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institutional investors which offer attractive risk-adjusted returns. Listed on the London
Stock Exchange in November 2006, BlueBay is a constituent of the FTSE 250.
 EQUITY | FIXED INCOME | MULTI-ASSET MANAGEMENT | LIQUIDITY MANAGEMENT | ALTERNATIVES

Knowing no boundaries.
That’s outperformance.
That’s DB Advisors.
Innovative ideas can come from anywhere. So, we leverage our global platform to link ideas and information
with investment teams around the world. Selecting the right combination of traditional and non-traditional
approaches and cutting-edge techniques, we capitalise on our research to create value for our clients with
customised investment solutions.
To learn more, visit dbadvisors.com

DB Advisors is the brand name for the institutional asset management division of Deutsche Asset Management, the asset management arm of Deutsche Bank AG.

Anzeige 8,5 x 11 inches_4c_engl.indd 1 02.02.2010 17:17:05 Uhr

 DB Advisors
DB Advisors is one of the world's leading fiduciary asset management organizations, not
just in size, but also in quality and breadth of investment products and client services. We
provide a broad range of investment strategies - spanning the whole risk/return spectrum
- to our institutional clients worldwide and offer flexibility in return targets and
benchmarks, associating traditional investments with new, innovative tools. Our global
network of integrated resources in combination with our product lineup provides a
powerful platform, delivering superior pension solutions and consistent competitive
results under all market conditions.

For more information please visit: www.dbadvisors.com

Contact
DB Advisors
Nikolaus Schmidt-Narischkin
Managing Director
Head of Fiduciary Management
Mainzer Landstrasse 178-190
60327 Frankfurt
Tel.: + 49 (0) 69 71706 – 3100
nikolaus.schmidt-narischkin@db.com

we are the futures
FTC Capital GmbH
1020 Vienna, Praterstrasse 31
Tel.: +431/585 61 69-0
office@ftc.at | www.ftc.at
For further information, please contact:
Martin M.R. Tilley phone: +431 585 61 69 2122
Gareth Webb phone: +44 7703 73 1140
Opal_Event_MT-2.indd 1
Systematic Asset
Management since
1994
In 1994 the founders of the FTC Group be-
gan with the systematic trading of managed
futures. The managed account became the
flagship fund FTC Futures Fund Classic after be-
ing reestablished in Luxembourg (1998). The
fund boasts an exemplary track record and has
received numerous international awards.
To this day FTC continues to develop a com-
prehensive arsenal of new systematic strate-
gies, complementing its trend-following ap-
proach with other strategies. It is this diversified
range of proprietary trading systems and their
ongoing development which has enabled FTC
to diversify from managed futures into the sys-
tematic trading of all kinds of liquid financial
instruments.
FTC combines disciplined adherence to sys-
tematic trading strategies with an intuitive
knowledge of how market dynamics work and
proprietary risk metrics in order to achieve su-
perior risk-adjusted returns.
tilley@ftc.at
webb@ftc.at
08.02.2010 14:00:09 Uhr
 FTC Capital

In 1994 the founders of the FTC Group began with the systematic trading of managed
futures. The managed account became the flagship fund FTC Futures Fund Classic after
being reestablished in Luxembourg (1998). The fund boasts an exemplary track record
and has received numerous international awards.

To this day FTC continues to develop a comprehensive arsenal of new systematic

strategies, complementing its trend-following approach with other strategies. It is this
diversified range of proprietary trading systems and their ongoing development which
has enabled FTC to diversify from managed futures into the systematic trading of all
kinds of liquid financial instruments.

FTC combines disciplined adherence to systematic trading strategies with an intuitive

knowledge of how market dynamics work and proprietary risk metrics in order to achieve
superior risk-adjusted returns.
Broad-minded.
Deep thinking.
Hermes is a multi-boutique asset manager with a wide range of Our specialist teams:
specialist investment partnerships. This means we provide both choice Hermes BPK Partners
and highly focused expertise. We’re here to deliver quality, long-term Hermes Commodities
returns, transparently and responsibly. Our first priority is our clients. Hermes Emerging Markets
Not our profits. Hermes Equity Ownership Services
Hermes Fixed Income
We focus on risk-adjusted alpha returns, and believe investment
Hermes Focus Funds
returns are built on a foundation of technical and fundamental
expertise. And all our managers co-invest in the products they Hermes Global Credit
manage. So you can be assured, we’re only interested in quality, Hermes Global Equities
long-term investments. Hermes Private Equity
Hermes Quantitative Equities
We’re 100% owned by the UK’s largest corporate pension scheme, Hermes Real Estate
providing real stability. This means we can focus on sustainable Hermes Smaller Companies
performance, not short-term profit. It also means we can afford to
Hermes Sourcecap
develop the sort of investment insight that serves all our clients well.
Discover an investment partner more interested in your long-term
returns than their short-term profits. Discover Hermes.

Find out more about the breadth and depth of Hermes.

Please visit www.hermes.co.uk, or call Ksenia Kelly on 020 7702 0888.

Hermes Fund Managers Limited, Lloyds Chambers, 1 Portsoken Street, London E1 8HZ.
This advert is issued and approved by Hermes Investment Management Limited, which is authorised and regulated by the Financial Services Authority.
 Hermes Fund Managers Ltd

Hermes is a multi boutique asset manager comprising a series of specialist investment

partnerships with a truly long-term and responsible approach to delivering investment
returns. We offer our clients the best combination of specialist investment teams and
products along with a robust operating platform from which to operate.

Hermes has £21.6bn* of funds under management and offers investment solutions
which range from private equity, fund of hedge funds, commodities and our
engagement focus funds to real estate, fixed income and specialist equity products.
Additionally, we help pension funds meet the highest standards of responsible long
term ownership through our innovative Equity Ownership Service.

Hermes is the principal investment manager for the BT Pension Scheme (BTPS)
which is also the 100% owner of Hermes. This unique relationship gives us a long-
term parent whose requirement for investment excellence is perfectly aligned with
that of our other clients and provides a privileged insight which informs our product
development.

* As at 30 September 2009
 Highland Capital Management, L.P.

Highland Capital Management, L.P. is an investment adviser registered with the SEC and
specializes in alternative fixed income investment strategies. An industry leader, the firm
manages over $27 billion in senior secured loans, high yield bonds, structured products,
mezzanine debt, real assets and equities for a global institutional investor base. The
credit team remains one of largest and most experienced in the industry. The firm’s in-
house restructuring and private equity staff provides our clients with strategy, M&A and
operations capabilities. Highland Capital is headquartered in Dallas, Texas and maintains
offices in New York, London and Singapore.
 Madrid Centro Financiero

Madrid Centro Financiero is an organization that gathers the interests of its members for
the promotion and development of financial business in Madrid, as a global financial
centre. This mission is translated into concrete actions through the following objectives:

1) To promote the consolidation of Madrid as a financial centre

2) To boost international development projects
3) To channel investor and stakeholder interests towards financial opportunities
offered by Madrid as a financial centre

To this end, Madrid Centro Financiero is backed by the major institutions of the sector
it represents. The founding members of Madrid Centro Financiero include Madrid’s
regional government and its municipality as well as major financial players such as
Banco Santander and BBVA, which are the two biggest banks in Spain and among the
ten best worldwide, CajaMadrid, the second biggest savings bank in Spain, Mapfre, the
biggest insurance group in Spain and the Madrid Stock Exchange, the leading exchange
in terms of fixed income trading volume.

Madrid Centro Financiero es la institución que aúna los intereses de sus asociados en
aras de la promoción y el desarrollo del negocio financiero en Madrid, como centro
financiero global. Esta misión se traduce en acciones concretas guiadas por los
siguientes objetivos:

1) Promover la consolidación de Madrid como centro financiero

2) Potenciar proyectos de desarrollo internacionales
3) Canalizar los intereses de inversores y entidades interesadas hacia las
oportunidades financieras que ofrece Madrid como centro financiero.

Para este propósito, Madrid Centro Financiero está respaldado por las principales
entidades del sector que representa. Los socios fundadores de Madrid Centro Financiero
incluyen a la Comunidad de Madrid a través de su Instituto de Desarrollo (IMADE), el
Ayuntamiento de Madrid a través de su agencia de desarrollo económico
(MadridEmprende), y actores económicos y financieros de la talla de Banco Santander y
BBVA, que son los dos grandes bancos del país y figuran entre los diez primeros del
mundo, CajaMadrid, la segunda mayor Caja de Ahorros de España, Mapfre, que es el
mayor grupo asegurador de España y la Bolsa de Madrid, que es la principal bolsa en
términos de contratación de valores de renta fija.
PENTIVM FUND

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 Pentium Fund Group

Pentium Fund Group (PFG) is an asset management company established in 1979. It was
originally created as a family office but eventually accepted to managed outside clients
and investors. Pentium specializes in the quantitative mathematical approach to asset
management. Pentium has a dedicated team of mathematicians specializing in hedging
and the creation of absolute return portfolios. Even in times of market turbulence,
Pentium has always given its investors a double digit return. Its "managed account"
portfolio returned 99.8% in 2008.
 Raiffeisen-
EmergingMarkets-
Equities

Benefit from the above-average potential of companies

which are active in Asia, Latin America, Europe, Africa
and the Middle East.

The upcoming Emerging Markets region represents an

important drive for the economic growth worldwide.

75% of the global foreign exchange balance back up

this outstanding development.

21,700 Billion USD investment in infrastructure is

scheduled for the next 10 years.

Low public debt combined with an increase in

purchasing power strengthens the domestic demand.

The current version of the published sales prospectus for Raiffeisen-

EmergingMarkets-Equities (ISIN V: AT0000497268) including all
amendments since it was first announced is available to interested parties
at www.rcm-international.com.

www.rcm-international.com

EmergingMarkets-Equities_8,5x11zoll _04-02-10.indd 1 04.02.2010 17:19:42 Uhr

 Raiffeisen Capital Management (RCM)

National Market Leader and significant European Player in Investment Funds.

RCM is Austria’s leading asset manager, with € 29 bn (2009/12) in assets under management and
a market share of 20%. Founded in 1985, the company captured the frontrunner position in 1990
and has held on to it ever since.

Beyond Austria, RCM is a significant player in CEE and is expanding its presence in Western
Europe. A clear concentration on core areas of expertise and performance are two traits that have
allowed Raiffeisen to build this successful position. RCM forms part of the Raiffeisen Banking
Group, Austria’s densest network of banking outlets with about 560 independent local banks.
Approx. 1.6 m Austrians are members; almost 40% of the Austrians are customers.

This enhances the resilience of the banking group against adverse economic developments and
gives a tougher understanding of its customer needs. The Raiffeisen name is well known
throughout CEE being one of the leading banking concerns.
 Tranen Capital
 
Tranen Capital Alternative Investment Fund Ltd. was founded in July of 2008 in the Life
Settlements Market. The Fund primarily buys and sells life insurance policies on the
secondary and tertiary markets of life settlements.

The Fund has ranked #1 in Barclay Hedge and has earned a cumulative positive return of
51.81% over the last 18 months, through one of the worst economic crises since WWII.
The asset class is non-correlated to the rest of the market and provides a great
diversification away from traditional asset classes.

The Fund Managers have extensive backgrounds in this Market and bring together a
combined 12 years in the life settlements market with a combined 40 years experience in
estate planning and finance.

The Fund is regulated in Japan under the FSA and in Singapore under the MAS. The
Fund is also an AIMA member and has been granted a listing on the Irish Stock
Exchange.
Participating
Speakers
 Hamza Abdurezak
Investment Managment Corporate Finance
Harvard University

Professor Abdurezak has been teaching Investment Management &

Corporate Finance in the graduate programs at Harvard University
and has been conducting research in finance field since 1999. Dr.
Abdurezak also teaches Global Investment Management course at
Fletcher School, Tuft University. His academic & professional
works blend theory with his practical experiences in financial
services industry. He shares his time between New York and Boston
consulting for Wall Street firms and Pension Funds on investment
management and portfolio risk analytics. In the financial services
industry, Dr. Abdurezak has consulted & worked for a number of Wall Street firms such
as Utah State Pension Fund, Lasair Capital LLC and Ryse Inc and Capital Markets Risk
Advisors, Manhattan Family Office. He is the founder and CEO of Risknomics™ LLC, a
firm specializing in portfolio & risk management consulting for institutional investors.
Current clients include University of Connecticut Endowment & Utah Retirement
Systems.
Prior to coming to Harvard as a graduate student, Dr. Abdurezak worked for the Science
and technology Commission and the Ministry of Planning and Economic Development as
an economist in Ethiopia.

Hamza Abdurezak’s academic credentials include BA degree in economics from Addis

Ababa University; and holds Masters and PhD degrees with concentrations in finance
from Harvard University and Tufts University respectively. Dr. Abdurezak has also
earned Financial Risk Manager (FRM) designation from the Global Association of Risk
Professional (GARP®). Dr. Abdurezak is also a regular member of the global association
of investment management professionals. He recently completed a major research work
on the dynamics of alpha & beta decomposition of hedge fund returns and risk profiling.
 Paul Adkins
Managing Director, Institutional Fundraising and Client Service
Highland Capital Management

Mr. Adkins is a Managing Director of Institutional Fundraising and Client Service at

Highland Capital Management (Singapore) Private Limited. He is responsible for
business operations in the Asia Pacific Region and Europe. Prior to joining Highland in
February 2007, Mr. Adkins was CEO of Moll Industries. His work experience includes
managing a $400 million private equity fund in Japan as the fund's Lead Partner and
Managing Director. Mr. Adkins was also a member of that firm's Investment Committee
responsible for making all decisions in three other pan-Asian private equity funds totaling
$1 billion. As a senior executive, he has managed significant operations, product, and
services divisions of leading information technology and global telecommunications
companies; he had overall responsibilities for their businesses in the Latin America and
the Asia Pacific Regions. Earlier in his career, Mr. Adkins worked as a Senior Manager
at Price Waterhouse and as a Manager at Ernst & Whinney in their Financial Services
consulting practices where he led numerous engagements associated with merger-related
restructuring. He started his career at Morgan Guaranty Trust Co. in New York City. He
received a Bachelors degree in Computer Science Engineering at Columbia University.
 Wolfgang Alkier
Managing Director
Absolute Return Consulting GmbH (ARC)

Wolfgang holds a masters and doctorate degree from the Vienna University of
Business Administration and Economics.
From 1996-2001 he served as a member of the Vienna State Assembly and City
Council. He is on the board of a group that especially supports children homes in Sri
Lanka.

