October29-31, Grand Hyatt, New York City, NY

Jelle Beenen, Head of Alternative Beta, PGGM INVESTMENTS

Laurence Siegel, Director of Research, FORD FOUNDATION

Craig R. Dandurand, CFA,Investment Officer, AbsoluteReturn Strategies, CalPERS

Mario Thierren, President,CAISSE DE DEPÔT ETPLACEMENT DUQUÉBEC

Salim A. Shariff, President,WEYERHAEUSERCOMPANY RETIREMENTPLAN

The largest gathering of Hedge Fund of Funds and their investors in North America October 29-31, Grand Hyatt, New York City, NY

Greater Participation from End-Investors than Ever Before:

CEOs & CIOs of LeadingHedge Fund of Funds SharingTheir Allocation Strategies and addressing key challenges in managing liquidity,improving performance and delivering value toinvestors

The World's Leading Hedge Fund Academics:

Professor Andrew W. Lo, Harris & Harris Group Professor,Sloan School of Management,MASSACHUSETTS INSTITUTEOF TECHNOLOGY

Professor David A. Hsieh, Professor of Finance, DUKE UNIVERSITY

Emanuel Derman, ProfessorFinancial Engineering,COLUMBIA UNIVERSITY &Head of Risk, PRISMA CAPITALPARTNERS

Thomas Schneeweis, Professor of Finance, School ofManagement, UNIVERSITY OFMASSACHUSETTS, AMHERSTDirector, Center for InternationalSecurities and Derivatives Markets(CISDM)

Christopher C. Geczy, Ph.D.,Assistant Professor FinanceDepartment, THE WHARTONSCHOOL AT THEUNIVERSITY OFPENNSYLVANIA

& ALL the Market Leaders inHedge Fund Replication:

✔ MERRILL LYNCH✔ GOLDMAN SACHS✔ JP MORGAN✔ BGI✔ PARTNERS GROUP✔ DIVERSIFIED GLOBAL

ASSET MANAGEMNT

Investor Focus throughoutwith Special Participation by:

• Caisse De Depôt Et Placement Du Québec

• CalPERS• Ford Foundation• Former CIO of the University

of Chicago• Veritable LP

Gold Sponsors

Silver Sponsors

Bronze Sponsors

CALL: 888.670.8200 or 941.951.7885 WEBSITE: W W W . G A I M U S A F O F . C O M

Grosvenor Capital Management • Permal Group •Fix Asset Management • Man Group • Prisma Capital

Partners • Diversified Global Asset Management • ArdenAsset Management LLC • Barclays Global Investors •

Mesirow Financial Advanced Strategies • Ivy AssetManagement • EACM Advisors LLC • Optima Fund

Management, LLC • Guidance Capital LLC • Credit Suisse• Silver Creek Capital Management LLC • Goldman Sachs

Hedge Fund Strategies LLC • EIM USA

Hi-Octane, Specialist Niche Hedge Fund of Funds how they deliver concentrated exposure to top-performing, 'below the radar screen' managers insector specific, small & emerging and geographicallyfocused funds

Turnstone Asset Management • C h a l k s t ream •Fa i rfield Greenwich • M Sq u a re Advisors, LLC • Alpha Beta Capital

Management • Absolute Capital Limited •AC In vestment Management LLC • Cole Pa rtners • L o n g s h i p

Capital Management • Eu ropanel Re s e a rch & Alternative AssetManagement (ERAAM) • Pa rtners Group • SAIL Advisors Limited

• Claritas In vestments • En Trust Capital • PI PE Equity Pa rt n e r sL LC • Thomas H. Lee Capital LLC • Aris Capital Management •Stillwater Capital Pa rtners • Longship Capital Management LLC •

Pentagon Capital Management PLC • Magnitude Capital • C a p i t a lMVP Asset Management LLC • The Agile Group • Slifka Asset

Management LLC • Nikko Alternative Asset Mangement •L a k e v i ew In vestment Manager • Penjing Asset Ma n a g e m e n t

Limited • GLL In vestors, Inc • A I FAM, Inc • 47 De g rees No rt hCapital Management • Franklin St reet Pa rtners • Ma rt e l l o

In vestment Management • OneCapital Management Pa rtners, LLC

The Definitive Briefing on

Hedge FundReplication

The ONLY:in-depth, impartial, investor-focusedlook at the potential of hedge fund replicationfor investor portfolio decision making and its

implications for the industry

4th Annual

David J. Gordon, CFA, ASA,VERITABLE LP

Exclusive, Closed-Door Sessions for Institutional InvestorsExpert-led educational sessions for end-investors making first-time allocations orincreasing mandates to hedge fund of funds

Only at GAIM Fund of Funds

A Track Record of Consistent,High-Performance:• Over 500 senior industry leaders have

attended every year since 2004

• The ONLY event that gives you theopportunity to meet the “Who's Who” ofthe hedge fund of funds industry

• A truly Global Networking Opportunity –representatives from over 23 differentcountries attend this event

Industry Leaders Debate the GrowthStrategies of Major Institutions and theFuture of M&A in the Industry:

George H. Walker, Global Head of InvestmentManagement, LEHMAN BROTHERS

James E. (Jes) Staley,Chief Executive Officer,JP MORGAN ASSET MANAGEMENT

Mark K Hannoush, CA, CFAManager, Operational DueDiligence, Investment Finance,ONTARIO TEACHERS'PENSION PLAN

pp. 5-8

p. 5

pp. 5-11

pp. 11-13

REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885FAX: 941.365.2507 EMAIL: register@iirusa.com2

Only One GAIM Fund of Funds - Only One must attend event of Fall 2007

Laurence Siegel, Director of Research, Ford Foundation, Research Director of theResearch Foundation of CFA Institute Laurence B. Siegel is director of research in the Investment Division of the Ford Foundationin New York, where he has worked since 1994. Before that, he was a managing director of

Ibbotson Associates, an investment consulting firm that he helped to establish in 1979. In 2005 Larrywas named Research Director of the CFA Institute's Research Foundation.

Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, CalPERSCraig Dandurand, Investment Officer for CalPERS's Risk Managed Absolute ReturnStrategies (RMARS) Program, is responsible for overseeing all aspects of CalPERS'srelationships with international fund-of-hedge-fund managers.

David W. Wiederecht, Vice President, Managing Director Alternative Investments, GEAsset Management Incorporated Mr. Wiederecht is Vice President - Alternative Investments for GE Asset Management,where he co-heads the absolute return strategy team. He also has portfolio management

responsibilities for various private equity and real estate investment strategies.

Mario Therrien, Vice-President, Funds of Hedge Funds, Hedge Funds, Caisse De DépôtEt Placement Du QuébecMario Therrien has been Vice-President, Funds of Hedge Funds, at the Caisse de dépôt etplacement du Québec since 2002. In this capacity, he oversees a team whose mandate is to

develop investment strategies using hedge funds. Mr. Therrien joined the Caisse in the TacticalInvestments unit in 1992 as a financial analyst.

Expand your Network of Global Investors at GAIM Fund of FundsAs investors' allocation intentions continue to focus on gaining exposure not only in emerging but

also developed global markets it's never been more important for you to have an extensive and deepnetwork of contacts who can open doors and share insight beyond the U.S.

At GAIM Fund of Funds, you will meet with a hand-picked faculty of expert experienced investorsfrom Europe, The Middle East, India, China, Japan and Latin America. It's an efficient way for you toget an incisive global update at the same time as enabling you to broaden your global rolladex.

Here are just some of the global investors that you will meet:

■ European experts:• Amanda McCracken, Director, Turnstone Asset Management• Cyril Julliard, Co-Founder, Europanel Research & Alternative Asset Management (ERAAM)

■ Middle East specialists:• Eric Meyer, President and CEO, Shariah Capital• Warren Vincent, Head of Private Office Investments, National Bank Of Dubai

■ Major Asian investors and notable family offices:• Ronnie Wu, Founder and Chief Investment Officer, Penjing Asset Management Limited• Eliza Lau, Chief Executive Officer & Chief Investment Officer, SAIL Advisors Limited• Takuma Aoyama, President, AIFAM, Inc

■ Latin American market leaders• Enio Shinohara, Fund of Funds Manager, Claritas Investments• Arthur Mizne, President, M Square Advisors, LLC

The Definitive Hedge Fund Replication Briefing - Fact or Fiction? Hype or Secular Trend? It Looks Like a Hedge Fund, or Does It?

No more controversial a subject has been discussed of late than the advent of replicated passivehedge fund indices which claim to offer investors 'hedge fund like returns' at a significantly lowerprice than via hedge funds or hedge fund of funds. To some, the new synthetic or cloned hedge fundindices cannot hope to replicate the skills-based alpha generation recipes of high-performance hedgefunds. To others, the replicated indices and other newer replicated products and funds offer investors aground-breaking opportunity to choose an entirely different and cost-effective method of gaining non-traditional, uncorrelated exposures for their portfolios.

To adequately debate this subject requires not only input from the world's leading academics andproduct pioneers but also end investors who are actively considering the potential impact on theirportfolio allocation strategies. As you have come to expect from GAIM, the speaker faculty for thehedge Fund Replication Briefing will include ALL of the above.

Nowhere else in 2007 will you have the opportunity to hear from such a distinguished andcomprehensive group of experts, uniquely positioned to give investors a truly definitiveunderstanding of the key tenets of the theory and the realities of implementing replicatedstrategies in practice.

Here are just a few of the thought leaders you who hear at the Definitive GAIM Briefing on Hedgefund Replication (see pp 11-13 for further details.)

■ Professor Andrew W. Lo, Harris & Harris Group Professor, Sloan School of Management,Massachusetts Institute of Technology, Director of MIT's Laboratory for FinancialEngineering

■ Steve Houston, Managing Director of the Equity Strategic Solutions Group, Merrill Lynch &Co., Greg Kuppenheimer, Managing Director, Fund Derivatives Trading, Goldman Sachs &Co. and Lakshmi Seshadri, Alternative Investment Specialist, JP MorganIdentifying the key components and differentiators of leading passively replicated indices including howthe factor models work, the downside risk entailed and the differentiating factors between products

■ Philip Halpern, Private Investor; Oxford Financial Group - Investment Policy Council;Former CIO of the University of ChicagoApplying replication as a portfolio management tool in a HNW portfolio to meet a specific risk profileand to manage portfolios in a more aggressive, tactical way

■ Emanuel Derman, Professor Financial Engineering Columbia University and Head of Risk,Prisma Capital PartnersUse of replication algorithms as a diagnostic tool in manager selection and performance monitoring.

■ Dr. Lars Jaeger, Partner Head Alternative Beta Strategies, Partners GroupOn the progress made to building in dynamic allocation to replications products.

■ George Main, Chief Executive Officer and Chief Investment Officer, Diversified Global AssetManagementIdentifying the strategies most ripe for replication and the implications for investor portfolio decisionmaking

■ Joanne M. Hill, Managing Director, Pension Services Group, Goldman, Sachs & Co. Applying replication as a portfolio management tool in an institutional portfolio to optimize the use ofthe risk budget and take account of a liability-driven investment approach

GAIM is committed to ensuring you gain unrivalled networking opportunities combined withvaluable market information to help further expand your fund's opportunities and successes. I lookforward to meeting you in person in October.

Amanda Rodrigues, Event Director, GAIM Fund of Funds

Only At GAIM Fund of Funds - Still the Best Place to meet The “Who's Who” of the Hedge Fund of Funds Industry

For the “best of breed,” innovative leaders of the hedge fund of funds industry opportunity stillabounds. Not only are large sectors of the institutional community continuing to look to hedge fund offunds as the vehicle of choice (*) for initial allocations to alternatives, but experienced investors and thoseincreasing their mandates continue to deploy significant capital to funds which offer a unique valueproposition to their investors.

But how best can today's hedge fund of funds ensure their value proposition continues to evolve andadapt to guarantee retention of an increasingly sophisticated and discerning investor base, in the face ofunprecedented market change and competition that continually evolves and innovates?

There is no single answer. Which is why at GAIM Fund of Funds, the Hedge Fund of Funds premierannual gathering, you will hear from over one-hundred of the most authoritative and insightful industryleaders, each a stellar performer in their own field, who will share their unique perspectives on some ofthe most complex issues facing hedge fund of funds today.

Benefit From a Truly Expert View on Future Investment and BusinessOpportunities from the Most Authoritative Industry Leaders

As an attendee of GAIM Fund of Funds you will gain access to this wealth of talent and knowledgecombined with a quite unique opportunity to deepen and revive your personal industry network at thepremier gathering of the industry's leaders.

Here are just a few of the decision-makers who you will have the opportunity to meet at GAIM Fundof Funds:

■ Peter Clarke, Chief Executive, Man Group, Steve Smith, Global Head of Funds and AlternativeInvestments, Credit Suisse and Martin B. Kaplan, Chief Executive Officer, Mesirow FinancialAdvanced Strategies will examine how industry will develop over next 5 years

■ David B. Small, Partner, Grosvenor Capital Management, Robert C. Jones, CFA, ManagingDirector, Chief Investment Officer, Global Quantitative Equity, Goldman Sachs, Robert P. Prince,Co-Chief Investment Officer, Bridgewater Associates, considering the seminal issue; whetheralternatives the new mainstream and what are the implications for successful hedge fund of funds andtheir investors in the future

■ George H. Walker, Global Head of Investment Management, Lehman Brothers and James E. (Jes)Staley, Chief Executive Officer, JPMorgan Asset Managment will share their expert opinions on howthe growth strategies of leading institutions will impact opportunities for hedge fund of funds,consider the key objectives of investment banks when taking minority stakes in hedge funds anddetail future plans for strategic partnerships with independently owned alternative asset managers.

And these are just a few of the many highlights of a packed three day program.

Unique Opportunities for Institutional Investors at GAIM Fund of FundsAs institutional demand continues to grow, GAIM Fund of Funds continues to evolve to offer

institutions a unique opportunity to broaden and deepen their understanding of the how hedge fund offunds can add value to their portfolios.

In response to an extensive survey with institutional investors conducted at the 15th Public FundsBoards Forum event, GAIM Fund of Funds will be hosting special closed-door sessions for end-investorsonly. The key findings from the survey were instrumental in developing a targeted agenda for investorswho indicated intention to allocate to hedge fund of funds in the next 12-18 months. (*)

Now, for the first time, GAIM Fund of Funds will provide end-investors with a unique opportunity tohear not only the best and brightest of the fund of funds industry in open forum, but also with theadditional opportunity to ask questions, share experiences and gain practical, relevant and timelyinformation, 'off-the-record' from their own peer group in exclusive closed-door sessions.

As access to the Close Door Sessions will be restricted to end-investors only, please email the EventDirector, Amanda Rodrigues at arodrigues@iirusa.com to request approval to attend.

*Institutional Investors Surveyed at The 15th Annual Public Funds event included:

First Hand Information From Some of the Industry's Most Influential Investors

Once again GAIM USA Fund of Funds has assembled some of the world's leading institutionalinvestors to share their future allocation plans with you. Here are just a few of the leading investors thatyou will meet:

Jelle Beenen, Head of Alternative Beta, PGGM InvestmentsJelle Beenen is currently head of “Alternative Beta” at PGGM Investments. PGGM is thepension fund for the Dutch Healthcare and Social Work Sector and has around Euro 70 billionassets under management. Alternative Beta covers PGGM's strategic investments that cannot

be implemented by replicating market indices. It comprises Hedge Funds, Private Equity, Long TermFundamental Investments and Strategic Absolute Return Strategies (“Portfolio of Strategies”), totalingaround Euro 7 billion.

Salim A. Shariff, President, Weyerhaeuser Company Retirement PlanSalim Shariff joined Weyerhaeuser Company in July 2004 as Managing Director and ChiefInvestment Officer, as well as President of Weyerhaeuser Asset Management. Prior to joiningWeyerhaeuser, he was Executive Director of Morgan Stanley AIP and a Portfolio Manager for

Liquid Markets. He had previously served as a Managing Director and Portfolio Manager at NorthwaterCapital Management Inc.

Mark K. Hannoush, CA, CFA Manager, Operational Due Diligence, Investment FinanceOntario Teachers' Pension PlanMark Hannoush specializes in conducting Operational Due Diligence as a Manager in theInvestment Finance department at the Ontario Teachers' Pension Plan Board in Toronto,

Canada. His role is to ensure that hedge fund operational risk is assessed and mitigated for the externalmanager program which includes both hedge funds and managed accounts.

Austin Police Retirement SystemGeorgia Sheriff 's Retirement FundWest Virginia Investment Management BoardOklahoma Firefighters Pension and RetirementBoardChattanooga Fire & Police PensionSan Diego City Employees RetirementArizona State Retirement SystemChicago Teachers Pension FundJacksonville Police & Fire Pension FindLos Angeles City Employees Retirement Systems(LACERS)

El Paso Fire & Police Pension FundAlameda County Employees RetirementAssociationPhiladelphia Board of PensionsLos Angeles City Employees Retirement SystemsColorado Fire & Police Pension AssociationMissouri State Employees Retirement SystemCity of Boston Pension FundOrange County Employees Retirement SystemSan Diego County Retirement SystemDetroit General Retirement System

3W W W . G A I M U S A F O F . C O M

bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

CLOSED DOOR SESSIONS – New End-Investor Focus NICHE FUND OF FUND STRATEGY SHOWCASE – Experienced End-Investor Focus

MANAGING THE CHALLENGES OF RUNNING A SUCCESSFUL FUNDOF FUNDS:

Chaired by: CRA ROGERS CASEY Chaired by: OPTIMA FUND MANAGEMENT, LLC Chaired by: SLIFKA ASSET MANAGEMENT LLC

1.30 INITIAL ALLOCATIONS TO HEDGE FUND OF FUNDS NATURAL RESOURCE HEDGE FUND OF FUNDS BROADENING THE INVESTOR BASE TO HNW INVESTORSPracticalities of integrating an initial hedge fund of funds allocation into aninstitutional portfolio, including an evaluation of the pros and cons of usingportable alpha strategiesCRA ROGERS CASEY • GE ASSET MANAGEMENT INCORPORATED

GREGOIRE CAPI TAL LLC • COLE PARTNERS • PERMAL GROUP •AC INVESTMENT MANAGEMENT LLC

Identifying the access provided by different distribution platforms to globalHNW investors and how best their services can be incorporated into a HNW portfolioDILWORTH CAPITAL MANAGEMENT, LLC • UBS WEALTHMANAGEMENT • SMITHBARNEY ALTERNATIVE INVESTMENTS

2.10 INTRODUCTION TO STRUCTURED PRODUCTS - ABL HEDGE FUND OF FUNDS

Use of leverage in an institutional portfolioLEHMAN BROTHERS

STILLWATERCAPITALPARTNERS • MVPASSET MANAGEMENT LLC •PENTAGON CAPITAL MANAGEMENT PLC • VERWALTUNGS - UND PRIVAT- BANK AG.

