Foundations & Endowments Investment Summit Agenda

INVESTMENT SUMMITRethinking Strategic Asset Allocation:Considering Liquidity and Risk ManagementMarch 24-25, 2010 New York, NY

Presents

• Pinpointing the asset classes that suffered the biggest losses over the past 18 months

• Dissecting what opportunities are available for foundations and endowments in thepost-2008 investing environment

• Debating whether the prospects for alternatives in foundations and endowments are asgood in the future as they have been in the past

• Learning how to shift portfolios from outdated investment strategies to asset allocationsthat will better meet set investment objectives and achieve better liquidity

CONFIRMED SPEAKERS:• Elaine Chan, Senior Investment

Analyst-Private Equity Investments,Robert Wood JohnsonFoundation

• Don Steinbrugge, Investment Committee Member,Science Museum of VirginiaEndowment Fund

• Kevin A. Edwards, Associate VicePresident for Treasury Services,University of ConnecticutFoundation

• Sonali Dalal, Associate Director ofInvestments, Penn StateUniversity

• Jeff Pippin, Portfolio Manager,Pepperdine University

• Michael Lent, Trustee, The Edward W. Hazen Foundation

• Cathleen Rittereiser, Co-Author,Foundation and Endowment Investing:Philosophies and Strategies of TopInvestors and Institutions

• Nathan Fischer, Former CIO, TheLumina Foundation for Education

• Stephen Viederman, FormerPresident, Jessie Smith NoyesFoundation

• David J. Brophy, Director, Center forVenture Capital and Private EquityFinance-Stephen M. Ross School ofBusiness, University of Michigan

• Stewart Hudson, President, EmilyHall Tremaine Foundation

• Juan Carlos Artigas, InvestmentResearch Manager, World GoldCouncil

• Abel Mojica, Head of CorporateDevelopment, Tortoise CapitalAdvisors

• Frank Cullity Wilson, ExecutiveChairman, TFS Corporation Ltd.

• Susan Mangiero, President and CEO,Investment Governance, Inc.

• Georgeanne Perkins, Former Directorof Private Equity, Stanford University

• Mark Faro, Managing Editor,Foundation & Endowment MoneyManagement

• Thomas E. Flanagan, ManagingDirector, New Providence AssetManagement

• Lance R. Odden, Managing Director,New Providence Asset Management;Former Headmaster, Taft School

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Dear Colleague,

Foundation and endowment portfolios have been deeply impacted bythe tumultuous economy over the past two years, resulting insignificant losses. The Foundations & Endowments InvestmentSummit is the premier conference designed to equip institutionalinvestment executives with the tools they need to explore the latesttrends in strategic asset allocation and risk management. We aregathering experts to discuss opportunities in alternative investments,how endowments are approaching diversification in the reboundingeconomy and how to minimize risk.

The Foundations & Endowments Investment Summit is the perfectplatform for institutional investors to hear from their peers, leadingpolicymakers and top investment executives. Attendees will share ideasthrough tailored interactive roundtables, benchmark their portfoliosthrough case studies, and network with fellow investment professionals.

Please take a few minutes to read through the agenda, and visit ourwebsite- www.foundationsandendowmentssummit.com for the latestinformation on additional speakers. I look forward to meeting you inNew York this March.

Kind regards,

Jenna GottliebDirector, Foundations & Endowments Investment SummitConference Producer, Finance IQT : [email protected]

Sponsorships and exhibits are excellentopportunities for your company toshowcase its products and services to high-level, targeted decision makers attendingthe Corporate Health & Wellness Summit.IQPC helps companies like yours achieveimportant sales, marketing and brandingobjectives by setting aside a limited numberof event sponsorships and exhibit spaces –all of which are tailored to assist yourorganization in creating a platform tomaximize its exposure at the event.

For more information on sponsoring orexhibiting at this or other upcoming events,please contact Mario Matulich at (212)885-2719 or [email protected]

• Chief Investment Officers • Treasurers• Directors of Investment • Chairs of Investment Committees • Portfolio Managers • Trustees • Senior Investment Analysts • Investment Managers • Heads of Private Equity • Hedge Fund Managers• Finance Directors • Heads of Alternative Investments • Index and ETF Providers• Legal Experts• Directors at Rating Agencies• Senior Investment Consultants

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Finance IQ and IQPC provide businessexecutives around the world with tailoredpractical conferences, large scale events,topical seminars and in-house trainingprograms, keeping them up-todate withindustry trends, technological developmentsand the regulatory landscape. Finance IQ andIQPC’s large scale conferences are marketleading “must attend” events for theirrespective industries. IQPC produces morethan 1,500 events annually around the world,and continues to grow. Founded in 1973,IQPC now has offices in major cities across sixcontinents including: Berlin, Dubai, London,New York, Sao Paulo, Singapore, Stockholm,Sydney, and Toronto. IQPC leverages a globalresearch base of best practices to produce anunrivalled portfolio of conferences.