He lives with his wife and 2 children in Vienna and Boca Raton.

In 1984 Wolfgang founded a consulting and investment company under the name of
Dr. Alkier GmbH.
Since 1992 he has managed a family portfolio primarily focused on alternative
investments.
He is one of the managing directors of Absolute Return Consulting GmbH (ARC).

ARC was started in early 2002 by Wolfgang Alkier, Alexandra Bolena and Alex
Hoyos. It is an FMA (Austrian Financial Markets Authority) registered investment
advisory company. ARC provides advice and distribution services to selected
institutional and high net worth clients on non-traditional investment products,
especially on Absolute Return oriented Hedge funds or Emerging Markets.

Services ARC provides to clients include:

- Information and consulting services about Alternative Investment products and
opportunities
- Distribution of selected Alternative Investment products

Benefits ARC provides to clients include:

- Absolute Return Orientation
- Independent advice, since ARC does not manage own products
- Quality of research and analysis
- ARC-Management invests own money in recommended products

Vienna/Austria
alkier@arc.at
www.arc.at
 Richard Balfe
Chairman of the Board of Directors
European Parliament Pension Fund

Richard is the Chairman of the Board of Directors of the Members of the European
Parliament Pension Fund. The fund is registered in Luxembourg and is a fully
invested fund.

He is also one of two “pension specialist” directors of the European Organisation for
Nuclear Research CERN pension fund based in Geneva.

He serves on the advisory committees of the European Pension Fund Investment

Forum (EPFIF) and the Pensions Trustees Circle. He regularly appears at
International Pension Conferences.

He is Chairman of Anglia Community Leisure a charitable Trust which runs Gyms,

Swimming pools and other leisure facilities in East Anglia in the UK.

Richard is First Vice Chairman of the International Election Monitors Institute IEMI a
not for profit association comprising former members of the US Congress and the
European and Canadian Parliaments. They have recently sent a monitoring group to
Iraq.

He has travelled widely in the USA, Europe and Canada.

Richard is currently an Alternate Member of the European Union Economic & Social
Committee and is also a trained commercial mediator.

From 1979 to 2004 Richard served as a Member of the European Parliament

representing London.
 Grant Ballantine
Senior Consulting Actuary,
Occupational Pension Schemes
Government Actuary’s Department

Grant Ballantine is a Senior Consultant Actuary in the Government Actuary’s

Department in the UK. For the last 18 years, Grant has led the team responsible for
giving actuarial advice on occupational pensions, including advice to plan sponsors of
unfunded public service schemes and to trustees of funded pension arrangements. An
important component of the work is advice on appropriate investment strategy for plan
assets, taking account of the nature and term of the liabilities, and advice on investment
manager structure. He has provided assistance to some overseas territories on a suitable
framework for pension provision, including the interface between social security and
private pension provision. Prior to joining GAD, Grant worked for an Edinburgh
insurance company, and then enjoyed working in the Far East with an American
insurance network.
 Vishaal B. Bhuyan
Principal, Portfolio Manager
LifeQuant Capital Management

Vishaal is a principal and Portfolio Manager for LifeQuant Capital Management, an

insurance linked investment fund focusing on longevity linked assets.

Prior to co‐founding LifeQuant, Mr. Bhuyan advised large hedge funds and private equity
investors on the longevity / mortality asset class, assisting clients on asset acquisition,
structuring, and pricing.

With over five years of experience in the field, Mr. Bhuyan is widely regarded as an
expert in the field, authoring the first ever book on the subject of life settlements: Life
Markets: Trading Longevity & Mortality Risk with Life Settlements & Linked
Securities (John Wiley & Sons) and is frequently invited to speak on the market across
the US, Europe and Asia.
 Olivier Bonnet
Head SRI
French Public Service Additional Pension Scheme

Olivier Bonnet graduated from ESCP Europe with a Master in Management.

He started his career at Vigeo, a European CSR rating agency, as a SRI analyst
specialised in Information technologies and Aerospace & Defense sectors. He then
became methodology and product development coordinator: he notably developed
customized research for institutional investors, methodology for sovereign bonds SRI
rating, and in-depth research on controversial weapons. In 2009 he joined ERAFP, the
French public service additional pension scheme, where he is responsible for the SRI
strategy.

Created in 2005, ERAFP applies a SRI policy to all its assets and all asset classes. With
almost 4.6 million beneficiaries, AUM of more than 7.5 billion euros and net cash flows
of more than 1.6 billion euros per annum, ERAFP is one of Europe’s largest public
pension funds in terms of members and SRI institutional investors.
 Arthur L. Bowen
Director/Investment Manager
Tranen Capital

He has been a Director of and the Investment Manager for the Tranen Fund since its
inception, in 2008. He is admitted to the Bar Associations for the practice of law in New
York and Massachusetts, and has maintained offices in New York City and Boston for
more than 30 years. His expertise is in the area of corporation law, as well as in financial
advisory and estate planning matters, including as related to life insurance products. He is
general counsel to and/or director of many closely-held businesses and charities.

He is currently a director of and general counsel to the International Nutrition

Foundation, affiliated with Tufts University Medical School. He has been a trustee of the
Roxbury Latin School and is a past president of the Princeton Alumni Association of
New England and member of the planned giving committee of Trinity Church-Boston.

Mr. Bowen is a graduate of Princeton University and Boston University School of Law.
 Tim Burgraaf
European Partner
Mercer Human Resources Consulting

Tim is a European Partner in the Retirement business. He is part of Mercer’s

European DC Leadership Team as well as a Global DC Expert and is a member of
several local and international centers of excellence in Defined Contribution and Pan-
European pensions. He is a member of the Dutch Order of Pension Experts (NOPD),
Circle of Pension Specialists (KPS), International Employee Benefits Association
(IEBA) and member of the European Pension Group of Holland Financial Center
which advises Dutch Government.

He started working at age 21 with a local insurance company. After this, he joined
Aon Consulting in 1993 as an employee benefit consultant.
After Aon, Tim moved to Mercer in 2000, first as senior consultant, now as principal.
His clients are not so much located specifically in one branch, but mainly consist of
larger corporations.

Tim has graduated the first phase of Law on the Erasmus University and holds a
Master degree from the Hermes University as a Master in Pensions and Life
Assurance. is a regular speaker on conferences across Europe and has published two
books (both on defined contributions) and a large quantity of articles.
 Edwin Burton
Professor of Economics
University of Virginia

Currently:
Professor of Economics, University of Virginia (since 1988)
Trustee, Virginia Retirement System (1994-2001, 2004-
Present)

In the Past:
Head of Investment Banking and Municipal Finance, Interstate
Johnson Lane, 1994-1995
President, Rothschild Financial Services, Inc. 1987-1994
Sr. Vice President, Smith Barney, 1975-1984 (Head of Options Sales and Trading)
Assistant and Associate Professor of Economics, Cornell University, 1969-1979

Education:
B.A. in Economics from Rice University, 1964; Ph.d. in Economics from Northwestern
University, 1971
 Martin Cech
Fixed Income Manager
ESPA FINANCIAL ADVISORS

Born in 1970, graduated from Economic High School, Vienna

1989-1993 Institutional sales at Volksbank, Vienna
1994-1998 Private Banking at a regional Austrian bank
1998-2005: VBV, deputy Chief Investment Officer,
Head of competence centre for fixed income
Since 2006 ESPA Financial Advisors / VINIS

Since 2006 Martin works for ESPA Financial Advisors and VINIS, a
member of VBV group, where he is a portfolio manager for
Sustainable Bond Funds and Sustainable Cash Funds and advising SRI-concepts and SRI
portfolios. He is also responsible for VBV Vorsorgekasse´s (redundancy payment unit) asset
allocation that also refers to sustainable criteria.

ESPA Financial Advisors, part of ERSTE-SPARINVEST is the second largest asset manager
in Austria managing some 37 bn. USD currently is the largest SRI-manager in Austria. Martin
is also responsible for the newly launched Microfinance fund-of-funds.

Martin Cech received CPM diploma (Certified Portfolio Manager) Level in 2001 and passed
the “Ecoanlageberater”-training course on SRI in December 2008.
 Stuart Condie
Founder
James Aviation Ltd

Stuart was Chairman of BAA's £2bn Pension Fund until 2009

and a trustee of the fund since 1994. He was a member of the
Investment Committee which oversaw a major asset allocation
shift into bonds and led the negotiation of additional security and
increased company contributions when BAA refinanced in 2008.

Outside of pensions Stuart was Planning Services Director at

BAA Ltd as well as Director of Heathrow Express Operating
Company and a member of the Board of the SESAR Joint Undertaking (an EU PPP).
Prior to this he held Directorships at Perth and Northern Territory Airports in Australia
and a variety of management posts at BAA including Corporate Treasurer.

Stuart currently runs his own aviation consultancy (James Aviation Ltd) and is looking to
carry on pension fund trustee work. He advises institutional investors on infrastructure
investment and is a regular presenter and writer on pension issues.

Stuart has an MA from Cambridge, an MBA from City University and is married with
two daughters.
 Adrian Cunningham
Company Secretary
Pension Fund for Members of the European Parliament (asbl), Brussels

Adrian Cunningham is the Company Secretary of the Pension Fund for Members of
the European Parliament (MEPs). Formed in July 1993 in Luxembourg (Luxembourg
being the financial centre of the European Parliament) as an "Association Sans But
Lucratif (asbl)" the fund is the sole shareholder of its investment vehicle, a
Luxembourg SICAV.

As part of the additional voluntary pension scheme for MEPs the fund has over 1,100
members representing all 27 Member States of the European Union.

Pan-European and multi-national by design, this pension fund takes all its key
investment decisions working within the highly political, multilingual, multicultural
environment its varied membership imposes.

For the past fifteen years Mr Cunningham has been a key player in the team that has
helped direct this small fund. Mr Cunningham has a B.A in Economics and Politics
from Greenwich University, London, and previously worked for the British Labour
Party both in the UK and in Brussels.
 Frank Curtiss
Head of Corporate Governance
RAILPEN Investments

Frank Curtiss is Head of Corporate Governance at rpmi RAILPEN Investments, the

investment management and monitoring arm of the Railways Pension Trustee Company,
the trustee of railway industry pension funds in Great Britain. He joined the company in
1990 and has been responsible for corporate governance since 1997. His main focus is on
corporate governance and shareholder engagement with investee companies and others.

During his career, he has worked in both the private and public sectors. Prior to 1990, he
worked in the UK university sector as an accountant. He started his career in finance as a
trainee with Williams & Glyn’s Bank in 1982 on graduating from University College
London with a Bachelor’s degree in English.

He is a member of the UK Chartered Institute of Management Accountants and a Fellow

of the Institute of Chartered Secretaries and Administrators and serves as an honorary
adviser to the latter on corporate governance, pensions and other issues, and as a trustee
of its educational and welfare charities. He has also served on the judging panel of the
ICSA Hermes Transparency in Governance Awards in 2009.

Frank has been a member of the International Corporate Governance Network since
1998. He was elected to the ICGN Board in July 2009 and has chaired its Non-Financial
Business Reporting Sub-Committee since 2005 which drafted the ICGN Statement and
Guidance on Non-financial Business Reporting published in December 2008.

He represents Railpen on the National Association of Pension Fund’s Shareholder Affairs

Committee and other UK corporate governance industry bodies including the Corporate
Governance Forum and the Responsible Investors Network and has helped draft various
guidance notes on best practice and disclosure on various topics including executive
compensation and socially responsible investment. He is also current chair of the Japan
Focus Group.

He is also currently a member of the Advisory Council of the Occupational Pensions

Defence Union and served as a founding member of the original steering group. He is
chairman of the trustees of the NABC - Clubs for Young People Pension Scheme, the
staff pension scheme of a UK-based charity. He also has a voluntary role in clinical and
research governance in the UK National Health Service as a lay member of the Human
Research Ethics Committee of the National Hospital for Neurology and Neurosurgery at
Queen Square in London.
 Charles Demoulin
Director
The Governance Platform Foundation

Charles Demoulin joined Deminor in 1999. He became partner

in 2008.

Since he joined Deminor, Charles has been involved in a

variety of assignments to assist shareholders of public and
privately held companies.

Charles’ current main responsibilities include:

• definition and implementation of engagement strategies,
including for the Governance Platform and for the
Deminor Active Governance Fund (DAGF),
• advising shareholders of listed companies outside of the scope of the Platform
and DAGF (special assignments),
• monitoring of legislations in several European countries,
• active participation in discussions and consultations on legislative reforms at
the European level and in Belgium (Charles already addressed members of
both the European and Belgian Parliament).

Charles has been appointed as director (bestuurder) of the Stichting Governance

Platform (www.governanceplatform.com).

Charles is specialised in Corporate Law for several European countries with a special
focus on corporate governance, shareholders’ rights and mergers & acquisition.

