July 14th, 15th and 16th 2014 • The Hyatt Regency Boston, Massachusetts, USA

Global ICONInvestment Consultant Dialogue

A Global ARC Initiative

Keynote and academic speakers already confirmed, sorted alphabetically by surname:

Professor Raj Chetty2013 John Bates Clark Medal WinnerWilliam Henry Bloomberg Professor of Economics Harvard University – USA

Dr Aubrey de GreyAuthor of Ending Aging: The Rejuvenation BreakthroughsThat Could Reverse AgeingChief Science OfficerSENS Research Foundation – UK

Professor Doyne FarmerScientific Co-ordinator, CRISIS – European UnionProfessor of Mathematics and Co-Director of Complexity Economics, University of Oxford – UK

Professor Tim JenkinsonHead of the Finance Faculty and Professor of FinanceDirector of the Oxford Private Equity InstituteSaïd Business School, University of Oxford – UK

Dr. Lee SmolinAuthor of The Trouble With Physics Founding Member and Senior Faculty MemberPerimeter Institute for Theoretical Physics - Canada

Professor Didier SornetteDirector of the Financial Crisis Observatory Professor of Entrepreneurial RisksETH Zurich (Swiss Federal Institute of Technology) - Switzerland

Professor Lawrence H. SummersDirector, President Obama’s National Economic Council, 2009-10Treasury Secretary, 1999-01, US Federal GovernmentChief Economist, The World Bank, 1991-93Charles W. Eliot University Professor, Harvard University - USA

Professor Rakesh VohraCo-Author of Principals of Pricing: An Analytical ApproachGeorge A. Weiss and Lydia Bravo Weiss University Professor of EconomicsUniversity of Pennsylvania – USA

or address their own concerns. Compounding this is the fact that consultants must view their peers as competitors - thus missing an opportunity to meet on a common ground for the benefit of all.

Global ICON exists for consultants to hone their investment thinking in conversation with leading managers and academics, to have a voice commensurate with their influence, and to share mutually beneficial ideas and information with their industry colleagues.

Join us in Boston in July 2014 as we reboot the consultant model to provide meaningful value for investors and re-establish the central, authoritative role of consultants.

Yours Faithfully

David StewartChairman, Global ICON and Global ARCdavid@global-arc.net

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.2

Global ICON Overview

Dear Executive,

Recognizing investment consultants’ true role as investment industry thought leaders and decision drivers, the Global ARC organization is convening Global ICON, the inaugural gathering of the global investment consultant community.

By bringing together the world’s foremost consultants, fund researchers and academics, Global ICON will offer consultants new perspectives on investing, tangible ideas for re-positioning their businesses, and a private forum for tackling industry issues.

The challenges facing consultants are multitudinous and include:

• Anticipatingandproactivelyaddressingclientconcerns

•Re-positioning consultants in the eyes of investors and countering potential disintermediation by outsourced CIO players

•Navigatingthecurrentunstablemacro-economicenvironment

•AnalyzinghowQEtaperingwillimpactuponinvestorportfolios

•Formulatingnewstrategic and tactical asset allocationmodels thatwork in real world conditions

•Updatingriskmanagementsystemsandprotocols

The multi-dimensional nature of these challenges means that this will not be an easy process. However, by drawing on the expertise of Global ARC, Global ICON is uniquely positioned to achieve this.

For too long, consultants have been seen by critics as simple gatekeepers rather than trusted advisors and respected investment experts. Relegated to the sidelines at investor conferences, consultants have had limited opportunities to speak freely

A Global ARC Initiative

The Inaugural Global ICONRebooting the investment consultant model

About Global ARC and Global ICONGlobal ICON is a wholly owned subsidiary of Global ARC. Since 2002, Global ARC has convened gatherings of the world’s largest pension funds and sovereign wealth funds and leading finance and economics academics to discuss global investment opportunities. Global ARC has earned a reputation as a research rich, impartial, and off-the-record meeting place where participants are free to share their views in a stimulating, non-commercial environment. Global ARC and Global ICON are wholly owned by their founder, David Stewart, and are not affiliated with any media company or individual supplier of services to the investment industry.

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure. 3

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.4

Professor Raj Chetty2013 John Bates Clark Medal WinnerWilliam Henry Bloomberg Professor of EconomicsHarvard University - USA

Professor Raj Chetty is the William Henry Bloomberg Professor of Economics Department at Harvard University. The Economist magazine has highlighted Chetty as one of the top eight young economists in the world and he was offered Harvard tenure at the age of 28, becoming one of the youngest people to do so in the history of Harvard’s economics department. His research combines empirical evidence and theory to inform the design of more effective government policies. His work on tax policy, unemployment insurance, and education has been widely cited by media outlets and in Congressional testimony. He has been the recipient of numerous awards for his work, most recently in 2012 with a MacArthur “Genius” Fellowship and in April 2013 with the John Bates Clark medal, given by the American Economic Association to the best American economist under age 40. Raj Chetty also currently serves as Director of Harvard University’s Lab for Economic Applications and Policy, Co-Director of the Public Economics Program, National Bureau of Economic Research and as a Member, Congressional Budget Office Panel of Economic Advisers. Raj Chetty received a PhD in Economics from Harvard University in 2003.

Professor Doyne FarmerScientific Co-ordinator, CRISIS – European Union, Professor of Mathematics and Co-Director of Complexity Economics University of Oxford – United Kingdom

Professor Doyne Farmer is Professor of Mathematics and Co-Director of Complexity Economics at the Institute for New Economic Thinking at University of Oxford. The Institute for New Economic Thinking is a rapidly expanding interdisciplinary research centre at University of Oxford which seeks to develop innovative new approaches to major economic issues using techniques from disciplines including economics, statistics, physics, biology, computer science, psychology, anthropology, sociology, political science, and other fields that can bring new insights into the workings (and dysfunctions) of economic systems. In 2013 he was appointed Scientific Co-ordinator of CRISIS, Complexity Research Initiative for Systemic Instabilities, a new European Union financed project that spans eleven European universities and multiple disciples with the purpose of better modelling and predicting financial crisis. Prior to this Doyne Farmer served as External Professor at the Santa Fe Institute and at Los Alamos National Laboratory, where he was an Oppenheimer Fellow, founding the Complex Systems Group in the theoretical division. Doyne Farmer holds a PhD in Physics from University of California Santa Cruz.

Professor Tim JenkinsonHead of the Finance Faculty and Professor of FinanceDirector of the Oxford Private Equity InstituteSaïd Business School, University of Oxford – United Kingdom

Professor Tim Jenkinson is the leading European expert on IPOs and has conducted extensive research on the conflicts of interest inherent in the relationships between investment banks, investors and companies. He is also one of the foremost academic experts on private equity, his private equity research has shown that, on average, historical private equity returns have outpaced public market returns by 3% to 4% each year. His research has demonstrated how the capital structure of leveraged buyouts can impact private equity performance. This research led the UK Treasury Select Committee to call upon him to provide evidence when it held investigations into the private equity industry. Tim is Chairman of the economic consulting firm Oxera and an academic advisor to KPMG’s Global Valuation Institute. He is also a Professorial Fellow at Keble College, University of Oxford, a Research Fellow of the Centre for Economic Policy Research and a Research Associate of the European Corporate Governance Institute. Tim joined the finance faculty at Saïd Business School in 2000, he previously worked in the economics department at the University of Oxford. He holds a DPhil in Economics from Oxford University.

Dr Aubrey de Grey Author of Ending Aging: Rejuvenation Breakthroughs That Could Reverse Ageing Chief Science OfficerSENS Research Foundation – United Kingdom

Dr. Aubrey de Grey is a prominent biomedical gerontologist based in Cambridge, UK and Mountain View, California, USA. He is the Chief Science Officer of SENS Research Foundation, a California based charity dedicated to combating the aging process. He is also Editor-in-Chief of Rejuvenation Research, the world’s highest-impact peer-reviewed journal focused on intervention in aging. De Grey’s research focuses on whether regenerative medicine can thwart the aging process. He works on the development of what he calls “Strategies for Engineered Negligible Senescence” (SENS), a collection of proposed techniques to rejuvenate the human body and stop aging. He has been interviewed in recent years in a number of news sources, including CBS 60 Minutes, the BBC, The New York Times, Fortune Magazine, The Washington Post, TED, Popular Science, The Colbert Report and Time magazine. Dr. de Grey is a Fellow of both the Gerontological Society of America and the American Aging Association, and sits on the editorial and scientific advisory boards of numerous journals and organisations. He is the author of three books on aging, most recently Ending Aging: The Rejuvenation Breakthroughs That Could Reverse Human Aging in Our Lifetime. Aubrey de Grey received his Ph.D. in biological science from the University of Cambridge in 2000.