SPONSORSHIP ANDEXHIBITIONOPPORTUNITIES

ABOUT THE ORGANISER

MAIN CONFERENCE DAY ONEWEDNESDAY, MARCH 24, 20108:00 Registration & Coffee

8:45 Chairperson’s Opening Remarks

9:00 Lessons Learned: Strategic Asset Allocation Thenand Now• Analyzing portfolio construction and investment themes, and

determining where costly mistakes were made• Pinpointing the asset classes that suffered the biggest losses

over the past two years• Debating whether alternative investments were worth the risk

and discussing asset allocation going forward and the need forliquidity

• Providing an overview of asset allocation portions and how it ischanging

Jeff PippinSenior Vice President and Chief Investment OfficerPepperdine University

Georgeanne PerkinsFormer Director of Private EquityStanford University

Mark FaroManaging EditorFoundation & Endowment Money Management

9:50 Investment Opportunities in the InfrastructureSector• Discussing the strengths of infrastructure investing including low

operating costs and inflation-linked revenues• Reviewing the risk/return profile and the most attractive investment

opportunities for private and institutional investors • Understanding valuation and how large a role infrastructure assets

should play in a diversified portfolio

Abel MojicaHead of Corporate DevelopmentTortoise Capital Advisors

10:40 Networking Break

11:10 Investing In Forestry: Another Means of Diversification• Pinpointing the advantages of investing in forestry such as achieving

traditional equity returns with fixed income volatility• Measuring the risk associated with these asset classes and discussing

portfolio optimization strategies for family offices, foundations andendowments

• Comparing forestry with other alternative asset classes, noting that thecommodity has outperformed other commodities in both high andlow inflationary environments

Frank Cullity WilsonExecutive ChairmanTFS Corporation Ltd.

12:00 Networking Luncheon

1:00 The Strategic Case for Investing in Gold• Discussing that, on a risk-adjusted basis, gold performed better

than other assets such as domestic and international equities • Reviewing opportunities that are available for institutional and

private investors• Exploring new vehicles including Gold Exchange Traded Funds,

which continue to attract new funds

Juan Carlos ArtigasInvestment Research ManagerWorld Gold Council

1:50 Case Studies: Endowments Discuss Hedge Funds• Pinpointing the concerns and risks associated with hedge fund

investing after the trauma of 2008• Determining the appropriate hedge fund allocation in

foundation and endowment portfolios and how to measure risk• Addressing liquidity and volatility concerns with sponsored

funds, fund of funds, and discretionary accounts

Don SteinbruggeInvestment Committee MemberScience Museum of Virginia Endowment Fund

2:50 Impact Investing Trends and Expected Returns • Detailing opportunities in SRI, green and mission-based

investments including energy, cleantech, timber, and infrastructure• Comparing SRI returns versus traditional models for foundations and

endowments as well as the long-term benefits and risks involved• Reviewing the rise of “terror-free” funds for faith-based

foundations including SEI’s funds for Jewish organizations thatrestrict investments in Iran and Syria

Stephen ViedermanFormer PresidentJessie Smith Noyes Foundation

Michael LentTrusteeThe Edward W. Hazen Foundation


4:10 Asset Class Spotlight: Interactive RoundtableDiscussionsThe Foundations & Endowments Investment Summit is a greatopportunity to get a better handle on some of the alternative assetclasses that may be of interest to you. Each roundtable discussion lastsone hour, and is led by an expert in that particular field. The uniquelyinformal format of the session enables you to brainstorm with yourpeers regarding the suitability of that particular asset class for yourinvestment portfolio. Asset classes under the spotlight include:• Hedge Funds • Private Equity• Emerging Markets • Real Estate• Commodities • Infrastructure • Forestry • Distressed Debt• ETFs

Juan Carlos ArtigasInvestment Research ManagerWorld Gold Council(Confirmed for Commodities roundtable)

Abel MojicaHead of Corporate DevelopmentTortoise Capital Advisors(Confirmed for Infrastructure roundtable)

Frank Cullity WilsonExecutive ChairmanTFS Corporation Ltd.(Confirmed for Forestry roundtable)

