aspen summit 2014 handbook

7/25/2019 Aspen Summit 2014 Handbook

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4thAnnual Aspen Summit

Reaching New Heights

Aspen Meadows ResortColorado

August 2427, 2014

World Pension Forum

203 East 72ndStreet, Suite 17ANew York, NY 10021

212.535.3919


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World Pension Forum would like to express its deepappreciation to the following firms who make it

possible for us to continue to offer superior educationalprograms to the institutional investment community:

Sponsors:

Castle Harlan, Inc

New Mountain Capital

Realty Capital Securities

Siguler Guff & Company, LP.


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Our Team:

Philip Schaefer, President, World Pension Forum

Jonathan Kanterman, Honorary Event Chair

Lauren Rosenthal, Director, Conference Operations

World Pension Forum

203 East 72ndStreet, Suite 17A

New York, NY, 10021

Phone: 212.535.3919


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Aspen

Reaching New HeightsThe Aspen Meadows Resort845 Meadows Road, Aspen, CO

August 24-27, 2014

Conference Attire and Event Information

The weather in August should be sunny with day temperatures averaging 75F and late eveningtemperatures averaging 46F. Please bring a jacket for the evenings. Below you will find

suggested attire and event locations. Conference sessions will be held at the Aspen Institute.

Sunday Evening, August 24

This is the official opening evening and conference registration.

Registration will be available at 6:00 pm at the Barksdale Lobby, Doerr-Hosier Center

The reception will be at the Barksdale Lobby, Doerr-Hosier Centerfrom 6:00 8:00 pm.

Attire: Business Casual

Daytime Schedule for Monday, August 25, Tuesday, August 26 and Wednesday, August 27 The conference meeting will be held in the Lauder Seminar Room, Koch Building.

Breakfast and lunch will be located in Meadows Restaurant at the Aspen Meadows

Resort


Monday Evening, August 25

Dinner this evening will be held at the Lynn Britt Cabin. It is an elegant log cabin located on

the slopes of Snowmass, 9,200 feet above sea level featuring majestic panoramic views of the

Snowmass Valley and high peaks beyond. Jeeps will pick us up at the Aspen Meadows hotel at5:45pm.

Attire: Casual. Bring a sweater or jacket to stay warm.

World Pension Forum

203 East 72ndStreet, Suite 17A

New York, NY 10021

212.535.3919


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AspenReaching New Heights

The Aspen Meadows Resort 845 Meadows Road, Aspen, CO

August 24-27, 2014

Sunday, August 24

6:00 pm Registration and Reception: Barksdale Lobby, Doerr-Hosier Center


Welcoming comments:

Philip Schaefer, President, World Pension Forum

Jonathan Kanterman, Partner, Institutional Asset Advisors

George Handy,Managing Director, AIEG

Bill Mayer,Chairman Emeritus, The Aspen Institute

Monday, August 25

8:00 am Breakfast: The Meadows Restaurant

Conference Session:Lauder Seminar Room, Koch Building

Attire: Business casual

9:00 Opening remarks:

Bill Stirling,Former Mayor of Aspen

Sheriff Joe Disalvo,Pikin County

9:30 Keynote: Dr. Minxin Pei, Tom and Margot Pritzker 72 Prof. of

Government, Director, Keck Center and George R. Roberts

Fellow, Claremont McKenna College

Recent Political developments in China

Key economic challenges


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US - China relations

10:15 Morning Break Koch Lobby

10:30 Challenges Investors Are Now Facing

Risks and opportunities

Understanding and adapting to the evolving landscape of

pension funding

Impact of government changes

Moderator: Allan Emkin,Managing Partner, Pension Consulting Alliance

Speakers: Dan Slack, Executive Director, Fire and Police Pension

Association of Colorado

John Skjervem,CIO, Oregon State Treasury

Craig Slaughter,Executive Director, West Virginia Investment

Board

11:15 The Future of Healthcare

Healthcare costs for retirees

Cost control

Are there opportunities for pension fund managers and

communities to change the outcome?

Controllable risk

Moderator: Janet Cowell,State Treasurer of North Carolina

Speakers: Dr. Jandel Allen-Davis, VP, Kaiser PermanenteGregory Smith,CEO, Colorado Public Employees Retirement

Association

Dr. Murray Zucker,Medical Director, OPTUM

12:00 Keynote: George Siguler,Managing Director and Founding

Partner, Siguler Guff & Company

Private Equity: Philosophy, Governance, and expected Returns

Past, Present and Future

12:40 1:40 Lunch: The Meadows Restaurant

1:45 Global Panel

Taking the measure of forces for change in this second

decade of the century

Developing an outlook for where todays forces in change

are taking us


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The geostrategic perspective

Economic growth

Innovation

Moderator: George Handy, Managing Director, AIEG

Speakers: Ambassador Robert Hunter, Senior Fellow, Center for

Transatlantic Relations SAIS

Professor Shireen Hunter,Visiting Professor, Georgetown

University

Governor Scott McCallum, Former Wisconsin Governor

3:00 Afternoon Break

3:15 Keynote: Introduction by Isaac Applbaum, Advisor to the Mayor

of Jerusalem

AmbassadorDaniel Kurtzer, Former Ambassador to Israel andEgypt

3:45 Infrastructure and Real Assets

Moderator: Dan Kim, Associate Partner, Hewitt, EnnisKnupp

Speakers: Brian Clarke, Executive Director,Industry Funds Management

James McIntire, Treasurer,State of Washington

Sameer Jain,Chief Economist and Managing Director, American

Realty Capital

4:30 Conclusion of Day 1 Sessions

5:45 10:00 Dinner: Lynn Britt Cabin

**Meet at the Aspen Meadows lobby at 5:45 pm for group

departure**

Tuesday, August 26


Conference Session: Lauder Seminar Room, Koch Building

Attire: Business casual

9:00 In Memory of Joe Dear, CalPERSJames McIntire,Washington State Treasurer

Richard Costigan,Board Member, CalPERS


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Bill Lockyer,California State Treasurer

9:30 Keynote: Introduction by Bill Mayer,Chairman Emeritus, The

Aspen Institute

Dr. Xiang Bing,Founding Dean, CKGSB

Relationship between state and business

The reform of state-owned enterprises

Innovation and the role of the private sector

10:15 Absolute Returns

Regulatory issues, the new landscape

New expectations for hedge fund managers

What risks should public funds be aware of?

Should your fund invest directly or through fund of

funds? Changing economics for hedge fund managers

Moderator: Jonathan Kanterman,Partner, Institutional Asset Advisors

Speakers: Julia Bonafede, President, Wilshire Consulting

Melissa Santaniello, Founder of Alignment of Interest

Association

11:00 11:15 Morning Break: Koch Lobby

11:15 Economic Normalization With Cuba: What The Future Holds? Implications of reforms

What needs to be done to promote opportunities and

growth

External Relations

Revolution and economic development

Speakers: Jose (Pepe) Viera, Former First Deputy Minister of Cuba

John McAullif,Executive Director, Fund for Reconciliation and

development

12:15 1:15 Lunch:Meadows Restaurant

1:30 Mental Health

Speakers: Dr. Kelly Posner Gerstenhaber,Founder & Director, Center for

Suicide Risk Assessment, Columbia University

Garen Staglin,Co-Founder & Co Chairman, One Mind


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2:15 Manager Selection Risks

Manager selection risks

Detecting manager fraud

What are the key determinates when selecting manager

Working with a consultant during the manager selection

process

What are the most effective quantitive and qualitative

methods for selecting managers?

Is it possible to constantly choose managers that surpass

the benchmark?

Moderator: Jonathan Kanterman, Partner, Institutional Asset Advisors

Speakers: David Fann,President and Chief Executive. TorreyCove Capital

Partners

Anastasia Titarchuk,Director, Absolute Return Strategies, New

York State Common Retirement FundJim Liptak,Director of Equities, Colorado PERA

3:00 The Changing Nature Of The Fiduciarys Role

Responsibilities of the fiduciaries

Need for long-term investment horizon vs. short term

thinking

Better understanding the challenges in organizational

structure, investment policies and plan governance.

Moderator: Ranji Nagaswami, Former Chief Investment Advisor for Pensionto New York

Speakers: Stephanie Neely,Treasurer, City of Chicago

John Skjervem,CIO, Oregon State Treasury

3:45 Conclusion of Day 2 Sessions

6:00 9:00 Evening Reception

**Meet at the Aspen Meadows lobby at 6:00 pm for group

departure**

Wednesday, August 29


Roundtable Session: Lauder Seminar Room, Koch Building


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9:30 10:30 Roundtable Discussion: The Future of Retirement?

A more in-depth conversation of panel topics addressed at

the conference

Q&A for additional subjects of interest

Co-chairs: Philip Schaefer,President, World Pension Forum

Jonathan Kanterman, Partner, Institutional Asset Advisors

Melissa Santaniello,Founder, Alignment of Interest Association

11:00 Conclusion and Thank You


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SPEAKER

DR.JANDELALLEN -DAVISJandel Allen-Davis, MD, is vice president of Government and External Relations for Kaiser PermanenteColorado. She leads the organizations community relations and communications functions, stakeholderengagement, government relations, clinical research activities and community benefit investment.

