FINANCIAL RESEARCH ASSOCIATES AND LEGAL EDUCATION ASSSOCIATES PROUDLY PRESENTS FINANCIAL RESEARCH ASSOCIATES OFFSHORE FUNDS

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1 FINANCIAL RESEARCH ASSOCIATES AND LEGAL EDUCATION ASSSOCIATES ROUDLY RESENTS FINANCIAL RESEARCH ASSOCIATES OFFSHORE FUNDS Strctre, Compliance & Operations Jne 25-26, 2007 Flatotel, New York SUMMIT HIGHLIGHTS INCLUDE: 2007 Earn CE & CLE credits! * OUR DISTINGUISHED SEAKING FACULTY: Caroline Williams Michelle Kline GENESSE INVESTMENTS Michael Btowsky MAYER BROWN ROWE & MAW Gerald Ranzal ANCHIN, BLOCK & ANCHIN LL Mark Shadwick KNIGHT HEDGE LTD Mark Lewis Joseph E. Breslin ALADDIN CAITAL MANAGEMENT, LLC Marina Lewin THE BANK OF NEW YORK Allison B. Nolan ATHENA Craig Flton CONYERS DILL & EARMAN Sarah Davidoff STROOCK & STROOCK & LAVAN LL Karl Ehrsam DELOITTE & TOUCHE LL Jlie McClean CONYERS DILL & EARMAN(BERMUDA) SILVER SONSOR: atricia Watters ACIFIC ALTERNATIVE ASSET MANAGEMENT COMANY Martin S. Silver THE INTERNATIONAL INVESTMENT GROU LLC Heather Zckerman LEHMAN BROTHERS James Hartmann UBS ALTERNATIVE & QUANTITATIVE INVESTMENTS Michael Andreola BDO SEIDMAN, LL Allison Rosier RICEWATERHOUSECOOERS Brian S. Vargo DECHERT LL Ben Lim DEBEVOISE & LIMTON LLC Kieron O Rorke HARNEYS Cary Meer KIRKATRICK & LOCKHART RESTON GATES ELLIS LL Robert O Boyle ADVENT SOFTWARE Christopher Mears ROTHSTEIN KASS Mark Lewis, (CAYMAN ISLANDS) BRONZE SONSOR: Keep p with reglatory changes in The Cayman Islands, Bermda, BVI, and other offshore jrisdictions Decide which strctring option is best for yor fnd Gain sefl insight on side pocketing Understand how to comply with the new standards of the Sarbanes Oxley Act Hear directly from Offshore Officers and Directors abot their expectations, sccess stories, and challenges in administering offshore fnds Get actionable information on management fees, compensation, & deferral arrangements Uncover secrets from tax & tax compliance considerations Learn the ins and ots of valation & pricing offshore And mch, mch more! LUS: Don t miss or re-conference Workshop: Offshore Fnds 101. This nts and bolts primer will serve as a jmpstart for the main Offshore Fnds conference. Or workshop leaders will introdce the adience to the offshore market players, strctres, tax benefits, reglatory considerations, jrisdictions, stock exchanges and general trends affecting the continosly changing world of Offshore Fnds. To Register: Call or visit s at

2 WHO WILL ATTEND? Dear Colleage, Financial Research Associates is prod to annonce or Offshore Fnds Strctre, Compliance & Operations Smmit schedled for Jne 25-26th, 2007 at the Flatotel in New York City. This smmit was creatively designed with indstry experts and ctting-edge topics help improve yor fnd and job performance. Yo can expect to hear a comprehensive discssion of the reglatory, compliance, operational, administrative, tax, acconting and technology isses of offshore fnds. We designed this smmit for Compliance Officers, Heads of Operations, Heads of Administration, Heads of Tax, Heads of Acconting, Heads of Aditing, and Heads of Technology for offshore hedge fnds. After two days of expert edcation, yo can expect to walk away with the very latest information on: Valation, pricing & liqidity considerations for offshore fnds Strctring options for offshore fnds Usefl insight on side pocketing Complying with Sarbanes Oxley A hands-on lesson directly from Offshore Officers Actionable information on management fees, compensation, & deferral arrangements Tax & tax compliance considerations And mch, mch more!! AND.. Don t miss or pre-conference workshop! Offshore Fnds 101 will set the stage for the next 1.5 days of advanced offshore fnd edcation. Or workshop leaders will introdce yo to the market players, strctres, tax benefits, reglatory considerations, jrisdictions, stock exchanges and general trends affecting the continosly changing world of Offshore Fnds. Other Areas of coverage inclde: Why shold onshore fnds consider offshore fnds? General advantages of offshore fnds ros & cons of sing an in-hose verss third party administrator for offshore fnds What type of offshore fnds/vehicles exist in each jrisdiction? Nmeros strctring options for offshore fnds Offshore & U.S. reglatory considerations And more! The 2007 Offshore Fnds Smmit has all of the makings of a great event avoid disappointment and reserve yor space today by calling s at , or register online at I look forward to meeting yo in Jne! Sincerely, Jeremy Trpen Jeremy Trpen, Conference Director FINANCIAL RESEARCH ASSOCIATES, LLC S. This event promises to sell