He is often invited to speak at conferences and seminars dealing with those topics.

Prior to joining Deminor, he spent two years with the law firm Loeff Claeys Verbeke
(now Allen & Overy Belgium) where he specialised in commercial and company law.

Charles obtained a Master of Law at the Université Catholique de Louvain (Belgium)

in 1996 and spent one year studying specific legal topics in Dutch at the Law School
of the Katholieke Universiteit Leuven. Charles also holds a postgraduate degree in
corporate finance (postgraduaat financiewezen) from the Katholieke Universiteit
Leuven (2000).

Charles is a 36 years old Belgian citizen. He is married and has two children. He is a
native French speaker and is fluent in English, Dutch and Spanish.
 Rick Di Mascio
Chief Executive
InAlytics

Rick Di Mascio established Inalytics in 1998, previously he was the MD and CIO of
CINMan, and then Head of the UK Unit at GSAM. Rick has also been a Director of
Olympus Capital Management, a European long/short hedge fund manager, and IMIGest,
the leading Italian mutual fund company. Rick is also Chairman of the T-Charter group.
 Natacha Dimitrijevic
Head Corporate Governance and Engagement Team
Hermes Equity Ownership Services Ltd

Natacha Dimitrijevic joined the Hermes’ European Corporate Governance and

Engagement Team in July 2007. She is now head of the EOS Continental Europe team.
She analyses governance issues and takes responsibility of the voting process in
Continental Europe to support Hermes voting and engagement programmes. She also
takes an active part in developing and implementing corporate governance policies in
Continental Europe.

Natacha has degrees from both Institut d'Etudes Politiques de Paris and HEC School of
Management. After graduating, she worked with Credit Lyonnais in New York (Market
Analysis Group) and L'Oreal's International Audit Department doing project work in
subsidiaries around the world. Most recently, she has worked as an independent
consultant, advising senior executives and publishing a number of articles and a book.
 David Dowsett
Senior Portfolio Manager
BlueBay Asset Management

David joined BlueBay in April 2002. Previously he spent 7 years at Deutsche Asset
Management (formerly Morgan Grenfell Asset Management) where he was a Board
Director with responsibility for emerging markets and a member of the Investment Policy
Committee for all fixed income. David has a BA (Hons) degree in Politics and
Economics from Durham University.
 Giles Drury
Senior Manager, Financial Services
KPMG

Giles has responsibility for managing KPMG’s relationships

and commercial activity with Goldman Sachs, JPMorgan,
Bank of America / Merrill Lynch, UBS and Blackrock. And
for co-ordinating KPMG’s activities in the Hedge Fund and
Carbon Trading markets. Giles’ KPMG career began in
Advisory, and he played an important role in helping to build
KPMG’s award winning hedge fund practice in London.
Giles has also managed numerous transaction related and
advisory projects for KPMG clients.

Giles has fifteen years’ experience of leading major strategic assignments and of
advising and assisting senior executives within the capital markets – predominately in
the hedge fund and investment management industry. Giles joined Barings from
University, and then spent eight years working as a freelance consultant before
joining KPMG.

He is a regular speaker at Industry conferences, is often quoted in the press, and has
sat on AIMA committees and on the committee of the charity Hedge Funds Care.
Giles holds an Executive MBA from Cass business school.
 Theodore Economou
General Manager
CERN Pension Fund

Theodore Economou, CFA, is chief executive of the pension fund management unit of
CERN, the European Organization for Nuclear Research, based in Geneva, Switzerland.
The fund has approximately 4 billion Swiss Francs in assets, managed both internally and
externally. CERN, funded by 20 European member states, is the world's leading
laboratory for particle physics and currently operates the world's most powerful nuclear
particle accelerator.

Prior to joining CERN, Mr. Economou spent 16 years with New York-based ITT
Corporation, most recently serving as assistant treasurer responsible for the management
of ITT's worldwide pension assets and liabilities, and overseeing capital markets
activities. Before that, he was a consultant with Accenture's Financial Services Group.
He holds degrees from the Swiss Federal Institute of Technology and Northwestern
University's J.L. Kellogg School of Management. He is fluent in French, German, and
Greek.
 Chris Edge
Vice-Chairman
AllenbridgeEPIC Investment Advisors

Chris Edge is a senior investment professional with over 25 years’

experience. He co-founded AEIA in June 2003.

Chris has a successful and proven record in managing investment funds and
fund management businesses. He spent extensive periods with Lazard
Brothers and the Family Assurance Group, where he gained wide experience
in the fields of asset allocation and stock selection in the securities markets.
In 1997 he was instrumental in the creation of Pavilion Asset Management
Ltd, and following its sale, he brings experience, management and
promotional skills as Vice Chairman of AEIA.

Chris is an investment adviser and a trustee to both pension schemes and charitable funds
(educational, sporting and medical/research sectors). He has also acted as a non-executive
director of a number of quoted investment companies and is a member of the Leadership Board
of the University of Exeter. Chris is a frequent commentator in the press and a regular speaker
and judge at pensions and investment conferences and awards.
 Sheldon Epstein
Head of Research
FTC Capital

Studied at the University of Waterloo, Canada (BMath-1982); Fellow of the Society of

Actuaries (1985); Pricing Actuary, Metropolitan Life; Insurance Liability Specialist,
Morgan Stanley; Head of Fixed Income Options Trader, Merrill Lynch; Head of US
Interest Rate Derivatives, UBS; Head of Credit Derivatives, Europe, Merrill Lynch; Head
of Research, Jemmco Capital.
 Chris Erwin M.A., A.S.I.P.
Investment Principal
Aon Consulting, Ltd.

Chris Erwin has an Oxford MA, and has worked in investment

analysis, investment management, and pension fund investment
consulting for many years. As a fund manager, he managed both
pooled and segregated pension funds, and a manager of managers.

He then followed the logical route into investment consultancy

for Pension Schemes. This has included both UK and
international consultancy. He has written a basic book on
comparative pension systems, and was a contributor to the early
stages of the European Union Pensions Directive.

He joined Aon Investment Consulting in 2001 as a Principal in their Investment

Practice. As such he looks after a number of key clients. His clients tend to be large
pension funds who want to understand what is going on, and a small selection of
smaller clients, where the importance of the client is greater than the size of its
pension scheme. He spends a lot of time making sure he can understand new ideas in
simple terms, including their risks, before suggesting them for consideration by his
clients.

He is a speaker at international pension and investment conferences, a frequent

contributor to the press, and helps with the intellectual development of the investment
consultancy.
 Gordon Ferguson
Trustee Director
Motor Industry Pension Plan

Gordon Ferguson is the independent trustee director of the Motor Industry Pension Plan
Ltd, an industry-wide scheme for employees in the UK retail motor trade. Mr Ferguson
retired in 1995 as the Group Pensions Manager for British Telecommunications,
following senior positions with the British Coal Staff Superannuation Scheme, the BBC
and TI. The Department of Trade & Industry then asked him to become a trustee of the
Mineworkers' Pension Scheme. He served on this multi-asset fund for four years during a
period of massive re-structure. Since retirement he has chaired and spoken at several
European conferences and training courses. He was a long-standing (12 years) member of
the Council of the National Association of Pension Funds (NAPF), which included
chairmanship of the International Group. He represented the UK on the executive
committee of the European Federation for Retirement Provision and was involved with
the European Capital Markets report presented to the European Union. Presently he
concentrates on maintaining an active portfolio of pension and investment interests from
his position of semi-retirement, including the advisory panel of the Pension Trustee
Circle. He is a Fellow of the Pensions Management Institute (PMI) and a Member of the
Chartered Institute of Personnel and Development. Mr Ferguson has a law degree from
Leeds University.
 John M. Gillies
Director, Consulting and Advisory Services—EMEA
Russell Investments

John Gillies is director of consulting and advisory services for Russell Investments. John
works with a number of large investment funds in the U.K. and Europe, including the
pension funds of major multi-nationals. John also contributes to Russell’s research
activities, particularly in the areas of governance, investment beliefs, international
investment and risk evaluation. John joined Russell in 1986 and has consulted with a
variety of corporate and government clients throughout Europe. He has also acted in a
personal capacity as adviser to some very large funds.

Prior to Russell, John worked in Edinburgh and New York with Wood Mackenzie & Co.,
a U.K. stock broking firm. During this period, John worked on the development of multi-
currency performance measurement and attribution systems.

John has written or co-authored many papers published by Russell, including "The 2008
crash and its implications for long-term investors", "DB vs. DC: The Next Greek Tragedy
or the Age of Reason?", "The challenge of new ideas - avoid carelessness, not risk", and
"International Equity Investment: Why, How Much & Where?"

John is a frequent speaker at conferences and seminars.

 Michael Hardwick
Investment Manager
West Midlands Pension Fund

Mike Hardwick represents the West Midlands Pension Fund.

The Fund is a £7bn pension scheme for local government
employees in Central England. The Fund has significant
assets employed in alternative investments and a dedicated
team to this asset classification, of which Mike is a member.

Mike joined the West Midlands Metropolitan Authorities

Pension Fund from an accounting background in July 1995
and has worked in a number of roles within the Fund.

He assumed full responsibility for the Fund’s direct property portfolio in 2001 and
managed the Fund’s expansion of the portfolio in domestically based assets. Since
mid 2007 Mike has been implementing the Fund’s transition into global real estate
through investment in private equity styled real estate vehicles.

Following an organisational restructure in 2008, Mike was also given responsibility

for the Fund’s infrastructure investments, which included a number of existing
investments across a broad range of strategies, geographies and asset types. The Fund
has an active requirement for further infrastructure investments and is currently
expanding geographical exposure through regional biased funds.
 Michael Harriman
Senior Managing Director
Wilshire Associates Limited

Michael Harriman, senior managing director and head of Wilshire

Analytics, Europe, joined Wilshire’s London office in 2008.

Wilshire Associates Incorporated is an independent investment

advisory and services firm owned by key employees. Wilshire
provides consulting services, analytics tools and solutions and
customized investment products to plan sponsors, investment
managers and financial intermediaries around the globe. Wilshire
serves in excess of 600 organizations in more than 20 countries representing assets
totaling more than US $5 trillion*.

Michael oversees Wilshire’s business development and client relationships in Europe, the
Middle East and Africa. He is also responsible for Wilshire Total Fund Analytics, a
division of Wilshire Analytics which supports Wilshire’s multi asset class solutions
including Wilshire iQuantum and related products.

Michael’s financial services expertise was derived from 15 years as a management

consultant to UBS, Salomon Bros and Peat Marwick in the UK, Switzerland and Japan,
having commenced his career with IBM Australia.

*
Assets are as of December 31, 2008, based on published data in the December 28, 2009
issue of Pensions & Investments.
 Ulrika Hasselgren
CEO, Founding partner
Ethix SRI Advisors

Ulrika Hasselgren is an advisor to institutional investors and asset

managers within the area of responsible investment since 1999. In 2000,
she helped Sweden’s national pension fund AP7 to develop their policy
for responsible investment and the innovative norm-based screening
approach. Since then, she has worked with a large number of investors
in developing and implementing responsible investment strategies.

Ulrika Hasselgren has a background in the management consulting

industry and spent 12 years with McKinsey and 3 years with Solving Bohlin & Strömberg.

Ethix SRI Advisors is a Nordic-based advisory firm helping investors to integrate

environmental, social and governance factors into the investment process. Services include
policy development and strategy, portfolio monitoring, engagement services and
communication support.

Ethix SRI Advisors is an international team – innovative and solution-driven and enjoys
working closely with its clients in Belgium, Denmark, Finland, France, Luxembourg,
Netherlands, Norway, Sweden and the UK. Assets under its advice is estimated to 250 €bn.
www.ethix.se
 Dr. Reinhard Hirsch
Commodities and Financial Risk Advisory
RH Management Consulting

Reinhard Hirsch advises in the field of Financial Risk

Management, Transactions, Valuation and Value Management
with broad and deep background in energy and commodities.
He is working for big oil and gas companies, energy firms,
multinational chemical companies as well as banks active in
commodity trading. While heading the KPMG quantitative
Commodity and Energy Consulting and leading the
Commodity and Energy Risk Consulting Business at d-fine
GmbH he managed many projects in energy and commodity
market- and credit risk, from conceptual design to
implementation in the areas of forecasting systems, hedging and risk management
models as well as valuation of energy and commodity contracts. Prior to this,
Reinhard was responsible for commodity price risk management, commodity contract
management and real option based portfolio management in corporate planning,
strategic marketing and purchasing at Bayer AG. He started his professional career at
Deutsche Bank's Global Risk Management Group where he was responsible for risk
methodology. He has written several scientific publications on Monte Carlo
simulations and gives lectures on commodities and mathematical finance at
international universities and business schools. Reinhard holds a master and PhD in
theoretical physics.

RH Management Consulting
Von-Werth Str. 242
D-50259 Pulheim
Germany
reinhard.hirsch@genion.de
Tel.: +491792143753
 Vernon Holgate
Trustee
Capital Cranfield Trustees Limited

Joined Capital Cranfield Trustees Limited in 2007 and - having worked at Sedgwick
Noble Lowndes since 1987 - has advised some of that firm's largest clients, including the
pension funds of several household name companies. Capital Cranfield Trustees provides
professional independent trustee services to occupational pension schemes. Established in
1992, CCTL aim to bring professional experience, judgement and the relevant skills that
ensure fairness, efficiency and good governance for UK Pension Schemes.

The company is wholly owned by its Directors, all of whom are actively involved with
clients. Pension schemes throughout the UK are serviced from the CCTL offices in
London, Nottingham and Edinburgh. To maintain the highest professional and ethical
standards CCTL seeks to guarantee total independence by precluding the company or its
subsidiaries from offering any services other than trusteeship.

