conference 2005 - mondohedge

24th June 2005VILLA ERBA

Cernobbio-Como

Hedge FundCONFERENCE

2005

Hedge Funds and new trends in finance:opportunities for listed companies and investors

organized by

Borsa Italiana

Borsa Italiana presents its 5th hedge fund conferencewith an innovative format and content.

Past editions the yearly Hedge Fund Conference have contributed towards enhancing knowledge on hedge fund organisations and investment strategies, and promoting networking among the top industry players.

This year’s revised edition will focus on three main perspectives concerning hedge funds which arerelevant to Borsa Italiana’s point of view. Hedge Funds are on the leading edge of the main trendsin financial markets, Hedge Funds are becoming increasingly relevant investors in listed companies,savings are being allocated in hedge funds at a fast growing pace.

These issues will be explored during the morning session by foremost professionals who willshare their experience and insights on developments and opportunities available in the financialmarkets and discussed further in two afternoon workshops. The Corporate Workshop will discussthe company valuation process and the impact of alternative investment strategies in the marketswhile an Institutional Investors Workshop will focus on the latest trends in hedge fund investments andbusiness models.

invitation to the conference is strictly personalAttendance is free of chargeWe suggest business casual attire to better enjoy the day

Free shuttle service from Milan to Villa Erba and back will be available upon request. For further information on departure timesand to register for this service, please visit the event web siteFree parking spaces are available at theAutosilo Villa Erba, via Regina 1, Cernobbio

info

facilities

For further information please refer to the event web site or contact: [email protected] tel: +39 02 72.42.62.31

to confirm your partecipation please register online on the event web site: www.borsaitaliana.it/en/specials/hfc2005/Registration closes on June 15th

Hedge Fund Conference 2005_1 ///

PROGRAM/MORNING SESSION 10.00 - 12.45

� CHAIRMAN AND OPENING REMARKS

Massimo Capuano CEOBORSA ITALIANA

Raffaele Jerusalmi Executive DirectorBORSA ITALIANA

Valentina Sidoti DirectorBORSA ITALIANA

� PANEL FINANCIAL INSTITUTIONS

Jean-Pierre Mustier CEO SG Corporate and Investment BankingSOCIÉTÉ GÉNÉRALE

Alessandro Profumo CEOUNICREDITO ITALIANO

� PANEL HEDGE FUNDS

James Dinan Founder and CEOYORK CAPITAL MANAGEMENT

Abner Kurtin Portfolio ManagerK CAPITAL PARTNERS

Marc Lasry Managing PartnerAVENUE CAPITAL GROUP

lunchLunch will be served on the groundsof the Villa12.45 pm

welcomeWelcome coffee and registration9.30 am

/// 2_Hedge Fund Conference 2005

PROGRAM/AFTERNOON SESSION 14.45 - 17.00

cocktailPlease Join us for a refreshment by the lake5.00 pm

� CORPORATE WORKSHOP*

Abner Kurtin Portfolio ManagerK CAPITAL PARTNERS

Avv. Dario Loiacono PartnerLOIACONO E ASSOCIATI STUDIO LEGALE

Marc Hotimsky PartnerNEW FINANCE CAPITAL PARTNERS LIMITED

Joseph Oughourlian Managing DirectorAMBER FUND

Rory Powe Portfolio ManagerPOWE CAPITAL MANAGEMENT

CHAIRMANMassimo Mocio Head of Equity and Fixed Income

BANCA CABOTO SpA

� INSTITUTIONAL INVESTORS WORKSHOP*

Hans-Jörg Baumann Senior Partner, CEOSWISS CAPITAL GROUP

Tanya Styblo Beder Chief Executive OfficerTRIBECA GLOBAL MANAGEMENT LLC

Paul Ruddock Co-Founder & Chief ExecutiveLANSDOWNE PARTNERS LIMITED

Zaheer Sitabkhan DirectorLLOYD GEORGE MANAGEMENT

James H. Vos Managing DirectorAlternative Capital Division, CSFB

CHAIRMANAntonio Foglia Member of the Board of Global Selection Sgr SpA

GLOBAL SELECTION SGR SpA

* PARALLEL WORKSHOP SESSIONS: upon registering online for the conference,

please select which workshop you wish to attend


SPEAKERS ➔

� HANS-JÖRG BAUMANN graduated from the University of Zurich in 1985 with a degree in economics. He joined Union Bank of Switzerland Zurich in 1985 as a capital market and derivatives specialist. In 1991 he moved to UBS Geneva as Head of the Stock ExchangeDepartment. In 1993 he returned to UBS Zurich to assume the role of Head of Trading and SalesFixed Income and Foreign Exchange. In 1996 his role was expanded to Head of Trading and SalesSwitzerland including equity, fixed income, foreign exchange, commodities and risk managementservices. He was a Member of the Board of the Swiss Stock Exchange. In 1998 he left UBS Zurichto co-found Swiss Capital Group.