Global ICON’s Keynote SpeakersSorted alphabetically by surname

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure. 5

Professor Lawrence H. SummersDirector, President Obama’s National Economic Council, 2009-2010 Treasury Secretary, 1999-2001, United States Federal GovernmentChief Economist, The World Bank, 1991-1993Charles W. Eliot University Professor, Harvard University - USA

As Director of the White House National Economic Council from 2009 to 2010, Larry Summers emerged as a key economic decision-maker in the Obama administration. The Economist magazine referred to the “Summers Doctrine” of massive active response to economic downturn combined with respect for markets in the basic allocation of resources as defining the recent approach to economic policy. Larry Summers was the Chief White House Advisor to the President on the development and implementation of economic policy. He served as an architect of the Recovery Act and other job creation measures and the Financial Stability Program. Larry Summers also served as the key economic policymaker throughout the administration of President Bill Clinton and served as Secretary of the Treasury from 1999 to 2001. He was closely involved in every major economic policy decision of the Administration ranging from the fiscal policies that created budget surpluses and paid down government debt, to the enactment of NAFTA and China’s WTO accession, to the response to financial crises in Mexico, Asia and Russia. Prior to this, he served as Chief Economist of the World Bank. He is the 1993 recipient of the John Bates Clark Medal.

Professor Rakesh VohraCo-Author of Principals of Pricing: An Analytical ApproachGeorge A. Weiss and Lydia Bravo Weiss University Professor of EconomicsUniversity of Pennsylvania - USA

Professor Rakesh Vohra is a leading global expert in mechanism design, an innovative area of game theory that brings together economics, engineering and computer science. His economics research in mechanism design focuses on the best ways to allocate scarce resources when the information required to make the allocation is dispersed and privately held, an increasingly common condition in present-day environments. His work has been critical to the development of game, auction and pricing theory and spans such areas as market systems and optimal pricing mechanisms. Rakesh was formerly the John L. and Helen Kellogg Professor of Managerial Economics and Decision Sciences in the Kellogg School of Management. Rakesh has also taught at MIT’s Sloan School of Management, University of Chicago and CalTECH. Rakesh serves on a number of editorial boards and is co-editor of the International Journal of Game Theory. He is the author of several books, most recently ‘Principles of Pricing: An Analytical Approach’ (Cambridge University Press, 2012) which he co-authored with Lakshman Krishnamurthi. Rakesh holds a Ph.D. in mathematics from the University of Maryland.

Dr. Lee SmolinAuthor of The Trouble with PhysicsFounding Member and Senior Faculty MemberPerimeter Institute for Theoretical Physics - Canada

Dr. Lee Smolin is the author of four books which explore philosophical issues raised by contemporaryphysicsandcosmology:LifeoftheCosmos(1997),ThreeRoadstoQuantumGravity (2001), The Trouble with Physics (2006) and Time Reborn (2013). A Fellow of the American Physical Society and of the Royal Society of Canada, Lee is a past recipient of the Klopsteg Memorial Award and was voted amongst the 100 most influential public intellectuals in the world by both Prospect and Foreign Policy Magazines. His main research contributions have been to the quantum theory of gravity, to which he has been a co-inventor and major contributor to two major directions, loop quantum gravity and deformed special relativity. He also contributes to cosmology, through his proposal of cosmological natural selection: a falsifiable mechanism to explain the choice of the laws of physics. He has also contributed to quantum field theory, the foundations of quantum mechanics, the philosophy of science and economics. He is the author of more than 150 scientific papers and numerous essays and writings for the public on science. He is also adjunct professor of physics at the University of Waterloo and a member of the graduate faculty of the philosophy department at the University of Toronto. He holds a Phd in Theoretical Physics from Harvard.

Professor Didier SornetteDirector of the Financial Crisis ObservatoryProfessor of Entrepreneurial RisksETH Zurich (Swiss Federal Institute of Technology) - Switzerland

An expert on complex systems, Professor Didier Sornette is Director of the Financial Crisis Observatory, at the Swiss Federal Institute of Technology, an initiative designed to test the hypothesis that markets can be predictable, especially during bubbles. Launched in 2008, the Financial Crisis Observatory’s research agenda focusses on the prediction of crises and extreme events in complex systems in particular on financial bubbles and crashes. He is the author of ‘Why Stock Markets Crash: Critical Events in Complex Financial Systems’ and author or coauthor of more than five hundred research papers in refereed international journals. Didier Sornette is also Adjunct Professor of Geophysics at IGPP and ESS at University of California Los Angeles (UCLA), and Concurrent Professor at the School of Business and Research Center of Systems Engineering at the East China University of Science and Technology (ECUST), Shanghai. He was previously jointly a Professor of Geophysics at UCLA and a Research Director on the theory and prediction of complex systems at the National Center for Scientific Research in France. Didier Sornette holds a PhD and Habilitation from University of Nice in Physical Sciences.

6 This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Samuel“Q”Belk,DirectorofDiversifyingInvestmentsCambridge Associates – USAAt Cambridge Associates, Q Belk evaluates investment opportunities and leads a team ofresearch consultants and analysts covering high-yield credit, bank debt, GTAA, active currency, lower-betahedgefunds,globalmacroandtailriskhedging.QwasmostrecentlyaManagingDirector at the Dartmouth College Investment Office, where he was responsible for hedge fund and distressed portfolios and private equity. Prior to this, he was a Managing Director at Lehman Brothers Japan, where he served on the Asia risk management committee and headed a pan-Asia group focused on hedge funds, sovereign wealth funds and Asian fixed income, forex and futures and Managing Director at Stanford Management Co, which manages Stanford University’sendowment.QholdsanMBAfromStanfordBusinessSchool.

Global ICON’s SpeakersSorted alphabetically by surname

Dmitry Balyasny - Managing Partner and Chief Investment OfficerBalyasny Asset Management – USABalyasny Asset Management (‘BAM’) founded in 2001, is an institutional investment firm dedicated to delivering consistent, uncorrelated absolute returns in all market conditions. BAM has offices in the United States, London and Hong Kong, with over 200 professionals from over 40 countries. Dmitry Balyasny is actively involved in daily firm investing, and chairs the Executive Committee. He began his trading career with Schonfeld Securities in 1994 and has been an active investor in hedge funds since 1999. Dmitry earned a Bachelor’s degree in Finance from Loyola University in Chicago and serves as a Midwest Board Member for Teach For America as well as member of the board of directors of the Chicago Chapter of the Ayn Rand Institute.

Ryan Bisch, Principal and Director of Exotic AlternativesMercer – CanadaRyan Bisch is a Principal and the Director of Exotic Alternatives in Mercer’s Alternatives Boutique, a unit within the Investment Consulting business. In this role, he is responsible for generation of intellectual capital and research of esoteric/niche alternative investments, including insurance-linked strategies, asset-based lending strategies, timberland, agriculture and other non-traditional alternative strategies. Additionally, Ryan works with a small number of institutions providing advice on alternative investment portfolio structuring and manager selection. Ryan joined Mercer in September 2002 as an Actuarial Consultant. He is based in Sydney, Australia. He holds a bachelor’s degree in actuarial science from the University of Alberta, Canada. Ryan is a CAIA charterholder and an affiliate member of the CFA Institute.

Steven Carew, Head of Investment Outcomes JANA Investment Advisers - AustraliaJANA Investment Advisers Pty Ltd (JANA) is a leading investment consulting firm, with offices in Melbourne and Sydney. JANA advises over 100 clients with assets of approximately AUD 250 billion (USD 225 billion.) Steven Carew is Head of Investment Outcomes, focusing on developing JANA’s investment strategy advice, the delivery of superior investment returns for clients and how good investment ideas from JANA research programme can be implemented effectively. He also consults to several of JANA’s large advisory funds and sits on a number of internal committees. Prior to joining JANA in 1998, he was a consultant at Macquarie Bank. Steven holds an undergraduate degree from the University of Melbourne and postgraduate degrees from Monash University and Macquarie University.

Tim Barron, Chief Investment OfficerSegals Rogerscasey – USASegal Rogerscasey has one of the largest dedicated research teams in the industry. Its Research Group delivers solutions customized to each client’s specific needs and provides analysis of macro themes, financial markets, asset classes and investment strategies that impact upon clients’ portfolios. Tim Barron is the Chief Investment Officer of Segal Rogerscasey where he manages the firm’s Research Department and oversees all investment activities. Tim also chairs Segal Rogerscasey’s Investment Committee and is on the Governing Committee of the Global Investment Research Alliance. Prior to which he was President and CEO of Rogerscasey and its Head of Research and a Principal at Morgan Stanley Dean Witter Investment Management. Tim holds an MBA in Finance from Georgia State University and is a CAIA charterholder.

