op leaders across the hedge fund industry gathered together

and raised more than $2.4 million at the 100 Women in Hedge

Funds Fifth Annual black-tie Gala celebration at Cipriani in New

York City last Thursday night. Proceeds from the Gala will go

directly to Teach For America and Building with Books, two

organizations that support empowering underprivileged and

at-risk youths through innovative approaches in education,

providing opportunities to improve their lives and the

communities in which they live.

“Over the past five years 100 Women in Hedge Funds has raised

over $10 million for causes in the areas of women’s health,

education and mentoring. We are thrilled our annual Gala

continues to serve as a powerful platform for progressive change

and innovation,” said Amanda Pullinger, Aquamarine Capital

Management, LLC and President of 100 Women in Hedge Funds.

T E A C H F O R A M E R I C A received funding to expand its

national corps of college grads who will commit two years to

teach in low-income urban and rural public schools, working

to eliminate educational inequity and close the academic

achievement gap.

Funds for B U I L D I N G W I T H B O O K S will go toward pro-

grams that support at-risk youths by engaging them in intensive

community service and leadership programs. In addition to con-

tributing to their own communities locally in the U.S., students

also help to build schools in remote villages around the world,

helping people in developing countries increase their self-reliance

through education. As a result of these programs, 97% of U.S.

high school students Building with Books has worked with over

the last five years are now in college.

1 0 0 W O M E N I N H E D G E F U N D S presented two of the

most coveted awards in the hedge fund industry at the Gala.

Renowned financier C A R L C . I C A H N was honored with the

100 Women in Hedge Funds Effecting Change Award for his

outstanding contributions to improving education, presented to

him by Maria Bartiromo of CNBC. “I am pleased that the 100

Women in Hedge Funds have focused on education this year.

Children are our future and we as an industry must continue to

invest in them,” said Icahn.

D R . A N N E D I N N I N G , a Managing Director of D.E. Shaw was

honored with the 100 Women in Hedge Funds Industry

Leadership Award, presented to her by David E. Shaw of

D. E. Shaw & Co., L. P., for her talent, ethics and passion that help

define the hedge fund industry’s standard of excellence. “I'm sin-

cerely honored to be recognized by 100 Women in Hedge Funds,

a group that has charted a wonderful course both for the

advancement of professional women and for the support of

tremendous organizations like Teach for America and Building

with Books,” said Dr. Dinning.

The Gala culminated with a Live Auction conducted by Guest

Auctioneer Eliza B. Osbourne of Sotheby’s, with Michael Litt of

FrontPoint Partners, that drew in substantial proceeds through

the competitive bidding on 17 valuable luxury lots that were

generously donated, including four VIP passes to a 2007 Ferrari

Challenge in North America, a luxury vacation for two on the

Greek Island of Corfu, a week for four at "Chateau Exquisite"

seaside villa on the Outer Banks North Carolina, and a one-on-one

meeting with Professor Jeffrey D. Sachs twice named to Time

Magazine's list of 100 Most Influential Leaders in the World.

The success of the Fifth Annual Gala could not have been made

possible without the generous contributions made by the 2006

Chairs D. E. Shaw & Co., L. P. and Tudor Investment Corporation

and 2006 Vice Chairs Goldman, Sachs & Co. and Moore Capital

Management, LLC as well as all the other corporations and indi-

viduals who generously supported the event.

T

Thank You! F O R Y O U R G E N E R O S I T Y & S U P P O R T

Dr. Anne Dinning being presented with the Industry

Leadership Award by David E. Shaw

2005 Gala Committee: (left to right) Stefanie Apicella, Martha Dabagian, Sherrie Beehler,Anita Hill Sands, Juliette Cottrill, Janice Hall, Kristin Mott, Natasha Fedorow, Mimi Drake,Lauren Malafronte, Felicity Fridman

November 21, 2006

Photo Gallery O U R G R AT I T U D E T O A L L , W E H I G H L I G H T B U T A F E W. . .

Maria Bartiromo, Carl Icahn & Mimi Drake

BOARD OF DIRECTORS: Kristin Fox, Carol Kim, Joan Werner, Dana Hall, Eve Teich, Amanda Pullinger, Mimi Drake (Mindy Posoff missing from photo)

Presentation of Award Checks to TeachForAmerica &Building with Books: Joan Werner, Marc Friedman, JimZiolkowski, Wendy Kopp, Juliette Cottrill

H I G H L I G H T S F R O M T H E 2 0 0 6 G A L A & B E N E F I T

On this page we’re pleased to highlight some of the many people who have made

this event special. We are pleased to showcase our Board of Directors, the

recipients of this evening’s proceeds, and our honoree Mr. Carl Icahn, flanked by

Maria Bartiromo and Mimi Drake.