� TANYA STYBLO BEDER CEO, Tribeca Global Management LLC, Citigroup AlternativeInvestments. Tanya Styblo Beder joined Citigroup Alternative Investments in May 2004 as CEO oftheir single manager proprietary hedge fund unit, Tribeca Global Investments LLC. Previous to Ms Beder’s move to Citigroup, she was a Managing Director and Head of the Strategic QuantitativeInvestment Division of Caxton Associates, LLC, a $10 billion investment management firm locatedin New York City. Prior to Caxton, Ms Beder had over 15 years of Wall Street experience asPresident of Capital Market Risk Advisors and as a Vice President of The First Boston Corporation.In 1997 Euromoney named Ms Beder as one of the top 50 women in finance around the world. Ms Beder has appeared before the United States Congressional Subcommittee on Telecommunicationsand Finance as an industry and derivatives expert, before the OECD (Organization for EconomicCooperation and Development) as an expert on risk in the global financial landscape, and beforethe U.S. Senate Special Committee as an expert on the Year 2000 Technology Problem. From1998 through 2003 Ms Beder was Chairman of the Board of the International Association ofFinancial Engineers; currently she is on the Board of Directors and serves as the co-chair of TheInvestor Risk Committee. She was an author of the Risk Standards for Institutional Investors andInstitutional Investment Managers.She has been on the adjunct faculty of the Yale University School of Management and theColumbia University Graduate School of Business Administration and is an appointed Fellow of theInternational Center for Finance at Yale. Ms Beder serves as a director on the Board ofMathematical Sciences and Their Applications.Ms Beder holds a M.B.A. in finance from Harvard University and a B.A. in mathematics from YaleUniversity. Ms Beder has written several articles in the financial area that have been published byThe Journal of Portfolio Management, The Financial Analysts Journal, The Harvard Business Review,The Journal of Financial Engineering, Probus Publishing, John Wiley & Sons, and Simon & Schuster.

JAMES G. DINAN is the Founder and Chief Executive Officer of York Capital Management.He is a Managing Member of the Firm and is a member of the firm's Senior ManagementCommittee. He has responsibility for the implementation and execution of York's investmentprocess as well as its overall business strategy. He is the senior co-portfolio manager for York'smulti-strategy funds and oversees the firm's other portfolio manager's investment activities. Priorto forming York Capital Management in 1991, Mr Dinan previously worked at Kellner, DiLeo & Co.and Donaldson, Lufkin & Jenrette. James Dinan received his BS in Economics, summa cum laude,from the Wharton School, University of Pennsylvania and his MBA from Harvard Business School.He is a member of the Board of Directors of the Museum of the City of New York and Publicolor,a not-for-profit organization benefiting New York Citypublic school children.


SPEAKERS

� ANTONIO FOGLIA is a member of the executive committee of Banca del Ceresio, his family’s private bank in Lugano, Switzerland, and is a member of the board of Global SelectionSGR SpA. Following a degree in Economics from Bocconi University in Milan, he worked in Tokyo,New York and London to complete his training. He has been professionally involved with HedgeFunds since the mid ‘80ies and he is co-managing several leading multimanager Hedge Funds,including Global Managers Selection Fund, the best performing Italian fund of hedge funds in 2004, and Leveraged Capital Holdings N.V., the world’s oldest offshore multimanager fund. He also acts as director for several Hedge Funds, including some belonging to George Soros'Quantum Group, M. Kingdon Offshore N.V. and Giano Capital Ltd. Banca del Ceresio Group has over 40 years of experience investing in Hedge Funds and over € 3 bln. of assets under management in the sector. The Group also advises several bln. more of institutional capital invested in Hedge Fund.

