Conference Day One: Wednesday 25 June 2008

08.50 Chair’s Opening Remarks

PLENARY SESSION I : THE HEDGE FUND INDUSTRY TODAY THE GLOBAL PICTURE

09.00 The Global Economy In 2008: The Aftermath Of The Credit Bubble – What Next?

• Reviewing the ongoing credit crunch – are we already in a recession?
• Evaluating the decoupling theory – myth or reality?
  • Is Asia decoupled from the rest of the world?
  • Is Japan decoupled from Asia?
• Identifying the impact of the US presidential election on the global economy

James Stewart Head of Research Weavering Capital

9.30 The Hedge Fund Industry In 2008: Challenges And Opportunities In An Uncertain Economic Environment

• How have investors and hedge fund managers attitudes towards risk management changed?
• Identifying what hedge fund strategies we can expect to see prosper

10.00 The Hedge Fund Manager in 2008: Success in a Challenging Environment

Renaissance Technologies LLC , founded by Dr. James Simons in 1982, is an investment management company dedicated to mathematical and statistical methods. Its $9 billion Medallion Fund has traded since 1988, and is considered by many in the industry to be the most consistently successful hedge fund in history.

In this interview, Stefano will address questions such as:

• Why is Japan a compelling place to raise hedge fund assets?
• What have we learned since the difficult second half of 2007?
• Does the future look bright for quantitative investment strategies?
• What are the challenges of achieving:
  • operational excellence and efficiency?
  • a stable team?
  • strong compliance and risk control?

Stefano Russo CEO Renaissance Institutional Management (UK) Ltd.

11.00 Developing Effective Hedge Funds Quant Models For Today’s Trading Climate

• Analysing which quant strategies and models work best in which market environments
• Understanding how various models react to different market conditions
• What has been the performance of quant hedge fund models over the last year?
• Quant model implementation issues:
  • do any models stand up to all environments?
  • how do you compare and test your models and strategies? How do you adjust them?
  • how do you determine when a strategy or model is no longer working or effective?

Giovanni Beliossi Managing Partner FGS Capital

11.30 Utilising FX Tools To Meet Hedge Funds’ Needs In Today’s Economic Climate

• Reviewing the growth of the FX market
• Identifying the new types of FX market participants
• What FX tools have become available for hedge funds?

Kazuhiro Ooki Regional Sales Manager Icap Electronic Broking, Japan & Korea

12.00 Evaluating The Popularity Of Managed Accounts In Japan – Future Developments And Opportunities

• What is the demand for managed accounts in Japan? Why are investors turning towards them? What’s holding them back?
• How effective have managed accounts been at mitigating risk for investors?
  • how well do they meet their risk profile requirements?
  • managed accounts as a tool to avoid hedge fund fraud
• Utilising the advantages of a defined risk overlay to help investors’ minimise risk

Simon Hookway
Chief Executive Officer
MSS Capital

12.30 Navigating Through Stormy Waters – Profiting From The Sub Prime And Credit Crunch Crisis

The collapse of the sub-prime mortgage market in the US had a dramatic impact on global markets last year. But the subsequent ‘credit crunch’ also offered opportunities for savvy hedge fund managers willing to bet against the US housing market. This case study will look at one well known success story from 2007, Paulson & Co, whose stellar returns caught the attention of the hedge fund industry.

Claudio Macchetto is the director of global platforms for Paulson & Co., which manages more than $29 billion in assets across three hedge-fund families. He previously was product manager for HedgeForum, Citigroup Alternative Investments’ (CAI) third-party single manager hedge fund platform