Antje Biber, Managing Partner FERI Trust - GermanyFounded in the 1980s, FERI has since developed into a leading independent adviser and asset manager for family offices, foundations and institutional investors in German-speaking countries. The FERI Group is structured as a partnership and has been part of the MLP Group since 2006. FERI develops comprehensive, innovative and individual investment concepts for its clients based on its own, internationally recognised research. In addition FERI is one of the leading European rating agencies for the analysis and evaluation of investment markets and investment products and one of the largest institutes for economic research and forecasting. The company currently has nearly €23 billion of assets under advisory and management. Alongside its headquarters in Bad Homburg, the FERI Group has offices in Düsseldorf, Munich, Luxembourg, St. Gallen and Vienna.

Andrea Canavesio, PartnerMangusta Risk - ItalyMangustaRisk is a consultancy specialising in the provision of financial risk analysis and management of quantitative strategies portfolio management optimization, asset managers selection and performance evaluation. MangustaRisk only deals with institutional investors such as pension funds, banking foundations, endowments and sovereign wealth funds. It is an independent company, which is not held by any banks or other financial institutions. Likewise there is no agreement of any kind for selling, promoting or distributing financial products between MangustaRisk, or its partners, and any financial company. It focusses exclusively on the study and application of quantitative analysis and consultancy on portfolio optimization strategies. MangustaRisk has offices in Rome, London, New York and Johannesburg.

Frédéric Belhumeur, Senior PartnerPENSUL - CanadaPENSUL provides strategic asset management consulting and counselling services to pension plans foundations, endowment funds and mutual fund families. PENSUL sets itself apart from other consultants by earning revenues directly from its trustee clients only and not from any other provider, including their affiliates. In addition to serving as Senior Partner at PENSUL, Frédéric Belhumeur teaches investment management and financial analysis at the John Molson School of Business at Concordia University and at l’École des sciences de la gestion de l’UQAM(UQAMSchoolofManagementScience).HeisCanadianSecuritiesInstitutecertifiedin securities trading and as an option contract supervisor. Frédéric holds a Master in Finance from Université de Sherbrooke and holds the Chartered Financial Analyst designation.

7This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Mark Dalton, Managing Director Cambridge Associates - SingaporeMark Dalton is a Managing Director in Cambridge Associates’ Singapore office. He advises on the construction, oversight, and monitoring of multiple direct hedge fund programmes on behalf of a board range of clients including university endowments, foundations, government pools, pensions, and private clients in Asia and the United States. He also focuses on manager research and has performed comprehensive due diligence across multiple hedge fund strategies. Prior to joining Cambridge Associates in 2007, Mark was a Senior Analyst at Crestline Investors, a hedge fund of funds, where he sourced and performed due diligence on direct hedge fund investments and a Financial Analyst at Goldman Sachs. Mark holds an MBA of UCLA Anderson School of Management and BBA of University of Texas at Austin.

David Druley, Director of Pension Consulting Cambridge Associates - USADavid Druley is a Managing Director in Cambridge Associate’s Boston office. He advises a range of U.S. and international clients, including corporate defined benefit plans and other asset pools, on issues such as liability-driven investing, asset allocation, manager selection, hedge fund investing, risk management, and currency hedging. In addition, David chairs the firm’s Pension Advisory Group and is widely regarded as the firm-wide expert on pension fund investment issues. He has advised two of the ten largest U.S. corporate defined benefit plans. He also coauthored two research reports entitled U.S. Pension Plans: Investment Considerations for Endowment Professionals and Pension Risk Management. David is a CFA Charterholder and holds a BBA and MBA from The University of Texas, Austin.

Deb Clarke, Global Head of Investment ResearchMercer – United KingdomDeb Clarke is Mercer’s Global Head of Investment Research, responsible for manager research and strategic research. She was named one of the FN100 Most Influential Women in Finance in 2011 and 2012 and the Most Influential Woman in Asset Management in 2012 by Financial News. Based in London, Deb manages a group of more than 100 asset-class specialists across alternatives, fixed income, equities, and real estate. She also oversees the teams responsible for strategic asset allocation, dynamic asset allocation, strategic research, and responsible investing. Deb was previously the global leader of Mercer’s Equity Boutique, specialising in researching global and global emerging-market equity managers. She is chairman of Mercer’s International Ratings Review Committee and a member of the Mainstream Assets Investment Committee.

Brian Dana, Senior Vice President and Hedge Fund Practice LeaderMeketa Group – USASince 1978, Meketa have served as independent fiduciaries to institutional plan sponsors, providing creative investment solutions custom tailored to fit the unique circumstances of each client. Brian Dana joined Meketa in 2006 and works with clients as well as in investment manager research, leading the firm’s research on hedged strategies. Brian is a member of Meketa Investment Group’s Marketable Securities Investment Committee (MSIC) which oversees manager due diligence. Prior to joining the firm, he worked at The University of Florida Investment Corporation the investment group for the University of Florida’s endowment where he focused on sourcing, due diligence and analysis of alternative investments. Brian holds a Master of Science in Finance from the University of Florida in 2006 and is CAIA charterholder.

Sinikka Demaré, Managing Director Ortec Finance – SwitzerlandOrtec Finance is a global provider of advisory and technology services for risk and return management. Its 180 employees combine mathematical ability, business awareness, and practical application to deliver innovative and pragmatic solutions to its global pensions, asset management and private wealth management client base. Sinikka Demaré joined Ortec Finance in 2007 as Managing Director and Partner for Switzerland. In this role Sinikka is directly responsible for solutions for the ALM and risk management for Ortec’s Swiss clients. Prior to 2007, she worked for Dow Chemical in corporate finance, business management as well as strategic and tactical management of the pension funds in Europe. Sinikka has a Master of Science in Economics from the Business School of Helsinki and is a CFA.

Gregory Dowling, Managing Principal and Director of Hedged Strategies Fund Evaluation Group – USAFund Evaluation Group (‘FEG’) is an independent, privately-owned, full-service investment advisory firm that offers traditional strategic consulting, OCIO, managed portfolios, and research services to institutions such as universities and corporate retirement plans, financial institutions and financial advisors. FEG has over 100 employees, with offices in Cincinnati, Detroit, and Indianapolis and approximately USD 36 billion in assets under advisement. Gregory Dowling has worked at FEG since 2004 and currently serves as Managing Principal and Director of Hedged Strategies as well as an Adjunct Professor at University of Cincinnati. Prior to joining FEG he worked at Bowling Portfolio Management and Firstar Bank. Greg holds a Masters in Business Administration from Xavier University and is a Chartered Financial Analyst.

Jarred Glansbeek, Founder and Chief Executive Officer Riscura - South AfricaRisCura is a global, independent financial analytics provider and investment consultant. Prior to founding RisCura in 2000, Jarred Glansbeek was executive director at FirstRand Bank, responsible for asset management, where he became well versed in quantitative portfolio techniques and complex instruments, along with active risk management. He has since consulted to some of Africa’s largest institutional funds, building RisCura’s place as South Africa’s largest investment consultant, with assets under advisement of over USD 200 billion, and its reputation as one of the leading risk managers in the industry. Riscura is headquartered in Cape Town, with additional offices in Johannesburg, the United Kingdom, Mauritius, Namibia and Zambia.

Professor Robin Hanson, Associate Professor of EconomicsGeorge Mason University – USARobin Hanson is one of the founders of the field of prediction markets. He currently serves as Associate Professor of Economics at the George Mason University, a Research Associate at the Future of Humanity Institute at Oxford University and as chief scientist at Consensus Point. In addition, Robin has researched the artificial intelligence and Bayesian statistics at NASA and developed a prediction market predicting the political stability, economic growth and military activity of foreign countries for the US Department of Defense. Robin’s ideas – including using betting systems to predict terrorism - often cause controversial reactions. Robin has a diverse background: he has a Bachelor’s and Master’s degree in physics from University of Chicago but a PhD in social sciences from CalTech.

8 This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Theo Kocken PhD, Chief Executive Officer Cardano Group - The NetherlandsCardano offers Solvency Management and Risk Management services in both the Netherlands and the UK, as well as full Investment Advisory services in the UK. These services are supported from Cardano’s Dutch and UK offices, currently employing over 120 professionals Theo Kocken (1964) is founder and CEO of the Cardano Group. He holds a Master’s degree in Econometrics (Tilburg) and PhD from the VU University (Amsterdam), where he is now Professor of Risk Management for Institutional Investors. Prior to this he was head of the Market Risk Department at ING and later at Rabobank International. Theo is (co-)author of various books and articles in the area of risk management and pension funds. In 2006 his book “Curious Contracts. Pension Fund Redesign for the Future” was published, in which he applied embedded option theory as a basis for pension fund redesign.