Dr. Allen-Davis is board certified in obstetrics and gynecology and after 25 years of taking care of patients,transitioned from a physician leader to Kaiser Permanentes Health Plan Leadership team. Her past roles atKaiser Permanente included associate medical director of external relations for the Colorado PermanenteMedical Group, regional director of patient safety, and physician chief of the Wheat Ridge Medical Offices.Dr. Allen-Davis was elected to the Colorado Permanente Medical Group Board of Directors in 1998 andchaired the board in her final year.

A graduate of Dartmouth College and Dartmouth Medical School, Dr. Allen-Davis completed her residencyat Thomas Jefferson University Hospital in Philadelphia. Before coming to work at Kaiser Permanente, shewas an assistant professor of obstetrics and gynecology at the University of Colorado Health SciencesCenter and spent four years in the Indian Health Service in Tuba City, Ariz., during which time she alsoserved as member and chair of the American College of Obstetrician Gynecologists Committee on AlaskaNative and Indian Affairs.

Dr. Allen-Davis is an active participant on community boards, including current Board Chair of DenverBotanic Gardens, CU Foundation Board of Directors, Colorado Association of Health Plans Board ofDirectors, Colorado Association of Commerce and Industry Board of Directors, Colorado Succeeds Boardof Directors, Denver Foundation Board of Trustees and is the immediate past president of the Denver MetroChamber Leadership Foundation Board of Directors. In 2013, she was appointed to serve on the Board ofGrantmakers in Health, a national organization focused on assisting funders who are actively involved insupporting nonprofits focused on community health.

Dr. Allen-Davis is the proud recipient of the 25 Most Powerful Women in Colorado from the ColoradoWomens Chamber in 2013, the 2013 Colorado Black Women for Political Action, Women Making HistoryAward, the 2013 Metro Volunteers Community Impact Award, the 2012 Outstanding Women in BusinessHealth Care from the Denver Business Journal, and is a member of the 2012 Girl Scouts Women ofDistinction inductees. She was named Kaiser Permanente Physician Volunteer of the year and a TopDocby 5280 Magazine for several years.

Jandel is married to her college sweetheart, Anthony and they have two children, Courtney and Jonathan.


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SPEAKER

MARIA CECILIA BERMUDEZ

Mara Cecilia Bermdez Garca, joined the Revolution as a Volunteer Teacher in 1960. After serving in the

mountain areas, she was asked to teach at the Central University Marta Abreu in Santa Clara. In 1961,

she was appointed to the Ministry of Foreign Affairs and served in the embassy in Bolivia and the

Permanent Mission to the United Nations. From 1970 to 1992, Mrs. Bermdez was in charge ofDecolonization and Antiapartheid affairs in the Division of International Organizations of the Ministry of

Foreign Affairs and was a member of many Cuban Delegations to the UN General Assembly and of the

representative of Cuba to the Special Committee on Decolonization and the Council for Namibia. In 1992,

she was appointed to the Cuban National Commission for UNESCO in charge of Culture, Education and

Human Sciences Programs and was a member of the Cuban Delegation to several UNESCO General

Conferences and meetings. She retired in 2001 and worked privately (self-employed) giving classes in

ballet, arts and English and teaching English to young children. She holds a PhD in History Sciences from

the USSR Academy of Sciences and a Bachelors Degree in Linguistics from the Central University Marta

Abreu. Mrs. Bermdez is 76 years old.


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SPEAKER

DR.XIANGBINGDr. Xiang Bing is the Founding Dean and a Professor of China Business and Globalization at Cheung Kong

Graduate School of Business (CKGSB), a leading business school in China with headquarters in Beijing,

satellite campuses in Shanghai and Shenzhen and representative offices in Hong Kong, London and New

York. Established in November 2002 with generous support from the Li Ka Shing Foundation, CKGSB isa not-for-profit organization and Chinas first privately funded and faculty-governed business school.

Under Dr. Xiangs leadership, CKGSB has developed in under 10 years into a prominent business school

with 49 world-class, full-time resident faculty members (33 regular and 16 visiting), whose per capita

publications in top journals of management was ranked 6th globally during the period of 2005 to 2009.

CKGSBs alumni include more than 2,500 Chinese business leaders at the CEO and Chairman level, whose

companies together generated more than USD 1 trillion in revenue in 2011. This figure represents about

13.7% of Chinas GDP.

Prior to joining CKGSB, Dr. Xiang was a Professor of Accounting at Peking Universitys Guanghua School

of Management, where he pioneered the schools Executive MBA program. He was also one of the seven

founding faculty members of China Europe International Business School (CEIBS) in Shanghai. Dr. Xiangalso served on the faculty of the Hong Kong University of Science and Technology.

Dr. Xiangs research interests include the relationship between state and business, the reform of state-owned

enterprises, innovation and the role of the private sector in China. He is a leading authority on Chinese

business, innovations in China, the globalization of Chinese companies and the global implications of the

transformation of China. His writings and cases on these subjects are considered among the most influential

in China. In another area of interest, innovation in management education, Dr. Xiang has directly

implemented and shaped several prominent programs and institutions in China. In this capacity he has

played an important role in developing Chinas management education sector, in particular EMBA

programs in China.

Dr. Xiangs insights are often requested for speaking engagements at influential forums and conferences inChina and around the world. Past speaking appearances have included forums held by the Asia Society,

Deutsch Bank, the Conference Board, the World Economic Forum, The Economist conferences, FT

conferences, Forbes annual conferences, the Boao Forum, Asia House (UK) and the BRICs Annual Forum.

He has offered commentary for CCTV (China), Phoenix TV, CNN, Businessweek, the Financial Times,

the New York Times and LAgence France-Presse (AFP).

He has worked with many leading companies to offer consulting and training in China and globally. These

companies include China Mobile, China Telecom, Huawei Technologies, TCL, Midea, Petro China,

CNOOC, IBM (China), GE (China), Siemens (China), Goldman Sachs (Asia), Clifford & Chance,

Cummins, DFS, Lenovo, Bank of China and China Railway Construction Corporation.

Dr. Xiang received his Ph.D. in business administration from the University of Alberta in Canada and his

bachelors degree in engineering from Xian Jiaotong University in China.


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SPEAKER

BRIANCLARKEBrian Clarke manages IFM Investors business development, fundraising and client relationship efforts in

North America.

Prior to joining IFM Investors, Brian was Senior Managing Director, Head of Sales in North America, with

Macquarie Capital USA. He has also held the position of Senior Vice President, Head of Sales at Refco

Alternative Investments, President and Founder of Cornerstone Partners, LLC, Vice President for

Advancement and Secretary to the Board of St Mary's College of Maryland as well as President of St Mary's

College of Maryland Foundation, Inc.


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SPEAKER

ISAAC APPLBAUM

Isaac Yitz Applbaumis a Senior Advisor to the Mayor of Jerusalem for Public Private Partnerships. He

is a Founding General Partner of Opus Capital, an early stage venture fund where he focuses his efforts on

finding Israeli-based investments for the firm. Prior to Co-Founding Opus Capital Isaac was a Partner and

Managing Director for Israel at Lightspeed Venture Partners an early stage venture capital firm with overtwo billion dollars under management.

Prior to joining Lightspeed, Mr. Applbaum was the founder and CEO of Concorde Solutions Inc. (CSI). In

1998 Mr. Applbaum sold CSI to Bank of America becoming a Senior Vice President at the bank with

responsibility for running the banks E-ventures group and an advisor to the strategic investments group.

Before founding Concorde Solutions, Mr. Applbaum was responsible for running US operations for

Advanced Technology International, a large Israeli software development company.

Mr. Applbaum currently serves as President of the Board of the California Israel Chamber of Commerce,and Chairman of The Western Wall Heritage Foundation. He is on the board of directors of: The Koret

Israel Economic Development Funds, the Shalem Institute, and is on the National Council of AIPAC. Mr.Applbaum is a member of the Young Presidents Organization.


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SPEAKER

DR.KELLY POSNER GERSTENHABER

Dr. Kelly Posner Gerstenhaber, a leading international expert in the areas of suicide, depression, andeducation reform, is the founder and Principal Investigator of the Center for Suicide Risk Assessment atColumbia University. She was commissioned by the FDA to lead a study to develop improved methods of

suicide risk assessment. The methods developed have been recommended or mandated across numerousareas of medicine. In a lead article in The New York Times, Dr. Posner Gerstenhabers work wascharacterized as one of the most profound changes of the past 16 years to regulations governing drugdevelopment.The FDA has characterized this work as setting a standard in the field. This work is partof a national and international public health initiative across health care, surveillance, and research andranges from primary care, schools, healthcare systems, VA, to first responders and clergy. Of note,numerous states and branches of the military have moved towards system-wide implementation. Dr. PosnerGerstenhaber is an international expert and spokesperson on suicide prevention and the treatment ofdepression, with appearances on NBC, CBS, World News Tonight, CNN, and numerous global mediaforums, and also gave the invited address to the leaders of the European Union on how to tackle depressionand suicide. Named one of New York Magazines Most Influential people, Dr. PosnerGerstenhaber continues to work with the FDA, CDC, NIMH, military health care agencies, the U.S.