� MARC HOTIMSKY is a co-founder and principal of the NewFinance Group. From 1992until July 2000, Mr Hotimsky was a Managing Director at Credit Suisse First Boston (CSFB). Since1996, he had been a Member of CSFB’s Executive Board of Directors responsible for CSFB’s fixedincome activities worldwide. He built the firm's Foreign Exchange and Emerging Markets businesses,two activities he ran directly until February 1996, when he was appointed Global Head of FixedIncome and a Member of the firm’s Executive Board. Areas under his responsibility included bondtrading, sales, and origination, high yield debt, emerging markets, foreign exchange and moneymarkets, commodities, real estate finance, fixed income research and a group responsible for theincubation of a family of hedge funds. In January 1999, following the merger with Credit SuisseFinancial Products, he became Global Co-Head of the Fixed Income and Derivatives Division of Credit Suisse First Boston, the largest division of the firm in terms of size and profitability. Mr Hotimsky joined CSFB from Bankers Trust where he worked for 5 years in the DerivativesDivision, both in London and New York. From 1990, Marc Hotimsky was Head of Trading and RiskManagement worldwide for all derivative products (equities, fixed income, foreign exchange and commodities) for Bankers Trust. Prior to Bankers Trust, Mr Hotimsky worked for Citibank asHead of Foreign Exchange Trading in Paris, between 1984 and 1986. He started his career in 1978at JP Morgan where he started as a credit analyst, then moved to the treasury division. Mr Hotimskygraduated from the Solvay Business School in Brussels, Belgium in 1978.

� MR. ABNER KURTIN serves as Portfolio Manager of K Capital. Mr Kurtin co-foundedK Capital Partners, LLC in April 1999. Before launching K Capital, Mr Kurtin had most recentlyserved as Managing Director at The Baupost Group. K Capital focuses on Western European andU.S. event-driven special situations with embedded catalysts. The fund employs a multi-strategyapproach and strives to build an event-driven portfolio of best ideas on a bottom-up basis. Mr Kurtin graduated Magna Cum Laude with a B.A. from Tufts University and also holds an M.B.A.from Harvard Business School. He currently serves as a member of the Massachusetts GeneralHospital President's Council and on the Executive Advisory Committee of MassGeneral Hospital forChildren. Mr Kurtin is head of the Sports Committee for the Hill House and is a board member of the Institute of Global Leadership at Tufts University.


SPEAKERS ➔

� MARC LASRY is one of the pioneers of the distressed securities market, which has beenthe exclusive focus of his professional career. Mr Lasry is a Founder and Managing Partner of Avenue Capital Group, the US, Asia, and European distressed and equity event driven fund manager with assets totaling over $7 billion.He is also the Founder and Senior Managing Director of Amroc Investments, one of the leadingbank debt and trade claims sourcers. Prior to operating Amroc as an independent entity, Marc Lasry and Amroc were affiliated with Acadia Partners L.P., an investment partnership whosegeneral partners include Keystone, Inc. (an investment partnership firm that was affiliated with the Robert M. Bass Group), American Express Company, and the Equitable Life Assurance Societyof America. Marc Lasry previously was Co-Director of the Bankruptcy and Corporate ReorganizationDepartment at Cowen & Company. Prior to that time, he served as Director of the Private DebtDepartment at Smith Vasiliou Management Company.Previously, he specialized in bankruptcy law at the New York law firm of Angel & Frankel. He holdsa B.A. in History from Clark University and a J.D. from New York Law School. Mr Lasry clerked forthe Honorable Edward Ryan, Chief Bankruptcy Judge of the Southern District of New York.

� DARIO LOIACONO is the founding partner of Loiacono e Associati. His practicefocuses primarily on the structuring of innovative financial instruments and transactions and advisingon complex financial regulatory issues. As a corollary to his structuring and regulatory practice, Mr Loiacono has increasingly become involved in corporate governance disputes on behalf ofhedge fund clients. Prior to starting his own law firm, he worked in the Treasury and CorporateFinance departments at J.P. Morgan & Company and as an M&A and corporate finance associateat Cleary Gottlieb Steen & Hamilton in New York. Mr Loiacono is a member of the Legal CertaintyGroup of Experts on Clearing & Settlement established by the European Commission. A frequent lecturer, he is the author of several articles in the financial regulatory area. Mr Loiacono is a memberof the Milan and New York Bar, holds an LL.M. from Columbia University, a post-graduate tax degreefrom Bocconi University and an J.D. degree from the Catholic University of Milan.