VFH has acted as a professional trustee for 9 years. Has also been part of a national
group advising consultants and administrators on best practice relating to pension scheme
wind-ups. He spent five years as a trustee director of a leading law firm and time with the
Pensions Advisory Service where he established the Government's Stakeholder Pensions
Helpline. Currently acts as a director of the CCTL subsidiary focused on scheme wind
ups and discontinuance exercises including transferring to the Pensions Protection Fund.

Fellow of The Pensions Management Institute.

 Simon Hopkins
Head of Global Institutional Business
Close Brothers

Simon Hopkins has over 20 years' experience in the European investment business. He
started his investment banking career with SG Warburg & Co in 1986, joining UBS in
1988 as a European equity specialist. From 1990 to 1996 he spent over six years as a
French equity market specialist in Paris, first with HSBC James Capel, then Nomura
France, where as director of French equities he built a highly-rated equity sales and
research business.

In 1996, Mr. Hopkins established Fortune, a diversified hedge fund management and
advisory firm, and its research affiliate Global Fund Analysis. In 2006, Close Brothers
Group plc, a leading UK merchant bank, acquired a controlling interest in the firm. In
January 2010, Fortune Asset Management and its affiliate Global Fund Analysis became
wholly owned subsidiaries of Close's institutional multi-manager business, a USD 5bn
multi-manager which Simon now leads.

Simon is a regular commentator on fund industry topics in the financial media and has
addressed numerous conferences, the OECD and the London School of Economics on
hedge fund investing. He graduated with honours from the University of Bristol's Faculty
of Law in 1986.
 Luke J. Howe
Executive Director
Park Employees Annuity & Benefit Fund of Chicago

Mr. Howe is currently serving as the Executive Director for the Park Employees Annuity
& Benefit Fund of Chicago. He has had the privilege to work with Trustees and his
fellow staff on all aspects of Fund administration; including Benefit Issues, Legal
Casework, Investments, Asset Allocation Studies, and Actuarial Projections for
Legislation and Funding.

Mr. Howe was elected to the position of Trustee to the Board of the Park Employees
Annuity & Benefit Fund in June 1998. He has been re-elected twice to this position with
a current term ending in June 2010.

Mr. Howe has been in public service with the Chicago Park District for over 33 years. He
holds a Bachelors Degree in Finance from DePaul University, Chicago.
 Frederic Jauffret
Chief Executive Officer
Jauffret Consultiva

JAUFFRET CONSULTIVA is an Investment Consulting boutique based in Paris and

founded by Frederic Jauffret in April 2003. He is an experienced professional of more
than 20 years in the financial industry. It is staffed with 8 people based in France,
Ireland and Switzerland.

Frederick was a member of Prudential Securities Inc., an American brokerage dealer

firm between 1994 and 2003. He was acting as Financial Advisor-SVP for large
Family Offices and Institutions including corporations and insurance firms. Frederick
was recognized for his ability to promote the due diligence of the Asset Managers
Research Department based in New-York and was asked to train the US teams on
how to market multi asset managers programs.

Frederick received a degree from Wharton School in 1999 and gets the CIMA
certification (Certified Investment Management Analyst) delivered by IMCA –
Investment Management Consulting Association, as a result of his successful
activities with PSI. He is still member of FINRA and IMCA in the US. He is 49 years
old and graduated from the University of Geneva, Switzerland (1985) in Economics
and Finance.

JAUFFRET CONSULTIVA is servicing institutional investors and the like. The

company is focused on asset manager selection, portfolio construction, risk analysis
and new products.

JAUFFRET CONSULTIVA has concluded several strong partnerships worldwide.

The firm is affiliated in the United States with Consultiva International Inc. a
Financial Consulting firm based in New York and Porto Rico (USA), covering more
than 2 bil$ of pension assets. It has also a historical partnership with Gavekal
Research in Hong Kong. JAUFFRET CONSULTIVA has developed an asset
manager selection process.

The company is regulated by AMF in France and registered with ANACOFI

(Association Nationale des Conseils Financiers - N°E001464).
 Dr. Dieter Kaiser
Director Investment Management
Feri Institutional Advisors GmbH

Dr. Dieter Kaiser is a Director Investment Management at Feri Institutional Advisors

GmbH in Bad Homburg, Germany. Dieter is responsible for the management and the
fund selection for all passively managed Fund of Hedge Funds portfolios/mandates at
Feri including the ARIX index family as well as funds of hedge funds selection. From
2003 to 2007 he was as product specialist responsible for the institutional research at a
small fund-of-hedge-funds-management company in Frankfurt. He started his
professional career at Crédit Agricole Asset Management in Frankfurt, where he was
responsible for the fund-of-hedge-funds Marketing Support within the Institutional Sales
and Marketing division. Dieter has written over 80 articles on hedge funds that have been
published in both, academic and professional journals and is the author and editor of
eight books. He is also a frequent speaker on hedge funds at seminars and conferences.
Dieter holds a BA in Business Administration from the University of Applied Sciences
Offenburg, an MA in Banking and Finance from the Frankfurt School of Finance and
Management, and a PhD in Finance from the Chemnitz University of Technology. On the
academic side, he is a research fellow at the Centre for Practical Quantitative Finance at
the Frankfurt School of Finance and Management where he also lectures on alternative
investments since 2003.
 Dr. Armin J. Kammel, LL.M. (London)
Head of Legal & International Affairs
Austrian Association of Investment Fund Management Companies (VÖIG)
EDUCATION: studies of Law and Economics in Graz, Athens,
Toronto, Bangkok, Linköping and London
PROFESSIONAL EXPERIENCES
• Head of Legal and International Affairs with VÖIG; prior to
that associate in an international law firm and research assistant at the
University of Graz Law School with Prof. Jud
• Faculty Member at the Center for European Integration at Danube University
Krems, Austria
• CLPE Research Fellow at Osgoode Hall Law School, York University, Toronto,
Canada
• Visiting Research Fellow at the British Institute for International and Comparative
Law, London, UK
LANGUAGE SKILLS: GERMAN (mother tongue); ENGLISH (fluent); GREEK,
FRENCH (basic knowledge)
PUBLICATIONS (selected)
• “Grundriss des Devisenrechts” (with Alfred Schramm); Mille Tre Verlag, Vienna
(Austria), 2006, ISBN 3-900198-11-X
• “The Law of International Banking Institutions - A Comparative Analysis”;Mille
Tre Verlag, Vienna (Austria), 2005; ISBN 3-900198-06-3
• August 2009 „UCITS IV – ein weiterer Meilenstein im europäischen
Investmentfondsrecht?“ in: ÖBA, 8/09, pp. 565-574
• May 2009 „The Dilemma of Blind Spots in Capital Markets – How To Make
Efficient Use Of Regulatory Loopholes?“ in: 10 German Law Journal 605 (2009)
• March 2009 „Selbstregulierung – Ein wichtiges Dogma in der
Investmentfondsindustrie?“ in: ÖBA, 3/09, pp. 207-215
• October 2008 “The Law and Economics of the European Investment Fund Industry
and Capital Markets” in: D.A. Frenkel and C. Gerner-Beuerle (Ed.) “Selected Essays on
Current Legal Issues”, ATINER, Athens; ISBN 978-960-6672-37-8
• October 2008 “Die Publizitätsvorschriften des KMG und InvFG” (with Tamara M.
Kapeller) in: ZFR 5/2008, 182-189
• February 2008 „The Law and Economics of Corporate Insolvency – Some
Thoughts“ in: P. Omar (Ed.) “International Insolvency Law – Themes and Perspectives”,
Ashgate, Aldershot; ISBN: 978-0-7546-2427-1
• August 2007 „Basel II und KAGs – ein österreichisches Spezifikum“ in: ÖBA,
8/07, pp. 606-614
• December 2005 “A Proposal for the Governance of Financial Regulation and
Supervision in Europe” in: DIW Vierteljahreshefte zur Wirtschaftsforschung, 74.
Jahrgang, Nr. 4/2005, pp. 167-181
• June 2005 “How To Find The Red Thread In The Labyrinth Of Financial Crises”?
in: Thammasat Economic Journal, Vol. 23, No. 2, Faculty of Economics, Thammasat
University, Bangkok
 Dick Kamp
Manager of Pension Affairs
SDB Pension Fund

Dick Kamp is manager pension affairs at Super de Boer supermarkets and director of the
SdB Pension Fund in Beilen, Netherlands. The SdB Pension Fund is the company
pension fund of the Dutch retailer Super de Boer. Dick is responsible for all pension
affairs for both Super de Boer and the SdB Pension Fund. He has been at Super de Boer
since 2003.

Responsible for pension affairs, he has directed the improvement of the back office
processes and member communication. Furthermore he has lead the development of the
current pension scheme, the current investment policy and improved governance
processes. Dick has had his education with the Royal NIVRA as a chartered accountant
and is involved in pensions for over 18 years.
 Dr. Carl-Heinrich Kehr
Principal
Mercer Investment Consulting

Dr. Carl-Heinrich Kehr is a Principal at Mercer’s Investment

Consulting business and is based in Frankfurt.

His current responsibilities as a generalist investment consultant

span strategic and tactical allocations, manager selection,
governance and risk management, as well as the implementation
of efficient investment operations. Within Mercer Germany he
holds specific responsibility for services around Real Estate and
ESG oriented investing. His client management activities cover
industrial corporations, pension funds, family offices, and insurance companies.

From his background Carl-Heinrich brings with him experience from several roles in
consulting for financial services. He was the business leader for the German-speaking
countries at Barra, the globally leading provider of investment analytics solutions. Af-
ter the merger of Barra with MSCI he held responsibility for the institutional business
in continental Europe, covering benchmark index data and risk and performance solu-
tions.

Carl-Heinrich’s formal education in business admininstration and in economics led to

a Ph.D and a Masters degree in business from the University of Frankfurt, Germany.
A number of practitioner and academic publications originated from his academic re-
search in investments and capital markets.
 Peter Kraneveld
International Pension Advisor

Peter Kraneveld is an international pensions expert. He deals specifically with private

pension policy affairs relating to the European Union, but also in the OECD and the
World Bank. He is also interested in questions of pension system design and pension
fund governance. Previously, Peter served as public affairs officer and, before that, chief
economist of PGGM, considering long term and short term macro-economic expectations
and their consequences for financial markets.

Peter spent 15 years at the OECD in Paris, dealing primarily with the "Arrangement on
Guidelines for Officially Supported Export Credits", an international gentleman's
agreement on trade financing, but he also facilitated membership of some new countries.
Before that, he was in the Dutch Ministry of Economic Affairs where he was Japan desk
officer and - at another stage - dealing with some specialized international organizations.
 Kenneth A. Landgaard
Director
Tranen Capital

Mr. Landgaard is one of the Managing Directors and has been a portfolio manager for the
Tranen Capital Alternative Investment Fund for the last year and a half.

He designed and built the proprietary portfolio policy archival software management
system that is employed by the Fund. Mr. Landgaard is responsible for all aspects of the
Investment Manager’s management of the Fund’s portfolio of policies, including:
assistance in policy pricing, both for purchase and sale by the Fund; managing the policy
acquisition process; on‐line archiving of each policy and related documentation such as
trust instruments; supervision of policy premium payment and oversight requirements;
monitoring personal and medical data of each insured.

In the 18 months prior to joining the Fund, he managed policies having an aggregate face
amount in excess of 800 million dollars. He was a consultant to multiple investment
groups in the general field of life settlements.

Mr. Landgaard graduated from North Dakota University with a BA in Business

Administration and Finance. He is a member of the Alternative Investment Management
Association.
 Nikos Latsos
Head of Alternative Investments
Alpheus Advisors

Nikos is responsible for the alternative investments at Alpheus. Between 2004 and 2007,
Nikos was a Managing Director at IKOS. Key functions included hedge fund portfolio &
risk management and strategy consulting for the hedge fund business. Prior to IKOS,
Nikos spent four years as a senior hedge fund analyst at Merrill Lynch and Schroders in
London. His main responsibility was to conduct research on hedge funds across strategies
and had direct involvement in portfolio construction and risk management. Nikos started
his career as a financial engineer with Man Group, analysing hedge funds and developing
structured products on hedge fund portfolios. Nikos graduated with an MBA and a first
class Master's degree in Mechanical Engineering, both from Imperial College.
 Svetlana Le Gall
Founding Partner
Aconit Partners SA

Svetlana Le Gall has a 12 years management experience in Russian market. She is a

founding partner of Aconit Partners Sa, an advisory firm based in Switzerland and
focused on Russian investments. Prior to that she was a partner and senior portfolio
manager at UFG Asset Management in Moscow were she managed USD 1 bn worth of
assets in different investment products and managed accounts. Before joining UFG she
was Director of business development at Renaissance Capital Asset Management in
Moscow. Six prior years she worked at Clariden bank in Zurich where she managed
Clariden Russia equity fund and was responsible for stock selection in global energy
sector. Svetlana has started her carrier in 1998 as Emerging markets bond trader at CDC
Marche in Paris.

She was awarded “Emerging equities fund of the year” by Eurohedge, “Best performing
fund in Switzerland” by Stocks and a Lipper’s leader Certificate for high performance.

She holds a Master of Science degree in international finance from HEC in Paris.
 Timothy D. Lyons
Head of Business Development
Tranen Capital

Mr. Lyons recently began working with the Fund in the capacity of Head of Business
Development.

He has been a retained consultant to one of the largest hedge funds in Europe, and helped
it assemble the team of actuaries, underwriters, providers, and outside consultants for its
Fund in the Life Settlement space. Mr. Lyons has worked as an advisor to a number of
emerging and seasoned money managers, across a variety of asset classes – life
settlements, distressed debt, real estate, and relative value trading, assisting them with
business development and profitable key strategic partnerships.