Department of Education, and other agencies on suicide assessment and surveillance, and publishes andspeaks internationally on the risks, benefits, and public health implications encompassed by drug safetycontroversies. In 2007 Dr. Posner Gerstenhaber was recognized as the most Distinguished Alumna of hergraduate school at Yeshiva University in the past 50 years and in June of 2008 she gave the invitedpresentation on tackling depression and suicide at the first European Union high level conference on mentalhealth. She will also be the honoree for the Center Law & Economic Justice joining the ranks of TedKennedy.

Dr. Posner Gerstenhaber is the Founding Chairman of the Board of Turnaround for Children, thegroundbreaking model that has proven to fix failing schools in high-poverty communities, often referred toas "a missing link" of the education reform challenge. She is also co-founder of The Speyer Legacy Schooland Institute, the first independent school and education reform approach for advanced

learners.AvenueandNew York Familymagazines named her Education Philanthropist of the Year

forher work in both of these innovative educational initiatives.In 2011 she was also granted The Turnaround

Impact Award, along with John Legend and NBC, joining the ranks of Joel Klein and Merryl Tisch. NewYork Magazinehas named her one of New Yorks most influential people.Dr. Posner Gerstenhaber wasrecently honored by The Lincoln Center/The Kaufman Music Center w ith their annual Educational

Leadership Award.

The President of the American Psychiatric Association has stated that because of her work, we may

actually be able to make a dent in the rates of suicide that have existed in our population and have remained

constant over timethat would be an enormous achievement in terms of public health care and preventing

loss of life. - Jeffrey Lieberman, M.D., President of the American Psychiatric Association (APA)


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SPEAKER

GEORGEHANDYGeorge Handy is the Managing Director of the nonprofit organization Activity for Innovation and

Economic Growth (AIEG) He founded the AIEG in 2007 to undertake practical projects supporting

economic and security improvements in Central and Eastern Europe. With a network of 900 leaders in 30

countries, AIEGs 26 completed projects have focused on innovation and high technology, knowledge-based growth, health care, infrastructure modernization, national security and cross border cooperation.

Outcomes have included contributions to improved Euro-Atlantic cooperation.

Mr. Handy and AIEG provide an independent framework for increased projects and ventures that result in

affordable, near-term outcomes and are enabled by improved policies and programs and increased domestic

and international cooperation with emphasis on government and private sector collaboration. Current

emphasis is on innovation, biomedicine and information technology with 34 research projects and

supporting activities involving 300 international leaders and experts.

Mr. Handys career began as an infantry officer in the United States Army. He held responsibilities from

unit level to the Army Staff in Washington with two combat tours.

Following his military service, Mr. Handy became the Director of Long Range Assessments for United

Technologies Corporation, a position he held from 1986-1992. His primary responsibilities included

identifying opportunities for new products and markets through the organization of cross-corporate teams.

In 1992, Mr. Handy joined the public policy field as Director of International Action Commissions for the

Center for Strategic and International Studies. In this position, Mr. Handy organized and led government-

private sector cooperative Commissions in Russia, Poland, Argentina, Romania, Slovakia, Bulgaria,

Slovenia, the Czech Republic, Hungary, Lithuania, Latvia and Estonia; and completed 180 projects

supporting economic and security transformation in these countries.

During this period, Mr. Handy was also an Advisor to World Pensions Forum, Inc., a role in which he

helped organize and moderated 14 conferences in Asia, the US and Europe to assist senior executives in

their decisions on international investment of American pension fund assets.

Recently, Mr. Handy became an official of two nonprofit organizations the People Technologies

Foundation focused on big data issues and Prescription for Poland that is addressing regenerative medicine.

He is a member of the board of the Washington Consortium of Theological Universities.

.


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SPEAKER

AMBASSADORROBERT E. HUNTER

Ambassador Robert Hunter is Senior Fellow at the Center for Transatlantic Relations, Johns HopkinsUniversity (SAIS), in Washington, DC. Previously, he was Director of the Center for Transatlantic Security

Studies at the National Defense University. From 1998-2011, he was Senior Advisor at the RANDCorporation; and he was Senior International Consultant to Lockheed Martin Overseas Corporation andChairman of the Council for a Community of Democracies. He serves on the Secretary of StatesInternational Security Advisory Board.

From 1993-1998, Robert Hunter was U.S. Ambassador to NATO and represented the U.S. to the WesternEuropean Union. He was principal architect and US negotiator of the New NATO, including Partnershipfor Peace and NATO-EU relations, and he negotiated the air-strike decisions that ended the Bosnia War.From 1981-1993, he was at the Center for Strategic and International Studies.

Throughout the Carter Administration, he served on the National Security Council staff, with leadresponsibility for West European and then Middle East Affairs, including West Bank/Gaza autonomy

negotiations. He created the Carter Doctrine for the Persian Gulf. Earlier, he was Foreign Policy Advisorto Senator Edward Kennedy, Senior Fellow at the Overseas Development Council, Research Associate atthe International Institute for Strategic Studies, and domestic and foreign policy advisor to Vice PresidentHubert Humphrey. He served on the LBJ White House domestic staff (education) and in the NavyDepartment (Polaris Project). He has played a senior national policy role in 9 presidential campaigns andwritten speeches for 3 Presidents and 3 Vice Presidents.

Ambassador Hunter was educated at Wesleyan University and the London School of Economics (PhD inInternational Relations; Fulbright Scholar). He has taught at 5 universities and has more than 1000publications. He was twice decorated with the Defense Departments highest civilian honor and by eightforeign governments, including the FrenchLgion dhonneur.


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SPEAKER

PROFESSOR SHIREEN HUNTER

Shireen T. Hunter is Research Professor at Georgetown Universitys Center for Muslim -Christian

Understanding (CMCU). Previously, she was Visiting Fellow and then Visiting Professor at CMCU. She

was associated with the Center for Strategic and International Studies from 1983 to 2005, as Director of the

Islam Program, 1998-2005, Deputy Director of the Middle East Program, 1983-92, and Senior Associate(while in Brussels), 1993-98. She also taught courses at Georgetown, George Mason, and Washington

College. She was Academic Fellow at Carnegie Corporation.

From 1993-97, Dr. Hunter was Visiting Senior Fellow at the Centre for European Policy Studies (CEPS)

in Brussels and directed CEPS' Mediterranean Program. She was Guest Scholar at the Brookings Institution

and Research Fellow at the Harvard University Center for International Affairs. From 1966-1978, she was

a member of the Iranian Foreign Service, serving abroad in London and Geneva. She attained the rank of

Counselor and served from time-to-time as Charge d'Affairesof Irans UN Mission in Geneva.

Her most recent books (of 16) areIran Divided: Historic Roots of Iranian Debates in Identity, Culture and

Governance in the 21rst Century, Rowman & Littlefield, forthcoming September 2014; Irans Foreign

Policy in the Post-Soviet Era, Resisting the NewInternational Order, Praeger, 2010; and Reformist Voicesof Islam: Mediating Religion and Modernity (editor & contributor), M.E. Sharpe, June 2008. She has

published more than 500 monographs, chapters in books, and articles, and lectured widely at home and

abroad at universities, research institutes, world affairs councils, the State Department, and military

commands. She also has extensive media experience.

Dr. Hunter was educated at Teheran University (BA and all-but-thesis for a doctorate in international law),

the London School of Economics (MSc in international relations), and theInstitut Universitaire de Hautes

Etudes Internationalesin Geneva (PhD in international relations). A US citizen, she is a member of the

Council on Foreign Relations.


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SPEAKER

JONATHAN KANTERMAN

Jonathan Kanterman is a managing partner at Institutional Asset Advisors. He is a leading hedge fund

consultant with over 18 years of investment management experience. He has managed several fund of

funds, conducting due diligence on and investing in hundreds of hedge funds over the years. He frequently

speaks at industry conferences, addressing topics ranging from due diligence, to best practices, to industryoutlook and regulation. He has won several awards for fund management and in 2008 was named one of

the 20 Rising Stars of Wealth Management by Institutional Investor and Private Asset

Management. Jonathan is also a noted journalist and was recognized by the 2013 New York Press Club

Awards for Excellence in Journalism for his work in the Financial Times on hedge funds and due diligence.


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SPEAKER

DANIEL C. KURTZER

Daniel C. Kurtzer is the S. Daniel Abraham Professor of Middle East Policy Studies at Princeton

Universitys Woodrow Wilson School of Public and International Affairs. During a 29 -year career in the

U.S. Foreign Service, Ambassador Kurtzer served as the United States Ambassador to Israel and as the

United States Ambassador to Egypt. He retired in 2005 with the rank of Career Minister.

Kurtzer is the co-author of Negotiating Arab-Israeli Peace: American Leadership in the Middle East

(2008), co-author of thePeacePuzzle: Americas Quest for Arab-Israeli Peace, 19892011 (2013), and

editor ofPathways to Peace: America and Israeli Conflict(2012). He served as an advisor to the Iraq Study

Group, and currently serves as a member of the Board of Trustees of the American University in Cairo,

member of the Board of The Middle East Institute; and as a member of the New Jersey- Israel Commission.