2.50 TRANSPARENCY SMALL & EMERGING MANAGERS ADVANCED STRUCTURED PRODUCTSIdentifying an appropriate level of transparency, how it can help withinvestors’ risk management, its limitations, and the best way to use theinformation providedROCATON INVESTMENT ADVISORS, LLC • ENTRUST CAPITAL •MAGNITUDE CAPITAL

P R I M O R E S • ALPHA BETA CAPI TAL MANAG E M E N T• THE AGILE GRO U P • 47 DEGREES NORTH CAPI TAL MANAG E M E N T

Fund of fund managers share their experiences using customized structuredproducts to increase AUM, broaden the investor base, better manage liquidityand enhance performanceNATIXIS CAPITAL MARKETS, INC. • ARDEN ASSET MANAG E M E N TL LC • GUIDANCE CAPITAL LLC • GOLDMAN SACHS HEDGE FUNDSTRATEGIES LLC • FAIRFIELD GREENWICH

3.30 Afternoon Networking Break Sponsored by HSBC

4.00 BENCHMARKING PIPES HEDGE FUND OF FUNDS MANAGING THE LIQUIDITY CRUNCHPerformance benchmarking institutional fund of fundsFUND EVALUATION GROUP, LLC • OCTANE MANAGEMENT •GREGOIRE CAPITAL LLC

PIPE EQUITY PARTNERS LLC • GLL INVESTORS, INC.• ROTHSTEIN KASS

Structuring fund of fund portfolios to maintain your risk profile, meetinvestor redemption needs and retain access to top managersREED SMITH LLP • ARIS CAPITAL MANAGEMENT • FIX ASSETMANAGEMENT • GEM GLOBAL EQUITIES MANAGEMENT

4.40 PORTFOLIO MANAGEMENT CREDIT HEDGE FUND OF FUNDS

Incorporating more esoteric strategies into hedge fund of fund portfolios andthe implications for investor performance monitoring and risk managementCAISSE DE DEPÔT ET PLACEMENT DU QUÉBEC • GE ASSETMANAGEMENT INCORPORATED

LONGSHIP CAPITAL MANAGEMENT, LLC • ABSOLUTE CAPITALLIMITED

5.30 Cocktail Reception Sponsored by ARCHWAY TECHNOLOGY PARTNERS

7.00 am Breakfast and Registration

8.00 am Opening remarks from the ChairmanOPTIMA FUND MANAGEMENT, LLC

8.15 am Re-evaluating the value proposition of hedge funds of funds andthe future of the hedge fund of funds industryMAN GROUP • CREDIT SUISSE • MESIROW FINANCIALADVANCED STRATEGIES • KPMG

8.55 am Are alternatives the new mainstream and what are the implicationsfor successful hedge fund of funds and their investors in thefuture?GOLDMAN SACHS • BRIDGEWATER ASSOCIATES •GROSVENOR CAPITAL MANAGEMENT • WEYERHAEUSERCOMPANY RETIREMENT PLAN

9.35 am C o n vergence of business models – as the industry evo l ves andm a t u res, will the lines continue to blur?CASEY, QUIRK & ASSOCIATES LLC • ROGERSCASEY •MCCABE ADVISORS

10.15 am Morning Networking Break

10.45 am Alpha Generation Spotlight - SUB-PRIME TRADEPAULSON & CO, SLIFKA ASSEST MANAGEMENT

11.30 am Organic vs M&A – how the growth strategies of leadinginstitutions will impact opportunities for hedge fund of funds andtheir investorsLEHMAN BROTHERS • JPMORGAN ASSET MANAGEMENT• OPTIMA FUND MANAGEMENT, LLC

12.15 pm Lunch

7.15 am Breakfast and Registration

8.00 am Opening remarks from the ChairmanOPTIMA FUND MANAGEMENT, LLC

8.15 am Forecast – The Global Economic ForecastSTRATEGIC ECONOMIC DECISIONS, INC

8.50 am KEYNOTE DISCUSSION - Geopolitical Risk & the FinancialMarkets

RGE MONITO R • NIKKO ALT E R N ATIVE ASSET MANAG E M E N T• STANFORD ADV I S O RY GRO U P • RISK RESEARCH, LLC

9.50 am Analysis - Opportunities and challenges presented by globalmarkets in 2008IVY ASSET MANAG E M E N T • SILVER CREEK CAPITALMANAGEMENT LLC • EIM USA

10.30 am Networking break

11.00 am CASE STUDY-The new risk premia and use of exotic beta withininstitutional portfolios – end- investor perspectivePGGM INVESTMENTS

11.35 am Alpha generation spotlight - ACTIVISMLAKEVIEW INVESTMENT MANAGER • OLIVER PRESSPARTNERS, LLC • SLIFKA ASSET MANAGEMENT LLC

12.15 pm Lunch

NICHE FUND OF FUND STRATEGY SHOWCASE – II CHANGING TRENDS IN GLOBAL INVESTMENT & THE NEW OPPORTUNITY SET FOR HEDGE FUND OF FUNDS AND THEIR INVESTORS

EXTENDED SESSION ON GLOBAL OPPORTUNITIESChaired by: OPTIMA FUND MANAGEMENT, LLC

Chaired by: SLIFKA ASSET MANAGEMENT LLC

1.30 BRIEFING – THE CHANGING GLOBAL REGULATORY ENVIRONMENT CHANGING TRENDS IN GLOBAL INVESTMENT

INTERNATIONAL MONETARY FUND (IMF) • FEDERAL RESERVE BANK OF NEW YORK • FINANCIALSERVICES AUTHORITY

How leading international investors are currently using hedge fund of funds within their asset allocation strategies:the view from the world’s leading consultantsNEPC • ROCATON INVESTMENT ADVISORS, LLC • CRA ROGERS CASEY • FUND EVALUATIONGROUP, LLC

2.10 CHANGING OPPORTUNITY SET IN KEY GLOBAL DEVELOPED MARKETS – UK & EUROPE OPERATIONAL DUE DILIGENCE

CALPERS • TURNSTONE ASSET MANAGEMENT • EUROPANEL RESEARCH & ALTERNATIVE ASSETMANAGEMENT (ERAAM)

Performance monitoring in the aftermath of Amaranth – is a new behavioral-based approach essential to execute fiduciaryresponsibilities and manage risk within an institutional portfolio?ONTARIO TEACHERS' PENSION PLAN • PETRA GROUP NEW YORK, INC.

2.50 WHAT MIDDLE EASTERN INVESTORS ARE LOOKING FOR IN HEDGE FUND OF FUND ALLOCATIONS HYBRID HEDGE FUND OF FUNDS

CALPERS • SHARIAH CAPITAL • NATIONAL BANK OF DUBAI VERITABLE LP • CHALKSTREAM CAPITAL GROUP, L.P. • THOMAS H. LEE CAPITAL LLC • ONECAPITAL MANAGEMENT, INC.

3.30 Afternoon Networking Break

4.00 CHANGING OPPORTUNITY SET IN KEY ASIAN MARKETS – EMERGING: INDIA AND CHINA ADVANCED STRUCTURED PRODUCTS

PENJING ASSET MANAGEMENT LIMITED • SAIL ADVISORS LIMITED • MART E L LO INVESTMENT MANAG E M E N TCHANGING OPPORTUNITY SET IN DEVELOPED ASIAN MARKETS – JAPAN

AIFAM, INC

Use of structured products to improve risk management and enhance performanceSG AMERICAS SECURITIES, LLC

4.40 CHANGING OPPORTUNITY SET IN LATIN AMERICA

C LA R I TAS INVESTMENTS • M SQUARE ADVISORS, LLC • M A RT E L LO INVESTMENT MANAG E M E N T

5.30 Close of Day Two of the event, Cocktail Reception Hosted by Jefferies Asset Management

8.00 am Opening remarks from the ChairmanTHE WHARTON SCHOOL AT THE UNIVERSITY OFPENNSYLVANIA

8.30 am The latest research into the use of quantitative algorithms toreplicate the sources of hedge funds returns and the implicationsfor the investors’ portfolio decision-making processDUKE UNIVERSITY

9.10 am Establishing a new framework for integrating traditional andalternative investments, including replication strategiesSLOAN SCHOOL OF MANAGEMENT • MASSACHUSETTSINSTITUTE OF TECHNOLOGY

9.50 am Identifying the potential for tracking sub-styles and buildingdynamic allocation decision making into a replicated product PARTNERS GROUP

10.30 am Morning networking break

10.50 am Identifying the strategies most ripe for replication and theimplications for investor portfolio decision makingDIVERSIFIED GLOBAL ASSET MANAGEMENT

11.30 am Identifying the key components and differentiators of leadingpassively replicated indices including how the factor models work,the downside risk entailed and the differentiating factors betweenproductsJP MORGAN • MERRILL LYNCH & CO. • GOLDMANSACHS & CO

12.10 pm Extended Q&A with leading investors including: CALPERS • VERITABLE LP

12.30 pm Have replicated funds replaced multi-strategy funds as the new threat?EACM ADVISORS LLC • FORD FOUNDATION

1.10 pm Lunch

This section will showcase investor-led case studies of practical ways in whichreplication can be utilized for specific aspects of portfolio management

2.30 pm Applying replication as a portfolio management tool in aninstitutional portfolio to optimize the use of the risk budget andtake account of a liability-driven investment approachGOLDMAN, SACHS & CO. • CAISSE DE DEPÔT ETPLACEMENT DU QUÉBEC

3.00 pm Applying replication as a portfolio management tool in a HNWportfolio to meet a specific risk profile and to manage portfolios ina more aggressive, tactical way OXFORD FINANCIAL GROUP • THE UNIVERSITY OFCHICAGO

3.30 pm Afternoon Networking Break

3.50 pm Use of replication algorithms as a diagnostic tool in managerselection and performance monitoringPRISMA CAPITAL PARTNERS • BARCLAYS GLOBALINVESTORS

4.30 pm Using replication methodologies to create a strategy pure Fund ofFunds that match your exiting risk profile while enhancing returnsUNIVERSITY OF MASSACHUSETTS, AMHERST •INTERNATIONAL SECURITIES AND DERIVATIVESMARKETS (CISDM)

5.00 pm Close of GAIM Fund of Funds Hedge Fund Replication Briefing

REPLICATION AS A PORTFOLIO MANAGEMENT TOOL

BUSINESS IMPLICATIONS FOR THE HEDGE FUND INDUSTRY

PASSIVE REPLICATION OF INDICES: HOW IT WORKS IN PRACTICEAN INVESTOR FOCUSED DISCUSSION

NEXT STEP REPLICATION

THE ACADEMIC FRAMEWORK

Day One – Monday October 29th, 2007: Future of the Hedge Fund of Funds Industry – The Latest Trends and Emerging Business Models

Day Two – Tuesday October 30th, 2007: Changing Trends in Global Investment & the New Opportunity Set for Hedge Fund of Funds and Their Investors

Day Three – Wednesday October 31st, 2007: Hedge Fund Replication Briefing at GAIM Fund of Funds

EXTENDED SESSION

Day One – Monday October 29th, 2007Future Of The Hedge Fund Of Funds Industry – The Latest Trends And Emerging Business Models

The largest gathering of Hedge Fund of Funds and their investors in North America

4 REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885FAX: 941.365.2507 EMAIL: register@iirusa.com

7.00 Breakfast and Registration

8.00 Opening remarks from the Chairman

8.15 Re-evaluating the value proposition of hedge funds of funds and thefuture of the hedge fund of funds industry• Examining how the industry will develop over next five years • Defining the rate of asset flows to the sector - is a slow-down anticipated and in which

markets are demand for fund of funds expected to grow?• Determining the areas in which fund of funds are still uniquely positioned to add value

to an end investors portfolio including:- Evaluating the degree to which current fee structures are supportable in the face of

increased competition from replicated hedge fund products- Identifying how fund of funds are delivering value to retain experienced investors - How fund of funds are responding to the increase convergence between alternative asset

classes, traditional investments Peter Clarke, Chief Executive, MAN GROUP Studied Law at Queens’ College Cambridge and subsequently qualified as a solicitorin 1985. He went on to practice at Slaughter and May in London before moving into

investment banking with Morgan Grenfell and Citicorp, working in mergers and acquisitions.He joined Man in 1993 ahead of the Group’s flotation on the London Stock Exchange in 1994.He became head of Corporate Finance & Corporate Affairs 1996 and was also appointed GroupCompany Secretary. He was appointed to the Group Board in 1997 and became FinanceDirector in May 2000 at the time of the Group’s demerger of its physical commodity activities.He was appointed Deputy Group Chief Executive in November 2005 and he was appointedGroup Chief Executive with effect from 1 April 2007.

Steve Smith, Global Head of Funds and Alternative Investments, CREDIT SUISSEStephen Smith is a Managing Director of Credit Suisse's Asset Management business,based in New York. He is the Head of Funds and Alternative Solutions within

Alternative Investments. Mr. Smith joined Credit Suisse in 2005 as a Senior RelationshipManager in the Fixed Income and Equity Divisions. Prior to joining Credit Suisse, Mr. Smithspent two years at Albourne Partners. Mr. Smith began his career in the Fixed Income CapitalMarkets/Derivatives Group at Bankers Trust. From there he joined SBC/O'Connor, where hewas responsible for Equity Derivatives and European Research Sales. Before departing to run ahedge fund (Dune Partners), Steve helped build the equity platform for the UBS O'ConnorHedge Fund.

Martin B. Kaplan, Chief Executive Officer, MESIROW FINANCIALADVANCED STRATEGIESMarty Kaplan is the chief executive officer of Mesirow Advanced Strategies, Inc. and is

a member of its investment, executive and management committees. Additionally, he is amember of its parent company, Mesirow Financial Holdings Inc.’s executive committee andboard of directors. He is responsible for leading the day to day operations of the business,including client service, new product development and building the operational infrastructure.In addition, he focuses on developing and implementing key strategic initiatives for MesirowAdvanced Strategies, Inc. Prior to joining Mesirow Advanced Strategies, Inc., Mr. Kaplan wasan attorney with the law firm of Katten Muchin & Zavis.

Moderated by: Mikael A. Johnson, Global Chair, Hedge Funds and AlternativeInvestments Leadership Team, KPMG

Mikael is an assurance partner in KPMG’s Al t e rn a t i ve In vestments Practice in Ne wYo rk, and he serves as Global Chair of the Fi rm’s Hedge Funds and Al t e rn a t i ve In ve s t m e n t sLeadership Team. Mikael has 13 years of experience serving altern a t i ve investments clients,including hedge funds, commodity pools, private equity funds, ve n t u re capital funds, hybridp roducts, and their sponsors (including re g i s t e red investment advisers and broker/dealers). Mi k a e lleads the Fi rm’s effort to focus its re s o u rces in the hedge fund and altern a t i ve investments mark e t .Mikael has worked with a wide variety of clients, including the altern a t i ve investment pro d u c tg roups of multinational financial institutions, large entre p reneurial altern a t i ve investment andwealth management firms, and start-up altern a t i ve investment managers. In addition to audits e rvices, Mikael has perf o rmed a variety of business advisory services for his clients including start - u pconsulting, due diligence assistance, and process reengineering. Mikael is a co-author of a jointK P M G / C R E ATE study on the hedge funds industry entitled Hedge Funds: A Catalyst Re s h a p i n gGlobal In vestment.

8.55 Are alternatives the new mainstream and what are the implicationsfor successful hedge fund of funds and their investors in the future?This presentation will consider the future evolution of the opportunity set for investorsagainst the background of increasing convergence between traditional asset managementand alternative investment methodologies. It will also evaluate the implications of the questfor increasingly complex sources of alpha and alternative beta and the capacity constraintsthat could limit mainstream adoption.

Robert C. Jones, CFA Managing Director, Chief Investment Officer, GlobalQuantitative Equity, GOLDMAN SACHSBob brings over 25 years of investment experience to his work in managing the Gl o b a l

Qu a n t i t a t i ve Equity Group. He developed the original model and investment process for GQE inthe late 1980s and has been responsible for overseeing their continuing development and evo l u t i o ne ver since. The GQE Group currently manages over $80 billion in equity portfolios across avariety of styles and client types. Prior to joining Goldman Sachs Asset Management in 1989,Bob was the Senior Qu a n t i t a t i ve Analyst in the In vestment Re s e a rch De p a rtment and the authorof the monthly Stock Selection publication. Be f o re joining Goldman Sachs in 1987, Bobconducted quantitative re s e a rch for both a major investment banking firm and an optionsconsulting firm. In his care e r, Bob has been fortunate to have worked with some of the para g o n sof modern finance, including Ha r ry Ma rk owitz, Fischer Black and Bob Li t t e rman. He is amember of the Ne w Yo rk Society of Security Analysts, the Institute for Qu a n t i t a t i ve Re s e a rch inFinance (the ‘Q Gro u p’), QWA FAFEW (Qu a n t i t a t i ve Wo rk Alliance For Applied Fi n a n c e ,Education and Wisdom), and the Chicago Qu a n t i t a t i ve Alliance and is a board member andpast president of the New Yo rk Society of Qu a n t i t a t i ve An a l y s t s.

Robert P. Prince, Co-Chief Investment Officer, BRIDGEWATER ASSOCIATESBob Prince has been with Bridgewater since 1986. He manages the company'sresearch and development of proprietary investment management models, designs

client investment strategies, and oversees the implementation of these strategies within clientportfolios. Bob has undergraduate BS degrees in Finance and Accounting from the University ofTulsa. He has an MBA from the University of Tulsa. Prior to joining Bridgewater in 1986, Bobmanaged the Treasury department for the Banks of Mid-America in Tulsa, Oklahoma

David B. Small, Partner, GROSVENOR CAPITAL MANAGEMENTGrosvenor specializes in creating and managing multi-manager portfolios utilizing alternativeinvestment strategies. Grosvenor manages approximately $19.9 billion for individual andinstitutional clients globally. Grosvenor has offices in Chicago and Tokyo and employsapproximately 170 people, including 25 investment professionals.Mr. Small has been affiliated with Grosvenor since 1987 and has been a full time member ofthe investment team since 1994. He is the Chairman of the Investment Committee and sharesresponsibility for portfolio and risk management as well as the evaluation, selection, andmonitoring of various strategies and managers. Previously, Mr. Small was the founder and CEOof a software firm specializing in risk management systems for derivatives trading firms, and afinancial consultant for an insurance research firm. He received a B.S. in Economics from theWharton School of the University of Pennsylvania and an M.B.A. in Finance/Econometricsfrom the University of Chicago's Graduate School of Business

Moderated by: Salim A. Shariff, President, WEYERHAEUSER COMPANYRETIREMENT PLANSalim Shariff joined We ye rhaeuser Company in July 2004 as Managing Director and

Chief In vestment Of f i c e r, as well as President of We ye rhaeuser Asset Management. Prior tojoining We ye rh a e u s e r, he was Exe c u t i ve Director of Morgan Stanley AIP and a Po rtfolio Ma n a g e rfor Liquid Ma rkets. He had previously served as a Managing Director and Po rtfolio Manager atNo rthwater Capital Management Inc. Be f o re joining No rt h w a t e r, he worked as a ConsultingAc t u a ry at Watson Wyatt Wo rldwide where he designed both pension plans and related inve s t m e n ts t rategies. He holds a B.A. with Honours in Mathematics from the Un i versity of Essex andpursued post-graduate studies in Mathematics at St. Catherine's College, Ox f o rd. He is a Fe l l owof the Canadian Institute of Actuaries and the Institute of Actuaries of the United Kingdom. Mr.Shariff is also a Chart e red Financial Analyst Charter holder.

