The 16th Annual Beneficial Owners' International Securities Lending & Repo Summit

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450+ attend annually, including over 125 beneficial owners
Register by January 8, 2010 and recieve a $200 Discount!

AGENDA:

RISK MANAGEMENT

COUNTERPARTY RISK 2010: 18 MONTHS AFTER LEHMAN
* Lessons Learned from Lehman * Risks of Central Counterparty & Exchange Traded Products *
Counterparty Allocation in a World of Fewer Counterparties * GSLMA Agreement & Lehman Bankruptcy * Rating Agencies: Still being Used? * How has “Too Big to Fail” Impacted your Counterparty Analysis? * Revisiting Counterparty Limits * Borrower Default Triggers & Remedies * Cross-Default Provisions & Unwinding Positions with Deteriorating Counterparties * Government Backstop Impact
James Fraser, Director-Counterparty Credit DEUTSCHE ASSET MANAGEMENT; Brian "Doc" Burry, Chairman FRESNO FIRE & POLICE RETIREMENT SYSTEM; Reynolds Williams, Chairman Emeritus SOUTH CAROLINA RETIREMENT SYSTEM

INDEMNIFICATION: WHAT EXACTLY DOES IT MEAN IN 2010?
* Cash Indemnification & Loss Sharing * Triparty Indemnification * Performance of your Indemnification Policy * Costs * Conditions Triggering the Indemnity * Timing of Reimbursement * When isn’t Mark-to-Market and Overcollateralization Enough?
Brian "Doc" Burry, Chairman FRESNO FIRE & POLICE RETIREMENT SYSTEM; Erin Perales, General Counsel HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM; Robert A. Wittie, Partner K&L GATES LLP

OPERATIONAL RISK, EARLY TERMINATION, BUY-INS & RECALLS
* Settlement/Fails, Proxy Recalls; Corporate Actions/ Dividend * Improving Risk Control Outside Guidelines *Anatomy of an Early Termination/ Buy In/Recall * Agent Management of Risk * Regulatory Guidance on Buy-Ins * Does Size Matter or are Recalls First Come/ First Serve? * Recalling Illiquid Shares * Who Pays for the Buy-in?
Robert Goobie, Assistant Portfolio Manager-Fixed Income & Derivatives HOSPITALS OF ONTARIO PENSION PLAN; John Okray, Vice President OPPENHEIMERFUNDS, INC.; Larry Ogles, Senior Director- Operations PNC GLOBAL INVESTMENT SERVICING

COLLATERAL REINVESTMENT RISK & TRANSPARENCY: HAVE THE PROCESSES BEEN IMPROVED?
* Re-Evaluating Liquidity Risk * What is being Done on the Cash Side to Improve Transparency? * Cash Guidelines: How Much Actual Protection do they Provide? * Role of the Rating Agencies
A representative from BROWN BROTHERS & HARRIMAN; James Fraser, Director-Counterparty Credit DEUTSCHE ASSET MANAGEMENT; Jim Reichert, Consultant NEW ENGLAND PENSION CONSULTANTS; a representative from STATE STREET

CLIENT CRISIS COMMUNICATION & EVALUATING LENDER DEFAULT PROCEDURES
* How was the Crisis Communicated to your Clients? * Client Perspective on Default Communications & Procedures* Board Member & Plan Member Communication* What Could have been Done Differently? * Frequency of Communications with Managers * Communication Between Lending Agents & Custodians
Jason Strofs, Director BLACKROCK; A representative from BNY MELLON; Brian Ternoey, Principal CURCIO WEBB;

OPERATIONS

RELATIONSHIP MANAGEMENT/CLIENT SERVICE QUALITY MEASUREMENT
* How do you Benchmark your Other Investment Managers? How can you Translate that to Securities Lending? * What does your Scorecard Look Like? * Measuring Service Deadlines for Specific Securities Lending Functions * How has Turnover Impacted Service Quality? * What Happens After the Sale Closes?
A representative from BROWN BROTHERS & HARRIMAN; A representative from ESECLENDING; George Trapp. Senior Securities Lending Relationship Manager, North America NORTHERN TRUST; Sam Sparhawk, Senior Vice President and Managing Director PNC GLOBAL INVESTMENT SERVICING;

