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The Middle East Investment Management SummitMarch 22, 2010 ~ Emirates Palace ~ Abu DhabiThe meeting is conducted under the Chatham House Rule for confidentiality. It willprovide regional government investment funds and family offices with the necessarytools and invaluable contacts to make successful investments in the international markets.The Summit is closed to the media, by invitation only and strictly limited in numbers.Lead SponsorsAXA Investment ManagersCapula Investment ManagementJanus Capital GroupLoomis, Sayles & Company, L.P.Co-SponsorsCitadelD. E. Shaw & Co., L.P.ING Investment ManagementPramerica Fixed IncomeRobecoTT InternationalSpeakers include:Lord Skidelsky, Emeritus Professor of Political Economy, University of WarwickLord Patten of Barnes, Chancellor, University of Oxford and Former Governor of HongKong and Member of the European Commission, External RelationsParticipants include:Yaseen Anwar, Deputy Governor, State Bank of PakistanAbdulkarim Al-Jomah, Chief Dealer & Head of USD Fixed Income, Saudi ArabianMonetary AgencyCyrille Urfer, CIO, Equities & Fixed Income, Abu Dhabi Investment CouncilStefan Cowell, CIO, Abu Dhabi Retirement Pensions and Benefits FundIan Clarke, Head of Fixed Income & Currencies, Abu Dhabi Investment AuthorityStephen Saint-Leger, MD, Head of European Manager Research, Cambridge AssociatesMousa Fayyad, Investments Department Manager, General Pension & Social SecurityAuthority (GPSSA) – Abu DhabiIshaq Zayed Al-Mawali, Head of Asset Management - International, Public Authorityfor Social Insurance, Sultanate of Oman2

PROVISIONAL AGENDA(March 19, 2010)Monday March 22, 20108:00 – 9:00am Registration9:00 – 9:05am Welcome Remarks and Summit ModeratorHarvey ShapiroSenior AdvisorInstitutional Investor Conferences9:05 – 9:30am Interview: Keynes – The Return of the MasterLord SkidelskyEmeritus Professor of Political EconomyUniversity of WarwickThe interview will focus on the importance of Keynes in today’s financial markets. Whatlessons can investors learn from Keynes? What was Keynes like as an investor – was he ashort term investor or a long term investor? To what extent can Keynes economics beapplied to today’s financial markets - what have our policymakers learnt from him? Ismore government regulation in the markets inevitable? There has been much debate bothin the UK and the US about when to 'turn off' government support? When is the righttime? How will the power struggle between bankers and politicians turn out?9:30 – 9:55am Presentation: Making the Most of the Middle Ground: AnApproach to Constraining Tracking Error withoutConstraining Excess ReturnsJames P. Goff, CFADirector of Research and a Member of the ExecutiveCommittee for Janus Capital GroupJanus Capital ManagementThe changing needs for research: typically institutional investors globally want alphawithout too much tracking error. Asset managers find alpha increasingly hard to come byas information flows more freely and the industry becomes more competitive. Thepresentation discusses how to navigate this environment. It looks at the optimal way tocontrol tracking error without diluting the benefit of stock selection. It describes how to3

drive research results by properly organizing and motivating the analyst team. Thesession also highlights the key factors to analyzing and valuing companies.9:55 – 10:20am Presentation: Derivatives Post Crisis: Taking Advantage ofBeing Long Term Investor for Capturing Dislocations in Rates,Credit and Equity MarketsPascal ChristoryGlobal Head of Solutions Engineering,Structuring and Development – Investment SolutionsAXA Investment ManagersRecent changes to the regulation of US and European banking, insurance andpensions have strengthened the influence of short-term capital, driven by market-tomarketchanges and tail-end risk hedgings. Due to liquidity issues, derivatives arebecoming a more appealing route to get exposure to some asset classes. Discrepanciesbetween cash and derivatives can also generate opportunities for those who are lessconstrained by short-term risk guidelines. The presentation discusses the rationale behindthese market opportunities and explains how long-term investors can efficiently capturethem.10:20– 11:10am Panel Session – Risk Management Post Crisis: Alpha vs BetaPanelists:Brandon HaleySenior Managing Director and Global Equities Fund ManagerCitadel Portfolio CommitteeCitadelTrey BeckManaging DirectorD. E. Shaw GroupDavid SchofieldPresident of INTECH, International DivisionJanus Capital Group CompanyJames J. SullivanChief Executive OfficerPramerica Fixed IncomeThe global recession and crisis in the financial markets has meant investors have had torethink risk management strategies and the way capital is allocated. Is chasingperformance a dangerous game? How has risk appetite changed? Are investors now justlooking for beta? How can investors manage the lack of originality among managers4