Dr. Chris Jones, Managing Director and Head of Public Markets and Alternatives bfinance International - United KingdomThe investment advisory capabilities of bfinance span all traditional and alternative asset classes. It has advised over 300 of the world’s most sophisticated investing institutions controlling more than USD 1 trillion in over 25 countries. Prior to joining bfinance, Chris was Chief Investment Officer of Key Asset Management, one of Europe’s oldest funds of hedge funds with around USD 2 billion under management. Chris has 18 years’ experience in hedge funds and has authored numerous publications on related topics, specifically on trading and risk management. He is a Fellow of the Judge Business School at the University of Cambridge, where he lectures at postgraduate level on Hedge Funds and Risk Management. Chris holds a Ph.D. in Mathematics and Finance from the University of Cambridge.

Andrew Junkin, Managing DirectorWilshire Associates – USAFounded in 1972, Wilshire Associates currently advises over USD 75 billion in financial assets. In addition to its five offices in the US, Wilshire Associates has offices in London, Amsterdam, Melbourne, Singapore and Hong Kong. Andrew Junkin joined Wilshire Associates in 2005 to work with the firm’s consulting clients. Prior to joining Wilshire Associates, he was director of research and senior consultant at Asset Services Company where he provided advice to institutional investors. Andrew earned a BS from Oklahoma City University, attended business school at the University of Oklahoma and earned his MBA from The Wharton School of the University of Pennsylvania. He holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations.

Ari Jacobs, Senior Partner and Global Retirement Solutions Leader Aon Hewitt - USAAri Jacobs has been with Aon Hewitt for nearly two decades and has held various national and global leadership roles. He rejoined the firm in 2009 after spending two years at Citigroup as a Managing Director and Head of the Retirement Benefits Advisory Group. In his current role, Jacobs is responsible for developing client strategies and solutions that help manage corporate pension plan risks. Working with Aon Hewitt’s pension actuarial consultants and investment consultants, he develops strategic and dynamic asset allocation solutions, analyzes plan settlement strategies, and monitors the success of these strategies against both traditional and nontraditional benchmarks. He is a Fellow of the Society of Actuaries and earned his Bachelor’s Degree in Mathematics and Economics from Tufts University.

Russ Ivinjack, Senior Partner and Chair of US Investment Committee Hewitt EnnisKnupp – USAHewitt EnnisKnupp’s two hundred and seventy US based investment consulting professionals provide investment consulting services to over four hundred and seventy institutional investor clients in North America, with total client assets of over USD 2 trillion. Russ Ivinjack serves as the primary consultant to a number of the firm’s retainer and project clients. In conjunction his work with the firm’s corporate and public pension clients, Russ chairs the firm’s U.S. Investment Committee. Russ previously led the development of the firm’s alternatives investment capabilities and global equity manager research teams. He has written research papers on DC plan issues such as asset allocation and fund selection models. Russ holds an M.B.A. degree from DePaul University’s Kellstadt Graduate School of Business.

Brian Ingram, General Manager and Head of Investment Management and ResearchPing An Russell Investment Management - ChinaBrian Ingram is the Head of Investment Management and Research at PingAn Russell Investments, a Shanghai-based joint venture between PingAn Group and Russell Investments that specializes in domestic asset manager research and supports clients seeking multi-manager asset management solutions. Prior to this role, Brian worked at Russell Investments in London, leading the firm’s global manager research effort in currency managers. Brian was also a senior member of the Russell team responsible for global fixed income research, and actively contributed to the firm’s global equity and absolute return strategies. Before Russell, Brian served as Secretary to the Trust for Amana Mutual Funds, a US-based family of Shariah compliant products and co-authored the book ‘Guide to Understanding Islamic Investing’. Brian is a graduate of Yale University.

Garry Hawker, Partner and Director of Strategic Research, Growth MarketsMercer – SingaporeIn 2013, Garry Hawker was appointed to the role of Growth Markets Director of Strategic Research, based out of Singapore. Garry also chairs the group that contributes to Mercer’s capital markets research and assumptions globally and is a member of the Global Policy and Global Strategic Research Committees, which are global committees within Mercer’s investments business charged with bringing Mercer’s best ideas to our clients. From 2009 to 2012 Garry was the Regional Director for Sovereign Funds, a newly created role to help Mercer fill an increasing need to provide innovative investment solutions to large funds, particularly those in emerging capital markets; and from 2007 to 2008 he was based in Shanghai, where he was responsible for overseeing the establishment of Mercer’s China business.

Chris Holt, Senior AdvisorGlobal ICON – CanadaChris Holt serves as senior advisor to the Global Investment Consultant (‘Global ICON’) and Global Absolute Return Congress (‘Global ARC’) events. Global ICON and Global ARC are research rich, impartial, and off-the-record meeting place for respectively the global investment consultant and institutional investor communities. Global ICON aims to provide consultants with the opportunity to hone their investment thinking in conversation with leading managers, academics and industry colleagues. Prior to joining Global ICON and Global ARC Chris was Director, Industry Relations for the Americas at the Chartered Alternative Investment Analyst (CAIA) Association and a Director at JC Clark Ltd. Chris holds a Bachelor’s degree from QueensUniversityinCanadaandanMBAfromDukeUniversity’sFuquaSchoolofBusiness.

9This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Professor Paolo Onofri, Deputy Chairman, Prometeia Advisors SIM Professor of Economics, University of Bologna - ItalyPrometeia Advisors SIM is one of Italy’s leading institutional investment consulting firm with 60 clients and over USD 50 billion AUA. Paulo Onofri has been Professor of Economics at the University of Bologna, since 1981. He is an independent board member of Panariagroup SpA and member of the Supervisory Board of Intesa-Previdenza social security funds. Paulo has also served as Economic Advisor to Prime Minister Romano Prodi from 1996-98, to the Treasury Secretary Carlo A. Ciampi from 1998-99, to the Treasury Minister Giuliano Amato from 1999-00 and to the Prime Minister Giuliano Amato 2000-01. In 1969 he graduated in Political Sciences from the University of Bologna and continued his studies in economics at Oxford University under the supervision of Sir John Hicks.

Peter Martin, Head of Manager ResearchJLT Employee Benefits – United KingdomPeter Martin joined JLT in 2011, with almost 20 years’ experience providing investment advice and research to a comprehensive range of Final Salary and Money Purchase UK Pension Funds for a wide variety of clients. Peter previously worked at Aon Consulting and has also spent time as an Independent Trustee. He is currently a member of the SPC Investment Committee and the Investor Committee of the Association of Real Estate Funds. He is also the SPC representative to Debt Management Office quarterly consultation with regard to gilt issuance and End Year consultation with the Commercial Secretary to the Treasury. Peter is also a past Chairman of the Professional Pensions Property Panel. Peter is a Fellow of the Institute and Faculty of Actuaries.

Samantha McConnell, Chief Investment OfficerIFG Group – IrelandIFG Group plc provides independent financial advisory and administrative services across Ireland, the UK and Europe. The company has a market capitalisation of £150 million, £20 billion in assets under administration and advice and over 800 employees. Samantha McConnell has overall responsibility for the provision of investment management services for IFG and is one of the founding Principals of Pensco, a pensions consultancy company to the occupational company pensions scheme market. Prior to founding Pensco, Samantha worked for Fexco as a Consultant and was Director of the International Financial Services Institute in the National College of Ireland. Samantha holds a first class honours degree in commerce from University College Dublin and graduated first in Ireland in the ACCA exams.

Rich Nuzum, US Head of Investments Mercer - USARich Nuzum leads Mercer’s Investments business in the United States. Before taking on his current role, Rich was Global Business Leader for Mercer’s Investment Management business from 2008 through 2011, Americas Business Leader for Mercer’s Investment Consulting business from 2005 to 2008, and Asian Business Leader for Mercer’s Investment Consulting business from 1997 through 2005. He has worked with clients in more than 15 countries and has provided investment consulting advice to more than a dozen of the world’s 100 largest institutional investors, including serving as Mercer’s lead investment consultant to three of the 10 largest US public funds. Rich received a bachelor’s degree with honors in mathematical sciences economic analysis from Rice University and an MBA with high honors in analytic finance and accounting from the University of Chicago.

Christopher Meyer, Chief Investment Officer and Managing PrincipalFund Evaluation Group - USAChris Meyer serves as chair of the Fund Evaluation Group (‘FEG’) Investment Policy Committee and as a member of the FEG Executive Committee. With more than 15 years of investment experience, Chris offers leadership in structuring clients’ investment portfolios through development and review of the asset allocation, and proper manager selection and evaluation. Prior to joining FEG in 1993, Chris worked for Fifth Third Bank. He served on the Finance Advisory Board at the University of Cincinnati MSBA, and has been an adjunct instructor for a finance class at University of Cincinnati. Chris is also a board member and Investment Committee Chair of the Lambda Chi Alpha Educational Foundation and a Trustee and Investment Committee Chair of the Cincinnati Retirement System.