BEST PRACTICES FOR MONITORING OPERATIONS, RISK, COMPLIANCE & PERFORMANCE OF YOUR MANAGERS, AGENTS & CUSTODIANS
* System/Reporting Evaluation For -Risk/Analytics/Monitoring * Is there any Information that you Can’t get that you’d Want? Have you Tried to get the Information at Some Time? Did you get What you Need? * What are the Newest Additions Added onto your Due Diligence Checklist? * Cash Oversight & Reporting * How Often Should you Re-Examine your Guidelines? * Counterparty Monitoring * Daily Monitoring
Session Facilitator: A representative from SCOTIA
Panel Participants: Dean Martin, Treasurer STATE OF ARIZONA; Jayna Bundy, MICROSOFT; Jenny Tsouvalis, Senior Vice President, Investment Operations & Applications OMERS

SECURITIES LENDING MUTUAL FUND/ASSET MANAGER FEE INCOME & LOSS BEST PRACTICES
This session, specifically designed for both pension funds and endowments who allow their asset managers to lend their securities and for the funds themselves.
* Write-Down Accounting & Recognition * Best Practices for Disclosure & Transparency * Where does it go to the Fund Performance vs. Fund Income * ’40 Act Issues * Affiliated Lending Arrangements
EVALUATING COMBINED PRIME BROKERAGE/SECURITES LENDING PRODUCTS
* 130/30 & Long/Short Strategies: Are Performance & Interest Rebounding? * How Much Volume in Lending & Long/Short do you Need to Use this Product? * Cost/Operational Savings

PORTFOLIO MANAGEMENT

WHAT A BENEFICIAL OWNER NEEDS TO KNOW ABOUT RISK & RETURNS OF CENTRAL COUNTERPARTIES, NON-CASH COLLATERAL, SINGLE STOCK FUTURES & SYNTHETIC LENDING
* Who can do Non-Cash Collateral? * Post-Trade Issues: Who Handles? * Non-Cash Tri-Party Products * Who Guarantees the Counterparty? * Pricing * Drawbacks of Products * Is the Cost Worth the Risk Mitigation? * Clearing & Settlement Issues * Risk Controls * Transaction Cost vs. Traditional Securities Lending Approaches * Proxy & Early Exit * How do Specials & Hard to Borrow Securities Translate or are they Lost in Translation? * Can a US Manager, Managing Non-US Accounts Take Non-Cash Collateral?
David Downey, CEO ONE CHICAGO; A representative from DEUTSCHE BANK; Greg DiPetris, Co-Founder QUADRISERV

MEASURING THE INTRINSIC VALUE OF A SECURITY ON LOAN
* Anatomy of a Specials & Hard to Locate Securities* Dividend’s Impact on a Security on Loan * Proxy’s Influence of a Security on Loan * Effect of Lehman Default * Impact of New & Temporary Regulations * How do you Know When you get a Good Price? * Pricing/Demand Dynamics * Relation Between High Spreads vs. Term on Loan * Impact of Yield Curve
A representative from BNY MELLON; Ed Blount, Executive Director CENTER FOR THE STUDY OF FINANCIAL MARKET EVOLUTION; Barry Winter, Managing Director-N.A. Head of Fixed Income Lending and Cash Investments CITIBANK GTS SECURITIES FINANCE; Michael Falvey, Manager KPMG, LLP; Scott Utain, Manager - Securities Lending VANGUARD

THE STATE OF THE INDUSTRY: EVALUATING THE LOSSES OF ’08 VS. THE GAINS OF ‘09
* Volumes of ’08 vs. ’09 * Impact of Current Hedge Fund Volume * Inherent Market Volatility * Specials: This Year’s Model * Value vs. Volume Returns
Tim D'Arcy, Managing Director, Business Development SUNGARD

BENCHMARK/PERFORMANCE MEASUREMENT/UTILIZATION/RISK TOLERANCE/EXPECTED RETURNS
* Reporting * How Much Income is being Generated? * Evaluating the Risk Component of Income Generation * How did the Beneficial Owners Who Continued to Lend Perform vs. Those Who Exited? * Where are the Returns Coming from? * Impact of Voting Proxies * Market Volatility Drivers * Value vs. Volume Approaches * Tools to Assess the Impact of Potential Changes to your Portfolio
A representative from BROWN BROTHERS & HARRIMAN; Tim Smith, Senior Vice President SUNGARD ASTEC; Bill Pridmore, President WILLIAM F. PRIDMORE, LTD

