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The event featured a sequence of four panels of four hedge fund strategists presenting
on each of the following subjects:

Equity Strategies    Event Driven & Credit Strategies    Arbitrage Strategies    Macro Strategies

Special Guest Informational Speaker: Dr. Arthur B. Laffer

HFR Industry Summit: Outlook 2010 Strategists

Paul M. Britton
Founder, CEO
and Chief Risk Officer
Capstone Holdings Group, LLC.
Capstone Holdings Group and its affiliates form an innovative, multi-faceted financial services firm that specializes in and supports the trading of volatility as an asset class. The firm's trading and volatility strategies span equities, commodities, currencies, credit and fixed-income on an international basis. Headquartered in New York, the firm has more than 110 employees across its offices in New York, London and Singapore.

Capstone Holdings Group was formed in 2004 following Mr. Britton's purchase of the U.S. operations of Mako Global Derivatives, a leading options market maker in Europe, where he had been its U.S. Chief Executive Officer and a member of its board of directors for 5 years. Mako Global Derivatives was established in 1999 when Mr. Britton and his two partners orchestrated a management buyout of Saratoga Limited, an options trading firm. With Mako Global Derivatives, Mr. Britton moved to New York in 2001 to establish a U.S. presence. Prior to that time, Mr. Britton had been with Saratoga Limited since 1994, where he started his trading career. With Saratoga Limited, he spent time in London, Milan and then Amsterdam in order to establish a Netherlands presence for that firm.

Mr. Britton graduated from London Guildhall University/London Metropolitan University in 1994 with a bachelor's degree in European Business Systems.

Mr. Britton is an investor in real estate in the United Kingdom and Argentina. He is also involved, as an owner, with the New Jersey Nets NBA basketball team, and in its move to a new development in Brooklyn, New York.

For conference attendees interested in meeting with Capstone, please contact Marcee Deegan at marcee.deegan@capstoneco.com

Eric Conklin
Portfolio Manager
Harvest Fund Advisors LLC

Eric Conklin serves as the Portfolio Manager for the various Harvest MLP Funds. Mr. Conklin joined the Company in 2006 and serves as a member of the Investment Committee with responsibility for portfolio composition and securities selection for the funds. Mr. Conklin has over a decade of Wall Street energy industry experience, having recently served as Vice President in the Credit Suisse Energy Equity Research Group, responsible for coverage of the energy infrastructure Master Limited Partnership (MLP) sector. At Credit Suisse, Mr. Conklin was responsible for the successful launch of the MLP franchise, a previously uncovered area at Credit Suisse. In this capacity, Mr. Conklin was responsible for all areas of the research MLP franchise, including development of the MLP models and analytical tools now used by Credit Suisse, coverage of specific MLPs, and actively marketing the MLP sector to numerous buy-side Credit Suisse accounts. Prior to joining Credit Suisse, Mr. Conklin was a Research Analyst on both the Exploration & Production and Oil Services teams at Lehman Brothers. Before moving to research, Mr. Conklin was an associate in the Mergers and Acquisitions Group at JP Morgan and an associate in the Energy Group at the Bank of New York.

Mr. Conklin received a B.A. in Economics from Hamilton College, where he graduated Magna Cum Laude and Phi Beta Kappa, and an MBA with honors from the Wharton School at the University of Pennsylvania.

For conference attendees interested in meeting with Harvest, please contact Anthony Merhige at AMerhige@harvestmlp.com

George Elliott
Naftilia Asset Management

In 1997 George Elliott began his career as an Investment Banker for Societe Generale Athens. In 1998, he worked as an Equity and Portfolio Analyst at Marfin Investment Services. In 1999, he worked as an Investment Manager and Financial Advisor to, a subsidiary of Grazprom in Greece, Prometheus Gas S.A. From 2000 – 2004, he worked as an Investment Manager for Spark Investments S.A. Since 2004, he has been a Principal and Chief Executive Officer of Maistra Ltd. and has been actively involved in advising global alternative investment portfolios. Since 2005 he is the CEO and principal shareholder of Naftilia Asset Management involved in managing a Hedge Fund in the shipping sector.