He began his career as an interest rate derivative trader at JP Morgan, and has experience
in the financial markets as both a principal and a marketer in equities, credit derivatives,
and alternative/special situation investments.

Mr. Lyons graduated with a BSE in Chemical Engineering from Princeton University.
 Alison McKie
Managing Director, Head of Global L&H Risk Transformation
Swiss Re

Alison was appointed Managing Director for the Global Life & Health Risk
Transformation team at Swiss Re in August 2006 to determine appropriate transformation
mechanisms for the life and health business of Swiss Re and to support active capital and
risk management, including the transfer of risk to the capital markets through
securitization and other techniques.

Previously Alison was the Chief Financial Officer for Swiss Re Life & Health Limited
and she joined Swiss Re in 2003 as the Finance Director for the Global Life & Health
Business Group. Alison started her career at PricewaterhouseCoopers where she focused
on the insurance industry, working in an audit and advisory capacity, and on M&A
transactions.

Alison holds an LLB Hons in law from the University of Birmingham and is a qualified
ACA.
 Jean-Marc Michelet
CEO
Michelet Consult

Jean marc Michelet is the CEO of Eurinvest Partners, an asset managemet company in
Luxembourg that manage portfolio only with Structured Products. He is also the creator
of the webside www.checkqualitylabel.com" that gives a scoring to structured products
issued in Belgium. Before 2004, Jean Marc Michelet was director for 12 years at Bank
Degroof in Belgium where he created the derivatives and structured product department.
Jean Marc Michelet has written in Belgium a lot of articles to highlight some problems
concerning the non regulated market in the field of Structured Products. He is also a
regular speaker at Structured Product and MGI conferences. Jean Marc Michelet holds a
degree in Finance at university EAA in Belgium. He is also a Financial Analyst with
ABAF.
 Ian Morley
Chairman
Allenbridge Hedge

Is Chairman of Allenbridge Hedge, Chairman of Corazon Capital, Consultant and

former Director of DDGI, Senior Consultant at DDCAP and Director of Wentworth
Hall Consultancy. He was formerly CEO of DDO, a leading European Fund of Funds,
Head of Derivatives and Quantitative Fund Management at AIB Govett, Managing
Director of Rudolf Wolff Fund Management, and European Director of Managed
Futures at Lehman Brothers. Ian was the founding Chairman of the Alternative
Investment Management Association (AIMA).

He works closely with a number of trade and regulatory organisations and has advised
the Bank of England, the Central Bank of Ireland, the OECD, the EU and other
international institutions about the managed derivatives and Hedge Fund industry. He
is an economics graduate from the LSE. Ian has published numerous articles,
including Morley’s Laws of Fund Management, and has lectured throughout the
world on derivatives and alternative Investments and taught on the MSc strategic
finance course at Kingston University. Ian is a regular contributor on radio, TV and
the press on matters of financial and economic interest, including several FT
Comment pieces.

He is a member of Greys Inn, The Foreign Press Association and The Securities
Industry Association.

Ian has run 16 Marathons and is a thespian of note. He lives in London with a dog,
cat and sometimes his children.
 Thomas Motsch, CIIA
SRI Fund Manager
ERSTE-SPARINVEST

Education:
1998 Graduation (from Austrian ‚gymnasium‘, comparable to UK ‚A-
levels‘)
2004 Degree from University for Applied Sciences of Taxation, Accounting
and Finance specialising on “capital markets”
2009 CIIA (Chartered International Investment Analyst)

Professional Background:

2004 KPMG: Assistant Audit (financial institutions)

2005 VBV pension fund: Asset Management
Since 2006 ERSTE-SPARINVEST - SRI team: equity fund manager

Since 2006 Thomas works for ERSTE-SPARINVEST. He is senior fund manager in

the SRI team and responsible for managing sustainability products focusing on
Climate Change and the CEE region respectively.

ERSTE-SPARINVEST is the second largest asset manager in Austria with some 37bn
USD under management. In the field of sustainability investments ERSTE-
SPARINVEST is the leading SRI-manager in Austria.
 Fabrice Neyroumande
Head of Fiduciary Management
Allianz Global Investors

Mr. Fabrice Neyroumande is head of Fiduciary Management for Allianz Global Investors
Europe, based in Munich, Germany.

He initially joined the company in 1998 as Institutional Relationship Manager in Paris,

France. From 2006 to 2009, he acted as Head of Institutional Sales and Marketing and
finally as Country Head of Sales for Allianz Global Investors France.

Prior to joining Allianz Global Investors, Fabrice was a Fixed Income Manager at JP
Morgan Asset Management.

He holds a Masters degree in finance from Audencia Nantes School of Management in

France.
 Gerry O’Carroll
Senior Consultant
Watson Wyatt

Gerry O’Carroll established the European-based international consulting firm, Complete

Consulting in 2009. As Chairman of this company, Gerry focuses on special projects
including work with private equity, environmentally concious investment, risk
assessment and special conflicts resolution. The company logo, a circle in a square
depicts the firm's commitment to create solutions that "square many circles."
Gerry O’Carroll graduated from UCD with a first class honours degree in mathematics
and philosophy. He spent his early career working with Ireland’s leading bank-assurance
company Irish Life and Permanent and joined Watson Wyatt in 1980. With Watson
Wyatt he presided over the Irish office’s growth at all levels up to the year 2003 when he
assumed responsibility for a number of the office’s largest clients. While at Watson
Wyatt he served as Lead Consultant and Account Manager for these large clients.
As a qualified actuary Gerry is also a past president of the Institute of Management
Consultants in Ireland, a past member of the Council of the Irish Association of Pension
Funds and is a current member of Council of the Society of Actuaries in Ireland and of
the Institute of Management Consultants. He is the current Chairman of the Pensions
Committee of the Society of Actuaries in Ireland.

As author of numerous articles on pension scheme issues and design challenges for
current employers he engages in speaking / chairing roles at numerous conferences
internationally and locally.
 Colin O’Shea
Head of Commodities
Hermes Investment Management Limited

Colin joined the firm in April 2008. He is responsible for managing the Hermes suite of
commodity funds and for driving the business forward into the third party asset
management space. He has also implemented a commodity hedge fund manager program
for the British Telecom Pension Scheme.

Prior to Hermes Colin worked as an Investment Manager with Railpen Investments

(investment manager to the £20bn Railways Pension Scheme), as an Investment
Consultant at Mellon and he began his career at HSBC Actuaries & Consultants Ltd
where he worked in pension’s consultancy. Colin is a Fellow of the Institute of
Actuaries. He studied Actuarial Mathematics & Statistics at Heriot-Watt University,
Edinburgh and graduated with 1st Class Honours. Colin is also a Trustee Director of the
Hermes Group Pension Scheme.
 Rico Pedrett
Investor Relations
CQS Management

Rico is responsible for Investor Relations in the German-speaking region at CQS. In

addition, he has responsibilities in business development and for bespoke platforms.

Prior to joining CQS in 2009, Rico was most recently Executive Director in Equity
Capital Markets at Goldman Sachs, structuring, originating and executing equity and
convertible financing solutions for European corporations and financial institutions.
Previously, he held similar responsibilities at Merrill Lynch.

Rico graduated from the University of St.Gallen with a Master’s Degree in Business
Administration and Economics (lic.oec. HSG), specialising in Finance, Accounting and
Controlling.
 Bertrand Pinel
Managing Partner and CEO
Alpstar Capital UK Limited

Mr. Pinel joined Alpstar Capital in 2009 as a new Partner and CEO.

Before joining Alpstar, Bertand was was employed by Dresdner Kleinwort in Frankfurt
and London for approximately 16 years. Throughout this period, Bertrand held various
senior positions, including as a member of Dresdner Kleinwort's Executive Committee
and General Manager of Dresdner Bank's London Branch.

From 2007 to 2009, Bertrand was the Global Head of Global Finance, whose business
units were Securitized, Asset & Principal Finance, Strategic Solutions (derivatives-based
ALM and liability products), Structured Finance (tax-related transactions) and Debt
Capital Markets. These units employed 170 professionals world-wide with a portfolio up
to Eur 25 bln.

From 2002 to 2007 he was Global Head of Credit Asset Management and responsible for
Credit Portfolio Management, Counterparty Portfolio Management (derivatives exposure)
multi-strategy credit proprietary trading, Credit Investments and Portfolio Advisory.
These business units employed 160 professionals globally. Total portfolio size in the
credit group was up to EUR 100 bln.

From 2000 to 2002 Bertrand held the position of Global Head of Treasury and Deputy
Global Head of Interest Rates and Treasury (100 professionals globally). He was
responsible for Asset & Liability Management, Money Markets and Group Funding/
Liquidity Management. He worked as Head of Group Audit (Investment Banking/ Asset
Management) from 1997 to 1999.

He began his career at Dresdner in 1994 as a trainee in the Investment Banking/ Capital
Markets program, and was initially employed as an Internal Auditor in investment
Banking/ Asset Management from 1994 to 1997.

Bertrand is a top of the class graduate from Ecole Supérieure de Commerce de Toulouse.
He is a Business and Finance graduate with distinction from Technische Universitat
Berlin. He is also a post graduate from Ecole Supérieure de Commerce de Paris.
 Shaun Port
Chief Investment Officer
Fitzwilliam Asset Management

Fitzwilliam Asset Management is the new brand for BDO Investment Management's
asset management division. Shaun joined Fitzwilliam Asset Management's parent
company at the start of 2005 and was instrumental in developing Fitzwilliam’s
commodity investment programme for institutional investors and private clients.

Previously, Shaun was Senior Economist and Head of Research at Crown Agents
Investment Management. He has more than 17 years experience in fund management,
including formulating investment strategy for portfolios for central banks, sovereign
wealth funds and public pension schemes and advising lenders on emerging market risk.
He also holds the Chartered Alternative Investment Analyst (CAIA) designation and is a
member of Society of Investment Professionals.
 Tom Rotherham
Associate Director - Private Equity
Hermes Equity Ownership Services Ltd

Tom is Associate Director for Private Equity. He joined Hermes Equity Ownership
Services in December 2009 to develop and run the first responsible investment
engagement and consultancy services focused on private equity. In his role, Tom helps
investors (limited partners) and private equity houses (general partners) to develop and
implement responsible investment policies across their portfolio of investments.

Tom has also led the Principles for Responsible Investment (PRI) work on Private Equity
since it's inception in March 2008. In this capacity he chairs the PRI’s Private Equity
Steering Committee, and led the drafting process for "Responsible Investment in Private
Equity: Tom is also a member of the EVCA (European) and AVCAL (Australian)
working groups on ESG. He has spoken on responsible investment at a number of private
equity conferences and written a number of articles.

Prior to joining HEOS Tom had a fourteen-year career in sustainable development which
included as Head of Corporate Responsibility at Radley Yeldar, a UK-based consultancy
advising FTSE100+250 companies; and 10 years advising governments and multinational
companies on sustainable development policy, working variously within the
intergovernmental, non-profit and academic sectors.
An investor initiative in partnership with
UNEP FI and the UN Global Compact

Responsible
Investment in
Private Equity
A Guide for
Limited Partners
Contents

About this guide 4

Introduction 5

Guidance – general 6

Guidance – pre-investment stage 6

– Due diligence
– Legal documentation

Guidance – post-investment stage 8

– Monitoring
– Engagement

Annex 1: List of potential questions 9

Annex 2: The PRI Principles and this Guide 11

Annex 3: Indicative survey of LP expectations on ESG issues 12

Annex 4: Additional Sources of Guidance 14

About The PRI

The Principles for Responsible Investment (PRI) provide a framework for helping investors build
environmental, social and governance considerations into the investment process, thereby
achieving better long-term returns and more sustainable markets. The six Principles of the PRI
Initiative were developed by, and for, institutional asset owners such as large pension funds and
fund managers.

The Initiative now has over 500 signatories made up of financial institutions from 32 countries
with roughly US$18 trillion of assets under management. The Principles themselves, a full list of
signatories and more information can be found at
www.unpri.org.

PRI signatories make a commitment to apply the Principles across all asset classes.
It is up to each signatory to decide how best to apply the Principles to their investment activity.
Roughly 75% of PRI signatories have developed their own tailored Responsible Investment policy.
Where necessary, and at the request of the Board, the PRI Secretariat convenes groups of experts
to consider how to support signatories’ continuous improvement in implementing the Principles.
The Board requested the PRI Secretariat to initiate work on Private Equity in November 2007.
Information on the PRI’s work in other asset classes is available at www.unpri.org
 About This Guide

This guide describes some of the unique characteristics of private equity investments and provides
suggestions on how the PRI Principles could be applied to the asset class. It aims to help LPs assess
the extent to which a GP’s investment and ownership processes are consistent with the LP’s own
commitments as a PRI signatory. Its scope addresses engagement and information that an LP can
consider both before investing in a fund and during the life of that fund. The guide can be applied
to any type of PE investment including: Venture Capital; Mid-Market; Large Buy-Out; Mezzanine;
Secondary investments; Distressed and Special Situations; and Funds of Funds.

This guide should not be used as a checklist: it is a starting point from which PRI signatories can
develop their own approach to Responsible Investment in the private equity asset class. There is
presently not enough widespread experience with the application of the PRI Principles in private
equity investments to define “best practice”. This guide is targeted at investors (Limited Partners),
but may also be of use to private equity firms (General Partners).