Claudio Macchetto Director, Global Platforms Paulson & Co

STREAM A: IDENTIFYING THE NEXT SUCCESSFUL HEDGE FUND STRATEGIES IN JAPAN	STREAM B: DELIVERING INNOVATIVE HEDGE FUND PRODUCTS FOR INVESTROS
14.10 Chair’s Opening Remarks	14.10 Chair’s Opening Remarks
14.20 The Rise Of Special Situations Funds In Asia Kishore Moorjani Managing Partner and Chief Investment Officer CREDIT ASIA CAPITAL	14.20 Alternative Beta Strategies – What Can They Offer The Japanese Investor? Modeling and benchmarking hedge fund returns Understanding the key issues associated with linear factor replication Identifying the next steps to accessing the real benefits of hedge funds Junichiro Kawamura Senior Vice President, Head Markets Japan Partners Group
14.50 Shareholder Activism, Corporate Governance And Private Equity In Japan: What Are The Implications For The Industry? How successful have hedge funds been in shareholder activism? Does friendly activism work or must hedge fund managers always take a forceful line for change? How much Asian M&A activity can we expect to see hedge funds account for in the future? This session will constitute a 20 minute address followed by a 30 minute panel discussion Speaker and moderator: Tony Miller Executive Managing Director Ramius Capital Panelists: Alexander Flatscher Managing Director Good Investments Kenzo Matsumura Chief Executive Officer Privee Fund Group Co. Ltd	14.50 Realising The Benefits Of A Fully Transparent Managed Accounts Platform For Investors What are institutions demanding? Identifying the eight key advantages of Managed Accounts What are the disadvantages of Managed Accounts? Using Managed Accounts to increase cash efficiency and as part of an integrated risk control process Enabling investors less familiar with hedge funds to gain exposure to the asset class without the need to select individual managers Examining how to work in tandem to create long-term customised solutions Pierre-Henri Moulard Managing Director Natixis Alternative Investments
15.40 CTAs: A Popular Alternative For Japanese Investors Given The Performance Of The Commodities Market And Basel 2? Capitalising on changing attitudes towards CTAs – how has Basel 2 impacted their assessment? Assessing CTA performance so far in 2007 – can we expect to see this continue? Exploring issues investors face when choosing a CTA Discussing risk, return, diversification and capacity issues for Japanese investors Panelists: Peter Hart Investment Director Valu-Trac Investment Management Mats Sjostrom Regional Director – Asia Altis Partners Moderator: Ernest Jaffarian President and Chief Executive Officer Efficient Capital Management	15.20 Capitalising On The Opportunities For Japanese Investors In China And India Focused Hedge Funds Assessing the demand from Japanese investors for China focused hedge funds Examining the long term potential for high returns in India: are these profit opportunities sustainable? Are they attractive for the Japanese investor? Examining other emerging opportunities in other emerging markets: Brazil, LatAm etc Panelists: Murthy Nuni Chief Investment Officer Marshal Fund Partners Alex Li Chief Executive Officer/Managing Director Pinpoint Investment Advisors Amitabh Singh Director Amrit Capital Moderator: Lou Gerken Group Chairman and Chief Investment Officer Gerken Capital & Associates
16.10 Networking Break And Opportunity To View Exhibition	15.40 Asset Based Lending (ABL) Strategies – Evaluating The Growth Of Hedge Funds In The Direct Lending Space -What Are The Risks And Potential Returns? Why does this market exist? Are banks no longer sufficiently responsive to borrowers' needs? Reviewing the growth of hedge funds involved in asset based lending Avoiding potential pitfalls: how to minimize risks in the asset based lending space - dealing with the specific risk issues of accounts receivables, real estate and commercial loans Examining the evidence so far: have asset based lenders been effective in creating alpha? Matt Hoffman Chief Investment Officer Weston Capital Management
16.40 How Are Traditional Long Short Hedge Funds Adapting To The Current Economic Climate In Japan? What are the key takeaways from the events of the last 12 months for long short hedge fund managers? Does long short Japan still work as an investment strategy or does the future lie in expanding investments beyond Japan? From long bias to net short – challenges and opportunities Panelists: Toru Ueda Chief Investment Officer & Partner TY Advisers Randall Kahn Managing Partner Apiana Investments Hideki Wakabayashi Fund Manager Hadoh Fund Shintaro Tomita Chief Executive Officer and co-Chief Investment Officer Bluebear Investment Managers Moderator: Chas Dabhia Director Weavering Capital	16.10 Afternoon Break And Opportunity To View Exhibition And Return To Plenary
17.20 The Quest For The Holy Grail In 2009: Where Do The Opportunities Lie For Achieving Alpha In Japan? Why did Japan experience a two year drift post Livedoor? - are there still too many ‘beta jockeys’? - understanding the dangers of over-expansion of AUM Evaluating the long term fundamentals of the Japanese economy how does Japan compare with Asia ex Japan as an investment destination? Constructing a roadmap for asset managers and hedge funds to deliver alpha in Japan Panelists: Mamoru Sakai Company President Capula Investment Management Japan Zachary Pessin President & CEO Distributed Capital Group John Woods Senior Fund Manager RAB Capital (to be confirmed) Alan Liu Managing Partner Ajia Partners Moderator: Nicu Harajchi CEO & Founder of N1 Fund K1
17.50 Chair’s Closing Remarks
18.00 End Of Day One & Cocktail Reception

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