9.35 Convergence of business models – as the industry evolves andmatures, will the lines continue to blur?• between alternative investing and traditional investing,• between consultants and hedge fund of funds, and• between hedge funds and private equity• What is the model for the future? • What options exist for investors to outsource the CIO function?• Evaluating where the respective models add most value and how they are changing the

opportunity set for investorsModerated by: Kevin P. Quirk, Partner, CASEY, QUIRK & ASSOCIATES LLCKevin is a founding partner of Casey, Quirk & Associates. He has over 15 years ofexperience in the investment management industry and has worked directly with over

50 organizations, including many of the industry leaders. Kevin has led assignments in broadorganizational strategy, investment and distribution platform assessment and enhancement,M&A advisory, strategic partnership development, and company start-ups. Kevin has experiencein all of the primary market segments, including Institutional and Retail, and in most of themajor global markets. He has co-authored several industry research papers, including Success inInvestment Management: Building and Managing the Complete Firm (2000), Fund of hedgefunds—Rethinking resource requirements (2002), Search for Investment Quality (2003), Successin Investment Management: Three Years Later (2003), and “Institutional Demand for HedgeFunds: New Opportunities and New Standards” (2004). Prior to founding CQA, Kevin was aManaging Director of Barra Strategic Consulting Group and RogersCasey.

Timothy R. Barron, President & Chief Executive Officer, ROGERSCASEYTim Barron is the President and Chief Executive Officer of RogersCasey, responsible

for the strategic direction and management of the firm. He oversees new businessdevelopment, institutional consulting, investment research and manager research as well as alloperational aspects of the firm. Tim joined RogersCasey in 2002 with over 25 years of experiencein the investment industry. Most recently, he was employed at Muzinich & Co., a high yieldbond investment specialist firm, where he was Director of U.S. Institutional ClientDevelopment. Prior to that he was a principal at Morgan Stanley Dean Witter InvestmentManagement. Before joining Morgan Stanley, Tim was a Managing Director and SeniorConsultant at BARRA RogersCasey. Tim was also a consultant with Wyatt Asset Services, theChief Investment Officer for the Virginia Retirement System, and the Executive Director of theCity of Richmond Retirement System.

Carrie McCabe, MCCABE ADVISORSCarrie A. McCabe has 20 years of experience in capital markets and asset

management, with a particular expertise in hedged strategies. Though her strategicadvisory firm, McCabe Advisors, she counsels clients with hedge fund mandates exceeding $30billion including the world’s largest pension plans, Fortune 100 corporations, top tier hedgefunds, and leading global financial institutions. Most recently, she was President and CEO ofFRM Americas LLC, the New York office of Financial Risk Management’s $13 billion family ofhedge fund of funds. Previously Ms. McCabe was President and Chief Executive Officer ofBlackstone Alternative Asset Management where she built multi-manager hedge fund investinginto a core business of the firm. Ms. McCabe had overall management responsibility for bothinvestment and client aspects of the business. Ms. McCabe began her career at Bear Stearns,where she was elected Managing Director at the age of 30. She then joined Hong Kong andShanghai Banking Corporation (HSBC) as Senior Vice President and Manager of CapitalMarkets, managing a $25 billion balance sheet and directing sales and trading with productsconsisting of swaps, options, foreign exchange, foreign bonds, and other derivatives.

10.15 Morning Networking Break

10.45 Alpha Generation Spotlight - SUB-PRIME TRADEIn this special keynote session one of the most successful managers of 2007 shares thestrategies & approaches they used to deliver stellar returns to their investors in 2007

John Paulson, Chief Exe c u t i ve Of f i c e r, Paulson & CoJohn Paulson is the president of Paulson & Co. Inc. (“PCI”). PCI is the general part n e rand investment manager for the Paulson Funds, domestic and offshore funds focused onmerger and event arbitrage and distressed investing. Prior to organizing PCI, Mr.

Paulson was a general partner of Gruss Pa rtners and a managing director in mergers andacquisitions at Bear St e a rns. Mr. Paulson re c e i ved his Masters of Business Ad m i n i s t ration withhigh distinction, as a Baker Scholar, from Ha rva rd Business School in 1980. He graduated summacum laude in Finance from New Yo rk Un i ve r s i t y’s College of Business and Public Ad m i n i s t ra t i o nin 1978. Mr. Paulson has been managing money in event arbitrage since July 1994.

Introduced by Randy Slifka, Managing Princpal,SLIFKA ASSET MANAGEMENT(for bio see page 9)

W W W . G A I M U S A F O F . C O M

bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

TRACK A TRACK B TRACK C

CLOSE DOOR SESSIONS – NEW END-INVESTOR FOCUS I

NICHE FUND OF FUND STRATEGY SHOWCASE – IEXPERIENCED END-INVESTOR FOCUS

MANAGING THE CHALLENGES OF RUNNING ASUCCESSFUL FUND OF FUNDS:

Chaired by: Kevin E. Lynch, Managing Director, Co-Head Non-Traditional Investments Group, CRA ROGERS CASEY

These expert-led educational sessions are specifically designedfor end-investors who are considering making an initial orsubsequent allocation to hedge fund of funds.

The closed door environment provides end-investors with aunique opportunity to ask questions, share experiences and gainpractical, relevant and timely information ‘off-the-record’ fromtheir own peer group.

Attendance for qualified investors is subject to approval.

To gain access to the GAIM Fund of Funds End-Investor ClosedDoor sessions please email your request to: arodrigues@iirusa.com

Chaired by: Robert Picard, Chief Investment Officer,OPTIMA FUND MANAGEMENT, LLC

As experienced investors seek to enhance the performance oftheir alternative allocations, niche hedge fund of funds canprovide an effective and timely way to gain concentratedexposure to new alpha-generating strategies and access to top-performing, ‘below the radar screen’ hedge fund managers

The GAIM Fund of Funds “Niche Fund of Fund StrategyShowcase” brings you top performing hedge fund of fundswho provide specialist access to:sector specific and small & emerging managers

Chaired by: Randy Slifka, Managing Principal, SLIFKA ASSETMANAGEMENT LLC

This track will explore how successful hedge fund of funds areresponding to dual challenges of managing growth andsustaining performance in specially targeted presentations on:• Managing The Liquidity Crunch• Broadening The Investor Base• Enhancing Performance

1.30 INITIAL ALLOCATIONS TO HEDGE FUND OF FUNDS NATURAL RESOURCE HEDGE FUND OF FUNDS BROADENING THE INVESTOR BASE TO HNW INVESTORS

Practicalities of integrating an initial hedge fund of fundsallocation into an institutional portfolio, including anevaluation of the pros and cons of using portable alphastrategies

Moderated by Kevin E. Lynch, Managing Director, Co-HeadNon-Traditional Investments Group, CRA ROGERS CASEYMr. Lynch is Managing Director, Co-Head of Non-TraditionalResearch at RogersCasey, an institutional investment consultingfirm headquartered in Darien, CT. Mr. Lynch joined RogersCaseyin December 2006 after spending more than 20 years with VerizonCommunications and its predecessor companies. At RogersCasey,Mr. Lynch is primarily responsible for hedge fund research. Heworks with the hedge fund research team sourcing managers,conducting due diligence, and assisting clients with portfolioconstruction and monitoring. In his previous role at VerizonInvestment Management Corp., Mr. Lynch was responsible formanaging Verizon’s $7.0 billion strategic partnership network andits $2.8 billion absolute return portfolio. Mr. Lynch earned abachelor of arts degree from Villanova University and holdsgraduate degrees in finance and economics. He is a CharteredFinancial Analyst (CFA) and Certified Financial Planner (CFP).

David W Wiederecht, Vice President, MANAGINGDIRECTOR Alternative Investments, GE Asset ManagementIncorporatedMr. Wiederecht is Vice President – Alternative Investments for GEAsset Management, where he co-heads the absolute return strategyteam. He also has portfolio management responsibilities for variousprivate equity and real estate investment strategies. Prior to joiningGE Asset Management in 1988, Mr. Wiederecht held severalpositions throughout the General Electric Company. Companies inwhich he serves as a Director include, Navigant International,Edmunds.com, Elephant & Castle and Nextec. He holds a BA inEconomics from St. Lawrence University.

Moderated by: John B. Levitt, CAIA, Principal,GREGOIRE CAPITAL LLCMr. Levitt joined Gregoire in 2001 where he directs productdevelopment and co-manages the firm’s proprietary funds(“F3”).His responsibilities include the analysis of funds-of-funds as well asrelative value strategies research. Prior to joining Gregoire, he wasFounder and Managing Member of The Harvest Fund GroupLLC, a global convertible arbitrage fund, where he tradedconvertible securities using global asset allocation models based onmultiple micro and macro-economic factors.

Brad Cole, President, COLE PARTNERSBrad Cole is President of Cole Asset Management, LLC and ColePartners LLC, overseeing all investment, management, andstrategic activities of the firms, based on his broad alternativeinvestment experience. Brad's professional career spans more than20 years in the derivatives industry and includes more than 10years' experience developing and implementing successful marketingstrategies for alternative investment managers. Brad founded ColeAsset Management in 2002, building on his diverse experience incommodities and alternative asset management. Cole AssetManagement offers investors active asset management in thecommodities sector, managing a natural resources fund of funds.

Christopher Zuehlsdorff, CFA, Portfolio Manager,PERMAL GROUPMr. Zuehlsdorff joined the Permal Group as a Senior FinancialAnalyst in 2003 with the responsibility for discovering andscreening both potential and existing investment managers. Mr.Zuehlsdorff focuses on investment managers pursuing naturalresources and commodity-based strategies performing bothqualitative due diligence and quantitative analysis. In addition, heis a director on the board of Treaty Oak Ironwood Ltd, anindependent offshore investment fund.

Ernest A. Scalamandre, Managing Member,AC INVESTMENT MANAGEMENT LLCAGR Master LP is a fund of hedge funds specializing incommodity and natural resources discretionary investing. TheFund focuses on relatively inefficient markets with pricetransparency. The current focus of the Fund is on Natural gas,power, base metals and the agricultural complex.Ernest A. Scalamandre received a B.S. in Economics from theUniversity of Pennsylvania in 1985. Mr. Scalamandre has workedin the alternative investment industry for fifteen years and hasmanaged a hedge fund of funds and its predecessor since 1993.From July 1995 until December 2005, Mr. Scalamandre was theFounder, Managing Member and sole portfolio manager of

Identifying the access provided by different distributionp l a t f o rms to global HNW investors and how best theirs e rvices can be incorporated into a HNW port f o l i o

Mo d e rated by: James K. Di l w o rth, President, CEO, D I LWO RT HC A PI TAL MANAG E M E N T, LLC LEHMAN BROT H E R SD i l w o rth Capital provides access to unique investment opport u n i t i e sto ultra high-net-worth individuals, families, foundations andinstitutions. Dilworth seeks to deliver unparalleled risk- adjustedre t u rns by sourcing unique and highly differentiated altern a t i vei n vestment opportunities. Prior to establishing Dilworth Ca p i t a l ,M r. Dilworth served as the CEO and Managing Director of theMCP Chess Group with offices in London, England and Sa nFra n c i s c o. MCP Chess Group, Ltd was partially owned by theC h a rles Schwab family managing investments in both hedge fundsand private equity funds. Prior to that Mr. Dilworth was theLondon-based Director of Winter Capital Management. Wi n t e rCapital, which was sold to Ci t i Bank in late 2000, is a leadinga l t e rn a t i ve investment advisory and management boutique serv i n gu l t ra high-net --worth individuals and families.

Douglas Lindgren, Managing Director & Head of the Al t e rn a t i veIn vestment Group, UBS W E A LTH MANAG E M E N TM r. Li n d g ren is a Managing Director and Head of Al t e rn a t i veIn vestments at UBS Financial Se rvices Inc. He manages a teamresponsible for developing, managing, distributing and servicing a suiteof pro p r i e t a ry and non-pro p r i e t a ry altern a t i ve investment offerings acro s sa variety of asset classes and investment strategies, including hedge funds,p r i vate equity, real estate, managed futures, and exchange funds. Prior tojoining UBS in June 2005, Mr. Li n d g ren was a Managing Director ofU.S. Trust Company, and headed its Al t e rn a t i ve In vestments Division.Prior to joining U.S. Trust in April 1995, Mr. Li n d g ren served invarious capacities for Inco Ve n t u re Capital Management (“IVC M” )f rom Ja n u a ry 1988 through Ma rch 1995, including President andManaging Principal from Ja n u a ry 1993 through Ma rch 1995. W h i l eat IVCM, Mr. Li n d g ren invested in ve n t u re capital and buyo u tt ransactions and served on the board of directors of seve ral of its port f o l i ocompanies. Be f o re joining IVCM, Mr. Li n d g ren was employed bySalomon Brothers Inc and Smith Ba rn e y, Harris Upham & Co., In c .He is an Adjunct Professor of Finance at Columbia Un i ve r s i t y’sGraduate School of Business, where he has taught investment seminarssince 1993. Mr. Li n d g ren holds a M.B.A. and B.A. from ColumbiaUn i ve r s i t y.

Paul M. Weisenfeld, Senior Vice President, Dire c t o r,SMITH BARNEY ALT E R N ATIVE INVESTMENTS

5

11.30 Organic vs M&A – how the growth strategies of leading institutionswill impact opportunities for hedge fund of funds and their inve s t o r sWith the recent success of IPOs and as fund of funds consider their exit strategies, what arethe implications of the strategic plans of major institutions for fund of hedge funds andhedge funds? Additionally the presentation will consider the key objectives of investmentbanks when taking minority stakes in hedge funds and future plans for strategicpartnerships with independently owned alternative asset managers.

George H. Walker, Global Head of Investment Management,LEHMAN BROTHERSGeorge is a managing director and global head of Lehman Brothers’ Investment

Management Division. In this role, Mr. Walker oversees Asset Management, includingNeuberger Berman and Lincoln Capital, Private Investment Management and Private Equitybusinesses. He is a member of the Firm's Executive Committee. Previously, Mr. Walker was headof Alternative Investment Strategies for Goldman Sachs Asset Management and a partner of thefirm. He served on the firm’s Partnership Committee. Mr. Walker serves on the board of anumber of institutions: Local Initiative Support Cooperation, New School University (ViceChairman) and the University of Pennsylvania’s School of Arts & Science. Mr. Walker earnedhis M.B.A. from the Wharton School and a B.A./B.S. from the University of Pennsylvania.

Mo d e rated by: James E. (Jes) St a l e y, C E O, J P M O RGAN ASSET MANAG E M E N TJes Staley is the CEO of JPMorgan Asset Management, one of the largest asset andwealth managers in the world with over $1.3 trillion of assets under supervision. He is

a member of JPMorgan Chase’s Exe c u t i ve Committee and Op e rating Committee, the decision-making group for day-to-day strategic and operating matters of the firm. Jes led JPMo r g a n’ss t rategic partnership with Highbridge Capital Management, making JPMorgan the worl d’slargest hedge fund manager with $40 billion under management. The firm’s purchase of a

majority interest in Highbridge in 2004 was arguably the largest and most significant tra n s a c t i o nin the hedge fund industry to date. Ad d i t i o n a l l y, Jes also oversees and sits on the board of theb a n k’s affiliate investment in American Ce n t u ry. Jes joined JPMorgan in 1979 after gra d u a t i n gf rom Bowdoin College with a degree in economics. From 1980 to 1989, he worked in the bank’sLatin America division, where he served as head of corporate finance for Brazil and genera lmanager of the firm’s Brazilian bro k e rage firm. Eight of these years we re spent in São Pa u l o. Je swas one of the three founding members of JPMo r g a n’s equities business, which consolidatedMo r g a n’s extension into investment banking in the early 1990’s. He ran Equity Capital Ma rk e t sand Syndicate. In 1999, Jes was tapped to head JPMo r g a n’s Pr i vate Bank, which under hisleadership improved profitability threefold in two years. Late in 2001, Jes was promoted to hisc u r rent position, adding the asset management business to his responsibilities.

Moderated by: Robert Picard, Chief Investment Officer, OPTIMA FUND MANAGEMENT, LLCPrior to joining Optima as CIO/Director of Research, Mr. Picard was a Managing

Director at The Carlyle Group. At Carlyle, Mr. Picard built and managed the process andportfolio of an innovative hedge fund business that provided an institutional platform forInstitutions investing in alternative investments. Prior tojoining Carlyle, Mr. Picard wasManaging Director at RBC Capital Risk Advisors, working with the Global Equity DerivativesGroup of Royal Bank of Canada. The Group actively managed more than US $10 billion ofRoyal Bank's proprietary assets through arbitrage trading, hedge fund investments and structuredprivate equity investments. Previously Mr. Picard was European Manager, Structured EquityProducts for RBC Dominion Securities Inc. From 1992 to 1994, Mr. Picard worked asEuropean Product Manager, Global Equity Derivatives for Kidder, Peabody in Europe andearlier worked for Bank Nomura (Suisse) S.A.trading and selling multicurrency, Japanese andSouth-East Asian convertible and warrant products.

12.15 Lunch

I made the most contacts athis event. Many felt that thisproved that GAIM is the bestconference. Continue thequality of this event.

“”

EXTENDED SESSION

Pinnacle Associates GP LLC ("Pinnacle"), a fund of hedge fundsfirm serving as the general partner for several fund of hedge funds,including Pinnacle Natural Resources LP. From May 2003 toDecember 2005, Mr. Scalamandre served as the Lead PortfolioManager for the Silver Creek Early Advantage Fund, L.P., aleading emerging manager fund.