Nothing in this guide intends to imply that PRI signatories should dissuade a private equity fund
from investing in portfolio companies based on their location, sector or the nature of their ESG
impacts. To the contrary, significant value may be derived from investing in and improving
companies with significant but poorly managed ESG-related risks or opportunities. While the
application of this guide intends to ensure that the scope of information on which investment and
ownership decisions are made on behalf of a fund includes ESG issues, it does not intend to alter
the GP’s role as decision-maker. This guide also does not imply that new channels are necessarily
required for the communication of ESG-related information.

The PRI Board encourages all PRI signatories to use this guide as a basis for developing their own
approaches to Responsible Investment in Private Equity. We intend to include a question in the
2010 reporting and assessment tool process on the degree to which this Guide has been helpful.
We also intend to undertake an extended period of engagement on the Guide during 2009-2010.
Based on this and other information, the PRI Secretariat will review and, where necessary, revise
this guide in 2010.

This guide was developed by the PRI’s Steering Committee on Private Equity. The Steering
Committee was established in September 2008 with representatives from asset owners, asset
managers, private equity houses and industry associations. The Steering Committee included PRI
signatories and non-signatories, and reported to the PRI Board.

The Steering Committee was managed by Tom Rotherham, Kan Xi and Jerome Tagger, and its
members were:

Actis (Ritu Kumar), AlpInvest (Wim Borgdorff, Maaike van der Schoot), AP2 (Carl Rosen), APG
(Rob Lake), Blue Wolf Capital Management (Mike Musuraca), CalPERS (Jesus Arguelles), CalSTRS
(Margot Wirth), Doughty Hanson (Guy Paisner), EVCA (Javier Echarri, Serge Raicher, Vincent
Neate), La Caisse de dépôt et placement du Québec (Pierre Piche, Michel Lefebvre), La Caisse
des Dépôts et Consignations (Patricia Jeanjean), New Zealand Superannuation Fund (Anne-
Maree O’Connor), Pantheon (Carol Kennedy, Helen Steers), PCG Asset Management (Michelle
Davidson), PGGM (Leo Lueb), Robeco (Stefan den Doelder), UN Global Compact (Gavin Power).
USS (David Russell), Washington State Investment Board (Liz Mendizabal). Apax Partners, The
Blackstone Group, The Carlyle Group, Kohlberg, Kravis Roberts & Co, Silver Lake, TPG, Permira
and PEC President Doug Lowenstein also participated, representing the Private Equity Council
(whose other members are Apollo Global Management, Bain Capital Partners, Hellman &
Friedman, Madison Dearborn Partners, Providence Equity Partners and TPG).

4 Principles for Responsible Investment Responsible Investment in Private Equity

Introduction

Responsible investment and private equity

Both public and private equity investors ultimately invest in the same underlying asset: companies.
As a result, much of the ESG-related research, analysis and services used by public equity investors
may also be of use to private equity investors. Despite the similarity in the underlying asset,
private equity (PE) has a number of unique characteristics that should be considered when an
investor is developing an approach to Responsible Investment.

PE funds are generally structured as Limited Partnerships, which are managed by a General
Partner (GP). Investors, known as Limited Partners (LP), subscribe for limited partnership interests
by investing in a fund. As managers of the fund, GPs are responsible for sourcing and analyzing
investments, executing on investment decisions, monitoring and advising the fund’s investments,
and eventually selling the portfolio companies.

Some of the key characteristics of PE include:

n An investment in PE is a long-term investment: LPs generally commit capital to a fund for

a period in excess of 7 years. The fund itself is a blind pool: the underlying assets (portfolio
companies) are not known until fund is operational. The LP’s investment decision is therefore
based significantly on the nature of the fund’s mandate and the quality and history of the GP.

n An investment in a PE fund is relatively illiquid. The LP cannot easily sell partnership interests
(a decision which often requires permission from the GP), and changes to the investment
mandate may require negotiation with all other LPs.

n Other than the initial decision to subscribe to a fund managed by a particular GP, almost all of
the discretion over investment decision-making and ownership activities lies with the GP.

n A GP’s request for capital from the LPs to make an investment can be a relatively quick
process, not giving LPs much time for consideration or review of the investment proposition.

n Although the ownership period of portfolio companies is often as long as 5 years, PE is a buy-
to-sell model, not buy-to-own. All investments must be sold within the life of the fund.

n GPs seek significant influence or control over their investments, and frequently purchase a full
or majority stake in the portfolio company and nominate a Board member / members.

n Thus, in many instances, the GP acts as both an asset manager and as a company Director
(i.e. with influence over corporate strategy, a governance role, and potentially direct corporate
management).

n The ownership and governance model allows for a much closer alignment of interests
between asset owners, the investment manager and corporate management, and therefore
there is a potentially higher likelihood that owners can influence how managers address ESG
issues within the underlying portfolio companies.

n There is frequently a significant level of disclosure to LPs, even if public disclosure is often
limited.

n Because the relationship between LPs and GPs is structured as a legal partnership, GPs are
frequently receptive to ongoing engagement and regular dialogue with their LPs.

A Guide for Limited Partners Principles for Responsible Investment 5

 Guidance for Limited Partners

General

A broad range of actors may contribute to and influence an LP’s investment decision-making and
ownership process. The more of these actors that are aware of, and capable to act upon, an LP’s
commitment to integrate environmental, social and governance (ESG) issues into their private
equity investments, the more successful the approach will be.

1. LPs should develop, and communicate to relevant parties, a policy statement outlining their
approach to Responsible Investment in Private Equity.

2. LPs should ensure that their staff, consultants, service providers, intermediaries and GPs are
aware of their approach to Responsible Investment, and that staff dealing directly with ESG
issues have access to relevant training and/or sources of specialist expertise.

3. LPs should seek to ensure that their internal due diligence and fund selection processes
give due regard to ESG criteria, for instance by developing investment analysis criteria, due
diligence tools or including a section in the investment recommendation report assessing
the GP’s approach to ESG.

4. LPs should include ESG criteria in the mandates that they give intermediaries (e.g. investment
consultants) or service providers acting on their behalf in the fund selection or due diligence
process.

5. LPs should validate their assessment of whether GPs, intermediaries and service providers
meet relevant ESG criteria. This could be done by assessing their policies, systems and/or
access to expertise, and/or by reviewing past examples of ESG integration.

Pre-investment stage

An LP is a passive partner in the management of a fund: other than the initial decision to subscribe
to a fund, investment and risk management discretion is generally delegated to the GP. As a result,
If ESG issues are not formally addressed prior to signing an investment agreement it may be more
difficult to do so afterwards.

Prior to investing in a fund, an LP should actively ensure that the GP has the policies, systems and
expertise needed to integrate ESG considerations into their investment decisions and ownership
activities. Prior to investing, the LP should also discuss the ESG-related disclosures that the GP can
provide during the life of the fund.

Due Diligence
6. LPs could provide GPs with a statement explaining the LP’s commitments under the Principles
for Responsible Investment, including where relevant a copy of the LP’s Responsible
Investment policy, and request information on how the GP could help ensure that these
commitments and/or policy are applied within the fund.

6 Principles for Responsible Investment Responsible Investment in Private Equity

 7. LPs could ask GPs whether they have an ESG policy, what this entails and what the status of
implementation is.

8. LPs could ask for examples of how GPs have in the past identified and addressed ESG-related
risks and opportunities in their portfolio.

9. LPs could, through informal discussions, assess the degree to which the GP understands the
potential financial implications of, and is committed to improving their management of, ESG
issues.

10. LPs could include ESG-specific questions in due diligence questionnaires (see Annex 1).

11. Given the duration of the investment period, and the likelihood that GPs can further develop
their approach to ESG over the life of a fund, LPs should consider whether failure of GPs to
provide adequate responses during the due diligence process should necessarily result in a
decision not to invest. An LP could instead decide to invest but then to engage with the GP
in order to encourage and support improved integration of ESG issues in the management
of the fund. In such cases, recognition by the GP of the importance of ESG issues and/or
a formal commitment to address them may be sufficient if the LP follows up with active
engagement.

12. Noting that they may not have the resources to actively engage with all of the GPs in whose
funds they have invested, LPs could use the information obtained during the due diligence
process to prioritise which GPs warrant engagement on what issues.

Documentation
13. Commitments related to ESG and Responsible Investment should be included in
documentation provided by the GP to the LP prior to investing in a fund. This
documentation could include:

n The GP’s Responsible Investment policy, or other information on how ESG issues are
addressed during the investment and ownership processes

n Recognition of the LP’s commitment to the PRI Principles, or of the LP’s Responsible
Investment policy

n A description of the ESG-related information that an LP can expect to receive during the life
of a fund, for instance in existing:
— Annual reports on the fund and/or portfolio companies
— Capital calls
— Investment memos

n A statement on whether, and if so how, the GP would provide updates if the GP deems a
significant or material ESG issue to have arisen in a portfolio company

A Guide for Limited Partners Principles for Responsible Investment 7

 Post-investment stage

Once invested in a fund, an LP generally has only a passive role in the ownership activities. While
many funds establish an Advisory Committee to enable the GP to engage with LPs, responsibility
for decision-making lies with the GP. As a result, LPs should focus on monitoring how the GP is
integrating ESG issues into their investment decisions and ownership activities, and engaging with
the GP on specific ESG issues. While the GP may be able to provide a broad range of detailed
ESG-related information, including at both fund and portfolio company-level, LPs should ask
only for information that they intend to analyse and use, and should recognise that commercially
sensitive information may in some instances have to remain confidential.

Monitoring
14. LPs could request information from the GP either formally (e.g. email, minuted meetings,
annual report, fund reports, portfolio company reports) or informally (e.g. telephone calls, un-
minuted meetings).

15. Where a commitment relating to ESG issues has been communicated by the GP (e.g. in a
Responsible Investment policy), LPs could request formal updates, for example in annual
reports or other existing channels.

16. LPs could request that their GPs develop criteria and procedures for notifying the LP should
the GP deem that significant or material ESG-related risks have arisen during ownership.

17. LPs could encourage their GPs to report on the application of their own ESG policies and
procedures at their Annual meetings or at meetings of their Fund Advisory Committees.

18. In accordance with Principles 3 and 6 of the PRI, LPs should encourage broader disclosure by
GPs of non-confidential information on ESG-related issues to other stakeholders.

Engagement
19. LPs could attempt to use both formal and informal engagement with the GP to foster
dialogue, as appropriate, with respect to the importance of and approaches to Responsible
Investment and ESG issues.

20. LPs could encourage the GP to develop its own RI policy, which should inform the GP’s
engagement with its portfolio companies, building for instance on the PRI, the UN Global
Compact and the US Private Equity Council’s (PEC) Guidelines.

21. Internally, LPs could share ESG-related research, analyst notes and other information between
their public and private equity teams. This could include sector- and issue-based analysis.

22. Where LPs believe they have identified a material ESG risk or opportunity, they could request
the GP to engage with relevant portfolio companies and to report back to the LPs.

23. LPs could work with peers and GPs to further develop and improve ESG standards and
promote sustainability within the PE sector.

24. LPs could encourage their GPs to become a PRI signatory, and to participate in the PRI Private
Equity Workstream.

8 Principles for Responsible Investment Responsible Investment in Private Equity

Annex 1

Topics for LPs’ questionnaires and engagement

The following list provides an overview of the kinds of questions that could help LPs integrate ESG
issues into their due diligence processes and in their ongoing engagement with GPs. This is not
intended as a checklist. Each LP should develop an approach suited to their investment style and
commercial interests. LPs should also be careful not to ask for a volume or detail of information
that will not be used. However, consideration should be given to including elements of each of the
six headings below. When developing an approach, LPs could draw on their experience of ESG in
public equities.

Because different funds may have different exposure to ESG-related risks and opportunities, and
because different GPs may have different capacity to address ESG issues, LPs may choose to apply
different questions to different GPs.

Fund mandate
LPs should inquire into the nature of the fund mandate in order to determine whether the fund,
for example:

i. has a focus on sustainability-related themes (e.g. clean technology, education, health)

ii. focuses on industrial sectors and/or countries that the LP considers to have high ESG-related
risk/opportunity profiles

iii. has an investment policy consistent with the LP’s own ESG-related exclusions policy (e.g.
investments will not be made in specific sectors or countries)

Policies and processes

LPs should inquire into whether the GP has a Responsible Investment policy, or another formalised
and consistent approach for integrating ESG factors into investment decision-making and
ownership activities. This could include whether the GP, for example:

i. is a signatory to the PRI, or has adopted any other ESG-related standards or codes

ii. has included ESG-related terms in previous Limited Partner Agreements (LPA) or side letters

iii. considers ESG issues in the due diligence process for every potential portfolio company

iv. includes ESG factors in internal audits at the fund and portfolio company level

v. has processes in place to ensure that ESG issues are managed at the portfolio company level

vi. has a policy on conflicts of interest

ESG expertise
LPs should inquire into whether the GP has access to particularly important types of ESG-related
expertise, and whether the expertise is internal; on fund advisory committees; from external
consultants and/or within portfolio companies.

A Guide for Limited Partners Principles for Responsible Investment 9

 Disclosure and Engagement
LPs should inquire into the nature and frequency of information that the GP will provide during the
life of the fund, which would enable the LP to ensure that the fund is being operated in a manner
consistent with the LP’s Responsible Investment policy and/or commitments as a signatory to the
PRI. This could include formal and informal communication through a number of channels, for
example:

i. Capital calls

ii. Investment memos

iii. reporting at the fund level

iv. reporting at the portfolio company level

v. communication with, and discussion within, the advisory committee

vi. annual general meetings

vii. the GP’s approach to ongoing engagement with LPs

viii. the GP’s approach to public disclosure

Portfolio companies
LPs should inquire into the how the GP engages with its portfolio companies on ESG factors.
This could include, for example:

i. whether ESG factors are within the scope of responsibilities of GP-appointed Directors

ii. the type and frequency of ESG information reported by the portfolio company to the GP, and
whether this includes the company’s supply-chain

iii. how GPs assess portfolio companies’ compliance with ESG-related laws and regulations

iv. the use of independent experts or third party audits

v. policies to encourage portfolio companies to adopt external standards or codes, including for
example the UN Global Compact

vi. examples of previous involvement in ESG decision-making within a portfolio company

Specific ESG issues

LPs should also inquire into a GP’s policies on, and the performance of portfolio companies against,
ESG factors that the LP has prioritised, for example climate change, bribery and corruption, health
& safety or human rights. When considering which ESG factors to prioritise, LPs may find it useful
to build on sector- or issue-based analysis undertaken by public equities analysts or investors.