In 2007, he was named the first Commissioner of the profession Israel Baseball League. Kurtzer received

his Ph.D at Columbia University.


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SPEAKER

WILLIAM MAYER

In 1999 William E. Mayer formed Park Avenue Equity Partners, which is a private equity firm that investsin middle-market companies.

From the fall of 1992 until December 1996, Mr. Mayer was a professor and Dean of the College of Businessand Management at the University of Maryland. During his tenure at the University of Maryland, Mr. Mayerorganized and led an effort that significantly improved the schools programs and made it one of the top 25ranked business schools in the country. From 1991 to 1992, Mr. Mayer served as a professor and Dean ofthe Simon Graduate School of Business at the University of Rochester.

Mr. Mayer worked for The First Boston Corporation (now Credit Suisse), a major investment bank, for 23years. During his career at First Boston, Mr. Mayer held numerous management positions including

President and Chief Executive Officer

Mr. Mayer is currently a board member of the following public companies: BlackRock Kelso, Premier andLee Enterprises, and a member of the Boards of Trustees of Columbia Group of Mutual Funds. Over the

past 40 years, he has been a board member of numerous other public and private companies. Mr. Mayerwas Chairman of the Aspen Institute from 2000 to 2008 and is currently on its Executive Committee. He isalso past Chairman of the Board of the University of Maryland, College Park, Maryland.

He is a member of the Board of Advisors of Miller Buckfire and a board member of Acumen, the RubinMuseum and the Atlantic Council. He is also a member of the Board of Governors at the Pardee RANDGraduate School, a member of the Council on Foreign Relations and the U.S. Vietnam Dialogue Group,and Vice Chairman of the Middle East Investment Initiative. Mr. Mayer was named to the 2013 NACD(National Association of Corporate Directors), which honors leaders in corporate governance and in theboardroom.

Mr. Mayer was a First Lieutenant in the U.S. Air Force. He holds a BS and an MBA from the Universityof Maryland.


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SPEAKER

JOHN MCAULLIF

John McAuliff is a knowledgeable non-governmental specialist seeking to improve US - Cuba relations,

with a special interest in travel, educational exchange and economic cooperation. He founded the Fund for

Reconciliation and Development to achieve normal diplomatic and economic relations with Vietnam, Laos

and Cambodia in 1985. Since the late 1990s he has focused on Cuba, meeting with officials in Havana andWashington and visiting about 20 times, including coordination of two trips for the World Pension

Forum. He graduated from Carleton College, was active in the civil rights and anti-war movements, served

in the Peace Corps in Peru and on the staff of the American Friends Service Committee (Quakers) for ten

years. He writes regularly forthehavananote.comand the Huffington Post and publishes blogs on Cuba

travel http://cubapeopletopeople.blogspot.com/ and the conflict in the South China Sea

http://borderconflict.blogspot.com/ His next program in Cuba focuses on Irish cultural exchange and

heritagehttp://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.html
http://thehavananote.com/http://thehavananote.com/http://thehavananote.com/http://cubapeopletopeople.blogspot.com/http://cubapeopletopeople.blogspot.com/http://borderconflict.blogspot.com/http://borderconflict.blogspot.com/http://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.htmlhttp://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.htmlhttp://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.htmlhttp://cubapeopletopeople.blogspot.com/2014/03/irish-heritage-program-with-mick.htmlhttp://borderconflict.blogspot.com/http://cubapeopletopeople.blogspot.com/http://thehavananote.com/


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SPEAKER

GOVERNOR SCOTT MCCALLUM

Governor Scott McCallum has over 35 years of executive experience leading strategic and operationsplanning, media, marketing, and government relations. He served as Wisconsin State Senator, Lt. Governor,and Governor.

McCallum was the President and CEO of the Aidmatrix Foundation, 2005-2014. The Foundation is aninternational nonprofit organization sponsored by some of the worlds leading technology corporations thatleverage solutions from business and apply them to the NGO and humanitarian sector. As CEO, McCallumgrew the Aidmatrix Foundation from a small local organization to a global operation on 6 continents,transacting $1.5 billion in aid annually, with 52,000 users worldwide.

McCallum was an Ernst & Young Entrepreneur of the Year winner for the Texas, Arkansas, and Oklahomaregion. He received the 21stCentury Achievement Award for visionary use of information technology topromote positive social economic and educational change and a true hero of the information age.(Computerworld), and in 2013 was named by Government Technology Magazine as a Top 25 Doers,Dreamers, and Drivers in US Technology.

He has taught at the University of Wisconsin-Milwaukee, has been an Executive-in-Residence atNorthwestern University in Evanston, IL, and taught at Sun Yat Sen and Harbin Universities in China. Forthe past 7 years he has been on faculty of the University of Wisconsin-Madison.

Governor McCallum is Counsel on Domestic and International Politics with Hamilton Advisors ofWashington, DC. He also leads the McCallum Group, which is focused on work analytics applied todeveloping people and regions. His most recent publications include Work Analysis, Technology, and the

Millennium Development Goals (in publication) and Psychological Dynamics in Information andCommunication Technology for Development Projects.


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SPEAKER

RANJI NAGASWAMI, CFA

A 25+ year investment industry professional, Ms. Nagaswami most recently worked at Bridgewater

Associates, the $130 Billion+ global macro hedge fund and risk-parity strategy pioneer. From 2010 thru

2012 Ms. Nagaswami served as Chief Investment Advisor to the administration of Mayor Michael R.

Bloomberg, City of New York for the Citys $150 Billion+ Employee Retirement Systems. She developeda path-breaking restructuringproposal for the retirement plans strategic investment policy allocation that

was unanimously adopted by the five NYC Retirement Systems nearly 60 Trustees and investment staff

and worked on key governance initiatives to improve decision making by the Systems Boards.

Prior to joining the public sector, Ms. Nagaswami held executive and portfolio management positions at

two world-class asset management firms. Ms. Nagaswami was previously Chief Investment Officer within

the Blend Strategies team of AllianceBernstein L.P. with responsibility for the firms $20 Billion strategic

multi-asset portfolios and $85 Billion Blend equities strategies. She served from 2004 to 2008 as Chief

Investment Officer and a member of the Executive Board of AllianceBernstein Investments, the retail

division of the firm where she was widely credited with leading the turnaround of the $180 Billion global

mutual fund business. From 2001 until 2004, Ms. Nagaswami was a senior portfolio manager of the

Bernstein U.S. Value Equities team and a member of the US Value Equities Investment Policy Group. Ms.Nagaswami joined Sanford C. Bernstein in 1999. From 1986 to 1999, she was at UBS Asset Management

and its predecessor organizations where her last role was Managing Director and Co-Head of U.S. Fixed

Income.

Ms. Nagaswami is currently working to promote sound investment policy and pension governance reform

through public speaking engagements and advisory consultations with institutional investors. Ms.

Nagaswami is a Visiting Executive Fellow at the Yale School of Managements International Center for

Finance and is working to launch the Finance Fellows program within the Aspen Institutes Global

Leadership Network.

Ms. Nagaswami is a member of the $60 Billion UAW VEBA Medical Benefits Trust Investment Advisory

Council, the CFA Institutes Ethics and Standards Advisory Council,and a Henry Crown fellow at theAspen Institute. She was previously a member of the Yale University Investments Committee, the Yale

School of Management Advisory Board, Trustee of Greenwich Academy and on the North American

Council of Ashoka, a global fellowship of social entrepreneurs. Ms. Nagaswami earned a Bachelor of

Commerce from Bombay University in India, a MBA from the Yale School of Management and is a

chartered Financial Analyst.


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SPEAKER

DR. MINXINPEI

Dr. Minxin Pei is the Tom and Margot Pritzker 72 Professor of Government and the director of the KeckCenter for International and Strategic Studies at Claremont McKenna College. Prior to joining CMC inJuly 2009, Pei was a senior associate and the director of the China Program at the Carnegie Endowment for

International Peace in Washington.

His research focuses on democratization in developing countries, economic reform and governance inChina, and U.S.-China relations. He is the author of From Reform to Revolution: The Demise ofCommunism in China and the Soviet Union (Harvard University Press, 1994) and Chinas TrappedTransition: The Limits of Developmental Autocracy(Harvard University Press, 2006). Peis research hasbeen published inForeign Policy,Foreign Affairs, The National Interest,Modern China, China Quarterly,

Journal of Democracyand many edited books. Pei is a frequent commentator on BBC World News, Voiceof America, and National Public Radio; his op-eds have appeared in theFinancial Times,New York Times,

Washington Post,Newsweek International, andInternational Herald Tribune, and other major newspapers.Pei received his Ph.D. in political science from Harvard University. He was on the faculty at PrincetonUniversity from 1992 to 1998. Pei is a recipient of numerous prestigious fellowships, including the

National Fellowship at the Hoover Institution at Stanford University, the McNamara Fellowship at theWorld Bank, and the Olin Faculty Fellowship of the Olin Foundation


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SPEAKER

MELISSA SANTANIELLO

Melissa Santaniello is the founder of the Alignment of Interests Association (AOI), a non-profit investor

think-tank comprised of 250+ participants. She previously spent several years working for fund-of hedge

funds Cadogan Management LLC, and began her career in equities research working as an equity research

analyst at both Donaldson Lufkin & Jenrette and Deutsche Bank. Melissa currently consults for a familyoffice and hedge fund platform, where her responsibilities include manager sourcing and due diligence for

the firms emerging manager investments. She received a BS from Cornell University.


