Institute for International Research

Online Documentation Now Available!

Dear Executive,

The concept of portable alpha has been a hot topic in the institutional world over the last few years. But the real challenge for investors has moved beyond simply defining and finding sources of alpha, to a more practical problem of figuring out how to apply the theory to real-world investment schemes and scenarios.

IIR's 2nd Annual Portable Alpha Summit has been updated and redesigned to ensure you receive actionable insights you can use to plan, develop, and manage a portable alpha program. Chaired by Matthew O'Connor, Sr. VP, Alternative Portfolio Solutions Group at Lehman Brothers, the event will take place October 11-12, 2006 at the Beekman Tower Hotel in Midtown Manhattan.

In response to your feedback, we have incorporated several changes and features, including sessions on:
• Finding and using alternatives alpha sources, including Forex markets and fixed income
• Analyzing liability driven investment strategies, and how they can be used to better achieve investment goals
• Implementation issues, and getting buy-in from investment boards and committees
• Integration of portable alpha strategies
• Capacity constraints, beta selection criteria, risk budgeting, and structuring issues

IIR's 2nd Annual Portable Alpha Summit will feature esteemed speakers such as:

Eric Teal, CIO, FIRST CITIZENS BANK
Laurence Siegel, Director of Research, Investments Division, FORD FOUNDATION
Larry Swartz, Executive Director, FAIRFAX COUNTY RETIRMENT SYSTEMS
Anthony Gould, Sr. VP, LEHMAN BROTHERS
Sandy Chotai, Principal, MERCER INVESTMENT CONSULTING
Anne Popkin, Managing Director, LEHMAN BROTHERS
Sabrina Callin, EVP, PIMCO
Ron Ryan, Founder, RYAN ALM

Two Workshop Choices for New or Experienced Investors
Designed especially for plan sponsors, trustees, and investment officers, the pre-conference workshop, The Basics of Alternative Investments, will address the techniques, instruments, and strategies used in alternative investing. For more advanced investors, the Advanced Portable Alpha workshop will cover liability driven investments, as well as a panel focused on how alpha providers are evaluated and chosen.

New Discounts for Plan Sponsors, Endowments, and Foundations
To encourage an appropriate mix of providers and investors, we're pleased to offer plan sponsors, endowments, and foundations discounts of more than 60% off the regular registration price. For investors, this is the most cost-effective way to stay up to date on the cutting edge of portable alpha investing.

Make sure you understand the issues and rewards of portable alpha investing by registering for IIR's 2nd Annual Portable Alpha Summit today! Call 888-670-8200; e-mail register@iirusa.com; or click here to register.

I look forward to seeing you in November!

Sincerely,

Keith Kirkpatrick
Executive Director
IIR's 2nd Annual Portable Alpha Summit