� MASSIMO MOCIO, Managing Director and Head of Trading at Caboto, the Bank of Gruppo Intesa specialised on Capital Markets and Investment Banking, leader in Italy in varioussegments of financial activity.A graduate from Università Bocconi and IMP at London Business School, prior to joining CabotoMassimo Mocio was head of Equity Trading and Derivatives at San Paolo IMI and BCI, where hespent 8 years working in London.In 2002 he was appointed Head of Equity in Caboto and from 2004 he has been in charge for trad-ing and structuring across all asset classes for the Gruppo Intesa where he recently introduced a total-ly new approach by integrating the trading activities of equities and credits.

� JEAN-PIERRE MUSTIER, Chief Executive Officer, Corporate and InvestmentBanking, SG CIB. He is a graduate of the École Polytechnique and of the École Nationale Supérieuredes Mines. Jean Pierre Mustier joined SG CIB in 1987 as a Stock Option Trader. In 1989, he wasappointed Head of Options activities in the US, and then in 1991 in Japan. In 1993, he took up


SPEAKERS

global responsibility for all equity derivatives activities before becoming co-head of the EquityDivision in 1996. The same year, he moved to Hong Kong to head up SG Securities Asia. In 1999,he was appointed Deputy Head of Global Equities and later Chief Executive Officer of Debt,Currencies, Commodities & Derivatives. In January 2003, he was appointed Chief Executive Officerin charge of Corporate and Investment Banking activities.

� JOSEPH OUGHOURLIAN is the managing director of the Amber Fund, an event-driven hedge fund based in New York. The fund was set up in 2001 with Lyxor Asset Management(a subsidiary of the equity derivatives division of Société Générale “SG”). Prior to managing the Amber Fund, Joseph Oughourlian headed the Equity Arbitrage Proprietary Trading Desk at SGfrom 1997 to 2001 and was an analyst on the desk from 1994 to 1997. Joseph Oughourlianattained his M.B.A. from the HEC Paris School of Business in 1994, he also holds an MSc inEconomics from the University of La Sorbonne and a B.A. in Economics, Law and Political sciencefrom the IEP Paris.

� RORY POWE began his investment career 20 years ago when he joined INVESCO as a trainee fund manager in the European equity team. His 16 years at INVESCO included managingthe INVESCO European Growth Fund for 10 years and heading up the European investment team.In 2001, he decided to leave in order to launch his own fund management company, Powe CapitalManagement, which, with a team of 8 people, runs Modulus Europe, an European equity long/shorthedge fund. This fund has just passed its third anniversary. The Fund takes a bottom-up stock pickingapproach and seeks to invest in companies where the valuation fails to reflect the long term profitability of the business. Modulus Europe is attracted to names where management is systematically able to improve the returns of the business in a way which the market has so farfailed to recognise or reward.

� ALESSANDRO PROFUMO holds a degree in Business Economics from the BocconiBusiness University and for ten years, from 1977 to 1987, worked for Banco Lariano.In December 1987 he joined McKinsey & Company where he was in charge of the strategic andorganisational projects for financial companies. Two years later, having joined Bain, Cuneo & Associati, he was put in charge of developing relations with financial institutions.In 1991 he left the field of company consultancy to join RAS, Riunione Adriatica di Sicurtà, wherehe was given responsibility, as General Manager, for the banking and parabanking sectors. He was alsoin charge of the yield increase of that company’s bank and of the other group companies operatingin the field of asset management.Three years later, in 1994, he joined Credito Italiano. He was appointed Deputy General Managerand put in charge of Planning & Group Control. A year later he was appointed Chief GeneralManager. His appointment to Managing Director came on April 29, 1997.When the UniCredito Italiano banking group came into being in 1998 he became its ChiefExecutive Officer. Currently he is also Member of the Supervisory Board of Deutsche Börse –Frankfurt and Member of the Board of Directors of Mediobanca. He is also a member of a numberof international organisations such as: the European Financial Services Round Table – London, the Steering Committee of “The Group of Thirty” – New York, the Italian group of the TrilateralCommission and of the Investment Advisory Council for Turkey – Istanbul.