Mr. Elliott holds an Msc Degree from the City University of London in Investment Management and a Bsc Degree from the City University of London in Business Studies.

For conference attendees interested in meeting with Naftilia Asset Management, please contact Marina Bazini at mbazini@anemosfunds.com

Andrea S. Feingold, CFA
Co-founder, Investment Principal
Feingold O'Keeffe Capital, LLC

Ms. Feingold is Co-founder, Investment Principal of Feingold O'Keeffe Capital, LLC, a credit focused alternative management firm. Ms. Feingold has 22 years of investment experience. Prior to founding the company, Andrea was Co-head of High Yield at PIMCO where she managed $3 bn in high yield assets. Earlier, she ran the leveraged credit team at Triumph Capital, a private equity firm, and from 1991-1998, was responsible for all high yield investments at Colonial Management, a Boston-based fund company. Andrea worked as a Private Placement Analyst at SunLife of Canada and began her career in the commercial bank credit training program at EAB, now part of Citigroup.

Feingold O'Keeffe Capital, LLC was co-founded in 2001 by Andrea Feingold and Ian O'Keeffe, former PIMCO Head of High Yield Trading. The firm's core strategies are long short credit and distressed senior loans. Intense fundamental research is the cornerstone of all investments, supported by the experience of the Co-founders who have worked together since the early 1990s managing credit assets.

Ms. Feingold graduated with a BA in Economics Cum Laude from Columbia University. She currently serves as Treasurer on the National Board of Directors for Year Up, a non-profit organization empowering urban young adults to reach their potential.

For conference attendees interested in meeting with Feingold O'Keeffe, please contact Dorothy Held at Dorothy@focapital.com

Josh Fink
Enso Capital Management

Josh is the founder, CEO and Chief Investment Officer of Enso Capital Management, an investment management firm that invests in both public and private companies globally. Enso sources unique, alpha-generating, longer-term investment opportunities in differentiated industries around the world through rigorous primary research, intensive travel and proprietary networks. Prior to founding Enso in July 2002, Mr. Fink was a Managing Director at Argonaut Capital Management, where he operated as both a portfolio manager and an analyst. Mr. Fink has also held positions at Tiger Investment Management and Morgan Stanley Asset Management. He holds a B.A. from the University of Pennsylvania.

For conference attendees interested in meeting with Enso, please contact Alejandra Serret at aserret@ensocapital.com

Paul J. Glazer
President and CIO
Glazer Capital, LLC
Mr. Glazer founded Glazer Capital to focus on low risk merger arbitrage in 1999. Since then the firm has achieved consistent absolute returns in all market environments. Glazer Capital has continuously ranked at or near the top of its peer group for its superior returns, Sharpe ratio, low volatility and small draw downs. The firm has achieved 10% annualized returns for the past 5 years including an 8.9% return in 2008.

Prior to starting Glazer Capital Paul worked in Institutional Sales and Trading for a total of nine years, including four years at Bear Stearns where he was a Vice-President. His focus was covering risk arbitrage and other equity arbitrage investors. His clients included many well known hedge funds, proprietary trading desks of major investment banks, and private investment funds of family offices.

Mr. Glazer holds a Bachelor of Science in Economics with majors in Finance and Accounting from The Wharton School of the University of Pennsylvania.

For conference attendees interested in meeting with Glazer Capital, please contact Deana Reyes at deana.reyes@glazercapital.com

Varun Gosain
Portfolio Manager
and Co-founder
Constellation Capital Management LLC

Mr. Gosain is a portfolio manager and co-founder of Constellation Capital Management LLC. Founded in 1999, Constellation Capital Management, LLC is a global alternative investment management company specializing in event driven global credit strategies. Constellation manages the Andromeda Global Credit Fund which has a track record spanning 10 years with average annualized net return of 13.28%. The Andromeda Fund targets superior, risk-adjusted, long-term returns by identifying relative and absolute value opportunities in the global credit markets. Constellation also offers separately managed accounts to fit client's specific needs and return objectives.