IS LENDING APPROPRIATE FOR ALL BENEFICIAL OWNERS? DO LENDING RETURNS COMPENSATE FOR RISK AT THIS TIME OR IN THE LONG RUN?
Considering 2008 results or evaluating the current interest rate environment is not sufficient input to effectively make this call. Staffing and time spent, size of fund, risk tolerance, portfolio composition are some additional key determinates to add to the equation
* Impact of Program Construction * Year End: How are we Looking? * Impact of Spreads, Returns & Interest Rates * Risk/Return of General Collateral vs. Specials
Lee Galles, Associate Vice President of Finance CREIGTON UNIVERSITY; Steve Harding, Senior Vice President & Managing Director INDEPENDENT FIDUCIARY SERVICES, INC.; Jenny Tsouvalis, Senior Vice President, Investment Operations & Applications OMERS; Rex W. Holsapple, Managing Director SANDY RIVER INVESTMENT CONSULTING, LLC;

LENDING INTERNATIONAL & EMERGING MARKET PORTFOLIOS: SUPPLY/DEMAND DYNAMICS, KEY COUNTRY UPDATES & WHAT YOU NEED TO KNOW OPERATIONALLY
* Dividend Arbitrage Update * Pension Fund Tax Issues * Cash Reinvestment * Emerging Market Review & New Markets to Consider
Session Chair: Pat Avitable, Managing Director, Head of Global Trading CITI
Panel Participants: Chris Goss, Vice President DEUTSCHE BANK SECURITIES; Michael P. McAuley, Senior Managing Director STATE STREET; Edward O'Malley, Senior Vice President -Head of International Securities Lending Trading, North America NORTHERN TRUST

VALUE APPROACHES TO MANAGING YOUR SECURITIES LENDING PORTFOLIO
* Specials * Is there Still an Appetite for Volume? Is it an Appetite for Destruction? * Looking for Big Returns with Small Caps * International Equity Investments * Implementing an Intrinsic Value-Oriented Approaches * Methods in Attracting Maximum Value * Value Applications for ETFs and Index Funds
LJ Jhangiani, Portfolio Manager ALLSTATE INVESTMENTS, LLC; A representative from BROWN BROTHERS & HARRIMAN; Scott Utain, Manager - Securities Lending VANGUARD

SHORT SELLING’S ROLE IN SECURITIES LENDING & PRICING
* Short Selling Perceptions & Realities * What Would Happen if there was no Short Selling? * Effect on Stock Prices * Impact of Short Sale Restrictions on Securities Lending * What do the Regulators Think of Short Selling? What is the Impact of Regulatory Changes to the Market/ * Market Liquidity & Transparency
SECURITIES LENDING INDICES
* What are Indices in Securities Lending, and how do they Add Value Beyond other Data Providers?
* How can Indices be Used by Beneficial Asset Holders for Benchmarking? * Depth vs. Ease of Use: When are Indices Better than Raw Data and Vice-Versa? * In a Fragmented Securities Lending Market, How can Indices Assure Data Quality? * Peer, Strategic and Generalized Benchmarking : Where does Each Add Value? * Can Indices be used to Separate Out the Value of a Lending Program vs. a Collateral Reinvestment Program? * What is the Impact of Indices on Securities Lending Transparency?
* Who are the Index Providers? What are the Similarities and Differences * Benchmarking Individual Securities * Small, Mid & Large Cap Applications * What Exactly do these Indices Measure? * Evaluating Data Quality * Impact on Transparency
Session Chair: Josh Galper, Managing Principal FINADIUM
Panel Participants: A representative from BROWN BROTHERS & HARRIMAN; Jonathan K. Kowolik, Principal R.V. KUHNS & ASSOCIATES, INC.; Glenn K. Doody, Vice President S&P INDICES


CASH & FIXED INCOME

CASH COLLATERAL INVESTMENT: HOW HAS THE MARKET CHANGED?
* Given the Shift in Risk Tolerances What Strategies are Appropriate for Today? * Update on Products with Daily Floating Rates but Longer Maturities * Ratings Role * Any New Products or Strategies? * Is there Such a Thing as the Perfect Match or Will there Always be Some Kind of Mismatch Risk? * Options to Enhance Liquidity in a Cash Collateral Portfolio, so when it's needed, it’s there.
Cindy Bernhardt, Director BLACKROCK; A representative from BNY MELLON; Jeffrey A. Petro, Vice President, Head of Taxable Money Market Trading FEDERATED INVESTORS; Brian Yeazal, Director-Fixed Income NORTHWESTERN MUTUAL LIFE; Steven R. Meier, Chief Investment Officer, Global Cash STATE STREET GLOBAL ADVISORS

