August 10, 2004

Configuring an Australian equity allocation between value and growth managers to achieve style neutrality is commonplace here in Australia, inherited largely from US practice. However, the US and Australian share markets have very different investment characteristics. Also, the cap-weighted nature of benchmarks can give rise to additional complications when configuring managers.

Whether the value/growth division is the ideal way of splitting a portfolio is up for debate. Other partitions such as large cap/small cap have considerable merit. This Round Table, made up of a panel of leading industry professionals, will debate these portfolio construction issues.

S P E A K E R S

Langdon B. Wheeler CFA CIO, Numeric Investors

Lang is the President of Numeric Investors L.P*. Prior to founding Numeric in the fall of 1989, he was employed as a portfolio manager, quantitative analyst, and Vice President in the Asset Management Division of State Street Bank & Trust Company. While at State Street, he conceived and developed the firm's Matrix Synthesis investment strategy which combines quantitative valuation and earnings estimate revision stock selection techniques.

Greg Vaughan CFA CIO, WestAM

Greg is the Managing Director and Head of Research at WestAM Australia. Greg has over 20 years investment experience at senior levels in various organisations, including the Reserve Bank of Australia, Rothschild Australia Asset Management and Towers Perrin Asset Consulting. Greg established the predecessor of WestAM at HSBC in 1995. Greg is an actuary and CFA charterholder and is actively involved in research and the management of WestAM Australia’s investment process.

* Numeric Investors LLC is an active quantitative manager of U.S. and international equity portfolios offering investment strategies with aggressive investment objectives. Founded in 1989, Numeric employs 55 people and has approximately US$8.1 billion under management.

M O D E R A T O R S

in Sydney
Doug McTaggart CEO, Queensland Investment Corporation

in Melbourne
Jeff Rogers CEO, Victorian Funds Management Corporation

P A N E L L I S T S

Graham Harman Director of Quantitative Analysis, Citigroup
David Hartley Director of Consulting, Russell Company
Garrie Lette Principal, Mercer Investment Consulting
Fraser Murray Head of Manager Research, InTech
David Neal Head of Investment Consulting, Watson Wyatt
Dr Dennis Sams Head of Research, Towers Perrin
Greg Vaughan CIO, WestAM
Langdon B. Wheeler CIO, Numeric Investors
Michael Wyrsch Senior Consultant, Frontier Investment Consulting

A G E N D A

Introduction

Greg Vaughan and Lang Wheeler will make some introductory remarks on the topic drawing on various published material and recent International and Australian experience.

Round Table

Our moderator in each city will then take over proceedings and moderate the panellists to debate the issues in more depth. The discussion will be interactive and the moderator will invite contributions from the audience.

Sydney

Date Tuesday, 10th August
Time 2.15pm for 2.30pm start
Round Table ends at 5.15pm
followed by cocktails
Venue
Establishment
Level 3, 252 George Street
Sydney NSW 2000

Melbourne

Date Wednesday, 11th August
Time 2.15pm for 2.30pm start
Round Table ends at 5.15pm
followed by cocktails
Venue
The Westin
Room 111, 205 Collins Street
Melbourne VIC 3000