2.10 INTRODUCTION TO STRUCTURED PRODUCTS ABL HEDGE FUND OF FUNDS

Use of leverage in an institutional portfolio

Moderated by: Bill Bassin, Senior Vice President,LEHMAN BROTHERSBill Bassin is a Senior Vice President at Lehman Brothers, wherehe leads the hedge fund manager facing Capital Introductionseffort in the US, and where he previously structured derivativetrades around a variety of products, including hedge funds, fund-of-funds, and indices. Additionally, Bill is an Adjunct AssistantProfessor of Financial Management at NYU, teaching a hedgefund class there. Prior to Lehman, Mr. Bassin worked at AudaHedge LLC, a fund-of-hedge-funds, performing both quantitativeand qualitative research and evaluation of potential hedge fundinvestments, as well as portfolio construction of currentinvestments. Before Auda, Mr. Bassin worked in UBS InvestmentBank's Hedge Fund Services Division, and prior to that producedwritten research on the hedge fund industry at Goldman, Sachs &Co. Bill also previously specialized in bankruptcy law as anattorney at Friedman, Wang & Bleiberg. He earned an MBAwith honors from Columbia Business School, specializing insecurity analysis and finance, and also holds a Bachelor's Degree inEconomics/Mathematics from Dartmouth College, as well as aJ.D. from Emory University School of Law, all with honors."

Jonathan Kanterman, Managing Dire c t o r, S T I L LWAT E RC A PI TAL PA RT N E R SJonathan has over 15 years investment management experience.Pre v i o u s l y, Mr. Kanterman was the Managing Director ofValenzuela Capital Pa rtners, LLC., a $2.2 billion moneymanagement firm. Jonathan also served on the inve s t m e n tcommittee where he headed portfolio review and analysis. Prior tojoining Valenzuela Capital Pa rtners, Jonathan was Vice Pre s i d e n tand Po rtfolio Manager of Wo o d f o rd Ga yed Management, In c . ,w h e re his responsibilities included portfolio management and clients e rvicing for this $1 billion money management firm. Michael L St r a t f o rd, CEO, MVP ASSET MANAGEMENT LLCMichael L. St ra t f o rd, is the CEO and founder of MVP As s e tManagement. St ra t f o rd began his career with Friends Prov i d e n tAsset Management Limited. His initial duties we re that ofc o n t rolling and executing all futures, options and warrant trades forthe group. From here he simultaneously managed the Ea s t e rnEu ropean Emerging Ma rkets portfolios for the group. By 1999 hewas Co-Head of the Eu ropean Po rtfolio Desk (excluding UKequities), successfully managing approximately $4bn in assets.Su b s e q u e n t l y, St ra t f o rd held the position of Chief In vestment Of f i c e rand Chief Financial Officer for Ellaway Asset Ma n a g e m e n t .

Ma t t h ew Ember CFA, D i rector of In vestments, PE N TAG O NC A PI TAL MANAGEMENT PLCMatthew Ember CFA is Director of In vestments at Pe n t a g o nCapital Management, a $2 billion London-based altern a t i vei n vestment manager. He has been associated with Pentagon for ove rten years, and during his time in academia was instrumental in thee a rly development of the firm's algorithmic trading models. Prior tojoining Pentagon full time in 2002, Matt spent four years withPr i c e w a t e rhouseCoopers where he advised large corporate clientst h roughout Eu rope and the US. He now directs investment stra t e gya c ross the firm and manages Pentagon's fund of hedge funds,s t ru c t u red finance and asset-based lending portfolios.

Adrian Morger, Head of Fund & Manager Selection,VERWALTUNGS- UND PRIVAT-BANK AG

2.50 TRANSPARENCY SMALL & EMERGING MANAGERS ADVANCED STRUCTURED PRODUCTSIdentifying an appropriate level of transparency, how it canhelp with investors’ risk management, its limitations, andthe best way to use the information providedSome of the first questions investors ask with respect toalternative allocations involve the issue of fund transparency.This session will evaluate what an appropriate and reasonablelevel of transparency might look like and the practicalities ofusing the information provided to execute effective riskprofiling of the portfolio

Moderated by: Roger Fenningdorf, Global Manager Research,ROCATON INVESTMENT ADVISORS, LLCRoger Fenningdorf is a founder and Partner of Rocaton here heleads the Global Manager Research effort. In this capacity, Roger isresponsible for setting the firm’s manager research agenda andmanaging the team’s qualitative and quantitative analysis ofinvestment management organizations and their products. Rogeralso spends a significant amount of his time researching hedgefund and U.S. equity strategies and managers. Roger is alsoinstrumental in working with clients on investment managersearches in the hedge fund and U.S. equity asset classes. Roger is amember of the firms’ Board of Managers. Roger joined Rocatonafter 8 years at Barra RogersCasey where he served as ManagingDirector, Head of Global Manager Research and served asportfolio manager for two fund Of funds strategies. Rocaton is100% employee owned and is focused on providing superiorinvestment advisory services, without conflicts of interest, toinstitutional investors. Rocaton’s assets under advisement exceed$225 billion. Rocaton advises more than $13 billion in hedgefund assets.

Gregg S. Hymowitz, Managing Partner, ENTRUST CAPITALGregg has been a Managing Partner of EnTrust Capital sinceApril 1997. Prior to forming EnTrust, Gregg was a Vice Presidentat Goldman, Sachs & Co., which he joined in 1992. For thepreceding two years, Gregg engaged in a Mergers & Acquisitionspractice at Skadden, Arps, Slate, Meagher & Flom. Gregggraduated Cum Laude from Harvard Law School with a JurisDoctorate, and holds a B.A., Phi Beta Kappa, from the StateUniversity of New York at Binghamton from 1987.

Ben Appen, Founding Partner, MAGNITUDE CAPITALBen Appen is a founding partner at Magnitude Capital, a $1Bfund of funds based in New York. Mr. Appen shares responsibilityfor manager sourcing, evaluation, and ongoing monitoring, aswell as marketing and business operations. Mr. Appen waspreviously a Senior Vice President at D. E. Shaw & Co. Duringhis 7-year tenure at the firm, he co-founded and ran the fund offunds program, which had $600mm with outside managers. Thefund of funds group developed a reputation in the industry for

Moderated by: Remo Kranzlin, Co-founder and ManagingPartner, Primores AGPrimores offers institutional and high net worth clients researchand advisory services in funds of hedge funds. Primores alsomanages funds consisting of carefully selected and strictlymonitored specialist funds of hedge funds. Prior to formingPrimores, Mr Kraenzlin was Managing Director at Fund ResearchPartner in Zurich. Before that he worked as a senior equityderivatives trader at Bank Vontobel and fixed income proprietarytrader at Zurcher Kantonalbank.

Barak L. Laks, ALPHA BETA CAPITAL MANAGEMENTBarak is a Founder, Managing Member and Chief InvestmentOfficer of Alpha Beta Capital Management, LLC and Alpha BetaCapital Advisors, LLC. Alpha Beta runs one multi-strategy fundof hedge funds, which has been recognized as a standout based onabsolute and risk adjusted returns (InvestHedge Levered Fund ofHedge Funds of the Year, 2006). Prior to founding Alpha Beta,Barak was Co-CIO and Partner of the LongChamp Group. Thefirm’s flagship fund of hedge funds, The LongChamp Multi-Strategy Fund, was ranked third by MARHEDGE for three yearsending December 2003 based on risk-adjusted performance (usingMAR Ratio) out of a 300+ sample of well known fund of hedgefunds. Prior to joining LongChamp, Barak was an options traderand analyst for a hedge fund.

Neal Greenberg Chief Investment Officer/Founder,THE AGILE GROUP Neal is the co-founder and Chief Executive Officer of the AgileGroup, LLC, which is the parent organization and is an SECregistered investment adviser. He is also the chief investment officerand chief executive officer of Agile’s underlying hedge funds andhedge funds of funds, including the Agile Safety Fund, LP, AgilePerformance Fund, LLC and Agile Safety Variable Fund, LP. Inthe early 1980s, Neal worked in mergers and acquisitions in theoil and gas industry with Donaldson, Lufkin and Jenrette, as wellas with Butcher Singer. In 1986, Neal founded Greenberg &Associates (known as Agile Group, today), a wealth managementfirm for high net worth individuals. In the late 1980s, whilebuilding a strong team of financial professionals, Neal beganallocating client assets to alternative strategies.

Claude F. Porret, Chief Executive Officer, 47 DEGREESNORTH CAPITAL MANAGEMENTClaude F. Porret is the CEO of 47 Degrees North CapitalManagement. Before founding 47°N in 2006, Claude was thehead of RMF Hedge Fund Ventures within RMF InvestmentManagement. She was a member of the management committeeand the investment strategy committee. Prior to joining RMF in

Fund of fund managers share their experiences usingcustomized structured products to increase AUM, broadenthe investor base, better manage liquidity and enhanceperformance• Financing that provides working capital and enhanced

performance • Turn-key portable alpha products to help access pension fund

investors• Hedge fund-linked annuities and other HNW products• Addressing regulatory and jurisdictional requirements via

Principal Protected Notes

Moderated by: Rebecca Weeks, Managing Director, StructuredFunds Group, NATIXIS CAPITAL MARKETS, INC.Rebecca Ammann is a Managing Director with Natixis Fi n a n c i a lProducts Inc., (formally IXIS Financial Products Inc.). Ms.Ammann joined Natixis in 2000 and is a senior mark e t i n gspecialist for the St ru c t u red Funds Group. Prior to Natixis, Ms.Ammann worked as a Vice President for Ge n e ral Re Fi n a n c i a lProducts (Ge n Re) from 1998, marketing equity-linked deriva t i ve s ,swaps, credit-linked and fixed income stru c t u red products to US lifei n s u rance companies. Prior to Ge n Re, Ms. Ammann spent eleve nyears at Banker Trust Company in various capital markets clientc ove rage roles for the Global In vestment Bank developing assetm a n a g e r, insurance company and corporate clients for fixed income,emerging markets, credit and equity deriva t i ves; asset and liability-based stru c t u red products; tre a s u ry and corporate securities.

John D. Rogers, Managing Director, ARDEN ASSETMANAGEMENT LLCMr. Rogers responsibilities include product developments andstrategic planning. Prior to joining Arden, Mr. Rogers was aManaging Director at Ivy Asset Management Corp. where heheaded Ivy’s Investment products Group and was a member if thefirm’s Global Risk Committee. Prior thereto Mr. Rogers was apartner at a Texas-based private equity form, an investmentbanker at Goldman Sachs and Merrill Lynch and a seniorcorporate finance officer for a Texas-based family corporation.

Barry Brick, Chief Operating Officer, GUIDANCECAPITAL LLCBarry Brick is a principal, Chief Operating Officer and ChiefCompliance Officer of Guidance Capital and is responsible foroverseeing all aspects of the firm's operations. He is also a memberof the firm's Investment Committee. Prior to joining GuidanceCapital, Mr. Brick worked for SEI Investments first managing avariety of financial and business processes within the firm's

The largest gathering of Hedge Fund of Funds and their investors in North America

REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885FAX: 941.365.2507 EMAIL: register@iirusa.com6

The ability to network andlearn from a variety ofinvestors and providers;administrators, legal, primebrokers was valuable

“”

quantitative sophistication and rigorous due diligence. Mr. Appenhas also founded and ran a small statistical software company.Magnitude Capital leverages its principals' hedge fund experienceto focus investments on areas of greatest opportunity. The firm'sprimary sources of capital are institutional investors (supported byconsultants) and hedge fund managers investing their personalmoney.

2001, Claude spent eight years with Hunter DouglasManagement as a director, responsible for treasury managementand supervision of the in-house hedge fund portfolio.

47 Degrees North Capital Management is a premier alternativeinvestment firm offering sophisticated institutional investors aunique line-up of specialized fund of hedge funds products. One ofits flagship products, the 47 Degrees North New Generation Fund,offers investors access to a diversified portfolio of early stage hedgefund managers.

Investment Services unit, and later serving as Director of ProductDevelopment within the Fund Services Division. Before joiningSEI in 1991, he was a business unit controller at Kidder Peabody& Company.

Tobin V. Levy, Managing Director Chief Financial Officer,GOLDMAN SACHS HEDGE FUND STRATEGIES LLCToby is responsible for structured products within the Hedge FundStrategies Group (HFS). He joined HFS as treasurer in 1995 andbecame chief financial officer in 1998. He was responsible formanagement of the Treasury, Controllers, Compliance, Legal, Taxand Operations Services departments. Toby managed the marginloan business for Private Wealth Management from 2001 to 2002and then returned to Princeton to resume his role as chieffinancial officer for HFS.

Andrew Smith, Portfolio Manager, FAIRFIELDGREENWICH Mr. Smith is the Portfolio Manager and oversees all operations forthe Chester Global Strategy Fund, the Irongate Global StrategyFund and the Chester Horizons Fund for FGG. He is also amember of FGG’s Executive Committee. He has over 16 yearsexperience in finance, asset management, private equity and realestate. Prior to joining Fairfield Greenwich Group, Mr. Smith wasa partner at Chester Investments (unaffiliated), a privateinvestment firm/family office, where he was responsible foralternative investments.

3.30 Afternoon Networking Break Sponsored by 4.00 BENCHMARKING PIPES HEDGE FUND OF FUNDS MANAGING THE LIQUIDITY CRUNCH

Performance benchmarking institutional fund of funds Peer group analysis Recreating strategy returnsUse of indices both investible & non-investable

Moderated by: J. Alan Lenahan, CFA, Vice President -Alternative Investments, FUND EVALUATION GROUP, LLCAlan is a Vice President within the alternative investments practiceat Fund Evaluation Group. FEG is an institutional investmentconsultant with over $30 billion in assets under advisementlocated in Cincinnati Ohio. Alan's focus is on the hedge fundindustry and his responsibilities include hedge fund managersourcing and selection, strategy research, portfolio construction,and client education. FEG's efforts in hedge fund research includesourcing and full due diligence of both fund of funds and hedgefunds across the full spectrum of alternative strategies. Alan alsoworks in a consulting capacity with clients that have analternative only or alternative focused mandate. Alan joined FEGin 2002.

Lara Price, Head of Re s e a rc h , O C TANE MANAG E M E N TL a ra Price serves as the Head of Re s e a rch at Octane Re s e a rch Inc, aSwiss based fund of hedge fund solution provider with ove r$1billion assets under management. Octane invests primarily withfunds of funds to tailor products for its global institutional clientbase. Lara founded Oc t a n e’s New Yo rk office where the company’sre s e a rch activities take place. T h e re she is responsible for monitoringthe fund of fund allocations, and oversees perf o rmance monitoringand risk management. Lara is also integrally invo l ved in pro d u c tdesign. Lara spent a number of years with In vestec Bank in SouthAfrica where as Product Manager she established and managed theg ro u p’s multi-manager investment area. She then joined TAGAssociates, LLC, a large multi-client family office in New Yo rk as aSenior Po rtfolio Analyst and member of the In vestment Committee.

John B. Levitt, CAIA, Principal, GREGOIRE CAPI TAL LLCM r. Levitt joined Gre g o i re in 2001 where he directs pro d u c td e velopment and co-manages the firm’s pro p r i e t a ry funds. Hi sresponsibilities include the analysis of funds-of-funds as well asre l a t i ve value strategies re s e a rch. Prior to joining Gre g o i re, he wasFounder and Managing Member of The Ha rvest Fund Group LLC ,a global conve rtible arbitrage fund, where he traded conve rt i b l esecurities using global asset allocation models based on multiplem i c ro and macro-economic factors. From 1991 to 1994, he wasVi c e - President and Manager of conve rtible securities trading atSp e a r, Leeds & Kellogg (now a division of Goldman Sachs).

J. Mitchell Hull, Managing Director, PIPE EQUITYPARTNERS LLCMr. Hull is the founder of Hull Capital Management, LLC(HCM) which manages PIPE Equity Partners, LLC (PEP). PEPis a single strategy fund (FOF) that invests in PIPE hedge funds.Current firm assets as of 3/1/07 were $334.7 million. Prior tostarting HCM, Mr. Hull managed Hull Capital Corp. (HCC)funds that focused extensively on strategies of convertible arbitrage,options, and PIPE investing. Prior to HCC, Mr. Hull was atMorgan Stanley from 1984-1991 managing convertible andoption assets. PIPE Equity Partners, LLC (PEP) is a single strategy fund offunds that invests primarily in funds of PIPE investments. Weinvest in funds managed by investment professionals who havedemonstrated an ability to successfully invest in PIPE transactionswhich are privately negotiated instruments issued by publiccompanies including common stocks, convertible debt, andpreferred stocks.

Stephen Gilboy, President, GLL INVESTORS, INC.Mr. Gilboy formed GLL Investors L.P. and GLL Investors, Inc. onJanuary 1, 1995, after a long period as a successful trader andinvestor from 1969 to 1994. Since then he has launched twoadditional hedge funds for which GLL Investors, Inc. is theGeneral Partner (GLL Single Strategy, L.P (1999) and GLLInvestors II, L.P. (2001)) and acts as the Investment Manager fortwo others (GLL Investors, Ltd., an offshore fund with two classesof shares formed in 2003 and 2005) and The Players’ Fund, L.P.(May 2005). Mr. Gilboy's background includes 18 years ofexperience in the complex world of options trading as well as ininvestment projects requiring longer-term perspectives. He was aprominent trader on the floor of the Chicago Board OptionsExchange from 1974 to 1992. Gary Berger, Partner, ROTHSTEIN KASS Gary Berger is a principal at Rothstein Kass. He is extensivelyinvolved in the Firm’s financial services practice and has overtwenty years of experience serving domestic and offshore hedgefunds, private equity funds and Fund of Funds. He providesadvice on Fund start up issues including organizational structure,economic and tax issues and general business consultation. Gary’srecent experience includes serving as a senior vice president at alarge global administrator. Gary is a frequent speaker at financialservices conferences and seminars. He has presented on numeroustopics including how to launch a hedge fund, valuation and fairvalue of investment portfolios, organizational and tax issuesassociated with Investment Partnerships, and accounting andtechnical issues for Investment Partnerships.

St ructuring fund of fund portfolios to maintain your riskp rofile, meet investor redemption needs and retain access totop managers

Mo d e rated by : Constantine Karides, Co-leader In s t i t u t i o n a lIn vestment Dispute Resolution Gro u p , REED SMITH LLPConstantine is the worldwide head of Reed Smith's Hedge Fund andD i s t ressed In vesting practices. He manages the firm's re l a t i o n s h i pwith more than a dozen hedge funds with in excess of $15 billion inassets. Constantine focuses his practice on the formation and ongoingcounseling of hedge funds and related financial institutions, as we l las structuring and implementing distressed investment strategies. Healso has a long track re c o rd of successfully negotiating the re s o l u t i o nof complex altern a t i ve investment disputes.