REINVESTMENT GUIDELINES: WHAT HAVE YOUR CHANGES BEEN?
* How Much Discretion Should be Left to your Cash Manager? * In-House vs. External Manager Guidelines * Mark to Market Time Period * Recent Fine-tuning * Repo Guidelines * Any Mismatch Allowed? * Are any Government-Backed Securities off of the List?
Mel Deane, Director CITI; Robert Crossen, Cash Management Officer ILLINOIS STATE TREASURER'S OFFICE

FIXED-INCOME LENDING/REPO UPDATE (PM)
* Impact of Treasury Buybacks * Tri-Party Repo Update * Regulatory Impact * TSLF: Has it Absorbed Demand for Fixed-Income Loans? * What Types of Issues are on Loan? What are the Spreads? * Dealing with Distressed Debt
Phil Schade, Director BLACKROCK; A representative from BNY MELLON; Robert Crossen, Cash Management Officer ILLINOIS STATE TREASURER'S OFFICE; Dan Awe, Senior Vice President-Head of Fixed Income Securities Lending Trading, North America NORTHERN TRUST; Jerome Schneider, Executive Vice President PIMCO*

ROUTES TO MARKET

EXCLUSIVE ARRANGEMENTS & AUCTIONS: STILL IN VOGUE?
* Recent Performance vs. Traditional Routes to Market * Historic & Future Performance * Why are Some Customers Shying Away? Why are Others Staying? * Counterparty Risk Concerns & Indemnification * Pros and Cons of this Approach * Utilization Rate vs. Traditional Lending Routes
A representative from DEUTSCHE BANK; A representative from ESECLENDING

HEDGE FUNDS 101 & SECURITIES LENDING: STRATEGIES/DEMAND DRIVERS
* Are Hedge Funds Back Re-Leveraging or is the Current Volume the New Normal? * Prime Brokerage Update * Naked Shorts * Hedge Fun: The Latest Trends & What Strategies are Making $$ this Year? * Non-Hedge Fund Short Strategy Review * Impact of Short Volume on Increased Disclosure * 130/30: Success or Failure?
CASH ROUTES TO MARKET: COMMINGLED VS. SEPARATE VS. IN-HOUSE CASH COLLATERAL REINVESTMENT
* Have Recent Events Changed your Thinking Regarding your Route to Market? * Separately Managed Accounts vs. Commingled Approaches * Using your Lender vs. Using a Third-Party Manager * “Hey I have an In-House Cash Management Team”: Should I use them? * Control Issues
Session Chair: Dwight Skerritt, Director CREDIT SUISSE
Panel Participants: LJ Jhangiani, Portfolio Manager ALLSTATE INVESTMENTS, LLC

RFP/MANAGER SEARCH/SELECTION
* Transitioning from One Manager to Another * Impact Of Corporate M&A: Will you Start a New Search? * Due Diligence Checklist * Bundled and Unbundled Searches* RFPs & Manager Selection for 3rd-Party & Exclusive Providers * Considering Lending Strategy * Impact of Rating Strength * What to Look for in Reporting & Client Service * When is it time to Re-Bid your Lending Program?
Sunny Ng, Head of Research – Alternatives BROCKHOUSE & COOPER INC.; John Okray, Vice President OPPENHEIMERFUNDS, INC.


NUTS & BOLTS ISSUES

’09 CRISIS-DRIVEN CHANGES IN YOUR PROGRAM
* Why Keep Securities Lending: What Did You Stop/Change? * Acceptable Collateral Parameters Modifications * How Much did these Changes Help/Hinder your Securities Lending Performance? * Contractual Changes * Long-Term Implications
Session Chair: Lisa Marie Harris, Chief Deputy Treasurer COUNTY OF SAN DIEGO
Panel Participants: Cynthia Steer, Chief Research Strategist-Managing Director, Head of Beta Research
ROGERSCASEY; William Mauer, Vice President PNC GLOBAL INVESTMENT SERVICING;