Prior to forming Constellation in 1999, Mr. Gosain was Head of Proprietary Credit Trading for the fixed income division of Paribas, responsible for trading all credit products, including investment grade bonds, asset swaps, global high yield and emerging market debt. Mr. Gosain was also Global Head of Credit Derivatives Trading, which was a joint venture between the derivatives and bond groups. Prior to that, Mr. Gosain was Head of trading of cash and derivative products in the emerging market debt group. In this capacity, he was one of the first individuals to build an innovative and highly profitable business in credit arbitrage, derivatives, and options. Mr. Gosain started his career at Chemical Bank in the Product Development Group. Mr. Gosain has completed all the requirements for a Ph.D. in Finance except dissertation (ABD) from the Wharton School at the University of Pennsylvania. In addition, Mr. Gosain graduated from Delhi University and has a MBA from the Indian Institute of Management, Ahmedabad.

For conference attendees interested in meeting with Constellation, please contact Robin Herst at rherbst@constellationcapital.com

Stephen Hope
Founder and Managing Member
Outrider Management, LLC

Stephen Hope is the founder and managing member of Outrider Management, LLC. Outrider is an SEC-registered investment advisor that specializes in high-yield and distressed corporate debt in the global emerging markets. The firm was launched in 2004 and is based in San Francisco. Mr. Hope has been investing in emerging market debt for over 15 years, beginning as a currency and arbitrage trader before identifying distressed debt as an area of particular opportunity. Mr. Hope has negotiated debt restructurings both directly and through creditor committees in dozens of situations across Latin America, Eastern Europe, and Asia. Outrider employs fundamental enterprise value-driven analysis and overlays political and currency risk considerations when identifying investment opportunities. Overvalued debt and equities that are discovered through Outrider's research process are used as short positions to hedge against market risk and enhance return.

Mr. Hope holds an A.B. in Economics from Princeton University.

For conference attendees interested in meeting with Outrider Management, please contact Rob Hutchinson at rsh@outridermanagement.com

T. Michael Johnson
Senior Vice President of Investor Relations
Paulson & Co.
T. Michael Johnson is Senior Vice President of Investor Relations for Paulson & Co., a New York based hedge fund management company, managing over $29.5B in assets across four fund families; the merger funds, the event driven funds, the credit opportunities funds and the recovery funds.

Mr. Johnson was previously a Director of Citigroup Private Equity ("CPE") primarily responsible for fundraising and client education among institutional and high net worth clients. Prior to joining CPE, Mr. Johnson worked as a Vice President, Corporate Development for iVillage.com (a media company), an investment banker at Salomon Smith Barney, and corporate restructuring and commercial litigation attorney at Anderson Kill & Olick LLC.

Mr. Johnson received a M.B.A. from Harvard Business School, a J.D. from the University of Michigan Law School, and a B.A. in Political Science from Boston College, where he graduated summa cum laude and a member of Phi Beta Kappa.

For conference attendees interested in meeting with Paulson & Co, please contact Robert Garthe at robert.garthe@paulsonco.com

Michael Liu
Managing Director
Ajia Lighthorse Asset Management

Under the leadership of Shawn Kang, CIO and lead portfolio manager, Michael is the co-portfolio manager and a key member of the investment committee for the Ajia Lighthorse China Growth Fund. Michael is responsible for portfolio construction using proprietary quantitative models. In addition, Michael also oversees the risk control aspects of the portfolio. Prior to Ajia Lighthorse Asset Management, Michael was a Senior Vice President at Morgan Stanley Dean Witter, and prior to that, a Vice President at Merrill Lynch Investment Management.

Michael has over 15 years of investment experience, both in US and in China. Michael holds a MS degree from the University of Maryland, and both a MS and BS from Shanghai Jiaotong University.