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SPEAKER

GAREN STAGLIN

Garen is the Co-Founder and Co-Chairman of One Mind, and the Co-Founder, President, and Trustee ofthe International Mental Health Research Organization. During the past 20 years, IMHRO and the Staglin'sMusic Festival for Mental Health event have raised more than $200 million for brain health charities and

research. He is also Co-Founder and President of Bring Change 2 Mind, a non-profit organization dedicatedto eliminating the stigma of brain illness

Garen has spent more than 35 years building and starting companies in the financial services and paymentindustries as a private equity investor and philanthropist. He currently serves on the Board of Directors ofSilicon Valley Bank, and is Chairman of the Board of ExL Services, NVoice Payments and Profit VelocitySolutions. Previously, Garen served on the Boards of FirstData Corporation, Solera Inc., SpecializedBicycle Corporation and Bottom Line Technologies. He is also a Senior Advisor to FTV Capital.

He earned his Bachelor of Science in Engineering from UCLA and his MBA from the Stanford GraduateSchool of Business. He is a recipient of the Gold Spike Award, Stanford University's highest award forvolunteer service and the UCLA College of Letters & Science Fellows Award. Currently, Garen is the Co-

Chairman of the UCLA Centennial Campaign.

Garen, his wife Shari, and their children, Brandon and Shannon, are Founders of the Staglin FamilyVineyard in Rutherford, California. Actively involved for 30 years in the wine industry, the Staglin mottois "Great Wine for Great Causes" and through the operation of their winery, business interests, and supportof various charitable causes, they have indeed lived up to that philosophy. In the last ten years, causes theyhave chaired or donations from their wines have generated more than $800 million.


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SPEAKER

JOSE VIERA

Jos Ral Viera Linares (Pepe), joined the Revolution as a Volunteer Teacher in 1960 where he served

for six months. He was sent to nationalize a sugar mill and in 1961 was appointed to the Ministry of Foreign

Affairs. He joined the Foreign Service and was posted to embassies in Honduras, Chile, Bolivia and the

Permanent Mission to the UN. Since 1970, he was successively appointed in the Ministry of Foreign Affairsas Head of the Department of International Organizations Division, Deputy Minister and First Deputy

Minister. In 1990, he left the Ministry, attended law school, and then served as Legal Adviser in state

tourism companies that hold hotel properties in Havana. Mr. Viera retired in 2010. He and his wife Cecilia

Bermudez translated into Spanish for publication in Cuba two books by Dr. Louis Perez of the University

of North Carolina, On Becoming Cuban. Identity, Nationality & Culture and Cuba in the American

Imagination. Since the opening of people to people travel, he has been a frequent speaker and resource

person for visiting university, alumni and business groups and the Brookings Institution and has been a

visiting scholar and speaker in the US. He holds a Certificate in English from Louisiana State University

and a Degree in Law from Havana University. He is 74 years old.


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SPEAKER

DR. MURRAY ZUCKER

Dr. Murray Zucker is the Senior Medical Director for Innovation at Optum Health (OH), a division of

United Health Group, the largest health care corporation in the United States. He is based at the Optum

Behavioral Helath corporate headquarters in San Francisco. Dr. Zucker brings many years of experience in

health care delivery, medical behavioral integration, direct service, and academia. As Medical Director heoversees the clinical program, quality assurance program, outcomes measurement, and coordinates the

participating clinicians in new product delivery. Dr.Zucker is responsible for assessing new technologies

and approaches for care delivery to improve outcomes and provide cost effectiveness and working with the

Innovation team in developing new products to enhance quality of life and productivity. In addition, Dr.

Zucker has been a consultant to the media and spokesperson for behavioral and innovative issues.

In his previous role of Regional Medical Director at Optum Health, he was responsible for the behavioral

health needs (mental health, substance abuse, severe chronic mental illness) of 4.5 million people in the

western United States. His responsibilities included leading utilization and quality programs and

network/provider development as well as medical-behavioral integration efforts. In addition, by use of

analytics and predictive modeling, programs were developed for early identification and intervention, the

spread of best practices, disease management, and intensive case management. Through the years, Dr.Zucker, as a psychiatrist, has been instrumental in integrating behavioral health into medical practice to

improve outcomes and cost-effectiveness.

Before joining United Health, Dr. Zucker was Medical Director for TricareWestern Region with Health

Net and oversaw the behavioral health needs of about 3 million lives of military dependents and retirees.

In this role, he managed a large government contract and was instrumental in new program development

and integrating behavioral health and medical practice.

Dr. Zucker received his undergraduate degree from the University of Pennsylvania and then

graduated University of Rochester School of Medicine. Before specializing in psychiatry, he

trained in general medicine and ran a medical clinic on an Indian reservation. Then he pursued his

psychiatric training at UCLA where he became a member of the faculty, started the Gero-

Psychiatry Clinic, taught psychiatric residents, and was involved with Consultation Services with

an empathize on bringing the benefits of behavioral health to the treatment of medical patients.

He also was the founder and leader of a large multi-disciplinary group practice in Los Angeles,

started Eating disorder programs, and developed new formats for bringing psychiatric care to

nursing homes.


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SPONSOR

CASTLE HARLAN, INC

Castle Harlan,founded in 1987, invests in controlling interests in the buyout and development of middlemarket companies worldwide. The Castle Harlan team of 21 investment professionals has completed 54acquisitions with more than 43,000 employees and total transaction value in excess of $11 billion. Castle

Harlan, along with its affiliates, has managed investment funds with equity commitments of over $6 billion.The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s. Since1999 Castle Harlan has invested in Australia and Southeast Asia with its affiliate CHAMP Private Equityin Sydney and Singapore.

Castle Harlan's current portfolio companies include Shelf Drilling, the leading global independent providerof shallow-water jack up drilling rig services; Baker & Taylor, the worlds largest distributor of books andentertainment products to libraries and retailers; and Gold Star Foods, the leading nutritional fooddistributor to K-12 schools in California, Arizona and Nevada.

Howard D. Morgan, Co-President

Howard D. Morgan is Co-President of Castle Harlan. He joined CHI in 1996 and has been active in mid-market private equity for over 26 years. He has been a Board Director and Executive Committee memberof CHAMP Private Equity, Castle Harlan's affiliate in Sydney, Australia since its inception, and from 2000to 2002, he was Executive Director of CHAMP Private Equity. Previously, Mr. Morgan was a partner atThe Ropart Group, a private equity investment firm, and began his career as an associate at Allen &Company, Inc. He is a director of All Leasing, Centric Wealth, Pretium Packaging, Shelf Drilling andvarious entities associated with CHAMP Private Equity. He is a former director of over one dozencompanies, including IDQ Holdings, Baker & Taylor, Securus, Polypipe Global Holdings, Austar UnitedCommunications Ltd., Norcast Wear Solutions, AmeriCast Technologies, Ciao Bella Gelato Company, Ion

Track Instruments, Land N Sea Distributing and Penrice Soda Products. He is a director and past

Chairman of the Harvard Business School Club of New York, Chairman of the Parkinsons DiseaseFoundation and a director of the Alexander Hamilton Institute, and the World Press Institute and Treasurerof the Friends of the Garvan Institute of Medical Research. He was a director and an officer of the HarvardBusiness School Alumni Board from 2006-2011. Mr. Morgan received his B.A. from Hamilton College inMathematics and Government and his M.B.A. from the Harvard Business School.


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SPONSOR

CASTLE HARLAN, INC

Hemali Dassani, Director, Investor Relations

Hemali Dassani is Director, Investor Relations at Castle Harlan, focusing on client service, communication,relationship management, and capital-raising. Previously, Ms. Dassani was a Managing Director with OldCity Investment Partners, a multi-family office dedicated to finding high quality investments for the firm'sclientele of family office investors. Ms. Dassani has a history of working with alternative investment firms,especially Private Equity funds, raising capital globally. She has an M.B.A. from the Harvard BusinessSchool and a B.Sc. in Industrial Engineering from Northwestern University. Ms. Dassani is President ofthe Harvard Business School Club of Greater New York, and sits on the Board of Governors for the HarvardBusiness School Real Estate Alumni Association and the Steering Committee for the Harvard BusinessSchool Alumni Angels Association.


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SPONSOR

NEW MOUNTAIN CAPITAL

New Mountain Capital, LLC, together with its affiliates ("New Mountain"), manages private equity,

public equity and credit capital with aggregate assets under management totaling more than $12.0 billion1.

New Mountain's first private equity fund, the $770 million New Mountain Partners, L.P., began its

investment period in January 2000. New Mountain's second private equity fund, the $1.55 billion NewMountain Partners II, L.P., began its investment period in January 2005. New Mountain's third private

equity fund, New Mountain Partners III, L.P., with over $5.1 billion of aggregate commitments, began its

investment period in August 2007. The firm is currently investing capital from New Mountain Partners IV,

L.P. New Mountain manages public equity portfolios through New Mountain Vantage Advisers, L.L.C.

