” interest rates, what will be the impact on the high yield market. Are there still opportunities in this space and, if so, where are they? Jeff Mueller Portfolio Manager, Global High Yield Eaton Vance Investment Management United Kingdom 09.40 – 10.00 TABLE DISCUSSIONS Working together in small groups of six or seven, delegates will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome. 10.10 – 10.30 WHAT PART SHOULD DISTRESSED DEBT AND HIGH YIELD PLAY IN A PENSION FUND PORTFOLIO? Panel discussion The session’s speakers will be invited back to the stage to answer questions from the audience, and comment on the outcomes for the table workshops. How should pension funds allocate to these higher yielding fixed income instruments? Jeff Mueller Alex Neve Portfolio Manager, Global High Yield Director Fixed Income Eaton Vance Investment Management Univest United Kingdom The Netherlands 10.30 – 11.00 COFFEE BREAK

11.00 – 11.15 HOW PGGM ENSURES ESG PRINCIPLES ARE FORM PART OF CREDIT PORTFOLIOS Case study This case study, from one of Europe’s largest institutional asset owners, will demonstrate how ESG can form a part of investment research and monitoring. Why did PGGM take this step, and what have been the results? Sevinc Acar Head of Beta Investment Grade Credit PGGM The Netherlands 11.15 – 11.30 INVESTOR CASE STUDY – INTEGRATING ESG IN THE FIXED INCOME MANAGER SELECTION PROCESS Case study For some institutional asset owners, particularly in the Netherlands, ESG is part of the organisation’s DNA, running through all investment decisions. This case study will focus on one of the key implementation areas of this approach – the selection and monitoring of external managers. Markus Schaen Senior Fund Manager - Fixed Income MN The Netherlands 11.30 – 11.45 GREEN BONDS – A CASE STUDY IN IMPLEMENTATION Case study The interest in green bonds has been growing rapidly across European institutional asset owners, particularly in the Netherlands and amongst Nordic investors. This session will explore how they can form part of a portfolio, from one of the pioneers in the asset class. Can demand meet supply, and how can you define whether a bond is green or not? Jan Erik Saugestad Chief Investment Officer Storebrand Norway 11.45 – 12.20 CONSTRUCTING AND MONITORING ESG IN FIXED INCOME PORTFOLIOS Table discussions and expert panel Following on from the previous presentation delegates will, working in small groups, discuss their organisation’s attitude to ESG within their fixed income portfolios. The outcome of these discussions will be shared with an expert panel for commentary and questions. Markus Schaen Herman Slooijer Senior Fund Manager - Fixed Income Managing Director Global Credits MN APG Asset Management The Netherlands The Netherlands Jan Erik Saugestad Sevinc Acar Chief Investment Officer Head of Beta Investment Grade Credit Storebrand PGGM Norway The Netherlands

EMBRACING COMPLEXITY IN FIXED INCOME INSTRUMENTS 12.20 – 12.35 MANAGING COMPLEX DEBT VEHICLES – HAVE WE LEARNED OUR LESSON FROM THE LAST CRISIS? Presentation Surveys of institutional asset owners across Europe, by Institutional Investor, consistently reveal concerns that there may be a lack of necessary understanding of some of the more complex debt vehicles which they are being invited to invest in. Have we learned from previous mistakes, and what is best practice in this area? 12.35 – 12.55 TABLE DISCUSSIONS Working together in small groups of six or seven, delegates will discuss the implications of the previous presentations. Where do both the asset owners and the asset managers see the best opportunities, and which strategies will ultimately deliver the best outcome. 12.55 – 13.25 UNDERSTANDING THE RISKS OF CHASING YIELD IN FIXED INCOME PORTFOLIO Panel discussion The session’s speakers will be invited back to the stage to answer questions from the audience, and comment on the outcomes for the table workshops. Erik Bennike Ian Morely Head of Credits Senior Advisor PensionDanmark Allenbridge Epic Denmark United Kingdom 13.15 – 13.20

CLOSING REMARKS

13.20 – 14.20 LUNCH 14.20

END OF ROUNDTABLE