SPEAKERS

He is moreover a Member of the Management Committee of the Harvard Business SchoolEuropean Advisory Board – Boston and a Member of the Board of the Arnaldo PomodoroFoundation and of Airc – the Italian Association for Cancer Research. He has written numerous articles and studies and in 2003, together with Giovanni Moro, wrote a book entitled “Plus Valori” (edited by Baldini & Castoldi), which deals with companies’ socialresponsibility.In 2004 he was conferred the “Cavaliere al Merito del Lavoro” of the Republic of Italy (a decorationgiven to important figures in the industry).

� PAUL M. RUDDOCK Founding Limited Partner, Lansdowne Partners Limited PartnershipChief Executive, Lansdowne Partners Limited.Paul Ruddock founded Lansdowne Partners with Steven Heinz in 1998 and started trading on 1st September 1998. Lansdowne manages $4.5 billion in four main strategies: a long/short pan European strategy; a UK only long/short strategy; a long/short global financials strategy and a global macro strategy. The Firm also manages a long only European strategy.Mr Ruddock worked with Schroder & Co Inc in London from 1984 to June 1998 where he wasManaging Director in charge of International Equities. He served as a member of Schroder Securities(Schroders Plc) Executive Committee (1993-1995), and was also a Director of Schroder SecuritiesEuropean Division (Schroders Plc). Prior to joining Schroder & Co, Mr Ruddock worked as an institutional equity salesman at GoldmanSachs & Co in London.Mr Ruddock received his BA in law (with 1st class honours) in 1980 and his MA in law in 1984 bothfrom Oxford University. He is also a Trustee of the Victoria & Albert Museum and a Trustee of theBurlington Magazine.

� ZAHEER SITABKHAN, Director of Lloyd George Management, graduated from CaseWestern Reserve University in 1987 with a BA and from Indiana University in 1991 with an MBA.Before joining Lloyd George Management, he worked on business development projects for localcompanies both in Moscow and Prague. Since joining Lloyd George Management in 1995, he hasbeen involved in managing the LG India Fund, LG Asian Plus and our Asian Hedge Fund as well as Asian regional accounts for institutional clients.

� JAMES H. VOS is a Managing Director of the Alternative Capital Division of CSFB. Mr Vos is responsible for the Hedge Fund Investments group ("HFI"), which manages the Firm'sfunds of hedge funds and related investment products.HFI manages both active and indexed multi manager portfolios for a global institutional client base. Mr Vos joined Credit Suisse Group in 1985 as an analyst in CSFB's Portfolio Strategies Group in New York. He then worked in fixed income research for CSFB in Tokyo for three years, after whichhe returned to New York with Credit Suisse Financial Products, where he headed structuring and marketing for the asset management and insurance areas. In 1998, Mr Vos formed the FundLinked Products group, which began CSFB's funds of hedge funds investment management activities as well as trading and structuring with respect to fund linked products. Mr Vos holds a B.A. in economics from the University of Pennsylvania.


MAIN SPONSOR

LYXOR ASSET MANAGEMENT is a French AssetManagement company authorised by the “Commission des Opérationsde Bourse” (COB) in 1998, and a 100% subsidiary of The SociétéGénérale Group.

A team of 173 professionals, 69 of which fully dedicated to alternativeinvestment products, and 46.9 billion euros under management, splitinto 1228 funds*).It is specialised in advanced investment techniques with the goal of offer-ing to institutional investors the best in financial innovation through a wide range of investment funds.

Index Tracking: or exchange-traded funds (ETFs) "track" the performanceof the major stock market indexes (7.1 billion euros, 14 funds*).

Alternative Asset Management: Lyxor has developed a platform aimed at waiving all the traditional drawbacks associated to alternative invest-ments and to bring the quality of services offered to alternative investorsto the highest levels (18.3 billion euros, 866 funds*).Structured Investment: provide the best balance between performanceand security (21.5 billion euros; 348 funds*).

(*) As of 28 February 2005

THE SOCIÉTÉ GÉNÉRALE GROUP is the 8th largestFrench Company by market capitalization and the 5th largest bank in theeuro zone.Its business mix is structured around three core businesses: RetailBanking and Specialized Financial Services, Asset Management, PrivateBanking & Securities Services and Corporate and Investment Banking.