For conference attendees interested in meeting with Ajia Lighthorse, please contact Katharine Kung at katharine@lighthorseam.com

Marc H. Malek
Founder & Portfolio Manager
Conquest Capital Group LLC

Mr. Malek began his career in 1992 at Salomon Brothers in New York as a financial analyst in the Financial Strategy Group. Following Salomon, he worked at a $400 million hedge fund and financial advisory firm designing trading systems and trading currency options. Mr. Malek joined UBS in 1995, where he held various senior level positions within the foreign exchange department at UBS in New York, London, and Tokyo. He was the worldwide head of the Exotic FX Derivatives Group, and by the time he left the bank in 1998, he held the post of Executive Director in charge of FX Proprietary Trading in Europe. Following UBS, Mr. Malek was a principal in Avalon Asset Management where he was the Co-Portfolio Manager of The Enterprise Fund, a CTA. In 2001, Mr. Malek founded Conquest Capital Group where he continued his role as Portfolio Manager and launched Conquest Macro.

Mr. Malek has been a significant publisher of original industry research on a breadth of topics including Trend following as a Long Volatility Strategy and the relationship between Volatility and CTA Returns. Mr. Malek graduated with Honors from the California Institute of Technology ("Caltech") with a Bachelor of Science in Engineering and Applied Science, and holds a Bachelor of Arts in Mathematics from Reed College.

For conference attendees interested in meeting with Conquest, please contact Jessica Grad at jgrad@conquestcg.com

R. Michael Reveley
Managing Partner, Co-Founder/CEO
SEAL Capital

Mr. Reveley is the Managing Partner of SEAL Capital and Co-Portfolio Manager for the HFR Macro SEAL Master Trust, a global macro liquid strategies fund within SEAL Capital Global Strategy. Prior to forming SEAL Capital, Mr. Reveley was a founding partner and Deputy Chief Investment Officer at Seagate Global Advisors where he managed the HFR Macro Seagate Master Trust. The HFR Macro Seagate Master Trust was launched in March 2006 and was renamed to HFR Macro SEAL Master Trust in July 2009.

Prior to Seagate, Mr. Reveley was Director of Syndicate and Derivatives Group at SBC Warburg in London and New York; Vice President, Global Derivatives for Swiss Bank; and Vice President, Global Derivatives for First Interstate Bank where he co-managed a $20 billion derivatives portfolio.

Mr. Reveley received his BA in Finance at University of Southern California. For conference attendees interested in meeting with SEAL Capital, please contact Robin Kim at kim@sealcapital.com

Sean H. Reynolds
Managing Director, Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)

Sean Reynolds is a senior Portfolio Manager/Analyst on the Rathmore team specializing in convertible arbitrage and relative value strategies. Prior to joining the Firm in 2007, Sean was a portfolio manager for convertible arbitrage strategies at SAC Capital Management from April 2003 to August 2006 and, subsequent to this, senior portfolio manager at Sailfish Capital Partners' G2 Multistrategy Fund. Previously he was a convertible arbitrage portfolio manager at the Clinton Group, Inc. From 1997 to 2002, Sean was a managing director and Head of Convertibles Sales (U.S.) at Deutsche Bank Securities, including a period as an executive member of the North American Management Committee, Deutsche Bank Equities. Prior to 1997, Sean was responsible for global convertible securities sales at UBS Securities and domestic convertibles at Merrill Lynch. He has been in the investment industry since 1993.

Sean has an MBA from the Wharton School of the University of Pennsylvania and a BA in Math and BAI (BSc) in Engineering from Trinity College Dublin.

For conference attendees interested in meeting with Lazard Asset Management, please contact Leroy Cody at leroy.cody@lazard.com

Paul P. Tanico
Managing Principal
CastleRock Asset Management

Mr. Tanico has over 28 years of experience in the investment business, initially in research at David J. Greene & Co. and then as a Portfolio Manager at Atalanta Sosnoff, Neuberger Berman and Omega Advisors, where he was one of the original partners. Mr. Tanico was also a founder and former director of Tell Canada Telecommunication Group, Ltd., in Toronto, Canada.

