Sheraton Mirage Resort, Gold Coast, QLD Monday 6 Wednesday 8 September 2010 CONFERENCE PROGRAM

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1 Monday 6 September Sheraton Mirage Resort, Gold Coast, QLD Monday 6 Wednesday 8 September 2010 CONFERENCE PROGRAM 8:50 am - 9:00 am Conference Opening Gerard Noonan, Trustee Director Chair, Media Super; President, AIST Plenary 1: Economic Outlook Get the Domestic and International Perspective 9:00 am - 9:50 am Find out what is happening in the economy at home post election and what s going on in the rest of the world that might affect markets. Hear from two leading economists on their views about where the markets have been, where they re going and what it means for the superannuation industry. Dr Shane Oliver, Head of Investment Strategy & Chief Economist, AMP Capital Investors Dr Christopher Probyn, Chief Economist, State Street Global Advisors (USA) Chair: Maria Wilton, Managing Director, Franklin Templeton Investments Australia Plenary 2: Transition to Retirement in an ageing society What s your strategy? 9:50 am - 10:50 am This session will put the spotlight on investment products, their structures and features. It will identify the key trends for TTR, the potential comparison of new product features with accumulation products. It will also explore the experience of the member moving through this phase. Richard Howes, Chief Executive Life, Challenger Marco Feltrin, Partner, PricewaterhouseCoopers Diana Rob, Product Manager Pensions, AustralianSuper Chair: David Atkin, Chief Executive Officer, Cbus 10:50 am - 11:20 am Morning Tea Specialist Session 1a: Risks and opportunities related to Capital Starvation 11:20 am - 12:15 pm This session will focus on the current potential investment opportunities to fund infrastructure, property and other assets that have arisen as a result of the current state of capital starvation

2 Julian Vella, Partner, National Leader, KPMG Infrastructure Bruce Potts, Investment Director - Debt Investments, IFM Chair: Rob Hogg, Senior Consultant, Frontier Investment Consulting Specialist Session 1b: Currency - what's the dollar really worth? 11:20 am - 12:15 pm Location: Horizons Room Learn about the meaning and implications of currency risk, cash flow risk and whether currency hedging is opportunity or regret. What are the expectations for active versus passive currency hedging? Understand the risk minimising hedge rations for super funds and currency benchmarking selection. 12:15 pm - 1:45 pm Lunch Proudly supported by our Gold Industry Partner Jim Coleman, Senior Vice President Research, Pareto Australia Pty Ltd Chair: Peter Tagg, Training Consultant, AIST Specialist Session 2a: Unlisted Assets What you need to know 1:45 pm - 2:30 pm This presentation will discuss unlisted asset valuation methodologies, alternative approaches to asset valuations during periods of extreme market volatility when valuations may be subject to rapid change, revision and why not-for-profit funds consistently outperform retail funds. Sacha Vidler, Chief Economist, Industry Super Network Chair: Suzanne Pence, Director, Institutional Fund Services, Hastings Funds Management Specialist Session 2b: Portfolio Construction and Volatility time to look at the recipe again! 1:45 pm - 2:30 pm Location: Horizons Room Let s challenge some commonly held investment beliefs and why the current framework for portfolio construction is flawed. Are we as an industry perpetuating the flawed approach? Let s get back to basics, focus on what members want and understand the implications for current asset allocations. Greg Cooper, Chief Executive Officer, Schroders Australia Chair: John Lynch, Superannuation Trustee Training Consultant, AIST Specialist Session 3a: After Tax Investing 2:30 pm - 3:15 pm While almost all investors pay tax, performance is typically measured on a pre-tax basis. Tax matters, and the taxation cost to an investment can be significant. In this session, we highlight typical taxation costs for different investors looking at how tax rates and turnover impact this cost. We also provide rules of thumb to help investors estimate true post-tax performance based on (published) pre-tax information.

