Better regulation. Clearer information. More protection.

alfi spring conference 15 & 16 March 2011 3 rd Day Special Topic 17 March 2011 ALFI Microfinance Conference Big discount for 3 days Better regulation. Clearer information. More protection. www.alfi.lu centre de conférences kirchberg, luxembourg

ALFI The Association of the Luxembourg Fund Industry (ALFI), the representative body of the Luxembourg investment fund community, has been operating in the interest of its members since 1989. Created in 1988, the Association today represents hundreds of Luxembourg domiciled investment funds and a wide range of service providers including custodian banks, fund administrators and managers, transfer agents, distributors, legal firms, consultants, tax experts, auditors and accountants, specialist IT providers and communication companies. Associate members from abroad use the Association as a privileged contact platform to the Luxembourg fund industry. In 2004, the membership was further extended to include asset management companies, thus completing the circle of professional firms represented in the asset management industry. ALFI s mission statement is to lead industry efforts to make Luxembourg the most attractive international center for investment funds. Its main objectives are to: Assist members in capitalising on industry trends ALFI s numerous Technical Committees and Working Groups continually analyse global industry developments as well as legal and regulatory changes in Luxembourg, the EU and beyond and the threats and opportunities these may constitute for the Luxembourg fund sector. Shape regulation A modern and innovative legal and fiscal environment is of key importance to defend and improve the competitive position of Luxembourg as a centre for the domiciliation, administration and distribution of investment funds. Its close contacts with the regulatory authority, the government and the legislative body provide ALFI with the opportunity to influence regulation by bringing valuable input when there is need to adapt the regulatory framework, adopt a new European Directive or create a specific regulatory framework for new products or services. Encourage professionalism, integrity and quality Investor trust is key to developing the collective investment business successfully. ALFI therefore strives to encourage professional behaviour, quality products and services and the integrity of all players involved by offering training courses designed for both novices and experts, developing codes of conduct, transparency and good corporate governance and by supporting efforts to fight money laundering. Promote the Luxembourg investment fund industry ALFI actively promotes the Luxembourg investment fund centre, its products and services by representing the fund sector in economic missions organised by the Luxembourg government around the world, actively participating in the principal meetings of the global fund industry and developing strong relationships with the national and international media. ALFI is a member of EFAMA, the European Fund and Asset Management Association and IIFA, the International Investment Funds Association. For further information on ALFI, please visit our website www.alfi.lu

welcome Dear friend of the Luxembourg fund industry, It is our pleasure to welcome you to ALFI s 2011 Spring Conference. This event will concentrate primarily on investor protection, on recent evolution pertaining to fund distribution, on new developments within the infrastructure, on latest product developments, and last but not least on regulatory changes. Over the two days speakers recognised for their expertise will share the results of their most recent analysis. The financial services industry today is in a state of unprecedented change and this is certainly true in the world of asset management across all asset classes. This year promises to be equally demanding, as the industry goes through a consolidation phase and deals with the advent of UCITS IV and the new AIFMD. On the evening of the first day of the conference, Tuesday 15th March, we are delighted to invite Spring Conference attendees to join our Gala Dinner that takes place in The Philharmonie Concert Hall. We would also like to announce that this year the Conference will be followed by a 3rd event, the ALFI Microfinance Conference, that will focus on the perspectives and challenges of the microfinance sector within the next 3 years. These three events offer unrivalled networking opportunities with particular emphasis on long conference refreshment breaks, informal lunches and cocktail receptions in the busy exhibition areas. We invite you to take this opportunity to join the European Investment Fund community and share experiences, get up-to-date with latest developments and techniques, make new contacts and catch up with old friends. We look forward to welcoming you. Camille Thommes Director General Charles Muller Deputy Director General

