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1 8 - 1 9 O c t o b e r 2 0 0 6 | J W M a r r i o t t H o t e l , H o n g K o n g

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This rapid development poses all sorts of questions, suchas: How will managers continue to deliver in a much morecrowded market? Who is best placed to succeed? What dothe investors want – from both inside and outside theregion? And how is this increasingly large and truly globalindustry going to be regulated in future?

Three key speakers have now been confirmed for theprogramme - George Robinson of Sloane Robinson, Stuart

Fowler of Basis Capital, and Dan Waters of the UK’s Financial Services Authority.

We are also delighted to confirm that a number of leading managers in the industry willbe participating at the event, including Boyer Allan, Altima Partners, Carbon Trading,Nexstar Capital Partners, Finnowave, RAB Capital, Kotak Mahindra, Trigram, Harmony,Galaxy, Avatar, Concordia as well as the Hong Kong Securities & Futures Commission.

Investors are also set to play a major part on at least two dedicated sessions aswell as on various other panels. The first of these sessions will feature regionally-based hedge fund investors – who must be a key factor if the industry is to becometruly self-sustaining. The second session will feature major investors who allocate toAsia-Pacific hedge funds from outside the region. The panels feature speakers fromVision Investment, SAIL, Blackstone, FRM, Harcourt, Mitsui Sumitomo AssetManagement, and the Hong Kong Retirement Association.

As usual, the event will also feature sessions focusing on specific strategies andmarkets, including Japan – because it has been the main driver of asset growth inthe industry over the past year or so – and ex-Japan, including single-countrystrategies, which has been best in performance terms so far in 2006.

Other strategies in the spotlight will include the multi-strategy approach as well asthe continuing rapid development of so-called ‘off-piste’ strategies, includingenvironmentally-focused funds as well as funds investing in some of the marketsthat have so far been ignored in the region.

As ever, there will also be plenty of breaks for delegates to take advantage ofnetworking opportunities and enjoy the exhibition that will also be an integral part ofthe Forum.

We look forward to welcoming you there.

Paul Storey Neil Wilsoneditor, AsiaHedge managing editor, HedgeFund Intelligence

Upda t e f r omPau l S t o r e yIt is turning out to beanother exciting yearfor the Asia-Pacifichedge fund industry.Asia-Pacific hedgefunds have alwaysbeen managed from all over the world, but the huge inflow of new money – andrapid development of hedge fundsmanaged within theregion – over the past year or so haselevated the industryonto the global stageas never before.

What are hedge funds for in the Asia-Pacific? | Japan - still the perfect hedge fund market? | Ex-Japan - rolling stonesgather no moss? | Event driven and market neutral – either or both? | The multi-strategy option – has its time come?Off-piste strategies - the far reaches of the universe | Investors in the Asia-Pacific - why some do and why some don'tForeign investors – will they stay or will they go? | Foreign and local managers – who will win Asia? | Spinning out - theentrepreneurial spirit remains | Regulating a global industry