Dawid Konotey-Ahulu, Founder and Co-Chief Executive Officer Redington - United KingdomDawid Konotey-Ahulu is the Founder and Co-Chief Executive Officer of Redington. Dawid qualified as a barrister of Lincoln’s Inn in 1987, before moving to work for NatWest Capital Markets in 1990. He joined Merrill Lynch in 2000 where, in his last role, he was Managing Director responsible for Merrill Lynch’s Pensions and Insurance Group, Europe. In 2005 on the advice of his clients, Dawid left to co-found Redington. As of 2013 Redington’s fifty four staff has GBP 270 billion (USD 450 billion) of assets under consulting. Redington has a well-diversified client base and has received widespread acknowledgement from the pensions industry for its proactive, innovative and dynamic approach, most recently winning the prestigious Consultancy of the Year 2013 award from European Pensions.

Professor Rajeev Sawant, Assistant Professor of International Business, Baruch College - USAAuthor, Infrastructure Investing: Managing Risks and Rewards for Pensions and EndowmentsRajeev J. Sawant is an Assistant Professor of International Business at Baruch College. He is the author of the book, ‘Infrastructure Investing: Managing Risks and Rewards for Pensions, Insurance Companies and Endowments’, which presents comprehensive data analysis on infrastructure cases worldwide and analyzes the opportunities as well as the pitfalls of infrastructure investing for institutional investors. Rajeev has extensive experience in emerging markets having served as the Aide-de-Camp to the President of India and worked with state government officials in India’s remote Northeastern state of Tripura, which borders Bangladesh and Burma, helping to improve infrastructure services. Raveev received a Master’s and Ph.D. from The Fletcher School, Tuft University. He is the recipient of the prestigious Inlaks Foundation scholarship.

Josef Pilger, Executive Director and Asia Pacific Pension Practice Leader for Pensions Ernst & Young – AustraliaJosef Pilger leads Ernst & Young’s Pension and Retirement practice across the whole Asia Pacific region which serves government, public sector and private sector clients. Josef works with governments, public sector pension institutions and regulators across the Asia Pacific region to refine and improve the delivery, funding, governance, investment and supervision of their pension, retirement and social insurance programs. Prior to joining Ernst & Young Josef was chief operating officer of an Australian superannuation fund, European Head of Pensions of a German bank as well as a Member of the Executive Board of Management and Chief Operating Officer of a bank-owned multi-employer master trust pension fund in Europe. Michael holds an Bachelor’s degree in economics from University of Cologne and an MBA from Fachhochschule Düsseldorf.

10 This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

Speaker tbaPerella Weinberg Partners - USAPerella Weinberg Partners is a leading independent financial services firm. Established in 2006, the Firm provides advisory and asset management services to a global client base, including corporations, institutions and governments. Its Advisory business advises clients on mergers and acquisitions, financial restructuring, capital structure advisory, private capital raising, pension matters, strategic advisory, independent special committee advisory, and government services. The Asset Management business includes a suite of hedge fund strategies, private investment funds and outsourced investment office solutions. Including affiliates, Perella Weinberg Partners has capital commitments and managed assets of approximately USD 10.8 billion and has over 415 employees in its New York, London, Abu Dhabi, Denver, Dubai, and San Francisco offices.

Marcus Whitehead, Partner and Head of Investment ConsultingBarnett Waddingham – United KingdomBarnett Waddingham LLP is an independent firm of actuaries and consultants with seven offices throughout the UK. The firm has over 550 employees including 122 actuaries and 35 DC specialists Marcus Whitehead joined Barnett Waddingham during 2002, being appointed a Partner in 2004. Marcus is Practice Area Leader of the Firm’s Investment Consultancy Practice. Marcus has gained a wide experience of advising on all aspects of pension investment and provision, including all benefit and investment aspects of final salary and defined contribution pension arrangements, to both companies and individuals, on insured and self-administered pension schemes. During his career, Marcus has regularly written client newsletters on current pensions issues. Marcus holds a First Class degree in Maths from the University of Southampton.

Michael A. Rosen, Principal and Chief Investment OfficerAngeles Investment Advisors – USAAngeles Investment Advisors was founded in 2001 to provide institutional investors with independent investment advice. Today, it advises approximately USD 40 billion of assets. Michael has 30 years of experience as an institutional portfolio manager, investment strategist, and investment consultant. From 1993 to 1997, Michael was the director of investments for WellPoint/Blue Cross of California and from 1997 to 2001, he was a partner at Asset Strategy Consulting. Michael also served as an Adjunct Professor of Finance at Pepperdine University from 1991-2000. He earned his BA, magna cum laude, from Tufts University, and MA in Law and Diplomacy from The Fletcher School of Law and Diplomacy. He currently serves as Chairman of the Board of the Los Angeles Chamber Orchestra.

Chris Tehrenian, Senior Vice President and Head of Infrastructure ResearchMeketa – USAMeketa have served as independent fiduciaries to institutional plan sponsors since 1978. Chris Tehrenian joined Meketa in August 2007 and currently serves as Senior Vice President and Head of Infrastructure Research at the investment consultancy. Chris focuses on analysis of the infrastructure market, performing due diligence of infrastructure opportunities and maintaining and establishing new relationships with infrastructure firms. Prior to joining Meketa he worked as a Financial Analyst at Gulf Power and as Portfolio Analyst at Franklin Templeton Investments. Chris holds a Bachelor’s degree in Finance and International Economics from University of Florida’s Warrington College of Business and a Master’s degree in Finance from Boston College’s Wallace E. Carroll Graduate School of Management.

Kerrin Rosenberg, Chief Executive Officer Cardano Group - United KingdomCardano offers the full range of Investment Advisory Services for UK defined benefit pension schemes, covering strategy, implementation and compliance issues, as well as services for defined contribution schemes. Kerrin Rosenberg is CEO of Cardano in the UK. He graduated from the University of Manchester with a BA (Hons) in Economics, specialising in Econometrics. He is also a Fellow of the Institute of Actuaries. From 1992 to 2007 Kerrin worked as an investment consultant with Hewitt Associates in London. He is a former partner of Bacon & Woodrow, prior to its merger with Hewitt. In 2007 he left Hewitt to set up the Cardano Group UK business. Kerrin has advised over a dozen of the UK’s largest corporate pension funds with combined assets of over £50 billion.

Simon Ruddick, Co-Founder and Managing Director Albourne Partners – United KingdomSimon Ruddick is the Co-Founder, Managing Director and largest shareholder of Albourne Partners, the world’s largest hedge fund advisory firm, which he co-founded in March 1994. Albourne’s 250+ clients have over 290 billion dollars invested in hedge funds. Village.albourne.com, their not-for-profit website, has tens of thousands of residents. Simon Ruddick is a Trustee of the Hedge Funds Standard Board. Prior to Albourne, Simon Ruddick was a shareholder of Westminster Equity. This followed five years in Japan, latterly running equity derivatives for Bankers Trust during which time he was accredited with developing Asian options and the first barrier options. Before Bankers Trust, Simon worked at Morgan Grenfell and Daiwa Europe, having studied Politics Philosophy and Economics at Trinity College, Oxford.

Bobby Riddaway, Head of Investment Consulting Capita Employee Benefits - United KingdomCapita’s employee benefits business is one of the largest employee benefits consultancies in the UK with over 1,200 clients and more than 4 million company employees and pension scheme members. Bobby Riddaway is the Head of Capita’s Investment Consulting Practice. He has over 20 years investment experience and over 15 years of providing investment advice to Employers and Trustees of DB and DC Pension Schemes. Bobby joined Capita from Buck Consultants where he was a principal in the investment team, responsible for UK client consulting. Before this he worked at Hewitt Associates where he was senior investment consultant to corporate and trustee pension plans in the UK and US and led the LDI team. He also spent eight years with HSBC Actuaries and Consultants, as head of investment strategy.

Cathleen Rittereiser, Author, Foundation and Endowment Investing - USACathleen M. Rittereiser is the co-author, with Larry Kochard, the Chief Investment Officer of Georgetown University, of the books ‘Foundation and Endowment Investing’, published by Wiley in 2008 and ‘Top Hedge Fund Investors: Stories, Strategies, and Advice’ published by Wiley in 2010. She is also the founder of Uncorrelated, L.L.C. an “Act Tank” focused on educating, mentoring, and inspiring future institutional investment leaders. Cathleen has over twenty years’ experience in financial services, and has held positions with leading asset management, financial information and brokerage firms such as Symphony Asset Management, Alternative Asset Managers and Merrill Lynch. Cathleen holds an AB from Franklin and Marshall College and an MBA from New York University’s Stern School of Business. She never stopped hating the Electric Light Orchestra.