programme day 1 08.00 08.45 Registration & breakfast 08.45 08.55 Opening remarks Claude Kremer, Chairman, ALFI, Luxembourg 08.55 09.05 Chairperson s introduction Freddy Brausch, Partner, Linklaters LLP, Co-Chair of the ALFI Legal and Regulatory Committee, Member of the ALFI Board 09.05 09.40 From UCITS to AIF Impact of the new regulatory framework for the Luxembourg Fund Industry Marc Saluzzi, Partner, Luxembourg Financial Services Leader, PwC 09.40 10.15 The investor s perspective Guillaume Prache, Managing Director, EuroInvestors, Brussels 10.15 10.45 Refreshment break and visit of the exhibition area 10.45 11.45 UCITS IV: Concrete impacts on your business strategy Moderator: - Christophe Wintgens, Partner, Financial Services Advisory Leader, Ernst & Young, Luxembourg - Marnix Arickx, Managing Director, Head Fund Engineering, BNP Paribas Investment Partners Belgium N.V. / S.A, Brussels - Allan Pelvang, Group Head of Tax & Country Head, Fidelity International, Luxembourg - Sanjiv Sawhney, Global Head of Fund Services, Citi, Luxembourg - Jeremy Soutter, Global Head of Product, Aviva Investors, London 11.45 12.25 Keynote speaker tbc 12.25 12.30 Chairperson s wrap up and closing remarks 12.30 14.00 Lunch hosted by Ernst & Young and State Street

programme day 1 14.00 14.05 Chairperson s introduction Freddy Brausch, Partner, Linklaters LLP, Co-Chair of the ALFI Legal and Regulatory Committee, Member of the ALFI Board 14.05 14.45 PRIPS: challenges ahead Moderator: - David Rouch, Partner, Freshfields Bruckhaus Deringer, London - Tim Shakesby, Policy Officer, European Commission, DG Internal Market and Services, Brussels - Peter Smith, Head of Investments Policy, Financial Services Authority, London 14.45 15.40 KIID: 100 days to launch Moderator: - Noel Fessey, Managing Director, Schroder Investment Management (Luxembourg) S.A. - David Glassey, Senior Vice President, Senior Legal Manager (Products), Pioneer Investments, Dublin - Graham Goodhew, Director and Conducting Officer, JP Morgan Asset Management (Europe) S. à r.l, Luxembourg - Geoff Radcliffe, Managing Director, BlackRock (Luxembourg) S.A. - Bernhard Schneider, Director, Vontobel Asset Management, Zurich 15.40 16.10 Refreshment break and visit of the exhibition area 16.10 16.50 FATCA: impact on European fund business Moderator: - Paul Chambers, Partner, ATOZ, Luxembourg - Frederic Batardy, Senior Tax Adviser, KBL European Private Bankers S.A., Luxembourg - Keith Lawson, Senior Counsel - Tax Law, ICI 16.50 17.50 Out of the shadows into the light. Are platforms the new super distributors? Moderator: - Rodney Williams, CEO, MackayWilliams, London - Olivier Portenseigne, Director, Product Management Shareholder Services and Distribution Support, RBC Dexia Investor Services, Esch-sur-Alzette - Uwe Dietl, Head of Sales Institutional Clients, attrax, Luxembourg - Richard Lepere, Managing Director, Fund Channel, Luxembourg - John Pauly, CEO, Moventum, Luxembourg 17.50 18.00 Closing remarks from 18.00 ALFI Gala Dinner at the Philharmonie Not included in the conference registration. Special fee for conference attendees.