3 Laurence Irlicht, Investment Director - Listed Equities, IFM Dr Don Hamson, Managing Director, Plato Investment Managers Chair: James Harman, Investment Analyst, HESTA Super Fund Specialist Session 3b: How the GFC affected Australian Capital Markets 2:30 pm - 3:15 pm Location: Horizons Room Firstly, we will define the GFC and pre GFC, the funding models employed by various financial institutions and their interaction with capital markets. This session will explore the impact of the GFC and the effect on Australian capital markets, the cost of funds, source of funds and competition for stable funding. Nick Vamvakas, Chief Financial Officer, ME Bank Chair: Rachel Gallagher, Learning and Professional Development Manager, AIST 3:15 pm- 3:35 pm Afternoon Tea Plenary 3: Emerging and Frontier Markets 3:35 pm - 4:25 pm This session will examine the case for investing in emerging and frontier markets. Issues to be examined will include recent performance and prospects for returns (and risks) for these markets in the future. Nick Timberlake, Global Head of Emerging Markets Equity, HSBC Global Asset Management (UK) Samantha Ho, Investment Director, Invesco (HK) Chair: Angela Emslie, Trustee Director, Vision Super, CARE Super, HESTA Super Fund, Deputy President, AIST Plenary 4: Gender Balance on Boards, coming to a Boardroom near you 4:25 pm 5:15 pm Within the 177 recommendations from the Cooper Review is a proposal for a new code of governance, which would outline the move to boards having a ratio of 40% female representation. The ASX Corporate Governance Council is taking this issue seriously and designing new principles which would require companies to set gender diversity objectives and disclose the proportion of women on corporate boards. Are we on the cusp of board evolution? This session will explore the latest developments. Elizabeth Broderick, Sex Discrimination Commissioner Anne-Marie Corboy, Chief Executive Officer, HESTA Super Fund Susan Buckley, Managing Director - Global Fixed Interest, QIC Chair: Fiona Reynolds, Chief Executive Officer, AIST 6:00 pm - 8:00 pm AIST Welcome Reception Location: Mirage Terrace Tuesday 7 September 8:50 am - 9:40 am Plenary 5: Fund Mergers & Collaboration Hi ho, hi ho, it s off to merge we go

4 Once upon a time there were hundreds of funds and now there s?????? The M word is on everyone s lips at the moment but let s hear from the people who have already done it what words of wisdom do they have for those funds in the audience who are contemplating the Big M. Gerard Noonan, Trustee Director Chair, Media Super; President, AIST Graeme Russell, Chief Executive Officer, FIRSTSUPER Andrew Proebstl, Chief Executive Officer, legalsuper 9:40 am - 10:30 am This session is proudly supported by our Gold Industry Partner Chair: Debora Jackson, Executive Director, Client Services, IFM Plenary 6: Fund experiences of liquidity constraints The issue of liquidity has always been a hot topic, but now it s sizzling!!! The Cooper Review recommended increased due diligence with obligations to the liquidity of investments and structures and the management of liquidity risks. Listen to our panel of experts give their account of how their funds deal with liquidity. Sam Sicilia, Chief Investment Officer, HOSTPLUS Greg Nolan, General Manager Investments, CARE Super Kevin Dent, Senior Manager, APRA Chair: Troy Rieck, Managing Director Capital Markets, QIC 10:30 am - 11:00 am Morning Tea Plenary 7: Super Q & A 11:00 am - 12:00 noon This session will focus on the future of superannuation moving forward as well as; explore post election, how the industry is going to deal with the implementation of regulatory changes the increase of SG to 12% the potential superannuation landscape with fund mergers and widespread industry consolidation and the ageing population. Fiona Reynolds, Chief Executive Officer, AIST Garry Weaven, Chair, IFM Sue Dahn, Director & Chair of the Investment Committee, AGEST David Elia, Chief Executive officer, HOSTPLUS Michael Bargholz, Chief Executive Officer, AllianceBernstein Gerard Noonan, Chair, Media Super Moderator: Tony Jones, Journalist Lateline, ABC 12:00 noon - 1:00 pm Lunch Plenary 8: Innovations in Investments overcome the challenges + identifying the opportunities = a sustainable structure 1:00 pm 1:50 pm The focus on innovation is to enhance the retirement income security of members! Seth will share some of his insights gleaned from his experiences and discuss the design proposals of MySuper delivering best possible returns for members, lowering the odds of extreme outcomes without sacrificing returns and incorporating an efficient and effective income guarantee to underpin income security in retirement.

5 Seth Masters, Chief Investment Officer - Blend Strategies, AllianceBernstein (USA) Chair: Sue Dahn, Director & Chair - Investment Committee, AGEST Specialist Session 4a: "Global Real Estate Themes for the Coming Decade"- Bringing the Future Forward 1:50 pm - 2:35 pm Come and discover the key structural themes which will have significant impact on global real estate markets. This presentation will look at a range of social themes such as demographics, sustainability and financial themes. Ian Hally, Chief Executive Officer - Real Estate (Asia Pacific), Aviva Investors (Singapore) Chair: Trish Donohue, Executive Manager, Investments, Cbus Specialist Session 4b: Hedge Funds are they part of your portfolio? 1:50 pm - 2:35 pm This session will explore what hedge funds are. What is the best way and why invest in them. Are they risky? What are the current issues with them? There will also be a review of hedge fund strategies and discussion around regulation and fees. Geremy Connor, Director and Portfolio Manager, Attalus Capital (USA) Chair: David Smelt, Manager, Investments, Local Super 2:35 pm - 3:00 pm Afternoon Tea Plenary 9: Investment fee structures on the search for the best super model? 3:00 pm 4:00 pm Fee, Fi, Fo, Fum, I smell the scent of Investaman Come and hear about AIST s latest research into investment fee models and what are the key elements to achieving the most sustainable outcomes for the protection of member s retirement income and how funds and investment managers can work together to deliver this common goal. Fiona Reynolds, Chief Executive Officer, AIST David Haynes, Project Director, AIST Bill Butler, Principal, Rice Warner Actuaries Specialist Session 5a: Code of Trustee Governance Put your thinking caps on! 4:00 pm - 4:45 pm 4:00 pm - 4:45 pm One of the major recommendations of the Cooper review was the establishment of a Code of Trustee Governance. This highly interactive session will provide you the opportunity to have your say on what a Trustee Board might look like, your chance to help shape the future. John Lynch, Superannuation Trustee Training Consultant, AIST Chair: Fiona Reynolds, Chief Executive Officer, AIST Specialist Session 5b: Fixed Income and the integration of risk management to achieve better performance We will explore the connection between a structured risk management framework and consistent performance within fixed income and how