K e y T h e m e s

Pashupati AdvaniAvatar Investment Management

Kenny Arnott, Arnott CapitalDavid Bates, Carbon Trading

William Bourne, WB AssociatesJK Brown, Och-Ziff Capital Management

Richard Cardiff, Coupland CardiffJoe Chan, Galaxy Asset Management

John Capaldi, FRMPhilipp Cottier, Harcourt Investment

ConsultingNick Delf, Maestro Capital

Andrew Dipkin, Citco Fund Services Jeff Fisher, Citigroup

Masao Fujisawa, Finnowave Peter Getsinger, Nexstar Capital

Partners Gregory Hall, Blackstone

Neil Harvey, Bennelong AssetManagement

Lindsey Jones, Frontera AssetManagement

Leila Kardouche, RAB CapitalMasahiro Koshiba, UMJ Advisors

Alexa Lam, Securities and FuturesCommission

Eliza Lau, SAIL AdvisorsStuart Leckie, Hong Kong Retirement

Association Ted Lee, SPARX

Sunny Li, Pinpoint Capital John Lowry, Tara Capital

Sean Manns, Concordia Advisors Jessica McCarrol, Lynx Arbitrage

Dominic McEwan, Stratton Street CapitalRichard Okuno, Teneo Partners

K H Paik, CoreVest Capital ManagementPaul Parambi, Kotak Mahindra

William Pazos, Ecoinvest Carbon SAHenry Rourke, Hawkesbury Capital

ManagementFerenc SandersonColombia University

Barbara Shaw, AXIX CapitalKen Shimasaki, Mitsui Sumitomo Asset

Management Johnny Summers, Altima Partners

Harvey Twomey, Merrill Lynch Hideki Wakabayashi, Finnowave

InvestmentsJames Walker, Clifford Chance Jerry Wang, Vision Investment

ManagementSuresh Withana, Harmony Capital

Ning Zhang, Boyer Allan InvestmentManagement

Stuart FowlerBasis Capital

Stuart Fowler is co-founder of Basis Capital, a fixed incomehedge fund manager and CDO collateral manager. Stuartformed Basis with Steve Howell in 1999 to capitalise on theirextensive regional capital markets experience. The firm hasreceived many accolades, including the 2005 AsiaHedge Awardfor Best Fixed Income Fund and Best Overall Fund. Stuart holdsa Bachelor of Business from The University of Technology and aMaster of Applied Finance from Macquarie University.

George Robinson Sloane Robinson

George Robinson co-founded Sloane Robinson in December1993 and is CFO with responsibility for risk management.Between 1979 and 1985, George worked for John Swire &Sons in Hong Kong, the UK, Philippines and Korea. In 1985 hejoined WI Carr and established offices in Seoul and Bangkok,before moving to Hong Kong as regional director of research.

Dan Waters Financial Services Authority

Dan Waters is the director of retail policy at the FSA and isresponsible for its overall strategy and liaison with the assetmanagement sector. Prior to this, he was director of theregulatory strategy and risk division and was the FSA's firstdirector of enforcement. Dan previously worked at theInvestment Management Regulatory Organisation where hewas director of monitoring and enforcement, and at the UnitedStates Commodity Futures Trading Commission where he washead of international enforcement operations.

AsiaHedge

is recognised as the leading comm

entator on Asia-Pacific hedge funds

K e y n o t e S p e a k e r s

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U p d a t e d P a n e l l i s t s

8.00 – 9.00 Doors open & registration

9.00 – 9.05 Welcome & introduction

9.05 – 9.45 What are hedge funds for in the Asia-Pacific?Should hedge funds in the region be viewed as high risk/high return vehicles – as they often are in the public mind? Or as a means to hedge and better managethe market’s volatility? Is the role of hedge funds changing? How soon will it bebefore they are regarded as mainstream – and much less distinct from the long-only world?

9.45 – 10.30 Japan - still the perfect hedge fund market?Japan has been the major engine of hedge fund asset growth in the Asia-Pacificover the past year or so following a period out in the wilderness. New funds, both inJapan and elsewhere, have abounded over the past year. Yet 2006 is proving to bemuch more difficult than last year. Is the Japan hedge fund market going fullcircle...again?

10.30 – 11.00 Break

11.00 – 11.45 Keynote speaker: George Robinson, Sloane Robinson

11.45 – 12.30 Ex-Japan - rolling stones gather no moss?India and Korea have been flying until recently. China has been re-awakening. And what about Australia? Investors in the regional strategies have had lots to chew on in the ex-Japan hedge fund markets over the past few years. Where andwhat next?

12.30 – 14.00 Lunch

14.00 – 14.45 Event driven and market neutral – either or both?Event driven strategies used to be mainly market neutral, but have becomeincreasingly activist – and long-biased. While market neutral strategies have had awretched time since the early part of the decade, they may be better suited to atougher and more volatile investment climate. Which of these types of strategies willwork best in Asia over the next year?

14.45 – 15.30 Keynote speaker: Stuart Fowler, Basis Capital

15.30 – 16.00 Break

16.00 – 16.45 The multi-strategy option – has its time come?With the growing interest of US headquartered managers and investors in the Asia-Pacific, multi-strategy portfolios have been growing in popularity. Now that themarkets have turned – apparently – is this the time for multi-strategy funds to comein to their own?