5:00 End of Conference Day One

3 Sponsors:

MAIN CONFERENCE DAY TWOTHURSDAY, MARCH 25, 20108:00 Registration & Coffee

8:30 Chairperson’s Opening Remarks

8:40 Re-Evaluating the Appetite for Risk• Addressing how steep market losses have led foundations and

endowments to re-examine how they measure risk• Determining how much risk to take on and the use of stress tests• Examining asset mixing as a way to minimize risk to foundation and

endowment portfolios• Reflecting on how smaller endowments have followed the ivy league

approach, but underestimated the risks

David J. BrophyDirector, Center for Venture Capital and Private Equity Finance-Stephen M.Ross School of BusinessUniversity of Michigan

9:30 Charting the Road to Recovery and ManagingExpectations• Learning how to shift portfolios from outdated investment strategies

to asset allocations that will better meet set investment objectives • Dissecting what opportunities are available for foundations and

endowments in the post-2008 investing environment and outliningthe specific asset classes to consider allocating to over the next 18months

• Weighing how the need for liquidity will impact investment decisions

Kevin A. EdwardsAssociate Vice President for Treasury ServicesUniversity of Connecticut Foundation

Sonali DalalDirector, Investment Strategy & ResearchPenn State University


10:50 Examining Outsourcing Trends and the Co-FiduciaryModel• Determining when outsourcing is a good option for foundations

and endowments and reviewing the different business modelsavailable such as a single model portfolio or a more customizedapproach

• Dissecting the compliance and fiduciary issues when outsourcingincluding complex transition issues

• Hearing a case study of an endowment that recently outsourced itsCIO role

Thomas E. FlanaganManaging DirectorNew Providence Asset Management

Lance R. OddenManaging DirectorNew Providence Asset ManagementFormer HeadmasterTaft School

11:40 Pinpointing and Preparing for Future OperationalChallenges• Discussing how to address potential investment issues including inflation • Learning how to create an investment policy that allows investment

managers the flexibility to protect foundations and endowments fromsignificant losses, without making the policy too broad

• Sorting out what's real and what's not--how policy shapes investmentopportunities in the clean tech/natural resource space and how this willplay out at a federal, state and local level 2010-2011

Stewart HudsonPresidentEmily Hall Tremaine Foundation

12:30 Networking Luncheon

1:30 Implementing Formal Liquidity Policies • Analyzing the advantages of an increasing number of

endowments putting formal liquidity policies in place, similar toinvestment policy statements

• Outlining how policies are created, what’s included and thepercentages behind them

• Hearing a case study of an endowment that recently instituted aformal liquidity policy and learn of their results

Elaine ChanSenior Investment Analyst-Private Equity InvestmentsRobert Wood Johnson Foundation

2:20 Examining the Role of Alternatives after a Crisis• Debating whether the prospects for alternatives in

foundations and endowments are as good in the future asthey have been in the past

• Discussing private equity and venture capital investing, returnexpectations and where the best opportunities exist

• Explaining the long-term drivers for foundations andendowments to invest in emerging markets

Cathleen RittereiserCo-Author, Foundation and Endowment Investing:Philosophies and Strategies of Top Investors and Institutions

Susan MangieroPresident and CEOInvestment Governance, Inc.

3:10 Benchmarking: Critical to Effective F&E PortfolioManagement• Simplifying the methods behind portfolio benchmarking and how

to measure appropriately• Learning about hybrid benchmarks, some of which could consist

of up to seven indices• Addressing that size matters—many smaller endowments based

performance on the largest university endowments, but did notmake adjustments for differences in risk

Nathan FischerFormer CIOThe Lumina Foundation for Education

4:00 Close of Conference


POST CONFERENCEWORKSHOP

Changing Investment Managers:Making the Process Less Painful After a jam-packed day of big picture panel discussions, case studies, andpresentations, the Foundations & Endowments Investment Summit gives you thechance to meet and brainstorm with a small group of your peers during ourpost-conference workshop session. This is a great opportunity to dive into thetricky details of a critical topic: changing investment managers.

What you will learn:• Identify the communication difficulties between consultants, investment staff,

and board members that can hamper effective decision making• Understand the importance of qualitative expertise as a pre-requisite for

entering new markets and asset classes• Create a clear, comprehensive checklist

How you will benefit:• Create effective, transparent procedures for introducing new asset classes into

your portfolio• Enhance communication between consultants, investment staff and board

members• Strengthen the due diligence process and invest with greater confidence

4:15-5:45 (Registration 4:00)

ABOUT OUR PARTNERS

SPONSORS


Founded in 1987, the World Gold Council, the marketing organisation formed and funded by the world’sleading gold mining companies, represents 23 companies and more than 40% of private sector production.The World Gold Council is an international, not for profit organisation, with offices in India, China, Japan, the

Middle East, Turkey, Western Europe and North America. As the gold industry’s key marketing body, we work closely with jewellery retailers,manufacturers, wholesalers, banks, investment companies and distribution specialists to promote the use of gold in all its forms, be it jewellery, investmentor industrial applications.