("Vantage"), a U.S. SEC-registered investment adviser that manages a privately offered, pooled investment

vehicle available exclusively to accredited investors, and which is designed to apply New Mountain's

established strengths as an acquirer and builder of businesses toward non-control positions in the U.S.

public equity markets generally. New Mountain also manages credit funds through New Mountain Finance

Corporation, a closed-end investment company that is listed on the New York Stock Exchange (Ticker:

NMFC). NMFC's investment objective is to generate current income and capital appreciation through

investments in debt securities at all levels of the capital structure.

New Mountain Capital's mission is to be best in class among alternative asset managers as measured by

returns, control of risk, service to our investors and the quality of the businesses we build. All of New

Mountain Capital's efforts emphasize intensive fundamental research and a focus on growth and investor

"value added", rather than reliance on excessive risk, as the best path to high and consistent long term

returns. New Mountain Capital is a generalist firm, but also has proactively developed particular research

and operational expertise in carefully selected "defensive growth" niches of education, health care,

software, business services, logistics, specialty chemicals, federal services, media, consumer products,

financial services and insurance, environmental services, infrastructure and energy. New Mountain Capital

works systematically to establish expertise in additional sectors over time.

Andrew D. Barous, Investor Relations Director

Andrew Barous joined New Mountain in 2006. He previously served as a small-business advisor and

community development volunteer with the Peace Corps in the Kingdom of Tonga, South Pacific. He is a

member of Omicron Delta Epsilon, International Economics Honorary Society, and received his B.A. in

Economics from Hamilton College in 2001.


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SPONSOR

RCS CAPITAL

RCS Capital Corporation(RCS Capital) (NYSE: RCAP) is a full-service investment firm expressly

focused on the individual retail investor. With operating subsidiaries including: retail advice services,

wholesale distribution, investment management, crowdfund investing, investment banking and capital

markets, and investment research, RCS Capital is designed to protect, support, grow and maximize valuefor the investment programs it distributes and the independent advisors and clients it serves.

LEE GIANNONE, Managing Director

Mr. Giannone is the Managing Director of Institutional Markets for American Realty Capital. He is based

in New York City and works with ARCs various product, management, and distribution groups focusing

on business in the institutional and pension markets.

Prior to Joining ARC, Lee was a Managing Director responsible for overall development of institutional

businesses at ZAIS Group, a structured credit hedge fund in Red Bank, NJ. Prior to that, he was a Partner

at the London-based Mondrian Investment Partners where he led the Client Service, Marketing, and

Consultant initiatives for their Global Fixed Income business. Before joining the Mondrian Partnership

following the Delaware International MBO, he served as Senior Vice President for Delawares Global

Institutional Sales Group.

Earlier in his career, he was a Large Market 401(k) Product Specialist for Merrill Lynchs Business

Financial Services group followed by a direct institutional sales roll with Merrill Lynch Asset

Managements International Marketing team.

He earned an MBA in international business from the Smeal Graduate School at The Pennsylvania State

University, where he also did his undergraduate studies.

LUBA KRYM, Assistant Vice President

Luba Krym joined RCS as an Internal Wholesaler on February 6, 2012 and works out of the New York

office. She is a Junior Internal Wholesaler for Kerry Scanlon supporting the Great Plains territory. Luba

joined the company from ICON Capital/ICON Investments, where she spent 2 years as an assistant Vice

President of Business Development. She is a CPA and holds FINRA licenses Series 6 and Series 7. She

earned a Bachelors from Oakland University in Rochester, Michigan.


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SPONSOR

RCS CAPITAL

SAMEER JAIN, Chief Economist and Managing Director

Sameer Jain serves as Chief Economist and Managing Director of American Realty Capital, an investment

services firm expressly focused on the alternative investment industry. Mr. Jains executive management

and multifaceted responsibilities at American Realty Capital, include risk management, firm strategy, and

direction development, as well as the analysis and evaluation of alternative investments. He has 18 years

of industry experience during which his responsibilities have included formulating investment strategy,

developing risk management practices and asset allocation models, creating thought leadership, and

assessing and engaging real estate, private equity, and hedge fund managers. Prior to joining American

Realty Capital Mr. Jain headed Investment Content & Strategy at UBS Alternative

Investments, where he

was also responsible for all illiquid investing across the platform. Prior to UBS, Mr. Jain served at Citi

Capital Advisors Alternative Investments and SunGard System Access. He has written a number of

academic and practitioner articles on alternative investments, many of which are available in the public

domain at ssrn.com.

Mr. Jain is a graduate of Massachusetts Institute of Technology and Harvard University.


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SPONSOR

SIGULER GUFF AND COMPANY

Siguler Guff & Company, LP is a private equity investment firm which, together with its affiliates, managesmulti-manager funds, direct investment funds and separate accounts totaling more than $10 billion in assetsunder management. Founded in 1991 within PaineWebber, Siguler Guff became an independent firm in

1995. Its clients include corporate and public employee benefit plans, endowments, foundations,government agencies, financial institutions, family offices and high net worth individuals. Siguler Guff isheadquartered in New York, and maintains U.S. offices in Boston and Chicago, as well as internationaloffices in Shanghai, So Paulo, Mumbai and Moscow.

Siguler Guffs investment philosophy is focused on identifying market inefficiencies that are capable ofgenerating high absolute rates of return and creating efficient solutions to capture them. The Firms multi-manager funds target specific areas of compelling opportunity, including distressed securities, smallbusiness, emerging markets and distressed real estate. Siguler Guffs direct investment funds primarilyfocus on investments in Russia and the countries of the former Soviet Union, and in the venture lendingspace. The Firm also provides discretionary private equity advisory services and manages a number of non-discretionary separate accounts.

Siguler Guffs investment approach is value oriented, driven by risk-adjusted outcomes, and has a heavyemphasis on capital preservation. Each strategy is staffed independently and takes advantage of the Firmslong history as a direct investor to add value well beyond the research and selection of managers. Byexploiting both optionality and time in its investment decisions, Siguler Guff believes that each partnershiprepresents an efficient and diversified solution for investors to capture the high absolute returns availablewithin its respective market niche.

GEORGE W. SIGULER

George is a Managing Director and Founding Partner of Siguler Guff. He is responsible for directing SigulerGuffs private equity investment strategy and is the Firm's Chief Investment Officer. Mr. Siguler sits on theInvestment Committees for all of the Firm's funds. Prior to founding Siguler Guff, Mr. Siguler was aManaging Director and head of PaineWebber's Private Equity Group until Siguler Guff becameindependent in 1995.

Before joining PaineWebber, Mr. Siguler was President of Associated Capital Investors (formerly Bank ofAmerica Investment Management Company). He was a Founding Partner of the Harvard ManagementCompany in the early 1970s, and initiated and managed its venture capital, buyout and hedge fundactivity. He also served as Associate Treasurer of Harvard University. Mr. Siguler served in the ReaganAdministration from 1983 to 1984 as Chief of Staff of the U.S. Department of Health and Human Services,

with oversight responsibility for a $300 billion budget and 150,000 employees.

Mr. Siguler is a Director of the Emerging Markets Private Equity Association, a Non-Executive Directorof Preqin and a member of the advisory board of the Center for Asian Pacific Policy at the RANDCorporation. He is also a member of RAND's U.S.-Russia Business Leaders Forum, the Russell 20/20Group and the Pacific Pension Institute. Mr. Siguler currently serves on the Board of Advisors of JohnsHopkins University's Paul H. Nitze School of Advanced International Studies and on the Board of Trusteesof the Carnegie Endowment for International Peace. He also serves on the Pension Advisory Committee ofthe International Monetary Fund and on the Board of Directors of MSCI.


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SPONSOR

SIGULER GUFF AND COMPANY

Mr. Siguler is a member of the Board of Overseers of the Hoover Institute at Stanford University and amember of the Investment Committee of the Wildlife Conservation Society.

Mr. Siguler holds an A.B. in History from Amherst College and an M.B.A. from Harvard Business School.


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PARTICIPANTS

CALIFORNIAPUBLICEMPLOYEESRETIREMENTSYSTEM

The California Public Employees' Retirement System (CalPERS) is an agency in the CaliforniaExecutive branch that "manages pension and health benefits for more than 1.6 million California publicemployees, retirees, and their families. In fiscal year 2007-2008, $10.88 billion was paid in retirement

benefits, and in calendar year 2009 it is estimated that over $5.7 billion will be paid in health benefits.

As of March 31, 2013, CalPERS managed the second largest public pension fund in the United States,second to the federal Civil Service Retirement and Disability Fund, with $257.4 billion in assets thatrepresented a 1% decrease from the peak value of its assets of $260.6 billion in October 2007. CalPERS isknown for its shareholder activism; stocks placed on its "Focus List" may perform better than other stocks,which has given rise to the term "CalPERS effect". Outside the U.S., CalPERS has been called "arecognized global leader in the investment industry", and "one of America's most powerful shareholderbodies.