11This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

IMPORTANT

Please note that pages 10 to 14 represent a draft list of topics and session times.

This draft topic list is intended to give an indication of the type and range of issues to be addressed at Global ICON.

It is not intended to provide a definitive list of topics that will appear on the final program, nor to represent the order in which the topics will appear in the final program or which topics will ultimately appear in the plenary session and which in streamed sessions.

The precise running order and session times will be released in late April.

Draft session times:

Monday July 14th

7.30am-9.15am Closed door session: investment consultants and sponsors only

9.15am-5.45pm General session

5.45pm-7.15pm Networking drinks and canapés

Tuesday July 15th

7.30am-5.30pm General sessions

5.30pm-6.30pm Networking drinks

Wednesday July 16th

7.30am-1.00pm General sessions

Global ICON

July 14th, 15th and 16th 2014

The Global Picture

“Why optimism may be bad news: good news about global growth risks pushing interest rates up and

politicians’ appetite for reform down.”The Economist, January 4th 2014

Have the systemic problems that led to the financial crisis been convincingly addressed or merely papered over?

“The new year kicks off much where 2013 began, with investors riding waves of money pumped into

global financial markets by the world’s major central banks. For 2014, many investors see little on the hori-

zon to shift attention away from monetary policy.”The Wall Street Journal, January 2nd 2014

How will Fed tapering impact upon client portfolios?

The Fed will need to display considerable finesse in the coming months if it is to reduce Fed support at pre-cisely the correct rate. Our panellists will discuss the likelihood of these various tapering scenarios, how each scenario would impact upon the attractiveness of bond allocations versus equity allocations and how consultants should be advising their clients to prepare.

Does the ‘great rotation’ argument have legs?

As evidenced by recent record equity rises, investors appear to be slowly re-embracing risk and with this either beginning to – or at least contemplating to - reallocate assets from fixed income to riskier equity and alternatives markets. Our panel of consultants will examine how deeply rooted this great rotation is or whether at the first sign of instability we may see a route back to bonds.

Rebooting Consulting

“ Last autumn, the Saïd Business School at the University of Oxford published a survey on

fund manager selection that came to some controversial conclusions… they analyzed the

selections of long-only US equity managers by US consultants for US pension plans. It found

no evidence that those selections added value to the plans. In fact, in certain circumstances,

the reverse was true.”Investment & Pension Europe, March 2014

Rebooting consulting: why current pension consulting models are fatally flawed.

“Value creation in the future will be based on economies of creativity: mass customisation and

the high value of bringing a new product or service improvement (or) the ability to find a solution to

a vexing customer problem.”Harvard Business Review, May 12th 2013

Speaking truth to power: re-positioning consultants in the eyes of investors.Too often consultants have, coddled investors and trustees in order to hold onto business and in so doing fed the image of consultants as ineffectual gatekeeper rather than trusted and respected investment expert. That’s a living, but it’s not thriving.What value are you creating and are you getting paid for it? Can communication skills be a competitive advantage? How can consultants position themselves as providers’ of frank, fearless advice to investors?

“The uptick in consultants getting involved in the outsourced CIO business in the past five years creates a whole new set of conflicts of interest.”

Pensions & Investments, November 25th 2013

Welcome to accountability!

Many consultancies have segued from providing unaligned consulting advice to offering investment services, in an attempt to add more value and charge more for their services. While consultants dismiss conflict of interest concerns, they persist. But conflicts of interest are not the only issue. Delivering an investment product is not the same as offering advice. Are consultants ready to be held accountable for investment performance? Can they withstand conflict of interest concerns again? How will investors be able to know and judge what they are getting?

Consolidation

Is the rise of boutique consultancies simply a market response to the consolidation and perceived commodification of the larger consultancies?

There is a perception amongst investors that the services of larger consulting firms have become increasingly commoditized. In a world that values nimbleness and customized solutions does this perception/misperception explain boutique consultancies recent success in outmaneuvering larger firms and taking ownership of the higher margin, less commoditised hedge fund space? Could deconstructing the fee structure and unbundling services unlock value for larger firms?

Asset Allocation Models

“Studies consistently show that asset allocation is the source of more than 90% of investment returns,

while stock selection adds little.”The Financial Times, January 6th 2014

Rethinking asset allocation models

Why the dramatic increase in correlations over the last five years is not an anomaly but reflects profound

Closed Door Session (Investment Consultants and Sponsors Only)

Investment consultant education forum

Global ICON’s Investor Education Forum will provide investment consultants with the opportunity to choose meetings from amongst a selection of leading investment firms.

The session will be structured around three customized thirty-minute roundtable meetings, with individual managers.

Global ICON Topics

General Sessions

12 This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

structural changes in economic markets. How will conventional methods of diversification and asset allocation need to be revised to accommodate this new reality? What role will non-conventional asset classes play in such an environment?

New asset allocation models alone are not enough!

Our obsession with creating the perfect asset allocation model is causing us to overlook the more important structural issue of governance and execution. Successful future investing will require more than just rejigged asset allocation programs but rather a painful, root and branch overhaul of all your organisational structures and processes. How can consultancies create internal processes that encourage intellectual heterodoxy and continuously challenge comfortable investment dogma? How do you transfer such ideas to your clients?

Lessons Learnt

How do the skills of a successful fund manager in 2014 differ from those in 2007?

How do the balance and type of skills required to prosper in the current market differ from those pre-crash? What are the key operational and strategic lessons that fund managers should have learnt from the crash and how should these lessons be baked into the organisational structure of the firm?

Smart Beta

‘Smart beta’ strategies are gaining popularity, with 42% of investors currently using advanced beta

and another 24% planning to within three years, according to a new study.

Investor Daily, February 17th 2014

Smart beta: the best combination of active and passive investing?

What factors are driving increased consultant and investor demand for smart beta products and why aren’t more available? Comparing the pros and cons

of different types of alternative index weightings and generic versus customized products. What potential embedded risks should consultants be conscious of when integrating these products into pre-existing client portfolios? Brainstorming new smart beta solutions.

Credit

What are the implications for fixed income market of higher interest rates and a stronger US dollar?

“Worldwide issuance of securities backed by revenues from commercial mortgages has nearly doubled this year to the highest level since 2007

as US and European banks pile back into property lending. Issuance of CMBS has reached USD 92.9 billion so far this year, up from USD 48.7 billion

in the same period in 2012.”The Financial Times, December 1st 2013

Where are the most attractive opportunities in structured finance?

There has been a resurgence of US based collateralized loan obligation (CLO) issuance in recent years. The growth in CLO interest is investor driven as CLOs generally deliver higher rate of return than equivalent-rated conventional debt. Our panellists will focus upon current trends in the Collateralized Mortgage Backed Securities (CMBS), Residential Mortgage Backed Securities (RMBS) based segments of the CLO market and which segments of CMBS and RMBS currently deliver the best risk adjusted rate of return.

“Cheaper, more convenient and creating better relationships with investors – all reasons why growing numbers of European companies are sidestepping the public bond markets to raise

`funds through private placements.”The Financial Times, December 10th 2013

The mainstreaming of private and alternative credit.

Assessing the fixed income investment opportunities created as banks shrink their balance sheets. What roles will private placements and mezzanine financing

play in investors’ future portfolios? What risk do these strategies carry and how can consultants help inves-tors minimise them? Which internal ‘bucket’ should these illiquid esoteric strategies fall into?

Equities

“The unexpected swiftness of the rebounds in equity markets, which far outpace actual

economic performance, has also created a palpable nervousness among investors. Gains that robust

will be almost impossible to repeat in 2014, and could easily be reversed”

The New York Times, December 31st 2013

Which segments of the equity markets are overpriced and which still offer fair value?

“The leading MSCI emerging-market index lost 2.6% last year and roughly 4% so far in 2014. And U.S. investors are turning away. If history is any guide,

emerging-market stocks will end up a bargain again for investors with the guts to buy against the grain.”

The Wall Street Journal, February 28th 2014

How will emerging markets equity markets fare?

Emerging market equities have lagged developed markets for the last one and a half years but much of this is differential has been down to fund flows. How likely are emerging market fund flows to resume? What would be the leading indicators of such a rever-sal and which segments of emerging markets would likely benefit the most from such a situation?

How do the long-short offerings of the giant long-only firms’ compare with those of boutique long-short specialists?

Real Estate

“The demand for real estate by pension funds and other institutional investors globally is outstripping the supply for hard assets.”