Jason D. Pa p a s t a v rou, PhD, Fo u n d e r, ARIS CAPI TA LM A N AG E M E N TD r. Pa p a s t a v rou founded Aris Capital Management, a fund ofhedge funds firm with $250 million under management in earl y2004. Prior to founding ARIS, from 2001 through 2003, Dr.Pa p a s t a v rou was the founder and Managing Director of the Fund ofHedge Funds St rategies Group of Banc of America Ca p i t a lmanagement (“BAC A P”), with assets under management of ove r$800 million as of his depart u re in December 2003, and Pre s i d e n t ,BACAP Al t e rn a t i ve Advisors. Prior to joining BACAP in 2001, hewas a senior portfolio manager for Deutsche Asset Ma n a g e m e n t( “ De A M”) from 1999 to 2001. When following the merger withbankers Trust in 1999, DeAM decided to build its internal fund ofhedge fund capabilities, Dr. Pa p a s t a v rou was the first hire of thatg roup. His tenure saw a period of unprecedented growth as assetsunder management grew from $700 million to $4.5 billion. Fro m1997 to 1999, Dr. Pa p a s t a v rou consulted and worked for a Sw i s sfamily office with hedge fund investments of over $1 billion.

Panagiotis Katsambas, FIX ASSET MANAG E M E N TM r. Katsambas recently joined Fix Asset Management fro mSh e a rman & St e rling LLP where his practice focused in part onlegal and business counseling, hedge funds, as well as SECcompliance and re g u l a t o ry matters. Panagiotis will be invo l ved inall aspects of Fix Asset Management's business.

Philipp D. Haas, Senior Investment Advisor, CCO, GlobalEquities Management, GEM GLOBAL EQUITIES MANAGEMENT SAPhilipp is the Senior Investment Advisor and Chief ComplianceOfficer for Global Equity Management, a true absolute returnmanager focused on emerging markets with over $400 million ofassets under management. Philipp has extensive experience ininternational investment management, having worked in the pastfor companies such as First Boston in New York, Credit SuisseFirst Boston in London as well as for leading Swiss private bankssuch as Rothschild, Pictet & Cie and Sarasin.

4.40 PORTFOLIO MANAGEMENT CREDIT HEDGE FUND OF FUNDS

Incorporating more esoteric strategies into hedge fund offund portfolios and the implications for investorperformance monitoring and risk management

Mario Therrien, Vice-President, Funds of Hedge Funds, HEDGEFUNDS CAISSE DE DÉPÔT ET PLACEMENT DUQUÉBECMario Therrien has been Vice-President, Funds of Hedge Funds,at the Caisse de dépôt et placement du Québec since 2002. In thiscapacity, he oversees a team whose mandate is to developinvestment strategies using hedge funds. Mr. Therrien joined the

Brian P. Mathis, Managing Director, Co-Managing Partner,LONGSHIP CAPITAL MANAGEMENT, LLC

Brian Mathis, is a Managing Director of the Provident GroupLimited and a Manager Partner of Longship CapitalManagement, LLC. Mr. Mathis has 10 years of alternative assetinvestment experience, including fund of hedge fund, hedge fundand private equity experience, globally. Prior to joining LongshipCapital, Mr. Mathis was a Managing Director at Advent CapitalManagement, LLC (“ACM”) responsible for the businessdevelopment and marketing of ACM’s hedge fund and long-only

7W W W . G A I M U S A F O F . C O M

bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

Great access to a targetedaudience in a relaxedatmosphere - very well done“

”

Well run, on time... great panelists“ ”

REGISTER TODAY! CALL: 888.670.8200 or 941.951.7885FAX: 941.365.2507 EMAIL: register@iirusa.com8

The largest gathering of Hedge Fund of Funds and their investors in North America

Caisse in the Tactical Investments unit in 1992 as a financialanalyst. He was subsequently promoted to Assistant Manager andManager. In 1999, he was appointed Vice-President of VaranTactical Asset Management, a fund that manages internationaltactical investments. Mario Therrien has a bachelor's degree ineconomics and a master's degree in finance from Université deSherbrooke. He has also completed the Canadian Securities coursegiven by the Canadian Securities Institute and holds a charteredfinancial analyst (CFA) designation from the Institute ofChartered Financial Analysts.

David W Wiederecht, Vice President, Managing DirectorAlternative Investments, GE ASSET MANAGEMENTINCORPORATEDMr. Wiederecht is Vice President – Alternative Investments for GEAsset Management, where he co-heads the absolute return strategyteam. He also has portfolio management responsibilities for variousprivate equity and real estate investment strategies. Prior tojoining GE Asset Management in 1988, Mr. Wiederecht heldseveral positions throughout the General Electric Company.Companies in which he serves as a Director include, NavigantInternational, Edmunds.com, Elephant & Castle and Nextec. Heholds a BA in Economics from St. Lawrence University.

strategies. Prior to joining ACM, Mr. Mathis was a Director atPacific Alternative Asset Management Company, LLC(“PAAMCO”), a fund of hedge funds with over $7.5 billion ofassets under management. He was a member of the InvestmentManagement Committee. The Longship Multi-Strategy Debt Fund is a globally diversifiedportfolio of “best in class” fixed income hedge funds. The Fund ismanaged utilizing underlying strategies with the followinginvestment characteristics: limited correlation to other strategieswithin the portfolio, historical consistency of return, limitedcorrelation to interest rate and credit spread movements and lowfinancial leverage.

Bill Entwistle, Chief Investment Officer, ABSOLUTECAPITAL LIMITEDAs Chief Investment Officer, Bill has primary portfoliomanagement responsibilities for the funds at Absolute Capital thatinvest in the debt and equity tranches of asset-backed securitiesand CDOs, as well as credit opportunities funds. Bill is also amember of Absolute Capital's investment committee and is adirector on the board of Absolute Capital Investments Limited. Bill has over 20 years of experience in banking, finance and assetmanagement in Australia. Prior to joining Absolute Capital, Billheld positions with Chase Manhattan Bank and JP Morgan andwas involved in the early stages of the derivative marketsdevelopment and more recently in the growth of the creditderivatives and structured credit markets in Australia. Bill also hassignificant market experience including interest rate, currency andequity derivative markets, fixed income, distressed debt trading,securitisation, credit derivatives and structured credit.

5.30

Cocktail Reception Sponsored by

7.15 Breakfast and Registration

8.00 Opening remarks from the Chairman

8.15 Forecast – The Global Economic ForecastHorace W. Brock, Ph.D., President, STRATEGIC ECONOMICDECISIONS, INCFounder And President Of Strategic Economic Decisions, Inc., Dr. Horace“Woody” Brock specializes in applications of the modern “Economics of

Uncertainty” (originally developed and championed by Kenneth Arrow of Stanford University)to forecasting and risk assessment in the international economy and its asset markets. Thisresearch places considerable emphasis on tracking ongoing structural changes in the economy. Theexistence of such changes explains why the future is different from the past, and thus oftensurprises the markets when it arrives. SED’s research also draws heavily upon leading-edgeacademic work to explain, from ?rst principles: “excess volatility,” trend-following behavior, andother forms of counter¬intuitive market behavior. Dr. Brock studied under Kenneth J. Arrow,Professor of Economics Emeritus, Stanford University, co-winner of the Nobel Prize inEconomics in 1972 for his pioneering contribu¬tions to general economic equilibrium theoryand welfare theory, and under John C. Harsanyi, former Professor of Business Administrationand of Economics, University of California, Berkeley, co-winner of the Nobel Prize in Economicsin 1994 with the legendary John F. Nash Jr. (made famous by the movie “A Beautiful Mind”)for their analysis of equilibria in the theory of non-cooperative games. Holder of ?ve academicdegrees, Dr. Brock earned his B.A., M.B.A., and M.S. (in mathematics) from HarvardUniversity, and his M.A. and Ph.D. from Princeton University (mathematical economics andpolitical philosophy). He was an Andrew Mellon Foundation Bicentennial Fellow in 1976. Hiswide-ranging interests include economics, political theory, mathematical aesthetics, game theory,moral philosophy, mathematical physics, art, and the philosophy of science.

8.50 KEYNOTE DISCUSSION - Geopolitical Risk & the Financial MarketsInternational experts evaluate key geopolitical trends and propose potential answers to thequestion, “What could trigger the next ‘event’ in the current economic cycle?”

Dr. Nouriel Roubini, Chairman, RGE MONITORProfessor Nouriel Roubini is Co-Founder and Chairman of Roubini GlobalEconomics LLC (www.rgemonitor.com), a web-based economic and geo-strategicinformation service and economic consultancy, as well as Professor of Economics at

the Stern School of Business, New York University. He is a senior academic researcher in thefield of international macroeconomics; he has also had broad policy experience in a number ofpositions in the U.S. government and his views are regularly and widely cited in the press andmedia. He is a frequent commentator on global economic issues; his global economics Web site(http://www.rgemonitor.com) has been ranked as the #1 web site in economics in the world bythe Economist magazine; and his economics blog was recently ranked by the WSJ as on of the top20 “must-read” blogs in the world. Professor Roubini received his undergraduate degree atBocconi University in Milan, Italy and his Ph.D. in Economics at Harvard University in 1988.Before joining Stern, from 1988 to 1995 he was a faculty member of the EconomicsDepartment at Yale University.On the policy side, he was the Senior Economist for International Affairs at the White HouseCouncil of Economic Advisers in 1998-1999; then, the Senior Advisor to the Under Secretaryfor International Affairs and the Director of the Office of Policy Development and Review at theU.S. Treasury Department in 1999-2000; in those positions he worked, among other issues, onthe resolution of the Asian and global financial crises of 1997-1998 and the reform of theinternational financial architecture after these crises. He has been a regular visitor andconsultant to the International Monetary Fund, World Bank and other public and privateinstitutions. He has published over 70 theoretical and empirical and policy papers on

international macroeconomic issues, Europe and the Unites States’ economy, the Asian andglobal financial crisis, emerging markets, the reform of the international financial system andglobal economic imbalances. He is the co-author (with Alberto Alesina) of the book “PoliticalCycles: Theory and Evidence” (M.I.T. Press, 1997). His new book “Bailouts or Bail-ins?Responding to Financial Crises in Emerging Markets” (with Brad Setser) was published by theInstitute for International Economics in August 2004.

James G. Rickards, Senior Managing Dire c t o r, N I K KO ALT E R N ATIVE ASSETM A N AG E M E N T, INC.James G. Rickards is a counselor-at-law and investment advisor with over 30 years experience inlaw, economics and finance including commercial banking, investment banking, hedge fundsand exchanges. He has served in senior capacities for major financial institutions includingCitibank and RBS Greenwich Capital and major hedge funds including Long-Term CapitalManagement and Caxton Associates. At LTCM, he was principal negotiator in the $4 billionrescue which stabilized global markets during the systemic crisis of 1998. Mr. Rickards is thefounder of Global-I Advisors, LLC, an advisory firm specializing in geopolitics and capitalmarkets and his clients have included both private global risk management firms andgovernment directorates. He has published research on cognitive diversity, information cascadesand network effects in capital markets. Mr. Rickards is a member of the International BarAssociation and the Association of the Bar of the City of New York. He holds an LL.M.(Taxation) from New York University School of Law; a J.D. from the University ofPennsylvania Law School; an M.A. in International Economics from the School of AdvancedInternational Studies in Washington DC; and a B.A. (with honors) in Political Science from theJohns Hopkins University and is a guest lecturer in finance and globalization at NorthwesternUniversity, Johns Hopkins and the Applied Physics Laboratory.

Brig Gen Joseph L. Shaefer, USAF, Ret and CEO of the STANFORD ADVISORY GROUPFormer military liaison to the Director of the DIA.Moderated by: Kenneth L. Grant, RISK RESEARCH, LLC

9.50 Analysis - Opportunities and Challenges Presented by GlobalMarkets In 2008In this special session leading global hedge fund of fund CIOs respond to the economicforecast and examine its implications for allocating successfully in the year aheadPeter D. Noris, Chief Investment Officer, IVY ASSET MANAGEMENTPeter D. Noris is Chief Investment Officer of Ivy Asset Management, a position to which he wasnamed in February 2007. In this capacity, Mr. Noris works with the investment team and is astrategic advisor to four key areas including research, portfolio management, risk managementand operational due diligence. In addition, the structured credit group reports to Mr. Noris.Prior to joining Ivy, Mr. Noris was Chief Investment Officer of Northstar Financial Services,which was founded in 2005. From 1995 to 2004 he held the position of Executive VicePresident and Chief Investment Officer of AXA Equitable where he was responsible formanaging Equitable Life’s general account investment portfolio and separate account mutualfund managers. Prior to joining Equitable in 1995, Mr. Noris was Vice President at SalomonBrothers Inc., where he provided investment strategies to insurance companies. Before joiningSalomon in 1992, Mr. Noris was a Principal of Morgan Stanley & Co., Inc., in its InsuranceGroup and its Synthetic Equity Group.

Steven H. Bloom, Senior Managing Director, SILVER CREEK CAPITAL MANAGEMENT LLCSteven H. Bloom, CFA, is Senior Managing Director and a member of the InvestmentCommittee at Silver Creek. He has been with the firm since January 2007. His responsibilitiesinclude all activities surrounding the firm’s investment process including portfolio management,manager research, and due diligence. Mr. Bloom has over 23 years of experience in the hedge-fund industry. He was the managing partner and founder of Sagamore Hill CapitalManagement LP, a $2.5 billion multi-strategy global hedge fund. At Sagamore he was the head

Day Two – Tuesday October 30th, 2007Changing Trends in Global Investment & the New Opportunity Set for Hedge Fund of Funds and Their Investors

I made the most contacts athis event. Many felt that thisproved that GAIM is the bestconference. Continue thequality of this event.

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TRACK A TRACK B

NICHE FUND OF FUND STRATEGY SHOWCASE – II CHANGING TRENDS IN GLOBAL INVESTMENT

EXTENDED SESSION ON GLOBAL OPPORTUNITIES

As experienced investors seek to enhance the performance of their alternative allocations, nichehedge fund of funds can provide an effective and timely way to gain concentrated exposure tonew alpha-generating strategies and access to top-performing, ‘below the radar screen’ hedgefund managers

The GAIM Fund of Funds “Niche Fund of Fund Strategy Showcase” brings you topperforming hedge fund of funds who provide specialist access to key global regions.

Chaired by: Robert Picard, Chief Investment Officer, OPTIMA FUND MANAGEMENT, LLC

The New Opportunity Set for Hedge Fund of Funds and Their InvestorsChaired by: Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLC

1.30 BRIEFING – THE CHANGING GLOBAL REGULATORY ENVIRONMENT CHANGING TRENDS IN GLOBAL INVESTMENT AND THE NEWOPPORTUNITY SET FOR HEDGE FUND OF FUNDS AND THEIR INVESTORS

This session examines some of the key issues in the evolving global re g u l a t o ry framew o rk ,i n c l u d i n g :The adequacy of market discipline in providing for the stability of the financial systemPros and cons of a pro - a c t i ve registration vs regulation modelThe degree of transparency sought by international re g u l a t o ry bodies from the hedge fundi n d u s t ry and the role of banks and broker dealers in managing market risk

Moderated by: Todd Groome, Advisor, Monetary and Capital Markets Department,INTERNATIONAL MONETARY FUND (IMF)Mr. Groome is an Advisor in the Monetary and Capital Markets Department of the IMF.Mr. Groome is responsible for multilateral surveillance activities and review of capital markets issuesin the mature markets, focusing on structural issues which may influence medium-term financialstability considerations. Mr. Groome has over 18 years of investment banking and legal experiencerelated to financial institutions in the U.S., Europe, and the Asia-Pacific region. Mr. Groome hassignificant experience in debt and equity capital markets, balance sheet and capital managementissues, and merger planning and execution for banks and insurance companies. Prior to returning toWashington D.C. in 2002, Mr. Groome served as Managing Director and Head of the FinancialInstitutions Groups of Deutsche Bank and Credit Suisse First Boston in London, focusing primarilyon debt capital markets and capital and balance sheet management. Prior to that, he worked withMerrill Lynch & Co. in London and New York as part of the Financial Institutions CorporateFinance Group working in M&A, advisory, and debt and equity financing for banks and insurancecompanies. Prior to joining the IMF, he was a consultant to Hovde Capital Advisors, a hedge fundand merchant banking operation in Washington, focusing on financial institutions.

Art Angulo, Senior Vice President, Financial Sector Policy and Analysis, FEDERAL RESERVEBANK OF NEW YORK

David Strachan, Director of Major Retail Groups Division & Sector Leader for Financial Stability,FINANCIAL SERVICES AUTHORITY

How leading international investors are currently using hedge fund of funds within theirasset allocation strategies: the view from the world’s leading consultants

Jaeson Dubrovay, CPA, Senior Consultant - Hedge Funds, NEPC Mr. Dubrovay joined New England Pension Consultants in 2006, with over 15 years of investmentexperience. Mr. Dubrovay focuses on Hedge Fund Research in the Alternative Investments Group.Prior to joining NEPC, Mr. Dubrovay was a Managing Director/Founder at Hanseatic CapitalAdvisors. In this role, Jaeson advised clients on hedge fund strategies, the investment process,manager due diligence, portfolio construction and building innovative portfolios targeted to uniquemarket segments. Previously Mr. Dubrovay was Chief Investment Officer of Carr Global Advisors, asubsidiary of Credit Agricole Indosuez, where he formed and managed several funds of hedge fundsfor both institutional and Private Banking clients. Mr. Dubrovay began his investment career withfull responsibility for managing a diversified liquid portfolio for HAL Trust, a public Europeanholding company that was invested across traditional and alternative investments.

Roger Fenningdorf, Global Manager Research, ROCATON INVESTMENT ADVISORS, LLCRoger Fenningdorf is a founder and Partner of Rocaton here he leads the Global Manager Researcheffort. In this capacity, Roger is responsible for setting the firm’s manager research agenda andmanaging the team’s qualitative and quantitative analysis of investment management organizationsand their products. Roger also spends a significant amount of his time researching hedge fund andU.S. equity strategies and managers. Roger is also instrumental in working with clients oninvestment manager searches in the hedge fund and U.S. equity asset classes. Roger is a member ofthe firms’ Board of Managers.

Kevin E. Lynch, Managing Director, Co-Head Non-Traditional Investments Group, CRAROGERS CASEYMr. Lynch is Managing Director, Co-Head of Non-Traditional Research at RogersCasey, aninstitutional investment consulting firm headquartered in Darien, CT. Mr. Lynch joinedRogersCasey in December 2006 after spending more than 20 years with Verizon Communications

9W W W . G A I M U S A F O F . C O M

bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

portfolio manager, responsible for overall management of the firm and led the firm’s developmentof numerous fundamental and arbitrage investment strategies. Prior to Sagamore, Mr. Bloombegan his financial career in 1983 as one of five founding partners of Susquehanna Partners, amulti-strategy international proprietary trading firm. While there, he was responsible for equityand foreign exchange derivatives trading businesses, as well as the overall operational andstrategic management of the firm.