RICHARD COSTIGAN, Board Member

Mr. Costigan was appointed to the State Personnel Board (SPB) by Governor Arnold Schwarzenegger in2007.

Mr. Costigan served as deputy chief of staff and legislative affairs secretary to Governor Schwarzenegger,and was involved in all aspects of administration policy. His responsibilities included being the liaisonbetween the Governor, the Legislature, and the States many agencies and departments on policydevelopment and implementation.

Before joining the Schwarzenegger administration, Mr. Costigan was vice president of governmentrelations for the California Chamber of Commerce.

Currently, Mr. Costigan is the Senior Director of State and Government Affairs for the national law andconsulting firm of Manatt, Phelps & Phillips.

He is a graduate of the University of Georgia and the Cumberland School of Law at Samford University inBirmingham, Alabama.


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PARTICIPANTS

COLORADOPUBLICEMPLOYEESRETIREMENTASSOCIATIONColorado Public Employees Retirement Association (Colorado PERA)provides retirement and other

benefits to the employees of more than 500 government agencies and public entities in the state of Colorado.

PERA is the 21stlargest public pension plan in the United States.

Established by State law in 1931, PERA operates by the authority of the Colorado General Assembly and

is administered under Title 24, Article 51 of the Colorado Revised Statuses. In accordance with its duty to

administer PERA, the Board of Trustees has the authority to adopt and revise rules in accordance with state

statutes.

Its membership included employees of the Colorado state government, public school teachers in the state,

many university and college employees, judges, many employees of cities and towns, state troopers, and

the employees of a number of other public entities.

PERAs Board of Trustees are fiduciaries and are held to a high standard of prudence in investing the trust

funds. By state law, the management of the public employees retirement funds are vested in PERAs 16-

member Board of Trustees. There are approximately 230 staff members responsible for the day-to-day

operations of PERA. This staff manages the investment process, administers the payment of benefits and

provides other support services.

GREG SMITH, Executive Director, Public Employees Retirement Association of Colorado

Gregory W. Smith became Executive Director of Colorado PERA in November 2012. He is the sixthExecutive Director of the retirement system, which has over $43 billion in defined benefit assets and over$3 billion in defined contribution assets. Established by the Colorado General Assembly in 1931, ColoradoPERA administers a defined benefit pension plan as well as disability and survivor benefits and othervoluntary programs including defined contribution plans, health care, and life insurance to more than

500,000 current and retired Colorado public employees. In addition to providing leadership for the nations21st largest public pension plan. Mr. Smith oversees 276 employees and a $65.6 million annual budget.

Mr. Smith joined Colorado PERA in February 2002 as General Counsel and in July 2009, he was promotedto the additional role of Chief Operating Officer. As the Chief Operating Officer, he was responsible formanaging all aspects of member contacts and benefit administration in addition to providing direction andleadership in the development and implementation of PERAs operating policies and goals. As the GeneralCounsel, Mr. Smith was responsible for protecting the fiduciary interests of PERAs membership and hehad oversight of all legal issues and activities. In April 2012, the PERA Board of Trustees named Mr. SmithInterim Executive Director. Under Mr. Smiths leadership and direction, Colorado PERA remains involvedin many innovative ventures in the pension arena that keep Colorado PERA in the national forefront. Mr.Smith currently serves as chair on the National Institute on Retirement Security (NIRS) Board. In addition,

he is on the Board of Directors for the Council of Institutional Investors (CII) where he also served as thepolicies committee chair. Mr. Smith also served as a former President on the Executive Board for theNational Association of Public Pension Attorneys.


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PARTICIPANTS

COLORADOPUBLICEMPLOYEESRETIREMENTASSOCIATIONJIM LIPTAK, Director of Equities

Mr. Liptak oversees the investment activities for Colorado PERAs $26 billion global equity asset class.

He manages asset class construction, risk management, and internal staff that manage two-thirds of

Colorado PERAs equity assets. He is the Portfolio Manager of a $1.6 billion U.S. Large Cap Core equity

portfolio. Mr. Liptak joined Colorado PERA in January 199 as a Senior Portfolio Manager. He was

promoted to Director of Equities in 2002. He was previously with United Capital Management as an Equity

Analyst where he worked for 5 years. He is a graduate of the State University of New York at Albany with

a BS in Business and he earned his MBA from Indiana University. He holds the designation of Chartered

Financial Analyst and is a member of the CFA Institute and the CFA Society of Colorado.


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PARTICIPANTS

CATHOLICHEALTHINITIATIVES

Catholic Health Initiatives, a nonprofit, faith-based health system formed in 1996 through theconsolidation of four Catholic health systems, expresses its mission each day by creating and nurturinghealthy communities in the hundreds of sites across the nation where it provides care . One of the nations

largest health systems, Englewood, Colo.-based CHI operates in 18 states and comprises 93 hospitals,including four academic medical centers and teaching hospitals: 24 critical-access facilities; communityhealth services organizations; accredited nursing colleges; home-health agencies; and other facilities thatspan the inpatient and outpatient continuum of care. In fiscal year 2013, CHI provided $762 million incharity care and community benefit, including services for the poor, free clinics, education and research.

LINDA L. MACDONALD, Vice President, Treasury Services

Linda was appointed Vice President, Treasury Services of Catholic Health Initiatives in October 2002.

Prior to assuming this role, Linda served as Director of Capital Finance for CHI since April 1997. Prior to

joining Catholic Health Initiatives (CHI), Linda was with Holy Cross Health System Corporation, South

Bend, IN for fourteen years and served in several finance roles.

In her role as Vice President, Treasury Services, Linda is responsible for the management of the nationalinvestment, cash management, and capital finance functions for Catholic Health Initiatives. Assetsmanaged within the investment programs are approximately $13 billion and outstanding debt is $8.1 billion.

Linda holds a master of business administration degree from Indiana University, South Bend, Indiana anda bachelor of business administration degree in accounting from Western Michigan University, Kalamazoo,Michigan.


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PARTICIPANTS

FEDERALRETIREMENTTHRIFTINVESTMENT BOARDThe Federal Retirement Thrift Investment Board administers the Thrift Savings Plan (TSP), a tax-

deferred defined contribution plan similar to private sector 401(k) plans which provides Federal employees

the opportunity to save for additional retirement.

GREG LONG, Executive Director

Greg is the Executive Director of the FRTIB, the Federal Agency that administers the Thrift Savings Plan

(TSP). In this role, Greg serves as the Chief Executive Officer and managing fiduciary of the TSP. The TSP

services 4.6 million current and former Federal employees and Uniformed Service members with over $400

billion in assets, making it the largest defined contribution plan in the world. Prior to his appointment as

Executive Director, Greg was the FRTIB's Director of Product Development, where he was responsible for

the Agency's strategic planning functions and development of new services. Additionally, Greg managedall research efforts to understand the attitudes and behavior of TSP participants. Before joining the FRTIB,

Greg spent seven years with State Street Bank and its CitiStreet affiliate, where he served as the Director

of Marketing for the American Bar Association Retirement Funds. In that position, he oversaw all

marketing activity for a program that provides 401(k) services to over 4,000 law firms nationwide. Prior to

State Street, Greg spent six years with Putnam Investments, most recently as the Regional 401(k) Director

in the southeast U.S. Greg was born in Boston and is a graduate of St. Anselm College in Manchester, New

Hampshire. He lives in the Washington D.C. Metro area with his wife and their children.


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PARTICIPANTS

FIREANDPOLICEPENSIONASSOCIATION OF COLORADOFire and Police Association of Colorado (FPPA) was established in 1980 pursuant to Colorado RevisedStatutes. FPPA is located in Greenwood Village, Colorado and serves the entire state. As of December 31,2010 FPPA counts their membership as 15,699 active firefighters and police officers and 8,451 retirees and

beneficiaries throughout the state of Colorado. The pension fund assets that FPPA administers totaledapproximately $3.3 billion.

FPPA is governed by a nine-member board of Directors who serve four-year staggered terms. Appointedby the Governor and confirmed by the Senate, the FPPA Board of Directors is composed of two membersrepresenting Colorado municipal employers, one member representing special districts volunteerfirefighters, one full-time paid police officer, one-full time paid firefighter, one retired police officer orfirefighter (who serves a six-year term), and three private citizens with experience in investments, disabilityclaims and personal administration.

DAN SLACK, Executive Director

Dan Slack has been the Chief Executive Officer of the Fire & Police Pension Association of Colorado(FPPA) since December 2008. With a staff of 52 employees, FPPA administers retirement and disabilitybenefits for municipal police officer and fire fighters throughout the State of Colorado. FPPA has definedbenefit, defined contribution, hybrid and 457 plans for the benefit of its members, and has approximately$4.5 billion in assets under management. Dan served as the Executive Director of the State UniversitiesRetirement System of Illinois (SURS) from December 2005 through December 2008, as AssociateExecutive Director from 2003 until December 2005, and as General Counsel from September 1998 throughApril 2006.