positioning? Can managers achieve alpha in today’s markets? Will alpha be generatedthrough an ever broader range of sources? Are alternative investments playing anincreasingly important role? Is leverage sustainable? How is liquidity affecting investors’decision making process?11:10 – 11:35am Coffee Break11:35 – 11:50pm Interview: Outlook for the Global EconomyTim TacchiSenior and Founding PartnerTT InternationalIn 2009 markets shrugged off the financial earthquake of 2008. But what of the recentaftershocks? In the US, corporate data look good but the labor market, key to sustainablerecovery, remains anemic. Europe struggles for domestic growth while the PIGS havetargeted not truffles, but the euro. Japan keeps exporting but can’t break its deflationaryshackles. Asia, still growing well, faces inflationary pressures, with global prospectsincreasingly linked to one key question: Can China engineer a soft landing? Theinterview discusses the key global economic drivers and their implications for markets.11:50 – 12:15pm Presentation: The Aftermath: Navigating the Sovereign FiscalIncome CrisisDave RolleyVice PresidentLoomis, Sayles & CompanyPortfolio ManagerLoomis, Sayles Fixed Income Group12:15 – 1:05pm Panel Session – Changing Asset Allocation Practices: In aGlobal and Regional ContextPanelists:Pascal ChristoryGlobal Head of Solutions Engineering,Structuring and Development – Investment SolutionsAXA Investment ManagersFarah FoustokChief Executive OfficerING Investment Management Middle EastDave RolleyVice President5

Loomis, Sayles & CompanyPortfolio ManagerLoomis, Sayles Fixed Income GroupDouglas Hansen-LukeChief Executive Officer, Middle EastRobecoSpeakers will debate and bring to light how global and regional asset allocation modelsare changing. How have the assumptions of imperfect correlation between various assetclasses changed since the crisis? How do you combine asset classes in new markets, suchas the Middle East? What implications has the crisis had on portfolio diversification andasset allocation theory? Has the crisis shown that investors should have stuck to theirlong term investment strategies? Are hedge funds adding the value they said they would?How is liquidity affecting portfolio construction?1:05 – 2:20pm Lunch2:20 – 2:45pm Presentation: The Road Ahead: Trading Opportunities inTreasury and Mortgage MarketsAyman HindySenior Portfolio ManagerCapula Investment ManagementFixed Income Markets are at a critical point. Investors face many challenges in anenvironment of expanding government debt, quantitative easing by central banks andconcerns about sovereign credit. The presentation discusses how we got here, where weare, and the road ahead for participants in fixed income and currency markets.2:45 – 3:25pm Discussion GroupsAttendees will choose which of the three topical discussion groups to join.3:25 – 3:45pm Coffee BreakGroup A: Risks and Rewards of Alternatives InvestmentsGroup B: Role of Liability Driven Investing (LDI)Group C: Impact of Liquidity on Investment Decisions3:45 – 4:10pm Interview: Investing in Today’s Emerging Markets: Risks andOpportunitiesLord Patten of BarnesChancellor, University of Oxford and6

Former Governor of Hong Kong andMember of the European Commission, External RelationsAsia and the emerging markets are playing an increasingly important role in investorportfolios. The interview will bring to light both the opportunities and potential risksfacing investors. What do you see as the biggest risks in today’s emerging markets?Where do you see the best opportunities? Does China’s economic dominance riskdestabilizing other countries? Is China a big risk to the dollar? To what extent is China’spolitical structure a risk to investors? How should investors be comparing China to India?How are the Asian economies expected to perform in the short and long term? To whatextent do you think political stability is important to investor sentiment? Do you think theEurozone will be able to survive current tensions in the Euro?4:10 – 5:00pm Panel Session – Manager Selection: Transparency, DefaultRisk and Due DiligencePanelists:Cyrille E. Urfer, CFAChief Investment Officer, Equities & Fixed IncomeAbu Dhabi Investment CouncilAli SaiedabadiPartnerCapula Investment ManagementStephen Saint-LegerManaging DirectorHead of European Manager ResearchCambridge AssociatesMailesh ShahHead of Investment Consulting Middle East and AfricaMercerFaranak ForoughiFounder and Chief Executive OfficerTharwa Management ConsultancyThe panel will discuss how the financial crisis has changed the priorities and needs ofinvestors. How have institutions adjusted their due diligence process after recent blowsups? Many investors are going back to basics and looking to reduce risk in theirinvestment strategies. How is this affecting manager section? Has transparency becomeincreasingly important? How can investors better insure themselves against default risk?5:00 – 6:00pm Cocktail Reception7