William P. Bijesse, Chief Investment Officer, EIM USAMr. Bijesse received an MBA from Harvard Business School, and a BS in Engineering from theUnited States Military Academy at West Point. Following his active duty service and hisgraduation from Harvard he began his professional career as an Associate at Goldman Sachswhere he managed high net worth portfolios in the equity division. Prior to joining EIM USAMr. Bijesse served as a Hedge Fund Specialist at Cambridge Associates LLC for over five yearswhere he advised and constructed hedge fund portfolios for pensions, endowments, and familyoffices around the world. In 2004 Mr. Bijesse was appointed CIO for the US and joined EIM’sGlobal Investment Committee.

John C O'Hara, Jr. Chief Operating Officer, FRANKLIN STREET PARTNERSJohn joined the Firm in 2002 after serving as a Managing Director of Goldman, Sachs &Company. John joined Goldman Sachs in 1979 after receiving his MBA from the University ofNorth Carolina at Chapel Hill. In 1990, John left Goldman Sachs to join CommoditiesCorporation in Princeton, New Jersey, where he served as a Managing Director as well as amember of the firm's Management Committee. In 1997, Goldman Sachs acquired CommoditiesCorporation and John assumed a leadership role in Goldman's Hedge Fund Strategies unit. Johnreceived his undergraduate degree from the University of Massachusetts at Amherst. John servesas President of the Kenan-Flagler Business School Foundation and Vice Chairman for theInstitute of the Arts and Humanities at the University of North Carolina.

10.30 Networking break

11.00 CASE STUDY-The new risk premia and use of exotic beta withininstitutional portfolios – end- investor perspectiveJelle Beenen, Head of Alternative Beta, PGGM INVESTMENTSJelle Beenen is currently head of “Alternative Beta” at PGGM Investments. PGGM is thepension fund for the Dutch Healthcare and Social Work Sector and has around Euro 70 billionassets under management. Alternative Beta covers PGGM’s strategic investments that cannot beimplemented by replicating market indices. It comprises Hedge Funds, Private Equity, LongTerm Fundamental Investments and Strategic Absolute Return Strategies (“Portfolio ofStrategies”), totaling around Euro 7 billion. Jelle was one of the initiators of PGGM’s Portfolioof Strategies in 2004. After he joined PGGM in 2000 Jelle has built PGGM’s Commoditiesinvestments and started its Quantitative Strategies group. He was responsible for PGGM’sCommodities investments from June 2000 to March 2006. Prior to joining PGGM in 2000 heheld positions as Quantitative Researcher responsible for modeling exotic derivatives at ABNAMRO Bank and Rabobank International.

11.35 Alpha Generation Spotlight - ACTIVISMRichard Elden, Principal, LAKEVIEW INVESTMENT MANAGERRichard Elden is the founder and chairman emeritus of Grosvenor Capital Management, L.P.Established in 1971, Grosvenor managed the first fund of hedge funds in the United States.Grosvenor, which diversifies across investment strategies worldwide, currently managesapproximately $17.5 billion. Mr. Elden currently serves as a special advisor to Icahn Partnersand is a member of the advisory board of Edgewater Growth Capital Partners II. He also sits onthe investment committees of the University of Chicago, The Field Museum, the Museum ofContemporary Art and the Francis W. Parker School. Prior to founding Grosvenor, Mr. Eldenwas a reporter for the International News Service, the City News Bureau of Chicago and TheChicago Sun-Times. In addition, he was a financial analyst with Science Research Associatesand a securities analyst with A. G. Becker & Co., Inc. Mr. Elden is a graduate of NorthwesternUniversity (B.A., 1956), the University of Chicago Graduate School of Business (M.B.A., 1966)and the Harvard Business School’s Owner-President Management Program (1997).

Augustus K. Oliver, Managing Member, OLIVER PRESS PARTNERS, LLCAugustus K. Oliver, 57, is a managing member of Oliver Press Partners, LLC, which serves asthe investment manager for Davenport Partners, L.P. and related entities. The fund engages inan investment strategy that involves identifying public companies that are trading at asignificant discount to their intrinsic value, purchasing strategic blocks of shares in thosecompanies in the open market and then pursuing strategic and financial initiatives to realizevalue. Mr. Oliver graduated from Yale University in 1971 and summa cum laude from theAmerican University Law School in 1975. For nine years Mr. Oliver practiced law withSkadden, Arps, Slate, Meagher & Flom, concentrating on mergers and acquisitions. He becamea partner in the firm in 1983. In 1984, he left Skadden Arps to become a general partner ofGollust, Tierney and Oliver and GTO’s principal investment vehicle, Coniston Partners.Coniston was the first managed fund to engage in strategic block investing, or what today hasbecome known as activist investing. In late 1999, Mr. Oliver joined WaterView Advisors LLC,advisor to a private equity fund specializing in media and telecommunications. Mr. Olivercontinues to oversee the WaterView fund in addition to managing Oliver Press and Davenport.

Moderated by: Randy Slifka, Managing Principal, SLIFKA ASSET MANAGEMENT LLCRandy Slifka is the managing principal of Slifka Asset Management LLC, an alternativeinvestment advisory firm located in New York City. Mr. Slifka specializes in portfolioconstruction, asset allocation, and hedge fund manager analysis. He has been a principalinvestor and analyst of alternative investments for 18 years. Mr. Slifka started his career at E.M.Warburg Pincus & Co. where for five years he made principal investments, conducted duediligence, and sourced investment opportunities. Mr. Slifka was a senior portfolio professional,principal, and portfolio manager at Halcyon Partnerships from 1989 through 1997. AtHalcyon, he was primarily responsible for the firm’s distressed debt and special situations effortand created and managed an event-driven multi-manager fund. Mr. Slifka has done consultingfor many high net worth individuals and family offices with respect to their hedge fundinvestment efforts and alternative investments. Currently, Mr. Slifka acts as investment advisorto the Great Bay Alternative Investment Fund and the Georgica Alternative Investment Fund,which are investment vehicles that have exposure to the following asset classes: risk arbitrage,convertible arbitrage, statistical arbitrage, distressed debt, long/short US equity, long/shortEuropean equity, macro traders, and commodity trading advisors.

12.15 Lunch

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David Strachan was appointed as FSA's Director of Major Retail Groups Division and SectorLeader for financial stability in May 2006. Since joining the FSA on 1 June 1998, David has heldthe posts of Director of Retail Firms and Insurance Sector Leader (April 2004-February 2006),Director of Insurance Firms (October 2002 – March 2004), Director of Deposit-Takers (April2001 – September 2002) and Head of Market Conduct and Infrastructure (June 1998 – March2001). David led the Enforcement Process Review (February-July 2005) which delivered its reportand recommendations in July 2005. Before joining the FSA, David had spent his previous career inthe Bank of England, working both in banking supervision (latterly responsible for the UKinvestment banks) and in the market operations areas (Gilt-Edged and Money Markets Divisionand Foreign Exchange Division

and its predecessor companies. At RogersCasey, Mr. Lynch is primarily responsible for hedge fundresearch. He works with the hedge fund research team sourcing managers, conducting due diligence,and assisting clients with portfolio construction and monitoring. In his previous role at Verizon, Mr.Lynch was responsible for managing Verizon’s $7.0 billion strategic partnership network and its$2.8 billion absolute return portfolio. Mr. Lynch earned a bachelor of arts degree from VillanovaUniversity and holds graduate degrees in finance and economics. He is a Chartered FinancialAnalyst (CFA) and Certified Financial Planner (CFP).

J. Alan Lenahan, CFA, Vice President - Alternative Investments, FUND EVALUATIONGROUP, LLCAlan is a Vice President within the alternative investments practice at Fund Evaluation Group.FEG is an institutional investment consultant with over $30 billion in assets under advisementlocated in Cincinnati Ohio. Alan's focus is on the hedge fund industry and his responsibilitiesinclude hedge fund manager sourcing and selection, strategy research, portfolio construction, andclient education.

Al Samper, Former Chairman, VIRGINIA STATE RETIREMENT SYSTEMAl Samper is the immediate former Chairman of the Board of Trustee of the Virginia RetirementSystem and former Chairman of the Board of the Virginia College Building Authority. He alsoserves on the advisory board of the Mid-Atlantic Hedge Fund Association. Al was Director ofPublic Sector Marketing at Wachovia Securities. Before that he served as Assistant State Treasurer,Virginia Department of the Treasury. He earned his BS in economics from Virginia Tech in 1975and his MBA in finance from Virginia Tech in 1978. He is a 1990 graduate of the VirginiaExecutive Institute, and the Wharton Pension Fund and Investment Management Institute.

2.10 CHANGING OPPORTUNITY SET IN KEYGLOBAL DEVELOPED MARKETS – UK & EUROPE

OPERATIONAL DUE DILIGENCE -

Amanda McCracken, Director, TURNSTONE ASSET MANAGEMENTAmanda McCracken is a Director of Tu rnstone Asset Management. She is responsible for advising theTu rnstone Eu ropean Fund and allocating to hedge fund managers. Amanda has 10 years experience ofanalysing and managing multi-manager funds. Initially trained as a perf o rmance analyst in Fra n kRu s s e l l s’ Eu ropean consulting department, she then spent 3 years at Greig Middleton As s e tManagement. She joined Old Mutual In t e rnational in August 1998 as Associate Director re s p o n s i b l efor the investment management of Elite, OMI’s offshore funds of funds service. Amanda went on tojoin the multi-manager team at EFG Pr i vate Bank, before joining Appleton In t e rnational in Ju l y2000. While at Appleton she was promoted to CEO and was responsible for managing the CondorEu ropean Fund from launch in Fe b ru a ry 2001 until August 2003.

Cyril Ju l l i a rd, C o - Fo u n d e r, E U RO PANEL RESEARCH & ALT E R N ATIVE ASSETM A N AGEMENT (ERAAM)He started his career in 1985 with French Société de Gestion BZW Pu g e t - Mahe, as bond arbitra g efund manager with $700 million under management. In 1991, he became member of the Board ,with direct responsibility over securities bro k e rage and asset management. From 1996 to 1998, he wasmanaging director of Fi n a c o r - Vendôme, a leading French securities bro k e rage business. In 1998, withBe rt rand Van Houtte, he founded BCAI, which became ERAAM in June 2002, one of the first assetmanagement companies in France to re c e i ve a license for fund-of-funds altern a t i ve asset management.ERAAM has had a Eu ropean focus since 1999, providing expertise in altern a t i ve investments within aregulated fra m e w o rk, with a portfolio of hedge funds based exc l u s i vely in Eu rope. ERAAM prov i d e sboth tra n s p a rency and tailor-made products for their clients. With AUM of more than $1 Bn,ERAAM offers optimal size providing high credibility while allowing the investment team flexibilityand reactivity in its decision-making process.

Moderated by: Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies,CalPERS

Performance monitoring in the aftermath of Amaranth – is a new behavioral-basedapproach essential to execute fiduciary responsibilities and manage risk within aninstitutional portfolio?

Moderated by: Marianne Gouras, PETRA GROUP, NEW YORK, INC.Marianne Gouras has been managing Petra Group since 4/94 and has had several joint ventureprojects with Sigma Analysis and Management, a quantitative team based in Ontario. Petraspecializes in due diligence and selection of hedge fund and hedge fund of funds on behalf ofinstitutions, families and individuals. Prior to establishing Petra, Ms. Gouras was involved with asmall investment firm in Europe, Bankers Trust, Reich & Tang, a European family office and theAmerican Stock Exchange.

Mark K Hannoush CA, CFA Manager, Operational Due Diligence, INVESTMENTFINANCE ONTARIO TEACHERS' PENSION PLANMark Hannoush specializes in conducting Operational Due Diligence as a Manager in theInvestment Finance department at the Ontario Teachers' Pension Plan Board in Toronto, Canada.His role is to ensure that hedge fund operational risk is assessed and mitigated for the externalmanager program which includes both hedge funds and managed accounts. The Ontario Teachers'Pension Plan Board has been a significant investor in the hedge fund space for several years. Markwas formerly the Manager in the Public Equities group at the Board where he managed the midand back office processes for all internally traded and externally managed public equity portfolios.He began his career as an auditor with Ernst & Young LLP in Ottawa, Canada where he earnedhis CA designation. He is also a CFA Charterholder

2.50 WHAT MIDDLE EASTERN INVESTORS ARE LOOKING FOR INHEDGE FUND OF FUND ALLOCATIONS

HYBRID HEDGE FUND OF FUNDS

Eric Meyer, President and CEO, SHARIAH CAPITALIn 1998, Forbes magazine identified Eric Meyer as “an emerging force” in hedge fund investing. In2005, Banker Middle East magazine identified Mr. Meyer as “a pioneer in Islamic finance.” Today,as President, Chief Executive Officer and Executive Chairman of Shariah Capital, Inc., Mr. Meyeris widely recognized for his skill and creativity within the worlds of both Western finance andIslamic banking. Initially, Mr. Meyer established himself as this pioneer of Islamic products with hiscreation of Meyer Fund Management in 2005, and its predecessor Meyer Capital Partners in 2001where he served as founder and CEO, respectively. His success in developing, at his own initiativeand expense, the infrastructure for a Shariah compliant fund of hedge funds was a groundbreakingachievement in the Islamic Finance industry. Assisted by prominent Shariah scholars and supportedby their fatawa, Mr. Meyer devised the innovative tools and screening methodology that underscorenew Shariah compliant long/short and market neutral funds of hedge funds.

Warren Vincent, Head of Private Office Investments, NATIONAL BANK OF DUBAI

Mo d e rated by: David J. Go rdon, CFA, ASA Chief In vestment Of f i c e r, V E R I TABLE LPPrior to joining Veritable, he was a principal at Glenwood Capital In vestments, as well as a memberof Gl e n w o o d’s In vestment Committee. He was also a member of Man In ve s t m e n t s’ Su p e rv i s o ryIn vestment Committee and the Man Glenwood Board of Directors. Prior to Glenwood, David was aVice President in the Pension Se rvices Group at Goldman, Sachs & Co., as well as an As s o c i a t eAc t u a ry at Watson Wyatt. A Chart e red Financial Analyst (CFA) and an Associate of the Society ofActuaries (ASA),

A n d rew K. Tsai, Co-founder, Managing Principal & Chief In vestment Of f i c e r, C H A L K S T R E A MC A PI TAL GRO U P, L.P.An d rew K. Tsai. Mr. Tsai is co-founder, Managing Principal and Chief In vestment Officer ofC h a l k s t ream Capital Group, L.P. and Managing Member of the Ge n e ral Pa rt n e r. Prior to joiningC h a l k s t ream Capital Group, Mr. Tsai was Managing Director of the Muller Family Office, re s p o n s i b l efor ove rall investments with a particular focus on managing the hedge fund port f o l i o. M r. Tsai work e df rom 1997 to 1999 as Chief In vestment Officer of Integrity Capital Management, L.L.C.( " Integrity"), a hedge fund with $300 million in assets that employed a long/short quantitative stra t e gyin equities, fixed income, currency and commodity markets around the world. Prior to In t e g r i t y, Mr.Tsai was a Vice President and head of the Ge rman gove rnment fixed-income trading operations atLehman Brothers In t e rnational (London) from 1995 to 1997 and also served as part of the Gl o b a lAr b i t rage team at Lehman Brothers Inc.

James R. Burritt, Managing Dire c t o r, THOMAS H. LEE CAPI TAL LLCJames R. Burritt joined Thomas H. Lee Capital LLC in July 2002. He is responsible for dailymanagement of the company, including portfolio management, hedge re s e a rch and operations. Prior tojoining Thomas H. Lee Capital, he was a vice president in Merrill Lynch In vestment Ma n a g e r s 'a l t e rn a t i ve strategies group where he was responsible for hedge fund re s e a rch and due diligence. Fro m2000 to 2001, he was an investment analyst and assisted in the development of the corporate stra t e gya round altern a t i ve investments at XL Capital.

Reid Bernstein, Chief Executive Officer, ONECAPITAL MANAGEMENT PARTNERS, LLCM r. Be rnstein, began his career in the Mergers and Acquisitions Gro u p / Principal In vestment Unit ofThe First Boston Corporation (now Credit Suisse). In 1985, he joined Dre xel Bu rnham Lambert’sMergers and Ac q u i s i t i o n s / L e ve raged Bu yout Group. In 1990, he joined Pa i n e Webber (now UBS) andwas responsible for leve raged acquisitions and re s t ructurings. In 1992, he part n e red with merc h a n tbanking and altern a t i ve investment firms to participate in a variety of investments and funds, asprincipal and as an advisor for clients. In 1995, he joined a merchant banking and investment firmfounded by the heads of Global Me rchant Banking at Merrill Lynch, and in late 1996, he formed thep redecessor to On e Capital Management Pa rtners to focus e xc l u s i vely on Al t e rn a t i ve In ve s t m e n tbusinesses.. Mr. Bernstein has been an advisor to financial institutions including Citigroup,Investcorp, and HSBC Republic, and to several Multi-Strategy hedge funds.

3.30 Afternoon Networking Break

The largest gathering of Hedge Fund of Funds and their investors in North America

Every day got better,more informative.“ ”

Extremely good line up of Fund ofFunds…I gained a great deal of insight.“ ”

4.40 CHANGING OPPORTUNITY SET IN KEY ASIAN EMERGINGMARKETS – INDIA AND CHINA

ADVANCED STRUCTURED PRODUCTS

3.30 Ronnie Wu, Founder and Chief In vestment Of f i c e r, PENJING ASSET MANAGEMENT LIMITED

Eliza Lau, Chief Exe c u t i ve Officer & Chief In vestment Of f i c e r, SAIL ADVISORS LIMITEDEliza Lau is the Senior Managing Dire c t o r, Chief Exe c u t i ve Officer and Chief In vestment Officer ofSAIL Advisors and a member of the Board of Directors of Se a rch In vestment Group. Ms. Lau has 20years of experience in the financial industry, which includes managing Funds of Hedge Fu n d s ,Pr i vate Family Po rtfolios, Global Ma c ro Hedge Funds, Global Balanced Po rtfolios and Pan As i aEquity Funds. Prior to joining SAIL in 2003, Ms. Lau spent 13 years with Salomon Brothers, basedin New Yo rk and Hong Kong where she held senior positions in their asset management business,being responsible for the Pan Asian portfolios and conve rtible bond port f o l i o. Prior to the assetmanagement business, she spent six years in the re s e a rch division at Salomon Brothers in New Yo rk .Ms. Lau was also one of the founding partners of JL Capital Partners Limited, an Asian hedgefund management company based in Singapore.