10 Principles for Responsible Investment Responsible Investment in Private Equity

Annex 2

The Principles for Responsible Investment

and this guide
This Guide outlines possible actions that can help LPs apply the PRI Principles to their private
equity investments. The index below indicates where guidance applicable to specific PRI Principles
can be found. However, the effectiveness of some of the actions suggested in this Guide may be
contingent on the application of other elements, and so caution should be given when applying
only parts of the Guide.

1 We will incorporate ESG issues into investment analysis and decision-making processes.
Possible actions are contained in:
Guidance: General
Guidance: Pre-Investment Stage

2 We will be active owners and incorporate ESG issues into

our ownership policies and practices.
Possible actions are contained in:
Guidance: General
Guidance: Pre-Investment Stage
Guidance: Post-Investment Stage
Annex 1: Suggested questions on Disclosure and Engagement; Portfolio Companies

3 We will seek appropriate disclosure on ESG issues by the entities in which we invest.
Possible actions are contained in:
Guidance: General
Guidance: Pre-Investment Stage
Guidance: Post-Investment Stage
Annex 1: Suggested questions on Fund mandate; Policies and Processes; ESG Expertise; Disclosure
and Engagement; Portfolio Companies; and Specific ESG Issues

4 We will promote acceptance and implementation of the Principles

within the investment industry.
Possible actions are contained in:
Guidance: General
Guidance: Pre-Investment Stage
Guidance: Post-Investment Stage

5 We will work together to enhance our effectiveness in implementing the Principles.

Possible actions are contained in:
Guidance: General
Guidance: Post-Investment Stage

6 We will each report on our activities and progress towards implementing the Principles.
Possible actions are contained in:
Guidance: General

A Guide for Limited Partners Principles for Responsible Investment 11

 Annex 3

Indicative survey of LP expectations on ESG issues

The scope of this toolkit was informed by a survey of 15 global LPs who are participating in the
PRI PE Steering Committee. While not representative of all PRI signatories, these LPs represent
over $USD100 Billion in assets allocated to private equity investments, and include some of the
world’s biggest institutional investors.

The survey was completed in January 2009 and sought to identify what kind of ESG-related
information some leading LPs’ expect from their GPs. The questions were grouped into three
categories:
— General
— Pre-Investment (due diligence)
— Post-Investment (ownership)

Results of the survey

*N.B. Figures indicate percentage of respondents answering “yes”.

General

Would you expect all your potential and future GPs to respond to a minimum set of
ESG-related questions as defined by your organization? 93.3%

If yes, would you expect all PRI signatories to include some of the same basic
ESG-related questions in their own relationships with their GPs? 66.7%

Pre-investment Stage

Would you expect a GP to provide you with a copy of a Responsible Investment policy
or mission statement? 80.0%

Would you expect a GP to provide evidence of how their Responsible Investment policy
is implemented? 93.3%

Would you expect a GP to provide examples of how their Responsible Investment policy
has influenced decision-making? 93.3%

Would you expect a GP to make either all or part of their Responsible Investment
policy publicly available? 73.3%

Would you expect a GP to sign a side letter that acknowledges your

Responsible Investment policy or otherwise addresses ESG issues? 73.3%

Would you expect to be informed of whether a GP has staff dedicated to RI? 100.0%

Would you expect a GP to inform you of whether they are a member of the PRI
or other similar organizations? 100.0%

12 Principles for Responsible Investment Responsible Investment in Private Equity

Post-investment Stage

Would you expect a GP to provide ESG-related information in annual reports at the fund level? 93.3%

Would you expect a GP to provide you with an annual report at the GP level? 93.3%

If you would expect a GP to provide an annual report, would you also expect this
to include information on Responsible Investment? 93.3%

If you would expect a GP to provide an annual report, would you also expect this
to be made publicly available? 7.1%

Would you expect a GP to include relevant ESG-related information in annual reporting

to you on Portfolio Companies? 85.7%

Would you expect a GP to include relevant ESG-related information in quarterly reporting

to you on Portfolio Companies? 46.7%

Would you expect an annual statement from the GPs confirming that their
Responsible Investment policy, or specific ESG terms included in a side letter, was complied with? 64.3%

Would you expect relevant ESG issues to be integrated into capital calls or investment memos? 85.7%

Would you expect to have an annual opportunity to discuss ESG issues with a GP? 100.0%

If so, would you expect this opportunity to discuss ESG issues with a GP to be
open to all interested LPs in the fund? 66.7%

A Guide for Limited Partners Principles for Responsible Investment 13

 Annex 4

Additional sources of guidance

When developing their own approach to Responsible Investment in private equity, Limited Partners
can draw on a broad range of other sources of guidance, including:

UN Conventions and Initiatives

n UN Global Compact (http://www.unglobalcompact.org/)

n The Universal Declaration of Human Rights (http://www.un.org/en/documents/udhr/)

n ILO Declaration on Fundamental Principles and Rights at Work (http://www.ilo.org/

declaration)

n The Rio Conventions (http://www.cbd.int/rio/)

n The UN Convention Against Corruption (http://www.unodc.org/unodc/en/treaties/CAC/

index.html)

Other Intergovernmental Organisations

n OECD Guidelines for Multinational Enterprises (www.oecd.org/daf/investment/guidelines)

n OECD Anti-Bribery Convention (www.oecd.org/daf/nocorruption/convention)

n OECD Principles of Corporate Governance (www.oecd.org/daf/corporateaffairs/principles/

text)

International Financial Institutions

n IFC Performance Standards (http://www.ifc.org/ifcext/sustainability.nsf/Content/
PerformanceStandards)

n Equator Principles (http://www.equator-principles.com/index.shtml)

Private Equity Associations:

n US PEC Guidelines for Responsible Investment (http://www.privateequitycouncil.org/)

n BVCA Walker Guidelines (http://www.walker-gmg.co.uk/)

n EVCA Corporate Governance Guidelines (http://www.evca.eu/toolbox/default.aspx?id=504)

A comprehensive list of public and private codes, standards and initiatives that may be applicable
to portfolio companies is available in the draft ISO 26000 Guidance on Social Responsibility.

14 Principles for Responsible Investment Responsible Investment in Private Equity

Share your experience with
Responsible Investment in Private Equity

The PRI will undertake an extended period of engagement on the Guide during 2009-2010.
Based on this and other information, the PRI Secretariat will review and, where necessary,
revise this guide in 2010. If you would like to provide input to this review process, please
contact info@unpri.org.

The information contained in the report is meant for informational purposes only and is subject to change without notice.
The content of the report is provided with the understanding that the authors and publishers are not herein engaged to render
advice on legal, economic, or other professional issues and services. Subsequently, UNEP FI is also not responsible for the content of
web sites and information resources that may be referenced in the report. The access provided to these sites does not constitute an
endorsement by UNEP FI of the sponsors of the sites or the information contained therein. Unless expressly stated otherwise, the
opinions, findings, interpretations and conclusions expressed in the report are those of the various contributors to the report and do
not necessarily represent the views of UNEP FI or the member institutions of the UNEP FI partnership, UNEP, the United Nations or
its Member States. While we have made every attempt to ensure that the information contained in the report has been obtained
from reliable and upto-date sources, the changing nature of statistics, laws, rules and regulations may result in delays, omissions
or inaccuracies in information contained in this report. As such, UNEP FI makes no representations as to the accuracy or any other
aspect of information contained in this report. UNEP FI is not responsible for any errors or omissions, or for any decision made or
action taken based on information contained in this report or for any consequential, special or similar damages, even if advised
of the possibility of such damages. All information in this report is provided ‘as is’, with no guarantee of completeness, accuracy,
timeliness or of the results obtained from the use of this information, and without warranty of any kind, expressed or implied,
including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. The information and
opinions contained in the report are provided without any warranty of any kind, either expressed or implied.

A Guide for Limited Partners Principles for Responsible Investment 15

An investor initiative in partnership with
UNEP FI and the UN Global Compact

www.unpri.org
 Guidelines for Responsible Investment

Preamble

These guidelines were developed by the Private Equity Council taking into account, among
other inputs, the Principles for Responsible Investment and the UN Global Compact and the
ten principles derived from it.

Private Equity Council members will:

1. Consider environmental, public health, safety, and social issues associated with target
companies when evaluating whether to invest in a particular company or entity, as well as
during the period of ownership.

2. Seek to be accessible to, and engage with, relevant stakeholders either directly or through
representatives of portfolio companies, as appropriate.

3. Seek to grow and improve the companies in which they invest for long-term sustainability
and to benefit multiple stakeholders, including on environmental, social and governance
issues. To that end, Private Equity Council members will work through appropriate
governance structures (e.g. board of directors) with portfolio companies with respect to
environmental, public health, safety, and social issues, with the goal of improving
performance and minimizing adverse impacts in these areas.

4. Seek to use governance structures that provide appropriate levels of oversight in the areas
of audit, risk management and potential conflicts of interest and to implement
compensation and other policies that align the interests of owners and management.

5. Remain committed to compliance with applicable national, state, and local labor laws in the
countries in which they invest; support the payment of competitive wages and benefits to
employees; provide a safe and healthy workplace in conformance with national and local
law; and, consistent with applicable law, will respect the rights of employees to decide
whether or not to join a union and engage in collective bargaining.

6. Maintain strict policies that prohibit bribery and other improper payments to public officials
consistent with the U.S. Foreign Corrupt Practices Act, similar laws in other countries, and
the OECD Anti-Bribery Convention.
 2

7. Respect the human rights of those affected by their investment activities and seek to
confirm that their investments do not flow to companies that utilize child or forced labor or
maintain discriminatory policies.

8. Provide timely information to their limited partners on the matters addressed herein, and
work to foster transparency about their activities.

9. Encourage their portfolio companies to advance these same principles in a way which is
consistent with their fiduciary duties.
 David Russell
Co-Head of Responsible Investment
Universities Superannuation Scheme (USS) Ltd.

David Russell is Co-Head of Responsible Investment for the Universities Superannuation

Scheme (USS) Ltd. USS is the second largest pension fund in the United Kingdom, with
assets of over £30 billion and approximately 250,000 members. USS has a Responsible
Investment (RI) team of four who work with USS’s fund managers and other market
participants on extra financial issues. USS’s responsible investment strategy focuses on
integrating extra financial factors into its investment processes across asset classes, and
on engaging with companies were these issues pose a risk to the fund’s investments.

David is a Steering Committee member of the Institutional Investors Group on Climate

Change (IIGCC), and USS also provides a Board member for the Principles for
Responsible Investment.

drussell@uss.co.uk
 Al Samper
Immediate Past Chairman
Board of Trustee of the Virginia Retirement System

Al Samper is the immediate past Chairman of the Board of Trustee of the Virginia
Retirement System and former Chairman of the Board of the Virginia College Building
Authority. He also serves on the advisory board of the Mid-Atlantic Hedge Fund
Association. Al was Director of Public 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 1975 and his MBA in finance from
Virginia Tech in 1978. He is a 1990 graduate of the Virginia Executive Institute, and the
Wharton Pension Fund and Investment Management Institute.
 Tibor Schindler
Chief Strategist – Emerging Europe
Raiffeisen Capital Management

44 years of experience
21 years with RCM
Tibor Schindler, born on 20th February 1940, joined RCM in
1988 as senior fund manager. He was in charge of starting the
Raiffeisen-Osteuropa-Aktienfonds in 1994 as well as the
Raiffeisen-Konvergenz-Rent in 1996. Between 1999 and 2000
he was working for RZB London as head of CEE-Capital
Markets. He then rejoined RCM in Vienna and has been
responsible for Emerging Markets as Chief Strategist.

Tibor Schindler was born in Hungary. Tibor graduated with an Ph.D. in Commerce
from Vienna University in 1965. He has over thirty years of experience in securities.
He spent six years working on Wall Street in New York and then spent 25 years as
portfolio manager with leading asset management companies in Germany and
Austria.
 Nikolaus Schmidt-Narischkin
Head of Fiduciary Management
DB Advisors

Nikolaus Schmidt-Narischkin is Head of Fiduciary Management at DB Advisors,

Frankfurt am Main. In this function he is responsible for offering conceptional
solutions for the risk management, strategic asset allocation and administrative
platforms for pension schemes of DB Advisors institutional clients . Former roles
with Deutsche Bank AG include Human Resources, Compensation and Benefits,
where he was jointly responsible for defining remuneration and performance
guidelines as applicable for Germany. He is an expert for funding strategies, the
restructuring of pension obligations and innovative benefit schemes. Further to this he
is Member of the Board of Deutscher Pensionsfonds AG, a joint venture with the
Zurich Group, Speaker of the Board of Deutsche Treuinvest Stiftung, Member of the
Managing Board of Deutsche Asset Management Investmentgesellschaft mbH and
Deutsche Asset Management International GmbH.
 Markus Schuller
Founder, Managing Director
Panthera Solutions

Markus has over 10 years experience in trading, structuring and managing standard
and alternative investment products. Previously to Panthera, Markus was Managing
Director at Twelve Asset Management Inc., a Long/Short Equity Hedge Fund. He
was one of the first in Europe to fit hedge fund strategies into the onshore UCITS III
structures. Markus successfully started his career as Equity and Options Trader at the
Austrian Volkskreditbank, followed by an engagement at the Hypo Landesbank as
Analyst for the Private Banking Department in 2002.