6 designing product with risk management as a priority will help with consistency. We will also look at an effective, transparent and measurable investment process. Chris Siniakov, Head of Australian Fixed Income, Deutsche Asset Management Chair: Jamie McPhee, Chief Executive Officer, ME Bank Specialist Session 6a: Intelligent Indices - what makes a good benchmark? 4:45 pm - 5:30 pm 4:45 pm - 5:30 pm This presentation will provide you with a background on intelligent indices, the characteristics of a good benchmark, why they matter and how benchmarks influence fund manager behaviour. So, are your manager s really performing well? The three steps trustees should take. Rolf Agather, Director of Research & Development - Russell Indexes, Russell Investments (USA) Chair: Stephen Rowe, General Manager, Super SA Specialist Session 6b: Private Equity does it still earn its place in your portfolio? With issues over fees, illiquidity, transparency, constrained access to debt capital and returns, can Trustees and their advisers continue to support Australian private equity managers? James Leos, Investment Director, IFM Private Equity Wayne Phillips, Investment Director, IFM Private Equity Chair: Paul Faure, Partner, Holding Redlich 7:00 pm - 10:00 pm Conference Dinner Proudly supported by our Platinum Industry Partner Location: East Lawn, Poolside, Sheraton Mirage Resort Wednesday 8 September Plenary 10: Corporate Governance - When will we really be long term investors? 9:00 am - 9:50 am 9:50 am - 10:35 am So you really think our industry is committed to long term investing? Well, hold that thought until you ve heard from these presenters about their views on whether the industry is thinking long term. You will be challenged to think differently and consider the benefits of being a long term investor. Dean Paatsch, Director, RiskMetrics Colin Melvin, Chief Executive Officer, Hermes Equity Ownership Services Ltd. Chair: Mark Delaney, Deputy Chief Executive and Chief Investment Officer, AustralianSuper Specialist Session 7a: Tales from the battlefront: an insider s guide to international corporate

7 engagement Hear from one of the pre-eminent practitioners of corporate engagement. This session will include detailed case studies showing what can be achieved through a systematic program of corporate engagement. Hear about the key issues in prioritising and conducting corporate engagement and what the investment outcomes are Colin Melvin, Chief Executive officer, Hermes Equity Ownership Services Ltd. Chair: Andrew Whiley, National Manager Partnerships and Communications, Industry Funds Services Specialist Session 7b: Equities the global and domestic perspective 9:50 am - 10:35 am What s happening in the equities market? What opportunities are out there for funds? Is your current equities strategy maximising returns to members and what steps can you take to invest in equities to leverage greater performance. Matthew Reynolds, Senior Portfolio Manager Australian Equities, Colonial First State Global Asset Management Kingsley Jones, International Portfolio Manager, Macquarie Funds Group Chair: Michael Skully, Trustee Director, UniSuper 10:35 am - 11:00 am Morning Tea Plenary 11: Asset Class Review and Prospects 11:00 am - 11:50 am This session will review recent asset class performances and return drivers and seek to identify potential future opportunities and risks Rob Hogg, Senior Consultant, Frontier Investment Consulting Chair: David Leggo, Chair - Telstra Super, AIST Trustee of the Year 2010 Plenary 12: Global investing, moving from volatility to uncertainty 11:50 am - 12:30 pm The times are a changing Is the world moving towards a secular regime of deflation or rising inflation? What are the implications on asset allocation through to portfolio construction? Will the threat of uncertainty challenge perceptions about active versus passive investment and are idiosyncratic solutions under systematic uncertainty? Rob Prugue, Senior Managing Director, Lazard Asset Management 12:30 pm - 12:45 pm Chair: Gary Johnston, Global Leader Financial Services, AUSTRADE Conference Close Fiona Reynolds, Chief Executive Officer, AIST