Moderated by: Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies,CalPERS

CHANGING OPPORTUNITY SET IN DEVELOPED ASIAN MARKETS – JAPAN

Takuma Aoyama, President, AIFAM, INCM r. Aoyama is the founder and President of AIFAM, an investment management firm specializing ina l t e rn a t i ve investments. The firm serves as the sole consultant for large Japanese institutional inve s t o r sincluding a leading figure in the insurance sector and a pension plan for a global auto manufacture r, andc u r rently manages seve ral fund- of-funds products, primarily in the form of separate accounts on a clientby a client basis, as well as some commingled products. M r. Aoyama has fifteen years of experience in financial markets. He was initially with The Long-Te rmCredit Bank of Japan (LTCB), where he spent eight years in various roles, including market stra t e g i s t ,p o rtfolio manager in fixed income and corporate re s t ructuring. Prior to founding AIFAM, he was withBrinson Pa rtners in Chicago where he was in charge of the Japan practice. Mo d e rated by : Neil Loden, M A RT E L LO INVESTMENT MANAG E M E N T

Use of structured products to improve risk management and enhance performance

Samuel Rosenberg, Managing Director, Equity Derivatives Group, SG AMERICASSECURITIES, LLCSamuel Rosenberg is a Managing Director in the Equity Derivatives group at SG AmericasSecuritie, LLC (“SGAS”), and has been with the Société Générale organization since 1994. SGASisa wholly-owned subsidiary of Société Générale, headquartered in Paris and rated AA- and Aa2 byStandard & Poor's and Moody's Investor Services, respectively.Mr. Rosenberg is the Head of Equity Derivatives Sales for the Americas region, supervising 37employees. The range of products offered to SG's investor base in the Americas includes principalprotected Notes linked to Indices and basket stocks, Reverse Convertibles, Warrants, ExchangeTraded Funds, OTC options and Swaps, and leveraged products linked to Alternative Investments.Prior to working with the U.S. market, Mr. Rosenberg worked in Paris as a financial engineerspecializing in structured products. He has a D.E.A. from the University of Paris and a B.A. inMathematics from the University of California at Santa-Cruz.

4.40 CHANGING OPPORTUNITY SET IN LATIN AMERICA

Enio Shinohara, Fund of Funds Ma n a g e r, C LA R I TAS INVESTMENTSM r. Sh i n o h a ra is a partner of Claritas In vestments and the portfolio manager for its Fund of Fu n d s .M r. Sh i n o h a ra started his career in 1994 at He d g i n g - Griffo where he built the Fund of Fu n d sbusiness, becoming one of the youngest partners of the firm in 1998. In May 2000, he moved to GPIn vestimentos where he ran a pro p r i e t a ry Fund of Funds for the former controlling shareholders ofBanco Ga rantia. Su b s e q u e n t l y, he joined GFIA pte ltd, an advisory firm based in Si n g a p o re, as aprincipal, advising portfolios of Asian hedge funds.

A rthur Mizne, President, M SQUARE ADVISORS, LLCArthur is the founder of M Square Advisors, an In vestment company based in Brazil managinghedge fund portfolios globally as well as locally in Latin America. M Square is also invo l ved ini n vesting in distressed assets as well as equities in Latin America. Previously Arthur co-foundedSynthesis Asset Management (1997) and Sy n e r gy Funds (1998) and has been the co-port f o l i omanager of Sy n e r gy from its inception until his depart u re, at its peak in assets of $1.4B. As Pre s i d e n tof Synthesis, Arthur was responsible for all areas of Po rtfolio Management, Manager Re s e a rc h ,Ma rketing and Op e rations.

Mo d e rated by: Neil Loden, M A RT E L LO INVESTMENT MANAG E M E N T

5.30 Close of Day Two of the event, Cocktail Reception Hosted by Jefferies Asset Management

11W W W . G A I M U S A F O F . C O M

bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

About the One-Day Briefing on Hedge Funds Replication at GAIM Fund of FundsInvestor interest in the new wave of replicated products, offering‘hedge fund like exposure’ for lower fees is tapping into askepticism that questions the ability of all hedge funds and fundof funds to consistently deliver returns that justify the feescurrently being charged.However, investors considering the potential of the muchpublicized replication products have many questions about theinvestment case behind replicated returns, how the productsthemselves are structured, what the downside risk might be andalso their likely longevity in a market that continually evolvesand where underperformers rarely survive in the long term.

The special briefing on hedge fund replication at GAIM Fundof Funds takes an in-depth, impartial, investor-focused lookat the potential of hedge fund replication for portfoliodecision-making and the implications in turn for the hedgefund industry.

The briefing offers investors a unique opportunity to getstraight to the heart of the key issues when considering the bestway in which replication techniques can deliver value within

their current allocations. A diverse, expert faculty of leadingacademics, investors, investment banks and key representativesof the hedge fund and fund of funds industry will evaluate thekey questions that need to be considered by every investorevaluating how replication may be able to help their currentinvestment decision- making process.

The program will examine the full range of practical ways inwhich replication offers a new arrow in the investor’s quiver ofportfolio management tools, including as a:

• cash substitute ‘stop gap’ measure, allowing the investormore time to select the specific alternative investments mostappropriate for their portfolios,

• beta substitute, allowing investors to be more aggressive intheir tactical alternative allocations,

• benchmarking tool to give added confidence in managerselection and performance monitoring of existing allocations

• way to leverage returns up or down depending on a givenrisk tolerance at any given time

• strategy to reduce risk on a tactical basis by shortingpassively replicated indices

And these are just some of the applications that will beconsidered in the program, for both institutional and HNWportfolios.

Most importantly, the fundamental question evaluating thetrade-off between the reduction in cost that comes fromreplicating an alternatives allocation and the net return thatcan achieved will be addressed by the most qualified experts inthe field who will share their considered insights into the pointat which break-even is achieved for the investor and at whatpoint is it preferable to simply allocate directly to fund of fundsor hedge funds.

The program will also evaluate the longer term prospects for thecurrent suite of replication products. Critics say that unless theycan perform as well as hedge fund of funds, they are likely tosuffer the same fate as passive investible indices, while othersquestion the fundamental investment case for replication and itsability to generate returns independently of the underlyingderivative instruments.

Day Three – Wednesday October 31st, 2007Examining the Potential of Hedge Fund Replication Methodologies for Investor Portfolio Decision Making and the Implications for the Hedge Fund Industry

Good content and a goodvariety of firms in attendance.This was a great event andprovided an excellent industryupdate. Keep it up!

“”

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The largest gathering of Hedge Fund of Funds and their investors in North America

THE ACADEMIC FRAMEWORK8.00 Opening remarks from the Chairman

Christopher C. Geczy, Ph.D., Assistant Professor Finance Department, THE WHARTONSCHOOL AT THE UNIVERSITY OF PENNSYLVANIAChristopher C. Geczy, Ph.D., is an Assistant Professor on the Finance Department faculty of TheWharton School at the University of Pennsylvania. His current research focuses on various topicsincluding risk management, multifactor models, the performance of managed funds, variousaspects of equity lending and short-selling, and shareholder agreements among parties to firms.His work has appeared in various books and scholarly journals including the Journal of Finance,Journal of Financial Economics and the Journal of Political Economy. It has also been covered inthe Wall Street Journal, The New York Times, The Financial Times, Forbes, Smart MoneyMagazine, on CNBC?s Squawk Box and in numerous other media outlets. Professor Geczy is aFellow of the Wharton Financial Institutions Center and has been the New York Stock ExchangeFellow and the Geeweax-Turker Fellow at the Rodney L. White Center for Financial Research atWharton. He has a B.A. in Economics from the University of Pennsylvania and a Ph.D. inFinance and Econometrics from the Graduate School of Business at the University of Chicago.He regularly teaches investment management and co-created the first full course on hedge fundsat The Wharton School along with a number of executive education courses and has taughtAIMR-accredited professional Risk Management courses through the University of Chicago'sGraduate School of Business. He is an editor of the Journal of Alternative Investments, afounding board member of the Mid-Atlantic Hedge Fund Association, and serves on thecurriculum and exam committees of the Chartered Alternative Investment Analyst Association.Professor Geczy has consulted for clients in the areas of asset allocation, hedge fund portfolioanalysis and development, financial risk management, and the development of investment andtrading strategies.

8.30 The latest research into the use of quantitative algorithms toreplicate the sources of hedge funds returns and the implications forthe investors' portfolio decision-making process• Examining the academic case for the replication of hedge fund returns• What are the key factors underpinning replication theory and what evidence exists to

support the assumptions• Determining the degree to which quantitative algorithms can actually replicate the risk

and return profile of hedge fund investmentsProfessor David A. Hsieh, Professor of Finance, DUKE UNIVERSITYDavid A. Hsieh is Bank of America Professor of Finance at the Fuqua School of Business, DukeUniversity. Professor Hsieh received a B.Sc. from Yale University in 1976 for a double major inEconomics and Mathematics, and a Ph.D. in Economics from the Massachusetts Institute ofTechnology in 1981. He taught at the Graduate School of Business, University of Chicago from1981 to 1989. Professor Hsieh's research interest is in financial risk management. His currentresearch focuses on the risk and return of hedge funds, with articles appearing in the Review ofFinancial Studies, Journal of Portfolio Management, Journal of Fixed Income, and FinancialAnalyst Journal. He has presented his research on hedge funds to the Federal Reserve, theInternational Monetary Fund, the Bank for International Settlements, the Commodities FuturesTrading Commission, in addition to academic audiences at universities and conferencesworldwide. He appeared before the Securities and Exchange Commission in the May 2003Hedge Fund Roundtable. His earlier work was in statistical modeling of high frequencyfinancial data, especially volatility clustering in stocks, bonds, and currencies. In 1990, ProfessorHsieh won the Smith-Breeden First Prize for the best paper in the Journal of Finance withNobel Laureate Merton Miller. In 1999, he won the Fischer Black Memorial Foundation'sRobert J. Schwartz Memorial Prize for the best paper on hedge funds with William Fung. In2004, he received a Graham and Dodd Award of Excellence from the CFA Institute for anarticle in the Financial Analyst Journal. Currently, he is the finance editor of ManagementScience.

9.10 KEYNOTE PRESENTATION – a new framework for integrating traditional and alternativeinvestments, including replication strategiesThis presentation will develop the key components of an investment process that includesboth traditional and alternative investments, in which replication strategies fulfill animportant gap in the spectrum of assets that an investor should consider. This frameworkwill address a number of open questions about replication strategies, including these:• What can investors realistically do on their own and what can be effectively replicated? • How should the investor's risk budget and asset allocation approach be taken into

account in determining the value of replication methodologies, their limitations andmost effective ways to incorporate them into the investor's current portfolio?

• What are the key factors in an investor's asset allocation approach and risk profile thatinfluence the break-even point between the use of replication strategies vs. funds of fundsand/or managers

Professor Andrew W. Lo, Harris & Harris Group Professor, SLOAN SCHOOLOF MANAGEMENT, Director of the Laboratory for Financial Engineering,MASSACHUSETT INSTITUTE OF TECHNOLOGYAndrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT

Sloan School of Management and the director of MIT's Laboratory for Financial Engineering.He received his Ph.D. in economics from Harvard University in 1984, and taught at theUniversity of Pennsylvania's Wharton School as the W.P. Carey Assistant Professor of Financefrom 1984 to 1987 and as the W.P. Carey Associate Professor of Finance from 1987 to 1988.His research interests include the empirical validation and implementation of financial assetpricing models; the pricing of options and other derivative securities; financial engineering andrisk management; trading technology and market microstructure; statistics, econometrics, andstochastic processes; computer algorithms and numerical methods; financial visualization;nonlinear models of stock and bond returns; hedge-fund risk and return dynamics and risktransparency; and, most recently, evolutionary and neurobiological models of individual riskpreferences and financial markets. He has published numerous articles in finance and economicsjournals, and is a co-author of The Econometrics of Financial Markets and A Non-RandomWalk Down Wall Street. He is currently an associate editor of the Financial Analysts Journal, theJournal of Portfolio Management, the Journal of Computational Finance, and the Review ofEconomics and Statistics. His awards include the Alfred P. Sloan Foundation Fellowship, thePaul A. Samuelson Award, the American Association for Individual Investors Award, theGraham and Dodd Award, the 2001 IAFE-SunGard Financial Engineer of the Year award, aGuggenheim Fellowship, the CFA Institute's James R. Vertin Award, and awards for teachingexcellence from both Wharton and MIT. He is a former governor of the Boston Stock Exchange,and currently a research associate of the National Bureau of Economic Research, a member ofthe NASD's Economic Advisory Board, and founder and chief scientific officer of AlphaSimplexGroup, LLC, a quantitative investment management company based in Cambridge,Massachusetts.

NEXT STEP REPLICATION

9.50 Identifying the potential for tracking sub-styles and buildingdynamic allocation decision making into a replicated product Sometimes described as the 'holy grail' of replication, many believe that only if replicationcan mimic the dynamic aspect of hedge fund tactical trading can replication be a serioussubstitute for investing in hedge funds and hedge fund of fund. This presentation examinesthe progress made to building in dynamic allocation to the replications process and theadditional benefits this could present to an investor's portfolio.Dr. Lars Jaeger, Partner Head Alternative Beta Strategies, PARTNERS GROUPLars Jaeger is head of the alternative beta strategies in the public alternative investmentstrategies. He is a member of the hedge funds investment committee. He is the author of severalleading hedge funds publications and has established a broad network with funds managers overthe years. Prior to joining Partners Group, Mr. Jaeger co-founded and was a partner ofsaisGroup, a hedge funds asset management firm established by the former alternativeinvestment strategies team at Credit Suisse Asset Management (CSAM), where he wasresponsible for risk management. Previously, he worked in the real-time trading models group atOlsen & Associates AG in Zurich. He holds a doctorate degree in theoretical physics from theMax-Planck Institute for Physics of Complex Systems, Dresden, and a master's degree in physicsfrom the University of Bonn, the Chartered Financial Analyst (CFA) and Financial RiskManager (FRM) designations.

10.30 Morning networking break

10.50 Identifying the strategies most ripe for replication and theimplications for investor portfolio decision makingThis session will examine where research has indicated that it is possible to replicate therisks of individual hedge fund strategies with a sufficiently attractive return. It will evaluatethe assertion that only strategies under pressure, generating mediocre returns, can bereplicated with an adequate degree of efficiencyStrategies to be examined include:• Equity market neutral • Merger arbitrage • Global macro • Convertible arbitrage • Credit driven strategies • Emerging markets• Event arbitrage • Commodities• High YieldGeorge Main, Chief Executive Officer and Chief Investment Officer, DIVERSIFIEDGLOBAL ASSET MANAGEMENTMr. Main is the founder, Chief Executive Officer and Chief Investment Officer ofDiversified Global Asset Management. In addition to overall firm management and direction,Mr. Main is responsible for investment decision-making including hedge fund selection, hedgefund portfolio construction and overlay management. Mr. Main was previously a ManagingDirector and Chief Investment Officer of a large hedge fund-of-funds and portable alphamanager in New York and Toronto from 1989 to 2003. As Chief Investment Officer from1997, Mr. Main grew assets under management in the hedge fund-of-fund offering to over $4.5billion between 1989 and 2003. Mr. Main is an MBA graduate from the University ofToronto, Rotman School of Business and holds a BA in Economics from Trinity College,University of Toronto. Mr. Main is a CFA Charterholder and is a member of the TorontoSociety of Financial Analysts.

PASSIVE REPLICATION OF INDICES: HOW IT WORKS INPRACTICE AN INVESTOR FOCUSED DISCUSSION

11.30 Identifying the key components and differentiators of leadingpassively replicated indices including how the factor models work,the downside risk entailed and the differentiating factors betweenproductsIn this special session the leading providers of passive replicated indices will explain howthey work in practice and take questions from an expert panel of end-investors • Which indexes are the passive indices tracking and why?• What exactly is being replicated?• How do the factor models work in practice?• How do they hedge out market beta?• Do the indices incorporate a tactical or market timing component or not and what is the

degree of liquidity?• What evidence exists of funds really capturing attractive returns?• What is the investment case for the product; does it yield actual returns or simply

replicate the risk profile or the replicated return stream?• What fee structure can the products support?• Evaluating the downside risk in replicated indices• Determining whether back testing results realizable or not in the longer term and an

appropriate level of adjustment• Key differentiating factors between products• Identifying the forms and structures of replication products available globally, including

an assessment of the size of the market• Defining the size of the market for replication products: Who is buying and who is

raising assets?• What forms can replicated products take and what are the legal and counterparty risk

implications of each?Lakshmi Seshadri, Alternative Investment Specialist, JP MORGANSteve Houston, Managing Director of the Equity Strategic Solutions Group, MERRILL LYNCH & CO.Greg Kuppenheimer, Managing Director, Fund Derivatives Trading, GOLDMAN SACHS & CO

12.10 Extended Q&A with leading investors including: Craig R. Dandurand, CFA, Investment Officer, Absolute Return Strategies, CALPERSDavid J. Gordon, CFA, ASA, VERITABLE LP

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bringing together leading institutional and HNW investors from around the worldto the heart of the global hedge fund industry in New York City

BUSINESS IMPLICATIONS FOR THE HEDGE FUND INDUSTRY

12.30 Have replicated funds replaced multi-strategy funds as the new threat?Fung & Hsieh argue that it is possible to replicate 85% of the average hedge fund of fund'sreturns, but can the returns generated really exceed the average? With the diverse range ofways in which hedge fund of funds deliver value to their investors, are replicated indicesreally equipped to compete? This panel of industry experts will debate the potential impactof replication on the opportunity set for hedge fund of funds and the longer termimplications for the industry and other key questions including:• Whether the trading skill sets of a successful manager can really be boiled down to a

series of factors amenable to replication• The level of fees investors should be paying for replicated beta exposure and non-

correlated alpha generation Robert A. Jaeger, Ph.D., Vice Chairman, EACM ADVISORS LLCAs Vice Chairman, Bob is a key representative for EACM within the investment community. Heis a member of the Investment Committee, and leads key research and discussions onmacroeconomic issues. Bob has been affiliated with EACM since its formation in 1987. From1983 to 1987 he held research and consulting positions at Evaluation Associates (EAI), aninstitutional consulting firm that was formerly affiliated with EACM. Prior to joining EAI in1983, he was a member of the faculty of Yale University and the University of Massachusetts atAmherst. He holds a B.A. from Princeton, a B.Phil. from Oxford, and a Ph.D. from Cornell.Bob is the author of All About Hedge Funds (McGraw-Hill, 2002).Laurence Siegel, Director of Research, FORD FOUNDATION, Research Director of the Research Foundation of CFA INSTITUTE Laurence B. Siegel is director of research in the Investment Division of the Ford Foundation inNew York, where he has worked since 1994. Before that, he was a managing director ofIbbotson Associates, an investment consulting firm that he helped to establish in 1979. In 2005Larry was named Research Director of the CFA Institute's Research Foundation. He holds thisposition concurrently with his responsibilities at the Ford Foundation. Mr. Siegel currently chairsthe investment committee of the Trust for Civil Society in Central and Eastern Europe. He serveson the investment committee of the NAACP Legal Defense Fund, and advises the boards ofmany other nonprofit organizations. He was a trustee of the Oberweis Emerging Growth Fund.Larry is a member of the editorial boards of the Journal of Portfolio Management and theJournal of Investing, and is a member of the program committee of the Institute for QuantitativeResearch in Finance (the Q Group). His first book, Benchmarks and Investment Management,was published by the CFA Institute in 2003. Larry received his BA in urban studies from the University of Chicago in 1975, and his MBAin finance from the same institution in 1977.