Once again, may we extend our gratitude to each and every one of you who made

this event the spectacular success that it was.

We look forward to seeing you at next year's Gala events in London and New York.

For more information on the London Gala, scheduled for March, 2007, contact

london@100womeninhedgefunds.org. For the New York Gala on Nov 14, 2007,

contact gala@100womeninhedgefunds.org. The charitable theme for both Galas will

be mentoring.

Presentation of Award Checks to TeachForAmerica & Building with Books:Juliette Cottrill, Marc Friedman, Joan Werner, Jim Ziolkowski, Wendy Kopp

1 0 0 W O M E N I N H E D G E F U N D S

A B O U T 1 0 0 W O M E N I N H E D G E F U N D S

100 Women in Hedge Funds is a global association of more than

5,000 volunteers that seeks to make a difference in our member-

ship, industry and community through unique educational pro-

gramming, professional development initiatives and philanthropy.

B O A R D O F D I R E C T O R S

Mimi Drake, Defiance Asset Management, LLC

Kristin Fox, HedgeWorld

Dana B. Hall, D. E. Shaw &Co., L. P.,

Carol Kim, Lehman Brothers

Mindy Posoff, NewMarket Capital Partners, LLC

Amanda Pullinger, Aquamarine Capital Management, LLC

Eve Teich, Silver Point Capital

Joan Werner, Ramius Capital Group

2 0 0 6 G A L A C O M M I T T E E

Chair: Juliette Cottrill, FrontPoint Partners

Board Champion: Mimi Drake, Defiance Asset Management, LLC

Committee Members: Stefanie Apicella, Old Hill Partners Inc.

Sherrie Beehler, Oppenheimer & Co. Inc.

Martha Dabagian, Goldman, Sachs & Co.

Natasha Fedorow, Pine Grove Associates Inc.

Felicity Fridman, McDermott Will & Emery LLP

Janice Hall, Merrill Lynch

Lauren Malafronte, Barclays Capital

Kristin Mott, DKR Capital

Anita Hill Sands, Intuition Financial Placement, LLC

If your company is interested in developing a strategic and globalrelationship with 100 Women in Hedge Funds - by sponsoringeducational and professional development events, philanthropicactivities or financially supporting the operations of our growingorganization – please contact amandapullinger@100womenin-hedgefunds.org.

Donations for Teach For America and Building with Books arestill being accepted.

You may send a check or donate online. Checks can be madeout to 100 Women in Hedge Funds Foundation and mailed tothe organization’s Treasurer:

Joan WernerRamius Capital666 Third Avenue, 26th FloorNew York, NY 10017

Credit card donations can be submitted viahttp://www.acteva.com/booking.cfm?bevaid=122168

Your generous support for these important organizations is greatly appreciated.

E D U C AT I O N E V E N T S

N E W Y O R K

3rd Annual Roundtable Discussion with Female Hedge Fund

Managers - Wednesday, December 6, 2006 at 5:00 pm

PA N E L I S T S

Dawn Fitzpatrick, Deputy Head

O'Connor's Equity and Credit Hedge Fund Platform

Kathleen Kelley, Portfolio Manager

Kingdon Capital Management LLC

Que T. Nguyen, Director of Global Macro Strategies

Numeric Investors LLC

Jamie Zimmerman, Managing Partner

Litespeed Partners, LP

M O D E R AT O R

Kathryn J. Crecelius, Chief Investment Officer

The Johns Hopkins University

L O N D O N

Female Hedge Fund Professionals Discuss Quantitative

Strategies - Monday, December 11, 2006 at 6:30 pm

PA N E L I S T S

Charlotte Grundman, CFA, GSAM - Executive Director

Quantitative Resources Group

Alexandra Vincenzi, Capital Introductions Group

UBS

Marlies van Boven, PhD, Head of Quantitative Analysis

Baring Asset Management (London)

Melanie Lynch, Senior Economist

Graham Capital Management

M O D E R AT O R

Tracy Pearson, Head of Alternative Investment

Forsyth Partners Limited

For further information and to register, please visit:

http://www.100womeninhedgefunds.org

There will be upcoming events in Dallas, TX and

San Francisco, CA. Check the website for more information.

M E N T O R I N G E V E N T S

S E C O N D G E N E R AT I O N D I A L O G U E

January 2007 - Panel discussion on "Short Term Career Goals"

The second in a series of six meetings over a period of twelve

months specifically geared towards junior women in the hedge

fund industry. The series will include panel discussions, work-

shops, and networking opportunities.

If you are interested in organizing an educational event in yourcity, please contact membership@100womeninhedgefunds.org.

Forthcoming Events! . . . A N D I N F O R M AT I O N