Mr. Tanico received a B.S. in Finance and Accounting from New York University in 1977 and a J.D. from Fordham University School of Law in 1980 and is a member of the New York State Bar. He is a member of the Dean's Executive Board of New York University, Stern School of Business and the Dean's Planning Council of Fordham University School of Law, and serves on the Board of Trustees of Public Broadcast Station WNET, Trinity School, Xaverian High School, and The All Stars Project.

For conference attendees interested in meeting with Castlerock, please contact Jamie Lewis at jl@castlerockpartners.com

Scott Watson
Principal and CIO
Forest Investment Management
Mr. Watson oversees the convertible arbitrage strategy and the management of all portfolios at Forest. He is responsible for the early development of the firm's quantitative models along with John McDonald and Dr. Jingyan Wang. Mr. Watson is a member of the Forest Executive Committee, Investment Policy Committee, and the Risk Management Committee.

From 1995 to 1999, Mr. Watson was a Senior Portfolio Manager at Stark Investments where he managed their global convertible trading, risk arbitrage and statistical arbitrage strategies. He also co-developed Stark's convertible quantitative models. Mr. Watson started his career at Merrill Lynch in the Financial Strategies Group as part of the quantitative development team for fixed income securities. Mr. Watson graduated from Purdue University with a BS in Economics and Mathematics.

For conference attendees interested in meeting with Forest, please contact Jerrilyn Walter at jerrilynw@forestinvestment.com

Patrick Wolff, CFA
Managing Director
Clarium Capital Management LLC

Mr. Wolff is a Managing Director of Clarium Capital Management. His business career started in 1997 at Mercer Management Consulting where he worked as a strategy consultant. From Mercer, Mr. Wolff went to Silicon Valley where he worked at two internet startup companies. In 2001, Mr. Wolff went to Capital One where he worked for four years in marketing and M&A roles. Mr. Wolff joined Clarium in 2005 and is a member of the Investment Committee.

Between 1989 and 1995, Mr. Wolff played chess professionally. He is a Grandmaster, was twice the United States chess champion, and is the author of several books on chess. Mr. Wolff holds a BA in philosophy from Harvard University and is a chartered financial analyst.

For conference attendees interested in meeting with Clarium, please contact Lauren Gross at lgross@clarium.com

Informational Speaker, Lunch Break

Dr. Arthur B. Laffer
Founder and chairman of Laffer Associates
Arthur B. Laffer is the founder and chairman of Laffer Associates, an institutional economic research and consulting firm, as well as Laffer Investments, an institutional investment management firm utilizing diverse investment strategies. Laffer Associates’ research focuses on the interconnecting macroeconomic, political and demographic changes affecting global financial markets. Laffer Investments’ investment management strategies utilize some of the economic principles and models pioneered by Dr. Laffer as well as other unique offerings managed by the firm’s portfolio management group. The firms provide research and investment management services to a diverse group of clients, which includes institutions, pension funds, corporation, endowments, foundations, individuals and others.

Dr. Laffer has been widely acknowledged for his economic achievements. Recently he was noted in Time Magazine’s March 29, 1999, cover story "The Century’s Greatest Minds" for inventing the Laffer Curve, which it deemed one of "a few of the advances that powered this extraordinary century". He was listed in "A Dozen Who Shaped the ’80s," in the Los Angeles Times on Jan. 1, 1990, and in "A Gallery of the Greatest People Who Influenced Our Daily Business," in the Wall Street Journal on June 23, 1989. His creation of the Laffer Curve was deemed a "memorable event" in financial history by the Institutional Investor in its July 1992 Silver Anniversary issue, "The Heroes, Villains, Triumphs, Failures and Other Memorable Events."

The awards that Dr. Laffer has received for his economic work include: two Graham and Dodd Awards from the Financial Analyst Federation for outstanding feature articles published in the Financial Analysts Journal; the Distinguished Service Award by the National Association of Investment Clubs; the Adam Smith Award for his insights and contributions to the Wealth of Nations; and the Daniel Webster Award for public speaking by the International Platform Association. Dr. Laffer also earned the Father of the Year award from the West Coast Father’s Day Committee in 1983.