SPONSORS ➔

CABOTO is the Bank of Gruppo Intesa specialised in Capital Marketsand Investment Banking.The Company has a long tradition in brokerage and trading with a leadingrole in Italy and a forefront position in Europe.Caboto provides its customers the experience, the professionalism and the resources which only a Bank operating within a large, diversifiedand international Group can ensure. A wide range of products and servicesis destined to satisfy the needs of every type of customer: institutionalinvestors, insurance companies, banks, large state-owned companies, private corporations, sovereign issuers, public sector entities and bankbranch/financial consultant networks.Customers are assisted in satisfying all their needs related to the financialmarkets: primary markets activity on different types of Issuers in bothdomestic and international markets; market making and brokerage, FixedIncome, Equity and Foreign Exchange, on Cash and Derivatives markets;risk management (A/L management), via the creation of innovative andtailor-made derivatives.Caboto also manages two leading: OTC trading markets, RetLots® andRetLots Exchange®, dedicated respectively to institutional customersand networks of bank branches and financial consultants.

THE CITCO BANKS are the recognized world leaders in providing specialized trading and custody for the international fundholdings of its clients. For institutional clients (primarily Banks), the CitcoBanks offer a unique custody service to alleviate these institutions from theadministrative burden of locating, subscribing in and keeping track ofinvestments in international funds for their private banking customers.These services allow clients to deal in both mutual funds and alternativeinvestments in a fully automated environment. Citco’s clients benefit fromreal-time access to electronic statements including portfolio holdings,pending transactions and access to historical transactions data includingcorporate actions. As well as having an automated environment for transactions processing our clients can benefit from increased revenuesand efficiencies by using our fully automated trailer fee program. Citco’sclients also have access to the Citco Database, which houses importantinformation on tens of thousands of funds. Citco Bank’s online trading and custody platform, specifically designed for high volume transactions, allows Internet access through a single pointto all trading and custody functions. In addition we offer our clients full STPcapabilities via communication methods such as SWIFT and XML Host-to-Host File transfers. Securities financing facilities are also available. For moreinformation, please visit us at: www.citcobanking.com.


SPONSORS

CREDIT SUISSE FIRST BOSTON (CSFB) is aleading global investment bank serving institutional, corporate, government and high net worth clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, privateequity, alternative assets, financial advisory services, investment research,and asset management. CSFB is a proven leader across the spectrum ofinvestment banking, capital markets and financial services, ranking in thetop tier in virtually all major business segments. CSFB's organizationalstructure focuses on providing the highest quality of client-centric services. CSFB serves institutional clients, with expertise in: Equities,Fixed Income, Prime Services, Research.CSFB meets corporate clients' needs in: Mergers & Acquisitions, EquityCapital Markets, Debt Capital Markets, Private Placement, LeveragedFinance, Industry Experience, Regional Presence, Private Equity.CSFB serves institutional and individual clients: Private Client Services,Asset Management.CSFB is a truly global institution. It operates in more than 69 locationsacross more than 33 countries on five continents. Powered by a strong localpresence, global vision and a seamless ability to execute transactions in andacross all markets, CSFB deploys its capital base and global perspective tooffer a full range of products, services and capabilities. The Firm is a business unit of Zurich-based Credit Suisse Group, a leadingglobal financial services company. In addition to the business unit CreditSuisse First Boston, Credit Suisse Group also includes the Credit SuisseFinancial Services business unit, which provides private clients and small and medium-sized companies with private banking and financial advisoryservices, banking products, and pension and insurance solutions fromWinterthur.

DEXIA ASSET MANAGEMENT (DEXIA AM) is aleading European asset manager providing a complete range of top performing solutions in all asset classes for institutional and privateclients.It manages 75,3 billion euros divided among a complete range of investment vehicles: traditional, alternative and sustainable. Dexia AMhas management centres in Brussels, Luxembourg, Paris and Sydney and marketing teams throughout continental Europe. With over EUR 4.5 billion in alternative investments Dexia AM ranksamong the top managers in continental Europe. The alternative productrange offers a large array of funds with high liquidity. The ‘absolute performance’ or ‘enhanced money market’ funds cover thir-teen different strategies within the fifteen existing strategies in alternativeinvestments.


SPONSORS ➔

Dexia AM has also a leading position in Socially Responsible Investment(SRI) in continental Europe with almost 10 years experience and continuousresearch in this area. It manages Socially Responsible Investments in excessof EUR 7.9 billion.