From 1991 until joining SURS, he provided legal advice to SURS as outside counsel. Dan was a partner inthe Illinois law firm of Thomas, Mamer & Haughey before joining SURS, where he represented pensionfunds, individuals, and small businesses and their owners in their legal needs, including the areas of

qualified and non-qualified retirement plans, estate planning and real estate. Prior to joining Thomas,Mamer & Haughey, he was an Assistant Attorney General for the State of Illinois, during which time healso served as the director of one of the Attorney Generals regional offices. Dan is a member of the GlobalCapital Markets Advisory Council of the Milken Institute and is a member of the CGNP Client AdvisoryBoard of BNY Mellon. In addition, he is Chair of the Investment Committee of the City of Centennial,Colorado. Dan served as a member of the Standing Advisory Group of the Public Company AccountingOversight Board from 2011-2012. He served on the Executive Board of the National Association of PublicPension Attorneys from 2003 through 2005, and has served on the boards and committees of various localcharities.

Dan has two degrees from the University of Illinois: a Bachelor of Arts, 1978, and a Juris Doctor, 1983.


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PARTICIPANTS

FIREANDPOLICEPENSIONASSOCIATION OF COLORADOJACK BLUMENTHAL, Trustee

Jack Blumenthal is a member of the board and audit committee chair of the Fire & Police PensionAssociation of Colorado (FPPA) since 2009. FPPA has defined benefit, defined contribution, hybrid and457 plans for the benefit of its members, and has approximately $4.5 billion in assets under management.Its state-wide defined benefit plan has a funded ratio of 100%.

Jack led the financial services practice of Causey Demgen & Moore P.C. for more than 25 years. Causeyis the leading CPA firm in the U.S. providing verifications for the restructuring of tax exempt bonds andasset backed securities, workouts of problem bond issues, and feasibility studies for large health carefinancing projects. Jack has had partnership responsibility for services on more than 12,000 transactionstotaling more $400 billion and is currently of counsel to the firm leading its large problem debt andhealthcare practices.

Prior to joining Causey, Jack was a partner in Grant Thornton CPAs and served as the Chief FinancialOfficer of a group of energy companies which were owned by Swiss shareholders. His career started withDeloitte & Touche (including a stint as the Acting Budget Director of Newark, NJ) and was an officer inthe U.S. Coast Guard.

Jack is a member of the National Association of Corporate Directors, the American Institute of CPAs(where he has been a member of the Consulting Services Executive Committee and the Technical StandardsSub-committee), and holds an emeritus status as a Certified Management Consultant and CertifiedValuation Analyst, having been an officer of the Institute of Certified Management Consultants.

Jack currently is a member of the boards of the Colorado Fiscal Institute and Planned Parenthood of theRocky Mountains (where he serves as the audit committee chair and on their investment committees), amember of the newly formed Steering Committee for Denver International Airport, which is owned by theCity and County of Denver, the Investment Committee of the Colorado Episcopal Foundation, and theColorado Counsel for the University of Michigan. He has served on the boards and finance committees of

InnovAge, a large Western U.S. healthcare services provider, and the American Heart Association. He alsospeaks on fiduciary responsibilities at US Markets institutional investor conferences.

Jack holds a Bachelor of Arts in Economics from the University of Michigan and an MBA in Finance andAccounting from the Stern School of Business of New York University. He enjoys biking and fitnesstraining.


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PARTICIPANTS

HEWITTENNISKNUPP,ANAON COMPANYHewitt EnnisKnupp, Inc,an Aon plc company (NYSE: AON) and SEC registered investment adviser,

provides investment consulting services to over 500 clients in the U.S. and abroad with total client assets

of approximately $2 trillion. More than 240 investment consulting professionalsa result of the merger of

Hewitt Investment Group, Ennis, Knupp & Associates, and Aon Investment Consulting adviseendowment, foundation, not-for-profit, corporate and public pension plan clients ranging in size from $3

million to over $740 billion.

DAN KIM, Associate Partner

Dan, associate partner, manages consulting assignments for several Hewitt EnnisKnupp retainer and projectclients. He actively participates in the firms global private equity investment management research group

as a generalist and specializes in infrastructure funds. In addition, he serves as a member of the groupsPrivate Equity Investment Committee.

Prior to joining Hewitt EnnisKnupp in 2007, Dan served as a manager of research and analysis for a privateequity firm, vice president of research and analysis for a venture capital firm, and research analyst for aportfolio manager and long-short hedge fund.

He holds a B.A. degree in economics from the University of Illinois.


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PARTICIPANTS

THE LOS ANGELES COUNTY EMPLOYEES RETIREMENT

ASSOCIATION

The Los Angeles County Employees Retirement Association (LACERA)administers and manages theretirement fund for the County of Los Angeles. It is the largest county retirement system in the United

States, serving more than 156,000 members. LACERA is governed by two nine member Boards: the Boardof Retirement is responsible for the overall management of the retirement association; the Board ofInvestments is responsible for establishing LACERAs investment policy and objectives, as well asexercising authority and control over the investment of the fund. Currently, the $40 billion retirement fundsinvestments are diversified across six asset classes: U.S. Equity, Non-US Equity, Fixed Income, RealEstate, Private Equity and Commodities.

SHAWN KEHOE, Trustee, Board of Retirements and Investments

Mr. Kehoe holds a publicly elected position as a Trustee on the Board of Retirement and the Board of

Investment for the Los Angeles County Employee Retirement Association (LACERA). LACERA is a

public pension fund that administers and manages the largest county retirement system in the United States.

LACERA's total pension fund market value is approximately $48 billion, with an annual operating budget

of more than $65 million. His responsibilities include the oversight of retirements for all Los Angeles

County employees, overseeing a 44,000 member retiree health insurance program, fiscal considerations

impacting the fund, managing the LACERA portfolio and investments, and managerial / budgetary

oversight of LACERA operations. Mr. Kehoe serves as the board Secretary for the Board of Investments,

Chairs the Corporate Governance Committee and Operations Oversight Committee, and is a member of the

following committees: Equity: Public/Private Committee; Insurance, Benefits, and Legislative Committee;

Real Estate Committee; Audit Committee; and the CEO Performance Committee.

Academically, he holds a Master of Public Administration from the University of Southern California. He

also holds a graduate certificate in Executive Leadership from Cornell University, Bachelor of Science in

Business Administration (Finance) from Walden University, and an Associates Degree from Cerritos

College. In addition, he holds two executive certificates from the University of Pennsylvania, Stanford

University, the University of California, Berkeley, and the University of California, Los Angeles.

Professionally, Mr. Kehoe serves the Los Angeles County Sheriff's Department as a Lieutenant assigned to

the Inmate Reception Center. As a Lieutenant, he is a manager within the department, managing

approximately 5 sergeants, 80 deputies and custody assistants, along with approximately 20-30 professional

staff. He is indirectly responsible for more than 9,000 employees.

Mr. Kehoe is happily married to his wife of ten years. She is a Doctor of Chiropractic and Licensed

Acupuncturist. They are the proud parents of a 15 month old baby girl. In his spare time he enjoys traveling,

photography, and hiking


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PARTICIPANTS

NEWYORKSTATECOMMONRETIREMENT FUND

The New York State Common Retirement Fund(CRF or the Fund) holds assets in trust for more thanone million employees and retirees from State governments, most local governments and some publicauthorities. State Comptroller Thomas P. DiNapoli is the sole trustee and manager of the CRF.

Since taking office, Comptroller DiNapoli has made it a primary objective to manage the $176.8 billion (asof March 31, 2014) CRF in a manner that maximizes investments and provides security for employeesthrough their golden years. He has instituted a number of reforms to make the CRF one of the mosttransparent and prudently managed public pension funds in the country.

ANASTASIA TITARCHUK,Director, Absolute Return Strategies

Anastasia is the Director of Absolute Return Strategies at the $180 billion New York State Common

Retirement Fund. In this capacity she oversees a $7 billion portfolio of hedge funds. Ms. Titarchuk has over

15 years of experience on Wall St. working in a variety of roles ranging from Emerging Markets, InterestRates trading and Equity Derivatives sales. Prior to joining New York State, she was a Director of

International Derivatives Sales at Bank of America from 2009 to 2010. Before that, Ms. Titarchuk was with

Lehman Brothers and then Barclays Capital from 2006 to 2009, where she managed a sales team focused

on volatility as an asset class and on marketing global equity and derivative products to an international

client base. Ms. Titarchuk began her Wall St. career at JP Morgan in 1998 where she held multiple roles on

a variety of desks ranging from Emerging Markets Capital Markets, Short Term Interest Rate trading and

finally Equity Derivatives marketing covering the entire spectrum of institutional clients. Ms. Titarchuk

graduated from Yale University with a B.S. in Applied Mathematics, Summa Cum Laude.


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PARTICIPANTS

NEWYORKSTATETEACHERSRETIREMENT SYSTEMThe New York State Teachers Retirement System (NYSTRS)was created in 1921 by an act of the state

legislature. The System administers the fund from which the states public school teachers and

administrators, excluding those in New York City, receive retirement and ancillary benefits under a defined

benefit plan.

NYSTRS is one of the 10 largest public retirement funds in the world, based on portfolio size and total

membership. Consistently among the top performing systems, NYSTRS has assets of approximately $107

billion and pays out more than $6 billion annually in benefits.

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