BEST PRACTICES FOR DELINEATING BENEFICIAL OWNER/LENDER RESPONSIBILITIES
* Shift of Securities Lending from Back To Front Office: How has that Changed Things? * Who Should have Oversight, Investment & Monitoring Responsibilities? * Monitoring Responsibility
CLIENT LOSS: REIMBURSEMENT UPDATE
* How Much is Still Tied Up in Frozen Cash Programs? * Choices…If Cash Tied To Lehman * Choices… for Underwater Positions * Write-Down Accounting & Recognition * What does it Mean to have a Securities Lending Transaction/Cash Instrument in Bankruptcy? * Dispute Resolution: Update On Loss Cases & Counterclaims* Who is Writing the Check for how Much? How was the Amount Determined? * Clients in a Loss Situation: How Much do you have to Pay to get Out of the Program? * Index Fund Issues
Session Chair: Rene Nunez, Chairman TEXAS PERMANENT SCHOOL FUND
Panel Participants: James Maloney, Trustee CHICAGO POLICE ANNUITY & BENEFIT BOARD; Erin Perales, General Counsel HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM; Harry Griffin, Trustee FIRE & POLICE FUND, SAN ANTONIO

INDUSTRY EDUCATION & FIDUCIARY RESPONSIBILITY

* Where is Transparency Increasing? * Fiduciary Responsibilities of a Program Unwind * Mutual Fund Lender/Pension Fund Investor Securities Lending Relationship * What did you Learn About Cash Reinvestment this Year? * Fiduciary Responsibility of Maximizing Revenue * Staying in or Leaving the Program After a Loss * What does Benchmarking Mean for Individual Programs? *Will the SEC Demand Greater Fiduciary Responsibility?
Session Chair: Don Keith, Trustee LOS ANGELES FIRE & POLICE PENSION FUND
Panel Participants: Greg S. Korte, Principal KORTE & ASSOCIATES CONSULTING LLC; Laura B. Wirick, Investment Analyst MEKETA INVESTMENT GROUP, INC.
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PREPARING FOR AN INDEPENDENT REVIEW, RISK ASSESSMENT OR SECURITIES LENDING REGULATORY AUDIT
* What do Different Regulatory Bodies Look for? * Internal/External Audit Points * Proxy Practices * Role of Consultant * Evaluating Program Design
PRICE NEGOTIATION SPLITS/FEES/PERFORMANCE-RELATED FEES
* Negotiating Standard Transactions * Future Fee Breaks: Evaluating Staying with your Agent to Minimize Losses * Are 90/10 Splits Worth the Extra Risk? * Can you Set up your Program to have an 80/20 Split in Gains & Losses of Securities on Loan and Cash? * How Much does Indemnification Cost? What does it Buy? How Much is it Worth? Cash Indemnification * Lender Motivations * Fee Audits * Who is Responsible for 3rd-Party Fees? * What are the Factors that Enter into a Fee Split/Agent Compensation Arrangement? * Issues for ETFs and Index Funds
Session Chair: Greg S. Korte, Principal KORTE & ASSOCIATES CONSULTING LLC
Panel Participants: Victoria Willard, Managing Direct MARYLAND STATE RETIREMENT & PENSION SYSTEM; Kathy Clune, Assistant Treasurer PACIFIC LIFE INSURANCE COMPANY; Lance Doherty, Director of Securities Lending PACIFIC LIFE INSURANCE COMPANY

LENDING GUIDELINES/POLICY
* Acceptable Collateral Parameters Change * Insuring All Lending is Done Only With Consent/Knowledge
SMALL/MID-SIZED OWNERS’ PLENARY: A DISCUSSION FOR THE <$20 BILLION FUND
* Commingled Vs Separate Accounts: Which way to go? Taking into Account Assets Owned * Evaluating S/L Risk At Your Fund Manager * Oversight & Review * Risk Controls * How to Run a Lending Program with Limited Resources


INDUSTRY ISSUES

INDUSTRY LEADERS PANEL
* New Regulatory Climate, Lending Restrictions & Impact on Lending Income * Update on Client Losses * Changes in the Securities Lending Model * Is it Time for the US to go to Equity Instead of Cash? Did Europe Sustain the Same Losses? * Where is the Industry Going? * Any Volume Lenders Left? * Central Clearinghouse: Is it Going to Happen or Will it be Pushed Aside? * Are Customers More Interested in Income or Security? * What will the Next Blow-up Look Like? * How Industry Risk Controls Performed During Recent Credit Crunch * Impact of Pre-Borrow Rule: Positive or Negative? * How will Beneficial Owners Make $$ Going Forward * It is the Unforeseen that can be Most Problematic: What's the Next thing you are Worrying about?
Session Chair: Avi Stein, President A. STEIN CONSULTING
Panel Participants: David A. Lonergan, Managing Director BLACKROCK; Kathy Rulong, Executive Director BNY MELLON; A representative from BROWN BROTHERS & HARRIMAN; Timothy Douglas, Global Head Securities Lending CITI; CITI; A representative from ESECLENDING; A representative from JP MORGAN; Andy Clayton, NORTHERN TRUST; Gene Picone, SCOTIA CAPITAL; Peter Economou, Executive Vice President- Head of Securities Finance STATE STREET;