Dr. Laffer received a B.A. in economics from Yale University in 1963. He received a MBA and a Ph.D. in economics from Stanford University in 1965 and 1972 respectively.

For conference attendees interested in meeting with Dr. Art Laffer, please contact Butch Butler at bbutler@laffer.com

Informational Speaker - Arrival Reception - October 21

Dr. Robert Martin
A. Watson Armour III Curator of Biological Anthropology
Department of Anthropology
The Field Museum
Dr. Martin was recently named to the post of A. Watson Armour III Curator of Biological Anthropology. He previously served as both Provost and Vice President, Academic Affairs and Curator in Biological Anthropology at The Field Museum beginning in September 2001. He is also a member of the Committee on Evolutionary Biology at the University of Chicago and Adjunct Curator of Anthropology at the University of Illinois at Chicago. He was recently appointed as Adjunct Curator of Anthropology at Northwestern University.

Robert Martin, a British citizen, originally trained in zoology, has since acquired strong interests in evolutionary biology, paleontology and conservation, notable with respect to primates. He received a B.A. in Zoology in 1964, and a Ph.D. in Zoology in 1967, both from Worcester College, Oxford, England. From 1986-2001 he was Professor and Director at the Anthropological Institute and Museum of the University of Zürich, Switzerland. In recognition of his academic work there, he was elected Professor Emeritus at the time of his move to Chicago.

Dr. Martin is a scientist of international reputation, widely recognized as a leader in both primate biology and the origin of humans. In addition to authoring the widely acclaimed Primate Origins and Evolution (1990), which is a standard textbook in biological anthropology, he has produced 276 scientific publications, including several edited books and translations. Throughout his career, he has been the recipient of numerous fellowships and grants, including awards from the Royal Society, the Medical Research Council (UK), the Smithsonian, the Swiss National Science Foundation and the Wildlife Preservation Trust International. He has also been awarded numerous international scientific honors, including election as a Fellow of the Institute of Biology (UK), and of the Zoological Society of London.

HFR Group

Joseph G. Nicholas
CEO, Founder and Chairman
HFR Group L.L.C.
Joseph G. Nicholas is Founder and Chairman of HFR Group L.L.C. and its affiliated companies. The HFR companies specialize in alternative investments, providing investment products and advisory and research services. HFR Group includes HFR Asset Management, L.L.C., an SEC Registered Investment Adviser based in Chicago, with offices in London and Tokyo, specializing in fund of funds management, index funds management, product structuring, trading manager selection and risk management; and Hedge Fund Research, Inc., the industry's leading supplier of data and research on hedge funds, specializing in the construction and management of hedge fund indices. Mr. Nicholas is author of several books on investing in Hedge Funds and Fund of Funds Investing (Bloomberg Press). Mr. Nicholas received a Bachelor of Science degree in Commerce from DePaul University and a Juris Doctor degree from the Northwestern University School of Law.

Kenneth J. Heinz
Hedge Fund Research, Inc.
Kenneth J. Heinz, CFA is the President at Hedge Fund Research, Inc., a research firm specializing in the aggregation, dissemination and analysis of alternative investment information. Kenneth has contributed broadly & extensively to print, electronic and live financial media sources which include CNBC, Bloomberg, Wall Street Journal, Financial Times, Dow Jones and various hedge fund industry specific publications. Prior to assuming the role of President, Kenneth had been with HFR Asset Management since 2002, most recently as Manager of the Investment Management Division. Prior to joining HFRAM, he had over 5 years of experience as a trading member of the Chicago Mercantile Exchange and the Chicago Board of Options Exchange. Kenneth has a MBA from the University of Chicago with a concentration in Finance, Statistics and Econometrics, as well as a Bachelor's Degree in Finance from the University of Illinois; he maintains the designation of Chartered Financial Analyst.

For questions regarding the Event please contact HFR at summit@hfr.com


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