Pensions & Investments, December 23rd 2013

Which segments of the real estate market are likely to offer the best risk adjusted rates of return over the next five years?

Alternatives Investing

“Pension funds, those stalwarts of conservative investment, are continuing to move

into alternative investments faster than any other kind of investor.”

The Financial Times July 7th 2013

Have hedge funds become victims of their own success?

Does the very success of hedge funds in attracting enormous inflows of institutional money actually compromise their ability to deliver alpha? Is the in-dustry’s consolidation into fewer and fewer larger and larger hedge funds exacerbating this alpha drought? To minimise these issues, would investors be better served concentrating their hedge fund investments in smaller, younger funds or are there ways of struc-turing larger, mature hedge funds that avoid a drift into asset gathering vehicles and maintain their alpha hunger?

Which hedge fund strategies are likely to out-perform in the coming twelve months?

Different stages of the economic cycle tend to favour different hedge fund strategies. In this session hedge fund managers from a variety of different strategies will analyse how wider market conditions are likely to impact upon their strategies in the coming months and how they are positioning their portfolios to maxi-mise the attendant opportunities and minimise the attendant risks.

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure. 13

“Institutional investors with long-term liabilities are increasingly looking for infrastructure exposure

offering inflation protection and stable yields.”The Financial Times, July 13th 2013

Infrastructure investing: an alternative to bonds?

Do infrastructure investments live up to their stable return, low risk promise? How can investors’ best access infrastructure, comparing direct vs indirect and closed vs open vehicles. Comparing the skillsets required in investing in developed versus emerging market infrastructure projects.

“Private-equity firms are set to return a record amount of cash to their investors for 2013…this year will be remembered for the gains earned by firms

that specialize in buying and selling companies, and by the pension funds, university endowments and

wealthy individuals that invest in them.”The Wall Street Journal, December 30th 2013

Will private equity’s bumper returns continue?

A combination of central bank induced low interest rates and a booming stock market created ideal conditions for private equity in 2013. Investors in private equity firms received a record breaking USD 120 billion through the year. Our panellists will discuss: how changing interest rate policies may impact upon private equity returns; assess the contention that the competition for quality assets is becoming increasingly crowded and driving down future returns; and analyse the skill sets that private equity managers will need to cope with these changing market conditions.

The New Alternatives?

Are investment structures the new alternatives?

If alternatives are no longer alternative then what are the ‘new alternatives’? Could it be that ‘new alternatives’ are not defined by asset class but rather the structure through which they are accessed? ‘New alternatives’ consist of investors going direct, seeding platforms, new businesses etc. What role can consultants play in facilitating this process?

Manager Selection

Does process trump picking?

Are consultants too focused on the micro management of manager vetting picking and investing insufficient manpower in macro asset allocation decisions which determine the majority of outperformance?

Applying game theory to investment manager selection

Risk Management

How can we predict – and in so doing potentially ameliorate - the next financial crisis?

Tasks in the modern economy are divided up into ever smaller and ever more specialized components. Whilst this trend has driven huge efficiency gains, which in turn have underpinned rising living standards, the interdependency it has fostered has dramatically increased the risks of catastrophic systemic failure. This session will examine: the link between financial complexity and systemic risk, which exogenous and endogenous factors pose the greatest risks to our increasingly complex and interdependent financial system; whether it is realistically possible to model this system; and, in so doing, reduce the likelihood and magnitude of major financial dislocations.

“A number of pension plans, including larger and more sophisticated ones, are employing derisking approaches that also focus on adding alpha and

unique betas — and thus increase returns and reduce pension contributions and expenses — while at the same time moving plans to a lower risk position.”

Pensions & Investments, March 3rd 2014

Why pension fund de-risking requires far more consideration than simply shifting growth assets into liability matching assets.

Traditional ‘cookie-cutter’ de-risking models – reliant on mechanistic asset allocation - are being superseded by “asset class agnostic” models focused on multiple risk/reward trade-off levers, such as replacing equity

beta exposure with customized mixes of alpha and exotic beta. What are the latest innovations in pension fund de-risking? In a low-rate environment, how are different economic scenarios being factored into these new dynamic ‘glide-paths’?

“Not everything that can be counted, counts; and not everything that counts can be counted”

Albert Einstein

Combining the qualitative with the quantitative.

The past six years have re-emphasized the importance of a dual track quantitative and qualitative approach to risk. Yet the gradual consolidation of consultants into larger organizations may subtly undermine qualitative dimension. Larger organizations – especially in organizations such as consultants with their relatively high staff turnover at the junior levels – tend to become increasingly bureaucratic and procedural and hence more conducive to the standardized quantitative processes. How can consultants ensure that the qualitative aspects do not get marginalized? Is this (yet another) argument for boutique investment consultancies rather than mega consultancies?

“Overreliance on modern risk management systems, and metrics such as value-at-risk, can blind

firms to tectonic structural market shifts.”Risk.net, January 7th 2014

Why you better stop relying on those VaR numbers!

With the finance world increasingly enamoured of mathematical and physics based economic models, Dr. Lee Smolin’s argument, - elucidated in his new book Time Reborn - that the very idea of stable or predictable scientific laws is dangerously misguided, carries huge implications for the investor and pension consultant communities.

What should pension consultants look for when assessing whether a fund’s senior management really does have a commitment to best practice risk management?

How are the more astute managers repositioning their risk management systems to not only cope with replay of past risk management challenges but also to

anticipate future risk challenges? What types of data should consultants ask from their managers in order to adequately track their portfolio risk profile?

“Geopolitical risk has been muted for asset allocators, but it needs to be

ratcheted up now,”The Financial Times, August 27th 2013

Is it possible to factor geopolitical risk factors into your strategic asset allocation policy?

With increased investment in emerging economies and growing evidence of the interconnection between emerging markets and developed markets, pressure is increasing on consultants to measure and monitor the political risk embedded in their client portfolios. Yet the methodologies employed in this regard remain ad hoc and arbitrary. How can consultants adopt a more rigorous methodology for measuring embedded political risk and how can they ensure that the managers their clients are invested in possess equally robust models for modelling political risk?

Dark Pools

“The proportion of trading taking place in anonymous venues called dark pools is set to average around 9.5% by value during the year, up from 8.5% in 2012. That proportion reached

12% in October – an all-time high.”The Wall Street Journal, December 23rd 2013

Liquidity that creates illiquidity?

What are dark pools about? How are they and other market structure developments affecting trading and manager performance? What are the systemic risks posed by the use of exchange traded funds, exchange traded notes, index funds and liquid alternatives? What internal and external forces threaten these securities markets? Is it possible for governments to regulate dark pools in such a way that they reign in dark pools worst (potential) excesses without compromising the benefits that they deliver to markets?

14 This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

We Need Greater Co-operation

Being right together: the case for industry-wide initiatives

Investors have long recognized the power and value of joining together on industry initiatives. The Alternative Investment Management Association (AIMA) standardized due diligence questionnaire offers a good example. Some groups like the Alignment of Interests Association (AOI) have engaged consultants in their activities. Technological efficiencies like the FIX Protocol could not have been accomplished without the full cooperation of the buyside and sellside, clients and competitors. Yet many consultant industry initiatives meet with resistance, even though they could reduce inefficiencies and costs. How do you decide what efforts to support and what to dismiss? Is an effort a bad idea if you did not think of it? When is industry cooperation a better way to compete?

Industry initiative case study: OPERA (Open Protocol Enabling Risk Aggregation).

Forward-thinking consultants saw a problem with current risk procedures and offered a solution: the Open Protocol Enabling Risk Aggregation (OPERA.) The OPERA working group aims to improve industry efficiency and transparency by “orchestrat(ing) an open protocol which standardizes reporting procedures for collection, collation and conveying risk and exposure information.” Although OPERA has been widely applauded by risk experts, consultant adoption of the protocol has been slow. Our panellists will discuss the thinking behind OPERA and how the industry concerns that underlie the resistance to the protocol can be better addressed.

The Demographic Challenge

Pension fund demographics: just how long are current and future retirees likely to live?

“It is somewhat perverse that so much time, effort and energy are expended worrying about disasters that don’t happen while nowhere near enough of the three have been expended on a disaster that

most certainly will. The world’s population is getting older and it doesn’t have enough money to fund its increasingly lengthy twilight years… if the financial crisis junkies really want something to worry about,

then global pension provision is where it’s at.”The Wall Street Journal, December 30th 2013

How can Governments induce their citizens to better save for retirement without having to resort to costly government subsidies?

The United States spends more than USD 100 billion per year on tax subsidies for retirement savings accounts such as 401(k)s and IRAs. Do these subsidies encourage families to save more, or do they induce them to shift money they would have saved anyway into tax-advantaged retirement accounts with no net increase in savings? While many studies have investigated this question, the answers remain uncertain because of inadequate data in the U.S. We turn to data from Denmark, where we obtain 41 million observations on savings, for new evidence.