1.10 Lunch

REPLICATION AS A PORTFOLIO MANAGEMENT TOOLThis section will showcase investor-led case studies of practical ways in which replicationcan be utilized for specific aspects of portfolio management

2.30 Applying replication as a portfolio management tool in aninstitutional portfolio to optimize the use of the risk budget andtake account of a liability-driven investment approach• Identifying the risk factors present in an institutional portfolio to enable an effective

separation of alpha and beta• Determining the degree to which a passive hedge fund index can be a useful benchmark

in helping institutional clients optimize their allocation strategy• Understanding where replication really fits within portfolio, it's neither a hedge fund,

nor a pure active management play so what is it and where does it belong in an assetallocation?

• Identifying the internal resources an investor needs to incorporate a replication productinto their overall asset allocation successfully

• Adapting allocations over timeJoanne M. Hill, Managing Director, Pension Services Group, GOLDMAN, SACHS & CO. Joanne M. Hill is a Managing Director in the Securities Division of Goldman Sachs, advisinginstitutional investors, primarily pension funds and endowments, on investment, riskmanagement and equity product strategies. Joanne has spent twenty years at investment banks(14 at Goldman Sachs) in quantitative roles, assisting clients in investment productdevelopment, portfolio structuring, and derivatives trading strategies. For many years she led theGlobal Equity Derivatives Strategy at Goldman, which repeatedly gained the top ranking inclient and industry surveys. Prior to coming to Wall Street, she was on the finance faculty of theUniversity of Massachusetts (Amherst) and was a research analyst at the Federal Reserve Board.Joanne has published extensively on quantitative investment topics as well as in derivatives. Sheis a member of the Board and Research Committee for the “Q” Group and serves on theEditorial Board of the Financial Analysts Journal and Journal of Indexing. She received a Ph.D.and MBA in finance and quantitative methods from Syracuse University, an M.A. ininternational affairs from George Washington University and an undergraduate degree fromAmerican University.

Designated investor perspective by: Mario Thierren, President, CAISSE DE DEPÔT ETPLACEMENT DU QUÉBEC

3.00 Applying replication as a portfolio management tool in a HNWportfolio to meet a specific risk profile and to manage portfolios ina more aggressive, tactical way • How can replicated products help an investor meet a specific risk exposure profile for a

lower cost• What potential exists to allow investors to manage portfolios in a more aggressive and

tactical way• Practicalities of using methods across the entire portfolio or for specific portfolio

objectives• Making change to allocations Philip Halpern, Private Investor; OXFORD FINANCIAL GROUP - INVESTMENTPOLICY COUNCIL; Former CIO of the UNIVERSITY OF CHICAGOFollowing a fulfilling career in managing large institutional portfolios as Chief InvestmentOfficer (CIO), Philip now spends his time as a private investor. He is active on boards andcommittees of both well known and start-up investment organizations, with current mandatesencompassing Comprehensive Portfolio Strategy (Oxford Financial Group - Investment Policy

Council), Mutual Funds (M Funds, Inc. --Chairman of the Board and Audit Committee),Hedge Funds and Commodity Funds (Dow Jones Hedge Fund Index; Tellus, LP - AdvisoryBoard), Public Equity (Lou Holland Growth Fund - Board and Audit Committee), PrivateEquity (Gleacher Partners Co-Investment Fund; Prism Spectrum Fund - Investment Committee;SunTx Capital Partners - Board of Governors), and Real Estate (RREEF America REIT II,Deutsche Bank subsidiary --Board and Audit Committee). Philip informally advises institutionsand families in all major portfolio asset classes, as well as formally serving on managementcompany boards (NationsBuilders Insurance Services, Inc., a SunTx portfolio company - Board& Chairman of Finance Committee; Boston Advisors, LLC). He also serves on the board andfinance committee of Chapin Hall at The University of Chicago, one of the major research andpolicy centers devoted to children's issues worldwide, and is working on a new book onbehavioral finance and corporate governance. Philip previously has served as Vice President andCIO at The University of Chicago, Treasurer and CIO at Caltech, and CIO at The WashingtonState Investment Board. Philip holds an M.B.A. in Finance from UCLA and an A.B. inAnthropology from Grinnell College, and completed doctoral coursework in Strategic Planningat Northwestern University.

3.30 Afternoon Networking Break

3.50 Use of replication algorithms as a diagnostic tool in managerselection and performance monitoringIs the most effective way of using replication as part of the tool kit in performanceattribution analysis? When considering the return stream of a single manager canreplication be used to negatively screen managers whose returns can, to a greater degree, beexplained by replication and therefore readily identifiable as not worthy of a 2/20 feestructure? This presentation will detail the way in which leading hedge fund of funds are currentlyusing replication algorithms to gain additional insights into the funds with which they arecurrently invested and with whom they are considering making future allocations. It willalso highlight the ways in which the algorithms are adjusted to Take account of thedynamic nature of the trading profile. The presentation will explain the ways in which fundof funds utilize replication methodologies to:• Analyze if manager's returns are attributable to the strategies they claim to be pursuing• Determine style consistency• Evaluate the manager's performance against a historically replicated benchmarkEmanuel Derman, Professor Financial Engineering Columbia University and Head of Risk,PRISMA CAPITAL PARTNERSEmanuel Derman (www.ederman.com) is a professor at Columbia University and Director oftheir program in financial engineering, and is also the Head of Risk at Prisma Capital Partners,a fund of funds. His book, My Life as A Quant: Reflections on Physics and Finance waspublished by Wiley in September 2004, and was one of Business Week's top ten books of the year.Dr Derman obtained a Ph.D. in theoretical physics from Columbia University in 1973.Between 1973 and 1980 he did research in theoretical particle physics at various universities,and from 1980 to 1985 he worked at AT&T Bell Laboratories. In 1985 Dr Derman joinedGoldman Sachs' fixed income division where he was one of the co-developers of the Black-Derman-Toy interest-rate model. From 1990 to 2000 he led the Quantitative Strategies groupin the Equities division, where they pioneered the study of local volatility models and thevolatility smile. He was appointed a Managing Director of Goldman Sachs in 1997. In 2000he became head of the firm's Quantitative Risk Strategies group. He retired from Goldman,Sachs in 2002 and took a position at Columbia University.Dr Derman was named theIAFE/Sungard Financial Engineer of the Year 2000, and was elected to the Risk Hall of Famein 2002. He received the 2006 Wilmott Award for Contributions to Quantitative Finance.

Jonathan S. Morgan, Managing Director and Head of Manager Selection, BARCLAYS GLOBAL INVESTORSJonathan Morgan is responsible for the manager selection process of BGI's Alpha ManagementGroup. Prior to joining BGI, Jonathan was the Director of Research and Portfolio Managementin the Alternative Investments group at Julius Baer Investment Management. Prior to JuliusBaer, Jonathan worked for eight years as a strategist and portfolio manager at several hedgefunds, including Caxton Corporation, Croesus Capital Management and Parallax CapitalManagement. He spent the first five years of his career at Morgan Stanley & Co., primarily inits investment banking group. Jonathan has an A.B. from Princeton University and an MPPfrom Harvard's Kennedy School of Government.

4.30 Using replication methodologies to create a strategy pure Fund ofFunds that match your exiting risk profile while enhancing returns• Understanding the role of a strategy pure fund of funds but as a replacements of

traditional investments, with the same correlations but yielding a higher rate of returnrather than as a diversifier to traditional investments

• Practicalities of identifying the betas of traditional exposure• Strategically using managed account platforms to replicate an existing risk profile and

enhance returns Thomas Schneeweis, Professor of Finance, School of Management, UNIVERSITY OF MASSACHUSETTS, AMHERST, Director of the Center forINTERNATIONAL SECURITIES AND DERIVATIVES MARKETS (CISDM)Professor Thomas Schneeweis is the Michael and Cheryl Philipp Professor of Finance at theIsenberg School of Management at the University of Massachusetts in Amherst, Massachusetts.He is the Founding and Current Director of the Center for International Securities andDerivatives Markets (CISDM), a nonprofit academic research center specializing in thealternative investment area at the University of Massachusetts (www.cisdm.org). He is theFounding and Current Editor of The Journal of Alternative Investments (www.iijournals.com).He is the co-founder and current board member of the Chartered Alternative Investment AnalystAssociation (CAIA - www.caia.org), a global nonprofit educational association initiated byCISDM and AIMA (Alternative Investment Management Association - www.aima.org) thatoffers the CAIA designation program. He is Academic Advisor to Credit Agricole StructuredAsset Management (U.S.), outside Trustee for the Managers Funds (a mutual fund based fundof funds), President of Alternative Investment Analytics, an alternative investment managementfirm offering commodity based investment products and Chairman of White Bear Partners, anasset management company offering actively managed Hedge Fund and Managed Futures(CTA) investment products. He is also Chairman of Schneeweis Partners (an investmentconsulting firm offering asset allocation, performance monitoring, and passive alternative assetinvestment strategy replication products). He has acted as Board member for the Managed FundsAssociation and as U.S. Representative for the Alternative Investment Management Association.He has formerly held positions at Ursa Capital and other alternative investment managementfirms.

5.00 Close of GAIM Fund of Fund s Hedge Fund Replication Briefing

INDUSTRY PARTNERS

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Archway is the first and only organization to successfully integrate into one solution the ability to manage the complexities associated with fund of fundpartnerships. Our domestic and international fund of fund customers enjoy a seamless flow of data through fund holdings, fund financials and investor financials.Archway has unraveled the complexities of fund of funds through our Extended Fund Family™ which allows critical underlying fund income and expense data topropagate through fund families on a definable time horizon as often as daily. This revolutionary and proprietary capability eliminates the uncertainty associatedwith the poor information and lack of transparency that is typically found in fund of fund operations. Our solution can be used as both a distinguishing factor andcompetitive advantage for your fund.

Personalized service, in-depth industry experience and a global network of resources are the foundation of KPMG's Alternative Investments Practice.Personalized service, in-depth industry experience and a global network of resources are the foundation of KPMG's Alternative Investments Practice.With an integrated network of over 600 audit, tax and advisory professionals focused on hedge funds and alternative investments, our vast experience in thisindustry is what differentiates KPMG and allows our professionals to provide superior professional services to the alternative investments marketplace.

Rothstein Kass’ Financial Services Group provides services for alternative investments (hedge funds, fund of funds and private equity funds), broker-dealers andregistered investment advisors. Start-ups and established entities benefit from our highly specialized and expert staff. We keep an eye on the economic, tax andregulatory issues impacting your business so you can focus on money management. Rothstein Kass was recently ranked as the #1 accounting firm service providerfor hedge funds by Alpha magazine.

Société Générale Corporate & Investment Banking (SG CIB) is a division of Société Générale, one of the world's largest banks with EUR 837billion assets under management and offices in over 45 countries across Europe, the Americas and Asia. SG CIB's Equity Derivatives and Structured Products division (DEAI) has been active in the U.S. since the early-1990s and was named "Equity Derivatives Houseof the Year" by Risk and The Banker in 2005 and 2006 and by IFR in 2004 and 2005.A recognized leader in structured alternative investments, DEAI works closely with institutional investors, family offices and funds of hedge funds to tailor productsolutions that modify and control the risk / return ratio of alternative investments. The department offers a full range of financial solutions including CreditFacilities, Loans and Swaps, Warrants, Principal Protected Notes, Portable Alpha and Exotic Derivatives.Lyxor, its dedicated asset management company, is one of the largest fund of hedge funds in the world with over $74.5 billion in assets under management.

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Alternative Fund Services (AFS) is HSBC Group’s core provider or fund administration services to the alternative sector. With more than 40 years in the business the AFSteam has significant experience, knowledge and understanding of the industry and provides an expansive range of specialist services. AFS continually invests in its people,processes and technology to provide clients with a consistent, quality service – delivered through seamless solutions.For more information please visit us on the web at www.afsfunds.com or contact Brian Lucente at 212.715.6449 or brian.lucente@us.hsbc.com.

Based in New York, Natixis Capital Markets (formerly IXIS Capital Markets) has been at the forefront of hedge fund-linked solutions. Among its specialist services, NatixisCapital Markets offers principal protection, structured leverage and other customized structures to facilitate efficient hedge fund investing and management. Natixis CapitalMarkets is a subsidiary of IXIS Corporate & Investment Bank and an affiliate of Natixis–a key player in the banking sector of Europe, with leadership positions in financingand investment banking, asset management and other financial services.

The Bank of New York Company, Inc. (NYSE: BK), is a global leader in securities servicing for issuers, investors, and financial intermediaries, servicing securities in morethan 100 markets worldwide. Its principal subsidiary, The Bank of New York, founded in 1784, has a distinguished history of serving clients around the world through itsprimary businesses: Securities Servicing, Treasury Management, and Private Banking and Asset Management. Additional information on the Company is available atwww.bankofny.com

Bear Measurisk is a leader in providing Fund of Funds and other institutional investors with sophisticated risk transparency and risk measurement solutions designed tohelp assess, manage and communicate risk across multi-manager Hedge Fund portfolios. Bear Measurisk services enhance investment decision-making, portfolioconstruction, management oversight, and investor communications. Bear Measurisk acts as an intermediary between the Hedge Fund and its investors, using the bestavailable information to model risk on the funds; positions, exposures or returns. The firm's interactive Web based risk reporting provides the optimum level of risktransparency to investors while protecting the confidentiality of managers. www.bearmeasurisk.com

BISYS Alternative Investment Services is one of the industry's leading global providers of administration, accounting and tax services for alternative investment products.Investment managers of hedge and private equity funds, including fund-of-funds and other alternative investments, turn to BISYS for innovative and tailored solutions.Clients all over the world have entrusted BISYS with the administration of more than $275 billion in alternative investment assets.

Calyon Financial is a leading global brokerage firm dedicated to providing institutional investors efficient access to all major financial markets. With a complete suite ofelectronic trading and straight through processing tools, Calyon Financial can provide fully integrated and customizable solutions for front, middle and back offices.Additionally, Calyon Financial’s Alternative Investments Group offers capital introduction services, with a strong network of relationships including: fund of funds, CTAs,macro hedge funds, institutional investors and family offices.

DPM Mellon provides fund administration, back-and middle-office outsourcing, and integrated risk administration solutions for fund managers, asset allocators,institutional investors and proprietary traders. DPM Mellon’s suite of services addresses all your administrative needs and improves your operational efficiency. From themost basic administrative reports to complex portfolio valuations, risk analysis and daily transparency; we have the systems, infrastructure and experience to handle yourtoughest administrative challenges. DPM Mellon’s services include offshore administration; back office transaction processing and reconciliation; independent portfolio valuation, including daily NAV;consolidated reporting across managers, funds or prime brokers; and tax layering and reporting across jurisdictions.

Man Investments is a global leader in alternative investments. It has spent two decades understanding investor requirements, identifying opportunities, and developingleading edge products and tailor-made solutions for private and institutional investors. Each of Man's core investment managers - AHL, Glenwood, Man Global Strategiesand RMF - has distinct expertise in one or more alternative asset classes: hedge funds, leveraged finance and convertible bonds. Man continues to explore opportunitiesacross the alternative investment spectrum in order to enhance its client offerings. Hedge funds are the cornerstone of the business, and Man offers a range of risk/rewardprofiles through its funds of hedge funds, structured, style products and single manager products. Man Investments manages over $61 billion (estimate as at 30 March 2007)and has a powerful global distribution network.The link is here: http://www.mangroupplc.com/about/about_overview.cfm

Northern Trust understands that no two hedge funds are alike. As such, we offer a degree of customization usually associated with boutique fund administrators but withthe advantage of being a leading asset service provider. We understand the importance of providing valuation expertise and reporting accuracy via a client servicing teamrecognized for its strength and stability.With Northern Trust as your fund administration partner, you will enjoy the freedom to focus on your core business - meeting investment objectives.

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Fee The standard fee for attending GAIM Fund of Funds 2007 is outlined on the registration form. Thisincludes the luncheons, cocktail reception, refreshments, and the conference documentation and materialssubmitted by the speakers. You may enclose payment with your registration or we will send an invoice. Paymentis due within 30 days of registering. If registering within 30 days of the event, payment is due immediately.Payments may be made by check, Visa, MasterCard, Discover, Diners Club or American Express. Please make allchecks payable to the “Institute for International Research, Inc.” and write the name of the delegate(s) on the faceof the check, as well as our reference code: U2231. If payment has not been received prior to registration themorning of the conference, a credit card hold will be required.

Dates and VenueGAIM Fund of Funds 2007October 29-31, 2007Grand Hyatt New York109 East 42nd Street at Grand Central Station, New York, New York, USA 10017

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If you're a first-time visitor, come see for yourself the Empire State and Chrysler buildings, the Statue of Liberty,Rockefeller Center, Times Square, the Bronx Zoo, Staten Island Ferry, Brooklyn Bridge and all our other world-famousattractions. If you've been here before, there's always another neighborhood to explore, another restaurant to try,another Broadway show, over 300 museums tao see, plus endless cultural performances and sporting events.

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New York City is an undisputed shopper's paradise: You can find anything here, from every corner of the globe. In theclothing category alone, there's everything from the hippest new collections to world-renowned labels in stores rangingfrom tiny, cutting-edge boutiques to the largest department store in the world, Macy's. Incredible variety and theopportunity to discover something special you can't find back home await. And since notoriously picky New Yorkersdemand the best of the best, luxury shopping here is unsurpassed.

If you like big cities with lots of excitement and an endless supply of culture and activities, the Big Apple is a greatplace to visit.

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PA I DPlattsburgh, N.Y. 12901

Permit No. 44

Institute for International Research708 Third Avenue, NY, NY 10017

Bronze Sponsors