ot register early to save yor spot! Chief Compliance Officers Chief Operations Officers Chief Administrative Officers Chief Financial Officers Chief Exective Officers Managing Directors/artners General Consel Technology Officers Acconting Specialists Tax Specialists Aditing Specialists 3rd arty Administrators rime Brokers Technology/Software roviders Law Firms Accontants Aditors RAVE REVIEWS Great topical presentations that are timely and well articlated. Excellent presenters Very informative, comprehensive, and crrent; very good written materials Speakers are very well versed in their areas of expertise offering clear and concise presentations Great overview of isses and challenges ahead I fond all topics and speakers very relevant I learned a lot. Broad range of material covered ABOUT THE CONFERENCE SONSOR Financial Research Associates provides the financial commnity with access to bsiness information and networking opportnities. Offering highly targeted conferences, FRA is a preferred resorce for exectives and managers seeking ctting-edge information on the next wave of bsiness opportnities. lease visit for more information on pcoming events.

3 A g e n d a a n d S p e a k i n g Fa c l t y MONDAY, JUNE 25TH, 2007 re-conference Workshop 8:15 9:00 Registration and continental breakfast for workshop attendees 9:00 12:00 Offshore Fnds 101 This workshop will serve as a primer to the Offshore Fnd world. Or workshop leaders will introdce workshop attendees to the market players, strctres, tax benefits, reglatory considerations, jrisdictions, stock exchanges and general trends affecting the continosly changing world of Offshore Fnds. This ttorial will cover bt is not limited to: ros/cons of Offshore Fnds: Why shold onshore fnds consider offshore fnds? Spply/Demand: Increase in poplarity of offshore fnds General advantages of offshore fnds: tax, tracking, and reglation Borrowing by offshore fnds Corporate governance of fnds: role of directors Taking the exchanges into consideration dring the decision-making in terms of strctre and geography of fnds (Cayman Islands Stock Exchange, Dblin, Bermda, Channel Islands Stock Exchange, etc.) ros & Cons of the in-hose verss third party administrator for offshore fnds Forming the offshore fnd entity: What type of offshore fnds/vehicles exist in each jrisdiction? Who are the key players? Side letter considerations Strctring options for offshore fnds: Aligning yor objectives with yor offshore fnd strctre How do Master-Feeders work? The ins & ots of side-by-side strctres Side pockets with private eqity strategies Offshore reglatory considerations U.S. reglatory considerations Sales & marketing considerations Workshop Leaders: Caroline Williams, artner Michelle Kline, Chief Operating Officer & Chief Administrative Officers GENESSE INVESTMENTS Michael Btowsky, artner MAYER BROWN ROWE & MAW Gerald Ranzal, artner ANCHIN, BLOCK & ANCHIN LL Mark Shadwick, KNIGHT HEDGE LTD *Session will inclde a break from 10:30 10:45 12:00 1:00 Registration for main conference and lncheon for workshop attendees Main Conference Begins 1:00 1:15 Chair s Welcome Chairperson: 1:15-2:15 Valation & ricing Considerations Offshore What are the methods of valation? Fee considerations Avoiding conflicts of interest What is expected from an independent administrator? What basis are fnds sing for performance figres and track records? Joseph E. Breslin, Chief Operating Officer ALADDIN CAITAL MANAGEMENT, LLC Marina Lewin, Managing Director THE BANK OF NEW YORK 2:15-3:15 Side ocketing: Liqidity, Valation, Management, Effects and Charging Fees Why has demand for side pockets increased and how does this impact the indstry? Creations & management of share classes Effects on fnd of fnds of side pockets in nderlying investments What are the effects of the registration rle? Allison B. Nolan, Managing Director ATHENA Craig Flton, artner CONYERS DILL & EARMAN Sarah Davidoff, artner STROOCK & STROOCK & LAVAN LL 3:15-3:30 Refreshment Break 3:30-5:00 Reglatory Updates from The Cayman Islands, Bermda, and BVI Legal experts from three leading offshore financial centers discss recent reglatory changes and indstry trends in this combination presentation and moderated panel discssion. Topics to be addressed will cover: The role of the administrator in Bermda Manager reporting and privacy concern in Cayman Islands Anti-money landering obligations The rise of the offshore partnership Exchange listing practices and benefits Moderator: Karl Ehrsam, Senior Manager DELOITTE & TOUCHE LL anelists: Jlie McClean, artner CONYERS DILL & EARMAN(BERMUDA) (CAYMAN ISLANDS) 5:00 Day One Sessions Adjorn; Cocktail Reception Immediately Following TUESDAY, JUNE 26TH, :00 Continental breakfast 8:45 9:00 Chair s Welcome & Day One Re-Cap Chairperson:

4 Register Today by calling 9:00 10:30 Offshore Fnd Officers & Directors Speak Ot Chief Compliance Officers, Chief Operating Officers, & Chief Administrative Officers speak ot on their daily challenges, sccess stories, expectations, predictions, and more! Moderator: Michelle Kline, Chief Operating Officer & Chief Administrative Officers GENESSE INVESTMENTS anelists: atricia Watters, Director and Chief Operations Officer ACIFIC ALTERNATIVE ASSET MANAGEMENT COMANY 1:30 2:15 Marketing/Distribtion Compensation & Forms of the Arrangements Key points regarding reglation of offerings Offering process disclosre and contractal docments Forms of compensation arrangements with placement agents/solicitors Key terms of placement and solicitation arrangements Brian S. Vargo, Consel DECHERT LL Ben Lim, artner DEBEVOISE & LIMTON LLC Martin S. Silver, Managing artner THE INTERNATIONAL INVESTMENT GROU LLC Heather Zckerman, Chief Administration Officer LEHMAN BROTHERS James Hartmann, Chief Compliance Officer UBS ALTERNATIVE & QUANTITATIVE INVESTMENTS 10:30 10:45 Refreshment break 10:45 11:30 Determining Management Fees, Compensation, & Deferred Compensation Arrangements for yor Offshore Fnd How do management fees affect taxes to limited partners? Eqalization Series method How do offshore deferrals fees work? What does the IRS have to say abot offshore deferral of feels? Transparency isses Conflicts of interest Commoditized approach to management decisions Offshore deferral compensation Freezing offshore deferral compensation Speaker: Gerald Ranzal, artner ANCHIN, BLOCK & ANCHIN LL Additional Speakers TBD 11:30 12:15 Tax & Tax Compliance Impact of state taxes on investments Use of derivatives to avoid withholding taxes Special prpose entities to harvest treat benefits What is new on deferred compensation Michael Andreola, Tax artner BDO SEIDMAN, LL Allison Rosier, artner RICEWATERHOUSECOOERS 2:15 2:30 Refreshment break 2:30 3:30 Alternative Strctring for Offshore Fnds Stand alone fnds Master feeders Side-by-side Segregated portfolio companies Kieron O Rorke, artner HARNEYS Cary Meer, artner KIRKATRICK & LOCKHART RESTON GATES ELLIS LL Sarah Davidoff, artner STROOCK & STROOCK & LAVAN LL Robert O Boyle, Vice resident of rodct Management, Global Acconts ADVENT SOFTWARE 3:30 4:30 Sarbanes Oxley Light Coming in 2007 How the new aditing standards will impact the way aditors approach alternative assets (i.e. hedge fnds,fnd of fnds) How to get yor fnd complex ready for these standards Written commnications (internal control deficiency letters) from aditors to clients may increase in 2007 What administrators can do to help clients comply with these standards Christopher Mears, CA, rincipal ROTHSTEIN KASS 4:30 Conference adjorns 12:15 1:30 Lncheon

5 or online at SILVER SONSOR: Advent Software, Inc., has been providing reliable, trsted soltions to investment management organizations of all sizes and investment strategies. Whether yo re a global hedge fnd with investors worldwide, or an investment management firm with $500 million in assets nder management, Advent s experience and proven soltions have shown time and again we can improve operational efficiency, redce risk and free investment managers to focs on what they do best. Advent, with more than 4,000 client firms, has established itself as a leading provider of mission-critical applications meeting the demands of investment management operations arond the world. BRONZE SONSOR: Official blications and Media artners Important Information To Register: Fax: Mail: Financial Research Associates NE Cedar Drive Battle Grond, WA hone: Online: Date & Vene Information: Offshore Fnds: Strctre, Compliance & Operations Jne 25-26, 2007 The Flatotel 135 West 52nd Street New York, NY Note: Shold yo reqire overnight accommodations, please contact the hotel at least 30 days prior to the conference date. Advise them that yo are attending the Offshore Fnds conference to receive the negotiated conference discont rate. Within 30 days of the conference, prevailing hotel rates may be qoted, as the conference rate is no longer garanteed. Book early the hotel will sell-ot! Fees and ayments: The fee for attendance at Offshore Fnds is: Conference and workshop: $1995 Conference only: $1695 Financial Research Associates is registered with the National Associates of State Boards of Accontancy (NASBA) as a sponsor of contining professional edcation on the