“As economists and regulators are beginning to recognize, global aging threatens to unleash a wave of aftershocks: chronically weak economic growth,

and a more volatile international economy.”BusinessWeek, December 19th 2013

Coping with increased life expectancy: melding best practice macro government investment policy with the correct micro investment/annuity product mix.

How will an ageing population impact upon the growth potential of advanced economies? Will central bankers conventional instruments prove ineffectual in economies dominated by more conservative savings obsessed older workers and retirees? What economic and investment lessons can we learn from the demo-graphic pathfinder Japan?

The Great Debate

“Anxieties are rising in the euro zone thatdeflation—the phenomenon of persistent

falling prices across the economy that blighted the lives of millions in the

1930s—may be starting to take root as it did in Japan in the mid-1990s.”

The Wall Street Journal, January 5th 2014

The Great Debate: This house believes that deflation has displaced inflation as the more imminent threat to investors and to the global economy.

In order to challenge the biases of the audience and stimulate debate, our two teams of panelists - two consultants arguing in favor and two in opposition to the motion - will purposefully adopt contrasting ab-solutist positions.

The Chartered Alternative Investment Analyst

Association (CAIA) is an independent, not-

for-profit, global organization committed

to education and professionalism in the field

of alternative investments. The Chartered

Alternative Investment Analyst Association

is the sponsoring body for the Chartered

Alternative Investment Analyst designation.

CAIA was founded in 2002 by the Alternative

Investment Management Association (AIMA)

and the University of Massachusetts Center for

International Securities and Derivatives Markets

(CISDM). The Chartered Alternative Investment

Analyst designation is recognized globally as

the designation certifying one’s mastery

of the concepts, tools and practices essential

for understanding alternative investments

and promotes adherence to high standards of

professional conduct. CAIA designees are required

to maintain membership in the CAIA Association and

adhere to professional and ethical standards.

Membership offers professional credibility, career

support and advancement, access to a global

network of peers, as well as networking and

educational events. Currently, there are over six

thousand seven hundred CAIA members. For

further details, please refer to the Chartered

Alternative Investment Analyst Association

website at www.caia.org

The Association of Investment Management

Sales Executives (AIMSE) is the only professional

organization dedicated to serving the needs of

investment management sales and marketing

professionals. The AIMSE mission is to provide

an educational forum for those employed in the

investment management sales and marketing

services profession worldwide. AIMSE fosters high

ethical and professional standards among our

members regarding representation of investment

products and services, with an educational

emphasis on improving skills, enabling members to

adapt to the changing needs of the marketplace.

Founded in 1977 with a total of one hundred and

twenty five members, AIMSE today has more than

eight hundred members worldwide, each with

access to a wide array of AIMSE services. AIMSE’s

U.S. and Canadian members manage in excess

of USD 12 trillion, in investment management

assets. Twenty three of the top twenty five largest

managers ranked by U.S. institutional tax-exempt

assets under management are AIMSE members.

AIMSE International has members in the UK,

Netherlands, Sweden, Denmark, France, Germany,

Italy, Switzerland, Spain, Greece and Australia.

Please visit www.aimse.org for further information

Founded in 1990, the Alternative Investment

Management Association (AIMA) is the global

representative of the hedge fund industry. We

represent all practitioners in the alternative

investment management industry – including hedge

fund managers, fund of hedge funds managers,

prime brokers, legal and accounting firms, investors,

fund administrators and independent fund directors.

Our membership is corporate and comprises over

one thousand three hundred firms (with over six

thousand individual contacts) in more than forty

countries. They all benefit from our influence in

policy development, our leadership in industry

initiatives and our outstanding reputation with

regulators. We address the real issues affecting the

industry’s development. The Alternative Investment

Management Association actively represents

the global hedge fund industry at national and

international levels in ongoing discussions about

the future regulatory framework for the industry.

Our focus on education, regulation, policy

development and sound practices has resulted in

a substantial body of work used around the world

by members, institutional investors, policymakers

and supervisors. For further information on the

Alternative Investment Management Association

please refer to our website at www.aima.org

Balyasny Asset Management (‘BAM’) founded in

2001, is an institutional investment firm dedicated

to delivering consistent, uncorrelated absolute

returns in all market conditions. BAM has offices

in the United States, London and Hong Kong,

employing over two hundred professionals

from over forty countries.

Perella Weinberg Partners is a global, independent

advisory and asset management firm with

approximately USD 10.8 billion of commitments

from institutional and private investors around

the world. The firm is a private limited partnership

with approximately 415 employees based in New

York, London, Abu Dhabi, Denver, Dubai, and San

Francisco.

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure. 15

Global ICON’s Sponsors and Partners

Delegate Details and Method of Payment

Name: Position Organisation: Tel: Email: Address: City and Post Code: Country:

Method of Payment: Please tick the relevant payment box Visa Mastercard Cheque Please Make USD cheques payable to: This Ain’t Your Average Conference Company. Please note, we do not accept payment by American Express or Diners.

Name of cardholder: Expiry Date: (M) (Y)

Card number: Signature of cardholder:

Please Register Me For

Please TICK the relevant registration figure and fax to +1 647 723 7460:

*Global ICON retains the right to determine whether a delegate qualifies for the subsidized investment consultant rate. Please email David Stewart at david@global-arc.net to see if you qualify.

Global ICON reserves the right to alter this program without notice and to refuse registrations from any organisation or individual deemed by Global ICON to be incompatible with the event. Global ICON is closed to all media and press.

GLOBAL ICON CANCELLATION POLICY: Should you be unable to attend, a substitute delegate from your company is welcome to replace you at no extra cost, on condition that details of the substitute delegate are provided in writing at least 72 hours in advance of the event. Alternatively, a full refund of the registration fee minus a 20% cancellation fee is available provided written notification is received by Global ICON no less than four weeks before the event.

IMPORTANT: cancellations received after 5pm GMT JUNE 16th 2014 will not be entitled to a refund nor to a credit note for future events. In registering, delegates acknowledge and accept that no exceptions will be made to this four week cancellation rule on any grounds, including, but not limited to: delegates inability to attend due to acts of terrorism, industrial disputes, personal or family emergencies, disruptions caused by weather, natural calamities or other acts of god.

In the unlikely event of Global ICON being cancelled for any reason, neither Global ICON nor its associated companies or its employees accept responsibility for travel and/or accommodation cost or consequential losses incurred by prospective delegates as a result of any such cancellation. Global ICON therefore recommends that prospective delegates arrange appropriate insurance cover.

Registration Form: Global ICON 2014July 14th, 15th and 16th 2014 • The Hyatt Regency BostonFax: +1 647 723 7460 • Email: register@global-arc.net

This Global ICON brochure was updated March 12th 2014. Please visit www.global-arc.net for the latest version of the brochure.

USD registration per delegate for three days (general sessions only)

Standard registration rate: fund managers, service providers and institutional and private investors

Subsidized registration rate: investment consultants only *

Register and pay before May 1st 2014

USD 6,995

USD 695

Register and pay before June 1st 2014

USD 7,495

USD 795

Global ICON Venue

The official hotel for Global ICON 2014 is the Hyatt Regency Boston.

Delegates staying at the Hyatt Regency Boston are entitled to a special rate of USD 259 plus tax, subject to availability, provided you book no later than Monday June 16th 2014.

Any rooms booked after this date will be at the hotel’s prevailing rate. To book please call 888-421-1442 (USA and Canada) or +1 402-592-6464 (elsewhere) and mention that you are attending Global iCON.

The Hyatt Regency Boston: One Avenue de Lafayette, Boston, Massachusetts, 02111, USA. Switchboard: +1 617 912 1234

Global ICON Mailing AddressGlobal ICON, Suite 300, 7111 Syntex Drive, Mississauga, Ontario, L5N 8C3, Canada T: +1 (289) 290-4460 F: +1 (647) 723 7460

Global ICON is a wholly owned subsidiary of Global ARC. Since 2002, Global ARC has convened gatherings of the world’s largest pension funds and sovereign wealth funds and leading finance and economics academics to discuss global investment opportunities. Global ARC has earned a reputation as a research rich, impartial, and off-the-record meeting place where participants are free to share their views in a stimulating, non-commercial environment.

Global ARC and Global ICON are wholly owned by their founder, David Stewart, and are not affiliated with any media company or individual supplier of services to the investment industry.

If you have any program queries please contact David Stewart at david@global-arc.net or Robert Bennett-Lovsey at robert@global-arc.net

If you have any sponsorship queries please contact Steve Wallace at steve@global-arc.net

About Global ICON and Global ARC