Markus graduated from his Master in Economics at Johannes Kepler University (and
University of Pittsburgh). In 2005 Markus successfully graduated from his MBA
(specializations in Corporate Finance and Wealth Management) at the International
University of Monaco. After receiving his MSc in Financial Engineering in 2006 from
IUM, he joined the Alternative Investment Boutique ´Monaco Capital Partners´ where
he signed responsible for structuring offshore Real Estate and Private Equity funds
with investment focus on Asia. Since 2009 Markus is teaching the course "Hedge
Fund Structures" at the International University of Monaco. In 2007 he was
nominated as fellow for the renowned Royal Society of Arts.

Panthera Solutions is a Monaco-based Alternative Investment Consultancy for

European banks, asset managers and SME corporations. Its services cover alternative
portfolio consulting, structuring alternative investment vehicles, independent market
research and premium access to a range of the world´s most renowned hedge funds.
More here: www.panthera.mc
 Dino Sola
Director
Monaco Investment Research

Dino Sola is the director of Monaco Investment Research (MIR), a new firm that
provides research and advisory services to institutional investors, specializing in asset
allocation using alternative investments, risk management, due diligence and financial
market intelligence using behavioral indicators. He is also the scientific director of the
Master in Financial Engineering at the International University of Monaco (IUM). He
teaches several graduate courses at IUM, including a course on Hedge Fund
Management and a course on Hedge fund Strategies.

Dino has a PhD in mathematics from the University of California at Santa Barbara.
He has worked as a quantitative analyst and as a portfolio manager for hedge funds in
the United States and in Geneva. He has lectured in universities and business schools
in Santa Barbara, Barcelona and Monaco.
 John Sopranuk
President of the Board of Trustees
City of Aurora Police Money Purchase Pension Plan

Lt. John Sopranuk is currently a 29 year veteran of the City of

Aurora (Colorado) Police Department. In 1986, Lt. Sopranuk
initiated the withdrawal of the City of Aurora-Police from the state
retirement system; to what is now a Money Purchase plan 401(a). A
trustee with the plan since 1989, he has served continuously as
President of the Board of Trustees since 1990.

Since 1991, Mr. Sopranuk has testified in judicial hearings,

municipal committee hearings as well as numerous State of
Colorado General Assembly legislative committees concerning public policy issues and
state laws relative to retirement plan administration and fiduciary responsibilities. As a
subject matter expert and panelist, he is a requested guest speaker for national and
Colorado retirement plan conferences and seminars.

John holds an Accredited Investment Fiduciary (AIF®) designation from the University
of Pittsburgh, associated with the Joseph M. Katz Graduate School of Business. John has
received a Masters of Public Administration from the University of Colorado-Denver and
holds a Bachelor of Arts in Business and Criminal Justice from Columbia College-
Aurora.
 Christen Thomson
Director of Communications
The Alternative Investment Management Association Limited

Christen joined AIMA as Director of Communications in December

2008. Responsible for developing and executing AIMA’s
communications and research strategies, Christen also works closely
with AIMA’s CEO and Executive Director in engaging with
policymakers and their constituents on behalf of the hedge fund
industry.

Previously, Christen was in charge of coordinating global PR activities

for Colliers Macaulay Nichols, a $1bn international real estate services provider. Prior to
this he spent 12 years at the BBC, joining Radio 5 Live in 1995, and going on to work for
Home Newsgathering as a duty news editor and then BBC World and News 24 as senior
producer and reporter.

Christen has a degree in Modern History from Oxford University and is married with two
children.
 Anton van Nunen
CEO
Van Nunen & Partners

Since 1998 Anton is the director/owner of Van Nunen & Partners, an advisory company for
both institutional and private investors. Assignments have included restructuring of the
investment processes at Interpolis Insurance Company, Van Spaendonck Institutional
Investment, VGZ-IZA Health Insurance Company, Campina Pension Fund, Yarden Insurance
Company, the Doctors Pension Fund Services (AUM € 14 billion), the printing industry’s
pension fund ( € 11 billion) and the combined pension funds of Cosun, Aviko and Suiker.
Current assignments include the combined Dutch pension funds of Swedish SCA, Telegraaf
Media group, industry-wide pension scheme of wholesale and retail, the Prins Bernard
Cultuurfonds, farmer’s organisation ZLTO, pension fund Cultuur and Allianz Global
Investors.

After constructing, introducing and implementing a fiduciary structure for the investment
department of VGZ-IZA and Campina Pension Fund, he plays a role in monitoring and
evaluating fiduciary management at the two institutes. He is an advisor to the investment
committees of the pension funds of Campina, Provisum (C&A), Arcadis, SCA,
Cosun/Aviko/Suiker and the industry-wide scheme of wholesale and retail and to the financial
commission of several hospitals.

2008 Anton won the European Pensions Award for Personality of the Year, 2009 the IPE
Gold Award for outstanding industry contribution.

Prior to this, from 1988 to 1992, he set up the research department for Rabobank International
and was a director of Institutional Sales of Rabobank International. From 1992 to 1998 he was
vice president of Interpolis Insurance Company, responsible for investments. During 2001 and
2002 he provided expert advice in financial affairs for a Dutch court.

Anton received his Ph.D. in macroeconomics and the theory of money, credit and banking at
Tilburg University. For 12 years he was an assistant professor at that university and published
in the fields of macroeconomics, banking and financial markets. In 2007 he wrote “Fiduciair
Management, Een blauwdruk voor een goed bestuur van institutionele beleggers” (Heinen
Publishers) and “Fiduciary Management, Blueprint for Pension Fund Excellence (Wiley &
Sons, New York). The Japanese edition was published 2008 (Uni Agency), the German
edition (FinanzBuch Verlag) 2009. He regularly publishes in financial daily’s and magazines.
 Hans-Willem van Tuyll
Independent Advisor

H-W baron van Tuyll van Serooskerken was born in Holland in 1938. Spent his early
youth with his parents in Indonesia and the USA. Schooling in Holland and after
finishing same and two years of compulsory military service, joined a major Dutch
Shipping Company and was posted from 1961-'65 to Durban and Johannesburg, South
Africa and 1965-'69 to headquarters in Hong Kong.

Joined the Cargill Inc group of companies in 1969 in Geneva, Switzerland. After various
positions in Holland (training), Brazil (grain trader, 1970), Belgium (building and
operating a Holiday Inn franchise motel, 1971-‘74), New York (metal trader for Cargill
subsidiary C.Tennant Sons, 1974 ) and Tokyo (responsible for Tennant’s Asian
operations, 1974-’79), returned to Geneva in '79 to concentrate on non grain related
acquisitions. Joined the brokerage company of the group (CIS) in 1984 as futures broker,
but concentrated, since 1989, on Hedge Funds and their developments.

Retired from the Cargill group, upon reaching the compulsory retirement age, in 2003.
Remained an advisor to CIS for the next years, until the brokerage business was sold in
late 2005.

Was elected in 1992 to the Board of the Cargill International Pension Board. Retired
from this position in 2003.

In 1997 joined the Board of the Alternative Investment Management Association

(AIMA, London) initially as Vice Chairman and from 2001 to ’02 as Chairman. For some
eight years chaired the Conference Committee.

From 1997 to 2001 represented The Netherlands in the French speaking part of
Switzerland as Honorary Dutch Consul General.

Since retirement joined a wide variety of Boards as non executive director or similar
functions in financial and shipping industries.

Married and parents of 4 children (32 - 26 years old)

Jan 2009
 Dr. Gert D. Wehinger
Economist
Financial Affairs Division
Directorate for Financial and Enterprise Affairs
Organisation for Economic Co-operation and Development

Gert Wehinger is an Economist at the Organisation for Economic

Co-operation and Development (OECD), Paris, France, where he
has been holding assignments in the Economics Department
(1999-2003) and the Directorate for Financial and Enterprise
Affairs (since 2003). He is currently working for the OECD
Committee on Financial Markets, is the organiser of the OECD
Financial Roundtables and editor of the OECD Journal Financial
Market Trends. Previously, he was assistant professor in
economics at the Vienna University of Economics and Business
Administration (WU Wien, 1990-95) and later joined the research division of the
Austrian central bank (Oesterreichische Nationalbank, Vienna, 1995-99), continuing his
lectureships at WU Wien and the University of Applied Sciences, Wiener Neustadt,
Austria. He also taught at the Paris-based American Graduate School of International
Relations and Diplomacy (2001-03). He is the author of various publications, including
papers and articles on financial market issues, book reviews and a book on high and
chronic inflation and stabilisation policies. He holds an Economics Master’s (Karl-
Franzens-University Graz, Austria, 1988) and Doctoral degree (WU Wien, 1995) and is a
graduate of the Institute for Advanced Studies, Vienna (1990).

2, rue André-Pascal
F-75775 Paris Cedex 16
France
Tel.: +33 1 4524-8768
Fax: +33 1 4430-6308
E-mail: Gert.WEHINGER@oecd.org
Web : www.oecd.org/daf/fin
 Axel Wilhelm
Managing Director
Sustainalytics

Axel is Managing Director of Sustainalytics in Frankfurt. He has 17 years of professional

experience in the analysis of sustainability issues. In 2000, Axel co-founded scoris GmbH
– the predecessor of Sustainalytics in Germany – and is heading the company ever since.
Alongside his job, Axel is a well-established lecturer, author, and speaker on ESG
investment and CSR issues. He is a member of the juries “Best Sustainable Investor”
(portfolio institutionell, Germany) and “ESG Leader Awards” (IPE, UK).
Before founding scoris, Axel Wilhelm worked for the Institute for Market Environment
Society (IMUG) in Hanover for seven years. During this time, he co-published various
ethical shopping guides and oversaw a number of early sustainable investment projects.
Axel studied at the Universities of Goettingen, Dublin, and Hannover, and holds a degree
in Business Administration. Prior to his academic studies, he worked two years for IBM
Germany. In the past years, he completed advanced trainings as environmental auditor
and financial analyst.

www.sustainalytics.com
 Ugur Yildirim
Chief Executive Officer
Alpha Global Advisory LLC

As second generation CEO, Ugur is responsible for overall business

strategy and firm direction of Alpha Global Advisory LLC. In emerging
family office he is managing private wealth with other 4 families’ wealth
from South Eastern Europe (SEE) and Turkey. He also acted as Senior
Fund Manager in Regional Asset Management which focuses retail
savings of fast growing SEE region with Asset under Management of 150
million Euros. He is Managing Director of Elements Property Fund. And
He is Partner in Valens Energy Partners which focuses investments in
Hydroelectric Power Generation projects. In addition to his 12 years experience in financial
markets, he is holding Master Degree in Business Administration and Bachelor degree in
Mechanical Engineering from Istanbul Technical University.

 
 Vicente-Andres Zaragoza
Managing Director and CIO
Pentium Fund Group

Vicente-Andres Zaragoza is the Managing Director and CIO of the Pentium Fund Group
-an investment management company based in Geneva,Switzerland. The Pentivrn Group
consists of the following business units: Pentivrn Fund, Pentivm Finance, Pentivm Real
Estate, Pentivm Private Equity and Pentivm Charities.

Mr. Zaragoza is also an Investment Manager and Advisor to the BNP Arbitrage Group in
Paris for the BNP-Pentivrn Select Fund and also for Societe Generale Bank in Paris where
he is managing 2 funds for SG-Lyxor Group (Pentium Quantitative Fund and Pentium Real
Asset Energy Fund).

Mr. Zaragoza is also the Founder and Managing Director of the Monaco Charity Film
Festival. This is a yearly charity event held in Monaco and sponsored by Pentivm Fund - to
assist impoverished and abandoned children world wide with food, housing and education.

Mr. Zaragoza started his career in 1975 as a Management Consultant with the SGV-Ernst
& Young Group in Asia. He then entered the field of international finance in 1978 when he
became the Finance Manager for the International Operations of one of SGV-E&Y' s
clients -- a multinational company based in Asia and in the Middle East. In that position,
Mr. Zaragoza was responsible for syndicating loans and managing assets in excess of USD
$500 inillion. '

In 1979, he joined Merrill Lynch, Pierce, Fenner & Smith in New York where he managed
over $800 million in assets for his clients, with an emphasis on Euro Bond trading and
Option Arbitrage Trading.

In 1985, Mr. Zaragoza signed a clearing agreement with Merrill Lynch in New York and
started the Viza Financial Group in Geneva. Viza Financial was an investment
management company that specialized in Option arbitrage trading. He developed several
proprietary arbitrage and yield enhancement strategies, using options and futures to protect
the capital and increase the yield of bond and equity portfolios. Mr. Zaragoza's Option
Arbitrage trading operations were generating returns of over 55% per annum without any
leverage. Viza Financial's Option Trading operations were eventually merged with the
Pentium Fund Group in 1989.

In 1990, Mr. Zaragoza signed a consulting agreement with Swiss Bank Corporation (now
UBS A.G.). He helped the bank develop its Latin American and Asian client base where he
raised over $1 Billion in assets for the bank and managed a leveraged fixed income
arbitrage portfolio for the bank and their clients.

Mr. Zaragoza has a Masters Degree in Business Administration (MBA) from I.M.D. – the
International Management Development Institute - a graduate school in Lausanne,
Switzerland (1984). He also has a Masters Degree in Management (Dean's List) from the
Asian Institute of Management..