THE ROLE OF GOVERNMENT, THE LATEST REGULATORY/ ENFORCEMENT ISSUES IN SECURITIES LENDING (7pm-)
* Who is the Principal Regulator of the Securities Lending Industry? * The Securities & Exchange Commission Meeting: What Where the Points of Interest? * Proxy * Disclosure & Reporting: Where is it Going? * The Fed & Indemnification * The Government & The Repo Desk * Examining Stock Loan Fraud * Short Sales, Naked Sales, Short Sale Transparency & Reg SHO Enforcement * Tax Scams * Buy in Violations * Government Term Securities Lending Update * Finder Oversight * Fails, Recall & Buy Ins * What’s Next? * Impact of Pre-Borrow Rule: Positive or Negative?
Session Chair: Gene Gemelli, Director-Americas Head Product & Client Management CREDIT SUISSE
Panel Participants: Steve Pesek, Supervising Examiner FEDERAL RESERVE BANK OF NEW YORK; Susan Light, Senior Vice President & Chief Counsel FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA)*; Jennifer Wu Han, Assistant General Counsel MANAGED FUNDS ASSOCIATION; Jane Jarcho, Associate Regional Director-Chicago Regional Office SECURITIES & EXCHANGE COMMISSION

SUCCESS STORIES: STRATEGIES TO BRING BACK YOUR CLIENT AFTER THE STOP LENDINGS OF LAST YEAR
* What was the Key Strategy that got your Client Back? * Reimbursement Issues * How did the Beneficial Owners Who Stayed in Performed? Those Who Exited and Came Back?




SPECIAL PROGRAMMING

PRE-SUMMIT WORKSHOP (DAY 1)-FOR THE 1ST TIME LENDER…
* What is Securities Lending? * Designing a Lending Program* Routes to Market: Custody vs. 3rd-Party Lending vs. Other Alternatives * Queuing * Risks of Securities Lending * Income, Fees & Costs * Lending Service Provider Motivation * Cash Reinvestment * How did AIG get in Trouble Using Securities Lending?
Greg S. Korte, Principal KORTE & ASSOCIATES CONSULTING LLC

Monday, February 8, 2010
PRE-SUMMIT CLOSED-DOOR BENEFICIAL OWNERS’ ROUNDTABLE BREAKFAST DISCUSSION – PART I
(Please note all sessions will be opened only to beneficial owner speakers and participants)

In Light Of The Dramatic Events Of 2008-2009, It Is Crucial That Beneficial Owners Have The Opportunity To Convene Confidentially To Discuss Their Lending Knowledge, Risk Management Techniques, Comparative Performance Results And “War Stories”.
Over The Course Of Today And Tomorrow, Beneficial Owners Will Be Able To Prioritize Their Objectives And Set A Plan In Place For The Coming Year As A Result Of Candid Discussions And Exchanges With Their Beneficial Owner Colleagues.
The Breakfast Roundtables Will Be Divided Into Two Groups:
1) Asset Managers & Mutual Funds
2) Pension Funds & Endowments- Don Keith, Trustee LOS ANGELES FIRE & POLICE PENSION FUND; Victoria Willard, Managing Direct MARYLAND STATE RETIREMENT & PENSION SYSTEM

Tuesday, February 9, 2010
CLOSED-DOOR BENEFICIAL OWNERS’ ROUNDTABLE BREAKFAST DISCUSSION-PART II

A Closed-Door Review Of Day One Summit Sessions And A Continuation Of Yesterday’s Breakfast Discussion.
Special Focus This Morning On Risk Management And Cash Collateral Reinvestment Form the Beneficial Owner Perspective.
Once Again, The Breakfast Roundtables Will Be Divided Into Two Groups:
1) Risk Management- Kathy Clune, Assistant Treasurer PACIFIC LIFE INSURANCE COMPANY; Lance Doherty, Director of Securities Lending PACIFIC LIFE INSURANCE COMPANY
2) Cash Investments- Brian Yeazal, Director-Fixed Income NORTHWESTERN MUTUAL LIFE