October 20, 2005

The market price of volatility is at historic lows both in Australia and around the world. Yields on high-risk securities like emerging market debt and unrated corporate paper are surprisingly close to risk free rates. What is going on?

Have we entered a new world where risk is muted and the economic cycle is benign? Is it all too good to be true? Should we all be very cautious at the moment or should we just enjoy the good times?

This Round Table, with the help of the head of WestAM’s convertible bond team in Paris, Fabienne Girard-Tokay, and a panel of industry experts, will debate a topic which may turn out to be the most important issue facing the investment community at the moment.

S P E A K E R S

Fabienne Girard-Tokay CIO, WestAM (Paris)

Fabienne graduated from the European Business School and is a member of the French Society of Financial Analysts (SFAF). She started her career in 1987 as a financial analyst at James Capel (HSBC group). In 1990, she joined the Convertibles Bond team at Exane (a broker). In 1994, she became Head of European Convertibles at Dexia Banque Privee France (formerly known as BIMP). In 1998, she moved to Credit Agricole AM as Head of their Convertibles team. She joined WestAM in Paris in 2002 as CIO, Head of Convertibles. Fabienne's team is seven people strong and manages assets of approximately 2 billion euros.

Greg Vaughan CFA CIO, WestAM (Australia)

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.

M O D E R A T O R S

in Sydney
Doug McTaggart CEO, Queensland Investment Corporation

in Melbourne
Syd Bone CEO, Victorian Funds Management Corporation

P A N E L L I S T S

Marianne Feeley Principal, Mercer Investment Consulting
Fabienne Girard-Tokay CIO, WestAM (Paris)
David Hartley Chief Investment Officer, Sunsuper
Paddy Jilak Senior Consultant, Access Economics
Garrie Lette Principal, Mercer Investment Consulting
Fraser Murray Head of Manager Research, InTech
Mark Sainsbury Senior Chief Investment Officer, First State Super
Dr Dennis Sams Director Capital Markets, Russell
Greg Vaughan CIO, WestAM (Australia)

A G E N D A

Introduction

Greg Vaughan and Fabienne Girard-Tokay 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 Thursday, 20th October
Time 2.15pm for 2.30pm start
Round Table ends at 5.15pm
followed by cocktails
Venue
W Sydney
The Strategy Room
6 Cowper Wharf Road, Woolloomooloo

Melbourne

Date Friday, 21st October
Time 2.15pm for 2.30pm start
Round Table ends at 5.15pm
followed by cocktails
Venue
Grand Hyatt Melbourne
Mayfair I
123 Collins Street, Melbourne