16.45 – 17.30 Off-piste strategies - the far reaches of the universeEver more hedge funds specialising in the region's more obscure markets areemerging. Other esoteric strategies such as environmental investing are also makingtheir appearance. And more broad-based managers may also soon have to thinkabout carbon emissions paper as hedges for their portfolios. A panel debates theoutlook for these 'off-piste' strategies in the Asia-Pacific

17.30 – 20.00 Cocktails

D a y O n e : 1 8 O c t o b e r 2 0 0 6

Speakers includeNeil Harvey, Bennelong;

Kenny Arnott, Arnott Capital;William Bourne, WB Associates;

JK Brown, Och-Ziff Capital

Speakers includeHideki Wakabayashi, Finnowave;

Ferenc Sanderson, Columbia University;Dominic McEwan, Stratton Street;

Richard Okuno, Teneo Partners

Moderator Jeff Fisher, CitigroupSpeakers include

Pashupati Advani, Avatar; Joe Chan,Galaxy; Ning Zhang, Boyer Allan; Peter Getsinger, Nexstar Capital

Speakers includeJohnny Summers, Altima Partners;

Jessica McCarrol, Lynx;Barbara Shaw, AXIX Capital;Henry Rourke, Hawkesbury

Speakers includeSean Manns, Concordia;

Masahiro Koshiba, UMJ Advisors

Speakers includeDavid Bates, Carbon Trading;

Leila Kardouche, RAB Capital;Suresh Withana, Harmony Capital;

William Pazos, Ecoinvest Carbon SA

S t r a t e g i e s a n d I n v e s t m e n t P r o s p e c t s

This programme is provisional and subject to change at organisers discretion. Some pictures featured are from AsiaHedge Forum 2005.

8.00 – 9.00 Doors open

9.00 – 9.05 Introduction

9.05 – 9.45 Investors in the Asia-Pacific - why some do and why some don'tJapanese institutional investors were some of the first to invest in hedge funds -globally. Yet, until recently, their interest in regionally-invested hedge funds has beenmore circumspect, and there is a similar scenario elsewhere in the region. Yet theregional hedge fund industry cannot become truly self sustaining until it has acritical mass of regionally-based investors. Can the present trend change - and how quickly?

9.45 – 10.30 Foreign investors – will they stay or will they go?Outside money has been piling into the Asia-Pacific. Is the flow sustainableespecially bearing the most recent market developments in mind? And whatchanges is this bringing to how the region's hedge fund managers do theirinvesting? Is this the final stage in the region's move towards 'institutionalisation'?

10.30 – 11.00 Break

11.00 – 11.45 Foreign and local managers - who will win Asia?With foreign houses flooding in to the region, is it appropriate to think that they aresounding the death knell for the industry as we know it in the Asia-Pacific? Or willthe local boutiques continue to thrive?

11.45 – 12.30 Spinning out - the entrepreneurial spirit remainsAs part of the next wave of development by Asia-Pacific invested hedge funds, moremanagers from established groups are starting to spin out and set up their owninvestment platforms. What are the pitfalls and what should they be aiming for?

12.30 – 14.00 Lunch

14.00 – 15.30 Keynote speaker: Dan Waters, FSA

A panel debate follows - Regulating a global industryHedge funds have become a global phenomena, transcending borders - and nowheremoreso than the Asia-Pacific which has funds managed from all parts of the globe.Global supervision of a global industry is more appropriate than it has ever been. Isthis a practical point of view and what are the prospects for achieving this painlessly?

15.30 Closing remarks

19.00 – 12.00am The AsiaHedge Awards 2006

AsiaHedge

provides quality news, analysis and data to m

anagers and investors

5

Speakers includeStuart Leckie, Hong Kong

Retirement Association; Jerry Wang, Vision Asset Management;

Ken Shimasaki, Mitsui Sumitomo Asset Management;

Eliza Lau, SAIL Advisors

Speakers includeGregory Hall, Blackstone; Philipp Cottier, Harcourt;

John Capaldi, FRM

ModeratorHarvey Twomey, Merrill Lynch

Speakers includePaul Parambi, Kotak Mahindra;

Ted Lee, Sparx; Lindsay Jones, Frontera Asset

Management; John Lowry, Tara Capital

ModeratorAndrew Dipkin, Citco Fund Service

Speakers includeNick Delf, Maestro; KH Paik, Corevest;

Sunny Li, Pinpoint Capital;Richard Cardiff, Coupland Cardiff

Speakers includeDan Waters, FSA; Alexa Lam, SFC;

James Walker, Clifford Chance

(Please see back page for Awardsinformation and booking details)