GLOBAL SELECTION is an alternative asset managementcompany, which specialises in the management of funds of hedge fundsand tailored portfolios of hedge funds for institutional clients. GlobalSelection is a fully owned subsidiary of Banca del Ceresio Group. In thehedge fund industry Banca del Ceresio is regarded as a pioneeringinvestor. It has been active for more than 40 years in the research andselection of independent and talented money managers for its own proprietary and clients' capital. Banca del Ceresio group currently manages in excess of €3 billion in hedge fund portfolios and also offersinvestment advisory services to institutional investors managing a further$10 billion also in hedge fund mandates. These include leading fund of funds such as Hausmann Holdings N.V. andLeveraged Capital Holdings N.V., both with over 30 years track records.The Group has offices in Lugano, Milan and London, where BelgraveCapital Management manages Vitruvius, a multi-manager SICAV. In June2003 Global Selection SGR launched the Global Managers SelectionFund, a fund of hedge funds, which ranked best performer amongonshore Italian hedge funds in 2004. Global Selection SGR currentlymanages assets valued at over €300 million.

LOIACONO E ASSOCIATI's practice specializes in complexcorporate finance structuring and litigation, as well as asset managementand capital markets regulation. With offices in Milan and London, the firmrepresents corporations, investment banks, commercial banks, stockexchanges, clearing houses and centralized securities depositaries, as well as hedge and private investment funds and hedge fund selectionorganizations. Loiacono e Associati has been particularly active in providingadvice to the risk arbitrage, derivatives, sales and trading, syndication and structured finance groups of major foreign and Italian investment banks.In the alternative investment sector, the firm has been instrumental inestablishing the securities lending and prime brokerage markets in Italyand in resolving certain regulatory issues affecting hedge funds. Loiaconoe Associati works closely with the Italian and foreign market regulatorsand market associations, in some cases assisting in the implementationof new market and tax regulations and the approval of complex innovativefinancial products.

LOIACONO E ASSOCIATISTUDIO LEGALE


SPONSORS

MONDOHEDGE, the only provider of financial informationentirely dedicated to the hedge fund industry, was created in 2001 as a web site that offers a database (on line and in Pertrac format) listingnearly 1350 managers (including every Italian hedge fund), with differenttools of analysis.Since July 2002 MondoHedge publishes a monthly review focused onthe Italian market of hedge funds, with in-depth surveys, interviews andperformance tables of Italian and off-shore hedge funds. In 2003 thecompany launched, in collaboration with Mps Alternative Investments, a series of indexes tracking Italy’s funds of hedge funds. The MH FdfIndices are published monthly on the www.MondoHedgeindex.com website. In April 2004 MondoHedge created an English quarterly review on the Italian hedge fund market.For additional information: www.MondoHedge.com

SWISS CAPITAL GROUP is a Zurich-based financial groupspecialized in alternative products and services. Founded in 1998 under theinitiative of Hans-Jörg Baumann and other asset managers and investmentbankers of international experience and background, the group is entirelyindependent and wholly-owned from its managing partners. The main company Swiss Capital Alternative Investments AG operatesunder the surveillance of the Swiss Federal Banking Commission as a broker-dealer. The three main activities encompass asset management,divided between alternative investments and wealth management, structured products and corporate finance. The assets under managementexceed USD 1.3 Bn., and the total nominal value of transactions executedfrom Swiss Capital Group since inception exceed USD 8.6 Bn.

OFFICIAL ORGANISER

BORSA ITALIANA

Piazza degli Affari 6, MilanoTel. +39 02 72426.231Fax. +39 02 72426.386

Email: [email protected]

This conference, including the relevant speeches and sponsorships, does not constitute either solicitation of investments or any judgement by Borsa Italiana S.p.A on the relevant financial instruments. In organising thisconference, Borsa Italiana has no marketing aim. Participation to the conference is free of charge and strictly by invitation only. The list of attendees will not be made public. Borsa Italiana has no liability whatsoever for thecontents and the authenticity of the speeches to be presented; this liability is held by the relevant speakers.

BORSA ITALIANA - Piazza degli Affari, 6 Milanowww.borsaitaliana.it

MAIN SPONSOR

SPONSORS

LOIACONO E ASSOCIATISTUDIO LEGALE

TECHNICAL SPONSOR

conference 2005 - mondohedge

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