programme day 2 08.00 08.45 Registration & breakfast 08.45 08.55 Chairperson s introduction Denise Voss, Conducting Officer, Franklin Templeton Investments, Luxembourg 08.55 09.30 The role of asset managers in enabling financial stability in retirement Elisabeth Corley, CEO, Allianz Global Investors Europe GmbH, Munich 09.30 10.25 Alternative UCITS: achievements and expectations Moderator: - Jacques Elvinger, Partner, Elvinger, Hoss & Prussen, Luxembourg - Alain Dubois, Chairman of the Board, Lyxor Asset Management, Paris - Shoqat Bunglawala, Managing Director, Head of Product Strategy and Development, Goldman Sachs Asset Management, London - Gavin Byrnes, Head of Sales & Product Development, SEB Fund Services S.A, Luxembourg - Alex Mckenna, Director, Head of Fund Structuring, Global Markets Structuring db-x Funds, Deutsche Bank, London - Eric Personne, Chairman of Merril Lynch Investment Solutions SICAV, Merrill Lynch International, London 10.25 10.55 Fund Governance: current status and challenges Henry Kelly, Independent Director, KellyConsult, Luxembourg 10.55 11.25 Refreshment break and opportunity to visit the exhibition area 11.25 11.15 Risk Management: regaining control of financial markets Philippe Carrel, Executive Vice President, Risk Management, Thomson Reuters, Geneva 11.15 12.25 Demystifying Risk Management for Investment Funds The added value behind the techniques Moderator: - Xavier Zaegel, Partner, Deloitte, Luxembourg - Philippe Carrel, Executive Vice President, Risk Management, Thomson Reuters, Geneva - Luc Neuberg, Sous-Directeur, Head of Risk & Operations, BCEE Asset Management, Luxembourg - Claude Wampach, Co-Head of Risk Management/Banking Supervision, Commission de Surveillance du Secteur Financier, Luxembourg 12.25 12.30 Chairperson s wrap up and closing remarks 12.30 14.00 Lunch hosted by Allianz Global Investors and Arendt & Medernach

programme day 2 14.00 14.05 Chairperson s introduction Julien Zimmer, General Manager Investment Funds, DZ PRIVATBANK, Luxembourg 14.05 14.40 Solvency II: threats and opportunities for the Asset Management Industry Robert Deed, Executive Director, Corporate Policy & Risk, Lombard International Assurance S.A., Luxembourg Thierry Flamand, Board Member, Association Luxembourgeoise des Actuaires, Luxembourg 14.40 15.25 The Road to UCITS V - a regulatory update Moderator: - Jérome Wigny, Partner, Elvinger, Hoss & Prussen, Luxembourg - Nathalie Dogniez, Partner, KPMG, Luxembourg - Michèle Eisenhuth, Partner, Arendt & Medernach, Luxembourg - Francine Keiser, Of counsel, Linklaters LLP, Luxembourg 15.25 15.55 Refreshment break and visit of the exhibition area 15.55 16.55 Interview : 2011 and beyond Interviewer: - tbc Interviewees: - Jean Guill, Director General, Commission de Surveillance du Secteur Financier, Luxembourg and Member of the Management Board, ESMA - Victor Rod, Director, Commissariat aux Assurances, Luxembourg, and Alternate Chair, EIOPA 16.55 17.00 Closing remarks 17.00 17.30 Farewell drink

alfi microfinance conference 17 March 2011 Luxembourg Chamber of Commerce www.alfi.lu

programme microfinance in association with 08.30 09.00 Registration & breakfast 09.00 09.15 Chairperson s introduction Thomas Seale, Vice Chairman, ALFI and CEO, European Fund Administration, Luxembourg 09.15 09.30 Keynote speech: Microfinance as a development tool H. E. Minister Marie-Josée Jacobs, Minister for Development Cooperation and Humanitarian Affairs, Luxembourg Government 09.30 09.45 Microfinance : view from the European Investment Bank Plutarchos Sakellaris, Vice President, European Investment Bank, Luxembourg 09.45 10.15 Current trends, threats and opportunities Damian von Stauffenberg, Founder, MicroRate, Washington 10.15 11.00 A critical view of Microfinance: a multi-dimension approach Moderator: Marc Elvinger, Partner, Elvinger, Hoss & Prussen, Luxembourg Panelists: - Axel De Ville, Executive Director, ADA Luxembourg - Runa Khan, Founder and Executive Director, Friendship, Dhaka 11.00 11.30 Coffee Break 11.30 12.00 Social performance of the MIVs: What are the lessons learned from the SRI experience? Marc Labie, Professor, CERMi, University of Mons Ludovic Urgeghe, Research Fellow, CERMi, University of Mons 12.00 12.40 Transparency within the sector Moderator: Kenneth Hay, Chairman, LuxFLAG, Luxembourg Panelists: - Xavier Reille, Lead Microfinance Specialist, Consultative Group to Assist the Poor (CGAP), Paris - Kimanthi Mutua, President, African Microfinance Transparency Forum, Nairobi - Luis Viada, Executive Vice President, Luminis/MicroRate, Washington 12.40 12.50 Chairperson s wrap up 12.50 14.10 Buffet Lunch