National Registry of CE Sponsors. State boards of accontancy have final athority on the acceptance of individal corses for CE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CE Sponsors, 150 Forth Ave. North, Site 700, Nashville, TN Web site: Sponsored learning activities are measred by program length, with one 50-minte period eqal to one CE credit. One-half CE credit increments (eqal to 25 mintes) are permitted after the first credit has been earned in a given learning activity. lease note that not all state boards adopted this rle. Some participants may not be able to se one-half credit increments. This corse is offered as a grop-live corse and does not reqire prereqisites or advance preparation. It is an intermediate level corse. The recommended CE credit for this corse is 11.5 credits pls 3 for the workshop. For more information regarding administrative policies sch as complaint and refnd, please contact or offices at Financial Research Associates offers programs at an advanced level of contining edcation. Althogh no prereqisite corses, experience, or advance preparation is reqired to participate in this program, working knowledge of Finance: Strctred Credit is reqired, as well as, prior knowledge of the program topic. CLE Credit Upon conclsion, this program will be sbmitted for review and approval to the NY State Board of CLE. Approval decision timeframe from NY State CLE Board is approx weeks. Certificates will be sent pon receipt of approval. Sponsorship and Exhibit Opportnities Enhance yor marketing efforts throgh sponsoring a special event or exhibiting yor prodct at this event. We can design cstom sponsorship packages tailored to yor marketing needs, sch as a cocktail reception or a cstom-designed networking event. To learn more abot sponsorship opportnities, please contact Christy Tester at or ctester@frallc.com. lease make checks payable to Financial Research Associates, and write code B489 on yor check. Yo may also pay by Visa, MasterCard, Discover, or American Express. rchase orders are also accepted. ayments mst be received no later than Jne 18, Grop disconts can only be issed throgh the grop sales department. They are not available via website or throgh the 800# line. In order to secre a grop discont, all delegates mst place their registrations at the same time. Grop disconts cannot be issed retroactively. For more information, please contact James Vlasicak at or jvlasicak@frallc.com. Cancellations: If we receive yor reqest to cancel 30 days or more prior to the conference start date, yor registration fee will be refnded mins a $175 administrative fee. Cancellations occrring between 29 days and the first day of the conference receive either a 1) $200 refnd; or 2) a credit vocher for the amont of the original registration fee, less a $175 administrative fee. No refnds or credits will be granted for cancellations received after a conference begins or for no-shows. Credit vochers are valid for 12 months from the date of isse and can be sed by either the person named on the vocher or a colleage form the same company. lease Note: For reasons beyond or control it is occasionally necessary to alter the content and timing of the program or to sbstitte speakers. Ths, the speakers and agenda are sbject to change withot notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made.

6 FINANCIAL RESEARCH ASSOCIATES AND LEGAL EDUCATION ASSSOCIATES ROUDLY RESENTS OFFSHORE 2007 FUNDS Strctre, Compliance & Operations Jne 25-26, 2007 Flatotel, New York SILVER SONSOR: BRONZE SONSOR: Earn CE & CLE credits! * 2007 Offshore Fnds 101 Mail: Financial Research Associates, NE Cedar Drive Battle Grond, WA To Register: Call or visit s at Financial Research Associates st Ave Ste Capitola, CA RSRT STD U.S. OSTAGE AID BURLINGTON,VT ERMIT NO. 21 Call: Fax: Online: Yes! Register me for the Conference Only...$1695. Yes! Register me for the Conference and re Conference Workshop (Offshore Fnds 101)...$1995. lease call me; I m interested in a grop discont for my team. lease call me; I m interested in exhibition or sponsorship opportnities at this event. I wish to receive pdates on pcoming FRA events. Signatre Name: Title: Company: Method of ayment: Check Credit Card rchase Order lease bill my: Visa MasterCard AMEX Discover Credit Card Nmber: Name on Card: Exp. Date: Signatre: Make checks payable to Financial Research Associates and write B489 on yor check. Attention Mailroom: If ndeliverable, please forward to the Offshore Officer Department: Address: City: State: Zip: Telephone: lease mention yor priority code when registering: Conference Code B489