T h e I n d u s t r y ’ s S t r u c t u r e a n d D i r e c t i o n

D a y Tw o : 1 9 O c t o b e r 2 0 0 6

Alternative Investments | Augusta AdvisorsAustral Capital | Autonomy Capital ResearchAzimuth Trust | Ballingal Investment Advisors

Bangkok Rinvest Company Limited | Basis CapitalBennelong Asset Management | Blackhorse Asset

Management | BlackRock | BlueCrest CapitalManagement | Bowen Capital Management

Calypso Capital Ltd | Candela Capital Ltd | CentralAsset Investments | China Everbright Asset

Management | CITIC Capital Asset ManagementColonial First State Investments | ConstellationAssociates | Contango Asset Management Ltd

Cooperneff Advisors | Credit Agricole AIPG | CreditAgricole Asset Management HK Ltd | Creo Capital

(Asia) Pte Ltd | DB Absolute Return StrategiesDBS Bank, HK Branch | Deutsche Asset

Management | Doric Capital Dynasty CapitalManagement | EN Asset Management | Enhanced

Investments Products | Fabien Pictet & PartnersFairfield Straits Lion Asset Management Ltd

Financial Risk Management | Finles N.V. | FirstState Investments | Franklin Templeton

Investments | FRM Ltd | GAM Hong Kong Limited| Geomatrix | Goldman Sachs Asset Management

(Tokyo) | Grand River Investments | GrangeAdvisory Services Pvt Ltd | Hamon Asset

Management Ltd | HDH Advisors Ltd | HFR AssetManagement | Highland Capital Management

Hindsight Investment Management | Hong KongHospital Authority | Hong Kong Retirement

Schemes Association | Hospital Authority ProvidentFund Scheme | HT Capital Management | Income

Partners Asset Management | India CapitalManagement | International Investment AdvisersInvestor Select Advisors | Itochu Corporation |IvyAsset Management | IXIS Asia Limited | Jupiter

Asset Management | Karma Capital ManagementKBC Alpha Asset Management | KGI Asia LtdKGR Capital (Hong Kong) Ltd | Lazard AssetManagement | Leavitt Capital Management

Liberty Ermitage | Lionhart Investment | LudgateHill Investment | Management Ltd | Man Global

Strategies | Market Force Company | MarshalFund Partners | Mathews Capital Partners | MCP

Asset Management | MIC Investments, LLC | MingLee Partners Limited | Mizuho | Monsoon Capital

Nationwide Insurance | New Star AssetManagement Limited | Ninepeaks Capital

Management (Asia) Ltd | Novatera Capital | OasisAdvisors Limited | Oasis Capital Management

Oria Capital | Orion Investment Managers | PacificStar Capital | Pacific World Asset ManagementParly Company | Parnessa | PdMV Group LLC

Pedder Street Investment Management | PenganaCapital | Penjing Asset Management | Pine River

Capital Management | PMA | Polar CapitalPartners | Prime Capital Management | Qi Capital

Limited | Quest Management | Rabar MarketResearch | Red Centre Capital | Ritchie Capital

Management | RMF Investment ManagementRock Absolute Return | Rockhampton

Management (HK) Ltd | Sabre Capital | SAILAdvisors Ltd | Sandell Asset Management | Sattva

Investment Advisors Ltd | Shaw & Sons LimitedShell Cove Capital Management | Shinsei Bank

SHK Fund Management | Simon Murray & CoSPARX | Stark Investments (UK) Ltd | StrattonStreet Capital | Sun Hung Kai Financial Group

Swiss Capital Group | Symphony Financial Partners| TechInvest | The Hong Kong Jockey Club | The

Sumitomo Trust Finance (HK) Ltd | Tisbury CapitalLtd | Tremont Advisers | Tremont Capital

Management | Tribridge Investment PartnersTrident Pacific Capital | Turnstone Asset

Management | TY Advisers | UBS Global AssetManagement | Vega Asset Management | Venus

Capital | Vertex Capital Management | VisionInvestment Management | Vortex Capital | VoyagerHK Ltd | Wallace Funds Management | Ward Ferry

Management | Winnington Capital | Woo HonFaiHoldings Ltd | XE Capital Management

A c c o m m o d a t i o n & T r a v e l I n f o r m a t i o n P r e v i o u s A t t e n d e e s

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TaxiA taxi rank is situated outside the hotel. Urban taxis (red) serve all destinationsthroughout Hong Kong including the airport.

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