programme microfinance in association with 14.10 14.15 Chairperson s introduction Thomas Seale, Vice Chairman, ALFI and CEO, European Fund Administration, Luxembourg 14.15 15.00 What is the right mix of investments and technical assistance? Moderator: Kaspar Wansleben, Executive Director, Luxembourg Microfinance and Development Fund, Luxembourg Panelists: - Edvardas Bumsteinas, Investment Officer Africa, Carribean and Pacific, European Investment Bank, Luxembourg - Monica Beck, Division Chief Financial and Private Sector Development, EFSE: Board Member, IC Chair, KfW/EFSE, Frankfurt - Claude Falgon, Chief Executive Officer, Horus Development Finance - Geert Peetermans, Chief Investment Officer, INCOFIN INVESTMENT MANAGEMENT, Antwerp 15.00 15.20 Strengthening the Microfinance regulatory framework in West Africa: a case study Marc Bichler, Director for Development Cooperation, Ministry of Foreign Affairs, Luxembourg 15.20 15.45 Legal and regulatory update Anne Contreras, Partner, Arendt & Medernach, Luxembourg Christian Hertz, Managing Associate, Linklaters LLP, Luxembourg 15.45 16.15 Coffee Break 16.15 16.40 Marketing Microfinance investment vehicles to retail and private investors Erna Karrer-Ruëdi, Credit Suisse PS ISP Microfinance, Zurich 16.40 17.00 Impact Financing Tim Radjy, Chief Executive Officer, AlphaMundi Group, Zurich 17.00 17.15 Closing Remarks HRH Prince Guillaume of Luxembourg 17.15 17.30 Chairperson s wrap up 17.30 18.00 Farewell drink

conference information Venue: Parking: Registrations: Conference fees: Hotels: All three events take place in Luxembourg-Kirchberg, but at different venues: ALFI Spring conference 15 & 16 March 2011 : Centre de Conférences Kirchberg - 4, Place de l Europe www.luxcongress.lu ALFI Gala dinner 15 March 2011 : Philharmonie 1, Place de l Europe www.philharmonie.lu ALFI Microfinance Conference 17 March 2011 : Chambre de Commerce, 7, Rue Alcide Gasperi www.cc.lu Spring conference & Gala dinner: Please use the Place de l Europe car park. Taxis and private cars are only allowed to stop for drop off. There are no parking spaces in front of the venue. For a detailed access plan including parking facilities please refer to our website: www.alfi.lu Microfinance conference: A limited number of parking spaces are available at the Chamber of Commerce. For a detailed access plan, please refer to the website www.cc.lu under contact. Registration is managed by Parthen R&S. For any requests concerning your registration please contact: Parthen R&S - Registration office P.O. Box 25, NL-1180 AA Amstelveen, The Netherlands Phone: +31 20 5727301, Fax: +31 20 5727311 e-mail: registration@parthen.nl Please refer to the fees & payment options page. Conference fees include full access to the booked conference sessions, the exhibition area and lunch for one delegate as well as one conference documentation package. Fees do not include travel or hotel accommodation. Internet discount and special group fees: A 10 discount is granted for online registrations: www.alfi.lu (conference section). For group reservations and special group fees, please contact Parthen R&S. Partner hotels of our conference: For special accommodation rates at our partner hotels, please refer to our website www.alfi.lu (conference section). For other hotels or tourist information you may visit www.lcto.lu. Exhibition: Contact events@alfi.lu or visit our website www.alfi.lu. Internet corner: Facilitated by

