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An exceptional opportunity to meet with influential industry professionals and LPs in a collegial educational forum.

Michael Underhill
Managing Director
Pacific Corporate Group
Agenda

EMPEC Day 1: Monday, May 29, 2006

8:30 - 9:30
Registration and Breakfast
9:30 - 10:20
Opening Ceremony
• Address by Vladimir Strashko (Vice President, Russian Chamber of Commerce and Industry)
• Opening remarks by Badri Gobechia (CEO, Open.ru Brokerage House)
• Opening remarks by Minister of Economy Satbir Singh (Indian Embassy in RF)
10:20 - 10:50
Globalization of Private Equity and How the Texas Pacific Group Reacted to It
• Speaker: Stephen Peel (Partner, Texas Pacific Group)
10:50 - 11:20
The Do's and Dont's of Investing into Russia
• Speaker: Patricia Cloherty (President & CEO, Delta Private Equity Partners)
11:20 - 11:30
Break
11:30 - 12:00
How Big Can Buyouts Get?
• Speaker: Stephen Moseley (Partner, Pacific Corporate Group)
12:00 - 12:30
Transforming Emerging Market Portfolio Companies
• Speaker: Dmitry Bosky (Managing Partner, Berkeley Capital Partners)
12:30 - 13:00
The Key Aspects of Investment Process in Moscow
• Speaker: Irina Rukina (Economic Advisor to the Chairman of the Federation Council of the Federal Assembly of the Russian Federation)
13:00 - 14:30
Lunch and Keynote Speaker: A View from the Limited Partners -New York State Common Retirement Fund
• Topic: Decision making process behind PE financing
• Speaker: Nicholas Smirensky (Director of Alternative Investments, New York State Common Retirement Fund)
14:30 - 15:15
Panel I
Venture Capital funds as a tool to attracting capital inflow to support medium and small business

• Speakers: Roman Kyzyk (General Partner, DFJ Nexus), Avi Hersh (Emerging Markets Capital & Credit Corp.)
• Moderator: Andrew Morozov (Managing Director, Amhurst Capital Partners)
15:15 - 16:00
Fireside Chat
Transparency, legal issues, and regulatory environments: creating investment climate with favorable conditions for domestic and foreign institutional investors

• Speakers: Arkadiy Dvorkovich (Head, Presidential Experts Directorate) and John Huhs (Senior Partner & Founder, LeBoeuf, Lamb, Greene & MacRae, LLP)
• Moderator: Sergey Guriev (Dean, New Economic School)
16:00 - 16:15
Coffee Break
16:15 - 17:00
Panel II
Cooperation Between the Limited Partners and General Partners Within the Emerging Markets

• Speakers: Michael Katsnelson (Director, Quadriga Capital Russia), Richard Waryn (CEO, Troika Capital Partners), Michelle Smith (Investment Services Manager in Russia & CIS, OPIC)
• Moderator: Colin Breeze (Managing Member, Breeze Venture Management)

EMPEC Day 2: Tuesday, May 30, 2006

8:30 - 9:30
Breakfast
9:30 - 10:00
Evolution of Private Equity in Russia and other Emerging Markets
• Speaker: Michael Calvey (Co-Managing Partner, Baring Vostok)
10:00 - 10:30
Behavioral Economics and the World of Private Equity
• Speaker: Michael Underhill (Managing Director, Pacific Corporate Group; Chairman, Foundation of Behavioral Economics)
10:30 - 11:00
Comparison of Private Equity Markets in Russia and Ukraine
• Speaker: Richard Sobel (Chief Executive Officer, Alfa Capital Partners)
11:00 - 11:15
Break
11:15 - 12:00
Executive Address
Venture Capital Fund as a priority project for the Russian Government

• Andrey Sharonov (Deputy Minister, Russian Federation Ministry of Economic Development and Trade)
12:00 - 12:30
World Bank View on the Future of Investments in Emerging Markets
• Speaker: Kristalina Georgieva (Director of Russian Operations, World Bank)
12:30 - 13:00
Winning Successful Russian Entrepreneurs to a Fund's side
• Speaker: Andrey Tikhomirov (Director, Russia Partners)
13:00 - 14:30
Lunch with London Stock Exchange
Emerging Market IPOs Moving to London

Martin Graham (Director of Market Services and AIM, London Stock Exchange)
14:30 - 15:00
Institutional Investors on the Russian Real Estate Market
• Speaker: Georgy Dzagurov (Group Chairman Chief Executive Officer, Penny Lane Realty)
15:00 - 15:30
Investments in Mass Media and Real Estate
• Speaker: Pavel Khokhryakov (President & CEO, PromSvyazCapital Group)
15:30 - 16:00
Private Equity Problems and Opportunities in Russia: Lessons from Case Studies
• Speaker: Alexander Abolmasov (Managing Director, Zindel Investment Partners)
16:00 - 16:15
Coffee Break
16:15 - 17:00
Panel III
IPO as an Exit Strategy for Private Equity Investments in Emerging Markets

• Speakers: Jon Edwards (Senior Manager on Central and Easter Europe, London Stock Exhange), Ilya Merenzon (Director of Research & Founder of RUXX Index, Press Release Group), Paulina McGroarty (Managing Director, NASDAQ)
• Moderator: Jason Bush (Moscow Chief Bureau, BusinessWeek)
17:00 - 17:30
Closing Remarks
 
(C) 2010 International Council of Institutional Investors