Our work in the investment sector focuses on three core areas: research, communication and facilitating gold investment by improving the ease of access.The World Gold Council does extensive work on communicating the investment case for gold to investors. We have built up a body of research that ishighly regarded and used by pension fund advisors, fund managers, precious metals analysts, private client advisors and central banks.

Our website, www.gold.org is the prime medium for publishing this research and statistics, as well as providing exhaustive information about gold.

TFS Corporation Ltd (ASX: TFC) is an owner and manager of Indian sandalwood plantations in the east Kimberley region ofWestern Australia. As part of its vision to be a vertically integrated producer of finished sandalwood products, TFS owns asignificant proportion of the plantations in its own right and in 2008 acquired Mount Romance Australia (Mount Romance), theAlbany-based sandalwood processor and oil distributor.

TFS was founded in 1997 to exploit the success of government trials into the plantation growth of Indian sandalwood in the Ord River Irrigation Area(ORIA) of north-east Western Australia.

TFS’s first planting was in 1999 and it now manages the largest area of Indian sandalwood plantation in the world, with 2,500 hectares planted in theORIA. The majority of the TFS plantations are managed on behalf of investors in Managed Investment Schemes.

TFS has a land bank of over 2,600 plantable hectares for future sandalwood plantings in the ORIA and at its Kingston Rest property 65 kilometres south ofthe ORIA.

The company listed on the Australian Stock Exchange in December 2004 and is currently capitalised at over $200 million.

TFS is committed to adopting and maintaining the highest environmental and ethical standards in all aspects of its business. All plantations are grown onland that has previously been used for agricultural or horticultural production. As the first ORIA land owner to recycle its water, TFS was the winner of the2006 State Regional Water Award.

TFS was recently ranked as an industry leader in ethical and sustainable practices by Oekom Research, a leading international ratings agency.

In 2009, TFS entered the prestigious Forbes Asia Pacific's ‘Best Under a Billion’, which recognises the Top 200 companies from more than 25,326 publicly-listed firms in the Asia/Pacific region with revenue of less than US$1 billion.

Tortoise Capital Advisors, LLC was founded in 2002 by an experienced team of investment professionals to provide energyinfrastructure MLP investment management services to individual and institutional investors. Our professionals pioneered andrefined a distinct strategy of investing primarily in diverse midstream oil and gas pipeline companies that charge a service feeto transport energy products from production points to end users. Our MLP investments offer stockholders low commodityrisk, a high level of total return with an emphasis on reliable distributions. We manage four publicly-traded closed-end funds,

two privately held funds and separately managed accounts. Our "yield, growth and quality" objectives determine every investment decision we make. Wefurther diversify our investments among issuers, geographies and energy commodities to achieve a stable distribution yield that performs competitivelywhen compared to other business models with similar risk characteristics. As of Dec. 31, 2009 we had approximately $2.8 billion of assets undermanagement.

BLOOMBERG TRADEBOOK® is a leading global agency broker used by institutional traders, broker-dealers, hedge fundmanagers, market-makers and portfolio managers worldwide. Tradebook provides a comprehensive front-toback execution,clearing and settlement solution for equities, futures, options and FX instruments. Founded in 1996, Tradebook is a leadingelectronic consolidator of global liquidity, offering its global customer base with trading solutions in over 60 global markets via

eight offices on five continents. Many leading buy-side institutions and broker-dealers have come to rely on Tradebook’s commitment to customer serviceand unique blend of innovative trading algorithms and algorithmic trading strategies to help them seek best execution on one integrated platform.

New Providence Asset Management’s mission is to preserve and enhance the inter-generational wealth of tax-exempt organizations and select high net worth clients by providing the complete services of a full-time investment

office. New Providence assumes responsibility and accountability for manager selection, asset allocation, and portfolio performance. A relationship withNew Providence is one of collaboration, partnership, and complete transparency. Our team has over 150 years of combined experience investing asprincipals and invests substantial personal capital with the same managers and on the same terms as our clients. New Providence is an SEC RegisteredInvestment Adviser with close to $2.0 billion under management.

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Foundations & Endowments Investment Summit Agenda