registration conditions Confirmation and Payment: Your registration is valid for one delegate only. An email confirmation will be sent upon receipt of registration. The invoice and conference information will be sent by email. Conference fees must be paid prior to the event. Full pre-payment or a credit card guarantee is required. See fees & payment options page. Early Bird Fee: Is only applicable if your payment is made by 4 February 2011. After this date, the normal fee applies. Conference Attendee List: Name changes/substitutions: Cancellations: Late registrations: Registrations received by Friday, 25 February 2011 will be listed on the printed delegates list given to all attendees. Please send a written notice to the registration office Parthen (details on previous page) by Friday, 25 February 2011 in order to have the correct name appear on the printed delegates list. The 2-and 3-days-package-deal is for one specific delegate only. Splitting the package between 2 people (1 day each) will be subject to a charge of 300. Part-time substitution is not possible. Must be made in writing to the registration office Parthen. If the cancellation is received by Friday, 25 February 2011, reimbursement of the registration fee, minus a 50 handling charge will be made. For cancellations received after this date, or if registrants fail to attend, the full cost is due and no refund will be made. Registrations made after Friday, 25 February 2011 are welcome (subject to availability), but will not be listed on the printed delegates list. A credit card guarantee is required as the full fee is due upon receipt of your registration number. Conference Organiser: ALFI Phone +352 22 30 26 1 Fax: +352 22 30 93 59, boulevard Royal - L-2449 Luxembourg, www.alfi.lu Contact: Siobhán Roche / Irene Schultz-Gerstein/ Andreea Bran; events@alfi.lu For the access map to the different venues, programme, hotel and other information, please refer to www.alfi.lu

fees & payment options Fees *: Spring Day 1 or Spring Day 2 Spring Package: (Day 1 & 2) Microfinance (Day 3) 3 Days package: (Spring + Microfinance) Gala dinner Non-Members ALFI Members *** Early bird rate ** Normal rate Early bird rate ** Normal rate 840 890 740 790 1,470 1,570 1,260 1,360 370 420 260 *** 310 1,650 1,800 1,370 *** 1,500 145 for conference attendees 160 for non-conference attendees * Fees are subject to 3 % VAT, if applicable (see information on www.alfi.lu) ** Early Bird Rate for registration payments made by 4 February 2011 *** In order to benefit from the member rate, the invoice has to be addressed to the member company. LuxFLAG members may benefit from the member discount for the Microfinance conference only. Conference fees must be paid prior to the conference. All payments are to be made in Euro. Please quote name, company and invoice number for each attendee. 1) By bank transfer to the following bank account: ING Bank Luxembourg - 52, Route d Esch - L- 2965 Luxembourg Account holder: Stg. Parthen R&S Derdengelden BIC/Swift Code: CELLLULL Account number: IBAN LU05 0141 1369 1300 0000 2) By Credit Card: Please register online and choose the credit card payment option. For registrations by fax who wish to pay by credit card, please contact the registration office «Parthen». Invoice address: An invoice will be emailed to you. 3 % VAT will be applied to your registration (please refer to our website www.alfi.lu under registration ).

registration form please complete in block capitals First & Last Name: r Mr. r Ms Title: Department: Company: Street: ZIP-Code, City: State/ Country: E-mail for confirmation : Phone: Fax: Remarks: r Spring Day 1 or r Spring Day 2 r Spring Package: (Day 1 & 2) r Microfinance (Day 3) r 3 Day package: (Spring + Microfinance) r Gala dinner FEES and VAT legislation: Please refer to the information on www.alfi.lu Important: In order to benefit from the member rate, the invoice has to be addressed to the member company. Completing the VAT field is mandatory.the VAT number provided must be that of the company to be invoiced. Invoice address: Company: VAT number mandatory: r ALFI / LuxFLAG member (please check, if applicable) Street: ZIP-Code, City: State/ Country: E-mail for sending invoice: I herewith register for the above mentioned event in March 2011 and confirm that I have carefully read and accept the registration conditions and VAT information regarding this event(s). Date: Signature: Register by fax: +31 20 57 27 311 or by email: registration@parthen.nl

sponsors spring conference